November 6, 2013 - MDT Pro Tips A.M.
While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Jim Parker, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
Current Positions
No current positions.
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Today's Working Orders...
No working orders
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Stocks...
BRKA...171,475 is Berkshire A will be a bellwether tell for the broader market.?Price action below could easily have this slide to 169,500. The must buy # the first time down is 165,350. While I doubt we'll see that level the first is a real possibility mid-week.
TSLA...155-159 is the hold level for TSLA. By failing to close over 159 a deeper correction is in the making. Monthly sell stops are @ 153. The first real Fib support starts @ 132. I'm looking to be a small buyer @ 114 with a very tight stop.
Bonds...
30 yr. Futures....support is 132.18, 132.02 with the lowest risk buy # @ 131.22-25. 133.16 is now resistance.
FX...
USD/CAD...In Monday's Midday Missive we said the Canadian Dollar was a Low risk sell @ 96.10 (104 USD/CAD). As long as cash remains over 104.45 we're looking for a retest of 105.
Longer term this has the potential to test 108 and beyond.
EURO...the point & figure chart shows the Euro in a 100 point range. 134.50 on the bottom and 135.30 on top.
Commodities...
Oil...92.40-9180 is an area where you should be buying before you sell.
With an inventory # this A.M. I would look for the Bears to get caught pressing into this level on a good build in inventories, giving you a classic data fade.
General Comments orValuable Insight
SPU/BONDS are poking their head above the 2007 breakdown area.?If it were not a big mid-week shuffle with the ECB tomorrow morning and?our employment data Friday, I'd be inclined to go with the flow.
"Equity Indices up/ Bonds Down"
I like money and I'm keeping what we've made over the past couple of weeks.
We'll be looking at individual names to play over the coming weeks.
Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical s. The Equity Indices seem stretched at these levels.
Go with the flow. Use the 9/30/13 ( September 30th) closes as your macro pivots. Trade the opening ranges and early time frames.
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