November 6, 2015 - 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 Bill Davis, 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
GOGO Long at $19.93
Premium collected - $1.25
NCR Long Jan 16 $27 Call
Net Debit - $.80
X Long at $14
Premium collected - $.89
Short Nov 6th-$14 Call - $.35
ASNA Long at $14.20
Premium collected - $.30
RDN Long at $13.88
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Yesterday, saw another slight pullback in the markets with the S & P 500 closing down 2.38 at 2,099.93.
Pre market, the S & P is down based on the Non Farm Payroll indicating that unemployment dropped to a 7 year low.
I am still biased at this point to the long side because of the 2,125 price objection still being the active objective.
Buying support levels remains the logical thing to do.
There is one position that expires today and that is the short $14 call on X.? This will expire today for sure with the sell off after earnings.
Here are the key levels for the markets.
?
VIX:?
Major level - 25.00
Minor level - 23.44
Minor level - 20.31
Major level - 18.75
Minor level - 17.18 *
Minor level - 14.06
Major level - 12.50
The VIX closed at 15.05 yesterday.?
Look for the VIX to reverse to the downside as the indication to go long the markets.
S & P 500 Cash Index:?
Major level - 2,125.00
Minor level - 2,117.17
Minor level - 2,101.62 *
Major level - 2,093.80
Minor level - 2,085.98
Minor level - 2,070.33
Major level - 2,062.50
Minor level - 2,054.68
Minor level - 2,039.12
Major level - 2,031.30
The S & P closed at 2,099.93 yesterday.
2,093 and 2,086 should be support.
Nasd 100 (QQQ):?
Minor level - 116.41
Major level - 115.63
Minor level - 114.85
Minor level - 113.28
Major level - 112.50
Minor level - 111.72
Minor level - 110.16
Major level - 109.38
The QQQ closed at 114.71 yesterday, just under the 114.85 minor level.
A close today under 114.85 and the QQQ should drop to 112.50.
TLT:?
Major level - 128.13
Minor level - 125.78
Major level - 125
Minor level - 124.22
Minor level - 122.66
Major level - 121.88
Minor level - 121.09
Minor level - 119.53
Major level - 118.75
The TLT closed yesterday at 120.77.
A close above 119.53 and the TLT should try to retest 121.88.
GLD:
Major level - 112.50
Minor level - 111.72
Minor level - 110.16
Major level - 109.38
Minor level - 108.60
Minor level - 107.03
Major level - 106.25
Minor level - 105.46
Minor level - 103.91
Major level - 103.13
Two closes under 105.46 and the objective is to 103.13.
Yesterday, the GLD closed at 105.64, just above the downside confirming level.
XLE:
Minor level - 75.78
Major level - 75.00
Minor level - 72.66 *
Major level - 71.88
Minor level - 69.53 *
Major level - 68.75
Minor level - 67.97
Minor level - 66.41
Major level - 65.63
Two closes under 69.53 and the XLE should drop to 68.75.
Apple:
Major levels for Apple are 125, 118.75, 112.50, 106.25, 100, and 93.75.
106 should be a major support level for Apple.?
The objective for Apple should be to 125.? Lower levels should act as support.
Watch list:
Bullish Stocks:? PCLN, GOOGL, AMZN, ATHN, EW, EXPE, NKE, HD, TAP, CLB, CLX, CRM, TRIP, ADBE
Bearish Stocks: BWLD, ANTM, FFIV, VMW, CMI, HAIN, SCTY, EAT, RCII, GNC, CP
Be sure to check earnings release dates.
