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.
GOGO? Long at $19.93
Total Premium Collected? $1.95
ASNA Long at $14.20
Total Premium Collected $.75
DUST Long $4.50
Total Premium Collected? $.70
FCX Long $12.45
Total Premium Collected? $.24
CIEN Long Oct 21-$22 Call? $1.39
Total Premiums Collected? $.83
Short Oct 21-$23.50 Call? ($.25)
KR Long Jan $30 Call? $1.30
KR Short Jab $33.75 Call? (.25)
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The S & P 500 closed up 9.92 points, at 2,163.66.? It managed to trade above the high of last week?s inside bar, but could not close above it.? It did not trade above the high for the prior week, which was 2,175.30.
The highs of the prior two weeks are still critical price levels to watch.
The 60 minute chart for the S & P 500 still remains in a downtrend; however, price has traded above the mid band, which is 2,162.76.? This level should offer support.? If the 60 minute chart crosses into an uptrend, prices should head higher.
The S & P 500 continues to lag the QQQ and NASD Composite as evidenced by the fact that both markets are in uptrends on their short term charts.
I inadvertently mentioned yesterday that Alcoa was to report after the close yesterday. They reported this morning. Earnings were 6% below estimates.
Here are the key levels for the markets.
$VIX:
Major level - 18.75
Minor level - 17.96
Minor level - 16.41
Major level - 15.63
Minor level - 14.85
Minor level - 13.28
Major level - 12.50 *
Minor level - 11.72
14.06 continues to offer minor resistance.? And 12.50 continues to offer major support.
Watch how the VIX reacts at the 14.06 level.? It should offer resistance if the VIX opens under it.
$SPX:
Major level - 2,250.00
Minor level - 2,234.38
Minor level - 2,203.12
Major level - 2,187.50
Minor level - 2,171.88 *
Minor level - 2,140.62 *
Major level - 2,125.00
Minor level - 2,109.38
Minor level - 2,078.12
Major level - 2,062.50
2,156.30 should offer support.? I mentioned yesterday that I would expect 2,168 to offer resistance.? The high for the day was 2,169.60, before the market pulled back.
2,152.30 should also offer support, if 2,156 does not hold.
QQQ:?
Major level - 121.88
Minor level - 121.10
Minor level - 119.53
Major level - 118.75 *
Minor level - 117.97 *
Minor level - 116.41 *
Major level - 115.63
Minor level - 114.84
Minor level - 113.28
Major level - 112.50
The QQQ closed above 118.75, at 119.22 yesterday. Yesterday was the first close above 118.75.
118.55 should offer support.? 119.92 should offer resistance.
TLT:?
Major level - 140.63
Minor level - 139.85
Minor level - 138.28
Major level - 137.50 *
Minor level - 136.72 *
Minor level - 135.16
Major level - 134.38
Minor level - 133.60 *
Minor level - 132.03
Major level - 131.25
The TLT closed at 133.13 yesterday.? A close today under 133.60 and the TLT should drop to 131.25.
At this point, 134.38 should be resistance.
GLD:
Minor level - 124.22
Minor level ? 122.66
Major level ? 121.88
Minor level ? 121.10
Minor level ? 119.53
Major level ? 118.75
Minor level ? 117.97
The GLD is holding the 119.53 level. A retest of 121.88 should be expected.? 121.88 should be resistance.
XLE:
Major level - 75.00
Minor level - 74.22
Minor level - 72.66
Major level - 71.88
Minor level - 71.10
Minor level - 69.53 *
Major level - 68.75
Minor level - 67.96 *
Minor level - 66.41
Major level - 65.63
Objective hit!? Yesterday?s high was 71.98 or 10 cents above the 71.88 objective.
Next minor level is 73.44.? I would expect some resistance at this level. If it is exceeded, look for the XLE to head higher.
FXY:
Major level: 96.88
Major level: 96.09
Major level: 95.31
Major level: 94.53 *
Major level: 93.75 *
Major level: 92.97
Major level: 92.19
92.97 should be the level to watch. If the FXY closes under 92.97 for two days, expect it to move lower.? 93.75 should be resistance now.
AAPL:
Major levels for Apple are 118.75, 115.63, 112.50, 106.25, 100, 93.75, and 87.50.
Apple closed up $1.99 yesterday.? It closed at $116.05.? A close today above $115.63 and Apple could run to $125.
112.50 should be major support at this point.?
Watch list:
Bullish Stocks: PCLN, AMZN, NTES, FLT, CXO, CMI, EW, ADBE, DE, LLY, JPM, CAB, ROST, LVS, CLR, AZPN, PTC, WGO
Bearish Stocks:? REGN, CI, DPS, VRTX, GILD, SRCL, CRM, NKE, UA, ALNY, VRX
Be sure to check earnings release dates.
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Trade Alert - (USO) October 11, 2016