October 13, 2014 - 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 open positions.
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Today's Working Orders
No working orders.
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Stocks...
Spu's....1903 is the 200 DMA, this will be pivotal all week. 1876 is daily support.
1921 is daily resistance.
SSO...109.40 is the 200 DMA (Support)
Bonds ...
30 Yr. Bonds...142.15, then just shy of 144 is possible
TLT...120.60-70 is technical resistance. Closing above 121.20 starts a new ball game to the upside with a Risk Off Board.
FX...
USD/JPY...107.15 is Dollar support "93.35 Futures" (Yen Resistance) and the the closing upside pivot for more Yen strength.
Commodities...
OIL..83.30 is first 1/3 Fib support on an 8 year retracement.
Gold...1241.50 is closing resistance.
General Comments or Valuable Insight
I laid out the price action Friday before I left. Last night we came within 4 points of the Spu buy level while the Yen & Gold went to qtrly resistance.
Instruments are aligning at the levels we've highlighted for contra trend bounces.
We've seen the price action I laid out on Friday play out last night into this A.M. in London. I suggest you go back and re read what I wrote in Friday's Pro Tips.
The board is set up for a big 2 way trade into late week which will have investors looking for a trad able low in Googl and the Financials.
I'd rather buy the Equity Indices at these levels before I sell. Volumes are low and instruments are getting priced to levels.
It's still too soon to tell if last night was the low of this move, however it was an excellent low for a good bounce.
Time Frame Trading...
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
