October 15, 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....1846 is unchanged on the year with macro sell stops below.
Spu's need sustained price action over yesterday's high of 1892 to turn the longer term point & figure chart back up.
Nasd 100...3768-58 is the 200 DMA depending on whether you're looking at the mini's or the pit session.
I'm in the camp that we can go down here and take a look at these level in both Indices.
Dax...8600 is the next targeted bounce level.
GOOGL...529 is monthly support with macro sell stops under 511. This would leave the door open to 466-470, where it would be a long term buy and hold.
TWX...is sitting right on it's 200 DMA @ 70.45. Use this as your pivot.
C...52 is resistance and the upside closing pivot. It rolls over under 51 close.
Bonds ...
30 Yr. Bonds...the trend is still higher.
Bund...Closes over 151.37 will be a sign that the world Equity Indices will still be a slave to European weakness.
The Bund price action should be monitored for a much bigger Risk off event.
FX...
Euro...weakens below 126.20.
Commodities...
OIL..nothing but net. Oil has been an excellent scalp off the pit opening range.
77.25 is the level that can bounce.
Brent...82.25 is First good fib support.
Gold...1241.50 is closing resistance.
General Comments or Valuable Insight
Spu's have tried to get something going under 1864 three times over the past 4 sessions and held. This is where the short term sell stops are.
I've tried a small risk on bias via a Yen & Bond short over the past few days, only to exit with a minimal loss.
The next two days will be a battle for directional control of the market between the Bulls & Bears.
Bulls need a big flush and a hold.
Bears just need to see continued late day failures in the Equity Indices.
Welcome to the Mid-Week shuffle.
Expect more volatility and a big back and forth day.?
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