October 23, 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 - $.90
X Long at $14
Premium collected - $.84
Short Nov 6th-$14 Call - $.35
ASNA Long at $14.20
Premium collected - $.30
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The markets exploded yesterday with a massive move of over 33 points in the S & P 500.
And it appears there will be follow through this morning with the S & P 500 futures up almost 16 points before the open.
I mentioned yesterday that should be some resistance at the 2,055 area and that is where yesterday's high came in at.? Actually, the high was 20 cents above it.
Based on the pre market activity, the S & P should clear the midband, which is 2,055.10.
This to me, is tremendously bullish and paves the way to a move up the upper band on the monthly chart, which is 2,154.
Earnings continue to heat up and produce some big moves.
Amazon is up over $55 on their earnings.? And Google is up over $65 on their earnings.
Here are the key levels for the markets.
Stocks...
?
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 14.45 yesterday, down over 13%.
The target is back to 12.50.
S & P 500 Cash Index:?
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
Minor level - 2,023.35 *
Minor level - 2,007.82
Major level - 2,000.00
A close today above 2,039 and the objective should be 2,062.50.
2,070 should offer some resistance.
Nasd 100 (QQQ):?
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
QQQ took out the 109.38 level yesterday, closing at 109.71.
Two closes above 110.16 and the objective is 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 hit just short of the 125 level yesterday.
It did close at 124.26, just 4 cents above the minor 124.22 level.
Look for lower levels to act as support.
GLD:
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 GLD closed at 111.69 or 3 cents under the minor 111.72 level.
A close today under 11.72 and the objective becomes 109.38.
If 111.72 holds, look for a move back up to 112.50.
XLE:
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
The XLE did reclaim the 67.97 level, so look for a move higher.? It should try and retest the 69 area.
Apple:
Major levels for Apple are 118.75, 112.50, 106.25, 100, 93.75 and 87.50.
100 should be a major support level for Apple.?
Apple bounce back up to the 115.50 yesterday.
A move to 118 level should still be expected.? Support should be at 112.50.
Watch list:
Bullish Stocks:? PCLN, GOOGL, AMZN, ORLY, NKE, GPN, HD, CLX, V, MCD, DPS, CRM, VRSN, JOE, DF, ADBE
Bearish Stocks: ILMN, ZBRA, EXP, FOSL, LSTR, KSS, CAB, VMW, SWKS, DKS, STX, HAE, CFX, ESPR, PCRX, CUDA
Be sure to check earnings release dates.