October 30, 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
Long? JJG??????????????????????? ??????????????????? 37.00 ? ? ? ? ?? 36.80? ? ? ??????????? 42.50
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Today's Working Orders
No working orders
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Stocks...?
Spu's...price action under 1960 support is needed to unnerve the Bulls.
Nasd 100...4074 should be used for early market tone. 4103 is resistance.
Closes over 4120 are needed to start a whole new Bull leg higher into year end.
4014 is the 50 DMA, support the first time down. Fib support for this swing does not start until 3950.
FTSE...is putting in a potential ORL (topping pattern), it's still early and it's right into 6341 support zone.
VIX...14.05 is 200 DMA support. By holding above 16 today 18 is possible.
Bonds ...
30 Yr. Futures... Price action over 142.10 resistance is needed for higher.
Bund...has a double top @ 151.12. 150.00 is mvg avg support.
Still waiting for a new signal out of this range.
FX...
USD/JPY...109.65 (91.20 Futures) was last month's close. This is first support.
GBP/USD....by remaining under 160.20, the Pound can see 158.50 next.
Euro...put in an ORL day and is the only following through to the downside.
126.31 will be pivotal for the next few days.
EUR/JPY...136.93 is today's support area. Euro bears should keep an eye on this level as it will make further Euro downside problematic.
Commodities...
OIL... 83.00-15 resistance. 81.20 is the last place to hold on the Point & Fgure chart
Brent...84.50 is support.
Brent has been holding every break to 84.50 support. This is the key to trading Oil.
Needs to maintain above 86.25 to not roll back over.
Grains...Bottoming...
Soybeans...10.90 is the next exit zone for longs and a level to look for price rejection the first time up.
Corn...is attempting an ORH month. A Friday close above 3.595 confirms the pattern.
I'm looking for an initial 60 cent rally.
General Comments or Valuable Insight
Europe is in selling mode with the U.S. equities stretched.
Pay attention to the U.S. opening ranges today to determine the next move.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.