October 31, 2013 - 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 TBT ? ? ? ? ???????????????? 72.57??????? 71.90?????????? 74.60/76.40
Long VIX 14/16 call spread ? 55
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Today's Working Orders...
Sell?1/2 Long TBT @ 74.34 GTC
we're canceling the original sell order and moving it down to just below the 18 day mvg avg @ 74.34.
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Stocks...
Spu's & Nasd both avoided ORL Patterns. I view this more as a function of the establishment, Long Only Crowd, painting the tape to keep the chart pattern alive.
TBT...put in an ORH day with a close over 73.04. This is a price positive pattern.
Bonds...
30 yr. Futures...the levels remain the levels remain the same, 134.02 then 133.15 +- 3 ticks
FX...
AUD/USD...94.50 seems to be the hold level on the point & figure charts. Below this area I'd look for another dollar to 93.30.
EURO...needs to sustain under 136.86 for lower.?136.26 is first support.
EUR/AUD...is coming into daily support @ 143.50-20
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Commodities...
Crude...could eventually work it's way down to just under 94, however it's getting very oversold again. 97.50 ( 200 day mvg avg.) is a better place to initiate shorts.
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General Comments orValuable Insight
The equity Indices need a close below yesterday's lows to do any damage to the downside. Both the Nasd & Spu's have put in double bottoms ( Now Support) on the Point & Figure charts overnight.
Sell stops will now be building below those lows.
TBT...traders, Don't be a dick for a tick! Any print close to 134.02
in the 30 Yr. Futures should have you exiting 1/2 your long position @ the market.
We've lowered our sell order, however remember that Futures Rule!
ETF's do not lead anything!!! They're the hump on the camels back!
Short Term View...
Individual stocks look to be an easier read based off their own technical s. The Equity Indices seem stretched at these levels.
Go with the flow. Use the 9/30 closes as your macro pivots. Trade the opening ranges and early time frames.
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