October 9, 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 DXJ ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? 50.41?????????? 49.80 Close
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Today's Working Orders
No working orders
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Stocks...
QQQ...97.60 needs to hold on a break to maintain the up pattern.
Nasd 100...3996 needs to hold on a break to maintain the up pattern. By holding, look for a test of 4092.
SSO...115.75 needs to hold on a break to maintain the up pattern.
A close over 117.90 is needed to gain upside momentum.
Spu...needs to sustain and close over 1972 for a move to 2012. 1948 would need to hold on a break.
IBB...270.70 needs to hold on a break to maintain the up pattern.
CELG...93.75 needs to hold on a break to maintain the up pattern. This name could easily trade to just over 100.
ABX...needs to hold over 15.45 for an upside breakout.
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...
AUD/USD...held a break yesterday, with a dovish Fed, to the qtrly close. With a Risk On board and firming metals prices, this can retest the 90.00 level.
Commodities...
Gold... the long term sell stops? are @ 1179. price action over 1215 is needed for a test of 1241. The long term point & figure has now put in a reversal with last night's high projecting a possible bottom.
A Friday close over 1222 puts in an ORH week.
GDXJ...as well as many of the miners look to have limited upside without some more work. 35.60 is resistance and the closing upside pivot.
GDX...23.05 is 1st resistance. 22.17 is the weekly ORH #.
The bulk of the easy short covering money was yesterday. This is not a sector I would blindly chase without a thorough review of the specific technical s.
OIL...will start to run the near term shorts our over 88.20.
General Comments or Valuable Insight
I bought the DXJ since I missed the whole show and decided to put a token long on where I could codify risk.
The Equity Indices will need to hold an initial sell off.
If that was indeed the low in the Equity Indices, the Spu's will trade up to 2012.
The Equity/Bond spreads still have a lot of work to do to turn up.
Not all names are created equal. I've attached charts of some that look promising.
DXJ
GDXJ...JUNIOR MINERS
NFLX
IBB
?AAPL
CELG
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.