September 12, 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?AAPL? ? ? ? ? ? ? ? ? 467???????????? 460.50
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Stocks..
EWP...Spain...33.07 is potential double top level on a monthly chart,?however once maintaining and closing over this area, look for an initial test of 34.65 with much higher long term tgt's.
31.75 is the buy level In Spain on a pullback with a tight stop.
DAX...8561 is the matching double top level on a qtrly chart.
Bonds...
Bund...139 is resistance and the upside pivot.
Italian 10 Yr...110.60 is resistance and the upside closing pivot.
FX...
Kiwi... 81.62 is the Qtrly ORL level it broke from. This is a qtrly retest matching matching the 200 day and weekly resistance @ 81.80. This is big closing stuff! As long as we stay under this level the the Kiwi remains under pressure.
AUD/USD...the Aussie has rallied straight up fro 89.30 without a reversal on the point & figure chart. It is definitely overdue for a retrace and now we've finally got one.
Closing today under 92.77 puts in an ORL day. 92.08 is support the first time down.
EUR/AUD...would put in a similar pattern with a close over 143.03.
USD/JPY...99.20 is a level we'd like to Sell Yen and buy dollars against today with a tight stop. ( The straight Futures show 100.81)?as resistance.
Euro...133.40 is the only level I'm monitoring for resistance.
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Commodities...
Brent...yesterday's rallies stopped at the weekly support # of 112.55. What was support is now resistance. Front month is now trading November (X). This contract sets up differently!
Price action under 109.70 can lead to a good sell off.
WTI... expires next Friday.
Grains...there is a report today followed by Sept. Futures Expiration tomorrow. We'll look to trade the Grains next week.
Gold...is into support @ 1335.
Copper...3210 is support and the closing downside pivot.
Silver...22.20 ish is support and the downside closing pivot
General Comments or?Valuable Insight
I'm looking for a rally in the Italian 10 year Bond of app 100 points.
Bunds...same story, I'm looking for a 100 point rally.
The operative question here is when? This could take into mid week next for this to play out. Fed Meeting coupled with Bond Futures expiration = volatility.
In the meantime I wouldn't get sucked into selling weakness in any Bond until this plays out.
This has to be monitored vis-a'-vis the Euro and the European Stock Indices to see if lower rates will equal a bid tone to the Euro and the Equities.
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Short Term View...
Trade idea of the day...
Day Traders...as of writing this the lowest risk idea is to Sell the Yen @ or as close to resistance as possible / and buy the Aussie @ or as close to support as possible with 25 point stops.
Unfortunately there is not a good spot in the AUD/JPY to key off.
Let the IMM pit openings be your guide @ 7:20 CDT. An opening range trade here is the way to go.
Trade instruments off their own technical s
Time Frame Trading.
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