September 12, 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 TBT??????????????????????????? ????? 58.17????????? 56 Close?????????? 60/66.50
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Today's Working Orders
IAT was not filled yesterday.
BUY IAT @ 34.05 Stop....
If it trades there or above we'll own it.
SELL 1/2 TBT @ 59.85 GTC
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Stocks...
GS...177.25 was last years close. A close today above 182 puts in an ORH week, targeting 192 short term.
Semi Annual resistance starts @ 189. By remaining above 177 GS should retest the 215 level it broke from in 2007.
Oil Patch...
XLE & DIG... both double bottomed yesterday.
CVX...is my favorite chart pattern among the majors, having spiked below it's 200 DMA yesterday. The risk to own this is yesterday's low.
COP...needs a close over 80.16 to confirm a trad able low.
OXY...is not quite there pattern wise. 96.75 is 200 DMA support.
RIG...with an 8% dividend, Transocean is putting in a bottoming formation. A close over 38.15 confirms the low. Even if you're a little early on this trade it will take a lot to get hurt given the dividend.
XOM...this double bottomed yesterday. Short & Intermediate trend resistance is 98.05.
A close above 98.75 confirms a low.
IYT...is good as long as there is no close below 152.00
Bonds ...
30 yr. Bonds...
TBT...put in an ORH day. Look for a test of 60. This is the place to pay for your longs by selling 1/2 out.
FX...
EUR/AUD...put in an ORH day yesterday. 142.90 is 50 DMA resistance. 144.00 is possible. Do not fight this direction.
AUD/USD...while getting oversold on the daily time frame, Aussie could trade down to unchanged on the year @ 89.15.
Commodities...
Crude...Put in an ORH day. The resting Point & Figure buy stops for this pattern are 93.75. The Bottom looks to be in.
GDXJ...put in an ORH day. 39.45 is first resistance. A close above 40.20 signals a much bigger rally.
GDX...24.38 is the 200 DMA (resistance and the upside pivot).
General Comments or Valuable Insight
Play the Sector rotation.
Banks have been soft with rates dropping which now appears to have abated.
Energy names have been beaten up with the fall in Oil. That downward slide has abated.
FEYE...will be an opening range trade today. If it starts up after the close it's worth a look.?
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.