September 17, 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
Long IAT?????????????????????????????????? 34.13????????? 33 Close
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Today's Working Orders
SELL TBT @ 59.85?
SELL?10??Sept 14 ,14 calls @ 60? GTC
SELL?10??Sept 14 ,14 calls @ 80? GTC
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Stocks...
IAT...although it put in an ORL day I'm going to give this trade the rest of today to play out.
SWKS...put in an ORH day. This has an initial upside tgt just shy of 60 by holding above 54.
PANW & FEYE...both held trend support on yesterday's low. These are two security names that can go with a risk on board later today.
Bonds ...
30 yr. Bonds...(Z) look like they can break close to another full point from here.
A little price action under last night's low is needed for this to occur.
TBT...could push as high as 60.50 where all new price action is needed to assess a further upside move.
FX...
AUD/USD...tested resistance and has since backed off. A close over 91.15 will lead to another figure higher.
Euro...130.25 was the last breakdown level. Euro could easily retest that area. 131.40 wouldn't surprise me today. Closing under 129.10 will keep the Euro on it's heels.
GBP/USD...put in a positive pattern yesterday, however getting involved with anything but an options strategy for a directional punt going into FOMC and the Scottish vote is too high risk for me.
Commodities...
Brent...100.50 is trend resistance and the upside closing pivot.
General Comments or Valuable Insight
Perusing the overnight activity, traders are awaiting the Fed this afternoon.
Time Frame Trading today.
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Yesterday some of you were questioning my sanity reading the late show piece, when in reality it was my senility that's in question.
Below is the piece that I wrote @ 9:04 A.M. and failed to make sure it was sent.
I saw it on the email server late in the afternoon.
I've added another layer of redundancies to avoid this in the future.
Those of you who have followed me for a while know I don't write to write.
If it's not germane I tend to say nothing.?
Are you light in the shorts?
Need to have more upside exposure?
Here is a partial list of where to start looking.
SSO...Sept 14 120 or 120.50 calls
QLD...Sept 14 127 calls
LNG...Sept.14 85 calls
TSLA...Sept.14 270 calls
GILD...Sept.14 105 calls
BIDU...Sept.14 217.50 calls
?X...?Sept.14 ?40.50 calls
?The idea here is to have a defined downside with unlimited upside if Yellen's remarks are dovish.?
?This is the perfect time to play names or sectors to add Risk with "Known" downside?.?
?You need to pick a strike that has a reasonable chance to go in the money on a dovish fed statement.??
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.
