Monday, September 23, 2013

Crude Oil Day trading strategy; Morning Prep Screen to Floor 09/23/13

7:30am EST

Focus-Points this morning:
·       Traders Return to their desks this morning after the Quadruple Witching ‘traders holiday’ last week.
·       China’s September PMI readings continue to impress analysts, and suggest the economic expansion will continue into the end of 2013
·       The debate over Fed-Tapering continues; silver Futures move sharply lower today.
·       Monday is filled with Speakers from the Fed in the US with only minor economic news on the calendar.
·       Contract Rollover Alert; All Futures markets have rolled forward to the next front-month contract except for the Mini-Russell.
o   Crude Oil = 10-13 (will rollover later today most likely to 11-13)
o   Euro = 12-13
o   Gold = 12-13
o   Mini-Russell = 09-13 (will move to the 12-13 next)
Contract Rollover 

Economic News on the schedule today:
·       8:58am EST PMI Manufacturing Index
·       9:20am EST Dennis Lockhart Speaks
·       9:30am EST William Dudley Speaks
·       1:30pm EST Richard Fisher Speaks

Crude Oil Analysis:

Anchor Chart:
Crude Oil Anchor 1
We can see the long-term trend is down on the 5400-tick anchor chart we review this morning.  Furthermore, we can see a fresh new wave-count begins with the new lower-lows, telling us that a short trade set-up is on the way later in the session today or tomorrow.

Crude Oil Anchor 2
Our 1800-tick anchor chart shows us trading to new lower-lows this morning with 2 important sell-zones overhead at 106.66 and 107.99 where we will look for the high-percentage-trades to the short side today and tomorrow.  This chart shows us that we have plenty of room for a counter-trend trade this morning as we move off the lows of this price-channel towards the sell-zone at 106.66.

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