Monday, September 9, 2013

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

7:30am EST
Focus-Points this morning:
·       Eurozone sentiment turns into positive territory for the first time in 2 years
·       Australia elects a new Prime Minister
·       Tokyo secures the bid for the 2020 Olympics
·       News from China is positive overnight, exports very bullish, adds to risk-appetite.
·       President Obama (US) to deliver a recorded interview on 6 TV networks in the US as he tries to rally support against Syria.
o   US Sec of State says ‘we are not going to war, there is no military solution, only political’
·       US-Congress returns to Capitol Hill after the Holiday Recess
o   Syria is likely to take center-stage this week
·       Gold miners’ strike comes to an end in South Africa

News This Week
Economic News on the schedule today:
The news coming out of Syria is likely to take center-stage this week as Congress comes back from Holiday-recess.

We have no major economic news on the schedule this morning, as today is the Monday following Non-Farm Payroll Friday.

If you recall, last Friday’s Non-Farm Payroll report was quite disappointing, and this morning we will see more reaction to last week’s news.

We will be keeping our eyes and ears open this morning listening for Fed Officials to talk about ‘Fed Tapering’ ahead of the September 17th FOMC Meeting.

Look for San Francisco’s Fed President John Williams to speak today and offer his view about where the FOMC is headed today at 11:00am EST.

Crude Oil Analysis:
Crude Oil Anchor Chart #1
The 5400-tick anchor chart #1 shows us moving lower this morning after reacting to the resistance sell-zone overhead at 110.52.  We will expect price-action to move lower to the next major support level, which is around 109.66.  If this cloud support at 109.66 holds strong we have the potential to push higher, however, if the buyers can’t stay above the 109.66 area we have a support zone down at 107.46 that will be our next target for selling short.

Crude Oil Anchor Chart #2
The 1800-tick anchor chart #2 shows us a short term bullish trend that has now stalled at the 110.52 sell-zone and we are inches away from a reversal in the trend back lower.  We will look for lower-lows below 109.76 in order to get short down to the support level at 108.22.

Crude Oil 30-Minute VIP 
Our 30-minute VIP-Chart shows us trading in a very narrow range coming out of the London trading Session.  We are trading inside the range from last Friday, making today an ‘inside-day’ and telling us to wait for the new short-term trend to develop.  Inside the range from the previous session tells us that buying or selling can be the direction this morning, we are going to wait and see after the opening-bell here in the US and then follow in that direction.

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