News Coming Out of London Overnight:
News from Asia was strong overnight, with locals confident they will achieve the 2013 GDP target of 7.5%.
The UK continues to see a string of positive economic data, and the markets are spooked this morning after an alleged test-launch of ballistic missiles in the Mediterranean Sea. Remember, last week everyone was waiting to hear about what will happen in Syria.
Focus points this morning are: Gains in Asia overnight, Events in Syria are waiting for Congress to return from Summer break on Sept 9th, and the news later this week from Non-Farm Payroll in the US and Central Banking decisions from ECB and BoE.
|News This Week|
Red-Star news events today:
This morning we have major economic news on the calendar, with one Red-Star news event that everyone will be watching.
The main focus this week will be watching the summer doldrums fade away into the Fall price-action that will be much more desirable, with much more volume. We must stay patient this morning as the price-action returns from the Holiday weekend, and we remember that most of the markets are going to be keeping an eye on the Non-Farm Payroll on Friday.
We have news this morning from PMI Manufacturing, ISM Manufacturing Index, and Construction Spending. We know that the ISM Manufacturing Index is a Red-Star news event, so we will be watching closely during that time for high-percentage-trades on our charts.
We saw a 55.4 reading in July from the ISM Manufacturing Index, which will be hard to beat this morning. A reading above 50.0 indicates growth in that sector, so we will certainly be looking for this news today for clues ahead of the Non-Farm Payroll report on Friday.
|Crude Oil Anchor Chart|
Crude Oil is trading lower this morning after traders have seen the threat of military action in Syria fade away in the short term. We will continue to monitor the situation in Syria because it will continue to affect the market sentiment of Crude Oil Futures this week.
|Crude Oil VIP Chart|
We see the trading-range coming out of London is very narrow this morning and price-action is trading just above the PHOD as we try to find a direction for the day ahead of us.
We can see a lot of volatility on the charts over the last few days of Holiday-weekend trading, which tells us to be very careful trading early in the session today.
|Crude Oil PIT Session Levels|