Thursday, October 31, 2013

Morning Prep 10/31/13; SchoolOfTrade.com

7:30am EST

Focus-Points this morning:
·       Happy Halloween!
·       Traders around the world reacting to the FOMC Report on Wednesday afternoon
·       FOMC says the US is still growing at ‘moderate page’
·       FOMC remarks lead analysts to believe the Fed will ‘taper’, but no timeline yet
·       European economic news disappoints overnight
·       Italian unemployment jumps up to 12.5%
·       Gold is lower -1.10% (1,334.40)
·       Crude Oil is higher +.10% (96.86)
·       EUR/USD is lower -.55% (1.3656)
·       E-Mini Dow is lower -.40% (15,618)
·       E-Mini S&P I slower -.50% (1,763.25)
·       Hang Seng is lower -.45% (23,206)
·       FDAX is breakeven +0.00% (9,010)


Economic News on the schedule today:

Today we finish up the month of October with news from Jobless Claims, followed by business conditions in Chicago.  Both of these are important news events, and we will be watching them closely in the live trade-room this morning.

8:30am EST:             Jobless Claims
9:45am EST:             Chicago PMI


Which markets will be affected by this news the most today?
Jobless Claims will have an impact on most markets; we will watch the reaction on the Dollar-Index because the correlation can be applied to almost all the markets we trade.  Chicago PMI is not as important as Jobless Claims, but it will still have an impact on the overall market sentiment this morning.

Are any of these Red-Star news events today?

Yes, Jobless Claims is considered to be Red-Star news so we will look for trading opportunities around 8:30am EST this morning and will remember to leave a ‘runner’ on the trades we take around this news because there is a greater chance of a larger move in the price-action.

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