Friday, November 8, 2013

Day Trading Morning Prep 11/08/13;

Day Trading Morning Prep 11/08/13;

7:30am EST

Focus-Points this morning:
·       Traders prepare for today’s US Non-Farm Payroll Report at 830am est
·       European traders still reacting to Thursday’s surprise rate-cut from the ECB, although risk-appetite has been muted ahead of Non-Farm Payroll news
·       S&P cuts France’s Sovereign Rating to AA and the CAC-40 tumbles
·       China’s October trade Surplus hits 10-month highs, helped by exports, suggesting global recovery and increased consumption
·       US traders prepare ahead of Holiday Weekend
·       Hang Seng is lower -.50% (22,745)
·       FTSE is lower -.45% (6,666)
·       FDAX is lower -.75% (9,017)
·       E-Mini S&P is lower -1.35% (1,747)
·       E-Mini Dow is lower -1.00% (15,593)
·       EUR/USD is higher +0.01% (1.3420)
·       Gold is higher +.05% (1309)
·       Crude Oil is higher +.05% (94.29)

Economic News on the schedule today:
November 8, 2013
October looks to be a difficult month to sift through because of the government shutdown, so today’s news will likely be ‘discounted’ to some extent.

Nonfarm payroll growth in the month is expected to be one of the lowest of the year, at 120,000 according to the Econoday, which will most likely have analysts expecting the Fed to delay tapering into 2014. 

Remember, trading around Non-Farm Payroll news is VERY challenging even for the experienced trader because there are many other-timeframe traders participating.  Stay patient, wait for the price-action to calm down after the news is released and then find your trades from there.

Economic News
8:30am EST:             Non-Farm Payroll
8:30am EST:             Personal Income & Outlays
9:55am EST:             Consumer Sentiment
10:00am EST:           JOLTS
3:30pm EST:             Ben Bernanke Speaks

Are any of these Red-Star news events today?
Non Farm Payrolls
Yes, today’s news from Non-Farm Payroll and Personal Income are both considered Red-Star news events which means more people will be trading at this time, so we will stay patient to let the chaos settle down after the news is released and when we find an entry pattern in the direction of the short-term trend we want to try to hold onto a runner for a profit-target because we can expect to see larger than normal trading ranges during this time.

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Crude Oil Set-Up
Most of our markets are consolidating this morning ahead of NonFarm Payroll News, so these charts will likely be adjusted intra-session after 835am EST.

Euro Set-Up

Gold Set-Up

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