Focus-Points this morning:
· Traders return to their desks after Veteran’s Day Holiday in the US
· Last Week’s news in the US was VERY positive, including Friday’s Non-Farm Payroll report beating everyone’s expectations.
· No Major News on today’s economic calendar
· The topic of ‘Fed Tapering’ continues to take center-stage, heavily affecting currencies, bonds, and gold.
· Traders listening to a lot of ‘chatter’ coming from ECB Members this morning ahead of meetings this week
· Trading is mixed in Asia and Europe as we open a new week of trading
· Hang Seng is lower +.75% (22,901)
· FDAX is lower -.15% (9,094.00)
· E-Mini S&P is higher +.07% (1,772.00)
· E-Mini Dow is higher +.15% (15,784)
· EUR/USD is lower -.05% (1.3399)
· Gold is higher +.15% (1,279.00)
· Crude Oil is lower -.45% (94.75)
Economic News on the schedule today:
|Economic News Worksheet|
Traders are returning to their desks this morning after a long holiday-weekend. Last week’s mostly-positive news ended with a big jump up in Non-Farm Payroll news, which re-opened the door for possible Fed Tapering later this year. Most analysts are saying to expect tapering to begin in early 2014, but traders aren’t seeing anything to tell us exactly when this will happen.
This morning we do not have any major news on the economic calendar. Coming out of a holiday weekend we know today will likely be a little sluggish at the start, but with no trading on Monday there will be lots of trading activity that will need to be executed this morning so we do expect to see some trading opportunities throughout the session.
The only real news to follow this morning will be Fed Speakers starting this afternoon. We have some very minor reports coming out from Small Business Optimism and Chicago Fed Activity Index, but none of these are expected to be major movers in price-action today. We will stay focused on reading the tape and seeing what the market personality is today.
Are any of these Red-Star news events today?
We do not have any Red-Star news today, which means until we see proof of a trend, we must take profit conservatively. If we start to see a trend develop, then we can leave a runner, but in the beginning of the session we will be using tight profit-targets to lock up profit as there isn’t any major news to get the fireworks going for us.
Which markets will be affected by this news the most today?
Markets being affected by the ‘tapering talk’ this morning will be currencies, bonds, and metals. Look for the Euro, Gold, and Bond markets to be a little sloppy this morning as traders continue to investigate the potential for fed tapering before January 2014.
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