Wednesday, November 13, 2013

Day Trading Morning Prep 11/13/13;

7:30am EST

Focus-Points this morning:
·       Fed-Tapering continues to take center-stage in weighing-down equity markets
·       News from China disappoints, sends stocks lower overnight
·       US Fed’s Lockhart says the ‘fed tapering could begin in December after encouraging job reports from October’
·       US Treasury Secretary says he ‘sees a lot of strength in the US economy, housing market is strong’
·       European banks launch controversial bond-offering
·       EU Leaders continue to support the de-valuing of the Euro, saying ‘the euro is too strong’
·       UK Jobless Claims continue to impress, 12th straight monthly decline
·       Analysts expect China to lower rates by 50bps in 2014 and 25bps in 2015 in attempt to boost growth
·       Traders in the US wait for news from the Treasury Budget and Ben Bernanke this afternoon
·       Hang Seng is lower -1.20% (22463)
·       FTSE is lower -1.20% (6645)
·       FDAX is lower -.35% (9050)
·       E-Mini Dow is lower -.20% (15750)
·       E-Mini S&P is lower -.25% (1767.00)
·       EUR/USD is lower -.09% (1.3425)
·       Gold is higher +.15% (1273.00)
·       Crude Oil is higher +.25% (93.24)

Economic News on the schedule today:
We don’t have a lot of news on the schedule for today’s US trading session, however news from China and the EU overnight are going to be providing lots of reactions in the price-action in today’s morning-session so we will be ready.

Today’s Treasury budget news at 2:00pm EST will offer the first data on the government's new fiscal year, one that follows a sharp drop in the deficit during fiscal year 2013.  This will be a very interesting report to watch the reaction from the markets this afternoon.

NOTEWe do NOT have Crude Oil Inventories today; Thursday @ 11:00am EST

Economic News Worksheet
8:45am EST:             Sandra Pianalto Speaks
2:00pm EST:             Treasury Budget
7:00pm EST:             Ben Bernanke Speaks (no testimony)

Are any of these Red-Star news events today?
None of the news today is considered to be Red-Star news, which means we will need to wait for confirmation of an established trend before we go looking for big runner targets.  A day without much news is always expected to be a sideways type of trading day, but we can never assume, so we will be looking for selling-opportunities at the highs and buying opportunities at the lows this morning until something breaks out and then we will have to analyze the market personality at that time to see if this breakout will be a fake-out-breakout.

Which markets will be affected by this news the most today?
The Fed continues to talk about Tapering in the month of December, and the ECB just recently commented on the fact they think the ‘euro is too strong’.  I think we need to beware that Gold & bonds are going to be on the front-line for reaction to the taper-talk, but the Euro may be an easy peg-short this week with the recent comments from the ECB. 

Is it me…or is the ECB playing too much gold with Helicopter-Ben on the weekends?

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