Thursday, November 14, 2013

Day Trading Morning Prep 11/14/13;

7:30am EST

Focus-Points this morning:
·       European GDP comes out mixed, however it still paints the picture that the worst is behind us in the EU
·       France economy contracted and Italy continues in a recession for the 9th straight quarter
·       Traders are reacting to the (leaked) release of the Nominated Fed Chairperson Yellen’s confirmation hearing.
·       Nominated Fed Chairperson Yellen’s testimony was leaked and noted a very dovish tone, saying unemployment is too high with inflation running below 2% will continue for some time.  The Fed still has a lot of work to do ahead.
·       Yellen’s “Dovish” comments = lower rates = easy money = economic stimulus
·       Yellen’s confirmation hearing scheduled for Thursday 10:00am EST

·       Equities push higher on comments leaked from Fed’s Yellen
·       Ben Bernanke says the Fed is ‘missing on Jobs and Inflation target’ and hopes to see unemployment back below 6% in the near term.  Also says monetary policy will normalize once the economy has been restored.
·       S&P says that the new Fed Chairperson Yellen is a ‘positive’ for the US economy.
·       IEA Monthly Report raises 2013 global demand for Crude Oil, however it cuts 2014 demand, noting that seasonal demand is expected to push oil prices higher in the short term
·       Hang Seng is higher +.85% (22650)
·       FTSE is higher +.55% (6666)
·       FDAX is higher +.75% (9125)
·       E-Mini Nasdaq is higher +1.25% (3405)
·       E-Mini S&P is higher +.85% (1782)
·       E-Mini Dow is higher +.45% (15822)
·       EUR/USD is lower -.35% (1.3438)
·       Gold is higher +1.05% (1282)
·       Crude Oil is lower -.35% (93.55)

Economic News on the schedule today:

November 14, 2013
Janet Yellen takes the world stage but isn't expected to rock the boat. Among the day's indicators, strength or weakness of exports in the international trade report will offer an important indication on the manufacturing sector.

8:30am EST:             Jobless Claims | International Trade | Productivity & Costs
9:00am EST:             Fed’s Plosser Speaks
11:00am EST:           Crude Oil Inventories

Are any of these Red-Star news events today?
Yes, the news this morning at 8:30am EST is considered Red-Star news which means we will expect to see more people participating with more volume, volatility and trading opportunities this morning.  Red-Star news tells us to expect larger-than-average moves in the price-action so we will always look to hold a runner profit-target on days like today.

Later in the session we are going to have everyone paying attention to the 10:00am EST confirmation hearing for the new fed Chairperson Yellen.  Although the commentary was leaked ahead of the hearing today, we know most traders will be distracted by this, so we expect to see a sluggish market personality around that time this morning.

Which markets will be affected by this news the most today?
All of our favorite Futures markets are going to be affected by today’s news.  

Currencies and Gold will be affected by International Trade and Janet Yellen as that will stir the discussion for Fed-Tapering.  We have already seen a tremendously-positive reaction from Equity markets overnight after reading Yellen’s dovish comments, so we can expect the e-mini’s to be very active today as well. 

Crude Oil Inventories are scheduled to be released today at 11am EST, so we know that Crude Oil will be moving ahead of this news.  Remember on inventory days to pay close attention to the market personality in Crude Oil because sometimes it can be a danger-zone.

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