Tuesday, November 19, 2013

Day Trading Morning Prep 11/19/13; SchoolOfTrade.com

7:30am EST

Focus-Points this morning:
·       Contract Rollover today for Crude Oil Futures, now trading 01-14 contract
·       Today is Tuesday of OPEX Week, Wednesday through Friday are most important days of OPEX
·       Markets are mixed this morning after news from Europe and Asia leads traders to forward to Fed Tapering
·       China’s PBoC pledges to move towards market-based exchange rates and expanding its financial markets.
·       German ZEW Survey hits 5-year high
·       Ben Bernanke Speaking in the US this evening

·       US Fed’s Dudley (dove) says the US Fundamentals are looking increasingly better, “I am getting more hopeful”
·       Hang Seng is lower -.01% (23658)
·       FDAX is lower -.37% (9192)
·       E-Mini S&P is lower -.35% (1792)
·       E-Mini Dow is higher +.09% (15976)
·       EUR/USD is lower -.1-% (1.3493)
·       Gold is higher +.25% (1276)
·       Crude Oil is lower -.20% (93.53)

Economic News on the schedule today:
This morning is the Tuesday of OPEX week, and we have some important news to look forward to at 8:30am EST today. 

We begin just before 8:00am EST with Store Sales which will be a good leading 
indicator for the Retail Sales sector as we go into the Holiday season, but that is not the big news for the day today.

All eyes this morning will be on the Employment Cost Index news at 8:30am EST, so we will want to be ready for trading opportunities early in today’s trading session.

8:30am EST:             Employment Cost Index
7:00pm EST:             Ben Bernanke Speaks

Are any of these Red-Star news events today?
No, none of the news on the schedule today is considered Red-Star news which tells us that we may have to be patient to wait for volume and high-percentage-trades this morning.
The best strategy for a session without much major news is to look for trading opportunities around the highs and lows of the ranges, focusing on the price-reversals that occur around those areas.  The chances are high that we will find a trading-range this morning and stay contained within that range without any major news to push things too far outside that range.  As always, we will wait to see what the price-action says!

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