Friday, December 6, 2013

Day Trading Morning Prep 12/06/13;

7:30am EST

Focus-Points this morning:
·       Traders around the world focus on the US Non-Farm Payroll Employment Report today 8:30am EST
·       Price-action is mixed ahead of US news
·       Traders debate over the potential of a Fed Taper in December if news is bullish for the USD
Hang Seng is higher +.15%
·       FDAX is higher +.50%
·       E-Mini Nasdaq is lower -.15%
·       E-Mini S&P is lower -.45%
·       EUR/USD is higher +.05%
·       Crude Oil is lower -.13% [97.26]
·       Gold is lower -.35% [1227.70]

Economic News on the schedule today:
Economic News Worksheet
This morning we will see the most important news event we have as traders, Non-Farm Payroll news is scheduled for release at 8:30am EST.  Traders have been watching this report all week, and this morning we will see sluggish price-action ahead of this report, followed by violent reaction to the news when it’s released. 

The most important thing to remember about Non-Farm Payroll news is that we must stay patient after the news is released because no matter what the scenario the price-action will challenging to trade without a lot of risk.  We will wait 15-minutes before the news and then wait until 8:45am EST after the news is released to take our first trade.

This morning’s Non-Farm Payroll report is going to be possibly the most important report of the YEAR because the Fed is looking for data to tell it when to start removing stimulus from the US markets, and today’s report may give the FOMC enough confidence to announce ‘tapering’ to begin in 2 weeks at the next FOMC Meeting.  Needless to say, traders will be watching closely AFTER the news is released looking for feedback from the price-action.

In addition to Non-Farm Payroll news we also hear from Consumers Sentiment today, which is always an important indicator of economic growth here in the US and will also be applied to the decision to ‘taper’ by the FOMC at their next meeting.  We will look for the Consumer Sentiment report to keep the price-action moving for us today into the end of Friday’s trading session.

8:30am EST:             Non-Farm Payroll & Personal Income
9:55am EST:             Consumer Sentiment

Are any of these Red-Star news events today?
Yes, today’s Non-Farm Payroll news at 8:30am EST is Red-Star news and will certainly have more traders participating which will result in more volume, volatility, and most likely more trading opportunities.  We do need to beware trading too close to this news because it will be violent immediately after the news is released, however shortly afterwards we will look for the best trading opportunities.

Which markets will be affected by this news the most today?
All markets will be affected by today’s Non-Farm Payroll and Consumer Sentiment so we will be keeping a close eye on our favorite Futures markets such as Crude Oil, Gold, Euro, Mini-Russell, and E-Mini S&P.

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