Tuesday, December 10, 2013

Day Trading Morning Prep 12/10/13; SchoolOfTrade.com

7:30am EST

Focus-Points this morning:
·       Fed speculation continues as traders focus on next week’s FOMC Meeting for further guidance
·       Most analysts expect a January 2014 taper to begin
·       Negotiations continue with Iran over nuclear deal, sanctions threatened
·       Germany and France are close to reaching a deal on a banking union
·       S&P trades at new record-high amidst fear of Fed tapering
·       Gold makes its longest rally in over a month
·       Crude Oil trading higher, hits monthly highs
EUR/USD s higher +.02% 1.3742
·       E-Mini S&P is higher +.20% 1,808.25
·       FDAX is higher +.10% 9,203
·       Hang Seng is lower -.30%
·       Crude Oil is higher +1.15% 98.47
·       Gold is higher +1.05% 1,247.20

Economic News on the schedule today:
This morning we have another trading session in the US without any major economic news on the schedule.  Monday was a sleeper without any news to get price-action moving, and today may be a little bit of the same, however we don’t expect it to be as slow as a Monday morning without any news.  We should certainly see an improvement in today’s price-action however we must protect capital today ahead of the session.

The only news worth looking at today will be the JOLTS report at 10:00am EST because it will look into the labor market, specifically giving us more information on the recent Jobless Claims reports last week.

Yesterday we heard from various Fed speakers, all of which had an opinion on what will come next for the Fed.  We can assume traders in the US will be reacting to what they said yesterday afternoon, and we are likely to hear more ‘fed-speak’ until next week’s FOMC meeting on Wednesday.

Are any of these Red-Star news events today?
No, we do NOT have any major Red-Star news on the schedule today.  Red-Star news tells us to expect more volume, volatility and trading opportunities however today we do not have any major news.  We will plan on trading conservatively this morning until we see proof from the market personality and price-action that we can be more aggressive.  We know that a big, continued move in price-action is unlikely without any Red-Star news today, so we will plan to take profit-targets quickly and protect capital at all times.

Which markets will be affected by this news the most today?
This morning the big question is which markets will be moving without any major news?  We will be looking for clues in the price-action this morning to focus on a specific market (or two) because there may not be much price-action early in the session without any major news.  We will begin to analyze the price-action this morning at 8:00am EST and look for the market personality that is moving today so we can focus on it.

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