Wednesday, December 11, 2013

Day Trading Morning Prep 12/11/13;

7:30am EST

Focus-Points this morning:
·       US Congress passes debt deal, ending 3 years of political impasses, lowering the deficit without increasing taxes, avoids another shutdown in 2014
·       Traders and analysts still debating the timing of Fed Taper amid budget deal in the US
·       Volcker Rule passes in the US, changes the face of Investment Banking
·       Crude Oil pushes to 6-week highs after IEA boosts 2014 Demand Projections
Hang Seng is lower -1.20%
·       FDAX is higher .15%
·       E-Mini S&P is lower -.35%
·       EUR/USD is higher +.05%
·       Crude Oil is lower -.15% (98.39)
·       Gold is lower -.30% (1,257.50)

Economic News on the schedule today:
10:30am EST:           Crude Oil Inventories
2:00pm EST:             Treasury Budget

This morning we have some important news on the schedule to get the markets moving for us in the live trade-room. 

First, today is Wednesday so we have Crude Oil Inventories at 10:30am EST so we will be watching Crude Oil closely this morning.  We know that Wednesdays are often a little sluggish for Crude Oil before the report is released, so we will be looking for the best trading opportunities shortly after this news is released at 10:30am EST.

Second, this afternoon we hear from the Treasury Budget, which is going to be in-focus after the recent passing of a ground-breaking debt-deal in the United States.  Yesterday the US passed a debt deal to lower the deficit without raising taxes, and today we will be watching for trading opportunities around the news at 2:00pm EST.

Are any of these Red-Star news events today?
No, none of the news events today are consider to be Red-Star news, which means we will assume that price-action will need a push from something today, perhaps reaction to the debt deal yesterday, or further commentary from Fed officials about tapering.  Bottom line, without Red-Star news on the calendar we don’t expect big moves in the market today UNLESS something interrupts today’s session.  We will take profit-targets quickly and conservatively until we establish a trend and then try to hold a runner.

Which markets will be affected by this news the most today?
All of the markets we trade are moving today after news of the debt deal, especially gold and currencies.

One market that stands out today is Crude Oil because we have Inventories at 10:30am EST.  We know that Crude Oil tends to be challenging before the news, so we will stay patient and wait for the news to be released and then find the new short-term trend and trade along with it.

Look for Gold to react with volatility when we see the Treasury Budget at 2:00pm EST today.

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