Friday, December 13, 2013

Day Trading Morning Prep 12/13/13;

7:30am EST

Focus-Points this morning:
·       Contract Rollover today for e-mini’s and currency Futures
·       Next Week is Quadruple Witching, 3rd week of December
·       Equities bullish going into the US morning session
·       Crude Oil bearish ahead of re-opening of Libya’s biggest port
·       Markets pause ahead of the upcoming FOMC Meeting next Week
·       EUR/USD is lower -.25%
·       Gold is higher +.50% (1230.90)
·       Crude Oil is lower -.45% (97.05)
·       E-Mini S&P is higher .35%
·       FDAX is higher +.25%

Economic News on the schedule today:
Economic News Worksheet

8:30am EST:             Producer Price Index (PPI)

This morning we head into a Friday trading session, which means we need to be watching the clock.  Friday’s seem to always be a very quick session with volume entering the market early in the session and then tapering off quickly after 11am EST.  

For that reason, we look forward to today’s news at 8:30am EST and then we will set our alarm clocks for 11am EST and begin to look for clues that the traders are leaving their desks to start the weekend.

Are any of these Red-Star news events today?
Yes, today’s news at 8:30am is Red-Star news which means we can expect to see more volume, volatility and trading opportunities occur around this time of the session.  We try and hold a ‘runner’ profit-target on days with Red-Star news because we know there is likely going to be some ‘fireworks’ in the markets we trade.

According to Econoday, The producer price index in October declined 0.2 percent after dipping 0.1 percent the month before. The core rate, which excludes both food and energy, firmed to 0.2 percent after rising 0.1 percent in September. Food prices rebounded 0.8 percent after falling 1.0 percent in September. Energy fell 1.5 percent, following a gain of 0.5 percent in September. Gasoline prices dropped 3.8 percent in October, following a dip of 0.1 percent the month before. For the core, leading the October advance, prices for passenger cars climbed 1.7 percent. By contrast, the index for light motor trucks edged down 0.1 percent.

Which markets will be affected by this news the most today?
Today’s news from Producer Price Index correlates to Gold and other commodities because of the inflationary information that it contains.  Inflation is something the Fed and most analysts will be watching because the sign of inflation is the key to raise interest rates to slow down the economy, which is also what the Fed is trying to accomplish with the ‘tapering’ we keep hearing about on the news.  

Bottom line, today’s news will affect all the commodities markets, but we will be watching Gold very closely for trading opportunities.
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Crude Oil Futures:

VIP Chart:
Crude Oil VIP
Our VIP Chart gives us bearish clues this morning.  We can see 2-day and closing print clues and if we open this morning below 97.20 we have proof the sellers not only were in control on Thursday but they have maintained control going into Friday’s trading session.

Anchor Chart:
Crude Oil Anchor 1
Price-action is moving lower on our anchor chart this morning.  We can see a bearish price-channel along with lower-lows and lower-highs telling us to look for selling-opportunities this morning.

Crude Oil Anchor 2

Zones Chart:
Crude Oil Zones
Our zones chart shows us the sideways-trading-range we have been seeing over the last few hours coming out of Europe.  We have a buy-zone below us at 96.62 which we will be using as a profit-target for our selling-opportunities this morning, and an easy place to look for a slingshot entry pattern to get long for a price-reversal.  If price rises higher this morning, which often happens on a day with a gap-down before it goes lower, we look for selling-opportunities around the trend-line resistance and the sell-zone at 97.54, 97.65 and 97.81.

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