830am Day trading prep for news and crude oil futures

830am EST

This morning we see bullish market sentiment on the markets
we trade after news from Europe gave new life to the recovery process.  Keep in mind, this can easily fail now and
tumble back down if there is anything of concern that starts to come out.  Like a soap opera, we never know how long
this ‘solution’ will last and the market personality will be bullish.

The dollar index is in effect today with a bearish tone to
the dollar index and the heat map confirms. 
This means we’re bullish on the markets we trade, buying pullbacks with
new higher-highs, but also keeping in the back of our mind that this bullish
move can come to an end quickly.

Crude Oil futures are trading at the highs of their short
term range, at the PHOD and at the highs of the price wedge.  We can see a double-bottom which provides
overhead resistance at 81.35 and 82.60 where we will DEFINITELY looking for
price to reverse at those levels.  We are
trading INSIDE the range from Thursday, basically on top of the PHOD so if we
make new higher-highs we need get above the 81.35 and then we can buy pullbacks.  If we cannot get above 81.35 for the wave
pattern long we need to stay patient and wait for the price to reverse and we
will use a 2-step pattern to sell these highs.