October 10, 2013
- in Uncategorized by schooloftrade
Morning Prep 10/10/13; SchoolOfTrade.com
7:30am EST
Focus-Points this
morning:
morning:
· The US Govt Shutdown enters into day
#10
#10
· Overnight rumors suggest a temporary debt-ceiling
extension for the US is in the works
extension for the US is in the works
· Fitch rating agency says they are
confident the US will find a solution for the debt-ceiling issue
confident the US will find a solution for the debt-ceiling issue
· Equity markets react positively to
the rumors
the rumors
· US Traders reacting to FOMC Meeting
Minutes, published Wednesday afternoon
Minutes, published Wednesday afternoon
· US Traders prepare for Jobless Claims
(confirmed to be released today),
(confirmed to be released today),
Hooray! There’s economic data today!
Jobless
claims will offer needed clues on the health of the labor market while chain
store sales will offer indications on consumer spending.
claims will offer needed clues on the health of the labor market while chain
store sales will offer indications on consumer spending.
Before the Open: Chain
Store Sales
Store Sales
8:30am EST: Jobless
Claims | Import
Export Prices
Claims | Import
Export Prices
9:45am EST: James
Bullard Speaks
Bullard Speaks
10:30am EST: Nat
Gas Inventories
Gas Inventories
2:00pm EST: Treasury
Budget
Budget
Levels this morning:
Euro Currency
Futures:
Futures:
VAH 3521 / VAL 3509
PHOD 3528 / PLOD 3488
Bullish = Open > 3528
Bearish = Open < 3488
The Euro traded in a very narrow trading-range on Wednesday
with a big GAP-DOWN and closed the day near the highs of the range. This type of price-action suggests that today
will be a breakout day, and with the closing-print on Wednesday near the highs
we have reason to suspect a bullish breakout is on the way at the opening-bell this
morning. We also must remember the Dollar-Index-correlation
with Euro and the debt-deal we are hearing about may impact the Euro in ways we
can’t predict, so we will be watching the opening-print today looking for
confirmation of this projection.
with a big GAP-DOWN and closed the day near the highs of the range. This type of price-action suggests that today
will be a breakout day, and with the closing-print on Wednesday near the highs
we have reason to suspect a bullish breakout is on the way at the opening-bell this
morning. We also must remember the Dollar-Index-correlation
with Euro and the debt-deal we are hearing about may impact the Euro in ways we
can’t predict, so we will be watching the opening-print today looking for
confirmation of this projection.
Targets above:
3541, 3545, 3565, 3575, 3595, 3611,
3649
3541, 3545, 3565, 3575, 3595, 3611,
3649
Targets below: 3486, 3480, 3460
Gold Futures:
VAH 1306.4 / VAL 1298.8
PHOD 1310.7 / PLOD 1294.6
Bullish = Open > 1310.7
Bearish = Open < 1294.6
Gold traded much lower on Wednesday with a GAP-DOWN in price,
however the closing-print was up near the highs of the range which suggests
that market sentiment had changed near the end of the session. The trading-range from Wednesday was very
wide, so today may be a range-bound market personality, but we will wait for
the opening-print to confirm this suspicion.
With some added confidence from the rumored-debt-deal in the US, Gold would
want to move lower this morning, so we will be watching the opening-bell closely
for confirmation of this.
however the closing-print was up near the highs of the range which suggests
that market sentiment had changed near the end of the session. The trading-range from Wednesday was very
wide, so today may be a range-bound market personality, but we will wait for
the opening-print to confirm this suspicion.
With some added confidence from the rumored-debt-deal in the US, Gold would
want to move lower this morning, so we will be watching the opening-bell closely
for confirmation of this.
Targets above:
1322.0, 1323.0, 1328.5, 1333.5
1322.0, 1323.0, 1328.5, 1333.5
Targets below: 1291.5,
1285.0
1285.0
Crude Oil Futures:
VAH 102.17 / VAL 101.19
PHOD 103.29 / PLOD 101.18
Bullish = Open > 103.29
Bearish = Open < 101.18
Crude Oil trading much lower on Wednesday with a large
GAP-DOWN that was never filled. Wednesday
was a very wide trading-range and the majority of the volume was traded near
the lows around 101.50. The
wider-than-average trading-range tells us to expect a range-bound market personality
this morning but we know the recent debt-deals may provide some addition
firepower to the price-action this morning.
Look for a bullish move off these lows from yesterday if the buyers are
confident this deal is going to get done.
If they don’t get this deal done, and prices move back below the 101.18
we are looking to sell short once again for the day.
GAP-DOWN that was never filled. Wednesday
was a very wide trading-range and the majority of the volume was traded near
the lows around 101.50. The
wider-than-average trading-range tells us to expect a range-bound market personality
this morning but we know the recent debt-deals may provide some addition
firepower to the price-action this morning.
Look for a bullish move off these lows from yesterday if the buyers are
confident this deal is going to get done.
If they don’t get this deal done, and prices move back below the 101.18
we are looking to sell short once again for the day.
Targets above:
104.08, 104.19, 104.38
104.08, 104.19, 104.38
Targets below: 101.15, 101.05
Mini-Russell
Futures:
Futures:
VAH 1044.9 / VAL 1038.5
PHOD 1048.2 / PLOD 1034.7
Bullish = Open > 1048.2
Bearish = Open < 1034.7
The Mini-Russell traded lower on Wednesday within a typical trading-range
and a closing-print in the middle of that range. This price-action suggests that anything can
happen today because with the closing-print in the middle of the range and the
slightly-bearish market sentiment we know that rumors of this debt-deal may
give the buyers the confident to open above the 1048.2 and we’re buying
today. We will be watching the opening-print
closely this morning looking for clues to where the first few minutes of the
trading session take us.
and a closing-print in the middle of that range. This price-action suggests that anything can
happen today because with the closing-print in the middle of the range and the
slightly-bearish market sentiment we know that rumors of this debt-deal may
give the buyers the confident to open above the 1048.2 and we’re buying
today. We will be watching the opening-print
closely this morning looking for clues to where the first few minutes of the
trading session take us.
Targets above: 1054.5, 1066.0, 1068.5, 1073.0
Targets below: NA
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