Day Trading Strategies for Dollar Index , Euro, Crude, Russell and Gold futures

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– Markets are ignoring recent history as shares hit 5-week high on optimism that the EU summit on December 9th will provide a solution to the debt crisis. Financial press reported that EU official were discussing running both ESM and EFSF at the same time; essentially, the EFSF would not end when ESM starts in 2012.

– Sr German official plays down expectations for EU summit

– Currencies trade in familiar ranges ahead of the later this week EU summit, central bank decisions

– Chinese yuan trades at lower limit against the USD for the 6th straight session, amid outflow concerns.

– EU’s EFSF to target short-term debt issuance

– Strong demand seen for SNB and ECB US dollar liquidity operations

– European banks move higher amid reports that the EBA might delay the deadline for banks to disclose how they will meet capital shortfalls

– French, Belgian banks out perform on session

– Italy banks borrowing from the ECB jumps in Nov

– UK and Italian Oct production comes in below analysts’ forecasts

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Our day trading strategies today will depend on the news.  This morning’s news is all crude oil futures with inventories at 1030am EST this morning, and we will assume to have some news chatter from Europe this morning as the soap opera overseas continues to develop.

This morning our first major event is the 930am EST Us Open, when we will grab the Mini-Russell Futures to trade, and then we will wait for 1015am EST to sit on hands before the 1030am EST inventories news.  Remember the most important thing about trading inventories is that you need to wait for the reaction from the market before you jump into a trade.  Even though the news at 1030am will be easy to read, we still need to wait for market to confirm its reaction and then we can trade along with that reaction, so be patient at 1035am EST.

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