Day Trading Strategies for Euro, Crude, Mini-Russell Futures, Dollar index and Gold futures

—————————————————————————————

—————————————————————————————

Let’s review today’s day trading strategies together in the live trade room

—————————————————————————————

– European shares advanced at the opening after rating agencies reaffirmed US rating after Congress super committee disagreed on the budget cuts. President Obama noted that he would veto any effort which would avoid $1.2T automatic costs. Stocks pared some of the advances though as Germany’s CDU official Meister said that there would be no new ‘bazooka in the crisis – an expected political standing of Germany and Merkel’s party.

– Spain sells 3-month and 6-month paper at highest yields in 14-years

– Various rating agencies comment on the US super-committee super-failure: Moody’s and S&P see no rating impact while Fitch will conclude review by end of month

– EU’s Rehn says worth studying German wisemen proposal on debt redemption

– Germany said not to offer any ‘bazooka’ on debt crisis

– China PBoC expanded its currency swap agreement with Hong Kong from CNY200B to CNY400B

—————————————————————————————

Our day trading strategies today will depend on the news.  Markets this morning will be reacting to the news overnight from Europe regarding Germany’s defense of the euro currency, and the rating agencies confirming the US rating.  We will be getting bits and pieces of reaction to this today and the news will give us clues to how the markets are reacting.

We begin the day with 830am EST GDP here in the US which will hopefully get the volume moving early this morning.  We then move through the 930am EST US Market Open when we will grab the e-mini’s and then head into the 1030am reversal and the 1100am Transition into lunch.  We have a minor news event at 1000am EST this morning for the Richmond Fed Manufacturing Index.  This is normally going to be something small, but it will affect crude oil so we keep it in the back of our minds.  We have a major news event in the afternoon today, so we do not expect a big move over lunch, however, we have seen it before, so we wont rule it completely out.  200pm EST we have the FOMC Meeting Minutes which will be on everyone’s mind’s this morning as traders are looking for any clues they can find regarding more bailouts, inflation, and  other economic indicators.  Remember, the meeting minutes are the notes the Fed used for its FOMC announcement 2 weeks ago, so this is a look at the REASONS for the Fed’s Statement last Fed Day.

Today is Tuesday, so we will be doing our open webinar @ 1130am EST today, so bring your questions!

—————————————————————————————