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

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The James’ Report: Professional Resources for Professional Traders

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

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Around the Globe this morning:

– European shares slipped for the third session. If there is one thing on which US lawmakers can agree is to disagree on reaching an agreement on $1.2T budget cuts.

In August it was political impasse on the debt ceiling that brought about US’s downgrade by S&P – the continued disagreements in the bipartisan Congressional committee have ignited fears that the US may suffer another downgrade. On the other side of the Atlantic, Moody’s noted that France’s raising yields were a negative for country’s much protected credit rating. Furthermore, Buffett added fuel to the fire by pointing out that solution in Europe was yet unclear and he had no investments in the region. After Greece and Italy, the debt crisis claimed another government- that of Zapatero in Spain where the opposition led by Mariano Rajoy, won the elections in a landslide victory.

– Iran OPEC Minister: OPEC should be wary of softer oil demand in 2012 and it foresaw a “positive” in the scheduled Dec meeting

– China paints a gloomy global economic outlook, which is affecting the demand on crude oil futures

– Spain’s weekend elections bring in new team to tackle insurmountable debt problems.

– Greece PM Papademos refuses to sign pledge backing austerity measures. EU/IMF refuses Dec aid money unless the pledge gets signed.

– EU to float proposals this week for jointly issued EU bonds.

– US Super-committee said to be unable to reach consensus

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Today’s Economic News:

Our day trading strategies today will depend on the news, and we begin this short Holiday-week with news from Canada at 830am EST, which is expected to affect the prices of crude oil futures this morning to get us started. We then move to the 930am US Open and then the 1000am Existing Home Sales report which should peak the best price action of the morning for us today. Looking for the best trading opportunities after the 930am Open and into 1130am before the European Markets close at 1130am EST.

Monday’s always have a way of starting a little slower than other days of the week, and we tend to see good trading opportunities later in the morning so be patient today getting started, and remember that without much news today here in the US we will be listening to the dollar index trying to tell us what to do next.