Traders reacting to news from Greece, and the resulting selloff

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– Dollar Index is trading in a bear channel and it recently has tried to break the channel.

The faster timeframe on the dollar shows a bull price channel

Dollar Average true range tells us to be looking for trading opportunities

Gold futures trading at the lows of the bear channel and we have buying opportunity if this dollar index will drop

Crude Oil futures showing us buying opportunity at the lows of this bear channel

Mini Russell gives us buying opportunities

Crude Oil double top and trigger zone gives us the final target for our long trades this morning.

Russell gives us some easy targets moving higher, we are on the right track!

Gold setting up for a monster short position using the slower timeframe.  Sell below the zone to sell the channel highs, perfect location!

Gold is now up at the highs, get ready to sell these highs below 03.8

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– European shares plunged this morning taking cue from Asian and US selloff. Greek PM Papandreou unexpectedly called for a referendum regarding EU’s latest bailout, therefore letting Greek people decide the course. He also expressed confidence that the voters would support him to proceed with the economic reforms. The move is seen as particularly risky given that the bailout packaged and debt writedown are hugely unpopular among the Greek population.

– The Greek Prime Minister Papandreou announced that his government will hold a confidence vote, which expected Friday following a three-day parliamentary debate beginning Wednesday. In addition, the Socialist government also announced a referendum on a new European aid package. The decision on whether or not to adopt the new aid package will rest with the voters. The referendum is expected to be in December or January according to Greek ministers Venizelos (finance) and Kastanidis (justice).

– The decision by Greece to call a referendum brings into focus how the political process is undermining broader euro-area solutions

– China will not ride to the rescue of the euro zone – FT

–  China’s official PMI data weakened in contrast to the improvement in the HSBC/Markit headline release

– Limited release of European PMI Manufacturing Surveys die to  “All Souls Day’ holiday but generally softer than expectations

– RBA cuts its interest rates by 25 bps (as expected)

– UK Q3 Advanced GDP slightly exceeds tepid expectations

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Traders will be looking at volume entering the market a little late this morning after Halloween, so we will be patient to wait for the best trading opportunities with little news until after 1000am today.

Today also marks the beginning of the FOMC Meeting, which will commence tomorrow @ 1230pm with an announcement from the US Fed.  Today we shouldn’t see much from the Fed regarding this meeting, tomorrow we certainly will.

This morning we do not have any major news before 930am EST so be patient with your trading, looking for market personality to kick in later this morning.

1000am ISM-Manufacturing Index is looking for readings above 50 to spark interest in growing manufacturing sectors in the US.

After the 10am news we will be looking for more clues for volume.  1030am will have our reversal, and by 1130am we have the European close, so we will have opportunities coming late in the morning.

We will be looking for volume to drop after 1130am so keep a close eye on the clock and lets have a great day!

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