February 13, 2014
- in Uncategorized by schooloftrade
Bad News still Great News for Gold and Equities | SchoolOfTrade Newsletter 02/13/14
I have not failed. I’ve just found 10,000 ways that won’t work. There is no such thing as failure, only
results.
Reflections from
Today:
Today:
·
Today: Both Gold and Mini-Russell Trades earn profit
Today: Both Gold and Mini-Russell Trades earn profit
·
Incredible
volatility & trading opportunities
Incredible
volatility & trading opportunities
·
Crude Oil; Sideways +126ticks @ 100.35
Crude Oil; Sideways +126ticks @ 100.35
·
Gold; Higher +168ticks @ 1302.6
Gold; Higher +168ticks @ 1302.6
·
Russell; Higher +274ticks 1142.5
Russell; Higher +274ticks 1142.5
·
Jobless
Claims rise (bad)
Jobless
Claims rise (bad)
·
Retail
Sales fall (bad)
Retail
Sales fall (bad)
·
Janet
Yellen Testimony delayed due to Snow (surprise!)
Janet
Yellen Testimony delayed due to Snow (surprise!)
·
Feb
13th 1990: Dow breaks above
7,000, only 12mos after breaking 6,000
Feb
13th 1990: Dow breaks above
7,000, only 12mos after breaking 6,000
·
Feb
13th 2001: GM & Fidelity
launch first wireless/mobile stock trading system
Feb
13th 2001: GM & Fidelity
launch first wireless/mobile stock trading system
·
Tomorrow: Import/Exports, Industrial Production,
Consumer Sentiment
Tomorrow: Import/Exports, Industrial Production,
Consumer Sentiment
·
Friday
= Valentine’s Day
Friday
= Valentine’s Day
·
Monday
= President’s Day Holiday; US Markets Closed
Monday
= President’s Day Holiday; US Markets Closed
Economic News for Tomorrow:
We have Red-Star News on the calendar this evening from China
and tomorrow morning from Europe before we see news in the US morning session.
and tomorrow morning from Europe before we see news in the US morning session.
First, we have Chinese
Consumer Prices this evening at 8:30pm EST, which is certain to get these markets moving into
tomorrow’s trading session in London and the US.
Consumer Prices this evening at 8:30pm EST, which is certain to get these markets moving into
tomorrow’s trading session in London and the US.
Second, we have GDP
news from Germany, France, Italy and Spain tomorrow morning starting at 2:00am EST and this is
more news that will definitely have our favorite markets moving well going into
the US trading session.
news from Germany, France, Italy and Spain tomorrow morning starting at 2:00am EST and this is
more news that will definitely have our favorite markets moving well going into
the US trading session.
Third, we have more
news coming in the US morning session. Starting with
Import/Export Prices at 8:30am, and then we have the headline news tomorrow
from Industrial Production at 9:15am EST before the Consumer Sentiment Report
just before 10:00am EST.
news coming in the US morning session. Starting with
Import/Export Prices at 8:30am, and then we have the headline news tomorrow
from Industrial Production at 9:15am EST before the Consumer Sentiment Report
just before 10:00am EST.
8:30am EST: Import/Export
Prices
Prices
9:15am EST: Industrial
Production
Production
9:55am EST: Consumer
Sentiment
Sentiment
Day trading plan for Tomorrow:
Crude Oil:
VIP Chart:
We continue to have trouble getting away from this 100.00 big-round-number
as well as
as well as
 |
| Crude Oil VIP Chart |
last week’s highs and this week’s narrow trading-ranges tell me that
something BIG is likely around the corner for Crude Oil futures.
My plan for tomorrow is
to look for buying opportunities above 100.66, and selling opportunities below
99.54. If we open inside the range between these
levels I will trade inside the range, buying the lows and selling the highs
while avoiding the 100.00 big-round-number.
to look for buying opportunities above 100.66, and selling opportunities below
99.54. If we open inside the range between these
levels I will trade inside the range, buying the lows and selling the highs
while avoiding the 100.00 big-round-number.
Anchor Chart:
 |
| Crude Oil Anchor Chart |
The anchor chart of Crude Oil doesn’t look much better this evening, with a clear sideways-trading-range around this big-round-number at
100.00. Without any real trend to follow
I am left to buy at the lows and sell at the highs until something comes along
and pushes this price-action higher or lower.
100.00. Without any real trend to follow
I am left to buy at the lows and sell at the highs until something comes along
and pushes this price-action higher or lower.
My plan for Friday is
to avoid trading around the big-round-number of 100.00 as well as looking for buying
opportunities around the support levels at 99.60, 99.25 and 98.03. If price rises I am looking for selling
opportunities at the resistance levels overhead at 100.96, 101.15, and 101.68.
to avoid trading around the big-round-number of 100.00 as well as looking for buying
opportunities around the support levels at 99.60, 99.25 and 98.03. If price rises I am looking for selling
opportunities at the resistance levels overhead at 100.96, 101.15, and 101.68.
Gold:
VIP Chart:
 |
| Gold VIP Chart |
Gold has been a big mover this week and has made us a lot of
profit along the way to the big-round-number of 1300.00. We can see a bullish market-personality with
a closing-print today near the highs.
All signs point to higher prices on Friday, but we always we will wait
for the opening-bell tomorrow morning to see where we go from here.
My plan for Friday is
to look for buying opportunities above the 1300.9 and selling opportunities below
1291.8 with a profit-target down at the previous lows at 1274.5.
to look for buying opportunities above the 1300.9 and selling opportunities below
1291.8 with a profit-target down at the previous lows at 1274.5.
Anchor Chart:
 |
| Gold Anchor Chart 34 |
We can easily see the long term bullish trend on the 34
anchor chart of Gold this evening. We
can see the bullish price channel along with higher-highs and higher-lows on
the way higher to the next major sell-zone above at 1328.6.
anchor chart of Gold this evening. We
can see the bullish price channel along with higher-highs and higher-lows on
the way higher to the next major sell-zone above at 1328.6.
As we zoom in closer on the 21 anchor chart we can see a
similar short-term bullish price channel along with buying opportunities at the
support levels below at 1294.6 and 1289.8 on the way to our profit-targets up
at 1303.0, 1307.7, and 1312.7.
similar short-term bullish price channel along with buying opportunities at the
support levels below at 1294.6 and 1289.8 on the way to our profit-targets up
at 1303.0, 1307.7, and 1312.7.
 |
| Gold Anchor Chart 21 |
My plan for Gold is to
continue to follow this trend higher, waiting to buy as the price pulls back
into buy-zones we have outlined below. I
always want to buy at a discount, so I am going to stay away from these highs.
continue to follow this trend higher, waiting to buy as the price pulls back
into buy-zones we have outlined below. I
always want to buy at a discount, so I am going to stay away from these highs.
Mini-Russell:
VIP Chart:
 |
| Mini Russell VIP Chart |
The Mini-Russell was tied to a rocket-ship in today’s trading
session, moving just over 275-ticks during the US session alone. This bullishness in the face of poor news
from Jobless Claims and Retail Sales tell us that this strength is most likely
here to stay.
session, moving just over 275-ticks during the US session alone. This bullishness in the face of poor news
from Jobless Claims and Retail Sales tell us that this strength is most likely
here to stay.
The wide trading-range we saw today tells me that tomorrow
may be a narrow trading-range day, so I will be looking for clues at the opening-bell
tomorrow morning before taking my first trade.
may be a narrow trading-range day, so I will be looking for clues at the opening-bell
tomorrow morning before taking my first trade.
My plan for Friday is
to look for buying opportunities above the 1146.6 and selling opportunities below
the 1119.2 low from today. If we open tomorrow inside today’s
trading-range I will consider this market-personality to be ‘in balance’ and I
will look to sell down to the lows at 1119.2 or up to the highs at 1146.6 as
traders begin to explore the range.
to look for buying opportunities above the 1146.6 and selling opportunities below
the 1119.2 low from today. If we open tomorrow inside today’s
trading-range I will consider this market-personality to be ‘in balance’ and I
will look to sell down to the lows at 1119.2 or up to the highs at 1146.6 as
traders begin to explore the range.
Anchor Chart:
 |
| Mini Russell Anchor Chart |
The anchor chart of the Mini-Russell is very bullish this
evening, and we can easily see that price is currently trading at the HIGHS of
the range, telling us to wait patiently for a pullback before we try to get
back in for another push higher.
evening, and we can easily see that price is currently trading at the HIGHS of
the range, telling us to wait patiently for a pullback before we try to get
back in for another push higher.
We can see a bullish price channel along with higher-highs and
higher-lows on the way to the target at 1147.2.
higher-lows on the way to the target at 1147.2.
We can also see two
easy buy-zones this evening at 1132.9 and 1125.1 which I will use for buying
opportunities this evening and into tomorrow. My profit-targets
for the buying opportunities are up at 1147.2, 1149.9, 1154.8 and 1158.2.
easy buy-zones this evening at 1132.9 and 1125.1 which I will use for buying
opportunities this evening and into tomorrow. My profit-targets
for the buying opportunities are up at 1147.2, 1149.9, 1154.8 and 1158.2.
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