Bears are out in Europe, Contract Rollover in US, Major News from Canada

Every new trading day is another opportunity to learn more about what makes these markets work.  The first rule of a professional trader is to learn HOW the instruments and these markets work.  The second job for a professional trader is to learn some simple trading patterns, and the third and final job for a new trader is to learn how to control our emotions when we are watching for those patterns.  Today is another opportunity to hone our skills, so don’t let this priceless price action pass you by!

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The James’ Report:  Day Trading Strategies for Professional Traders

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 What happened Overnight:

– Germany imports and exports deteriorate in recent trade data
– Bank of France cuts its forecast for Q2 GDP
– Spain expected to make aid request for its banking sector this coming weekend at EU conference call on Sat; No comments from Spanish officials
– Timing of China cut in 1-year rates raises fears of grim May data ahead. Commodities plummeting
– ECB Nowotny: Zero Deposit Rate could happen (currently 0.25%)
– Japan’s current account continues to shrink
– Fitch 3-notch downgrade of Spain reflecting concerns of contagion risks and higher than expected bank recapitalization costs.
– Fed’s Bernanke remarks keeps markets unsettled. Testimony summed up as ” not good enough to relax nor not bad enough to require action “

read the complete morning prep here