Day Traders look for Jobless Claims and clues for trading opportunities

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The James’ Report: Professional Resources for Professional Traders

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– Crude oil futures trading outside day this morning above PHOD so buyers in control. Bear price channel & trend line around 81.50 gives us overhead resistance looking for the price reversal. Looking for buyers to push up to price channel highs, sell the highs, and look for the re-entry back below PHOD for short below 79.91. If we go higher above price channel highs we sell resistance above it starting at 82.99

– Euro currency futures trading in a very narrow range ahead of the rate decision this morning at the ECB. The recent crisis in europe has been on the minds of traders and today’s price action is a warning right from the start. Bear price channel and sell zone from the price channel give us overhead resistance for a price reversal trade off the highs, which will be higher % considering the bear price channel. If price stays in this narrow range we have no options, sit on hands, but if we drop out below PLOD we sell retracements down to the price channel log 1.3142 and then look to buy the lows, being careful not to overtrade selling the lows of the bear price channel.

– Gold futures trading in a very strong price wedge this morning just above the PHOD so buyers in control at this time. If price rises I’m selling the range highs and price wedge highs looking for the reversal off the resistance overhead to bring price back down into the previous day’s trading range below 1649.8. We will sell short once this turns back inside day down to the BMT 1634.1 and hopefully keep selling it down to the lows of the price wedge around 1600.00. Buy the lows of the price wedge if we make it down that low, and if we break new lows I will buy the support below the price wedge lows starting at 1596.6 and 1585.0

– Mini-Russell Futures trading at the highs of Wednesday’s trading range in a transitional area this morning ahead of the 930am open. We are trading right on top of the BMT at 647.8 so this will be a sloppy area to begin with, lets be patient. If price rises I’m selling the bear price channel highs and the resistance above the highs starting at 672.1. I will sell the PHOD and resistance levels overhead if price rises, and if price falls I’m looking for price to get below the PLOD 635.5 for aggressive selling to take price OUTSIDE day to the lows and sell off to the lows of the price wedge around 610.0 and then down to the lows of this bear price price channel, then looking to buy the price channel lows.

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Around the Globe this morning:

– Apple’s Steve Jobs dies. He will be greatly missed.

– ECB’s Trichet final act.

– German Chancellor Merkel to meet Troika officials

– Netherlands to vote on EFSF changes (one of three countries left)

– IMF: Might be interested in buying Euro sovereign bonds.

– Consensus building for a type of EU tarp as the strategy builds to Save the sovereigns to save the banks

– US Tsy Sec Geithner: EU debt crisis poses global risk.

– European shares rallied for the second straight session today soothed by EU’s Barroso remarks that he is proposing coordinated action by member states to recapitalize banking sector. It is unclear, however, if the rally is due to real optimism on the recapitalization of European banks.

– According to data by housing economist Ronan Lyons of Daft, it is anticipated that house prices will fall for an additional two years with the average asking price at about €150,000. The data assumed banks will begin lending for mortgages. If lending does not occur, then prices will continue to decline by 4% per quarter until the end of 2014, when prices will have dropped by 70%; this would put the average asking price at €115,000 from €366,000 at the peak in early 2007.

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Today’s Economic News:

Day traders will be watching for early morning news to get this price action moving this morning, and then looking at the clock after 1030am today for volume to slow down ahead of Non Farm Payrolls on Friday morning.

We begin with 830am Jobless Claims, followed by the 930am US Open. After we get through 1030am we do not have any major news scheduled, however we may get some news out of the ECB in their press conference this morning, or the white house in reaction to that. We never know, but we DO know how to read market personality and we will do that all morning looking for clues. We do not expect late morning volume today.