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Day traders wait for Non Farm Payroll News on Friday before Quad Witching
The James’ Report: Day Trading Strategies for Professional Traders
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Traders have two choices when dealing
with adversity. We can allow losses and
frustration to overcome us, or we can use these challenges to grow and
improve. The professional trader
understands that you can’t avoid adversity altogether, but you can use these
opportunities to grow every day as a trader, evolving more with each challenge
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| Heat Map Futures |
from around the world***
–
Greece Govt stated that participation in PSI at 85.8%
–
Some hedge funds could use legal maneuver to trigger Greek default and force it
to repay €3B of its debt in full
–
IDSA again asked to rule whether CDS should be triggered
–
Greece Q4 final GDP -7.5% vs. -7.0% prelim
–
Australia trade balance swings back to deficit for first time in eight months.
–
China CPI comes in softer than expected.
–
China industrial production falls to summer 2009
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UK Industrial Production weakest since Dec 2009
– the Greek Govt
formally announced the results of the PSI debt swap with participation at 85.8%
and climbing to almost 96% after the collective action clauses (CACs) were
implemented. Greek Foreign law bond participation
rate was 69%. The govt etended invitation under non-Greek law issued by State
companies until March 23rd (21:00 GMT) and extended settlement date for Foreign
Law bonds to April 11th
–
Institute of International Finance (IIF) commented after the formal Greek PSI
results were announced that the results were reached through cooperation and
good faith discussions. IIF added that the new bailout program would give
Greece some room to implement reforms and paved the way for the country to
return to market access
–
Greece Fin Min Venizelos commented that any activation of CDS was not a concern
for the Greek economy
–
German Ministry of Finance (MOF) welcomed the high voluntary participation in
Greek PSI debt swap but added it was awaiting the Troika assessment of deal and
Greece’s prior actions. Germany noted that EU finance ministers to debate
further action in tele-conference call scheduled later today (13:00 GMT)
–
German Econ Min Roesler commented that now was the time for Greece to overhaul
its economy
–
France Fin Min Barion commented that the PSI allowed the debt swap remaining
voluntary
– Italy Dep Finance Minister Grilli commented
that the Greek debt swap was a success. He also noted that PM Monti’s reforms
would not be undone by a new government and would focus on implementation of
reforms
–
Germany BDB Banking Group stated that the Greek PSI bond swap participation
rate was “good news” and that
the operation bought Greece time and that conditions were met for EU to approve
2nd tranche of Greek bailout.
–
EU Parliamentary chief commented that Greece now needed a growth initiative.
–
The EUR/USD entered the European session in a profit-taking news following the
official announcement of the Greek PSI participation rate. The pair tested
1.3278 during Asian but slipped to test below 1.3215 during the European
morning. Dealer are eyeing the ISDA meeting scheduled for 8:00 ET (13:00 GMT)
as the panel was again asked a question whether a credit event has occur. The
Ecofin will also hold a conference call on Greece during the NY morning. The US
payroll data is highly anticipated event as well.
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| News for Day Traders |
This
morning is Non-Farm Payroll Friday, which means the world is watching the news
at 830am EST regarding the conditions of the employment market here in the
United States. Job creation has been a
big concern for supporting a recovery in the US, and with recent falling
Jobless Claims reports most traders are very curious to see what this number is
going to come out as. Job creation is
the leading indicator of consumer confidence and spending, which is essential
for any economy to grow, so all eyes are on the Non Farm Payroll report today
at 830am EST.
morning will also have a distinct characteristic to it. Friday’s are always going to be shorter than
other days of the week, with traders leaving the markets earlier than normal,
and today will be much of the same. The
most important thing to note on a Friday are the ‘windows of opportunity’ which
means we will have 30-minute periods of great price action and opportunity, and
then it will slow down again, only to return in 30 minutes again. We need to be aware of this distinct market
personality on a Friday and try to trade accordingly. We don’t want to trade after 1100am EST this
morning because the price action will be too sloppy, and it may slow down as
early as 1030am EST today so keep an eye on the time.
most important thing to trading a Friday is getting in early, being patient for
the best price action and market personality, and then getting out of the
market early before the weekend sets in and the market gets whippy and
difficult to trade.
8:00 (GR) ISDA Committee to meet on PSI to determine whether a credit event
occurred
–
8:00 Germany Finance Ministry to hold press conference on Greece
–
8:30 (CA) Canada Q4 Labor Productivity Q/Q: 0.6%e v 0.4% prior
–
8:30 (CA) Canada Jan Int’l Merchandise Trade: C$2.0Be v C$2.7B prior
– 8:30 (US) Jan Trade
Balance: -$49.0Be v -$48.8B prior
– 8:30 (US) Feb Change
in Nonfarm Payrolls: 210Ke v 243K prior; Change in Private Payrolls: 225Ke v
257K prior; Change in Manufacturing Payrolls: 23Ke v 50K prior
– 8:30 (US) Feb
Unemployment Rate: 8.3%e v 8.3% prior; Underemployment Rate: No est v 15.1%
prior
– 8:30 (US) Feb Avg
Hourly Earning M/M: 0.2%e v 0.2% prior; Avg Weekly Hours: 34.5 v 34.5 prior
–
10:00 (US) Jan Wholesale Inventories: 0.6%e v 1.0% prior
–
10:00 (UK) Feb NIESR GDP Estimate: No est v -0.2% prior
–
10:00 (MX) Mexico Jan Final Trade Balance: +$160.0Me v -$287.2M prelim
–
11:00 (DE) German Chancellor Merkelholds State election rally in ST. Wendel
–
15:00 (AR)Argentina Q4 Quarterly GDP: 7.3%e v 9.3% prior
–
16:00 (CO) Colombia Feb Producer Price Index M/M: No est v -0.5% prior; Y/Y: No
est v 3.8% prior
Weekend
Sat:
–
(US) Republican Kansas Caucus
Sun:
–
(GR) Greek Private Creditors’ Swap Transactions
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