Day Trading Strategies for Dollar Index , Euro, Crude, Russell and Gold futures

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The James’ Report: Day Trading Strategies for Professional Traders

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Around the Globe this morning:

– European stocks dropped following S&P’s announcement that it was putting 15 Eurozone nations on negative watch for possible downgrade. Depending on the outcome of EU summit on Dec 9th, triple-A nations like Germany and France may lose their sovereign rating, thus affecting the EFSF rating as well.

– UK Gilts outperform French and German bonds following S&P’s warning on 15 EU countries

– ECB daily bank borrowing remains elevated

– China’s equities have reversed most of the gains seen following the recent RRR cut

– Swiss Franc weakens as CPI data leads to renewed deflation concerns

– Germany’s DAX leading equity losses, amid sharp declines in shares of utility RWE

– Chinese yuan trades at lower limit against the US dollar for 5th straight session

– (EU) EU’s Juncker: Expresses astonishment regarding rating’s agency comments. Timing of S&P warning was no coincidence.

– (EU) ECB’s Noyer: S&P’s methodology has become more political

– (EU) S&P’s European Sovereign Ratings Head Kraemer: European crisis spreading and intensifying

– (GE) German Chancellor Merkel: What ratings agencies do are their own responsibility. Plans to increase confidence at the EU Summit.

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Today’s Economic News:

Our day trading strategies today will depend on the news, and today we do not have major US news all morning, however we do have the reaction to CAD news to look for, and the reaction to S&P’s European warnings this morning.

We begin the day with 2 news events from Canada. We watch CAD news because of the correlation to crude oil futures prices considering that Canada is a larger exporter of ‘black gold’. 830am EST we have Building Permits and 900am EST we have the Bank of Canada Rate Statement.

By 930am EST we will start trading the Russell when the US Markets open up, and then we have a third CAD news event today regarding the Ivey PMI at 1000am EST. We will only need to worry about crude oil futures with these news events, everything else will pretty much be a non-reaction.

At 1100am EST this morning we will look for the transition into lunch, looking for clues for market personality changing, narrow average true range and slower speed on the tape.

Once things slow down this morning we will take all of your questions and open our live webinar after 1130am EST this morning.