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

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The James’ Report: Professional Resources for Professional Traders

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Let’s review today’s day trading strategies together in the trade room

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Around the Globe this morning:

– Crude oil futures test 100.00 over the weekend, highest levels since July 2011

– Italy PM Berlusconi steps down (as promised) after Lower House approved 2012 Budget Law; Mario Monti now tale the helm

– IMF Lagarde reiterates warning of ‘Downward Spiral’ If Euro Zone Does not solve its debt crisis

– Asian stock markets rose Monday on some signs of stability in Europe

– Italy sells its 5-year bond at its highest yield since 1997

– ECB’s Orphanides commented in the Greek press that the debt haircut was unnecessary and harmful to Greece. He noted that the loss of confidence in Cyprus debt was a concern but the economic situation remained manageable in the country

– Greece is said to have secretly accessed the Emergency Liquidity Assistance fund meant for Greek banks. The total fund is €30 billion, though it was unclear how much was used. The Greek press article added that funds are expected to return, but the question remains where Greece will come up with the money to replenish the fund.

– Crude oil futures test 100.00 over the weekend

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Today’s Economic News:

Our day trading strategies today will depend on the news, and today is a Monday without any major economic news. We will be focused on a few things this morning with that, first being patient to wait for the trading opportunities to come to us, which may be a littled delayed without any major news. Second, we know that the drama in Europe may be the only real catalyst today, so we need to be ready to react if anything comes out in the news. And lastly, we need to keep an eye on the clock this morning knowing that Monday’s are slow without any major news and we will get small windows of opportunity this morning to earn easy profits, and we need to be careful not to trade too early or too late in this morning’s trading session. We will see what market personality looks like early this morning and watch it through 12-noon EST looking for clues to the best trading opportunities.