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

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

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– European stocks advanced in today’s session after Italian bond yields declined below the 7% mark. Mario Monti is expected to announce his new government while calming investors on Italian debt.

– ECB’s Mersch commented in a CNBC interview that the new Italian Gov’t was a big step forward but still needed need more measures and implementation to overcome the present turmoil. He reiterated view that Europe was facing a confidence crisis. Europe needed to implement new measures and not invent new ones

He reiterated Europe is facing a crisis of confidence. New measures must be implements as opposed to inventing new ones. Unsecured bank lending has virtually disappeared.

– US President Obama commented during his Australian visit that he was deeply concerned about the European debt crisis and that the turmoil would continue until Europe had a concrete plan. He added that the problem in Europe was one of political will and that the US would keep advising Europe on steps that will soothe markets. Lastly he stated that China should rethink some of its approaches to trade but the notion that US was trying to exclude China was ‘mistaken’

– Risk appetite was gaining upward momentum but just ahead of the NY morning the BOE inflation report was cautious on the growth outlook and chatter that heard Italian bank Unicredit called for more liquidity on ECB meeting. The EUR/USD moved off its session highs of 1.3557 to move back below the 1.35 handle just ahead of the NY morning.

– BOJ leaves interest rates unchanged, as expected and cuts economic outlook

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Our day trading strategies today will depend on the news, and we have a lot of news to work with this morning.  The day begins with early morning news regarding inflation, with 830am Consumer Price Index (CPI) followed by Treasury International Capital, or TIC-Flows at 900am EST.  We then quickly move into 915 Industrial Production before we go into the 930am US Market Open at 930am EST.  Once we make it through the US open we have 30 minutes until 1000am Housing Market Index, then followed shortly thereafter by Crude oil Inventories at 1030am EST.  Lots of action, we will be watching the clock closely this morning, especially around 1015am EST when we will be sitting on hands ahead of crude inventories.

Its easy to see our morning is jam-packed with news events, so set our alarm 5 minutes before and after the news, and be sure not to over-trade between the news events around 900am and 915am EST this morning.  We need to be prepared to wait for those windows of opportunity between these events today.  With nothing later in the morning, we may certainly see some great opportunities today after 1030am EST so we will be looking for easy trades late in the morning ahead of our 1130am EST members-only training on our Scalping Auto-Trader.

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