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

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– European shares were trading in positive territory, albeit cautiously due to possible rating agencies action in the Eurozone. After Fitch downgraded US’s outlook during yesterday’s session, an article from La Tribune reported that S&P may revise France’s sovereign AAA rating outlook to negative from stable in the next 10 days. The rating agency declined to comment furthering no indication to its stand on France. The news comes two weeks after S&P rocked markets by circulating a supposedly erroneous email announcing that it had downgraded country’s much-valued triple A rating. The anticipation of the EU leaders summit on December 9th has benefited the shares as investors hope for progress in the debt crisis. Unfortunately, details are sparse and the EFSF leverage range remains a mystery. Typical contradictory statements have abounded from the EU leaders with EFSF’s chief Regling noting that the leverage cannot be in the range of 4-5x, the German officials saying that it would be around 3-4x and the Luxembourg Finance Minister lowering the range even further to 2-3x.   

– European Finance Ministers meet to lay ground work for the December 9th Leader Summit

– Fitch lowers outlook on US Sovereign Debt Rating to negative

–  France AAA sovereign rating might be put on negative watch ‘Soon’ by S&P

– Australia Mid-year economic review lowers revenue forecasts by A$20B over 4 years 

– Sweden Q3 GDP beats expectations

– Italy sells upper end of expected amount in its bond auction at record EMU yield

– Belgium sells lower end of expected range in its Bill auction

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Our day trading strategies today will depend on the news, and today we begin with 900am EST Home Price Index followed by 930am EST US Markets Open, we will grab the Mini-Russell and then head into the 1000am Consumer Confidence Report before we head into the transition into Lunch around 1100am EST today.

The markets are still churning in Europe, so we need to also stay on our toes for any news coming out of the ECB or the FED, and remember to keep an eye on the dollar index correlation throughout the day.

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