June 7, 2012
- in Uncategorized by schooloftrade
Jobless Claims, Ben Bernanke and another opportunity ahead
Professional traders understand that life, and their careers, are one continuous ongoing transition from one state to another. We have to appreciate that the hard times will pass, and the good times, they will never last forever. As traders when we feel like we’re in a bad position, we have to remember that this too will eventually pass, and we will soon be moving into blue skies and easier times. Think of ways you can apply this to your own career and your personal life. Losing trades, losing days, and losing weeks in the markets will happen to even the best of traders sometime in their career, and when it happens you might feel like this will never end, but it will. Professional traders use daily practice to hone their skills so that when they find themselves in a challenging time of their career they can have the confidence to be patient to let it pass. —————————————————————————————
The James’ Report: Day Trading Strategies for Professional Traders
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What happened Overnight:
– Fed Vice Chair Yellen maintains her dovish feathers and argues for more easing; Chairman Bernake to testify later today on the economic outlook
– Australia May employment change beats expectations with +46K reading vs. -5K expected
– China delayed changes to bank capital rules
– Beige book saw US expansion as moderate
– German government warming to idea of redemption fund
– Swiss FX reserves rise in defense of the 1.20 floor in EUR/CHF cross
– Spain 3-tranche bond auction well received (overall issuance was small and Spanish yields rose less than feared
– Australia May employment change beats expectations with +46K reading vs. -5K expected
– China delayed changes to bank capital rules
– Beige book saw US expansion as moderate
– German government warming to idea of redemption fund
– Swiss FX reserves rise in defense of the 1.20 floor in EUR/CHF cross
– Spain 3-tranche bond auction well received (overall issuance was small and Spanish yields rose less than feared
– European equity markets have continued to move higher on hopes of further stimulus from global central banks. Markets opened the session broadly higher, as the Spanish IBEX-35 index has once again outperformed on the session, amid the move lower in peripheral bond yields. European banks have gained 1-4%, so far on the session. However, Italian banks have lagged, as data from May showed that these firms have continued to increase their reliance on the ECB (ECB funding to Italian banks at €272.7B v 270.9B prior) Looking ahead, traders are expected to focus on the later today BoE policy decision and comments out of Fed Chairman Bernanke, as some in the market question whether additional easing measures have already been priced in.
