Jobless Claims will give us early opportunities

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The James’ Report: Professional Resources for Professional Traders

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– crude oil trades outside of Wednesday’s trading range, outside day below the PLOD so sellers are in control. We have broken the recent bull price channel but we need to break major support 83.97 before we can call this a successful breakout of the price channel. Below 83.97 and the sellers have a successful breakout and we will tumble down to the BMT 81.97 area later this morning. If price cant break 83.97 and buyers are too strong we will enter back above the PLOD and turn this day INSIDE so the buyers will have control. I’m buying the break above the PLOD 84.64 if price rises back up, and then looking to buy up to the highs of the range with target of 86.28 up to the PHOD 86.59

– Gold futures trading inside Wednesday’s range, inside day, so buy the lows and sell the highs of the current range we are in. If price rises I’m selling the PHOD and the resistance around the highs of the price wedge 1692.0. if price moves above the PHOD buying pullback up to the big round number of 1700.0. if price falls I’m buying the PLOD as support as well as the support around the price wedge lows 1666.4, 1657.6, 1655.4. if price moves below these levels of support we know the BMT at 1649.2 is the target and we then will need to be careful trading around the BMT.

– euro currency futures trading inside the range from Wednesday, inside day, sell the PHOD and buy the PLOD trading inside the current range we are in. BMT is nearby so no trading on top of that, and if price rises I’m selling the PHOD and resistance around the price wedge highs 1.3825. if price moves above PHOD I will buy pullback with target 1.3925 and then sell 1.3925 as resistance above the price wedge. If price falls I’m buying the ploc 1.3602 and the support below it at 1.3557. if price moves below this 3557 support we will sell retracement down to the price wedge lows around 1.3450 looking to buy the price wedge lows first, looking for the price wedge lows to break and let us tumble into the highs of the bear price channel which will get the party moving lower down to 1.3353

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Around the Globe this morning:

(AU) Australian monthly employment data exceeds market expectations

(CH) China month trade data and exports weaker than expected

(IT) Italy yields rise most since early Aug , Italian equities lead declines amid debt auction results, comments from PM Berlusconi

Markets pared gains after ECB’s monthly bulletin comments on private sector involvement (PSI) related to Greece.

German economic institute cut Germany’s 2012 growth forecast

Italian equities lead declines amid debt auction results, comments from PM Burlusconi

(IT) Italy yields rise most since early Aug

European shares traded mix to lower today after miners pressured shares following weaker Chinese data.

– Bank of England’s Bean said he was prepared to undertake more quantitative easing (QE) if the economic outlook further deteriorated. Note in mid-September, Bean had said that more QE would be effective as the UK’s outlook had weakened.

– The French press reported that ECB’s Bini Smaghi has refused to end his term prematurely. Bini Smaghi has been under political pressure to step down in order to maintain some regional/national balance on the ECB council, as his Italian colleague Draghi is set to become the next ECB President in Nov.

– The British press noted that British banks might not be required to raise capital under new EU rules. Some believe that UK banks have enough capital to deal with large write downs on their sovereign debt holdings.

– There are concerns that spread betting firms might face further regulations. According to the FT, some analysts believe that these types of companies could face higher capital requirements.

– The Telegraph’s Evans-Pritchard played down the significance of the Slovakia vote on the EFSF. Even if Slovakia votes were to give the EFSF expanded powers, such a move might not improve the overall situation in the EU. One takeaway from the situation in Slovakia is that opposition to bailouts among Europeans is rising.

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Today’s Economic News:

Day traders will have an early start this morning, with jobless claims and international trade kicking off at 830am EST. we then go through the 930am US Market Open and into the 11:00am EST Crude oil Inventories. Remember, this 11am news is not usually on a Thursday, so this will be a major variable we will be watching today. Will we get volume all the way through 1130am? Will volume drop ahead of 11am because traders arent used to seeing news at this time on Thursday? We will be watching after 1030am this morning to answer those questions. We do expect another early close to the morning with news @ 2pm EST regarding the treasury budget.