October 9, 2013
- in Uncategorized by schooloftrade
Morning Prep 10/09/13; SchoolOfTrade.com
7:30am EST
Focus-Points this
morning:
morning:
· US Govt Shutdown enters into its 9th
day, causing nervousness across global markets.
day, causing nervousness across global markets.
· US President Obama expected to nominate Janet
Yellen as new Fed chair on Wednesday.
Yellen as new Fed chair on Wednesday.
· Concerns over shortages in USD cause
the dollar to rise overnight
the dollar to rise overnight
· US Traders prepare for Wholesale
Trade, Crude Oil Inventories, and FOMC Meeting Minutes news in today’s session.
Trade, Crude Oil Inventories, and FOMC Meeting Minutes news in today’s session.
Economic News on the
schedule today:
schedule today:
The
White House emailed news Tuesday night (web site is shut down due to government
shutdown) that President Obama will nominate Fed Vice Chair Janet Yellen to be
the next chair of the Fed when Chairman Ben Bernanke’s term as chair expires
January 31. Yellen would be the first woman to become Fed chair. She earlier
served as president of the San Francisco Fed. Even if the Senate did not timely
approve the nomination, Yellen would become acting chair of the Fed since she
is Vice Chair. The White House email statement said that the official
announcement would be Wednesday, October 9, at 3:00 p.m. ET. Equity futures in
the U.S. rose on the news.
10:00am EST: Wholesale
Trade
Trade
10:30am EST: Crude
Oil Inventories
Oil Inventories
2:00pm EST: FOMC
Meeting Minutes
Meeting Minutes
3:00pm EST: President
Obama to nominate new Fed Chairman, Janet
Yellen
Obama to nominate new Fed Chairman, Janet
Yellen
Levels this morning:
Euro Currency
Futures:
Futures:
VAH 3595 / VAL 3575
PHOD 3611 / PLOD 3567
Bullish = Open >
3611
3611
Bearish = Open <
3575
3575
The Euro closed Tuesday’s trading session at the lows of the
day, suggesting a bearish market sentiment heading into this morning. Trading-ranges have been relatively narrow
over the last 2 sessions, which suggests a breakout day is on the horizon. We will be watching closely to see where the opening-bell
puts us this morning at 820am EST to confirm a bearish breakout scenario.
day, suggesting a bearish market sentiment heading into this morning. Trading-ranges have been relatively narrow
over the last 2 sessions, which suggests a breakout day is on the horizon. We will be watching closely to see where the opening-bell
puts us this morning at 820am EST to confirm a bearish breakout scenario.
Targets above: 3625, 3635, 3649
Targets below: 3564,
3545, 3541, 3507
3545, 3541, 3507
Gold Futures:
VAH 1328.5 / VAL 1322.3
PHOD 1330.8 / PLOD 1315.4
Bullish = Open > 1330.8
Bearish = Open < 1315.4
Gold had a very wide trading-range on Tuesday and closed the
session in the middle of the range, suggesting that today will be a 2-sided market
personality. If we open the session
inside the range from Tuesday we will know that traders are waiting on
something this week before they commit to moving higher or lower, so we need to
be ready to trade a sideways-trading-range.
session in the middle of the range, suggesting that today will be a 2-sided market
personality. If we open the session
inside the range from Tuesday we will know that traders are waiting on
something this week before they commit to moving higher or lower, so we need to
be ready to trade a sideways-trading-range.
Targets above:
1333.5, 1337.8
1333.5, 1337.8
Targets below: 1310.0,
1306.0, 1305.1, 1302.0, 1297.3, 1296.5, 1291.5
1306.0, 1305.1, 1302.0, 1297.3, 1296.5, 1291.5
Crude Oil Futures:
VAH 103.91 / VAL 103.59
PHOD 104.08 / PLOD 103.34
Bullish = Open > 104.08
Bearish = Open < 103.34
Crude Oil traded in a very narrow range on Tuesday and closed
the day near the middle and on top of the prior day’s high. This market personality on Tuesday suggests
that we will see a possible breakout scenario in today’s session, but we need
to first see where the opening-bell puts us this morning at 900am EST. Look for an opening-print to be outside of yesterday’s
trading-range for biggest clue for a breakout day ahead.
the day near the middle and on top of the prior day’s high. This market personality on Tuesday suggests
that we will see a possible breakout scenario in today’s session, but we need
to first see where the opening-bell puts us this morning at 900am EST. Look for an opening-print to be outside of yesterday’s
trading-range for biggest clue for a breakout day ahead.
Targets above:
104.19, 104.38
104.19, 104.38
Targets below: 103.26, 102.60,
102.55, 101.86, 101.51, 101.30, 101.06
102.55, 101.86, 101.51, 101.30, 101.06
Mini-Russell
Futures:
Futures:
VAH 1054.7 / VAL 1043.7
PHOD 1065.0 / PLOD 1043.5
Bullish = Open > 1065.0
Bearish = Open < 1043.5
The Mini-Russell had an extremely wide trading-range on
Tuesday as sellers took charge and pushed prices lower. We closed the session on Tuesday at the lows,
which tells us the bears were in control the entire session. This price-action from Tuesday tells us that
Wednesday will likely be a relatively-quiet trading session and the opening-bell
will tell us if the sellers are still in charge, or if the buyers have wrestled
it away. Look for price to open off the
lows from Tuesday to suggest a change in market sentiment.
Tuesday as sellers took charge and pushed prices lower. We closed the session on Tuesday at the lows,
which tells us the bears were in control the entire session. This price-action from Tuesday tells us that
Wednesday will likely be a relatively-quiet trading session and the opening-bell
will tell us if the sellers are still in charge, or if the buyers have wrestled
it away. Look for price to open off the
lows from Tuesday to suggest a change in market sentiment.
Targets above: 1035.5,
1060.5, 1068.5, 1071.3, 1073.5, 1078.6
1060.5, 1068.5, 1071.3, 1073.5, 1078.6
Targets below: N/A
