October 11, 2013
- in Uncategorized by schooloftrade
Morning Prep 10/11/13; SchoolOfTrade.com
7:30am EST
Focus-Points this
morning:
morning:
· US Govt Shutdown begins its 11th
day
day
· White House: Obama has a good meeting with Republicans
regarding a deal to extend the debt limit anywhere from 6-weeks to 1-year
regarding a deal to extend the debt limit anywhere from 6-weeks to 1-year
· Italy’s bond auction is considered a
big success, confidence in the EU continues
big success, confidence in the EU continues
· US Banks begin their earning season
today (JPMorgan, Wells Fargo)
today (JPMorgan, Wells Fargo)
· Equities trading mixed this morning after
big gains on Thursday, markets waiting for news on the US debt-deal
big gains on Thursday, markets waiting for news on the US debt-deal
· (IEA) International Energy Association
sees 2014 Oil demand to rise; the US will become the largest non-OPEC oil
producer by Q2 moving ahead of Russia
sees 2014 Oil demand to rise; the US will become the largest non-OPEC oil
producer by Q2 moving ahead of Russia
· E-Mini S&P: +.10%
· Crude Oil: -1.20%
· Gold:
-.85%
-.85%
· Euro: +.35%
Economic News on the
schedule today:
schedule today:
Overall, the markets are focused on the development out of
Washington regarding the debt ceiling deal.
At this time both sides were still negotiating there are hopes that a
deal would be agreed ahead of next week’s debt ceiling deadline. The USD is slightly lower this morning as
traders enter Friday with an announcement of a deal on their minds.
Washington regarding the debt ceiling deal.
At this time both sides were still negotiating there are hopes that a
deal would be agreed ahead of next week’s debt ceiling deadline. The USD is slightly lower this morning as
traders enter Friday with an announcement of a deal on their minds.
This morning we had 2 Red-Star news events on the schedule,
however they have been delayed due to the US Govt Shutdown.
however they have been delayed due to the US Govt Shutdown.
We will hear from consumer in the US this morning at 9:55am EST
which will tell us if the average consumer is begin affected by the ‘shutdown’.
which will tell us if the average consumer is begin affected by the ‘shutdown’.
Price Index [PPI]
Sales
due to shutdown)
9:55am EST: Consumer
Sentiment
Sentiment
Inventories
due to shutdown)
11:15am EST: Obama
& Republicans meeting to discuss Debt-Deal
& Republicans meeting to discuss Debt-Deal
Levels this morning:
Euro Currency
Futures:
Futures:
VAH 1.3542 / VAL 1.3520
PHOD 1.3552 / PLOD 1.3508
Bullish = Open > 1.3552
Bearish = Open < 1.3508
The Euro closed Thursday’s trading session near the highs of
the range, and with the narrow trading-range we saw we can expect to see a
breakout type of day today with a slightly bullish tone to it. We know the Dollar-Index-correlation is
strong with the Euro, so we will be watching the Dollar-Index closely this morning,
with new pending from Washington and the debt-deal. We have some un-touched levels above us, and
we will be waiting for the opening-bell to tell us who has control this morning
at 8:20am EST.
the range, and with the narrow trading-range we saw we can expect to see a
breakout type of day today with a slightly bullish tone to it. We know the Dollar-Index-correlation is
strong with the Euro, so we will be watching the Dollar-Index closely this morning,
with new pending from Washington and the debt-deal. We have some un-touched levels above us, and
we will be waiting for the opening-bell to tell us who has control this morning
at 8:20am EST.
Targets above: 3564, 3567, 3575, 3580, 3595, 3611
Targets below: 3507, 3488
Gold Futures:
VAH 1303.4 / VAL 1296.2
PHOD 1312.0 / PLOD 1293.4
Bullish = Open > 1312.0
Bearish = Open < 1293.4
Gold traded in a very narrow trading-range on Thursday and
closed the session right at the lows of the day. This type of price-action suggests that today
will be expanding type of day with larger trading-ranges and a bearish tone to
it. We know that traders will be
watching the debt-deal closely in the US so we must be patient to see what Gold
wants to do after the opening-bell at 8:20am EST. we have targets to hit both above and below
us today so we will be anxious to see who grabs control early in today’s
session.
closed the session right at the lows of the day. This type of price-action suggests that today
will be expanding type of day with larger trading-ranges and a bearish tone to
it. We know that traders will be
watching the debt-deal closely in the US so we must be patient to see what Gold
wants to do after the opening-bell at 8:20am EST. we have targets to hit both above and below
us today so we will be anxious to see who grabs control early in today’s
session.
Targets above: 1314.6, 1315.4, 1322.0, 1323.5, 1326.0,
1328.5, 1330.8
1328.5, 1330.8
Targets below: 1291.5, 1285.1, 1282.4
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Crude Oil Futures:
VAH 103.56 / VAL 102.02
PHOD 103.57 / PLOD 101.16
Bullish = Open > 103.57
Bearish = Open < 101.16
Crude Oil traded in a VERY wide trading-range on Thursday and
closed the session right on top of the big-round-number 103.00 and in the
middle of the day’s range. This type of price-action
suggests that today will be a narrow-range market personality and we will need
to wait for clues from the opening-bell at 9:00am EST. We can expect to see some reaction to the
possible debt-deal in Washington this morning, which may moves markets higher
on confidence in the deal going through.
Yesterday’s price-action tells us to expect sideways this morning,
however we know that can change quickly with a whisper of a deal out of
Washington so we will be watching closely.
closed the session right on top of the big-round-number 103.00 and in the
middle of the day’s range. This type of price-action
suggests that today will be a narrow-range market personality and we will need
to wait for clues from the opening-bell at 9:00am EST. We can expect to see some reaction to the
possible debt-deal in Washington this morning, which may moves markets higher
on confidence in the deal going through.
Yesterday’s price-action tells us to expect sideways this morning,
however we know that can change quickly with a whisper of a deal out of
Washington so we will be watching closely.
Targets above: 103.60, 103.70, 103.90, 104.08, 104.19,
104.38
104.38
Targets below: 101.06
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Mini-Russell Futures:
VAH 1068.3 / VAL 1059.5
PHOD 1068.3 / PLOD 1054.1
Bullish = Open > 1068.3
Bearish = Open < 1054.1
The Mini-Russell, and most of the equity indexes, traded much
higher on Thursday with a big GAP-up overnight and a relatively narrow trading-range
to follow. Price-action closed near the
highs of the day and with the narrow trading-range we know to expect another
breakout type of market personality this morning and we can assume there will
be a bullish tone to it, especially if we open this morning at 9:30am EST above
the 1068.3. As we have said already, we
know there will be reaction to news from Washington this morning so we will be
waiting patiently to see who grabs control and where we open the session today
at 9:30am EST.
higher on Thursday with a big GAP-up overnight and a relatively narrow trading-range
to follow. Price-action closed near the
highs of the day and with the narrow trading-range we know to expect another
breakout type of market personality this morning and we can assume there will
be a bullish tone to it, especially if we open this morning at 9:30am EST above
the 1068.3. As we have said already, we
know there will be reaction to news from Washington this morning so we will be
waiting patiently to see who grabs control and where we open the session today
at 9:30am EST.
Targets above: 1071.3, 1073.0, 1075.3, 1076.5, 1078.6,
1081.0
1081.0
Targets below: 1048.2, 1045.0, 1039.5, 1038.5, 1034.7
