October 24, 2013
- in Uncategorized by schooloftrade
Morning Prep 10/24/13; SchoolOfTrade.com
7:30am EST
Focus-Points this
morning:
morning:
· Japan Govt cuts exports expectations
for the second straight month as Asian markets appear to be cooling
for the second straight month as Asian markets appear to be cooling
· Major European PMI numbers come in
lower than expected, France hits 20-months of decline in Manufacturing
lower than expected, France hits 20-months of decline in Manufacturing
· US Equities waiting for big earning
reports today from Colgate, Ford, Dow, Xerox, etc.
reports today from Colgate, Ford, Dow, Xerox, etc.
· EUR/USD hits fresh 2-year highs above
1.3800
1.3800
· Gold is higher +.45%
· Crude Oil is higher +.45%
· EUR is higher +20%
· 30 Bonds are lower -.35%
· E-Mini S&P is lower -.50%
Economic News on the
schedule today:
schedule today:
8:30am EST: International
Trade
8:30am EST: Jobless
Claims
Claims
8:58am EST: PMI
Manufacturing Index
Manufacturing Index
10:00am EST: JOLTS
Report
Report
Today’s news is all about jobs. Jobless Claims will offer the latest numbers
on how many people are filing for un-employment benefits this week, while the
JOLTS report will tell us how many job openings there were this week.
on how many people are filing for un-employment benefits this week, while the
JOLTS report will tell us how many job openings there were this week.
Jobless
Claims:
Claims:
Initial
jobless claims for the October 12 week eased 15,000 to 358,000. This followed a
surge of 65,000 the week before. Temporary layoffs in the private sector tied
to the government shutdown as well as extended distortions tied to a backlog
problem in California continued to skew higher initial jobless claims.
Reflecting the last two weeks of sharply higher readings, the 4-week average
was up 11,750 to 336,500 which was more than 20,000 higher than the month-ago
comparison. But with the government shutdown now past and with the backlog in
California likely to ease, initial claims may very well begin coming back down
in the reports ahead.
jobless claims for the October 12 week eased 15,000 to 358,000. This followed a
surge of 65,000 the week before. Temporary layoffs in the private sector tied
to the government shutdown as well as extended distortions tied to a backlog
problem in California continued to skew higher initial jobless claims.
Reflecting the last two weeks of sharply higher readings, the 4-week average
was up 11,750 to 336,500 which was more than 20,000 higher than the month-ago
comparison. But with the government shutdown now past and with the backlog in
California likely to ease, initial claims may very well begin coming back down
in the reports ahead.
JOLTS:
The
Labor Department’s Job Openings and Labor Turnover Survey in July showed that
jobs were harder to find that month. There were 3.689 million job openings on
the last business day of July, down marginally from June at a revised 3.869
million. The job openings rates slipped to 2.6 percent from 2.8 percent in
June. This release is produced by the Labor Department and the scheduled
release time may be affected by federal government budget issues.
Labor Department’s Job Openings and Labor Turnover Survey in July showed that
jobs were harder to find that month. There were 3.689 million job openings on
the last business day of July, down marginally from June at a revised 3.869
million. The job openings rates slipped to 2.6 percent from 2.8 percent in
June. This release is produced by the Labor Department and the scheduled
release time may be affected by federal government budget issues.
Price levels to
watch this morning:
watch this morning:
Euro Currency
Futures:
Futures:
VAH 3794 / VAL 3776
PHOD 3795 / PLOD 3751
Bullish = Open > 3795
Bearish = Open < 3751
 |
| Euro VIP Chart |
The Euro traded mostly sideways on Wednesday, inside the
range from Tuesday and closing the session right in the middle of the day’s
range.
range from Tuesday and closing the session right in the middle of the day’s
range.
This type of price-action suggests that the market was
balanced when we finished trading on Wednesday and the very narrow range tells
us to expect a wider range in today’s session, so look for the breakouts and
the runner.
balanced when we finished trading on Wednesday and the very narrow range tells
us to expect a wider range in today’s session, so look for the breakouts and
the runner.
In pre-market trading this morning we are at 3805 so we can
assume the opening-print will be bullish above the PHOD at 3794 which means we
are looking for buying opportunities up to the targets at 3807, 3822, and 3866
assume the opening-print will be bullish above the PHOD at 3794 which means we
are looking for buying opportunities up to the targets at 3807, 3822, and 3866
Targets above: 3807, 3822, 3866
Targets below: 3794, 3786, 3776, 3751, 3739, 3736
Gold Futures:
VAH 1335.8 / VAL 1332.3
PHOD 1337.3 / PLOD 1329.6
Bullish = Open > 1337.3
Bearish = Open < 1329.6
 |
| Gold VIP Chart |
Gold traded in a very narrow range on Wednesday, inside the
range from Tuesday and just above the previous week’s highs.
range from Tuesday and just above the previous week’s highs.
The narrow trading-range, along with a closing-print in the
middle of the range tells us this market was balanced going into the close of
trading yesterday.
middle of the range tells us this market was balanced going into the close of
trading yesterday.
This morning we will expect to see a breakout of this trading-range
with a test of the highs at 1344.7 or the lows at 1312.9. We will be watching the opening-bell closely
to look for clues in which direction we are going to breakout.
with a test of the highs at 1344.7 or the lows at 1312.9. We will be watching the opening-bell closely
to look for clues in which direction we are going to breakout.
In pre-market trading Gold is at 1340.0 which is above the PHOD
at 1337.3 so it appears we will have a bullish opening-print and buying
opportunities up to 1344.7 today, however we will follow our plan to wait
patiently until we see how the price-action looks at 820am EST.
at 1337.3 so it appears we will have a bullish opening-print and buying
opportunities up to 1344.7 today, however we will follow our plan to wait
patiently until we see how the price-action looks at 820am EST.
Targets above: 1339.5, 1342.1,
1344.7, 1348.5, 1349.8
1344.7, 1348.5, 1349.8
Targets below: 1335.8, 1333.9, 1332.3, 1328.8, 1327.3,
1324.6, 1316.8, 1312.9
1324.6, 1316.8, 1312.9
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Crude Oil Futures:
VAH 97.08 / VAL 96.32
PHOD 97.45 / PLOD 96.16
Bullish = Open > 97.45
Bearish = Open < 96.16
 |
| Crude Oil VIP Chart |
Crude Oil continued its slide on Wednesday with a slightly sideways
type of day and a narrow trading-range around the 97.00 big-round-number.
type of day and a narrow trading-range around the 97.00 big-round-number.
The range on Wednesday was relatively narrow for Crude Oil price-action,
and the closing-print in the middle of the range tells us that we finished the
session well-balanced.
and the closing-print in the middle of the range tells us that we finished the
session well-balanced.
As we look at pre-market trading this morning we see Crude
Oil prices around the 97.00 big-round-number which suggests that we will have
an opening-print inside the range from Wednesday so we will expect to see
2-sided trading at 900am EST when the opening-bell rings. We will be looking for clues from the price-action
at the opening-bell to see who grabs control over price.
Oil prices around the 97.00 big-round-number which suggests that we will have
an opening-print inside the range from Wednesday so we will expect to see
2-sided trading at 900am EST when the opening-bell rings. We will be looking for clues from the price-action
at the opening-bell to see who grabs control over price.
Targets above: 97.45, 97.73, 97.96,
98.15, 98.25, 98.66
98.15, 98.25, 98.66
Targets below: 96.76, 96.32, 96.16, 96.03, 95.81,
95.36, 95.24, 94.31
95.36, 95.24, 94.31
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E-Mini S&P Futures:
VAH 1741.75 / VAL 1738.25
PHOD 1744.00 / PLOD 1734.50
Bullish = Open > 1744.00
Bearish = Open < 1734.50
 |
| E-Mini ES VIP Chart |
The E-Mini S&P traded sideways on Wednesday with a normal
trading-range and a closing-print near the highs of the range, suggesting that
the market sentiment had turned bullish towards the end of the session.
trading-range and a closing-print near the highs of the range, suggesting that
the market sentiment had turned bullish towards the end of the session.
This morning we see pre-market trading is around 1747.00
which suggests a bullish opening-print at 930am EST when the opening-bell rings.
which suggests a bullish opening-print at 930am EST when the opening-bell rings.
If we open above the 1744.00 we will start buying up to
targets above us at 1745.50, 1746.50, 1748.50, and 1751.00
targets above us at 1745.50, 1746.50, 1748.50, and 1751.00
Targets above: 1745.50, 1746.50, 1748.50, 1751.00,
1754.50
1754.50
Targets below: 1741.50, 1729.75, 1738.25. 1734.75,
1732.25
1732.25
