November 7, 2013
- in Uncategorized by schooloftrade
Morning Prep 11/07/13; SchoolOfTrade.com
7:30am EST
Focus-Points this
morning:
morning:
· European traders waiting for the ECB
rate announcement 745am EST
rate announcement 745am EST
· US traders waiting for GDP & Jobless
Claims news at 830am EST ahead of Friday’s Non-Farm Payrolls
Claims news at 830am EST ahead of Friday’s Non-Farm Payrolls
· Hang Seng is lower -.70% (22,881)
· FDAX is higher +.05% (9045)
· Gold is lower -.30% (1,314.00)
· Crude Oil is higher +.35% (95.13)
· EUR/USD is flat +0.00% (1.3515)
· E-Mini Dow is higher +.85% (15,746)
· E-Mini S&P is higher +.45% (1,770.50)
Economic News on the
schedule today:
schedule today:
November
7, 2013
In the
US, third quarter GDP growth is expected to slow a bit from the second quarter
pace of 2.5 percent. Today’s GDP data will show how much momentum the economy
had going into the government shutdown, and we always look forward to Jobless
Claims providing us with ample trading opportunities today.
7, 2013
In the
US, third quarter GDP growth is expected to slow a bit from the second quarter
pace of 2.5 percent. Today’s GDP data will show how much momentum the economy
had going into the government shutdown, and we always look forward to Jobless
Claims providing us with ample trading opportunities today.
 |
| Economic News Worksheet |
7:45am EST: ECB
Rate Decision
Rate Decision
8:30am EST: GDP
8:30am EST: Jobless
Claims
Claims
Click here to see today’s Economic Calendar
 |
| Jobless Claims News |
Initial
jobless claims in the October 26 week came in at 340,000, which was 10,000
below the prior week but more than 30,000 above the month-ago trend. Counting
problems in California, tied to a computer changeover, are no longer inflating
the numbers, nor are government contractors who were filing claims during the
government shutdown in the first half of the month. Inflated by these factors,
the 4-week average has risen sharply for 4 straight weeks, to 356,250 in the
latest week which is the highest reading since April. Continuing claims
continued to be less volatile than initial claims, up 31,000 to 2.881 million
in the latest data which are for the October 19 week. The 4-week average has
been steady, down 10,000 in the latest week to 2.879 million.
Are any of these
Red-Star news events today?
Red-Star news events today?
Yes, both news events at 8:30am EST today are Red-Star news events. Jobless Claims and GDP are expected to not
only get more people trading this morning, but we should also see increased
volatility and trading opportunities. We
remember to leave a ‘runner’ profit-target on days with Red-Star news.
only get more people trading this morning, but we should also see increased
volatility and trading opportunities. We
remember to leave a ‘runner’ profit-target on days with Red-Star news.
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Markets we are
watching this Morning
watching this Morning
Euro Currency
Futures:
Futures:
 |
| Euro Prep |
The Euro is trading sideways this morning ahead of the ECB rate
announcement at 745am EST. We want to
see some better price-action on this set-up chart before we start looking for trading
opportunities this morning.
announcement at 745am EST. We want to
see some better price-action on this set-up chart before we start looking for trading
opportunities this morning.
We can see a short-term trend higher with a bullish price-channel,
however we still need to wait to see the market personality after the release
of the news at 7:45am EST. We will look
for buying opportunities at the lows of the price-channel around 3460-3470
area.
however we still need to wait to see the market personality after the release
of the news at 7:45am EST. We will look
for buying opportunities at the lows of the price-channel around 3460-3470
area.
Targets Above: 3592,
3638, 3684
3638, 3684
Targets Below: 3450, 3424, 3387
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Gold Futures:
 |
| Gold Prep |
Gold is another market that is waiting patiently for the news
to be released later this morning from the ECB rates and the US GDP. We can see a relatively narrow trading-range on
this set-up chart with a slightly-bearish tone to the price-action. We will be watching the reaction to the news
very closely on Gold today and if this short-term trend continues to move lower
we are selling short with targets below us.
to be released later this morning from the ECB rates and the US GDP. We can see a relatively narrow trading-range on
this set-up chart with a slightly-bearish tone to the price-action. We will be watching the reaction to the news
very closely on Gold today and if this short-term trend continues to move lower
we are selling short with targets below us.
Targets Above: 1322.0,
1326.8, 1332.4
1326.8, 1332.4
Targets Below: 1308.8,
1305.2, 1300.5
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Crude Oil Futures:
 |
| Crude Oil Prep |
Crude Oil is moving higher this morning on the set-up chart
ahead of very important news from both the ECB and the US. We can see the bullish price-channel along
with a trend-line as support below us. We
will be looking for buying opportunities this morning considering this bullish ‘cloud’
on the set-up chart, however, we will have to trade around the news scheduled
to be released at 8:30am EST today.
ahead of very important news from both the ECB and the US. We can see the bullish price-channel along
with a trend-line as support below us. We
will be looking for buying opportunities this morning considering this bullish ‘cloud’
on the set-up chart, however, we will have to trade around the news scheduled
to be released at 8:30am EST today.
Targets Above: 95.40,
95.95, 96.63
95.95, 96.63
Targets Below: 94.51,
94.24, 93.96
94.24, 93.96
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Mini-Russell
Futures:
Futures:
 |
| Russell Prep |
Mini-Russell is moving higher this morning in the pre-market
ahead of major news at 830am EST, so things may change quickly after the
news. We can see a price-wedge on the set-up
chart with a bullish tone to the price-action.
We will look to buy-the-lows at support and sell-the-high at resistance of
the price-wedge with a focus on buying opportunities with the short-term trend.
ahead of major news at 830am EST, so things may change quickly after the
news. We can see a price-wedge on the set-up
chart with a bullish tone to the price-action.
We will look to buy-the-lows at support and sell-the-high at resistance of
the price-wedge with a focus on buying opportunities with the short-term trend.
Targets Above: 1106.0,
1108.3, 1110.0, 1114.8
1108.3, 1110.0, 1114.8
Targets Below: 1094.2,
1090.0, 1084.2
1090.0, 1084.2
