May 15, 2012
- in Uncategorized by schooloftrade
Traders Prep for Busy Economic News Calendar & Tim Geithner
Professional traders trust price action, and nothing else. In a world where online guru’s and market forecasters seem to know exactly where everything is going (for a price), the wise professional traders understands that the only truth in this world is price action. Rather than spending our time listening to TV personalities and Main-stream media, we as professional traders cut through all the ‘fat’ in the markets when we keep simple; reading tape around major support and resistance, and listening to what the price action is trying to tell us is the only way to truly ‘predict’ the future of the market. What are You listening to during your trading day? —————————————————————————————
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What happened Overnight:
– Moodys cuts Italian banking sector (as expected)
– RBA minutes: Need to cut rates tp offset higher bank rates; CPI has slowed
– Greece will make bond payment of €430M today
– German, Eurozone & Portugal GDP beats expectations; Italy, emerging Europe do not
– Greek President Papoulias will attempt to persuade leaders to accept a technocratic government to avert another round of elections
– Hollande inaugurated as France’s new President
– RBA minutes: Need to cut rates tp offset higher bank rates; CPI has slowed
– Greece will make bond payment of €430M today
– German, Eurozone & Portugal GDP beats expectations; Italy, emerging Europe do not
– Greek President Papoulias will attempt to persuade leaders to accept a technocratic government to avert another round of elections
– Hollande inaugurated as France’s new President
– European equity indices opened the session slightly higher, following the losses seen on Monday’s session. Additionally, banks opened higher, but are currently trading in negative territory, as peripheral government bond yields have moved higher. The better than expected Q1 GDP data out of Germany has been offset by disappointing growth figures out of Italy and mixed German ZEW data. Additionally, concerns related to Greece’s political situation and Spanish banks have continued to linger. In Greece, the Athens Stock Exchange has risen by more than 0.50%, while Greece’s 10 yr bond yield has risen by over 10bps on the session amid reports that Greece will make the €430M debt payment, which is due today.
