Traders Prep for JObless Claims and Crude Oil Inventories ahead of key words from Bernanke and Obama Jobs

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The James’ Report: Professional Resources for Professional Traders

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– Gold Futures trading sideways as traders look for clues for demand

– Crude Oil stalls at 90.00 and gives us an easy technical pattern

– Euro continues to trade sideways looking for direction after the Swissy Peg & Rate Outlook

– Australian jobs data disappointing.

– Fitch: Better than even chance Japan rating downgraded.

– Bank of Korea decision to hold rates steady was not unanimous

– ECB might change tune on tightening cycle

– President Obama job speech later today

European shares remained in positive territory without rallying significantly ahead of ECB’s and BOE’s rate decision due out in early NY morning

– German Econ Min Roesler stated that 2011 GDP growth was seen at 2.6% and that fears of recession in Germany were unfounded

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Today’s Economic News:

Looking at the news for day traders this morning, today is another transitional day this week. The biggest concern today will be two things. First, we have news today that is normally on other days of the week (example, crude inventories) and we have a highly-anticipated news conference from Ben Bernanke and Obama today.

We begin the day with Jobless Claims and International Trade at 830am which will hopefully get our volume going early this morning. We then wait for 930am US markets Open followed by a late-morning Crude Oil Inventories at 1100am. We then have lunch setting in around 1130am today with traders expectedly sitting on hands until we hear from Bernanke and Obama around 1pm EST this afternoon.

We can expect price action to be a variable after the 11am news this morning; will traders keep trading into 1200pm? Will they hit the exits early ahead of the speeches? We will wait and see, but keep a close eye on the clock after 11am.

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Looking at the Charts:

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Our plan of attack on Gold:

Bull channel tells me to buy pullbacks with new higher highs, and to buy at support as price falls.

Inside day and Price Wedge both tell me to sell as price rises and buy as price falls. Price Wedges and Inside day’s are always giving us fake-out breakouts.

As price rises im selling the channel highs, wedge highs, and the PHOD overhead.

As price falls im buying the channel lows, wedge lows and the support levels below me, including the PLOD.

If we break above the PHOD we then buy pullbacks, if we break below the PLOD we then sell retracements

My plan of attack on Mini Russell today:

– As price rises im selling the PHOD 710.8 and the highs of the wedge.

– If price makes new higher highs it becomes OUTSIDE day, however, the price wedge will make it higher risk to buy with new highs. I will be look to sell the new highs first.

– If we break above 712.7 then we look to buy pullbacks. But beware of the fake-out breakout so momentum will need to be almost perfect.

– If price drops im looking to sell below 700.00 to sell the highs of the wedge.

– Final target on the short is the 34r BMT at 690.4

– Im then buying at support 694.2, 89.4, 84.4 and the lows of the wedge and PLOD 684.4