U.S. Jobless Claims Rose More Than Forecast to 429,000

June 23 (Bloomberg) — More Americans than forecast filed first-time claims for unemployment insurance payments last week, showing companies are less confident about the expansion than they were earlier this year. Applications for jobless benefits increased 9,000 in the week ended June 18 to 429,000, Labor Department figures showed today. Betty Liu and Michael McKee […]

***Looking Ahead*** – (EU) EU Leaders hold Summit in Brussels – Germany Chancellor Merkel and French President Sarkozy to separately hold Greek crisis talks – (AR) Argentina Jun Consumer Confidence: no est v 55.6 prior – 11:00 (US) Fed to purchase $1.0-1.5B in Notes/Bonds – 12:00 (CO) Colombia Q1 GDP Y/Y: 4.9%e v 4.6% prior […]

How to Trade the European Market Close

1130am est the European cash equities markets close. We get more volume, more moves after 1130 as the European traders finish up in their markets and then ‘scratch that itch to trade’ in the US market. The move occurs from 11:30 to 12:00pm EST.  after 12:00 pm you must have a really good reason to […]

The Fed Rules out QE3, Lowers Growth Estimates, sending US Dollar Higher and Commodities Lower ahead of Jobless Claims

All eyes overnight were on the Fed and the FOMC Meeting that ended on Wednesday with a statement from the Fed. The main talking points from Ben Bernanke were about the slowing pace of the recovery… ‘the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected’ It […]

375 Ticks Day Trading FOMC Day & Crude Oil Inventories

We begin with the 3 phases of crude oil: 1. 8:00-10:00am Pre-news 2. 10:00-10:35am During News 3.  10:35-12:30am Post-News It’s quite simple, we need to be sitting on hands after 10am (10:15 is the latest we can trade) and then watch the release at 10:30am and look for clues for WHO’s in CONTROL. Trade the […]

FOMC Announcement says NO to QE3? Dollar jumps against the Euro as fears subside for the USD

The dollar rose against the euro and the yen as Federal Reserve Chairman Ben S. Bernanke dashed expectations the central bank would expand stimulus measures, easing concern policies would further debase the currency. The greenback gained from a one-week low against the euro. The Fed said after a two-day meeting that it will maintain record […]

Trade the News Market Internals Update

**Looking Ahead*** – 12:00 (EU) Belgium’s Leterme speaks at Press Center Reception – 12:30 (US) FOMC Rate Decision: expected to leave interest rates unchanged at 0.25% – 14:15 (US) Fed Chairman Bernanke speaks at Fed Press Conference 10:31 AM Market Internals update at 10:30ET – NYSE volume 145M shares, about 23% below its three-month average; […]

Greece vote of confidence comes up short, Gold & Crude Oil tumble on lack of demand, and traders prepare for FOMC Day

All eyes overnight were on the confidence vote out of Greece, which was supposed to calm our nerves about moving forward with a solution for the Euro.  Last night the PM of Greece won by the narrowest of margins, and basically ‘beat the vote’ straight down party lines…a true political move to save his skin, […]

100 ticks on Gold, 100 ticks on Crude Oil, use this tomorrow

845am est We begin our day with the US Dollar Index, which has been trading in the middle of the 89range wedge pattern. We consider this to be a transitional area because we are above the ‘trigger zone’ and at the lows of the Bullish Price channel (use trend channel tool in NT7) The 89range […]

FTC to investigate crude, product price allegations

WASHINGTON, DC, June 21 — The US Federal Trade Commission will investigate whether crude oil and product price increases this spring resulted from possibly anticompetitive behavior, according to letters sent by FTC Chairman Jon Leibowitz to five US senators. Leibowitz cited US Energy Information Administration statistics in early May showing a 90% increase in US […]