Saudi Arabia wants crude prices to rise to around $60 a barrel this year, according to oil industry sources. That’s the level the OPEC heavyweight and its Gulf allies believe would encourage investment in new fields but not lead to a jump in U.S. shale output. Crude prices have risen by 10% since the November output cut pact, although they’re still only trading around $54 a barrel despite record compliance.
In Asia, Japan +0.1%. Hong Kong -0.8%. China +0.4%. India -0.2%.
In Europe, at midday, London +0.1%. Paris +0.1%. Frankfurt -0.1%.
Futures at 6:20, Dow +0.1%. S&P flat. Nasdaq flat. Crude -0.2% to $53.92. Gold -0.4% to $1254.
Ten-year Treasury Yield flat at 2.36%
(Source: Seeking Alpha)
8:30 GDP Q4
8:30 International trade in goods
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
9:45 Chicago PMI
10:00 Consumer Confidence
10:00 Richmond Fed Mfg.
10:00 State Street Investor Confidence Index
3:00 Farm Prices
3:00 PM Fed’s Harker: Economic Outlook
3:30 PM Fed’s Williams: Economic Outlook
6:30 PM Fed’s Bullard: U.S. Monetary and Economic Policy
Indexes notched yet another new high in low volatility trade as Cycle Day 1 only produced a very shallow decline, as has been the case throughout this “Power Cycle”. Markets appear to be in “quiet-mode” ahead of President Trump’s address to Congress.
Today is Cycle Day 2 (CD2)…There is plenty of room to continue to rally should price convert 2368.25 – 2370 STATX Zone, which was outlined as potential resistance in prior Daily Trade Strategy 2.27.17.
Range Projections and Key Levels
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (H) Contract
*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.
Scenario 1: IF price clears and converts 2370 to upper support, THEN upside is open to 2378.00 HOD Range Projection.
Scenario 2: IF price violates and converts 2360 to lower resistance, THEN bears have an opening to press, targeting 2356.50 LOD Range Projection.
Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined ALWAYS USE STOPS!
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS
IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone.
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