Markets
Pre-market action suggests that the drive to hit 20,000 on the Dow may not happen so quickly, with thin trading expected as traders pack up for Christmas. But some of the year’s final economic reports could help turn the tide for stocks, after a lackluster session on Wednesday. Today’s data includes durable goods, the final Q3 GDP figure, jobless claims and personal income statistics.
In Asia, Japan -0.1%. Hong Kong -0.8%. China +0.1%. India -1%.
In Europe, at midday, London -0.2%. Paris -0.1%. Frankfurt -0.1%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude -0.5% to $52.22. Gold -0.2% to $1131.40.
Ten-year Treasury Yield +1 bps to 2.55%
(Source: Seeking Alpha)
Economic Calendar
8:30 Durable Goods
8:30 Initial Jobless Claims
8:30 GDP Q3
8:30 Corporate Profits
8:30 Chicago Fed National Activity Index
9:00 FHFA House Price Index
9:45 Bloomberg Consumer Comfort Index
10:00 Personal Income and Outlays
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
PTG Trading
Markets drifted lower in sub-par trading volume in prior session ahead of Christmas Holiday. Money Managers and Senior Traders have all but gone for the holiday, leaving the “electron trader” to take care of remaining business.
Today is Cycle Day 1 (CD1)…Normal is for decline, though magnitude is expected to be shallow. Key Over/Under Support remains 2250 handle.
Range Projections and Key Levels
HOD ATR Range Projection: 2270.68; LOD ATR Range Projection: 2245.32; Cycle Day 1 Low: 2254.00; 3 Day Central Pivot: 2262.25; 3 Day Cycle Target: 2279.73; 10 Day Average True Range: 15.18
**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: Bulls need to clear and convert 2266 to upper support for any higher rallies to occur.
Scenario 2: Bears want to keep price below 2266 and force selling below 2256 handle.
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!
Good Trading…David
“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. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.
CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN