Markets
Saudi Arabia and Iran have dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as sources within the exporter group said differences between the kingdom and Tehran remained too wide. Ministers have also called the gathering a “consultative meeting,” saying “it wasn’t time for decision-making.” A formal OPEC meeting will take place in Vienna on Nov. 30, when a supply agreement may be reached.
In Asia, Japan +0.8% to 16683. Hong Kong +1.1% to 23571. China +0.6% to 2998. India -0.3% to 28223.
In Europe, at midday, London -0.2%. Paris -0.5%. Frankfurt -0.8%.
Futures at 6:20, Dow +0.2%. S&P +0.2%. Nasdaq +0.2%. Crude -1.4% to $45.30. Gold -0.2% to $1340.90.
Ten-year Treasury Yield -1 bps to 1.58%
(Source: Seeking Alpha)
Economic Calendar
8:55 Redbook Chain Store Sales
9:00 S&P Case-Shiller Home Price Index
9:45 PMI Services Index Flash
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index
10:00 Richmond Fed Mfg.
11:15 Stanley Fischer speech
1:00 PM Results of $34B, 5-Year Note Auction
PTG Trading
Market’s continued their decline exceeding all Cycle Day 1 lower projections as “risk-off” across asset classes particularly financials weighed heavily with investors/traders.
Today is Cycle Day 2 (CD2)…Price is up in overnight trade as post-debate relief rally from the “status-quo” traders helped prop-up futures. Bulls will need to demonstrate their enthusiasm throughout the cash market to validate their resolve. Further weakness below CD1 Low (2136.75) squelches this bump up in price.
Range Projections and Key Levels
HOD Range Projection: 2155.00; LOD Range Projection: 2132.50; Cycle Day 1 Low: 2136.75; 3 Day Central Pivot: 2157.00; 3 Day Cycle Target: 2155.00; 10 Day Average True Range: 21.67
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (Z) 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 can hold above 2136.75 (CD1 Low), THEN the rally which began in overnight trade has potential to continue. First objective will be to convert 2142 handle to support…Second objective will be to push above 2148 handle to continue the current rally.
Scenario 2: Initial Sign of Weakness (SOW) will be violation and conversion of 2142 handle to resistance. IF this occurs, THEN a test of 2136.75 (CD1 Low) would be expected to unfold. Failure to hold this level opens door for further decline measuring 2125 CD2 Maximum Violation Level.
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