Markets
Oil prices are edging closer to $46 a barrel, fueled by talk of producers taking action to prop up the market, although some investors cashed in during Asian hours on the 16% rally since early August. Led by top exporter Saudi Arabia, OPEC has re-launched a debate about potentially capping soaring output in an effort to reduce a global overhang in crude production, inventories and refined fuel products.
In Asia, Japan -1.6% to 16596. Hong Kong -0.1% to 22910. China -0.5% to 3110. India -0.3% to 28064.
In Europe, at midday, London -0.3%. Paris -0.5%. Frankfurt -0.7%.
Futures at 6:20, Dow -0.1%. S&P -0.1%. Nasdaq -0.1%. Crude +0.4% to $45.90. Gold +0.7% to $1356.70.
Ten-year Treasury Yield -2 bps to 1.52%
(Source: Seeking Alpha)
Economic Calendar
8:30 Consumer Price Index
8:30 Housing Starts
8:55 Redbook Chain Store Sales
9:15 Industrial Production
10:00 E-Commerce Retail Sales
12:30 PM Fed’s Lockhart speech
PTG Trading
The Market’s Story remains the same…Anemic price action with little range…Just 6.25 handles in prior session. Gosh…can it get any slower?
Today is Cycle Day 2 (CD2)…Price failed to produce a decline on CD1 and actually bumped up higher…Perhaps today price will decline a bit in delayed fashion…Keep expectations in check and remain patient and disciplined with your trading. Perhaps this is a good time to paint the house or power-wash the deck…Something productive and satisfying.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection: 2193.50; LOD Range Projection: 2174.00; Cycle Day 1 Low: 2180.50; 3 Day Central Pivot: 2181.50; 3 Day Cycle Target: 2205.00; 10 Day Average True Range: 12.43
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: September (U) 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 2186 handle, THEN initial objective is to clear PH (2190.75) and convert to upper support. Upside potential measures 2198 – 2200 STATX Zone.
Scenario 2: Key support is marked at 2080 handle…Violation and conversion to lower resistance opens door for bears to attempt a “selling coup”…Should they be successful lower levels to be mindful of are: 2174…2171…2166…2162.
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