Markets
Oil markets are going to stabilize this year, according to OPEC’s Secretary General. Speaking in Venezuela, Mohammed Barkindo also voiced optimism that OPEC economies will improve as a result of last year’s producer agreement. It comes after Saudi Arabia said the Kingdom is committed to cutting its output and is prepared to extend the supply deal if necessary.
In Asia, Japan -1.5%. Hong Kong +0.5%. China +0.2%. India -0.2%.
In Europe, at midday, London -0.4%. Paris -0.7%. Frankfurt -0.9%.
Futures at 6:20, Dow -0.5%. S&P -0.6%. Nasdaq -0.6%. Crude +1.3% to $53.07. Gold +1.8% to $1217.10.
Ten-year Treasury Yield -5 bps to 2.32%
(Source: Seeking Alpha)
Economic Calendar
8:30 Empire State Mfg Survey
8:45 Fed’s Dudley Speech
10:00 Fed’s Reserve Gov. Lael Bralnard speech
6:00 PM Fed’s Williams Speech
PTG Trading
Today is Cycle Day 2 (CD2)…Prior shortened holiday session was quiet as expected…Overnight trade action pushed price down to 2258 “key support” and has since bounced back higher to 2266.00 in pre-cash trade.
With Volatility Index (VIX) hovering near 12 and Average True Range (ATR 10) with a 14 handle, traders are chopping on the bit to get some price expansion. Options Expiration is this week with biggest Strike Open Interest between 2250 – 2270, similar to last month.
Range Projections and Key Levels
HOD ATR Range Projection: 2271.73; LOD ATR Range Projection: 2253.27; Cycle Day 1 Low: 2265.00; 3 Day Central Pivot: 2265.75; 3 Day Cycle Target: 2283.79; 10 Day Average True Range: 14.23
**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 will need to hold 2258 – 60 zone as support and force a push above 2268 – 70 zone to get shorts concerned.
Scenario 2: Violation and conversion back below 2258 – 60 zone places additional pressure on longs to liquidate.
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