Futures Trading Outlook
Tomorrow is a big day! At 8:30am we have 3 reports coming out. Of course the big news is the FOMC tomorrow at 2:15. The market is expecting a 1/4 point decline from the fed. I am also expecting a 1/4 point drop.
An interesting article from The Wall Street Journal said a rate cut is not a sure thing. I disagree. I truly believe we need every bit of a 1/4 point – if not more!
Let’s look at today for example:
A) We had more bad news on the housing market. The S&P/ Case Shiller national home price index showed prices in 10 major cities fall about a point an August. The report also showed that home prices were down 5 percent from last year!
B) On top of all that consumer confidence fell for a 3rd straight month. If I am not mistaken, its a low.
C) The Euro (eur/usd) hit an all time high today.
I strongly belive that a rate cut is a good thing. If they do not cut rates tomorrow, I am expecting some major selling.
Honestly, this really has no relevance in my day trading. I find it interesting and I like to talk about it. My real concerns are knowing when the reports are coming out, simply because I do not trade before a report.
Because I trade for income, I do not worry about long term outlooks on the market. I like bear markets as much as bull markets. It doesnt matter if I am going short or long – as long as I am trading for a daily paycheck! My Futures Daytrading Course is a great way to make a daily income. I hope you will read more about it.
Be prepared tomorrow and remember what time all the reports are coming out. I always look at briefing.com’s economic calendar – It’s a good idea to print it out and keep it posted somewhere in your office!
Feel free to email me anytime: info@eminitradingstrategies.com Good luck tomorrow!
Good Trading 🙂
David Marsh
