Small win in Choppy market --> $280 profits
5 min Nasdaq Emini Candlestick Chart
Hi,
Today's a day of news release, please refer below for the fundamental news....
What I know is, price action is still choppy... we are entering into a ranging market unless price can make a break through, the uptrend is heading towards a pull back.. It is an extremely difficult environment to trade in and I dont advise beginners to plunge right in....
Today's trade is based on price pull back to the moving averages and an upturn in stochastics...
I entered 1 contract at 1800 at 10:55 am and another 2 contracts at 1802 at 11:15,,, I didn't really like the price action after entering and was waiting for a chance to get out.... I got out at 12:10 at 1806, with a profit of $280 after seeing a doji candlestick...
It's rest day for me today.
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Some fundamentals from Briefing.com:
Industrial Production in Line with Expectations:
November industrial production inched up 0.2% after a 0.6% drop in October. Utility output, which was down sharply the prior month, bounced back and led to the gain. But manufacturing output fell 0.2% for the second straight month. The drop this month was due to auto production. Excluding this factor, manufacturing output was up 0.1%.
The trend in industrial production has clearly eased, but should settle in to modest growth in the months ahead. This report was in line with expectations.
Modest Increase in Core CPI:
The modest 0.1% increase in the October core CPI is very good news. It occurred despite an uptick in the owners equivalent rent component to 0.4% which is a full 23% of CPI (and 30.3% of the core rate). This jump in the imputed cost of housing means that the cost of actual goods purchased in November was flat (0.0%).
The year-over-year increase in the core rate eased to 2.7% from 2.9%. This rate will probably ease further in the months ahead as slower growth in economic demand should allow the core rate to rise 0.1% to 0.2% per month.
The total CPI fell 0.5%. This was due, of course, to lower gas prices. Energy prices overall fell 7.0%. The total CPI is now up just 1.3% over the past year.
The inflation news this morning is clearly very good, not just for the one month of data, but for the implications for future trends.
In a separate release, new claims for unemployment for the week ended November 11 were 308,000. This is down 2,000 from the week before. Claims have been near this level for months, reflecting a strong labor market.