Initial Claims and Trade deficit? Little market impact
Hi,
The market is at crossroads and this is pretty obvious from the flat moving averages and relatively range bound price action. The main market announcement for today is the initial claims and trade balance at 8:30 am.
According to briefing.com:
Initial Claims rose 8,000 to 303,000 ? the first time in seven weeks that they have crept above the 300,000 mark. Still, initial claims remain at very low levels. Second, the trade deficit widened to $68.5 billion.
This is very good information. However, the market did not react much to the announcement and I stayed out of the market. I couldn't tell where the market is going until around noon when price borke below the moving averages. However I missed the boat and decided to wait for a pullback to enter. My chance came at 14:30, I shorted one contract at 1657 and another contract at 1653.5, setting my stop loss at 1661 and profit target at 1648. One hour later at around 1545, I am closed out with a profit of $290.