Thursday, September 1, 2011

9/1/11 Morning Prep / Analysis: Unemployment Claims (8:30)

Fundamentals: Futures to open lower, unemployment claims in focus
- 8:30am: Unemployment claims

Technicals: 8:23am- Charts bearish with the pull-up currently happening possibly being a bearish flag, especially is jobless claims supports the bearish direction. Buyers are testing a medium P.O.I. right now. if they're able to break through it, bias is long. If the P.O.I. is rejected and sellers step in, bias is short.

Course of action: Wait for unemployment claims. Let news digest and determine buying / selling pressure prior to taking position.

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