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Market News Posted by Team Topstep February 17, 2021

No Limits For Bitcoin Value

Bitcoin

After some pretty big names jumped on the Bitcoin bandwagon last week, the benchmark cryptocurrency hit a new all-time high at $52,339 late Wednesday, and it appears that there are no limits for Bitcoin value.

Quick-Takes

  1. White House says there will be enough vaccines for 300 million Americans by the end of July
  2. Permian Basin oil production drops 4M barrels a day due to the recent freeze in Texas
  3. Fed says stimulus and vaccines to give the economy a boost

Recap Video

Wednesday’s Headlines

Oil And Gas Prices Continue To Surge After A Failure From Wind And Solar Energy Causes Blackouts And Power Outages

The Phil Flynn Energy Report

“Oil and gas prices continue their surge as a massive failure from wind and solar energy is causing blackouts and power outages.”

 

Using Technical Analysis To Determine Opportunities

The Coach’s Playbook

“Have you ever put on a trade without looking at a chart? Doubtful, right? The learning process for many first-time traders begins with technical analysis. This week, the Topstep coaches are here to give you a glance at how they use technical analysis to determine opportunities.”

 

The Best Way To Take Profits For Futures Traders: Profit Targets Or Trailing Stops?

Jason Love – OilTradingGroup.com

“One of the biggest debates I have with day traders is over whether to take profit targets or to use a trailing stop. While I prefer to “let my winners run,” other traders may choose to take predetermined profit targets. Let’s keep in mind that a profit is a profit, so there’s no wrong way to take yours. That said, there’s a difference in opinion when it comes to how to take them.”

Economic Calendar for Thursday, February 18

  • Housing Starts and Permits – 7:30 AM CT
  • Jobless Claims – 7:30 AM CT
  • Philly Fed Manufacturing Index – 7:30 AM CT
  • Import & Export Prices – 7:30 AM CT
  • EIA Natural Gas Report – 9:30 AM CT
  • EIA Petroleum Status Report – 10:00 AM CT
  • Fed Balance Sheet & Money Supply – 3:30 PM CT

Chart of the Day

Lots of Moving Parts in Crude

After the news was released claiming that Saudi Arabia would be raising production in response to the recent recovery in oil prices, crude oil futures dropped $1.83 to $59.43, just below coach Hoag’s Weekly Kickoff high.

Not long after that, more news was released stating that the Texas Permian Basin’s oil production has dropped 4 million barrels per day since the deep freeze set in. This news set crude oil prices right back up to new highs, where they closed for the day.

There are a lot of moving parts to this market right now, and headline risk is ON for now!

30 minute crude oil chart 02-17-2021

30-Minute Crude Oil Chart

For more trading news and information ahead of the opening bell, subscribe to the Daily Market Forecast with John Hoagland and Dan Hodman each morning at 8:00 AM CT.

Trade Well!