This is my third post after Tuesday market hours. An earlier one discussed refinements in the 15 minute rule, and can be read at more-on-15-minute-rule.
At 7:00 AM, I hope traders have woken up, getting ready for the trading day. Some walking, jogging, Yoga or other exercise is required to face the ups and downs of trading during the day.
A review of the American markets tells us there were gains in the Dow, S&P, Nasdaq. A quick look at http://www.bloomberg.com/ will tell us how the Asian Markets are doing, but as I write, it is a bit early for that.
What is your market view for today ? I always have a view on the market. I am wrong, sometimes I can change my views to go with market flow, sometimes not. But, a view is essential.
Brett Steenbarger, Trading Coach, says in trading-by-themes
One of the most important calls an active trader can make is the dominant theme of the day's trade. Sometimes a news or earnings report will set the theme of the day. Other times, we will see themes carry over from trade in Asia and/or Europe. For instance, we may see strength in oil and other commodities overseas, and that will carry over to bullish trading among materials and energy shares.
Traders who become caught up in the tick by tick action of their particular stocks or indexes often miss these themes--and shifts in themes during the day. Much of the financial world is trading globally, following intermarket relationships and macro themes. Knowing those themes can help you anticipate ways that your particular stocks, ETFs, and indexes are likely to trade during the day.