Market analysis for April 10th, 2024

Well, yesterday ended up being a nice little surprise for us. I started off the day with my net liq in the hole and prospects didn't look great however, by the end of the day enough positions came around for us that I finished up solidly in the green. NVDA contributed $1,100 and NDX a whopping $3,000 profit to the day but all our 0DTE's helped. In total, including our 0DTE on Bitcoin, we generated $2,788 of profit on FIVE total 0DTE's and using 12k of capital. All in all, not a bad day.
Lets take a look at the markets and what we can expected today:
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Markets are working back to buy mode. But price action hasn't really changed. The market is coiling here. 

We have a busy news day: 
08:30 ET
US CPI for March
The US Consumer Price Index gauges the average change in prices paid by consumers for a basket of goods and services over time.
Calculated monthly by the US Bureau of Labor Statistics, the CPI reflects fluctuations in the cost of items such as food, housing, healthcare, and transportation.
Presented as a percentage change relative to a predetermined base period, the CPI serves as a measure of inflation.
What to Expect
If inflation comes in hotter (higher) than expected, you will most likely see dollar strength and US stocks weaken, as this signals that the Fed’s fight with inflation is going to require a more hawkish stance, with the potential for a higher for longer US interest rate.
09:45 ET
BoC Rate Decision
The Bank of Canada Interest Rate Decision is the main monetary policy tool where the Bank of Canada’s Governing Council determines the official interest rate for the Canadian economy.
This rate, known as the overnight rate, influences short-term interest rates and serves as a key benchmark for borrowing costs in the country.
The Bank of Canada uses this rate to achieve its inflation target and support overall economic goals.
Changes in the interest rate can impact consumer spending, business investments, and inflation.
What to Expect
It is widely expected that the BoC will leave rates unchanged at 5%.
If realized, attention will turn to the subsequent BoC rate statement for any clues on the future path of BoC interest rates.
Any mention of more rate cuts this year than are already priced in by the markets could prompt strength in Canadian stocks and weakness in the Canadian dollar.
However, hawkish remarks implying fewer interest rate cuts than are currently priced this year could result in the opposite.
10:30 ET
Weekly EIA Crude Oil Inventories
The US Weekly Crude Oil Inventories report provides information on the nation’s stockpile of crude oil, indicating changes in inventory levels over the previous week. Published by the US Energy Information Administration, this report is crucial for understanding supply and demand dynamics in the oil market. Fluctuations in crude oil inventories can influence oil prices and offer insights into market trends.
What to Expect
An increase in inventories may suggest oversupply or weaker demand, while a decrease may indicate stronger demand or disruptions in supply.

2:00 ET
FOMC minutes release

All these news catalysts will effect our trading today. We are looking to add to our oil ladder today after inventory numbers are released. We are hedged on both sides of the market going into the open. We have a couple long QQQ puts left over from yesterdays scalping session and our NDX setup would benefit greatly if we pushed up. We also have a juicy Theta Fairy working right now going into the open! 

We haven't had this type of I.V. or premium in a while.

Our trade docket for today: /ES (theta fairy), /MCL, /NG?, AEHR, CGC, DAL, GLD, NDX/SPX/Event contract NDX/Bitcoin 0DTE's, SGH, STZ, KMX.

With CPI today I don't post levels. We have been waiting for a catalyst to move this consolidating market for some time. Will today be that catalyst? We'll find out soon enough. Today we trade small. We'll be in the live trading room early to see about some potential scalps on /MNQ as the report is released.

No lean or bias today.