In this video tutorial, I want to talk about the importance of an economic calendar just tracking an economic calendar throughout the week as it relates to the market.
Each day we know that a bunch of economic data is reported for investors to consume and digest, from auto sales and retail sales to consumer sentiment and homebuilder’s sentiment.
It’s just a lot to follow, and there’s so much information out there. The good news is you don’t have to follow every single report that’s published because frankly, you’ll go crazy if you do.
But you do need to watch for the ones that end up being market movers, so the big important ones and I want to help you figure out how to filter for those important economic announcements.
One of the resources that we use, but most of the ones that are out there if you just Google economic calendar, you'll find a ton of them out there from Market Watch and Wall Street Journal, but the one that we like is EconDaily, and it’s just a really clean website.
What I love about EconDaily is that when I go there, it’s clean, it doesn't have any junk on it, but it also stars all of the important market-moving economic reports.
For example This coming week at the time of this recording of this video, you can see that retail sales are coming up this week and also jobless claims and consumer price indexes and things are coming out in the Philly Fed Surveys.
All the things with red dots, I know that are going to be big days. As I start looking towards making trades or watching the market on those days, I just need to be aware of those reports that are coming out.
The idea here is that you don't want to have your head in the sand when it comes to major market news.
You want to be aware of what's going on, you want to have your head above water and understanding, but you don't need to know every bit of information that comes out of the market every single day because it’s just impossible to consume so much information.
Not that you need to take action on any of the information that you read or see, but you need to know it’s coming and that it could affect your positions.
That’s really the result here, is that just have a market awareness about you, know what's going on, know when the Fed is going to talk or when they’re not going to talk, know when the jobs reports are going to come out because those are going to be really important market driving data and it could affect a lot of the positions that you have.
As always, I hope you guys enjoy these videos. If you have any comments or questions, please add them right below. Until next time, happy trading!