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 Post subject: April 14th Wednesday 2010 Emini TF ($TF_F) points +2.00
PostPosted: Thu Apr 15, 2010 8:59 am 
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Stocks Soar To Major Milestones
By Julianne Pepitone, staff reporter
April 14, 2010: 4:34 PM ET

NEW YORK ( -- Stocks rallied Wednesday, with the Standard & Poor's 500 and Nasdaq composite indexes crossing significant milestones for the first time in more than a year and a-half, after quarterly results from JPMorgan Chase and Intel and strong retail sales figures.

The Dow Jones industrial average (INDU) surged 104 points, or 0.9%, to end at 11,123.11, the highest level since September 2008. Financial and tech shares led the advance.

The S&P 500 index (SPX) gained 13 points, or 1.1%, to close at 1,210.65, marking the first time the index has closed above the 1,200 mark in almost 19 months.

The Nasdaq composite (COMP) added 39 points, or 1.6%, to end at 2,504.86. It was the first time since June 2008 that the index has ended above 2,500.

Year-to-date, the Dow is up 6.7%, the S&P has gained 8.6% and the Nasdaq has soared 10.4% as of Wednesday's close.

The S&P is up 77% from its March 9, 2009 low. However, the index remains 23.5% below the record high set Oct. 9, 2007.

"We were bumping against the 1,200 mark, as close as 1,199, and then backing down," said Art Hogan, chief market strategist at Jefferies & Co. "Crossing that barrier was notable."

The blue-chip Dow and Nasdaq touched fresh 18-month highs Tuesday after slight gains.

"We had an embarrassment of riches today as far as good news goes," Hogan said.

Earnings: JPMorgan Chase (JPM, Fortune 500) reported a $3.3 billion profit for the first quarter, though the bank continued to suffer losses in its consumer loan portfolio.

The New York City-based bank said it earned 74 cents a share during the quarter, up 55% from a year earlier. Analysts surveyed by Thomson Financial were expecting earnings of 64 cents a share.

Shares of JPMorgan ended more than 4% higher.

JPMorgan kicked off the reporting period for big banks, most of which are expected to post a profitable quarter.

"We'll be hearing from 125 S&P 500 companies next week, so we haven't gotten into the meat of it quite yet," said Jefferies' Hogan.

After U.S. markets closed Tuesday, chipmaker Intel (INTC, Fortune 500) reported earnings and revenue that topped Wall Street's estimates. Shares closed 3.3% higher on Wednesday.

"During the worst of the recovery, we were satiated by cost-cutting that boosted bottom-line net income," said Paul Radeke, vice president at KDV Wealth Management. "Now the market is looking for strong top-line revenue, and today it got some of that."

This week's earnings reports are tech heavy, Hogan said, and Intel's results could bode well for companies such as Google (GOOG, Fortune 500) that will report later this week. He expects the technology sector to continue rising in the coming weeks, and energy shares could be a "dark horse" gainer.

Economy: The government's monthly retail sales report and a report on consumer inflation were released before the market opened.

Retail sales jumped 1.6% in March, beating estimates from economists surveyed by Sales excluding autos rose 0.6%, also topping predictions.

"This string of positive retail sales numbers implies that the rumored death of the American consumer was greatly exaggerated," Hogan said.
0:00 /1:59Saving traders' jackets

The Consumer Price Index (CPI), a measure of consumer inflation, rose 0.1% in March, in line with predictions. Core CPI, which excludes volatile food and energy prices, was unchanged. Economists had forecast a 0.1% jump.

A separate report showed business inventories rose 0.5% in March, slightly higher than the 0.4% jump that was forecast.

Federal Reserve Chairman Ben Bernanke testified before a joint session of Congress on the economic outlook, saying private-sector demand will be "sufficient" to spur moderate recovery in coming months, but more time is needed to recover job losses.

Separately, the Fed released its Beige Book report, which said economic activity expanded "somewhat" in 11 of the central bank's 12 districts.

World markets: Stocks in Europe ended higher, with Britain's FTSE 100, France's CAC 40 and Germany's DAX all in positive territory.

Asian markets also finished the session with gains. Hong Kong's Hang Seng edged higher, and the Nikkei in Japan added 0.4%.

Currencies and commodities: The dollar fell against its major rivals: the euro, pound and yen.

Oil prices snapped a 5-day losing streak, settling up $1.79 to $85.84 a barrel. The government's weekly report on U.S. crude inventories showed oil supplies fell by 2.2 million barrels last week.

COMEX gold for June delivery settled up $6.20 to $1,159.60 an ounce.

Bonds: Prices for U.S. Treasurys fell, with the yield on the benchmark 10-year note rising to 3.83%. Bond prices and yields move in opposite directions.

Market breadth was positive. On the New York Stock Exchange, winners topped losers almost four to one on volume of 1.1 billion shares. On the Nasdaq, advancers also beat decliners four to one, on volume of 3 billion shares.


Yahoo! Finance

4:35 pm : Pleasing quarterly results from a couple of key industry players and some strong consumer spending numbers compelled market participants to push stocks higher for the fifth straight session to a new 18-month high.

The tone of trade was set last evening when tech bellwether Intel (INTC 23.52, +0.75) announced that it brought in $0.43 per share on $10.3 billion in revenue to exceed Wall Street's consensus estimate. Intel even issued a strong forecast for its second fiscal quarter. The numbers helped INTC build on its gain from the prior session to set a new annual high and also lead the Philadelphia Semiconductor Index up 4.3%, its best percentage gain in almost nine months, to a new 52-week high of its own.

Shares of JPM Chase (JPM 47.73, +1.86) were propelled to their best single-session percentage gain in six months after the company beat the consensus forecast this morning with first quarter earnings of $0.74 per share and revenue of $28.2 billion. In doing so, JPMorgan sets the bar for other major banks, like Bank of America (BAC 19.40, +0.73), which reports Friday morning.

Investor favor for financials helped Bank of America and Citigroup (C 4.93, +0.31) lead the KBW Bank Index to a 3.4% gain and an annual high. Citi announced that it has entered into a definitive agreement to sell to SkyBridge Capital certain hedge fund businesses. Shares of C were the most actively traded by volume in the broader market this session.

Collective strength among tech stocks and financial issues, which represent the two largest sectors by market weight in the S&P 500, helped push the S&P 500 through near-term resistance at 1200 all the way up to 1210 for the first time since September 2008. Despite such an impressive feat, many pundits continue to call for a correction since the stock market has now climbed more than 15% from its February low and more than 80% since it set multiyear lows in March 2009.

Despite such dizzying gains, data added to conviction among buyers.

Advance retail sales for March increased 1.6%, which exceeded the 1.2% increase that had been widely forecast. Excluding autos, retail sales for March increased 0.6% when a 0.5% increase had been expected.

Consumer prices in March increased an 0.1% month-over-month. That was in-line with expectations. Excluding food and energy, consumer prices were flat for the month, but the consensus had called for a 0.1% increase in core consumer prices.

Cool consumer prices and no mention of inflationary pressures in the latest Fed Beige Book left the dollar without much support, especially as participants showed less interest in defensive-oriented holdings. Instead, the buck fell to a 0.4% loss against competing currencies.

Little attention was paid to February business inventories, which increased a slightly stronger-than-expected 0.5%.

Fed Chairman Bernanke offered a testimony to the Joint Economic Committee today. Bernanke said he is particularly concerned about the fact that in March 44% of the unemployed had been without a job for six months or more, but offered no new position on Fed thinking.

Advancing Sectors: Financials (+2.6%), Tech (+1.7%), Consumer Discretionary (+1.5%), Industrials (+1.3%), Energy (+0.9%), Materials (+0.9%)
Declining Sectors: Health Care (-0.4%), Telecom (-0.1%)
Unchanged: Utilities, Consumer Staples DJ30 +103.69 NASDAQ +38.87 NQ100 +1.3% R2K +2.2% SP400 +1.5% SP500 +13.35 NASDAQ Adv/Vol/Dec 2155/3.00 bln/565 NYSE Adv/Vol/Dec 2356/1.14 bln/697

3:35 pm : Consumer price index data calmed inflation fears this morning. Muting the notion that rates would rise in the near future, the dollar index sold off.

The weak dollar and the first draw in crude oil inventories since January resulted in higher energy prices this session. The energy complex rose 1.3%, collectively. This move was led by a 2.2% rise in front month crude oil. The May contract closed at $84.84 per barrel. Natural gas futures pulled back from a session high at $4.27 per MMBtu and closed at $4.20 per MMBtu, up 1.0%.

Gold futures netted modest gains despite weakness in the dollar. June gold closed just 0.5% higher at $1159.60 per ounce. Silver futures rose overnight and traded relatively flat during the pit trade. May silver closed 0.9% higher at $18.42 per ounce.

Soft commodities were notably strong this session, led by a 2.6% move in sugar futures. DJ30 +9560 NASDAQ +35.19 SP500 +11.50 NASDAQ Adv/Vol/Dec 2082/2.54 bln/624 NYSE Adv/Vol/Dec 2292/847 mln/744

3:00 pm : This session's upward climb continues to push the stock market to fresh 52-week highs. The S&P 500 is now up 8.3% year-to-date, but more impressively it is up an astonishing 81% since it set multiyear lows in March 2009. All the while, the financial sector has been a leader; it is up 2.5% this session, up 18.4% year-to-date, and up nearly 300% since its multiyear low in March 2009. DJ30 +86.61 NASDAQ +32.36 SP500 +10.80 NASDAQ Adv/Vol/Dec 2051/2.24 bln/645 NYSE Adv/Vol/Dec 2246/752 mln/776

2:30 pm : Stocks have retraced their earlier slip so that they are back near session highs. Despite the recent slip, the mood this session has been decidedly positive since the start of trade. However, support hasn't been entirely broad based. More specifically, buyers have favored financials (+2.5%) and tech plays (+1.5%), but there has been a distinct lack of interest in defensive plays, like health care (-0.8%), telecom (-0.4%), utilities (-0.4%), and consumer staples (-0.2%). The split interest has given advancing issues a 2-to-1 lead over declining issues in the S&P 500. DJ30 +79.50 NASDAQ +30.04 SP500 +9.88 NASDAQ Adv/Vol/Dec 1987/2.08 bln/686 NYSE Adv/Vol/Dec 2195/692 mln/804

2:05 pm : Stocks have taken a step back after a steady climb that lasted for roughly three hours. The S&P 500 now rests modestly above the 1205 line.

The Fed just released its Beige Book, which is a compilation of anecdotal economic data, but market participants haven't shown much, if any, reaction. According to the report, the Fed stated that retail prices generally remain level, but some input prices are up. That shouldn't come as much of a surprise since the latest CPI, which was released this morning, was so tepid. However, the Fed stated that since the last report overall economic activity increased somewhat in all Fed Districts except St. Louis. DJ30 +66.66 NASDAQ +28.01 SP500 +8.65 NASDAQ Adv/Vol/Dec 1969/1.95 bln/702 NYSE Adv/Vol/Dec 2140/646 mln/833

1:30 pm : The headline indices -- the Dow, Nasdaq Composite, and S&P 500 -- have made their way to new session highs and, in turn, new 52-week highs in recent trade. Broad strength has also helped the Nasdaq 100 (+1.0%), S&P 400 Mid Cap Index (+1.1%), and Russell 2000 Small Cap Index (+1.6%) set fresh annual highs of their own.

Despite such interest in chasing stock prices higher, Treasuries have had a relatively quiet session. As such, the benchmark 10-year Note is down just a couple of ticks at the moment. DJ30 +69.76 NASDAQ +30.97 SP500 +9.89 NASDAQ Adv/Vol/Dec 1997/1.77 bln/662 NYSE Adv/Vol/Dec 2192/585 mln/785

1:00 pm : Pleasing corporate announcements and upbeat data have compelled market participants to push stocks to new 52-week highs and position stocks for their fifth straight gain.

With stocks up some 15% since their February lows, many have come to believe that the stock market is near-term overbought, but the bullish trend has remained intact. The latest leg of gains has been helped by Intel (INTC 23.45, +0.68) and JPMorgan Chase (JPM 47.42, +1.55), both of which posted better-than-expected earnings and revenue for the latest quarter. Intel helped quell some concerns about the demand outlook with its upside forecast.

The pair has provided leadership to the broad-based S&P 500, which has pushed through near-term resistance to trade above 1200 for the first time in 18 months. Gains have been even more pronounced within the pair's respective industries. Specifically, the Philadelphia Semiconductor Index is up 3.7% to an annual high and the KBW Bank Index is up 2.8% to its own 52-week high.

Citigroup (C 4.88, +0.26) has also provided leadership to the broader financial sector, which is currently up 2.1% -- a gain that is triple that of the broader market. Citi announced that it entered into a definitive agreement to sell to SkyBridge Capital certain hedge fund businesses.

Data has also helped drive the stock market higher. Of particular significance is a stronger-than-expected increase in advance retail sales for March. A 0.6% increase in sales less autos also exceeded expectations.

While those numbers were strong, Fed Chairman Bernanke reminded investors that there remain headwinds for consumer spending. Specifically, in a testimony to the Joint Economic Committee, Bernanke said he is particularly concerned about the fact that 44% of the unemployed had been without a job for six months or more, as of March.

In other data, business inventories for February increased 0.5%, which is slightly sharper than the consensus forecast.

Meanwhile, the March Consumer Price Index increased 0.1% while core CPI was flat for the month. Both were generally in step with what had been expected, but the cool price data has helped keep a cap on the dollar, which recently retreated to a session low to trade with a 0.4% loss against competing currencies.

The dollar's decline coupled with a positive mood among market participants has helped commodities. In turn, the CRB Commodity Index is up 1.2%. With a 2.1% advance to $86.10 per barrel, oil is a primary source of support. DJ30 +62.58 NASDAQ +28.89 SP500 +8.83 NASDAQ Adv/Vol/Dec 1986/1.64 bln/669 NYSE Adv/Vol/Dec 2147/546 mln/823

12:30 pm : Oil prices have made their way to $86.25 per barrel, which translates to a sharp 2.6% gain. Despite such a run up, the energy sector has lagged the broader market by a slight margin -- energy stocks are up 0.5% at the moment.

Materials stocks also trail the broader market. The sector is up a modest 0.4% even though the dollar has weakened considerably so that it now trades with a 0.4% loss against competing currencies. DJ30 +57.97 NASDAQ +27.65 SP500 +8.56 NASDAQ Adv/Vol/Dec 1931/1.49 bln/693 NYSE Adv/Vol/Dec 2161/495 mln/806

12:00 pm : The stock market has paused to take a breather since pushing its way up to a fresh 52-week high in recent action. Overall gains remain solid.

Financials continue to sport the strongest gains. The sector is up 1.8% in its best single-session percentage advance in more than one month. Regional banks, up 3.2%, are among the best performers within the sector, but it is the 2.9% gain by heavyweights in the diversified financial services space that have had the most positive influence over the broader sector. The latter group has been led by JPMorgan Chase (JPM 47.18, +131), which posted this morning upbeat quarterly results, and Citigroup (C 4.80, +0.18), which announced that it entered into a definitive agreement to sell its fund of hedge funds, hedge fund seeding, and hedge fund advisory businesses to SkyBridge Capital. Shares of C currently top the list of most actively traded stocks by volume in the S&P 500. DJ30 +48.59 NASDAQ +24.33 SP500 +7.01 NASDAQ Adv/Vol/Dec 1858/1.35 bln/726 NYSE Adv/Vol/Dec 2107/438 mln/827

11:30 am : Stocks have made their way to fresh 52-week highs as market participants continue to chase gains. While the upbeat tone this session has been underpinned by a batch of better-than-expected earnings and data, some pundits remain wary and wonder if profit takers will step in to sell the news, especially since the S&P 500 has rallied more than 15% since a 2010 low in early February.

In his testimony to the Joint Economic Committee, Fed Chairman Bernanke stated that the economic recovery remains restrained by weakness in both residential and nonresidential construction and the poor fiscal condition of many state and local governments. Bernanke stated that he is particularly concerned about the fact that 44% of the unemployed had been without a job for six months or more, as of March. Additionally, Bernanke stated that banks have been conservative in their lending policies as lending to both households and businesses has continued to fall. Overall, the testimony contained no major surprises. DJ30 +60.84 NASDAQ +23.52 SP500 +8.00 NASDAQ Adv/Vol/Dec 1838/1.18 bln/711 NYSE Adv/Vol/Dec 2114/386 mln/802

11:00 am : Stocks recently fell under a fit of selling pressure, but support for the S&P 500 at 1200 has helped stocks reclaim their gains.

Financials, as a whole, continue to outperform with ease. The sector is up 1.7%. However, asset management and consulting plays (-0.5%) represent a small patch of weakness in the sector. There are no immediate news items to account for the group's weakness.

Volatility was up sharply in the prior session, but it has slipped in the latest round of trade. At the moment, the Volitily Index is down 2.2%. That puts it back near the 30-month low that it registered on Monday. DJ30 +54.56 NASDAQ +21.31 SP500 +6.62 NASDAQ Adv/Vol/Dec 1786/1.02 bln/742 NYSE Adv/Vol/Dec 2065/328 mln/812

10:30 am : In recent trading activity, the US Dollar Index has moved back into positive territory, which has creating selling pressure on most commodities.

After trading in positive territory for most of today's session, May crude oil hit session highs, at the time, of $85.07 per barrel 30 minutes before pit trading began. After hitting those highs, crude trended lower and was modestly higher ahead of inventory data, which called for a build of 1.3 million barrels. Following the data, which showed a draw of 2.2 million, crude ticked higher to $85.00 per barrel, but is currently at $84.73 per barrel, up 0.8%.

Despite the rally in the dollar index around 9:00ET, May natural gas rose sharply off lows of $4.11 per MMBtu, into positive territory, and to fresh session highs of $4.23 per MMBtu. Currently, natural gas is 0.1% higher at $4.20 per MMBtu.

Precious metals hit new session highs around the same time crude did with June gold touching $1162.80 per ounce and May silver hitting $18.51 per ounce. Gold has since pulled back and is back near the flat line at $1153.70 per ounce, while silver is 0.7% higher at $18.38 per ounce.
DJ30 +28.57 NASDAQ +17.72 SP500 +3.85 NASDAQ Adv/Vol/Dec 1682/711.3 mln/764 NYSE Adv/Vol/Dec 1853/239.1 mln/942

10:00 am : Leadership from finanials (+1.3%) and tech (+1.2%), the two heaviest sectors by market weight in the broader market, has taken the S&P 500 up through the 1200 line, but the advance quickly ran into near-term technical resistance at 1203.

Business inventory data for February were just released. Inventories increased 0.5%, which is slightly sharper than the 0.4% increase that had been widely anticipated. Inventories for the prior month were revised higher to reflect a 0.2% increase.

Separately, Fed Chairman Bernanke is expected to begin his testimony to the Joint Economic committee at any moment.

Early movers: Trading up -- DCAI +71.9%, AEN +59.2%, KLIC +18.5%, GJW +13.8%, HOTT +10.9%, GFRE +8.7%, SOXL +8.4%, TWI +7.1%, ZANE +7%, ADTN +7%; Trading down -- MIPI -16.3%, SOFO -11.2%, SSG -5.2%, KERX -5%, KEG -4.8%

Advancing Sectors: Financials (+1.3%), Tech (+1.2%), Industrials (+0.5%), Consumer Discretionary (+0.3%), Materials (+0.2%)
Declining Sectors: Telecom (-0.6%), Health Care (-0.5%), Consumer Staples (-0.3%), Utilities (-0.2%), Energy (-0.1%) DJ30 +41.79 NASDAQ +19.42 SP500 +4.81 NASDAQ Adv/Vol/Dec 1694/498 mln/676 NYSE Adv/Vol/Dec 1922/178 mln/834

09:45 am : A better-than-expected quarterly report and strong forecast from Intel (INTC 23.55, +0.78) have sent shares of the semiconductor giant to a fresh 52-week high. Its leadership has helped the Philadelphia Semiconductor spike to a 3.1% gain and register its own annual high.

Strong results from JPMorgan Chase (JPM 47.09, +1.22) have inspired buying among bank stocks and sent the KBW Bank Index up 1.7% to a new 52-week high and made the broader financial sector the best performing sector in the early going. As a group, financials are up 1.3%.

Defensive plays are lagging during the first few minutes of trade. As such, consumer staples (-0.5%), health care (-0.5%), telecom (-0.4%), and utilities (-0.1%) are in the red. DJ30 +44.21 NASDAQ +19.47 SP500 +5.73 NASDAQ Adv/Vol/Dec 1724/340 mln/573 NYSE Adv/Vol/Dec 1998/125 mln/707

09:15 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +11.00. Stock futures point to a strong start, which would extend the stock market's recent run of gains -- the S&P 500 has advanced in seven of the past eight sessions to set new 52-week highs along the way. The latest push comes on the back of impressive earnings and upbeat data. More specifically, both Intel (INTC) and JPMorgan Chase (JPM) posted better-than-expected earnings on better-than-expected revenue. Intel went one step further with an upside forecast. As for data, advance retail sales for March topped the consensus call with a 1.6% increase and sales less autos were stronger than expected with a 0.6% increase while sales for the prior month were revised higher. Meanwhile, there were no surprises in the latest dose of consumer prices. The soft consumer price figures have helped keep a cap on the dollar, which is currently down fractionally against a basket of major foreign currencies.

09:00 am : S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +10.50. U.S. stock futures have eased off of their morning highs, but the tone remains decidedly positive. Europe's major bourses are up with impressive gains. Specfically, Germany's DAX is up 0.9%. It is currently led by Deutsche Bank (DB), which has gained along with other bank stocks in the wake of strong results from JPMorgan Chase (JPM). Siemens (SI) has been a bit of a drag, though. In France, the CAC is up 0.8%. BNP Paribas and ArcelorMittal (MT) lead the list of advancing issues, which outnumber decliners by 4-to-1. Meanwhile, Britain's FTSE is up 0.8% as Barclays (BCS) and BP PLC (BP) lead.

According to The Wall Street Journal, the European Commission said that Portugal might need to take further steps to cut its budget deficit. The comment comes shortly after ministers from the EU agreed to provide financial aid to Greece. Despite such a pledge, analysts from Moody's said there is a 50% chance of a Greece downgrade in next 12-18 months, according to Dow Jones.

Separate reports indicate that industrial output during February increased 0.9% in the eurozone. That was far better than the tepid 0.1% increase that had been expected.

In Asia, the MSCI Asia Pacific Index added 0.7% and Japan's Nikkei closed 0.4% higher. Chip-linked exporters were helped by upbeat first quarter results and a strong forecast from Intel (INTC). As such, Advantest and Tokyo Electron outperformed. According to reports, Toyota Motors (TM) has suspended sales of its new Lexus GX460 luxury sport-utility vehicle after Consumer Reports magazine advised motorists not to buy the vehicle due to the slow response of the Lexus's electronic stability control system. The report comes on the heels of the Toyota Prius debacle. In Hong Kong, the Hang Seng eked out a 0.1% gain after it reversed early losses. Lenovo Group was also helped by the interest in tech plays that was spurred by Intel. In mainland China, the Shanghai Composite closed with a mere 0.2% gain. The exchange's first index futures will be launched on Friday.

08:35 am : S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +12.80. Stock futures have found fresh premarket highs with the latest data release. Advance retail sales for March increased 1.6%, which exceeded the 1.2% increase that had been widely forecast. Excluding autos, retail sales for March increased 0.6% when a 0.5% increase had been expected. Both total sales and sales less autos for the prior month were revised higher to reflect respective increases of 0.5% and 1.0%. Additionally, the March Consumer Price Index increased 0.1% month-over-month. That was in-line with the consensus. Excluding food and energy, which are often relatively volatile, the CPI was flat for the month, but the consensus had called for a 0.1% increase in core consumer prices. Year-over-year, March CPI increased 2.3%, which is slightly softer than the 2.4% increase that had been expected. Core CPI made a 1.1% year-over-year increase when a 1.2% annual increase had been forecast by many economists.

08:00 am : S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +10.50. Stock futures are firmly higher following better-than-expected earnings from a couple of major industry players. Tech bellwether Intel (INTC) reported after the prior session's close earnings of $0.43 per share, which bested the consensus call for $0.38 per share. Intel also exceeded expectations for revenue and went on to issue an upside revenue forecast for the second quarter. Shares of INTC are up approximately 5.1% to $23.93 each ahead of the opening bell. Meanwhile, JPMorgan Chase (JPM) set the bar for banks with its bottom and top line beat; the company brought in earnings of $0.74 per share on $28.2 billion in revenue when Wall Street had expected earnings of $0.64 per share on $26.5 billion in revenue. Premarket traders have pushed JPM 3.1% higher to $47.31 per share ahead of the open. Consumer price data and advance retail sales figures for March are due at the bottom of the hour. Business inventories for February follow at 10:00 AM ET, which is also when Fed Chairman Bernanke is scheduled to testify before the Joint Economic Committee. The latest Fed Beige Book will be released this afternoon at 2:00 PM ET.

06:30 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +7.80.

06:30 am : Nikkei...11204.90...+43.70...+0.40%. Hang Seng...22121.43...+17.90...+0.10%.

06:30 am : FTSE...5787.20...+25.50...+0.50%. DAX...6257.68...+27.00...+0.40%.

Special thanks to Yahoo! Finance and CNNMoney for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
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