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 Post subject: June 16th Wednesday 2010 Emini TF ($TF_F) points +15.10
PostPosted: Sun Jun 20, 2010 7:48 am 
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Trade Journal By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, this public trade journal contains useful trading tips a few times per week to encourage readers to return for more information and to help ensure I myself don't forget the importance of basic concepts within my own trading plan. Further, there are market summaries from Youtube Bloomberg, CNNMoney and Yahoo Finance as a quick archive of what happened in the markets on a particular day of trading. Thus, if you're looking for trading tips and market summaries that can improve your trading and/or understanding of what happen on a particular day that involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader.

Today's #FuturesTrades chat room logs is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=75&t=546

Quote:
Today's results are 6 wins : 0 losses (see above #FuturesTrades log). It's rare for me to have a trading day that contains no losing trades. Also, the opening gap had a lot of impact on the price direction for most of the trading day and a few key WRB zones developed in the late trading session within the range of that opening gap.

Trading Tip: Proper trade management after entry requires you to understand the price action. The most efficient method to understand the price action is via WRB Analysis.


FYI - You can ask me questions here at the forum or you can tweet me on twitter about any thing related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader


In addition, posted below are direct links about my trade methodology or trading approach that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body analysis).

Image WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm

Image Daily Trade Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=115&t=681

Trade Performance for Today: +15.10 points or $1,510 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures

1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.
------------------------------

The market summaries below are courtesy of Bloomberg, CNNMoney and Yahoo! Finance. gm


http://www.youtube.com/v/29ctnmAE5J4

Stocks End Flat After Choppy Session
By Hibah Yousuf, staff reporter
June 16, 2010: 4:34 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks recovered from deep losses Wednesday and finished a choppy session near the previous day's closing levels as investors considered mixed economic news and BP's agreement to establish a $20 billion escrow fund and cancel its quarterly dividend.

The Dow Jones industrial average (INDU) closed up 5 points, or 0.1%. It was down by as much as 72 points earlier in the session, following a disappointing report on the housing market.

Rebounding from an 8-point loss, the S&P 500 index (SPX) finished less than 1 point down, or 0.1%, and the Nasdaq composite (COMP) added half a point. The tech-heavy index was 16 points lower earlier.

Stocks gained Tuesday as fears about Europe's debt crisis continued to fade and the euro rallied, rising above the $1.23 level for the first time in more than a week. The three major indexes added more than 2% and finished above key milestone levels.

That momentum initially diminished Wednesday as investors faced disappointing economic reports and less-than-stellar corporate news. But it began to resurface after Obama administration officials confirmed that BP (BP) agreed to put roughly $20 billion in an escrow account to payout claims from the oil spill disaster in the Gulf of Mexico.

"After a tremendous rally yesterday and a mixed bag of economic news this morning, that fact that the market is virtually unchanged is a big win," said Art Hogan, chief market analyst at Jefferies & Co.

President Obama met with BP executives in the White House on Wednesday, including CEO Tony Hayward and the company's chairman, Carl Henric Svanberg.
BP slashes dividend

Following the summit, the company announced it is canceling its quarterly dividend for the rest of the year, and promised it would revisit the issue next year.

In his first address from the Oval Office, the president told the nation Tuesday night he will make BP pay for the costs of cleaning up the oil disaster. He also pushed Congress to move on clean energy legislation.

Shares of BP finished up 1.4%.

Earlier Wednesday, stocks slipped on worse-than-expected housing news and a tempered outlook from FedEx.

While economists anticipated new home construction would ease in May -- the first month after the homebuyer tax credit expired -- the drop was steeper than they expected.

"We expected a decline, but the inventory of unsold new homes fell to a 40-year low," said John Canally, economist at LPL Financial.

And while FedEx (FDX, Fortune 500) posted a fiscal fourth-quarter profit Wednesday morning, the shipping giant said it expects earnings for fiscal 2011 to be "constrained" due to higher costs. The news sent the company's shares down nearly 6% and pressured the broader market earlier in the session.

Meanwhile, the Federal Reserve reported that industrial production climbed 0.2% in May, after rising 0.7% the previous month. Economists were expecting the figure to edge up 0.8%.

Canally said the surge was a "pleasant surprise" and helped curb some prior weakness in stocks.

"The data shows that factory production is still booming, led by exports, so it's comforting to see that the European debt crisis hasn't torpedoed global growth yet," he said.

But Canally warned that market participants will remain anxious about the impact of the Europe's fiscal instability on the global economy.

"The economy is transitioning from a period of recovery to sustainable growth, and as that expansion phase takes hold, it will be choppy," Canally said. "We'll see the market give and take -- take two steps forward and one step back -- but earnings season in July could change the battleground a bit."

Economy. The Commerce Department also said that building permits, a measure of builder confidence, also fell sharply, dropping 5.9% from the previous month.

Another report showed that the Producer Price index (PPI), a key measure of wholesale inflation, fell 0.3% in May after slipping 0.1% in April. The so-called Core PPI, which strips out volatile food and energy prices, rose 0.2%. Economists thought Core PPI would rise 0.1%.

Companies: Mortgage finance giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500), which have been overseen by the government since September 2008, were ordered by their federal regulator to delist from the New York Stock Exchange. Shares of both were closed nearly 40% lower.

Nokia (NOK) shares plunged more than 10% after the tech company cautioned investors that its cell phone business will post weaker-than-expected second quarter results, due July 22.

World markets: European shares closed slightly higher Wednesday. Britain's FTSE 100, the CAC 40 in France, and Germany's DAX finished up about 0.2% .

In Asia, Japan's Nikkei spiked 1.8%, while markets in Hong Kong, Taiwan and China were closed for a holiday.

Dollar and commodities: The dollar was higher against rivals. The greenback rose 0.2% against the euro, but the shared currency remained above $1.23.

The edged up 0.1% against the British pound, It was slightly lower on the yen to ¥91.43.

U.S. light crude oil for July delivery rose 73 cents to settle at $77.67 a barrel, and gold for August delivery rose fell $3.90 cents to settle at $1,1230.50 per ounce.

Bonds: Treasury prices edged higher, lowering the 10-year note's yield to 3.28% from 3.31% the day before. Bond prices and yields move in opposite directions.

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Yahoo! Finance

4:30 pm : Stocks spent the session chopping along listlessly as market participants monitored the euro and digested a large batch of BP headlines and a the latest dose of economic data.

Trade was initially guided by action in the euro, which had come under pressure after yield spreads widened on Portugal and Spain's debt. With Spain scheduled to meet with authorities from the European Union and International Monetary Fund there was increased speculation that the country is in need of financial aid. The euro was down as much as 0.6% against the greenback and temporarily reversed that loss, but it still finished with a 0.2% loss at $1.23.

A clear leader never emerged from this session's action. Only the stodgy utilities sector traded with a steady gain. It settled 0.6% higher.

Market participants were hit with a barrage of headlines regarding BP (BP 31.85, +0.45) that stirred volatility in the stock. Shares of BP had been backed down to trade near their lows, but support near those lows resulted in a squeeze higher. The stock saw further support following its decision to suspend its dividend for the rest of this year and also to establish a $20 billion escrow fund for claims that stem from the Gulf oil spill. Those decisions seemed to remove some uncertainty about the company's compliance with government requests as a remedy for the spill is sought. Moreover, reports that bond guru Bill Gross purchased a bundle of BP debt provided a vote of confidence in the company.

In other corporate news, FedEx (FDX 78.07, -4.94) posted better-than-expected earnings of $1.33 per share for the latest quarter, but that was overshadowed by a forecast that called for fiscal 2011 earnings that would range from $4.40 to $5.00 per share, which is below Wall Street's current consensus forecast for earnings of $5.05 per share. The stock suffered its worst single-session slide in six months.

Shares of Nokia (NOK 8.77, -1.05) also slid sharply following a disappointing outlook. The stock dropped more than 10% after the company stated that it expects second quarter net sales for devices and services to be at the lower end or slightly below the previously stated range of 6.7 billion to 7.2 billion euros. The company is suspected of feeling competitive pressures from Apple (AAPL 267.56, +7.56) in the handset market; shares of AAPL outperformed and helped lead the Nasdaq 100 to a 0.4% gain, though the Nasdaq Composite closed flat.

Economic data for the day consisted of the May Producer Price Index, which fell 0.3% month-over-month when a 0.5% monthly decline had been widely expected. Excluding food and energy, producer prices made a 0.2% monthly increase, which is essentially in step with the 0.1% monthly increase that had been expected.

Housing starts and building permits disappointed. Specifically, housing starts for May dropped 10% month-over-month to an annualized rate of 593,000 units, which is well below the rate of 655,000 units that had been widely expected. Building permits for May dropped 5.9% month-over-month to an annualized rate of 574,000, which is well below the expected rate of 631,000.

Industrial production for May increased 1.2%, which bested the 0.9% increase that had been anticipated. Capacity utilization hit 74.7, which is in-line with the 74.5% that was widely forecast.

Advancing Sectors: Utilities (+0.6%), Health Care (+0.3%), Tech (+0.2%)
Declining Sectors: Consumer Discretionary (-0.6%), Consumer Staples (-0.5%), Industrials (-0.2%), Energy (-0.2%), Materials (-0.1%)
Unchanged: Financials, Telecom DJ30 +4.69 NASDAQ +0.05 NQ100 +0.4% R2K -0.4% SP400 -0.4% SP500 -0.62 NASDAQ Adv/Vol/Dec 1063/1.94 bln/1563 NYSE Adv/Vol/Dec 1245/1.17 bln/1796

3:30 pm : Commodities had a lackluster session overall, but the CRB Commodity Index still finished with a 0.3% gain.

Oil outperformed after it recovered from selling pressure that was spurred by a larger-than-expected build of 1.69 million barrels in weekly oil inventories. It settled with a 1.0% gain at $77.70 per barrel.

Natural gas gave back a chunk of the gains that it recorded over recent sessions. The commodity closed with a 3.1% loss at $4.99 per MMBtu.

As for precious metals, gold prices gave up 0.3% to close pit trade at $1230.50 per ounce and silver settled 0.4% lower at $18.50 per ounce. DJ30 -23.81 NASDAQ -3.44 SP500 -3.02 NASDAQ Adv/Vol/Dec 1031/1.55 bln/1575 NYSE Adv/Vol/Dec 1126/852 mln/1896

3:00 pm : Following a meeting with President Obama, the Chairman of BP (BP 32.70, +1.30) announced that the company will not pay a dividend for the rest of this year. Halting the dividend will free up cash for the company, so that it will be better able to quickly meet claims that stem from the oil leak in the Gulf. The stock is now at a session high with a gain of more than 4%; it is also up more than 10% from its session low. DJ30 +11.34 NASDAQ +8.85 SP500 +1.16 NASDAQ Adv/Vol/Dec 1317/1.39 bln/1265 NYSE Adv/Vol/Dec 1426/764 mln/1560

2:30 pm : The stock market continues to muddle along with a modest gain. Action around shares of BP (BP 31.36, -0.04) has become quite volatile, though; the price action comes as President Obama provides a recap of his meeting with executives from the company. Obama stated that he is confident BP will be able to meet its obligations and that BP is a strong, viable company. Obama also made note that it is in the interests of Americans that the company remain so. DJ30 +10.43 NASDAQ +9.43 SP500 +1.84 NASDAQ Adv/Vol/Dec 1327/1.26 bln/1235 NYSE Adv/Vol/Dec 1487/689 mln/1508

2:00 pm : The Nasdaq Composite has worked its way to a fresh session high, thanks to strength among large-cap tech plays. Large-cap tech has had an even better effect on the Nasdaq 100, which is now up 0.7%.

Meanwhile, the broader S&P 500 has been hung up near the highs that it set earlier this session. Though the S&P 500 tech sector is now up 0.4%, utilities stocks are actually the strongest performers. As a group, utilities are up 0.9%. DJ30 +16.47 NASDAQ +10.12 SP500 +2.97 NASDAQ Adv/Vol/Dec 1299/1.16 bln/1235 NYSE Adv/Vol/Dec 1484/635 mln/1472

1:30 pm : The stock market is dancing along the neutral line. A lack of leadership has limited moves to the upside, but a lack of selling has kept stocks from faltering.

Trading volume is solid this session, though not robust. Share volume on the NYSE is quickly approaching 600 million shares. DJ30 -10.35 NASDAQ +2.49 SP500 -0.60 NASDAQ Adv/Vol/Dec 1119/1.06 bln/1409 NYSE Adv/Vol/Dec 1221/583 mln/1742

1:00 pm : Stocks have been stuck in choppy, listless trade for most of the session, but the broader market has managed to improve its position in recent action.

Early action saw stocks slip to a modest loss as buyers backed away in order for the prior session's 2% gain to consolidate. Participants were also reminded about sovereign debt problems as yield spreads widened in Portugal and Spain. The latter issue put the euro under pressure. The euro was able to trim its loss, but renewed selling has sent it back to a 0.2% loss at $1.23.

Without any clear leader the stock market has shadowed the euro's moves. In turn, stocks are back in the red after a recent push into positive territory. Still, stocks are up comfortably from their session lows.

Similar to the broader market, shares of BP (BP 31.08, -0.32) are back in the red after they caught a strong bid just a little bit ago. The stock had fought off a breakdown near its low and, in doing so, created a positive technical situation that resulted in a squeeze higher.

BP will reportedly place $20 billion into an escrow account to pay claims that stem from its spill in the Gulf after some heated political rhetoric. The effort will help remove some uncertainty about the company's compliance with government requests as the company continues to seek a remedy for its oil spill. As part of that effort to stem the flow of oil, BP has attached a second containment system to the Deepwater Horizon rig.

In other corporate news, FedEx (FDX 80.57, -2.44) has had a rough session after it issued a weak earnings forecast that has overshadowed a positive upside surprise for the latest quarter.

A disappointing outlook from Nokia (NOK 8.79, -1.03) has pressured shares of the global communications equipment maker. The company is suspected of feeling competitive pressures from Apple (AAPL 265.79, +6.10), which has outperformed this session. Strength in AAPL has helped prop up the Nasdaq.

Shares of home improvement retailers (-1.5%) remain in the red after housing starts and building permits for May made a surprisingly sharp retreat.

Other economic data, including an in-line Producer Price Index for May and stronger-than-expected industrial production for May, have had less of an impact on trade. DJ30 -12.24 NASDAQ +1.99 SP500 -0.69 NASDAQ Adv/Vol/Dec 1058/990 mln/1457 NYSE Adv/Vol/Dec 1190/540 mln/1755

12:30 pm : Following a brief pullback the S&P 500 was able to regather some support and push into positive territory. Though its gain is limited, the stock market is at a fresh session high.

Shares of BP (BP 31.56, +0.16) have caught a strong bid in recent trade. Earlier, the stock fought off a breakdown toward new lows and, in doing so, created a positive technical situation that resulted in a squeeze higher. The move was helped by news that BP has placed $20 billion into an escrow account to pay claims that stem from its spill in the Gulf. That effort will help remove some uncertainty about the company's compliance with government requests. Also, BP has filed a report that states it has attached a second containment system to the Deepwater Horizon rig to supplement the lower marine riser package cap containment system. DJ30 +0.60 NASDAQ +5.36 SP500 +1.35 NASDAQ Adv/Vol/Dec 1169/895 mln/1332 NYSE Adv/Vol/Dec 1346/483 mln/1596

12:00 pm : A recent upswing by stocks lost momentum as the S&P 500 ran into resistance near the neutral line. Stocks have since eased back a bit, but they remain up from their session lows.

Meanwhile, the euro has trimmed its loss. It is now down fractionally to $1.233, while the greenback has given up its morning gains to trade with a slight loss. The euro's improved position has helped provide an element of support to the broader market. DJ30 -16.85 NASDAQ +1.68 SP500 -1.89 NASDAQ Adv/Vol/Dec 1065/800 mln/1379 NYSE Adv/Vol/Dec 1134/430 mln/1794

11:30 am : Large-cap tech plays like Apple (AAPL 264.60, +4.91) and Cisco (CSCO 23.75, +0.42) have helped give the broader market a lift in recent trade. Their strength has given an even greater lift to the Nasdaq, which is now up to a modest gain after spending the first couple of hours in negative territory. The move has also helped the Nasdaq marginally extend its year-to-date gain, which now stands at 1.7%, while the S&P 500 is still down with a slight year-to-date loss. DJ30 -17.68 NASDAQ +2.19 SP500 -1.07 NASDAQ Adv/Vol/Dec 1010/674 mln/1397 NYSE Adv/Vol/Dec 1074/373 mln/1807

11:05 am : Action has been choppy for the first part of the session. The lack of direction has left stocks to continue contending with moderate losses.

Utilities stocks have found favor, though. With a 0.2% gain, utilities represent the only sector to trade with a gain. Electric utilities like Duke Energy (DUK 16.49, +0.08) and Dominion Resources (D 41.55, +0.27) have been leaders in that move. DJ30 -35.97 NASDAQ -7.19 SP500 -4.24 NASDAQ Adv/Vol/Dec 737/538 mln/1662 NYSE Adv/Vol/Dec 795/308 mln/2067

10:30 am : The US Dollar Index pulled back near the unchanged line in recent trade, which gave a boost to a select number of commodities.

July crude oil fell into the red overnight, but found strength earlier as the dollar index was pulling back, which put crude back near the unchanged line. Ahead of today's inventory data, crude was sitting just below the unchanged line. Following the data, which showed a build of 1.69 million barrels versus the consensus, which called for a draw down of 1.0 million barrels, crude fell back near session lows and is currently trading at $76.55 per barrel, down 0.5%.

July natural gas dipped into negative territory around 6:30am ET and has remained there since. Natural gas hit session lows of $5.04 per MMBtu minutes ago and is currently 2.7% lower at $5.05 per MMBtu.

Precious metals aren't doing much this morning as August gold is sitting just below the unchanged line at $1232.10 per ounce. July silver is currently 0.9% higher at $18.41 per ounce. DJ30 -49.96 NASDAQ -11.57 SP500 -5.69 NASDAQ Adv/Vol/Dec 643/363.1 mln/1682 NYSE Adv/Vol/Dec 726/213.9 mln/2075

10:00 am : The euro has managed to trim its loss to 0.2% so that it now trades at $1.230, but stocks remain under a mild, but broad-based fit of pressure.

Shares of home improvement retailers (-1.8%) and homebuilders (-1.3%) have had to grapple with both broader market weakness and disappointing data on housing starts and building permits for May. Their weakness has weighed on the consumer discretionary sector, which is down 0.7%, now more than any other major sector.

Advancing Sectors: (None)
Declining Sectors: Consumer Discretionary (-0.7%), Materials (-0.5%), Consumer Staples (-0.5%), Energy (-0.4%), Utilities (-0.4%), Telecom (-0.3%), Health Care (-0.2%), Tech (-0.2%), Financials (-0.1%)
Unchanged: Industrials DJ30 -34.16 NASDAQ -5.23 SP500 -2.86 NASDAQ Adv/Vol/Dec 661/233 mln/1612 NYSE Adv/Vol/Dec 741/145 mln/1993

09:45 am : Stocks are down modestly in the early going, but the dip has been broad based, such that all 10 major sectors are in negative territory.

With a 0.6% loss, energy stocks are under some of the most pressure. Embattled BP Plc (BP 30.00, -1.40) is a primary source of weakness. Lower energy prices haven't helped the sector -- natural gas prices are down a sharp 1.8% to $5.09 per MMBtu and oil prices are down fractionally to $76.85 per barrel ahead of the weekly oil inventory report at 10:30 AM ET. DJ30 -37.41 NASDAQ -4.81 SP500 -3.89 NASDAQ Adv/Vol/Dec 607/149 mln/1585 NYSE Adv/Vol/Dec 665/100 mln/2008

09:15 am : S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -9.80. Bullish investors had a strong showing in the prior session, when they sent the stock market up more than 2% through its 200-day moving average. However, things have become a bit more cautious this morning. In turn, a slight pullback looks to be in order as stock futures follow the euro into the red following rekindled sovereign debt concerns in Europe. More specifically, the euro is down 0.4% to $1.229 after spreads on Spain's debt widened amid speculation that the country may be in line to receive financial aid. Disappointing data in the form of a surprisingly sharp drop in both housing starts and building permits for May haven't helped the tone of premarket trade either. Producer prices for May were generally in step with what had been expected, while industrial production for May was just released to show a stronger-than-expected increase. As for corporate headlines, FedEx (FDX) posted an upside beat, but issued cautious guidance. Nokia (NOK) also announced it a cautious view on earnings. BP Plc (BP) continues to seek a solution to its Gulf oil spill, which has fed plenty of negative rhetoric, most recently from President Obama.

09:05 am : S&P futures vs fair value: -7.60. Nasdaq futures vs fair value: -11.80. U.S. stock futures are up a bit from their morning lows. As for Europe's major bourses, they initially extended their gains from the prior session, but action has become rather lackluster in more recent trade. In turn, Germany's DAX is now down with a 0.3% loss. Consumer goods (-1.8%) have been a primary source of weakness, but basic materials (+0.3%) and utilities (+0.4%) have been a boon for the broader market. As such, E.On AG is a primary leader, while Daimler (DAI) is a key laggard. In France, the CAC is down 0.3% after it was rebuffed at its 200-day moving average. Total (TOT) is atop the list of leading movers, but financial issues BNP Paribas and Societe Generale have proven to be considerable drags. Britain's FTSE is off fractionally. Energy plays are strongest with a collective 0.4% gain. Royal Dutch Shell (RDS.A) is a leader in the group, but BP Plc (BP) is under renewed pressure. With a 1.4% loss, tech stocks are the weakest. Meanwhile, the euro remains under pressure, though it is up from its morning low. The currency was last quoted with a 0.4% loss at $1.229. Its weakness has been linked to rekindled concerns about sovereign debt, given the widening of yield spreads in Spain. In Asia, both mainland China's Shanghai Composite and Hong Kong's Hang Seng were closed for holiday observance, but trade was open in Japan, where the Nikkei climbed 1.8% to settle above 10,000 for the first time in three weeks. Tech attracted the most support; it surged 2.7%. Oil and gas plays lagged with a mere 0.2% gain. As for individual plays, Fast Retailing was a primary leader once again. Its shares have gained more than 10% over the past five sessions.

08:35 am : S&P futures vs fair value: -10.10. Nasdaq futures vs fair value: -16.50. Stock futures are near their morning lows following a flurry of economic data. The Producer Price Index for May fell 0.3% month-over-month. A 0.5% monthly decline had been widely expected. Excluding food and energy, producer prices were up 0.2% month-over-month in the face of calls for a 0.1% monthly increase. Housing starts for May dropped 10% month-over-month to an annualized rate of 593,000 units, which is well below the rate of 655,000 units that had been widely expected. Meanwhile, building permits for May dropped 5.9% month-over-month to an annualized rate of 574,000, which is well below the expected rate of 631,000. Still to come are industrial production and capacity utilization numbers for May (9:15 AM ET) and weekly oil inventory data (10:30 AM ET).

08:05 am : S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -13.50. Stocks settled the prior session at three-week highs, but a mild pullback looks like it is taking shape this morning. Weakness among stock futures follows a dip by the euro, which is currently down 0.5% to $1.227. The euro's pullback comes amid a widening of credit default swap spreads in Spain and Portugal ahead of Spain's meeting with officials from the International Monetary Fund at the end of the week. In corporate news, FedEx (FDX) reported this morning better-than-expected earnings for its latest quarter, but issued a disappointing outlook. Oil spill problems persist at BP Plc (BP), which continues to feel pressure from politicians and President Obama to establish an escrow account to pay claims from the oil spill in the Gulf. The May Producer Price Index is due at the bottom of the hour, along with housing start and building permit data for May. Industrial production and capacity utilization figures for May follow at 9:15 AM ET. At 10:30 AM ET commodity traders get their hands on the latest weekly oil inventory numbers. Fed Chairman Bernanke is scheduled to speak later this evening, 5:45 PM ET, about financial reform.

06:35 am : S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -8.00.

06:35 am : Nikkei: 10067.15, +179.30...+1.80%. Hang Seng: Holiday

06:35 am : FTSE: 5234.23, +16.40...+0.30%. DAX: 6185.48, +10.50...+0.20%.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1 708 572-4885
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