TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 8:56 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: July 1st Thursday 2010 Emini TF ($TF_F) points +15.20
PostPosted: Fri Jul 02, 2010 7:13 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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=76&t=559

Quote:
Today's results are 3 wins : 1 losses : 2 breakevens (see above #FuturesTrades log). Odd start to my trading day because it's a holiday here in Canada I thought I wasn't going to be trading due to planned family events. However, plans got changed to the afternoon and evening...allowing me to only trade in the first few hours of trading (0930am - 1100am est). With that said, good trading day because I was able to catch a few profitable trades that resulted as a runner (exceeded the planned profit target 2 level). 2nd best key change in supply/demand of the morning session was the WRB Hidden GAP around 10am est that helped setup some trades later in the morning session.

Trading Tip: If you're a trader over 35 years old...get a home blood pressure monitor and take 2 - 3 readings per day (morning, afternoon and night) along with documenting them in your public or private trade journal. It will show you how trading is impacting your health and give you insights about how your mind is handling the stress of trading.


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=116&t=709

Trade Performance for Today: +15.20 points or $1,520 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
Attachment:
070110_wrbtrader_PnL_Blotter_Profit.png
070110_wrbtrader_PnL_Blotter_Profit.png [ 32.43 KiB | Viewed 1593 times ]

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

U.S. Stocks Drop on Concern Global Recovery Is Faltering: Video



Stocks At New 2010 Lows
By Alexandra Twin, senior writer
July 1, 2010: 6:05 PM ET

NEW YORK (CNNMoney.com) -- Stocks slipped Thursday, but managed to trim bigger losses, after worse-than-expected readings on manufacturing, housing and the labor market fueled fears that the economy is heading for another recession.

The Dow Jones industrial average (INDU) lost 41 points, or 0.4%, for its lowest close since Oct. 30. The Nasdaq (COMP) composite lost 8 points, or 0.4%, closing at its lowest point since Nov. 4.

The S&P 500 (SPX) lost 3 points, or 0.3%, closing at its lowest point since Oct. 2.

"The combination of a weak weekly jobless claims number and a lower-than-expected manufacturing index helped send the market sharply lower throughout much of today," said Michael Sheldon, chief market strategist at RDM Financial Group.

However, on a positive note, the S&P 500 was able to touch and then bounce off a key level professional traders watch, Sheldon said, which could give the market some stability in the short term.

Declines were broad based, with 23 of the Dow's 30 components lower, led by Hewlett-Packard (HPQ, Fortune 500), Merck (MRK, Fortune 500), United Technologies (UTX, Fortune 500) and JPMorgan Chase (JPM, Fortune 500)

Stocks started higher Thursday as investors opted to dip back into select shares after a brutal second quarter. But the early buying fizzled after the release of the manufacturing and housing market reports.

An earlier reading on weekly jobless claims added to concerns that the economic recovery is losing steam.

Stocks slumped in the second quarter on worries that the European debt crisis would pressure an already struggling U.S. economy, potentially sending it into a double-dip recession. In the quarter, the Dow lost 10%, the Nasdaq lost 12% and the S&P lost just short of 12%.

However, the S&P 500 is off more than 15% from its rally highs in April, a threshold that could set the stage for a bigger sell-off in the weeks ahead. In the same period, the Nasdaq lost 16.6%.

"Earnings are decent and interest rates are low, but it's a nervous environment, from declines in net worth to issues of job security," said Steven Goldman, market strategist at Weeden & Co. "The public is unlikely to invest with this backdrop."

Treasury prices advanced, lowering the corresponding yields. The euro rallied versus the dollar, while the dollar slumped versus the yen.
Job growth was fleeting

Manufacturing: The Institute for Supply Management's ISM index for June fell to 56.2 from 59.7 in May. Economists expected it to dip to 59. While any level over 50 indicates expansion in the sector, the slowing pace of activity was nonetheless a worry to market participants.

In other news, construction spending fell 0.2% in May, the government reported, after rising 2.3% in April. Economists thought it would fall 0.9%.

Housing: The National Association of Realtors said its pending home sales index plunged 30% in May, reflecting the end of the tax rebates for homebuyers. Economists expected the index to fall 10.5%. The index rose 6% in April.

Jobs: One day ahead of the government's big non-farm payrolls report for June, the weekly jobless claims report showed a rise in new claims. The number of Americans filing new claims for unemployment last week rose to 472,000 from a revised 459,000 in the previous week. Economists expected 458,000 new claims.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, rose to 4,616,000 from a revised 4,573,000 in the previous week. Economists expected a drop to 4,510,000.

Friday's big jobs report is expected to show that employers cut about 100,000 jobs from their payrolls last month. The unemployment rate, generated by a separate survey, is expected to have risen to 9.8% from 9.7%.

A report on private sector hiring released Wednesday showed employers added 13,000 positions in June, missing forecasts for a gain of 61,000.

Autos: Car and truck makers were releasing June sales figures through the session. General Motors said sales rose 36% from a year earlier, but dipped 12.5% from May. That month-over-month decline was bigger than what economists surveyed by Briefing.com were expecting, providing another indication that the economy is weakening.

Ford Motor (F, Fortune 500) said June sales climbed 15% versus a year earlier, but down 13% from May, short of expectations.
0:00 /3:01How does your 401(k) stack up?

World markets: European markets stumbled across the board, with Britain's FTSE 100 losing 2.3%, Germany's DAX giving back 1.8% and France's CAC 40 falling 3%.

Asian markets slipped as well, with Japan's Nikkei falling 2%, Hong Kong's Hang Seng down 0.6% and the Shanghai Composite off 1%.

Commodities: U.S. light crude oil for August delivery fell $2.68 to settle at $72.95 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell $39.20 to settle at $1,206.70 an ounce.

Bonds: Treasury prices climbed, lowering the yield on the 10-year note to 2.93% from 2.95% late Wednesday. Treasury prices and yields move in opposite directions.

Market breadth: Market breadth was negative. On the New York Stock Exchange, losers beat winners three to two on volume of 1.6 billion shares. On the Nasdaq, decliners topped advancers by two to one on volume of 2.68 billion shares.

Image

Yahoo! Finance

4:30 pm : Stocks finished Thursday with their eighth loss in nine sessions, but the scope of the slide proved far less severe than what had appeared to be in order during early action.

The stock market dropped nearly 2% to a new nine-month low after market participants were hit with a flurry of disappointing reports. Leading the list of dour data was an initial jobless claims count of 472,000 for the week ended June 26. Something more on the order of 458,000 claims had been widely expected. Continuing jobless claims climbed to 4.62 million from 4.57 million.

It was later learned that pending home sales for May plummeted 30.0% month-over-month in the worst decline in the nine years of available records.

Meanwhile, ISM Manufacturing Index for June came in at 56.2, which is not only worse than the 59.0 that had been widely expected, but it is also the lowest level seen since January.

Though those reports induced plenty of selling, most market participants are primarily interested in tomorrow morning's official monthly payrolls report from the federal government.

Selling pressure eased into the afternoon, so that stocks still finished well above their session lows. Still, the lower finish brought the S&P 500's 50-day moving average even closer to pushing below its 200-day moving average in a move that technical traders call a Death Cross.

While overall losses remained broad into the close, consumer discretionary stocks displayed relative strength for the entire session. The sector even settled 0.8% higher. Consumer discretionary stocks are also in the best shape year to date. Despite concerns about the pace of the economic recovery amid a persistently weak job market, consumer discretionary stocks are down just 1.5% in 2010.

Health care stocks were among the weakest performers this session. The sector shed 0.8% as health care facilities Almost Family (AFAM 29.99, -4.94) and Amedisys (AMED 35.61, -8.37) dropped precipitously in response to news each company is under investigation by the SEC.

In contrast to recent weeks, stocks seemed to trade with out regard for the euro, which surged 2.3% against the greenback in its best single-session percentage climb of the past year. The move helped the euro make its way back above its 50-day moving average for the first time since April.

While the euro was strong for the entire session, Europe's major bourses succumbed to further selling. Specifically, France's CAC closed with a 3.0% loss, Germany's DAX dropped 1.8%, and Britain's FTSE fell 2.3%. They failed to find inspiration from Spain's relatively successful debt offering, which followed Moody's decision yesterday to put the country's debt on review for possible downgrade. The latest efforts by the European Central Bank to promote liquidity amid the expiration of bank loans also failed to motivate buyers.

Asia's major markets logged another round of losses ahead of the trade in both Europe and the U.S. The Shanghai Composite fell 1.0% to a new 52-week low following some disappointing PMI data. In Japan, the Nikkei fell 2.0% to a new seven-month low, but Hong Kong's Hang Seng missed the selloff since it was closed for holiday observance.

Precious metals prices plummeted on Thursday. Specifically, contracts for gold closed pit trade with the yellow metal priced 3.1% lower at $1207.80 per ounce. This was the first time in three months that gold prices closed below their 50-day moving average, which currently stands near $1211 per ounce.

As for silver, July contract prices dropped 4.7% to a three-week low of $17.80 per ounce. However, silver contracts for September, which saw the most volume this session, closed at $17.79 per ounce.

Oil prices fell under renewed selling pressure amid persistent concerns about economic growth. Futures prices for the energy component plummeted 3.5% to $72.95 per barrel, a three-week low.

Natural gas prices displayed isolated strength. The commodity closed pit trade priced 5.2% higher at $4.85 per MMBtu. A smaller-than-expected inventory build of 60 bcf for the week ended June 25 helped.

Advancing Sectors: Consumer Discretionary (+0.8%), Telecom (+0.4%), Consumer Staples (+0.2%)
Declining Sectors: Financials (-0.9%), Health Care (-0.8%), Materials (-0.7%), Industrials (-0.6%), Energy (-0.4%), Tech (-0.3%), Utilities (-0.3%) DJ30 -41.49 NASDAQ -7.88 NQ100 -0.3% R2K -0.8% SP400 -0.6% SP500 -3.34 NASDAQ Adv/Vol/Dec 903/2.66 bln/1754 NYSE Adv/Vol/Dec 1202/1.60 bln/1839

3:30 pm : Precious metals prices plummeted on Thursday. Specifically, contracts for gold closed pit trade with the yellow metal priced 3.1% lower at $1207.80 per ounce. This was the first time in three months that gold prices closed below their 50-day moving average, which currently stands near $1211 per ounce.

As for silver, July contract prices dropped 4.7% to a three-week low of $17.80 per ounce. However, silver contracts for September, which saw the most volume this session, closed at $17.79 per ounce.

Oil prices fell under renewed selling pressure amid persistent concerns about economic growth. Futures prices for the energy component plummeted 3.5% to $72.95 per barrel, a three-week low.

Natural gas prices displayed isolated strength. The commodity closed pit trade priced 5.2% higher at $4.85 per MMBtu. A smaller-than-expected inventory build of 60 bcf for the week ended June 25 helped. DJ30 -55.81 NASDAQ -12.45 SP500 -4.51 NASDAQ Adv/Vol/Dec 832/2226 mln/1800 NYSE Adv/Vol/Dec 1076/1178 mln/1957

3:00 pm : Selling pressure has picked back up to take stocks back to a marked loss. Still, the backslide hasn't even been half as severe as what the stock market had experienced when it made its late morning drop.

Despite persistent weakness, volatility is actually negative this session. Specifically, the Volatility Index is down more than 2% today. DJ30 -78.90 NASDAQ -19.94 SP500 -6.95 NASDAQ Adv/Vol/Dec 698/2.04 bln/1918 NYSE Adv/Vol/Dec 943/1.07 bln/2082

2:30 pm : The S&P 500 recently attempted to poke into positive territory, but resistance kept the stock market from completing that feat. Still, the stock market's position is far improved fom the depths that it had probed at its session low, where it traded with a loss of nearly 2%.

Despite resistance against the broader market, energy stocks have pushed into positive territory to trade with fractional gain. The sector's relative strength comes even though oil prices are down 3.8% to $72.75 per barrel ahead of pit trade's close. DJ30 -51.77 NASDAQ -13.25 SP500 -4.50 NASDAQ Adv/Vol/Dec 733/1.91 bln/1875 NYSE Adv/Vol/Dec 1015/995 mln/1990

2:00 pm : The broader market's loss remains moderate amid widespread weakness. Despite that, shares of retailers have ascended to a 1.2% gain, which has helped the consumer discretionary sector climb to a 0.8% gain. In the face of concerns about the pace of the economic recovery amid a persistently weak job market, consumer discretionary stocks actually make up the best performing sector for 2010 -- they are down just 1.5% year-to-date. DJ30 -38.69 NASDAQ -9.79 SP500 -3.45 NASDAQ Adv/Vol/Dec 741/1.75 bln/1839 NYSE Adv/Vol/Dec 992/905 mln/2000

1:30 pm : Stocks continue to chop along in negative territory with broad-based losses. Still, the major averages are up markedly from their lows.

Heavy share volume has helped usher in the third quarter. Specifically, more than 800 million shares have already been traded on the NYSE this session. DJ30 -59.32 NASDAQ -15.43 SP500 -6.31 NASDAQ Adv/Vol/Dec 670/1.62 bln/1899 NYSE Adv/Vol/Dec 851/824 mln/2137

1:00 pm : Stocks have slashed their losses, but weakness persists ahead of the always pivotal nonfarm payrolls report on Friday.

Modest gains in the first few minutes were quickly dashed as renewed selling sent stocks deeply into negative territory. The slide intensified after the latest pending home sales figures showed a 30.0% month-over-month drop for May -- the dramatic decline was nearly triple the size of the slide that had been widely expected.

The precipitous drop in pending home sales perpetuates pessimism about the pace of a housing recovery. A persistently weak job market hasn't helped the prospects of housing as initial jobless claims for the week ended June 26 totaled 472,000, which is more than the 458,000 initial claims that had been widely expected. The latest tally exceeds the four-week moving average of 466,500. As for continuing claims, they climbed to 4.62 million from 4.57 million. Those disappointing figures precede the official monthly jobs report from the federal government tomorrow.

Manufacturing data disappointed, too. Specifically, the ISM Manufacturing for June came in at 56.2, below the widely expected reading of 59.0.

At their lowest point, stocks touched levels not seen in nine months. They have since halved their losses, but the negative tone to trade persists. As such, nine of the 10 major sectors are in the red -- only consumer discretionary plays (+0.3%) are in higher ground.

Despite such widespread weakness, market participants have been less than predictable in their selection of safe havens. Specifically, the dollar is down 1.3% as it gets trounced by the euro, which has put together one of its best gains (+1.7%) against the greenback in more than one month. It has encountered upside resistance at its 50-day moving average, though.

Gold prices are down precipitously. The precious metal was last quoted with a 2.7% loss at $1212 per ounce.

Treasuries are only slightly higher at the moment, although earlier strength sent the yield on the benchmark 10-year Note below 2.90% for the first time since November 2009. DJ30 -64.24 NASDAQ -15.68 SP500 -7.01 NASDAQ Adv/Vol/Dec 623/1.53 bln/1945 NYSE Adv/Vol/Dec 770/768 mln/2208

12:30 pm : Stocks had retraced a nice portion of their morning retreat, but the move off of morning lows has steadied so that stocks are still down in excess of 1%.

Selling pressure around commodities has intensified, though natural gas continues to display isolated strength. The August contract for natural gas was last quoted at $4.80 per MMBtu, up 3.9%, but oil prices are now down 4.2% to $72.40 per barrel. As for precious metals, the August contract for gold has the yellow metal priced 3.1% lower at $1207 per ounce, while the price of silver in a July contract is 4.9% lower at $17.75 per ounce. DJ30 -98.96 NASDAQ -25.66 SP500 -12.56 NASDAQ Adv/Vol/Dec 475/1.36 bln/2074 NYSE Adv/Vol/Dec 604/680 mln/2386

12:00 pm : Though the mood among traders remains largely negative, shares of retailers have attracted support. As a group, retailers are up 0.5%. Most of that move is owed to strength in shares of Office Depot (ODP 4.19, +0.15 ), which has benefited from an analyst upgrade.

Strength among retailers has helped limit the broader consumer discretionary sector's loss to just 0.1%. That makes it a relative outperformer. DJ30 -98.25 NASDAQ -23.23 SP500 -11.92 NASDAQ Adv/Vol/Dec 498/1.25 bln/2036 NYSE Adv/Vol/Dec 594/620 mln/2364

11:30 am : Stocks are up modestly from their morning lows, but the overall mood in the marketplace remains negative.

Financials have fallen to a 2.6% loss, which makes it the worst performing sector in the S&P 500. The sector's slide comes as diversified financial services plays like JPMorgan Chase (JPM 35.48, -1.08), Bank of America (BAC 13.80, -0.57), and Citigroup (C 3.68, -0.08) get whacked. According to morning reports from CNBC, analysts at Bank of America cut their estimates on shares of both JPM and C. CNBC also reported that the Treasury has completed the sale of 1.1 billion shares of C. DJ30 -96.24 NASDAQ -25.75 SP500 -12.62 NASDAQ Adv/Vol/Dec 440/1.05 bln/2085 NYSE Adv/Vol/Dec 502/524 mln/2438

11:00 am : Selling pressure against stocks has intensified so that the S&P 500 is now at a new nine-month low. Weakness is widespread with all 10 sectors in the red and eight of them down with a loss of at least 1% -- consumer staples (-0.4%) and utilities (-0.8%) have the least severe losses, so far.

The stock market's slide has prompted participants to purchase Treasuries. In turn, the yield on the benchmark 10-year Note is now below 2.9% for the first time since April of 2009.

Despite the apparent appeal of safety, the dollar has been beaten down this session. It is currently off by 1.4% against a basket of foreign currencies. Most of that move has come as a result of the euro's surge, which has given the currency a 1.8% gain against the greenback. DJ30 -120.01 NASDAQ -39.95 SP500 -16.38 NASDAQ Adv/Vol/Dec 346/750 mln/2127 NYSE Adv/Vol/Dec 436/353 mln/2465

10:35 am : Natural gas prices had been up roughly 0.4% in the minutes that preceded the commodity's latest weekly inventory report. For the week ended June 25, natural gas inventory showed a build of 60 bcf, which is less than the build of 65 bcf that had been widely anticipated. Prices for natural gas contracts have since extended their advance to trade with a 1.5% gain at $4.68 per MMBtu.

Oil prices are under sharp pressure. The energy component was last quoted with a 3.2% loss at $73.20 per barrel. That marks its lowest level in two weeks.

Precious metals have also succumbed to selling. Specifically, gold prices are down 1.2% to $1230.50 per ounce, while silver was last quoted 2.2% lower at $18.27 per ounce.

The overall weakness exhibited by commodities has the CRB Commodity Index down 1.2% at the moment. DJ30 -75.95 NASDAQ -30.94 SP500 -10.95 NASDAQ Adv/Vol/Dec 431/592 mln/1968 NYSE Adv/Vol/Dec 600/288 mln/2234

10:05 am : Selling has gained momentum following the May pending home sales figures, which showed a 30.0% month-over-month drop. The dramatic decline was roughly triple the size of the 10.5% slide that economists polled by Briefing.com had expected, on average. That has completely overshadowed news that construction spending for May fell a mere 0.2% when a 0.9% decline had been expected.

A weaker-than-expected ISM Manufacturing reading has only added to the stock market's downturn. The ISM for June came in at 56.2 after a 59.7 reading in May -- the June reading had been expected to come in at 59.0. DJ30 -73.61 NASDAQ -18.35 SP500 -9.70 NASDAQ Adv/Vol/Dec 564/331 mln/1726 NYSE Adv/Vol/Dec 684/168 mln/2049

09:45 am : Stocks got a nice pop in the first few minutes of trade, but the move has since come under pressure so that overall gains are minimal. Nonetheless, materials stocks have been an early source of support -- the sector is up 0.7% as steel stocks climb 2.0%, collectively, following better-than-expected earnings from Schnitzer Steel (SCHN 40.23, +1.03).

Health care stocks are at the opposite end of the spectrum. The sector is down 0.8% as health care facilities plays Almost Family (AFAM 29.99, -4.94) and Amedisys (AMED 35.61, -8.37) drop precipitously in response to news that both companies have been put under investigation by the SEC. DJ30 -1.43 NASDAQ +0.61 SP500 +0.25 NASDAQ Adv/Vol/Dec 1086/190 mln/1092 NYSE Adv/Vol/Dec 1385/98 mln/1243

09:15 am : S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +1.30. Stock futures have had a rather choppy morning, but they have worked their way out of the red and back to the flat line. The upward move has been helped by a stronger euro, which is now up 1.2% against the greenback, following Spain's relatively successful debt offering after Moody's put the country's debt on review for possible downgrade yesterday. The European Central Bank also continues to take new measures to promote liquidity as a large round of bank loans expires. Still, those headlines haven't really helped Europe's major bourses, which are down with marked losses at the moment. Their slide follows further losses in Asia, where China released a disappointing PMI number. Domestic data also proved dour with the release of a higher-than-expected weekly jobless claims count. More data is on its way with the release of the ISM Manufacturing Index for June and the May pending home sales figures at 10:00 AM ET. Still, the week's main event comes tomorrow morning, when the always pivotal monthly nonfarm payrolls report is released.

09:05 am : S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +0.30. Stock futures have made their way to the neutral line as the euro extends its rally to now sport a 1.3% gain against the dollar. Its strength comes in the wake of the decision by European Central Bank to lend billions in six-day notes to ease today's expiration of 12-month notes and Spain successfully auctioned off a few billion euros worth of five-year notes.

However, the euro's rally has done little for European equity markets. Specifically, Germany's DAX is down 0.7%. Consumer goods stocks are in the worst shape - they are down 1.5% as a group. France's CAC has fallen to a 1.8% loss. All 40 of the CAC's components are in the red. In Britain, the FTSE is off by 1.0% amid broad-based losses - oil and gas plays (+0.3%) make up the only sector currently in higher ground.

Action in Asia remains weak after China's PMI Manufacturing figure for June came in at a weaker-than-expected 52.1. Mainland China's Shanghai Composite dropped another 1.0% to log its seventh straight loss and close at a new 52-week low. Hong Kong's Hang Seng was closed for holiday observance, but Japan's Nikkei was open for trade. The Japanese index tumbled 2.0%. Its declining issues outnumbered its advancers by more than 15-to-1. Telecom plays were in the worst shape - they tumbled 3.2%, collectively.

08:35 am : S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -9.00. Stock futures have come under increased pressure following the release of some disappointing weekly jobless claims data. Initial jobless claims for the week ended June 26 totaled 472,000, which is more than the 458,000 initial claims that had been expected, on average, by a sample of economists polled by Briefing.com. The latest tally also marks a week-over-week increase of 13,000 new claims. The four-week moving average now stands at 466,500, which is up from the prior week's moving average of 463,250 initial weekly claims. As for continuing claims, they climbed to 4.62 million from 4.57 million. The big jobs report from the federal government isn't due until tomorrow morning.

08:05 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -7.00. Stock futures have had a choppy morning, but they have worked their way up from lows. They still lag fair value, though. Persistent weakness comes in the face of a stronger euro, which is up a sharp 0.8% against the greenback. There has been further selling among overseas markets, which have provided premarket participants their primary trading cues, given the lack of news flow this morning. One item of note, though, is that the Senate vote for the financial overhaul bill will not take place until after their July recess. The latest in weekly jobless claims is due at the bottom of the hour. The ISM Manufacturing Index for June follows at 10:00 AM ET, which is the same time that pending home sales figures for May are released. Vehicle sales numbers for June are expected to released intermittently.

06:39 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -4.50.

06:39 am : Nikkei...9191.60...-191.00...-2.00%. Hang Seng...Holiday.........

06:39 am : FTSE...4872.00...-44.90...-0.90%. DAX...5927.27...-38.20...-0.60%.

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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr