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 Post subject: July 23rd Friday 2010 Emini TF ($TF_F) points +25.30
PostPosted: Sat Jul 24, 2010 8:07 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=76&t=579

Quote:
Today's results are 10 wins : 9 losses (see above #FuturesTrades log). As usual, my number of losses is a misconception due to the fact that they were small losses or minimized so that I was able to reach my profit goal for the trading day. Simply, I'm not afraid of losses just as long as they are small. However, that doesn't imply I'm using tight (small) stops. Instead, I always enter a trade with a - 4 point stop but within a minute after entry I begin adjusting my stop (adapting) to the current price action because I'm a strong believer that we must understand the price action for adapting instead of using fixed stops/profit targets.


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: +25.30 points or $2530 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
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1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini TF...click here.
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The market summaries below are courtesy of Bloomberg, CNNMoney and Yahoo! Finance.

U.S. Stocks Advance on Genzyme Speculation, GE Dividend
July 23 (Bloomberg) -- Bloomberg's Courtney Donohoe reports on the performance of the U.S. equity market today. Stocks rose, almost wiping out the Dow Jones Industrial Average's 2010 loss, after speculation that Genzyme Corp. may be bought spurred optimism that a rebound in acquisitions is accelerating and General Electric Co. boosted its dividend.

Stocks Rally On Day, Week
By Alexandra Twin, senior writer
July 23, 2010: 6:00 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Friday, with the Dow briefly turning positive for the year after a report showed that most of Europe's big banks passed their stress tests, easing investor worries about the strength of the global economy.

A rally in the euro, better-than-expected quarterly profit reports from Microsoft, Ford and others and some deal news in the biotech sector all added to the day's gains.

The Dow Jones industrial average (INDU) added 102 points, or 1% and closed at 10,424.62, just shy of the 10,428.05 where it ended last year. The S&P 500 (SPX) index rose 9 points or 0.8%, closing above 1100 for the first time in a month. The Nasdaq (COMP) composite gained 23 points or 1%.

Stocks struggled in the morning as investors weighed a mix of earnings ahead of the release of the stress test results. Investors were also reluctant to move much after Thursday's big rally, sparked by a series of strong profit reports.

But the release of the test results -- which showed that the major European banks are sufficiently capitalized should a double-dip recession take place -- seemed to soothe investors, paving the way for an afternoon rally.

"The lack of bad news in the stress tests helped the market," said Tom Schrader, managing director at Stifel Nicolaus. "Everyone was anticipating some negative news and when that didn't happen, everything popped."

The test of 91 banks showed all but 7 would be able to hold on during a downturn and emerge in good shape, even if they suffered billions in asset writedowns and trading losses. However, critics contend that the tests didn't go far enough to account for how banks holding sovereign bonds might react if a particular country defaulted on its debt, say Greece or Spain.

Investors also welcomed news that General Electric (GE, Fortune 500) is boosting its dividend by 20% and will retart its share buyback program at the end of the quarter.

All three major gauges gained for the week, and the Dow is now within shouting distance of breaking even for the year, after having been in danger of falling into a bear market just a month ago.

"The market is indicating to me that it wants to go up and we're seeing some good solid earnings and economic news to support that," said John Wilson, chief technical strategist at Morgan Keegan. "But I'd love to see some better (trading) volume come in to reinforce that."

He said that the weak trading volume reflects the fact that its summer and many market pros are on vacation or are holding off on making big moves until the fall. However, it also indicates less enthusiasm on the part of buyers.
Europe's big banks pass stress tests

Quarterly results: Ford Motor (F, Fortune 500) reported better-than-expected quarterly sales and earnings that reversed its operating loss from a year ago, building on its return to profitability following several years of weakness. Shares gained 5.2%.

Dow component Verizon Communications (VZ, Fortune 500) posted a quarterly loss due to costs associated with a buyout of 11,000 workers. Excluding those costs, the telecom posted earnings that topped estimates and revenue that missed forecasts. Shares gained 3.8%.

Dow component McDonald's (MCD, Fortune 500) reported better-than-expected quarterly earnings that rose from a year ago, but reported weaker-than-expected sales at stores open a year or more -- a retail metric known as same-store sales. Shares fell 2.1%.

After the close Thursday, fellow Dow component Microsoft (MSFT, Fortune 500) reported higher quarterly sales and earnings that topped estimates, thanks to strong sales of its Windows 7 and an improved personal computer market. Shares ended little changed.

Also after the close Thursday, Dow component American Express (AXP, Fortune 500) reported higher quarterly sales and earnings that topped expectations. The company's CEO also issued a tepid outlook on the economy. Nonetheless AmEx shares rallied 3.6%.

On Thursday, Amazon.com (AMZN, Fortune 500) reported quarterly sales and earnings that rose from a year ago, but missed some analysts' projections. Shares fell as much as 11% in pre-market trading and 9% in the morning, but cut losses to 1% by the close.

Deals: Shares of Genzyme (GENZ, Fortune 500) spiked 15.4% on a report that French biotech Sanofi-Aventis (SNY) has informally approached the company about a potential buyout, the Wall Street Journal reported Friday. Sanofi-Aventis' American Depositary Receipts (ADRs) slipped 4.2%.

Banking: Pay czar Kenneth Feinberg's latest review of pay practices at banks that received bailout funds showed 17 companies made $1.6 billion in "ill-advised payments" during the financial market crisis. Companies listed included Citigroup and Goldman Sachs.
0:00 /1:34What the EU stress tests mean

World markets: European markets were mixed, with Britain's FTSE 100 ending little changed, Germany's DAX rising 0.4% and France's CAC 40 rising 0.2%. In Asia, the Japanese Nikkei gained 2.3%.

Currencies: Moody's put Hungary on review for a potential downgrade of its debt, reminding investors that the European debt crisis is far from over. That sent the euro lower versus the dollar, while the dollar gained versus the Japanese yen.

Commodities: U.S. light crude oil for September delivery fell 30 cents to settle at $79 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell $6.40 to $1,189.20 an ounce.

Bonds: Treasury prices fell as stocks rose and investors pulled money out of the safety of government debt. The slide lifted the yield on the 10-year note to 2.99% from 2.93% late Thursday. Debt prices and yields move in opposite directions.

Market breadth: Breadth was positive and volume was light. On the New York Stock Exchange, winners beat losers by four to one on volume of 960 million shares. On the Nasdaq, advancers beat decliners by over three to one on volume of 2.43 billion shares.

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Yahoo! Finance

4:10 pm : The latest round of earnings announcements and strong results from European bank stress tests were met with a muted response by market participants. However, an afternoon bounce by the euro helped bring about a broad-based bid that drove the major averages above some key hurdles.

Better-than-expected bottom lines from Dow components American Express (AXP 44.76, +1.57), McDonalds (MCD 69.90, -1.50), Microsoft (MSFT 25.81, -0.03), and Verizon (VZ 28.02, +1.02) did little to lift the overall mood of the market participants this morning. Fellow Dow component General Electric (GE 15.71, +0.50) announced after the open that it will hike its quarterly dividend by 20% to $0.12 per share, but that also failed to stir any kind of fanfare.

Among the more widely-held names to report, Amazon.com (AMZN 118.87, -1.20) was the only one that came short of the consensus estimate. A knee jerk selling effort caused its shares to open near nine-month lows, but they were able to pare losses with help from a broad-based bid in the afternoon.

Buyers emerged in the afternoon to drive the Dow and Nasdaq Composite above their respective 200-day averages for the first time in one month. The S&P 500 remained well below its 200-day average, but it did make its way above the 1100 line, which has been a point of formidable resistance in recent weeks.

The afternoon advance came amid a rebound by the euro, which had a modest lead over the dollar in the early going, then fell so that it was down as much as 0.8%, but ultimately settled with a minimal gain.

The whipsaw action in the euro came in conjunction with the results of stress tests on European banks. Of the 91 that were assessed, only seven failed. Spain's Espiga Savings Bank and Germany's Hypo Real Estate were among the few that failed.

Despite what would seem like a strong outcome to the bank examinations, market participants were generally unfazed by the midday announcement. That's largely because the stringency of the tests was unclear and the tests didn't really do anything to address concerns about the pace of the economic recovery following the testimony of Fed Chairman Bernanke earlier this week. DJ30 +102.32 NASDAQ +23.58 SP500 +8.98 NASDAQ Adv/Vol/Dec 2022/2.40 bln/573 NYSE Adv/Vol/Dec 2411/1.14 bln/602

3:30 pm : It was a relatively quiet session for the CRB Commodity Index, as it finished lower by 0.1%. Groups in the index were mixed, with 3 advancers and 3 decliners. Industrials led the way higher with a 1.9% gain, while energy shed 0.8%.

Sept crude oil futures finished lower by 0.3% to $78.98 per barrel. It was modestly lower heading into the afternoon session, but pushed back towards the flat line with the help of an intraday rally in the equity markets. It did pull back below the $79 level just ahead of the close to finish lower on the day. Aug natural gas futures finished lower by 1.5% to $4.582 per MMBtu.

It was another quiet day for Aug gold, which settled lower by 0.6% to $1187.80 per ounce, and Sept silver, which ended down 0.1% to $18.101. Both precious metals spent the afternoon chopping around near their session lows. DJ30 +101.41 NASDAQ +20.74 SP500 +8.52 NASDAQ Adv/Vol/Dec 1965/1.9 bln/627 NYSE Adv/Vol/Dec 2357/803.3 mln/647

3:00 pm : A flurry of earnings announcements and anticipation over the European bank stress tests gave market participants plenty to trade on, but news flow has since slowed. Though the lack of catalysts has put a damper on the pace of afternoon trade, stocks are near or at their best levels of the day.

Such strong gains in the final hour of trade have the S&P 500 on track for a weekly gain of approximately 3.5% and up almost 7% month-to-date.

With stocks in solid shape, Treasuries have come under increased pressure. That has caused the yield on the benchmark 10-year Note to make its way back toward the 3.0% line after it had fallen to a multimonth low under 2.9% earlier this week. DJ30 +107.24 NASDAQ +18.67 SP500 +9.54 NASDAQ Adv/Vol/Dec 1924/1.84 bln/655 NYSE Adv/Vol/Dec 2326/734 mln/667

2:30 pm : Stocks have eased off of their highs, but strength remains both broad and solid. Materials and industrial plays are among the best performers -- both sectors are up 2%. In contrast, utilties stocks -- down 0.1% -- make up the only major sector in the red. DJ30 +94.45 NASDAQ +15.51 SP500 +7.16 NASDAQ Adv/Vol/Dec 1875/1.72 bln /691 NYSE Adv/Vol/Dec 2268/680 mln/709

2:00 pm : The Dow and Nasdaq Composite have both pushed past their respective 200-day moving averages. Meanwhile, the S&P 500 has made its way above the 1100 line, but hasn't been able to push past 1102. It has a ways to go before testing its 200-day moving average at 1113, though.

The recent gains have caused volatility to cool, such that the Volatility Index (VIX) is down 5%. Despite an apparent sense of uncertainty on the part of market participants in recent sessions, the VIX has fallen in four of the past five sessions for a cumulative decline of 11%. However, the VIX is still up 8% year-to-date. DJ30 +86.81 NASDAQ +14.43 SP500 +7.59 NASDAQ Adv/Vol/Dec 1850/1.58 bln/679 NYSE Adv/Vol/Dec 2258/615 mln/714

1:30 pm : The stock market has made a sudden upward push to a session high. The move has the S&P 500 face-to-face with the 1100 line, which has been a formidable point of resistance in the recent past.

In other news, CNBC has reported that Sanofi-Aventis (SNY 29.16, -1.48) may be taking a new approach to acquire Genzyme (GENZ 66.37, +12.20) after Sanofi made an offer last month that was rebuffed. DJ30 +72.54 NASDAQ +13.37 SP500 +5.65 NASDAQ Adv/Vol/Dec 1809/1.41 bln/709 NYSE Adv/Vol/Dec 2165/555 mln/778

1:00 pm : Another big batch of better-than-expected earnings and solid results from European bank stress tests have failed to stir any action among stocks, which have spent the session chopping along in mixed fashion.

Earnings for the latest quarter have been consistently positive, but the response among market participants has been inconsistent. That said, better-than-expected bottom lines from Dow components American Express (AXP 43.98, +0.79), McDonalds (MCD 69.25, -2.15), and Microsoft (MSFT 25.42, -0.43) have only seen a muted response this session.

Fellow Dow component Verizon (VZ 27.83, -0.83) also exceeded expectations. While it hasn't influenced broader trade either, it has won support for telecom plays, which are up 0.9%.

Industrial conglomerate and economic bellwether General Electric (GE 15.48, +0.27) came out recently to announce that its board has agreed to hike its quarterly dividend by 20% to $0.12 per share. GE reported its latest quarterly results one week ago.

A miss by Amazon.com (AMZN 115.75, -4.32) caused its shares to open near nine-month lows, but they have since improved their position. Still, its weakness has weighed on retailers, which are down 0.4%.

The overall impact of earnings may have been somewhat overshadowed by anticipation of stress tests results from European banks. While only seven of 91 banks failed the test, many market participants remain uncertain about what to make of the results and whether they actually convey strength in that sector. In turn, broader market averages continue to chop without any clear direction.

The results did give temporary relief to the euro, but the currency has since fallen back under a fit of selling. It now trails the dollar by 0.5%. In contrast, the British pound is up 0.9% against the greenback, but that is largely because the United Kingdom had stronger-than-expected second quarter GDP growth. DJ30 +15.66 NASDAQ -4.51 SP500 -0.35 NASDAQ Adv/Vol/Dec 1397/1.21 bln/1103 NYSE Adv/Vol/Dec 1748/500 mln/1155

12:30 pm : The stock market continues to chop along the neutral line without any real direction. Trading volume has been moderate, as has been the case for the past week or so. The lack of participation suggests that there is a sense of uncertainty among investors as they try to assess the economic and earnings environment both at home and abroad. Such uncertainty has had a hand in the dramatic swings that stocks have made in recent sessions -- the S&P 500 climbed more than 2% on Thursday and fell more than 1% on Wednesday after a 1% gain on Tuesday. DJ30 +24.52 NASDAQ -3.93 SP500 +1.04 NASDAQ Adv/Vol/Dec 1428/1.10 bln/1054 NYSE Adv/Vol/Dec 1771/453 mln/1121

12:05 pm : Results from a series of stress tests on European banks are starting to hit newswires. CNBC reported that Portugal's central bank said that all of its banks passed the tests. CNBC also reported that the big four banks of Sweden passed. The Bank of France stated that BNP Paribas, Societe Generale, and Credit Agricole all passed the tests.

In contrast, Spain's Espiga Savings Bank failed the test and Hypo Real Estate is the only German bank that failed the test.

The news has caused the euro to swing higher, but it has since pulled back a bit to trade with a 0.4% loss against the greenback.

U.S. stocks are still stuck in choppy trade. DJ30 +14.23 NASDAQ -4.31 SP500 +0.15 NASDAQ Adv/Vol/Dec 1439/984 mln/1013 NYSE Adv/Vol/Dec 1782/400 mln/1092

11:30 am : Results from the stess tests on European banks are expected to be released shortly. However, there has been some concern that the results will be less comprehensive than initially thought. Still, a mix of anticipation and uncertainty has kept a cap on some banking issues, such that the KBW Bank Index is down 0.1%.

As for some of Europe's major banking plays, Banco Santander (STD 12.97, +0.01) has poked into positive territory; Barclays (BCS 18.63, -0.04) has made its way to the neutral line; Lloyds Banking (LYG 3.90, +0.03) has managed to put together a solid gain, and; Deutsche Bank (DB 63.90, -0.37) has trimmed its losses. DJ30 +23.16 NASDAQ -2.22 SP500 +1.15 NASDAQ Adv/Vol/Dec 1394/815 mln/1024 NYSE Adv/Vol/Dec 1761/320 mln/1076

11:00 am : The stock market has worked its way to positive territory, but so far the move has resulted in only a modest gain. Strength is more pronounced among small-caps and mid-caps, which are up 0.4% and 0.3%, respectively.

Treasuries have had a quiet session so far. Specific to the benchmark 10-year Note, it is down just a few ticks so that its yield is now at 2.95%, which is only a handful of basis points above the multimonth low that it set earlier this week. DJ30 +23.31 NASDAQ +0.10 SP500 +1.30 NASDAQ Adv/Vol/Dec 1376/646 mln/994 NYSE Adv/Vol/Dec 1690/263 mln/1107

10:30 am : Oil prices have worked their way up from session lows, but they still contend with a marked loss. Specifically, oil prices had been as low as $78.40 per barrel, but they are now at $79.00 per barrel with a 0.4% loss.

Natural gas prices are in the middle of their morning range with a 0.8% loss at $4.61 per MMBtu.

Precious metals prices lack luster this morning. More directly, gold prices are down 0.4% to $1190.50 per ounce, while silver prices are flat at $18.12 per ounce.

As for the overall picture, the CRB Commodity Index is unchanged. DJ30 +22.55 NASDAQ -2.57 SP500 +0.47 NASDAQ Adv/Vol/Dec 1160/471 mln/1114 NYSE Adv/Vol/Dec 1464/197 mln/1261

10:00 am : Shares of retailer have been hit by a stiff selling effort this morning. As a group, retailers are down 1.4%. Most of that is owed to a disappointing bottom line from Internet retailer Amazon.com (AMZN 109.27, -10.80). Shares of AMZN opened trade near a nine-month low and are currently on track for their worst single-session percentage loss of 2010.

As for broader market action, the S&P 500 has slipped to a morning low after failing to push into positive territory. Its declining issues only slightly outnumber its advancers.

Advancing Sectors: Telecom (+1.1%), Consumer Staples (+0.3%), Materials (+0.1%)
Declining Sectors: Energy (-1.0%), Financials (-0.9%), Tech (-0.6%), Consumer Discretionary (-0.6%), Utilities (-0.5%), Health Care (-0.1%)
Unchanged: Utilities DJ30 -25.89 NASDAQ -16.52 SP500 -4.71 NASDAQ Adv/Vol/Dec 716/308 mln/1476 NYSE Adv/Vol/Dec 876/130 mln/1780

09:45 am : Choppy action has left the major averages to trade mixed in the first few minutes of the session.

Telecom is especially strong, thanks to leadership from integrated telecom giant Verizon (VZ 28.03, +1.03), which reported better-than-expected earnings for its latest quarter. Telecom is up 1.5% overall. That comes on top of its 2.0% gain from the prior session.

Diversified metals and mining plays have put together an even stronger streak of gains. The group is up for the fifth straight session to culminate in a weekly gain of more than 15%. Such persistent strength has helped send the broader materials sector to a 0.8% gain this morning. DJ30 +7.34 NASDAQ -5.35 SP500 -0.40 NASDAQ Adv/Vol/Dec 804/198 mln/1298 NYSE Adv/Vol/Dec 1194/85 mln/1376

09:15 am : S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -10.50. A 2% climb in the prior session has stocks heading into Friday's trade with a week-to-date gain of nearly 3%. However, it is uncertain whether this week's gains will be compounded as the S&P 500 faces formidable resistance near the 1100 line and stock futures come under a fit of pressure amid concern that results from a series of stress tests on Europe's banks will be less thorough than initially thought -- the Committee of European Banking Supervisors (CEBS) releases its findings at 12:00 PM ET. Concern about the comprehensiveness of the stress tests has also undercut the euro, which has fallen to a 0.7% loss against the dollar, but the British pound remains strong following news that the United Kingdom had stronger-than-expected second quarter GDP growth. Germany complemented that news with its best IFO business climate measure in three years. There has been no data out of the U.S., but there has been another flood of earnings announcements, which have featured better-than-expected results from Dow components American Express (AXP), Verizon (VZ), McDonalds (MCD), and Microsoft (MSFT). Amazon.com (AMZN) is one notable name that disappointed. Despite the deluge of results from widely-held companies, the overall influence of the reports continues to vary from session to session.

09:05 am : S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -7.30. Stock futures have pulled back a bit in recent trade. The slip comes amid a downturn in the euro, which now trails the greenback by 0.1% after it had sported a slight gain earlier. Commodities are a bit mixed after a strong showing in the prior session. In the first few minutes of pit trade oil prices are down 1.1% to $78.50 per barrel. Gold prices are up fractionally to $1196.90 per ounce. The CRB Commodity Index is down 0.3%.

08:35 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: -2.50. Domestic stock futures are trading in choppy fashion, but broader market futures continue to point to a positive start. Meanwhile, Germany's DAX is up 0.6%. Most of that is owed to consumer services stocks, which are up 2.0%. Health care names are weak as they trade with a 0.6% loss. The action follows a better-than-expected July IFO figure, which is an assessment of the business climate. The reading actually hit a three-year high. In France, the CAC is up 0.5% amid strength in industrial plays and basic materials names - both sectors are up 1.4%. Tech stocks, down 1.3%, have been a drag, however. Britain's FTSE has slipped to a 0.3% loss as health care stocks slide 1.5% and financials fall 1.1%. With a 1.9% gain, tech plays have been a source of support. The mixed action follows news that second quarter GDP for the U.K. GDP came in at 1.1%, which is almost double what had been expected. The Committee of European Banking Supervisors (CEBS) will release the aggregate results of stress tests on the continent's banks at 12:00 PM ET. Banks can begin reporting their individual results from that point, but CEBS will release a summary of results shortly thereafter. A press conference on the matter will be held at 1:00 PM ET. Also hanging over action is news that Moody's placed Hungary's sovereign rating under review for a possible downgrade.

Asia caught up with Wall Street overnight. Specifically, Japan's Nikkei climbed 2.3% amid broad-based buying. Utilities, which fell 0.4%, were the only major sector that failed to put together a gain. With a 3.3% surge, industrials were the strongest. In Hong Kong, the Hang Seng spiked 1.1%. Basic materials stocks got the biggest boost as they booked a 3.1% gain. Mainland China's Shanghai Composite climbed a modest 0.4%, but that was its fifth straight gain. Declining issues actually outnumbered advancers, but leadership from the likes of Industrial & Commercial Bank and PetroChina (PTR) helped the broader market finish in positive territory.

08:05 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: -3.80. In the prior session the stock market climbed more than 2% to settle above its 50-day moving average. The move is expected to be extended as S&P 500 futures point to a positive start for the final session of the week. Similar to yesterday, the mood among morning participants has been bolstered by some upbeat data out of Europe - Germany reported its IFO business climate measure made an impressive jump to a three-year high and the United Kingdom posted stronger-than-expected second quarter GDP growth. However, the euro is up fractionally against the greenback and the major European bourses are mixed in anticipation of the European bank stress test results, which are expected at midday. Back stateside, there are no economic releases slated for today, but investors remain inundated with earnings reports. Dow components American Express (AXP), Verizon (VZ), McDonalds (MCD), and Microsoft (MSFT) are among the latest to issue announcements - each exceeded expectations. Honeywell (HON) and Ford (F) also posted upside surprises. Amazon.com (AMZN) came short of the consensus earnings estimate, though.

07:47 am : S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: -1.50.

07:47 am : Nikkei...9430.96...+210.10...+2.30%. Hang Seng...20815.33...+225.60...+1.10%.

07:47 am : FTSE...5302.71...-11.10...-0.20%. DAX...6184.11...+42.00...+0.70%.

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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