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 Post subject: November 4th Thursday 2010 Emini TF ($TF_F) points +3.80
PostPosted: Fri Nov 05, 2010 7:29 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Only Trading (no indicators)

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Quote:
Today there was very few trade opportunities unless I had traded in the overnight trading session when the big upside move started. Regardless, I missed one key trade today. Yet, I lowered my overall position size today because I wasn't comfortable with the volatility level after such a big gap on the regular trading session chart.

Trade Performance for Today: +3.80 points or $380 dollars in the ICE Russell 2000 Emini TF ($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.

In addition, today's #FuturesTrades chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=83&t=670

Also, posted below are direct links to information about my trade methodology and trading plan (there's a difference between the two) 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/bar analysis).

Image WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=119. However, you must join the TSL Support Forum to access the free study guide. To register...click here.

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

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=125&t=825

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Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

Image CNNMoney.com - Stocks Stage Big Rally, Dow Spikes 2%
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By Blake Ellis, staff reporter
November 4, 2010: 5:19 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks rallied Thursday, with all three major indexes finishing at two-year highs, as investors continued to cheer the Federal Reserve's announcement to pump $600 billion into the economy.

The Dow Jones industrial average (INDU) jumped 220 points, or 2%. The S&P 500 (SPX) climbed 23 points, or 1.9%, and the Nasdaq (COMP) rose 37 points, or 1.5%.

The Fed said Wednesday it will buy $600 billion of U.S. Treasuries by the middle of next year. The additional stimulus, referred to as quantitative easing, is the Fed's latest stab at lowering interest rates and combating deflation -- a move it hopes will help prop the sluggish economy.

The announcement was met with a tepid response Wednesday, but markets around the world surged Thursday. Commodities went along for the ride, with oil jumping 2% and gold rallying 3%. Treasuries also rose as investors looked to get in on the buying action ahead of the Fed.

"QE2 is hitting the market big time," said Peter Tuz, president at Chase Investment Counsel. "The rally really took off overnight with global markets and commodities, then spread to the U.S., and now we're seeing it just take off."

While Wall Street may be happy to finally get clarity about the Fed's plans, investors still have mixed feelings about how effective it will be.

"I think investors are all over the place with their feelings," said J. Bryant Evans, a portfolio manager at Cozad Asset Management. "There's a lot of polarity about whether we even need quantitative easing at this point or whether it's a hindrance."

* Wall Street get its gridlock

The end to political uncertainty about the midterm elections -- which resulted in a widely expected Republican victory -- has also given stocks a boost, he said.

"The issue of what was going to happen during the election has been resolved, and a less regulatory, more business-friendly political environment has developed," said Evans. "A lot of it should have been built in to the market already, but what was not built in was the resolution of uncertainty."

News that the Obama administration is open to extending tax cuts to all income brackets provided yet another catalyst to the market's upward trajectory on Thursday.

"That's fuel to the fire," said Tuz. "It gives people the sense that the direction the country took with the election is going to result in positive change -- if you regard stable tax rates as positive change."

World markets: European stocks closed sharply higher. Britain's FTSE 100 rose 2%, the DAX in Germany gained 1.8% and France's CAC 40 jumped 1.9%.

Asian markets ended higher. The Shanghai Composite ticked up 1.9%, the Hang Seng in Hong Kong rose 1.6% and Japan's Nikkei gained 2.2%.

Currencies and commodities: The dollar fell against the euro, the British pound and the Japanese yen.

Oil for December delivery rallied $1.80, or 2%, to $86.49 a barrel.

Gold futures for December delivery surged $45.50, or 3.4%, to a record $1,383.10 an ounce.

Treasury prices also gained, pushing the yield on the benchmark 10-year note down to 2.48% Thursday, from 2.62% late Wednesday. Bond prices and yields move in opposite directions.

Economy: Initial jobless claims surged to 457,000 in the week ended Oct. 30, according to the government's weekly report.

* Video: It's the economy! (Again)

Economists surveyed by Briefing.com had expected 445,000 claims to have been filed. Continuing claims for the week ended Oct. 23 fell to 4.34 million, short of the 4.38 million expected by analysts.

On Wednesday, separate reports on private sector employment and planned job cuts pointed to a cloudy outlook for the job market.

The Labor Department is scheduled to release its key monthly jobs report Friday. Economists surveyed by CNNMoney expect it to show that employers added 68,000 jobs in October after cutting 95,000 in September. But the unemployment rate is forecast to remain at 9.6%.

* The ugly truth about unemployment

Investors will be closely watching this report -- the final big event of the week -- for signs of improvement.

"That's a big economic indicator, so [markets] could continue higher if it's a pretty good number or back off a bit if it doesn't show employment is growing," said Tuz.

Companies: Retailers reported strong sales results for October on Thursday, despite the still-struggling economy.

Warehouse club retailer Costco (COST, Fortune 500) posted a 5% gain, excluding gasoline sales and foreign currency impact; while Target (TGT, Fortune 500) posted a 1.5% increase, sending its shares up 3%.

Thomson Reuters, which tracks same-store sales for a group of 28 national chains, expected that same-store sales for the group rose 1.6% last month. Same-store sales measure sales at stores that have been open for at least a year.

Shares of Whole Foods Market (WFMI, Fortune 500) soared 15% Thursday -- making it the S&P's biggest winner -- after the supermarket chain posted a 58% jump in fourth-quarter profit after the bell Wednesday.

Apollo Group (APOL) was the S&P's biggest loser, slipping 8% on reports that the Department of Education is launching a probe into financial aid practices at the University of Phoenix, which Apollo runs.

After the market closed Wednesday, General Motors said it plans to sell about $13 billion in common and preferred shares as part of its initial public offering, one of the largest in U.S. history.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Strong, broad-based buying one day after the Fed unveiled plans for further quantitative easing sent stocks sharply higher, such that the three major equity averages set fresh 2-year highs.

Yesterday's unveiling of the Fed's plan to purchase another $600 billion of longer-term Treasuries reflected its accommodative stance. That helped spur overseas markets higher and drove down the dollar, which fell to a new 2010 low before it was quoted with a 0.5% loss at the close of trade.

Such supportive themes for stock prices helped the S&P 500 and Nasdaq Composite make their biggest spike in about four weeks. The Dow booked its best gain in two months.

Commodity and resource-linked stocks led for most of the session. Strength in that space helped the energy sector climb 3.0% and the materials sector ascend 3.3%.

Their strength was shared in the commodity pits, where December contracts for silver surged 6.2% to settle at $26.04 per ounce. Prior to that silver set a fresh 30-year high at $26.10 per ounce. December contracts for gold rallied 3.4% to close at $1383.10 per ounce. It set a new all time high of $1384.80 per ounce. Such strength helped the CRB Commodity Index hit a new two-year high with a 2.4% spike. That was its third biggest spike by percent this year.

Financials boasted the biggest gains of the session, however. The sector surged 3.4% as bank stocks bounded in response to broader market support and headlines that the Fed will give stronger, better capitalized banks the ability to raise dividends, even though many already have the ability to raise dividends.

Many investors were also pleased to hear that President Obama is open to discussing an extension of former President Bush's tax cuts for all incomes. There was not a dramatic reaction among stocks, though, since stocks had already moved sharply higher by the time the headline crossed newswires.

Earnings had no real influence over broader market action this session, mostly because there were no bellwethers or stalwarts in the bunch. That will likely be the case again tomorrow.

Economic data was generally disregarded, too. Initial jobless claims for the week ended October 30 totaled 457,000, which is greater than the 445,000 initial claims that had been expected, on average, among economists polled by Briefing.com. The latest tally marked a week-over-week increase of 20,000. As for continuing claims, they fell to 4.34 million from 4.38 million in the prior week. The weekly data precedes tomorrow's official nonfarm payrolls report for October.

Nonfarm productivity in the third quarter increased by 1.9%, which is better than the 0.9% increase that had been widely expected. Third quarter unit labor costs actually fell 0.1% when they were expected to increase 1.0%.

Trading volume on the NYSE hit its highest level in two weeks as money moved in from the sidelines. However, it is still too early to tell whether this session's surge was enough to attract retail investors back to action.

The positive tone to trade caused the Volatility Index (VIX) to drop for the third straight session for a cumulative loss of 15%. That has the VIX back near the six-month low that it set just a couple of weeks ago.

The benchmark 10-year Note had another strong session, thanks to momentum from news yesterday that the Fed's plan to purchase Treasuries will include those with maturities that range from two years to 10 years. The yield on the 10-year Note is now down to 2.48% after it had been almost as high as 2.73% just last week.

Advancing Sectors: Financials (+3.4%), Materials (+3.3%), Energy (+3.0%), Industrials (+2.2%), Tech (+1.6%), Consumer Discretionary (+1.6), Telecom (+1.4%), Consumer Staples (+1.2%), Utilities (+1.0%), Health Care (+0.4%)
Declining Sectors: (None)DJ30 +219.71 NASDAQ +37.07 NQ100 +1.4% R2K +2.6% SP400 +1.9% SP500 +23.10 NASDAQ Adv/Vol/Dec 2002/2.53 bln/662 NYSE Adv/Vol/Dec 2515/1.38 bln/492

3:30 pm : It was an exceptional day for the commodities complex, with every group posting gains. Substantial weakness in the dollar, following yesterday's QE2 announcement, was the catalyst for today's rally. Precious metals surged 4.8%, while grains added 2.6% and soft commodities added 2.2%. The largest move in the sector belongs to Dec silver, which gained 6.2% to finish at $26.043. It traded to a fresh 30-yr high at $26.10 and closed just shy of that high. Dec gold rallied for 3.4% to close at $1383.10 per ounce. It traded to a new all time high at $1384.80.

Dec crude oil rallied for 2.1% to finish at $86.49, its best close in seven months. The weaker dollar, coupled with strength in equities pushed crude to trade to its highest levels since early May. Dec natural gas ended up 0.4% to $3.83 per MMBtu. DJ30 +205.33 NASDAQ +33.08 SP500 +19.82 NASDAQ Adv/Vol/Dec 1918/1.9 bln/733 NYSE Adv/Vol/Dec 2468/873.2 mln/524

3:00 pm : Only an hour remains before trade closes for the day. Participants that return tomorrow look forward to the latest monthly payrolls report, which will be released Friday morning before the open.

Nonfarm payrolls fell by 95,000 in September. The consensus among economists polled by Briefing.com calls for an increase of 60,000 nonfarm payrolls for October. Private nonfarm payrolls are also expected to climb by 60,000 after they climbed by 64,000 in September. DJ30 +188.83 NASDAQ +31.68 SP500 +18.77 NASDAQ Adv/Vol/Dec 1909/1.82 bln/736 NYSE Adv/Vol/Dec 2443/792 mln/536

2:30 pm : Stocks continue to trade sideways in a narrow range. Gains are still steady and strong.

The dollar remains mired in negative territory with a 0.6% loss, although it is up a bit from its session low, which happens to also be its 2010 low. DJ30 +184.29 NASDAQ +30.24 SP500 +18.12 NASDAQ Adv/Vol/Dec 1890/1.69 bln/737 NYSE Adv/Vol/Dec 2427/733 mln/535

2:00 pm : The S&P 500 has been trading in a relatively tight band close to the 1215 line for most of the afternoon. The steady action marks a consolidation of sorts, now that stocks have put together their best gain in about four weeks and are headed for their fifteenth advance in 19 sessions.

Participation this session has been strong. That has lifted share volume on the NYSE. Whether that is a sign that investors are now willing to move off of the sidelines will only be seen in time. DJ30 +175.93 NASDAQ +28.59 SP500 +17.48 NASDAQ Adv/Vol/Dec 1865/1.54 bln/760 NYSE Adv/Vol/Dec 2426/678 mln/533

1:30 pm : Semiconductor stocks are up more than 3%, collectively. That surge has come amid broader market support and leadership from Marvel Tech (MRVL 20.66, +0.97), which was given an analyst upgrade ahead of the open. Though not a member of the Philadelphia Semiconductor Index, wireless products maker and marketer Qualcomm (QCOM 48.33, +2.64) has helped support the tech space following its better-than-expected earnings report and upside guidance. DJ30 +186.53 NASDAQ +33.02 SP500 +18.62 NASDAQ Adv/Vol/Dec 1928/1.41 bln/691 NYSE Adv/Vol/Dec 2449/634 mln/496

1:00 pm : The biggest gain for stocks in close to a month has taken the Dow and Nasdaq to fresh 52-week highs and the S&P 500 to its best level in six months. The move comes amid another drop in the dollar.

Yesterday's unveiling of the Fed's plan to purchase another $600 billion of longer-term Treasuries as a means of further quantitative easing helped spur overseas markets higher overnight and this morning. That helped permeate a positive tone necessary for U.S. stocks to build on their gains from the prior session.

The biggest boon, though, has been another drop in the dollar, which set a new 2010 low against competing currencies earlier today. The dollar's decline comes as global participants recognize that the currency in circulation will increase as the Fed purchases more Treasuries.

Given that the dollar's downturn and the Fed's accommodative stance are supportive of stock prices, the major equity averages have benefited from a bid that has taken about 90% of the broader market higher.

Resource-linked stocks in the energy and materials sectors have been the biggest beneficiaries of this session's bounce. Those two sectors are up 2.7% and 2.5%, respectively.

A fear of future inflation has spurred higher commodity prices, such that gold prices in the continuous contract climbed more than 3% to set a new record high near $1385 per ounce and silver in the continuous contract climbed more than 5% to set a new 30-year high of $25.86 per ounce. Collective strength among commodities has the CRB Index up 1.9% to a new two-year high.

Treasuries of maturities within the range included in the Fed's plan, those that range from two years to 10 years, have also had a strong session. The 30-year Bond had extended its slide from the prior session, since it was not included in the Fed's plan, but it has since recovered to trade fractionally above the flat line.

Such an optimistic tone among traders has taken down the Volatility Index (VIX) to the six-month low that it set just a couple of weeks ago. The VIX is currently off by close to 6%.

Given the scope of this session's strength, a less than dramatic reaction was had to headlines that President Obama is open to discussing an extension of former President Bush's tax cuts for all incomes. DJ30 +190.16 NASDAQ +33.09 SP500 +18.31 NASDAQ Adv/Vol/Dec 1908/1.29 bln/691 NYSE Adv/Vol/Dec 2422/580 mln/512

12:30 pm : The stock market continues to chug along near its session high. Broad-based support has about 90% of the stocks in the S&P 500 in higher ground -- the positive tone has been present since the start of trade.

Health care stocks have been lagging, however. At the moment the sector is up just 0.2%, which is less than one-seventh of the broader market's gain. Biotech (-1.1%) has been the biggest drag on the sector. DJ30 +183.42 NASDAQ +31.75 SP500 +17.69 NASDAQ Adv/Vol/Dec 1893/1.15 bln/682 NYSE Adv/Vol/Dec 2430/535 mln/495

12:00 pm : Natural resource plays are the biggest beneficiaries of this session's bounce. More specifically, both the energy sector and materials sector currently boast 2.5% gains. Between the two sectors, only five stocks are in the red -- EOG Resources (EOG 86.84, -1.80), Chesapeake Energy (CHK 21.95, -0.36), Range Resources (RRC 38.41, -0.16), Airgas (ARG 69.20, -0.11), and Pactiv (PTV 33.14, -0.05).

In a similar vein, commodities have been strong performers, too. Collective strength in that space has the CRB Commodity Index up 1.9% to its highest level in two years. DJ30 +179.26 NASDAQ +29.71 SP500 +16.84 NASDAQ Adv/Vol/Dec 1863/1.05 bln/688 NYSE Adv/Vol/Dec 2433/485 mln/483

11:30 am : Stocks have eased off of their session highs, but gains remain broad and robust with all 10 major sectors in higher ground and eight of them sporting gains of at least 1%.

Given the scope of this session's advance, a less than dramatic reaction was had to recent headlines that President Obama is open to discussing an extension of former President Bush's tax cuts for all incomes. DJ30 +186.49 NASDAQ +32.31 SP500 +17.37 NASDAQ Adv/Vol/Dec 1899/924 mln/605 NYSE Adv/Vol/Dec 2457/428 mln/429

11:00 am : Following a brief slip earlier this morning, stocks have regained their upward momentum. In doing so they have set fresh session highs.

With this session's advance the S&P 500 is now up about 16% since the end of August. The Dow is up 14% in that time and the Nasdaq is up 22% since.

Within the S&P 500, Whole Foods (WFMI 46.60, +5.53) is this session's best performer by percent gained. The company posted better-than-expected earnings for its latest quarter and issued strong guidance. Among blue chips in the Dow, Boeing (BA 71.47, +2.53) is up the most by percent gained. The company raised its outlook on airplane demand from China. Capital Bank (CBKN 2.44, +0.80) is the best performer in the Nasdaq, thanks to news that it will receive a $181 million common stock investment from North American Financial Holdings. DJ30 +193.49 NASDAQ +36.36 SP500 +18.26 NASDAQ Adv/Vol/Dec 1925/767 mln/556 NYSE Adv/Vol/Dec 2454/360 mln/426

10:30 am : Commodities have caught a nice bid this morning. Buying in the space has sent the CRB Commodity Index up for the sixth straight session. Today's move, a 1.7% spike, is its best single-session spike in two weeks and takes the CRB to another new two-year high.

Precious metals currently sport the best gains. Gold was last quoted with a 2.9% gain at $1376.90 per ounce. Earlier this morning the continuous contract came within close reach of its record high of $1383.90 per ounce. As for silver, it was last quoted with a 4.3% gain at $25.50 per ounce, a new 30-year high for the continuous contract.

Oil prices continue to climb, too. The energy component was last quoted at $86.30 per barrel, up 1.9% to its best level in six months.

Natural gas prices just dove, however. The commodity had been priced as high as $3.90 per MMBtu this morning, but it is now down 1.1% to $3.79 per MMBtu following news that the latest natural gas inventory count showed a build of 67 bcf, which is bigger than the build of 64 bcf that had been widely expected. DJ30 +169.08 NASDAQ +31.09 SP500 +15.64 NASDAQ Adv/Vol/Dec 1862/609 mln/556 NYSE Adv/Vol/Dec 2400/290 mln/425

10:00 am : The Nasdaq has pulled back a bit from its morning high, but it continues to sport a hefty gain.

Overall strength among stocks have caused the Volatility Index (VIX) to slide. It also fell sharply yesterday in the wake of the Fed's quantitative easing announcement. With its 6.3% drop this morning, the VIX is back near the six-month low that it set just a couple of weeks ago.

Share volume has been robust this morning. It will be interesting to see of the heightened pace of trade persists as the session progresses.

Advancing Sectors: Materials (+2.0%), Energy (+2.0%), Industrials (+1.3%), Consumer Discretionary (+1.2%), Financials (+1.1%), Tech (+1.0%), Utilities (+0.9%), Telecom +0.6%), Consumer Staples (+0.6%), Health Care (+0.3%)
Declining Sectors: (None)DJ30 +128.14 NASDAQ +25.45 SP500 +12.76 NASDAQ Adv/Vol/Dec 1809/400 mln/517 NYSE Adv/Vol/Dec 2363/196 mln/387

09:45 am : The major equity averages are up with big gains in the early going, such that both the Dow and the Nasdaq are at fresh 52-week highs and the S&P 500 has sliced through 1200 to its best level in six months.

This morning's bounce has been supported by a broad-based buying effort that marks an extension of the prior session's advance, which followed the Fed's unveiling of further quantitative easing, and renewed weakness in the dollar.

The Fed's plan to implement quantitative easing through the purchase of Treasuries of maturities from two years to 10 years has those issues up nicely, too, this morning. Specifically, the benchmark 10-year Note is up 22 ticks so that its yield is back below 2.50%. Meanwhile, the 30-year Bond remains out of favor, since it was not included in the Fed's plan, and has fallen another dozen ticks this morning; the Bond's yield currently stands at 4.06%. DJ30 +122.42 NASDAQ +33.54 SP500 +13.99 NASDAQ Adv/Vol/Dec 1870/235 mln/395 NYSE Adv/Vol/Dec 2405/145 mln/312

09:15 am : S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +29.00. The strength of premarket trade suggests that the major equity averages will open the session sharply higher with gains of close to 1%. Some of that is attributable to a continuation of the prior session's advance, which followed the Fed's unveiling of further quantitative easing, but most of this morning's strength is underpinned by a drop in the dollar. The dollar's decline is also an extension of its action yesterday. Given that more dollars will come into circulation with the Fed's purchase of Treasuries, global investors are devaluing the dollar. The Dollar Index is currently down 0.7%, which puts it at its lowest level in 11 months. The Fed's plan to implement the quantitative easing through the purchase of Treasuries with a 2-year to 10-year maturity has garnered strong support for issues in that range, such that yields on the 3-year Note and 5-year Note have already fallen to record lows.

09:05 am : S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +28.80. Futures for the S&P 500 have resumed their morning climb. They now trade at premarket highs. In overseas action, Germany's DAX is also near its session high as it sports a 1.7% gain. Support has been broad with advancing issues outnumbering decliners by 5-to-1. BASF has been a strong, individual leader, though. In France, the CAC has climbed to a 1.9% gain. Total (TOT) and BNP Paribas have been primary sources of support. BNP Paribas recently reported a sharp year-over-year rise quarterly profits that was stronger than many had expected. Britain's FTSE has ascended to a 1.9% gain amid leadership from global banking giant HSBC (HBC) and metal and miner plays BHP Billiton (BHP), Rio Tinto (RIO), and Anglo American. Data out of Europe was a bit light. The only major piece showed a eurozone Composite PMI Index for October of 53.8, up from 53.4 in the month before.

In Asia, Japan's Nikkei surged 2.2% higher. Fast Retailing was a primary leader after one of its reported a more moderate sales decline than it had endured in previous months. Strength in the Nikkei came in the face of a bounce by the yen, which was last quoted 0.4% higher against the greenback. Mainland China's Shanghai Composite climbed 1.9% amid broad support, but it could not quite push past the six-month high that it set earlier this week. PetroChina (PTR) was a primary leader. China Petroleum (SNP) shared in its strength, though its 1.8% gain was not as impressive as SNP's 3.7% advance. In Hong Kong, the Hang Seng advanced 1.6% to its highest level in close to 29 months. HSBC was a leader there, but China Construction Bank also provided support. Tencent Holdings was a notable laggard.

08:35 am : S&P futures vs fair value: +12.30. Nasdaq futures vs fair value: +26.50. Stock futures recently extended their morning climb with help from a dwindling dollar, but the latest dose of data caused the move to pause. Initial jobless claims for the week ended October 30 totaled 457,000, which is greater than the 445,000 initial claims that had been expected, on average, among economists polled by Briefing.com. Initial claims for the prior week were revised slightly higher to 437,000. As for continuing claims, they fell to 4.34 million from 4.38 million in the prior week. Nonfarm productivity in the third quarter increased by 1.9%, which is better than the 0.9% increase that had been widely expected. Unit labor costs actually fell 0.1% in the third quarter. That contrasts with the expected increase of 1.0%.

08:05 am : S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +23.80. A decidedly positive tone to premarket trade has stock futures markedly higher. The bid has the S&P 500 looking at a start comfortably above 1200, which hasn't been seen in six months, and the Nasdaq looking to extend its 52-week high. Strength is mostly underpinned by a drop in the dollar - the Dollar Index is currently down 0.5% to probe its lowest level since December 2009. Big gains by overseas markets have added support to premarket trade; the major bourses of Europe are each up in excess of 1% and Asia's major averages already booked gains that had Japan's Nikkei climb 2.2%. A barrage of earnings reports and a handful of monthly same-store sales results have been released since the prior session's close, but none of them has been a driver of broader trade. Coming at the bottom of the hour is the latest weekly jobless claims count. The third quarter nonfarm productivity reading will be released at the same time.

06:39 am : S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +21.80.

06:39 am : Nikkei...9358.78...+198.80...+2.20%. Hang Seng...24535.63...+391.00...+1.60%.

06:39 am : FTSE...5850.85...+102.00...+1.80%. DAX...6725.16...+107.30...+1.60%.

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/bar analysis)
Price Action Only Trading (no indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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