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 Post subject: November 18th Thursday 2010 Emini TF ($TF_F) points +6.70
PostPosted: Thu Nov 18, 2010 6:17 pm 
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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 I didn't miss any key trades via the Volatility Trading Report (VTR) although the trade opportunities were limited via the low volatility even though the market had gapped strongly to the upside on the regular session charts via the news about Ireland and GM IPO. All my trades were almost by the book and I only took some heat on one trade (2nd trade). However, the two best trades of the day were my last trades via intermarket analysis and inefficient price action.

Trade Performance for Today: +6.70 points or $670 dollars in the ICE Russell 2000 Emini TF ($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=682

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 Finish Higher After GM Debut
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By Blake Ellis, staff reporter
November 18, 2010: 4:12 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks surged more than 1% Thursday as an early rally gained steam, following a strong debut by General Motors' stock.

Overnight talk that the Irish government was close to accepting a bailout loan eased eurozone worries and sent global stocks soaring. That momentum spilled over to U.S. markets.

The Dow Jones industrial average (INDU) jumped 173 points, or 1.6%. The S&P 500 (SPX) rose 18 points, or 1.5%, and the Nasdaq (COMP) ticked up 38 points, or 1.6%, according to early tallies.

Shares of General Motors (GM) opened at $35 apiece, $2 above the offering price. Trading was very active, with volume topping 452 million shares at the close. That's equivalent to about 10% of the total volume trading on the New York Stock Exchange's Thursday.

The automaker's highly-anticipated initial public offering raised more than $20 billion, making it the largest in U.S. history.

"The GM deal looks like it went well, which shows there's finally some stability and a growing company," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "There was really no question of it not going well, because they had the government behind them, so it's a no brainer for investors -- they're thinking they can get a quick flip here, buying at $33 and selling at $35."

* Video - Investors cheer GM debut

All but one of the Dow's 30 components rose, with Alcoa (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and Boeing (BA, Fortune 500) leading the gains.

"The market is bipolar right now -- one day death is upon us, the next day everybody's jumping in," said Saluzzi. "There's not a lot of conviction overall, but today's one of those 'risk on' days."

After rallying in September and October, stocks have had a rocky November as eurozone worries and uncertainty about the U.S. economy's future have bubbled to the surface.

U.S. stocks ended Wednesday's session mixed, failing to break out of a narrow range as investors digested reports on inflation and the housing market.

* World markets surging

A possible solution to the Irish debt crisis pushed European and Asian stocks higher, and those gains carried over into the U.S. market. Britain's FTSE 100 closed 1.3% higher, while Germany's DAX and France's CAC 40 surged 2%.

While Irish government officials had been denying that a loan to contain its growing debt was necessary, the International Monetary Fund and European Central Bank met in Ireland Thursday, and Central Bank of Ireland governor Patrick Honohan said he expects an IMF loan.

Asian markets ended with gains across the board. The Shanghai Composite rose 0.9%, and the Hang Seng in Hong Kong ticked up 1.8%. Japan's Nikkei gained 2.1%, which pushed the index above the 10,000-point threshold for the first time since June.

"The Irish debt situation has been the hot topic, so the news [that Ireland may accept a loan] took off some of the scare and this is a relief rally based on that initial headline," Saluzzi said. "But the issue is far from solved. It's like a bucket with many holes in it -- you plug one hole and water gushes somewhere else.

Economy: Strong U.S. economic data also helped boost markets Thursday.

* Unemployment benefits extension introduced in House

Before the opening bell, the Labor Department reported the number of people filing for first-time unemployment benefits edged up 2,000 to 439,000 in the latest week.

While the number of claims moved higher, analysts had expected a larger increase of 442,000.

Continuing claims, a measure of Americans who have been receiving benefits for a week or more, slipped to 4,295,000 in the most recent week -- the lowest level in nearly 2 years.

The Philadelphia Federal Reserve index, a regional reading on manufacturing, surged to 22.5 -- up from 1 in October, and much higher than the reading of 5 economists had been expecting.

The Conference Board's index of leading economic indicators jumped 0.5%, after rising 0.5% the previous month. The reading slightly missed the 0.6% rise economists had forecast.

Companies: Staples (SPLS, Fortune 500) reported earnings ahead of the opening bell that were in line with analyst expectations. The office supply chain reported earnings per share of 40 cents, on total company sales of $6.5 billion for the third quarter. Shares of Staples jumped 2%.

Sears Holdings (SHLD, Fortune 500) posted results before the market open that were far worse than analysts expected. The company reported a loss of $1.98 per share, wider than the predicted loss of $1.07 a share. Sears shares slipped 4%.

Dell (DELL, Fortune 500) will release its quarterly results after the close. The PC maker is expected to report earnings of 33 cents per share, up from 23 cents per share a year earlier.
0:00 /6:05GM's CEO on IPO

Meanwhile shares of NetApp (NTAP) led a broad tech advance, rising more than 8%. Shares of the data storage company had dropped about 6% Wednesday, after parts of its quarterly report were leaked.

Other big tech gainers included Yahoo (YHOO, Fortune 500), Amazon (AMZN, Fortune 500), Broadcom (BRCM, Fortune 500).

In other corporate news, coal producer Walter Energy (WLT) offered $3.24 billion to buy Western Coal Corp. Shares of Walter Energy edged slightly higher.

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

Oil for December delivery gained $1.41, or 1.8%, to $81.85 a barrel.

Gold futures for December delivery rose $16.10 to settle at $1,353 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.92%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Strong, broad-based buying amid hope that Ireland will accept financial aid boosted stocks today, but failure to push through resistance caused stocks to stagger a little bit into the close.

Despite the tenuous state of finances in Ireland, the country's officials have insisted in recent days that they do not need aid. However, reports have suggested that representatives have taken on a more open tone ahead of scheduled talks with the European Union, European Central Bank, and International Monetary Fund. The indication that Ireland is open to funding has helped calm contagion concerns, though troubles linger for the rest of the PIGS contingent.

With global participants feeling more secure and accepting of risk, Europe's bourses bounced big. That helped perpetuate a positive tone set overnight by Asia's major averages, which got some relief from the steep slides endured amid speculation about actions to stem inflation in recent sessions.

The rotation back into stocks left the dollar to drop about 0.5% and boost some 90% of the issues in the S&P 500 to a gain. Natural resource plays like energy (+2.2%) and materials (+1.9%) attracted the most support. Stocks still failed to generate the momentum necessary to take the S&P 500 back above 1200, however. The benchmark index spent most of the session hugging the psychologically significant line before wavering a bit into the close. Stocks still finished with their best gain in two weeks, though.

Trading volume was heaviest in shares of General Motors (GM 34.24, +1.24), which returned to the NYSE for the first time in more than a year following its post-restructuring initial public offering. GM garnered an IPO price of $33 per share, but the stock opened trade at about $35 per share before it pulled back.

Action surrounding shares of GM helped bolster broader market share volume, such that 1.21 billion shares traded hands on the NYSE today. Average volume for the past 50 sessions stands at 1.04 billion shares.

There were a few doses of data today, but the latest Philly Fed Index was the only item to actually induce a positive response among participants. The Philadelphia Fed Index for November improved to 22.5 from 1.0 in October. Economists polled by Briefing.com had expected the reading to improve to just 5.0.

Leading Economic Indicators for October increased 0.5%, which is a bit less than the 0.6% increase that had been widely expected after a 0.5% increase in the prior month.

Initial jobless claims for the week ended November 13 totaled 439,000, down 2,000 week-over-week. That is not a surprise since 442,000 initial claims had been expected, on average, among economists surveyed by Briefing.com. Meanwhile, continuing claims fell to a near two-year low just below 4.30 million, which is down from the 4.34 million recorded for the prior week.

Advancing Sectors: Energy (+2.2%), Materials (+1.9%), Industrials (+1.8%), Tech (+1.8%), Telecom (+1.5%), Financials (+1.4%), Health Care (+1.3%), Consumer Staples (+1.3%), Consumer Discretionary (+0.9%), Utilities (+0.6%)
Declining Sectors: (None)DJ30 +173.35 NASDAQ +38.39 NQ100 +1.7% R2K +1.9% SP400 +1.4% SP500 +18.10 NASDAQ Adv/Vol/Dec 1979/2.06 bln/662 NYSE Adv/Vol/Dec 2448/1.21 bln/568

3:30 pm : A weak dollar sparked a broad based rally in commodities today as every group closed the session in positive territory. Soft commodities (+3.7%) and precious metals (+3.4%) led the way higher. March sugar futures rallied for 6.4%, the most in 6 weeks, to settle at $0.2815 per pound. Supply concerns in India supported prices.

Dec gold rallied for 1.2% to settle at $1352.00 per ounce, while Dec silver surged 5.5% to end at $26.83 per ounce. Both metals traded to the session highs in afternoon trade as the dollar tracked back towards its lows.

Dec crude oil finished higher by 1.8% to $81.85 per barrel. It too moved higher on the weaker dollar. It put in highs at $82.35 but pulled back from those levels in afternoon trade. Dec natural gas finished lower by 0.1% to $4.00 per MMBtu. This morning's inventory data pushed natural gas prices to its lows of the session, but it managed to bounce off those lows throughout the session to recoup almost all of its losses. DJ30 +173.92 NASDAQ +42.30 SP500 +19.09 NASDAQ Adv/Vol/Dec 1966/1.6 bln/607 NYSE Adv/Vol/Dec 2431/902.1 mln/565

3:00 pm : The S&P 500 recently slipped a couple of points off of the 1200 line, where it has spent the afternoon, but it has since reclaimed those gains.

Treasuries have improved their position. The benchmark 10-year Note is now down just a few ticks and the 30-year Bond is actually now positive. Their yields stand at 2.90% and 4.28%, respectively. DJ30 +179.02 NASDAQ +44.60 SP500 +20.21 NASDAQ Adv/Vol/Dec 2010/1.51 bln/591 NYSE Adv/Vol/Dec 2456/840 mln/539

2:30 pm : The S&P 500 has been pulled off of the 1200 line after it had hugged it for about two straight hours. The ease lower doesn't come in response to any kind of headline, just some moderated buying.

General Motors (GM 34.40, +1.30) remains a primary topic of discussion in financial media. The stock is back on the NYSE for the first time in more than a year following its post-restructuring initial public offering. The size of GM's offering and all the buzz about it has made shares of GM this session's most actively traded name by volume. That has also helped bolster broader market share volume. DJ30 +170.89 NASDAQ +42.05 SP500 +18.82 NASDAQ Adv/Vol/Dec 1992/1.39 bln/608 NYSE Adv/Vol/Dec 2441/785 mln/553

2:00 pm : After outperforming in each of the past two sessions, retailers are trading in step with the broader market today. As a group, retailers are up 1.7%.

Among the several retailers that made headlines since the prior session, Buckle (BKE 37.22, +2.04) posted an upside earnings surprise and authorized a $2.50 per share special one-time cash dividend.

Limited (LTD 33.79, +1.79) posted better-than-expected earnings, but issued downside guidance. The firm complemented the report with news of an authorization of a $200 million share repurchase plan and a special $3 cash dividend.

American Eagle (AEO 16.41, +0.56) reported results that were in line with what it had stated in a preannouncement. The company withheld its guidance for when it reports its same-store sales for November.

Gamestop (GME 20.31, -0.69) posted its own positive earnings surprise, but that has been overshadowed by a light revenue figure. The company's strong guidance has also been overshadowed by disappointment over demand for the company's products.

Staples (SPLS 20.62, +0.54) reported a better-than-expected bottom line, but made a conservative forecast that matched Wall Street's outlook.

Dollar Tree (DLTR 54.96, +0.25) posted a big upside earnings surprise and even issued upside guidance for fiscal 2011, but its shares have actually lagged this session. DJ30 +177.17 NASDAQ +46.65 SP500 +20.43 NASDAQ Adv/Vol/Dec 2037/1.29 bln/559 NYSE Adv/Vol/Dec 2478/732 mln/511

1:30 pm : The stock market continues to move sideways near session highs just below the 1200 line. Action has been so steady that the S&P 500 has spent the past hour in a one-point trading range.

Amid such steady strength, the Volatility Index is down sharply. It was recently quoted with a 12.5% loss, which puts it at a session low.

Commodities remain in strong shape. Collective strength in that space has the CRB Commodity Index up 2.3%. Natural gas has remained out of favor, though. The energy component was last quoted with a 2.6% loss at $3.92 per MMBtu, despite a smaller-than-expected weekly inventory build earlier this morning. DJ30 +175.62 NASDAQ +46.09 SP500 +20.44 NASDAQ Adv/Vol/Dec 2015/1.18 bln/550 NYSE Adv/Vol/Dec 2463/685 mln/17

1:00 pm : Market participants have shown a willingness to take on more risk amid speculation that Ireland may be moving closer to accepting financial aid. Though that has helped stocks swing higher, resistance has capped the move.

Stocks suffered four straight losses amid concern about the tenuous state of financial conditions in Ireland. Such concern has been quelled by hope that a plan to sturdy financial conditions in Ireland will come out of a meeting between Irish officials and representatives of the European Commission, European Union, and International Monetary Fund.

An effort to put in place plans aimed at avoiding contagion in the eurozone has bolstered the euro. Renewed strength in the euro has induced selling in the dollar, which is down 0.5% after paring its losses.

Rotation back into stocks has been strong. Not only has the broader market made a big bounce, but volume has been robust too. In fact, the S&P 500 is on track for its second-best performance of the past month and share volume on the NYSE has already surpassed 600 million shares.

However, resistance at the 1200 line has kept the S&P 500 from extending its advance. But that hasn't weakened the tone of trade. Instead, stocks continue to hug the line as they drift sideways.

That sort of yoke has helped enable the Nasdaq to edge out its counterparts. The tech-rich index has been led by NetApp (NTAP 52.71, +3.46), which has rebounded from a late slide in the prior session, when its quarterly results were leaked early.

General Motors (GM 35.04, +2.04) has been in close focus. Following its restructuring, GM's stock garnered an initial public offering price of $33 per share, but returned to the Big Board this morning for the first time in more than a year at a price of about $35 per share.

As for data, Leading Economic Indicators for October increased 0.5%, which generally on par with what had been expected. Initial claims were also in line with expectations at 439,000. However, The Philadelphia Fed Index for November unexpectedly spiked to 22.5, which tied a December 2009 reading for a five-year high. DJ30 +178.91 NASDAQ +47.57 SP500 +20.77 NASDAQ Adv/Vol/Dec 2024/1.10 bln/530 NYSE Adv/Vol/Dec 2465/642 mln/498

12:30 pm : The 1200 line continues to act as a point of resistance against additional gains for the S&P 500. The benchmark index has been hugging the psychologically significant line for the past 20 minutes after it sett a fractionally extended session high.

Nonetheless, the tone of trade remains decidedly upbeat. To that point, about 94% of the names in the S&P 500 are in positive territory.

With participants inclined to take on the relative riskiness of stocks, Treasuries have been hit with selling pressure. That has the yield on the benchmark 10-year Note up to 2.93%. DJ30 +177.93 NASDAQ +49.21 SP500 +20.58 NASDAQ Adv/Vol/Dec 2024/1.00 bln/507 NYSE Adv/Vol/Dec 2470/597 mln/479

12:00 pm : Strength among large-cap tech stocks has the Nasdaq 100 up 2.1%. Apple (AAPL 308.88, +8.38), which accounts for 20% of the Nasdaq 100's weight, has been a primary source of strength as the stock returns to its weekly high.

NetApp (NTAP 52.81, +3.56) has also provided support to the Nasdaq 100. The stock had a hand in some late session selling yesterday, when its quarterly results were leaked early, but the stock has rallied today. News that the stock has been added to the Short Term Buy List at Detsche Bank has helped. DJ30 +176.94 NASDAQ +48.71 SP500 +20.39 NASDAQ Adv/Vol/Dec 2014/895 mln/489 NYSE Adv/Vol/Dec 2434/553 mln/500

11:30 am : Volatility continues to cool with this session's surge. The Volatility Index already fell more than 3% amid the prior session's mixed action, but today it is down a sharp 11%, which makes for its sharpest one-day drop by percent since June. The VIX is still up about 8% from the six-month low that it set last week as the stock market traded at two-year highs. DJ30 +171.91 NASDAQ +43.69 SP500 +19.37 NASDAQ Adv/Vol/Dec 2006/765 mln/467 NYSE Adv/Vol/Dec 2438/495 mln/458

11:00 am : The S&P 500 has worked its way back toward the 1200 line, but has yet to cross above that psychologically significant point.

Gains remain heady among all of the broader market's underlying sectors, save utilities. Utilities are up just 0.3%, which is less than one-fifth of what the broader market has managed to gain. Utilities stocks are currently hampered by a general lack of interest in the defensive-oriented sector as it really hasn't encountered any actual selling pressure. Utilities stocks are still down 0.4% year to date. With a 1.1% loss for the year, health care (+1.5%) represents the only other sector still in the red for 2010. DJ30 +178.27 NASDAQ +46.08 SP500 +20.36 NASDAQ Adv/Vol/Dec 2005/641 mln/432 NYSE Adv/Vol/Dec 2465/436 mln/418

10:35 am : The dollar index is down for its second day in a row, which is providing price strength in commodities today. In the CRB Index, 17 out of the basket of 19 commodities are trading higher with sugar futures the best performer with 7% in gains.

Energy markets are mixed this morning with crude, heating oil and RBOB gasoline in positive territory, while natural gas is sitting in the red.

December natural gas fell into negative territory earlier this morning, falling to session lows of $3.96 per MMBtu at the open. Ahead of inventory data, it was sitting just above those lows. Following the data, which showed a build of 3 bcf versus consensus that called for a build of 8 bcf, natura gas fell to new session lows of $3.96 per MMBtu and is now 1.6% higher at $3.97 per MMBtu.

December crude oil has been in positive territory all session and hit highs of $82.14 per barrel overnight. The energy component has remained near those highs over the last six hours is trade and is currently 1.5% higher at $81.66.

Precious metals have been higher all session. December gold is currently 0.9% higher at $1348.90 per ounce, while December silver is 3.6% higher at $26.43 per ounce.DJ30 +169.90 NASDAQ +42.83 SP500 +19.25 NASDAQ Adv/Vol/Dec 1980/468.2 mln/393 NYSE Adv/Vol/Dec 2451/347.8 mln/384

10:00 am : Stocks had started to ease back from their early highs, but then quickly benefited from buying on the back of a better-than-expected reading for the latest Philly Fed Index. The S&P 500 has steadied itself at the 1195 line, though.

The Philadelphia Fed Index for November improved to 22.5 from 1.0 in October. Economists polled by Briefing.com had expected the reading to improve to just 5.0.

Leading Economic Indicators for October were also just released. They showed a 0.5% increase, which isn't quite as strong as the 0.6% increase that had been widely expected after a 0.5% increase in the prior month.

Advancing Sectors: Materials (+2.2%), Energy (+2.0%), Industrials (+1.7%), Tech (+1.6%), Financials (+1.4%), Telecom (+1.4%), Consumer Discretionary (+1.3%), Consumer Staples (+1.1%), Health Care (+0.9%), Utilities (+0.5)
Declining Sectors: (None)DJ30 +153.97 NASDAQ +35.78 SP500 +15.61 NASDAQ Adv/Vol/Dec 1942/294 mln/381 NYSE Adv/Vol/Dec 2439/255 mln/357

09:45 am : Stocks are up big in the early going. Buying has been broad based in that all 10 major sectors are higher, most currently sport gains in excess of 1%.

Materials stocks have made the biggest bounce. The sector's 1.8% move has been largely underpinned by buying among diversified metals and miners plays.

Defensive-oriented utilities stocks are relative laggards. As a group they are up just 0.5%, which is less than half of what the broader market currently sports. DJ30 +143.38 NASDAQ +34.30 SP500 +14.80 NASDAQ Adv/Vol/Dec 1901/180 mln/338 NYSE Adv/Vol/Dec 244/175 mln/311

09:15 am : S&P futures vs fair value: +12.20. Nasdaq futures vs fair value: +23.30. After four straight losses, or six in seven sessions, stocks have finally attracted meaningful support. The change in tone comes amid hope that Ireland will agree to accept financial aid so as to sturdy its tenuous financial state. The presumption that Ireland's troubles can be contained has been triggered buying in the euro and, consequently, selling in the dollar. Domestic data has been unsurprising, so far. Initial claims were in line with expectations at 439,000 and continuing claims eased lower to just under 4.30 million. The November Philadelphia Fed Index and October leading economic indicators are still to come. They are expected at 10:00 AM ET. Overall corporate news has been light, but anticipation is high for General Motors (GM), which returns to the NYSE after it held an initial public offering that garnered it a price of $33 per share. The automaker's shares were last on the Big Board in mid-2009.

09:05 am : S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +22.50. Trade in Europe has been helped by the hope that Ireland will agree to accept financial aid so as to sturdy its tenuous financial state. Officials from Ireland are expected to meet with representatives from the International Monetary Fund and European Union today. Germany's DAX made a nice gap higher at its open then quickly climbed another leg higher. It has since spent the past four hours moving sideways in a tight range that is just below the 29-month high that was set last week. The German bourse is currently up 1.4%. All of its 30 members are presently in positive territory, but Infineon Tech has been a strong individual leader. BMW and Volkswagen have also provided support ahead of the return of General Motors (GM) to the NYSE. France's CAC is up 1.6% amid broad support. EADS and Alcatel-Lucent (ALU) are the only two that have failed to stage a gain. After a momentary dip below its 50-day moving average in the prior session, Britain's FTSE has made its way to a 1.3% gain. HSBC (HBC) has been the biggest driver of that move, though its effort has been complemented by strength in Rio Tinto (RIO) and Royal Dutch Shell (RDS.A). Capita Group and Intertek Group have both been out of favor and, as a result, remain primary laggards. As for data, retail sales in the United Kingdom increased 0.3% in October. That follows a 0.3% decline in September.

The tone of trade in Asia improved as mainland China's Shanghai Composite advanced 0.9% following losses in three of the past four sessions for a cumulative decline of close to 10%. China Citic, China Petroleum (SNP), and PetroChina (PTR) led the advance. Fellow energy giant CNOOC (CEO) helped Hong Kong's Hang Seng swing to a 1.8% gain. Banking issues HSBC, China Construction Bank, and Industrial and Commercial Bank provided additional support, but Sun Hung Kai Properties trailed. Japan's Nikkei rallied to its best level in five months with a 2.1% gain. Of its 225 components, only two logged losses - CSK Corp and Dainippon Sumito. Softbank and Honda Motor (HMC) were individual leaders.

08:35 am : S&P futures vs fair value: +13.20. Nasdaq futures vs fair value: +24.00. Neither stock futures nor the dollar have shown any real reaction to the latest jobless claims data. Initial jobless claims for the week ended November 13 totaled 439,000, which is in stride with the 442,000 initial claims that had been expected, on average, among economists surveyed by Briefing.com. The latest initial claims count marks a 2,000 week-over-week increase. Continuing claims came in just below 4.30 million, which is down from the 4.34 million recorded for the prior week. The latest continuing claims count is the lowest such tally in close to two years.

08:05 am : S&P futures vs fair value: +12.60. Nasdaq futures vs fair value: +23.30. Stock futures are up sharply this morning with help from strong buying abroad, where many hope that a deal will be struck for Ireland to agree to financial assistance. Officials from Ireland are expected to meet with representatives from the International Monetary Fund and the European Union. Anticipation for such a deal has dropped the dollar for a 0.8% loss, which puts it on pace for its worst performance in two weeks. Also a point of interest, shares of General Motors (GM) will be back on the NYSE after their initial public offering priced the stock at $33 per share. The latest weekly jobless claims count is due at 8:30 AM ET. That will be followed by the October Leading Indicators report and the November Philadelphia Fed Index at 10:00 AM ET. Third quarter mortgage delinquency data are also due at 10:00 AM ET.

07:29 am : S&P futures vs fair value: +13.40. Nasdaq futures vs fair value: +24.80.

07:29 am : Nikkei...10013.63...+202.00...+2.10%. Hang Seng...23637.39...+422.90...+1.80%.

07:29 am : FTSE...5772.49...+79.90...+1.40%. DAX...6795.24...+95.20...+1.40%.

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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