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 Post subject: December 9th Thursday 2010 Emini ES ($ES_F) points +9.00
PostPosted: Tue Dec 14, 2010 1:12 am 
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Joined: Sat Jan 10, 2009 2:06 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)


click on the above image to view normal size

Quote:
Best trade of the day was my 2nd trade but unfortunately it was via a small size position due to the poor price action as discussed in the #Futurestrades chat log below.

Trade Performance for Today: +9.00 points or $450 dollars in the S&P 500 Emini ES ($ES_F) Futures.
1 tick or 0.25 = $12.50 dollars and to find out more contract information about the S&P 500 Emini ES...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=84&t=699

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=128&t=854

-----------------------------

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 end listless session mixed
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click on the above image to view today's price action

By Ben Rooney, staff reporter
December 9, 2010: 4:51 PM ET

NEW YORK (CNNMoney.com) -- Stocks ended mixed Thursday as a stronger dollar dragged on commodity-related companies, while financials and tech shares firmed.

The Dow Jones industrial average (INDU) fell 2 points, or less than 0.1%, to end at 11,370. The S&P 500 (SPX) gained 5 points, or 0.4%; to 1,233. The tech-heavy Nasdaq (COMP) rose 7 points, or 0.3%, to 2,617.

Bank of America (BAC, Fortune 500) and JPMorgan (JPM, Fortune 500) were among the best performers on the Dow, adding to the previous session's gains. Bank stocks had lagged the broader market earlier this year, but investors are regaining some appetite for financials as economic conditions improve.

DuPont (DD, Fortune 500) was the Dow's weakest component, falling 1.3%. The chemical company issued a 2011 outlook that disappointed investors. Consumer stocks McDonald's (MCD, Fortune 500) and Johnson & Johnson (JNJ, Fortune 500) also tumbled.

Stocks opened modestly higher after government data showed an improvement in the number of jobless claims being filed. But the momentum faded as a stronger dollar pressured commodities prices, and weighed down shares of companies like Boeing (BA, Fortune 500) and 3M (MMM, Fortune 500).

"In the absence of any major economic news -- we're listing a little bit," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. Investors are also awaiting the final word from Washington on the extension of Bush-era tax cuts for those making more than $250,000 a year, he added.

House Democrats voted Thursday against considering the tax package, which would also extend unemployment benefits and create a payroll tax holiday.
10 best stocks for 2011

The choppy trading Thursday follows a big advance last week, which pushed the Dow and S&P 500 near their highest levels in two years.

"Considering the rally last week, we're seeing some consolidation, which isn't surprising," said Abigail Doolittle, founder of Peak Theories Research. But she added that the market "is very much driven by the dollar."

The dollar index, a gauge against a basket of currencies, edged up to 80 from 79.9. The stronger dollar weighed on oil prices, but gold defended modest gains.

Investors were also keeping an eye on the Treasury market, where yields have spiked this week amid an improved economic outlook, as well as concerns about inflation and the U.S. budget deficit.

On Wednesday, stocks managed to eke out gains as a rebound in bank shares offset concerns about rising interest rates in the Treasury market.

* Video - The irrational rush into bonds

Economy: The number of people filing for initial jobless claims fell 17,000 to 421,000 in the latest week, from 436,000 the previous week, the Labor Department said in its most weekly jobless claims report. Economists had expected the number to decrease to 429,000.

Initial unemployment claims help give a read on the labor market. "But this time of year it tends to be pretty choppy, and that is due to difficulties in the seasonal adjustments," said Scott Brown, chief economist at Raymond James. "The numbers can really jump around week to week." He said the focus should remain on the four-week moving average, rather than the weekly gains or losses.

The four-week moving average, which is calculated to smooth out volatility in the data, fell by 4,000 to 427,500.

Separately, the Commerce Department said wholesale inventories rose 1.9% in October, following a revised 0.6% increase for September. The October gain was much larger than the 0.7% gain economists had expected.

Companies: Shares of AIG (AIG, Fortune 500) jumped 13% after the insurance giant finalized the terms of the latest restructuring of the giant insurer's federal bailout.

Howard Stern announced that he has re-signed with SiriusXM (SIRI) Radio for five years, sending Sirius' stock rising 6.5% in early trade.

Tech giant Dell (DELL, Fortune 500) made a bid for Compellent Technologies Inc. (CML) for $27.50 a share -- well below the $33.65 per share the data storage company closed at on Wednesday. Shares of Compellent fell 14%, while shares of Dell were little changed.
0:00 /1:16Howard Stern gets Sirius

Freeport- McMoRan (FCX, Fortune 500) announced plans to pay a special dividend of $1 per share this year. The copper and gold producer also declared a two-for-one split of its common stock.

Shares of Lululemon Athletica (LULU) jumped 14%, after the Canadian maker of yoga apparel said net income in the third quarter doubled to $42.4 million.

After the market closed, Green Mountain Coffee (GMCR) reported fourth-quarter net income of $27 million, or 20 cents per share, up from $14.1 million, or 11 cents per share, in the same period last year. Analysts had expected earnings per share of 20 cents, according to estimates from Thomson Financial.

But shares of Green Mountain fell nearly 10% in after-hours trading as investors reacted to the company's outlook for next year. Green Mountain lowered the bottom end of its forecast range by 3 cents, citing "expected volatility in coffee prices and flexibility to support anticipated new product launches."

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

Oil for January delivery rose 9 cents to settle at $88.37 a barrel.

Gold futures for February delivery edged up $9.60 to close at $1,392.80 an ounce.
0:00 /05:36Debating gold's place in your portfolio

Bonds: The yield on the 10-year Treasury note eased to 3.22% from 3.25% late Wednesday as prices rose. The 10-year yield hit a high of 3.33% on Wednesday, up 36 basis points from Monday, marking the biggest two-day gain since September 2008.

But prices rebounded after the U.S. sold $13 billion in re-opened 30-year bonds. It was the last of three auctions this week totaling $66 billion in 3-, 10- and 30-year Treasuries.

World markets: European stocks were mixed. Britain's FTSE 100 rose 0.2% and France's CAC 40 gained 0.7%, while the DAX in Germany fell 0.2%.

Asian markets also ended the session mixed. The Shanghai Composite shaved 1.3%, the Hang Seng in Hong Kong added 0.3% and Japan's Nikkei gained 0.5%.

Image

Image Yahoo! Finance - Market Update

4:15 pm : Financials put on another strong performance, but the broader market was slow to follow. Even after a late lift, the S&P 500 finished the day with only a modest gain.

The broader market moved higher in the early going with help from news that initial jobless claims for the week ended December 4 fell to 421,000, which is less than the 429,000 claims that had been predicted by economists polled by Briefing.com, and that continuing claims declined to a two-year low of 4.09 million.

However, early buying lacked the conviction necessary to extend the S&P 500 past its two-year high of 1235, which was set earlier this week. The loss of momentum near that point coincided with a bounce by the dollar. That ultimately fed into a flurry of selling.

Sellers tried to send the S&P 500 into the red a couple of times, but support limited both the depth and duration of those declines. Though the benchmark index was able to move back into positive territory, most of the afternoon was spent session chopping along with a narrow gain. The Nasdaq did the same, but the Dow spent most of the day down with a slight loss.

Financials displayed leadership for the second straight session, but the broader market refused to rally around it. Financials finished the day with a 1.3% gain, which puts it on pace for a weekly gain of 2.9%.

Banks have backed most of the financial sector's recent gains. The KBW Bank Index added to the prior session's 2.9% spike by booking a 2.2% gain today. It is up 4.8% week-to-date.

Although gains by the greenback acted as a headwind in the early going, the dollar's strength dwindled into the close. At the end of the day the dollar was only up fractionally against a basket of competing currencies. Waning support for the greenback came at the same time that Bloomberg TV reported that PIMCO raised its estimate for U.S. growth based on the Fed's second quantitative easing effort. Stocks responded positively, but the S&P 500 stalled near its session high. The Dow finished at the flat line.

Treasuries caught a bid after two straight sell-offs. They set their highs following the release of results from a $13 billion auction of 30-year Bonds. The auction's results generally indicated that there is a market for Treasuries at current interest rates.

Advancing Sectors: Financials (+1.3%), Telecom (+1.1%), Consumer Staples (+0.4%), Materials (+0.4%), Utilities (+0.3%), Energy (+0.3%), Industrials (+0.2%), Health Care (+0.2%)
Declining Sectors: (None)
Unchanged: Consumer Discretionary, TechDJ30 -2.42 NASDAQ +7.51 NQ100 +0.0% R2K +0.5% SP400 +0.4% SP500 +4.72 NASDAQ Adv/Vol/Dec 1528/1.92 bln/1069 NYSE Adv/Vol/Dec 1673/1.01 bln/1336

3:30 pm : Commodities were mixed today, with soft commodities (-1.1%), energy (-0.6%) and grains (-0.2%) all finishing lower, while industrials (+1.2%), precious metals (+0.9%), and livestock (+0.2%) ended up on the day. Orange juice futures, for the fourth consecutive session, saw volatility after they shed 2.6% to close at $1.6255 per pound.

Jan natural gas shed 3.7% to finish at $4.43 per MMBtu, giving back most of its gains from yesterday's weather-induced rally. This morning's inventory data showed a draw that was more-or-less inline and that was enough to send prices plummeting. Jan crude oil finished up 0.1% to $88.37 per barrel.

Precious metals finished quietly higher today, after Feb gold posted a 0.3% gain to end at $1389.00 per ounce and March silver gained 1.7% to finish at $28.82 per ounce.
DJ30 -23.16 NASDAQ +5.49 SP500 +2.79 NASDAQ Adv/Vol/Dec 1551/1.6 bln/1052 NYSE Adv/Vol/Dec 1528/713.6 mln/1447

3:00 pm : The Dollar Index was able to hold the 80.00 level for the second time this session. It now trades slightly higher at 80.10 with a 0.1% gain.

As the dollar gives back some of its gains, the euro has moved off of its worst level of the session to recapture the $1.320 level. Meanwhile, the British pound has moved up from its low so that it is at $1.575, but it has also been impacted by the passage of a bill to raise tuition for university students in the United Kingdom. As for Japan's yen, it once again failed above 84.00 so that it is now 0.4% lower at 83.70 yen per dollar. DJ30 -2.21 NASDAQ +4.63 SP500 +2.42 NASDAQ Adv/Vol/Dec 1487/1.56 bln/1082 NYSE Adv/Vol/Dec 1462/660 mln/1498

2:30 pm : The stock market's sideways chop continues. Action has become quite lackluster this afternoon.

Participants appear to be taking a bit of a break from recent trade. The swings of the past few sessions, and even the more moderate moves this morning, have left many investors uncertain whether stocks can extend their highs or if a broader pullback is in order. DJ30 -28.00 NASDAQ +4.49 SP500 +1.68 NASDAQ Adv/Vol/Dec 1484/1.35 bln/1086 NYSE Adv/Vol/Dec 1436/610 mln/1539

2:00 pm : Dow continues to trail its counterparts as it slogs along with a modest loss. 3M (MMM 84.00, -0.68) continues to weigh on the index of blue chips, but IBM (IBM 143.89, -1.09) has actually become the heaviest drag of all.

In contrast, Dow component Cisco (CSCO 19.77, +0.42) has attracted strong support. That has also made it a leader on the Nasdaq, which has managed to sport a modest gain for most of the session. DJ30 -17.90 NASDAQ +7.58 SP500 +2.72 NASDAQ Adv/Vol/Dec 1513/1.27 bln/1036 NYSE Adv/Vol/Dec 1510/560 mln/1433

1:30 pm : Treasuries recently benefited from a nice bid following the release of results from a $13 billion auction of 30-year Bonds. The auction's bid-to-cover of 2.74 looks strong against the six- and 12-month averages of 2.68 and 2.65, respectively, but that is due to the size of the deal. Further, dollar demand, which came in at $35.6 billion, was actually below the six- and 12-month averages of $37.3 billion and $36.9 billion, respectively.

Nonetheless, the auction's results indicate that there is a market for Bonds at current interest rates. In turn, the price of the 30-year Bond swung more than a point higher in a matter of minutes. That dropped its yield from about 4.46% to 4.36%. The Bond's yield is now at 4.39%. DJ30 -17.22 NASDAQ +6.56 SP500 +2.96 NASDAQ Adv/Vol/Dec 1512/1.18 bln/1009 NYSE Adv/Vol/Dec 1526/527 mln/1411

1:00 pm : The stock market has had a hard time finding its direction today. Early strength took the S&P 500 within reach of its two-year high, but its failure to extend that high amid a gyrating greenback has left the broader market flat.

Stocks got a nice bid in the early going as market participants responded positively to initial jobless claims for the week ended December 4. They totaled 421,000, which is less than the 429,000 claims that had been predicted by economists polled by Briefing.com. Meanwhile, continuing claims continued to trend lower, such that they set a new two-year low at 4.09 million.

A dip by the dollar ahead of the open further supported stocks in early action. In fact, the S&P 500 came within a half of a point of the two-year high that it had set earlier this week. However, a bounce by the dollar caused stocks to lose momentum and hand back their gains. Strength in the dollar has since moderated, but the broader market remains stuck near the neutral line.

For the second straight session financials have been outperforming -- the sector is currently up 0.6%. Banks are still at the heart of the sector's strength as the KBW Bank Index bounces to a 1.3% gain after it spiked 2.9% in the prior session. Despite strength in the financial sector, the broader market has been unable to follow it higher in the face of a firmer dollar.

Treasuries have finally attracted support after two consecutive sessions of heavy selling. Buying in the 10-year Note has lowered its yield to 3.24%. Results from an auction of 30-year Bonds are due at any moment. DJ30 -27.89 NASDAQ +4.01 SP500 +1.51 NASDAQ Adv/Vol/Dec 1431/1.08 bln/1088 NYSE Adv/Vol/Dec 1402/480 mln/1513

12:30 pm : Stryker (SYK 52.89, +0.80) has put together a nice gain following this morning's announcement that the company has added $500 million to its share repurchase plan and has hiked its quarterly dividend by 20% to $0.18 per share.

In a similar vein, Western Union (WU 18.66, +0.01) announced that it has hiked its dividend by 17% to $0.07 per share.

Meanwhile, Whole Foods (WFMI 48.68, -0.22) announced that it has reinstated its quarterly dividend of $0.10 per share. DJ30 -28.65 NASDAQ +3.12 SP500 +0.68 NASDAQ Adv/Vol/Dec 1359/985 mln/1134 NYSE Adv/Vol/Dec 1363/445 mln/1541

12:00 pm : Recent trade took the major equity averages to fresh session lows, but they have started to recover amid a dip by the dollar.

The recent flurry of selling pressure was relatively broad based, but telecom did a good job of preserving its gains. Telecom is up 0.7%, which makes it the best peforming sector in the S&P 500. Dow component Verizon (VZ 33.50, +0.52) has been a primary leader in its space.

Despite its defensive-oriented nature, telecom has done a good job of keeping up with the broader market this year. Specifically, telecom is up more than 8% year-to-date while the S&P 500 is up little more than 10% in 2010. DJ30 -29.21 NASDAQ +1.30 SP500 +0.57 NASDAQ Adv/Vol/Dec 1319/905 mln/1155 NYSE Adv/Vol/Dec 1345/405 mln/1529

11:30 am : The S&P 500 has made its way back to a narrow gain. Energy stocks have become a drag on trade, however; that sector is down 0.3% at the moment.

Energy's decline has come primarily from weakness in oil and gas exploration and production outfits like Range Resources (RRC 42.48, -1.38), Noble Energy (NBL 82.38, -1.39), and Devon Energy (DVN 72.00, -1.18).

A recent bounce in oil prices does not appear to have helped the energy sector. Oil prices just poked into positive territory to trade at $88.30 per barrel. DJ30 -20.59 NASDAQ +4.49 SP500 +2.01 NASDAQ Adv/Vol/Dec 1348/775 mln/1081 NYSE Adv/Vol/Dec 1461/355 mln/1384

11:00 am : After struggled to find direction in the early going, the greenback has staged a strong bounce that has the Dollar Index up to 0.4% gain. That puts it at a fresh session high.

The dollar's climb has undercut the stock market. In turn, the S&P 500 is at the neutral line, a session low, after it was up solidly to flirt with its two-year high.

The Dow is in weaker condition. Its downturn is largely underpinned by losses among 3M (MMM 83.86, -0.82), which has extended its slide from the prior session, and DuPont (DD 47.99, -0.89), which has dropped markedly from its 52-week high in the prior session. DuPont's management reaffirmed its 2010 earnings outlook and issued an in-line forecast for 2011. DJ30 -26.38 NASDAQ -0.55 SP500 +0.41 NASDAQ Adv/Vol/Dec 1186/650 mln/1203 NYSE Adv/Vol/Dec 1270/302 mln/1540

10:35 am : The dollar index is up for a fourth consecutive session and broke through the 80.00 level overnight. As a result, most commodities are lower this morning with natural gas and soft commodities the worst performers currently in the CRB Index.

January natural gas fell back into negative territory around 8:00am ET and hit its own new session low of $4.54 per MMBtu minutes ago and was sitting around that level ahead of inventory data. Following the data, which showed a draw of 89 bcf versus consensus of a draw of 85 bcf, natural gas saw a modest pullback and is now 1% lower at $4.56 per MMBtu.

Leading the CRB Commodity Index this morning is cotton, which is up by the exchange limit, or up four cents (+3.0%) at $1.3595/lb. Aluminum is 2.9% higher.

January crude oil is back in negative territory and just touched a new session low of $87.80 per barrel minutes ago. Crude is currently above the $88 level, down 0.3% at $88.04 per barrel.

Precious metals rallied near the top of the hour. February gold put in fresh session highs of $1395.60, while March silver hit new session highs of $29.05 per ounce. Gold has since given back all those gains and is currently just above the unchanged line at $1383.80 per ounce. Silver is 1.7% higher at $28.72 per ounce.DJ30 +1.51 NASDAQ +6.40 SP500 +3.09 NASDAQ Adv/Vol/Dec 1314/526.7 mln/1027 NYSE Adv/Vol/Dec 1480/253.5 mln/1286

10:00 am : The S&P 500 has made a push back toward its opening high. The move has come amid broad-based support, though the financial sector has actually eased back a slight bit so that it is now up 0.9% after it was recently up a little more than 1%.

Meanwhile, the dollar continues to oscillate. It had been up modestly in premarket trade, but gave up its gain to dip into the red as the start of trade approached. It is now at the flat line.

The latest wholesale inventory data were just released. It showed that overall wholesale inventories increased 1.9% in October. A 0.7% increase had been expected. Inventories for the prior month were revised upward to reflect an increase of 2.1%.

Advancing Sectors: Financials (+0.9%), Telecom (+0.6%), Materials (+0.5%), Industrials (+0.5%), Energy (+0.5%), Consumer Staples (+0.4%), Consumer Discretionary (+0.3%), Tech (+0.3%), Health Care (+0.2%), Utilities (+0.1%)
Declining Sectors: (None)DJ30 +12.90 NASDAQ +11.68 SP500 +5.59 NASDAQ Adv/Vol/Dec 1447/330 mln/790 NYSE Adv/Vol/Dec 1809/171 mln/884

09:45 am : The S&P 500 started the session just about a single point shy of the two-year high that it had set earlier this week, but it has since pulled back a few points. Still, the early tone of trade remains moderately positive.

Financials continue to attract support. Building on its 1.8% gain in the prior session, the financial sector is up another 0.8% this morning. Banks continue to be the biggest drivers of the sector's gain; the KBW Bank Index is already up 1.4% this morning.

Utilities make up the only major sector currently in the red. It is down 0.2% as Edison International (EIX 38.17, -0.15) retreats after it was downgraded by analysts at Goldman Sachs. DJ30 +6.28 NASDAQ +8.40 SP500 +3.34 NASDAQ Adv/Vol/Dec 1381/206 mln/759 NYSE Adv/Vol/Dec 1658/121 mln/968

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +11.00. A smaller-than-expected increase in weekly initial jobless claims has helped prop up stock futures. A dip by the Dollar Index into negative territory has also helped bolster a positive tone among premarket participants. Treasuries continue to tick higher, too. Buying there has the yield on the benchmark 10-year Note back at 3.20% after it set a six-month high of about 3.33% in the prior session. Still to come this morning is wholesale inventory data for October (10:00 AM ET), but that report typically carries little influence over trade. Corporate news remains of little broader market concern as a handful of companies report a mixed bag of announcements. Though less of an obvious concern in recent sessions, sovereign debt remains on the radar as analysts at Fitch downgrade the debt of Ireland. Global investors also remain on watchful of hints toward higher interest rates in China.

09:05 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +11.30. Futures for the S&P 500 recently hit their best level of the past few hours. The tone in Europe has improved, too. Germany's DAX is now back in positive ground with a 0.2% gain. Allianz (AZ) and Deutsche Bank (DB) have been leaders, though automakers BMW and Volkswagen continue to weigh on action. As for data, Germany's final CPI reading for November went unchanged with a 0.1% increase. In France, the CAC is up an impressive 0.8% amid support from financial plays BNP Paribas and Societe Generale. Data indicated that the country's third quarter non-farm payrolls increased 0.1% after a 0.3% increase in the second quarter. Britain's FTSE is up 0.5% as HSBC (HBC), Barclays (BCS), and BHP Billiton (BHP) make strong bounces, but Standard Charter, Xstrata (XTA), and AstraZeneca (AZN) have hampered action. Earlier this morning England's central bank announced, as expected, that its benchmark interest rate will remain at 0.50% and that the size of its asset purchase program will stay at 200 billion pounds. As for data, the United Kingdom's visible trade deficit for October totaled 8.53 billion pounds, up from a deficit of 8.39 billion pounds in September. Outside of the aforementioned countries, Ireland had its debt rating cut by analysts at Fitch to BBB+. Fitch assigned a stable outlook, though.

In Asia, Japan's Nikkei finished 0.5% higher. It was led by Fanuc, TDK, and Honda Motor (HMC). Third quarter GDP was revised higher to reflect 1.1% growth. It was also announced that machine tool orders for November surged 104%, which is even more robust than the 71% surge recorded for the same period one year ago. Mainland China's Shanghai Composite drifted lower to a 1.3% loss as declining issues outnumbered advancers by more than 6-to-1 at the end of the day. The downturn was directed by PetroChina (PTR), China Petroleum (SNP), and Industrial & Commercial Bank. CSR Corp and China Railway showed resilience, though. Concern and speculation about higher interest rates continued as a bond auction was canceled. Hong Kong's Hang Seng had a choppy session, but ultimately settled with a 0.3% gain. HSBC, CNOOC (CEO), and PetroChina were primary leaders. China Construction Bank and Hutchison Whampoa stood out as laggards.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: +8.30. Stock futures made a modest tick higher with the release of the latest weekly jobless claims count. Initial jobless claims for the week ended December 4 totaled 421,000, which is less than the 429,000 claims that had been predicted by economists polled by Briefing.com. The latest initial jobless claims tally is down 17,000 from the prior week. Meanwhile, continuing claims fell 191,000 week over week to about 4.09 million, which makes for a two-year low.

08:05 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +5.80. Stock futures are modestly higher this morning. The bid comes in the face of the dollar's 0.2% gain relative to a basket of foreign currencies. Treasuries have finally found relief after they had succumbed to a two-day sell-off that sent the yield on the benchmark 10-year Note up almost 40 basis points from its low to high. The Note's yield has since eased back to 3.25%. Corporate news flow has been of little consequence to the broader market, so most attention is on the latest weekly jobless claims tally, which is due at 8:30 AM ET. It is followed by wholesale inventory figures for October at 10:00 AM ET. Results from an auction of 30-year Bonds are due at 1:00 PM ET.

06:48 am : S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +5.50.

06:48 am : Nikkei...10285.88...+53.60...+0.50%. Hang Seng...23171.80...+79.30...+0.30%.

06:48 am : FTSE...5814.90...+20.40...+0.40%. DAX...6969.02...-7.00...-0.10%.

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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