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 Post subject: December 10th Friday 2010 Emini ES ($ES_F) points +0.00
PostPosted: Tue Dec 14, 2010 1:18 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)


click on the above image to view normal size

Quote:
Today was a losing trading day due to the cost of trading (broker commissions). Not much to say about today's trading session other than I made too many trade mistakes such as allowing one particular large size position to go -1 point against me when I could have exited the trade @ -0.50 points.

Trade Performance for Today: +0.00 points or $0 dollars in the S&P 500 Emini ES ($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=700

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

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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 grind higher, S&P 500 at a 2-year high
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click on the above image to view today's price action of key markets

By Ben Rooney, staff reporter
December 10, 2010: 4:50 PM ET

NEW YORK (CNNMoney.com) -- Stocks rose Friday, with the S&P 500 closing at a 2-year high, as investors welcomed some upbeat economic news and a dividend hike by General Electric.

The Dow Jones industrial average (INDU) gained 40 points, or 0.3%, to 1,1406. GE (GE, Fortune 500) was the index's biggest gainer, climbing 3.4% after the conglomerate boosted its quarterly dividend 17% to 14 cents per share.

The S&P 500 (SPX) added 7 points, or 0.6%, to 1,240 after breaking through a key technical level. The broad market gauge ended at the highest point since September 2008.

The tech-heavy Nasdaq (COMP) rose 21 points, or 0.8%, to 2,637 -- the highest level since December 2007.

For the week, the Dow locked in a gain of 0.4%. The S&P 500 added 1.3%, and the Nasdaq rose 1.5% over the last five days.

The advance came after government data showed that the U.S. trade deficit unexpectedly narrowed in October, raising optimism about economic growth early next year. A separate report on consumer sentiment also came in better than expected.

The trade data "caught people off guard and suggests that the fourth-quarter GDP might look much better than expected," said Dan Greenhaus, chief market strategist with Miller Taback & Co. "But I think the news out of China is the bigger story."

The People's Bank of China further increased its reserve requirement ratio for banks as part of an ongoing effort to cool inflation and avoid an economic crash landing. The move stoked speculation that the central bank could hike interest rates next year.

"China continues its steady steps towards tightening," said Greenhaus, adding that such moves are necessary. "They need to slow things down."

A separate report showed that China's trade surplus fell 16% in November, as exports surged 35% from the prior month.

Earlier in the week, investors cheered as Washington appeared close to reaching a compromise deal to extend Bush-era tax cuts for another two years. But House Democrats voted Thursday against considering the tax package, which would also provided for extended unemployment benefits and a break in payroll taxes.

The final outcome of the tax debate is "a major source of uncertainty" in the market, said Greenhaus.

On Thursday stocks ended mixed, as a stronger dollar dragged on commodity-related companies, while financial and tech shares firmed.

Looking ahead, investors expect the market to continue to drift modestly higher. "We will continue to move sideways to upwards, which is good," said Chip Brian, chief executive of MySmartrend.com, which analyzes over 6,000 stocks in realtime.

Next week brings a raft of economic reports on retail sales, consumer prices and new home construction. In addition, the Federal Reserve will release a policy statement Tuesday.

Investors will also look to a report on Chinese inflation due over the weekend.

Economy: The U.S. trade balance, which measures the difference between the nation's imports and exports, narrowed to $38.7 billion in October, down 13% from $44.6 billion in September, according to the Commerce Department. Economists were expecting a deficit of $44.5 billion.

The decline brought the U.S. trade deficit to a 9-month low, as exports jumped 3.2% to $158.7 billion, the highest since August 2008, and imports fell 0.5% to $197.4 billion.

The University of Michigan/Reuters index of consumer confidence for early December rose to 74.2 from 71.6 last month. Economists had expected a more modest increase to 72.5, according to consensus estimates from Briefing.com.

World markets: Asian markets ended mixed. The Shanghai Composite gained 1.1%, while the Hang Seng in Hong Kong slipped less than 0.1% and Japan's Nikkei fell 0.7%.

China's trade surplus fell to $22.9 billion in November, marking a 16% decrease over October's $27.2 billion surplus. Exports soared 34.9% in November, a $17.3 billion increase from the previous month, China's General Administration of Customs said.

Separately, the People's Bank of China said it would lift the bank reserve requirement ratio by one-half percentage points as of Dec. 20. Banks will now have to set aside 18.5% of their reserves, according to Xinhua. This is the sixth such hike this year, as China attempts to put a damper on what "runaway lending amid accelerating inflation."

European stocks were mixed. The DAX in Germany rose 0.5%, while Britain's FTSE 100 and France's CAC 40 were both flat.

Companies: GE announced plans to pay a fourth-quarter dividend of 14 cents per share, up from 12 cents, and said it expects to make "opportunistic share repurchases" next year.

"We are able to increase the GE dividend for the second time this year because of continued strong cash generation, accelerated recovery at GE Capital and solid underlying performance in our industrial businesses through year-end," GE chief executive Jeff Immelt said in a statement.

Community Health Systems (CYH, Fortune 500) announced Thursday that it has made an offer to acquire smaller rival Tenet Healthcare (THC, Fortune 500) for $6 per share, a premium of 40% over Tenet's closing stock price Thursday. An initial offer to Tenet was rejected and this is Community Health Systems' second attempt. Shares of Community Health Systems rose 13%, while shares of Tenet Healthcare surged 55%.
0:00 /1:04BofA restarts foreclosure sales

Green Mountain Coffee (GMCR) reported fourth-quarter net income of $27 million, or 20 cents per share, in line with expectations. But shares fell nearly 10% as investors responded to the company's outlook and decision to no longer provide specific guidance about its K-Cup sales.

The S&P 500 is shaking up the contents of its broad-market index. F5 Networks (FFIV), Netflix (NFLX), and Newfield Exploration (NFX) will replace The New York Times (NYT), Office Depot (ODP, Fortune 500) and Eastman Kodak (EK, Fortune 500) Cablevision Systems (CVC, Fortune 500) is taking the place of King Pharmaceuticals Inc., but only because King Pharmaceuticals has agreed to be acquired by Pfizer (PFE, Fortune 500).

Currencies and commodities: The dollar gained ground against the euro and the Japanese yen, but it fell versus the British pound.

Oil for January delivery fell 58 cents to end at $87.79 a barrel.

Gold futures for February delivery fell $6.40 to settle at $1,386.40 an ounce.

Bonds: Bond prices were mixed. The price on the benchmark 10-year U.S. Treasury edged down, pushing the yield up to 3.3%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : A gradual climb in afternoon trade took the S&P 500 to a fresh two-year high and the Nasdaq Composite to its best close in three years. The Dow failed to eclipse its November high, however.

Stocks started the session rather sluggishly, but saw some knee-jerk buying on the back of the best Consumer Sentiment Survey in six months. The preliminary reading for December came in at 74.2, which compares favorably to the 72.5 that had been expected, on average, among economists polled by Briefing.com.

Participants were less enthusiastic about premarket news that the October trade deficit came in at $38.7 billion, which is less than the $44.5 billion deficit that had been widely expected to follow the $44.6 billion deficit recorded for the prior month, although the combination of higher exports and lower imports should provide a boost to fourth quarter GDP.

There was also news ahead of the open that China's central bank hiked its reserve requirement by another 50 basis points. That has not quelled speculation about actual interest rate hike, however.

Stocks spent most of the morning trading listlessly with slim gains, but buyers began to show more conviction right around the time that General Electric (GE 17.72, +0.59) announced that it has hiked its dividend to $0.14 from $0.12 per share. GE's announcement made it a leader among industrial stocks, which collectively gained 1.0% gain, more than any other sector. Even United Technologies (UTX 78.40, +0.77) caught a bid, despite a disappointing earnings outlook.

Health care stocks were close behind; they advanced 0.9%. Tenet Healthcare (THC 6.65, +2.36) was a top performer in both the health care sector and the broader market after Community Health Systems (CYH 35.89, +4.25) offered to acquire it for $6.00 per share in cash and stock.

Financials also finished 0.9% higher. Strength in the sector formed slowly -- the sector had actually lagged in the first half of the session.

Broad-based support drove the S&P 500 to its best level in 26 months, but there was not enough momentum to take the benchmark index beyond the 1240 line. Meanwhile, the Nasdaq Composite encountered little resistance, but the Dow continued to lag as it failed to extend above the levels it set this last November.

Still, it was a solid week for the stock market. It advanced in each of the past four sessions, including a fractional gain earlier this week. The result is a 1.3% weekly gain.

Outside of stocks, the dollar had a relatively quiet day. It made modest gains throughout the session, but ultimately settled near the neutral line. It gained 0.9% for the week.

Overall losses in the commodity complex left the CRB Commodity Index to slide 0.4%, which fed into a 0.4% weekly loss.

Treasuries retreated. Pressure was varied, though, as the benchmark 10-year Note dropped almost a full point and the 30-year Bond fell about 18 ticks. Their yields settled at about 3.32% and 4.43%, respectively. For the week, the yield on the 10-year ended the week higher by little more than 30 basis points and near six-month highs. The 30-year yield added only about a dozen basis points for the week.

Advancing Sectors: Industrials (+1.0%), Financials (+0.9%), Health Care (+0.9%), Materials (+0.8%), Telecom (+0.6%), Tech (+0.5%), Utilities (+0.4%), Energy (+0.4%), Consumer Discretionary (+0.3%), Consumer Staples (+0.1%)
Declining Sectors: (None)DJ30 +40.26 NASDAQ +20.87 NQ100 +0.6% R2K +1.2% SP400 +1.0% SP500 +7.40 NASDAQ Adv/Vol/Dec 1813/1.74 bln/822 NYSE Adv/Vol/Dec 1938/975 mln/1076

3:30 pm : Commodities finished lower across the board today. Their slide was led by a 0.7% decline in livestock and grains.

A pullback by the dollar helped gold and silver prices bounce off of their intraday lows. In the end February gold settled with a 0.5% loss at $1384.90 per ounce and March silver shed 0.4% to settle at $28.61 per ounce.

January crude oil prices fell 0.7% to close at $87.79 per barrel. It finished the week lower by $1.40, marking its first weekly decline in 3 weeks. January natural gas shed 0.2% to end at $4.45 per MMBtu.

Overall losses in the commodity complex left the CRB Commodity Index to slide 0.4%, which fed into a 0.4% weekly loss. DJ30 +23.32 NASDAQ +19.22 SP500 +6.18 NASDAQ Adv/Vol/Dec 1756/1.37 bln/870 NYSE Adv/Vol/Dec 1849/688 mln/1112

3:00 pm : The S&P 500 ran into resistance at the 1240 line and flinched by giving back a couple of points or so. It has since regathered itself to return to its session high near that point of resistance.

Industrial stocks currently represent the best performing sector. They are up 1.0% at the moment. Most of that move is owed to General Electric (GE 17.74, +0.61), which announced a dividend increase earlier today. Strength in the space has even propped up United Technologies (UTX 78.36, +0.73), which reaffirmed an outlook that allows room for an earnings miss. DJ30 +27.32 NASDAQ +21.57 SP500 +6.92 NASDAQ Adv/Vol/Dec 1771/1.24 bln/835 NYSE Adv/Vol/Dec 1897/627 mln/1061

2:30 pm : The stock market continues to push higher. It is now at the 1240 line, which hasn't been seen since 2008. However, the Dow, which has lagged all session, has yet to clear the two-year high that it set in November.

Meanwhile, the dollar continues its fight against sellers as it clings to a fractional gain. Support at the neutral line has remained intact all session. DJ30 +25.69 NASDAQ +20.80 SP500 +6.83 NASDAQ Adv/Vol/Dec 1693/1.14 bln/893 NYSE Adv/Vol/Dec 1875/569 mln/1080

2:00 pm : The Treasury Budget for November was just released. It showed a $150.4 billion deficit, but had been expected show a deficit of $134.0 billion after the October deficit totaled $120.3 billion.

Unfazed, stocks continue to gradually climb higher. As such, the major averages are now at session highs. DJ30 +26.64 NASDAQ +18.56 SP500 +6.26 NASDAQ Adv/Vol/Dec 1642/1.04 bln/918 NYSE Adv/Vol/Dec 1836/525 mln/1106

1:30 pm : Stocks continue to trade near their session highs. Support remains broad based.

The benchmark 10-year Note continues to trend lower. It is now down 20 ticks. In contrast, the 30-year Bond is only down a few ticks. Their yields stand at 3.28% and 4.41%, respectively. DJ30 +15.82 NASDAQ +15.62 SP500 +5.02 NASDAQ Adv/Vol/Dec 1581/947 mln/971 NYSE Adv/Vol/Dec 1736/482 mln/1186

1:00 pm : Narrow gains followed a positive dose of data this morning, but the stock market has since staged a nice bounce to extend its two-year high.

Little response was made this morning to positive data out of China and news that the country's central bank hiked its reserve requirement by another 50 basis points. Notably, the higher reserve requirement does not preclude an actual interest rate hike, which remains a topic of speculation.

Domestic data indicated that the October trade deficit came in at $38.7 billion, which is smaller than what had been expected. The combination of higher exports and lower imports should provide a boost to fourth quarter GDP.

The preliminary December consumer sentiment reading from the University of Michigan came in above expectations at a six-month high of 74.2.

Knee-jerk buying followed the Sentiment Survey, but it quickly dissolved so that stocks were left holding on to slim gains. A midday bounce coincided with news that General Electric (GE 17.50, +0.37) hiked its dividend to $0.14 per share.

The broader market paused near its morning high, but stocks successfully regained the momentum necessary to extend their gains. The stock market stands at a new two-year best.

There hasn't been a clear leader today. Financials, which had provided leadership in each of the two previous sessions, actually lagged in the early going. The sector has since caught up with the broader market; it now trades with a 0.5% gain.

Energy stocks currently represent the only sector to trade with a loss. They are collectively down 0.1%. Health care, up 0.7%, has been one of the better performers of the day.

Tenet Healthcare (THC 6.60, +2.31) is a standout in that space after Community Health Systems (CYH 36.80, +5.16) for $6.00 per share in cash and stock. DJ30 +12.22 NASDAQ +14.32 SP500 +4.06 NASDAQ Adv/Vol/Dec 1482/885 mln/1079 NYSE Adv/Vol/Dec 1635/422 mln/1219

12:30 pm : Stocks recently made a nice upward push, but the S&P 500 failed to push past the session highs that it had set earlier this morning. Resistance at that point has caused stocks to ease back a bit.

Commodities are paring their losses. The CRB Commodity Index was at its session low with a 0.7% loss about 40 minutes ago, but it is now down a much more modest 0.3%. That comes as silver prices climb about $0.50 from their low to $28.59 per ounce and gold goes to $1386.30 per ounce from its low of $1373.10 per ounce. Silver prices still down 0.7% for the day and gold prices are still off by 0.5%, however. DJ30 +17.22 NASDAQ +10.55 SP500 +3.97 NASDAQ Adv/Vol/Dec 1435/780 mln/1081 NYSE Adv/Vol/Dec 1608/403 mln/1283

12:00 pm : General Electric (GE 17.45, +0.32) just announced that it will raise its quarterly cash dividend by 17% to $0.14 per share. The news sent the stock to a fresh session high. That move has coincided with a move higher by the broader market.

Also out with dividend hikes, Edison International (EIX 38.25, +0.42) raised its annual common stock dividend to $1.28 from $1.26 per share. IAMGOLD (IAG 17.43, +0.44) increased its dividend by 33% to $0.08 per share. In a similar vein, Tyco International (TYC 41.19, +0.34) seeks shareholder approval for 20% increase in annual dividend. DJ30 +12.15 NASDAQ +8.31 SP500 +3.39 NASDAQ Adv/Vol/Dec 1319/690 mln/1168 NYSE Adv/Vol/Dec 1507/355 mln/1381

11:30 am : The stock market is still in positive territory, but action has been rather choppy. Even amid a downturn in the dollar stocks have been unable to generate any upward momentum.

About an hour ago the dollar set a session high as it pushed up to a 0.3% gain against competing currencies. That advance has since been pared as the dollar is now up less than 0.1% for the session. DJ30 +2.34 NASDAQ +4.72 SP500 +1.77 NASDAQ Adv/Vol/Dec 1215/597 mln/1244 NYSE Adv/Vol/Dec 1329/308 mln/1509

11:00 am : The stock market continues to trade with a slight gain, but it still lacks leadership. Financials, which have been a primary source of broader market support in each of the two previous sessions, make up the only major sector to currently trade with a loss. Though the financial sector's 0.1% decline is modest, it suggests at least a temporary change in sentiment surrounding the sector, which is still up 8.0% in the first eight sessions of December.DJ30 +4.08 NASDAQ +5.15 SP500 +1.62 NASDAQ Adv/Vol/Dec 1191/495 mln/1212 NYSE Adv/Vol/Dec 1315/262 mln/1483

10:30 am : The dollar has extended its lead over competing currencies. That puts the Dollar Index up 0.3%, which makes for a morning high.

Stocks slid to new session lows in response to the greenback's gain, but they have since made a modest bounce.

Commodities have fallen under increased pressure. That has the CRB Commodity Index down 0.6%, which puts it on pace for its third loss of the week.

Precious metals are in some of the worst shape. Specifically, silver prices are currently down 2.4% to $28.10 per ounce while gold prices have given back 1.4% to trade at $1373 per ounce.

Natural gas prices are also down markedly. The energy component was last quoted at $4.36 per MMBtu, down 1.8%. Pressure against crude oil prices has been more moderate as the generic contracts price the commodity just 0.5% lower at $87.90 per barrel. DJ30 +3.78 NASDAQ +3.79 SP500 +1.64 NASDAQ Adv/Vol/Dec 1135/375 mln/1190 NYSE Adv/Vol/Dec 1258/210 mln/1509

10:00 am : The preliminary December consumer sentiment reading from the University of Michigan was just released. It came in at 74.2, which is better than consensus call for a reading of 72.5 from economists polled by Briefing.com. What's more, the December reading is the best since June.

Stocks saw some knee-jerk buying on the back of the data, but support has started to fade. In fact, the Dow is at the neutral line while the S&P 500 and Nasdaq Composite cling to slight gains.

Advancing Sectors: Health Care (+0.5%), Consumer Staples (+0.3%), Utilities (+0.3%), Industrials (+0.1%)
Declining Sectors: Materials (-0.2%), Financials (-0.1%)
Unchanged: Consumer Discretionary, Tech, Telecom, Energy
DJ30 +2.20 NASDAQ +3.30 SP500 +1.95 NASDAQ Adv/Vol/Dec 1076/225 mln/1159 NYSE Adv/Vol/Dec 1298/140 mln/1375

09:45 am : Stocks are narrowly higher in the first few minutes of trade. The gains, though moderate, have been enough to take the S&P 500 to a fractionally improved two-year high.

Support for stocks is broad as all 10 of the major sectors sport gains. Still, there is no clear cut leader in the bunch.

Selling against Treasuries has resumed. The 10-year Note finally got some reprieve in the prior session after it had endured two straight sell-offs, but today pressure against the Note has its yield back to almost 3.27%. DJ30 +12.86 NASDAQ +4.53 SP500 +2.88 NASDAQ Adv/Vol/Dec 1126/134 mln/1040 NYSE Adv/Vol/Dec 1387/98 mln/1237

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +1.50. A recent bounce by the greenback has undercut stock futures. More specifically, the dollar is up 0.2% against a basket of competing currencies after it had been down slightly and the S&P 500 is now headed for a rather flat start after it had sported earlier a nice lead over fair value. Overseas trade has provided little support as Europe's major bourses are flat to modestly higher after overnight action was in Asia, where China followed up some solid data with another reserve requirement hike. Domestic data has been of little interest to market participants, so far. The only item that was already released was a narrower trade deficit than what had been expected; it came in at $38.7 billion. Still to come, though, is the preliminary consumer sentiment reading for December from the University of Michigan (9:55 AM ET). The Treasury's budget statement for November will be out this afternoon (2:00 PM ET). Corporate news has also been light. Generally of most interest is an offer from Community Health Systems (CYH) to acquire Tenet Healthcare (THC) for $6.00 per share in cash and stock.

09:05 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +1.30. Stock futures for the domestic averages recently pulled back amid an upturn by the dollar. Meanwhile, trade in Europe generally remains proditive. Germany's DAX is currently up 0.6% amid leadership from automakers. BMW is up 3.5% after sliding sharply during the two prior sessions. Its shares are still down more than 2% for the week. Shares of Volkswagen are up 2.8% today, but still on pace for a weekly loss of 5.5%. Daimler (DAI) has fared better this week. It is up 2.9% to a two-year high and on its way to a 1.6% weekly gain on the German bourse. As for data, Germany's wholesale prices increased 0.7% in November after a 0.3% decline in October. As for action in France, the CAC is up fractionally. Schneider Electric has been a key source of support, but weakness in energy giant Total (TOT) has undermined broader gains. Data indicate that industrial production in October fell 0.8% after a 0.1% increase in September. In Britain, the FTSE is up narrowly. Metals and mining plays Xstrata (XTA) and Anglo American are primary leaders. Their shares are up 2.5% and 1.7%, respectively. In contrast, Standard Charter has slumped again. Its 2.8% drop today extends its 3.6% dive in the prior session. As for data, core producer prices for the United Kingdom increased 3.3% during November. That was on par with the 3.2% increase that was recorded in the same period one year ago.

In Asia, action was rather mixed. Japan's Nikkei fell to a 0.7% loss as declining issues outnumbered advancers by about 3-to-1. Fanuc and Kyocera (KYO) weighed considerably on broader market action. Their shares shed 1.9% and 1.8%, respectively. As for data, the November Domestic Corp Goods Price Index increased 0.1%, just as it did in October. Meanwhile, Japan's Consumer Confidence Index for November came in at 40.4, down from 41.1 in October. Mainland China's Shanghai Composite put together a 1.1% gain amid broad-based support. Advancing issues, led by PetroChina (PTR), China Life Insurance, and Ping An Insurance, outnumbered decliners by more than 7-to-1. The gains came after the Composite secured technical support at its 200-day moving average. China's central bank announced that it raised the reserve requirement ratio for banks by another 50 basis points. Speculation continues, though, that an interest rate hike may be forthcoming. As for data, China's trade balance climbed to $22.89 billion in November after a $27.15 billion balance in October. The country's exports spiked 34.9% in November after a 22.9% increase in October. Its imports increased 37.7% after a 25.3% in October. Hong Kong's Hang Seng finished flat in its final session of the week. PetroChina was a primary source of weakness. Ping An Insurance also weighed on action. HSBC (HBC) provided some support, though.

08:35 am : S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +6.50. Neither stock futures nor the dollar have reacted to the latest trade deficit data. The trade deficit for October came in at $38.7 billion, down from a $44.6 billion deficit in the prior month. Economists polled by Briefing.com had expected, on average, that the deficit would remain closer to $44.5 billion. Import price data was also just released. Prices for November increased 1.3% after a 1.0% increase in October. Excluding oil, import prices increased 0.8% after a 0.3% increase in October.

08:05 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +7.50. Stock futures are up modestly this morning, although not quite enough to bring fresh two-year highs into play. Strength, though moderate, comes amid a slip by the dollar and generally positive trade in Europe after Asia's major averages finished mixed overnight. Following recent speculation, China has further increased reserve requirements at banks as the country's officials move to keep inflation at bay. Still, to some the increase in reserve requirements is not as acute of a move as a hike to overall interest rates. Trade balance data for October is due at the bottom of the hour. The preliminary consumer sentiment reading for December from the University of Michigan follows at 9:55 AM ET. The Treasury's November budget statement will be released at 2:00 PM ET.

06:48 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +2.50.

06:48 am : Nikkei...10211.95...-73.90...-0.70%. Hang Seng...23162.91...-8.90...0.00.

06:48 am : FTSE...5799.86...-8.10...-0.10%. DAX...6996.78...+32.80...+0.50%.

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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