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 Post subject: December 13th Monday 2010 Emini ES ($ES_F) points +10.00
PostPosted: Tue Dec 14, 2010 1:26 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)

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Quote:
I'm still struggling with the volatility in Emini ES and that may be due to my expectations of more volatility. Best trade of the day was my 7th trade as a Short position @ 1542pm est as shown in the below #Futurestrades trading chat log. Thus, I will trade the Russell 2000 Emini TF futures tomorrow for the FOMC announcement because it reacts with more volatility than the Emini ES. As a reminder, increasing volatility results in stronger directional price movements.

Trade Performance for Today: +10.00 points or $500 dollars in the S&P 500 Emini ES ($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 trading 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=701

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/viewtopic.php?f=5&t=180.

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 Bloomberg (Youtube) - U.S. Stocks Erase Gains as Consumer Shares Drop



Image CNNMoney.com - Stocks End Mixed As Senate Votes On Tax Deal
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By Blake Ellis, staff reporter
December 13, 2010: 6:56 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks finished a lackluster session mixed Monday as investors mulled over a flurry of corporate deals and awaited resolution on the tax-cut deal from Washington.

The Dow Jones industrial average (INDU) ticked up 18 points, or 0.2%, the S&P 500 (SPX) rose less than a point, and the Nasdaq (COMP) edged down 13 points, or 0.5%.

Fifteen components of the Dow 30 gained, and fifteen lost ground. Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500) and Merck (MRK, Fortune 500) were the biggest winners, while Hewlett-Packard (HPQ, Fortune 500), Bank of America (BAC, Fortune 500) and Intel (INTC, Fortune 500) led the declines.

Markets churned higher last week, with the S&P 500 reaching its highest level in two years on Friday, amid upbeat economic news and a dividend hike by General Electric.

The S&P 500 is up more than 83% from its 2009 low and is 11% higher for the year, Sam Stovall, chief investment strategist at S&P, said in a research note.

With no market-moving economic data out Monday, gains were muffled as investors awaited the next steps from Washington.

* What's on Washington's agenda

Early last week, policymakers appeared to be on the brink of reaching a compromise to extend Bush-era tax cuts for another two years. But House Democrats voted Thursday against considering the tax package.

On Monday senators opened debate about the deal, with an initial vote beginning at 3 p.m. ET. Shortly after the closing bell, the Senate voted to end debate on the compromise, according to an unofficial CNN count.

Despite the resistance from House Democrats, investors are still betting on an extension of the cuts, said Alan Lancz, president of Alan B. Lancz & Associates.

"Right now the momentum is definitely in the bull's favor," Lancz said. "I think the upward trend will continue as investors feel pressure to jump on the bandwagon."

Companies: Corporate dealmaking talk greeted investors Monday.

General Electric (GE, Fortune 500) offered $1.3 billion for Wellstream Holdings, an engineer and manufacturer of products for oil and gas transportation in the subsea production industry. Shares of GE closed 0.6% lower.

Thermo Fisher Scientific (TMO, Fortune 500), the parent company of Thermo Scientific and Fisher Scientific, announced that it would acquire Dionex (DNEX) for about $2.1 billion. That's $118.50 per share in cash, a 21% premium to Dionex's closing stock price on Dec. 10. Shares of Thermo Fisher, a leading manufacturer and marketer of chromatography systems, gained about 5%, while Dionex shares surged 20%.

* Video - FedEx gears up for record shipping day

Dell (DELL, Fortune 500) announced that it has purchased data storage company Compellent Technologies (CML) for $27.75 per share in cash. Last Thursday, Dell announced it was in talks with Compellent about a potential deal. Shares of Dell fell 3.9% Monday, while shares of Compellent slid 2.5%. The deal is a "take-under," since it valued Compellent at a lower price than its previous close.

Shares of FedEx (FDX, Fortune 500) closed slightly higher on what was projected to be the delivery giant's busiest day of the year. The company expects to move nearly 16 million shipments around the world on Monday.

World markets: Asian markets ended higher. The Shanghai Composite surged 2.9%, the Hang Seng in Hong Kong added 0.7% and Japan's Nikkei rose 0.8%.

China's economy has been booming, fueling fears of an imminent interest rate hike. There has been speculation for several weeks that China's government would boost interest rates to slow economic growth. So far, a rate hike has yet to be announced.

"If they raise their rates, it slows down their economy," Lancz said. "China's really a key cog in global economic growth, so if China slows down that's going to affect everything."

China's growth impacts the U.S. recovery, which is relying heavily on exports.

Separately, Chinese consumer prices rose 5.1% for the 12 months ended Nov. 30, according to government data released Saturday. That came on the heels of a 4.4% jump in October. And once again, a surge in food costs was the culprit, with prices up 11.7% during the month.

* Fed remains in the hot seat

European stocks also finished ahead. Britain's FTSE 100 ticked up 0.8%, the DAX in Germany edged up 0.3% and France's CAC 40 added 0.9%.

Economy: No major economic reports were on tap Monday, but a raft of reports on unemployment, consumer prices and new home construction will be released later in the week.

The Federal Reserve will also release a statement Tuesday after policymakers meet.

Bonds: The price on the benchmark 10-year U.S. Treasury edged higher Monday, pushing the yield down to 3.29%. Bond prices and yields move in opposite directions.

* Queasy living for the bond market

From its October low, the 10-year yield has climbed nearly 100 basis points, Stovall said.

"Investors are encouraged that the U.S. government is willing to entertain extending the existing tax plan, as well as cut payroll taxes and encourage capital spending," he explained. "Bond investors, however, feel as if a lump of coal has been dropped into their stockings and have sold."

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

* Can the euro survive austerity?

Oil for January delivery gained 82 cents to settle at $88.61 a barrel.

Gold futures for February delivery jumped $13.10 to settle at $1,398 an ounce.

Image

Image Yahoo! Finance - Market Update

4:20 pm : Stocks started off on a positive note after China refrained from hiking it benchmark interest rate despite a hotter-than-expected CPI number, and instead insisted they would continue to observe a strong growth policy despite the uptick in prices. Stocks strengthened throughout much of the session, but began giving back their gains in the final hour of trading. The Dow was able to eek out a small gain of 0.2%, while the S&P 500 closed flat, and the Nasdaq slipped into negative territory and closed down 0.5%. Today's late day selloff prevented the Dow from closing at a 2-yr high after it was trading above its November 5th close of 11444.08 within the final 10 minutes of the session.

Weakness in the greenback was prevalent all session long after Moody's said the passage of the tax cuts would have ramifications, and may lead to the U.S. being placed on negative outlook down the road. The soft dollar pushed the euro to 1.3400, while the pound saw a session high just shy of 1.5900. Dollar/yen once again failed above 84.00, a level where it has had trouble for the past three weeks.

Energy stocks outperformed all session long, gaining 0.8%, as the weak dollar sent buyers into commodity related stocks. Cabot Oil & Gas (COG 36.99, +1.63), National Oilwell Varco (NOV 63.99, +1.33), and Baker Hughes (BHI 55.06, +1.14) were among the best performing stocks in the sector.

Materials stocks saw solid gains thanks to the weaker dollar as AK Steel (AKS 14.95, +0.37), Vulcan Materials (VMC 44.66, +1.38), Freeport-McMoran (FCX 115.56, +2.69), and Cliffs Natural (CLF 75.56, +1.23) led the advance.

Health care stocks eased off their best levels of the session after a Virginia judge ruled President Obama's health care law was unconstitutional, and ended the day with a gain of 0.1%. Thermo Fisher (TMO 55.56, +2.52) was the best performer in the space after the company announced it was acquiring Dionex (DNEX 117.86, +19.69) for approximately $2.1 billion, or $118.50 per share in cash, representing a 21% premium to Dionex's close on Friday.

Treasuries posted solid gains today as buyers moved into the market following the Fed's Permanent Open Market Operations in which they purchased $7.79 bln worth of 2016/2017 maturities. After touching 3.391%, its highest yield since June, the 10-yr yield ended the day near 3.29%. The belly of the curve will end the day a little steeper with the 2-10-yr spread running 269.2.

Volume was light with less than one billion shares trading on the floor of the New York Stock Exchange.

Tomorrow should provide an interesting session with the Senate expected to vote on the tax cut, as well as releases of PPI, core PPI, retail sales, retail sales ex-auto, business inventories, and the FOMC rate decision.DJ30 +18.24 NASDAQ -12.63 SP500 +0.06 NASDAQ Adv/Vol/Dec 1054/1.84 bln/1587 NYSE Adv/Vol/Dec 1435/962.2 mln/1582

3:30 pm : It was a broad based rally in commodities today, as all 6 sectors finished in positive territory. Soft commodities, led by rallies in sugar, orange juice and coffee, gained 3.1%, while precious metals added 2.3%. Trade in commodities today was largely based around the fact that China refrained from raising interest rates following this weekend's CPI data.

Feb gold settled higher by 1% to $1398.00 per ounce, while March silver surged 3.7% to end at $29.62 per ounce. Both metals also capitalized on a weaker dollar.

Jan crude oil finished up 0.9% to $88.61 per barrel. It sold off heading into afternoon trade, essentially moving back to the flat line. It was, however, able to bounce heading into the close to recoup some of its earlier gains. Jan natural gas closed up 0.1% to $4.42 per MMBtu. DJ30 +56.08 NASDAQ -2.35 SP500 +3.61 NASDAQ Adv/Vol/Dec 1167/1.5 bln/1463 NYSE Adv/Vol/Dec 1503/677.7 mln/1501

3:00 pm : Stocks continue to hover near their best levels on a day that has produced solid gains despite a relatively dull session. The Dow continues to lead the advance, posting a gain of 0.6%, while the S&P 500 and Nasdaq lag with gains of 0.5% and 0.1% respectively.

Health care stocks have given back a good portion of their gains following a Virginia judge's ruling that the Obama health care law is unconstitutional. The sector had been trading up as much as 0.7%, but is now only higher by 0.2%. Thermo Fisher (TMO 55.20, +2.16) announced it will acquire Dionex (DNEX 117.82, +19.65) for approximately $2.1 billion, or $118.50 per share in cash, representing a 21% premium to Dionex's close on Friday. Thermo Fisher is the best performing stock in the sector. Other health care stocks showing strength include Pfizer (PFE 17.26, +0.24) and Bristol-Myers Squibb (BMY 26.39, +0.35). Within the S&P 500 Health Care Index 28 of the 52 stocks are trading in negative territory. DJ30 +61.34 NASDAQ +1.80 SP500 +5.54 NASDAQ Adv/Vol/Dec 1251/1.31 bln/1361 NYSE Adv/Vol/Dec 1607/613.4 mln/1375

2:30 pm : Stocks pushed to their best levels of the session as the Santa Claus rally continues. The Dow and S&P 500 are posting solid gains of 0.5% while the Nasdaq lags with a 0.1% gain. With a close above 11444.08, the Dow will see its best close in more than two years.

Utilities started the day as one of the weaker sectors, but have strengthened over the course of the afternoon. Exelon (EXC 40.78, +0.74), PP&L (PPL 25.52, +0.27), and Consolidated Edison (ED 49.34, +0.46) are among the best performers in the sector. Within the S&P 500 Utilities Index 31 of 34 stocks are trading in positive territory.DJ30 +56.80 NASDAQ +1.78 SP500 +5.21 NASDAQ Adv/Vol/Dec 1254/1.20 bln/1366 NYSE Adv/Vol/Dec 1606/573.9 mln/1356

2:00 pm : Today's action has been lackluster with the S&P 500 trading in a two point range for the last three hours. The Dow is now the best performing index, trading higher by 0.5% while the S&P 500 is up 0.4%, and the Nasdaq trails with a gain of less than 0.1%. Volume is relatively light with just more than 500 million shares trading hands on the floor of the New York Stock Exchange.DJ30 +45.71 NASDAQ +0.16 SP500 +4.42 NASDAQ Adv/Vol/Dec 1222/1.08 bln/1374 NYSE Adv/Vol/Dec 1565/517.0 mln/1384

1:30 pm : Equities continue to trade in a tight intraday range just below the day's highs. The dollar index (DXY 79.18 -0.90) has just dropped to a new low in recent trade, down ~1% and near a technical support zone.

Although the intraday action has been relatively subdued today, tomorrow's FOMC meeting and continued progress on the tax cut extensions will be of particular interest this week.

The Senate is expected to vote on the Tax Bill this afternoon (vote scheduled for 3:00 ET), and the bill is expected to pass there before heading to the House, where its fate is less certain in its current form.

The FOMC will meet tomorrow and release a policy statement around 2:15 ET, which could add more volatility to the treasury market, which has seen a sharp rise in yields over the past few weeks.DJ30 +49.61 NASDAQ +2.97 SP500 +5.16 NASDAQ Adv/Vol/Dec 1275/1.01 bln/1302 NYSE Adv/Vol/Dec 1609/489.7 mln/1330

12:55 pm : The S&P 500 and Dow continue to trade just off their best levels of the session with gains of 0.4% while the Nasdaq has slipped a bit, and trades higher by less than 0.1%.

Equity futures pointed to a modestly higher open after China did not announce an interest rate hike despite a hotter-than-expected CPI number of 5.1%, and instead said they would continue their strong growth policy despite rising inflation. Strength in Asia led to solid gains across Europe.

Energy stocks have outperformed throughout the session with the S&P 500 Energy Index trading higher by 1.3%. Strength in the space comes amid strong gains in Cabot Oil & Gas (COG 37.03 , +1.67), Baker Hughes (BHI 55.42, +1.50), and National Oilwell Varco (NOV 65.28, +2.62).

Materials stocks have also seen strong buying as dollar weakness has provided a boost for many of the commodity related stocks. Vulcan Materials (VMC 44.76, +1.48), Freeport-McMoran (FCX 116.81, +3.94), Cliffs Natural (CLF 77.12, +2.79), and AK Steel (AKS 15.00, +0.42) remain among the leaders in that space.

Treasuries found a bid following this morning's Permanent Open Market Operations where the Fed purchased $7.79 billion worth of 2016/2017 maturities. Buying across the complex has pushed yields lower, with the 10-yr yield down 4.2 basis points to 3.277%. After seeing a session steep 273, the 2-10-yr spread is now flatter for at 266.9.

Dollar weakness has persisted throughout the session, sending the euro back up to the 1.3400 level. The single currency will remain in focus this week as Ireland attempts to pass some measures of its 2011 budget. DJ30 +45.34 NASDAQ +0.65 SP500 +4.87 NASDAQ Adv/Vol/Dec 1213/926.0 mln /1354 NYSE Adv/Vol/Dec 1565/453.1 mln /1374

12:25 pm : The major indices are trying to hold on to small gains as both the S&P 500 and the Dow are higher by 0.4% while the Nasdaq is little changed.

The dollar index is trading near 79.30, its worst level of the session as the greenback has been under pressure all session long in part to Moody's saying there is a higher chance of a negative outlook for the U.S. if the tax cuts are passed. Weakness in the greenback has pushed the euro to a session high of 1.3400 where the single currency was met some stiff resistance. Broad based dollar weakness has sent dollar/yen back down to 83.50 after it once again failed above the 84.00 level. The area has provided resistance for the last three weeks. Dollar/swiss has broken below .9750 support, and trades down 1.4% for the session at .9670. Strength in the aussie has pushed the currency back up to .9950 as it makes a run at dollar parity for the first time since November 11th. Strength in the aussie and the yen has caused for a breakout to the upside in the aussie/yen cross as the risk trade picks up steam. The cross is currently trading at its best level since early May.DJ30 +42.19 NASDAQ +0.98 SP500 +4.62 NASDAQ Adv/Vol/Dec 1236/860.9 mln/1312 NYSE Adv/Vol/Dec 1582/425.8 mln/1342

12:00 pm : The major market indices have eased off their best levels of the session, but still trade comfortably in positive territory. The S&P 500 and Dow lead the advance, each posting a gain of 0.4%, while the Nasdaq lags with a 0.1% gain.

Treasuries just saw a push to their best levels of the session following the Fed's Permanent Open Market Operations where they purchased $7.79 billion worth of 2016/2017 maturities. As bond prices rise, their yields fall, with strength pushing the 5-yr yield down 6.4 bps to 1.919%. The 2-10-yr spread has flattened from its session steepest near 273 to its current 268.4. As has been the case lately, when buying takes place across all maturities, the 10-30-yr spread steepens. After hitting 104.8, its flattest level since early September, the 10-30-yr spread is now steeper on the session at 111.8. DJ30 +40.68 NASDAQ +3.25 SP500 +4.93 NASDAQ Adv/Vol/Dec 1262/773.9 mln/1275 NYSE Adv/Vol/Dec 1610/381.3 mln/1304

11:25 am : The major indices trade just off their best levels of the session with the S&P 500 up 5.4% so far for the month of December. Today's gains are broad based as every sector is now trading in positive territory.

Materials stocks are posting solid gains on the heels of today's selloff in the dollar. Freeport-McMoran (FCX 116.45, +3.58) is leading the sector's advance as the precious metals continue their strong performance of late. Other materials stocks seeing solid gains include Cliffs Natural (CLF 76.70, +2.37), Vulcan Materials (VMC 44.41, +1.13), and AK Steel (AKS 14.97, +0.39). DJ30 +37.24 NASDAQ +5.84 SP500 +5.11 NASDAQ Adv/Vol/Dec 1322/660.8 mln/1168 NYSE Adv/Vol/Dec 1659/328.2 mln/1225

11:00 am : Stocks are at their best levels of the session with the S&P 500 at a 2-yr high. The S&P 500 continues to outpace the other major indices, posting a gain of 0.5% while the Dow and Nasdaq follow with respective gains of 0.3% and 0.4%.

Energy stocks are leading this morning's advance, as the S&P 500 Energy Index trades higher by 1.2%. The weaker dollar has sent crude oil higher by 1.5%, which has provided a boost to energy shares. Cabot Oil & Gas (COG 37.48, +2.12), Baker Hughes (BHI 55.43, +1.51), and National Oilwell Varco (NOV 65.88, +3.22) are among the best performing stocks in the S&P 500 Energy Index. DJ30 +39.85 NASDAQ +6.27 SP500 +4.94 NASDAQ Adv/Vol/Dec 1199/538.0 mln/1147 NYSE Adv/Vol/Dec 1694/271.0 mln/1150

10:35 am : The dollar index fell into negative territory about four hours ago and dipped back below the 80.00 level moments ago, which has driven most higher this morning.

Currently, aluminum is the only commodity in the CRB Commodity Index that's in negative territory. Leading the CRB Index are soft commodities, with Orange Juice +4.8%, the leader of the index, along with silver and industrial commodities (e.g. cotton, copper).

January crude oil has been on a steady uptrend since the overnight session and hit recent highs of $89.49 around the open of floor trading. In current trade, crude is 1.7% higher at $89.30 per barrel.

January natural gas rallied earlier this morning, hitting session highs of $4.55 per MMBtu 30 minutes before pit trading began. However, a notable reversal quickly followed, pushing the energy into negative territory. It's currently 0.6% lower at $4.39 per MMBtu.

Precious metals have also shown a nice uptrend since the overnight session. February gold is currently 0.9% higher at $1396.70 per ounce, while March silver is up 3.7% at $29.67 per ounce.DJ30 +23.20 NASDAQ +3.82 SP500 +3.57 NASDAQ Adv/Vol/Dec 1281/432.2 mln/1135 NYSE Adv/Vol/Dec 1641/222.4 mln/1154

09:55 am : The major indices are trading higher with the S&P 500 (+0.3%) leading the way, followed by the Dow (+0.2%) and Nasdaq (+0.1%).

Financials (-0.1%) is the only sector currently trading in negative territory as weakness in regional banks weighs. Huntington Bancshares (HBAN 6.58, -0.26), Keycorp (KEY 8.23, -0.15), and Regions Financial (RF 6.33, -0.13) are among the sector laggards. DJ30 +22.90 NASDAQ +3.65 SP500 +3.91 NASDAQ Adv/Vol/Dec 1230/235.1 mln/1070 NYSE Adv/Vol/Dec 1717/136.0 mln/1009

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. Materials and energy stocks are leading the way with respective gains of 0.7% and 0.6%.

Selling resumes in the Treasuries complex with the 10-yr yield touching a session high of 3.391%, its highest level since early June. DJ30 +18.13 NASDAQ +0.48 SP500 +2.40 NASDAQ Adv/Vol/Dec 1074/140.1 mln/1153 NYSE Adv/Vol/Dec 1593/95.8 mln/1062

09:14 am : S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +11.80. Stock futures have rallied over the course of the morning as the dollar index continues to see new session lows. As the dollar moves lower, commodities continue to be a beneficiary with silver trading higher by 3.5%. Overseas trade has provided a boost after China failed to hike its benchmark rate, and said that despite rising inflation it would maintain its strong growth policy. Energy and materials stocks are leading the way in Europe as indices there are higher at midday. U.S. corporate news is relatively light this morning, but Thermo Fisher (TMO) announced it will acquire Dionex (DNEX) for approximately $2.1 billion, or $118.50 per share in cash, representing a 21% premium to Dionex's close on Friday.

08:57 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +10.20. Treasuries continue to trade lower as virtually every attempt at a rally has been faded. Weakness is most apparent in the 5-, 7-, and 10-yr maturities as their yields are higher by 3.1 to 3.9 basis points. Selling in the 10-yr has produced a session high yield of 3.391%, a level that hasn't been seen since early June. As traders more aggressively sell the 10-yr versus the 2-yr, the 2-10-yr spread has steepened to 272.3 to its highest level since early May. The spread trades just over 20 basis points off its all-time steepest level of 293.9. While the 2-10-yr spread continues to steepen, the 10-30-yr spread has flattened since mid-November, falling from its all-time steepest of 170.7 to today's 107.9 where it is supported by its 200-day moving average.

08:29 am : S&P futures vs fair value: +5.40. Nasdaq futures vs fair value: +9.00.

Stocks across the globe are higher after China did not announce an interest rate hike over the weekend, as many market participants had expected, and said that despite rising inflation they would maintain a strong growth policy. The Shanghai Composite soared 2.9% as telecom led the way with a gain of 9.3%. Other sectors showing strength were energy, materials, consumer discretionary, and industrials, all of which gained at least 3.3%. PetroChina (PTR) and China Petroleum (SNP) buoyed the energy sector posting gains of 4.4% and 3.0% respectively. Hong Kong's Hang Seng saw a more muted response, but still added 0.7% on strength in energy (+1.5%) and materials (+1.1%). Japan's Nikkei gained 0.8% led by solid gains in energy (+2.4%), materials (+1.2%), and financials (+1.2%).

European stocks are higher (FTSE +1.0%, CAC +0.9%, DAX +0.4%) around midday as energy and materials stocks lead the way higher. In Britain, BP (BP) and Rio Tinto (RIO) are among the top performers, trading higher by 1.1% and 1.3% respectively. France's CAC is seeing solid gains with materials and energy stocks outperforming. Steelmaker Arcelor Mittal (MT) is up 3.2% during today's session, while energy giant Total (TOT) is higher by 1.5% as names tied to commodities continue to outperform. German stocks are led by a 0.9% advance in materials stocks with cement maker HeidelbergCement up 2.3%.

07:57 am : S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +6.80. Stock futures have a modest bid this morning following global strength after China refrained from hiking its benchmark rate, and said they would maintain a strong growth policy despite rising inflation. Weakness in the dollar has pushed commodity prices to session highs as silver leads the commodity space with a gain of 3.0%. Treasury yields are on the rise across the curve with the 10-yr up 3.5 basis points to 3.354%. Today's rise in yield has brought the 10-yr to its highest yield since early-June. There is no economic data scheduled to be released today. The Fed will purchase $7-$9 billion worth of 2016/2017 maturities through its Permanent Open Market Operations.

06:46 am : S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +3.30.

06:46 am : Nikkei...10293.89...+81.90...+0.80%. Hang Seng...23317.61...+154.70...+0.70%.

06:46 am : FTSE...5855.91...+42.90...+0.70%. DAX...7026.99...+20.90...+0.30%.

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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