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 Post subject: December 14th Tuesday 2010 Emini TF ($TF_F) points +6.70
PostPosted: Wed Dec 15, 2010 10:27 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've switched back to trading the Russell 2000 Emini TF after being reminded about the poor volatility (no liquidity) in the Emini ES even though the volatility in Emini TF has declined. Simply, volatility in the Emini TF futures is much better than the Emini ES futures. With that said, the 7th and 9th trade of the day were my best trades...both occurring after the FOMC announcement.

Trade Performance for Today: +6.70 points or $670 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
1 tick or 0.10 = $10.00 dollars and to find out more contract information about the Russell 2000 Emini TF...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=704

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 Gain as Retail Sales Offset Bond Yield Surge



Image CNNMoney.com - Stocks pare gains in final hour
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By Hibah Yousuf, staff reporter
December 14, 2010: 4:35 PM ET

NEW YORK (CNNMoney.com) -- U.S. stocks eased off earlier gains but finished higher Tuesday, as investors found little reason to jump into the fray after the Fed kept rates steady and left its bond-buying plan alone.

The Dow Jones industrial average (INDU) closed up 48 points, or 0.4%, to finish at 11,476.54, the highest closing price since September 2008. Earlier, The blue-chip index gained 86 points and hit a fresh two-year intraday high of 11,514.08.

About two-thirds of the 30 Dow issues advanced, with AT&T (T, Fortune 500), Kraft Foods (KFT, Fortune 500), Verizon (VZ, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and Microsoft (MSFT, Fortune 500) leading the way.

The S&P 500 (SPX) and the Nasdaq briefly drifted into negative territory during the last hour of trade but also ended with gains. The S&P 500 rose 1 point, or 0.1%, and the tech-heavy Nasdaq (COMP) added 3 points, or 0.1%.

Stocks had rallied out of the gate Tuesday morning, following a better-than-expected retail sales report from the U.S. Commerce Department, and held onto gains for most of the afternoon.

"Today's retail sales are a good sign that the consumer is coming back," said Matt King, chief investment officer at Bell Investment Advisors. The market lost traction as stocks headed into the close but "investor sentiment is still positive," King said.

All three major indexes have gained about 5% this month, and are up more than 6% for the quarter. Stocks are on track for double-digit gains for the year.

"Stocks have come a long way in recent months, and investors need a moment to catch their breaths," said Steven Goldman, market strategist at Weeden & Co. "We're pretty content with where stocks are for the year, though that's not to say they can't exceed the current levels."

Investors remain somewhat cautious as they wait for Congress to extend the Bush-era tax cuts, said Paul Radeke, vice president at KDV Wealth Management.

Radeke said his firm's investors have "a great fear of inaction," but are counting on Congress to act on the proposed extension.

The compromise between President Obama and Republicans in Congress could face a final Senate vote Tuesday, after passing a key test Monday.

An extension of the Bush-era tax cuts would keep cash in the wallets of Americans. Since consumers are responsible for the lion's share of spending in the U.S., confident consumers willing to spend is key to an economic recovery.

On Monday, stocks finished a lackluster session mixed as investors mulled a flurry of corporate deals; and as the tax deal cleared a key Senate procedural hurdle.

Economy: As expected, the Federal Reserve held interest rates near 0%, where they have been since the financial crisis took hold in 2008.

* Fed: Recovery still not strong enough

The central bank also maintained its rhetoric on the economy, saying that although it is recovering, the pace is not fast enough to combat the unemployment rate.

The Fed said it is moving ahead with its plan to pump $600 billion into the economy, known as quantitative easing or QE2, and did make any changes to the program.

"The Fed is repeating its message and reinforcing its commitment to QE2," said Jeff Kleintop, chief market strategist at LPL Financial. "The Fed's stimulus is a positive for the stock market."

Government reports on retail sales and inflation at the wholesale level came out before the market opened.

Retail sales were better than expected, with strength in gasoline prices and clothing sales. U.S. retail sales rose 0.8% in November, the Commerce Department said, which was better than the 0.5% increase economists were expecting. Excluding the automotive sector, sales jumped 1.2% -- more than the 0.6% increase anticipated.

The producer price index increased 0.8% in November -- higher than the 0.5% gain expected. Core PPI, which excludes food and energy prices, rose 0.3% -- a larger increase than the 0.2% expected.

A report from the Commerce Department showed that business inventories grew 0.7% in October, following a 0.9% uptick the prior month. Economists were expecting inventories to rise 1.1%.

Companies: Best Buy (BBY, Fortune 500) shares slid 15% in early trading, after the home electronics retailer lowered its fiscal year outlook and posted a 3.3% decline in quarterly same-store sales.

Shares of General Electric (GE, Fortune 500) edged higher after the company released presentation slides ahead of its annual investors meeting that reiterated the company's upbeat outlook. GE said it "will deli ever solid earnings growth in 2010, 2011 and beyond," as its performance continues to strengthen.

World markets: European stocks ended the session mixed. Britain's FTSE 100 rose 0.5%, while Germany's DAX slid less than 0.1%. The CAC 40 in France gained 0.3%.

Asian markets ended higher. The Shanghai Composite added 0.1%, the Hang Seng in Hong Kong gained 0.5%, and Japan's Nikkei rose 0.2%.

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

Oil for January delivery slipped 33 cents to settle at $88.28 a barrel.

Gold futures for February delivery rose $6.30 to $1,404.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged down slightly, pushing the yield up to 3.44%.

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Image Yahoo! Finance - Market Update

4:15 pm : The FOMC statement made for a volatile afternoon as stocks sold off, treasuries sold off, and the dollar rallied. The Dow had been trading up as much as 85 points following the FOMC statement, but sold off as traders digested the news, and closed with a gain of 48 points. Today's gains in the Dow allowed the index to close at its best level since September 2008. The S&P 500 and Nasdaq each finished with gains of 0.1%.

Telecom (+1.6%), health care (+1.1%), and utilities (+0.3%) were among the best performing sectors for a second consecutive session as traders seem to be rotating out of more economically sensitive stocks, and into some of the recent laggards. Those investors seeking yield will be happy to know that today's leading sectors sport healthy dividend yields.

Health care was one of the top performing sectors buoyed by a strong gain in Amgen (AMGN 56.78, +2.67) after the company announced its bone drug Xgeva allows prostate cancer patients to live longer without the disease spreading to their bones. Other stocks in the sector to see solid gains included C.R. Bard (BCR 89.55, +3.50), and Mylan (MYL 20.68, +0.85).

Shares of Best Buy (BBY 35.49, -6.21) were hit hard today after reporting weaker-than-expected results before the opening bell. The company announced earnings of $0.54 per share when the Thomson Reuters consensus was looking for earnings of $0.61 per share. The company also missed analysts' expectations by posting revenues of $11.89 billion which represented a 1.1% drop in year/year. The poor earnings hit other electronics retailers with Radioshack (RSH 18.63, -0.58) and Gamestop (GME 21.76, -0.16) also seeing losses.

Financials (-0.9%) closed lower today as weakness in the regional banks were a drag. Huntington Bancshares (HBAN 6.29, -0.37), Regions Financial (RF 6.21, -0.34), and First Horizon National (FHN 10.46, -0.46) finished the day among the worst performing stocks in the S&P 500 Financials Index. Within the index, 63 of 81 members ended the session in negative territory.

Treasury yields were higher all session long, and spiked to new highs following the FOMC statement. Selling in the 10-yr pushed its yield up to a session high of 3.490%, a level it had not seen since mid-May. As traders more aggressively sold the longer dated maturities, the 2-10-yr spread steepened to a session high 285. The spread now trades within striking distance of its all-time steepest level of 293.9.

The dollar strengthened post FOMC statement, and will end the day near its best level of the session. As the dollar moved higher, the euro fell back below the 1.3400 level, and the pound retreated further from 1.5800. After trading flat near 83.35 for much of the afternoon, dollar/yen will finish near its session high of 83.78.

Economic data was mixed with better-than-expected November retail sales, and a bigger-than-expected rise in producer prices. Business inventories saw a gain, but failed to meet expectations.

Volume was light yet again with less than one billion shares trading on the floor of the New York Stock Exchange. DJ30 +47.98 NASDAQ +2.81 SP500 +1.13 NASDAQ Adv/Vol/Dec 1327/1.85 bln/1297 NYSE Adv/Vol/Dec 1334/956.9 mln/1694

3:30 pm : Commodities finished mostly lower today, with industrials (+1.4%) the sole advancing issue. Energy shed 1.2%, while grains lost close to 1% on the day. The volatility in March orange juice futures continued today after they shed 4% to close at $1.6015 per pound.

Jan natural gas ended lower by 3.3% to $4.25 per MMBtu, posting its third loss in four sessions. Forecasts for above avg temps across the Midwest helped prices move lower today. Jan crude oil finished lower by 0.4% to $88.28 per barrel in what was an uneventful session.

Feb gold ended higher by 0.5% to $1404.30 per ounce, while March silver gained 0.6% to finish at $29.78 per ounce. Both metals bounced off of their intraday lows, in midmorning trade, to recoup some of their overnight gains. In electronic trade, both metals have give up those gains as the dollar has recouped its losses following the release of today's FOMC decision. DJ30 +39.92 NASDAQ +1.71 SP500 +0.19 NASDAQ Adv/Vol/Dec 1333/1.5 bln/1293 NYSE Adv/Vol/Dec 1304/665.3 mln/1693

3:00 pm : Stocks have sold off from their session highs following the FOMC statement, and now look to hold their gains. The Dow still leads the way, trading up 0.5%, but the S&P 500 and Nasdaq have slipped to gains of 0.2%.

Financials (-0.5%) have turned negative, and are the worst performing sector in the S&P 500. Weakness in the sector is noticeable in the regional banks as Regions Financial (RF 6.25, -0.30), Huntington Bancshares (HBAN 6.35, -0.31), and First Horizon National (FHN 10.52, -0.40) are the worst performing stocks in the space.DJ30 +57.52 NASDAQ +6.78 SP500 +2.95 NASDAQ Adv/Vol/Dec 1381/1.33 bln/1210 NYSE Adv/Vol/Dec 1471/580.8 mln/1523

2:30 pm : Volatility hit stocks with the 2:15 PM ET release of the latest FOMC statement. Stocks pushed to new highs following the announcement, but have since begun to move lower. The Dow continues to lead, posting a gain of 0.6% while the S&P and Nasdaq are each up 0.3%.

Treasury yields responded to the statement with a knee-jerk move lower before spiking to session highs, and then pulling back to pre-announcement levels. Like stocks, Treasury yields are jumping all over the place. The 10-year yield is now up 12.2 basis points at 3.397%.

The dollar has been whippy, still undecided as to how to respond to the announcement. DJ30 +73.60 NASDAQ +9.86 SP500 +5.37 NASDAQ Adv/Vol/Dec 1396/1.20 bln/1154 NYSE Adv/Vol/Dec 1647/517.2 mln/1334

2:00 pm : The major market indices are near their best levels of the session (Dow +0.7%, S&P 500 +0.5%, Nasdaq +0.4%) ahead of the FOMC rate decision which will be announced in 15 minutes or so. While no changes to the benchmark rate are expected, traders will be focused on the wording of the statement which will provide clues to the Fed's outlook on the economy.

Treasuries trade near their lowest levels of the session causing a rise in yields across the curve. Ahead of the FOMC statement, the 10-yr yield is up 10.6 basis points to 3.381%. More aggressive selling of the 10-yr versus the 2-yr has steepened the 2-10-yr spread to 276.5.

The dollar index trades lower by $0.15 at $79.25. Slight weakness in the greenback has pushed the euro above 1.3400 while the pound trades weaker at 1.5800. Dollar/yen remains flat at 83.35 as traders wait for the FOMC statement.DJ30 +72.85 NASDAQ +10.41 SP500 +5.21 NASDAQ Adv/Vol/Dec 1400/1.11 bln/1129 NYSE Adv/Vol/Dec 1673/470.8 mln/1298

1:30 pm : The major indices trade at their best levels of the session with the Dow up 0.6%, and the S&P 500 and Nasdaq each posting gains of 0.4%.

Health care stocks continue to lead the way higher with the sector gaining 1.2% thus far during today's session. Amgen (AMGN 56.56, +2.45) is one of the top performers in the sector today after the company announced that patients taking its bone drug Xgeva live longer without the disease spreading to their bones. Pfizer (PFE 17.23, +0.03) is seeing small gains after the company announced a 11.1% hike of its dividend to $0.20. Other stocks in the sector performing well include C.R Bard (BCR 89.97, +3.92), and Mylan (MYL 20.59, +0.76).DJ30 +74.25 NASDAQ +9.93 SP500 +5.27 NASDAQ Adv/Vol/Dec 1402/1.03 bln/1151 NYSE Adv/Vol/Dec 1673/439.6 mln/1282

12:55 pm : The major market averages continue to hold on to solid gains ahead of this afternoon's 2:15 PM ET FOMC interest rate decision. Stocks opened the session higher after overnight gains in Asia and a pretty flat start to the session in Europe. Data provided a boost as better-than-expected retail sales numbers were able to offset a bigger-than-expected jump in producer prices.

Best Buy (BBY 35.27, -6.43) got things started off on the wrong foot today when the company announced earnings of $0.54 per share when the Thomson Reuters consensus was looking for earnings of $0.61 per share. The company also missed analysts' expectations by posting revenues of $11.89 billion which represented a 1.1% drop in year/year. The poor earnings hit other electronics retailers as Radioshack (RSH 18.55, -0.66) and Gamestop (GME 21.77, -0.15) are also seeing losses.

A rotation may be taking place as some of the laggards continue to outperform the recent leaders (energy, materials, and industrials). Health care (+1.0%), telecom (+0.8%), and utilities (+0.6%) continue to see strong gains and are among the best performing sectors today. Those investors looking for yield will be happy to know that today's leaders provide solid dividend yields.

Treasury yields are climbing ahead of this afternoon's FOMC meeting with the 10- and 30-yr yields touching their highest yields since early May. The 10-yr yield is up close to 11 basis points on the session at 3.385%, and is up more than 100 basis points since its October 8th low yield of 2.330%. More aggressive selling of longer maturities has steeped the 2-10-yr spread to 277 as it trades at its steepest level since mid-April. The spread is less than 20 basis points off its all-time steepest level of 293.9.

Minor weakness in the dollar has pushed the euro back above 1.3400 while the pound trades lower at 1.5800. One notable move is today's weakness in dollar/swiss, which has sent the pair below critical support at .9580. Further weakness may provide a retest of the pair's all-time low of .9463. DJ30 +70.84 NASDAQ +10.20 SP500 +5.33 NASDAQ Adv/Vol/Dec 1420/948.9 mln/1126 NYSE Adv/Vol/Dec 1694/410.4 mln/1244

12:30 pm : The Dow continues to lead the way higher with a gain of 0.6% while the S&P 500 and Nasdaq follow closely behind with 0.4% gains.

The dollar index trades below the flat line at 79.14 after seeing a run up to 79.50 from its session low of 78.83. A slightly weaker greenback has made for a test of 1.3400 in the euro. This morning's weakness in the dollar ran the euro up to just shy of 1.3500 before the strengthening dollar brought it back below 1.3400 resistance.

Weakness in the pound continues after this morning's poor housing data in the U.K., but sterling has been able to move off its session low of 1.5740 to its current 1.5800. The 1.5900 level once again provided a lid on further gains for the pound.

Dollar/yen is little changed after being rejected by its 100-day moving average near 83.65 while dollar/swiss is lower for the fifth consecutive session as it tests the critical .9580 level.

The aussie has recaptured dollar parity, and strength in the currency has run the aussie/yen cross up to 83.35 to its highest level since mid-May. DJ30 +66.41 NASDAQ +9.50 SP500 +4.58 NASDAQ Adv/Vol/Dec 1388/858.7 mln/1122 NYSE Adv/Vol/Dec 1686/373.7 mln/1223

12:00 pm : Stocks saw a recent push to their best levels of the session as the Dow leads the way trading higher by 0.6%. The S&P 500 and Nasdaq are also posting solid gains with both up 0.4%.

Shares of Best Buy (BBY 35.48, -6.22) are off their session lows that occurred during the opening selloff, but still trade lower by 14.8% after the company announced weaker-than-expected earnings before the opening bell. The company missed the Thomson Reuters estimate of $0.61 per share by $0.07, posting earnings of $0.54 per share. Also missing the Thomson Reuters estimate was the $11.89 billion in revenues which represented a drop of 1.1% year/year. Weakness has spread to electronics retailers Gamestop (GME 21.73, -0.19) and Radioshack (RSH 18.58, -0.63).DJ30 +66.22 NASDAQ +10.20 SP500 +4.83 NASDAQ Adv/Vol/Dec 1395/779.7 mln/1093 NYSE Adv/Vol/Dec 1654/337.6 mln/1234

11:30 am : The major market averages have eased off their highs, but are still posting solid gains for the session. The Dow leads the way with a gain of 0.5% while the S&P 500 and Nasdaq are each up 0.3%

Treasuries are under heavy pressure this morning ahead of this afternoon's FOMC rate decision at 2:15 PM ET. Selling across the complex has pushed yields higher between 4 and 12.5 basis points with 5-, 7-, 10-, and 30-yr maturities up more than 10 basis points each. The 10-yr yield is back up to 3.389% after seeing 3.390% yesterday morning before easing to 3.275% by the close. The 11 basis point gain in the 30-yr has pushed its yield above 4.52% to its highest level since May.

As traders more aggressively sell the 10-yr versus the 2-yr, the 2-10-yr spread continues to steepen, running to a session high of 276.7, and seeing its steepest since mid-April. Since the equity rally that began on December 1st, the 2-10-yr spread has climbed 45 basis points. The all-time steepest of 293.9 is now less than 20 basis points away. The 10-30-yr spread has hovered near the flat line all session long, and trades near 113. DJ30 +58.01 NASDAQ +8.13 SP500 +3.85 NASDAQ Adv/Vol/Dec 1358/689.9 mln/1099 NYSE Adv/Vol/Dec 1613/297.5 mln/1253

11:00 am : The major market indices are just off their best levels of the session after seeing another leg higher following the weaker-than-expected October business inventories reading. The Dow leads the way with a gain of 0.5% while the S&P 500 and Nasdaq are each up 0.3%.

The S&P 500 may be starting to see a rotation into some of the laggards as health care (+0.9%), telecom (+0.9%), and utilities (+0.4%) are once again among the best performing sectors after posting solid gains yesterday. Since the onset of the rally that began on December 1st, one which has produced a gain of close to 6.0% for the S&P 500, these sectors have underperformed some of the more economically sensitive areas such as industrials, materials, and energy. Today's leaders provide solid dividends for those investors seeking yield. DJ30 +61.00 NASDAQ +8.78 SP500 +4.00 NASDAQ Adv/Vol/Dec 1361/583.3 mln/1084 NYSE Adv/Vol/Dec 1621/246.1 mln/1213

10:30 am : The dollar index pushed into positive territory about an hour and a half ago and hit new session highs of 79.493 a short while ago. This recent strength in pressuring commodities this morning as most of the CRB Commodity Index is in negative territory.

Industrial commodities are the best performers in the index, collectively. Cotton futures were limit-up this morning, rising 5 cents (or 3.6%) to $1.4597/lb, but pulled back slightly in recent trade due to the strength in the dollar index. It's currently 3.0% at $1.4517/ lb. Nickel is +2.3% at $24,530/ton, aluminum is +1.0%, but copper is trading -0.3%.

Soft commodities sugar +0.8% and cocoa +0.5% are as also higher, as well as soybeans +0.1%. Outside of this bunch, the rest of the index is down. The worst performers today are orange juice -2.9%, natural gas -1.8% and lean hogs -0.9%.

January crude oil lost steam at the open. It hit new session lows of $87.74 per barrel around 45 minutes ago and is now just above that level at $88.33 per barrel, currently down 0.3%.

January natural has been in the red all morning and trended lower since 6:00am ET before hitting new session lows of $4.32 per MMBtu. It's still near that level, now at $4.34 per MMBtu, 1.8% lower.

Precious metals sold off at the open and fell into negative territory shortly after. February gold hit fresh session lows of $1392.40 per ounce and is currently just below the unchanged line. March silver fell new session lows of $29.22 per ounce and is down 0.2% at $29.56 per ounce currently.DJ30 +63.73 NASDAQ +10.36 SP500 +4.51 NASDAQ Adv/Vol/Dec 1343/459.0 mln/1025 NYSE Adv/Vol/Dec 1611/195.2 mln/1179

10:05 am : The October business inventories reading was just released. It came in at 0.7%, which is weaker than the consensus call for a reading of 1.1% from economists polled by Briefing.com. The number follows an upwardly revised 1.3% in September.

[BRIEFING.COM] Stocks saw some knee-jerk buying on the back of the data. In fact, all three major indices trade at their best levels of the session, with the Dow leading the way posting a gain of 0.4%. DJ30 +40.87 NASDAQ +7.15 SP500 +2.96 NASDAQ Adv/Vol/Dec 1275/313.0 mln/1007 NYSE Adv/Vol/Dec 1521/137.4 mln/1174

09:45 am : Stocks are narrowly higher in the first few minutes of trade with all three major indices seeing gains of close to 0.2%.

Support for stocks is pretty broad based with 7 of 10 sectors trading in positive territory. Telecom (+0.6%) is the top performing sector while energy (-0.3%) lags.

Selling against Treasuries has resumed with yields higher across the curve. The longer dated maturities are seeing the most pressure as selling in the 10-yr has pushed its yield up 5.2 basis points to 3.327%.DJ30 +25.09 NASDAQ +3.82 SP500 +1.68 NASDAQ Adv/Vol/Dec 1178/177.3 mln/988 NYSE Adv/Vol/Dec 1402/89.6 mln/1230

09:14 am : S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +6.50. Stock futures are slightly higher despite an earnings miss from Best Buy (BBY) where the company reported earnings of $0.54 per share versus the Thomson Reuters consensus of $0.61. Revenues declined 1.1% year/year to $11.89 billion versus the Thomson Reuters consensus of $12.45 billion. The company also lowered guidance for full year 2011 to $3.20-3.40 versus their previous $3.55-3.70. A mixed batch of economic data did little to move the markets as PPI and core PPI came in hotter-than-expected at 0.8% and 0.3%. Retail sales and retail sales ex-auto topped expectations at 0.8% and 1.2% respectively. Treasury yields are off their best levels of the session, but are ticking towards session highs with the 10-yr yield up 5.4 basis points to 3.329%. The dollar has firmed up, but is still lower by $0.10 on the session at $79.27.

08:58 am : S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +7.20. Overnight action was relatively limited, with modest gains across Asia (Nikkei +0.2%; Shanghai +0.1%, Hang Seng +0.5%), and flat markets in Europe at mid-day (FTSE +0.2%, DAX -0.1%, CAC -0.1%). Strength in Shanghai could be found in commodity related stocks as Jiangxi Wannianqing Cement closed up the daily limit of 10% after the company said a jump in sales and prices may lead to a 150% increase in net income. The euro is higher again vs. the dollar this morning (+0.0050 at 1.3440), but has given up a good portion of its gains. Stories out overnight suggested that the European Central Bank may request increased capital to help deal with the European debt problems.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +4.50. Stock futures have seen little reaction to the plethora of data that was just released. The November PPI reading came in at 0.8%, versus 0.4% the prior month. Economists polled by Briefing.com had expected, on average, the PPI would register a 0.5% reading. The November core PPI number saw a reading of 0.3% versus the prior -0.6%. November retail sales came in stronger than expected at 0.8% versus the Briefing.com consensus of 0.5%. The previous month's number was revised upwardly to 1.7%. Retail sales ex-auto saw a reading of 1.2% which bettered last month's upwardly revised 0.8%. Business inventories will be released at 10 AM ET, and the FOMC rate decision is schedule for 2:15 PM ET.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +9.50. Stock futures have a small bid this morning as the Dow still looks to close at that elusive two-year high. Strength though modest, comes amid the continuing slide in the dollar, gains in commodity related stocks in Asia, and a flat trade in Europe. Data is heavy today with PPI, core PPI, retail sales, retail sales ex-auto all due out at 8:30 AM ET, and business inventories due out at 10 AM ET. All of that is a precursor to today's main event, the FOMC rate decision, which is announced at 2:15 PM ET.

06:42 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +8.20.

06:42 am : Nikkei...10316.77...+22.90...+0.20%. Hang Seng...23431.19...+113.60...+0.50%.

06:42 am : FTSE...5858.46...-1.80...0.00. DAX...7021.88...-7.50...-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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