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 Post subject: December 15th Wednesday 2010 Emini TF ($TF_F) points +10.20
PostPosted: Wed Dec 15, 2010 7:43 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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click on the above image to view today's trading summary

Quote:
It's rare that I have a trading day in which all the trades results as a profit. However, 2 of the 8 trades were poorly managed after entry and I was very lucky to escape with a profit because they soon retraced strongly soon after my exit. The best trade of the day was the 7th trade as a Short position @ 1543pm est that netted a few points per contract as shown in the trade chat log of below for #futurestrades.

Trade Performance for Today: +10.20 points or $1020 dollars in the Russell 2000 Emini TF ($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=705

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) - Stocks Retreat on Valuations, Surge in Treasury Yields



Image CNNMoney.com - Stocks drift as markets shrug off Spain
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click on the above image to view today's price action of key markets

By Julianne Pepitone, staff reporter
December 15, 2010: 4:42 PM ET

NEW YORK (CNNMoney.com) -- December has been a good month for U.S. stocks, so this week's lackluster action isn't upsetting investors much. Stocks have managed to eke out gains over the past few sessions and are up 5% for the month.

On Wednesday, the Dow Jones industrial average (INDU) lost 19 points to end 0.2% lower at 11,457.47. The S&P 500 (SPX) shed 6 points, or 0.5%, and the Nasdaq (COMP) fell 11 points, or 0.4%.

Unless there's some major news to drive investors to the sidelines, it looks like all three major indexes will see double-digit percentage gains for the year. In Wednesday's session, investors weighed worries about a possible Spain downgrade with relatively upbeat U.S. inflation data.

"If news like [Spain] had been a surprise, we'd have seen the Dow off by 1% or so," said Paul Radeke, vice president at KDV Wealth Management. "But everyone knows [Spain] was having trouble with their debt markets. People are looking to the domestic data."

Investors are also looking for Congress to extend the Bush-era tax cuts. The Senate approved the controversial $858 billion tax package Wednesday, despite a series of objections from both the left and the right. The measure, which passed 81-19, now advances to the House of Representatives.

On Tuesday, U.S. stocks eased off earlier gains but finished higher.

Economy: Investors were focusing on the main U.S. inflation gauge. The consumer price index ticked up slightly in November, and right now investors see "a little bit of inflation as better than any deflation," Radeke said.

Peter Boockvar, equity strategist at Miller Tabak & Co., said investors were waiting to see if the recent upbeat reports will continue.

"Investors are hoping this goodwill carries into 2011," he said. "But no one knows what's going to happen over the next two weeks."

Wednesday's data continued the positive trend, with consumer prices rising a seasonally adjusted 1.1% on an annual basis. The consumer price index increased 0.1% month over month in November, slightly less than the 0.2% rise economists were expecting. Meanwhile, the core CPI -- excluding food and energy -- increased 0.1% in November, in line with expectations.

A monthly survey of manufacturers in New York State from the Federal Reserve Bank of New York showed that conditions improved in December.

* Moody's may downgrade Spain

World markets: Moody's said it might downgrade Spain's local and foreign currency government bond ratings, citing high refinancing needs in 2011 among other issues. That sent the IBEX, Spain's main stock index, down about 1.4%.

Other European stocks also closed lower. Britain's FTSE 100 lost less than 0.1%, while France's CAC 40 lost 0.5%. The DAX in Germany fell 0.1%.

Asian markets ended lower. The Shanghai Composite gave up 0.5%, the Hang Seng in Hong Kong plunged 2%, and Japan's Nikkei lost 0.1%.

Companies: Switzerland-based Novartis announced a deal to buy the remainder of eye care company Alcon (ACL) for $12.9 billion. Shares of Alcon ended 1% higher.

Boston Beer (SAM), the brewer of Sam Adams and other beers, raised its earnings forecast for the remainder of this year and into 2011. Shares surged 12%.

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

Oil for January delivery gained 34 cents to settle at $88.62 a barrel.

Gold futures for February delivery fell $18.10 to settle at $1,386.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury ticked lower, pushing the yield up to 3.52%.

Image

Image Yahoo! Finance - Market Update

4:10 pm : Stocks hit their highest levels of the session in the first hour of trading, and saw a gradual selloff throughout the course of the day. Stocks closed near their worst levels of the session with the S&P 500 seeing losses of 0.5%.

Equity futures were under pressure in pre-market trading after Moody's announced it was reviewing Spain for a negative outlook, Portugal held a weaker-than-expected 3-month bill auctionl, and Japan's Tankan survey indicated large manufacturers' confidence was at it lowest point in almost two years.

Joy Global (JOYG 85.79, +5.58) was one of the top performers all session long after the company announced stronger-than-expected results for its fourth quarter. The company released earnings of $1.39 per share versus the Thomson Reuters consensus of $1.16 per share. Revenues topped expectations as well, coming in at $1.05 billion versus the Thomson Reuters consensus estimate of $0.92 billion. The company raised its guidance for full year 2011. Caterpillar (CAT 93.14, +1.05) saw a positive reaction to the results.

Shares of Boston Beer (SAM 94.99, +10.24) surged after the company raised its forecast for its 2010 profit to $3.30 to $3.60 per share after forecasting a profit of $2.85 to $3.15 per share on November 4th. Molson Coors (TAP 50.35, +0.61) rode its coattails for a nice gain.

Shares of BP (BP 43.85, -0.59) slipped on the news that the U.S. government was suing them for the Gulf of Mexico oil spill. Anadarko Petroleum (APC 67.42, -1.55) and Transocean (RIG 71.90, -0.90) were also named in the suit.

The Treasury complex was under pressure for most of the session as prices started to fall and yields began to rise following the Fed's Permanent Open Market Operations. The yield on the 10-yr climbed from 3.40% when the POMO results were released to a session high of 3.558%. The move in the 10-yr yield pushed it to its highest level since mid-May. Steepening continued in the 2-10-yr spread with the curve seeing 288.6, its widest since late February. A breach of 293.9 would be a record high.

The dollar index ran to a session high just short of 80.30 from its 8 AM ET low of 79.46. A number of things weighed on the euro today with its selloff intensifying as Ireland's Parliament passed a vote that approved the European Union/International Monetary Fund bailout. The single currency will end the day down close to 150 pips at 1.3220. A weak jobs report weighed on the pound, and an easing of inflationary pressures has some thinking more stimulus may be necessary. Sterling closed off 230 pips to 1.5540. Dollar/yen added 0.60 to finish the session near 84.25 as it looks to breakout above current resistance levels.

Tomorrow's data is heavy with initial and continuing claims, housing starts and building permits, and current account balance all at 8:30 AM ET, followed by the Philly Fed at 10 AM ET.

Volume was light with just more than one billion shares changing hands on the floor of the New York Stock Exchange.DJ30 -19.07 NASDAQ -10.50 SP500 -6.36 NASDAQ Adv/Vol/Dec 1048/1.86 bln/1598 NYSE Adv/Vol/Dec 1034/1.10 bln/1960

3:30 pm : Commodities finished mixed today, as 2 sectors ended with modest gains while the remaining four finished with losses. Precious metals shed 2.1% to lead the way lower. Continued strength in the dollar index pressured gold and silver throughout the session. Feb gold ended lower by 1.4% to $1381.90 per ounce while March silver finished off 2.2% to $29.25 per ounce.

Despite this morning's bullish inventory data, which showed a larger-than-expected draw down in inventories, Jan crude oil finished with a modest 0.4% gain at $88.62 per barrel. It spent the afternoon session chopping around just above the flat line. Jan natural gas shed 0.7% to close at $4.22 per MMBtu. DJ30 +4.20 NASDAQ -6.42 SP500 -3.42 NASDAQ Adv/Vol/Dec 1138/1.4 bln/1493 NYSE Adv/Vol/Dec 1193/705.8 mln/1797

3:00 pm : The S&P 500 and Nasdaq lead the major averages lower, each posting losses of 0.6%. The Dow has outperformed all session long, and is down 0.3%

Treasuries have been under pressure ever since this morning when the Fed purchased $6.78 billion worth of 2014-2016 maturities through its Permanent Open Market Operations. The yield on the 10-yr has climbed more than 14 basis points since the results of the Fed's purchases were released. The 10-yr yield topped 3.55% for the first time since mid-May. Steepening of the yield curve continues as traders aggressively dump longer maturities. The 2-10-yr spread is trading above 287, and is at its steepest level since late February. The all-time steepest level of the spread is less than 7 basis points away at 293.9. DJ30 -19.67 NASDAQ -12.02 SP500 -6.23 NASDAQ Adv/Vol/Dec 1008/1.29 bln/1598 NYSE Adv/Vol/Dec 1062/621.3 mln/1909

2:30 pm : All of the major indices are trading lower with the S&P 500 down 0.4%

Shares of BP (BP 43.40, -1.04) slid to their lowest levels of the session after the U.S. government announced it was suing the company for its Gulf of Mexico oil spill. Transocean (RIG 71.84, -0.96), and Anadarko Petroleum (APC 67.23, -1.74) were also added to the suit for their roles in the spill. The S&P 500 Energy Index is trading lower by 0.4% as 26 of 39 stocks in the index trade lower. DJ30 -0.53 NASDAQ -7.61 SP500 -4.20 NASDAQ Adv/Vol/Dec 1149/1.17 bln/1446 NYSE Adv/Vol/Dec 1200/565.7 mln/1764

2:00 pm : Stocks are mixed with the S&P 500 and Nasdaq trading just off their session lows, down 0.2%, while the Dow holds on to a gain of 0.2%

Brewery stocks are in focus today after Boston Beer (SAM 95.60, +10.85) raised its forecast for its 2010 profit to $3.30 to $3.60 per share after forecasting a profit of $2.85 to $3.15 per share on November 4th. Shares of Molson Coors (TAP 50.64, +0.90) are seeing a nice bounce on the news, while Anheuser-Busch Inbev (BUD 57.36, -0.53) is trading lower. DJ30 +20.86 NASDAQ -4.13 SP500 -2.23 NASDAQ Adv/Vol/Dec 1220/1.08 bln/1350 NYSE Adv/Vol/Dec 1322/519.4 mln/1613

1:30 pm : After moving lower over the past hour, the major averages stabilized and are now hovering just above mid-day lows. The euro slid following Ireland's passage of the European Union/International Monetary Fund bailout. The euro is now down 120 pips at 1.3255.

Currency flucuations are likely to remain in focus over the coming days, with an important Spanish bond auction tomorrow, which will be closely followed on the heels of Moody's cautious comments about a possible downgrade. In addition to the auction, European Finance Ministers are meeting over the remainder of the week, which could yield some currency-important headlines.DJ30 +12.83 NASDAQ -5.67 SP500 -3.02 NASDAQ Adv/Vol/Dec 1165/975.2 mln/1405 NYSE Adv/Vol/Dec 1219/476.6 mln/1702

1:00 pm : Equity futures pointed to a slightly lower open this morning after Moody's announced it was putting Spain on review for a downgrade, Portugal held a week EUR 500 mln 3-month bill auction, and Japan's Tankan survey showed large manufacturer's confidence was at its lowest point in almost two years. A slight uptick in consumer prices, and an Empire Manufacturing number that topped expectations set the tone for much of the morning as stocks have had a slight upward bias. Also aiding gains was the slight rise in industrial production and capacity utilization.

Stocks currently trade mixed with the Dow holding onto a small gain of 0.1% and the S&P 500 and Nasdaq lower by 0.3% and 0.1% respectively.

Joy Global (JOYG 85.79, +5.58) is one of the top performers today after the company announced earnings of $1.39 per share versus the Thomson Reuters consensus of $1.16 per share. Revenues topped expectations as well, coming in at $1.05 billion versus the Thomson Reuters consensus estimate of $0.92 billion. The company also issued upside guidance for full year 2011. Competitor Caterpillar (CAT 93.72, +1.63) has seen a boost as a result of the numbers.

Retailing stocks have been one of the best performing groups all session long with outperformance coming from the office suppliers. Staples (SPLS 22.41, +0.42) and Office Depot (ODP 4.73, +0.05) have been leaders in the space throughout the session.

Today has seen the initial public offering of four stocks, with all four pricing weak relative to expectations. Online FX broker Gain Capital (GCAP) priced at $9.00, well below its $13-15 expected range. Commercial real estate financial services co Walker & Dunlop (WD) priced at $10, below the $14-16 expected range. Specialty telecom provider RigNet (RNET) priced at $12.00 vs. the $14.00-16.00 expected range, while fleet card provider FleetCor (FLT) priced at $23 vs. the $23-26 expected range. All four of these stocks began trading shortly after the open.

The 30-yr Treasury bond has underperformed the rest of the Treasury complex, and is the only maturity trading in negative territory. Selling of the long bond has sent its yield up 3.9 basis points to 4.568%. As the longer maturities turn out of favor, the 2-10-yr spread has steepened a bit, and trades 283.4, just off its steepest level of the session.

The dollar index recently crossed the 80.00 level, and touched its best level of the session as weakness in the euro pushed the greenback higher. The euro was under moderate pressure this morning, but has seen a sharp selloff following Ireland's passage of the vote to approve the European Union/International Monetary Fund bailout. The single currency trades down 110 pips near 1.3260. A weak jobs number in the UK has sent the pound tumbling as the currency is now down 210 pips at 1.5560. DJ30 +12.11 NASDAQ -2.43 SP500 -3.16 NASDAQ Adv/Vol/Dec 1280/875.7 mln/1264 NYSE Adv/Vol/Dec 1310/427.1 mln/1607

12:30 pm : The major market averages continue to hover with the Dow +0.3% and the S&P 500 unchanged.

The dollar index is near its best levels of the session as CPI numbers were in-line, and the Empire Manufacturing topped expectations. The dollar picked up strength mid-morning as the euro weakened on Ireland's passage of the vote to back the European Union/International Monetary Fund sponsored bailout of the country. The single currency is trading lower by 90 pips to 1.3280 with the 1.3200 level serving as support. The pound has been under pressure all session long after the U.K. released some weaker-than-expected jobs numbers. Sterling is off 180 pips to 1.5590 where it will test important support. Dollar/yen has once again been able to hold the 83.50 level, and now looks to break out above the 84.00 level which it has had trouble topping over the past few weeks. After failing to hold above parity yesterday, the Australian dollar is lower by 90 pips to .9900.DJ30 +34.63 NASDAQ +5.92 SP500 -0.10 NASDAQ Adv/Vol/Dec 1440/787.9 mln/1076 NYSE Adv/Vol/Dec 1502/374.4 mln/1394

12:00 pm : Stocks have eased off their best levels of the session and trade mixed with the Dow up 0.3% and the S&P 500 lagging near unchanged. Retail stocks are the top performers so far today with strength found in office suppliers Staples (SPLS 22.44, +0.45) and Office Depot (ODP 4.75, +0.07). Within the S&P 500 Retailing Index 20 of 31 stocks are trading to the plus side.DJ30 +35.24 NASDAQ +6.62 SP500 -0.21 NASDAQ Adv/Vol/Dec 1406/706.3 mln/1072 NYSE Adv/Vol/Dec 1473/336.9 mln/1399

11:30 am : Stocks have turned mixed as the Dow and Nasdaq are holding onto gains of 0.3% while the S&P 500 has slipped just below the flat line.

The shorter dated maturities are at their best levels of the session while some of the longer maturities lag behind. The long bond is the worst performer today as it is the only maturity trading in negative territory. Selling of the 30-yr has been light, as its yield is up only 1 basis point to 4.539%. Buying has been heaviest among the 5-, 7-, and 10-yr maturities with their yields falling between 6.4 and 9.1 basis points. As traders look to longer dated maturities, the 2-10-yr spread has flattened a bit on the session, and now trades 279.7.DJ30 +33.27 NASDAQ +7.21 SP500 -0.18 NASDAQ Adv/Vol/Dec 1418/604.5 mln/1048 NYSE Adv/Vol/Dec 1421/294.2 mln/1437

11:00 am : The market has seen steady gains since the open, with the S&P 500 edging back towards the 52-week high set earlier this week. Relative strength in recent action has been seen in Energy (XLE/OIH), Semis (SMH), Disk Drive, Silver (SLV) and Commodities in general.

Although it has been a relatively quiet day in terms of corporate news, there were four IPOs that priced today, and all four priced weak relative to expectations. The four priced at an average discount of 24% to the mid-points of their expected ranges. Online FX broker Gain Capital (GCAP) priced at $9.00, well below its $13-15 expected range. Commercial real estate financial services co Walker & Dunlop (WD) priced at $10, below the $14-16 expected range. Specialty telecom provider RigNet (RNET) priced at $12.00 vs. the $14.00-16.00 expected range, while fleet card provider FleetCor (FLT) priced at $23 vs. the $23-26 expected range. All four of these stocks began trading shortly after the open. DJ30 +32.36 NASDAQ +13.79 SP500 +1.59 NASDAQ Adv/Vol/Dec 1550/498.9 mln/881 NYSE Adv/Vol/Dec 1588/248.0 mln/1249

10:35 am : Strength in the dollar index has kept most commodities in the red this morning. The few commodities showing gains, such as cocoa, aluminum, wheat, soybeans, coffee and corn, are up only modestly.

January crude oil was in negative territory all session and hit session lows of $86.83 per barrel minutes after floor trading began. Although it rallied over $1 shortly after this, it still remained in the red ahead of inventory data. Following the data, which showed a draw of 9.854 million versus consensus of a draw of 2.5 million barrels, crude popped into positive territory and new session highs of $88.69 per barrel and is now 0.4% higher at $88.66 per barrel.

January natural gas also rallied right around the open of pit trade, rising to new session highs of $4.28 per MMBtu, but lost steam and is back in negative territory. It's currently down
0.6% at $4.23 per MMBtu.

Precious metals have been trading lower all session. February gold is currently 1.2% lower at $1387.90 per ounce, while March silver is down 1.9% at $29.23 per ounce.DJ30 +33.38 NASDAQ +10.13 SP500 +1.85 NASDAQ Adv/Vol/Dec 1444/372.1 mln/922 NYSE Adv/Vol/Dec 1525/197.0 mln/1239

10:00 am : The major market averages trade just above the flat line.

The NAHB Housing Market Index was just released, and showed a reading of 16 which was slightly weaker than the 17 reading expected by the Briefing.com consensus. The SPDR S&P Homebuilders ETF (XHB 17.25, +0.12) was trading slightly higher ahead of the data, and has seen little reaction to the data. DJ30 +20.25 NASDAQ +2.58 SP500 +0.09 NASDAQ Adv/Vol/Dec 1320/202.6 mln/901 NYSE Adv/Vol/Dec 1379/126.2 mln/1311

09:45 am : Stocks are mixed in the opening minutes of trade as health care and telecom are the only sectors in positive territory.

Joy Global (JOYG 84.70, +4.49) is up sharply in the opening minutes of trade after the company released strong fourth quarter results. The company announced earnings of $1.39 per share versus the Thomson Reuters consensus of $1.16 per share. Revenues topped expectations as well, coming in at $1.05 billion versus the Thomson Reuters consensus estimate of $0.92 billion. Following the strong results, the company also issued upside guidance for full year 2011. Competitor Caterpillar (CAT 93.12, +1.03) is seeing momentum on the news.DJ30 +1.44 NASDAQ -4.63 SP500 -1.92 NASDAQ Adv/Vol/Dec 913/103.8 mln/1189 NYSE Adv/Vol/Dec 995/85.5 mln/1645

09:19 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -2.90.

Futures suggest a lower start to trade is in order. The weak tone comes following Moody's announcement that it has put Spain on review for a possible downgrade, Portugal holding a weak EUR 500 million 3-month bill auction, and Japan's Tankan survey showing a drop in confidence among large manufacturers for the first time in almost two years.

Data has done nothing to turn positive the tone of premarket trade; overall consumer prices for November saw only a tepid 0.1% increase, as did core prices. Net long-term Treasury Investment Capital for October totaled $27.6 billion, down from the revised $77.2 billion in the prior month. Industrial production was ticked up to 0.4% in November, which is better than the 0.3% increase that had been expected after the previous month was revised to -0.2%. Capacity utilization improved slightly to 75.2% after last month's reading was revised up to 74.9%.

09:19 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -2.90.

Futures suggest a lower start to trade is in order. The weak tone comes following Moody's announcement that it has put Spain on review for a possible downgrade, Portugal holding a weak EUR 500 million 3-month bill auction, and Japan's Tankan survey showing a drop in confidence among large manufacturers for the first time in almost two years.

Data has done nothing to turn positive the tone of premarket trade; overall consumer prices for November saw only a tepid 0.1% increase, as did core prices. Net long-term Treasury Investment Capital for October totaled $27.6 billion, down from the revised $77.2 billion in the prior month. Industrial production was ticked up to 0.4% in November, which is better than the 0.3% increase that had been expected after the previous month was revised to -0.2%. Capacity utilization improved slightly to 75.2% after last month's reading was revised up to 74.9%.

08:58 am : S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -2.90.

Equity futures are weaker this morning (SP 500 -0.3%) after Moody's put Spain on review for a potential downgrade, and Portugal held a weak EUR 500 mln 3-month bill auction. That news coupled with Japan's Tankan survey which showed confidence among large manufacturers falling for the first time in nearly two years has weighed on markets across the globe.

Asian markets closed lower (Nikkei -0.1%, Hang Seng -2.0%, Shanghai -0.5%) as financial shares (-2.0%) were hit hard in Hong Kong as Chinese tightening fears still loom. Energy stocks were weaker throughout the region with PetroChina (PTR) closing lower by 1.0%.

European stocks are lower at mid-day (FTSE -0.5%, CAC -0.9%, DAX -0.7%) following the review of Spain, and the weak auction in Portugal. Financial shares across the region are lower with German bank Deutsch Bank (DB) down 1.7%. The euro has seen some modest weakness, trading lower by 40 pips at 1.3300. Spain's IBEX is lower by 1.8% as word of Moody's review weighs on shares.

08:34 am : S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -0.40. The reaction by stock futures to the latest dose of data has been muted, but Treasuries are selling off causing yields to move higher. The Consumer Price Index for November increased 0.1% after a 0.2% increase in the prior month. It had been expected to increase 0.2% month-over-month. Core consumer prices for were up 0.1% after coming in flat two the previous three months. The Briefing.com consensus called for a 0.1% increase for November. Separately, NY Empire manufacturing for November registered 10.57, which is better than the 3.0 that had been expected among economists polled by Briefing.com.

07:58 am : S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -2.90.

Stock futures are a little lower this morning after Moody's put Spain on downgrade review. The announcement has put pressure on shares across Europe (FTSE -0.3%, CAC -0.7%, DAX -0.7%) after weakness in Asia (Nikkei -0.1%, Hang Seng -2.0%, Shanghai -0.5%) following Japan's Tankan survey that showed confidence among large manufacturers falling for the first time in almost two years.

Treasury yields have eased a bit following yesterday's sharp move higher with yields across the curve down between 3.2 and 8.6 basis points. The 10-yr is down 8.2 basis points at 3.391% after yesterday crossing 3.50% for the first time since mid-May. Flattening of the yield curve is taking hold as the 2-10-yr spread has eased from yesterday's 285.2 to its current 276.2.

Today has a chock full of data with CPI, core CPI, and Empire Manufacturing all at 8:30 AM ET, followed by Net Long-Term TIC Flows at 9:00 AM ET, industrial production and capacity utilization at 9:15 AM ET, and the NAHB Housing Market Index at 10:00 AM ET.

06:49 am : S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -5.10.

06:48 am : Nikkei...10309.78...-7.00...-0.10%. Hang Seng...22975.35...-455.80...-2.00%.

06:48 am : FTSE...5866.86...-24.50...-0.40%. DAX...6973.58...-53.90...-0.80%.

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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