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 Post subject: December 16th Thursday 2010 Emini TF ($TF_F) points +10.90
PostPosted: Fri Dec 17, 2010 9:18 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)

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click on the above image to view today's trading summary

Quote:
The 2nd trade of the day a Long position @ 1109am est was key to my profits because I had just dumped a losing Short position for a small loss (-0.50) just seconds earlier. The reason for minimizing the losing Short position was because I saw bullish change in supply/demand and I wanted out of the Short position so that I can focus on exploiting that bullish change in supply/demand even though my stop/loss protection on the Short position of (-1.50) had not been reached.

Trade Performance for Today: +10.90 points or $1090 dollars in the Russell 2000 Emini TF ($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=706

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 Rise as Jobless Claims Fall, Housing Starts Rise



Image CNNMoney.com - Stocks hit 2-year highs
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click on the above image to view today's price action of key markets

By Julianne Pepitone, staff reporter
December 16, 2010: 5:36 PM ET

NEW YORK (CNNMoney.com) -- Stocks closed at two-year highs Thursday, with two of the three major indexes hitting their highest levels since September 2008. Investors looked on the brighter side of mixed reports on housing and jobs that came out before the opening bell.

The Dow Jones industrial average (INDU) closed 41 points higher, or less than 0.4%, to end at 11,499.25 -- the highest close since Sept. 8, 2008. The S&P 500 (SPX) gained 8 points, or 0.6%, to 1,242.87, its highest closing level since Sept. 19, 2008. The tech-heavy Nasdaq (COMP) rose 20 points, or 0.8%.

Gains were broad-based in the Dow, with 25 of its 30 components closing higher.

Despite Thursday's mixed reports, economic data have been relatively upbeat lately. Stocks have performed well in December so far, with the three major indexes up 2% to almost 4%.

Trading is expected to be quiet over the next few weeks, and some traders are starting to close up their portfolios ahead of year's end. Many market participants will start taking holiday vacation next week, and few economic reports are on tap for the remainder of the year.

"We're walking away from 2010 with the impression that we're gaining some forward momentum," said Fred Dickson, chief market strategist at D.A. Davidson & Co.

But the Dow is hitting some resistance at 11,500, Dickson said, which is a technical and psychological point. The Dow has flirted with that level and gone above it briefly this week, but it has yet to remain there for an extended period.

Trading on Thursday reflected traders adjusting their portfolios ahead of Friday's so-called "quadruple witching."

The term refers to the phenomenon that takes place four times a year, when several derivatives contracts expire at the same time -- those tied to market index futures, market index options, stock options and stock futures.

On Wednesday, stocks declined as investors worried about a possible Spain downgrade. Also on Wednesday, the Senate approved a controversial $858 billion tax package to extend the Bush-era tax cuts. The measure, which passed 81-19, is awaiting the House's vote.

Economy: The number of people filing for initial unemployment benefits fell 3,000 to 420,000 in the latest week, the Labor Department said. Meanwhile, continuing claims -- those workers who have filed unemployment claims for their second week or more -- were up 22,000 to 4.13 million.

The number of new private home starts rose in November to a seasonably adjusted annualized rate of 555,000, according to a Commerce Department report. That was 3.9% above revised October figures, and higher than analyst estimates.

Companies: Visa (V, Fortune 500) shares closed 12% lower and MasterCard (MA, Fortune 500) shares lost 10% after the Fed proposed a new cap on debit card network fees.

Alcoa (AA, Fortune 500) shares ended 3.6% higher following bullish commentary Wednesday night from Jim Cramer on his CNBC show "Mad Money."

Federal Express reported third-quarter earnings and sales that missed forecasts. FedEx (FDX, Fortune 500) earned $1.16 a share, missing estimates by 15 cents. Revenue rose 12% to $9.63 billion, but that amount also missed analysts forecasts -- which had called for $9.7 billion.

The shipping company, which had its busiest shipping day Monday, reigned in its forecast for the current quarter but raised its outlook for fiscal 2011. Shares of FedEx ended 2% higher.

General Mills (GIS, Fortune 500) reported profits and sales that also missed forecasts. Revenue was up 1% in the quarter, but it came in just barely under estimates at $4.07 billion. Earnings per share, excluding a one time tax benefit, totaled 76 cents, missing forecasts by 2 cents. Shares gained 0.6%.
0:00 /1:11General Mills loses sweetness

After the bell, Research In Motion (RIMM) posted record BlackBerry shipments in the quarter, sending 14.2 million devices to wireless carriers, up 40% over last year. Sales were up 19% and profits were up 45%. Shares spiked 4% in after-hours trade.

Oracle (ORCL, Fortune 500) said its fiscal second-quarter net income rose to $1.9 billion, up 28% from a year earlier. Excluding one-time charges, Oracle said it earned 51 cents per share, compared to a median estimate of 46 cents per share from analysts polled by Thomson Reuters.

World markets: Spain sold €2.4 billion worth of 10- and 15-year bonds Thursday, but the eurozone government had to pay higher interest rates for each than in previous sales, according to a spokesperson for Spain's Ministry of Economy. Wednesday, credit rating agency Moody's said it may downgrade Spain's credit rating.

Meanwhile, the Irish government reported Thursday that its gross domestic product grew by 0.5%, marking the first growth since late 2007, thanks to strong exports. On Wednesday, Irish officials accepted IMF funds connected to its €85 billion bailout.

European stocks closed mixed. Britain's FTSE 100 ended flat, while the DAX in Germany added 0.1% and France's CAC 40 ticked up by 0.1%.

Asian markets ended the session mixed. The Shanghai Composite lost 0.5% and the Hang Seng in Hong Kong plunged 1.3%, while Japan's Nikkei edged up very slightly.

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

Oil for January delivery slipped 92 cents to settle at $87.70 a barrel.

Gold futures for February delivery fell $14.20 to settle at $1,372 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.48%.

Image

Image Yahoo! Finance - Market Update

4:15 pm : Stocks started the day in the red following mixed jobs and housing data, but quickly turned positive after the Philadelphia Fed number topped expectations. From then on the major market averages didn't look back as they closed near their best levels of the session. The Nasdaq led the advance with a gain of 0.8%, while the S&P 500 and Dow lagged with respective gains of 0.6% and 0.4%. The S&P 500 and Dow saw their best closes since September 2008.

FedEx (FDX 94.26, +1.87) saw strong gains today after the company reported weaker than expected earnings, but gave strong guidance of $5.00-$5.30 per share for full year 2011. The Thomson Reuters consensus is looking for full year earnings per share of $5.21. Rival United Parcel Service (UPS 73.77, +1.52) also gained on the forecast.

Bank of America (BAC 12.55, +0.26) shares were higher by as much as 4.0%, but sold off following the Fed's proposed rules for debit card interchange rate regulation. The stock had been trading higher after reports surfaced that the company may be close to reaching settlement with mortgage investors.

Shares of Visa (V 66.96, -9.98) and Mastercard (MA 223.99, -25.23) tumbled following the proposed debit card interchange rate regulation. At their worst levels of the session the stocks were down in excess of 13%.

Athenahealth (ATHN 39.83, -2.42) saw a sharp drop midday after the company released updated guidance for full year 2011. The company is calling for $0.68-$0.78 earnings per share while the Thomson Reuters consensus was looking for $0.85 per share.

An afternoon rally in Treasuries allowed maturities across the curve to close at their best levels of the session. The 10-yr yield crossed 3.56% before the noon hour, but by the end of the session was below 3.45% as buyers came out of the woodwork. The 2-10-yr spread saw some flattening, ending the day near 280 after seeing a session high of 288. The 293.9 mark represents record steepness of the spread.

The greenback saw a relatively quiet session, closing modestly lower near 80.10. A small drop in the dollar made for a gain of close to 20 pips in the euro, as the single currency will end the day near 1.3230. The pound will end the session just off its 1.5632 high, while dollar/yen will close lower by 0.20 near the 84.00 level.

Tomorrow's lone data point is leading indicators which will be released at 10 AM ET. DJ30 +41.78 NASDAQ +20.09 SP500 +7.64 NASDAQ Adv/Vol/Dec 1810/1.74 bln/824 NYSE Adv/Vol/Dec 2053/1.01 bln/971

3:30 pm : Commodities finished mostly lower on the session, led by precious metals (-1.6%) and energy (-1.3%). Feb gold ended lower by 1.1% to $1372.00 per ounce, while March silver shed 1.5% to close at $28.78 per ounce. Both metals sold off sharply shortly after the open of pit trade and then spent the remainder of the session attempting to bounce off those lows.

Jan natural gas dropped 4.2% to $4.04 per MMBtu following this morning's inventory data, which showed an in-line draw down. It notched lows at $4.032, it worst levels in close to a month and has now closed lower in three consecutive sessions. Jan crude oil settled lower by 1% to $87.70 per barrel. It sold off to its lowest levels, at $, with minutes left in pit trade. DJ30 +32.74 NASDAQ +16.87 SP500 +5.15 NASDAQ Adv/Vol/Dec 1708/1.4 bln/906 NYSE Adv/Vol/Dec 1919/694.4 mln/1082

3:00 pm : Stocks continue to slide off their best levels of the session, but still trade comfortably in the green. The Nasdaq has been able to hold on to most of its gains, and trades higher by 0.6%

Shares of Visa (V 70.72, -6.22) and Mastercard (MA 229.22, -20.00) are under pressure following the Fed's proposed rules for debit card interchange rate regulation. The stocks were looking to breakout above important overhead resistance levels, but today's announcement has pushed them below support. Both stocks are lower by approximately 8%. DJ30 +35.46 NASDAQ +15.55 SP500 +5.56 NASDAQ Adv/Vol/Dec 1663/1.25 bln/942 NYSE Adv/Vol/Dec 1904/626.9 mln/1085

2:30 pm : Stocks have eased a bit from their best levels of the session, but still trade near their highs. The Nasdaq continues to lead the way higher, posting a gain of 0.6% while the S&P 500 and Dow trail with respective gains of 0.5% and 0.3%.

Shares of Athenahealth (ATHN ) have been under pressure the past hour after the company released its updated guidance for full year 2011 with earnings of $0.68-$0.78 per share which is below the Thomson Reuters consensus of $0.85 per share. The company also expects revenues to come in between $300-$315 million with street expectations at $308.86 million. The S&P 500 Health Care Index has been unaffected by the drop, and trades higher by 0.4%. DJ30 +36.41 NASDAQ +17.07 SP500 +6.37 NASDAQ Adv/Vol/Dec 1649/1.15 bln /952 NYSE Adv/Vol/Dec 1918/574.4 mln/1056

2:00 pm : The major market averages are at their best levels of the session with the Nasdaq leading the way with a gain of 0.8%. The S&P 500 and Dow are posting solid gains of 0.7% and 0.5% respectively.

Shares of Bank of America (BAC 12.72, +0.43) are near their best levels of the session, and are one of the top performers today in the S&P 500 Financials Index. The stock is seeing a boost on reports that the company may be close to reaching a settlement with mortgage investors. Look for the 12.85 area to provide short-term resistance, and the 12.25 area to provide short-term support. DJ30 +52.90 NASDAQ +20.54 SP500 +8.44 NASDAQ Adv/Vol/Dec 1738/1.06 bln/861 NYSE Adv/Vol/Dec 2008/530.6 mln/970

1:30 pm : The market has been hovering around highs of the day, consolidating the gains made in the reversal earlier in the day. As the afternoon progresses, it will be interesting to watch how the S&P 500 handles its second level technical resistance at 1244/1246 (session high 1243.65). A break through would put the index at 52-week highs. Keep in mind that tomorrow is the quadruple witching December options expiration -- the last of the year -- which could be having an impact as traders hedge expiring positions.DJ30 +47.87 NASDAQ +19.24 SP500 +7.59 NASDAQ Adv/Vol/Dec 1690/987.9 mln/869 NYSE Adv/Vol/Dec 1973/496.9 mln/986

1:00 pm : Stocks moved modestly lower in the opening minutes of trade, but saw a boost following the better-than expected Philadelphia Fed reading, and now trade at their highest levels of the session. The Nasdaq is leading the major averages with a gain of 0.9% while the Dow lags with a 0.5% gain.

Shares of FedEx (FDX 94.27, +1.88) are higher on the session despite missing on both the top and bottom line. The company announced disappointing earnings of $1.16 per share versus the Thomson Reuters consensus of $1.31 per share. Revenues also fell short of expectations, coming in at $9.63 billion versus expectations of $9.7 billion. The company did however raise its full year 2011 forecast to $5.00-$5.30 versus the Thomson Reuters consensus of $5.21. Rival United Parcel Service (UPS 73.64, +1.39) is also trading higher.

Utilities stocks are performing well today as with the S&P 500 Utilities Index higher by 0.4%. Leaders in the space include Constellation Energy (CEG 28.32, +0.64), Edison International (EIX 38.19, +0.44), and Dominion Resources (D 42.20, +0.48). The sector as a whole is seeing 23 of 34 members trading to the upside.

Treasuries are back in positive territory after spending a good deal of the morning slightly lower. The 10-yr yield has fallen below 3.50% after seeing a session high above 3.56%. The 2-10-yr spread is flatter to 283.7.

The dollar has slid back below the flat line, and now trades 80.10. Weakness in the greenback has put a slight bid into the euro (+20 pips at 1.3230) and the aussie (+20 pips at .9890). the pound has been stronger all session long after an in-line retail sales number. DJ30 +55.74 NASDAQ +22.45 SP500 +8.26 NASDAQ Adv/Vol/Dec 1774/895.0 mln/789 NYSE Adv/Vol/Dec 2026/456.1 mln/917

12:25 pm : The major market averages sit just off their highest levels of the session. The Nasdaq leads the advance with a gain of 0.7% while the S&P 500 and Dow lag with respective gains of 0.4% and 0.3%.

Treasuries are little changed, but have seen a volatile session. Yields were lower over the course of the overnight session, and did not turn higher until after the open of U.S. equities. Yields chopped around near their highest levels of the session ahead of the Fed's Permanent Open Market Operations, and moved to new session highs as Treasuries sold off on the announcement of the Fed's purchases. Treasuries are slighlty higher with most maturities seeing their yields down 2 basis points or less. The 10-yr is lower by 1.8 basis points and yields 3.514% after seeing a session high of 3.56%. Little movement has made for a slightly flatter curve with the 2-10-yr spread running 284.3. The 10-30-yr spread continues to hover around 108, near its 200-day moving average. DJ30 +34.17 NASDAQ +17.22 SP500 +5.63 NASDAQ Adv/Vol/Dec 1639/790.3 mln/879 NYSE Adv/Vol/Dec 1904/414.3 mln/1018

12:00 pm : The equity market has seen a substantial turnaround this morning, with the Dow approximately 70 points off of its session lows. The market gave up an early bid in the first half hour of the session, sinking to lows right in front of the Philly Fed reading at 10:00 ET. The S&P held technical support around the 1232/1233 level, and the Philly Fed came in much better than expected, helping the market to reverse off those lows. Then after some consolidation, stocks surged higher as the dollar fell back to the flat line. The latest bid in stocks also follows the Fed's latest Permanent Open Market Operation, through which it purchased $6.78 bln of 2013/2014 maturities (dealers looked to sell $22.08 bln).

Tomorrow is the quadruple witching December options expiration -- the last of the year -- which could be having an impact as traders hedge expiring positions. The Dow is now +33 on the day, while the S&P is +6 and the Nasdaq Comp is +18. Strong sectors include technology and consumer discretionary, while materials and industrials have shown significant bounces. The dollar is flat (DXY +0.02 at 80.25).DJ30 +32.81 NASDAQ +17.68 SP500 +5.99 NASDAQ Adv/Vol/Dec 1630/713.0 mln/862 NYSE Adv/Vol/Dec 1914/373.8 mln/988

11:30 am : The major market averages are at their best levels of the session following the Fed's purchase of $6.78 billion worth of 2013/2014 maturities through its Permanent Open Market Operations. The Nasdaq is leading the charge with a gain of 0.6%, while the S&P 500 is up 0.4%, and the Dow trails with a gain of 0.2%.

Utilities stocks are among the best performers today with the S&P 500 Utilities Index trading higher by 0.6%. Constellation Energy Group (CEG 28.40, +0.72), Public Service Enterprise Group (PEG 31.71, +0.52), and Edison International (EIX 38.17, +0.42) are the best performing stocks in the space. The index is seeing gains from most of its members as 27 of 34 companies trade in positive territory. DJ30 +30.54 NASDAQ +16.32 SP500 +5.51 NASDAQ Adv/Vol/Dec 1550/608.9 mln/892 NYSE Adv/Vol/Dec 1882/324.9 mln/975

11:00 am : The major market averages are mixed after digesting the better-than-expected headline number from the Philadelphia Fed. The Nasdaq leads the way with a gain of 0.2% while the Dow lags at -0.1%.

Shares of FedEx (FDX 94.64, +2.25) are trading higher by more than 2.4% after the company announced disappointing earnings of $1.16 per share versus the Thomson Reuters consensus of $1.31 per share. Revenues also fell short, coming in at $9.63 billion versus expectations of $9.7 billion. The company raised its full year 2011 guidance to earnings per share of $5.00 to $5.30 versus the Thomson Reuters consensus of $5.21. United Parcel Service (UPS 73.44, +1.19) is seeing a positive response to its rival's results. DJ30 -11.05 NASDAQ +5.10 SP500 +0.48 NASDAQ Adv/Vol/Dec 1239/477.3 mln/1131 NYSE Adv/Vol/Dec 1485/266.6 mln/1323

10:35 am : The dollar index spiked in recent activitiy, adding selling pressure on select commodities.

January natural gas fell into negative territory overnight and has remained there since. Today's lows of $4.16 per MMBtu were put in around 20 minutes after pit trading began and was in the red ahead of inventory data. Following the data, which showed a draw of 164 bcf versus consensus of a draw of 165 bcf, natural gas fell sharply to new session lows of $4.06 per MMBtu and is now 4.4% lower at $4.08 per MMBtu.

January crude oil, which remains in negative territory, sold off as a result, falling to new session lows of $87.84. It's currently 0.8% lower at $87.93 per barrel.

February gold and March silver sold off notably earlier this morning, falling to fresh session lows of $1361.60 per ounce and $28.35 per ounce. Gold is 1.5% lower at $1365.4 per ounce, while silver is down 2.5% at $28.52 per ounce.DJ30 -7.41 NASDAQ +5.77 SP500 +0.81 NASDAQ Adv/Vol/Dec 1285/365.6/1013 NYSE Adv/Vol/Dec 1521/210.4 mln/1254

10:05 am : The Philadelphia Fed Index for November improved to 24.3 from 22.5 in November. Economists polled by Briefing.com had expected the reading to weaken to 15.

Stocks eased off their highs and turned mixed ahead of the Philadelphia Fed number, and have since turned lower with the Dow leading losses with a drop of 0.2%DJ30 -14.00 NASDAQ +1.72 SP500 -0.01 NASDAQ Adv/Vol/Dec 1108/248.8 mln/1070 NYSE Adv/Vol/Dec 1358/150.7 mln/1345

09:45 am : Stock futures are narrowly higher in the opening minutes of trade. The major market averages have so far been able to shrug off disappointing earnings from FedEx (FDX ) and mixed economic data.

Treasuries have a small bid after seeing a pretty volatile morning. The yield on the 10-yr has fluctuated between 3.456% and 3.542% and currently stands at 3.512%.

The dollar index has been modestly weaker all session long after failing at 80.25 resistance during the overnight session.

The Philadelphia Fed's December reading will be released at 10 AM ET.DJ30 +10.18 NASDAQ +6.84 SP500 +2.64 NASDAQ Adv/Vol/Dec 1169/103.0 mln/865 NYSE Adv/Vol/Dec 1630/83.7 mln/969

09:13 am : S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +2.50. Stock futures are little changed, having seen their small gains evaporate following the earnings miss by FedEx (FDX). Treasuries have given up their overnight gains as the 10-yr yield is unchanged at 3.532% after being as low as 3.456% earlier this morning. The dollar is modestly weaker, and trades just below 80.25 resistance. Economic data has done little to move the markets thus far with initial jobless claims coming in at 420,000 which were slightly less than the Briefing.com consensus of 425,000. Continuing claims came in slightly higher than expectations at 4.135 million. Housing starts topped their expected rate of 545,000 by registering 555,000 while building permits disappointed coming in at 530,000 versus the expected 560,000. The current account balance registered a -$127.2 billion reading versus expectations of -$125.3 billion. The Philadelphia Fed will be released at 10 AM ET.

09:00 am : S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +4.90.

Stock futures are flat after a relatively quiet news flow over night. The major Asian indices closed mixed (Nikkei (unch), Hang Seng -1.3%, Shanghai -0.5%) despite India's announcement that it would keep its benchmark rate unchanged after six increases this year. The Reserve Bank of India also said it would inject capital into the nation's banks to ease their liquidity crunch. Shares in India were up 1.1% on strength in financials. Elsewhere in Asia, stocks in Hong Kong and Shanghai closed lower amid further tightening concerns with financial shares seeing weakness. Today's concerns stem from a report suggesting a branch of the China Banking Regulatory Commission halted lending to fund fixed asset purchases throughout the remainder of 2010. Chongqing Rural Commercial Bank made its debut in Hong Kong and fell 1.0% from its initial public offering price.

Stocks in Europe have turned slightly lower at midday (FTSE (unch), CAC -0.3%, DAX -0.1%) after Spain's disappointing bond auctions. Spanish yields are slightly higher after the country raised 2.4 billion euros in its last bond auction of the year. The country sold 10- and 15-year bonds, at yields of 5.45% and 5.95%, respectively. These yields are up from prior yields of 4.62% and 4.54% at their last auction, and the total proceeds of 2.4 billion euros is below the 3 billion euros Spain had hoped to raise. Financial shares in Britain and Germany have held near unchanged, but are under pressure in France as BNP Paribas trades down 1.3%. The euro is trading up 30 pips at 1.3240.

08:36 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +4.50. Stock futures saw little change with the release of the latest weekly jobless claims count and housing data. Initial jobless claims for the week ended December 11 totaled 420,000, which is less than the 425,000 claims that had been predicted by economists polled by Briefing.com. The latest initial jobless claims tally is down 3,000 from the prior week. Meanwhile, continuing claims rose week over week to about 4,135,000. Separately, housing starts for October rose 3.9% month/month to an annualized rate of 555,000, which is more than the rate of 545,000 starts that had been expected among economists polled by Briefing.com. Building permits edged lower to an annualized rate of 530,000, which is less than the rate of 560,000 permits that had been expected. The current account balance came in at -$127.2 which compared to the Briefing.com consensus of -$125.3 billion.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +2.70. Stock futures are flat after weaker-than-expected earnings from FedEx erased small gains. The flat morning comes amid a slip in the greenback, and mixed trade in Asia and Europe. Treasuries are higher after yesterday's slide pushed the 10-yr yield as high as 3.557% to its best level since mid-May. The yield on the 10-yr is down 6 basis points this morning to 3.471%. Initial and continuing claims, housing starts and building permits, and the current account balance are all due out at the bottom of the hour. The Philadelphia Fed follows at 10 AM ET.

06:41 am : S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +3.20.

06:41 am : Nikkei...10311.29...+1.50...0.00. Hang Seng...22668.78...-306.60...-1.30%.

06:41 am : FTSE...5883.65...+1.40...0.00. DAX...7012.80...-3.60...-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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