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 Post subject: January 5th Wednesday 2011 Emini ES ($ES_F) points +30.00
PostPosted: Thu Jan 06, 2011 12:16 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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click on the above image to view today's trading summary

Quote:
There was more data problems via the exchange traded funds I monitor to help me with my trading in Emini ES futures. Such caused me to exit two losing trades too early (stop had not been hit). With that said, my best trade of the day was my last trade of the day. The trade was a Long position around 1107am es and I exited the last contractors around 1132am est. I then called it quits for the day @ 1140am est to get some personal stuff done. In addition, I will not be trading tomorrow due to a few personal appointments.

Trade Performance for Today: +30.00 points or $1500 dollars in the S&P 500 Emini ES ($ES_F) Futures.
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE.

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=86&t=722. However, be advised that I'm frequently testing new trade signal methods or new trade management rules (e.g. stop/loss, trailing stops, profit targets, order types, time frames, workstation templates et cetera) after entry of existing profitable trade signal methods whenever market conditions change. Thus, adapting is a critical variable to my consistent profits along with preventing me from becoming complacent in my trading...this helps avoid trading account drawdowns.

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 and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=128&t=854

-----------------------------

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 Rise as Jobs, Services Data Boost Optimism



Image CNNMoney.com - Dow Climbs Again In 3-day Winning Streak
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click on the above image to view today's price action of key markets

By Annalyn Censky, staff reporter
January 5, 2011: 4:44 PM ET

NEW YORK (CNNMoney) -- U.S. stocks climbed Wednesday, with the Dow posting a fresh two-year high for the third day in a row, as investors started to position themselves for the new year.

"The past year was pretty good and it seems to me that in the new part of the new year, you're kind of repositioning your portfolio in some way that suits your temperament," said Peter Tuz, president at Chase Investment Counsel of Charlottesville, Va.

At the closing bell, the Dow Jones industrial average (INDU) was up 32 points, or 0.3%, to a new 2-year high of 11,723. The Dow keeps breaking new 2-year highs, as it approaches 11,800.

Of the Dow's 30 components, 18 rose, with financials American Express (AXP, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) leading the way.

Meanwhile, the S&P 500 (SPX) added 6 points, or 0.5%; and the Nasdaq (COMP) gained 21 points, or 0.8%.

Traders and economists alike are generally more optimistic about the economy in 2011. Earlier Wednesday, two separate reports signaled a brightening jobs picture and stoked optimism that the government's monthly labor report on Friday will also bring good news.

"My expectation is employment will start picking up a little steam just because the economy is picking up," said Erick Maronak, managing director at Victory Capital Management. "CEOs and management teams are expected to hire at a better clip his year than last, and that correlates with their investments overall."

Stocks started the year with a bang, but have had volatile trading days this week as investors pick and choose their spots.

Following better-than-expected reports on factory orders and auto sales, the major indexes ended a tumultuous session mixed Tuesday.
Stocks in 2011: Recovery to continue

Economy: Before the opening bell, outplacement firm Challenger Gray & Christmas reported that planned job cuts fell 59% to 530,000 in 2010 -- the lowest level in 13 years.

Meanwhile, private sector payrolls soared by 297,000 in December, according to a separate report from payroll processor ADP. Economists surveyed by Briefing.com were expecting the report to show that payrolls increase by 100,000 last month, compared to November's 93,000 rise.

The two reports set a positive tone ahead of Friday's monthly jobs report. Economists expect employers boosted payrolls by 135,000 in December, following a 39,000 increase in November.
0:00 /2:412011: Year of the job carousel

After the opening bell, a report from the Institute of Supply Management showed that activity in the service sector picked up last month. The index rose to 57.1 in December, topping forecasts, and up from 55 in November. Any reading above 50 signals expansion.

Meanwhile, Republican and Democratic leaders launched the 112th Congress, with the GOP taking control of the House after four years of Democratic control. The new Congress pledges to make job creation its first priority.

Companies: Walt Disney (DIS, Fortune 500) rose 2.5%, hitting a 52-week high, after both Morgan Stanley and Goldman Sachs released bullish research reports about the media company.

In a letter released by the Securities and Exchange Commission Tuesday, insurance giant AIG (AIG, Fortune 500) reported it had received a $3 billion bid for its Taiwan unit back in November. The news sent AIG shares surging 7.3% Wednesday.

Wireless tech giant Qualcomm (QCOM, Fortune 500) agreed to buy chip maker Atheros Communications (ATHR) for $3.1 billion in cash, or $45 per share, a 22% premium over Atheros' closing price on Monday. Shares of Atheros rose 1.5%, while Qualcomm's stock rose 2.1%.

Family Dollar Stores (FDO, Fortune 500) tumbled 8.8%, after the discount retailer reporter first-quarter earnings that fell short of analyst expectations. Family Dollar earned 58 cents per share, below analysts' expectations of 61 cents per share.

Expedia and Orbitz also posted major gains Wednesday, as did American Airlines' parent AMR Corp. (AMR, Fortune 500) after an AMR executive said he hopes to reach an agreement with the online travel agents to let them resume booking American flights.

The discount airfare websites are in a heated sales dispute with the carrier after American pulled its fare data to sell flights on its own system.

Expedia (EXPE) shares gained 4.1%, Orbitz Worldwide (OWW) rose 2.1% and AMR rallied 5.8%.
0:00 /1:08Borders' financial fallout

World markets: European stocks ended mixed. Britain's FTSE 100 rose 0.5%, while the DAX in Germany fell 0.5% and France's CAC 40 slipped 0.6%.

Asian markets also ended mixed. The Shanghai Composite ticked down 0.5% and Japan's Nikkei fell 0.2%, while the Hang Seng in Hong Kong rose 0.4%.
Commodities '11: $100 oil, $1,500 gold

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

Oil for February delivery gained 92 cents to settle at $90.30 a barrel.

Gold futures for February delivery fell $5.10 to settle at $1,373.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.47% from 3.34% late Tuesday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Data helped dissolve a negative tone in early trade, but financials provided the leadership necessary to take the stock market to a fractionally improved two-year high.

Losses among overseas markets weighed on stock futures this morning, but the tone improved with news that the ADP Employment Change reading showed that 300,000 private payrolls were added during December. Many were quick to speculate that since the ADP tally is triple what had been expected, a strong non-farm payrolls report will likely be released this Friday.

Participants didn't respond to the December ISM Services Index, which hit a four-year high of 57.1 to best the Briefing.com consensus call for a reading of 55.7.

Stocks were a bit sluggish in the early going as financials were the only sector to sport a gain in the early going. Financials gradually garnered additional buying and pushed to a 1.2% gain. AIG (AIG 60.95, +4.17) was one of the sector's top performers following news that a $3 billion bid was made for the firm's Taiwan unit.

Strength among financials inspired broader buying, such that utilities (-0.6%) made up the only sector to log a loss. That helped both the S&P 500 and Dow inch past the heights reached earlier this week for fresh two-year highs.

The Nasdaq couldn't quite eclipse the high that it set earlier this week, but it still scored a better gain than either of its counterparts. The Nasdaq was led by a handful of tech plays, namely Apple (AAPL 334.00, +2.71). Qualcomm (QCOM 52.03, +1.06) was also strong after it confirmed plans to acquire Atheros (ATHR 44.64, +0.64) for $45 per share.

Outside of the major averages, the Amex Airline Index ascended to a 1.6% gain following a flurry of monthly traffic reports. The Airline Index is already up 4.0% this year. That only adds to a near 40% annual gain in 2010.

Commodities had a weak start, but were able to rebound. More specifically, the CRB Commodity Index ended the day with a 0.5% gain after it was down 1.0% this morning. Oil was key driver in that bounce; it settled at $90.30 per barrel for a 1.0% gain after it had been down more than 1% even after a larger-than-expected draw from weekly inventories was reported.

The dollar advanced 1.0% against a collection of competing currencies. That was its best percentage gain in three weeks and makes for its third straight advance since settling lower in seven straight sessions.

Treasuries were trounced today. That left the yield on the benchmark 10-year Note to rise above 3.45% to its highest level this week.

Advancing Sectors: Financials (+1.2%), Consumer Discretionary (+0.8%), Tech (+0.7%), Telecom (+0.6%), Industrials (+0.5%), Energy (+0.2%), Consumer Staples (+0.1%), Health Care (+0.1%)
Declining Sectors: Utilities (-0.6%)
Unchanged: MaterialsDJ30 +31.71 NASDAQ +20.95 NQ100 +0.8% R2K +1.2% SP400 +0.6% SP500 +6.36 NASDAQ Adv/Vol/Dec 1879/2.07 bln/777 NYSE Adv/Vol/Dec 1802/1.04 bln/1192

3:35 pm : Commodities finished modestly higher day, with precious metals (-0.7%) and energy (-0.1%) posting modest declines. Grains, led by wheat (+2.4%), posted a 2% move. Industrials, led by nickel (+1.6%), added 0.9%.

Feb natural gas finished lower by 4% to $4.47 per MMBtu after it sold off sharply in morning trade. It spent the afternoon bouncing around near its session lows, and closed just above those lows. Unlike yesterday's session, where it recouped all of its losses before the close, natural gas moved lower and closed lower today. Feb crude oil gained 1% to end at $90.30 per barrel. It recouped losses, following inventory data, to close back above the $90 level.

Feb gold settled lower by 0.4% to $1375.80 per ounce, while March silver shed 1.6% to finish at $28.93 per ounce. Both metals spent the afternoon bouncing off of their respective lows. Gold eventually traded into positive territory, only to retrace part of its bounce. Silver, on the other hand, never made it back to flat. Silver's lows, at $28.58, mark its lowest levels since mid-Dec.DJ30 +34.78 NASDAQ +18.87 SP500 +5.93 NASDAQ Adv/Vol/Dec 1809/1.7 bln/840 NYSE Adv/Vol/Dec 1728/755.9 mln/1235

3:00 pm : Stocks recently set fractionally improved highs for the day, but then suddenly slipped off of that mark. They have been quick to stabilize, however.

Though the broader market's gain today remains modest in scope, airline stocks have risen sharply after several carriers posted their latest monthly traffic results. In turn, the Amex Airline Index is up 1.9% today and already up 4.3% this year. DJ30 +37.01 NASDAQ +17.12 SP500 +5.78 NASDAQ Adv/Vol/Dec 1777/1.56 bln/869 NYSE Adv/Vol/Dec 1694/675 mln/1259

2:30 pm : The stock market continues to move sideways along session highs. The dollar also remains near its best level of the day as it sports a 1.0% gain.

Treasuries recently slid to fresh session lows, however. The benchmark 10-year Note is now down more than a full point so that its yield is at 3.47%, which is its highest level of the week. Meanwhile, the 30-year Bond is down more than two points so that its yield is at 4.55%.

Some economists are concerned that rising yields, though indicative of more risk taking among investors, could curtail demand for housing, which remains a troubled spot in the macro environment. DJ30 +32.36 NASDAQ +14.79 SP500 +5.20 NASDAQ Adv/Vol/Dec 1729/1.45 bln/906 NYSE Adv/Vol/Dec 1664/620 mln/1278

2:00 pm : The S&P 500 continues to hold near session highs as it hugs the 1275 line. Strength remains broad based as every sector except utilities (-0.7%) sports a gain.

The utilities sector's weakness comes as electric utilities are hit with a series of downgrades. Specifically, American Electric (AEP 35.94, -0.58) and Duke Energy (DUK 17.75, -0.20) downgraded by analysts at JPMorgan while Entergy (ETR 72.41, -0.70) was downgraded by analysts at Wells Fargo. Such pessimistic reviews have left the defensive-oriented sector to spend all session in the red, even as broad-based buying helps other defensive-oriented plays like health care (+0.2%), consumer staples (+0.3%), and telecom (+0.6%). DJ30 +42.42 NASDAQ +15.42 SP500 +6.02 NASDAQ Adv/Vol/Dec 1735/1.35 bln/891 NYSE Adv/Vol/Dec 1707/570 mln/1232

1:30 pm : Stocks recently recorded a fractionally improved two-year high, but they haven't done much to move past that point. In fact, each of the major equity averages has eased off of those highs.

Financials remain at their best level of the day, though. The sector continues to sport a 1.0% gain. Telecom, up 0.7%, is the next best performing sector, but telecom accounts for only about 3% of the weight of the S&P 500 while financials account for more than 16% of broader market weight. DJ30 +38.07 NASDAQ +13.64 SP500 +5.28 NASDAQ Adv/Vol/Dec 1690/1.25 bln/931 NYSE Adv/Vol/Dec 1658/530 mln/1265

1:00 pm : The stock market is flirting with fractionally improved 52-week highs as financials offer leadership to the broader market, which actually started the session in the red amid widespread weakness.

The tone ahead of the open was initially negative as overseas markets moved lower in the face of a few generally solid ISM Services readings. The mood began to improve with the release of a surprisingly strong ADP Employment Change, which indicated that close to 300,000 private payrolls were added during December.

The December ISM Services Index was released after the open. It also proved stronger than expected at a 55-month high of 57.1, but participants appeared generally uninspired by the report.

Despite the positive data, the broader market didn't really rally out of the red until financials began to build on opening strength. For a few minutes this morning financials were the only sector sector in higher ground, but their run to a 1.0% gain has helped bring a bigger band of buyers back into the fold. AIG (AIG 60.26, +3.48) has been a leader among financial plays following news that the firm received a $3 billion bid for its Taiwan unit.

Though financials are the primary drivers of today's gain, strength among a few large-cap tech issues has helped give the Nasdaq Composite and Nasdaq 100 a bit of a lead over the Dow and S&P 500. Apple (AAPL 333.99, +2.70), which accounts for 20% of the weight in the Nasdaq 100, is a leader in each of the tech-rich indices. Qualcomm (QCOM 52.06, +1.09) is also in strong shape following confirmation that it will acquire Atheros (ATHR 44.49, +0.49) for $45 per share.

Commodities are climbing from the depths of morning trade, too. In turn, the CRB Commodity Index is now up 0.6% after it was down 1.0% this morning. Oil has been a big driver of that bounce, following its swing from a loss of more than 1% to a gain of 1.3% at $90.50 per barrel. The rebound comes after traders initially shrugged off a larger-than-expected draw from weekly inventories.

The move by commodities has come in the face of a much firmer dollar. The greenback currently sports a 0.9% gain over a basket of competing currencies.DJ30 +41.33 NASDAQ +15.57 SP500 +5.70 NASDAQ Adv/Vol/Dec 1673/1.11 mln/934 NYSE Adv/Vol/Dec 1667/483 mln/1242

12:30 pm : The stock market has been slow to overtake the annual high that it set earlier this week. Instead, stocks are just sitting on their gains.

With stocks showing steady strength pressure has picked up against Treasuries, such that the benchmark 10-year Note is now dow almost a full point. DJ30 +41.78 NASDAQ +16.43 SP500 +5.68 NASDAQ Adv/Vol/Dec 1714/1.03 bln/865 NYSE Adv/Vol/Dec 1664/440 mln/1208

12:00 pm : The stock market's recent climb has taken pause. The hesitation comes with the S&P 500 less than two points away from the two-year high of 1276 that it set earlier this week.

Financials have become today's leaders after a rather listless start. The sector is up 0.9% to its best level since May as AIG (AIG 59.90, +3.12) surges to a gain of more than 5%. Shares of AIG are coming off of an annual gain of more than 90% in 2010.DJ30 +26.95 NASDAQ +13.12 SP500 +4.08 NASDAQ Adv/Vol/Dec 1658/912 mln/884 NYSE Adv/Vol/Dec 1614/395 mln/1265

11:30 am : All three headline indices have pushed into positive territory to set fresh session highs. The move has generally been broad based in that nine of the 10 major sectors in the stock market are at their best levels of the day -- utilities only recently turned up from session lows, but they are still off by 0.6% for the session.

Oil prices have swung into positive territory in recent trade. The commodity had been down more than 1% in the minutes that immediately followed news of a larger-than-expected draw from weekly inventories, but it is now up 0.4% to $89.70 per barrel. DJ30 +17.45 NASDAQ +14.59 SP500 +3.45 NASDAQ Adv/Vol/Dec 1632/775 mln/892 NYSE Adv/Vol/Dec 1527/339 mln/1296

11:00 am : The Nasdaq is up to a modest gain after opening trade in negative territory. Qualcomm (QCOM 52.06, +1.09), Cisco (CSCO 20.68, +0.16), and Apple (AAPL 332.24, +0.95) are leaders in the move. However, heavyweights Microsoft (MSFT 27.84, -0.25), Oracle (ORCL 31.32, -0.16), Intel (INTC 21.02, -0.12), and Google (GOOG 600.83, -1.29) have hampered gains.

As for the S&P 500, it recently poked into positive territory so that it trades with a fractional gain. It is currently led by Expedia (EXPE 25.56, +1.14) and AutoDesk (ADSK 40.68, +2.15).

Meanwhile, the Dow remains mired in the red, though its loss is only factional. Coca-Cola (KO 63.00, -0.87) has been a drag on the Dow, but Walt Disney (DIS 39.78, +0.79) has been a leader. Shares of DIS were recently added to the Goldman Sachs Conviction Buy List. DJ30 -10.25 NASDAQ +6.19 SP500 +0.20 NASDAQ Adv/Vol/Dec 1400/636 mln/1063 NYSE Adv/Vol/Dec 1287/286 mln/1514

10:30 am : Oil inventory data for the week ended December 31 showed a draw of 4.16 million barrels, which is greater than the draw of 2 million barrels that had been widely expected. Oil prices have actualy moved lower in the few minutes following the release. They are now down 1.2% to 88.30 per barrel. Oil prices were down about 0.8% in the moments leading up to the report.

Natural gas prices are under stiff pressure this morning. The energy component was last quoted at $4.58 per MMBtu, down 1.8%.

Selling pressure continues to take precious metals prices lower. On top of its 3.2% drop in the prior session, gold prices are off by another 0.7% today so that they trade at $1369 per ounce. Silver has sunk another 2.4% to $28.77 per ounce after it had plummeted 5.1% in the prior session.DJ30 -22.74 NASDAQ +1.71 SP500 -1.73 NASDAQ Adv/Vol/Dec 1303/509 mln/1106 NYSE Adv/Vol/Dec 1196/228 mln/1580

10:00 am : The December ISM Services Index was just released, but no real reaction has been made to the data. The Index improved to 57.1 from 55.0. It had been expected, on average, among economists polled by Briefing.com to come in at 55.7.

With participants unenthused by the stronger-than-expected ISM reading, each of the major equity averages is still stuck in the red with a modest loss. However, consumer discretionary stocks (+0.1%) and industrials (+0.1%) have joined financials (+0.4%) in higher ground.

Meanwhile, the dollar has extended its lead over a basket of competing currencies. In turn, the Dollar Index is now up 1.0%.

Though action among stocks is largely lackluster at this point, Treasuries are under stiff pressure. In turn, the yield on the benchmark 10-year Note is back up to 3.40%.

Advancing Sectors: Financials (+0.4), Consumer Discretionary (+0.1%), Industrials (+0.1%)
Declining Sectors: Energy (-0.7%), Materials (-0.6%), Utilities (-0.5%), Health Care (-0.3%), Consumer Staples (-0.2%), Telecom (-0.2%)
Unchanged: TechDJ30 -18.46 NASDAQ -2.02 SP500 -1.84 NASDAQ Adv/Vol/Dec 1072/310 mln/1200 NYSE Adv/Vol/Dec 1047/152 mln/1624

09:45 am : The major equity averages are down with modest losses in the early going. Although the degree of their decline has been limited, weakness is actually widespread.

Financials make up the only major sector to trade in positive territory. They are up 0.2% as a group. Most of the sector's strength is underpinned by diversified banks (+0.4%).

In contrast, energy and materials stocks are down 0.8% and 0.6%, respectively, as natural resource plays come under stiff pressure. The two sectors had also been the weakest in the prior session before they pared losses into the close.DJ30 -18.01 NASDAQ -3.58 SP500 -1.84 NASDAQ Adv/Vol/Dec 984/220 mln/1239 NYSE Adv/Vol/Dec 1027/108 mln/1605

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -6.00. Stock futures point to a slightly lower start to trade, but the tone ahead of the open is actually improved from earlier. Weakness among overseas markets had weighed more heavily on the mood of premarket participants, but a surprisingly strong ADP Employment Change reading helped bring buyers back into the fold. The ADP report indicated that close to 300,000 private payrolls were added during December. Since that tally is triple the size of what had been widely expected, some have become more hopeful that the official non-farm payrolls report on Friday will feature a similar surprise. The upbeat ADP reading has also stoked buying in the dollar, which is now up 0.8% against a collection of competing currencies. The move makes for its biggest single-session bounce in three weeks. Still to come this morning is the December ISM Services Index for December. It will be released at 10:00 AM ET. Also on its way is the latest weekly oil inventory data, which will be posted at 10:30 AM ET. Oil prices are improved from earlier levels, but they remain down about 0.7% at $88.65 ahead of the report.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -7.80. Declining issues outnumber advancers by 5-to-1 in Germany's DAX. Such widespread weakness has the German bourse down 1.2%. Volkswagen and Linde are among the heaviest drags, but Deutsche Bank (DB) has provided some support as it stages its third straight gain so that the stock now sits at its best level in more than a month. Germany's final December PMI Services Index reading came in at 59.2, which is up from the 58.3 that had been reported initially. France's CAC is down 1.0% amid weakness in LVMH Moet Hennessy, Total (TOT), and ArcelorMittal (MT). Axa (AXA) has shown relative strength, however. Britain's FTSE is off by 0.3%. HSBC (HSBC), BP Plc (BP), and Barclays (BCS) have shown strength, but that has been offset by weakness in Royal Dutch Shell (RDS.A), GlaxoSmithKline (GSK), and Anglo American. According to data, the December Construction PMI for the United Kingdom came in at 49.1, down from 51.8 in the prior month. In broader data, the eurozone's November PPI improved by 0.3% after a 0.4% increase in the prior month. The eurozone's PMI Services Index for December came in at 54.2 in its final release. The preliminary report had it at 53.7.

In Asia, Japan's Nikkei ended its latest trading day down 0.2%. Honda Motor (HMC) was a laggard. It revealed yesterday that its American vehicle sales for December saw an increase of almost 26% as competitors released their monthly US sales results. Toyota Motor (TM) said yesterday that its U.S. sales for December actually decreased by 2% year over year, but its shares advanced nicely. Cumulatively, Japan reported that its vehicle sales during December had dropped 28%. China's Shanghai Composite logged a 0.5% loss, even though the number of advancing issues had a slight edge over declining issues. However, weakness in heavyweights PetroChina (PTR), Industrial & Commercial Bank, and Ping An Insurance proved too damaging. The HSBC PMI Services Index for China showed a reading of 53.1 for December. That is unchanged from the prior month. Hong Kong's Hang Seng scored a 0.4% gain in its latest round of trade. Financials made up the strongest performing sector; collectively they advanced 0.9% as global banking giant HSBC spiked 2.4% higher. However, Bank of China was weak, as was Ping An Insurance.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -9.50. Stock futures have improved their position, but they continue to trail fair value. Their bounce came on the back of a much better-than-expected ADP Employment Change reading. The reading reported that 297,000 private payrolls were added during December, when an increase of 100,000 had been expected, on average, among economists polled by Briefing.com. The surprisingly strong number has also bolstered buying in the dollar, which now sports a 0.8% gain against a collection of competing currencies. With the dollar looking strong, commodities have continued their slide from the prior session, such that the CRB Commodity Index is down another 0.7% this morning after falling close to 2% yesterday.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -17.30. Stock futures are down markedly this morning. Their weakness follows a mixed finish to the prior session, and mirrors the losses exhibited by overseas markets. Participants abroad have been unimpressed by an improved December PMI Services reading from both Germany and the broader eurozone. China's HSBC PMI Services reading for December was in line with expectations. The December ISM Services Index for the U.S. comes after the open at 10:00 AM ET. Before that, though, is the December ADP Employment Change reading at 8:15 AM ET. Amid the weak tone of premarket trade the dollar has added to its recent gains, such that the Dollar Index is up 0.5%. The advance puts the greenback on pace for its third straight gain, which would follow seven straight losses.

06:38 am : S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -17.00.

06:38 am : Nikkei...10380.77...-17.30...-0.20%. Hang Seng...23757.82...+89.30...+0.40%.

06:38 am : FTSE...5982.01...-31.90...-0.50%. DAX...6879.89...-96.00...-1.40%.

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 Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

Phone: +1.708.572.4885
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