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 Post subject: January 7th Friday 2011 Emini ES ($ES_F) points +26.25
PostPosted: Fri Jan 07, 2011 10:40 pm 
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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:
The personal day off with my son yesterday helped me re-energize for today's trading session. Best trade of the day was a Short position at 1044am with 10 contracts that gave me some nice points per contract. Trade signal via a variation of one of my "Fading Volatility Breakout" trade signal strategies via using a confirmation signal called the confirmation H. If you have any questions about my trading or want to reply about something stated in this message post...click here.

Trade Performance for Today: +26.25 points or $1312.50 dollars in the S&P 500 Emini ES ($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=724. 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 Fall on Jobs Data, Foreclosure Suits Concern



Image CNNMoney.com - Bank Stocks Drag Markets Lower
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
January 7, 2011: 4:21 PM ET

NEW YORK (CNNMoney) -- U.S. stocks came off session lows but ended weaker Friday afternoon after a court ruled against Wells Fargo and US Bancorp in a foreclosure case. The ruling sparked a sell off in bank stocks that rippled through the broader market.

The Dow Jones industrial average (INDU) ended down 23 points, or 0.2%, with Travelers Companies (TRV, Fortune 500), JPMorgan Chase (JPM, Fortune 500) sandbank of America (BAC, Fortune 500) leading the decline. Earlier, the blue chip index had lost 97 points.

The S&P 500 (SPX) finished off 2 points, or 0.2%, and the tech-heavy Nasdaq (COMP) lost 7 points, or 0.3%.

The KBW Bank Index (BKX) dropped almost 1%.

Investors also reacted to the government's latest reading on the labor market.

The U.S. economy added slightly fewer-than-expected jobs in December, but the unemployment rate edged lower than economists had anticipated.

"Investors are torn," said Jack Ablin, chief investment officer at Harris Private Bank. "They are disappointed by the number of jobs added, but are perhaps celebrating a lower unemployment rate."

Wall Street geared up for the jobs report all week. Investors were hoping to see signs of an improving job market, but were left underwhelmed.

"The report has basically become a non-event," said Ron Kiddoo, chief investment officer at Cozad Asset Management. "If we had seen a better number, investors would have used the news to drive stocks higher."

Despite the lackluster day on Wall Street, stocks have had a good start to the new year. For the week, the Dow and S&P closed up about 1%, while the Nasdaq has gained almost 2%.

On Thursday, stocks ended mixed as the dollar strengthened. Investors spent the day mulling a rise in jobless claims, and softer-than-expected same-store retail sales.

Economy: The government's monthly jobs report showed employers boosted payrolls by 103,000 last month, rising from an upwardly revised 71,000 in November. The December number was lower than expected, with a CNNMoney survey of 27 economists looking for a 150,000 gain last month.

The government report was disappointing in light of payroll processor ADP's report on Wednesday that 297,000 jobs were created in the private sector last month.

"While it's disappointing that the labor market didn't improve as much as we thought it would after the ADP report, the overall trend is still positive," said McCain. "The report is a speed bump, but markets will ultimately shake it off and look at how the economic data comes in the next couple of months."

Meanwhile, the unemployment rate dropped to 9.4% from 9.8%.
The biggest risk for the market in 2011 is ...

Following the jobs report, Federal Reserve Chairman Ben Bernanke told the Senate Budget Committee there is increased evidence that a self-sustaining recovery may be taking hold. He added that the pace of the recovery will be "moderately stronger in 2011 than it was in 2010."

A report from the Federal Reserve showed consumers increased their debt for a second straight month in November. Consumer credit increased $1.35 billion during the month. Economists were estimating a decline in total borrowing of $2.5 billion after an increase of $7.0 billion in October, according to a consensus estimate from Briefing.com.

Companies: Bank stocks sank after U.S. Bancorp (USB, Fortune 500) and Wells Fargo (WFC, Fortune 500) lost a case in Massachusetts' highest court. The ruling comes as attorneys general in all U.S. states are investigating foreclosure practices.
Bank stocks socked after forecslosure ruling

Shares of Wells Fargo dropped 2%, while US Bancorp's stock fell 0.8%.

Before the opening bell, KB Home (KBH) released quarterly earnings that beat expectations. The company reported profit per share of 23 cents, compared to the loss of 17 cents expected by analysts surveyed by Thomson Reuters. Shares of the company jumped 6.4%.
0:00 /1:02Retailers' post-holiday blues

Shares of Best Buy (BBY, Fortune 500) closed slightly higher even after the consumer electronics chain said same-store sales fell 4% in December.

World markets: European stocks closer lower. Britain's FTSE 100 dipped 0.6%, the DAX in Germany edged down 0.5% and France's CAC 40 dropped 1%.

Asian markets ended mixed. The Shanghai Composite finished 0.5% higher and Japan's Nikkei ticked up 0.1%, while the Hang Seng in Hong Kong fell 0.4%.

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

Oil for February delivery rose fell 35 cents to settle $8.03 a barrel.

Gold futures for February delivery fell $2.80 to settle at $1,368.90 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.33% from 3.41% late Thursday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Jobs data and a speech from Fed Chairman Bernanke were the focus of early trade, but it was weakness in the financial sector that threatened to drop the stock market for its worst percentage loss in more than a month. However, stocks were able to trim their losses in afternoon trade so that in the end only a mild loss was suffered.

Stocks were mixed amid a flurry of headlines this morning, which first featured news that during December nonfarm payrolls increased by 103,000 and private payrolls increased by 113,000. They had been expected to increase by 150,000 and 162,000, respectively.

Some were distracted from the smaller-than-expected increase by a surprise drop in the headline unemployment rate to 9.4% from 9.7%, but the drop is most likely due to lower participation, the expiration of unemployment benefits, and even some seasonality effects.

Fed Chairman Bernanke stated in a testimony to the Senate Banking Committee that the economic recovery seems likely to be stronger in 2011 than 2010, but the pace is insufficient to significantly reduce the unemployment rate.

The tone of trade turned negative as weakness among financials imbued the broader market. The sector slid to a loss of more than 2% as bank stocks were undercut by word that the Massachusetts Supreme Court ruled against Wells Fargo (WFC 31.50, -0.65) and US Bancorp (USB 26.09, -0.20) in a case regarding the treatment of mortgage securitization by the banks. That has caused concern about mortgage putbacks among lenders that originated mortgage loans, but some continue to question whether the Court's decision will carry implications for bank operations in other parts of the country. Softer selling in the afternoon left the sector to end the day with a 0.9% loss.

FedEx (FDX 93.15, +0.05) and UPS (UPS 72.15, -0.34) saw their shares slip on some knee-jerk selling that was spurred by news of an investigation by the Department of Justice regarding actions by the firms to block customers from third party shipping consultants and negotiators. Both stocks recovered.

Earnings season gets under way next week with the latest from Dow component Alcoa (AA 16.42, +0.06), but there were a couple of reports out last evening. Immucor (BLUD 20.96, +1.65) shares set a new eight-month high on the back of better-than-expected earnings, but Liz Claiborne (LIZ 6.01, -0.89) posted a miss that sent its shares below their 200-day moving average to a three-month low.

The dollar ended the day with up 0.3% against a collection of competing currencies. The greenback gained 2.6% for the week; that was its best weekly performance since November. Most of the move has come against the euro, which set today a three-month low of $1.291 after yield spreads widened on the sovereign debt of countries in the eurozone's periphery. Sovereign debt troubles haven't been as closely followed by the financial media in recent weeks, but the tenuous conditions in those countries certainly continues to carry a threat for investors.

Advancing Sectors: Energy (+0.7%), Utilities (+0.4%), Industrials (+0.2%)
Declining Sectors: Financials (-0.9%), Telecom (-0.9%), Consumer Staples (-0.5%), Tech (-0.3%), Materials (-0.1%), Health Care (-0.1%)
Unchanged: Consumer DiscretionaryDJ30 -22.55 NASDAQ -6.72 NQ100 +0.00% R2K -0.5% SP400 -0.3% SP500 -2.35 NASDAQ Adv/Vol/Dec 968/1.99 bln/1644 NYSE Adv/Vol/Dec 1303/1.09 bln/1661

3:30 pm : The CRB Commodity Index fell 0.4% today. That fed a 2.7% weekly loss, which made for the CRB's worst weekly performance since mid November.

Silver prices were among this week's worst performing commodities. The precious metal fell 0.9% to settle this session at $28.87 per ounce, which left it down 6.7% for the week. Meanwhile, gold prices lost a more tepid 0.2% to close today's pit trade at $1368.70 per ounce, but that is 3.7% lower than where it ended last week.

Crude oil prices fell 0.4% to close pit trade at $88.03 per barrel. That makes for a 3.6% weekly loss. Natural gas prices were essentially unchanged week over week, but down 0.4% today to $4.42 per MMBtu.DJ30 -38.56 NASDAQ -9.81 SP500 -4.39 NASDAQ Adv/Vol/Dec 867/1.66 bln/1754 NYSE Adv/Vol/Dec 1111/805 mln/1835

3:00 pm : The stock market continues to gradually pare its loss, but financials remain a drag due to their 1.1% loss. Weakness in the financial sector stems largely from large losses among bank stocks.

There have been a few impressive performers this session, however. To name two, shares of both Apple (AAPL 334.32, +0.52) and Amazon.com (AMZN 185.20, -0.66) set record highs in today's trade.

The dollar is sitting on a modest gain after it had lost direction in the early going. The greenback is currently up 0.2% against a basket of foreign currencies, primarily the euro. Earlier today the euro set a three-month low of $1.291. DJ30 -37.76 NASDAQ -13.65 SP500 -4.76 NASDAQ Adv/Vol/Dec 754/1.52 bln/1845 NYSE Adv/Vol/Dec 1064/737 mln/1888

2:30 pm : Shares of both FedEx (FDX 92.00, -1.10) and UPS (UPS 7120, -1.29) have come under a sudden rush of selling pressure with a CNBC report that the Antitrust Division of the Department of Justice is conducting an investigation into concerns related to blocking customers from third party shipping consultants and negotiators.

Meanwhile, action in the broader market continues to move along at a subdued pace, leaving today's modest losses to persist. DJ30 -50.06 NASDAQ -17.78 SP500 -6.58 NASDAQ Adv/Vol/Dec 714/1.43 bln/1882 NYSE Adv/Vol/Dec 975/682 mln/1946

2:00 pm : Stocks are cutting their losses, but negative pressure hasn't completely abated as the broader market is still on pace for its worst loss in a month. The stock market is still up about 0.7% for the week, though.

Commodities continue to contend with persistent selling pressure. That has the CRB Commodity Index down 0.5% and on pace for a 2.8% weekly loss. That would make for its worst weekly performance since mid-November. DJ30 -58.42 NASDAQ -20.87 SP500 -7.67 NASDAQ Adv/Vol/Dec 667/1.34 bln/1904 NYSE Adv/Vol/Dec 922/644 mln/2016

1:30 pm : Airline stocks are having another strong session. Their collective 0.8% gain flies in the face of the broader market's move lower. Alaska Air (ALK 62.70, +3.00) is currently one of the strongest performers in the airline space. Its 5% surge has taken the stock to levels not seen since 1998.

As a group, airline stocks are already up 4.5% this year. That comes on top of the near 40% annual gain scored by the Amex Airline Index in 2010. The Amex Airline Index now trades at 20.9x trailing earnings and at 9.9x expected earnings. During the past four years, the monthly P/E for the Airline Index has averaged 35.5. DJ30 -59.03 NASDAQ -20.71 SP500 -7.36 NASDAQ Adv/Vol/Dec 653/1.26 bln/1909 NYSE Adv/Vol/Dec 902/605 mln/2018

1:00 pm : Stocks were mixed amid a flurry of headlines this morning, but sellers have since stepped in to send stocks markedly lower.

The official payrolls figures for December disappointed in the wake of an impressive ADP report. Nonfarm payrolls increased by 103,000 while private payrolls increased by 113,000. They had been expected to increase by 150,000 and 162,000, respectively.

The headline unemployment rate will surely draw a share of attention. It declined from 9.7% to 9.4%, the lowest level since mid-2009. That number will likely be subjected to some political spin, but the drop is most likely due to lower participation, the expiration of unemployment benefits, and even some seasonality effects.

In his testimony to the Senate Banking Committee, Fed Chairman Bernanke stated that the economic recovery is continuing and that it seems likely to be stronger in 2011 than 2010, but the pace is insufficient to significantly reduce the unemployment rate. He cautioned that most expect the unemployment rate to be close to 8% two years from now, but at this rate of improvement it could take four to five more years for the job market to normalize fully.

Action was mixed in the first couple of hours of trade as participants processed today's headlines, but the tone has gradually degenerated so that stocks are now at session lows and on pace for their worst single-session performance in more than a month.

Financials have been a key catalyst in the broader market's move lower. The sector is down 2.0% as several bank stocks buckle following news that the Massachusetts Supreme Court ruled against Wells Fargo (WFC 30.84, -1.31) and US Bancorp (USB 25.90, -0.39) in a case regarding the treatment of mortgage securitization by the banks. That has caused concern about mortgage putbacks among lenders that originated mortgage loans.

Energy stocks only recently succumbed to broader market pressure. They are now down 0.2% after being up almost 1%. Baker Hughes (BHI 56.54, +1.71) and Diamond Offshore (DO 69.71, +2.42) both continue to sport strong gains after their shares were upgraded by analysts at Goldman Sachs, however.

Immucor (BLUD 20.26, +0.95) has been another strong performer. The stock's impressive gain follows news of better-than-expected earnings.

In other earnings news, Liz Claiborne (LIZ 5.95, -0.95) has plummeted below its 200-day moving average to trade at its lowest level in three months.DJ30 -66.30 NASDAQ -23.86 SP500 -8.72 NASDAQ Adv/Vol/Dec 607/1.16 bln/1939 NYSE Adv/Vol/Dec 829/560 mln/2088

12:30 pm : The stock market's recent push up from session lows has lost momentum. That has left stocks to slide back toward their lows.

Energy remains the only sector still in positive ground. Its strength is fading, however, as it now trades with a gain of just 0.3%. It hasn't helped that oil prices have turned lower to trade with a 0.2% loss at $88.20 per barrel after they had been as high as $89.48 per barrel earlier this morning. Natural gas prices are down an even sharper 1.7% to $4.36 per MMBtu. DJ30 -60.35 NASDAQ -17.12 SP500 -7.67 NASDAQ Adv/Vol/Dec 724/993 mln/1789 NYSE Adv/Vol/Dec 957/487 mln/1925

12:00 pm : The stock market has started to rebound off of its recently reached session low. The move comes more as a result of broader support than any kind of actual leadership.

Despite the indication that stocks are trying to improve their position, persistent weakness has the S&P 500 on pace for its worst loss mid-December. That might sound ominous, but the overall slide this session remains modest.

Even still, Treasuries continue to attract support. In turn, the benchmark 10-year Note is up solidly so that its yield is down to 3.33%, which is just five basis points above its low for this week. DJ30 -43.02 NASDAQ -11.37 SP500 -5.45 NASDAQ Adv/Vol/Dec 801/900 mln/1682 NYSE Adv/Vol/Dec 1072/440 mln/1776

11:30 am : Stocks have extended their slide in recent action. Financials have taken a steeper path downward so that the sector is now down 1.6%. The retreat comes in the wake of a decision by the Massachusetts Supreme Court that ruled against Wells Fargo (WFC 30.84, -1.31) and US Bancorp (USB 25.90, -0.39) in a case regarding the treatment of mortgage securitization by the banks. That has caused concern about mortgage putbacks among lenders that originated mortgage loans.DJ30 -45.22 NASDAQ -12.17 SP500 -6.50 NASDAQ Adv/Vol/Dec 887/773 mln/1564 NYSE Adv/Vol/Dec 1128/373 mln/1701

11:00 am : Both the Dow and S&P 500 are at fresh session lows, but the Nasdaq Composite has yet to push past the depths that were set earlier this morning. Overall losses are still modest, though.

The broader market's recent slip stems from an increase in pressure against financials. The financial sector actually put together a slight gain in the early going, but it is now down with a 0.8% loss. Within the sector, diversified banks are getting hit the hardest; they are down 2.0%.

Treasuries have swung higher in recent trade. The benchmark 10-year Note is now up close to 10 ticks and the 30-year Bond is now flat after it had been down close to a full point this morning.DJ30 -9.00 NASDAQ -4.39 SP500 -1.58 NASDAQ Adv/Vol/Dec 1074/599 mln/1315 NYSE Adv/Vol/Dec 1457/287 mln/1324

10:35 am : The dollar index just sold off, falling back into negative territory and affecting select commodities. It gave a boost to crude oil, which moved back near the current session highs of $89.43 per barrel. Crude is now up 0.9% at $89.19 per barrel.

In other energy markets, February natural gas fell off a cliff around 9:00am ET, moving back into the red and new session lows of $4.36 per MMBtu which were hit minutes ago. Currently, nat gas is down 1.5% at $4.37 per MMBtu.

Precious metals were in the red all morning before moving back into positive territory moments ago. Gold sold off overnight, losing around $20 per ounce and eventually hitting session lows of $1352.70. Silver pretty much sold off overnight in the same fashion, hitting session lows of $28.33 per ounce. Gold is currently just above the unchanged line at $1372.90 per ounce, while silver is now 0.2% higher at $29.19 per ounce.

March sugar is notably higher this morning after posting sharp losses in trade yesterday. Currently, the March contract is 5.1% higher at 31.79 cents/lb.DJ30 +12.0 NASDAQ +1.21 SP500 +1.41 NASDAQ Adv/Vol/Dec 1172/445.3 mln/1161 NYSE Adv/Vol/Dec 1598/217.8 mln/1138

10:00 am : Stocks have turned lower in recent trade. The move has taken each of the three major equity averages into negative territory.

For the second straight session telecom stocks are under the most pressure. Sellers have already sent the sector to a 1.2% loss. Including this morning's slide, telecom stocks have fallen as a group by 4.8%. That makes for the sector's worst back-to-back performance in one year.

Energy stocks have attracted support, however. The sector is up 0.4% as oil and gas equipment plays climb 1.5% and oil and gas drillers climb 0.9%. Baker Hughes (BHI 57.33, +2.50) and Diamond Offshore (DO 70.01, +2.72) are both leaders in the bunch following news that they were upgraded by analysts at Goldman Sachs.

Advancing Sectors: Energy (+0.4%), Industrials (+0.3%)
Declining Sectors: Telecom (-1.2%), Consumer Staples (-0.5%), Tech (-0.2%), Utilities (-0.2%), Health Care (-0.2%), Financials (-0.1%)
Unchanged: Materials, Consumer DiscretionaryDJ30 -6.24 NASDAQ -3.28 SP500 -0.66 NASDAQ Adv/Vol/Dec 986/276 mln/1246 NYSE Adv/Vol/Dec 1338/146 mln/1296

09:45 am : The major equity averages are making only muted moves in the first few minutes of trade. Meanwhile, the Dollar Index has pushed back into positive territory to trade with a slim gain.

As for Treasuries, the benchmark 10-year Note is flat so that its yield sits right at 3.40%, but the 30-year Bond is down close to a point so that its yield is just below 4.57%.

Fed Chairman Bernanke is expected to begin his speech to the Senate Budget Committee very soon, but his prepared remarks have already begun to circulate. According to Bernanke, the economic recovery that began a year and a half ago is continuing, although, at a pace that is insufficient to reduce the rate of unemployment significantly. Bernanke goes on to note that the economic recovery seems likely to be stronger in 2011 than it was in 2010. Bernanke cautioned, though, that at most participants expected the unemployment rate to be close to 8% two years from now, but at this rate of improvement it could take four to five more years for the job market to normalize fully. DJ30 +4.85 NASDAQ -3.31 SP500 +0.54 NASDAQ Adv/Vol/Dec 1070/138 mln/1029 NYSE Adv/Vol/Dec 1545/96 mln/1048

09:15 am : S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +5.30. A knee-jerk selling response to a smaller-than-expected increase in both nonfarm payrolls and private payrolls for December sent stock futures into the red, but buyers are wading back in so that stock futures now suggest that a slightly higher start to the session is in order. The dollar has been slower to recover, though; it had been up modestly against a collection of competing currencies, but it now trails that basket by a narrow margin. Still to come is a testimony by Fed Chairman Bernanke at 10:00 AM ET.

09:05 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.50. Futures for the S&P 500 are back up to the neutral line following a negative knee-jerk response to the latest nonfarm payrolls report. As for overseas action, Germany's DAX is down 0.3% at the moment. Its loss has come as a result of relatively broad pressure, given that declining issues outnumber advancers by about 3-to-1. BASF and Metro AG are among the heaviest drags, but automakers Volkswagen and Daimler (DAI) have helped offset their weakness. Germany reported that retail sales for November fell 2.4%. That follows a sharp downward revision to reflect a 0.2% increase during the prior month. However, exports increased 0.5% in November, after a 1.3% decline in the prior month. Imports were up 4.1% in November, after a 0.1% increase in the month before. France's CAC is off by 0.8%. Its declining issues outnumber its advancers by almost 5-to-1. BNP Paribas and Total (TOT) are atop the list of decliners. Shares of TOT were downgraded by analysts at Deutsche Bank. In Britain, the FTSE has fallen to a 0.6% loss. BP Plc (BP) and BHP Billiton (BHP) have had the most damaging impact on sentiment this session. Only consumer discretionary stocks have attracted any support; that sector is up 0.2%.

In Asia, Japan's Nikkei mustered a 0.1% gain. Fanuc and Toyota (TM) were primary leaders. Canon (CAJ) and Fast Retailing weighed on action. As an aside, shares of Fast Retailing have fallen for three straight sessions and are now at their lowest level in more than a month. China's Shanghai Composite climbed 0.5% as Industrial & Commercial Bank, Agricultural Bank, Industrial Bank, and Bank of China were leaders in the move. Hong Kong's Hang Seng shed 0.4% to snap a seven-session streak of gains. It was led lower by CNOOC (CEO), Cheung Kong, and China Mobile. China Life Insurance offered some support.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -0.80. Stock futures dropped sharply with the release of the latest official payrolls report. Their slide lower hasn't been very deep, though. Nonfarm payrolls increased by 103,000 in December. They had been expected to increase by 150,000, according to economists polled by Briefing.com. Nonfarm payrolls for the prior month were revised upward to reflect an increase of 71,000. As for private payrolls, they increased by 113,000 during December, when an increase of 162,000 had been widely expected. Private payrolls for the prior month were revised upward to reflect an increase of 79,000. Despite the smaller-than-expected increases in December payrolls, the unemployment rate declined to 9.4% from 9.7%. That is most likely due to the expiration of unemployment benefits and possibly some seasonality effects, though. Meanwhile, the dollar continues to sport a modest lead over competing currencies, but Treasuries have seen some knee-jerk buying that has caused yields to slip off of earlier levels.

08:05 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +2.00. Stock futures are flat as premarket participants hesitate to take any meaningful positions ahead of the latest nonfarm payrolls report, which will be released at the bottom of the hour. A healthy increase in hiring is expected after the ADP Employment Change reported earlier this week a surprisingly strong increase in private payrolls during December. A testimony from Fed Chairman Bernanke is also on today's calendar. Bernanke begins his speech to the Senate Budget Committee at 10:00 AM ET. The flow of corporate news has begun to pick up with earnings season set to unofficially start next week, but none of the reports has been of substantial concern to the broader market, thus far. Meanwhile, the dollar continues to climb against competing currencies. Its 0.2% gain this morning puts the greenback on pace for its fifth straight advance.

06:39 am : S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -2.80.

06:39 am : Nikkei...10541.04...+11.30...+0.10%. Hang Seng...23686.63...-99.70...-0.40%.

06:39 am : FTSE...5985.01...-34.60...-0.60%. DAX...6966.47...-14.90...-0.20%.

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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