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 Post subject: January 11th Tuesday 2011 Emini TF ($TF_F) points +17.10
PostPosted: Tue Jan 11, 2011 7:35 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)

Trade Journals are more than just a place to document wins and losses. Journals gives a trader the opportunity to document any thing that's important to a trader that prevents getting lost in any review process that's needed to minimize drawdowns and build a road to longevity as a trader. Therefore, below there's market context via market summaries, links to archives of realtime posted trades, broker statement and anything else that I can post that increases the odds of me remaining as an independent trader.
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click on the above image to view today's trading summary

Quote:
I'm a strong believer that the markets are too complicated for a trader to be profitable via one trade strategy only due to different types of trading conditions that appear every year. Simply, to avoid drawdowns and/or to be consistently profitable you need at least a few different trade signal strategies. For example, I have a strategy specific for gaps that appear between yesterday's close and today's open via the regular session chart. Also, I have a strategy that exploits volatility breakouts during high volatility trading environments. In addition, I have a strategy that fades breakouts during low volatility trading environments. Just as important, I have a strategy (new) that exploits pullbacks or retracements in trend continuation price actions. Just as important, we need to understand the market context to know when to switch from one trade signal strategy to another and have confidence that trade signals from the other strategies will not appear to make it a messy trading day. With that said, the best trade of the day was a Short position around 1344pm est that netted +2.10 points per contract that exploited a failed counter-thrust. If you have any questions about my trading or want to reply about something stated in today's trade journal...click here.

Trade Performance for Today: +17.10 points or $1710.00 dollars in the Russell 2000 Emini TF ($TF_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=726. 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

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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 CNNMoney.com - Stocks Finish Higher
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
January 11, 2011: 4:13 PM ET

NEW YORK (CNNMoney) -- U.S. stocks closed higher Tuesday as investors turned their attention toward corporate earnings and Japan's pledge to buy eurozone bonds helped ease debt jitters.

The Dow Jones industrial average (INDU) finished up 34 points, or 0.3%, with Bank of America (BAC, Fortune 500), Intel (INTC, Fortune 500) and Chevron (CVX, Fortune 500) leading the advance. Earlier, the blue-chip index had climbed as much as 67 points.

The S&P 500 (SPX) rose 5 points, or 0.4%, and the tech-heavy Nasdaq (COMP) gained 9 points, or 0.3%.

Dow component Alcoa (AA, Fortune 500) kicked off the reporting period late Thursday with better-than expected results. Financial Network market strategist Brian Gendreau said he wouldn't be shocked to see quarterly earnings continue to surprise on the upside, which would push stocks upward.

"We're looking ahead into what seems like it'll be a pretty good earnings season," he said.

Sears Holdings (SHLD, Fortune 500) and Apollo Group (APOL) were the big gainers on the S&P 500 and the Nasdaq. Sears' fourth-quarter and full-year outlook topped analysts' forecasts, while Apollo's quarterly results beat expectations.

While stocks were holding gains, there was some pull back from earlier in the session, which analysts say is to be expected. "There's still a lot of enthusiasm in the market, but we've been rallying for four months now so we may see a bout of weakness," said Steven Goldman, market strategist at Weeden & Co.

Eurozone jitters ease: On Monday, stocks ended just below breakeven as investors worried about a possible bailout for Portugal.

Those concerns faded Tuesday amid reports that Japan will buy eurozone bonds to help prevent the spread of the region's debt crisis, but Gendreau said problems will resurface throughout the year.

"Concerns about Europe's debt problems crop up every couple of weeks, but they tend to get outweighed by U.S. economic or company news," he said. "But I think eurozone issues will weigh on the market for some time to come."

World markets: European stocks ended higher on the talk about a Japanese purchase of eurozone bonds.

* What U.S. and Portugal have in common

"Certainly there's a lot of buying power in Japan, so if they are seriously willing to help Europe by buying up some of those bonds, that will limit -- to a degree -- the downside the sovereign debt crisis poses, said Bruce McCain, chief investment strategist at Key Private Bank.

Britain's FTSE 100 jumped 1%, the DAX in Germany gained 1.3%, and France's CAC 40 climbed 1.6%.

Asian markets ended mixed. The Shanghai Composite rose 0.4%, and the Hang Seng in Hong Kong gained 1%, while Japan's Nikkei edged down 0.3%.

Companies: Verizon (VZ, Fortune 500) said it will begin selling Apple's iPhone on Feb. 10, ending AT&T's four-year run as the smartphone's exclusive carrier. Shares of Verizon fell almost 1.6%, while shares of Apple (AAPL, Fortune 500) edged down slightly.
0:00 /1:09Verizon's iPhone Buzz

Sears (SHLD, Fortune 500) stock jumped 6.3% after the retailer's fourth-quarter outlook topped forecasts. Sears said it expects to earn between $3.39 and $4.12 per share for the quarter ending Jan. 29. Analysts have been looking for earnings of $3.09 per share.

For the year, Sears expects to earn between $130 million and $210 million, or between $1.16 and $1.88 per share.

Apollo Group's (APOL) stock rose 13.4% after the for-profit educator posted fiscal first-quarter earnings that trounced Wall Street expectations despite a 42% drop in new student enrollment during the quarter.

Shares of Tiffany & Co. (TIF) declined 0.6% after the jeweler and luxury goods retailer raised its outlook and posted an 11% rise in sales over the two-month holiday period.

Shares of Talbots (TLB) sank 17.4% Tuesday after the women's retailer posted a 6% drop in same-store sales so far this quarter and lowered its outlook due to weak customer demand.

Lennar (LEN), one of the nation's largest homebuilders, posted quarterly earnings per share of 17 cents before the opening bell. Analysts had forecast 3 cents. Its stock rose nearly 7%.

AMD's (AMD, Fortune 500) stock dropped 9% after the chip maker announced the immediate resignation of CEO Dirk Meyer on Monday. The company named CFO Thomas Seifert as interim chief executive.

Shares of Supervalu (SVU, Fortune 500) tumbled 11.6% after the grocery store chain posted disappointing quarterly results and lowered its guidance for the year, which ends in February.

Shares of Alcoa (AA, Fortune 500) slipped 1%, despite its positive earnings news the night before, amid worries about the aluminum producer's rising raw material supply costs.

Economy: Wholesale inventories fell 0.2% in November, the Commerce Department said. Economists were expecting inventories to have risen 1% during the month, after jumping 1.7% in October.

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

Oil for February delivery gained $1.86 to settle at $91.11 a barrel.

Gold futures for February delivery climbed $10.20 to settle at $1,384.30 an ounce.

Bonds: The price of the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.34% from 3.30%.

Earlier, the yield had climbed as high as 3.7%.

Treasury prices trimmed losses after the sale of $32 billion in 3-year notes was met with strong demand. The bid-to-cover ratio, a measure of demand, was 3.06, up from 2.9 in December's auction.

Image

Image Yahoo! Finance - Market Update

4:30 pm : A decent start to earnings season couldn't keep away a mid-session selling effort that threatened to steal gains, but support at the neutral line helped stocks rebound for a modest advance.

Alcoa (AA 16.33, -0.16), the first member of the Dow to post results for the latest quarter, reported last evening better-than-expected earnings. However, the stock was hit with some profit taking. Alcoa's report precedes the latest from fellow blue chips Intel (INTC 21.05, +0.36) and JPMorgan Chase (JPM 43.60, +0.20), both of which are scheduled to report later this week.

A barrage of earnings reports awaits investors next week. Ahead of that, Sears Holding (SHLD 75.03, +4.43), Stryker (SYK 58.00, +3.30), and Tiffany & Co. (TIF 60.56, -0.38) each issued pleasing projections.

While investors will take close note of earnings quality and the optimism underpinning forecasts, a watchful eye will remain on the eurozone and countries in its periphery. Given concerns about the health of sovereign debt there, successful debt auctions from Greece and Italy (Portugal and Germany conduct their own tomorrow) helped lift Europe's major bourses and provide a positive backdrop to domestic trade.

Early buying translated into solid gains, such that the Nasdaq Composite actually set a new two-year high shortly after the open. Sudden selling in afternoon trade undercut stocks, but support at the neutral line helped the broader market make a nice bounce into the close.

Energy stocks steadily outperformed. The sector settled with a 1.6% gain. That was partly owed to a spike in oil prices, which advanced more than 2% to settle above $91 per barrel.

Telecom was at the opposite end of things. Persistent pressure against that space left the sector to lose another 1.5% today.

Advancing Sectors: Energy (+1.6%), Materials (+0.8%), Health Care (+0.6%), Financials (+0.5%), Industrials (+0.3%), Tech (+0.2%), Utilities (+0.1%)
Declining Sectors: Telecom (-1.5%), Consumer Staples (-0.1%), Consumer Discretionary (-0.1%)DJ30 +34.43 NASDAQ +9.03 NQ100 +0.2% R2K +0.4% SP400 +0.4% SP500 +4.73 NASDAQ Adv/Vol/Dec 1647/1.91 bln/972 NYSE Adv/Vol/Dec 1756/940 mln/1213

3:30 pm : Commodities, save for grains (-0.9%) finished higher today, led by +1.7% gains in soft commodities and energy. Precious metals added +1.6%. Sugar futures were the largest advancer, posting a 3.2% gain.

March silver finished higher by 2.3% to $29.49 per ounce, while Feb gold ended up 0.6% to $1384.30 per ounce.

Feb crude oil settled higher by 2.1% to $91.15 per barrel. Prices were once again supported by supply concerns after the shut down of the Trans Alaska pipeline moved into its 4 day. A momentary shut down of a oil platform also helped spook the market. Feb natural gas rallied for 1.9% to close at $4.48 per MMBtu, helped higher by colder-than-avg temps across the East coast. DJ30 +26.79 NASDAQ +6.15 SP500 +3.32 NASDAQ Adv/Vol/Dec 1521/1.6 bln/1062 NYSE Adv/Vol/Dec 1728/680.3 mln/1241

3:00 pm : Alcoa (AA 16.28, -0.20), the first member of the Dow to report its latest quarterly results, posted last evening a positive earnings surprise, but the stock has been hit with some mild profit taking. Oftentimes pundits will point to the market's reaction to Alcoa's results as harbinger of how participants will react to earnings.

Although Alcoa's report unofficially marks the start of earnings season, the pace of announcements does not really pick up until next week. Still, participants anxiously await the latest from Intel (INTC 21.00, +0.31) on Thursday night and the latest from JPMorgan Chase (JPM 43.45, +0.05) on Friday morning. DJ30 +19.18 NASDAQ +3.02 SP500 +1.86 NASDAQ Adv/Vol/Dec 1436/1.44 bln/1145 NYSE Adv/Vol/Dec 1647/630 mln/1300

2:30 pm : Sellers sent the stock market all the way down to the unchanged line, but support at that point has helped stocks start to recover. The broader market still has a ways to go before it can return to its session high, where it sported a 0.6% gain.

Treasuries have only benefited a bit from the stock market's afternoon retreat. As such, the benchmark 10-year Note is still down about 13 ticks so that its yield is at 3.34%. DJ30 +27.39 NASDAQ +5.81 SP500 +3.26 NASDAQ Adv/Vol/Dec 1521/1.35 bln/1064 NYSE Adv/Vol/Dec 1707/589 mln/1224

2:00 pm : Stocks had started to recover from their recent retreat, but sellers have redoubled their efforts to take the major averages to fresh session lows. The cause of the weakness remains unapparent.

Energy stocks have been resilient in the face the broader market pullback; the sector continues to sport a 1.2% gain, which is triple the gain of the next best performing sector (health care, +0.4%).

Commodities are still in strong shape, however. As such, the CRB Commodity Index is up 1.4%. Though that's an impressive move, it's still shy of the 1.7% surge that the CRB Recorded on December 31.DJ30 +13.81 NASDAQ +2.64 SP500 +1.56 NASDAQ Adv/Vol/Dec 1449/1.23 bln/1112 NYSE Adv/Vol/Dec 1620/537 mln/1298

1:30 pm : Stocks were recently smacked with a sudden selling effort that saw the Dow drop about 40 points to a session low in only a matter of a couple of minutes. No clear catalyst to account for the move lower has surfaced. No particular sector led the slide either.

Also, results from an auction of 3-year Notes were neither so bad nor so good to cause any kind of reaction among equities traders. The auction drew a bid-to-cover of 3.06 for dollar demand of $97.9 billion. The indirect bidder participation rate was 39.4%. For comparison, the prior auction drew a 2.91 bid-to-cover ratio for dollar demand of $93.1 billion amid an indirect bidder participation rate of 36.7%. An average of the three previous auctions results in a bid-to-cover of 3.04, dollar demand of $97.3 billion, and an indirect bidder participation rate of 33.6%. DJ30 +35.61 NASDAQ +9.41 SP500 +4.36 NASDAQ Adv/Vol/Dec 1636/1.13 bln/921 NYSE Adv/Vol/Dec 1802/490 mln/1114

1:00 pm : Stocks are holding on to solid gains as they sit just off of their session highs. Support has been broad based since the start.

A successful debt auction by Greece and Italy helped spur enough buying at the open to drive the Nasdaq Composite to a new two-year high. The Dow and S&P 500 haven't yet been able to copy that feat.

Earnings are also in focus today, after Dow component Alcoa (AA 16.31, -0.18) unofficially kicked things off last evening. The company posted a positive earnings surprise, but that hasn't spared it from profit taking -- the stock had climbed about 25% from the start of December until its announcement.

Sears Holding (SHLD 75.39, +4.79) is up sharply following strong guidance. Such is the same for Stryker (SYK 58.11, +3.41). Tiffany & Co. (TIF 60.48, -0.46) also issued a strong outlook that underpinned a gap up at the open, but its shares were quick to surrender that move.

Energy stocks have collectively attracted strong support. The sector is up 1.4% amid a 2.0% spike in oil prices to $91.05 per barrel.

Telcom is still at the opposite end of things. The sector is down 1.5% today, but down more than 5% in the course of the last four sessions. Investors have essentially shrugged off details regarding plans between Verizon (VZ 35.33, -0.59) and Apple (AAPL 341.39, -1.06) for the iPhone 4.DJ30 +58.61 NASDAQ +13.29 SP500 +6.73 NASDAQ Adv/Vol/Dec 1744/1.01 bln/798 NYSE Adv/Vol/Dec 1939/435 mln/959

12:30 pm : Stocks have been confined to a tight trading range for the past hour. That has made for some rather unexciting action on the surface of things.

As for underlying action, strength remains broad as nine of the 10 major sectors sport gains. Energy, up 1.4%, remains out in front while telecom continues to trail with a 1.2% loss.

Steady gains by the broader market have weighed on Treasuries, such that the benchmark 10-year Note is now down 20 ticks and the 30-year Bond is down a full point so that their yields are at 3.36% and 4.52%, respectively. Coming up at the top of the hour are results from an auction of 3-year Notes. DJ30 +54.60 NASDAQ +11.96 SP500 +6.46 NASDAQ Adv/Vol/Dec 1702/925 mln/819 NYSE Adv/Vol/Dec 1883/402 mln/999

12:00 pm : Telcom continues its pullback. The sector is now down 1.5% today. The sector's four-session slide has cost AT&T (T 28.02, -0.32) and Verizon (VZ 35.16, -0.76) about 7% or more of their share prices. Additional details about Verizon's partnership with Apple (AAPL 341.39, -1.06) in the iPhone 4 seem to have done nothing to support the space.

Though the telecom sector remains cast in a spell of weakness, shares of grocer Supervalu (SVU 7.53, -1.06) are having the worst session of any stock in the S&P 500. The stock's 12% drop today stems from disappointment over its latest quarterly earnings and its downside forecast. DJ30 +50.36 NASDAQ +9.20 SP500 +5.83 NASDAQ Adv/Vol/Dec 1676/842 mln/835 NYSE Adv/Vol/Dec 1870/368 mln/991

11:30 am : Both the Dow and S&P 500 recently made a move to fresh session highs, but they have since eased back a bit. The Dow is now less than 50 points away from the two-year high that it set last week while the S&P 500 is within two points of its two-year high.

As for the Nasdaq Composite, it actually set a new two-year high this morning, but it has yet to return to that level since a flurry of selling at the open had caused stocks to slide.

The dollar has given back its gain. It is now flat against a basket of major foreign currencies, namely the euro, which is now up 0.2% to $1.298.DJ30 +55.25 NASDAQ +11.84 SP500 +6.80 NASDAQ Adv/Vol/Dec 1689/730 mln/805 NYSE Adv/Vol/Dec 1866/318 mln/963

11:00 am : The major equity averages have reclaimed some of their gains, but they are still short of the highs that were set in the opening minutes of trade.

Though the broader market is hanging back a bit, energy stocks are now at their best levels of the day with a 1.3% gain. Of the 40 stocks that make up the energy sector, only Newfield Exploration (NFX 71.96, -0.09) and EQT Corp. (EQT 46.05, +0.10) are in the red. Consol Energy (CNX 53.41, +2.37) and Cameron International (CAM 50.68, +2.00) lead the long list of advancing issues. DJ30 +58.61 NASDAQ +9.92 SP500 +6.37 NASDAQ Adv/Vol/Dec 1560/580 mln/876 NYSE Adv/Vol/Dec 1783/260 mln/1026

10:35 am : The dollar index rallied into positive territory and to new fresh session highs over the past hour and a half causing a number of commodities to shed gains.

February crude oil pulled back off of recently hit session highs of $90.33 per barrel, but is still in positive territory at $89.98 per barrel, up 0.9%. February natural gas was already pulling back before the dollar index rallied. The energy component fell into the red around 7am ET and hit session lows of $4.34 per MMBtu an hours ago. Currently, it's down 0.6% at $4.37 per MMBtu.

February gold shed all its gains on the dollar index rally, but is now back over the unchanged line, barely in positive territory at $1375.40 per ounce. March silver pulled back off its session highs, but remains 1.8% higher at $29.39 per ounce.

March cotton futures hit limit up overnight (up 4 cents at $1.4725 cents/lb) and is currently 3.92 cents higher at $1.4717 cents/lb.DJ30 +49.34 NASDAQ +7.37 SP500 +4.53 NASDAQ Adv/Vol/Dec 1514/446.7 mln/881 NYSE Adv/Vol/Dec 1698/211.8 mln/1047

10:00 am : Selling pressure has intensified to extend the stock market's morning slide. The pullback has been rather broad and coincides with a bounce by the dollar, which is now at its morning high with a 0.2% gain against a basket of competing currencies.

The latest wholesale inventory data was just released. Inventories for November fell 0.2%, which contrasts with the consensus call for a 1.0% increase among economists polled by Briefing.com. The wholesale inventory number isn't usually a number that is followed by broader market participants, however.

Advancing Sectors: Energy (+0.8%), Financials (+0.5%), Materials (+0.4%), Industrials (+0.3%), Consumer Discretionary (+0.2%), Health Care (+0.2%), Consumer Staples (+0.1%), Tech (+0.1%)
Declining Sectors: Telecom (-1.2%), Utilities (-0.1%)DJ30 +37.08 NASDAQ +5.67 SP500 +3.14 NASDAQ Adv/Vol/Dec 1404/275 mln/876 NYSE Adv/Vol/Dec 1608/145 mln/105

09:45 am : The major equity averages have pulled back a bit since making a nice start to the session. Gains remain broad, but energy stocks are out in front with a 0.9% gain. The group is currently led by oil and gas equipment plays and refiners.

Telecom continues to trail. The sector is down 0.9%. With its slide this morning, the telecom sector has shed more than 5% over four sessions so that it is coming within reach of its 50-day moving average. DJ30 +45.29 NASDAQ +7.68 SP500 +4.39 NASDAQ Adv/Vol/Dec 1484/182 mln/731 NYSE Adv/Vol/Dec 1747/110 mln/895

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +9.00. Stocks recovered to a flat finish in the prior session and appear to be headed for a higher start today. Current strength comes amid solid gains by Europe's major bourses following a couple of successful sovereign debt auctions from Greece and Italy. Germany and Portugal will conduct auctions of their own tomorrow. Earnings season has also started on a relatively positive note, though better-than-expected earnings from Dow component Alcoa (AA) have been met with a sort of sell-the-news response. Outside of earnings the calendar of events is light. Wholesale inventory data for November is the only economic item of any real interest (10:00 AM ET). Results from an auction of 3-year Treasuries follow (1:00 PM ET).

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +10.80. Commodities are generally in strong shape again this morning. Their collective strength has the CRB Commodity Index up 0.9%, which puts it back at five-session highs. Among its more widely watched components, oil prices are up 0.7% to $89.90 per barrel in early pit trade, but natural gas prices are down 0.5% to $4.38 per MMBtu. Gold prices are up an impressive 0.7% to $1384 per ounce, but silver is really shining as it sports a 2.8% gain at $29.65 per ounce.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +10.50. Europe's major bourses remain in strong shape as Germany's DAX trades with a 0.7% gain, France's CAC sports a 0.9% gain, and Britain's FTSE shows off with a 1.2% gain. Those gains follow successful sovereign debt offerings from both Italy and Greece. Both Portugal and Germany will hold their own auctions tomorrow. Germany's DAX is currently led by engineering giant Siemens (SI) and Infineon Tech. Commerzbank is among the laggards. As for France's CAC, it is currently led by financial plays Societe Generale and BNP Paribas. Energy giant Total (TOT) is atop the list of declining issues. Britain's FTSE has been driven higher by natural resource plays like BP Plc (BP) and BHP Billiton (BHP), as well as financials like HSBC (HBC) and Barclays (BCS). However, Standard Charter has been hit with selling.

In Asia, Japan's Nikkei fell to a 0.3% loss after it reopened from a long, holiday weekend. Softbank, Fanuc Corp., Canon (CAJ), and Kyocera (KYO) led the move lower. JGC Corp. and TDK Corp provided some support, though. Reports indicate that officials from Japan offered a pledge of support for eurozone sovereign debt. The country's latest data indicated that its Leading Index for November came in at 101.0 after a 97.7 was produced in the prior month. Mainland China's Shanghai Composite put together a 0.4% gain, even though declining issues outnumbered advancers by a modest margin. PetroChina (PTR) and China Petroleum (SNP) proved pivotal in the move higher. Hong Kong's Hang Seng put together a 1.0% gain. It was led higher by Hutchison Whampoa, HSBC, CNOOC (CEO), and Industrial & Commercial Bank. Losses were generally limited to a couple of corners, including the consumer discretionary sector, which shed 0.6%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +9.80. Stock futures are up with a solid lead over fair value this morning. The positive tone comes as Europe's major bourses put together strong gains in the wake of some relatively solid debt auctions from Greece and Italy. Support for eurozone sovereign debt was also made evident in a pledge from Japan. The response by the euro has been muted; it remains generally flat against the greenback. Earnings season got its unofficial start last evening with the latest from Alcoa (AA). The Dow component posted a better-than-expected bottom line, but its shares are under a bit of pressure this morning. For-profit education provider Apollo Group (APOL) posted a big bottom line beat to help its shares point to a sharp rebound from a steep loss in the prior session. Both Tiffany & Co. (TIF) and Stryker (SYK) issued increased earnings outlooks. Their shares are also up nicely in premarket trade.

06:45 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +6.30.

06:45 am : Nikkei...10510.68...-30.40...-0.30%. Hang Seng...23760.34...+233.10...+1.00%.

06:45 am : FTSE...6027.64...+71.40...+1.20%. DAX...6902.37...+45.30...+0.70%.

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

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