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 Post subject: January 19th Wednesday 2011 (No Trades Personal Day Off)
PostPosted: Thu Jan 20, 2011 8:54 am 
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Joined: Sat Jan 10, 2009 2:06 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)

Quote:
No trades today because I had a personal day off to finish appointments involving my taxes and have one more appointment early tomorrow morning. Thus, will miss part of tomorrow's morning trading session. If you have any questions about my trading, want more details about the trade signal behind a particular trade or want to reply about something stated in this message post...click here.

Trade Performance for Today: +0.00 points or $0 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE.
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.

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=732. 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 Bloomberg (Youtube) - Stocks Fall As S&P 500 Has Biggest Drop Since November



Image CNNMoney.com - Stocks Stumble After Goldman Sachs Earnings
Attachment:
011911_Key_Price_Action_Markets.png
011911_Key_Price_Action_Markets.png [ 203.17 KiB | Viewed 282 times ]

click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
January 19, 2011: 4:57 PM ET

NEW YORK (CNNMoney) -- U.S. stocks took a hit Wednesday, as weak results from Goldman Sachs pressured financial shares and weighed on the overall market.

"So far, earnings have gotten off to a mixed start," said Michael Sheldon, chief market strategist at RDM Financial Group. "We've seen very positive results from tech giants like Apple (AAPL, Fortune 500) and IBM, but financial companies are still dealing with new financial regulation, weakness in the housing market and slow loan growth."

Shares of Goldman Sachs and Bank of America declined more than 4% Wednesday, while shares of Morgan Stanley and Barclays fell more than 3%.

The Dow Jones industrial average (INDU) shed 13 points, or 0.1%, with Bank of America (BAC, Fortune 500) and American Express (AXP, Fortune 500) posting the biggest drops. But losses were capped by a 3% jump in IBM's (IBM, Fortune 500) stock. Earlier in the session, the blue-chip index rose 23 points to its highest level since August 2008.

The S&P 500 (SPX) lost 13 points, or 1%, and the Nasdaq (COMP) dropped 40 points, or 1.5%. It was the biggest one-day loss for the tech-heavy index in almost two months.

Sheldon said that going forward he would not be surprised to see a modest pullback. "Historically, stocks run up into earnings season but experience some profit taking once companies start reporting," he said. Next week, more than 100 S&P 500 companies open their financial books.

But Sheldon added that any weakness in stocks will be short-term.

"As long as the direction of the economy remains on track, the outlook for markets remains positive, at least for the first half of the year," he said.

Investors will also be paying close attention to Chinese President Hu Jintao's visit to the United States as the White House plays host Wednesday to both Hu and a group of American and Chinese business leaders.

"I don't believe the visit will produce any real changes that the U.S. is looking for in terms of a re-evaluation of the yuan, so people will be looking carefully at what agreements can be made in terms of American companies exploring bigger opportunities in China," said Peter Cardillo, chief market economist at Avalon Partners.

On Tuesday, stocks closed higher as shares of Boeing (BA, Fortune 500) and other industrial names rose -- offsetting weakness from Citigroup (C, Fortune 500) and Apple (AAPL, Fortune 500).

Companies: Goldman Sachs (GS, Fortune 500)'s stock tumbled almost 5% after the bank posted better-than-expected fourth-quarter earnings, but missed on revenue estimates.

Meanwhile, shares of Wells Fargo (WFC, Fortune 500) fell 2.1% following results that were in line with forecasts.
10 companies that may disappear

Apple reported its best quarter ever late Tuesday, driven by holiday iPad and iPhone sales that were much better than forecast. Shares of Apple (AAPL, Fortune 500) slipped 0.5% Wednesday, after closing down 2% Tuesday amid concerns about Steve Jobs' medical leave of absence.

Shares IBM (IBM, Fortune 500) rose more than 3% Wednesday after the tech giant reported fourth-quarter earnings that topped forecasts Tuesday night.

* Video - Techs lead the earnings charge

Starbucks (SBUX, Fortune 500) announced early Wednesday that it will begin accepting mobile payment in all of its U.S. stores, allowing customers to use select smartphones to make purchases. Shares of the company ended slightly higher.

Shares of American Express (AXP, Fortune 500) slid 2.4% after the credit card company said it will shut down a facility in Greensboro, N.C., resulting in 550 job cuts.

Economy: Government figures for December showed a steep decline in housing starts but a surprisingly dramatic increase in building permits.

The U.S. Census Bureau reported that new home construction slumped 4.3% last month, while building permits jumped 16.7%.

World markets: European stocks closed lower. Britain's FTSE 100 dropped 1.3%, while the DAX in Germany and France's CAC 40 fell 0.9%.

Asian markets ended the session higher. The Shanghai Composite rallied 1.8%, the Hang Seng in Hong Kong gained 1.1% and Japan's Nikkei rose 0.4%.

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

Oil for March delivery fell 50 cents to settle at $91.81 a barrel.

* Video - China acts only under pressure

Gold futures for February delivery rose $2.00 to settle at $1,370.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 3.34% from 3.36% late Tuesday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Concerted selling sent the S&P 500 and the Nasdaq Composite to their worst single-session losses in almost two months, but the Dow finished only fractionally lower amid support from IBM.

Surprisingly strong earnings propelled shares of IBM (IBM 155.69, +5.04) to their best level on record. The 3% surge propped up the price-weighted Dow Jones Industrial Average for the entire session.

However, action in the S&P 500 and Nasdaq Composite was governed by aggressive selling.

The broad-based S&P 500 saw about 86% of its components close lower. Financials were among the hardest hit; they sank to a 2.2% loss. Marquee investment bank Goldman Sachs (GS 166.49, -8.19) posted better-than-expected earnings, but those were overshadowed by a smaller-than-expected revenue figure. The stock suffered its worst single-session loss in more than eight months and closed below its 50-day moving average.

Northern Trust (NTRS 52.49, -3.15) dropped to a one-month low after its earnings fell short of what had been expected. State Street (STT 48.00, -2.06) also slid, even though its exceeded earnings expectations. Diversified banks Wells Fargo (WFC 31.81, -0.68) and US Bancorp (USB 26.52, -0.79) were caught up in the financial sector's slide, regardless of generally solid reports.

Apple (AAPL 338.84, -1.81) had another blowout quarter and even issued a strong forecast. Given that the firm's forecasts are typically tepid, many wonder whether or not the outlook was intended to offset discontent over yesterday's news that Apple CEO Steve Jobs will take another medical leave of absence. Support for shares of AAPL faded so that the stock settled in the red with several other large-cap tech issues, which were the heaviest drags on the Nasdaq.

Defensive-oriented plays made up the only major sectors that suffered losses of less than 1%. Telecom and utilities were the best performers; they slipped only 0.1%.

Only a small dose of data was released this morning. It did nothing to drive broader market action. According to the latest data, housing starts for December fell 4.3% month over month to an annualized rate of 529,000, which is below the rate of 550,000 that had been expected, on average, among economists polled by Briefing.com. The December sales rate is also the lowest since October 2009. As for building permits, they spiked 16.7% month over month to an annualized rate of 635,000, which is well above the rate of 560,000 that had been widely expected. The December building permit rate is the highest since March 2010.

The dollar succumbed to further selling today. Its 0.5% loss marked its seventh downturn in eight sessions. The Dollar Index now sits near a two-month low.

Advancing Sectors: (None)
Declining Sectors: Materials (-2.2%), Financials (-2.2%), Industrials (-1.0%), Consumer Discretionary (-1.0%), Energy (-1.0%), Tech (-0.7%), Health Care (-0.6%), Consumer Staples (-0.3%), Telecom (-0.1%), Utilities (-0.1%)DJ30 -12.64 NASDAQ -40.49 NQ100 -1.1% R2K -2.6% SP400 -1.7% SP500 -13.10 NASDAQ Adv/Vol/Dec 460/2.18 bln/2218 NYSE Adv/Vol/Dec 673/1.08 bln/2319

3:30 pm : Commodities finished mixed on the session, with grains (-0.8%) the largest decliner and energy and industrials (+0.6%) the largest advancers.

Feb natural gas futures closed higher by 2.7% to $4.55 per MMBtu, and were the largest advancing future in the energy complex. Cold weather helped support prices. Feb crude oil shed 0.6% to settle at $90.86 per barrel.

Despite weakness in the dollar, neither gold or silver was able to finish with any substantial gains. Feb gold ended higher by 0.1% to $1370.20 per ounce, while March silver shed 0.1% to finish at $28.80 per ounce. Both metals have extended their pullbacks in electronic trade. DJ30 -23.57 NASDAQ -43.66 SP500 -14.24 NASDAQ Adv/Vol/Dec 442/1.7 bln/2211 NYSE Adv/Vol/Dec 629/764.1 mln/2371

3:00 pm : Only an hour remains before the closing bell will toll. After the trading day is done market participants get their hands on the latest from eBay (EBAY 28.89, -0.56) and Seagate Tech (STX 14.01, -0.57). Tomorrow morning brings a flurry of reports, featuring the latest from United Health (UNH 40.17, -0.71), Morgan Stanley (MS 27.61, -1.14), PNC Bank (PNC 61.75, -1.49), Southwest Air (LUV 12.83, -0.25), Freeport-McMoRan (FCX 115.48, -3.12), and Fifth Third (FITB 14.51, -0.35).

Thursday also brings the latest weekly jobless claims tally, existing home sales for December, December leading indicators, and the Philadelphia Fed Index for January.DJ30 -23.54 NASDAQ -43.43 SP500 -14.04 NASDAQ Adv/Vol/Dec 452/1.58 bln/2182 NYSE Adv/Vol/Dec 654/698 mln/2342

2:30 pm : Stocks have slid to fresh session lows on the back of persistent selling pressure. Financials and materials stocks remain in the worst shape; both sectors are now down 1.8%.

Despite the weakness of today's trade, Treasuries really haven't attracted much support. Instead, the benchmark 10-year Note is up just five ticks. That puts its yield at 3.35%. DJ30 -15.40 NASDAQ -37.05 SP500 -11.83 NASDAQ Adv/Vol/Dec 474/1.43 bln/2150 NYSE Adv/Vol/Dec 681/635 mln/2300

2:00 pm : Semiconductor stocks have been shunned this session. That has the Philadelphia Semiconductor Index down 2.0%. Of the 30 names listed in that Index, only Applied Materials (AMAT 15.33, +0.13) and Taiwan Semiconductor (TSM 13.65, +0.10) are in positive territory. Such widespread weakness among semiconductor stocks has added to the tech-rich Nasdaq's loss, which is shaping up to be its worst in almost two months.DJ30 +1.06 NASDAQ -32.35 SP500 -9.92 NASDAQ Adv/Vol/Dec 502/1.32 bln/2104 NYSE Adv/Vol/Dec 718/580 mln/2251

1:30 pm : The stock market is stuck near its session low as widespread weakness continues to weigh on trade. At the moment, about 86% of the issues in the S&P 500 are in the red.

Stocks have dragged down commodities. The CRB Commodity Index had been up about 0.7% at its session high, but it is now down 0.1%. The move lower by commodities comes even though the dollar is down 0.6% for its seventh loss in eight sessions. DJ30 -3.82 NASDAQ -29.63 SP500 -9.36 NASDAQ Adv/Vol/Dec 519/1.22 bln/2062 NYSE Adv/Vol/Dec 702/535 mln/2239

1:05 pm : A better-than-expected quarterly report from IBM has helped support the Dow, but both the Nasdaq Composite and S&P 500 have had to grapple with a broad-based selling effort.

A bottom line beat by IBM (IBM 155.52, +4.87) has the stock at a record high. Its strength has helped the price-weighted Dow Jones Industrial Average limit its loss in the face of a stiff broader market selling effort.

Apple (AAPL 342.43, +1.78) blew out expectations for its latest quarter, then issued a strong forecast, but many are still brooding over news that Apple CEO Steve Jobs will take another medical leave of absence. In turn, support for AAPL has been modest and too little to offset the weakness of other large-cap tech issues on the Nasdaq.

A concerted push against financials has the sector down 1.8% following the latest from a few key firms, including investment bank Goldman Sachs (GS 169.28, -5.40). Goldman Sachs posted an upside earnings surprise, but the firm's top line was light relative to expectations. The stock is on pace for its worst percentage drop in close to two months.

Diversified banks Wells Fargo (WFC 31.74, -0.75) and US Bancorp (USB 26.36, -0.95) both beat on the top line and had earnings that were on the order of what had been expected. State Street (STT 48.11, -1.95) exceeded earnings expectations, but Northern Trust (NTRS 53.06, -2.58) came short of the consensus.

Down 1.7%, materials stocks are also under sharp pressure. The sector's slide follows news that Mosaic (MOS 78.20, -6.87) has reached an agreement to split off and distribute Cargill's 64% stake in the company. The 8% drop in MOS -- the stock's worst slide of the past year -- has imbued shares of several other fertilizer and agricultural chemical producers, which are collectively down 3.4%.

Only a small dose of data was released this morning. It did nothing to pull participants in either direction. According to December figures, housing starts fell to their lowest rate in more than a year, but building permits bounced more than what had been expected. DJ30 -9.95 NASDAQ -30.36 SP500 -10.30 NASDAQ Adv/Vol/Dec 501/1.15 bln/2085 NYSE Adv/Vol/Dec 703/503 mln/2228

12:30 pm : Small-cap stocks are getting smacked around. That has the Russell 2000 down 1.5%. LodgeNet (LNET 3.03, -1.09) is among the heaviest drags in the Russell 2000. Its shares were hit with a downgrade this morning. MGIC Investment (MTG 9.48, -2.17) has also weighed on action following a disappointing quarterly report this morning.

Mid-cap stocks are also in rough shape. As such, the S&P 400 is down 1.0%. Cree (CREE 53.72, -8.99) cast a pall over the space with its earnings miss and downside forecast.DJ30 -11.09 NASDAQ -28.40 SP500 -9.57 NASDAQ Adv/Vol/Dec 506/1.02 bln/2053 NYSE Adv/Vol/Dec 707/445 mln/2220

12:00 pm : Telecom is the only major sector still in positive territory, although it is up only 0.1%. That comes on the heels of the prior session, when it fell 1.3% to log the steepest loss of any major sector.

Integrated giants Verizon (VZ 34.45, +0.09) and AT&T (T 28.45, +0.12) have been supportive forces for the sector today. The two are scheduled to report their latest quarterly results until next week. DJ30 -2.04 NASDAQ -25.72 SP500 -8.40 NASDAQ Adv/Vol/Dec 539/915 mln/1986 NYSE Adv/Vol/Dec 744/395 mln/2163

11:30 am : Sellers have redoubled their efforts. Their pressure has put the S&P 500 and Nasdaq Composite at fresh session lows. The Dow continues to trade near the neutral line, though.

Selling has been relatively steady against the greenback. It is down currently down 0.6% against a basket of major foreign currencies. The dollar is especially weak against the euro, which was last quoted with a 0.8% gain at $1.350, and the yen, which was last quoted with a 0.6% gain at 82.06 yen per dollar. The dollar's weakness during recent sessions has left it to trade near a two-month low. DJ30 -0.64 NASDAQ -25.37 SP500 -8.79 NASDAQ Adv/Vol/Dec 529/810 mln/1982 NYSE Adv/Vol/Dec 714/350 mln/2158

11:00 am : Stocks have stabilized since descending to session lows about 20 minutes ago.

Of the major averages, losses are steepest in the Nasdaq Composite, which has been dragged down by large-cap tech plays like Google (GOOG 630.60, -9.03) and Cisco (CSCO 20.91, -0.31). Apple (AAPL 342.45, +1.80) is back to a modest gain after it slipped in the opening minutes of trade.

Meanwhile, the Dow continues to cling to the neutral line. It has been propped up by IBM (IBM 155.25, +4.60), which is at a record high following its latest quarterly report. The company's earnings of $4.18 per share bested the consensus call by a dime. DJ30 -2.87 NASDAQ -22.06 SP500 -7.65 NASDAQ Adv/Vol/Dec 528/670 mln/1932 NYSE Adv/Vol/Dec 707/294 mln/2135

10:35 am : Around 9:30am ET, a number of commodities sold-off, which occurred shortly before a small move higher in the dollar index. However, the dollar index still remains weak and is keeping most commodities higher.

Energy markets have been mixed within the last hour of trade after crude fell into negative territory. Right around 9:30am ET, when U.S. markets opened, crude began to sell-off, falling into negative territory and to new session lows of $90.90 per barrel. Crude extended its losses to new session lows of $90.60 per barrel and is currently 0.6% lower at $90.81 per barrel.

February natural gas has been in positive territory all session. It hit session highs of highs of $4.52 per MMBtu,but has since pulled back and is now 1% higher at $4.47 per MMBtu.

Precious metals began to pullback around the same time energy markets did have given back the vast majority of its gains. Currently February gold is back near the unchanged line at $1369.60 per ounce, while March silver is just above the unchanged line at $28.93 per ounce.

March cotton futures traded limit-up up for the second session in a row, climbing five cents (or 3.4%) to $1.5044/lb. Gains are primarily attributesd to China. Investors are expecting that China will continue to boost coton purchases after the China Cotton Association reported, on January 17, a 266% sequential increase in cotton imports in China.DJ30 -7.38 NASDAQ -20.23 SP500 -7.58 NASDAQ Adv/Vol/Dec 586/509.9 mln/1816 NYSE Adv/Vol/Dec 702/226.4 mln/2095

10:00 am : The S&P 500 and Nasdaq Composite have both slid deeper into the red, but the Dow has managed to cling to an incremental gain. The Dow also outperformed during yesterday's morning trade.

Materials stocks are currently under the most pressure. The sector is now down 1.0%. Shares of agricultural chemical producer Mosaic (MOS 80.16, -4.91) have been pummeled in early trade. The stock is down almost 6% following news that it has reached an agreement to split off and distribute Cargill's 64% stake in the company.

Advancing Sectors: Telecom (+0.2%)
Declining Sectors: Tech (-0.1%), Consumer Staples (-0.1%), Utilities (-0.1%), Health Care (-0.2%), Industrials (-0.3%), Energy (-0.4%), Consumer Discretionary (-0.4%), Financials (-0.9%), Materials (-1.0%)DJ30 +5.41 NASDAQ -12.63 SP500 -4.44 NASDAQ Adv/Vol/Dec 644/299 mln/1665 NYSE Adv/Vol/Dec 803/150 mln/1897

09:45 am : Stocks are generally lower in the early going. For the second straight session there are no apparent leaders.

Financials are already off by 0.5%, which comes on top of their 0.8% loss in the prior session. Goldman Sachs (GS 170.72, -3.96) has been a drag on the sector in the wake of its latest quarterly report, which has been tainted by a light revenue figure. DJ30 +1.10 NASDAQ -7.63 SP500 -3.32 NASDAQ Adv/Vol/Dec 799/161 mln/1395 NYSE Adv/Vol/Dec 960/102 mln/1630

09:15 am : S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: +4.50. Trade in stock futures has generally been an unexciting affair as premarket participants shrug off big bottom line beats by IBM (IBM) and Apple (AAPL). Investment bank Goldman Sachs (GS) posted an upside earnings surprise of its own, but the firm's top line was a bit light. Northern Trust (NTRS) also reported a light revenue figure, but Wells Fargo (WFC), US Bancorp (USB), State Street (STT), and Bank of New York (BK) were all strong on the top line. Earnings at banks were rather muddled, though. Data has been limited to building permits and housing starts figures for December. While housing starts slid to their lowest rate in more than a year, building permits bounced more than what had been expected. Trade in Europe hasn't offered any kind of a positive backdrop; the major bourses there are now all modestly lower for the day. Action in Asia was strong overnight. Reports there leaked that China's latest CPI will be below what had been widely anticipated. Commodities are generally in solid shape this morning. Part of their strength has been attributed to another decline in the dollar, which currently trails a collection of competing currencies by 0.7% for its seventh slide in eight sessions.

09:00 am : S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +2.00. Domestic stock futures are slipping again. Meanwhile, action in Europe has been largely lackluster. Germany's DAX is currently flat. Its 30 members are split evenly between those sporting gains and those suffering losses. Merck KGAA is a leader in the former group while Adidas is atop the list of the latter group. France's CAC is currently fractionally lower. LVMH Moet Hennessey has been a heavy drag; it is currently down about 2.5% in French trade. The slide takes it to a two-month low. Declining issues outnumber advancers by more than 2-to-1 in Britain's FTSE, which is off by 0.2%. Barclays (BCS) and BG Group have been weighing on action, but energy plays Royal Dutch Shell (RDS.A) and BP Plc (BP) have provided some support.

In Asia, Japan's Nikkei netted a 0.4% gain. It was led higher by Sumitomo Realty and Komatsu. Fast Retailing, Softbank, and Kyocera (KYO) were laggards. Mainland China's Shanghai Composite climbed 1.8%. It was led higher by a broad-based buying effort that saw 95% of its 926 members book gains. PetroChina (PTR) and China Petroleum (SNP) were primary leaders, though. Reports were leaked that suggested China's latest CPI data, due tonight, show a smaller-than-expected increase. Hong Kong's Hang Seng ascended to a 1.1% gain. China Mobile and CNOOC (CEO) were leaders in the move. Sino Land and Sun Hung Kai Properties were atop the list of those that succumbed to selling pressure. South Korea's Kospi climbed 0.9% to set a new all-time closing high, even though advancing issues barely edged out decliners. Samsung Electronics was a primary source of strength.

08:35 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +4.50. Broader market stock futures were recently hit with a mild fit of selling pressure. The latest dose of data has been unsuccessful at lifting them back to earlier levels. According to the data, housing starts for December fell 4.3% month over month to an annualized rate of 529,000, which is below the rate of 550,000 that had been expected, on average, among economists polled by Briefing.com. The December sales rate is also the lowest since October 2009. As for building permits, they spiked 16.7% month over month to an annualized rate of 635,000, which is well above the rate of 560,000 that had been widely expected. The December building permit rate is the highest since March 2010.

08:00 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +6.80. Stocks mustered modest gains to set new two-year highs yesterday, but the tone this morning is flat. Morning participants have been unenthused by the latest round of earnings, which has featured upside surprises from both IBM (IBM) and Apple (AAPL). Apple complemented its report with a strong forecast, which is rather uncharacteristic of the firm. Just yesterday morning the company had disappointed investors with news that CEO Steve Jobs will take another medical leave of absence. Several banking plays, including US Bancorp (USB), State Street (STT), and Bank of New York (BK), reported strong revenue results for the latest quarter, but offered a muddled picture of earnings. Outside of equities, the dollar has extended its recent downturn. Its 0.7% loss against competing currencies this morning makes for its seventh slide in eight sessions. Housing starts and building permits figures for December make up the only items on today's economic calendar. Both pieces of data are due at the bottom of the hour.

07:00 am : S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: +2.80.

07:00 am : Nikkei...10557.10...+38.10...+0.40%. Hang Seng...24419.62...+265.60...+1.10%.

07:00 am : FTSE...6031.62...-24.80...-0.40%. DAX...7136.28...-7.20...-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 Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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