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 Post subject: January 27th Thursday 2011 Emini TF ($TF_F) points +4.80
PostPosted: Fri Jan 28, 2011 8:16 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)
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click on the above image to view today's trading summary

Quote:
I only did a few trades today because I was busy with some personal errands...shopping for a new sofa and bedroom furniture set for the kids. However, I want to talk about a problem I've seen with newbie traders. Most don't keep a trade journal along with viewing in error that their broker statement is a trade journal. Without a trade journal that contains thoughts, info about a few key trades, market summaries...it's extremely difficult to remember any details of any trading day in the past that had impact on the numbers in your broker statements. For example, lets pretend it's now 8 months later and I wanted to review today's trading session. Without a trade journal, my broker statement would have only shown two trades and I could have thought in error I had data problems that prevented me from taking more trades or that the price action was too difficult to trade in comparison to other trading days. Yet, my trade journal clearly states I was busy with personal errands. 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: +4.80 points or $480.00 dollars in the Russell 2000 Emini TF ($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=740. 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 At Fresh Highs In 'Bull vs. Bear Battle'
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
January 27, 2011: 4:56 PM ET

NEW YORK (CNNMoney) -- U.S. stocks managed to tick higher Thursday, pushing the Dow and S&P to their highest levels since the summer of 2008.

The major indexes have been inching higher for months, but Stifel Nicolaus managing director Tom Schrader expects stocks will soon head lower.

The Dow and S&P 500 failed to close above key psychological levels breached earlier in Thursday's session.

"We've got a classic bull versus bear battle going at these high levels, and I wouldn't be surprised to see the market pullback between 8% and 10%," Schrader said.

The Dow Jones industrial average (INDU) ended up 4 points at 11,989.83, the highest since June 2008. The modest advance was led by GE (GE, Fortune 500), Home Depot (HD, Fortune 500) and United Technologies (UTX, Fortune 500). Caterpillar (CAT, Fortune 500), which posted a fourth-quarter profit that quadrupled from a year ago and a 62% surge in revenue, was also a big gainer.

With a gain of about 3 points, or 0.2%, the S&P 500 (SPX) ended just under 1,300. The index crossed that level earlier in the session for the first time since September 2008. The Nasdaq (COMP) rose 16 points, or 0.6%.

Netflix (NFLX) was the biggest gainer on both the S&P 500 and Nasdaq. Shares of the movie distributor surged 15% after the company said subscribership topped a record 20 million. After the closing bell Wednesday, Netflix reported better-than-expected earnings but sales came in slightly below forecasts.
Dow 12,000? Who cares?

Stocks ended higher Wednesday, after the Federal Reserve kept key interest rates steady and left its bond-buying plan in place. The Dow finished at its highest level since the summer of 2008, after rising above the 12,000 mark during the session.

Economy: The number of Americans filing for first-time unemployment benefits jumped 51,000 to 454,000 last week, according to the Commerce Department. The reading was much higher than expected. Continuing claims also rose more than expected.

Meanwhile, durable goods orders for the month of December slipped 2.5%, while economists had been expecting the reading to tick up 1.5%.

A report on pending home sales showed a 2% jump in November. Economists were expecting sales to slip 0.5% during the month.

Companies: AT&T (T, Fortune 500) and Procter & Gamble (PG, Fortune 500) were the biggest laggards on the Dow. Shares of AT&T fell more than 2% after the company's earnings only beat forecasts by a penny, while Procter & Gamble's stock dropped almost 3% after the company logged a lower quarterly profit.
Biggest stock movers

Before the opening bell, Nokia (NOK) reported a quarterly operating profit that fell 23% from a year ago and offered a disappointing outlook for the beginning of the year. Shares of the cellphone maker slumped 1.6%.

Microsoft (MSFT, Fortune 500) reported financial results just minutes before the closing bell. The software giant posted a second-quarter net income of $6.6 billion on sales of $20 billion, easily beating analyst estimates. Shares ended flat and edged lower after-hours.

After the closing bell, Amazon (AMZN, Fortune 500) posted a fourth-quarter profit of $416 million as sales rose 36% to $12.95 billion. But in its first quarter guidance, the e-commerce giant said operating margins will likely decline from a year earlier. After climbing more than 5% during Thursday's session, shares of the e-commerce giant dropped 10% in after-hours trading.

World markets: Early Thursday, Standard & Poor's downgraded Japan's sovereign credit rating to AA- from AA, amid concerns of mounting debt.

Though the downgrade pressured the Japanese yen, other markets shrugged it off.

"With the predominance of China in the world economy, Japan doesn't get much attention," Schrader said. "It's still the world's third-largest economy, but I don't expect any spillover pressure in other markets."

Asian markets ended the session mixed. The Shanghai Composite gained 1.5% and Japan's Nikkei ticked up 0.7%, while the Hang Seng in Hong Kong slipped 0.3%.

European stocks finished higher. Britain's FTSE 100 rose 0.2%, the DAX in Germany climbed 0.5% and France's CAC 40 ticked up 0.4%.

Currencies and commodities: The Japanese yen sank almost 1% versus the dollar, following Japan's downgrade. The dollar also gained some ground against the British pound, but was lower versus the euro.

Oil for March delivery was down $1.69 to settle at $85.64 a barrel.
Why gold is losing its luster

Gold futures for February delivery slipped $14.50 to settle at $1,318.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was slightly higher, and the yield fell to 3.39% from 3.43% late Wednesday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : The Dow and S&P 500 had a lackluster finish that came after they had wavered near key technical levels, but the Nasdaq managed to score a solid gain following a couple of exceptional quarterly announcements.

Netflix (NFLX 210.87, +27.84) and Qualcomm (QCOM 54.90, +3.04) helped the Nasdaq Composite lock in a nice lead over its counterparts for the entire session. The two stocks were distinguished by their bottom line beats and upside forecasts. Shortly before the closing bell Microsoft (MSFT 28.87, +0.09) posted an upside earnings surprise that pushed the Nasdaq to a session high, but the move was sold into the final minutes of the session.

The surprise announcement from MSFT also helped the S&P 500 clear 1300 and the Dow eclipse 12,000, but neither could hold the move. Both settled slightly below their psychologically significant lines.

Broad market participants were generally uninspired by stronger-than-expected earnings from Dow components Caterpillar (CAT 96.63, +0.88), AT&T (T 28.13, -0.60), and Procter & Gamble (PG 64.18, -1.93), as well as upside surprises from the likes of Eli Lilly (LLY 35.47, +0.52) and Colgate-Palmolive (CL 77.39, -2.61). The primary reason is that simply beating the consensus earnings estimate has become expected, especially in light of the stock market's climb in the past couple of months to two-year highs.

Murphy Oil (MUR 65.74, -7.49) failed to meet the consensus earnings estimate. Bristol-Myers Squibb (BMY 26.35, +0.42) also came short of the call, but compounded the offense with downside guidance. Starbucks (SBUX 33.03, -0.04) beat expectations, but issued downside guidance.

Data today was mixed. Durable goods orders for December dropped 2.5% in an ugly follow up to the 0.1% decline that was recorded in the prior month. The sharp decline in December came as a surprise considering that the Briefing.com consensus called for a 1.5% increase. Excluding transportation, durable goods orders increased 0.5%, but that still is not as strong as the 0.6% increase that had been expected among economists polled by Briefing.com or the 4.5% spike that had been recorded for the prior month.

The latest initial jobless claims tally for the week ended January 22 came in at a three-month high of 454,000, which is well above the 410,000 claims that had been widely expected. Continuing claims came in at 3.99 million, up from 3.90 million.

Pending home sales proved to be a much more positive surprise. They climbed 2.0% when a 0.5% decline had been expected.

The Dollar Index was down fractionally at the end of the trading day. Most of its slip was due to a narrow gain by the euro, although the yen fell a sharp 0.9% to 82.90 yen per dollar after S&P's downgrade of Japan's debt to AA- from AA.

Treasuries had a quiet session that ended with muted gains. An auction of 7-year Notes attracted a bid-to-cover of 2.85, dollar demand of $82.7 billion, and an indirect bidder participation rate of 52.1%.

Advancing Sectors: Financials (+0.9%), Consumer Discretionary (+0.8%), Tech (+0.5%), Industrials (+0.5%), Utilities (+0.4%), Health Care (+0.3%)
Declining Sectors: Energy (-0.5%), Materials (-0.7%), Consumer Staples (-0.9%), Telecom (-0.9%)DJ30 +4.39 NASDAQ +15.78 NQ100 +0.7% R2K +0.2% SP400 +0.5% SP500 +2.91 NASDAQ Adv/Vol/Dec 1348/2.04 bln/1284 NYSE Adv/Vol/Dec 1675/987 mln/1311

3:30 pm : Commodities finished mixed today. Energy (-1.9%) was the largest declining sector, while industrials (+1.6%) was the largest advancer. Sugar futures were, once again, the largest advancing future after they tacked on 3.2% to close at $0.3418 per pound.

Energy futures ended down sharply today, led lower by a 3.8% decline in March natural gas -which closed at $4.32 per MMBtu. This morning's inventory data show a draw down that was more-or-less inline with expectations and that was not enough to stem the recent drop in prices. March crude oil shed 1.9% to close at $85.64 per barrel. It notched lows at $85.51, its worst levels since early Dec.

Feb gold finished down 1.2% to $1318.40 per ounce, while March silver closed lower by 0.4% to $27.03 per ounce. Both metals dropped sharply in morning trade and were unable to recoup those losses. In afterhours trade both metals continue to trend lower. Gold's lows, currently at $$1311.10, mark its worst levels in almost 4 months.DJ30 +8.48 NASDAQ +17.66 SP500 +2.79 NASDAQ Adv/Vol/Dec 1359/1.6 bln/1253 NYSE Adv/Vol/Dec 1652/705.4 mln/1304

3:00 pm : A recent slip took the Dow into the red and both the S&P 500 and Nasdaq out of their recent ranges, but stocks have since recovered. All three major equity averages are now back near their afternoon highs.

Semiconductor stocks have had an exceptionally strong session. As such, the Philadelphia Semiconductor Index is up 1.9%, which puts it back near the three-year high that it set last week. Applied Materials (AMAT 16.05, +0.59) has been a primary leader among semiconductor issues. DJ30 +13.02 NASDAQ +17.46 SP500 +2.66 NASDAQ Adv/Vol/Dec 1350/1.45 bln/1237 NYSE Adv/Vol/Dec 1659/645 mln/1288

2:30 pm : The major equity averages have been stuck in a sideways drift for more than an hour. The lack of movement has made for some rather unexciting action this afternoon.

Shares of retailers are in solid shape. They've collectively climbed to a 1.4% gain. Most of that move is owed to strength in Netflix (NFLX 210.40, +27.37), which has spiked about 15% to a record high following a stronger-than-expected earnings report and upside forecast.

In contrast, telecom continues to trail as it trades with a 1.5% loss amid weakness in shares of AT&T (T 27.86, -0.87), which has fallen 3% despite better-than-expected earnings. DJ30 +6.39 NASDAQ +16.93 SP500 +2.39 NASDAQ Adv/Vol/Dec 1351/1.35 bln/1233 NYSE Adv/Vol/Dec 1621/591 mln/1335

2:00 pm : Stocks continue to hover near afternoon highs, unable to add to their gains. The major sectors that make up the S&P 500 remain rather mixed.

Share volume has generally been solid this session, but by no means impressive. Thus far, about 550 million shares have traded hands on the NYSE. At that pace, total share volume for the session should be something on the order of 1 billion at the Big Board. DJ30 +8.14 NASDAQ +16.94 SP500 +2.12 NASDAQ Adv/Vol/Dec 1355/1.26 bln/1222 NYSE Adv/Vol/Dec 1641/550 mln/1281

1:30 pm : The S&P 500 is back near the 1300 line, but at the moment there isn't any real leader to take it above that mark. In turn, the Index has been hovering there for the past 30 minutes.

Treasuries have had a quiet session. Although the benchmark 10-year Note is in positive territory after being down in the early going, its gain came in a gradual, muted move. The Note is only up a couple of ticks at the moment.

Results from an auction of 7-year Notes were released at 1:00 PM ET. It attracted a bid-to-cover of 2.85 for dollar demand of $82.7 billion. The indirect bidder participation rate was 52.1%. For comparison, the average of the six past auctions has a bid-to-cover of 2.89, dollar demand of $83.9 billion, and an indirect bidder participation rate of 51.0%. DJ30 +11.65 NASDAQ +17.36 SP500 +2.58 NASDAQ Adv/Vol/Dec 1378/1.16 bln/1190 NYSE Adv/Vol/Dec 1671/510 mln/1225

1:00 pm : Early buying interest took the S&P 500 up to 1300 and the Dow past 12,000 for the first time in more than two years, but action has become more mixed in recent trade.

The major averages were flat in the first few minutes. Broad market participants seemed unsatisfied with another big batch of strong earnings reports, including those of Caterpillar (CAT 97.19, +1.44), Eli Lilly (LLY 35.40, +0.45), AT&T (T 27.87, -0.86), Procter & Gamble (PG 63.93, -2.18), and Colgate-Palmolive (CL 78.00, -2.00).

Early data disappointed. December durable goods orders dropped a surprisingly dramatic 2.5% and orders less transportation made a smaller-than-expected 0.5% increase. Initial jobless claims climbed more than expected to 454,000.

Shortly after the open pending home sales for November were released. They showed made a surpriseing strong 2.0% month-over-month increase. That encouraging piece of data helped lift the major averages to morning highs.

However, the failure of the S&P 500 to push above 1300 invited some selling action that took the S&P 500 and Dow into the red. The Nasdaq found support at the neutral line and has since led the other averages higher. Although earnings haven't been broader market drivers, Netflix (NFLX 210.47, +27.44) and Qualcomm (QCOM 54.90, +3.04) have distinguished themselves with a combination of bottom line beats and upside forecasts. Both stocks have surged and, in doing so, helped give the Nasdaq a lead over its counterparts.

The dollar has oscillated against a basket of major foreign currencies today, but it has held on to a strong lead over the yen, which is presently down 0.9% to 82.90 yen per dollar following S&P's downgrade of Japan's debt to AA- from AA.DJ30 +10.90 NASDAQ +16.90 SP500 +1.96 NASDAQ Adv/Vol/Dec 1392/1.08 bln/1166 NYSE Adv/Vol/Dec 1644/470 mln/1258

12:30 pm : The Dollar Index is back into positive territory, though it is up only 0.1%. It had traded with a modest gain at the open, but slipped into the red around mid-morning. While the yen remains exceptionally weak against the greenback following the downgrade of Japan's debt, the euro and British pound have only encountered mild selling interest.DJ30 +8.93 NASDAQ +1.25 SP500 +0.75 NASDAQ Adv/Vol/Dec 1272/958 mln/1271 NYSE Adv/Vol/Dec 1564/425 mln/1320

12:00 pm : Shares of Netflix (NFLX 208.77, +25.74) have spiked sharply this session for their best single-session move in nine months. The stock's 14% surge follows better-than-expected earnings and upside guidance and helped shares set a new all-time high above $211 per share.

As for the broader market, it has slowly made its way back to the neutral line after slipping to a slight loss earlier. There was no clear catalyst to account for that decline, but it came amid broad-based selling. DJ30 +3.33 NASDAQ +8.27 SP500 +0.07 NASDAQ Adv/Vol/Dec 1139/875 mln/1353 NYSE Adv/Vol/Dec 1484/385 mln/1403

11:30 am : A sudden flurry of selling has sent the Dow and S&P 500 into negative territory, where they now trade with modest losses. The Nasdaq has paused near the neutral line.

Selling has really intensified around the materials sector, which had already lagged the broader market, but is now down 1.2% to trade at a new session low. Steel play Nucor (NUE 45.14, -1.36) has been dumped, despite better-than-expected earnings. The stock had rallied 3.5% yesterday, ahead of its quarterly report this morning. Fellow steel plays U.S. Steel (X 58.00, -1.48) and Steel Dynamics (STLD 18.28, -0.75) have been imbued by the weakness in shares of NUE. DJ30 -7.53 NASDAQ +3.07 SP500 -1.28 NASDAQ Adv/Vol/Dec 989/765 mln/1500 NYSE Adv/Vol/Dec 1347/340 mln/1516

11:00 am : After backing down a couple of points the S&P 500 is back near the 1300 line. All the while, the Dow has held above 12,000. There hasn't been any concerted form of leadership this session, but industrial stocks, financial stocks, and consumer discretionary plays are all in solid shape as their relative sectors each sport gains on the order of 0.6%.

The dollar has pulled back in recent trade. It now trails a collection of competing currencies by about 0.2%, although the Japanese yen is still under stiff pressure that has left it to contend with a 0.9% loss at 82.89 yen per dollar. The yen is down about 2.2% so far this year. DJ30 +20.70 NASDAQ +10.08 SP500 +2.20 NASDAQ Adv/Vol/Dec 1233/612 mln/1221 NYSE Adv/Vol/Dec 1574/265 mln/1230

10:35 am : The dollar index is modestly lower, which isn't helping natural gas futures ahead of inventory data.

March natural gas futures have been in negative territory all session and, minutes ago, hit new session lows of $4.39 per MMBtu. Following the data, which showed a draw of 174 bcf versus consensus of a draw down of 170 bcf, natural gas bounced off session lows and is now 2.9% lower at $4.37 per MMBtu.

March crude oil spent all morning in the red, excluding one brief moment at the top of the hour. Session lows of $86.30 per barrel were hit overnight and, currently, the energy component is 0.3% lower at $87.05 per barrel.

February gold rose to session highs of $1347.50 per ounce overnight and have been in a downtrend since. Currently, it's back near the unchanged line at $1333.00 per ounce. Meanwhile, March silver has trended higher over the last few hours and is now 1.9% higher at $27.63 per ounce.

Overnight, March cotton futures hit another all-time high of $1.7283/lb after rising the exchange limit. Currently, cotton is 2.8% higher at $1.7150/lb. Cotton is 133% higher YoY as China demand continues to be the primary driver. In 2010, China cotton imports rose 86%.

March cocoa futures hit a new contract high of $3,420/metric ton and is up for nine consecutive sessions following the Ivory Coast export ban. It's currently, 0.4% higher at $3,366/metric ton.DJ30 +21.15 NASDAQ +10.37 SP500 +2.44 NASDAQ Adv/Vol/Dec 293.8/439.6 mln/136.7 NYSE Adv/Vol/Dec 110.6/195.3 mln/79.7

10:00 am : Stocks made a nice push higher in recent trade. The move took the S&P 500 to the 1300 line for the first time in more than two years, but the benchmark measure has paused there.

November pending home sales were just released. They showed a month-over-month increase of 2.0%, which is stronger than the 0.5% decline that had been expected, on average, among economists polled by Briefing.com.

Advancing Sectors: Consumer Discretionary (+0.6%), Financials (+0.5%), Industrials (+0.3%), Tech (+0.3%), Health Care (+0.3%), Utilities (+0.2%) Unchanged: Energy
Declining Sectors: Telecom (-1.4%), Consumer Staples (-0.5%), Materials (-0.2%)DJ30 +16.04 NASDAQ +13.15 SP500 +3.04 NASDAQ Adv/Vol/Dec 1235/280 mln/1024 NYSE Adv/Vol/Dec 1629/132 mln/1039

09:45 am : Qualcomm (QCOM 54.11, +2.25) has helped give the Nasdaq a nice lead over its counterparts, which remain mired near the neutral line in the first few minutes of trade. Better-than-expected earnings and an upside forecast have shares of QCOM at a fresh two-year high.

In contrast, AT&T (28.00, -0.73) has been hit hard. Its slide comes in the face of an upside earnings surprise of its own. Weakness in shares of T have dragged down the telecom sector to a 1.3% loss, which makes it the worst performing sector this morning. Telecom is also the worst performing sector of the new year; it is down 2.2% since the start of 2011.DJ30 +8.43 NASDAQ +11.07 SP500 +1.25 NASDAQ Adv/Vol/Dec 1132/190 mln/1081 NYSE Adv/Vol/Dec 1472/95 mln/1120

09:15 am : S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +8.00. Stock futures point to a relatively flat start for trade. The mixed action ahead of the open comes as a disappointing dose of data -- a surprisingly dramatic 2.5% drop in December durable goods orders and a greater-than-expected initial jobless claims tally of 454,000 for the week ended January 22 -- overshadows a big batch of better-than-expected earnings that has included the latest results from Dow components Caterpillar (CAT), AT&T (T), and Procter & Gamble (PG). Also in the mix is overseas action, which features modest gains in Europe after the continent's major bourses had opened lower. Germany's DAX is currently up 0.3% amid strength in financial plays like Allianz (AZ), which is up more than 3% to a new two-year high. Financials are also strong in France, where the CAC is up 0.3%. Societe Generale and BNP Paribas are individual leaders there. Britain's FTSE is up 0.2% with help from natural resouce plays like Rio Tinto (RTP), BG Group, and Royal Dutch Shell (RDS.A). BP Plc (BP) has been a laggard there, though. Overnight action in Asia had already settled before S&P slapped a downgrade on Japan's debt, which is now at AA-. So, Japan's Nikkei, which advanced 0.7% amid leadership from Fanuc Corp, Honda Motor (HMC), and Canon (CAJ), has yet to show a reaction to the downgrade. However, the yen has reacted with a sharp 1% drop. Broad-based buying helped mainland China's Shanghai Composite climb 1.5%, but PetroChina (PTR) and China Petroleum (SNP) were primary drivers of the move. Hong Kong's Hang Seng shed 0.3%. It was led lower by China Construction Bank, Hutchison Whampoa, and Tencent Holdings.

08:45 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +6.20. Stock futures initially slid with the release of the latest dose of data, but they have since stabilized near the neutral line. Durable goods orders for December dropped 2.5%, which is an ugly follow up to the 0.1% decline that was recorded in the prior month. The sharp decline for December took many economists by surprise, given that the Briefing.com consensus called for a 1.5% increase. Excluding transportation, durable goods orders increased 0.5%, which is not quite as strong as the 0.6% increase that had been expected, on average, among economists polled by Briefing.com, but not as strong as the 4.5% spike that had been recorded for the prior month. As for initial jobless claims, they spiked to 454,000 in the week ended January 22 after a tally of 403,000 in the prior week. The latest initial claims count is the highest tally since October and comes as a disappointment relative to the anticipated initial claims total of 410,000. Continuing claims came in at 3.99 million, up from 3.90 million.

08:15 am : S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +10.50. Stock futures are up narrowly amid a heavy flow of headlines. Morning participants have been digesting a deluge of earnings reports and preparing for the next round of data. Caterpillar (CAT), Eli Lilly (LLY), AT&T (T), Procter & Gamble (PG), Colgate-Palmolive (CL), and Potash (POT) all posted upside earnings surprises. Netflix (NFLX), Qualcomm (QCOM), and Under Armour (UA) also posted bottom line beats, but augmented their reports with strong forecasts. Bristol-Myers Squibb (BMY) and Murphy Oil (MUR) both missed the consensus earnings estimate. Durable goods orders data for December are due at the bottom of the hour, along with weekly initial jobless claims. Pending home sales for December are due at 10:00 AM ET. Results from an auction of 7-year Notes are due at 1:00 PM ET. As for overseas action, gains in Europe are modest after a lower start. Overnight action in Asia was more mixed, although things settled before S&P announced that it lowered its rating on Japan to AA- from AA. In the wake of that announcement Japan's yen has fallen 1.0% to 83.02 yen per dollar. Despite that drop, the Dollar Index is still flat.

08:09 am : [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +10.50.

08:09 am : Nikkei...10478.66...+76.80...+0.70%. Hang Seng...23779.62...-6.60...-0.30%.

08:09 am : FTSE...5983.80...+14.50...+0.20%. DAX...7162.52...+35.50...+0.50%.

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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