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 Post subject: January 28th Friday 2011 Emini TF ($TF_F) points +10.20
PostPosted: Sat Jan 29, 2011 9:07 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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click on the above image to view today's trading summary

Quote:
I was satisfied with my trading day eventhough I didn't get the trading results I wanted after intentionally trading low volatility tight trading range after the big price decline in the Emini Futures. However, I had the opportunity to try a new trading technique for low volatility tight trading range after reaching my profit goal for the day. Unfortunately, I didn't get the results I wanted but I did use tight stop/loss protection except for one trade that was a one contract position. With that said, today is a great example of why as traders we should not forget how global events have an impact on the markets. Simply, don't believe the myth that ALL news is already factored in considering the market can change direction quickly and strongly via any serious global news event because traders are humans and their reaction will be transcribed into their trades. 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: +10.20 points or $1020.00 dollars in the Russell 2000 Emini TF ($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=742. 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) - U.S. Stocks Plunge on Egyptian Protests, Oil Rises



Image CNNMoney.com - Stocks Plunge Amid Egypt Unrest
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
January 28, 2011: 4:44 PM ET

NEW YORK (CNNMoney) -- U.S. stocks plunged Friday, with the three major indices logging the worst daily drops in months, as investors grew nervous about political unrest in Egypt.

The Dow Jones industrial average (INDU) lost 166 points, or 1.4%, the biggest daily drop since Nov. 16, 2010. A 3.9% drop in Microsoft's (MSFT, Fortune 500) stock led the blue chips lower despite the company posting record sales of $20 billion. The deep losses also ended the Dow's eight-week winning streak. The index slipped 0.4% during the week.

The S&P 500 (SPX) slipped 23 points, or 1.8%, dragged down by Monster Worldwide (MWW), which issued a weak outlook, and Ford (F, Fortune 500), which posted lower-than-expected earnings. The tech-heavy Nasdaq dropped 68 points, or 2.5%, with shares of Amazon (AMZN, Fortune 500) sinking more than 7%.

Those were the biggest drops since August for the S&P 500 and Nasdaq.

Investors are worried that the situation in Egypt could intensify over the weekend, and took some money off the table ahead of that possibility.

The CBOE volatility index (VIX), which is known as the VIX and is used to gauge fear in the market, jumped more than 24% Friday.

"Political turmoil is not good for the stability of the market, and Egypt is a populous country that borders one of the busiest shipping routes in the world, so that's getting investors nervous," said Peter Tuz, president at Chase Investment Counsel.

The Market Vectors Egypt Index ETF (EGPT) slipped 3.4%. The ETF tracks the performance of companies that are either listed on an exchange in Egypt or that generate the majority of their revenues in Egypt.

Oil also rallied on concerns about crude shipments through the Suez Canal, which is controlled by Egypt. About 8% of global sea trade travels through the canal, making it one of the world's busiest waterways.

Crude for March delivery rallied 4.3% to settle at $89.34 a barrel.

Investors are also taking in quarterly financial results and the latest reading on U.S. economic growth.

Stocks managed to log modest gains Thursday, pushing the Dow and S&P to their highest levels since the summer of 2008. The Dow ended 4 points higher at 11,989.83 -- just shy of the 12,000 mark, while the S&P ticked up 3 points to end just below 1,300.
Dow 12,000? Who cares?

U.S. markets have been steadily rising, with the Dow briefly eclipsing the 12,000 benchmark earlier this week.
0:00 /01:15Ford hits a speed bump

Economy: The U.S. economy grew at a 3.2% annual rate in the fourth quarter, according to an advance reading on gross domestic product released Friday morning. That's up from a 2.6% rate in the third quarter.

Though the figure missed economists' expectations for a slightly higher 3.5% rate, personal consumption, a measure of consumer spending, jumped by 4.4% in the fourth quarter -- the strongest increase in that reading in at least four years.

The University of Michigan's consumer sentiment index rose to 74.2 in January, slightly better than the 73.2 expected by economists.

World markets: European stocks ended lower. Britain's FTSE 100 and France's CAC 40 dropped 1.4%, while the DAX in Germany fell 0.7%.

Asian markets ended the session mostly lower. The Shanghai Composite edged up 0.13, while the Hang Seng in Hong Kong slumped 0.7% and Japan's Nikkei tumbled 1.13%.

Losses in Japan came as investors had a chance to react to Thursday's news, that Standard & Poor's downgraded Japan's sovereign credit rating to AA- from AA on concerns of mounting debt.

Currencies and commodities: The dollar fell almost 1% against the Japanese yen, but rallied 1% versus the euro and 0.4% the British pound.

Gold futures for February delivery climbed $22.30, or $1.7%, to settle at $1,340.70 an ounce

Bonds: The uncertainty over Egypt also boosted demand for the safety of U.S. government debt. The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.33% from 3.39% late Thursday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : The stock market's inability to hold above a key technical level for the second straight session provided participants with an excuse to dump stocks in high volume for the worst single-session slide in five months.

Early attention was focused on the fourth quarter GDP report. It indicated that gross output increased at annualized rate of 3.2% from October through December. It was partly helped by a 7.1% spike in real final sales. Real final sales haven't made such a sharp climb since 1984.

While fourth quarter growth was actually above potential and greater than the 2.6% rate recorded for the third quarter, economists polled by Brieifng.com had expected, on average, fourth quarter growth of 3.2%.

There was only a minor reaction to news of the slower-than-expected growth. In fact, stocks actually benefited from minor buying in the first few minutes of trade. The morning bid was strong enough to take the S&P 500 back above 1300 to its highest level since September 2009. The broad market measure's failure to hold its ground above 1300 for the second straight session provided traders who had already argued that the stock market had become near-term overbought the opportunity to take profits. Selling pressure only accelerated as stocks slid through near-term support levels.

An interest in selling left many to shrug off the final January Consumer Sentiment Survey from the University of Michigan. The Survey improved to 74.2 from the preliminary reading of 72.7. It had been widely expected to improve to just 73.2.

Earnings were of little interest to broad market participants. And in light of the drastically soured sentiment, any blemishes on quarterly reports were treated as egregious offenses that commanded aggressive selling. Amazon.com (AMZN 171.14, -13.31) actually posted an upside surprise, but that was overshadowed by a tepid forecast. Its shares recorded their worst daily percentage drop in almost seven months to finish at a two-month low. Its weakness weighed heavily on the Nasdaq, which suffered an outsized loss after outperforming in the past few sessions.

Ford (F 16.27, -2.52) shares fell precipitously following a deep earnings miss. Honeywell (HON 55.32, -0.60) had in-line results and fell. Even San Disk (SNDK 46.80, -4.52) was dumped, despite an upside earnings surprise.

Energy stocks escaped some of this session's selling effort. The sector shed just 0.5%, thanks partly to a 4% spike in oil prices amid concerns about a spillover of social unrest in Egypt.

At 1.3 billion shares, trading volume on the NYSE was the strongest in more than a month. Volatility was stoked by this session's high-volume sell-off. Specifically, the Volatility Index, often euphemistically dubbed the Fear Gauge, soared 24% for its sharpest move since May.

The spike in volatility sent some participants into Treasuries, which made solid gains, but nothing overly impressive. The dollar benefited, too; it advanced 0.5% against a collection of competing currencies.

Advancing Sectors: (None)
Declining Sectors: Consumer Discretionary (-3.2%), Tech (-2.3%), Telecom (-2.2%), Financials (-1.8%), Industrials (-1.8%), Health Care (-1.8%), Materials (-1.5%), Utilities (-1.3%), Consumer Staples (-1.1%), Energy (-0.5%)DJ30 -166.13 NASDAQ -68.39 NQ100 -2.6% R2K -2.5% SP400 -1.9% SP500 -23.20 NASDAQ Adv/Vol/Dec 413/2.39 bln/2221 NYSE Adv/Vol/Dec 484/1.34 bln/2533

3:30 pm : Commodities caught a nice bid today. The CRB Commodity Index responded with a 1.2% spike, which helped it achieve a 0.4% weekly gain.

Oil prices rallied sharply to wipe out losses earlier in the week. Weekly lows were set at $85.11 per barrel, which also marked a two-month low. However, concern about potential spillover of social unrest in Egypt helped spur buying this session. The energy component settled pit trade with a 4.3% gain at $89.34 per barrel. Natural gas attracted less support, but still ended up for the day. Contracts closed pit trade 0.2% higher at $4.33 per MMBtu.

Precious metals prices pushed higher, too. Specifically, gold gained 1.5% to $1337.70 per ounce while silver settled 3.3% higher at $27.92 per ounce. The strong gains followed a few sessions of relative weakness, in which both metals closed lower for three of the previous four sessions. Just yesterday gold prices put in their lowest level in almost four months, just below $1310 per ounce. Silver prices actually put in a one-month low near $26.70 per ounce early this morning. DJ30 -173.20 NASDAQ -69.57 SP500 -23.00 NASDAQ Adv/Vol/Dec 415/2.01 bln/2220 NYSE Adv/Vol/Dec 506/992 mln/2489

3:00 pm : Selling has taken its toll on the Russell 2000 Small-Cap Index, which is currently down 2.1%. More than 90% of the members in the Russell 2000 are in the red.

Despite such pronounce weakness this session, small caps still aren't at their weekly lows, which were set Tuesday in the wake of a pull back from the three-year high that the Russell 2000 set in the previous week. The pullback by the Russell 2000 and the subsequent failure to rebound to new highs alongside broader market measures like the S&P 500 could suggest that participants have started to rotate out of riskier equity issues. DJ30 -156.93 NASDAQ -63.61 SP500 -20.11 NASDAQ Adv/Vol/Dec 425/1.84 bln/2194 NYSE Adv/Vol/Dec 528/903 mln/2454

2:30 pm : The consumer discretionary sector has been hit hard this session. It is down 3.0%, which makes it the worst performing sector of the day. Amazon.com (AMZN 169.80, -14.65) is a primary source of weakness in the sector following the Internet retailer's disappointing forecast.

Weakness in shares of AMZN has also undercut the Nasdaq, which has taken a much harder beating than its counterparts. Heading into this session the Nasdaq was actually up 2.4% for the week while the S&P 500 and Dow were up 1.3% and 1.0% for the week, respectively. With this session's slide, the Nasdaq is headed for a 0.2% weekly gain while both the S&P 500 and the Dow are now down 0.2% for the week. DJ30 -148.79 NASDAQ -63.05 SP500 -19.55 NASDAQ Adv/Vol/Dec 413/1.73 bln/2201 NYSE Adv/Vol/Dec 506/830 mln/2471

2:00 pm : Stocks are stuck at session lows with almost 95% of the issues in the S&P 500 in the red. Dover Corp (DOV 62.02, +2.54), Salesforce.com (CRM 133.58, +5.34), and Hess (HES 81.86, +2.61) are a among the few that have mustered gains amid widespread weakness. Of the three, only Dover recently issued a quarterly report. It featured an upside earnings surprise.

Monster Worldwide (MWW 16.49, -4.93), Ford Motor (F 16.54, -2.25), and SanDisk (SNDK 46.72, -4.60) are among the heaviest drags in the broader market. Monster Worldwide has seen one-fifth of its market cap evaporate after posting a light revenue figure in its latest quarterly report and issuing a rather mixed forecast. Ford missed the consensus earnings estimate by a wide margin, but SanDisk actually reported a better-than-expected bottom line and a solid top line. DJ30 -139.22 NASDAQ -61.25 SP500 -18.25 NASDAQ Adv/Vol/Dec 391/1.62 bln/2206 NYSE Adv/Vol/Dec 493/766 mln/2460

1:30 pm : The major equity averages have eased back toward session lows after attracting some support right about noon ET.

The Volatility Index, often euphemistically dubbed the Fear Gauge, is now up 19%. That makes for its sharpest single-session spike since June 4, 2010.

Amid the weakness in stocks and the spike in volatility the dollar has benefited from safety buying. In turn, the Dollar Index is up 0.6%. Still, the greenback's gain hasn't been enough to take it back to weekly highs. After all, the Dollar Index set a two-month low yesterday. DJ30 -158.31 NASDAQ -66.24 SP500 -20.79 NASDAQ Adv/Vol/Dec 374/1.51 bln/2206 NYSE Adv/Vol/Dec 446/710 mln/2498

1:05 pm : The stock market's inability to hold its ground at key technical levels following the fourth quarter GDP report brought about a wave of selling that has stocks on pace for their worst loss in two months.

Early participants had a relatively muted response to fourth quarter GDP, which increased at an annualized rate of 3.2%. While that was up from the 2.6% rate recorded in the second quarter, economists polled by Briefing.com had expected fourth quarter growth closer to 3.7%.

The only other item on the economic calendar was the final January Consumer Sentiment Survey from the University of Michigan. It was released shortly after the open and came in at 74.2, up more than expected from the preliminary reading of 72.7.

Traders shrugged off the consumer sentiment reading. Their attention was focused on the inability of the S&P 500 to hold its ground above 1300 for the second straight session. Once participants saw it wobble, they began to pile in. Aggressive selling has left the broad market measure down more than 1% and the Nasdaq down more than 2%.

Amazon.com (AMZN 169.11, -15.34) has been a heavy drag on the Nasdaq. The stock's 8% drop comes in response to a tepid forecast, which has overshadowed better-than-expected earnings. Microsoft (MSFT 27.64, -1.23) has also been a heavy drag, though it posted an upside earnings surprise shortly before the prior session's close.

Shares of Ford (F 16.56, -2.23) are in some of the worst shape of any widely-held issue. The stock plummeted in response to a deep earnings miss.

Energy stocks have managed to limit their losses this session; the sector is down just 0.2%. Most of that is because oil prices have spiked 4.0% to trade at $89.10 per barrel amid unrest in Egypt, although Egypt is not a major global oil exporter.DJ30 -148.95 NASDAQ -62.95 SP500 -19.11 NASDAQ Adv/Vol/Dec 383/1.41 bln/2176 NYSE Adv/Vol/Dec 470/652 mln/2449

12:30 pm : Stocks have stabilied, at least for now. Losses remain steep, though.

Treasuries are up nicely amid this session's sell-off. The benchmark 10-year Note had been down in the early going, but it is now up 13 ticks so that its yield is at 3.33%. DJ30 -142.25 NASDAQ -63.44 SP500 -18.50 NASDAQ Adv/Vol/Dec 363/1.28 bln/2192 NYSE Adv/Vol/Dec 426/589 mln/2479

12:00 pm : Stocks have descended deeper into negative territory. For now, the S&P 500 has found support at the 1280 line, more than 20 points below its session high, while the Nasdaq sits at 2690.

Oil prices have extended their rally amid concern about unrest in Egypt, although Egypt is not a major global oil exporter. Oil prices are up 4.2% to $89.25 per barrel. Oil's strength has helped limit losses in the energy sector, which is down a relatively tame 0.6%. DJ30 -135.66 NASDAQ -65.22 SP500 -18.78 NASDAQ Adv/Vol/Dec 355/1.07 bln/2165 NYSE Adv/Vol/Dec 438/501 mln/2438

11:30 am : Selling pressure has stoked volatility this session. In turn, the Volatility Index is presently up 11% to its 50-day moving average. The move makes for its sharpest single-session surge in two months.

Weakness is widespread -- 87% of the S&P 500 is in the red -- but airline stocks are in some of the worst shape. In turn, the Amex Airline Index is down 2.9%. Airline shares certainly haven't been helped by news that oil prices have spiked 2.6% gain to $87.90 per barrel. DJ30 -81.93 NASDAQ -43.49 SP500 -12.41 NASDAQ Adv/Vol/Dec 405/870 mln/2084 NYSE Adv/Vol/Dec 504/415 mln/2312

11:00 am : Selling pressure has intensified to take the major equity averages deeper into the red. The Nasdaq, which had been having dissemination issues earlier this monring, has fallen the most. The Nasdaq actually outperformed its counterparts in recent sessions.

Amazon.com (AMZN 169.41, -15.04) is one of the heaviest drags in the Nasdaq. The stock has dropped more than 8% in the wake of its latest quarterly announcement, which featured a tepid forecast that has overshadowed better-than-expected earnings. DJ30 -72.43 NASDAQ -38.50 SP500 -10.79 NASDAQ Adv/Vol/Dec 435/701 mln/2008 NYSE Adv/Vol/Dec 556/334 mln/2255

10:30 am : The dollar index rallied in recent trade, putting slight pressure on commodities. However, energy markets and precious metals are higher.

March crude oil rallied for about $1.50 per barrel over the last hour and a half, pushing to new session highs of $87.48 per barrel. Currently, crude is trading 1.7% higher at $87.06 per barrel. March natural gas is back in positive territory, now up 0.3% at $4.33 per MMBtu.

Precious metals spent all session in the red before its recent rally, which pushed gold and silver into positive territory. March gold gained about $12 from an hour ago, pushing into positive territory and new session highs of $1321.90 per ounce. March silver followed gold, rising to its own fresh highs on the session of $27.42 per ounce. Gold is currently 0.3% higher at $1323.30 per ounce, while silver is up 1.3% at $27.39 per ounce.DJ30 -41.21 NASDAQ -23.18 SP500 -7.02 NASDAQ Adv/Vol/Dec 458/520.7 mln/1919 NYSE Adv/Vol/Dec 593/249.3 mln/2162

10:00 am : For the second straight session the S&P 500 has failed to hold its position above the 1300 line. That has invited selling pressure, which has dropped the broader market into the red.

Selling comes in the face of a surprisingly strong consumer sentiment survey. The final January Consumer Sentiment Survey from the University of Michigan came in at 74.2, up from the preliminary reading of 72.7. The consensus among economists polled by Briefing.com had been pegged at 73.2.

Advancing Sectors: Financials (+0.4%), Materials (+0.3%), Consumer Staples (+0.2%), Industrials (+0.1%)
Declining Sectors: Consumer Discretionary (-1.0%), Telecom (-1.0%), Tech (-0.3%), Energy (-0.2%), Health Care (-0.2%), Utilities (-0.1%)DJ30 -3.73 NASDAQ +0.00 SP500 -1.63 NASDAQ Adv/Vol/Dec 721/310 mln/1516 NYSE Adv/Vol/Dec 953/160 mln/1732

09:45 am : The broad market is up slightly in early trade, but the Nasdaq is currently having an issue that is affecting the dissemination of indexes, according to CNBC.

Financials, up 0.6% at the moment, are showing strength for the third straight session. That has helped the sector more than offset steep slides earlier this week; the financial sector is now on pace for a 1.0% weekly gain.

Telecom is weak again. The sector has already shed 1.0%. DJ30 +19.07 NASDAQ +0.00 SP500 +2.66 NASDAQ Adv/Vol/Dec 989/172 mln/1167 NYSE Adv/Vol/Dec 1298/110 mln/1304

09:15 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +1.50. The S&P 500 heads into Friday with a 1.3% week-to-date gain. Such strength took the S&P 500 to 1300 yesterday for the first time in more than two years. However, stock futures point to a flat start to Friday, so it is unclear whether the benchmark index will be able to push past the psychologically significant line. The fourth quarter GDP report has failed to generate any substantial buying interest. Growth of 3.2% from October through December is stronger than the 2.6% growth recorded for the third quarter, but economists had generally expected more in the fourth quarter. As for earnings, they continue to be of little motivation to the broader market. Microsoft (MSFT) posted an upside surprise late in the prior session, but held its press conference after the close. Chevron (CVX) reported this morning a bottom line beat of its own. Amazon.com (AMZN) also beat, but disappointed with is outlook. Ford (F) reported a deep miss. The only other item on today's docket is the final Consumer Sentiment Survey for January from the University of Michigan at 9:55 AM ET.

09:00 am : S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -0.50. Domestic stock futures are back at the flat line. Germany's DAX is up a mere 0.2% at the moment. Automakers BMW and Volkswagen have provided support amid an earnings miss by American competitor Ford (F). Daimler (DAI) has fallen out of favor, though. France's CAC is currently flat. Financials are strong for the second straight session. As such, Societe Generale and BNP Paribas are up nicely. In contrast, Sanofi-Aventis (SNY) is under stiff pressure after the firm reported that reports in a drug trial did not meet specified criteria. Britain's FTSE is up from its session low, but still 0.8% in the red. Weakness is relatively widespread following a disappointing January Gfk report for the United Kingdom. Pressure is most pronounced against GlaxoSmithKline (GSK), which recently received a Complete Response Letter from the FDA's Center for Drug Evaluation and Research. AstraZeneca (AZN) has attracted some support, though.

Overnight action in Asia saw Japan's Nikkei fall to a 1.1% loss as participants there reacted to news that S&P downgraded the country's debt to AA- from AA. About 86% of the issues in the Nikkei fell; they were led lower by Fanuc Corp, Advantest (ATE), and Fast Retailing. Kyocera (KYO) and Komatsu managed to muster gains, though. Mainland China's Shanghai Composite mustered a 0.1% gain amid strength in SAIC Motor, China United, and Sany Heavy Industry. However, heavyweights PetroChina (PTR), China Petroleum (SNP), and Industrial & Commercial Bank were drags. Hong Kong's Hang Seng shed 0.7% as CNOOC (CEO), Cheung Kong, and Hutchison Whampoa weighed on action. HSBC (HBC) and China Mobile provided some support to the broader market.

08:35 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +1.00. The advance fourth quarter GDP report was posted a few minutes ago. Stock futures initially reacted with a bit of a slip, but they have since rebounded so that they now trade near morning highs with a narrow lead over fair value. According to data, gross output in the fourth quarter increased at an annualized rate of 3.2%, which is not as strong as the 3.7% increase that had been generally expected among economists polled by Briefing.com. Still, fourth quarter growth is stronger than the 2.6% annualized rate that had been recorded for the third quarter. Personal consumption increased 4.4% in the fourth quarter, up from 2.4% in the third quarter. Core personal consumption expenditures increased 0.4% quarter over quarter after a 0.5% quarter-over-quarter increase. The chain deflator increased 0.3% in the fourth quarter; it had been widely expected to increase 1.5%.

08:05 am : S&P futures vs fair value: flat. Nasdaq futures vs fair value: -3.30. Stock futures have worked their way out of the red to trade flat. The move mirrored the climb made by the German DAX and the French CAC, both of which started Friday in the red, but are now narrowly higher. Britain's FTSE is still down 1% following a disappointing January Gfk reading for the United Kingdom. As for action in Asia, Japan's Nikkei fell more than 1% in reaction to S&P's downgrade of Japan's debt to AA- from AA. China and Hong Kong saw mixed interest. Morning participants are preparing for the advance fourth quarter GDP reading, which is coming up at 8:30 AM ET. The final consumer confidence survey for January from the University of Michigan is the only other item on today's economic calendar; it is due at 9:55 AM ET. The latest round of earnings announcements have been a bit more mixed than those of previous days. Ford (F), American Electric (AEP), and Dominion (D) announced misses, but Amazon.com (AMZN) and San Disk (SNDK) both beat. Honeywell (HON) had in-line results.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -6.50.

06:28 am : Nikkei...10360.34...-118.30...-1.10%. Hang Seng...23617.02...-162.60...-0.70%.

06:28 am : FTSE...5920.37...-44.70...-0.80%. DAX...7164.56...+9.00...+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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