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 Post subject: January 31st Monday 2011 Emini TF ($TF_F) points +13.10
PostPosted: Mon Jan 31, 2011 11:25 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 had a few trades today with the first trade producing most of my profits. Yet, I did miss an obvious Long signal off the intraday lows where a nice battle in supply/demand took place. In fact, that intraday lows in the Emini Futures becomes a WRB Zone whenever price retraces back down into that price area. 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: +13.10 points or $1310.00 dollars in the Russell 2000 Emini TF ($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=743. 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 Rally on Consumer Data, Exxon Mobil Profit



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

By Ken Sweet, contributing writer
January 31, 2011: 4:29 PM ET

NEW YORK (CNNMoney) -- U.S. stocks posted solid gains Monday as investors focused on the positive earnings news out of Exxon Mobil and rising commodity prices, while continuing to monitor the ongoing political unrest in Egypt.

At the final close on Monday, the Dow Jones industrial average (INDU) rose 68 points, or 0.6%, to 11,892 the S&P 500 (SPX) index added 9.8 points, or 0.8%, to 1,286 and the Nasdaq Composite (COMP) was up 13.2 points, or 0.5%, to 2,700.

Energy shares led the Dow higher, led by Exxon Mobil (XOM, Fortune 500), which reported a 46% jump in fourth-quarter earnings. Chevron (CVX, Fortune 500) rose 1.7%. That helped lift the Select Sector Energy Select Sector SPDR Fund (XLE), an energy ETF that counts Exxon and Chevron among its top holdings.

Shares of Chesapeake Energy (CHK, Fortune 500) jumped 8.1% after the natural gas producer sold a 33.3% stake to Cnooc Ltd (CEO)., China's largest producer of offshore oil and natural gas.

* How Egypt spells oil spike

Oil prices continued to trend higher amid the ongoing tensions in Egypt. Crude prices spiked more than 4% Friday on worries about potential disruptions to shipments through the Egypt-controlled Suez Canal. Oil prices gained 2.9% to settle at $92.19 a barrel on Monday. That marked its highest close since Oct. 2, 2008.

"The market is very nervous," said Andrew Lebow, a broker with MF Global. "We have so much crude that goes through Egypt that it really becomes a concern."

It's not just oil rising. Other agricultural commodities, such as corn and wheat moved higher. All were up more than 2% on Monday.

"I think stocks got sidetracked by Exxon's results earlier in the day and once people got a chance to put Exxon aside re-focus on the Egypt situation we saw commodities break out," said Frank Davis, director of sales and trading at LEK Securities.

* Higher food prices spark global protests

Protests in Egypt continued over the weekend, leading rating company Moody's Investors Service to downgrade its rating on the nation's debt to "negative" from "stable".

Stocks recovered a portion of Friday's dismal trading session, where stocks logged their biggest drop in months following the rising tensions across Egypt.

World markets: Ongoing tensions, along with Moody's downgrade of Egypt, pressured world markets Monday.

"While there was no materially-negative news out of Egypt, clearly the situation hasn't calmed down much," said Michael James, senior equity trader at Wedbush Morgan Securities.

European stocks closed mixed with the U.K.'s FTSE 100 and Germany's DAX losing 0.3% and 0.4% respectively, and France's CAC 40 rising 0.1%.

Asian markets ended mixed. The Shanghai Composite gained 1.38%, but the Hang Seng in Hong Kong dropped 0.7% and Japan's Nikkei tumbled 1.2%.

The Egypt Index ETF (EGPT), a security that tries to track Egypt's stock market, jumped 7.9% after the ETF resumed trading midday Monday.

Companies: Technology shares were mixed after Intel (INTC, Fortune 500) said it discovered a manufacturing flaw in one of its chips that would cost the company $300 million in revenue this quarter.

Intel's stock was unchanged on the news, but shares of rival AMD (AMD, Fortune 500) shot up more than 4.5%.

Shares of Pall Corp. (PLL) rose 14% after the company's chairman and CEO announced plans for retirement late Friday.

Over the weekend, Massey Energy (MEE) was acquired by rival Alpha Natural Resources in a $7.1 billion deal. Shares of Massey jumped 9.4%.

Gannett (GCI, Fortune 500) shares dropped 3% after the media company missed revenue forecasts.

Economy: The Commerce Department reported personal spending slightly outpaced expectations last month, but personal income fell short of the forecast.

Personal income rose 0.4% in December, slightly below the 0.5% expected by economists. Personal spending rose 0.7% in December, slightly better than the 0.6% increase that had been forecast.

The Chicago purchasing managers' report on January manufacturing activity unexpectedly rose to a reading of 68.8. Economists had expected the index to fall slightly to a reading of 65.

The most closely watched report of the week comes Friday, when the government releases its January jobs data.

"If we get positive news there, the market could react strongly if it shows that the stimulus is working and there has been a further recovery in the U.S. economy," Tom Winmill, portfolio manager at Midas Funds..

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

Gold futures for April delivery fell $7.20 to $1,334.50 a troy ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.35% from 3.33% late Friday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : The stock market scored a strong gain and locked in its first positive finish for January since 2007 with help from the energy sector, which climbed sharply in response to a spike in oil prices.

Oil prices extended their recent climb to a two-year high of $92.84 per barrel before they settled with a 3.2% gain at $92.19 per barrel. That price spike pulled buyers into oil and gas equipment stocks (+2.6%), exploration issues (+4.4%), and drillers (+2.4%). In turn, the overall energy sector advanced 2.6%.

Massey Energy (MEE 62.86, +5.63) was a standout in the energy sector. It surged close to 10% in response to news that Alpha Natural Resources (ANR 53.73, -4.15) will acquire MEE for $69.33 per share in a mix of cash and stock. Exxon Mobil (XOM 80.68, +1.69) advanced more than 2%, but more of that is owed to a strong sector performance than the oil giant's upside earnings surprise.

Investor appetite for natural resource plays spread to the basic materials stocks, which collectively climbed 1.6%. Materials made up the second best performing sector of the session.

As a group financials advanced 1.0%, but Deutsche Bank (DB 58.55, -0.35) faltered following an earnings forecast that failed to meet what Wall Street had already projected.

Intel (INTC 21.46, +0.00) finished flat after participants assessed news that the firm discovered a chipset error. Although the error will adversely impact the firm's revenue, it wasn't enough to stop Intel from increasing its overall revenue forecast.

Defensive-oriented issues generally lagged, but consumer staples stocks made up the only major sector that suffered a loss. They fell 0.3%.

While energy plays provided leadership, generally broad market strength helped the S&P 500 settle into a 2.3% monthly gain for January. The benchmark Index hasn't booked a January gain in four years.

Amid an increased appetite for risk, the dollar turned lower in today's trade. By the time of the closing bell, the greenback lagged a collection of competing currencies by 0.5%. Most of its slide came against the British pound and the euro, which was helped by higher eurozone inflation readings. Reduced concern about the likelihood of social unrest in Egypt spilling over into other country's also convinced some to rotate out of the dollar. The dollar's loss today locked it in for a 1.6% monthly loss.

The latest dose of data failed to act as any kind of a catalyst. Personal income for December increased 0.4%, which is slightly less than the 0.5% increase that had been expected. Personal spending during December increased 0.7%, which is greater than the 0.6% increase that had been widely anticipated. However, core personal consumption expenditures were flat when a 0.1% increase had been expected by a broad span of economists.

The Chicago PMI came in at 68.8 for December. That represents its best reading since 1988.

Advancing Sectors: Energy (+2.6%), Materials (+1.6%), Financials (+1.0%), Industrials (+0.9%), Tech (+0.7%), Health Care (+0.1%), Consumer Discretionary (+0.1%), Telecom (+0.1%), Utilities (+0.1%)
Declining Sectors: Consumer Staples (-0.3%)DJ30 +68.23 NASDAQ +13.19 NQ100 +0.5% R2K +0.8% SP400 +0.8% SP500 +9.78 NASDAQ Adv/Vol/Dec 1536/1.98 bln/1088 NYSE Adv/Vol/Dec 2054/1.19 bln/915

3:30 pm : The CRB Commodity Index climbed 1.8% for its best single-session surge in eight weeks. The move took the CRB to a near 28-month high.

Higher oil prices were a primary catalyst for the CRB's climb. Crude oil contracts closed pit trade with oil priced 3.2% higher at $92.19 per barrel. Before that, prices in the continuous contract were as high as $92.84 per barrel, which makes for a new two-year high.

Natural gas prices gave up a 2% gain, but rebounded to settle the session 2.3% higher at $4.24 per MMBtu.

Precious metals were more mixed. Specifically, gold prices fell 0.5% to $1334.50 per ounce, but silver prices tacked on 0.9% to settle at $28.17 per ounce. DJ30 +37.66 NASDAQ +10.10 SP500 +7.81 NASDAQ Adv/Vol/Dec 1536/1.49 bln/1096 NYSE Adv/Vol/Dec 2058/710 mln/914

3:00 pm : Financials recently pulled back a bit, but they have since recovered to a 0.8% gain. The action comes in the wake of an announcement by Deutsche Bank (DB 58.99, +0.09) that indicated the firm expects fourth quarter income of about 600 million euros on revenue of about 7.4 billion euros. Though the top line figure is greater than what had been expected, many had thought the income figure would be better. A knee-jerk selling response dropped the stock to a two-week low, but it has been quick to rebound.

Following the close, Anadarko Petroleum (APC 76.56, +2.38) and Baidu.com (BIDU 107.87, +1.33) are expected to report their latest earnings results. Tomorrow morning brings the latest from Pfizer (PFE 18.23, +0.08), BP Plc (BP 47.37, +1.16), and UPS (UPS 71.45, +0.72). DJ30 +42.76 NASDAQ +9.38 SP500 +8.15 NASDAQ Adv/Vol/Dec 1467/1.38 bln/1147 NYSE Adv/Vol/Dec 2049/650 mln/889

2:30 pm : Oil prices are up 3.3% to $92.30 per barrel as they round out pit trade. Sharp gains by the commodity have helped support the energy sector. The energy sector continues to sport a gain of more than 2% (2.2% to be exact), which is more than triple the gain of the broad-based S&P 500.

Consumer staples stocks have lagged all session. The sector is currently down 0.3%. Dow component Procter & Gamble (PG 63.37, -0.83) and Clorox (CLX 62.96, -0.83) have been heavy drags on the space. DJ30 +31.34 NASDAQ +10.13 SP500 +7.03 NASDAQ Adv/Vol/Dec 1562/1.25 bln/1054 NYSE Adv/Vol/Dec 2102/584 mln/851

2:00 pm : The S&P 500 continues to trade along the 1285 line. It eased off of its session high as the financial sector started to pullback -- financials are now up 0.8% after they were up more than 1% at their session high.

Regional banks are still among the best performers in the financial sector. Specifically, Wells Fargo (WFC 32.37, +0.53), Regions Financial (RF 7.09, +0.21), and SunTrust (STI 30.27, +0.69) are atop the list of the biggest percentage gainers. DJ30 +44.73 NASDAQ +14.96 SP500 +8.85 NASDAQ Adv/Vol/Dec 1679/1.15 bln/934 NYSE Adv/Vol/Dec 2229/523 mln/714

1:30 pm : Volatility continues to cool since it was stoked in this past Friday's sell-off. In turn, the Volatility Index is down more than 8%. Of course, it still has a long way to go before it can fully offset the 24% spike that it recorded on Friday.

Strength among stocks and reduced volatility has put pressure on Treasuries. In turn, the benchmark 10-year Note is down 18 ticks while the 30-year Bond is down a full point. Both are now near session lows. DJ30 +48.97 NASDAQ +14.80 SP500 +8.98 NASDAQ Adv/Vol/Dec 1615/994 mln/984 NYSE Adv/Vol/Dec 2215/438 mln/720

1:05 pm : The major equity averages have eased off of session highs, but they continue to trade with solid gains. Natural resource plays have been a primary source of support.

Personal income and spending figures for December provided little inspiration to traders before the start of the session; both increased as had been generally expected. The Chicago PMI was posted shortly after the open, but even its surprisingly strong reading failed to provide any kind of catalyst.

Though action lacked direction in the early going, an eventual bid for natural resource issues has helped prop up the broader market.

Energy stocks are up a sharp 2.2%. Given that the sector limited its loss during last Friday's sell-off, its performance this session has the sector at a new two-year high. Energy stocks have been helped by a 2.6% spike in oil prices to $91.70 per barrel.

Massey Energy (MEE 62.73, +5.50) is the sharpest mover in the energy sector following news of its acquisition by Alpha Natural Resources (ANR 53.34, -4.54). Shares of MEE will be acquired with a mix of cash and stock for $69.33 per share, a premium of about 20% over where MEE settled last week. Dow component Exxon Mobil (XOM 80.70, +1.71) is also in strong shape following its upside earnings surprise.

The materials sector's 1.6% gain isn't quite as strong as impressive as what the energy sector has achieved, but the group is still comfortably ahead of the broader market. All 30 members of the materials sector are in higher ground.

A willingness to take on additional risk this session has favored small-cap and mid-cap stocks. In turn, both the Russell 2000 and S&P 400 are up 1.2%.

Rotation away from safe havens has the dollar down 0.6% against a basket of competing currencies. Part of the dollar's decline is owed to a stronger euro, which has been helped by an increase in eurozone inflation. DJ30 +57.26 NASDAQ +15.56 SP500 +10.09 NASDAQ Adv/Vol/Dec 1560/828 mln/1021 NYSE Adv/Vol/Dec 2202/368 mln/716

12:30 pm : A recent flurry of buying helped stocks move another leg higher so that all three of the major equity averages are now at their best levels of the day. Buying has been even more pronounced among small-cap stocks and mid-cap stocks, which are up 1.2% and 1.3%, respectively.

Commodities have also extended their climb. In turn, the CRB Commodity Index is now up 1.2%. Most of that is owed to a rally in oil prices, which are now up 2.1% to $91.20 per barrel after a relatively choppy start to pit trade. Natural gas has pulled back, though; it had been up more than 2% this morning, but it now trades with a relatively tame 0.3% gain at $4.34 per MMBtu. DJ30 +59.83 NASDAQ +18.23 SP500 +10.46 NASDAQ Adv/Vol/Dec 1416/757 mln/1128 NYSE Adv/Vol/Dec 2100/339 mln/793

12:00 pm : The stock market is stuck in a tight trading range near the 1282 to 1283 zone. It has been there for about an hour.

While the broader market is mired at a near-term point of resistance, the energy sector has climbed to an impressive gain of 1.7%. Given that energy stocks were able to limit their move lower during last Friday's sell-off, the energy sector's advance this session has the sector at a new two-year high. The S&P 500 energy sector now trades with a price-to-trailing earnings multiple of 15.8, which is greater than the monthly average over the past five years of 12.1x trailing earnings. The energy sector's forward P/E currently stands at 12.9. DJ30 +34.74 NASDAQ +8.22 SP500 +7.01 NASDAQ Adv/Vol/Dec 2094/285 mln/766 NYSE Adv/Vol/Dec 1333/640 mln/1155

11:30 am : The broad market has been unable to extend its recent climb. It now sits near its session high.

The dollar has pulled off of its session low so that it now trails a collection of competing currencies by 0.6%. The euro is still up 0.6% against the greenback, but currency traders have really started to pile into the pound, which is now up 1.0% relative to the dollar.

Although the dollar is now slightly off of its session low, its general weakness has helped prop up commodities, such that the CRB Commodity Index is now at a session high with a 0.7% gain. DJ30 +25.40 NASDAQ +6.01 SP500 +5.84 NASDAQ Adv/Vol/Dec 1187/496 mln/1239 NYSE Adv/Vol/Dec 1916/223 mln/894

11:00 am : The stock market has recovered from its morning stumble so that it now trades at a session high. Natural resource plays continue to provide leadership -- energy stocks are up 1.5% with Exxon Mobil (XOM 79.94, +0.95) in strong shape following its upside earnings surprise and Masey Energy (MEE 63.23, +6.00) up sharply following news of its acquisition by Alpha Natural Resources (ANR 53.89, -3.99). Meanwhile, materials stocks are sporting a collective 1.4% gain with help from U.S. Steel (X 57.44, +1.64), which has rebounded sharply from a precipitous drop this past Friday.DJ30 +34.33 NASDAQ +2.81 SP500 +5.93 NASDAQ Adv/Vol/Dec 1054/263 mln/1260 NYSE Adv/Vol/Dec 1747/134 mln/979

10:35 am : The dollar index fell into negative territory overnight and continued on its downtrend through morning trade. It hit session lows of 77.659 a couple of hours ago and has been trading just above that level since. However, this weakness only benefitted select commodities.

Energy markets remain mixed with natural gas, heating oil trading and crude oil higher, while RBOB gasoline is lower. March crude oil fell back into negative territory just over an hour ago, falling over $1 per barrel and hitting new session lows of $88.40 per barrel. It has since recovered and is 0.2% higher at $89.54 per barrel.

March natural gas picked up steam around 6:00am ET and rallied more than 3% before hitting new session highs of $4.46 per MMBtu a few hours later. Since then, the energy component has remained just below those highs and is now 2.5% higher at $4.43 per MMBtu.

Despite today's weakness in the dollar index, gold has been in the red all session. The February gold contract hit session lows of $1323.30 per ounce and is currently 0.8% lower at $1330.40 per ounce. March silver moved back in to positive territory in recent trade and is now up 02% at $27.99 per ounce.

March cotton futures was limit-up (+4 cents) overnight and is now +3.65 cents (or 2.2%) at $1.6840 as strong China demand continues to keep prices strong.DJ30 +15.82 NASDAQ -1.07 SP500 +4.01 NASDAQ Adv/Vol/Dec 1077/405.2/1315 NYSE Adv/Vol/Dec 1799/194.8 mln/951

10:00 am : Broad market trade continues to lack direction. Despite the erratic start, the Volatility Index is down 3%.

Intel (INTC 21.49, +0.03) shares have been halted. The company has come out announce that it has identified a chipset design error. The news has sent shares of Advanced Micro Devices (AMD 7.80, +0.31) to a morning high.

Advancing Sectors: Materials (+1.0%), Energy (+0.9%), Financials (+0.5%), Industrials (+0.5%), Utilities (+0.4%)
Declining Sectors: Telecom (-0.5%), Consumer Staples (-0.5%), Tech (-0.2%), Health Care (-0.1%)
Unchanged: Consumer DiscretionaryDJ30 +9.92 NASDAQ -4.00 SP500 +2.72 NASDAQ Adv/Vol/Dec 1401/99 mln/817 NYSE Adv/Vol/Dec 1916/67 mln/679

09:45 am : A slip at the start of the session slowed amid the release of a strong Chicago PMI reading, which came in at 68.8 for December after it was revised downward to 66.8 for the prior month, but early trade remains choppy.

Materials stocks have attracted a strong bid, however. That sector is up 1.0% amid strength in steel stocks and other assorted metals plays. Energy stocks aren't far behind; they are collectively up 0.8%.

Tech stocks and consumer staples stocks are under the most pressure at the moment. Both sectors are down almost 0.3%. DJ30 +5.91 NASDAQ -2.98 SP500 +3.02 NASDAQ Adv/Dec 1231/1022 NYSE Adv/Dec 1866/809

09:15 am : S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +7.70. Stock futures suggest that a solid start to the final session of January is in order. The S&P 500 hasn't scored a monthly gain for January since 2007, but as things currently stand the S&P 500 is up 1.5% this month. Of course, Friday's 1.8% drop has taken away from the stock market's monthly performance. Premarket participants appear willing to step back in with a supportive bid, though. Rekindled interest in stocks has been helped by partially calmed concerns about the implications of social unrest in Egypt, which had its credit rating cut by analysts at Moody's. Rotation out of the dollar has caused the greenback to slide 0.5% against a basket of competing currencies. The dollar's decline has primarily come against the euro, which has been helped by news of a pick up in inflation during December. Domestic data has been of little consequence, so far; personal income and spending figures for December were generally in stride with what had been expected. The Chicago PMI is on its way, though; it will be posted at 9:45 AM ET. The flow of earnings has slowed this morning, but there have been a few notable names out ahead of the open. Among them, Dow component Exxon Mobil (XOM) posted an upside earnings surprise. Illinois Tool (ITW) missed the consensus earnings estimate, but issued a strong forecast for the current quarter. In merger and acquisition activity, Massey Energy (MEE) will be acquired with a mixe of cash and stock by Alpha Natural Resources (ANR) for $69.33 per share, a premium of about 20% over where MEE settled last week.

09:00 am : S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +7.90. Futures for the S&P 500 are still in solid shape. As for action abroad, Germany's DAX is now flat after it had been down 1% at its session low. Thyssenkrupp and Linde AG have been leaders, but automakers Daimler (DAI) and BMW have hampered action. Germany's retail sales for slipped 0.3% compared to the 1.9% drop posted for the prior month. France's CAC has climbed from a 1.2% loss to a 0.3% gain amid leadership from energy giant Total (TOT). Carrefour and BNP Paribas have chipped in to provide support of their own. Societe Generale has dragged on trade, though. Britian's FTSE is now near the flat line after it was down as much as 1.1%. Declining issues still outnumber advancers by more than 2-to-1 there. However, natural resource plays BG Group, Royal Dutch Shell (RDS.A), BP Plc (BP) and Xstrata (XTA) have been primary drivers in the broader market's rebound. GlaxoSmithKline (GSK) continues to come under pressure, but it has found support near last week's low. Broad data indicate that eurozone CPI for January increased 2.4%, which is sharper than the 2.2% increase that had been posted for the prior month. That has helped lift the euro, which is up 0.7% to $1.371. Part of the euro's strength is attributable to a rotation out of safe havens like the U.S. dollar amid cooled concerns about the possibility of unrest in Egypt spilling over into other countries.

As for overnight action in Asia, Japan's Nikkei dropped to a 1.2% loss. It was led lower by a broad basket of stocks, but TDK Corp, Softbank, and Honda Motor (HMC) were the heaviest drags. Honda Motor reported this morning its latest quarterly resuls, which were a bit mixed. As for data, preliminary industrial production data for December point to a 3.1% increase in production after a 1.0% increase in the prior month. December construction orders spiked 13.1% after a 5.3% drop in November. Mainland China's Shanghai Composite climbed 1.4%. PetroChina (PTR), China Petroleum (SNP), and Industrial & Commercial Bank were primary leaders. Bank of China was a notable laggard, though. Hong Kong's Hang Seng shed 0.7%. PetroChina and China Petroleum also provided positive support there, but their strength was more than offset by broader weakness. HSBC (HBC) was the heaviest drag as it dropped 1.6% to a near three-week low.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +6.70. No real reaction has been made to the latest dose of data, so stock futures continue to trade with a nice lead over fair value. Personal income increased 0.4% during December. It had been expected, on average, to increase a tad more at 0.5%. As for personal spending during December, it increased 0.7%, which is greater than the 0.6% increase that had been widely expected. Core personal consumption expenditures for December were flat relative to the prior month. A slight increase of 0.1% had been expected by a broad span of economists.

08:00 am : S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +6.40. Stocks fell sharply in last week's final session, but an improved mood among morning traders has helped to prop up stock futures in the face of ongoing unrest in Egypt. Perceived political risk in Egypt prompted analysts at Moody's cut the country's debt rating to Ba2 from Ba1. Egypt's EGX 30 remained closed on Monday due to chaotic conditions there; it hasn't been opened since last Thursday, when it plummeted more than 10%. As for overnight action in Asia, Japan's Nikkei fell more than 1% while China's Shanghai Composite climbed more than 1%. Europe's major bourses are currently down modestly. There hasn't been much in the way of earnings so far this morning, but personal income and spending data for December are due at the bottom of the hour. Shortly after the open, the Chicago PMI for January will be posted at 9:45 AM ET.

06:30 am : S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +4.90.

06:30 am : Nikkei...10237.92...-122.40...-1.20%. Hang Seng...23447.34...-169.70...-0.70%.

06:30 am : FTSE...5878.05...-3.30...-0.10%. DAX...7081.48...-21.40...-0.30%.

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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