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 Post subject: February 3rd Thursday 2011 (No Trades Personal Day Off)
PostPosted: Thu Feb 03, 2011 10:27 pm 
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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 for me because I decided to take a personal day off and will be very aggressive tomorrow for Friday'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: +0.90 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=87&t=748. 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=131&t=921

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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 Erase Decline on Retail Sales, Jobs Data



Image CNNMoney.com - Stocks End Higher Ahead Of Jobs Report
Attachment:
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
February 3, 2011: 4:31 PM ET

NEW YORK (CNNMoney) -- U.S. stocks ended higher Thursday as investors digested comments about the economy from Federal Reserve chairman Ben Bernanke, who said a weak job market continues to weigh on the recovery.

Stocks have been wavering over the past couple of sessions as investors remain nervous about Friday's big employment report from the government. This week's labor reports painted a mixed picture.

The Dow Jones industrial average (INDU) rose 20 points, or 0.2%, led by Cisco (CSCO, Fortune 500) and Bank of America (BAC, Fortune 500). Earlier, the blue-chip index shed 60 points, but it erased most of those losses ahead of Bernanke's speech.

The S&P 500 (SPX) added 3 points, or 0.2%. Estee Lauder (EL, Fortune 500) was the biggest winner on the broad index, with shares surging more than 14%. The cosmetics maker posted higher-than-expected profit and sales for the second fiscal quarter, and raised its guidance for the remainder of the year.

The Nasdaq (COMP) rose 4 points, or 0.2%. Strength in retail stocks helped the tech-heavy index move higher, as January same-store sales climbed 4.2%. Sears Holdings (SHLD, Fortune 500) and Ross Stores (ROST, Fortune 500) were among the big gainers on the Nasdaq, with shares gaining about 6%.

* Consumers aren't snowed in

Limited Brands (LTD, Fortune 500), Gap (GPS, Fortune 500), Nordstrom (JWN, Fortune 500) and Costco (COST, Fortune 500) were also higher.

During a luncheon at the National Press Club in Washington,Bernanke defended his controversial bond-buying policy. But he also cautioned that, while the economy is on the mend, unemployment remains an issue.

"Bernanke said that it's going to take a long while to get people back to work, but nothing in his comments was a surprise," said Brian Battle, vice president at Performance Trust Capital Partners. "The market's next move will come after the employment number tomorrow."

The government report due before the bell Friday is forecast to show that employers added 148,000 jobs in January, up from 103,000 in December. Economists are expecting the jobless rate to tick up to 9.5% after falling to 9.4% in the previous reading.

Stocks ended little changed Wednesday, as uncertainty about Egypt hung over the market -- two days before the government's all-important jobs report.

Economy: The U.S. government report on weekly jobless claims was slightly better than expected, with 415,000 Americans filing new claims for unemployment in the week ended Jan. 29.

A report from the Commerce Department showed that factory orders rose 0.2% in December. Orders were forecast to have dropped 0.6%, after increasing 1.3% in November.

The ISM services sector index for January rose to 59.4. Economists were expecting the index to have decreased to 57 from 57.1 in December; any reading over 50 indicates expansion in the sector.

Companies: Shares of Dow component Merck (MRK, Fortune 500) dropped 2.7%. The drugmaker logged a quarterly loss that slightly beat expectations but issued a cautious outlook for the full year.

Shares of Ameriprise Financial (AMP, Fortune 500) fell more than 6.9% after the Minneapolis-based money manager's fourth-quarter results badly missed expectations.
0:00 /01:15Yum's China bet pays off

Shares of KFC-parent Yum Brands (YUM, Fortune 500) added 3.1%, a day after the company reported strong earnings.

World markets: European stocks ended mixed. Britain's FTSE 100 edged down 0.3% and France's CAC 40 slipped 0.7%. Germany's DAX edged slightly higher.

Japan's Nikkei ended 0.3% lower. Markets in much of the rest of Asia -- including Shanghai and Hong Kong -- were closed for lunar new year celebrations.

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

Oil for March delivery slipped 21 cents to settle at $90.54 a barrel.

Gold futures for April delivery added $4 to settle at $1,336.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, with the yield rising to 3.54%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : A late bid helped the stock market muster a modest gain after it had spent most of the session mired in negative territory.

Today's headlines did little to drive overall trade. Market participants shrugged off news that initial jobless claims for the week ended January 29 totaled 415,000, down from the prior week's tally of 457,000 and less than the 425,000 initial claims had been expected, on average, among economists polled by Briefing.com. The four-week moving average was hardly changed at 430,500.

Nonfarm productivity for the fourth quarter proved surprisingly strong. It increased 2.6%, which is better than the 2.2% increase that had been widely expected. The increase was helped by a 0.6% drop in unit labor costs, which had actually been expected to increase 0.1%.

The ISM nonmanufacturing Composite for January climbed to 59.4, which is not only better than the 57.0 that had been expected, but also the best reading since 2005.

Factory orders for December increased 0.2% after a 1.3% increase in the prior month. Economists had called for a 0.6% decline, on average.

Strong earnings helped a few individual names, but the rest of the market was mostly uninspired by results. Both Visa (V 71.63, -0.46) and MasterCard (MA 245.39, +6.00) posted upside earnings surprises, but their shares diverged. The rest of the financial sector was also mixed; it finished with a fractional gain.

Health care plays swung from a loss of about 1% to a fractional gain. Cardinal Health (CAH 42.31, +0.62) posted an upside surprise of its own, as did Merck (MRK 32.90, -0.92) and CIGNA (CI 42.56, +0.30), but the latter two issued downside guidance.

Retailers rode a sizable batch of stronger-than-expected same-store sales results to a 1.3% gain. BJ's Wholesale (BJ 48.25, +5.24) was one of the best performers, thanks partly to its 2.7% increase in same-store sales results for January, but mostly because the company announced that it will explore strategic alternatives, including selling the company.

Even though there was a barrage of headlines, stocks traded listlessly for most of the session. There was a midmorning flurry of selling that took stocks past the prior session's low, but a rebound took hold once the S&P 500 secured support at the 1295 line. Stocks then spent about three hours drifting sideways along the neutral line before a bit of late buying helped take stocks into positive territory. The move helped the S&P 500 offset its loss in the prior session, but gave the Dow a fractionally improved two-year closing high.

The dollar made its biggest bounce in almost one month by gaining 0.9% against a basket of competing currencies. It had a slow start to the day, but really started to move after European Central Bank (ECB) President Trichet took a relatively dovish stance on inflation following the ECB's decision to leave its benchmark target rate at 1.00%. FOMC Chairman Bernanke stated in a speech today that the recovery has strengthened, but not enough to significantly reduce unemployment.

Advancing Sectors: Consumer Discretionary (+1.2%), Telecom (+0.9%), Consumer Staples (+0.4%), Materials (+0.4%), Utilities (+0.2%), Energy (+0.1%), Health Care (+0.1%), Financial (+0.1%)
Unchanged: Industrials, Tech
Declining Sectors: (None)DJ30 +20.29 NASDAQ +4.32 NQ100 +0.1% R2K -0.3% SP400 -0.3% SP500 +3.07 NASDAQ Adv/Vol/Dec 1297/1.95 bln/1309 NYSE Adv/Vol/Dec 1606/998 mln/1357

3:30 pm : Outside of precious metals (+1.7%), commodities finished largely lower on the session, led by a 1.8% sell off in softs. May sugar shed 9%, to close at $0.3090 per pound, following news that Cyclone Yasi was downgraded to a Category 1 cyclone after it made landfall in Australia yesterday. Australia produces about 3% of the world's sugar. Yesterday, sugar prices rallied to their best levels since Nov of 1980 on concerns over the potential impact of Yasi.

March natural gas shed 1.9% to close at $4.34 per MMBtu, following this morning's inventory data which showed an inline drawn down. It attempted to recoup losses following the data, but had little success and ended the day near its session lows. March crude oil finished quietly lower by 0.4% to $90.54 per barrel.

April gold finished higher by 1.6% to $1353.00 per ounce, while March silver rallied for 1.8% to end at $28.72 per ounce. DJ30 +25.93 NASDAQ +5.49 SP500 +3.21 NASDAQ Adv/Vol/Dec 1255/1.6 bln/1351 NYSE Adv/Vol/Dec 1618/759.9 mln/1337

3:00 pm : For the first time all day the S&P 500 has successfully pushed into positive territory. There is no news item or clear catalyst to account for the feat, but the leg up has come amid relatively broad-based buying.

Only an hour remains before the close of today's trade. That brings into focus the next round of earnings reports, which will include the latest from Las Vegas Sands (LVS 50.61, +1.18) and Sunoco (SUN 43.55, +0.36), both of which are slated for this evening. Tomorrow morning brings Aetna (AET 33.40, +0.00), Clorox (CLX 63.54, +0.57), Fortune Brands (FO 61.56, +1.01), Tyson Foods (TSN 17.48, +0.39), Weyerhaeuser (WY 23.56, -0.01), and YRC Worldwide (YRCW 4.43, +0.21). DJ30 +14.99 NASDAQ +2.86 SP500 +1.85 NASDAQ Adv/Vol/Dec 1211/1.46 bln/1374 NYSE Adv/Vol/Dec 1504/669 mln/1444

2:30 pm : Stocks remain stuck in a listless fit of trading for the second straight session. That has the S&P 500 headed for another relatively flat finish.

Treasuries are also still stuck in a rut of weakness. Selling in that space has the yield on the benchmark 10-year Note at its best level in more than a month and the yield on the 30-year Bond at its best level since last April. DJ30 -0.71 NASDAQ -1.02 SP500 -0.62 NASDAQ Adv/Vol/Dec 1146/1.34 bln/1417 NYSE Adv/Vol/Dec 1375/612 mln/1560

2:00 pm : Health care stocks have benefited from a sudden flurry of buying. The sector had been in the red all session, and down as much as 1.1%, but it is now in positive territory with a slight gain of 0.1%. Managed care providers are primary drivers in the move; they are now up 2.4%.

However, the broader market has been uninspired by the health care sector's swing higher. In turn, the S&P 500 continues to drag along underneath the neutral line with a narrow loss. DJ30 -7.98 NASDAQ -2.08 SP500 -1.33 NASDAQ Adv/Vol/Dec 1147/1.24 bln/1403 NYSE Adv/Vol/Dec 1335/557 mln/1586

1:30 pm : The stock market has spent the past 90 minutes drifting along just below the neutral line. No real reaction has been made to Fed Chairman Bernanke's speech to the National Press Club.

According to Bernanke's comments, the economic recovery appears to have strengthened, but not fast enough to bring about significant improvement in the job market. He added that more recently there has been increased evidence that a self-sustained recovery in consumer and business spending may be taking hold. DJ30 -1.09 NASDAQ -0.89 SP500 -1.15 NASDAQ Adv/Vol/Dec 1190/1.14 bln/1336 NYSE Adv/Vol/Dec 1374/511 mln/1510

1:05 pm : Despite a barrage of upbeat headlines, the broader market has had a hard time finding higher ground this session.

Broad market participants have shrugged off a big batch of better-than-expected earnings. Visa (V 71.91, -0.18), Dow Chemical (DOW 36.64, +0.00), National Oilwell Varco (NOV 75.57, +0.93), Cardinal Health (CAH 42.05, +0.36), News Corp (NWSA 16.86, +0.87), and Hartford Financial (HIG 28.31, +0.38) are among the more widely held names that have posted upside surprises. Merck (MRK 32.97, -0.85), CVS Caremark (CVS 32.61, -2.04), and CIGNA (CI 42.03, -0.23) also beat earnings expectations, but the trio disappointed with their guidance.

Data for today has been solid, but it has done little to drive trade. The latest initial jobless claims tally came in at 415,000, which is down more than expected from the prior week. Continuing claims also moved lower; they came in at 3.95 million.

Nonfarm productivity for the fourth quarter increased 2.6%, which is better than what had been expected. Unit labor costs made a surprise 0.6% slide.

Shortly after the open it was revealed that the ISM nonmanufacturing Composite for January improved more than expected to a five-year high of 59.4. Factory orders for December were released at the same time; they made a surpise increase of 0.2%.

Stocks rolled over after all the data was revealed. Their move lower accelerated after stocks cleared the prior session's low. The slide only stopped when the S&P 500 found support at the 1295 line, which acted as a base for a rebound. The stock market has been unable to push into positive territory, though.

Retailers have put together an impressive performance in the face of mixed broader market action. They are collectively up 1.1%. The retailer space has been helped by a big batch of upbeat same-store sales results. Of the 25 same-store sales results covered by Briefing.com, more than two-thirds exceeded expectations.

BJ's Wholesale (BJ 48.91, +5.90) is among the best performers. In addition to stronger-than-expected same-store results, the company announced that it will explore strategic alternatives, including selling the company.

The dollar is up 0.8% in its best bounce by percent in almost one month. Most of its strength has come against the euro, which is down 1.2% to $1.364 following the European Central Bank's decision to leave its benchmark target rate at 1.00%. Though rates had been expected to remain unchanged, some have become concerned about the inflationary implications of higher commodity and energy prices. DJ30 -5.26 NASDAQ -0.80 SP500 -1.03 NASDAQ Adv/Vol/Dec 1183/1.07 bln/1337 NYSE Adv/Vol/Dec 1359/485 mln/1515

12:35 pm : The S&P 500 failed to turn positive upon running into resistance near the neutral line. This is the second straight session that the benchmark Index has been rebuffed there.

Even though the stock market remains stuck in negative territory, Treasuries have extended their slide. In turn, the yield on the benchmark 10-year Note is now up to 3.52%. DJ30 -9.68 NASDAQ -0.24 SP500 -1.46 NASDAQ Adv/Vol/Dec 1199/985 mln/1299 NYSE Adv/Vol/Dec 1321/445 mln/1548

12:00 pm : Stocks have extended their rebound from session lows. The effort has taken the Dow and Nasdaq to the neutral line. The S&P 500 trails by a narrow margin, so it remains in the red.

Estee Lauder (EL 91.57, +11.01) and Limited Brands (LTD 31.16, +2.03) have been broader market leaders in recent trade. Shares of EL successfully broke free from their five-day trading range after the personal care product producer issued upside guidance. As for LTD, the stock has bounced following news that the company saw same-store sales for January surge by 24% from the prior year. That helped the company increase its outlook for its fiscal fourth quarter.

Shares of Autonation (AN 30.49, +2.24) are also up sharply after the company posted an upside earnings surprise for its latest quarter and also announced that new retail vehicle unit sales for January increased 24% over the same period one year ago. DJ30 -0.34 NASDAQ +1.18 SP500 -1.02 NASDAQ Adv/Vol/Dec 1266/880 mln/1199 NYSE Adv/Vol/Dec 1396/402 mln/1443

11:30 am : Transportation stocks are having a relatively strong session. In turn, the Dow Jones Transportation Index is up 0.9%. Even shares of Con-way (CNW 33.56, +0.19) have caught a solid bid, despite the company's failure to hit the consensus earnings and revenue estimate.

Airline stocks are also up nicely as the Amex Airline Index sports a 0.7% gain. Delta Air Lines (DAL 11.85, +0.50) is up more than 4%. The company is slated for the Raymond James Global Airlines Conference today. DJ30 -18.46 NASDAQ -10.23 SP500 -4.04 NASDAQ Adv/Vol/Dec 913/753 mln/1503 NYSE Adv/Vol/Dec 1065/339 mln/1750

11:00 am : A flurry of selling sent stocks to marked losses shortly after the release of data at 10:00 AM ET. Stocks have since rebounded so that losses among the major equity averages are now more moderate.

For the second straight session leadership is lacking. Tech and financials, the two largest sectors by market weight, remain in the red with respective losses of 0.5% and 0.4%. Consumer discretionary stocks are up 0.7%, but that sector lacks substantial market weight. DJ30 -16.99 NASDAQ -9.00 SP500 -4.43 NASDAQ Adv/Vol/Dec 929/635 mln/1455 NYSE Adv/Vol/Dec 1028/285 mln/1750

10:35 am : Commodities have pulled back in recent trade due to a spiked in the dollar index. However, cotton futures remain 2.0% higher after hitting new all-time highs again overnight, extending recent gains due to China demand.

March natural gas futures was about 1.1% higher, near session highs, ahead of today's inventory data. Following the data, which showed a draw of 189 bcf versus consensus which expected a draw of 187 bcf, natural ghas fell back toward the flat line and is now down 0.4% at $4.41 per MMBtu.

March crude has pulled back over $1 in recent trade and is back in the red. It's currently 0.6% lower at $90.31 per barrel.

Precious metals have also pulled back in recent trade, falling into negative territory. April gold is now just below the unchanged line at $1329.50 per ounce, while March silver is 0.8% lower at $28.07 per ounce.

Sugar and wheat prices have pulled back from yesterday now that Cyclone Yasi has passed through. Currently, sugar and wheat are the worst performing commodities in the CRB Index, now 2.8% lower at 33.08 cents/lb. Wheat futures are 1.6% at $8.645/bushel. Yesterday, both commodities were leading the CRB Index on the initial news of Cyclone Yasi. Australia produces about 3.5% of the world's wheat in a given year and 3% of the world's sugar.DJ30 -40.18 NASDAQ -16.13 SP500 -6.72 NASDAQ Adv/Vol/Dec 664/498.2 mln/1691 NYSE Adv/Vol/Dec 811/221.9 mln/1925

10:05 am : Stocks continue to chop along in negative territory, despite a dose of upbeat data. Meanwhile, the dollar has pushed to a 0.8% gain, which makes for a session high against a basket of major foreign currencies.

The ISM nonmanufacturing Composite for January came in at a five-year high of 59.4, which is better than the 57.0 that had been expected, on average, by economists polled by Briefing.com.

Factory orders for December were also just posted. They increased 0.2% after a 1.3% increase in the prior month. The Briefing.com consensus called for a 0.6% decline.

Advancing Sectors: Consumer Discretionary (+0.7%), Telecom (+0.2%), Consumer Staples (+0.1%)
Declining Sectors: Energy (-0.7%), Health Care (-0.6%), Materials (-0.5%), Financials (-0.4%), Tech (-0.4%), Utilities (-0.3%), Industrials (-0.3%)DJ30 -14.00 NASDAQ -0.68 SP500 -1.48 NASDAQ Adv/Vol/Dec 986/268 mln/1239 NYSE Adv/Vol/Dec 1199/132 mln/1455

09:45 am : The major equity averages are down with narrow losses amid choppy action. Retailers have ripped higher, however; their collective 1.1% gain stems from a big batch of stronger-than-expected same-store sales for January.

Shares of BJ's Wholesale (BJ 48.65, +5.63) have started to pull back from an opening spike that was underpinned by upbeat same-store sales results and the company's decision to pursue strategic alternatives, including selling the company. A flurry of buying at the open sent the stock to its highest level since 2001. DJ30 -12.10 NASDAQ -0.95 SP500 -1.44 NASDAQ Adv/Vol/Dec 921/167 mln/1212 NYSE Adv/Vol/Dec 1046/90 mln/1538

09:15 am : S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -2.80. Stock futures are still down modestly following a flurry of headlines, which have included earnings, same-store sales, and data. Most of those announcements were upbeat, but concerns about conditions in Egypt have been rekindled as reports indicate that protests have become more violent than peaceful. The dollar has made a strong bounce in recent trade. Its 0.7% gain against a collection of competing currencies puts it on pace for only its third gain in 10 sessions, though. Favor for the greenback didn't really pick up until European Central Bank President Trichet began his press conference following the ECB's decision to leave the target interest rate at 1.00%, as had been expected. Still to come this morning are factory orders figures for December and the ISM nonmanufacturing Composite for January. Both are due at 10:00 AM ET. Fed Chairman Bernanke is scheduled for a 12:30 PM ET speech at the National Press Club.

09:05 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -4.50. Futures for the S&P 500 remain under moderate pressure. Meanwhile, Europe's major bourses are currently down with varied losses. Following the European Central Bank's (ECB) decision to leave its benchmark interest rate unchanged at 1.00%, as had been expected, ECB President Trichet stated that there is evidence of upward pressure on inflation due to energy and commodities, but that prices are still expected to remain in line with price stability. As for data, the final reading on the eurozone Services PMI for January improved to 55.9 from 55.2 in the preliminary reading. It had been at 54.2 in the prior month. The United Kingdom's Services PMI for January improved to 54.5 from 49.7 in December. Britain's FTSE is currently off by 0.4%. Royal Dutch Shell (RDS.A) is down markedly amid disappointment following its latest quarterly report. BP Plc (BP) is lower in sympathy. GlaxoSmithKline (GSK) has displayed strength, though. Germany's DAX is down 0.2% at the moment. Fresenius SE has been a heavy drag, but Deutsche Bank has attracted support following the release of its official fourth quarter results. Deutsche Bank had issued preliminary results earlier this week. France's CAC has fallen to a 1.2% loss amid widespread weakness. Total (TOT), Societe Generale, and BNP Paribas have been primary sources of weakness. Renault SA has displayed strength in the face of the broad slide, though.

In Asia, both China's Shanghai Composite and Hong Kong's Hang Seng were closed for holiday, but China released its January nonmanufacturing PMI, which came in at 52.9 after a reading of 56.5 in December. Japan's Nikkei remained open for trade. It slid to a 0.3% loss. Strength in Fast Retailing, which bounced above its 50-day and 200-day moving average to a two-week high, was offset by weakness in Fanuc Corp, Konami, and Honda Motor (HMC).

08:35 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -6.50. Stock futures have stabilized following the latest dose of data, which featured news that initial jobless claims for the week ended January 29 totaled 415,000. Some 425,000 claims had been expected, on average, among economists polled by Briefing.com. Initial claims for the prior week were revised slightly higher to a total of 457,000. Continuing claims came in at 3.95 million, down from 4.01 million in the prior week. Separately, nonfarm productivity for the fourth quarter increased 2.6%, which is better than the 2.2% increase that had been widely expected. Unit labor costs fell 0.6%, but had been expected to increase 0.1%.

08:05 am : S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -8.00. Stock futures are down modestly after they extended the prior session's listless chop into overnight trade. Participants are digesting a deluge of headlines, which have included better-than-expected earnings from Visa (V), Dow Chemical (DOW), National Oilwell Varco (NOV), News Corp (NWSA), and Hartford Financial (HIG). Cardinal Health (CAH) complemented its own upside surprise with a strong forecast. Merck (MRK), CVS Caremark (CVS), and CIGNA (CI) also beat earnings expectations, but all three issued downside guidance. Retailers' same-store sales for January are also coming across newswires. Costco (COST) had stronger-than-expected results. BJ's Wholesale (BJ) did, too, but it also announced its decision to explore strategic alternatives, including selling the company. Many other retailers have also reported better-than-expected same-store sales results. Still to come this morning is the latest weekly initial jobless claims tally at 8:30 AM ET. Nonfarm productivity and labor cost data for the fourth quarter are also scheduled for release at the bottom of the hour. The ISM non-manufacturing Index for January follows at 10:00 AM ET, along with factory orders figures for December.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -3.50.

06:51 am : Nikkei...10431.36...-26.00...-0.30%. Hang Seng...Holiday.........

06:51 am : FTSE...5979.27...-21.00...-0.40%. DAX...7179.26...-4.40...-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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