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 Post subject: February 9th Wednesday 2011 Emini TF ($TF_F) points +5.40
PostPosted: Thu Feb 10, 2011 12:14 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:
Conservative trading today because I'm still trying to complete tax preparation paper work. As for today's price action in the Russell 2000 Emini TF futures, there was an impressive looking fading volatility breakout trade signal at the intraday highs that exploited the gap closure on the regular session chart of IWM. I often use IWM to signal trades in the Emini TF futures. 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: +5.40 points or $540.00 dollars in the Russell 2000 Emini TF ($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=87&t=753. 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) - Stocks Fall Amid Concern About Accelerating Inflation



Image CNNMoney.com - Dow Ends Higher For 8th-Straight Day
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
February 9, 2011: 6:01 PM ET

NEW YORK (CNNMoney) -- U.S. stocks lifted from session lows Wednesday and ended a lackluster trading session mixed. The Dow inched higher for an eighth straight session, but the S&P 500 and Nasdaq finished lower as investors took a breather following four consecutive days of gains.

After spending most of the day in the red, the Dow Jones industrial average (INDU)managed to add 7 points, or 0.1%, led by a 5% jump in shares of Walt Disney Co. (DIS, Fortune 500) following strong fourth-quarter earnings. The blue-chip index rose to 12239.89, the highest level since June 16, 2008.

The S&P 500 (SPX) slipped 4 points, or 0.3%, and the tech-heavy Nasdaq (COMP) fell 8 points, or 0.3%.

Energy and financial companies were among the biggest laggards. Chevron (CVX, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were among the Dow's biggest losers. Meanwhile, drops in shares of Southwestern Energy Co. (SWN), Cliffs Natural Resources (CLF) andWells Fargo (WFC, Fortune 500) weighed on the S&P 500.

Investors directed their attention to Capitol Hill, as Federal Reserve Chairman Ben Bernanke testified before the House Budget Committee. The central bank chief said that despite a strengthening economic recovery, the unemployment rate remains high while inflation is "still quite low."

Bernanke also told lawmakers that they need a "credible program" to reduce the nation's growing deficit.

* Bernanke faces off against Paul Ryan

"Bernanke's speech is pretty much a repeat of what he's been saying," said Tom Schrader, managing director at Stifel Nicolaus. "Investors seem to be content with their current investments, and are taking a wait-and-see attitude. There's nothing on the immediate horizon that could cause the markets to drift significantly one way or the other."

Stocks posted solid gains Tuesday, with the Dow ending at its highest level since June 2008, as traders cheered news in the consumer sector and looked past China's latest interest rate hike.

Economy: Investors will be keeping an eye out for a proposal due Friday from the Obama administration recommending a phase-out plan for Fannie Mae and Freddie Mac, two government-sponsored mortgage backers.

The highly anticipated "white paper" will include three different options for reducing the role government plays in the mortgage market, according to a White House official.

Treasury Secretary Tim Geithner offered an optimistic economic outlook Wednesday, although he acknowledged that the job market will take time to recover.
0:00 /2:07Grandparents: A booming market

Companies: Shares of NYSE Euronext (NYX, Fortune 500) -- the parent company of the New York Stock Exchange -- jumped 14% after the company confirmed that it is in advanced merger talks with Germany's Deutsche Boerse.

Polo Ralph Lauren's (RL, Fortune 500) stock rallied 8.3%, after the retailer delivered a $168.4 million profit -- thanks to solid holiday season sales.

Computer Sciences (CSC, Fortune 500) plunged 14% after the information-technology company missed revenue estimates and lowered its forecast for the year.

Shares of Wells Fargo (WFC, Fortune 500) fell 2.8% after the bank announced late Tuesday that chief financial officer Howard Atkins is retiring. The company said the retirement wasn't due to Wells' financial condition or reporting.

Shares of Cisco Systems (CSCO, Fortune 500) slipped 1.3% in after-hours trading after the company posted a quarterly profit that fell from year-ago results but beat Wall Street's forecasts.

World markets: European stocks ended the session lower. Britain's FTSE 100 slid 0.6%, the DAX in Germany was flat and France's CAC 40 edged down 0.4%.

Asian markets ended below breakeven, in reaction to China's central bank raising key interest rates the day before. The Shanghai Composite fell 0.9%, the Hang Seng in Hong Kong lost 1.4%, and Japan's Nikkei slid 0.2%.

Currencies and commodities: The dollar was slightly lower versus the euro, but rose against the Japanese yen and the British pound.

Oil for March delivery fell 23 cents to settle at $86.71 a barrel.

Gold futures for April delivery rose $1.40 to settle at $1,365.50 an ounce.

Corn futures jumped 3.6% to $6.98 a bushel after a report from the U.S. Department of Agriculture cut its forecast for reserves of the grain by four times as much as the market had expected. Wheat and soybean futures also rose.

Bonds: The price of the benchmark 10-year U.S. Treasury was higher Wednesday, pushing the yield down to 3.64%.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Action was largely listless all session. That left the Nasdaq and S&P 500 to muddle along and log modest losses. However, the Dow eked out a slight gain in the final few minutes to score its eighth straight advance.

Stocks traded in choppy fashion for the first part of the session as participants appeared content to let stocks find their own direction, rather than continue to chase the tape. Some opted to take profits when the S&P 500 failed to push through resistance at the neutral line, but selling never became overly intense. That made it possible for the Dow to recover for another gain.

The Dow spent most of the session narrowly in front of its counterparts. Disney (DIS 43.36, +2.18) provided it with support following an upside earnings surprise that took the stock to a record high.

Fellow blue chip Coca-Cola (KO 63.15, +0.28) reported in-line earnings results. Its shares gapped up at the open, but drifted off of that mark throughout the session.

The broader market was generally unenthused by the pair's earnings. Merger and acquisition activity also had little influence on trade. The latest deal-making includes plans of the London Stock Exchange to acquire TMX Group, which is the owner of the Toronto Stock Exchange, for $3.2 billion. On a similar note, Deutsche Borse and NYSE Euronext (NYX 39.17, +5.76) confirmed that they are discussing a potential business combination.

Treasuries caught a bid after suffering from selling for more than a week. That spell of selling sent the yield on the benchmark 10-year Note to a nine-month high yesterday. Heightened yields and relatively weak action in the stock market helped drive strong demand at the latest the 10-year Note auction. The auction drew a bid-to-cover ratio of 3.23, dollar demand of $77.5 billion, and an indirect bidder participation rate of 71.3%.

Fed Chairman Bernanke offered no new insight into macro conditions during his testimony to the House Budget Committee. Consistent with the recent FOMC policy statement, he noted that the economic recovery appears to have strengthened in the past few months, although the unemployment rate remains high.

Advancing Sectors: Consumer Discretionary (+0.6%), Telecom (+0.2%), Consumer Staples (+0.2%)
Unchanged: Industrials
Declining Sectors: Energy (-1.2%), Materials (-0.9%), Financials (-0.7%), Health Care (-0.2%), Tech (-0.2%), Utilities (-0.1%)DJ30 +6.74 NASDAQ -7.98 NQ100 -0.1% R2K -0.5% SP400 -0.3% SP500 -3.69 NASDAQ Adv/Vol/Dec 958/1.95 bln/1668 NYSE Adv/Vol/Dec 1123/947 mln/1843

3:30 pm : Grains led all commodities higher, rallying for 2%. May corn futures finished higher by 3.5% to $7.08 per bushel. Prices were supported by a bullish USDA report, which showed that global corn inventory levels fell 3.5% to 122.51 million metric ton, while U.S. corn inventory levels declined 9.4% to 675 mln bushels. In the U.S., this is the lowest level since the 1995/96 crop season.

The energy sector finished with a 0.9% gain on the day. March natural gas ended higher by 0.1% to $4.05 per MMBtu, ending a five session losing streak. March crude oil settled lower by 0.3% to $86.71 per barrel.

It was a choppy session for the precious metals. April gold ended with a 0.1% gain to $1365.50 per ounce, while March silver ended near flat at $30.28 per ounce. DJ30 -20.02 NASDAQ -8.98 SP500 -6.30 NASDAQ Adv/Vol/Dec 895/1.6 bln/1730 NYSE Adv/Vol/Dec 1040/666.3 mln/1911

3:00 pm : Stocks are still at session lows as they enter the final hour of the trading day. With the close drawing near, participants turn their attention to the next round of earnings reports, which includes the latest from Allstate (ALL 32.35, -0.21), Akamai Tech (AKAM 48.03, -0.07), Cisco (CSCO 22.03, +0.04), MetLife (MET 47.82, -0.65), and Whole Foods (WFMI 53.20, +0.29).DJ30 -31.56 NASDAQ -12.85 SP500 -8.17 NASDAQ Adv/Vol/Dec 782/1.50 bln/1814 NYSE Adv/Vol/Dec 966/615 mln/2001

2:30 pm : A renewed selling effort has sent stocks to fresh session lows. Most of the push has come against energy stocks (-1.5%), materials stocks (-1.4%), and financials (-1.0%). Consumer discretionary stocks (+0.5%) and telecom stocks (+0.3%) are still the only sectors sporting any kind of a gain.DJ30 -23.23 NASDAQ -11.34 SP500 -6.79 NASDAQ Adv/Vol/Dec 794/1.36 bln/1773 NYSE Adv/Vol/Dec 997/550 mln/1960

2:00 pm : Telecom stocks are widely considered to be stodgy and unexciting. That view often leaves the sector out of favor when the broader market performs well enough to invite riskier bets.

Given that the S&P 500 has staged a steady, multi-month ascent to two-year highs, telecom has been left behind so that it is the only major sector with a year-to-date loss. Telecom stocks are down close to 2% this year, but they have actually fared relatively well this session. Their 0.3% gain this session is currently second only to the consumer discretionary sector's 0.6% gain.DJ30 -15.97 NASDAQ -4.45 SP500 -4.92 NASDAQ Adv/Vol/Dec 936/1.24 bln/1647 NYSE Adv/Vol/Dec 1096/497 mln/1848

1:30 pm : Strong results from an auction of 10-year Notes spurred a rally in Treasuries, but they have started to drift back a bit. The yield on the benchmark 10-year Note is now at 3.66%.

Results for the auction featured a bid-to-cover ratio of 3.23, dollar demand of $77.5 billion, and an indirect bidder participation rate of 71.3%. For comparison, the prior auction's bid-to-cover came in at 3.30 for dollar demand of $69.3 billion, while the indirect bidder participation rate came in at 53.6%. An average of the past six sessions results in a bid-to-cover of 3.04, dollar demand of $66.8 billion, and an indirect bidder participation rate of 49.4%.DJ30 -1.78 NASDAQ -2.33 SP500 -3.28 NASDAQ Adv/Vol/Dec 959/1.15 bln/1602 NYSE Adv/Vol/Dec 1165/460 mln/1747

1:00 pm : Participants have had plenty of headlines to pick for trading catalysts, but generally listless action has left stocks stuck in the red with varied losses.

Neither overseas trade nor earnings inspired participants to extend their recent buying effort in the early going -- Europe's bourses and Asia's major averages all settled lower while the broader market shrugged off the latest results from Disney (DIS 43.61, +2.43) and Coca-Cola (KO 63.19, +0.32). The two Dow components have garnered support of their own, though.

Stocks set two-year highs yesterday, but companies flush with cash are still looking to make acquisitions. In particularly, the London Stock Exchange announced plans to acquire TMX Group, which is the owner of the Toronto Stock Exchange, for $3.2 billion. Deutsche Borse and NYSE Euronext (NYX 38.31, +4.90) confirmed that they are engaged in advanced discussions regarding a potential business combination.

Merger and acquisition activity is usually regarded as a bullish sign for investors, but it hasn't given way to any kind of broad market bid today.

In his testimony to the House Budget Committee, Fed Chairman Bernanke stated this morning that the economic recovery appears to have strengthened in the past few months, although the unemployment rate remains high. He added that more recently there is increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold.

Stocks didn't show any meaningful reaction to Bernanke's comments, mostly because they didn't provide any new detail or perspective on macro conditions.

Treasuries are up with modest gains amid the stock market's fit of relative weakness today. Results from an auction of 10-year Notes are due at any moment.

Commodities are somewhat mixed at the moment. Among the more widely watched elements, oil prices have pulled back from a gain of more than 1% to trade with a 0.2% gain at $87.15 per barrel in the wake of a slightly smaller-than-expected build in weekly inventories. Precious metals prices have pulled back from modest gains to trade with fractional losses, but corn prices are still up firmly following the latest USDA world agriculture supply and demand report. DJ30 -19.15 NASDAQ -7.97 SP500 -5.46 NASDAQ Adv/Vol/Dec 821/1.05 bln/1726 NYSE Adv/Vol/Dec 1031/425 mln/1875

12:30 pm : Losses remain relatively modest, but stocks are still mired near session lows. The selling has caused volatility to heat up a bit; as such, the Volatility Index is presently up 3.7%.

Treasuries are trading with limited strength. Participants await the 1:00 PM ET release of results from the latest auction of 10-year Notes. Treasuries sold off in the prior session when results from an auction of 3-year Notes proved disappointing. DJ30 -11.47 NASDAQ -27.87 SP500 -13.18 NASDAQ Adv/Vol/Dec 769/965 mln/1764 NYSE Adv/Vol/Dec 947/390 mln/1945

12:00 pm : In a testimony to the House Budget Committee, Fed Chairman Bernanke stated that the economic recovery that began in the middle of 2009 appears to have strengthened in the past few months, although the unemployment rate remains high. He noted, though, that economic growth slowed significantly last spring and concerns about the durability of the recovery intensified as the impetus from inventory building and fiscal stimulus diminished and as Europe's fiscal and banking problems roiled global financial markets. More recently, there is increased evidence that a self-sustaining recovery in consumer and business spending may be taking hold since real consumer spending increased at an annual rate of more than 4% in the fourth quarter.

He added that improving household and business confidence, accommodative monetary policy, and more-supportive financial conditions, including an apparently increasing willingness of banks to lend, seem likely to result in a more rapid pace of economic recovery in 2011 than last year. DJ30 -25.50 NASDAQ -10.47 SP500 -6.76 NASDAQ Adv/Vol/Dec 769/860 mln/1737 NYSE Adv/Vol/Dec 901/345 mln/1972

11:30 am : A flurry of recent selling has sent the stock market to a fresh session low. The retreat has been relatively broad, but pressure has been most pronounced against natural resource plays like energy and materials stocks.

The energy sector is now down 1.6%. At the moment there isn't a single name in the 41-member sector that has managed to preserve any kind of gain. Oil and gas drillers and explorers are among the hardest hit; both groups are currently down 2.0%.

Materials stocks are collectively off by 1.0%, but it's diversified metals and mining plays (-2.9%) that are having the heaviest drag on the space. DJ30 -18.39 NASDAQ -10.06 SP500 -5.94 NASDAQ Adv/Vol/Dec 782/760 mln/1714 NYSE Adv/Vol/Dec 884/300 mln/1967

11:00 am : The S&P 500 recently worked its way to the neutral line, but it was met with resistance there. It has since drifted back to a slight loss. Meanwhile, the Nasdaq is lingering near the unchanged mark and the Dow has managed to put together a narrow gain. The Dow has finished higher in each of the past seven sessions.

Consumer discretionary stocks continue to distinguish themselves. The sector has ascended to a 0.8% gain, which comes on top of the sector's 1.2% advance in the prior session. What's more, consumer discretionary stocks have advanced in five straight sessions for a cumulative gain of 4.4%, whereas the broader market has gained 1.4% during the course of the last five sessions. DJ30 +9.08 NASDAQ -0.27 SP500 -1.46 NASDAQ Adv/Vol/Dec 1050/578 mln/1370 NYSE Adv/Vol/Dec 1162/229 mln/1642

10:35 am : Oil prices trade with a 1.0% gain at $87.85 per barrel. They saw a brief pullback in the wake of the latest weekly crude oil inventory report, but have since recovered. The latest inventory report showed a 1.9 million-barrel build when a build of 2.0 million barrels had been widely expected.

Natural gas prices are currently flat at $4.04 per MMBtu. They were as low as $3.99 per MMBtu in early morning and overnight trade.

Precious metals are presently up with varied gains. Specifically, gold prices are up 0.2% to $1366.40 per ounce while silver sports a 0.5% gain at $30.43 per ounce.

The U.S. Department of Agriculture released this morning its latest estimates for World Agricultural Supply and Demand. The report showed continued cuts in global inventory of corn, wheat, and soybeans. U.S. corn inventories saw the sharpest cut, more than 9%, to levels not seen in more than 15 years. Corn just began pit trade with prices up 2.9% at $7.04 per bushel.

Collective strength among commodities has the CRB Commodity Index up 0.5% following four straight losses. DJ30 -0.83 NASDAQ -2.24 SP500 -1.96 NASDAQ Adv/Vol/Dec 886/442 mln/1491 NYSE Adv/Vol/Dec 972/182 mln/1808

10:00 am : Choppy trade continues to keep the major equity averages at or just below the flat line. However, consumer discretionary stocks have managed to move even higher so that the sector now sports a 0.4% gain.

Fed Chairman Bernanke's prepared testimony to the House Budget Committee should hit newswires at any moment. Stocks have yet to show a reaction to it.

Weekly oil inventory data are due at the bottom of the hour. Oil prices are up 0.7% at $87.55 per barrel ahead of the report.

Advancing Sectors: Consumer Discretionary (+0.4%), Consumer Staples (+0.3%)
Declining Sectors: Materials (-0.7%), Financial (-0.6%), Energy (-0.6%), Utilities (-0.5%), Industrials (-0.2%), Telecom (-0.2%), Tech (-0.1%), Health Care (-0.1%)DJ30 +2.38 NASDAQ -4.54 SP500 -2.81 NASDAQ Adv/Vol/Dec 689/252 mln/1590 NYSE Adv/Vol/Dec 768/119 mln/1930

09:45 am : The major equity averages are chopping along with modest losses in the first few minutes of the session. Most of the major sectors are in the red, but financials have been the heaviest drag on early trade -- they are collectively down 0.6% in current trade.

Consumer discretionary stocks are showing relative strength for the second straight session. The sector is up 0.2% with help from apparel and accessories issues (+2.0%) and movies and entertainment plays (+1.9%) like Disney (DIS 43.09, +1.91), which is at a 10-year high following an upside earnings surprise for its latest quarter.DJ30 -5.07 NASDAQ -5.40 SP500 -3.45 NASDAQ Adv/Vol/Dec 656/175 mln/1592 NYSE Adv/Vol/Dec 719/90 mln/1961

09:15 am : S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -6.20. Stock futures suggest that a mildly weak start for trade is in order today. The softened tone follows fresh two-year highs in the prior session. Earnings have been a non-factor this morning as broad market participants shrug off an upside earnings surprise from Disney (DIS) and in-line earnings from fellow Dow component Coca-Cola (KO). Merger and acquisition activity continues with the London Stock Exchange (LSE) looking to acquire TMX Group, which is the owner of the Toronto Stock Exchange, for $3.2 billion. On a related note, St. Joe Co. (JOE) is exploring financial and strategic alternatives, including a sale of the company. There isn't any economic data on tap to act as a trading catalyst, but Fed Chairman Bernanke is scheduled to give a testimony to the House Budget Committee at 10:00 AM ET. The latest weekly oil inventory report will be posted at 10:30 AM ET; oil prices are up modestly ahead of that report and in the wake of the USDA's latest world demand and supply estimates. This afternoon brings results from an auction of 10-year Notes at 1:00 PM ET. Treasuries are up modestly after pressure in recent sessions took yields to multi-month highs in the prior session.

09:05 am : S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -6.00. The CRB Commodity Index is currently up about 0.3% in the wake of the latest USDA report, which features world estimates for world agricultural supply and demand. In the first few minutes of pit trade, oil prices are up 0.5% to $87.35 per barrel. Weekly oil inventory data are due at 10:30 AM ET. Natural gas prices are currently down 0.7% to $4.01 per MMBtu, which makes for a new one-month low. As for precious metals, gold prices are flat at $1364 per ounce while silver prices are up 0.2% to $30.32 per ounce.

08:30 am : S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -5.20. Domestic stock futures continue to trade with moderate weakness. Action abroad remains lackluster. Germany's DAX is currently flat as strength in Metro AG and Linde AG is offset by weakness in Henkel AG and Adidas. According to data, Germany's trade balance for December came in at 11.9 billion euros, down from 12.9 billion euros in the prior session. Its seasonally adjusted exports increased 0.5% in December, just as they did in the prior month. Seasonally adjusted imports for December fell 2.3% after a 4.1% increase in November. France's CAC is fractionally lower. Societe Generale and BNP Paribas, two major French financial players, have shown leadership, but their efforts have been undermined by weakness in Sanofi-Aventis (SNY), which has been hit with selling following its latest quarterly report. Britain's FTSE is down 0.3% even though its declining issues and advancers are perfectly balanced. Financial issues HSBC (HBC), Barclays (BCS), and Prudential PLC (PUK) have displayed strength, while Reckit Benckiser, GlaxoSmithKline (GSK), and BP Plc (BP) have been laggards. Data indicate that the United Kingdom's visible trade deficit for December totaled 9.25 billion pounds, up from a deficit of 8.46 billion pounds in the prior month.

Overnight action in Asia was generally weak as markets reacted to news that the People's Bank of China had added another 25 basis points to its one-year deposit and lending rates. China's Shanghai Composite closed 0.9% lower after it re-opened from a week-long holiday. It was led lower by PetroChina (PTR) and China Petroleum (SNP). China Hainan and China United showed strength, however. China's January HSBC Services PMI came in at 52.0, down from 53.1 in December. Hong Kong's Hang Seng fell 1.4%. PetroChina was also a heavy drag there; it tumbled almost 4%. Of its 45 members, only HSBC, Ping An Insurance, and China Unicom mustered gains. Sellers in Japan snapped a three-session streak of gains by sending the Nikkei to a 0.2% loss. Tokyo Electron weighed on trade, as did Daikin Industries, which reported that its income through nine months fell almost 40%. Toyota Motor (TM) spiked more than 5% following the automaker's better-than-expected earnings and strong guidance. Toyota was also helped by news that a U.S. government report ruled that there were no electronic flaws that caused its cars to accelerate unintentionally.

08:00 am : S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -7.20. There were no real catalysts for trade yesterday, but the major equity averages still worked their way to fresh two-year closing highs. Support has waned this morning so that stock futures trail fair value by a modest margin. Action abroad has been uninspiring -- Asia's major averages all moved lower overnight and Europe's major bourses are flat to modestly lower. The span of earnings announcements continues to narrow. Dow components Disney (DIS) and Coca-Cola (KO) are the most widely held names in the latest round of results. Disney's bottom line was better than expected, but Coca-Cola had an in-line earnings per share figure. For the second straight day there are no economic items on the calendar, but Fed Chairman Bernanke will draw the attention of participants when he makes his testimony to the House Budget Committee at 10:00 AM ET. Results from an auction of 10-year Notes are due at 1:00 PM ET. The benchmark Note is currently up modestly after its yield ascended to a nine-month high yesterday.

06:47 am : [BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -6.70.

06:47 am : Nikkei...10617.83...-18.20...-0.20%. Hang Seng...23164.03...-320.30...-1.40%.

06:47 am : FTSE...6068.94...-22.40...-0.40%. DAX...7318.24...-5.10...-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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