TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 3:32 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: February 10th Thursday 2011 Emini TF ($TF_F) points +11.10
PostPosted: Fri Feb 11, 2011 10:23 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Attachment:
021011-wrbtrader-PnL-Blotter-Profit.png
021011-wrbtrader-PnL-Blotter-Profit.png [ 83.44 KiB | Viewed 271 times ]

click on the above image to view today's trading summary

Quote:
First, if you've been viewing my posted charts at chart.ly, those charts do not represent trades I've taken. In contrast, they represent a key trade with a key WRB Zone that was taken by a client that notified me about the trade. The key thing to remember is that any highlighted green areas on the charts are WRB Zones still open for use to look for trades if/when the price action returns to the green highlighted price area (WRB Zone). As for my own trading today, I accomplish my goal for the day but I had a few trade management problems in the last few trades of the day. 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: +11.10 points or $1110.00 dollars in the Russell 2000 Emini TF ($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=754. 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

-----------------------------

Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.

Image CNNMoney.com - Stocks End Mixed As Egypt, Tech Weigh On Market
Attachment:
021011-Key-Price-Action-Markets.png
021011-Key-Price-Action-Markets.png [ 203.08 KiB | Viewed 258 times ]

click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer
February 10, 2011: 5:22 PM ET

NEW YORK (CNNMoney) -- U.S. markets ended Thursday on a mixed note as traders tried to grasp the developments in Egypt.

The Dow Jones industrial average (INDU) lost 10.6 points, or 0.1% to end at 12,229; the S&P 500 (SPX) rose 1 point, or 0.1%, to 1,322; and the tech-heavy Nasdaq (COMP) closed up 1.4 points, or 0.1% to 2,790. The Dow had been down more than 75 points earlier in the day.

At the beginning of trading, the Dow and Nasdaq posted steep losses led by Cisco Systems (CSCO, Fortune 500) -- whose shares fell 14%. The network equipment maker posted a quarterly profit late Wednesday that was lower than year-earlier results, although it beat Wall Street's forecasts.

Cisco's earnings and outlook generally have a heavy influence on both technology stocks and the broader market, because it builds several key components for the Internet. However, investors noted Cisco has been in turnaround mode for several quarters now.

"The market is trying to work through [whether] Cisco's problems are Cisco's problems, or if they're related to tech overall," said Daniel Morgan, portfolio manager for Synovus Trust.

Despite poor quarterly earnings from other tech companies including Akamai (AKAM) and Activision Blizzard (ATVI), the markets erased the majority of losses after major news outlets reported that Egyptian President Hosni Mubarak could step down today.

After hours of waiting, President Mubarak began speaking at around 3:45 p.m. ET, giving U.S. markets only about 15 minutes to react to the news. When U.S. markets closed, it wasn't clear if Mubarak was stepping down, but it soon became evident that he was not relinquishing power.

Investors said the global reaction to Egypt overnight will hold the key for trading tomorrow.

"We know are possibly losing a friend, but are we gaining an enemy? It's hard to tell at the moment," said Peter Cardillo, chief market economist with Avalon Partners."The auxiliary markets such as the dollar and gold will be the ones to watch overnight."

Companies: Shares of Credit Suisse (CS) fell 7.3%, after the financial services company reported quarterly results that disappointed investors. The bank's asset management division also adjusted its target for return on equity this year, citing the "new regulatory environment."

PepsiCo (PEP, Fortune 500) said fourth-quarter earnings fell 1.7% to 85 cents per share, and issued a disappointing outlook. Shares lost nearly 2% in afternoon trading.

Whole Foods (WFMI, Fortune 500) stock was up more than 11% after the grocery chain reported first-quarter results that beat expectations, and raised its sales and earnings outlook for the year.

After the closing bell, Kraft Foods (KFT, Fortune 500) reported earnings per share of 46 cents on $13.8 billion in revenue, in line with expectations.
0:00 /00:50Cisco shares hit by weak outlook

Economy: A weekly government report showed that the number of Americans filing first-time claims for unemployment benefits fell to 383,000 last week -- the lowest number in two-and-a-half years.

The report was better than expected. Economists surveyed by Briefing.com had forecast 410,000 initial claims.

Investors will also keep 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.

World markets: European markets closed mixed. Britain's FTSE 100 slipped 0.5%, while the DAX in Germany added 0.3% and France's CAC 40 edged up 0.1%.

Asian markets ended mixed. The Shanghai Composite rose 1.6%, while the Hang Seng in Hong Kong plunged nearly 2% and Japan's Nikkei eased 0.1%.

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

Oil for March delivery settled up 2 cents to $86.73 a barrel. However in afterhours electronic trading, oil futures climbed 1.1% to $87.67 a barrel..

Gold futures for April delivery settled down $3 to $1,362.50 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasuries fell, pushing the yield up to 3.68%.

Image

Image Yahoo! Finance - Market Update

4:35 pm : Stocks were hit hard at the open by sellers who were focused on disappointing guidance from Cisco and Akamai Tech, rather than a better-than-expected initial jobless claims report, but the major averages rallied when it became clear that buyers remain in control.

This morning's sell-off was a broad based affair, but it didn't last much more than half an hour. Once stocks stabilized, a buy-the-dip mentality became apparent as participants pushed back in for fear of missing out on further gains. Overall share volume was not completely impressive -- it did break above 1 billion shares on the NYSE for the first time in seven sessions -- but watching the tape today left little doubt that bullish participants continue to call the shots.

Even though the broader market rallied, sellers barely let up on Cisco (CSCO 18.92, -3.12) and Akamai (AKAM 40.75, -7.24). The 15% loss suffered by AKAM was its worst single-session slide in more than a year and left shares at a six-month low. As for CSCO, its 14% drop was its worst in three months and caused shares to set a new 52-week low. Weakness in CSCO proved a principal cause in the Dow's failure to find higher ground, ultimately snapping its eight-session streak of gains.

The rest of the earnings picture was rather mixed as Molson Coors (TAP 45.48, -2.09) and Sprint Nextel (S 4.60, +0.25) both missed the consensus earnings estimate, but PepsiCo (PEP 63.36, -1.06), MetLife (MET 47.27, -0.33) and Prudential (PRU 65.00, +1.87) posted upside surprises. Whole Foods (WFMI 60.05, +6.30) surged after it complemented an upside earnings estimate with increased guidance.

There was some volatility to late trade. Stocks seemed to gyrate with every word of Egypt's President Mubarak, who indicated in a speech that he will not leave office until September, despite calls from his citizens for him to step down immediately. Mubarak's refusal in the face of protests carries potential for geopolitical upset.

Participants got their first dose of data in a few days with the release of initial jobless claims for the week ended January 29. Initial claims totaled 383,000, which is less than Briefing.com consensus of 410,000 and only the second time since July 2008 that initial claims came in below 400,000.

Wholesale inventories for December increased 1.0%, but that news was of little concern to participants. News that the Treasury Budget for January featured a smaller-than-expected $49.8 billion deficit was also shrugged off.

Treasuries resumed their descent this session, but the yield on the benchmark 10-year Note remains below 3.70% after its rally in the prior session. Results from today's 30-year Bond auction proved less inspiring. The auction drew a bid-to-cover of 2.51, dollar demand of $40.2 billion, and an indirect bidder participation rate of 43.1%.

Advancing Sectors: Energy (+0.9%), Telecom (+0.5%), Industrial (+0.4%), Materials (+0.3%), Consumer Discretionary (+0.2%), Health Care (+0.1%), Utilities (+0.1%)
Unchanged: Financial
Declining Sectors: Consumer Staples (-0.5%), Tech (-0.5%)DJ30 -10.60 NASDAQ +1.38 NQ100 +0.1% R2K +0.4% SP400 +0.6% SP500 +0.99 NASDAQ Adv/Vol/Dec 1347/2.51 bln/1244 NYSE Adv/Vol/Dec 1570/1.02 bln/1390

3:30 pm : Commodities had a relatively mixed session that ended with the CRB Commodity Index up less than 0.2%.

Among the more widely followed natural resources, crude oil prices finished flat at $86.73 per barrel. It hit a session high of $87.90 per barrel, but failed to hold that position as the afternoon wore on.

Natural gas prices slid 1.7% to $3.98 per MMBtu after failing to hold a sharp spike to $4.15 per MMBtu amid news that weekly inventories had a greater-than-expected draw.

As for precious metals, gold prices finished 0.2% lower at $1362.50 per ounce. Gold's session high was set at $1364.50 per ounce. Silver prices shed 0.6% to settle pit trade at $30.09 per ounce. They were at $30.28 per ounce at session highs.DJ30 -24.15 NASDAQ -2.08 SP500 -0.73 NASDAQ Adv/Vol/Dec 1366/2.12 bln/1232 NYSE Adv/Vol/Dec 1524/716 mln/1424

3:00 pm : Resistance at the neutral line continues to keep the broad market out of positive territory. Overall selling pressure is still modest, though.

Despite the broader market's inability to find higher ground, small-cap stocks and mid-cap stocks have successfully scored respective gains of 0.4% and 0.2%.

Treasuries have turned lower in recent trade. The move has left the 30-year Bond to trade with a loss of almost one full point. That has the yield on the Bond up to 4.77%. DJ30 -35.84 NASDAQ -4.57 SP500 -2.03 NASDAQ Adv/Vol/Dec 1298/1.90 bln/1269 NYSE Adv/Vol/Dec 1441/645 mln/1498

2:30 pm : The stock market continues to trade in a relatively tight range just below the neutral line, where it has been for the past three hours. The stock market's inability to push into positive territory stems from a lack of follow through after rallying from a steep loss in the early going.

Although stocks are up nicely from their session lows, there really hasn't been any kind of leader to take stocks another leg higher. Telecom, up 0.6%, is in the best shape of any major sector, but the sector is among the smallest by market weight. In contrast, tech, which is the largest sector by market weight, is in the worst shape with its 0.5% loss following downside guidance from Akamai Tech (AKAM 40.92, -7.07) and Cisco Systems (CSCO 19.04, -3.01). DJ30 -25.09 NASDAQ -1.64 SP500 -0.83 NASDAQ Adv/Vol/Dec 1350/1.76 bln/1212 NYSE Adv/Vol/Dec 1485/596 mln/1421

2:00 pm : The stock market has drifted off of the neutral line in recent trade. Overall losses remain modest, though.

The Treasury Budget for January was just released. It showed a $49.8 billion deficit, which is not as deep as the $59.5 billion that had been expected, on average, among economists polled by Briefing.com. The deficit for December was reported at $42.6 billion. DJ30 -41.44 NASDAQ -6.84 SP500 -2.94 NASDAQ Adv/Vol/Dec 1218/1.64 bln/1322 NYSE Adv/Vol/Dec 1344/555 mln/1569

1:30 pm : Treasuries slipped a bit after results from the latest 30-year Bond auction were released. Losses have since been pared, but Treasuries remain in the red.

The auction drew a bid-to-cover of 2.51, dollar demand of $40.2 bilion, and an indirect bidder participation rate of 43.1%. For comparison, the prior acution drew a bid-to-cover ratio of 2.67, dollar demand of $34.7 billion, and an indirect bidder participation rate of 37.8%. An average of the past six sessions results in a bid-to-cover ratio of 2.62, dollar demand of $36.6 billion, and an indirect bidder participation rate of 40.0%. DJ30 -38.72 NASDAQ -6.62 SP500 -2.67 NASDAQ Adv/Vol/Dec 1241/1.51 bln/1274 NYSE Adv/Vol/Dec 1300/510 mln/1602

1:00 pm : Disappointing forecasts from tech players Cisco and Akamai triggered a stiff selling effort this morning, but support from buyers has helped the major equity averages rally. Stocks have yet to turn positive, however.

Both Cisco (CSCO 19.06, -2.98) and Akamai Tech (AKAM 41.35, -6.44) reported better-than-expected earnings for the latest quarter, but downside guidance by the pair invoked a concerted selling effort that spread beyond the tech sector to the broader market. Session lows were set about 30 minutes after the open and saw the tech sector down as much as 1.3% while the tech-rich Nasdaq was down as much as 1.0%. The S&P 500 was down as much as 0.7%.

Shares of CSCO and AKAM remain near session lows, even though the broader market has staged an impressive rebound that has the S&P 500 and Nasdaq trading near the neutral line. The Dow, on the other hand, continues to grapple with a modest loss, which has threatened to snap its eight-session streak of gains.

Materials stocks rallied from this morning's sell-off to a gain of almost 1%. That made it a broader market leader, but the sector has since handed almost all of that back -- it is up just 0.1% at the moment.

Whole Foods (WFMI 60.11, +6.36) has managed to hold on to a heady gain, however. The stock's surge comes after it beat the consensus earnings estimate, then raised its forecast. Reactions to earnings reports from PepsiCo (PEP 63.10, -1.32), Sprint Nextel (S 4.51, +0.16), MetLife (MET 46.98, -0.62), AllState (ALL 31.10, -1.26), and Molston Coors (TAP 45.75, -1.82) have been more mixed.

After a few days without data, participants got their hands on initial jobless claims for the week ended January 29. Initial claims totaled 383,000, which is less than Briefing.com consensus of 410,000. The latest tally marked only the second time since July 2008 that initial claims came in below the 400,000. However, it is widely suspected that the surprise drop in claims is weather related.

Treasury's have spent the day down modestly. Results from an auction of 30-year Bonds are due at any moment. Expectations may be heightened after strong demand at yesterday's auction of 10-year Notes. DJ30 -35.46 NASDAQ -3.65 SP500 -2.01 NASDAQ Adv/Vol/Dec 1249/1.40 bln/1253 NYSE Adv/Vol/Dec 1314/472 mln/1567

12:30 pm : The broader market continues to linger near the neutral line, unable to turn positive, yet unwilling to retreat.

Materials stocks have reversed course after running out in front of the rest of the market. The sector had come close to a gain of 1% after being down as much as 0.8%, but it is now up a more modest 0.4%. DJ30 -22.29 NASDAQ +0.44 SP500 -0.11 NASDAQ Adv/Vol/Dec 1327/1.27 bln/1158 NYSE Adv/Vol/Dec 1416/430 mln/1453

12:00 pm : Both the S&P 500 and the Nasdaq Composite have been unable to extend their recent rally into positive territory. Resistance there has left the pair hugging the neutral line.

The Dow is still down modestly for the day, but well above its session low. A failure to find higher ground would snap its eight-session streak of gains. That stretch of gains is the Dow's longest winning streak since March.

Cisco (CSCO 19.15, -2.90) has been the heaviest drag on the heaviest drag on the Dow today. Despite the broader market's ability to rebound from this morning's sell-off, shares of CSCO remain near session lows. DJ30 -26.95 NASDAQ -0.50 SP500 -0.62 NASDAQ Adv/Vol/Dec 1325/1.16 bln/1145 NYSE Adv/Vol/Dec 1405/388 mln/1436

11:30 am : Stocks have resumed their rebound effort after pausing to trade in a relatively narrow range for about an hour. The move has been broad based, but materials stocks are out in front. The materials sector now sports a 0.8% gain after it had been down as much as 0.8%. Tech stocks, consumer staples stocks, and financial stocks are still in the red, however. They are grappling with losses of 0.4%, 0.5%, and 0.1%, respectively.

Just released, Fed governor Warsh announced his intent to resign as a member of the Fed's Board of Governors on or around the end of March. DJ30 -22.44 NASDAQ -1.84 SP500 -0.88 NASDAQ Adv/Vol/Dec 1265/1.03 bln/1193 NYSE Adv/Vol/Dec 1387/344 mln/1440

11:00 am : Though they were a bit slow to arrive, buyers have stepped in to provide a supportive bid that has helped stocks pare their losses.

Overall declines among the major equity averages are now modest. Despite the improved tone, materials stocks make up the only major sector that has made a move into positive territory. As a group materials stocks are up 0.3%.

Among materials plays, steel stocks are particularly strong. They are up 1.3% after dropping 2.4% in the prior session. AK Steel (AKS 15.79, +0.27) is a primary leader in the pack. DJ30 -33.08 NASDAQ -6.78 SP500 -2.74 NASDAQ Adv/Vol/Dec 1153/835 mln/1240 NYSE Adv/Vol/Dec 1206/290 mln/1590

10:35 am : Strength in the dollar index, which is near session highs of 78.321, is pressure most commodities this morning, but a small handful are holding their gains. Sugar +3.8%, cotton +3.3% and cocoa +2.4% are the top three performers in the CRB Index.

March natural gas was trading near the unchanged line ahead of inventory data. Following the data, which showed a draw down of 209 bcf versus consensus of a draw down of 196 bcf, natural gas spiked to new session highs of $4.15 per MMBtu and is now 0.5% higher at $4.06 per MMBtu.

March crude oil rallied into positive territory around the open and pushed to new session highs of $87.77 per barrel. However, it's since pulled back and is now trading 0.4% higher at $87.02 per barrel.

Precious metals have been in negative territory all session and are slightly above session lows. April gold is now down 0.7% at $1355.50 per ounce, while March silver is 1.2% lower at $29.92 per ounce.DJ30 -34.86 NASDAQ -7.85 SP500 -2.96 NASDAQ Adv/Vol/Dec 1173/678.3 mln/1220 NYSE Adv/Vol/Dec 1233/227.0 mln/1541

10:00 am : Sellers are still in control. So far there hasn't been any sign that participants want to buy the pullback.

The greenback continues to gain ground against a collection of competing currencies. It is now up 0.8%, which puts it in close reach of the two-week high that it set this past Monday.

Monthly wholesale inventory data were just released, but no real reaction has been made to the report. Overall inventories for December increased 1.0%, which is a sharp increase from the flat figure that was reported for the prior month.

Advancing Sectors: (None)
Declining Sectors: Tech (-1.1%), Consumer Staples (-0.7%), Financial (-0.4%), Telecom (-0.4%), Industrials (-0.4%), Energy -(0.3%), Consumer Discretionary (-0.3%), Health Care (-0.3%), Materials (-0.2%), Utilities (-0.1%)DJ30 -70.50 NASDAQ -23.39 SP500 -7.40 NASDAQ Adv/Vol/Dec 708/399 mln/1592 NYSE Adv/Vol/Dec 753/145 mln/1943

09:45 am : Broad selling has the major equity averages down markedly in the early going. Tech has had to contend with the worst of the selling effort in the wake of disappointing guidance from Cisco (CSCO 19.42, -2.62) and Akamai Tech (AKAM 40.56, -7.43). Their weakness has imbued the broader tech space so that the sector trades with a 1.1% loss, which is more than double the percentage drop that has been suffered by any other sector this morning.

Despite early weakness among stocks, Treasuries haven't caught any kind of a bid. As such, the benchmark 10-year Note is down narrowly while the 30-year Bond is down 10 ticks. Results from an auction of 30-year Bonds are due at 1:00 PM ET.

The dollar has made its way to an impressive gain, though; it currently leads a basket of competing currencies by 0.7%. DJ30 -77.24 NASDAQ -25.00 SP500 -8.75 NASDAQ Adv/Vol/Dec 693/295 mln/1560 NYSE Adv/Vol/Dec 674/105 mln/1985

09:15 am : S&P futures vs fair value: -6.60. Nasdaq futures vs fair value: -17.60. Stock futures suggest that a firmly lower start is in order for today's trade. The weakness comes partly as a result of broad selling overseas, although China's Shanghai Composite rallied overnight. Corporate news hasn't helped. Both Cisco (CSCO) and Akamai (AKAM) issued disappointing guidance that has completely overshadowed better-than-expected earnings from the two firms. Economic data has been shrugged off. Even though the latest weekly initial jobless claims tally fell unexpectedly below 400,000, unemployment remains stubbornly high. After all, Fed Chairman Bernanke indicated again yesterday that despite improvements in the economic recovery, unemployment has not seen material improvement. Still to come are wholesale inventory data at 10:00 AM ET, results from an auction of 30-year Bonds at 1:00 PM ET, and the Treasury's latest budget statement at 2:00 PM ET.

09:05 am : S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -18.40. Domestic stock futures continue to trade with weakness. Overseas action has done nothing to support them. Specific to action abroad, Germany's DAX is down 0.5% as its declining issues outnumber its advancers by more than 2-to-1. Deutsche Bank (DB) and Commerzbank are among the heaviest drags. Deutsche Boerse is higher, however, following news that it is in talks with NYSE Euronext (NYX ) about a possible business combination. France's CAC is currently off by 0.8%. Considerable weakness in financial outfits BNP Paribas and Societe Generale has hampered broader action. Alcatel-Lucent (ALU) has shown resilience, however. Industrial production for France during December increased 0.7%, which is down sharply from the 2.3% increase that was recorded for the prior month. Manufacturing production fell 0.1% after a 2.2 increase in November. Britain's FTSE has fallen to a 0.8% loss. About 80% of its members are in the red. Rio Tinto (RIO), HSBC (HBC), and Xstrata have had the most hurtful impact on trade. In the face of broad market weakness, Royal Dutch Shell (RDS.A) is sporting an enviable gain. It came as little surprise that the Bank of England left its target rate at 0.5% and its asset purchase program at 200 billion British pounds. Industrial production for the United Kingdom during December increase 0.5% after a 0.6% increase in the prior month. Manufacturing fell 0.1% after a 0.6% increase in the prior month.

Action in Asia was mixed overnight. Japan's Nikkei slipped to a 0.1% loss. TDK Corp and Kyocera (KYO) were heavy drags. However, Toyota Motor (TM) extended its prior session rally to reach a 10-month high. According to data, Japan's machine orders during December increased 1.7%, which is an improvement from the 3.0% drop that was recorded in the prior month. Mainland China's Shanghai Composite rallied for a 1.6% gain as SAIC Motor, PetroChina (PTR), and Industrial & Commercial Bank led more than 90% of the names in the Index to higher ground. China Oilfiled and China Shipbuilders were notable laggards. In stark contrast, Hong Kong's Hang Seng tumbled 2.0%. Of its 45 members, only HongKong Electric scored a gain. China Construction Bank, Hong Kong Exchange, China Mobile, and Hutchison Whampoa were the heaviest drags on trade.

08:35 am : S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -16.40. There hasn't been much of a meaningful reaction to the latest dose of data. In turn, stock futures remain markedly lower. Initial jobless claims for the week ended January 29 totaled 383,000, which is less than the 410,000 initial claims that had been expected, on average, among economists polled by Briefing.com. Since July 2008 initial claims have come in below the 400,000 mark on only one other occasion (December 2010). The dip in claims caused the four-week moving average to fall to 415,500 from 431,500. As for continuing claims, they fell 47,000 from the prior week to 3.89 million, which is just shy of the two-year low that was set this past December. The only other items on today's economic calendar are monthly wholesale inventory data (10:00 AM ET) and the Treasury's monthly budget statement (2:00 PM ET).

08:05 am : S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -17.10. Lackluster action left the major equity averages to finish the prior session in mixed fashion, but stock futures are down markedly this morning. The tone among traders has deteriorated amid disappointing guidance from tech players Cisco (CSCO) and Akamai (AKAM), both of which are down more than 10% in premarket trade. Other earnings announcements include a miss by Molson Coors (TAP), and Sprint Nextel (S). However, PepsiCo (PEP), MetLife (MET) and Prudential (PRU) posted upside surprises while Whole Foods (WFMI) beat the consensus earnings estimate and raised its guidance. The dollar is currently up a strong 0.5% against a collection of competing currencies. Most of that move has come against the euro, which is down 0.8% to $1.362. The British pound is down a more moderate 0.3% to $1.606. There was little surprise in the decision by the Bank of England to keep its target rate at 0.5% and leave its asset purchase program at 200 billion pounds. The last few days have been without economic data, but participants get their hands on weekly jobless at the bottom of the hour. Wholesale inventories for December follow at 10:00 AM ET. Results from an auction of 30-year Bonds are due at 1:00 PM ET. The Treasury's budget statement for January will be released at 2:00 PM ET.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -17.60.

07:58 am : Nikkei...10605.65...-12.20...-0.10%. Hang Seng...22708.62...-455.40...-2.00%.

07:58 am : FTSE...6000.80...-51.50...-0.90%. DAX...7295.04...-25.70...-0.40%.

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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr