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 Post subject: February 17th Thursday 2011 Emini TF ($TF_F) points +10.60
PostPosted: Thu Feb 17, 2011 10:46 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 missed several good trade opportunities but I did manage to be profitable in price action I'm not too comfortable in trading that I call "low volatility creeper trend". It's a price action that has very little pullback or retracement to allow a decent trade entry into an obvious trend. Simply, entries become a little subjective or intuition to prevent missing the trend. Another way to look at it, I relied heavily on my market experience instead of technical analysis. If you have any questions about my trading, want more details about the trade signal behind a particular trade or want to reply about something stated in this message post...click here.

Trade Performance for Today: +10.60 points or $1060.00 dollars in the Russell 2000 Emini TF ($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=759. 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 CNNMoney.com - Stocks End At Fresh Multi-Year Highs
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click on the above image to view today's price action of key markets

By Blake Ellis, staff reporter
February 17, 2011: 5:29 PM ET

NEW YORK (CNNMoney) -- U.S. stocks ended at fresh multi-year highs Thursday, as investors focused on an upbeat manufacturing report and looked past indications that inflation is heating up.

Dow Jones industrial average (INDU) edged up 30 points, or 0.2%, with 21 of the Dow's 30 components heading higher. Shares of Intel (INTC, Fortune 500) led the advance, while American Express (AXP, Fortune 500) lagged.

The S&P 500 (SPX) rose 4 points, or 0.3%, with Sears Holding (SHLD, Fortune 500) leading the way. Meanwhile, the Nasdaq (COMP) ticked up 6 points, or 0.2%, with Research in Motion (RIMM) among the biggest gainers.

All three of the major indexes finished the session at their highest levels in more than two years for a second day on Thursday.

Investors have been in a bullish mood so far this year, as the outlook for the U.S. economy improves. While inflationary concerns are now creeping into the picture -- with key readings on inflation this week showing that prices are rising more than expected -- investors remain assured that the Federal Reserve remains willing to step in if conditions deteriorate.

"Inflation has been the story du jour lately, and there's definitely a concern about the rising cost of commodities and how that's going to affect the margins of companies," said Tyler Vernon, CIO of Biltmore Capital.

"But at the same time, the Fed continues to be focused on the stock market and supporting the market. So at this point any news is good news, because investors are just thinking the Fed will step back in if things start slowing down," he added.

* Is the stock rally getting ridiculous? - The Buzz

While stocks may take a breather in coming weeks, the trend is likely to remain positive until the Fed pulls the plug on its quantitative easing policy, said Dean Barber, president of Barber Financial Group.

"We're up significantly from where we were in September of last year, so I doubt it's sustainable, but we'll continue to be in a gradual, slightly upward trend at least through the summer," he said.

Economy: The consumer price index for January rose 0.4% month-to-month seasonally adjusted, compared to expectations of a 0.3% increase. The core CPI -- which excludes food and energy prices -- rose 0.2% month-to-month, compared to an expected increase of 0.1%.

The report follows on the heels of the government's Producer Price Index, a measure of wholesale inflation, which came out Wednesday. That index rose 0.8% in January, which was also larger than expected.

"Inflation is definitely out there, with both reports coming in hotter than expected," said Vernon.

Because the Producer Price Index is rising at a faster pace than the consumer price index, this indicates that companies aren't passing on the cost of raw materials to consumers, which Vernon said is a concern as companies' margins start to shrink.

In fact, 25% of companies in the S&P 500 that have reported earnings this season had lower margins because of rising commodity costs, he added.

Not only do rising prices hurt companies' margins, it means that the Federal Reserve may eventually be unable to continue propping up the economy with its policy of quantitative easing, he said.

"In the short term that's good news for stocks as investors get out of fixed income and look for a home in stocks, but in the longer term it represents issues, because investors are looking at the fact that if we're getting inflation, the Fed can't continue its process of of supporting the market."

* Higher prices - coming soon to U.S. shores

Meanwhile, the government's weekly report on the number of people filing for jobless benefits jumped to 410,000 for the week ended Feb. 12, which was close to expectations. The report was expected to show an uptick to 408,000, from 383,000 in the previous week.

The preliminary Philadelphia Fed index, a regional reading on manufacturing, surged to 35.9 in February from 19.3 in January. The index was forecast to rise modestly to 21.

Keith Springer, president of Springer Financial Advisors, said the balance of good news like the Philadelphia Fed Index and weaker news like the report on jobless claims provides "a Goldilocks environment where the economy is not growing too fast to make the Fed stop the easing but not slow enough to give us a double dip." And this is what will help the momentum continue, he said.

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

Barber said the devaluing of the dollar through the Fed's quantitative easing is not only boosting the stock market, but causing commodity prices to climb.

"Prices aren't increasing because of increased demand -- the Fed is pumping so much money into the system and purposely devaluing the dollar, and that's where inflation is coming from," said Barber. "People are buying gold, gold, gold, and things like wheat, corn and cotton have all been driven higher too."

Gold futures for April delivery rose $10 to settle at $1,385.10 an ounce. Oil for March delivery gained $1.37 to settle at $86.36 a barrel.

The World Bank said in its latest report on the global food crisis that its price index jumped 15% between last October and last month, hovering just below its 2008 peak. Wheat, corn, sugar, fats and oils have led the price increases.

Companies: Redbox is planning a subscription movie streaming service to compete with Netflix (NFLX), according to news reports. Shares of Coinstar (CSTR), Redbox's parent company, gained nearly 8%.

Shares of Timberland (TBL) surged 30% after the outdoor goods maker logged a jump in fourth-quarter profit that widely beat economists' expectations.

Weight Watchers International (WTW) also reported a solid quarter, posting earnings per share that blew past expectations. Shares of the weight loss company soared more than 45%. The better-than-expected earnings also benefited NutriSystem (NTRI), with shares of the company rising more than 6%.
0:00 /01:23Keep an eye on CBS

Shares of Dr. Pepper Snapple Group (DPS, Fortune 500) rose 6% after the soft drink company reported an 11% jump in earnings per share. The company's net sales rose to more than $1.4 billion.

Shares of Williams Partners (WMB, Fortune 500) -- a company focused on natural gas transportation, processing and storage -- jumped 8% after the company said it would hike its dividend and split into two entities. The company also raised its guidance for 2011-2012.

The stock price for Cliffs Natural Resources (CLF) climbed more than 7% after the company reported that it doubled its full-year revenue to $4.7 billion.

World markets: European stocks finished little changed. Britain's FTSE 100 was flat, the DAX in Germany edged lower by 0.1% and France's CAC 40 was barely above breakeven.

Asian markets ended higher. The Shanghai Composite edged higher 0.1%, the Hang Seng in Hong Kong rose 0.6% and Japan's Nikkei ticked up 0.3%.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.58% from 3.62% late Friday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : After digesting the latest dose of data the major equity averages brushed aside some fainthearted selling to extend their climb to new two-year highs. Natural resource plays led the move for the second straight session.

There was little surprise to the initial jobless claims tally for the week ended February 12. Initial claims increased from 385,000 in the prior week to 410,000, which is in stride with the 408,000 initial claims that had been expected, on average, among economists polled by Briefing.com. Continuing claims were essentially unchanged at 3.91 million.

Consumer prices for January featured a 0.4% increase in the headline number and a 0.2% increase in the core number. The consensus among economists polled by Briefing.com had called for a 0.3% increase in total CPI and a 0.1% increase in core CPI. Prior month increases were 0.4% and 0.1%, respectively, for total and core consumer prices.

The Philadelphia Fed Survey for February surged to a seven-year high of 35.9. Economists had generally expected a reading of only 21.0 after it came in at 19.3 in the prior month.

Leading Indicators for January increased by just 0.1%, which is shy of the 0.3% increase that had been widely anticipated. Indicators for December were downwardly revised to reflect a 0.8% increase.

Data did little to provide direction to morning participants, who were initially inclined to sell. It became clear, though, that there was little conviction behind the selling as stocks gradually turned modest losses into modest gains. The move reflected the broad market's bullish bias, which has helped stocks gain 10 times in the 13 sessions traded so far this month.

Materials stocks (+0.9%) and energy stocks (+0.8%) were leaders in the latest move. The two sectors also outperformed in the prior session and are now up 2.0% and 3.1% week to date, respectively.

There wasn't much news out of the materials sector, but energy plays Apache (APA 120.62, +0.11) and Pride International (PDE 40.55, +0.02) settled near the neutral line after the pair had posted quarterly results this morning. Williams Companies (WMB 30.08, +2.32) was a standout in the space after it announced better-than-expected earnings, an increased dividend, and plans to separate into two stand-alone publicly traded companies.

Semiconductors also made strong gains. NVIDIA (NVDA 25.68, +2.30) led the Philadelphia Semiconductor Index to a 1.4% gain following its latest quarterly report and forecast.

Financials failed to follow the broader market's lead this session. Instead, the sector fell to a 0.1% loss after it failed to push into positive territory on only on a few occasions. Regional banks (-1.3%) and diversified banks (-1.1%) weighed on the sector.

Advancing Sectors: Materials (+0.9%), Energy (+0.8%), Consumer Staples (+0.7%), Telecom (+0.3%), Utilities (+0.3%), Health Care (+0.3%), Tech (+0.2%), Industrials (+0.2%), Consumer Discretionary (+0.1%)
Declining Sectors: Financial (-0.1%)DJ30 +29.97 NASDAQ +6.02 SP500 +4.11 NASDAQ Adv/Vol/Dec 1575/1.94 bln/1053 NYSE Adv/Vol/Dec 1868/881 mln/1126

3:30 pm : Commodities staged broad gains today, but natural gas was an exception following the latest weekly inventory figures.

Gold prices gained 0.6% to close pit trade at $1385.10 per ounce. Silver staged an even stronger gain of 2.8%, which put the precious metal at $31.57 per ounce at the close of pit trade. Along the way silver prices set a 30-year high of $31.58 per ounce. Both metals began their ascent following the release of the latest CPI data, which featured a slightly greater-than-expected increse in the headline number.

Oil prices extended modest gains in the early going to finish pit trade with a 1.6% gain at $86.36 per barrel. At its session high, oil traded at $86.50 per barrel.

Natural gas prices fell 1.3% to close at $3.88 per MMBtu following a slightly smaller-than-expected draw. Prices had been as low as $3.83 per MMBtu.

Among industrial commodities, cotton continued its climb. It eclipsed $2 per pound for the first time ever. DJ30 +33.27 NASDAQ +7.02 SP500 +4.31 NASDAQ Adv/Vol/Dec 1529/1.55 bln/1069 NYSE Adv/Vol/Dec 1937/610 mln/1038

3:00 pm : Stocks remain confined to a narrow trading range. That has kept a cap on gains this session.

Tonight brings the latest quarterly reports from Career Education (CECO 23.12, -0.03) and Nordstrom (JWN 46.20, -0.50). Tomorrow morning brings quarterly results from Campbell Soup (CPB 34.88, +0.36).

The economic calendar is empty for tomorrow.DJ30 +30.20 NASDAQ +6.43 SP500 +3.99 NASDAQ Adv/Vol/Dec 1397/1.44 bln/1200 NYSE Adv/Vol/Dec 1834/558 mln/1108

2:30 pm : Financials recently attempted to put together a gain, but participants refused to allow it. In turn, the sector remains stuck in the red with a fractional loss.

Among the major segments in the financial sector, bank stocks have been weak all session. They are collectively down 0.7%, according to the KBW Bank Index. Consumer finance plays have also succumbed to selling following a House hearing about the Durbin Agreement. They are down 1.1% as a group.

However, insurers have shown strength this session. Specifically, multi-line insurers are up 1.1% and life and health insurers are up 1.0%.DJ30 +24.30 NASDAQ +5.78 SP500 +3.13 NASDAQ Adv/Vol/Dec 1487/1.33 bln/1103 NYSE Adv/Vol/Dec 1913/516 mln/1018

2:00 pm : Stocks have spent the past 30 minutes drifting sideways along session highs. Treasuries are also still up comfortably, such that the yield on the benchmark 10-year Note is a couple of basis points below 3.60% and the yield on the 30-year Bond is only little more than a single basis point above 4.65%.

Treasuries didn't show much reaction to results from a $9 billion auction of 30-year TIPS. The auction produced a yield of 2.19%, a bid-to-cover of 2.54, and an indirect bidder participation rate of 55.2%. DJ30 +29.82 NASDAQ +7.58 SP500 +3.77 NASDAQ Adv/Vol/Dec 1428/1.22 bln/1140 NYSE Adv/Vol/Dec 1885/472 mln/1044

1:30 pm : Stocks have stretched to fresh session highs. Overall gains remain modest, however.

Financials continue their struggle to follow the broader market. In turn, the sector remains mired in the red with a fractional loss. Regional banks remain the primary culprits of the sector's relative weakness.

In contrast, energy stocks have sprinted ahead to a 0.8% gain. The move has been helped by a spike in oil prices, which now sport a 1.5% gain at $86.25 per barrel after they were up only modestly this morning. DJ30 +31.34 NASDAQ +8.62 SP500 +3.99 NASDAQ Adv/Vol/Dec 1401/1.12 bln/1128 NYSE Adv/Vol/Dec 1859/430 mln/1059

1:00 pm : Stocks started the session in the red, but a lack of follow through selling brought buyers back into the fold as participants continue to follow a buy-the-dip philosophy.

Early participants lacked buying interest amid mixed action overseas. Data also proved uninspiring.

The latest initial jobless claims tally increased to 410,000, which is on par with what had been widely expected. Barely budged, continuing claims came in at 3.91 million.

Consumer prices for January increased at a slightly sharper-than-expected clip of 0.4%. Core consumer prices increased at a slightly sharper-than-expected rate of 0.2%.

Shortly after the open the strongest Philadelphia Fed Survey in seven years was released. At 35.9, the Survey's February exceeded expectations, but it failed to take stocks into higher ground.

Leading Indicators for January increased by just 0.1%, which is less than what was widely expected.

After chopping along with modest losses for the first couple of hours stocks were able to make a relatively broad push into positive territory. Gains have been narrow, but enough to set new intraday two-year highs.

Semiconductors have made some of the strongest gains. As a group they are up 1.3%. NVIDIA (NVDA 24.50, +1.12) is a leader in following its latest quarterly report and forecast.

Pride International (PDE 40.50, -0.03) and Apache (APA 121.35, +0.27) posted their latest quarterly results this morning. Shares of APA made a nice move in recent action, but PDE has seen limited movement in the face of a 0.4% gain by the rest of the energy sector.

Barrick Gold (ABX 50.45, +0.73) has bounced to a nice gain on the back of better-than-expected earnings. The stock has also been helped by higher gold prices.

Gold prices are currently up 0.6% to $1383 per ounce. More impressive is that silver prices are up 2.5% to $31.38 per ounce; prices in the continuous contract set a new 30-year high of $31.42 per ounce earlier. Keeping with the commodities theme, cotton futures prices surged more than 3% to eclipse $2 per pound for the first time ever today. DJ30 +6.25 NASDAQ +4.83 SP500 +1.68 NASDAQ Adv/Vol/Dec 1334/1.02 bln/1201 NYSE Adv/Vol/Dec 1814/395 mln/1090

12:30 pm : Energy stocks have collectively worked their way to a 0.4% gain. Although that makes for the strongest gain of any major sector, some of its more notable names haven't made much movement. Specifically, Pride International (PDE 40.50, -0.03) is down fractionally and Apache (APA 120.78, +0.27) is up narrowly after the pair posted their latest quartely reports this morning.

In contrast, financials continue to trade with a fractional loss of 0.1%. Huntington Bancshares (HBAN 7.31, -0.23) and FifthThird Bank (FITB 15.09, -0.30) have been the worst performers in the sector, as measured by percent lost. DJ30 +9.58 NASDAQ +4.13 SP500 +1.43 NASDAQ Adv/Vol/Dec 1255/920 mln/1238 NYSE Adv/Vol/Dec 1707/360 mln/1160

12:00 pm : With a 0.1% loss financials continue to trail the broader market. The sector's loss, though slight, stems from weakness in regional banks (-1.2%) and diversified banks (-0.6%). Their losses today have taken the KBW Bank Index down to a 0.7% loss after it had been at a nine-month high only two days ago.

Outside of stocks, silver prices have been spurred sharply higher. The precious metal recently probed 30-year highs, but has since eased back so that it trades with a 1.8% gain at $31.19 per ounce. Gold is up a strong, but less impressive, 0.7% to $1184 per ounce. DJ30 +6.59 NASDAQ +4.79 SP500 +1.61 NASDAQ Adv/Vol/Dec 1242/830 mln/1229 NYSE Adv/Vol/Dec 1762/320 mln/1078

11:30 am : A recent flurry of buying has taken the broad market into positive territory, but gains are only minimal at this point. Financial issues and telecom stocks have been slow to follow; both sectors are down about 0.1%.

Semiconductors are seeing some of the strongest interest in recent trade. That has the Philadelphia Semiconductor Index up 1.0%. NVIDIA (NVDA 24.50, +1.12) is a leader in the group after it actually started the session in the red. The company's latest quarterly report featured a strong revenue forecast. DJ30 +9.80 NASDAQ +3.93 SP500 +1.57 NASDAQ Adv/Vol/Dec 1113/694 mln/1316 NYSE Adv/Vol/Dec 1605/269 mln/1223

11:00 am : Utilities stocks were out to a strong lead in the early going, but the sector has since pulled back to trade with a narrow gain of just 0.1%. Consumer staples stocks have also poked into positive territory so that they trade with a 0.1% gain, too. Every other sector remains in the red with a modest loss.

While the stock market has stagnated narrowly below the neutral line, Treasuries have benefited from a strong bid. In turn, the yield on the benchmark 10-year Note has dropped to a two-week low.

Recent selling against the greenback has taken the Dollar Index down to a 0.3% loss, which puts it at a session low. That puts the dollar on pace for its third straight decline after setting a three-week high on Monday. DJ30 +6.92 NASDAQ -3.50 SP500 -1.71 NASDAQ Adv/Vol/Dec 1069/557 mln/1325 NYSE Adv/Vol/Dec 1482/218 mln/1311

10:35 am : Commodities are mostly trading higher this morning on weakness in the dollar index. The strength is being led by cotton +3.6% and the grains (corn +1.6%, wheat +1.2% and soybeans +1.2%)

March natural gas pulled back from morning highs of $3.95 per MMBtu in recent trade and was sitting in negative territory ahead of inventory data. Following the data, which showed a draw of 233 bcf versus consensus of a draw of 235 bcf, natural gas fell sharply to new session lows of $3.83 per MMBtu. Currently, it's 1.6% lower at $3.86 per MMBtu.

March crude oil lost steam overnight and fell into negative territory. It touched session lows of $84.38 per barrel, but has since recovered its gains and is now just above the unchanged line at $85.11 per barrel.

Overnight, cotton hit another new all-time high, breaking the $2 level for the first time ever. Strong China imports has been a notable catalyst, but now Australia cut production expectations, which is adding additional price support.

Precious metals have been in positive territory all morning. April gold is 0.4% higher at $1381.60 per ounce currently, while March silver is up 0.9% at $30.89 per ounce.DJ30 -12.45 NASDAQ -2.28 SP500 -1.63 NASDAQ Adv/Vol/Dec 974/388.3 mln/1343 NYSE Adv/Vol/Dec 1310/156.4 mln/1431

10:05 am : Stocks have extended their upward push with the release of some more data.

The Philadelphia Fed Survey for February came in at 35.9, which is far better than the 21.0 that had been expected, on average, among economists surveyed by Briefing.com. The February reading marks a the best score in several years.

Leading Indicators for January increased by 0.1%. They had been broadly expected to increase by 0.3%. Indicators for December were downwardly revised to reflect a 0.8% increase.

Mortgage delinquencies for the fourth quarter came in a 8.2%, down from 9.1% in the prior quarter.

Fed Chairman Bernanke is scheduled to start his testimony before the Senate Banking Committee at any moment.

Advancing Sectors: Utilities (+0.3%)
Declining Sectors: Energy (-0.1%), Materials (-0.1%), Consumer Staples (-0.1%), Health Care (-0.2%), Tech (-0.2%), Telecom (-0.2%), Industrials (-0.2%), Consumer Discretionary (-0.2%), Financials (-0.4%)DJ30 -28.45 NASDAQ -2.97 SP500 -2.99 NASDAQ Adv/Vol/Dec 919/202 mln/1270 NYSE Adv/Vol/Dec 1110/93 mln/1531

09:45 am : Stocks are attempting to pare their opening losses, but the major equity averages remain in the red. Of the major sectors that make up the S&P 500, only utilities are in higher ground.

Utilities currently sport a 0.5% gain. Duke Energy (DUK 18.19, +0.49) has benefited from a strong bid following news that the outfit issued upside guidance, which has overshadowed an earnings miss for the latest quarter.

Meanwhile, energy play Williams Companies (WMB 30.76, +3.00) is up almost 11% after it announced better-than-expected earnings, an increased dividend, and plans to separate into two stand-alone publicly traded companies. DJ30 -23.95 NASDAQ -4.67 SP500 -3.91 NASDAQ Adv/Vol/Dec 826/55 mln/1210 NYSE Adv/Vol/Dec 858/40 mln/1471

09:15 am : S&P futures vs fair value: -3.90. Nasdaq futures vs fair value: -9.70. Stock futures suggest that a weak follow-up to a two-year closing high is in order. The question, though, is whether or not the suspected slide will intensify into something more, or if a buy-the-dip mentality will prevail. At this point, trading cues have been somewhat mixed. Although earnings remain generally upbeat, action abroad has seen modest losses in Europe in the wake of modest gains in Asia. As for data, CPI for January picked up a bit more than what had been expected. Initial weekly jobless claims increased in line with expectations. Participants have yet to get their hands on the Philadelphia Fed Survey for February and Leading Indicators for January (10:00 AM ET). Fed Chairman Bernanke is also scheduled for a testimony to the Senate Banking Committee (10:00 AM ET).

09:05 am : S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -9.90. Futures for the S&P 500 are only up slightly from morning lows. Action in Europe has also weakened in the past 30 minutes. Germany's DAX is now down 0.4% at the moment. Automakers Volkswagen, BMW, and Daimler (DAI) have been primary sources of weakness. Commerzbank has provided some support for the second straight session, though. France's CAC has fallen to a 0.3% loss after opening in positive territory. Financial outfits Axa (AXA) and BNP Paribas have been primary sources of weakness. However, Societe Generale has added to its gain in the prior session so that its trades at a new 52-week high. Britain's FTSE is presently off by 0.2% as natural resource plays Rio Tinto (RIO), Xstrata (XTA), Anglo American, and BHP Billiton (BHP) more than offset strength in banking plays HSBC (HBC), Lloyds Group (LYG), and Barclays (BCS).

Japan's Nikkei gained 0.3%. Energy (+1.5%), utilities (+1.2%), and financials (+0.9%) were the strongest sectors, but Canon (CAJ) and Honda Motor (HMC) were individual leaders. Honda was actually a laggard in the prior session. Hong Kong's Hang Seng advanced 0.6% as financial plays HSBC, China Life Insurance, and Industrial & Commercial Bank helped the financial sector advance 0.8%. China Mobile was a laggard and dragged down the telecom sector to a 0.6% loss. Mainland China's Shanghai Composite finished with a gain of merely 0.1%, but rare earth miner Inner Mongolian Baotou Steel surged the daily limit of 10%. Declining issues and advancing issues were almost in perfect balance. China Hainan and China Shipbuilding were atop the list of leading issues while China Life Insurance and Industrial & Commercial Bank were atop the list of laggards. Taiwan's TWSE fell to a 0.3% loss as financials (-1.4%) led a broader decline. The country revised upward its fourth GDP to 6.9% from about 6.5%. Its full year 2010 GDP came in at 10.8% clip. However, the country revised its 2011 GDP forecast downward to 4.9% from 5.0%. In a similar vein, Singapore revised its fourth quarter GDP down to a seasonally adjusted 3.9% from 6.9%. Its full year 2010 GDP was marked down to 14.5% from 14.7%.

08:35 am : S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -6.90. Stock futures are attempting to recover from a brief slip that came in response to the latest dose of data. Initial jobless claims for the week ended February 12 totaled 410,000, which is up from the prior week's tally of 385,000 and slightly greater than the 408,000 initial claims that had been expected, on average, among economists polled by Briefing.com. Continuing claims barely budged at 3.91 million. Consumer prices for January increased 0.4%, which is a bit sharper than the Briefing.com consensus call for a 0.3% increase. Core CPI increased by 0.2%, which is also slightly greater than the 0.1% increase that had been widely anticipated. For the prior month, overall CPI had increased 0.4% and core CPI had increased 0.1%. Still to come are fourth quarter mortgage delinquencies, January leading indicators, and the February Philadelphia Fed Survey at 10:00 AM ET.

08:05 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -5.90. Stock futures drifted into the red from positive territory overnight, but they have since recovered to the neutral line. The tepid tone currently seen comes amid mixed action overseas and another considerable dose of data. The bottom of the hour brings the latest CPI figure and most recent weekly initial jobless claims count. Mortgage delinquency data, leading indicators, and the latest Philadelphia Fed Survey follow at 10:00 AM ET. Fed Chairman Bernanke is also scheduled for a testimony to the Senate Banking Committee at 10:00 AM ET. Corporate news has included better-than-expected earnings from CBS Corp (CBS), Liz Claiborne (LIZ), Strayer Education (STRA), and Barrick Gold (ABX). Waste Management (WM) also beat the consensus earnings estimate, but its top line was a bit light. The company's outlook is in line with that of Wall Street. NetApp (NTAP) posted its own upside surprise, but issued downside guidance. The latest report from NVIDIA (NVDA) featured a strong forecast. Duke Energy (DUK) also issued a strong outlook, despite coming short of the consensus earnings estimate for its latest quarter. Apache (APA) just posted an earnings miss only moments ago.

07:28 am : [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -7.10.

07:28 am : Nikkei...10836.64...+28.40...+0.30%. Hang Seng...23301.84...+144.90...+0.60%.

07:28 am : FTSE...6083.29...-2.00...0.00. DAX...7410.00...-4.30...-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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