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 Post subject: February 24th Thursday 2011 Emini TF ($TF_F) points +10.50
PostPosted: Fri Feb 25, 2011 8:07 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)
Attachment:
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click on the above image to view today's trading summary

Quote:
Today was one of those days that I didn't want to get out of bed. Simply, as soon as I reached my profit goal for the day...I stopped trading because my mental game (wanting to trade) just wasn't there. Thus, 4 trades today and the trade that got my profit goal for the day was the last trade (4th trade) 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: +10.50 points or $1050.00 dollars in the Russell 2000 Emini TF ($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=764. 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: Bull Market Has Room To Grow
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
February 24, 2011: 4:10 PM ET

NEW YORK (CNNMoney) -- Despite this week's drubbing, the bull market still has room to grow, some analysts think.

Stocks have almost doubled from their March 2009 lows, prompting some experts to speculate about whether we're in for a crash landing.

But analysts say it's not time to panic just yet. The money that flowed out of the markets over the past three years is just starting to make its way back in.

"Looking at the bigger picture, there is a lot of room for this rally to continue, and any pullbacks will be small and contained," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

The S&P 500 is still about 20% off its October 2007 all-time high of 1,565.

It's not all champagne and roses. Some say this bull run is largely due to the Federal Reserve's easy monetary policy, and once the central bank decides to unwind its support, the market will unravel.

* Is the rally getting ridiculous?

But that's probably a ways off.

"As long as the Fed keeps printing money, stocks will go higher on that momentum," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "But there is going to be a point when the momentum will break. We don't know when it will happen, but it will be ugly."

On Thursday, stocks rebounded from afternoon lows and finished with small losses as oil prices retreated from two-year highs above $100 a barrel. The Dow Jones industrial average (INDU) finished 37 points lower, or 0.3%, and the S&P 500 (SPX) slipped 1 point, or 0.1%.

The recent spike in crude prices above $100 a barrel has investors "on the defensive," said Scott Marcoullier, chief technical market strategist at Wells Fargo Advisors. The market's weakness follows two days of steep losses.

Oil for April delivery hovered just below $100 a barrel, falling 82 cents, or 0.8%, to settle at $97.28 on Thursday, after earlier hitting $103.41 a barrel.

Meanwhile, the Nasdaq (COMP) managed to gain 15 points, or 0.6%, thanks in part to a 9% jump in shares of Priceline.com (PCLN). The online travel-booking service reported a 73% jump in fourth quarter profit after the market close on Wednesday.

Economy: Weekly initial jobless claims came in lower than expected.

The Census Department's report on durable goods orders matched expectations. The government reported that orders rose 2.7% in January, up from a revised 2.5% in December.

The Commerce Department reported that new home sales declined more-than-expected in January to an annual rate of 284,000.

Companies:Shares of Sears Holdings (SHLD, Fortune 500) dropped 6% after the company reported a 13% drop in profit and as sales declined at its namesake retail stores. The stock was among the biggest decliners on the S&P 500 and the Nasdaq. Sears also named Lou D'Ambrosio as CEO and president, succeeding Bruce Johnson, who had been interim CEO for three years.

General Motors Co. (GM) shares slumped 5% after the automaker reported an annual profit of $4.7 billion in 2010, its first annual profit since 2004.

Shares of Target (TGT, Fortune 500) increased 3.5% after the discount retailer reported that its quarterly earnings jumped more than 10%.

American International Group (AIG, Fortune 500) will report after the closing bell, and is expected to post a massive loss.

World markets: European stocks closed lower. Britain's FTSE 100 and France's CAC 40 both slipped about 0.1%, and the DAX in Germany tumbled 0.9%.

Asian markets ended the session mixed. The Shanghai Composite rose 0.6%, while the Hang Seng in Hong Kong dipped 1.3% and Japan's Nikkei fell 1.2%.

Currencies and Bonds: The dollar was lower against the euro and the Japanese yen, but gained slightly against the British pound.

The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.42% from 3.45% late Wednesday.

Image

Image Yahoo! Finance - Market Update

4:30 pm : Stocks had appeared to be headed for another day of broad losses, but an afternoon retreat by oil prices helped the major averages rebound for a mixed finish.

Continued concerns about political and social turmoil in the Middle East and North Africa hampered trade in the early going. Sellers eventually intensified their efforts so that the Dow faced its third straight loss of at least 100 points. At its session low, the Dow broke below the 12,000 line. Meanwhile, the S&P 500 probed the 1294 zone, but the Nasdaq managed to limit its loss and remain above its prior session low.

However, buyers were pulled back into the action by a drop in oil prices. Oil futures cleared $103 per barrel overnight for a new two-year high, but spent most of pit trade near $99 per barrel before afternoon selling took it to a 0.8% loss at $97.28 per barrel. A smaller-than-expected build in weekly inventories had no real influence on oil's trade.

Oil's pullback undercut energy stocks, which had already spent the session trading as laggards. In turn, the sector fell to a 1.4% loss after it had staged a 2.0% gain in the prior session. Transocean (RIG 80.62, -1.41) was down almost 5% following news of its light revenue figure, but the stock pared its loss into the close.

Airlines found strong favor after oil prices moved lower. In turn, the Amex Airline Index ascended 1.4% after it had fallen in excess of 8% during the two previous sessions.

Semiconductor stocks also had a strong showing. Their 1.7% gain helped prop up the Nasdaq so that it outperformed its counterparts.

Retailers had a strong session overall. As a group they gained 0.8%, despite a mixed batch of quarterly reports from Target (TGT 52.00, +1.74), Kohl's (KSS 53.80, +1.78), Sears Holding (SHLD 82.40, -4.83), and Limited (LTD 32.14, +0.37).

Shares of General Motors (GM 33.02, -1.57) set a post-IPO low, but they managed pare losses as the broader market staged its afternoon recovery. Selling against GM came in the face of news that the automaker had strong quarterly sales.

As for data, initial jobless claims for the week ended February 19 totaled 391,000, which is down 22,000 from the prior week and less than the 410,000 that had been expected, on average, among economists polled by Briefing.com. Continuing claims came down 145,000 from the prior week to total 3.79 million.

Durable goods orders for January increased 2.7%, which is on par with what had been widely anticipated. Orders for the prior month were revised upward to reflect a 0.4% decline. Excluding transportation, durable goods orders for January tumbled 3.6%, which comes in stark contrast to the Briefing.com consensus 0.6% increase.

New home sales for January fell 12.6% month over month to an annualized rate of 284,000, which is less than the rate of 310,000 units per year that had been generally expected among economists polled by Briefing.com. The sharper-than-expected drop in sales comes after they had bounced by 15.7% in the prior month.

Treasuries advanced, but settled off of their highs. The latest Treasury auction featured the 7-year Note. It drew a bid-to-cover of 2.86, dollar demand of $82.9 billion, and an indirect bidder participation rate of 49.7%.

Headline risk related to the turmoil of the Middle East and North Africa, corporate news, and data continue to underpin strong participation. As such, more than 1.20 billion shares traded hands on the NYSE today. That follows tallies in excess of 1.30 billion shares for each of the past two sessions.

Advancing Sectors: Consumer Discretionary (+0.5%), Industrials (+0.4%), Health Care (+0.4%), Tech (+0.3%)
Declining Sectors: Energy (-1.4%), Materials (-0.6%), Consumer Staples (-0.4%), Utilities (-0.3%), Telecom (-0.2%), Financial (-0.2%)DJ30 -37.28 NASDAQ +14.91 NQ100 +0.5% R2K +0.6% SP400 -0.1% SP500 -1.30 NASDAQ Adv/Vol/Dec 1583/2.07 bln/1051 NYSE Adv/Vol/Dec 1585/1.22 bln/1381

3:30 pm : Commodities finished mostly lower today, with softs (+0.8%) the lone advancer.

April WTI crude oil finished lower by 0.8% to $97.28 per barrel, sharply off its overnight and $2.5 yr highs at $103.41 per barrel. Crude's sell off accelerated heading into the close after crude oil failed to break through $100. This morning's inventory data was a relative non-event after it showed an inline build. March natural gas shed 0.2% to close at $3.88 per MMBtu.

April gold ended hear unchanged at $1413.80 per ounce, while March silver closed off 0.2% to $33.18 per ounce. The flight to safety was off for the session with very little new news flow out of the Middle East. However, in afterhours trade both metals dropped sharply on the heels of crude oil's sell off. DJ30 -18.43 NASDAQ +18.42 SP500 +0.97 NASDAQ Adv/Vol/Dec 1462/1.6 bln/1139 NYSE Adv/Vol/Dec 1472/853.3 mln/1456

3:00 pm : Stocks are still up comfortably from session lows, but the broader market hasn't been able to extend their recent rebound into positive territory. Instead, the S&P 500 continues to trade with a modest loss.

Only an hour of trade remains trade. That brings into focus the next round of earnings announcements, which features the latest from Applied Materials (AMAT 15.77, +0.13), Autodesk (ADSK 40.40, +0.81), and Gap (GPS 22.38, +0.05). Tomorrow morning brings the latest from J.C. Penney (JCP 36.06, +0.32). Revisions to fourth quarter GDP are also due tomorrow morning.

Participation is strong again this session. As such, almost 800 million shares have traded hands so far on the NYSE. Share volume on the Big Board broke above 1.30 billion shares in both of the past two sessions. DJ30 -46.13 NASDAQ +9.74 SP500 -3.24 NASDAQ Adv/Vol/Dec 1394/1.49 bln/1189 NYSE Adv/Vol/Dec 1358/780 mln/1568

2:30 pm : Stocks slid to session lows about a half hour ago, even though oil prices were stuck in a sideways drift. However, a recent retreat by oil prices to a 0.7% loss at $97.30 per barrel has helped stocks rebound to afternoon highs -- in just 30 minutes the Dow has slashed its 100-point loss in half.

The drop in oil prices has been particularly kind to airline stocks and transportation stocks. As such, the Amex Airline Index is now up 1.2% and the Dow Jones Transportation Index is up 0.7%.DJ30 -55.10 NASDAQ +6.57 SP500 -4.60 NASDAQ Adv/Vol/Dec 1316/1.35 bln/1253 NYSE Adv/Vol/Dec 1275/700 mln/1641

2:00 pm : Stocks have fallen to fresh session lows. The latest round of selling comes without any corresponding spike in oil prices. Instead, oil prices have been moving sideways with a 1.5% gain at $99.60 per barrel.

Weakness has not only intensified, but become increasingly widespread. In turn, the Dow is down 100 points for the third straight day. Natural resource plays have been the biggest drag on trade.

Both energy stocks and materials stocks are down 1.8%. Among basic materials plays, Newmont Mining (NEM 54.82, -4.29) is under some of the sharpest pressure, despite an upside earnings surprise. Yamana Gold (AUY 12.25, -0.19) is also down despite better-than-expected earnings of its own. DJ30 -108.91 NASDAQ -12.44 SP500 -11.80 NASDAQ Adv/Vol/Dec 1223/1.20 bln/1346 NYSE Adv/Vol/Dec 1188/620 mln/1741

1:30 pm : Treasuries continue to trade with strength in the wake of results from an auction of 7-year Notes. The auction drew a bid-to-cover of 2.86, dollar demand of $82.9 billion, and an indirect bidder participation rate of 49.7%.

For comparison, the prior auction produced a bid-to-cover of 2.85, dollar demand of $82.7 billion, and an indirect bidder participation rate of 52.1%. An average of the last six auctions results in a bid-to-cover of 2.90, dollar demand of $84.2 billion, and an indirect bidder participation rate of 52.6%. DJ30 -84.50 NASDAQ -1.70 SP500 -7.80 NASDAQ Adv/Vol/Dec 1333/1.09 bln/1214 NYSE Adv/Vol/Dec 1345/565 mln/1566

1:05 pm : A lack of positive leadership in the face of ongoing political and social turmoil in the Middle East and North Africa has left the broad market to bleed for the third straight day.

With its slide this session, the S&P 500 is down more than 3% week to date. The push lower has come amid heightened concern about the implications of social unrest and calls for political change in Libya and neighboring countries. The potential for geopolitical turmoil has caused a climb in oil prices, which have only exacerbated selling among stocks.

Although stocks remain in the red again today, support at the prior session's low has helped keep pressure from intensifying.

Oil prices climbed overnight to a new two-year high in excess of $103 per barrel. It has since pulled back, but still sports a 1.6% gain at $99.70 per barrel. Only a muted reaction followed weekly inventory data that showed a smaller-than-expected build.

Even though oil prices are up for the session, energy stocks haven't attracted much support. The sector spiked 2.0% in the prior session, but is down 1.0% today. Transocean (RIG 79.55, -2.48) has been hit particularly hard after it reported a light revenue figure. In contrast, Foster Wheeler (FWLT 35.05, +0.28) missed the consensus earnings estimate, but has rallied back from a gap down at the open.

Retailers had started the session on a strong note, but they have pulled back to trade with a modest gain of 0.3%. Target (TGT 51.71, +1.45), Kohl's (KSS 52.63, +0.61), Sears Holding (SHLD 82.34, -4.89), and Limited (LTD 31.45, -0.32) all recently reported, but their results were collectively mixed.

Fellow discretionary play General Motors (GM 32.78, -1.81) reported strong revenue for its latest quarter, but that failed to prevent a sell-off that took the stock to a post-IPO low.

Today's data has been rather mixed. The latest initial jobless claims tally totaled 391,000, which is less than what had been expected. Durable goods orders for January increased an in-line 2.7%, but orders less transportation tumbled a surprise 3.6%. New home sales for January fell a sharper-than-expected 12.6% month over month to an annualized rate of 284,000.DJ30 -64.11 NASDAQ +2.39 SP500 -5.37 NASDAQ Adv/Vol/Dec 1195/1.03 bln/1351 NYSE Adv/Vol/Dec 1216/529 mln/1681

12:30 pm : Selling pressure has eased a bit now that the S&P 500 is flirting with its prior session low. Still, it continues to trade with a marked loss.

Meanwhile, the Nasdaq has managed to limit its loss as it continues to trade near the neutral line. Priceline.com (PCLN 456.70, +30.71) has been a primary source of support for the Nasdaq following the company's latest quarterly report, which featured a better-than-expected bottom line. DJ30 -80.57 NASDAQ -3.58 SP500 -7.38 NASDAQ Adv/Vol/Dec 1238/915 mln/1287 NYSE Adv/Vol/Dec 1324/463 mln/1556

12:00 pm : The stock market recenly made an upward push, but it was rebuffed at the neutral line. That encouraged sellers to redouble their efforts so that stocks dropped to fresh session lows.

The broader market's retreat has dragged down retailers to a 0.4% gain after they had been up more than 1% in the early going. Sears Holding (SHLD 82.72, -4.53) has been hit particularly hard; its shares are down more than 5%, even though the company posted an upsided earnings surprise and stronger-than-expected revenue for the latest quarter. DJ30 -66.30 NASDAQ +1.97 SP500 -5.14 NASDAQ Adv/Vol/Dec 1219/810 mln/1265 NYSE Adv/Vol/Dec 1344/405 mln/1529

11:30 am : The Dow and S&P 500 recently set fresh session lows, but a sudden flurry of buying has helped the two averages start to rebound. Their upturn coincides with a pullback in oil prices, which now stand at $98.70 per barrel with a 0.6% gain.

The broader market's move off of session lows has helped automaker General Motors (GM 33.78, -0.81) pull back from its post-IPO low, which was set in the wake of a quarterly report that actually featured strong revenue results.

Treasuries remain in strong shape. The benchmark 10-year Note is up about a half of a point so thati its yield is just below 3.43%. Renewed strength at the long end of the yield curve has the 30-year Bond up almost a full point so that its yield is down to less than 4.53%. DJ30 -29.82 NASDAQ +8.34 SP500 -0.46 NASDAQ Adv/Vol/Dec 1317/696 mln/1147 NYSE Adv/Vol/Dec 1510/348 mln/1337

11:00 am : Stocks have been backed down in recent trade so that the major equity averages are back to being mixed.

In contrast to the prior session, when energy was the only sector to advance, energy stocks have fallen to a 0.8% loss, which makes them this session's worst performing sector. Energy's pullback comes in the face of further gains by oil prices.

Oil prices are currently up 1.3% at $99.35 per barrel, but still a few dollars off of overnight highs above $103 per barrel. Oil inventory data for the week ended February 18 were just released; they showed a build of 822,000 barrels, which is less than the 1.10 million barrel-build that had been widely anticipated. DJ30 -24.64 NASDAQ +7.94 SP500 -1.07 NASDAQ Adv/Vol/Dec 1475/541 mln/928 NYSE Adv/Vol/Dec 1576/272 mln/1191

10:30 am : Natural gas inventory data for the week ended February 18 was just posted. It showed a draw of 81 bcf, which is slightly less than the draw of 83 bcf that had been widely anticipated. Natural gas prices have responded by pushing lower so that they now trade at $3.81 per MMBtu with a 2.3% loss. In the minutes leading up to the report natural gas prices had traded with a loss of about 1.8%.

Oil prices climbed overnight to more than $103 per barrel, which marked a new two-year high. However, they have since pulled back to trade with a 1.1% gain at $99.20 per barrel. Weekly inventory data figures for oil are due at 11:00 AM ET.

Precious metals had garnered support in previous sessions as participants sought safety, but they are mixed this morning. Gold was last quoted unchanged at $1414 per ounce, but silver prices are presently off by 0.3% at $33.21 per ounce.

Cotton is limit down in its fourth straight loss. It currently trades at $1.77 per pound. DJ30 -10.68 NASDAQ +19.04 SP500 +0.72 NASDAQ Adv/Vol/Dec 1571/365 mln/790 NYSE Adv/Vol/Dec 1757/190 mln/978

10:00 am : Broad market trade has been rather choppy in the first few minutes of action, but the Nasdaq Composite has climbed to a nice gain. Its relative strength stems largely from an early interest in semiconductor stocks, which are collectively up 1.2%, according to the Philadelphia Semiconductor Index.

New home sales figures for January were just released. Sales fell 12.6% month over month to an annualized rate of 284,000, which is less than the rate of 310,000 units per year that had been generally expected among economists polled by Briefing.com. The sharper-than-expected drop in sales comes after they had bounced by 15.7% in the prior month.

Advancing Sectors: Materials (+0.4%), Industrials (+0.2%), Tech (+0.2%)
Unchanged: Consumer Staples, Consumer Discretionary, Health Care
Declining Sectors: Utilities (-0.1%), Financial (-0.4%), Energy (-0.5%), Telecom (-0.5%)DJ30 +8.93 NASDAQ +12.43 SP500 +1.57 NASDAQ Adv/Vol/Dec 1358/171 mln/839 NYSE Adv/Vol/Dec 1636/105 mln/988

09:45 am : The overall stock market is somewhat mixed this morning, but shares of retailers have run ahead to a collective gain of 1.1%, which makes for a nice rebound from their near 2% drop in the prior session.

Target (TGT 51.26, +1.00) is presently a primary leader among retail plays, even though the company's latest quarterly earnings came short of the consensus forecast. Kohl's (KSS 54.05, +2.03) is up even more sharply following its in-line earnings results and mixed outlook. DJ30 +20.39 NASDAQ +10.48 SP500 +1.53

09:15 am : S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +9.30. Ongoing social and political tumult in the Middle East and North Africa aided in oil's overnight push past $100 per barrel. Those themes aided the renewal of selling pressure in many overseas markets and dropped domestic stock futures. However, stock futures have since rallied so that a flat to slightly higher start to Thursday's trade appears to be in order. The improved tone has been helped by a pullback in oil prices, which now trade at $99.40 per barrel, but still sport a 1.3% gain. Oil prices will remain on the radar of traders all session, but particularly close attention will be paid to the weekly oil inventory report, which is due at 11:00 AM ET. Today's economic data has featured a surprise drop in initial weekly jobless claims to 391,000. Overall durable goods orders increased an in-line 2.7%, but orders less transportation surprised many with a 3.6% tumble. Still to come are new home sales figures for January (10:00 AM ET). This afternoon brings results from an auction of 7-year Notes (1:00 PM ET).

09:05 am : S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +8.60. Futures for the S&P 500 have resumed their climb up from overnight lows so that they now trail fair value by only a fractional margin. Meanwhile, Germany's DAX is currently down 1.0% so that it is pace for its fourth straight loss. That span of weakness has the German bourse trading below its 50-day moving average for the first time in more than a month. This session's slide has been led by RWE AG and Allianz (AZ), which reported a gain in fourth quarter profit and announced to raise its dividend. Siemens (SI) has provided some broad market support, as has BASF, which reported a sharp rise in fourth quarter income. France's CAC is currently off by just 0.1% as France Telecom, Axa (AXA), and LVMH Moet Hennessey continue to drag on trade. LVMH Moet Hennessey is on pace for its fifth straight loss; it came in contact with its four-month low earlier. Meanwhile, energy giant Total (TOT) has managed to make strong gains, thanks to the spike in oil prices. Higher oil prices have also helped BP Plc (BP), which has joined fellow natural resource plays BG Group, BHP Billiton (BHP), and Anglo American to provide support to Britain's FTSE. Still, the FTSE is down 0.2% as weakness in HSBC (HBC), British American Tobacco, Vodafone (VOD), and Rio Tinto (RIO) permeate broader trade.

Japan's Nikkei logged a 1.2% loss to close below its 50-day average as 90% of its components settled in the red. Fast Retailing, TDK Corp, Kyocera (KYO), and Honda Motor (HMC) were atop the list of declining issues. CSK Corp and Terumo Corp were among the few that were resilient enough to muster gains. Hong Kong's Hang Seng fell 1.3% to deepen its multi-month low. Weakness was widespread, but HSBC, Hutchison Whampoa, China Petroleum, and China Mobile were the heaviest drags on trade. Tencent Holdings managed to make a nice rebound, though; it climbed 1.1% after falling a cumulative 7% during the course of the three previous sessions. Mainland China's Shanghai Composite put together a 0.6% gain amid leadership from PetroChina (PTR) and China Shenhua. Zijin Mining was one of the weakest performers as profit takers knocked the stock to a 1.8% loss after it had climbed almost 13% during the four previous sessions to set a two-month high in the prior day's trade.

08:35 am : S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -7.00. Stock futures had been slowly making a modest recovery from their overnight lows, but the effort was recently interrupted by the latest dose of data. Initial jobless claims for the week ended February 19 totaled 391,000, which is less than the 410,000 that had been expected, on average, among economists polled by Briefing.com. The latest tally marks an decrease of 22,000 from the prior week. Continuing claims came down 145,000 from the prior week to total 3.79 million. Durable goods orders for January increased 2.7%, which is on par with what had been widely anticipated. Orders for the prior month were revised upward to reflect a 0.4% decline. Excluding transportation, durable goods orders for January tumbled 3.6%, which comes in stark contrast to the Briefing.com consensus 0.6% increase.

08:05 am : S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -9.50. Selling pressure continues this morning. Weakness comes amid further losses abroad, although China's Shanghai Composite managed to stage a gain in the face of a global effort to pare risk in light of ongoing social and political turmoil in the Middle East and North Africa. That turmoil continues to propel crude oil prices higher -- the commodity was last quoted with a 3.4% gain at $101.45 per barrel in electronic trade. Corporate news continues to be of secondary concern, but it is notable that General Motors (GM) reported strong sales for its latest quarter, but collective results from retailers like Target (TGT), Kohl's (KSS), Sears Holdings (SHLD), and Limited (LTD) were rather mixed. Today's economic calendar features the latest weekly initial jobless claims tally and January Durable Goods Orders data, both of which are due at 8:30 AM ET. New home sales figures for January are due at 10:00 AM ET, along with the December House Price Index. Natural gas inventory data are due at 10:30 AM ET, followed by oil inventory data at 11:00 AM ET. Results from an auction of 7-year Notes are due at 1:00 PM ET.

07:24 am : [BRIEFING.COM] S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -10.70.

07:24 am : Nikkei...10452.71...-126.40...-1.20%. Hang Seng...22601.04...-305.90...-1.30%.

07:24 am : FTSE...5893.75...-29.90...-0.50%. DAX...7113.25...-79.90...-1.10%.

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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