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 Post subject: April 27th Wednesday 2011 Emini TF ($TF_F) points +15.80
PostPosted: Wed Apr 27, 2011 8:15 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)
Attachment:
042711-wrbtrader-PnL-Blotter-Profit-1580.png
042711-wrbtrader-PnL-Blotter-Profit-1580.png [ 77.98 KiB | Viewed 294 times ]

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

Trade Performance for Today: +15.80 points or $1580.00 dollars in the Russell 2000 Emini TF ($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=88&t=821.

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=137&t=1015

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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 - Dow, S&P 500 At Highest Levels Since 2008
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click on the above image to view today's price action of key markets

By Hibah Yousuf, staff reporter
April 27, 2011: 4:36 PM ET

NEW YORK (CNNMoney) -- It was a 'no news is good news' kind of day for the stock market.

After waiting on the sidelines most of Wednesday in anticipation of the Federal Reserve's statement and Fed chief Ben Bernanke's first press conference, investors waded back in.

As expected, the central bank said it would keep interest rates low and end its $600 billion Treasury buying program in June, while Bernanke reassured investors that the nation's economic recovery is on track.

"The Fed statement and Bernanke's speech didn't offer any surprises, and that's good for the market because Wall Street hates uncertainty," said Doug Roberts, chief investment officer at Channel Capital Research and author of Follow the Fed to Investment Success.

The lack of news pushed the Dow Jones industrial average (INDU) up 96 points, or 0.8%. The S&P 500 (SPX) rose 8 points, or 0.6%, and the Nasdaq Composite (COMP) added 22 points, or 0.8%.

The gains put all three indexes at fresh multi-year highs. The Dow climbed to its highest level since May 2008, while the S&P 500 rose to its highest level since June 2008. The Nasdaq pushed to its highest level since December 2000.

With the Fed's meeting on top of this week's onslaught of corporate earnings and economic reports, "investors have a lot to digest," said Fred Dickson, chief market strategist at D.A. Davidson & Co.

* Mixed messages from the Fed

Bernanke said the Fed would end its bond-buying program "without tapering," and that there were no plans to do more. "The trade-offs are getting less attractive," he said. Bernanke also noted that the central bank's balance sheet would remain constant after QE2 ends.

On Tuesday, U.S. stocks finished at their highest levels in three years.

Companies: GE's (GE, Fortune 500) stock jumped 2.7%, leading the Dow's gainers. At an annual shareholder's meeting, the conglomerate's CFO said the company's profit growth over the next few years will be the fastest it has seen in a decade.

Shares of Merck (MRK, Fortune 500) rose 1.6% after the Dow component got the green light from its board for a $5 billion share buyback program.

Shares of Boeing (BA, Fortune 500) rose 0.8% after the aeronautics company reported a 13% increase in its first-quarter profit.

Amazon.com (AMZN, Fortune 500)'s stock was the biggest winner on the S&P 500 and Nasdaq, with shares rising 8%, even though the online merchant reported first-quarter earnings that fell by one-third compared to a year earlier and sharply missed Wall Street forecasts.

For-profit educator DeVry's (DV) stock was also a strong performer on the S&P 500 after popping more than 7%. Late Tuesday, DeVry reported a 14% rise in its quarterly profit

Meanwhile, shares of Broadcom (BRCM, Fortune 500) sank 12.3% after the semiconductor company issued a disappointing outlook. Broadcom was the worst performing company in the S&P 500 and Nasdaq.

After Tuesday's close, Starbucks (SBUX, Fortune 500) posted quarterly results roughly in line with expectations, but the coffee giant disappointed investors with a lower-than-expected outlook. Shares slipped 2% in after-hours trading.

Economy: The government said new orders for durable goods increased 2.5% in March, after a 0.7% rise the month before. Economists surveyed by Briefing.com expect an increase of 1.8% in March.

World markets: European stocks closed mixed. The DAX in Germany rose 0.7%, France's CAC 40 gained 0.7%, while Britain's FTSE 100 ended slightly lower.

Asian markets also ended mixed. The Shanghai Composite and the Hang Seng in Hong Kong both fell about 0.5%, while Japan's Nikkei rallied 1.4%.

Standard & Poor's warned that Japan's government could face a downgrade of its credit rating within the next few years, as the nation's economy recovers from the March 11 earthquake and tsunami.

S&P lowered its outlook on Japan's long-term debt to "negative" from "stable," saying the government will likely bear most of the cost of rebuilding. The ongoing struggle to contain a damaged nuclear power plant in Japan makes the outlook even more uncertain, the agency said.

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

Oil for June delivery gained 55 cents to settle at $112.76 a barrel.

Gold futures for June delivery rose $13.60 to settle at $1,517.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, with the yield rising to 3.37% from Tuesday's yield of 3.32%.

Image

Image Yahoo! Finance - Market Update

4:25 pm : The major equity averages hugged the flat line in early trade as participants prepared for commentary from the Fed and its Chairman, Ben Bernanke. Stocks eventually broke free from their narrow range to extend their recent highs.

Although the stock market has been on an upward trend in recent sessions, traders were apprehensive to chase stocks higher this morning. Their pause preceded the latest FOMC policy statement, which indicated that the Fed expects to keep the Fed Funds Rate -- still at 0.00% to 0.25% -- at exceptionally low rate levels for an extended period. The Fed also noted that the economic recovery is proceeding at a moderate pace, instead of the firmer pace that it had noted in its previous statement.

Fed Chairman Bernanke later indicated in a press conference that the Fed has lowered its GDP forecast for 2011 to the range 3.1% to 3.3%, from 3.4% to 3.9%. The Fed also trimmed the top end of GDP estimates for 2012 and 2013, but narrowed their long-run growth estimate so that it ranges from 2.5% to 2.8%, instead of 2.4% to 3.0%.

Although GDP growth is expected to moderate, Bernanke announced that the Fed expects unemployment in 2011 to be between 8.4% and 8.7%, which is down from the range of 8.8% to 9.0% that had been previously estimated.

The revisions to economic growth and unemployment come ahead of tomorrow's report on first quarter GDP, which is widely expected to show growth of 1.7%. It was learned early this morning that the United Kingdom economy expanded at a 0.5% rate in the first quarter.

Following today's Fedspeak, gold and silver prices made sharp gains into electronic trade. Gold actually set a new record high of roughly $1530 per ounce while silver extended its 30-year high to more than $48 per ounce.

Earnings were generally of secondary interest to the overall market today, but there were some dramatic swings at the individual level.

Amazon.com (AMZN 196.63, +14.33) ascended almost 8% to a record high following its latest quarterly report. Boeing (BA 76.12, +0.57) and WellPoint (WLP 75.54, +2.57) also benefited from a positive response to their quarterly reports; both set fresh 52-week highs.

ConocoPhillips (COP 79.83, -1.38) came short of the consensus earnings estimate. That initially imbued Exxon Mobil (XOM 87.78, +0.36) ahead of its quarterly report tomorrow morning. Although COP couldn't fully recover, shares of XOM rebounded to close within one dollar of their 52-week high. International integrated plays BP Plc (BP 46.53, +0.21) and CNOOC (CEO 250.71, -2.55) finished in mixed fashion, though.

The overall energy sector managed to fully erase a loss of more than 1%. Hess (HES 82.74, +2.07) and Baker Hughes (BHI 77.28, +3.22 were leaders, thanks to stronger-than-expected earnings. Shares of BHI actually hit a 52-week high.

Broadcom (BRCM 35.45, -4.96) also had an upside earnings surprise for the latest quarter, but that mattered little in light of the company's disappointing forecast. In turn, the stock dropped to a six-month low.

Advancing Sectors: Telecom (+1.3%), Health Care (+1.2%), Consumer Discretionary (+1.1%), Utilities (+0.8%), Financials (+0.6%), Industrials (+0.6%), Tech (+0.5%), Consumer Staples (+0.5%), Materials (+0.2%)
Unchanged: Energy
Declining Sectors: (None)DJ30 +95.59 NASDAQ +22.34 NQ100 +0.7% R2K +0.6% SP400 +0.6% SP500 +8.42 NASDAQ Adv/Vol/Dec 1618/2.08 bln/956 NYSE Adv/Vol/Dec 1932/959 mln/1041

3:30 pm : Several commodities encountered selling pressure in early pit trade, but they were able to recover for a strong close.

Precious metals prices were backed down toward the neutral line this morning, but both rallied in afternoon trade. As a result, gold settled with a 0.6% gain at $1526.30 per ounce. Silver settled with a 3.5% gain at $47.56 per ounce.

Oil prices set session lows of about $111 per barrel this morning, shortly after it was learned that weekly oil inventories had a greater-than-expected increase. Oil settled rebounded to positive territory not long after that, then chopped to a 0.2% gain at $112.95 per barrel.

Natural gas had a relatively quiet session that kept the energy component near $4.38 per MMBtu just about all day. DJ30 +71.14 NASDAQ +15.55 SP500 +5.53 NASDAQ Adv/Vol/Dec 1456/1.64 bln/1123 NYSE Adv/Vol/Dec 1730/650 mln/1227

3:00 pm : Stocks are trying to break free from their recent trading range. The effort has the three primary equity averages at session highs. Overall gains remain modest, though.

Although Fed Chairman Bernanke is still conducting a press conference, the approach of the closing bell has participants shifting an eye toward the next round of quarterly reports, which features announcements from Aflac (AFL 53.87, -0.04) and Allstate (ALL 31.83, +0.09). Tomorrow morning features results from Aetna (AET 39.99, +0.30), AmerisourceBergen (ABC 41.78, +0.70), BristolMyersSquibb (BMY 28.24, +0.12), Colgate-Palmolive (CL 81.13, +0.58), Procter & Gamble (PG 63.99, +0.69), PepsiCo (PEP 67.86, +0.15), and Exxon-Mobil (XOM 87.49, +0.07). DJ30 +67.51 NASDAQ +13.02 SP500 +4.72 NASDAQ Adv/Vol/Dec 1392/1.51 bln/1174 NYSE Adv/Vol/Dec 1644/597 mln/1302

2:30 pm : Fed Chairman Bernanke recently began his press conference. He has outlined a revisions to the GDP forecast, which now suggests that the economy will grow between 3.1% and 3.3% in 2011 after it had previously been forecasted to grow between 3.4% and 3.9%. For 2012, GDP is now expected to grow between 3.5% and 4.2% after it had been forecasted to grow between 3.5% and 4.4%. For 2013, GDP is expected to grow between 3.5% and 4.3% after it had been forecasted to grow between 3.5% and 4.6%. Long-run growth is now expected to range from 2.5% to 2.8%, versus the range of 2.4% to 3.0% that had been issued previously.

While GDP growth is expected to moderate, the Fed now expects that unemployment in 2011 will be between 8.4% and 8.7%, which is down from the range of 8.8% to 9.0% that had been previously estimated.

Action among stocks hasn't been too dramatic in the wake of Bernanke's comments, although stocks have eased off of their afternoon highs. DJ30 +36.18 NASDAQ +5.80 SP500 +1.16 NASDAQ Adv/Vol/Dec 1250/1.38 bln/1288 NYSE Adv/Vol/Dec 1448/540 mln/1482

2:00 pm : Fed Chairman Bernanke is scheduled to begin his press conference in about 15 minutes. The conference is being billed as an historic event since there hasn't before been a time that the Fed was openly questioned by the public. The Fed's decision to make itself more accessible is part of Bernanke's desire for increased transparancy.

Of particular interest is whether or not Bernanke will give any indication of plans for further quantitative easing. The Fed's outlook on inflation will likely be more closely scrutinized as well. DJ30 +55.55 NASDAQ +9.29 SP500 +3.21 NASDAQ Adv/Vol/Dec 1314/1.26 bln/1220 NYSE Adv/Vol/Dec 1565/490 mln/1346

1:30 pm : The S&P 500 and Nasdaq are near their best levels since this morning, but the Dow is at a session high amid leadership from General Electric (GE 20.73, +0.63), which has climbed more than 3% without any clear headline or catalyst to account for its strength. The Dow's move actually makes for its highest intraday level in almost three years.DJ30 +43.59 NASDAQ +6.94 SP500 +1.89 NASDAQ Adv/Vol/Dec 1254/1.17 bln/1266 NYSE Adv/Vol/Dec 1463/455 mln/1441

1:05 pm : The stock market stretched to its highest level in almost three years yesterday, but market participants haven't been compeled to do much buying today. Trepidation among traders is owed to uncertainty about what the Fed may have in store.

Fed Chairman Bernanke's question-and-answer session is still about an hour away. Traders will be looking for clues about monetary policy plans that weren't communicated, tacitly or explicitly, in the latest FOMC policy statement.

Today's FOMC policy statement was without major surprise, although financial media are pointing out that its verbiage said the economic recovery is proceeding at a moderate pace, which is viewed as a downgrade from what was called a "firmer pace" in the prior statement. The Fed kept its target rate at 0.00% to 0.25% and made note that exceptionally low rate levels are expected for an extended period.

Although the broad market is up narrowly, natural resource plays continue to struggle. As such, both the materials sector and the energy sector are down about 1%. Among materials issues, steel stocks have been hit hard following a downgrade of U.S. Steel (X 47.66, -2.04) by analysts at Goldman Sachs. The energy sector has been weighed down by integrated plays like ConocoPhillips (COP 79.16, -2.05), Britain's BP Plc (BP 46.16, -0.16), and China's CNOOC (CEO 248.33, -4.93) following their latest quarterly reports. Strong results have helped Hess (HES 83.95, +3.28) and Baker Hughes (BHI 75.99, +1.93), however.

Semiconductor stocks have also had a tough session following a disappointing forecast from Broadcom (BRCM 35.74, -4.67). The company's upside earnings surprise for the latest quarter has been disregarded.

Even though the broad market hasn't done much today, Amazon.com (AMZN 194.69, +12.39) has steadily ascended to a gain of more than 6% following its latest quarterly report. The stock is currently a top performer.

Boeing (BA 76.34, +0.79) and WellPoint (WLP 74.95, +1.98) have also been strong performers. In fact, both stocks set fresh 52-week highs today. DJ30 +43.82 NASDAQ +5.94 SP500 +1.88 NASDAQ Adv/Vol/Dec 1282/1.08 bln/1235 NYSE Adv/Vol/Dec 1448/420 mln/1436

12:35 pm : The latest FOMC policy statement was just posted. It didn't contain any surprises.

Among the statement's key takeaways, the Fed has left the Fed Funds rate unchanged at 0.00% to 0.25%. The Committee noted that the economic recovery is proceeding at a moderate pace and that overall conditions in the labor market are improving gradually.

Stocks haven't made much of a reaction to the statement. In turn, they remain at the neutral line. As for Treasuries, they are near session lows. Meanwhile, the dollar is up narrowly against a basket of major foreign currencies. DJ30 +21.91 NASDAQ +1.15 SP500 -0.52 NASDAQ Adv/Vol/Dec 1175/970 mln/1320 NYSE Adv/Vol/Dec 1310/375 mln/1568

12:00 pm : Treasuries have been stuck in the red all session. Results from today's auction of 5-year Notes didn't help their position.

Today's 5-year Note auction drew a bid-to-cover of 2.77, dollar demand of $97.0 billion, and an indirect bidder participation rate of 40.0%. For comparison, the prior auction drew a bid-to-cover of 2.79, dollar demand of $97.7 billion, and an indirect bidder participation rate of 42.4%. An average of the past six auctions gives a bid-to-cover of 2.76, dollar demand of $96.4 billion, and an indirect bidder participation rate of 38.0%. DJ30 +19.98 NASDAQ +0.91 SP500 -0.88 NASDAQ Adv/Vol/Dec 1191/860 mln/1285 NYSE Adv/Vol/Dec 1321/330 mln/1525

11:30 am : The major equity averages continue to hug the neutral line. It has lacked direction all morning.

Natural resource plays under sharp pressure today. As such, both the materials sector and the energy sector have fallen to losses of 1.3%.

Only a handful of energy stocks have managed to shake free from the sector's weakness and move higher. Hess (HES 83.95, +3.28) and Baker Hughes (BHI 75.99, +1.93) are outperforming because of a positive response to their latest earnings reports.

Weakness among materials stocks is also widespread, but steel stocks are being hit with some of the hardest selling. In turn, AK Steel (AKS 16.43, -0.53) has handed back some of the gain that it had made in the prior session. Meanwhile, U.S. Steel (48.21, -1.51) has extended its prior session slide to set a new multi-month low. Following an earnings miss yesterday, shares of X were downgraded by analysts at Goldman Sachs. DJ30 +7.61 NASDAQ -1.99 SP500 -1.50 NASDAQ Adv/Vol/Dec 1124/748 mln/1329 NYSE Adv/Vol/Dec 1276/290 mln/1543

11:00 am : Investors have dumped shares of semiconductor-related play Broadcom (BRCM 35.43, -4.98) in response to the firm's disappointing sales forecast, which has overshadowed the company's better-than-expected earnings. Weakness in the stock has been exacerbated by word that analysts at Goldman Sachs removed the stock from their Conviction Buy List. The sell-off has taken the stock to a six-month low.

Weakness in BRCM has imbued the rest of the semiconductor space. In turn, the Philadelphia Semiconductor Index has been dragged down from the one-month high that it set in the prior session; it is down 1.1% today. DJ30 +0.08 NASDAQ -4.09 SP500 -2.38 NASDAQ Adv/Vol/Dec 1131/615 mln/1267 NYSE Adv/Vol/Dec 1274/250 mln/1522

10:30 am : News that oil inventories for the week ended April 22 had a build of 6.2 million barrels, which contrasts with the consensus call for a build of 1.70 million barrels, has caused crude oil prices to descend deeper into negative territory so that they now stand at $110.95 per barrel with a 1.1% loss. In the few minutes that preceded the inventory report oil prices had been at about $111.30 per barrel. Crude oil's morning high was above $112 per barrel.

Natural gas prices are flat at $4.39 per MMBtu.

Precious metals have sold off sharply in recent trade. Prior to its recent dive, gold prices had traded at a morning high of almost $1514 per ounce, but now they are down to $1506 per ounce with a 0.2% gain. As for silver, it is down to a 0.1% gain at $45.09 per ounce after it had been near $46 per ounce less than an hour ago. DJ30 +13.28 NASDAQ -1.88 SP500 -1.32 NASDAQ Adv/Vol/Dec 1121/485 mln/1233 NYSE Adv/Vol/Dec 1301/190 mln/1452

10:00 am : Shares of for-profit education provider DeVry (DV 54.25, +4.16) has surged in the wake of an upside earnings surprise. The stock is still shy of its monthly high, however. Nonetheless, its strength this morning has helped prop up shares of Career Education (CECO 22.00, +0.43) and Corinthian Colleges (COCO 4.52, +0.16).

As for the broad market, it remains mired near the neutral line. The lack of direction is likely due to a sense of uncertainty ahead of the FOMC policy statement at 12:30 PM ET and the question-and-answer session with Fed Chairman Bernanke that is scheduled to follow.

Advancing Sectors: Financials (+0.2%), Consumer Staples (+0.2%), Consumer Discretionary (+0.4%), Utilities (+0.4%), Telecom (+0.7%)
Unchanged: Tech, Health Care, Industrials
Declining Sectors: Materials (-0.8%), Energy (-0.8%)DJ30 +12.75 NASDAQ +3.76 SP500 +0.14 NASDAQ Adv/Vol/Dec 1213/300 mln/1062 NYSE Adv/Vol/Dec 1419/125 mln/1273

09:45 am : The major equity averages are near the neutral line in the first few minutes of trade. Energy stocks have been a drag; they are down 0.5% following an earnings miss from heavyweight ConocoPhillips (COP 79.12, -2.09). However, better-than-expected quarterly results have helped Baker Hughes (BHI 77.41, +3.35) open with a strong gain that actually put the stock at its best level in more than two years.DJ30 +5.30 NASDAQ +3.96 SP500 +0.71

09:15 am : S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +5.90. Stock futures point to a slightly higher start to today's trade. The mildly upbeat tone has been helped by another big batch of better-than-expected earnings, although the latest reports from Amazon.com (AMZN) and Broadcom (BRCM) have caused some disappointment. Gains by Europe's major bourses have complemented the positive tone to this morning's premarket trade. Data has been limited to a stronger-than-expected durable goods orders report, but that was essentially shrugged off when it was released. Attention is largely fixed on the latest FOMC policy statement, which is due at 12:30 PM ET. The statement will be followed by a question-and-answer session.

09:05 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +6.70. Europe's major bourses are up again today. Strength remains relatively broad, which has helped the EuroStoxx 50 put together a 0.8% gain. Germany's DAX has advanced 0.9%, despite a dip in the country's GfK Consumer Confidence Survey to 5.7 in May from 5.9 in April. Meanwhile, France's CAC has climbed 0.8% after its Consumer Confidence reading for April came in at 83, which is unchanged from the prior month. Renault SA is a top performer once again. Britain's FTSE is up a much more modest 0.2% in the wake of news that the United Kingdom's economy expanded at an annualized rate of 0.5% in the first quarter. That comes after a 0.5% decline in the fourth quarter. Among the FTSE's primary components, BP Plc (BP) has been a source of support following its first quarter results, but Barclays (BCS) has been a burden following the bank's latest report. European investment banking and financial services outfit Credit Suisse reported results that came short of both top and bottom line estimates. Eurozone data was limited, but an industrial new orders report for February was released. It showed a 0.9% increase in new orders after a 0.1% increase in the prior month.

Some of Asia's major averages succumbed to further selling, but Japan's Nikkei was able to put together a 1.4% gain. Canon (CAJ) was a primary source of strength following its latest quarterly report. Kyocera (KYO) posted its latest quarterly report in the early morning hours; it featured stronger-than-expected results and a strong forecast. As an aside, analysts at S&P downgraded their outlook on Japan's debt to Negative; Moody's maintained a Negative outlook on the country's debt rating. China's Shanghai Composite closed 0.5% lower, as did Hong Kong's Hang Seng. With few exceptions, property stocks in both averages moved lower in the wake of a property auction in Hong Kong. Energy giant CNOOC (CEO) reported its latest results after the close. They featured a 59% year-over-year increase in revenue and a near 27% year-over-year increase in total net boe production.

08:35 am : S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +4.70. Stock futures are largely unfazed by the latest dose of data, which actually proved better than expected. Durable goods orders for March increased by 2.5%, which exceeds the 1.8% increase that had been widely anticipated. The increase for March is also greater than the upwardly revised 0.7% increase registered for the prior month. Excluding transportation, durable goods orders increased by a more tepid 1.3%, which is slightly better than the 1.2% that had been expected, on average, among economists polled by Briefing.com. The prior month's data was revised upward to reflect an increase of 0.6%.

08:00 am : S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +4.90. Market participants are digesting another big batch of earnings results, most of which have been better than expected. Among the more widely held issues, Boeing (BA), Baker Hughes (BHI), WellPoint (WLP), and Whirlpool (WHR) all beat consensus estimates, but Amazon.com (AMZN) and Broadcom (BRCM) both disappointed with their latest announcements. As for overseas trade, Europe's bourses have managed to extend their recent gains following news of a 0.5% increase in the United Kingdom's first quarter GDP, but overnight action in Asia left the major averages there mixed. The dollar is currently down against the British pound, but it has actually advanced against Japan's yen. That has helped the Dollar Index tick higher after it logged its lowest level in more than a year during the prior session. Durable goods orders are due at the bottom of the hour, but today's headline event is the latest policy statement from the FOMC at 12:30 PM ET.

06:49 am : [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +5.20.

06:49 am : Nikkei...9691.84...+133.20...+1.40%. Hang Seng...23892.84...-114.50...-0.50%.

06:49 am : FTSE...6075.24...+5.90...+0.10%. DAX...7405.65...+49.10...+0.70%.

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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