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 10:37 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 5th Friday 2011 Emini TF ($TF_F) points +76.10
PostPosted: Fri Aug 05, 2011 2:37 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:
080511-wrbtrader-PnL-Blotter-Profit-7610.png
080511-wrbtrader-PnL-Blotter-Profit-7610.png [ 75.7 KiB | Viewed 322 times ]

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

Trade Performance for Today: +76.10 points or $7610.00 dollars in the Russell 2000 Emini TF ($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, all trades were posted real-time in the free #FuturesTrades chat room. Today's #FuturesTrades trading chat room logs provides details about each one of my trades from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=93&t=960.

To join our free chat room...registration instructions located at a different forum @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630

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=142&t=1168

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

Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events that had an impact on today's price action. Simply, I'm a strong believer that many variables (key market events) causes key changes in supply/demand and volatility that results in swing points and strong continuation price actions. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis. Just as important, these summaries becomes my archives to allow me to understand what was happening on any given trading day in the past...something I can not get from my broker statements alone.

Attachment:
080511-Emini-TF-Futures-Chart.png
080511-Emini-TF-Futures-Chart.png [ 35.09 KiB | Viewed 337 times ]

click on the above image to view today's price action of Russell 2000 Emini TF Futures

MarketWatch.com - U.S. triple-A debt rating cut by Standard & Poor’s

Aug. 5, 2011, 10:15 p.m. EDT

WASHINGTON (MarketWatch) — The United States late Friday lost its triple-A debt rating from Standard & Poor’s for the first time in its history, with the credit-rating agency saying the political system of the world’s top economy has become less stable and that budget cutting announced earlier this week didn’t go far enough.

S&P lowered its rating on the U.S. by a notch to AA+ and, to compound the embarrassment, said the outlook is negative as well, as it threatened another reduction in two years. The rating agency said the deal reached by lawmakers to cut the federal deficit by an estimated $2.1 trillion over a decade didn’t go far enough, and “America’s governance and policymaking [is] becoming less stable, less effective, and less predictable than what we previously believed.” Read text of downgrade.

S&P, a unit of McGraw-Hill, had said in July that $4 trillion in cuts over a decade would be required if the U.S. were to keep its triple-A rating. The U.S. has over $14 trillion in debt, and, even after the deal reached this week, is anticipated to add another $7 trillion over the next decade. Read more on debt-ceiling deal.

By S&P’s analysis, the U.S. debt-to-GDP ratio will hit 85% by 2021.

The move caps a wild day for markets and S&P itself. Multiple press reports indicated S&P had delayed downgrading U.S. debt after the White House — which had received a draft — spotted errors estimated to be worth $2 trillion. Full story: S&P said to back away from U.S. downgrade.

A Treasury spokesman said those errors made the decision “flawed.”

The market impact of the S&P move is uncertain, but the wild 416-point swing in the Dow Jones Industrial Average on Friday was in part influenced by rumors of such a move. The political ramifications also were explosive, with both sides quickly taking to cable news stations to blame each other for the U.S. downgrade.

Fellow rating agencies Moody’s and Fitch Ratings have not been as critical as S&P about U.S. finances, as both have affirmed their triple-A ratings. (Moody’s has warned that it may downgrade the U.S. in the future.)

Investors that are required by their mandates to only invest in triple-A debt may still be able to own Treasury bonds if only one firm lowers its U.S. debt rating. It’s also unclear whether Treasurys pledged as collateral in various derivatives trades would be impacted.

The Federal Reserve and the Federal Deposit Insurance Corp. quickly issued a statement saying banks would not have to increase bank capital that was backed by Treasury or other federal government-backed obligations. The Fed also said that discount window borrowing would not be impacted.

In any case, investors have flocked to Treasurys this week, with government-bond prices seeing their biggest gains in two years, which indicates that investors have brushed off concerns that they won’t be paid back.

China effectively has no other option but to buy U.S. Treasury obligations to keep the value of the yuan artificially low.

The rating agencies have been heavily criticized for their role in the credit crisis for not downgrading mortgage-backed securities, but there are few alternatives to their role.

Image Bloomberg.com (Youtube Video) - Most U.S. Stocks Fall, S&P 500 Has Worst Week Since 2008

Aug. 5 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. Most U.S. stocks fell, completing the worst weekly slump for the Standard & Poor's 500 Index since 2008, as optimism Europe will take steps to contain its debt crisis failed to offset concern about an economic slowdown.

Image CNNMoney.com - Stocks: Worst Week Since Financial Crisis
Attachment:
080511-Key-Price-Action-Markets.png
080511-Key-Price-Action-Markets.png [ 527.42 KiB | Viewed 310 times ]

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

By Ken Sweet, contributing writer August 5, 2011: 4:55 PM ET

NEW YORK (CNNMoney) -- It was a wild ride on Wall Street.

Stocks ended Friday on a mixed note after violently whipsawing throughout the day. The Dow had a massive trading range of 400 points as investors scrambled to make sense of a whirlwind of news.

Deep investor concerns about the U.S. economy and the European debt crisis caused heavy damage to U.S. stocks this week. All three indexes had their worst week since the darkest months of the 2008-09 financial crisis.

The Dow Jones industrial average (DJIA) rose 61 points, or 0.5%, to close at 11,445. The Dow at one point was down nearly 240 points.

The blue chips were lifted by shares of Kraft (KFT, Fortune 500) and Procter & Gamble (PG, Fortune 500), while the biggest drag on the Dow were shares of Bank of America (BAC, Fortune 500), which fell more than 7%.

The S&P 500 (INX) fell less than a point, or 0.1%; to 1,199; and the Nasdaq Composite (COMP) slid 24 points, or 1%, to 2,532.

The Dow fell nearly 6% for the week, the S&P 500 lost 7% and the Nasdaq dropped 8%. It was the worst week for the S&P 500 and Nasdaq on a percentage basis since November 2008 and the worst week for the Dow since March 2009.

Stocks started Friday's session sharply higher after investors got a strong U.S. jobs report. But the rally had little fuel, with the major indexes turning sharply lower as fears about Europe's escalating debt problems quickly dampened any early enthusiasm.

"The jobs report was modestly reassuring," said Bruce McCain, chief market strategist with Key Private Bank. "But it's been the heightened concerns over Europe that has dominated trading today."

Italy is quickly becoming the latest domino to potentially fall in the eurozone, with many investors worrying that the eurozone's third-largest economy may be too large to save.

* Young investors stay put amid turmoil

Stocks found some support after the European Central Bank said it agreed to buy Italian bonds in exchange for massive budget cuts. But traders said investors were reluctant to hold stocks going into the weekend.

"The crisis in Europe is continuing to unfold and while I suspect Europe's debt story will not have a good ending, it's not clear how many more chapters this book has," McCain said.

It's clear that fear is still dominating sentiment. Wall Street's "fear" gauge -- the VIX (VIX) -- jumped to a reading of 32.05 in late-afternoon trading. Anything above 30 indicates a heightened sense of fear.

* Choppy waters ahead - StockTwits

Stocks plunged Thursday, with the Dow tumbling 512 points. It was the steepest point loss since October 2008 -- as fear about the global economy spooked investors.

All three major indexes have erased their gains for the year and now are deep into "correction" territory -- defined as a 10% drop from recent highs. And while Wall Street took a hammering the past few weeks, stocks remain well above their March 2009 lows.

World markets: European stocks sank yet again on Friday before Italy's debt deal was announced. Britain's FTSE 100 (UKX) fell 2.7%, the DAX (DAX) in Germany slipped 2.7%, while France's CAC 40 (CAC40) was down 1.3%.

Asian markets ended the session deep in the red follow Thursday's big selloff in U.S. The Shanghai Composite (SHCOMP) lost 2.2%, the Hang Seng (HSI) in Hong Kong plunged 4.3% and Japan's Nikkei (N225) lost 3.7%.

Commodities and currencies: The dollar rose against the euro, the Japanese yen and British pound.

The greenback also rose for a third straight session against the Swiss franc, following the Swiss National Bank's intervention in the currency market earlier this week.

Gold futures for December delivery gained $3 .to $1,662.60 an ounce Friday, while oil for September delivery added 25 cents to $86.88 a barrel.

* Regaining faith in U.S. but not the economy

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.56% from 2.46% late Thursday.

Companies: Shares of Procter & Gamble (PG, Fortune 500) rose 2%, after the Dow component posted earnings and sales that were ahead of expectations. The company also warned that results for the current quarter would fall short of estimates.

Priceline.com (PCLN) shares jumped 9%, following the online travel site's better-than-expected earnings and a strong outlook for the rest of the year.

Image

Market Update

4:30 pm : Volatility continued during Friday's trade, but stocks finished the day in mixed fashion. That made for a dull conclusion to the worst week of trade in more than two years.

Weakness from the prior session's precipitous drop had lingered ahead of today's open, but stocks were able to start the session with strong gains after participants reacted to an encouraging jobs report that showed a headline unemployment rate of 9.1%, rather than the 9.2% rate that had been widely expected.

A breakdown of the numbers showed that non-farm payrolls for July increased by 117,000, which is greater than the increase of 84,000 that had been widely anticipated. Prior month payrolls were also revised upward to reflect an increase of 46,000, instead of the 18,000 increase that had been initially reported. As for private payrolls, they spiked by 154,000, which exceeds the 100,000 increase that had been broadly expected.

However, once trade opened, stocks were quickly hit with selling pressure as many traders, cognizant that a better-than-expected jobs number won't prevent a possible U.S. debt rating downgrade and skeptical of the market's ability to establish firm footing, opted to capitalize on the opportunity to limit losses. That stirred further selling, which took the three major equity averages down sharply to new 2011 lows and sent the Volatility Index up above 35 for the first time in more than a year.

Concerns about the tenuous fiscal and financial state of countries in the eurozone periphery were quelled, at least for a time, by word that the European Central Bank is ready to provide support to Spanish and Italian bonds if the two countries commit to specific reforms. That spurred a rally that took both the Dow and S&P 500 to gains of more than 1% after they had been down more than 2%. The Nasdaq battled back to the neutral line after it had been down more than 3%, but it struggled to poke into positive territory. All three drifted lower into the close, though.

The broad market's flat finish to Friday's trade capped off what was otherwise dramatic week of trade, one that saw the S&P 500 surrender a cumulative 7.2%. The Nasdaq shed 8.1% this week, while the Dow ended the week 5.8% lower.

Such pronounced pressure against stocks triggered a rally in Treasuries this week, such that the yield on the 2-year Note set a record low near 0.25% and the benchmark 10-year Note dropped to a nine-month low near 2.40%. Treasuries turned lower today, causing the 2-year yield to move closer to 0.29% and the 10-year yield to approach 2.60%.

The Dollar Index hit a near four-week high overnight, but drifted lower during regular trading hours. Any effort to bounce was largely restricted because of support for the euro following the ECB's pledge of support for Spanish and Italian bonds.

Action this week came amid a considerable increase in share volume. Participation was strongest in today's trade, given that more than 2 billion shares were traded on the NYSE. That makes for one of the most heavily traded sessions of the year, outside of options expiration days.

Advancing Sectors: Consumer Staples +1.6%, Utilities +0.9%, Health Care +0.8%, Telecom +0.4%, Industrials +0.1%, Consumer Discretionary +0.1%
Declining Sectors: Energy -0.1%, Materials -0.2%, Tech -0.6%, Financials -1.7%DJ30 +60.93 NASDAQ -23.98 NQ100 -0.6% R2K -1.7% SP400 -1.7% SP500 -0.69 NASDAQ Adv/Vol/Dec 787/3.75 bln/1862 NYSE Adv/Vol/Dec 799/2.25 bln/2303

3:30 pm : A volatile week of commodities trade concluded in relatively mixed fashion, giving the CRB Commodity Index a 0.4% loss for Friday.

Oil prices managed to muster a 0.2% gain to finish the week at $86.61 per barrel. That gave the commodity only its second gain in eight sessions. Just as it started the day, natural gas closed the session flat. The commodity was quoted at $3.94 per MMbtu at the close of trade.

As for precious metals, gold managed to settle with a 0.2% gain at $1654.90 per ounce after oscillating for most of the session. Silver slumped 3.4% to $38.08 per ounce in an extension of its prior session slump. DJ30 +11.39 NASDAQ -32.35 SP500 -6.16 NASDAQ Adv/Vol/Dec 826/3.23 bln/1810 NYSE Adv/Vol/Dec 728/1.75 bln/2371

3:00 pm : Stocks are probing the lower end of their afternoon trading range. Financials have become a broad-market burden in that the sector has fallen to a 1.4% loss. Banks have been a big drag on financials; collective weakness in the group has the KBW Bank Index down 2%.

With only an hour to go in today's trade, the stock market remains at risk of suffering a 7% weekly loss, or its worst weekly performance in more than 30 months. This week's rout is largely the result of a culmination of macro economic concerns, the risk of a U.S. debt rating downgrade, and tenuous fiscal and financial conditions in Europe. DJ30 +56.65 NASDAQ -23.91 SP500 -0.52 NASDAQ Adv/Vol/Dec 1020/2.97 bln/1600 NYSE Adv/Vol/Dec 1066/1.59 bln/2022

2:30 pm : Afternoon trade remains confined to a relatively narrow range, especially when compared to the distance between this session's intraday high and intraday low. At its best level of the day, the S&P 500 was at about 1217. Its intraday bottom was set 40 points lower at about 1167.DJ30 +89.46 NASDAQ -10.53 SP500 +5.19 NASDAQ Adv/Vol/Dec 971/2.82 bln/1606 NYSE Adv/Vol/Dec 1009/1.50 bln/2034

2:00 pm : Range bound trade has kept the Nasdaq Composite mired near the neutral line, but component Blackbaud (BLKB 27.31, +3.75) has surged to a 16% gain in response to its latest quarterly report. That makes the stock one of today's top performers by percent gained. Fellow Nasdaq component Brocade (BRCD 3.50, -1.39) is at the opposite end of the spectrum; the stock's near 30% slump comes after the company cut its earnings forecast.DJ30 +118.80 NASDAQ +2.27 SP500 +8.39 NASDAQ Adv/Vol/Dec 1074/2.65 bln/1478 NYSE Adv/Vol/Dec 1117/1.39 bln/1912

1:30 pm : Stocks have slipped off of their rebound highs. While that has left the Nasdaq to trade near the neutral line, the Dow and S&P 500 are still up nicely for the session.

All of today's action has come amid heavy share volume. Even at the midpoint of today's trade, 1 billion shares had already traded hands on the NYSE. Given the current pace of trade, this is shaping up to be one of the most heavily traded non-options-expiration sessions of 2011. DJ30 +124.89 NASDAQ +3.24 SP500 +9.86 NASDAQ Adv/Vol/Dec 973/2.48 bln/1631 NYSE Adv/Vol/Dec 913/1.29 bln/2172

1:00 pm : Stocks continue to swing as participants assess macro conditions and the tenuous fiscal state of countries in the eurozone's periphery.

News that private payrolls and non-farm payrolls climbed more than expected in July helped the major equity averages open trade in higher ground. However, many participants showed their skepticism of the market's ability to stabilize by selling the opening bounce so as to limit losses. That begat additional selling as others piled on their sell orders in a knee-jerk reaction. Sellers sent the Dow and S&P 500 down more than 2% and the Nasdaq down more than 3% to new 2011 lows.

The threat of another sell-off sent the Volatility Index up above 35 for the first time in more than a year. Just three months ago it had been at a four-year low.

However, news that the European Central Bank is ready to provide support to Spanish and Italian bonds if the respective countries commit to specific reforms brought buyers back into the fold. Stocks have since rallied, such that the Nasdaq is back in positive territory and the Dow and S&P 500 now sport heady gains.

The ECB's support has spurred support for the euro, which has rallied to a 1.4% gain against the greenback. The dollar's corresponding drop comes after it had rallied almost 2% against a collection of competing currencies in the prior session.

Treasuries are also getting trounced after rallying in response to the market's recent malaise. In turn, the yield on the benchmark 10-year Note is back above 2.5%. Still, that's about 50 basis points below the levels seen only 10 days ago.

Although the mood among broad market participants has improved, defensive-oriented plays are attracting the most support. Specifically, consumer staples stocks are up 1.9%, more than any other sector. Meanwhile, health care and utilities are up 1.2%. Telecom issues are collectively up 1.0%.

In contrast, financials are down 0.6%. They make up the only major sector that has failed to find positive territory. DJ30 +136.84 NASDAQ +4.56 SP500 +9.25 NASDAQ Adv/Vol/Dec 922/2.23 bln/1684 NYSE Adv/Vol/Dec 774/1.15 bln/2308

12:30 pm : Stocks are starting to rally. The surge coincides with headlines that the European Central Bank is ready to provide support to Italian and Spanish bonds if the respective countries commit to specific reforms. Italy's MIB and Spain's IBEX are already closed for the day; they had losses of 0.6% and 0.2%, respectively.

Europe's major bourses suffered the steepest losses on Friday. Spefically, Britain's FTSE fell 2.5% on Friday, but 9.8% for the week. Germany's DAX dropped 2.8% today and 12.9% for the week. DJ30 -28.15 NASDAQ -38.91 SP500 -8.72 NASDAQ Adv/Vol/Dec 417/1.82 bln/2171 NYSE Adv/Vol/Dec 233/915 mln/2845

12:00 pm : Stocks have extended their slide. Of the three major equity averages, the Nasdaq is in the worst shape for the second straight session. This week alone the Nasdaq has tumbled 10%. The S&P 500 has fallen little more than 9% while the Dow has dropped 8% during that time.

Amid all of the ongoing weakness, the Volatility Index, which is often euphemistically dubbed the Fear Gauge, has soared to a 13-month high above 35. Just three months ago the Volatility Index was at a four-year low. DJ30 -184.59 NASDAQ -79.42 SP500 -27.11 NASDAQ Adv/Vol/Dec 397/1.57 bln/2128 NYSE Adv/Vol/Dec 227/780 mln/2806

11:30 am : The major equity averages recently extended their session lows, but they are now trying to rebound again. A primary challenge is the lack of leadership amid broad market skittishness. As such, there isn't a single sector in positive territory.

Consumer staples stocks, which lack meaningful market weight, have done the best job of limiting losses. As a group, consumer staples plays are down only 0.1%. Dow component Kraft (KFT 34.38, +0.60) is a top performer in the consumer staples space as it attempts to reclaim the gains that it had forfeited in the prior session. Fellow blue chip and consumer staples giant Procter & Gamble (PG 59.78, +0.20) has put together a modest gain in the wake of its latest quarterly report, which featured an upside earnings surprise. DJ30 -78.82 NASDAQ -37.85 SP500 -12.49 NASDAQ Adv/Vol/Dec 594/1.25 bln/1904 NYSE Adv/Vol/Dec 410/605 mln/2601

11:00 am : A recent rebound took stocks back into positive territory, but the effort has failed to hold. In turn, the major equity averages have retreated into the red again.

Given the scope of losses in the past several sessions, the stock market is headed for a weekly loss of more than 7%. That makes for its worst weekly performance since November 2008, when the stock market was plagued by headlines that the Fed was cutting its growth estimate, weekly initial jobless claims were averaging more than a half-million, the auto industry was seeking a bailout, and financial giant Citigroup (C 33.11, -1.70) was raising capital from Middle Eastern investors amid a tenuous financial system and beleaguered stock market. DJ30 -49.04 NASDAQ -26.04 SP500 -6.56 NASDAQ Adv/Vol/Dec 698/1.04 bln/1769 NYSE Adv/Vol/Dec 559/500 mln/2423

10:35 am : The dollar index remains in negative territory and near session lows, which is not providing price strength, as it typically does, in commodities this morning.

After spiking almost $3 about an hour before pit trading, crude traded between ~$86-88 and is currently back in negative territory; now at $86.51, down 0.1%. Natural gas has climbed off of session lows of $3.90/MMBtu and move as high as $3.96/MMBtu about an hour ago. In current trade, natural gas is up 0.5% at $3.96/MMBtu.

Gold futures have traded between ~$1652-1666 since pit trading began and are now showing gains of 0.2% at $1661.80/oz. Silver has been in the red for the vast majority of morning activity and is now down 1.0% at $39.03/oz.DJ30 +59.56 NASDAQ +5.41 SP500 +5.38 NASDAQ Adv/Vol/Dec 905/961 mln/1582 NYSE Adv/Vol/Dec 866/462 mln/2095

10:00 am : A sudden wave of selling has not only dashed all of the stock market's opening gain, but it has taken stocks below the depths set during the prior session to set a new 2011 low.

The selling effort didn't come in response to any clear catalyst or headline. Rather, participants who were probably skeptical of the market's ability to find sturdy footing opted to sell the opening bounce so as to limit losses. Given the skittishness of many traders following the recent routs, it didn't take long for others to pile on their own sell orders in a knee-jerk reaction. DJ30 -29.67 NASDAQ -35.02 SP500 -6.98 NASDAQ Adv/Vol/Dec 603/225 mln/1780 NYSE Adv/Vol/Dec 539/128 mln/2340

09:45 am : The Nasdaq is pulling back hard from its opening level. The Dow and S&P 500 have also turned lower, but their downturn has been more gradual.

Selling pressure against the Nasdaq comes as large-cap tech names like Microsoft (MSFT 25.61, -0.33) and Yahoo! (YHOO 11.92, -0.08) extend their prior session slide.

Defensive-oriented issues like telecom and utilities are sporting gains of 1.1% and 1.2%, respectively, as they attract strong support. Still, materials stocks are collectively in the best shape. The sector's 1.5% gain comes after it tumbled more than 6% yesterday. DJ30 +87.80 NASDAQ +3.65 SP500 +8.61 NASDAQ Adv/Dec 1200/1125 NYSE Adv/Dec 1534/1305

09:15 am : S&P futures vs fair value: +15.80. Nasdaq futures vs fair value: +26.20. Stock futures have been bid higher in response to a better-than-expected monthly payrolls report, which has at least temporarily helped assuage concerns about the economy. Tenuous fiscal and financial conditions in Europe and the potential for the U.S. to have its debt rating downgraded are still viable threats, though. Nonetheless, the improved tone among participants has put pressure on the dollar, gold, and Treasuries. As has been the case for a few weeks now, corporate news has been of secondary interest to the broad market.

09:05 am : S&P futures vs fair value: +12.40. Nasdaq futures vs fair value: +21.00. Oil prices are down incrementally to $86.50 per barrel in early pit trade. Even though its loss is only slight, the move into negative territory puts oil on pace for its seventh loss in eight sessions. Natural gas is currently unchanged at $3.94 per MMBtu. As for precious metals, gold had been up modestly earlier this morning, but it has since backed down to $1657.50 per ounce for a 0.1% loss. Silver has extended its prior session reversal to trade with a 1.8% loss at $38.72 per ounce. Overall action in the commodity complex has kept the CRB Commodity Index stuck at the flat line, though.

08:35 am : S&P futures vs fair value: +13.80. Nasdaq futures vs fair value: +20.50. Stock futures have eased back a bit since making a sharp surge in response to an encouraging monthly payrolls report. Officially, non-farm payrolls increased in July by 117,000, which is greater than the increase of 84,000 that had been expected, on average, among economists polled by Briefing.com. What's more, prior month payrolls were revised upward to reflect an increase of 46,000, instead of the 18,000 increase that had been initially reported. Private payrolls spiked by 154,000, which exceeds the 100,000 increase that had been widely anticipated. The better-than-expected payroll increases helped the headline unemployment rate come in at 9.1%, instead of the 9.2% that had been broadly forecasted by economists polled by Briefing.com.

08:05 am : S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: -0.50. Yesterday the stock market suffered its worst one-day drop in more than two years, leaving stocks at their lowest level of 2011 and more than 10% below levels seen only three months ago. The sell-off's downward momentum had carried over into premarket trade, but broad market stock futures have managed to improve their position during the past 20 minutes. Premarket participants await the latest non-farm payrolls report, which is due at the bottom of the hour. Given the sharpness of the stock market's retreat during the past two weeks, some have speculated that the market has already priced in a poor report. Corporate news flow has slowed from the mid-week deluge that had inundated traders and investors with quarterly reports. The latest from Dow component Procter & Gamble (PG) is out this morning, though. The blue chip consumer staples giant posted an upside earnings surprise, but issued a rather weak revenue forecast. During the prior session, gold prices had stretched to a new record high near $1685 per ounce before it retreated to a loss. The yellow metal is up 0.4% to about $1666 per ounce this morning. As for the dollar, it is down a relatively tame 0.3% against a basket of major foreign currencies after it surged almost 2% yesterday. Treasuries, which also rallied sharply in the prior session, are encountering some pressure. As such, the yield on the benchmark 10-year Note is up a couple of basis points to 2.44%. Just 10 days ago it had offered a yield of about 3.00%.

06:53 am : [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -3.00.

06:53 am : Nikkei...9299.88...-359.30...-3.70%. Hang Seng...20946.14...-938.60...-4.30%.

06:53 am : FTSE...5257.97...-135.20...-2.50%. DAX...6275.40...-139.40...-2.20%.

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 2 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