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 Post subject: August 24th Wednesday 2011 Emini TF ($TF_F) points +40.60
PostPosted: Wed Aug 24, 2011 6:20 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

Trade Performance for Today: +40.60 points or $4060.00 dollars in the Russell 2000 Emini TF ($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=980.

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

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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.

U.S. Stocks Rise on Durable Goods, Home-Price Data

Aug. 24 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, extending the biggest rally for the Standard & Poor's 500 Index in a week, after reports on durable-goods orders and home prices beat economists' forecasts and banks advanced.

Stocks: Winning 3 for 3

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By Hibah Yousuf August 24, 2011: 4:37 PM ET

NEW YORK (CNNMoney) -- Stocks kept the positive momentum going Wednesday, finishing higher for a third straight session as investors cheered a rise in durable goods orders.

The Dow Jones industrial average (INDU) rallied 144 points, or 1.3%, while the S&P 500 (SPX) rose 15 points, or 1.3%. After dipping into the red in earlier trading, the Nasdaq composite (COMP) added 22 points, or 0.9%.

The gains this week come after stocks took a brutal beating last week. But investors are awaiting Federal Reserve Chairman Ben Bernanke's key speech later this week for further hints about the health of the economy.

An 11% jump in shares of Bank of America (BAC, Fortune 500) helped keep the Dow and S&P 500 in positive territory Wednesday. In recent days, questions about Bank of America's balance sheet and its continued exposure to mortgage-related losses have kept investors on edge.

The Charlotte, N.C., bank's stock dropped 20% during the last four trading sessions, and is down more than 50% year-to-date. Now, though, experts say it may be underpriced.

"Bank of America still has some issues, but investors have thrown out the baby with the bath water over the last couple of days," said Tom Schrader, managing director at Stifel Nicolaus.

Shares of other financials, including JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500) followed BofA's lead.

U.S. stocks rallied Tuesday, as weak U.S. economic data fueled hopes that the Fed may announce steps to jumpstart the sluggish economy at the Kansas City Fed's annual retreat in Jackson Hole, Wyo., on Friday.

At last year's meeting, Bernanke prepared the market for QE2 -- a bond-buying program that is widely credited for supporting stocks earlier this year.

* Market wants Bernanke to be Mighty Mouse

While markets are hoping for Bernanke to say QE3 is on the way at this year's event, most economists don't believe the Fed chief will signal any changes in monetary policy.

When the Fed pledged to keep rates low until mid-2013 earlier this month, three district bank presidents voted against the measure.

"I think investors want to hear the Fed announce QE3, and it's baked into the market, but I don't think that's what we'll get," said Schrader. "We may see some initial selling from the disappointment, but Bernanke would also make a big statement by sitting back: He would be saying that the economy is not as bad as everyone thinks."

Economy: Orders for durable goods rose 4% in July, after slipping 1.3% the previous month, according to a report from the Commerce Department. Economists were looking for just a 1.9% rise in orders.

Excluding volatile transportation orders, durable goods orders rose 0.7%. Economists were expecting the figure to fall 0.5%.

Durable goods, or items designed to last two years or longer, are typically purchased by consumers and corporations when they feel confident about the economy.

The report suggests "that business investment growth may actually accelerate in the third quarter," said Paul Dales, senior U.S. economist at Capital Economics, in a note to clients.

But a housing market report was less upbeat. While U.S. home prices climbed a seasonally adjusted 0.9% in June, they are down 4.3% on an annual basis, according to the Federal Housing Finance Agency index.

Also on Wednesday, the Congressional Budget Office said the U.S. is on track to accrue a $1.3 trillion deficit this year, marking the third straight year of $1 trillion-plus deficits. CBO forecasts GDP at 2.4% for this year, 2.6% for 2012 and then an average of 3.6% for the next three years.

Companies: Gold-mining stocks took a tumble as gold prices fell below $1,800 an ounce. Shares of Barrick Gold (ABX) and Goldcorp (GG) sank more than 3%, while Newmont Mining (NEM, Fortune 500) and Eldorado Gold (EGO) also ended lower.

Google (GOOG, Fortune 500) has agreed to a $500 million settlement with the U.S. Department of Justice for illegally allowing online Canadian pharmacies to advertise drugs to U.S. consumers.

After the closing bell, Applied Materials (AMAT, Fortune 500) reported a rise in quarterly sales but provided a weaker-than-expected fourth-quarter outlook. Shares of the company slid 4% in after-hours trading.

World markets: European stocks ended higher. Britain's FTSE (FTSE) 100 rose 1.5%, the DAX (DAX) in Germany gained 2.7% and France's CAC (CAC) 40 added 1.8%.

In Asia, Japan's Nikkei (N225) ended with a 1.1% drop after Moody's Investors Service downgraded its rating on Japan's government debt by one notch to Aa3.

The ratings agency blamed the buildup of debt since the 2009 global recession and the frequent changes in political leadership that have prevented the government from implementing effective economic and fiscal policies.

* Japan's yen plan

Following the downgrade, the Japanese finance minister announced a new $100 billion fund in another attempt to curb the yen's strength. The fund will be used to make loans to the private sector to promote overseas investment and exports.

Finance Minister Yoshihiko Noda also unveiled a rule that will require major financial institutions to report their currency trading positions.

Other Asian markets also retreated. The Shanghai Composite (SHCOMP) fell 0.5%, while the Hang Seng (HSI) in Hong Kong lost 2.1%.

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

Oil for October delivery slipped 28 cents to $85.16 a barrel.

Gold futures for December delivery fell $104, or 5.6% to settle $1,757.30 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.25% from 2.14% late Tuesday.

Image

Market Update

4:30 pm : Stocks traded in seesaw fashion this session, but ultimately scored a strong gain as the broad market settled at its high for the second straight day.

The stock market mounted an early advance that took it from a narrow loss to a gain of more than 1% in the early going. The move came without any clear catalyst or headline, but it was led largely by the financial sector. The financial sector's bounce was backed by diversified banks and financial services stocks, which rallied after suffering aggressive selling in recent sessions. Financials ultimately finished the day with a 2.8% gain.

The financial sector's impressive finish came only after the stock market had rolled over then drifted to a narrow loss by early afternoon trade. However, the broad market's refusal to extend its downturn encouraged buyers to return with another bid. The buying effort held steady into the finish of trade.

Energy stocks pulled back more than 1% before following the broad market into positive territory. Energy sectors were weighed down for most of the session as participants pared positions in oil and gas services names and integrated plays after watching the overall energy sector score a gain of more than 4% yesterday. As a group, energy stocks gained 0.4% today.

The latest weekly oil inventory numbers showed a net draw, which contrasts with the build that had been broadly expected. That helped oil prices climb as high as $86.59 per barrel, but the energy component inevitably closed pit trade with a 0.3% loss at $85.16 per barrel.

Elsewhere in the commodity complex, gold prices dropped 5.5% to $1757.30 per ounce after they had traded to almost $1920 per ounce earlier this week. The suddenness and steepness of gold's decline has some wondering whether the precious metal is merely seeing some profit taking or if its ascent to record levels has run its course. In the backdrop, though, is speculation about additional monetary policy tools that may come out of the Fed's meeting this week at Jackson Hole, Wyoming.

Treasuries were also hit with aggressive selling pressure this session. That took the benchmark 10-year Note down more than a full point, pushing its yield closer to 2.30%. Selling accelerated in the wake of the latest Treasury auction, which featured the 5-year Note. The auction drew a bid-to-cover of 2.71, dollar demand of $94.9 billion, and an indirect bidder participation rate of 42.1%. For comparison, an average of the past six auctions resulted in a bid-to-cover of 2.78, dollar demand of $97.2 billion, and an indirect bidder rate of 39.8%.

Even though gold and Treasuries -- two traditional safe havens -- were clipped today, a 2.0% gain by utilities (second only to financials) suggests that many market participants are still attracted to the sector's relative safety and rich dividend yield.

Amid concerns about the global economy and fiscal practices, analysts at Moody's announced a single-notch downgrade in Japan's debt rating to Aa3. As an aside, Japan has planned to make $100 billion available to firms impacted by the yen's inflation.

The latest dose of economic data featured a 0.7% decline in New Industrials Orders from the Eurozone. However, domestic durable goods orders for July spiked by 4.0%, which is more than double the 1.9% clip that had been expected among economists polled by Briefing.com. Durable goods orders less transportation increased by 0.7%, which contrasts with the 0.6% decline that had been commonly expected.

Advancing Sectors: Financials +2.8%, Utilities +2.0%, Industrials +2.0%, Consumer Discretionary +1.7%, Materials +1.3%, Telecom +1.3%, Health Care +1.2%, Tech +0.8%, Consumer Staples +0.4%, Energy +0.4%
Declining Sectors: (None)DJ30 +143.95 NASDAQ +21.63 NQ100 +0.7% R2K +1.4% SP400 +1.4% SP500 +15.25 NASDAQ Adv/Vol/Dec 1698/1.89 bln/859 NYSE Adv/Vol/Dec 2105/1.11 bln/924

3:40 pm : It was a large down day for precious metals, as market participants took profits ahead of the Fed meeting in Jackson Hole on Friday. Dec gold settled lower by 5.5% to $1757.30, while Sept silver dropped 5.5% to close at$39.17. Both metals were initially pressured by better than expected econ data. Late session weakness pushed both metals to their lowest levels. Gold has since put in fresh lows in electronic trade at $1751.60. Silver futures put in lows at $39.09 heading into the close and ended just above those lows This morning's unexpected draw down, versus consensus for a build, caused Oct crude oil, which shed 0.3% to settle at $85.16 per barrel, to spike to its highs at $86.59. However, that move was short lived as futures immediately gave up those gains to trade back to the flat line, where they closed on the day. While modest strength in equities, better-than-expected econ data, and this morning's inventory data all initially helped futures trade higher, the market appears to be taking a 'wait and see' approach to Friday's Fed meeting. Sept natural gas settled lower by 1.5% to $3.93 per MMBtu.DJ30 +130.03 NASDAQ +19.84 SP500 +9.44 NASDAQ Adv/Vol/Dec 1651/1.5 bln/896 NYSE Adv/Vol/Dec 2046/799.4 mln/997

3:00 pm : Stocks recently stretched to the upper boundary of their afternoon trading range, but were unable to extend the move to anything more than an incrementally improved afternoon high. Nonetheless, the effort has stocks sporting a more substantial gain than they did less than an hour ago.

Share volume hasn't been all that impressive this session, most likely because participants want to see which way stocks are headed after the prior session's surge. After all, any time stocks would make a sharp climb the effort was soon followed up by a sell-off. For example, two weeks ago the S&P 500 climbed 4.6%, then 0.5%, and then another 2.2%, but followed that up with a 1.0% loss, a 4.5% loss, and a 1.5% drop. In the middle of that selling effort there was only one gain, which amounted to a meager 0.1%. DJ30 +70.16 NASDAQ +5.06 SP500 +6.76 NASDAQ Adv/Vol/Dec 1205/1.26 bln/1310 NYSE Adv/Vol/Dec 1600/650 mln/1390

2:30 pm : Although the stock market remains in positive territory, it has struggled to break free from its recent trading range between 1165 and 1170. That has made for some rather unexciting afternoon action.

The stock market's drift is largely due to a lack of leadership. Investors continue to favor utilities stocks the most today, but that sector lacks market weight. Meanwhile, strength among financials has been offset by weakness among tech and energy related issues. DJ30 +29.75 NASDAQ -4.34 SP500 +3.19 NASDAQ Adv/Vol/Dec 1210/1.17 bln/1305 NYSE Adv/Vol/Dec 1605/612 mln/1360

2:00 pm : The broad market continues to chop along with a modest gain. Buying interest is a bit restrained after stocks failed to hold the heady gains that they had staged in the first hour of the session.

Consumer discretionary stocks, collectively up 0.8%, are actually faring well, especially Saks (SAKS 9.03, +0.29), which is up more than 3% following an analyst upgrade. Not every name in the sector is so well off, though. Downside guidance has cast a pall over an upside earnings surprise from Pacific Sunwear (PSUN 1.48, -0.69), which has taken a precipitous drop to a new two-year low as a result. The stock has lost about one-third of its market cap today. DJ30 +49.73 NASDAQ +0.68 SP500 +5.47 NASDAQ Adv/Vol/Dec 1180/1.06 bln/1320 NYSE Adv/Vol/Dec 1585/555 mln/1390

1:30 pm : Stocks have worked their way back into positive territory. In addition to the stock market's upturn, an underwhelming response to results from an auction of 5-year Notes has sent Treasuries to session lows.

The auction of 5-year Notes drew a bid-to-cover of 2.71, dollar demand of $94.9 billion, and an indirect bidder participation rate of 42.1%. For comparison, the prior auction produced a bid-to-cover of 2.62, dollar demand of $91.7 billion, and an indirect bidder rate of 37.6%. An average of the past six auctions results in a bid-to-cover of 2.78, dollar demand of $97.2 billion, and an indirect bidder rate of 39.8%. DJ30 +46.59 NASDAQ +0.51 SP500 +5.66 NASDAQ Adv/Vol/Dec 1225/980 mln/1280 NYSE Adv/Vol/Dec 1530/515 mln/1420

1:00 pm : A flurry of buying in the early going drove the S&P 500 up more than 1% to a four-day high at the 1175 line. However, almost as quickly as they climbed, stocks rolled over.

They are now stuck near the neutral line. In the wake of the prior session's surge and news that Japan's debt was downgraded by Moody's, many premarket participants were positioning themselves to take profits before surprisingly strong durable goods orders data helped improve the tone. Sentiment was also helped when Europe's bourses climbed another leg higher in their latest round of trade.

Stocks spent the opening minutes of the session in negative territory with minor losses, but were able to break into positive territory with help from financials. The financial sector quickly surged to a gain of more than 2% to give the broad market a helpful lift. Banks offered leadership as they rebounded sharply from the beat downs suffered repeatedly in recent weeks.

Those gains were challenged when the broad market began to retreat from a four-day high. Financials actually returned to the flat line, but have since worked their way back to a 0.9% gain.

Utilities are in the best shape. The sector currently boasts a 1.5% gain as traders look to its relative safety and the high dividend yields currently boasted by many electric utilities.

Energy stocks are down 1% after spending only a short time in positive territory today. The sector's slide comes after it climbed more than 4% in the prior session. It has mattered little to the energy sector that oil prices are up 0.7% to $86 per barrel this session. DJ30 -5.11 NASDAQ -9.19 SP500 -0.48 NASDAQ Adv/Vol/Dec 960/875 mln/1525 NYSE Adv/Vol/Dec 1215/463 mln/1725

12:30 pm : THe Nasdaq already descended to its worst level of the day, but the move hasn't yet been confirmed by either the Dow or the S&P 500. Still, the latter two indices aren't much above their daily lows.

Despite the stock marke's recent pullback, Treasuries aren't getting much support. Instead, the benchmark 10-year Note is down about a half point ahead of results from an auction of 5-year Notes at the top of the hour. DJ30 -26.45 NASDAQ -18.13 SP500 -3.68 NASDAQ Adv/Vol/Dec 857/785 mln/1600 NYSE Adv/Vol/Dec 1110/420 mln/1800

12:00 pm : Given the mixed action among the major sectors -- nearly half of them are in negative territory -- the stock market remains stuck near the neutral line.

Utilities stocks were the strongest performers in the early going, but were somewhat brushed aside during the broad market's mid-morning climb. Utilities stocks are now back in favor, however, such that the sector now boasts a 1.5% gain.

Although they are off of their session highs, financials are still sporting a 0.8% gain with help from diversified banks and financial services firms. Consumer finance plays and investment banks and brokerage issues are also helping prop up the sector.

Even though oil prices are up 0.5% to $85.90 per barrel, energy stocks are still today's poorest performers. The sector has slumped to a 1.1% loss. That downturn comes as integrated heavyweights like Exxon Mobil (XOM 72.62, -1.04), Marathon Oil (MRO 25.21, -0.78), and Chevron (CVX 96.36, -0.97) encounter aggressive selling. DJ30 -10.14 NASDAQ -12.92 SP500 -0.72 NASDAQ Adv/Vol/Dec 1249/680 mln/1190 NYSE Adv/Vol/Dec 1620/370 mln/1280

11:30 am : The stock market is now mired near the neutral line following its recent downturn. And although the Dow is still up with a narrow gain, it is about 90 points off of its session high. Bank of America (BAC 6.87, +0.57) is still the best performing blue chip.DJ30 +26.65 NASDAQ -0.72 SP500 +3.53 NASDAQ Adv/Vol/Dec 1210/578 MLN/1200 NYSE Adv/Vol/Dec 1565/315 MLN/1300

11:00 am : The S&P 500 recently climbed to the 1175 line, which is a few points beneath last week's low, but it has since rolled over. What's more, the downturn is gaining momentum and threatening to take the stock market back into negative territory.

Tech stocks have become a heavy drag after the sector had provided leadership in each of the past two sessions. Tech stocks, which collectively account for the largest sector by market weight, are down 0.6% today. Their slip comes after tech stocks collectively climbed almost 4% yesterday and almost 1% on Monday. DJ30 +5.57 NASDAQ -9.39 SP500 +0.12 NASDAQ Adv/Vol/Dec 1410/439 mln/955 NYSE Adv/Vol/Dec 1845/245 mln/1000

10:35 am : Crude oil futures have spent most of its morning session in positive territory and in recent trade the energy component hit new session highs of $86.33/barrel. Ahead of inventory data, crude had pulled back to the unchanged line near $85.44. Following the data, which showed a draw of 2.2 mln barrels vs. consensus which called for a build of 1.4 mln barrels, crude put in a small rally and is now up 0.3% at $85.68/barrel.

Natural gas futures sold off after floor trading began and quickly fell into negative territory. Nat gas fell as low as $3.94/MMBtu and is currently down 1.0% at $3.95/MMBtu.

Precious metals fell off a cliff earlier this morning. The sell-off began about two hours ago, which pulled gold futures down from around $1852.00/oz to the current session lows of $1767.60/oz. Silver futures lost over $2/oz. after falling below the $40.00/oz. level. Currently, gold is down 4.3% at $1782.50, while silver is 4.1% lower at $40.55/oz.DJ30 +42.23 NASDAQ +1.67 SP500 +4.22 NASDAQ Adv/Vol/Dec 13552/410 mln/993 NYSE Adv/Vol/Dec 1778/238 mln/1067

10:00 am : Upon its initial upturn, the stock market had encountered resistance at the neutral line. However, it has since regrouped to stage a strong push into positive territory. Stocks now sport impressive gains.

Utilities were the strongest performers in the first few minutes of trade, but banks and financial services stocks have rallied aggressively so that the overall financial sector is now up 2.5%. Bank of America (BAC 6.91, +0.61) is a top performer in the bunch. The stock's 10% surge this session is a rebound from the repeated beat downs endured in recent sessions. DJ30 +61.99 NASDAQ +13.67 SP500 +7.74 NASDAQ Adv/Vol/Dec 810/85 mln/1310 NYSE Adv/Vol/Dec 1080/70 mln/1545

09:45 am : The stock market made a charge higher in the opening moments of trade, but resistance at the neutral line has left it to remain in negative territory with a narrow loss.

Energy stocks were the prior session's top performers, but they are under pressure this morning. Although the sector has already shed 1.0%, that has done little to offset its 4.6% surge yesterday.

Defensive-oriented utilites are up the most this morning. The sector's 0.4% gain has been helped by a bounce among electric utilities, many of which have come out to say that their facilities suffered no damages as a result of yesterday's earthquake in Virginia. DJ30 -6.35 NASDAQ -2.76 SP500 -0.85

09:15 am : S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -7.80. Stock futures were initially under some stiff pressure this morning. Premarket participants had looked to pare positions following the prior session's surge, mostly for fear that those gains could ultimately be surrendered by further near-term volatility. The decision by Moody's to downgrade Japan's debt by one notch to Aa3 also hung over early morning action. However, news that durable goods orders for July increased more than had been broadly anticipated stimulated some bidding. An extension of the gains being staged today in Europe has also helped improve sentiment ahead of the open. Still, stock futures haven't quite moved ahead of fair value. As a result, the cash market is still expected to start the session in the red, albeit to a lesser degree than what had been suggested an hour ago. Remaining on today's docket are the latest weekly oil inventory numbers (10:30 AM ET) and results from an auction of 5-year Notes (1:00 PM ET). Oil prices are currently up 0.3% to $85.70 per barrel ahead of the inventory report. Treasuries are under modest pressure this morning.

09:00 am : S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -5.30. Europe's bourses are up nicely again today. Specifically, Germany's DAX is up 2.4%, France's CAC has climbed 1.4%, and Britain's FTSE has been bid up 1.0%. Within Germany's DAX, Thyssenkrupp, SAP AG, and Daimler are driving the bourse's upward push. Deutsche Bank (DB) has been a heavy drag, however. Germany's IFO Business Climate reading for August came in at 108.7, which is down from 112.9 in the prior month. As for action in the CAC, ArcelorMittal (MT), Michelin, Veolia Environnement, Renault, and Vallourec SA are currently up in excess of 3%. Danone, Total (TOT), and L'Oreal are at the other end of the spectrum; they are the only three names currently in negative territory. Britain's FTSE has been led higher by the likes of Tullow Oil, Royal Bank of Scotland (RBS), Lloyds Group (LYG), and Xstrata. BHP Billiton (BHP) is up with a relatively modest gain after the firm announced full-year results that featured an upside earnings surprise. The company also declared a dividend of $0.55 per share, which is up from $0.46 per share last quarter. Overall action in the Eurozone has the EuroStoxx 50 up 0.6%. The latest Eurozone data featured new industrial orders, which declined 0.7% during June. They increased by 3.6% during the same period one year ago.

Overnight action in Asia was quite weak. Specifically, Japan's Nikkei fell to a 1.1% loss, Hong Kong's Hang Seng slid 2.1%, and China's Shanghai Composite shed 0.5%. Within the Nikkei, Oki Electric, Tokyo Electric, and Alps Electric Co were among the worst performers. Chiba Bank and Bank of Yokohama provided some broad market support, though. Among the most interesting headlines, Japan's debt was lowered by one notch to Aa3 by analysts at Moody's. Bloated budgets were partly to blame. That said, Japan announced that $100 billion will be available to companies impacted by the yen's inflation. The Hang Seng was hampered by weakness in China Life, which plummeted after it reported a drop in profits. Other insurers were implicated by the disappointing announcement. Energy giant CNOOC (CEO) was a source of weakness for the Shanghai Composite, but the company reported a better-than-expected bottom line after the close. The company's top line was light, however.

08:35 am : S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -6.30. Durable goods orders figures for July were just released. They spiked by 4.0%, which is far better than the Briefing.com consensus call for a 1.9% increase. Orders for the prior month were revised upward to reflect a 1.3% decline. Excluding transportation, durable goods orders increased by 0.7% during July. A 0.6% decline had been anticipated, on average, among economists surveyed by Briefing.com. The July increase comes after orders less transportation had climbed by an upwardly revised 0.6% in the prior month. A positive response to the data has helped stock futures turn higher. However, they continue to trail fair value.

08:00 am : S&P futures vs fair value: -11.70. Nasdaq futures vs fair value: -19.50. The stock market ascended to a gain of more than 3% yesterday, but stock futures suggest that some of that will be surrendered with today's open. The pushback this morning comes mostly as a result of cautious participants looking to lock in the prior session's surge for fear of further near-term volatility. Europe's bourses are up again today, but Asia's major averages moved lower in overnight action. Japan was hit with a downgrade by Moody's analysts, who took the country's debt rating down one notch to Aa3. As an aside, Japan announced that a $100 billion credit facility will be available for companies impacted by the inflated yen. The yen is up only narrowly against the greenback this morning. Durable goods orders are due at the bottom of the hour. Weekly oil inventory numbers are scheduled for 10:30 AM ET. Results from an auction of 5-year Notes will be released at 1:00 PM ET.

06:45 am : [BRIEFING.COM] S&P futures vs fair value: -11.20. Nasdaq futures vs fair value: -19.80.

06:45 am : Nikkei...8639.61...-93.40...-1.10%. Hang Seng...19466.79...-408.70...-2.10%.

06:45 am : FTSE...5134.68...+5.30...+0.10%. DAX...5587.35...+55.00...+1.00%.

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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