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 7:26 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: October 4th Tuesday 2011 Emini TF ($TF_F) points +37.20
PostPosted: Wed Oct 05, 2011 12:04 am 
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:
100411-wrbtrader-PnL-Blotter-Profit-3720.png
100411-wrbtrader-PnL-Blotter-Profit-3720.png [ 75.7 KiB | Viewed 278 times ]

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

Trade Performance for Today: +37.20 points or $3720.00 dollars in the Russell 2000 Emini TF ($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 (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=95&t=1019.

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=144&t=1237

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

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.

Stocks Rise as S&P 500 Jumps in Final Hour on Europe

Oct. 4 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rallied, driving the Standard & Poor's 500 Index up 4.1 percent in the final 50 minutes of trading, amid speculation European Union officials are examining how to recapitalize the region's banks.

Stocks: Bear Market Bounce

Attachment:
100411-Key-Price-Action-Markets.png
100411-Key-Price-Action-Markets.png [ 542.51 KiB | Viewed 271 times ]

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

By Maureen Farrell October 4, 2011: 5:10 PM ET

NEW YORK (CNNMoney) -- In another day of sharp swings, U.S. stocks closed significantly higher, despite clocking large losses through much of the day. By Tuesday's end investors ignored the S&P 500's early slide into bear territory and furiously bought back into stocks.

The S&P 500 (SPX) closed up 25 points, or 2.3%. The Dow Jones industrial average (INDU) ended up 153 points, or 1.4%. The Nasdaq Composite (COMP) edged 69 points higher, or 3% by the close. The tech-heavy index ended the day higher, despite Apple's 0.5% slip. Apple disappointed investors and consumers when it didn't announce the hotly anticipated iPhone 5 at its annual meeting.

Both the Dow and Nasdaq still remain just a few percentage points shy of falling into bear territory. Investors continue to fret about Europe's worsening debt situation and a possible slide into a global recession.

"We're expecting continued heightened volatility until we get resolution on Europe," said Thomas Higgins, global macro strategist at Bank of New York's asset management division.

Adding to the fears surrounding Europe, Moody's downgraded Italy's sovereign debt shortly after the U.S. markets closed.

Despite the late-afternoon rally, certain trading themes are also causing concern for investors. Among them: stocks moving closely in connection with one another, and stocks, bonds and commodities selling off in unison over the past few weeks.

"When things get highly correlated, historically, that precedes big down moves," said Sal Catrini, equity product manager at Cantor Fitzgerald.

Not only did the S&P 500 fall into what's considered a bear market Tuesday -- tumbling 20% from its recent April 29 high of 1,363.61 -- but the index also dropped just below a technically and psychologically significant barrier of 1,100 Monday.

"Once 1,100 was broken, people started to see significant downside," said Dan Greenhaus, chief global strategist at BTIG. In the summer of 2010, the S&P 500 traded around 1,025 and 1,050. Greenhaus says that those levels could be the next likely floor.

"S&P in all likelihood is launching another leg down," said Clark Yingst, chief market analyst and equity strategist at Joseph Gunnar.

* Europe's debt crisis: 5 things you need to know

Fed Chairman Ben Bernanke offered a grim assessment of the U.S. and global economy. His pledge to take further action if necessary to promote a recovery did little to sway investors. Stocks staged the late-day rally long after Bernanke's comments.

"An easier Fed is better than a tightening Fed," said Greenhaus. "Market participants have probably convinced themselves there's little the Fed can do now."

Casting a shadow over all of Bernanke's comments and any economic reports in the U.S. is an ambient apprehension over whether Greece can meet its debt obligations, and what a possible default might mean the global banking system.

Investors bought up bank stocks before the close. In conjunction with the broader market, Morgan Stanley (MS, Fortune 500), Bank of America (BAC, Fortune 500), Goldman Sachs (GS, Fortune 500), and Citigroup (C, Fortune 500) staged a late-day rally, ending sharply up. Each of the banks had hovered near 52-week lows for much of the trading day.

* Is Morgan Stanley the next Lehman?

Bank stocks in Europe traded down on reports that Franco-Belgian bank Dexia Group might be the first victim of the sovereign debt crisis. Rumors continue to swirl that Belgium and France might be forced to intervene to bail out the bank soon.

The European financial sector had one key outlier throughout the day: UBS (UBS). Its shares rose after the Swiss bank said it expects to post a "modest" profit for the third quarter despite a rogue trading incident that cost the bank $2.3 billion.

Energy and commodity stocks which weighed on indexes throughout the day ended up, with Exxon (XOM, Fortune 500) and Chevron (CVX, Fortune 500) among the biggest drags on the Dow. Copper closed the day down, but oil prices moved up at the market close just into positive territory.

The second day of the new quarter so far looks much more auspicious than the first. On Monday, stocks kicked off the fourth quarter with a huge sell-off, as worries about Greece's solvency remained in the spotlight.

Greece has slashed spending, reduced wages and raised taxes in an attempt to bring its debt under control. But the debt-ridden nation will miss key deficit targets for this year and next, according to the draft budget announced by the Greek cabinet.

* Video - Double-dip recession 'imminent'

Companies: Shares of American Airlines parent company AMR (AMR, Fortune 500) bounced back after plunging 32% Monday on numerous reports that the company was facing a threat of bankruptcy. AMR is one of the few major U.S. airlines that did not go through bankruptcy in the last decade, but it is forecast to report its fourth straight year of losses in 2011.

Shares of Yahoo (YHOO, Fortune 500) edged higher Tuesday, as rumors swirl about a possible sale. The struggling online media company reportedly engaged Goldman Sachs and Allen & Co. to help it find a buyer. Yesterday Yahoo also announced that it would partner with ABC News to share content, reporting resources and original videos.

Shares of YUM! (YUM, Fortune 500) Brands, the owner of KFC, Pizza Hut and Taco Bell, were up in post-market trading, after the company reported positive earnings.

World markets: European stocks closed down. Britain's FTSE 100 (UKX) lost 2.6%, the DAX (DAX) in Germany plunged 3% and France's CAC 40 (CAC40) shed 2.6%

Asian markets ended lower. The Hang Seng (HSI) in Hong Kong sank 3.4% and Japan's Nikkei (N225) shaved 1.1%. The Shanghai (SHCOMP) stock market is closed this week for a holiday.

Currencies and commodities: The dollar was little changed against the euro and Japanese yen, but gained slightly against the British pound.

Oil for November delivery moved up 2 cents to $77.63 a barrel.

Gold futures for December delivery shaved $41.70 to $1,616.00 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was up slightly, pushing the yield down to 1.814%.

Image

Market Update

4:30 pm : Trade on Tuesday was quite volatile. The S&P 500 quickly tumbled in excess of 2%, but retraced the downturn into midday. The struggle to extend the move into anything more than an incremental gain invited renewed selling in the afternoon, but a late rally helped the market close with a gain of more than 2%.

Ongoing concerns about financial conditions in Europe and Greece's ability to pay its debts, let alone meet deficit reduction targets, prompted overseas markets to suffer steep losses in schizophrenic-like trade. The negative sentiment permeated premarket trade and prompted domestic participants to push stocks sharply lower in the first few minutes.

Few stocks were sparred from the sell-off as the S&P 500 dropped to the 1075 line for the first time in about 13 months. At that point, the stock market was more than 20% below its early May high, bringing about the undesirable distinction of bear market territory.

Tech stocks provided support in the face of the broad market's dive. The sector rallied to a gain of more than 1% with help from semiconductor-related plays. Tech's strength took the Nasdaq up to a nice midsession gain and helped the S&P 500 reverse its loss, but the broad market measure was unable to move up from the neutral line while the Dow remained mired in the red.

Tech's strength was challenged in the afternoon, though. Loss of leadership from the sector, which is the largest by market weight, invited sellers to redouble their efforts and drive stocks back into negative territory.

Reports that officials in the European Union are considering plans to recapitalize banks coincided with a barrage of buying in the final hour. The move by the S&P 500 from its afternoon low to its close spanned 4%. At the same time, the Dow bounded by more than 350 points with barely a pause along the way. The Nasdaq settled with a 3% gain, the strongest of the trio.

Although the Nasdaq outpaced its counterparts, primary component Apple (AAPL 372.50, -2.01) was unable to find positive territory. The stock's loss came amid a rather negative response to the unveiling of the company's latest iPhone.

Comments from Fed Chairman Bernanke to the Joint Economic Committee were consistent with recent policy statements in that the Fed remains prepared to provide additional support as necessary. The absence of surprises essentially made the speech a non-event for the market.

The market's reversal into the close caused the dollar to take a late dive. It ended the day about 0.7% behind a basket of major foreign currencies after it had worked its way out of the red during afternoon trade. The downturn was largely owed to newfound support for the euro, which settled with a 1.4% gain at $1.337.

Treasuries also sold off. Their downturn wasn't terribly steep, but it was still enough to take the yield on the benchmark 10-year Note back above 1.80%.

A dour mood during pit trade kept pressure on oil prices, which closed the day with a 2.5% loss at $75.67 per barrel. That marked their lowest close in more than a year, but futures prices climbed in conjunction with the equity market after pit trade had closed. As for gold, the precious metal slumped during pit trade to $1616 per ounce for a 2.2% loss, unable to attract even safety seekers.

Advancing Sectors: Financials +4.1%, Materials +3.7%, Energy +3.2%, Consumer Discretionary +3.1%, Industrials +2.6%, Tech +2.1%, Health Care +1.0%, Consumer Staples +0.7%, Telecom +0.6%
Declining Sectors: Utilities -0.5%DJ30 +153.41 NASDAQ +68.99 NQ100 +2.1% R2K +6.4% SP400 +4.1% SP500 +24.72 NASDAQ Adv/Vol/Dec 1903/3.04 bln/691 NYSE Adv/Vol/Dec 1866/1.66 bln/1233

3:30 pm : The safe haven appeal of precious metals faded, for the time being, following commentary from Fed Chairman Bernanke which indicated the Fed might once again interject to help the flailing economy. Both gold and silver sold off throughout the session to finish near session lows. Gold prices ended off 2.5% at $1616 per ounce, while silver pries dropped 3.2% to finish at $29.84 per ounce.

Weakness in the dollar, on the heels of the Fed Chairman's commentary, helped crude oil futures recoup overnight losses. They were, however, unable to maintain those gains and quickly pulled back into negative territory and accelerated to the downside heading into the close of pit trade. On the session, crude oil shed 2.5% to end at $75.67 per barrel, its lowest close since late Sept of 2010. Natural gas ended higher by 0.5% at $3.63 per MMBtu.DJ30 -114.66 NASDAQ -3.46 SP500 -16.72 NASDAQ Adv/Vol/Dec 1328/2.3 bln/1242 NYSE Adv/Vol/Dec 974/1.1 bln/2117

3:00 pm : Stocks have been unable to secure support. That has left the broad market to drift back down to afternoon lows. As a result, both the Nasdaq and S&P 500 now face losses of 1% or more, while the Dow approaches a loss of almost 2%.

Only an hour remains in today's trade. Without any sign that buyers are about to step back in, it appears that stocks will register a new 52-week closing low that has the broad market down some 20% from the high that it set only four months ago.

Importantly, today's trade has come with strong share volume, suggesting that there is plenty of conviction among market participants. With an hour left to go, share volume on the Big Board is quickly approaching 1 billion. DJ30 -174.90 NASDAQ -19.64 SP500 -15.01 NASDAQ Adv/Vol/Dec 1445/2.00 bln/1115 NYSE Adv/Vol/Dec 1060/945 mln/2005

2:30 pm : Stocks are trying to stabilize, but that hasn't stopped Treasuries from trimming their losses. The action has left the benchmark 10-year Note only a handful of ticks in the red.

The dollar has also managed to attract some support. It had surrendered an early gain to trade with a marked loss by midsession, but it has since moved back toward the flat line. The euro is still up 0.6% to $1.325, though. DJ30 -119.54 NASDAQ +0.37 SP500 -7.34 NASDAQ Adv/Vol/Dec 1370/1.83 bln/1180 NYSE Adv/Vol/Dec 940/880 mln/2125

2:00 pm : The stock market continues to trend lower after staging an impressive recovery that took the S&P 500 from a loss of more than 2% to an incremental gain. Tech stocks, which were a driving force in the market's rally, have since completely surrendered their gains. The sector, which was up in excess of 1% at its session high, now trades with a fractional loss.DJ30 -123.25 NASDAQ +2.52 SP500 -6.78 NASDAQ Adv/Vol/Dec 1430/1.67 bln/1105 NYSE Adv/Vol/Dec 1050/805 mln/2005

1:30 pm : Stocks have drifted off of their session highs. The action has left the S&P 500 to trade with a modest loss after it had been plodding along narrowly above the neutral line.

Tech stocks, which were recently up more than 1%, have handed over a substantial portion of their gains. In turn, the sector has been left holding on to a gain of just 0.3%.

Even though the market is pulling back, defensive-oriented issues are under the most pressure. Specifically, telecom stocks and utilities stocks are down 1.6% and 1.9%, respectively. DJ30 -99.7 NASDAQ +13.79 SP500 -3.55 NASDAQ Adv/Vol/Dec 1580/1.53 bln/925 NYSE Adv/Vol/Dec 1250/740 mln/1790

1:00 pm : The stock market took the path of least resistance this morning by sliding to a loss of more than 2% as participants kept their attention on the precarious conditions of Europe.

Stocks descended in the prior session to settle at new 52-week lows in response to news that Greece does not expect to hit a deficit target. That theme, along with word that eurozone officials have pushed back the disbursement date of aid to the flagging country, prompted participants drop Europe's bourses for another round of big losses again today. Sellers at home followed suit. In fact, pressure was so intense that within the first 30 minutes of trade the S&P 500 dove to the 1075 line, which put it more than 20% below its early May high.

Major market averages didn't stay at session lows for very long, though. They began to rally on the back of the tech sector, which offered considerable strength in the face of broad market weakness. The sector has extended its climb all the way to a 1.0% gain. Semiconductor stocks, collectively up in excess of 3%, have been especially strong performers.

While tech stocks have boosted the broad market, only the Nasdaq has managed to put together a sizable gain. Meanwhile, the S&P 500 is mired near the neutral line and the Dow continues to contend with a marked loss as its financial components stay under pressure.

Comments from Fed Chairman Bernanke about the Fed's readiness to provide additional support as necessary didn't come as any kind of a surprise to market participants, given that the remark is consistent with those issued in recent policy statements. In turn, Bernanke's testimony before the Joint Economic Committee was essentially shrugged off. DJ30 -71.93 NASDAQ +25.17 SP500 +0.68 NASDAQ Adv/Vol/Dec 1635/1.45 bln/880 NYSE Adv/Vol/Dec 1335/685 mln/1705

12:30 pm : The S&P 500 has successfully poked into positive territory, but has been unable to do anything more than dance narrowly above the neutral line. The pause in action comes as participants take a breather after bidding up the stock market from a loss of more than 2%.

Tech, the largest sector by market weight, continues to provide leadership. The sector is now up 1.0%. Within the tech space, semiconductor stocks are showing considerable strength, such that the Philadelphia Semiconductor Index is up more than 3%. That bounce comes after it set a new 52-week low alongside the broader market earlier this morning. DJ30 -78.06 NASDAQ +28.30 SP500 +0.33 NASDAQ Adv/Vol/Dec 1600/1.30 bln/890 NYSE Adv/Vol/Dec 1300/625 mln/1725

12:00 pm : In the face of concerns about macro conditions -- Fed Chairman Bernanke stated in his testimony today that sluggish job growth will continue and that government cuts are likely to drag further on the economy -- consumer discretionary stocks have not only found higher ground, but mounted a collective climb to a 0.9% gain.

Comcast (CMCSA 20.80, +0.44) continues to be a top performer among discretionary plays. Its 2% climb this session comes amid word that analysts at JPMorgan added the stock to their Focus List. DJ30 -70.68 NASDAQ +26.46 SP500 -0.32 NASDAQ Adv/Vol/Dec 1350/1.12 bln/1120 NYSE Adv/Vol/Dec 880/540 mln/2135

11:30 am : Stocks have been backed down a bit in recent trade. Their slip comes after the S&P 500 was rebuffed at the neutral line following its upward climb from a loss of more than 2%.

Although the broad market has not yet found higher ground, the improved tone of trade has caused Treasuries to fall out of favor. As such, the benchmark 10-year Note is now down about a half of a point. DJ30 -128.09 NASDAQ +9.65 SP500 -8.01 NASDAQ Adv/Vol/Dec 1490/995 mln/960 NYSE Adv/Vol/Dec 1140/485 mln/1860

11:00 am : The path has been choppy, but many stocks have successfully slashed losses.

Tech stocks, in particular, have overcome broad market weakness to rally to a 0.4% gain. Tech's strength has been especially helpful to the Nasdaq, which is now in positive territory.

The Dow continues to contend with a loss of more than 1%, however. The blue chip Index has been weighed down Bank of America (BAC 5.37, -0.16), American Express (AXP 41.96, -1.52), Kraft (KFT 32.27, -0.82), and McDonald's (MCD 83.97, -2.05). DJ30 -131.23 NASDAQ +7.87 SP500 -7.48 NASDAQ Adv/Vol/Dec 1120/685 mln/1275 NYSE Adv/Vol/Dec 630/355 mln/2345

10:35 am : Eurozone concerns, especially Greece debt concerns, are weighing on the commodity space today along with broader markets. The dollar index pulled back in recent trade, which gave a boost to commodities. However, the CRB Commodity Index remains about 0.7% lower.

Crude oil has been in the red all session and fell as far as $74.95/barrel. The energy component has recover a portion of its losses and is currently down 1.9% at $76.12/barrel. Natural gas futures are one of the few commodities in positive territory this morning. Nat gas began to trend higher about two hours ago and hit a session high of $3.65/MMBtu just over an hour ago. Currently, nat gas is up 0.6% at $3.64/MMBtu.

Gold futures traded in positive territory during the overnight session, but lost steam in early morning trade. Gold was at $1670/oz around 7am EST, but moved as low as $1636.80/oz. Silver was near the unchanged line for about half of the overnight session. The precious metal has mostly tracked gold and began to break down earlier this morning when gold did. Almost an hour ago, silver fell through the $30.00 area, but is currently at $30.11, down 2.2%. Gold is down 0.6% at $1647.20/oz.DJ30 -197.38 NASDAQ -13.31 SP500 -15.69 NASDAQ Adv/Vol/Dec 1162/659 mln/1225 NYSE Adv/Vol/Dec 708/345 mln/2262

10:00 am : Stocks continue to descend deeper into negative territory, extending their annual lows. The S&P 500 is now down more than 20% from the intraday high that it set in early May.

However, buyers are starting to show some signs of life, helping lift stocks off of their worst levels of the morning. The move comes as prepared remarks from Fed Chairman Bernanke begin to make their rounds. He is scheduled to begin a testimony before the Joint Economic Committee at any moment.

In a small dose of data, factory orders for August were just released. They slipped by 0.2%, which is a slightly greater decline than the 0.1% dip that had been broadly anticipated. DJ30 -234.61 NASDAQ -31.54 SP500 -23.52 NASDAQ Adv/Vol/Dec 670/110 mln/1555 NYSE Adv/Vol/Dec 390/94 mln/2315

09:45 am : Widespread weakness continues to wreak havoc on the major equity averages, which are all at fresh 52-week lows.

Energy stocks are being hit the hardest this morning. The sector has slumped to an early loss of 2.5% as oil prices drop 2% to trade at $76 per barrel for the first time in more than a year. The energy sector is now down 30% from its April high. DJ30 -168.77 NASDAQ -22.16 SP500 -15.06

09:15 am : S&P futures vs fair value: -13.30. Nasdaq futures vs fair value: -22.30. Continued concerns about Greece's ability to pay its debts, and the implications that could stem from a default, are keeping selling interest strong both abroad and at home. That said, stock futures have managed to recoup some of their losses this morning. A lower start to trade is still expected, though. That would deepen the stock market's 52-week low that was set at the close of the prior session. Negative sentiment has also stirred selling interest among commodities, especially crude oil, which is down more than 2% in early pit trade to a new 52-week low of less than $76 per barrel. Amid such precarious conditions and macro concerns, market participants will pay close attention to Fed Chairman Bernanke's testimony on the economic outlook and monetary policy before the Joint Economic Committee at 10:00 AM ET.

09:05 am : S&P futures vs fair value: -13.30. Nasdaq futures vs fair value: -22.30. Oil prices continue to come under pressure, leaving the commodity to trade at $75.85 per barrel for a 2.3% loss in the opening minutes of pit trade. Natural gas prices have moved a penny higher so that they trade at $3.63 per MMbtu. Despite its role as a safe haven, gold isn't benefiting from any kind of buying interest. Instead, the yellow metal is currently down 0.4% to $1650 per ounce. Silver prices are down an even sharper 1.4% to $30.37 per ounce. Collective weakness among commodities has the CRB Commodity Index wrestling with a 0.7% loss, which has left the CRB to trade at a new 2011 low.

08:35 am : S&P futures vs fair value: -16.10. Nasdaq futures vs fair value: -26.80. Europe's major bourses continue to descend in response to worries about a default by Greece after the country had announced over the weekend that it will likely come short of a deficit target and then eurozone officials pushed back the October disbursement date of aid to the country. Greece's Athex 20 is currently down in excess of 6%. As for action in Germany, the DAX has dropped to a loss of almost 4%. Man SE, Volkswagen, and Deutsche Bank (DB) have been heavy drags. Deutsche Bank actually announced that it does not expect to hit previous projections. In France, the CAC has fallen more than 3%. Lafarge, Alcatel-Lucent (ALU), and Renault have been hit the hardest. Britain's FTSE 100 is presently off in excess of 3%. Weir Group, Xstrata, and Lloyds Group (LYG) are leading the decline. Tesco Plc, Wm Morrison Supermarkets, and Smith & Nephew are the only three names currently in positive territory. According to recent data, the United Kingdom Construction PMI fell to 50.1 in September from 52.6 in the prior month. Data for the broader eurozone showed a 5.9% increase in producer prices during August. A 6.1% increase had been reported for the same period one year ago.

Asia's averages endured more selling overnight. The action left Japan's Nikkei to slide 1.1%. Komatsu Ltd., Mitsui Mining, and Mitsubishi Corp. were among the poorest performers. Nikon, Yahoo Japan, and Softbank staged nice gains in the face of broad market weakness, though. In Hong Kong, the Hang Seng tumbled 3.4%. CNOOC (CEO) was especially weak; it slumped to a loss of almost 7%. China's Shanghai Composite remained closed for holiday observance.

08:05 am : S&P futures vs fair value: -19.40. Nasdaq futures vs fair value: -34.00. The S&P 500 closed at a new 52-week low yesterday, and yet market participants continue to apply pressure to stock futures, such that the cash market looks like it will continue its descent with a marked decline at the open. Concern comes amid continued speculation about a default by Greece after the country had announced during the weekend that it will come short of deficit targets and, more recently, eurozone officials indicated that they will push back the disbursement date of aid to country. Amid such weak sentiment, safe havens remain in strong favor. As such, the dollar is up modestly in an extension of its prior session advance. Treasuries have ticked higher, too. However, gold prices are down narrowly to about $1652 per ounce. At 10:00 AM ET, attention shifts to Fed Chairman Bernanke, who will issue an update on the economic outlook and monetary policy before the Joint Economic Committee. Monthly factory orders figures will also hit news wires at 10:00 AM ET.

06:42 am : [BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -21.30.

06:42 am : Nikkei...8456.12...-89.40...-1.10%. Hang Seng...16250.27...-571.90...-3.40%.

06:42 am : FTSE...4964.70...-110.80...-2.20%. DAX...5212.11...-164.60...-3.10%.

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

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 4 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