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 Post subject: October 21st Friday 2011 Emini TF ($TF_F) points +17.60
PostPosted: Fri Oct 21, 2011 10:12 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: +17.60 points or $1760.00 dollars in the Russell 2000 Emini TF ($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=1033.

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

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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.

Stocks: Back where we started

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By Hibah Yousuf October 21, 2011: 4:34 PM ET

NEW YORK (CNNMoney) -- U.S. stocks rallied to the highest levels since early August on Friday, as investors grew increasingly hopeful that a resolution to Europe's debt crisis is around the corner.

"There's more optimism that something to solve Europe's debt crisis will be in place by the end of the month," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

The Dow Jones industrial average (INDU) surged 267 points, or 2.3%, and the S&P 500 (SPX) gained 23 points, or 1.9%. Both indexes closed at the highest levels since Aug. 3. The tech-heavy Nasdaq composite (COMP) added 39 points, or 1.5%.

Friday's gains pushed the Dow back into positive territory for 2011, with all three indexes on track for their best monthly performance in more than a year.

But given the roller coaster ride over the past five days, stocks ended the week little changed: The Dow and S&P rose a littler over 1% for the week, while the Nasdaq fell 1%.

On Thursday, U.S. stocks erased a mid-afternoon drop and ended mostly higher, as European leaders confirmed that they will meet multiple times over the next week to approve a key plan to resolve Europe's debt crisis.

* This is a story about Europe. Surprise!

"Aware of what is at stake and under the watchful glare of the world, eurozone policymakers might finally put their differences aside and produce the goods at the forthcoming EC council meetings and G20 summit," said Jonathan Loynes, chief European economist at Capital Economics, in a note to clients.

French president Nicolas Sarkozy and German chancellor Angela Merkel said late Thursday that the elements of a comprehensive response to Europe's debt crisis will be discussed in depth at Sunday's European Council summit, and a plan is expected to be unveiled next Wednesday.

With expectations rising, investors pushed stocks up through the narrow range they've been trading between since early August. But, of course, the market remains vulnerable to any piece of bad news.

* EU officials scramble to solve the crisis

"Europe is clearly dominating, and the overall sentiment is still negative because there are still a lot of concerns," said Detrick. "If we hear that a possible solution is falling apart, we'd see stocks snap back."

Plus, even if a plan lives up to the market's expectations, it may not address the "root causes of the eurozone's problems," said Capital Economics' Loynes.

"In short, we doubt the crisis ends here," he added.

Meanwhile, on Friday afternoon, eurozone finance officials approved the of next installment of Greece's bailout money. However the €8 billion tranche still needs approval from the International Monetary Fund.

Companies: Investors were also heartened by a batch of positive corporate news.

"Overall, earnings have been better than expected, which reduces the chances of a double-dip recession," said Detrick. "It's encouraging to see strength in the companies driven by consumer spending, because that's a good sign for the broader economy."

McDonald's (MCD, Fortune 500) shares advanced after the fast-food giant's earnings beat expectations, driven by higher sales of new menu items as well as traditional staples.

Chipotle's (CMG) stock climbed after the Mexican food chain topped earnings and sales estimates for the third quarter. The company also improved its forecast for same-store sales for the year.

* M&A outlook: Few mega deals, more spinoffs

Shares of Harman International (HAR) jumped after the car equipment maker delivered earnings that trounced Wall Street's expectations.

Altera's (ALTR) stock spiked after a Citigroup analyst said the company's soft sales guidance for the fourth quarter is likely too conservative.

Shares of Honeywell (HON, Fortune 500) rose after the company beat earnings expectations and raised its forecast for the year.

Shares of General Electric (GE, Fortune 500) slid after the company announced earnings of 31 cents per share in the third quarter, up two cents from a year earlier and in line with expectations.

Shares of Wells Fargo (WFC, Fortune 500) advanced along with other financials including Morgan Stanley (MS, Fortune 500), Goldman Sachs (GS, Fortune 500) and JPMorgan Chase (JPM, Fortune 500).

Thursday night, Wells Fargo admitted that it sent the wrong bank statements to customers in Southern states -- but it wouldn't confirm news reports that thousands were affected.

* 'Too big to fail' foe picked for top FDIC post

Ford (F, Fortune 500) shares moved higher after Standard and Poor's upgraded the automaker's credit rating by two notches to BB+, just one level below investment-grade. The ratings agency cited Ford's deal with the United Auto Workers union.

Groupon reduced the amount of money it hopes to raise in its initial public offering by 28% to $540 million. The company is putting 30 million shares up for sale, hoping they'll receive between $16 and $18 a piece.

Economy: Investors also tuned into speeches from three voting members of the Federal Reserve's policymaking committee for hints about whether the central bank is considering another asset-buying program to boost the economy.

Vice Chairman Janet Yellen said that the Fed is "prepared to employ our tools as appropriate to foster a stronger economic recovery in a context of price stability."

Minneapolis Fed President Narayana Kocherlakota, who voted against the Fed's latest plan to buy long-term bonds, said the Fed's "decision-making in 2011 has introduced a lack of clarity about its monetary policy mission."

Kocherlakota said given that inflation has been picking up and unemployment has been falling, albeit very, very slowly, the Fed should not be increasing monetary stimulus.

Meanwhile, Dallas Fed President Richard Fisher, who also voted against the Fed's so-called Operation Twist, said additional liquidity "is not the answer to our problems," and called on lawmakers in Washington to step up to boost job creation.

In a speech Thursday evening, Fed Governor Daniel Tarullo called upon the Fed to start buying more mortgage-backed securities.

World markets: European stocks finished sharply higher. Britain's FTSE 100 (UKX) rose 1.9%, the DAX (DAX) in Germany added 3.6% and France's CAC 40 (CAC40) edged up 2.8%.

* Why Greece can't drop the Euro

Asian markets ended mixed. The Shanghai Composite (SHCOMP) slid 0.6%, the Hang Seng (HSI) in Hong Kong ticked up 0.2% and Japan's Nikkei (N225) was flat.

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

Oil for December delivery gained $1.33, or 1.6%, to settle at $87.40 a barrel.

Gold futures for December delivery added $23.20, or 1.4%, to settle at $1,636.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing up the yield to 2.20% from 2.18% late Thursday.

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Market Update

4:05 pm : After another volatile week, stocks are closing the week out with a strong +1.9% gain, bringing the S&P 500 +1% vs. last Friday's close. Although earnings season picked up this week, the market remains preoccupied with Europe and the steady stream of back-and-forth headlines from various "officials" that flow out of the region. While a definitive plan remains to be seen, market participants seem to be giving policymakers the benefit of the doubt that they are making progress towards one. This weekend brings the first of two upcoming EU summits, although EU leaders have managed to lower expectations for this meeting and a plan is not expected until the follow-up summit midweek next week.

This week's swings have been heavily influenced by Europe. The markets sold off Monday and early on Tuesday, with weak Chinese data and a Goldman (GS) earnings miss weighing. However, late Tuesday stocks rallied on reports that Germany and France were looking to increase the size of the EFSF. Wednesday was less eventful, and then yesterday stocks saw another late-day rally. That strength is continuing today after reports indicated that Germany and France are on the same page with regard to a European bailout plan.

Outside of Europe, earnings remained the next most important topic of interest during the week. Overall the Q3 earnings season has gotten off to a decent start, with about 70% of companies beating EPS estimates. However, the stock reactions to the reports have been more mixed. It is reasonable to expect the percentage of companies beating expectations to decline somewhat as we progress through earnings season, as the size of companies reporting tends to decline.

Some earnings highlights from the week include the following:

Monday afternoon IBM (IBM) beat and raised EPS expectations but also reported a slight miss on the top line. The stock fell 4% on Tuesday and is down 3.5% on the week vs. a 1.2% gain in the S&P 500. Apple (AAPL) surprised the Street on Tuesday afternoon when it missed Q3 EPS estimates and issued an upside Q4 outlook. The company usually blows out estimates and gives very conservative guidance. iPhone 4 sales came up short as consumers held off for the iPhones 4S, released late last week.

Looking at the financials, Monday was a tale of two banks. Citi (C) reported a solid quarter which sent the stock 7% higher, while Wells Fargo (WFC) missed and fell 8%. On Tuesday morning, BofA (BAC) reported a noisy quarter while Goldman Sachs (GS) missed expectations and reported its second ever quarterly loss as a public company. Ironically, both stocks rallied and the financial sector led the broader market higher that day with a 4.8% gain. In general, forward estimates have come down for the money center banks, but seasonal loan growth and continued favorable loss trends have allayed some fears.

Industrial companies have further eased fears that we are on the verge of a recession. W. W. Grainger (GWW), Parker Hannifin (PH), CSX (CSX), Union Pacific (UNP) and this morning Honeywell (HON) all provided relatively upbeat outlooks.

There are hundreds of earnings reports due out next week, including results from Caterpillar (CAT), Netflix (NFLX), Amgen (AMGN), United Steel (X), UBS (UBS), F5 Networks (FFIV), Rightnow Technologies (RNOW), Broadcom (BRCM), Novellus (NVLS), Aflac (AFL), Akamai (AKAM), Triquint Semi (TQNT), Visa (V), Moody's (MCO) and Potash Corp (POT), among others. Please view our earnings calendar for a full schedule of dates/times and related expectations.DJ30 +267.09 NASDAQ +38.84 SP500 +22.84 NASDAQ Adv/Vol/Dec 1950/1.98 bln/561 NYSE Adv/Vol/Dec 2627/4.26 bln/434

3:35 pm : Commodities traded higher today, largely on weakness in the dollar index. The index fell as low as 76.25 and is currently just above that level.

Crude oil futures lost steam after hitting its session high of $88.89/barrel. It continued to trade lower before consolidating in afternoon activity, but did finish the day with notable gains; up $1.39 to $87.46/barrel. Natural gas fell as low as $3.55/MMBtu in today's action, shortly after floor trading began, but trended higher for the rest of today's session, ending 1.4 cents higher at $3.64/MMBtu.

Precious metals were higher all session with gold touching as high as $1649.50/oz and silver rise to a session high of $31.51/oz. By the end of the session, gold was up $23.30 to $1636.20/oz, while silver ended $0.90 higher at $31.18/oz.
DJ30 +229.32 NASDAQ +31.51 SP500 +19.19 NASDAQ Adv/Vol/Dec 1840/1540 mln/659 NYSE Adv/Vol/Dec 2543/820 mln/457

3:00 pm : The major indices have run back towards their best levels of the session as the Dow continues to lead the advance with a gain of 1.8%.

Shares of General Electric (GE 16.25, -0.38) are under pressure today despite the company announcing in-line earnings at $0.31 per share, excluding non-recurring items. The company's revenues were unchanged from a year ago levels at $35.37 billion, but rose 12.0% excluding NBC Universal. The company foresees its full year 2012 earnings per share growth in the double digits versus consensus estimates that were calling for growth of 15.2%. GE Capital was a standout, earning $1.5 billion after taxes, an increase of 79% versus the previous year. DJ30 +209.57 NASDAQ +25.98 SP500 +16.88 NASDAQ Adv/Vol/Dec 1770/1.36 bln/716 NYSE Adv/Vol/Dec 2535/744.8 mln/490

2:30 pm : The major market averages have climbed off their worst levels of the session following word that the Troika has approved the sixth tranche of Greek aid. The Dow continues to lead the way higher as it trades up 1.7% while the S&P and Nasdaq lag with respective gains of 1.2% and 0.9%.

Consumer discretionary stocks are among the best performers in the S&P 500, collectively holding a gain of 2.1% during today's session. Shares of Chipotle Mexican Grill (CMG 330.19, +22.28)are among the top performers in the space, trading higher by 7.2% following yesterday's earnings release. The company beat on both the top and bottom lines as earnings came in at $1.90 per share ($1.84 Capital IQ Consensus Estimate) and revenues rose 24.1% over the previous year to $591.9 million ($585.2 million Capital IQ Consensus Estimate). The company also raised its full year 2011 guidance, indicating it sees single to low double digit comparable restaurant sales growth. DJ30 +200.26 NASDAQ +23.33 SP500 +15.90 NASDAQ Adv/Vol/Dec 1714/1.27 bln/744 NYSE Adv/Vol/Dec 2505/699.2 mln/519

2:00 pm : The dollar index fell to a low near 76.25 earlier this morning, but has been climbing off that level in afternoon trade. The index has rallied back into the 76.50 area as traders balance their positions ahead of this weekend’s all important EU Summit. The euro touched the 1.39 level in earlier action, but has come under pressure as of late. Despite paring its gains, the single currency still trades up 65 pips near 1.3840. A strong advance in the British pound ran the currency above its 50-day moving average and to its best level in six weeks. Sterling has eased off its session highs, but still trades up 140 pips at 1.5925. A flight into yen earlier this morning caught many off guard, and produced a record high print for the currency as it touched 75.81 per dollar. Buyers piled into the yen despite a pledge from Japanese authorities that they would launch a JPY 2 trillion assault in an effort to weaken the currency. DJ30 +159.01 NASDAQ +15.70 SP500 +12.05 NASDAQ Adv/Vol/Dec 1593/1.18 mln/871 NYSE Adv/Vol/Dec 2367/656.1 mln/626

1:30 pm : Stocks have edged back further from their morning highs in recent trade, but continue to show a strong bid into the end of the week. This afternoon it will be interesting to see how positioning ahead of this weekend's highly anticipated EU summit will impact the broader market. Although there no longer appears to be expectations of a sweeping resolution to come out of this weekend's meeting, it still represents a big source of uncertainty for the market.

In addition to more European "news" next week, we'll get hundreds of earnings reports over the course of the week, including results from CAT, NFLX, AMGN, X, UBS, FFIV, RNOW, BRCM, NVLS, AFL, AKAM, TQNT, V, MCO and POT, among others. Please view our earnings calendar for a full schedule of dates/times and related expectations.

Finally, as a reminder, today is October options expiration. DJ30 +165.64 NASDAQ +17.32 SP500 +12.64 NASDAQ Adv/Vol/Dec 1701/1.08 bln/739 NYSE Adv/Vol/Dec 2464/614.8 mln/536

1:00 pm : Equity markets surged on the open in anticipation of this weekend's EU Summit providing a solution to the ongoing European debt crisis. Both the S&P 500 and Dow Jones Industrial Average have run to their best levels since August 4 as a result of today's strong gains. However, the Nasdaq has yet to confirm the breakout of the other major averages.

European bank stocks are seeing strong gains ahead of this weekend's Summit as Barclays (BCS 11.59, +0.47) and Deutsche Bank (DB 38.43, +1.98) both hold gains of at least 4.4%. The two stocks have seen a tremendous surge off their early October lows as Barclays is up close to 33% and Deutsche Bank has advanced more than 23%.

Shares of McDonald's (MCD 91.42, +2.41) hit an all-time high following this morning's earnings release. The company reported earnings of $1.45 per share, which was $0.02 better than the Capital IQ Consensus Estimate of $1.43. Revenues rose 13.7% versus the same period last year to $7.17 billion, topping the Capital IQ Consensus Estimate of $7.04 billion. Global comparable sales increased 5.0% versus a year ago with the biggest gains coming in Europe (+4.9%). The company said it sees October comparables up between 4 and 5%.

Dow component Microsoft (MSFT 27.06, +0.02) is seeing a small boost after reporting earnings following yesterday's close. The company announced in-line earnings of $0.68 per share and saw revenues rise 7.3% over the previous year to $17.37 billion ($17.19 consensus). The company said it saw revenue growth across all segments of its business, and that the early success of Office 365 has outpaced expectations.

Materials stocks are among the best performers in the S&P 500, collectively holding a gain of 1.7%. Miner Freeport-McMoRan (FCX 36.35, +1.56) is trading up 4.5% as a gain of 5.5% in copper has provided support.

Treasuries are little changed despite the strong gains in equities. Maturities across the complex hover near their respective flat lines as trade remains quiet ahead of this weekend's EU Summit. After spiking to a session high of 2.255%, the 10-yr yield has eased back to the flat line at 2.195%. Slight steepening of the yield curve has taken hold with the 2-10-yr spread fractionally wider at 192.5 bps.DJ30 +199.92 NASDAQ +28.55 SP500 +17.23 NASDAQ Adv/Vol/Dec 1826/973.4 mln/620 NYSE Adv/Vol/Dec 2559/570.4 mln/428

12:30 pm : The major indices continue to hold strong gains, although, they have pulled back from their best levels. An advance of 1.8% in the Dow paces today’s climb while the S&P and Nasdaq are higher by 1.5% and 1.3% respectively.

The S&P 500 materials sector is outperforming the broader market, sporting a gain of 2.0%. Shares of Freeport-McMoRan (FCX 36.49, +1.70) are among the best performers in the materials complex, and trading at their best levels of the session. Strength in stock has been supported by today’s surge in copper. The red metal is currently trading up close to 5.5% at $3.22 per pound. DJ30 +203.97 NASDAQ +33.29 SP500 +18.28 NASDAQ Adv/Vol/Dec 1862/896.8 mln/567 NYSE Adv/Vol/Dec 2558/541.0 mln/420

12:00 pm : Despite all of the excitement in equity marketsahead of this weekend’s EU Summit, the Treasury market is seeing a relatively quiet session. The complex fell to its worst levels of the day as equity markets touched their highs, but have since rallied back admirably. Maturities across the complex now trade little changed with yields up just 2 bps in the back of the curve. Light selling of the 10-yr has produced a flat yield at 2.197%. Slight steepening of the yield curve continues to play out with the 2-10-yr spread widening to 193 bps. DJ30 +228.30 NASDAQ +40.36 SP500 +21.49 NASDAQ Adv/Vol/Dec 1903/813.0 mln/484 NYSE Adv/Vol/Dec 2619/507.1 mln/347

11:30 am : The major averages continue to hold near their best levels of the session with all three seeing gains in excess of 1.5%. An advance of 1.9% has the Dow leading the way higher while the S&P and Nasdaq trail with gains of 1.7% and 1.6% respectively.

Shares of Dow component Microsoft (MSFT 27.10, +0.06) are seeing a small boost after the company reported earnings following yesterday’s closing bell on Wall Street. The company announced in-line earnings of $0.68 per share and revenues that rose 7.3% over the previous year to $17.37 billion ($17.19 consensus). On its conference call the company said it saw revenue growth across all segments of its business, and that the early success of Office 365 has outpaced expectations. DJ30 +214.34 NASDAQ +40.53 SP500 +19.90 NASDAQ Adv/Vol/Dec 1890/726.0 mln/459 NYSE Adv/Vol/Dec 2592/471.3 mln/353

11:00 am : The major market averages hover near their best levels of the session as all three hold gains in excess of 1.5%. The Dow and S&P continue to show slight outperformance versus the Nasdaq.

European banks are seeing strong gains today in anticipation that this weekend's EU Summit will provide some clarity as to how leaders plan to combat the debt crisis. Germany's Deutsche Bank (DB 38.40, +1.95) and Britain's Barclay's (BCS 11.66, +0.54) have seen tremendous rallies off their early October levels with the two gaining 23.5% and 32.7% respectively from their October 4 levels. DJ30 +203.44 NASDAQ +38.08 SP500 +19.59 NASDAQ Adv/Vol/Dec 1867/624.6 mln/548 NYSE Adv/Vol/Dec 2581/423.6 mln/342

10:35 am : The dollar index has been in the red all morning and just hit a new session low about 30 minutes ago, which has given commodities a boost. Copper futures are the best performer in the CRB Commodity Index, showing a gain of 5.7%.

In energy markets, crude oil has been on a nice uptrend this morning and ran as high as $88.89/barrel. Crude remains near that high in currently activity; now up 2.5% at $88.25/barrel. On the other hand, natural gas has been trading is negative territory this morning and is currently down 1.5% at $3.57/MMBtu.

Precious metals are notably higher today. Gold has been rallying in morning trade, hitting a session high of $1649.50/oz. Silver is outperforming gold after steadily higher in today's session. Gold is now up 1.7% at $1640.90/oz, while silver is up 3.3% at $31.28/oz.DJ30 +204.39 NASDAQ +45.87 SP500 +22.42 NASDAQ Adv/Vol/Dec 1885/510 mln/395 NYSE Adv/Vol/Dec 2579/378 mln/266

10:00 am : The major averages are trading at their best levels of the session as all three hold gains of at least 1.4%. The Dow and S&P lead the way as both trade up 1.5% while the Nasdaq lags just behind with a gain of 1.4%.

Shares of McDonald’s (MCD 91.70, +2.69) hit an all-time high today after the company reported better than expected earnings. The company reported earnings of $1.45 per share which was $0.02 better than the Capital IQ Consensus Estimate of $1.43. Revenues rose 13.7% versus the same period last year to $7.17 billion, topping the Capital IQ Consensus Estimate of $7.04 billion. Global comparable sales increased 5.0% versus a year ago with the biggest gains coming in Europe (+4.9%). The company said it sees October comparables up between 4 and 5%. DJ30 +178.77 NASDAQ +37.54 SP500 +18.43 NASDAQ Adv/Vol/Dec 1777/289.5 mln/362 NYSE Adv/Vol/Dec 2516/293.4 mln/263

09:45 am : The major averages all hold gains in excess of 1.0% as markets see a strong opening surge in anticipation that this weekend’s European Union Summit will provide some answers as to how Europe plans to combat its debt crisis. Consumer discretionary (+1.7%), financials (+1.6%), and materials (+1.5%) are among the best performing sectors in the S&P 500.DJ30 +143.80 NASDAQ +27.29 SP500 +14.82 NASDAQ Adv/Vol/Dec 1189/208.9 mln/1285 NYSE Adv/Vol/Dec 1821/263.0 mln/1192

09:13 am : [BRIEFING.COM] S&P futures vs fair value: +12.60. Nasdaq futures vs fair value: +23.50. Stock futures remain near their best levels of the session, suggesting a strong open to today's trade. Futures are rallying in anticipation that this weekend's European Union Summit will provide some answers as to how European leaders plan to combat the debt crisis. The dollar index has been hammered down to its session lows near 76.50 as the greenback trades lower against all of the other major currencies. A recent slide in dollar/yen dropped the pair to a record low 76.81.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +10.80. Nasdaq futures vs fair value: +19.20. While equity markets are moving higher in anticipation of this weekend’s European Union Summit providing at least some sort of solution to the debt crisis the Treasury market is a little more skeptical. Maturities across the complex remain little changed despite the strong gains in equity futures. The 10-yr yield recently ticked up to a session high of 2.21%, but recent buying has dropped it slightly into the red to 2.18%. Slight flattening of the yield curve has the 2-10-yr spread fractionally tighter at 191 bps.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +22.00.

Asian markets (Nikkei UNCH, Hang Seng +0.2%, Shanghai -0.6%) saw a choppy session as traders remained cautious ahead of this weekend's European Union Summit. The Shanghai Composite fell for a fifth consecutive session and to a 2.5-year low. Miners were once again hit hard with Shangdong Gold-Mining declining 4.0%. Japanese camera maker Olympus tumbled another 6.8% as the fallout from the removal of its CEO has caused the stock to plummet 50% over the past week. Shares in Hong Kong inched up in quiet trade as traders remained optimistic heading into this weekend's critical EU meetings. Inflation data in the region ran slightly hotter than expected as both Hong Kong and Malaysia saw an uptick in prices.

European markets (FTSE +1.3%, CAC +1.5%, DAX +2.2%) are near their best levels of the session as headlines continue to dictate trade. The latest headline suggesting there are no major differences between France and Germany ahead of the Summit sent European equities surging to their best levels of the day. Financials are leading the charge with Britain's Lloyds Banking Group (+4.3%), France's BNP Paribas (+4.8%), and Germany's Commerzbank (+5.1%) among the best performers in their respective indices. After once again climbing above the 6.00% threshold, the Italian 10-yr yield has eased to 5.93% on reported European Central Bank buying.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +10.60. Nasdaq futures vs fair value: +21.00.

Equity futures are near their best levels of the session after a headline from a German government source suggested there are no serious differences between France and Germany ahead of this weekend's European Union summit. Headlines continue to contradict one another and that only adds to the confusion as traders attempt to position themselves ahead of this weekend's meetings.

Earnings reports continue to mostly exceed forecasts as Chipotle Mexican Grill (CMG) and Capital One (COF) both announced top and bottom line beats following yesterday's close on Wall Street. Microsoft (MSFT) and General Electric (GE) announced in-line EPS numbers while exceeding on revenues.

Today's economic calendar is quiet as no data will be released. This weekend's European Union summit will provide for an interesting session on Monday.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +9.30.

06:52 am : Nikkei...8678.89...-3.30...0.00. Hang Seng...18025.72...+42.60...+0.20%.

06:52 am : FTSE...5418.89...+34.20...+0.60%. DAX...5795.33...+28.90...+0.50%.

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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