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 Post subject: December 22nd Thursday 2011 Emini TF ($TF_F) points +5.00
PostPosted: Fri Dec 23, 2011 7:10 am 
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Joined: Sat Jan 10, 2009 2:06 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 performance verification

Trade Performance for Today: +5.00 points or $500 dollars in the Russell 2000 Emini TF ($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=98&t=1094.

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=119&t=718.

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=146&t=1312

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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 Advance on Better-Than-Estimated Economic Data

Dec. 22 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, sending the Standard & Poor's 500 Index higher for a third day, as better-than-estimated jobless claims, consumer confidence and leading indicators bolstered optimism in the world's largest economy.

Stocks End Higher On Positive Jobs Data

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

NEW YORK (CNNMoney) -- U.S. stocks finished a quiet session higher Thursday, after a stronger-than-expected reading on unemployment boosted investor optimism.

The Dow Jones industrial average (INDU) climbed 62 points, or 0.5%, the S&P 500 (SPX) rose 10 points, or 0.8%, and the Nasdaq (COMP) ticked up 21 points, or 0.8%.

Gains were broad-based, with financial stocks leading the way. Shares of Citi (C, Fortune 500) and Morgan Stanley (MS, Fortune 500) jumped about 6%, while Bank of America (BAC, Fortune 500) stock climbed 5% and JPMorgan Chase (JPM, Fortune 500) shares rose 3%.

The government reported that the number of Americans filing for first-time unemployment benefits dropped to its lowest level since April 2008. There were 364,000 initial jobless claims last week, 4,000 fewer than a week earlier. Economists polled by Briefing.com had expected initial claims to have risen to 380,000.

While the strong report came in the face of a weaker-than-expected reading on economic growth, investors have been grasping on to any positive news they get, said Joseph Saluzzi, co-head of equity trading at Themis Trading. But that could all change quickly, depending on developments overseas.

* Who let the Dogs of the Dow out? Woof woof!

"The economic reports are a mixed bag, but it looks like the bias is to the upside ... some people believe in a Santa Claus rally [leading up to the holidays]," said Saluzzi. "But all it takes is one headline out of Europe and everything can reverse real fast -- and people are on watch for a European sovereign downgrade."

It's been a volatile week for the market, and swings are likely to continue as trading volume remains light going into the holidays.

Stocks finished mixed Wednesday. The Dow and S&P 500 barely finished in positive territory, after falling nearly 1% on fears over the health of European banks and a dour report on the housing market. The Nasdaq closed down 1% after most software stocks dropped dramatically.

Economy: A third estimate of gross domestic product showed that the economy grew at a slightly slower clip in the third quarter than many believed. Gross domestic product grew at an annualized pace of just 1.8%, slower than the 2% measured in the previous reading.

The University of Michigan's consumer sentiment index rose to a level of 69.9 for December, up from a preliminary reading of 67.7. Economists polled by Briefing.com were expecting a reading of 68.

World markets: European stocks closed sharply higher. Britain's FTSE 100 (UKX) rose 1.3%, the DAX (DAX) in Germany gained 1.1% and France's CAC 40 (CAC40) added 1.4%.

* Beware of amped-up ETFs

On Wednesday, markets in Europe popped after the European Central Bank announced it would inject €489.19 billion ($643.18 billion) into the region's banks to address the eurozone debt crisis.

Investors initially read that €489.19 billion figure -- higher than the expected €300 billion -- as a positive, sending European markets up sharply. And the move seemed to be helping markets again on Thursday, said Saluzzi.

"It was kind of a stealth bailout -- a back-door QE," he said. "It brought yields down on European bonds and people got excited, saying that maybe Europe isn't going to implode after all."

Asian markets ended lower. The Shanghai Composite (SHCOMP) and the Hang Seng (HSI) in Hong Kong shed 0.2%, while Japan's Nikkei (N225) fell 0.8%.

Companies: Bed Bath and Beyond (BBBY, Fortune 500) reported earnings after the bell Wednesday that beat expectations, but revenue disappointed. Shares of the retailer tumbled 6% Thursday.

* Video - Should you invest in the euro?

Shares of Yahoo (YHOO, Fortune 500) ended little changed, after rising more than 1% during the trading session Thursday. The move follows reports that the company will consider a proposal to sell its stakes in Yahoo Japan and Alibaba Group.

Currencies and commodities: The dollar lost ground against the euro and edged up versus the British pound and the Japanese yen.

Oil for February delivery rose 86 cents to $99.53 a barrel.

Gold futures for February delivery dropped $3 to settle at $1,610.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged lower, pushing the yield up slightly to 1.95% from 1.92% late Wednesday.

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Market Update

4:10 pm : Equities finished just off their best levels of the session as traders took their cues from Europe and bought stocks as a lack of headlines from was seen as a positive. The Nasdaq was the top performer all session long, ending with a gain of 0.8%.

NYSE Euronext (NYX 26.33, +0.36) ended up 1.4% after the U.S. Justice Department approved the company's merger with Deutsche Boerse as long as certain conditions are met. The approval requires the sale the International Securities Exchange's minority stake in Direct Edge Holdings. The company will have two years to complete the sale.

Financials were the best performing sector within the S&P 500 Index, climbing 2.1%. Bank of America (BAC 5.48, +0.25) continued to see gains following yesterday's Department of Justice ruling that required the company to pay a record $335 million in compensation to Countrywide borrowers who were charged more for home loans based on their race and national origin.

Shares of Micron Technology (MU 6.41, +0.87) rallied 15.7% after the company released a disappointing earnings report. The company announced a loss of $0.19 per share, $0.09 worse than the Capital IQ Consensus Estimate while indicating revenues rose 20.9% year/year to $2.09 billion. The revenues number fell short of the consensus estimate of $2.12 billion. The company said gross margins held at 15% for the first quarter with improvements in NAND Flash margins being offset by declines in DRAM.

Bed Bath & Beyond (BBBY 57.58, -3.85) saw heavy selling pressure following the release of the company's mixed earnings report. Earnings per share for the third quarter came in at $0.95 which was $0.06 better than the Capital IQ Consensus Estimate. However, revenues rose 6.8% year/year to $2.34 billion and fell short of the $2.36 billion consensus. The company did issue upside guidance for fiscal year 2012, saying it now sees earnings per share of $3.86-3.92 which is above the $3.83 Capital IQ Consensus Estimate.

Treasuries finished with small gains as buying dropped the 10-yr yield two basis points to 1.953%. A small loss for the dollar index pushed it down to 79.95 while the euro ticked up to 1.3050.

Data today was mixed as third quarter GDP expanded at a clip of just 1.8%, which is down from the 2.0% growth rate that was posted in the second estimate. Initial weekly jobless claims for the week ended December 17 totaled 364,000 which was less than the 380,000 initial claims that had been generally expected among economists polled by Briefing.com. The final December reading on Consumer Sentiment from the University of Michigan came in at 69.9 after a reading of 67.7 in the preliminary post earlier this month. Leading indicators increased by 0.5%, which exceeded the 0.3% increase that had been broadly anticipated. Also out was the October FHFA Housing Price index which printed -0.2%.DJ30 +61.91 NASDAQ +21.48 SP500 +10.28 NASDAQ Adv/Vol/Dec 1672/1.47 bln/846 NYSE Adv/Vol/Dec 2294/773.6 mln/769

3:30 pm : Natural gas gained 0.4% to finish at $3.15 per MMBtu. Futures sold off sharply on the back of this morning's inventory data, which showed a drawdown that was in line with expectations. Futures put in lows at $3.10, but spent the remainder of the day rebounding off those lows to end near the flat line. Crude oil gained 0.9% to settle at $99.53 per barrel. Futures rallied, albeit on light volume, back to the $100 level. They pulled back from session highs, at $100.05, heading into the close.

It was a quiet session for the precious metals. Gold posted losses of 0.3% to settle at $1609.10 per ounce, while silver shed 0.5% to finish at $29.11 per ounce. Both metals spent the better part of the session chopping around just shy of the flat line.DJ30 68.42 NASDAQ +23.19 SP500 +9.56 NASDAQ Adv/Vol/Dec 1668/1.2 bln/865 NYSE Adv/Vol/Dec 2375/469.1 mln/694

3:00 pm : Treasuries finished higher, but near their worst levels of the session following a late morning slide. The selloff coincided with equity markets running back up to their highs and dropped the complex almost back to the flat line. Early session buying following this morning’s GDP number dropped the 10-yr yield to a low of 1.916% before the selling ran it back up to almost 1.96% by the close. A gain of more than one point was wiped away in the long bond as it finished up 13/32 at 102 26/32. Modest flattening of the yield curve saw the 2-10-yr spread tighten to 168.5 bps. Data concludes for the week on Friday with the release of durable orders, durable orders ex-transportation, personal income, personal spending, and PCE Prices – Core at 8:30 am ET with new home sales following at 10 am ET. DJ30 +44.18 NASDAQ +19.32 SP500 +8.62 NASDAQ Adv/Vol/Dec 1627/1.09 bln/871 NYSE Adv/Vol/Dec 2326/425.1 mln/736

2:30 pm : Equities continue to hold near their best levels of the session as markets drift towards the finish line. The Nasdaq and S&P 500 continue to pace the advance as both hold gains of 0.9%.

Financials are the best performing sector within the S&P 500, collectively holding a gain of 2.0%. Bank of America (BAC 5.46, +0.23) continues to see gains following yesterday’s Department of Justice ruling that requires the company to pay a record $335 million in compensation to Countrywide borrowers who were charged more for home loans based on their race and national origin. Citigroup (C 27.85, +1.75) is the best performer in the complex, currently trading higher by 6.7%. DJ30 +62.18 NASDAQ +22.73 SP500 +10.80 NASDAQ Adv/Vol/Dec 1688/1.00 bln/820 NYSE Adv/Vol/Dec 2362/388.4 mln/695

1:55 pm : The major market averages hold at their best levels of the session as a quiet trade moves into its final hours of the day. The Nasadq and S&P continue to lead the advance as both trade higher by 0.9%.

NYSE Euronext (NYX 26.23, +0.26) is trading higher by 1.0% after the U.S. Justice Department approved the company’s merger with Deutsche Borse as long as certain conditions are met. The approval requires the sale the International Securities Exchange’s minority stake in Direct Edge Holdings. The company will have two years to complete the sale. DJ30 +72.66 NASDAQ +23.41 SP500 +11.11 NASDAQ Adv/Vol/Dec 1722/920.5 mln/766 NYSE Adv/Vol/Dec 2409/353.0 mln/655

1:30 pm : The major averages continue to hover near their highs as we progress through quiet afternoon trading. While tomorrow is likely to be a quiet day in terms of corporate news flow, the economic calendar contains some important releases that could impact early trading. At 8:30 ET November Durable Goods data, along with Personal Income/Spending data and PCE prices. Then, after the open, New Home Sales are set to be released at 10:00 ET. While the econ calendar is busy, the earnings calendar is blank tomorrow.DJ30 +69.25 NASDAQ +21.95 SP500 +10.57 NASDAQ Adv/Vol/Dec 1687/853.2 mln/768 NYSE Adv/Vol/Dec 2383/324.6 mln/671

1:00 pm : The major market averages trade at their best levels of the session as the light volume advance progresses into afternoon trade. Stocks have been able to shrug off the downardly revised third quarter GDP of 1.8% as most of today's heavy data load topped expectations. An advance of 0.8% has the Nadsadq leading the way.

Shares of Yahoo! (YHOO 16.17, +0.18) are seeing solid gains reports the company is looking to spin off its Asian assets. The reports indicate the company is looking at a term sheet on the deal worth $17 billion which values the assets that would be spun off at roughly $14 per share. Should the spin off occur, it would include the company’s 40% stake in Alibaba and 35% stake in Yahoo! Japan. The company would retain a 15% stake in Alibaba.

Bed Bath & Beyond (BBBY 57.24, -4.19) is under heavy selling pressure following the release of the company’s mixed earnings report. Earnings per share for the third quarter came in at $0.95 per share which was $0.06 better than the Capital IQ Consensus Estimate. However, revenues rose 6.8% year/year to $2.34 billion and fell short of the $2.36 billion consensus. The company did issue upside guidance for fiscal year 2012, saying it now sees earnings per share of $3.86-3.92 which is above the $3.83 Capital IQ Consensus Estimate.

Micron Technology (MU 6.47, +0.93) is up 16.8% after the company released a disappointing earnings report. The company announced a loss of $0.19 per share, $0.09 worse than the Capital IQ Consensus Estimate while indicating revenues rose 20.9% year/year to $2.09 billion. The revenues number fell short of the consensus estimate of $2.12 billion. The company said gross margins held at 15% for the first quarter with improvements in NAND Flash margins being offset by declines in DRAM. Today’s run up may be due to investors looking past the recent flooding in Thailand which has provided cheap valuations.

Treasuries are well off their best levels of the session, and now hold just small gains. Earlier buying dropped the 10-yr yield to a low of 1.916%, but it is now down just one basis point on the session at 1.967%. The dollar index continues to hold small losses with light selling dropping it to 79.90. A small gain in the euro has the single currency up almost 15 pips near 1.3060. DJ30 +59.87 NASDAQ +21.63 SP500 +9.47 NASDAQ Adv/Vol/Dec 1684/787.9 mln/761 NYSE Adv/Vol/Dec 2318/296.3 mln/707

12:30 pm : The major market averages are their best levels of the session during a quiet holiday trade. The Nasdaq continues to lead the way, currently trading higher by 0.9%.

Shares of Micron Technology (MU 6.44, +0.90) are up 16.2% after the company released a disappointing earnings report. The company announced a loss of $0.19 per share, $0.09 worse than the Capital IQ Consensus Estimate while indicating revenues rose 20.9% year/year to $2.09 billion. The revenues number fell short of the consensus estimate of $2.12 billion. The company said gross margins held at 15% for the first quarter with improvements in NAND Flash margins being offset by declines in DRAM. Today’s run up may be due to investors looking past the recent flooding in Thailand which has provided cheap valuations.DJ30 +63.62 NASDAQ +22.61 SP500 +9.50 NASDAQ Adv/Vol/Dec 1661/720.9 mln/758 NYSE Adv/Vol/Dec 2277/270.4 mln/745

12:00 pm : Treasuries have seen a recent bout of selling drive yields off their lowest levels of the session and back up towards their respective flat lines. The long bond has given up two-thirds of its gains and is now higher by just 10/32 at 102 23/32. Selling has run the 30-yr yield back up to 2.987% after sliding to a session low of 2.947%. A similar situation is playing out in the 10-yr as its yield has run more than four basis points off its lows to almost 1.96%. A slightly flatter yield curve remains in play with the 2-10-yr spread tighter at 168.5 basis points.DJ30 +38.15 NASDAQ +16.05 SP500 +6.18 NASDAQ Adv/Vol/Dec 1538/628.9 /858 NYSE Adv/Vol/Dec 2095/238.3 mln/915

11:30 am : The major indices continue to hold modest gains during today’s low volume session. An advance of 0.6% has the Nasdaq leading the way while the Dow lags with a gain of just 0.3%.

Bed Bath & Beyond (BBBY 57.50, -3.93) is under heavy selling pressure following the release of the company’s mixed earnings report. The stock is lower by 6.40% after announcing earnings per share for the third quarter came in at $0.95 per share which was $0.06 better than the Capital IQ Consensus Estimate. However, revenues rose 6.8% year/year to $2.34 bln and fell short of the $2.36 bln consensus. The company did issue upside guidance for fiscal year 2012, saying it now sees earnings per share of $3.86-3.92 which is above the $3.83 Capital IQ Consensus Estimate.DJ30 +25.81 NASDAQ +13.88 SP500 +5.21 NASDAQ Adv/Vol/Dec 1524/537.7 mln/836 NYSE Adv/Vol/Dec 2037/205.7 mln/936

11:00 am : The major market averages are off their best levels, but continue to hold gains in light holiday trade. Both the Nasdaq and the S&P lead the advance with gains of 0.5% while the Dow trails with a gain of 0.3%.

Shares of Yahoo! (YHOO 16.24, +0.25) have slipped off their best levels, but are seeing solid gains this morning on new reports the company is looking to spin-off its Asian assets. The reports indicate the company is looking at a term sheet on the deal worth $17 bln which values the assets that would be spun-off at roughly $14 per share. Should the spin-off occur, it would include the company’s 40% stake in Alibaba and 35% stake in Yahoo! Japan. The company would retain a 15% stake in Alibaba. DJ30 +33.72 NASDAQ +12.03 SP500 +5.89 NASDAQ Adv/Vol/Dec 1452/441.0 mln/846 NYSE Adv/Vol/Dec 2069/169.6 mln/861

10:35 am : The dollar index is off its session high of 80.14, but remains modestly higher. The euro continues to trade just above the $1.30 level, now at $1.3036. Despite the modest strength in the dollar index, the CRB Commodity Index is up 0.3%.

Overall, the energy sector is trading higher, while metals and agriculture commodities are mixed. Crude oil futures showed a strong open when pit trading began and rallied over $1/barrel to a new session high of $99.77/barrel. In current activity, crude is up 0.9% at $99.55/barrel.

Natural gas futures have been in positive territory all session and ahead of the weekly inventory data, nat gas was about 1.2% higher. Following the data, which showed a versus a draw of 100 vs consensus which called for a draw of 100 bcf, nat gas fell to a new session low of $3.14 and is currently at that price, down 0.4%.

Gold continues to trend lower after hitting an early morning high yesterday of $1642.00/oz. Gold hit a fresh session low of $1602.60/oz in recent trade and is currently down 0.5% at $1605.70/oz. Silver is currently 0.5% lower at $29.11/oz.DJ30 +44.05 NASDAQ +15.06 SP500 +7.26 NASDAQ Adv/Vol/Dec 1536/347 mln/721 NYSE Adv/Vol/Dec 2119/136 mln/710

10:00 am : The final December reading on Consumer Sentiment from the University of Michigan was released a few minutes ago. It came in at 69.9 after a reading of 67.7 in the preliminary post earlier this month.

Leading indicators for November, just released, increased by 0.5%, which exceeds the 0.3% increase that had been broadly anticipated. Also out was the October FHFA Housing Price index which printed -0.2%.DJ30 +51.47 NASDAQ +18.52 SP500 +8.05 NASDAQ Adv/Vol/Dec 1592/197.5 mln/543 NYSE Adv/Vol/Dec 2246/86.3 mln/558

09:45 am : The major averages are holding solid gains in early action despite the downward revision to third quarter GDP. A light news flow out of Europe has been beneficial as traders hope for a rally into the holiday weekend. The Nasdaq is pacing today’s gains with an advance of 0.7% while the Dow lags with a gain of 0.4%.

Financials are the best performing sector, collectively holding a gain of 1.0% while consumer staples are underperforming with a loss of 0.1%.DJ30 +43.33 NASDAQ +18.14 SP500 +6.55 NASDAQ Adv/Vol/Dec 1502/119.5 mln/549 NYSE Adv/Vol/Dec 2185/60.1 mln/531

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +3.80. Equity futures continue to point to modest gains at the open as a rally in European equities has provided a lift here in the U.S. News flow out of Europe has been quiet with investors hoping Santa Claus makes a last-minute appearance this year.

Despite the strength in European equities, the euro is holding a small loss against the greenback at 1.3035. Treasuries trade at their best levels of the session with buying dropping the benchmark a couple of basis points to 1.939%.

Corporate news has been limited, including reports that Yahoo! (YHOO 16.25, +0.26) is looking to sell its Asian assets and Bed Bath & Beyond (BBBY 59.21, -2.22) reporting mixed results with a top line miss and a bottom line beat while issuing upside FY12 guidance. Note: all ticker quotes reflect premarket prices.

Economic data still scheduled for release includes Michigan Sentiment at 9:55 am ET, as well as leading indicators and the FHFA Housing Price Index at 10 am ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +2.50. Overseas markets saw a mixed session as European bourses hold strong gains while the major Asian indices were mostly lower. A generally quiet session with little news flow has been favorable to the bulls who are still waiting for the year-end Santa Claus rally.

France’s CAC (+1.6%) leads the advance in Europe as just a handful of companies are trading in negative territory. Steelmaker ArcelorMittal is the top performer on the index, holding a gain of 3.5%. Financials are seeing solid gains as BNP Paribas is up 3.1% and Credit Agricole higher by 1.9%. Britian’s FTSE (+1.3%) is seeing outperformance from the financial sector as Lloyds Banking Group and Royal Bank of Scotland hold respective gains of 3.6% and 3.2%. Miners are mixed as silver miner Fresnillo is up 1.3% while gold miner Randgold Resources is down 0.7%. Germany’s DAX (+1.3%) is being led by utilities as RWE and E.ON trade higher by 2.7% and 1.7% respectively. Automakers are among the worst performers, but are still positive, with BMW seeing a gain of 0.3%.

Markets across Asia were generally lower (Nikkei -0.8%, Hang Seng -0.2%, Shanghai -0.2%) as investors remained cautious after the European Central Bank announced the results of its Long-term Refinancing Operations. Shares of Toyota fell 0.6% in Tokyo after the company announced worldwide sales were estimated to fall 6% in 2012. Property stocks outperformed in Hong Kong with Evergrande Real Estate Group climbing 5.8% while Chongqing Brewery plunged 10% in Shanghai and closed lower for the 10th time in 11 sessions. The stock has been under pressure after announcing its hepatitis vaccine has been proven ineffective.

08:35 am : S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +7.20. First off, initial weekly jobless claims for the week ended December 17 totaled 364,000, which is 4,000 less than what was logged last week and substantially less than the 380,000 initial claims that had been generally expected among economists polled by Briefing.com.

Economic output in the third quarter expanded at a clip of just 1.8%, which is down from the 2.0% growth rate that was posted in the second estimate. Economists, on average, had expected no change to the second estimate headline number. However, the third quarter GDP Deflator was revised to show an increase of 2.6%, slightly above the 2.5% that had been expected.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +4.70. Equity futures are pointing to modest gains at the open as traders look for a late Santa Claus rally. The S&P 500 and Dow will look to extend their gains to a third day while the Nasdaq will attempt to take back some of yesterday’s losses. Equity markets here in the U.S. are taking their cue from Europe which is currently seeing all of its major bourses higher by more than 1.0%.

On the corporate front, shares of Yahoo! (YHOO) are in focus today on reports the company is looking to sell its Asian assets.

Treasuries are near their best levels of the session with the 10-yr yield down a couple basis points at 1.950%. Meanwhile, the dollar index holds small losses near 75.95 while the euro trades up 10 pips at 1.3055.

The economic calendar is full with initial and continuing claims, GDP – third estimate, and GDP deflator – third estimate set to be released at 8:30 am ET. Also due out are Michigan Sentiment – Final at 9:55 am ET, as well as leading indicators, and the FHFA Housing Price Index at 10 am ET.

06:57 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.00.

06:57 am : Nikkei...8395.16...-64.80...-0.80%. Hang Seng...18378.23...-38.20...-0.20%.

06:57 am : FTSE...5455.68...+65.90...+1.20%. DAX...5867.05...+75.50...+1.30%.

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
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