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 Post subject: February 15th Wednesday 2012 Emini TF ($TF_F) points +18.10
PostPosted: Wed Feb 15, 2012 6:08 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

Price Action Trade Performance for Today: +18.10 points or $1810 dollars in the Russell 2000 Emini TF ($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=101&t=1142.

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 price action 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 price action 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=149&t=1370

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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 Drop As Greece Worries Persist

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

NEW YORK (CNNMoney) -- U.S. stocks closed lower Wednesday as the euro hit a 1-week low on uncertainty over Greece's debt problems.

The Dow Jones industrial average (INDU) tumbled 97 points, or 0.7%, to end at 12,781. The S&P 500 (SPX) fell 7 points, or 0.5%, to 1,343. The Nasdaq (COMP) dropped 16 points, or 0.5%, to 2,916.

Stocks were mixed earlier in the day, as investors weighed better-than-expected European economic data and China's support for the eurozone against a lack of progress in Greece.

The overall eurozone economy shrank for the first time in more than two years in the fourth quarter of 2011, but the 0.3% decline was not as bad as economists expected. The latest figures were helped by a smaller-than-expected drop in German GDP and surprise growth in France -- the eurozone's two largest economies.

Meanwhile, a China-European Union summit ended Tuesday with promises of more support from Beijing for debt-straddled Europe.

"China is firm in supporting the EU side in dealing with the debt problems. We match our words with actions," Chinese Premier Wen Jiabao said.

* Appetite for dim sum bonds growing

But the positive news was overshadowed by the fact that Greece still remains on the brink of disaster.

"As much as we'd like to ignore Greece and Europe all together, we just can't," said Kim Caughey Forrest, senior equity analyst at Fort Pitt Capital.

A much-anticipated meeting of eurozone finance ministers scheduled for Wednesday was canceled Tuesday. Instead, the Eurogroup of 17 eurozone finance ministers held a teleconference after which they said "substantial further progress has been made."

The Eurogroup meets again on Monday and indicated it would likely give its approval for the latest economic reform proposal, which Greece needs in order to secure bailout funds and avoid defaulting on a €14.5 billion bond redemption in March.

Investors remain on edge, however, as they've heard this line before and appear unwilling to put much weight on the Eurogroup statement until the deal is signed, sealed and delivered.

"Greece just ends up creating more problems for itself by announcing a deal without finalizing it," said Forrest.

U.S. stocks recovered from earlier losses on Tuesday to closed mixed.

World markets: European stocks closed flat to slightly higher. Britain's FTSE 100 (UKX) ended the day unchanged, while the DAX (DAX) in Germany gained 0.4% and France's CAC 40 (CAC40) added 0.3%.

Asian markets ended with solid gains. The Shanghai Composite (SHCOMP) rose 0.9%, the Hang Seng (HSI) in Hong Kong spiked 2.1% and Japan's Nikkei (N225) rallied 2.3%.

* Video - Our China trade war...of words

Economy: The Empire Manufacturing index rose to 19.5 in February, from 13.5 the previous month. Analysts were expecting the survey to come in at 14.

Industrial production was flat in January, compared to a 1% rise the previous month. Analysts were expecting production to rise by 0.6%.

The Federal Reserve released the minutes from its late-January monetary policy meeting, saying they expected modest economic growth and gradually declining unemployment.

A number of Fed officials remained open to adding more long-term securities to the central bank's balance sheet "if the economic outlook deteriorated."

Companies: Comcast (CMCSA, Fortune 500) shares popped after the cable provider beat estimates for its fourth-quarter profit and revenue, and announced a 44% increase to its dividend -- as well as a $6.5 billion stock buyback program.

Shares of Abercrombie & Fitch (ANF) surged even after the retailer's fourth-quarter profit fell from a year ago.

Shares of Dean Foods (DF, Fortune 500) jumped after the the company's fourth-quarter loss narrowed compared to a year earlier.

Devon Energy's (DVN, Fortune 500) stock moved higher on the company's higher-than-expected fourth-quarter profit, as production of oil and gas rose.

Shares of Hartford Financial (HIG, Fortune 500) spiked after hedge fund manager John Paulson ramped up pressure on the company, calling for it to spin off the property-and-casualty business from the life insurance business. Paulson trimmed his stake in the company during the fourth quarter, but remains Hartford's largest shareholder.

Shares of Zynga (ZNGA) were down sharply after the social gaming company posted a net loss of $404 million for its full fiscal year due to large stock-based compensation expenses.

Procter & Gamble (PG, Fortune 500) has found a new buyer for its Pringles unit. Cereal maker Kellogg Co. (K, Fortune 500) will pay $2.7 billion for the distinctively shaped potato chip product. P&G was looking for a buyer for Pringles after a deal fell through last week, in the wake of a scandal at would-be buyer Diamond Foods (DMND).

Shares of Madison Square Garden (MSG), the parent company of the New York Knicks basketball team, continued their rally after surprise star Jeremy Lin won Tuesday's game in Toronto on a last-second basket.

Apple (AAPL, Fortune 500) shares fell 2.3% to close below $500 a share after rising near a key technical level above $526 earlier in the day.

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

Oil for March delivery rose $1.30 to settle at $102.04 a barrel.

Gold futures for April delivery gained $10.40 to end the day at $1,728.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury was lower, pushing the yield down to 1.94% from 1.92% late Tuesday.

Image

Market Update

4:30 pm : Stocks settled with sizable losses near session lows following a mid-session swoon.

The tone ahead of the open was actually positive. Premarket participants were encouraged by news that China intends to expand its investment in Europe, although enthusiasm was tempered by a negative response to headlines that eurozone officials may wait to doll out bailout funds to Greece due to doubts about sincerity of the flagging country's commitment to new austerity measures which were approved by its parliament this past weekend.

The first half of the session was mostly mixed with the S&P 500 chopping along with a modest gain, the Dow down because of lackluster action among blue chips, and the Nasdaq sporting an enviable gain with help from tech stocks.

Apple (AAPL 497.67, -11.79) was also a source of support for the Nasdaq. However, a sudden and concerted shift in sentiment sent the stock sliding from an all-time high above $525, which reflected a climb of more than 25% since it reported earnings less than one month ago, into the red on strong volume. Given the stock's size and influence -- it is the single greatest stock by market cap -- it weighed heavily on broad market action and prompted many participants to slap on sell orders. The retreat took the major equity averages into the red. None could recover.

Upside earnings surprises from Comcast (CMCSA 28.52, +1.27) and Teva Pharma (TEVA 45.04, +1.52) helped their shares maintain impressive gains in the face of the sell-off. Despite better-than-expected results of its own, Deere & Co. (DE 84.28, -4.77) shares dropped sharply to a new monthly low. Strikingly, Abercrombie & Fitch (ANF 48.30, +3.71) shares surged to a new two-month high after the apparel retailer unveiled earnings that came short of the consensus. Encouraging commentary from company management was credited for restoring confidence in the stock.

Economic data wasn't altogether exciting. The Empire Manufacturing Survey hit 19.5 in February, up from 13.5 in the prior month. It also exceeded the reading of 14.0 that had been widely anticipated.

Industrial production for January proved disappointing. Data showed no change, which contrasts with the 0.6% increase that had been broadly expected to follow a 1.0% increase in the prior month.

The Housing Market Index impressed some participants by stretching to 29 in February from 25 in the prior month. Many thought that it would improve to just 26.

Minutes from the most recent FOMC meeting failed to induce any meaningful broad market action. However, Regional Fed President Lacker dissented in regard to the description of the time period over which economic conditions were likely to warrant exceptionally low levels of the federal funds rate, which stands at 0.00% to 0.25%, because he expects a tightening of monetary policy to prevent inflation projections or expectations prior to the end of 2014.

The dollar didn't see a great deal of action today. Instead, it generally held near the flat line, which is right about where it was by session's end. That said, the euro shed about 0.5% against the greenback to trade at $1.31. Concerns about Greece appeared to overshadow some eurozone GDP data that was generally better than what many had predicted. The headline numbers for fourth quarter GDP featured a 0.3% decline for the eurozone, a 0.2% decline in Germany, and a 0.2% increase in France. Just the other day analysts at Moody's announced they had assigned a negative outlook to France's credit rating.

Although it appeared that the risk trade was turned off, oil prices finished pit trade at $101.78 per barrel for a 1.0% gain. Buying interest was bolstered by concerns about Iran's armament efforts and possible plans by the country to cut its exports.

Advancing Sectors: (None)
Unchanged: Materials
Declining Sectors: Health Care -0.2%, Consumer Staples -0.2%, Energy -0.3%, Consumer Discretionary -0.5%, Telecom -0.5%, Financials -0.6%, Utilities -0.6%, Tech -0.6%, Industrials -1.4%DJ30 -97.33 NASDAQ -16.00 NQ100 -0.8% R2K -0.8% SP400 -0.3% SP500 -7.27 NASDAQ Adv/Vol/Dec 940/2.02 bln/1595 NYSE Adv/Vol/Dec 1276/806 mln/1736

3:30 pm : Commodities closed with mixed results, but the CRB Index still eked out a 0.3% gain.

Oil prices settled pit trade at $101.78 per barrel for a 1.0% gain amid concerns about Iran's armament efforts and possible plans to cut exports. In contrast, natural gas prices slumped 4.3% to $2.42 per MMBtu, effectively wiping out the energy component's climb in the prior session.

As for precious metals, silver settled flat at $33.37 per ounce after it had been markedly higher this morning. Gold still scored a 0.6% gain by settling at $1727.70 per ounce. DJ30 -114.06 NASDAQ -19.19 SP500 -8.64 NASDAQ Adv/Vol/Dec 960/1.64 bln/1560 NYSE Adv/Vol/Dec 1245/555 mln/1745

3:00 pm : Rekindled selling interest has caused stocks to move another leg lower. All three major equity averages are now at their worst levels of the day. For what it's worth, though, the Dow's percentage drop is double that of the Nasdaq.DJ30 -110.01 NASDAQ -12.54 SP500 -7.91 NASDAQ Adv/Vol/Dec 1025/1.48 bln/1475 NYSE Adv/Vol/Dec 1375/495 mln/1585

2:30 pm : Stocks continue to chop along, unable to stage any sort of meaningful rebound from session lows. The action comes amid a lack of leadership.

Tech stocks had actually offered leadership in the early going. The sector, which is the largest by market weight, actually climbed to a gain in excess of 1%, but could not convince the broad market to rally behind it. The sector has since been implicated right along with the rest of the stock market. That has dashed all of its gain and left it to trade narrowly beneath the neutral line.

Although tech stocks are now flat for the session, they're still in better shape than many other sectors. In fact, industrials are down more than 1%. Names like Deere & Co. (DE 85.44, -3.61) have been dogged, despite the company's upside earnings surprise. DJ30 -82.69 NASDAQ -3.67 SP500 -4.14 NASDAQ Adv/Vol/Dec 1005/1.37 bln/1475 NYSE Adv/Vol/Dec 1350/450 mln/1610

2:05 pm : Choppy trade has resumed. However, that has left the broad market unable to make any kind of concerted push out of negative territory.

Market participants aren't showing any immediate response to the Fed verbiage included in minutes from the most recent FOMC meeting. Among the more notable takeaways, it was stated that regional Fed President Lacker dissented in regard to the description of the time period over which economic conditions were likely to warrant exceptionally low levels of the federal funds rate, which stands at 0.00% to 0.25%. Lacker expects a tightening of monetary policy to prevent inflation projections or expectations prior to the end of 2014. DJ30 -85.49 NASDAQ -0.28 SP500 -3.53 NASDAQ Adv/Vol/Dec 1060/1.26 bln/1425 NYSE Adv/Vol/Dec 1415/410 mln/1525

1:30 pm : The stock market's recent retreat has steadied, but both the Dow and the S&P 500 remain in the red while the Nasdaq clings to a fractional gain.

The action has forced the Volatility Index higher. It had already been up this morning, but the stock market's sudden slide sent the euphemistically labeled Fear Gauge up above 21 for a 9% gain on the day. That's still shy of the 10-day high of about 22 that was set late last week, though. DJ30 -80.15 NASDAQ +2.51 SP500 -2.46 NASDAQ Adv/Vol/Dec 1115/1.17 bln/1350 NYSE Adv/Vol/Dec 1455/380 mln/1475

1:00 pm : A recent wave of selling has forced stocks lower, making for weak trade after it had been mostly mixed.

News that officials in China intend to expand the country's investment in Europe rekindled buying interest ahead of the open, but enthusiasm was dampened by concerns that efforts to get bailout funds to Greece could become bogged down because of doubts that Greece may not fully follow through with its pledges for new austerity measures.

The broad market spent the morning chopping along with a modest gain, but a sudden barrage of selling has since sent it into the red. Meanwhile, the Nasdaq is now at the neutral line after it had been up nearly 1% about 30 minutes ago. Tech stocks were a primary source of strength for the Nasdaq, but they, too, have been undercut by the recent wave of selling. As for the Dow, lackluster action among blue chips has left it in the red for almost the entire day.

Comcast (CMCSA 28.56, +1.31) and Teva Pharma (TEVA 45.38, +1.86) have been standouts following their latest quarterly reports, which featured upside earnings surprises. Deere & Co. (DE 85.90, -3.15) also posted earnings that exceeded what had been expected, but the stock has slumped to test its three-week lows. Meanwhile, apparel retailer Abercrombie & Fitch (ANF 49.50, +4.91) shares have surged 11% even though the company's latest quarterly earnings came short of the Wall Street consensus. However, the company's management reiterated their full-year guidance, which they actually deemed conservative.

As for economic data, the eurozone reported a 0.3% decline in fourth quarter GDP. Germany's GDP declined by 0.2%, but economic activity in France expanded by 0.2%. Although largely unimpressive, the headline numbers were generally a bit better than or on the order of what had been expected. Domestic data featured an improved survey on manufacturing activity in the New York, flat monthly industrial production, and an improved monthly Housing Market Index. On their way are minutes from the most recent FOMC meeting (2:00 PM ET). DJ30 -75.39 NASDAQ +0.53 SP500 -2.61

12:30 pm : Amid choppy, mixed action in the stock market, Treasuries have quietly ticked higher in today's trade. That has trimmed the yield on the benchmark 10-year Note to a new weekly low that is only a couple of basis points above 1.90%. For quick comparison, the yield on Germany's 10-year Bund is at 1.86%, while Britain's 10-year Gilt is yielding 2.07%, and Japan's 10-year Note offers 0.97%.DJ30 -30.50 NASDAQ +18.78 SP500 +3.17 NASDAQ Adv/Vol/Dec 1455/875 mln/955 NYSE Adv/Vol/Dec 1835/292 mln/1040

12:00 pm : The tech sector continues to stretch higher; it now sits at its best level of the day, boasting a 1.2% gain, which is double what even the next best performing sector has achieved.

Not every tech stock is performing well, though. Specifically, Yahoo! (YHOO 15.26, -0.11) has been wrestling with a loss since the open, while Intel (INTC 26.72, -0.07) has been in the red for the better part of the session. DJ30 -19.00 NASDAQ +26.35 SP500 +5.02 NASDAQ Adv/Vol/Dec 1440/780 mln/960 NYSE Adv/Vol/Dec 1830/265 mln/1040

11:30 am : Trade remains choppy among the major equity averages, but the Nasdaq has managed to make its way to a new session high. Its strength is primarily underpinned by buying interest in tech issues, which are up 1.0% as a sector.

The euro is in the red after concerns were raised that dealings between Greece and eurozone officials could become mired because of doubts about Greece's ability to implement newly approved austerity measures, as well as the sincerity related to honoring those measures going forward. The euro was last quoted at $1.31, which makes for a 0.4% loss. DJ30 -27.21 NASDAQ +20.98 SP500 +3.61 NASDAQ Adv/Vol/Dec 1195/665 mln/1170 NYSE Adv/Vol/Dec 1520/225 mln/1335

11:00 am : Action has been choppy this morning. The lack of direction has left the major equity averages in mixed shape.

Tech stocks have struck out on their own path, however. The sector has staged a nice climb to a 0.9% gain, which makes it the best performing sector of the early going. Consumer discretionary stocks make up the next best performing sector, but they're only up 0.3% as a group. Among tech plays, Juniper Networks (JNPR 24.29, +1.72) is a top performer.

The stock has surged more than 7% to set a new multi-month high. More impressive is the 10% spike in shares of consumer discretionary play Abercrombie & Fitch (ANF 49.24, +4.65) following the apparel retailer's latest quarterly report, which actually featured earnings that came short of the consensus estimate. During the company's conference call, management maintained its full-year earnings guidance, which it deemed conservative. DJ30 -18.06 NASDAQ +14.70 SP500 +2.80 NASDAQ Adv/Vol/Dec 1200/535 mln/1120 NYSE Adv/Vol/Dec 1540/185 mln/1260

10:40 am : The dollar index moved back into positive territory in recent activity, which caused precious metals to sell off.

In the energy space, Mar crude oil has been trading higher this morning and rallied to a session high of $102.40 earlier this morning driven by some Iran-related headlines. Crude has since pulled back below the $102.00 level. Earlier, Al Arabiya TV reported that Iran has cut oil exports to 6 EU countries, while Reuters reported Iran's Ahmadinejad loaded reactor with domestically made nuclear fuel rods (citing State News Agency).

Just ahead of inventory data, crude was just above $101. Following the data, which showed a draw of 0.171 mln versus consensus which called for a build of 1.6 mln, crude ran about 30 cents higher and is now at $101.43/barrel, up 0.4%.

Feb natural gas was been in positive territory in the overnight session and in early morning trade, but sold off a couple of hours ago and fell to a new session low of $2.47. Currently, it is still at that low of $2.47/MMBtu, down 2.5%.

In the metals space, Apr gold and March silver has been in positive territory so far during today's session and hit new session highs around 9am ET (Gold $1739.20, Silver $33.97). Following recent strength in the dollar index, precious metals headed lower and silver almost moved back to the unchaned line. Gold is now 0.9% at $1733.60/oz and silver is 0.6% at $33.54/ozDJ30 -28.23 NASDAQ +12.44 SP500 +1.50 NASDAQ Adv/Vol/Dec 1120/498 mln/1175 NYSE Adv/Vol/Dec 1411/177 mln/140

10:00 am : The Housing Market Index for February improved to 29 from 25 in the prior month, exceeding the Briefing.com consensus call for an improvement to only 26. Shares of homebuilders have benefited from the news, resulting in a quick spike to morning highs by the SPDR S&P Homebuilders ETF (XHB 20.17, +0.05).

Meanwhile, the major equity averages remain mixed with the broad market only modestly above the neutral line, the Dow down with a narrow loss, and the Nasdaq sporting a solid gain. There isn't a particular constituent that is dragging down the Dow; instead, many blue chips are off to a lackluster start. As for the Nasdaq, it is being helped higher by the likes of Apple (AAPL 519.00, +9.54) and Broadcom (BRCM 37.51, +0.76). DJ30 -18.89 NASDAQ +16.15 SP500 +2.96 NASDAQ Adv/Vol/Dec 1165/190 mln/995 NYSE Adv/Vol/Dec 1435/85 mln/1235

09:45 am : The major equity averages are mixed this morning. The action comes after trade ahead of the open had appeared mostly positive.

Many market participants are reacting to recent headlines that bailout funds earmarked for Greece may be witheld by eurozone officials, who may be questioning the sincerity of the flagging country's commitment to honor recently approved austerity measures. Such a scenario renews concern that discussions there may continue to slog along. DJ30 -31.64 NASDAQ +8.84 SP500 +0.58 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +14.80. Word that China would like to expand its investment in the eurozone stirred buying interest this morning, but enthusiasm was tempered by headlines that suggested eurozone officials may delay the deployment of bailout funds for flagging Greece.

Economic data has featured a few lackluster GDP readings from Europe, although they generally exceeded what had been widely predicted, and a better-than-expected Empire Manufacturing Survey for February. Just released, domestic industrial production was flat in January after a 1.0% increase in the prior month. Economists polled by Briefing.com had expected, on average, a 0.6% increase in January. Still to come, though, are minutes from the most recent FOMC meeting (2:00 PM ET).

As has been the case for a few weeks now, earnings results aren't having much of an impact on overall sentiment. Instead, most reports have induced stock-specific swings. Deere & Co. (DE 88.10, -0.85), Teva Pharma (TEVA 44.84, +1.32), and Comcast (CMCSA 28.90, +1.65) are among the more notable names to have recently reported. Note: ticker quotes reflect premarket prices.

09:05 am : S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +13.50. Overall strength in the commodity complex has the CRB Index up 0.4% this morning. Oil prices have pushed up to $101.85 per barrel for a 1.1% gain in the opening minutes of pit trade. The jump accompanies rumors regarding a possible cut to oil exports from Iran. Concerns related to the country's armament are also being cited as a catalyst. As an aside, the latest weekly inventory report is due at 10:30 AM ET. In contrast, natural gas prices are down 1.1% to $2.50 per MMBtu. Their slide follows a sharp climb in the prior session, however. Precious metals are performing well. Specifically, gold was last quoted with a 0.9% gain at $1734 per ounce, while silver is sporting a 1.4% gain at $33.81 per ounce.

08:35 am : S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +15.50. Stock futures continue to trade with a lead over fair value, but they recently eased back in response to a headline regarding the possible delay of bailout funds for Greece. However, it was learned that the Empire Manufacturing reading, a survey on manufacturing activity in the New York region, climbed to 19.5 in February from 13.5 in the prior month. Many economists had expected only incremental improvement to 14.0.

08:05 am : S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +16.30. Stocks finished the prior session near the neutral line with help from a late rally. Market participants appear to be looking to build on that move by bidding stock futures firmly higher ahead of today's open. Some have been compelled to do so because comments from a China official indicated that the country is looking to expand its investment in the precarious eurozone. That announcement helped restore confidence in a region that reported a 0.3% decline in fourth quarter GDP. Fourth quarter GDP in Germany declined by 0.2%, but made a tepid 0.2% increase in France. Both were generally pleasing relative to expectations, however.

On the earnings front, both Comcast (CMCSA 29.35, +2.10) and MetLife (MET 38.30, +0.98) posted upside surprises, as did Deere (DE 89.13, +0.08) and Dr. Pepper Snapple (DPS 40.00, +0.89). Teva Pharma (TEVA 44.95, +1.43) also reported earnings that exceeded what had been expected. Note: all ticker quotes reflect premarket prices.

Today's economic calendar features the latest Empire Manufacturing Survey at the bottom of the hour, but monthly industrial production numbers aren't due until 9:15 AM ET. The monthly Housing Market Index follows at 10:00 AM ET. The afternoon will be highlighted with minutes from the most recent FOMC meeting; they are due at 2:00 PM ET.

06:26 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +17.00.

06:26 am : Nikkei...9260.34...+208.30...+2.30%. Hang Seng...21365.23...+447.40...+2.10%.

06:26 am : FTSE...5914.80...+14.90...+0.30%. DAX...6803..65...+75.50...+1.10%.

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)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

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