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 Post subject: April 25th Wednesday 2012 Emini TF ($TF_F) points +12.20
PostPosted: Wed Apr 25, 2012 6:15 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: +12.20 points or $1220 dollars in the Russell 2000 Emini TF ($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. You can read today's #FuturesTrades trading chat room logs for 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 in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=103&t=1202.

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=151&t=1432

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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.

Bernanke Boosts Stocks, Apple Rallies

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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 near the highs of the day Wednesday, as investors digested comments from Federal Reserve chairman Ben Bernanke and cheered strong corporate results from big companies including Apple and Boeing.

All three major indexes rallied right out of the gate, on the back of stronger-than-expected financial results, but pulled back slightly leading up to Bernanke's news conference.

The indexes regained momentum after the Fed chief said that the central bank remains "entirely prepared to take additional balance sheet actions...should the economy require additional support."

But the Fed was also more positive with its outlook, boosting its economic growth projection for the year and lowering its unemployment rate target.

"The Fed sounded a bit more upbeat on the economy than I was expecting," said Frank Fantozzi, CEO and President of Planned Financial Services. "It doesn't have evidence to take any further stimulus action, and wants the economy to keep healing and improving on its own. But it also reserves the right to step in if the economy stalls or reverses course."

The Dow Jones industrial average (INDU) rose 89 points, or 0.7%, with a 5.3% jump in shares of Boeing (BA, Fortune 500) leading the gains. The aerospace and defense company reported earnings that trounced Wall Street's expectations. Caterpillar (CAT, Fortune 500) was the biggest loser on the blue-chip index, after it reported revenue that fell short of forecasts.

The S&P 500 (SPX) gained 19 points, or 1.4%, and the Nasdaq (COMP) added 68 points, or 2.3%.

Apple's (AAPL, Fortune 500) nearly 9% pop made it one of the biggest gainers on both indexes Wednesday. The world's most valuable company reported that its net income nearly doubled, on much stronger-than-expected iPhone sales.

* Apple literally does rule the world

Apple shares had been struggling ahead of its quarterly results, losing nearly 12% over an 11-day stretch. But Wednesday's rally helped push the stock back above $600 a share, and just 5% away from its all-time high.

"Apple's earnings are certainly having a big impact," said Dave Hinnenkamp, CEO of KDV Wealth Management. "Apple is a bellwether for the technology industry, and investors are influenced by positive reports from market leaders."

* Insiders are selling. Should you?

Shares of companies that make chips or accessories for iPhones also rode the good-news wave, including Cirrus Logic (CRUS), Skyworks Solutions (SWKS) and Triquint (TQNT). ARM (ARMH) and Qualcomm (QCOM, Fortune 500), two semiconductor companies, also gained traction.

Shares of Omnivision (OVTI), which makes camera sensors for the iPhone, jumped, while Zagg (ZAGG), a popular maker of iPhone accessories like cases and screen protectors, also rallied.

U.S. stocks finished mixed Tuesday. Better-than-expected earnings boosted the Dow and S&P, while Netflix (NFLX) weighed down the Nasdaq.

Economy: The Fed also left its key interest rate unchanged near zero and reiterated that low rates are likely to remain through late 2014.

The central bank also expects the economy to grow between 2.4% and 2.9% in 2012, which would be an improvement over 1.7% growth last year. The Fed also revised its forecasts for the labor market, predicting the unemployment rate will fall to between 7.8% and 8% by the end of the year.

Before the market open, the Commerce Department's durable goods report came in weaker than expected, with new orders for big-ticket items falling 4.2% -- worse than the 1.7% drop forecast by economists surveyed by Briefing.com.

New orders for nondefense capital goods, excluding aircraft, fell 8.9%. That reading in the report is taken as a barometer of business investment.

The Mortgage Bankers Association also reported a 3.8% decline in new mortgage applications for last week, despite the exceptionally low rates on home loans.

Companies: In addition to Apple and Boeing, Wednesday also brought more strong corporate results for investors to consider, including telecom giant Sprint Nextel (S, Fortune 500), health insurer Wellpoint (WLP, Fortune 500), and glass-maker and tech supplier Corning (GLW, Fortune 500).

Sprint shares were slightly lower even after the wireless provider posted a loss that was narrower than forecasts. Wellpoint's were higher than expected, while Corning, whose Gorilla glass is used in Apple's iPhones and iPads, also topped expectations.

Harley-Davidson (HOG, Fortune 500) shares jumped after the motorcycle maker boosted its full-year production forecast.

DuPont (DD, Fortune 500) shares rose after the company boosted its dividend by 5%.

Shares of Tyson Foods (TSN, Fortune 500), one of the biggest U.S. beef processors, dipped slightly after at least one major South Korean retailer suspended the sale of U.S. beef Wednesday, one day after after authorities confirmed a case of "mad cow disease" in the carcass of a dairy cow in central California. But Korean authorities have not halted imports of U.S. beef. South Korea is the No. 2 importer of U.S. beef.

World markets: European stocks finished higher, despite a reading on gross domestic product in the United Kingdom that indicated Britain has fallen back into recession. London's FTSE 100 (UKX) edged up 0.1%, while the DAX (DAX) in Germany added 1.6% and France's CAC 40 (CAC40) gained 2.2%.

Germany's auction of €3 billion worth of 30-year bonds was under-subscribed Wednesday morning, with only €2.7 billion in bids being received. That sent yields on the German debt higher.

Asian markets ended mixed, with the Shanghai Composite (SHCOMP) rising 0.8% and Japan's Nikkei (N225) up nearly 1%, while the Hang Seng (HSI) in Hong Kong slid 0.2%.

* Video - New Nook e-reader glows at a price

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

Oil for June delivery rose 57 cents to settle at $104.12 a barrel.

Gold futures for June delivery lost $1.50 to settle at $1,642.30 an ounce, but trading amount is up from earlier lows.

Bonds: The price on the benchmark 10-year U.S. Treasury slipped, pushing the yield up to 1.99% from 1.96% late Tuesday.

Image

Market Update

4:30 pm : The Fed was in focus this afternoon, but today's advance is really owed to a strong rally by the market's biggest stock, Apple (AAPL 610.00, +49.72).

Shares of AAPL lagged in the prior session because of concerns about a decline in the number of connections its products made to data networks in the last quarter, but those worries were put to rest with the release of financial results that far surpassed what Wall Street had expected. Strength in the stock helped drive the Tech sector to a gain greater than 3%, and helped lead the Tech-Rich Nasdaq to a gain of more than 2%.

Although the advance by AAPL shares helped bring about a strong, broad bid, Telecom stocks had difficulty building on their prior session performance. The sector settled with a gain of just 0.1% after it had advanced almost 3% yesterday.

The Fed was busy at work today. Fed Chairman Bernanke stated during his press conference that the FOMC is prepared to take additional actions, if necessary. That reassured many market participants that further quantitative easing is still a possibility. Stocks traded higher in response to the remark, but they could not hurdle the heights set in the early going.

Bernanke’s comments came shortly after the Fed’s forecast for GDP was released. The Fed now anticipates that real GDP for 2012 will grow at a pace between 2.4% and 2.9%, up from the range of 2.2% to 2.7% that was issued in January. However, the forecast for 2013 now calls for real GDP growth to range from 2.7% to 3.1%, down from the range of 2.8% to 3.2%, while the range for growth in 2014 is expected to range from 3.1% to 3.6%, down from 3.3% to 4.0%. Longer run growth is still expected to range from 2.3% to 2.6%. Inflation estimates for the next couple of years are capped at 2.0%.

Earlier in the day the FOMC indicated in its Policy Statement that inflation has picked up somewhat, but the outlook for inflation over the medium run remains subdued. With that in mind the FOMC kept its fed funds rate at 0.00% to 0.25%, and anticipates exceptionally low levels of the fed funds rate at least through late 2014.

Only little attention was paid to the latest durable goods orders data, which were released ahead of the open. Total durable goods orders dropped in Mach by 4.2%, which is steeper than the 1.7% decline that had been broadly expected. Prior month numbers were revised lower to reflect an increase of 1.9%. Excluding transportation items, durable goods orders declined in March by 1.1%, which comes in stark contrast with the 0.5% increase that had been broadly anticipated. Orders less transportation for the prior month had increased by an upwardly revised 1.9%.

Boeing (BA 77.08, +3.87), Caterpillar (CAT 103.44, -4.96), Credit Suisse (CS 25.19, -1.02), Eli Lilly (LLY 40.80, +0.84), Northrop Grumman (NOC 63.01, +0.28), Sprint Nextel (S 2.43, -0.04), and WellPoint (WLP 70.40, -0.36) were among the more widely held names that were in focus for their latest earnings results. Each exceeded what had been widely expected of it. However, both Delta Air Lines (DAL 10.48, +0.00) and GlaxoSmithKline (GSK 46.00, -1.21) came short of the consensus.

Advancing Sectors: Tech +3.2%, Materials +2.3%, Consumer Discretionary +1.7%, Health Care +1.1%, Energy +0.9%, Financials +0.9%, Consumer Staples +0.5%, Utilities +0.5%, Industrials +0.3%, Telecom +0.1%
Declining Sectors: NoneDJ30 +89.16 NASDAQ +68.03 NQ100 +2.7% R2K +1.8% SP400 +1.8% SP500 +18.72 NASDAQ Adv/Vol/Dec 1846/1.71 bln/671 NYSE Adv/Vol/Dec 2323/822 mln/686

3:30 pm : Crude oil experienced big swings in today’s pit trade. It sold-off into the red following headlines that Iran is considering a halt of nuclear expansion to avert an EU oil ban. Following a slight recovery attempt, prices fell again following inventory data that showed a build of 3.978 million when a build of 2.7 million was anticipated. A session low of $103.08 per barrel was set shortly thereafter. Afternoon activity took crude as high as $104.62 per barrel before it settled pit trade at $104.11 per barrel with a 0.6% gain.

Natural gas, on the other hand, steadily climbed higher for all of pit trade, finishing at a session high of $2.07 per MMBtu for a 5.1% gain.

Precious metals experienced extensive volatility in pit trade. Gold spent the majority of its floor session in negative territory, but its session low of $1625.00 per ounce was set moments after the FOMC statement suggested that the economy has been expanding moderately and even though inflation has picked up, the medium run outlook for inflation remains subdued. Silver sold off to a session low of $29.92 per ounce at the same time. Both metals attempted to bounce back. Gold settled pit trade with a loss of just 0.1% at $1641.90 per ounce, while silver settled with a more sizable loss of 1.1% at $30.42 per ounce.DJ30 +78.94 NASDAQ +65.93 SP500 +17.69 NASDAQ Adv/Vol/Dec 1800/1.29 bln/690 NYSE Adv/Vol/Dec 2275/525 mln/730

3:00 pm : Action has become rather choppy, but the broad market is back near its best level of the day, sporting a gain greater than 1%.

Tech has been a steady source of strength all session. The sector is currently up 3%, which is the best gain of any major sector. Materials stocks, up 2.1% collectively, make up the second strongest sector, while a 0.2% gain makes Telecom today's worst performing sector. Worth noting, though, is that Telecom outperformed in the prior session with a near 3% gain of its own.

Set to report quarterly results after the close, Akamai (AKAM 38.54, +0.80) has benefited from the bid for Tech stocks. Gaming and resorts developer and operator Las Vegas Sands (LVS 58.40, +2.00) is also slated to announce its latest results. Tomorrow morning brings Altria (MO 31.75, +0.05), AmerisourceBergen (ABC 37.94, +0.44), AstraZeneca (AZN 45.92, +0.10), BristolMyers (BMY 34.29, +0.32), Colgate-Palmolive (CL 99.46, +1.03), Deutsche Bank (DB 45.37, +1.27), Dow Chemical (DOW 35.96, +1.33), Exxon Mobil (XOM 86.78, +0.47), Kellogg (K 50.46, +0.03), PepsiCo (PEP 66.70, +0.19), and UPS (UPS 79.61, +0.15). DJ30 88.17 NASDAQ +66.65 SP500 18.61 NASDAQ Adv/Vol/Dec 1800/1.20 bln/680 NYSE Adv/Vol/Dec 2235/475 mln/735

2:30 pm : Fed Chairman recently issued a brief statement as a follow-up to the latest FOMC Policy Statement and Fed Forecast. He is now in the middle of a question and answer session. In one of his responses, Bernanke stated that the FOMC is prepared to take additional actions.

There has been uncertainty related the Fed's willingness to implement another round of quantitative easing for the past few months, but such a comment has convinced some market participants that the idea has not yet been taken off of the table. Stocks have traded higher in response, but the S&P 500 has paused at its morning high. DJ30 +76.37 NASDAQ +66.78 SP500 +18.18 NASDAQ Adv/Vol/Dec 1770/1.08 bln/705 NYSE Adv/Vol/Dec 2190/430 mln/765

2:05 pm : The latest economic forecasts from the Fed were just released. Stocks experienced some selling in their wake.

The Fed now anticipates real GDP to grow at a pace between 2.4% and 2.9%, up from the range of 2.2% to 2.7% that was issued in January. However, the forecast for 2013 now calls for real GDP growth of 2.7% to 3.1%, down from the range of 2.8% to 3.2%, while the range for growth in 2014 is expected to range from 3.1% to 3.6%, down from 3.3% to 4.0%. Longer run growth is still expected to range from 2.3% to 2.6%.

The Fed also trimmed its unemployment rate projection, but it increased its PCE inflation projection. The latter is capped at 2.0% for 2012 and beyond. Core PCE is also expected to be capped at 2.0% for the next couple of years. DJ30 +46.25 NASDAQ +61.23 SP500 +14.50 NASDAQ Adv/Vol/Dec 1800/1.01 bln/660 NYSE Adv/Vol/Dec 2265/400 mln/690

1:30 pm : Stocks have traded higher in recent action, but the major equity averages are all still shy of their session highs.

Financials are now back to a gain of nearly 1% after the sector had completely surrendered a gain of that same size. Its move to the flat line earlier today came as market participants applied pressure to bank stocks. Shares of Goldman Sachs (GS 113.79, -0.32) are still in weak shape. Earlier today the firm's Chairman and CEO, Lloyd Blankfein, stated in an interview with CNBC that he has not discussed stepping down from one of his positions. DJ30 +76.63 NASDAQ +63.06 SP500 +17.00 NASDAQ Adv/Vol/Dec 1790/930 mln/660 NYSE Adv/Vol/Dec 2275/365 mln/660

1:00 pm : The major equity averages are up with varied gains. Heavyweight Apple has been a leader, but many market participants remain on edge as they await the more from the Fed following the latest FOMC statement.

Apple (AAPL 614.52, +54.24) -- the largest stock by market cap -- has rallied higher after it had set a monthly low yesterday. The stock's snapback comes in response to the company's latest quarterly report, which featured earnings that easily surpassed what Wall Street had expected. That has helped lift the overall Tech sector to a near 3% gain, and boost the Nasdaq to a 2% gain after the Tech-rich Index had lagged during the prior day of trade.

The positive response to Apple's earnings has been strong enough to overshadow disappointing durable goods orders numbers that featured a 4.2% drop in overall orders and a 1.1% decline in orders less transportation items. Both were worse than what had been expected.

The latest FOMC Policy Statement was little changed from recent versions in that it stated the economy continues to expand at a moderate pace, but low resource utilization and a subdued outlook for inflation over the medium run are expected to warrant exceptionally low levels of the fed funds rate at least through late 2014. Although that report is out of the way, the FOMC's forecast will draw plenty of attention when it is released at 2:00 PM ET. Fed Chairman Bernanke follows it with a press conference at 2:15 PM ET. DJ30 +69.63 NASDAQ +60.40 SP500 +16.22 NASDAQ Adv/Vol/Dec 1755/865 mln/685 NYSE Adv/Vol/Dec 2155/335 mln/755

12:35 pm : Action among stocks has turned somewhat choppy in response to the latest FOMC statement, but the major equity averages continue to sport impressive gains.

The latest statement from the FOMC indicates that the economy continues to expand at a moderate pace and that even though the unemployment rate has declined, it remains elevated. Still, the committee believes that the unemployment rate will decline gradually toward levels that it judges to be consistent with its dual mandate.

The FOMC also noted that inflation has picked up somewhat, but it maintains a subdued outlook for inflation over the medium run. Accordingly, the FOMC anticipates exceptionally low levels of the fed funds rate at least through late 2014.

Still to come is the FOMC's forecast at 2:00 PM ET. It will be followed by Fed Chairman Bernanke's press conference at 2:15 PM ET. DJ30 +61.84 NASDAQ +59.13 SP500 +14.75 NASDAQ Adv/Vol/Dec 1775/790 mln/645 NYSE Adv/Vol/Dec 2180/305 mln/720

12:00 pm : Stocks are coasting along ahead of the latest FOMC statement, which is due at the bottom of the hour. No changes to the target interest rate or its outlook are expected, but the verbiage will likely receive close scrutiny by those looking for clues about the Fed's mindset ahead of the FOMC forecast at 2:00 PM ET. Market participants will also pay close attention to the comments made by Fed Chairman Bernanke during his press conference at 2:15 PM ET.DJ30 +69.85 NASDAQ +55.77 SP500 +14.04 NASDAQ Adv/Vol/Dec 1760/690 mln/635 NYSE Adv/Vol/Dec 2165/265 mln/690

11:30 am : Stocks have started to tick higher after recently returning to their opening levels. Despite the strong gains among stocks today, Treasuries have traded with only modest losses. In fact, the yield on the benchmark 10-year Note is only back at the 2.00% threshold. Results from an auction of 5-year Notes have just hit the newswires, but there hasn't yet been any knee-jerk reaction among Treasuries.DJ30 +79.55 NASDAQ +57.75 SP500 +14.65 NASDAQ Adv/Vol/Dec 1740/570 mln/605 NYSE Adv/Vol/Dec 2120/225 mln/725

11:00 am : Stocks have drifted lower in recent trade, but the broad market continues to boast a 1.0% gain while the Nasdaq sits on a gain of nearly 2%. The Dow is also up today, but its less impressive gain comes after blue chips had helped it outperform in the prior session.

Financials have fallen to the flat line over the past hour of action. The sector benefited from a strong, broad bid in the early going, but it has since been undermined by renewed weakness in bank stocks. However, insurance outfit Aflac (AFL 44.70, +2.70) has been a strong performer following its latest quarterly report, which featured better-than-expected results for its bottom line. DJ30 +77.35 NASDAQ +57.40 SP500 +14.02 NASDAQ Adv/Vol/Dec 1835/470 mln/510 NYSE Adv/Vol/Dec 2275/190 mln/555

10:35 am : Oil prices were just shy of $104 per barrel in the minutes that preceded the latest weekly inventory report, which showed a build of 3.98 million barrels when a build of 2.70 million barrels had been widely anticipated. Prices have since moved down to $103.60 per barrel, which leaves them flat for the day.

Natural gas prices continue to trade near $2.00 per MMBtu, making for a 1.4% gain. Natural gas weekly inventory numbers are due tomorrow.

Gold has traded with a modest loss all morning. It was last quoted at $1639.50 per ounce, down 0.3% for the day. Silver was up in early pit trade, but it has since traded down to $30.75 per ounce, which makes it unchanged for the session. DJ30 +79.58 NASDAQ +64.20 SP500 +15.75 NASDAQ Adv/Vol/Dec 1825/325 mln/470 NYSE Adv/Vol/Dec 2290/135 mln/475

10:00 am : Stocks have eased off of their morning highs, but overall gains remain strong. That said, the Dow, which outperformed in the prior session, is trading with a gain that is less than half of what the Tech-rich Nasdaq has achieved.

Tech stocks are out in front of the rest of the market. The sector is currently up a little more than 3% as computer hardware stocks and related plays rally in response to the latest report from Apple (AAPL 615.25, +54.97). The action comes in contrast with that of the prior session, when Tech stocks lagged for virtually the entire session and even settled with a 0.6% loss. DJ30 +91.66 NASDAQ +67.29 SP500 +17.06 NASDAQ Adv/Vol/Dec 1785/124 mln/385 NYSE Adv/Vol/Dec 2345/70 mln/345

09:45 am : The major equity averages are off to a positive start to today's trade. The Nasdaq is looking especially strong after it had lagged in the prior session.

Heavyweight Apple (AAPL 614.52, +54.24) had hampered the Nasdaq during the prior session because of concerns about a decline in the number of connections its products made to data networks, but those worries have been put to bed in light of the company's latest quarterly report, which featured earnings that easily surpassed what Wall Street had expected. The stock set a new monthly low yesterday, but has rallied sharply today. DJ30 +80.23 NASDAQ +59.21 SP500 +15.87 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +47.30. Although premarket participants were dealt some disappointing durable goods orders data, broad market stock futures have maintained a strong bid largely because of the influence of heavyweight Apple (AAPL 612.78, +52.50), which posted last evening an impressive quarterly report that featured earnings that easily exceeded what Wall Street had expected. Note: ticker quote reflects premarket price. Many other widely-held companies also posted earnings that bested the consensus, helping support a positive tone ahead of the open.

Still to come is the latest FOMC statement at 12:30 PM ET, an FOMC forecast at 2:00 PM ET, and a press conference with Fed Chairman Bernanke at 2:15 PM ET.

09:05 am : S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +45.50. Action is varied among commodities this morning. That has the CRB Index up just 0.3%. Crude oil prices are currently up just 0.2% to $103.70 per barrel in early pit trade. Weekly inventory numbers are due at 10:30 AM ET. Meanwhile, natural gas prices have rebounded from their prior session slide to trade at $2.01 per MMBtu with a 1.8% gain. As for precious metals, gold prices are down 0.2% to $1640 per ounce, while silver prices are up 0.3% to $30.84 per ounce.

08:35 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +46.30. Stock futures continue to trade with strength, despite some disappointing durable goods orders data.

Total durable goods orders dropped by 4.2% during March. A less dramatic decline of 1.7% had been expected, on average, among economists polled by Briefing.com. Prior month numbers were revised lower to reflect an increase of 1.9%.

Excluding transportation items, durable goods orders declined in March by 1.1%, which contrasts with the 0.5% increase that had been broadly anticipated. Orders less transportation for the prior month had increased by an upwardly revised 1.9%.

08:05 am : S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +47.50. Shares of Apple (AAPL 616.68, +56.40) hampered prior session action, especially in the Nasdaq Composite and the Nasdaq 100, but an impressive quarterly report from the company last evening has its shares up sharply this morning. That has helped prop up broad market futures, but Nasdaq 100 futures are up even more markedly. Boeing (BA 75.23, +2.02), Caterpillar (CAT 107.91, -0.49), Credit Suisse (CS 25.37, -0.84), Eli Lilly (LLY 40.48, +0.52), Northrop Grumman (NOC 62.73, +0.00), Sprint Nextel (S 2.73, +0.26), and WellPoint (WLP 71.05, +0.29) all posted earnings that proved better than what had been widely anticipated. Note: ticker quotes reflect premarket prices.

While the bottom of the hour brings the latest monthly durable goods orders numbers, most interest in today's agenda of economic events is focused on the latest statement from the FOMC, due at 12:30 PM ET. At 2:00 PM ET the FOMC will offer up an economic forecast that will be followed by comments directly from Fed Chairman Bernanke at 2:15 PM ET.

06:25 am : [BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +43.30.

06:25 am : Nikkei...9561.01...+93.00...+1.00%. Hang Seng...20646.29...-30.90...-0.20%.

06:25 am : FTSE...5721.77...+12.30...+0.20%. DAX...6673.49...+83.10...+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)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

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