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 Post subject: May 18th Friday 2012 Emini TF ($TF_F) points +17.00
PostPosted: Fri May 18, 2012 11:24 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: +17.00 points or $1700 dollars in the Russell 2000 Emini TF ($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=104&t=1225.

To join our free chat room...log-in 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=152&t=1459

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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.

U.S. Stocks Drop As Facebook Fails To Surge After IPO

May 18 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks dropped for a sixth day, the longest slump since November for the Standard & Poor's 500 Index, as Facebook Inc.'s record initial public offering failed to boost confidence in a market rattled by Europe's debt crisis.

Stocks: Worst Week Of The Year

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

NEW YORK (CNNMoney) -- Stocks closed out an ugly week. Despite initial euphoria surrounding Facebook's public debut, the social network's shares barely popped above its offering price and failed to inspire investors to buy into the broader market.

All three indexes clocked their worst weekly losses of the year, finishing at the lowest levels since January.

U.S. investors focused on the global issues plaguing world markets Friday, which pushed stocks down for the third straight week.

On Friday, the Dow Jones industrial average (INDU) lost 73 points, or 0.6%. The index is down 3.5% for the week.

The S&P 500 (SPX) slipped 10 points, or 0.7%, and 4.3% for the week. The Nasdaq (COMP) fell 35 points, or 1.2% Friday and 5.3% for the week.

Facebook (FB), which priced its initial public offering at $38 a share after the closing bell Thursday, jumped 11% when it started trading mid-morning Friday, but closed just above break even line.

"People are talking about Facebook, but it's really a sideshow," said Win Thin, an emerging market strategist for Brown Brothers Harriman. "If Europe blows up, people will trade on that more than anything else."

The European debt crisis loomed over global markets. Asian stocks sold off sharply, based partly on the slowdown in the Chinese economy. European markets were also under pressure, and borrowing costs for Spanish and Greek debt remain high.

Concerns are mounting about a potential Greek exit from the euro, and the implications that it could have for other fiscally troubled nations such as Spain and Italy. Rating agency Moody's downgraded 16 Spanish banks Thursday, including giants Banco Santander (STD) and BBVA (BBVA), the latest sign of distress in Europe.

* Greek banks strain for cash

Greece, currently operating with a caretaker government, could leave the eurozone if anti-austerity parties triumph in elections next month.

A growing number of depositors are withdrawing their money from Greek banks amid worries that their savings could be converted to a devalued currency if Greece drops the euro. The rapid withdrawals are putting further strain on the country's struggling financial sector.

U.S. stocks closed lower Thursday. Investors fled stocks and made a rush toward the safety of U.S. Treasuries.

Bonds: Worries about European sovereign debt continued to weigh on U.S. Treasuries. The yield rose to 1.75% from a record low close of 1.706% late Thursday. The 10-year hit an intraday record low of 1.671% on Sept. 23, 2011.

World markets: European stocks closed down. Britain's FTSE 100 (UKX) fell 1.3%, the DAX (DAX) in Germany dropped 0.6% and France's CAC 40 (CAC40) slipped by 0.1%.

Asian markets ended sharply lower on worries about Europe, a major market for Asian exports. The Shanghai Composite (SHCOMP) lost 1.4% on the day, while the Hang Seng (HSI) in Hong Kong tumbled 1.3% and Japan's Nikkei (N225) plunged nearly 3%.

* JPMorgan's Dimon to testify in Senate

Companies: Shares of Yahoo (YHOO, Fortune 500) rose following a report that the Internet portal may have reached a deal with Alibaba that would put an end to a contentious relationship.

Other social media stocks fell, including Groupon (GRPN), LinkedIn (LNKD) and Zynga (ZNGA), which saw its shares plunge more than 10%. Trading of Zynga's stock was halted two separate times.

Shares of Nasdaq (NDAQ), where Facebook listed its offering, also ended down more than 4%, while its competitor NYSE (NYX) closed up slightly.

Apparel retailer Foot Locker (FL, Fortune 500) shares spiked after the company reported better-than-expected earnings.

Shares of Salesforce.com (CRM) rose sharply too on better-than-expected earnings late Thursday.

*Video - Bove: JPMorgan still outguns other banks

Shares of Chinese solar energy producers Yingli Green Energy (YGE), Trina Solar (TSL) and Suntech Power (STP) declined early Friday, a day after the U.S. government announced new tariffs on Chinese solar panels. Shares of U.S. panel makers First Solar (FSLR) and SunPower (SPWR) also fell on Friday.

* Obama may tap Strategic Petroleum Reserve

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

Oil for June delivery slipped $1.08 to $91.48 a barrel.

Gold futures for June delivery rose $17.00 to $1,591.90 an ounce.

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Market Update

4:20 pm : Trade this week started on a weak note with the stock market falling more than 1% amid concerns about the implications of continued political impasse in Greece, where debt yields spiked. The perception of Financials was tainted by worries that a failure to honor austerity plans by eurozone politicians carries consequences for eurozone debt and broader financial conditions. Trading $2 billion trading blunder by JPMorgan Chase (JPM 33.49, -0.44) further undermined confidence.

Despite broad market weakness on Monday, Groupon (GRPN 11.58, -0.83) soared ahead of its quarterly report then extended its move into Tuesday on the back of better-than-expected bottom line results.

Sentiment on Tuesday soured as financial media discussed the outflow of deposits among Greece's banks. That theme overshadowed news that Germany’s GDP grew at a stronger-than-expected clip during the first quarter.

Domestic data did little to support the case for buying as both total retail sales and retail sales less autos increased during April by 0.1%, which is half of what had been widely expected. On par with what had been projected, overall CPI was flat from the prior month, while core CPI increased by 0.2%.

However, the Empire State Manufacturing Index for May improved to 17.1 from 6.6 in the prior month to exceed the 8.4 that many economists had expected.
Better-than-expected earnings from both Home Depot (HD 47.05, +0.03) and TJX Co's (TJX 40.06, -0.88) were in the mix, but neither influenced broad market action.

By midweek stocks were trying to trade higher, but sellers continued to show their control.

At an annualized rate of 715,000, building permits were generally on par with what had been expected, but news that housing starts in April improved more than expected to an annualized rate of 717,000 from an upwardly revised rate of 699,000 in the prior month helped set a positive tone. Industrial production also proved impressive by increasing in April by 1.1%, which is more than double the 0.5% increase that had been broadly expected.

Select retailers were in focus on Wednesday as JC Penney (JCP 26.29, +0.35), Abercrombie & Fitch (ANF 26.29, +0.35), and Target (TGT 55.46, +0.65) reported earnings results. Shares of the two former stocks fell precipitously. Deere (DE 73.19, +0.22) was out with its latest quarterly report, which featured a better-than-expected bottom line, but the stock also suffered a negative response.

Minutes from the most recent FOMC meeting failed to offer any new insight into the mindset of monetary policy makers. They did note that even though bank credit slowed in March, it still expanded at a solid pace for the first quarter. Increased financial strains within the euro area were also noted.

Europe remained on the minds of market participants on Thursday as Greece's long-term rating was cut to CCC from B- by analysts at Fitch in response to heightened risk that the country will exit the euro.

Data ranged from unsurprising to disappointing as the latest initial jobless claims tally of 370,000 was unchanged from the prior week and on par with what had been widely expected. Meanwhile, the Philadelphia Fed Index for May fell to -5.8 from 8.5 in the prior month when an improvement to 8.8 had been anticipated. Leading Indicators also surprised to the downside by declining 0.1% in the face of calls for a 0.2% increase.

Sears Holding (SHLD 52.23, -0.19) announced a spin-off of Sears Canada alongside its latest quarterly results, pleasing investors who have called for a strategic overhaul. Retail giant Walmart (WMT 62.43, +0.75) posted a strong report.

Continued weakness among stocks resulted in further rotation into Treasuries. Shortly after the close on Thursday the yield on the 10-year Note set a new record low narrowly beneath 1.70%.

On Thursday the Volatility Index climbed above 24 for the first time in 2012. It eased back on Friday, but remains up more than 60% from the lows that it set less than two months ago.

The S&P 500 fell more than 4% this week – its worst weekly performance since November. Moreover, the broad market measure is now below 1300 for the first time since January.

Action this week finished on a weak note as stocks spent the first half of Friday chopping along the neutral line before descending into the close. Stocks have logged losses in 11 of the last 13 sessions.

Natural resource plays attempted to offer support, but neither Materials nor Energy could fully sustain gains. Both had been up more than 1% at their session highs, but settled the session with losses of 0.5% and 0.7%, respectively.

Strength in natural gas and precious metals helped the CRB Commodity Index muster a 0.3% gain. Despite four straight advances for the CRB, it still suffered a third straight weekly loss, the latest of which was 0.5%.

Crude oil continued to encounter selling. The energy component fell to $91.08 per barrel for a new 2012 low, but settled pit trade on Friday at $91.51 per barrel for a loss of little more than 1%. Prices in the constant futures contract are now down about 17% from their February high.

The slide in oil has been made easier by an advancing dollar, which climbed another 1.1% this week against a basket of major foreign currencies. Last night it moved up to its best level since 2010, but a drift lower left it to suffer a slight loss on Friday.

Most of the greenback’s gains have come against the euro, which managed to put together a gain of about 0.6% on Friday, but it continues to contend with concerns about shaky fiscal, financial, and economic conditions in the eurozone, highlighted at the end of the week by a series of downgrades for several of Spain’s banks. Even the political climate has become increasingly precarious.

The pace of quarterly earnings reports has slowed in recent weeks, but on Friday Gap (GPS 25.71, -0.60), Applied Materials (AMAT 10.36, -0.12), Intuit (INTU 54.51, +0.10), and Marvell (MRVL 12.76, -0.55) all posted upside earnings surprises. Their announcements were overshadowed amid the frenzy that surrounded the debut of social website Facebook (FB 38.37, +0.37).

The expiration of monthly options drove share volume on the NYSE well above recent daily averages. DJ30 -73.11 NASDAQ -34.90 NQ100 -1.2% R2K -1.0% SP400 -1.2% SP500 -9.64 NASDAQ Adv/Vol/Dec 697/2.53 bln/1788 NYSE Adv/Vol/Dec 714/959 mln/2316

3:30 pm : Crude oil extended its slide to a sixth straight session, dipping to a floor session low of $91.08 before it settled with a 4.7% weekly loss. This puts the energy component at a new low for 2012. Influencing the action were strength in the dollar earlier this week and bearish inventory data that showed a build of 2.1 million barrels when a build of 1.5 million barrels had been anticipated played. In contrast, natural gas was the week's top performer. It finished pit trade at its session high for a 9.6% weekly gain. Natural gas prices are now up nearly 40% from the $2.00 low set in April.

Precious metals extended yesterday's gains as the dollar remained near the flat line for most of the session. Gold climbed to a pit session high of $1597.40 per ounce before it settled at $1592.10 per ounce for a weekly gain of 0.5%. Silver climbed as high as $28.90 per ounce before slightly pulling back and settling at $28.72 per ounce, which makes for a 0.7% weekly loss. Both metals came off their 2012 lows that were set earlier this week -- $1536.30 per ounce for gold and $27.18 per ounce for silver. Moves came in reaction to news on Greece and U.S. economic data that included a surprisingly weak Philadelphia Fed Index number. DJ30 -65.65 NASDAQ -29.12 SP500 -8.75 NASDAQ Adv/Vol/Dec 855/2.10 bln/1600 NYSE Adv/Vol/Dec 845/800 mln/2165

3:00 pm : Earlier today the S&P 500 came in contact with the 1300 line, but support there helped it work its way back up to the flat line. However, the stock market's inability to extend that move stirred renewed selling pressure that has since taken stocks to new session lows. The action has left the S&P 500 to trade below 1300 for the first time since January as trade enters its final hour.DJ30 -63.14 NASDAQ -25.75 SP500 -8.04 NASDAQ Adv/Vol/Dec 855/1.92 bln/1595 NYSE Adv/Vol/Dec 825/740 mln/2165

2:30 pm : Both the Dow and S&P 500 are at new session lows, but the Nasdaq isn't quite down to the debths that it set shortly before noon ET.

Telecom stocks make up the only major sector that is still in positive territory. The sector's 0.4% gain is equal to what it recorded in the prior session, but for the week Telecom stocks are on pace for a 0.5% loss. Up until this week the Telecom sector scored four consecutive weekly gains. DJ30 -48.51 NASDAQ -19.66 SP500 -5.83 NASDAQ Adv/Vol/Dec 955/1.79 bln/1485 NYSE Adv/Vol/Dec 975/695 mln/2005

2:00 pm : Stocks are on the slide again. The loss of support has helped Treasuries improve their position, such that the benchmark 10-year Note now sits at the flat line.

With stocks back in the red the S&P 500 is now positioned for its sixth straight loss or its eleventh in 13 sessions. DJ30 -35.72 NASDAQ -15.58 SP500 -3.72 NASDAQ Adv/Vol/Dec 995/1.62 bln/1430 NYSE Adv/Vol/Dec 1105/650 mln/1840

1:30 pm : The broad market continues to muddle along, still largely unchanged for the session. Frequent leaders -- Tech and Financials -- are having a lackluster session as they plod along with modest losses. Meanwhile, Energy stocks have been unable to sustain gains, leaving the sector to trade just 0.2% higher after it had been up more than 1% this morning.DJ30 -12.52 NASDAQ -10.47 SP500 -1.28 NASDAQ Adv/Vol/Dec 975/1.53 bln/1435 NYSE Adv/Vol/Dec 1125/620 mln/1810

1:00 pm : The major equity averages are currently flat for the session. Action has been both listless and choppy for the better part of the day.

Market participants met news that several of Spain's banks were downgraded by analysts at Moody's with little surprise. Traders even bid up the euro, which has oscillated in positive territory for most of the session. It currently sits on a 0.3% gain against the greenback. However, the euro's losses earlier this week have the currency only narrowly above multi-month lows, and have also helped put the Dollar Index on pace for a third consecutive weekly gain on the order of 1% or more.

Only a dearth of headlines have been available to act as trading catalysts today, but there's been a relative frenzy over the debut of Facebook (FB 41.21, +3.21), which has rebounded nicely after its opening gain had faded.

The pace of quarterly reports continues to slow, but the latest round of results featured upside earnings surprises from Gap (GPS 26.15, -0.16), Applied Materials (AMAT 10.44, -0.04), Intuit (INTU 55.07, +0.66), and Marvell (MRVL 13.08, -0.22). Action among the shares has varied.

Crude oil prices continue to contend with selling pressure. Although the energy component is up from the 2012 low that it set in electronic trade last night, it continues to wrestle with a 0.6% loss at $92.00 per barrel.

Treasuries have traded narrowly lower today, lifting the yield on the 10-year Note a few basis points off of the historical low beneath 1.70% that it set shortly after the close of trade yesterday.

Despite the limited number of headlines and the complete absence of economic data, share volume has been strong due to the expiration of monthly options. Volume on the Big Board is already well above a half billion shares. DJ30 -14.00 NASDAQ -6.30 SP500 -0.56 NASDAQ Adv/Vol/Dec 1100/1.42 bln/1305 NYSE Adv/Vol/Dec 1235/585 mln/1695

12:30 pm : The three major equity averages are back near the neutral line a recent flurry of selling sent stocks to session lows in negative territory. The choppy, muddled action in the broad market has made it difficult for stocks to find a leader.

Oil prices have pushed higher in recent trade, but the energy component remains in the red with a 0.3% loss at $92.25 per barrel. That's up from the 2012 low of $91.60 per barrel that was set in electronic trade last night.

Amid choppy broad market action and persistent losses in crude oil, Energy stocks have had difficulty sustaining gains. The sector was up more than 1% at its session high this morning, but now it is up just 0.3% for the day. DJ30 -8.40 NASDAQ -3.35 SP500 +0.32 NASDAQ Adv/Vol/Dec 925/1.28 bln/1480 NYSE Adv/Vol/Dec 1050/550 mln/1865

12:00 pm : The major market averages have fallen in recent trade. The drop has been steeper for the Nasdaq, which is now down nearly 1% and in much worse shape than either of its counterparts. The Nasdaq's outsized loss comes amid pronounced weakness in large-cap Tech outfits like Microsoft (MSFT 29.29, -0.43), Oracle (ORCL 25.67, -0.58), and Adobe (ADBE 31.45, -0.56).DJ30 -51.24 NASDAQ -26.67 SP500 -5.91 NASDAQ Adv/Vol/Dec 860/1.00 bln/1490 NYSE Adv/Vol/Dec 1060/500 mln/1815

11:30 am : The euro has reclaimed the gains that it had recorded earlier in the session; it is now up 0.3% against the greenback. Its move higher has failed to drive broad market buying interest, though.

Shares of Facebook (FB 42.05, +4.05) have finally opened for trade. The debut comes after the stock was priced at $38 per share in its Initial Public Offering. DJ30 +1.06 NASDAQ -2.06 SP500 +1.77 NASDAQ Adv/Vol/Dec 1115/735 mln/1215 NYSE Adv/Vol/Dec 1405/450 mln/1465

11:00 am : Stocks recently worked their way up to a new session high, but they have since pulled back, leaving the major market averages with only modest gains.

Energy stocks and Materials stocks are back in front after struggling to sustain a strong start. The two sectors are up 0.9% and 1.0%, respectively.

Financial stocks have failed to find meaningful support. That's left the sector at the flat line. Diversified financial services giant JPMorgan Chase (JPM 33.41, -0.52) remains a drag on the sector; the stock is now about flat year to date after it had climbed to a 52-week high in March for a year-to-date gain of about 40%. DJ30 +27.10 NASDAQ +6.88 SP500 +4.99 NASDAQ Adv/Vol/Dec 1210/600 mln/1105 NYSE Adv/Vol/Dec 1405/400 mln/1445

10:30 am : Precious metals have pushed higher in recent trade. The effort is building on the heady gains staged in the prior session. Gold prices now sport a 1.3% gain at $1595.60 per ounce, while silver sits at $28.77 per ounce with a 2.7% gain.

Natural gas has also extended its advance so that it now sports a 3.3% gain at $2.76 per MMBtu, but crude oil prices continue to contend with selling pressure as they trade with a 0.7% loss at $91.95 per barrel. Oil prices dropped to $91.60 per barrel -- a new 2012 low -- in overnight electronic trade. DJ30 +9.23 NASDAQ +2.23 SP500 +1.56 NASDAQ Adv/Vol/Dec 1065/435 mln/1175 NYSE Adv/Vol/Dec 1305/345 mln/1485

10:00 am : Energy stocks and Materials stocks are paring their gains after pushing higher in the opening minutes of trade; the two sectors now trade with gains of 0.4% and 0.3%, respectively. Their reversal coincides with accelerated selling in oil, which now sits at $91.85 per barrel with a 0.8% loss.

Broad market action is quite choppy this morning. The struggle to find direction comes amid a lack of trading cues, given the complete absence of economic data and the dearth of corporate earnings reports from key industry players.

Although there are limited catalysts for trade today, the expiration of monthly options has sent share volume sharply higher this morning. The action among options has the potential to induce volatility, too. DJ30 -1.29 NASDAQ -7.07 SP500 +0.59 NASDAQ Adv/Vol/Dec 900/250 mln/1225 NYSE Adv/Vol/Dec 1290/290 mln/1405

09:45 am : Natural resource plays are looking strong in trade. Materials stocks, as a group, are up 0.9%. Meanwhile, the Energy sector has already run up to a 0.7% gain. The move comes even though oil prices remain mired in the red with a 0.5% loss at $92.05 per barrel.

Tech, the largest sector by market weight, remains mired near the neutral line, despite strength in Applied Materials (AMAT 10.60, +0.12) and Marvell Tech (MRVL 13.57, +0.27) following upside earnings surprises. DJ30 +11.66 NASDAQ -4.67 SP500 +2.46 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +3.00. Stock futures are shy of morning highs, but they have maintained a lead over fair value, suggesting a stronger start for the session. The euro is also off of its morning high, however. The currency, which has been a primary driver of stocks in recent sessions, now trades with a gain of only 0.1% against the greenback. Earnings remain of less concern for many market participants, although Gap (GPS 26.86, +0.55), Applied Materials (AMAT 10.44, -0.04), Intuit (INTU 53.07, -1.34), and Marvell (MRVL 13.74, +0.44) all posted upside surprises. More in focus is the debut of Facebook (FB 38.00, +0.00), which priced its IPO at $38 per share. Note: ticker quotes reflect premarket prices.

09:05 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +2.00. The CRB Commodity Index is currently up about 0.3%, which makes for its fourth straight gain after falling in eight of the past nine sessions. Natural gas prices have resumed their upward trend after logging a loss in the prior session. The energy component was last quoted with a 1.8% gain at $2.73 per MMBtu. However, oil continues to encounter selling pressure; crude oil prices were last quoted with a 0.3% loss at $92.25 per barrel. Precious metals have managed to extend their prior session climb with gold prices up 0.8% to $1587 per ounce and silver sporting a 0.9% gain at $28.27 per ounce.

08:35 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +8.00. Europe's major bourses are mixed at the moment. However, a handful of markets in the eurozone periphery are sporting impressive gains. Italy's MIB is up 0.7%; Spain's IBEX is up 0.6%, and; Greece's Athex 20 is up 3.3%, all despite a series of downgrades for Spanish banks by analysts at Moody's. Germany's DAX is currently up only 0.1%. Deutsche Bank (DB 37.18, +1.34) is a primary leader there following the stock's descent during the past month. Commerzbank, Allianz, and Metro AG are also offering support, but their efforts are being offset by weakness in Adidas, Man SE, Infineon, and automakers Volkswagen and BMW. Britain's FTSE is off by 0.8% at the moment. Lloyds Group (LYG 1.65, -0.04), Xstrata, Diageo, SABMiller Plc, and Burberry are weighing heavily on action. Fresnillo, BT Group (BT 31.73, +0.00), and BG Group have garnered buying interest, though. France's CAC is currently flat. Societe Generale and BNP Paribas are providing support, but Pernod Ricard and EADS are weighing on trade.

Overnight action in Asia was quite weak. As such, Japan's Nikkei suffered a 3.0% loss. Hitachi Construction, Advantest Corp., and Sumco Corp. were the three poorest performers by percent lost. Pioneer, Nikon, Sony (SNE 14.24, +0.00), and Kubota were among the more widely held names hit hard by sellers. In all of the Nikkei 225, only Nippon Meat Packers and Kansai Electric Power were able to post gains. Fast Retailing couldn't quite eke out a gain so it finished with a fractional loss. In Hong Kong, the Hang Seng sank to a 1.3% loss. Bank of China, China Construction Bank, Industrial & Commercial Bank of China, and Agricultural Bank of China led losses. China Petroleum (SNP 91.93, +0.00) was also a heavy drag on trade. China National Building Material offered support, as did Zijin Mining. Mainland China's Shanghai Composite closed with a 1.4% loss. Bank stocks were also a source of weakness there. Dalian Port and Ningbo Port provided some positive support. Shandong Expressway was also a strong performer in the face of broad market weakness.

Note: ticker quotes reflect US premarket prices.

08:05 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +7.00. The broad market suffered its tenth loss in 12 sessions yesterday, putting it on pace for its third straight weekly slide, the latest of which is shaping up to be the worst for the S&P 500 since November. However, stock futures are up solidly this morning. The bid comes as market participants look past a series of downgrades on Spanish banks to watch the euro make an advance against the greenback -- the euro now trades with a 0.3% gain at about $1.273 after it fell to a multi-month low narrowly beneath $1.270 in the prior session. Improved sentiment has resulted in some selling of Treasuries, such that the yield on the benchmark 10-year Note is now a few basis points back above 1.70% after it logged a record low beneath that point minutes after the prior session's close.

06:19 am : [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +6.30.

06:19 am : Nikkei...8611.31...-265.30...-3.00%. Hang Seng...18951.85...-249.10...-1.30%.

06:19 am : FTSE...5288.91...-49.50...-0.90%. DAX...6291.92...-17.00...-0.30%.

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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