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 Post subject: May 23rd Wednesday 2012 Emini TF ($TF_F) points +10.50
PostPosted: Thu May 24, 2012 12:15 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

Price Action Trade Performance for Today: +10.50 points or $1050 dollars in the Russell 2000 Emini TF ($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=1228.

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.

Tech Sell-Off, Greece Worries Hit Stocks

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

NEW YORK (CNNMoney) -- Tech shares led a broad sell-off on Wall Street Wednesday, following disappointing earnings, sales and outlook from Dell. Worries about Greece leaving the eurozone added to the pessimism, sending stocks down 1.3%.

"The Dell news sent some fears through the tech sector," said Timothy Ghriskey, chief investment officer at Solaris Asset Management. "The concern is that this goes beyond just Dell. We saw similar news out of Cisco recently."

Dell (DELL, Fortune 500) shares plunged about 16%, wiping out all of its gains for the year. Dow components Microsoft (MSFT, Fortune 500) and Intel (INTL, Fortune 500) fell more than 3%, while Cisco (CSCO, Fortune 500) was down about 1.5%.

Investors are also keeping close tabs on Facebook (FB) and the unfolding saga. Investigators are looking into whether Morgan Stanley (MS, Fortune 500), the lead underwriter for Facebook's initial public offering last week, shared a negative assessment of the social network with major clients ahead of the IPO.

* Facebook plunge is 'day trader's paradise'

Shares of Facebook, which lost 18% from its IPO price in the first two days of trading this week, rebounded more 4%.

Michael Sheldon, chief market strategist at RDM Financial Group said the weakness in technology stocks is signaling broader worries about the economy.

"Investors are somewhat unsure of the direction of the economy," he said. "When there's doubt, investors run.

The Dow Jones industrial average (INDU) tumbled 163 points, or 1.3%, pushing 29 of the 30 stocks in the blue-chip index lower. Only Wal-Mart (WMT, Fortune 500) was marginally higher.

The tech-heavy Nasdaq (COMP) shed 38 points, or 1.3%. The S&P 500 (SPX) slid 17 points, which also put it down 1.3%.

* EU leaders to focus on growth

European leaders were meeting in an ad hoc summit to address the latest problems with sovereign debt. The meeting is occurring amid growing worries that Greece is moving closer to dropping the euro, and about what the contagion effects an exit might have on other economies.

Former Greek prime minister Lucas Papademos told Dow Jones Newswires late Tuesday that Greece is considering preparations to leave the eurozone.

"I think the biggest issue for U.S. markets remains the story in Europe," said Sheldon. "Does Greece pull out of the eurozone and what kind of contagion does that cause?"

* Video - Dell and Facebook: Where's the mobile?

On the domestic front, weak earnings, sales and guidance from Dell late Tuesday sparked a sharp sell-off in its shares. Rival Hewlett Packard (HPQ, Fortune 500), which is due to report results after the close, were also down about 4%. HP is also widely expect to announce mass layoffs.

U.S. stocks ended flat Tuesday, turning lower during the final hour of trading on reports about Greece's preparations to leave the eurozone.

World markets: European stocks were sharply lower in afternoon trading. Britain's FTSE 100 (UKX) and France's CAC 40 (CAC40) lost 2.5%, while the DAX (DAX) in Germany fell 2.3%.

The World Bank cut its growth estimates for growth in the Asia-Pacific region, including China. It now forecasts a growth of 7.6% this year -- down from 8.2% in 2011, and 10% as recently as 2010.

Asian markets ended lower following the World Bank's cut on growth forecasts. The Shanghai Composite (SHCOMP) slipped 0.4%, while the Hang Seng (HSI) in Hong Kong lost 1.3% and Japan's Nikkei (N225) tumbled nearly 2%.

Companies: Automaker Ford Motor (F, Fortune 500) had its debt upgraded out of junk bond status by Moody's late Tuesday -- an important benchmark for the automaker that will lower its borrowing costs, and allow it to reclaim collateral it put up for a credit line. Shares were up in morning trading, as were those of rival General Motors (GM, Fortune 500), which is awaiting its own upgrade to investment grade.

* Video - Akerson: how I see GM in 50 years

Homebuilder Toll Brothers (TOL) reported better-than-expected earnings and revenue that was in line with forecasts before the market open Wednesday. It also upped its guidance for the second quarter.

Shares of Hormel (HRL, Fortune 500) edged higher after the meat processor reported a better-than-expected gain in earnings before the open.

Financial stocks were under pressure early Wednesday, with shares of JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) down more 1%, while Citigroup (C, Fortune 500) shed 2.5%.

Economy: New-home sales rose more than expected in April to an annual pace of 343,000, up from 332,000 in March. The report follows a strong report on sales of existing homes Tuesday, in which sales climbed 10%.

Currencies and commodities: The dollar rose to its highest level in nearly two years against the euro. The greenback also edged higher versus the British pound, but lost ground against the Japanese yen.

Oil for July delivery slipped $1.70, or 1.8%, to $90.17 a barrel. Officials from six world powers are due to hold talks with Iran in Baghdad on Wednesday about its nuclear program, raising hopes that there might be an deal that would end sanctions against Iran.

Gold futures for June delivery tumbled $39, or 2.5%, to $1,536.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury moved slightly higher, knocking the yield down to 1.72% from 1.79% Tuesday.

U.S. Stock Market Wrap

May 23 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks erased early losses amid optimism that European leaders will do more to halt contagion from the region's debt crisis, helping the market reverse a plunge triggered by growing concern Greece will leave the euro.

Image

Market Update

4:30 pm : The major market averages fell in excess of 1% as the euro descended to a near two-year low, but support in afternoon action helped the broad market rally out of the red.

The tone ahead of the open was firmly negative as participants responded to renewed weakness abroad – the bourses of Europe had already closed when comments were made on Monday regarding possible plans by Greece to exit the euro. The averages of Asia also had to account for that headline, along with Monday’s announcement that Japan’s long-term debt rating was cut by analysts at Fitch. More recently, the World Bank trimmed its growth forecast for China to a rate slightly above 8%.

Talks today among European leaders about the need for stability were widely credited for helping the euro firm up this morning. The euro even made an incremental gain against the greenback, but eventually sellers renewed their efforts. The ensuing slide sent the euro to less than $1.26, or its lowest level in nearly two years. It eased up from there, but was still down about 0.6% against the greenback at the close of the session.

Energy stocks were a heavy drag on trade for most of the session, down nearly 2% at their lowest level of the day. The sector rallied to a 0.4% gain.

Materials stocks made an even more impressive swing into positive territory. The sector was also down almost 2%, but rallied all the way to a gain of more than 1%.

The swings by natural resource plays were more impressive in light of the losses suffered by commodities. Overall weakness in the commodity complex left the CRB Index to fall 1.8%, which stands as its worst single-session slide since early April. Oil fell to a new 2012 low of $89.28 per barrel before closing at $89.80 per barrel.

Short covering likely helped fuel the stock market’s afternoon reversal. Given the stretch of losses suffered by stocks in recent weeks and persistently precarious conditions in the eurozone, many market participants had placed bets that the path of least resistance would be downward. Once stocks stabilized and started to turn higher, many were prompted to exit their positions so as to take profits or protect against additional upside action.

Although the broad market was able to rebound in impressive fashion, Dell (DELL 12.49, -2.59) still endured its worst one-day drop in more than a decade to set a new 52-week low. The stock’s precipitous drop was owed to a disappointing quarterly report. Fellow Tech outfit Hewlett-Packard (HPQ 21.08, -0.70) suffered a marked loss ahead of its latest earnings announcement.

New home sales numbers for April made up the only dose of domestic data today. They hit an annualized rate of 343,000, which is up from the prior month rate of 332,000, and a little better than the rate of 339,000 that had been broadly expected.

Advancing Sectors: Materials +1.1%, Industrials +0.6%, Consumer Discretionary +0.6%, Energy +0.4%, Financials +0.4%, Tech +0.2%
Declining Sectors: Telecom -0.2%, Consumer Staples -0.3%, Health Care -0.6%, Utilities -0.7%DJ30 -6.66 NASDAQ +11.04 NQ100 +0.3% R2K +0.7% SP400 +0.6% SP500 +2.23 NASDAQ Adv/Vol/Dec 1362/1.92 bln/1143 NYSE Adv/Vol/Dec 1826/863 mln/1182

3:30 pm : Crude oil extended yesterday’s losses amid broad market weakness. The energy component spent its entire pit session in negative territory, falling to a new 2012 low of $89.28 per barrel in the face of better-than-expected inventory data that showed a build of 883,000 barrels when a build of 1.5 million barrels was anticipated. Gasoline had draw of 3.30 million barrels when the consensus called for a draw of 500,000 barrels. Crude eventually settled with a 2.2% loss at $89.80 per barrel.

Although natural gas began pit trade in the red at its session low of $2.66 per MMBtu, it climbed into positive territory and finished with a 1.5% gain at $2.74 per MMBtu.

Precious metals dove deeper into negative territory in response to a stronger dollar. Better-than-anticipated U.S. home sales and turmoil surrounding the EU summit were in the mix. Gold sold-off to a floor session low of $1532.80 per ounce before gaining support from buyers. However, gold still finished 1.8% lower at $1548.20 per ounce. Silver followed suit as it dipped to a session low of $27.08 per ounce in morning action and settled with a 2.3% loss at $27.49 per ounce.

Overall weakness in the commodity complex left the CRB Index to fall 1.8%, which stands as its worst single-session slide since early April. DJ30 -49.56 NASDAQ -3.15 SP500 -3.23 NASDAQ Adv/Vol/Dec 860/1.40 bln/1635 NYSE Adv/Vol/Dec 1035/505 mln/1935

3:00 pm : Stocks are at afternoon highs as they enter the final hour of the day. Materials stocks are now at the flat line, but every other sector remains in the red.

Following the close, Hewlett-Packard (HPQ 20.99, -0.79) will headline a handful of quarterly reports. Tomorrow morning brings Costco (COST 82.65, -0.45), Tiffany & Co. (TIF 61.05, -0.39), and HJ Heinz (HNZ 53.66, -0.40). The economic calendar for Thursday features weekly initial jobless claims. Monthly durable goods orders data are also due. DJ30 -105.50 NASDAQ -16.27 SP500 -9.50 NASDAQ Adv/Vol/Dec 740/1.28 bln/1760 NYSE Adv/Vol/Dec 805/460 mln/2180

2:30 pm : Renewed selling pressure has caused stocks to forfeit most of what they gained during the course of the last couple of hours. Stocks are still above session lows, though.

The stock market's latest slip coincides with a drop by the euro that has left the currency to trade with a 0.9% loss near its session low. The euro's slide to $1.256 leaves the currency at its lowest level in nearly two years. Its downtrend in recent months has been driven by concerns about fiscal, financial, and economic health in both the core and periphery of the eurozone. DJ30 -156.22 NASDAQ -29.12 SP500 -15.10 NASDAQ Adv/Vol/Dec 720/1.19 bln/1765 NYSE Adv/Vol/Dec 815/425 mln/2165

2:00 pm : Stocks continue to gradually build on their recent rebound, but the major averages still have a long way to go before fully offsetting their losses.

Materials stocks have made one of the more impressive comebacks in today's trade. The sector was down well in excess of 1% at its session low, but it has since slashed that. The Materials sector is now down 0.4%, but only recently appeared positioned to make a push at the neutral line. Among Materials plays, Mosaic (MOS 47.72, +0.54) is a primary source of strength. Newmont Mining (NEM 47.69, +0.50) is also contributing. DJ30 -119.39 NASDAQ -18.42 SP500 -10.95 NASDAQ Adv/Vol/Dec 765/1.09 bln/1705 NYSE Adv/Vol/Dec 815/385 mln/2145

1:30 pm : Stocks are trying to extend their push up from session lows, but the broad market is still down 1%. Treasuries continue to trade with strength.

Results from an auction of 5-year Notes drew a bid-to-cover of 2.99, dollar demand of $104.7 billion, and an indirect bidder participation rate of 42.6%. For comparison, the prior offering produced a bid-to-cover of 3.09, dollar demand of $108.2 billion, and an indirect bidder rate of 47.5%, while an average of the past six auctions results in a bd-to-cover of 3.00, dollar demand of $105.1 billion, and an indirect bidder participation rate of 45.1%. DJ30 -136.04 NASDAQ -26.16 SP500 -13.28 NASDAQ Adv/Vol/Dec 590/990 mln/1880 NYSE Adv/Vol/Dec 645/350 mln/2315

1:00 pm : The resumption of selling has sent the major equity averages down in excess of 1%. Many market participants continue to take their cues from the euro.

The euro had actually mustered an incremental gain over the greenback shortly before the open of pit trade, helping reduce negative sentiment in premarket trade. However, the currency has since tumbled to a 0.8% loss against the dollar. Its slide has evoked a concerted selling effort against stocks.

Weakness among stocks is widespread, but Energy stocks are in especially poor shape. The sector's near 2% drop comes alongside a 2.5% drop in oil prices to less than $90 per barrel for the first time in 2012. Oil's drop comes despite a smaller-than-expected build in weekly inventories.

Tech stocks are collectively down 1.4% with Dell (DELL 12.37, -2.71) at a new 52-week low upon suffering its worst one-day drop in more than a decade due to a disappointing quarterly report.

The only piece of domestic economic data released today was a slightly stronger-than-expected new home sales number. Even still, shares of homebuilders have been imbued by broad market weakness. DJ30 -172.45 NASDAQ -36.40 SP500 -17.70 NASDAQ Adv/Vol/Dec 510/880 mln/1935 NYSE Adv/Vol/Dec 540/315 mln/2420

12:30 pm : Stocks remain near session lows. Persistent pressure has helped strengthen the case for Treasuries. Rotation into them has lifted the benchmark 10-year Note by about a half point, which has been enough to take its yield back near 1.7%. The top of the hour brings results from an auction of 5-year Notes, which currently carry a yield of 0.74%.DJ30 -185.05 NASDAQ -40.85 SP500 -19.49 NASDAQ Adv/Vol/Dec 500/830 mln/1945 NYSE Adv/Vol/Dec 545/295 mln/2400

12:00 pm : The Nasdaq has extended its slide to a new session low that has it sitting on the 2800 line. Meanwhile, the S&P 500 remains near the 1300 line.

Tech stocks, which make up the heaviest sector by market weight, are under heavy pressure. The sector's 1.7% loss is among the worst of any in today's trade. Dell (DELL 12.44, -2.64) is among the Tech sector's worst performing stocks; its slump today stands as its worst one-day drop in more than five years, and has left the stock to trade at a new 52-week low. The stock's sell-off stems from a disappointing quarterly report that featured an earnings miss. DJ30 -167.18 NASDAQ -38.89 SP500 -17.17 NASDAQ Adv/Vol/Dec 555/720 mln/1870 NYSE Adv/Vol/Dec 550/260 mln/2375

11:30 am : Stocks have stabilized after suffering from the latest leg lower, but the major averages continue to contend with losses of a little more than 1%. Small and mid-cap stocks are in equally poor shape.

Selling pressure comes in close correlation with a weaker euro, which is now down 0.7% against the dollar. Earlier today the euro actually took an incremental lead against the greenback amid comments from European leaders regarding the need for efforts to stabilize conditions. Some also stated that they were unaware of contingency plans for Greece to exit the euro. DJ30 -152.73 NASDAQ -32.06 SP500 -14.95 NASDAQ Adv/Vol/Dec 585/610 mln/1820 NYSE Adv/Vol/Dec 550/220 mln/2350

11:00 am : The major equity averages are at session lows with losses of 1% or more. Intensified selling has left even the best performing sectors trading with losses of at least 0.7%. Energy, down 1.8%, is still in the worst shape of the 10 major sectors.

Despite the negative breadth, shares of automakers are in strong shape. Shortly before the prior session's close analysts at Moody's raised their credit rating on Ford (F 10.36, +0.17) to Baa3. General Motors (GM 21.64, +0.14) had its rating raised to Ba1. Stable outlooks were maintained on the ratings. Meanwhile, Japanese automakers Toyota (TM 76.42, -0.80) and Honda Motor (HMC 32.15, -0.49) are both down markedly as market participants consider the consequences of a stronger yen, which is up about 1.0% against the greenback today. DJ30 -159.65 NASDAQ -33.43 SP500 -16.33 NASDAQ Adv/Vol/Dec 515/480 mln/1830 NYSE Adv/Vol/Dec 525/175 mln/2355

10:35 am : Oil prices were at about $90.70 per barrel in the moments that immediately preceded the latest weekly inventory report, which showed a build of 883,000 barrels when a build of 1.5 million barrels had been widely expected. Oil prices have had virtually no reaction to the data.

Natural gas prices have managed to pare losses. Prices were down more than 2% at the start of pit trade, but now they trade with a 0.7% loss at $2.76 per MMBtu.

Precious metals have fallen deeper into negative territory so that gold prices are now down 2.3% to $1540 per ounce, while silver sits at $27.20 per ounce with a 3.5% loss. The pair has been under pressure all morning, but selling has intensified with a recent bounce by the dollar, which now leads a collection of competing currencies by about 0.7%. DJ30 -141.90 NASDAQ -24.34 SP500 -14.05 NASDAQ Adv/Vol/Dec 595/322 mln/1685 NYSE Adv/Vol/Dec 640/122 mln/2160

10:00 am : Stocks began to rebound, but the move has stalled with the release of the latest new home sales numbers. New home sales in April hit an annualized rate of 343,000, which is up from the prior month rate of 332,000, and a little better than the rate of 339,000 that had been broadly expected.

Although the broad market has been unable to extend its rebound, shares of the SPDR S&P Homebuilders ETF (XHB 20.53, +0.06) have moved into positive territory. DJ30 -63.88 NASDAQ -11.46 SP500 -5.34 NASDAQ Adv/Vol/Dec 485/155 mln/1700 NYSE Adv/Vol/Dec 540/70 mln/2170

09:45 am : The major equity averages are down with sizable losses in the early going. Defensive-oriented stocks have done a decent job of avoiding the flush -- Consumer Staples, Telecom, and Utilities are either unchanged or down only 0.1%.

Natural resource plays are in the worst shape this morning. Efforts to take them lower have left the Energy sector with a 1.5% loss, while Materials trade with a 1.2% loss. Down 1.1%, Financials aren't much better off. DJ30 -83.21 NASDAQ -24.00 SP500 -8.46 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -16.00. Stock futures have spent the past hour trimming losses, but they still point to a lower open for the cash market. Their upturn comes in conjunction with comments from some of Europe's leaders regarding efforts needed to stabilize markets, and a slight improvement in the euro, which is now up a tepid 0.1% against the greenback. Europe's major bourses remain under pronounced pressure, however.

09:05 am : S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -15.00. Many commodity prices were cut down in the prior session, resulting in a loss of more than 1% for the CRB Index. Today the CRB is down another 0.9% amid continued weakness. Crude oil prices are currently down 0.4% to $91.50 per barrel ahead of weekly inventory data at 10:30 AM ET. Natural gas prices pushed higher in the prior session, but are down 2.2% to $2.72 per MMBtu today. Precious metals are grappling with aggressive selling pressure, too. Specifically, gold prices are down to $1564 per ounce, while silver sits at $27.86 per ounce with a 1.1% loss.

08:35 am : S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -20.80. A negative tone of trade in Europe follows comments yesterday from former Greece Prime Minister Papademos suggesting that Greece may leave the euro. Implications related to such an exit undercut the euro yesterday and fueled selling among US equities. Although the euro is currently flat against the greenback, Europe's major bourses are in the red with sizable losses. Germany's DAX is currently down 1.8%. ThyssenKrupp, Deutsche Lufthansa, and Adidas are among the poorest performers. Metro AG and Merck KGaA are currently the only two names in the DAX that have managed to muster gains. Britain's FTSE is presently off by 2.0% amid widespread weakness. Man Group Plc, Glencore International, and Xstrata are among its worst performing issues. Smith & Nephew, British Sky Broadcasting, National Grid, and ARM Holdings currently stand as the only stocks sporting gains in the FTSE. France's CAC is currently off by 2.3%. Credit Agricole, Michelin, and Peugeot are at the bottom of the action, but Carrefour and Alcatel-Lucent (ALU 1.56, +0.08) have managed to stage gains. Among Europe's peripheral markets, Greece's Athex 20 is off by 1.3%, while Spain's IBEX is down 2.4% and Italy's MIB is down 2.9%.

Japan's Nikkei closed its latest round of trade with a 2.0% loss. The action followed a downgrade of the country's long-term debt rating by analysts at Fitch. The country's central bank concluded its latest meeting. It opted to keep its asset purchase program unchanged. Mizuho Financial (MFG 2.91, +0.00) and Nomura Holdings (NMR 3.36, +0.00) weighed heavily on action. Fellow financial outfit Mitsubishi UFJ (MTU 4.25, +0.00) was also hit with selling pressure. Mazda Motor was among the few issues that managed to muster a gain, but Nissan Motor (NSANY 3.36, +0.00) and Toyota Motor (TM 77.22, +0.00) both booked losses. Hong Kong's Hang Seng sank to a 1.3% loss amid broad-based selling pressure. China Construction Bank, Industrial & Commercial Bank, Bank of China, and China Gas Holdings were among the heaviest drags on trade. Mainland China's Shanghai Composite closed its latest round of trade with a 0.4% loss. Banking plays were also a source of weakness there, but broad market losses were limited with help from CITIC Securities, Haitong Securities, and Founder Securities. Anhui Liuguo Chemical was also a strong performer. A growth forecast for China from the World Bank was revised downward to reflect growth of 8.2%, instead of the 8.4% rate projected previously.

Note: ticker quotes reflect premarket prices.

08:05 am : S&P futures vs fair value: -12.10. Nasdaq futures vs fair value: -24.30. A late slide that coincided with a drop by the euro and comments that Greece may exit the eurozone left the stock market to settle at the flat line yesterday. Europe's major bourses have also responded negatively to the story, thereby helping selling interest take down domestic stock futures so that a firmly lower start for trade is expected. The dollar has moved higher amid the weakness; it currently leads a collection of competing currencies by more than 0.2%. The latest round of earnings results is rather small in scope, and somewhat mixed. Guess? (GES 26.02, +1.58) and Hormel (HRL 30.40, +1.21) both bested earnings expectations, but American Eagle Outfitters (AEO 19.10, -0.69) offered up in-line numbers, while Dell (DELL 13.10, -1.98) came short of the consensus forecast. Note: ticker quotes reflect premarket prices. Today's calendar features monthly new home sales numbers, weekly oil inventory data, and results from an auction of 5-year Notes.

06:18 am : [BRIEFING.COM] S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -22.00.

06:18 am : Nikkei...8556.60...-172.70...-2.00%. Hang Seng...18786.19...-253.00...-1.30%.

06:18 am : FTSE...5297.73...-105.60...-2.00%. DAX...6312.42...-123.20...-1.90%.

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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