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 Post subject: May 30th Wednesday 2012 Emini TF ($TF_F) points +1.50
PostPosted: Thu May 31, 2012 6:15 am 
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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: +1.50 points or $150 dollars in the Russell 2000 Emini TF ($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=1232.

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. Stock Market Wrap

May 30 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, putting the Standard & Poor's 500 Index on pace for its worst month since September, as housing data disappointed and concern grew about Greece's future in the euro and the health of Spanish banks.

Stocks Tossed In European Economic Storm

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

NEW YORK (CNNMoney) -- Stocks fell sharply Wednesday as worries about Europe's debt crisis, specifically the Spanish banking system, shook investor confidence.

Investors flooded into U.S. Treasuries, raising prices and pushing the yield on the benchmark 10-year note down to a record low of 1.62%.

Oil prices fell to a 7-month low amid the broad flight from risky assets.

The Dow Jones industrial average (INDU) was down 161 points, or 1.3%, to end at 12,420. The S&P 500 (SPX) sank 19 points, or 1.4%, to 1,313. The Nasdaq (COMP) declined 34 points, or 1.2%, to 2,837.

Alcoa (AA, Fortune 500), Caterpillar (CAT, Fortune 500) and Chevron (CVX, Fortune 500) were among the hardest hit as investors shunned companies in economically-sensitive industries. Bank of America (BAC, Fortune 500) was also under pressure, falling 3%. Meanwhile, investors gravitated towards stocks that pay dividends and are considered defensive, such as Intel (INTC, Fortune 500).

"Europe is definitely weighing on the market," said Bernard Kavanagh, vice president of portfolio management for St. Louis-based broker Stifel Nicolaus. "Investors continue to be very pessimistic as we move into the slow months of the summer."

The European Central Bank issued a statement Wednesday saying it had not been consulted on the bailout for Bankia, Spain's fourth-largest bank, and that such a recapitalization could not be provided by the ECB and eurozone central banks.

The development raised more questions about the country's ability to fund bank bailouts that could reach as much as €100 billion.

Yields on 10-year Spanish debt soared to 6.6% Wednesday. Italian bond yields also rose after a disappointing auction of 5- and 10-year debt.

* Wah! Market wants bond blanky

As part of a broad package of proposed economic reforms, the European Commission announced plans to form a "banking union," including some form of deposit insurance in Europe. The commission also said Spain could be given an additional year to meet its deficit reduction targets.

U.S. stocks ended higher Tuesday, as investors welcomed a lack of negative headlines out of Europe and hopes that China would announce a new massive stimulus program in response to the slowing of the world's No. 2 economy.

However, hopes for more stimulus waned after a comment by China's official news agency Xinhua made late Tuesday suggested that any spending program would not approach the actions taken by China back in 2008.

CNNMoney's Fear & Greed Index, which measures investor sentiment, remains firmly in "extreme fear" territory.

World markets: European markets sank. Britain's FTSE 100 (UKX) fell 1.8%, the DAX (DAX) in Germany lost 2% and France's CAC 40 (CAC40) plunged 2.2%.

* Video - Europeans' love-hate affair with the EU

Asian markets ended lower. The Shanghai Composite (SHCOMP) shed 0.2%, while the Hang Seng (HSI) in Hong Kong tumbled 1.9% and Japan's Nikkei (N225) fell 0.3%.

Economy: An index of pending home sales declined to 95.5 in April from 101.1 in March, the National Association of Realtors said. The index was expected to have increased, according to a survey of analysts by Briefing.com.

Due later this week are the May jobs report, as well as key readings on manufacturing and auto sales. Economists surveyed by CNNMoney forecast that employers added 150,000 jobs in May, and that unemployment remained at 8.1%.

* Time for Europe to choose inflation over austerity

Companies: Facebook (FB) dipped below $28 a share before regaining some ground.

Shares of BlackBerry-maker Research in Motion (RIMM) tumbled on news it hired JPMorgan (JPM, Fortune 500) and RBC Capital to review its strategic options, which is generally a signal it is putting itself up for sale. The company also warned it now expects an operating loss for its fiscal first quarter, which ends on June 2.

Shares of auto parts retailer Pep Boys (PBY) plunged after the company announced that its previously announced purchase by The Gores Group has been called off.

* Video - How the Volcker Rule works

Seed and herbicide maker Monsanto (MON, Fortune 500) raised its full-year earnings guidance to between $3.65 to $3.70 a share, up from the $2.96 a share it earned a year ago and above the most bullish forecasts of analysts surveyed by Thomson Reuters.

* 10 most powerful people in Chinese business

Shares of troubled natural gas producer Chesapeake Energy (CHK, Fortune 500) fell after Reuters reported late Tuesday that the company was preparing to meet with many of its major lenders later this week in an effort to raise the $9 billion to $10 billion needed to close a funding shortfall. The report cited people familiar with the matter.

Shares of TiVo (TIVO) fell 8% in extended trading after the DVR maker reported a larger-than-expected quarterly loss of 17 cents per share.

Lions Gate Entertainment (LGF) said fourth-quarter revenue rose 71%, driven by the movie "The Hunger Games." But the company reported a net loss for the quarter on acquisition costs.

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

Oil for July delivery lost $2.94 to settle at $87.82 a barrel.

Gold futures for June delivery rose $14.70 to end at $1,563.40 an ounce.

The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.62% from 1.73% late Tuesday.

Image

Market Update

4:30 pm : Renewed worries about the health and fate of the eurozone brought about a negative tone that permeated trade for the entire session.

The possibility of European bank recapitalizations offered only temporary relief to market participants focused on the precarious fiscal, financial, and economic conditions in the eurozone periphery, where debt yields were forced higher. Selling among the region’s major bourses resulted in sizable losses, including a 1.4% loss for the EuroStoxx 50. The euro also took a tumble, such that it set a near two-year low of less than $1.24. As of the closing bell it had fallen 0.9% against the greenback.

An interest in safety spurred demand for Japan's yen, which pulled down the yen-dollar exchange rate to a new multi-month low of less than 78.9 yen per dollar.

Gold garnered buying interest after it had spent early pit trade in negative territory. The yellow metal set a session low of $1530.40 per ounce, but the appeal of its safety features helped propel the precious metal to $1563.90 per ounce for a 1.0% gain in the face of a stronger dollar. In contrast, the greenback’s gain seemed to make oil’s slide a little easier. Oil prices fell to a 2012 low of $87.46 per barrel before they settled with a 3.2% loss at $87.84 per barrel.

The combination of sharply lower oil prices and broad weakness among equities resulted in outsized losses for Energy stocks. The sector slumped to a 3.0% loss, which is worse than what any other sector suffered. Oil and gas equipment, exploration, drilling, and services stocks were all caught up in the sell-off.

Financials also fell hard. The sector’s 2.2% loss was driven by weakness among banking plays and diversified financial services issues. SLM Corp (SLM 14.04, +0.36) was one of the few Financial plays to attract buying interest – the stock’s gain followed news that the company has earmarked an additional $400 million for share repurchases.

Monsanto (MON 76.41, +1.66) also managed to muster an impressive gain following the firm’s latest financial forecast. The rest of the Materials sector suffered a 1.7% loss.

Telecom stocks did the best job of resisting selling pressure. The sector’s 0.6% loss was less than what any other sector suffered. The sector’s relative strength is consistent with its performance in 2012 – Telecom stocks are up nearly 7% this year, whereas the broad market is up little more than 4%.

Amid such widespread weakness the Volatility Index made a double-digit percentage spike that took it up near 24. The Fear Gauge’s multi-month high remains at 25, which was set a couple of weeks ago when stocks were at multi-month lows.

A want for safety sent Treasuries up sharply, such that the yield on the benchmark 10-year Note dropped to a record low narrowly above 1.60%.

The only item on the economic calendar featured pending home sales, which dropped during April by 5.5% when a 0.6% increase had been broadly expected.

The flow of economic data picks up tomorrow with the release of the second reading on first quarter GDP, weekly initial jobless claims, and the latest monthly ADP Employment Change. Friday will bring the official monthly payrolls report.

Advancing Sectors: None
Declining Sectors: Telecom -0.6%, Health Care -0.7%, Tech -0.7%, Utilities -0.8%, Consumer Staples -0.9%, Consumer Discretionary -1.6%, Materials -1.7%, Industrials -1.7%, Financials -2.2%, Energy -3.0%DJ30 -160.83 NASDAQ -33.63 NQ100 -0.8% R2K -2.0% SP400 -1.9% SP500 -19.10 NASDAQ Adv/Vol/Dec 536/1.64 bln/2004 NYSE Adv/Vol/Dec 396/766 mln/2627

3:30 pm : Efforts to reduce risk in response to eurozone concerns put pressure on crude oil prices. A corresponding advance by the dollar made the commodity’s slide easier. Oil prices fell to a pit session low of $87.46 per barrel in late morning action. That also made for a new 2012 low for the July contract. Crude then spent the remainder of its session trading in a consolidative pattern and settled with a 3.2% loss at $87.84 per barrel.

Natural gas prices were also cut down aggressively. The energy component dropped to a floor session low of $2.39 per MMBtu, but an attempt to recover took it to a session high of $2.47 per MMBtu. Failure to sustain the move left prices to finish pit trade with a 2.4% loss at $2.42 per MMBtu.

Gold and silver both began pit trade in negative territory, setting respective session lows of $1530.40 per ounce and $27.35 per ounce in morning action. However, a want for safety helped propel prices of the precious metals of the red, despite the dollar’s advance. Gold settled 1.0% higher at $1563.90 per ounce, just below its session high of $1565.10 per ounce. Silver touched a session high of $28.12 per ounce moments before it settled floor trade at $27.99, or 0.9% higher. DJ30 -142.10 NASDAQ -28.15 SP500 -16.85 NASDAQ Adv/Vol/Dec 540/1.22 bln/1970 NYSE Adv/Vol/Dec 440/445 mln/2565

3:00 pm : Stocks continue to contend with sizable losses as they enter the final hour of the session. With so little news flow today many participants anxiously await the second reading on first quarter GDP, which is due tomorrow along with weekly initial jobless claims and the latest monthly ADP Employment Change. Friday will bring the official monthly payrolls report.DJ30 -142.59 NASDAQ -28.18 SP500 -17.01 NASDAQ Adv/Vol/Dec 580/1.13 bln/1920 NYSE Adv/Vol/Dec 460/410 mln/2525

2:35 pm : Stocks continue to drift just above their session lows as all three of the major averages hold losses of at least 1.0%. The Volatility Index, or VIX, is up 10% on the session to 23.17, and back near its mid-May highs. DJ30 -145.99 NASDAQ -29.05 SP500 -16.89 NASDAQ Adv/Vol/Dec 569/1.09 bln/1912 NYSE Adv/Vol/Dec 472/403.3 mln/2574

2:30 pm : The euro now trails the dollar by about 0.8%, while the sterling pound trails the greenback by about 0.9%. Their weakness has helped lift the Dollar Index to a 0.6% gain, or its best level since September 2010. Japan's yen has also benefited from a flight to safety. The currency is now at 79.0 yen per dollar, but that's still incrementally above the multi-month low of 78.9 yen per dollar that was booked a couple of weeks ago.DJ30 -140.62 NASDAQ -27.53 SP500 -16.32 NASDAQ Adv/Vol/Dec 565/1.06 bln/1940 NYSE Adv/Vol/Dec 430/380 mln/2555

2:00 pm : Treasuries hold near session highs with today’s strong gains producing record lows in the 5-, 7-, and 10-yr yields. Continued worries over the health of peripheral European economies, and some disappointing data here in the U.S. have sparked today’s flight to safety as the long bond leads the way with an advance of almost three points. While the 30-yr paces the advance, it is the 5-, 7-, and 10-yr notes that are making headlines. All three have seen record low yields during today’s session. The 5-, 7-yr, and 10-yr yields have printed respective lows of 0.679%, 1.050%, and 1.616% as the stampede into Treasuries continues. Aggressive flattening of the yield curve has narrowed the 2-10-yr spread to 135 basis points. DJ30 -130.14 NASDAQ -28.67 SP500 -15.58 NASDAQ Adv/Vol/Dec 538 /989.9 mln/1942 NYSE Adv/Vol/Dec 446/364.6 mln/2577

1:30 pm : The major averages remain near session lows, unable to hold any meaningful bounce. A loss of 1.4% has the S&P 500 pacing the decline while the Nasdaq and Dow exhibit slight outperformance.

Precious metals have seen a solid reversal off session lows, and have climbed into positive territory. Gold is now up $14 near $1563 per ounce and silver is higher by $0.25 at $28.05 per ounce. Mining shares are one of the few bright spots today as Barrick Gold (ABX 39.29, +0.36) and Goldcorp (GG 36.98, +0.64) are seeing respective gains of 0.9% and 1.8%. DJ30 -151.63 NASDAQ -38.01 SP500 -18.45 NASDAQ Adv/Vol/Dec 473/897.1 mln/2000 NYSE Adv/Vol/Dec 405/332.9 mln/2621

1:00 pm : Stocks have been under pronounced pressure since the open. The sell-off has come in response to renewed concerns about the precarious conditions of Europe.

Worries about the health and fate of the eurozone have lifted yields on the debt of countries in the eurozone periphery, and dropped the euro for a 0.6% loss at about $1.24, or a near two-year low. Headlines ahead of the open that pointed to the possibility of European bank recapitalization were met with a positive response, but the story has since mattered little to market participants.

With the euro weakened, the dollar has made a solid move higher. Its advance has exacerbated selling pressure against oil prices, which are now down 3.3% to $87.80 per barrel. Prices set 2012 lows at about $87.50 per barrel not long ago. However, gold prices have reversed an early loss to trade with a 0.9% gain at $1563 per ounce.

Broad market weakness and sharply lower oil prices have weighed heavily on the Energy sector. Its 3.0% loss is worse than what any other major sector has suffered today.

There isn't a single sector in positive territory, but Telecom has done a decent job of limiting losses. As a group, Telecom stocks are currently down only 0.3%.

The sell-off has sent the Volatility Index more than 13% higher so that it is now near 24. Still, that's a little less than the multi-month high of 25 that it set when stocks were at their own multi-month lows a couple of weeks ago.

With stocks struggling and volatility up, an interest in safety has sent Treasuries sharply higher, resulting in a record low for the yield on the benchmark 10-year Note that is only a couple of basis points above 1.60%. DJ30 -152.88 NASDAQ -37.43 SP500 -18.53 NASDAQ Adv/Vol/Dec 450/795 mln/2020 NYSE Adv/Vol/Dec 330/290 mln/2625

12:30 pm : Stocks are down to new session lows, but the S&P 500 remains about 20 points above the multi-month low that it set a couple of weeks ago. Nonetheless, the broad market measure is now on pace for its poorest session in more than three weeks.

Amid such weakness Treasuries continue to climb. Their advance has resulted in a new record low for the benchmark 10-year Note, which is now down to 1.62%. DJ30 -168.32 NASDAQ -44.30 SP500 -20.83 NASDAQ Adv/Vol/Dec 445/715 mln/1995 NYSE Adv/Vol/Dec 350/265 mln/2580

12:00 pm : The major stock averages remain range bound with losses in excess of 1% near their session lows. Energy stocks are still in the worst shape; the sector's 2.7% loss is considerably greater than the 1.9% loss of Financials, which make up the next worst performing sector of the session.

Among Energy plays, few have gone unscathed as market participants look to pare their positions in oil and gas equipment and exploration plays, drilling outfits, and services issues. As for the Financial sector, it has been burdened by pronounced weakness among banking plays and diversified financial services issues. SLM Corp (SLM 14.05, +0.38) is one of the few Financial plays to attract buying interest; its advance comes after the company announced after the prior session close that an additional $400 million has been authorized for share repurchases. DJ30 -141.68 NASDAQ -33.98 SP500 -16.90 NASDAQ Adv/Vol/Dec 490/625 mln/1925 NYSE Adv/Vol/Dec 355/235 mln/2555

11:30 am : Losses remain sizable as stocks trade only narrowly above session lows. The decidedly negative tone has given declining issues an edge over advancing issues that is greater than 7-to-1 on the NYSE.

Meanwhile, the euro, now down about 0.7%, is at its worst level of the day. Its slide, along with that of the stock market, stems from concerns about macro conditions in Europe. DJ30 -145.62 NASDAQ -35.44 SP500 -17.13 NASDAQ Adv/Vol/Dec 470/515 mln/1900 NYSE Adv/Vol/Dec 335/200 mln/2555

11:00 am : Widespread weakness has left the stock market to surrender all of its prior session gain and then some. The action has the Volatility Index, which is often euphemistically referred to as the Fear Gauge, up more than 10% to trade comfortably above 23. That's still below the one-month high of about 25 that it set a couple of weeks ago. That's also when the S&P 500 set its multi-month low narrowly above 1292.DJ30 -155.46 NASDAQ -41.25 SP500 -17.99 NASDAQ Adv/Vol/Dec 445/390 mln/1905 NYSE Adv/Vol/Dec 345/160 mln/2495

10:30 am : Efforts to reduce risk have implicated commodities. A rise by the dollar in response to the euro's retreat has only exacerbated selling pressure, such that crude oil prices have dropped to $88.35 per barrel for a 2.7% loss. New lows for 2012 were set just below $88.20 per barrel not long ago. Natural gas prices, now down 2.3% to $2.43 per MMBtu, are back near where they were earlier this month. Prices fell narrowly below $2.41 per MMBtu prior to the open of pit trade.

Precious metals are also under pressure, but their losses remain less severe than those suffered in the energy complex. Gold prices are currently down 0.5% to $1541 per ounce. They were down to almost $1530 per ounce at their morning lows. Silver prices are off by 0.8% to $27.58 per ounce, but were actually as low as $27.35 per ounce earlier today. DJ30 -128.06 NASDAQ -34.63 SP500 -15.46 NASDAQ Adv/Vol/Dec 380/275 mln/1925 NYSE Adv/Vol/Dec 270/120 mln/2520

10:00 am : Pending home sales numbers for April were just posted. In contrast with the Briefing.com consensus call for a 0.6% increase, they were down 5.5% month over month.

A mix of disappointing pending home sales numbers and broad market weakness has dropped KB Home (KBH 7.46, -0.34) and PulteGroup (PHM 9.16, -0.36) for a sharp loss. Appropriately, then, the SPDR S&P Homebuilders ETF (XHB 20.84, -0.68) is also down sharply. DJ30 -142.02 NASDAQ -36.09 SP500 -15.77 NASDAQ Adv/Vol/Dec 320/125 mln/1895 NYSE Adv/Vol/Dec 245/69 mln/2470

09:45 am : The major equity averages are down markedly this morning. Energy stocks are under particularly sharp pressure, resulting in a 2.1% loss for the sector.

In addition to broad market weakness, Energy stocks have been hurt by a pronounced drop in oil prices, which were last quoted with a 2.3% loss at $88.65 per barrel for new 2012 lows.

Utilities stocks and Telecom stocks lagged in the prior session, but the two defensive-oriented sectors have managed to limit losses in the early going today. They are down only 0.1% and 0.3%, respectively. DJ30 -129.19 NASDAQ -38.53 SP500 -15.47 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -19.80. Stock futures point to a sharply lower open. That would offset most of the gains scored in the prior session. The shift in sentiment comes as the precarious conditions of the eurozone return to focus and participants dismiss headlines suggesting the possibility of bank recapitalizations in Europe. Another drop by the euro has the currency down 0.5% to a near two-year low of about $1.24. That has helped lift the Dollar Index to its best level since September 2010. However, the greenback's gain has exacerbated selling pressure against commodities, which are already contending with the implications of a risk-off trade. Meanwhile, a want for safety has the benchmark 10-year Note up markedly. Earlier this morning its yield set at a new record low around 1.65%.

09:05 am : S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -20.30. Overall weakness in the commodity complex has the CRB Index down 0.9%. Crude oil prices are currently down 1.9% to $89.05 per barrel in early pit trade. Prices actually slipped below $89 per barrel for a new 2012 low in electronic trade earlier this morning. Weekly inventory data, ordinarily released on Wednesdays, will be posted tomorrow because of the holiday-shortened week. Meanwhile, natural gas prices are down 2.0% to $2.44 per MMBtu. Precious metals are under pressure, but their losses aren't as severe. Gold currently trades with a 0.2% loss at $1545 per ounce, while silver sits at $27.60 per ounce with a 0.7% loss.

08:35 am : S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -20.30. Renewed worries about the health and fate of the eurozone have resulted in higher yields on sovereign debt in the region's periphery, another drop by the euro against the greenback, and marked losses for the region's major bourses. Selling pressure eased amid headlines suggesting potential plans for bank recapitalizations in the region, but such relief has since dissipated. Widespread weakness has the EuroStoxx 50 off by 1.0%. Meanwhile, Germany's DAX is down 1.2%. Automakers BMW, Daimler, and Volkswagen are among the weakest performers after they outperformed in the prior session. Metro AG stands as the only stock in the German bourse that has managed to put together a gain. France's CAC has fallen to a 1.5% loss. Pressure has been most pronounced against shares of Saint Gobain and Vallourec. Societe Generale and BNP Paribas have managed to limit losses, though. Britain's FTSE is presently off by 1.6%. National Grid, Eurasian Natural Resources Plc, and Aberdeen Asset Management are among the poorest performers on relatively high volume. United Utilities Group, WM Morrison Supermarkets, and Severn Trent make up the only three constituents that have mustered gains.

Overnight action in Asia resulted in a 0.3% loss for Japan's Nikkei. Aozora Bank dropped 7% in relatively strong volume to book the worst performance of any Nikkei constituent. Unitika, Mitsui Chemicals, and Marubeni Corp were also among the weakest performers. Olympus, Softbank, Kansai Electric Power, and Dow Holdings were among the strongest performers. Isuzu Motors and Nissan Motor (NSANY 19.05, +0.00) also provided support. Hong Kong's Hang Seng sank to a 1.9% loss. Banking plays were sold, but PetroChina (PTR 129.61, +0.00), China Information Technology, and Semiconductor Manufacturing International were among the worst performers. Renhe Commercial Holdings and Yuexiu Property were able to stage gains in the face of broad market weakness. Mainland China's Shanghai Composite closed with a 0.3% loss. Construction-related names were cut down as participants rotated out of the space following their prior session run-up, which came in response to speculation regarding new stimulus spending. Inner Mongolia Baotou Steel slid to a sizable loss. China Minsheng Banking and Shanghai Pudong Development Bank were also weak, but CITIC Securities scored a strong gain, as did Haitong Securities.

Note: ticker quotes reflect US premarket prices.

08:05 am : S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -20.50. Stocks scored strong gains in the prior session, but sentiment has since soured amid rekindled concerns about eurozone prospects. Such concerns have lifted yields on the debt of countries in the eurozone periphery, and also undercut the euro, which has extended its descent so that it sits at its lowest level in nearly two years. The euro was last quoted with a 0.3% loss at about $1.244. However, Europe's bourses and domestic stock futures have been helped by headlines suggesting that there is potential for recapitalizations among European banks. Corporate news remains sparse and the economic calendar remains thinly populated with only monthly pending home sales numbers to be posted at 10:00 AM ET.

06:17 am : [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -23.50.

06:17 am : Nikkei...8633.19...-23.90...-0.30%. Hang Seng...18690.22...-365.20...-1.90%.

06:17 am : FTSE...5317.90...-73.20...-1.40%. DAX...6334.94...-61.90...-1.00%.

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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