TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 4:39 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 23rd Thursday 2012 Emini TF ($TF_F) points +6.10
PostPosted: Thu Aug 23, 2012 10:09 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
082312-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-610.png
082312-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-610.png [ 32.32 KiB | Viewed 322 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: +6.10 points or $610 dollars in the Russell 2000 Emini TF ($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 #TheStrategyLab chat room. You can read today's #TheStrategyLab 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=107&t=1303.

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 Price Action Analysis via 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 Trade Signal Strategies via 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=167&t=1561

-----------------------------

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 (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading and reactions to the markets...something I can not get from my broker statements alone.

Stocks Sell Off On Slowing Growth Worries

Attachment:
082312-Key-Price-Action-Markets.png
082312-Key-Price-Action-Markets.png [ 553.79 KiB | Viewed 267 times ]

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

NEW YORK (CNNMoney) -- Stocks fell Thursday, as worries about a global growth slowdown resurfaced following weak manufacturing reports and a surprise increase in the number of U.S. jobless claims.

The Dow, S&P 500 and the Nasdaq fell between 0.7% and 0.9%.

Hewlett-Packard (HPQ, Fortune 500) shares dropped more than 8%, making them by far the biggest loser in the Dow. The tech firm reported disappointing sales and revenue forecasts late Wednesday.

The company is "clearly not helping the index," says Ryan Detrick, an analyst at Schaeffer's Investment Research. He added that the poor earnings report should come as no surprise, but investors are apprehensive.

The selling started early, after reports indicated that manufacturing hit a nine-month low in China and contracted across the eurozone for the seventh month in a row. The U.S. Labor Department also reported a surprise jump in jobless claims.

But a housing report showed sales of new homes picking up.

"We continue to get that confusing, two-sided economic data," Detrick said. "Everyone in the end is simply scratching their heads...trying to figure this out."

Investors also continue to keep tabs on Europe, as French President Francois Hollande and German Chancellor Angela Merkel meet Thursday to discuss Greece. Greek Prime Minister Antonis Samaras has reportedly been pushing for a two-year extension of the country's bailout program.

* Hedge funds are betting on disaster

While stocks were headed lower, the actual number of shares changing hands remains low, and Wall Street trading volume is expected to stay light for the rest of August.

U.S. stocks ended mixed Wednesday, as minutes from the Federal Reserve's July meeting sparked hope for further stimulus measures.

The minutes showed the central bank is considering two key measures to boost the U.S. economy. Investors are likely to stay focused on the Fed, with attention on the Kansas City Fed's annual symposium in Jackson Hole, Wyo. next week.

Detrick said "All in all, we're just biding our time and waiting for Jackson Hole."

* Fear & Greed Index

World Markets: European stocks turned mixed in afternoon trading. Britain's FTSE 100 closed slightly higher, while the DAX in Germany ticked down almost 1% and France's CAC 40 slid 0.8%.

Asian markets ended higher. The Shanghai Composite ticked up 0.3%, the Hang Seng in Hong Kong gained 1.2%, and Japan's Nikkei rose 0.5%.

Economy: The Labor Department reported first-time unemployment claims increased to 372,000 in the latest week, up from from the previous week's revised figure of 368,000. It was also more than the 365,000 that economists had expected.

The Census Bureau reported new home sales rose 3.6% to a seasonally adjusted annual rate of 372,000 in July. That's better than the 368,000 economists had expected.

* Video - eBay: The biz to beat in mobile payments

Companies: Shares of Big Lots (BIG, Fortune 500) tumbled nearly 21% after the retailer reported earnings that fell far short of forecasts and lowered its guidance.

Shares of Guess (GES) plunged almost 23% after the retailer reported earnings that missed expectations and cut its outlook for the year.

But there some winners. Organic food company Hain Celestial Group (HAIN) was up about 19%. Hain announced Wednesday that it would acquire U.K.-based Premier Foods for $316 million and also reported strong earnings.

Currencies and commodities: The dollar lost ground against the euro and the Japanese yen, but edged slightly higher against the British pound.

Oil for October delivery fell 99 cents to $96.27 a barrel.

Gold futures for December delivery rose $32.30 to $1,672.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury slid, pushing the yield up to 1.72% from 1.68% late Wednesday.

Image

Market Update

4:20 pm : After opening slightly lower, equities spent the rest of the session in negative territory.

July home sales were reported at an annualized rate of 372,000, which was higher than the 365,000 that had been expected. However, initial unemployment claims data before the open came in a little worse than expected, as the reading increased to 372,000 from the 368,000 observed in the prior week. In addition, continuing claims rose to about 3.317 million from 3.305 million.

Homebuilder stocks seemed poised for their second day of gains as the group got an initial boost from the better-than-expected new home sales. However, after showing early strength, shares within the space succumbed to the pressure exerted by the broader market. As a result Standard Pacific (SPF 6.39, -0.11), MDC Holdings (MDC 33.24, -0.64), and Toll Brothers (TOL 32.63, -0.38) were all down between 1.0% and 2.0%.

Healthcare stocks showed slightly slimmer losses than the broader market. The outperformance can be attributed to a handful of components which made significant advances. Luminex (LMNX 19.42, +1.01) was higher by 5.5% after UBS upgraded the stock from ‘neutral' to ‘buy.' Meanwhile, Rosetta Genomics (ROSG 6.36, +1.63) soared 34.5% after analysts at Aegis initiated coverage with a ‘buy' rating and a $16.00 price target.

Stocks within the Dow Jones Transportation average were lower today with railroad stocks showing the most weakness. Norfolk Southern (NSC 73.58, -1.09) slipped 1.5% after the company's Vice President sold 7.4k shares. Meanwhile, Kansas City Southern (KSU 76.78, -1.40) and Union Pacific (UNP 123.79, -0.90) shed 1.8% and 0.7%, respectively.

The materials sector was under pressure after Dahlman Rose & Co. issued a downgrade of steel producers. The investment bank believes that steel prices are near a cyclical peak, thus warranting a downgrade. The news pushed steelmakers sharply lower with United States Steel (X 21.19, -1.58), Steel Dynamics (STLD 12.33, -0.73), AM Castle & Co. (CAS 12.30, -0.73) all down between 5.5% and 7.0%. Guess? (GES 25.95, -7.59) slumped 22.6% after its earnings missed estimates and the company issued downside guidance. Today's selling has put an end to a month-long rally as shares of the apparel retailer are back near their July levels.

Chinese search engine provider Baidu (BIDU 115.09, -7.71) slid 6.3% after Deutsche Bank downgraded the shares from ‘buy' to ‘hold.' The stock has been slumping all week and is now down nearly 15.0% since Monday. The company has recently been locked in a battle with Qihoo 360 Technology (QIHU 23.35, -1.23) after Qihoo stopped featuring Baidu as the main search provider in their browsers.

Krispy Kreme Doughnuts (KKD 7.31, +0.36) advanced 5.2% after reporting mixed earnings. KKD beat on earnings but missed revenue expectations and issued downside guidance. The management said that net income fell due to a higher income tax rate. Company executives also discussed five-year expansion plans which call for the opening of 80 stores in southern and western India. The first store is expected to open by the end of this year. Rivals Dunkin Brands (DNKN 28.16, -0.55) and Starbucks (SBUX 47.90, -0.22) ended lower by 1.9% and 0.5%, respectively.

Tomorrow's economic releases are limited to durable orders and durable orders ex-transportation at 8:30 AM ET.DJ30 -115.30 NASDAQ -20.27 SP500 -11.41 NASDAQ Adv/Vol/Dec 800/1.35 bln/1660 NYSE Adv/Vol/Dec 909/592.7 mln/2080

3:30 pm : Crude oil fell off its floor session high of $97.96 per barrel and tumbled into the red as sentiment after yesterday's FOMC minutes wore off. The energy component brushed a session low of $95.71 per barrel and eventually settled with a 1.0% loss at $96.23 per barrel.

Natural gas began pit trade in positive territory but quickly fell below the break-even line. It extended its losses following weaker-than-anticipated inventory data that showed a build of 47 bcf when a build of 40 bcf was expected. Natural gas fell 9 cents to a session low of $2.68 per MMBtu and spent the remainder of its session working to erase the loss. It ultimately settled 0.7% lower at $2.81 per MMBtu.

Precious metals were up sharply in today's pit trade as they extended their overnight gains following the FOMC minutes. Gold climbed up to a floor session of $1677.50 per ounce, a level not seen since April, and eventually settled with a 1.9% gain at $1672.20 per ounce.

Silver pulled-back slightly after brushing a session high of $30.79 per ounce but still booked a gain of 3.1% as it closed at $30.45 per ounce.DJ30 -111.80 NASDAQ -16.25 SP500 -10.43 NASDAQ Adv/Vol/Dec 835/1119.6 mln/1595 NYSE Adv/Vol/Dec 953/388 mln/2013

3:00 pm : Heading into the final hour of trade, major indices remain near their session lows. The S&P 500 is down 0.7%.

Chinese search engine provider Baidu (BIDU 114.28, -8.52) is down 6.9% after Deutsche Bank downgraded the shares from ‘buy' to ‘hold.' The stock has been slumping all week and is now down nearly 15.0% since Monday. The company has recently been locked in a battle with Qihoo 360 Technology (QIHU 23.91, -0.67) after Qihoo stopped featuring Baidu as the main search provider in their browsers.DJ30 -111.80 NASDAQ -16.24 SP500 -10.30 NASDAQ Adv/Vol/Dec 833/1.01 bln/1581 NYSE Adv/Vol/Dec 973/350.8 mln/1987

2:30 pm : Stocks continue to hover near their session lows. The S&P 500 is off by 0.8%.

Krispy Kreme Doughnuts (KKD 7.33, +0.38) is up 5.5% after reporting mixed earnings. KKD beat on earnings but missed revenue expectations and issued downside guidance. The management blamed the decrease in net income on a higher income tax rate. Company executives also discussed five-year expansion plans which call for the opening of 80 stores in southern and western India. The first store is expected to open by the end of this year. Rivals Dunkin Brands (DNKN 28.18, -0.53) and Starbucks (SBUX 48.00, -0.12) are down 1.9% and 0.3%, respectively.DJ30 -116.30 NASDAQ -20.06 SP500 -11.24 NASDAQ Adv/Vol/Dec 723/933.1 mln/1676 NYSE Adv/Vol/Dec 924/321.5 mln/2033

2:00 pm : After marking session lows near the 1,400 level, the S&P 500 picked up slightly but remains lower by 0.8%.

The materials sector is under pressure after Dahlman Rose & Co. issued a downgrade of all steel producers. The investment bank believes that steel prices are near a cyclical peak, thus warranting a downgrade. As a result, steelmakers are sharply lower with AK Steel Holding (AKS 5.53, -0.39), United States Steel (X 21.43, -1.34), Steel Dynamics (STLD 12.45, -0.61), AM Castle & Co. (CAS 12.30, -0.73) all down between 4.5% and 7.0%.DJ30 -116.70 NASDAQ -21.65 SP500 -11.30 NASDAQ Adv/Vol/Dec 693/860.8 mln/1684 NYSE Adv/Vol/Dec 888/296.1 mln/2043

1:30 pm : Equities have marked new session lows with the S&P 500 down 0.9%.

Silver has been on a strong run this week. At $30.47, the white metal is up 3.1% which brings its total gain since Monday to 9.4%. The heavy buying observed this week has lifted silver past the 200-day average and the metal is now back at levels last seen in early May. Meanwhile, gold has also rallied past its 200-day average. The yellow metal is up 2.1% and back at its mid-April levels near $1,670.65.DJ30 -121.10 NASDAQ -27.10 SP500 -12.45 NASDAQ Adv/Vol/Dec 683/800.1 mln/1694 NYSE Adv/Vol/Dec 859/270.7 mln/2065

1:00 pm : Equities have spent the entire session in negative territory. After a slightly lower open, stocks continued further down as mixed economic data poured in. July home sales showed an annualized rate of 372,000, which was higher than the 365,000 that had been expected. Initial unemployment claims data was more bearish as the reading increased to 372,000 from the 368,000 observed in the prior week. In addition, continuing claims rose to about 3.317 million from 3.305 million. At midday, the S&P 500 is down 0.7%.

Healthcare stocks are showing slightly slimmer losses than the broader market. The outperformance can be attributed to a handful of components making significant advances. Luminex (LMNX 19.32, +0.93) is higher by 5.1% after UBS upgraded the stock from ‘neutral' to ‘buy.' Elsewhere, pharmaceutical producer Bristol-Myers Squibb (BMY 32.20, +0.40) is up 1.3% while rival GlaxoSmithKline (GSK 46.14, +0.28) is rising by 0.6% after announcing preparations to start a trial of an experimental rheumatoid arthritis drug.

Stocks within the Dow Jones Transportation average are underperforming the broader market with railroad stocks showing the most weakness. Norfolk Southern (NSC 73.15, -1.52) is lower by 2.0% after the company's Vice President sold 7.4k shares. Meanwhile, Kansas City Southern (KSU 76.80, -1.38) and Union Pacific (UNP 123.45, -1.24) are down 1.8% and 1.0%, respectively.

Kayak (KYAK 30.01, -0.79) is down 2.6% after delivering its first earnings report as a public company. The online travel search provider reported in-line earnings and revenues above expectations. It is worth noting that the report revealed an improvement in a metric which focuses on converting user queries into revenues. The stock was initially down as much as 4.0%, but has rebounded since.

Guess? (GES 26.32, -7.22) is sliding 21.5% after its earnings missed estimates and the company issued downside guidance. Today's selling has put an end to a month-long rally as shares of the apparel retailer are back near their July levels.DJ30 -99.62 NASDAQ -19.47 SP500 -9.46 NASDAQ Adv/Vol/Dec 736/724.9 mln/1608 NYSE Adv/Vol/Dec 961/243.1 mln/1920

12:30 pm : Unable to push higher, equities have slipped back near session lows. The Dow lags behind other indices, down 0.7%.

Stocks within the Dow Jones Transportation average are underperforming the broader market with railroad stocks showing the most weakness. Norfolk Southern (NSC 73.24, -1.43) is lower by 1.9% after the company's Vice President sold 7.4k shares. Meanwhile, Kansas City Southern (KSU 76.99, -1.19) and Union Pacific (UNP 123.54, -1.15) are down 1.5% and 0.9%, respectively.DJ30 -93.15 NASDAQ -17.59 SP500 -8.58 NASDAQ Adv/Vol/Dec 721/657.1 mln/1588 NYSE Adv/Vol/Dec 974/220.2 mln/1919

12:00 pm : Stocks continue to trade near the bottom of the day's range with the S&P 500 down 0.5%.

Kayak (KYAK 30.00, -0.80) is down 2.6% after delivering its first earnings report as a public company. The online travel search provider reported in-line earnings and revenues above expectations. It is worth noting that the report revealed an improvement in a metric which focuses on converting user queries into revenues. The stock was initially down as much as 4.0%, but has rebounded since.DJ30 -79.29 NASDAQ -11.01 SP500 -6.43 NASDAQ Adv/Vol/Dec 825/583.7 mln/1466 NYSE Adv/Vol/Dec 1044/195.7 mln/1825

11:30 am : Equities remain in a narrow morning range as the S&P 500 is lower by 0.4%.

Healthcare stocks are showing slimmer losses than the broader market. The outperformance can be attributed to a handful of components making significant advances. Luminex (LMNX 19.46, +1.05) is higher by 5.7% after UBS upgraded the stock from ‘neutral' to ‘buy.' Elsewhere, pharmaceutical producer Bristol-Myers Squibb (BMY 32.22, +0.42) is up 1.3% while rival GlaxoSmithKline (GSK 46.18, +0.32) is rising by 0.7% after announcing preparations to start a trial of an experimental rheumatoid arthritis drug.DJ30 -69.48 NASDAQ -5.12 SP500 -5.17 NASDAQ Adv/Vol/Dec 838/510.1 mln/1421 NYSE Adv/Vol/Dec 1107/172.6 mln/1747

11:00 am : Stocks have lifted off session lows but they remain firmly in the red. The S&P 500 is down 0.5%.

Homebuilder stocks appear to be poised for their second day of gain as the group got a boost from the better-than-expected new home sales. PulteGroup (PHM 13.42, +0.13), Standard Pacific (SPF 6.56, +0.06), and MDC Holdings (MDC 34.14, +0.26) are all up near 1.0%, while Toll Brothers (TOL 33.18, +0.17) is higher by 0.5%.DJ30 -71.97 NASDAQ -13.01 SP500 -6.26 NASDAQ Adv/Vol/Dec 758/413.6 mln/1450 NYSE Adv/Vol/Dec 1063/144.3 mln/1745

10:30 am : Weakness in the dollar index this morning has provided price support to the precious metals space, but not so much in the energy sector.

Oct crude oil has been higher all morning and rose as high as $98.29/barrel. Crude has since pulled back and is now modestly higher at $97.68/barrel, up 0.4%.

Sept natural gas futures sold off about an hour ago and just hit a new session low of $2.76/MMBtu a minute ago, just ahead of the inventory data. Following the data, which showed a build of 47 bcf, well above the 40 bcf consensus, nat gas tanked about 7 cents to a new session low of $2.69/MMBtu. Nat gas is now down 4.3% at $2.07/MMBtu.

Dec gold and Sept Silver has been sharply higher all morning as both extends gains following yesterday Fed policy meeting, which was bullish for both precious metals. Gold just touched a new session high of $1672.80, while silver is back near its session high of $30.68. In current action, Dec gold is +1.9% at $1671/oz and Sept silver is +3.4% at $30.57/oz.DJ30 -87.81 NASDAQ -18.51 SP500 -6.97

10:05 am : New home sales in July hit an annualized rate of 372,000, which is up from June's revised rate of 359,000, and better than the rate of 368,000 that had been broadly expected. The SPDR S&P Homebuilders ETF (XHB 23.30, +0.04) ticked up following the data's release.

Separately, the latest Housing Price Index from the FHFA was also just released. For June, the Index increased by 0.7%, which follows a 0.8% increase in the prior month.DJ30 -78.28 NASDAQ -18.87 SP500 -7.25 NASDAQ Adv/Vol/Dec 594/202.4 mln/1483 NYSE Adv/Vol/Dec 945/78.6 mln/1772

09:45 am : Equities have extended their early losses during the first few minutes of trade. The S&P 500 is down 0.4%.

Guess? (GES 27.22, -6.32) is sliding 18.9% after its earnings missed estimates and the company issued downside guidance. Today's selling has put an end to a month-long rally as shares of the apparel retailer are back near their July levels.

New home sales and the FHFA Housing Price Index will be reported at 10 AM ET.DJ30 -44.99 NASDAQ -9.59 SP500 -3.77 NASDAQ Adv/Vol/Dec 681/113.8 mln/1314 NYSE Adv/Vol/Dec 1113/54.5 mln/1513

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -8.80. Heading into the open, futures are at pre-market lows, signaling a lower open by 0.2%.

Consumer stocks bear watching today after Hain Celestial Group (HAIN 64.01, +7.10) and Hormel Foods (HRL 29.19, +0.77) reported earnings. Hain is higher by 12.5% after beating on earnings and issuing upside guidance. The company also acquired select UK brands. Hormel is up 2.0% after reporting in-line earnings and reaffirming guidance.

New home sales and the FHFA Housing Price Index will be reported at 10 AM ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -8.00. European markets started the day on a strong note, but a protracted sell-off began shortly thereafter and continued into the afternoon. The major regional indices got an initial lift from the renewed hopes of easing by the Federal Reserve. In addition, both Germany and France beat their respective manufacturing PMI estimates, though Germany missed its services component. Also of note were comments made by Germany's Finance minister who stated the Eurozone has already hit the limits on what is economically viable for additional aid to Greece. Currently, UK's FTSE is managing to stay positive, up 0.1%. Meanwhile, France's CAC and Germany's DAX are lower by 1.0% and 0.6%, respectively.

In the UK, mining stocks are generally higher. Randgold Resources and Antofagasta are up 3.5% and 2.4%, respectively. Anglo American is higher by 2.2% as it nears an agreement to end an on-going dispute over a copper mine.

France's CAC is being dragged down by utility companies with Veolia Environnement and Electricite de France lower by 1.8% and 1.5%, respectively. Telecom and technology stocks are rising with Vivendi up 0.9% and STMicroelectronics higher by 0.6%.

In Germany, ThyssenKrupp is leading the way, up 1.4%. Meanwhile, Adidas is higher by 1.0% after reporting earnings which exceeded analyst estimates. The company also raised its full-year forecast. Utility provider RWE is down 2.2% after talks to sell its Suewag Energie unit have stalled.

The major Asian markets all ended in the positive territory. The night kicked off with China's HSBC Manufacturing PMI coming in at 47.8, a 9-month low. After an initial move to the downside, speculation of RRR cuts moved markets higher. When coupling this with hints from the Fed minutes yesterday suggesting members are warming up to the idea of increased stimulus, risk became the trade du jour. FOMC dove Charles Evans spoke in Beijing, suggesting QE3 would add confidence to the markets. Reports out of Japan suggest PM Noda may dissolve the lower house as early as October.

In Japan, the Nikkei closed higher by 0.5% as financials and industrials led the way with respective gains of 1.3% and 1.0%. Energy was the only negative sector, down 0.6%. Japan Steel Work was among the laggards, settling 3.0% lower.

Hong Kong's Hang Seng closed up 1.2%. Both cyclicals and non-cyclicals were strong, both closing ~1.5% higher. Utilities underperformed, up only 0.2%.

In China, the Shanghai Composite rebounded from early declines to close up 0.3%. Basic Materials helped pull the index into positive territory, with a 2.4% gain. Petro China reported earnings after the close, exceeding estimates on net income and revenues.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: -3.80.

The latest weekly initial jobless claims count totaled 372,000, which is higher than the 365,000 that had been expected. The tally is also up from the revised prior week count of 368,000. As for continuing claims, they rose to about 3.317 million from 3.305 million.

Futures did not move following the announcement.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -2.30. U.S. equity futures have been trading in a narrow pre-market range and have recently slipped to morning lows. They are currently signaling a flattish open. The weekly jobless claims data at 8:30 ET has the potential to add some volatility to what otherwise would be a very quiet morning.

Global markets are higher this morning after the Federal Reserve left the door open for further easing if the economy remains stagnant. The first overseas data point was China's HSBC Manufacturing PMI which came in at 47.8, a 9-month low. After an initial move to the downside, speculation of RRR cuts moved markets higher. Chicago Federal Reserve president Charles Evans spoke in Beijing, suggesting QE3 would add confidence to the markets.

In Europe, both Germany and France beat their respective manufacturing PMI estimates, though Germany missed its services component. As Greek aid once again becomes a key point of discussion in Europe, Germany's Finance Minister stated the Eurozone has already hit the limits on what is economically viable for additional aid to Greece.

Although the broader market is doing little of interest, there are a few big names moving on news/earnings.

Hewlett-Packard (HPQ 18.33, -0.87) is sliding 4.5% after missing revenue estimates and issuing in-line guidance. The company cited decreasing desktop and laptop demand as the reason for the revenue miss, and management pointed to weak macroeconomic conditions on the conference call.

Big Lots (BIG 31.00, -7.84) is slumping 20.2% after the retailer reported earnings and revenues below expectations. The company also issued downside guidance.

Best Buy (BBY 18.26, +0.54) is higher by 3.1% as reports indicate the company will resume talks with its founder Richard Schulze about conducting due diligence.

Initial and continuing unemployment claims will be released at 8:30 AM ET. In addition, the FHFA Housing Price Index and new home sales will be reported at 10 AM ET.

06:27 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.00.

06:27 am : Nikkei...3663.34...+46.40...+0.50%. Hang Seng...20132.24...+244.50...+1.20%.

06:27 am : FTSE...5797.08...+22.10...+0.40%. DAX...7031.79...+14.00...+0.20%.

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 and http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 4 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr