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 Post subject: February 26th Thursday
PostPosted: Thu Feb 26, 2009 6:38 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name NihabaAshi are archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=20&t=116

My Trading Performance: +14.75 Emini ES points

Regards,
M.A. Perry

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



Yahoo! Finance

4:30 pm : The major indices began the session with solid gains, helped by ongoing efforts to bolster the financial system, but choppy trading and more negative headlines eventually took their toll on stocks, sending them into the red.

Stocks climbed as much as 2% in the early going after participants reacted positively to reports the United Kingdom government will help protect banks against future losses by insuring assets.

To address potential future challenges to the U.S. financial system, President Obama is proposing to add a $250 billion placeholder in this year's budget. The money would come on top of funds already allocated to stemming the financial crisis, and would push the proposed deficit to $1.75 trillion.

The planning in Europe and at home marked another step in overcoming financial calamity.

At its session high, the financial sector was up almost 7%, while banks were up more than 13%, according to the KBW Banking Index. Those gains were eventually pared, though.

FDIC reported that at the end of the fourth quarter its list of troubled institutions grew to 252 from 171 at the end of the third quarter. News that there is a larger number of institutions challenged by dour economic conditions didn't necessarily tell investors anything new. However, the report still accounts for one more negative headline.

Financials finished the session 2% higher. The KBW Banking Index finished almost 5% higher. JPMorgan Chase (JPM 23.05, +1.32) provided leadership after it indicated first quarter results are solidly profitable thus far, and the company's outlook is roughly in-line with analysts' expectations.

Though the broader market has followed the lead of financial stocks in recent weeks, financials were unable to induce buying in the broader market. All three major indices gradually surrendered their early gains and finished the session with a loss.

Health care stocks lagged for the entire session. The sector closed with a 5.1% loss. Particular weakness was seen in managed care companies, which dropped amid concern that health care reform will reduce Medicare spending.

Bleak economic data did little to support stock buying.

The latest data indicated January durable goods orders fell a more-than-expected 5.2%. Excluding transportation, durable goods fell 2.5%, which was also steeper than expected.

January new home sales fell more than expected to an annualized rate of 309,000 units, which is a record low.

Jobless claims continue to rise beyond expectations. Initial claims climbed 36,000 to 667,000 from the prior week. Continuing claims came in just below 5.03 million, up from nearly 5.00 million in the prior reading.

Earnings news had little impact on trading. General Motors (GM 2.38, -0.17) missed expectations, as did Safeway (SWY 18.37, -2.75). Fluor (FLR 34.90, +1.95) posted better-than-expected results and issued upside guidance. Express Scripts (ESRX 52.79, -4.67) reported in-line results. DJ30 -88.81 NASDAQ -33.96 NQ100 -2.9% R2K -2.1% SP400 -1.8% SP500 -12.07 NASDAQ Dec/Adv/Vol 1675/956/2.15 bln NYSE Dec/Adv/Vol 1674/1412/1.49 bln

3:30 pm : April crude oil rallied for a third straight session. The crude oil contracts closed at $45.15 per barrel, up 6.2%. The contracts are now up 14.3% for the week.

April natural gas futures traded as high as $4.13 and as low as $4.02 on the session. The contracts managed to finish at $4.07 per contract, up 1% on the session.

There was a considerable sell-off in gold futures contracts this session. April gold futures traded down 2.4% to close at $942.60 per ounce, but they are still up 6.6% for the year.

April silver trended in a similar fashion to gold. Silver futures closed at $12.95 per ounce, down 6.7%.DJ30 -76.54 NASDAQ -28.15 SP500 -10.66 NASDAQ Dec/Adv/Vol 1595/1033/1.9 bln NYSE Dec/Adv/Vol 1692/1401/1.1 bln

3:00 pm : Stocks are falling to fresh session lows. The intensified selling effort comes after FDIC reported that its Problem List expanded to 252 institutions at the end of the fourth quarter.

Though the report didn't necessarily tell investors anything new, since it remains widely recognized that a growing number of banks and financial institutions are challenged, it still represents one more negative headline.

FDIC reported that the 252 troubled institutions hold a combined $159 billion in assets. At the end of the third quarter the list had 171 institutions holding $116 billion in assets.

The financial sector is now trading with a 1% gain. It had been up nearly 7% at its session high.DJ30 -70.81 NASDAQ -26.44 SP500 -9.47 NASDAQ Dec/Adv/Vol 1504/1111/1.69 bln NYSE Dec/Adv/Vol 1540/1508/983 mln

2:30 pm : The stock market continues to gyrate along the neutral line. The movements seem to suggest participants are now unsure which way to take stocks after beginning the session with strong gains.

There was plenty in the way of earnings announcements this morning, but the reports have received little attention by the broader market.

Among the companies that announced, Express Scripts (ESRX 52.68, -4.78) posted in-line quarterly results. Fluor (FLR 35.46, +2.51) topped expectations and issued upside guidance. Safeway (SWY 18.66, -2.46) missed expectations, but reaffirmed its in-line guidance. General Motors (GM 2.42, -0.13) posted deeper losses than expected. Dean Foods (DF 20.42, -0.09) increased its earnings outlook.DJ30 +23.89 NASDAQ -8.90 SP500 +0.93 NASDAQ Dec/Adv/Vol 1249/1334/1.50 bln NYSE Dec/Adv/Vol 1209/1834/879 mln

1:55 pm : The major indices trade in mixed fashion near the unchanged mark. The financial sector (+4.4%) continues to provide leadership.

Market breadth is positive, with advancers outpacing decliners by 5-to-3 on the NYSE and by 6-to-5 on the NasdaqDJ30 +24.37 NASDAQ -5.74 SP500 +1.59 NASDAQ Dec/Adv/Vol 1169/1379/1.35 bln NYSE Dec/Adv/Vol 1133/1895/779 mln

1:30 pm : The stock market recently fell into negative territory, but has since recovered into the green. Still, action remains choppy as participants seek direction.

The descent by stocks has been gradual. Stocks had been up as much as 2.0%.DJ30 +21.02 NASDAQ -6.32 SP500 +1.25 NASDAQ Dec/Adv/Vol 1174/1357/1.26 bln NYSE Dec/Adv/Vol 1164/1859/724 mln

1:00 pm : The stock market began the session in positive fashion, climbing to a gain of 2.0% at its session high. Action has been choppy, though, and stocks have surrendered most of the early gains.

The positive tone in the early going followed reports that the United Kingdom government will insure assets at banks to help protect against future losses. That helped shares of major European banks soar. Europe's plan, coupled with domestic efforts to support banks under the Capital Asset Purchase plan, created a positive response among U.S. investors.

Major U.S. banks saw their stock prices climb. The KBW Bank Index is currently up more than 7%, while the broader financial sector is up 4.4%.

JPMorgan Chase (JPM 23.50, +1.77) is one of the best performing banks this session. Its strength comes after the company indicated first quarter results are solidly profitable thus far, and the company's outlook is roughly in-line with analysts' expectations.

Health care stocks (-2.6%) are trading with marked weakness this session. Their downturn comes amid concern that President Obama's efforts to reform the nation's health care system will cut Medicare spending. That has pushed shares of managed care players UnitedHealth (UNH 20.32, -2.71) and Wellpoint (WLP 34.95, -4.17) sharply lower.

President Obama's proposed budget shows a $1.75 trillion deficit for this fiscal year. Obama is also setting a $250 billion placeholder for use if the financial system needs further assistance. That money would come on top of funds already allocated to stemming the financial crisis.

Still, much of the budget involves spending efforts to spur economic conditions. According to the latest data, January durable goods orders fell more than expected, annualized new home sales for January fell more than expected to a record low, and jobless claims continue to rise beyond expectations.

Earnings news remains generally overlooked. General Motors (GM 2.39, -0.16) posted a deeper-than-expected loss and continues to rapidly burn through cash. GM already indicated it will need more money from the government if it is to remain viable. DJ30 +21.74 NASDAQ -4.78 SP500 +1.48 NASDAQ Dec/Adv/Vol 1107/1396/1.14 bln NYSE Dec/Adv/Vol 1114/1895/650 mln

12:30 pm : Choppy trading has taken the major indices to their session lows. The Nasdaq has actually slipped into negative territory.

The downward move has been rather broad-based as consumer discretionary stocks (-0.3%), consumer staples stocks (-0.9%), health care stocks (-2.5%), and utilities stocks (-0.3%) are all in the red.DJ30 +16.89 NASDAQ -3.75 SP500 +0.90 NASDAQ Dec/Adv/Vol 1081/1391/1.03 bln NYSE Dec/Adv/Vol 1107/1883/599 mln

12:00 pm : Weakness in UnitedHealth (UNH 20.66, -2.37), Wellpoint (WLP 36.11, -3.01), and Abbott (ABT 526.56, -1.06) is weighing down the health care sector (-1.7%), causing the sector to underperform the broader market.

This session's declilne in UnitedHealth and Wellpoint, among other managed care names, shares follows the release of details in President Obama's health care plan. Early reports suggest the plan will cut Medicare spending.

Meanwhile, Abbott's weakness comes even though its shares were recently given a favorable rating by certain analysts.DJ30 +72.24 NASDAQ +6.98 SP500 +7.93 NASDAQ Dec/Adv/Vol 896/1532/927 mln NYSE Dec/Adv/Vol 858/2122/541 mln

11:30 am : The financial sector continues to trade with robust gains. Advancers in the financial sector currently outnumber declining issues by 7-to-1.

JPMorgan Chase (JPM 23.94, +2.21) is now providing the most leadership to financial stocks. JPM's share price is currently up more than 10% this session, marking the stock's best single-session performance by percent change since a 12.6% gain earlier in the month.

Strength in shares of JPM come after the bank indicated during a presentation that its first quarter results are solidly profitable, and that the company's outlook is roughly in-line with analysts' expectations. The company did note that losses will continue to grow in home equity, though it does see an end as California is one location where they see some meaningful bottoming in house prices.

JPMorgan's influence is helping propel other banks this session. The KBW Bank Index is currently up more than 9%.DJ30 +73.83 NASDAQ +6.74 SP500 +7.99 NASDAQ Dec/Adv/Vol 799/1599/783 mln NYSE Dec/Adv/Vol 807/2157/467 mln

11:00 am : The Nasdaq had been lagging the broader S&P 500 for much of the morning, but recently made up some ground thanks to strength in large-cap tech stocks Intel (INTC 13.58, +0.55), Cisco (CSCO 15.11, +0.34), and Google (GOOG 350.99, +9.35).

Shares of technology and tech services giant IBM (IBM 89.93, +4.03) are also making strong gains. Their advance has picked up momentum after reports noted the company reaffirmed its guidance for 2009 in a regulatory filing. IBM expects to earn at least $9.20 per share for the year. The consensus 2009 earnings estimate currently stands at $9.05 per share.

IBM also indicated it has been investing to capture growth in emerging markets, while focusing on productivity and cost savings. The company has also been divesting cyclical and commoditizing businesses as it focuses on higher value segments.DJ30 +108.56 NASDAQ +15.18 SP500 +11.84 NASDAQ Dec/Adv/Vol 753/1581/615 mln NYSE Dec/Adv/Vol 699/2219/380 mln

10:30 am : Stocks continue to trade with solid gains, though action has been choppy. Financial stocks (+5.8%) are trading as leaders, while health care stocks (-1.2%) are trading as laggards.

Materials stocks (+3.0%) and energy stocks (+2.7%) are also trading with solid gains. Their advance comes amid higher commodity and energy prices.

The CRB Commodity Index is currently up 1.5%. This is the third straight session in which the CRB has climbed by more than 1%.

Part of the CRB's gain is owed to higher crude oil futures prices. Crude oil futures contracts are currently pricing oil at $45.00 per barrel, up 5.9%.

Natural gas prices are currently up modestly to $4.05 per contract. The latest inventory data indicated natural gas stock piles declined from the prior week.

Gold continues to trade with weakness as the metal's price slips for the fourth straight session. Contracts for gold currently price the yellow metal 2.5% lower at $942.50 per ounce.

Silver prices are also coming down. Contracts for silver currently price the metal at $13.19 per ounce. That translates to a decline of nearly 5.0% from the prior session's close.DJ30 +89.84 NASDAQ 10.93 SP500 +11.07 NASDAQ Dec/Adv/Vol 735/1513/454 mln NYSE Dec/Adv/Vol 664/2176/294 mln

10:00 am : Just hitting news wires, new home sales for January came in at an annualized rate of 309,000 units. That is down from the prior reading, which was upwardly revised to show an annualized sales rate of 344,000 units. Economists expected January new home sales to reach a rate of 324,000 units.

The latest reading puts new home sales at a record low.

Month-over-month, new home sales were down 10.2%. They were expected to decline 2.1% from the prior month. The previous monthly change was revised higher to reflect a 9.5% drop.

Despite another dose of disappointing economic data, stocks are climbing to higher levels. Nine of the 10 sectors in the S&P 500 are now trading with gains; financial stocks (+5.6%) continue to lead the way.

Trading up: SNV +27.1%, LYG +24.9%, FITB +24.8%, ZION +21.1%, RBS +19.7%, LVS +17.1%, ING +16.4%, COF +15.6%, STI +14.7%, FAS +13.2%, UBS +12.8%, C-I +12.7%, BAC +12.6%, RF +12.5%, AFL +12.3%, CS +11.7%, PCS +11.6%, BAC-H +11.2%, GNK +11.2%, C +11.1%, FLS +11.1%, WFC +10.4%, FLR +10.2%, CIT +10.1%, AF +9.8%... Trading down: MIC -29.7%, TEG -26.2%, PSYS -22.8%, TRLG -18.9%, KWR -18.8%, RRR -17.1%, PSYS -16.2%, CKP -13.6%, MDAS -13.5%, TRLG -12.5%, FAZ -11.6%, NUVA -10.1%, NIHD -8.5%.DJ30 +94.22 NASDAQ +5.12 SP500 +10.36 NASDAQ Dec/Adv/Vol 784/1365/262 mln NYSE Dec/Adv/Vol 618/2109/188 mln

09:45 am : The S&P 500 is outpacing its counterparts as stocks begin the session with solid gains. Financial stocks are driving the upward push.

Thanks to strength in diversified banks (+8.1%), diversified financial services companies (+7.9%), and regional banks (+6.8%), the financial sector is up 4.7%.

Primary leaders in the financial sector include Goldman Sachs (GS 91.10, +1.18), Citigroup (C 2.65, +0.13), and MetLife (MET 22.55, +0.50).DJ30 +61.09 NASDAQ +1.59 SP500 +6.94 NASDAQ Dec/Adv/Vol 711/1334/147 mln NYSE Dec/Adv/Vol 684/1970/117 mln

09:15 am : S&P futures vs fair value: +10.10. Nasdaq futures vs fair value: +8.00. A decidedly positive start is set for the stock market. The upbeat tone comes in the face of more grim economic data, which includes a worse-than-expected drop in January durable goods orders and larger-than-expected increases in jobless claims. The positive bias, then, comes largely from word that the United Kingdom government will insure assets at banks to help protect against future losses. The U.S. government unveiled its own Capital Asset Purchase plan yesterday. The CAP essentially provides support for banks needing capital to weather deteriorations in economic data.

09:05 am : S&P futures vs fair value: +9.10. Nasdaq futures vs fair value: +6.00. U.S. stock futures continue leading fair value, suggesting stocks will begin the session higher. The upbeat tone is being helped by improved sentiment in Europe, where stocks are trading with solid gains. Those gains follow the unveiling of a plan by the United Kingdom government to insure bank assets. Financial Times reports the plan is expected to cover some 600 billion British pounds of assets. Reports indicate Royal Bank of Scotland (RBS) is expected to submit some 325 billion British pounds of assets to the plan, though Financial Times reported last evening the company would submit 300 billion British pounds of assets to the plan. RBS is also reorganizing itself after reporting record losses. Shares of RBS, Lloyds (LYG), and HSBC (HSB) are providing leadership to the FTSE, which is currently up 1.6%. Meanwhile, France's CAC is up 1.3%. Its gains are being helped by BNP Paribas and Societe Generale. Total (TOT) is trading as a laggard, though. Allianz (AZ) is providing leadership even though it reported a loss for the latest quarter. Deutsche Bank (DB) is also trading with strength. The MSCI Asia-Pacific Index closed 0.9% lower. Japan's Nikkei closed unchanged after giving up early gains. Advantest (ATE) tumbled after warning it will cut its workforce as it faces a record loss. Daiichi Sankyo sank after U.S. regulators said Indian generic drugmaker Ranbaxy Laboratories, which is partly owned by Daiichi, falsified data. Exporters Toyota Motor (TM) and Canon (CAJ) fell, but Nissan (NSANY) gained after it stated it plans to reduce production cuts. Hong Kong's Hang Seng closed 0.9% lower. Shares of property development group Chinese Estates fell after the company warned it would swing to a loss for 2008. SmarTone Telecommunications dropped after reporting a 5% decline in revenue for the six months ended in December, and warned of further deterioration. Mainland China's Shanghai Composite closed 3.9% lower following a late-session plunge that was sparked by a decline in banking shares.

08:35 am : S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +5.80. Stock futures have pulled back in the wake of some disappointing economic data. Still, futures suggest a positive start for the session. January durable goods orders dropped 5.2%, exceeding the 2.5% decline that was widely expected. The prior reading was revised lower to reflect a 4.6% decline. Excluding transportation, January durable goods dropped 2.5%, which was also more than expected. The consensus called for a decline of 2.2%. The prior month's reading was lowered to reflect a decline of 5.5%. Initial jobless claims for the week ending Feb. 21 totaled 667,000. That was up 36,000 from the prior week, and more than the 625,000 claims that were expected. Continuing claims now stand at 5.11 million. The consensus forecast called for 5.03 million claims after the prior week's reading showed 5.00 million continuing claims on file.

08:00 am : S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +9.00. Stocks are on track for a strong start. General Motors (GM) posted an adjusted loss of $9.65 per share for the fourth quarter. The consensus forecast called for a loss of $7.40 per share. The company's revnue dropped more than 34% from the prior year, hitting $30.80 billion. Fourth quarter earnings from Fluor (FLR) totaled $1.04 per share, which is $0.12 more than the consensus earnings estimate of $0.92 per share. The better-than-expected earnings results came on the back of better-than-expected revenue, which was up nearly 29% year-over-year to $6.07 billion. Fluor reaffirmed its 2009 earnings outlook, which calls for earnings from $3.90 to $4.20 per share. That exceeds the current consensus estimate of $3.76 per share. Express Scripts (ESRX) announced fourth quarter earnings of $0.83 per share, which matches analysts' consensus estimate. The company also reaffirmed in-line guidance, seeing earnings from $3.63 to $3.73 per share. American Tower (AMT) posted better-than-expected earnings of $0.21 per share. The consensus estimate was pegged at $0.14 per share. The UK government is attempting to ease some of the problems facing Royal Bank of Scotland (RBS) by insuring some 300 billion pounds of assets, according to initial reports from Financial Times. Subsequent reports peg the insured assets at 325 billion pounds.

06:29 am : S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +2.50.

06:29 am : Nikkei...7457.93...-3.30...0.00%. Hang Seng...12894.94...-110.10...-0.90%.

06:29 am : FTSE...3880.99...+32.00...+0.80%. DAX...3869.33...+23.10...+0.60%.


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