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 Post subject: April 13th Monday 2009
PostPosted: Tue Apr 14, 2009 8:04 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
No trades today for me because I'm on a 4 day holiday (April 10th, 11th, 12th and 13th). Will return to trading on April 14th Tuesday. However, you can still review the real-time posted trades and market commentary by other members of #FuturesTrades that's archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=20&t=163

My Trading Performance: 0.00 Emini ES points

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Yahoo! Finance

4:20 pm : Thanks to leadership from financial stocks, the stock market reversed an early 1.3% decline to finish with a modest gain.

Weakness was widespread and trading was listless in the early going. Financial stocks had been among the session's worst performing sectors in the first few minutes of action, falling as much as 2.7% as traders took profits following the strong gains that financials registered late last week. However, buyers provided support by buying the dip in financials, as has been the case in recent weeks.

Goldman Sachs (GS 130.60, +6.27) provided a strong, positive influence to the financial sector. Goldman announced that it raised $5.5 billion in capital to fund another private equity operation, and while the company previously stated it does not intend to raise any more capital through share offerings, it reneged by announcing after the closing bell a $5 billion public offering of common equity. Goldman used the announcement as an opportunity to report its quarterly results, which were scheduled to be announced Tuesday morning. Goldman posted earnings of $3.39 per share, which is far better than the $1.60 per share that was widely expected. Goldman also trimmed its quarterly dividend to $0.35 per share from almost $0.47 per share.

Financials were able to close with a 4.8% gain, a bit shy of their session high, and are now down 11.0% year-to-date. That means financials are no longer the worst performing sector this year.

Industrials have replaced financials as the year's worst performing sector. Industrials are down 12.9% this year, but they logged a 0.4% gain this session. General Electric (GE 12.12, +0.79) was the primary leader among industrial stocks.

Health care stocks traded with gains for virtually the entire session, but they weren't really a source of leadership for the broader market. Health care gained 0.3% amid support from Express Scripts (ESRX 56.81, +7.64) and WellPoint (WLP 43.62, +3.28). The companies have signed a definitive agreement in which Express Scripts will acquire WellPoint's NetRx subsidiaries for $4.675 billion.

Health care stocks will likely remain in focus tomorrow as Dow component Johnson & Johnson (JNJ 51.10, -0.31) reports quarterly results tomorrow morning.

The energy sector lagged the broader market for the entire session, and closed 1.3% lower. Energy stocks were hampered by news that Chevron (CVX 67.98, -1.25) expects sequential earnings to be down sharply, partly due to lower oil prices.

Crude oil contracts fell under a stiff bout of selling pressure. Contract prices closed 4.2% lower at $50.05 per barrel after the IEA cut its 2009 global oil demand forecast by 1 million barrels per day.

Participants will have plenty to assess tomorrow. In addition to several widely watched earnings announcements the March Producer Price Index, March Advance Retail Sales data, and February Business Inventories are all due tomorrow morning.DJ30 -25.57 NASDAQ +0.77 SP500 +2.17 NASDAQ Adv/Vol/Dec 1353/1.83 bln/1358 NYSE Adv/Vol/Dec 1782/1.48 bln/1264

3:30 pm : The equity markets are currently trading at their best levels of the session.

On the other hand, the energy sector has lagged the market this session.

Bearish data from the IEA concerning oil sent May crude oil futures sharply lower at the open of the pit trade. The contracts hit session lows of $48.84 per barrel in the morning but were able to fight their way back to the $51.75 level in the afternoon. The contracts subsequently moved lower again and closed at $50.05 per barrel, down 4.2%.

May natural gas contracts opened the pit trade lower but were able to recoup all of their losses. The contracts climbed throughout the session and were able to close in positive territory, just off session highs, at $3.63 per contract, up $0.02.

In contrast, precious metals traded with strength on the session.

June gold futures contracts opened sharply higher at the open of the pit trade. The contracts were in the green all day and recorded session highs at $901.20 per ounce. The May futures closed at $895.80 per ounce, up 1.4%.

May silver moved higher and hit a session high of $12.87 per ounce early in the pit trade. The contracts experienced only a modest pullback thereafter and were able to finish at $12.77 per ounce, up 3.6%.DJ30 -1.91 NASDAQ +3.45 SP500 +4.45 NASDAQ Adv/Vol/Dec 1297/1.5 bln/1422 NYSE Adv/Vol/Dec 1780/1.1 bln/1239

3:00 pm : The broad-based S&P 500 continues to flirt with the unchanged line, while the blue chip Dow Jones Industrial Average and the tech-rich Nasdaq continue to trade with modest losses.

Treasuries are having a strong session. The benchmark 10-year Note is currently up 22 ticks, which has pushed its yield down to 2.84%. The 30-year Bond, meanwhile, is up 39 ticks, which has pushed its yield to 3.68%.DJ30 -45.96 NASDAQ -5.85 SP500 -0.59 NASDAQ Adv/Vol/Dec 1122/1.27 bln/1581 NYSE Adv/Vol/Dec 1550/987 mln/1484

2:30 pm : The major indices run into some modest resistance, sending the S&P 500 back into negative territory.DJ30 -41.53 NASDAQ -8.01 SP500 -0.90 NASDAQ Adv/Vol/Dec 1057/1.15 bln/1624 NYSE Adv/Vol/Dec 1514/894 mln/1502

1:55 pm : The S&P 500 trades with a slight gain following a mostly broad-based push higher. Financials (+3.4%) and materials (+0.6%) are providing leadership.

The utility (-1.3%) and telecom (-1.3%) sectors, however, have been heading sideways and healthcare (+0.5%) has actually been on the decline.DJ30 -30.59 NASDAQ -5.17 SP500 +0.89 NASDAQ Adv/Vol/Dec 1032/1.03 bln/1612 NYSE Adv/Vol/Dec 1469/800 mln/1525

1:30 pm : Stocks have spiked upward, but have yet to make their way into positive territory.

The upward move has pulled materials stocks into the green, though. Materials are up 0.1%, partly helped along by higher gold prices. Gold contracts recently quoted the yellow metal at $896.20 per ounce, up 1.6%.

Separately, according to The Wall Street Journal, President Obama is planning to allow U.S. telecom companies to apply for licenses in Cuba, which would allow telecom companies like AT&T (T 25.94, -0.16) and Verizon (VZ 31.64, -0.46) to set up cellular services. Shares of the companies climbed slightly higher in the wake of the report.DJ30 -50.18 NASDAQ -8.47 SP500 -1.36 NASDAQ Adv/Vol/Dec 936/950 mln/1696 NYSE Adv/Vol/Dec 1304/732 mln/1657

1:00 pm : Strength in financial stocks has failed to inspire much buying in the broader market, so the major indices are still stuck in the red. Trading remains choppy.

Losses are broad-based this session. Eight of the 10 sectors in the S&P 500 are in the red. Energy is among the worst performing sectors; it is currently off by 1.5%. The energy sector's downturn comes amid weakness in integrated energy giant Chevron (CVX 67.16, -2.07), which expects quarterly earnings to be down sharply from the prior quarter.

Chevron's lowered profit expectations stem largely from softer demand and lower prices. As such, the IEA cut its 2009 global oil demand forecast by 1 million barrels per day.

The threat of less demand has crude oil futures trading 3.1% lower to $50.65 per barrel. Crude had been down almost 6% earlier.

Automakers are also trading with considerable weakness. Reports indicate that the Treasury is urging General Motors (GM 1.72, -0.32) to prepare for bankruptcy, though the company continues to work toward a bankruptcy-free restructuring.

Financials attracted positive interest after faltering in the early going. The early decline came as profit takers looked to lock in the gains registered late last week. However, the opportunity to scoop up financials at a lower price brought in buyers. Financial stocks are now up 1.8%, helping provide some support to the broader market.

Health care stocks (+0.5%) are also showing gains. Interest in the sector follows news that Express Scripts (ESRX 55.66, +6.49) has signed a definitive agreement to acquire WellPoint's (WLP 43.39, +3.05) NetRx subsidiaries for $4.675 billion. The two stocks are providing the most leadership to the health care sector.DJ30 -79.89 NASDAQ -13.36 SP500 -5.04 NASDAQ Adv/Vol/Dec 875/871 mln/1758 NYSE Adv/Vol/Dec 1176/674 mln/1770

12:30 pm : The Dow is still down by almost 1%, which is slightly worse than its primary counterparts -- the Nasdaq and S&P 500.

The Dow's decline comes amid weakness in Boeing (BA 36.52, -2.63) and IBM (IBM 99.73, -1.97). Boeing reported that it plans to reduce production plans, which will reduce its expected earnings. Chevron (CVX 67.53, -1.70) is also weighing on the Dow; Chevron indicated it expects sequential profits to be down sharply.DJ30 -74-.71 NASDAQ -13.93 SP500 -4.67 NASDAQ Adv/Vol/Dec 876/793 mln/1722 NYSE Adv/Vol/Dec 1151/616 mln/1805

12:00 pm : Financial stocks had been up as much as 3.4% earlier, but have since surrendered much of their gains. Financials actually came all the way back to the unchanged mark, but received enough support to reclaim some of their gains. Financials are currently up 0.7%. DJ30 -100.12 NASDAQ -16.78 SP500 -7.57 NASDAQ Adv/Vol/Dec 835/718 mln/1712 NYSE Adv/Vol/Dec 1057/559 mln/1875

11:30 am : Stocks are attempting to recover again, making for choppy trading. Weakness remains widespread, though, as declining issues in the S&P 500 outnumber advancers by 4-to-1.

Financial stocks (+1.4%) and health care stocks (+0.4%) remain the only major sectors within the S&P 500 to sport gains.DJ30 -83.71 NASDAQ -15.58 SP500 -5.13 NASDAQ Adv/Vol/Dec 816/620 mln/1716 NYSE Adv/Vol/Dec 1050/489 mln/1855

11:00 am : The major indices recently pared their losses, but were never able to fully recover all the way back to the neutral mark. The upward momentum has since subsided and stocks have slipped back to earlier levels.

Despite continued weakness in the broader market, financials (+1.6%) continue to hold on to a healthy gain. Consumer finance (+6.7%), diversified financial services (+4.9%), and investment banks and brokerages (+3.0%) are the best performing industry groups within the financial sector.

Among investment banks and brokerages, Goldman Sachs (GS 129.16, +4.83) is showing considerable strength, but the stock's upward push has slowed as it approaches $130 per share, which is being viewed as a resistance level. Goldman Sachs recently raised $5.5 billion in capital to fund a private equity operation, and separate reports indicate the company may issue an offering to help it repay the $10 billion it borrowed from the government. DJ30 -115.73 NASDAQ -20.19 SP500 -8.13 NASDAQ Adv/Vol/Dec 758/521 mln/1727 NYSE Adv/Vol/Dec 980/428 mln/1899

10:30 am : Financial stocks started the session with losses exceeding more than 1%. The weakness came as traders moved to lock in profits by selling shares of companies like Wells Fargo (WFC 19.80, +0.19), JPMorgan Chase (JPM 33.85, +1.10), and U.S. Bancorp (USB 17.91, +0.27), among others, after watching those stocks log respective gains of 31.7%, 19.4%, and 22.8% last Thursday, which was the final trading session of last week. The impressive rallies had been set off by an upbeat earnings preannouncement from Wells Fargo.

However, this session's early downturn by financials has been met with buying interest. As has been the case in recent weeks, many participants are viewing declines in stock prices as opportunities to buy at lower prices rather than as cues to sell. Financial stocks are now up 2.9%, helping pare losses in the broader market.DJ30 -66.67 NASDAQ -6.70 SP500 -3.48 NASDAQ Adv/Vol/Dec 932/363 mln/1480 NYSE Adv/Vol/Dec 1144/317 mln/1667

10:00 am : Health care (+0.2) started the session as the only sector in the S&P 500 to trade with a gain. However, financials (+0.1%) have swung from an early loss to trade modestly higher.

Health care's strength comes as managed health care names like WellPoint (WLP 42.70, +2.396), UnitedHealth (UNH 23.91, +0.05), Aetna (AET 26.76, +0.95), and Humana (HUM 29.49, +0.61) provide leadership to the sector. Health care services stocks Express Scripts (ESRX 53.59, +4.42) and Medco Health (MHS 42.14, +0.10) are following.

Part of the attraction to the health care sector follows word that Express Scripts will pay $4.675 billion to acquire the NetRx subsidiaries from WellPoint. Express Scripts expects to deliver to NetRx customers better web and home delivery service capabilities. The transaction is expected to close in the second half of this year.

Early movers: Trading up: RRR +18.7%, DNDN +17.1%, MGM +15.1%, MYE +14.8%, FEED +13.3%, SNIC +12.4%, C +11.2%, TTWO +9.9%. Trading down: TRE -19.5%, GLBC -19.2%, TXT -18.4%, WFR -16.4%, SPW -15.8%, NCS -13.4%, SUSQ -13.2%, CDR -12.8%, HPT -11.8%, SAY -11.7%, PAET -11.2%, B -10.9%, HW -10.7%, STX -10.7%, TPX -10.6%, SPPI -10.5%DJ30 -101.23 NASDAQ -14.46 SP500 -9.34 NASDAQ Adv/Vol/Dec 654/219 mln/1663 NYSE Adv/Vol/Dec 639 /195 mln/2122

09:45 am : Stocks are off to a weak start. Losses are broad-based, but some of the most notable declines are being seen in the energy sector (-2.3%), industrials sector (-1.9%), and financial sector (-0.9%).

The energy sector's downturn comes as selling pressure intensifies against crude oil. Crude had been trading roughly 1% lower ahead of pit trading, but is now down 5.7% to $49.30 per barrel. The drop in oil prices follows a reduced 2009 global demand forecast from the IEA.

Industrials are down amid declines in shares of building products companies (-4.1%), tires and rubber companies (-3.8%), and industrial machinery companies (-3.3%). Industrial conglomerate General Electric (GE 11.35, +0.02) is providing some support to the sector, though. The company is scheduled to report its latest quarterly results at the end of this week.

The declines seen in financial stocks are relatively broad-based, yet the steepest downturns are being seen in shares of diversified banks (-2.9%) and regional banks (-3.3%). These industries are being hit by profit takers looking to lock in gains following the sharp rallies registered by those groups late last week.DJ30 -101.95 NASDAQ -15.33 SP500 -9.64 NASDAQ Adv/Vol/Dec 620/129 mln/1617 NYSE Adv/Vol/Dec 589/127 mln/2090

09:15 am : S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -10.80. Stock futures remain on track for a lower start. The Wall Street Journal reported that Microsoft (MSFT) and Yahoo! (YHOO) are back in talks. The Wall Street Journal also reported that General Motors (GM) may run into legal troubles if it attempts to make a quick trip through bankruptcy proceedings, but The New York Times reported the company is being urged by the Treasury to prepare for bankruptcy in the event GM does not achieve necessary agreements to help it complete its restructuring. In other news, Express Scripts (ESRX) has signed a definitive agreement to acquire WellPoint's (WLP) NetRx subsidiaries for $4.675 billion, and the IEA has lowered its estimate for daily oil demand. There aren't any meaningful earnings reports for participants to digest this session. However, that changes tomorrow, when Goldman Sachs (GS), Johnson & Johnson (JNJ), and Intel (INTC) report their latest results. Financial heavyweights JPMorgan Chase (JPM) and Citigroup (C) report later in the week; the bar has been raised for many financial players in the wake of a better-than-expected preannouncement last week from Wells Fargo (WFC). Economics also return focus Tuesday. The March Producer Price Index, March Advance Retail Sales Report, and February Business Inventories are all due tomorrow morning.

09:00 am : S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -9.30. The IEA cut its 2009 global oil demand forecast by 1 million barrels per day. The expected reduction in demand has crude oil prices trading roughly 1% lower at $51.75 per barrel ahead of pit trading. Though oil prices remain roughly 16% higher year-to-date, the price of oil is still down roughly 65% from the record highs registered last summer. Lower oil prices have hampered profits at integrated energy giant Chevron (CVX), and led the company to indicate it expects its first quarter earnings to be sharply lower than fourth quarter earnings. Shares of CVX were recently quoted 2.4% lower at $67.60 per share in premarket trading. Shares of Exxon Mobil (XOM) are trading lower in sympathy; the stock was recently quoted 1.1% lower at $69.06 per share ahead of the opening bell. Meanwhile, broader stock futures for the major indices are pointing toward a modestly lower start.

08:35 am : S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -9.50. Japan's Nikkei was one of the few major foreign indices to remain open Monday -- Hong Kong's Hang Seng and the major European bourses closed trading for holiday observance. Even though advancing issues had a slight edge over decliners on the Nikkei, the Japanese index still closed 0.4% lower. Fast Retailing and TDK Corp were primary laggards on the Nikkei. Fast Retailing dropped 5.8%, building on Friday's 7.6% downturn. Dentsu providied some support though. Shares of the advertising services outfit climbed 3.8%. Toyota Motor (TM) finished 0.8% higher, but a Dow Jones report indicates the company is expected to post its second straight annual loss.

08:05 am : S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -12.30. Overall news flow is a bit slow this morning, though Express Scripts (ESRX) has signed a definitive agreement to acquire WellPoint's (WLP) NetRx subsidiaries for $4.675 billion. The Wall Street Journal reported that its sources indicated Microsoft (MSFT) and Yahoo! (YHOO) resumed talks about partnering their search and advertising businesses. Whether this is merely the latest rumor regarding a partnership between the two outfits has yet to be determined. The Wall Street Journal also reported that Goldman Sachs (GS) is considering a multibillion share offering to help repay the $10 billion it owes to the government. Meanwhile, Goldman has closed a private equity securities fund after raising $5.5 billion in capital. The reports come ahead of Goldman's first quarter earnings announcement, which is scheduled to occur before tomorrow's opening bell. Shares of GS were initiated with a Buy rating by analysts at Citigroup. Stock futures currently point to a lower start for the major indices.

06:22 am : S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -13.80.

06:20 am : Nikkei...8924.43...-39.70...-0.40%. Hang Seng...Holiday.........

06:20 am : FTSE...Holiday......... DAX...Holiday.........


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