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 10:09 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: April 22nd Wednesday 2009
PostPosted: Wed Apr 22, 2009 6:46 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Attachment:
042209NihabaAshiPnLBlotterProfit.png
042209NihabaAshiPnLBlotterProfit.png [ 32.09 KiB | Viewed 1533 times ]


Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name NihabaAshi. You can review each trade from entry to exit along with commentary and an occasional trading tip because its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=20&t=170

My Trading Performance: +21.50 Emini ES points

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



Wall Street Gives Up Rally Try
Stocks erase gains, with the Dow ending lower on weak bank, oil and consumer stocks.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: April 22, 2009: 5:42 PM ET

NEW YORK (CNNMoney.com) -- Stocks abandoned gains Wednesday, with the Dow ending a choppy session lower, as investors pled exhaustion after the recent six-week advance.

The Dow Jones industrial average (INDU) fell 83 points, or 1%. The S&P 500 (SPX) index lost 6 points or 0.8%. The tech-laden Nasdaq composite (COMP) gained 2 points, or 0.1%.

After the close, Apple (AAPL, Fortune 500) reported higher quarterly sales and earnings that topped estimates. Shares gained 1% in extended-hours trading.

Also after the close, eBay (EBAY, Fortune 500) reported lower quarterly sales and earnings that topped forecasts, sending shares 7% higher in extended-hours trading.

Reports are due Thursday morning from UPS (UPS, Fortune 500), PepsiCo (PEP, Fortune 500), Raytheon (RTN, Fortune 500) and Amgen (AMGN, Fortune 500).

Economic reports are due Thursday on weekly jobless claims and existing home sales for March.

Stocks seesawed through the early afternoon, moving in tune with the volatile financial sector. A late-session rally petered out in the last minutes of the session.

Stocks have been choppy this week in the aftermath of a 6-week advance that sent the S&P 500 29% percent higher, after it fell to 12-year lows.

"We had a huge short-covering rally and there's no question the momentum has slowed down," said Fred Dickson, chief market strategist at D.A. Davidson & Co.

Short-covering refers to a process by which traders who have sold equities short to take advantage of a falling market need to buy them back.

"But the psychology has changed from the fear of being in the market when there's another shoe set to drop to the fear of not being in the market when there's another big up leg on the way," he said.

Corporate results: Morgan Stanley (MS, Fortune 500) reported weaker quarterly sales and earnings that missed expectations and also slashed its dividend 81%. Shares fell 9%. (For details, click here).

Morgan Stanley was the first of the big banks to miss forecasts, after Citigroup (C, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) all reported better-than-expected profits.

But a number of other profit reports or forecasts were less negative.

Wells Fargo (WFC, Fortune 500) reported higher-than-expected quarterly sales and earnings thanks to strength in its mortgage business. The company had warned a week ago that it expected to report a better-than-expected profit. Shares eased 3.4%.

Also Wednesday, Dow component AT&T (T, Fortune 500) reported a smaller-than-expected drop in quarterly profit that topped forecasts. AT&T shares gained 1.8%.

Fellow Dow stock McDonald's (MCD, Fortune 500) also reported lower quarterly profit that topped estimates. The stock fell 2.5%.

Boeing (BA, Fortune 500) reported lower quarterly profit that missed estimates. Yet, shares gained nearly 2% after the company forecast lower full-year earnings that were still better than what analysts were expecting.

SanDisk (SNDK) reported a smaller-than-expected quarterly loss, propelling shares of the flash-memory maker by 13%.

Late Tuesday, Yahoo (YHOO, Fortune 500) reported lower quarterly sales and earnings that topped estimates. The company also said it would cut 5% of its workforce. Shares were little changed Wednesday.

Company news: General Motors (GM, Fortune 500) was in focus in the afternoon after it said it won't make a payment of $1 billion by June 1, but will instead cut debt through a debt-for-stock offering or through court protection. Shares were little changed, erasing earlier losses.

Caterpillar (CAT, Fortune 500) shares added 3.4% after JPMorgan Chase lifted its rating on the stock to "overweight" from "neutral," Reuters reported.

Ford Motor (F, Fortune 500) shares rallied 12.6% after Goldman Sachs upgraded both the U.S. auto sector and Ford stock, Reuters reported.

In other news, David Kellermann, the acting chief financial officer of mortgage finance firm Freddie Mac, was found dead in an apparent suicide, police said.

Geithner: Stocks staged a late-session advance Tuesday, after Treasury Secretary Timothy Geithner defended Treasury's Troubled Asset Relief Program (TARP) and other efforts to stabilize the financial system.

Speaking Wednesday, Geithner talked about the need for global cooperation amid the unprecedented economic crisis. He spoke at the Economic Club of Washington D.C. ahead of a meeting of world finance ministers later this week.

Bonds: Treasury prices tumbled, raising the yield on the benchmark 10-year note to 2.94% from 2.89% Tuesday. Treasury prices and yields move in opposite directions.

Lending rates were mixed. The 3-month Libor rate was unchanged from 1.10% Tuesday, according to Bloomberg.com. The overnight Libor rate rose to 0.21% from 0.21% Tuesday. Libor is a bank-to-bank lending rate.

Other markets: In global trading, Asian markets ended lower with the exception of the Nikkei. European markets ended higher.

In currency trading, the dollar fell versus the euro and the yen.

U.S. light crude oil for June delivery rose 30 cents to settle at $48.85 a barrel on the New York Mercantile Exchange.

COMEX gold for June delivery rose $9.80 to settle at $892.50 an ounce.

Yahoo! Finance

4:30 pm : For the second session in a row, stocks opened lower but buyers moved in to bid the major indices higher. However, upward momentum stalled as the S&P 500 approached the 850 level in the final hour of trading, which prompted sellers to re-enter the fold and hand stocks a sizeable loss.

The late selling effort focused on financial stocks, which closed with a loss of 3.8%, worse than any other sector in the S&P 500. Shares of Morgan Stanley (MS 22.44, -2.21) weighed heavily on the financial sector after the company reported a larger-than-expected first quarter loss and a dividend cut.

Wells Fargo (WFC 18.18, -0.63) worked to offset weakness in the financial sector. Its shares spent most of the session in higher ground after the company reported slightly better earnings than it previewed on April 9. Heading into the close, the stock surrendered its gains to join the sector's many decliners; declining issues in the financial sector outnumbered advancers by more than 6-to-1.

Industrial stocks saw the strongest gains of any sector by closing 1.1% higher. Their advance was led by General Electric (GE 11.80, +0.10), which showed relative strength as the company held a shareholder meeting.

Despite the industrial giant's strength, the Dow lagged the other headline indices and finished 1.0% lower.

Meanwhile, the Nasdaq outperformed its counterparts for nearly the entire session. Its advance was largely led by Gilead Sciences (GILD 46.22, +2.49), which garnered support after reporting better-than-expected quarterly earnings.

There were several other earnings reports for market participants to digest this session. AT&T (T 25.74, +0.46), McDonald's (MCD 54.25, -1.38), and Yahoo! (YHOO 14.48, +0.10) all topped estimates, but Boeing (BA 37.30, +0.65) and Capital One (COF 14.38, -0.67) missed estimates.

Earnings results will remain in focus heading into tomorrow's session. However, there will also be a couple of economic reports to provide direction to participants. Weekly jobless claims data is due prior to the open (8:30 AM ET), and existing home sales data for March will be released shortly after the opening bell (10:00 AM ET).DJ30 -82.99 NASDAQ +2.27 NQ100 +0.5% R2K +0.1% SP400 +0.3% SP500 -6.53 NASDAQ Adv/Vol/Dec 1393/2.62 bln/1278 NYSE Adv/Vol/Dec 1617/1.77 bln/1402

3:30 pm : Crude oil futures for June spent most of the session chopping along the neutral line, but were able to close pit trading roughly 0.9% higher at $48.98 per barrel. The higher closing price came after prices reversed early declines that followed the latest weekly inventory data, which showed a larger-than-expected build.

Meanwhile, May natural gas contracts closed the session fractionally higher at $3.53 per contract.

Despite higher energy contract prices, the energy sector is lagging the broader market. Energy stocks are currently down 0.1%.

Precious metals attracted support, which pushed gold prices 1.1% higher to close at $892.50 per ounce. Silver prices climbed almost 2% to close pit trading at $12.33 per ounce.

Gold and silver ETFs are following the underlying precious metals contract prices; the SPDR Gold Trust (GLD 87.45, +0.56) is up roughly 0.7% and iShares Silver Trust (SLV 12.15, +0.29) is up 2.4%.DJ30 +22.46 NASDAQ +25.54 SP500 +6.90 NASDAQ Adv/Vol/Dec 1630/2.2 bln/1032 NYSE Adv/Vol/Dec 2058/1.25 bln/960

3:00 pm : The S&P 500 paused after clearing the 850 level, and is now slipping. Overall gains remain solid, but financials (-0.1%) are on the backslide once again.

Regional banks (-2.1%) are weighing on the financial sector, as are property and casulty insurers (-3.3%). Diversified banks (+3.4%) and consumer finance companies (+3.2%) are providing support, though. DJ30 +29.15 NASDAQ +25.90 SP500 +7.28 NASDAQ Adv/Vol/Dec 1642/1.93 bln/1013 NYSE Adv/Vol/Dec 2065/1.10 bln/933

2:30 pm : The stock market is climbing to fresh session highs as all three of the major indices are now back in the green.

Financials had been lagging in afternoon trading, but recently attracted enough buying interest to give the sector a gain of 1.3%. Still, financials are off their session high, which was marked by a gain of roughly 2%. DJ30 +65.87 NASDAQ +31.57 SP500 +10.72 NASDAQ Adv/Vol/Dec 1707/1.77 bln/932 NYSE Adv/Vol/Dec 2163/1.00 bln/830

2:00 pm : Materials stocks (+2.2%) and industrial stocks (+2.3%) are sporting the best gains of any major sector. Their gains come on top of those registered in the prior session.

Meanwhile, utilities stocks (-1.0%) and consumer staples stocks (-0.7%) are the worst performing sectors this session. Their downturn reverses the gains they registered in the prior session.DJ30 -4.54 NASDAQ +17.52 SP500 +3.47 NASDAQ Adv/Vol/Dec 1561/1.62 bln/1062 NYSE Adv/Vol/Dec 1865/909 mln/1067

1:30 pm : The Dow and the S&P 500 continue to trade without clear direction, but the Nasdaq is still sporting strong gains.

Gilead Sciences (GILD 46.80, +3.07) is providing the most leadership to the Nasdaq. Gilead announced after the prior session's close that it earned an adjusted $0.66 per share, which is $0.07 more than the $0.59 per share that analysts were expecting.

The better-than-expected earnings results are helping shares of GILD register their best single-session percentage jump in roughly five months.DJ30 +2.63 NASDAQ +21.05 SP500 +4.64 NASDAQ Adv/Vol/Dec 1603/1.49 mln/1005 NYSE Adv/Vol/Dec 1920/832 mln/1027

1:00 pm : The major indices are mixed at midday. The stock market has had a choppy session, starting with losses on some worse-than-expected earnings news, but managing to rebound to positive territory shortly after 10:00ET, benefiting from some better-than-expected housing data. But stocks were unable to hold their gains, recently falling back to the unchanged mark in broad-based selling pressure.

The early negative bias was fueled by a larger-than-expected Q1 loss at Morgan Stanley (MS 23.15, -1.50) of $0.57 per share, or $578 million, worse than the consensus estimate that called for a loss of $0.08 per share. MS also had a net loss of $1.6 billion in December 2008, which was reported separately due to the company changing its fiscal year from Nov. 30 to Dec. 31. MS is also cutting its dividend to $0.05 from $0.27 per share.

Wells Fargo (WFC 19.19, +0.38), however, reported slightly better earnings than its April 9 preannouncement, giving shares a lift of 2%.

Much of the day's volatility has mirrored the financial sector. Financials opened with losses of 3.6%, recovered to a gain of 2.1% before retreating to its current level of -1.6%.

In other notable earnings news, Boeing (BA 37.35, +0.70) and Capital One (COF 14.64, -0.41) missed estimates. In positive earnings news, AT&T (T 26.10, +0.82), McDonald's (MCD 54.48, -1.15) and Yahoo! (YHOO 14.85, +0.47) topped estimates.

The tech sector (+0.8%) is outperforming, with semiconductors climbing 4.0% after flash memory maker SanDisk (SNDK 15.41, +1.70) posted a smaller-than-expected loss.

Retailers (+2.2%) are seeing some buying interest, with JCPenney (JCP 27.10, +1.04) up 4.0% following the company's analyst meeting. In the company's presentation slides, JCP said it expects flat to slightly positive first quarter profit, which is better than the expected loss of $0.06 per share. JCP also said sales are slightly better than expectations.

In economic news, the February House Price Index rose 0.7% month-over-month according to the FHFA, compared to the expected decline of 0.7%. The prior reading, however, was revised downward to +1.0% from +1.7%.

In commodity trading, crude oil prices are down 0.7% to $48.23 per barrel. Crude came under pressure after the government said in its weekly report that crude stockpiles rose by 3.9 million barrels, which was more than the expected build of 2.5 million barrels. DJ30 -19.27 NASDAQ +15.56 SP500 +1.85 NASDAQ Adv/Vol/Dec 1485/1.35 bln/1091 NYSE Adv/Vol/Dec 1797/751 mln/1141

12:30 pm : The major indices trade slightly below session highs.

Small- and mid-cap stocks are outperforming large-cap names. The Russell 2000 and S&P 400 are up 1.8% and 1.9%, respectively, compared to the S&P 500's advance of 0.8%.DJ30 +26.52 NASDAQ +24.86 SP500 +6.17 NASDAQ Adv/Vol/Dec 1647/1.20 bln/904 NYSE Adv/Vol/Dec 2015/660 mln/904

12:00 pm : Stocks extend their gains, with the Nasdaq and S&P 500 hitting fresh session highs.

Retailers (+4.2%) are having a strong showing, with JCPenney (JCP 28.08, +2.02) up 7.8% as details from its analyst meeting hit the wires. In the company's presentation slides, JCP said it expects flat to slightly positive first quarter profit, which is better than the expected loss of $0.06 per share. JCP also said sales are slightly better than expectations.

The S&P 500 Retailing Index is now up 22.7% year-to-date.DJ30 +69.77 NASDAQ +29.92 SP500 +9.95 NASDAQ Adv/Vol/Dec 1657/1.07 bln/854 NYSE Adv/Vol/Dec 2100/597 mln/799

11:25 am : Stocks have stuck to a relatively tight range since shortly after 10:00 ET. Six of the ten sectors are posting a gain.

The semiconductor index is showing notable strength with a gain of 4.4%, benefiting from a smaller-than-expected loss at flash memory maker SanDisk (SNDK 15.49, +1.79).DJ30 +48.59 NASDAQ +23.75 SP500 +7.02 NASDAQ Adv/Vol/Dec 1528/903 mln/920 NYSE Adv/Vol/Dec 1939/509 mln/901

11:00 am : The stock market is managing to hold its gains, led by industrials (+2.7%), materials (+2.2%) and telecom (+2.4%). Financials are also having a strong session with an advance of 1.8%.

Reuters, citing Rep. Barney Frank, reports that President Obama will seek to make changes to the House bill to reform credit card practices and a vote could occur next week.DJ30 +42.29 NASDAQ +19.72 SP500 +5.40 NASDAQ Adv/Vol/Dec 1585/755 mln/804 NYSE Adv/Vol/Dec 1922/430 mln/885

10:30 am : Stocks continue to climb higher in mostly broad-based buying interest. The financial sector, which had been down more than 3%, rebounded to a gain of 1.4%, benefiting from some better-than-expected housing data. The February House Price Index rose 0.7% month-over-month according to the FHFA, compared to the expected decline of 0.7%. The prior reading, however, was revised downward to +1.0% from +1.7%.

The DOE just released its weekly energy inventory data, with crude stockpiles rising by 3.9 million barrels compared to the expected build of 2.5 million barrels.

In commodity trading, Energy: June crude oil ($48.00, -0.50), the new front month, spent the overnight session chopping around the flat line. Following the open of pit trade, it has sold off into negative territory but then recovered as the stock market rebounded. But crude quickly dropped into negative territory at 10:30am ET as the inventory data was released. May natural gas ($3.54 +$0.029) was near the unchanged mark following the open of pit trade and then advanced in conjunction with the stock market. Metals: June gold ($887.20 +$4.50) and July silver ($12.285 +$0.20 ) are modestly higher this morning, though off the session's best levels.DJ30 +54.16 NASDAQ +20.88 SP500 +5.42 NASDAQ Adv/Vol/Dec 1481/557 mln/816 NYSE Adv/Vol/Dec 1900/327 mln/852

10:00 am : After some choppy action the stock market continues to pare its losses, with the Nasdaq climbing to positive ground.

Large-cap tech is outperforming on a relative basis, with the Nasdaq 100 up 1.0%.DJ30 -25.17 NASDAQ +7.35 SP500 -2.60 NASDAQ Adv/Vol/Dec 715/234 mln/1419 NYSE Adv/Vol/Dec 776/159 mln/1862

09:35 am : As expected, the stock market gets off to a negative start, though the market is currently recovering some opening losses. The financial sector (-1.5%) is an early laggard as investors show disappointment to the wider-than-expected first quarter loss at Morgan Stanley (MS 22.68, -1.97).

Telecom (+1.1%), however, is a pocket of strength after AT&T (T 25.87, +0.59) posted a smaller-than-expected drop in profit.DJ30 -37.28 NASDAQ -9.29 SP500 -5.35 NASDAQ Adv/Vol/Dec 505/73 mln/1472 NYSE Adv/Vol/Dec 425/51 mln/1736

09:17 am : S&P futures vs fair value: -10.40. Nasdaq futures vs fair value: -11.50. A lower start is expected as futures trade at or near session lows following a barrage of earnings reports. Morgan Stanley (MS) added to the negative bias after the company reported a loss of $0.57 per share, worse than the consensus estimate that called for a loss of $0.08 per share. MS also had a net loss of $1.3 billion in December 2008, which was reported separately due to the company changing its fiscal year from Nov. 30 to Dec. 31. Shares of MS are down 8% in premarket trade. Other notable companies that fell short of earnings estimates include Boeing (BA) and Capital One (COF). In positive earnings news, AT&T (T), McDonald's (MCD) and Yahoo! (YHOO) topped estimates. Meanwhile, Wells Fargo's (WFC) Q1 results were slightly better than company's preannouncement. Separately, Treasury Secretary Geithner is currently participating in a question and answer session at the The Economic Club of Washington DC.

08:57 am : S&P futures vs fair value: -9.80. Nasdaq futures vs fair value: -10.30. Futures indicate a negative start to the trading day, but have appeared to have stabilized following the decline seen after Morgan Stanley's (MS) worse-than-expected results. Meanwhile, Treasury Secretary Geithner is currently addressing the Economic Club of Washington DC, saying that the IMF expects the world economy to shrink by 1.3% in 2009. He added that this recession is an abrupt correction of previous financial excesses. He is expected to participate in a brief question and answer session with the audience following his prepared remarks. Geithner testified before a congressional oversight panel yesterday.

08:34 am : S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -12.00. Futures continue to suggest a lower start, with S&P 500 futures recently hitting session lows. In overseas trading, Asian markets were mixed. Japan's Nikkei gained 0.2% as shares of Pioneer rallied 17% on reports that the electronics maker may apply for state funds, while Elpida spiked 15% on a its plan to raise chip prices and reports it was seeking $500 million in public funds. Hong Kong's Hang Seng, however, fell 2.7% in conjunction with a 2.9% decline in the Shanghai Composite on the view that regulators may tighten new lending following the record growth in the first quarter. In Australia, a surprising 1.1% increase in first quarter core inflation has strongly reduced chances of another interest rate in the coming month. Meanwhile in Europe, markets are posting modest losses, falling with U.S. futures, with London's FTSE down 0.7%, France's CAC down 0.6% and Germany's DAX down 0.6%.

08:05 am : S&P futures vs fair value: -7.20. Nasdaq futures vs fair value: -8.30. Futures suggest a lower start as investors digest earnings estimates. SanDisk (SNDK) and Yahoo! (YHOO) reported positive results, while Boeing (BA) and Capital One (COF) reported disappointing numbers. Morgan Stanley (MS) reported a larger-than-expected loss of $0.57 versus the consensus that called for a loss of $0.08 and also cut its dividend to $0.05 per share.

06:16 am : S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -10.00.

06:16 am : Nikkei...8727.30...+16.00...+0.20%. Hang Seng...14878.45...-407.40...-2.70%.

06:16 am : FTSE...4011.27...+23.80...+0.60%. DAX...4532.85...+31.20...+0.70%.

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 2 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