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 Post subject: June 17th Wednesday 2009
PostPosted: Wed Jun 17, 2009 9:07 pm 
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Key WRB Price Action

3min Regular Session Chart - The price action (key change in supply/demand) that had the most impact on today's price action ocurred @ 0748am est via providing resistance and confirming two Short signals and then later becoming a nice profit target for any Longs that occurred off the intraday lows.

FYI - The above discussion is about one key WRB price action even though there were other key WRB price actions that occurred during the trading day that could be used to confirm entry signals, exit signals, profit targets et cetera.

Simply, knowledge of different types of key WRB's is what results in a complete understanding of the price action being traded as it is occurring in real-time.


http://www.thestrategylab.com/WRBAnalysisTutorials.htm

http://www.thestrategylab.com/TradingReports.htm

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=60&t=217

My Trading Performance: +21.50 Emini ES points

Attachment:
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Nasdaq Manages Gains
The tech-fueled index ends higher but the Dow and S&P 500 struggle as banks slide.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: June 17, 2009: 5:43 PM ET

NEW YORK�(CNNMoney.com) -- The Nasdaq gained Wednesday, thanks to a tech rally, but the broader market meandered, with financials sliding after Standard & Poor's cut its outlook on 22 banks.

The Dow Jones industrial average (INDU) lost almost 7 points, or 0.1%. The S&P 500 (SPX) index fell 1 point, or 0.1%, and the Nasdaq composite (COMP) advanced 12 points, or 0.7%.

Stocks zigzagged through the session as investors considered the corporate news, President Obama's plan for an overhaul of financial market regulation and a tame reading on consumer inflation.

Stocks fell the first two days of the week on worries that the recession could drag on longer than has been anticipated.

Thursday brings a slew of economic news, including weekly jobless claims from the Labor Department, the Conference Board's May index of leading economic indicators and the Philadelphia Fed index, a regional read on manufacturing.

Stock rally slows: Bets that the economy is close to stabilizing fed a three-month stock rally that lifted all three major gauges into positive territory for the year. After bottoming at a more than 12-year low on March 9, the S&P 500 gained as much as 40% before pulling back. It currently stands 35% above the lows, through Wednesday's close.

"The stock rally is stalling out but it should continue at least in the short term," said David Chalupnik, head of equities at First American Funds.

He said that the economic numbers have mostly been in line with or not as bad as expected, and that this trend looks like it should continue, despite a few recent readings that were fairly mixed. Equities are also bound to get a boost as the quarter winds down over the next two weeks, with institutions and individuals wanting to put money to work before closing the books.

The amount of cash sitting in money market funds is astounding, he said, and that money should continue trickling in to the market.

But in order for the rally to keep going beyond the short term, investors will need to see sustained improvement in economic news that will drive earnings growth and justify further stock gains. Second-quarter profit reports are due to start pouring in in about a week and are expected to show continued declines.

"In the last week, the economic numbers have been more mixed and the rally has stalled out," he said. "The risk is that the economic recovery stalls too, and then stocks would be in trouble."

On the move: Tech gainers included Dow components Cisco Systems (CSCO, Fortune 500), Intel (INTC, Fortune 500) and Microsoft (MSFT, Fortune 500), as well as non-Dow stocks Qualcomm (QCOM, Fortune 500), Broadcom (BRCM, Fortune 500) and Texas Instruments (TXN, Fortune 500).

The Dow's other big gainers included 3M (MMM, Fortune 500) and Johnson & Johnson (JNJ, Fortune 500).

But the gains were tempered by a retreat in financial shares after Standard & Poor's downgraded the credit ratings of 22 banks, including Wells Fargo (WFC, Fortune 500), Fifth Third (FITB, Fortune 500) and KeyCorp (KEY, Fortune 500).

S&P said operating conditions for the industry will get worse as financial markets become more volatile and regulatory supervision gets tighter.

Market breadth was mixed and volume picked up after several sessions of light trading. On the New York Stock Exchange, losers beat winners four to three on volume of almost 1.32 billion shares. On the Nasdaq, advancers beat decliners seven to six on volume of 2.54 billion shares.

Financial Reform: President Obama unveiled details Wednesday afternoon on how he plans to reorganize the way banks and other firms are regulated in the wake of the worst financial crisis since the Great Depression.

The plan includes giving increased power to the Federal Reserve to monitor the financial system and also increased Treasurys responsibilities. Obama also proposed creating a consumer watchdog agency to track mortgage and credit card practices.

Corporate news: FedEx (FDX, Fortune 500) reported a wider fourth-quarter loss that missed sales expectations but beat on a per-share-basis. The delivery firm, often seen as a proxy for the economy, forecast earnings of 30 cents to 45 cents per share in the current quarter, versus Wall Street's forecasts for a profit of 68 cents per share.

FedEx's management gave a mixed outlook. The company's chief executive said there are signs that the worst of the recession is over, and the chief financial officer said the operating environment in the first two quarters in fiscal 2010 is going to be extremely difficult.

FedEx shares dropped modestly.

Bonds: Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.60% from 3.66% Monday. Treasury prices and yields move in opposite directions.

Currency and commodities: U.S. light crude oil for July delivery rose 56 cents to settle at $71.03 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery gained $3.80 to settle at $936 an ounce.

In currency trading, the dollar tumbled versus the euro and yen, falling for the second session in a row.

Economy: Wednesday's economic news brought some relief. The Consumer Price Index (CPI), measure of consumer inflation, posted a decline of 1.3% over the past year, the biggest year-over-year decline since 1950.

The report also showed that inflation has not picked up in the last month, despite rising oil and gas prices and trillions in government spending.

The Consumer Price Index (CPI) rose 0.1% in May, versus forecasts for an increase of 0.3%, according to economists surveyed by Briefing.com. CPI was flat in April.

The so-called core CPI, which strips out volatile food and energy prices, rose 0.1% in May, meeting forecasts. Core CPI rose 0.3% in April.

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Yahoo! Finance

4:30 pm : A disappointing forecast from FedEx and a rating cut for multiple banks weighed on stocks in early trading and eventually gave way to a broad selling effort. Stocks were able to recover from their lows, but finished the session with mixed results.

FedEx (FDX 50.70, -0.72) announced its latest quarterly results ahead of the opening bell, which featured better-than-expected earnings. However, the transportation and package delivery company lost favor when it issued downside guidance. FedEx weighed on transportation stocks, leading the Dow Jones Transportation Average to a 0.3% loss.

Software company Adobe (ADBE 28.68, +0.51) reported its latest quarterly results last evening. The announcement featured in-line quarterly earnings and an in-line forecast.

Financial stocks came under sharp pressure in the early going and finished 2.6% lower. Banks were a primary source of weakness as Standard & Poor's lowered its ratings and revised its outlooks on 22 banks. Wells Fargo (WFC 23.09, -1.31), Fifth Third (FITB 6.81, -0.37), and US Bancorp (USB 17.77, -0.09) were among those that were included in the revisions.

US Bancorp, along with several other firms, announced that they have redeemed the preferred shares that they issued to the Treasury under the TARP program, which was aimed at helping capitalize banks amid tumultuous economic and credit conditions. In the wake of that mess, President Obama proposed a new regulatory structure for the financial sector today.

Financial stocks led the S&P 500 briefly below its 200-day moving average, but stocks were able to find support there. In turn, the stock market swung from a 0.9% loss at its session low to a 0.7% gain at its session high. The advance failed to hold into the close, though.

Materials stocks (-1.3%) and energy stocks (-1.4%) also weighed on the broader market. Energy stocks were unable to recover from early weakness, even though oil prices settled higher by 0.8% at $71.06 per barrel after being down more than 2% despite a larger-than-expected weekly inventory draw.

Materials also failed to recover, despite the CRB Commodity Index's rebound, which suggested a broad range of commodity prices turned higher. The CRB had been face to face with its fourth consecutive loss, but mustered a 0.4% gain. According to the CRB, commodities are up almost 12% year-to-date.

On a related note, the Consumer Price Index increased 0.1%, as did core CPI. Participants were prepped for a soft reading in the wake of yesterday's PPI data, so the latest installment of inflation data didn't provoke much of a reaction.

Despite a rather sloppy close, health care stocks were able to climb 2.1% to log some of the best gains for the second straight session. Consumer staples (+0.5%), discretionary stocks (+1.0%), and tech (+0.6%) were also able to advance. Tech's heavy presence in the Nasdaq actually helped the index outperform the other headline indices. DJ30 -7.49 NASDAQ +11.88 NQ100 +0.9% R2K +0.7% SP400 +0.0% SP500 -1.26 NASDAQ Adv/Vol/Dec 1390/2.54 bln/1260 NYSE Adv/Vol/Dec 1264/1.32 bln/1732

3:30 pm : The three major indices continue to hold their marginal gains this afternoon. The Nasdaq has been the best relative performer this session.

July crude oil contracts opened the pit trade lower and hit session lows following this morning's inventory data, which showed a larger than expected draw. The July futures contracts rose for the rest of the session, however and were actually able to close higher by 0.8% at $71.06 per barrel.

Natural gas futures spiked at the open of the pit trade after trading in negative territory before the open. The July contracts displayed strength and trended upward for most of the session, dipping below the unchanged mark for just a few moments in the mid morning. The contracts closed at $4.25 per contract, up 2.9%.

Precious metals traded in swings this session. After trading in positive territory overnight, the gold and silver futures hit session lows, in negative territory, near the open of the pit trade. Both futures proceeded to climb for the rest of the pit trade and closed near session highs. The August gold contracts finished up 0.4% at $936.00 per ounce and July silver contracts finished up 1.1% at $14.28 per ounce.DJ30 +6.80 NASDAQ +17.97 SP500 +1.79 NASDAQ Adv/Vol/Dec 1451/2.13 bln/1176 NYSE Adv/Vol/Dec 1317/980 mln/1691

3:00 pm : After climbing to session highs, stocks are now on the retreat. Though still in positive territory, the stock market is trading with just a modest gain.

Trading volume remains low on the NYSE, though not as paltry as it has been in some of the more recent sessions.

Among the most active holdings by volume, approximately 9 million shares of the Financial Select SPDR (XLF 11.75, -0.21) have been traded. Bank of America (BAC 12.46, -0.27) is also seeing some relatively strong volume; more than 5 million shares have exchanged hands this session.DJ30 +17.53 NASDAQ +19.01 SP500 +2.45 NASDAQ Adv/Vol/Dec 1452/1.95 bln/1181 NYSE Adv/Vol/Dec 1322/906 mln/1672

2:30 pm : After modestly drifting lower off their intraday highs, which were achieved about an hour ago, the major averages are again pushing higher.

However, there is notable weakness still in the financial sector. Although a few large cap banks announced significant TARP repayments today, including JP Morgan (JPM), US Bancorp (USB), and Bank of New York (BK), financials continue to be a lagging sector. Notably, JP Morgan is currently lower by 0.8%, Wells Fargo is down 3%, and Citigroup is off by more than 3%.DJ30 +44.5 NASDAQ +24.6 SP500 +5.7 NASDAQ Adv/Vol/Dec 1.12/1800/659.8 NYSE Adv/Vol/Dec 333.1/834.0/487.7

2:00 pm : The major indices recently extended their gains to register fresh highs for the session, but have since pulled back a bit. Though the ascent has been broad-based, the health care sector (+2.5%) continues to trade with the most handsome gain in the S&P 500.

Consumer discretionary stocks aren't far behind health care, though. Consumer discretionary stocks are currently up 2.1% with the help of retailers, which are up 2.3%. Among retailers, TJX Companies (TJX 31.19, +1.46), Bed Bath & Beyond (BBBY 28.66, +1.32), and Abercrombie & Fitch (ANF 26.88, +1.08) are showing leadership. Abercrombie & Fitch announced earlier today that it will close all 29 of its Ruehl stores by the end of the fiscal year.DJ30 +40.20 NASDAQ +24.87 SP500 +4.70 NASDAQ Adv/Vol/Dec 1502/1.70 bln/1111 NYSE Adv/Vol/Dec 1404/784 mln/1560

1:30 pm : The Dow and the S&P 500 are holding on to decent gains, but the Nasdaq Composite is trading roughly 1% higher. The Nasdaq's relative strength comes from gains in large-cap tech stocks like Microsoft (MSFT 23.69, +0.24) and Oracle (ORCL 20.04, +0.35).

Research in Motion (RIMM 78.13, -2.16) is lagging, though. The company is scheduled to report its latest earnings results after tomorrow's session. DJ30 +32.34 NASDAQ +17.00 SP500 +2.76 NASDAQ Adv/Vol/Dec 1372/1.56 bln/1230 NYSE Adv/Vol/Dec 1262/726 mln/1692

1:00 pm : Sellers pounced on stocks in the early going, briefly taking the S&P 500 below its 200-day moving average, but bullish investors have put up a fight and sent the benchmark index back into positive ground.

Stocks traded without clear direction in the opening minutes of trading, but soon came under pressure as sellers focused efforts against early cycle stocks in the materials sector, energy sector, and financial sector. Defensive-oriented stocks found favor, however.

Though the broader market has managed to make its way back into the green, the financial sector is lagging with a 1.7% loss. Regional banks (-3.3%) and diversified banks (-3.0%) have been a drag on the sector after several of them had their ratings lowered by Standard & Poor's.

The revisions come as many banks begin to redeem the preferred stock that they issued to the Treasury as part of the government's TARP program and President Obama puts forth a proposal for a new regulatory structure for the financial sector.

Energy stocks are also trading with considerable losses. The sector is down 1.6% even though crude oil prices have managed to rebound from losses in excess of 2%, which followed news that the latest weekly inventory data showed a larger-than-expected draw. Crude oil prices are currently trading just below the unchanged mark at $70.45 per barrel.

Despite the rebound in oil prices, the CRB Commodity Index is stuck in negative territory. It is currently down 0.6% as it moves closer toward logging its fourth straight decline.

The pressure on commodities prices continues to hamper basic materials stocks, which are down 1.3%.

Health care is the strongest performing sector in the S&P 500 for the second straight session. The sector is currently up 2.4%. It has gained roughly 2.6% in the past two sessions, while the broader market has shed 1.3% during since yesterday.

Transportation stocks are trading with a fractional gain, though FedEx (FDX 50.75, -0.67) issued downside guidance that overshadowed better-than-expected quarterly earnings results.

Adobe (ADBE 28.53, +0.36) also reported its latest quarterly results. Its earnings were on par with expectations, as was its forecast.

In economic news, the Consumer Price Index brought little surprise. Participants were prepped for a soft reading after yesterday's PPI report, so news that total CPI and core CPI increased 0.1% didn't provoke much of a reaction. Total CPI was a bit below expectations, but core CPI was in-line the consensus.DJ30 +13.30 NASDAQ +12.49 SP500 +0.62 NASDAQ Adv/Vol/Dec 1282/1.46 bln/1307 NYSE Adv/Vol/Dec 1140/679 mln/1779

12:30 pm : The stock market has successfully moved into positive ground, but financial stocks (-1.6%), energy stocks (-1.5%), materials stocks (-0.7%), industrials stocks (-0.3%), and utilities (-0.2%) still lag.

With the stock market's improved position, advancing issues now hold a slight edge over decliners in the S&P 500.DJ30 +30.23 NASDAQ +15.41 SP500 +2.12 NASDAQ Adv/Vol/Dec 1303/1.33 bln/1429 NYSE Adv/Vol/Dec 1190/627 mln/1726

12:00 pm : The stock market is fighting to make its way back into positive territory as it trades just below the neutral line.

Standard & Poor's announced that its AAA rating on the U.S. government is unlikely to be lowered in the near term. The announcement bodes well for Treasuries; the benchmark 10-year Note is currently near session highs, up 20 ticks and yielding less than 3.6%.

As an aside, the Fed continues to help support demand for Treasuries by purchasing almost $163 billion out of the $300 billion that it had committed to purchase through September.DJ30 +13.00 NASDAQ +9.04 SP500 -0.14 NASDAQ Adv/Vol/Dec 1214/1.19 bln/1340 NYSE Adv/Vol/Dec 1087/568 mln/1827

11:30 am : The Dow and the Nasdaq Composite have made their way back into higher ground, while the S&P 500 quickly narrows its distance from positive territory.

The upward move has generally been broad-based, but utilities stocks remain at session lows, down 0.5%.

Though they typically keep a low profile, utilities stocks caught some attention this morning when The Wall Street Journal reported that $18.5 billion in federal financing is expected to be split among certain utilities with nuclear generating capabilities. NRG Energy (NRG 22.49, -0.41) and Southern (SO 30.28, +0.16) are among those expected to share a set of loan guarantees.DJ30 +4.68 NASDAQ +6.45 SP500 -1.79 NASDAQ Adv/Vol/Dec 1171/1.05 bln/1350 NYSE Adv/Vol/Dec 1037/501 mln/1846

11:00 am : Stocks recently moved another leg lower to actually slip below the S&P 500's 200-day moving average. The S&P 500 has since pulled up a bit, but losses remain sizable.

Losses have become rather broad-based as declining issues outnumber advancers by more than 2-to-1 in the S&P 500.

The decline has become most intense among financial stocks, which are now down 3.2%. Regional banks are weighing heavily on the sector; the group is down 5.8% after Standard & Poor's lowered its ratings and revised its outlooks on 20 banks, most of which are regional banks. Wells Fargo (WFC 23.11, -1.29), Regions Financial (RF 3.93, -0.32), Fifth Third (FITB 6.50, -0.68), and US Bancorp (USB 17.74, -0.12) were among the names included by Standard & Poor's.

Earlier today, US Bancorp announced it redeemed $6.6 billion of preferred stock from the Treasury under the Capital Purchase Program.DJ30 -9.22 NASDAQ -0.68 SP500 -3.26 NASDAQ Adv/Vol/Dec 1104/878 mln/1363 NYSE Adv/Vol/Dec 955/414 mln/1898

10:30 am : After sliding lower into negative territory, the stock market was able to find support when it came in contact with its 200-day moving average. Stocks quickly rebounded, but the S&P 500 has since come back under pressure after failing to break back into positive ground.

As for commodities, the CRB Commodity Index is stuck in negative territory as it trades down 0.4% and trends toward its fourth straight decline. During that time, the CRB has shed more than 4%.

A drop in crude oil prices has created a considerable drag on the CRB. Crude oil prices are currently down 2.0% to $69.00 per barrel. Crude prices extended their decline after the latest batch of weekly inventory data showed a draw of 3.87 million barrels when a draw of 1.75 million barrels had been expected. The U.S. Oil Fund (USO 37.81, -0.70) is tracking the movement in crude prices.

Natural gas prices continue to trade in contrast to oil. Contracts for natural gas were recently quoted fractionally higher at $4.17 each.

As for precious metals, gold is currently trading with a fractional gain at $932.40 per ounce. Silver is down fractionally to $14.15 per ounce.DJ30 -12.10 NASDAQ -2.76 SP500 -3.91 NASDAQ Adv/Vol/Dec 992/644 mln/1376 NYSE Adv/Vol/Dec 862/298 mln/1907

10:00 am : The major indices have gone on the backslide to trade with moderate losses. Declines are much steeper among materials stocks (-2.5%) and energy stocks (-2.0%), though.

Only defensive-oriented holdings are making gains. As such, health care is up 2.1%, consumer staples are up 0.8%, utilities are up 0.5%, and telecom is up 0.2%.

Participants are also bidding Treasuries higher. In turn, the benchmark 10-year Note is up a healthy 10 ticks, which has lowered its yield to 3.62%. Just one week ago the yield on the 10-year Note was flirting with 4%.DJ30 -11.19 NASDAQ -6.51 SP500 -3.57 NASDAQ Adv/Vol/Dec 846/391 mln/1382 NYSE Adv/Vol/Dec 818/195 mln/1885

09:45 am : Stocks are working to find their direction in the opening minutes of trade. However, health care stocks are stand outs for the second straight session; the sector is currently up 1.5% and outperforming every other major sector in the S&P 500.

A broad range of industry players is helping propel the health care sector. Health care distributors are up 2.2%, health care suppliers are up 2.1%, biotech is up 1.9%, health care equipment is up 1.6%, and pharmaceuticals are up 1.4%.

Materials stocks are trading as laggards in the early going. The sector is currently down 1.9% as commodity prices come under pressure to push the CRB Commodity Index down to a 0.3% loss. DJ30 -0.99 NASDAQ -1.30 SP500 -2.06 NASDAQ Adv/Vol/Dec 1001/223 mln/1136 NYSE Adv/Vol/Dec 941/117 mln/1651

09:15 am : S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: +3.00. The stock market looks as if it will start the session near the unchanged mark, according to stock futures. The tone had been somewhat upbeat earlier this morning, but FedEx (FDX) put a damper on things by issuing downside guidance, which overshadowed better-than-expected quarterly earnings results. The Consumer Price Index caused little stir since total CPI increased a bit less than expected and core CPI's moderate increase was in-line with expectations. Just announced at the top of the hour, Standard & Poor's lowered its ratings and revised its outlooks on 22 U.S. banks, citing the firm's belief that operating conditions for the industry will become less favorable than they were in the past. Bank stocks are generally trading lower in premarket action. Many of the major oil companies are also seeing their shares pressured as oil prices retreat 0.9% to $69.85 per barrel in early pit trading. The weakness in oil prices comes ahead of the weekly inventory data announcement at 10:30 AM ET.

09:00 am : S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: +4.00. European markets continue to trade with relative weakness. Despite eking out a small gain in the previous session, Germany's DAX is down 5.4% during the course of the past four sessions. It is down 1.0% this session alone as its declining issues outnumber its advancers by nearly 3-to-1. Siemens (SI) is among the primary laggards this session. France's CAC is down for the fourth straight session, losing 4.8% during that time. The CAC is down 0.9% today. Total (TOT) and ArcelorMittal (MT) are leading losses. BNP Paribas and AXA (AXA) are also casting a weight on trading. Britain's FTSE is down for the third time in four sessions. With this session's 0.9% loss, the FTSE has shed almost 4.1% during the past four sessions. Steel and metals giants are leading losses this time around. As such, Rio Tinto (RTP), AngloAmerican (AAUK), and Xstrata (XTA) are leading losses. Bank stocks are generally trading with weakness, though HSBC (HBC) has successfully garnered support. The Wall Street Journal reported that United Kingdom Treasury chief Darling is planning to warn banks that they will need to improve their governance and hold more capital against losses. In economic news, Times Online reported that unemployment in the United Kingdom hit a 12-year high during the three months into April, but new figures revealed that the pace of decline had eased. In Asia, the MSCI Asia-Pacific Index closed just 0.2% lower, while Japan's Nikkei tacked on 0.9%. Japan's government and central bank raised their assessments of the economy for a second month. Hong Kong's Hang Seng slipped 0.5% as natural resource stocks dragged. However, the index bounced off early lows as banks rallied. PetroChina (PTR) and CNOOC (CEO) fell, but China Construction Bank and ICBC advanced.

08:30 am : S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +4.00. The Consumer Price Index climbed 0.1% from April to May. It was expected to increase 0.3% following a flat reading in April. Excluding food and energy, the May CPI increased 0.1% month-over-month. Economists had expected at 0.1% increase after core prices increased 0.3% in April. Year-over-year, total consumer prices slipped 1.3%, while core prices climbed 1.8%. They were expected to show a decline of 0.9% and an increase of 1.8%, respectively. The numbers for April showed a 0.7% year-over-year decline in total prices, while core prices showed a 1.9% year-over-year increase. Stock futures are now mixed against fair value.

08:00 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: +1.30. Broad-market stock futures point to a flat-to-lower start for the session as they slip to morning lows following a disappointing forecast from FedEx (FDX). FedEx recently posted earnings of $0.64 per share for its latest quarter. Analysts had been expecting earnings of just $0.51 per share. The transportation and package delivery giant expects first quarter earnings to range from $0.30 to $0.45 per share, which falls short of the current consensus forecast of $0.68 per share. The company's shares are down roughly 1.8% to $50.50 per share in the wake of the announcement. Adobe (ADBE) reported last evening earnings for its latest quarter, during which the company brought in $0.35 per share. That was on par with expectations. Adobe also issued an in-line forecast for the third quarter, seeing earnings ranging from $0.30 to $0.37 per share, while the consensus stands at $0.33 per share. Shares of the company are down roughly almost 1% to $27.90 per share ahead of the opening bell. Market participants await the May Consumer Price Index, which is expected to show a monthly increase of 0.3% when it is released at 8:30 AM ET. Fed Chairman Bernanke and FDIC Chair Bair are scheduled to speak at a financial literacy summit at 9:00 AM ET. Later this morning (10:30 AM ET), energy contract traders will get their hands on the latest weekly oil inventory data. Crude oil prices can oscillate widely with the release of the report; oil prices are currently down 1.0% to $69.75 per barrel in electronic trading.

06:21 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +2.50.

06:21 am : Nikkei...9840.85...+88.00...+0.90%. Hang Seng...18084.60...-80.90...-0.50%.

06:21 am : FTSE...4275.94...-52.60...-1.20%. DAX...4826.30...-64.30...-1.30%.

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