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 Post subject: July 15th Wednesday 2009
PostPosted: Wed Jul 15, 2009 11:33 pm 
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Key WRB Price Action

5min Regular Session Chart - One particular key change in supply/demand was @ 1120am est in the S&P 500 Emini ES futures (price action better seen in SPY) and it setup a Long signal @ 1210pm est via our VTR strategies.

As for my trading today, stuck to the trading plan but the trading day turned into a trend day. However, I had a few chances for decent profits on some Long positions but got pick pocketed on my trailing stops and I had poor trade management on two others.

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/TradeStrategies.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=61&t=244

My Trading Performance: +4.75 Emini ES points

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Big Day On Wall Street
Intel's upbeat outlook and the Fed's improved forecast spark a big advance with all three major gauges up at least 3%.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: July 15, 2009: 5:50 PM ET

NEW YORK (CNNMoney.com) -- Stocks surged Wednesday, with all three major gauges jumping at least 3% after Intel's forecast for a second-half pickup and the Federal Reserve's improved outlook reassured wary investors.

The Dow Jones industrial average (INDU) gained 256 points, or 3.1%. The S&P 500 (SPX) index added 27 points, or 3%. The Nasdaq composite (COMP) rose 63 points, or 3.5%.

Both the Dow and Nasdaq saw their best one-day point gains in nearly four months. The S&P 500's gain was the best in two months.

Intel (INTC, Fortune 500) reported profit and revenue late Tuesday that dipped from a year ago, but surpassed forecasts. Also, the chipmaker predicted better revenue growth in the third and fourth quarters thanks to improved demand for personal computers.

With corporate demand still tepid, Intel's outlook will depend on consumers continuing to buy despite rising oil and gas prices and the ongoing recession. However, even with that caveat, investors embraced the forecast.

"The good news about Intel is the forecast," said Kevin Mahn, managing director at Hennion & Walsh. "We know second-quarter results won't be very good for most companies, but we want to know the outlook is improving in the second half of the year."

The rally intensified after the Federal Reserve said Wednesday afternoon that the end of the recession might be on the horizon.

The advance was also a matter of "performance chasing," said Phil Dow, director of equity research at RBC Wealth Management. "You have record low levels of stock ownership and so on these kinds of days you see people pile in."

He said that while the start to the financial reporting period was positive, it is too early to do a victory lap regarding second-quarter results.

"So far you've seen a little better guidance," he said. "If that proves to be true through the rest of the reporting period, this could be the quarter that the economy turns around. But I don't think we're going to see that just yet."

Thursday: JPMorgan Chase (JPM, Fortune 500) releases its quarterly financial report before the start of trading. The company is expected to report a profit of 4 cents per share versus 54 cents a year ago.

Small-business lender CIT Group (CIT, Fortune 500) will also be in focus. The federal government could be set to announce a bailout of the struggling company within the next 24 hours.

On the economic front, the Philadelphia Fed index, a monthly manufacturing report, is due shortly after the start of trading.

RealtyTrac's report on foreclosure filings in the first half of the year is due in the morning. Additionally, the weekly jobless claims report from the Labor Department is on tap.

Google (GOOG, Fortune 500) and IBM (IBM, Fortune 500) report results after the close Thursday.

Profits set to drop: S&P 500 profits are expected to have fallen around 36% in the second quarter versus a year ago, according to the latest Thomson Reuters forecast.

Worries about the corporate earnings outlook and the health of the economy have dragged on stocks over the last month -- following a three-month rally that lifted the S&P 500 by 40%.

Mahn said Intel and Goldman Sachs were the first signs since that selloff began that maybe the economy is getting back on track after all.

Fed: In the afternoon, the Fed released the minutes from the last policy meeting and the forecast through 2010.

Information reviewed at the meeting showed the economy remained weak, although the pace of the decline seemed to be lessening.

In its forecast, the Fed said that the unemployment rate could top 10% this year, but it also said that the recession may soon end.

Intel: Intel shares jumped 7% and boosted other big tech stocks.

Dow tech components Microsoft (MSFT, Fortune 500), IBM (IBM, Fortune 500), Cisco Systems (CSCO, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) all gained. Big Nasdaq tech stocks gained too, including Oracle (ORCL, Fortune 500) and Applied Materials (AMAT, Fortune 500).

Among other movers, oil stocks jumped in line with the underlying commodity prices. Dow component Chevron (CVX, Fortune 500) rose 2.5% and Exxon Mobil (XOM, Fortune 500) gained 3.4%.

Banks on the move: On Tuesday, Goldman Sachs (GS, Fortune 500) reported a bigger-than-expected quarterly profit due to strength in its fixed income and trading businesses.

Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500) and JPMorgan Chase report results either Thursday or Friday.

Goldman and the other three bank stocks rallied, along with other big financial firms American Express (AXP, Fortune 500), Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500).

The KBW Bank index gained 4.3%.

Economy: The consumer price index (CPI), a measure of consumer inflation, edged up 0.7% in June after rising 0.1% in May, according to a government report released in the morning. Economists surveyed by Briefing.com thought it would rise 0.6%.

So-called core CPI, which strips out volatile food and energy prices, grew 0.2% versus a rise of 0.1% in May. Economists thought it would rise 0.1%.

Industrial production fell 0.4%, according to another government report, versus forecasts for a drop of 0.6%. Industrial production fell 1.2% in May. Capacity utilization dipped to 68% from 68.2% in the previous month. Economists thought it would dip to 67.9%.

Bonds: Treasury prices fell, raising the yield on the benchmark 10-year note to 3.56% from 3.47% Tuesday. Treasury prices and yields move in opposite directions.

Other markets: In global trade, Asian markets ended higher and European markets ended higher.

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

U.S. light crude oil for August delivery rose $2.02 to settle at $61.54 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery rose $16.60 to settle at $939.10 an ounce.

Market breadth was positive. On the New York Stock Exchange, winners beat losers by more than nine to one on volume of 1.37 billion shares. On the Nasdaq, advancers beat decliners by almost five to one on volume of 2.58 billion shares.

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Yahoo! Finance

4:40 pm : An outstanding second quarter report from semiconductor giant Intel helped the S&P 500 and the Dow log their third straight gain and gave the Nasdaq its fourth consecutive finish in higher ground. The major equity averages spent the entire session ascending steadily before finishing with some of their best gains in the last few months.

The positive tone was actually set after the previous session's close when Intel (INTC 18.05, +1.22) announced better-than-expected adjusted earnings of $0.18 per share in its latest quarter, thanks partly to fatter profit margins. The company went on to issue an upside revenue forecast for the third quarter.

Intel was able to lead the tech sector to a 4.2% gain, which was more than any other sector. Perhaps more importantly, Intel encouraged buying in the broader market. In turn, more than 95% of the companies in the S&P 500 finished higher, while McDonald's (MCD 57.08, -0.38) was the only company in the 30-member Dow Jones Industrial Average to finish lower. American Express (AXP 27.22, +2.76) was a primary leader in the Dow after the company posted better-than-expected trust data.

Strength in AmEx and other financial issues helped send the financial sector 4.1% higher. Financials proved to be a leader for the broader market, a position that was reclaimed earlier this week amid positive analyst comments about the short-term prospects of banks. Financials are currently up more than 10% week-to-date.

Renewed strength among financials has helped carry the broader market. Week-to-date, the Dow and the S&P 500 up 5.8% and 6.1%, respectively, while the Nasdaq is up 6.1% this week. That helped all three major indices close above their 50-day moving averages. What's more, should the gains hold, stocks will log their best weekly performance since March.

Health care stocks have spent the week trading as laggards. They managed to advance 0.8% this session, but are up 2.7% for the week. Abbott Labs (ABT 45.28, -1.21) weighed on the sector as investors reacted negatively to the company's in-line earnings and forecast in the latest round of trading.

Trading volume came in near longer term averages by hitting almost 1.4 billion shares on the NYSE. Still, more recent levels have been unimpressive. That often signals a lack of conviction. However, many participants are likely waiting to see if earnings announcements continue to top expectations. Banking giant JPMorgan Chase (JPM 36.26, +1.56) is scheduled to report tomorrow morning before the opening bell. Bank of America (BAC 13.42, +0.51), Citigroup (C 3.17, +0.25), and General Electric (GE 12.24, +0.60) are all scheduled for Friday morning.

Market participants will likely be looking for encouraging guidance from major industry players. Optimistic forecasts would complement economic reports that suggest economic conditions are bottoming and even showing signs of improving.

Manufacturing activity in the New York area declined a fractionally in July; the Empire State Manufacturing Index came in at a better-than-expected -0.55, which is the best reading since April 2008.

However, a 0.4% drop in June industrial production meant that production has fallen in 17 out of 18 months. Still, the decline was less than expected and the softest downturn since a positive reading in October 2008.

Meanwhile, capacity utilization was in-line at 68%.

The Consumer Price Index, a widely-watched inflationary gauge, showed a sharper-than-expected increase for June by coming in with a 0.7% increase. That is the sharpest increase since July 2008. However, core prices increased 0.2%, which is more in-line with recent trends, even if it was slightly above what had been expected.

The FOMC released the minutes from its June meeting. They didn't have much of an impact on trading even though the Fed raised its 2009-2010 forecast for the economy.DJ30 +256.72 NASDAQ +63.17 NQ100 +3.3% R2K +3.9% SP400 +3.1% SP500 +26.84 NASDAQ Adv/Vol/Dec 2232/2.53 bln/466 NYSE Adv/Vol/Dec 2782/1.37 bln/289

3:30 pm : Equities have sustained their impressive upward trend this morning, though there has been a slight pullback from session highs. Although financial and technology names have been the two strongest sectors up 4.5% and 4.0%, respectively, the materials and energy sectors have also fared well, up 3.7% and 3.1%, respectively.

Energy and precious metals futures posted strong gains this session, with the exception being natural gas.

Natural gas futures sold off at the open of the pit trade and moved lower throughout the session. The contracts traded down 4.6% and closed at $3.28 per contract, eradicating yesterday's notable gain.

Crude oil on the other hand was able to finish markedly higher this session. Crude oil futures traded up in the premarket and a slightly higher than expected draw in inventories. August crude oil futures closed 3.4% higher at $61.51 per barrel.

Both silver and gold futures carried positive momentum throughout the pit trade. The dollar losing 0.9% aided the buying effort in these precious metals contracts. The September silver futures closed 2.9% higher at $13.22 per ounce and August gold futures closed 1.9% higher at $940.50 per ounce. DJ30 +239.27 NASDAQ +57.44 SP500 +25.18 NASDAQ Adv/Vol/Dec 2180/2.08 bln/514 NYSE Adv/Vol/Dec 2735/875 mln/330

3:00 pm : The financial sector is now up 5.0%, which brings its week-to-date gain to more than 11%. The sector's strength comes amid a surge in shares of diversified financial services stocks (+5.5%) and consumer finance stocks (+11.0%). Strength among consumer finance companies follows better-than-expected trust data from Dow component American Express (AXP 27.65, +3.19).DJ30 +246.07 NASDAQ +60.29 SP500 +26.30 NASDAQ Adv/Vol/Dec 2184/1.88 bln/488 NYSE Adv/Vol/Dec 2763/786 mln/295

2:30 pm : The major indices continue their steady, upward climb. The Nasdaq is now up 3.0%.

Gains are even more impressive among small-cap stocks. Small-caps have pushed the Russell 2000 up to a 3.3% gain. Brigham Exploration (BEXP 3.60, +0.70) is a primary leader among small caps after the oil exploration company provided an update of its operations and was given a favorable view by some of its covering analysts.DJ30 +227.25 NASDAQ +54.84 SP500 +23.88 NASDAQ Adv/Vol/Dec 2162/1.71 bln/501 NYSE Adv/Vol/Dec 2745/710 mln/298

2:00 pm : Stocks have slowly climbed out of their narrow trading range to reach fresh session highs. Financial stocks are currently seeing the best gains of any major sector; as a group, they are up 4.0%.

The minutes from the Federal Open Market Committee meeting in June have just been released. According to CNBC, the Fed remains concerned over the labor market, but it has raised its forecast for the economy for 2009 to 2010. To the latter point, Dow Jones reports that Fed officials see an end to the recession before long.DJ30 +197.47 NASDAQ +52.60 SP500 +22.50 NASDAQ Adv/Vol/Dec 2153/1.56 bln/496 NYSE Adv/Vol/Dec 2745/640 mln/293

1:30 pm : Stocks continue to move sideways and gains remain broad-based. Meanwhile, participants ready themselves for more earnings data.

At least 11 companies will announce their latest earnings results after this session's closing bell. However, the group isn't likely to contain any truly market-moving announcements. That changes tomorrow morning, though, when JPMorgan Chase (JPM 36.16, +1.46) unveils its latest quarterly results. Global handset maker Nokia (NOK 15.57, +0.85) and biotech and drug outfit Biogen Idec (BIIB 46.27, +0.33) also report Thursday morning before the opening bell.DJ30 +194.45 NASDAQ +51.39 SP500 +21.13 NASDAQ Adv/Vol/Dec 2146/1.43 bln/480 NYSE Adv/Vol/Dec 2727/584 mln/290

1:05 pm : A strong quarterly report from tech giant and semiconductor bellwether Intel has given buyers an excuse to bid stocks higher in broad-based fashion. In turn, the stock market is making its way toward booking its third straight gain.

Last evening Intel (INTC 17.99, +1.16) helped bring about a positive bias when it announced better-than-expected earnings and an upside revenue forecast for the third quarter. The overall quality of the report has prompted participants to push the stock to its highest level in more than nine months. The spike has lifted the Semiconductor Index 3.7% this session and the Semiconductor HOLDRs Trust (SMH 22.71, +0.88) up 4.0%.

Leadership from Intel has helped the Nasdaq outperform its counterparts for the entire session. Still, gains are strong in the broader market, where 95% of the issues listed in the S&P 500 are trading with gains.

Health care stocks (+0.3%) have been lagging for the entire session, though they have managed to reverse their initial losses. The sector has been grappling with weakness among managed care providers (+0.3%) amid ongoing efforts to reform health care. Pharmaceutical stocks (+0.1%) are also showing relative weakness in the wake of an in-line earnings report and forecast from Abbott Labs (ABT 44.81, -1.68).

There have been plenty of economic reports to digest this session. The Consumer Price Index for June made its sharpest increase in months and topped expectations. Prices excluding food and energy were more tame, though; they increased more than expected, but in step with previous advances.

In other economic news, manufacturing activity in the New York area has declined fractionally this month, but it has also improved from the sharp drops seen in previous months.

Meanwhile, industrial production fell once again. In June, production fell 0.4%, but that wasn't as bad as expected. Capacity utilization was in-line at 68%.

The latest FOMC minutes are due at 2:00 PM ET.DJ30 +187.27 NASDAQ +49.35 SP500 +20.06 NASDAQ Adv/Vol/Dec 2112/1.34 bln/497 NYSE Adv/Vol/Dec 2682/547 mln/321

12:00 pm : Health care has joined the other major sectors in the green so that all 10 of the S&P 500's sectors are now trading higher. Though health care is up 0.3%, it is still lagging on a relative basis.

Amid broad-based gains in the stock market, Treasuries continue to be pressured. The benchmark 10-year Note is currently down 20 ticks, so that its yield has climbed above 3.5%. The Note was below 3.3% in Monday's early trade.DJ30 +181.98 NASDAQ +48.55 SP500 +19.28 NASDAQ Adv/Vol/Dec 2049/1.11 bln/499 NYSE Adv/Vol/Dec 2653/448 mln/312

11:30 am : The major indices are back on the advance after pausing momentarily. The upward move has taken all three major indices to fresh session highs.

Today's gains have put the Dow and the S&P 500 back above their 50-day moving averages. The Nasdaq Composite climbed above that technical line on Monday; the Nasdaq is currently on its way toward its fourth straight gain.DJ30 +180.77 NASDAQ +49.03 SP500 +19.05 NASDAQ Adv/Vol/Dec 2007/961 mln/489 NYSE Adv/Vol/Dec 2624/387 mln/317

11:00 am : After climbing steadily through morning trade, the major indices have eased off of their session highs.

Tech stocks remain near session highs, however. The sector is up 2.9% in its sharpest single-session percentage advance in more than one month.

Financial stocks are also sporting impressive gains as they rebound from losses in the previous session. As a group, financials are up 2.5%. Specialized finance companies like IntercontinentalExchange (ICE 93.44, +8.17) are providing considerable support to the move. Shares of ICE were recently upgraded by analysts at Barclays.DJ30 +149.11 NASDAQ +43.29 SP500 +15.67 NASDAQ Adv/Vol/Dec 2002/797 mln/455 NYSE Adv/Vol/Dec 2563/319 mln/348

10:40 am : The market continues to trade with broad-based gains after gapping up at the open. Some of the best gains are being seen by materials and energy stocks, up 2.9% and 2.4%, respectively.

The strength in the materials and energy sector is underpinned by higher basic materials and energy contract prices. As such, the CRB Commodity Index is sporting a 1.0% gain. This move is not surprising as the dollar is currently trading 1.0% lower.

Precious metals have carried momentum into the pit trade after rising in the early morning. Higher than expected inflation data released this morning has helped sustain the already higher prices. Gold futures are currently being priced at $939.90 per ounce, up 1.9%. September silver futures are currently being priced at $13.27 per ounce, up 1.4%.

Meanwhile, crude oil futures are also trading higher following a larger than expected draw in inventories. Crude futures are now up 2.5% near $61 per barrel. Natural gas, on the other hand is trading lower after yesterday's impressive gain. The contracts sold off at the open of the pit trade and are now at $3.41 per contract, down fractionally. DJ30 +158.25 NASDAQ +44.63 SP500 +16.90 NASDAQ Adv/Vol/Dec 1989/662 mln/420 NYSE Adv/Vol/Dec 2539/264 mln/328

10:00 am : The stock market continues to trade with strength. Of the major sectors in the S&P 500, five are trading with gains of at least 2% and seven are trading with gains of at least 1%. Health care (-0.5%) is still the only sector showing a loss.

Thanks to this session's gains, along with those in the previous two sessions, the S&P 500 is now up nearly 5% week-to-date and up nearly 2% year-to-date.

Early movers: Trading up -- TRGT +98%, BEXP +19%, GCI +14%, ALU +12%, USD +9.5%, EDC +8.9%, ALY +8.8%, AMD +8.7%, FINL +8.6%, CHLN +8.5%, EGOV +8.1%, CRNT +7.6%, CDE +7.6%, STM +7.5%, TYH +7.4%, NG +7.2%, MTL +7.1%, COF +7.1%, ING +7%, KLIC +7%; Trading down -- PAR -22.2%, EDZ -9.6%, SSG -9.4%, COBZ -8.7%, JBHT -8%, TYP -7.5%, JNS -7.1%, EEV -6.6%, ERY -6.4%, YUM -5.9%DJ30 +140.12 NASDAQ +36.14 SP500 +14.26 NASDAQ Adv/Vol/Dec 1914/397 mln/369 NYSE Adv/Vol/Dec 2455/166 mln/300

09:40 am : Stocks are making strong gains in the first few minutes of trading. The Nasdaq is outpacing its counterparts as Intel (INTC 18.03, +1.20) provides leadership after serving up a solid second quarter report. The report has lent support to semiconductors, which are up 4.2% as a group.

In the broader S&P 500, gains are broad-based. Only the health care sector is in the red as weakness among managed providers (-1.2%) drags the sector to a 0.4% loss.DJ30 +116.88 NASDAQ +34.77 SP500 +12.78 NASDAQ Adv/Vol/Dec 1715/196 mln/389 NYSE Adv/Vol/Dec 2317/100 mln/330

09:20 am : S&P futures vs fair value: +10.90. Nasdaq futures vs fair value: +21.30. Stock futures continue to point to a sharply higher start for the session. Should the positive tone hold steady through the close, stocks will have logged their third consecutive gain. Such a feat hasn't been accomplished since late June. The upbeat bias follows a thoroughly impressive quarterly report Intel (INTC), which announced last evening better-than-expected earnings and even issued an upside revenue forecast. Intel's report has essentially overshadowed a mixed batch of economic data, which included a sharper-than-expected rise in overall consumer prices and core consumer prices along with a better-than-expected New York Empire Manufacturing Index reading. Industrial production declined yet again by falling 0.4% in June, which wasn't quite as bad as the 0.6% decline that was expected. Meanwhile, capacity utilization came in at 68%, which is in-line with expectations. The latest FOMC minutes are due this afternoon.

09:00 am : S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +20.30. U.S. stock futures continue to show considerable strength. The positive bias is also recognizable in foreign markets, where Germany's DAX is up a robust 1.7%. Should the gains hold, the DAX would log its third straight advance of at least 1%. Currently, Deutsche Telekom, Bayer AG, and Fresenius SE are the only members of the 30-member index to trade in the red. As for France's CAC, which is up 1.7%, energy giant Total (TOT) and financial services outfit Societe Generale are providing the most leadership. France Telecom is the primary laggard among the CAC's four declining issues. More than 90% of the companies in the FTSE are trading higher. That has helped the British benchmark index climb to a 1.6% gain. Banking issues HSBC (HBC) and Barclays (BCS) are currently providing the most leadership. In economic news, reports indicate that the British unemployment rate jumped to 7.6% from 7.2%. Meanwhile, The Wall Street Journal reported that consumer prices in the 16 countries that use the euro fell on an annual basis for the first time on record in June. More specifically, consumer prices increased 0.2% for the month, but were 0.1% lower for the year in June. In Asia, the MSCI Asia-Pacific Index closed 1.1% higher while Japan's Nikkei tacked on just 0.1%. Japan's central bank extended its corporate funding support measures beyond their planned expiry and kept interest rates on hold. Shares of banks like Mitsubishi UFJ Financial (MTU) and Mizuho Financial (MFG) succumbed to some profit taking. Chip-related stocks gained after Intel (INTC) released strong results. In Hong Kong, the Hang Seng jumped 2.1%. HSBC led gains. In mainland China, the Shanghai Composite closed 1.4% higher to hit a 13-month closing high.

08:30 am : S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +21.30. The Consumer Price Index for June made its sharpest jump since July 2008 by increasing 0.7% from May. Economists had expected a 0.6% increase following a 0.1% monthly increase for May. Meanwhile, Core CPI for June increased 0.2% month-over-month. It was expected to increase 0.1%, which was also the rate of change registered in May. Year-over-year, the CPI fell 1.4%, which was less than the 1.5% decrease that was expected. Core CPI increased 1.7% year-over-year, as expected. In other economic news, the New York/Empire State Manufacturing Index for July came in at -0.55, which was better than the -5.00 that had been expected. The latest reading was also up from the -9.41 that was registered in June. Stock futures have responded positively.

08:00 am : S&P futures vs fair value: +8.90. Nasdaq futures vs fair value: +19.80. Better-than-expected earnings data from semiconductor bellwether Intel (INTC) is helping lift broader stock futures so that they point toward a higher start for the major indices. Intel announced last evening that during the second quarter it brought in an adjusted $0.18 per share, which was far better than the $0.08 per share that Wall Street had come to expect. The upside surprise was helped by fatter gross margins. Intel also won support by issuing an upside revenue forecast for the third quarter. Shares of INTC are trading nearly 6.7% higher at $17.95 per share in premarket action. They were up above $18 per share last night in after-hours trading. In other earnings news, Abbott Labs (ABT) recently posted adjusted earnings of $0.89 per share for its latest quarter. The results are in-line with the consensus estimate. Abbott also issued in-line guidance by forecasting adjusted earnings that range from $0.88 to $0.90 per share for the third quarter and forecasting $3.65 to $3.70 per share for the full fiscal year. Shares of ABT were recently quoted 0.4% lower at $46.32 per share in premarket action. The Consumer Price Index for June and the Empire (New York) Manufacturing Index for July are both due at the bottom of the hour. Economists expect the CPI headline number to show a 0.6% increase, which would be the sharpest monthly increase in 10 months. The expectation for a heightened inflation reading comes after the Producer Price Index showed a far sharper-than-expected rise yesterday. Capacity utilization and industrial production data are due later this morning (9:15 AM ET). Industrial production has declined in 16 of the past 17 months; economists expect that already ugly record to worsen by stretching to 17 declines in 18 months.

06:26 am : Nikkei...9269.25...+7.40...+0.10%. Hang Seng...18258.66...+372.90...+2.10%.

06:26 am : FTSE...4301.84...+64.20...+1.50%. DAX...4871.81...+90.10...+1.90%.

06:25 am : S&P futures vs fair value: +14.70. Nasdaq futures vs fair value: +27.5.

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