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 Post subject: August 12th Wednesday 2009 Emini ES points +28.50
PostPosted: Wed Aug 12, 2009 9:32 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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=274

The goal for the trading day was +40 Emini ES profit points. Unfortunately, I didn't achieved today's goal via only capturing +28.50 Emini ES points.

Best trade of the day (long position) was my first trade although I did an early exit. Simply, I left a lot of money on the table today via that first trade. As for the FOMC trading...it was difficult and I took a 10min break at the worst possible time around 3pm est when the market surged upwards.

FYI - You can ask me questions here at the forum or you can tweet me on twitter about anything related to today's trading or related to your own trading.

Image@ http://twitter.com/wrbtrader

In addition, posted below are direct links about my trade methodology or trading approach that enables me to identify key trading areas in the price action that represent changes in supply/demand along with being able to exploit the changes in supply/demand.


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

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

However, don't be mistaken, I do not believe that profitable trading involves only trade signals and if you don't understand this perspective...please ask questions here at the forum for more info or you can tweet me on twitter.

My Trading Performance: +28.50 Emini ES points

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Stocks Sustain Gains After Fed
Wall Street advances after central bank holds rates near zero and says economic decline is leveling out.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: August 12, 2009: 5:39 PM ET

NEW YORK (CNNMoney.com) -- Stocks sustained gains Wednesday after the Federal Reserve held interest rates near historic lows and signaled the economy has finally started to stabilize.

The Dow Jones industrial average (INDU) added 120 points, or 1.3%, giving up bigger gains. The S&P 500 (SPX) index rose 11 points, or 1.1%. The Nasdaq composite (COMP) advanced 29 points, or 1.5%.

Wall Street rallied leading up to the Fed announcement as signs of improvement in the housing market pushed investors back into stocks following a two-day retreat.

The market seesawed a bit after the announcement, with the Dow, Nasdaq and S&P 500 pushing toward fresh 2009 highs, before trimming those gains by the close.

"The Fed reinforced what investors already knew, that the economy has gotten a little better," said James Barnes, fixed income portfolio manager at National Penn Investors Trust.

"But until we see more news that either reinforces the belief that the recovery is here or says we've gone too fast too soon, you're not going to see a bigger reaction."

Thursday preview: July retail sales are due in the morning. The Commerce Department report is expected to show modest growth. Sales likely rose 0.7% after rising 0.6% in June, according to economists surveyed by Briefing.com. Sales excluding volatile autos are expected to have risen 0.1% after rising 0.3% in June.

Wal-Mart Stores (WMT, Fortune 500) reports its results before the start of trade. The Dow component is expected to have earned 86 cents per share, as it did a year ago.

Thursday also brings the weekly jobless claims report from the Labor Department and readings on July import and export prices and June business inventories

Focus on the Fed: As expected, the central bank on Wednesday held the fed funds rate, a key short-term bank lending rate, at historic lows near 0%. The Fed first cut the rate to that level last December to help the struggling economy, which had already been in a recession for a year.

In the closely watched policy statement, the Fed said it will maintain exceptionally low interest rates for an extended period of time. The bankers said that although economic activity is likely to remain weak, activity is "leveling out" and financial market conditions appear to have improved.

The statement has a slightly more positive tone than in recent months, but it continued to indicate caution, said Stephen Stanley, chief economist at RBS Securities.

"They're saying that things are improving, but mostly in line with their forecasts," Stanley said. "It is a little more optimistic in tone, in tune with the recent data."

Recharging the advance: The stock advance was broad-based, with financial, technology and other shares rebounding after sliding Monday and Tuesday. Stocks had fallen in anticipation of the Fed meeting, with investors cashing out after several up weeks.

"Mostly I think you're seeing a continuation of what we've seen this summer, where when you have a selloff for a few days, they use it as a way to get back in," said Ron Kiddoo, chief investment officer at Cozad Asset Management.

With the exception of a pullback in late June, the S&P 500 has basically been on the rise for five months. Since bottoming in early March, the index has gained 50% through the end of last week.

Housing: The median home price plunged a record 15.6% during the second quarter, versus a year earlier, according to a report from the National Association of Realtors.

But on a more upbeat note, the median home price rose 4% in the quarter versus the first quarter of 2009, rising to $174,100 from $167,300.

In another positive sign, homebuilder Toll Brothers (TOL) said the number of signed contracts rose in its just-completed quarter for the first time in four years, although the dollar value of the contracts fell. The luxury homebuilder also said the percentage of cancelled contracts dropped versus a year ago. Shares gained 14.4% Wednesday.

Economy: A majority of economists think the recession has now ended, according to a Wall Street Journal survey conducted over the last few days. With manufacturing starting to pick up and the housing market closer to stabilizing, GDP is expected to grow modestly in the third quarter, after falling for four straight quarters.

The trade gap widened to $27 billion in June, the Commerce Department reported. The deficit stood at $26 billion in May, a 10-year low. The deficit was expected to widen to $28.7 billion in June, according to a consensus of economists surveyed by Briefing.com.

Company news: After the close Tuesday, Applied Materials (AMAT, Fortune 500) reported a fiscal third-quarter loss versus a profit a year ago on weaker revenue. However, the results were better than what analysts were expecting.

The chipmaker also said it would at least break even in the fiscal fourth quarter and potentially post a profit of up to 4 cents per share. Analysts expect a loss of 5 cents per share. AMAT shares gained 3.3% Wednesday.

Among stock movers, gains were broad-based, with 28 of 30 Dow components rising. The Dow's leaders were Exxon Mobil (XOM, Fortune 500), Chevron (CVX, Fortune 500), Boeing (BA, Fortune 500), IBM (IBM, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Travelers Companies (TRV, Fortune 500), Caterpillar (CAT, Fortune 500) and United Technologies (UTX, Fortune 500).

Market breadth was positive. On the New York Stock Exchange, winners topped losers seven to three on volume of 1.23 billion shares. On the Nasdaq, advancers topped decliners by nine to four on volume of 2.19 billion shares.

Bonds: Treasury prices tumbled, raising the corresponding yields as investors reacted to a mixed government debt sale. Treasury's auction of $23 billin in 10-year notes showed demand roughly in line with recent levels, but not as strong as that seen last month.

The selloff pushed the yield on the benchmark 10-year note to 3.71% from 3.67% late Tuesday. Treasury prices and yields move in opposite directions.

The government is auctioning $75 billion in debt this week as part of its efforts to reduce the deficit and fuel its recovery efforts.

Treasury's Tuesday auction of $37 billion in three-year notes saw stronger demand than other recent auctions. On Friday, Treasury sells $15 billion in 30-year bonds.

Oil and gold: U.S. light crude oil for September delivery rose 71 cents to settle at $70.16 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $4.90 to settle at $952.50 an ounce.

Other markets: In global trading, European markets rallied and Asian markets tumbled.

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

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Yahoo! Finance

4:35 pm : Neither the FOMC's latest policy directive nor a key Treasury auction delivered any negative surprises, so this session's buying effort generally went without being thwarted. Though the major indices did fall from session highs in the final minutes of the session, stocks still finished broadly higher.

The FOMC left its target range for the fed funds rate unchanged at 0.00% to 0.25% and will keep the interest rate at exceptionally low levels for an extended period. That was expected, though. In turn, participants turned their focus to the Fed's accompanying statement, which indicated that the FOMC expects inflation to remain subdued for some time and economic activity is likely to remain weak for some time. The FOMC did say sluggish income growth will constrain household spending, though members hold the belief that economic activity is leveling out.

The FOMC also said that it anticipates the full amount of Treasury securities will be purchased by the end of October. Prior to the FOMC decision, the pace of purchases had suggested the Fed would likely be done with its purchases in September.

A $23 billion auction of 10-year Treasury Notes today produced a high yield of roughly 3.73%, which is in step with the current yield on the benchmark Note. The auction also produced a bid-to-cover ratio of 2.49, which is right around the average for the previous 10-year Note auctions this year.

The announcements had little overall impact on trading, but didn't dissuade buying efforts, either. In turn, buyers were able to cut into losses incurred in the past two down sessions.

Consumer staples stocks were the only sector to finish lower. They suffered a fractional loss. Conversely, financials posted the best gain by climbing 2.0%. They still have a way to go before negating their 3.5% loss Tuesday, though.

Large-cap tech stocks garnered support following better-than-expected earnings and strong guidance from both Applied Materials (AMAT 13.66, +0.44) and Cree (CREE 34.04, +2.21). Shares of CREE have been given an added boost by Bank of America Merrill Lynch's decision to upgrade the stock. Their strength helped the Nasdaq outperform its counterparts.DJ30 +120.16 NASDAQ +28.99 NQ100 +1.6% R2K +1.8% SP400 +1.3% SP500 +11.46 NASDAQ Adv/Vol/Dec 1907/2.18 bln/782 NYSE Adv/Vol/Dec 2237/1.23 bln/813

3:30 pm : A positive tone in the equity markets and a weaker dollar combined to provide support to commodities this session. With the greenback down some 0.4% against a basket of major foreign currencies, the CRB Commodity Index has made its way to a 1.1% gain, which is its best single-session percentage gain in the past week.

Oil prices were helped considerably by the drop in the dollar. Despite news of a larger-than-expected 2.5 million barrel build for the latest weekly inventory tally, oil prices settled 1.0% higher at $70.16 per barrel.

Natural gas prices faltered, though. They finished at $3.48 per contract, down 1.6%.

Gold and silver both finished higher, though silver's advance was more impressive. Gold prices climbed a modest 0.5% to settle at $952.50 per ounce, but silver climbed 1.7% to settle at $14.59 per ounce.DJ30 +166.03 NASDAQ +41.48 SP500 +16.95 NASDAQ Adv/Vol/Dec 2011/1.77 bln/676 NYSE Adv/Vol/Dec 2386/883 mln/667

3:00 pm : After making a modest pullback, stocks are ascending to fresh session highs. The upward move has helped the stock market completely reverse all of its losses in Tuesday's trading.

Consistent with earlier action, the latest move has been broad-based. That has all 10 major sectors in the S&P 500 in the green; seven of the sectors are sporting gains in excess of 1%, and four of them are up by 2% or more. Financials remain the best performers as they trade 2.6% higher.DJ30 +167.24 NASDAQ +39.25 SP500 +16.37 NASDAQ Adv/Vol/Dec 1956/1.56 bln/712 NYSE Adv/Vol/Dec 2335/786 mln/706

2:30 pm : Trading has become a bit choppy in the wake of the FOMC's policy statement and stocks have slipped below their afternoon trading range. Given the narrow range that stocks have been trading in throughout this session, it will be interesting to see if buyers step in and provide support or if they wait on the sidelines for stocks to slip further so that they may buy the dip later.

Still, gains in the stock market remain strong and broad-based. DJ30 +103.38 NASDAQ +27.91 SP500 +10.19 NASDAQ Adv/Vol/Dec 1916/1.41 bln/746 NYSE Adv/Vol/Dec 2185/701 mln/825

2:20 pm : Just hitting news wires, the FOMC has left its target range for the fed funds rate unchanged at 0.00% to 0.25%. The Fed said the interest rate will remain exceptionally low for an extended period.

The FOMC also stated that economic activity is leveling out and that conditions in financial markets have improved in recent weeks.

The Fed has extended its purchase program of long-term Treasury debt to October, but the amount remains at $300 billion.

Stocks are oscillating in the wake of the announcement.DJ30 +106.48 NASDAQ +34.90 SP500 +11.27 NASDAQ Adv/Vol/Dec 1911/1.34 bln/736 NYSE Adv/Vol/Dec 2238/666 mln/757

2:00 pm : Stocks are drifting off of their session highs, but gains remain robust and broad-based.

This session's advance has been particularly kind to small-cap stocks, which are up a heady 2.2%. Following some favorable analyst reviews, ADC Telecom (ADCT 8.94, +2.04) is a primary leader among small-caps in the Russell 2000 -- nearly 90% of the companies in the small-cap index are trading higher.

The latest FOMC policy statement is due shortly (2:15 PM ET).DJ30 +126.21 NASDAQ +31.88 SP500 +13.30 NASDAQ Adv/Vol/Dec 1917/1.26 bln/726 NYSE Adv/Vol/Dec 2302/625 mln/690

1:30 pm : Stocks have moved another leg higher to reach their best levels of the session. The upward move follows the release of results from a $23 billion auction of 10-year Treasury Notes. The auction produced a high yield of roughly 3.73%, which is in step with the current yield on the benchmark Note. The auction also produced a bid-to-cover ratio of 2.49, which is right around the average for the previous 10-year Note auctions this year.

The results did cause fixed income investors to push against the 10-year Note a little bit more. The Note had been down since the early going, but is now near session lows as it trades 15 ticks into the red.DJ30 +140.84 NASDAQ +35.99 SP500 +14.50 NASDAQ Adv/Vol/Dec 1944/1.16 bln/694 NYSE Adv/Vol/Dec 2328/584 mln/656

1:00 pm : Despite a tepid tone in the early going, stocks have made a strong advance toward reversing the losses incurred in the previous session. The impressive move comes ahead of the latest 10-year Treasury Note auction results and the FOMC's latest policy statement.

As in the prior session, financials are leading the broader market. This time, though, the sector's 2.2% gain is taking the broader market into the green. While financials still have a way to go before negating their 3.5% loss Tuesday, the S&P 500 has nearly reclaimed the all of the 1.3% that it shed yesterday.

Large-cap tech stocks are providing support to the broader market after a relatively quiet couple of weeks. The group's resurgence comes on better-than-expected earnings and strong guidance from both Applied Materials (AMAT 13.70, +0.48) and Cree (CREE 34.25, +2.42). Shares of CREE have been given an added boost by Bank of America Merrill Lynch's decision to upgrade the stock.

Materials stocks are lagging, however. Though still in the green, the sector is only up fractionally. The modest advance comes even though basic commodities and materials are garnering support, which has the CRB Commodity Index up a considerable 1.0% after seeing a more modest gain in the early going. Commodities prices, in general, have benefitted this session from a weaker U.S. dollar. The greenback is currently down 0.5% against a basket of major foreign currencies.

The drop in the dollar has been particularly helpful to oil prices, which are up despite a larger-than-expected weekly inventory build. Crude oil futures prices were recently quoted at $70.35 per barrel, up 1.3%.

Market participants await a couple of key announcements, starting with the results from a $23 billion 10-year Treasury Note auction, which are due imminently. On the horizon is the latest FOMC announcement (2:15 PM ET). The Fed is expected to keep its benchmark lending rate ranging from 0.00% to 0.25%, so most attention will be placed on the committee's policy directive.DJ30 +120.84 NASDAQ +32.81 SP500 +12.59 NASDAQ Adv/Vol/Dec 1932/1.07 bln/677 NYSE Adv/Vol/Dec 2307/544 mln/674

12:30 pm : Stocks have drifted slowly off of session highs, but gains remain healthy.

The session's positive tone has nearly 90% of the companies listed in the S&P 500 trading higher. Among blue chips, only two of the 30 Dow components are trading lower: DuPont (DD 32.25, -0.32) and Coca-Cola (KO 48.78, -0.26).DJ30 +122.20 NASDAQ +32.49 SP500 +12.44 NASDAQ Adv/Vol/Dec 1917/984 mln/677 NYSE Adv/Vol/Dec 2285/502 mln/680

12:00 pm : The financial sector continues to garner support and is now at a fresh session high to sport a 2.7% gain. Insurers are providing leadership to the sector as multiline insurers spike 5.4%, life and health insurers jump 4.6%, and property and casualty insurers rise 4.2%.

Banks are also making strong gains, though not as sizable. Diversivied banks are up 1.8%. Regional banks are also up 1.8%, despite a pessimistic report from Credity Suisse that stated credit trends will worsen in coming quarters and remain elevated through 2011. The report suggests that many regionals will see provisions peak in the fourth quarter, but that could bring a trough in earnings.DJ30 +125.00 NASDAQ +34.46 SP500 +13.22 NASDAQ Adv/Vol/Dec 1908/906 mln/675 NYSE Adv/Vol/Dec 2319/461 mln/622

11:30 am : Gains by stocks have leveled off so that the major indices are now moving sideways. The performance by stocks thus far remains impressive, though.

The U.S. dollar is contending with ongoing weakness. That has the Dollar Index down 0.4%. Just last week the Dollar Index hit a 2009 low. It has since rebounded less than 2% from that low. Most of the greenback's weakness this year stems from concerns regarding the debts racked up by the U.S. amid its efforts to rekindle economic activity.DJ30 +120.39 NASDAQ +32.37 SP500 +12.55 NASDAQ Adv/Vol/Dec 1869/785 mln/666 NYSE Adv/Vol/Dec 2310/399 mln/610

11:00 am : All three major indices have managed to march higher despite a lack of clear, positive catalysts for the broader market. Nonetheless, with stocks at fresh session highs, the previous session's loss has been completely erased.

Gains are strong and broad-based as all 10 major sectors in the S&P 500 trade with gains ranging from 0.5% (health care and consumer staples) to 2.2% (financials).

Amid the buying effort, Treasuries have faltered. In turn, the benchmark 10-year Note is down 10 ticks, which has pushed its yield back above 3.7%. The Note could see some volatile price action following the release of results from an auction of 10-year Treasury Notes this afternoon (1:00 PM ET).DJ30 +123.33 NASDAQ +30.95 SP500 +12.38 NASDAQ Adv/Vol/Dec 1849/638 mln/619 NYSE Adv/Vol/Dec 2274/334 mln/600

10:35 am : September crude oil chopped around near the flat line earlier this morning, but began to rally at the open of floor trading. In recent trading, crude popped to morning highs of $71.13 and ahead of today's inventory data, crude was trading 2.3% higher at $71.07 per barrel. Following the data, which showed a build of 2.519 million barrels vs consensus of a build of 1 million, crude pulled back from highs down to $70.32, up 85 cents.

Natural Gas was trading lower before the open of pit trading touching pre-floor trading lows of $3.461. Natural gas quickly spiked off lows into positive territory, pushing prices to early highs of $3.61. In recent trading, natural gas has moved back near the unchanged line and is currently 0.7% higher at $3.568.

The U.S. Dollar Index has continued to trade lower since hitting overnight highs, but is currently trading near fresh lows.

December gold has been chopping around near the unchanged line and is currently 0.2% higher at $950.20 per ounce. September silver traded lower overnight, opened in negative territory, but recently popped into positive territory to early morning highs of $14.95. Currently, silver is 0.9% higher at $14.48 per ounce.DJ30 +113.89 NASDAQ +28.44 SP500 +11.00 NASDAQ Adv/Vol/Dec 1767/499.4 mln/637 NYSE Adv/Vol/Dec 2194/266.4 mln/629

10:00 am : Financials (+1.6%) continue to lead this morning's advance, but tech stocks are also providing key support. Large-cap tech is currently up roughly 1.5% to give the Nasdaq Composite a bit of a lead over its counterparts.

The strength among large-cap tech comes in the wake of a better-than-expected quarter and strong guidance from Applied Materials (AMAT 13.70, +0.48). Cree (CREE 34.25, +2.42) also announced better-than-expected earnings and issued upsided guidance. Shares of CREE were upgraded by analysts at Bank of America Merrill Lynch.

Early movers: Trading up -- SRLS +25.8%, CVGI +19.9%, JAZZ +17.6%, EJ +17.4%, ADCT +15.5%, TOL +12.3%, CAAS +11.8%, WX +10.7%, CLNE +9.9%, CRY +9.3%, CHLN +7.8%, AAON +7.7%, ETH +7.4%, AOB +7.4%, BZH +7.4%, CREE +7.2%, LEN +6.9%, HOV +6.6%, KBH +6.6%, CTX +6.5%; Trading down -- GU -14.7%, JASO -11.8%, CLWR -9.5%, ABAT -8.1%, LIZ -7.5%, VNR -6.7%, VISN -6.3%, AWK -6.1%, AVNR -6%, BOBE -5.7%, SLE -5.5%, TXRH -5.1%DJ30 +79.80 NASDAQ +24.73 SP500 +11.30 NASDAQ Adv/Vol/Dec 1647/294 mln/613 NYSE Adv/Vol/Dec 2112/177 mln/596

09:45 am : Despite a relatively neutral tone in premarket action, stocks have jumped out to a solid start so that all three major indices are trading with respectable gains.

Financials are the primary source of strength in the early going. The sector has already made its way to a gain of 1.3%. Financials actually fell 3.5% in the previous session and led the stock market to its worst single-session percentage loss in one month.

Utilities make up the only sector to trade with a loss. The sector is down 0.5% as electric utilities fall 0.7% amid a report from The Wall Street Journal that lower demand for electricity has led to some of the sharpest reductions in electricity prices in years.DJ30 +51.24 NASDAQ +13.29 SP500 +5.49 NASDAQ Adv/Vol/Dec 1533/145 mln/623 NYSE Adv/Vol/Dec 1835/115 mln/781

09:15 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +0.30. Despite a solid quarterly report from Applied Materials (AMAT) and a better-than-expected trade deficit report for June, overall news flow has been slow this morning and has done little to guide participants. That has left stock futures to trade along the neutral line. The morning calm also comes ahead of some key afternoon announcements, starting with a $23 billion 10-year Treasury Note auction at 1:00 PM ET, then the FOMC announcement at 2:15 PM ET. With the Fed expected to keep its benchmark lending rate ranging from 0.00% to 0.25%, most attention will be placed on the committee's policy directive, which could offer insight regarding the economic outlook and open market operations or efforts to unwind the Fed's balance sheet.

09:00 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +1.00. U.S. stock futures continue to move sideways, while the major European indices have rebounded from an initial fit of weakness to trade with respectable gains. Thanks to leadership from Bayer, RWE, and Volkswagen, Germany's DAX is up 0.6%. Meanwhile, France's CAC is up 0.4%. Total (TOT) is a primary leader among French stocks. BNP Paribas is also providing support, but fellow financial outfits Societe Generale and Credit Agricole are lagging and offsetting progress. Britain's FTSE is up 0.3% as energy companies BG Group and Royal Dutch Shell (RDS.A) provide leadership. Global banking giant HSBC (HBC) is a primary laggard among British stocks, but Lloyds Banking (LYG) is making a solid gain after it agreed to sell its Insight Investment Management operation to Bank of New York (BK). In other corporate news, The Wall Street Journal reported BHP BIlliton (BHP) said its full year net profit fell more than 60% year-over-year. Its shares are still trading higher, though. Separately, The Wall Street Journal reported that the quarterly unemployment in the United Kingdom jumped more than expected to 7.8%, which marks the highest level in nearly 13 years. Meanwhile, New York Times said British inflation in coming years may well remain below the British central bank's 2% target. Stocks in Asia faltered following the losses that U.S. stocks incurred on Tuesday. That left the MSCI Asia Pacific Index and Japan's Nikkei to both close 1.4% lower. Exporters fell amid a stronger yen; Canon (CAJ), Sony (SNE), and Honda Motor (HMC) all finished lower. In economic news, Japanese wholesale prices fell a record 8.5% year-over-year in July. In Hong Kong, the Hang Seng fell 3.0% HSBC and China Mobile (CHL), which both surged in recent sessions amid speculation of an impending Shanghai listing for the two stocks, ended lower. In mainland China, the Shanghai Composite finished a steep 4.7% lower amid concerns that a drop in lending will result in less money flowing into shares.

08:30 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +1.30. The June trade deficit grew to $27.0 billion from a $26.0 billion deficit in May. June's deficit was expected to hit $28.7 billion. Separately, Macy's (M) recently announced that it brought in $0.20 per share during the second quarter. That bested the consensus estimate of $0.15 per share. Macy's went on to raise its guidance for fiscal 2010 by forecasting earnings from $0.70 to $0.80 per share, up from $0.40 to $0.55 per share. The updated outlook brackets the current consensus estimate of $0.79 per share. Meanwhile, Liz Claiborne (LIZ) posted a worse-than-expected second quarter adjusted loss of $0.48 per share. Shares of M are down roughly 2.5% to $15.09 per share in premarket trading, while shares of LIZ are down more than 8% to $3.68 per share ahead of the opening bell. Broader market stock futures continue to trade flat.

08:00 am : S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +2.00. Applied Materials (AMAT) exceeded the consensus earnings estimate by breaking even for the latest quarter and issuing upside guidance during its conference call. The upbeat report has AMAT trading more than 2% higher at $13.50 per share in premarket action. Overall, though, there hasn't been much in the way of market-moving news. That is almost certain to change with the release of the FOMC rate decision and policy directive this afternoon (2:15 PM ET). The Fed will keep its benchmark lending rate at 0.00% to 0.25%, but market participants will be looking closely for any new insight or plans from the Fed regarding economic conditions or its policy. Broader market stock futures are currently flat ahead of the FOMC announcement.

06:22 am : S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +5.30.

06:22 am : Nikkei...10435.00...-150.50...-1.40%. Hang Seng...20435.24...-639.00...-3.00%.

06:22 am : FTSE...4688.99...+17.70...+0.40%. DAX...5306.63...+20.50...+0.40%.

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