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 Post subject: September 3rd Thursday 2009 Emini ES ($ES_F) points +17.00
PostPosted: Thu Sep 03, 2009 6:00 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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Location: Canada

Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name wrbtrader. You can review each trade from entry to exit along with commentary and an occasional trading tip because its all archived @

I did three trades today with the first two trades being losers. However, one of them was a trade management error in that it went +1.75 in my favor to then retrace and take me out for a -1 point loss. That type of a loss is very rare for me but it had more to do with greed and laziness in moving my trailing stop from a -1 point loss to +0.25 or break even when ES moved +1.25 in my favor prior to +1.75 in my favor.

No biggie about the two losses because they were small and the 3rd trade was picture perfect via Volatility Trading Report (VTR). In fact, it was the trade that gave me all my profits for the trading day along with exceeding my profit target for the trade because it had support (as in help) from other key markets like Gold and Oil (intermarket analysis).

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.


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.

Also, I strongly believe that profitable trading involves more than just trade signals and that's why most traders fail because they put all their interest in trade signals while ignoring the impact of their trading habits/routine or personal lifestyle. If you don't understand this perspective...please ask questions here at the forum for more info or you can tweet me on twitter @wrbtrader.

My Trading Performance: +17.00 Emini ES ($ES_F) points


Stocks End With A Flourish
Wall Street rallies into the close, with bank and tech stocks rising after a 3-day selloff.
By Alexandra Twin, senior writer
Last Updated: September 3, 2009: 6:08 PM ET

NEW YORK ( -- Wall Street staged a late-session rally Thursday, as investors piled into bank and technology shares following a three-day selloff on worries about the health of the economy.

The Dow Jones industrial average (INDU) gained 64 points, or 0.7%. The S&P 500 (SPX) index added 8 points, or 0.9%. The Nasdaq composite (COMP) rose 16 points, or 0.8%.

Stocks drifted higher through most of the session as financials and other stocks that were hit earlier in the week bounced back. But the advance was limited by tepid back-to-school sales from the nation's retailers and a troubling weekly jobless claims report, ahead of the bigger non-farm payrolls report Friday.

"The key fundamental investors are looking for is continual improvement in the jobs market, and today's jobs numbers weren't very positive," said Robert Siewert, portfolio manager at Glenmede.

The August report from the Labor Department is due before the start of trading Friday. Employers are expected to have cut 225,000 jobs from their payrolls in August, according to economists surveyed by Employers cut 247,000 jobs in July. The unemployment rate, generated by a separate survey, is expected to have risen to 9.5% from 9.4% in July.

Also on Friday, Treasury Secretary Timothy Geithner meets with the G-20 Finance ministers in London.

Trading volume is likely to be light and markets could be particularly volatile ahead of the three-day Labor Day holiday.

Rally hits roadblock: Stocks have slid the past three sessions, after ending last week at 2009 highs. The S&P 500 and Nasdaq both ended last week at levels not seen since just after the collapse of Lehman Bros. last September.

But this week has brought persistent selling on worries that the rally has gotten way ahead of any recovery. That weakness has been compounded by lighter-than-usual trading ahead of the Labor Day holiday weekend.

As much as there is an argument for a pronounced selloff as the seasonally tough September heats up, there is also an argument for a continued slow build higher, said Larry Glazer, managing director at Mayflower Advisors.

"Traders are dominating while the retail investors have for the most part remained skeptical and not really gotten back in yet," he said. That could change if more economic news in the weeks ahead continues the argument for a recovery, he said.

Financials: The bank sector was traded most heavily last week, in terms of both volume and momentum, and it also led the retreat earlier this week.

"Last week we got into a speculative frenzy on the trader's side with Citigroup, Fannie Mae and AIG some of the most active names," Glazer said. "This week, those stocks led the decline."

But by Thursday afternoon, the selling had eased up and financial shares were charging ahead again. Major Dow financials Bank of America (BAC, Fortune 500), American Express (AXP, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) rose, too. The KBW Bank index gained 2.5%.

Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500) both continued their recent surge. The stocks got an extra boost after the New York Federal Reserve Bank said it bought $3.779 billion of U.S. agency debt, bringing its total to $122.4 billion in the last 9 months. The Fed has said it will buy $200 billion in debt from Fannie, Freddie and the Federal Loan Bank System as part of its efforts to keep mortgage rates low and help the economy recover.

Economy: A worse-than-expected jobless claims report and a mix of retail sales added to concerns about the health of the consumer. With consumer spending traditionally fueling two-thirds of economic growth, investors are looking for signs that spending could be picking up.

But with layoffs continuing to grow, consumers have been hunkering down and boosting savings.

The number of Americans filing new claims for unemployment last week stood at 570,000, a decline from the previous week's 574,000, but only because the previous week's numbers were revised higher. Economists surveyed by were expecting 564,000 new claims.

Additionally, continuing claims, a measure of people who have been filing claims for a week or more, rose 92,000 to 6.23 million, topping forecasts for a rise to 6.12 million.

The Institute for Supply Management's services sector index for August rose to 48.4 from 46.4 previously. Economists thought it would rise to 48. Any number below 50 implies the sector is continuing to weaken.

Retail: Back-to-school sales for the nation's retailers were weaker than a year ago, but results still topped analysts' forecasts. August same-store sales, or sales at stores open a year or more, fell 2.9% versus a year ago, according to Thomson Reuters. Analysts expected sales to drop 3.8%.

Discounters did the best, including clothing retailer Aeropostale (ARO), which said sales rose 9% versus forecasts for a jump of 7.1%.

Target (TGT, Fortune 500) said sales fell 2.9%, versus analysts' bets that sales would drop 5.1%. Costco (COST, Fortune 500) and Limited Brands (LTD, Fortune 500), which owns Bath & Body Works, reported weaker sales that surpassed forecasts.

Abercrombie & Fitch (ANF) said sales plunged 29% versus a year ago.

Company news: Dainippon Sumitomo Pharma of Japan is buying U.S. drugmaker Sepracor (SEPR) for about 2.6 billion, the companies said Thursday, confirming earlier reports.

Along with financial components, Caterpillar (CAT, Fortune 500) and GE (GE, Fortune 500) were among the stocks boosting the Dow.

But selling in components Merck (MRK, Fortune 500), Coca-Cola (KO, Fortune 500), AT&T (T, Fortune 500) and IBM (IBM, Fortune 500) put a limit on any gains.

Oil and gold: U.S. light crude oil for October delivery fell 9 cents to settle at $67.96 a barrel on the New York Mercantile Exchange. Oil prices have been slipping since hitting a 10-month high just below $75 a barrel late last month.

COMEX gold for December delivery rose $19.20 to settle at $997.70 an ounce, inching closer to the psychologically significant $1,000 level.

World markets: Global markets recovered, with major European markets mostly ending higher. Most Asian markets ended higher, with the exception of the Japanese Nikkei. China's main index, the Shanghai Composite, added 5%.

Bonds and currency: Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.32% from 3.30% late Wednesday. Treasury prices and yields move in opposite directions.

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


Yahoo! Finance

4:30 pm : A late squeeze gave stocks a strong finish after they had spent most of the session in a rather narrow range that was largely underscored by thin trading. Though there were several trading catalysts to drive action this session, the overall mood among participants was subdued ahead of the August nonfarm jobs report.

A near 5% spike by China's stock market helped stir a positive bias ahead of the U.S. open. However, another dismal dose of jobless claims disrupted the strong tone. Initial claims for the week ending Aug. 29 totaled 570,000, down just 4,000 from the previous week, but slightly more than the 564,000 that were expected. The week-over-week increase took the 4-week moving average up to 571,300, leaving economists with the impression that the weekly trend isn't headed lower any time soon.

With the labor market mired in weakness, continuing claims jumped to 6.23 million from 6.14 million. Economists, on average, expected continuing claims to remain steady since many unemployed workers are losing their benefits.

Still, stocks were able to start the session in higher ground, but they quickly came under pressure ahead of the August ISM Services Index, which topped the consensus estimate of 48.0 by coming in at 48.4, a high for the year.

Shortly after the ISM's release the major indices dipped into the red, but managed to rebound after holding above the previous session's lows. Financials were a primary source of support as they led gains for the entire session -- financials finished 2.3% higher amid strong buying in diversified banks (+2.7%) and multiline insurers (+3.5%).

Retailers like Gap (GPS 21.18, +1.49), Limited (LTD 15.53, +0.81), and Target (TGT 47.07, +0.80) posted this morning negative same-store sales results for August. However, their results weren't as bad as feared, so investors responded by sending the group 2.0% higher.

Materials stocks (+1.6%) fared well as gold and silver extended their recent run amid technical buying and short covering. Gold prices made their way to fresh six month highs and just $0.50 short of the $1,000 per ounce mark before pulling back a bit. Still, gold prices settled at $997.70 per ounce, up nearly 2%. That comes on the back of a 2.3% breakout in the previous session. Silver fared even better. Contract prices for the precious metal registered fresh 52-week highs of $16.31 per ounce and held steady into the close. Silver finished at $16.29 per ounce, up 6%.

Friday's attention will be focused on the August nonfarm payrolls report, which is due ahead of tomorrow's opening bell, since many economists believe that it is a telling sign of the economy's health.DJ30 +63.94 NASDAQ +16.13 NQ100 +0.7% R2K +1.2% SP400 +1.4% SP500 +8.49 NASDAQ Adv/Vol/Dec 1781/1.87 bln/854 NYSE Adv/Vol/Dec 2325/1.16 bln/688

3:30 pm : Precious metals caught the most attention in the commodities space this session as both gold and silver extended their recent run. Technical buying and short covering helped drive the metals higher in the face of a fractionally stronger U.S. dollar.

Gold prices made their way to fresh six month highs and just $0.50 short of the $1,000 per ounce mark before pulling back a bit. Still, gold prices settled at $997.70 per ounce, up nearly 2%. That comes on the back of a 2.3% advance in the previous session.

Silver fared even better. Contract prices for the precious metal registered fresh 52-week highs of $16.31 per ounce and held steady into the close. Silver finished $16.29 per ounce, up 6%.

Natural gas prices fell under sharp selling pressure, exacerbated by another build in weekly inventories. Stockpiles increased by 65 bcf last week, an increase that was generally in step with expectations. Still, contract prices plummeted by more than 7% to settle at $2.51 per contract. That's nearly as low as prices were in 2002.

Oil had a quiet session, however. Crude oil futures contracts closed the session with oil priced at $67.92 per barrel, down just 0.2%.DJ30 +31.72 NASDAQ +9.33 SP500 +4.78 NASDAQ Adv/Vol/Dec 1508/1.54 bln/1113 NYSE Adv/Vol/Dec 2031/785 mln/967

3:00 pm : This session remains thinly traded with stocks stuck in a narrow range -- since yesterday morning the S&P 500 has stayed within a span of less than 10 points, or 1% from intraday high to intraday low.

The sideways movement has underscored the calmness ahead of the August nonfarm paryrolls report, which will be released tomorrow morning. The report will be the primary item of focus for participants, since many economists believe that it is a telling sign of the economy's health.DJ30 +12.32 NASDAQ +4.92 SP500 +1.89 NASDAQ Adv/Vol/Dec 1473/1.43 bln/1137 NYSE Adv/Vol/Dec 1956/721 mln/1023

2:30 pm : Telecom stocks have lagged the broader market for the entire session. They are currently down 0.5%, as a group.

Integrated telco and Dow component AT&T (T 25.07, -0.30) is a primary laggard within the telecom sector. Though there isn't any immediate catalyst causing weakness in the stock, it is making its way toward its fifth loss of the last six sessions. During that span, shares of T have surrendered more than 5%.

Shares of competitor and fellow Dow component Verizon (VZ 30.11, -0.03) are also headed toward their fifth decline in six sessions. However, news that the company has raised its quarterly dividend to $0.475 per share from $0.46 per share has limited the stock's move to the downside this session.

Beyond this session, telecom stocks have been among one of the worst performers this year. With both T and VZ having lost 11% year-to-date, the telecom sector is down nearly 9% this year. That's worse than any other major sector in the S&P 500.DJ30 +9.22 NASDAQ +4.74 SP500 +2.19 NASDAQ Adv/Vol/Dec 1429/1.31 bln/1158 NYSE Adv/Vol/Dec 1885/662 mln/1066

2:00 pm : Shares of food processor Del Monte (DLM 11.10, +0.74) are up handsomely following the company's latest quarterly results, which featured better-than-expected earnings of $0.30 per share. The company also went on to lift its full-year earnings outlook, which now ranges from $0.88 to $0.92 per share, up considerably from the previous range of $0.76 to $0.80 per share. Analysts, on average, had been forecasting $0.80 per share for the year.

Enthusiasm over the company's report has shares of DLM making their best single-session percentage advance since June and outperforming competitors HJ Heinz (HNZ 37.49, -0.30) and ConAgra (CAG 19.89, -0.03) with relative ease. The broader consumer staples sector is also lagging as it trades with a fractional loss.DJ30 +22.44 NASDAQ +7.80 SP500 +3.43 NASDAQ Adv/Vol/Dec 1448/1.22 bln/1120 NYSE Adv/Vol/Dec 1937/626 mln/999

1:30 pm : Gains remain relatively modest for the major indices as they move sideways in a rather narrow trading range. However, materials stocks have managed to garner enough support to test their session highs, which were set in the first few minutes of the session. Materials stocks are now up 1.2%.

Strength in gold prices continues to underpin the advance by the materials sector. Gold prices are making a sharp advance for the second straight session. By pushing 1.9% higher to $995.80 per ounce, a fresh six-month high, gold prices have pushed gold stocks (+4.8%) and shares of diversified metals and miners (+3.6%) markedly higher. DJ30 +27.05 NASDAQ +9.49 SP500 +4.17 NASDAQ Adv/Vol/Dec 1513/1.13 bln/1026 NYSE Adv/Vol/Dec 1947/581 mln/965

1:00 pm : Strong buying in China's Shanghai Composite Index helped keep an improved mood in the early going as participants digested another bleak jobless claims report and a mixed batch of same-store sales reports, but early gains were undercut ahead of the latest ISM Services Index.

The major indices made their way to a solid start following news that Shanghai's stock market spiked nearly 5% amid speculation that regulators will put into place policies that will keep the stock market in good health. The move by Chinese stocks seemed to support the case that U.S. stocks were ready to rebound after finishing lower in each of the past four sessions.

The mood among participants was slightly undermined by news that the latest initial claims tally totaled 570,000, down just 4,000 from the previous week, but slightly more than the 564,000 that were expected. Meanwhile, continuing claims made an unexpected jump to 6.23 million from 6.14 million. The rise of continuing claims in the face of unemployed workers losing their benefits is another sign that labor markets remain exceptionally weak.

Selling pressure didn't pick up until just before the midmorning release of the August ISM Services Index, which, at 48.4, came in slightly above the consensus.

Though the sudden flurry of pressure took stocks into negative territory, they managed to bounce back after the major indices held above the previous session's lows. The subsequent gains of the broader market may be modest, but they are mostly owed to the financial sector, which is now up 1.4%.

Despite the strength of the financial sector and retailers, the broader market has stayed within a narrow trading range, which actually began in the previous session. The sideways movement comes as many participants are waiting to see what's in store with the nonfarm jobs report tomorrow morning.DJ30 +21.39 NASDAQ +6.25 SP500 +2.84 NASDAQ Adv/Vol/Dec 1463/1.04 bln/1071 NYSE Adv/Vol/Dec 1856/541 mln/1029

12:30 pm : Stocks are gradually adding to their recent gains. That has helped the Nasdaq Composite make its way to its best level since the first few minutes of the session. Still, the Nasdaq's gains remain largely in-line with those of the other headline indices.

Nonetheless, semiconductor stocks are providing considerable support to the Nasdaq. Their strength has helped push the Philadelphia Semiconductor Index to a 0.8% gain.DJ30 +25.39 NASDAQ +7.71 SP500 +3.38 NASDAQ Adv/Vol/Dec 1455/977 mln/1047 NYSE Adv/Vol/Dec 1894/506 mln/987

12:00 pm : The major indices remain modestly higher, thanks largely to leadership from the financial sector, which is sporting a 1.6% gain at the moment. Financials had been up as much as 2.0% earlier in the session.

Shares of AIG (AIG 41.19, +3.24) are currently providing the most leadership to the financial sector. The stock has been whipping around dramatically in recent sessions. During the past two sessions the stock has advanced 14%, but only after it slid 28% in the first two sessions of this week. Last week the stock surged more than 50%.

The whipsaw action of AIG has come as some of the lower-tiered holdings have found favor among traders in recent weeks. In the past upswings of the market, such interest in beaten down names has preceded the loss of momentum in the stock market's short-term climbs.DJ30 +22.44 NASDAQ +4.72 SP500 +2.71 NASDAQ Adv/Vol/Dec 1392/882 mln/1096 NYSE Adv/Vol/Dec 1811/464 mln/1033

11:30 am : Shares of retailers are outperforming the broader market by a wide margin. As a group, retailers are up 1.3%.

Gap (GPS 21.14, +1.45), Limited (LTD 15.38, +0.66), Nordstrom (JWN 28.27, +1.08), and Kohl's (KSS 53.36, +1.50) are primary leaders among retailers. Each was out this morning with better-than-expected same-store sales results. Gap reported that its same-store sales for August were down 3%, while Limited reported that comparables for August were down 4% and Nordstrom saw sales drop almost 8%. Kohl's was the only name in this short list to post an increase, which was a mere 0.2%.DJ30 +11.26 NASDAQ +2.26 SP500 +1.88 NASDAQ Adv/Vol/Dec 1381/798 mln/1077 NYSE Adv/Vol/Dec 1805/421 mln/1002

11:00 am : Stocks recently extended their morning slide into negative territory, but they have since rebounded to trade with slight gains. In turn, weakness looks to be relatively contained as only utilities (-0.1%), health care (-0.3%), and telecom (-0.5%) trade lower.

Financials remain a primary source of support for the broader market. The sector is up 1.3% as diversified financial services firms run out to a 2.7% gain. Banks are also providing an upward push as diversified banks ascend to a 1.8% gain and regional banks climb 2.0%.DJ30 +25.01 NASDAQ +4.02 SP500 +3.45 NASDAQ Adv/Vol/Dec 1323/359 mln/1077 NYSE Adv/Vol/Dec 1743/359 mln/1035

10:40 am : December crude oil hit highs of $69.40 per barrel just before the open, but hit lows recently of $67.87 per barrel. Currently, crude is 0.4% higher at $67.77 per barrel.

December natural gas moved into negative territory before the open of pit trading and fell to lows of $2.645. Ahead of this morning's inventory data, natural gas was 3.2% lower at $2.628. Following the data, which showed a build of 65 bcf (consensus was for a build of 67 bcf), natural gas dropped to fresh lows of $2.57 and is currently 4.6% lower at $2.584.

December gold and December silver opened in positive territory in pit trading and remain there in recent activity. Gold is currently 0.6% higher at $984.7 per ounce and is trading at 3-month highs. Silver is 2.4% higher at $15.73 per ounce.DJ30 +2.19 NASDAQ -3.59 SP500 +0.93 NASDAQ Adv/Vol/Dec 1088/573.1 mln/1266 NYSE Adv/Vol/Dec 1488/311.4 mln/1240

10:00 am : Stocks started to sell-off in the minutes ahead of the the latest ISM Services Index and remain near morning lows.

The August ISM Services Index came in at 48.4, which marks its best level since September 2008 and was generally in-line with the consensus forecast for 48.0.

Early movers: Trading up -- HLCS +23.6%, OXM +23.6%, CRIS +20.5%, SVA +20.1%, MTL +18.1%, GRH +15.7%, ZUMZ +14.5%, VICL +12.9%, DLM +9.8%, AIG +9.1%, AEO +8.8%, ASX +8.6%, COST +8.2%, CSR +7.8%; Trading down -- AMED -22.1%, INWK -14.3%, HOV -10.1%, FDO -9.3%, FRED -6.5%DJ30 +12.02 NASDAQ +0.53 SP500 +2.44 NASDAQ Adv/Vol/Dec 1237/371 mln/996 NYSE Adv/Vol/Dec 1705/209 mln/963

09:40 am : The major indices are making modest gains in the first few minutes of action. However, movement has been choppy thus far.

Materials stocks are up a solid 1.0%, however. Their advance comes as an extension from the previous session and follows continued buying in gold prices, which are up 0.6% to $983.20 per ounce. Gold prices are flirting with a fresh three-month high.

Financials are up the most, though. The sector is up 1.8% amid strength in banks and insurers.DJ30 +37.03 NASDAQ +4.73 SP500 +4.39 NASDAQ Adv/Vol/Dec 1277/187 mln/813 NYSE Adv/Vol/Dec 1779/115 mln/804

09:20 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +8.00. A rather bleak weekly jobless claims report and some largely unimpressive monthly same-store sales numbers from retailers have kept stock futures off of their morning highs, but the major indices remain on track for a positive start. The overall positive tone this morning is being attributed to strong buying in China's Shanghai Composite Index, which surged nearly 5% Thursday amid speculation that regulators will put policies into place to help keep the country's equity markets in good health. Participants continue to await the August ISM Services Index (10:00 AM ET), which will likely act as a trading catalyst. Still, Friday's official nonfarm jobs report remains the primary item of concern this week, so action could remain subdued ahead of that announcement and keep stocks in a narrow trading range.

09:00 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.00. European stocks had been trading with strong gains amid news that the European Central Bank left its benchmark interest rate unchanged at 1.00%, as expected, but the continent's major bourses slipped following the latest dose of weekly jobless claims data from the U.S. They have since bounced back to trade with modest gains. As such, Britain's FTSE is currently up 0.2%. Miners and metals outfits like Rio Tinto (RTP), Anglo American (AAUK), and BHP Billiton (BHP) are all garnering support. Banks are also pushing higher as Royal Bank of Scotland (RBS), Lloyds Banking Group (LYG), and Standard Chartered lead the financial sector. However, major oil outfits are contending with pressure, which is undercutting the broader market. In economic news, Britain's services sector grew at its fastest pace in nearly two years as the August PMI made its way to a better-than-expected 54.1. In Germany, the DAX is up 0.2%, led by steelmakers. Volkswagen and BASF are under pressure, though, and leading the list of laggards. Meanwhile, France's CAC is up 0.1%. ArcelorMittal (MT) is making handsome gains as buyers favor materials and metals stocks. Mainland China's Shanghai Composite Index spiked 4.8% after a top regulator assured investors that the market is healthy and induced hope for supportive policy measures, given that a regulatory commissioner indicated on Wednesday that the steady development of the country's equity market will be promoted. Action in the rest of Asia was less impressive, however. The MSCI Asia Pacific Index closed just 0.2% higher and Japan's Nikkei slipped 0.6%. Shares of exporters were knocked down following some disappointing U.S. jobs data. Honda Motor (HMC), Toyota Motor (TM), and Canon (CAJ) were primary laggards. However, Dainippon Sumitomo gained amid news that the company agreed to buy Nasdaq-listed Sepracor for $2.6 billion. Fast Retailing also gained; it posted some solid same-store sales numbers for August. In Hong Kong, the Hang Seng advanced 1.2%. Gains were broad-based as Hong Kong Electric Holdings, CLP Holdings, and Cheung Kong Holdings were the only three components of the 42-member index to finish lower. Financial outfits China Life, Industrial & Commercial Bank of China, Bank of China, and HSBC provided the most strength, though.

08:30 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +7.50. Stock futures point to a positive start for the session, but they have pulled back a bit from earlier levels following the latest weekly jobless claims report. According to data, initial claims for the week ending August 29 totaled 570,000, down just 4,000 from the previous week. Economists had expected the latest initial claims tally to come in at 564,000. Continuing claims ramped up to 6.23 million from 6.14 million. The consensus forecast called for 6.13 million continuing claims as unemployed workers lose their benefits.

08:05 am : S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +10.50. Following a session of consolidation, stocks are benefitting early on from a supportive bid that comes amid sharp gains by Chinese markets. This past Monday the Shanghai Composite Index dropped nearly 7% amid valuation concerns and fears about the implications of tighter lending to bring about a global sell-off, but on Thursday the Shanghai Composite spiked 4.8% amid reassuring comments from a regulator regarding the health of the market, according to Reuters. Meanwhile, the Organization for Economic Co-operation and Development offered its support to this morning's buying effort by stating in a Reuters article that the global recession is coming to an end faster than previously thought. The bulk of this morning's corporate headlines are owed to retailers' August same-store sales results, which have generally been disappointing relative to expectations, thus far. Participants await the latest batch of jobless claims, which are due at the bottom of the hour, and the ISM Services Index, which is due later this morning at 10:00 AM ET.

06:21 am : S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +7.00.

06:21 am : Nikkei...10214.64...-65.80...-0.60%. Hang Seng...19761.68...+239.70...+1.20%.

06:21 am : FTSE...4816.28...-1.30...0.00. DAX...5321.41...+1.60...0.00.

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