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 Post subject: October 13th Tuesday 2009 Emini ES ($ES_F) points +12.25
PostPosted: Tue Oct 13, 2009 3:47 pm 
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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 @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=66&t=336

Quote:
I'm back in the win column but had to quit trading early in the trading day due to a family member being sick. However, was able to squeeze in one more trade just before 4pm est and it felt rushed (not well planned). Simply, trading always feel more difficult as a family guy in comparison to when I was single with my only responsibility being myself. 8-)


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

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 efforts in trade signals while ignoring the impact on their trading results via market psychology, trader psychology (trading habits/routine and 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: +12.25 Emini ES ($ES_F) points


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Stocks Struggle, Finish Mixed
The Dow retreats one day after ending at a 1-year record. Weak bank stocks and a mixed J&J profit report weigh on Wall Street.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: October 13, 2009: 6:06 PM ET

NEW YORK (CNNMoney.com) -- Wall Street struggled Tuesday as weakness in the financial sector and disappointment about Johnson & Johnson's results halted the Dow's attempt to reclaim 10,000.

The Dow Jones industrial average (INDU) lost 14 points, or 0.1%. The S&P 500 (SPX) index lost 3 points, or 0.3%, and the Nasdaq composite (COMP) ended just above unchanged.

After the close, Dow component Intel (INTC, Fortune 500) reported quarterly sales and earnings that topped estimates.

The chipmaker also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion vs. the $9.51 billion consensus. Intel also said it expects gross margins, a key measure of profitability, in the 59% to 65% range versus the 56.7% consensus.

Dow component JPMorgan Chase (JPM, Fortune 500) reports results Wednesday morning. The financial company is expected to report a profit of 49 cents per share versus 11 cents a year ago.

Also Wednesday: reports are due on September retail sales, August business inventories and September import and export prices.

Tuesday's market: Stocks slipped at the start as traders braced for the first big wave of quarterly results this week. Gold touched a fresh record high and the dollar weakened. Treasury prices rallied, sending yields lower.

Stocks briefly turned higher in the late morning, before heading lower again.

Since bottoming at a 12-year low in March, the S&P 500 has gained nearly 59%, as of Monday's close, with any modest pullbacks being met by a new wave of buying.

With more than $3 trillion sitting in money market accounts and few better options, investors are feeling increasingly compelled to put cash into equities, said Rob Lutts, chief investment officer at Cabot Money Management.

"The common thought is that the market has run ahead of a recovery and that a correction is going to happen, but the reality is that the money has to go somewhere," he said.

"We probably are ahead of the fundamentals, but that doesn't mean we can't keep going higher," he said.

The Dow has been moving closer to 10,000, a key psychological barrier that could give stocks another leg up, or trigger a selloff. The market last closed above 10,000 a year ago, on Oct. 3, 2008.

Stocks posted tepid gains Monday on a light news day as investors got a little gun shy after pushing the Dow and S&P 500 to fresh one-year highs. On Tuesday, the focus turned to the quarterly results period, which heats up this week.

Results: Last week, Dow component Alcoa (AA, Fortune 500) got the third-quarter results period underway, reporting revenue and earnings that topped estimates.

That was good news to Wall Streeters, who are looking for revenues to have grown or at least stabilized after a second quarter in which topline growth was non-existent and any earnings improvement was driven by cost cutting.

On Tuesday, Johnson & Johnson (JNJ, Fortune 500) became the second Dow component to report results. The drug and medical products maker reported higher quarterly earnings that beat estimates thanks to cost cutting and a one-time tax benefit. The company also reported weaker quarterly revenue that missed expectations.

J&J boosted its 2009 earnings guidance to a range of $4.54 to $4.59 per share, versus an earlier range that topped out at $4.55 a share. Nonetheless, investors focused on the negative and shares fell 2.5%.

Other Dow gainers included Home Depot (HD, Fortune 500), Chevron (CVX, Fortune 500), DuPont (DD, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500).

Financials: Goldman Sachs (GS, Fortune 500) slipped 1.5% after Merideth Whitney Advisors downgraded it to "neutral" from "buy."

That pressured a number of other financial shares, including Dow components Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Travelers Companies (TRV, Fortune 500).

Bank of America said it will waive attorney-client privilege and hand over legal documents related to its controversial merger with Merrill Lynch. The company has been under pressure from regulators for months to provide more information on the purchase.

CIT Group (CIT, Fortune 500) tumbled 11.5% after the lender's CEO said he would resign by the end of the year.

Cisco: Cisco Systems (CSCO, Fortune 500) said it is buying Starent Networks (STAR) for $2.9 billion in cash. Starent makes gear that enables wireless carriers to tie their networks to the Internet.

World markets: Global markets were mixed. In Europe, London's FTSE 100 fell 1.1%, while France's CAC 40 and Germany's DAX both lost 1.2%. Asian markets ended higher, with the Japanese Nikkei up 0.6%.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.32% from 3.30% late Friday, as bond markets were closed Monday for Columbus Day. Treasury prices and yields move in opposite directions.

Bond prices built on gains after Fed governor Donald Kohn said that while the pace of the economic recovery will pick up next year, the jobless rate will also keep rising, hitting 10% next year.

Treasury saw strong demand for its two debt auctions: $30 billion in 3-month notes and $30 billion in 6-month notes.

Currency and commodities: The dollar fell versus the euro and the yen.

U.S. light crude oil for November delivery rose 88 cents to settle at $74.15 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $7.50 to settle at $1,065 an ounce, a record close.

Market breadth was negative. On the New York Stock Exchange, losers beat winners nine to seven on volume of 1.14 bllion shares. On the Nasdaq, decliners topped decliners seven to six on volume of 1.32 billion shares.

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Yahoo! Finance

4:30 pm : Despite a weaker dollar and a strong third quarter report from pharmaceutical giant Johnson & Johnson, the S&P 500 saw its six-session streak of gains come to an end Tuesday.

A weaker greenback has been a strong underpinning of the stock market's recent gains, but its affect on stocks this session was mitigated by caution among participants ahead of a flurry of upcoming earnings announcements. The Dollar Index returned to 52-week lows early this session, but participants paid more attention to the third quarter report from Dow component Johnson & Johnson (JNJ 61.01, -1.52), which brought in better-than-expected third quarter earnings of $1.20 per share and offered an increased earnings outlook of $4.54 to $4.59 per share for fiscal 2009. Those accomplishments were tainted by a softer top line, however. Johnson & Johnson's report came as a reminder that earnings for the latest quarter could very likely be driven by cost cutting rather than resurgent demand.

Participants get a better feel for things when JPMorgan Chase (JPM 45.66, -0.42) reports tomorrow morning and Goldman Sachs (GS 187.23, -2.92), IBM (IBM 127.02, -0.02), and Google (GOOG 526.11, +2.04) report Thursday. Bank of America (BAC 17.81, -0.22) and General Electric (GE 16.39, +0.06) lead the list for Friday.

Market participants were also unsettled this session by news that shares of Goldman Sachs were downgraded by Meredith Whitney Advisors, which was founded by analyst Meredith Whitney, who is credited with calling out many of the troubles facing banks and the broader financial sector during the last couple of years. The call on shares of GS weighed on the financial sector, which finished the session with a 1.1% loss, worse than any other sector.

Financials weighed on trade for virtually the entire session, though the broader market did manage to finish in mixed fashion after recovering from morning lows

Telecom stocks finally showed some strength after underperforming in each of the previous four sessions. The sector tacked on 0.4%.

Retailers saw some of the best gains, though. As a group, retailers advanced 0.9%.

Meanwhile, materials stocks settled 0.5% higher, helped by higher commodity prices.

Gold prices jumped to new record highs of $1069.70 per ounce in early trade, but saw some of those gains pared before finishing with a 0.7% gain at $1064.60 per ounce. Oil futures prices opened the session with a gain of roughly 1%, but reversed into the red as the U.S. dollar worked its way up from its lows. However, oil contracts garnered support and finished with a 1.2% gain at $74.15 per barrel.

Advancing Sectors: Materials (+0.5%), Consumer Discretionary (+0.4%), Telecom (+0.4%)
Declining Sectors: Financials (-1.1%), Health Care (-1.0%), Utilities (-0.6%), Consumer Staples (-0.2%)
Unchanged: Energy, Industrials, TechDJ30 -14.74 NASDAQ +0.75 NQ100 unch.% R2K -0.3% SP400 -0.4% SP500 -3.00 NASDAQ Adv/Vol/Dec 1192/2.05 bln/1463 NYSE Adv/Vol/Dec 1289/1.14 bln/1706

3:30 pm : The dollar's decline has helped lift the CRB Commodity Index to a 0.3% gain, which comes on top of the previous session's 1.7% advance. Though the Dollar Index fell back to its 52-week lows in early action, it oscillated for most of the session, causing commodities prices to gyrate.

Gold prices jumped to new record highs of $1069.70 per ounce in early trade, but saw some of those gains pared before finishing with a 0.7% gain at $1064.60 per ounce.

Silver prices also advanced, though not to the same degree as gold. Contracts for silver settled at $17.83 per ounce, up fractionally.

Oil futures prices opened the session with a gain of roughly 1%, but quickly reversed into the red as the U.S. dollar pulled up from its lows. However, oil contracts garnered support and returned to positive territory. Futures contracts prices finished 1.2% higher at $74.15 per barrel.

Natural gas prices weren't so fortunate, though. Contract prices settled 6.1% lower at $4.58 each.DJ30 -1.89 NASDAQ +1.42 SP500 -1.65 NASDAQ Adv/Vol/Dec 1057/1.67 bln/1584 NYSE Adv/Vol/Dec 1278/779 mln/1704

3:00 pm : Action remains listless as stocks head into the final hour of trade. Volume is largely unimpressive for the second straight session, but many market pundits attribute the lack of participation to caution ahead of several major earnings announcements over the next few days.

Semiconductor giant Intel (INTC 20.48, +0.08) reports after this session's closing bell and JPMorgan Chase (JPM 45.69, -0.39) reports tomorrow morning. Thursday brings a flurry of reports, led by Goldman Sachs (GS 186.98, -3.17), Nokia (NOK 15.03, +0.15), IBM (IBM 127.04, -0.01), and Google (GOOG 526.35, +2.31). Bank of America (BAC 17.78, -.25) and General Electric (GE 16.36, +0.03) lead the list for Friday. A complete list is available on Briefing.com's Earnings Calendar.DJ30 -16.63 NASDAQ -0.90 SP500 -2.95 NASDAQ Adv/Vol/Dec 1015/1.54 mln/1625 NYSE Adv/Vol/Dec 1199/715 mln/1770

2:30 pm : According to Reuters, Fed Governor Kohn stated that there is no conflict between preserving financial stability and preserving economic stability. Dow Jones quoted Kohn for stating that the economic recovery will strengthen in 2010, but the jobless rate could hit 10% in 2010.

The comments do not appear to have had an immediate impact on the broader market, which continues to trade with a moderate loss.DJ30 -22.15 NASDAQ -2.54 SP500 -4.39 NASDAQ Adv/Vol/Dec 997/1.41 bln/1621 NYSE Adv/Vol/Dec 1154/653 mln/1821

2:00 pm : Stocks continue to trade in mixed fashion, but the U.S. dollar is back near its session lows as the Dollar Index trades with a 0.4% loss.

The dollar's drop has helped drive the CRB Commodity Index to a 0.3% gain.

Treasuries are trading with strength, especially at the long end of the yield curve. The benchmark 10-year Note is up 18 ticks, while the 30-year Bond is up more than one full point. The advance comes after Treasury markets were closed for Columbus Day. Ahead of the holiday, Treasuries had grappled with considerable pressure late last week.DJ30 -12.93 NASDAQ -0.02 SP500 -3.01 NASDAQ Adv/Vol/Dec 1071/1.28 bln/1519 NYSE Adv/Vol/Dec 1217/594 mln/1737

1:30 pm : Stocks are moving sideways after a recent rebound attempt lost momentum. Stocks remain mixed as a result.

However, Ford (F 7.79, +0.17) is looking strong for the second straight session. The stock is up handsomely after the company reported that its sales in China during the third quarter increased nearly 80% from the previous year. DJ30 -13.91 NASDAQ +1.09 SP500 -2.70 NASDAQ Adv/Vol/Dec 1088/1.18 bln/1481 NYSE Adv/Vol/Dec 1218/541 mln/1726

1:00 pm : A recent rebound helped the stock market retrace a morning slide, but stocks have since run into resistance and are back to trading in mixed fashion.

The major indices came under pressure this morning as participants moved to pare their positions after watching the S&P 500 climb for six straight sessions. Selling gained momentum as the broader market fell through support levels.

Financials felt the brunt of the selling effort. Even though it is off of its lows, the sector is still down a significant 1.2% to trade as the worst performing sector this session. Its weakness comes amid a downgrade of Goldman Sachs (GS 186.00, -4.15) by Meredith Whitney Advisors. However, highly regarded analyst Dick Bove stated just yesterday in a CNBC interview that he expected Goldman to fare pretty well. The company is scheduled to report its latest quarterly earnings on Thursday.

Dow component Johnson & Johnson (JNJ 60.97, -1.56) was out with its third quarter earnings release this morning. The company unveiled better-than-expected earnings and an increased earnings outlook for fiscal 2009. A softer top line has caused some disappointment, though. Weakness in the stock has weighed on other pharmaceutical stocks (-1.1%) and the broader health care sector, which is off by 0.8%.

Telecom stocks are showing strength after underperforming in each of the previous four sessions. The sector is currently up 0.4%.

Materials stocks are also sporting a 0.4% gain. The sector has been helped along by a weaker U.S. dollar, which had taken the Dollar Index back to 52-week lows earlier this morning and helped prop up commodity prices. Though the greenback is off of its lows, it is still down 0.3%.

Oil prices are currently up 0.8% to $73.90 per barrel, while gold prices are up 0.6% to $1062.70 per ounce. The yellow metal registered a new record high of $1069.70 per ounce in electronic trade.DJ30 -13.83 NASDAQ +1.41 SP500 -3.25 NASDAQ Adv/Vol/Dec 1142/1.08 bln/1405 NYSE Adv/Vol/Dec 1210/497 mln/1702

12:30 pm : Following a solid rebound attempt, stocks are slipping again. The S&P 500 had made its way to 1075, which is just shy of the previous session's closing level, but it soon faltered.

Financial stocks continue to underpin weakness this session. The sector is down 1.2%. Specialized finance stocks are showing some relative strength, though. Specialized finance, as a group, is up 0.5%.

Health care makes up the next worst performing sector. It is down 0.9% amid weakness in pharmaceutical stocks, which are down 1.2% as participants move to sell shares of Johnson & Johnson (JNJ 60.78, -1.75) even though the company topped third quarter earnings estimates and raised its earnings outlook for this year.DJ30 -13.00 NASDAQ +1.71 SP500 -3.43 NASDAQ Adv/Vol/Dec 1104/1.01 bln/1409 NYSE Adv/Vol/Dec 1184/464 mln/1720

12:00 pm : The major stock indices have fully recovered from this morning's slide, but the S&P 500 has yet to offset its opening loss and make its way into positive ground. The improved tone comes as the U.S. dollar eases deeper into the red to trade with a 0.3% loss. The greenback is still above its morning lows, though.

With the dollar slipping, commodities prices have reclaimed earlier gains. As such, oil prices are back up 1% to $74.00 per barrel and gold prices are up 0.6% to $1062.80 per ounce.

Higher commodity prices have propped up materials stocks. The sector is now up 0.6% after being down 0.5% midmorning.DJ30 +4.61 NASDAQ +6.24 SP500 -1.48 NASDAQ Adv/Vol/Dec 1113/878 mln/1372 NYSE Adv/Vol/Dec 1225/416 mln/1662

11:30 am : After underperforming the broader market for four straight sessions, telecom stocks are showing relative strength. The sector is currently sporting a 0.4% gain after rebounding from a 0.7% loss earlier this session.

Consumer discretionary stocks make up the only other sector to trade with a gain. As a group, they are up 0.2%.

Financials remain the worst performing sector. Weakness in the group is widespread as multiline insurers sink 2.4%, diversified banks drop 1.5%, and diversified financial services stocks slip 1.6%. DJ30 -27.66 NASDAQ -2.41 SP500 -5.47 NASDAQ Adv/Vol/Dec 877/727 mln/1589 NYSE Adv/Vol/Dec 887/347 mln/1982

11:00 am : Stocks have managed to trim their losses, but they remain in the red. Declines are generally broad based, but retailers are having a strong session -- as a group, retailers are up 0.6%.

Macy's (M 20.08, +0.46) and Sears Holding (SHLD 70.23, +1.12) are primary leaders among retailers.

Treasuries are also gaining amid the stock market's broad decline. After returning from yesterday's Columbus Day holiday, fixed income traders have pushed the benchmark 10-year Note up 20 ticks. DJ30 -34.99 NASDAQ -4.10 SP500 -5.66 NASDAQ Adv/Vol/Dec 865/607 mln/1552 NYSE Adv/Vol/Dec 866/296 mln/1968

10:35 am : The stock market opened lower this morning and pushed to fresh lows in recent trading activity, but has since regained almost half of this morning's losses. The US Dollar Index remains in negative territory, but continues to push higher back near the unchanged mark.

October crude oil pushed into positive territory overnight and kept its momentum until hitting session highs of $74.47 per barrel about an hour before the open of pit trading. Crude has since given back most of its gains and is currently 0.6% higher at $73.68 per barrel.

October natural gas traded around the unchanged line overnight, but along with crude, natural gas became weak and fell sharply to morning lows of $4.58 per MMBtu. Natural gas is trading just above lows currently, down 4.9% at $4.643 per MMBtu.

December gold pushed into positive territory overnight, hitting new all-time highs of $1069.70 per ounce. In recent trade, gold has pulled back off highs and is 0.1% higher at $1058.80 per ounce. December silver hit highs before the open of pit trade at $18.075 per ounce, a 15-month high, but has also pulled back and is trading 1% lower at $17.64 per ounce.

In the dry-bulk shipping industry, the cost of shipping goods declined overnight, as measured by the Baltic Dry Index. The BDI finished lower by 1.9% to end its 8 session move higher. The subindices were mixed, with three gainers and one decliner. The sole decliner, the Capesize Index fell 4.1% to weigh on the BDI.DJ30 -41.87 NASDAQ -5.25 SP500 -6.33 NASDAQ Adv/Vol/Dec 782/465.8 mln/1580 NYSE Adv/Vol/Dec 755/234.6 mln/2052

10:00 am : Stocks have extended their morning slide, which had initially slowed as the S&P 500 found support near the 1072 area. The zone is just above what had been a 2009 closing high until it was eclipsed in the previous session. The S&P 500 has since slipped below those support levels.

Financials continue to cast a considerable weight on the market. The sector is currently down 1.6%, more than any other major sector.

Energy stocks have also come under sharp pressure. The sector is currently down 1.3%, second only to financials. Energy's decline follows a reversal by oil prices, which had been up 1% in the first few minutes of pit trade, but are now down 0.3% to $73.05 per barrel.

Advancing Sectors: (None)
Declining Sectors: Financials (-1.6%), Energy (-1.3%), Materials (-0.9%), Industrials (-0.9%), Health Care (-0.8%), Telecom (-0.7%), Utilities (-0.5%), Tech (-0.3%), Consumer Staples (-0.3%), Consumer Discretionary (-0.2%)

Early Movers: Gapping up -- CGEN +22.7%, VASC +15.5%, VNDA +13.5%, PIR +11.3%, CPBY +8.4%, NVMI +8.4%, DRYS +7.5%, PSUN +7.3%, KMGB +7%, NVAX +6.5%; Gapping down -- TLVT -10.1%, DPZ -7.7%, CNSL -6.2%, ULTA -6.1%, BKE -6.1%, AIB -6.1%, SYNA -5.7%, GAP -5.6%, ANH -4.7%DJ30 -51.47 NASDAQ -5.52 SP500 -7.40 NASDAQ Adv/Vol/Dec 810/283 mln/1436 NYSE Adv/Vol/Dec 656/153 mln/2041

09:45 am : Both the Dow and the S&P 500 have fallen into negative territory during the first few minutes of trade, but the Nasdaq Composite has managed to hold steady at the unchanged mark.

The Nasdaq is drawing support from large-cap tech issues, while the broader market is being weakened by financial issues. As such, the financial sector is down 0.9% following a downgrade of Goldman Sachs (GS 186.63, -3.52) by Meredith Whitney Advisors.DJ30 -37.03 NASDAQ +0.35 SP500 -4.75 NASDAQ Adv/Vol/Dec 1010/172 mln/1146 NYSE Adv/Vol/Dec 823/98 mln/1781

09:15 am : S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -0.50. Following six straight gains for the S&P 500 and a 2009 closing high for the Dow Jones Industrial Average, stock futures are trading a bit lower in this morning's premarket action. The reservation comes ahead of some key earnings reports this evening and tomorrow morning. However, Dow component Johnson & Johnson (JNJ) already stepped out this morning to announce better-than-expected results and an increased earnings outlook for fiscal 2009. Despite those accomplishments, the stock has fallen out of favor ahead of the opening bell; it is currently being quoted 2.3% lower at $61.07 per share in premarket trade. Goldman Sachs (GS) isn't due to report for a couple of more days, but the stock has been hit with a downgrade by Meredith Whitney Advisors. Shares of GS were recently quoted 1.8% lower at $186.75 per share in premarket trade. A weaker U.S. dollar has provided some support to stocks, but the greenback has recently pared some of its losses. Still, the Dollar Index is down 0.2% to trade fractionally above its 52-week low. The greenback's modest morning rebound has undercut the gains that had been sported by commodities prices in early morning trade. Gold prices are now off of the record highs that were reached earlier to trade with a modest 0.1% gain at $1057.70 per ounce. However, oil prices are still up 1.0% to $74.00 per barrel, which is near monthly highs.

09:00 am : S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -0.80. Stock futures have eased back so that a flat to lower start to the session looks to be in order. The rather uninspired tone comes even though the Dollar Index has extended its slide to a 0.4% loss. However, that has helped keep gold prices up near record highs. Gold futures prices are currently up 1.1% to $1068.40 per ounce. Meanwhile, oil prices are up an impressive 1.0% to $74 per barrel in the first few minutes of pit trade. The advance puts crude prices at their best levels since August.

08:30 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +1.30. U.S. stock futures are currently flat, but Europe's major equity averages are currently mixed. Germany's DAX is down 0.2% with Thyssenkrupp providing leadership, but Allianz (AZ) causing a drag. According to Dow Jones, economic expectations in Germany fell for the first time in four months in October, based on a survey by ZEW. In France, the CAC is off by 0.2%. Axa (AXA) and Credit Agricole are leading losses, but fellow financial services outfit BNP Paribas is providing support. The British FTSE is trading 0.1% higher. Metals giants Rio Tinto (RTP) and Anglo American (AAUK) are providing strength, but banking outfits HSBC (HBC) and Barclays (BCS) are lagging. According to Dow Jones, U.K. annual consumer price inflation slumped to its weakest rate in seven years in September by coming in at 1.1%. Separately, The Wall Street Journal reported that the U.K. government is exploring ways to raise fundsby bundling government activities into commercial companies and selling them in a bid to reduce debt. In Asia, Japan's Nikkei managed to make a 0.6% gain. Honda (HMC) and Toyota Motor (TM) both climbed. Tokyo Electron advanced amid news the company's quarterly orders for semiconductor tools recovered. Steel shares climbed after analysts at Goldman Sachs lifted ratings on several specific companies and upgraded its view on the Asian steel sector. In Hong Kong, the Hang Seng closed with a 0.8% gain. CNOOC (CEO) jumped after analysts at BNP Paribas maintained their Buy rating on the stock. There has also been a report by The Wall Street Journal that CNOOC and a Ghanaian partner are in talks about a bid against Exxon Mobil (XOM) or a stake in a new oil discovery. In mainland China, the Shanghai Composite advanced 1.4% after an arm of the government's sovereign wealth fund bought shares in major banks. Industrial & Commercial Bank of China, Bank of China, and China Construction Bank responded favorably. According to The Wall Street Journal, the Chinese government and steel-industry officials are working to lower taxes on the country's steelmakers by year end. The MSCI Asia Pacific Index closed 0.5% higher.

08:00 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +2.30. Continued weakness in the U.S. dollar has the Dollar Index down 0.3% and trading in-line with 52-week lows. That has provided a boon to gold futures prices, which are currently up 1.1% to $1068.40 per ounce, which is a new record high. The dollar's drop is also providing modest support to stock futures, which currently point to a slightly higher start for the session. Johnson & Johnson (JNJ) has helped keep participants in a relatively positive mood by announcing better-than-expected third quarter earnings of $1.20 per share. The pharmaceutical giant went another step further by raising its fiscal 2009 earnings forecast to the range $4.54 to $4.59 per share, up from $4.45 to $4.55 per share. The stock is still flat in premarket trading, however. Meanwhile, a downgrade of Goldman Sachs (GS) by Meredith Whitney Advisors has caused a bit of a stir among premarket participants. Shares of the financial services outfit are down roughly 1.7% to $187.00 per share in premarket action.

06:20 am : S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: +0.30.

06:20 am : Nikkei...10076.56...+60.20...+0.60%. Hang Seng...21467.36...+168.00...+0.80%.

06:20 am : FTSE...5201.29...-8.90...-0.20%. DAX...5758.14...-25.10...-0.40%.

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