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 Post subject: October 14th Wednesday 2009 Emini ES ($ES_F) points +5.25
PostPosted: Thu Oct 15, 2009 2:54 am 
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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=337

Quote:
Somehow I manage to catch two decent trades for profits late in the trading day that allowed my trading day to result in a profit after most of the trading day having a killer low volatility trading range after that huge gap to the upside at the open. Also, trading is slowly becoming more difficult with all the high frequency trading going on at the firm institutions.

Solution to the HTFs is to trade other markets where such isn't commonplace such as the CME EuroFX 6E futures or the Eurex DAX futures. This solution I will research for the remainder of the month of October and hopefully I have a decision by mid November concerning which trading instrument to trade to be able to exploit changing volatility and changes in supply/demand.


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: +5.25 Emini ES ($ES_F) points

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Dow 10,000: First Close In A Year
Blue-chip average ends at key milestone for the first time since Oct. 3, 2008 following better-than-expected results from JPMorgan and Intel.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: October 14, 2009: 6:07 PM ET

NEW YORK (CNNMoney.com) -- The Dow industrials closed above 10,000 Wednesday, ending at the key psychological milestone for the first time in more than a year, following upbeat profit reports from Intel and JPMorgan Chase.

The Dow Jones industrial average (INDU) rose 145 points or 1.5%, finishing at its highest point since Oct. 3, 2008, when it closed at 10,325.38.

The S&P 500 (SPX) index rose 19 points, or 1.8%, and the Nasdaq composite (COMP) added 32 points, or 1.5%.

The advance was broad-based, with 25 of 30 Dow stocks rising. JPMorgan Chase (JPM, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), IBM (IBM, Fortune 500), 3M (MMM, Fortune 500), United Technologies (UTX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were the biggest contributors to the Dow's gains.

"Today's market action is all about Intel and JPMorgan and just earnings in general," said Tom Schrader, managing director at Stifel Nicolaus.

He said that the weak retail sales report, released Wednesday, indicates that the economic recovery is not going to be smooth sailing. Nevertheless, "people are looking forward," Schrader added.

While 10,000 is significant on a psychological level, it is not especially meaningful on a technical level.

"I don't put a lot of weight into it just because it's a round number," said Rick Bensignor, chief market strategist at Execution LLC. "The Dow isn't a benchmark for most portfolio managers."

He said that the number isn't going to bring in a new wave of buyers, not after the major gauges have spiked so much in the past seven months.

Since bottoming at 12-year lows in March of this year, the S&P 500 has surged a little over 61% as of Wednesday's close, and the Dow has jumped 53%.

"If the market keeps moving higher it will be because the earnings continue to surpass expectations," he said.

Other than a few modest pullbacks, stocks have mostly managed to keep moving higher, with investors jumping in to buy the dips on worries that they are missing the boat. Repeated calls for a correction of 10% to 15% have gone unmet, and are likely to continue going unmet for the short term, Schrader said.

"The problem is that it is consensus that we need a selloff and consensus is rarely right," he said.

Earnings: Two Dow issues reported better-than-expected third-quarter results, following component Alcoa (AA, Fortune 500)'s better-than-expected profit report last week. The results have fueled hopes that the third quarter could mark a turning point for corporate profits in the same way it seems to have marked a turning point for the economy.

JPMorgan Chase (JPM, Fortune 500) said it earned $3.6 billion in the quarter, as strength in its investment banking business tempered rising loan losses. The company said that consumer loan delinquencies are showing signs of stabilization, but that the trend may not continue.

JP Morgan reported higher quarterly sales and earnings that topped analysts' estimates, according to tracker Thomson Financial. Shares gained 3.3% Wednesday.

Late Tuesday, chipmaker Intel (INTC, Fortune 500) said quarterly sales and earnings fell from a year ago, but topped estimates.

Intel also issued a bullish forecast, saying that it expects fourth-quarter revenue of between $9.7 billion and $10.5 billion versus 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. Shares gained 1.7% Wednesday.

Economy: Retail sales fell 1.5% in September, the Commerce Department said, surprising economists who were expecting sales to fall 2.1%.

Sales rose 2.7% in August thanks partly to the impact of the government's Cash for Clunkers auto stimulus program.

Sales excluding autos rose 0.5% in the month versus a rise of 1.1% in August. Sales were expected to rise 0.2%.

Import prices edged up 0.1% in September, the government said, after climbing 1.6% in August. Export prices fell 0.3% in September versus a revised 1.6% in August.

In the afternoon, the Fed released the minutes from the last interest-rate policy meeting. The bankers said that while the economic outlook has improved, activity is still weak. Additionally, most of the bankers raised their economic projections for the second half of the year and for the next two years.

World markets: Global markets were mixed. In Europe, London's FTSE 100 rose 2%, France's CAC 40 gained 2.1% and Germany's DAX added 2.5%. Asian markets ended higher, with the exception of Japan.

Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.38% from 3.35% late Tuesday. Treasury prices and yields move in opposite directions.

Currency and commodities: The dollar fell versus the euro and the yen, extending its recent losses.

U.S. light crude oil for November delivery rose $1.03 to settle at $75.18 a barrel on the New York Mercantile Exchange, the highest level in a year.

COMEX gold for December delivery fell 30 cents to $1,064.70 an ounce after ending the previous session at a record close of $1,065. Gold has been hitting record highs almost daily in response to a weak U.S. dollar and ongoing concerns about inflationary pressures.

Market breadth was positive. On the New York Stock Exchange, winners beat losers five to two on volume of 1.35 billion shares. On the Nasdaq, advancers topped decliners by nearly three to one on volume of 2.38 billion shares.

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Yahoo! Finance

4:35 pm : Strong earnings from a couple of industry bellwethers and a weaker U.S. dollar brought about a concerted buying effort that sent all three major indices to new 2009 highs. Stocks lost a bit of their upward momentum as they headed into the close, but the Dow was still able to settle above 10,000 for the first time in one year.

Stocks traded solidly higher in broad-based fashion for the entire session. Their advance came on the heels of better-than-expected third quarter earnings from chipmaker Intel (INTC 20.83, +0.34) and diversified financial services outfit JPMorgan Chase (JPM 47.16, +1.50). For its part, Intel brought in $0.33 per share and also issued upside revenue guidance. JPMorgan brought in $0.82 per share for its latest quarter, even though it added $2.0 billion to consumer credit reserves, and said during its conference call that it hopes to raise its dividend back to $0.75 per share in the first half of 2010.

JPMorgan's report sent the broader financial sector to a 3.4% gain, which was better than any other sector this session. However, the bank's report set a high bar for peers like Bank of America (BAC 18.59, +0.78), which reports Friday.

Pharmaceuticals company Abbott Labs (ABT 51.20, +1.55) announced better-than-expected third quarter adjusted earnings of its own by bringing in $0.92 per share and went on to raise its fiscal 2009 guidance. That helped pharmaceutical stocks overcome continued weakness in shares of Johnson & Johnson (JNJ 60.55, -0.46) and drive the health care sector 1.5% higher.

Rail company CSX (CSX 47.06, +2.78) was one of this session's best performers following its upside earnings surprise of $0.74 per share. Fellow rail stocks shared in its strength and sent the industrial sector to a 2.6% gain, second only to financials.

Telecom was the only sector that failed to post a gain. Though its loss was fractional, this session marked the fifth time in the past six sessions that telecom underperformed.

Still, broad-based buying sent stocks to fresh highs for 2009. Since registering March lows, the Dow has climbed roughly 55%, the S&P 500 has jumped approximately 64%, and the Nasdaq has surged almost 72%.

Continued weakness in the U.S. dollar sent the Dollar Index down 0.7%. It registered new 52-week lows in afternoon trade. Though the dollar wasn't in focus this session, its doldrums continue to provide a boon for the stock market.

The positive mood among participants this session was reinforced by pleasing September retail sales data, which showed a softer-than-expected decline of 1.5%. Excluding autos, retail sales increased a better-than-expected 0.5%.

Import prices for September were up 0.1% month-over-month, which is largely in-line with what had been expected, while business inventories for August fell a sharper-than-expected 1.5%. Those reports were overshadowed, though.

In other economic news, minutes from the September 23 FOMC meeting indicated that policymakers feel that the economic outlook has improved and that job losses are slowing. In turn, most members have upwardly revised economic projections, though overall activity is still quite weak.

The minutes supported the stock market's bullish trend, but Treasuries didn't respond so well to them. Comments that increasing the scale of asset purchases could aid in the economy's recovery caused the benchmark 10-year Note to drop roughly 20 ticks and the 30-year Bond to surrender more than one full point.

Advancing Sectors: Financials (+3.4%), Industrials (+2.6%), Materials (+2.0%), Energy (+1.2%), Consumer Discretionary (+1.5%), Tech (+1.5%), Health Care (+1.5%), Consumer Staples (+0.5%), Utilities (+0.4%)
Declining Sectors: (None)
Neutral: Telecom DJ30 +144.80 NASDAQ +32.34 NQ100 +1.4% R2K +2.0% SP400 +1.8% SP500 +18.83 NASDAQ Adv/Vol/Dec 2048/2.39 bln/698 NYSE Adv/Vol/Dec 2278/1.35 bln/769

3:35 pm : Stocks are trading at session highs.

Although weakness in the dollar persisted this session, helping boost equity prices and continuing the recent trend, precious metals did not rise in accordance, bucking the recent trend. Perhaps taking a break from runs to lofty levels, gold and silver futures traded in a quiet fashion this session. After reaching a new all time high at $1072 per ounce in the overnight trade, the December gold futures closed down fractionally at $1064.60 per ounce. December silver futures traded to their best levels in over a year at $18.18 per ounce in the overnight trade. Their gains were also pared, closing up just 0.4% at $17.92 per ounce. Copper prices were able to realize impressive gains this session, however. December copper futures rose 1.7% to close at $284.05 cents per pound after a report showed Chinese imports of the industrial metal rose more than expected in September.

November natural gas futures extended yesterday's losses as they trended lower throughout the session. They closed down 3.3% at $4.44 per contract. The November contract has now lost almost 9% in the last two pit trade sessions. November crude oil netted a 1.3% gain this session and closed at $75.15 per barrel. Crude oil's current levels have provided resistance over the past few months. A break through the $76 level could signal further near-term appreciation in prices. Both crude oil and natural gas inventory reports will be released tomorrow morning.DJ30 +147.75 NASDAQ +32.28 SP500 +19.12 NASDAQ Adv/Vol/Dec 1964/1.96 bln/734 NYSE Adv/Vol/Dec 1165/942 mln/778

3:00 pm : An upbeat mood among market participants has kept stocks trading in positive territory for the entire session and even drove the major indices to new highs for 2009. In order to reach those highs, the Dow had to climb 54% from its 2009 low, while the S&P 500 jumped roughly 63% from its low this year and the Nasdaq surged 71% from its 2009 low. All three indices registered their respective 2009 lows in March.

With stocks up so much in just seven months, participants will watch closely to see if third quarter earnings reports can keep the bullish bias intact. The list of companies to report their latest earnings tonight is rather limited, but things pick up tomorrow with announcements from Goldman Sachs (GS 193.25, +6.02), IBM (IBM 127.82, +0.80), and Google (GOOG 532.71, +6.60). Bank of America (BAC 18.49, +0.68) and General Electric (GE 16.83, +0.44) lead the list for Friday. DJ30 +130.29 NASDAQ +27.50 SP500 +16.37 NASDAQ Adv/Vol/Dec 1866/1.74 bln/830 NYSE Adv/Vol/Dec 2160/805 mln/866

2:30 pm : The stock market has spent the past hour trading in a relatively narrow range, unable to extend recent gains another leg higher, but unwilling to pull back. In turn, gains remain broad based with nine of the 10 major sectors exhibiting solid strength.

Telecom is the only major sector to trade with a loss. It is currently down 0.2%. This marks the fifth time in six sessions that telecom has underperformed. During the past six sessions telecom has lost more than 4%, while the S&P 500 has gained more than 3% in that same time.DJ30 +115.25 NASDAQ +24.70 SP500 +14.60 NASDAQ Adv/Vol/Dec 1867/1.61 bln/823 NYSE Adv/Vol/Dec 2180/741 mln/832

2:05 pm : Treasuries have pared losses, but stocks are seeing a rather muted reaction to the September FOMC meeting minutes, which have just been released. According to CNBC, the FOMC said that many banks are comfortable holding high reserves.

Reuters reported that some policymakers felt that increasing the scale of asset purchases could aid in the economy's recovery. Policymakers also felt the economic outlook had improved during the September meeting, but overall activity is still quite weak, according to Reuters.

The minutes from the Fed statement indicate that job losses are slowing from earlier in the year and that most members have upwardly revised economic projections.DJ30 +122.66 NASDAQ +25.45 SP500 +14.92 NASDAQ Adv/Vol/Dec 1904/1.49 bln/785 NYSE Adv/Vol/Dec 2206/682 mln/793

1:30 pm : Just a few minutes ago the Dow Jones Industrial average hit 10,000 for the first time in just over one year. While many pundits regard the market's accomplishment as meaningful and important in conveying enough strength to attract new money, some are quick to point out that the Dow is, in a sense, unchanged from 1999, which is the first time the Dow crossed above the 10,000 mark.

Nonetheless, the move to the psychologically significant line has come with a bit of resistance. In turn, stocks have eased back a bit in more recent action.DJ30 +118.05 NASDAQ +25.49 SP500 +14.21 NASDAQ Adv/Vol/Dec 1929/1.38 bln/723 NYSE Adv/Vol/Dec 2217/623 mln/768

1:05 pm : The S&P 500 is at a fresh 2009 high amid broad-based buying in the wake of a couple of impressive third quarter earnings reports and ongoing weakness in the U.S. dollar. The Dow is also at 2009 highs and closing in on 10,000, which hasn't been seen in one year.

The positive tone started last evening with better-than-expected earnings and a strong forecast from chipmaker Intel (INTC 20.96, +0.47). Things picked up further when JPMorgan Chase (JPM 47.12, +1.46) announced this morning earnings that exceeded the consensus forecast, despite adding to consumer credit reserves.

JPMorgan's report has helped the financial sector snap back from the previous session's 1.1% loss and trade with leadership this entire session. The sector is currently up 2.4%.

A steady driver of stocks, the dollar has extended its recent slide to new 52-week lows. The Dollar Index is up a bit from its worst levels of the session, but it still trades with a 0.6% loss.

Despite the dollar's doldrums, commodities are trading in mixed fashion. As such, gold prices are currently down 0.1% to $1062.80 per ounce, while oil futures prices are up 1.0% to $74.90 per barrel.

Pleasing retail sales data for September has also provided a boon to stocks. According to the Advance Retail Sales Report, sales fell 1.5% last month, but that wasn't as bad as the 2.1% decline that was widely expected. Excluding autos, retail sales were up 0.5% in September. That exceeded the 0.2% that was expected.

Import price data for September was largely in-line with expectations, but business inventory data for August was a bit disappointing. Neither report had much of an impact on trading, though.DJ30 +120.84 NASDAQ +26.83 SP500 +14.61 NASDAQ Adv/Vol/Dec 1867/1.27 bln/760 NYSE Adv/Vol/Dec 2173/569 mln/812

12:30 pm : The Dow is moving sideways near session highs, but the S&P 500 and Nasdaq Composite have eased back from recent highs. Gains remain strong and broad based.

The positive tone has been present since the early going.

Airline stocks are performing especially well this session. As such, the Amex Airline Index is up 2.3%. The advance has been helped by Continental Airlines (CAL 16.91, +0.38) and AMR Corp (AMR 7.96, +0.29), which were both upgraded by analysts at Barclays. The analysts did downgrade AirTran (AAI 4.96, -0.13) and JetBlue (JBLU 5.63, -0.05), though.DJ30 +107.77 NASDAQ +23.05 SP500 +12.46 NASDAQ Adv/Vol/Dec 1821/1.14 bln/774 NYSE Adv/Vol/Dec 2159/506 mln/794

12:00 pm : Telecom stocks are back to their recent ways of underperforming. The sector has slid all the way into negative territory so that it now trades with a 0.3% loss. The sector had been up nearly 1% in the early going.

In contrast, the broader market continues to trade near session highs, sporting gains in excess of 1%. DJ30 +111.93 NASDAQ +24.92 SP500 +13.56 NASDAQ Adv/Vol/Dec 1824/1.01 bln/735 NYSE Adv/Vol/Dec 2146/441 mln/771

11:30 am : The financial sector has made its way to a session high after being tested in midmorning trade. The sector is currently up 2.5% as shares of investment banks and brokerages (+3.7%), diversified financial services companies (+3.1%), and diversified banks (+2.8%) push higher.

Gains remain strong in the broader market, too. As such, all 10 major sectors are in the green. Six of them are sporting gains of at least 1%.DJ30 +112.53 NASDAQ +25.83 SP500 +13.29 NASDAQ Adv/Vol/Dec 1798/867 mln/755 NYSE Adv/Vol/Dec 2153/375 mln/725

11:00 am : Stocks are trying to reclaim some of their morning gains after chopping lower in the first few minutes of trade. The Dow Jones Industrial Average is just 25 points, or less than 0.3%, away from hitting the 10,000 mark; the Dow hasn't traded above that psychologically significant line for one year.

JPMorgan Chase (JPM 47.34, +1.68) is a primary leader among blue chips. The diversified financial services outfit posted this morning better-than-expected earnings and stated during its conference call that it hopes to raise its dividend back to $0.75 per share in the first half of 2010. The current dividend stands at just a nickel per share.

Meanwhile, fellow Dow component Johnson & Johnson (JNJ 60.45, -0.56) is trading as a laggard for the second straight session, even though the company posted yesterday better-than-expected quarterly earnings and raised its guidance for fiscal 2009.DJ30 +105.68 NASDAQ +23.08 SP500 +12.60 NASDAQ Adv/Vol/Dec 1749/707 mln/736 NYSE Adv/Vol/Dec 2102/318 mln/735

10:30 am : Commodities are trading in mixed fashion even though the U.S. dollar dropped to fresh 52-week lows earlier this morning. The Dollar Index is currently down 0.5%.

Oil prices are faring well. Crude futures are currently up 1.2% to $75.00 per barrel. Weekly inventory data will be released tomorrow, due to the Columbus Day holiday this past Monday.

Natural gas prices continue to come under pressure. Contracts were last quoted at $4.48 each, down 2.4%.

Gold prices have pulled back from the record high of $1069.70 per ounce that was set in the previous session. Contracts currently price the yellow metal 0.5% lower at $1059.30 per ounce.

Silver is down fractionally for the second straight session. The precious metal was last quoted at $17.83 per ounce.DJ30 +72.93 NASDAQ +18.47 SP500 +9.13 NASDAQ Adv/Vol/Dec 1670/609 mln/771 NYSE Adv/Vol/Dec 2040/276 mln/772

10:00 am : This morning's buying effort took all three major indices to new 2009 highs, but gains have been pared in recent trade. Though stocks are off of their morning highs, they still look strong.

Buying remains been broad-based. As such, more than 90% of the stocks listed in the S&P 500 are in positive territory.

Health care stocks are lagging for the second straight session, on a relative basis. The sector fell 1.0% in the previous session, but has only managed a 0.2% gain this session. Pharmaceutical stocks remain a drag on the sector, though Abbott Labs (ABT 50.62, +0.97) is providing support to the group after the company posted this morning better-than-expected third quarter earnings.

Advancing Sectors: Financials (+1.8%), Industrials (+1.4%), Materials (+1.2%), Tech (+1.1%), Energy (+1.1%), Consumer Discretionary (+1.0%), Telecom (+0.7%), Utilities (+0.3%), Consumer Staples (+0.3%), Health Care (+0.2%)
Declining Sectors: (None)

Early Movers: Trading up --ZIOP +24.6%, CNO +23.9%, BMTI +17.8%, JADE +17%, MPG +10%, XRA +7.4%, GPI +7.2%, NYNY +7%, SLT +7%, CIEN +6.8%, ACAS +6.7%, HOG +6.5%; Trading down --TDG -13.3%, CETV -10%, EDZ -7%, CRME -6.9%, TIV -6.7%, DRV -6.6%DJ30 +92.13 NASDAQ +21.68 SP500 +11.42 NASDAQ Adv/Vol/Dec 1794/386 mln/570 NYSE Adv/Vol/Dec 2248/177 mln/491

09:45 am : The stock market has slipped off of its opening highs, but all 10 major sectors of the S&P 500 are still up solidly in the first few minutes of trade. The best gains are being sported by financials, which are currently up 2.0% following a strong third quarter report from JPMorgan Chase (JPM 47.46, +1.80). The bank's better-than-expected earnings results have helped the broader sector snap back from the previous session's 1.1% loss, which was the worst of any major sector in Tuesday's trade.DJ30 +88.50 NASDAQ +21.02 SP500 +10.31 NASDAQ Adv/Vol/Dec 1819/243 mln/477 NYSE Adv/Vol/Dec 2234/128 mln/427

09:15 am : S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +21.50. A sharply higher open awaits the major indices, thanks to impressive third quarter reports from Intel (INTC) and JPMorgan Chase (JPM). Abbott Labs (ABT) complemented the reports by offering up better-than-expected earnings of its own. Meanwhile, the dollar's drop to fresh 52-week lows has also helped support this morning's positive bias. Economic data has been helpful, too. Retail sales for September were down, but not as much as expected, and sales less autos increased more than expected. Import price data for September was widely in-line with expectations. Participants await August business inventory data (10:00 AM ET) and the minutes from the September 23 FOMC meeting (2:00 PM ET).

09:00 am : S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +22.50. Europe's major markets are trading with solid gains, near 2009 highs. Their shares have been helped along by upbeat reports from industry giants Intel (ITNC) and JPMorgan (JPM). With that, Britain's FTSE is currently up 2.0% as Barclays (BCS) and Lloyds Banking Group (LYG) show strength. Royal Bank of Scotland (RBS) is also up amid Financial Times news that the company is exploring a government-backed plan to give up all of its 312 RBS-branded branches in England and Wales. Mining stocks are also looking strong. Rio Tinto (RTP) is up after it raised its 2009 forecast for iron ore output by as much as 7.5%. In economic news, unemployment climbed by 88,000 to a fresh 14-year high. In Germany, the DAX is currently up 2.4%, led by cyclical stocks. Siemens (SI) and Deutsche Bank (DB) are also showing strength, though. In France, the CAC is currently up 2.0%, led by banks and commodity stocks. That has favored Societe Generale and BNP Paribas. Credit Agricole is also up. The bank said it will repay the 3 billion euros it borrowed from the state as credit markets improve. ArcelorMittal (MT) is up solidly, too. In Asia, the MSCI Asia Pacific Index advanced 1.0% Wednesday, but Japan's Nikkei slipped 0.2% as profit takers capitalized on five days of gains. Exporters felt particular pressure as the yen strengthened agaisnt an ailing U.S. dollar -- the Dollar Index is currently trading at a fresh 52-week low. Meanwhile, bank shares like those of Mitsubishi UFJ Group (MTU) and Sumitomo Mitsui Financial Group slid ahead of earnings reports from several major U.S. banks. Separately, the Bank of Japan left its benchmark interest rate at 0.1%, as expected. In Hong Kong, the Hang Seng spiked 2.0% amid data that showed that September exports fell 15.2% year-over-year, but that wasn't as bad as had been expected, nor was it as bad as the 23.4% slide in August. Imports fell just 3.5% year-over-year, which is much more mild than the 15.3% drop that was widely expected. Among the session's strongest performers were energy plays PetroChina (PTR) and CNOOC (CEO). In mainland China, the Shanghai Composite settled with a 1.2% gain. Strong earnings for property shares helped lift sentiment.

08:35 am : S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +22.00. Stock futures continue to trade with strength following the latest batch of economic data. Advance retail sales for September fell 1.5%, but that wasn't as bad as the 2.1% decline that was widely expected. Data for August was revised lower to show a 2.2% increase in retail sales. Less autos, retail sales were up 0.5% in September. They were expected to increase just 0.2%. Sales less autos increased a downwardly revised 1.0% in August. Import prices for September increased 0.1% month-over-month, which is a bit softer than the 0.2% increase that was widely expected. Year-over-year, import prices for September were down 12.0%, which is a bit steeper than the 11.4% decline that was expected. Data for August was revised to show a 1.6% monthly increase and a 15.3% annual decline.

08:00 am : S&P futures vs fair value: +12.70. Nasdaq futures vs fair value: +21.30. Stock futures are showing considerable strength following a couple of impressive third quarter reports from bellwethers Intel (INTC) and JPMorgan Chase (JPM). Intel unveiled last evening better-than-expected earnings of $0.33 per share, which bested the consensus of $0.28 per share. The positive earnings surprise came despite an 8.0% year-over-year decline in revenues to $9.4 billion, but that was still better than many had expected. Intel went on to issue upside revenue guidance of $9.7 billion to $10.5 billion for the fourth quarter and also issue strong guidance for fourth quarter margins. JPMorgan announced this morning that it brought in $0.82 per share for its latest quarter. That topped the consensus of $0.52 per share with ease. The bank's top line improved 3.9% year-over-year to $26.62 billion, which exceeded the $24.96 billion that was widely expected. The strong results came even though the firm added $2.0 billion to consumer credit reserves, which now total to $31.5 billion. Market participants await import price data for September, along with advance retail sales data at 8:30 AM ET. Business inventory data for August are due at 10:00 AM ET and minutes from the September 23 FOMC meeting are due at 2:00 PM ET.

06:22 am : S&P futures vs fair value: +12.40. Nasdaq futures vs fair value: +19.30.

06:22 am : Nikkei...100060.21...-16.40...-0.20%. Hang Seng...21886.48...+419.10...+2.00%.

06:22 am : FTSE...5245.71...+91.60...+1.80%. DAX...5826.03...+111.80...+2.00%.

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