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 Post subject: October 21st Wednesday 2009 Emini ES ($ES_F) points +23.50
PostPosted: Wed Oct 21, 2009 8:10 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=343

Quote:
As mentioned in the performance log...I'm taking a long break from trading each day between 1030am - 1430pm est. However, due to today's 1400pm est FED Beige Book report...I started trading after my long break around 2pm est. Anyways, today was a lot less stressful and I exceeded my profit target of +20 Emini ES ($ES_F) points thanks again to WRB Analysis and Intermarket Analysis. By the way, I've added to my screen for intermarket analysis Forex Currency EurUsd, CME EuroFX 6E futures and the U.S. Dollar Index to help me with my trade management after entry in the Emini ES ($ES_F) futures along with revealing quicker price noise that I should avoid.


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: +23.50 Emini ES ($ES_F) points

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Stocks Fall From One-Year Highs
Banking, retail and technology lead a late-session selloff as investors back off after pushing the Dow, Nasdaq and S&P 500 to 2009 highs.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: October 21, 2009: 6:17 PM ET

NEW YORK (CNNMoney.com) -- Stocks tumbled Wednesday afternoon, after influential analyst Richard X. Bove downgraded his rating on Wells Fargo, sparking a steep selloff in the banking sector.

The Dow Jones industrial average (INDU) lost 92 points, or 0.9%. The S&P 500 (SPX) index lost 10 points, or 0.9%. The Nasdaq composite (COMP) lost 13, or 0.6%.

Stocks had rallied through the early afternoon as investors welcomed better-than-expected results from Wells Fargo, U.S. Bancorp and Morgan Stanley.

But Bove's note knocked the wind out of the banking sector in the late afternoon, and that sent the rest of the market lower.

Bove of Rochdale Securities cut Wells Fargo to "sell" from "neutral" following the company's better-than-expected quarterly earnings. While acknowledging the earnings surprise, Bove said essentially that the meat of the report is a lot more mixed, and that losses due to bad loans seem to be accelerating.

"That was a blind side," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "The downgrade in the middle of the day to a major bank caused the speculators to jump," he said.

Saluzzi said that the abrupt turnaround in direction is reflective of that fact that day-traders and other Wall Streeters with a short-term focus are driving the market right now,

Also rattling banks during the day: talk that the Obama administration will require executives at firms that took the most bailout money take big pay cuts. Kenneth Feinberg, the administration's "pay czar," will call for the seven biggest bailout recipients to cut total pay packages for their 25 highest paid employees by an average of 50%, a senior official confirmed to CNN Wednesday.

Investors are deep in the thick of the quarterly reporting period, with 135 of the S&P 500 companies reporting results this week. After the close Wednesday, eBay (EBAY, Fortune 500) reported weaker quarterly earnings that topped estimates, but the online marketplace also issued a fourth-quarter earnings forecast at the low end of analysts' expectations. Shares fell 5% in extended-hours trading.

Results: Stocks slipped Tuesday, as disappointing results from DuPont (DD, Fortune 500) and Coca-Cola (KO, Fortune 500) and a weaker-than-expected reading on the housing market caused investors to step back. But the rally found some new fuel through most of Wednesday until the 11th hour selloff.

So far, 122 companies, or nearly one-fourth of the S&P 500, have reported results. Profits are currently on track to have fallen 20.9% versus a year earlier, according to the latest from Thomson Reuters. Revenue is expected to have dropped 10.4% from a year ago.

The Dow 30's results are expected to be weaker, Thomson said, with profits due to slide just short of 30% versus a year ago.

Banks: Wells Fargo, U.S. Bancorp and Morgan Stanley were among the companies reporting better-than-expected quarterly results Wednesday, while Boeing missed forecasts.

Wells Fargo (WFC, Fortune 500) reported a profit of $3.2 billion in its latest quarter as strength in its mortgage-lending business and other units tempered the impact of losing billions in bad loans. The bank reported higher quarterly earnings that soundly topped estimates. Shares were up moderately in the morning, but they fell 1% by the end of the day.

U.S. Bancorp (USB, Fortune 500) reported weaker quarterly earnings that topped estimates thanks to strong mortgage banking revenue, up 350% from a year ago. Shares rose 6.7%.

Morgan Stanley (MS, Fortune 500) reported its first quarterly profit in a year Wednesday thanks to strong fixed-income sales and trading revenue. The bank reported earnings and revenue that fell from a year ago but topped estimates. Shares gained 7%.

Other results: Dow component Boeing (BA, Fortune 500) reported an earnings-per-share loss versus a year-ago profit due to expenses connected to its long-delayed 787 Dreamliner program. The aerospace developer also reported higher revenue. Both revenue and earnings results fell short of analysts' estimates.

Boeing also cut its 2009 earnings outlook. Shares fell 1%.

Other big Dow losers included Caterpillar (CAT, Fortune 500), IBM (IBM, Fortune 500), Merck (MRK, Fortune 500), Home Depot (HD, Fortune 500), Wal-Mart Stores (WMT, Fortune 500), JPMorgan Chase (JPM, Fortune 500), McDonald's (MCD, Fortune 500) and Pfizer (PFE, Fortune 500).

After the close Tuesday, Yahoo (YHOO, Fortune 500) reported higher quarterly earnings that beat forecasts on weaker revenue that also beat forecasts. Shares climbed 2% Wednesday.

In other company news, Sun Microsystems (JAVA, Fortune 500) said late Tuesday that it was cutting 3,000 jobs related to its purchase by Oracle (ORCL, Fortune 500). Its stock fell 3%.

The VIX: The CBOE Volatility index, Wall Street's so-called fear gauge, hit a 14-month low of 20.10 Wednesday morning. While that would seem to be a positive, since it implies investor anxiety is waning, it also suggests that investors could be getting too complacent and that a bigger stock retreat could be in store. The VIX bounced back after the stock selloff, ending at 22.22.

Labor market: All 50 states and the District of Columbia reported big jumps in unemployment rates in September versus a year ago, according to state-by-state data released Wednesday. Fifteen states reported jobless rates above 10% in September, with Michigan's unemployment topping the list at 15.3%.

Economy: The economy has shown signs of stabilizing or even improving in recent weeks, according to the Fed's "beige book" of economic conditions, released in the afternoon.

World markets: Global markets were mixed. In Europe, London's FTSE 100 rose 0.3%, France's CAC 40 was barely changed and Germany's DAX added 0.4%. Asian markets ended lower.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.41% from 3.34% late Tuesday. Treasury prices and yields move in opposite directions.

Currency and commodities: The euro jumped to a 14-month high against the dollar, extending its recent run against the U.S. currency. The dollar inched higher versus the yen.

U.S. light crude oil for December delivery rose $2.25 to settle at $81.37 a barrel on the New York Mercantile Exchange, pushing toward a fresh one-year high. Prices rose after the latest weekly supply data from the government showed a smaller-than-expected rise in crude supplies.

COMEX gold for December delivery rose $5.90 to settle at $1,064.50 an ounce. Gold has surpassed records repeatedly this month due to the weak dollar and longer-term worries about inflation.

Market breadth was negative. On the New York Stock Exchange, losers beat winners three to two on volume of 1.4 billion shares. On the Nasdaq, decliners topped advancers by more than two to one on volume of 2.60 billion shares.

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Yahoo! Finance

4:25 pm : An aggressive selling effort in the final hour of trade took the stock market from a solid gain to a considerable loss. The downturn was broad based and left many of the major sectors to settle at session lows.

Stocks had been showing moderate weakness ahead of the opening bell, but jumped out to a strong gain in the early going. The S&P 500 even made its way to a near 1% gain so that it fractionally set a new high for 2009.

Financials underpinned the stock market's early advance. The sector traded to a gain of 1.3% following strong earnings from Morgan Stanley (MS 34.08, +1.56) and U.S. Bancorp (USB 24.43, +0.63). However, financials rolled over in late trade and settled with a 1.9% loss as pressure intensified against Wells Fargo (WFC 28.90, -1.56), which was hit with a midday downgrade by widely-followed analyst Dick Bove. Bove, and others, were unimpressed with Wells Fargo's report, even though it featured better-than-expected earnings.

As financials fell under a strong fit of selling pressure, the broader market also buckled.

Even energy stocks couldn't hold their gains into the close. The sector overcame an early loss of roughly 0.9% to climb to a gain of nearly 2% before falling back into the red to finish with a 0.2% loss. Energy stocks had been helped by higher oil prices, which reached new 2009 highs around the $82 per barrel mark following the latest oil inventory data. Crude oil inventories increased 1.31 million barrels, which is below the 1.5 million barrel build that had been expected. Gasoline inventories had a draw of 2.21 million barrels, which is larger than the draw of 850,000 barrels that was widely expected. Oil futures prices closed at $81.37 per barrel, up 2.9%.

Stocks and commodities paid little attention to a weaker dollar in the early going, but the greenback garnered more attention as it extended its slide. The dollar's drop came amid comments from a British central bank governor that suggested higher interest rates could be in the offing. That strengthened the British pound, but helped send the Dollar Index to a fresh 12-month low.

Nine of the 10 major sectors fell to a loss -- only utilities (+0.2%) posted a gain.

Health care stocks had lagged for virtually the entire session as participants shrugged off better-than-expected earnings and an upside forecast from Eli Lilly (LLY 33.66, -1.58). They finished with a 1.3% loss.

Consumer discretionary stocks also settled with a steep loss. They shed 1.5% as retailers fell to a 1.9% loss. Retailers had actually been up as much as 1.3%.

Trading volume was higher this session than in recent sessions, but still shy of longer-term averages. Nonetheless, trading volume spiked into the close, which is when this session's selling effort intensified.

Advancing Sectors: Utilities (+0.2%)
Declining Sectors: Financials (-1.9%), Consumer Discretionary (-1.5%), Health Care (-1.3%), Materials (-1.3%), Consumer Staples (-0.9%), Industrials (-0.9%), Energy (-0.2%), Tech (-0.2%)
Unchanged: TelecomDJ30 -92.12 NASDAQ -12.74 NQ100 -0.2% R2K -1.4% SP400 -1.1% SP500 -9.66 NASDAQ Adv/Vol/Dec 869/2.58 bln/1806 NYSE Adv/Vol/Dec 995/1.41 bln/2031

3:35 pm : The market has sold off to session lows. The S&P 500 is now in negative territory for the first time this session.

Commodities were in negative territory during overnight trading. However, weakness in the dollar drove commodities higher for the entire session. In fact, the dollar index broke to a new 52-week low this session; it is currently down 0.8% for the session. The CRB commodity index rose 2.1%, concurrently.

Precious metals moved higher throughout the session. Both gold and silver futures broke through the unchanged level late in the morning and continued their positive momentum until the end of the pit trade. December gold finished 0.6% higher at $1064.50 per ounce; December silver finished up 1.5% at $17.83 per ounce.

Crude oil displayed impressive strength this session following inventory data. The weakness in the dollar also helped boost futures prices. December crude oil futures reached a new 52-week high this session and closed at $81.37 per barrel, up 2.9%. Natural gas futures saw volatile swings this session. After hitting a session high at $5.32 per contract, the November contract sold off and finished 0.8% lower at $5.12 per contract.DJ30 -15.04 NASDAQ -0.55 SP500 -1.19 NASDAQ Adv/Vol/Dec 1407/1.98 bln/1257 NYSE Adv/Vol/Dec 1579/965 mln/1419

3:00 pm : More than 50 companies are scheduled to report their latest quarterly results after the closing bell. Among the more widely-held companies are Amgen (AMGN 59.71, +1.57), eBay (EBAY 25.30, +0.24), and Noble Corp (NE 43.73, +1.20).

Earnings for the latest quarter have generally been upbeat. That has helped stocks climb nearly 4% since Dow component Alcoa (AA 14.10, +0.31) unofficially kicked of earnings season on the evening of October 7.DJ30 +36.05 NASDAQ +14.43 SP500 +6.40 NASDAQ Adv/Vol/Dec 1607/1.79 bln/1039 NYSE Adv/Vol/Dec 1951/844 mln/1050

2:30 pm : Stocks have spent most of the afternoon moving sideways, steadily holding on to this session's gains.

Meanwhile, the Volatility Index, which is often dubbed the Fear Index, has shed more than 3% this session. That has the VIX down to almost 20, which hasn't been touched since August 2008.DJ30 +26.88 NASDAQ +12.77 SP500 +5.34 NASDAQ Adv/Vol/Dec 1594/1.66 bln/1038 NYSE Adv/Vol/Dec 1905/775 mln/1088

2:00 pm : Stocks made a bit of an upturn in the few minutes leading up to the latest Fed Beige Book, but they haven't been unable to extend the advance.

According to Dow Jones, the Beige Book stated that most sectors are stabilizing or seeing modest improvement, but commercial real estate is one of the weakest sectors. Dow Jones also reported that consumer spending remains weak in most areas. That point comes in connection with word that labor markets are weak or mixed, though there are pockets of improvement, according to Reuters.DJ30 +40.89 NASDAQ +16.15 SP500 +7.25 NASDAQ Adv/Vol/Dec 1634/1.53 bln/997 NYSE Adv/Vol/Dec 2012/711 mln/980

1:30 pm : Stocks continue to trade with solid gains, but they remain off of their session highs. Gains also remain broad-based as nine of the 10 major sectors sport gains -- only health care (-0.7%) is in the red.

Meanwhile, the Dollar Index has extended its slide so that it now trades with a 0.8% loss. That puts it at a fresh 52-week low.

The greenback's weakness, while a prop for stocks, has been particularly helpful to commodities. Commodities had been largely unfazed by the dollar's weakness in the early going, but they have since responded by pushing the CRB Commodity Index to a 1.8% gain. Oil prices, in particular, are now up 3.2% to $81.65 per barrel, which marks a 2009 high for crude contract prices. DJ30 +35.14 NASDAQ +12.71 SP500 +5.91 NASDAQ Adv/Vol/Dec 1592/1.41 bln/1003 NYSE Adv/Vol/Dec 1966/649 mln/983

1:00 pm : Stocks looked as if they would start the session in negative ground despite another batch of strong earnings results, but buyers quickly stepped in to take the broader market higher.

Early gains were led by the financial sector, which had climbed to a gain of more than 1% on the heels of Morgan Stanley (MS 34.75, +2.23) and U.S. Bancorp (USB 25.26, +1.46). Both companies posted better-than-expected earnings.

Wells Fargo (WFC 30.06, -0.40) also topped the consensus earnings estimate for its latest quarter, but participants have shrugged off that news amid continued concerns regarding the quality of the firm's assets and the timing of its credit losses.

The financial sector's strength has faded since the early going, causing the broader market to hand back some of its gains as it eases off of its session highs, which were reached midmorning. Still, the financial sector is sporting a solid 0.7% gain.

Energy stocks have emerged to show considerable strength, however. The sector fell to a loss of roughly 0.9% in the first few minutes of trade, but it is currently up 1.8%. The sharp reversal has been helped along by a run up in oil prices, which are currently trading 2.7% higher at $81.25 per barrel. Oil prices were down in early pit trade, but made a reverse of their own following news that the latest crude oil inventories increased less than expected and gasoline inventories fell more than expected.

Oil prices have also been helped by a weaker dollar. The dollar's decline has taken the Dollar Index to a 0.6% loss so that it trades near its 12-month lows.

Health care stocks have been struggling this entire session. They are currently down 0.6%, which is the worst performance of any major sector this session. Shares of Eli Lilly (LLY 34.00, -1.24) had showed strength ahead of the opening bell, thanks to better-than-expected earnings results and an increased earnings outlook for fiscal 2009, but it has since rolled over to trade with considerable weakness.

The Fed's Beige Book is due shortly. It will contain anecdotal information regarding economic conditions in the various Fed districts, but it is unlikely to contain any new insights or revelations.DJ30 +41.95 NASDAQ +13.90 SP500 +6.79 NASDAQ Adv/Vol/Dec 1633/1.30 bln/935 NYSE Adv/Vol/Dec 1993/599 mln/944

12:30 pm : The stock market continues to drift off of its session highs, which were reached roughly two hours ago when the S&P 500 eclipsed the 1100 mark -- a source of near-term resistance. Though the stock market made its way above that hurdle, its stay there was short lived.

Along with the broader market, financials have made a noticable pullback. The sector is currently up 0.5%, which is just half of the gain that it had been trading with earlier this session.DJ30 +40.81 NASDAQ +11.53 SP500 +5.66 NASDAQ Adv/Vol/Dec 1573/1.19 bln/958 NYSE Adv/Vol/Dec 1946/548 mln/981

12:00 pm : Health care stocks are underperforming by a considerable margin this session. As a group, health care stocks are currently down 0.5%, worse than any other major sector.

The health care sector's downturn is being led by Eli Lilly (LLY 34.31, -0.93), which actually posted better-than-expected earnings results for its latest quarter. The company even went on to raise its earnings outlook for fiscal 2009.

Meanwhile, shares of Stryker (SYK 48.78, +3.50) are providing support to the health care sector after the medical equipment and supplies company posted in-line earnings results and issued an in-line outlook.DJ30 +35.37 NASDAQ +10.54 SP500 +5.23 NASDAQ Adv/Vol/Dec 1581/1.08 bln/937 NYSE Adv/Vol/Dec 1978/486 mln/936

11:30 am : The major indices have made a bit of a pullback, but they continue to sport solid gains. This session's advance is the tenth in the last 13 sessions. During those 13 sessions, stocks in the broader market have netted a gain in excess of 7%.

Energy stocks have been the best performers during the last 13 sessions. The sector has gained more than 14% in that time. Energy stocks are also faring the best in the curent session. As a group, they are up 1.1% at the moment.

The energy sector is up a handsome 17% year-to-date, but that isn't nearly as strong as the tech sector's 50% year-to-date gain. Tech has been helped along by strength among large-cap tech issues, which are also presently providing support.DJ30 +47.84 NASDAQ +16.25 SP500 +7.22 NASDAQ Adv/Vol/Dec 1669/915 mln/821 NYSE Adv/Vol/Dec 2027/415 mln/832

11:00 am : The energy sector fell to a loss of roughly 0.9% in the first few minutes of trade, but it has since shot up to a 1.0% gain. The run up comes on the back of higher oil prices, which are now up 0.9% to $79.85 per barrel after the latest weekly oil inventory data showed a smaller-than-expected build in crude oil inventory and a larger-than-expected draw for gasoline.

With oil prices now trading higher, oil and gas refiners are garnering particular support. As a group, they are now sporting a 2.9% gain. Meanwhile, oil and gas drillers are now up to a 1.7% gain. Both groups were in negative territory during the early going.DJ30 +52.98 NASDAQ +19.80 SP500 +7.93 NASDAQ Adv/Vol/Dec 1735/738 mln/700 NYSE Adv/Vol/Dec 2080/340 mln/749

10:30 am : Stocks continue to sport solid gains, but commodities are seeing mixed action.

Oil prices recently pared their losses to trade with a fractional loss at $79.10 per barrel following news that weekly inventories increased 1.31 million barrels. A build of 1.5 million barrels had been expected. Gasoline inventories had a draw of 2.21 million barrels, which is larger than the draw of 850,000 barrels that was widely expected.

Meanwhile, natural gas prices are up 0.5% to $5.19 per contract.

Gold prices are currently down 1.0% to $1047.50 per ounce, while silver prices are currently unchanged at $17.56 per ounce.DJ30 +42.55 NASDAQ +18.65 SP500 +6.56 NASDAQ Adv/Vol/Dec 1702/543 mln/666 NYSE Adv/Vol/Dec 1966/258 mln/823

10:00 am : The financial sector has extended its advance to a 1.1% gain with diversified banks (+2.3%) showing particular strength. The broader market has followed suit and extended its initial gains, as well.

The Nasdaq Composite has a bit of an edge over the broader S&P 500, however. The Nasdaq has garnered support from large-cap tech issues like Apple (AAPL 201.86, +3.10), Microsoft (MSFT 26.63, +0.26), and Yahoo! (YHOO 17.82, +0.65). Yahoo posted better-than-expected earnings following the previous session's close.

Advancing Sectors: Financials (+1.1%), Tech (+1.0%), Consumer Discretionary (+1.0%), Materials (+0.8%), Utilities (+0.7%), Industrials (+0.6%), Telecom (+0.4%), Health Care (+0.1%), Energy (+0.1%), Consumer Staples (+0.1%)
Declining Sectors: (None)

Early Movers: Trading up -- CASB +39.6%, SLM +17.4%, GNTX +15.8%, CHIP +15.6%, BANR +13%, SNDK +7%, DEPO +6.3%; Trading down -- PLCM -17.7%, NITE -13.7%, FBCM -11.1%, CYMI -10.2%, MEG -9.1%, MPG -8.7%, NAV -7.9%, PFCB -7.8%, USG -7.7%, CKSW -7.7%DJ30 +37.26 NASDAQ +14.50 SP500 +5.05 NASDAQ Adv/Vol/Dec 1558/293 mln/676 NYSE Adv/Vol/Dec 1879/149 mln/802

09:45 am : Despite signs of a sluggish start, stocks are sporting modest gains in the early going. Leadership is coming from the financial sector, which is up 0.7%, more than any other major sector in the S&P 500.

The financial sector's strength stems from better-than-expected earnings from the likes of Morgan Stanley (MS 34.11, +1.59) and U.S. Bancorp (USB 25.24, +1.44). Even shares of Wells Fargo (WFC 30.50, +0.04) have made their way into positive territory after showing premarket weakness, despite better-than-expected earnings of its own.

Not all of the news out of the financial sector has been positive, however. Northern Trust (NTRS 53.64, -3.81) and MB Financial (MBFI 20.35, -0.34) both fell short of analysts' averaged earnings expectations.DJ30 +17.69 NASDAQ +8.22 SP500 +3.12 NASDAQ Adv/Vol/Dec 1313/164 mln/783 NYSE Adv/Vol/Dec 1560/89 mln/1015

09:15 am : S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -2.80. Stock futures have eased up from their morning lows, but they continue to suggest a mildly lower start to Wednesday trade. The moderately weaker tone comes in the face of another strong batch of earnings results -- this time from Wells Fargo (WFC), Morgan Stanley (MS), U.S. Bancorp (USB), Yahoo! (YHOO), and Eli Lilly (LLY). That's not to say the latest stream of reports has been flawless, though. Boeing (BA) fell short of earnings expectations and Wells Fargo believes that its credit losses haven't yet peaked, though growth in charge-offs and nonperforming loans has slowed. A weaker dollar doesn't seem to be providing much support for stocks this morning, either. The greenback is currently down 0.1% against a basket of major foreign currencies following comments from a British central bank governor that suggested interest rate hikes could be in the offing. Commodities prices currently appear unfazed by the dollar's decline, as well.

09:00 am : S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -2.50. Gold and oil are contending with a fit of selling pressure this morning. In the first few moments of pit trade, oil prices are down 1.0% to $78.35 per barrel. Meanwhile, gold prices are off by 0.7% to $1050.70 per ounce. Their weakness comes even though the U.S. dollar is also showing weakness, which has left the Dollar Index to trade with a 0.1% loss. The greenback's slip into negative territory comes as the British pound pushes sharply higher in the wake of comments from Bank of England Governor King that suggested consumers should prepare for increased interest rates.

08:35 am : S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -2.80. U.S. stock futures are up from their morning lows, but overseas support remains lacking. In Europe, Britain's FTSE is down 1.0% following comments from Bank of England governor Mervyn King that indicated consumers should be prepared for rising interest rates in the future and that new regulations won't prevent failures of big banks. HSBC (HBC) is a primary laggard. Meanwhile, Germany's DAX is down 0.9%. Deutsche Bank (DB) is leading the decline, despite news that its third-quarter net profit had more than tripled from a year earlier. The bank expects to post net profit of EUR1.4 billion. In France, the CAC is down 1.3% as financial issues lead losses. Among the laggards is AXA (AXA), which is looking to sell a stake in Taikang Life, according to sources of The Wall Street Journal. In Asia, the MSCI Asia Pacific Index shed 0.6% and Japan's Nikkei closed flat. Japanese Airlines were strong yet again, though. In Hong Kong, the Hang Seng slipped 0.3% as investors locked in profits ahead of key economic indicators that are due Thursday. China Telecom slipped after posting a drop in quarterly profit to 2.98 billion yuan. In mainland China, the Shanghai Composite closed 0.4% lower.

08:00 am : S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -5.80. Losses from the previous session and weakness among foreign markets has imbued stock futures this morning. The rather dour tone among premarket participants comes in the face of another batch of generally better-than-expected earnings from a raft of widely-held companies, including Yahoo! (YHOO), U.S. Bancorp (USB), and Eli Lilly (LLY). Though broader market stock futures are trailing fair value, the strong individual results have lifted YHOO nearly 4% to $17.85 per share in premarket action, lifted USB more than 1% to $24.10 per share, and lifted LLY more than 2% to $35.99 per share ahead of the opening bell. Outside of earnings, participants await the release of the Fed's Beige Book, which is due at 2:00 PM ET. The report is full of anecdotal information, which is unlikely to contain anything new or surprising.

06:21 am : S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -7.30.

06:21 am : Nikkei...10333.39...-3.50...0.00. Hang Seng...22318.11...-66.90...-0.30%.

06:21 am : FTSE...5205.56...-39.00...-0.70%. DAX...5757.89...-54.10...-0.90%.

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