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 Post subject: October 22nd Thursday 2009 Emini ES ($ES_F) points +25.50
PostPosted: Thu Oct 22, 2009 7:38 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Today's trades that were posted in real-time in #FuturesTrades chat room via my IRC user name 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=344

Quote:
A snow storm here in Québec City ended my late afternoon trading session early. Unusual weather and it's the first time I've ever seen snow let alone a snow storm in October. However, prior to the big snow storm, I was able to achieve my profit goal for the trading day. Emini ES ($ES_F) futures manage to retrace back upwards to a key change in supply/demand (WRB S/R Zone) that was around 1091.75 - 1088.25 which will be a key price area to watch tomorrow via WRB Analysis. With that said, I'm still having some data vendor problems (quote stalls) in the first 30mins of trading that makes it difficult to manage my trades after entry. As for my intermarket analysis, forex currency EURUSD and the U.S. Dollar Index was very helpful in helping me avoid some price noise today in the Emini ES ($ES_F) futures.


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: +25.50 Emini ES ($ES_F) points

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Stocks Rally on Earnings Optimism
Better-than-expected results from Travelers, AT&T, McDonald's and 3M push the Dow past 10,000 again, sparking a bigger rally.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: October 22, 2009: 6:33 PM ET

NEW YORK (CNNMoney.com) -- Blue chips led a bigger stock market rally Thursday, as better-than-expected results from four components pushed the Dow industrials above 10,000 again and reassured investors about the ongoing corporate reporting period.

Investors took in stride announcements from the Federal Reserve and the Obama administration's pay czar regarding curbing executive pay.

The Dow Jones industrial average (INDU) gained 132 points, or 1.3%, closing at 10,081.31. The S&P 500 (SPX) index rose 11 points, or 1%. The Nasdaq composite (COMP) gained 14 points, or 0.7%.

Stocks dipped in the early going, before managing a blue-chip led charge starting in late morning. Gains were broad based, with 26 of 30 Dow stocks rising, including 3M, McDonald's, AT&T and Travelers, all of which reported better-than-expected results.

Travelers jumped almost 8% and was one of many financial stocks that gained on the day. The KBW Bank (BKX) index rose 3.4%.

Stocks have been seesawing over the last week, with the Dow topping and giving up the 10,000 level and the S&P struggling around 1,100. Both major indexes, as well as the Nasdaq, are at nearly one-year highs.

Stocks tumbled Wednesday after influential analyst Richard Bove of Rochdale Securities cut his rating on Wells Fargo, sparking a steep selloff in the banking sector.

But the selloff proved to be short term, with investors again using any selling as an opportunity to buy on the dips, as has been the trend for months.

Stocks have been on a tear since bottoming in March at the low point of the financial market crisis. Since hitting a more than 12-year low on March 9, the S&P 500 has risen just short of 60% as of Wednesday's close.

Despite persistent calls for a selloff of anywhere from 10% to 15%, any declines in the period have been moderate, in the 3% to 5% range.

Additionally, the declines have been met with a rash of buyers eager to return. For now, those trends are still in place, said Kenny Landgraf, principal and founder at Kenjol Capital Management.

"There are still a lot of people who missed the move who are now looking to increase their risk exposure," he said. "That impact, combined with improving fundamentals, is going to keep the positive trends intact."

Pay crackdown: Obama administration "pay czar" Kenneth Feinberg called for the seven biggest federal bailout recipients to cut in half total compensation for their top executives.

Additionally, the Federal Reserve proposed a broad overhaul of pay policies at 28 of the largest U.S. banks. The review is part of its effort to temper some of the triggers to the risk taking that exacerbated the credit crisis.

The two announcements had almost no impact on the market, perhaps because an overhaul had been in discussion for months.

Corporate results: Dow component Travelers (TRV, Fortune 500) said its quarterly profit more than tripled, easily topping analysts' estimates. The insurer also lifted its full-year forecast to a profit of between $5.30 and $5.50 per share. Shares jumped 7.7%.

Fellow Dow component AT&T (T, Fortune 500) reported a better-than-expected third quarter profit thanks to the impact of Apple's iPhone, for which it has been the exclusive carrier. Wireless revenue jumped 10% in the quarter. Shares gained 0.6%.

Dow component McDonald's (MCD, Fortune 500) reported higher third-quarter earnings that topped estimates on weaker third-quarter revenue that missed estimates. Shares rose 2%.

3M (MMM, Fortune 500), also a Dow component, said third-quarter earnings and revenue fell from a year ago, but both were above analysts' estimates. Shares gained 3.2%.

Other big stocks boosting the Dow included Boeing (BA, Fortune 500), JPMorgan Chase (JPM, Fortune 500), Exxon Mobil (XOM, Fortune 500), Procter & Gamble (PG, Fortune 500) and IBM (IBM, Fortune 500).

Merck (MRK, Fortune 500), the fifth Dow component to report Thursday morning, said its earnings and revenue rose from a year ago and topped estimates. Shares of the drugmaker were barely higher.

So far, 167 companies, or 33% of the S&P 500, have reported results. Profits are currently on track to have fallen 19.2% versus a year earlier, according to the latest from Thomson Reuters. Revenue is expected to have dropped over 10% from a year ago.

Other company news: Microsoft (MSFT, Fortune 500) launched the newest version of its operating system, Windows 7. The tech behemoth, a Dow component, is hoping that users who have been running XP for years will switch to the new system -- and forgive it for the disappointing performance of Windows Vista in 2007.

Microsoft reports quarterly results Friday.

Economy: Around 531,000 Americans filed new claims for unemployment last week, down from 520,000 the previous week. Economists surveyed by Briefing.com were expecting a bigger drop, to 515,000.

Continuing claims, a measure of those who have been receiving benefits for a week or more, fell to 5.92 million from 6.02 million in the previous week. Economists were expecting claims to fall to 5.97 million.

The index of leading economic indicators (LEI) rose 1% in September after rising a revised 0.4% in the previous month. Economists thought it would rise 0.8%.

The U.S. Federal Housing Finance Agency's housing price index fell 0.3% in September after rising 0.3% in August. Economists thought it would rise 0.3%.

World markets: Global markets were mixed. In Europe, London's FTSE 100 fell 1%, France's CAC 40 lost 1.4% and Germany's DAX gave up 1.2%. Asian markets ended lower with the Japanese Nikkei down 0.6%.

Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.42% from 3.38% late Wednesday. Treasury prices and yields move in opposite directions.

Currency and commodities: The dollar fell against the euro, weakening again after it fell to a 14-month low Wednesday. The dollar gained versus the yen.

The dollar had risen in the morning, pressuring dollar-traded commodity prices. Prices remained lower in the afternoon, even as the dollar turned mixed.

U.S. light crude oil for December delivery fell 18 cents to settle at $81.19 a barrel on the New York Mercantile Exchange, edging off a one-year high.

COMEX gold for December delivery fell $5.90 to settle at $1,058.60 an ounce. Gold has surpassed records repeatedly this month due to the weak dollar and longer-term worries about inflation.

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Yahoo! Finance

4:35 pm : Stocks stumbled in the early going, but strength among blue chips and financials helped the broader market to fight its way back to log an impressive gain for the session.

Participants appeared unfazed by a large batch of better-than-expected earnings reports this morning. In turn, stocks found little support and traded lower during the first few minutes of the session.

Despite the downward drift by the broader market, blue chips showed resilience. Travelers (TRV 51.70, +3.68) and 3M (MMM 78.79, +2.46) were consistent leaders in the Dow Jones Industrial Average after posting positive earnings surprises. Fellow Dow components AT&T (T 26.10, +0.16), McDonald's (MCD 59.50, +1.17), and Merck (MRK 32.87, +0.19) also posted better-than-expected earnings for the latest quarter. Their collective strength helped the Dow outperform the other headline indices throughout the session.

Financials emerged with strength to provide the broader market with leadership. The sector settled 2.9% higher as regional banks surged 6.1%. Pleasing quarterly reports from PNC (PNC 50.65, +5.69), SunTrust (STI 21.85, +1.09), and Fifth Third (FITB 10.80, +0.69) helped garner support for the group.

Retailers also fared well. They finished the session with a 1.7% gain with help from J Crew (JCG 43.49, +5.75), which made its best single-session percentage gain in nearly five months after providing upside guidance.

Materials stocks also provided support to the broader market. They netted a 1.4% gain as the sector rallied on a pullback by the U.S. dollar. The Dollar Index had been up solidly in the early going, but it pulled back to book a 0.1% loss, just above its 52-week low. Additional support was provided by Freeport-McMoRan (FCX 82.98, +3.26), which was upgraded by analysts at Deutsche Bank, and Dow Chemical (DOW 26.46, +0.96), which posted better-than-expected adjusted earnings for the third quarter.

Steel stocks struggled to match the performance of other members in the materials sector. As a group, steel finished with a 2.8% loss, though Nucor (NUE 44.18, -1.82) and Reliance Steel (RS 42.24, -1.43) both posted positive earnings surprises.

In economic news, the latest weekly jobless claims came in at 531,000, which is worse than the 515,000 that had been widely expected. Continuing claims came in at 5.92 million, which is a tad worse than the 5.97 million that was expected. Leading indicators for September increased 1.0%, which is better than the 0.8% increase that was widely expected. Home prices for August fell 0.3% month-over-month, which missed the 0.3% month-over-month gain that was widely forecast.

Advancing Sectors: Financials (+2.9%), Consumer Discretionary (+1.7%), Materials (+1.40%), Health Care (+0.8%), Energy (+0.8%), Industrials (+0.8%), Tech (+0.6%), Telecom (+0.5%), Utilities (+0.3%), Consumer Staples (+0.2%)
Declining Sectors: (None)DJ30 +131.95 NASDAQ +14.56 NQ100 +0.6% R2K +1.4% SP400 +1.3% SP500 +11.51 NASDAQ Adv/Vol/Dec 1667/2.29 bln/989 NYSE Adv/Vol/Dec 2041/1.31 bln/991

3:30 pm : Commodities were challenged throughout pit trade, but they were able to pare some of their losses as the U.S. dollar surrendered its gains to take the Dollar Index back to the neutral mark.

Gold prices settled roughly 0.6% lower at $1058.60 per ounce after trading as low as $1052 per ounce. Silver had been down more than 2% but settled with a 1.6% loss at $17.55 per ounce.

Oil prices fell below $80 per barrel at their session low, but managed to trim losses so that prices settled at $81.20 per barrel, which translates to a loss of just 0.2%. Natural gas prices went the other way, though. Contracts settled 3.4% lower at $4.95 each after being up above $5.20 each in the moments following news of a smaller-than-expected build in weekly inventories.DJ30 +150.24 NASDAQ +16.74 SP500 +12.73 NASDAQ Adv/Vol/Dec 1625/1.91 bln/1023 NYSE Adv/Vol/Dec 2056/982 mln/957

3:00 pm : Retailers are putting together a strong session. As a group they are up 1.7%, which is almost twice as much as the gains that are currently being made by the broader market.

J Crew (JCG 43.23, +5.49) is a primary leader in the group. The stock is up sharply in its best single-session percentage gain in nearly five months following upside guidance from the apparel retailer.DJ30 +130.21 NASDAQ +10.27 SP500 9.45 NASDAQ Adv/Vol/Dec 1478/1.73 bln/1149 NYSE Adv/Vol/Dec 1943/887 mln/1061

2:30 pm : Stocks have extended their recent upturn so that all three major indices trade at fresh session highs. What's more, gains are becoming quite substantial, such that the Dow is now sporting a gain in excess of 1%.

The move has also been broad based, which has put all 10 major sectors of the S&P 500 in positive territory. Financials remain the best performers; they are now up 2.2%. At the bottom of the list are utilities, which are trading with a fractional gain.DJ30 +118.04 NASDAQ +9.58 SP500 +8.61 NASDAQ Adv/Vol/Dec 1407/1.56 bln/1203 NYSE Adv/Vol/Dec 1882/802 mln/1112

2:00 pm : The major indices recently broke free from their recent trading zones to trade at afternoon highs. They had spent the last hour stuck in a relatively narrow range.

However, the financial sector has extended its advance to a 1.6% gain. Meanwhile, telecom has pared a considerable portion of its gains; the sector is currently up 0.6% after being more than 2% at its session high.DJ30 +88.49 NASDAQ -0.75 SP500 +4.23 NASDAQ Adv/Vol/Dec 1225/1.42 mln/1361 NYSE Adv/Vol/Dec 1682/724 mln/1293

1:30 pm : The Dow continues to outperform its counterparts as the major U.S. indices trade in mixed fashion. Action overseas was decidedly negative, however.

In Europe, Germany's DAX dropped 1.2%, while France's CAC closed down 1.4% and Britain's FTSE fell 1.0%. The Swiss Market Index fell 0.5%. Norway's OBX fell 1.5%.

As for the major Asian markets, Japan's Nikkei closed Thursday's trade with a 0.6% loss. Hong Kong's Hang Seng shed 0.5%. The Shanghai Composite closed with a 0.6% loss.

Elsewhere, Russia's Micex settled with a 1.0% loss. Mexico's Bolsa Index is currently down 0.3%, but Brazil's Bovespa is up 0.7%.DJ30 +69.15 NASDAQ -3.74 SP500 +1.45 NASDAQ Adv/Vol/Dec 1140/1.32 bln/1443 NYSE Adv/Vol/Dec 1509/676 mln/1464

1:00 pm : Participants have met a rush of better-than-expected earnings reports with mixed interest, which reflects the often unpredictable mood of the market.

Stocks looked as if they would stem their losses from the previous session in early trade, but another fit of selling pressure quickly undercut the major indices. Blue chips have since bounced back, though, taking the Dow up to a solid gain and helping the broader S&P 500 back to positive ground. AT&T (T 26.28, +0.34), Travelers (TRV 50.64, +2.62), 3M (MMM 78.76, +2.43), and McDonald's (MCD 59.80, +1.47) have each provided leadership after they all unveiled positive earnings surprises. Fellow Dow component Merck (MRK 32.79, +0.11) also posted better-than-expected earnings, but it has struggled to garner support among traders.

Financials have been among the best performing stocks this session, thanks to strength among regional banks. Pleasing quarterly reports from PNC (PNC 50.80, +5.84), SunTrust (STI 21.19, +0.43), and Fifth Third (FITB 10.62, +0.51) have driven the regional banking group to a gain of more than 4% and the broader financial sector to a 1.3% gain.

Unable to replicate their performance in the previous session, energy stocks have lagged and are down 0.3% as a group. Noble (NE 43.77, +1.15), Occidental Petroleum (OXY 82.95, +1.40), and Diamond Offshore (DO 105.37, -0.51) each topped the consensus earnings estimate, respectively. Diamond Offshore went on to announce a special cash dividend of $1.875 per share. However, the sector has been hampered by softer oil prices, which have pulled back from the 2009 intraday highs that were reached in the previous session. Oil prices are currently down 1.1% to $80.50 per barrel.

A move by the Dollar Index off of its 52-week lows, which were reached in the previous session, hasn't helped the case for oil, or commodities in general. However, the Dollar Index has pulled back a bit so that it currently trades with a 0.2% gain.

Despite the dollar's advance, materials stocks have managed to make their way to a 0.6% gain. That comes on the back of strength in Freeport-McMoRan (FCX 82.31, +2.59), which was upgraded by analysts at Deutsche Bank, and Dow Chemical (DOW 25.75, +0.25), which posted better-than-expected adjusted earnings for the third quarter. Steel stocks have weighed on the materials sector, however.

The latest initial jobless claims tally came in at 531,000, which is worse than the 515,000 that had been widely expected. Continuing claims came in at 5.92 million, which is a tad worse than the 5.97 million that was expected.

Leading indicators for September increased 1.0%, which is better than the 0.8% increase that was widely expected. Home prices for August fell 0.3% month-over-month, which missed the 0.3% month-over-month gain that was widely forecast.DJ30 +75.04 NASDAQ -3.46 SP500 +2.61 NASDAQ Adv/Vol/Dec 1116/1.21 bln/1449 NYSE Adv/Vol/Dec 1536/627 mln/1412

12:30 pm : The financial sector has made a comeback since surrendering nearly all of its early gains, which had exceeded 1%. Financials, as a group, are currently up 0.9%.

Regional banks remain the best performers in the financial sector. The group is back to sporting a gain of more than 4%. Insurers are also faring well, though not quite to the degree of regional banks. Still, favor for insurers has pushed members of the property and casualty insurance industry to a 2.8% gain. DJ30 +42.32 NASDAQ -9.39 SP500 -0.76 NASDAQ Adv/Vol/Dec 1027/1.10 bln/1513 NYSE Adv/Vol/Dec 1348/565 mln/1565

12:00 pm : Biotech stocks are struggling this session. As a group they are down 1.3% as shares of Amgen (AMGN 56.40, -3.00) flounder following its latest quarterly report. The company actually posted better-than-expected earnings and even issued upside earnings guidance for fiscal 2009. However, some analysts are pointing out that the latest positive earnings surprise has come from cost cutting, which has been a common practice among many major companies since the recession began.

Celgene (CELG 56.76, +2.18) has garnered support from market participants. The biotech also posted a positive earnings surprise for its latest quarter and issued a strong earnings forecast during its conference call.

Meanwhile, shares of big pharma player Merck (MRK 32.53, -0.15) have pared their losses. For its third fiscal quarter the company reported better-than-expected earnings of $0.90 per share. It went on to issue an in-line earnings outlook.DJ30 +45.11 NASDAQ -10.18 SP500 +0.23 NASDAQ Adv/Vol/Dec 1001/1.00 bln/1513 NYSE Adv/Vol/Dec 1334/513 mln/1571

11:30 am : Materials stocks have managed to recover to a 0.6% gain after dropping to a loss of roughly 1% in the early going. The sector's rebound has come at the hands of Freeport-McMoRan (FCX 82.41, +2.69), which was upgraded by analysts at Deutsche Bank, and Dow Chemical (DOW 25.72, +0.22), which posted better-than-expected adjusted earnings of $0.24 per share for the third quarter.

Steel outfit Nucor (NUE 44.45, -1.55) also recently reported third quarter results. The company posted a loss, but it wasn't as bad as had been expected. Still, concerns regarding demand persist. Reliance Steel (RS 41.35, -2.32) is also trading with weakness, though it posted better-than-expected third quarter earnings of its own. General weakness among steel stocks has the group down 2.2%.DJ30 +56.00 NASDAQ -8.77 SP500 +0.80 NASDAQ Adv/Vol/Dec 967/869 mln/1487 NYSE Adv/Vol/Dec 1350/448 MLN/1522

11:00 am : Following a sudden selloff in the early going, the Dow has made its way back into positive ground and the broader S&P 500 has pared its losses so that it trades at the neutral line. The Nasdaq Composite continues to lag in negative territory, however.

The Dow's relative strength is underpinned by blue chips Travelers (TRV 50.85, +2.82), McDonald's (MCD 60.50, +2.17), 3M (MMM 78.06, +1.73), and AT&T (T 26.51, +0.57), all of which posted better-than-expected earnings results for the latest results.

Meanwhile, the Nasdaq's relative weakness comes amid losses by large-cap tech issues. Losses by shares of eBay (EBAY 23.53, -1.50) have also weighed on the index. Disappointment around shares of the online retailer come even though it posted better-than-expected earnings for its latest quarter and issued an in-line outlook.DJ30 +48.29 NASDAQ -9.49 SP500 +0.11 NASDAQ Adv/Vol/Dec 930/747 mln/1498 NYSE Adv/Vol/Dec 1319/387 mln/1499

10:30 am : The Dollar Index is up 0.3% after falling to a fresh 52-week low in the previous session. Its rebound has put pressure on commodities prices, causing the CRB Commodity Index to shed 0.6% this session.

Precious metals are currently among the weaker performing commodities. Gold prices were last quoted with having a 0.9% loss at $1053.80 per ounce. Silver is currently trading with a 2.2% loss at $17.44 per ounce.

Oil prices have pulled back after hitting a fresh 2009 intraday high near $82 per barrel during the previous session. Crude contracts were last quoted at $81.05 per barrel, down 0.4%.

Natural gas prices have been gyrating this morning, but have spiked following the latest inventory data, which showed a smaller-than-expected build. Contracts were last quoted at $5.17 each, up 1.4%.DJ30 +19.57 NASDAQ -13.53 SP500 -2.72 NASDAQ Adv/Vol/Dec 790/572 mln/1607 NYSE Adv/Vol/Dec 1034/297 mln/1745

10:00 am : Stocks have fallen under a broad-based selling effort, which has taken eight of the 10 major sectors of the S&P 500 into negative territory -- financials (+0.6%) and telecom (+1.4%) are the only two to sport gains.

The broad-based dip has taken the S&P 500 back near last week's closing lows, which were registered near the 1074 to 1075 zone.

Just hitting news wires, leading indicators for September increased 1.0%, which is better than the 0.8% increase that was widely expected and up from the 0.4% increase for August.

Home prices for August fell 0.3% month-over-month. They were expected to rise 0.3% month-over-month.

Advancing Sectors: Telecom (+1.4%), Financials (+0.6%)
Declining Sectors: Energy (-1.1%), Materials (-1.1%), Industrials (-0.8%), Health Care (-0.7%), Tech (-0.7%), Consumer Staples (-0.6%), Utilities (-0.4%), Consumer Discretionary (-0.2%)DJ30 -6.58 NASDAQ -13.55 SP500 -4.35 NASDAQ Adv/Vol/Dec 786/345 mln/1525 NYSE Adv/Vol/Dec 916/187 mln/1814

09:45 am : The major indices are trading in mixed fashion during the first few minutes of the session. Financials are showing considerable strength, however; the sector has jumped out to a 1.1% gain.

Regional banks are underpinning the financial sector's current advance. As a group, regional banks are up 4.0%. That stems from pleasing quarterly reports from the likes of PNC (PNC 49.51, +4.55), SunTrust (STI 21.46, +0.50), and Fifth Third (FITB 10.62, +0.51).

Meanwhile, energy stocks are lagging. The sector has shed roughly 0.4% as oil prices slip below $81 per barrel.DJ30 +37.86 NASDAQ -3.80 SP500 +0.59 NASDAQ Adv/Vol/Dec 953/188 mln/1201 NYSE Adv/Vol/Dec 1201/111 mln/1461

09:15 am : S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -3.30. Market participants have been inundated this morning with a flood of earnings announcements, including those of Dow components AT&T (T), Travelers (TRV), Merck (MRK), and 3M (MMM). Their results, along with those of many other widely-held companies, have proven better than expected, which had helped to firm up the mood among traders following the previous session's late, aggressive selloff. However, another disappointing batch of initial jobless claims has undermined the mood ahead of the opening bell. Improved strength in the U.S. dollar hasn't helped, either. In turn, stock futures point to a flat-to-moderately lower start for the session.

09:00 am : S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -5.30. Europe's major indices remain well into the red as sellers move en masse against them. Germany's DAX is currently down 1.3% as only one of its 30 components, Deutsche Telekom, trades with a gain. Siemens (SI) is a primary laggard. In France, the CAC has dropped 1.4%. Losses are also broad-based as its decliners outnumber its advancing issues by 7-to-1. Sanofi-Aventis (SNY) and BNP Paribas are leading losses. Meanwhile, Britain's FTSE is off by 1.0% as fewer than 10% of its holdings trade with gains. HSBC (HBC) is a primary laggard, while Vodafone is providing some support. According to The Wall Street Journal, U.K. retail sales were flat in September for a second consecutive month, and rose 2.4% from a year earlier. In Asia, Japan's Nikkei shed 0.6%. Its stocks were hit across the board, taking cues from a late rollover by U.S. stocks during Wednesday's trade. Banks were among the weaker performers. That left Mitsubishi UFJ Financial (MTU), Sumitomo Mitsui Financial, and Mizuho Financial (MFG) to lag. Selling also snapped this week's streak of gains for Japanese Airlines, which could see its net loss balloon to some $5.5 billion for the year, according to reports. According to reports, Honda (HMC) is likely to be the only Japanese carmaker to post operating profit for the fiscal first half. Shares of Honda were among the few to gain. In economic news, Reuters reported that Japan's exports edged lower for the third consecutive month in September as a rising yen weighed on overseas shipments. In Hong Kong, the Hang Seng fell 0.5%. Property shares were a weight on trade. Hong Kong's central bank sold more than HK$5 billion into the money market to stem an appreciating Hong Kong dollar. In mainland China, the Shanghai Composite closed 0.6% lower, despite news that the mainland's annual GDP growth accelerated to 8.9% year-over-year, which is in-line with forecasts. Meanwhile, Sept industrial output increased 13.9% year-over-year, which is slightly better than what had been expected. As for the MSCI Asia Pacific Index, it fell 1.0% during Thursday trade.

08:35 am : S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -3.50. Initial jobless claims for the week ending October 17 came in at 531,000, which is worse than the 515,000 that had been widely expected. Claims for the previous week were revised higher to 520,000 from 514,000. Continuing claims came in at 5.92 million, which is slightly below the 5.97 million that economists, on average, had come to expect. Continuing claims for the previous week werer revised slightly higher to 6.02 million from 5.99 million. Stock futures had been trending higher in the minutes leading up to the announcement, but they have stumbled in its wake. Still, the overall tone to premarket trade remains rather flat.

08:00 am : S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -3.30. Stock futures are currently trading just below the neutral mark as overseas markets fall in the wake of the previous session's late, aggressive selloff. Earnings remain a primary focal point for participants. The results, thus far, have generally been better than expected. Participants turn their focus toward weekly jobless claims data (8:30 AM ET), leading indicators for September (10:00 AM ET), and Housing Price Index for August (10:00 AM ET) later this morning.

06:28 am : S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -6.80.

06:28 am : Nikkei...10267.17...-66.20...-0.60%. Hang Seng...22210.52...-107.60...-0.50%.

06:28 am : FTSE...5186.55...-71.30...-1.40%. DAX...5737.14...-96.40...-1.70%.

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