TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 9:43 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: November 4th Wednesday 2009 Emini ES ($ES_F) points +58.25
PostPosted: Thu Nov 05, 2009 3:46 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

Written By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

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 involving WRB Analysis (wide range body analysis) because its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=67&t=353

Quote:
FOMC Announcement days are usually very profitable for me. However, what's unpredicatable is the frequency of my trades. Today I took a lot of trades intentionally due to the fact I wanted to be very aggressive. Yet, what I didn't want to do was make a lot of trade mistakes above my norm. Unfortunately I wasn't able to accomplish that particular goal via having 4 trade errors...2 more than my norm.


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 and volatility along with being able to exploit these changes via WRB Analysis (wide range body analysis).


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 experience, discipline, money management, team collaboration, proper trading enviornment (home or office), 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: +58.25 Emini ES ($ES_F) points

Attachment:
110409wrbtraderPnLBlotterProfit.png
110409wrbtraderPnLBlotterProfit.png [ 32.33 KiB | Viewed 1514 times ]

------------------------------

Stocks Give Up Gains After Fed
Wall Street abandons the rally late in the session as investors consider weak banking sector, the central bank's decision to hold rates steady.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: November 4, 2009: 7:22 PM ET

NEW YORK (CNNMoney.com) -- Stocks ended mixed Wednesday, giving up bigger gains after the Federal Reserve kept interest rates unchanged and said it will keep them low for an extended period.

The Dow Jones industrial average (INDU) gained 30 points, or 0.3%. The Dow had gained as much as 156 points in the afternoon, but couldn't sustain those gains through the close.

The S&P 500 (SPX) gained 1 point, or 0.1%, and the Nasdaq composite (COMP) lost 2 points, or 0.1%.

Stocks rose through the early afternoon as investors welcomed a pair of labor market reports that signaled the pace of layoffs is slowing. But markets were volatile in the afternoon, cutting gains after the Fed announcement, recharging the advance in the late afternoon, and then abandoning most of the gains by the close.

Although the market pretty much got what it wanted from the Fed, trading is typically volatile on Fed days, said Michael Sheldon, chief market strategist at RDM Financial Group.

He said that the late-day selloff could be attributed to both a bearish banking call by influential analyst Meredith Whitney -- and the S&P 500's inability to hang on above a key technical level.

"I think investors are getting a little nervous, and that's reflected by the fact that the market has pulled back a bit over the last few weeks," Sheldon said.

Since hitting a 2009 closing high of 1097.91 on Oct. 19, the S&P 500 has lost just short of 5% as of Wednesday's close. That retreat followed a massive rally that saw the broad index gain 63% after bouncing off a 12-year low.

Oil prices spiked past $80 a barrel and gold prices flirted with all-time highs just close to $1,100 an ounce. The dollar slipped versus the euro and strengthened against the yen. Bond prices slipped, boosting the corresponding yields.

After the close, Cisco Systems (CSCO, Fortune 500) reported weaker quarterly earnings and revenue that beat estimates. Chief Executive John Chambers said current-quarter revenue would top estimates and that business conditions had bottomed at least six months ago. Cisco shares gained 4% in extended-hours trading.

Federal Reserve: The central bank opted to hold interest rates steady at historic lows near zero, as expected, following its two-day policy meeting.

In its closely watched statement, the bankers said economic activity is likely to remain weak for some time. As a result, "the Federal Reserve will continue to employ a wide range of tools to promote economic recovery and to preserve price stability."

This provided some reassurance to investors who were concerned about how and when the Fed plans to unwind the billions of dollars in stimulus it has pumped into the economy in the wake of the financial crisis.

"The statement was unsurprising," said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. "It was more optimistic, but that was in line with the recent data."

He said that at whatever point the Fed does began preparing to raise rates, it will begin preparing the market well in advance.

Jobs: Two reports Wednesday morning suggested the pace of job losses is slowing, raising hopes that Friday's big monthly report will continue that trend.

Payroll services firm ADP said Wednesday that employers in the private sector cut 203,000 jobs from their payrolls in October after cutting 227,000 in September. A consensus of economists surveyed by Briefing.com expected 198,000 job cuts.

A separate report, from outplacement firm Challenger, Gray & Christmas, showed the number of planned layoffs slowed to 55,679 in October, down 16% from September.

In other economic news, the Institute for Supply Management's reading on the services sector of the economy fell to 50.6 in October from 50.9 in September. Economists thought it would rise to 51.5.

Company news: Time Warner (TWX, Fortune 500), the parent of CNNMoney.com, reported weaker quarterly sales and earnings that topped forecasts.

The company also boosted its full-year 2009 forecast and said that its outlook has improved, although it expects to take a $100 million charge in the quarter as it restructures its Time Inc. division.

Dow component Kraft Foods (KFT, Fortune 500) reported weaker quarterly earnings that topped estimates on weaker revenue that missed estimates. The company also boosted its 2009 earnings forecast and cut its revenue outlook. Shares fell 3%.

Merck (MRK, Fortune 500) rallied after it said it expects annual earnings growth of nearly 10% until 2013.

Comcast (CMCSA, Fortune 500) reported higher quarterly earnings that topped forecasts.

Election: Investors also digested results from Tuesday's elections, including Republican victories in two highly competitive races for governor in both New Jersey and Virginia. CNN exit polls suggest that worries about the economy and growing joblessness led to the victories.

World markets: European and Asian markets ended higher.

Bearish news from European banks dragged on markets around the world Tuesday. But Wednesday's new was more upbeat. Société Générale, France's no. 2 bank, said earnings more than doubled from a year ago.

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

U.S. light crude oil for December delivery rose cents 80 cents to settle at $80.40 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery climbed $2.40 to settle at $1,087.30 an ounce and hit an intraday record high of $1,098.50 an ounce in electronic trading.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.49% from 3.47% Tuesday. Treasury prices and yields move in opposite directions. To top of page

Image

Yahoo! Finance

4:30 pm : The latest FOMC policy statement and a weaker dollar helped bolster buying in stocks, but some late selling caused stocks to rollover in the final hour and close near the neutral line.

The major indices started the session in higher ground as participants responded to strong overseas gains and a downturn in the U.S. dollar. Gains among the major indices were both broad and strong.

Participants also digested in the early going the ADP Employment Change Report for October. The report indicated that last month private payrolls fell by 203,000, which is a bit worse than the 198,000 job losses that were widely expected. The ADP Report is a precursor to the official nonfarm payrolls report on Friday.

In other economic news, the ISM Services Index for October came in at 50.6. Though any reading above 50 denotes expansion, the October reading fell short of the 51.5 that had been forecast.

Reaction to the data was relatively muted as participants were largely focused on the latest FOMC policy statement, which was released midafternoon. The directive indicated that the FOMC will maintain the target range for the federal funds rate at 0.00% to 0.25% and it continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

The statement was met with a volatile response by stocks, while the Dollar Index extended its losses. It settled with a 0.7% decline, its worst single-session percentage drop in two weeks.

As the dollar slid, both stocks and commodities showed strength. Gold futures prices had hit a new intraday record high around $1096.50 per ounce, but settled at $1087.30 per ounce with a fractional gain. However, in electronic trade, gold prices have ticked higher toward $1098 per ounce.

Meanwhile, oil futures prices settled 1.0% higher at $80.36 per barrel, helped along by the weaker greenback and an unexpected draw in weekly inventories. The gains by gold and oil helped drive the materials sector and energy sector more than 1% higher, respectively. Those gains vanished late in the session, though. The two sectors settled with losses of 0.1% each.

Late weakness came about as a broad-based selling effort took hold of stocks. Financials were at the center of the downturn, however. Financials were up as much as 1.6% in the early going, but steadily saw their gains erode before dropping sharply to a 1.5% loss late in trading. Multiline insurers (-3.8%) were among the worst performers in the sector.

However, managed care providers (+3.8%) fared well and helped the health care sector to a 1.3% gain, which was the best of any major sector. Strength in the sector came amid news from the Associated Press that the Senate's top Democrat signaled that Congress may fail to meet a year-end deadline for passing health care legislation. That could make for an uncertain outcome in 2010.

Earnings played somewhat of a supportive role in the early going, but had little lasting impact on this session's trade. Kraft (KFT 26.67, -0.87) was the only Dow component to report. It struggled as light revenue results overshadowed its better-than-expected earnings.

In other earnings news, broadcasters Time Warner (TWX 30.10, -0.06) and Comcast (CMCSA 14.06, -0.45) topped earnings expectations, but oil drillers and services outfits Baker Hughes (BHI 40.89, -2.54) and Transocean (RIG 84.41, -1.50) missed earnings estimates.

Advancing Sectors: Health Care (+1.3%), Tech (+0.7%), Utilities (+0.7%), Consumer Staples (+0.5%), Telecom (+0.4%)
Declining Sectors: Financials (-1.5%), Industrials (-0.2%), Consumer Discretionary (-0.1%), Energy (-0.1%), Materials (-0.1%)DJ30 +30.23 NASDAQ -1.80 NQ100 +0.1% R2K -1.3% SP400 -0.5% SP500 +1.09 NASDAQ Adv/Vol/Dec 1048/2.23 bln/1631 NYSE Adv/Vol/Dec 1623/1.35 bln/1398

3:30 pm : Stocks have traded in a tight range since the top of the hour following volatile swings induced by the FOMC release. Every sector is now trading in positive territory.

The commodity space saw marginal gains this session, despite notable weakness in the dollar.

Precious metals, however, extended yesterdays momentum to have another strong session. Both gold and silver futures pulled back late in the session, but both have since recovered as the dollar sold off following the FOMC release. December gold futures hit a pit session high of $1091.10 per ounce, a new all-time high. They closed at $1087.30 per ounce, up fractionally. However, they have recently made new all-time highs in the electronic trade at $1097.80 per ounce. December silver futures closed 1.3% higher at $17.41 per ounce.

December crude oil futures closed 1.0% higher at $80.36 per barrel. They popped after an unexpected draw in inventories this morning, After pulling back to the unchanged level, they rallied into the close as the dollar continued to fade. Today was the first time crude oil futures settled above $80 per barrel since October 23. Natural gas futures sold off throughout the session. They closed 4.1% lower at $4.73 per contract.DJ30 +125.60 NASDAQ +17.04 SP500 +11.45 NASDAQ Adv/Vol/Dec 1299/1.80 bln/1359 NYSE Adv/Vol/Dec 2103/975 mln/908

3:00 pm : Stocks continue to move erratically in the wake of the latest FOMC policy statement. Gains remain strong, though.

Amid the market's volatility, the health care sector has made its way to a 2.0% gain, which is still better than any other major sector. That doesn't mean the other sectors aren't faring well, though. Instead, each of the other nine sectors are in positive territory with five of them up by more than 1%.DJ30 +141.00 NASDAQ +18.03 SP500 +13.55 NASDAQ Adv/Vol/Dec 1382/1.62 bln/1248 NYSE Adv/Vol/Dec 2126/884 mln/866

2:30 pm : Stocks are trading with considerable volatility in the minutes following the release of the FOMC's latest policy statement.

Meanwhile, the Dollar Index has dropped to a 0.7% loss. Pressure has also picked up against Treasuries. In turn, the benchmark 10-year Note is down 19 ticks, which has lifted its yield back above 3.5%.

The FOMC's statement hit news wires at 2:15 PM ET. It indicated that although economic activity is likely to remain weak for a time, the FOMC anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will support a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability. Moreover, the FOMC will maintain the target range for the federal funds rate at 0.00% to 0.25% and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. DJ30 +67.48 NASDAQ +6.28 SP500 +5.35 NASDAQ Adv/Vol/Dec 1259/1.43 bln/1367 NYSE Adv/Vol/Dec 1860/760 mln/1127

2:00 pm : The S&P 500 continues to gradually descend from its midmorning high. Despite the downward drift, the stock market continues to sport a handsome gain.

Health care stocks continue to make up the best performing sector. It is currently up 1.7%.

Utilities and tech are the next best performing sectors. Each is up 1.2% as electric utilities like Exelon (EXC 46.74, +0.65) and large-cap tech issues like Cisco (CSCO 23.19, +0.28) garner support. Cisco is slated to report its latest quarterly results this evening.

Separately, the FOMC is preparing to issue its latest policy statement, which is expected at 2:15 PM ET.DJ30 +108.22 NASDAQ +11.21 SP500 +9.62 NASDAQ Adv/Vol/Dec 1275/1.29 bln/1339 NYSE Adv/Vol/Dec 2022/673 mln/944

1:30 pm : Broad-based gains remain as stocks continue to drift in early afternoon trade.

Shares of financials have faltered, however. The sector had started the session with a gain in excess of 1%, but it is now trading with much more modest gain of just 0.2%. The pullback among financials comes as insurers like Hartford Financial (HIG 24.43, -1.39) fall under increased pressure. Hartford had been up early, following its latest quarterly report, but it has since succumbed to selling pressure. Such has been the same for the broader insurance industry, which is currently down 2.7%. DJ30 +116.61 NASDAQ +13.05 SP500 +9.95 NASDAQ Adv/Vol/Dec 1291/1.21 bln/1329 NYSE Adv/Vol/Dec 2034/631 mln/918

1:00 pm : Following a sloppy session that concluded with a modest gain, stocks are trading markedly higher in broad-based fashion.

The improved tone was initially helped along by strong gains in overseas markets, but then sustained largely by a drop in the Dollar Index. The greenback is currently down 0.6% against a basket of major foreign currencies.

The dollar's decline has been particularly helpful to commodities prices and their related stocks. More specifically, gold prices are up 0.7% to $1092.40 per ounce after hitting a new record high of $1096.20 per ounce. That has gold stocks up 2.0%. Even Yamana Gold (AUY 11.78, +0.10) has caught a bid, despite missing the consensus earnings estimate for its latest quarter. Materials stocks are collectively up 0.7%.

Oil prices are up 1.0% to $80.40 per barrel. They were given added strength by bullish inventory data. That has helped the sector make its way to a 0.9% gain, despite weakness in Baker Hughes (BHI 41.49, -1.94) and Transocean (RIG 85.09, -0.82), which fell short of earnings expectations.

Kraft (KFT 26.80, -0.74) also reported earnings for its latest quarter. The Dow component topped the consensus earnings estimate, but was a bit light on revenue.

Health care stocks have been among this session's best performers as shares of managed care providers spike 4.0% amid news from the Associated Press that the Senate's top Democrat signaled that Congress may fail to meet a year-end deadline for passing health care legislation. That could make for an uncertain outcome in 2010.

Financials have been an underperformer in recent trade, however. The sector is currently up fractionally after showing strength in the opening minutes.

Still, the broader market's strong gains come ahead the FOMC's latest policy statement, which is expected at 2:15 PM ET. Trading will likely be volatile in its wake.

The latest ADP Employment Change Report was released ahead of the opening bell. It indicated that 203,000 jobs were lost from the private sector in October. That was a tad worse than the 198,000 job losses that were widely expected.

The ISM Services Index for October was released shortly after trading opened this morning. The Index came in at 50.6, which is not quite as strong as the 51.5 that was widely expected. DJ30 +117.51 NASDAQ +13.81 SP500 +10.10 NASDAQ Adv/Vol/Dec 1333/1.12 bln/1277 NYSE Adv/Vol/Dec 2081/579 mln/873

12:30 pm : Each of the major indices has been trimming its gains for the past hour. However, each remains well into positive territory.

Small-cap stocks are lagging considerably. In turn, the Russell 2000 is actually trading with a 0.1% loss. Its weakness comes as more than half of its members trade lower. True Religion (TRLG 21.99, -4.57) and STEC (STEC 14.61, -8.54). True Religion missed the consensus earnings estimate, but STEC actually posted last evening better-than-expected earnings for the latest quarter. However, STEC issued mixed guidance and subsequently saw its shares downgraded by analysts at Oppenheimer.DJ30 +117.74 NASDAQ +13.80 SP500 +10.63 NASDAQ Adv/Vol/Dec 1339/1.02 bln/1223 NYSE Adv/Vol/Dec 2067/524 mln/868

12:00 pm : Shares of oil well services and drillers Baker Hughes (BHI 47.74, -1.69) and Transocean (RIG 85.26, -0.65) are paying the price of failing to hit earnings expectations, but their losses this session haven't kept the broader energy sector from making its way to a 1.0% gain. That move comes amid a positive bias in the broader market and higher oil prices, which are up 0.7% to $80.20 per barrel. Oil prices had been up more than 1.5% earlier.

Oil's pullback comes in the face of a weakening U.S. dollar. The greenback has started this session with a moderate decline against a basket of foreign currencies, but it is now down a more sizable 0.5%.DJ30 +121.97 NASDAQ +14.48 SP500 +10.91 NASDAQ Adv/Vol/Dec 1422/938 mln/1143 NYSE Adv/Vol/Dec 2125/477 mln/779

11:30 am : Health care stocks are having a solid session. The sector is up 1.7%, more than any other major sector.

Gains among health care stocks are broad, but managed care providers like Aetna (AET 28.31, +1.69) and Cigna (CI 29.96, +1.65) are acting as primary leaders. Their strength follows better-than-expected earnings from WellCare Group (WCG 28.71, +2.39) and news from the Associated Press that the Senate's top Democrat signaled that Congress may fail to meet a year-end deadline for passing health care legislation, leaving the measure's fate to the uncertainties of the 2010 election season. DJ30 +116.99 NASDAQ +16.88 SP500 +11.40 NASDAQ Adv/Vol/Dec 1456/830 mln/1088 NYSE Adv/Vol/Dec 2222/420 mln/651

11:00 am : The stock market continues to sport impressive gains, which have been supported by broad-based buying, such nine of the 10 major sectors in the S&P 500 are trading with gains of at least 1.0% -- only consumer staples are trading below that market; they are up a relatively modest 0.5%.

The consumer staples sector's relative underperformance stems from weakness in shares of Dow component Kraft (KFT 26.75, -0.79), which actually bested the consensus earnings estimate for the latest quarter, but was a bit light on its top line. DJ30 +138.07 NASDAQ +22.95 SP500 +15.21 NASDAQ Adv/Vol/Dec 1557/674 mln/946 NYSE Adv/Vol/Dec 2298/350 mln/558

10:30 am : The stock market has made its way to a fresh session high. Gains remain robust among materials stocks (+1.5%), which continue to benefit from strength among commodities. Such strength has the CRB Commodity Index up a solid 0.4%.

Gold has been a standout for the second straight session. The yellow metal extended the previous session's gains to push its way to a new record high of $1096.20 per ounce. It is currently up 0.8% to $1093.40 per ounce.

Silver prices are also exhibiting strength. They were last quoted at $17.48 per ounce, up 1.7%.

Oil is up a solid 1.5% to $80.80 per barrel in the moments immediately following the latest weekly inventory data, which featured a draw of 3.94 million barrels of crude and a draw of 287,000 barrels of gasoline. The consensus had called for a 1.5 million barrel build in crude oil and a build of 400,000 barrels of gasoline.

Natural gas hasn't been so fortunate, though. It is currently being priced at $4.85 per contract, down 1.3%. DJ30 +141.55 NASDAQ +21.76 SP500 +14.48 NASDAQ Adv/Vol/Dec 1555/499 mln/886 NYSE Adv/Vol/Dec 2276/267 mln/512

10:00 am : The ISM Services Index for October came in at 50.6, which is not quite as strong as the 51.5 that had been widely expected and marked a modest decrease from the 50.9 that was registered in September.

Stocks initially responded to the data by making a bit of a pullback, but they have since made a sudden push higher. In turn, gains remain solid and broad based.

Advancing Sectors: Health Care (+1.5%), Financials (+1.3%), Materials (+1.3%), Tech (+0.9%), Industrials (+0.9%), Consumer Discretionary (+0.8%), Telecom (+0.7%), Energy (+0.7%), Utilities (+0.7%), Consumer Staples (+0.4%)
Declining Sectors: (None)

Early Movers: Trading up -- RHB +24.1%, ACAS +21%, PACR +20.3%, IRE +19.1%, TPGI +15.7%, MBI +13.6%, AIB +13.6%, TESO +13.4%, WCG +13.3%, NFP +13%, TRW +12.4%, TNDM +10.6%, RDN +9.5%; Trading down -- STEC -32.1%, CLRT -22%, MXWL -14%, TRLG -12.8%, MSO -6.6%, HSIC -6.5%, DLB -6.1%DJ30 +61.89 NASDAQ +8.90 SP500 +7.61 NASDAQ Adv/Vol/Dec 1315/302 mln/1032 NYSE Adv/Vol/Dec 2012/170 mln/723

09:45 am : Stocks have started the session in the green, but they have handed back a portion of their initial gains in the first few minutes of action.

Gains are strongest among materials stocks for the second straight session. The sector is up 1.2% at the moment. That has been helped by a 0.4% gain in the CRB Commodity Index and continued strength among gold stocks (+1.3%) following gold's move to a new record high of $1096.20 per ounce. Gold is currently up 0.7% to $1092.60 per ounce.

Shares of retailers are lagging in the early going, however. As a group, they are currently down 0.2%. DJ30 +48.24 NASDAQ +5.54 SP500 +5.75 NASDAQ Adv/Vol/Dec 1340/159 mln/874 NYSE Adv/Vol/Dec 2001/104 mln/641

09:15 am : S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +6.00. Stock futures have gradually improved their position this morning so that a solid start now looks to be in order for the broader market. Strong gains by overseas markets and renewed weakness in the U.S. dollar are primary underpinnings of the generally positive tone this morning. The absence of a major disappointment for the ADP Employment Report has helped keep the mood intact, but participants have a couple of other important items to digest yet. First is the ISM Services Index for October at 10:00 AM ET, followed by the FOMC's latest policy statement at 2:15 PM ET. Trading will likely be volatile in the wake of the FOMC statement as participants look for changes in its verbiage, since such changes could carry considerable implications for the dollar and the view of investors.

09:00 am : S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +5.80. U.S. stock futures continue to improve their position, while Europe's major equity averages put together an impressive rebound. The bounce comes amid news that the euro zone's services sector grew at a faster pace than expected in October with the final Purchasing Managers Index up to 52.6 from 50.9 in September. In a similar vein, Dow Jones reported that the United Kingdom's services sector expanded for the sixth straight month in October by posting a services PMI of 56.9, up from 55.3 in September. Britain's FTSE is currently up 1.1% amid broad-based buying. Banks are leading gains as Barclays (BCS), HSBC (HBC), and Standard Chartered show considerable strength. In Germany, the DAX is up 1.4% as Deutsche Bank (DB) provides key support. Allianz (AZ) and Daimler (DAI) are also among its primary leaders. In France, the CAC is up 1.9%. Societe Generale is a primary leader after the company reported a sharp increase in third quarter profits. BNP Paribas (BNP) and Credit Agricole are sharing in its strength. Total (TOT) is also garnering support, despite a 37% drop in third quarter net profit. However, its adjusted profit still topped an average estimate from analysts, according to Dow Jones. France Telecom is also finding support; its shares were upgraded by analysts at Goldman Sachs, according to Dow Jones. In Asia, the MSCI Asia Pacific Index advanced 0.9%, while Japan's Nikkei climbed 0.4% after returning from holiday. However, many chip-related stocks lost ground after Morgan Stanley downgraded the U.S. semiconductor sector. Fast Retailing was able to provide leadership, though. Its advance came after October sales at its Uniqlo chain in Japan surged nearly 36% year-over-year. In Hong Kong, the Hang Seng jumped 1.8%. Banks and gold stocks fared particularly well. In mainland China, the Shanghai Composite advanced 0.5%. It was helped along by shares of metals companies.

08:30 am : S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +5.30. Stock futures continue to trade with moderate strength following the latest ADP Employment Change Report, which was released at 8:15 AM ET. The report indicated that 203,000 jobs were lost from the private sector in October, but that was a tad worse than the 198,000 job losses that were widely forecast. However, the latest tally marks an improvement from the 254,000 job losses that were initially reported in September. The ADP figures precede the government's official nonfarm payrolls report, which is due Friday morning. Economists currently expect that particular report to show a loss of 175,000 jobs from private payrolls.

08:00 am : S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +2.30. Stock futures look to be extending the previous session's modest advance. The extension comes as the U.S. dollar slips to a loss against other currencies and foreign equity markets make solid gains. As for earnings, there haven't been any major market movers out with announcements. Market participants await a couple of key economic reports, starting with the ADP Employment Report for October at 8:15 AM ET. The report isn't as exact as the government's official jobs report, which is due Friday, but it has often proven directionally accurate relative to expectations. The ISM Services Index for October will follow at 10:00 AM ET. The FOMC's latest policy statement is a major item on today's calendar. Participants will be looking closely for new language any changes in directives. The statement is due at 2:15 PM ET.

06:34 am : S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +3.50.

06:34 am : Nikkei...9844.31...+41.40...+0.40%. Hang Seng...21614.77...+374.70...+1.80%.

06:34 am : FTSE...5077.54...+40.30...+0.80%. DAX...5430.82...+77.50...+1.50%.

Go Back To TheStrategyLab.com Homepage
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr