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 5:59 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: November 12th Thursday 2009 Emini ES ($ES_F) points +25.75
PostPosted: Thu Nov 12, 2009 5:23 pm 
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=361

Quote:
Took it easy today but I missed a golden opportunity to get Short around 10am est to hold a Short position until it's profit target of several points or more. Instead, I decided to take an early exit with the hopes of re-shorting at a better price. Anyways, I messed it up and missed catching a big trade when the price action ran into a key change in supply/demand price zone aroung 1100.00

To make matters worst, I did get a re-short opportunity to hold the position for a big trade around 1055am est but I exited early again for only a few points. In fact, that was the best short opportunity for the entire trading day because it never retraced back upwards to threaten any prior support zones that had been converted to resistance zones.


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: +25.75 Emini ES ($ES_F) points


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

Stocks Snap Winning Streak
Blue-chip index falls almost 100 points after six days of advances, as investors question recovery fundamentals.
By Julianne Pepitone, CNNMoney.com staff reporter
Last Updated: November 12, 2009: 5:40 PM ET

NEW YORK (CNNMoney.com) -- Stocks closed sharply lower Thursday, ending a six-day rally as investors questioned the runup in the face of an unclear recovery.

The Dow Jones industrial average (INDU) fell 94 points, or 0.9%, to close at 10,197.47. Energy and financial shares led the decline, and 26 of the 30 Dow components ended lower.

The S&P 500 (SPX) slipped 11 points, or 1%, to end at 1,087.24, and the Nasdaq composite (COMP) dropped 18 points, or 0.8%, to settle at 2,149.02.

The Dow has ended higher for the past six sessions. During that streak, the Dow has soared more than 500 points, or 5.3%, to a series of 13-month highs.

Stocks had opened lower Thursday before reversing course several times, following a modest gain Wednesday in which the blue-chip Dow hit its third consecutive 13-month high.

Mark Luschini, chief investment strategist for Jamey Montgomery Scott, said Thursday's pause was unsurprising given the consecutive gains in stocks so far this month.

Dave Shepherd, president of Retirement Financial Services, agreed, noting that it will be difficult for stocks to sustain gains given the underlying weakness in the labor and housing markets that are leaving consumers cash-strapped.

"For this rally to be sustainable, the consumer has to bounce back," Shepherd said. "The market is acting so contrary to some of the data."

The recent runup is a "relief rally, because we realize the economy isn't going to collapse," Shepherd said, and the market seems to be questioning whether the increases are based on true fundamentals.

"We've had this unprecedented rally off the lows we saw in March, so a pause today [is] normal," he added. "I would tend to think a correction will come soon, but there's been so much momentum."

Shepherd said the rapid rise is cause for concern, as stocks took three years to recover from a similar decline in 2002.

"There's a lot of money floating around, we haven't had the data to back it up," Shepherd said. "Either the data have to get better or stocks are going to retreat as the market worries it got ahead of itself."

Currencies in focus. The dollar was slightly higher against major international currencies late Thursday, and overnight gains in the greenback had triggered some selloff in foreign markets -- spilling over into U.S. stocks, said D.A. Davidson & Co. analyst Fred Dickson.

"It wasn't a tidal wave of selling," Dickson said. "But with the stock market and the dollar so closely tied lately, it did have an effect."

A softer dollar encourages investors to move into higher-yielding assets like stocks; a firmer greenback tends to send the stock market lower.

With the Federal Reserve holding the key interest rate near zero and pumping money into the economy, the dollar has hovered near 15-month lows, Dickson noted. Stocks may have been more susceptible to the dollar's small rise Thursday because of the relative lull in economic news this week and the recent rally that occurred despite fragile signs of recovery, he said.

Companies: Wal-Mart (WMT, Fortune 500) announced on Thursday that it beat third-quarter earnings estimates.

The world's biggest retailer said earnings were 84 cents per share on sales of $98.7 billion. Analysts surveyed by Thomson Reuters expected 81 cents per share.

Intel (INTC, Fortune 500)andAdvanced Micro Devices (AMD, Fortune 500)announced an agreement to end all legal arguments between the companies, including antitrust litigation and patent disputes. Among other provisions, the agreement stipulates that Intel will pay AMD $1.25 billion and AMD will drop all pending litigation worldwide.

HP (HPQ, Fortune 500) said late Wednesday that it was buying networking company 3Com (COMS) for $2.7 billion.

Economy: The Labor Department released its weekly report on initial jobless claims, which said there were 502,000 new filers last week. That's the lowest level since Jan. 3. Economists were expecting 510,000 claims.

The Treasury Department said the federal deficit hit $176.4 billion in October -- the 13th monthly deficit in a row and the first one of the fiscal year.

President Obama said Thursday he will hold a jobs forum at the White House in December, as the country faces a 10.2% unemployment rate.

Other markets: Stocks in Japan and Hong Kong finished the session lower. Major European indexes ended mixed.

Oil prices dropped 3% after a report from the Energy Information Administration showed crude supplies jumped more than expected. U.S. crude fell $2.34 to settle at $76.94.

Gold prices also slipped, halting a runup that has driven the metal almost 6% higher this month. December gold fell $8 to settle at to $1,106.60 an ounce.

Treasurys were mixed late Thursday, with longer-dated securities edging lower, following a $16 billion auction of 30-year bonds that was met with lackluster demand. The benchmark 10-year note's yield was up 3.46% from 3.42%.

Market breadth was negative. On the New York Stock Exchange, losers topped winners by four to one on volume of 828 million shares. On the Nasdaq, decliners topped advancers more than three to one on volume of 2 billion shares.

Image

Yahoo! Finance

4:30 pm : A stronger dollar dampened the mood of participants for the entire session, resulting in broad-based losses for stocks.

Stocks had spent the first part of the session chopping around listlessly, but began to slide as the U.S. dollar was able to further extend its rebound from the previous session, when the Dollar Index registered a fresh 52-week low. Though the greenback made a couple of pullbacks in the early going, it never left positive territory. That induced some short covering, which helped it finish the session with a 0.8% gain, its best single-session percentage advance in more than one month.

Stocks chopped along in listless action during the early going and briefly made their way to modest gains amid momentary pullbacks by the greenback, but stocks soon fell into the red as the dollar firmed up its gains. Amid the dollar's strong advance, the S&P 500 logged its worst performance by percent of this month, though to be fair, the only other loss this month took place earlier this week when the broader market slipped less than 0.01%.

Energy stocks were the worst performers this session. Their weakness was worsened by sharply lower oil prices, which dropped 3.0% to settle pit trade at $76.91 per barrel. Oil prices had started pit trade lower amid gains in the greenback, but its slide was exacerbated by disappointing weekly inventory data. Both crude oil and gasoline had surprisingly large builds.

Strength in the dollar weighed on other commodities, too. In turn, the CRB Commodity Index fell 1.6%. That didn't hurt materials stocks too much, though. The materials sector settled a relatively tame 0.6% lower, but that is owed to a strong run up in shares of Dow Chemical (DOW 28.60, +1.89), which announced today a handful of divestitures and business agreements.

Among the other corporate announcements, Wal-Mart (WMT 53.24, +0.27) posted better-than-expected third quarter earnings of $0.84 per share and raised its fiscal 2010 forecast to range from $3.57 to $3.61 per share, which still brackets the consensus estimate of $3.58 per share, but allows for more of an upside surprise. On a similar note, Hewlett-Packard (HPQ 49.70, -0.30) issued upside guidance for the fourth quarter, saying that it expects to bring in $1.14 per share, and also raised its forecast for fiscal 2010 to the range $4.25 to $4.35 per share so that there is more room to exceed the current consensus of $4.28 per share. HP's announcement was made in conjunction with news that it will acquire 3Com (COMS 7.46, +1.77) for some $2.7 billion in cash. Applied Materials (AMAT 12.82, -0.43) reported that it brought in better-than-expected adjusted earnings of $0.11 per share. It went on to issue a strong revenue forecast that predicts top line growth in excess of 30% for fiscal 2010.

Improved jobless claims data did little to lift the mood of participants. The latest initial jobless claims tally drifted to a lower-than-expected 502,000, which is the lowest weekly total since January. Meanwhile, continuing claims came in at 5.63 million, which is the lowest level since March. That decline is owed to the expiration of unemployed benefits, not new hiring, however.

Treasuries had a solid session, despite an initially negative response to news that a $16 billion auction of 30-year Bonds produced a lower-than-expected bid-to-cover ratio of 2.26 and a lower-than-expected yield of almost 4.47%. The 30-year Bond finished the session up some 14 ticks, while the benchmark 10-year Note advanced 12 ticks. Their respective yields stand at 4.39% and 3.44%.

Separately, the Treasury budget for October came in with a $176 billion deficit, which is worse than the $165 billion deficit that had been widely forecast. According to CNBC, that is the steepest October deficit on record.

Advancing Sectors: (None)
Declining Sectors: Energy (-2.0%), Financials (-1.8%), Utilities (-1.3%), Industrials (-1.0%), Consumer Discretionary (-1.0%), Telecom (-0.8%), Materials (-0.6%), Health Care (-0.5%), Consumer Staples (-0.5%), Tech (-0.4%)DJ30 -93.79 NASDAQ -17.88 NQ100 -0.6% R2K -2.1% SP400 -1.5% SP500 -11.27 NASDAQ Adv/Vol/Dec 625/2.23 bln/2034 NYSE Adv/Vol/Dec 626/1.05 bln/2398

3:30 pm : Losses in equities are broad-based as the market is trading near session lows. Consumer staples are the best performing sector; still, they are down 0.4%. Energy is the worst performing sector, currently down 2.3%. A strong dollar is exacerbating the move lower. The Dollar index is down 0.8%.

Selling in the pits was also widespread this session. Energy was hit the hardest following bearish inventory data out this morning. Energy commodities as a whole gave up 2.9%.

Selling pressure on crude oil futures was relentless. December crude oil futures shed 3.0% to close at $76.91 per barrel. The December crude oil futures continue to tick lower in electronic trade.

December natural gas futures bounced off a session low at $4.36 per contract only to fade just shy of the $4.50 per contract. They closed a penny above the session low at $4.37 per contract, down 2.9%.

Precious metals were strong over night. However, a strong bullish pattern in the dollar drove gold and silver prices down for most of the session. Both gold and silver futures closed the pit trade near their session lows. December gold futures closed down 0.7% at $1106.60 per ounce as the same month silver contract closed down 1.5% at $17.27 per ounce.DJ30 -88.12 NASDAQ -15.56 SP500 -11.30 NASDAQ Adv/Vol/Dec 645/1.85 bln/2004 NYSE Adv/Vol/Dec 647/740 mln/2371

3:00 pm : After spending the last hour drifting sideways, the stock market has slipped another leg lower. That has stocks at fresh session lows. Losses remain less than 1%, though. What's more, the S&P 500 is down just 1.5% from its 2009 high, which was set during the previous session. DJ30 -80.72 NASDAQ -14.92 SP500 -9.87 NASDAQ Adv/Vol/Dec 677/1.70 bln/1976 NYSE Adv/Vol/Dec 697/668 mln/2314

2:30 pm : Action has been rather subdued this afternoon. That has left the stock market to drift sideways. As such, the S&P 500 has remained within a three-point range for the past hour.

In the meantime, Treasuries have regained support. The benchmark 10-year Note is now up eight ticks to a session high, while the 30-year Bond is now up four ticks after being down more than 10 ticks in the minutes following the latest auction results. Yields for the two Treasuries stand at 3.45% and 4.40%, respectively.DJ30 -55.55 NASDAQ -10.81 SP500 -6.83 NASDAQ Adv/Vol/Dec 732/1.57 bln/1883 NYSE Adv/Vol/Dec 772/620 mln/2213

2:00 pm : Stocks continue to trade listlessly with modest losses. The slide also remains broad based as declining issues outnumber advancers by 4-to-1 in the S&P 500.

Losses have worsened among commodities, however. In turn, the CRB Commodity Index is near a fresh session low as it trades with a 1.5% loss. Despite such a slide and weakness among equities, materials stocks have managed to remain in-line with the broader market. Specifically, the materials sector has lost 0.5% so far this session.

Just hitting news wires, the Treasury budget for October came in with a $176 billion deficit, which is worse than the $165 billion deficit that had been widely forecast.DJ30 -60.09 NASDAQ -8.58 SP500 -7.16 NASDAQ Adv/Vol/Dec 759/1.46 bln/1841 NYSE Adv/Vol/Dec 771/564 mln/2204

1:30 pm : Results from a $16 billion auction of 30-year Bonds were released shortly after 1:00 PM ET. The bid-to-cover ratio was 2.26, which is a bit below recent averages, while the associated yield was almost 4.47%, which is above the 4.42% that had been widely expected. The benchmark 10-year Note has reversed its modest gains from earlier this morning to trade with a slight loss in the wake of the announcement.

Meanwhile, stocks have slipped a bit lower. Their losses remain modest, though.DJ30 -59.56 NASDAQ -9.76 SP500 -7.38 NASDAQ Adv/Vol/Dec 765/1.39 bln/1850 NYSE Adv/Vol/Dec 765/528 mln/2195

1:00 pm : Stocks spent the morning chopping along in listless action, but fell to a modest, broad-based loss as the U.S. dollar extends its rebound from the previous session.

Weakness in the U.S. dollar sent the Dollar Index down to a fresh 52-week low early in the previous session, but it was able to swing to a gain and then extend that move this session with the help of some short covering. In turn, the Dollar Index is up 0.7%.

The greenback's gain has dampened enthusiasm for stocks for this entire session. In turn, many participants have been unmoved by news that Wal-Mart (WMT 53.50, +0.53) posted better-than-expected third quarter earnings and raised its fiscal 2010 forecast, while Hewlett-Packard (HPQ 49.68, -0.32) issued upside guidance for the fourth quarter and also raised its forecast for fiscal 2010 to the range $4.25 to $4.35 per share. HP's announcement was made in conjunction with news that it will acquire 3Com (COMS 7.49, +1.80) for some $2.7 billion in cash.

Applied Materials (AMAT 12.87, -0.38) announced that brought in better-than-expected earnings of its own and went on to issue a strong revenue forecast for fiscal 2010. Its shares are down considerably, though, while the Philadelphia Semiconductor Index sports a fractional gain.

Economic data has done little for participants this session, too. The latest initial jobless claims tally drifted to a lower-than-expected 502,000, which is the lowest weekly total since January. Meanwhile, continuing claims came in at 5.63 million, which is the lowest level since March. However, the unfortunate truth behind that number's decline is that workers are simply losing their benefits, not finding jobs.

Though the dollar's gains have suppressed interest for stocks this session, it has been particularly burdensome for commodities. As such, the CRB Commodity Index is down 1.1%.

Oil has been especially weak. It is currently being quoted 2.9% lower at $77.00 per barrel. Its weakness has been exacerbated by disappointing weekly crude oil and gasoline inventory data.

The sharp drop in oil prices and broader weakness in the equity market have made energy the weakest performing sector this session. Energy stocks, as a group, are down 2.0%.

Still to come on today's calendar is another round of Treasury auction results for the 30-year Bond, which are due imminently (1:00 PM ET) and the October budget statement for the Treasury (2:00 PM ET).DJ30 -48.15 NASDAQ -4.75 SP500 -6.10 NASDAQ Adv/Vol/Dec 803/1.28 bln/1767 NYSE Adv/Vol/Dec 821/474 mln/2112

12:30 pm : Stocks in the major indices continue to trade broadly lower with modest losses. Declines are even sharper among small-caps and mid-caps, however. As such, the Russell 2000 has shed 0.9% and the S&P 400 has fallen 0.7%.

Semiconductors are trading with relative strength, though. That has the Philadelphia Semiconductor Index posting a fractional gain. That comes even though Applied Materials (AMAT 12.84, -0.41) has fallen considerably after unveiling better-than-expected earnings for the latest quarter and a strong revenue forecast.DJ30 -49.73 NASDAQ -6.96 SP500 -6.54 NASDAQ Adv/Vol/Dec 824/1.18 bln/1717 NYSE Adv/Vol/Dec 814/434 mln/2107

12:00 pm : Financials are down to a 1.0% loss as diversified bank shares fall 1.5% and diversified financial services stocks fall 1.7%. Weakness among financial issues has made the sector the second worst performing sector this session, second only to energy, which is down 1.8%.

Meanwhile, the broader market continues to trade near session lows with a modest loss. Still, if the pressure holds, the loss will mark the worst single-session performance by percent for the S&P 500 this month. For some perspective, though, the S&P 500 has finished every session of November in higher ground except for one earlier this week, when it fell 0.07 points, or less than 0.01%.DJ30 -52.23 NASDAQ -8.15 SP500 -6.16 NASDAQ Adv/Vol/Dec 813/1.09 bln/1706 NYSE Adv/Vol/Dec 769/396 mln/2118

11:30 am : Stocks have retreated to a fresh session low, but their losses remain relatively modest. The energy sector has slumped, however; it is now down 1.5% as oil prices plummet 3.0% to $76.90 per barrel.

The sharp drop in oil prices comes in conjunction with disappointing weekly inventory data for crude and an extension of the greenback's gains, which has put the Dollar Index up 0.7%. The dollar's advance has also weighed on the broader market.

Health care is still holding up relatively well, though. The sector is down with only a fractional loss amid support from pharmaceuticals (+0.4%) and health care facilities (+0.7%).DJ30 -45.35 NASDAQ -5.56 SP500 -5.51 NASDAQ Adv/Vol/Dec 869/932 mln/1608 NYSE Adv/Vol/Dec 782/339 mln/2082

11:00 am : Choppy action persists as stocks struggle to set forth in a clear direction. Meanwhile, oil prices are making a sharp move lower.

Oil prices are now down 2.9% to $77.00 per barrel. Their losses have been exacerbated by a larger-than-expected weekly inventory build of 1.76 million barrels of crude and a surprise build of 2.56 million barrels of gasoline.

Weakness in oil prices has weighed on the energy sector. Energy stocks, as a group, are down 0.8%, worse than any other major sector.DJ30 -18.60 NASDAQ +1.30 SP500 -2.50 NASDAQ Adv/Vol/Dec 1247/777 mln/1169 NYSE Adv/Vol/Dec 1237/272 mln/1578

10:30 am : With the dollar up a solid 0.5% against a basket of major foreign currencies, commodities have had to grapple with sellers this morning. That has left the CRB Commodity Index down 0.8%.

Oil prices have been contending with considerable pressure. Oil prices was last quoted 1.6% lower at $78.00 per barrel. The slide comes ahead of the latest weekly oil inventory report, which is due at the top of the hour.

As for natural gas, its contracts are currently priced 2.6% lower at $4.39 each.

Gold had shown some resilience against a stronger dollar, but recently surrendered a fractional gain to trade with a 0.2% loss at $1112.50 per ounce.

Meanwhile, contracts for silver currently price the precious metal at $17.47 per ounce, down 0.4%, after prices failed to sustain a recent move into positive territory.

Separately, the Baltic Dry Index extended its recent streak of gains by climbing 5.5% Thursday. Each of its subindices moved higher, led by the Capesize Index. DJ30 -1.52 NASDAQ +4.22 SP500 -0.03 NASDAQ Adv/Vol/Dec 1217/613 mln/1129 NYSE Adv/Vol/Dec 1210/205 mln/1528

10:00 am : After chopping around with modest losses in the opening minutes of trade, stocks have made a marked push into positive territory. However, the advance hasn't yet taken stocks to the previous session's highs, which marked fractionally better 2009 highs for the Dow and S&P 500.

In contrast to the start of the session, gains are now broad based with nine of the 10 major sectors in the S&P 500 sporting an advance. Only energy is trading with a loss; it is down fractionally as oil prices ($78.65 per barrel, -0.8%) come under pressure amid a stronger dollar.

Early movers: Trading up -- COMS +31.5%, HPJ +24.6%, AMD +23.3%, CAGC +12.6%, UBET +11.6%, KNDI +10.7%, CREL +9.6%, CAAS +9.4%, CTRP +8.4%, RDEN +7.3%; Trading down -- TRMS -16.7%, BRCD -11.6%, GMCR -10.6%, ONTY -8.2%, JRCC -7.8%, UVE -7.5%, BZ -5.9%, TTEK -5.4%, CEDC -5.4%DJ30 +14.96 NASDAQ +10.41 SP500 +2.59 NASDAQ Adv/Vol/Dec 1258/381 mln/973 NYSE Adv/Vol/Dec 1410/129 mln/1234

09:45 am : Though modest, losses are broad based in the first few minutes of trade. As such, all 10 major sectors are trading in the red; their declines range from the fractional (consumer staples, materials, tech) to 0.7% (financials, health care).

Retailers are showing relative strength, however. After underperforming in the previous session, the group has rebounded to trade with a gain of 0.1% this session. Part of that gain is owed to Kohl's (KSS 55.19, +0.60), which posted better-than-expected third quarter earnings of $0.63 per share, but issued downside guidance for the fourth quarter.DJ30 -16.33 NASDAQ -1.57 SP500 -2.07 NASDAQ Adv/Vol/Dec 762/245 mln/1382 NYSE Adv/Vol/Dec 755/84 mln/1837

09:15 am : S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -1.00. The Dollar Index has eased back a bit to trade with a gain of 0.3%. That has taken some of the pressure off of stock futures in premarket trade. Stock futures have also been helped a bit by news that the latest batch of initial weekly jobless claims declined more than expected to its lowest level since January, though recent claims averages remain at uncomfortable levels. In corporate news, Wal-Mart (WMT) and Applied Materials (AMAT) both brought in better-than-expected earnings and issued strong forecasts. Hewlett-Packard (HPQ) also issued a strong forecast, which was made in conjunction with news that it will acquire 3Com (COMS) for some $2.7 billion in cash. Yet to come on today's calendar is another round of Treasury auction results for the 30-year Bond (1:00 PM ET) and the October budget statement for the Treasury (2:00 PM ET).

09:05 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +0.50. U.S. stock futures continue to work their way off of their morning lows, but they continue to trail fair value. European markets have made their way out of negative ground to trade with modest gains, though. In Britain, the FTSE is currently up 0.2%. Vodafone (VOD) and BT Group are up in the wake of BT's second quarter announcement, which featured increased revenue and pleasing earnings. British Airways and Iberia both climbed after they confirmed their boards are holding separate meetings to consider a merger of the two. In economic news, The Wall Street Journal reported that the Bank of England said its extraordinary efforts to stimulate growth may be extended, as it forecast a long, slow economic recovery hindered by weak bank lending and the government's need to slash spending. The article cited BOE Governor King for the indication that the Monetary Policy Committee has an open mind regarding more asset purchases... In Germany, the DAX is currently up 0.3%. BMW has found support following its decision to build a factory in China. However, Volkswagen is lagging, while primary leadership currently stems from Bayer and Allianz (AZ). In France, the CAC is up 0.2% with help from Sanofi-Aventis (SNY) and Renault, which issued a strong profit forecast. That has helped offset weakness among financials like BNP Paribas, AXA (AXA), and Societe Generale. In broader news for the continent, Dow Jones reported that industrial production in the 16 countries that use the euro climbed for the fifth consecutive month in September by increasing 0.3% month-over-month. In Asia, Japan's Nikkei fell 0.7%. Fast Retailing was a primary laggard. Honda (HMC) and Toyota (TM) advanced, though, following a positive brokerage report. In Hong Kong, the Hang Seng fell 1.0% with banks and property shares leading losses. HSBC (HBC) handed back some of the outsized gains that it registered in the previous session. China Construction Bank also showed weakness. In mainland China, the Shanghai Composite slipped 0.1% and the MSCI Asia Pacific Index closed 0.4% lower.

08:35 am : S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -4.00. Initial jobless claims for the week ending November 7 totaled 502,000, which is less severe than the 510,000 that had been widely forecast. The latest tally marks a decrease from the previous week's initial claims tally of 514,000, which was revised modestly higher, and is actually the lowest weekly total since January. As a result, the four-week moving average for initial claims now stands at 519,750, down from 524,250. Continuing claims came in at 5.63 million, which is not as bad as the 5.70 million continuing claims that many had come to expect. It is also down from the upwardly revised 5.77 million continuing claims tally that was registered for the previous week. Stock futures are off of their lows in the minutes following the data, but a relatively weak tone continues to pervade premarket trade.

08:00 am : S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -5.80. The U.S. dollar has extended its rebound from the previous session so that the Dollar Index sports a 0.5% gain. That has weighed on stock futures and caused participants to shrug off a batch of upbeat corporate announcements. Retail giant Wal-Mart (WMT) posted better-than-expected third quarter earnings of $0.84 per share and raised its fiscal 2010 forecast to range from $3.57 to $3.61 per share, which still brackets the consensus estimate of $3.58 per share, but allows for more of an upside surprise. Shares of WMT are down 0.6% to $52.68 per share ahead of the opening bell. On a similar note, Hewlett-Packard (HPQ) issued upside guidance for the fourth quarter, saying that it expects to bring in $1.14 per share, and also raised its forecast for fiscal 2010 to the range $4.25 to $4.35 per share so that there is more room to exceed the current consensus of $4.28 per share. Shares of HPQ are off by little more than 1% at $49.45 per share in premarket action. Applied Materials (AMAT) was out with its latest quarterly results; the company brought in better-than-expected adjusted earnings of $0.11 per share. It went on to issue a strong revenue forecast that predicts top line growth in excess of 30% for fiscal 2010. Despite that, shares of AMAT are down nearly 2% to $13.00 per share in premarket trade. After three days without any meaningful economic data, market participants look forward to the latest weekly jobless claims tally, which is due at the bottom of the hour (8:30 AM ET). The Treasury's budget statement for October is due later today (2:00 PM ET). Participants also look forward to another round of Treasury Auction results at 1:00 PM ET. The latest announcement highlights interest in the 30-year Bond.

06:22 am : S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -2.00.

06:22 am : Nikkei...9804.49...-67.20...-0.70%. Hang Seng...22397.57...-229.60...-1.00%.

06:22 am : FTSE...5286.87...+20.10...+0.40%. DAX...5687.24...+18.90...+0.30%.

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


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 1 guest


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