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 3:36 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: November 16th Monday 2009 Emini ES ($ES_F) points +30.00
PostPosted: Tue Nov 17, 2009 7:05 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=363

Quote:
Again I took it easy today but didn't have a good feel for my entries in the first two trades although my analysis of the price direction was correct. Simply, I was easily shaken out of my first two Long positions as early exits before I decided to buckle down and stick to the trading plan. The key WRB Analysis WRB S/R Zone was the 0948am est interval close on the 2min chart and it kept the pullbacks from declining lower.


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: +30.00 Emini ES ($ES_F) points


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

S&P 500 shoots above 1,100
Wall Street rallies as energy and commodity shares rise on weak dollar; Bernanke says economic recovery will be modest.
By Ben Rooney, CNNMoney.com staff reporter
Last Updated: November 16, 2009: 5:40 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied to 13-month highs Monday as investors focused on the weak U.S. dollar and Federal Reserve chairman Ben Bernanke said interest rates will remain low as the economy slowly recovers.

The Dow Jones industrial average rose (INDU) 136 points, or 1.3%, to close at 10,406.96. That's the highest level for the blue-chip indicator since October 2008.

The S&P 500 (SPX) gained 15.8 points, or 1.8%, to close above the psychologically important 1,100 level.

The Nasdaq composite (COMP) rose 30 points, or 1.4%, to 2,197.5.

Stocks followed overseas markets higher in early trade following strong economic data out of Japan. The market held gains after a closely watched report on retail sales came in mixed.

Analysts said the main driver of Monday's rally was the weak U.S. dollar, which helped push gold prices to a record high and fueled a 3% gain in the oil market.

The dollar has lost more than 7% this year against rival currencies as investors take advantage of U.S. interest rates near zero percent to fund bets in more risky stock and commodities markets.

On Monday, the battered greenback fell 0.3% to touch a 15-month low against a basket of other currencies.

Meanwhile, Bernanke said the U.S. central bank expects to keep interest rates "exceptionally low" for an "extended period" as the U.S. economy recovers at a modest pace.

Art Hogan, chief market analyst at Jefferies & Co., said the market is focused on the anemic dollar. "As the dollar weakens, commodity prices go up," he said. "It's nothing new, but there's really nothing else driving the market right now."

Stocks have soared over the past two weeks as investors have gained confidence in the pace of the economic recovery. The market has also been supported by signs that policy makers around the world will keep economic stimulus efforts in place for a prolonged period of time.

Monday's rally reflects the "continuing resiliency of the market," said Richard Sparks, senior equities analyst at Schaeffer's Investment Research. He said stocks could continue higher as the market overcomes key technical levels and more investors are drawn in from the sidelines.

With the Dow holding firmly above the psychologically important 10,000 level, investors are now turning their attention to another key high-water mark. Analysts say a sustained push above 1,100 points on the S&P 500 could pave the way for further gains in the weeks ahead.

"The big news today was the S&P closing above 1,100," said David Levy, a portfolio manager at Kenjol Capital Management. "From a short-term perspective, that's very bullish for the market."

After failing to close above 1,100 on three separate occasions over the last few months, the push above that key level suggests that the market is becoming more convinced that an economic recovery is under way, he said.

"We see the market going higher into year end," Levy said.

Bernanke. Speaking in New York, Bernanke said financial conditions are significantly better than they were a year ago as markets around the world have stabilized.

But he warned that constrained bank lending and the weak job market "likely will prevent the expansion from being as robust as we would hope."

Given the challenges facing the economy, interest rates will probably remain "exceptionally low" for "an extended period," he said.

Bernanke also noted that the Federal Reserve, which is not responsible for managing currency fluctuations, is watching the decline of the U.S. dollar.

"We are attentive to the implications of changes in the value of the dollar and will continue to formulate policy to guard against risks to our dual mandate to foster both maximum employment and price stability.

Economy:Retail sales jumped 1.4% in October from the prior month, according to the Census Bureau, exceeding the increase of 0.9% expected by a consensus of economists surveyed by Briefing.com.Excluding automobiles, sales rose 0.2%, falling short of the 0.4% gain forecast by Briefing.com consensus.

That's compared to an overall decline of 1.5%, or an increase of 0.5% without auto sales, the prior month.

A report from the New York Federal Reserve Bank showed manufacturing activity in New York State slowed in November. The Empire State index fell to 23.51 in early November from 34.57 in October, which was a five-year high.

Companies: Home improvement retailer Lowe's (LOW, Fortune 500) reported a 30% drop in quarterly profit, but offered an optimistic outlook for fourth-quarter earnings.

General Motors (GM, Fortune 500), releasing its first financial results since emerging from bankruptcy in July, said it lost $1.2 billion in the third quarter. It also said it would begin repaying government loans in December. The U.S. government would receive $1 billion, with nearly $200 million going to the governments of Canada and Ontario.

After the markets closed, troubled auto and mortgage lender GMAC shook up its executive suite, naming former Citigroup (C, Fortune 500) executive Michael Carpenter CEO.

World markets: Stocks worldwide were lifted amid optimism that governments would keep up stimulus efforts. In Asia, Japan's Nikkei added 0.2% after finance ministers said the country's economy grew 1.2% in the third quarter. European shares also closed higher.

Money, oil and gold: The dollar was lower versus major international currencies. The dollar index (DXY), which measures the U.S. currency's value against a basket of rivals, was down 0.3% to 74.94.

Commodities continued to benefit from the weaker greenback. Oil for December delivery jumped $2.55 to close at $78.90 a barrel.

And gold prices, which have been on a tear this month, surged $22.50 to end at a new record of $1,139.20 a troy ounce.

Image

Yahoo! Finance

4:35 pm : Broad-based buying on the back of a weaker dollar drove the major indices to new highs for 2009. Strength in the broader market also helped stocks offset a late slip by financials so that the S&P 500 could settle above the 1100 mark for the first time in more than one year.

The U.S. dollar came under considerable pressure early. That helped perpetuate a positive tone among participants, who were already inspired by overseas gains in the wake of a renewed commitment by Asian officials to economic stimulus. With a 0.6% drop by the greenback against a basket of foreign currencies, the Dollar Index was left to trade near its 52-week lows.

Though the dollar's decline continues to support the broader market, energy and materials stocks benefited the most. The two sectors finished with respective gains of 2.5% and 2.3%.

In addition to broader market support, energy stocks and materials stocks were helped by higher commodity prices, which drove the CRB Commodity Index to a 2.8% gain. That was its best single-session percentage advance in more than one month. Crude oil prices were a primary underpinning of the move; contracts closed pit trade with oil priced 3.4% higher at $78.94 per barrel. Gold stood out for making its way to another new record high; this time it hit $1143.40 per ounce before it settled with a gain of 2.0% at $1139.20 per ounce.

Though a positive tone was present among both commodities and stocks for the entire session, the broader equity market pared a small part of their gains in the final hour of trade. The slip came as financials were knocked off of their perch by word from influential analyst Meredith Whitney during a CNBC interview that she expects banks to raise another round of capital. That turned a near 2% gain for diversified financial services giants into a gain of hardly 0.4%.

Still, consumer finance stocks finished with a solid 2.9% gain following the latest trust data from the likes of American Express (AXP 41.44, +1.09) and Discover Financial (DFS 16.11, +0.71). AmEx reported that its 30 day past delinquency rate for October held steady at 4.1%, while Discover disclosed that delinquencies increased 15 basis points to 5.72%.

Home improvement retailer Lowe's (LOW 21.74, -0.11) was out with its latest results, which featured in-line earnings. Even amid broad-based buying that wasn't enough to spur interest in the stock. Meanwhile, Illinois Tool Works (ITW 51.02, +2.04) found favor after it issued an in-line outlook of its own.

Even as market participants showed favor for riskier asset classes, Treasuries still managed to make impressive gains. In fact, the benchmark 10-year Note climbed 19 ticks, which pushed its yield down to 3.35%. That marks its lowest point in roughly three weeks.

Treasuries were helped a bit by comments from Fed Chairman Bernanke during a speech at the Economic Club of New York. Bernanke noted that the best thing about the labor market right now is that it may be getting worse more slowly.

In terms of actual data, the October Advance Retail Sales Report said that total retail sales were up 1.4% last month. Economists, on average, had expected a 0.9% increase. Excluding autos, retail sales increased 0.2% last month, but that rate is below the 0.4% increase that economists had come to expect.

The Empire Manufacturing Survey for November came in at 23.5, below expectations for a reading of 30.0 following the 34.6 that was posted in the previous month.

Business inventory data for September showed a 0.4% decrease, which is softer than the 0.7% decrease that had been widely expected. That announcement had no real impact on trade, though.

Advancing Sectors: Energy (+2.5%), Materials (+2.3%), Industrials (+2.0%), Consumer Discretionary (+1.7%), Health Care (+1.4%), Utilities (+1.3%), Financials (+1.2%), Tech (+1.0%), Telecom (+0.8%), Consumer Discretionary (+0.7%)
Declining Sectors: (None)DJ30 +136.49 NASDAQ +29.97 NQ100 +1.1% R2K +2.8% SP400 +1.8% SP500 +15.82 NASDAQ Adv/Vol/Dec 2073/2.13 bln/638 NYSE Adv/Vol/Dec 2485/1.15 bln/576

3:30 pm : With the Dollar Index down 0.6% and back near 52-week lows, the CRB Commodity Index has advanced 2.8% this session. That's the best single-session percentage move since September, thanks to broad-based buying among commodities.

Gold shined as the price of the yellow metal made its way to a new record high of $1143.40 per ounce before it settled with a gain of 2.0% at $1139.20 per ounce. Silver was also stellar; it settled at $18.41 per ounce,up 5.9%.

Oil prices were up sharply, too. Crude contracts closed pit trade with oil priced 3.4% higher at $78.94 per barrel. Meanwhile, natural gas prices were pushed 5.0% higher to $4.61 each.DJ30 +104.15 NASDAQ +24.89 SP500 +12.01 NASDAQ Adv/Vol/Dec 2003/1.76 bln/705 NYSE Adv/Vol/Dec 2411/841 mln/624

3:00 pm : Stocks have eased off of their session highs as they head into the final hour of this trading session. Despite the tick lower, the major equity averages continue to sport impressive gains; the tone among participants has been decidedly positive since the opening bell.

Amid this session's buying, market watchers are keeping an eye on the 1100 level for the S&P 500. Though the S&P 500 is comfortably above that mark at the moment, it has been more than 52-weeks since the broad-market index has closed above that line. Successfully holding above that mark would be considered by many as a bullish sign for the short term.DJ30 +143.14 NASDAQ +33.71 SP500 +17.20 NASDAQ Adv/Vol/Dec 2057/1.55 bln/639 NYSE Adv/Vol/Dec 2516/736 mln/531

2:30 pm : After drifting sideways for the last few hours, stocks have managed to make a modest upturn that has carried them to fresh session highs. Those highs also register as fresh highs for 2009.

Thanks to this session's buying, the Dow is now up 18.8% year-to-date, the Nasdaq is up 39.7% year-to-date, and the S&P 500 is up 23.2% year-to-date. The Nasdaq's outperformance this year stems from the strength of tech stocks. For instance, the S&P 500's tech sector has gained more than 55% this year; that's better than any other major sector.DJ30 +156.44 NASDAQ +35.16 SP500 +19.50 NASDAQ Adv/Vol/Dec 2062/1.42 bln/622 NYSE Adv/Vol/Dec 2527/671 mln/510

2:00 pm : The stock market continues to drift sideways in afternoon trade. In turn, gains remain strong and broad based.

However, MasterCard (MA 230.71, -4.01) and Visa (V 79.62, -0.38) have been steady laggards for most of the session. There aren't any immediate news items to account for their relative weakness, though. DJ30 +149.26 NASDAQ +33.21 SP500 +18.65 NASDAQ Adv/Vol/Dec 2045/1.31 bln/613 NYSE Adv/Vol/Dec 2499/618 mln/516

1:30 pm : The mood among participants remains decidedly positive as stocks make their way back near session highs following a temporary slip in early afternoon trade.

Meanwhile, interest in commodities has taken the CRB Commodity Index to a 2.6% gain. That's its best single-session percentage advance since September.

Treasuries have found support of their own. Though riskier bets have been in favor this session, the benchmark 10-year Note is now up 18 ticks. That has its yield down to 3.35%, which is its lowest point in roughly three weeks.DJ30 +145.03 NASDAQ +32.01 SP500 +17.90 NASDAQ Adv/Vol/Dec 2018/1.22 bln/634 NYSE Adv/Vol/Dec 2483/574 mln/512

1:05 pm : Renewed weakness in the dollar has helped send stocks to fresh highs for 2009. Its weakness has also propped up commodities prices.

Stocks climbed markedly higher in the early going as the Dollar Index dropped some 0.6% to trade near 52-week lows. The greenback recently pared its losses, but it has since faltered to trade with a 0.5% loss. That has kept interest strong for cyclical stocks, like those in the energy sector (+2.5%) and materials sector (+2.4%). Gains in the two sectors were helped doubly by sharply higher commodities prices, also due to a drop in the dollar.

Oil prices are currently up 3.2% to $78.80 per barrel, while gold prices are up 1.3% to $1131 per ounce. Gold climbed to a new record of $1137 per ounce earlier in the session. Its strength has diversified metals and mining stocks up a sharp 3.7%.

Financials (+1.8%) have spent most of the session trading in-line with the broader market, though consumer finance stocks are faring quite well. American Express (AXP 41.76, +1.41) reported that its 30 day past delinquency rate for October held steady at 4.1%. Discover Financial (DFS 16.12, +0.72) disclosed in its October trust data that delinquencies increased 15 basis points to 5.72%. Meanwhile, Bank of America (BAC 16.14, +0.16) reported total delinquencies of 7.59% for October, up from 7.53% in September.

In other corporate news, Lowe's (LOW 21.84, -0.01) posted this morning in-line earnings results for its latest quarter. Though its shares have fallen out of favor, the broader market continues to trade with broad-based gains as more than 90% of the components in the S&P 500 sport gains.

This morning's data was rather mixed. Total retail sales for October increased more than expected, but sales less autos increased less than expected, while the Empire Manufacturing Survey for November came in well below expectations after hitting a multiyear high the month before. The two items were released ahead of the opening bell and seemed to only give buyers a brief pause.

Business inventory data was released shortly after the start of trade, but it had no real impact on action. The data showed that inventories decreased less than expected in September.

Fed Chairman Bernanke is currently engaged in a question-and-answer session after providing a speech at the Economic Club of New York. In one of his more striking remarks, Bernanke said that the best thing about the labor market right now is that it may be getting worse more slowly.DJ30 +138.08 NASDAQ +31.47 SP500 17.69 NASDAQ Adv/Vol/Dec 2029/1.11 bln/621 NYSE Adv/Vol/Dec 2496/531 mln/495

12:30 pm : Stocks had been drifting along sideways for the past couple of hours, but recently moved a leg lower as the U.S. dollar pared losses. The Dollar Index is still down 0.3%, though.

Fed Chairman Bernanke recently took the podium at the Economic Club of New York. According to excerpts from his speech that were already made public, Bernanke believes the flow of credit remains constrained, economic activity weak, and unemployment much too high. In fact, he indicated that the best thing about the labor market right now is that it may be getting worse more slowly.

Still, Bernanke goes on to indicate that the stabilization of financial markets and the gradual restoration of confidence are in turn helping to provide a necessary foundation for economic recovery, though it is less certain how the economy will evolve in 2010 and beyond. DJ30 +118.35 NASDAQ +28.60 SP500 +15.31 NASDAQ Adv/Vol/Dec 2016/1.01 bln/614 NYSE Adv/Vol/Dec 2456/482 mln/521

12:00 pm : Cyclical stocks continue to be the best performers this session. That has helped the energy sector ascend to a 2.7% gain and the materials sector make its way 2.5% higher. They are the best two performing sectors this session.

Investor taste for riskier assets has driven small-caps sharply higher. In turn, the Russell 2000 is up 2.7%. NABI Biopharma (NABI 4.46, +0.90) is a primary leader in the group, but it is gaining additional support in conjunction with news that it has announced with GlaxoSmithKline (GSK 41.92, +0.48) a global option and licensing agreement for a nicotine candidate vaccine.

Despite the interest in what are typically considered riskier asset classes, Treasuries continue to garner solid support. That has helped the benchmark 10-year Note climb 10 ticks, which has pushed its yield back below 3.4%.DJ30 +139.67 NASDAQ +32.10 SP500 +17.39 NASDAQ Adv/Vol/Dec 2053/881 mln/557 NYSE Adv/Vol/Dec 2498/426 mln/469

11:30 am : The major indices continue to move sideways along session highs as they take a breather from this morning's sharp and broad-based ascent.

Consumer staples stocks, though sporting a gain, have been steady laggards this session. The sector's current 0.6% gain is less than half that of the broader market. The sector's underperformance stems more from investors' interest in riskier businesses than it does any true weakness in the sector. In fact, of its 41-members that are listed in the S&P 500, only six are trading lower. Wal-Mart (WMT 52.94, -0.26) is the primary laggard in the small group. DJ30 +125.76 NASDAQ +27.65 SP500 +15.83 NASDAQ Adv/Vol/Dec 2015/744 mln/562 NYSE Adv/Vol/Dec 2487/361 mln/453

11:00 am : Stocks have steadied their ascent to spend the last hour trading sideways. Still, gains remain both broad and impressive. As such, all 10 of the major sectors are in positive territory, while nine of them are sporting gains in excess of 1%.

Commodities continue to look strong, too. With oil prices up 3.2% to $78.80 per barrel and gold up nearly 1.4% to hover near new record highs above $1133 per ounce, the CRB Commodity Index has made its way to a near 1.7% gain.

The upbeat mood among both equity market participants and commodities traders have helped energy and materials stocks put together some of the best gains in the broader market. The two sectors are up 2.6% and 2.1%, respectively.DJ30 +136.79 NASDAQ +29.26 SP500 +17.39 NASDAQ Adv/Vol/Dec 2012/622 mln/531 NYSE Adv/Vol/Dec 2515/304 mln/388

10:30 am : Commodities are trading considerably higher as the Dollar Index extends its slide to a 0.6% loss. That has left it down nearly 8% year-to-date and just fractionally above its 52-week lows.

The dollar's doldrums have been particularly beneficial to precious metals prices. Gold is currently at fresh all time highs of $1133.80 per ounce, up 1.5%. Meanwhile, silver is up to its best level in a month as it surges 4.7% to $18.19 per ounce.

Energy prices are also faring well. Crude contracts last quoted oil prices 2.5% higher at $78.25 per barrel. As for natural gas, contract prices were last quoted 3.7% higher at $4.56 per ounce.

The broad-based buying has sent the CRB Commodity Index up 1.3%. That's one of the best single-session percentage advance this month, second only to a 1.7% spike in the early part of last week.

Meanwhile, the Baltic Dry Index advanced nearly 2.7% amid broad interest in its subindices on Monday. Genco Shipping and Trading (GNK 27.36, +2.45), Euroseas (ESEA 4.39, +0.09), and Eagle Bulk Shipping (EGLE 5.90, +0.49) shares are all up considerably in the wake of news that analysts at Deutsche Bank upgraded the stocks. However, the firm stated that they remain cautious on the sector over the long-term due to supply growth.DJ30 +128.33 NASDAQ +28.00 SP500 +16.07 NASDAQ Adv/Vol/Dec 1983/488 mln/503 NYSE Adv/Vol/Dec 2504/241 mln/366

10:00 am : Stocks continue to sport impressive gains as they trade near session highs, seemingly unfazed by the latest dose of business inventory data.

Business inventory data for September showed a 0.4% decrease, which isn't as bad as the 0.7% decrease that had been widely expected. As a side, inventories declined 1.6% in August; that number was actually revised modestly lower from the 1.5% decline that had initially been reported.

Advancing Sectors: Energy (+2.5%), Materials (+2.0%), Financials (+1.7%), Industrials (+1.7%), Consumer Discretionary (+1.5%), Health Care (+1.3%), Utilities (+1.2%), Telecom (+1.2%), Tech (+1.1%), Consumer Staples (+0.9%)
Declining Sectors: (None)DJ30 +108.83 NASDAQ +26.60 SP500 +14.84 NASDAQ Adv/Vol/Dec 1954/305 mln/476 NYSE Adv/Vol/Dec 2472/158 mln/328

09:45 am : Broad-based buying has taken all three major indices to new 2009 highs. The effort comes amid ongoing weakness in the U.S. dollar, which has taken the Dollar Index down 0.4% to trade fractionally above its 52-week low.

Weakness in the dollar has also propped up precious metals prices. As such, gold is currently sporting a 1.1% gain at $1129.40 per ounce. It had hit a new record high of $1133.50 per ounce in overnight trade. The move has given gold stocks a 1.7% gain, but diversified metals and miners are now up 3.1%.DJ30 +98.93 NASDAQ +24.32 SP500 +13.24 NASDAQ Adv/Vol/Dec 1914/152 mln/430 NYSE Adv/Vol/Dec 2355/91 mln/330

09:15 am : S&P futures vs fair value: +8.40. Nasdaq futures vs fair value: +9.80. Though mixed retail sales data for October and a lower-than-expected Empire Manufacturing Survey reading curbed the enthusiasm of premarket participants, stocks futures still suggest that the broad-based S&P 500 will start the session near the 1100 mark, which has been a challenging line for stocks to hold above. Instead, stocks danced along the line last week, but they haven't managed to close above in more than 52 weeks. Meanwhile, the Dollar Index is back near its 52-week low as the U.S. dollar surrenders 0.4% against a basket of major foreign currencies. The dollar's decline continues to provide a primary underpinning of the stock market strength. Of course, solid overseas gains have helped perpetuate a positive bias this morning. Europe's major bourses are trading markedly higher and several Asian indices registered impressive gains following word that Japan's government moved closer toward further stimulus measures and leaders of the Asia Pacific Economic Cooperation pledged to maintain stimulus measures. Still to come this morning are business inventory data for September (10:00 AM ET) and a speech from Fed Chairman Bernanke at noon ET.

09:00 am : S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +9.00. U.S. stock futures continue to sport a lead over fair value, though to less an extent than earlier this morning. Meanwhile, European markets continue to trade markedly higher. In Britain, the FTSE is up 1.1%. That puts it on track for a fourth consecutive gain. Mining stocks Rio Tinto (RTP) and Xstrata are up considerably as weakness in the U.S. dollar helps support higher metals prices. Banking stocks have been led higher by HSBC (HBC). In Germany, the DAX is currently up 1.1% as cyclical stocks lead broad-based gains. As such, ThyssenKrupp and Salzgitter have shown strength. Meanwhile, Daimler has climbed amid news that Aabar Investments PJSC is in talks to raise its stake in the automaker. In France, the CAC is currently up 0.9%. ArcelorMittal (MT) and Total (TOT) are primary leaders. Sanofi-Aventis (SNY) is also looking strong amid news that analysts at Deutsche Bank initiated coverage on the stock with a Buy rating. In economic news, Dow Jones reported that consumer prices in the 16 countries that use the euro climbed 0.2% on a monthly basis in October, but were 0.1% weaker than in October last year. That marked the fifth consecutive annual decline. In Asia, Japan's Nikkei eked out a 0.2% gain as banks weighed on trade as Mitsubishi UFJ Financial (MTU) indicated it would issue about $11 billion in new shares to meet stricter capital requirements. Hitachi was also a laggard after it said it will raise cash to shore up capital. Meanwhile, preliminary data showed that Japan's economy expanded at a stronger-than-expected 1.2% pace duing the third quarter. In Hong Kong, the Hang Seng tacked on 1.7%. Banking stocks advanced with help from ICBC and China Construction Bank. Gold miner Zijin Mining advanced amid higher precious metals prices. In mainland China, the Shanghai Composite bounced 2.7% higher and the MSCI Asia Pacific Index advanced 0.7%.

08:35 am : S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +8.00. The October Advance Retail Sales Report recently hit news wires and its results were a bit mixed, pulling stock futures a few points off of earlier levels. Total retail sales for the month were up 1.4%, which is better than the 0.9% increase that was expected after a sharp decline in September. The September figure was revised further downward to reflect a 2.3% decrease. Excluding autos, retail sales increased 0.2% last month, but that rate is below the the 0.4% increase that economists had come to expect. Meanwhile, the previous month's figure was revised downward to a 0.4% increase. When excluding both autos and gas, retail sales for October increased 0.3%, which is in-line with expectations. The September reading on sales less autos and gas was revised downward to a 0.3% increase. Separately, the Empire Manufacturing Survey for November came in at 23.5, below expectations for a reading of 30.0 following the 34.6 that was posted in the previous month. Still to come this morning are business inventory data for September (10:00 AM ET). Fed Chairman Bernanke will give a speech to the Economic Club of New York at noon ET.

08:00 am : S&P futures vs fair value: +9.70. Nasdaq futures vs fair value: +11.80. Pressure against the U.S. dollar continues to provide a boon for stocks. As such, a 0.5% decline has helped stock futures take a comfortable lead over fair value. The dollar's doldrums have also underpinned strong gains by commodities -- gold is currently up 1.1% to $1128.90 per ounce after notching a new record in overnight trade at $1133.50 per ounce. In earnings news, Lowe's (LOW) posted this morning in-line results, but its stock prices has fallen more than 2% to $21.40 per share in premarket trade. Meanwhile, stocks are trading broadly higher in overseas markets.

06:27 am : S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +9.50.

06:27 am : Nikkei...9791.18...+20.90...+0.20%. Hang Seng...22943.98...+390.40...+1.70%.

06:27 am : FTSE...5358.14...+61.80...+1.20%. DAX...5744.87...+57.90...+1.00%.

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 0 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