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 Post subject: December 1st Tuesday 2009 Emini ES ($ES_F) points +16.75
PostPosted: Tue Dec 01, 2009 9:37 pm 
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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=68&t=384

Quote:
It's always good to close a good month of trading via the last trading day of the month being profitable. However, this month had a few problematic trading days that I need to fix involving my discipline to prevent such from becoming a big problem in December due to the fact that December is traditionally a tough trading month for me.


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: +16.75 Emini ES ($ES_F) points

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Dow At 14-Month High
Wall Street advances on Dubai debt relief, better-than-expected housing and construction readings, and talk of a GE-Comcast deal.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: December 1, 2009: 6:19 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday as worries about Dubai's debt problems eased, gold hit a record above $1,200 and GE and Comcast moved closer to a deal on NBC Universal.

The Dow Jones industrial average (INDU) added 127 points, or 1.2%, closing at the highest point since Oct. 2, 2008. The S&P 500 (SPX) index gained 13 points, or 1.2%, and closed just short of a 14-month high. The Nasdaq composite (COMP) rose 31 points, or 1.5%, and remained short of a 14-month high hit a week ago.

Bets that Dubai's debt problems won't have a major impact on U.S. institutions lifted stocks late Monday and through Tuesday's session. Stocks also reacted to the day's better-than-expected economic readings on construction spending and pending home sales.

"The market is treating Dubai like a non-event and continuing to trade on momentum," said Joe Clark, market analyst at Financial Enhancement Group.

He said that the momentum is likely to keep stocks aloft or even push them higher through year-end, despite the already substantial run up since the March lows.

Since bottoming at a 12-year low March 9, the Dow has gained nearly 60%, the S&P 500 has gained 64% and the Nasdaq has gained 72%.

Investors also kept an eye on auto sales, which were down from October but mostly higher from a year ago. After the close, GM said CEO Fritz Henderson has resigned and will be temporarily replaced by Chairman Ed Whitacre, until a successor is found.

The weak dollar also played a role in the day's advance, boosting commodity prices and stocks, continuing a trend that's been in place all year.

Gold touches $1,200: COMEX gold for December delivery rallied $18 to settle at $1,199.10 an ounce, after rising as high as $1,202.70. It's the first time the precious metal has ever traded at this level.

Company news: AIG (AIG, Fortune 500) said it is wiping out $25 billion of its government debt by selling stakes in two of its life insurance subsidiaries to the Federal Reserve Bank of New York. Shares gained 8.6%.

General Electric (GE, Fortune 500) has reportedly reached a deal to buy Vivendi SA's 20% stake in NBC Universal for about $5.8 billion, moving GE closer to its goal of partnering with Comcast (CMCSA, Fortune 500) to create one of the largest U.S. media companies.

GE is looking to sell a 51% stake in NBC Universal to Comcast, while retaining a 49% stake in the company that is valued at around $30 billion.

Dubai and world markets: Dubai World, the city-state's main investment arm, said it is in talks to restructure $26 billion in debt, cooling worries that it might go into default and wipe out the investment of its creditors.

Global markets slumped last week after the Dubai government asked to defer payments for at least six months on $60 billion in debt owed by Dubai World and Nakheel, its real estate arm.

Overseas markets surged, with London's FTSE 100, Germany's DAX and France's CAC 40 all closing with gains of more than 2%. Asian markets rallied too, with Japan's Nikkei ending 2.4% higher.

Autos: Major automakers reported sales in November that met or topped expectations. But any improvements year-over-year were easy, given the dismal results in November 2008. On a monthly basis, sales slumped from October levels.

Among the standouts: General Motors reported a 1.8% drop in November sales from a year ago, versus forecasts for a drop of 1.3%. But sales were down 15% from October levels. Ford Motor's sales were little changed from a year ago and down 10% from October.

ISM index: The November manufacturing index from the Institute for Supply Management fell to 53.6 from 55.7 in October, surprising economists who were looking for ISM to fall to 55. However, any reading over 50 implies expansion in the sector.

Pending home sales: Signed contracts to buy homes rose 3.7% in October, the ninth monthly increase in a row, according to a National Association of Realtors report released Tuesday. Pending home sales were expected to have fallen 1% after rising 6% previously.

Other economic news: Construction spending in October was unchanged, the government reported. Spending fell 1.6% in September and was expected to have fallen 0.5% in October, according to analysts' estimates.

President Obama is due to announce his strategy on Afghanistan in a speech Tuesday night from West Point.

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

U.S. light crude oil for January delivery rose $1.47 to $78.75 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices tumbled, raising the yield on the 10-year note to 3.27%, from 3.20% late Monday. Treasury prices and yields move in opposite directions.

Market breadth was positive. On the New York Stock Exchange, winners beat losers four to one on volume of 1.13 billion shares. On the Nasdaq, advancers topped decliners by two to one on volume of 2.20 billion shares.

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Yahoo! Finance

4:30 pm : Tempered concerns related Dubai's debt debacle prompted participants to put pressure on the U.S. dollar as they rotated into riskier plays. The move favored stocks, which logged impressive, broad-based gains.

Affirmations from Dubai World that it is working to restructure a smaller load of debt than initially feared helped calm concerns about a potential default by the state-owned conglomerate. On Monday afternoon word had begun to circulate that Dubai wanted to renegotiate the terms of $26 billion in debt, rather than the $60 billion that was first rumored.

The news helped give a lift to global indices and caused currency traders to step away from the greenback. With the dollar drooping again, the Dollar Index returned to 52-week lows before paring losses to finish with a 0.5% loss.

The pullback in the greenback stirred broad interest in both equities and commodities. That combination proved particularly beneficial for materials stocks and energy stocks, which finished with respective gains of 1.6% and 1.4%.

Materials stocks were led by gold plays, which advanced 3.8% as gold prices climbed to a new record high near $1204 per ounce before they closed pit trade with a 1.5% gain at $1200.20 per ounce. Newmont Mining (NEM 55.66, +2.02) was a primary leader while Kinross Gold (KGC 21.10, +1.08) also provided support. Shares of KGC had the added benefit of an upgrade from analysts at JPMorgan.

Oil prices also fared well. Crude contract prices closed 1.5% higher at $78.46 per ounce. That favored oil and gas exploration outfits (+2.1%).

Retailers rebounded to a 1.8% gain after a slip in the previous session. Better-than-expected earnings and a strong revenue forecast from Guess (GES 41.82, +4.77) helped the company's shares outperform the rest of the pack and log their best single-session percentage gain since March.

Though all 10 major sectors finished in higher ground, financials lagged. The sector settled with a mere gain of 0.1% as consumer finance stocks (-0.8%) dragged. Bank stocks (unchanged) also had a lackluster session, even though analysts Citigroup upgraded shares of regional lenders Fifth Third (FITB 10.18, +0.10) and BB&T (BBT 25.60, +0.70). Banking issues had been one of the best performing industry groups in the previous session.

There were only a few corporate headlines this session, including news from CNBC that General Electric (GE 16.17, +0.15) has reached a deal to sell NBC Universal to Comcast (CMCSA 14.97, +0.31). Many of GE's investors have long called for the divestment in favor of higher growth opportunities. NBC Universal accounted for less than 10% of GE's revenue in 2008.

Ford Motor (F 8.88, -0.01) surrendered its gains following news that its November sales were flat, which is short of the 4.1% increase that many had come to expect. Meanwhile, Toyota Motor (TM 81.45, +2.91) said its U.S. division saw sales increase 11.5% in November. Honda Motor (HMC 32.36, +1.37) saw November North American sales increase 5.5%.

Economic data did little for participants. The ISM Manufacturing Index for November came in at 53.6, which is below the 55.0 that was widely expected and down from the 55.7 that was registered in October.

Construction spending for October was flat month-over-month. It was expected to decline 0.5%. The previous month's 0.8% increase was completely reversed to reflect a 1.6% decline.

Pending home sales for October made a month-over-month jump of 3.7%, which is better than the 1.0% decline that many had expected. The increase for October wasn't quite as strong as the 6.0% increase that was registered in September.

Advancing Sectors: Utilities (+1.8%), Telecom (+1.7%), Materials (+1.6%), Energy (+1.4%), Industrials (+1.4%), Consumer Discretionary (+1.3%), Consumer Staples (+1.3%), Health Care (+1.3%), Tech (+1.3%), Financials (+0.1%)
Declining Sectors: (None)DJ30 +126.74 NASDAQ +31.21 NQ100 +1.2% R2K +1.6% SP400 +1.5% SP500 +13.23 NASDAQ Adv/Vol/Dec 1883/2.19 bln/849 NYSE Adv/Vol/Dec 2431/1.13 bln/615

3:35 pm : A decline in the dollar has led to dollar denominated asset price increases this session. The stock market is currently up 1.2% helped by strength in materials and energy, up 1.7% and 1.5%, respectively. As such, commodities as a whole traded 0.7% higher this session. Precious metals saw a 2.3% gain as energy rose just 0.6%, hampered by weakness in natural gas futures.

Precious metals saw substantial gains this session as the dollar index flirted with 15 month lows (set last week). Fears of inflation are also spurring this trend along. Gold hit a new all time high again today at $1204 per ounce. The February contract also set a new all-time closing high at $1200.20 per ounce this session. The February contract finished up 1.5% and is now up over 16% in just over a month and almost 50% since the middle of January.

Silver futures tell a similar story. The March contract closed 3.7% higher at $19.21 per ounce this session. Silver futures are now up over 50% since July of this year and are at levels not seen since July of 2008.

The January natural gas futures extended yesterday's sharp move to the downside. After falling 6.7% yesterday, they slid 1.9% during today's pit trade to close at $4.76 per contract. Crude oil futures, on the other hand, moved more in-line with the rest of the commodity space. The January contract moved steadily higher throughout the session as the dollar faded. It closed 1.5% higher at $78.46 per barrel.DJ30 +129.46 NASDAQ +32.65 SP500 +12.80 NASDAQ Adv/Vol/Dec 1852/1.73 bln/875 NYSE Adv/Vol/Dec 2379/807 mln/661

3:00 pm : Stocks have eased back a bit as they head into the final hour of the session. Gains remain strong and broad, however.

According to CNBC, a deal has been struck by General Electric (GE 16.15, +0.13) to sell NBC Universal to Comcast (CMCSA 14.90, +0.24). Comcast does wait for Vivendi to agree to sell its minority stake back to GE, though. According to The Wall Street Journal, the stake will be sold for $5.8 billion. DJ30 +133.69 NASDAQ +32.62 SP500 +13.74 NASDAQ Adv/Vol/Dec 1823/1.57 bln/896 NYSE Adv/Vol/Dec 2397/724 mln/631

2:30 pm : Stocks continue to trade near session highs as they start to move sideways in a relatively narrow range.

The solid gains by U.S. equities complement those made by overseas markets. In turn, the Dow Jones World Index is up 2.2%.

With stocks looking so strong, Treasuries have fallen by the way side. As such, the benchmark 10-year Note is down 18 ticks and its yield has risen to 3.27%. Meanwhile, the 30-year Bond has dropped more than one full point (37 ticks to be exact) so that it now yields 4.26%. DJ30 +151.75 NASDAQ +36.90 SP500 +15.82 NASDAQ Adv/Vol/Dec 1902/1.44 bln/800 NYSE Adv/Vol/Dec 2475/664 mln/543

2:00 pm : The Nasdaq Composite has a slight lead over its counterparts as large-cap tech issues like those of Microsoft (MSFT 29.93, +0.52), Cisco (CSCO 23.95, +0.55), Intel (INTC 19.62, +0.42), and Oracle (ORCL 22.45, +0.37) provide leadership. The quartet has the Nasdaq on track for its best single-session percentage advance in three weeks. What's more, large-cap tech has been among the best performing stock classes this year; in turn, the Nasdaq Composite is up 38% year-to-date, while the Nasdaq 100 is up 48% year-to-date.DJ30 +143.06 NASDAQ +35.80 SP500 +15.37 NASDAQ Adv/Vol/Dec 1890/1.33 bln/807 NYSE Adv/Vol/Dec 2428/610 mln/556

1:30 pm : All three major indices have made their way to fresh session highs. The advance has been broad based and has even lifted the financial sector out of negative territory. Financials still lag, though; they are up just 0.1%.

Semiconductor stocks are looking especially strong. In turn, the Philadelphia Semiconductor Index is up 3.1% as all 18 of its components log gains. DJ30 +146.01 NASDAQ +35.96 SP500 +15.65 NASDAQ Adv/Vol/Dec 1849/1.22 bln/827 NYSE Adv/Vol/Dec 2381/560 mln/577

1:00 pm : The major stock indices continue to sport impressive, broad-based gains as they trade near session highs. The buying effort comes as the Dollar Index flirts with its 52-week low.

The U.S. dollar is up slightly from its lows, but continues to contend with a 0.6% loss. Its weakness comes as global participants rotate out of the safe haven amid affirmations that Dubai World, a state-owned conglomerate in Dubai, is working to restructure $26 billion in debt. The amount had been initially thought to be much greater.

While the greenback's pullback has fueled broad-based buying among stocks, materials stocks (+1.9%) have made some of the best gains as commodities prices spike. Specifically, gold prices hit a new record high of roughly $1204 per ounce, but are up currently 1.4% to $1198 per ounce. Gains by gold and the broader market have gold stocks up 4.6%.

Financials have lagged for the entire session and currently trade with a 0.3% loss; it is the only sector to have been in negative territory this session. Its slide stems from weakness among consumer finance stocks (-1.6%) and bank stocks (-0.5%). Banks had benefited in the previous session from word that Dubai's debt debacle is less severe than initially thought, but the group has struggled to find support this session. However, Fifth Third (FITB 10.20, +0.12) and BB&T (BBT 25.49, +0.59) have advanced, thanks to an upgrade by analysts at Citigroup.

The latest dose of economic data was mixed and didn't have much of an impact on trade this morning. The ISM Manufacturing Index for November came in short of the consensus, while construction spending for October was flat, which was better than the expected decline. Pending home sales for October made a stronger-than-expected month-over-month jump. DJ30 +123.71 NASDAQ +32.72 SP500 +13.32 NASDAQ Adv/Vol/Dec 1804/1.12 bln/843 NYSE Adv/Vol/Dec 2335/513 mln/615

12:30 pm : Ford Motor (F 8.97, +0.08) reported that its sales for November were flat, which is short of the 4.1% increase that many had come to expect. Ford representatives stated that planned production for the fourth quarter remains unchanged, but that the company plans to increase production in the first quarter of 2010 by 58% from the same period in 2009.

Meanwhile, Daimler AG reported that November total cars sold for the Mercedes-Benz division in the U.S. increased 9.1%. Porsche preported that its November North American sales increased 18% year-over-year.

Shares of automakers, as a group, are currently up 1.0%. DJ30 +121.83 NASDAQ +32.07 SP500 +12.72 NASDAQ Adv/Vol/Dec 1810/1.04 bln/844 NYSE Adv/Vol/Dec 2342/473 mln/595

12:00 pm : Nine of the 10 major sectors are sporting gains of at least 1%. Not only has the financial sector failed to follow the others, it has actually failed to make any gain at all -- the sector currently trades with a 0.1% loss as consumer finance stocks (-1.5%) slide.

Amid this session's broad-based buying, volatility has slumped. That has the Volatility Index down some 9%. The VIX had spiked some 20% to three-week highs late last week, when concerns regarding Dubai's debt first began to circulate. DJ30 +126.38 NASDAQ +30.76 SP500 +13.04 NASDAQ Adv/Vol/Dec 1787/927 mln/836 NYSE Adv/Vol/Dec 2311/421 mln/611

11:30 am : The major equity averages recently retraced earlier gains as they made an upward move amid a drooping dollar, which has taken the Dollar Index down 0.7% to a session low and near its 2009 low.

The greenback's pullback has also helped prop up precious metals prices. As such, gold prices extended their gains to hit $1204 per ounce, which reflects a 1.8% gain this session. Year-to-date, gold prices are now up more than 35%, which is better than the S&P 500's year-to-date gain of roughly 23%. DJ30 +129.16 NASDAQ +29.92 SP500 +13.39 NASDAQ Adv/Vol/Dec 1798/798 mln/802 NYSE Adv/Vol/Dec 2333/367 mln/563

11:00 am : Stocks are off of their morning highs, but they continue to sport solid gains. Financials have faltered, however. As a group, financials are down to a 0.2% loss.

Consumer finance stocks (-1.3%) and banks (-0.5%) have been the heaviest drag on the sector. Banks actually underpinned the financial sector's gain in the previous session.

Insurers have helped mitigate the impact of weak bank stocks on this session's trade. In fact, multiline insurers are up 2.6%. That comes amid leadership from AIG (31.28, +2.88), which has bounded since CNBC clarified that its mention of a downgrade of AIG this morning actually referred to a downgrade that was old news.DJ30 +103.54 NASDAQ +24.92 SP500 +10.51 NASDAQ Adv/Vol/Dec 1708/677 mln/869 NYSE Adv/Vol/Dec 2239/310 mln/640

10:30 am : Though stocks recently surrendered some of their early gains, commodities remain solidly higher. Broad support for commodities on the back of a 0.5% slide in the U.S. dollar has the CRB Commodity Index up 1.0%, near its session high.

Gold prices are currently up 1.0% to $1193.10 per ounce. They actually had eclipsed the $1200 mark in electronic trade. That marked a new record high. Silver prices are also up solidly, though. The metal was last quoted at $18.83 per ounce, up 1.6%.

As for energy, oil prices are up a sharp 1.8% to $78.70 per barrel, but natural gas prices are down a considerable 2.7% to $4.72 per contract.DJ30 +102.33 NASDAQ +22.55 SP500 +9.97 NASDAQ Adv/Vol/Dec 1696/508 mln/805 NYSE Adv/Vol/Dec 2254/239 mln/577

10:00 am : Stocks are gyrating following a flurry of economic data, but they continue to sport solid gains.

The ISM Manufacturing Index for November came in at 53.6, which is below the 55.0 that was widely expected and down from the 55.7 that was registered in October.

Although it was expected to fall 0.5%, construction spending for October was flat month-over-month. The previous month's 0.8% increase was completely reversed to reflect a 1.6% decline.

Pending home sales for October made a month-over-month jump of 3.7%, which is better than the 1.0% decline that many had expected. The increase for October wasn't quite as strong as the 6.0% increase that was registered in September.

Early movers: Trading up -- GSIT +17.1%, FST +13.1%, GES +12%, TPI +11.5%, MENT +11.1%, MTSN +9.8%, IOC +9.7%, BPFH +9.4%, SPWRB +8.1%, SEED +7.6%, HLX +7.1%, CRIC +6.9%, SOMX +6.8%; Trading down -- NLST -12%, PLX -11.3%, OVTI -8.3%, EDZ -6.5%, STAA -6.4%, SD -6.3%

Advancing Sectors: Materials (+1.4%), Energy (+1.4%), Industrials (+1.1%), Tech (+1.1%), Utilities (+1.1%), Consumer Discretionary (+0.9%), Consumer Staples (+0.9%), Health Care (+0.9%), Telecom (+0.7%), Financials (+0.2%)
Declining Sectors: (None) DJ30 +110.72 NASDAQ +25.75 SP500 +11.62 NASDAQ Adv/Vol/Dec 1747/295 mln/635 NYSE Adv/Vol/Dec 2295/146 mln/469

09:45 am : Stocks have started the session with strong gains, such that all three major indices are up by at least 1%.

Gains are especially strong among natural resource stocks. That has both the materials sector and the energy sector up 1.7%.

Gold stocks have been a primary underpinning of the materials sector's strength as the price of the yellow metal climbs 1.1% to $1194.50 per ounce. Gold actually hit a new record high of $1200.50 per ounce in electronic trade. Higher gold prices and broader market support have helped gold stocks climb 2.9%. Barrick Gold (ABX 44.98, +2.29) and Kinross Gold (KGC 21.00, +0.98) are primary leaders among gold stocks. Shares of KGC were actually upgraded by analysts at JPMorgan.

Oil's 1.6% gain to $78.50 per barrel has helped support interest in shares of oil and gas drillers (+2.4%). Nabors (NBR 21.20, +0.55) is a primary leader in the pack.

Financials are lagging on a relative basis, though. The sector had steadily outperformed the broader market in the previous session and logged a near 3% gain, but it is up a mere 0.3% at the moment.DJ30 +106.94 NASDAQ +26.86 SP500 +11.58 NASDAQ Adv/Vol/Dec 1857/186 mln/451 NYSE Adv/Vol/Dec 2345/100 mln/363

09:15 am : S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +15.80. Stock futures suggest that participants are extending the buying efforts that gave the stock market a 5.7% monthly gain for November, which marked the stock market's eighth monthly gain in nine months. The interest of participants comes amid confirmation that Dubai's corporate flagship will be renegotiating the terms of a smaller batch of loans than had originally been estimated. Renewed pressure against the greenback has also helped support broad interest in stocks. The dollar's drop has bolstered commodities prices, too. That took gold prices to a new record of $1200.50 per ounce in electronic trade.

09:00 am : S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +16.30. The Dollar Index has dipped further into the red; it now trades with a 0.4% loss. That puts it roughly 0.4% above its 12-month low, which was reached last week. However, such weakness continues to provide a boon to both stock futures and commodities futures. As such, stock futures point to an opening gain of roughly 0.8% for the stock market, while gold prices were last quoted 1.0% higher at $1192.60 per ounce. In the first few minutes of pit trade, oil prices were last quoted at $78.15 per barrel, up 1.1%.

08:35 am : S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +15.30. Stock futures continue trade with a healthy lead over fair value. The mood among participants in overseas markets is also positive. Germany's DAX is up 1.9% in conjunction with broad-based buying that has favored shares of Siemens (SI) and Daimler (DAI), which are currently primary leaders. MAN SE is currently the only stock in the 30-member index that is in negative ground. In economic news, German unemployment for November was reported at 7.6%, down from 7.7% in the previous month. Meanwhile, the unemployment rate in the 16 countries that use the euro reportedly held steady at an 11-year high of 9.8% in October. Despite steady unemployment, reports indicate that the euro zone manufacturing sector grew for the second consecutive month and faster than expected to 51.2 in November from 50.7 in October. France's CAC is currently up 1.9%. Its gains have also been broad based; 38 of its 40 members are sporting gains. EADS and Carrefour have failed to climb from negative ground. As for Britain's FTSE, it is up 1.7%. HSBC (HBC) and Standard Chartered are providing primary support, but peer Lloyds Group is lagging as it failes to log a gain. Separately, reports indicate that manufacturing activity in the United Kingdom slowed in November as new orders fell. A purchasing and supply index for November fell to 51.8 from 53.4 in October, while new orders fell to 53 from 58. In Japan, the Nikkei advanced 2.4% amid news that the country's central bank held an unscheduled meeting to do more about the surging yen and falling CPI. Gains were broad, but Fast Retailing and Honda Motor (HMC) were primary leaders. Following the close the Bank of Japan decided to further ease monetary policy with a liquidity injection of 10 trillion yen in short-term loans to commercial banks. In Hong Kong, the Hang Seng finished 1.3% higher. Banks shares led as HSBC and ICBC logged healthy gains. Bank of China also advanced. In mainland China, the Shanghai Composite closed 1.3% higher, while the MSCI Asia Pacific Index closed 1.3% higher.

08:00 am : S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +15.30. Stock futures are up solidly amid news from The Wall Street Journal that Dubai World, a state-owned conglomerate in Dubai, is negotiating to restructure $26 billion in debt and is anticipating a deal quickly. The report affirms that the amount under negotiation is well below initial estimates. That recognition also helped stocks stage a late rebound in the previous session. A pullback by the U.S. dollar has also helped to prop up stock futures this morning; the greenback is currently down 0.3% against a basket of foreign currencies. The dollar's decline has also given a lift to commodities prices. In fact, gold hit a new record high of $1200.50 per ounce in electronic trade. The yellow metal was last quoted at $1192.40 per ounce, up 1.0%. After a slip in the previous session, shares of retailers are garnering particular support in premarket trade. That stems largely from better-than-expected earnings and a strong revenue forecast from Guess (GES), which was quoted nearly 8% higher at $40.00 per share in premarket trade. The previous session was a slow news day, but there are several potential trading catalysts this session. At 10:00 AM ET the latest ISM Manufacturing Index is due, as are the latest pending home sales figures and construction spending data. Monthly vehicle sales figures are expected to be released at various times throughout the session.

06:31 am : S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +15.00.

06:31 am : Nikkei...9572.20...+226.70...+2.40%. Hang Seng...22113.15...+291.70...+1.30%.

06:31 am : FTSE...5268.95...+78.40...+1.50%. DAX...5726.52...+100.60...+1.80%.

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


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