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 Post subject: December 8th Tuesday 2009 Emini ES ($ES_F) points +27.50
PostPosted: Wed Dec 09, 2009 8:08 am 
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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=397

Quote:
I'm a little surprised I got +27.50 Emini ES points today because it was a low volatility tight trading range day. Usually on trading days like today I'm below +15 points. The big white WRB on the 2min chart @ 1142am est in combo with the contracting volatility that occurred afterwards gave a big warning that a possible change in supply/demand was about to occur. That change in supply/demand was confirmed around 1154am est and that combined price action became a key WRB S/R Zone for the remainder of the trading day.


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: +27.50 Emini ES ($ES_F) points


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Wall Street Retreats
Stocks drop as global markets slip, dollar firms up and commodities slide. Obama unveils new job stimulus effort.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: December 8, 2009: 5:47 PM ET

NEW YORK (CNNMoney.com) -- Stocks tumbled Tuesday, with the Dow losing over 100 points as investors eyed weak global markets, a rising dollar, falling oil and gold prices, and some disappointing profit news from 3M, McDonald's and Kroger.

The Dow Jones industrial average (INDU) tumbled 104 points, or 1%. The S&P 500 index (SPX) lost 11 points, or 1%. The Nasdaq composite (COMP) shed 17 points, or 0.8%.

Stocks slipped right out of the gate as investors took a cue from falling global markets and a rising dollar. Reports in the U.K. and Germany showed manufacturing is still weak, while Japan approved $81 billion in stimulus money, and ratings agencies warned about debt problems in Dubai and Greece.

The rising dollar also played a role in the stock weakness. The weak dollar has added to stock gains over the last nine months, but for the last two weeks, the greenback has started to make a comeback versus the euro. The U.S. dollar has remained weak against the yen.

A stronger dollar pressures dollar-traded commodities and commodity stocks, as well as companies that do a lot of business overseas and therefore benefit from a weak U.S. currency.

"Over the last several months, the weakening dollar has definitely led the market higher, but historically a weak dollar isn't good for stocks over the long term," said Tim McCandless, senior equity analyst at Bel Air Investment Advisors.

He said that in addition to reacting to the stronger dollar, stock investors are getting into end-of-the-year mode and "battening down the hatches" in the last weeks of a tough year.

Since hitting a more than 12-year low on March 9 at the height of the financial market panic, stocks have been on the rise, gaining 60% through Monday's close.

Stocks ended mixed Monday as comments from Federal Reserve Chairman Ben Bernanke cooled worries about higher interest rates but failed to overshadow the stronger dollar and weaker commodities.

Global markets: Overseas markets plunged after reports in Germany and the United Kingdom showed weakness in the manufacturing sector continues. The London FTSE 100 and the German DAX both lost 1.7% and France's CAC 40 lost 1.4%. Asian markets slipped after the Japanese government approved $81 billion in stimulus to help bolster the sluggish economy.

Debt worries: Dubai debt worries resurfaced after a credit rating agency reportedly cut its ratings on six Dubai state-connected companies.

Global investors got a jolt late last month after the Dubai government asked to defer payments for at least six months on $60 billion in debt owed by Dubai World, the city-state's main investment arm, and Nakheel, its real estate arm.

Elsewhere in the world, Fitch reportedly lowered Greece's credit rating Tuesday on debt concerns.

Company news: Dow component 3M (MMM, Fortune 500) issued a 2010 profit forecast in a range that meets or beats analysts' expectations. The diversified conglomerate also reiterated that 2009 earnings would fall in a range of $4.50 to $4.55 per share versus analysts' forecasts of $4.57. Shares fell 1%.

Fellow Dow component McDonald's (MCD, Fortune 500) said sales at U.S. stores open a year or more, a retail metric known as same-store sales, fell 0.6% in November, the second monthly decline in a row. Shares fell 2.1%.

Kroger (KR, Fortune 500) said it swung to a fiscal third-quarter loss from a profit a year ago. The grocery store chain also cut its full-year forecast and cut its target for same-store sales growth. Shares fell 12%.

Procter & Gamble (PG, Fortune 500) Chairman A.G. Lafley is retiring in January, the company said Tuesday. His position will be filled by Bob McDonald, the company's CEO. McDonald replaced Lafley as CEO in July.

General Motors may pay back all $6.7 billion in loans it owes the government in one lump sum, rather than on a quarterly basis as is currently expected, new chief executive Ed Whitacre said Tuesday.

FedEx (FDX, Fortune 500) shares rallied after it said fiscal second-quarter earnings will top forecasts, thanks to strength in international demand.

Obama and jobs: President Obama outlined a new multi-billion dollar jobs plan and stimulus proposal late Tuesday morning, in a speech at the Brookings Institution in Washington.

Obama said he wants to expand tax breaks for small businesses, invest in infrastructure profits and give consumers rebates for making their homes more energy efficient. Funds would come from the $200 billion in unallocated bailout money - some of which would also be used to pay down the deficit.

The dollar and commodities: The dollar fell versus the euro late in the day, erasing gains. The dollar gained against the yen.

COMEX gold for February delivery fell $20.60 to settle at $1,143.40 an ounce. Gold closed at an all-time high of $1,218.30 an ounce last week.

U.S. light crude oil for January delivery fell $1.31 to settle at $72.62 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.38% from 3.43% late Monday. Treasury prices and yields move in opposite directions.

Market breadth was negative. On the New York Stock Exchange, losers beat winners two to one on volume of 1.18 billion shares. On the Nasdaq, decliners topped advancers by two to one on volume of 2.01 billion shares.

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Yahoo! Finance

4:30 pm : Stocks spent the entire session mired in weakness as cautionary comments about the U.S. debt rating and strength in the U.S. dollar weighed on the minds of participants. Broader sentiment remains mixed, though, as participants continue to assess the market's near-term direction.

Sellers were stirred to action amid word from The Wall Street Journal that Moody's Investors Service believes the U.S. and U.K. need to trim their respective deficits in order to help protect against a downgrade to their triple-A ratings. Meanwhile, analysts at Fitch stripped Greece of its A-rated status. It wasn't apparent whether Greece's downgrade was referenced by European Central Bank member Stark when he suggested that there may be more surprises beyond the debt debacle in Dubai, but the comment raised eyebrows nonetheless.

Despite concerns for a mounting U.S. deficit, President Obama suggested that the U.S. needs to continue to spend its way out of recession as he called for new infrastructure projects and tax breaks for small businesses that will help temper unemployment. Concerns for the financial health of the U.S. have weighed on the U.S. dollar for many months, but support for the greenback this session lifted the Dollar Index 0.7% to a fresh one-month high.

Per usual, the greenback's gain weighed on the broader stock market, but its impact was most considerable against energy and materials stocks. Broad-market pressure and lower commodity prices conspired to take both sectors to losses of 1.7%.

Commodity prices, as measured by the CRB Commodity Index, fell 0.8% -- its fourth loss in five sessions. Oil prices were a primary detractor of the CRB; crude oil futures finished at $72.74 per barrel as they fell 1.6% in their fifth straight loss.

There were a handful of corporate announcements from some relatively widely held names, but they didn't cause much of a stir among participants.

Dow component 3M (MMM 77.11, -0.80) reaffirmed that it expects adjusted earnings for fiscal 2009 to range from $4.50 to $4.55 per share, but that remains below the consensus forecast for $4.57 per share. The company expects earnings in fiscal 2010 to range from $4.85 to $5.00 per share, which brackets the $4.94 per share consensus estimate.

FedEx (FDX 89.88, +2.36) issued last evening a forecast for earnings of $1.10 per share in the second quarter. That is below the $1.58 per share that it earned in the same period of the previous year, but up markedly from the company's previous guidance, which called for earnings to range from $0.65 to $0.95 per share. It also exceeds the consensus call of $0.85 per share for the quarter.

McDonald's (MCD 60.61, -1.32) recorded a 0.6% dip in U.S. same-store sales during November. That undercut global comparable sales, which increased a modest 0.7% during the month.

Though stocks were mired in weakness for the entire session, Treasuries garnered moderate support as the benchmark 10-year Note climbed just seven ticks. Treasuries came under closer focus midsession as news that a $40 billion auction of 3-year Notes produced a bid-to-cover ratio of nearly 3.0, which is better than the 2009 average ratio of 2.7, but not as strong as the ratio of 3.3 that came about in the previous auction.

Weakness in the broader market handed the S&P 500 its second straight loss and its fourth decline in eight sessions. The split between advancing sessions and declining sessions comes as participants try to determine the near-term direction of trade after stocks repeatedly failed to hold new 2009 highs last week. The most notable rollover came as stocks faltered after an impressive monthly payrolls report. That move suggested that the positive economic news had already been priced into the stock market and that something more was needed to help stocks hold gains amid a simultaneous advance by the dollar.

Advancing Sectors: (None)
Declining Sectors: Energy (-1.7%), Materials (-1.7%), Industrials (-1.3%), Consumer Staples (-1.2%), Telecom (-1.0%), Financials (-0.9%), Consumer Discretionary (-0.8%), Tech (-0.8%), Health Care (-0.8%), Utilities (-0.4%)DJ30 -104.14 NASDAQ -16.62 SP500 -11.31 NASDAQ Adv/Vol/Dec 856/2.00 bln/1836 NYSE Adv/Vol/Dec 920/1.18 bln/2066

3:30 pm : Strength in the dollar weighed considerably on commodities this session. With the Dollar Index making its way 0.7% higher to a fresh one-month high, the CRB Commodity Index fell 0.8% -- its fourth loss in five sessions.

Gold prices were pushed 1.8% lower to settle at $1143.40 per ounce, while silver prices settled 3.0% lower at $17.81 per ounce. Both precious metals closed near session lows as sellers intensified their efforts in late action.

Oil futures fell for the fifth time in as many sessions. In the latest round of trade, prices remained below $73 per barrel for the majority of the session and closed with a 1.6% loss at $72.74 per barrel. The slide has left oil prices some 7% lower for the past five sessions.

Natural gas managed to garner considerable support for the third straight session, even in the face of a stronger dollar. The January contract tacked on 3.0% to finish this session at $5.12 per contract. Natural gas prices are up roughly 14% for the past three sessions.DJ30 -101.95 NASDAQ -13.28 SP500 -10.68 NASDAQ Adv/Vol/Dec 952/1.62 bln/1709 NYSE Adv/Vol/Dec 884/881 mln/2102

3:00 pm : The S&P 500 is testing its session lows, but support continues to come from the 1090 line.

Though the broader market has found technical support, the energy sector has fallen to a fresh session low so that it now trades with a 2.2% loss. Materials stocks are also at session lows as they trade with a 1.9% loss. Their weakness comes as both the broader market slides and commodity prices grapple with increased pressure in electronic trade -- gold prices are down 3.0% to $1128 per ounce in electronic trade and oil prices are down 1.7% to $72.70 per barrel in electronic trade. DJ30 -127.72 NASDAQ -17.13 SP500 -13.19 NASDAQ Adv/Vol/Dec 853/1.52 bln/1774 NYSE Adv/Vol/Dec 811/819 mln/2170

2:30 pm : The Dollar Index has ascended to a 0.7% gain, which puts it at a fresh one-month high. The greenback's gain has sent the CRB Commodity Index to a 0.9% loss and kept pressure on stocks, which have eased to afternoon lows.

Losses among stocks remain broad-based as the equity market moves to its worst point since morning. As such, roughly 75% of the companies in the S&P 500 are in the red. Meanwhile, Verizon (VZ 33.41, +0.16) is currently the only Dow component to sport a gain. DJ30 -109.13 NASDAQ -13.05 SP500 -11.08 NASDAQ Adv/Vol/Dec 908/1.39 bln/1716 NYSE Adv/Vol/Dec 901/742 mln/2063

2:00 pm : All three major indices remain in negative territory, but the Nasdaq's percentage loss is just half of that of the Dow. The Nasdaq, though off of its midday gap up, continues to be supported by strength among large-cap tech issues.

Small-cap stocks and mid-cap stocks are also down this session. However, their losses are also less steep than those of both the broad-based S&P 500 and the blue chip filled Dow. At the moment, small-caps in the Russell 2000 are down 0.7%, while mid-caps in the S&P 400 are down 0.6%. DJ30 -104.98 NASDAQ -10.86 SP500 -10.45 NASDAQ Adv/Vol/Dec 919/1.28 bln/1702 NYSE Adv/Vol/Dec 897/683 mln/2063

1:30 pm : Stocks continue to trade with broad-based losses, but Treasuries continue to attract modest support. The benchmark 10-year Note is currently up 15 ticks, which has pushed its yield down to 3.37%.

Treasuries recently fell under a moderate flurry of pressure after it was announced that a $40 billion auction of 3-year Treasuries produced a bid-to-cover ratio of nearly 3.0, which is better than the 2009 average ratio of 2.7, but not as strong as the ratio of 3.3 that had greeted the previous auction. DJ30 -103.84 NASDAQ -11.68 SP500 -10.46 NASDAQ Adv/Vol/Dec 897/1.18 bln/1709 NYSE Adv/Vol/Dec 917/625 mln/2044

1:00 pm : Stocks have struggled since the opening bell. The downbeat tone comes amid cautionary comments about the U.S. debt rating from Moody's and strength in the U.S. dollar.

This morning The Wall Street Journal reported that Moody's Investors Service suggested that the U.S. trim its ballooning deficit in order to help protect against a rating downgrade. Though that call weighed on stocks, the U.S. dollar was able to make a modest gain. The greenback has even extended its advance to a 0.5% gain in the face of a new spending proposal from President Obama, who called for infrastructure projects and tax breaks for small businesses in a speech today.

The greenback's gain has added a weight to the broader market, but materials and energy stocks have been particularly burdened by the dollar as basic materials prices and oil prices come under the greenback's grip. Materials stocks are down 1.1% as gold prices dip 1.0% to $1151.90 per ounce and take gold stocks to a 2.1% loss, while the energy sector is down 1.4% as oil prices fall 1.5% to $72.85 per barrel and take integrated oil stocks to a 1.4% loss.

Dow components 3M (MMM 77.04, -0.87) and McDonald's (MCD 60.54, -1.39) haven't done anything to support buying in the broader market. 3M reaffirmed downside guidance for fiscal 2009 and issued an in-line outlook for fiscal 2010, while a 0.6% dip in McDonald's U.S. sales led global comparable sales for the food service company to increase a modest 0.7%.

FedEx (FDX 89.90, +2.38) issued last evening with an upside earnings forecast, but the partiality of broader market participants to sell has made the announcement a nonfactor.

Large-cap tech has shown relative strength this session. That has helped limit losses in the Nasdaq Composite. Apple (AAPL 191.15, +2.20) has been a primary leader in the pack.

Due within the next few minutes are the results from an auction of 3-year Treasuries. Ahead of the announcement Treasuries are sporting solid gains. DJ30 -94.77 NASDAQ -7.87 SP500 -8.71 NASDAQ Adv/Vol/Dec 982/1.08 bln/1593 NYSE Adv/Vol/Dec 975/558 mln/1953

12:30 pm : President Obama recently wrapped up a speech in which he proposed new spending for infrastructure projects and tax breaks for small businesses. Obama indicated that the country needs to continue to spend its way out of recession, though he did not provide a price for the proposed plans.

The comments from Obama follow a report this morning from The Wall Street Journal that indicated that Moody's said the U.S. must trim its ballooning deficit if the country wants to help protect against a rating downgrade.

Concerns for the financial health of the U.S. have pressured the U.S. dollar for several months. However, the greenback has gone largely unfazed by Obama's recent comments. Instead, the Dollar Index is near session highs as it sports a 0.5% gain. DJ30 -98.40 NASDAQ -9.59 SP500 -9.62 NASDAQ Adv/Vol/Dec 955/994 mln/1599 NYSE Adv/Vol/Dec 947/511 mln/1977

12:00 pm : Relative strength in large-cap tech has helped take the Nasdaq within close distance of the unchanged mark. In fact, large-cap tech has already taken the Nasdaq 100 just into positive ground. The Dow and S&P 500 continue to lag, though.

Apple (AAPL 191.44, +2.49) has been a primary leader among tech issues. The stock has been helped by an analyst upgrade.

Meanwhile, the Dow remains dogged by weakness in 3M (MMM 77.20, -0.71), which reaffirmed downside earnings guidance for fiscal 2009 and issued in-line earnings guidance for fiscal 2010. McDonald's (MCD 60.68, -1.25) has also weighed on the Dow; the company reported that its global comparable sales increased a modest 0.7%, but that its U.S. restaurants saw a 0.6% fall in sales. DJ30 -79.66 NASDAQ -4.90 SP500 -7.38 NASDAQ Adv/Vol/Dec 1013/916 mln/1529 NYSE Adv/Vol/Dec 1019/464 mln/1880

11:30 am : Stocks have slogged their way to session highs, but losses remain broad-based with all 10 major sectors in the S&P 500 still in the red.

Energy stocks, which are down 1.3%, make up the worst performing sector, but the 1.2% loss by consumer staples stocks isn't much better. Energy stocks have been pressured partly as a result of a 1.5% drop in oil prices to $72.80 per barrel, while consumer staples have been hampered by weakness in Kroger (KR 20.24, -2.61), which posted lower-than-expected earnings for its latest quarter.

Financials and utilities are feeling the least pressure. Both sectors are down a moderate 0.3%. Financials have been helped by a rebound in regional banks (+1.4%) from losses in recent sessions, while electric utilities like Exelon (EXC 50.25, +0.09) and Dominion (D 38.29, +0.07) have helped the broader utilities sector. DJ30 -83.36 NASDAQ -9.34 SP500 -7.93 NASDAQ Adv/Vol/Dec 944/790 mln/1549 NYSE Adv/Vol/Dec 964/397 mln/1909

11:00 am : The stock market recently trimmed a portion of its losses, but has since turned lower again as sellers redouble their efforts. Though the broader market remains mired in weakness, airline stocks have managed to limit their losses. In turn, the Amex Airline Index is down just 0.3%.

UAL Corp (UAUA 9.94, +0.11) and Southwest Airlines (LUV 10.20, +0.10) are primary leaders in the group as they sport solid gains. Their advance comes amid a report from The Wall Street Journal that suggested airlines appear to be headed for recovery. In particular, the article pointed out that passenger miles and unit revenue at Southwest had soared 12% in November from the previous year. DJ30 -0.3.69 NASDAQ -19.91 SP500 911.24 NASDAQ Adv/Vol/Dec 703/648 mln/1740 NYSE Adv/Vol/Dec 765/326 mln/2085

10:35 am : After trading near the unchanged line overnight, January crude oil began to dip into negative territory early this morning and has remained in the red ever since. Currently, crude is trading 1.1% lower at $73.09 per barrel. January natural gas is trading higher again today. Natural gas moved back to the unchanged line early this morning, but that was short-lived as prices pushed to session highs of $5.10 per MMBtu. Natural gas is currently 2.5% higher at $5.095 per MMBtu.

The US Dollar Index continues to trade higher, which is keeping selling pressure on precious metals. Gold hit lows of $1142.70 per ounce recently and is trading right near that level currently at $1148.70 per ounce, down 1.3%. March silver is tracking gold and is trading just above recently hit lows of $17.770, down 2.2% at $17.965 per ounce.DJ30 -87.74 NASDAQ -15.95 SP500 -9.05 NASDAQ Adv/Vol/Dec 694/496.1 mln/1680 NYSE Adv/Vol/Dec 779/250.3 mln/2016

10:00 am : Selling pressure continues to keep stocks considerably lower. However, the stock market's initial slide has slowed as the S&P 500 finds support near the 1090 level. The 1090 line marks the level that stocks had settled at on Friday, November 27, which was the day that global equity markets fell to marked losses amid concerns about a default on debt by Dubai's corporate flagship, Dubai World.

Early movers: Trading up -- RWC +128.4%, QDHC +30.4%, YONG +8.1%, PCYC +6.4%, SCSS +6.2%; Trading down -- BANR -19%, KR -12.5%, EBS -10.4%, RSO -9.6%, NBG -8%, RBS -7.8%, SWY -7.6%, BEAV -7.1%, TCAP -6.4%, SVU -6.2%

Advancing Sectors: (None)
Declining Sectors: Consumer Staples (-1.4%), Industrials (-1.3%), Energy (-1.3%), Materials (-1.2%), Consumer Discretionary (-1.2%), Telecom (-1.0%), Tech (-0.9%), Utilities (-0.9%), Health Care (-0.7%), Financials (-0.4%)DJ30 -102.41 NASDAQ -19.56 SP500 -9.89 NASDAQ Adv/Vol/Dec 566/297 mln/1737 NYSE Adv/Vol/Dec 547/165 mln/2198

09:45 am : Stocks are down in broad-based fashion. Losses are particularly steep among materials stocks, which have already fallen 1.6%.

The slide among materials stocks comes amid a confluence of broader market weakness and losses among commodities. In particular, gold stocks are down for the fourth straight session. So far this morning the group has already shed 1.9%, which puts the group down nearly 9% since the close of trade last Wednesday. The latest leg of the slide comes as the price of the yellow metal falls 1.2% to $1149.50 per ounce in this morning's pit trade.

A stronger dollar continues to underpin the case against both stocks and commodities. The greenback is currently up 0.4% against a basket of competing currencies. DJ30 -127.87 NASDAQ -25.25 SP500 -13.16 NASDAQ Adv/Vol/Dec 460/176 mln/1772 NYSE Adv/Vol/Dec 380/111 mln/2308

09:15 am : S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -13.00. Stock futures are up a bit from their morning lows, but they continue to suggest a markedly lower start for the major indices. The Dollar Index has made its way to a 0.3% gain, which has also helped to extend pressure against commodities. Overseas equity markets are also looking weak as Germany's DAX dives to a near 2% loss and both France's CAC and Britain's FTSE fall to 1.7% losses. According to The Wall Street Journal, both the U.S. and the U.K. need to trim their deficits in order to help protect against a hit to their separate triple-A credit ratings. A disposition to sell this morning has led participants to shrug off news that global shipment company FedEx (FDX) issued upside guidance. Industrial conglomerate 3M (MMM) issued a mixed forecast, while fellow Dow component McDonald's (MCD) posted a fractional increase in global comparable sales for November. Other corporate announcements haven't been as noteworthy and there haven't been any economic releases to act as catalysts for trade. Participants do look forward to the 1:00 PM ET release of results from an auction of 3-year Treasury Notes, though.

09:05 am : S&P futures vs fair value: -9.30. Nasdaq futures vs fair value: -16.00. Stock futures remain under pressure and commodities continue to slide as selling pressure from previous sessions extends into this morning's pit trade. The effort has taken gold prices down 1.5% to $1146.30 per ounce, which is roughly 6.5% off of the record high that gold hit last week. Meanwhile, oil prices are down 1.5% to $72.80 per barrel. One-month lows were set just below that level in electronic trade at the end of November. Pressure against commodities has only been exacerbated by the greenback's gain; the dollar is now up 0.4% against a basket of foreign currencies this morning.

08:35 am : S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -18.30. Infineon Tech is currently the only component in Germany's DAX to trade with a gain -- weakness in the other 29 names has led the bourse to a 1.7% loss. Industrial output in the country decreased 1.8% from September. That proved to be a disappointmen tsince a 1.0% gain had been expected. In France, Alcatel Lucent and STMicroelectronics are the only to names in the 40-member CAC to trade in positive ground. That has left the CAC to trade with a 1.4% loss. Roughly 90% of companies in Britain's FTSE are in the red. That has taken the FTSE to a 1.4% loss. Primary weakness is seen among banking players HSBC (HBC) and Barclays (BCS), along with metals outfits Rio Tinto (RTP) and BHP Billiton (BHP). The tone of trade in Britain hasn't been helped by news from The Wall Street Journal that Moody's Investors Service stated that the U.K., and the U.S., needs to trim its deficit in order to protect against a hit to its triple-A credit rating. According to the Associated Press, manufacturing output in the United Kingdom was flat in October. That disappointed analysts' expectations for a modest rise. Meanwhile, Reuters reported that U.K. house prices climbed at their fastest pace in six months in November, taking the annual rate of increase into positive territory for the first time in nearly two years -- Halifax said that house prices jumped 1.4% in November. In Asia, Japan's Nikkei slipped 0.3% amid profit-taking, even though Japan's government announced another stimulus plan, which totals 7.2 trillion yen. The plan includes 3.5 trillion yen to help regional economies, 600 billion yen for employment and 800 billion yen for environmental projects. The plan comes amid news that Japan's current account surplus for October surged 42.7% year-over-year, but the rise was below a median market forecast for a 51.4% climb. In Hong Kong, the Hang Seng closed 1.2% lower. HSBC was a primary drag, but mainland banks also fell amid comments that Beijing may not help boost their capital. In mainland China, the Shanghai Composite fell 1.1%. Reuters reported that China is experiencing a clear V-shaped economic recovery, according to vice-governor of the People's Bank of China Zhu Min. Meanwhile, the MSCI Asia Pacific Index eked out a 0.1% gain.

08:05 am : S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -15.00. Stock futures are down markedly amid a modest increase in the Dollar Index, which is currently up 0.2%. Shares of FedEx (FDX) are up nearly 3% to $89.96 each ahead of the opening bell, though. The company issued after the previous session's closing bell upside guidance. Meanwhile, 3M (MMM) is down nearly 2% ahead of this session's start after it reaffirmed downside guidance for fiscal 2009 and issued in-line guidance for fiscal 2010. Europe's major bourses are contending with their own broad-market weakness, which hasn't helped the tone of things this morning. Additionally, The Wall Street Journal reported that Moody's Investors Service said that the U.S. and U.K. must prove that they can trim their deficits in order to avoid threats to their top notch credit ratings. There aren't any major economic releases scheduled for today, nor are there any Fed representatives scheduled for speeches. Results from an auction of 3-Year Treasury Notes at 1:00 PM ET will garner attention, though.

06:19 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -0.30.

06:19 am : Nikkei...10140.47...-27.10...-0.30%. Hang Seng...22060.52...-264.40...-1.20%.

06:19 am : FTSE...5292.35...-18.30...-0.40%. DAX...5784.32...-0.40...0.00.

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


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