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 Post subject: December 10th Thursday 2009 Emini ES ($ES_F) points +17.50
PostPosted: Tue Dec 15, 2009 6:28 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=399

Quote:
Today was a normal trading day after the chaos of yesterday due to a snow storm. I stayed discipline, followed the trading plan and didn't get caught deep into any low volatility trading range.


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: +17.50 Emini ES ($ES_F) points


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Stocks In Broad-Based Rally
Wall Street advances as improved readings on trade deficit and housing market reassure investors about the economic recovery. Dollar flip flops.
By Alexandra Twin, CNNMoney.com senior writer
Last Updated: December 10, 2009: 6:37 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Thursday as investors sorted through a bevy of reports on jobs, housing, net worth and the deficit -- and opted to scoop up a variety of shares.

A seesawing dollar was also in focus.

The Dow Jones industrial average (INDU) rose 69 points, or 0.7%. The S&P 500 index (SPX) added 6 points, or 0.6%. The Nasdaq composite (COMP) gained 7 points, or 0.3%.

Gains were broad based, with 24 of 30 Dow stocks rising, led by commodities and consumer names. Gainers included Alcoa (AA, Fortune 500), Chevron (CVX, Fortune 500), Walt Disney (DIS, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and Wal-Mart Stores (WMT, Fortune 500).

Stocks rose more sharply in the first minutes of trade, with the Dow adding as much as 107 points on the weak dollar. But the dollar seesawed throughout the session, cutting into gains.

The weak dollar has helped stocks rally over the past nine months, with the S&P 500 now up 62% from 12-year lows hit on March 9. The weaker dollar has given a boost to dollar-traded commodity shares and the stocks of companies that do business overseas.

But in the last few weeks, the dollar has zigzagged and so have stocks. Stocks have also been volatile due to the lighter trading volume this month, with many investors opting to coast through year end rather than shake up their portfolios at the end of the tumultuous year.

"We've come an awfully long way in 12 months, both in terms of equity markets and in terms of bonds," said Mark Travis, president and CEO at Intrepid Capital Funds. "I think at this point people are starting to pause, and you're not likely to see much of a change in direction for the last few weeks of the year."

Stocks gained Wednesday as the falling dollar boosted commodity stocks, and a rise in wholesale inventories and an upgrade of 3M provided some optimism.

Job market: The number of Americans filing new claims for unemployment rose last week to 474,000 from 457,000 in the previous week, the Labor Department reported. Economists expected claims to fall to 455,000, on average, according to a Briefing.com survey.

However, continuing claims, the number of Americans receiving benefits for a week or more, declined more than expected. Continuing claims fell to 5,157,000 from 5,460,000 in the previous week. Economists expected 5,450,000 claims.

Trade gap: The Commerce Department said early Thursday that the nation's trade gap narrowed in October to $32.9 billion from a revised $35.7 billion in September, thanks to a jump in exports. Economists, on average, thought it would widen to $36.8 billion.

The Treasury Department reported a $120.3 billion deficit for the month of November, the 14th straight month it has spent more than it earned.

Net worth rises: For the second straight quarter, Americans' net worth rose, according to a Federal Reserve report released Thursday afternoon.

Net worth, the value of assets like homes minus debts like mortgages, grew $2.7 trillion or 2% in the third quarter to an estimated $53.4 trillion. Gains in stock investments and home values led to the rise.

However, net worth remains far below the peak in the second quarter of 2007, before the start of the recession. At that point, net worth peaked at $65.3 trillion.

Housing: Foreclosure filings fell 8% in November from October, according to RealtyTrac, an online marketer of foreclosed properties. That means November is the fourth month in a row in which foreclosure filings have dropped.

But foreclosures are still up 20% from a year ago.

Separately, Treasury said in the afternoon that only 4% of troubled borrowers have gotten long-term mortgage help under the Obama administration's foreclosure prevention program.

Geithner: Treasury Secretary Timothy Geithner testified Thursday before the Congressional Oversight Panel about the government's bailout of the financial system.

Geithner said the Troubled Asset Relief Program (TARP) helped the United States avoid a complete financial meltdown, but that the economy is still facing significant headwinds. He said these headwinds are why he decided on Wednesday to extend TARP through October 2010, rather than letting it expire at the end of this year.

On Wednesday, the panel said that while TARP helped stabilize the banking system, it failed to boost spending or stop foreclosures.

Companies: Goldman Sachs (GS, Fortune 500) said Thursday that top executives will not be paid cash bonuses this year and will instead receive a special form of company stock.

The decision comes amid growing criticism of the bank's plan to pay out huge bonuses on par with those given out in 2007, ahead of the credit crisis.

Ciena (CIEN) posted a wider-than-expected fiscal fourth-quarter loss as a result of rising costs. The networking gear maker also forecast better-than-expected revenue in the current quarter. But investors focused on the loss, sending shares more than 11% lower in active Nasdaq trading.

AOL (AOL) began trading Thursday after completing its spinoff from CNNMoney.com parent Time Warner (TWX, Fortune 500) Wednesday, ending what is considered to be one of the worst mergers in corporate history. Shares were little changed.

Warehouse club operator Costco (COST, Fortune 500) posted fiscal first-quarter earnings of 60 cents per share versus 65 cents a year ago, in line with analysts' estimates.

Market breadth was positive and volume was moderate. On the New York Stock Exchange, winners topped losers three to two on volume of 1.06 billion shares. On the Nasdaq, decliners topped advancers eight to five on volume of 1.97 billion shares.

World markets: Overseas markets were mixed. In Europe, London's FTSE 100 rose 0.8%, the German DAX rose 1.1% and France's CAC 40 rose 1.1%. Asian markets ended lower.

Commodities: Gold prices rallied and oil prices dipped, giving up bigger morning gains after the dollar turned positive. Dollar-traded oil and gold prices tend to move in the opposite direction of the dollar.

COMEX gold for February delivery rose $5.30 to settle at $1,126.20 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 13 cents to settle at $70.54 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.48% from 3.42% late Wednesday. Treasury prices and yields move in opposite directions.

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Yahoo! Finance

4:20 pm : Stocks spent the session in a sideways chop, but managed to settle with solid gains. The advance came in the face of modest strength in the U.S. dollar, weakness among financial issues, and a mixed weekly jobless claims report. Participation lacked for most of the session, though.

Trade was choppy for the entire session, but that didn't take stocks out of a relatively narrow range, nor did it derail a broad-based advance. There was a flurry of selling late in the session that caused stocks to surrender some of their gains, but the broader market was able to garner support as the S&P 500 came in contact with the 1100 mark.

In the end, advancing issues outnumbered decliners by more than 2-to-1. As broad as the advance was, it was even more impressive since it came despite a stronger dollar. Gains by the greenback have most often led to selling in the stock market, due to the drag of a stronger dollar on commodity prices and repatriated profits from multinationals, but stocks were able to hold their gains as the Dollar Index worked its way to a 0.1% gain.

Though the broader market showed resolve, financials lagged for the entire session. The sector settled with a 0.2% loss as ongoing chatter about a potential equity raise by Citigroup (C 3.87, +0.01) to repay its TARP funds failed to attract support for the sector. Citi has yet to unveil an official plan.

On a related note, Treasury Secretary Geithner appeared before the Congressional Oversight Panel to make a case for extending the $700 billion TARP plan. Geithner expressed that TARP will help the U.S. maintain the capacity to address potential threats to its financial system and decrease the need for future intervention.

Some market watchers consider it unclear why Treasury wants to extend TARP, but has reportedly let some financial outfits entertain the prospect of TARP repayment.

Initial jobless claims for the week ending Dec. 5 totaled 474,000, which is worse than the 455,000 initial claims that had been widely expected and is up from the previous week's tally of 457,000 initial claims. However, continuing claims made a sharp move down to 5.16 million from 5.46 million. The consensus had called for 5.45 million continuing claims.

The trade deficit for October totaled $32.9 billion, which is less than the $36.8 billion deficit that had been widely expected. It is also an improvement from the upwardly revised $35.7 billion deficit that was registered in September. Meanwhile, the November Treasury Budget was expected to show a shortfall of $131.6 billion, but it was less steep at $120.3 billion.

An auction of 30-year Bonds attracted a bid-to-cover ratio of 2.45, which is largely in-line with the recent average of 2.41. A lot of commentary focused on the fact that yield had to reach 4.52% to spur interest, but half the bidders were willing to take a yield below 4.42%. Still, Treasuries turned lower in the wake of the announcement. The benchmark 10-year Note finished roughly 14 ticks lower, but the 30-year Bond dropped more than one full point. Their yields stand at 3.49% and 4.49%, respectively.

Stocks came under a bit of pressure following the midday announcement, but the move was contained as buyers continued to provide support.

Shares of retailers (+1.5%) were among the best performers; that helped the consumer discretionary sector post a 1.4% gain, which was the best of any major sector.

Health care stocks were close behind with an impressive 1.2% gain, which came even though Eli Lilly (LLY 35.02, -1.54) showed considerable weakness after it reaffirmed downside guidance for fiscal 2009 and in-line guidance for fiscal 2010.

Participation had lacked for most of the session, but a late surge in trading volume sent the number of shares exchanged on the NYSE above 1 billion. Still, that level is well below the 50-day moving average of 1.2 billion.

Advancing Sectors: Consumer Discretionary (+1.4%), Health Care (+1.2%), Utilities (+1.2%), Energy (+0.9%), Telecom (+0.7%), Consumer Staples (+0.5%), Industrials (+0.4%), Tech (+0.4%)
Declining Sectors: Materials (-0.3%), Financials (-0.2%)DJ30 +68.78 NASDAQ +7.13 NQ100 +0.5% R2K -0.4% SP400 +0.6% SP500 +6.40 NASDAQ Adv/Vol/Dec 1040/1.96 bln/1640 NYSE Adv/Vol/Dec 1832/1.06 bln/1197

3:35 pm : Stocks are setting afternoon lows. The materials sector is the primary laggard, currently down 0.7%.

Still, precious metal futures traded in positive territory for the entire session. However, gains at the end of the pit trade were rather modest. Both gold and silver futures trended slightly lower throughout the session. February gold futures closed 0.5% higher at $1126.20 per ounce. March silver futures closed just a penny higher at $17.19 per ounce.

Natural gas futures saw a dramatic spike following a greater-than-expected draw in inventories reported by the EIA. The move comes as inventories contracted for the first time in the last 36 weekly inventory reports. The January contract traded relatively flat for the remainder for the session after the large move to the upside. January natural gas closed 8.2% higher at $5.30 per contract.

Crude oil futures pared modest gains and moved into negative territory in the middle of the morning. The January contract then fell below the $70 level and hit a session low at $69.81 per barrel, lows not seen in two months. They recouped these losses, however, and finished at $70.54 per barrel, down just 0.2%. DJ30 +58.95 NASDAQ +3.96 SP500 +5.06 NASDAQ Adv/Vol/Dec 951/1.63 bln/1720 NYSE Adv/Vol/Dec 1692/770 mln/1329

3:00 pm : Trading volume has been rather light this session. With only one hour left to trade, fewer than 700 million shares have exchanged hands so far on the NYSE. At the current pace, total trading volume for the session is unlikely to eclipse the 1 billion mark.

Amid the lack of participation, market watchers will likely question the conviction behind the stock market's gains this session. Regardless, stocks have managed to hold fast to solid gains for the entire session. What's more, those gains have come in the face of a slightly stronger dollar (+0.1%) and weakness among financials (-0.2%). DJ30 +71.20 NASDAQ +12.07 SP500 +6.85 NASDAQ Adv/Vol/Dec 1186/1.45 bln/1456 NYSE Adv/Vol/Dec 1877/689 mln/1124

2:30 pm : Stocks have extended their recent upturn, but haven't quite made their way to session highs, which were set during the few minutes that immediately followed the opening bell.

Nonetheless, gains this session are broad based. As such, nearly 75% of the issues that make up the S&P 500 are in positive territory.

Ciena (CIEN 11.74, -1.49) and Eli Lilly (LLY 35.03, -1.53) are both primary laggards in the S&P 500 this session. Ciena posted for its latest quarter a steeper-than-expected loss, while Eli Lilly reaffirmed downside guidance for fiscal 2009 and in-line guidance for fiscal 2010.DJ30 +88.50 NASDAQ +13.84 SP500 +8.83 NASDAQ Adv/Vol/Dec 1219/1.33 bln/1410 NYSE Adv/Vol/Dec 1934/633 mln/1048

2:00 pm : Stocks have steadied their slide that was triggered by disappointment from the latest Treasury auction results. That has kept this session's solid and broad-based gains intact.

The November Treasury Budget has just hit news wires, but stocks haven't shown any real reaction to the announcement. The budget was expected to show a shortfall of $131.6 billion, but it was less steep at $120.3 billion. DJ30 +67.49 NASDAQ +11.20 SP500 +7.20 NASDAQ Adv/Vol/Dec 1162/1.22 bln/1439 NYSE Adv/Vol/Dec 1865/586 mln/1119

1:30 pm : Both the S&P 500 and the Dow Jones Industrial Average have slipped to their lowest levels since midmorning trade. However, the Nasdaq has retreated to a fresh session low.

The move lower by the major indices comes as participants find disappointment in the latest Treasury auction results, which produced a bid-to-cover ratio that was largely in-line with recent averages, but required a yield of 4.52% that was several basis points above the yield that had been expected.

Treasuries have also turned lower in the wake of the announcement. The benchmark 10-year Note is down 13 ticks, but the 30-year Bond has dropped more than one full point. Their yields stand at 3.49% and 4.49%, respectively. DJ30 +54.04 NASDAQ +9.14 SP500 +5.76 NASDAQ Adv/Vol/Dec 1099/1.15 bln/1509 NYSE Adv/Vol/Dec 1770/539 mln/1198

1:00 pm : Action has been choppy this session, but stocks have managed to hold on to solid gains despite weakness in the financial sector and a stronger dollar.

Buying has been broad-based this session. That has put nine of the 10 major sectors into positive territory. Consumer discretionary stocks have made up the best performing sector; the group is currently up 1.7% as participants favor retailers, which has helped support the Retail HOLDRS Trust (RTH 94.04, +1.40).

Financials have lagged noticeably this entire session. The sector is down 0.1% at the moment amid weakness in bank stocks (-0.3%). Diversified financial services outfits have also come under pressure; they are currently down 0.9%. Citigroup (C 3.86, -0.01) had shown initial strength amid continued chatter that the company would publicize a plan to help it repay its TARP funds, but no official plan has been released thus far. The stock has since faltered.

On a related note, Treasury Secretary Geithner appeared before the Congressional Oversight Panel to make a case for extending the $700 billion TARP plan. Geithner expressed that TARP will help the U.S. maintain the capacity to address potential threats to its financial system and decrease the need for future intervention.

Stocks have also managed to hold steady gains in the face of a stronger dollar, which is currently up 0.2% against a basket of foreign currencies. During the last several months an upward move by the greenback has frequently been met with weakness among stocks.

Mixed jobless claims figures haven't undercut stocks, either. A higher-than-expected initial jobless claims tally, which totaled 474,000 for the week ending Dec. 5. Continuing claims fell more than expected to 5.16 million, though.

In other economic news, the trade deficit for October was smaller than expected. It came in at $32.9 billion.

Due shortly is the latest Treasury Budget statement (2:00 PM ET).

Results from an auction of 30-year Bonds have just hit news wires. The auction brougth a bid-to-cover ratio of 2.45, which is slightly better than the 2009 average ratio of 2.41 and up from the previous ratio of 2.26. DJ30 +60.31 NASDAQ +15.70 SP500 +7.08 NASDAQ Adv/Vol/Dec 1289/1.00 bln/1273 NYSE Adv/Vol/Dec 1919/495 mln/1038

12:30 pm : Oil prices have come under a bout of selling pressure as the Dollar Index climbs to a session high. As the dollar sports a 0.2% gain, oil prices have fallen to a 0.9% loss at $70.05 per barrel.

The drop in oil prices hasn't completely hurt the energy sector, however. Energy stocks, as a group, are up 0.5%, which is generally in-line with the broader market. Oil and gas refiners have made the strongest gains in the sector; they are up roughly 2.2% at the moment. DJ30 +67.64 NASDAQ +12.94 SP500 +6.81 NASDAQ Adv/Vol/Dec 1307/909 mln/1222 NYSE Adv/Vol/Dec 1925/440 mln/1024

12:00 pm : Though trade has been choppy this session, the stock market has entered into a sideways drift that has confined the S&P 500 to a three-point range for more than one hour.

Sideways trade has characterized the action of the broader equity market for the past month. Since November 10, the S&P 500 has remained in a 36-point range. During that time, stocks have set several fresh 2009 highs, but they have failed to sustain each of those advances. However, stocks have also limited their downside moves as buyers continue to provide support. DJ30 +74.82 NASDAQ +13.14 SP500 +7.29 NASDAQ Adv/Vol/Dec 1264/815 mln/1266 NYSE Adv/Vol/Dec 1915/391 mln/1007

11:30 am : Consumer discretionary stocks continue to outperform the broader market with relative ease. The sector is now up 1.4% as shares of retailers spike to a 1.5% gain, which is reflected by the Retail HOLDRS Trust (RTH 94.04, +1.40).

Not all retailers are sporting gains, though. Shares of Lululemon Athletica (LULU 26.89, -0.78) are down considerably after the company issued mixed guidance for the fourth quarter. That has overshadowed the company's better-than-expected results for its latest quarter. DJ30 +78.95 NASDAQ +15.78 SP500 +8.03 NASDAQ Adv/Vol/Dec 1259/748 mln/1237 NYSE Adv/Vol/Dec 1928/356 mln/974

11:00 am : Action has become rather choppy in the broader equity market. Still, stocks continue to sport solid gains.

Financials remain under pressure, though. The sector now trades with a 0.2% loss. Materials stocks have also come under a bit of pressure as the sector fights to hold on to a fractional gain.

Treasury Secretary Geithner recently appeared before the Congressional Oversight Panel to make a case for extending the $700 billion TARP plan. Geithner expressed that TARP will help the U.S. maintain the capacity to address potential threats to its financial system and decrease the need for future intervention.

To exit the TARP, Geithner stated that stages will occur with terminating and winding down programs that facilitate consumer and small business loans; limiting new investments to housing, small business, and securitization markets; maintaining the capacity to respond to potential financial threats, and; continuing to manage equity investments acquired through TARP in a commercial manner, while protecting taxpayers. DJ30 +74.07 NASDAQ +13.32 SP500 +7.53 NASDAQ Adv/Vol/Dec 1249/585 mln/1182 NYSE Adv/Vol/Dec 1898/286 mln/949

10:35 am : Overnight, January crude oil chopped around between positive and negative territory between $70.40-71.25. Crude hit session highs of $71.39 per barrel 30 minutes before pit trading began. However, at the open, the energy component fell sharply, falling into negative territory and back near session lows. Currently, crude is 0.5% higher at $71.02 per barrel.

January natural gas traded modestly higher overnight. A few hours before pit trading began, natural gas fell quickly into negative territory and to session lows of $4.837 per MMBTu. However, it rebounded rather quickly, pushing to today's highs of $4.993 per MMBtu just ahead of the open of pit trading. Following today's inventory data, which showed a draw of 64 bcf, natural gas spiked back above the $5 level and is currently 8.3% higher at $5.306 per MMBtu.

The US Dollar Index rose sharply in recent trade, adding selling pressure to the precious metals group. However, gold and silver remains in positive territory. February gold is trading 0.7% higher at $1128.80 per ounce, while March silver is 1.1% higher at $17.365 per ounce.DJ30 +57.21 NASDAQ +12.30 SP500 +6.04 NASDAQ Adv/Vol/Dec 1224/413.1 mln/1147 NYSE Adv/Vol/Dec 1799/214.3 mln/977

10:00 am : Stocks have surrendered a portion of their opening gains, but continue to trade well into positive ground. The pullback comes amid relative weakness among financials, which now trade with a fractional loss.

Weakness among banks continues to undermine the financial sector. That weakness has spread to diversified financial services stocks, like JPMorgan Chase (JPM 40.92, -0.27). Citigroup (C 3.88, +0.02) recently surrendered all of its opening gain, but it was able to bounce from the neutral line back to a gain.

A modest move into positive territory by the Dollar Index has also put pressure on the broader equity market. Though the greenback is up fractionally against competing currencies at the moment, it had been down roughly 0.1% in the opening minutes of trade. DJ30 +73.84 NASDAQ +11.35 SP500 +6.88 NASDAQ Adv/Vol/Dec 1261/256 mln/1015 NYSE Adv/Vol/Dec 1889/144 mln/841

09:45 am : Stocks have put together a solid start, such that all 10 major sectors in the S&P 500 are in positive territory with gains that range from 0.3% (financials) to 1.3% (consumer discretionary).

The strength in the consumer discretionary sector stems largely from apparel and accessories retailers, which are up 2.2%.

Though financials sport an early gain, the sector lags the other sectors. That is due to early weakness in bank stocks. Regional banks are down 0.4%, while diversified banks and investment banks are down 0.3%. DJ30 +91.30 NASDAQ +18.21 SP500 +9.11 NASDAQ Adv/Vol/Dec 1482/139 mln/707 NYSE Adv/Vol/Dec 2127/93 mln/543

09:15 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +6.50. Stock futures continue to price in a positive start for stocks. Such a start would come in the face a higher-than-expected initial jobless claims tally, though continuing claims fell more than expected and the trade deficit for October was smaller than expected. Still, the positive tone to premarket trade has also held as the U.S. dollar tries to find direction -- the greenback had a minor gain against competing currencies earlier, but it has since moved to a fractional loss. There haven't been many market-moving corporate announcements this morning. However, Eli Lilly (LLY) reaffirmed a downside forecast for fiscal 2009 and issued an in-line earnings outlook for fiscal 2010. Its stock is down 2.0% to $35.83 per share in premarket trade. Citigroup (C) has yet to officially unveil a concrete plan to repay TARP funds, but chatter continues regarding likely approaches that the company will take to do so and the implications of such a move. Its shares are up 1.0% to $3.90 each in premarket trade. Still to come today are the results from an auction of 30-year Bonds (1:00 PM ET) and the latest Treasury Budget statement (2:00 PM ET).

09:00 am : S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +8.30. U.S. stock futures continue to point to a positive start for the session. Europe's major equity averages are already on their way to strong gains. Specifically, Britain's FTSE is up 0.7% at the moment. The Bank of England kept its benchmark lending rate unchanged at 0.5% and made no changes to its 200 billion pound quantitative easing program. That has helped bank stocks like HSBC (HBC), Barclays (BCS), Royal Bank of Scotland (RBS), and Lloyds Banking (LYG) to outperform. In Germany, the DAX is currently up 1.2%. That puts it on track to end its three-day decline. Deutsche Bank (DB) and Commerzbank are both leaders this session. France's CAC has gained 0.9% thus far. Financial are also at the helm of its upturn. Action in Asia was downbeat as Japan's Nikkei fell 1.4%. The yen's appreciation against the dollar weighed on automakers like Toyota Motor (TM) and Suzuki Motor. Hong Kong's Hang Seng slipped a tamer 0.2%. Cathay Pacific Airways, China Resources Enterprise, and China Merchants Holdings were hit rather hard by selling pressure, though. Debutant China Longyuan Power outperformed as it spiked above its initial offering price. In mainland China, the Shanghai Composite tacked on 0.5%. The MSCI Asia Pacific Index fell 0.8%.

08:35 am : S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +11.50. Initial weekly claims for the week ending December 5 totaled 474,000, which is worse than the 455,000 initial claims that had been widely expected. Given that the previous week's tally was unrevised from 457,000 initial claims, the four-week moving average now stands at 473,750. Continuing claims came in at 5.16 million, which is less than the 5.45 million that had been widely forecast. Continuing claims for the previous week were revised slightly lower to 5.46 million. Separately, the trade deficit for October totaled $32.9 billion, which is less than the $36.8 billion deficit that had been widely expected. It is also an improvement from the upwardly revised $35.7 billion deficit that was registered in September. Stock futures continue to sport a solid lead over fair value in the wake of the data's release.

08:00 am : S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +10.80. Stock futures are showing strength, despite a fractional gain by the greenback. The positive tone comes as an extension of the late, upward move in the previous session and with support from solid gains in Europe, where the Bank of England opted to keep its benchmark interest rate unchanged at 0.5%, as expected. There are several key announcements to be made today. At the bottom of the hour the latest batch of weekly jobless claims will be released. The consensus calls for initial claims to remain near the 450,000 level. The trade balance for October will also be released at 8:30 AM ET. Results from an auction of 30-year Bonds are due at 1:00 PM ET. Expectations for the results have been checked in the wake of a relatively disappointing turnout at yesterday's auction for 10-year Notes. At 2:00 PM ET the latest Treasury Budget will be released.

06:22 am : S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +7.00.

06:21 am : Nikkei...9862.82...-141.90...-1.40%. Hang Seng...21700.04...-41.70...-0.20%.

06:21 am : FTSE...5229.65...+25.80...+0.50%. DAX...5684.78...+36.90...+0.70%.

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


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