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 Post subject: December 15th Tuesday 2009 Emini ES ($ES_F) points +2.00
PostPosted: Thu Dec 17, 2009 3:06 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=402

Quote:
Tough trading day and the below broker profit/loss statement shows green but that's without commission. Simply, include commission and it's a losing trading day as shown in my late night email statement. Regardless, I had a few opportunities to be profitable but a few distractions kepted me out of good trade opportunities. Will need to be careful to not miss any trade opportunities tomorrow because I'm expecting low volatility trading range until the FOMC Announcement.


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: +2.00 Emini ES ($ES_F) points

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Wall Street Breaks Win Streak
By Alexandra Twin, senior writer
December 15, 2009: 5:52 PM ET

NEW YORK (CNNMoney.com) -- Bank shares led a late-session selloff Tuesday, breaking Wall Street's four-session win streak, as investors mulled mixed reports on inflation and manufacturing and opted to step back.

The first day of the Federal Reserve's two-day policy meeting and a stronger dollar were also in focus.
The Dow Jones industrial average (INDU) fell 49 points, or 0.5%. The S&P 500 index (SPX) lost 6 points, or 0.6%. The Nasdaq composite (COMP) slipped 11 points, or 0.5%.

Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Travelers (TRV, Fortune 500) were among the big financial shares dragging on the Dow. IBM (IBM, Fortune 500) and Procter & Gamble (PG, Fortune 500) were the Dow's other big losers.

Stocks gained Monday, with the Dow and S&P 500 ending at the highest levels since October 2008 and the Nasdaq closing at the highest point since September 2008. The advance came after Citigroup (C, Fortune 500) said it will repay its government bailout funds and Dubai said it received $10 billion to cover its debt, easing default worries.

The weak dollar also helped Monday, lifting commodity shares and the stocks of companies that do a lot of business overseas. But the dollar gained Tuesday as concerns about debt-ridden Greece caused investors to pull money out of the euro and put it in the dollar, pressuring stocks.

Stocks rallied for more than nine months off the March lows, with the S&P 500 having gained nearly 65% as of Monday's close. But in the last couple of weeks the progression has been much slower and the trading volume much lighter.

"I think money has already been unwound in both hedge funds and mutual funds to lock in gains for the year, while at the same time, people remain skeptical enough of the rally that they continue to hoard cash," said Hank Smith, chief investment officer at Haverford Investments.

This push and pull is likely to keep stocks pretty rangebound for the time being, he said.

Economy: Wholesale prices rose more than expected last month, the Commerce Department said Tuesday morning.

The Producer Price Index (PPI) rose 1.8% in November after rising 0.3% previously. Economists surveyed by Briefing.com thought it would climb 0.8%. The so-called core PPI, which strips out food and energy costs, rose 0.5% versus forecasts for an increase of 0.2%. Core PPI was up 0.3% in the previous month.

The Empire Manufacturing index, a measure of manufacturing in the New York area, slumped to 2.55 in December from 23.51 in November, missing forecasts for a rise to 24.

In other manufacturing news, the Federal Reserve said November capacity utilization rose to 71.3% from 70.6% in October. Economists thought it would rise to 71.1%.

Industrial production rose 0.8% in November after holding steady in October. Economists thought it would climb 0.5%.

Federal Reserve: The last central bank policy meeting of the year began Tuesday with a decision on interest rates due Wednesday.

The central bankers are widely expected to hold the fed funds rate, a key overnight bank lending rate, unchanged at historic lows near zero, where the rate has stood for a year. But the policy statement could provide hints as to when the Federal Reserve plans to raise interest rates, either next year or in 2011.

The Federal Reserve has kept rates low and pumped trillions of dollars into the economy over the last year in an effort to offset the impact of the worst recession since the 1930s.

Company news: Wells Fargo (WFC, Fortune 500) said it sold $10.65 billion in stock Tuesday to help pay back $25 billion in government bailout money, adding to the list of institutions that are looking to give back funds provided to them during the financial crisis.

Best Buy (BBY, Fortune 500) reported better-than-expected quarterly profit before the start of trading. The electronics retailer also lifted its current-quarter revenue and earnings forecast.

Boeing (BA, Fortune 500) made the first test flight of its 787 Dreamliner Tuesday, nearly two-and-a-half years after the more fuel-efficient plane was due to fly.

General Motors said it will pay off a $6.7 billion federal loan by June, ahead of its deadline for repayment under terms of the bailout.

World markets: In Europe, Britain's FTSE 100 fell 0.6%, while Germany's DAX and France's CAC-40 ended modestly higher. Asian markets retreated, with Japan's Nikkei down 0.2%.

Commodities: COMEX gold for February delivery fell 80 cents to settle at $1,123 an ounce. Gold closed at an all-time high of $1,218.30 an ounce earlier this month.

U.S. light crude oil for January delivery rose $1.18 to settle at $70.69 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.6% from 3.55% late Monday. Treasury prices and yields move in opposite directions.

Market breadth was negative. On the New York Stock Exchange, losers beat winners three to two on volume of 1.18 billion shares. On the Nasdaq, decliners topped advancers eight to five on volume of 1.95 billion shares.

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Yahoo! Finance

4:30 pm : A stronger dollar and disappointing data caused stocks to start the session in negative territory, while weakness among bank stocks soon added to broader market selling pressure. The major indices did make a midmorning upturn, but the move encountered resistance and stocks eventually rolled over.

Renewed support for the U.S. dollar drove the Dollar Index to a fresh two-month high and led to broad-based weakness in the stock market. The greenback pulled back a bit, but it still settled with a 0.7% gain against competing currencies. The move comes ahead of tomorrow's FOMC policy statement, which will be of primary focus as participants look for hints about any potential tightening of monetary policy.

Some have been concerned that the Fed's loose monetary policy will inevitably give way to runaway inflation, but others argue that is unlikely amid persistently weak labor markets. However, many made note that the November Producer Price Index increased 1.8% month-over-month, which is much sharper than the 0.8% increase that had been widely forecast. Excluding food and energy, November producer prices increased 0.5% month-over-month, which is stronger than the 0.2% that had been expected.

The Empire Manufacturing Index for December proved disappointing. It came in at 2.55, which is far below the 24.00 that had been forecast following the 23.51 that was posted in November.

Disappointment over the developments helped drive nine of the 10 major sectors in the S&P 500 to losses. Pressure was most intense against financials, which fell 1.7%. Regional banks were a primary source of weakness in the sector -- they dropped 3.6%.

However, Wells Fargo (WFC 25.66, +0.17) was able to finish with a modest gain after it became the latest bank to announce plans to repay TARP funds. To help fund the repayment Wells Fargo will issue $10.4 billion in common stock, but that will prove dilutive to existing shareholders.

There weren't many other corporate news items, but Best Buy (BBY 41.53, -3.84) beat earnings expectations and raised its outlook for fiscal 2010. The stock had a strong run ahead of the announcement, so many participants opted to sell the news.

Energy stocks outperformed for the entire session and finished with a 0.1% gain. The sector's strength came as natural gas futures prices rallied to close the session 3.6% higher at $5.52 per contract and crude oil futures finished pit trade with oil priced 1.7% higher at $70.69 per barrel, despite a stronger dollar.

Though energy traded with relative strength this session, it couldn't lift the broader market out of negative territory at all this session. The Nasdaq did spend part of the session in higher ground and even hit a fresh 52-week high, but weakness in the broader market gave way to widespread losses.

Advancing Sectors: Energy (+0.1%)
Declining Sectors: Financials (-1.7%), Telecom (-1.4%), Materials (-1.1%), Tech (-0.5%), Consumer Staples (-0.4%), Utilities (-0.4%), Industrials (-0.3%), Consumer Discretionary (-0.3%), Health Care (-0.1%)DJ30 -49.05 NASDAQ -11.05 NQ100 -0.6% R2K -0.6% SP400 -0.1% SP500 -6.18 NASDAQ Adv/Vol/Dec 1021/1.96 bln/1684 NYSE Adv/Vol/Dec 1212/1.18 bln/1815

3:30 pm : Financials remain the primary laggard in the market this session; they are currently down 1.8%. Meanwhile, energy is the last remaining sector in positive territory. Energy stocks are currently grasping on to a 0.1% gain.

Given the recent inverse correlation between the dollar and commodities, energy commodities and precious metals fared quite well this session as the dollar index rose 0.8%. Precious metals opened the pit trade lower as the dollar index posted sold gains. Precious metals recovered, however, and both silver and gold futures actually broke into positive territory in the mid-morning. After pulling back a bit, gold and silver futures made another advance into the close. February gold finished slightly lower at $1123.00 per ounce while March silver finished 0.7% higher at $17.46 per ounce.

Natural gas futures rallied throughout the session. Cold weather forecasts were a catalyst this session. The January contract closed another volatile session 3.6% higher at $5.52 per contract.

Crude oil futures also saw gains this session. After breaking through the $70 level, the January contract hit resistance at the $71 level. After bouncing off the $70.50 level numerous times, the January contract closed 1.7% higher at $70.69 per barrel. DJ30 -53.35 NASDAQ -8.00 SP500 -5.97 NASDAQ Adv/Vol/Dec 1209/1.55 bln/1464 NYSE Adv/Vol/Dec 1298/820 mln/1715

3:00 pm : The broader market remains in a funk as the end of the session draws closer. Action this afternoon has been slow, most likely due to some caution ahead of the latest FOMC statement, which will be released tomorrow afternoon.

Given the recent reduction in job cuts and recent strength in consumer spending, many market watchers wonder if the Fed will add to its language any hints about the timing of interest rate hikes. Fed futures currently place an 87% chance on the likelihood that the Fed funds target rate will be placed at 0.00%. DJ30 -37.18 NASDAQ -3.07 SP500 -4.38 NASDAQ Adv/Vol/Dec 1279/1.40 bln/1383 NYSE Adv/Vol/Dec 1362/741 mln/1635

2:30 pm : The Dow and S&P 500 recently came within just a couple of points of their session lows, which were set in the early going, but they managed to attract enough support to keep losses contained. Still, this session's decline has been broad based.

Energy remains the only sector to sport a gain. It is now up 0.4%. Conversely, financials remain the worst performing sector as they trade with a 1.5% loss.

Energy stocks and financial stocks have been the two worst performing sectors this month, though. Month-to-date, they are down 3.0% and 3.9%, respectively. Meanwhile, telecom and utilities have found favor this month as money managers move into relatively defensive sectors in order to protect their performance bonuses after making easy gains during the stock market's surge from its March lows. Telecom is up nearly 4% month-to-date, while utilities are up some 7% this month. DJ30 -35.44 NASDAQ -2.13 SP500 -4.17 NASDAQ Adv/Vol/Dec 1333/1.32 bln/1323 NYSE Adv/Vol/Dec 1354/682 mln/1625

2:00 pm : American Express (AXP 41.18, -0.10) disclosed its November data on delinquencies and defaults on a managed basis and a trust basis. The 30 days past due loan rate decreased approximately 20 basis points to 3.9% on a managed basis in November. The trust showed similar results, as its 30 days delinquency rate decreased 10 basis points to 4.15%. Net write-off rate declined for a seventh consecutive month on a managed basis in November with a near 20 basis point drop to 7.6%. However, the trust saw a 15 basis point increase for its annualized default rate, net of recoveries, to 7.5%.

Meanwhile, Discover Financial (DFS 16.10, -0.39) saw its net charge-off rate rise 44 basis points to 8.98% in November. That brings the trust's three-month average to 8.74%. Since the trust's rate is approximately 25 basis points higher historically than the company's rate on a managed basis, it is expected to report a net charge-off rate around 8.5% when the company discloses its quarterly results on Thursday. Delinquencies surprisingly decreased 7 basis points to 5.65%.

Collectively, consumer finance stocks are down 1.1%. The broader financial sector has lost 1.4%. DJ30 -38.31 NASDAQ -1.21 SP500 -3.62 NASDAQ Adv/Vol/Dec 1288/1.21 bln/1354 NYSE Adv/Vol/Dec 1362/627 mln/1615

1:30 pm : The S&P 500 continues its downward drift. That has put the broad-market index within just a couple of points of its session low. Still, the market's overall losses remain rather moderate.

Shares of Boeing (BA 55.84, -0.21) have pulled back along with the broader market and seen a slight pickup in trading volume, despite what looks like a successful start to the first flight for its highly anticipated Dreamliner. CNBC has been covering the event. DJ30 -40.58 NASDAQ -1.65 SP500 -4.50 NASDAQ Adv/Vol/Dec 1286/1.12 bln/1342 NYSE Adv/Vol/Dec 1292/585 mln/1670

1:00 pm : The broader market has had to grapple with selling pressure this entire session as weakness among bank stocks, a rebound by the dollar, and some rather disappointing data weigh on trade.

Wells Fargo (WFC 25.73, +0.24) became the latest bank to announce that it plans to repay its TARP funds. The company will issue $10.4 billion in common stock to help make that repayment possible. Though the offering has priced shares at $25 each, a near 2% discount to the previous session's closing price, and will prove dilutive to existing shareholders, the stock has traded with strength this session.

The rest of the regional banking bunch hasn't fared so well; they are down 3.6%. That drop has dragged the financial sector to a 1.4% loss, which has weighed heavily on the broader market.

A sharp 0.9% rebound by the Dollar Index has also supported selling in the broader market this session. However, strength in the greenback hasn't given way to weakness in oil prices, which currently trade with a 1.4% gain at $70.50 per barrel. That move has helped to make energy the only sector to sport a gain -- it is currently up 0.4%.

Tech (-0.1%) displayed some momentary strength that helped lift the Nasdaq out of negative territory to a fresh 52-week high. Support faded, though, as the S&P 500 encountered resistance at the neutral line when it attempted a midmorning move out of negative ground. Still, the Nasdaq has held up better than its counterparts to pressure.

This morning's data didn't do anything to encourage buyers to extend the 52-week closing highs that stocks registered in the previous session. In particular, producer prices picked up more than expected, while manufacturing activity in New York dropped to a crawl. However, the latest industrial production figures showed a 0.8% increase, which is stronger than what had been expected. DJ30 -33.33 NASDAQ -0.32 SP500 -3.84 NASDAQ Adv/Vol/Dec 1319/1.03 bln/1291 NYSE Adv/Vol/Dec 1353/537 mln/1603

12:30 pm : Pressure against bank stocks has taken the KBW Bank Index down to a 2.4% loss. Such weakness has undercut the broader financial sector and sent it to a 1.2% loss of its own -- it remains the worst performing sector of the session.

Energy stocks continue to show strength, though. The sector is up 0.5%. Only during the first few minutes of the session did the energy sector trade without a gain.

Not surprising is that energy's advance comes amid a 1.5% increase in oil prices to $70.55 per barrel. What is surprising, though, is that oil's advance comes in the face of a 1.0% gain by the dollar against foreign currencies. DJ30 -24.94 NASDAQ +0.19 SP500 -2.71 NASDAQ Adv/Vol/Dec 1342/933 mln/1247 NYSE Adv/Vol/Dec 1418/486 mln/1539

12:00 pm : The S&P 500 continues to trend lower and the Nasdaq has pulled back to the unchanged mark, but the Dow has held steady in a rather narrow range.

Treasuries have been under steady pressure this session. That has the benchmark 10-year Note down 15 ticks and its yield up above 3.6%, which marks a multiweek high. DJ30 -21.84 NASDAQ +0.27 SP500 -2.48 NASDAQ Adv/Vol/Dec 1335/814 mln/1245 NYSE Adv/Vol/Dec 1397/431 mln/1536

11:30 am : The S&P 500 has led the major indices downward. It had recently recouped all of this morning's losses, but encountered resistance at the neutral line.

Financials remain a primary source of weakness for the broader market; the sector is now down to a 1.0% loss.

Strength among small-cap stocks has enabled the Russell 2000 to put together a moderate gain of 0.3%, however. Mid-caps have taken the S&P 400 to a gain of 0.1%. DJ30 -18.21 NASDAQ +1.98 SP500 -1.73 NASDAQ Adv/Vol/Dec 1331/727 mln/1233 NYSE Adv/Vol/Dec 1393/387 mln/1509

11:00 am : Support for tech stocks (+0.3%) has sent the Nasdaq out of negative territory to a modest gain, which actually puts it at a fresh 52-week high. The buying has moved the line between advancing issues and declining issues in the Nasdaq from a negative slant to favor advancers.

Trading volume on the Nasdaq hasn't been that impressive, though. The current pace of trade is in step with that of the previous session, but total trading volume on the Nasdaq in the previous session failed to come close to its 50-day moving average, which stands above 2 billion shares. DJ30 -13.22 NASDAQ +4.45 SP500 -0.73 NASDAQ Adv/Vol/Dec 1327/616 mln/1171 NYSE Adv/Vol/Dec 1420/327 mln/1445

10:30 am : In recent activity, the stock market has recovered around half of its losses from the open. The US Dollar Index has modestly pulled back off its recent session high and commodities have been moving higher.

January crude oil traded near the unchanged line overnight, but began to trend higher a couple of hours ago, which led to over $1 per barrel in gains and pushed crude to session highs of $70.93 per barrel. Crude is currently just off its high at $70.65 per barrel, up 1.6%.

January natural gas spent half of its overnight session near the unchanged mark before it began to push higher. Natural gas trended higher to morning highs of $5.482 per MMBtu and along with crude, natural gas is trading just under current highs, up 1.8% at $5.43 per MMBtu.

Precious metals began to sell off overnight on strength in the US Dollar Index, pushing gold and silver into negative territory. However, after February gold and March silver hit morning lows of $1112 and $17.135 per ounce, respectively, both metals recovered back to the unchanged line. Gold is currently 0.2% higher at $1126.50 per ounce, while silver is 0.4% higher at $17.41 per ounce. DJ30 -17.38 NASDAQ -3.41 SP500 -2.19 NASDAQ Adv/Vol/Dec 1034/447.3 mln/1390 NYSE Adv/Vol/Dec 1182/236.7 mln/1628

10:00 am : Stocks in the broader market have extended their morning slide, but the energy sector continues to sport a healthy gain. Energy stocks are currently up 0.4% as oil and gas equipment plays (+0.8%) and refiners (+0.7%) are primary leaders in the group.

Materials stocks have also made their way into positive ground. The sector is up a modest 0.1% as commodity prices make their way to a 0.5% gain, as measured by the CRB Commodity Index.

Meanwhile, weakness among shares of regional banks has worsened. The group is now down 1.9%. Wells Fargo (WFC 25.79, +0.30) has also come under a considerable bout of pressure, though it continues to trade in positive territory. The company announced last evening that it plans to repay its TARP funds, but it will issue $10.4 billion in common stock to do so. The offering will price shares at $25 each, a near 2% discount to the previous session's closing price. DJ30 -40.20 NASDAQ -11.72 SP500 -4.91 NASDAQ Adv/Vol/Dec 794/252 mln/1529 NYSE Adv/Vol/Dec 818/142 mln/1885

09:45 am : Of the major sectors in the S&P 500, only energy is sporting a gain at the moment. The sector is up 0.4% with help from a 1.4% rise in oil prices to $70.45 per barrel. Oil's run comes in the face of a 0.6% gain by the dollar against a basket of foreign currencies.

At the other end of things is the financial sector, which is currently contending with a 0.7% loss. Its loss is underpinned by weakness among regional banks, which are down 1.5% at the moment. DJ30 -32.04 NASDAQ -9.71 SP500 -4.39 NASDAQ Adv/Vol/Dec 757/143 mln/1461 NYSE Adv/Vol/Dec 799/99 mln/1832

09:15 am : S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -7.50. Stock futures have moved up from their morning lows, but they still suggest that a downward start to the session is in order. The relatively dour mood follows four straight sessions of gains for the stock market, some of which came in the face of a stronger dollar. The dollar's strength this morning has proven to be too much for stocks, though; the Dollar Index is currently up 0.7% after it eased off of a fresh two-month high. Broader market participants have been uninspired by the decision of Wells Fargo (WFC) to repay its TARP funds since the company's peers have begun to announce TARP repayment plans. Meanwhile, a positive earnings surprise and raised earnings outlook from Best Buy (BBY) has been met with a sell-the-news reaction. Data hasn't helped the tone of trade, either. Producer prices and core producer prices for November were both up sharper than expected, while manufacturing activity in New York dropped to a crawl as the Empire Manufacturing Index hit its lowest level since July. Just released, industrial production for November increased 0.8%, which is stronger than the 0.5% increase that was expected, while capacity utilization for November came in at 71.3%, which is relatively in-line with the 71.1% that had been widely forecast.

09:00 am : S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -7.60. U.S. stock futures continue to trail fair value. There hasn't been much support from overseas traders, who have sent Europe's major market averages down to marked losses. In Britain, the FTSE is off by 1.2%. Natural resource plays have fallen out of favor as miners and energy players trade as laggards. As such, Rio Tinto (RTP), Royal Dutch Shell (RDS.A), and BP (BP) are all well into the red. According to some recent economic data, the U.K. CPI increased 1.9% year-over-year, which is slightly faster than the expected increase of 1.8%. On a separate note, reports indicate that a U.K. Treasury official believes that the U.K. is not at risk of seeing its sovereign debt AAA rating downgraded. In Germany, the DAX is currently down 0.8%. Deutsche Bank (DB) is under pressure amid an uncertain outlook for global markets revenue next year. In France, the CAC is currently off by 0.9%. Air France-KLM Group is a laggard amid news that airline losses in 2010 will likely be a deeper-than-previously expected $5.6 billion. However, ArcelorMittal (MT) has found support following an upgrade by analysts at UBS. Meanwhile, the EuroStoxx is down 1.0%. In Asia, Japan's Nikkei slipped 0.2% as exporters were hit by continued strength in the yen. Property developers made gains, though. In Hong Kong, the Hang Seng fell 1.2%. Property plays actually aided in the drop there. Banking issues also undermined action as China Construction Bank, Industrial and Commercial Bank of China, and Bank of China fell markedly. In mainland China, the Shanghai Composite lost 0.9% and the MSCI Asia Pacific Index shed 0.6%.

08:35 am : S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -4.30. Best Buy (BBY) recently reported that it brought in third quarter earnings of $0.53 per share, which is $0.10 better than the consensus. What's more, the company went on to raise its fiscal 2010 earnings forecast to the range $3.00 to $3.15 per share, up from the range $2.70 to $3.00 per share. The consensus for 2010 is currently pegged at $2.96 per share. However, the stock is down 4.9% to $43.15 per share in premarket trade as participants push back after the stock had staged a strong advance in the sessions leading up to the announcement. Just out, the November Producer Price Index increased 1.8% month-over-month, which is stronger than the 0.8% increase that had been widely forecast and is stronger than the 0.3% monthly increase that had been registered in October. Excluding food and energy, November producer prices increased 0.5% month-over-month, which is stronger than the 0.2% that had been expected and also stronger than the 0.6% monthly decline that had been registered in October. Meanwhile, the Empire Manufacturing Index for December came in at 2.55, which is not nearly as good as the 24.00 that had been forecast. It is also down considerably from the 23.51 that was posted in November. Stock futures for the broader market have moved lower in the wake of the data.

08:00 am : S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: +0.80. Broad-based buying helped all three major indices book new 52-week closing highs in the previous session, but moderate selling this morning has undercut stock futures. The dip comes in conjunction with renewed strength in the U.S. dollar, which is currently up 0.8% against competing currencies. Wells Fargo (WFC) has won favor for itself, though. The company's shares are up 2.0% to $26.00 each in premarket trade in the wake of its announcement to repay its $25 billion TARP investment. To help it do so, the company will issue a $10.4 billion common stock offering. There haven't been many other market-moving corporate announcements, but Best Buy (BBY) is expected to release its latest quarterly results this morning. The latest Producer Price Index and Empire State Manufacturing Index are due at the bottom of the hour. Industrial production and capacity utilization figures for November are due at 9:15 AM ET. Additionally, the FOMC begins its two-day meeting today, but its official policy statement won't come until tomorrow.

06:41 am : S&P futures vs fair value: -3.40. Nasdaq futures vs fair value: flat.

06:41 am : Nikkei...10083.48...-22.20...-0.20%. Hang Seng...21813.92...-271.80...-1.20%.

06:41 am : FTSE...5281.61...-33.60...-0.60%. DAX...5791.30...-10.90...-0.20%.

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


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