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 Post subject: January 21st Thursday 2010 Emini TF ($TF_F) points +19.80
PostPosted: Thu Jan 21, 2010 10:02 pm 
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Written By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, although this journal contains advertisements involving my trade methods, it does contain useful trading tips a few times per week. Thus, if you're looking for trading tips that can improve your trading and understand that profitable trading involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader that's the same as my user name on twitter.

Today's #FuturesTrades chat room logs is archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=70&t=432.

Quote:
Today's results are 12 wins : 4 losses : 3 breakevens. Good trading today but I missed a lot of trade opportunities due to personal reasons (website work involving clients). The big change in supply/demand is shown on the chart @ http://chart.ly/fmbbkt and another key change in supply/demand @ 1204pm est that provided support until the last 15 mins of the regular trading session. Trading Tip: Hammer patterns provide excellent support/resistance levels or zones.


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, if you're interested in having free access to one of my profitable trade strategies along with earning extra income with little effort...join my referral program @ http://www.thestrategylab.com/ReferralProgram.htm

My Trading Performance: +19.80 points in the ICE Russell 2000 Emini TF ($TF_F) Futures

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Wall Street's Worst Day In Months
By Alexandra Twin, senior writer
January 21, 2010: 5:47 PM ET

NEW YORK (CNNMoney.com) -- Stocks tumbled Thursday after the Obama administration announced a proposal to increase regulation of the nation's biggest financial firms, including limiting the size and scope of their trading operations.

The Dow Jones industrial average (INDU) fell 213 points, or 2%. The S&P 500 index (SPX) slid 21 points, or 1.9%. The Nasdaq composite (COMP) lost 25 points, or 1.1%. The three gauges saw the biggest one-day point declines since late October.

Stocks had fallen through the morning as lingering worries about China's lending practices hit commodities and the broader market. Reports showing a rise in jobless claims and a drop in manufacturing activity added to the pressure, overshadowing Goldman Sachs' better-than-expected profit report.

But declines accelerated as investors geared up for and then dissected the White House's afternoon announcement.

"China is still lingering today and then the Obama announcement comes out and that's when you saw the selling really pick up," said Steven Goldman, market strategist at Weeden & Co.

Obama called for greater government regulation of the nation's biggest financial institutions, including limiting commercial banks ability to make high-risk trades and stopping them from owning or investing in hedge funds.

This would separate commercial and investment banks, a throwback to a Depression-era law that was basically thrown out a decade ago.

Big banks such as JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500) and Bank of America (BAC, Fortune 500) would be impacted in particular.

The plan was in tune with the proposal of former Fed president and current economic advisor Paul Volcker, who has called for greater restrictions on institutions in the wake of the financial crisis.

"On one hand, you want banks to lend more to help stimulate the economy," Goldman said. "But if this means banks can't trade and are going to make less profit and therefore lend less, that's just more uncertainty."

After the close, American Express (AXP, Fortune 500) reported higher earnings that beat forecasts on flat revenue that also beat estimates. Shares of the financial services firm gained 2% in extended hours trading.

Also after the close, Google (GOOG, Fortune 500) reported a big jump in revenue that topped estimates thanks to a rebound in the advertising market. Shares lost 4% in a "sell the news" reaction.

General Electric (GE, Fortune 500) and McDonald's (MCD, Fortune 500) are due to report Friday.

Declines were broad based, with 28 of 30 Dow stocks sliding, led by IBM (IBM, Fortune 500), Exxon Mobil (XOM, Fortune 500), Chevron (CVX, Fortune 500), Caterpillar (CAT, Fortune 500), Coca-Cola (KO, Fortune 500) and the bank stocks.

Stocks were also vulnerable after the three major indexes ended at more than 15-month highs on Monday.
0:00 /1:16China's roaring economy

Results: Goldman Sachs said it earned $8.20 a share in the fourth quarter, trouncing forecasts for a profit of $5.20 per share, thanks to strong gains in its investment unit. Goldman also reported full-year 2009 revenue that doubled from a year ago.

The company also attempted to address criticism of its pay packages one year after accepting government money at the height of the financial crisis. Goldman paid its employees $16.2 billion in salaries and bonuses last year, up almost 50% from 2008, but still less than what had been expected.

Goldman shares fell 4%. Other big bank shares fell, but some of the regional banks were up, keeping the overall sector near unchanged. Fifth Third Bancorp (FITB, Fortune 500), Keycorp (KEY, Fortune 500) and Regions Financial (RF, Fortune 500) all gained.

Starbucks (SBUX, Fortune 500) reported higher quarterly sales and earnings that topped estimates in a report released late Wednesday. The coffee chain's results were driven by growth at stores open a year or more, a retail metric known as same-store sales. Shares gained 2%.

Also late Wednesday, eBay (EBAY, Fortune 500) reported higher quarterly sales and earnings that topped estimates. The Internet retailer also boosted its 2010 earnings forecast.

Economic news: The number of Americans filing new claims for unemployment rose to 482,000 from 446,000 in the prior week. Economists surveyed by Briefing.com thought claims would fall to 440,000.
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Continuing claims, a measure of Americans who have been receiving benefits for a week or more, fell to 4,599,000 from 4,617,000 in the previous week. Economists expected 4,598,000 claims, on average.

The Philadelphia Fed, a regional reading on manufacturing, fell to 15.2 in January from 22.5 in December versus forecasts for a drop to 18.

A third report showed that the index of leading economic indicators rose 1.1% in December after rising 1% in the previous month. Economists surveyed by Briefing.com thought it would rise 0.7%.

World markets: Asian markets ended lower, with the exception of the Japanese Nikkei. European markets ended lower.

Commodities and the dollar: The dollar fell versus the euro and the yen, reversing morning gains following Obama's speech.

Commodities were also under pressure because of China's curbs, with China being a big buyer of commodities. Reports Wednesday said China has asked banks to slow the pace of lending this year in an attempt to get ahead of inflation.

COMEX gold for February delivery fell $9.40 to settle at $1,103.20 an ounce. Gold closed at an all-time high of $1,218.30 an ounce last month.

U.S. light crude oil for February delivery slipped $1.66 to settle at $76.08 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.59% from 3.65% late Wednesday. Treasury prices and yields move in opposite directions.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by over three to one on volume of 1.5 billion shares. On the Nasdaq, decliners topped advancers by three to one on volume of 2.91 billion shares.

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Yahoo! Finance

4:40 pm : Threats of tighter monetary policy in China and increased bank regulation combined with a sell-the-news mentality to drop the stock market for its worst single-session percentage loss in nearly 12 weeks.

Stocks had already tumbled significantly in the previous session, but sellers were back at it after China reported stronger-than-expected fourth quarter GDP growth and a sharper-than-expected spike in inflation, which renewed concern that tighter monetary policy may be in the offing. Tighter policy in China would presumably crimp the country's growth and slow the global economic rebound.

Such a consideration has weighed on both stocks and commodities for two straight sessions. That has had a doubly negative impact on materials stocks, which sank to a 4.3% loss in their latest showing.

Meanwhile, energy stocks dropped 2.0% as oil prices were pushed to a near one-month low of $75.66 per barrel before they finished pit trade with a 2.1% loss at $76.08 per barrel. Price erosion came in the face of a surprise inventory draw of 4.7 million barrels during the week that ended Jan. 15.

Financials were forced a sharp 3.0% lower. President Obama stirred concern for financials with the announcement that plans are being put together to ensure that no bank will own, invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers for its own profit. Further, the proposal will place broader limits on the excessive growth of the market share of liabilities at the largest financial firms. Though details of any such plan will change as it moves through the legislative process, the idea behind such a plan is a negative for big financial institutions.

The announcement seemed to exacerbate weakness in Goldman Sachs (GS 160.87, -6.92), which had already succumbed to profit-taking by participants who believed that its better-than-expected earnings of $8.20 per share had already been priced into the stock. The company's in-line revenue results also dulled the glimmer of its upside earnings surprise.

However, regional banks were able to garner support and put together a 0.8% gain. They were actually up nearly 3% at their session high as investors acted on knowledge that regional lenders won't be as restricted by Obama's regulatory proposals as their larger competitors. Regional banks were generally an exception to the recent sell-the-news trend and, as a result, were helped by a handful of better-than-expected quarterly reports.

Another exception to the recent sell-the-news trend was eBay (EBAY 24.13, +1.90). Its upside earnings surprise helped it net its best single session advance by percent in six months. That was even more impressive given the scope of losses in the broader market this session.

Volatility surged amid this session's slide. The Volatility Index closed some 19% higher in its sharpest move in two months.

Trading volume topped 1.5 billion shares on the NYSE this session. That's well above recent averages and suggestive of strong underlying conviction.

As an aside, initial weekly payrolls continue to come in at elevated levels. Initial claims for the week ended Jan. 16 totaled 482,000, which was more than the 440,000 initial claims that had been expected. It was also up from the prior week's 446,000 initial claims tally.

Meanwhile, continuing claims came in at 4.60 million, which matched the consensus forecast. Continuing claims for the prior week were revised modestly higher to 4.62 million. DJ30 -213.37 NASDAQ -25.55 NQ100 -0.9% R2K -1.8% SP400 -1.3% SP500 -21.56 NASDAQ Adv/Vol/Dec 676/2.90 bln/2015 NYSE Adv/Vol/Dec 649/1.50 bln/2401

3:30 pm : Continued weakness in the stock market and commodity pits left the CRB Commodity Index to drop 0.7% this session. The broad-based commodity measure is down 1.4% week-to-date.

Oil was a primary source of weakness for the CRB as contracts closed pit trade with crude priced 2.1% lower at $76.08 per barrel. Crude had been down as low as $75.66 per barrel, which marked its lowest level in nearly one month. The drop in oil prices came even though inventories for the week ended January 15 decreased by 4.7 million barrels, which is a surprise since the consensus had called for a build of 2.45 million barrels.

Weekly natural gas inventory also showed a strong draw. Specifically, weekly inventories fell by 245 bcf, which is more than the draw of 230 bcf that had been expected. However, unlike oil, natural gas prices were able to move higher. The commodity closed pit trade priced 2.0% higher at $5.61 per contract.

Precious metals were hampered by persistent weakness, though. Gold prices shed 0.8% to close at $1103.20 per ounce, while silver prices shed 2.1% to close at $17.51 per ounce. DJ30 -204.50 NASDAQ -21.41 SP500 -19.93 NASDAQ Adv/Vol/Dec 738/2.15 bln/1934 NYSE Adv/Vol/Dec 689/1.13 bln/2351

3:00 pm : Despite this session's steep, downside move, retailers have managed to limit their slide to just a 0.4% decline. The group's relative stability comes as Amazon.com (AMZN 127.00, +1.22) and priceline.com (PCLN 209.19, +2.88) put together respectable gains. Both companies are components in the Nasdaq, which has also managed to limit its loss this session.

Such limited losses have helped keep the Nasdaq out of negative territory for the year, though only by a small degree; the Nasdaq is currently up 0.1% in 2010.

Separately, trading volume has been strong this session. One hour still remains in this session and more than 1 billion shares have already exchanged hands on the NYSE. DJ30 -192.49 NASDAQ -18.33 SP500 -18.28 NASDAQ Adv/Vol/Dec 816/2.28 bln/1842 NYSE Adv/Vol/Dec 729/1.04 bln/2302

2:30 pm : The broader market has found a bit of support amid comments from Rep. Barney Frank that any enactment of financial reform would likely be done over a longer term. The comment has helped bank stocks trim their loss to 1.5% after they had been down more than 3% at their session low. Though the move by financials has helped to lift the broader market up from its session low, losses remain steep and broad.

The Nasdaq has also managed to make a move up from its session low, such that it now trades with a loss that is half that of the broader market. The Nasdaq has been able to limit its drop with help from eBay (EBAY 24.10, +1.86), Seagate Tech (STX 19.57, +1.81), and Fifth Third (FITB 12.35, +1.04), all of which posted pleasing quarterly reports. DJ30 -173.14 NASDAQ -15.60 SP500 -15.53 NASDAQ Adv/Vol/Dec 831/2.11 bln/1829 NYSE Adv/Vol/Dec 754/965 mln/2289

2:00 pm : The major indices have eased off of their session lows, but they continue to trade with deep, broad-based losses. This session's slide has threatened to take the S&P 500 into negative territory for the year; the benchmark index is still up 0.4% since the start of the year, though.

Small-caps and mid-caps are also down sharply this session, but continue to sport year-to-date gains in excess of 1%. Specifically, the Russell 2000 has shed 1.1% this session, but it is still up 1.1% since the new year. Meanwhile, the S&P 400 is down 1.1% at the moment, but up 1.6% for 2010.

Of the more widely watched indices, the Nasdaq 100 has fared the worst since the start of the year, but that is largely due to the weakness of large-cap tech issues in the past few sesssions. Nonetheless, the Nasdaq 100, which is down 0.9% this session, has shed 0.5% year-to-date. DJ30 -205.94 NASDAQ -23.11 SP500 -19.85 NASDAQ Adv/Vol/Dec 775/1.95 mln/1869 NYSE Adv/Vol/Dec 682/891 mln/2335

1:30 pm : Stocks continue to trade near their session lows and all 10 major sectors are still in the red with losses that range from telecom's 0.9% drop to the 3.4% plunge by the materials sector. That sort of weakness has the S&P 500 on track for its worst single-session loss by percent in nearly two months. What's more, the accumulation of losses in the past few sessions has stocks on pace for their worst weekly performance since late October. DJ30 -196.49 NASDAQ -22.93 SP500 -18.96 NASDAQ Adv/Vol/Dec 713/1.81 bln/1904 NYSE Adv/Vol/Dec 649/825 mln/2354

1:05 pm : Another bout of stiff selling has stocks on track for their worst back-to-back slide in three months. Both sessions have been underscored with broad-based weakness in the face of better-than-expected earnings.

Another raft of positive earnings surprises hit news wires after the previous session's closing bell and ahead of this morning's start, but the positive impact of those reports on the broader market was offset by renewed concern for tighter monetary policy in China. That left stocks to start the session in mixed fashion, though the Nasdaq was able to jump out to a strong gain in the early going amid leadership from eBay (EBAY 23.96, +1.73), which posted a positive earnings surprise of its own, but sellers in the broader market quickly made their presence known.

Amid this session's broad slide, all 30 Dow components are in the red -- 27 of them are down in excess of 1%. JPMorgan (JPM 40.76, -2.64) is a primary laggard in the bunch. Though JPM has been out of favor since the start of the session, pressure has picked up against the diversified financial services player in the wake of word from President Obama that under new proposals banks will no longer be allowed to own, sponsor, or invest in hedge funds for proprietary profit.

However, regional banks, which historically haven't engaged in such endeavors as their larger competitors, currently sport a 2.7% gain. Better-than-expected quarterly numbers from Fifth Third (FITB 12.30, +0.99) and Comerica (CMA 37.06, +3.49) have helped. Still, the group's lack of market weight has left the broader financial sector to trade with a 3.1% loss.

Goldman Sachs (GS 158.69, -9.10) is a primary source of weakness in the sector, even though it blew out earnings expectations this morning. Its top line results weren't quite so impressive, though.

Materials stocks are presently in the worst shape of any major sector. In addition to broader market pressure, materials stocks have been hampered by weaker commodity prices. The sector is currently down 3.6%.

Oil prices have also been dragged down. Despite a surprise inventory draw, oil prices are down 1.9% to $76.25 per barrel.

Weakness among commodities comes even though the dollar has surrendered its early gain to trade along the flat line against foreign currencies.

Amid this session's broad-based slide, volatility is up a sharp 15%, as measured by the Volatility Index. That's its sharpest move since a 20% surge two months ago.

This morning's economic data did nothing to sway buyers back into the market. Specifically, the latest weekly initial jobless claims tally came in higher than expected. DJ30 -201.85 NASDAQ -25.55 SP500 -19.88 NASDAQ Adv/Vol/Dec 682/1.70 bln/1934 NYSE Adv/Vol/Dec 628/775 mln/2382

12:30 pm : Stocks are stuck near their session lows as weakness continues to weigh on trade. At the moment, more than 80% of the stocks listed in the S&P 500 are in negative territory, while all 30 Dow components currently trade with losses.

Coupling this session's slump with the losses of overseas markets, the Dow Jones World Index is down 1.2%. The Dow Jones World Index is still up a modest 0.3% for the year, though. DJ30 -217.43 NASDAQ -29.40 SP500 -20.93 NASDAQ Adv/Vol/Dec 645/1.58 bln/1952 NYSE Adv/Vol/Dec 623/671 mln/2356

12:00 pm : Financials recently retreated to a loss of roughly 3.2% as President Obama indicated during a speech that under new proposals, banks will no longer be allowed to own, sponsor, or invest in hedge funds for proprietary profit. The financial sector has pared a small portion of its loss so that it now trades 2.9% into the red -- diversified financial services stocks (-5.3%) are still down more than 5% and shares of investment banks and brokerages (-4.7%) are down nearly 5%, though.

However, regional banks are up to a strong 1.7% gain. That move comes amid better-than-expected quarterly numbers from Fifth Third (FITB 12.27, +0.96) and Comerica (CMA 36.62, +3.05).

Meanwhile, the dollar has surrendered its morning gains. It is now down 0.1% against competing currencies. Though the retreat has been modest, it nonetheless offers some slight support for stocks. DJ30 -207.45 NASDAQ -28.56 SP500 -20.67 NASDAQ Adv/Vol/Dec 594/1.39 bln/1962 NYSE Adv/Vol/Dec 599/579 mln/2359

11:30 am : Weakness is deep and widespread for the second straight session. In turn, stocks are on track for their worst two-day slide in more than three months. That drop has also pushed stocks below their July to January trendline, which is a widely watched line for technical traders.

Volatility is up considerably for the second straight session. The Volatility Index, or VIX, had been up more than 10% in the previous session, but that was cut in half during afternoon action. The VIX is back up 10.4% this session.

With stocks down and volatility up, Treasuries have garnered support. As such, the yield on the benchmark 10-year Note has been trimmed to a one-month low of 3.61%. The Note is currently up nine ticks. DJ30 -173.59 NASDAQ -21.62 SP500 -16.24 NASDAQ Adv/Vol/Dec 673/1.19 mln/1843 NYSE Adv/Vol/Dec 689/464 mln/2225

11:00 am : Sellers recently redoubled their efforts to send stocks another leg lower. All three major indices now trade with marked losses near session lows.

Of the major sectors in the broader market, materials stocks continue to fare the worst. The sector is down 2.3%, which puts it into negative territory for the month. Broader market pressure and softer commodity prices are primary culprits in the sector's downturn.

Keeping on commodities, crude oil inventories for the week ended January 15 had a draw of 4.7 million barrels, which is a surprise since the consensus had called for a build of 2.45 million barrels. Oil prices had been down modestly in the few minutes leading up to the report, but oil prices have turned lower to trade with a 0.7% loss at $77.25 per barrel in the moments that immediately follow the report. DJ30 -138.75 NASDAQ -15.35 SP500 -13.03 NASDAQ Adv/Vol/Dec 696/975 mln/1770 NYSE Adv/Vol/Dec 775/377 mln/2086

10:35 am : The US Dollar Index is pushing higher in current trade, which is causing most commodities to sell off again.

February natural gas began to rally early this morning, from the unchanged line, and recently hit session highs of $5.653 per MMBtu. Ahead of today's inventory data, where consensus is expecting a draw of 230 bcf, the energy component was trading 1.8% higher at $5.591 per MMBtu. Following the data, which showed a draw of 245 bcf, natural gas saw an initial spike before pulling back toward the flat line; it is now higher by 6.2 cents to $5.558.

Crude oil inventory data will be out next at 11:00 ET. The consensus estimate expects that crude showed a build of 2450K during the week ending Jan 15. Ahead of the data, crude is well off recently hit highs of $78.36 per barrel and has recently moved back into negative territory. Currently, crude is 0.4% lower at $77.39 per barrel

Precious metals have also recovered some losses due to the weakness in the dollar. However, February gold remains in negative territory at $1102.50 per ounce, down 0.9%, while March silver is also down 0.9% at $17.715 per ounce.DJ30 -125.68 NASDAQ -18.52 SP500 -11.52 NASDAQ Adv/Vol/Dec 640/760.0 mln/1760 NYSE Adv/Vol/Dec 733/285.2 mln/2084

10:00 am : Stocks have steadied their morning slide, but action is now a bit mixed.

Materials stocks were hit particularly hard by the early flurry of pressure. As a result, the materials sector is down to a 0.9% loss, worse than any other major sector. Gold stocks (-1.6%) and steel stocks (-1.8%) are weak once again, but diversified metals and mining players (-3.3%) have been most burdened with selling pressure. Diversified metals and miners stocks have been some of the worst performers in the past couple of weeks. Already, the group has lost more than 5% week-to-date; that comes on top of a 4.4% loss last week.

The Philadephia Fed Index for January was just released. It came in at 15.2, which is below the 18.0 that had been widely expected. It also marks a downturn from the 22.5 that was registered in December.

Meanwhile, December leading economic indicators increased a stronger-than-expected 1.1% after they had increased 1.0% in the prior month.

Early movers: Trading up -- STX +13.7%, IMMU +11.6%, ESI +10.2%, MATK +10.1%, FCS +8.9%, EBAY +7.8%, EL +7.8%, AAI +7.3%, PLXS +7.3%; Trading down -- CTRP -50.5%, ISPH -17.6%, TSS -14.8%, YZC -5.9%, PCX -5.1%

Advancing Sectors: Consumer Discretionary (+0.6%), Tech (+0.4%), Utilities (+0.4%), Consumer Staples (+0.1%)
Declining Sectors: Materials (-0.9%), Health Care (-0.6%), Financials (-0.5%), Telecom (-0.2%), Energy (-0.2%), Telecom (-0.1%)DJ30 -32.72 NASDAQ +9.61 SP500 -0.95 NASDAQ Adv/Vol/Dec 1263/369 mln/1002 NYSE Adv/Vol/Dec 1417/147 mln/1262

09:45 am : Stocks have come under a sudden bout of pressure, but the Nasdaq continues to sport a solid gain in the early going. Its strength is largely owed to eBay (EBAY 23.85, +1.62), which is on pace for its best single-session percentage gain in six months after it posted better-than-expected earnings after the previous session's close.

The Dow is currently down to a modest loss, though. The blue-chip index is currently hampered by JPMorgan (JPM 42.54, -0.86), which is currently at a low for the week and testing its 50-day moving average.

Meanwhile, the broad-based S&P 500 is unchanged as its sectors split between positive and negative territory. DJ30 -22.97 NASDAQ +10.62 SP500 +0.85 NASDAQ Adv/Vol/Dec 1388/219 mln/777 NYSE Adv/Vol/Dec 1524/95 mln/1067

09:15 am : S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +3.50. Participants dragged stocks to a substantial loss in the previous session, but things have since steadied a bit. Another raft of better-than-expected earnings results has helped, but to varied degree as a huge beat by Goldman Sachs (GS) has boosted its shares in premarket trade by 0.9% to $169.29 each; a narrower-than-expected loss has regional bank Fifth Third (FITB) up 7.2% to $12.12 per share ahead of the opening bell; eBay (EBAY) has made its way to a 8.2% gain at $24.12 per share ahead of the opening bell, and; Seagate Tech (STX) is up nearly 11% to $19.67 per share in premarket action -- the company posted better-than-expected earnings and issued a strong outlook during its conference call last evening. However, disappointing weekly jobless claims recently acted as a check on things this morning. A modestly firmer dollar hasn't helped the tone of trade either; the greenback's gains come amid concerns that China will tighten its monetary policy as its consumer prices increase along with its economy.

09:00 am : S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -0.50. U.S. stock futures continue to lag fair value by a modest margin. Meanwhile, Europe's major bourses up modestly at the moment. Germany's DAX is currently up 0.3%. Its advancers have a slight edge over declining issues at the moment. Advancing issues also have a modest advantage over decliners in France's CAC, which is also up 0.3%. Energy giant Total (TOT) has displayed considerable strength this session. Meanwhile, Britain's FTSE is up just 0.1% as its 102 components trade in near even balance. HSBC (HBC) is among the advancers, but fellow banking outfits Barclays (BCS) and Standard Charter are down. In Asia, the headline of the day was China's fourth quarter GDP growth of 10.7%, which was a bit better than expected, but consumer prices for December were up a sharper-than-expected 1.9%. The report has fed concern about tighter monetary policy. Despite such concern, mainland China's Shanghai Composite was able to eke out a 0.2% gain after it had dropped nearly 3% in the previous session. In Hong Kong, the Hang Seng lost 2.0%. Banks and property stocks were among the worst performers. Meanwhile, the MSCI Asia Pacific Index slipped 0.5% into the red, but Japan's Nikkei gained 1.2% as tech issues showed strength. Automakers Toyota (TM) and Honda Motor (HMC) fared well, too.

08:35 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -0.50. Stock futures have pulled back a bit in the few minutes that have followed news that 482,000 initial jobless claims were filed for the week ended January 16. The tally was larger than the 440,000 initial claims that had been expected and up from the prior week's 446,000 initial claims. However, some news sources have said that the Labor Department stated that the increase is not economic related. Still, the four-week moving average now stands at 448,250, up from 441,250. Continuing claims came in at 4.60 million, which matches the consensus forecast. Continuing claims for the prior week were revised modestly higher to 4.62 million.

08:05 am : S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +3.80. China's rapid fourth quarter growth and pick up in inflation has added to concern that the country may tighten monetary policy, which carries implications for the global economic recovery and, in turn, has caused continued strength in the U.S. dollar. Though the greenback is currently up 0.3% against a basket of foreign currencies, and up 1.6% week-to-date, stock futures are up modestly. Another large batch of better-than-expected earnings reports has helped provide support. Most recently, Goldman Sachs (GS) delivered a substantial positive surprise with $8.20 per share. Weekly jobless claims are still to come at the bottom of the hour, followed by the Philadelphia Fed Index for December and Leading Indicators for January at 10:00 AM ET.

06:25 am : S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -3.30.

06:25 am : Nikkei...10868.41...+130.90...+1.20%. Hang Seng...20862.67...-423.50...-2.00%.

06:25 am : FTSE...5415.22...-5.40...-0.10%. DAX...5863.80...+12.30...+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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