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 Post subject: January 22nd Friday 2010 Emini TF ($TF_F) points +8.90
PostPosted: Sat Jan 23, 2010 9:36 am 
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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=433.

Quote:
Today's results are 13 wins : 10 losses : 1 breakeven. This is one of those trading days where I wish I never gotten out of bed. It started on a sour note (see #FuturesTrades log above) via data problems that was actually computer problems on my side after I shut everything down to investigate why my charts and trading platform froze. Further, I missed two good trade opportunities when the market plunge due to being on a personal break from trading to rest. Trading Tip: Trade journals are essential to profitable trading.


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: +8.90 points in the ICE Russell 2000 Emini TF ($TF_F) Futures

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Worst Day In 3 Months
By Alexandra Twin, senior writer
January 22, 2010: 7:05 PM ET

NEW YORK (CNNMoney.com) -- Stocks slumped for a third straight session Friday, on worries that the White House's bank plan and China's lending curbs will mean a broader cutback in lending.

Questions also arose over whether Fed Chairman Ben Bernanke's term will be renewed.

The Dow Jones industrial average (INDU) fell 217 points, or 2.1% Friday. The S&P 500 index (SPX) slid 25 points, or 2.2%. The Nasdaq composite (COMP) lost 60 points, or 2.7%.

For the holiday-shortened trading week, the S&P 500 lost 3.9% and the Nasdaq lost 3.6%, with both indexes seeing their biggest one-week declines since the week ended Oct. 30, 2008.

The Dow's weekly loss of 4.1% was the average's worst since the week ended March 6, 2009, when it closed at a 12-year low. That period was considered to be the bottom of the bear market. Since then, the Dow has gained 57% through Friday's close and the other major gauges have gained comparable amounts.

"We've had a wonderful run up in stocks and clearly people have been looking for a reason to take some money off the table," said Ram Kolluri, chief investment officer at ICICI Group Global Private Clients. "This week, they found some reasons."

He said that the market could sell off a little more next week, but that for the most part, it's likely to find a support level in the week ahead.

A heavy spate of quarterly earnings reports are due next week, with 27% of the S&P 500 or 136 companies scheduled. Standouts include Apple (AAPL, Fortune 500), Yahoo (YHOO, Fortune 500), Microsoft (MSFT, Fortune 500), Amazon.com (AMZN, Fortune 500) and Chevron (CVX, Fortune 500).
0:00 /4:08Silence is golden at Goldman

Three-session rout: Selling began Wednesday on reports that China has asked banks to slow the pace of lending this year in an attempt to get ahead of inflation. It picked up Thursday with Obama's bank plan and continued Friday with questions about Bernanke.

Stocks were also vulnerable to a pullback after surging over 3% since the start of the year, with the major gauges having touched nearly 16-month highs on Tuesday.

In the three day selloff, the Dow lost 5.1%, the S&P lost 5.1% and the Nasdaq lost 5%.

Banks: In the wake of the credit crisis, the government is looking to limit the ability of commercial banks to make high-risk trades and stop them from owning or investing in hedge funds.

If such a policy is enacted, it would separate commercial and investment banks in a throwback to a Depression-era law that has been out of use for a decade.

"There's still a lot of frustration with the big banks and I think there's a belief that this (Obama) bank plan is not necessarily going to help investors," said Gary Webb, CEO at Webb Financial Group.

He said that while the announcement indicates banks won't be able to pass on any additional costs or fees to consumers, there's a sense that they will find creative ways to pass the costs on anyway.

"I also think this is an emotional reaction to the news and that by next week, as people have processed it more, you'll see stocks recovering," Webb said.

Large banks such as JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500) and Bank of America (BAC, Fortune 500) would feel the brunt of the impact. All three slipped Friday.

But a few of the regional banks, including Fifth Third Bancorp (FITB, Fortune 500) and SunTrust Banks (STI, Fortune 500) bucked the trend for a second straight session.

Bernanke: Federal Reserve Chairman Ben Bernanke's term ends in a week, but the Senate lacks the 60 votes to force a confirmation vote. As more Democratic senators say they plan to vote against giving the Fed chief a second term, White House and Senate leaders are starting to scramble for the needed support.

Results: General Electric (GE, Fortune 500) reported weaker revenue and earnings versus a year ago that nonetheless beat analysts' estimates. GE also reported higher sales and profit versus the previous quarter, with the exception of its struggling NBC Universal unit.

Looking forward, GE said it sees solid growth next year. Shares added 0.6%.

Fellow Dow component McDonald's (MCD, Fortune 500) reported higher quarterly sales and earnings that topped estimates, with strength in international markets offsetting any weakness in its U.S. business. Shares rose 0.3%.

After the close Thursday, American Express (AXP, Fortune 500) reported higher earnings that beat forecasts on flat revenue that also beat estimates. Nonetheless, shares of the financial services firm lost 8.5% in Friday trading.

Also after the close Thursday, Google (GOOG, Fortune 500) reported a big jump in revenue that topped estimates thanks to a rebound in the advertising market. However, shares lost 5.7% Friday.

Jobs: A report showed that December jobless rates rose in 43 states and the District of Columbia versus the previous month. The trend marked a reversal from November, when a majority of the states saw unemployment rates dip from the prior month.

World markets: Asian markets tumbled, with the Japanese Nikkei losing 3%. European markets tumbled as well.

Commodities and the dollar: The dollar fell versus the euro and the yen after rising for the last few sessions.

COMEX gold for February delivery fell $13.50 to settle at $1,089.70 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 $1.54 to settle at $74.54 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.61% from 3.69% late Thursday. Treasury prices and yields move in opposite directions.

Market breadth was negative. On the New York Stock Exchange, losers beat winners by over four to once on volume of almost 1.5 billion shares. On the Nasdaq, decliners topped advancers by more than two to one on volume of 2.84 billion shares.

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Yahoo! Finance

4:35 pm : Not only did Friday mark the stock market's third straight loss, but it also marked its worst single-session percentage drop in more than two months. The recent string of losses has been underscored by a sell-the-news mentality among investors.

Tech stocks were dropped for a 3.9% loss by participants who have argued that the heady gains seen by the sector in previous months meant that positive news had already priced into stocks. As a result, better-than-expected earnings from Google (GOOG 550.01, -32.97) and Advanced Micro Devices (AMD 7.88, -1.11) were met with stiff selling pressure. Google's weakness imbued fellow large-caps in the Nasdaq 100, which fell 3.0% this session, while AMD dragged down the Philadelphia Semiconductor Index to a 5.3% loss.

Consumer finance stocks fell 9.3% as participants took a closer look into better-than-expected earnings from Capital One Financial (COF 37.53, -5.17) and American Express (AXP 38.59, -3.57). In a suggestion that companies continue to beat earnings via cost cuts, both companies saw revenue slip modestly year-over-year. Additionally, American Express indicated during its conference call that it expects its net charge offs to be flat in the first quarter from the 7.5% it saw during the fourth quarter.

Though they were able to string together gains in the face of broader market pressure during the previous two sessions, regional banks were sent to a 2.3% loss amid a batch of mixed earnings reports.

Overall weakness among financial issues sent the sector to a 3.3% loss.

The Dow dropped by 200 points for the second straight session. Both General Electric (GE 16.11, +0.09) and McDonald's (MCD 63.39, +0.19) exceeded earnings expectations for the latest quarter and showed early strength, but their gains faded into the close. They were part of a handful of blue chips to book gains.

Broad-based weakness during the past few sessions resulted in the stock market's worst weekly performance since late October and caused stocks to close the week below their 50-day moving average for the first time since early November.

Volatility surged for the second straight session. A 25% spike on top of the previous session's 19.2% run up resulted in the worst two-session rise for the Volatility Index, or VIX, in more than one year. It also caused the VIX to close above both its 50-day moving average and its 200-day moving average for the first time since March 2008.

Trading volume was strong once again as roughly 1.5 billion shares exchanged hands on the NYSE. That put trading volume on the big board above its 50-day moving average and its 200-day moving average for the second session in a row.

Commodities also had a tough week. Specifically, the CRB Commodity Index finished this session with a 0.7% loss. That gave it a 2.1% loss for the week, which comes on top of the previous week's 3.2% slide.

Oil has been a primary source of weakness for the CRB. Contracts for crude oil closed pit trade with the commodity priced 2.0% lower at $74.54 per barrel, which marks its lowest closing price in roughly one month. Oil prices fell 4.4% this week.

Precious metals were also weak. Gold prices closed pit trade at $1089.70 per ounce, down 1.2% for the session, but down 2.5% for the week.

Advancing Sectors: (None)
Declining Sectors: Tech (-3.9%), Financials (-3.3%), Materials (-2.3%), Utilities (-2.2%), Consumer Discretionary (-1.9%), Energy (-2.2%), Industrials (-1.5%), Telecom (-1.3%), Health Care (-1.2%), Consumer Staples (-0.3%)DJ30 -216.90 NASDAQ -60.41 NQ100 -3.0% R2K -1.8% SP400 -2.1% SP500 -24.72 NASDAQ Adv/Vol/Dec 731/2.80 bln/1975 NYSE Adv/Vol/Dec 558/1.49 bln/2518

3:30 pm : The CRB Commodity Index finished this session with a 0.7% loss, which gave it a 2.1% loss for the week. That comes on top of the previous week's 3.2% slide.

Oil has been a primary source of weakness for the CRB. Contracts for crude oil closed pit trade with the commodity priced 2.0% lower at $74.54 per barrel, which marks its lowest closing price in roughly one month. Oil prices fell 4.4% this week.

Natural gas has managed to trade free from many of the other commodity components for the past couple of sessions. As a result, natural gas prices climbed 3.6% to settle the session at $5.80 per contract.

Precious metals remain weak. Gold prices closed pit trade at $1089.70 per ounce, down 1.2% for the session, but down 2.5% for the week. Meanwhile, silver prices settled the session at $16.93 per ounce, 3.3% lower for the session, but down 8.2% for the week. DJ30 -174.50 NASDAQ -54.82 SP500 -20.52 NASDAQ Adv/Vol/Dec 730/2.30 bln/1944 NYSE Adv/Vol/Dec 625/1.03 bln/2431

3:00 pm : The S&P 500 recently pushed through a preliminary technical support line, which stood near 1105, but it has steadied itself just above the psychological 1100 line, which was last touched one month ago.

Tech stocks continue to tumble. The sector is now down 3.0%, which puts it on track for a weekly loss of 4.0%. However, that's not the worst weekly performance in the S&P 500 -- that dubious honor goes to materials stocks, which are presently down 1.4% and headed for a 5.6% weekly loss.

Steel stocks have been a primary detractor in the materials sector this week. Steel stocks are down 3.3% this session and down 9.1% week-to-date. DJ30 -141.40 NASDAQ -43.19 SP500 -16.36 NASDAQ Adv/Vol/Dec 866/2.00 mln/1758 NYSE Adv/Vol/Dec 751/902 mln/2287

2:30 pm : The stock market has come to rest near technical support lines around the 1105 level. Participants seem to be holding out to see whether stocks pull together support or break down to fresh session lows and lows for the new year. As things currently stand, the stock market is on track for its worst three-session performance since early July.

In the meantime, losses have intensified among tech stocks. The sector has drifted to a fresh session low, where it trades with a 2.2% loss. Semiconductor stocks remain a primary drag on the sector -- they are down 3.8%, as measured by the Philadelphia Semiconductor Index. DJ30 -102.10 NASDAQ -28.65 SP500 -11.30 NASDAQ Adv/Vol/Dec 1001/1.78 bln/1610 NYSE Adv/Vol/Dec 919/816 mln/2092

2:00 pm : A sudden bout of selling pressure recently took the S&P 500 back to its session low near 1105, but the point has offered technical support. The broader market's move lower has put both the technology sector and financial sector down to 2.0% losses.

Consumer staples stocks have held on to a modest gain, however. It is up 0.3% and is the only major sector in positive territory. Dow component Procter & Gamble (PG 60.54, +0.70) is a leader in the group, thanks partly to its profile in a recent edition of Barron's. DJ30 -85.40 NASDAQ -23.32 SP500 -9.85 NASDAQ Adv/Vol/Dec 1149/1.62 bln/1466 NYSE Adv/Vol/Dec 986/745 mln/2011

1:30 pm : The stock market continues to chop along in negative territory with a modest-to-marked loss, unable to garner support from a pullback by the U.S. dollar, which has retreated to a loss of 0.3% against a basket of foreign currencies.

The dollar's drop doesn't seem to have done anything for commodities either. In turn, the CRB Commodity Index is down to a 0.6% loss as both precious metals prices and oil prices are pushed lower. Specifically, gold prices were last quoted 1.2% lower at $1090.40 per ounce, while oil was last quoted 1.6% lower at $74.85 per barrel. DJ30 -68.09 NASDAQ -19.85 SP500 -8.26 NASDAQ Adv/Vol/Dec 1171/1.48 bln/1431 NYSE Adv/Vol/Dec 1084/694 mln/1906

1:00 pm : Stocks are down for the third straight session, though the latest slide hasn't been as steep as that of the previous two outings, as participants maintain a sell-the-news mentality.

The broader market's loss is modest at the moment, but tech stocks, which make up the largest sector in the S&P 500 by market weight, have been dropped for a 1.6% loss. The slide comes as participants push back against shares of Google (GOOG 563.58, -19.40) and Advanced Micro Devices (AMD 8.09, -0.90), both of which exceeded expectations for the latest quarter.

Financials are also under pressure as Capital One Financial (COF 38.66, -4.04) and American Express (AXP 39.86, -2.30) falter following news of better-than-expected earnings. Their weakness has led consumer finance stocks to drop 6.2%.

Regional banks are mixed as some members try to extend their recent run of gains, which came in the face of broader market weakness. Sun Trust (STI 25.21, +0.68), BB&T (BBT 28.25, -0.83), MB Financial (MBFI 21.91, -0.45), and Huntington Bancshares (HBAN 4.83, +0.30) had mixed results relative to expectations.

Though many widely-held companies have been caught up in a sell-the-news trend, pleasing reports from General Electric (GE 16.40, +0.38) and McDonald's (MCD 64.37, +1.17) have helped the Dow limit its losses. DJ30 -62.27 NASDAQ -19.28 SP500 -7.82 NASDAQ Adv/Vol/Dec 1187/1.36 bln/1413 NYSE Adv/Vol/Dec 1103/650 mln/1887

12:30 pm : The major indices continue to post modest losses in choppy trade.

Small-cap stocks are outperforming, however. The Russell 2000 is posting a slight 0.2% gain.DJ30 -28.26 NASDAQ -12.34 SP500 -3.80 NASDAQ Adv/Vol/Dec 1137/1.20 bln/1429 NYSE Adv/Vol/Dec 993/541 mln/1966

12:00 pm : Though defensive-oriented, utilities stocks are under stiff pressure this session. As such, the sector is down 1.0% at the moment. Consolidated Edison (ED 43.65, -1.96) is a primary drag on the bunch, due largely to worse-than-expected earnings results and downside guidance. Exelon (EXC 46.95, -1.10) is also in the red, but that dip comes in the face of its better-than-expected quarterly earnings results.

Weakness among utilities hasn't been too much of a detractor for the broader market, though; utilities stocks make up less than 4% of the total weight in the S&P 500. DJ30 -40.73 NASDAQ -16.15 SP500 -5.48 NASDAQ Adv/Vol/Dec 1135/1.15 bln/1412 NYSE Adv/Vol/Dec 1029/533 mln/1924

11:30 am : Financial stocks are grappling with considerable selling pressure for the second straight session. Their current 0.9% loss isn't as steep as the 3.0% drop that they registered in the prior session, but weakness in the sector is still widespread.

Consumer finance stocks are among the worst performers in the financial sector. They are down 4.7%, collectively, following the latest quarterly reports from Capital One Financial (COF 39.92, -2.78) and American Express (AXP 40.36, -1.80). Both companies actually beat earnings expectations, but saw revenue slip modestly year-over-year. American Express indicated during its conference call that it expects its net charge offs to be flat in the first quarter from the 7.5% in the fourth quarter. It also indicated that its provision for losses were nearly halved year-over-year to $748 million. Still, participants have opted to sell the news, rather than buy into the announcements. DJ30 -13.30 NASDAQ -12.78 SP500 -2.94 NASDAQ Adv/Vol/Dec 1200/1.00 bln/1318 NYSE Adv/Vol/Dec 1157/473 mln/1762

11:00 am : Action has been choppy in the early going. Losses are also varied -- the Dow and S&P 500 are down modestly, but the Nasdaq has been dropped by large-cap tech issues like Google (GOOG 561.14, -21.84), which has been hit by a sell-the-news reaction to the positive earnings surprise that it posted last evening.

Google's weakness has caused an even more pronounced loss in the Nasdaq 100, which is down 0.9% after it had displayed relative strength in premarket trade. Such weakness has been relatively frequent in recent sessions. As a result, the Nasdaq 100 is down more than 1% since the start of the year. That's worse than any of the other widely-followed indices. DJ30 -22.07 NASDAQ -16.82 SP500 -4.02 NASDAQ Adv/Vol/Dec 1033/807 mln/1455 NYSE Adv/Vol/Dec 986/386 mln/1905

10:30 am : The US Dollar Index moved back into positive territory to fresh session highs a few minutes after 10:00, pushing crude and precious metals to new session lows. Meanwhile, natural gas remains in positive territory.

March crude oil spent half of its time in the black overnight, but selling pressure kicked in early this morning as the energy component moved back in negative territory. In recent activity, the strong move upwards in the Dollar Index pushed crude to fresh lows today of $74.58 per barrel. Currently, crude is trading just above that level at $74.99, down 1.4%.

February natural gas has been in positive territory all session and only saw a modest reversal moments ago on the dollar's strength. Natural gas pushed to morning highs of $5.812 per MMBtu minutes after the open of pit trading, but has pulled back slightly since then and is 2.7% higher at $5.769 per MMBtu.

Precious metals also pushed to fresh morning lows on the dollar's strength. February gold hit new session lows of $1081.90 per ounce around 30 minutes ago and is currently 1.5% lower at $1087 per ounce. March silver hit its own fresh morning lows of $16.955 per ounce and is currently at $17.02 per ounce, down 2.8%.DJ30 -38.54 NASDAQ -17.65 SP500 -5.92 NASDAQ Adv/Vol/Dec 898/603.1 mln/1530 NYSE Adv/Vol/Dec 819/304.0 mln/2021

10:00 am : Semiconductor stocks have slumped to a 1.9% loss. Advanced Micro Devices (AMD 8.21, -0.78) has been a primary source of weakness in the bunch. The stock has been caught in some of the sell-the-news action that has hampered stocks during recent sessions -- the company posted a narrower-than-expected loss on a stronger-than-expected surge in revenue for its latest fiscal quarter. The stock is at a one-month low.

Losses among semiconductor stocks has imbued the tech sector with weakness. In turn, the tech sector, which is presently the largest in the S&P 500 by market weight, is down 0.9%. Only the materials sector, which is down 1.1% at the moment, trades with a worse loss.

Early movers: Trading up -- SOMX +107.6%, LGN +38.8%, CNXT +13.6%, ISRG +11.3%, RINO +7.9%, TRGL +7.6%, ANDS +6.8%, IGT +6.5%, NRG +5.8%; Trading down -- CRIS -18.6%, BSMD -11.4%, SYNA -10.6%, ACHN -8.5%, AMD -8.5%, CTEL -7.6%, FBP -7.4%, NAT -7%, KEY -6.5%

Advancing Sectors: Industrials (+0.3%), Health Care (+0.2%), Telecom (+0.1%)
Declining Sectors: Materials (-1.1%), Tech (-0.9%), Financials (-0.8%), Utilities (-0.7%), Energy (-0.6%), Consumer Staples (-0.2%), Consumer Discretionary (-0.2%)DJ30 -30.46 NASDAQ -10.54 SP500 -4.01 NASDAQ Adv/Vol/Dec 990/308 mln/1304 NYSE Adv/Vol/Dec 925/190 mln/1780

09:45 am : Participants continue to place considerable pressure on materials stocks. The sector fell to a 2.0% loss in the first few minutes of trade, but it has since cut that to a 1.2% loss. In recent sessions the sector has been battered by a confluence of broader market weakness and softer commodity prices, which are broadly lower for the third straight session as the CRB Commodity Index surrenders 0.6% in early action. The materials sector is on track for a weekly loss in excess of 6%.

Industrial stocks have managed to attract some modest support, though. The sector is currently up 0.2% amid leadership from General Electric (GE 16.56, +0.54). The industrial conglomerate posted this morning better-than-expected earnings.

As for the broader market, the S&P 500 is down with a modest loss as it trades below its 50-day moving average for the first time in more than two months. DJ30 -33.40 NASDAQ -7.37 SP500 -3.74 NASDAQ Adv/Vol/Dec 985/186 mln/1219 NYSE Adv/Vol/Dec 899/135 mln/1744

09:15 am : S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -4.00. Earnings results continue to exceed expectations, but the broader market remains unmoved by that fact. The underwhelming response stems largely from a sell-the-news mentality, which has been underpinned by the notion that positive results have already been baked into stock prices. After all, the stock market had climbed nearly 3% from the start of the new year until Alcoa (AA) kicked off earnings season midmonth, despite an absence of earnings announcements during that time. Additionally, many financial issues have come to seek direction as analysts assess the possible repercussions of President Obama's proposal to limit risk-taking by banks. Stocks in the broader market also face an uncertainty in that the S&P 500 has found itself at its 50-day moving average. The technical line hasn't been touched in more than two months, so participants remain watchful of whether stocks will see support or a breakdown.

09:05 am : S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -3.30. This morning's tone of trade remains mixed as Nasdaq 100 futures sport a modest gain over fair value, but S&P 500 futures lag fair value by a modest margin. The dip by S&P 500 futures threatens to put the broad stock market measure below its 50-day moving average, which hasn't been violated in more than two months. The technical line will be a primary point of focus for market participants this session.

08:35 am : S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -4.00. U.S. stock futures remain mixed, but overseas markets are hampered with weakness as they follow the steep losses that the U.S. indices registered in the previous session. Many overseas banks are lower in sympathy to the losses incurred by domestic banks after President Obama announced plans to curb certain hedge fund-related activities at U.S. banks. As such, Deutsche Bank (DB) has been a primary drag in Germany, where the DAX is down 0.9%. Meanwhile, France's CAC is down 1.0%. Societe Generale and BNP Paribas are primary laggards. As for Britain, its FTSE is off by 1.0% as HSBC (HBC) and Barclays (BCS) act as a drag. In economic news, UK retail sales reportedly increased just 0.3% between November and December. Meanwhile, news sources states that euro zone industrial new orders in November spiked 1.6% from October, but were 1.5% lower than a year earlier. In Asia, the MSCI Asia Pacific Index fell 1.4%, while Japan's Nikkei dropped 2.6%. Fast Retailing and Kyocera (KYO) were its primary laggards. Toyota Motor (TM) also fell -- reports indicate that the company has recalled 2.3 million cars from the U.S. In Hong Kong, the Hang Seng shed 0.7%. Its recently-battered banks recovered, though. That meant that China Construction Bank, Bank of China, Industrial & Commercial Bank of China gained ground. Mainland China's Shanghai Composite fell 1.0%.

08:05 am : S&P futures vs fair value: -3.40. Nasdaq futures vs fair value: -6.00. Following back-to-back sell offs in the stock market, futures are mixed this morning. Many participants have been inclined to sell news of better-than-expected earnings results. Such is the case with Google (GOOG), which posted a substantial bottom line beat, but has seen its stock price slide nearly 4% to $560.50 per share in premarket trade. Shares of GOOG had surged roughly 100% in 2009, so many have argued that the upside results were already priced into shares. Meanwhile, economic bellwether General Electric (GE) has managed to garner support after it posted a positive earnings surprise. Its shares are up 2.0% to $16.35 each ahead of the opening bell. Shares of GE settled 2009 with a slight loss. The apparent pause in action this morning comes despite considerable weakness in both Europe and Asia, where the major indices have been hit with broad-based losses.

06:30 am : Nikkei...10590.5...-277.80...-2.50%. Hang Seng...20726.2...-136.50...-0.60%.

06:30 am : FTSE...5311.2...-24.00...-0.40%. DAX...5710.4...-36.50...-0.60%.

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


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