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 Post subject: January 26th Tuesday 2010 Emini TF ($TF_F) points +22.10
PostPosted: Tue Jan 26, 2010 5:38 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=435.

Quote:
Today's results are 4 wins : 5 losses. Aggressive trading in the first hour of trading and again in the last hour of trading. In between...once again did a lot of personal stuff. Today's key change in supply/demand (WRB S/R Zones) that's still open for use is via the price action between 1522pm - 1524pm est. Trading Tip: Trade conservative in the a.m. on FOMC Announcement days but more aggressively in the p.m. after the announcement...if new...don't trade at all.


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: +22.10 points in the ICE Russell 2000 Emini TF ($TF_F) Futures

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Banks Drag On Stocks
By Alexandra Twin, senior writer
January 26, 2010: 6:03 PM ET

NEW YORK (CNNMoney.com) -- Stocks struggled Tuesday as a late-session selloff in the financial sector cut into an earlier rally that had been sparked by Apple's record quarterly results and a stronger reading on consumer confidence.

After the close, Yahoo (YHOO, Fortune 500) reported a quarterly profit, reversing a year-ago loss, as the online advertising market showed some signs of life. The company also reported weaker quarterly revenue that topped estimates. Shares gained about 2.3% in after-hours trading.

The Dow Jones industrial average (INDU) lost 2 points or less than 0.1%. The S&P 500 index (SPX) shed 4 points, or 0.4%. The Nasdaq composite (COMP) slid 7 points, or 0.3%.

After seesawing through the early morning, stocks turned higher near midday, thanks to gains in financial and consumer shares. But the advance petered out by the end of the session.

Financials led the retreat, with the KBW Bank (BKX) index falling 2.2%.

Stocks mustered slim gains Monday as fears about the bank sector lessened, along with opposition to Federal Reserve Chairman Ben Bernanke serving for a second term.

Investors are still climbing back after last week's battering, in which the Dow, S&P and Nasdaq all plunged 5% in the last three sessions of the week.

Although Apple provided investors with some optimism throughout the session, that wasn't enough to keep stocks higher. The ongoing Fed meeting was also in focus.

Joseph Saluzzi, co-head of equity trading at Themis Trading, said that last week's selloff showed a change in market character. "We've had a lot of little selloffs in the last nine months, but last week was different," he said.

That difference was reflected in the pace of the selling last week and the spike in the VIX - Wall Street's so-called fear gauge - to a six-month high, he said. The VIX has dropped about 11% since late Friday.

He said that the selling in the broad stock market may not quite be over and the risk of another 5% to 7% correction in the short term remains.
0:00 /1:59Politics cloud Bernanke decision

Federal Reserve: The central bank began its two-day policy setting meeting amid ongoing questions about whether the Fed chairman's term will be renewed.

The central bankers are widely expected to hold interest rates steady at historic lows near zero and to signal that they will continue to do so for the time being. A statement is expected Wednesday at around 2:15 p.m. ET.

However, investors will still scour the statement for hints about when the Fed may start to raise interest rates or withdraw some of the trillions of dollars of stimulus it had put into the economy over the last few years.

The combination of sustained low interest rates and more money in the system played a major role in boosting the stock market last year and stopping the recession from becoming a Depression.

With his term set to expire on Jan. 31, questions remain about whether Fed Chairman Bernanke has enough votes in the Senate to force a confirmation vote. However, those worries have lessened this week.

"There's an easing of people's minds this week with respect to Bernanke and that's helping, although some people would still like to get rid of him," said Jack Reutemann, founder of Research Financial Strategies.

Apple: After the close of trading Monday, Apple (AAPL, Fortune 500) reported quarterly earnings and revenue that topped estimates, thanks to strong sales of iPhones and Macintosh computers. Quarterly revenue surged to a record $15.7 billion. The company is on track to debut its greatly-anticipated new tablet computer on Wednesday.

Corporate results: Four Dow components reported results Tuesday.

Travelers Companies (TRV, Fortune 500), the U.S. property-casualty insurer, reported higher quarterly earnings and revenue that beat estimates thanks to strong gains in underwriting and investment. Shares rose 2.7%.

Chemical maker DuPont (DD, Fortune 500) reported a profit versus a year-ago loss and a rise in revenue, thanks to improving market trends and cost cutting. Results topped analysts' estimates.

DuPont also boosted its 2010 earnings forecast due in part to an improving economy. Shares of the Dow component were little changed.

Consumer products maker Johnson & Johnson (JNJ, Fortune 500) reported weaker earnings and stronger revenue versus a year ago, both of which topped forecasts.

The company also forecast a full-year 2010 profit of $4.85 to $4.95 per share versus analysts' expectations for a profit of $4.94 per share, sending the stock a little lower in afternoon trading.

Verizon Communications (VZ, Fortune 500) reported a fourth-quarter loss due to layoff charges. Excluding items, the profit was in line with estimates. The telecom also reported higher revenue that missed estimates. Verizon said it added 2.2 million mobile subscribers, topping forecasts for adds of 1.5 million.

Looking forward, the company said it is seeing a slower-than-expected economic recovery and that it expects to cut 6% of its workforce this year, or around 13,000 jobs.

Verizon shares lost 1.7%.

Confidence: The Consumer Confidence index, from the Conference Board, rose to 55.9 in January from 53.6 in the previous month, versus forecasts for a reading of 53.5.

Housing: A key report that showed prices fell for the first time in seven months. The S&P/Case-Shiller 20-city home price index fell 0.2% in November from October and fell 5.3% from a year ago, in a bigger-than-expected drop.

World markets: Global stocks were under pressure after Standard & Poor's warned it could cut its debt rating on Japan and China implemented some of the bank curbs that had been hinted at last week.

China is one of the big drivers of the global economy and any indication that it is slowing down has an impact on world markets.

Asian markets ended lower, with the Japanese Nikkei tumbling 1.8%. European markets shook off earlier gains to stand flat to higher.

Commodities and the dollar: The dollar gained versus the euro and fell against the yen.

COMEX gold for February delivery rose $2.60 to settle at $1,098.30 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 fell 55 cents to settle at $74.71 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.60% from 3.61% 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 1.12 billion shares. On the Nasdaq, decliners topped advancers by two to one on volume of 2.41 billion shares.

Image

Yahoo! Finance

4:30 pm : Stocks were able to overcome a weak start, but their advance ran into resistance and rolled over late in the session. However, the slide was stopped short as support was secured at the lows set last week.

Premarket selling pressure made for a lower start to the session as participants showed a moderately negative reaction to steep losses in Asia, where China's regulators followed through with plans to raise reserve requirements at select banks and Japan's sovereign debt was put on a negative outlook from Standard & Poor's. A subsequent flight to quality boosted the buck, which didn't help the early tone of trade either.

However, stocks were able to garner some midmorning support with the release of the latest Consumer Confidence Index, which climbed to 55.9 in January from 53.6 in December. Not only did the January reading exceed the 53.5 that had been widely expected, but it also marked the highest reading in more than one year.

Though there is no empirical evidence that connects consumer confidence with higher spending and, in turn, higher profits for retailers, retailers steadily outperformed the broader market and finished with a 0.6% gain.

Tech emerged to trade with considerable strength for most of the session, thanks to Apple (AAPL 205.94, +2.87), which posted upside earnings and a strong forecast. Support for the stock had been constrained initially as it was learned that accounting changes played a part in Apple's numbers, but the stock was able to brush that aside.

Apple's leadership helped take the Nasdaq Composite and the Nasdaq 100 markedly higher, but the two averages ran into resistance at their 50-day moving averages, which were violated during last week's retreats. Meanwhile, the broad-based S&P 500 struggled to make much of a move past the psychologically-significant 1100 line. Failure to extend gains inevitably gave way to selling.

The late afternoon slide took tech back to the neutral line after it had been up as much as 1.3%. Texas Instruments (TXN 23.35, -0.34) was among the sector's primary laggards; participants sold news of the company's positive earnings surprise after the shares had spiked 2.5% in the session before the announcement.

Dow components Johnson & Johnson (JNJ 62.79, -0.43) and Verizon (VZ 30.17, -0.51) were also sold despite better-than-expected earnings of their own.

Fellow Dow component Travelers (TRV 50.23, +1.34) managed to garner support amid its upside surprise, but it couldn't keep the financial sector from falling in afternoon action. Weakness among specialized finance companies (-4.4%) dragged the sector to a 1.7% loss after it had been up as much as 1.0%.

Advancing Sectors: Utilities (+0.4%), Consumer Discretionary (+0.1%)
Declining Sectors: Financial (-1.7%), Telecom (-1.2%), Materials (-1.1%), Energy (-0.5%), Health Care (-0.4%), Industrials (-0.1%)
Unchanged: Consumer Staples, TechDJ30 -2.57 NASDAQ -7.07 NQ100 +0.1% R2K -1.0% SP400 -0.4% SP500 -4.61 NASDAQ Adv/Vol/Dec 869/2.39 bln/1797 NYSE Adv/Vol/Dec 1092/1.12 bln/1943

3:35 pm : Commodities were weak this session in the face of a strong dollar. Commodities pared their gains; however, after the dollar index topped out and sold off late in the morning.

Crude oil futures traded in negative territory for the entire session. After hitting a session low at $73.82 per barrel, the March contract closed 0.7% at $74.71 per barrel. Inventory data will be released after the close and tomorrow morning at 10:30 ET.

Natural gas futures sold off in dramatic fashion this session, extending the prior session's losses. The February contract, which expires at the conclusion of tomorrow's pit trade, closed 4.4% lower at $5.48 per MMBtu. March natural gas closed 4.5% lower at $5.41 per MMBtu.

Precious metals were especially weak early, as the dollar rallied. Gold futures staged an impressive recovery, though. After hitting a session low at $1085.20 per ounce, February gold ran into positive territory and closed up fractionally at $1098.30 per ounce. Silver futures also pared early losses, but did not make it back near the flat line. March silver closed down 1.7% at $16.86 per ounce after hitting a session low at $16.34 per ounce.DJ30 +34.69 NASDAQ +1.32 SP500 -0.43 NASDAQ Adv/Vol/Dec 1089/1.95 bln/1577 NYSE Adv/Vol/Dec 1349/825 mln/1654

3:00 pm : Stocks recently retreated to afternoon lows after they had failed to push through technical resistance. Gains have remained rather broad, though, and stocks have started to reclaim what they recently lost.

Retailers have been among this session's best performers. Thanks to apparel retailers, which are up 2.6%, the group is up 1.0% at the moment. That has helped the consumer discretionary sector make its way to a 0.6% gain.

Automakers have also helped provide support to the consumer discretionary sector. Automakers are currently led by Ford (F 11.38, +0.35), which announced that it will add another shift to a facility in Chicago -- a move that some say is a sign of strength. Meanwhile, General Motors has agreed to sell its Saab unit to Spyker Cars NV. DJ30 +56.53 NASDAQ +8.15 SP500 +3.62 NASDAQ Adv/Vol/Dec 1222/1.73 bln/1423 NYSE Adv/Vol/Dec 1539/738 mln/1463

2:30 pm : Financials continue to pull back, such that the sector now trades with a mere 0.1% gain. Meanwhile, the broad-based S&P 500 has faltered near the psychologically significant 1100 mark and the Nasdaq continues to encounter resistance at its 50-day moving average.

Treasuries have had a rather quiet session. As such the benchmark 10-year Note is up just three ticks. That has its yield at 3.62%. As for the 2-year Note, it is flat with a yield at 0.81%. Earlier this afternoon (1:00 PM ET), results from an auction of 2-year Notes drew a bid-to-cover ratio of 3.1, which is below the four-month average of 3.2, but above the 12-month average of 2.9. DJ30 +45.57 NASDAQ +8.45 SP500 +2.71 NASDAQ Adv/Vol/Dec 1235/1.62 bln/1396 NYSE Adv/Vol/Dec 1541/677 mln/1452

2:00 pm : Steel stocks gained a strong 1.2% in the previous session due to leadership from AK Steel (AKS 21.82, +0.55), which had reported better-than-expected earnings. Such pleasing results encouraged analysts at Credit Suisse to raise their target on the stock this morning. However, disappointing earnings from U.S. Steel (X 51.36, -4.87) have put steel stocks back under pressure this session. In turn, the sector is down 2.0% at the moment.

Weakness among steel stocks has weighed on the materials sector, which currently lags the broader market with a moderate 0.3% gain. DJ30 +83.82 NASDAQ +15.55 SP500 +6.33 NASDAQ Adv/Vol/Dec 1354/1.48 bln/1273 NYSE Adv/Vol/Dec 1674/615 mln/1293

1:30 pm : Both the Nasdaq Composite and the Nasdaq 100 have encountered resistance at their 50-day moving averages, which were initially violated during last week's slide. Inability to push through that line has caused stocks to ease back from their session highs.

Despite the broader pullback, tech continues to outperform. The sector is up a solid 1.0% as large-cap tech issues garner support.

Financials have faltered a bit, though. The sector had been up nearly 1%, but it now trades with a 0.5% gain. Specialized finance (-3.2%) is a primary source of weakness in the sector. DJ30 +71.87 NASDAQ +12.60 SP500 +4.69 NASDAQ Adv/Vol/Dec 1258/1.39 bln/1345 NYSE Adv/Vol/Dec 1566/584 mln/1387

1:00 pm : Stocks struggled in the early going, but tech has helped lead a broader market bounce that has carried the major averages to modest gains.

News that China followed through with plans to hike reserve ratios at select banks and a negative outlook for Japan's sovereign debt rating led to steep losses in Asia and weighed on sentiment in the early going. However, consumer confidence during January helped stop the morning slide.

Once stocks steadied, tech -- the largest sector by market weight in the S&P 500 -- emerged to trade with strength. Tech stocks have made their way to a 1.2% gain with help from Apple (AAPL 212.40, +9.33), which posted upside earnings and a strong forecast. Accounting changes played a part in Apple's numbers, so there was some initial confusion about the quality of the report, but that has since been brushed off.

Not all of tech has found so much favor, though. Both Texas Instruments (TXN 23.69, +0.00) and Corning (GLW 18.50, -0.22) exceeded earnings estimates, but its shares have lagged.

Participants have acted in a sell-the-news manner to upside surprises from Dow component Johnson & Johnson (JNJ 62.65, -0.57) and Verizon (VZ 29.90, -0.78), as well. Their weakness has caused the health care sector and telecom sector to trail the broader market with losses of 0.3% and 1.3%, respectively.

However, fellow Dow component Travelers (TRV 51.11, +2.22) has helped financials advance 0.8% on better-than-expected earnings. Consumer finance stocks have also helped; they are up 2.4%. DJ30 +78.90 NASDAQ +14.96 SP500 +5.79 NASDAQ Adv/Vol/Dec 1278/1.27 bln/1299 NYSE Adv/Vol/Dec 1621/537 mln/1317

12:30 pm : Stocks continue to gradually extend their modest, midsession gains. Tech is still a leader as it ascends to a 1.2% gain. Energy stocks aren't far behind, though; energy stocks are now up 0.9% as a group.

The advance by energy stocks comes even though oil prices remain in the red. Oil contracts last priced crude 0.6% lower at $74.80 per barrel. DJ30 +62.05 NASDAQ +12.40 SP500 +4.37 NASDAQ Adv/Vol/Dec 1197/1.12 bln/1363 NYSE Adv/Vol/Dec 1511/485 mln/1415

12:00 pm : Tech, which is now up 1.0%, is leading a broad-based bounce that has taken stocks to fresh session highs. Apple (AAPL 210.34, +7.27) continues to trade as a primary leader in the sector, but Texas Instruments (TXN 23.69, +0.00) and Corning (GLW 18.24, -0.48) are laggards, even though all three companies exceeded earnings estimates.

Health care (-0.4%) and telecom (-1.4%) continue to lag as the only sectors still in negative territory. Big pharma outfit Johnson & Johnson (JNJ 62.86, -0.36) has proven to be a drag on the former, while integrated telecom giant Verizon (VZ 29.97, -0.71) has weighed on the latter. Both of the Dow components posted upside earnings surprises. DJ30 +54.89 NASDAQ +9.51 SP500 +3.75 NASDAQ Adv/Vol/Dec 1168/1.02 bln/1374 NYSE Adv/Vol/Dec 1430/440 mln/1489

11:30 am : The U.S. dollar has pared its gains, but continues to sport a modest edge over competing currencies. That has the Dollar Index up 0.3%.

The dollar's dip has eased some of the pressure against commodities, which now trade with a 0.6% loss, as measured by the CRB Commodity Index.

Stocks have been able to improve their position amid the dollar's dip. In turn, the major averages are now at fresh session highs, though their gains remain tepid. DJ30 +41.95 NASDAQ +4.28 SP500 +1.28 NASDAQ Adv/Vol/Dec 1069/875 mln/1445 NYSE Adv/Vol/Dec 1283/384 mln/1622

11:00 am : Stocks recently made their way into positive ground, but they have since slipped. While the Dow has managed to hold strong in positive ground with a modest gain, the S&P 500 and the Nasdaq Composite are down with slight losses.

Meanwhile, the Nasdaq 100 has managed to make its way to a 0.3% gain. That comes amid leadership from Apple (AAPL 207.60, +4.53), which announced last evening better-than-expected earnings and issued an upside forecast. DJ30 +17.16 NASDAQ -1.15 SP500 -1.23 NASDAQ Adv/Vol/Dec 936/717 mln/1539 NYSE Adv/Vol/Dec 1081/322 mln/1787

10:30 am : The US Dollar Index has trended higher during today's session and is currently sitting just under morning highs hit moments ago, which is pressuring the commodity complex.

March crude oil and February natural gas have traded in the red all session and put in their session lows minutes after the open of pit trading at $73.82 per barrel and $5.51 per MMBtu, respectively. Crude has recovered much of its losses and is trading at $74.70 per barrel, down 0.7%. Natural gas remains near session lows and is down 3.1% at $5.544 per MMBtu.

Precious metals are now mixed as February gold has moved back into positive territory, off recently hit lows of $1085.20 per ounce. March silver hit its own lows along with gold at $16.34 per ounce and is currently 2.9% lower at $16.64 per ounce, while gold is at $1097.0 per ounce, up 0.1%. DJ30 +32.12 NASDAQ +4.04 SP500 +1.58 NASDAQ Adv/Vol/Dec 990/536.2 mln/1414 NYSE Adv/Vol/Dec 1167/243.9 mln/1646

10:00 am : The January Consumer Confidence Index came in at 55.9, which is above the 53.5 that had been widely expected. It also marks an increase from the upwardly revised December reading of 53.6.

The announcement has helped stocks stop their morning slide and make a bit of an upturn. Still, losses remain broad based as all 10 sectors in the S&P 500 trade in negative territory -- telecom is now down 2.0% and is still the weakest sector.

Early movers: Trading up -- TSCM +19.1%, PLXT +16.3%, LYV +14.2%, VMW +13.3%, MTXX +13.2%, VLTR +12.6%, AMLN +11.7%, PRXL +11.7%, ALKS +11.3%, THLD +10.9%, ZION +9%; Trading down -- TRE -11.5%, ONCY -9.7%, WFT -8.9%, GXDX -8.7%, X -8%, CFSG -7.9%, AGQ -7.5%, CR -7.4%, ZRAN -6.9%, GNVC -6.4%, CAGC -6.1%

Advancing Sectors: (None)
Declining Sectors: Telecom (-2.0%), Materials (-1.0%), Health Care (-0.8%), Energy (-0.6%), Industrials (-0.5%), Consumer Staples (-0.3%), Utilities (-0.3%), Tech (-0.2%)
Unchanged: Financials, Consumer DiscretionaryDJ30 -26.45 NASDAQ -11.91 SP500 -5.48 NASDAQ Adv/Vol/Dec 616/317 mln/1712 NYSE Adv/Vol/Dec 793/159 mln/1976

09:45 am : The major indices are mixed, but financials have managed to put together a solid 0.3% gain in the early going. The move comes amid leadership from property and casualty insurer Travelers (TRV 50.61, +1.72), which is up solidly after it posted better-than-expected earnings for its latest quarter.

Telecom is under pressure, though. The sector booked the best gains of any major sector in the previous session, but it is now down a sharp 1.3%, which is worse than any other sector. The previous session was led by Verizon (VZ 30.09, -0.59), but now the company is leading the sector's slide this morning as participants act in a sell-the-news manner to the company's upside earnings results. DJ30 +7.41 NASDAQ -6.55 SP500 -1.65 NASDAQ Adv/Vol/Dec 627/185 mln/1607 NYSE Adv/Vol/Dec 834/105 mln/1845

09:15 am : S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -6.00. Stock futures have lost ground so that a lower start for today's trade now looks to be in order. Dwindling support comes despite another batch of upside surprises, including better-than-expected earnings from Dow components Travelers (TRV), Verizon (VZ), and Johnson & Johnson (JNJ). Texas Instruments (TXN) and Apple (AAPL) also posted better-than-expected earnings and went on to issue upside guidance. However, the realization that accounting changes played a part in Apple's numbers kept a cap on enthusiasm; still, the results were enough for analysts at Citigroup to hike their price target for shares of AAPL, which are up 1.4% to $205.99 per share in premarket trade. Sharp losses in Asia amid news that China followed through with plans to hike reserve ratios at select banks hasn't helped sentiment this morning, neither has word that Standard & Poors issued a negative outlook on Japan's sovereign debt rating. Such a threat has compelled some to pursue safety and, in turn, bid up the buck, which currently sports a 0.5% gain against a basket of foreign currencies. That has commodities back under pressure and the CRB Commodity Index down 1.0%.

09:00 am : S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -2.00. The S&P/Case-Shiller Home Price Index for November came in at 146.3, which is in step with the 146.8 that had been widely expected. The latest reading is also little changed from the 146.6 reading in October. Meanwhile, the composite 20-city measure increased 0.2% month-over-month, but the November consensus had called for a 0.3% monthly increase to follow the downwardly revised 0.3% monthly increase that had been seen in October. Stock futures haven't moved much in the wake of the announcement. In turn, stock futures point to a flat-to-lower start to the session.

08:30 am : S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -1.50. Declining issues outnumber advancers by almost 2-to-1 in Germany's DAX, but the bourse has managed to make a fractional gain. Deutsche Bank (DB) and Daimler (DAI) are primary sources of weakness, but Siemens (SI) is strong after it posted profit growth for its first fiscal quarter. In France, the CAC is off by 0.1%. Financial issues are collectively weak as AXA (AXA), BNP Paribas, and Credit Agricole lead losses. Natural resource plays are the primary source of weakness in Britain, where the FTSE is down 0.1%. Specifically, Rio Tinto (RTP), Xstrata, BHP Billiton (BHP), and BP PLC (BP) are laggards. In economic news, the U.K. economy grew emerged from recession in the fourth quarter with 0.1% growth quarter-over-quarter, but that wasn't as strong as the 0.4% increase that had been widely forecast. In Asia, the MSCI Asia Pacific Index fell 1.9% and Japan's Nikkei lost 1.8%. Shares of Japanese exporters were hurt as the yen climbed in the wake of news that China followed through with its ordered increase in reserve requirements at certain banks. Sony (SNE), TDK (TDK), Toyota Motor (TM), and Honda Motor (HMC) all fell markedly. In other news, the Bank of Japan kept the benchmark interest rate unchanged at 0.1%and Standard & Poor's cut its outlook on Japan's sovereign credit rating to "negative." Hong Kong's Hang Seng dropped 2.4% as Industrial and Commercial Bank of China, China Construction Bank, and Bank of China were dropped for substantial losses amid news of increased reserve requirements. In mainland China, the Shanghai Composite closed 2.4% lower.

08:00 am : S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -0.50. Better-than-expected earnings Apple (AAPL), Texas Instruments (TXN), Verizon (VZ), and Johnson & Johnson (JNJ) have only made for mixed premarket action this morning, but that is largely because overseas markets, particularly in Asia, were hit with stiff selling pressure once more. A strong bounce by the greenback against a basket of foreign currencies hasn't helped the tone of trade this morning either. In addition to more earnings announcements, there are a few economic reports still to come this morning; the S&P/CaseShiller Home Price Index is due at 9:00 AM ET, followed by Consumer Confidence for January is due at 10:00 AM ET.

06:16 am : S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -6.80.

06:16 am : Nikkei...10325.28...-187.40...-1.80%. Hang Seng...20109.33...-489.20...-2.40%.

06:16 am : FTSE...5233.28...-27.20...-0.50%. DAX...5612.50...-18.90...-0.30%.

Special thanks to Yahoo! Finance and CNNMoney for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
Image@ http://twitter.com/wrbtrader

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