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 Post subject: January 28th Thursday 2010 Emini TF ($TF_F) points +13.30
PostPosted: Thu Jan 28, 2010 5:35 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=437.

Quote:
Today's results are 8 wins : 2 losses. Today's trend day (down) started around 0830am est while most traders was still preparing for the 0930am est open. I myself was still eating breakfast. I was talking in #FuturesTrades about key price areas based upon "volatility contraction" yesterday after the FOMC Announcement. Those volatility contractions are llike pivots or key changes in supply/demand. Chart @ http://chart.ly/ktnrnf

As for my own trading...did a lot of watching, learning, live recording and I felt tired after yesterday's trading session.


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: +13.30 points in the ICE Russell 2000 Emini TF ($TF_F) Futures

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Stocks Get Hammered
By Alexandra Twin, CNNMoney.com senior writer
January 28, 2010: 4:26 PM ET

NEW YORK (CNNMoney.com) -- Stocks trimmed losses by the close Thursday, but remained deep in the red, with techs falling after cautious outlooks from Qualcomm and Motorola. Ongoing worries about the labor market also gave investors a reason to retreat.

The Dow Jones industrial average (INDU) lost 115 points, or 1.1%, according to early tallies. The S&P 500 index (SPX) fell 13 points, or 1.2%. The Nasdaq composite (COMP) lost 42 points, or 1.9%. The Dow & S&P 500 closed at nearly three-month lows and the Nasdaq closed at a 2-month low.

Stock declines were broad based, with 24 of 30 Dow components falling, led by IBM (IBM, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), Microsoft (MSFT, Fortune 500), McDonald's (MCD, Fortune 500), 3M (MMM, Fortune 500) and Caterpillar (CAT, Fortune 500).

"I think there is a sense that the economic recovery will take longer than had been anticipated and that the stock market got a little ahead of itself," said Doreen Mogavero, CEO at Mogavero Lee & Co. and an NYSE floor trader.

The S&P 500 rallied 23% last year and gained 65% since the March 2009 bottom. So far, in 2010, the S&P 500 has lost just short of 3%, as of Thursday's close.

Stocks may be in for more selling in the short run. "I think for the next few months, you're going to see not necessarily a down market, but a consolidating market," Mogavero said.

Weaker-than-expected economic readings on durable goods orders and unemployment were also in play Thursday, overshadowing President Obama's push for jobs. Ford Motor's first annual profit in 4 years and other positive profit news were mostly ignored.

Later in the day, Fed Chairman Ben Bernanke was confirmed for a second term after heavy lobbying by Democrats and the Obama administration.

Worries that Bernanke's term might not be renewed were among the factors that roiled markets last week. But concerns about the Obama administration's plans to impose greater regulations on banks and China's lending curbs really drove the selling, sending the major gauges down 5% in three session.

Tech stocks tumble: Technology in particular had a rough session Thursday, with telecom and semiconductors leading the decline.

"Tech is getting smashed and that's spread to the rest of the market," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams.

He said that a weak outlook from Qualcomm was dragging on semiconductors and, by extension, the broad technology sector. Motorola also gave a weak outlook, adding to the selling pressure.

In addition, the Nasdaq's run over the last year has outpaced that of the other major indexes and investors may be looking to cash out, particularly amid broader worries about the economy and banking sector.

"There's been a huge run-up in the market, people are worried about the deficit and unemployment and so they want to take some profits," Rovelli said.
Time for Tim Geithner to go

Qualcomm and Motorola: Qualcomm (QCOM, Fortune 500), a maker of chips and other gear used in mobile phones, warned late Wednesday that a more mild outlook for the economy this year has caused it to cut back expectations.

The company cut its earnings and revenue outlook for the current quarter and the forecast overshadowed its better-than-expected fourth-quarter results. Shares fell 14% in heavy trading.

A number of chip and telecom shares fell in response, with the Philadelphia Semiconductor index, or the SOX (SOX), falling 3.9%.

Motorola (MOT, Fortune 500) warned Thursday that it expected to post a loss in the current quarter as it spends more to launch new smartphones. The telecom also reported a better-than-expected fourth-quarter profit that reversed a year-ago loss and stronger smartphone shipments than expected. But investors focused on the outlook, sending the stock down by about 11%.
0:00 /1:55Obama garners a lukewarm review

Obama: In his State of the Union Address Wednesday night, the president said that boosting employment is his administration's "No. 1 focus in 2010" and that he was calling for a new jobs bill.

He said the administration will work on beefing up hiring in the short term and creating sustainable jobs that grow wages in the longer term.

Economy: The number of Americans filing new claims for unemployment fell to 470,000 last week, down from a revised 478,000 the previous week. Economists surveyed by Briefing.com thought claims would fall to 450,000.

Continuing claims, a measure of individuals who have been receiving benefits for a week or more, fell to 4,602,000 from 4,659,000 the previous week versus expectations for 4,593,000 claims.

A separate report showed that December durable goods orders, a measure of manufacturing, rose 0.3% after falling 0.4% in the previous month. Economists expected orders to rise 2%.

Ford Motor: The automaker reported its first profitable year since 2005 and said it expects to make money again in 2010. The company earned $2.7 billion in 2009, or 86 cents per share, easily surpassing analysts' expectations that it would post a loss of 31 cents per share.

In the fourth quarter, Ford (F, Fortune 500) said it earned 43 cents a share, trouncing estimates and marking a big turnaround from the $1.40 per share loss it reported in fourth-quarter 2008.

After a brutal 2008, the broad auto sector has been recovering this year. However, Ford's recovery has outpaced rivals. The company said it benefited from increased market share in the United States and Europe, a pickup in auto sales and cost cutting.

Quarterly results: Three Dow companies reported results Thursday morning.

3M (MMM, Fortune 500) reported higher quarterly sales and earnings that topped forecasts, due to stronger demand for its products, in particular, the units that make products for auto makers and computer and television makers. The company also raised its earnings forecast for 2010. Nonetheless, shares fell 3%.

AT&T (T, Fortune 500) reported higher quarterly earnings that met estimates on lower quarterly revenue that slightly surpassed estimates. The company said it added 2.7 million new wireless subscribers, thanks to continued demand for smartphones, e-readers and other electronic devices. Shares inched higher.

Procter & Gamble (PG, Fortune 500) reported weaker earnings and stronger revenue in its fiscal second quarter. However, results surpassed estimates as the consumer products maker cut costs on its products, which include brands such as Pampers and Charmin. Shares gained 2%.

Apple unveiled the new iPad on Wednesday, the 1.5-pound, half-inch wide tablet computer that falls between a smartphone and a laptop. After seesawing Wednesday, Apple shares slipped Thursday.

Federal Reserve: On Wednesday, the central bank said that the economy is continuing to recover slowly, but that it will keep interest rates at historic lows near zero to provide support.

World markets: Global markets gained after several down sessions, impacted by China's debt curbs and S&P's warning that it may cut Japan's debt. Asian markets rallied Thursday, with Japan's Nikkei adding 1.6%. European markets also gained, with London's FTSE up 0.5% and Germany's DAX and France's CAC 40 both up 0.6%.

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

COMEX gold for February delivery rose 70 cents to $1,085.90 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 23 cents to $73.44 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.66% from 3.65% late Wednesday. Treasury prices and yields move in opposite directions.

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Yahoo! Finance

4:35 pm : Losses among large-cap tech issues left the broader market mired in weakness, despite another big batch of generally better-than-expected earnings results.

Stocks opened the session in mixed fashion amid news that Procter & Gamble (PG 61.68, +0.87), Colgate-Palmolive (CL 79.99, -0.40), 3M (MMM 80.75, -1.55), Ford (F 11.41, -0.14), Bristol-Myers Squibb (BMY 24.10, -0.20), and Nokia (NOK 13.98, +1.06) topped Wall Street's earnings estimates. Not all of the announcements featured upside surprises, though; AT&T (T 25.54, -0.08) and Baxter International (BAX 58.20, -0.71) both met expectations, but Eli Lilly (LLY 35.75, -0.64) came short of the consensus.

The latest dose of economic data proved disappointing. Durable goods orders for December increased 0.3%, which was far softer than the 2.0% increase that had been widely expected. Excluding transportation, durable goods orders for December increased 0.9%, but that was stronger than the 0.5% increase that had been forecast by economists.

Initial jobless claims for the week ended Jan. 23 were down 8,000 week-over-week to 470,000, but that still exceeded the consensus call for 450,000 claims. Continuing claims totaled 4.60 million, which is slightly above the 4.59 million continuing claims that had been expected, but down from the 4.66 million continuing claims total from the previous week.

Though there wasn't much direction in the opening minutes of trade, it didn't take long for tech stocks to come under stiff selling pressure, which resulted in a 2.9% loss for the sector. Particular weakness among large-cap tech caused the Nasdaq Composite to underperform its counterparts.

Though tech's downturn was steeper than that of the broader market, the theme of weak large-cap tech has been relatively common since the start of the year. Some analysts say that tech's huge gains in 2009 were underpinned by the notion that the sector's fundamentals would see a sharp rebound. Now that those numbers are being reported, some have opted to sell the news, while others believe the numbers aren't strong enough to justify the sector's surge from lows last March.

Tech's weight in the broader market and degree of weakness weighed heavily on the other major sectors, such that they all logged losses.

Banks garnered modest support, though. Specifically, regional banks advanced 0.4% and diversified banks gained 0.5%. That move came amid news that Standard & Poor's no longer classifies the United Kingdom among the most stable and low-risk banking systems globally.

Despite general distaste for stocks, Treasuries failed to find support. Even a stronger-than-average bid-to-cover ratio of 2.9 in a $32 billion auction of 7-year Notes failed to stimulate demand for the benchmark 10-year Note, which essentially finished flat.

Advancing Sectors: (None)
Declining Sectors: Tech (-2.9%), Materials (-1.9%), Industrials (-1.2%), Utilities (-1.1%), Energy (-1.0%), Telecom (-0.9%), Health Care (-0.7%), Consumer Discretionary (-0.6%), Financials (-0.4%), Consumer Staples (-0.3%)DJ30 -115.70 NASDAQ -42.41 NQ100 -2.6% R2K -1.7% SP400 -1.3% SP500 -12.97 NASDAQ Adv/Vol/Dec 752/2.82 bln/1909 NYSE Adv/Vol/Dec 799/1.12 bln/2236

3:35 pm : Commodities traded higher overnight but sold off in the morning along with broader market weakness and strength in the dollar.

After hitting a session low late in the pit trade, precious metals pared their losses. February gold actually made it back into positive territory, but closed fractionally lower at $1083.60 per ounce. March silver closed 1.6% lower at $13.21 per ounce.

Crude oil futures hit a session low late in the morning. After bouncing off the $73 level, March crude oil closed essentially unchanged at $73.64 per barrel.

A smaller than expected draw did not send natural gas futures significantly lower this session, after trading for a loss in the prior two sessions. March natural gas closed down a modest 1.1% at $5.17 per MMBtu. The March contract is now down nearly 10% over the last 3 sessions.DJ30 -71.57 NASDAQ -32.45 SP500 -7.65 NASDAQ Adv/Vol/Dec 746/2.39 bln/1898 NYSE Adv/Vol/Dec 903/777 mln/2107

3:00 pm : All three major indices remain mired in weakness, though losses in the Nasdaq are steepest.

Participants await the Senate's vote for the reconfirmation of Ben Bernanke to the position of Fed Chairman. Though polled senators have expressed more support than not, there has been an element of uncertainty in regard to the matter. Such uncertainty has been hanging over the market in recent sessions. DJ30 -101.72 NASDAQ -37.15 SP500 -10.74 NASDAQ Adv/Vol/Dec 669/2.12 bln/1958 NYSE Adv/Vol/Dec 746/692 mln/2248

2:30 pm : The stock market continues to be hampered by widespread weakness, such that declining issues outnumber advancers by 4-to-1 in the S&P 500. Tech continues to trade with the steepest losses -- the sector is presently down 2.9%.

Though tech's downturn this session has been steeper than that of the broader market, the theme hasn't been out of the ordinary since the start of the year. More directly, tech stocks have struggled to extend the huge gains that they saw in 2009. Year-to-date, the tech sector is down 6.5%, which is more than twice the size of the S&P 500's current 2.7% year-to-date loss. DJ30 -114.95 NASDAQ -43.05 SP500 -11.44 NASDAQ Adv/Vol/Dec 612/2.03 bln/2003 NYSE Adv/Vol/Dec 704/637 mln/2292

2:00 pm : The financial sector's ascent has run into resistance. Financials are now down to a 0.1% loss after they recently made their way to a modest gain. The pullback in the sector has been mirrored by a broader market slip.

Volatility has eased as the afternoon progresses. The Volatility Index was up nearly 10% earlier, but it is now up 2.0% for the session. DJ30 -107.69 NASDAQ -40.69 SP500 -11.22 NASDAQ Adv/Vol/Dec 656/1.88 bln/1932 NYSE Adv/Vol/Dec 765/585 mln/2215

1:30 pm : Financial stocks have spiked into positive territory so that they now sport a modest 0.2% gain. The sector had been down 1.7% at its session low. Banks have been integral in the move -- regional banks are up 1.4%, diversified banks are up 1.2%, and diversified financial services stocks are up 1.4%.

What's more, leadership from financials has helped the broader market pare some of its losses, though weakness remains widespread.

In the meantime, Treasuries have turned a few ticks lower. Their weakness comes in the face of results from a $32 billion auction of 7-year Notes that produced a stronger-than-average bid-to-cover of 2.9. The benchmark 10-year Note is now down 5 ticks, though. DJ30 -98.17 NASDAQ -40.49 SP500 -10.20 NASDAQ Adv/Vol/Dec 626/1.70 bln/1949 NYSE Adv/Vol/Dec 738/535 mln/2213

1:00 pm : Weakness among tech stocks has caused the stock market to surrender its gains from the previous session and trade at fresh two-month lows. The downward move comes amid a barrage of headlines.

Continued support from the previous session, gains overseas, and a lack of political rhetoric during President Obama's State of the Union address had helped secure support for stocks ahead of the opening bell. Another large batch of better-than-expected earnings also helped from a sentiment standpoint.

Participants were quickly unsettled by a higher-than-expected initial jobless claims tally and a mixed durable goods orders report, but pressure didn't really pick up until the open and tech stocks took a steep tumble.

Tech stocks are currently down 3.3% as large-cap tech issues fall sharply out of favor. Their weakness has caused the Nasdaq Composite to underperform its counterparts and the Nasdaq 100 to flirt with a 3% loss. Amid tech's slide, the broader market has become imbued with weakness and is without any real support.

Consumer staples stocks make up the only sector to hold up against this session's sell-off. That is owed largely to better-than-expected earnings from Dow component Procter & Gamble (PG 62.19, +1.38).

Fellow Dow component 3M (MMM 80.04, -2.26) also exceeded earnings expectations, but it has been hit by sellers anyway. It has led industrial stocks to a 1.7% loss.

Another advance by the dollar certainly hasn't helped stocks, either, this session. The greenback had been flat against competing currencies ahead of the opening bell, but it is now up nearly 0.3%.

Despite distaste for stocks, Treasuries have also failed to find any support. In turn, the benchmark 10-year Note is down a couple of ticks. That could change, however, with the imminent release of results from a $32 billion auction of 7-year Notes.DJ30 -132.75 NASDAQ -47.01 SP500 -14.58 NASDAQ Adv/Vol/Dec 561/1.58 bln/2004 NYSE Adv/Vol/Dec 652/480 mln/2288

12:30 pm : The major indices are stuck near session lows, but tech stocks continue to slide deeper into negative territory, such that the tech sector is now down 3.4%. Motorola (MOT 6.45, -0.95) is a primary laggard in the tech sector, even though it posted better-than-expected earnings for its latest quarter. DJ30 -151.75 NASDAQ -52.60 SP500 -16.73 NASDAQ Adv/Vol/Dec 522/1.45 bln/2030 NYSE Adv/Vol/Dec 616/441 mln/2323

12:00 pm : Stocks recently took out the previous session's lows as sellers knocked the major indices another leg lower. The slide has been broad based with six of the major sectors in the S&P 500 down in excess of 1% -- a 3.0% loss for tech has made it the worst offender.

Consumer staples stocks continue to show relative strength, though. Despite the degree of losses in the broader market, consumer staples are only down fractionally.

Though overall weakness remains widespread among equities, Treasuries have failed to find any support. In turn, the benchmark 10-year Note is down a couple of ticks. That could change, however, with the release of results from a $32 billion auction of 7-year Notes. DJ30 -135.81 NASDAQ -45.30 SP500 -14.44 NASDAQ Adv/Vol/Dec 544/1.29 bln/1964 NYSE Adv/Vol/Dec 662/395 mln/2226

11:30 am : The stock market has steadied its slide as the S&P 500 comes in contact with the 1085 line, which is also near the previous session's low. Any meaningful breakdown below that mark would put the stock market at a fresh two-month low.

There hasn't been any real source of strength for stocks this session. As such, all 10 major sectors are in negative territory. DJ30 -120.46 NASDAQ -45.07 SP500 -12.67 NASDAQ Adv/Vol/Dec 597/1.08 bln/1857 NYSE Adv/Vol/Dec 725/347 mln/2119

11:00 am : Stocks have fallen to fresh session lows. Though the move has yet to put the S&P 500 below its lows from the previous session, the steeper slide in the Nasdaq Composite has it at a new one-month low.

Tech continues to trade with outsized weakness. The sector is now down 2.6%, which is more than double the losses of the next worst performing sectors (materials and industrials -- both are down 1.0%).

Semiconductors have been a source of weakness within the tech sector. Of the 21 components in the Philadelphia Semiconductor Index, 18 are in negative territory. Applied Materials (AMAT 12.45, -0.59) and Broadcom (BRCM 27.60, -1.11) are leading losses, which have culminated in a 3.5% decline for the Semiconductor Index. DJ30 -100.94 NASDAQ -35.30 SP500 -8.86 NASDAQ Adv/Vol/Dec 683/870 mln/1729 NYSE Adv/Vol/Dec 889/295 mln/1923

10:30 am : The US Dollar Index is gaining strength in morning activity, which is creating selling pressure on commodities.

The dollar's recent strength pushed March crude oil into negative territory and to fresh morning lows of $73.31 per barrel. In current activity, crude is down 0.1% at $73.59 per barrel.

March natural gas fell into negative territory at the open of pit trading. Ahead of weekly inventory data, where consensus called for a draw of 102 bcf, the energy component was trading 1.2% lower at $5.163 per MMBtu. Following the data, which showed a draw of 86 bcf, natural gas pushed to fresh lows of $5.06 per MMBtu. Natural gas is currently 1.3% lower at $5.154 per MMBtu.

March gold and February silver pulled back off of session highs of $1095.70 per ounce and $16.755 per ounce, respectively, on the dollar's recent strength, but remain in positive territory. Gold is currently 0.2% higher at $1086.80 per ounce, while silver is currently 0.4% higher at $16.51 per ounce.DJ30 -68.09 NASDAQ -27.41 SP500 -6.77 NASDAQ Adv/Vol/Dec 806/576.5 mln/1505 NYSE Adv/Vol/Dec 985/246.5 mln/1783

10:00 am : Large-cap tech issues have put the tech sector at a 1.5% loss. As the sector extends its opening slide, sellers have turned against the broader market. That has imbued the financial sector and energy sector with weakness; both sectors had jumped out to a modest gain in the opening minutes of action, but financials are now flat and energy stocks are now down 0.4%.

A pullback in oil has also pressured energy stocks. Oil was up modestly in early pit trade, but prices are now essentially flat at $73.65 per barrel.

An advancing dollar certainly hasn't helped oil prices, though it hasn't helped the tone of trade in the broader equity market, either. The greenback had been flat against competing currencies ahead of the opening bell, but it is now up nearly 0.3%.

Early movers: Trading up -- EK +21.5%, NFLX +21.1%, PROV +15%, ALGN +12.5%, GNTX +10.7%, SOA +10.5%, NOK +9.5%, SIGA +8.4%, OSK +8%; Trading down -- KSP -27.7%, TTEK -19.9%, QCOM -13.3%, MOT -10.3%, KEX -9.4%, BDH -9.2%, LSI -8.3%, NPBC -6.8%, JNY -5.8%, PSSI -5.8%

Advancing Sectors: Consumer Staples (+0.5%), Health Care (+0.2%), Consumer Discretionary (+0.2%)
Declining Sectors: Tech (-1.5%), Utilities (-0.8%), Telecom (-0.8%), Energy (-0.4%), Industrials (-0.4%), Materials (-0.3%)
Unchanged: FinancialsDJ30 -33.10 NASDAQ -14.51 SP500 -2.66 NASDAQ Adv/Vol/Dec 954/352 mln/1273 NYSE Adv/Vol/Dec 1241/159 mln/1438

09:45 am : Large-cap tech is showing considerable weakness during the first few minutes of trade. Its downturn has caused the Nasdaq Composite to underperform its counterparts, but losses in the Nasdaq 100 (-1.1%) are even more pronounced.

Apple (AAPL 202.65, -5.23) is a primary source of weakness among large-cap tech issues. The stock was able to make an upward move in the previous session, when the company unveiled its latest device, but the stock has come under a stiff bout of pressure in this session's early going. That has pushed the stock back below its 50-day moving average.

Conversely, consumer staples stocks have displayed strength in early action. The sector is up 0.9% as shares of Procter & Gamble (PG 62.91, +2.10) spike in the wake of better-than-expected earnings. Colgate-Palmolive (CL 81.08, +0.69) also exceeded earnings expectations. DJ30 -24.26 NASDAQ -9.33 SP500 -1.16 NASDAQ Adv/Vol/Dec 1017/250 mln/1135 NYSE Adv/Vol/Dec 1359/112 mln/1270

09:15 am : S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: -9.50. Disappointment that stemmed from a higher-than-expected initial jobless claims tally and a mixed durable goods orders report has left stock futures to point toward a mixed start for this session. Initial strength came as buying momentum had carried over from the previous session's late advance and solid gains were made by overseas markets, which seemed to respond positively to a lack of political rhetoric and calls for reform during President Obama's State of the Union address. Another large batch of generally better-than-expected earnings results, including those of several widely-held companies, has also helped to provide some stability this morning.

09:00 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: -10.30. U.S. stock futures are mixed after a recent retreat, but overseas markets have put together strong gains. Their advance comes after U.S. stocks finished the previous session on a strong note and President Obama addressed the U.S. with a speech that featured themes of progress and unification, rather than regulation and reform. Specifically, Germany's DAX is currently up 0.4% amid broad-based support, which has taken BASF, Deutsche Bank (DB), and Daimler (DAI) to solid gains. Meanwhile, France's CAC has made its way to a 0.5% gain, thanks to financial issues AXA (AXA), Societe Generale, and BNP Paribas. Financial issues are also providing leadership to Britain's FTSE, which is up 0.5%. HSBC (HBC), Barclays (BCS), and Lloyds Group (LYG) are among its primary leaders. AstraZeneca (AZN) has been a laggard due to disappointing bottom line results, though. In Asia, the MSCI Asia Pacific Index advanced 1.0%, while Japan's Nikkei gained 1.6%. Honda Motor (HMC), Sony (SNE), and Canon (CAJ) provided pleasing quarterly reports, which helped them provide leadship. However, Toyota Motor (TM) slid amid concerns about its suspension of key care models in the U.S. In Hong Kong, the Hang Seng also advanced 1.6% after it pushed up from its 200-day moving average amid strength in financial issues, which have been bogged down in recent sessions due to concerns about tighter monetary policy. Industrial and Commercial Bank of China, China Construction Bank, and Bank of China made marked moves higher. In mainland China, the Shanghai Composite finished with a more modest 0.3% gain.

08:35 am : S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: -6.50. Durable goods orders for December increased 0.3%, which is far softer than the 2.0% increase that had been widely expected. However, December's increase marked a rebound from the downwardly revised 0.4% decline that was seen in November. Excluding transportation, durable goods orders for December increased 0.9%, which is stronger than the 0.5% increase that had been forecast by economists. Though the latest orders less transportation reading exceeded expectations, it marked a moderation from the upwardly revised 2.1% increase that was registered in November. Separately, initial jobless claims for the week ended Jan. 23 totaled 470,000, which is more than the consensus call for 450,000 claims. The latest tally was down 8,000 week-over-week. As for continuing claims, they totaled 4.60 million, which is slightly above the 4.59 million continuing claims that had been expected, but down from the upwardly revised 4.66 million continuing claims tally set in the previous week. Participants have reacted negatively to the news and, in turn, pushed stock futures lower.

08:05 am : S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: -3.80. A deluge of earnings announcements has hit news wires since the previous session's close -- results remain upbeat, in general. Among the more widely-held companies, consumer staples giants Procter & Gamble (PG) and Colgate-Palmolive (CL) both exceeded earnings expectations, as did the much smaller Chattem (CHTT). Dow component 3M (MMM) beat the consensus and raised its outlook, while fellow Dow component AT&T (T) met the consensus. Among health care plays, Eli Lilly (LLY) came short of the consensus earnings estimate, but Bristol-Myers Squibb (BMY) beat. Baxter International's (BAX) bottom line was in-line with expectations. Meanwhile, mobile handset makers Motorola (MOT) and Nokia (NOK) both provided upside earnings surprises. In addition to the reports, strong buying overseas has helped to lift the mood of premarket participants, such that stock futures point to a higher start for the session. There are a few catalysts for trade still to come, though; at the bottom of the hour durable goods orders and weekly jobless claims are due.

07:00 am : S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: -8.50.

07:00 am : Nikkei...10414.29...+162.20...+1.60%. Hang Seng...20356.37...+323.30...+1.60%.

07:00 am : FTSE...5226.60...+9.20...+0.20%. DAX...5657.27...+14.30...+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

Phone: +1 708 572-4885
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