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 Post subject: February 1st Monday 2010 Emini TF ($TF_F) points +12.30
PostPosted: Tue Feb 02, 2010 1:32 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=71&t=439.

Quote:
Today's results are 11 wins : 9 losses. The trading day was boring eventhough I took 20 trades. However, most of those trades was trying new trade management and a few new trade signal strategies. I don't have much to say because I'm still catching up on the end of the month (January) work. Yet, you can always review the #FuturesTrades log or twitter commentary @ http://twitter.com/wrbtrader/ to see trades and market commentaries.

Trading Tip: Don't get stuck trading via one interval unless you don't want that many trade opportunities it's target.


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: +12.30 points in the ICE Russell 2000 Emini TF ($TF_F) Futures

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Stocks Bounce After Battering
By Alexandra Twin, senior writer
February 1, 2010: 6:02 PM ET

NEW YORK (CNNMoney.com) -- Stocks surged Monday, starting off a new month with strong gains, as investors welcomed better-than-expected reports on personal income, manufacturing and Exxon Mobil's profit.

The Dow Jones industrial average (INDU) rose 118 points, or 1.2%. The S&P 500 index (SPX) gained 15 points, or 1.4%. The Nasdaq composite (COMP) added 24 points, or 1.1%.

Wall Street ended one of the worst months in nearly a year Friday, with the Dow, S&P 500 and Nasdaq all closing at two-month lows. President Obama's plan to restrict trading at big banks, China's bank lending curbs and global debt worries all rattled investors.

But investors used the selloff as an opportunity to get back into stocks Monday, continuing last year's trend.

"People getting in at these levels are assuming that this is another of the mini-corrections we've seen over the last 11 months, but I would be skeptical," said Paul Brigandi, vice president of trading at Direxion Funds.

He said that with the market up more than 50% from the lows of last March, a correction of 10% to 15% was not out of the question. Between the high on Jan. 19 and Friday's lows, the S&P 500 lost just under 7%.

Looking forward, "I think you could see a deeper selloff," Brigandi said.

Gains were broad based, with 28 of 30 Dow components rising, led by Boeing (BA, Fortune 500), Caterpillar (CAT, Fortune 500), Chevron (CVX, Fortune 500), Hewlett-Packard (HPQ, Fortune 500), IBM (IBM, Fortune 500), McDonald's (MCD, Fortune 500) and Exxon Mobil (XOM, Fortune 500).
How to slash the debt by $1.2 trillion

Quarterly results: Exxon Mobil reported a profit of $6.05 billion or $1.27 per share, down about 18% from the fourth quarter of 2008 when oil prices were lower and fuel demand was higher. Nonetheless, results topped the forecasts of analysts surveyed by Thomson Reuters.

With around 45% of the S&P 500 having reported results, earnings are currently on track to have risen 206% from a year ago, according to the latest from Thomson Reuters. But the rise is mostly due to cost-cutting and easy comparisons to an abysmal fourth quarter of 2008.

The financial sector in particular is set to bounce back. Strip out financial sector results and earnings are only expected to rise 15%.

Revenue is set to rise about 7% year over year. Without financials, revenue is expected to rise about 2%.

Budget: President Obama unveiled a $3.8 trillion budget for 2011 on Monday that looks to both support the still-fragile economy and temper the nation's growing deficit.

Economy: Personal income rose 0.4% in December, the Commerce Department reported, surprising economists who were looking for an increase of 0.3% on average, according to Briefing.com estimates. Income rose 0.5% in the previous month.

Personal spending rose 0.2% after rising 0.3% in the previous month. Economists thought it would rise 0.3% in December.

The Institute for Supply Management's manufacturing index rose to 58.4 in January from 54.9 in December. Economists thought it would rise to 55.5.

Construction spending fell 1.2% in December, worse than the drop of 0.5% economists were expecting. Spending fell 1.2% in November.
0:00 /0:59Toyota to fix gas pedals

Toyota: On Monday, the company announced plans to fix millions of gas pedals in recalled vehicles and said it has already shipped out parts to dealers.

The fix eliminates the problem that caused pedals to stick, which prompted the recall of 2.3 million vehicles in the United States. Toyota (TM) shares gained 3.8%.

World markets: In overseas trading, Asian markets ended higher, rebounding after last week's selloff. European markets gained, with the London FTSE up 1.1%, the German DAX up 0.8% and the French CAC 40 up 0.6%.

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

COMEX gold for February delivery rose $21.30 to settle at $1,104.30 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 added $1.54 to settle at $74.53 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices fell, raising the yield on the 10-year note to 3.65% from 3.58% late Friday. Treasury prices and yields move in opposite directions.

Market breadth was positive. On the New York Stock Exchange, winners beat losers nearly four to one on volume of 1.04 billion shares. On the Nasdaq, advancers beat decliners eight to five on volume of 2.23 billion shares.

Image

Yahoo! Finance

4:30 pm : Strength among natural resource plays helped the stock market put together a low-volume advance that concluded at session highs with all 10 major sectors in positive ground.

Materials stocks spiked 3.7% as participants pushed back into precious metals and metals stocks. After recording sizable losses in recent weeks, gold prices closed pit trade 1.9% higher at $1105 per ounce, while silver prices settled 2.9% higher at $16.66 per ounce. That helped Freeport McMoRan (FCX 71.59, +4.90) to put together its best single-session percentage advance in approximately six months. The stock was also helped by the notion that it had been oversold after it fell in seven of the eight previous sessions, which cost the stock one-fifth of its market cap.

Diversified metals and miners settled the session with a 7.3% gain, while gold stocks gained 6.3%, and steel stocks were sent 5.3% higher.

All 39 components in the S&P 500 energy sector finished the session in higher ground to give the sector a 3.0% gain. Integrated energy giant Exxon Mobil (XOM 66.18, +1.75) was a primary leader in the group, due to its better-than-expected earnings and a 2.1% rise in crude oil prices, which settled the session at $74.13 per barrel.

The Philadelphia Semiconductor Index put together a 3.1% gain after it had dropped 6.3% during the course of the two previous sessions. Support for the space was helped by news from the Semiconductor Industry Association that global chip sales in December surged 29% year-over-year.

Health care stocks finished with a solid 0.5% gain, but they struggled to keep up with the broader market this session. That was largely due to relative weakness in managed care names in the wake of in-line earnings and a tepid 2010 forecast from Humana (HUM 48.71, +0.09).

This morning's economic data was generally mixed. The ISM Manufacturing Index for January hit a five-year high of 58.4, which topped the consensus call of 55.5, but enthusiasm for the report was tempered by news that construction spending during December made a month-over-month 1.2% decline, which is worse than the 0.5% decline that many had forecast.

Personal income during December climbed 0.4%, which is a slightly sharper increase than the 0.3% increase that had been expected. Spending during December increased 0.2%, which was softer than the 0.3% increase that was widely forecast. Core personal consumption expenditures increased a tepid 0.1% month-over-month, but that was in-line with the consensus.

Advancing Sectors: Materials (+3.7%), Energy (+3.0%), Financials (+1.6%), Tech (+1.5%), Industrials (+1.5%), Consumer Discretionary (+1.1%), Consumer Staples (+0.8%), Utilities (+0.7%), Health Care (+0.5%), Telecom (+0.4%)
Declining Sectors: (None)DJ30 +118.20 NASDAQ +23.85 NQ100 +1.1% R2K +1.2% SP400 +1.5% SP500 +15.32 NASDAQ Adv/Vol/Dec 1709/2.22 bln/972 NYSE Adv/Vol/Dec 2411/1.04 bln/642

3:30 pm : Commodities advanced in strong fashion this session. A weak dollar coupled with better-than-expected ISM Index data were catalysts. Energy and precious metals futures had the strongest gains, up 3.2% and 2.4% respectively.

March crude oil moved higher following the better-than-expected economic data. It trended upward for the rest of the session to close near session highs at $74.13 per barrel, up 2.1%. Natural gas futures also saw substantial gains this session. The March contract closed 5.8% higher at $5.43 per MMBtu.

Precious metals popped following the ISM data and carried that momentum for the duration of the session. After recording losses for the last three weeks, April gold and March silver closed higher to close at $1105 (+1.9%) and $16.66 (+2.9%) per ounce, respectively. Despite a more tempered 1.0% gain in copper futures, copper, gold and molybdenum miner Freeport McMoRan (FCX 71.19 +4.50) benefited from the session's rise in metals prices. Notably, the Market Vectors Gold Miners ETF (GDX 42.83 +2.11) is also posting strong gains.DJ30 +111.17 NASDAQ +19.98 SP500 +13.44 NASDAQ Adv/Vol/Dec 1641/185 bln/1016 NYSE Adv/Vol/Dec 2319/738 mln/710

3:00 pm : The stock market continues to trade sideways near session highs, but energy stocks have extended their upward move to a 3.0% gain. The advance has come on the back of better-than-expected earnings from Exxon Mobil (XOM 66.39, +1.96) and a 2.1% gain in oil prices, which settled pit trade at $74.13 per barrel.

Trading volume hasn't been that strong this session. One hour remains in Monday's trade and fewer than 700 million shares have exchanged hands on the NYSE so far. DJ30 +107.31 NASDAQ +20.37 SP500 +12.46 NASDAQ Adv/Vol/Dec 1642/1.67 bln/1018 NYSE Adv/Vol/Dec 2319/668 mln/707

2:30 pm : The S&P 500 has entered into a rather narrow trading range just above the 1085 line. The sideways movement has left the stock market's gains steady and fully intact.

Meanwhile, the U.S. dollar continues to trade with weakness. It is currently down 0.3% against a basket of foreign currencies. The greenback's pullback has aided in the strength of natural resource stocks this session. DJ30 +103.23 NASDAQ +19.90 SP500 +12.27 NASDAQ Adv/Vol/Dec 1661/1.57 bln/979 NYSE Adv/Vol/Dec 2321/614 mln/703

2:00 pm : Stocks continue to sport strong, broad-based gains, such that all 10 major sectors are in positive territory. Of the 10 sectors, half are up by more than 1%.

This session's lagging sectors have been primarily made up of defensive-oriented stocks. Specifically, utilities are up 0.3%, as are telecom stocks, health care stocks are up 0.5%, and consumer staples are up 0.6%.

Consumer discretionary stocks have also failed to extend their gains past 1%, but that is largely due to weakness in Amazon.com (AMZN 117.28, -8.13). DJ30 +106.10 NASDAQ +19.79 SP500 +12.58 NASDAQ Adv/Vol/Dec 1642/1.45 bln/986 NYSE Adv/Vol/Dec 2303/559 mln/703

1:30 pm : The three major indices have managed to make their way to fresh session highs. The move has been broad based with advancing issues outnumbering decliners by more than 4-to-1 in the S&P 500 and 25 of the 30 Dow components in the green. The breadth of advancers in the Nasdaq Composite hasn't been quite as strong as it has in the other indices -- advancing issues have a 3-to-2 edge over decliners in the Nasdaq Composite -- but the Nasdaq is still up a strong 1%.

Treasuries have been bogged down by the strong support for stocks. As such, the benchmark 10-year Note is down 19 ticks, which has lifted its yield to 3.66%. At the longer end of the yield curve, the 30-year Bond has lost more than one point, 40 ticks to be exact, so that its yield now stands at 4.57%. Treasuries didn't make much of a move in response to President Obama's budget forecast. DJ30 +115.85 NASDAQ +19.78 SP500 +13.56 NASDAQ Adv/Vol/Dec 1634/1.33 bln/973 NYSE Adv/Vol/Dec 2309/511 ,;m/687

1:00 pm : Natural resource plays have led stocks to a strong rebound from last week's losses.

All 39 components in the S&P 500 energy sector are presently in positive territory. That has the sector up 2.6%. Integrated energy giant Exxon Mobil (XOM 66.31, +1.88) is among the primary leaders in the space, thanks largely to its upside earnings surprise for the latest quarter.

Materials stocks (+2.5%) are also up broadly, but metals plays have garnered some of the most support. That has gold stocks up 5.0% and steel stocks up 4.3%. Diversified metals and mining stocks are up 5.4%.

Though the Nasdaq has lagged the broader market this session, semiconductor stocks have displayed strength. After semiconductor stocks dropped more than 6% during the course of the two previous sessions, participants have stepped in to scoop up the beaten down names. The case for semiconductor stocks has been helped by news from the Semiconductor Industry Association that global chip sales in December surged 29% year-over-year.

Health care stocks have lagged this entire session. Despite broader market strength, the sector has made its way to a gain of just 0.3%. Managed care stocks have been hampered by Humana (HUM 47.93, -0.69), which posted in-line earnings for its latest quarter, but failed to hike its 2010 forecast enough to meet Wall Street's expectations.

Elsewhere in the health care sector, Boston Scientific (BSX 8.54, -0.09) will pay $1.725 billion to Johnson & Johnson (JNJ 62.90, +0.04) in order to settle three patent disputes that date back to 2003.

Retailers have been in the red for the entire session. Their weakness has been underpinned by Amazon.com (AMZN 115.13, -9.93), which has rolled over after it had traded with relative strength on better-than-expected earnings this past Friday.

Economic data didn't do much for stocks this morning, even though the ISM Manufacturing Index exceeded expectations with a multiyear high of 58.4 for January.

Enthusiasm over the report was tempered by a steeper-than-expected 1.2% drop in construction spending during December.

Personal income during December was up 0.4% in a slightly sharper increase than had been expected, but spending during December increased at a softer-than-expected pace of 0.2%. Core personal consumption expenditures increased just 0.1% month-over-month, but that was in-line with expectations. DJ30 +100.51 NASDAQ +16.92 SP500 +12.23 NASDAQ Adv/Vol/Dec 1594/1.24 bln/1015 NYSE Adv/Vol/Dec 2257/473 mln/732

12:30 pm : Health care stocks have lagged this entire session. Though the sector is in positive territory, it is up just 0.1% at the moment.

Boston Scientific (BSX 8.51, -0.12) is among the sector's weaker performers this session. As part of a settlement over three patent disputes with Johnson & Johnson (JNJ 62.83, -0.03), Boston Scientific will pay $1.725 billion to J&J. Boston Scientific is scheduled to pay its latest quarterly results late next week.

Humana (HUM 47.79, -0.83) has also weighed on the health care sector this session. The company posted in-line earnings results for its latest quarter and even though it hiked its outlook for 2010, the forecast still comes short of Wall Street's expectations for 2010. DJ30 +86.08 NASDAQ +11.43 SP500 +10.79 NASDAQ Adv/Vol/Dec 1458/1.13 bln/1138 NYSE Adv/Vol/Dec 2157/438 mln/798

12:00 pm : Semiconductor stocks have found considerable support this session. Their rebound from steep, back-to-back losses this past Thursday and Friday, both of which exceeded 3%, has been helped by news from the Semiconductor Industry Association that global chip sales in December surged 29% year-over-year. The surge helped 2009 turn out better than many had expected.

The Philadelphia Semiconductor Index (SOX) is currently up 2.2%, which puts it ahead of the major indices. Some of the biggest movers in the space include Applied Micro Circuits (AMCC 7.94, +0.61), Vishay Intertechnology (VSH 7.94, +0.40), Cypress Semiconductor (CY 10.67, +0.62), and Amkor Tech (AMKR 5.99, +0.30).

Despite the considerable strength among semiconductor stocks, the Nasdaq Composite has lagged the other major indices for most of this session. Its current gain is roughly half that of the broad-based S&P 500. DJ30 +77.39 NASDAQ +10.31 SP500 +10.48 NASDAQ Adv/Vol/Dec 1410/990 mln/1154 NYSE Adv/Vol/Dec 2160/390 mln/782

11:30 am : The stock market has made its way to a modestly improved new session high after it managed to recover from a recent retreat. The move has been broad-based, but natural resource plays continue to garner the most support as materials stocks sport a 2.7% gain and energy stocks trade with a 2.6% gain.

Financials have also displayed considerable strength. The sector is up 1.8%, thanks largely to leadership from investment banks and brokerages, which are up 4.0% at the moment.

At the other end of things, retailers are down 0.4%. Their weakness is underpinned by shares of Amazon.com (AMZN 116.13, -9.28), which have been hit with stiff selling interest after the stock had traded with relative strength this past Friday. The stock had been supported in the previous session by the company's better-than-expected earnings. DJ30 +98.40 NASDAQ +13.59 SP500 +12.38 NASDAQ Adv/Vol/Dec 1434/897 mln/1113 NYSE Adv/Vol/Dec 2215/355 mln/702

11:00 am : Stocks have pulled back a bit, but energy stocks and materials stocks continue to trade with relative strength. The two sectors were recently up more than 2%, but now trade with gains of 1.9% and 1.7%, respectively.

All 39 components in the S&P 500 energy sector are presently in positive territory, but integrated energy giant Exxon Mobil (XOM 65.85, +1.42) has been a primary leader among energy plays, thanks largely to its upside earnings surprise this morning.

Materials stocks are also up broadly as 28 of the 31 components listed in the S&P 500 materials sector sport gains. Metals plays are among the best performers. AK Steel (AKS 21.33, +0.99), Freeport McMoRan (FCX 69.45, +2.76), and Titanium Metals (TIE 12.10, +0.47) are among the primary leaders. DJ30 +65.67 NASDAQ +7.28 SP500 +8.99 NASDAQ Adv/Vol/Dec 1291/728 mln/1206 NYSE Adv/Vol/Dec 2018/259 mln/867

10:30 am : The US Dollar Index continues to trade in negative territory and is pulling back again after an attempted rally, which helped push crude, gold and silver futures to fresh highs in recent trading activity.

March crude oil has traded in the black for over the past six hours. In recent trade, the energy component pushed to fresh morning highs and is currently 1.3% higher at $73.82 per barrel.

February natural gas has been in positive territory all session so far and rallied to new session highs of $5.401 per MMBtu as pit trading began at 9:00ET. In the last 30 minutes, natural gas has been trading just under that level, up 4.9% at $5.384 per MMBtu.

Precious metals are showing some strength due to weak dollar and in recent trade, April gold pushed to fresh morning highs of $1098.8 per ounce, while March silver hit its own fresh morning highs of $16.515 per ounce. Currently, gold is 1.3% higher at $1097.70 per ounce and silver 1.8% higher at $16.495 per ounce.

DJ30 +84.41 NASDAQ +12.77 SP500 +10.98 NASDAQ Adv/Vol/Dec 1386/550.2 mln/1060 NYSE Adv/Vol/Dec 2160/221.1 mln/691

10:05 am : Stocks handed back a portion of their morning gains ahead of the latest dose of economic data. They quickly pushed higher following the release of the reports, but have since entered into a choppy fit of action.

The ISM Manufacturing Index for January came in at 58.4, which is above the 55.5 reading that had been forecast, on average, by economists. It also marks an improvement from the 55.9 that was registered during December. The latest reading marks the highest index level since 2004.

Separately, construction spending during December made a month-over-month 1.2% decrease, which is weaker than the 0.5% decline that many had come to anticipate. Spending data for the prior month was revised lower to reflect a 1.2% monthly decrease.

Early movers: Trading up -- CNLG +59.7%, VCI +17.9%, SMOD +10.9%, CZZ +9%, UTG +7.6%, CRNT +7.3%, IOC +7.2%, ERX +5.8%; Trading down -- EBR -26.4%, SMTB -13.3%, GCI -7.6%, HEW -7.5%, MDU -6.9%, HOMB -6.7%, CYOU -6.3%, GUT -6%

Advancing Sectors: Energy (+1.8%), Materials (+1.7%), Financials (+0.9%), Tech (+0.6%), Industrials (+0.6%), Telecom (+0.5%), Consumer Discretionary (+0.4%), Utilities (+0.2%), Consumer Staples (+0.2%)
Declining Sectors: Health Care (-0.1%)DJ30 +72.32 NASDAQ +16.46 SP500 +10.00 NASDAQ Adv/Vol/Dec 1306/349 mln/1043 NYSE Adv/Vol/Dec 1996/149 mln/781

09:45 am : Stocks are up solidly in the first few minutes of action. Natural resource plays have garnered the most support as energy and materials stocks make their way to a 1.5% gain. The two sectors led early gains this past Friday, too, but they eventually rolled over and logged losses along with the broader market.

Utilities make up this morning's weakest performing sector. Collectively, they are down 0.4%. Health care stocks are also in the red, but they are down a modest 0.1%. DJ30 +58.64 NASDAQ +9.94 SP500 +6.77 NASDAQ Adv/Vol/Dec 1344/1.66 bln/911 NYSE Adv/Vol/Dec 1945/88 mln/744

09:15 am : S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +5.30. Stock futures remain slightly off of their morning highs, but continue to point to a higher start. The generally positive tone this morning comes largely as participants look to scoop up stocks after they finished January in markedly weak fashion, such that January ended with a 3.7% monthly loss. A modest pullback by the greenback has also helped the tone of trade -- the buck is currently down 0.2% against a basket of foreign currencies after it hit fresh five-month highs last week. Better-than-expected earnings from Exxon Mobil (XOM), which was the most widely held name to report this moring, have also provided support. Its shares are up 1.8% to $65.60 per share ahead of the opening bell.

09:00 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +3.80. U.S. stock futures have eased off of their morning highs, but continue to trade with modest strength. Action overseas has been rather mixed, though. In Germany, the DAX is up 0.2%. Deutsche Bank (DB) is a primary source of strength and has given advaning issues a slight advantage over decliners. Siemens (SI) is a primary source of weakness, though. In France, the CAC is down 0.1%. Its components also trade with a slightly positive slant. France Telecom is a primary source of strength, but Vivendi is under stiff pressure, which has caused it to undermine the broader market. Meanwhile, Britain's FTSE is up 0.3%. Barclays (BCS) and Standard Chartered currently trade with solid gains and have helped advaning issues take a 3-to-2 advantage over decliners. According to The Wall Street Journal, manufacturing in the United Kingdom hit a 15-year high in January as the PMI climbed to 56.7 from an upwardly revised 54.6 in December. In Asia, the MSCI Asia Pacific Index shed 0.3%, but Japan's Nikkei eked out a 0.1% gain. Japan's Mizuho (MFG) was as strong performer, though. It gained following a report that said it returned to profit in the latest quarter and stands by a strong annual profit forecast. In Hong Kong, the Hang Seng advanced 0.6%. More impressive is that the index had been down more than 1% early in its session. Lenders like CCB and Industrial and Commercial Bank of China found considerable favor among participants. However, China Unicom fell markedly after it stated last week that it expects 2009 profits to be more than halved. In mainland China, the Shanghai Composite hit fresh three month intraday lows, but was able to recoup some of its losses. However, it still lost 1.6% to close deeper below its 200-day moving average. Banks and property developers were primary sources of weakness amid renewed concerns of further loan restrictions. According to The Economic Information Daily, the central bank would rely more heavily on quantitative and administrative tools, not interest rate increases, to control lending. However, reports did indicate that China might increase at interest rates once consumer inflation exceeds the one-year benchmark of 2.25%.

08:35 am : S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +7.50. Stock futures have maintained modest strength in the wake of a mixed personal income and spending report. Personal income during December climbed 0.4%, which is a slightly sharper increase than the 0.3% hike that many had expected. It does mark a pullback from the upwardly revised 0.5% increase that was registered in November. As for spending during December, it increased 0.2%. That fell a bit short of the consensus, which called for an increase of 0.3%. It also came as a downturn from the upwardly revised 0.7% increase that was registered in November. Core personal consumption expenditures increased just 0.1% month-over-month, but that was in step with expectations. However, it did mark a pick up from the flat reading in November. Still to come, the ISM Manufacturing Survey for January and construction spending numbers for December will be released at 10:00 AM ET.

08:00 am : S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +8.30. Only a handful of companies are out with their latest earnings results this morning. Exxon Mobil (XOM), the most widely held name in the bunch, has yet to post its results, though. Personal income and spending data for December are also due yet this morning -- the reports are scheduled for the bottom of the hour. The ISM Manufacturing Index for January and construction spending numbers for December follow at 10:00 AM ET. Stock futures trade with moderate strength ahead of the various reports, yet part of the bid is underpinned by participants looking to scoop up stocks after they dropped 5.5% during the course of the past two weeks.

06:25 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.00.

06:25 am : Nikkei...10205.02...+7.00...+0.10%. Hang Seng...20243.75...+121.80...+0.60%.

06:25 am : FTSE...5195.20...+6.70...+0.10%. DAX...5607.71...-1.00...0.00.

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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