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 Post subject: February 2nd Tuesday 2010 Emini TF ($TF_F) points +12.20
PostPosted: Tue Feb 02, 2010 5:27 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=71&t=440.

Quote:
Today's results are 11 wins : 8 losses. Only a small improvement in my overall trading in comparison to yesterday mainly via keeping my losses on the losing traders a little smaller. However, had two mismanage trades as an early exit (fear) and didn't tighten my stop when a trigger price was reached requiring me to tighten the stop. Simply, I left about a total of +3 points on the table.

Trading Tip: Re-entry signals are a must if you statistically have too many or increasing number of trades where your initial stops are hit and the market than reverses and goes the direction of the trade without you on board.


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: +12.20 points in the ICE Russell 2000 Emini TF ($TF_F) Futures

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Dow: Double-Digit Gain for 2nd Day
By Alexandra Twin, senior writer
February 2, 2010: 4:23 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday, with the Dow Jones industrials posting their second straight double-digit gain, as investors welcomed better-than-expected corporate results, signs of stability in the housing sector and solid auto sales.

The Dow (INDU) rose 113 points, or 1.1%, according to early tallies. The S&P 500 index (SPX) gained 14 points, or 1.3%. The Nasdaq composite (COMP) rallied 19 points, or 0.9%.

Treasury prices rose, lowering the corresponding yields, while a weaker dollar lifted commodity stocks.

Stocks are rising this week as investors step back in after a two-week selloff that saw the S&P 500 lose almost 7%. Worries about President Obama's plan to limit trading at big banks, China's lending curbs and global debt worries all led to the selloff.

While the concerns haven't disappeared, investors nonetheless used the selloff as an opportunity to dip back into stocks at a lower level.

"We're seeing a little bounce here, but I think we could still see more selling in the short term," said Dave Hinnenkamp, CEO at KDV Wealth Management.

He said fourth-quarter earnings have been strong, but that was already anticipated by investors and is having little impact on the broad market.

"People are focusing on the outlook for banks, China and the deficit, and not really paying attention to the earnings," he said.

Gains were broad based Tuesday, with 28 of 30 Dow stocks rising, including Alcoa (AA, Fortune 500), which was upgraded by Citigroup.

Housing: The National Association of Realtors' pending home sales index rose 1%, in line with expectations. The index fell 16.4% in the previous month.

Auto sales: Major automakers, including Ford Motor (F, Fortune 500), General Motors and Nissan all reported improved January sales. However, Toyota (TM), which earlier this month recalled millions of cars due to a faulty gas pedal, saw a bigger-than-expected decline in January sales.
Good news: Sales growth is back

Corporate results: UPS (UPS, Fortune 500) reported lower quarterly revenue and earnings versus a year earlier, but the results topped analysts' expectations. The company also issued a 2010 earnings forecast of $2.70 to $3.05 per share, up from 2009. Analysts are expecting $2.81 per share. Shares were little changed in the early going.

Homebuilder D.R. Horton (DHI, Fortune 500) reported quarterly earnings of 56 cents per share in its fiscal first quarter, surprising analysts who thought it would report a loss. The company benefited from a big tax gain. The company also said new orders and completed sales rose significantly in the quarter. Shares gained 10% in active New York Stock Exchange trading.

Emerson Electric (EMR, Fortune 500), a maker of automation systems for a broad range of companies, reported weaker quarterly sales and earnings that surged past forecasts. Shares gained 8%.

With around 48% of the S&P 500 having reported results, earnings are currently on track to have risen 204% from the prior year, according to the latest estimates from Thomson Reuters. But the improvement is mostly because of cost-cutting and easy comparisons to a wretched fourth quarter of 2008.

The financial sector is expected to lead the advance, rising 73% versus a year earlier. Strip out financial sector results and earnings are only expected to rise 15%.

Revenue is set to rise about 8% year over year. Excluding financial firms, revenue is expected to rise about 3%.

Washington: The Senate Budget Committee held a hearing on the 2011 budget. In his testimony, Treasury Secretary Timothy Geithner said a bipartisan effort is needed to trim a deficit the Obama White House mostly inherited from the Bush administration. He said the economy is recovering, but it will take time for the private sector to create new jobs.

Volcker: Testifying at a Senate Banking Committee meeting, White House economic adviser Paul Volcker sought to expand on Obama's call for greater limitations on bank trading.

Last week, Obama called for limiting commercial banks ability to make high-risk trades and stopping them from owning or investing in hedge funds. The change is seen as a throwback to a Depression-era law that was essentially tossed out a decade ago.

The former Federal Reserve Chairman said limiting banks from engaging in certain high-risk trades would limit the number of institutions that are deemed to be "too big to fail.
0:00 /3:46Glass-Steagall crash course

World markets: In overseas trading, Asian markets ended higher, gaining for a second week in a row after last week's selloff. European markets also ended higher.

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

COMEX gold for April delivery rose $13.10 to settle at $1,117.40 an ounce.

U.S. light crude oil for March delivery added $2.80 to settle at $77.23 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices rose, lowering the yield on the 10-year note to 3.64% from 3.65% late Monday. Treasury prices and yields move in opposite directions.

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Yahoo! Finance

4:35 pm : Despite a sluggish start and a lack of concerted leadership, the stock market made its way back above 1100 as buyers offered broad-based support for the second straight session.

For fear that the previous session's low-volume rally was anything more than a reflex bounce that followed last week's losses, participants showed reservation in the early going. That made for listless, choppy trade.

However, buyers stepped back in after a couple of early dips failed to gain momentum. Broad buying ensued, but stocks paused to consolidate their gains at a couple of near-term resistance levels in the S&P 500 -- last week's closing highs and the psychologically-significant 1100.

Though the S&P 500 was able to make its way back above 1100, it remains 4% below its January high. Nonetheless, all 10 major sectors finished the latest session in higher ground; seven of them gained in excess of 1%.

Materials stocks consistently lagged. The sector still gained 0.4%, but Dow Chemical (DOW 27.57, -1.06) proved to be a drag as participants dismissed its better-than-expected earnings.

Some materials stocks sported strong gains, though. Particularly, an upgrade of Alcoa (AA 13.67, +0.31) and Freeport McMoRan (FCX 72.51, +0.92) by analysts at Citigroup won support for aluminum and diversified metals plays, while an upgrade of Schnitzer Steel (SCHN 45.51, +3.09) by analysts at UBS helped steel stocks.

Higher commodity prices also offered support to the sector. With a 1.9% gain, the CRB Commodity Index made its best single-session percentage gain in nearly one month.

A modest 0.2% decline by the Dollar Index played a minor role in the CRB's move, but oil prices were a primary underpinning of the gain. Pit trade closed with crude oil priced 3.7% higher at $77.17 per barrel. That played a part in the energy sector's 1.4% bounce. Of the 39 components listed in the S&P 500 Energy Sector, only Baker Hughes (BHI 47.26, -0.07) failed to log a gain.

Energy names topped this session's list of most actively traded stocks by volume. Overall volume was slightly above average as almost 1.2 billion shares exchanged hands on the NSYE this session.

Still, participants don't seem to be reacting much to earnings. UPS (UPS 58.62, +0.23) posted an upside surprise that helped its shares climb, but the broader market was generally unfazed. Whirlpool (WHR 82.23, +6.17) missed Wall Street's consensus, but its strong outlook won it favor.

There wasn't much reaction to the latest economic data or economic commentary as an in-line 1.0% month-over-month increase in December pending home sales was generally dismissed by market participants.

Treasury Secretary Geithner's testimony about the government's fiscal 2011 budget was also generally disregarded, while former Fed Chairman and current Chair of the President's Economic Recovery Advisory Board Paul Volcker gave a testimony on reining in risk taking at commercial banks that offered little additional detail.

Advancing Sectors: Health Care (+1.9%), Industrials (+1.9%), Consumer Discretionary (+1.5%), Energy (+1.4%), Telecom (+1.3%), Consumer Staples (+1.3%), Financials (+1.1%), Tech (+0.8%), Utilities (+0.8%), Materials (+0.4%)
Declining Sectors: (None)DJ30 +111.32 NASDAQ +18.86 NQ100 +0.9% R2K +0.8% SP400 +1.4% SP500 +14.13 NASDAQ Adv/Vol/Dec 1479/2.50 bln/1164 NYSE Adv/Vol/Dec 2341/1.18 bln/695

3:35 pm : Commodities rallied for the second consecutive session. The CRB commodity index is up almost 3% over the last two sessions. A weak dollar helped the move again this session.

Energy was the strongest group in the commodity space this session as it traded 3.3% higher. March crude oil closed 3.7% higher at $77.17 per barrel. Crude oil is up about 7% in just two sessions, erasing the losses recorded over the prior seven sessions. Natural gas was the laggard in the energy space this session. March natural gas closed just 0.6% higher at $5.46 per MMBtu, after hitting a session high at $5.54 per MMBtu early in the session. April RBOB gasoline and heating oil both finished in excess of 4% higher in the session.

Precious metals traded for a modest gain of 0.7% this session. March silver chopped slightly above the flat line for most of the session and closed 0.5% higher. April gold traded higher overnight and stayed above the $1110 level for most of the session. It closed 1.2% higher at $1118.20 per barrel.DJ30 +113.06 NASDAQ +19.02 SP500 +13.64 NASDAQ Adv/Vol/Dec 1541/2.09 bln/1078 NYSE Adv/Vol/Dec 2364/854 mln/671

3:00 pm : In a testimony before the Senate Banking Committee, former Fed Chairman and current Chairman of the President's Economic Recovery Advisory Board Paul Volcker stated that his proposal aims to restrict commercial banking organizations from certain proprietary and speculative activities to help deal with the problem of too big to fail and the related moral hazard that looms in the aftermath of financial rescues. Volcker indicated that the essential need is to guard against excessive leverage and to insist upon adquate capital and liquidity.

The testimony didn't really offer participants any new details in regard to reform at banks, but Volcker has yet to go through a question-and-answer session.

The financial sector came under pressure ahead of the speech, such that its gain was trimmed from 1.3% to 0.3%. It has since reclaimed some of those gains as it now trades 0.6% into the green.

Banks remain down, though; regional banks are off by 1.2%, while diversified banks are down 1.3%. Smaller banks had been previously regarded as potential beneficiaries from proposals to rein in risk taking at commercial banks since the smaller outfits often don't engage in proprietary trading or operate with hedge funds. DJ30 +91.97 NASDAQ +15.42 SP500 +11.83 NASDAQ Adv/Vol/Dec 1419/1.90 bln/1189 NYSE Adv/Vol/Dec 2230/767 mln/781

2:30 pm : Ford (F 11.39, +0.27) reported that its U.S. sales for January increased nearly 25%, but that still wasn't quite as strong as the 34% surge that many automotive analysts on Wall Street had expected. Meanwhile, U.S. dealers for General Motors reported that its latest monthly retail sales were up saw total sales increase 14% from the previous year. That was close to the 16% increase that many had forecast. Shares of automakers are currently up a collective 2.3%, while autoparts and equipment companies are up 1.0%.

Meanwhile, the broader market continues to sport a strong gain of its own. It did ease back to the 1100 mark, but it was able to garner support there.

Separately, President Obama is currently giving a speech at a town hall meeting. Paul Volcker, former Fed Chairman and current Chairman of the President's Economic Recovery Advisory Board, is expected to begin a testimony on limiting risk at commercial banks shortly. DJ30 +102.55 NASDAQ +15.39 SP500 +12.46 NASDAQ Adv/Vol/Dec 1390/1.75 bln/1210 NYSE Adv/Vol/Dec 2228/700 mln/789

2:00 pm : After taking some time to consolidate at the 1100 line, the stock market has pushed through resistance to a fresh session high. The move has come on relatively solid volume, which has thus far been stronger than it was in the previous session.

As a result of the stock market's latest leg higher, seven of the 10 major sectors in the S&P 500 are up in excess of 1%. Industrials remain the strongest as they sport a 1.9% gain. Of the 60 members in the S&P 500 Industrial Sector, 49 are in positive ground. DJ30 +109.66 NASDAQ +15.35 SP500 +12.99 NASDAQ Adv/Vol/Dec 1442/1.61 bln/1143 NYSE Adv/Vol/Dec 2256/638 mln/735

1:30 pm : The stock market continues to dance along the psychologically significant 1100 line, which has become a source of resistance. Still, strong and broad-based gains remain intact.

The Nasdaq has had trouble keeping up with its counterparts. In turn, its gain is just half that of the broader market. That comes largely as a result of relative weakness among large-cap tech issues like Microsoft (MSFT 28.36, -0.05), Google (GOOG 530.18, -2.84), and Apple (AAPL 195.20, +0.47). DJ30 +88.80 NASDAQ +11.45 SP500 +10.91 NASDAQ Adv/Vol/Dec 1400/1.46 bln/1156 NYSE Adv/Vol/Dec 2188/580 mln/802

1:00 pm : Many participants appeared cautious this morning, unsure whether the previous session's low-volume rally was anything more than a reflex bounce that followed last week's losses. But buyers have since stepped back in to help stocks extend their recent gains in broad-based fashion.

As has been the general case this entire earnings season, better-than-expected bottom line results haven't done much for the broader market. An upside surprises from UPS (UPS 58.98, +0.59) has won its shares favor, though. Whirlpool (WHR 82.50, +6.44) missed Wall Street's consensus, but the company redeemed itself with upside guidance. Dow Chemical (DOW 28.15, -0.48) eked out a beat, but it has failed to find support.

Dow Chemical's weakness has been a drag on the materials sector, which lags the broader market with a 0.6% gain after it spiked nearly 4% in the previous session. Higher commodity prices have been of some help to the sector, though. The CRB Commodity Index is at a fresh session high with a 1.7% gain. The move has been underpinned by a 1.1% gain in gold prices to $1116.50 per ounce and a 3.4% rise in oil prices to $76.95 per barrel.

The rise in oil prices has helped lift the energy sector to a 1.0% gain. Broader market support has also helped.

Despite this session's choppy start, the stock market has been able to put together strong gains. There was some resistance as the S&P 500 came in-line with last week's closing highs, but it has since pushed higher. Resistance now stands at the psychologically significant 1100 mark.

Treasury Secretary Geithner testified before the Senate Finance Committee this morning on the government's fiscal 2011 budget. Part of the testimony was an appeal to make a bipartisan effort to wrestle down deficits that were largely blamed on the former Bush administration. Former Fed Chairman and current Chair of the President's Economic Recovery Advisory Board Volcker gives a testimony on reining in risk taking at commercial banks at 2:30 PM ET. DJ30 +85.02 NASDAQ +13.13 SP500 +10.82 NASDAQ Adv/Vol/Dec 1460/1.36 bln/1085 NYSE Adv/Vol/Dec 2225/540 mln/770

12:30 pm : Stocks have pushed to fresh session highs in a broad-based advance that has all 10 major sectors in positive territory. Telecom and industrials are the strongest sectors -- both are up 1.5%. Utilities are at the other end of things with a mere 0.4% gain.

Commodities have also managed to extend their gains. In turn, the CRB Commodity Index is up 1.6%, while oil prices are now up 3.0% at $76.65 per barrel. DJ30 +87.36 NASDAQ +13.68 SP500 +11.05 NASDAQ Adv/Vol/Dec 1466/1.23 bln/1051 NYSE Adv/Vol/Dec 2220/495 mln/740

12:00 pm : Stocks recently retreated from their midmorning highs, but they have since managed to return the session highs that were set earlier. The move has stalled a bit, however. Stocks have been challenged as the S&P 500 encounters the 1098 mark, which is in-line with last week's closing highs.

Meanwhile, the dollar has made a modest move lower. It had been flat in the early going, but it has since slipped to a 0.2% loss against competing currencies.

Treasuries have had a quiet session. As such, the benchmark 10-year Note is up just one tick. DJ30 +61.51 NASDAQ +7.79 SP500 +7.60 NASDAQ Adv/Vol/Dec 1332/1.08 bln/1169 NYSE Adv/Vol/Dec 2039/442 mln/904

11:30 am : Oil has extended its advance to $75.90 per barrel, which marks a 2.0% gain for this session. Given that the move comes on top of a 2.1% advance in the previous session, oil has now erased all of last week's losses. The move has helped the energy sector make its way to a 0.9% gain -- oil equipment outfits like Schlumberger (SLB 65.67, +0.88) and Transocean (RIG 89.23, +1.89) are especially strong. DJ30 +64.46 NASDAQ +7.45 SP500 +8.14 NASDAQ Adv/Vol/Dec 1347/945 mln/1128 NYSE Adv/Vol/Dec 2074/382 ,;m/845

11:00 am : Despite a rocky start, the stock market has garnered support and made its way to a healthy, broad-based gain.

Industrials currently trade with the best gains. The sector is up 1.4%. Emerson (EMR 45.87, +3.39), which posted this morning better-than-expected earnings and issued upside guidance, is a primary leader.

Materials stocks continue to lag, however. The sector is up just 0.2%. Metals outfits Alcoa (AA 13.68, +0.32) and Schnitzer Steel (SCHN 44.16, +1.74) are up sharply after analysts upgraded their shares, though. Specifically, Citigroup favored AA, while UBS favored SCHN. DJ30 +63.86 NASDAQ +6.54 SP500 +8.19 NASDAQ Adv/Vol/Dec 1308/753 mln/1098 NYSE Adv/Vol/Dec 2080/317 mln/800

10:30 am : Oil prices are up 1.7% to $75.70 per barrel at the moment. That move extends their 2% gain from the previous session, but oil prices are still some 10% from their January highs.

Natural gas hasn't been so strong, though. Contracts are currently priced at $5.41 per MMBtu, down 0.4%.

Metals have also been a bit mixed. As such, gold prices have extended the previous session's advance with a 0.5% gain to $1109.70 per ounce, while silver prices were last quoted fractionally higher at $16.68 per ounce.

Meanwhile, the broad-based CRB Commodity Index is up 0.8% to a fresh session high. DJ30 +61.21 NASDAQ +11.00 SP500 +7.01 NASDAQ Adv/Vol/Dec 1423/534 mln/904 NYSE Adv/Vol/Dec 2055/238 mln/766

10:00 am : Choppy action in the early going has made for mixed results among the major indices. It has also left stocks to trade without clear direction.

In the latest dose of economic news, pending home sales in December increased 1.0% month-over-month, which is in-line with expectations. Pending sales for November were downwardly revised to show a 16.4% month-over-month decline.

Homebuilders sport strong gains in the wake of the announcement; their shares are up 6%, collectively, even though the broader market has struggled to find direction.

Early movers: Trading up -- CITP +32.3%, CGEN +16%, RWC +15.4%, BKS +13.4%, LXK +12.1%, ANN +11.7%, RTEC +10.8%, EXTR +9.1%, RCII +8.8%, EMR +8.3%; Trading down -- FBP -11.8%, SIMO -10.9%, CDR -8%, PTRY -7.1%, TUES -6.8%, PLX -6.5%, DST -6.3%, MNKD -5.7%

Advancing Sectors: Industrials (+0.6%), Consumer Staples (+0.3%), Financials (+0.2%), Consumer Discretionary (+0.1%), Health Care (+0.1%), Telecom (+0.1%)
Declining Sectors: Materials (-0.5%), Utilities (-0.4%), Tech (-0.2%)
Unchanged: EnergyDJ30 +8.39 NASDAQ -3.51 SP500 +0.59 NASDAQ Adv/Vol/Dec 1035/325 mln/1197 NYSE Adv/Vol/Dec 1439/155 mln/1284

09:45 am : Materials stocks, which were leaders in the previous session with a near 4% gain, are under pressure in the early going. The sector is currently down 0.8%. Diversified chemicals (-2.9%) are a primary source of weakness in the sector, but that is due largely to a negative response to the latest quarterly results from Dow Chemical (DOW 27.12, -1.51), which actually beat both the top and bottom line consensus.

Meanwhile, the broader market is mixed as the major indices dance along the neutral line. DJ30 +8.01 NASDAQ -1.10 SP500 +0.51 NASDAQ Adv/Vol/Dec 949/170 mln/1176 NYSE Adv/Vol/Dec 1264/94 mln/1382

09:15 am : S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +0.30. A flat start to Tuesday's trade looks to be in order as momentum from the previous session's low-volume rally runs into a bit of resistance. There hasn't been any specific headline this morning to cause premarket participants to step back, but many have become cautious after stiff selling in recent weeks resulted in a near 4% loss for January. In turn, many want to see whether Monday's move was more than a reflex that propped up stocks that had become near-term oversold. Earnings continue to exceed expectations, in general, but the results have hardly acted as a dependable catalyst for buying this earnings season. As such, shares of Dow (DOW) are down 2.0% to $28.05 per share in premarket trade despite an upside earnings surprise. However, UPS (UPS) eked out an earnings beat and its shares are up 1.2% to $59.11 each ahead of the opening bell. Whirlpool (WHR) is up 3.9% to $78.99 per share ahead of the opening bell as its earnings miss is overshadowed by upside guidance. Pending home sales for December (10:00 AM ET) and testimonies from Treasury Secretary Geithner and former Fed Chairman and current Chair of the President's Economic Recovery Advisory Board Volcker could give participants reason to trade, though.

09:00 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -3.00. Stock futures have surrendered a few points, but a flat start still looks to be in order for the major equity averages. Commodities continue to look strong, though. As such, oil prices are up 0.5% to $74.80 per barrel in the first few moments of pit trade. Gold prices are up 0.7% to $1111.60 per ounce. The broad-based CRB Commodity Index is up a relatively tame 0.2%.

08:30 am : S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: -1.00. U.S. stock futures are generally flat this morning. In Europe, where producer prices reportedly increased 0.1% month-on-month in December, stocks trade with varied gains. Germany's DAX is up 0.6% as Deutsche Bank (DB) provides leadership. German retail sales climbed 0.8% from November to December. According to AP, retail sales for 2009 were 1.8% lower than in 2008. In France, the CAC is up 0.7%. It is currently led by financial outfits BNP Paribas, Societe Generale, and AXA (AXA). Meanwhile, Britain's FTSE is up a modest 0.3%. Metals plays Rio Tinto (RTP), Anglo American, and BHP Billiton (BHP) are primary leaders, but Barclays (BCS) is also a source of strength. The Wall Street Journal reported that BP swung to a net profit in the fourth quarter, helped by increased oil and gas production and a higher average oil price. In Asia, the MSCI Asia Pacific Index added 0.9%, while Japan's Nikkei climbed 1.6%. Resource-linked shares gained after oil and gold prices settled markedly higher on Monday. Toyota Motor (TM) was also strong. The automaker detailed plans to fix nearly 4.5 million vehicles equipped with faulty accelerators in North America and Europe. In Hong Kong, the Hang Seng eked out a 0.1% gain. Trade volume slipped to a one-month low as most investors stayed on the sidelines. Shares of Industrial and Commercial Bank of China ended lower. It reported that its total new loans in January were lower year-over-year. China Merchants Bank advanced, though. It said it won approval from the stock regulator for a rights issue to raise up to 22 billion yuan to replenish capital. In mainland China, the Shanghai Composite slipped 0.2%. Many Chinese banks fell amid profit taking. Elsewhere, Australia's S&P/ASX advanced 1.8% after the country's central bank surprised many when it opted to hold interest rates steady at 3.75%.

08:00 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +1.50. Stock futures are flat-to-modestly higher as the previous session's strong finish attempts to carry over into this morning's premarket trade. Solid overseas gains have helped from a sentiment standpoint. Earnings results also continue to generally exceed expectations, including those of UPS (UPS) and Dow Chemical (DOW). However, Whirlpool (WHR) came up short of Wall Street's consensus for the latest quarter, but the company redeemed itself with an upside forecast. Its shares are up 1.3% to $77.06 per share in premarket action. Pending home sales numbers for December are due to be released at 10:00 AM ET. At that same time Treasury Secretary Tim Geithner is expected to start his testimony about the government's budget for fiscal 2011 before the Senate Finance Committee. Former Federal Reserve Chairman and current Chair of the President's Economic Recovery Advisory Board Paul Volcker will testify on regulations to high-risk bank activities before the Senate Banking Committee. Some sources indicate that the testimony is scheduled for 10:00 AM ET, but others indicate 2:30 PM ET. As for content, though, Reuters reports that Volcker will state that proprietary and speculative activities at commercial banks should not be protected by the government and that appropriate restrictions should be placed on their activities. Participants will listen closely to see if there are any new developments or divergances from the outline that President Obama recently made in regard to the matter.

06:20 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +0.30.

06:20 am : Nikkei...10371.09...+166.10...+1.60%. Hang Seng...20272.18...+28.40...+0.10%.

06:20 am : FTSE...5259.99...+12.50...+0.20%. DAX...5687.89...+33.40...+0.60%.

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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