TheStrategyLab.com Price Action Trading Support Forum

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=425.



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.

@ 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: +13.40 points in the ICE Russell 2000 Emini TF ($TF_F) Futures


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Dow Closes At 15-Month High
By Alexandra Twin, senior writer
January 13, 2010: 6:21 PM ET

NEW YORK (CNNMoney.com) -- Stocks rallied Wednesday as investors resumed the advance after a one-day selloff, scooping up tech and financial shares despite Google's potential shutdown of its China operations and mea culpas from the nation's major bank executives.

The Dow Jones industrial average (INDU) rose 53 points, or 0.5%, closing at its highest point since Oct. 1, 2008. The S&P 500 index (SPX) rose 9 points, or 0.8%. The Nasdaq composite (COMP) gained 26 points, or 1.1%.

Stocks fell Tuesday after Alcoa's weaker-than-expected profit report and a profit warning from Chevron raised worries about the strength of the fourth-quarter reports.

Stocks then managed slim gains Wednesday, but they were hindered by a selloff in the commodities market and in shares such as Exxon Mobil (XOM, Fortune 500) and Chevron (CVX, Fortune 500).

After 2009's huge recovery from the brutal selloff of the financial crisis, gains are going to be harder to come by this year, said Robert Siewert, portfolio manager at Glenmede.

"What we are looking for in 2010 is the handoff of a rally that was initially driven by liquidity to a slower advance on the back of fundamentals," he said. "Fundamentals will have to take over."

He said that while the momentum is still alive, it's going to take some improved profit reports to provide that fundamental component.

"Alcoa has disappointed of late and I'm not sure that they should be used as the tell for how earnings season will progress," he said. "I think we'll see another quarter of earnings beating estimates, if only because the comparisons to a year ago are easy."

One year ago, in the thick of the financial crisis, S&P 500 companies posted their worst results in the history of earnings tracker Thomson Reuters, with profits dropping 67% from the previous year.

This quarter, earnings are expected to have risen over 200%, largely due to a snap back in the bank sector.

Banks: Financial shares rallied even as CEOs of the largest financial institutions testified on Capitol Hill about mistakes made in the lead-up to the financial crisis.

Goldman Sachs' Lloyd Blankfein, Bank of America's Brian Moynihan, Morgan Stanley's John Mack and JPMorgan Chase's Jamie Dimon were among those testifying before the bipartisan Financial Crisis Inquiry Commission.

The executives agreed that the banks took on too much risk and that mistakes were made, including underestimating the depth of a housing market implosion. But they also denied being aware at the time that a financial crisis of such magnitude could develop.

The fact that many of the banks that helped fuel the financial crisis are now profiting soundly a year later is a major source of frustration to consumers, especially since taxpayers helped fund their bailouts.

The White House is debating taxing companies that took bailout funds to make sure they pay the money back. President Obama is expected to announce the plan Thursday.

At the same time, the FDIC, the top banking regulator, is considering requiring lenders to pony up if they tie compensation to risky practices.
0:00 /2:20Google may quit China

Google and China: Google (GOOG, Fortune 500) shares were little changed after the Internet behemoth threatened to pull out of China due to reported cyber attacks and attempts to access the Gmail accounts of human rights activists. The company said it is one of at least 20 companies that has been attacked.

Google's presence in China is minimal so far. But the Chinese market is considered to be one of the fastest-growing and most lucrative technology markets in the world, begging the question of whether Google will really walk away.

Microsoft (MSFT, Fortune 500), Cisco Systems (CSCO, Fortune 500) and other companies are also trying to establish a big presence in the market.

On Tuesday, Yahoo (YHOO, Fortune 500) said it is "aligned with Google" in condemning the kinds of cyber attacks the company had experienced, but did not say if it had experienced a similar attack.

On the move: Merck (MRK, Fortune 500) shares rallied 3.7% after brokerage Credit Suisse upgraded it to "outperform" from "neutral" and lifted its 12-month price target on the drugmaker, according to reports.

Market breadth was positive. On the New York Stock Exchange, winners beat losers by nearly three to one on volume of 970 million shares. On the Nasdaq, advancers topped decliners by over two to one on volume of 2.35 billion shares.
Bank CEOs defend actions

Economy: In the afternoon, the Federal Reserve released its periodic "beige book" report on the economy. The report showed that economic conditions generally improved in the Fed's 12 districts, but that credit conditions deteriorated.

The December Treasury budget showed a deficit of $91.9 billion, versus $120.3 billion in November, roughly in line with forecasts for a deficit of $92 billion.

World markets: Asian markets ended lower and European markets ended mixed.

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

COMEX gold for February delivery rose $7.40 to settle at $1,136.80 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 $1.14 to settle at $79.65 a barrel on the New York Mercantile Exchange.

Bonds: Treasury prices slumped after a $21 billion offering of 10-year notes saw strong demand. The slide raised the yield on the 10-year note to 3.79% from 3.71% late Tuesday. Treasury prices and yields move in opposite directions.



Yahoo! Finance

4:35 pm : In a moderately bullish sign, broad-based buying brought back stocks from sizable losses that were logged in the previous session. The move put the stock market back near its 52-week high.

Despite this session's strong finish, stocks actually stumbled in the early going. Large-cap tech was particularly weak amid continued profit taking, which was supported by news that Google (GOOG 587.09, -3.39) may pull out of China. The headline prompted participants to drop shares of GOOG below their 50-day moving average for the first time since July. Though the stock pared its losses and settled at the key technical line, it still failed to share in the broader tech sector's 1.0% gain.

Renewed support for financial stocks drove the sector from a 0.6% loss to a 1.2% gain this session. The move was primarily underpinned by banks, which booked a 1.8% gain. Shares of banks showed no reaction to the testimonies of financial executives about the financial crisis at Capitol Hill today.

Financials were a primary leader for most of the session, but health care stocks logged the best gain. They advanced 1.3%.

Telecom was the only sector that failed to find positive ground. It shed 0.4% amid weakness in integrated telecom stocks, which fell 0.7%. The telecom sector, which boasts a dividend yield in excess of 5.5% at current stock prices, failed to find support amid chatter that current tax rates, including the dividend tax, may be extended.

Energy stocks had traded with weakness as oil prices extended their sell-off from the previous session amid a larger-than-expected weekly inventory build. Energy stocks recovered to finish with a 0.4% gain, but oil prices stayed lower to close below $80 per barrel for the first time this year.

Support for stocks led to selling among Treasuries. Treasuries extended their losses after a $21 billion auction of 10-year Notes drew a yield of 3.75% and a bid-to-cover of 3.0, which is well above the 2009 average of 2.6. The benchmark 10-year Note fell 19 ticks, which pushed its yield back up toward 3.8%.

The Treasury's budget for December showed a deficit of $91.9 billion, which is in-line with the $92.0 billion that had been expected, on average, by economists. The deficit for November was $51.8 billion.

The Fed's latest Beige Book stated that economic activity is still low, but improving. It also stated that credit quality is still worsening, though.

Stocks may have fully recovered from profit-taking in the previous session, but the lack of trading volume suggests that there wasn't much conviction behind this session's move. Fewer than 1 billion shares traded hands on the NYSE; recent averages stand closer to 1.1 billion shares.

Advancing Sectors: Health Care (+1.3%), Financials (+1.2%), Tech (+1.0%), Consumer Discretionary (+0.9%), Utilities (+0.9%), Materials (+0.9%), Consumer Staples (+0.7%), Industrials (+0.5%), Energy (+0.4%)
Declining Sectors: Telecom (-0.4%)DJ30 +53.51 NASDAQ +25.59 NQ100 +1.3% R2K +1.3% SP400 +1.3% SP500 +9.46 NASDAQ Adv/Vol/Dec 1832/2.37 bln/871 NYSE Adv/Vol/Dec 2246/970 mln/800

3:35 pm : Stocks are at session highs. The financial sector is providing the most leadership.

Meanwhile, commodities finished slightly higher following a sell-off in the prior session.

February crude oil sold off in heading into the inventory data this morning. The February contract put in a session low at $78.37 per barrel as the larger-than-expected build was reported. The contract recovered back above the $80 level but was not able to make it back to the unchanged level. It then pulled back ahead of the close to finish below the $80 level for the first time this year.

Natural gas futures rallied this session. The February contract closed up 2.1% at $5.71 per contract. The February contract is up 7.1% after hitting a low of $5.43 in electronic trade yesterday morning.

Precious metals closed modestly higher after trading in positive territory for the majority of the session. March silver finished 0.8% higher at $18.40 per ounce. February gold finished 0.7% higher at $1137 per ounce.DJ30 +70.51 NASDAQ +26.94 SP500 +10.94 NASDAQ Adv/Vol/Dec 1838/1.95 bln/829 NYSE Adv/Vol/Dec 2191/701 mln/833

3:00 pm : The stock market has moved up from its recent trading range to register a fresh session high. This session's gains have nearly erased all of the previous session's loss, but stocks still have a bit more to go before they return to the 52-week highs that were registered on Monday.

For those mindful of market conviction, trading volume has been rather unimpressive this session -- one hour remains until the closing bell sounds and yet hardly 600 million shares have traded hands so far. The 50-day moving average for trading volume on the NYSE stands slightly above 1 billion shares per session, though even that has been a bit diluted by the light action that took place amid the end-of-year holidays. DJ30 +59.63 NASDAQ +25.50 SP500 +9.71 NASDAQ Adv/Vol/Dec 1756/1.71 bln/920 NYSE Adv/Vol/Dec 2061/610 mln/968

2:30 pm : Financials have pared a modest portion of their gains so that they are now up 1.0% for the session. Though that is still a strong gain, tempered support for the sector has diminished its role as a leader for the broader market. In turn, the broader stock market has been left to trade sideways.

In the meantime, health care stocks and tech stocks have ascended to fresh session highs. They are up 1.4% and 0.8%, respectively. Health care stocks have actually traded with relative strength for nearly the entire session, but tech had to overcome some early profit-taking. DJ30 +42.93 NASDAQ +21.94 SP500 +7.51 NASDAQ Adv/Vol/Dec 1678/1.60 bln/965 NYSE Adv/Vol/Dec 1972/571 mln/1027

2:00 pm : The Fed's latest Beige Book, an anecdotal collection of observations from the various Fed regions, stated that economic activity is still low, but improving. It also stated that credit quality is still worsening, though.

Meanwhile, the Treasury's budget for December showed a deficit of $91.9 billion, which is in-line with the $92.0 billion that had been expected, on average, by economists. The November numbers showed a deficit of $51.8 billion.

Stocks haven't made much of a reaction to the data. Instead, they continue to move sideways near session highs. DJ30 +44.44 NASDAQ +19.52 SP500 +7.49 NASDAQ Adv/Vol/Dec 1672/1.48 bln/977 NYSE Adv/Vol/Dec 2019/523 ln/1000

1:30 pm : The stock market has eased back a bit, but it continues to trade with a solid, broad-based gain.

Meanwhile, Treasuries have ticked even lower so that the benchmark 10-year Note is now down 19 ticks, which has put its yield back near 3.8%. Treasuries had already been under modest pressure amid a rebound by stocks, but they extended their slide after it was learned that a $21 billion auction of 10-year Notes drew a yield of 3.75% and a bid-to-cover of 3.0, which is well above the 2009 average of 2.6. DJ30 +47.24 NASDAQ +17.51 SP500 +7.19 NASDAQ Adv/Vol/Dec 1630/1.35 bln/981 NYSE Adv/Vol/Dec 1985/486 mln/1019

1:00 pm : Stocks faltered in the first few minutes of action, but financials soon emerged with strength and have since pulled the broader market up to a solid gain.

Early weakness among stocks was centered around materials stocks, which looked as if they would extend their slide from the previous session amid concerns for genetically modified corn from Monsanto (MON 83.48, +0.17). A few brokerage firms attempted to quell the concern with supportive statements for the stock, though.

Tech was also a source of weakness in the early going. Its downward move came as an extension of recent profit-taking that has followed the sector's near 60% gain in 2009. News that Google (GOOG 582.80, -7.68) may pull out of China dropped shares of the stock below their 50-day moving average for the first time since July and drove the latest selling effort against the sector. Though GOOG is still under pressure, the tech sector has recovered to trade with a 0.5% gain.

The tech sector's rebound, along with that of the broader market, comes at the hest of financial issues. The financial sector had been down as much as 0.6% in the early going, but has since rallied to sport a 1.3% gain. Diversified banks have underpinned much of the financial sector's recent strength.

Shares of diversified banks have rebounded from their losses in the previous session to trade with a 1.9% gain. Several executives from major banks and financial firms are on Capitol Hill to testify about the financial crisis, but nothing new or substantive has come from the hearing.

Leadership from financials has helped nine of the 10 major sectors put together a gain. Only telecom has yet to make an advance; it is currently down 0.4%. The sector failed to respond to chatter that current tax rates, including the dividend tax, may be extended. At current stock prices, the telecom sector sports a dividend yield in excess of 5.5%, which is higher than that of any other major sector.

Energy stocks had been in negative territory until it recently pushed into positive ground. The sector continues to lag as oil prices trade with a 0.9% loss at $80.00 per barrel in the wake of a larger-than-expected weekly inventory build.

Overall, there haven't been many corporate news items this session. However, Dow component Kraft (KFT 29.49, +0.20) won support when it released news that it has increased its earnings forecast for fiscal 2009. Kraft doesn't release its quarterly results until February.

Due imminently are results from the Treasury's auction of 10-year Notes. DJ30 +36.58 NASDAQ +18.31 SP500 +6.32 NASDAQ Adv/Vol/Dec 1450/1.32 bln/1129 NYSE Adv/Vol/Dec 1920/425 mln/1058

12:30 pm : The stock market continues to extend its recent upturn, thanks largely to leadership from financials, which are now up 1.3%. Shared strength in the broader market has eight of the 10 major sectors in positive territory.

Only telecom stocks and energy stocks have failed to put together a gain. Telecom currently trades with a 0.4% loss as integrated telecom outfits AT&T (T 26.72, -0.24) and Verizon (VZ 31.75, -0.16) come under pressure. Meanwhile, the energy sector is down to a 0.2% loss as oil prices continue their slide from the previous session. Oil prices are now down 1.2% to $79.80 per barrel.

Coming up at the top of the hour is the Treasury's third major auction of this week. The Treasury will take $21 billion in 10-year Notes to the market at 1:00 PM ET. The benchmark 10-year Note is down nine ticks ahead of the report, such that the Note now yields 3.75%.DJ30 +45.12 NASDAQ +12.19 SP500 +6.18 NASDAQ Adv/Vol/Dec 1468/1.11 bln/1107 NYSE Adv/Vol/Dec 1856/395 mln/1106

12:00 pm : The financial sector continues to push higher. It now sports a 1.1% gain, which is better than that of any other major sector. Several of Wall Street's financial executives are currently testifying on Capitol Hill about the financial debacles of the past couple of years. It is unlikely that anything new or substantive will come from the hearing.

Meanwhile, the broader stock market recently paused as the S&P 500 came within striking distance of the 1140 level. Its gain remains modest. DJ30 +30.76 NASDAQ +5.16 SP500 +4.02 NASDAQ Adv/Vol/Dec 1336/982 mln/1208 NYSE Adv/Vol/Dec 1685/351 mln/1251

11:30 am : After a few minutes of choppy trade at the neutral line, the major indices have pushed markedly higher. Gains remain contained, though.

Financials remain a primary driver for the broader market's upward move. The financial sector is now at a session high, where it sports a 0.7% gain.

Tech, which is actually the largest sector by market weight in the S&P 500, has been a notable laggard. Its relative weakness has been a recurring trend in recent sessions as participants take profits. The result of those efforts has left the tech-rich Nasdaq to underperform its counterparts in the new year.

The latest profit-taking effort comes amid news that Google (GOOG 582.34, -8.14) may pull out of China. Pressure that stemmed from that report was enough to send shares of GOOG below their 50-day moving average, which is a key technical support line that hasn't been violated since July. DJ30 +27.13 NASDAQ +4.10 SP500 +3.26 NASDAQ Adv/Vol/Dec 1236/837 mln/1278 NYSE Adv/Vol/Dec 1462/294 mln/1419

11:00 am : The major indices recently retreated into negative territory, but they have since rebounded to trade along the neutral line. Financials have been a source of support behind the bounce -- the sector is now up to a 0.1% gain after it had been down to a 0.6% loss at its morning low.

Diversified banks are among the financial sector's best performers at the moment. The group is up to a 1.0% gain after it dropped 1.8% in the previous session amid chatter that the government may look to collect fees from banks so that it may recoup its TARP funds.

Despite the spike by financial issues, health care stocks continue to sport the best gains. The sector is currently up 0.7%. DJ30 +7.56 NASDAQ -0.49 SP500 +0.08 NASDAQ Adv/Vol/Dec 1219/698 mln/1252 NYSE Adv/Vol/Dec 1392/240 mln/1459

10:35 am : The US Dollar Index began a small rally around 9:00ET, which has pressured the commodity complex since.

In the energy markets, February crude oil has traded in negative territory so far in today's session. After hitting morning highs of $80.40 per barrel minutes after the open, the energy component fell sharply to fresh morning lows of $79.25 per barrel, a move that coincided with the reversal in the Dollar Index and also ahead of this morning inventory data. Following the data, which showed a build of 3699K vs. consensus of a build of 1500K, crude sank to fresh lows of $78.37. Currently, crude is 2.4% lower at $78.82 per barrel.

February natural gas has also traded in negative territory all session. Overnight, it traded modestly lower, but began extending losses early this morning before hitting session lows of $5.46 per MMBtu. Currently, natural gas is trading just above lows at $5.442 per MMBtu, down 2.7%.

Precious metals are also getting hit on the strength in the dollar. Gold just pushed back into negative territory, after moving off of morning highs of $1137.30 per ounce. March silver is pulling back off highs ($18.495 per ounce) as well, but has managed to stay in positive territory. Gold is currently 0.7% lower at $1122.10 per ounce, while silver is 0.3% higher at $18.305 per ounce.DJ30 -5.52 NASDAQ -6.76 SP500 -2.24 NASDAQ Adv/Vol/Dec 192.7/516.0 mln/312.5 NYSE Adv/Vol/Dec 76.8/175.8 mln/95.9

10:00 am : Action in the broader market has become rather choppy, which has made for some rather mixed action among the major sectors.

However, utilities stocks have made their way to a relatively handsome 0.7% gain. The move comes amid chatter that there may be an extension of current tax rates, including the dividend tax. At more than 4%, the S&P 500's utilities sector currently boasts the second-best dividend yield of any major sector, given the current prices.

At current prices, the telecom sector has the highest dividend yield, which exceeds 5.5%. Telecom stocks haven't garnered much support this morning, though; the sector is down to a 0.3% loss at the moment.

Early movers: Trading up -- ASYS +12.4%, BIDU +11.1%, ARRS +7.5%, CLNE +7.1%, HMA +6.5%, AAWW +6.4%, TQNT +5.8%; Trading down -- FLDR -20.7%, HEV -14%, JTX -12.2%, BGFV -10.1%, LUNA -9.3%, CCME -7.9%, AFFX -7.3%, TRGL -6.3%

Advancing Sectors: Health Care (+0.9%), Utilities (+0.8%), Consumer Staples (+0.7%), Consumer Discretionary (+0.4%)
Declining Sectors: Energy (-0.6%), Materials (-0.3%), Tech (-0.3%), Financials (-0.3%), Telecom (-0.3%), Industrials (-0.1%)DJ30 +24.41 NASDAQ +0.63 SP500 +1.47 NASDAQ Adv/Vol/Dec 1364/249 mln/852 NYSE Adv/Vol/Dec 1770/93 mln/915

09:45 am : The major indices came under a brief episode of selling pressure in the first few minutes of trade, but the effort has since faded so that stocks have steadied to trade with modest gains.

Materials stocks had been a source of weakness for the second straight session. The sector slipped to a modest loss as Monsanto (MON 81.13, -2.18) came under a stiff bout of pressure amid news about negative affects from genetically modified corn. Despite weakness in MON, the materials sector has since bounced back to trade with a slight gain of 0.1%.

Health care stocks look strong in the early going. The sector is already up to a 0.7% gain, thanks to a 3.0% advance in health care facilities stocks. DJ30 +28.72 NASDAQ +4.34 SP500 +2.13 NASDAQ Adv/Vol/Dec 1419/88 mln/611 NYSE Adv/Vol/Dec 1448/37 mln/546

09:15 am : S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +6.50. Stock futures have eased back a bit with the approach of the opening bell, such that a flat start looks to be in order for the major indices. The tepid tone comes despite a weaker dollar, which currently trails a basket of competing currencies by 0.3%. Overseas markets haven't provided much support from a sentimental standpoint, though; action in Europe remains mixed after Asia's major indices tumbled. The number of headlines has dwindled since the previous session, so there haven't been as many catalysts for trade this morning. The slowed news flow is likely to persist until tomorrow, when a handful of widely-held companies report their latest quarterly results and the number of market-moving economic reports picks up. The only items on today's economic calendar are the Treasury's budget statement for December and the Fed's Beige Book, both of which are due at 2:00 PM ET. Weekly oil inventory data is due later this morning at 10:30 AM ET, though. Oil prices have extended their slide from the previous session ahead of the report -- contracts currently price crude oil at $80.20 per barrel, down 0.7%.

09:00 am : S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +7.00. The dollar continues to lag a basket of foreign currencies by roughly 0.4%, but commodities have found mixed interest. Crude oil prices continue their descent from the previous session so that they are down 0.7% to $80.20 per barrel in the first few moments of pit trade. In the meantime, gold prices are up a solid 0.7% to $1137 per ounce. The CRB Commodity Index is currently flat.

08:30 am : S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +8.50. U.S. stock futures continue to trade with a modest edge over fair value. Meanwhile, action is mixed in Europe, where Germany's DAX is up 0.4% amid strength in Bayer and in the face of news that Germany's economy contracted 5% in 2009. That was its worst performance since World War II. In France, the CAC is up 0.2%. Societe Generale has been a detractor, though. According to news, the firm expects to post only a slight profit for the fourth quarter of 2009. Write-downs and provisions remain sources of weakness. In Britain, the FTSE is down 0.2%. HSBC (HBC) is a laggard and has outweighed strength in AstraZeneca (AZN), which was upgraded by analysts at Credit Suisse. In Asia, the Shanghai Composite fell 3.1% and Hong Kong's Hang Seng sank 2.6%. Their slide came amid broad-based selling, which was triggered by yesterday's announcement, which came after the closing bell, that the People's Bank of China had raised its reserve requirement. Meanwhile, Japan's Nikkei fell 1.3%. Kyocera (KYO) and Fanuc were primary laggards.

08:00 am : S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +9.00. After the stock market's first down session in seven outings, participants have returned this morning to offer tepid support amid a weaker dollar, which is currently down 0.4% against a basket of foreign currencies. There hasn't been much support from overseas markets, which have seen mixed interest in Europe and steep losses in Asia. There have only been a couple of corporate news items this morning: Dow component Kraft (KFT) increased its earnings forecast for fiscal 2009 to at least $2.00 per share, which has lifted its stock price 2.2% to $29.93 per share ahead of the opening bell; shares of Google (GOOG) are down 1.8% to $580.03 per share in premarket trade amid news that the company may pull out of China in the wake of attacks from hackers. Word of Google's possible move has spurred shares of Baidu (BIDU) to a 16% gain at $447.15 per share in premarket trading -- an upgrade from analysts at Deutsche Bank has helped. Economic data on today's calendar is unlikely to contain any surprises -- the Fed's Beige Book is due at 2:00 PM ET, along with the Treasury Budget for December.

06:35 am : S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +6.50.

06:35 am : Nikkei...10735.03...-144.10...-1.30%. Hang Seng...21748.60...-578.00...-2.60%.

06:35 am : FTSE...5482.93...-15.80...-0.30%. DAX...5956.23...+13.30...+0.20%.

M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
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