Post subject: January 18th Tuesday 2011 Emini TF ($TF_F) points +23.20
Posted: Wed Jan 19, 2011 8:04 am
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Joined: Sat Jan 10, 2009 2:06 pm Posts: 4341 Location: Canada
Trade Results of M.A. Perry Trader and Founder of WRB Analysis (wide range body/bar analysis) Price Action Trading (no technical indicators)
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click on the above image to view today's trading summary
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That bad dry cough I had with fevers have gone along with feeling rested. Thus, I was properly prepared to trade today. The best trades of the day was the 1st and 6th (last) trades. The last trade netted +4.7 points per contract. I used intermarket analysis of other key markets bouncing off similar key areas of changes in supply/demand. If you have any questions about my trading, want more details about the trade signal behind a particular trade or want to reply about something stated in this message post...click here.
Trade Performance for Today: +23.20 points or $2320.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures. Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE. S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.
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In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=86&t=731. However, be advised that I'm frequently testing new trade signal methods or new trade management rules (e.g. stop/loss, trailing stops, profit targets, order types, time frames, workstation templates et cetera) after entry of existing profitable trade signal methods whenever market conditions change. Thus, adapting is a critical variable to my consistent profits along with preventing me from becoming complacent in my trading...this helps avoid trading account drawdowns.
Also, posted below are direct links to information about my trade methodology and trading plan (there's a difference between the two) 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/bar analysis).
The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis.
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click on the above image to view today's price action of key markets
By Ben Rooney, staff reporter January 18, 2011: 5:09 PM ET
NEW YORK (CNNMoney) -- U.S. stocks showed surprising resilience Tuesday, closing higher as shares of Boeing and other industrial names rose, offsetting weakness from Citigroup and Apple.
The Dow Jones industrial average (INDU) added 50 points, or 0.4%. The broad S&P 500 (SPX) index edged up nearly 2 points, or 0.1%. The Nasdaq (COMP), a proxy for the technology sector, added 10 points, or 0.4%.
The gains came despite disappointing earnings from Citigroup, which dragged the banking sector lower. Citi tumbled over 6%, while Bank of America (BAC, Fortune 500) and Wells Fargo (WFC, Fortune 500) also took a hit.
After the market closed, Apple reported a record jump in quarterly earnings and sales, driven by strong demand for Macs, iPhones and iPads during the holiday season.
Apple shares, which were halted briefly before the announcement, rallied over 4% in after hours trading. Shares fell over 2% in during market hours Tuesday amid worries about CEO Steve Jobs' medical leave.
IBM gained 2.4% in extended trading after the company reported fourth-quarter earnings that beat analysts' estimates.
Boeing led gainers during active trading, adding 3.4% after the defense and aeronautics company said it expects to deliver its 787 Dreamliner in the third quarter of 2011. The 787, which has been plagued by delays, was previously slated for delivery in the first quarter.
"It may be that the stock was oversold enough for it to rally back, despite the disappointing news," said Bruce McCain, chief investment strategist at Key Private Bank.
In addition to Boeing, industrial stocks Alcoa (AA, Fortune 500) and Caterpillar (CAT, Fortune 500) were both up about 2%, reflecting the bullish outlook many investors have for economic growth in 2011.
"Investor sentiment is extremely positive right now," said McCain. "And that's a risky time for the market."
He said any improvement in corporate earnings or economic data will likely have a "muted effect" on stocks, while negative surprises "can torpedo the market."
Looking ahead, quarterly reports are due early Wednesday from Goldman Sachs and Wells Fargo. Investors will also take in the latest readings on housing starts and building permits before the market opens.
Markets were closed Monday due to Martin Luther King Jr. Day. On Friday, stocks ended moderately higher, with the Dow and the S&P posting their seventh straight week of gains. That's the longest weekly win streak for the Dow since the two months of consecutive gains that ended last April.
Companies: Apple reported results late Tuesday for its best-ever quarter, with revenue of $26.7 billion driven by holiday iPad and iPhone sales that were much better than forecast. Apple's profit of $6 billion also set a new record.
Apple sold 7.3 million iPads in the quarter, easily surpassing the expectations of nearly every Wall Street analyst. It also sold 16.2 million iPhones, 4.1 million Macintosh computers and 19.5 million iPods during the quarter.
Shares of Apple had been under pressure for most of the session Tuesday, after the company announced Monday that CEO and co-founder Jobs will take another leave of absence because of health problems.
Jobs' leave of absence comes two years after the Apple CEO took a six-month sabbatical, during which he received a liver transplant. While the news may weigh on Apple shares in the coming days, the slump isn't likely to last long, said Tom Winmill, portfolio manager at Midas Funds.
"This is a very short-term phenomenon," Winmill said. "Jobs is the face of Apple, so there's no question that a lot of people think Apple is a one-man band, but Apple's really anything but -- and the prior time he went on leave, it proved to be a great buying opportunity."
Also after the bell, IBM (IBM, Fortune 500) reported net income of $5.3 billion, or $4.18 per share, for the fourth quarter. That's up from $4.8 billion, or $3.59 per share, a year ago. Analysts had predicted earnings of $4.08 per share.
Citigroup (C, Fortune 500) posted quarterly results before the opening bell that missed expectations. The bank reported a profit of $1.3 billion, or 4 cents per share, on revenue of $18.4 billion.
While Citi's quarterly earnings disappointed, many other companies are on deck to report results this week -- and Winmill said he is bullish about the quarter.
"I think overall we'll see earnings come in this quarter as they did in the prior quarter, with companies continuing to surprise on the upside," he said.
Rival JPMorgan Chase (JPM, Fortune 500) laid the foundation for overall strength on Friday when it reported a 47% jump in fourth-quarter earnings to $4.8 billion, or $1.12 per share. Goldman Sachs (GS, Fortune 500) is due to report Wednesday morning.
Delta (DAL, Fortune 500) reported quarterly earnings that missed forecasts, posting earnings of 19 cents per share -- compared to the 24 cents expected by analysts. Shares of the airline company dropped 5.6%.
Outside the earnings arena, shares of commercial banking firm Comerica (CMA) tumbled nearly 8% Tuesday, after the company agreed to acquire Sterling Bancshares (SBIB) in a $1 billion all-stock deal.
The Federal Communications Commission approved the merger of Comcast, of the country's largest cable operator, and broadcasting company NBC Universal.
Economy: The New York Fed released its Empire Manufacturing Survey before the market open. The reading ticked up to 11.92 in January, which was in line with expectations.
Separately, the National Association of Homebuilder's Housing Market Index for January came in unchanged at 16, as expected.
World markets: European stocks closed higher. Britain's FTSE 100 rose 1.2%, the DAX in Germany and France's CAC 40 both gained 0.9%.
Asian markets ended mostly higher. The Shanghai Composite edged up 0.1%, the Hang Seng in Hong Kong was barely above breakeven and Japan's Nikkei rose 0.2%.
Currencies and commodities: The dollar lost ground against the euro, the Japanese yen and the British pound.
A stronger-than-expected report on GDP from Germany gave the euro a boost in early trading and helped lift European markets, Winmill said.
Oil for February delivery fell 22 cents to $91.32 a barrel.
Gold futures for February delivery added $7.70 to settle at $1,368.20 an ounce.
Bonds: Foreign investors bought $93.9 billion in long-term Treasuries in November, increasing their net holdings after purchasing $56 billion the month before, according to the Treasury's latest reading.
The largest lender to the U.S. remains China, which slightly decreased its holdings to $895.6 billion.
Meanwhile, the price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 3.39% from 3.33% late Friday.
4:30 pm : A push against Citigroup and Apple mired the major equity averages for most of the session, but stocks managed to settle higher with varied gains that were good enough to make for fresh two-year closing highs.
The latest quarterly report from Citigroup (C 4.80, -0.33) came short of expectations on both the top and bottom line. Disappointment sent shares of the diversified financial giant to their steepest loss in more than six months.
Regional bank Comerica (CMA 37.84, -3.51) posted an impressive upside earnings surprise, but its shares were rejected in response to news that it will acquire Sterling Bank (SBIB 8.93, +1.23) for $10 per share, a 30% premium over its closing price last week.
Some support was provided to the financial sector by consumer finance plays following the publication of monthly card metrics from American Express (AXP 46.37, +0.12) and Discover Financial (DFS 20.74, +0.36). Results from the two companies were generally in line with what had been expected.
Ahead of its own quarterly report, Apple (AAPL 340.65, -7.83) shares were shunned in response to news that company Chief Executive Steve Jobs will take another medical leave of absence. The stock opened more than 6% lower, but losses were pared during the day. Shares of AAPL experienced some of the heaviest trading volume that they have seen in almost one year.
Leadership was lacking all session, but stocks still managed to grind to modest gains. In the end, advancing issues edged out decliners by 3-to-2 in the S&P 500.
Data wasn't very inspirational. The Empire State Manufacturing Survey improved to 11.9 for January. The consensus call among economists polled by Briefing.com was pegged at 12.0.
Net Long-Term Treasury International Capital Flows spiked in November to $85.1 billion from $28.9 billion in the prior month, but the data indicated that China's holdings of U.S. debt were lowered by little more than 1%.
Overseas data, another successful debt offering from Spain, and supportive comments about funding for the European recovery from Russia's finance minister all helped spur the euro and British pound higher against the greenback. The Dollar Index ended the trading day down by about 0.6%, which makes for its sixth loss in seven sessions.
3:30 pm : Commodities, outside of the energy sector (-0.5%), closed higher on the session, led by a 1.2% gain in grains and 1.1% gain in livestock. Cotton futures were the largest advancing commodity after they tacked on 2.8%.
Feb gold ended higher by 0.5% to $1368.20 per ounce, while March silver gained 2% to close at $28.91 per ounce. Both metals moved higher on the back of a weaker dollar.
Feb crude oil settled off 0.2% to $91.38 per barrel in a very uneventful session Feb natural gas ended down 1.4% to $4.41 per MMBtu. Natural gas started the session on a positive note before selling off in mid-morning trade. DJ30 +52.71 NASDAQ +5.99 SP500 +1.24 NASDAQ Adv/Vol/Dec 1139/1.6 bln/1488 NYSE Adv/Vol/Dec 1483/801.1 mln/1514
3:00 pm : The Nasdaq has stretched to its best level of the day. That also makes for a fresh two-year high, even though its gain on the day is only modest.
Apple (AAPL 341.70, -6.78) continues to trade as a laggard in the Nasdaq, but other large-cap tech issues like Google (GOOG 638.57, +14.39) and Microsoft (MSFT 28.61, +0.31) have provided the tech-rich index with some leadership.DJ30 +59.29 NASDAQ +6.70 SP500 +1.61 NASDAQ Adv/Vol/Dec 1151/1.48 bln/1488 NYSE Adv/Vol/Dec 1475/750 mln/1509
2:30 pm : Volatility has heated up a bit this session. In turn, the Volatility Index is up 2.5%. It is still down 10.8% since the start of the year, though.
While there isn't a leader in the bunch, eight of the 10 major sectors are in positive ground -- only telecom (-1.1%) and financials (-0.6%) remain in the red. That has helped keep the tone of trade positive. DJ30 +64.52 NASDAQ +6.08 SP500 +1.90 NASDAQ Adv/Vol/Dec 1131/1.38 bln/1500 NYSE Adv/Vol/Dec 1468/705 mln/1493
2:00 pm : Financials have managed to trim some of their losses. The sector isnow down 0.7% after it had traded with a loss of more than 1% just an hour ago. Consumer finance plays, collectively up 0.4%, remain a key source of support in the face of a 2.0% drop by diversified financial services stocks.
Energy stocks are now up 0.5%, which puts the sector at a session high. Refiners currently lead the energy sector; they are up about 1.3% at the moment. Oil and gas equipment plays, collectively down 0.3%, have offset some of that strength. DJ30 +54.34 NASDAQ +2.85 SP500 +0.60 NASDAQ Adv/Vol/Dec 1077/1.29 bln/1541 NYSE Adv/Vol/Dec 1378/660 mln/1560
1:30 pm : Though the financial sector continues to trade with a loss on the order of 1%, there are a few pockets of strength in the sector. In particular, consumer finance plays are in strong shape following the publication of monthly card metrics from American Express (AXP 46.56, +0.31) and Discover Financial (DFS 20.56, +0.18). Results from the two companies were generally in line with what had been expected.DJ30 +61.49 NASDAQ +3.56 SP500 +1.00 NASDAQ Adv/Vol/Dec 1089/1.20 bln/1526 NYSE Adv/Vol/Dec 1371/612 mln/1549
1:00 pm : A lack of leadership has kept the S&P 500 and Nasdaq Composite mired near the neutral line for the entire session. The Dow has successfully put together a strong gain, however.
Financials have hampered the S&P 500 since the early going. The sector's 1.1% loss follows a disappointing quarterly report from Citigroup (C 4.82, -0.32). Shares of C have fallen more than 6% from the 52-week high that they set this past Friday. The slide has tested the stock's January low and has shares of pace for their poorest single-session performance in about six months.
Ahead of its report this evening, Apple (AAPL 341.36, -7.10) Chief Executive Steve Jobs announced that he will take another medical leave of absence. The stock had initially dropped sharply in response to that news, but shares have gradually pared losses. Trading volume in AAPL has been robust; the stock is on pace for one of its busiest days by volume in the past year.
A concerted selling effort has hit airline shares in the wake of an earnings miss from Delta Air Lines (DAL 11.88, -0.87). The Amex Airline Index is down 2.4%, which makes for its worst showing of the past five months.
The Dow is up solidly today. Its advance comes amid strength in blue chip industrial plays. Advancing issues outnumber decliners in the Dow by 2-to-1.
The dollar has pared its loss in recent trade so that it is now down 0.4%. The greenback's weakness remains tied to the euro and British pound. The euro's strength is largely underpinned by another successful debt offering from Spain and supportive comments about funding for the European recovery from Russia's finance minister. Meanwhile, the pound is up following reports of a sharp rise in United Kingdom consumer prices. DJ30 +66.07 NASDAQ +2.85 SP500 +0.63 NASDAQ Adv/Vol/Dec 1058/1.11 bln/1556 NYSE Adv/Vol/Dec 1336/570 mln/1577
12:30 pm : The broader market remains mired near the neutral line. Financials, down 1.2%, continue to act as a drag and there are no real leaders to offset the financial sector's weight.
Airline shares have descended deeper into negative territory. With its 2.4% loss, the Amex Airline Index is on pace for its poorest performance in five months. DJ30 +59.63 NASDAQ +0.47 SP500 -0.32 NASDAQ Adv/Vol/Dec 973 mln/1.02 bln/1605 NYSE Adv/Vol/Dec 1283/540 mln/1623
12:00 pm : The Dow has made its way to a nice gain and currently trades near its session high. Boeing (BA 72.51, +2.44) and Caterpillar (CAT 95.98, +2.41) are primary leaders at the moment. Verizon (VZ 34.78, -0.68) has been a drag, however. Boeing announced this morning that it expects delivery of the first 787 Dreamliner in the third quarter of this year.
Meanwhile, the Dow's counterparts, the S&P 500 and the Nasdaq Composite, are stuck near the unchanged mark as they remain without leadership. DJ30 +61.60 NASDAQ +1.70 SP500 +0.34 NASDAQ Adv/Vol/Dec 988/925 mln/1577 NYSE Adv/Vol/Dec 1284/485 mln/1618
11:30 am : Telecom has come under increased pressure in recent trade. The sector is now down 0.8%, which is second only to the financial sector's 0.9% loss in terms of poorest performances this session. The telecom sector's downturn marks a resumption of its sharp slide that saw only some relief in recent sessions. The latest leg lower has been led by Verizon (VZ 34.85, -0.61) and Sprint Nextel (S 4.34, -0.11).DJ30 +66.56 NASDAQ +2.44 SP500 +0.67 NASDAQ Adv/Vol/Dec 990/810 mln/1543 NYSE Adv/Vol/Dec 1270/425 mln/1619
11:00 am : A clear lack of leadership has left stocks stuck in a choppy fit of morning trade.
Despite the lack of strength among equities, Treasuries are under pressure. More specifically, the benchmark 10-year Note is down about a half of a point so that its yield is up to 3.39% while the 30-year Bond is off by a full point so that its yield is 4.59%.
Pressure against the dollar remains steady since its early morning tumble against the euro and British pound. The Dollar Index is currently off by 0.6%, which makes for its sixth loss in seven days of trade, including yesterday, when U.S. bond and equity markets were closed in observance of Martin Luther King Junior Day. DJ30 44.84 NASDAQ -5.29 SP500 -1.67 NASDAQ Adv/Vol/Dec 901/660 mln/1615 NYSE Adv/Vol/Dec 1121/360 mln/1738
10:30 am : The dollar index put in new session lows minutes ago, which gave a boost to select commodities. February crude oil pushed off of session lows of $90.55 per barrel, rallying over $1.00, as a result and back into positive territory. However, it's now two cents under the unchanged line at $91.52 per barrel.
February natural gas fell sharply at 9:15am ET, falling into the red and new session lows of $4.44 per MMBtu. It's now at $4.46 per MMBtu, down 0.5%.
Precious metals have been trading higher all session. March silver pushed through the $29.00 level about 20 minutes ago, hitting new session highs of $29.08 per ounce. February gold session highs of $1376.00 per ounce were hit earlier this morning. Silver is currently 2.3% higher at $28.99 per ounce. Gold is up 0.8% at $1371.10 per ounce.
Overnight, March wheat futures rose 1.9$ to $7.88/bu, March corn futures rose 1% to $6.55/bu and March soybeans lost 0.3% to $14.1875/bu.DJ30 +57.33 NASDAQ -0.78 SP500 +0.49 NASDAQ Adv/Vol/Dec 926/517.6 mln/1527 NYSE Adv/Vol/Dec 1165/292.2 mln/1640
10:00 am : Stocks failed to extend their opening push higher when both the S&P 500 and the Nasdaq Composite encountered resistance just above the neutral line. Subsequent selling sent the two indices back into the red, but their move lower has been limited.
Financials have come under increased pressure. The sector is now down 1.0%, which is more than double the loss of the next worst performing sector (telecom, -0.4%). Citigroup (C 4.87, -0.26) is now down more than 5% to test its two-week low. Volume in shares of C has been robust in the early going; that has kept it atop the list of most actively traded shares by volume.
Share volume in the broader market has also been heavy in the first few minutes of trade. DJ30 +23.99 NASDAQ -3.85 SP500 -2.41 NASDAQ Adv/Vol/Dec 934/340 mln/1472 NYSE Adv/Vol/Dec 1048/220 mln/1714
09:45 am : The S&P 500 and the Nasdaq Composite are at the flat line after an upward move in the first few minutes of trade, but the Dow has pushed up to a modest gain. However, the Nasdaq 100 remains in the red with a 0.4% loss as shares of Apple (AAPL 335.74, -12.74) continue to act as a drag. Shares of AAPL are on the mend, though.
Financials remain under stiff pressure following disappointing results from Citigroup (C 4.94, -3.70); the sector is currently off by 0.6%. Airline stocks are under sharp pressure following a deep earnings miss from Delta Air Lines (DAL 12.38, -0.37); the Amex Airline Index is down 0.9%. DJ30 +19.52 NASDAQ -1.65 SP500 -0.68 NASDAQ Adv/Vol/Dec 1063/229 mln/1280 NYSE Adv/Vol/Dec 1219/168 mln/1499
09:15 am : S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -20.80. Stock futures suggest a slightly lower start for the S&P 500, but pressure is more pronounced in the tech-rich Nasdaq as shares of Apple (AAPL) turn lower in response to news that the company's head, Steve Jobs, will take another medical leave of absence. Apple will post its latest quarterly report after the close. Shares of diversified financial services giant Citigroup (C) are also down sharply ahead of the open. The stock's premarket slide follows a disappointing quarterly report. Data has been limited to an in-line Empire State Manufacturing Survey for January and news that Net Long-Term Treasury International Capital Flows spiked in November to $85.1 billion from $28.9 billion in the prior month. Early participants haven't been inspired by Europe's major bourses, which have held on to enviable gains that have followed a strong economic survey from Germany, another successful debt offering from Spain, and supportive comments about European debt from Russia's finance minister. The euro and British pound have also moved higher. Strength in the latter currency comes amid a sharp rise in United Kingdom consumer prices during December. Producer input prices also showed a sharp increase when they were reported last week.
09:00 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -20.00. Domestic futures are drifting lower, but Europe's major bourses are currently up with strong gains. Specific to Germany, its DAX is up 0.8%. Infineon Tech and Daimler (DAI) are leaders there. Henkel has been a laggard. As for data, Germany's ZEW Survey of Economic Sentiment for January came in at 15.4, which is a six-month high. France's CAC is up 0.6% at the moment. Vivendi and BNP Paribas have been primary leaders in that move. In contrast, Sanofi-Aventis (SNY) has lagged. Britain's FTSE has found its way to a 1.0% gain amid broad-based buying. Vodafone (VOD), BP Plc (BP), BG Group, and Rio Tinto (RIO) have been the biggest drivers of the bounce. However, GlaxoSmithKline (GSK) has lagged, as have banking issues Barclays (BCS) and Lloyds Group (LYG). A nationwide reading on consumer confidence came in at 53, which is up from 45 in November. After a hotter-than-expected increase in producer input prices last week, the United Kingdom reported that consumer prices climbed 1.0% in December after a 0.4% increase in the prior month. Core consumer prices spiked 2.9% after a 2.7% increase the month before. The specter of inflation has sent the British pound 0.7% higher to trade at $1.599. The euro is also higher; it was last quoted with a 0.7% gain at $1.338. The euro's move stems partly from another successful debt auction by Spain.
In Asia, Japan's Nikkei mustered a mere 0.2% gain overnight. Fanuc Corp and Softbank were a couple of leaders while Kyocera (KYO) and Fast Retailing offset some of the efforts to push higher. As for data, Japan's industrial production during November increased 1.0%, as had been reported previously. Machine tool orders during December increased by 64, as had been reported in the preliminary reading. Mainland China's Shanghai Composite eked out a 0.1% gain. Industrial & Commercial Bank and China Petroleum (SNP) were leaders, but their efforts were largely undermined by weakness in PetroChina (PTR), which fell 1.4% to suffer its worst single-session loss on the exchange in three weeks. Hong Kong's Hang Seng finished flat as declining issues barely edged out advancers. Hutchison Whampoa, China Mobile, China Construction Bank, and CNOOC (CEO) were among the more notable drags. HSBC (HBC), PetroChina, and Sun Hung Kai Properties provided support.
08:35 am : S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: -20.00. The Empire State Manufacturing Survey, a monthly survey of manufacturers in New York State, came in at 11.9 for January. That is essentially in line with the 12.0 that had been expected among economists polled by Briefing.com. The number is also up from a downwardly revised reading of 9.9 for the prior month. Stock futures have made no real reaction to the Survey's results. As such, they remain relatively mixed. There isn't much else on today's economic calendar. The only other item of broad interest is Treasury International Capital Flow data at 9:00 AM ET.
08:00 am : S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: -15.80. Futures for the S&P 500 are flat, but Nasdaq 100 futures are down markedly amid weakness in shares of Apple (AAPL), which account for about 20% of the weight of the Nasdaq 100. The slide in AAPL follows news that its chief executive, Steve Jobs, will take a medical leave of absence. BP (BP) confirmed after the close on Friday that it has entered a strategic alliance with Russia's Rosneft, although reports had started to spread the story not long before last week's close. Only a few companies have issued earnings this morning. Of the few that have, Comerica (CMA) posted an impressive upside earnings surprise. It also announced it will acquire Sterling Bank (SBIB) for $10 per share, a 30% premium over its closing price last week. Delta Air Lines (DAL) announced results that were short of the consensus earnings estimate. Pressure against the greenback has resumed. Following five consecutive closes in the red the dollar got some relief yesterday, when U.S. markets were closed in observance of Martin Luther King Jr. Day, but this morning it is down 0.8% against a basket of competing currencies. That puts the Dollar Index at its lowest level in more than a month. Most of the dollar's decline is due to a bounce by the euro in the wake of another successful debt offering by Spain. Europe's major bourses are also trading with strength at the moment.
06:45 am : Nikkei...10518.98...+16.10...+0.20%. Hang Seng...24153.98...-3.00...0.00.
06:45 am : FTSE...6056.32...+70.60...+1.20%. DAX...7151.82...+73.80...+1.00%.
06:45 am : S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: -14.00.
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