Post subject: January 25th Tuesday 2011 Emini TF ($TF_F) points +21.40
Posted: Tue Jan 25, 2011 7:06 pm
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Joined: Sat Jan 10, 2009 2:06 pm Posts: 4342 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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Another good trading day except I had trade management problems in my first trade of the day via getting too greedy on 1/3 of my remaining position that resulted in leaving about +1.5 points per contract on the table involving those remaining contracts. 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: +21.40 points or $2140.00 dollars in the Russell 2000 Emini TF ($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.
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=737. 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 25, 2011: 4:22 PM ET
NEW YORK (CNNMoney) -- Stocks closed mixed Tuesday, after making a come-back in the final hour, as investors digested earnings results from a host of blue-chip companies, mixed reports on the U.S. economy and surprisingly slow growth in the United Kingdom.
The Dow Jones industrial average (INDU) fell 3 points, or less than 0.1%, according to early tallies. The S&P 500 (SPX) closed flat; and the Nasdaq (COMP) added nearly 2 points to 2,719.
Stocks opened lower after government data showed the U.K. economy shrank unexpectedly in the fourth quarter. The selling gained momentum as investors responded to dour quarterly results from 3M (MMM, Fortune 500), Johnson & Johnson (JNJ, Fortune 500) and American Express.
But upbeat results from Travelers (TRV, Fortune 500) helped curb some of the selling. The insurance giant reported a 30% drop in quarterly net income, but issued an optimistic outlook for the rest of the year.
Verizon was another bright spot. Shares rose 1.3% after the telecom announced a $30 unlimited data plan for the iPhone. The company amended the statement later in the day, saying the package would be available "for a limited time."
"In this environment, the market really punishes you if you miss [earnings], and stocks don't react all that well even when you beat," said Benny Lorenzo, chief executive at Kaufman Bros.
Lorenzo still believes that stocks are headed higher this year, but he acknowledged that questions remain about corporate earnings growth, as more companies warn about rising commodity prices.
"It's going to be very tough for margins to expand, and that's going to be reflected in the market," he said.
Investors were also responding to a sharp drop in home prices, and a stronger-than-expected report on consumer confidence.
In the commodities market, prices for oil and gold futures fell sharply. However, prices for cotton futures rose to a record high amid speculation about tightening supplies and increasing demand from developing economies.
Jean-Claude Trichet, president of the European Central Bank, warned over the weekend that central banks should be wary of rising commodity prices. The comments fueled speculation that the ECB is planning to raise interest rates.
Stocks began the week with a solid start, logging modest gains on Monday. The Dow has been on an upward trend since Thanksgiving, and is now within a stone's throw of 12,000 -- a level last seen on June 18, 2008.
Despite the pullback on Tuesday, many investors expect the market to grind higher this year as a gradually recovering economy helps support corporate earnings going forward.
"It's going to be choppy, but still continuing an upward trend," said Tom Winmill, portfolio manager at Midas Funds. "There's an expectation that earnings will keep improving and we're looking for more surprises on the upside."
Companies: Shares of Tellabs (TLAB) plunged 19% after the communications equipment maker issued a lackluster outlook for first-quarter earnings.
Harley-Davidson (HOG, Fortune 500), the iconic motorcycle company, reported a quarterly loss that narrowed from last year, and topped analysts expectations. Shares gained 8%.
After the bell on Monday, American Express (AXP, Fortune 500) reported earnings of 94 cents per share on revenue of $7.32 billion. The numbers fell a hair short of analyst estimates. Shares sank 2.3%.
Yahoo (YHOO, Fortune 500) is slated to report the market closes Tuesday, and is expected to report earnings per share of 22 cents on $1.19 billion in revenue.
Economy: The Case-Shiller index of home prices in 20 major U.S. markets was released before the opening bell. Signaling that the slump in home prices has deepened, the index fell 1% in November compared with October.
The Conference Board said its index of consumer confidence rose to 60.6 in January, up from 53.3 in December. It was the highest level since May 2010 and came in stronger than expected. The index was forecast to increase to 53.5.
President Obama is scheduled to deliver his State of the Union address Tuesday night, during which he is expected to talk about the health of the U.S. economy -- especially the labor market.
World markets: European stocks were lower. Britain's FTSE 100 fell 0.4%, after data showed the U.K. economy shrank 0.5% in the fourth quarter, versus a projected 0.5% increase. The DAX in Germany slid 0.1% and France's CAC 40 tumbled 0.3%.
Asian markets ended the session mixed. The Shanghai Composite fell 0.7%, and the Hang Seng in Hong Kong ended barely below breakeven. Japan's Nikkei rose 1.2%, after the Bank of Japan kept interest rates steady but boosted its 2010 GDP forecast and said deflation is continuing to ease.
Currencies and commodities: The dollar surged 1% versus British pound, but fell against the euro and Japanese yen.
Cocoa futures were up 1.5%, after soaring more than 4% in the previous session as the Ivory Coast called for a one-month export ban.
Cotton futures for March delivery rose to an intra-day high of $1.67 a pound, reaching the highest level on record at the InterContinental Exchange.
Oil for March delivery slipped $1.68 to settle at $86.19 a barrel.
Gold futures for February delivery tumbled $12.20 to end at $1,332.20 an ounce.
"It's been a mixed market for commodities lately, but it's generally been favoring oil and not gold," said Winmill. "There's going to be a rough patch for gold now, because with rising equity prices there will be more optimism for U.S. markets and less worry about finding a safe haven."
Bonds: The price on the benchmark 10-year U.S. Treasury rose, with the yield falling to 3.32% from 3.41% late Monday.
The Treasury sold $35 billion in 2-year notes Tuesday in the first of this week's debt sales totaling $99 billion.
4:30 pm : Listless action left stocks to slide on a couple of occasions during the day, but buyers eventually bought the dip to take stocks back to the neutral line for a flat finish.
Stocks started the session on weak footing following mixed action overseas. Asia's major averages were split as China's Shanghai Composite and Hong Kong's Hang Seng slipped, but Japan's Nikkei climbed sharply amid news that the Bank of Japan increased its GDP forecast to 3.3% from 2.1% and left its key rate at 0.1%. Europe's bourses moved lower after it was learned that United Kingdom fourth quarter GDP fell 0.5%. There was also concern about the capital health of Spain's banks.
Earnings were generally solid, but they did nothing to drive the broader market. That's mostly because the market has come to expect strong results following its ascent in recent months -- the Dow remains near its best level in two years, but the S&P 500 and the Nasdaq Composite both set their two-year highs last week.
The Consumer Confidence Index for January offered some support to stocks in early trade. It came in at an eight-month high of 60.6, which was much better than the 53.5 Briefing.com consensus. Excitement over the consumer confidence reading helped the broad market recover from an opening slip, but stocks were unable turn positive. Failure to find higher ground invited selling pressure, which kept stocks in the red almost all afternoon and the S&P 500 down as much as 0.8%.
Buyers finally surfaced in the final hour. The bid they placed was broad and strong enough for the major averages to push back to the flat line. Energy stocks and financial stocks had been heavy drags on the broader market for most of the afternoon. Both sectors were down in excess of 1% at their session lows, but each made a nice move into the close.
Energy settled a tame 0.3% lower for the session. Baker Hughes (BHI 62.32, +2.95) was one of its best performers, thanks to an upside earnings surprise for its latest quarter. Many other sector members were hurt by concerns related to another drop in oil prices, which recorded their lowest close in a month by dropping 1.9% to $86.19 per barrel.
Financials ended the day down just 0.2%. Dow component American Express (AXP 44.80, -0.99) was a drag after its in-line results failed to inspire investors. Fellow Dow component Travelers (TRV 56.23, +0.61) displayed individual strength following news of an upside earnings surprise.
Telecom ended the day as the best performing sector. It advanced 1.0% amid strength in Dow component Verizon (VZ 35.79, +0.55), which actually came short of the consensus earnings estimate.
Better-than-expected earnings from fellow blue chips Johnson & Johnson (JNJ 61.08, -1.02) and 3M (MMM 88.50, -1.82) were overshadowed by forecasts that were either outright disappointing or essentially lackluster.
Treasuries caught a nice bid. Most of their bounce followed an auction of 2-year Treasury Notes. The auction drew a bid-to-cover of 3.47, dollar demand of $121.5 billion, and an indirect bidder participation rate of 27.0%. For comparison, the average of the three previous auctions gives a bid-to-cover of 3.61, dollar demand of $126.5 billion, and an indirect bidder participation of 33.6%. The 2-year Note saw its yield move below 0.58% and the benchmark 10-year Note saw its yield slide just under 3.33%.
3:30 pm : Commodities had a weak session, which culminated in a 1.5% loss for its worst single-session slide in three weeks. Weakness was widespread among commodities.
Of those that are followed most closely by the financial media, oil prices dropped to their lowest close of the past month by settling pit trade with a 1.9% loss at $86.19 per barrel. Natural gas fell an even steeper 2.4% to $4.49 per MMBtu.
As for precious metals, gold prices dropped 1.0% to a three-month closing low of $1331.20 per ounce while silver prices slid 1.9% to a near two-month closing low of $26.81 per ounce. DJ30 -38.14 NASDAQ -7.24 SP500 -3.96 NASDAQ Adv/Vol/Dec 1069/1.63 bln/1569 NYSE Adv/Vol/Dec 1353/778 mln/1625
3:00 pm : Unable to rebound, stocks are stuck near session lows. Weakness remains widespread in that declining issues outnumber advancers by almost 3-to-1 in the S&P 500.
With only an hour left in trade, participants are looking ahead to the next round of earnings results. Tonight's batch features the latest from Yahoo! (YHOO 15.90, -0.19). Tomorrow morning brings Abbot Labs (ABT 47.89, -0.28), Boeing (BA 71.62, -1.11), ConocoPhillips (COP 67.04, -1.06), United Technologies (UTX 81.29, -0.23), and U.S. Airways (LCC 10.05, -0.05).
Outside of earnings, President Obama will issue the latest State of the Union address this evening. Tomorrow the FOMC issues its latest policy statement. DJ30 -62.44 NASDAQ -14.99 SP500 -7.66 NASDAQ Adv/Vol/Dec 928/1.47 bln/1699 NYSE Adv/Vol/Dec 1177/690 mln/1772
2:30 pm : Sellers have stepped back into the fold to send stocks sliding. Their efforts have taken each of the major averages through earlier lows so that they now trade at their worst levels of the day.
The drive lower has been led by energy and financials. Both sectors have hampered action all afternoon and continue to trade with the worst losses -- financials have fallen to a 1.4% loss while energy is now down 1.1% for the day.
Telecom continues to sport an impressive gain of 0.7%. It is the only major sector still in positive territory. Verizon (VZ 35.62, +0.38) is still a leader among telecom issues. Though its earnings came short of the consensus forecast, Verizon's strength this session comes as investors consider the company's data revenues from wireless services, the convergence of telecommunications on to a single network, and the fact that even at its current price Verizon still boasts a dividend yield above 5%.DJ30 -72.54 NASDAQ -18.62 SP500 -8.96 NASDAQ Adv/Vol/Dec 881/1.34 bln/1732 NYSE Adv/Vol/Dec 1103/630 mln/1832
2:00 pm : The major equity averages continue to trade in the red with modest losses. There really hasn't been any real form of leadership for stocks to follow today; telecom's 0.9% gain is of little influence since the sector makes up only about 3% of the weight of the S&P 500.
Meanwhile, technology, which carries more market weight than any other sector, is flat. Financials, second by weight, are down 0.8%.
Treasuries continue to climb amid the market's weakness. The yield on the benchmark 10-year Note is now down to almost 3.30%.
As for the dollar, it is now flat after it had oscillated for most of the morning. DJ30 -39.24 NASDAQ -6.88 SP500 -4.03 NASDAQ Adv/Vol/Dec 1049/1.20 bln/1546 NYSE Adv/Vol/Dec 1278/567 mln/1650
1:30 pm : Treasuries have ticked to session highs in the wake of an auction of 2-year Treasury Notes, even though the auction saw fairly weak demand. Specifically, the auction drew a bid-to-cover of 3.47, dollar demand of $121.5 billion, and an indirect bidder participation rate of 27.0%. The prior auction had a bid-to-cover ratio of 3.71, dollar demand of $129.9 billion, and an indirect bidder participation rate of 22.6%. For comparison, the average of the three previous auctions results in a bid-to-cover of 3.61, dollar demand of $126.5 billion, and an indirect bidder participation of 33.6%.
The benchmark 10-year Note is now up about a half of a point so that its yield is just below 3.35% while the 30-year Bond is up a full point so that its yield is at 4.49%. DJ30 -48.02 NASDAQ -9.76 SP500 -5.26 NASDAQ Adv/Vol/Dec 981/1.11 bln/1596 NYSE Adv/Vol/Dec 1213/525 mln/1704
1:00 pm : Stocks started the session on weak footing after a few overseas developments prompted sellers to step in. Earnings, though generally strong, have failed to motivate buyers.
News that the United Kingdom's economy contracted 0.5% in the fourth quarter and rekindled concern over the health of Spain's banks set a negative backdrop for morning trade and left stocks to slip at the open.
Stocks attracted some support with the first dose of domestic data to hit newswires in a few days. While a flat FHFA Home Price Index for November was ignored, a stronger-than-expected spike in the Conference Board's Consumer Confidence Index for January to an eight-month high 60.6 was met with a positive response. However, both the Dow and S&P 500 were rejected when they attempted to push out of the red and into positive territory.
Earnings, though strong, haven't been much of a boon to broad market trade. That's mainly due to built in expectations for strong earnings that can justify the stock market's climb during recent months.
Energy stocks and financial stocks are in the worst shape this session. Both sectors are down 0.8%. Energy plays had been down more than 1% earlier. Part of the sector's weakness is owed to a drop in oil prices to their lowest level in more than one month; crude oil futures are currently down 1.6% to $86.47 per barrel. Baker Hughes (BHI 61.45, +2.95) has been a strong performer, however; it posted an upside earnings surprise for its latest quarter.
American Express (AXP 44.43, -1.36) and Regions Financial (RF 7.03, -0.27) have been heavy drags on the financial sector. American Express reported in-line results, but Regions Financial actually served up a bottom line beat. Travelers (TRV 56.74, +1.12) has attracted individual support following news of its positive earnings surprise.
Dow component Verizon (VZ 35.79, +0.55) reported results that came short of the consensus, but its share staged an early rally that extended the stock's recent gains. Shares of VZ have since eased back a bit, but they continue to provide leadership to the telecom sector, which is up 0.9%.
Fellow Dow components Johnson & Johnson (JNJ 61.20, -1.02) and 3M (MMM 88.18, -2.14) both reported surprisingly strong earnings results for the latest quarter. However, JNJ issued a disappointing outlook and MMM raised its outlook so that it is only in-line with the consensus forecast. DJ30 -27.74 NASDAQ -6.12 SP500 -3.60 NASDAQ Adv/Vol/Dec 1027/1.03 bln/1537 NYSE Adv/Vol/Dec 1235/485 mln/1674
12:30 pm : Stocks continue to cut their losses. As things currently stand, the S&P 500 is now up five points from its session low, the Dow is up 43 points from its session low, and the Nasdaq is up a dozen points from its low of the day.
Volatility is still higher for the day. Specifically, the Volatility Index is up 4.3% to trade just above its 50-day moving average. DJ30 -28.57 NASDAQ -6.62 SP500 -3.33 NASDAQ Adv/Vol/Dec 952/948 mln/1590 NYSE Adv/Vol/Dec 1171/450 mln/1712
12:00 pm : Stocks have stabilized since succumbing to a recent bout of selling pressure. Weakness remains widespread, though, as only telecom sports any kind of a gain. Telecom stocks are currently up a collective 0.7%.
Energy stocks remain in the worst shape. They are down 1.2%. But with a 0.9% loss, financials aren't too far behind. The financial sector has been dragged down by weakness in American Express (AXP 44.43, -1.36), which is down 3% after investors shrugged off the firm's in-line earnings results.
Regional banks were a source of weakness for the financial sector yesterday, but they are more mixed this session. KeyCorp (KEY 8.92, +0.31) is up sharply following its better-than-expected earnings report, but Regions Financial (RF 6.99, -0.31) has fallen precipitously following an upside earnings surprise of its own. DJ30 -57.67 NASDAQ -14.41 SP500 -6.71 NASDAQ Adv/Vol/Dec 796/850 mln/1732 NYSE Adv/Vol/Dec 996/405 mln/1885
11:30 am : A sudden flurry of selling pressue has sent stocks to session lows. There isn't any particular catalyst to account for the move, but the slide has coincided with a spike in the dollar, which has rebounded from a recent pullback to now trade with a 0.3% gain.
Recent selling has been particularly stiff against the energy sector, which is now down 1.2%. Baker Hughes (BHI 60.84, +2.34) is still up sharply in the wake of its upside earnings surprise. DJ30 -67.59 NASDAQ -18.29 SP500 -8.48 NASDAQ Adv/Vol/Dec 720/735 mln/1753 NYSE Adv/Vol/Dec 846/350 mln/2015
11:00 am : The broader market remains mired in the red with a narrow loss, but a nice bounce by telecom stocks has the sector up 1.1%.
Verizon (VZ 36.20, +0.96) is a primary leader in the group, even though its latest earnings report came short of the consensus forecast. The rally by VZ builds on its 0.8% gain yesterday and its 1.0% gain in the session before that. Prior to its recent run, shares of VZ had fallen about 9% off of a three-year high that was the day before the stock issued its latest dividend just a couple of weeks ago.DJ30 -32.62 NASDAQ -5.44 SP500 -2.47 NASDAQ Adv/Vol/Dec 918/590 mln/1504 NYSE Adv/Vol/Dec 1411/275 mln/1675
10:30 am : The Dollar Index has moved back into negative territory, but commodities only see a slight benefit from that weakness. IN the CRB Index, 17 of the 19 commodities are trading lower. The worst performer is copper, which is showing 2.2% in losses.
Energy markets are lower with February natural gas the worst performer in the sector, while March crude oil is 1.3% lower at $86.71 per barrel. Precious metals are notably weak this morning as well with March silver down 2.1% at $26.75 per ounce and 1.4% lower at $1326.0 per ounce.
Industrial commodities are 3 of the top 5 performers in the CRB Index. March cotton futures remain in positive territory, currently +1.4% at $1.6417/lb, nickel is just under the unchanged line and aluminum is down 0.3%. Soft commodities such as cocoa, coffee and orange juice are all down less than 1%, while sugar is 1.9% lower at 31.71 cents/lb.DJ30 -35.16 NASDAQ -10.40 SP500 -3.43 NASDAQ Adv/Vol/Dec 723/421.8 mln/1650 NYSE Adv/Vol/Dec 908/210.2 mln/1844
10:00 am : Stocks recently cut into losses with a nice bounce. The move preceded the latest Home Price Index and Consumer Confidence Index.
The FHFA Home Price Index for November was flat after a downwardly revised 0.2% increase in the prior month.
The Conference Board's Consumer Confidence Index for January spiked to an eight-month high 60.6, which is much better than the Briefing.com consensus call for a reading of 53.5.
The broader market has extended its recent upturn on the back of the data so that it now trades near the neutral line.
09:45 am : Stocks are down in the early going. There isn't a single major sector driving the decline. Instead, weakness is moderate widespread.
Commodities are also under broad pressure in the early going. That has left the CRB Commodity Index to trade with a 0.8% loss.
Treasuries have made a modest tick higher amid the weakness in the equity market and commodity pit. That has the yield on the benchmark 10-year Note back below 3.40% by a couple of basis points. DJ30 -35.27 NASDAQ -13.89 SP500 -4.41 NASDAQ Adv/Vol/Dec 625/155 mln/1591 NYSE Adv/Vol/Dec 755/95 mln/1887
09:15 am : S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -13.30. Stocks are under pressure ahead of the open. Part of the weakness stems from news that the United Kingdom's economy contracted in the fourth quarter when it had been expected to grow. Rekindled concern over the health of Spain's banks certainly hasn't helped. Additionally, heightened expectations for corporate earnings following the stock market's climb during recent months to two-year highs have effectively made a generally strong round of quarterly reports uninspiring. The first dose of domestic data in a few days has been limited to news that the S&P/CaseShiller Home Price Composite fell 1.6% in November after a 0.8% decline in the prior month. The Home Price Index for November will be released at 10:00 AM ET. The Consumer Confidence Index for January will also be posted at 10:00 AM ET. Results from an auction of 2-year Notes are due this afternoon at 2:00 PM ET.
09:05 am : [BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -14.50. The Dollar Index is up 0.3%, which is just shy of its morning high. Most of that advance has come as a result of weakness in the British pound, which has fallen 1.4% to $1.577 in the wake of a surprise decline in fourth quarter GDP for the United Kingdom. The greenback's gain certainly hasn't helped the case for commodities, which are presently under a stiff bout of pressure. General weakness in the commodity complex has the CRB Commodity Index down 0.9%, which puts it on pace for its worst performance in more than two weeks. Among the more widely watched commodities, oil prices are down 1.3% to $86.74 per barrel, it lowest level since early December. Natural gas prices are down an even steeper 2.6%, which puts them at $4.46 per MMBtu. Gold prices have fallen 1.2% to $1328.50 per ounce while silver has shed 1.5% to $26.91 per ounce.
08:30 am : S&P futures vs fair value: -4.40. Nasdaq futures vs fair value: -13.80. Futures for the S&P 500 are still under pressure and action remains mixed overseas. Germany's DAX is up 0.1%. Infineon Tech and BMW have been boons to trade today. Siemens has also shown some strength following a strong quarterly report. Banking plays Deutsche Bank (DB) and Commerzbank have been drags. Volkswagen has run into renewed pressure; it is down for the sixth time in seven sessions for a cumulative loss of more than 9%. Germany's Gfk Consumer Confidence Survey came in at 5.7, which makes for a modest improvement from the upwardly revised 5.5 reading in the prior month. France's CAC is off by 0.1%. Total (TOT) has been a heavy drag on trade, although LVMH Moet Hennessey has provided some support. Britain's FTSE has fallen to a 0.5% loss. BP Plc (BP) has shown strength, but that has been more than offset by losses in Lloyds Group (LYG), GlaxoSmithKline (GSK), and Unilever Plc (UL). Broader weakness follows news that GDP for the United Kingdom fell 0.5%, which is a negative surprise since many had expected a modest increase. The news has also pressured the British pound, which is now down 1.3% to $1.578. Elsewhere in Europe, Spain's IBEX is down -1.3% amid rekindled concerns about its financial status following comments from the country's Finance Minister regarding the need for banks to raise core capital levels. Failure to do so could lead to government takeover.
In Asia, Japan's Nikkei climbed 1.2%. The country's central bank left its key interest rate unchanged at 0.1%, but increased its GDP growth projection to 3.3% from +2.1%. Advancing issues, led by Fanuc Corp, outnumbered decliners by 10-to-1. Hong Kong's Hang Seng shed 0.1%. Li & Fung and Ping An Insurance dragged down action enough to offset strength in Tencent Holdings and HSBC (HBC). Mainland China's Shanghai Composite settled with a 0.7% loss. PetroChina (PTR) and China Petroleum (SNP) weighed on action after they had displayed strength in the prior session. Bank of China showed resilience, though. India's central bank raised its key rate by 25 basis points to 6.5%. India's Sensex fell 1.0% as sharp losses in ICICI Bank and HDFC Bank undermined broader action.
08:00 am : S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -12.80. Stock futures are under a bit of pressure this morning. Most of their move lower coincided with a dip by Europe's major bourses, which are presently mixed in the wake of news that Britain's GDP contracted 0.5% in the fourth quarter and news that some of Spain's banks need to raise capital or will face government takeover. Asia's major averages were mixed overnight. Japan's central bank left its key rate unchanged at 0.1%, but raised its GDP forecast to 3.3% growth from 2.1% growth. The Bank of India raised its key rate by 25 basis pints to 6.5%. A flurry of earnings announcements has come over newswires this morning, but they continue to do little to motivate market participants. Results have generally been strong with Travelers (TRV), 3M (MMM), DuPont (DD), Baker Hughes (BHI), BlackRock (BLK), Regions Financial (RF), and KeyCorp (KEY) each posting an upside earnings surprise. Amgen (AMGN) and Johnson & Johnson (JNJ) also beat on the bottom line, but both issued downside forecasts. Dow component Verizon (VZ) missed the consensus earnings estimate. Fellow blue chip American Express (AXP) posted in-line results.
06:42 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -10.00.
06:42 am : Nikkei...10464.42...+119.30...+1.20%. Hang Seng...23788.83...-13.00...-0.10%.
06:42 am : FTSE...5921.41...-22.30...-0.40%. DAX...7095.63...+27.70...+0.40%.
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