TheStrategyLab.com Free Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods
It is currently Tue May 30, 2017 5:59 am

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: September 28th Friday 2012 Emini TF ($TF_F) points -28.60
PostPosted: Sat Sep 29, 2012 10:17 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2855
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
092812-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-2860.png
092812-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-2860.png [ 78.66 KiB | Viewed 128 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: -28.60 points or ($2860) dollars in the Russell 2000 Emini TF ($TF_F) Futures.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE.
Light Crude Oil (WTI) Futures - 1 tick or 0.01 = $10 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures - 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.

In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=108&t=1331.

Also, posted below are direct links to information about my price action 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)...regardless if I'm day trading, swing trading or position trading.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718.

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=171&t=1594

-----------------------------

Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Sept. 28 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, capping the biggest weekly slump since June for the Standard & Poor’s 500 Index, amid disappointing data at the world’s largest economy.

Stocks End Strong Quarter On A Weak Note

Attachment:
092812-Key-Price-Action-Markets.png
092812-Key-Price-Action-Markets.png [ 558.81 KiB | Viewed 126 times ]

click on the above image to view today's price action of key markets

NEW YORK (CNNMoney) -- The U.S. stock market ended a blockbuster quarter with a whimper.

Investors were spooked Friday after a dismal report showed manufacturing declining in the United States. Even though results of stress tests on Spanish banks offered some relief, concerns about slowing global growth kept investors on edge.

Still, U.S. stocks closed out the third quarter of 2012 posting strong gains: the Dow closed Friday up 4.3%, the S&P 500 gained 5.8%, and the Nasdaq rose 6.2%. Year-to-date, the gains are even more impressive: the Dow is up 10%, the S&P 500 is up 15% and the Nasdaq has surged 20%.

Can the rally continue into the fourth quarter? Dan Greenhaus, chief strategist at BTIG, said yes. But he cautioned that a lot depends on developments in Europe.

* Fear & Greed Index: Investors more wary

On Friday, stocks opened lower and the sell-off gained steam after the Chicago Purchasing Managers Index for September, a key gauge of manufacturing activity, came in far below expectations and showed a contracting economy for the first time since 2009.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq ended the trading day down 0.4% to 0.7%.

The Chicago PMI report was yet another sign of ongoing weakness in the U.S. economy. The University of Michigan's consumer sentiment index for September also fell short of expectations.

Stocks bounced off their lows after the results of stress tests for Spanish banks were in line with expectations. But it seems investors are waiting for the next shoe to drop in Europe. Greece, which is seeking a two-year extension to comply with its bailout terms, is expected to release its 2013 budget Monday.

Spain's 2013 budget boosted U.S. stocks in late trading Thursday, as many interpreted it as a sign the country was willing to take necessary steps to avert a deepening crisis. But that relief may prove ephemeral as concerns about Spain remain.

In Britain, a government recommendation was published Friday suggesting "a complete overhaul" of the interest rate benchmark Libor, following the recent scandal that exposed how banks rigged the rate for their own benefit.

* Commission: Reform, but don't kill, Libor

European stocks closed lower. Britain's FTSE 100 shed 0.7%, while the DAX in Germany fell 1.1% and France's CAC 40 dropped 2.5%.

In Asia, Chinese investors continued to rally on the central bank's record injection of liquidity into money markets. The Shanghai Composite ended 1.5% higher, and the Hang Seng in Hong Kong rose 0.4%.

But the outlook remained grim in Japan, where a government report showed Japanese industrial production and prices fell in August, a worrying development given the country's current territorial dispute over islands that have hurt Japanese businesses in China. As a result, Japan's Nikkei ended down 0.9%.

The first domestic report of the day showed personal income grew at 0.1% in August -- the same as July. Personal spending rose 0.5%, slightly higher than in July. Both are signs the recovery continues to struggle.

Meanwhile, the Bureau of Economic Analysis reported that core prices of household goods and services rose 0.1% in August, as expected.

Companies: Apple's CEO Tim Cook issued a public apology for errors in its new maps application. Shares of Apple (AAPL, Fortune 500) closed down 2%

Bank of America (BAC, Fortune 500) announced a $2.43 billion settlement in a class action lawsuit for shareholders who questioned the bank's decision to acquire Merrill Lynch. BofA's stock fell 1.5%.

Shares of the drugstore chain Walgreens (WAG, Fortune 500) dropped, despite beating analysts' forecasts. Sales and profits were down from a year ago.

Facebook (FB) shares rose 7% on news that the company has developed another revenue source: a gift-giving service with partners like Starbucks, Magnolia Bakery and 1-800-Flowers.

Shares of Research in Motion (RIMM) closed 5% higher, after the BlackBerry maker reported a narrower-than-expected loss and beat expectations on revenue.

Shares of Nike (NKE, Fortune 500) fell 1%, after the company warned of slowing growth in China. Still the athletic shoe maker beat forecasts on both revenue and profits.

Currencies and commodities: The dollar slid against the euro but gained versus the British pound and Japanese yen.

Oil for November delivery rose 34 cents to $92.91 a barrel.

Gold futures for December delivery dropped $6.60 to $1,773.90 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury hovered around 1.64% near its Thursday levels.

Image

Market Update

4:10 pm : Equities stumbled out of the gate before the September Chicago PMI added to the risk-off sentiment. The survey revealed a contractionary reading of 49.7, while expectations called for the number to be closer to 52.9. After marking session lows, equities remained near the bottom of the range until the results of Spain's bank stress test were announced. The reported EUR59.3 billion capital shortfall was within the expected range which brought on a round of buyers who took the key averages to their session highs. The brief rally was short lived as the major indices followed it with a return to their opening levels. As a result, the S&P 500 finished lower by 0.5%.

Industrial stocks outperformed slightly. Electrical equipment manufacturer AZZ (AZZ 37.98, +3.22) jumped 9.3% after beating on earnings and revenues. In addition, the company issued upside full-year guidance and announced the acquisition of Canadian Galvcast Manufacturing.

Pentair (PNR 44.82, +1.44) advanced 3.3% after authorizing an initial stock repurchase program in the amount of $400 million. The program was first announced in March 2012 and will commence immediately.

Farm equipment stocks were generally higher following this morning's Department of Agriculture crop report which showed a notable decline in grain inventory. Deere (DE 82.47, +0.37) and AGCO (AGCO 47.47, +0.55) added between 0.5% and 1.2% each. The PowerShares DB Agriculture ETF (DBA 29.41, +0.44) saw notable outperformance as it gained 1.5%.

The bellwether Dow Jones Transportation Average has been a notable underperformer on the quarter, and it trailed the broader market again today. Overseas Shipholding Group (OSG 6.60, -0.45) was a notable laggard within the group as shares of the shipping company fell 6.4%. Railroads remained weak as CSX (CSX 20.75, -0.36) and Kansas City Southern (KSU 75.78, -1.18) both lost near 1.5%.

Financial stocks showed intraday strength, but ended up mostly in-line with the broader market. The SPDR Financials Select Sector ETF (XLF 15.59, -0.05) shed 0.3%.

Bank of America (BAC 8.83, -0.14) slid 1.6% after announcing that it has reached a $2.43 billion settlement in Merrill Lynch acquisition-related class action litigation. Due to the litigation expense, Bank of America sees a third quarter charge of $0.28.

American Express (AXP 56.86, +0.29) added 0.5% and was the only major name which ended higher on the day.

The University of Michigan's final Consumer Sentiment Survey for September fell to 78.3 from the 79.2 which was posted in the preliminary Survey. Economists had expected the reading to be revised down to 79.0.

Personal income increased in August by 0.1%, which was below the expected increase of 0.2%. Personal spending increased by 0.5%, which was in-line with expectations. Core personal consumption expenditures were higher by 0.1%, which was also in-line with expectations.

On Monday, the ISM Index and construction spending data will be released at 10:00 ET.

Week in Review: Stocks Stumble as Focus Turns Back to Spain

On Monday, stocks began the week on a down note after Germany's Ifo Business Climate Index missed expectations. The major averages marked their session lows during the opening minutes before setting on a day-long climb towards the unchanged line. Due to weakness in Apple, the tech-heavy Nasdaq underperformed with a loss of 0.6%. Meanwhile, the S&P 500 shed 0.2%. Apple (AAPL 667.10, -14.21) ended lower by 1.3% after reporting selling just five million iPhone 5s over the weekend, while some expected sales to reach as much as 10 million units.

Tuesday's session started slightly higher before equities received an additional boost from positive consumer confidence data. Despite the upbeat numbers, stocks were unable to maintain the bullish tone as the major averages slipped into negative territory around midday. Stocks then extended their slide which also coincided with weakness in crude oil and the euro. The selling was broad-based, but financials, materials, industrials, and technology were among the worst performers. As a result, the S&P 500 ended lower by 1.1%.German semiconductor maker, Infineon Technology (IFNNY 6.44, -0.12) slid 6.1% after the company lowered its fourth and first quarter guidance.

On Wednesday, equities started in the red after Spain and the country's fiscal struggles were put back in the spotlight. The major indices marked session lows during the first hour before reversing and attempting a return to the unchanged line. However, due to the lack of a catalyst, the key averages were unable to sustain a meaningful rally. As a result, the S&P 500 slipped 0.6%. The Nasdaq underperformed and settled lower by 0.8%. Homebuilder stocks were broadly weaker as the SPDR S&P Homebuilders ETF (XHB 24.83, -0.21) lost 2.3%.

Thursday's session got off to a strong start despite a string of negative economic data. The third estimate of second quarter GDP indicated growth of 1.3% which was well below the prior reading of 1.7%. Elsewhere, durable goods orders also showed notable weakness as new orders declined by 13.2% during August. Excluding transportation related items, durable goods orders decreased by 1.6%. Weekly initial claims were the sole bright spot as the reading of 359k was below the broadly-anticipated 379k. The major averages extended their gains after Spain announced its 2013 budget which included spending cuts and no tax hikes. The key averages continued rallying throughout the afternoon and the S&P 500 settled higher by 1.0%. Discover (DFS 39.73, +0.02) surged 7.2% after reporting earnings and revenues ahead of expectations.DJ30 -48.84 NASDAQ -20.37 SP500 -6.48 NASDAQ Adv/Vol/Dec 862/1.78 bln/1610 NYSE Adv/Vol/Dec 1176/832.4 mln/1849

3:30 pm : Crude oil traded in positive territory for most of its floor session despite a stronger dollar. Although the energy component traded as high as $92.49 per barrel and settled the session at $92.19 per barrel, it closed the week 0.8% lower. Crude fell over the week despite heightened Iran tensions and bullish inventory data that showed a draw of 2.446 mln barrels when a build of 1.9 mln barrels was anticipated.

Natural gas dipped to a session low of $3.25 per MMBtu but quickly reversed and erased losses. It eventually settled floor trade at its session high of $3.32 per MMBtu for a 7.8% weekly gain. The weekly climb came despite yesterday's weaker-than-anticipated inventory data that showed a build of 80 bcf when a build of 75 bcf was expected.

Precious metals fell into negative territory as the dollar gained strength.

Gold briefly broke into the black and touched a pit session high of $1781.40 per ounce but was unable to hold the momentum. It brushed a session low of $1769.50 per ounce moments before settling floor trade at $1773.60 per ounce for a 0.3% weekly loss. Despite the slight decline, the yellow metal booked its biggest quarterly gain since September 2010 as the continuous contract closed the quarter 10.6% higher. The boost came as investors flocked towards precious metals following measures announced by the Federal Reserve, the European Central Bank, and various other Central Banks around the world aimed at stimulating the economy.

Silver fell off its session high of $34.83 per ounce and hit a session low of $34.40 per ounce in morning action. Although it broke above the unchanged line shortly after, it gave up the gains and closed the week 0.2% lower at $34.58 per ounce. Still, the continuous contract for silver gained over 25% in the quarter.DJ30 -62.00 NASDAQ -16.00 SP500 -6.48 NASDAQ Adv/Vol/Dec 960/1383.3 mln/1496 NYSE Adv/Vol/Dec 1153/389 mln/1835

3:00 pm : After retreating from session highs, the major averages are trading near their opening levels. The S&P 500 is lower by 0.4%.

The dollar index is trading at 79.90, which is just below its session high of 80.00. The dollar saw a strong bid against risk currencies after this morning's disappointing Chicago PMI reading of 49.7.

The euro is losing roughly 50 pips to the dollar as the pair trades near its session low. The single currency was bid up to the tune of 35 pips after the results of the Spanish bank stress tests were reported largely in-line with expectations. However, the brief rally was short lived as the slim gain was promptly retraced.DJ30 -47.23 NASDAQ -13.82 SP500 -5.48 NASDAQ Adv/Vol/Dec 963/1.27 bln/1486 NYSE Adv/Vol/Dec 1220/347.9 mln/1733

2:30 pm : Equities are continuing their climb towards the unchanged line. The S&P 500 is off by 0.4%.

Two stocks are on the rise after making their public debut. Energy producer, Summit Midstream Partners (SMLP 21.38, +1.38) is trading higher by 6.9%. SMLP opened for trading at $21.00 after the initial public offering was priced at $20.00.

Meanwhile, provider of IT security software, Qualsys (QLYS 14.21, +2.21) is jumping 18.4% in its debut.DJ30 -46.04 NASDAQ -15.54 SP500 -5.45 NASDAQ Adv/Vol/Dec 948/1.19 bln/1480 NYSE Adv/Vol/Dec 1187/324.3 mln/1754

2:00 pm : Equities have marked fresh session highs as they continue their climb towards the unchanged line. The S&P 500 is off by 0.2%.

Financial stocks are outperforming the broader market. The SPDR Financials Select Sector ETF (XLF 15.65, +0.02) is adding 0.1%. Bank of America (BAC 8.88, -0.09) is down 1.0% after announcing that it has reached a $2.43 billion settlement in Merrill Lynch acquisition-related class action litigation. Due to the litigation expense, Bank of America sees a third quarter charge of $0.28.

Other major financials are mixed. American Express (AXP 57.16, +0.59) and Citigroup (C 33.09, +0.12) are higher by 1.0% and 0.4%, respectively.DJ30 -26.76 NASDAQ -7.69 SP500 -2.73 NASDAQ Adv/Vol/Dec 994/1.1 bln/1418 NYSE Adv/Vol/Dec 1276/298.8 mln/1651

1:30 pm : The major averages are holding their afternoon levels as the S&P 500 is off by 0.4%.

The bellwether Dow Jones Transportation Average has been a notable underperformer on the quarter, and is trailing the broader market again today. Shipper Overseas Shipholding Group (OSG 6.80, -0.25) is posting the biggest loss within the group, down 3.6%. Railroads remain weak as CSX (CSX 20.83, -0.28) and Kansas City Southern (KSU 75.75, -1.21) are both losing near 1.5%.

With the majority of the complex trading lower, Con-way (CNW 27.44, +0.11) and JetBlue (JBLU 4.84, 0.00) are attempting to stay positive.DJ30 -41.29 NASDAQ -12.43 SP500 -4.79 NASDAQ Adv/Vol/Dec 848/1.01 bln/1537 NYSE Adv/Vol/Dec 1110/274.6 mln/1829

1:00 pm : Stocks began the final day of the third quarter on a negative note. The early selling was extended after the release of the September Chicago PMI revealed a contractionary reading of 49.7. After marking session lows, equities remained near the bottom of the range until the results of Spain's bank stress test were revealed. The reported EUR59.3 billion capital shortfall was within the expected range which brought on a round of buyers who took the S&P 500 to session highs. At midday, the index is lower by 0.4%.

Industrial stocks are showing slight outperformance. Electrical equipment manufacturer AZZ (AZZ 39.28, +4.52) is jumping 13.0% after beating on earnings and revenues. In addition, the company issued upside full-year guidance and announced the acquisition of Canadian Galvcast Manufacturing.

Pentair (PNR 44.51, +1.13) is advancing 2.6% after authorizing an initial stock repurchase program in the amount of $400 million. The program was first announced in March 2012 and will commence immediately.

Farm equipment stocks are generally higher following this morning's Department of Agriculture crop report which showed a notable decline in grain inventory. Deere (DE 82.95, +0.85) and AGCO (AGCO 47.21, +0.29) are adding close to 1.0% each. The PowerShares DB Agriculture ETF (DBA 29.44, +0.47) is seeing notable outperformance, trading up 1.6%.

Consumer discretionary stocks are underperforming the broader market. The weakness follows earnings from a key sector component. Nike (NKE 95.19, -0.81) is sliding 0.8% despite beating on earnings and revenues. The weakness in the stock is likely stemming from future orders which were reported below some estimates. In addition, the company expects second quarter and full-year 2012 revenue growth to be in the mid-to-high single digits.

Finish Line (FINL 22.54, -0.21) traded notably higher in pre-market, but has reversed since. The company's earnings report beat on the top and the bottom lines. In addition, Finish Line announced it will become an exclusive provider of athletic shoes for Macy's. The stock is currently down 0.9%.

Green Mountain Coffee Roasters (GMCR 24.01, -0.74) is slipping 3.0% despite announcing the expansion of its line of Keurig Vue Brewers.

The University of Michigan's final Consumer Sentiment Survey for September fell to 78.3 from the 79.2 which was posted in the preliminary Survey. Economists had expected the reading to be revised down to 79.0.

Personal income increased in August by 0.1%, which was below the expected increase of 0.2%. Personal spending increased by 0.5%, which was in-line with expectations. Core personal consumption expenditures were higher by 0.1%, which was also in-line with expectations.DJ30 -49.07 NASDAQ -12.19 SP500 -5.26 NASDAQ Adv/Vol/Dec 813/917.6 mln/1553 NYSE Adv/Vol/Dec 1042/252.8 mln/1880

12:30 pm : The S&P 500 and Dow have marked fresh session highs after the results of the Spain's bank stress test were revealed. The total capital shortfall is said to be EUR59.3 billion and the amount falls near the middle of the expected range.

Industrial stocks are showing slight outperformance. Electrical equipment manufacturer AZZ (AZZ 39.69, +4.93) is jumping 14.2% after beating on earnings and revenues. In addition, the company issued upside full-year guidance and announced the acquisition of Canadian Galvcast Manufacturing.

Pentair (PNR 44.44, +1.06) is advancing 2.4% after authorizing an initial stock repurchase program in the amount of $400 million. The program was first announced in March 2012 and will commence immediately.

Farm equipment stocks are generally higher following this morning's Department of Agriculture crop report which showed a notable decline in grain inventory. Deere (DE 82.88, +0.78) and AGCO (AGCO 47.27, +0.35) are adding close to 1.0% each.DJ30 -56.35 NASDAQ -14.40 SP500 -6.40 NASDAQ Adv/Vol/Dec 829/842.4 mln/1534 NYSE Adv/Vol/Dec 1003/235.9 mln/1888

12:00 pm : Stocks are attempting to lift off session lows as the S&P 500 trades lower by 0.6%.

Facebook (FB 21.64, +1.32) is higher by 6.6% after announcing a new site feature which allows users to send physical gifts to others. The new feature is unveiled as the company searches for new ways to monetize its subscriber base. In addition, Bloomberg reports that despite the local ban, Facebook has over 60 million users in China.DJ30 -72.38 NASDAQ -18.98 SP500 -8.26 NASDAQ Adv/Vol/Dec 732/749.2 mln/1611 NYSE Adv/Vol/Dec 882/207.4 mln/2018

11:30 am : Stocks remain near the bottom of the morning range as the S&P 500 trades lower by 0.7%.

Technology stocks are showing slight outperformance versus the broader market. The sector saw a handful of companies report their earnings after yesterday's close. Research In Motion (RIMM 7.89, +0.75) is jumping 10.5% after beating on earnings and revenues. The company also said it expects to launch BlackBerry 10 during the first calendar quarter of 2013.

Memory producer Micron (MU 6.09, +0.08) is adding 1.3% despite missing on both the top and the bottom line.

On the downside, provider of network solutions ADTRAN (ADTN 17.52, -1.63) is sliding 8.6% after issuing downside guidance. The company expects both earnings and revenues to come in well below analyst estimates.DJ30 -92.16 NASDAQ -21.89 SP500 -9.99 NASDAQ Adv/Vol/Dec 648/648.1 mln/1680 NYSE Adv/Vol/Dec 788/181.1 mln/2102

11:00 am : The major averages are hovering near the bottom of the morning range. The three major indices are all down 0.7%.

Consumer discretionary stocks are underperforming the broader market. The weakness follows earnings from a key sector component. Nike (NKE 94.43, -1.57) is sliding 1.6% despite beating on earnings and revenues. The weakness in the stock is likely stemming from future orders which were reported below some estimates. In addition, the company expects second quarter and full-year 2012 revenue growth to be in the mid to high single digits.

Meanwhile, Finish Line (FINL 22.78, +0.03) traded notably higher in pre-market, but has reversed since. The company's earnings report beat on the top and the bottom line. In addition, Finish Line announced it will become an exclusive provider of athletic shoes for Macy's. The stock is currently trading flat.

Elsewhere, Green Mountain Coffee Roasters (GMCR 24.14, -0.61) is slipping 2.5% despite announcing the expansion of its line of Keurig Vue Brewers.DJ30 -88.12 NASDAQ -18.40 SP500 -8.90 NASDAQ Adv/Vol/Dec 641/533.8 mln/1665 NYSE Adv/Vol/Dec 823/156.2 mln/2031

10:35 am : The dollar index just surged higher in recent trade, causing precious metals to sell off.

Nov crude oil has been selling off since hitting its session high of $92.71, falling into negative territory earlier this morning. In current trade, oil is +0.2% at $92.00/barrel.

Nov natural gas was trading just above the flat line overnight and began to sell off earlier this morning, dropping as low as $3.25/MMBtu. Nat gas is now -0.8% at $3.27/MMBtu.

Precious metals sold off in recent trade, falling to new session lows (Gold $1771.60, Silver $34.47. Currently, gold and silver are mixed. Dec gold is now -0.2 at $1777.70/oz and Dec silver is +0.1% at $34.70/oz.

Corn and wheat are still showing strong gains following the bullish grains report. Dec corn is now +4.6% at $7.49/bushel and Dec wheat is +3.9% at $8.89/bu.DJ30 -89.51 NASDAQ -21.43 SP500 -8.70 NASDAQ Adv/Vol/Dec 550/444.0 mln/1743 NYSE Adv/Vol/Dec 762/136 mln/2071

10:00 am : The major averages are showing little change after the release of the University of Michigan Survey. The S&P 500 is down 0.7%.

The University of Michigan's final Consumer Sentiment Survey for September fell to 78.3 from the 79.2 that was posted in the preliminary Survey. Economists had expected the reading to be revised down to 79.0.DJ30 -106.30 NASDAQ -20.05 SP500 -10.14 NASDAQ Adv/Vol/Dec 493/235.3 mln/1743 NYSE Adv/Vol/Dec 638/85.9 mln/2134

09:50 am : Equities have turned lower following the release of the latest Chicago PMI data. The S&P 500 is off by 0.7%.

Technology stocks and utilities are the only S&P 500 sectors which are showing early outperformance. Telecoms, materials, health care, and consumer stocks stocks are showing early weakness.

The September Chicago PMI of 49.7 surprised to the downside as economists had generally expected a reading of 52.9 to follow the prior month's 53.0.DJ30 -106.80 NASDAQ -17.62 SP500 -10.02 NASDAQ Adv/Vol/Dec 474/172.9 mln/1710 NYSE Adv/Vol/Dec 612/71.1 mln/2115

09:00 am : S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -9.50. U.S. equity futures are off their pre-market lows but they remain firmly in the red. The S&P 500 futures are down 0.5%.

It was a sea of green across Asia as all of the major bourses, aside from Japan's Nikkei (-0.9%), finished in negative territory. Most of the region's indices rallied ahead of next week's Golden Week holiday which will see many of the exchanges closed at one point or another. India's Sensex has been a notable outperformer recently with today's 1.0% advance producing its best close in 15 months. Japanese data was heavy, and mixed, as household spending (1.8% year-over-year actual versus 1.1% expected) and retail sales (1.8% year-over-year actual versus -0.3% expected) beat while Tokyo core CPI (-0.4% year-over-year actual versus -0.2% expected) and preliminary industrial production (-1.3% month-over-month actual versus -0.4% expected) missed.

In Japan, the Nikkei slipped 0.9% to end at a two-week low. Shipping stocks were weak after Bank of America downgraded the sector to ‘underperform' from ‘neutral.' Nippon Yusen and Mitsui O.S.K. both lost at least 2.0% on the news. Meanwhile, Gree climbed 3.4% after yesterday's 12.3% decline as buyers emerged at lower levels.

Hong Kong's Hang Seng added 0.4% as traders bid up shares on hopes Beijing will announce a stimulus plan over the Golden Week holiday. Casino names were strong with Galaxy Entertainment rallying 4.6% to lead the space higher. Elsewhere, European retailer Esprit jumped 2.4% to end its two-day losing streak. The stock lost more than 12% over the previous two sessions following disappointing earnings.

China's Shanghai Composite advanced 1.5% as shares rallied ahead of next week's week-long holiday. Transportation stocks were strong with SAIC Motor surging 4.7% and FAW gaining 3.7%. Train maker CSR added 5.7% on reports Beijing may order as much as 15,000 train cars and 1,200 carriages.

In Europe, the regional bourses started in the black, but have drifted lower since. The region's data releases were limited as France's second quarter final GDP growth was unchanged. In addition, France's latest budget proposal has the 2013 GDP growth projection at 0.8%. Meanwhile, Eurozone Flash CPI was reported at 2.7%, which was ahead of the expected reading of 2.4%, but no reaction was noted following the release. Lastly, German retail sales showed a month-over-month increase of 0.3%, while the number has declined by 0.8% on a yearly basis. Both readings were short of expectations. On the periphery, Spain's 10-yr yield is up ten basis points, to 6.055%.

France's CAC is down 1.6% with financials showing broad weakness. AXA, Credit Agricole, and Societe Generale are all down in excess of 2.0%. Cap Gemini is adding 1.5% after its peer, Accenture, issued upside guidance.

In Germany, the DAX is lower by 0.7% as most index components trade in the red. Semiconductor maker Infineon Technologies is down 3.7% as it continues its recent weakness. Industrial HeidelbergCement is sliding 3.2% after its shares were downgraded by CA Cheuvreux. On the upside, chemical producer K+S is higher by 0.8% as it leads the index.

Great Britain's FTSE is off by 0.3% as insurance companies weigh on the index. Admiral Group and RSA Insurance Group are down 2.5% and 1.5%, respectively. Miners are outperforming with Fresnillo, Antofagasta, and Evraz all up between 1.2% and 3.5%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -12.30. Equity futures continue to trade near their pre-market lows following the release of the latest personal income and spending data. The S&P 500 futures are down 0.6%.

Personal income increased in August by 0.1%, which is below the expected increase of 0.2%. Personal spending increased by 0.5%, which is in-line with expectations. Core personal consumption expenditures were higher by 0.1%, which is also in-line with expectations.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -7.50. U.S. equity futures are modestly lower on the final day of the third quarter.

The global equity markets are mixed this morning. There was a flurry of data released in Japan, but the key driver to the Nikkei's decline appeared to be the weaker-than-expected industrial production. The reading fell 1.3%, which was the biggest decline in three months. This caused the Ministry of Economy, Trade, and Industry to lower its assessment of industrial production to trending down versus flat in June. Meanwhile, Japan's CPI declined 0.3% year-over-year. In China, the Shanghai Composite opened lower, but caught a bid as speculation of further stimulus or a rate move over next week's Golden Week Holiday crept into the market. In the past, China has been known to make bold moves on national holidays. China's Shanghai Composite advanced 1.5%, Hong Kong's Hang Seng added 0.4%, while Japan's Nikkei lost 0.9%.

European bourses started in the black, but have drifted lower since. The region's data releases were limited as France's second quarter final GDP growth was unchanged. In addition, France's latest budget proposal has the 2013 GDP growth projection at 0.8%. Eurozone Flash CPI was reported at 2.7%, which was ahead of the expected reading of 2.4%, but no reaction was noted following the release. Lastly, German retail sales showed a month-over-month increase of 0.3%, while the number has declined by 0.8% on a yearly basis. Both readings were short of expectations. Nearing midday, France's CAC is down 1.0%, Germany's DAX is lower by 0.3%, and UK's FTSE is off by 0.1%.

In U.S. corporate news, Nike (NKE 93.00, -3.00) is down 3.1% despite beating on earnings and revenues. The weakness in the stock is likely stemming from future orders which were reported below some estimates. In addition, the company expects second quarter and full-year 2012 revenue growth to be in the mid to high single digits.

Research In Motion (RIMM 8.36, +1.22) is jumping 17.1% after beating on earnings and revenues. The company also said it expects to launch BlackBerry 10 during the first calendar quarter of 2013.

Finish Line (FINL 25.00, +2.25) is higher by 9.9% after beating on the top and the bottom line. In addition, the company will become an exclusive provider of athletic shoes for Macy's.

McDonald's (MCD 91.84, -1.43) is lower by 1.5% after Janney Montgomery Scott downgraded the shares of the fast food giant from ‘buy' to ‘neutral.'

In today's economic data, personal income, personal spending, and core PCE prices will be released at 8:30 ET. In addition, Chicago PMI will be reported at 9:45 ET while the Final Michigan Sentiment will cross the wires at 9:55 ET.

06:36 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -5.50.

06:36 am : Nikkei...8870.16...-79.70...-0.90%. Hang Seng...20840.38...+78.10...+0.40%.

06:36 am : FTSE...5784.85...+5.40...+0.10%. DAX...7284.91...-5.10...-0.10%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic Bookmark and Share  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr