TheStrategyLab.com Price Action Trading 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. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 7:38 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: September 7th Friday 2012 Emini TF ($TF_F) points +13.50
PostPosted: Fri Sep 07, 2012 7:57 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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:
090712-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1350.png
090712-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1350.png [ 77.34 KiB | Viewed 260 times ]

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

Price Action Trade Performance for Today: +13.50 points or $1350 dollars in the Russell 2000 Emini TF ($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, 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=1316.

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).

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 and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Sept. 7 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, sending the Standard & Poor’s 500 Index to its highest level in more than four years, amid bets on central bank stimulus as American payrolls increased less than projected.

Attachment:
090712-Key-Price-Action-Markets.png
090712-Key-Price-Action-Markets.png [ 522.58 KiB | Viewed 270 times ]


Image

Market Update

4:20 pm : Stocks got off to a mixed start after this morning's jobs data proved to be a disappointment. The anemic numbers turned into yet another argument in favor of additional easing while lower guidance from a technology bellwether contributed to a divergence in the major averages. The S&P 500 finished higher by 0.4% while the Nasdaq ended flat.

Nonfarm payrolls were reported at 96K versus the 130K Briefing.com consensus. The prior reading was revised down to 141K from 163K. In addition, nonfarm private payrolls added 103K against the 144K consensus. Separately, the unemployment rate was reported at 8.1% versus the 8.3% consensus estimate as the dip in the unemployment rate was attributed to more people leaving the workforce.

Major financials rallied after disappointing jobs data sparked another round of quantitative easing hopes. The SPDR Financial Select Sector ETF (XLF 15.68, +0.16) advanced 1.0% as Bank of America (BAC 8.80, +0.45) and Morgan Stanley (MS 17.08, +0.83) gained over 5.0% each. Other major names showed less robust advances as Citigroup (C 32.06, +0.94) and Goldman Sachs (GS 116.33, +2.79) added 3.0% and 2.5%, respectively. Meanwhile, European financials continued their exuberance for the second day in a row. Barclays (BCS 13.17, +0.86) and Deutsche Bank (DB 40.20, +2.59) jumped near 7.0% each.

Stocks listed in the Dow underperformed the broader market as two notable components showed weakness. Kraft Foods (KFT 39.99, -2.32) slid 5.5% after providing an update on its planned spin-off. Beginning October 1, 2012 the company will separate into two entities. Kraft Foods Group which will hold the North America grocery business will begin trading under the ticker ‘KRFT' while Kraft Foods will be renamed Mondelez International and trade under the symbol ‘MDLZ.' Today's weakness came after the company announced it expects Kraft Foods full-year 2013 earnings at $2.60 per share. Meanwhile, technology companies within the index are slumped after Intel (INTC 24.19, -0.90) cut its third quarter guidance below consensus. The technology bellwether slid 3.6% while Cisco (CSCO 19.56, -0.16), Microsoft (MSFT 30.95, -0.39), and Hewlett-Packard (HPQ 17.42, -0.17) lost between 0.8% and 1.5%.

Technology stocks outside of the Dow were also under pressure after Intel's guidance cut. Peer AMD (AMD 3.45, -0.21) slumped 5.7% while related names, NVIDIA (NVDA 13.40, -0.33) and Micron (MU 6.42, -0.25) slipped 2.4% and 3.8%, respectively.

The materials sector settled higher by 2.0% as it outperformed other sectors. Over the past two days, China announced plans to increase infrastructure spending which may bode well for basic materials demand. Iron and steel names showed biggest gains as Cliffs Natural Resources (CLF 39.91, +5.05) jumped 14.5%. Meanwhile, United States Steel (X 20.89, +1.68), AK Steel (AKS 5.78, +0.41), and Freeport-McMoRan (FCX 39.43, +3.09) posted advances near 8.0%.

Within the healthcare space, biotechnology stocks weighed on the rest of the sector. The SPDR S&P Biotech ETF (XBI 91.59, -0.43) slipped 0.5%. Spectrum Pharmaceuticals (SPPI 12.01, -0.59) posted the biggest loss within the group as it finished lower by 4.7%. Meanwhile, Medivation (MDVN 105.65, -2.97) and Theravance (THRX 23.91, -0.28) fell 2.7% and 1.2%, respectively. On the upside, pharmaceutical company Peregrine (PPHM 4.50, +1.43) surged 46.6% after reporting that its Bavituximab drug has doubled the median overall survival rate in lung cancer patients who are taking part in the company's phase II trial.

Internet radio provider Pandora (P 10.47, -2.10) slumped 16.7% after reports suggested Apple (AAPL 680.44, +4.17) may include internet radio on its devices and integrate the service into its iTunes store. Apple finished higher by 0.6% after marking a fresh all-time high at $681.50 while today's selling has dropped shares of Pandora back to levels last seen before its August 30 earnings report.

Week in Review: Mario Draghi Press Conference Highlights the Week

On Monday, stocks got off to a strong start before stumbling slightly when Federal Reserve Chairman Ben Bernanke did not hint at additional easing, but instead reaffirmed his commitment to act if economic conditions worsen. Mr. Bernanke commented on the stagnation of the labor market, calling it a "grave concern" which bears monitoring. As a result, the S&P 500 finished higher by 0.5%. European financials saw broad advances as plans to create a Spanish "bad bank" surfaced. Banco Bilbao Vizcaya Argentaria (BBVA 8.27, +0.23) gained 5.0%.

On Tuesday, stocks opened unchanged before falling into the red after economic data missed expectations. The August ISM Index was reported at 49.6 versus the 50.0 Briefing.com consensus, while July construction spending fell 0.9% month-over-month, against the expected increase of 0.5%. After reaching session lows 90 minutes after the open, stocks staged a slow climb higher which was punctuated by a broad-based mid-afternoon rally. Stocks rallied back near the flat line where they remained until the end of the day. As a result, the S&P 500 slipped 0.1% while Nasdaq gained 0.3%. NVIDIA (NVDA 13.40, -0.33) slid 5.4% after being downgraded from ‘equal weight' to ‘underweight' by Evercore.

Wednesday's session was spent mostly around the unchanged line. The early morning volatility coincided with a Bloomberg TV report which indicated the European Central Bank bond purchase program was said to pledge unlimited, sterilized buying of bonds. However, the exuberance was short-lived as European Central Bank officials declined to comment, and reports out of Germany suggested Chancellor Angela Merkel would only support the program in the near-term. Afternoon trade was mostly quiet as the S&P 500 remained in a narrow range before closing lower by 0.1%. FedEx (FDX 87.38, -0.16) shed 2.0% after lowering its first quarter guidance, citing weaker global demand.

On Thursday, equities began sharply higher, and added to their gains throughout the opening hour of trade. The remainder of the day was spent hovering near session highs. The bullish sentiment was sparked after Mario Draghi confirmed Thursday's reports of a European Central Bank plan to buy bonds of troubled sovereigns who ask for aid. The program will be limited to bonds maturing within three years. Better-than-expected U.S. economic data also added to the upbeat tone which resulted in a broad market rally. The Nasdaq closed at a 12-year high while the S&P 500 settled at levels not seen since January 2008. The two indices finished higher by 2.2% and 2.0%, respectively. The SPDR Financial Select Sector ETF (XLF 15.68, +0.16) added 2.4%.DJ30 +14.64 NASDAQ +0.61 SP500 +5.80 NASDAQ Adv/Vol/Dec 1433/1.68 bln/1015 NYSE Adv/Vol/Dec 2030/680.4 mln/935

3:30 pm : Crude oil rose for a third consecutive session after it got a boost from a weaker dollar following lower-than-anticipated jobs data. The energy component fell to its pit session low of $94.08 per barrel shortly after equity markets opened but worked its way back into positive territory. It continued to advance in afternoon action and finished slightly below its session high of $96.74 per barrel. However, crude's climb fell short of a weekly gain as it settled at $96.42 per barrel, or 4 cents below last week's closing price despite strong inventory data.

Natural gas struggled in the red for its entire floor session, dipping to a session low of $2.67 per MMBtu. Trading in natural gas futures was temporarily halted in morning action at $2.70 per MMBtu due to technical issues. After trading resumed, natural gas chopped around just below that level and settled the week 4.3% lower at $2.68 per MMBtu.

Precious metals surged into positive territory following the weak U.S. jobs report as the data renewed hopes for yet another round of quantitative easing to aid the economy. Momentum continued as both gold and silver continued to climb higher as their sessions progressed. Gold touched a new high not seen since February of $1745.40 per ounce and settled the week 3.2% higher at $1740.10 per ounce.

Silver brushed a session high of $33.78 per ounce just before it finished with an impressive 7.3% weekly gain at $33.73 per ounce. The week's advance was also supported by yesterday's ECB's announcement of a bond-buying program and a number of U.S. economic data.DJ30 -6.90 NASDAQ -1.97 SP500 +3.98 NASDAQ Adv/Vol/Dec 1385/1427.8 mln/1057 NYSE Adv/Vol/Dec 1927/466 mln/1028

3:00 pm : The S&P 500 continues to hover near its session high, up 0.3%

The volatility index, or VIX, is sliding 7.1%. Since reaching a 5-year low at 13.40 on August 17, the volatility gauge has gone on a two week run which peaked at 18.65. After touching that level on Tuesday of this week, the VIX headed lower over the course of the week and is currently at 14.50.DJ30 -9.41 NASDAQ -1.25 SP500 +4.14 NASDAQ Adv/Vol/Dec 1424/1.31 bln/1027 NYSE Adv/Vol/Dec 1942/426.2 mln/1002

2:30 pm : The major averages continue to hold their respective levels as the Dow remains in the red. The index is lower by 0.1%.

Pharmaceutical company Peregrine (PPHM 4.14, +1.01) is surging 35.0% after reporting that its Bavituximab drug has doubled the median overall survival rate in lung cancer patients who are taking part in the company's phase II trial.DJ30 -8.38 NASDAQ -0.58 SP500 +4.28 NASDAQ Adv/Vol/Dec 1420/1.21 bln/1022 NYSE Adv/Vol/Dec 1945/394.1 mln/968

2:00 pm : Equities are maintaining their afternoon range with the S&P 500 up 0.2%.

The materials sector is higher by 1.8%. Over the past two days, China announced plans to increase infrastructure spending which may bode well for basic materials demand. Iron and steel names are showing the biggest advances as Cliffs Natural Resources (CLF 39.47, +4.61) is jumping 13.2%. Meanwhile, United States Steel (X 20.75, +1.54), AK Steel (AKS 5.81, +0.44), and Freeport-McMoRan (FCX 39.29, +2.95) are all up near 8.0%.DJ30 -18.58 NASDAQ -3.76 SP500 +3.29 NASDAQ Adv/Vol/Dec 1392/1.12 bln/1035 NYSE Adv/Vol/Dec 1912/368.2 mln/998

1:30 pm : The major indices are holding their levels as the S&P 500 is up 0.3%.

Financial stocks are rallying after disappointing jobs data sparked another round of quantitative easing rumors. The SPDR Financial Select Sector ETF (XLF 15.70, +0.18) is higher by 1.2% as Bank of America (BAC 8.75, +0.40) and Morgan Stanley (MS 16.95, +0.70) are both up near 4.5%. Other major names are showing less robust gains. Citigroup (C 32.10, +0.98) and Goldman Sachs (GS 116.27, +2.73) are adding 3.1% and 2.4%, respectively.

Meanwhile, European financials are showing bigger gains than their U.S. peers for the second day in a row. Barclays (BCS 13.17, +0.86) and Deutsche Bank (DB 40.08, +2.47) are advancing near 7.0% each.DJ30 -6.64 NASDAQ -0.63 SP500 +4.37 NASDAQ Adv/Vol/Dec 1417/1.03 bln/1010 NYSE Adv/Vol/Dec 1920/342.5 mln/985

1:05 pm : Stocks opened slightly higher after the disappointing jobs data turned into yet another round of speculation regarding possible quantitative easing in the near future. At midday, the major indices are showing some divergence as the S&P 500 is near its session high, while the Dow is just above its session low.

Nonfarm payrolls were reported at 96K versus the 130K Briefing.com consensus. The prior reading was revised down to 141K from 163K. Meanwhile, nonfarm private payrolls added 103K against the 144K consensus. Separately, the unemployment rate was reported at 8.1% versus the 8.3% consensus estimate. The dip in the unemployment rate was attributed to more people leaving the workforce.

Stocks listed in the Dow are underperforming the broader market as two notable components are showing weakness. Kraft Foods (KFT 40.08, -2.23) is sliding 5.3% after providing an update on its planned spin-off. Beginning October 1, 2012 the company will separate into two entities. Kraft Foods Group which will hold the North America grocery business will begin trading under the ticker ‘KRFT' while Kraft Foods will be renamed Mondelez International and trade under the symbol ‘MDLZ.' Today's weakness comes after the company announced it expects Kraft Foods full-year 2013 earnings at $2.60 per share.

Meanwhile, technology companies within the index are slumping after Intel (INTC 24.25, -0.84) cut its third quarter guidance below consensus. Cisco (CSCO 19.31, -0.41) and Microsoft (MSFT 30.79, -0.55) are both down near 2.0% while Hewlett-Packard (HPQ 17.39, -0.19) is lower by 1.1%.

The energy sector is one of the top performers as coal stocks trade broadly higher. Alpha Natural Resources (ANR 6.71, +0.80) and Arch Coal (ACI 6.72, +0.63) are surging 13.5% and 10.3%, respectively. Meanwhile Peabody Energy (BTU 23.46, +2.06) is up near 10.0%.

Within the healthcare space, biotechnology stocks are weighing on the rest of the sector. The SPDR S&P Biotech ETF (XBI 91.50, -0.52) is off by 0.6%. Spectrum Pharmaceuticals (SPPI 12.12, -0.48) is posting the biggest loss within the group, down 3.8%. Meanwhile, Medivation (MDVN 104.81, -3.82) and Theravance (THRX 23.92, -0.27) are down 3.5% and 1.1%, respectively.

Internet radio provider Pandora (P 10.48, -2.09) is slumping 16.6% after reports suggested Apple (AAPL 681.83, +5.56) may include internet radio on its devices and integrate the service into its iTunes store. Apple is up 0.8% after marking a fresh all-time high at $681.50 while today's selling has dropped shares of Pandora back to levels last seen before its August 30 earnings report.DJ30 -4.56 NASDAQ -0.45 SP500 +4.52 NASDAQ Adv/Vol/Dec 1405/962.3 mln/1004 NYSE Adv/Vol/Dec 1953/321.4 mln/942

12:30 pm : The major indices continue to hold their levels as the Dow is off by 0.1%.

Stocks listed in the Dow are underperforming the broader market as two notable components are showing weakness. Kraft Foods (KFT 40.18, -2.13) is sliding 5.0% after providing an update on its planned spin-off. Beginning October 1, 2012 the company will separate into two entities. Kraft Foods Group which will hold the North America grocery business will begin trading under the ticker ‘KRFT' while Kraft Foods will be renamed Mondelez International and trade under the symbol ‘MDLZ.' Today's weakness comes after the company announced it expects Kraft Foods full-year 2013 earnings at $2.60 per share.

Meanwhile, technology companies within the index are slumping after Intel (INTC 24.22, -0.87) cut its third quarter guidance below consensus. Cisco (CSCO 19.37, -0.36) and Microsoft (MSFT 30.81, -0.53) are both down near 2.0% while Hewlett-Packard (HPQ 17.37, -0.22) is lower by 1.2%.DJ30 -11.10 NASDAQ -3.27 SP500 +3.54 NASDAQ Adv/Vol/Dec 1322/871.1 mln/1064 NYSE Adv/Vol/Dec 1905/293.9 mln/986

12:00 pm : Stocks continue to trade in a narrow range with the S&P 500 up 0.3%.

Internet radio provider Pandora (P 10.27, -2.30) is slumping 18.3% after reports suggested Apple (AAPL 680.20, +3.93) may include internet radio on its devices and integrate the service into its iTunes store. Apple is up 0.6% after marking a fresh all-time high at $681.50 while today's selling has dropped shares of Pandora back to levels last seen before its August 30 earnings report.DJ30 -4.17 NASDAQ -2.19 SP500 +3.59 NASDAQ Adv/Vol/Dec 1361/778.1 mln/1009 NYSE Adv/Vol/Dec 1880/266.7 mln/965

11:30 am : The major averages are showing some divergence as the S&P 500 is up 0.3% near its session high, while the Dow is just above its session low near the flat line.

Within the healthcare space, biotechnology stocks have been on a steady decline since the start of the session. The SPDR S&P Biotech ETF (XBI 91.47, -0.55) is off by 0.6%. Spectrum Pharmaceuticals (SPPI 12.12, -0.48) is posting the biggest loss within the group, down 3.8%. Meanwhile, Medivation (MDVN 106.29, -2.36) and Theravance (THRX 23.82, -0.37) are down 2.2% and 1.5%, respectively.DJ30 -5.07 NASDAQ -0.18 SP500 +3.76 NASDAQ Adv/Vol/Dec 1352/685.4 mln/986 NYSE Adv/Vol/Dec 1905/239.2 mln/941

11:00 am : The S&P 500 is up 0.3% as it continues to hover within a point of its session best, while the Nasdaq is flat.

Technology stocks are under pressure after bellwether Intel (INTC 24.28, -0.81) lowered its third quarter guidance below consensus. Shares of Intel trade lower by 3.3% while its peer AMD (AMD 3.53, -0.13) is down 3.6%. Related names, NVIDIA (NVDA 13.13, -0.60) and Micron (MU 6.43, -0.24) are slipping 4.4% and 3.6%, respectively.DJ30 +7.84 NASDAQ +2.15 SP500 +4.50 NASDAQ Adv/Vol/Dec 1415/564.1 mln/886 NYSE Adv/Vol/Dec 1958/199.9 mln/864

10:35 am : Commodities have been volatile this morning given the jobs data and ECB announcement of its bond buying program.

Earlier this morning, about 10 minutes before the oil market was to open, crude oil futures began to sell off. Oil sold off for the next hour and fell as much as $2.51/barrel. In current activity, oil is -0.8% at $94.80/barrel.

Natural gas fell sharply earlier as well, falling much as 9 cents or 3.3%, hitting a new LoD a short while ago of $2.67. Overall, nat gas has been in the red all session and is actually halted right now. Natural gas futures and options are halted right now by the CME due to technical issues at $2.70/MMBtu, -2.9%.

Earlier, gold and silver spiked sharply following the jobs numbers. Gold has rallied about $40/oz since the jobs number were released and are now +1.9% at $1737.70/oz. Silver has rallied about $1.15, or +3.6%, since the jobs numbers and is now +2.7% at $33.56/oz.DJ30 -5.52 NASDAQ -3.04 SP500 +2.82 NASDAQ Adv/Vol/Dec 1310/446.5 mln/945 NYSE Adv/Vol/Dec 1286/452 mln/978

10:00 am : Equities have slipped off their early highs as the S&P 500 is up 0.2%.

Coal stocks are broadly higher in the first 30 minutes of the session. James River Coal (JRCC 2.84, +0.22) and Alpha Natural Resources (ANR 6.31, +0.40) are surging 8.4% and 6.7%, respectively. Meanwhile Arch Coal (ACI 6.40, +0.30) and Peabody Energy (BTU 22.77, +1.37) are both up over 4.5%DJ30 +2.75 NASDAQ -3.71 SP500 +2.87 NASDAQ Adv/Vol/Dec 1250/271.2 mln/952 NYSE Adv/Vol/Dec 1768/115.4 mln/948

09:45 am : Equities are showing resilience in the early going as they lift off their opening levels. The S&P 500 is up 0.4% with the Nasdaq unchanged as it underperforms.

Even though the broader market is only slightly higher, there is some notable divergence among individual sectors. Materials and energy are leading with advances of 1.5% and 1.1%, respectively. Financials and industrials are also showing relative strength. Meanwhile, telecom and technology lag with both down near 0.4%.DJ30 +25.83 NASDAQ +1.26 SP500 +5.15 NASDAQ Adv/Vol/Dec 1300/180.5 mln/849 NYSE Adv/Vol/Dec 1898/91.1 mln/801

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: -5.80. As we near the start of the U.S. session, futures indicate a mixed open.

An active start to the session can be expected following a series of disappointing headlines. Nonfarm payrolls were reported at 96K versus the 130K Briefing.com consensus. The considerable miss was met with choppy trade in equity futures as they slipped off their pre-market highs.

In addition, Intel (INTC 24.18, -0.91) lowered its third quarter guidance below consensus. Shares of INTC are lower by 3.7% in pre-market. Some related names which bear watching include AMD (AMD 3.61, -0.05), Applied Materials (AMAT 11.65, -0.26), and NVIDIA (NVDA 13.48, -0.25).

09:03 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: -3.50. U.S. equity futures stumbled significantly following disappointing August jobs data. However, the move was partially retraced as the S&P 500 futures picked back up and are now signaling a higher open by 0.2%.

It was a sea of green across Asia as all of the major averages saw gains following yesterday's European Central Bank meeting where Mario Draghi outlined the central bank's bond-buying plan. China's Shanghai Composite saw its best day in three years after Beijing announced plans to build more than 1250 miles of roads. This comes just a day after the announcement that 18 cities in China would be receiving subway systems. Data out overnight showed Australia's trade deficit widen to AUD0.56 billion versus the AUD0.30 billion expected. Elsewhere, Malaysia's trade surplus plunged to MYR3.60 billion on expectations of a MYR9.10 billion reading. Finally, Taiwan's trade surplus rose to TWD3.31 billion against the consensus TWD1.55 billion.

In Japan, the Nikkei advanced 2.2% to post its biggest gain since April. Exporters rallied thanks to a weaker yen as Toyota Motor jumped 3.4% and Fanuc climbed 2.6%. Chipmakers were strong as Toshiba surged 7.3% on word OCZ Technology had a shortage of certain flash components.

In Hong Kong, the Hang Seng finished higher by 3.1% as financials and casino names saw strong gains. AIA Group climbed 4.9% after AIG sold a stake in the company at a premium of roughly $2 billion. Elsewhere, Sands China led the casino space higher with a 5.3% advance.

China's Shanghai Composite rallied 3.7% following the pro-growth steps taken by Beijing. Construction-related names and financials were the top performers as Jidong Cement surged the daily limit, 10%, and Citic Securities soared 7.6%.

European markets are also higher across the board. Peripheral 10-yr yields have dropped significantly as Spain's 10-year yield is soundly under the 6% level at 5.74% and Italy is approaching 5.0%. German Trade Balance picked up over last month, seeing a rise in both imports and exports. Likewise, German industrial production increased by 1.3% over the last month, while expectations called for a 0.2% increase. Elsewhere, the UK reported input and output PPI above expectations, as well as an improvement in manufacturing and industrial production. Finally, Spain's industrial production showed a year-over-year decrease of 5.4%, while a contraction of 5.9% was broadly expected.

France's CAC is higher by 1.2% as financials pace the advance. Credit Agricole and Societe General are surging 8.3% and 6.0%, respectively. Consumer names Pernod-Ricard and L'Oreal lag with both down over 1.0%.

Germany's DAX is up 1.0% with Commerzbank and Deutsche Bank surging over 6.0%. Mail carrier Deutsche Post is down 1.8% after KfW Group sold a 5% stake in the company.

In the UK, the FTSE is adding 0.1% as mining stocks rally after Glencore raised its offer for Xstrata. Following the news, Xstrata is higher by 8.1% while Glencore is slumping 3.8%. Steel producer Evraz leads the index as it surges 11.3%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: -1.30. Futures have seen a negative initial response to the August employment data, which was worse than expected.

Nonfarm payrolls came in at 96K versus the 130K Briefing.com consensus. The prior reading was revised down to 141K from 163K. Nonfarm private payrolls added 103K against the 144K consensus. The unemployment rate was reported at 8.1% versus the 8.3% consensus.

Intel (INTC 24.56, -0.55) is slipping 2.4% in pre-market after lowering its third quarter guidance by 7.7%, below consensus. The announcement was met with an immediate two point drop in S&P futures. However, nearly half of the dip was promptly retraced.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: -0.50. Following yesterday's 2.0% jump, U.S. equity futures are adding another 0.3% this morning ahead of key employment data. Volatility can be expected prior to around the much-anticipated monthly nonfarm payrolls report at 8:30 ET.

Overnight, the global equity markets were still buzzing after European Central Bank President Mario Draghi announced the launch of the Outright Monetary Transactions program, or OMT. Asian stocks saw notable gains, with China's Shanghai gaining 3.7% overnight, while Hong Kong's Hang Seng rose 3.1% and Japan's Nikkei rose 2.2%. China bolstered its own markets today by announcing more infrastructure stimulus projects. In addition to the railroad expansion announced yesterday, China will begin building new roads in its latest government-backed program. Australia's trade balance report missed expectations, as exports to China continued to decline. The Nikkei saw gains on the back of a weaker yen and news from Europe. Meanwhile, Fitch cautioned that Japan could suffer a downgrade should it see further fiscal slippage.

In Europe, the after party continues for the major bourses. Peripheral 10-yr yields have dropped significantly as Spain's 10-year yield is soundly under the 6% level at 5.75% and Italy is approaching 5.0%. German Trade Balance picked up over last month, seeing a rise in both imports and exports. Likewise, German industrial production increased by 1.3% over the last month, while expectations called for a 0.2% increase. Elsewhere, the UK reported input and output PPI above expectations, as well as an improvement in manufacturing and industrial production. Finally, Spain's industrial production showed a year-over-year decrease of 5.4%, while a contraction of 5.9% was broadly expected. At midday, France's CAC is higher by 1.2%, Germany's DAX is up 0.8%, and UK's FTSE is adding 0.2%. Italy's MIB is a notable outlier as it advances by 2.2%.

In U.S. corporate news, Smith & Wesson (SWHC 10.96, +1.96) is shooting up 21.8% after beating on earnings and revenues. The company issued upside guidance as gun sales continue increasing. SWHC is up more than 200% since the beginning of the year and its peer Sturm Ruger (RGR 48.48, +1.68) is up 3.6% in pre-market.

European financials continue to rally as Deutsche Bank (DB 39.96, +2.35) and ING (8.53, +0.48) are both up near 6.0%. Meanwhile, Barclays (BCS 12.89, +0.58) is higher by 4.7%.

Lululemon (LULU 65.39, -3.21) is lower by 4.7% after reporting an earnings beat and in-line revenues. LULU management also issued guidance which was in-line with analyst expectations.

In addition to the previously mentioned nonfarm payrolls report, the unemployment rate, nonfarm private payrolls, hourly earnings, and average workweek will all be reported at 8:30 ET.

06:20 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +6.00.

06:20 am : Nikkei...8871.65...+191.10...+2.20%. Hang Seng...19802.16...+592.90...+3.10%.

06:20 am : FTSE...5791.06...+13.70...+0.20%. DAX...7231.25...+63.90...+0.90%.

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  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


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