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 Post subject: September 13th Thursday 2012 Emini TF ($TF_F) points +12.10
PostPosted: Fri Sep 14, 2012 6:08 am 
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Joined: Sat Jan 10, 2009 1:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

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

Price Action Trade Performance for Today: +12.10 points or $1210 dollars in the Russell 2000 Emini TF ($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=1320.

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

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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. 13 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market today. U.S. stocks surged, sending the Standard & Poor’s 500 Index to its highest level since 2007, as the Federal Reserve said it will buy mortgage-backed securities to bolster the economy.

Rally Pushes Stocks To Nearly 5-Year Highs

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

NEW YORK (CNNMoney) -- A rally on Wall Street gained momentum Thursday afternoon, sending stocks to fresh multi-year highs, as investors welcomed the Federal Reserve's new bond-buying plan.

The Dow Jones industrial average jumped 207 points, or 1.6%, while the Nasdaq rose 1.3% and the S&P 500 gained 1.6%. Prior to the Fed's announcement, all three major indexes had been just 0.2% higher.

The day's gains pushed the Dow and S&P 500 to their highest closing levels since December 2007, while the tech-heavy Nasdaq finished at its highest level since November 2000.

Financial stocks led the broad rally, with the KBW Bank index (BKX) climbing 2.8% to its highest level since May 2011. Bank of America's (BAC, Fortune 500) nearly 4.8% advance led the Dow higher, while JPMorgan's (JPM, Fortune 500) 3.7% rise helped the stock fully recover the losses it suffered following the 'London whale' disclosure.

As investors moved into risky assets, oil prices spiked 1.3% to $98.31 a barrel. Priced had already been higher amid "concern that protests in the Middle East may threaten supplies," said Wells Fargo Advisors analysts.

Gold, which is used as a hedge against inflation, jumped 2% to hit a nearly 7-month high. And Treasuries, which had had been gaining ground earlier, sold-off sharply, which pushed 10-year yield above 1.8% from 1.72% before the Fed's announcement. The yield settled around 1.74%.

The Fed said it will buy $40 billion of mortage-backed bonds each month for however long it deems necessary. In the past, the Fed has concentrated its purchases in Treasuries.

Housing stocks gained on the news. Shares of homebuilder Hovnanian (HOV) and Pulte Group (PHM) rose more than 3%. Lennar (LEN) and Toll Brothers (TOL) gained almost 2%.

The Fed also said it plans to keep interest rates at "exceptionally low levels" until mid-2015. Previously, the central bank had forecast rates would remain low until late 2014.

Fed pulls trigger on QE3

"There's no big surprise here," said Jeffrey Kleintop, chief market strategist at LPL Financial, adding that he expects the initial market enthusiasm will begin to fade sooner rather than later. "The only thing that struck me a bit was that the Fed has left the door open to do more if it needs. This might not be all of it."

Meanwhile, the Fed lowered its forecast for economic growth this year, but boosted its outlook for 2013.

During a press conference, Fed chair Ben Bernanke said the idea behind the new bond-buying plan was to "quicken the economy."

But Bernanke also admitted that the Fed alone is not strong enough to fix the job market, which is struggling with an unemployment rate above 8%, and urged other policymakers -- namely Congress -- to do their part.

Fed acted because Congress is lame

"I want to be clear: While I think we can make a meaningful and significant contribution to reducing this problem, we can't solve it. We don't have tools that are strong enough to solve the unemployment problem," Bernanke said.

If Congress fails to address the impending fiscal cliff, "then QE3 will be as if we got flu shots before storming the beaches of Normandy -- it's not going to matter," said Kleintop.

Ahead of the opening bell Thursday, the Labor Department reported initial jobless claims increased to 382,000 for the week ended September 8, up 15,000 from the week earlier, and worse than expected. The U.S. Bureaus of Labor Statistics reported producer prices rose 1.7% in August, marking the largest monthly jump since June 2009 and higher than expected.

QE3 won't create jobs

Anticipation of the Fed's decision weighed on markets around the world. European markets and Asian markets finished mixed Thursday ahead of the news.

The euro edged higher against the U.S. dollar, holding above $1.29 for the second day in a row.

Banking union faces long road

Meanwhile, Europe remained in focus after a senior International Monetary Fund official said Greece will need a third bailout package from the eurozone, according to a Wall Street Journal report. The official's comments come a day after Germany's Constitutional Court ruled against a request to block Europe's latest rescue fund.

Fear & Greed Index

Companies: Shares of Facebook (FB) pulled back slightly from the 1-month high reached a day earlier. Facebook's stock has gained nearly 13% over the past five days, but less than $21 share, it's still a far cry from its IPO price of $38.

Apple's (AAPL, Fortune 500)stock rose almost 2% a day after the tech giant unveiled the iPhone 5, and closed at an all-time high of $683.

Aerospace companies BAE Systems (BAESY) and European Aeronautic Defence & Space Co (EADSY). said they were in merger talks Wednesday. Shares of both companies declined sharply Thursday.

Retailer Pier 1 Imports (PIR) reported strong second-quarter earning Thursday morning and raised its full-year guidance, and shares rose slightly.

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Market Update

4:20 pm : Today's session was highlighted by a risk rally sparked by the Federal Reserve's decision to increase policy accommodations by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The program is open-ended by design, which allows the Federal Reserve to terminate it once the employment picture shows substantial improvement. The S&P 500 was the best performing index and it settled higher by 1.6%.

In addition, the Federal Reserve has released its latest economic projections. Among items of note, the 2012 GDP growth expectation has been lowered, while the outlook for 2013 and 2014 was raised. This year's GDP is now expected to increase by a rate between 1.7% to 2.0%, which is lower than the previous forecast of growth between 1.9% and 2.4%. Looking ahead, the 2013 GDP growth is now expected to be between 2.5% and 3.0% while the previous forecast suggested growth expectations between 2.2% and 2.8%. The Federal Reserve extended its forward guidance, suggesting rates will likely remain at exceptionally low levels through at least mid-2015. Lastly, ‘Operation Twist' will conclude at the end of 2012.

Financial stocks made broad advances following the news. Bank of America (BAC 9.40, +0.43) led all majors with an advance of 4.8%. Meanwhile, Citigroup (C 34.45, +1.40), JPMorgan Chase (JPM 41.40, +1.48), Wells Fargo (WFC 35.55, +1.22), and American Express (AXP 59.05, +1.78) all posted gains between 3.0% and 4.2%. The SPDR Financial Select Sector ETF (XLF 16.15, +0.41) advanced 2.6%.

The materials sector outperformed with a 2.5% gain. The group was paced by steelmakers as AK Steel (AKS 6.44, +0.36), Cliffs Natural Resources (CLF 43.18, +2.56), and Steel Dynamics (STLD 12.40, +0.60), all added between 5.0% and 6.3%. Paper and packaging stocks were lifted as well. Louisiana-Pacific (LPX 14.60, +0.37) and Neenah Paper (NP 30.11, +0.63) both gained near 2.5%. Among chemical producers, OM Group (OMG 20.15, +1.06) and LyondellBasell (LYB 51.92, +2.31) jumped 5.6% and 4.7%, respectively.

Coal stocks within the energy sector made notable advances. Alpha Natural Resources (ANR 8.23, +0.89) surged 12.1% while Arch Coal (ACI 7.39, +0.68) spiked 10.1%. Large energy names Halliburton (HAL 36.44, +0.71) and ConocoPhillips (COP 57.65, +1.11) both closed higher by 2.0%.

The 30-yr yield briefly crossed the 3.00% threshold and closed at 2.967%, its highest yield in four months. Maturities across the rest of the complex reversed their post-FOMC selling to finish the day with fractional gains. The 10-yr yield settled at 1.756% after running to almost 1.840% in reaction to the Federal Reserve launching another round of quantitative easing.

Overall producer prices rose by 1.7% in August, which is hotter than the 1.2% increase that had been widely forecasted. Core producer prices were up 0.2% which is in-line with the 0.2% Briefing.com consensus.

Separately, the latest weekly initial jobless claims count totaled 382,000, which is higher than the 369,000 that had been expected. The tally is above the revised prior week count of 367,000. As for continuing claims, they fell to about 3.283 million from 3.322 million.

The U.S. Treasury has released its August budget which showed a deficit of $191 billion. This was slightly better than the broadly expected deficit of $192 billion.

Tomorrow's economic calendar contains a full slate of releases. Retail sales, retail sales ex-auto, CPI, and core CPI will all be announced at 8:30 ET. Industrial production and capacity utilization will hit the wires at 9:15 ET, while the Michigan Sentiment and business inventories will be released at 9:55 ET and 10:00 ET, respectively.DJ30 +206.51 NASDAQ +41.52 SP500 +23.43 NASDAQ Adv/Vol/Dec 1783/1.83 bln/676 NYSE Adv/Vol/Dec 2406/802.4 mln/647

3:35 pm : Most commodities simply rallied following the Fed's announcement this afternoon, mainly the metals including gold, silver, copper, platinum and palladium.

In the energy space, crude oil popped and displayed some real volatility in the early minutes of the Fed's announcement by selling off to $96.50, immediately after rallying to $98.46 due to the Fed news. Ultimately, that sell-off was recovered as traders bid up oil futures and pushed it higher into the close, ending the day 1.3% higher at $98.30/barrel.

Natural gas spent today's session in negative territory and really didn't move following the Fed's announcement. Nat gas was in the red in early morning action and extended losses as it dropped to $2.96 on bearish inventory data at 10:30am ET. Nat gas began to surge higher, just before 1pm ET, which erased over half of the day's losses. By the end of the day, nat gas ended 2 cents lower at $3.04/MMBtu.

Precious metals are the big winners on the Fed's announcement. Gold rallied as much as approx. $50/oz, while silver surged as much as $2/oz (or 6%) all due to the Fed's announcement. By the end of the floor trading session, Dec gold ended 2.2% higher at $1772/oz and Dec silver finished 4.1% higher at $34.67/oz.DJ30 +209.51 NASDAQ +43.11 SP500 +23.54 NASDAQ Adv/Vol/Dec 1787/1543.6 mln/672 NYSE Adv/Vol/Dec 2368/564 mln/669

3:00 pm : Stocks are maintaining their bulk of their gains as the major averages hover just below their respective session highs.

Precious metals have rallied after the Federal Reserve announced the latest round of open-ended asset purchases. Gold is up 1.9% to $1,763.50 per ounce while silver is higher by 3.7%, to $34.53. With today's buying, the yellow metal is 12.1% higher on the year, while silver is up 22.7% since January 1.DJ30 +184.84 NASDAQ +43.46 SP500 +21.59 NASDAQ Adv/Vol/Dec 1785/1.37 bln/657 NYSE Adv/Vol/Dec 2380/488.9 mln/650

2:30 pm : The major averages continue climbing to new session highs as Federal Reserve Chairman Ben Bernanke addresses the media. The S&P 500 is higher by 1.8%.

The Federal Reserve has released its latest economic projections. Among items of note, the 2012 GDP growth expectation has been lowered, while the outlook for 2013 and 2014 was increased. This year's GDP is now expected to increase by a rate between 1.7% to 2.0%. This is lower than the previous forecast of growth between 1.9% and 2.4%. Looking ahead, the 2013 GDP growth is now expected to be between 2.5% and 3.0% while the previous forecast suggested growth expectations between 2.2% and 2.8%.

During his press conference, Federal Reserve Chairman Ben Bernanke reiterated that unemployment remains a ‘grave' concern and the idea behind today's announcement of additional easing is to quicken the pace of the recovery.

Elsewhere, the U.S. Treasury has released its August budget which shows a deficit of $191 billion which is slightly ahead of the broadly expected deficit of $192 billion.DJ30 +220.87 NASDAQ +51.22 SP500 +25.52 NASDAQ Adv/Vol/Dec 1873/1.26 bln/564 NYSE Adv/Vol/Dec 2451/445.6 mln/584

2:00 pm : The major averages are hovering near their respective session highs with the S&P 500 up 1.3%.

The materials sector has surged to a lead. Up 2.4%, the group is being paced by steelmakers. AK Steel (AKS 6.41, +0.33), Cliffs Natural Resources (CLF 42.90, +2.28), Steel Dynamics (STLD 12.32, +0.52), and United States Steel (X 22.35, +0.79) are all up between 3.6% and 5.6%.

Paper and packaging stocks are also broadly stronger. Louisiana-Pacific (LPX 14.66, +0.43) and Neenah Paper (NP 30.36, +0.88) are both up near 3.0%.

Among chemical producers, OM Group (OMG 20.67, +1.58) and LyondellBasell (LYB 52.03, +2.42) are higher by 8.3% and 4.9%, respectively.

As a reminder, Federal Reserve Chairman Ben Bernanke will address the media at a press conference at 14:15 ET.DJ30 +147.56 NASDAQ +37.60 SP500 +17.41 NASDAQ Adv/Vol/Dec 1771/1.12 bln/646 NYSE Adv/Vol/Dec 2322/385.1 mln/676

1:30 pm : Equities are pushing to fresh session highs as investors digest the policy statement from the Federal Reserve. The S&P 500 is up 1.0%.

Energy stocks are rallying after the Federal Reserve announced an open-ended monthly program to purchase additional agency mortgage backed securities. Coal stocks are showing the most robust moves as Alpha Natural Resources (ANR 7.88, +0.54) and Arch Coal (ACI 7.21, +0.50) are both higher by 7.5%. Meanwhile, Halliburton (HAL 36.30, +0.57) and ConocoPhillips (COP 57.35, +0.81) are up 1.6% and 1.4%, respectively.DJ30 +124.30 NASDAQ +35.24 SP500 +14.90 NASDAQ Adv/Vol/Dec 1818/979.7 mln/582 NYSE Adv/Vol/Dec 2232/333.9 mln/721

1:00 pm : Equities held in unchanged territory until the release of a policy statement by the Federal Open Market Committee. However, risk assets surged after the committee agreed to increase policy accommodations by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The program is open-ended by design, which allows the Federal Reserve to terminate it once employment shows substantial improvement. At midday, the S&P 500 is up 0.8%.

Financials are making broad advances following the news. Bank of America (BAC 9.20, +0.23) leads all majors as it adds 2.5%. Meanwhile, American Express (AXP 57.93, +0.66), Citigroup (C 33.60, +0.55) and US Bank (USB 34.43, +0.49) are all up near 1.5%.

Consumer staple stocks are outperforming the broader market. The SPDR Consumer Staples Select Sector ETF (XLP 35.81, +0.39) is firmer by 1.1% as cigarette maker Philip Morris (PM 89.08, +2.41) leads the group, up 2.8%. Other top advancers include Altria Group (MO 33.67, +0.37), Coca-Cola (KO 38.01, +0.46), and Kraft (KFT 39.91, +0.33). The three names are all up near 1.0%.

Industrials are showing relative weakness as the sector trails the broader market. Acuity Brands (AYI 67.43, -0.66) is lower by 1.0% after Avian Securities downgraded the stock from ‘positive' to ‘netural.' Two industrial stocks are headed lower after releasing their earnings. China Green Agriculture (CGA 3.95, -0.38) is down 9.0% after reporting a decrease in earnings and revenues compared to the same period last year. Meanwhile, Sparatech (SEH 5.35, -0.14) is another name which is under pressure after reporting disappointing quarterly results. Shares of the plastic producer are off by 2.6% after missing on earnings and revenues.

A pair of mining names is on the move after reports suggested China will reduce rare earth mining licenses. The news is viewed as positive for companies which hold existing licenses as future competition may now be limited. Molycorp (MCP 12.71, +0.63) is up 5.2% while Rare Element Resources (REE 4.57, +0.14) is better by 3.2%.

Overall producer prices rose during August by 1.7%, which is hotter than the 1.2% increase that had been widely forecasted. Core producer prices were up 0.2% in August which is in-line with the 0.2% Briefing.com consensus.

Separately, the latest weekly initial jobless claims count totaled 382,000, which is higher than the 369,000 that had been expected. The tally is above the revised prior week count of 367,000. As for continuing claims, they fell to about 3.283 million from 3.322 million.

The Federal Open Market Committee will release its economic projections at 14:00 ET and Federal Reserve Chairman Ben Bernanke will speak at a 14:15 ET press conference.DJ30 +106.32 NASDAQ +28.06 SP500 +12.44 NASDAQ Adv/Vol/Dec 1635/835.2 mln/720 NYSE Adv/Vol/Dec 2046/284.2 mln/881

12:30 pm : The major averages continue to trade near their respective flat lines.

Major financials have turned higher as the Federal Open Market Committee policy statement is about to hit the wires. Shares within this space are likely to see some volatility as the statement gets digested by investors. Currently, Bank of America (BAC 9.03, +0.06), Citigroup (C 33.28, +0.23), and US Bank (USB 34.24, +0.30) are all up near 0.8%.

European financials also bear watching as potential easing would carry global implications. Deutsche Bank (DB 41.37, -1.06) is lower by 2.5% after being downgraded by UBS. Other European names, Credit Suisse (CS 22.19, -0.36) and Santander (SAN 7.85, -0.15) are down 1.6% and 1.9%, respectively.DJ30 +15.26 NASDAQ +2.99 SP500 +0.88 NASDAQ Adv/Vol/Dec 1053/658.4 mln/1276 NYSE Adv/Vol/Dec 1326/213.2 mln/1576

12:00 pm : The major averages remain slightly higher as investors show caution ahead of comments from the Federal Reserve. The S&P 500 is up 0.1%.

Industrial stocks are showing relative weakness as the sector trails the broader market. Acuity Brands (AYI 67.29, -0.81) is lower by 1.2% after Avian Securities downgraded the stock from ‘positive' to ‘netural.'

Two industrial stocks are headed lower after releasing their earnings. China Green Agriculture (CGA 3.94, -0.40) is down 9.2% after reporting a decrease in earnings and revenues compared to the same period last year. Meanwhile, Sparatech (SEH 5.36, -0.13) is another name which is under pressure after reporting disappointing quarterly results. Shares of the plastic producer are off by 2.4% after missing on earnings and revenues.

As a reminder, the FOMC policy statement will be released in 30 minutes.DJ30 +20.15 NASDAQ +4.12 SP500 +1.24 NASDAQ Adv/Vol/Dec 1026/585.6 mln/1276 NYSE Adv/Vol/Dec 1367/188.6 mln/1519

11:30 am : The major indices have lifted slightly from their respective flat lines. The S&P 500 is up 0.2%.

Two mining stocks are on the move after reports suggested China will reduce rare earth mining licenses. The news is viewed as positive for companies which hold existing licenses as future competition may now be limited. Molycorp (MCP 12.76, +0.68) is up 5.6% while Rare Element Resources (REE 4.59, +0.16) is better by 3.6%.DJ30 +34.34 NASDAQ +6.59 SP500 +2.78 NASDAQ Adv/Vol/Dec 1063/506.5 mln/1209 NYSE Adv/Vol/Dec 1402/164.8 mln/1469

11:00 am : Stocks continue to hold their levels as the major averages hover near their respective flat lines.

As the broader market shows little change, consumer staple stocks are gathering interest. The SPDR Consumer Staples Select Sector ETF (XLP 35.69, +0.27) is firmer by 0.8% as cigarette maker Philip Morris (PM 88.98, +2.31) leads the group, up 2.7%. Other top advancers include Altria Group (MO 33.66, +0.36), Coca-Cola (KO 37.97, +0.42), and Kraft (KFT 39.94, +0.36). The three names are all up near 1.0%.DJ30 +14.49 NASDAQ +1.98 SP500 +0.28 NASDAQ Adv/Vol/Dec 966/408.9 mln/1267 NYSE Adv/Vol/Dec 1223/133.2 mln/1592

10:35 am : Commodities are mixed this morning with the dollar index now back in negative territory.

Natural gas futures are in the red and fell as low as $3.01/MMBtu, but remains 14% higher on the week. Just ahead of the weekly inventory data, nat gas was down 1.4% at $3.02/MMBtu. But following the data, nat gas tanked to a new session low as the build of 27 bcf came in above expectations of 25 bcf. In current trade nat gas is -1.6% at $3.01/MMBtu.

Oct crude oil has been in positive territory so far all morning. Earlier, oil rallied sharply, rising about $1.40/barrel in about 30 minutes on fears over an Israeli attack on Iran. Crude has since pulled back and is now +1% at $97.94/barrel.

Precious metals are currently lower with silver far underperforming gold. Dec silver just fell through the $33 level, hitting $32.92 for a new session low, and is now trading 0.8% lower at $33.03/oz. Dec gold is now -0.03% at $1733.20/oz.DJ30 +21.19 NASDAQ +1.82 SP500 +0.44 NASDAQ Adv/Vol/Dec 873/348.2 mln/1306 NYSE Adv/Vol/Dec 1150/118 mln/1661

10:00 am : Equities remain little changed from their opening levels and the three major indices are all flat.

With uncertainty abound, telecom stocks are in the early lead as the traditionally safe sector sees a stronger bid than others. Verizon (VZ 45.25, +0.36) and Windstream (WIN 10.80, +0.09) are both higher by 0.8%. Meanwhile, Sprint (S 5.12, +0.02) and AT&T (T 37.94, +0.22) are both up near 0.5%.DJ30 -0.69 NASDAQ +1.53 SP500 -0.72 NASDAQ Adv/Vol/Dec 867/187.8 mln/1221 NYSE Adv/Vol/Dec 1077/71.4 mln/1560

09:45 am : Following a flat open, the major averages continue to hover around their respective unchanged lines.

Looking at the early sector performance, telecoms and consumer staples are outperforming. Both sectors are higher by 0.5%. On the downside, industrials, financials, and health care are weaker. The three sectors are all down near 0.4%.DJ30 -6.44 NASDAQ +0.65 SP500 -0.88 NASDAQ Adv/Vol/Dec 833/125.1 mln/1186 NYSE Adv/Vol/Dec 1017/56.4 mln/1586

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +2.50. Heading into the open, equity futures are lower by 0.2%.

With all eyes turned to the Federal Reserve, financial stocks bear watching today. Shares of major banks would stand to gain most from any additional easing that may be announced by the Federal Open Market Committee.

Major financials are slightly lower in pre-market. Bank of America (BAC 8.97, -0.05), Morgan Stanley (MS 17.34, -0.08), and American Express (AXP 57.07, -0.20) are all shedding near 0.5%.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +2.00. U.S. equity futures continue pointing lower by 0.1%.

In Europe, the Dutch elections came and went as incumbent Prime Minister Mark Rutte won a close race, giving pro-European parties the victory. In the aftermath of the German Constitutional Court's ruling, German Finance Minister Wolfgang Schaeuble does not believe the European Stability Mechanism can receive a banking license. Mr. Schaeuble also stated that financing states is not within the mandate of the European Central Bank. Elsewhere, the Swiss National Bank left its key rates unchanged at less than 0.25% and reiterated the EURCHF peg at 1.20. The region's economic data was light as the Italian CPI was reported at 3.2% year-over year, which was in-line with expectations.

France's CAC is lower by 0.8% with financials showing weakness. Credit Agricole and Societe Generale are both down near 2.0%. Meanwhile, European Aeronautic Defence and Space is down 8.7% on rumors the defense contractor will merge with BAE Systems. On the upside, Alcatel-Lucent leads the index, up 1.4%.

In Germany, the DAX is lower by 0.4% as financials are also under pressure. Commerzbank and Deutsche Bank are both down near 1.6%. Healthcare stocks are leading the index as Merck and Fresenius are higher by 1.9% and 0.9% respectively.

UK's FTSE is flat as Rolls-Royce is the top advancer, higher by 2.3%. Defense contractor BAE Systems is sliding 7.3% after entering merger talks with France's European Aeronautic Defence and Space. Elsewhere, retailer Next is down 6.1% after reporting disappointing sales growth.

The major Asian bourses finished mixed as markets were on hold ahead of today's Federal Open Market Committee decision. Technology shares were in focus across the region as many suppliers for Apple's iPhone 5 moved on the news of its scheduled release. Central banks to hold rates steady overnight included those of Indonesia (5.75%), New Zealand (2.50%), the Philippines (3.75%), and South Korea (3.00%). Data flow was light with Australia's MI Inflation Expectations holding at 2.4%.

In Japan, the Nikkei closed higher by 0.4% as iPhone suppliers were among the top performers. Battery supplier TDK rallied 3.7% and capacitor maker Murata Manufacturing rose 2.9% thanks to the Apple announcement. Elsewhere, shipping stocks were strong following news Orient Overseas International was boosting container rates by $200 per container. Nippon Yusen and Mitsui O.S.K. jumped 4.5% and 6.7% respectively.

Hong Kong's Hang Seng shed 0.1% to close lower for the first time in six days. China Mobile fell 1.3% after Apple's iPhone 5 announcement as the company does not carry Apple products. Meanwhile, real estate stocks continued their climb with Sun Hung Kai Properties rallying 0.8% ahead of its earnings which were due out after the close.

In China, the Shanghai Composite settled lower by 0.8% as cement and metal-related names were weak. Anhui Caodong Cement dropped 5.3% while Yunnan Copper fell 2.8%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: -1.50. U.S. equity futures are near the middle of their pre-market range as they continue pointing lower by 0.2%.

Overall producer prices rose during August by 1.7%, which is hotter than the 1.2% increase that had been widely forecasted. Core producer prices were up 0.2% in August which is in-line with the 0.2% Briefing.com consensus.

Separately, the latest weekly initial jobless claims count totaled 382,000, which is higher than the 369,000 that had been expected. The tally is above the revised prior week count of 367,000. As for continuing claims, they fell to about 3.283 million from 3.322 million.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: -0.30. U.S. equity futures are slightly lower ahead of the long-awaited policy statement from the Federal Open Market Committee, scheduled to be released at 12:30 ET. In addition, FOMC's economic projections will be released at 14:00 ET and Federal Reserve Chairman Ben Bernanke will hold a press conference at 14:15 ET.

Overnight, the world markets were generally lower as investors showed caution ahead of today's headline event. Japan was one of the few major markets in positive territory, getting a boost from tech companies with anticipated supply chain ties to iPhone 5. Reports suggested that the Japanese government would likely downgrade its economic assessment in a Cabinet meeting tomorrow. Meanwhile, South Korea left its key interest rates unchanged, though some had expected an interest rate cut to take place. China's market was lower, though its Commerce Minister sees retail sales growth stabilizing and rebounding in the months to come. The Asian markets finished mixed as Japan's Nikkei gained 0.4%, while Hong Kong's Hang Seng slipped 0.1% and China's Shanghai Composite settled lower by 0.8%.

In Europe, the Dutch elections came and went as incumbent Prime Minister Mark Rutte won a close race, giving pro-European parties the victory. German Finance Minister Schaeuble does not believe the European Stability Mechanism can have a banking license and that financing states is not within the mandate of the European Central Bank. Elsewhere, the Swiss National Bank left its key rates unchanged and reiterated the EURCHF peg at 1.20. Nearing midday, France's CAC is lower by 0.7%, Germany's DAX is off by 0.4%, and UK's FTSE is flat.

In U.S. corporate news, Pluristem (PSTI 3.90, -0.64) is down 14.1% after announcing a proposed public offering of its common stock and warrants to purchase common stock. The size of the offering was not disclosed, and the company is planning to use the proceeds to conduct clinical trials and research & development.

Following a downgrade from Citigroup, chipmakers AMD (AMD 3.83, -0.06) and Intel (INTC 23.00, -0.19) are lower by 1.5% and 0.8%, respectively. Both companies had their ratings lowered from ‘buy' to ‘neutral,' while Intel also saw its price target lowered to $22.00 by Sterne Agee.

Provider of educational software, K12 (LRN 24.00, +2.62) is higher by 12.3% after beating on earnings and revenues.

Initial and continuing unemployment claims, as well as PPI and core PPI will be released at 8:30 ET while the U.S. Treasury will report its budget at 14:00 ET.

The U.S. Treasury will hold a $13 billion, 30-yr reopening. And finally, as mentioned above, the Fed will take center stage at 12:30 ET.

06:27 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -10.00.

06:27 am : Nikkei...8995.15...+35.20...+0.40%. Hang Seng...20047.63...-27.80...-0.10%.

06:27 am : FTSE...5779.26...-2.80...-0.10%. DAX...7319.45...-24.10...-0.30%.

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

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