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 Fri Oct 20, 2017 8:58 am

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: September 19th Wednesday 2012 Emini TF ($TF_F) points +8.70
PostPosted: Wed Sep 19, 2012 10:51 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2974
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:
091912-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-870.png
091912-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-870.png [ 76.87 KiB | Viewed 75 times ]

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

Price Action Trade Performance for Today: +8.70 points or $870 dollars in the Russell 2000 Emini TF ($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=1324.

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.

Attachment:
091912-Key-Price-Action-Markets.png
091912-Key-Price-Action-Markets.png [ 552.37 KiB | Viewed 64 times ]


Image

Market Update

4:15 pm : Equities began today's session on a slightly higher note after the Bank of Japan raised its asset purchase target in an attempt to inject additional liquidity into the market and to weaken the yen. Stocks were also boosted slightly by positive economic data which indicated an uptick in existing home sales as well as building permits. However, late day selling pushed the major averages off their best levels of the session as the S&P 500 settled higher by 0.1%.

Consumer discretionary stocks were the top performer of the day. Two names within the group advanced after reporting earnings. AutoZone (AZO 369.95, +12.11) added 3.4% after delivering a mixed quarterly report. The auto parts retailer beat on earnings, but missed on revenues and reported an increase in inventory. General Mills (GIS 40.02, +0.71) advanced 1.8% after beating on earnings and missing on revenues. The company issued in-line guidance and the management sees "a slow improvement in price and volume trends across [the company's] retail food categories."

Elsewhere within the sector, Chiquita Brands (CQB 7.32, +0.87) and Del Monte (FDP 25.40, +1.37) jumped 13.5% and 5.7%, respectively. The two listings rallied after BB&T upgraded shares of both companies from ‘hold' to ‘buy.'

The energy sector underperformed the broader market with oil sliding another 3.6% to continue its recent weakness. The energy component has fallen nearly 9.0% since last week. In addition, the Department of Energy reported that during the past week oil inventories saw a build of 8.534 million barrels against expectations of a build of 1.4 million. Northern Oil and Gas (NOG 17.91, -0.66) shed 3.6% and increased options activity was spotted in the stock. The October 19 puts have traded 1310 contracts against an open interest of just 100.

Meanwhile, PDC Energy (PDCE 30.99, -1.93) slumped 5.9% after announcing it is no longer looking to develop its Utica Shale as part of a joint venture. Instead, the company will continue to work independently on the southeast Ohio property. Approach Resources (AREX 30.77, -1.88) was another notable laggard which slid 5.8% after announcing an offering of five million shares of its common stock in an underwritten public offering.

Groupon (GRPN 5.34, +0.65) surged 13.9% after the company launched a mobile payment service which it claims is "the lowest-cost option" available to merchants. According to reports, merchants who have active deals with Groupon will pay 1.8% of the total transaction price plus a 15 cent surcharge when using Visa, MasterCard, or Discover. Payments made with American Express will be subject to a 15 cent surcharge as well as 3.0% of the total transaction. In addition, Groupon Chief Executive Officer, Andrew Mason appeared on CNBC where he said the company is growing 50% year-over-year and described Groupon as "more than just a coupon company."

Questcor (QCOR 26.35, -24.17) plunged 47.8% after reports indicated insurer Aetna denied coverage of the company's Acthar gel. The rejection was followed by a negative research report released by Citron. Shares of Questcor responded to the comments with an initial drop of nearly 56.0%. Following a trading halt, the stock has been able to recover some of its losses after Piper Jaffray suggested Aetna's comments are not a blanket statement of ‘no coverage.' Instead, coverage may be available after a patient is subject to a steroid treatment first.

Existing home sales for August hit an annualized rate of 4.82 million units, which was stronger than the rate of 4.58 million units that had been generally expected among economists surveyed by Briefing.com. The pace for August is up from the prior month rate of 4.47 million units.

Housing starts hit an annualized rate of 750,000 units during August. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 770,000. Prior month figures were revised downward to reflect an annual rate of 733,000 housing starts.

As for building permits, they slipped from the prior month's downwardly revised rate of 811,000 to 803,000 for August. That is above the pace of 800,000 building permits that had been expected among economists polled by Briefing.com.

In tomorrow's economic data, weekly initial and continuing claims will be reported at 8:30 ET. Also of note, the September Philadelphia Fed Survey and leading indicators will be released at 10:00 ET.DJ30 +13.32 NASDAQ +4.82 SP500 +1.73 NASDAQ Adv/Vol/Dec 1167/1.78 bln/1299 NYSE Adv/Vol/Dec 1741/644.1 mln/1259

3:30 pm : Crude oil extended yesterday's losses as it fell off its pit session high of $95.09 per barrel. It continued to tumble deeper into negative territory following weaker-than-anticipated inventory data that showed a large build of 8.534 mln barrels when a build of 1.4 mln barrels was expected. Crude dipped to a session low of $91.54 per barrel moments before settling with a 3.5% loss at $92.26 per barrel.

Natural gas traded up to a session high of $2.86 per MMBtu in morning action but lost the momentum. Prices trended lower for the remainder of pit trade and natural gas gave up the entire gain as it settled 0.4% lower at $2.77 per MMBtu.

Gold hovered near the unchanged line during today's pit trade. The yellow metal slid to a session low of $1764.20 per ounce following building permits and housing starts data, but the move quickly corrected. Gold finished the session just 30 cents higher at $1771.50 per ounce.

Silver brushed a session low of $34.32 per ounce in morning action but managed to trade back up to the breakeven level. It briefly broke into positive territory and touched a session high of $34.83 per ounce but retreated to trade just below the unchanged line for the remainder of the session. Silver eventually settled 0.5% lower at $34.58 per ounce.DJ30 +32.51 NASDAQ +7.56 SP500 +3.73 NASDAQ Adv/Vol/Dec 1191/1488.7 mln/1266 NYSE Adv/Vol/Dec 1760/413 mln/1241

3:00 pm : Heading into the final hour of action, the Nasdaq trades at its session high, while the S&P 500 and Dow approach their best levels of the day.

Two names are set to report their quarterly results after the close. Adobe Systems (ADBE 33.05, +0.48) is expected to report earnings of $0.58 on revenues of $1.1 billion. Meanwhile, analysts expect Bed Bath & Beyond (BBBY 69.26, +0.87) to earn $1.02 on $2.59 billion in revenues. Both stocks are seeing elevated options activity ahead of reporting earnings. The put/call ratio in Adobe stands at 1.87 while Bed Bath & Beyond is seeing 0.63 puts for every call.DJ30 +48.90 NASDAQ +10.55 SP500 +5.37 NASDAQ Adv/Vol/Dec 1265/1.33 bln/1189 NYSE Adv/Vol/Dec 1821/372.3 mln/1156

2:30 pm : Groupon (GRPN 5.24, +0.55) is surging 11.7% after the company launched a mobile payment service which it claims is "the lowest-cost option" available to merchants. According to reports, merchants who have active deals with Groupon will pay 1.8% of the total transaction price plus a 15 cent surcharge when using Visa, MasterCard, or Discover. Payments made with American Express will be subject to a 15 cent surcharge as well as 3.0% of the total transaction.

In addition, Groupon Chief Executive Officer, Andrew Mason appeared on CNBC where he said the company is growing 50% year-over-year and described Groupon as "more than just a coupon company."DJ30 +43.36 NASDAQ +8.82 SP500 +4.44 NASDAQ Adv/Vol/Dec 1251/1.22 bln/1179 NYSE Adv/Vol/Dec 1804/341.8 mln/1157

2:00 pm : Equities continue to trade in range bound fashion as the S&P 500 is up 0.3%.

Homebuilder stocks are broadly higher after this morning's economic data revealed better-than-expected existing home sales and building permits. Beazer Homes (BZH 3.76, +0.23), PulteGroup (PHM 16.63, +0.87), and Ryland Group (RYL 31.82, +1.74) are all up between 5.0% and 7.0%. Meanwhile, the SPDR S&P Homebuilders ETF (XHB 25.68, +0.46) is firmer by 1.8%.DJ30 +40.73 NASDAQ +5.18 SP500 +3.49 NASDAQ Adv/Vol/Dec 1184/1.13 bln/1236 NYSE Adv/Vol/Dec 1719/312.9 mln/1225

1:30 pm : The major averages have retreated off their session highs, but they remain in the black. The S&P is up 0.2%.

The Dow Jones Transportation Average has been outperforming the broader market. The strength within the group stems from broad advances being made by airlines. The gains do not appear to be news-driven and the recent weakness in crude oil could be contributing to strength among air carriers. United Continental (UAL 20.74, +1.47) is jumping 7.6% while Delta Airlines (DAL 9.37, +0.41) and JetBlue (JBLU 5.07, +0.21) are both up near 4.3%.

Meanwhile, all railroad stocks within the transportation average are on the decline. CSX (CSX 22.83, -0.18), Norfolk Southern (NSC 73.16, -0.77), and Union Pacific (UNP 125.44, -1.18) are all down near 1.0% while Kansas City Southern (KSU 79.45, -0.30) is off by 0.4%.DJ30 +44.10 NASDAQ +6.86 SP500 +3.91 NASDAQ Adv/Vol/Dec 1228/1.05 bln/1191 NYSE Adv/Vol/Dec 1783/288.2 mln/1163

1:00 pm : Following a choppy start to the trading day, the major averages have lifted to session highs in a move which coincided with the European close. At midday, the S&P 500 and Dow are both firmer by 0.4%.

Consumer discretionary stocks are an early outperformer. Two names within the group are advancing after reporting earnings. AutoZone (AZO 373.50, +15.66) is up 4.4% after delivering a mixed quarterly report. The auto parts retailer beat on earnings, but missed on revenues and reported an increase in inventory.

General Mills (GIS 40.15, +0.84) is higher by 2.1% after beating on earnings and missing on revenues. The company issued in-line guidance and the management sees "a slow improvement in price and volume trends across [the company's] retail food categories."

Elsewhere within the sector, Chiquita Brands (CQB 7.12, +0.67) and Del Monte (FDP 25.48, +1.45) are advancing 10.4% and 6.0%, respectively. The two listings are on the rise after BB&T upgraded shares of both companies from ‘hold' to ‘buy.'

The energy sector is underperforming the broader market with oil sliding another 3.5% to continue its recent weakness. In addition, the Department of Energy reported that during the past week oil inventories had a build of 8.534 million barrels against expectations of a build of 1.4 million. Northern Oil and Gas (NOG 18.04, -0.53) is down 2.9% and increased options activity has been spotted in the stock. The October 19 puts have traded 1310 contracts against an open interest of just 100.

Meanwhile, PDC Energy (PDCE 30.90, -2.02) is lower by 6.1% after announcing it is no longer looking to develop its Utica Shale as part of a joint venture. Instead, the company will continue to work independently on the southeast Ohio property. Approach Resources (AREX 31.43, -1.22) is another notable laggard which is sliding 3.7% after announcing an offering of five million shares of its common stock in an underwritten public offering.

Shipping stocks are showing broad strength after the Baltic Dry Index, which is a measure of shipping rates, climbed 9.0% over the last two sessions. In addition, the capesize component of the index jumped 56.0%, which is contributing to the strength in drybulk shipping stocks. Paragon Shipping (PRGN 0.50, +0.07) is jumping 16.3%, while Eagle Bulk Shipping (EGLE 3.96, +0.39), Genco Shipping (GNK 4.39, +0.29), and DryShips (DRYS 2.65, +0.16) are all up near 7.0%.

Existing home sales for August hit an annualized rate of 4.82 million units, which was stronger than the rate of 4.58 million units that had been generally expected among economists surveyed by Briefing.com. The pace for August is up from the prior month rate of 4.47 million units.

Housing starts hit an annualized rate of 750,000 units during August. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 770,000. Prior month figures were revised downward to reflect an annual rate of 733,000 housing starts.

As for building permits, they slipped from the prior month's downwardly revised rate of 811,000 to 803,000 for August. That is above the pace of 800,000 building permits that had been expected among economists polled by Briefing.com.DJ30 +55.58 NASDAQ +7.93 SP500 +5.27 NASDAQ Adv/Vol/Dec 1292/957.7 mln/1107 NYSE Adv/Vol/Dec 1911/264.4 mln/1035

12:30 pm : The major averages continue to trade near their best levels of the session. The S&P 500 is up 0.3%.

The energy sector is underperforming the broader market with oil sliding another 3.0% to continue its recent weakness. In addition, the Department of Energy reported that during the past week oil inventories had a build of 8.534 million barrels against expectations of a build of 1.4 million.

Northern Oil and Gas (NOG 17.95, -0.61) is down 3.3% and increased options activity has been spotted in the stock. The October 19 puts have traded 1310 contracts against an open interest of just 100.

Meanwhile, PDC Energy (PDCE 31.04, -1.88) is lower by 5.7% after announcing it is no longer looking to develop its Utica Shale as part of a joint venture. Instead, the company will continue to work independently on the southeast Ohio property.

Lastly, Approach Resources (AREX 31.52, -1.13) is sliding 3.5% after announcing an offering of five million shares of its common stock in an underwritten public offering.DJ30 +57.10 NASDAQ +7.42 SP500 +5.50 NASDAQ Adv/Vol/Dec 1244/855.6 mln/1133 NYSE Adv/Vol/Dec 1885/239.4 mln/1048

12:00 pm : The major averages are holding their levels after lifting to session highs in a move which coincided with the European close. The S&P 500 is up 0.3%.

Shipping stocks are showing broad strength after the Baltic Dry Index, which is a measure of shipping rates, climbed 9.0% over the last two sessions. In addition, the capesize component of the index jumped 56.0%, which is contributing to the strength in drybulk shipping stocks. Paragon Shipping (PRGN 0.49, +0.06) is higher by 14.6%, while Eagle Bulk Shipping (EGLE 3.82, +0.25), Genco Shipping (GNK 4.39, +0.29), and DryShips (DRYS 2.67, +0.18) are all up near 7.0%.DJ30 +44.15 NASDAQ +3.99 SP500 +4.20 NASDAQ Adv/Vol/Dec 1169/758.9 mln/1192 NYSE Adv/Vol/Dec 1780/216.2 mln/1120

11:30 am : The major averages appear poised to break out of their morning ranges as all three indices trade at their respective session highs. The S&P 500 is up 0.3%.

Questcor (QCOR 30.05, -20.47) is plunging 40.5% after insurer Aetna denied coverage of the company's Acthar gel. The rejection was followed by a negative research report released by Citron. Shares of QCOR responded to the comments with an initial drop of nearly 56.0%. Following a trading halt, the stock has been able to recover some of its losses after Piper Jaffray suggested Aetna's comments are not a blanket statement of ‘no coverage.' Instead, coverage may be available after a patient is subject to a steroid treatment first.DJ30 +48.04 NASDAQ +4.20 SP500 +4.37 NASDAQ Adv/Vol/Dec 1285/658.3 mln/1050 NYSE Adv/Vol/Dec 1844/188.6 mln/1017

11:00 am : Stocks are searching for direction as the major averages hover near their respective unchanged lines.

Consumer discretionary stocks are an early outperformer. Two names within the group are advancing after reporting earnings. AutoZone (AZO 364.59, +6.75) is up 1.9% after delivering a mixed quarterly report. The auto parts retailer beat on earnings, but missed on revenues and reported an increase in inventory.

General Mills (GIS 39.98, +0.67) is higher by 1.7% after beating on earnings and missing on revenues. The company issued in-line guidance and the management sees "a slow improvement in price and volume trends across [the company's] retail food categories."

Elsewhere within the sector, Chiquita Brands (CQB 7.15, +0.70) and Del Monte (FDP 25.10, +1.07) are up 10.9% and 4.5%, respectively. The two listings are on the rise after BB&T upgraded shares of both companies from ‘hold' to ‘buy.'DJ30 +14.67 NASDAQ -2.01 SP500 +1.23 NASDAQ Adv/Vol/Dec 1166/541.6 mln/1138 NYSE Adv/Vol/Dec 1674/159.9 mln/1160

10:35 am : Commodities saw a little boost in recent trade as the dollar index continued to tick lower. The index is now -0.1 at 79.15.

Crude oil has been taking a beating and just a new session low of $92.53 after the EIA reported a huge weekly inventory build of 8.534 mln, well above the consensus expectation of a build of 1.4 mln. Oil pulled back following the data, however, oil didn't fall very much at all. It dropped, maybe 50 cents or so. In current, trade Oct crude oil is -2.7% at $93.10/barrel.

Natural gas gained steam earlier this morning and rallied sharply to a new session high of $2.85/MMBtu, up from $2.74. Oct nat gas is now +1.69% at $2.83/MMBtu.

Gold has been trending lower in a choppy fashion for most of the session. It quickly dropped earlier by around $9/oz, but has since recovered that loss and is now +0.1% at $1773.50/oz. Dec silver has been basically following the same pattern as gold and is now +0.1% at $34.76/oz.DJ30 +14.02 NASDAQ -5.92 SP500 +0.12 NASDAQ Adv/Vol/Dec 1013/426.5 mln/1224 NYSE Adv/Vol/Dec 1529/134 mln/1261

10:00 am : The major averages spiked into positive territory after the release of existing home sales data. The S&P 500 is up 0.1%.

Existing home sales for August hit an annualized rate of 4.82 million units, which is stronger than the rate of 4.58 million units that had been generally expected among economists surveyed by Briefing.com. The pace for August is up from the prior month rate of 4.47 million units.DJ30 +32.00 NASDAQ +2.22 SP500 +2.00 NASDAQ Adv/Vol/Dec 1177/243.6 mln/975 NYSE Adv/Vol/Dec 1694/87.5 mln/1031

09:45 am : The major averages have slipped into the red after being unable to hold their opening gains. The Nasdaq lags and is down 0.1%.

Looking at sector performance in the early going, materials, utilities, and consumer discretionary stocks are off to a strong start as they outperform the broader market. Meanwhile, technology, industrials and energy lag.

Existing home sales for August will be reported at 10:00 ET.DJ30 +6.26 NASDAQ -2.92 SP500 -0.56 NASDAQ Adv/Vol/Dec 967/142.2 mln/1127 NYSE Adv/Vol/Dec 1446/63.2 mln/1187

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +3.80. As the start of the U.S. session nears, equity futures continue pointing to a slightly higher open.

Stocks within the materials sector appear to be poised for a strong start to the session. Alpha Natural Resources (ANR 7.95, +0.07) and Arch Coal (ACI 7.55, +0.10) are both up near 1.0% in pre-market. `

Elsewhere, Cracker Barrel (CBRL 68.12, +4.50) is higher by 7.1% after beating on earnings and revenues. The company also issued mixed guidance as it expects a weaker first quarter as well as in-line full-year 2013 earnings and revenues. August existing home sales will be reported at 10:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +4.30. U.S. equity futures have lifted off pre-market lows as they point to a slightly higher open.

The major Asian bourses ended mostly higher after the Bank of Japan became the latest central bank to announce more stimulus. The central bank upped its asset purchase program by JPY10 trillion to JPY80 trillion. Data across the rest of the region was light as China's foreign direct investment has fallen 3.4% so far in 2012 while Australia's MI Leading Index rose 0.4% month-over-month.

In Japan, the Nikkei closed higher by 1.2% as the Bank of Japan's action lifted the index to a four-month high. Real Estate firms gained amid the latest central bank moves as Mitsubishi Estate and Sumitomo Realty and Development both rallied close to 1.0%. Meanwhile, Nissan Motor climbed 3.7% and Fast Retailing rebounded 3.3% after both announced they would reopen properties in China which were shuttered the previous day due to protests related to the dispute in the East China Sea.

Hong Kong's Hang Seng advanced 1.2% to end at a 4.5-month high. Hong Kong property stocks were strong as Henderson Land and New World Development jumped 1.7% and 2.7% respectively. Gold-related shares rallied on Japan's easing with Zijin Mining surging 5.6% to lead the sector's advance.

China's Shanghai Composite added 0.4% as shares rallied for the first time in three days. Commodity-related names were strong as Zijin Mining and Jiangxi Copper added 4.9% and 4.0% respectively. Meanwhile, Yanghe Brewery slid 2.7% after an investment firm unloaded 1.85 million shares of the company.

The major European averages drifted into the red after a higher open. An ex-European Central Bank member commented that Central Bank bond purchasing is not a silver bullet capable of fixing the underlying problem. Meanwhile, the Bank of England minutes revealed a unanimous decision to keep rates and its purchasing program unchanged. However, some members suggested more easing may be necessary in the future. In economic data, Eurozone construction output fell month-over-month, and saw last month's reading revised down.

In Germany, the DAX is off by 0.1%. Technology stocks are showing relative weakness as Infineon and SAP are lower by 3.1% and 0.2%, respectively. Volkswagen is higher by 1.2% after reports suggested the company hopes to increase its annual Japanese sales to 110,000 vehicles by 2018. The target would more than double its current annual sales of 50,000.

France's CAC is adding 0.1% as car maker Renault leads the index, up 1.2%. Meanwhile, peer Peugeot trades higher by 1.0%. Financial stocks are generally lower with Credit Agricole, Societe Generale, and AXA all down between 1.3% and 1.7%.

UK's FTSE is higher by 0.1% as miners show relative strength. Kazakhmys and Fresnillo are advancing 2.1% and 1.3%, respectively. Financial stocks are lagging with Aviva and Barclays shedding between 1.0% and 2.0%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +3.50. Equity futures are little changed following the release of the latest housing starts and building permits data.

Housing starts hit an annualized rate of 750,000 units during August. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 770,000. Prior month figures were revised downward to reflect an annual rate of 733,000 housing starts.

As for building permits, they slipped from the prior month's downwardly revised rate of 811,000 to 803,000 for August. That is above the pace of 800,000 building permits that had been expected among economists polled by Briefing.com.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +3.00. It is yet another quiet morning in U.S. pre-market as equity futures point to a slightly higher open.

The major news of the night came out of Japan where the Bank of Japan expanded its asset purchases by JPY10 trillion, boosting its easing program to JPY80 trillion from JPY70 trillion. The yen fell sharply (but has since recovered), which led to a rally in the Nikkei as all the exporters got a boost. China's foreign direct investment reading showed another decline on a monthly basis, but came in better than expected. The regional indices posted broad gains as Japan's Nikkei and Hong Kong's Hang Seng both added 1.2%, while China's Shanghai Composite gained 0.4%.

The euphoria brought on by the Bank of Japan's easing wore off as European bourses drifted into negative territory after a higher open. An ex-European Central Bank member commented that Central Bank bond purchasing is not a silver bullet, and will not fix the underlying problem. Meanwhile, the Bank of England minutes revealed a unanimous decision to keep rates and its purchasing program unchanged. However, some members suggested more easing may be necessary in the future. In economic data, Eurozone construction output fell month-over-month, and saw last month's reading revised down. Nearing midday, major European indices are little changed as Germany's DAX, France's CAC, and UK's FTSE are all flat.

In U.S. corporate news, AutoZone (AZO 340.00, -17.84) is down 5.0% after delivering a mixed quarterly report. The auto parts retailer beat on earnings, but the selling likely stems from the company's revenue miss as well as an increase in the inventory.

Corning (GLW 13.07, +0.34) is higher by 2.7% after Goldman upgraded the stock from ‘neutral' to ‘buy.'

The weekly MBA Mortgage Index showed a 0.2% decrease in mortgage applications last week. The reading follows the prior week's increase of 11.1%.

Housing starts and building permits will be released at 8:30 ET, while existing home sales will be announced at 10:00 ET.

06:21 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +5.00.

06:21 am : Nikkei...9232.21...+108.40...+1.20%. Hang Seng...20841.91...+240.00...+1.20%.

06:21 am : FTSE...5875.91...+7.80...+0.10%. DAX...7346.53...-2.80...0.00.

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