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 Post subject: September 26th Wednesday 2012 Emini TF ($TF_F) points +26.30
PostPosted: Wed Sep 26, 2012 10:19 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: +26.30 points or $2630 dollars in the Russell 2000 Emini TF ($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=1329.

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. 26 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market. U.S. stocks fell for a fifth day, sending the Standard & Poor’s 500 Index to its longest retreat since July, as concern grew Europe’s debt crisis is worsening.

S&P 500 Down For 5th Straight Day Amid Europe Unrest

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

NEW YORK (CNNMoney) -- U.S. stocks declined Wednesday, with the S&P 500 logging its fifth consecutive daily loss, as investors kept an eye on unrest in Greece and Spain.

The Dow Jones industrial average slipped 0.3%, while the S&P 500 lost 0.6% and the Nasdaq dropped 0.8%. The Dow and S&P 500 closed at the lowest levels in two weeks, while the tech-heavy Nasdaq finished at a three-week low.

Thousands of demonstrators took to the streets in Greece to protest new austerity measures. Meanwhile, anti-austerity protests in Madrid turned violent ahead of the Spanish government's release of its 2013 budget plan.

Yields on 10-year Spanish bonds shot up to 6.06% after the leader of Catalonia -- the country's richest region -- called for early elections, signaling a lack of confidence in Prime Minister Mariano Rajoy.

"Between the protests in Spain, strikes in Greece, the looming Spanish budget...there's plenty to be worried about," said Kathy Lien, managing director of foreign exchange strategy for BK Asset Management. "If the new reform packages and the 2013 budget contain some overly painful cutbacks, we could see more social unrest in Spain."

* Spain's precarious future

On Tuesday, European Central Bank President Mario Draghi said that while the ECB's bond-buying program is supporting financial markets, it must be coupled with "decisive measures by governments to address fundamental challenges and complete the euro-area's institutional architecture."

European stocks finished sharply lower. Britain's FTSE 100 lost 1.4%, the DAX in Germany dropped 1.8% and France's CAC 40 tumbled 2.4%. European turmoil pushed the dollar up against the euro. The greenback also gained versus the British pound and the Japanese yen.

Europe has been in the spotlight for nearly three years, and investor worries about the region's debt troubles will continue to ebb and flow as the search for a solution remains elusive, said Tom Schrader, managing director at Stifel Nicolaus.

Meanwhile, oil prices tumbled almost 2%, falling below $90 a barrel for the first time since early August. Oil for November delivery settled down $1.39 at $89.98 a barrel. Less than two weeks ago, crude oil prices topped $100 a barrel.

"The oil market is telegraphing that the global economy is even weaker than people believe," said Schrader.

* China stocks stuck in massive rut

China stocks also continued to struggle on economic growth concerns. Making matters worse, China's territorial dispute with Japan over islands that sit over a vast natural gas reserve is worsening trade relations and hurting companies in both countries.

Asian markets ended in the red, with the Shanghai Composite down 1.2%, the Hang Seng in Hong Kong down 0.8%, and Japan's Nikkei 2% lower.

* Risky loans are back

In the United States, new home sales declined 0.3% in August to an annual rate of 373,000, according to a report from the U.S. government. Analysts were expecting sales to come in at an annual rate of 380,000.

A separate report showed that mortgage applications increased 2.8% last week compared to the previous one, according to the Mortgage Bankers Association.

Fear & Greed Index

Companies: Shares of electronic circuit board manufacturer Jabil Circuit (JBL, Fortune 500) dropped almost 10% after the company reported earnings that fell short of expectations.

American Greetings (AM)shares jumped after the company said its board of directors received a offer from its CEO and president to take the company private for $17.18 per share, valuing the company at about $532 million.

Shares of Research in Motion (RIMM) rose after the firm reported its BlackBerry services added close to 2 million subscribers.

Banco Santander (SAN) began selling shares of its Mexican unit on the New York Stock Exchange Wednesday. Shares of Grupo Financiero Santander Mexico (BSMX) rose 6% on their debut.

Shares of Radio Shack (RSH) gained after the company ousted its CEO Jim Gooch. The company named CFO Dorvin Lively as interim CEO.

Dean Foods' (DF, Fortune 500) stock climbed after the company said it is considering the sale of its Morningstar dairy division.

Commodities: Gold futures for December delivery dropped $12.80 to settle at $1,753.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose slightly, pushing the yield down to 1.62% from 1.68% late Wednesday.

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Market Update

4:15 pm : Equities began today's session on a down note after Spain and the country's fiscal struggles were put back in the spotlight. The major indices marked session lows during the first hour before reversing and attempting a return to the unchanged line. However, due to the lack of a catalyst, the key averages were unable to sustain a meaningful rally. As a result, the S&P 500 slipped 0.6%. The Nasdaq underperformed and settled lower by 0.8%.

Utility stocks led as the defensive sector rose on the back of today's risk-off sentiment. High-yielding major utility producers advanced as a group. Consolidated Edison (ED 60.09, +0.63), Southern Company (SO 46.11, +0.37), and PG&E (PCG 43.00, +0.35) all gained near 1.0%.

Technology stocks were under pressure as the sector trailed the broader market. Apple (AAPL 665.18, -8.36) continued its recent slump as the tech giant slipped 1.2%.

Two listings traded lower after reporting earnings. Jabil Circuit (JBL 18.90, -2.07) slid 9.9% after delivering a mixed quarterly report. JBL missed on earnings, but reported revenues above consensus. In addition, the company issued downside guidance for the first quarter and announced the authorization of a $100 million share repurchase program.

SYNNEX (SNX 32.45, -1.80) slipped 5.3% after missing on earnings and reporting in-line revenues. In addition, the company issued downside guidance for the fourth quarter. Following the earnings release, Needham downgraded shares of SNX from ‘strong buy' to ‘buy' while lowering the price target from $42 to $40.

Elsewhere in the sector, semiconductor makers continued selling off. Infineon (IFNNY 6.36, -0.24), which cut its guidance yesterday, was downgraded from ‘hold' to ‘underperform' by Jefferies. The stock settled lower by 3.3% while its peer Texas Instruments (TXN 27.57, -0.26) lost 0.9% after being downgraded from ‘positive' to ‘neutral' by Avian.

Lastly, GT Advanced Technologies (GTAT 5.35, -0.29) slumped 5.3% after Canaccord Genuity downgraded the stock from ‘buy' to ‘hold' while lowering the price target from $9 to $6.

Major financials continued their post-FOMC weakness. The SPDR Financial Select Sector ETF (XLF 15.49, -0.10) shed 0.6% as it traded in-line with the broader market. Individual components which showed relative weakness include, American Express (AXP 56.14, -0.99), Citigroup (C 32.51, -0.35), and Wells Fargo (WFC 34.42, -0.30). The three names all lost close to 1.0%.

Also of note, Santander Mexico (BSMX 12.91, +0.72) closed higher by 6.0% on its first day of trading as an exchange-listed company.

The Dow Jones Transportation Average showed little change as it outperformed the broader market. Airlines were relatively strong as the 20-stock group was led by Alaska Air (ALK 35.74, +2.07) which added 6.2% after announcing a $250 million share repurchase program. Meanwhile, Delta (DAL 9.16, +0.14), Southwest (LUV 8.92, +0.08), and United Continental (UAL 20.16, +0.33) all gained between 0.9% and 1.7%.

Railroad stocks were down as a group once again. CSX (CSX 21.00, -0.17) shed 0.8%, while Kansas City Southern (KSU 75.36, -1.00), Norfolk Southern (NSC 64.57, -0.50), and Union Pacific (UNP 118.92, -1.46) were all down near 1.0%.

Shares of homebuilders were broadly weaker as the SPDR S&P Homebuilders ETF (XHB 24.60, -0.57) lost 2.3%. The ETF began selling off after new home sales indicated 373k new homes were sold in August while a reading of 380k was expected. Shares of major homebuilders declined broadly as Ryland Homes (RYL 30.01, -1.81) fell 5.7%. Meanwhile, PulteGroup (PHM 15.30, -0.76), Standard Pacific (SPF 6.80, -0.35), KB Homes (KBH 13.90, -0.51), and Lennar (LEN 34.64, -1.62) all slipped between 3.5% and 5.0%.

In tomorrow's economic data, weekly initial and continuing unemployment claims will be reported at 8:30 ET. Durable orders, durable orders ex-transportation, and GDP-third estimate will also be released at 8:30 ET. Lastly, pending home sales will cross the wires at 10:00 ET.

The U.S. Treasury will auction off 7-yr notes.DJ30 -44.04 NASDAQ -24.03 SP500 -8.27 NASDAQ Adv/Vol/Dec 909/1.71 bln/1530 NYSE Adv/Vol/Dec 1229/738.7 mln/1823

3:35 pm : Most commodities sold off this morning as a rising dollar index added pressure on the group.

Nov crude oil sold off hard today, declining below the $90 level and as low as $88.97/barrel, crude chopped higher following that LoD and ended its floor trading session just under $90. Crude ended the day $1.49/barrel lower at $89.93 and it now 9.5% off its recently-hit high, which was on Sept. 14.

Nov natural gas began to move sharply higher this morning. Overall, nat gas trended higher all session, hitting as high as $3.24/MMBtu. Nat gas ended the day 3.5% higher at $3.22/MMBtu.

Precious metals ended the day mixed as silver finished its pit trading session basically flat (down 1 cent) at $33.94/oz. Both gold and silver sold off sharply earlier this morning and while silver made it back into positive territory a short while before the close of floor trading, gold never made it back into positive territory. Dec copper ended the day 1.3% lower at $3.71/lb.DJ30 -41.96 NASDAQ -26.39 SP500 -7.84 NASDAQ Adv/Vol/Dec 824/1474.7 mln/1610 NYSE Adv/Vol/Dec 1125/518 mln/1899

3:00 pm : Heading into the final hour of action, the major averages continue to trade in range bound fashion. The S&P 500 is lower by 0.4%.

Following today's close look for Thor (THO 34.52, +0.24) to report its earnings. Analysts expect the company to earn $0.76 on revenues of $818 million.

Tomorrow before the open, Discover (DFS 37.20, -0.44) and McCormick (MKC 62.93, -0.23) are scheduled to deliver quarterly results. DFS is expected to earn $1.03 on $1.897 billion in revenues. Meanwhile, the consensus calls for McCormick to report earnings of $0.76 on revenues of $990.53 million.DJ30 -19.96 NASDAQ -18.28 SP500 -5.27 NASDAQ Adv/Vol/Dec 902/1.31 bln/1533 NYSE Adv/Vol/Dec 1228/456.6 mln/1786

2:30 pm : Stocks are holding their afternoon levels as the underperforming Nasdaq tries to narrow the gap. The S&P 500 is lower by 0.2%.

Casino and gaming stocks are generally stronger today. Las Vegas Sands (LVS 46.32, +0.79) is adding 1.7% after Lazard Capital Markets raised the target on LVS from $48 to $52. Peer Boyd Gaming (BYD 6.93, +0.28) is rising by 4.3%, while Melco Crown Entertainment (MPEL 12.97, +0.18), and MGM Resorts (MGM 10.59, +0.13) are both up near 1.4%.DJ30 -19.46 NASDAQ -15.86 SP500 -4.69 NASDAQ Adv/Vol/Dec 948/1.22 bln/1482 NYSE Adv/Vol/Dec 1257/424.1 mln/1730

2:00 pm : The major averages continue to trade near the middle of the day's range as the S&P 500 is off by 0.4%.

Major financials are continuing their post-FOMC weakness. The SPDR Financial Select Sector ETF (XLF 15.53, -0.06) is down 0.4% as it trades in-line with the broader market. Individual components which are showing relative weakness include American Express (AXP 56.32, -0.81), Citigroup (C 32.65, -0.21), and Wells Fargo (WFC 34.40, -0.32). The three names are all shedding close to 1.0%.

European financials are seeing increased selling pressure. Deutsche Bank (DB 39.65, -1.77) is sliding 4.3%, while Spanish Banco Santander (SAN 7.53, -0.31) and Banco Bilbao Vizcaya Argentaria (BBVA 7.81, -0.28) are down 4.0% and 3.5%, respectively.

Also of note, Santander Mexico (BSMX 13.17, +0.98) is higher by 8.1% on its first day of trading as an exchange-listed company.DJ30 -25.57 NASDAQ -23.87 SP500 -6.32 NASDAQ Adv/Vol/Dec 891/1.12 bln/1509 NYSE Adv/Vol/Dec 1162/393.9 mln/1825

1:30 pm : The major averages are attempting to break into positive territory. The Dow is now unchanged while S&P 500 is off by 0.2%.

The Dow Jones Transportation Average is showing little change as it outperforms the broader market. Airlines are showing relative strength as the 20-stock group is led by Alaska Air (ALK 35.50, +1.83) which is higher by 5.4%. Meanwhile, Delta (DAL 9.19, +0.17), Southwest (LUV 8.96, +0.12), and United Continental (UAL 20.15, +0.32) are all up between 1.0% and 2.0%.

Railroad stocks are down once again as a group. CSX (CSX 21.05, -0.12) is down 0.6%, while Kansas City Southern (KSU 75.44, -0.92), Norfolk Southern (NSC 64.65, -0.42), and Union Pacific (UNP 119.21, -1.17) are all down near 1.0%.DJ30 -1.72 NASDAQ -16.69 SP500 -3.06 NASDAQ Adv/Vol/Dec 974/1.03 bln/1435 NYSE Adv/Vol/Dec 1294/365.1 mln/1687

1:05 pm : Stocks began today's session on a negative note due to a broad decline in European markets. Spain was back in the headlines as thousands of citizens protested in Madrid against further austerity. The country's benchmark 10-yr yield added 32 basis points and is now at 6.063%. In addition, Spain's IBEX fell nearly 4.0%. After reaching session lows an hour into the trading day, major averages headed back near the middle of the day's range. At midday, the S&P 500 is off by 0.3%.

Utility stocks are leading as the defensive sector rises on the back of today's risk-off sentiment. High-yielding major utility producers are broadly higher. Consolidated Edison (ED 60.27, +0.81), Dominion Resources (D 52.98, +0.33), Southern Company (SO 46.16, +0.43), and PG&E (PCG 42.98, +0.33) are all up near 1.0%.

Technology stocks are under pressure as the sector underperforms the broader market. Apple (AAPL 664.15, -9.39) is continuing its recent slump. Shares of the tech giant are down 1.4%.

Two listings are trading lower after reporting earnings. Jabil Circuit (JBL 18.94, -2.03) is sliding 9.7% after delivering a mixed quarterly report. JBL missed on earnings, but reported revenues above consensus. In addition, the company issued downside guidance for the first quarter and announced the authorization of a $100 million share repurchase program.

SYNNEX (SNX 32.48, -1.77) is down 5.2% after missing on earnings and reporting in-line revenues. In addition, the company issued downside guidance for the fourth quarter. Following the earnings release, Needham downgraded shares of SNX from ‘strong buy' to ‘buy' while lowering the price target from $42 to $40.

Elsewhere in the sector, semiconductor makers continue selling off. Infineon (IFNNY 6.38, -0.22), which cut its guidance yesterday, was downgraded from ‘hold' to ‘underperform' by Jefferies. The stock is trading lower by 3.3% while its peer Texas Instruments (TXN 27.27, -0.56) is down 2.0% after being downgraded from ‘positive' to ‘neutral' by Avian.

Lastly, GT Advanced Technologies (GTAT 5.26, -0.38) is slumping 6.9% after Canaccord Genuity downgraded the stock from ‘buy' to ‘hold' while lowering the price target from $9 to $6.

Carmaker stocks are underperforming as a result of today's risk-off trade. Ford (F 10.05, -0.03) is lower by 0.3% after reports suggested the carmaker may be poised to cut jobs in Europe. Meanwhile, Toyota (TM 78.67, -1.81) and Honda (HMC 31.44, -0.79) are both down near 2.5%. The weakness in the two Japanese auto makers comes after both companies put brakes on their production due to the rise in tensions between China and Japan.

Homebuilder stocks are broadly weaker as the SPDR S&P Homebuilders ETF (XHB 24.72, -0.46) trades lower by 1.9%. The ETF began selling off after new home sales indicated 373k new homes were sold in August while a reading of 380k was expected. Shares of major homebuilders are all down in excess of 2.0%. Standard Pacific (SPF 6.77, -0.38) is falling 5.3%, while DR Horton (DHI 21.16, -0.58), PulteGroup (PHM 15.43, -0.63), KB Homes (KBH 13.92, -0.49), and Lennar (LEN 35.05, -1.21) are all down between 2.5% and 5.5%.DJ30 -9.68 NASDAQ -23.54 SP500 -4.55 NASDAQ Adv/Vol/Dec 926/955.4 mln/1470 NYSE Adv/Vol/Dec 1226/340.1 mln/1738

12:30 pm : The main averages remain near the middle of the day's range. The S&P 500 is down 0.3%.

Car maker stocks are broadly lower as today's risk-off trade combined with unrest in Asia has led to weakness among the group. Ford (F 10.05, -0.04) is lower by 0.4% after reports suggested the car maker may be poised to cut jobs in Europe. Meanwhile, Toyota (TM 78.68, -1.79) and Honda (HMC 31.42, -0.81) are both down near 2.5%. The weakness in the two Japanese auto makers comes after both companies put brakes on their production due to the rise in tensions between China and Japan.DJ30 -11.90 NASDAQ -23.78 SP500 -5.33 NASDAQ Adv/Vol/Dec 905/869.1 mln/1474 NYSE Adv/Vol/Dec 1199/310.4 mln/1760

12:00 pm : Stocks have lifted off their lows but the major indices remain firmly in the red. The S&P 500 is down 0.4%. The Nasdaq is down 0.8% as it underperforms the broader market.

Homebuilder stocks are broadly weaker as the SPDR S&P Homebuilders ETF (XHB 24.55, -0.62) trades lower by 2.5%. The ETF began selling off after today's economic data indicated 373k new homes were sold in August while a reading of 380k was expected.

Shares of major homebuilders are all down in excess of 3.0%. Standard Pacific (SPF 6.79, -0.36) is falling 5.0%, while DR Horton (DHI 21.02, -0.72), PulteGroup (PHM 15.34, -0.72), KB Homes (KBH 13.98, -0.42), and Lennar (LEN 34.84, -1.42) are all down between 2.9% and 4.5%.DJ30 -14.47 NASDAQ -24.47 SP500 -6.14 NASDAQ Adv/Vol/Dec 899/769.8 mln/1466 NYSE Adv/Vol/Dec 1126/279.7 mln/1824

11:30 am : After lifting off their session lows, the major averages are trading near the middle of the day's range. The S&P 500 is off by 0.4%.

Technology stocks are under pressure as the sector underperforms the broader market. Apple (AAPL 663.50, -10.04) is continuing its recent slump. The shares of the tech giant are down 1.5%.

Two listings are trading lower after reporting earnings. Jabil Circuit (JBL 19.01, -1.96) is sliding 9.3% after delivering a mixed quarterly report. JBL missed on earnings, but reported revenues above consensus. In addition, the company issued downside guidance for the first quarter and announced the authorization of a $100 million share repurchase program.

SYNNEX (SNX 32.10, -2.15) is down 6.3% after missing on earnings and reporting in-line revenues. In addition, the company issued downside guidance for the fourth quarter. Following the earnings release, Needham downgraded shares of SNX from ‘strong buy' to ‘buy' while lowering the price target from $42 to $40.

Elsewhere in the sector, semiconductor makers continue selling off. Infineon (IFNNY 6.33, -0.27), which cut its guidance yesterday, was downgraded from ‘hold' to ‘underperform' by Jefferies. The stock is trading lower by 4.1% while its peer Texas Instruments (TXN 27.04, -0.79) is down 2.8% after being downgraded from ‘positive' to ‘neutral' by Avian.

Lastly, GT Advanced Technologies (GTAT 5.24, -0.41) is slumping 7.2% after Canaccord Genuity downgraded the stock from ‘buy' to ‘hold' while lowering the price target from $9 to $6.DJ30 -14.87 NASDAQ -25.52 SP500 -6.14 NASDAQ Adv/Vol/Dec 881/678.2 mln/1438 NYSE Adv/Vol/Dec 1113/250.1 mln/1806

11:00 am : The key indices are slipping to new session lows as the S&P 500 is down 0.6%.

Utility stocks are leading as the defensive sector rises on the back of today's risk-off sentiment. High-yielding major utility producers are broadly higher. Consolidated Edison (ED 60.28, +0.82), Dominion Resources (D 53.12, +0.47), Southern Company (SO 46.12, +0.38), and PG&E (PCG 42.96, +0.31) are all up near 1.0%.

Two independent energy producers are missing out on the sector rally as AES (AES 10.90, -0.15) and NRG Energy (NRG 21.30, -0.42) are both down near 1.5%.DJ30 -44.88 NASDAQ -33.99 SP500 -9.67 NASDAQ Adv/Vol/Dec 775/567.2 mln/1516 NYSE Adv/Vol/Dec 975/216.5 mln/1928

10:35 am : Most commodities are getting hammered, while the dollar index is trading higher today.

Nov crude oil futures fell below the $90 level today and is almost at its lowest point in two months. Heading into the weekly inventory data, crude was just below that $90 level, but following the data crude popped about 20-25 cents and is now -1.4% at $90.09/barrel.

Nov natural gas futures have been in positive territory for most of today's session. Just after 10am ET, nat gas spiked nine cents to a new HoD of $3.24/MMBtu, but this was short-lived as it pulled back 4-5 cents right away. Currently, nat gas is +2.7% at $3.19/MMBtu.

Precious metals are weak today as well following a sharp sell-off in Dec gold and Dec silver earlier this morning. Dec gold fell as low as $1741.30, while Dec silver declined to $33.36. In current action, gold is -1.1% at $1747.90/oz and silver is -0.9% at $33.66/oz.DJ30 -22.30 NASDAQ -27.77 SP500 -7.20 NASDAQ Adv/Vol/Dec 844/408.8 mln/1392 NYSE Adv/Vol/Dec 1080/171 mln/1795

10:05 am : The major averages remain near their session lows following the release of the latest new home sales data. The S&P 500 is down 0.3%.

New home sales in August hit an annualized rate of 373,000, which is slightly down from July's revised rate of 374,000, and worse than the rate of 380,000 that had been broadly expected.

The SPDR S&P Homebuilders ETF (XHB 24.91, -0.26) ticked down following the data's release.DJ30 -6.95 NASDAQ -14.56 SP500 -4.09 NASDAQ Adv/Vol/Dec 973/261.2 mln/1199 NYSE Adv/Vol/Dec 1214/124.2 mln/1583

09:45 am : Equities are maintaining their early bearish sentiment. The S&P 500 is off by 0.3%.

Looking at early sector performance, defensive stocks are leading the way. Utilities are up near 1.0% while consumer staples and health care stocks are showing relative outperformance. On the downside, materials, technology and financials are all trailing the broader market.

New home sales will be reported at 10:00 ET.DJ30 -6.60 NASDAQ -13.43 SP500 -4.73 NASDAQ Adv/Vol/Dec 1000/164.9 mln/1110 NYSE Adv/Vol/Dec 1228/90.1 mln/1508

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -2.30. Heading into the open, equity futures remain near their pre-market lows, down 0.3%.

The financial sector bears watching today as a handful of majors trade lower in pre-market. Bank of America (BAC 8.87, -0.05), Citigroup (C 32.67, -0.19), and JPMorgan Chase (JPM 40.25, -0.30) are all down near 0.7%.

BLYTH (BTH 24.30, -8.27) is slumping 25.4% after announcing that management of its ViSalus unit withdrew the planned initial public offering due to unfavorable market conditions.

New home sales will be reported at 10:00 ET.

09:05 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -2.30. U.S. equity futures are off their lows but they remain in the red, down 0.2%.

European indices are lower as Spanish protesters continue to rally in the streets of Madrid. Spain's Prime Minister Mariano Rajoy indicated that the country would seek a bailout should interest rates become too high for the economy. Spain's 10-yr yields appear ready to oblige as the benchmark rate has risen 24 basis points, to 6.004%. In addition, the Bank of Spain warned that GDP continued to fall in the third quarter. Elsewhere, the province of Catalonia has announced that it will hold a snap election to see if there is enough popular support for secession from the rest of Spain. Regional economic news was light as Italian retail sales declined by 0.2% on a monthly basis, while French consumer confidence missed slightly. The number was reported at 85, while expectations called for a reading of 86.

In France, the CAC is down 2.3% with financials weighing on the index. Credit Agricole is slumping 6.1%, while BNP Paribas and Societe Generale are both down between 4.5% and 5.0%. With all CAC components in the red, consumer stocks are showing relative outperformance. Cie Generale d'Optique and Pernod-Ricard are sliding 0.5% and 0.9%, respectively.

Germany's DAX is lower by 2.0%. Financials are some of the worst performers in the 30-stock index. Deutsche Bank and Commerzbank are both down near 5.0%. Semiconductor maker Infineon Technologies is slipping 3.7% after Jefferies downgraded the shares from ‘hold' to ‘underperform.' The only three names which are advancing belong to health care stocks. Fresenius Medical, Merck, and Fresenius SE are all adding between 0.5% and 2.2%.

In the UK, the FTSE is sliding 1.3% as miners and financials show weakness. Evraz and Kazakhmys are showing respective losses of 5.4% and 4.1%. Financials Royal Bank of Scotland and Barclays are both down near 4.5%. Four defensive stocks are posting gains. British American Tobacco is adding 0.5%, while Intertek, SSE, and SABMiller are all up between 0.1% and 0.4%.

Devoid of significant economic data to digest, Asian equity markets were left to focus on the social and political turmoil. The bearish sentiment which began in the U.S. markets yesterday spilled over into today's global action. Japanese auto makers are reportedly cutting production in some Chinese factories as projected sales are expected to decline due to the territorial tension. Surveys in both China and Japan revealed that a vast majority of each nation's populace view the relations between the two countries as strained. This sentiment was also echoed by Japan's Foreign Minister. Regionally, the China Sec Journal sees the People's Bank of China continuing to cut interest rates for Western Chinese firms. Meanwhile, a state researcher sees a fourth quarter rebound in China's GDP. Elsewhere, the Bank of Korea does not see improvements in the EU economy until next year. Asian indices finished firmly in the red.

In Japan, the Nikkei ended lower by 2.0% as automakers took a step down. Both Toyota (-2.4%) and Nissan (-2.5%) are reportedly set to cut production in its Chinese factories. Regional Steel names also got hit, as Kobe Steel closed 2.9% lower.

In Hong Kong, the Hang Seng closed down 0.8%. Financial Services were noticeably weak, down 2.3%. Esprit Holdings (6.9%) fell after missing profit estimates.

China's Shanghai Composite slipped 1.2%, and dipped below the 2000 level for the first time since 2009. Among the laggards were Sichuan Tianyi (-8.9%) and Shanghai Shibel (-8.3%).

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -5.50. U.S. equity futures are marking fresh pre-market lows as the S&P 500 futures are off by 0.3%.

The dollar is adding strength this morning as global markets sell off. The dollar index is higher by 0.5% with most of the strength coming against the euro. The single currency was put under pressure as Asian markets traded lower. The euro slipped further at the European open, before staging a brief rally. The move higher was short-lived as the EUR/USD pair ran up to 1.2887, before reversing towards its current 1.2845 level. Since yesterday, EUR/USD is down 50 pips.

08:00 am : S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: -2.50. U.S. equity futures are modestly lower after the markets posted their biggest decline in over two months yesterday. Note that today's session may see below-average volumes due to the Yom Kippur holiday.

Devoid of significant economic data to digest, global equity markets were left to focus on the social and political turmoil in various regions across the globe. The bearish sentiment which began in the U.S. markets yesterday spilled over into today's global action. Japanese auto makers are reportedly cutting production in some Chinese factories as projected sales are expected to decline due to the territorial tension. Surveys in both China and Japan revealed that a vast majority of each nation's populace view the relations between the two countries as strained. This sentiment was also echoed by Japan's Foreign Minister. Regionally, the China Sec Journal sees the People's Bank of China continuing to cut interest rates for Western Chinese firms. Meanwhile, a state researcher sees a fourth quarter rebound in China's GDP. Elsewhere, the Bank of Korea does not see improvements in the EU economy until next year. Asian indices finished firmly in the red. Japan's Nikkei lost 2.0%, China's Shanghai Composite slid 1.2%, and Hong Kong's Hang Seng slipped 0.8%.

In Europe, Spanish protesters continue to rally in the streets of Madrid. Spain's Prime Minister Mariano Rajoy indicated that the country would seek a bailout should rates become too high for the economy. Spain's 10-yr yields appear ready to oblige as the benchmark rate has risen 24 basis points, to 6.004%. In addition, the Bank of Spain warned that GDP continued to fall in the third quarter. Elsewhere, the province of Catalonia has announced that it will hold a snap election to see if there is enough popular support for secession from the rest of Spain. Nearing midday, key European indices are all trading lower. France's CAC is down 2.0%, Germany's DAX is lower by 1.6%, and UK's FTSE is off by 1.1%. Spain's IBEX is posting the biggest loss in the region, down 3.1%.

In U.S. corporate news, Jabil Circuit (JBL 21.85, -0.88) is slipping 4.2% after delivering a mixed quarterly report. JBL missed on earnings, but reported revenues above consensus. In addition, the company issued downside guidance for the first quarter and announced the authorization of a $100 million share repurchase program.

Online auction operator, Copart (CPRT 29.51, +2.11) is advancing 7.7% after beating on earnings and revenues.

European financials are under pressure this morning. Deutsche Bank (DB 39.52, -1.91) is down 4.6%, while Credit Suisse (CS 21.35, -0.76) is lower by 3.4%.

The weekly MBA Mortgage Index showed a 2.8% increase in new applications. This comes after the prior week's reading of a 0.2% decline.

New home sales will be reported at 10:00 ET.

The U.S. Treasury will auction off $35 billion in 5-yr notes.

06:17 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +1.00.

06:17 am : Nikkei...8906.70...-184.80...-2.00%. Hang Seng...20527.73...-171.00...-0.80%.

06:17 am : FTSE...5793.48...-68.20...-1.10%. DAX...7303.29...-115.90...-1.60%.

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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