TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 4:52 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: October 1st Monday EuroFX 6E Futures $1637.50
PostPosted: Mon Oct 01, 2012 7:30 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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

Attachment:
100112-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-EuroFX-6E-Futures-1637.50.png
100112-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-EuroFX-6E-Futures-1637.50.png [ 77.51 KiB | Viewed 298 times ]

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

Price Action Trade Performance for Today: EuroFX 6E ($6E_F) futures @ $1637.50 dollars or +131 ticks. Total Profit @ $1637.50 dollars.

Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures - 1 tick or 0.01 = $10 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures - 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all trades were posted real-time in the free #TheStrategyLab chat room. You can read today's #TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=109&t=1334

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=192&t=1618

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

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

Oct. 1 (Bloomberg) -- Bloomberg's Dina Gusovsky reports on the performance of the U.S. equity market today. U.S. stocks rose, following the biggest weekly decline since June in the Standard & Poor’s 500 Index, after a measure of manufacturing beat economists’ forecasts and concern about Europe’s debt crisis eased.

Stocks Lose Steam

Attachment:
100112-Key-Price-Action-Markets.png
100112-Key-Price-Action-Markets.png [ 531.96 KiB | Viewed 305 times ]

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

NEW YORK (CNNMoney) -- A rally on Wall Street lost steam Monday afternoon following comments from Federal Reserve chairman Ben Bernanke.

The major indexes initially jumped about 1% after a stronger-than-expected report on U.S. manufacturing, but pulled back from the day's highs as Bernanke defended the central bank's latest stimulus action.

The Fed chief said the economy "simply has not been growing fast enough recently to make significant progress in bringing down unemployment." The unemployment rate has been stuck just above 8% since the start of the year.

Bernanke also pressed Congress to address the so-called fiscal cliff -- the onset of higher taxes and reduced spending at the beginning of 2013. Without action from lawmakers, the fiscal cliff could throw the economy back into recession.

The Dow Jones industrial average finished the day up 0.6%. The S&P 500 rose 0.3% while the Nasdaq fell slightly.

Financial stocks closed solidly higher. Shares of Goldman Sachs (GS, Fortune 500) were up almost 3%, while Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) rose almost 1.5%.

Earlier in the day, the Institute for Supply Management's manufacturing index, a survey of purchasing managers, came in at 51.5 for September, marking the first expansion in the U.S. manufacturing sector in four months.

The report boosted hopes that "some of the recent slowdown in economic growth was just a summer phenomenon," said Paul Dales, senior U.S. economist at Capital Economics.

Wall Street took also took early cues from European markets, which rallied after Spain passed two major hurdles last week when it proposed its 2013 budget and results from bank stress tests were in line with expectations. Britain's FTSE 100 added 1.4%, the DAX in Germany advanced 1.5% and France's CAC 40 increased 2.4%.

A report on eurozone manufacturing showed continued contraction, but the 46.1 figure for September was a six-month high. Any reading below 50 signals contraction. Still, unemployment remains worrisome, with the region's jobless rate coming in at a record high of 11.4% in August, unchanged from the previous month's revised figure.

In Asia, Japan's Nikkei declined 0.8% after a central bank survey showed business sentiment has fallen. Markets in Shanghai and Hong Kong were closed for a holiday. A report on manufacturing activity in China rose to 49.8 in September, up from 49.2 in the prior month.

* Individual investors miss the rally again

All eyes will be on the labor market this week, with figures about private sector job growth from paycheck processing firm ADP and weekly initial jobless claims setting the stage for Friday's monthly jobs report from the Labor Department.

U.S. stocks ended the third quarter on a weak note Friday. But year to date, all three major indexes have put in a stellar performance, with the Dow Jones industrial average, S&P 500 and Nasdaq Composite up between 10% to 20%.

Companies: Shares of Netflix (NFLX) rose 3% after Whitney Tilson, a well-known hedge fund manager, said that the company is due for an Amazon (AMZN, Fortune 500) style ride over the next decade. Speaking at the Value Investing Congress in New York Monday, Tilson also made a case for Berkshire Hathaway (BRKA, Fortune 500), which he also touted at last year's conference.

Shares of Ceradyne (CRDN) surged 43% after 3M (MMM, Fortune 500) announced it would buy the ceramic components maker for $860 million.

Nokia (NOK) shares gained ground on news the mobile phone maker signed a mapping service deal with Oracle (ORCL, Fortune 500).

The prospects for a huge merger in the international mining industry looked brighter, after Xstrata's (XSRAF) board of directors said it was backing a revised offer from Glencore International (GLCNF). The deal was first proposed in February, but had been delayed by shareholder objections.

* China manufacturing slump drags on

Currencies and commodities: The dollar weakened against the euro, but rose versus the British pound and the Japanese yen.

Oil for November delivery rose 29 cents to settle at $92.48 a barrel.

Gold futures for December delivery gained $9.40 to settle at $1,783.40 an ounce.

* Fear & Greed Index

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.62% from 1.64% late Friday.

Image

Market Update

4:15 pm : Today's session began with an extension of the bullish sentiment observed in overseas action. Following a higher open, U.S. equities got an additional boost from the ISM Index which was reported at 51.5 against the expectations of a 49.7 reading. After rallying to session highs, the Dow held the bulk of its gains, while the S&P 500 and Nasdaq spent the remainder of the session in a slow retreat towards the unchanged line. As a result, the Dow climbed 0.6%, the S&P 500 added 0.3%, and the Nasdaq slipped 0.1%.

The financial sector was one of the day's top performers. The SPDR Financial Select Sector ETF (XLF 15.66, +0.07) advanced 0.5% as major names within the sector all showed gains. Goldman Sachs (GS 116.86, +3.18) ended higher by 2.8%, while Bank of America (BAC 8.96, +0.13) added 1.5%. Meanwhile, Citigroup (C 32.75, +0.03) finished flat after its shares were downgraded from ‘buy' to ‘neutral' at Sterne Agee.

European financials also rallied. Credit Suisse (CS 21.67, +0.52) advanced 2.5%, while Barclays (BCS 14.14, +0.27) and Deutsche Bank (DB 40.21, +0.56) registered gains near 1.7% each.

Despite the outperformance of financials, those names specializing in real estate investment trusts were relatively weaker. The iShares Dow Jones US Real Estate ETF (IYR 63.92, -0.46) slipped 0.7%. Among individual names, Prologis (PLD 34.58, -0.45), Vornado (VNO 80.29, -0.76), and Weingarten (WRI 27.66, -0.45) all fell between 0.9% and 1.6%.

The health care space also displayed relative strength as a handful of stocks moved on analyst comments. Healthcare Services Group (HCSG 23.81, +0.95) gained 4.2% after UBS initiated coverage of the stock with a ‘buy' rating. Meanwhile, Allscripts (MDRX 12.84, +0.42) advanced 3.4% following an upgrade from ‘neutral' to ‘outperform' at Cowen. In addition, Allscripts was also upgraded by ISI Group.

Blyth (BTH 26.77, +0.78) added 3.0% after announcing that it bought back 283,300 shares between September 26-28.

Tenet Healthcare (THC 6.48, +0.21) rose by 3.4% after unveiling a four-point plan to drive shareholder value creation. A $500 million authorization to repurchase common stock in open market transactions was one of the key points of the plan. In addition, effective October 11, 2012, a reverse stock split will occur. As a result of the reverse split, one new Tenet share will be issued in exchange for every four existing shares.

The Dow Jones Transportation Average trailed the broader market. The bellwether group added 0.1% as trucking and shipping stocks weighed on the complex. Overseas Shipholding Group (OSG 6.49, -0.11) and Matson (MATX 20.16, -0.75) lost 1.7% and 3.6%, respectively.

All five airlines listed in the transportation average showed relative outperformance. Alaska Air (ALK 35.17, +0.11) added 0.3% while Delta (DAL 9.47, +0.31), JetBlue (JBLU 4.86, +0.07), Southwest (LUV 8.86, +0.09), and United Continental (UAL 19.79, +0.29) posted gains between 1.0% and 3.4%.

Chinese internet stocks were broadly weaker today. Baidu (BIDU 112.77, -4.12) shed 3.5% after its shares were downgraded from ‘buy' to ‘hold' at Jefferies. In addition, the price target was lowered from $135 to $125. Peers, Sohu.com (SOHU 41.33, -0.76) and Qihoo (QIHU 21.81, -0.24) slipped 1.8% and 1.1%, respectively. Meanwhile, Youku (YOKU 18.70, +0.31) rose by 1.7% as it outperformed its peers.

August construction spending fell 0.6% month-over-month, against the expected increase of 0.4%.

Tomorrow's economic data is limited to just two releases. Auto and truck sales will be reported at 14:00 ET.DJ30 +77.98 NASDAQ -2.70 SP500 +3.82 NASDAQ Adv/Vol/Dec 1397/1.71 bln/1073 NYSE Adv/Vol/Dec 1886/672.7 mln/1166

3:30 pm : Crude oil traded higher during today's pit trade following stronger-than-anticipated ISM data. The energy component touched a session high of $93.33 per barrel moments after floor trade began but pulled-back as it headed into afternoon action. It chopped around just above the unchanged line for the remainder of the session and settled 0.3% higher at $92.44 per barrel.

Natural gas took off from its session low of $3.38 per MMBtu and trended higher for most of its pit session. It closed at its session high of $3.48 per MMBtu for a 4.8% gain.

Gold and silver rallied to their respective session highs of $1794.40 per ounce and $35.44 per ounce following dovish comments from Chicago Fed President Charles Evans noting that more accommodation is needed to reach a more appropriate unemployment rate of 5-7%.

However, both precious metals slid to the unchanged level as the equity market opened. Gold spent the remainder of floor trade trading in choppy fashion and settled 0.5% higher at $1782.80 per ounce. Silver trended slightly higher and closed with a 1.0% gain at $34.94 per ounce.DJ30 +68.68 NASDAQ -8.62 SP500 +2.10 NASDAQ Adv/Vol/Dec 1308/1414.0/1173 NYSE Adv/Vol/Dec 1781/436 mln/1250

3:00 pm : The key indices are holding their afternoon levels. The Nasdaq is up 0.2% as it continues to trail the other averages.

Chinese internet stocks are broadly weaker. Baidu (BIDU 112.89, -4.00) is shedding 3.4% after its shares were downgraded from ‘buy' to ‘hold' at Jefferies. In addition, the price target was lowered from $135 to $125. Peers, Sohu.com (SOHU 41.28, -0.81) and Qihoo (QIHU 21.86, -0.19) are slipping 1.9% and 0.9%, respectively. Meanwhile, Youku (YOKU 18.76, +0.37) is higher by 2.0% as it outperforms its peers.DJ30 +122.49 NASDAQ +6.42 SP500 +8.59 NASDAQ Adv/Vol/Dec 1503/1.27 bln/959 NYSE Adv/Vol/Dec 2048/386.9 mln/956

2:30 pm : The major averages are holding their recent levels as the S&P 500 is firmer by 0.5%.

Shares within the health care space are outperforming the broader market.

A handful of stocks are moving on analyst comments. Healthcare Services Group (HCSG 23.72, +0.86) is higher by 3.8% after UBS initiated coverage of the stock with a ‘buy' rating. Meanwhile, Allscripts (MDRX 12.90, +0.48) is advancing 3.8% following an upgrade from ‘neutral' to ‘outperform' at Cowen. In addition, MDRX was also upgraded by ISI Group.

Blyth (BTH 26.59, +0.60) is adding 2.3% after announcing that it bought back 283,300 shares between September 26-28.

Tenet Healthcare (THC 6.57, +0.30) is rising by 4.8% after unveiling a four-point plan to drive shareholder value creation. A $500 million authorization to repurchase common stock in open market transactions was one of the key points of the plan. In addition, effective October 11, 2012, a reverse stock split will occur. As a result of the reverse split, one new THC share will be issued in exchange for every four existing shares.DJ30 +111.05 NASDAQ +2.39 SP500 +7.28 NASDAQ Adv/Vol/Dec 1446/1.19 bln/1003 NYSE Adv/Vol/Dec 1993/361.7 mln/998

2:00 pm : After slipping to session lows, the S&P 500 is attempting a rebound. The index is currently higher by 0.6%.

Despite the outperformance of financials, those names specializing in real estate investment trusts are relatively weaker. The iShares Dow Jones US Real Estate ETF (IYR 63.61, -0.77) is sliding 1.2%. Among individual names, Prologis (PLD 34.35, -0.68), Vornado Realty (VNO 79.73, -1.32), and Weingarten Realty (WRI 27.41, -0.70) are all down between 1.2% and 2.5%.DJ30 +122.29 NASDAQ +2.66 SP500 +7.99 NASDAQ Adv/Vol/Dec 1382/1.11 bln/1065 NYSE Adv/Vol/Dec 1944/335.6 mln/1049

1:30 pm : The S&P 500 has given up its post-ISM gains as the average trades near its opening level, up 0.4%.

The Dow Jones Transportation Average is trailing the broader market. The bellwether group is unchanged as trucking and shipping stocks weigh on the complex. Overseas Shipholding Group (OSG 6.53, -0.07), Matson (MATX 20.59, -0.31), and Landstar (LSTR 46.56, -0.72) are all down near 1.3%.

Four out of five airlines listed in the transportation average are showing relative outperformance. Alaska Air (ALK 34.73, -0.33) is down 0.9% while Delta (DAL 9.57, +0.41), JetBlue (JBLU 4.85, +0.05), Southwest (LUV 8.87, +0.10), and United Continental (UAL 19.97, +0.47) are all showing gains between 1.0% and 4.8%.DJ30 +108.20 NASDAQ -1.46 SP500 -6.52 NASDAQ Adv/Vol/Dec 1346/1.01 bln/1096 NYSE Adv/Vol/Dec 1894/307.2 mln/1085

1:05 pm : Equities opened the session on a positive note before seeing an extension of the risk-on sentiment due to the better-than-expected ISM report. The September ISM Index came in at 51.5, which was higher than the expected reading of 49.7. In addition, today's other economic release pointed to a 0.6% decrease in construction spending during the month of August. The S&P 500 and Dow have been able to hold the bulk of their gains, while the Nasdaq has slipped back to its opening level. At midday, the S&P 500 is higher by 0.6%.

Financial stocks are firmly in the black as the SPDR Financial Select Sector ETF (XLF 15.74, +0.15) is advancing 1.0%. Major names within the sector are all showing gains as Goldman Sachs (GS 118.08, +4.40) is higher by 3.9%, while Bank of America (BAC 9.05, +0.22) is adding 2.5%. Meanwhile, Citigroup (C 33.18, +0.46) is gaining 1.4% despite seeing its shares downgraded from ‘buy' to ‘neutral' at Sterne Agee.

European financials are also rallying. Credit Suisse (CS 21.77, +0.62) is firmer by 2.9%, while Barclays (BCS 14.20, +0.33) and Deutsche Bank (DB 40.51, +0.86) are both up near 2.3%.

Technology stocks have been underperforming after opening in-line with the broader market. The biggest sector component, Apple (AAPL 667.52, +0.41) is showing little change. Elsewhere in tech, Logitech (LOGI 9.28, +0.16) is advancing 1.8% after its patent infringement litigation with Universal Electronics (UEIC 18.30, +0.72) was settled. The specific terms of the settlement are being kept confidential.

Two tech names are moving higher after receiving upgrades. Brightcove (BCOV 12.25, +0.57) is jumping 6.3% after RBC Capital upgraded the stock from ‘outperform' to ‘top pick.' Meanwhile, Rudolph Technologies (RTEC 10.83, +0.33) is higher by 3.2% after Credit Suisse analysts upgraded the stock from ‘neutral' to ‘outperform.'

Nokia (NOK 2.75, +0.17) is spiking 6.8% after reports suggested the company is close to announcing a mapping deal with Oracle (ORCL 31.67, +0.21). Earlier, shares of Nokia were downgraded at Credit Suisse from ‘neutral' to ‘underperform.'

Software stocks are generally weaker as ACI Worldwide (ACIW 40.40, -1.86) and Red Hat (RHT 54.96, -1.98) are down 4.4% and 3.5%, respectively.

Telecoms are showing relative weakness as the sector trails all others. Sprint (S 5.30, -0.21) is lower by 3.9% after being downgraded from ‘outperform' to ‘market perform' at Raymond James. Elsewhere, CenturyLink (CTL 39.65, -0.73) and MetroPCS (PCS 11.66, -0.05) are down 1.8% and 0.4%, respectively. On the upside, TW Telecom (TWTC 27.11, +1.02) is higher by 3.9% after reports indicated the company may be exploring a sale.

Ceradyne (CRDN 34.91, +10.48) is surging 42.9% after announcing it will be acquired by 3M (MMM 93.79, +1.37) in a transaction valued at approximately $860 million. Per the agreement, 3M will pay $35.00 per share of CRDN, representing a 43.3% premium to Ceradyne's Friday closing price.DJ30 +118.94 NASDAQ +2.43 SP500 +8.21 NASDAQ Adv/Vol/Dec 1393/914.3 mln/1032 NYSE Adv/Vol/Dec 1973/282.1 mln/1010

12:30 pm : The Nasdaq is trailing the other two indices as the tech-heavy index has been trending down throughout the session.

Technology stocks have been underperforming after opening in-line with the broader market. The biggest sector component, Apple (AAPL 670.26, +3.16) is adding 0.4%.

Logitech (LOGI 9.34, +0.22) is advancing 2.4% after its patent infringement litigation with Universal Electronics (UEIC 18.16, +0.58) was settled. The specific terms of the settlement are being kept confidential.

Two tech stocks are moving higher after receiving upgrades. Brightcove (BCOV 12.41, +0.73) is jumping 6.3% after RBC Capital upgraded the stock from ‘outperform' to ‘top pick.' Meanwhile, Rudolph Technologies (RTEC 10.86, +0.36) is higher by 3.4% after Credit Suisse analysts upgraded the stock from ‘neutral' to ‘outperform.'

Nokia (NOK 2.74, +0.16) is trading higher by 6.4% after reports suggested the company is close to announcing a mapping deal with Oracle (ORCL 31.77, +0.31). Earlier, shares of Nokia were downgraded at Credit Suisse from ‘neutral' to ‘underperform.'

Software stocks are showing weakness as ACI Worldwide (ACIW 40.59, -1.67) and Red Hat (RHT 55.37, -1.57) are down 4.0% and 2.7%, respectively.DJ30 +156.80 NASDAQ +11.77 SP500 +12.69 NASDAQ Adv/Vol/Dec 1510/823.3 mln/889 NYSE Adv/Vol/Dec 2143/254.9 mln/830

12:00 pm : The S&P 500 and Dow are holding their gains while the Nasdaq has returned to its opening level.

Telecom stocks are showing relative weakness as the sector trails all others. Sprint (S 5.31, -0.21) is lower by 3.8% after being downgraded from ‘outperform' to ‘market perform' at Raymond James. Elsewhere, CenturyLink (CTL 39.86, -0.54) and MetroPCS (PCS 11.49, -0.22) are down 1.4% and 1.9%, respectively.

On the upside, TW Telecom (TWTC 27.01, +0.91) is higher by 3.5% after reports indicated the company may be exploring a sale.DJ30 +139.73 NASDAQ +12.62 SP500 +11.63 NASDAQ Adv/Vol/Dec 1550/733.9 mln/846 NYSE Adv/Vol/Dec 2134/232.2 mln/826

11:30 am : Stocks continue to trade near their session highs as the S&P 500 is up 1.0%.

Financial stocks are firmly in the black as the SPDR Financial Select Sector ETF (XLF 15.83, +0.24) is advancing 1.5%. Major names within the sector are all showing gains as Goldman Sachs (GS 118.69, +5.01) is higher by 4.4%, while Bank of America (BAC 9.10, +0.27) is adding 3.1%.

Citigroup (C 33.33, +0.61) is gaining 1.9% despite seeing its shares downgraded from ‘buy' to ‘neutral' at Sterne Agee.

European financials are also rallying. Credit Suisse (CS 21.87, +0.72) is firmer by 3.4%, while Barclays (BCS 14.30, +0.43) and Deutsche Bank (DB 40.68, +1.03) are both up near 2.8%.DJ30 +154.03 NASDAQ +19.94 SP500 +13.64 NASDAQ Adv/Vol/Dec 1664/646.9 mln/712 NYSE Adv/Vol/Dec 2245/206.8 mln/697

11:00 am : Equities are holding near their session highs reached after the release of better-than-expected September ISM data.

The materials sector is outperforming the broader market. Aluminum and steel producers are generally higher as AM Castle (CAS 12.80, +0.31) and Century Aluminum (CENX 7.45, +0.29) are adding 2.6% and 4.1%, respectively.

As precious metals advance, mining shares are garnering interest. The Market Vectors Gold Miners ETF (GDX 54.02, +0.33) is adding 0.6%. Meanwhile, silver miners are also showing strength as the Global X Silver Miners ETF (SIL 25.08, +0.18) trades higher by 0.8%.DJ30 +149.90 NASDAQ +20.84 SP500 +14.02 NASDAQ Adv/Vol/Dec 1706/540.4 mln/641 NYSE Adv/Vol/Dec 2264/177.9 mln/646

10:35 am : Commodities surged earlier following dovish comments from Fed President Charles Evans and then a strong ISM number. Crude, natural gas, gold and silver all rallied to new session highs.

Nov crude oil hit a HoD of $93.33 earlier on the surge higher and just rallied up to the level again about 30 minutes ago. In current action, crude is +0.8% at $92.94/barrel. Nov natural gas futures display some notable strength this morning and pushed as high as $3.48/MMBtu. It has since pulled back only modestly and is now +4.1% at $3.46/MMBtu.

Gold and silver have been erratic this morning. In recent activity, both precious metals are trending lower with gold now +0.7% at $1786 and silver +1% at $34.91/oz.DJ30 +155.47 NASDAQ +22.64 SP500 +14.24 NASDAQ Adv/Vol/Dec 1627/426.7 mln/652 NYSE Adv/Vol/Dec 2302/151 mln/574

10:05 am : The September ISM Index came in better-than-expected at 51.5 versus the 49.7 Briefing.com consensus, and up from August's 49.6 reading. Meanwhile, August construction spending fell 0.6% month-over-month, against the expected increase of 0.4%.

Following the release of the data, stocks rallied to their session highs.DJ30 +129.70 NASDAQ +25.30 SP500 +13.98 NASDAQ Adv/Vol/Dec 1650/255.2 mln/545 NYSE Adv/Vol/Dec 2337/105.7 mln/482

09:45 am : Equities have maintained their early bullish sentiment as the S&P 500 trades higher by 0.6%.

Looking at the early sector performance, financials are off to an early lead. The sector is up 0.9% as it outperforms all others. Stocks in the energy, health care, and materials space are also showing relative strength.

On the downside, telecoms, utilities, and industrials are all underperforming the broader market.DJ30 +73.41 NASDAQ +13.55 SP500 +7.61 NASDAQ Adv/Vol/Dec 1465/150.2 mln/671 NYSE Adv/Vol/Dec 2079/78.9 mln/660

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +14.80. Heading into the open, equity futures are holding near their highs with the S&P 500 futures up 0.5%.

High-beta sectors are poised for a stronger open as a handful of major financials as well as key material stocks are trading higher in pre-market.

Goldman Sachs (GS 116.28, +2.60) and Bank of America (BAC 8.93, +0.10) are adding 2.3% and 1.1%, respectively. Meanwhile, Arch Coal (ACI 6.49, +0.16) and Freeport-McMoRan (FCX 40.43, +0.89) are both up near 2.5%.

The ISM Index and construction spending data will be released at 10:00 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +16.30. Equity futures are holding their pre-market highs as the S&P 500 futures are adding 0.4%.

Looking at pre-market movers, TW Telecom (TWTC 27.74, +1.65) is higher by 6.3% after reports suggested the company may be exploring a sale.

Coldwater Creek (CWTR 1.00, +0.17) is jumping 20.5% after Piper Jaffray upgraded the shares of the apparel retailer from ‘neutral' to ‘overweight.'

JAKKS Pacific (JAKK 13.19, -1.38) is down 9.5% after lowering its full-year 2012 guidance below consensus. In addition, the company received two downgrades following the lowered guidance. Needham downgraded the shares from ‘hold' to ‘underperform,' while Keybanc cut the stock from ‘buy' to ‘hold.'

The ISM Index and construction spending data will be released at 10:00 ET.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +13.80. U.S. equity futures are up 0.4% as they continue to trade near their pre-market highs.

In Europe, markets rallied after a string of better-than-feared manufacturing PMI readings provided support for the local indices. PMI readings from Germany, France, Italy, and Spain all beat expectations. Meanwhile, the Eurozone PMI came in at 46.1, which was slightly better than the widely expected reading of 46.0. It is worth noting that while all regional PMI numbers exceeded expectations, they remained below 50, which indicates contraction. Data in the United Kingdom was more bearish as the British PMI was reported at 48.4, below the expected reading of 49.3. Also of note, the Eurozone unemployment rate was revised up from 11.3% to a record-high 11.4%.

France's CAC is up 1.2% with consumer stocks in the lead. Michelin is up 3.5% after the company's shares were upgraded at UBS. Meanwhile, Sanofi and Accor are adding between 2.3% and 3.0%. Communication stocks are lagging as Alcatel-Lucent is down 3.7% after being downgraded at UBS.

In the United Kingdom, the FTSE is higher by 1.1% as financials outperform. Barclays and Schroders are both up near 2.8%. On the downside, consumer stocks are showing relative weakness. Babcock International and WM Morrison Supermarkets are down 0.5% and 1.0%, respectively.

Germany's DAX is adding 1.0% as most index components move higher. Semiconductor maker, Infineon Technologies is up 2.8% as it leads the 30-stock index. Car maker stocks are weaker across the board with BMW, Daimler, and Volkswagen all down between 0.9% and 1.8%.

The major Asian bourses saw a mixed session with many markets closed for the Golden Week holiday. Japan's Nikkei underperformed despite the latest Tankan surveys showing improvements from their prior readings. Both the Tankan Manufacturing Index (-3 actual v. -4 expected) and Tankan Non-Manufacturing Index (8 actual v. 7 expected) registered small beats, but pointed to cautious outlooks by Japanese businesses. Elsewhere in the region, Chinese Manufacturing PMI climbed to 49.8 and Chinese HSBC Final Manufacturing PMI ticked up to 47.9 (47.8 previous). However, both numbers remained in contraction despite their gains. Chinese banks are closed all week in celebration of the Golden Week.

In Japan, the Nikkei slipped 0.8% to end at its worst level in three weeks. Economic sensitive names were under pressure with shipper Nippon Yusen off 0.7% after cutting its first-half operating forecast, and Daido Steel down 5.8% following its profit warning. Elsewhere, chemical maker Nippon Shokubai plunged 13.3% after an explosion at one of its plants.

Hong Kong's Hang Seng and China's Shanghai Composite were closed.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +13.30. U.S equity futures are modestly higher on the first day of the fourth quarter.

Overnight, the global equity markets were initially under pressure after weak data was released in Asia. Most notably, the Chinese Manufacturing PMI figure showed a second straight contractionary reading, the first time this has happened since 2009. Meanwhile, the Chinese press sees September CPI falling to +1.9%, down slightly from August. It also sees a slight decline in September lending from August's CNY704 billion to CNY700 billion. It should be noted that many markets in Asia are closed for the "Golden Week" holiday. However, Japan was open today, and the Nikkei fell after the large manufacturing survey posted a negative reading for the fourth consecutive time. The bearish data helped send stocks into the red as the Nikkei finished lower by 0.8%. China's Shanghai Composite and Hong Kong's Hang Seng were closed in observance of Golden Week.

The early bearish sentiment improved after a string of better-than-feared manufacturing PMI readings across Europe provided support for indices in the region. As Europe opened, markets reversed course and rallied after German, French, Italian, and Spanish PMI readings all beat expectations. Meanwhile, the Eurozone PMI came in at 46.1, which was slightly better than the widely expected reading of 46.0. It is worth noting that while all regional PMI numbers exceeded expectations, they remained below 50, which indicates contraction. Nearing midday, European indices are firmly higher as Germany's DAX, France's CAC, and UK's FTSE are all adding in excess of 1.0%.

In U.S. corporate news, Transocean (RIG 46.70, +1.81) is adding 4.0% after a preliminary injunction order against the oil excavator was partially suspended. The suspension of the injunction allows RIG to continue operating its offshore rigs in Brazil.

Ceradyne (CRDN 24.43, 0.00) will be acquired by 3M (MMM 92.42, 0.00) in a transaction valued at approximately $860 million. Per the agreement, 3M will pay $35.00 per share of CRDN, representing a 43.3% premium to Ceradyne's Friday closing price.

Shares of major financials are trading higher in pre-market. Bank of America (BAC 8.90, +0.07), Goldman Sachs (GS 115.00, +1.32), and JPMorgan Chase (JPM 40.84, +0.36) are all up close to 1.0%.

Today's economic data is limited as only the ISM Index and construction spending data are scheduled to be released at 10:00 ET.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +14.00.

06:30 am : Nikkei...8796.51...-73.70...-0.80%. Hang Seng...Holiday.........

06:30 am : FTSE...5800.08...+58.00...+1.00%. DAX...7299.71...+83.10...+1.20%.

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

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

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


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

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


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

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