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 Post subject: October 3rd Wednesday 6E & TF Futures ($967.50)
PostPosted: Wed Oct 03, 2012 8:43 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $320.00 dollars or +3.20 points and EuroFX 6E futures @ ($1287.50) dollars or -103 ticks. Total Loss @ ($967.50) 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=1336

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

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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

Oct. 3 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market. U.S. stocks rose, sending the Standard & Poor’s 500 Index higher for a third day, as better-than-forecast growth in American employment and service industries offset concern about China’s economy.

Stocks End Modestly Higher

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

NEW YORK (CNNMoney) -- U.S. stocks closed modestly higher Wednesday as investors welcomed improved reports on the U.S economy, but gains were tempered by concerns about growth in Europe and Asia.

The Dow Jones industrial average rose 0.1%, while the S&P 500 added 0.3%. The Nasdaq gained 0.5%.

After a strong run in the third quarter, investors are now looking for the next catalyst to drive stock prices, said Dan Greenhaus, chief strategist at BTIG. "You need to see a sustained pick-up in economic data and more positive news out of Europe," he said.

The modest gains Wednesday came after payroll processor ADP said the nation gained 162,000 private sector jobs in September. The report is considered a prelude to the government's closely watched monthly jobs data, which is due out this Friday. Investors are hoping to see a rebound in the labor market after last month's grim report.

An index of activity in the service sector of the economy rose for the 33rd month in a row, according to the Institute for Supply Management. In addition, the Mortgage Bankers Association's index, which measures mortgage applications, rose 16.6% for the week ended Sept. 28, up from the prior week's 2.8% increase.

Meanwhile, investors remain focused on Europe, specifically Spain, where there's mounting pressure for the nation to formally request a bailout. Late Tuesday, Spanish Prime Minister Mariano Rajoy said a bailout request was not imminent.

* Europe's Debt Crisis

Oil prices fell 3% as weak economic data in China and Europe raised worries about global energy demand. The sell-off weighed on shares big oil companies and commodities producers. Chevron (CVX, Fortune 500), Alcoa (AA, Fortune 500)and Caterpillar (CAT, Fortune 500)were among the worst performing blue chips.

Hewlett-Packard (HPQ, Fortune 500)was the worst performer on the Dow. Shares of the PC-maker fell nearly 13% after the company lowered its outlook for the fiscal year that ends in October 2013.

European stocks ended mixed. Britain's FTSE 100 gained 0.3%, while the DAX in Germany rose 0.2% and France's CAC 40 edged 0.2% lower. A survey of purchasing managers in the euro area fell in September, suggesting the region fell back into recession during the third quarter, according to data from Markit.

European Central Bank officials will meet Thursday for their monthly policy meeting in Frankfurt. Analysts do not expect ECB president Mario Draghi to announce any new programs, although he may elaborate on plans to buy government bonds.

Asian markets ended the session mixed, with markets in Shanghai closed for a holiday. The Hang Seng in Hong Kong added 0.1% while Japan's Nikkei lost 0.5%. In China, the official non-manufacturing purchasing managers index for August fell to the lowest level since March 2011.

* Fear & Greed Index

Companies: Shares of Best Buy (BBY, Fortune 500) jumped 5% following reports that founder Richard Schultze and at least four private equity firms have started examining Best Buy's books in advance of a potential $11 billion buyout offer.

Shares of MetroPCS (PCS, Fortune 500) fell 10% after it announced plans to merge with Deutsche Telekom's T-Mobile USA.

Family Dollar (FDO, Fortune 500) shares gained 4% after the company reported fourth-quarter earnings and sales that were in line with forecasts, and said it planned to open 500 stores next year. But the gains were offset by Family Dollar's lowered guidance for the first quarter.

Shares of agribusiness giant Monsanto (MON, Fortune 500) fell 2% after it reported a worse-than-expected quarterly loss.

In its initial public offering, shares LifeLock (LOCK), which provides identity theft protection services, fell nearly 4%.

Apple (AAPL, Fortune 500)shares edged higher after the Wall Street Journal reported production had begun on a mini iPad.

Shares of Netflix (NFLX) rallied 10% after Citigroup analyst Mark Mahaney issued a positive report on the company.

Currencies and commodities: The dollar gained against the euro, the British pound and Japanese yen.

Oil futures for November delivery fell $3.75 to end at $88.14 a barrel. Gold futures for December delivery rose $4.20 to settle at $1,779.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell from late Tuesday, with the yield rising to 1.62%.

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Market Update

4:20 pm : Equities got off to a slow start as the major averages showed indecision in the early going. After chopping around the flat line during the first hour of trade, the key indices reached their session highs at the midway point. Unable to hold those levels, stocks returned to the middle of the day's range before buyers re-emerged in the final hour. As a result, the S&P 500 added 0.4%.

The consumer discretionary sector led the way as a handful of names outperformed. Family Dollar (FDO 68.56, +2.56) gained 3.9% after reporting in-line earnings and revenues. The management also issued mixed guidance as it sees weaker first quarter results and full-year earnings which are expected to be in-line with estimates.

Online video rental service Netflix (NFLX 62.58, +6.12) jumped 10.8% after Citigroup pointed to a survey which showed an improvement in customer satisfaction.

Elsewhere, DineEquity (DIN 58.40, +1.87) rose by 3.3% after Janney Montgomery Scott upgraded the shares of the restaurant operator from ‘neutral' to ‘buy.'

Homebuilder stocks showed broad strength as the SPDR S&P Homebuilders ETF (XHB 25.38, +0.55) settled higher by 2.2%. Within the group, Standard Pacific (SPF 7.17, +0.60) was the top performer as shares of the homebuilder spiked 9.1%.

The Dow Jones Transportation Average added 1.2% as the vast majority of its components displayed strength. Railroads, CSX (CSX 21.18, +0.48) and Norfolk Southern (NSC 65.60, +0.58) advanced 2.3% and 0.9% respectively after Lazard upgraded the two stocks from ‘underperform' to ‘market perform.'

Airline stocks were broadly higher after a handful of carriers reported positive monthly metrics. In addition, significant weakness in crude oil may have contributed to airline strength. United Continental (UAL 21.14, +1.20) jumped 6.0%, while Delta Airlines (DAL 10.16, +0.39) and Southwest Airlines (LUV 9.14, +0.16) gained 4.0% and 1.8%, respectively.

The financial sector outperformed the broader market, and the SPDR Financial Select Sector ETF (XLF 15.83, +0.14) settled higher by 0.9%. Bank of America (BAC 9.11, +0.18), Citigroup (C 34.06, +0.80), and Wells Fargo (WFC 35.44, +0.62) were the top performing majors as they registered gains between 1.8% and 2.4%.

Elsewhere, Ocwen Financial (OCN 34.88, +5.92) spiked 20.4% after the company announced the acquisition of Homeward Residential from WL Ross & Company for $588 million in cash and $162 million in convertible preferred stock.

MetroPCS (PCS 12.24, -1.33) fell 9.8% after the company confirmed its merger with T-Mobile USA. In addition, PCS announced the plans for a 1-for-2 reverse stock split. Prior to the reverse split, the company will make a cash payment of $1.5 billion—or $4.09 per share—to its shareholders.

Sarepta Therapeutics (SRPT 44.93, +29.94) soared 199.7% after announcing its eteplirsen met the primary endpoints of a trial while achieving significant clinical benefit on a 6-minute walk test. The positive results came after 48 weeks of treatment in phase IIb study focused on patients with duchenne muscular dystrophy.

Crude oil extended yesterday's losses despite inventory data that showed a draw of 0.482 million barrels when a build of 1.5 million was anticipated. Although there wasn't any one item to point to for the weakness, contributing factors included a stronger dollar, reports about the highest crude output levels since December of 1996, and weak economic reports out of Europe and China which signaled demand concerns. The energy component fell off its session high of $90.67 per barrel, and brushed a session low of $87.96 moments before it settled with a 4.0% loss at $88.20.

The September ISM Non-manufacturing Index was reported at 55.1, which was above the 53.0 Briefing.com consensus, and up from August's 53.7 reading.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 162K in September. This was above the 133K increase expected by Briefing.com consensus. In addition, the prior month's increase was revised down by 17k, to reflect an addition of 156k jobs.

In tomorrow's economic releases, Challenger Job Cuts will be reported at 7:30 ET. Initial and continuing claims will hit the wires at 8:30 ET, while factory orders will be released at 10:00 ET. In addition, the Federal Reserve will release the minutes from its September 12 Federal Open Market Committee meeting. Also of note, retailers will release their monthly comparable store sales reports.

Overseas, the Bank of England and the European Central Bank will hold policy meetings.DJ30 +12.25 NASDAQ +15.19 SP500 +5.24 NASDAQ Adv/Vol/Dec 1131/1.63 bln/1315 NYSE Adv/Vol/Dec 1499/666.0 mln/1512

3:35 pm : Crude oil extended yesterday's losses despite inventory data that showed a draw of 0.482 mln barrels when a build of 1.5 mln barrels was anticipated. Although there wasn't any one item to point to for the weakness, contributing factors include a stronger dollar, reports about the highest crude output levels since December of 1996, along with weak economic reports out of Europe and China, which signaled demand concerns. The energy component fell off its floor session high of $90.67 per barrel and brushed a session low of $87.96 per barrel moments before it settled with a 4.0% loss at $88.20 per barrel.

Natural gas trended lower for most of its floor session after falling off its session high of $3.45 per MMBtu. It tumbled to a session low of $3.35 per MMBtu and eventually settled for a 4.0% loss at $3.39 per MMBtu.

Gold traded in positive territory despite an advance by the dollar as both ADP Employment Change and ISM Services data beat expectations. The yellow metal popped to a pit session high of $1784.00 per ounce moments after floor trade opened and settled into a fairly consolidative pattern near the $1781.00 per ounce level by afternoon action. It inched slightly lower as it headed into the close and settled the session with a 0.2% gain at $1779.90 per ounce.

Silver also rallied to a session high of $34.93 per ounce right off the pit open but was unable to hold the momentum. It eventually gave up all of its gains and closed flat at $34.67 per ounce.DJ30 +6.64 NASDAQ +12.65 SP500 +4.16 NASDAQ Adv/Vol/Dec 1139/1376.0 mln/1299 NYSE Adv/Vol/Dec 1432/436 mln/1560

3:00 pm : The key indices are holding their recent levels as we head into the final hour of trade. The S&P 500 is adding 0.2%.

Lifelock (LOCK 8.62, -0.38) made its exchange debut today. Shares of the identity theft protection company are down 4.0% after the stock opened for trading at $8.38, which was below its initial public offering price of $9.00.

Looking at upcoming earnings, only one notable name is scheduled to report its quarterly results after today's close. Hotel operator, Marriott (MAR 38.79, +0.16) is expected to earn $0.40 on $2.655 billion in revenues.DJ30 -3.49 NASDAQ +8.37 SP500 +2.78 NASDAQ Adv/Vol/Dec 1126/1.22 bln/1301 NYSE Adv/Vol/Dec 1400/381.7 mln/1552

2:30 pm : The S&P 500 has slipped back near its opening level as it trades higher by 0.2%.

MetroPCS (PCS 12.16, -1.41) is down 10.4% after the company confirmed its merger with T-Mobile USA. In addition, PCS announced the plans for a 1-for-2 reverse stock split. Prior to the reverse split, the company will make a cash payment of $1.5 billion—or $4.09 per share—to its shareholders.

Leap Wireless (LEAP 6.37, -1.22) is slumping 16.1%. The company was previously thought to be an acquisition target, but the MetroPCS-T-Mobile merger lowered the likelihood of a deal for Leap Wireless.

Meanwhile, Sprint (S 5.17, +0.27) is up 5.5%.DJ30 -8.23 NASDAQ +7.77 SP500 +2.30 NASDAQ Adv/Vol/Dec 1126/1.13 bln/1285 NYSE Adv/Vol/Dec 1439/351.5 mln/1521

2:00 pm : The major averages have slipped off their session highs as they now trade near the middle of the day's range. The S&P 500 is adding 0.3%.

The financial sector is outperforming the broader market and the SPDR Financial Select Sector ETF (XLF 15.83, +0.13) is higher by 0.9%. Bank of America (BAC 9.07, +0.14), Citigroup (C 33.80, +0.54), and Wells Fargo (WFC 35.43, +0.61) are the top performing majors as they register gains between 1.5% and 1.8%.

Also of note, Ocwen Financial (OCN 33.10, +4.14) is spiking 14.4% after the company announced the acquisition of Homeward Residential from WL Ross & Company for $588 million in cash and $162 million in convertible preferred stock.DJ30 +7.20 NASDAQ +10.42 SP500 +3.87 NASDAQ Adv/Vol/Dec 1194/1.04 bln/1201 NYSE Adv/Vol/Dec 1530/324.3 mln/1430

1:30 pm : Stocks are holding their recent levels as the S&P 500 is up 0.5%.

The Dow Jones Transportation Average is higher by 1.1% as it outperforms the broader market. Out of the twenty transportation components, only two names are in the red. Railroad, Kansas City Southern (KSU 73.68, -1.67) and shipper, Overseas Shipholding Group (OSG 6.82, -0.26) are down between 2.2% and 3.7%.

Airline stocks are broadly higher after a handful of carriers reported positive monthly metrics. In addition, significant weakness in crude oil may also be viewed as a contributing factor to airline strength. United Continental (UAL 21.05, +1.11) is higher by 5.6%, while Delta Airlines (DAL 10.10, +0.33) and Southwest Airlines (LUV 9.05, +0.07) are gaining 3.4% and 0.9%, respectively.

US Airways (LCC 11.68, +0.80) is adding 7.1% after reporting a record September load factor of 84.4%. Note that LCC is not part of the Transportation Average.

Railroads, CSX (CSX 21.18, +0.48) and Norfolk Southern (NSC 65.70, +0.68) are advancing 2.4% and 1.1% respectively after Lazard upgraded the two stocks from ‘underperform' to ‘market perform.'DJ30 +29.10 NASDAQ +17.87 SP500 +6.33 NASDAQ Adv/Vol/Dec 1340/943.3 mln/1043 NYSE Adv/Vol/Dec 1667/294.1 mln/1253

1:00 pm : Equities showed indecision in early trade as the major averages spent the first 90 minutes of the session chopping around their respective flat lines. The key indices followed the quiet start with a rally to fresh highs as the European close approached. At midday, the S&P 500 is up 0.5%.

The consumer discretionary sector is leading the way as a handful of names outperform. Family Dollar (FDO 68.28, +2.28) is up 3.5% after reporting in-line earnings and revenues. The management also issued mixed guidance as it sees weaker first quarter results, while full-year earnings are expected to be in-line with estimates.

Provider of online video rental services, Netflix (NFLX 60.49, +4.03) is up 7.1% after Citigroup pointed to a survey which showed an improvement in customer satisfaction.

Elsewhere, DineEquity (DIN 58.94, +2.41) is rising by 4.3% after Janney Montgomery Scott upgraded the shares of the restaurant operator from ‘neutral' to ‘buy.'

Homebuilder stocks are showing general strength as the SPDR S&P Homebuilders ETF (XHB 25.52, +0.69) trades higher by 2.8%. Within the group, Standard Pacific (SPF 7.19, +0.62) is the top performer, up 9.4%.

Four apparel retailers are advancing after Avondale initiated coverage with a ‘market perform' rating. Aeropostale (ARO 13.65, +0.45) is advancing 3.4%, while American Eagle (AEO 21.75, +0.74), Coach (COH 56.72, +0.65), and Gap (GPS 36.69, +0.55) are adding between 1.0% and 3.4%. Meanwhile, Express (EXPR 11.35, -0.33) is down 2.8% after SunTrust downgraded shares of the retailer from ‘buy' to ‘neutral.'

The energy sector is the biggest laggard. With crude oil trading lower by 2.9%, energy stocks are under pressure. The SPDR Energy Select Sector ETF (XLE 73.21, -0.72) is down 1.0% as the top ETF components all show relative weakness. EOG Natural Resources (EOG 112.18, -2.96) is sliding 2.6% while National Oilwell Varco (NOV 79.73, -1.00) and Halliburton (HAL 33.28, -0.78) are down 1.2% and 2.3%, respectively.

Superior Energy (SPN 19.23, -1.13) is down 5.6% after lowering its third quarter earnings estimates. The guidance cut comes after the company's operations in the Gulf of Mexico were negatively affected by Hurricane Isaac. In addition, Superior has experienced unexpected delays in delivering a unique, Arctic-specific spill containment system to a customer in Alaska.

On the upside, Royale Energy (ROYL 3.93, +0.10) is higher by 2.6% after announcing that it will resume drilling operations at its Sacramento Basin Natural Gas field where the company has already drilled 20 producing wells.

The September ISM Services index was reported at 55.1, which was above the 53.0 Briefing.com consensus, and up from August's 53.7 reading.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 162K in September. This was above the 133K increase expected by Briefing.com consensus. In addition, the prior month's increase was revised down by 17k, to reflect an addition of 156k jobs.DJ30 +37.34 NASDAQ +18.93 SP500 +7.02 NASDAQ Adv/Vol/Dec 1377/855.9 mln/978 NYSE Adv/Vol/Dec 1720/269.8 mln/1189

12:30 pm : The key indices are holding near their session highs as the S&P 500 is up 0.5%.

The energy sector is the biggest laggard. With crude oil trading lower by 2.9%, energy stocks are under pressure. The SPDR Energy Select Sector ETF (XLE 73.24, -0.69) is down 0.9% as the top ETF components all show relative weakness. EOG Natural Resources (EOG 112.31, -2.83) is sliding 2.5% while National Oilwell Varco (NOV 79.75, -0.98) and Halliburton (HAL 33.32, -0.75) are down 1.2% and 2.2%, respectively.

Superior Energy (SPN 19.34, -1.02) is down 5.0% after lowering its third quarter earnings estimates. The guidance cut comes after the company's operations in the Gulf of Mexico were negatively affected by Hurricane Isaac. In addition, Superior has experienced unexpected delays in delivering a unique, Arctic-specific spill containment system to a customer in Alaska.

On the upside, Royale Energy (ROYL 3.92, +0.09) is higher by 2.4% after announcing that it will resume drilling operations at its Sacramento Basin Natural Gas field where the company has already drilled 20 producing wells.DJ30 +44.81 NASDAQ +21.78 SP500 +8.19 NASDAQ Adv/Vol/Dec 1410/782.5 mln/930 NYSE Adv/Vol/Dec 1750/247.1 mln/1139

12:00 pm : Stocks have extended their rally to fresh session highs as the S&P 500 is firmer by 0.5%.

Hewlett-Packard (HPQ 16.13, -1.00) is down 5.8%. The weakness stems from comments made at the company's analyst day where management said it expects a broad based profit decline in 2013. However, the decrease will be more contained than that observed during 2012.

HPQ peer, Dell (DELL 9.81, -0.09) is off by 0.9%.DJ30 +43.66 NASDAQ +18.72 SP500 +7.07 NASDAQ Adv/Vol/Dec 1350/696.4 mln/965 NYSE Adv/Vol/Dec 1706/217.9 mln/1159

11:30 am : The key averages have lifted to their session highs ahead of the European close. The S&P 500 is up 0.4%.

Four apparel retailers are advancing after Avondale initiated coverage with a ‘market perform' rating. Aeropostale (ARO 13.65, +0.45) is higher by 3.5%, while American Eagle (AEO 21.53, +0.52), Coach (COH 56.72, +0.65), and Gap (GPS 36.50, +0.36) are adding between 1.0% and 2.5%.

Meanwhile, Express (EXPR 11.55, -0.13) is down 1.1% after SunTrust downgraded shares of the retailer from ‘buy' to ‘neutral.'DJ30 +39.33 NASDAQ +15.25 SP500 +5.58 NASDAQ Adv/Vol/Dec 1201/589.1 mln/1085 NYSE Adv/Vol/Dec 1591/186.3 mln/1251

11:00 am : The key indices have been unable to mount a sustainable rally as all three averages are trading near their respective unchanged lines.

The consumer discretionary sector is being led by a handful of notable outperformers. Family Dollar (FDO 68.26, +2.26) is up 3.4% after reporting in-line earnings and revenues. The management also issued mixed guidance as it sees weaker first quarter results, while full-year earnings are expected to be in-line with estimates.

Meanwhile, Netflix (NFLX 60.47, +4.01) is up 7.1% after Citigroup pointed to a survey which showed an improvement in customer satisfaction.

Elsewhere, DineEquity (DIN 59.28, +2.75) is rising by 4.9% after Janney Montgomery Scott upgraded the shares of the restaurant operator from ‘neutral' to ‘buy.'

Also of note, homebuilder stocks are broadly higher. The SPDR S&P Homebuilders ETF (XHB 25.18, +0.35) is adding 1.4%. Within the group, Standard Pacific (SPF 6.94, +0.37) is the top performer, up 5.8%.DJ30 +6.22 NASDAQ +6.18 SP500 +1.30 NASDAQ Adv/Vol/Dec 1051/464.2 mln/1181 NYSE Adv/Vol/Dec 1368/154.2 mln/1438

10:30 am : Oil futures have been falling this morning like rock. In recent action, oil fell below $90 and was about 2.5% lower around $89.50 just ahead of the weekly inventory data. Following the data, which showed a draw of 0.5 mln vs. a build of 1.5 mln, crude gained a little steam, but not much. In current trade, oil is -2.4% at $89.71/barrel.

Natural gas has been notably lower this morning as well and has been on a rather steady downtrend. Nat gas hit a new LoD of $3.40 in recent action and is now -3.3% at $3.42/MMBtu.

Precious metals have spent most of their time in positive territory today. Dec gold and Dec silver are showing modest gains and aren't far below their current session highs. Gold is now+0.4% at $1782.40/oz and silver is +0.4% at $34.80/oz.DJ30 +7.45 NASDAQ +8.44 SP500 +2.00 NASDAQ Adv/Vol/Dec 1078/343.5 mln/1117 NYSE Adv/Vol/Dec 1432/123 mln/1304

10:00 am : The major averages lifted off their session lows after the release of the latest ISM Services data.

The September ISM Services index was reported at 55.1, which is above the 53.0 Briefing.com consensus, and up from August's 53.7 reading.DJ30 -13.65 NASDAQ +2.90 SP500 -0.40 NASDAQ Adv/Vol/Dec 866/201.2 mln/1274 NYSE Adv/Vol/Dec 1117/82.9 mln/1538

09:45 am : After a slightly higher open, stocks were unable to maintain the early gains. Currently, the S&P 500 is unchanged.

The defensive utility sector is the top performer in the early going while consumer discretionary stocks are also showing some strength.

On the downside, materials and energy are the two main laggards. The September ISM Services will be reported at 10:00 ET.DJ30 -12.36 NASDAQ +3.95 SP500 -0.29 NASDAQ Adv/Vol/Dec 910/127.3 mln/1133 NYSE Adv/Vol/Dec 1214/58.4 mln/1371

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +9.80. Equity futures remain elevated as they point to a slightly higher open.

Two names are headed in opposite directions after reporting their earnings. Monsanto (MON 88.50, -2.06) is down 2.3% after missing on both earnings and revenues. In addition, the company issued downside guidance as it expects full-year 2013 earnings to fall short of analyst estimates.

Family Dollar (FDO 67.86, +1.86) is higher by 2.8% after reporting in-line earnings and revenues. The management also issued mixed guidance as it sees weaker first quarter results, while full-year earnings are expected to be in-line.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +8.80. U.S. equity futures are near their pre-market highs, up 0.1%.

The major Asian bourses saw a mixed session as Spanish Prime Minister Mariano Rajoy's refusal to ask for a sovereign bailout has traders erring on the side of caution. Data from the region did little to sway the bulls as China's Non-Manufacturing PMI number fell to a seven-month low of 53.7 (56.3 previous), and Australia's trade deficit widened to AUD2.03 billion (AUD0.69 billion expected). The Australian trade balance number saw iron ore exports from the prior month revised lower, and exports to China fall by more than 5%. Also released was Australia's AIG Services Index which slipped to 41.9 (42.4 previous).

Japan's Nikkei slipped 0.5% to finish at a three-week low. Automakers were mixed following yesterday's U.S. sales data as Honda Motor fell 1.1% and Toyota Motor climbed 0.4%. Elsewhere, drug maker Daiichi Sankyo tumbled 5.4% after announcing it would discontinue a late-stage lung cancer drug study.

Hong Kong's Hang Seng added 0.2% as it played catch up after being closed on Monday and Tuesday for the Golden Week. Insurer AIA climbed 2.3% to finish at its best level since its October 2010 initial public offering. Elsewhere, energy names were weak as PetroChina and Cnooc fell 1.0% and 0.4%, respectively.

In China, Shanghai Composite was closed.

European markets are showing little change after Service PMI data was released across the region. France, Germany, Spain, and the UK all saw worse-than-expected Service PMI readings, which made advances difficult for the regional bourses. Meanwhile, the Italian Service PMI was reported at 44.50, which was ahead of the expected 43.60 reading. Likewise, the Service PMI report for the whole Eurozone was slightly better-than-feared as the actual number of 46.1 came in a tick above the forecast reading of 46.0. Spain's Prime Minister, Mariano Rajoy was once again pressed by questions, but he resisted further discussion of a bailout.

France's CAC is off by 0.2% with consumer stocks weighing on the index. Cie Generale d'Optique is down 1.4% and LVMH Moet Hennessy Louis Vuitton is lower by 1.0%. Steel maker, ArcelorMittal is leading the index, up 1.1%.

In the United Kingdom, the FTSE is adding 0.1% as consumer stocks display relative strength. Carnival and International Consolidated Airlines Group are both up near 1.7%. Financial names, Admiral Group and Schroders are generally weaker. The two stocks are down between 1.0% and 1.5%.

Germany's DAX is up 0.2%. Deutsche Bank is advancing 2.5% as it leads the index. Meanwhile, Deutsche Telekom is adding 0.7% after reports indicated that a merger between the German communications company and MetroPCS is nearing completion after MetroPCS board approved the deal. On the downside, chemical producer, K+S is down 2.0% as it trails the index.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.30. A better-than-expected September ADP Employment reading sent futures to pre-market highs. The S&P 500 futures are higher by 0.2%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 162K in September. This was above the 133K increase expected by Briefing.com consensus. In addition, the prior month's increase was revised down by 17k, to reflect an addition of 156k jobs.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +5.50. It is a relatively quiet morning in U.S. pre-market with futures showing little change. However, some volatility can be expected around the release of the ADP Employment Change report at 8:15 ET.

Overnight, the global equity markets had a handful of macroeconomic data points to digest. In Asia, China's Non-Manufacturing PMI hit a 7-month low, coming in at 53.7, down from 56.3 last month. Australia's trade deficit increased partially due to a downward revision in iron ore exports, while shipments to China declined by over 5.0%. The regional indices finished mixed as Japan's Nikkei shed 0.5% while Hong Kong's Hang Seng added 0.2%. China's Shanghai Composite remained closed in observance of Golden Week.

In Europe, after being pressed by questions, Spain's Prime Minister, Mariano Rajoy resisted further discussion of a bailout. France, Germany, Spain, and the UK all saw worse-than-expected Service PMI readings, which made advances difficult for the regional bourses. Meanwhile, the Italian Service PMI was reported at 44.50, which was ahead of the expected 43.60 reading. Likewise, the Service PMI report for the whole Eurozone was slightly better-than-feared as the actual number of 46.1 came in a tick above the forecast reading of 46.0. Regional indices are mixed as France's CAC is off by 0.3%, UK's FTSE is adding 0.1%, and Germany's DAX is unchanged.

In U.S. corporate news, Best Buy (BBY 17.45, +0.48) is up 2.8% after reports indicated company's founder, Richard Schulze and four private equity firms are preparing an $11 billion buyout of Best Buy.

MetroPCS (PCS 14.70, +1.13) is higher by 8.3% after a German newspaper reported that the company's board has approved a deal to merge with Deutsche Telekom's T-Mobile USA unit.

The weekly MBA Mortgage Index showed a 16.6% increase in new mortgage applications during the past week. This follows last week's 2.8% increase.

The ADP Employment Change and ISM Services will be released at 8:15 ET and 10:00 ET, respectively.

06:43 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +6.00.

06:35 am : Nikkei...8746.87...-39.20...-0.50%. Hang Seng...20888.28...+47.90...+0.20%.

06:35 am : FTSE...5816.49...+7.10...+0.10%. DAX...7321.94...+15.70...+0.20%.

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

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