Trade Results of M.A. Perry Trader and Founder of
WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Quote:
No trades because today is Canada Thanksgiving Holiday. Therefore, I spent my day with my family enjoying the holiday.
Price Action Trade Performance for Today: Emini TF ($TF_F) futures @
$70.00 dollars or +0.70 points and EuroFX 6E futures @
$50.00 dollars or +4 ticks.
Total Profit @ $120.00 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 @
CMEGroupCME EuroFX 6E Futures - 1 tick or 0.0001 = $12.50 dollars and there's more contract information @
CMEGroupS&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=1339 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.
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
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).
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.
Stocks End Lower As Global Growth Worries Persist Attachment:
100812-Key-Price-Action-Markets.png [ 545.05 KiB | Viewed 295 times ]
click on the above image to view today's price action of key markets NEW YORK (CNNMoney) -- U.S. stocks closed slightly lower Monday, as worries about slowing growth kept investors sidelined on a relatively slow day of trading.
The Dow, S&P 500, and Nasdaq ended the day down between 0.2% and 0.7%.
Early Monday, the World Bank lowered its outlook for economic growth in Asia, down from the 7.6% estimate it made in May to 7.2%. It also warned that worsening conditions in Europe could knock off 2% from Asia's GDP growth next year.
That news is the latest in a recent series of seemingly contradictory reports about the health of consumers and the global economy. Last week, the U.S. Labor Department indicated in its monthly jobs report that more jobs were added than expected and that the unemployment rate surprisingly fell below 8%.
Still, investors are also becoming increasingly worried about a potentially disappointing earnings season, which unofficially kicks off Tuesday when Alcoa (AA, Fortune 500) announces its results after the closing bell.
Analysts expect overall corporate earnings to decline 1.3%, according to S&P Capital IQ. That would be the worst period for earnings since the third quarter of 2009.
Brian Lazorishak, a portfolio manager at Chase Investment Counsel, said he's most concerned about whether companies will cut their forecasts for the fourth quarter and 2013.
Trading was light Monday with the U.S. bond market closed for Columbus Day. Several market watchers said investors were unwilling to make big bets ahead of corporate announcements.
"Since the announcement of QE3, we've been looking for the next data point, and the health of corporate earnings is a key one," Lazorishak said.
Asian markets ended lower. The Shanghai Composite fell 0.6% and the Hang Seng in Hong Kong dropped 0.9%. Markets in Japan were closed for a holiday.
* China's epic traffic nightmaresIn Europe, Germany received a surprisingly positive report Monday showing exports in August increased 5.8% over the previous year.
But those numbers weren't enough to combat the grim outlook issued by the World Bank. All three European indexes closed lower. Britain's FTSE 100 dropped 0.5%, while the DAX in Germany dropped 1.4% and France's CAC 40 fell 1.3%.
* The stock market rally is overCompanies: Shares of UnitedHealth Group (UNH, Fortune 500) moved up after the health insurance company announced a nearly $5 billion buyout of Brazilian's largest health care company, Amil.
Marathon Petroleum's (MPC, Fortune 500) stock surged after the oil company announced plans to buy $2.5 billion of BP's (BP) North American assets.
Netflix (NFLX) shares gained more than 10% after Morgan Stanley upgraded the stock to 'overweight' from 'equal weight.'
Apple (AAPL, Fortune 500) shares ticked lower as thousands of workers at Foxconn went on strike to protest working conditions on the iPhone 5's production lines.
American Express (AXP, Fortune 500) and Walmart (WMT, Fortune 500) are teaming up on a new prepaid card service, dubbed Bluebird. Shares of prepaid carriers Green Dot (GDOT)and Netspend (NTSP) fell sharply on the news.
The unofficial release of a House Intelligence Committee draft report warned against doing business with Chinese telecom companies Huawei and ZTE. Both companies seek to expand operations in the west, and the report details national security concerns because of the firms' ties to China's government.
Aside from Alcoa, Costco (COST, Fortune 500), JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) are all reporting results this week.
* Fear & Greed IndexCurrencies and commodities: The dollar rose against the euro and British pound, but fell versus the Japanese yen.
Oil for November delivery fell 55 cents to $89.33 a barrel.
Gold futures for December delivery fell $5.10 to $1,775.70 an ounce.
Market Update 4:10 pm : Equities began the day on a negative note after the World Bank cut its growth projections for the Asian region. Lacking an additional catalyst, the key indices spent the majority of the session trading near their opening levels. A late-day buying surge briefly lifted the S&P 500 and Dow to their session highs, but the bulk of the move was promptly retraced. As a result, the S&P 500 shed 0.3% and the Nasdaq ended with a loss of 0.8%.
Energy stocks led the broader market. Within the sector, Marathon Petroleum (MPC 57.85, +2.98) advanced 5.4% after announcing the purchase of BP's Texas City Refinery, related logistics, and marketing assets. The base purchase price is said to be $598 million while inventories are estimated at $1.2 billion. Note that today's buying lifted MPC to an all-time high.
Coal stocks were broadly stronger as demonstrated by the Market Vectors Coal ETF (KOL 23.97, +0.18), which added 0.8%. Among individual names, Alpha Natural Resources (ANR 6.78, +0.20) gained 3.0%, while Arch Coal (ACI 6.63, +0.03) and Peabody Energy (BTU 22.63, +0.25) closed higher by 0.5% and 1.1%, respectively.
The technology sector trailed the broader market and the biggest tech component, Apple (AAPL 638.17, -14.42), settled lower by 2.2%. The weakness stemmed from reports which indicated that Apple's supplier, Foxconn is facing labor strikes at its manufacturing plant in China.
As the earnings season nears, guidance cuts continue to put pressure on technology stocks. The latest victim of slumping demand, Oclaro (OCLR 2.38, -0.25), slid 9.5% after lowering its first quarter revenue expectations below consensus. Peers, Finisar (FNSR 13.28, -0.24) and JDS Uniphase (JDSU 10.88, -0.48) lost between 1.8% and 4.2% in sympathy.
Semiconductor producers continued to show weakness ahead of the upcoming earnings season. Earlier, ISI Group downgraded four stocks from ‘buy' to ‘hold.' Of the affected names, Power Integrations (POWI 29.75, -1.34) shed 4.3% while Analog Devices (ADI 39.29, -0.43), Linear Technology (LLTC 32.93, -0.30), and Texas Instruments (TXN 27.99, -0.17) all slid between 0.6% and 1.1%.
Elsewhere in tech, Progress Software (PRGS 18.52, -2.96) fell 13.8% after announcing that its Chief Executive Officer Jay Bhatt will step down, effective December 7, 2012.
The Dow Jones Transportation Average continued to build on its recent strength. After trailing the broader market for an extended period of time, the gap between the bellwether group and the broader market continues to narrow. Today, the complex added 0.2% as Alaska Air (ALK 36.99, +0.47) led transportation stocks with a 1.3% gain. Railroads also showed relative strength as CSX (CSX 21.61, +0.19) and Norfolk Southern (NSC 67.29, +0.39) settled higher by 0.9% and 0.6%, respectively.
Two gun makers rallied on the back of supportive analyst comments. Earlier, the Benchmark Company said that last week's sell-off in Smith & Wesson (SWHC 10.46, +0.24) and Sturm, Ruger & Co (RGR 45.20, +0.55) may have been overdone. The weakness resulted from a slight slowdown in National Instant Criminal Background Checks during the month of September. However, the Benchmark Company notes that handgun background checks were up 23.0%, and that handguns represent the vast majority of sales for both gunsmiths. As a result, the two stocks added between 1.2% and 2.4%.
There is no economic data scheduled to be released tomorrow.DJ30 -26.50 NASDAQ -23.84 SP500 -5.05 NASDAQ Adv/Vol/Dec 853/1.16 bln/1565 NYSE Adv/Vol/Dec 1180/464.4 mln/1792
3:35 pm : Commodities have mostly remained in the red in today's trading session as the dollar index held its gains.
Nov crude oil was in the red all day and fell as low as $88.25. Oil rallied in the morning and pushed into positive territory just for a moment. By the end of today's session, oil was 0.5% lower at $89.43/barrel.
Natural gas futures sold off during the overnight and early morning session. After bottoming out at $3.33. Nov natural gas futures managed to erase all of its losses, ending the day unchanged at $3.40/MMBtu.
Gold futures recovered most of its losses, rising about $10/oz off its LoD of $1768.60, ending the day 0.3% lower at $1775.70/oz. Silver traded in a rather tight consolidated range today, staying around the $34 level. Silver ended today's trading session 1.6% lower at $34.01/oz. Dec copper fell 1.6% to $3.72/lb.DJ30 -18.28 NASDAQ -20.30 SP500 -3.92 NASDAQ Adv/Vol/Dec 946/995.4 mln/1446 NYSE Adv/Vol/Dec 1198/319 mln/1749
3:00 pm : Heading into the final hour of trade, the major averages are holding their levels and the S&P 500 is off by 0.4%.
Energy stocks are outperforming the broader market. Within the sector, Marathon Petroleum (MPC 57.71, +2.84) is advancing 5.2% after announcing the purchase of BP's Texas City Refinery, related logistics, and marketing assets. The base purchase price is said to be $598 million while inventories are estimated at $1.2 billion. Note that today's buying has lifted MPC to an all-time high.
Coal stocks are broadly stronger as demonstrated by the Market Vectors Coal ETF (KOL 23.93, +0.14), which is adding 0.6%. Among individual names, Alpha Natural Resources (ANR 6.75, +0.17) is gaining 2.6%, while Arch Coal (ACI 6.66, +0.06) and Peabody Energy (BTU 22.56, +0.18) are both higher by 0.8%.DJ30 -30.41 NASDAQ -25.77 SP500 -5.50 NASDAQ Adv/Vol/Dec 891/868.9 mln/1507 NYSE Adv/Vol/Dec 1144/279.5 mln/1814
2:30 pm : The major averages are holding their levels as stocks have shown little change in recent trade. The S&P 500 is lower by 0.4%.
The health care sector is outperforming the broader market. A handful of names within the space are moving on news. UnitedHealth (UNH 57.70, +0.57) is up 1.0% after announcing it will buy a 90% stake in Brazil's Amil Participacoes SA. Per the agreement, UNH will pay $4.9 billion in cash, which includes $600 million in realizable Brazilian tax benefits.
Elsewhere, Exact Sciences (EXAS 11.95, +0.32) is higher by 2.8% after Barron's made positive comments regarding the company.
Looking at analyst upgrades and downgrades, Cerus (CERS 3.43, +0.07) is adding 2.1% after Cowen initiated coverage with an ‘outperform' rating. Meanwhile, Kindred Healthcare (KND 11.50, -0.27) is down 2.3% after Citigroup initiated the stock with a ‘neutral' rating.DJ30 -25.88 NASDAQ -25.48 SP500 -5.27 NASDAQ Adv/Vol/Dec 888/801.7 mln/1495 NYSE Adv/Vol/Dec 1150/256.8 mln/1797
2:00 pm : The major averages are maintaining their recent levels and the S&P 500 is off by 0.4%.
Financial stocks are outperforming slightly as the SPDR Financial Select Sector ETF (XLF 16.04, -0.01) trades lower by 0.1%. Among the majors, Citigroup (C 34.65, -0.11), Bank of America (BAC 9.28, -0.03), JPMorgan Chase (JPM 41.56, -0.15), and Morgan Stanley (MS 17.44, -0.06) are all down near 0.5%. Meanwhile, Goldman Sachs (GS 119.32, +0.01) and American Express (AXP 58.59, +0.03) are managing to stay marginally positive.
Earlier, American Express announced that along with Wal-Mart (WMT 75.23, +0.10), the company will launch a prepaid card which will feature services designed to help Wal-Mart customers manage and control their everyday finances. Wal-Mart already offers prepaid cards from Green Dot (GDOT 10.36, -2.47), but the company said that the deal with American Express will not affect the current agreement with Green Dot. However, shares of GDOT are down 19.2% following the announcement.DJ30 -28.67 NASDAQ -25.37 SP500 -5.74 NASDAQ Adv/Vol/Dec 889/747.4 mln/1475 NYSE Adv/Vol/Dec 1132/239.4 mln/1824
1:30 pm : The key indices are holding their afternoon levels as the S&P 500 trades lower by 0.4%.
The Dow Jones Transportation Average continues to build on its recent strength. After trailing the broader market for an extended period of time, the gap between the bellwether group and the broader market continues to narrow. Today, the complex is trading higher by 0.3% as Alaska Air (ALK 37.02, +0.50) leads transportation stocks with a 1.4% gain. Railroads are also showing relative strength as CSX (CSX 21.61, +0.19) and Union Pacific (UNP 123.00, +0.84) trade higher by 0.9% and 0.7%, respectively.DJ30 -28.84 NASDAQ -24.07 SP500 -5.45 NASDAQ Adv/Vol/Dec 904/678.5 mln/1437 NYSE Adv/Vol/Dec 1121/218.1 mln/1803
1:00 pm : Equities began today's holiday session on a lower note. With no catalyst present, the major averages have shown little change from their opening levels. At midday, the S&P 500 and Nasdaq are near their respective session lows, while the Dow is outperforming slightly with a loss of 0.2%.
Consumer discretionary stocks are outperforming the broader market. Within the space, Netflix (NFLX 73.49, +6.93) is higher by 10.4% after Morgan Stanley upgraded the stock from ‘equal-weight' to ‘overweight.' Meanwhile, Panera Bread (PNRA 166.38, -3.01) is down 1.8% after BMO Capital downgraded the restaurant stock from ‘outperform' to ‘market perform.'
Elsewhere, CarMax (KMX 31.76, +2.57) is spiking 8.8% after ITG commented that used retail trends are tracking above consensus.
Retail stocks are generally higher and the SPDR S&P Retail ETF (XRT 63.93, +0.25) is adding 0.4%. Among individual retailers, Office Depot (ODP 2.33 +0.05) is gaining 2.2% while Abercrombie & Fitch (ANF 33.66, +1.00) and Aeropostale (ARO 13.66, +0.32) are both up near 2.6%.
Two gun makers are rising on the back of supportive analyst comments. Earlier, the Benchmark Company said that last week's sell-off in Smith & Wesson (SWHC 10.54, +0.32) and Sturm, Ruger & Co (RGR 45.37, +0.72) may have been overdone. The weakness resulted from a slight slowdown in National Instant Criminal Background Checks during the month of September. However, the Benchmark Company notes that handgun background checks were up 23.0%, and that handguns represent the vast majority of sales for both gunsmiths. As a result, the two stocks are adding between 1.5% and 3.0%.
The technology sector is trailing the broader market and the biggest tech component, Apple (AAPL 638.00, -14.59), is lower by 2.2%.
As the earnings season nears, guidance cuts continue to put pressure on technology stocks. The latest victim of slumping demand, Oclaro (OCLR 2.38, -0.25), is sliding 9.5% after lowering its first quarter revenue expectations below consensus. Finisar (FNSR 13.20, -0.32) and JDS Uniphase (JDSU 10.99, -0.37) are down between 2.4% and 3.3% in sympathy.
Semiconductor producers continue to show weakness ahead of the upcoming earnings season. Earlier, ISI Group downgraded four stocks from ‘buy' to ‘hold.' Out of the affected names, Power Integrations (POWI 29.97, -1.12) is down 3.6% while Analog Devices (ADI 39.40, -0.32), Linear Technology (LLTC 32.98, -0.25), and Texas Instruments (TXN 28.01, -0.14) are all sliding between 0.5% and 0.8%.
Elsewhere in tech, Progress Software (PRGS 18.75, -2.73) is sinking 12.7% after announcing that its Chief Executive Officer Jay Bhatt will step down, effective December 7, 2012.DJ30 -20.70 NASDAQ -23.22 SP500 -5.12 NASDAQ Adv/Vol/Dec 880/627.3 mln/1440 NYSE Adv/Vol/Dec 1126/202.1 mln/1790
12:30 pm : The S&P 500 and Nasdaq continue to hover near their respective session lows. Meanwhile, the Dow is off by 0.2% as it holds near the middle of its range.
Two gun makers are rising on the back of supportive analyst comments. Earlier, the Benchmark Company said that last week's sell-off in Smith & Wesson (SWHC 10.50, +0.28) and Sturm, Ruger & Co (RGR 45.86, +1.20) may have been overdone. The weakness resulted from a slight slowdown in National Instant Criminal Background Checks during the month of September. However, the Benchmark Company notes that handgun background checks were up 23.0%, and that handguns represent the vast majority of sales for both gunsmiths. As a result, the two stocks are both higher by 2.7%.DJ30 -28.99 NASDAQ -24.38 SP500 -6.17 NASDAQ Adv/Vol/Dec 846/568.1 mln/1481 NYSE Adv/Vol/Dec 1063/184.7 mln/1850
12:00 pm : The key indices are holding their recent levels as the S&P 500 trades lower by 0.5%.
Retail stocks are generally higher and the SPDR S&P Retail ETF (XRT 63.88, +0.20) is adding 0.3%. Among individual retailers, Office Depot (ODP 2.36 +0.08) is higher by 3.5% while Abercrombie & Fitch (ANF 33.56, +0.89) and Aeropostale (ARO 13.61, +0.27) are showing gains between 2.0% and 2.7%.DJ30 -36.29 NASDAQ -24.03 SP500 -6.51 NASDAQ Adv/Vol/Dec 782/507.2 mln/1522 NYSE Adv/Vol/Dec 1001/166.6 mln/1898
11:30 am : The Dow Jones is trading near the middle of its range, while the S&P 500 and Nasdaq have slipped back near their respective session lows.
The technology sector is trailing the broader market and the biggest tech component, Apple (AAPL 639.66, -12.93), is lower by 2.0%.
As the earnings season nears, guidance cuts continue to put pressure on technology stocks. The latest victim of slumping demand, Oclaro (OCLR 2.38, -0.25), is sliding 9.5% after lowering its first quarter revenue expectations below consensus. Finisar (FNSR 13.13, -0.39) and JDS Uniphase (JDSU 10.99, -0.36) are down between 2.9% and 3.2% in sympathy.
Semiconductor producers continue to show weakness ahead of the upcoming earnings season. Earlier, ISI Group downgraded four stocks from ‘buy' to ‘hold.' Out of the affected names, Power Integrations (POWI 29.97, -1.12) is down 3.6% while Analog Devices (ADI 39.31, -0.41), Linear Technology (LLTC 32.81, -0.42), and Texas Instruments (TXN 27.92, -0.24) are all sliding between 0.8% and 1.3%.
Elsewhere in tech, Progress Software (PRGS 18.61, -2.86) is sinking 13.3% after announcing that its Chief Executive Officer Jay Bhatt will step down, effective December 7, 2012.DJ30 -35.54 NASDAQ -24.19 SP500 -6.31 NASDAQ Adv/Vol/Dec 735/440.3 mln/1541 NYSE Adv/Vol/Dec 1021/146.9 mln/1850
11:00 am : Stocks have lifted off their session lows, but the major averages remain in the red. The S&P 500 is off by 0.3%.
Consumer discretionary stocks are outperforming the broader market. Within the space, Netflix (NFLX 73.32, +6.78) is higher by 10.2% after Morgan Stanley upgraded the stock from ‘equal-weight' to ‘overweight.'
Meanwhile, Panera Bread (PNRA 166.64, -2.75) is down 1.6% after BMO Capital downgraded the restaurant stock from ‘outperform' to ‘market perform.'
Elsewhere, CarMax (KMX 31.95, +2.76) is spiking 9.5% after ITG commented that used retail trends are tracking above consensus.DJ30 -19.94 NASDAQ -16.69 SP500 -4.36 NASDAQ Adv/Vol/Dec 792/347.8 mln/1430 NYSE Adv/Vol/Dec 1065/123.1 mln/1737
10:35 am : The dollar index remains in positive territory, which has weighed on commodities this morning. However, select commodities such as crude oil have managed to erase some or most of its losses.
Nov crude oil fell as low as $88.26/barrel in early morning action and has since recovered over $1/barrel off of that LoD. In current trade, crude oil is -0.4% at $89.53/barrel.
Nov natural gas was on a steady downward trend during the overnight and early morning sessions. It fell to a new LoD of $3.33/MMBtu just after floor trading began and has since erased half of its losses. Nat gas is now -0.7% at $3.37/MMBtu.
Dec gold and Dec silver have been in the red all session with silver far underperforming the two. Silver has been in a tight consolidated range all session and is now -1.6% at $34.04/oz, while Dec gold is -0.2% at $1776.60/oz.DJ30 -32.53 NASDAQ -20.20 SP500 -5.97 NASDAQ Adv/Vol/Dec 671/284.7 mln/1532 NYSE Adv/Vol/Dec 897/104 mln/1924
10:00 am : Equities continue to hover near their session lows. The S&P 500 is down 0.4%.
Biotechnology stocks are trading broadly weaker and the iShares Nasdaq Biotechnology ETF (IBB 145.81, -1.37) is off by 0.9%. Within the group, Affymetrix (AFFX 3.57, -0.74) is sinking 17.2% after lowering its third quarter guidance due to a tightening academic funding environment worldwide.
Other biotech companies are also slipping as Alexion Pharma (ALXN 116.21, -1.94) and Amgen (AMGN 86.06, -0.89) trade lower by 1.5% and 1.1%, respectively.DJ30 -38.23 NASDAQ -13.95 SP500 -5.49 NASDAQ Adv/Vol/Dec 613/156.3 mln/1501 NYSE Adv/Vol/Dec 767/67.7 mln/1934
09:45 am : Stocks have maintained their early negative bias as the S&P 500 trades lower by 0.5%.
Looking at the early sector performance, utility stocks are posting the narrowest losses. In addition, energy and consumer staples are also showing relative outperformance. Meanwhile, materials, industrials, and technology are the biggest laggards in the early going.DJ30 -35.56 NASDAQ -14.76 SP500 -5.24 NASDAQ Adv/Vol/Dec 574/98.9 mln/1483 NYSE Adv/Vol/Dec 674/53.4 mln/1970
09:15 am : [BRIEFING.COM] S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -17.80. As the start of the U.S. session nears, equity futures continue pointing to a lower open.
The market appears poised for a down open as high-beta stocks trade lower in pre-market. Financial names, Bank of America (BAC 9.17, -0.15) and Citigroup (C 34.34, -0.43) are down between 1.2% and 1.6%.
Elsewhere, the technology sector is also showing early weakness. Shares of Apple (AAPL 645.55, -7.04) are down 1.1% in pre-market.
09:00 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -16.30. Equity futures have lifted off pre-market lows, but they remain firmly in the red. The S&P 500 futures are down 0.4%.
Looking at pre-market movers, Allscripts Healthcare (MDRX 14.19, +0.86) is higher by 6.5% after Bloomberg reports suggested the company has received first-round bids from three private equity firms. A potential sale is expected to yield around $15 per share.
Elsewhere, Facebook (FB 20.25, -0.66) is down 3.1% after reports suggested the company will reduce its $3 billion credit line by 50.0%. In addition, shares of the social media site were downgraded at BTIG Research from ‘neutral' to ‘sell' with a $16 price target.
08:30 am : [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -14.50. U.S. equity futures are down 0.4% as they continue to trade near their pre-market lows.
European bourses are lower across the board. Despite the declines in equity markets, Spanish and Italian yields have remained in check. As the weekend passed, reports suggested the Troika and Greece left discussions with nothing settled, though Greece's Finance Minister believes they are "close." Meanwhile, the Eurozone Finance Ministers are set to activate the European Stability Mechanism later today. However, Spain continues to deny the need for a bailout. Elsewhere, Germany's trade balance widened due to a 2.4% increase in exports.
In Germany, the DAX is down 1.3% as all but two components trade lower. Financials are showing broad weakness with Commerzbank and Deutsche Bank down 2.5% and 1.1%, respectively. Meanwhile, SAP and Deutsche Post are managing to stay positive with respective gains of 0.6% and 0.4%.
France's CAC is lower by 1.1% and industrials are trailing the broader market. Cie de St-Gobain and Schneider Electric are down between 2.3% and 2.5%. On the upside, PPR is the only advancer. The shares of the department store operator are adding 2.6%.
In the United Kingdom, the FTSE is slipping 0.7% with miners trading lower as a group. Evraz, Vedanta Natural Resources, and Eurasian Natural Resources are all down between 2.9% and 4.1%. WM Morrison Supermarkets is the biggest gainer, up 1.4%.
The Asian equity markets settled generally lower across the board. China saw its first trading session in over a week, following the Golden Week holiday. Leading up to the holiday week, the Shanghai Composite gained over 1.0% on speculation of an interest rate move by the People's Bank of China. However, the week passed without such move and the market gave back some of its gains. Not helping matters were projection cuts by the World Bank which slashed its 2012 and 2013 Chinese GDP outlook by 50 basis points each. They are now seeing 2012 and 2013 growth of 7.7% and 8.1%, respectively. Furthermore, the World Bank also cut the growth outlook for the Asian region to 7.6%, down from 8.0%. In economic data, China's HSBC Services PMI expanded over the prior month to 54.3. Elsewhere, Japan was closed for Health-Sports Day holiday.
Hong Kong's Hang Seng slipped 0.9%. Financials mimicked the benchmark, also down 0.9%. China Petro was among the best performers as it closed with a gain of 1.5%.
China's Shanghai Composite shed 0.6%. Despite the decline, a few notable gainers were Xinjiang Tianhon, Shanghai Highly, and Shanghai Witsu, each up 10% on the day.
08:00 am : [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -15.00. U.S. equity futures are modestly lower amid downbeat overseas trade.
Overnight, global equity markets were generally lower. In Asia, China saw its first trading session in over a week, following the Golden Week holiday. Leading up to the holiday week, the Shanghai Composite gained over 1.0% on speculation of an interest rate move by the People's Bank of China. However, the week passed without such move and the market gave back some of its gains. Not helping matters were projection cuts by the World Bank which slashed its 2012 and 2013 Chinese GDP outlook by 50 basis points each. They are now seeing 2012 and 2013 growth of 7.7% and 8.1%, respectively. Furthermore, the World Bank also cut the growth outlook for the Asian region to 7.6%, down from 8.0%. In economic data, China's HSBC Services PMI expanded over the prior month to 54.3. Elsewhere, Japan was closed for Health-Sports Day holiday. China's Shanghai Composite shed 0.6%, while Hong Kong's Hang Seng slid 0.9%.
In Europe, the regional bourses are all lower. Despite the declines in equity markets, Spanish and Italian yields have remained in check. As the weekend passed, reports suggested the Troika and Greece left discussions with nothing settled, though Greece's Finance Minister believes they are "close." Meanwhile, the Eurozone Finance Ministers are set to activate the European Stability Mechanism later today. However, Spain continues to deny the need for a bailout. Elsewhere, Germany's trade balance widened due to a 2.4% increase in exports. Nearing midday, Germany's DAX is down 1.4%, France's CAC is lower by 1.2%, and UK's FTSE is off by 0.7%.
In U.S. corporate news, UnitedHealth (UNH 57.13, 0.00) announced it will buy a 90 percent stake in Brazil's Amil Participacoes SA. Per the agreement, UNH will pay $4.9 billion in cash, which includes $600 million in realizable Brazilian tax benefits.
Netflix (NFLX 68.57, +2.01) is adding 3.0% after Morgan Stanley upgraded the shares from ‘equal-weight' to ‘overweight.'
There is no data scheduled for release today. Also, it should be noted that the Treasury market is closed in observance of Columbus Day.
06:18 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -16.00.
06:18 am : Nikkei...Holiday......... Hang Seng...20824.56...-11.80...-0.60%.
06:18 am : FTSE...5831.58...+3.80...+0.10%. DAX...7295.26...-102.80...-1.40%.
Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. ![good morning gm](./images/smilies/emoticonhello.gif)
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M.A. Perry
Trader and Founder of
WRB Analysis (wide range body/bar analysis)
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