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 Post subject: October 12th Friday TF, 6E & CL Futures $1222.50
PostPosted: Fri Oct 12, 2012 3:50 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
(Note: The above statement contains a swing trade via Emini TF futures 6 contracts position that was at a profit of +0.80 per contract)

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $240.00 dollars or +2.40 points, EuroFX 6E futures @ $112.50 dollars or +0.0009 ticks and Light Crude Oil CL (WTI) futures @ $870.00 dollars or +0.87 points. Total Profit @ $1222.50 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 = $10.00 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=1343

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. 12 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, giving the Standard & Poor’s 500 Index its biggest weekly drop in four months, as a slump in European and financial shares overshadowed an unexpected jump in consumer confidence.

Stocks Tick Down Ahead Of Earnings Onslaught

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

NEW YORK (CNNMoney) -- U.S. stocks capped a down week with modest declines Friday as investors turned cautious ahead of key corporate reports due next week.

The Dow Jones industrial average ended little changed, while the S&P 500 lost 0.3%. The Nasdaq declined 0.2%.

For the week, the Dow lost more than 2%, the biggest weekly decline since June 1. The S&P 500 and Nasdaq suffered similar declines.

Despite this week's sell off, stocks are still up for the year. The Dow has risen more than 7% so far in 2012. The market has been supported by monetary stimulus from the Federal Reserve and better-than-expected earnings in the first half of the year.

But the outlook for third quarter earnings is less encouraging. The companies in the S&P 500 are expected to report aggregate earnings that are 1% lower than last year, according to S&P Capital IQ. That would be the weakest quarter in three years.

The week ahead brings earnings and sales reports from 12 Dow components, including financial giants Bank of America (BAC, Fortune 500) and American Express (AXP, Fortune 500), as well as chipmaker Intel (INTC, Fortune 500) and global conglomerate General Electric (GE, Fortune 500). In addition, a total of 80 S&P 500 companies will disclose quarterly results, including banking giants Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500).

"Any bad news will not be handled well," said Joseph Saluzzi, co-head of equity trading at Themis Trading. "If earnings disappoint, I think the market will continue to sell off."

On Friday, bank stocks were under pressure after Wells Fargo (WFC, Fortune 500) said sales fell short of expectations in the third quarter, even as profits were in line with forecasts. JPMorgan (JPM, Fortune 500) shares eased after the bank reported record quarterly profits.

Investors were also focused on shares of companies in the semiconductor space after AMD (AMD, Fortune 500) cut its revenue forecast for the third quarter.

Stocks were supported earlier in the day by a better-than-expected reading on U.S. consumers. The University of Michigan/Reuters consumer sentiment index for October rose to 83.1, the highest level in five years. It was expected to come in at 78.5.

A report by the Labor Department showed producer prices rose 1.1% in September, higher than anticipated. Government officials attributed much of that to spikes in food and energy prices. Excluding those increases, the prices of finished goods remained unchanged from the previous month.

On Thursday, U.S. stocks pared earlier gains and ended the day little changed, as enthusiasm over upbeat economic data faded.

Fear & Greed Index

European stocks closed lower. Britain's FTSE 100 and France's CAC 40 ended 0.6% lower, and the DAX in Germany fell 0.7%.

Asian markets ended mixed as the region struggles with worries about economic growth. In China, where trade and inflation data will be reported in the next three days, the Shanghai Composite edged higher by 0.1% and Hong Kong's Hang Seng rose 0.7%. National officials guided the yuan much higher versus the dollar following weeks of criticism from President Obama and presidential challenger Mitt Romney.

Meanwhile, Japan's Nikkei ended 0.2% lower. Japanese technology giant SoftBank (SFTBF) fell sharply on news that it's in talks to buy Sprint (S, Fortune 500), the third largest U.S. carrier, for more than $12 billion. Worsening Sino-Japanese relations over an island territorial dispute also continue to bring down companies' share prices.

* Video - Lagarde: Fiscal cliff a big risk

Companies: Workday (WDAY) shares surged 65% after the online human resources services provider made its debut on the New York Stock Exchange.

Ecolab (ECL, Fortune 500), a water technology company, announced plans to buy Champion Technologies in a deal valued at $2.2 billion.

Shares of J.B. Hunt Transport (JBHT) rose after the company said Thursday that earnings rose 14% in the most recent quarter.

Travelzoo (TZOO) shares plunged after the company acknowledged that its "group-buying voucher model" was not meeting the needs of its clients.

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

Oil for November delivery fell 21 cents to end at $91.86 a barrel.

Gold futures for December delivery fell $10.90 to settle at $1,759.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, lowering the yield to 1.63% from 1.68% late Thursday.

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Market Update

4:20 pm : Today's session got off to a quiet start. The major averages held near their opening levels until the preliminary October University of Michigan Consumer Sentiment Survey registered a reading of 83.1. The survey's best level since September 2007 lifted the major averages to their session highs. However, the exuberance was short-lived as the key indices promptly fell through the unchanged line, to their session lows. The afternoon was generally quiet as the S&P 500 hovered within points of the 1,428 level before settling at 1,428.59, with a loss of 0.3%. Note that today's session punctuated a down week, during which the S&P 500 lost 2.2%.

The financial sector was the biggest laggard of the day. Despite record earnings from two major names, the SPDR Financial Select Sector ETF (XLF 15.81, -0.22) shed 1.4%. JPMorgan Chase (JPM 41.62, -0.48) reported earnings of $1.40 per share against expectations of $1.21. Meanwhile, its revenues were reported at $25.15 billion which was ahead of the expected $24.27 billion. The stock traded higher in initial response to the earnings report, but it settled lower by 1.1%.

Wells Fargo (WFC 34.25, -0.93) slid 2.6% after reporting mixed earnings. WFC exceeded earnings expectations by one cent, while its revenues fell $200 million short of analyst estimates.

Other major financials also showed weakness. Bank of America (BAC 9.12, -0.22) and Morgan Stanley (MS 17.31, -0.55) slipped 2.4% and 3.1%, respectively.

Consumer staple stocks were the top performers of the session. Within the space, Dean Foods (DF 14.94, +0.29) added 2.0% after Stifel Nicolaus upgraded the stock to ‘buy' from ‘hold' with an $18 price target.

Cigarette stocks also showing strength among defensive staple stocks. Philip Morris (PM 91.70, +0.86) and Altria (MO 33.12, +0.41) saw respective gains of 1.0% and 1.3%.

Elsewhere in the space, Monster Beverage (MNST 57.08, +2.64) advanced 4.9% in a rebound from recent weakness.

The Dow Jones Transportation Average outperformed the broader market and settled higher by 0.9%. JB Hunt (JBHT 58.37, +3.58) is the top performer within the space. The freight carrier settled higher by 6.5% after its mixed earnings report showed a top line beat and a slight bottom line miss. Meanwhile, peer CH Robinson (CHRW 59.94, +1.04) added 1.8%. With most transportation stocks on the rise, Overseas Shipholding Group (OSG 5.08, -0.80) was a notable laggard as the shipping stock tumbled 13.6%.

AMD (AMD 2.74, -0.46) slumped 14.4% after the company lowered its third quarter revenue guidance below consensus. Peer Intel (INTC 21.48, -0.20) settled lower by 0.9% while the Market Vectors Semiconductor ETF (SMH 30.50, -0.10) slipped 0.3%.

Overall producer prices rose during September by 1.1%, which was hotter than the 0.8% increase that had been widely forecast. Core producer prices were unchanged which was lower than the Briefing.com consensus call of a 0.2% increase.

The September Treasury Budget showed a $75 billion surplus, which was in-line with expectations.

Next week, the earnings season enters full force as more than 230 companies are scheduled to report their third quarter results.

On Monday, September retail sales, retail sales ex-auto, and the October Empire Manufacturing Index will all be reported at 8:30 ET. In addition, August business inventories will be released at 10:00 ET.

Weekly Review: Markets Cautious Ahead of Third Quarter Earnings

On Monday, 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%. Marathon Petroleum (MPC 54.30, -0.36) advanced 5.4% after announcing the purchase of BP's Texas City Refinery, related logistics, and marketing assets.

Tuesday's session began on a mixed note before a broad sell-off sent the major averages to their session lows. The weakness started in the technology sector where a slew of companies lowered their third quarter guidance. After reaching their worst levels of the day, the key indices traded sideways until late-day selling coincided with reports the U.S. Attorney in Manhattan filed a civil mortgage fraud lawsuit against Wells Fargo (WFC 34.25, -0.93). The company has since come out and denied any wrongdoing. As a result, the S&P 500 fell 1.0% while the Nasdaq underperformed with a loss of 1.5%.

Wednesday's session got off to a mixed start as the key indices chopped around their respective unchanged lines during the first hour. Sellers took control after traders digested the wholesale inventories data, pushing the major averages to their worst levels. Afternoon trade was mostly quiet as the three averages hovered near session lows. As a result, the S&P 500 finished lower by 0.6%. Alcoa (AA 8.69, -0.08) dipped 4.6% after beating on earnings and revenues. However, the company's third quarter revenue of $5.833 billion represents a 9.1% year-over-year decrease.

On Thursday, equities began the session on a positive note after the weekly initial claims were reported at their lowest level since January 2008. However, the reading of 339,000 may not be entirely comparable to the prior period as one unidentified large state was not included in the total. The early bullish sentiment failed to hold as the major averages reversed during the first hour, and headed for the flat line. As a result, the S&P 500 ended flat. Alpha Natural Resources (ANR 7.88, -0.67) and Arch Coal (ACI 7.62, -0.32) both surged near 16.0%.DJ30 +2.46 NASDAQ -5.30 SP500 -4.25 NASDAQ Adv/Vol/Dec 826/1.51 bln/1616 NYSE Adv/Vol/Dec 1075/624.5 mln/1894

3:35 pm : Crude oil retreated into negative territory after the International Energy Agency cut 2012 oil demand in its annual Medium-Term Oil Market Report. The energy component touched a floor session high of $92.64 per barrel in morning action but brushed a session low of $91.16 per barrel as it headed into the close. Despite today's decline, crude settled the week 2.2% higher at $91.83 per barrel as escalated tension between Turkey and Syria drove prices higher in previous sessions.

Natural gas spent most of pit trade chopping around in negative territory. It dipped as low as $3.56 per MMBtu and settled the session unchanged at $3.61 per MMBtu. Natural gas gained 6.6% over the week following gains in previous sessions that came on forecasts of a slightly colder turn in computer weather projections and better-than-anticipated inventory data. Precious metals fell deeper into negative territory as better-than-anticipated data showed that consumer sentiment returned to pre-recession levels.

Gold fell off its session high of $1773.60 per ounce and trended lower for the entire session. It set a session low of $1758.90 per ounce moments before it settled floor trade at $1759.60 per ounce for a 1.2% weekly loss. Silver dipped as low as $33.60 per ounce in morning action and traded in a consolidative pattern just above that level. It eventually settled with a 2.6% loss for the week at $33.67 per ounce.DJ30 -6.88 NASDAQ -4.56 SP500 -4.33 NASDAQ Adv/Vol/Dec 865/1230.0 mln/1559 NYSE Adv/Vol/Dec 1042/398 mln/1923

3:00 pm : Heading into the final hour of trade, the key indices are attempting to break through their respective flat lines. The Dow and Nasdaq are both unchanged.

The September Treasury Budget showed a $75 billion surplus, which is in-line with expectations. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 -5.02 NASDAQ -1.47 SP500 -3.74 NASDAQ Adv/Vol/Dec 911/1.13 bln/1482 NYSE Adv/Vol/Dec 1109/362.0 mln/1840

2:30 pm : The major averages continue to hold their afternoon levels and the Dow is currently unchanged.

Next week will bring the first main wave of third quarter earnings reports. On Monday, Citigroup (C 34.87, -0.65) and The Charles Schwab Corporation (SCHW 12.97, -0.20) will report their results before the bell. Citigroup is expected to report earnings of $0.98 on revenues of $16.768 billion. Meanwhile, consensus calls for Charles Schwab to earn $0.17 on $1.198 billion in revenues.DJ30 -6.68 NASDAQ -3.60 SP500 -4.25 NASDAQ Adv/Vol/Dec 852/1.02 bln/1541 NYSE Adv/Vol/Dec 1056/328.4 mln/1876

2:00 pm : The three indices continue to hold their afternoon levels.

AMD (AMD 2.84, -0.35) is slumping 11.0% after the company lowered its third quarter revenue guidance below consensus. Peer Intel (INTC 21.48, -0.20) is off by 0.9% while the Market Vectors Semiconductor ETF (SMH 30.52, -0.08) trades lower by 0.3%.

The U.S. Treasury delayed the release of its September Budget until 15:00 ET.DJ30 -9.79 NASDAQ -5.32 SP500 -4.89 NASDAQ Adv/Vol/Dec 817/956.9 mln/1561 NYSE Adv/Vol/Dec 1050/309.8 mln/1881

1:30 pm : The major averages continue to hold their recent levels and the S&P 500 is down 0.4%.

The Dow Jones Transportation Average is higher by 1.0% as it outperforms the broader market. JB Hunt (JBHT 59.29, +4.50) is the top performer within the space. The freight carrier trades higher by 8.2% after its mixed earnings report showed a top line beat and a slight bottom line miss. Peers CH Robinson (CHRW 60.54, +1.64) and Landstar (LSTR 48.84, +0.34) are adding 2.8% and 0.7%, respectively. With most transportation stocks on the rise, Overseas Shipholding Group (OSG 5.45, -0.42) is a notable laggard. The shipping company is slumping 7.3%.DJ30 -20.11 NASDAQ -7.02 SP500 -5.79 NASDAQ Adv/Vol/Dec 817/868.9 mln/1540 NYSE Adv/Vol/Dec 988/285.9 mln/1929

1:00 pm : Stocks began the day on a mixed note before the release of the latest University of Michigan Consumer Sentiment Survey. The report registered a reading of 83.1 which was its best level since September 2007. Following the announcement, the major averages spiked to session highs, but the move was promptly retraced over the next thirty minutes. After returning to the flat line, the S&P 500 hovered around the unchanged level before falling to fresh session lows. At midday, the index is lower by 0.4%.

The financial sector is the biggest laggard of the day. Despite record earnings from two major names, the SPDR Financial Select Sector ETF (XLF 15.77, -0.25) is lower by 1.6%. Earlier, JPMorgan Chase (JPM 41.43, -0.66) reported earnings of $1.40 against expectations of $1.21 per share. Meanwhile, its revenues were reported at $25.15 billion which was ahead of the expected revenue of $24.27 billion. The stock traded higher in initial response to the earnings report. However, it is currently down 1.6%.

Wells Fargo (WFC 34.02, -1.15) is sliding 3.3% after reporting mixed earnings. WFC exceeded earnings expectations by one cent, while its revenues fell $200 million short of analyst estimates.

Other major financials are also showing weakness. Bank of America (BAC 9.10, -0.24) and Morgan Stanley (MS 17.31, -0.54) are down 2.6% and 3.0%, respectively.

Consumer staples are outperforming the broader market. Within the space, Dean Foods (DF 14.96, +0.31) is higher by 2.1% after Stifel Nicolaus upgraded the stock to ‘buy' from ‘hold' with an $18 price target.

Elsewhere in the space, Monster Beverage (MNST 56.58, +2.14) is advancing 3.9% as it rebounds from recent weakness.

After yesterday's big rally, coal stocks are broadly lower today. The weakness comes after Credit Agricole downgraded Alpha Natural Resources (ANR 7.84, -0.71), Walter Energy (WLT 35.26, -2.42), and CONSOL (CNX 34.98, -0.50) to ‘sell' from ‘outperform.' In addition, Nomura downgraded Peabody Energy (BTU 25.57, -0.61) to ‘reduce' from ‘neutral.' Lastly, Alpha Natural Resources was also downgraded at Nomura to ‘neutral' from ‘buy.' The four coal names are all down between 1.3% and 8.0%.

Overall producer prices rose during September by 1.1%, which was hotter than the 0.8% increase that had been widely forecast. Core producer prices were unchanged which was lower than the Briefing.com consensus call of a 0.2% increase.

One more data point remains on this week's economic calendar as the U.S. Treasury will report its September budget at 14:00 ET.DJ30 -16.51 NASDAQ -6.93 SP500 -5.74 NASDAQ Adv/Vol/Dec 832/816.3 mln/1529 NYSE Adv/Vol/Dec 994/269.9 mln/1885

12:30 pm : Equities are maintaining their levels as the three averages hover just above their session lows.

Looking at health care stocks, the SPDR Health Care Select Sector ETF (XLV 40.38, +0.01) is unchanged as it trades ahead of the broader market. Within the sector, NPS Pharma (NPSP 10.39, +1.26) is a notable mover as it trades higher by 13.8%. The strength comes after the Food and Drug Administration posted briefing documents ahead of its Advisory Committee meeting on Tuesday, October 16. The documents included positive comments regarding the efficacy of NPSP's Gattex in the treatment of Short Bowel Syndrome.

Elsewhere in health care, Aegerion Pharma (AEGR 15.69, +1.71) is advancing 12.2% after Capstone Investments initiated coverage of the stock with a ‘buy' rating and a $21 price target.

On the downside, Exact Sciences (EXAS 10.74, -0.86) is lower by 7.4% after Wedbush downgraded the stock to ‘neutral' from ‘outperform.'DJ30 -7.64 NASDAQ -3.31 SP500 -4.74 NASDAQ Adv/Vol/Dec 861/756.7 mln/1467 NYSE Adv/Vol/Dec 1049/252.6 mln/1827

12:00 pm : The key indices are hovering near their session lows, and the S&P 500 is lower by 0.4%.

After yesterday's big rally, coal stocks are broadly lower today. The weakness comes after Credit Agricole downgraded Alpha Natural Resources (ANR 7.89, -0.66), Walter Energy (WLT 34.91, -2.77), and CONSOL (CNX 34.77, -0.71) to ‘sell' from ‘outperform.' In addition, Nomura downgraded Peabody Energy (BTU 25.51, -0.67) to ‘reduce' from ‘neutral.' Lastly, Alpha Natural Resources was also downgraded at Nomura to ‘neutral' from ‘buy.' The four coal names are all down between 2.0% and 7.6%.DJ30 -10.51 NASDAQ -4.90 SP500 -5.54 NASDAQ Adv/Vol/Dec 835/684.9 mln/1475 NYSE Adv/Vol/Dec 1007/228.3 mln/1845

11:30 am : The major averages are hovering near their session lows and the S&P 500 is off by 0.2%.

The financial sector is the biggest laggard of the day. Despite record earnings from two major names, the SPDR Financial Select Sector ETF (XLF 15.86, -0.17) is lower by 1.1%. Earlier, JPMorgan Chase (JPM 41.81, -0.29) reported earnings of $1.40 against expectations of $1.21 per share. Meanwhile, its revenues were reported at $25.15 billion which was ahead of the expected revenue of $24.27 billion. The stock traded higher in initial response to the earnings report. However, it is currently down 0.7%.

Wells Fargo (WFC 34.04, -1.14) is down 3.2% after reporting mixed earnings. WFC exceeded earnings expectations by one cent, while its revenues fell $200 million short of analyst estimates.

Other major financials are also showing weakness. Bank of America (BAC 9.19, -0.15) and Morgan Stanley (MS 17.47, -0.39) are down 1.7% and 2.1%, respectively.

Meanwhile, European financials are modestly higher. Barclays (BCS 14.92, +0.10) is adding 0.7% and UBS (UBS 12.69, +0.11) is higher by 0.9%.DJ30 -6.57 NASDAQ -6.10 SP500 -4.92 NASDAQ Adv/Vol/Dec 871/596.8 mln/1410 NYSE Adv/Vol/Dec 1043/198.7 mln/1776

11:00 am : The major averages continue to trade sideways as equities look for direction. The S&P 500 is currently adding 0.1%.

Consumer staples are outperforming the broader market. Within the space, Dean Foods (DF 15.04, +0.39) is higher by 2.7% after Stifel Nicolaus upgraded the stock to ‘buy' from ‘hold' with an $18 price target.

Cigarette stocks are also showing strength among defensive staple stocks. Philip Morris (PM 92.23, +1.41), Altria (MO 32.95, +0.24), and Lorillard (LO 114.18, +0.42) are all up between 0.4% and 1.5%.

Elsewhere in the space, Monster Beverage (MNST 56.23, +1.79) is advancing 3.3% as it rebounds from recent weakness.DJ30 +39.82 NASDAQ +7.24 SP500 +1.02 NASDAQ Adv/Vol/Dec 1040/481.1 mln/1196 NYSE Adv/Vol/Dec 1377/165.1 mln/1398

10:35 am : Commodities are mostly lower this morning, while the dollar index is in negative territory. The index has been slowly ticking off its LoD and is now -0.2% at 79.64.

Nov crude oil sold off this morning and fell as low as $91.65/barrel. The energy component has since recovered and is now trading +0.3% at $92.29/barrel. Nov natural gas has been in the red for most of the day. In current action, natty is -0.3% at $3.60/MMBtu.

Precious metals are trading lower this morning. Gold and silver began to sell off a couple of hours ago. Gold hit a new session low of $1763.30 a short while ago and is now -0.2% at $1766.30/oz, while silver is -0.8% at $33.80/oz. Dec copper is -0.8% at $3.72/lb.DJ30 +45.56 NASDAQ +8.29 SP500 +1.99 NASDAQ Adv/Vol/Dec 1049/376.9 mln/1125 NYSE Adv/Vol/Dec 1434/142 mln/1307

10:00 am : The major averages were lifted to fresh highs after the University of Michigan Sentiment was reported at its best level since September 2007.

The S&P 500 is higher by 0.3%.The preliminary University of Michigan Survey for October came in at 83.1, which is higher than the 78.3 that was posted in the prior month, and better than the reading of 78.5 that had been widely expected.DJ30 +63.66 NASDAQ +9.46 SP500 +4.13 NASDAQ Adv/Vol/Dec 1052/206.9 mln/1051 NYSE Adv/Vol/Dec 1648/91.5 mln/1036

09:45 am : Equities have shown indecision in the early going as the S&P 500 and Nasdaq spent the opening minutes chopping around their respective unchanged lines. Currently, the two indices are flat.

Looking at the sector alignment during the opening minutes, consumer staples, industrials, and health care stocks are the early outperformers. Meanwhile, financials are the biggest laggard as the sector is down in excess of 1.0%.

Dean Foods (DF 15.05, +0.40) is higher by 2.7% after Stifel Nicolaus upgraded the stock to ‘buy' from ‘hold' with an $18 price target. DF is one of the top early gainers among S&P 500 stocks.

The preliminary October University of Michigan sentiment will be reported at 9:55 ET.DJ30 +30.60 NASDAQ -1.10 SP500 +0.49 NASDAQ Adv/Vol/Dec 835/138.4 mln/1192 NYSE Adv/Vol/Dec 1333/69.8 mln/1277

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +1.80. Heading into the open, equity futures have slipped near their pre-market lows. The S&P 500 futures are currently higher by 0.1%.

JPMorgan Chase (JPM 41.69, -0.41) and Wells Fargo (WFC 34.00, -1.18) are trading lower in pre-market despite reporting earnings which exceeded analyst expectations. The remainder of the financial sector also appears poised for a weaker start to the session. Bank of America (BAC 9.16, -0.18) and Discover Financial (DFS 38.66, -0.93) are down 1.9% and 2.4%, respectively.

The preliminary October University of Michigan sentiment will be reported at 9:55 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.30. Equity futures continue to point to slight gains at open, but they are well off their pre-market highs.

European markets opened lower and have remained in negative territory. The August Industrial Production was the only notable data point released in the region. The reported 0.6% month-over-month increase was well ahead of the expected 0.4% decline. Market reaction was muted despite the beat. Reports out of Spain are suggesting that the hold up in the country's willingness to ask for a bail out is a result of a lack of details from the European Central Bank regarding possible contingencies. Lastly, the European Union was awarded the Nobel Peace Prize, irrespective of the ongoing protests and street violence.

In Germany, the DAX is off by 0.1%. Financials are showing relative strength as Commerzbank and Deutsche Bank trade higher by 3.3% and 1.4%, respectively. On the downside, chemical producer Lanxess is sliding 2.9% after Credit Suisse downgraded the stock to ‘underperform' from ‘neutral.'

France's CAC is slipping 0.2%, and STMicroelectronics is a notable outperformer. The semiconductor producer is spiking 12.4% after reports indicated the management is considering splitting the company by year's end. Meanwhile, industrial stocks are showing relative weakness. Legrand and Safran are both down near 1.7%.

Great Britain's FTSE is lower by 0.2% as miners show weakness. Antofagasta, Evraz, and Kazakhmys are all down between 2.0% and 2.6%. Financials are broadly stronger as Lloyds Banking Group and Standard Chartered trade higher by 2.4% and 2.6%, respectively.

Asian markets ended the week on a mixed note. The news flow was light ahead of the upcoming avalanche of earnings. Continued rumors of a People's Bank of China interest rate cut crept back into markets, but again, nothing official was announced. The rate cut hopes may have stemmed from PBOC's Vice Governor concerns regarding the low level of corporate lending. He also stated he sees 2012 GDP growth at 7.8%. Also of note, China reported an 11.0% decrease in new bank loans during September. The country's financial institutions issued CNY623.2 billion of new loans while the total issuance was expected to fall closer to CNY665 billion. Elsewhere, the Japanese Cabinet lowered its monthly assessment for a third straight month, citing weak industrial production, global slowdown, and tensions with China. Note that China will report its CPI and PPI over the weekend.

Japan's Nikkei slipped 0.2%. Softbank closed down close to 20% following the reports of its consideration of acquiring shares in Sprint. The company declined to comment.

In Hong Kong, the Hang Seng gained 0.7%. Most of the Financials were in the green, but real estate names such as Henderson Land (-1.4%) saw declines.

China's Shanghai Composite was buoyed by rumors of an interest rate cut. The index gained 0.1% and closed a notch higher on the day. Financials saw strength, up 0.6%, while industrials saw a decline of 0.7%. Among the laggards was ZTE Corp, down 5.2%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +4.30. Equity futures have slipped back near the middle of their pre-market range following the release of the latest PPI and core PPI data. The S&P 500 futures are higher by 0.2%.

Overall producer prices rose during September by 1.1%, which is hotter than the 0.8% increase that had been widely forecast. Core producer prices were unchanged which is lower than the Briefing.com consensus call of a 0.2% increase.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +6.50. U.S. equity futures are near their pre-market highs despite downbeat European trade.

Overnight, the global equity markets were mixed. The news flow was light ahead of the upcoming avalanche of earnings. Continued rumors of a People's Bank of China interest rate cut crept back into markets, but again, nothing official was announced. The rate cut hopes may have stemmed from PBOC's Vice Governor concerns regarding the low level of corporate lending. He also stated he sees 2012 GDP growth at 7.8%. Elsewhere, the Japanese Cabinet lowered its monthly assessment for a third straight month, citing weak industrial production, global slowdown, and tensions with China. Note that China will report its CPI and PPI over the weekend. Asian indices finished mixed as Hong Kong's Hang Seng rose by 0.7%, China's Shanghai Composite added 0.1%, and Japan's Nikkei slipped 0.2%.

In Europe, markets opened lower and have remained in negative territory. The August Industrial Production was the only notable data point released in the region. The reported 0.6% month-over-month increase was well ahead of the expected 0.4% decline. Market reaction was muted despite the beat. Reports out of Spain are suggesting that the hold up in the country's willingness to ask for a bail out is a result of a lack of details from the European Central Bank regarding possible contingencies. Lastly, the European Union was awarded the Nobel Peace Prize, irrespective of the ongoing protests and street violence. Nearing midday, Germany's DAX, France's CAC, and UK's FTSE are all off by 0.2%.

In U.S. corporate news, JPMorgan Chase (JPM 42.71, +0.61) is advancing 1.5% after beating on earnings and revenues. The financial giant reported earnings of $1.40 against expectations of $1.21 per share. Meanwhile, its revenues were reported at $25.15 billion which was ahead of the expected revenue of $24.27 billion.

JB Hunt (JBHT 57.91, +3.12) is higher by 5.3% after its mixed earnings report showed a top line beat and a slight bottom line miss.

AMD (AMD 2.98, -0.22) is sliding 6.9% after lowering its third quarter revenue guidance below consensus estimates. The second-largest maker of microprocessors is scheduled to report its earnings after the closing bell on Thursday.

STMicroelectronics (STM 6.51, +0.87) is spiking 15.4% after reports indicated the management is considering splitting the company by year's end.

Seagate (STX 27.33, -0.92) and Western Digital (WDC 35.26, -1.33) are down between 3.2% and 3.6% after Citigroup downgraded the two stocks to ‘sell' from ‘buy.'

September PPI and core PPI will be reported at 8:30 ET, the October Michigan Sentiment will be released at 9:55 ET, and the U.S. Treasury will report its September budget at 14:00 ET.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +3.50.

06:29 am : Nikkei...8534.12...-12.70...-0.20%. Hang Seng...21136.43...+137.40...+0.70%.

06:29 am : FTSE...5815.78...-14.00...-0.20%. DAX...7252.81...-28.90...-0.40%.

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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