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 Post subject: October 18th Thursday TF, 6E & CL Futures $540.00
PostPosted: Thu Oct 18, 2012 9:46 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 @ $200.00 dollars or +2.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $340.00 dollars or +0.34 points. Total Profit @ $540.00 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 = $10.00 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=1347

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. 18 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, snapping a three-day advance in the Standard & Poor’s 500 Index, as Google Inc. pulled down technology shares after reporting third-quarter profit and sales that missed estimates.

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Market Update

4:15 pm : Stocks opened modestly lower after today's weekly initial claims report missed expectations by 28,000. The early weakness was erased before midday as the major averages rallied to their respective session highs. However, the slim gains were short-lived as disappointing quarterly results from Google (GOOG 695.00, -60.49) hit the wires early and weighed on the markets. The tech-heavy Nasdaq saw the biggest impact, as the index tumbled to fresh session lows before closing with a loss of 1.0%.

Google fell 8.0% after its earnings were reported at $9.03, which fell $1.63 short of the Capital IQ consensus estimate. Meanwhile, revenues came in at $11.87 billion, which represents a shortfall of about $540 million when compared to the Capital IQ analyst forecast. The results were met with heavy selling which took the stock down to its early September levels. In addition, many large tech stocks were also pressured.

A number of other technology components saw weakness following earnings. Mellanox (MLNX 77.98, -20.16) sank 20.5% after reporting its third quarter results. The semiconductor manufacturer beat both top and bottom line expectations, but cautious guidance gave investors cause for concern.

Cypress Semiconductor (CY 10.06, -0.90) slid 8.2% after reporting in-line earnings and lowering guidance below consensus.

Nokia (NOK 2.80, -0.14) slipped 4.8% despite beating on earnings and revenues.

Elsewhere, ASML Holdings (ASML 51.34, +1.26) gained 2.5% despite being downgraded to ‘sector perform' from ‘outperform' by RBC Capital. Note that yesterday ASML announced the acquisition of Cymer (CYMI 74.12, +2.67).

Telecom stocks were the top performing group as investors displayed caution and turned to defensive stocks. As a result of the risk-off trade, major wireless and landline carriers garnered interest. Verizon Communications (VZ 45.78, +1.06) advanced 2.4% after reporting in-line earnings and revenues. It should be noted that during the conference call, management said that capital expenditures will trend lower in 2013. This announcement is similar to sentiment expressed by numerous major companies which also plan to enact savings measures. Peers AT&T (T 36.02, +0.30), MetroPCS (PCS 11.15, +0.20), and Sprint Nextel (S 5.78, +0.05) all registered gains between 0.8% and 1.8%.

The Dow Jones Transportation Average settled higher by 0.2%. Within the complex, Union Pacific (UNP 125.34, +1.61) rose by 1.3% after reporting earnings of $2.19 and revenue of $5.34 billion. The results were mixed as the company's earnings exceeded Capital IQ consensus estimates by $0.02 while revenue fell about $30 million short of the Capital IQ forecast. Peer CSX (CSX 21.36, +0.17) added 0.8% despite being downgraded to ‘hold' from ‘buy' by Deutsche Bank.

Southwest Airlines (LUV 8.98, +0.03) rose by 0.3% after reporting in-line earnings and revenues. Other airlines also outperformed as Alaska Air (ALK 38.17, +0.40), Delta Air Lines (DAL 10.21, +0.02), and JetBlue Airways (JBLU 5.30, +0.04) all gained between 0.2% and 1.1%.

Meanwhile, Overseas Shipholding Group (OSG 3.54, +0.14) was the best performing stock in the transportation average. The shares of the oil tanker operator gained 4.1% after losing nearly 50.0% of their value since last Monday.

In today's economic data, the latest weekly initial jobless claims count totaled 388,000, which was higher than the 360,000 that had been expected by the Briefing.com consensus. The tally was above the revised prior week count of 342,000. As for continuing claims, they fell to 3.252 million from 3.281 million.

Separately, the Philadelphia Fed Survey rose to 5.7 for October. That comes after September's reading of -1.9. Economists polled by Briefing.com had expected that the Survey would improve to a -0.1 reading for the month of October.

Lastly, leading indicators for September increased by 0.6%, which is better than the 0.2% increase that had been widely forecast to follow prior month's decrease of 0.1%.

Tomorrow's economic data is limited to September existing home sales which will be announced at 10:00 ET.DJ30 -8.06 NASDAQ -31.25 SP500 -3.57 NASDAQ Adv/Vol/Dec 792/1.98 bln/1666 NYSE Adv/Vol/Dec 1474/719.2 mln/1538

3:30 pm : A stronger dollar following the release of jobless claims data and the start of the EU Leaders Summit put pressure on precious metals during today's pit trade. Both gold and silver spent their entire sessions in the red, falling as low as $1739.00 per ounce and $32.74 per ounce respectively. Unable to erase much of the loss, gold settled 0.5% lower at $1744.80 per ounce, while silver closed with a 1.1% loss at $32.88 per ounce. a

Crude oil dipped to a session low of $90.66 per barrel moments after floor trade opened. It gained momentum in late morning action and managed to climb into the black. It brushed a session high of $92.59 per barrel and settled just 4 cents below the unchanged level at $92.00 per barrel.

Natural gas slid to a session low of $3.40 per MMBtu following inventory data that showed a build of 51 bcf when a build of 50 bcf was anticipated. However, the move quickly reversed and prices shot into positive territory. Natural gas continued to climb higher as settled with a 3.5% gain at $3.59 per MMBtu.DJ30 -14.74 NASDAQ -27.14 SP500 -3.27 NASDAQ Adv/Vol/Dec 840/1665.4 mln/1577 NYSE Adv/Vol/Dec 1480/479 mln/1520

3:00 pm : After marking fresh session lows, the three indices staged a minor bounce. Currently, the S&P 500 is down 0.4%.

Third quarter earnings will continue to roll in after today's close. The Capital IQ consensus expects AMD (AMD 2.68, -0.09) to report a loss of $0.16 on $1.27 billion in revenue.

Microsoft (MSFT 29.40, -0.19) is also scheduled to report. The Capital IQ consensus calls for $0.59 in earnings on revenue of $16.42 billion.

Other names which are expected to report after the bell include Capital One (COF 57.39, -0.64), Sandisk (SNDK 43.24, -1.10), Chipotle Mexican Grill (CMG 283.67, -6.33), and Wynn Resorts (WYNN 117.61, -1.34).

Tomorrow, prior to the open, General Electric (GE 22.90, -0.01), Honeywell (HON 61.17, -0.72), and McDonald's (MCD 92.98, -0.71) are some of the names which will report their third quarter results.DJ30 -22.96 NASDAQ -34.01 SP500 -5.31 NASDAQ Adv/Vol/Dec 802/1.51 bln/1596 NYSE Adv/Vol/Dec 1426/427.4 mln/1558

2:30 pm : The key indices continue to trade within points of their session lows. The Nasdaq is lower by 1.1%.

Philip Morris (PM 88.55, -3.29) is down 3.6% after reporting disappointing quarterly results. The cigarette maker announced earnings of $1.38 on $7.92 billion in revenue. Both numbers fell short of their respective Capital IQ consensus estimates. In addition, the company issued in-line full-year 2012 guidance as it expects earnings to fall between $5.18 and $5.24.

Other tobacco stocks are trading lower in sympathy. Alliance One (AOI 3.24, -0.10), Altria (MO 33.11, -0.39), and Universal Corporation (UVV 51.11, -0.35) are all down between 0.7% and 3.4%.DJ30 -19.56 NASDAQ -34.46 SP500 -5.39 NASDAQ Adv/Vol/Dec 799/1.39 bln/1581 NYSE Adv/Vol/Dec 1418/392.1 mln/1556

2:00 pm : The major averages are extending their losses and the Nasdaq is down 1.2%.

The Dow Jones Transportation Average is higher by 0.4% as it outperforms the remaining industrials. Within the complex, Union Pacific (UNP 125.95, +2.22) is advancing 1.8% after reporting earnings of $2.19 and revenue of $5.34 billion. The results were mixed as the company's earnings exceeded Capital IQ consensus estimates by $0.02 while revenue fell about $30 million short of the Capital IQ forecast. Peer CSX (CSX 21.34, +0.15) is adding 0.7% despite being downgraded to ‘hold' from ‘buy' by Deutsche Bank.

Southwest Airlines (LUV 9.02, +0.07) is rising by 0.8% after reporting in-line earnings and revenues. Other airlines are seeing comparable strength as Alaska Air (ALK 38.16, +0.39), Delta Air Lines (DAL 10.28, +0.09), and JetBlue Airways (JBLU 5.30, +0.04) are all up between 0.8% and 1.0%.

Meanwhile, Overseas Shipholding Group (OSG 3.55, +0.15) is the best performing stock in the transportation average. The shares of the oil tanker operator are gaining 4.7% after losing nearly 50.0% of their value since last Monday.DJ30 -15.62 NASDAQ -33.24 SP500 -4.80 NASDAQ Adv/Vol/Dec 827/1.29 bln/1534 NYSE Adv/Vol/Dec 1445/363.6 mln/1519

1:30 pm : The major averages are holding their recent levels and the Nasdaq is lower by 0.9%.

Shares of Google (GOOG 687.30, -68.19) are currently halted, pending a news release from the company.

R.R. Donnelley & Sons (RRD 10.45, -0.39) is down 3.7% after the financial publisher was blamed for releasing Google's results early.

Amazon (AMZN 243.32, -4.17), Yahoo! (YHOO 15.89, -0.20), and Apple (AAPL 635.07, -9.54) are some of the names which fell along with Google.DJ30 -7.26 NASDAQ -28.07 SP500 -3.30 NASDAQ Adv/Vol/Dec 863/1.19 bln/1481 NYSE Adv/Vol/Dec 1514/335.3 mln/1435

1:05 pm : Stocks began today’s session on a negative note after weekly initial claims exceeded estimates by 28,000. After opening in the red, the major averages spent the first half of the session recovering their losses. However, the Nasdaq plunged to a session low after Google (GOOG 687.30, -68.19) surprised participants by releasing disappointing third quarter results early. At midday, the S&P 500 is off by 0.1%, while Nasdaq is down 0.7%.

Google’s earnings were reported at $9.03, which fell $1.63 short of the Capital IQ consensus estimate. Meanwhile, revenues came in at $11.33 billion, which represents a shortfall of about $540 million when compared to the Capital IQ analyst forecast. The results were met with heavy selling which took the stock down to its early September levels. In addition, many large technology stocks were also pressured.

A number of other technology stocks are showing weakness following earnings. Mellanox (MLNX 77.81, -20.39) is sliding 20.8% after reporting its third quarter results. The semiconductor manufacturer beat both top and bottom line expectations, but cautious guidance gave investors cause for concern.

Cypress Semiconductor (CY 10.02, -0.95) is off by 8.7% after reporting in-line earnings and lowering guidance below consensus.

Nokia (NOK 2.80, -0.14) is slipping 5.1% despite beating on earnings and revenues.

On the upside, TIBCO Software (TIBX 27.10, +0.20) is adding 0.7% after Macquarie upgraded the stock to ‘outperform' from ‘neutral.'

Elsewhere, ASML Holdings (ASML 51.36, +1.28) is higher by 2.6% despite being downgraded to ‘sector perform' from ‘outperform' by RBC Capital. Note that yesterday ASML announced the acquisition of Cymer (CYMI 74.11, +2.66).

Telecom stocks are the top performing group as investors show caution and turn to defensive stocks. As a result of the risk-off trade, major wireless and landline carriers are garnering interest. Verizon Communications (VZ 45.98, +1.25) is advancing 2.8% after reporting in-line earnings and revenues. It should be noted that during the conference call, management said that capital expenditures will trend lower in 2013. This announcement is similar to sentiment expressed by numerous major companies which also plan to enact savings measures.

Peers AT&T (T 36.41, +0.68), MetroPCS (PCS 11.31, +0.36), and Sprint Nextel (S 5.75, +0.02) are all up between 0.4% and 3.3%.

Orient-Express Hotels (OEH 10.93, +1.91) is spiking 21.2% after reports indicated The Indian Hotels Company—which currently holds a 6.9% stake in Orient-Express—plans to make an offer to acquire the remaining shares outstanding. Starwood Hotels & Resorts (HOT 57.62, +0.16), Strategic Hotels & Resorts (BEE 6.05, +0.08), and Wyndham Worldwide (WYN 54.96, -0.08) all saw spikes which coincided with the move in Orient-Express.

The latest weekly initial jobless claims count totaled 388,000, which is higher than the 360,000 that had been expected by the Briefing.com consensus. The tally is above the revised prior week count of 342,000. As for continuing claims, they fell to 3.252 million from 3.281 million.

The Philadelphia Fed Survey rose to 5.7 for October. That comes after September's reading of -1.9. Economists polled by Briefing.com had expected that the Survey would improve to a -0.1 reading for the month of October.

Separately, leading indicators for September increased by 0.6%, which is better than the 0.2% increase that had been widely forecast to follow prior month's decrease of 0.1%.DJ30 +1.54 NASDAQ -26.22 SP500 -2.41 NASDAQ Adv/Vol/Dec 831/1.09 bln/1493 NYSE Adv/Vol/Dec 1483/309.7 mln/1460

12:30 pm : The Dow and S&P 500 are holding their recent levels. Meanwhile, the Nasdaq has risen to a fresh session high as it trades lower by 0.1%.

The materials sector is outperforming the broader market. Within the space, steel producers are showing strength after Steel Dynamics (STLD 12.90, +0.28) reported mixed earnings. The steel producer reported earnings of $0.15 which was $0.03 ahead of the Capital IQ consensus. Meanwhile, the company's revenues fell $100 million short of the Capital IQ consensus estimate. The stock trades higher by 2.2% in response.

Nucor (NUE 40.97, +0.56) is adding 1.4% after reporting similar results to STLD. The steel producer beat Capital IQ earnings estimates by $0.03, and missed the Capital IQ revenue forecast by $60 million.

Meanwhile, AK Steel (AKS 5.82, +0.10), Cliffs Natural Resources (CLF 46.33, +0.71), and United States Steel (X 23.00, +0.17) are all seeing gains between 0.8% and 1.8%.

Elsewhere in the sector, potash miner Prospect Global (PGRX 2.83, +0.18) is advancing 6.8% after the company's feasibility study confirmed the strong economics of its potash project.DJ30 +18.59 NASDAQ -5.87 SP500 +1.34 NASDAQ Adv/Vol/Dec 978/924.7 mln/1321 NYSE Adv/Vol/Dec 1628/274.1 mln/1281

12:00 pm : The S&P 500 and Dow are hovering just above their respective flat lines, while the Nasdaq is lower by 0.2%.

Tech stocks are the biggest laggard of the day. Mellanox (MLNX 78.60, -19.55) is sliding 19.9% after reporting its third quarter earnings. The semiconductor producer beat both top and bottom line expectations, but cautious guidance gave investors cause for concern.

Cypress Semiconductor (CY 10.19, -0.78) is off by 7.1% after reporting in-line earnings and lowering guidance below consensus.

Nokia (NOK 2.84, -0.10) is slipping 3.4% despite beating on earnings and revenues.

On the upside, TIBCO Software (TIBX 27.23, +0.33) is adding 1.2% after Macquarie upgraded the stock to ‘outperform' from ‘neutral.'

Elsewhere, ASML Holdings (ASML 51.71, +1.63) is higher by 3.3% despite being downgraded to ‘sector perform' from ‘outperform' by RBC Capital. Note that yesterday ASML announced the acquisition of Cymer (CYMI 73.99, +2.54).DJ30 +24.33 NASDAQ -3.71 SP500 +2.25 NASDAQ Adv/Vol/Dec 971/811.3 mln/1279 NYSE Adv/Vol/Dec 1619/244.1 mln/1246

11:30 am : The S&P 500 and Dow are near their respective unchanged lines while the Nasdaq continues to underperform. The tech-heavy index is off by 0.4%.

Telecom stocks are the top performing group as investors show caution and turn to defensive stocks. As a result of the risk-off trade, major wireless and landline carriers are garnering interest. Verizon (VZ 46.08, +1.36) is advancing 3.0% after reporting in-line earnings and revenues. It should be noted that during the conference call, management said that capital expenditures will trend lower in 2013. This announcement is similar to sentiment expressed by numerous major companies which also plan to enact savings measures.

Peers AT&T (T 36.22, +0.50), MetroPCS (PCS 11.19, +0.24), and Sprint Nextel (S 5.76, +0.03) are all up between 0.6% and 2.4%.DJ30 +5.67 NASDAQ -10.99 SP500 -0.71 NASDAQ Adv/Vol/Dec 925/706.1 mln/1298 NYSE Adv/Vol/Dec 1464/214.7 mln/1359

11:00 am : The major averages are currently mixed. The Dow is marginally positive, while the S&P 500 trades lower by 0.1%. Meanwhile, the Nasdaq is down 0.4% as it trails the other indices.

Orient-Express Hotels (OEH 12.46, +3.44) is spiking 38.1% after reports indicated The Indian Hotels Company—which currently holds a 6.9% stake in Orient-Express—plans to make an offer to acquire the remaining shares outstanding. Starwood Hotels & Resorts (HOT 57.59, +0.13), Strategic Hotels & Resorts (BEE 6.11, +0.14), and Wyndham Worldwide (WYN 54.95, -0.09) all saw spikes which coincided with the move in Orient-Express.DJ30 +0.25 NASDAQ -13.20 SP500 -1.86 NASDAQ Adv/Vol/Dec 828/578.9 mln/1360 NYSE Adv/Vol/Dec 1374/180.1 mln/1432

10:35 am : Oil futures have been the big mover this morning. Overall, commodities are lower on the strength in the dollar index.

Earlier this morning, Nov crude oil futures were chopping around modestly lower, but just before 8:15am ET, crude dropped $1.40/barrel over the next hour to a new session low. It has since chopped around mostly below the $91 level, but is now -1.2% at $91.06/barrel.

Natural gas futures were trading 0.3% lower just ahead of the weekly inventory data at $3.46/MMBtu. Following the data, which showed a build of 51 bcf vs expectations of a build of 50 bcf, nat tanked 6 cents, or 2%, to a new LoD of $3.40/MMBtu. In current trade, nat gas is -0.5% at $3.45/MMBtu.

Precious metals have been in the red all session on the strength in the dollar index and are back near their session lows. In current trade, Dec gold is -0.6% at $1742.90/oz and Dec silver is -0.9% at $32.92/oz.DJ30 -2.79 NASDAQ -14.60 SP500 -2.64 NASDAQ Adv/Vol/Dec 783/455.1 mln/1357 NYSE Adv/Vol/Dec 1270/150 mln/1471

10:05 am : The major averages have surged to fresh session highs following the release of the latest Philadelphia Fed Survey. The S&P 500 is off by 0.1%.

The Philadelphia Fed Survey rose to 5.7 for October. This comes after September's reading of -1.9. Economists polled by Briefing.com had expected that the Survey would improve to a -0.1 reading for the month of October.

Separately, leading indicators for September increased by 0.6%, which is better than the 0.2% increase that had been widely forecast to follow prior month's decrease of 0.1%.DJ30 -6.48 NASDAQ -7.90 SP500 -2.23 NASDAQ Adv/Vol/Dec 880/287.6 mln/1144 NYSE Adv/Vol/Dec 1376/104.2 mln/1285

09:45 am : Equities are hovering near their opening levels as the S&P 500 trades lower by 0.2%.

Looking at the initial sector performance, only telecoms and financials are in the green. Meanwhile, materials and health care stocks are the biggest early laggards.

American Express (AXP 58.02, -1.35) is lower by 2.3% after its third quarter results beat Capital IQ earnings estimates by $0.01. Meanwhile, the company reported revenue of $7.86 billion, which fell short of the $7.93 billion expected by Capital IQ consensus.

October Philadelphia Fed Survey and September leading indicators will be released at 10:00 ET.DJ30 -17.35 NASDAQ -10.55 SP500 -3.20 NASDAQ Adv/Vol/Dec 755/185.5 mln/1220 NYSE Adv/Vol/Dec 1211/73.4 mln/1421

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -12.30.

As the start of the session nears, equity futures are pointing to a modestly lower open.

SUPERVALU (SVU 2.20, +0.16) is higher by 7.8%. Earlier, the company reported in-line revenues and missed Capital IQ earnings estimates by $0.13. In addition, company's management said its previously announced review of strategic alternatives is proceeding and the company is in active dialogue with several parties.

October Philadelphia Fed Survey and September leading indicators will be released at 10:00 ET.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -13.00. U.S. equity futures are near their pre-market lows as the S&P 500 futures trade lower by 0.3%.

It was a sea of green across Asia as all of the major bourses finished in positive territory following the in-line to better-than-expected Chinese data. Several key components of Australia's ASX saw an unusual spike in the opening seconds of trade. Approximately 12 companies, including banks NAB and CBA, spiked as much as 7.0% before plummeting back down to their respective flat lines. The unusual action is being investigated by Australian authorities. China's GDP growth crossed at an in-line 7.4% while fixed asset investment (20.5% YTDoY actual v. 20.2% YTDoY expected), industrial production (9.2% YoY actual v. 9.0% YoY expected), and retail sales (14.2% YoY actual v. 13.2% YoY expected) all beat. Data across the rest of the region was limited to Australia's NAB Quarterly Business Confidence survey which showed a slight uptick to -2 (-3 previous), and Hong Kong's unemployment rate which inched up to 3.3% from its previous level of 3.2%.

In Japan, the Nikkei gained 2.0% as exporters gained on the weaker yen. Honda Motor surged 4.0% and Toyota Motor climbed 2.5% despite reports suggesting the company will cut production by roughly 200,000 automobiles thanks to a slowdown in Chinese demand due to the conflict in the East China Sea.

Hong Kong's Hang Seng finished higher by 0.5% to end at its best level in almost eight months. Exporter Li & Fung rallied 4.4% to lead the advance while other blue chips such as China Mobile and Citic Pacific gained 2.2% and 3.7%, respectively.

China's Shanghai Composite advanced 1.2% following the mostly better-than-expected data. Real estate shares saw solid gains as China Vanke and Poly Real Estate advanced 3.8% and 6.4%, respectively. Financials posted gains, but underperformed, as Industrial & Commercial Bank of China added 1.0% to lead the way.

In Europe, similar to yesterday's session, markets are showing little change. The Bank of Spain reported an increase in its bad loan ratio to 10.5% in August from 10.1% during the previous month. In addition, Spain sold 3-, 4-, and 10-yr debt in an auction which went generally well. As a result, the country's 10-yr benchmark yield slipped six basis points to 5.408%. Elsewhere, Great Britain's retail sales were reported ahead of expectations. Year-over-year retail sales growth came in at 2.5%, while the month-over-month growth figure was reported at 0.6%. The consensus expected the two numbers to be reported at 2.1% and 0.4%, respectively. Meanwhile, the latest Eurozone summit begins today. The event coincides with an on-going 24-hour general strike in Greece. Reports indicate the protests have turned violent as police and protestors in Syntagma Square have exchanged tear gas and petrol bombs.

In the United Kingdom, the FTSE is off by 0.1%. Electricity provider SSE is down 2.1% after the country's Energy Minister expressed concerns regarding rising utility prices. Looking at the advancers, mining companies are showing strength. Eurasian Natural Resources, Evraz, and Kazakhmys are all up between 1.6% and 2.8%.

France's CAC is slipping 0.3% and consumer stocks are generally weaker. Pernod-Ricard and Loreal are lower by 3.2% and 1.8%, respectively. On the upside, Alcatel-Lucent is advancing 6.8% after announcing its plans to cut 15.0% of French jobs. The cost-cutting efforts are being undertaken as the company's stock trades near a 23-year low.

Germany's DAX is higher by 0.3% as financials outperform. Commerzbank and Deutsche Bank are adding between 1.5% and 1.9%. Car makers are also showing strength. Daimler trades higher by 3.1% after announcing cost-cutting measures which aim for at least EUR1 billion in savings. Peer BMW is adding 1.0%. On the downside, chemical producers are slumping. Lanxess is down 1.3% and Linde is off by 0.6%.

08:30 am : S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -9.00. Equity futures have fallen to pre-market lows following the release of the latest initial claims data. The S&P 500 futures are lower by 0.3%.

The latest weekly initial jobless claims count totaled 388,000, which is higher than the 360,000 that had been expected by the Briefing.com consensus. The tally is above the revised prior week count of 342,000. As for continuing claims, they fell to 3.252 million from 3.281 million.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -6.00. U.S. equity futures are modestly lower amid cautious European trade.

Overnight, the Asian markets continued to climb higher, while European bourses are currently mixed. The bullish sentiment in Asia followed a series of data points out of China. First, the country's GDP growth was reported in-line at 7.4%. While the reading met expectations, it should be noted that it was the lowest reported growth rate since the second quarter of 2009. In addition, the nation posted better-than-expected year-over-year retail sales and industrial production growth. The two data points were reported at 14.2% and 9.2%, respectively. Meanwhile, Japan's Nikkei jumped 2.0% to continue its recent surge as stocks were bid following better-than-expected data out of the U.S. and talks of additional easing measures to be undertaken by the Japanese government. The weaker yen also gave exporters a boost. Elsewhere, China's Shanghai Composite advanced 1.2%, and Hong Kong's Hang Seng added 0.5%.

In Europe, similar to yesterday's session, markets are showing little change. The Bank of Spain reported an increase in its bad loan ratio to 10.5% in August from 10.1% during the previous month. In addition, Spain sold 3-, 4-, and 10-yr debt in an auction which went generally well. As a result, the country's 10-yr benchmark yield slipped six basis points to 5.408%. Elsewhere, the UK retail sales were reported ahead of expectations. Year-over-year retail sales growth came in at 2.5%, while the month-over-month growth figure was reported at 0.6%. The consensus expected the two numbers to be reported at 2.1% and 0.4%, respectively. Meanwhile, the latest Eurozone summit begins today. The event coincides with an on-going 24-hour general strike in Greece. Reports indicate the protests have turned violent as police and protestors in Syntagma Square have exchanged tear gas and petrol bombs. Looking at regional indices, Germany's DAX is higher by 0.4%, while UK's FTSE and France's CAC are both slipping 0.1%.

In U.S. corporate news, Mellanox (MLNX 84.13, -14.02) is sliding 14.3% after reporting its third quarter earnings. The technology company beat both top and bottom line expectations, but cautious guidance gave the investors a cause for concern.

Morgan Stanley (MS 18.77, +0.28) is higher by 1.5% after its quarterly report revealed an earnings beat and a revenue miss.

Given Imaging (GIVN 16.93, +1.66) is advancing 10.9% after the company announced it is exploring strategic alternatives in order to maximize growth and shareholder value.

Nokia (NOK 3.07, +0.13) is rising by 4.4% after beating on earnings and revenues.

In today's economic data, weekly initial and continuing claims will be reported at 8:30 ET. Meanwhile, the October Philadelphia Fed Survey and September leading indicators will be released at 10:00 ET.

06:32 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -4.00.

06:32 am : Nikkei...8982.86...+176.30...+2.00%. Hang Seng...21518.71...+102.10...+0.50%.

06:32 am : FTSE...5921.09...+10.10...+0.20%. DAX...7423.97...+29.40...+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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