TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 4:33 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: October 25th Thursday TF, 6E & CL Futures $1180.00
PostPosted: Thu Oct 25, 2012 10:06 pm 
Offline
Site Admin

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

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

Attachment:
102512-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1180.00.png
102512-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1180.00.png [ 77.64 KiB | Viewed 287 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $900.00 dollars or +9.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $280.00 dollars or +0.28 points. Total Profit @ $1180.00 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=1352

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis)...regardless if I'm day trading, swing trading or position trading.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=192&t=1618

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

Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading (day trading, swing trading, position trading) and reactions to the markets...something I can not get from my broker statements alone.

U.S. Market Wrap

Oct. 25 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks advanced, sending the Standard & Poor’s 500 Index up from the lowest level in seven weeks, amid better-than-estimated corporate earnings.

Earnings Keep Stocks 'Stuck In A Rut'

Attachment:
102512-Key-Price-Action-Markets.png
102512-Key-Price-Action-Markets.png [ 541.96 KiB | Viewed 307 times ]

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

NEW YORK (CNNMoney) -- U.S. stocks closed with slim gains Thursday, as investors weighed better-than-expected economic data against concerns about corporate earnings.

The Dow Jones Industrial Average and Nasdaq rose 0.2%, while the S&P 500 rose about 0.3%.

Procter & Gamble (PG, Fortune 500) was the biggest gainer on the Dow after it reported mixed quarterly results, but maintained its outlook for the full year. Rival consumer products maker Colgate (CL, Fortune 500) said sales fell in the most recent quarter and announced a restructuring plan that includes cutting its workforce by 6% over the next four years. Shares fell almost 2%.

Unilever (UL), another consumer name, reported solid third-quarter results as growth in emerging markets offset weakness in developed economies.

ConocoPhillips (COP, Fortune 500) said earnings fell 31% in the third quarter as oil prices sank.

Sprint (S, Fortune 500) reported a net loss in the third quarter that widened from the same period last year.

After the close, tech giants Apple (AAPL, Fortune 500) and Amazon (AMZN, Fortune 500) reported results. Amazon's earnings and sales figures fell short of expectations, sending shares down more than 8% in after-hours trading. Apple shares also declined slightly after hours after the company posted weaker-than-expected fourth-quarter profits and forecast that sales next quarter would fall slightly short of analysts' expectations.

* Fear & Greed Index dips back into fear

While earnings expectations were low, the third quarter is shaping up to be a disappointment, said David Levy, a portfolio manager at Kenjol Capital Management in Austin, TX.

"Overall, earnings are the main reason the market has been stuck in a rut for the last 10 days," said Levy.

* 3 scariest things about this disappointing earnings season

At the same time, the market has been stymied by uncertainty ahead of the U.S. presidential election and concerns about the economic time bomb known as the fiscal cliff.

But Thursday's economic reports offered a silver lining. The government said first-time claims for unemployment benefits fell more than expected last week, to 369,000. Reports on durable goods and pending home sales in September also came in above expectations.

Investors have also been encouraged by signs of progress in Europe, where officials are expected to push ahead with plans to give Greece more time to meet its budget goals, said David Lutz, head ETF trader at Stifel Nicolaus in St. Louis.

"Some of the stress is coming off in the eurozone," said Lutz, adding that stocks are also benefiting from a rotation of money out of U.S. Treasuries.

* 5 hot emerging market blue chips

The UK government reported that the gross domestic product grew 1% in the third quarter, lifting that nation's economy out of recession.

European markets closed mixed. Britain's FTSE 100 ended little changed. The DAX in Germany added 0.1%, while France's CAC 40 fell 0.4%.

Late Thursday afternoon, however, Standard and Poor's downgraded three French banks including BNP Paribas (BNPQY), citing increased economic risks that leave them more exposed to a protracted recession in the eurozone.

Meanwhile, Asian markets ended mixed. The Shanghai Composite lost 0.7%, while the Hang Seng in Hong Kong gained 0.2%. The Nikkei jumped 1.1% on hopes the Bank of Japan will ease monetary policy when it meets next week.

Companies: Zynga (ZNGA) shares surged after the social gaming firm reported sales on Wednesday that topped forecasts. Zynga also announced a partnership with bwin.party, an international gaming operator that will enable real money casino games like poker, slots and roulette in the UK.

Shares of F5 Networks (FFIV) sank after the network technology firm reported quarterly earnings Wednesday that missed expectations.

Meanwhile, online security firm Symantec (SYMC, Fortune 500) jumped after offering strong guidance for the current quarter.

Shares of BestBuy (BBY, Fortune 500) fell after the retailer on Wednesday warned that third-quarter sales would be weaker than expected, and announced a management shakeup.

The New York Times (NYT) company reported a surprise loss for the third-quarter as advertising revenue continued to decline. Shares fell 22%.

Shares of Angie's List (ANGI) soared after the company's earnings results topped expectations.

Shares of Pandora (P) plunged nearly 12% Thursday, following a news report that said Apple was planning to launch a rival Internet radio service next year. Citing people familiar with the situation, Bloomberg said Apple could reach a deal to launch an ad-supported Internet radio service by mid-November, with a potential launch date sometime during the first quarter of 2013.

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

Oil for December delivery rose 32 cents to settle at $86.05 a barrel.

Gold futures for December delivery rose $11.40 to settle at $1,713 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.83% from 1.78% late Wednesday.

Image

Market Update

4:20 pm : Equities began the session with a bullish bias which failed to hold past the opening minutes. After opening near session highs, the S&P 500 spent the first hour in a steady decline towards the flat line. Once that level was reached, the index spent the remainder of the day trapped in a narrow range before ending with a slim gain of 0.3%.

Technology stocks lagged the broader market. The biggest tech component, Apple (AAPL 609.53, -7.29) slipped 1.2% as investors awaited the company's third quarter earnings report scheduled for this evening. Meanwhile, Microsoft (MSFT 27.88, -0.02) showed little change after the company unveiled its Windows 8 operating system, and launched the Surface tablet at an event in New York.

Elsewhere, F5 Networks (FFIV 83.00, -10.32) fell 11.1% after reporting mixed quarterly results. The company reported fourth quarter earnings of $1.12, which was $0.06 worse than the Capital IQ consensus forecast. Meanwhile, the revenue of $362.5 million was in-line with expectations. The company provided a cloudy outlook on the next quarter as it expects earnings and revenue to fall below consensus. The disappointing earnings report was met with two analyst downgrades and four price target cuts.

Symantec (SYMC 18.54, +1.16) advanced 6.7% after beating on earnings and revenues. The security software company announced second quarter earnings of $0.45 which was $0.07 better than the Capital IQ consensus forecast. Regarding future outlook, the company issued mixed guidance as it expects in-line revenues and earnings below consensus estimates.

Zynga (ZNGA 2.39, +0.26) spiked 12.3% after beating on the top and the bottom line. The social media gaming site reported third quarter revenue of $316.6 million, which was ahead of the expected $307.53 million. In addition, the company issued downside full-year 2012 guidance and announced plans to repurchase up to $200 million of its outstanding Class A common stock. Following the earnings release, Needham upgraded the stock to ‘buy' from ‘hold' with a $4.00 price target.

The Dow Jones Transportation Average outperformed the broader market and ended higher by 0.6%. United Continental (UAL 19.26, -1.01) was one of the weakest performers among the select transportation stocks. Earlier, the air carrier reported third quarter earnings of $1.35 which was $0.20 worse than the Capital IQ consensus estimate. Meanwhile, the airline's revenue was in-line with expectations. Following the earnings report, United Continental lost 5.0%. Peer Delta Air Lines (DAL 9.64, -0.40) slid 4.0% after announcing plans to withdraw older jets from its fleet. In addition, the company is looking to reduce its costs by about $1 billion.

Freight carrier CH Robinson (CHRW 59.10, +1.54) was the top performer among transportation stocks. The company's shares settled higher by 2.7% as the stock rebounded from yesterday's earnings-driven decline of 5.6%.

Homebuilders were under pressure today, and the SPDR Homebuilders ETF (XHB 25.62, -0.29) settled lower by 1.1%. Yesterday, after the close, Ryland Group (RYL 34.06, +1.27) reported third quarter earnings of $0.45, which was $0.24 better than the Capital IQ consensus estimate. The company's revenue of $358.7 million also exceeded expectations. Ryland was one of few advancers among homebuilders as it registered a gain of 3.9%.

PulteGroup (PHM 17.01, -0.44) also announced its quarterly results. The homebuilder reported earnings of $0.27 which was $0.07 ahead of the Capital IQ consensus estimate. Meanwhile, the company's revenue fell short of expectations. As a result, the stock settled lower by 2.5%.

Casino stocks saw broad strength after Wynn Resorts (WYNN 120.43, +8.14) delivered strong third quarter results. The casino operator reported in-line revenue and earnings of $1.48, which was better than the Capital IQ consensus estimate. In addition, the company declared a $7.50 special dividend, and announced plans to double the quarterly dividend to $1.00 during fiscal-year 2013. Shares of Wynn surged 7.3% while peers Las Vegas Sands (LVS 46.25, +1.96) and Melco Crown Entertainment (MPEL 14.76, +0.86) saw respective gains of 4.4% and 6.2%.

The latest weekly initial jobless claims count totaled 369,000, which was lower than the 375,000 that had been expected by the Briefing.com consensus. The tally is below the revised prior week count of 392,000. As for continuing claims, they fell to 3.254 million from 3.256 million.

Separately, durable goods orders increased in September by 9.9%, which was better than the 8.0% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised to -13.1%.

Excluding transportation related items, durable goods orders increased in September by 2.0%, which was better than the 1.0% increase that had been broadly anticipated. Prior month's reading was revised from -1.6% to -2.1%.

Pending home sales for September increased by 0.3%, which was worse than the 2.4% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's 2.6% decrease.

Tomorrow, the third quarter advance GDP growth reading and the chain deflator will be announced at 8:30 ET. Additionally, the October Michigan Sentiment --final reading will be reported at 9:55 ET.DJ30 +26.34 NASDAQ +4.42 SP500 +4.22 NASDAQ Adv/Vol/Dec 1434/1.82 bln/1041 NYSE Adv/Vol/Dec 1800/696.0 mln/1190

3:30 pm : Crude oil retreated from its session high of $86.60 per barrel set in early morning pit action and fell into negative territory. However, the energy component regained some momentum after dipping to a session low of $85.23 per barrel. Crude inched higher in afternoon floor trade and settled with a 0.2% gain at $85.97 per barrel.

Natural gas spent most of its session in negative territory. It fell to a session low of $3.36 per MMBtu following inventory data that showed a build of 67 bcf when a build of 70 bcf was widely anticipated. The move quickly reversed and natural gas spent the remainder of the session attempting to erase losses. It eventually settled at $3.43 per MMBtu, or 0.6% lower. Precious metals were in positive territory for all of pit trade.

Both gold and silver traded near their respective session highs of $1718.90 per ounce and $32.26 per ounce despite the dollar index coming out of the red. Gold settled 0.7% higher at $1713.10 per ounce, while silver booked a gain of 1.3% as it closed at $32.08 per ounce.DJ30 -0.27 NASDAQ +1.76 SP500 +1.77 NASDAQ Adv/Vol/Dec 1356/1480.6 mln/1085 NYSE Adv/Vol/Dec 1612/466 mln/1341

3:00 pm : The major averages remain trapped in a narrow afternoon range and the S&P 500 is adding 0.2%.

More than a hundred companies are scheduled to report their earnings after the close. Today's headline report will come from Apple (AAPL 610.74, -6.09) as the Capital IQ consensus expects the tech giant to report earnings of $8.84 on $36.17 billion in revenue.

Amazon (AMZN 228.93, +0.44) is also scheduled to report. The Capital IQ consensus expects the online retailer to report a loss of $0.05 on revenue of $13.91 billion. Other notable names scheduled to report after the bell include, CBRE Group (CBG 18.25, -0.24), DeVry (DV 20.90, -0.28), Express Scripts (ESRX 62.81, +0.59), Las Vegas Sands (LVS 46.18, +1.89), and Netgear (NTGR 35.90, -1.06).

Tomorrow, before the open, Aon (AON 52.59, +0.21), Arch Coal (ACI 7.43, -0.10), Comcast (CMCSA 36.42, 0.00), Goodyear Tire (GT 12.24, -0.02), and Merck (MRK 46.21, +0.33) are all scheduled to report.DJ30 +3.78 NASDAQ +4.74 SP500 +2.65 NASDAQ Adv/Vol/Dec 1400/1.37 bln/1040 NYSE Adv/Vol/Dec 1660/429.1 mln/1280

2:30 pm : Range-bound afternoon trade continues as the S&P 500 hovers about three points above its flat line.

Casino stocks are seeing broad strength after Wynn Resorts (WYNN 119.56, +7.27) delivered strong third quarter results. The casino operator reported in-line revenue and earnings of $1.48, which was better than the Capital IQ consensus estimate. In addition, the company declared a $7.50 special dividend, and announced plans to double the quarterly dividend to $1.00 during fiscal-year 2013. Shares of Wynn are rising by 6.5% while peers Las Vegas Sands (LVS 46.08, +1.79) and Melco Crown Entertainment (MPEL 14.78, +0.88) are seeing respective gains of 4.0% and 6.2%. Note that Las Vegas Sands is scheduled to report its earnings after today's close.DJ30 +2.50 NASDAQ +4.12 SP500 +2.66 NASDAQ Adv/Vol/Dec 1354/1.27 bln/1057 NYSE Adv/Vol/Dec 1639/395.4 mln/1306

2:00 pm : Afternoon trade continues in range bound fashion and the S&P 500 trades higher by 0.2%.

For-profit education stocks are seeing weakness following a disappointing quarterly report from ITT Educational Services (ESI 22.56, -2.55). Earlier, the company reported in-line revenue and third quarter earnings of $1.83, which was $0.07 better than the Capital IQ consensus estimate. However, the company issued downside full-year 2012 guidance, and the management commented on future admissions by saying enrollment trends take time to turn around. ITT is slumping 10.2% and other for-profit education stocks are also seeing weakness. Apollo Group (APOL 19.52, -0.34), New Oriental Education & Technology (EDU 16.92, -0.42), and DeVry (DV 20.81, -0.36) are all down between 1.7% and 2.4%.DJ30 +10.20 NASDAQ +6.79 SP500 +3.76 NASDAQ Adv/Vol/Dec 1408/1.18 bln/1005 NYSE Adv/Vol/Dec 1688/367.2 mln/1256

1:30 pm : The Dow Jones Transportation Average is adding 0.2% as it trades ahead of the broader market.

United Continental (UAL 19.55, -0.72) is one of the weakest performers among the select transportation stocks. Earlier, the air carrier reported third quarter earnings of $1.35 which was $0.20 worse than the Capital IQ consensus estimate. Meanwhile, the airline's revenue was in-line with expectations. Following the earnings report, United Continental is down 3.6%.

Delta Air Lines (DAL 9.66, -0.38) is sliding 3.8% after announcing plans to withdraw older jets from its fleet. In addition, the company is looking to reduce its costs by $1 billion.

Freight carrier CH Robinson (CHRW 59.13, +1.59) is the top performer among transportation stocks. The company's shares are trading higher by 2.8% as they rebound from yesterday's earnings-driven decline of 5.6%.DJ30 +17.32 NASDAQ +7.39 SP500 +4.33 NASDAQ Adv/Vol/Dec 1403/1.09 bln/1007 NYSE Adv/Vol/Dec 1685/341.6 mln/1236

1:00 pm : The major averages displayed strength at the start of the session. However, the bullish sentiment was dispelled shortly after the open when the key indices marked their respective highs, and headed lower. Today's disappointing pending home sales report also contributed to cautious trade. At midday, the S&P 500 is higher by 0.2%.

Technology stocks are lagging the broader market. The biggest tech component, Apple (AAPL 609.22, -7.62), is off by 1.3% as investors await the company's third quarter results which will be released after the close. Meanwhile, Microsoft (MSFT 27.90, 0.00) is showing little change as the company unveils its Windows 8 operating system, and launches the Surface tablet at an event in New York.

Elsewhere, F5 Networks (FFIV 82.77, -10.55) is falling 11.3% after reporting mixed quarterly results. The company reported fourth quarter earnings of $1.12, which was $0.06 worse than the Capital IQ consensus forecast. Meanwhile, the revenue of $362.5 million was in-line with expectations. The company provided a cloudy outlook on the next quarter as it expects earnings and revenue to fall below consensus. The disappointing earnings report was met with two analyst downgrades and four price target cuts.

Symantec (SYMC 18.28, +0.90) is advancing 5.2% after beating on earnings and revenues. The security software company announced second quarter earnings of $0.45 which was $0.07 better than the Capital IQ consensus forecast. Regarding future outlook, the company issued mixed guidance as it expects in-line revenues and earnings below consensus estimates.

Zynga (ZNGA 2.40, +0.27) is higher by 12.3% after beating on the top and the bottom line. The social media gaming site reported third quarter revenue of $316.6 million, which was ahead of the expected $307.53 million. In addition, the company issued downside full-year 2012 guidance and announced plans to repurchase up to $200 million of its outstanding Class A common stock. Following the earnings release, Needham upgraded the stock to ‘buy' from ‘hold' with a $4.00 price target.

Homebuilder stocks are under pressure today and the SPDR Homebuilders ETF (XHB 25.54, -0.36) trades lower by 1.4%. Yesterday, after the close, Ryland Group (RYL 33.30, +0.51) reported third quarter earnings of $0.45, which was $0.24 better than the Capital IQ consensus estimate. The company's revenue of $358.7 million also exceeded expectations. Ryland is one of few advancers among homebuilders as it trades higher by 1.5%.

PulteGroup (PHM 16.80, -0.65) also reported its quarterly results. The homebuilder reported earnings of $0.27 which was $0.07 ahead of the Capital IQ consensus estimate. Meanwhile, the company's revenue fell short of expectations. As a result, the stock is trading lower by 3.7%.

Other homebuilder stocks are trading largely in-line with PHM. DR Horton (DHI 20.89, -0.52) and Lennar (LEN 37.30, -0.90) are down 2.3% and 2.4%, respectively.

The latest weekly initial jobless claims count totaled 369,000, which was lower than the 375,000 that had been expected by the Briefing.com consensus. The tally is below the revised prior week count of 392,000. As for continuing claims, they fell to 3.254 million from 3.256 million.

Separately, durable goods orders increased in September by 9.9%, which was better than the 8.0% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised to -13.1%.

Excluding transportation related items, durable goods orders increased in September by 2.0%, which was better than the 1.0% increase that had been broadly anticipated. Prior month's reading was revised from -1.6% to -2.1%.

Pending home sales for September increased by 0.3%, which was worse than the 2.4% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's 2.6% decrease.DJ30 +9.22 NASDAQ +3.58 SP500 +2.66 NASDAQ Adv/Vol/Dec 1324/1.01 bln/1057 NYSE Adv/Vol/Dec 1609/316.3 mln/1283

12:30 pm : The major averages have shown little change in the past 30 minutes. The Dow is the weakest index as it trades lower by 0.2%.

Looking at the materials sector, steel stocks are mixed after a major producer reported its earnings. Cliffs Natural Resources (CLF 38.56, -4.13) is down 9.7% after reporting disappointing quarterly results. The steelmaker reported third quarter earnings of $0.61, which was $0.48 worse than the Capital IQ consensus estimate. The company's revenue of $1.54 billion also fell short of the expected $1.72 billion. Regarding the company's future, the management lowered its expectations for Chinese steel demand. Peers ArcelorMittal (MT 15.40, -0.21) and Nucor (NUE 40.23, -0.26) are down 1.3% and 0.6%, respectively. Meanwhile, Steel Dynamics (STLD 12.76, +0.05) trades higher by 0.5%.

Paper producers are broadly lower after International Paper (IP 34.88, -1.50) reported earnings and revenues below Capital IQ consensus estimates. Peers Louisiana-Pacific (LPX 15.12, -0.61) and KapStone Paper (KS 21.63, -0.63) are seeing respective losses of 3.9% and 1.6%.

Domtar Corporation (UFS 78.57, +1.34) is a lone advancer among paper producers. The strength results from the company's earnings report which revealed in-line revenue and earnings of $1.87 which were $0.21 ahead of the Capital IQ forecast.DJ30 -25.71 NASDAQ -1.80 SP500 -1.51 NASDAQ Adv/Vol/Dec 1224/930.1 mln/1145 NYSE Adv/Vol/Dec 1413/288.9 mln/1477

12:00 pm : The major averages have all turned negative during the past 30 minutes. The S&P 500 is currently lower by 0.1%.

Homebuilder stocks are under pressure today and the SPDR Homebuilders ETF (XHB 25.55, -0.36) trades lower by 1.4%. Yesterday, after the close, Ryland Group (RYL 33.47, +0.68) reported third quarter earnings of $0.45, which was $0.24 better than the Capital IQ consensus estimate. The company's revenue of $358.7 million also exceeded expectations. Ryland is one of few advancers among homebuilders as it trades higher by 2.1%.

PulteGroup (PHM 16.80, -0.65) also reported its quarterly results. The homebuilder reported earnings of $0.27 which was $0.07 ahead of the Capital IQ consensus estimate. Meanwhile, the company's revenue fell short of expectations. As a result, the stock is trading lower by 3.7%.

Other homebuilder stocks are trading largely in-line with PHM. DR Horton (DHI 20.84, -0.57) and Lennar (LEN 36.94, -1.25) are down 2.7% and 3.3%, respectively.DJ30 -11.17 NASDAQ -0.05 SP500 -0.87 NASDAQ Adv/Vol/Dec 1258/826.8 mln/1083 NYSE Adv/Vol/Dec 1427/257.1 mln/1439

11:30 am : The major averages are continuing their retreat and the Dow has just marked a fresh low. The index is currently off by 0.1%.

The technology sector is trading largely in-line with the broader market. The biggest tech component, Apple (AAPL 613.50, -1.33), is off by 0.5% as investors await the company's third quarter results which will be released after the close. Meanwhile, Microsoft (MSFT 27.94, +0.04) is adding 0.1% as the company is set to unveil its Windows 8 operating system, and launch the Surface tablet at an event in New York.

Elsewhere, F5 Networks (FFIV 82.50, -10.82) is falling 11.6% after reporting mixed quarterly results. The company reported fourth quarter earnings of $1.12, which was $0.06 worse than the Capital IQ consensus forecast. Meanwhile, the revenue of $362.5 million was in-line with expectations. The company provided a cloudy outlook on the next quarter as it expects earnings and revenue to fall below consensus. The disappointing earnings report was met with two analyst downgrades and four price target cuts.

Symantec (SYMC 18.22, +0.84) is advancing 4.8% after beating on earnings and revenues. The security software company announced second quarter earnings of $0.45 which was $0.07 better than the Capital IQ consensus forecast. Regarding future outlook, the company issued mixed guidance as it expects in-line revenues and earnings below consensus estimates.

Zynga (ZNGA 2.39, +0.26) is higher by 12.3% after beating on the top and the bottom line. The social media gaming site reported third quarter revenue of $316.6 million, which was ahead of the expected $307.53 million. In addition, the company issued downside full-year 2012 guidance and announced plans to repurchase up to $200 million of its outstanding Class A common stock. Following the earnings release, Needham upgraded the stock to ‘buy' from ‘hold' with a $4.00 price target.DJ30 -4.32 NASDAQ +3.12 SP500 +0.93 NASDAQ Adv/Vol/Dec 1366/713.3 mln/948 NYSE Adv/Vol/Dec 1596/222.1 mln/1252

11:00 am : The major averages have retreated off their opening levels and the three indices now trade near their respective lows. The S&P 500 is higher by 0.3%.

Health care stocks are outperforming the broader market. Within the space, PSS World Medical (PSSI 28.66, +7.06) is surging 32.6% after McKesson (MCK 92.83, +3.32) agreed to buy the medical equipment provider for $29.00 per share in cash, which represents a 34.3% premium to yesterday's closing price.

Biogen (BIIB 145.76, +3.70) is advancing 2.6% after its third quarter earnings of $1.91 were $0.31 better than the Capital IQ consensus estimates. Meanwhile, the biotech company's revenue of $1.39 billion was in-line with analyst expectations.

Hill-Rom Holdings (HRC 29.46, +1.85) is surging 6.7%. The medical technology supplier reported earnings in-line with Capital IQ consensus estimates, while its revenue of $432 million exceeded expectations. In addition, the company issued downside first quarter guidance, but it expects full-year 2013 earnings to fall in-line with expectations.

On the downside, Mead Johnson Nutrition (MJN 63.60, -5.91) is sliding 8.5% after reporting disappointing earnings. The infant formula producer reported earnings of $0.71, which was $0.01 short of Capital IQ consensus estimates. The company's revenue also fell short of expectations, and the management narrowed its full-year 2012 earnings guidance below consensus.DJ30 +35.25 NASDAQ +7.46 SP500 +4.22 NASDAQ Adv/Vol/Dec 1415/594.7 mln/889 NYSE Adv/Vol/Dec 1699/182.2 mln/1111

10:30 am : Natural gas futures were on a downtrend this morning and hit a new session low of $3.40 just ahead of the weekly nat gas inventory data. Following the data, which showed a build of 67 bcf vs. consensus which called for a build of 70 bcf. Nov nat gas moves only modestly higher following the inventory data and is now -0.9% at $3.42/MMBtu.

Dec crude oil has been in positive territory all morning and rose as high as $86.70 about 45 min before floor trading began. In more current action, crude oil is +0.6% at $86.25/barrel.

Precious metals have also been in positive territory all session so far and hit their own new session highs in recent activity. Dec gold is now +0.9% at $1716.50/oz, while Dec silver is +1.7% at $32.17/oz. Dec copper is +0.04% at $3.57/lb.DJ30 +53.76 NASDAQ +14.69 SP500 +6.96 NASDAQ Adv/Vol/Dec 1572/726.5 mln/675 NYSE Adv/Vol/Dec 1909/141 mln/869

10:00 am : The major averages ticked down following the release of the latest pending home sales data.

Pending home sales for September increased by 0.3%, which is worse than the 2.4% increase that had been expected among economists polled by Briefing.com. Today's reading follows last month's 2.6% decrease.

The SPDR S&P Homebuilders ETF (XHB 25.83, -0.08) showed little change following the data's release.DJ30 +55.56 NASDAQ +11.75 SP500 +6.93 NASDAQ Adv/Vol/Dec 1503/304.2 mln/672 NYSE Adv/Vol/Dec 1955/103.1 mln/775

09:50 am : The major averages are holding their opening gains and the S&P 500 trades higher by 0.7%.

3D Systems (DDD 41.32, +5.40) is spiking 15.0% after reporting positive earnings. During the third quarter, the 3D printing company earned $0.32 which was $0.05 ahead of the Capital IQ consensus. The company's revenue of $90.5 million also exceeded analyst expectations. The company management was upbeat about the future and issued upside full-year earnings and revenue guidance.

On the downside, Cabela's (CAB 47.00, -8.14) is sinking 14.7% after reporting mixed quarterly results. The sporting goods store operator reported earnings of $0.60, which was in-line with Capital IQ consensus estimates. However, third quarter revenues fell short of expectations. As a result of today's selling, the stock has fallen to levels last seen in late August.

September pending home sales will be announced at 10:00 ET.DJ30 +61.78 NASDAQ +17.95 SP500 +9.13 NASDAQ Adv/Vol/Dec 1660/211.1 mln/491 NYSE Adv/Vol/Dec 2163/77.4 mln/527

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +19.30. Heading into the open, equity futures continue to hover near their pre-market highs and the S&P 500 futures are adding 0.6%.

The financial sector is poised for a higher open as major components trade higher in pre-market. Goldman Sachs (GS 120.98, +1.21), JPMorgan Chase (JPM 42.13, +0.42), and Morgan Stanley (MS 17.42, +0.24) are all up between 1.0% and 1.5%.

In M&A news, PSS World Medical (PSSI 28.59, +6.99) is surging 32.4% after McKesson (MCK 89.51, 0.00) agreed to buy the medical equipment provider for $29.00 per share in cash, which represents a 34.3% premium to yesterday's closing price.

September pending home sales will be announced at 10:00 ET.

09:00 am : S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +19.00. U.S. equity futures continue to trade near their pre-market highs and the S&P 500 is adding 0.6%.

The major Asian bourses were mostly higher as markets gained on fresh hopes of another Japanese stimulus plan. Reports out overnight suggest a fresh JPY400-700 billion stimulus program is on the verge of being launched by the Bank of Japan, and that it could come as soon as tonight. The reports are rather surprising considering the central bank announced a JPY10 trillion program just one month ago. Elsewhere, headlines out of China suggest Beijing is preparing a fiscal package, but details were scarce. Central banks in the region met expectations with the Philippines cutting its key rate 25 basis points to 3.50% and New Zealand standing pat at 2.50%. Economic data showed the Philippines' trade deficit widen to $1.3 billion ($640 million expected, $236 million previous), Singapore's industrial production slump 2.5% year-over-year (+1.9% expected), Thailand's industrial production plunge 13.7% year-over-year (-9.9% expected), and Hong Kong's trade deficit grow to HK$45.2 billion (HK$40.8 billion expected, HK$36.0 billion previous).

In Japan, the Nikkei closed higher by 1.1% to end at its best level in four weeks. Exporters were strong as the yen weakened with Nissan Motor gaining 1.9% and Komatsu adding 1.8%. Meanwhile, Sharp tumbled 4.2% on reports the co will likely post a loss double analyst estimates.

Hong Kong's Hang Seng added 0.2% as shares gained for a tenth straight day, its longest rally in seven years. Energy giant Cnooc added 1.9% after raising its production target, and Wynn added 2.5% following its earnings.

China's Shanghai Composite settled lower by 0.7% as property developers and insurers weighed. Poly Real Estate fell 2.5% and Ping An lost 2.0% to lead their respective sectors lower. Steel stocks saw a rebound with Angang Steel climbing 2.3% as traders move into the heavily beaten down space.

In Europe, a plethora of earnings are dominating the headlines, but one economic data point giving support to the markets came from the United Kingdom where the third quarter GDP growth was reported at 1.0%. In addition, the year-to-year reading was unchanged, which was ahead of the expected 0.5% contraction. Elsewhere in the region, Eurozone private loans declined 0.8% on a yearly basis, and Italian retail sales were reported unchanged since last month. Both numbers came in below expectations as private loans were expected to slip 0.6% and forecasts called for a 0.3% uptick in Italian retail sales.

In the United Kingdom, the FTSE is higher by 0.4% and financials are supporting the advance. Lloyds Banking Group is advancing 2.5% and Barclays is adding 2.0%. Meanwhile, energy stocks are seeing weakness. AMEC and Royal Dutch Shell are down 1.6% and 1.1%, respectively.

France's CAC is advancing 0.6% and producers of basic materials are outperforming. Air Liquide and Lafarge are rising by 1.3% and 1.9%, respectively. France Telecom is the worst performer in the CAC. The telecom stock trades lower by 3.0% after the company announced it will lower its dividend by as much as 41.0% as compared to last year.

Germany's DAX is firmer by 0.5%. Chemical producers are seeing broad strength as BASF and Lanxess trade higher by 1.9% and 2.2%, respectively. Earlier, BASF Chief Executive Officer, Kurt Bock, said in a Bloomberg TV interview that the company plans to expand its North America operations. On the downside, Daimler is off by 3.1% after the carmaker abandoned its profit-margin target for next year.

08:36 am : [BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +17.30. Equity futures ticked down following the latest weekly initial claims and durable goods orders data. The S&P 500 futures are higher by 0.5%.

The latest weekly initial jobless claims count totaled 369,000, which is lower than the 375,000 that had been expected by the Briefing.com consensus. The tally is below the revised prior week count of 392,000. As for continuing claims, they fell to 3.254 million from 3.256 million.

Separately, durable goods orders increased in September by 9.9%, which is better than the 8.0% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised to -13.1%.

Excluding transportation related items, durable goods orders increased in September by 2.0%, which is better than the 1.0% increase that had been broadly anticipated. Prior month's reading was revised from -1.6% to -2.1%.

08:00 am : S&P futures vs fair value: +9.20. Nasdaq futures vs fair value: +19.80. U.S. equity futures are modestly higher amid upbeat overseas trade.

Overnight, the global equity markets inched higher. In Asia, Japan's Nikkei was boosted to a 1.1% gain when press reports suggested the Bank of Japan is set to launch a JPY400-700 billion stimulus plan, perhaps as early as tomorrow. This put pressure on the yen, and drove equities higher. In China, stimulus talks continued as a press report cited a National Development and Reform Commission official who suggested a fiscal stimulus package may be on the way. Meanwhile, the People's Bank of China engaged in another round of reverse repos in the amount of CNY225 billion. The Shanghai Composite, however, did not respond positively to the action and settled lower by 0.7%. Hong Kong's Hang Seng added 0.2%.

In Europe, a plethora of earnings are dominating the headlines, but one economic data point giving support to the markets came from the United Kingdom where the third quarter GDP growth was reported at 1.0%. In addition, the year-to-year reading was unchanged, which was ahead of the expected 0.5% contraction. Elsewhere in the region, Eurozone private loans declined 0.8% on a yearly basis, and Italian retail sales were reported unchanged since last month. Both numbers came in below expectations as private loans were expected to slip 0.6% and forecasts called for a 0.3% uptick in Italian retail sales. Nearing midday, France's CAC is higher by 0.5%, Germany's DAX is advancing 0.6%, and UK's FTSE is adding 0.3%.

In U.S. corporate news, Symantec (SYMC 19.20, +1.82) is advancing 10.5% after beating on earnings and revenues. The security software company announced second quarter earnings of $0.45 which was $0.07 better than the Capital IQ consensus forecast. Regarding future outlook, the company issued mixed guidance as it expects in-line revenues and earnings below consensus estimates.

Zynga (ZNGA 2.52, +0.39) is higher by 18.4% after beating on the top and the bottom line. The social media gaming site reported third quarter revenue of $316.6 million, which was ahead of the expected $307.53 million. In addition, the company issued downside full-year 2012 guidance and announced plans to repurchase up to $200 million of its outstanding Class A common stock. Following the earnings release, Needham upgraded the stock to ‘buy' from ‘hold' with a $4.00 price target.

F5 Networks (FFIV 83.34, -9.98) is falling 10.7% after reporting mixed earnings. The company reported fourth quarter earnings of $1.12, which was $0.06 worse than the Capital IQ consensus forecast. Meanwhile, the revenue of $362.5 million was in-line with expectations. The company provided a cloudy outlook on the next quarter as it expects earnings and revenues to fall below consensus. The disappointing earnings were met with two analyst downgrades and four price target cuts.

Cliffs Natural Resources (CLF 40.18, -2.51) is down 5.9% after reporting disappointing quarterly results. The steel producer reported third quarter earnings of $0.61, which was $0.48 worse than the Capital IQ consensus estimate. The steelmaker's revenue of $1.54 billion also fell short of the expected $1.72 billion. Regarding the company's outlook, the management lowered its expectations for Chinese steel demand.

In today's economic news, weekly initial and continuing claims, durable orders, and durable orders --ex transportation will all be reported at 8:30 ET. In addition, September pending home sales will be announced at 10:00 ET.

The U.S. Treasury will auction off $29 billion in 7-yr notes.

06:39 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +18.00.

06:39 am : Nikkei...9055.20...+100.90...+1.10%. Hang Seng...21810.23...+46.50...+0.20%.

06:39 am : FTSE...5819.63...+14.90...+0.20%. DAX...7229.62...+36.80...+0.50%.

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

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

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


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

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


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

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