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 Post subject: October 26th Friday TF, 6E & CL Futures $2250.00
PostPosted: Fri Oct 26, 2012 11:40 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 @ $2250.00 dollars or +22.50 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $2250.00 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=1353

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). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade or position trade.

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. 26 (Bloomberg) -- Bloomberg's Dina Gusovsky reports on the performance of the U.S. equity market today. Most U.S. stocks retreated, driving the Standard & Poor’s 500 Index to a weekly decline, as investors watched economic and corporate earnings reports.

Dow, S&P 500 Slide More Than 1% For Week

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

NEW YORK (CNNMoney) -- U.S. stocks ended a choppy session little changed Friday, but logged another week of losses amid lackluster corporate earnings.

More than half of the S&P 500 companies have reported third-quarter financial results so far, and while more than 70% have delivered earnings above Wall Street's estimates, only 36% have topped sales forecasts, according to FactSet Research. That is well below the average of 55% that typically beat revenue estimates.

Moreover, companies have been tepid in their outlooks for the remainder of the year.

The dull results have pushed investors to the sidelines. In fact, all three indexes posted their second weekly loss in three weeks. The Dow Jones industrial average declined 1.8%, the S&P 500 slid 1.5%, and the Nasdaq dropped 0.6% during the week.

In addition, traders have become risk-averse ahead of the U.S. presidential elections, while concerns about the fiscal cliff continue to weigh on the market. The uncertainty has stocks on track to finish October in the red, logging their first monthly loss since May.

Trading on Friday was choppy, as investors remained focused on earnings but also digested a mixed bag of economic data.

A stronger-than-expected report on U.S. economic growth was encouraging, but a reading on consumer sentiment fell short of expectations.

Gross domestic product, the broadest measure of economic activity, rose at a 2% annual rate in the third quarter, according to government data. The figure was higher than the 1.7% rate economists surveyed by CNNMoney had forecast. GDP grew at a rate of 1.3% in the second quarter.

While the University of Michigan's index measuring consumer sentiment improved in October to 82.6 from the prior month, it was revised down from a preliminary reading of 83.1, disappointing analysts who were expecting the index to remain unchanged

After flipping between small gains and losses through the trading day, the Dow and Nasdaq finished up less than 0.1%, while the S&P 500 shed 0.1%.

Banks were among the biggest decliners, with Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) dragging on the Dow. Citigroup (C, Fortune 500) shares fell sharply after Massachusetts regulators fined one of the bank's unit $2 million for failing to prevent analysts from illegally leaking confidential information about Facebook's (FB) initial public offering.

* Fear & Greed Index

European stocks ended higher Friday. Britain's FTSE 100 rose slightly, while the DAX in Germany gained 0.4% and France's CAC 40 added 0.7%.

Spain's IBEX 35 also ended lower after government statistics showed Spanish unemployment rose to a record high of 25% in the third quarter.

On Thursday, Standard & Poor's cut its ratings on BNP Paribas and two other major French banks, citing the rising economic risks that they face.

Meanwhile, Asian markets ended lower. The Shanghai Composite tumbled 1.7%, the Hang Seng in Hong Kong sank 1.2%, and Japan's Nikkei flopped 1.3%.

Companies: Apple (AAPL, Fortune 500), one of the most widely held stocks in the S&P 500, reported quarterly results that missed expectations, as iPad sales came in lower than forecasts. But the company's forecast for next quarter was a blockbuster, as Apple said it expects sales of around $52 billion, up 12% from last year's holiday quarter. Shares of Apple slipped almost 1% Friday.

Amazon (AMZN, Fortune 500) shares rose 7% a day after the company reported a narrower-than-expected loss, despite missing on sales.

Merck (MRK, Fortune 500) reported third-quarter earnings that beat analysts' expectations, but a decline in sales worldwide sent shares lower.

Comcast (CMCSA)said earnings jumped 136% in the third quarter from the same period last year, helped by coverage of the 2012 Olympic Games. Shares of Comcast rose more than 3%.

Shares of Expedia (EXPE) rallied after the travel website reported strong quarterly earnings late Thursday.

Deckers Outdoor (DECK) tumbled after the maker of Ugg boots and Teva sandals slashed its outlook for the remainder of the year.

* Video - Expedia takes off

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

Oil for December delivery rose 23 cents to settle at $86.28 a barrel.

Gold futures for December delivery fell $1.10 to settle at to $1,711.90 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.75% from 1.83% late Thursday.

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Market Update

4:20 pm : Equities showed indecision in the early going after Apple (AAPL 604.00, -5.54) and Amazon (AMZN 238.24, +15.32) delivered disappointing results, while the first reading of the third quarter GDP was reported ahead of expectations. The S&P 500 followed the early choppiness with a late-morning slide into the red. After reaching session lows near 1,403, the index reversed and headed for fresh highs. However, the benchmark average could not hold its best level of the day and settled lower by 0.1%.

The advance GDP reading for the third quarter suggested the economy grew at a 2.0% rate in the second quarter when an increase of 1.9% had been expected among economists polled by Briefing.com. The slight beat comes as government spending contributed 0.7% to the number. The third quarter chain deflator reportedly increased by 2.8%, which was ahead of the 2.0% increase that had been broadly anticipated.

Technology stocks were in the spotlight as the market reacted to earnings from major sector components. Apple shed 0.9% after reporting mixed results. During the fourth quarter, the tech giant earned $8.67 which was $0.08 worse than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $35.97 billion was in-line with expectations. The gross margin guidance, however, was a point of concern as the company expects the number to be near 36.0% in the first quarter, versus the 40.0% expected by analysts. Also note that the company lowered its earnings and revenue guidance below consensus.

Amazon gained 6.9% after reporting its earnings. The online retailer lost $0.23 per share. However, the number may not be comparable to the Capital IQ consensus estimate which forecast a loss of $0.10. The company's revenue of $13.81 billion was largely in-line with expectations, but management issued downside fourth quarter guidance.

Comcast (CMCSA 37.56, +1.20) advanced 3.3% after beating on earnings and revenues. The management commented on the reporting period by saying, "The third quarter continues our momentum. Cable's results show real strength in every part of the business, producing sustainable and profitable growth while we expand our product offerings, deliver more innovation and continue to transform the customer experience."

NetSuite (N 65.40, +8.49) surged 14.9% after the maker of ERP software reported earnings of $0.08 on $79.8 million in revenue. Both numbers came in ahead of the Capital IQ consensus estimates.

Coal stocks were broadly higher after Arch Coal (ACI 8.09, +0.78) and Cloud Peak Energy (CLD 21.20, +2.21) beat on earnings and revenues. During the third quarter, Arch Coal earned $0.20, which was $0.35 ahead of the Capital IQ consensus estimate. In addition, the company's revenue of $1.09 billion was also ahead of expectations. ACI settled higher by 10.7% in reaction to earnings.

Meanwhile, Cloud Peak Energy reported earnings of $0.80, which was $0.32 ahead of the Capital IQ consensus estimate. The company's revenue of $425.9 million was well ahead of the $393.57 million expected by the Capital IQ consensus. Cloud Peak stock surged 11.6%.

Arch Coal and Cloud Peak posted notable gains, and other coal stocks moved higher as well. Alpha Natural Resources (ANR 8.71, +0.28) and James River Coal (JRCC 5.09, +0.29) saw respective gains of 3.3% and 6.0%.

The Dow Jones Transportation Average outperformed the broader market, and added 0.3%. Expeditors International of Washington (EXPD 36.43, +0.65) was the top performer among transportation stocks. The delivery service provider advanced 1.8% after Goldman upgraded the stock to ‘conviction buy' from ‘sell' with a $42 price target.

Railroads also outperformed. Kansas City Southern (KSU 81.25, +1.22) rose by 1.5%, while Norfolk Southern (NSC 62.77, +0.20) and Union Pacific (UNP 123.61, +1.97) gained 0.3% and 1.6%, respectively.

Meanwhile, Overseas Shipholding Group (OSG 1.23, -0.09) was the biggest laggard. The oil tanker shipper dipped 6.8% to continue its recent weakness.

Homebuilder stocks saw general weakness and the SPDR S&P Homebuilders ETF (XHB 25.52, -0.10) settled lower by 0.4%. Among individual builders, Standard Pacific (SPF 6.90, -0.85) slid 11.0% after announcing disappointing quarterly results. During the third quarter, Standard Pacific earned $0.05, which was $0.03 worse than the Capital IQ consensus estimates. The company's revenue of $318.5 million also fell short of the $385.02 million expected by analysts. Peers DR Horton (DHI 20.76, -0.35), Lennar (LEN 37.02, -0.49), and Ryland Group (RYL 33.76, -0.30) all lost between 0.9% and 1.7% in sympathy.

The University of Michigan's final Consumer Sentiment Survey for October rose to 82.6 from the 83.1 that was posted in the preliminary Survey. Many had expected the reading to go unrevised.

Weekly Recap: Stocks Stumble Amid Disappointing Earnings

On Monday, stocks got off to a quiet start as mixed quarterly reports continued to pour in. Indecision was apparent in the early going as the major averages traded near their respective unchanged levels. As the day progressed, the S&P 500 and Dow headed lower. However, the final hour brought out bargain-hunters who lifted the major averages near their respective session highs. As a result, the S&P 500 ended unchanged. Meanwhile, the Nasdaq outperformed and settled higher by 0.4%. Caterpillar (CAT 84.25, +0.72) advanced 1.5% after reporting mixed earnings.

Tuesday's session started with an opening sell-off as disappointing earnings combined with Moody's downgrade of five Spanish regions fueled the bearish sentiment. Stocks reached session lows during the first hour before attempting to rebound. The tech-heavy Nasdaq showed intraday resilience, but the attempt to reclaim its early losses was cut short when late-day selling sent the index back near the middle of its range. As a result the Nasdaq ended lower by 0.9% while S&P 500 lost 1.4%. Stocks in the materials space saw the biggest weakness. Among steel producers, AK Steel (AKS 5.19, -0.02) fell 5.8% despite beating on earnings and reporting revenues in-line with the Capital IQ consensus.

On Wednesday, stocks began the session on an upbeat note, but the bullish sentiment was dispelled in the opening minutes. The S&P 500 and Nasdaq marked their respective highs minutes into the trading day, before sliding back towards the unchanged level. The Dow, however, held its gains a bit longer before recoupling with the other two indices. This afternoon's statement from the Federal Open Market Committee was met with mostly muted reaction, and the S&P 500 finished lower by 0.3%. Buffalo Wild Wings (BWLD 75.87, +1.05) fell 10.5% after missing on both earnings and revenues.

Thursday's session began 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%. Casino stocks saw broad strength after Wynn Resorts (WYNN 118.97, -1.46) delivered strong third quarter results and surged 7.3%.DJ30 +3.53 NASDAQ +1.83 SP500 -1.03 NASDAQ Adv/Vol/Dec 1032/1.74 bln/1408 NYSE Adv/Vol/Dec 1219/738.3 mln/1767

3:30 pm : Crude oil chopped around in negative territory for most of its pit session. It dipped to a session low of $85.54 per barrel in morning action. However, buyers stepped in heading into the close and pushed prices back into positive territory where they settled at $86.24 per barrel. Despite today's slight gain, the energy component booked a 4.6% loss for the week as action in the dollar index, weakness in the broader market, and bearish inventory data put pressure on prices in previous sessions.

Natural gas spent its entire floor session in the red. It touched a session low of $3.36 per MMBtu in morning action and eventually settled at $3.40 per MMBtu, or just below its session high of $3.41 per MMBtu. The third consecutive session of losses left natural gas to close the week with a 6.1% loss.

Precious metals got a boost during today's pit trade from a stronger than expected GDP number. Both gold and silver bounced off their respective session lows of $1704.10 per ounce and $31.75 per ounce set in early morning action and advanced into positive territory. However, they pulled-back heading into the close and settled just below the break-even level. Gold booked a 0.7% loss for the week as it finished at $1711.60 per ounce, while silver closed at $32.03 per ounce, or 0.2% below last Friday's closing price.DJ30 +36.71 NASDAQ +8.57 SP500 +2.89 NASDAQ Adv/Vol/Dec 1083/1432.1/1347 NYSE Adv/Vol/Dec 1300/444 mln/1688

3:00 pm : The major averages have shown little change during the past 30 minutes. The Dow is adding 0.1% while the S&P 500 is flat.

Next week, companies will continue to report their third quarter results. On Monday, before the open, Burger King (BKW 14.90, +0.21) is one of the names scheduled to report. The Capital IQ consensus expects the fast food operator to earn $0.14 on $442.96 million in revenue.

PG&E (PCG 41.99, -0.06) is also scheduled to report. The Capital IQ consensus expects the electric utility provider to report earnings of $0.88 on $4.12 billion in revenue.

Other notable names scheduled to report before Monday's open include CNA Financial (CNA 28.69, -0.08), Harris (HRS 47.08, +0.02), New Oriental Education & Technology (EDU 16.77, -0.30), and Red Robin Gourmet Burgers (RRGB 27.35, -0.68).DJ30 +10.74 NASDAQ +2.36 SP500 +0.01 NASDAQ Adv/Vol/Dec 1018/1.3 bln/1404 NYSE Adv/Vol/Dec 1169/401.1 mln/1806

2:35 pm : The major averages continue to hover near their respective unchanged levels.

Footwear stocks are seeing weakness after two manufacturers reported disappointing earnings.

Deckers Outdoor (DECK 29.79, -5.73) earned $1.18, which was $0.13 ahead of the Capital IQ consensus estimate. Meanwhile, the company's revenue of $367.4 million fell short of analyst expectations. Deckers is sliding 16.1%.

Meanwhile, Skechers (SKX 15.87, -1.04) is shedding 6.2% after the company reported an earnings miss, combined with in-line revenue.

Peers, Crocs (CROX 12.62, -0.14) and Steve Madden (SHOO 42.42, -1.10) are seeing respective losses of 1.1% and 2.5%.DJ30 +23.06 NASDAQ +4.38 SP500 +1.31 NASDAQ Adv/Vol/Dec 1005/1.21 bln/1401 NYSE Adv/Vol/Dec 1149/373.9 mln/1800

2:00 pm : The major averages have lifted in a move which saw advances across all sectors. The move has lifted the Dow into positive territory, while the S&P 500 remains off by 0.1%.

Homebuilder stocks are seeing general weakness and the SPDR S&P Homebuilders ETF (XHB 25.38, -0.24) trades lower by 1.0%. Among individual builders, Standard Pacific (SPF 6.82, -0.92) is sliding 12.0% after announcing disappointing quarterly results. During the third quarter, Standard Pacific earned $0.05, which was $0.03 worse than the Capital IQ consensus estimates. The company's revenue of $318.5 million also fell short of the $385.02 million expected by analysts. Peers DR Horton (DHI 20.70, -0.41), Lennar (LEN 36.82, -0.69), and Ryland Group (RYL 33.60, -0.46) are all down between 1.3% and 2.0% in sympathy.DJ30 +0.27 NASDAQ -2.44 SP500 -1.29 NASDAQ Adv/Vol/Dec 919/1.1 bln/1476 NYSE Adv/Vol/Dec 1043/340.9 mln/1897

1:30 pm : Afternoon trade continues in range-bound fashion. The S&P 500 is off by 0.5%.

The Dow Jones Transportation Average is adding 0.2% as it outperforms the broader market. Expeditors International of Washington (EXPD 36.70, +0.92) is the top performer among transportation stocks. The delivery service provider is advancing 2.6% after Goldman upgraded the stock to ‘conviction buy' from ‘sell' with a $42 price target.

Railroads are also outperforming. Kansas City Southern (KSU 81.19, +1.16) is higher by 1.5%, while Norfolk Southern (NSC 62.78, +0.21) and Union Pacific (UNP 122.29, +0.65) are adding 0.3% and 0.6%, respectively.

Meanwhile, Overseas Shipholding Group (OSG 1.25, -0.06) is the biggest laggard. The oil tanker shipper is down 4.9% to continue its recent weakness.DJ30 -32.70 NASDAQ -17.42 SP500 -6.46 NASDAQ Adv/Vol/Dec 818/995.3 mln/1568 NYSE Adv/Vol/Dec 866/309.9 mln/2058

1:05 pm : Equities showed indecision in the early going. Disappointing results from Apple (AAPL 595.00, -14.54) and Amazon (AMZN 231.74, +8.82) were initially shrugged off by the markets, before broad selling pressure set in. After the first-hour choppiness, the S&P 500 declined steadily before marking a session low near 1,403. At midday, the index is off by 0.4%.

The advance GDP reading for the third quarter suggested the economy grew at a 2.0% rate in the second quarter when an increase of 1.9% had been expected among economists polled by Briefing.com. The slight beat comes as government spending contributed 0.7% to the number. The third quarter chain deflator reportedly increased by 2.8%, which was ahead of the 2.0% increase that had been broadly anticipated.

Technology stocks are in the spotlight as the market reacts to earnings from major sector components. Apple is sliding 2.4% after reporting mixed results. During the fourth quarter, the tech giant earned $8.67 which was $0.08 worse than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $35.97 billion was in-line with expectations. The gross margin guidance, however, was a point of concern as the company expects the number to be near 36.0% in the first quarter, versus the 40.0% expected by analysts. Also of note, the company lowered its earnings and revenue guidance below consensus.

Amazon is adding 4.0% after reporting its earnings. The online retailer lost $0.23 per share. However, the number may not be comparable to the Capital IQ consensus estimate which forecast a loss of $0.10. The company's revenue of $13.81 billion was largely in-line with expectations, but management issued downside fourth quarter guidance.

Comcast (CMCSA 37.30, +0.94) is advancing 2.6% after beating on earnings and revenues. The management commented on the reporting period by saying, "The third quarter continues our momentum. Cable's results show real strength in every part of the business, producing sustainable and profitable growth while we expand our product offerings, deliver more innovation and continue to transform the customer experience."

NetSuite (N 65.30, +8.39) is surging 14.7% after the maker of ERP software reported earnings of $0.08 on $79.8 million in revenue. Both numbers came in ahead of the Capital IQ consensus estimates.

The financial sector is the biggest laggard of the day. The SPDR Financial Select Sector ETF (XLF 15.76, -0.12) is off by 0.7% and major financials are underperforming the broader market. Citigroup (C 36.69, -0.71) is slipping 1.9% as reports indicate the bank was fined $2 million after a junior analyst shared confidential information ahead of Facebook's initial public offering.

Looking further into the sector, real estate investment trusts are underperforming despite positive earnings from a handful of industry components.

Mack-Cali Realty (CLI 25.96, -0.63) is sliding 2.4% after beating on earnings and reporting in-line revenue.

Omega Health (OHI 22.94, -0.70) is shedding 3.0% despite beating on the top and the bottom line. The company announced earnings of $0.54, which was $0.02 better than the Capital IQ consensus estimate. Meanwhile, its revenue of $87.1 million also exceeded analyst estimates. The company's management remains optimistic about the future and has guided full-year funds from operations above consensus.

Realty Income (O 39.41, -0.76) is off by 1.9%. The stock is trading lower after the company reported in-line revenue and funds from operations. In addition, the company issued in-line guidance.

Coal stocks are broadly higher after Arch Coal (ACI 8.05, +0.74) and Cloud Peak Energy (CLD 21.06, +2.07) beat on earnings and revenues. During the third quarter, Arch Coal earned $0.20, which was $0.35 ahead of the Capital IQ consensus estimate. In addition, the company's revenue of $1.09 billion was also ahead of expectations. ACI trades higher by 10.1% in reaction to earnings.

Meanwhile, Cloud Peak Energy reported earnings of $0.80, which was $0.32 ahead of the Capital IQ consensus estimate. The company's revenue of $425.9 million was well ahead of the $393.57 million expected by the Capital IQ consensus. Cloud Peak is surging 10.9%.

Arch Coal and Cloud Peak are posting notable gains, and other coal stocks are also advancing. Alpha Natural Resources (ANR 8.80, +0.37) and James River Coal (JRCC 5.08, +0.28) are seeing respective gains of 4.4% and 5.8%.

The University of Michigan's final Consumer Sentiment Survey for October rose to 82.6 from the 83.1 that was posted in the preliminary Survey. Many had expected the reading to go unrevised.DJ30 -22.73 NASDAQ -15.19 SP500 -5.17 NASDAQ Adv/Vol/Dec 816/937.5 mln/1544 NYSE Adv/Vol/Dec 886/291.9 mln/2040

12:30 pm : The major averages are holding their recent levels as the S&P 500 trades lower by 0.6%.

DeVry (DV 26.01, +5.19) is surging 24.9% after the for-profit university operator beat on earnings and reported revenue in-line with the Capital IQ consensus.

American Public Education (APEI 36.50, +1.92) is spiking 5.6% after Stifel Nicolaus upgraded the stock to ‘buy' from ‘hold.' Meanwhile, other for-profit education stocks are mixed. Apollo Group (APOL 19.80, +0.18) is adding 0.9% while New Oriental Education (EDU 16.82, -0.24) is off by 1.4%.DJ30 -46.25 NASDAQ -22.08 SP500 -7.83 NASDAQ Adv/Vol/Dec 784/842.3 mln/1591 NYSE Adv/Vol/Dec 817/261.8 mln/2090

12:00 pm : The major averages continue to trade near their respective session lows. The S&P 500 is off by 0.4%.

The financial sector is the biggest laggard of the day. The SPDR Financial Select Sector ETF (XLF 15.73, -0.14) is off by 0.9% and major financials are underperforming the broader market. Citigroup (C 36.60, -0.80) is slipping 2.1% as reports indicate the bank was fined $2 million after a junior analyst shared confidential information ahead of Facebook's initial public offering.

Looking further into the sector, real estate investment trusts are underperforming despite positive earnings from a handful of industry components.

Mack-Cali Realty (CLI 25.78, -0.81) is sliding 3.1% after beating on earnings and reporting in-line revenue.

Omega Health (OHI 23.02, -0.62) is shedding 2.6% despite beating on the top and the bottom line. The company announced earnings of $0.54, which was $0.02 better than the Capital IQ consensus estimate. Meanwhile, its revenue of $87.1 million also exceeded analyst estimates. The company's management remains optimistic about the future and has guided full-year funds from operations above consensus.

Realty Income (O 39.44, -0.73) is off by 1.8%. The stock is trading lower after the company reported in-line revenue and funds from operations. In addition, the company issued in-line guidance.DJ30 -42.26 NASDAQ -17.21 SP500 -7.29 NASDAQ Adv/Vol/Dec 832/747.2 mln/1509 NYSE Adv/Vol/Dec 827/235.6 mln/2058

11:30 am : The major averages have lifted off their lows, but the three indices remain in the red. The S&P 500 is off by 0.3%.

Coal stocks are broadly higher after Arch Coal (ACI 8.19, +0.88) and Cloud Peak Energy (CLD 21.89, +2.90) beat on earnings and revenues. During the third quarter, Arch Coal earned $0.20, which was $0.35 ahead of the Capital IQ consensus estimate. In addition, the company's revenue of $1.09 billion was also ahead of expectations. ACI trades higher by 12.2% in reaction to earnings.

Meanwhile, Cloud Peak Energy reported earnings of $0.80, which was $0.32 ahead of the Capital IQ consensus estimate. The company's revenue of $425.9 million was well ahead of the $393.57 million expected by the Capital IQ consensus. Cloud Peak is surging 15.6%.

Arch Coal and Cloud Peak are posting notable gains, and other coal stocks are also advancing. Alpha Natural Resources (ANR 8.82, +0.39) and James River Coal (JRCC 5.10, +0.30) are seeing respective gains of 4.7% and 6.5%.DJ30 -10.53 NASDAQ -6.76 SP500 -3.29 NASDAQ Adv/Vol/Dec 916/639.3 mln/1382 NYSE Adv/Vol/Dec 918/206.6 mln/1917

11:00 am : Unable to hold their early gains, the major averages have all slipped into the red. The S&P 500 is the weakest index as it trades lower by 0.4%.

The technology sector is outperforming the broader market after major tech companies reported their earnings. Apple (AAPL 605.50, -4.04) is shedding 0.7% after reporting mixed results. During the fourth quarter, the tech giant earned $8.67 which was $0.08 worse than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $35.97 billion was in-line with expectations. The gross margin guidance, however, was a point of concern as the company expects the number to be near 36.0% in the first quarter, versus the 40.0% expected by analysts. Also of note, the company lowered its earnings and revenue guidance below consensus.

Amazon (AMZN 228.95, +6.03) is adding 2.7% after reporting its earnings. The online retailer lost $0.23 per share. However, the number may not be comparable to the Capital IQ consensus estimate which forecast a loss of $0.10. The company's revenue of $13.81 billion was largely in-line with expectations, but management issued downside fourth quarter guidance.

Comcast (CMCSA 37.12, +0.76) is advancing 2.1% after beating on earnings and revenues. The management commented on the reporting period by saying, "The third quarter continues our momentum. Cable's results show real strength in every part of the business, producing sustainable and profitable growth while we expand our product offerings, deliver more innovation and continue to transform the customer experience."

NetSuite (N 64.75, +7.84) is surging 13.8% after the maker of ERP software reported earnings of $0.08 on $79.8 million in revenue. Both numbers came in ahead of the Capital IQ consensus estimates.DJ30 -34.47 NASDAQ -11.02 SP500 -5.81 NASDAQ Adv/Vol/Dec 893/530.1 mln/1386 NYSE Adv/Vol/Dec 808/176.1 mln/1999

10:35 am : Commodities rallied this morning, excluding a couple such as natural gas futures, following Q3 GDP figures.

Dec gold and Dec silver hits new session highs in recent trading activity and currently remain in positive territory. Gold is currently +0.2% at $1716.60/oz and silver is +0.6% at $32.27/oz.

Dec crude oil has been in the red for most of today's session, but has tried a few times to move and stay in positive territory. Crude fell as low as $85.00/barrel overnight and is now trading at $85.84/barrel, down 0.2%.

Nov natural gas has been on a steady downtrend and fell to a new session low of $3.36/MMBtu a short while ago. In current trade, nat gas is -1.7% at $3.38/MMBtu.DJ30 -18.08 NASDAQ -2.53 SP500 -3.30 NASDAQ Adv/Vol/Dec 953/418.6 mln/1260 NYSE Adv/Vol/Dec 937/148 mln/1841

10:00 am : The S&P 500 and Dow have slipped to their respective unchanged lines following the release of the latest Consumer Sentiment Survey.

The University of Michigan's final Consumer Sentiment Survey for October fell to 82.6 from the 83.1 that was posted in the preliminary Survey. Many had expected the reading to go unrevised.DJ30 -7.57 NASDAQ +7.59 SP500 -0.40 NASDAQ Adv/Vol/Dec 1053/233.2 mln/1053 NYSE Adv/Vol/Dec 1180/93.1 mln/1478

09:45 am : After a flat open, the major averages have ticked up. The S&P 500 is currently higher by 0.1%.

Technology and consumer discretionary stocks are in the early lead, while financials and consumer staples trail the broader market.

Apple (AAPL 611.98, +2.44) is adding 0.4% after reporting mixed earnings. During the fourth quarter, the tech giant earned $8.67 which was $0.08 worse than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $35.97 billion was in-line with expectations. The gross margin guidance, however, was a point of concern as the company expects the number to be near 36.0% in the first quarter, versus the 40.0% expected by analysts. Also of note, the company lowered its earnings and revenue guidance below consensus.DJ30 +11.33 NASDAQ +10.25 SP500 +1.70 NASDAQ Adv/Vol/Dec 1193/169.5 mln/856 NYSE Adv/Vol/Dec 1431/74.3 mln/1192

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -2.80. After erasing the bulk of their pre-market losses, equity futures are pointing to a flat open.

Arch Coal (ACI 8.03, +0.72) is spiking 9.9% after beating on earnings and revenues. The coal producer reported third quarter earnings of $0.20, which was $0.35 ahead of the Capital IQ consensus estimate. In addition, the company's revenue of $1.09 billion was also ahead of expectations. Peers Alpha Natural Resources (ANR 8.80, +0.37) and Peabody Energy (BTU 28.60, +0.57) are higher by 4.4% and 2.4%, respectively.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -1.00. U.S. equity futures have erased their pre-market losses as they now point to a flat open.

It was a sea of red across Asia as disappointing earnings results weighed. Most of the major indices in the region lost more than 1.0% as China's Shanghai Composite, South Korea's Kospi, and Taiwan's Taiex all fell 1.7% to lead the way lower. Data from the region was relatively light as Tokyo Core CPI printed a hotter than expected -0.4% year-over-year (-0.5% expected). Elsewhere, South Korean GDP growth topped estimates with a slightly better than expected 0.2% quarter-over-quarter (0.1% expected) while its consumer confidence reading posted a slight miss with a reading of 98 (99 expected).

In Japan, the Nikkei closed lower by 1.4% as disappointing earnings weighed. Robotics maker Fanuc sank 3.1% and camera maker Canon fell 3.2% after both missed earnings expectations. Canon also trimmed its full-year guidance as weak demand in both Europe and China weighed on sales. Meanwhile, Advantest climbed 3.6% despite lowering its guidance as it remained within analyst expectations.

Hong Kong's Hang Seng slipped 1.2% to snap its 10-day winning streak. China Unicom plunged 7.6% to lead the blue chips lower after posting a bottom line miss. Meanwhile, Bank of China slipped 0.3% despite topping estimates, but peers Agricultural Bank of China and China Construction Bank still lose 1.5% and 1.0% ahead of their earnings.

In China, the Shanghai Composite dipped 1.7% as infrastructure names fell on earnings. Steelmaker Angang Steel and cement maker Anhui Conch Cement shed 4.7% and 1.9% respectively after missing their earnings forecasts. Utility names were also under pressure as Hisense Electric plunged the daily limit, 10.0%.

European indices are currently mixed. Last evening, S&P cut France's economic risk score from 2 to 3, stating that the economy is relatively stable, but that banks are moderately exposed to the potential of a more protracted recession in the region. In Germany, the GfK German Consumer Climate was reported at 6.3, which was better than the expected reading of 5.9. Meanwhile, the country's Import Price Index showed a month-over-month decline of 0.7%, which was worse than the expected 0.4% increase. Elsewhere, Spain's unemployment rate came in at 25.0%.

In the United Kingdom, the FTSE is lower by 0.2%. Miners are weighing on the index as base metal prices see a decline. Kazakhmys and Fresnillo are down 2.7% and 2.2%, respectively. Industrial stocks are seeing strength as Weir Group trades higher by 3.1% and BAE Systems is adding 0.4%.

In France, the CAC is adding 0.1% and consumer stocks are outperforming. PPR and Accor are seeing respective gains of 2.3% and 1.6%. Renault is down 2.7% after the company reported a 13.0% revenue decrease. Financials are also weaker. Credit Agricole is sliding 2.5% and BNP Paribas is off by 1.7%. The weakness comes after S&P cut BNP's credit rating and lowered its outlook to ‘negative' for ten French banks, including BNP and Credit Agricole.

Germany's DAX is higher by 0.1%. Deutsche Telekom is advancing 1.1% as it leads the index. Fresenius Medical is down 1.5% after reports indicated the company hired banks to handle the refinancing of its debt.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -4.30. Equity futures have ticked up following the latest third quarter GDP growth data. The S&P 500 futures are currently off by 0.3%.

The advance GDP growth reading for the third quarter suggested the economy grew at a 2.0% rate in the second quarter when an increase of 1.9% had been expected among economists polled by Briefing.com. The third quarter chain deflator reportedly increased by 2.8%, which is ahead of the 2.0% increase that had been broadly anticipated.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -8.20. Nasdaq futures vs fair value: -9.00. U.S. equity futures are lower by 0.6% following disappointing earnings from Apple (AAPL 610.43, +0.89), and ahead of the third quarter advance GDP report, scheduled for an 8:30 ET release.

Overnight, the global equity markets were under pressure as disappointing earnings continued rolling in. Tech heavy Asian indices took it on the chin as Apple earnings reflected poorly on the outlook for its suppliers. The yen was bid back up following the higher than expected CPI data out of Japan, which also helped pressure Nikkei to a 1.4% loss. Meanwhile, the reports of a possible stimulus package ranging between JPY420-JPY750 billion continued to percolate. The regional indices finished firmly in the red as Hong Kong's Hang Seng lost 1.2% and China's Shanghai Composite fell 1.7%

In Europe, S&P cut France's economic risk score from 2 to 3, stating that the economy is relatively stable, but that banks are moderately exposed to the potential of a more protracted recession in the region. In Germany, the GfK German Consumer Climate was reported at 6.3, which was better than the expected reading of 5.9. Meanwhile, the Import Price Index showed a month-over-month decline of 0.7% which was worse than the expected 0.4% increase. Elsewhere, Spain's unemployment rate came in at 25.0%. European indices have spent the entire first half of the session in the negative territory. UK's FTSE is sliding 0.8%, while France's CAC and Germany's DAX are both lower by 0.4%.

In U.S. corporate news, Apple (AAPL 610.43, +0.89) is showing little change after reporting mixed earnings. During the fourth quarter, the tech giant earned $8.67 which was $0.08 worse than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $35.97 billion was in-line with expectations. The gross margin guidance, however, was a point of concern as the company expects the number to be near 36.0% in the first quarter, versus the 40.0% expected by analysts. Also of note, the company lowered its earnings and revenue guidance below consensus.

Amazon (AMZN 224.07, +1.15) is adding 0.5% after reporting its earnings. The online retailer lost $0.23 per share. However, the number may not be comparable to the Capital IQ consensus estimate which forecast a loss of $0.10. The company's revenue of $13.81 billion was largely in-line with expectations, but management issued downside fourth quarter guidance.

Expedia (EXPE 60.25, +9.00) is higher by 17.6% after the company beat on the top and the bottom line. The online travel site reported third quarter earnings of $1.32 on revenue of $1.20 billion. Both numbers were ahead of Capital IQ consensus estimates, and resulted in an upgrade of the stock at The Benchmark Company and Raymond James.

Comcast (CMCSA 37.25, +0.89) is advancing 2.5% after beating on earnings and revenues. The management commented on the reporting period by saying, "The third quarter continues our momentum. Cable's results show real strength in every part of the business, producing sustainable and profitable growth while we expand our product offerings, deliver more innovation and continue to transform the customer experience."

In today's economic news, 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.

06:33 am : [BRIEFING.COM] S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -19.50.

06:33 am : Nikkei...8933.06...-122.10...-1.40%. Hang Seng...21545.57...-264.70...-1.20%.

06:33 am : FTSE...5767.72...-37.30...-0.60%. DAX...7165.51...-34.80...-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
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