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 Post subject: November 9th Friday TF, 6E & CL Futures $1700
PostPosted: Sat Nov 10, 2012 8:40 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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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 @ $1120.00 dollars or +11.20 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $580.00 dollars or +0.58 points. Total Profit @ $1700.00 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=110&t=1365

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=195&t=1654

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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

Nov. 9 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, trimming the biggest weekly drop since June in the Standard & Poor’s 500 Index, as data showing consumer confidence climbed to a five-year high offset concern about fiscal cliff negotiations.

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Market Update

4:25 pm : Stocks began the day in the red after equity futures showed considerable pre-market weakness. The S&P 500 spent the opening minutes just below its flat line. However, the benchmark average began climbing after the Washington Post reported that a plan for a middle class tax freeze will be proposed by the president at this afternoon's press conference. In addition, today's preliminary Michigan Consumer Sentiment Survey was reported at 84.9, which was its highest level since July 2009. The S&P 500 continued advancing through the morning and marked its highs ahead of the president's speech. President Obama's statement called for consensus building, and he stated that spending cuts must be combined with new revenue. The remarks failed to inspire investor confidence and the S&P 500 headed back near its flat line before ending with a slim gain of 0.2%. Note that today's close was one point below the 200-day moving average.

Shares of Apple (AAPL 547.06, +9.31) rebounded from recent weakness, and the stock ended higher by 1.7%.

Elsewhere in technology, Kayak Software (KYAK 39.67, +8.63) surged 27.8% after agreeing to be acquired by Priceline (PCLN 625.87, -2.00). Per the agreement, PCLN will pay $40.00 per share of KYAK, representing a 28.9% premium to Kayak's Thursday closing price.

The consumer discretionary sector was a notable underperformer. J.C. Penney (JCP 20.64, -1.05) lost 4.8% after reporting disappointing earnings. The retailer announced a third quarter loss of $0.93, while the Capital IQ consensus called for earnings of $0.02. Meanwhile, the company's revenue of $2.93 billion fell short of the expected $3.29 billion. Also of note, the company reported a same-store sales decrease of 26.0%. The expectations called for a 17.0% decline.

Elsewhere, Groupon (GRPN 2.76, -1.16) slid 29.6% following another round of earnings which failed to please investors. The online coupon site's revenue of $568.6 million fell short of the expected $592.06 million. GRPN is down nearly 90.0% since its initial public offering last year.

For-profit education stocks saw weakness after two names reported disappointing earnings. Career Education (CECO 2.93, -0.48) slid 14.1% after the company reported a third quarter loss of $0.47 on $332.8 million in revenue. CECO's bottom line was $0.04 worse than the Capital IQ consensus estimate while its revenue exceeded estimates. Total new student starts fell 23.0% year-over-year and the company announced plans to eliminate approximately 900 positions.

Elsewhere, Strayer Education (STRA 46.51, -9.66) plunged 17.2%. The company beat their earnings expectations by $0.05, but downside guidance weighed on the stock. Strayer reported a 5.0% decrease in fall 2012 enrollment. Following earnings, Stifel Nicolaus downgraded the stock to ‘hold' from ‘buy.'

The Dow Jones Transportation Average slipped 0.7%. The five airlines which are a part of the average saw broad weakness. JetBlue Airways (JBLU 5.31, -0.09) and Southwest Airlines (LUV 9.06, -0.12) saw respective losses of 1.7% and 1.3%.

Shipper Matson (MATX 22.67, +0.25) was the top performer within the transportation average. The stock trades gained 1.1%. Meanwhile, the other shipping stock, Kirby Group (KEX 53.89, -0.92), was one of the weakest performers in the 20-stock complex and lost 1.7%.

Homebuilders were weaker today and the SPDR S&P Homebuilders ETF (XHB 25.67, -0.29) dipped 1.1%. KB Home (KBH 15.69, -0.54) and PulteGroup (PHM 16.80, -0.57) saw notable losses as the two stocks both slid 3.3%.

Before Monday's open, two homebuilders will report their quarterly results. The Capital IQ consensus estimate expects Beazer Homes (BZH 16.64, -0.36) to report a loss of $1.05 on $336.66 million in revenue. Elsewhere, DR Horton (DHI 20.60, -0.37) is expected to announce earnings of $0.30 on revenue of $1.38 billion.

Wholesale inventories increased by 1.1% in October. That was higher than the increase of 0.4% which had been forecast by the Briefing.com consensus.

Export prices, excluding agriculture, increased by 0.2% in September after they had increased by 0.7% in the prior month. Excluding oil, import prices rose by 0.3%, which follows the 0.2% increase experienced in the prior month.

Week in Review: Stocks Plunge with Presidential Election in the Rear-view Mirror

On Monday, the session began on a mixed note. The S&P 500 spent the majority of the day in negative territory as cautious trade took place ahead of Tuesday's presidential election. However, late afternoon buying drove the benchmark average to a higher finish by 0.2%. Apple (AAPL 547.06, +9.31), gained 1.4% after reporting that sales of its iPad 4 and iPad mini have reached three million units during the first three days of sales. Also of note, shortly before the close reports indicated that the company may be considering a switch from Intel (INTC 20.80, -0.03) processors. Following the news, Intel shares surrendered their gains, while AMD (AMD 2.03, +0.05) and ARM Holdings (ARMH 33.86, +0.04) spiked higher.

Tuesday began on a slightly higher note. The early gains were doubled after an erroneous report on the Cincinnati Enquirer Website suggested Mr. Romney had a considerable lead over Mr. Obama in Ohio. The newspaper promptly retracted the claim, and said that the page accidentally showed a template with dummy data. However, the S&P 500 held the bulk of its gains into the late afternoon before ending higher by 0.8%. Office Depot (ODP 2.86, +0.10) and OfficeMax (OMX 7.97, -0.03) both reported mixed third quarter results. The two office store operators beat on their respective bottom lines, and fell short of the consensus revenue expectations. However, it should be noted that a Bloomberg article discussed a possible merger between the two. As a result of the M&A speculation, Office Depot and OfficeMax soared 19.1% and 12.0%, respectively.

On Wednesday, stocks began the day firmly in the red after Barack Obama was reelected to a second term as president. Contributing to the bearish sentiment were comments from European Central Bank President Mario Draghi who said that the European debt crisis is starting hurt the German economy. The negative outlook was confirmed by this morning's Eurozone Autumn Forecast, which also pointed to an expected slowdown in the German economy. Further, the country's industrial production report showed a 1.8% month-over-month decrease, while the reading was expected to reflect a more palatable decline of 0.5%. The S&P 500 spent the first two hours of the session in a steady sell-off, before stabilizing near the 1,400 level and ending with a loss of 2.4% on heavy volume. The financial sector saw the widest losses, and the SPDR Financials Select Sector ETF (XLF 15.50, +0.02) fell 3.3%. Among the majors, Morgan Stanley (MS 16.61, +0.09) and Bank of America (BAC 9.43, +0.04) were two of the weakest names as they settled lower by 8.6% and 7.1%, respectively.

Equities began Thursday's session on a slightly higher note. However, the bullish bias was dispelled during the opening hour. After marking its session high at 1,401, the S&P 500 reversed and slid to its 200-day moving average near the 1,380 area. The index followed the move with a seven point bounce, before late-day selling drove the index back below the 200-day moving average. As a result, the benchmark average settled lower by 1.2%. Apple (AAPL 547.06, +9.31) continued its recent weakness and ended lower by 3.6%.DJ30 +4.07 NASDAQ +9.29 SP500 +2.34 NASDAQ Adv/Vol/Dec 1236/1.75 bln/1209 NYSE Adv/Vol/Dec 1449/740.1 mln/1580

3:30 pm : Precious metals extended yesterday's gains as they traded alongside the equity markets. The advance came despite a stronger dollar index. Gold brushed a floor session high of $1739.40 per troy ounce in morning action and closed at $1731.00 as it pulled-back slightly in afternoon action. The yellow metal gained 3.3% over the week following the re-election of President Barack Obama. Meanwhile, silver climbed to a session high of $32.78 per ounce and trended in a consolidative pattern just below that level in afternoon action. It settled the week with a 5.7% gain as it closed at $32.62.

Crude oil lifted off its pit session low of $84.34 per barrel and climbed into positive territory by mid-morning action. The energy component advanced as high as $86.77 per barrel, but gave up some momentum following the president's press conference which placed an emphasis on the need to reach a fiscal cliff compromise before year's end. Today's advance had crude settle at $86.09 for a gain of 1.4% for the week. Conversely, natural gas tumbled lower as its floor session progressed. It fell off its session high of $3.55 per MMBtu and trended near the $3.49 level for most of afternoon action. Despite gains in previous two sessions, natural gas settled with a 1.4% weekly loss as it closed the session at $3.50.DJ30 +9.87 NASDAQ +13.90 SP500 +4.35 NASDAQ Adv/Vol/Dec 1293/1.53 bln/1149 NYSE Adv/Vol/Dec 1477/532.5 mln/1536

3:00 pm : The S&P 500 is near the middle of the day's range as the index trades higher by 0.4%.

With the third quarter earnings season winding down, next week will bring just a flurry of reports. Before Monday's open, two homebuilders will report their quarterly results. The Capital IQ consensus estimate expects Beazer Homes (BZH 16.55, -0.45) to report a loss of $1.05 on $336.66 million in revenue. Elsewhere, DR Horton (DHI 20.68, -0.29) is expected to announce earnings of $0.30 on revenue of $1.38 billion.

Homebuilder stocks are showing weakness today and the SPDR S&P Homebuilders ETF (XHB 25.77, -0.19) is down 0.7%. KB Home (KBH 15.86, -0.37) and PulteGroup (PHM 16.89, -0.47) are seeing notable losses as the two stocks both see losses near 2.5%.DJ30 +6.49 NASDAQ +14.44 SP500 +4.46 NASDAQ Adv/Vol/Dec 1356/1.35 bln/1075 NYSE Adv/Vol/Dec 1572/460.5 mln/1408

2:30 pm : The S&P 500 has inched higher in recent trade and is currently adding 0.4%.

Solar stocks are shining brightly as all the major names see gains. Power-One (PWER 4.16, +0.12) is advancing 3.0% after Dougherty upgraded the stock to ‘buy' from ‘neutral.'

Meanwhile, ReneSola (SOL 1.29, +0.03) is adding 2.4% after the company announced that its modules sold in the United States are not subject to tariffs on PV modules made with Chinese-made solar cells.

Elswhere, First Solar (FSLR 24.85, +0.70) is higher by 2.9%.DJ30 +14.67 NASDAQ +18.43 SP500 +5.70 NASDAQ Adv/Vol/Dec 1391/1.24 bln/1017 NYSE Adv/Vol/Dec 1617/424.3 mln/1362

2:00 pm : After surrendering the bulk of its early gains, the S&P 500 trades higher by 0.3%.

For-profit education stocks are seeing weakness after two names reported disappointing earnings. Career Education (CECO 2.96, -0.45) is sliding 13.2% after the company reported a third quarter loss of $0.47 on $332.8 million in revenue. CECO's bottom line was $0.04 worse than the Capital IQ consensus estimate while its revenue exceeded estimates. It should be noted that total new student starts fell 23.0% year-over-year. The company also announced plans to eliminate approximately 900 positions.

Elsewhere, Strayer Education (STRA 46.25, -9.92) is losing 17.7%. The company beat their earnings expectations by $0.05, but downside guidance is weighing on the stock. Strayer reported a 5.0% decrease in fall 2012 enrollment. Following earnings, Stifel Nicolaus downgraded the stock to ‘hold' from ‘buy.'DJ30 +8.37 NASDAQ +17.49 SP500 +17.50 NASDAQ Adv/Vol/Dec 1332/1.16 bln/1064 NYSE Adv/Vol/Dec 1571/396.5 mln/1400

1:35 pm : President Obama recently concluded his remarks addressing the fiscal cliff. During his statement, the president said he extended the invite to congressional leaders to join him in conversation in order to build consensus. The president also said that spending cuts must be combined with new revenue. The major averages have slid off their highs in light of these remarks. The S&P 500 currently trades higher by 0.2%.

The Dow Jones Transportation Average is off by 0.7% as it underperforms the remaining industrials. The five airlines which are a part of the average are showing broad weakness. Alaska Air (ALK 40.50, -0.66) and United Airlines (UAL 20.90, -0.33) are both down near 1.6%.

Shipper Matson (MATX 22.62, +0.20) is the top performer within the transportation average. The stock trades higher by 0.9%. Meanwhile, the other shipping stock, Kirby Group (KEX 53.98, -0.83), is lower by 1.6%.DJ30 -15.36 NASDAQ +13.08 SP500 +2.57 NASDAQ Adv/Vol/Dec 1279/1.09 bln/1102 NYSE Adv/Vol/Dec 1470/368.9 mln/1490

1:05 pm : Stocks opened today's session slightly lower after equity futures showed considerable pre-market weakness. The S&P 500 spent the first minutes of the session just below its flat line. However, the index began climbing after the Washington Post reported that a plan for a middle class tax freeze will be proposed by the president at this afternoon's press conference. In addition, today's preliminary Michigan Consumer Sentiment Survey was reported at 84.9, which was its highest level since July 2009. The S&P 500 continued advancing through the morning and it now trades higher by 0.9%.

The financial sector is one of the top performers and the SPDR Financial Select Sector ETF (XLF 15.63, +0.15) is higher by 0.9%. Among the majors, Bank of America (BAC 9.54, +0.15) and Morgan Stanley (MS 16.86, +0.34) are leading the sector-wide rebound as the two see respective gains of 1.4% and 2.1%.

Earlier reports indicated that Basel III rules will be delayed, and will not take effect January 2013. Also of note, the Federal Reserve launched its 2013 capital planning and stress testing program.

Telecom stocks are also showing strength as high-dividend names rally off recent weakness. AT&T (T 33.60, +0.40) and Verizon (VZ 42.77, +0.16) are seeing respective gains of 1.2% and 0.4%.

MetroPCS (PCS 10.08, +0.10) is higher by 1.1% after the company was upgraded to ‘outperform' at Macquarie. Elsewhere, Sprint Nextel (S 5.56, -0.06) is a notable underperformer as it trades lower by 1.1%. Earlier, the company announced plans to retire $2.28 billion of debt maturing in 2014 and 2015.

The consumer discretionary is a notable underperformer. J.C. Penney (JCP 20.10, -1.59) is down 7.2% after reporting disappointing earnings. The retailer announced a third quarter loss of $0.93, while the Capital IQ consensus called for earnings of $0.02. Meanwhile, the company's revenue of $2.93 billion fell short of the expected $3.29 billion. It should be noted that the company reported a same-store sales decrease of 26.0%. The expectations called for a 17.0% decline.

Elsewhere, Groupon (GRPN 2.82, -1.10) is sliding 28.2% following another round of earnings which failed to please investors. The online coupon site's revenue of $568.6 million fell short of the expected $592.06 million. GRPN is down nearly 90.0% since its initial public offering last year.

Wholesale inventories increased by 1.1% in October. That was higher than the increase of 0.4% which had been forecast by the Briefing.com consensus.

Export prices, excluding agriculture, increased by 0.2% in September after they had increased by 0.7% in the prior month. Excluding oil, import prices rose by 0.3%, which follows the 0.2% increase experienced in the prior month.DJ30 +64.74 NASDAQ +32.09 SP500 +11.89 NASDAQ Adv/Vol/Dec 1532/976.1 mln/847 NYSE Adv/Vol/Dec 1858/324.9 mln/1081

12:35 pm : The S&P 500 continues to climb higher and it now trades up 0.9%.

The financial sector is one of the top performers and the SPDR Financial Select Sector ETF (XLF 15.66, +0.18) is higher by 1.2%. Among the majors, Bank of America (BAC 9.58, +0.19) and Morgan Stanley (MS 16.94, +0.42) are leading the sector-wide rebound as the two see respective gains of 1.9% and 2.7%.

Earlier reports indicated that Basel III rules will be delayed, and will not take effect January 2013. Also of note, the Federal Reserve launched its 2013 capital planning and stress testing program.DJ30 +70.39 NASDAQ +33.11 SP500 +12.89 NASDAQ Adv/Vol/Dec 1530/900.3 mln/837 NYSE Adv/Vol/Dec 1862/297.1 mln/1055

12:00 pm : The major averages continue to hold their recent levels. The S&P 500 is higher by 0.6%.

The consumer discretionary is a notable underperformer. J.C. Penney (JCP 20.33, -1.36) is down 6.3% after reporting disappointing earnings. The retailer announced a third quarter loss of $0.93, while the Capital IQ consensus called for earnings of $0.02. Meanwhile, the company's revenue of $2.93 billion fell short of the expected $3.29 billion. It should be noted that the company reported a same-store sales decrease of 26.0%. The expectations called for a 17.0% decline.

Nordstrom (JWN 55.37, -0.03) is slipping 0.1% after reporting its quarterly results. During the third quarter, the retailer earned $0.71 per share, which was $0.01 worse than the Capital IQ consensus estimate. Meanwhile, the revenue of $2.71 billion was in-line with expectations. The company's outlook was mixed as it expects lower full-year 2013 earnings, but sees a slight uptick in same-store sales.

Elsewhere, Groupon (GRPN 2.82, -1.10) is sliding 28.1% following another round of earnings which failed to please investors. The online coupon site's revenue of $568.6 million fell short of the expected $592.06 million. GRPN is down nearly 90.0% since its initial public offering last year.DJ30 +49.13 NASDAQ +22.94 SP500 +8.80 NASDAQ Adv/Vol/Dec 1468/799.2 mln/867 NYSE Adv/Vol/Dec 1734/263.9 mln/1160

11:30 am : The S&P 500 is higher by 0.5% as House Speaker, John Boehner, addresses the fiscal cliff. A statement from the president is expected at 13:00 ET.

Molycorp (MCP 7.58, -1.10) is down 12.7% after the company disclosed that it is subject to a Securities and Exchange Commission investigation. In the statement, the company said it cannot predict the length, scope, or results of the investigation. The stock is currently halted.DJ30 +24.69 NASDAQ +20.87 SP500 +6.86 NASDAQ Adv/Vol/Dec 1365/707.3 mln/961 NYSE Adv/Vol/Dec 1575/231.9 mln/1297

11:00 am : Stocks pushed into positive territory after Washington Post reports indicated a middle class tax freeze is expected to be proposed at a later press conference from the East Room of the White House. The S&P 500 is currently higher by 0.4%.

Telecom stocks are leading the way as the high-dividend names rally off recent weakness. AT&T (T 33.70, +0.50) and Verizon (VZ 43.04, +0.43) are seeing respective gains of 1.5% and 1.0%.

MetroPCS (PCS 10.20, +0.22) is higher by 2.2% after the company was upgraded to ‘outperform' at Macquarie.

Elsewhere, Sprint Nextel (S 5.57, -0.05) is a notable underperformer as it trades lower by 0.8%. Earlier, the company announced plans to retire $2.28 billion of debt maturing in 2014 and 2015.DJ30 +21.20 NASDAQ +19.47 SP500 +6.32 NASDAQ Adv/Vol/Dec 1326/575.1 mln/960 NYSE Adv/Vol/Dec 1526/194.8 mln/1330

10:35 am : Commodities are mixed this morning with strength in the dollar index.

Precious metals surged higher in recent trade, pushing silver to a new HoD of $32.78 adn Dec gold to a new HoD of $1739.40. In current action, silver is +1% at $32.56/oz and gold is +0.4% at $1732.80/oz.

Natural gas futures have been in the red all session and recently hit a new LoD of $3.53. The Dec contract is now -1.9% at $3.54/MMBtu. Dec crude hit a LoD of $84.13/barrel, but rallied off of that, pushing back into postive territory. Crude is now +0.02% at $85.11/barrel.

Grains are mixed following the USDA report this morning with corn futures surging higher a moment ago to a new HoD of $7.53/bu. Dec corn is now +1.2% at $7.50, Dec wheat is -0.4% at $8.99/bu and Jan soybeans are -1.7% at $14.71/bu.DJ30 -9.91 NASDAQ +13.07 SP500 +3.37 NASDAQ Adv/Vol/Dec 1260/477.9 mln/984 NYSE Adv/Vol/Dec 1479/168 mln/1375

10:00 am : The S&P 500 has crossed into positive territory following the release of the preliminary Michigan Sentiment and wholesale inventories data.

The preliminary University of Michigan Survey for November came in at 84.9, which is higher than the 82.6 that was posted in the prior month, and better than the reading of 83.0 that had been widely expected. Today's reading was the survey's highest level since July 2007.

Elsewhere, wholesale inventories increased by 1.1% in September. That is higher than the increase of 0.4% which had been forecast by the Briefing.com consensus.DJ30 -9.32 NASDAQ +8.01 SP500 +1.74 NASDAQ Adv/Vol/Dec 1094/287.9 mln/1099 NYSE Adv/Vol/Dec 1162/112.1 mln/1602

09:45 am : After opening lower, the S&P 500 is off by 0.1%.

Technology stocks are outperforming as the sector trades higher by 0.5%. On the downside, discretionary stocks and utilities are seeing the widest losses. The two sectors are down 0.5% and 0.6%, respectively.

J.C. Penney (JCP 19.83, -1.86) is down 8.5% after reporting disappointing earnings. The retailer announced a third quarter loss of $0.93, while the Capital IQ consensus called for earnings of $0.02. Meanwhile, the company’s revenue of $2.93 billion fell short of the expected $3.29 billion. It should be noted that the company reported a same-store sales decrease of 26.0%. The expectations called for a 17.0% decline.

This week's economic data will be punctuated by the preliminary November Michigan Sentiment and September wholesale inventories. The two reports will be announced at 9:55 ET and 10:00 ET, respectively.DJ30 -18.16 NASDAQ +3.15 SP500 -1.60 NASDAQ Adv/Vol/Dec 894/186.7 mln/1238 NYSE Adv/Vol/Dec 967/81.5 mln/1733

09:19 am : [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: +2.00. Heading into the open, equity futures remain in the red. The S&P 500 futures are off by 0.3%.

Coal stocks are seeing pre-market weakness as Alpha Natural Resources (ANR 8.03, -0.12), Arch Coal (ACI 7.33, -0.09), and Cliffs Natural Resources (CLF 34.94, -0.32) are all sliding between 1.0% and 2.0%.

Financial stocks are also poised for a lower start. Bank of America (BAC 9.32, -0.07) and Citigroup (C 35.62, -0.38) are both down near 1.0%.

In today's economic data, the preliminary November Michigan Sentiment and September wholesale inventories will be announced at 9:55 ET and 10:00 ET, respectively.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -4.30. U.S. equity futures have bounced off their lows, but they remain firmly in the red. The S&P 500 futures are down 0.6%.

European markets are seeing broad weakness, and Germany's DAX is the main underperformer, down 1.5%. Earlier, the country's economics ministry painted a poor picture for the balance of 2012, citing weakness in the job market and expectations of anemic employment growth. Germany's CPI pointed to no change on a monthly basis, while the year-over-year reading increased by 2.0%, as expected. Elsewhere, a Bank of France survey published today predicted French gross domestic product will see a 0.1% decline percent in the last quarter of 2012.

In the United Kingdom, the FTSE is down 0.9% and financials are underperforming. Barclays and Lloyds Banking Group are down 3.7% and 2.5%, respectively.

France's CAC is lower by 0.8% and banks are also under pressure. Credit Agricole is diving 8.3% after reporting a $3.6 billion loss on the sale of its Greek unit. Meanwhile, Societe Generale and AXA are down 4.4% and 3.4%, respectively.

In Germany, the DAX is lower by 1.5% after being down as much as 1.9%. Similar to France and the United Kingdom, financials are seeing notable losses. Commerzbank is sliding 6.0% and Deutsche Bank is down 4.7%. On the upside, Deutsche Post is outperforming, up 0.9%.

The major Asian averages continued seeing weakness. Japan's Nikkei and Hong Kong's Hang Seng lost 0.9% each. On the other hand, China's Shanghai Composite outperformed and registered a more palatable decline of 0.1%. Contributing to the outperformance was better-than-expected inflation data as the month-over-month CPI shed 0.1% on expectations of a 0.1% increase. Meanwhile, the country's PPI declined 2.8% year-over-year, while forecast called for a 2.7% decrease. This could potentially give the People's Bank of China some room to adjust the rates with inflation in-check. Also of note, China's retail sales and industrial production exceeded expectations, which added fuel to the recovery story. Elsewhere, in its quarterly policy statement, the Reserve Bank of Australia lowered its GDP forecast by 25 basis points to 2.75% while also lowering its projections on mining investment. The cloudy outlook put pressure on the mining sector as Deep Yellow and Tanami Gold both lost near 10.0%. In other Central Bank action, the Bank of Korea left rates unchanged, but cautioned about inflation risks due to rising grain prices. Looking at currencies...the USDCNY is at 6.2452; the yen is stronger, to 79.24. The Australian dollar is at 1.0373.

In Japan, the Nikkei closed lower by 0.9% as Technology and Financials both fell over 1%. Nippon Steel lost 1.8% after reporting a net loss of over $2.2 billion.

Hong Kong's Hang Seng closed down 0.9%. Aluminum Corporation of China lost 3.5%.

In China, the Shanghai Composite slipped 0.1%. Financials were weak as AnXin Trust & Investment fell 7.9%.

08:35 am : S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -5.00. Equity futures continue showing weakness as major European indices probe fresh lows. The euro is also seeing a risk-off bid as the EURUSD pair trades around the 1.2700 level.

Export prices, excluding agriculture, increased by 0.2% in October after they had increased by 0.7% in the prior month. Excluding oil, import prices rose by 0.3%, which follows the 0.2% increase experienced in the prior month.

08:00 am : S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -6.50. U.S. equity futures are firmly lower amid downbeat overseas trade. The S&P 500 futures are down 0.6%.

Overnight, the global equity markets continued showing weakness. Japan's Nikkei and Hong Kong's Hang Seng lost 0.9% each. On the other hand, China's Shanghai Composite outperformed and registered a more palatable decline of 0.1%. Contributing to the outperformance was better-than-expected inflation data as the month-over-month CPI shed 0.1% on expectations of a 0.1% increase. Meanwhile, the country's PPI declined 2.8% year-over-year, while forecast called for a 2.7% decrease. This could potentially give the People's Bank of China some room to adjust the rates with inflation in-check. Also of note, China's retail sales and industrial production exceeded expectations, which added fuel to the recovery story. Elsewhere, in its quarterly policy statement, the Reserve Bank of Australia lowered its GDP forecast by 25 basis points to 2.75% while also lowering its projections on mining investment. The cloudy outlook put pressure on the mining sector as Deep Yellow and Tanami Gold both lost near 10.0%. In other Central Bank action, the Bank of Korea left rates unchanged, but cautioned about inflation risks due to rising grain prices.

In Europe, markets are under pressure, and Germany's DAX is down 1.3%. Germany's economics ministry painted a poor picture for the balance of 2012, citing weakness in the job market and expectations of anemic employment growth. The country's CPI pointed to no change on a monthly basis, while the year-over-year reading increased by 2.0%, as expected. Elsewhere, St. Louis Federal Reserve President, James Bullard, said overnight that operation twist will likely not be extended, but the Federal Open Market Committee may expand its purchasing program to other assets. The Bank President still sees 2013 GDP of 3.5%, and expects the U.S. to avoid the fiscal cliff. He also added that recent research suggests US monetary policy may be considerably easier than commonly thought. Looking at European indices, Germany's DAX is sliding 1.3%, while UK's FTSE is lower by 0.5% and France's CAC is off by 0.3%.

In U.S. corporate news, J.C. Penney (JCP 20.26, -1.43) is down 6.6% after reporting disappointing earnings. The retailer announced a third quarter loss of $0.93, while the Capital IQ consensus called for earnings of $0.02. Meanwhile, the company’s revenue of $2.93 billion fell short of the expected $3.29 billion. It should be noted that the company reported a same-store sales decrease of 26.0%. The expectations called for a 17.0% decline.

Kayak Software (KYAK 39.24, +8.20) is surging 26.4% after agreeing to be acquired by Priceline (PCLN 616.00, -11.87). Per the agreement, PCLN will pay $40.00 per share of KYAK, representing a 28.9% premium to Kayak's Thursday closing price.

Groupon (GRPN 3.25, -0.67) is sliding 17.1% following another round of earnings which failed to please investors. The online coupon site's revenue of $568.6 million fell short of the expected $592.06 million. GRPN is down over 80.0% since its initial public offering last year.

In today's economic data, October export prices ex-agriculture and import prices ex-oil will be reported at 8:30 ET. In addition, the November Michigan Sentiment and September wholesale inventories will be announced at 9:55 ET and 10:00 ET, respectively.

President Barack Obama and House Speaker John Boehner will address the fiscal cliff at 13:00 ET.

06:50 am : Nikkei...8757.60...-79.60...-0.90%. Hang Seng...21384.38...-182.50...-0.90%.

06:50 am : FTSE...5755.45...-20.60...-0.40%. DAX...7145.97...-59.00...-0.80%.

06:50 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +3.00.

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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