TheStrategyLab.com Free 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
It is currently Mon Jul 23, 2018 1:12 am

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: November 28th Wednesday TF, 6E & CL Futures $4220.00
PostPosted: Wed Nov 28, 2012 4:46 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3183
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:
112812-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4220.00.png
112812-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4220.00.png [ 75.83 KiB | Viewed 102 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2780.00 dollars or +27.80 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $1,440.00 dollars or +1.44 points. Total Profit @ $4220.00 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=1378

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 and 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

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

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 while using 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 trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

U.S. Market Wrap

Nov. 28 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks rose, erasing an earlier loss for the Standard & Poor’s 500 Index, after comments by Speaker of the House John Boehner and President Barack Obama fueled optimism an agreement can be reached in budget talks.

Attachment:
112812-Key-Price-Action-Markets.png
112812-Key-Price-Action-Markets.png [ 532.31 KiB | Viewed 104 times ]


Image

Market Update

4:15 pm : Equities opened lower, but staged a reversal when top lawmakers reiterated their desire to reach a budget agreement. After marking a session low near its 200-day moving average, the S&P 500 reversed 25 handles to session highs. The reversal was aided by comments from House Speaker Boehner who said he is optimistic a deal can be reached in order to avoid going over the fiscal cliff. In addition, the President held a press conference where he reiterated his belief in higher tax rates for top earners. He also stressed that if Congress fails to approve selective tax increases, going over the cliff will result in an across-the-board tax hike. The S&P 500 ended the session with a gain of 0.8%.

The Federal Reserve released its October Beige Book, which pointed to modest growth in seven Districts. Meanwhile, two Districts reported stronger growth while Boston, New York, and Philadelphia saw weak performance. The weakness in New York and Philadelphia was attributed to disruptions caused by Superstorm Sandy. Further, contacts in several regions expressed concerns over the uncertainty surrounding the ongoing budget debate.

Consumer credit was mixed as higher demand for home mortgage loans and auto loans increased consumer lending in some Districts. However, small business loan demand was generally described as weaker to only moderately higher.

Regarding hiring, "most districts reported modest gains while wage and price pressures remained subdued. "

Today's housing data pointed to a 0.3% decrease in October new home sales. The annualized rate of 368,000 fell short of expectations and caused homebuilder stocks to fall to their respective lows. Shares of major builders have enjoyed strong performance since the start of the year, but today's economic data contributed to industry-wide weakness. DR Horton (DHI 19.42, -0.16), PulteGroup (PHM 17.00, -0.11), and Lennar (LEN 38.38, -0.34) all lost between 0.6% and 0.9%.

Despite the weakness in homebuilders, consumer discretionary stocks outperformed after a handful of retailers reported strong earnings. American Eagle Outfitters (AEO 20.77, +1.38) surged 7.1% after beating on top and bottom lines. In addition, the company issued in-line fourth quarter earnings guidance.

PVH (PVH 116.46, +7.17) rose by 6.6% after its third quarter earnings of $2.34 beat the Capital IQ consensus estimate by $0.05. Despite the earnings beat, the company guided fourth quarter earnings below consensus and suggested revenue is expected to come in above analyst expectations. Regarding full-year earnings and revenue, the company expects both figures to be below current expectations.

Express (EXPR 14.15, +1.16) spiked 8.9% following its bottom line beat. In addition, the apparel retailer reported in-line revenue and issued upside fourth quarter earnings guidance.

Movado Group (MOV 35.50, +3.27) soared 10.2% after beating on earnings and revenue. The luxury distributor also raised its full-year earnings guidance in-line with the Capital IQ consensus. Lastly, the company declared a special dividend of $0.75.

Also of note, Green Mountain Coffee Roasters (GMCR 36.86, +7.91) surged 27.3% after reporting strong earnings. During the fourth quarter, the company earned $0.64, which was $0.16 ahead of the Capital IQ consensus estimate. Additionally, the beverage company beat on revenue and issued first quarter and full-year earnings and revenue guidance above consensus.

Elsewhere, Costco Wholesale (COST 102.58, +6.07) gained 6.3% after reporting a 6.0% increase in November comparable store sales. In addition, the wholesaler declared a special cash dividend of $7.00.

Solar stocks saw broad strength after JA Solar (JASO 0.70, +0.05) and Yingli Green Energy (YGE 1.62, +0.19) reported earnings. JA Solar rose by 7.7% after reporting mixed results. During the third quarter, the company recorded a loss of $0.30, which was $0.11 worse than the Capital IQ consensus estimate. However, JASO's revenue of $260.90 million exceeded expectations. Meanwhile, Yingli Green Energy spiked 13.3% after beating on earnings and reporting revenue below consensus. In addition, the company reaffirmed its full-year 2012 shipment guidance. Major solar names all outperformed and the Guggenheim Solar ETF (TAN 14.04, +0.68) rose by 5.1%.

The weekly MBA Mortgage Index reflected a 0.9% decrease in mortgage applications. Today's reading follows the prior week's decrease of 2.2%.

Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET. In addition, the second estimate of third quarter GDP and the GDP deflator will also be announced at 8:30 ET. Lastly, October pending home sales will hit the wires at 10:00 ET.

The U.S. Treasury will auction off $29 billion in 7-yr notes.DJ30 +106.98 NASDAQ +23.99 SP500 +10.99 NASDAQ Adv/Vol/Dec 1505/1.66 bln/946 NYSE Adv/Vol/Dec 2070/711.9 mln/929

3:30 pm : Crude oil traded in negative territory as investors reacted to concerns over the "fiscal cliff". The energy component dipped to a session low of $85.39 per barrel but bounced back slightly following better-than-anticipated inventory data that showed a draw of 0.347 mln barrels when a build of 0.325 mln barrels was expected. It eventually settled with a 0.8% loss at $86.46 per barrel, or just below its session high of $86.54 per barrel.

Natural gas extended overnight losses as it trended lower into the red during today's floor session. It brushed a session low of $3.74 per MMBtu in morning action but managed to inch upwards in afternoon action. It ultimately closed with a 2.3% loss at $3.80 per MMBtu.

Gold sold off sharply from its session high $1735.70 per ounce by about $25, or 1.4%, right as pit trade opened. While there was initial confusion for the drop, Reuters.com pointed out that the fall did not result due to a monetary pause or a "fat finger" trade on the CME. The move was largely driven by large sell orders by funds, given the December contract's rollover to February expiration. The yellow metal dipped even further, brushing a session low of $1705.50 per ounce in morning action. It eventually settled with a 1.6% loss at $1716.20 per ounce. Silver also slid deeper into negative territory as the floor session opened and fell as low as $32.90 per ounce. It recovered most of the earlier loss but still settled 0.9% lower at $33.69 per ounce.DJ30 +100.44 NASDAQ +14.34 SP500 +9.73 NASDAQ Adv/Vol/Dec 1425/1373.5 mln/1010 NYSE Adv/Vol/Dec 1900/478 mln/1072

3:00 pm : The major averages are holding their afternoon levels and the S&P 500 is adding 0.4%.

A flurry of quarterly results will be reported between today's closing bell and tomorrow's open. After today's close, retailers Aeropostale (ARO 14.00, +0.69) and Guess (GES 24.85, +0.89) will announce their earnings. The Capital IQ consensus expects Aeropostale to report earnings of $0.29 on $601.50 million in revenue. Meanwhile, Guess is expected to report $0.44 in earnings on revenue of $621.70 million.

Tomorrow morning, Barnes & Noble (BKS 15.90, -0.01), Kroger (KR 24.90, +0.04), and Tiffany (TIF 63.54, +0.91) are among the notable names set to report the results of their operations.DJ30 +72.76 NASDAQ +11.41 SP500 +5.66 NASDAQ Adv/Vol/Dec 1268/1.2 bln/1152 NYSE Adv/Vol/Dec 1727/422.5 mln/1237

2:30 pm : Equities are holding their recent levels and the S&P 500 is adding 0.3%.

The Federal Reserve has released its October Beige Book. In the report, the central bank indicated that modest growth was observed in seven districts. Meanwhile, two districts reported stronger growth, while Boston, New York, and Philadelphia saw weak performance. The weakness in those three regions was attributed to disruptions caused by Superstorm Sandy. Further, contacts in several regions expressed concerns over the uncertainty surrounding the budget debate.

Consumer credit was mixed as higher demand for home mortgage loans and auto loans increased consumer lending in some Districts. However, small business loan demand was generally described as weaker to only moderately higher.

Regarding hiring, most districts reported modest gains while wage and price pressures remained subdued.DJ30 +61.82 NASDAQ +8.04 SP500 +4.02 NASDAQ Adv/Vol/Dec 1191/1.11 bln/1218 NYSE Adv/Vol/Dec 1670/390.1 mln/1304

2:00 pm : The S&P 500 is adding 0.4% as it trades near its session high.

Looking at the materials sector, paper stocks are outperforming. Most notably, KapStone (KS 21.36, +0.80) is higher by 3.8% after declaring a special dividend of $2.00 per share.

Elsewhere in the space, steel stocks were in focus after Deutsche Bank made positive comments about AK Steel (AKS 4.00, +0.21) and Steel Dynamics (STLD 12.64, +0.11). AK Steel is higher by 5.5% in response to the comments while Steel Dynamics is adding 1.2%. Other steel stocks are registering gains as well, but Cliffs Natural Resources (CLF 29.41, -0.60) and Mechel Steel (MTL 6.02, -0.22) are down 2.0% and 3.5%, respectively.DJ30 +79.33 NASDAQ +12.57 SP500 +6.13 NASDAQ Adv/Vol/Dec 1264/1.05 bln/1140 NYSE Adv/Vol/Dec 1748/367.4 mln/1216

1:30 pm : The Dow is the top performing index as it trades higher by 0.4%.

The Dow Jones Transportation Average is showing little change as it underperforms the remaining industrials. Railroads saw relative strength yesterday, but are among the biggest laggards today. CSX (CSX 19.64, -0.23) and Kansas City Southern (KSU 78.44, -0.87) are both down near 1.1%. Meanwhile, shippers are outperforming. Kirby (KEX 57.23, +1.00) and Matson (MATX 22.84, +0.31) are seeing respective gains of 1.8% and 1.4%.DJ30 +58.49 NASDAQ +6.89 SP500 +3.40 NASDAQ Adv/Vol/Dec 1239/956.4 mln/1144 NYSE Adv/Vol/Dec 1613/335.9 mln/1327

1:00 pm : Stocks began the session on a lower note as fiscal cliff concerns returned to the forefront. During the first hour of trade, the S&P 500 marked its session low near the 200-day moving average, and turned higher. The reversal coincided with headlines out of Washington where House Speaker, John Boehner, said he is optimistic a deal can be reached in order to avoid going over the fiscal cliff. The comments sent the benchmark index back to its flat line before turning higher once President Obama ended his press conference. In his remarks, the president reiterated his belief in higher tax rates for top earners. In addition, he stressed that if Congress fails to approve selective tax increases, going over the cliff will result in an across-the-board tax hike. At midday, the S&P 500 is higher by 0.4%.

Today's housing data pointed to a 0.3% decrease in October new home sales. The annualized rate of 368,000 fell short of expectations and caused homebuilder stocks to fall to their respective lows. Shares of major builders have enjoyed strong performance since the start of the year, but today's economic data is contributing to industry-wide weakness. DR Horton (DHI 19.34, -0.24), PulteGroup (PHM 16.79, -0.31), and Lennar (LEN 38.14, -0.58) are all down between 1.2% and 1.8%.

Solar stocks are seeing broad strength after JA Solar (JASO 0.68, +0.03) and Yingli Green Energy (YGE 1.56, +0.13) reported their earnings. JA Solar is higher by 4.4% after reporting mixed results. During the third quarter, the company recorded a loss of $0.30, which was $0.11 worse than the Capital IQ consensus estimate. However, JASO's revenue of $260.90 million exceeded expectations.

Meanwhile, Yingli Green Energy is spiking 9.1% after beating on earnings and reporting revenue below consensus. In addition, the company reaffirmed its full-year 2012 shipment guidance.

The two reports were well-received by the market and major solar names are all outperforming. The Guggenheim Solar ETF (TAN 13.85, +0.49) is rising by 3.7%.

Since yesterday's close, a handful of apparel retailers have reported their earnings. American Eagle Outfitters (AEO 20.74, +1.35) is surging 7.0% after beating on top and bottom lines. In addition, the company issued in-line fourth quarter earnings guidance.

PVH (PVH 115.36, +6.07) is rising by 5.5% after its third quarter earnings of $2.34 beat the Capital IQ consensus estimate by $0.05. Despite the earnings beat, the company guided fourth quarter earnings below consensus while revenue is expected to come in above analyst expectations. Regarding full-year earnings and revenue, the company expects both figures to be below current expectations.

Express (EXPR 14.44, +1.45) is spiking 11.2% following its bottom line beat. In addition, the apparel retailer reported in-line revenue and issued upside fourth quarter earnings guidance.

The telecom sector is the weakest performer of the day and the iShares Dow Jones US Telecom ETF (IYZ 23.38, -0.04) trades lower by 0.2%. Crown Castle International (CCI 66.21, -0.28) and AT&T (T 33.49, -0.13) are the notable laggards within the space as the two trade lower by 0.4%. Earlier, AT&T priced EUR1 billion in notes due in December 2020. Meanwhile, Verizon Communications (VZ 43.12, +0.14) and Sprint Nextel (S .67, +0.04) are outperforming their peers.

In addition to the previously mentioned new home sales data, the market received the weekly MBA Mortgage Index, which reflected a 0.9% decrease in mortgage applications. Today's reading followed prior week's decrease of 2.2%.

The October Beige Book will be released at 14:00 ET.DJ30 +75.42 NASDAQ +8.89 SP500 +5.39 NASDAQ Adv/Vol/Dec 1192/895.1 mln/1165 NYSE Adv/Vol/Dec 1672/315.5 mln/1250

12:30 pm : Equities are holding their slim gains following President Obama's remarks. During his press conference, the president reiterated his belief in higher tax rates for top earners. In addition, he stressed that if Congress fails to approve selective tax increases, going over the cliff will result in an across-the-board tax hike.

Solar stocks are seeing broad strength after JA Solar (JASO 0.69, +0.04) and Yingli Green Energy (YGE 1.58, +0.15) reported their earnings. JA Solar is surging 6.2% after reporting mixed results. During the third quarter, the company recorded a loss of $0.30, which was $0.11 worse than the Capital IQ consensus estimate. However, JASO's revenue of $260.90 million exceeded expectations.

Meanwhile, Yingli Green Energy is spiking 10.5% after beating on earnings and reporting revenue below consensus. In addition, the company reaffirmed its full-year 2012 shipment guidance.

The two reports were well-received by the market and major solar names are all seeing gains. The Guggenheim Solar ETF (TAN 13.87, +0.51) is rising by 4.3%.DJ30 +67.93 NASDAQ +6.66 SP500 +4.69 NASDAQ Adv/Vol/Dec 1188/824.2 mln/1149 NYSE Adv/Vol/Dec 1688/291.1 mln/1230

12:00 pm : The S&P 500 is flat as President Obama begins his press conference addressing the fiscal cliff.

The telecom sector is the weakest performer of the day and the iShares Dow Jones US Telecom ETF (IYZ 23.33, -0.09) trades lower by 0.4%. Crown Castle International (CCI 65.88, -0.61) and AT&T (T 33.36, -0.26) are the notable laggards within the space as the two see respective losses of 0.9% and 0.8%. Earlier, AT&T priced EUR1 billion in notes due in December 2020.

Meanwhile, Verizon Communications (VZ 42.93, -0.05) and Sprint Nextel (S .64, +0.01) are outperforming their peers.DJ30 +12.28 NASDAQ -3.97 SP500 -1.95 NASDAQ Adv/Vol/Dec 992/711.1 mln/1309 NYSE Adv/Vol/Dec 1365/252.2 mln/1521

11:30 am : The major averages are near their respective highs and the S&P 500 is currently flat.

Since yesterday's close, a handful of apparel retailers have reported their earnings. American Eagle Outfitters (AEO 20.87, +1.48) is surging 7.6% after beating on top and bottom lines. In addition, the company issued in-line fourth quarter earnings guidance.

PVH (PVH 114.89, +5.60) is rising by 5.1% after its third quarter earnings of $2.34 beat the Capital IQ consensus estimate by $0.05. Despite the earnings beat, the company guided fourth quarter earnings below consensus while revenue is expected to come in above analyst expectations. Regarding full-year earnings and revenue, the company expects both figures to be below current expectations.

Express (EXPR 14.32, +1.33) is spiking 10.3% following its bottom line beat. In addition, the apparel retailer reported in-line revenue and issued upside fourth quarter earnings guidance.

Also of note, Jos. A. Bank (JOSB 43.71, -3.57) is sliding 7.6% after missing on earnings.DJ30 +19.82 NASDAQ -3.16 SP500 -1.25 NASDAQ Adv/Vol/Dec 1012/629.1 mln/1264 NYSE Adv/Vol/Dec 1415/226.4 mln/1462

11:00 am : Equities have erased the bulk of their losses after House Speaker, John Boehner, said he is optimistic a deal can be reached in order to avoid going over the fiscal cliff. The S&P 500 is off by 0.2%.

Today's housing data pointed to a 0.3% decrease in October new home sales. The annualized rate of 368,000 was short of expectations and caused homebuilder stocks to fall to their respective lows. Shares of major builders have enjoyed strong performance since the start of the year, but today's economic data is contributing to industry-wide weakness. DR Horton (DHI 19.32, -0.26), PulteGroup (PHM 16.72, -0.39), and Lennar (LEN 38.05, -0.67) are all down between 1.4% and 2.3%.DJ30 -6.65 NASDAQ -8.24 SP500 -3.19 NASDAQ Adv/Vol/Dec 797/495.1 mln/1430 NYSE Adv/Vol/Dec 1193/182.8 mln/1640

10:35 am : Commodities have basically been sharply lower this morning as the dollar index was sharply higher and we were seeing broad based weakness in general. But then minutes ago, we saw positive comments from U.S. House Speaker Boehner, which gave the market a boost.

Crude oil inventory data just came out, which caused a muted reaction in crude oil prices. In current trade, Jan crude is -1.4% at $85.97/barrel.

Jan natural gas has been in the red all session, along with crude, and just hit another new session low at $3.75/MMBtu. Nat gas is now down 3.4% at $3.76/MMBtu.

Precious metals sold off hard at the open of floor trading and still remain in negative territory. Gold remains near its session low, but silver has been erasing some of its losses. Currently, Dec gold is -1.7% at $1712/oz and Dec silver is -2% at $33.33/oz.DJ30 -41.54 NASDAQ +4.04 SP500 -5.85 NASDAQ Adv/Vol/Dec 706/378.4 mln/1447 NYSE Adv/Vol/Dec 917/142 mln/1890

10:00 am : The major averages ticked lower in reaction to the latest new home sales data. Currently, the S&P 500 is off by 0.8%.

New home sales in October hit an annualized rate of 368,000, which is down from September's revised rate of 369,000, and worse than the rate of 388,000 that had been broadly expected by the Briefing.com consensus.

The SPDR S&P Homebuilders ETF (XHB 25.78, -0.43) fell to session lows in reaction to the data.DJ30 -87.76 NASDAQ -26.82 SP500 -11.10 NASDAQ Adv/Vol/Dec 479/234.2 mln/1623 NYSE Adv/Vol/Dec 662/92.8 mln/2100

09:50 am : The opening minutes saw an extension of the bearish pre-market sentiment. Currently, the S&P 500 is off by 0.7%.

Looking at the early sector alignment, materials and energy stocks are the biggest laggards. Meanwhile, the consumer discretionary sector is registering the narrowest loss.

October new home sales will be released at 10:00 ET while October Beige Book will be released at 14:00 ET.DJ30 -69.10 NASDAQ -21.96 SP500 -9.32 NASDAQ Adv/Vol/Dec 510/147.6 mln/1492 NYSE Adv/Vol/Dec 666/68.5 mln/2054

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -10.30. With the U.S. session set to begin, the S&P 500 futures are off by 0.5% as they point to a lower open.

The early bias appears to favor the risk-off trade as financials see pre-market weakness. Bank of America (BAC 9.56, -0.10), Citigroup (C 34.80, -0.24), and JPMorgan Chase (JPM 40.47, -0.28) are all down between 0.7% and 1.0%.

Elsewhere, BP (BP 40.72, -0.63) is slipping 1.5% after the Environmental Protection Agency temporarily suspended the company from receiving new contracts from the federal government. The EPA said the suspension is a result of BP's lack of business integrity.

In today's economic data, October new home sales will be released at 10:00 ET while October Beige Book will be released at 14:00 ET.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -9.50. The S&P 500 futures are off by 0.4%.

The major Asian bourses were lower as worries U.S. lawmakers will be unable to resolve the fiscal cliff resurfaced following comments from Senate Majority Leader Harry Reid, who suggested little progress has been made. China's Shanghai Composite remained under pressure with today's loss of 0.9% dropping it to a fresh 46-month low. Many are noting an interesting development in Japan where the 10-yr Japanese Government Bond yield hit a nine-year low of 0.72% despite prime ministerial candidate (and favorite) Shinzo Abe's call for unlimited money printing. The Bank of Thailand opined overnight, and held its key rate steady at 2.75%, as expected. Elsewhere, the Philippines saw third quarter GDP surge 7.1% year-over-year (5.4% expected) while South Korea's seasonally adjusted current account surplus widened to $4.42bln and Australia's construction work done rose a weaker than expected 1.7% quarter-over-quarter (2.4% expected).

In Japan, the Nikkei closed lower by 1.2% to snap its four-day winning streak. Profit-taking weighed on exporters as Mazda fell 2.3% and Komatsu shed 2.1%. Shipping stocks were also under pressure on word Kawasaki Kisen will delay the expansion of its fleet. The stock lost 4.6% to lead the space lower.

In Hong Kong, the Hang Seng shed 0.6%, slipping to a two-week low. Financials were among the worst performers as China Construction Bank and China Pacific Insurance gave up 1.7% and 3.0% respectively. Meanwhile, telecom provider China Unicom slid 2.1% on word its rival, China Mobile, may receive a 4G license sooner than expected.

China's Shanghai Composite slid 0.9% as commodity-related names led the decline. Wushan Iron tumbled 3.9% and Zhongjin Gold lost 3.3%.

European markets are seeing modest losses as investors show caution after comments from Senator Harry Reid. Regional economic data was limited, but Spanish retail sales suffered a 9.7% year-over-year drop. While the number was hardly positive, it was better-than-feared as expectations called for the data point to reflect a decrease of 11.5%. Eurozone private loans decreased by 0.7% year-over-year, ahead of the broadly-expected decrease of 0.9%. Meanwhile, the region's M3 money supply rose by 3.9% year-over-year, while the consensus called for an uptick of 2.8%. In news, Greek newspaper Kathimerini reported that the country has enlisted the help of Deutsche Bank and Morgan Stanley to run the voluntary debt buy-back. Meanwhile, Germany's SPD party plans to delay the parliamentary vote on the Greek Bailout by one week.

In the United Kingdom, the FTSE is off by 0.3% and consumer stocks are under pressure. Bunzl is sliding 3.7% while food distributor Tate & Lyle is shedding 0.9%. On the upside, Marks & Spencer Group is rising by 2.4% after an improvement in the company's financial position sparked takeover chatter.

In France, the CAC is shedding 0.5% and financials are seeing weakness. BNP Paribas, Credit Agricole, and Societe Generale are all down near 2.0%. Defensive stocks are outperforming as Veolia Environnement and Alcatel-Lucent see respective gains of 2.4% and 0.8%.

Germany's DAX is shedding 0.2% as financials weigh. Deutsche Bank and Commerzbank are both down near 2.0% as investors priced in the possibility of a forced Greek buyback. However, Greek Finance Minister, Yannis Stournaras, said that the buyback plan will be voluntary. Consumer stocks are seeing relative strength with Henkel and Merck rising by 0.4% and 0.1%, respectively.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -6.80. Equity futures continue to trade near their pre-market lows and the S&P 500 futures are off by 0.4%.

Looking at this morning's earnings, Express (EXPR 14.55, +1.56) is surging 12.0% after beating on the bottom line. In addition, the apparel retailer reported in-line revenue and issued upside fourth quarter earnings guidance.

Elsewhere, Movado Group (MOV 33.51, +1.28) is advancing 4.0% after beating on earnings and revenue. The luxury distributor also raised its full-year earnings guidance in-line with the Capital IQ consensus. Lastly, the company declared a special dividend of $0.75.

October new home sales will be released at 10:00 ET and the October Beige Book will be reported at 14:00 ET.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -7.00. U.S. equity futures are modestly lower amid cautious overseas trade.

Overnight, the global equity markets were on uncertain footing after comments made by Senate majority leader, Harry Reid, reminded investors that a budget deal is far from being complete. Macro data points were virtually non-existent, thus the markets remained fixated on Senator Reid's comments. Shortly after the U.S. close yesterday, the U.S. Treasury described the Chinese yuan as significantly undervalued. Meanwhile, a Chinese National Development and Reform Commission researcher suggested that CPI should recover in November and December. The commission expects fourth quarter GDP growth of 7.8%. Elsewhere, Chinese Academy of Social Sciences suggested the nation will see a combination of tight fiscal policy and loose monetary policy next year. The Shanghai Composite settled lower by 0.9% and ended at a 4-year low. In Japan, the yen strengthened and the EUR/JPY pair slipped below 106.00. The Nikkei slid 1.2% and ended its 4-day win streak as Japanese Government Bond yields hit their lowest level in 9 years with the 10-yr yield closing at 0.72%. In Hong Kong, the Hang Seng shed 0.6%.

European markets are seeing modest losses as investors consider the global implications of a slow U.S. budget debate. Regional economic data was limited, but Spanish retail sales suffered a 9.7% year-over-year drop. While the number was hardly positive, it was better-than-feared as expectations called for the data point to reflect an 11.5% decrease. Eurozone private loans decreased by 0.7% year-over-year, ahead of the broadly-expected decrease of 0.9%. Meanwhile, the region's M3 money supply rose by 3.9% year-over-year, while the consensus called for an uptick of 2.8%. In news, Greek newspaper Kathimerini reported that the country has enlisted the help of Deutsche Bank and Morgan Stanley to run the voluntary debt buy-back. Meanwhile, Germany's SPD party plans to delay the parliamentary vote on the Greek Bailout until the end of December. Looking at regional indices as they near midday, France's CAC is lower by 0.4% while UK's FTSE and Germany's DAX are both off by 0.2%.

In U.S. corporate news, Green Mountain Coffee Roasters (GMCR 35.75, +6.80) is surging 23.5% after reporting strong earnings. During the fourth quarter, the company earned $0.64, which was $0.16 ahead of the Capital IQ consensus estimate. Additionally, the beverage company beat on revenue and issued first quarter and full-year earnings and revenue guidance above consensus.

Costco Wholesale (COST 100.99, +4.48) is higher by 4.6% after reporting a 6.0% increase in November comparable store sales. In addition, the wholesaler declared a special cash dividend of $7.00.

Windstream (WIN 8.06, -0.25) is lower by 3.0% after Piper Jaffray downgraded the stock to ‘underweight' from ‘neutral.'

The weekly MBA Mortgage Index reflected a 0.9% decrease in mortgage applications. Today's reading follows prior week's decrease of 2.2%.

October new home sales will be released at 10:00 ET and the October Beige Book will be reported at 14:00 ET. The U.S. Treasury will auction off $35 billion in 5-yr notes.

06:34 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.50.

06:34 am : Nikkei...9308.35...-115.00...-1.20%. Hang Seng...21708.98...-135.10...-0.60%.

06:34 am : FTSE...5784.29...-15.40...-0.30%. DAX...7315.79...-16.40...-0.20%.

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 Bookmark and Share  [ 1 post ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 1 guest


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