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 Post subject: December 5th Wednesday TF, 6E & CL Futures $3600.00
PostPosted: Wed Dec 05, 2012 10:56 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3183
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 @ $2,460.00 dollars or +24.60 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $1,140.00 dollars or +1.14 points. Total Profit @ $3600.00 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=111&t=1385

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=197&t=1686

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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 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

Dec. 5 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks advanced, following a two-day decline in the Standard & Poor’s 500 Index, amid optimism lawmakers will reach a budget agreement before the end of the year and after economic data topped estimates.

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Market Update

4:15 pm : Stocks finished the session on a higher note, but gave up a large portion of their gains in the final half-hour of the session. The major averages showed notable divergence as the Dow led with a gain of 0.6% while Nasdaq lost 0.8%. The tech-heavy index lagged the broader market due to considerable weakness in shares of Apple (AAPL 538.79, -37.05), which fell 6.4% and saw their largest one-day drop in four years. Meanwhile, the S&P 500 held near its session high for the majority of the afternoon before late-day selling trimmed its gain to 0.2%.

Even though Apple lagged significantly, other large cap technology stocks saw narrower losses. Google (GOOG 687.82, -3.21) slipped 0.5% and International Business Machines (IBM 188.65, -0.71) shed 0.4%.

Elsewhere in tech, Pandora Media (P 7.80, -1.65) plunged 17.5% after reporting its earnings. Although the internet radio operator beat on earnings and revenue, the company guided fourth quarter top and bottom lines below consensus. In addition, the company said its November 2012 audience has increased 58% year-over-year.

Nokia (NOK 3.88, +0.44) surged 12.8% after the smartphone maker signed an agreement with China Mobile to sell its Widows-based Lumia 920 device.

Financials led the broader market and the SPDR Financial Select Sector ETF (XLF 15.85, +0.19) advanced 1.2%. Citigroup (C 36.46, +2.17) rallied 6.3% after the company announced plans to reduce expenses and improve efficiency. As part of the plan, Citigroup will dismiss more than 11,000 employees. In addition, the 2012 pre-tax charges are expected to total $1 billion. Looking at other majors, Bank of America (BAC 10.46, +0.63) advanced 5.7% and JPMorgan Chase (JPM 41.20, +0.63) added 1.6%.

Last evening, the Wall Street Journal reflected on the ongoing build-up in car dealer inventories. The article also pointed to large incentives offered by automakers in order to provide relief to inventories and entice new customers. General Motors (GM 25.00, -0.41) has been a notable standout among those offering cash discounts. The company has attempted to jump-start sales by offering between $2,900 and $3,500 in incentives. Automakers and auto parts store operators underperformed today. General Motors shed 1.6% while AutoZone (AZO 360.27, -6.53) and Pep Boys (PBY 9.48, -0.09) lost near 1.5% each.

Homebuilders were broadly weaker and the SPDR S&P Homebuilders ETF (XHB 25.65, -0.64) shed 2.4%. As a result of the industry-wide weakness, major builders lost in excess of 2.0%. PulteGroup (PHM 16.20, -0.89) and Lennar (LEN 36.42, -1.36) saw respective losses of 5.2% and 3.6%. In addition to individual builders, home improvement stocks also underperformed. Whirlpool (WHR 98.62, -1.80) settled lower by 1.8% and Leggett & Platt (LEG 27.17, -0.68) slid 2.4%.

In M&A news, Freeport McMoRan (FCX 32.16, -6.12) slumped 16.0% after the company confirmed it will acquire Plains Exploration & Production (PXP 44.50, +8.45) and McMoRan Exploration (MMR 15.82, +7.36) in transactions totaling $20 billion.

Looking at today's economic data, the weekly MBA Mortgage Index pointed to a 4.5% rise in new mortgage applications during the past week. Today's reading followed prior week's decline of 0.9%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 118K in November. This was above the 125K increase expected by the Briefing.com consensus.

Productivity data for the third quarter showed an increase of 2.9%, which was better than the 1.9% increase that had been reported in the preliminary reading. It was also better than the 2.7% increase that had been broadly expected. Unit labor costs for the third quarter were revised lower to reflect a 1.9% decrease after they had reportedly slipped 0.1% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick down in the revised reading to reflect a decrease of 0.8%.

October factory orders showed an increase of 0.8%, which was better than the Briefing.com consensus of a 0.1% decrease. Today's reading follows last month's 4.8% increase.

The November ISM Services Index was reported at 54.7, which is ahead of the 53.7 forecast by the Briefing.com consensus, and down from October's reading of 54.2.

Tomorrow's economic data will focus on jobs as November Challenger Job Cuts will be reported at 7:30 ET while weekly initial and continuing claims will be announced at 8:30 ET.

In addition, the Bank of England and European Central Bank will both announce rate decisions.DJ30 +82.71 NASDAQ -22.99 SP500 +2.23 NASDAQ Adv/Vol/Dec 1058/1.74 bln/1381 NYSE Adv/Vol/Dec 1573/759.4 mln/1426

3:30 pm : Crude oil extended yesterday's losses as a stronger dollar index put pressure on prices. The energy component dropped from its pit session high of $88.57 per barrel to a session low of $87.46 per barrel despite bullish inventory data that showed a draw of 2.357 mln barrels when a draw of 0.3 mln barrels was anticipated. The dip left crude oil to settle with a 0.7% loss at $87.87 per barrel.

Natural gas, on the other hand, trended higher during its floor session. It lifted off its session low of $3.61 per MMBtu set in morning action and climbed as high as $3.74 per MMBtu. Although it pulled-back slightly as it headed into the close, natural gas booked a 4.5% gain as it settled at $3.72 per MMBtu.

Gold began today's pit trade in positive territory but fell into the red shortly after equity markets opened. The yellow metal slid off its session high of $1702.70 per ounce and brushed a session low of $1686.00 per ounce. It then inched higher in late morning action and erased most of the loss as it settled 0.1% lower at $1694.10 per ounce. Silver pulled-back from its session high of $33.07 per ounce and dipped as low as $32.58 per ounce. However, it regained momentum as it climbed back into positive territory and closed 0.3% higher at $32.94 per ounce.DJ30 +115.17 NASDAQ -12.42 SP500 +6.43 NASDAQ Adv/Vol/Dec 1145/1476.7 mln/1293 NYSE Adv/Vol/Dec 1653/525 mln/1352

3:00 pm : Quiet afternoon trade continues and the S&P 500 is firmer by 0.4%.

Several earnings reports will be released after today's close. The Capital IQ consensus expects Men's Wearhouse (MW 31.70, -0.66) to report earnings of $0.98 on $631.3 million in revenue. In addition, Vera Bradley (VRA 26.51, -0.81) is expected to announce $0.38 in earnings on revenue of $135.25 million.

Tomorrow morning, H&R Block (HRB 17.48, -0.37), Lululemon Athletica (LULU 68.79, -1.85), and Smithfield Foods (SFD 22.95, +0.42) are among the notable names scheduled to report.DJ30 +112.27 NASDAQ -14.17 SP500 +5.36 NASDAQ Adv/Vol/Dec 1143/1.31 bln/1282 NYSE Adv/Vol/Dec 1635/468.5 mln/1362

2:30 pm : Equities are holding their recent levels and the S&P 500 is higher by 0.4%.

Utility stocks were under pressure during the first three weeks of November. Since then, utilities have been seeing relative strength. Today, the sector leads the broader market on the back of gains made by electric utilities. American Electric Power (AEP 43.32, +0.97), Northeast Utilities (NU 39.42, +0.96), and Xcel Energy (XEL 27.45, +0.71) are all up between 2.0% and 2.5%.DJ30 +116.46 NASDAQ -11.99 SP500 +5.99 NASDAQ Adv/Vol/Dec 1146/1.21 bln/1264 NYSE Adv/Vol/Dec 1646/429.5 mln/1323

2:05 pm : The S&P 500 is adding 0.4% as it continues to hover near its recent levels.

Last evening, the Wall Street Journal reflected on the ongoing build-up in car dealer inventories. The article also pointed to large incentives offered by automakers in order to provide relief to inventories and entice new customers. General Motors (GM 25.12, -0.29) is a notable standout among those offering cash discounts. The company has attempted to jump-start sales by offering between $2,900 and $3,500 in incentives.

Automakers and auto parts stores are underperforming today. General Motors is off by 1.1% while AutoZone (AZO 357.38, -9.41) and Pep Boys (PBY 9.30, -0.27) are both down near 3.0%.DJ30 +113.77 NASDAQ -13.72 SP500 +5.46 NASDAQ Adv/Vol/Dec 1149/1.15 bln/1257 NYSE Adv/Vol/Dec 1630/404.5 mln/1330

1:30 pm : The Dow is the top performing index as it trades higher by 0.9%.

The Dow Jones Transportation Average is adding 1.0% as 16 out of 20 transportation stocks register gains. Railroads are among the top performers as CSX (CSX 20.13, +0.49) and Norfolk Southern (NSC 61.73, +1.52) both trade higher by 2.5%.

Meanwhile, airlines are weaker. Alaska Air (ALK 42.47, -0.12), Delta Airlines (DAL 9.61, -0.12), and United Continental (UAL 19.80, -0.05) are all down between 0.2% and 1.3%. The carriers are underperforming after Boeing (BA 74.20, +0.15) ordered fuel line inspections on all 787 Dreamliner jets.DJ30 +114.19 NASDAQ -11.83 SP500 +5.69 NASDAQ Adv/Vol/Dec 1146/1.06 bln/1251 NYSE Adv/Vol/Dec 1891/371.9 mln/1255

1:00 pm : Equities have shown indecision in the first half of the session. The major averages followed the mixed open with a slide to their respective lows. However, after marking lows in the 1398 area, the S&P 500 has returned into the black, where it now holds at session highs. Earlier, Republican lawmakers reiterated their stance against tax increases at a morning press conference. This was followed by remarks from President Obama who maintained his well-known stance in favor of tax hikes for top earners.

Technology stocks are underperforming as Apple (AAPL 551.81, -23.65) trades lower by 4.1%. Earlier, CNBC confirmed that COR Clearing has raised its margin requirement for Apple shares to 60% from 30%.

While Apple significantly underperforms the broader market, other large cap technology stocks are seeing narrower losses. International Business Machines (IBM 186.96, -2.40) is slipping 0.4% and Google (GOOG 690.02, -1.01) is off by 0.2%.

Elsewhere in tech, Pandora Media (P 7.79, -1.66) is slumping 17.5% after reporting its earnings. Although the internet radio operator beat on earnings and revenue, the company guided fourth quarter top and bottom lines below consensus. In addition, the company said its November 2012 audience has increased 58% year-over-year.

Nokia (NOK 3.73, +0.29) is surging 8.3% after the smartphone maker signed an agreement with China Mobile to sell its Widows-based Lumia 920 device.

Financials are leading the broader market and the SPDR Financial Select Sector ETF (XLF 15.88, +0.22) is higher by 1.4%. Citigroup (C 36.48, +2.19) is the best performer among the majors. The stock is adding 6.4% after the company announced plans to reduce expenses and improve efficiency. As part of the plan, Citigroup will dismiss more than 11,000 employees. In addition, the 2012 pre-tax charges are expected to total $1 billion. Looking at other majors, Bank of America (BAC 10.38, +0.48) is advancing 4.9% and JPMorgan Chase (JPM 41.39, +0.82) is firmer by 2.0%.

Homebuilder stocks are broadly weaker and the SPDR S&P Homebuilders ETF (XHB 25.77, -0.52) is down 2.0%, trading near its 50-day moving average. As a result of the industry-wide weakness, major builders are down in excess of 2.0%. PulteGroup (PHM 16.56, -0.53) and Lennar (LEN 36.69, -1.09) are seeing respective losses of 3.2% and 2.9%. In addition to individual builders, home improvement stocks are seeing weakness as well. Whirlpool (WHR 99.70, -0.71) is off by 0.7% and Leggett & Platt (LEG 27.33, -0.52) is sliding 1.9%.

In M&A news, Freeport McMoRan (FCX 32.90, -5.38) is slumping 14.1% after the company confirmed it will acquire Plains Exploration & Production (PXP 45.09, +9.04) and McMoRan Exploration (MMR 15.46, +7.00) in transactions totaling $20 billion.

Looking at today's economic data, the weekly MBA Mortgage Index pointed to a 4.5% rise in new mortgage applications during the past week. Today's reading followed prior week's decline of 0.9%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 118K in November. This was above the 125K increase expected by the Briefing.com consensus.

Productivity data for the third quarter showed an increase of 2.9%, which was better than the 1.9% increase that had been reported in the preliminary reading. It was also better than the 2.7% increase that had been broadly expected. Unit labor costs for the third quarter were revised lower to reflect a 1.9% decrease after they had reportedly slipped 0.1% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick down in the revised reading to reflect a decrease of 0.8%.DJ30 +126.44 NASDAQ -9.94 SP500 +7.21 NASDAQ Adv/Vol/Dec 1148/968.1 mln/1229 NYSE Adv/Vol/Dec 1734/341.1 mln/1215

12:30 pm : The S&P 500 is higher by 0.4% as it remains near its session-best.

Financials are leading the broader market and the SPDR Financial Select Sector ETF (XLF 15.87, +0.21) is higher by 1.3%. Citigroup (C 36.33, +2.04) is the best performer among the majors. The stock is adding 5.9% after the company announced plans to reduce expenses and improve efficiency. As part of the plan, Citigroup will dismiss more than 11,000 employees. In addition, the 2012 pre-tax charges are expected to total $1 billion. Looking at other majors, Bank of America (BAC 10.33, +0.42) is advancing 4.2% and JPMorgan Chase (JPM 41.34, +0.77) is firmer by 1.9%.DJ30 +103.75 NASDAQ -13.27 SP500 +4.27 NASDAQ Adv/Vol/Dec 1100/874.5 mln/1260 NYSE Adv/Vol/Dec 1662/307.3 mln/1256

12:00 pm : The S&P 500 and Dow have marked fresh session highs after rebounding off early lows. The two indices are higher by 0.4% and 0.9%, respectively.

Homebuilder stocks are broadly weaker and the SPDR S&P Homebuilders ETF (XHB 25.79, -0.50) is down 1.9%, trading near its 50-day moving average. As a result of the industry-wide weakness, major builders are seeing losses in excess of 2.0%. PulteGroup (PHM 16.66, -0.43) and Lennar (LEN 36.64, -1.14) are seeing respective losses of 2.6% and 3.1%.

In addition to individual builders, home improvement stocks are seeing weakness as well. Lowe's (LOW 35.29, -0.33) is off by 0.9% and Leggett & Platt (LEG 27.37, -0.48) is sliding 1.7%.DJ30 +111.04 NASDAQ -10.54 SP500 +5.38 NASDAQ Adv/Vol/Dec 1130/785.5 mln/1219 NYSE Adv/Vol/Dec 1677/278.4 mln/1228

11:30 am : The S&P 500 is off by 0.2% after rebounding of its session low.

The materials sector is the weakest performer as Freeport McMoRan (FCX 33.01, -5.27) weighs on the space. Shares of FCX are lower by 13.8% after the company acquired McMoRan Exploration (MMR 15.34, +6.89) and Plains Exploration & Production (PXP 45.46, +9.41) for $20 billion.

In addition, paper and packaging stocks are underperforming. International Paper (IP 35.67, -0.58) and Rock-Tenn (RKT 62.93, -1.74) are both down near 2.0%.

While most producers of basic materials see weakness, select chemical manufacturers are advancing. Intrepid Potash (IPI 21.14, +0.45) is adding 2.2% after declaring a special dividend of $0.75 per share. Elsewhere, Ashland (ASH 74.08, +1.18) is higher by 1.6% after Deutsche Bank raised its price target for ASH to $90 from $85.DJ30 +22.58 NASDAQ -23.55 SP500 -2.33 NASDAQ Adv/Vol/Dec 902/656.9 mln/1415 NYSE Adv/Vol/Dec 1416/239.2 mln/1464

11:00 am : The major averages have slid to fresh session lows. The S&P 500 is down 0.5% while the Nasdaq trades lower by 1.1% as it underperforms.

Technology stocks are leading the decline as Apple (AAPL 547.32, -28.49) slides 4.9%. Earlier, CNBC confirmed that COR Clearing has raised its margin requirement for Apple shares to 60% from 30%.

While Apple significantly underperforms the broader market, other large cap technology stocks are seeing narrower losses. Google (GOOG 683.09, -7.94) and International Business Machines (IBM 186.96, -2.40) are both down near 1.2%.

Elsewhere in tech, TIBCO Software (TIBX 19.27, -5.45) is plunging 22.1% after the company announced disappointing preliminary fourth quarter results. When commenting on the outlook, management said, "We are well on our way to righting the ship in the infrastructure Americas business, having recently announced new leadership that took effect December 1. We will continue to make adjustments as needed."DJ30 -19.93 NASDAQ -34.23 SP500 -7.17 NASDAQ Adv/Vol/Dec 770/530.9 mln/1511 NYSE Adv/Vol/Dec 1143/203.2 mln/1700

10:35 am : Commodities are mixed this morning with the dollar index trading higher and near its session high. Crude, gold and silver have sold off this morning, while natural gas has surged higher.

Ahead of inventory data, crude oil futures were basically flat at $88.39, down 0.1%. Following the data, which showed a larger-than-expected draw in oil, crude fell to a new session low of $88.06/barrel. Gasoline inventory levels showed a larger-than-expected build. Crude is now unchanged at $88.50/barrel.

Jan natural gas futures found buying interest this morning and rose as high as $3.62/MMBtu. In current action, nat gas is +1.7% at $3.60/MMBtu.

Feb gold is back into negative territory after recently falling to a new session low of $1688.80. Silver futures fell to its own new session low of $32.67 and is now trading at $32.86, down 0.1%. Gold is -0.2% at $1692.80/oz.DJ30 +26.03 NASDAQ -26.99 SP500 -3.29 NASDAQ Adv/Vol/Dec 906/368.4 mln/1297 NYSE Adv/Vol/Dec 1298/156 mln/1471

10:05 am : Equities have ticked up following the release of the latest ISM and factory orders data. Currently, the S&P 500 is off by 0.1%.

October factory orders showed an increase of 0.8%, which was better than the Briefing.com consensus of a 0.1% decrease. Today's reading follows last month's 4.8% increase.

The November ISM Services Index was reported at 54.7, which is ahead of the 53.7 forecast by the Briefing.com consensus, and down from October's reading of 54.2.DJ30 +33.18 NASDAQ -17.92 SP500 -0.72 NASDAQ Adv/Vol/Dec 923/248.5 mln/1211 NYSE Adv/Vol/Dec 1393/116.2 mln/1331

09:45 am : The major averages are mixed in the early going. The Dow is higher by 0.4% while Nasdaq is off by 0.1% as it underperforms.

The relative strength in the Dow is partially due to Citigroup (C 35.64, +1.35). The stock is rising by 4.0% after the company announced plans to reduce its workforce by more than 11,000 employees.

The Nasdaq is underperforming as Apple (AAPL 562.73, -13.11) trades lower by 2.3% and weighs on the tech-heavy index.

Also of note, Freeport McMoRan (FCX 32.75, -5.53) is sliding 14.5% after announcing the acquisition of McMoRan Exploration (MMR 14.82, +6.36) and Plains Exploration & Production (PXP 44.89, +8.84).DJ30 +53.33 NASDAQ -2.87 SP500 +2.70 NASDAQ Adv/Vol/Dec 1245/145.9 mln/835 NYSE Adv/Vol/Dec 1705/81.8 mln/939

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: -1.50. Heading into the open, equity futures are indicating a slightly higher start to the session.

Freeport McMoRan (FCX 33.20, -5.08) is slumping 13.3% after the company confirmed it will acquire Plains Exploration & Production (PXP 45.10, +9.05) and McMoRan Exploration (MMR 15.00, +1.99) in transactions totaling $20 billion.

Elsewhere, Citigroup (C 35.05, +0.76) is advancing 2.2% following the announcement of plans to reduce expenses and improve efficiency. As part of the plan, the company will dismiss more than 11,000 employees. In addition, the 2012 pre-tax charges are expected to total $1 billion.

Today's economic data will be topped off by the October factory orders and the November ISM Services Index. Both reports will be released at 10:00 ET.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: -1.80. Equity futures are on their pre-market lows, but they remain in the black. The S&P 500 futures are adding 0.1%.

It was a sea of green across Asia as all of the major averages, aside from Thailand's SET (-0.2%) and the Philippines PSI (-0.3%) ended in positive territory. Outperformance came from China's Shanghai Composite (+2.9%) and Hong Kong's Hang Seng (+2.2%) after Beijing promised more economic reforms. The new leadership indicated it plans to invest in urbanization and infrastructure as well as allowing insurers to invest in banks and financial institutions. China's latest HSBC Services PMI number was released, posting a disappointing 52.1 (53.8 previous). Other data from the region saw Australia's third quarter GDP grow at 0.5% quarter-over-quarter (0.6% expected), Taiwan's CPI fall to 1.6% year-over-year (2.0% expected, 2.3% previous), and the Philippines' CPI tick up to 0.1% month-over-month (-0.1% previous).

In Japan, the Nikkei added 0.4% as exporters gained on the weaker yen. Komatsu rallied 0.7% and Nissan Motor tacked on 0.4%. Meanwhile, Sharp jumped 4.0% as shares gained for a second day after Qualcomm said it would invest up to JPY120 mln in the firm.

Hong Kong's Hang Seng gained 2.2% to end at its best level in 16 months. Insurer Ping An surged 4.9% after HSBC announced an agreement to sell its stake in the company to Thailand's Charoen Pokphand Group. China Life Insurance added 4.2% after Beijing lifted regulation that limited insurers investments in commercial banks. Financials were also strong on the news as China Minsheng Banking Corp climbed 5.1%.

China's Shanghai Composite settled higher by 2.9% to rebound off a four-year low. Infrastructure and brokerage names saw solid gains as Fuijian Cement and GF Securities rallied 10.1% and 9.1%, respectively.

European markets are advancing, but the major indices have retreated off their early highs. Regional Services PMI readings were mixed as Germany and Spain beat expectations while France and Italy missed. It should be noted that only the United Kingdom reported its PMI slightly above the 50.0 threshold which signifies expansion. As a result of the mixed reports, the aggregate Eurozone Services PMI came in at 46.7, which was one point ahead of expectations. In other data, the region's retail sales proved to be a point of concern as the reported 1.2% month-over-month decline was well below the widely expected downtick of 0.1%. Elsewhere, France's 10-yr yield has declined to 2.001%, its lowest level since the inception of the common currency.

In the United Kingdom, the FTSE is adding 0.2% and miners are outperforming. Kazakhmys and Vedanta Resources are adding 3.6% and 4.0%, respectively. Meanwhile, tech shares are underperforming. ARM Holdings is down 1.1% and Sage Group is sliding 3.4%.

France's CAC is higher by 0.2% and industrials are leading the way. Bouygues, European Aeronautic Defence & Space, and Vallourec are all up between 2.7% and 4.3%. On the downside, Unibail-Rodamco is down 1.3% after Morgan Stanley downgraded the stock to ‘Underweight.'

In Germany, the DAX is firmer by 0.2% with financials showing strength. Commerzbank and Deutsche Bank are both up near 2.0%. Also of note, steelmaker ThyssenKrupp is higher by 2.3% after Inventio's lawsuit against ThyssenKrupp was dismissed.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +1.80. Equity futures have shown little change in reaction to the latest ADP employment and productivity data. The S&P 500 futures are adding 0.3%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 118K in November. This was above the 125K increase expected by the Briefing.com consensus.

Productivity data for the third quarter showed an increase of 2.9%, which is better than the 1.9% increase that had been reported in the preliminary reading. It is also better than the 2.7% increase that had been broadly expected. Unit labor costs for the third quarter were revised lower to reflect a 1.9% decrease after they had reportedly slipped 0.1% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick down in the revised reading to reflect a decrease of 0.8%.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +3.00. U.S. equity futures are modestly higher amid quiet pre-market trade.

Overnight, the world equity markets continued moving higher. In China, the HSBC Services PMI of 52.1 came in below the previous month's total. The tepid data once again sparked speculation of imminent easing by the government. As such, the Shanghai Composite responded with a 2.9% advance. Another report suggested China's Insurance Regulatory Committee will raise its limit for insurers to invest in banks and financial institutions. This helped Chinese financials outperform with a gain of 4.7%. The bullish sentiment carried over to Hong Kong's Hang Seng, which advanced 2.2%. In Japan, the Nikkei extended its recent strength and added 0.4%. The index underperformed its peers after rising nearly 10.0% off its recent lows.

European markets are advancing, but the major indices have retreated off their early highs. Eurozone Services PMI readings were mixed as Germany and Spain beat expectations while France and Italy missed. It should be noted that only the United Kingdom reported its PMI slightly above the 50.0 threshold which signifies expansion. As a result of the mixed reports, the aggregate Eurozone Services PMI came in at 46.7, which was one point ahead of expectations. In other data, the region's retail sales proved to be a point of concern as the reported 1.2% month-over-month decline was well below the widely expected downtick of 0.1%. Looking at regional indices, UK's FTSE is adding 0.2% while France's CAC and Germany's DAX are both higher by 0.3%.

In U.S. corporate news, Freeport McMoRan (FCX 35.48, -2.82) is sliding 7.4% after Reuters reported the company may purchase McMoRan Exploration (MMR 12.00, +3.54) and another oil company.

Nokia (NOK 3.54, +0.10) is higher by 2.9% after the smartphone maker signed an agreement with China Mobile to sell its Widows-based Lumia 920 device.

Pandora Media (P 7.78, -1.67) is slumping 17.7% after reporting its earnings. Although the internet radio operator beat on earnings and revenue, the company guided fourth quarter top and bottom lines below consensus. In addition, the company said November 2012 audience has increased 58% year-over-year.

The weekly MBA Mortgage Index pointed to a 4.5% rise in new mortgage applications during the past week. Today's reading follows prior week's decline of 0.9%.

A full slate of economic news will cross the market today. November ADP Employment Change will be released at 8:15 ET. In addition, revised third quarter productivity and unit labor costs will be reported at 8:30 ET. Lastly, October factory orders and November ISM Services will both hit the wires at 10:00 ET.

06:40 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +4.50.

06:38 am : Nikkei...9468.84...+36.40...+0.40%. Hang Seng...22270.91...+470.90...+2.20%.

06:38 am : FTSE...5880.36...+11.30...+0.20%. DAX...7453.81...+18.30...+0.30%.

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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