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 Post subject: *December 14th Friday TF, 6E & CL Futures $1740.00
PostPosted: Fri Dec 14, 2012 10:57 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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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
Quote:
Tough trading day for me psychologically due to the tragic shooting in Connecticut @ http://www.cnn.com/2012/12/14/us/connec ... index.html that quickly lets us know to appreciate greatly our relationship with our children.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1740.00 dollars or +17.40 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $1740.00 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=1392

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.

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Market Update

4:15 pm : Equities spent the day in the red as weakness in shares of Apple (AAPL 509.79, -19.89) weighed on the markets throughout the session. The S&P 500 held near its opening levels until the final hour when selling pressure pushed the benchmark index to a loss of 0.4%.

The technology sector was the biggest laggard due to underperformance from Apple and its suppliers. Earlier, UBS lowered its price target for AAPL to $700 from $780 due to an expected decline in iPhone and iPad shipments. The largest tech company settled lower by 3.8% on the day the iPhone 5 began selling in China.

Looking at notable Apple suppliers, Avago Technologies (AVGO 31.13, -2.56), Cirrus Logic (CRUS 25.58, -1.82), Skyworks Solutions (SWKS 19.80, -1.25), and Jabil Circuit (JBL 17.51, -1.02) all lost between 3.7% and 7.6%.

Elsewhere in technology, Adobe Systems (ADBE 37.56, +2.03) advanced 5.7% after beating on earnings and revenue. During the fourth quarter, the software company earned $0.61, which was $0.05 better than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $1.15 billion also exceeded expectations. The software developer topped off the report with guidance, which was on the lower end of analyst estimates. Following the earnings report, JMP Securities upgraded Adobe to ‘Market Outperform' from ‘Market Underperform' with a $42 price target. On the other hand, Janney Montgomery Scott downgraded ADBE to ‘Neutral' from ‘Buy.'

The materials sector outperformed the broader market, and steel suppliers contributed to the strength. Last night, the Chinese HSBC manufacturing PMI survey revealed the second expansionary reading in a row. The data signals a possible rebound in Chinese growth, which would be beneficial to steelmakers. Among the major producers, Cliffs Natural Resources (CLF 33.96, +1.67), Nucor (NUE 42.28, +1.09), and Reliance Steel (RS 59.25, +1.31) all gained between 2.2% and 5.2%.

Energy stocks slipped 0.5% despite crude oil adding over 1.0%. Schlumberger Limited (SLB 68.91, -3.65) slid 5.0% following this morning's profit warning. The company said that it is experiencing continued contractual delays and higher-than-usual seasonal slowdowns in activity.

In notable analyst rating changes, Exxon Mobil (XOM 88.08, -0.50) shed 0.6% after Goldman Sachs downgraded the company to ‘Neutral' from ‘Buy.' Elsewhere, BP (BP 41.39, -0.08) finished lower by 0.2% after Credit Suisse downgraded the energy producer to ‘Neutral' from ‘Outperform.' On the upside, Marathon Oil (MRO 30.82, +0.63) advanced 2.1% after Goldman Sachs upgraded MRO to ‘Buy' from ‘Neutral.'

European markets entered the weekend on a mixed note. The United Kingdom's FTSE shed 0.1%, France's CAC ended flat, and Germany's DAX added 0.2%.

In the United Kingdom, Prudential lost 2.0%, and was the weakest performer. The insurer was pressured after the top industry regulator said European insurers and pension funds will face headwinds due to low interest rates. On the upside, miners outperformed and Polymetal International gained 2.3%.

In France, utility stocks were among the biggest laggards. Electricity provider GDF Suez lost 0.3% and water supplier Veolia Environnement slid 1.1%. On the upside, provider of communications solutions Alcatel-Lucent (ALU 1.24, +0.14) gained 7.0% after securing EUR1.6 billion in financing from Credit Suisse and Goldman Sachs. It should be noted that digital security provider Gemalto will replace Alcatel-Lucent in the CAC on December 24.

Germany's DAX was supported by carmakers. Daimler gained 2.6% after its European market share increased to 5.7% from 5.2%. The uptick was due to strong sales by its Mercedes unit. Meanwhile, Deutsche Bank was the weakest performer. The financial giant lost 1.6% after a German court found the company partially liable for the collapse of the Leo Kirch media group.

In today's economic data, November consumer prices decreased by 0.3%, which was below the Briefing.com consensus. Today's reading follows the 0.2% increase recorded during the prior month. In addition, core prices rose by 0.1% which was in-line with expectations.

Industrial production increased during November by 1.1%, which was better than the 0.1% increase that had been expected by the Briefing.com consensus. The reading follows the revised 0.7% decrease recorded during the prior month. Capacity utilization hit 78.4%, which was better than the 77.9% expected by the Briefing.com consensus, and up from the revised prior month reading of 77.7%.

On Monday, December Empire Manufacturing Index will be reported at 8:30 ET and October net long-term TIC flows will be released at 9:00 ET.

Week in Review: Markets in Holding Pattern as Budget Deal Remains Elusive

On Monday, equities were little changed. With no economic data to digest, investors expressed caution after Italy's Prime Minister Mario Monti announced plans to submit his resignation upon the successful approval of the country's budget. However, afternoon reports from the Financial Times indicated Italy's centrist parties urged Mr. Monti to run on their ticket in next year's election. Domestically, trade was confined to a narrow range and volume was well below-average. As a result, the S&P 500 finished flat. Hewlett-Packard (HPQ 14.75, +0.25) rose by 2.6% following earlier rumors which suggested activist investor Carl Icahn was building a stake in the company.

Tuesday's session was relatively quiet as the major averages followed an upbeat open with a climb to their respective highs. At noon, House Speaker John Boehner said he remains hopeful a budget deal will be reached, but first, Democrats and the President need to outline specific spending cuts. The comments had little effect on the markets as equities continued holding at their best levels. However, 90 minutes before the close, Senate Majority Leader Harry Reid said Democrats do not plan to propose spending cuts, and that reaching a consensus before Christmas would be difficult. In response to Senator Reid's comments, the S&P 500 slipped from its highs, trimming its gain to 0.6%. TripAdvisor (TRIP 41.67, -1.04) spiked 6.6% after Liberty Interactive (LINTA 19.12, -0.16) purchased 4.8 million TRIP shares for $62.50 per share. As a result of the transaction, Liberty Interactive will control a majority voting stake in TripAdvisor.

Wednesday began on a slightly higher note in anticipation of the latest policy statement from the Federal Reserve. The major averages spiked to session highs upon the release of the central bank's directive. However, stocks surrendered all of their gains, and the S&P 500 finished flat. As expected, the Federal Open Market Committee held its Federal Funds Rate steady at 0-0.25%. In addition, the Fed announced ‘Operation Twist' will be replaced by a Treasury purchasing program with an initial rate of $45 billion per month. Also of note, the key interest rate is expected to remain at exceptionally low levels until a target unemployment rate of 6.5% is reached. Molycorp (MCP 10.05, -0.19) slid 3.0% after announcing the departure of Chief Executive Officer Mark Smith. The company's Board of Directors has appointed Costantine Karayannopoulos as Interim President and Chief Executive Officer.

On Thursday, the major averages began on a mixed note before selling pressure pushed the key indices to their respective lows. Shortly before noon, House Speaker John Boehner addressed the media in Washington. During his remarks, the speaker suggested President Obama is not serious about cutting spending, and the White House is willing to go over the fiscal cliff. Mr. Boehner's remarks had little impact on the markets, which continued pushing to fresh lows. However, a late-afternoon headline indicated Speaker Boehner and President Obama will meet in person at 17:00 ET. The report lifted the S&P 500 off its worst level of the day, but the benchmark index still finished with a loss of 0.6%. Boston Beer (SAM 132.38, +0.44) surged 15.5% after the brewer raised its 2012 earnings expectations as well as the 2013 depletion projections. Following the update, the company sees 2012 earnings between $4.30 and $4.60, while the Capital IQ consensus expects earnings at $4.24 per share.DJ30 -35.71 NASDAQ -20.83 SP500 -5.87 NASDAQ Adv/Vol/Dec 1195/1.74 bln/1244 NYSE Adv/Vol/Dec 1380/674.3 mln/1603

3:30 pm : Crude oil lifted-off its pit session low of $86.05 per barrel set in early morning action as it got a boost from a weaker dollar index and strong Chinese PMI data. The energy component trended higher for the remainder of its session and settled at $86.75 per barrel, booking a 1.0% gain for the week. Action earlier in the week came on weaker-than-anticipated inventory data, OPEC retaining its 30 mln bpd output target, and the Fed replacing "Operation Twist" with a Treasury purchasing program.

Natural gas, on the other hand, extended yesterday's losses. It fell as low as $3.26 per MMBtu during morning floor action and despite briefly breaking into positive territory, it closed in the red at $3.32 per MMBtu, settling the week 6.5% below last Friday's closing price. The drop came on forecasts of mild weather for December and weaker-than-expected inventory data earlier in the week.

Gold oscillated between positive and negative territory and failed to advance on a weaker dollar index. The yellow metal settled the session nearly flat at $1696.90 per ounce, booking a 0.5% loss for the week. The decline came on continued concerns over the "fiscal cliff" despite the Fed's announcement earlier this week. Silver pulled-back from its session high of $32.65 per ounce and eventually fell into negative territory where it settled at $32.31 per ounce for a weekly loss of 2.5%.DJ30 -35.82 NASDAQ -25.18 SP500 -5.60 NASDAQ Adv/Vol/Dec 1082/1421.9 mln/1352 NYSE Adv/Vol/Dec 1299/414 mln/1681

3:00 pm : The S&P 500 is lower by 0.4% after marking a fresh session low. The recent weakness coincided with an afternoon sell-off in shares of Apple (AAPL 507.30, -22.39), which took the largest tech company to a fresh session low.

Less than fifty companies covered by Briefing.com are scheduled to report their earnings next week. FedEx (FDX 90.28, +0.58), General Mills (GIS 41.36, -0.12), Micron (MU 6.83, +0.17), Nike (NKE 97.15, -0.18), and Oracle (ORCL 31.91, +0.30) are some of the most notable names which will be in focus next week.

Following Tuesday's closing bell, Oracle is expected to announce earnings of $0.61 on $9.02 billion in revenue.

Economic bellwether FedEx is scheduled to report on Wednesday afternoon and the Capital IQ consensus calls for earnings of $1.41 on revenue of $10.82 billion.DJ30 -36.26 NASDAQ -25.21 SP500 -5.98 NASDAQ Adv/Vol/Dec 1119/1.29 bln/1295 NYSE Adv/Vol/Dec 1350/378.8 mln/1607

2:30 pm : The Dollar Index holds on session lows near 79.50, and remains on track for its lowest close since October 18. The Index was never able to find its footing above the flat line as sellers provided stiff resistance near 80.00.

The euro is up 90 pips at 1.3165, and is on track to close at its best level since early May. Some late-morning buying ran the single currency above the critical 1.3100 resistance level, triggering stops that produced a move up to current levels. On Monday, ECB head Mario Draghi is scheduled to testify in Brussels in front of the Committee on Economic and Monetary Affairs.

The pound is higher by 65 pips at 1.6175 with today’s strength likely leading to the best close in over two months. News flow out of the United Kingdom has been quiet with today’s action piggybacking that of the euro. Britain’s Rightmove Home Price Index will be released Sunday evening.

The Swiss franc is seeing a gain of 60 pips at .9175, and is on track to close higher for a fifth straight day. Buyers cracked the important .9925 resistance level, and have the currency on pace for its best close in seven months. The .9000 resistance area is now in focus.

The yen is up 20 pips at 83.45 after early strength provided a test of the key 84.00 support level. Early weakness dropped the yen to an eight-month low ahead of Sunday’s Lower House elections. Polls suggest Shinzo Abe remains on track to unseat Prime Minister Yoshihiko Noda.

The Australian dollar is seeing a gain of 45 pips at 1.0570 with trade testing nine-month highs. The hard currency failed to see any notable reaction to the second straight expansionary reading of China’s HSBC Flash Manufacturing PMI number with all of the gains coming as the greenback push lower.

The Canadian dollar is off 15 pips at .9860, and is the only major currency weaker against the U.S. dollar. Today’s losses come after Canada’s manufacturing sales crossed the wires at a disappointing -1.4% YoY (0.0% YoY expected). Canada’s foreign securities purchases are due out Monday. DJ30 -7.45 NASDAQ -15.65 SP500 -2.68 NASDAQ Adv/Vol/Dec 1225/1.16 bln/1171 NYSE Adv/Vol/Dec 1462/340.2 mln/1498

2:00 pm : Quiet afternoon trade continues and the S&P 500 is shedding 0.2%.

Shares of major financials are mixed as the sector trades in-line with the broader market. Goldman Sachs (GS 119.68, +1.18) and Morgan Stanley (MS 17.96, +0.16) are the top performers within the space as they both see gains near 1.0%. Meanwhile, American Express (AXP 56.94, -0.77) and Wells Fargo (WFC 33.14, -0.12) are underperforming their peers with respective losses of 1.4% and 0.4%.

Also of note, Charles Schwab (SCHW 13.64, -0.11) is sliding 0.8% after the company said November retail trading activity decreased by 2.0%.DJ30 -4.17 NASDAQ -14.12 SP500 -2.62 NASDAQ Adv/Vol/Dec 1244/1.07 bln/1133 NYSE Adv/Vol/Dec 1472/315.5 mln/1484

1:30 pm : The major averages remain near their opening levels and the Dow is off by 0.1%.

The Dow Jones Transportation Average is rising by 0.7% as 16 of 20 components post gains. Railroads are among the top performers as CSX (CSX 19.96, +0.22) and Norfolk Southern (NSC 61.67, +0.43) trade higher by 1.2% and 0.7%, respectively.

Elsewhere, airlines are mixed. JetBlue Airways (JBLU 5.53, -0.05) is slipping 0.9% while Southwest Airlines (LUV 10.24, +0.10) is higher by 1.0% despite being downgraded to ‘Hold' at Standpoint Research.DJ30 -13.24 NASDAQ -15.40 SP500 -3.93 NASDAQ Adv/Vol/Dec 1242/992.1 mln/1134 NYSE Adv/Vol/Dec 1399/291.9 mln/1519

1:00 pm : Stocks began the day on a lower note as shares of Apple (AAPL 511.68, -18.01) pressured the broader market from the open. However, there was limited follow-through, and the key averages spent the first half of the session oscillating near their respective opening levels. At midday, the S&P 500 is off by 0.2%.

The technology sector is the biggest laggard due to underperformance from Apple and its suppliers. Earlier, UBS lowered its price target for AAPL to $700 from $780 due to an expected decline in iPhone and iPad shipments. The largest tech company trades lower by 3.4% on the day the iPhone 5 begins selling in China.

Looking at notable Apple suppliers, Avago Technologies (AVGO 32.43, -1.27), Cirrus Logic (CRUS 25.73, -1.68), Skyworks Solutions (SWKS 19.71, -1.34), and Jabil Circuit (JBL 17.51, -1.02) are all down between 3.7% and 6.4%.

Elsewhere in technology, Adobe Systems (ADBE 37.64, +2.11) is advancing 6.0% after beating on earnings and revenue. During the fourth quarter, the software company earned $0.61, which was $0.05 better than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $1.15 billion also exceeded expectations. The software developer also issued guidance, which was on the lower end of analyst estimates. Following the earnings report, JMP Securities upgraded Adobe to ‘Market Outperform' from ‘Market Underperform' with a $42 price target. On the other hand, Janney Montgomery Scott downgraded shares of Adobe to ‘Neutral' from ‘Buy.'

The materials sector is outperforming the broader market and steel suppliers are contributing to the strength. Last night, the Chinese HSBC manufacturing PMI survey revealed the second expansionary reading in a row. The data signals a possible rebound in Chinese growth, which would be beneficial to steelmakers. Among the major producers, Cliffs Natural Resources (CLF 33.89, +1.60), Nucor (NUE 42.27, +1.08), and Reliance Steel (RS 59.29, +1.35) are all up between 2.3% and 5.0%.

In addition, chemical producers are also seeing strength. PPG Industries (PPG 130.71, +5.50) is surging 4.4% after announcing plans to acquire AkzoNobel North American architectural coatings business. In addition, Sun Trust Robinson Humphrey initiated coverage of PPG with a ‘Neutral' rating.

European trade has ended for the day, and the key regional averages finished on a mixed note. The United Kingdom's FTSE shed 0.1%, France's CAC ended flat, and Germany's DAX added 0.2%.

In the United Kingdom, Prudential lost 2.0%, and was the weakest performer. The insurer was pressured after the top industry regulator said European insurers and pension funds will face headwinds due to low interest rates. On the upside, miners outperformed and Polymetal International gained 2.3%.

In France, utility stocks were among the biggest laggards. Electricity provider GDF Suez lost 0.3% and water supplier Veolia Environnement slid 1.1%. On the upside, provider of communications solutions Alcatel-Lucent gained 7.0% after securing EUR1.6 billion in financing from Credit Suisse and Goldman Sachs. It should be noted that digital security provider Gemalto will replace Alcatel-Lucent in the CAC on December 24.

Germany's DAX was supported by carmakers. Daimler gained 2.6% after its European market share increased to 5.7% from 5.2%. The uptick was due to strong sales by its Mercedes unit. Meanwhile, Deutsche Bank was the weakest performer. The financial giant lost 1.6% after a German court found the company partially liable for the collapse of the Leo Kirch Media Group.

November consumer prices decreased by 0.3%, which was below the Briefing.com consensus. Today's reading follows the 0.2% increase recorded during the prior month. In addition, core prices rose by 0.1% which was in-line with expectations.

Industrial production increased during November by 1.1%, which was better than the 0.1% increase that had been expected by the Briefing.com consensus. The reading follows the revised 0.7% decrease recorded during the prior month.

Capacity utilization hit 78.4%, which was better than the 77.9% expected by the Briefing.com consensus, and up from the revised prior month reading of 77.7%.DJ30 -9.16 NASDAQ -11.30 SP500 -2.92 NASDAQ Adv/Vol/Dec 1326/919.8 mln/1043 NYSE Adv/Vol/Dec 1456/271.8 mln/1461

12:30 pm : The S&P 500 has recovered a portion of its losses and it currently trades lower by 0.2%. The recent gains coincided with the euro adding over 60 pips against the dollar. The most liquid currency pair now trades at 1.3164.

Quiksilver (ZQK 3.47, -0.59) is plunging 14.6% after reporting disappointing quarterly earnings. During the fourth quarter, the apparel producer earned $0.07, which was $0.02 worse than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $558.97 million fell short of expectations. Other teen apparel manufacturers are seeing mixed performance. Five Below (FIVE 34.85, +0.58) is higher by 1.7% and Aeropostale (ARO 13.29, -0.21) is slipping 1.6%.DJ30 -1.80 NASDAQ -9.43 SP500 -2.23 NASDAQ Adv/Vol/Dec 1321/840.1 mln/1031 NYSE Adv/Vol/Dec 1441/250.1 mln/1460

12:05 pm : The major averages are holding their levels and the S&P 500 is off by 0.3%.

European trade has ended for the day and the key regional averages finished on a mixed note. France's CAC ended flat, United Kingdom's FTSE shed 0.1%, and Germany's DAX added 0.2%.

In France, utility stocks were among the biggest laggards. Electricity provider GDF Suez lost 0.3% and water supplier Veolia Environnement slid 1.7%. On the upside, provider of communications solutions Alcatel-Lucent gained 7.0% after securing EUR1.6 billion in financing from Credit Suisse and Goldman Sachs. It should be noted that digital security provider Gemalto will replace Alcatel-Lucent in the CAC on December 24.

In the United Kingdom, Prudential lost 2.0%, and was the weakest performer. The insurer was pressured after the top industry regulator said European insurers and pension funds will face headwinds due to low interest rates. On the upside, miners outperformed and Polymetal International gained 2.3%.

Germany's DAX was supported by carmakers. Daimler gained 2.7% after its European market share increased to 5.7% from 5.2%. The uptick was due to strong Mercedes sales. Meanwhile, Deutsche Bank was the weakest performer. The financial giant lost 1.7% after a German court found the company partially liable for the collapse of the Leo Kirch media group.DJ30 -13.59 NASDAQ -12.66 SP500 -3.59 NASDAQ Adv/Vol/Dec 1268/758.6 mln/1048 NYSE Adv/Vol/Dec 1401/229.1 mln/1458

11:30 am : Equities are holding their recent levels and the S&P 500 is off by 0.3%.

The energy sector is lower by 0.5% despite crude oil adding 1.0%. Schlumberger Limited (SLB 68.22, -4.32) is sliding 6.0% following this morning's profit warning. The company said that it is experiencing continued contractual delays and higher-than-usual seasonal slowdowns in activity.

In notable analyst rating changes, Exxon Mobil (XOM 88.11, -0.47) is shedding 0.5% after Goldman Sachs downgraded the company to ‘Neutral' from ‘Buy.' Elsewhere, BP (BP 41.36, -0.10) is off by 0.3% after Credit Suisse downgraded the energy producer to ‘Neutral' from ‘Outperform.'

On the upside, Marathon Oil (MRO 30.79, +0.60) is advancing 2.0% after Goldman Sachs upgraded MRO to ‘Buy' from ‘Neutral.'DJ30 -8.44 NASDAQ -16.20 SP500 -3.87 NASDAQ Adv/Vol/Dec 1141/643.1 mln/1144 NYSE Adv/Vol/Dec 1340/199.1 mln/1502

11:05 am : The S&P 500 is off by 0.2% as it continues to trade near its opening level.

The technology sector is the weakest performer as Apple (AAPL 511.18, -18.51) and its suppliers weigh on the space. Earlier, UBS lowered its price target for AAPL to $700 from $780 due to an expected decline in iPhone and iPad shipments. The largest tech company trades lower by 3.5% on the day the iPhone 5 begins selling in China.

Looking at notable Apple suppliers, Avago Technologies (AVGO 32.45, -1.25), Cirrus Logic (CRUS 25.89, -1.52), Skyworks Solutions (SWKS 19.71, -1.34), and Jabil Circuit (JBL 17.47, -1.06) are all down between 3.7% and 6.5%.

Elsewhere in technology, Adobe Systems (ADBE 37.33, +1.80) is advancing 5.1% after beating on earnings and revenue. During the fourth quarter, the software company earned $0.61, which was $0.05 better than the Capital IQ consensus estimate. Meanwhile, the company's revenue of $1.15 billion also exceeded expectations. The software developer also issued guidance, which was on the lower end of the analyst estimates. Following the earnings report, JMP Securities upgraded Adobe to ‘Market Outperform' from ‘Market Underperform' with a $42 price target. On the other hand, Janney Montgomery Scott downgraded shares of Adobe to ‘Neutral' from ‘Buy.'DJ30 -0.42 NASDAQ -15.05 SP500 -3.58 NASDAQ Adv/Vol/Dec 1182/533.6 mln/1079 NYSE Adv/Vol/Dec 1358/171.5 mln/1445

10:30 am : Commodities are mixed today with oil higher, nat gas lower, gold basically flat and silver down.

Natural gas futures are down for the seventh consecutive session and have been in the red all session. In the last three weeks, nat gas is about 19% lower from the recent high of $4.03/MMBtu, which was hit on Nov 23. In current action today, nat gas is -1.9% at $3.28/MMBtu.

Crude oil, on the other hand, has been in positive territory all session. About two and a half hours ago, it began to sell off hard, falling from around $86.80 to a new LoD of $86.08/barrel. Crude has been rising in recent action and is now +0.7% at $86.49/barrel.

Precious metals have been choppy today and gold is back near the unchanged mark. Silver futures have been in positive territory all day and are now +0.6% at $32.56/oz. Gold is currently +0.04% at $1697.40/oz. mar copper is +0.5% at $3.68 DJ30 +3.00 NASDAQ -16.01 SP500 -3.71 NASDAQ Adv/Vol/Dec 1075/398.4 mln/1128 NYSE Adv/Vol/Dec 1336/133 mln/1408

10:00 am : The S&P 500 is off by 0.3% after sliding back near its opening level.

The materials sector is outperforming the broader market and steel suppliers are contributing to the strength. Among the major producers, Cliffs Natural Resources (CLF 33.07, +0.78) and Reliance Steel (RS 59.23, +1.24) are both up near 2.5%.

In addition, chemical producers are also seeing strength. PPG Industries (PPG 130.45, +5.24) is surging 4.2% after announcing plans to acquire AkzoNobel North American architectural coatings business. In addition, Sun Trust Robinson Humphrey initiated coverage of PPG with a ‘Neutral' rating.DJ30 -3.49 NASDAQ -13.82 SP500 -3.50 NASDAQ Adv/Vol/Dec 977/247.1 mln/1117 NYSE Adv/Vol/Dec 1330/90.4 mln/1357

09:45 am : The S&P 500 is off by 0.1% following a lower open. Meanwhile, the Nasdaq is shedding 0.3% as it underperforms.

The tech-heavy Nasdaq is being pressured by Apple (AAPL 516.24, -13.45), which trades lower by 2.5%. In addition, several Apple-related stocks are seeing notable weakness. Avago Technologies (AVGO 32.46, -1.24), Broadcom (BRCM 32.51, -0.76), Cirrus Logic (CRUS 26.15, -1.26), and Qualcomm (QCOM 60.37, -2.38) are all down between 2.2% and 4.1%.DJ30 +12.84 NASDAQ -8.67 SP500 -1.24 NASDAQ Adv/Vol/Dec 699/148.1 mln/1056 NYSE Adv/Vol/Dec 1375/66.2 mln/1251

09:18 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -9.50. Heading into the open, equity futures are pointing to a mixed start.

Looking at pre-market movers, Apple (AAPL 513.99, -15.61) is seeing relative weakness as the stock trades lower by 2.9%.

On the upside, Illinois Tool Works (ITW 62.95, 1.28) is adding 2.1% after reaffirming fourth quarter guidance.

Just released, industrial production increased during November by 1.1%, which was better than the 0.1% increase that had been expected by the Briefing.com consensus. The reading follows the revised 0.7% decrease recorded during the prior month.

Capacity utilization hit 78.4%, which was better than the 77.9% expected by the Briefing.com consensus, and up from the revised prior month reading of 77.7%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -12.00. U.S. equity futures have slid into the red and the Nasdaq futures are lagging, down 0.4%.

The major Asian bourses ended mixed with significant outperformance coming from the Shanghai Composite (+4.3%) following the uptick in China's HSBC Flash Manufacturing PMI (50.9 actual v. 50.5 previous). The gain marked the largest one-day advance for Chinese shares in over three years. Elsewhere, Japan's Nikkei (-0.1%) was little changed as the Tankan Manufacturing Index fell to a near three-year low of -12 (-9 expected, -3 previous), and the Tankan Non-Manufacturing Index weakened to 4 (8 previous). Data from the rest of the region saw India's wholesale price inflation ease to 7.2% (7.6% expected, 7.5% previous) and Singapore's retail sales slide 1.0% (-1.5% expected).

In Japan, the Nikkei slipped 0.1% as traders remained cautious ahead of Sunday's election. Exporters were mixed with Canon adding 0.6% and Nikon off 0.5%. Meanwhile, Sharp surged 7.6%, and is now up more than 55% in December.

Hong Kong's Hang Seng gained 0.7% to close at a 16-month high. Insurers outperformed as China Life added 2.3% and Ping An jumped 3.5%.

In China, the Shanghai Composite surged 4.3% to close at a four-month high. Industrials paced the advance with machinery maker Sany Heavy surging 6.7% and Anhui Conch Cement climbing 4.7%. Financials were also strong with megacap Agricultural Bank of China shooting up 4.1%.

European markets are mixed following disappointing Manufacturing PMI readings in France and Germany. The readings contributed to a Eurozone Manufacturing PMI of 46.3, which was below the broadly expected 46.6. Meanwhile, the French, the German, and the Eurozone Services components all beat expectations. In news, Swiss financial UBS is expected to pay up to $1 billion in fines to settle charges stemming from manipulating the Libor rate. Also of note, car sales across the European Union have fallen to their lowest level in 19 years. In addition, registrations across the EU fell to their lowest level since 1993 following a 10% drop in November.

In the United Kingdom, the FTSE is shedding 0.2% and miners are underperforming. Anglo American, Eurasian Natural Resources, and Vedanta are all down between 1.0% and 2.1%.Meanwile, consumer stocks are outperforming. Burberry is adding 0.6% and Wolseley is advancing 1.2%.

France's CAC is off by 0.2% and financials are seeing weakness. AXA and Credit Agricole are down 0.6% and 1.2%, respectively. On the upside, Alcatel-Lucent is adding 8.0% after securing EUR1.6 billion in financing from Credit Suisse and Goldman Sachs. Note that digital security provider Gemalto will replace Alcatel-Lucent in the CAC on December 24.

In Germany, the DAX is higher by 0.2% and carmakers are seeing relative strength. BMW, Daimler, and Volkswagen are all up between 0.7% and 2.1%. Deutsche Bank is down 1.3% as the financial remains under scrutiny.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: -6.50. Equity futures have shown little change in reaction to the latest CPI data. The S&P 500 futures are higher by 0.1%.

November consumer prices decreased by 0.3%, below the 0.2% decrease forecast by the Briefing.com consensus. Today's reading follows prior month's 0.2% increase. In addition, core prices rose by 0.1% which was in-line with expectations.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: -5.00. U.S. equity futures are mixed amid cautious European trade.

Overnight, the global equity markets were mostly higher. In Asia, the key catalyst of the night came out of China where the December HSBC flash manufacturing PMI was reported at 50.90, ahead of expectations. More significantly, this was the second straight reading of expansion following a year's worth of contractionary readings. As such, the Shanghai Composite surged over 4.0%. The Politburo will meet over the weekend to begin its Central Economic Work Conference. Following the conference, China will release its GDP and inflation targets for 2013, and give more color to its economic policy. However, Moody's cautioned that China's bad debt load could worsen in 2013. Elsewhere, Japan lagged and shed 0.1% after its fourth quarter Tankan Manufacturing Index fell short of expectations and hit an 11-quarter low. Meanwhile, Japan's October industrial production was revised down 20 basis points. Keep in mind that the next round of elections will take place this weekend, and the opposition LDP party has a commanding lead in the polls.

European markets are mixed, and momentum has tapered following disappointing Manufacturing PMI readings in France and Germany. The readings contributed to a Eurozone Manufacturing PMI of 46.3, which was below the expected 46.6. Meanwhile, the French, the German, and the Eurozone Services components all beat expectations. In news, Swiss financial UBS is expected to pay up to $1 billion in fines to settle charges stemming from manipulating the Libor rate. Also of note, car sales across the European Union have fallen to their lowest level in 19 years. In addition, registrations across the EU fell to their lowest level since 1993 following a 10% drop in November. Looking at regional indices, UK's FTSE is off by 0.1%, France's CAC is flat, and Germany's DAX is adding 0.2%.

In U.S. corporate news, Adobe Systems (ADBE 37.50, +1.97) is advancing 5.0% after beating on earnings and revenue. The company also issued guidance, which was on the lower end of the Capital IQ consensus estimates.

Exxon Mobil (XOM 88.12, -0.46) is sliding 0.5% after Goldman Sachs downgraded the stock to ‘Neutral' from ‘Buy.'

Apple (AAPL 520.83, -8.86) is lower by 1.7% pre-market trade.

November CPI and core CPI will be reported at 8:30 ET. November industrial production and capacity utilization will be announced at 9:15 ET.

06:31 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +1.00.

06:31 am : Nikkei...9737.56...-5.20...-0.10%. Hang Seng...22605.98...+160.40...+0.70%.

06:31 am : FTSE...8926.38...-3.20...-0.10%. DAX...7599.99...+18.00...+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

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