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 Thu Jul 19, 2018 12:41 pm

All times are UTC - 5 hours




Post new topic Reply to topic Bookmark and Share  [ 1 post ] 
Author Message
 Post subject: Dec 21st Fri Emini TF, EuroFX 6E & Oil CL Futures $2260.00
PostPosted: Fri Dec 21, 2012 9:45 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3181
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:
122112-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2260.00.png
122112-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2260.00.png [ 76.4 KiB | Viewed 97 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $2260.00 dollars or +22.60 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 @ $2260.00 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=1397

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

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

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.

Stocks Close Down Nearly 1% On Fiscal Cliff Fears

Attachment:
122112-Key-Price-Action-Markets.png
122112-Key-Price-Action-Markets.png [ 524.99 KiB | Viewed 90 times ]

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

NEW YORK (CNNMoney)
All three U.S. stock indexes finished the week higher, even after stocks dropped nearly 1% Friday on fears over the fiscal cliff.

Investors grew increasingly concerned about the latest signs of gridlock in Washington, after lawmakers in the House failed to support the so-called "Plan B", a proposal backed by House Speaker John Boehner, late Thursday.

The White House had already threatened to veto that plan, saying it would bring only "minimal" changes in projected budget deficits, but its failure underscored the lack of progress on Capitol Hill as the cliff draws nearer.

"The market has been if not priced to perfection, at least priced for a deal," said Uri Landesman, President of Platinum Partners. "Investors are selling as they see the fiscal cliff talks nearing the precipice, and it looks like Boehner can't deliver his party."

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq lost between 0.9% and 1% Friday.

Fear spilled over into the oil market, as prices dropped 1.6%. Gold prices ticked up slightly.

Overall stocks are up significantly in 2012. The Dow has gained 8%, while the S&P 500 and Nasdaq are up 14% and 16% respectively.

* America's Debt Challenge

Investors fear that the automatic tax increases and spending cuts due January 1 in the absence of a fiscal cliff deal could tip the U.S. into recession.

With markets closing early next Monday ahead of the Christmas holiday, investors are prepared for a low volume trading week.

Adding to the drama on trading desks Friday: it was "quadruple witching day" -- when investors close out contracts on stock futures and other stock options. Market movements up or down are typically magnified on these four trading days each year.

Wall Street's key measure of volatility, the VIX, was particularly volatile Friday. The CBOE Volatility index (VIX) moved up as much as 10% but closed just 1.5% higher.

* Fallout from fiscal cliff inaction

On the economic front, data released by the U.S. government Friday morning showed that personal income rose 0.6% in November, while spending increased 0.4% -- both figures came in higher than expected. A report on consumer sentiment from the University of Michigan and Thomson Reuters came in lower than expected.

In company news, shares of Blackberry maker Research in Motion (RIMM) fell more than 20%, after the company reported Thursday afternoon that sales for the latest quarter fell 47%.

Nokia (NOK) announced an agreement to settle all patent claims with RIM early Friday, however, financial terms were not disclosed.

Meanwhile, Nike (NKE, Fortune 500) shares rose 6% after the apparel giant posted quarterly earnings Thursday afternoon that beat expectations.

Shares of Walgreens (WAG, Fortune 500) fell 3%, after the company's quarterly results showed earnings and sales dropped versus a year ago.

Casino operator Pinnacle Entertainment (PNK) announced a deal to acquire Ameristar Casinos (ASCA) for nearly $900 million. Both stocks spiked more than 20% following the announcement.

Fear & Greed Index

European markets closed lower on the prospect of further uncertainty about the U.S. economy, and oil prices fell. Asian markets also ended weak.

The dollar gained against the Euro but fell against the Yen. The yield on the 10-year Treasury note fell to 1.77% from 1.8% on Thursday.

Image

Market Update

4:25 pm : Equities spent the duration of today's session in the red. The S&P 500 lost 0.9% after House Speaker John Boehner cancelled Thursday's vote on his ‘Plan B' due to a lack of support from his party. In a morning press conference, the Speaker said he is not walking away from negotiations with President Obama. However, an agreement remains distant and the House of Representatives has adjourned until December 27. Upon returning to work, lawmakers will be left with just two business days before the calendar year ends.

The financial sector led yesterday's advance as market participants showed optimism ahead of the scheduled vote on ‘Plan B.' However, the vote never took place, and legislators will be left with just a couple business days when they return to work next Thursday. After adding nearly 4.0% between Monday's open and Thursday's close, The SPDR Financial Select Sector ETF (XLF 16.40, -0.19) lost 1.2%. Among the majors, Bank of America (BAC 11.29, -0.23) and Citigroup (C 39.49, -0.68) were two of the weakest performers as they finished with respective losses of 2.0% and 1.7%.

Looking at tech stocks, the SPDR Technology Select Sector ETF (XLK 28.95, -0.25) settled lower by 1.2% and major sector components registered comparable losses. Apple (AAPL 519.33, -2.40), Google (GOOG 715.63, -6.73), and International Business Machines (IBM 193.42, -1.35) all lost between 0.5% and 0.9%.

In notable earnings, Research In Motion (RIMM 10.91, -3.21) slumped 22.7% after reporting its quarterly results. Although the smartphone maker beat on earnings and revenue, the company's subscriber growth was a point of concern.

Elsewhere, Micron Technology (MU 6.32, -0.47) slid 6.9% after reporting disappointing earnings and revenue.

Utilities traded largely in-line during the first half of the session. However, mid-afternoon buying lifted the SPDR Utilities Select Sector ETF (XLU 35.31, -0.12) well off its lows. The ETF ended with a loss of 0.3% and companies specializing in production of industrial gasses were among the sector leaders. Piedmont (PNY 32.42, +0.25) added 0.8% after reporting earnings and reaffirming guidance in-line with the Capital IQ consensus. Among electricity providers, Entergy (ETR 64.52, +0.11) and FirstEnergy (FE 41.61, +0.07) registered gains following early-session weakness.

Defensive stocks have seen strength throughout the year. As a result, the PHLX Defense Sector Index has gained over 15.0% since January 3. Today, the space shed 0.3%, and registered narrower losses than the broader market. This came after the House of Representatives passed the defense budget bill, which would spare the sector from drastic cuts in the event the country goes over the fiscal cliff. In addition, a late-afternoon report from Reuters indicated the bill was also passed by the Senate, and sent to the President for approval. Looking into the 17-stock defense index, GenCorp (GY 9.00, -0.22) lost 2.4% and was the weakest performer. On the upside, Embraer (ERJ 27.70, +0.15) and Lockheed Martin (LMT 93.13, +0.63) added 0.5% and 0.7%, respectively.

In M&A news, Ameristar Casinos (ASCA 26.50, +4.43) was bought by Pinnacle (PNK 16.20, +2.85) for $26.50 per share, which represents a 20.0% premium to Ameristar's Thursday close. The deal was received well by investors as ASCA and PNK both gained near 20.0%. The strength in shares of Pinnacle was due to expectations of synergies and an improvement in margins.

Today's economic data was plentiful and most figures were reported ahead of expectations. November durable goods orders increased by 0.7%, which was better than the 0.2% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised up to reflect an increase of 1.1%. Excluding transportation related items, durable goods orders increased in November by 1.6%, which was better than the 0.2% decrease that had been broadly anticipated. Prior month's reading was revised from +1.8% to +1.9%.

Personal income increased by 0.6% in November, which was ahead of the 0.3% increase expected by the Briefing.com consensus. Personal spending increased by 0.4%, which was ahead of the expected uptick of 0.3%. Core personal consumption expenditures were unchanged, which fell short of the broadly expected reading of +0.1%.

The University of Michigan's final December Consumer Sentiment Survey fell to 72.9 from the 74.5 that was posted in the preliminary Survey. The Briefing.com consensus expected the reading to rise to 74.8.

Week in Review: Stocks Climb Despite Lack of Budget Agreement

On Monday, the major averages registered broad gains during a low-volume session. The S&P 500 followed a modestly higher open with a steady climb to its session high. Shortly before midday, reports out of Washington indicated President Obama and House Speaker Boehner held a 45-minute conversation in an attempt to further the ongoing budget discussions. The developments had little effect on the markets as the key indices continued their upward drift. As a result, the S&P 500 finished higher by 1.2%. Caribou Coffee (CBOU 16.19, -0.08) will be acquired by Joh. A. Benckiser for $16.00 per share. The transaction carries a total value of approximately $340 million, and the purchase price represents a 29.9% premium to Caribou's Friday closing price.

During Tuesday's session, stocks registered broad gains as comments from Washington lawmakers indicated the budget debate is intensifying. Though an agreement remained elusive, the markets welcomed the developments and spent the duration of the day in an upward climb. As a result, the S&P 500 advanced 1.2%. Goldman Sachs (GS 128.44, -1.28) and Morgan Stanley (MS 18.92, -0.35) outperformed their peers as both saw gains over 3.0%.

Wednesday began on a slightly higher note as Tuesday's optimism regarding a fiscal cliff resolution lingered. However, the initial strength quickly faded, and the S&P 500 slipped below its flat line where it spent the remainder of the session. A recurring theme played out in Washington where lawmakers held another round of press conferences with both sides pushing back against the other. Most notably, Speaker Boehner said the House of Representatives will vote on his ‘plan B' on Thursday. The remarks kept the S&P 500 near its lows before a final round of selling dropped the benchmark index to a loss of 0.8%. Oracle (ORCL 33.76, -0.17) gained 3.7% after beating on earnings and revenue.

On Thursday, the major averages finished higher despite showing indecision in the early part of the session. The fiscal cliff remained as the focal point, and investors showed optimism in Washington's ability to get a deal done. Lawmakers from both sides of the aisle continued to exchange jabs, and Speaker Boehner said the President and the Democrats have not done enough to avoid falling off the cliff. Mr. Boehner touted the proposal he put forth, which was expected to face a House of Representatives vote around 19:30 ET. The S&P 500 gained 0.6% ahead of the scheduled vote. NYSE Euronext (NYX 32.25, 0.00) surged 34.1% after agreeing to be acquired by IntercontinentalExchange (ICE 126.25, -3.85) for $33 per share. The transaction price represents a 37.2% premium to NYSE Euronext's Wednesday close.DJ30 -120.88 NASDAQ -29.38 SP500 -13.54 NASDAQ Adv/Vol/Dec 816/2.15 bln/1671 NYSE Adv/Vol/Dec 982/1.88 bln/2071

3:30 pm : Commodities ended the day mixed with precious metals and copper showing gains and energy declining.

Gold and silver held most of their gains and finished the day just below their session highs. Feb gold ended 0.9% higher at $1660.00, while Mar silver ended 1.8% higher at $30.19.

Crude oil remained in negative territory all session. The energy component fell to the day's session low of $87.98 in early morning action. From there, oil inched higher for the rest of the session, recovering about $0.70 in losses to finish 1.7% lower at $88.69/barrel.

Natural gas was volatile and despite early morning strength it ended the day slightly lower at $3.45/MMBtu.DJ30 -111.25 NASDAQ -30.76 SP500 -11.79 NASDAQ Adv/Vol/Dec 684/1789 mln/1786 NYSE Adv/Vol/Dec 846/1020 mln/2178

3:00 pm : The major averages continue to hover near their recent levels as trade enters the final hour.

Earlier, Ameristar Casinos (ASCA 25.33, +4.26) was bought by Pinnacle (PNK 16.06, +2.71) for $26.50 per share, which represents a 20.0% premium to Ameristar's Thursday close. The deal is being well received by investors as ASCA and PNK both see gains near 20.0%. The strength in shares of Pinnacle is due to the expectations the deal will create synergies and contribute to an improvement in the company's margins.DJ30 -135.51 NASDAQ -37.35 SP500 -14.90 NASDAQ Adv/Vol/Dec 603/1.64 bln/1879 NYSE Adv/Vol/Dec 770/968.5 mln/2246

2:30 pm : The major averages are holding their recent levels and the S&P 500 is off by 1.1%.

During the past 30 minutes, Utilities have staged a notable rally off their lows, and the SPDR Utilities Select Sector ETF (XLU 35.34, -0.09) is down just 0.3%. Companies specializing in production of industrial gasses are among the sector leaders. Piedmont (PNY 32.30, +0.13) is higher by 0.4% after reporting earnings and reaffirming guidance in-line with the Capital IQ consensus.

Among electricity providers, Entergy (ETR 64.52, +0.11) and FirstEnergy (FE 41.68, +0.14) are registering gains following early-session weakness.DJ30 -139.61 NASDAQ -38.65 SP500 -15.27 NASDAQ Adv/Vol/Dec 574/1.56 bln/1896 NYSE Adv/Vol/Dec 738/937.3 mln/2263

2:00 pm : The S&P 500 is down 1.1% as the index trades six points off its session low.

Defensive stocks have seen strength throughout the year. As a result, the PHLX Defense Sector Index has gained over 15.0% since January 3. Today, the space is off by 0.5% as it registers narrower losses than the broader market. This comes after the House of Representatives passed the defense budget bill, which would spare the sector from drastic cuts in the event the country goes over the fiscal cliff. It should be noted, however, that the measure is likely to face stiff resistance in the Senate. Looking into the 17-stock defense index, GenCorp (GY 9.01, -0.21) is the weakest performer, down 2.3%.

On the upside, Embraer (ERJ 27.70, +0.15) and Lockheed Martin (LMT 93.20, +0.70) are adding 0.6% and 0.7%, respectively.DJ30 -140.91 NASDAQ -38.38 SP500 -15.40 NASDAQ Adv/Vol/Dec 556/1.47 bln/1897 NYSE Adv/Vol/Dec 726/906.5 mln/2279

1:35 pm : Equities are holding their levels and the S&P 500 is down 1.3%.

The Dow Jones Transportation Average is lower by 0.5% as the bellwether complex outperforms the broader market. Airlines are seeing the biggest weakness after several major carriers gained nearly 20% since the beginning of the month. JetBlue Airways (JBLU 5.82, -0.12) is the worst performing airline, down 1.9%. Meanwhile, the remaining four airlines are all shedding around 1.0%.

On the upside, JBHunt (JBHT 59.14, +0.39) and Kansas City Southern (KSU 83.94, +0.18) are the only advancers within the transportation average. The two are adding 0.7% and 0.3%, respectively.DJ30 -15.91 NASDAQ -41.74 SP500 -18.00 NASDAQ Adv/Vol/Dec 528/1.41 bln/1916 NYSE Adv/Vol/Dec 679/883.2 mln/2327

1:00 pm : Equities have spent today's session firmly in the red after House Speaker Boehner cancelled last night's vote on his ‘Plan B' due to a lack of support from the Republicans. This morning, Mr. Boehner held a press conference and emphasized he is not walking away from negotiations with President Obama. In response to the Speaker, Senate Majority Leader Harry Reid will speak from the Senate floor at 13:00 ET. At midday, the S&P 500 holds near session lows, and is down 1.2%.

The financial sector led yesterday's advance as market participants showed optimism ahead of the scheduled vote on ‘Plan B.' However, the vote never took place, and Washington lawmakers are now left with just a handful of negotiating days before the end of the year. After adding nearly 4.0% between Monday's open and Thursday's close, The SPDR Financial Select Sector ETF (XLF 16.34, -0.25) is lower by 1.5%. Among the majors, Bank of America (BAC 11.22, -0.29) and Citigroup (C 39.34, -0.83) are seeing respective losses of 2.5% and 2.1% as they underperform their peers.

Looking at tech stocks, the SPDR Technology Select Sector ETF (XLK 28.83, -0.37) is lower by 1.3% and major sector components are seeing comparable losses. Apple (AAPL 514.25, -7.48), Google (GOOG 712.99, -9.37), and International Business Machines (IBM 192.65, -2.12) are all down between 1.0% and 1.4%.

In notable earnings, Research In Motion (RIMM 11.46, -2.66) is slumping 18.8% after reporting its quarterly results. Although the smartphone maker beat on earnings and revenue, the company's subscriber growth was a point of concern.

Elsewhere, Micron Technology (MU 6.27, -0.52) is sliding 7.7% after reporting disappointing earnings and revenue.

Today's economic data was plentiful and most figures were reported ahead of expectations. November durable goods orders increased by 0.7%, which was better than the 0.2% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised up to reflect an increase of 1.1%.

Excluding transportation related items, durable goods orders increased in November by 1.6%, which was better than the 0.2% decrease that had been broadly anticipated. Prior month's reading was revised from +1.8% to +1.9%.

Personal income increased by 0.6% in November, which was ahead of the 0.3% increase expected by the Briefing.com consensus. Personal spending increased by 0.4%, which was ahead of the expected uptick of 0.3%. Core personal consumption expenditures were unchanged, which fell short of the broadly expected reading of +0.1%.

The University of Michigan's final December Consumer Sentiment Survey fell to 72.9 from the 74.5 that was posted in the preliminary Survey. The Briefing.com consensus expected the reading to rise to 74.8.

Key European indices saw notable intraday weakness, but were able to return near their opening levels by the close. France's CAC shed 0.2%, the United Kingdom's FTSE slipped 0.3%, and Germany's DAX lost 0.5%.

In France, financials were pressured as BNP Paribas, Credit Agricole, and Societe Generale all lost between 2.0% and 2.5%. Also of note, BNP Paribas will cut 1800 positions over the next three years. On the upside, defensive stocks outperformed. France Telecom rose by 1.3% and electricity provider GDF Suez gained 1.6%.

In Great Britain, commodity stocks saw pressure during the session, but they reclaimed the bulk of their losses by the close. This left the financials as the weakest performers. Compass Group, Prudential, and Resolution all dropped near 2.7%. Gold miner Randgold Resources (GOLD 99.31, +0.82) outperformed and gained 2.7%.

Germany's DAX also saw underperformance from bank shares. Commerzbank and Deutsche Bank (DB 43.52, -1.26) lost 3.7% and 1.8%, respectively. Meanwhile, car and tire makers were among the top advancers. BMW added 0.8% and Continental gained 2.0%.DJ30 -145.41 NASDAQ -39.06 SP500 -16.74 NASDAQ Adv/Vol/Dec 522/1.33 bln/1913 NYSE Adv/Vol/Dec 699/858.1 mln/2294

12:35 pm : The S&P 500 is down 1.4% as it continues to hover near its lows.

Key European indices saw notable intraday weakness, but were able to return near their opening levels by the close. France's CAC shed 0.2%, the United Kingdom's FTSE slipped 0.3%, and Germany's DAX lost 0.5%.

In France, financials were pressured as BNP Paribas, Credit Agricole, and Societe Generale all lost between 2.0% and 2.5%. Also of note, BNP Paribas will cut 1800 positions over the next three years. On the upside, defensive stocks outperformed. France Telecom rose by 1.3% and electricity provider GDF Suez gained 1.6%.

In Great Britain, commodity stocks saw pressure during the session, but they reclaimed the bulk of their losses by the close. This left the financials as the weakest performers. Compass Group, Prudential, and Resolution all dropped near 2.7%. Gold miner Randgold Resources (GOLD 99.12, +0.63) outperformed and gained 2.7%.

Germany's DAX also saw underperformance from bank shares. Commerzbank and Deutsche Bank (DB 43.48, -1.31) lost 3.7% and 1.8%, respectively. Meanwhile, car and tire makers were among the top advancers. BMW added 0.8% and Continental gained 2.0%.DJ30 -176.21 NASDAQ -45.39 SP500 -19.39 NASDAQ Adv/Vol/Dec 474/1.24 bln/1945 NYSE Adv/Vol/Dec 614/832.8 mln/2363

12:00 pm : The S&P 500 has marked a fresh session low in the 1422 area, and the benchmark index trades lower by 1.3%.

The financial sector led yesterday's advance as market participants showed optimism ahead of the scheduled vote on ‘Plan B.' However, the vote never took place, and Washington lawmakers are now left with just a handful of negotiating days before the year ends.

After adding nearly 4.0% between Monday's open and Thursday's close, The SPDR Financial Select Sector ETF (XLF 16.33, -0.26) is lower by 1.6%. Among the majors, Bank of America (BAC 11.22, -0.29) and Citigroup (C 39.07, -1.09) are seeing respective losses of 2.6% and 2.7% as they underperform their peers.DJ30 -158.12 NASDAQ -41.13 SP500 -18.10 NASDAQ Adv/Vol/Dec 486/1.14 bln/1902 NYSE Adv/Vol/Dec 639/805.2 mln/2326

11:30 am : Equities are holding their recent levels and the S&P 500 is down 1.1%.

Looking at tech stocks, the SPDR Technology Select Sector ETF (XLK 28.86, -0.34) is lower by 1.2% and major sector components are seeing comparable losses. Apple (AAPL 515.02, -6.71), Google (GOOG 713.60, -8.76), and International Business Machines (IBM 192.89, -1.87) are all down between 1.0% and 1.2%.

In notable earnings, Research In Motion (RIMM 11.79, -2.33) is slumping 16.4% after reporting its quarterly results. Although the smartphone maker beat on earnings and revenue, the company's subscriber growth was a point of concern.

Elsewhere, Micron (MU 6.25, -0.53) is sliding 7.9% after reporting disappointing earnings and revenue.DJ30 -150.01 NASDAQ -39.05 SP500 -16.76 NASDAQ Adv/Vol/Dec 496/1.04 bln/1878 NYSE Adv/Vol/Dec 683/773.7 mln/2259

11:00 am : The major averages continue to hover near their lows and the S&P 500 is down 1.0%. Within the last hour, House Speaker John Boehner addressed the media for the first time since last night's cancelled vote on ‘Plan B.' During his remarks, Speaker Boehner said there was a perception among party members that last night's vote would result in tax increases. This contributed to the lack of support for the measure. In addition, the Speaker emphasized he is not walking away from the debate with President Obama.

The energy sector is lower by 1.3% and crude oil is off by 1.6%. Among the sector heavyweights, Chevron (CVX 109.52, -0.86), Exxon Mobil (XOM 87.51, -1.38, and Schlumberger (SLB 69.70, -1.40) are all down between 0.7% and 1.9%.

Elsewhere, coal stocks are broadly weaker. Alpha Natural Resources (ANR 9.21, -0.30) is down 3.2% and CONSOL Energy (CNX 33.25, -0.42) is sliding 1.4%. Earlier, CONSOL announced executive team retirements and succession plans of three executives, including Chief Financial Officer William Lyons.DJ30 -129.41 NASDAQ -34.35 SP500 -14.54 NASDAQ Adv/Vol/Dec 505/931.2 mln/1837 NYSE Adv/Vol/Dec 750/739.1 mln/2148

10:30 am : Commodities are mixed this morning with metals higher and energy lower. Gold and silver have extended gains again in recent trade and just hit new session highs again (Gold $1658.00, Silver $30.24). In current trade, Feb gold is +0.6% at $1656.00 and Mar silver is +1.6% at $30.17/oz.

Natural gas futures just sold off, erasing all of its morning gains. Jan nat gas put in a HoD of $3.51, but is now -0.4% at $3.45/MMBtu.

Crude oil has been in the red all session and hit a new LoD of $87.98 almost an hour ago. In current activity, Feb crude oil is -1.9% at $88.45/barrel.DJ30 -97.09 NASDAQ -31.54 SP500 -11.50 NASDAQ Adv/Vol/Dec 458/817.1 mln/1826 NYSE Adv/Vol/Dec 750/707 mln/2103

10:00 am : The major averages have shown little reaction to the latest Michigan Sentiment data. The S&P 500 is lower by 1.1%.

The University of Michigan's final December Consumer Sentiment Survey fell to 72.9 from the 74.5 that was posted in the preliminary Survey. The Briefing.com consensus expected the reading to rise to 74.8.DJ30 -119.31 NASDAQ -40.59 SP500 -14.89 NASDAQ Adv/Vol/Dec 321/638.5 mln/1915 NYSE Adv/Vol/Dec 474/655.4 mln/2331

09:50 am : The major averages are trading broadly lower following the downbeat open. The S&P 500 is currently down 1.1%.

All ten S&P 500 sectors are in the red and technology stocks are seeing the biggest weakness and Apple (AAPL 512.87, -8.86) is down 1.7%. Meanwhile, defensive utility and telecom stocks are outperforming the broader market.

Today's economic data will be topped off by the final December Michigan Sentiment Survey, which will be released at 9:55 ET.DJ30 -135.7 NASDAQ -46.60 SP500 -16.30 NASDAQ Adv/Vol/Dec 266/574.2 mln/1933 NYSE Adv/Vol/Dec 367/634.9 mln/2403

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -20.60. Nasdaq futures vs fair value: -40.80. Heading into the open, equity futures are holding their pre-market levels. The S&P 500 futures are down 23 points or 1.6%.

The pre-market weakness is taking its toll on high-beta names. Bank of America (BAC 11.14, -0.38), Citigroup (C 38.85, -1.32), and Morgan Stanley (MS 18.69, -0.58) are all down between 3.0% and 3.5%.

The largest tech company, Apple (AAPL 511.70, -10.03) is underperforming as it trades lower by 1.9%.

Note that House Speaker John Boehner is scheduled to hold a 10:00 ET press conference to speak about the next steps in the budget debate.

Today's economic data will be topped off by the final December Michigan Sentiment Survey, which will be released at 9:55 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -19.30. Nasdaq futures vs fair value: -39.50.

U.S. equity futures continue to trade near their pre-market lows and the S&P 500 futures are down 1.5%.

It was a sea of red across Asia as all of the major bourses, aside from the Philippines PSI (+0.5%) ended in negative territory. Today's selling came after Speaker Boehner pulled the House vote on ‘Plan B' due to a lack of support from conservatives. This will cause a great deal of uncertainty heading into the final week of the year as U.S. lawmakers scramble to avoid the fiscal cliff. The lone data point from the region saw Philippines industrial production blow past estimates with a 22.2% year-over-year advance (11.0% expected).
In Japan, the Nikkei lost 1.0% as exporters weakened thanks to a stronger yen. Toyota Motor slipped 1.2% and Canon gave up 1.5%. Elsewhere, Olympus gave up 1.8% after the company announced a merger of its medical business with Sony would be delayed due to the regulatory process.
In Hong Kong, the Hang Seng settled lower by 0.7% as commodity-related names and financials were under pressure. China Coal Energy shed 2.0% and Industrial & Commercial Bank of China lost 2.1%.
China's Shanghai Composite slipped 0.7% as shares slid off a five-month high. Financials lagged as China Minsheng Bank dropped 1.4%. Meanwhile, agricultural names outperformed as Sierte Fertilizer tacked on 2.8%.

Key European averages are in the red, but they have been able to lift off session lows. The sentiment is mostly a result of last night's news from Washington, but a handful of data points were released as well. Germany's GfK Consumer Climate was reported at 5.6, while expectations called for a reading of 5.9. In Spain, the country's PPI rose by 2.8% year-over-year, which was below the expected uptick of 3.3%. Elsewhere, the United Kingdom's revised third quarter GDP pointed to quarter-over-quarter growth of 0.9%. This reading was slightly lower than the expected 1.0% expansion. Meanwhile, the year-over-year reading pointed to no change in growth.
Germany's DAX is lower by 0.7% and financials are seeing weakness. Commerzbank and Deutsche Bank are down 3.9% and 2.6%, respectively. On the upside, Infineon Technologies is advancing 0.9% after JPMorgan upgraded the stock to ‘Overweight.'
The United Kingdom's FTSE is sliding 0.7% and financials are underperforming as well. Barclays and Prudential are both down near 2.2%. In addition, commodity stocks are seeing weakness and Evraz is down 4.3%.
In France, the CAC is down 0.5%. ArcelorMittal is sliding 2.8% after the world's largest steelmaker reported a $4.3 billion write-down of its European assets. Meanwhile, insurer AXA is outperforming its peers, up 0.6%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: -18.10. Nasdaq futures vs fair value: -40.30. Equity futures continue to trade near pre-market lows. The S&P 500 futures are down 1.5%.

November durable goods orders increased by 0.7%, which was better than the 0.2% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised up to reflect an increase of 1.1%.

Excluding transportation related items, durable goods orders increased in November by 1.6%, which was better than the 0.2% decrease that had been broadly anticipated. Prior month's reading was revised from +1.8% to +1.9%. Personal income increased by 0.6% in November, which was ahead of the 0.3% increase expected by the Briefing.com consensus.

Personal spending increased by 0.4%, which was ahead of the expected uptick of 0.3%. Core personal consumption expenditures were unchanged, which fell short of the broadly expected reading of +0.1%.

08:05 am : S&P futures vs fair value: -16.30. Nasdaq futures vs fair value: -34.30.

U.S. equity futures are sharply lower with the S&P 500 futures down 1.3%. Last evening, the House of Representatives was scheduled to vote on Speaker John Boehner's 'Plan B' tax measure at 19:30 ET. As the time neared, the vote was pushed back and the Republicans held a closed-door meeting. Shortly thereafter, the vote was called off. The announcement was followed by a statement from Speaker Boehner which read, "The House did not take up the tax measure today because it did not have sufficient support from our members to pass." The statement also said no more votes will be held before the Christmas break. In reaction to the news, the S&P 500 futures plunged 35 handles, but then pulled-back, and consolidated around the 1420 area. Asian shares sold off in the wake of news, and the cautious sentiment lingers through European trade. House Speaker Boehner is scheduled to hold a press conference at 10:00 ET this morning to discuss the next steps.

In addition to last evening's news, note that quadruple witching occurs today. This means contracts for index futures, index options, stock options, and single stock futures all expire. This quarterly event is expected to add to today's volatility and volume. Taking a look at overseas markets:

Asian markets finished broadly lower. Japan's Nikkei dropped 1.0% while China's Shanghai Composite and Hong Kong's Hang Seng lost 0.7% each.
Economic news was limited:
The Bank of Japan released its monthly report, and the central bank expects industrial production to remain stagnant during the first quarter of 2013. The report also stressed that the level of production will be highly sensitive to a recovery in exports.
In news:
Asian shares reacted were in reactive mode for the most of the evening after the House scrapped its plan to vote on ‘Plan B.' Exporters were among the biggest decliners.
In Hong Kong, members of the opposition demanded that Chief Executive Leung Chun-ying resign.

Key European indices are trading in the red. Germany's DAX and the United Kingdom's FTSE are both down 0.5% while France's CAC trades lower by 0.2%.
Looking at economic data:
Germany's GfK Consumer Climate was reported at 5.6, while expectations called for a reading of 5.9.
Spain's PPI rose by 2.8% year-over-year, which was cooler than the expected uptick of 3.3%.
The United Kingdom revised its third quarter GDP down to reflect quarter-over-quarter growth of 0.9%. This reading was slightly lower than the expected 1.0% expansion. Meanwhile, the year-over-year reading pointed to no change in growth.
In news:
European sentiment was also dictated by the news out of Washington. Banks and other high-beta stocks were among the biggest underperformers.
The International Monetary Fund said the European Union has made progress in addressing the financial crisis, but more work remains to be done.

In U.S. corporate news:

Nike (NKE 102.60, +3.60) is higher by 3.6% after beating on earnings and reporting revenue in-line with the Capital IQ consensus estimate.
Research In Motion (RIMM 12.41, -1.71) is sliding 12.1% after reporting earnings. Although the smartphone maker beat on earnings and revenue, the company's user growth was a point of concern.
Ameristar Casinos (ASCA 25.75, +3.68) is surging 16.7% after agreeing to be acquired by Pinnacle (PNK 13.80, +0.45) for $26.50 per share. The transaction price represents a 20% premium to Ameristar's Thursday close.

November personal income, personal spending, core PCE prices, durable orders, and durable orders ex-transportation will all be reported at 8:30 ET. Lastly, the final December Michigan Sentiment Survey will be released at 9:55 ET.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -15.70. Nasdaq futures vs fair value: -33.80.

08:00 am : Nikkei...9940.06...-99.30...-1.00%. Hang Seng...22506.29...+153.50...-0.70%.

08:00 am : FTSE...5922.46...-35.90...-0.60%. DAX...7627.14...-45.00...-0.60%.

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