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 Post subject: January 2nd Wednesday Trade Results - Profit $2210.00
PostPosted: Wed Jan 02, 2013 11:40 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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:
010213-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2210.00.png
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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 @ $2210.00 dollars or +22.10 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 @ $2210.00 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=113&t=1404

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=199&t=1715

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

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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Image

Market Update

4:20 pm : The S&P 500 welcomed the New Year with a 2.5% rally after the United States Congress approved measures to avoid the fiscal cliff. According to the budget agreement, individuals earning below $400,000 will see an extension of their recent tax rates while those earning above $400,000 will see their top rate rise to 39.6%. However, the payroll tax will revert back to 6.2% from 4.2%, and the increase will affect most workers. Finally, the $109 billion sequester has been delayed for two months. The focus will now turn to raising the debt ceiling as another lengthy debate is likely to follow.

Technology stocks were among today's top performers, and the SPDR Technology Select Sector ETF (XLK 29.81, +0.96) settled higher by 3.3%. Apple (AAPL 549.03, +16.86) added 3.2% as the largest tech company traded in-line with the remainder of the sector.

Elsewhere, semiconductor manufacturers outperformed the broader market and the PHLX Semiconductor Average rose by 4.1%. All 30 names which comprise the complex advanced, and today's strength lifted the average to its best level since late September. Among individual producers, Taiwan Semiconductor (TSM 18.10, +0.94) and Veeco Instruments (VECO 31.17, +1.68) both gained near 5.5%.

As expected, financials saw broad strength after Congress passed a budget package to avoid the fiscal cliff. The SPDR Financial Select Sector ETF (XLF 16.86, +0.48) settled higher by 2.9%, and was among the top performing sector ETFs. Among the majors, Citigroup (C 41.25, +1.69) surged 4.3%, and outperformed its peers.

The materials sector was also a notable beneficiary of the market rally, and the SPDR Materials Select Sector ETF (XLB 38.48, +0.94) gained 2.5%. The strength resulted from yesterday's budget pact as well as recent Chinese economic data, which has allayed some fears regarding a possible slowdown in the Middle Kingdom. An increase in the country's economic activity would bode well for materials demand—especially steel. As such, steelmakers outperformed the sector. Mechel Steel (MTL 7.33, +0.40) and United States Steel (X 25.89, +2.04) saw respective gains of 5.9% and 8.6%.

Despite the market-wide rally, retailers lagged ahead of tomorrow's December same store sales reports. Early indications have suggested consumers showed more caution with regards to their spending habits during the recent holiday season. As such, the SPDR S&P Retail ETF (XRT 62.85, +0.47) added 0.8% after being up as much as 2.2% at the open. Among individual retailers, Kohl's (KSS 42.21, -0.77) and Macy's (M 38.31, -0.71) lost 1.8% each. Earlier, Buckingham downgraded Kohl's to ‘Neutral' from ‘Buy.' Elsewhere, American Eagle Outfitters (AEO 20.08, -0.43) slipped 2.1% after Jefferies downgraded the stock to ‘Hold' from ‘Buy.'

In M&A news, Zipcar (ZIP 12.18, +3.94) soared 47.8% after the company agreed to be acquired by Avis Budget Group (CAR 20.77, +0.95) for $12.25 per share. The total transaction value is estimated at $500 million and the purchase price represents a 49.0% premium to Zipcar's December 31 close. Following the acquisition announcement, Avis reaffirmed its full-year 2012 earnings and revenue guidance.

Today's market-wide rally pushed the volatility index, or VIX, down to 14.74. Last week, the VIX crossed above 20.00 for the first time since late July. As uncertainty surrounded the budget debate, investors had bid up near-term downside protection, which was reflected by an uptick in the volatility measure. With the uncertainty removed from the immediate term, the VIX plunged nearly 20.0% to levels last seen in late November.

The December ISM Index was reported at 50.7, while the Briefing.com consensus expected the reading to come in at 50.5, ahead of November's reading of 49.5. Meanwhile, November construction spending decreased by 0.3% month-over-month, against the expected increase of 0.5%.

In tomorrow's economic data, the weekly MBA Mortgage Index and December Challenger Job Cuts will be reported at 7:00 ET and 7:30 ET respectively. December ADP Employment Change will be released at 8:15 ET. Weekly initial and continuing claims will be announced at 8:30 ET and the Federal Reserve will release the minutes from its December 12 policy meeting at 14:00 ET. Lastly, automakers will be reporting their sales throughout the day.DJ30 +308.41 NASDAQ +92.75 SP500 +36.23 NASDAQ Adv/Vol/Dec 2206/2.05 bln/337 NYSE Adv/Vol/Dec 2840/859.1 mln/280

3:30 pm : Crude oil rose along with the equities market following news that the U.S. Congress reached a deal yesterday, thus averting going over the "fiscal cliff". The energy component brushed a session high of $93.87 per barrel moments after pit trade opened but retreated slightly as the session went on. It eventually closed at $93.10 per barrel, or 1.4% higher.

Precious metals also traded higher today. Gold advanced to a pit session high of $1695.40 per ounce but pulled-back as the dollar index recovered into positive territory. It eventually settled 0.7% higher at $1688.20 per ounce. Silver traded up as high as $31.53 per ounce in morning floor action and settled with a 2.4% gain at $30.99 per ounce.

Natural gas, on the other hand, extended its losses as it fell to a session low of $3.18 per MMBtu on forecasts calling for above-average temperatures across the nation. It managed to inch slightly higher as it headed into the close and settled at $3.23 per MMBtu, or 3.6% lower.DJ30 +243.38 NASDAQ +79.64 SP500 +28.61 NASDAQ Adv/Vol/Dec 2195/1.64 bln/350 NYSE Adv/Vol/Dec 2805/545.1 mln/299

3:00 pm : The S&P 500 is higher by 1.9% as trade enters the final hour.

After a weeklong break, companies will resume reporting their quarterly results after today's close. Looking at upcoming reports of note, retailer Family Dollar (FDO 64.20, +0.79) and steelmaker Worthington (WOR 26.59, +0.60) are scheduled to reveal their results ahead of tomorrow's opening bell. The Capital IQ consensus expects Family Dollar to report earnings of $0.75 on $2.38 billion in revenue. Meanwhile, Worthington is expected to announce earnings of $0.41 on revenue of $638.43 million.DJ30 +235.11 NASDAQ +76.08 SP500 +27.24 NASDAQ Adv/Vol/Dec 2179/1.51 bln/358 NYSE Adv/Vol/Dec 2772/500.1 mln/316

2:30 pm : The S&P 500 is higher by 1.8% as the index continues to trade just beneath its session high.

Today's market-wide rally is pushing the volatility index, or VIX, down to 15.64. Last week, the VIX crossed above 20.00 for the first time since late July. As uncertainty surrounded the budget debate, investors had bid up near-term downside protection, which was reflected by an uptick in the volatility measure. With the uncertainty removed from the immediate term, the VIX is plunging over 13.0%, back to levels last seen in late November.DJ30 +229.52 NASDAQ +73.51 SP500 +26.21 NASDAQ Adv/Vol/Dec 2173/1.38 bln/364 NYSE Adv/Vol/Dec 2749/462.8 mln/333

2:00 pm : Quiet afternoon trade continues and the S&P 500 is rising by 1.7%.

Technology stocks are among today's top performers, and the SPDR Technology Select Sector ETF (XLK 29.53, +0.68) is higher by 2.4%. Apple (AAPL 544.74, +12.57) is adding 2.4% as the largest tech company trades in-line with the remainder of the sector.

Elsewhere, semiconductor manufacturers are outperforming the broader market and the PHLX Semiconductor Average is up 2.9%. All 30 names which comprise the complex are advancing, and today's strength has lifted the average to its best level since late September. Among individual producers, Taiwan Semiconductor (TSM 18.02, +0.86) and Veeco Instruments (VECO 30.99, +1.50) are both up near 5.0%.DJ30 +223.68 NASDAQ +69.85 SP500 +24.75 NASDAQ Adv/Vol/Dec 2200/1.28 bln/325 NYSE Adv/Vol/Dec 2757/433.9 mln/322

1:30 pm : The Dow Jones Transportation Average is rising by 1.8% as 19 of 20 components trade higher. With today's broad market strength, the bellwether complex is at its highest level since July 2011.

Airlines are among the top performers as Delta Air Lines (DAL 12.22, +0.35) and United Continental (UAL 24.09, +0.71) trade higher by 2.7% and 3.0% respectively. On the downside, freight carrier CH Robinson (CHRW 62.32, -0.90) is slipping 1.4%.DJ30 +228.64 NASDAQ +72.47 SP500 +25.28 NASDAQ Adv/Vol/Dec 2211/1.19 bln/315 NYSE Adv/Vol/Dec 2765/410.1 mln/311

1:00 pm : Equities began the New Year with a robust open after the U.S. Congress approved measures aimed at averting the fiscal cliff. As a result of yesterday's agreement, individuals making less than $400,000 per year will see an extension of their recent tax rates, while those making over that amount will see their top rate rise to 39.6%. However, as part of the deal, the payroll tax, which applies to all workers, will revert back to 6.2% from 4.2%. Lastly, the $109 billion sequestration has been delayed for two months. At midday, the S&P 500 is higher by 1.7%.

As expected, financials are seeing broad strength after the fiscal cliff was avoided. The SPDR Financial Select Sector ETF (XLF 16.77, +0.38) is higher by 2.4%, and is the top performing sector ETF. Among individual financials, Citigroup (C 41.03, +1.47) is the strongest major, up 3.7%. JPMorgan Chase (JPM 44.40, +0.73) is adding 1.7% as it underperforms its peers.

The materials sector is one of the biggest beneficiaries of the broad market rally and the SPDR Materials Select Sector ETF (XLB 38.25, +0.71) is rising by 1.9%. The strength comes as a result of yesterday's budget pact as well as recent Chinese economic data, which has allayed some fears regarding a possible slowdown in the Middle Kingdom. An increase in the country's economic activity would bode well for materials demand—especially steel. As such, steelmakers are outperforming the sector. Mechel Steel (MTL 7.34, +0.41) and United States Steel (X 25.62, +1.77) are seeing respective gains of 5.9% and 7.5%.

Despite the on-going market rally, retailers are lagging ahead of tomorrow's December same store sales reports. Early indications have suggested consumers showed more caution with regards to their spending habits during the recent holiday season. As such, the SPDR S&P Retail ETF (XRT 62.54, +0.16) is adding 0.3% after being up as much as 2.2% at the open. Among individual retailers, Kohl's (KSS 42.20, -0.78) and Macy's (M 38.23, -0.78) are down 1.8% and 2.0%, respectively. Earlier, Buckingham downgraded Kohl's to ‘Neutral' from ‘Buy.' Elsewhere, American Eagle Outfitters (AEO 19.85, -0.66) is slipping 3.2% after Jefferies downgraded the stock to ‘Hold' from ‘Buy.'

The December ISM Index was reported at 50.7, while the Briefing.com consensus expected the reading to come in at 50.5, ahead of November's reading of 49.5. Meanwhile, November construction spending decreased by 0.3% month-over-month, against the expected increase of 0.5%.

The key European indices surged following the news of a U.S. budget compromise. France's CAC gained 2.6% while the United Kingdom's FTSE and Germany's DAX both rose by 2.2%.

France's CAC saw gains among all 40 of its components. Financials were among top performers as BNP Paribas, Credit Agricole, and Societe Generale all jumped in excess of 4.0%.

German stocks were led by financials and producers of basic materials. Commerzbank advanced 3.8% and was the top performing bank. Meanwhile, steelmaker ThyssenKrupp led the materials sector, and settled higher by 4.6%.

In the United Kingdom, miners paced the rally. Eurasian Natural Resources, Glencore International, and Xstrata all booked gains near 7.0%.

Lastly, Spain's IBEX-35 and Italy's MIB both jumped over 3.0% on strength in financials and materials.DJ30 +223.09 NASDAQ +66.56 SP500 +23.92 NASDAQ Adv/Vol/Dec 2170/1.08 bln/347 NYSE Adv/Vol/Dec 2737/380.8 mln/320

12:30 pm : Quiet trade continues and the S&P 500 is higher by 1.8%.

The key European indices surged following the news of a U.S. budget compromise. France's CAC gained 2.6%, while the United Kingdom's FTSE and Germany's DAX both rose by 2.2%.

France's CAC saw gains among all 40 of its components. Financials were among top performers as BNP Paribas, Credit Agricole, and Societe Generale all jumped in excess of 4.0%.

German stocks were led by financials and producers of basic materials. Commerzbank advanced 3.8% and was the top performing bank. Meanwhile, steelmaker ThyssenKrupp led the materials sector, and settled higher by 4.6%.

In the United Kingdom, miners paced the rally. Eurasian Natural Resources, Glencore International, and Xstrata all booked gains near 7.0%.

Lastly, Spain’s IBEX-35 and Italy’s MIB both jumped over 3.0% on strength in financials and materials.DJ30 +227.78 NASDAQ +68.28 SP500 +24.94 NASDAQ Adv/Vol/Dec 2184/1.01 bln/326 NYSE Adv/Vol/Dec 2750/359.9 mln/299

12:00 pm : Equities continue to hover near their recent levels and the S&P 500 is adding 1.7%.

As expected, financials are seeing broad strength after Congress passed a budget package to avoid the fiscal cliff. The SPDR Financial Select Sector ETF (XLF 16.75, +0.36) is higher by 2.2%, and is the top performing sector ETF. Among individual financials, Citigroup (C 41.02, +1.46) is the top performing major, up 3.7%. On the downside, JPMorgan Chase (JPM 44.29, +0.62) is adding 1.4% as it underperforms its peers.DJ30 +219.25 NASDAQ +66.13 SP500 +23.83 NASDAQ Adv/Vol/Dec 2186/894.1 mln/312 NYSE Adv/Vol/Dec 2767/327.6 mln/285

11:30 am : The major averages are holding their recent levels and the S&P 500 is firmer by 1.8%.

Despite the on-going market rally, retailers are underperforming ahead of tomorrow's December same store sales reports. Early indications have suggested consumers showed more caution with regards to their spending habits. As such, retail stocks are underperforming the broader market. The SPDR S&P Retail ETF (XRT 62.70, +0.32) is adding 0.5% after being up as much as 2.2% at the open. Among individual retailers, Kohl's (KSS 42.05, -0.93) and Macy's (M 38.43, -0.59) are down 2.2% and 1.5%, respectively. Earlier, Buckingham downgraded Kohl's to ‘Neutral' from ‘Buy.' Elsewhere, American Eagle Outfitters (AEO 20.10, -0.40) is slipping 2.0% after Jefferies downgraded the stock to ‘Hold' from ‘Buy.'DJ30 +230.63 NASDAQ +68.35 SP500 +25.31 NASDAQ Adv/Vol/Dec 2192/783.5 mln/298 NYSE Adv/Vol/Dec 2786/294.2 mln/259

11:00 am : The key indices are holding near their respective highs and the S&P 500 is firmer by 1.9%.

The materials sector is one of the biggest beneficiaries of the broad market rally and the SPDR Materials Select Sector ETF (XLB 38.33, +0.79) is rising by 2.1%. The strength comes as a result of yesterday's budget pact as well as recent Chinese economic data, which has allayed some fears regarding a possible slowdown in the Middle Kingdom. An increase in the country's economic activity would bode well for materials demand—especially steel. As such, steelmakers are outperforming the sector. Mechel Steel (MTL 7.32, +0.39) and United States Steel (X 25.29, +1.44) are seeing respective gains of 5.7% and 6.0%.DJ30 +242.39 NASDAQ +70.70 SP500 +26.19 NASDAQ Adv/Vol/Dec 2169/658.5 mln/298 NYSE Adv/Vol/Dec 2780/256.5 mln/238

10:30 am : Commodities are mostly trading higher this morning, largely on positive 'fiscal cliff' headlines. Natural gas futures, however, have been volatile and sold off sharply earlier this morning.

Crude oil has been in positive territory all session and rose as high as $93.87. In current action, Feb crude oil is +1.9% at $93.57/barrel. Feb natural gas has made some notable moves this morning, selling off sharply and falling to a new session low of $3.19/MMBtu. Nat gas is now -4% at $3.22/MMBtu.

Precious metals hit new session highs again in recent activity and remains near those levels is current trade. Feb gold is now +1.1% at $1693.40/oz and Mar silver is +4% at $31.42/oz.DJ30 +240.37 NASDAQ +72.34 SP500 +26.52 NASDAQ Adv/Vol/Dec 2137/551.1 mln/307 NYSE Adv/Vol/Dec 2798/224 mln/192

10:05 am : The major averages continue to trade near their early highs and the S&P 500 is firmer by 2.1%.

The December ISM Index was reported at 50.7, while the Briefing.com consensus expected the reading to come in at 50.5, ahead of November's reading of 49.5. Meanwhile, November construction spending decreased by 0.3% month-over-month, against the expected increase of 0.5%.DJ30 +259.49 NASDAQ +79.38 SP500 +29.81 NASDAQ Adv/Vol/Dec 2167/347.5 mln/240 NYSE Adv/Vol/Dec 2802/162.8 mln/148

09:50 am : The opening minutes of the session have seen an extension of the upbeat pre-market sentiment. The S&P 500 is higher by 1.8%. Also of note, the Russell 2000 small-cap index has notched a fresh all-time high above 868.50.

All ten S&P 500 sectors are seeing gains in excess of 1.0% in early trade. Tech stocks are pacing the advance as the SPDR Technology Select Sector ETF (XLF 29.61, +0.76) is surging 2.6%.

Apple (AAPL 550.74, +18.56) has seen notable selling pressure during the final months of 2012, but today's market-wide rally is sending the stock higher by 3.5%. The December ISM Index and November construction spending will both be released at 10:00 ET.DJ30 +219.44 NASDAQ +70.20 SP500 +26.17 NASDAQ Adv/Vol/Dec 2129/253.8 mln/226 NYSE Adv/Vol/Dec 2733/134.5 mln/163

09:19 am : [BRIEFING.COM] S&P futures vs fair value: +24.00. Nasdaq futures vs fair value: +56.80. Heading into the open, equity futures are pointing to a sharply higher start, and the S&P 500 futures are firmer by 1.8%. The pre-market strength comes after both houses of Congress voted in favor of a bill which maintains the tax rates for the middle class, and delays sequester for two months. The Senate passed the by a vote of 89-8 while the House of Representatives voted 257-167 in favor of the measure. The bill is now expected to be signed by the president without major delays. It should be noted, however, that yesterday's debate did not include a resolution on the debt ceiling, which has now been breached.

With equity futures pointing to a notably higher open, many stocks are seeing pre-market strength. Financials are among the notable advancers as Bank of America (BAC 12.01, +0.40) and Morgan Stanley (MS 19.90, +0.78) trade higher by 3.5% and 4.2%, respectively.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +25.20. Nasdaq futures vs fair value: +57.30. The S&P 500 futures are adding 1.8%.

A couple of mergers and acquisitions were reported this morning. Zipcar (ZIP 12.18, +3.94) is soaring 47.8% after the company agreed to be acquired by Avis Budget Group (CAR 19.82, 0.00) for $12.25 per share. The total transaction value is estimated at $500 million and the purchase price represents a 49.0% premium to Zipcar's December 31 close. Following the acquisition announcement, Avis Budget Group reaffirmed its full-year 2012 earnings and revenue guidance.

Elsewhere, CACI International (CACI 55.03, 0.00) announced it has acquired IDL Solutions, which provides information technology solutions and support. The acquisition is expected to be slightly accretive to CACI's earnings during the first year following the acquisition.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: +25.20. Nasdaq futures vs fair value: +51.80.

U.S. equity futures continue to trade near their pre-market highs and the S&P 500 futures are firmer by 1.8%.

It was a sea of green across Asia as all of the major bourses, aside from Bursa Malaysia (-0.8%), finished with strong gains. The overseas gains came after U.S. lawmakers were able to put together a deal that avoided a fall off the fiscal cliff. Leading the way was Hong Kong's Hang Seng (+2.9%), which rallied to its best level in 19 months. Data out overnight showed Singapore's GDP grow at a weaker than expected 1.1% year-over-year (1.4% expected), South Korean HSBC Manufacturing PMI climb to 50.1 (48.2 previous), Indonesia's trade deficit narrow to $0.4 billion ($1.54 previous), Indonesia's CPI hold at 4.3% year-over-year, and Thailand's CPI rise to 3.6% year-over-year (3.2% expected, 2.74% previous). China's PMI was released on New Year's Eve, holding at 50.6 (51.0 expected).
In Japan, the Nikkei was closed.
Hong Kong's Hang Seng finished higher by 2.9% as investors piled into names with overseas exposure. Exporter Li & Fung jumped 6.3%, aluminum producer Chalco climbed 6.2%, and steelmaker Citic Pacific surged 11%.
In China, the Shanghai Composite was closed.

European markets are firmly higher after U.S. lawmakers achieved an agreement to stave off the fiscal cliff. Earlier, Eurozone economies reported their most recent manufacturing PMI readings. Notably, the United Kingdom's PMI was reported at 51.4, which was ahead of the 49.2 expected by the general consensus. Among notable misses, Germany's PMI reading of 46.0 fell short of the 46.3 expected by economists. The mixed regional readings produced a composite Eurozone manufacturing PMI of 46.1 while expectations called for the figure to reach 46.3.
Germany's DAX is advancing 2.2% as financials and exporters lead. Commerzbank is surging 5.0% and Volkswagen is higher by 4.5%.
In the United Kingdom, the FTSE is firmer by 2.3% and miners are pacing the advance. Eurasian Natural Resources and Rio Tinto are both up near 5.5%.
France's CAC is rising by 2.3% with financials in the lead. BNP Paribas, Credit Agricole, and Societe Generale are all up between 3.4% and 4.8%.

08:00 am : S&P futures vs fair value: +23.70. Nasdaq futures vs fair value: +50.30.

U.S. equity futures are sharply higher after both houses of Congress voted in favor of a bill which preserves tax rates for the middle class and delays sequester for two months. In the Senate, the bill passed by a vote of 89-8 while the House of Representatives passed the bill by a vote of 257-167. The bill is now expected to be signed by the president without delay. It should be noted, however, that yesterday's debate did not include a resolution on the debt ceiling, which has now been breached. The S&P 500 futures are higher by 1.7%.

Taking a look at overseas developments:

Several Asian markets remained shuttered, but Hong Kong's Hang Seng surged 2.9%.
Economic data was modest:
Australia's commodity prices decreased by 8.0% year-over-year, which follows the prior year's 10.3% decline.
In news:
The People's Bank of China Governor said the country is likely to maintain its current policy course and continue pursuing financial reforms.
North Korean leader Kim Jong Un said improving the country's relations with South Korea is one of his main policy goals in 2013.

European markets are firmly higher following the approval of a fiscal cliff resolution. France's CAC is surging 2.4% while Germany's DAX and the United Kingdom's FTSE are both higher by 2.2%.
Economic data contained several regional manufacturing PMI reports:
Most notably, the United Kingdom's PMI came in at 51.4, which was ahead of the 49.2 anticipated by the general consensus. On the downside, Germany's PMI reading of 46.0 fell short of the broadly expected 46.3.
The mixed manufacturing PMI reports produced an aggregate reading of 46.1 for the Eurozone. This was slightly below the forecast of 46.3.
In news:
Germany auctioned off 2-yr notes in a sale which cleared the market at a positive yield for the first time in over two months.

In U.S. corporate news:

United States Steel (X 24.80, +0.95) is higher by 4.0% in pre-market trade. Earlier, the steelmaker was upgraded by Credit Suisse to ‘Outperform' from ‘Neutral.' U.S. Steel is one of several producers of basic materials seeing considerable pre-market strength. Peer Cliffs Natural Resources (CLF 39.95, +1.38) is firmer by 3.6%.

In today's economic data, the December ISM Index and November construction spending will both be released at 10:00 ET. Additionally, automakers will be reporting their December sales throughout the day.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +41.50.

06:52 am : Nikkei...10395.18...+72.20...+0.70%. Hang Seng...23306.61...+649.70...+2.90%.

06:52 am : FTSE...6025.80...+128.00...+2.20%. DAX...7783.40...+171.00...+2.30%.

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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