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 Post subject: January 15th Tuesday Trade Results - Profit $630
PostPosted: Wed Jan 16, 2013 12:28 am 
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Joined: Sat Jan 10, 2009 2:06 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

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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 @ $630.00 dollars or +6.30 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 @ $630.00 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 on the Freenode IRC network (chat room no longer located on the Othernet IRC network). You can read today's ##TheStrategyLab 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=1415

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

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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 in many trading instruments I monitor during the trading day. 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, intermarket analysis (e.g. Forex EurUsd, Gold GC futures, Oil CL & Brent futures, Eurex DAX futures, Emini ES futures, Emini TF futures, Treasury ZB futures) 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: Investors Play Waiting Game

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

NEW YORK (CNNMoney)
U.S. stocks ended mixed Tuesday, as investors sat on the sidelines ahead of corporate earnings later this week.

Trading volumes have been extremely low this week. Even some decent economic reports released Tuesday morning weren't enough to draw investors into stocks.

The Dow Jones Industrial Average and S&P 500 closed up between 0.1% and 0.2%. The Nasdaq dipped 0.2% .

The tech sector was dragged lower by Apple Inc (AAPL, Fortune 500), which closed below $500 for the first time since February 2012 amid worries about slowing demand for the iPhone 5.

On the economic front, U.S. retail sales rose 0.5% in December, led by an improvement in auto sales. Retail sales modestly beat expectations.

@ Fear & Greed Index

Retail stocks were among the biggest winners Tuesday. Abercrombie & Fitch (ANF), JCPenney (JCP, Fortune 500), Guess (GES), and Macy's (M, Fortune 500) rose more than 2%.

"Once again, the U.S. consumer showed amazing resiliency even with major concerns over consumer confidence and holiday sales," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

Still, other economic indicators were mixed. The index measuring manufacturing activity in New York state was negative for the sixth straight month in January, according to the New York Federal Reserve Bank. Business inventories for November increased 0.3% slightly more than analysts had forecast, according to data released by the Census Bureau.

For the most part, investors remain unwilling to place any big bets until they get more clarity about Corporate America's profits.

Homebuilder Lennar (LEN) reported earnings that beat expectations, yet shares fell 1%.

Goldman Sachs (GS, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) will report results Wednesday, while Intel (INTC, Fortune 500), Bank of America (BAC, Fortune 500) and General Electric (GE, Fortune 500)are due later in the week.

Overall, S&P 500 companies are expected to report earnings growth of 3.2% for the last three months of 2012, according to S&P's Capital IQ.

Dell (DELL, Fortune 500) shares rose more than 7%, extending the previous day's rally that was sparked by reports of the PC maker considering a buyout.

@ Dell buoyed by buyout talk

Shares of Facebook (FB) dropped nearly 3% following the company's announcement that it plans to add a search feature to the social network. Shares of Yelp (YELP), a site that offers user-generated reviews of businesses and restaurants, dropped sharply after Facebook's announcement. The Facebook news didn't appear to affect shares of Google Inc (GOOG, Fortune 500).

Overseas, European markets closed in mixed territory, with the CAC-40 and DAX slightly weaker. Germany's economy grew by just 0.7% in 2012, down from 3% the previous year, the government said Tuesday.

Asian markets also ended mixed. Japan's Nikkei advanced 0.7% after being closed Monday for a holiday. The Shanghai Composite added 0.6%, while the Hang Seng declined 0.1%.

The dollar gained ground against the euro and British pound but fell against the Japanese yen

Oil prices dipped, while gold prices rose slightly.

The price on the 10-year Treasury note rose slightly, pushing the yield down to 1.87% from 1.88% late Friday.

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Market Update

4:10 pm : Equities began the day with a slightly bearish bias after Germany's 2012 GDP was reported below expectations. Though the news weighed at the open, the major averages showed resilience, and spent the remainder of the session climbing off their lows. As a result, the S&P 500 added 0.1% while the Nasdaq underperformed with a loss of 0.2%.

The tech-heavy Nasdaq was pressured by Apple (AAPL 485.92, -15.83), which fell 3.2%. In addition, Apple suppliers continued to show weakness. Broadcom (BRCM 34.19, -0.43) and Skyworks Solutions (SWKS 20.50, -0.51) saw respective losses of 1.2% and 2.4%. Today's selling followed yesterday's 3.6% drop in Apple resulting from reports which indicated the company has cut its orders for iPhone 5 parts.

Facebook (FB 30.10, -0.85) dropped to its session lows after today's highly-anticipated press event disappointed investors. When the company first announced today's presentation on January 9, Facebook responded by rallying nearly 5.0% in less than a week. The rise was attributed to speculation the company may launch a search engine or its own phone brand. However, at today's event, the company revealed a "graph search" feature.

Business software provider SAP (SAP 77.55, -4.33) also contributed to the weakness in technology. The stock lost 5.3% after the company's operating profit missed expectations. Additionally, SAP lowered its fourth quarter guidance, which also contributed to the selling.

The discretionary sector was the top performer after the December retail sales report beat expectations. Retailers rallied on the news and the SPDR S&P Retail ETF (XRT 64.54, +1.32) gained 2.1%.

This morning, Lennar (LEN 40.68, -0.34) was the first homebuilder to report its fourth quarter results. The report was generally positive as the company's earnings and revenue exceeded the Capital IQ consensus estimates. In addition, the company expects its full-year 2013 gross margins to be in-line with analyst estimates. Despite the upbeat earnings, Lennar settled lower by 0.8%. It should be noted the stock has added over 36% over the past five months, thus strong quarterly results have been largely priced-in. Other homebuilders showed intraday strength and finished generally higher as Lennar's results were expected to translate into upbeat earnings from its peers.

Financials outperformed the broader market with ten sector components scheduled to report their quarterly results ahead of tomorrow's open. JPMorgan Chase (JPM 46.35, +0.47) was in the news today as the bank was ordered to improve its risk controls following last year's $6.2 billion derivative trading loss. JPMorgan Chase will report its fourth quarter earnings tomorrow and the Capital IQ consensus expects the financials to show year-over-year bottom line growth of 35%. The market will also receive quarterly results from Goldman Sachs (GS 135.59, -0.54) which are expected to show earnings of $3.40 on $7.67 billion in revenue.

Several economic data points crossed the wires today. During November, business inventories rose by 0.3%, which was in-line with the Briefing.com consensus. Today's reading follows the prior month's uptick of 0.4%.

December retail sales rose by 0.5%, which was better than the 0.2% increase that had been broadly expected. The revised prior month's reading pointed to an increase of 0.4%. Excluding autos, retail sales rose by 0.3%, which was in-line with the Briefing.com consensus.

December producer prices decreased by 0.2%, which was cooler than the unchanged reading that had been widely forecast. Core producer prices rose by 0.1% which was cooler than the uptick of 0.2% expected by the Briefing.com consensus.

The Empire Manufacturing Survey for January registered a reading of -7.8, which was up from the prior month's reading of -8.1. Economists polled by Briefing.com had expected that the Survey would rise to 2.0.

In tomorrow's economic data, the weekly MBA Mortgage Index will be reported at 7:00 ET. December CPI and core CPI will both be released at 8:30 ET. At 9:00 ET, November net long-term TIC flows will hit the wires. December industrial production and capacity utilization will be reported at 9:15 ET while January NAHB Housing Market Index will cross at 10:00 ET. Lastly, the Federal Reserve will release its January Beige Book at 14:00 ET.DJ30 +27.57 NASDAQ -6.72 SP500 +1.66 NASDAQ Adv/Vol/Dec 1314/1.81 bln/1142 NYSE Adv/Vol/Dec 1735/603.2 mln/1272

3:30 pm :

Feb crude oil spent most of pit trade chopping around just below the unchanged level. However, prices slid to a session low of $93.22 per barrel moments before the close as the dollar index popped to a new session high. The last minute sell-off left crude to settle with a 1.0% loss at $93.29 per barrel.
Feb natural gas rose for a fourth consecutive session on this week's colder weather across the nation. Prices briefly dipped into the red and to a session low of $3.35 per MMBtu in morning floor action, but the losses were erased moments later. Natural gas trended higher for the remainder of the session and settled 2.7% higher at $3.46 per MMBtu.
Feb gold extended yesterday's gains as it advanced to a floor session high of $1684.90 per ounce despite the dollar index trading slightly above the break-even line. The yellow metal closed the session 0.9% higher at $1683.80 per ounce.
Mar silver also trended higher during today's pit trade. It listed off its session low of $31.12 per ounce and brushed a session high of $31.61 per ounce before settling with a 1.1% gain at $31.49 per ounce.

DJ30 +26.16 NASDAQ -7.16 SP500 +1.23 NASDAQ Adv/Vol/Dec 1273/1520 mln/1196 NYSE Adv/Vol/Dec 1620/403 mln/1341

3:05 pm : The S&P 500 has turned positive in recent trade and the benchmark index is now adding 0.1%.

Looking at the earnings calendar, tomorrow morning will be dominated by financials as ten sector components are scheduled to report their results. Among the most notable names, JPMorgan Chase (JPM 46.38, +0.50) is expected to report earnings of $1.22 on $24.21 billion in revenue. An in-line report would represent year-over-year bottom line growth of more than 35%.

Meanwhile, the Capital IQ consensus expects Goldman Sachs (GS 136.87, +0.71) to report a healthy 85% year-over-year earnings growth. The analyst forecast calls for the investment bank to reveal fourth quarter earnings of $3.40 on revenue of $7.67 billion.DJ30 +22.64 NASDAQ -7.93 SP500 +1.05 NASDAQ Adv/Vol/Dec 1195/1.41 bln/1241 NYSE Adv/Vol/Dec 1565/367.1 mln/1382

2:35 pm : Equities are holding their recent levels and the S&P 500 is off by 0.2%.

The financial sector is seeing little change as major sector components trade in mixed fashion. Earlier, JPMorgan Chase (JPM 46.29, +0.41) was ordered to improve its risk controls following last year's $6.2 billion derivative trading loss. Note that the bank will report its fourth quarter earnings ahead of tomorrow's open. Elsewhere, Goldman Sachs (GS 136.51, +0.38) is adding 0.3% and US Bank (USB 33.14, -0.33) is off by 1.0% as investors await quarterly results from the two. Both banks are scheduled to report tomorrow morning as well.DJ30 -5.88 NASDAQ -16.56 SP500 -2.30 NASDAQ Adv/Vol/Dec 1055/1.29 bln/1350 NYSE Adv/Vol/Dec 1393/335.1 mln/1550

2:00 pm : The major averages ticked lower after the head of the Eurogroup, Jean-Claude Juncker, said the euro exchange rate is dangerously high. Following Mr. Juncker's comments, the euro fell to its session low against the dollar. Currently, the common currency trades at 1.3277 versus the greenback.

The Dow Jones Transportation Average is adding 0.3% with 14 of 20 components moving higher. Trucking stocks are seeing relative strength as Con-way (CNW 31.05, +0.31) and Ryder System (R 53.77, +0.50) lead their peers. The two stocks are both up near 1.0%.

Elsewhere, airlines are mixed after the industry saw broad gains during recent weeks. Delta Air Lines (DAL 13.60, +0.16) is rising by 1.2% and JetBlue Airways (JBLU 5.85, -0.05) is down 0.9%.DJ30 -11.48 NASDAQ -12.63 SP500 -2.38 NASDAQ Adv/Vol/Dec 1120/1.19 bln/1291 NYSE Adv/Vol/Dec 1386/309.2 mln/1557

1:30 pm : Equities are holding their recent levels and the S&P 500 is flat.

Facebook (FB 30.71, -0.24) fell to fresh session lows during recent trade. The weakness comes as the company holds a press event during which a "graph search" feature was unveiled. On January 9, the company scheduled today's event, and its stock responded by rallying nearly 5.0% during subsequent sessions. At the time of the original announcement, the company did not specify the purpose of today's presentation which led to speculation suggesting Facebook may be rolling out a search engine or its own phone brand.

Google (GOOG 733.14 +9.89) spiked to fresh highs after it became clear Facebook will not be entering the search engine or the smartphone market.DJ30 -0.12 NASDAQ -6.29 SP500 -0.28 NASDAQ Adv/Vol/Dec 1205/1.03 bln/1177 NYSE Adv/Vol/Dec 1514/277.6 mln/1415

1:00 pm : The major averages began the day on a lower note after Germany's 2012 GDP growth of 0.7% fell short of expectations. However, the initial weakness did not hold and the key indices began climbing off their lows. Today's economic data was plentiful, but most points of interest were largely in-line with expectations. At midday, the S&P 500 is off by 0.1%.

The technology sector is the biggest laggard as Apple (AAPL 489.00, -12.75) weighs. Today, Apple is shedding 2.6% and its suppliers are trading lower as well. Broadcom (BRCM 34.06, -0.56) and Skyworks Solutions (SWKS 20.60, -0.41) are down 1.6% and 1.9% respectively. This follows yesterday's 3.6% drop in Apple after reports indicated the company has cut its orders for iPhone 5 parts due to weaker-than-expected demand.

Elsewhere in tech, SAP (SAP 78.19, -3.69) is lower by 4.5% after reporting earnings. The stock is seeing negative investor reaction after the software company's operating profit fell slightly short of expectations. In addition, SAP lowered its fourth quarter revenue guidance below consensus. Peer Oracle (ORCL 34.68, -0.28) is slipping 0.8%.

Also of note, ARM Holdings (ARMH 40.60, -1.80) is sliding 4.3% following a Morgan Stanley downgrade to ‘Equal-Weight' from ‘Overweight.'

Discretionary stocks are leading the broader market as the SPDR Consumer Discretionary Select Sector ETF (XLY 49.26, +0.27) trades higher by 0.6%. The sector is seeing strength after today's December retail sales report pointed to an uptick of 0.5%, which was ahead of the Briefing.com consensus. The positive reading is contributing to outperformance from retail stocks as the SPDR S&P Retail ETF (XRT 64.32, +1.10) trades higher by 1.7%.

However, the report did now show all-around strength as electronics retailers saw their sales decline by 0.6% month-over-month. Best Buy (BBY 14.26, -0.22) and HHGregg (HGG 7.38, -0.07) are lower by 1.5% and 0.9% respectively.

This morning, Lennar (LEN 40.13, -0.89) reported its fourth quarter results. The report was generally positive as the company's earnings and revenue exceeded the Capital IQ consensus estimates. In addition, the company expects its full-year 2013 gross margins to be in-line with analyst estimates. Despite the upbeat earnings, Lennar trades lower by 2.2%. It should be noted the stock has added over 36% over the past five months, thus strong quarterly results have been largely priced-in. Other homebuilders are trading in mixed fashion and the SPDR S&P Homebuilders ETF (XHB 27.73, +0.07) is registering slim gains.

The market received several economic data points today. Excluding autos, retail sales rose by 0.3%, which was in-line with the Briefing.com consensus.

December producer prices decreased by 0.2%, which was cooler than the unchanged reading that had been widely forecast. Core producer prices rose by 0.1% which was cooler than the uptick of 0.2% expected by the Briefing.com consensus.

The Empire Manufacturing Survey for January registered a reading of -7.8, which was up from the prior month's reading of -8.1. Economists polled by Briefing.com had expected that the Survey would rise to 2.0.

During November, business inventories rose by 0.3%, which was in-line with the Briefing.com consensus. Today's reading follows the prior month's uptick of 0.4%.

European markets finished today's session on a mixed note. The United Kingdom's FTSE added 0.2%, France's CAC shed 0.3%, and Germany's DAX slipped 0.7%.

In the United Kingdom, Burberry led the way with a gain of 4.6%. The luxury retailer outperformed after reporting upbeat third quarter revenue. On the downside, miners traded lower. Anglo American and Vedanta Resources shed 3.7% and 1.4% respectively.

France's CAC was pressured by industrials. Cie de St-Gobain and Lafarge saw respective losses of 1.5% and 2.9%. On the upside, PPR gained 2.6% after purchasing a 51% state in fashion designer Christopher Kane.

In Germany, SAP lost 3.7% and was the weakest performer after its earnings and guidance fell short of expectations. Meanwhile, semiconductor manufacturer Infineon Technologies gained 1.4% after receiving a buy recommendation from Exane.DJ30 -3.70 NASDAQ -8.70 SP500 -0.99 NASDAQ Adv/Vol/Dec 1185/917.4 mln/1198 NYSE Adv/Vol/Dec 1486/256.6 mln/1431

12:30 pm : The S&P 500 is off by 0.1% as the index trades two points below its flat line.

European markets finished today's session on a mixed note. The United Kingdom's FTSE added 0.2%, France's CAC shed 0.3%, and Germany's DAX slipped 0.7%.

In the United Kingdom, Burberry led the way with a gain of 4.6%. The luxury retailer outperformed after reporting upbeat third quarter revenue. On the downside, ARM Holdings (ARMH 40.69, -1.71) lost 3.7% following a Morgan Stanley downgrade. In addition, miners traded lower. Anglo American and Vedanta Resources shed 3.7% and 1.4% respectively.

France's CAC was pressured by industrials. Cie de St-Gobain and Lafarge saw respective losses of 1.5% and 2.9%. On the upside, PPR gained 2.6% after purchasing a 51% state in fashion designer Christopher Kane.

In Germany, SAP (SAP 78.27, -3.61) lost 3.7% and was the weakest performer after its earnings and guidance fell short of expectations. Meanwhile, semiconductor manufacturer Infineon Technologies gained 1.4% after receiving a buy recommendation from Exane.DJ30 -5.34 NASDAQ -9.97 SP500 1.50 NASDAQ Adv/Vol/Dec 1164/830.1 mln/1172 NYSE Adv/Vol/Dec 1452/233.9 mln/1448

12:00 pm : The S&P 500 is off by 0.2% as the index attempts to return to its unchanged level.

This morning, Lennar (LEN 40.01, -1.01) reported its fourth quarter results. The report was generally positive as the company's earnings and revenue exceeded the Capital IQ consensus estimates. In addition, the company expects its full-year 2013 gross margins to be in-line with analyst estimates. Despite the upbeat earnings, Lennar trades lower by 2.5%. It should be noted the stock has added over 36% over the past five months, thus strong quarterly results have been largely priced-in. Other homebuilders are trading in mixed fashion and the SPDR S&P Homebuilders ETF (XHB 27.69, +0.03) is flat.DJ30 -11.35 NASDAQ -14.21 SP500 -2.33 NASDAQ Adv/Vol/Dec 1130/735.2 mln/1197 NYSE Adv/Vol/Dec 1416/213.1 mln/1466

11:30 am : The S&P 500 is off by 0.2% as the index continues to hover near its recent levels.

The consumer discretionary sector is the top performer as the SPDR Consumer Discretionary Select Sector ETF (XLY 49.13, +0.14) trades higher by 0.2%. The sector is outperforming the broader market after today's December retail sales report pointed to an uptick of 0.5%, which was ahead of the Briefing.com consensus. The positive reading is contributing to relative strength in retail stocks as the SPDR S&P Retail ETF (XRT 63.78, +0.56) trades higher by 0.9%.

However, the report did now show strength all around as electronics retailers saw their sales decline by 0.6% month-over-month. Best Buy (BBY 14.33, -0.15) and HHGregg (HGG 7.32, -0.12) are lower by 1.1% and 1.6% respectively.DJ30 -16.16 NASDAQ -15.18 SP500 -2.85 NASDAQ Adv/Vol/Dec 1030/643.8 mln/1283 NYSE Adv/Vol/Dec 1307/188.4 mln/1556

11:00 am : The major averages have lifted off their early lows, but they remain in the red. The S&P 500 is off by 0.2% while Nasdaq is underperforming, down 0.5%.

The technology sector is the biggest laggard as Apple (AAPL 489.87, -11.87) weighs. The largest tech stock lost 3.6% yesterday after reports indicated the company has cut its orders for iPhone 5 parts due to weaker-than-expected demand. Today, Apple is shedding 2.4% and its suppliers are trading lower as well. Broadcom (BRCM 33.93, -0.69) and Skyworks Solutions (SWKS 20.46, -0.55) are down 2.0% and 2.6% respectively.

Elsewhere in technology, SAP (SAP 77.91, -3.97) is lower by 4.9% after reporting earnings. The stock is seeing negative investor reaction after the software company's operating profit fell slightly short of expectations. In addition, SAP lowered its fourth quarter revenue guidance below consensus. Peer Oracle (ORCL 34.63, -0.34) is slipping 1.0%.

Lastly, ARM Holdings (ARMH 40.44, -1.96) is sliding 4.6% following a Morgan Stanley downgrade to ‘Equal-Weight' from ‘Overweight.'DJ30 -21.08 NASDAQ -16.62 SP500 -3.17 NASDAQ Adv/Vol/Dec 928/519.2 mln/1343 NYSE Adv/Vol/Dec 1287/159.5 mln/1558

10:30 am : Commodities are volatile again today with the dollar index in positive territory this morning and the energy and metals markets mixed.

Crude oil sold off earlier this morning, sinking as much as $0.80/barrel to the current LoD of $93.61/barrel (down almost $0.50). Crude has since whipped back higher, moving back into positive territory, but is now -0.3% at $93.87/barrel. Natural gas futures are currently +0.8$ at $3.40/MMBtu.

Precious metals are trading higher today and both gold and silver are back near their session highs. Feb gold is currently +0.8% at $1683.40/oz, while Mar silver is +0.75 at $31.32/oz. Mar copper is -0.2% at $3.63/lb.DJ30 -36.42 NASDAQ -19.81 SP500 -4.90 NASDAQ Adv/Vol/Dec 788/411.3 mln/1433 NYSE Adv/Vol/Dec 1066/133 mln/1719

10:00 am : The major averages saw little change to the November inventories report. The S&P 500 is off by 0.3%.

During November, business inventories rose by 0.3%, which was in-line with the Briefing.com consensus. Today's reading follows the prior month's uptick of 0.4%.DJ30 -26.04 NASDAQ -20.62 SP500 -4.60 NASDAQ Adv/Vol/Dec 715/256.3 mln/1429 NYSE Adv/Vol/Dec 1037/95.3 mln/1697

09:45 am : The major averages have seen an extension of the bearish pre-market sentiment. The S&P 500 is lower by 0.4%.

Looking at the early sector alignment, telecoms and technology are among the weakest performers while discretionary shares are registering narrower losses than the broader market.

Tech shares are underperforming as Apple (AAPL 489.11, -12.49) trades lower by 2.5%. Earlier, Nomura lowered its price target for the stock to $530 from $660.

Today's economic data will be topped off by November business inventories. The report will be released at 10:00 ET.DJ30 -41.97 NASDAQ -23.03 SP500 -6.66 NASDAQ Adv/Vol/Dec 590/169.1 mln/1512 NYSE Adv/Vol/Dec 788/73.9 mln/1915

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -12.00. Heading into the open, equity futures are pointing to a lower start. The S&P 500 futures are off by 0.4% following a disappointing GDP report from Germany, which revealed fourth quarter contraction of 0.5%. In addition, the full-year reading registered growth of 0.7%, while the general consensus expected growth to reach 0.8%.

Looking at pre-market movers, Forest Laboratories (FRX 36.00, -1.59) is shedding 4.2% after its third quarter earnings and revenue fell short of the Capital IQ consensus. In addition, the drug manufacturer issued in-line full-year earnings and revenue guidance.

Lululemon Athletica (LULU 67.75, -4.55) is down 6.3% after issuing guidance at the high-end of the previous range. However, the forecast remains below the consensus estimate.

November business inventories will be released at 10:00 ET.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -10.80.

U.S. equity futures continue to trade near their pre-market lows. The S&P 500 futures are off by 0.4%.

European markets are modestly lower after Germany's GDP pointed to a fourth quarter contraction of 0.5%. Meanwhile, the full-year GDP growth came in at 0.7%, below the generally expected reading of 0.8%. Looking at other economic data, Germany's CPI rose by 2.1% year-over-year, in-line with expectations. The United Kingdom's Housing Price Index rose by 2.1% year-over-year, which was ahead of the 1.7% expected by the market. The Eurozone trade balance came in at EUR11 billion, well ahead of the forecast which called for a surplus of EUR8.2 billion.

Looking at news, Germany's Handelsblatt reported that the country's central bank plans to repatriate some of its gold holdings currently held in the vaults of the U.S. Federal Reserve, the Bank of England, and Banque de France. Elsewhere, European Commission President Jose Manuel Barroso said he is seeking final bank oversight agreement in weeks as opposed to months.
In Germany, the DAX is down 0.9% as SAP weighs. The technology consultant is down 5.1% after the company's operating profit fell short of analyst expectations.
France's CAC is off by 0.4% and select financials are underperforming. BNP Paribas and Societe Generale are both down near 2.0% after the Livret savings rate was cut to 1.75% from 2.25%. Also of note, Cap Gemini is shedding 2.1% as SAP's disappointing earnings weigh.
The United Kingdom's FTSE is off by 0.1%. ARM Holdings is down 3.8% after Morgan Stanley downgraded the stock to ‘Equal-Weight' from ‘Overweight.' On the upside, luxury retailer Burberry is rising by 3.9% after reporting better-than-expected third quarter revenue.

The major Asian bourses ended mixed as traders await the Chinese data due out later this week. Japan's Nikkei (+0.7%) outperformed after returning from an extended holiday break. The index ran to a 32-month high before pulling back following comments from Japanese Economy Minister Akira Amari which suggested the yen is now in-line with its fundamentals. There was no data from the region.
In Japan, the Nikkei added 0.7% as exporters continued to see strong gains. Panasonic gained 2.7% and Suzuki Motor climbed 3.0%. Elsewhere, electronics maker Sharp slumped 2.7% on reports Apple was ordering less parts from its suppliers.
Hong Kong's Hang Seng slipped 0.1% after early strength saw the pair hit its best level in 20 months. Exporter Li & Fung slipped 0.5%, following the previous day's 15% plunge on word its U.S. unit disappointed.
In China, the Shanghai Composite settled higher by 0.6% with shares hitting their best level in six months. Financials led the way with Bank of Communications and Minsheng Bank tacking on 1.0% and 0.8% respectively.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -9.00. U.S. equity futures saw little change following the release of several economic data points. The S&P 500 futures are off by 0.4%.

December retail sales rose by 0.5%, which is better than the 0.2% increase that had been broadly expected. The revised prior month's reading pointed to an increase of 0.4%. Excluding autos, retail sales rose by 0.3%, which is in-line with the Briefing.com consensus.

December producer prices decreased by 0.2%, which is cooler than the unchanged reading that had been widely forecast. Core producer prices rose by 0.1% which is cooler than the uptick of 0.2% expected by the Briefing.com consensus.

The Empire Manufacturing Survey for January registered a reading of -7.8, which is up from the prior month's reading of -8.1. Economists polled by Briefing.com had expected that the Survey would rise to 2.0.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -9.50.

U.S. equity futures are modestly lower amid cautious European trade. The S&P 500 futures are off by 0.4%.

Looking at overseas developments:

Asian markets ended on a mixed note. China's Shanghai Composite added 0.6%, Japan's Nikkei gained 0.7%, and Hong Kong's Hang Seng shed 0.1%.
In economic data:
Japan's M2 money stock rose by 2.6% year-over --year, while an uptick of 2.1% was generally expected.
Japan's machine tool orders declined by 27.5% year-over-year while a decrease of 21.3% was broadly expected.
In news:
Japan approved a JPY13.1 trillion supplementary budget in order to fund an economic stimulus package.
Japan's Economics Minister Akira Amari suggested that the yen is now in-line with fundamentals. The comments resulted in USDJPY sliding over 100 pips, before retracing a portion of the move. The pair trades at 88.439 this morning.
The Chinese press suggested the country's power consumption could rise by about 10% this year.

European markets are modestly lower as midday nears. The United Kingdom's FTSE is shedding 0.1%, France's CAC is off by 0.3%, and Germany's DAX is down 0.4%.
Regional economic data was plentiful. Looking at the most notable points:
Germany's fourth quarter GDP contracted by 0.5%. Meanwhile, the full-year GDP growth came in at 0.7%, below the generally expected 0.8%.
Germany's CPI rose by 2.1% year-over-year, in-line with expectations.
The United Kingdom's Housing Price Index rose by 2.1% year-over-year, which was ahead of the 1.7% expected by the market.
The Eurozone trade balance came in at EUR11 billion, well ahead of the forecast which called for a surplus of EUR8.2 billion.
In news:
Germany's Handelsblatt reported that the country's central bank plans to repatriate some of its gold holdings currently held in the vaults of the U.S. Federal Reserve, the Bank of England, and the Banque de France.
European Commission President Jose Manuel Barroso said he is seeking final bank oversight agreement in weeks as opposed to months.

In U.S. corporate news:

Dell (DELL 12.80, +0.51) is adding 4.2% following reports that the company is in discussions with Silver Lake and TPG over a possible private equity takeover.
Express (EXPR 16.00, +1.94) is surging 13.8% after the apparel retailer raised its fourth quarter guidance above consensus.
SAP (SAP 78.51, -3.37) is lower by 4.1% after the software company reported fourth quarter operating profit slightly below analyst expectations.

Several economic data points will be released today. December retail sales, retail sales ex-auto, PPI, core PPI, and the January Empire Manufacturing Index will all be reported at 8:30 ET. Lastly, November business inventories will be released at 10:00 ET.

06:58 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -6.00.

06:57 am : Nikkei...23381.51...-31.80...-0.10%. Hang Seng...10879.08...+77.50...+0.70%.

06:57 am : FTSE...6111.70...+4.30...+0.10%. DAX...7717.33...-12.20...-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 Image@ http://stocktwits.com/wrbtrader

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