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 Post subject: January 16th Wednesday Trade Results - Profit $1900
PostPosted: Wed Jan 16, 2013 11:51 pm 
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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 @ ($1390.00) dollars or -13.90 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $3290.00 dollars or +3.29 points. Total Profit @ $1900.00 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=1416

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: Boeing Drags On Blue Chips

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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 Wednesday as investors weighed decent corporate earnings reports against worries about the debt ceiling and global economic growth.

The Dow Jones industrial average fell 0.2%, with Boeing (BA, Fortune 500) leading the decline. The S&P 500 ended little changed. The Nasdaq gained 0.2% as shares of Apple (AAPL, Fortune 500) rose back above $500 a share in midday trading.

Boeing shares fell 3.4% as the aircraft maker's Dreamliner continued to face problems. Two Japanese airlines grounded their fleets of 787 aircraft after one of All Nippon Airways' Dreamliners was forced into an emergency landing.

Hewlett Packard (HPQ, Fortune 500) helped offset some of Boeing's losses. Shares of the Dow component rose 4% on reports that unspecified technology companies have expressed interest in acquiring two of HP's businesses, Autonomy and EDS.

Before the market opened, JPMorgan (JPM, Fortune 500) said it earned $5.7 billion, or $1.39 a share, in the fourth quarter. The bank said chief executive Jamie Dimon's bonus would be cut by more than half after the London Whale debacle over bad trades.

JPMorgan's earnings were in line with expectations, although revenue was hurt by declining fees and subdued trading activity, according to analysts at Baird Equity Research.

Goldman Sachs (GS, Fortune 500) reported earnings that beat expectations, driven by strong results from its proprietary trading business. Shares rose 5%.

Shares of Chipotle (CMG) plummeted 16% after the Mexican food chain restaurant revised fourth-quarter earnings well below analysts' expectations.

Shares of Sears Holding Corp. (SHLD, Fortune 500) rose on news that ESL Partners, a hedge fund run by Eddie Lampert, had increased its stake in the retailer. Lampert, who owns more than 50% of the stock, took over as CEO of Sears after Louis D'Ambrosio stepped down last week.

After the market closed, eBay (EBAY, Fortune 500) reported fourth-quarter earnings that beat expectations, although the company's outlook for earnings in the current quarter and for the full year were modestly below analysts' expectations. Shares fell in extended trading.

Bank of America (BAC, Fortune 500) and Citigroup (C, Fortune 500) are among the companies set to release quarterly results Thursday.

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.

While earnings are currently the dominant theme, the focus could shift to Washington as the debate over the U.S. borrowing limit heats up, said J.J. Kinahan, chief derivatives strategist at TD Ameritrade.

"We may have a bit of a pause after earnings season ends and we head into debt ceiling negotiations," said Kinahan. "That's when you might see people start to hold back. For now, people are trading earnings as if it's a normal market."

@ Where will the next big bull market come from?

Less-than-stellar economic reports also dampened investor enthusiasm Wednesday.

The World Bank lowered its outlook for global economic growth this year to 2.4%, relatively unchanged from the estimated 2.3% growth rate in 2012. The bank had previously forecast 3% growth for 2013. While growth in developing economies will remain solid, the World Bank expects activity in the developed countries to remain subdued.

On a positive note, the U.S. government's key measure of inflation showed that consumer prices slowed to a 1.7% annual increase last month -- mostly due to a decline in gas prices.

In other economic news, industrial production rose 0.3% in December, according to the Federal Reserve. Economists had anticipated a 0.2% after industrial production jumped 1% in November.

Economic growth continued at a "modest or moderate" pace across the 12 districts of the Federal Reserve system in the past few weeks, according to the latest edition of the Federal Reserve's Beige Book.

The Treasury International Capital report showed an inflow of $27.8 billion in November. The TIC data, which measure foreign purchases of U.S. assets, showed that overseas investors increased their holdings of Treasury bills by $4.5 billion. The yield on the 10-year Treasury note edged up to 1.83% from 1.82% on Tuesday.

Related: Fear & Greed index steeped in greed

European markets ended mixed, with auto stocks falling on poor December registrations data. The FTSE 100 (UKX) in London fell 0.2%, but the CAC 40 (CAC40) in Paris and the Dax (DAX) in Frankfurt gained.

Asian markets ended lower. The Nikkei dropped 2.6%, while China's Shanghai Composite shed 0.7% and Hong Kong's Hang Seng closed down 0.1%.

Oil prices rose 1% to end at $94.24 a barrel, helped in part by expectations that a recent cold snap will boost demand for heating oil. Gold prices edged lower and the U.S. dollar weakened versus the euro and Japanese yen.

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Market Update

4:20 pm : Major stock market averages started the day on a mixed and uneventful note and that's pretty much how they traded the rest of the day. There were plenty of storylines, which we will introduce shortly, but there just wasn't any conviction on the part of buyers or sellers outside of some individual stock stories.

The broader market's languor has been a familiar site this week. Including today's action, the S&P 500 is basically unchanged since last Friday. That's actually not a bad sign considering the S&P 500 had surged 3.2% in the first two weeks of trading. The sideways action, therefore, is being deemed a consolidation phase by technical analysts and perhaps just a boring phase by the rest of us.

On Wednesday, the S&P 500 traded in a six-point range that was skewed mostly to the downside, the bulk of which was seen shortly after the market opened. Some early storylines that triggered the initial downside move included the following:

Weakness in Boeing (BA 74.34, -2.60) after two Japanese carriers suspended their Dreamliner flights due to safety concerns
News that the World Bank cut its 2013 global GDP growth forecast to 2.4% from 3.0%; and
The muted response to a blowout earnings report from Goldman Sachs (GS 141.09, +5.50), which topped the Capital IQ consensus estimate by $1.96, and a better-than-expected earnings report from JPMorgan Chase (JPM 46.82, +0.47), which topped the Capital IQ consensus estimate by twenty cents.

The market soon found its footing, however, when Apple (AAPL 506.09, +20.17) got going in the wake of a bullish call from technical analyst Tom Demark who accurately called the slide in Apple back in September when Apple was trading at $700. Demark's call on CNBC last night was that Apple has bottomed and should run to the $600 area in the next couple of weeks.

Apple's strength was a staying factor for the broader market and triggered the outperformance of the Nasdaq versus the other major averages. Still, in a broader context, everything unfolded in moderation today as the Nasdaq gained just 0.2% while the Dow Jones Industrial Average slipped just 0.2%.

In a certain respect, market participants were in deliberation mode, showing little reaction to reports of a terrorist attack on a natural gas facility in Algeria that resulted in 41 hostages being taken, including several Americans.

Oil prices increased 1.0% to $94.19 per barrel, garnering added support from an EIA inventory report that showed a draw of 950,000 barrels from last week. Commodities overall traded somewhat mixed, although there was broad-based weakness in the industrial metals that coincided with the World Bank's tempered growth outlook.

Notably, the CBOE Volatility Index (VIX 13.40, -0.15) continued its slide, reflecting an ongoing sense that the market isn't going to experience any dramatic moves up or down in the next 30 days. Many observers, though, see the low level of the VIX as a sign of complacency that could be a harbinger of more concerted selling interest for the cash market.

For today, there wasn't much concerted selling interest outside of individual stocks like Chipotle Mexican Grill (CMG 280.94, -16.38), which issued a fourth quarter earnings warning, or much concerted buying interest for that matter.

Volume at the NYSE totalled 600 mln shares with the last hour producing a good chunk of today's trading volume.

The technology sector (+0.7%) led today's gainers and was followed by the energy (+0.3%) and financial (+0.1%) sectors. On the flip side, the telecom services sector (-1.2%) brought up the rear along with the low-weighted materials (-0.6%) and utilities (-0.5%) sectors.

Treasuries held a bid throughout the day, but ended off their highs. The 10-year note finished up six ticks and its yield dipped to 1.82%.

Today's economic data featured the CPI, Industrial Production, and NAHB Housing Market Index reports. None produced any major surprises, so they were largely overlooked as trading catalysts. The same can be said for the Fed's Beige Book report, which noted all 12 districts are experiencing modest to moderate growth and that fiscal cliff uncertainties were delaying hiring decisions in a number of areas.

Tomorrow's economic lineup includes the Initial Claims, Housing Starts, and Philadelphia Fed Index reports. On the earnings front, financial names will again be in focus with Bank of America (BAC 11.78, +0.23) and Citigroup (C 42.48, -0.09) headlining the reporting activity.DJ30 -23.66 NASDAQ +6.77 SP500 +0.29 NASDAQ Adv/Vol/Dec 985/1.64 bln/1473 NYSE Adv/Vol/Dec 1357/600 mln/1619

3:35 pm :

Feb crude oil rose as high as $94.35 per barrel during today's floor trade on strong inventory data that showed a draw of 951K barrels when a build of 2.25 mln barrels was anticipated. Prices held steady near that level for the remainder of the session, leaving crude to settle with a 1.0% gain at $94.24 per barrel.
Feb natural gas fell for the first time in five sessions ahead of tomorrow's inventory data. Prices dropped to a session low of $3.36 per MMBtu but managed to inch higher in afternoon action. Natural gas eventually settled 0.6% lower at $3.44 per MMBtu.
Feb gold fell for the first time this week, dropping as low as $1674.50 per ounce in early morning floor action. However, the yellow metal managed to erase most of the loss as it trended higher for the remainder of its session and settled nearly flat at $1683.00 per ounce.
Mar silver also trended higher after lifting off its session low of $31.16 per ounce set at pit trade open. Unlike gold, silver broke into positive territory moments before the close and closed at $31.53 per ounce, booking a slight gain of 0.1%.

DJ30 -34.55 NASDAQ +8.91 SP500 +0.01 NASDAQ Adv/Vol/Dec 1015/1394.4 mln/1420 NYSE Adv/Vol/Dec 1372/391 mln/1602

3:00 pm : It continues to be more of the same for the major averages, which have been unable to breakout in any direction today. Still, there is reason to be impressed with the market's resilience after its rapid-fire start to the year.

Sellers for the most part are not having any success forcing the action. That can be attributed in part to policy puts so to speak on the monetary and fiscal fronts, where it has become evident stop-gap solutions get embraced at all hours, but certainly at the eleventh hour.

Armed with those precedents, participants continue to have faith in the notion that worst-case scenarios (like defaulting on our debt) will not be allowed to unfold. Accordingly, there is a reluctance to sell current positions for fear of missing out on further gains that might be achieved on the back of market-friendly policy decisions.

DJ30 -22.04 NASDAQ +13.59 SP500 +1.49 NASDAQ Adv/Vol/Dec 1039/1.22 bln/1392 NYSE Adv/Vol/Dec 1411/341 mln/1552

2:30 pm : The S&P 500 is attempting to make another run into positive territory in a move that coincides with Apple (AAPL 507.61, +21.68) flirting with its best level of the day.

At the top of the hour, the Federal Reserve released its Beige Book report, which is a summary of economic conditions in all 12 Fed districts. There were no surprises in the overall summation, which indicated all 12 districts characterized growth as being either modest or moderate. However, it was noteworthy that many districts reported concerns about economic activity in the face of the fiscal cliff uncertainty. It was noted that labor market conditions remained mostly unchanged in all districts, but that hiring was delayed in six districts, often in defense manufacturing, due to fiscal cliff uncertainties.

The market didn't respond much to the report, cognizant that Fed Chairman Bernanke and several other Fed officials have offered some more current views recently that were consistent with revelations contained in the Beige Book. The first FOMC meeting of the year will be held January 29-30. DJ30 -23.58 NASDAQ +11.04 SP500 +0.79 NASDAQ Adv/Vol/Dec 998/1.13 bln/1416 NYSE Adv/Vol/Dec 1337/313 mln/1625

2:00 pm : The Dow Jones Industrial Average trades down 0.2% amid a rather chopy session. Shares of Boeing (BA 74.20, -2.74) are seeing the biggest move, trading off 3.6% after two Japanese carriers suspended flights of the new Dreamliner 787. However, several other components are seeing notable moves.

On the upside, Shares of Hewlett-Packard (HPQ 16.84, +0.31) are leading Dow Component higher with a gain of 1.9%. Today's strength comes despite reports suggesting the company will see first quarter 2013 notebook shipments fall 20% sequentially. Elsewhere, Bank of America (BAC 11.70, +0.15) is sporting a 1.3% gain as investors remain optimistic ahead of tomorrow's earnings report.

Laggards include AT&T (T 33.33 -0.43) and Microsoft (MSFT 27.08, -0.13), which are off 1.3% and 0.6% respectively. Neither stock is moving on any notable news.DJ30 -21.74 NASDAQ +10.48 SP500 +0.92 NASDAQ Adv/Vol/Dec 982/1.04 bln/1414 NYSE Adv/Vol/Dec 1297/286.3 mln/1656

1:30 pm : Blue chip averages have been trudging through today's trade as investors have lacked conviction since the opening bell. That disposition is reflected in the weak volume at the NYSE, which is still below 300 mln shares with a little more than two hours to go in the trading session.

Keeping form with the blue chip averages are the small-cap and mid-cap averages, which have also traded below the unchanged line for most of the day. Losses in those areas are a bit higher, yet "bit" is the operative word. The Russell 2000 is down 0.3% while the S&P 400 Mid-cap Index is also down 0.3%.

Tomorrow promises to be another day where added attention is focused on the financial sector. Following the reports from Goldman and JPMorgan today will be reports from the likes of Bank of America (BAC 11.69, +0.14), Citigroup (C 42.51, -0.06), Blackrock (BLK 222.39, -0.86), PNC (PNC 59.89, +0.12) and Fifth Third (FITB 15.54, +0.13).

DJ30 -33.65 NASDAQ +5.02 SP500 -0.58 NASDAQ Adv/Vol/Dec 941/964 mln/1461 NYSE Adv/Vol/Dec 1230/266 mln/1705

1:00 pm : It is a painter's market today, which is to say the overall trading action has been as exciting as watching paint dry. The major averages have been mixed since the start of trading and have been confined to narrow trading ranges despite a blowout earnings report from Goldman Sachs (GS 140.23, +4.64) and a better-than-expected report from JPMorgan Chase (JPM 46.38, +0.03).

Determining why the market hasn't been more responsive to those earnings reports is a difficult task, although it probably boils down to the understanding that those stocks, and the financial sector as a whole, rallied strongly leading up to the earnings reporting period. To wit, the S&P 500 Financial Sector had increased 13.5% since November 14, with shares of GS and JPM up 19% and 18%, respectively, over the same period.

The financial sector is basically flat at the moment, which helps explain the lack of any hard-charging buying momentum in the broader market. That is just one part of the story, though.

Outside of the technology sector (+0.5%), there really isn't much leadership to speak of, which is why things are pretty muted as we move through the New York lunch hour.

Apple (AAPL 503.36, +17.44) has been a big contributor to the tech sector's outperformance, as it is moving on bullish remarks from technical analyst Tom Demark who accurately called Apple's decline below $500 in September when the stock was dancing at the $700 level.

Apple's strength has helped the Nasdaq keep its head above water while the blue chip averages have been stuck in the shallow end of red figures for most of the session. Weakness in Boeing (BA 74.38, -2.56), which has followed reports of two carriers in Japan suspending 787 flights on safety concerns, and in the materials sector (-0.7%), which has faded on the World Bank's reduced forecast for global GDP growth in 2013 (to 2.4% from 3.0%), have been the primary overhangs for the broader market.

Oil prices are up 1.0% to $94.16 per barrel after the EIA reported crude inventories declined by 950K barrels from last week. Industrial metals, though, are on the defensive with the World Bank's tempered growth outlook hindering buying interest.

Treasuries have spent the day in positive territory, aided by a pleasing consumer inflation report for December (CPI 0.0%; core CPI +0.1%) and a modest retreat to safety as concerns about growth, currency wars, and the debt ceiling standoff percolate below the stock market's generally optimistic surface.

DJ30 -35.37 NASDAQ +3.22 SP500 -1.41 NASDAQ Adv/Vol/Dec 938/887 mln/1468 NYSE Adv/Vol/Dec 1184/245 mln/1741

12:30 pm : President Obama recently concluded a speech in which he said he would propose 23 executive actions on gun control. As part of his initiatives, he will also ask the CDC to study the impact of video games on gun violence.

Several gun-related stocks, like Smith and Wesson (SWHC 8.67, +0.24) and Cabela's (CAB 49.53, +2.65), have been actively-traded today. In addition, they have traded noticeably higher. The same can't be said for the video game makers Electronic Arts (EA 14.65, +0.04), Activision (ATVI 11.43, -0.14) and Take-Two (TTWO 12.44, -0.02), which are mostly weaker.

Elsewhere, the materials sector (-0.7%) is one of the weakest areas today following the World Bank's reduced forecast for global GDP in 2013. Those growth concerns have also carried over to the industrial metals (aluminum, copper, zinc and nickel), all of which are down at least 1.0% in today's action.DJ30 -28.60 NASDAQ +6.62 SP500 -0.76 NASDAQ Adv/Vol/Dec 939/812 mln/1416 NYSE Adv/Vol/Dec 1132/226 mln/1773

12:00 pm : There has been little change in the standing of the major averages as both buyers and sellers aren't showing much conviction beyond a small slate of some individual issues like Apple (AAPL 504.25, +18.33) and Chipotle Mexican Grill (CMG 280.53, -16.79).

Notably, Treasuries are fading from higher levels seen earlier. The 10-year is clinging to small gains (+3/32 at 1.83%), but with the equity market remaining resilient to selling efforts despite a 2.5% gain in the first four sessions of the year, risk aversion is not being held at a premium.

Whether it is complacency or confidence, stock market participants should be aware that the CBOE Volatility Index (VIX 13.23, -0.32) is at a multi-year low while margin debt at the NYSE is at its highest level since February 2008. Those measures are striking given the visible risks ahead, namely the debate over spending cuts, entitlement reform, and the debt ceiling. The equity market's behavior thus far though (not necessarily today, but since Jan. 1) suggests there is an underlying belief that worst-case scenarios will continue to be avoided. DJ30 -26.57 NASDAQ +6.48 SP500 -0.54 NASDAQ Adv/Vol/Dec 935/725 mln/1406 NYSE Adv/Vol/Dec 1148/204 mln/1729

11:30 am : The equity market has yet to get it in gear today as the major averages haven't put much distance between the start line and their current levels. Still, the engine may be starting to rev a bit as the financial sector (+0.2%) is attempting to shake off early losses and ride the strength of Goldman Sachs (GS, +$3.71 or 2.7%) and JPMorgan Chase (JPM, +$0.21 or 0.5%) higher.

Both companies easily eclipsed the Capital IQ consensus earnings estimates for the fourth quarter, yet they didn't get the strong bullish reception some might have expected. Nonetheless, the recognition that both had good reports has helped foster a buy-the-dip mentality in the financial space.

The modest gain in the financial sector has helped it move past the health care sector as the best-performing sector year-to-date. The former is up 4.6% since the ball dropped in Times Square while the latter is up 4.5%. The one sector still hungover from New Year's is telecom services (-1.3% YTD), which is also the only sector showing a loss in 2013.

Financial Select Sector SPDR (XLF, +$0.03 or 0.2%).DJ30 -19.65 NASDAQ +7.07 SP500 +0.29 NASDAQ Adv/Vol/Dec 943/616 mln/1345 NYSE Adv/Vol/Dec 1154/176 mln/1681

11:00 am : There has been plenty of mixed trading action of late with blue chip averages generally faring slightly better than the Nasdaq due to the ongoing weakness in heavyweight Apple (AAPL, +$15.30 or 3.2%). The tables have turned today, however.

Apple is moving higher, aided by supportive comments from technical analyst Tom Demark who is calling a bottom in Apple's stock. The key point for market participants is that Demark said in September, when Apple was at $700, that he expected Apple to trade down to $494. AAPL closed at $485.92 yesterday.

The strong move in Apple has helped the Nasdaq outperform the blue chip averages today. In turn, it has helped limit losses in the S&P 500, which has been weighed down by a lackluster showing thus far from most sectors and certainly the Industrials (-0.6%), which are feeling the pinch of losses in Boeing (BA, -$2.53 or 3.3%) that flow from concerns about the Dreamliner after two Japanese carriers suspended 787 flights on safety concerns.

SOX Index +0.6%... Nasdaq 100 +0.3%.DJ30 -36.94 NASDAQ +4.17 SP500 -1.78 NASDAQ Adv/Vol/Dec 864/509 mln/1402 NYSE Adv/Vol/Dec 932/147 mln/1871

10:35 am : Commodities are mixed this morning with metals lower and energy higher. The dollar index has been chopping around the unchanged line this morning, so it hasn't been providing much direction.

Crude oil has been very volatile this morning and following a recent rally here, the energy component just pushed back near its HoD of $93.70/barrel. Following inventory data, crude oil rallied to a new HoD and is now +0.65 at $93.85/barrel.

Natural gas futures has been in negative territory almost all session. It momentarily pushed into positive territory, but it is now -0.3% at $3.44/MMBtu in current trade.

Precious metals have been in the red all session, largely driven by strength in the dollar index earlier. Feb gold is now -0.4% at $1677.30/oz, while Mar silver is -0.6% at $31.33/oz. Mar copper futures are -0.5% at $3.62/lb.DJ30 -34.30 NASDAQ +5.86 SP500 -1.30 NASDAQ Adv/Vol/Dec 863/403.1 mln/1354 NYSE Adv/Vol/Dec 897/121 mln/1888

10:05 am : The major averages are trading in mixed fashion. The S&P 500 is off by 0.2% while Nasdaq is adding 0.1%.

The tech-heavy index is outperforming as Apple (AAPL 499.318, +13.26) trades higher by 2.8%.

In economic data, the NAHB Housing Market Index for January registered a reading of 47, which was unchanged from the prior month. Today's reading fell short of the Briefing.com consensus which called for a reading of 48. The SPDR S&P Homebuilders ETF (XHB 27.71, -0.16) ticked lower in immediate reaction to the data.DJ30 -40.70 NASDAQ +1.27 SP500 -2.35 NASDAQ Adv/Vol/Dec 832/255.5 mln/1299 NYSE Adv/Vol/Dec 846/89.2 mln/1860

09:45 am : The major averages are registering modest losses following a mixed open. The S&P 500 is off by 0.3%.

The financial sector is underperforming as the SPDR Financial Select Sector ETF (XLF 17.06, -0.07) trades lower by 0.4% after ten sector components reported quarterly results which were largely in-line with expectations.

Looking at other early movers, Boeing (BA 74.18, -2.76) is sliding 3.6% after two Japanese carriers suspended all 787 Dreamliner flights scheduled for today.

Elsewhere, Chipotle Mexican Grill (CMG 278.00, -19.32) is down 6.5% after the restaurant operator lowered its fourth quarter earnings guidance below the Capital IQ consensus forecast. Higher food prices were cited as the cause for the guidance adjustment.

Two more economic data points remain on the docket. The January NAHB Housing Market Index will be released at 10:00 ET and the Federal Reserve will release its January Beige Book at 14:00 ET.DJ30 -59.86 NASDAQ -2.86 SP500 -4.17 NASDAQ Adv/Vol/Dec 768/144.5 mln/1245 NYSE Adv/Vol/Dec 720/63.1 mln/7896

09:19 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -0.30. Heading into the open, equity futures remain mixed. The S&P 500 futures are off by 0.2% while Nasdaq futures are adding 0.1%.

The market has received numerous quarterly reports from financials this morning. Most of the results came in ahead of expectations, but banks are trading generally lower. It is important to note that strong results were largely priced-in heading into the reporting period, so this can be viewed as a "sell the news" response.

Goldman Sachs (GS 138.98, +3.39) is an exception as it trades higher by 2.5% following a strong report. During the fourth quarter, the investment bank earned $5.60, which was $1.96 ahead of the Capital IQ consensus estimate. Meanwhile, Goldman's revenue of $9.24 billion also handily beat expectations.

In economic data, industrial production increased during December by 0.3%, which was better than the 0.2% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 78.8%, which was better than the 78.5% expected by the Briefing.com consensus.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -1.00.

U.S. equity futures continue to trade in mixed fashion. The S&P 500 futures are off by 0.3%.

The major Asian indices saw sellers take control as most ended the day in negative territory. Japan's Nikkei (-2.6%) underperformed after a second cabinet member pushed back against the depreciating yen, noting it would hurt some industries. Elsewhere, China's Shanghai Composite slumped after the latest foreign direct investment number fell 3.7% year-to-date compared to the same period last year. Data from the region saw Japan's latest core machinery orders post a better than expected 3.9% month-over-month (0.4% expected), and Australia's new motor vehicle sales and Westpac Consumer Sentiment climb 2.2% month-over-month and 0.6% respectively.
In Japan, the Nikkei closed lower by 2.6% to post its biggest loss in eight months. Exporters were under pressure as the yen strengthened with Canon dropping 4.1% and Fanuc giving up 4.3%. Elsewhere, airline stocks were mixed on reports the nation's carriers would ground Boeing Dreamliners. All Nippon slid 1.6% while rival Japan Airlines added 1.8%.
Hong Kong's Hang Seng slipped 0.1% as property stocks slipped off 52-week highs. Hang Lung Properties and China Overseas Land & Investment gave up 2.0% and 1.2% respectively.
In China, the Shanghai Composite ended lower by 0.7% as financials paced the decline. Agricultural Bank of China was hardest hit, shedding 2.1%.

European markets are trading modestly lower. Looking at economic data, Swiss retail sales rose by 2.9% year-over-year, while an improvement of 3.2% was generally expected. The Eurozone CPI came in at 2.2% year-over-year, in-line with expectations. Meanwhile, the core CPI reading of 1.5% also met analyst forecast. In news, Spain's Prime Minster Mariano Rajoy said there should be more stimulus in the Eurozone creditor nations. Elsewhere, Fitch Ratings warned the United Kingdom risks losing its "AAA" credit rating if the country's debt load is not reduced.
In France, the CAC is off by 0.1% as financials weigh. BNP Paribas, Credit Agricole, and Societe Generale are all down between 1.5% and 3.2%. The sector weakness is being observed for a second consecutive session following changes to the country's Livret savings rate. On the upside, Gemalto is higher by 2.9% as the tech name leads the index.
Germany's DAX is shedding 0.3% and financials are underperforming ahead of a public hearing on high frequency trading. Commerzbank, Deutsche Bank, and Muenchener Re are all down between 1.0% and 1.5%.
In the United Kingdom, the FTSE is down 0.6% with miners seeing relative weakness. Anglo American, which accounts for almost 40% of the global supply of platinum, is shedding 2.7% after the African National Congress called on South African government to revoke Anglo American's platinum license. Also of note, Tesco is slipping 0.7% after horse DNA was found in the company's beef burgers.

In domestic economic news, the November net long-term TIC flows report indicated a $52.3 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's $1.3 billion inflow.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: +0.20. Equity futures have seen little change in reaction to the latest consumer price data. The S&P 500 futures are off by 0.2%.

December consumer prices saw no change, which was in-line with the Briefing.com consensus. This follows the prior month's 0.3% decrease. In addition, core prices rose by 0.1% which was also in-line with expectations.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -1.50.

U.S. equity futures are mixed with the S&P 500 futures off by 0.3%. The cautious pre-market sentiment is taking hold as quarterly earnings from major financials begin trickling in. Also of note, the World Bank has lowered its forecast for 2013 global growth to 2.4% from 2.9%. In addition, today's heavy dose of economic data will be topped off with the Federal Reserve's January Beige Book, which is scheduled for a 14:00 ET release.

Looking at overseas developments:

Asian markets finished lower. Hong Kong's Hang Seng slipped 0.1%, China's Shanghai Composite shed 0.7%, and Japan's Nikkei lost 2.6%.
In economic data:
Australia's new motor vehicle sales grew 2.2% month-over-month, which was ahead of the prior month's uptick of 0.2%.
Japan's core machinery orders rose by 3.9% month-over-month, which was well ahead of the generally expected improvement of 0.4%.
Japan's consumer confidence came in at 39.2, which fell short of the broadly expected 40.7.
In news:
Japan's Nikkei underperformed following comments from a member of the lower house who said the pronounced yen weakness can hurt consumers by raising the cost of imports. The yen has added nearly 1.0% against the dollar since the remarks.
The Nikkei interviewed a BNP Paribas analyst who does not believe Prime Minister Abe's reforms will be effective.

European markets are generally lower. France's CAC is shedding 0.3%, Germany's DAX is off by 0.4%, and the United Kingdom's FTSE is down 0.6%.
Looking at economic data:
Swiss retail sales rose by 2.9% year-over-year, while an improvement of 3.2% was generally expected.
The Eurozone CPI came in at 2.2% year-over-year, in-line with expectations. Meanwhile, the core CPI reading of 1.5% also met the analyst forecast.
In news:
Spain's Prime Minster Mariano Rajoy said there should be more stimulus in the Eurozone creditor nations.
Fitch Ratings warned that the United Kingdom risks losing its "AAA" credit rating if the country's debt load is not reduced.

In U.S. corporate news:

Several major financials are reporting their fourth quarter earnings prior to the open. Of the most notable names, Goldman Sachs (GS 138.11, +2.52) is rising by 1.9% after its fourth quarter earnings showed strength all-around.
JPMorgan Chase (JPM 46.04, -0.31) is off by 0.7% after reporting mixed earnings. Among items of note, the bank's net interest income declined 3.0% and its deposit margin slipped as well.
Boeing (BA 73.39, -3.55) is down 4.6% after two Japanese carriers suspended all 787 Dreamliner flights.
Chipotle Mexican Grill (CMG 266.00, -31.65) is down 10.7% after the restaurant operator lowered its fourth quarter earnings guidance below consensus.

The weekly MBA Mortgage Index pointed to a 15.2% rise in mortgage applications. Today's reading follows the prior week's 11.7% increase.

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.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: flat.

06:29 am : Nikkei...10600.44...-278.60...-2.60%. Hang Seng...23356.99...-24.50...-0.10%.

06:29 am : FTSE...7285.93...-31.40...-0.50%. DAX...7658.40...-17.50...-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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