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 Post subject: January 23rd Wednesday Trade Results - Loss ($660)
PostPosted: Thu Jan 24, 2013 1:15 am 
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Joined: Sat Jan 10, 2009 2:06 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 @ ($660.00) dollars or -6.60 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Loss @ ($660.00) 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=1420

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.

Tech Stocks Push Dow, S&P to New 5-Year Highs

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

NEW YORK (CNNMoney)
Another round of corporate earnings lifted stocks, helping the S&P 500 and the Dow hit new 5-year highs.

Better-than-expected earnings from IBM (IBM, Fortune 500) and Google (GOOG, Fortune 500) provided some of the fuel to drive stocks higher Wednesday.

The Dow Jones Industrial Average, the Nasdaq and the S&P 500 closed up between 0.1% and 0.5%.

Stocks have been edging higher for most of January with the Dow closing higher on nine of the last 10 trading days.

US Airways (LCC, Fortune 500) added to the enthusiasm when it reported earnings Wednesday morning that beat forecasts. Shares of McDonald's (MCD, Fortune 500) ticked up slightly even though the company warned that same-store sales could fall in January. Earnings did top estimates, however.

Shares of Netflix (NFLX) soared more than 30% in after hours trading, after the online video rental company surprised investors by reporting a fourth quarter profit.

Related: Microsoft buying a chunk of Dell would be smart (for Microsoft)

Shares of Apple (AAPL, Fortune 500) fell nearly 5% in after hours trading to below $500. The company missed revenue estimates but beat profit expectations. Apple's stock has been under pressure recently amid concerns about waning iPhone sales.

Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P's Capital IQ.

Still, not all earnings reports have been positive. Luxury retailer Coach (COH) disappointed investors. Revenue missed forecasts, and the company said holiday sales were "challenging." Shares fell nearly 15%.

Investors are also keeping an eye on the World Economic Forum in Davos, Switzerland, where business and political leaders have gathered to discuss economic issues. JPMorgan Chase (JPM, Fortune 500) Chief Jamie Dimon, who spoke Wednesday, apologized again to shareholders for trading losses the bank suffered on credit derivatives last year, although he said "life goes on."

Related: Fear & Greed Index moves deeper into extreme greed

European markets closed mixed, while Asian markets ended mostly flat, with the exception of the Nikkei, which slumped 2%.

The dollar was also lower versus the yen and the British pound, but flat against the euro.

Oil prices edged higher, while gold prices dropped.

The price of the 10-year Treasury held steady with the yield hovering around 1.84%.

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Market Update

4:15 pm : The major averages finished today's session on a positive note despite early weakness in the S&P 500. Today's focus centered on earnings as technology heavyweights Google (GOOG 741.50, +38.63) and International Business Machines (IBM 204.72, +8.64) reported fourth quarter results which were received warmly by the market.

Both companies beat their respective Capital IQ earnings expectations, while revenues proved to be more of a mixed bag. Google's top line of $12.16 billion represented nearly 50.0% year-over-year growth, but the figure fell short of analyst expectations. Meanwhile, IBM's revenue slipped 0.6% year-over-year to $29.30 billion.

Google and IBM saw respective gains of 5.5% and 4.4%, and their strength resulted in a notable divergence in the major averages. It should be noted that IBM accounts for more than 10.0% of the price-weighted Dow Jones Industrial Average due to its high stock price. This caused the 30-stock average to trade near its session high for the duration of the day.

Elsewhere, the Nasdaq spent the entire session in a ten point range as positive tech earnings contributed to the relative strength. Also of note, Apple (AAPL 514.00, +9.24) gained 1.8% prior to reporting its quarterly earnings after the closing bell.

The S&P 500 was the last index to cross into the black. After making several morning attempts, the benchmark average turned positive in afternoon trade in a move which coincided with the successful passage of the "No Budget, No Pay" bill in the House of Representatives. The measure, which is aimed at extending the debt ceiling until May 19, comes with a caveat stipulating congressional pay will be suspended if no budget deal is reached by April 15.

While technology stocks were the clear leaders today, steel producers lagged as the Market Vectors Steel ETF (SLX 49.33, -0.44) ended lower by 0.9%.

Apparel producers were also among the underperformers after Coach (COH 50.75, -9.93) missed on earnings and revenue. In addition, the retailer said its North American comparable store sales fell short of estimates. The stock tumbled 16.4% and peer Fossil (FOSL 103.49, -2.46) was hit hard, falling 2.3%.

Crude oil traded with slim losses for the majority of the session before selling off into the close. The weakness caused the energy component to slip 1.1% and settle at $95.60.

Today's economic data focused on housing. The weekly MBA Mortgage Index pointed to a 7.0% increase in new mortgage applications. This follows the prior week's increase of 15.2% Elsewhere, the November FHFA Housing Price Index rose by 0.6% to follow the prior month's uptick of 0.5%.

Tomorrow, weekly initial and continuing claims will both be reported at 8:30 ET. In addition, December leading indicators will be released at 10:00 ET.DJ30 +66.96 NASDAQ +10.49 SP500 +2.22 NASDAQ Adv/Vol/Dec 1045/1.66 bln/1420 NYSE Adv/Vol/Dec 1423/638.7 mln/1553

3:35 pm :

Mar crude oil traded in negative territory for its entire pit session as investors reacted to news that the IMF lowered its global GDP forecasts. The energy component saw further weakness as it sold off in the last 45 minutes of floor trade on Bloomberg reports of reduced capacity on the Seaway pipeline. It brushed a session low of $94.95 per barrel just before settling at $95.32 per barrel, or 1.4% lower.
Feb natural gas advanced to a pit session high of $3.58 per MMBtu in morning action but was unable to sustain the gain. It retreated back into negative territory where it settled with a 0.3% loss at $3.55 per MMBtu.
Gold retreated from its session high of $1694.80 per ounce set in early morning action and slid to a session low of $1683.10 per ounce as the dollar index rallied to session highs. The yellow metal attempted to erase the loss but came short as prices were unable to break past the $1690.00 per ounce level. Gold eventually settled the session 0.4% lower at $1686.60 per ounce.
Silver also dipped into the red and to a session low of $32.10 per ounce on moves by the dollar index. However, it bounced back into positive territory and steadily climbed higher. It touched a session high of $32.49 per ounce moments before settling with a 0.8% gain at $32.43 per ounce.

DJ30 +73.30 NASDAQ +11.44 SP500 +2.29 NASDAQ Adv/Vol/Dec 1056/1392.7 mln/1396 NYSE Adv/Vol/Dec 1377/455 mln/1577

2:55 pm : The S&P 500 has marked a fresh session high in the 1495 area as the Down and Nasdaq continue to hold their recent levels. Today's trade has centered around earnings from major tech companies. Upbeat results from Google (GOOG 746.58, +43.71) and International Business Machines (IBM 205.75, +9.67) have supported the technology space, which is the best performing S&P 500 sector.

While Google and IBM have reported their earnings already, the market will receive additional reports from tech companies after today's close. Most notably, Apple (AAPL 513.45, +8.68) will announce its fourth quarter results, and the Capital IQ consensus expects the computer company to report earnings of $13.55, which would represent a year-over-year earnings decline of 2.3%.

Also of note, Western Digital (WDC 47.47, +0.11) is scheduled for an after-hours release as well. The hard drive manufacturer has been one of the top performers since the start of December, gaining nearly 42.0% over the course of the past eight weeks.DJ30 +76.05 NASDAQ +14.09 SP500 +3.13 NASDAQ Adv/Vol/Dec 1075/1.24 bln/1355 NYSE Adv/Vol/Dec 1408/401.3 mln/1522

2:30 pm : The major averages are holding their recent levels. The S&P 500 was the last of the three indices to cross into the black in a move which coincided with the House of Representatives voting in favor of the "No Budget, No Pay" bill. The proposal to extend the debt ceiling until May 19 will now be voted upon in the Senate.

Besides the debt ceiling debate, today's focus has been on earnings from major tech names, and the market was receptive to reports from Google (GOOG 746.50, +43.63) and International Business Machines (IBM 205.53, +9.45). The two tech heavyweights are seeing respective gains of 6.2% and 4.9% after beating on earnings.DJ30 +69.93 NASDAQ +10.86 SP500 +1.85 NASDAQ Adv/Vol/Dec 1041/1.17 bln/1380 NYSE Adv/Vol/Dec 1388/380.0 mln/1528

2:00 pm : The major averages saw little change during recent trade as the cautiously optimistic sentiment persists. The Dow continues to hold near its session high as International Business Machines (IBM 206.07, +9.99) trades higher by 5.1% following upbeat earnings.

Elsewhere, the Nasdaq has spent the entire day in a narrow trading range. The tech-heavy index received a boost at the open after Google (GOOG 747.63, +44.76) and IBM reported earnings which were welcomed by the market.

Lastly, the S&P 500 has spent the duration of the session in a slow climb off its lows. The index crossed into positive territory after the House of Representatives voted in favor of the "No Budget, No Pay" bill, which stipulates the debt ceiling deadline will be extended until May 19 and congressional pay will be suspended if a budget agreement is not reached by tax day. The bill will now be sent to the Senate for a vote after earlier reports suggested Majority Leader Reid has voiced support for the measure.DJ30 +71.20 NASDAQ +11.18 SP500 +1.77 NASDAQ Adv/Vol/Dec 1035/1.06 bln/1385 NYSE Adv/Vol/Dec 1372/348.3 mln/1526

1:30 pm : The S&P 500 has crossed into positive territory, and the benchmark index is now trading near its session high. The move into the black was aided by financials as well as industrial stocks. In addition, the uptick took place as the House of Representatives voted in favor of extending the debt ceiling until May 19.

While the S&P 500 and Dow trade at their respective highs, the tech-heavy Nasdaq continues to hover near the middle of its range. The focus will remain on technology earnings after today's close when Apple (AAPL 512.18, +7.41) reports its quarterly results.DJ30 +69.48 NASDAQ +11.00 SP500 +1.10 NASDAQ Adv/Vol/Dec 1013/986.4 mln/1389 NYSE Adv/Vol/Dec 1295/325.2 mln/1592

1:00 pm : Equities began the day on a positive note after major technology companies reported earnings which were met with a positive market reception. The Dow and Nasdaq are registering slim gains as they outperform the flat trade in the S&P 500.

With technology stocks receiving most of today's earnings focus, the Nasdaq is adding 0.4%. Two tech heavyweights are contributing to the relative strength as Google (GOOG 747.72, +44.85) and International Business Machines (IBM 205.71, +9.63) trade higher by 6.4% and 4.9% respectively. Both companies beat their respective Capital IQ earnings expectations, while revenues proved to be more of a mixed bag. Google's top line of $12.16 billion represented nearly 50.0% year-over-year growth, but the figure fell short of analyst expectations. Meanwhile, IBM's revenue slipped 0.6% year-over-year to $29.30 billion.

It should be noted that due to IBM's price, the company accounts for more than 10.0% of the price-weighted Dow Jones Industrial Average. As such, the index is trading higher even as most components register losses or trade with slim gains.

Positive reaction to tech earnings has not been contained to just Google and IBM. Microprocessor manufacturer Advanced Micro Devices (AMD 2.69, +0.24) is surging 9.8% after its quarterly results were received as better than feared. Additionally, other semiconductor manufacturers are outperforming and the broader PHLX Semiconductor Index is adding 0.5%.

While tech earnings were generally positive, apparel retailer Coach (COH 51.31, -9.37) is plunging 15.5% after reporting disappointing results. The relative weakness is spilling over to other retailers as the SPDR S&P Retail ETF (XRT 65.48, -0.10) trades lower by 0.2%.

Afternoon trade is likely to see further headlines out of Washington as the House of Representatives readies to vote on "No Budget, No Pay." If passed, the bill would grant a temporary extension of the debt ceiling. However, the proposal calls for the suspension of congressional pay if a budget deal is not reached by April 15.

Today's economic data focused on housing. The weekly MBA Mortgage Index pointed to a 7.0% increase in new mortgage applications. This follows the prior week's increase of 15.2%.

Elsewhere, the November FHFA Housing Price Index rose by 0.6% to follow the prior month's uptick of 0.5%.DJ30 +66.27 NASDAQ +9.82 SP500 +0.73 NASDAQ Adv/Vol/Dec 980/906.2 mln/1403 NYSE Adv/Vol/Dec 1266/300.1 mln/1619

12:35 pm : The major averages have seen little change in recent action. The Dow and Nasdaq continue to trade with slim gains after the market found comfort in earnings from Google (GOOG 747.41, +44.54) and International Business Machines (IBM 205.78, +9.70). In addition, Apple (AAPL 510.18, +5.41) is scheduled to report its quarterly results after the closing bell.

Meanwhile, the S&P 500 is unchanged which suggests participants are in a wait-and-see mode. With the House scheduled to vote on a temporary debt limit extension later today, recent reports have indicated Senate Majority Leader Harry Reid has voiced support for the temporary extension. Note that the bill also contains a provision calling for the suspension of congressional pay in the event a budget is not agreed to by April 15.DJ30 +53.57 NASDAQ +8.41 SP500 -0.47 NASDAQ Adv/Vol/Dec 969/847.7 mln/1411 NYSE Adv/Vol/Dec 1233/283.2 mln/1636

12:00 pm : Quiet trade continues as the major averages maintain their levels. The Dow is the top performing index as International Business Machines (IBM 206.17, +10.09), which accounts for more than 10.0% of the average, trades higher by 5.2%. Outside of IBM, only two Dow components are seeing gains in excess of 1.0%. Microsoft (MSFT 27.48, +0.34) and Disney (DIS 53.36, +0.63) are adding 1.2% each. Earlier, Disney was upgraded to 'Buy' at B. Riley Caris.

As the Dow outperforms, the S&P 500 has yet to stage a significant move away from its flat line.DJ30 +57.86 NASDAQ +9.25 SP500 -0.21 NASDAQ Adv/Vol/Dec 1023/755.3 mln/1344 NYSE Adv/Vol/Dec 1250/255.8 mln/1591

11:30 am : The major averages have seen little change in recent trade. The Dow is being supported by International Business Machines (IBM 206.25, +10.17), while the Nasdaq is trading higher due to strength in IBM and Google (GOOG 745.49, +42.62).

The tech rally is doing little to support the S&P 500, which is currently flat. Among notable earnings from index members, McDonald's (MCD 92.68, -0.27) is shedding 0.3% after the company's earnings beat the Capital IQ consensus estimate. However, the fast food giant warned about the current quarter by saying it expects January global comparable sales to be negative.

Finally, the House of Representatives has recently approved a procedural vote, which is a precursor to the temporary debt ceiling extension bill. This measure is expected to face a House vote later today, but note that the bill also contains a provision which will suspend congressional pay if a budget is not agreed to by April 15.DJ30 +45.83 NASDAQ +8.02 SP500 -1.38 NASDAQ Adv/Vol/Dec 1008/665.2 mln/1332 NYSE Adv/Vol/Dec 1228/228.9 mln/1617

11:05 am : The Dow and the Nasdaq continue to register narrow gains. Meanwhile, the S&P 500 is off by 0.1% as the index hovers just above its recently established session low. The benchmark average slipped to fresh lows after the International Monetary Fund cut its forecast for 2013 global growth to 3.5%, and said it expects another year of contraction in the euro region.

While the benchmark average trades near its session low, the other two indices are holding their levels thanks to positive market reaction to earnings from Google (GOOG 746.00, +43.13) and International Business Machines (IBM 206.79, +10.71). The two stocks are adding over 5.0% each. It should be noted that IBM accounts for the bulk of the gains in the Dow as only two other index components are seeing gains in excess of 1.0%.DJ30 +48.96 NASDAQ +8.85 SP500 -1.48 NASDAQ Adv/Vol/Dec 940/558.8 mln/1361 NYSE Adv/Vol/Dec 1195/197.8 mln/1633

10:35 am : Seeing some notable volatility in the commodities space. In most recent action, the dollar index has rallied higher following the news that the IMF was lowering its global GDP forecast. Also, the Bank of Canada came out around the same time, reporting that its holding its key rate unchanged at 1.00%, as expected. BoC notes higher rates are "less imminent."

Following these items, the dollar index spiked, which has caused this recent sell-off in most commodities such as crude oil, copper, gold and silver.

Just ahead of this, crude oil had erased all of its losses as is began to move back into positive territory. Now Mar crude oil is -0.3% at $96.42/barrel. Mar natural gas futures are relatively showing a muted reaction to all of this and is now +0.2% at $3.57/MMBtu.

Feb gold futures just fell to a new LoD of $1685.10/oz and are now -0.4% at $1686.30/oz. Mar silver has sold off of its recently-hit HoD of $32.47/oz and is now +0.2% at $32.23/oz. Mar copper is -0.3% at $3.69/lb.DJ30 +46.57 NASDAQ +8.50 SP500 -2.17 NASDAQ Adv/Vol/Dec 980/438.2 mln/1280 NYSE Adv/Vol/Dec 1137/170 mln/1663

10:00 am : The Dow and Nasdaq continue to trade near their respective highs while the S&P 500 is flat. The Dow is receiving notable support from International Business Machines (IBM 207.45, +11.37), which is rising by 5.8%. Outside of IBM, the remaining Dow components are trading with a bearish bias.

The Nasdaq is also holding near its early highs. The tech-heavy index is benefitting from the strength of IBM, as well as positive earnings from Google (GOOG 746.54, +43.67). Elsewhere in tech, Symantec (SYMC 21.62, +0.76) is rising by 3.7% after the security software company beat on earnings and revenue.

In other earnings news, McDonald's (MCD 93.02, +0.07) is flat after the fast food giant beat on the bottom line. However, the stock is seeing little reaction after the company said it expects January global comparable sales to be negative.DJ30 +60.67 NASDAQ +13.71 SP500 -0.11 NASDAQ Adv/Vol/Dec 1031/276.2 mln/1137 NYSE Adv/Vol/Dec 1285/116.5 mln/1456

09:45 am : The Dow and Nasdaq are both adding 0.4% while the S&P 500 is currently flat.

The Nasdaq is the top performing index after Google (GOOG 743.98, +41.11) and International Business Machines (IBM 206.52, +10.44) beat their respective Capital IQ earnings estimates. However, revenues painted a less optimistic picture. IBM saw a year-over-year revenue decline of 0.6%, while Google's top line grew nearly 50%, but fell short of analyst expectations.

On the downside, discretionary stocks are underperforming after Coach (COH 51.82, -8.86) reported disappointing earnings. The apparel retailer is slumping 14.7% and the SPDR S&P Retail ETF (XRT 65.39, -0.19) is off by 0.3%.

Finally, today's developments in Washington bear watching as the House of Representatives is set to vote on a bill aimed at extending the debt ceiling until May. However, the bill also contains a provision, which will suspend congressional pay if a budget is not agreed to by April 15.DJ30 +61.51 NASDAQ +9.67 SP500 +0.07 NASDAQ Adv/Vol/Dec 1009/169.5 mln/1072 NYSE Adv/Vol/Dec 1247/86.9 mln/1419

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +15.00. Heading into the open, equity futures remain mixed. The Nasdaq futures are outperforming after the market responded positively to quarterly earnings from heavyweights Google (GOOG 739.77, +36.90) and International Business Machines (IBM 203.30, +7.22). It should be noted, however, that major tech companies are not done reporting their results today. Apple (AAPL 508.00, +3.23) will announce its fourth quarter earnings following today's close. The Capital IQ consensus is expecting the company to report earnings of $13.55, which would represent a year-over-year earnings decline of 2.3%.

Today's lone economic data point came from the FHFA, which said the November housing price index increased by 0.6% to follow the prior month's uptick of 0.5%.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +15.00. Equity futures continue to trade in mixed fashion. The S&P 500 futures are off by 0.2% while Nasdaq futures are adding 0.2%.

The November Housing Price Index from the FHFA increased by 0.6%, which follows a 0.5% increase observed during the prior month.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +11.00.

U.S. equity futures slipped lower in recent trade. Currently, the S&P 500 futures are off by 0.2% while futures on the Nasdaq are flat.

The major Asian bourses saw a mixed session as Japan's Nikkei (-2.1%) lagged, slumping to a three-week low. Investors expressed their disappointment in the Bank of Japan's decision to launch its open-ended buying program at the start of 2014 in an effort to target 2% inflation. Australian data saw cooler than expected CPI numbers. CPI posted rose 0.2% quarter-over-quarter (0.4% expected) and Trimmed Mean CPI climbed 0.6% quarter-over-quarter (0.7% expected), causing some to suggest a Reserve Bank of Australia rate cut could be forthcoming. Elsewhere, Taiwan's industrial production missed expectations, posting a 2.4% year-over-year advance (6.4% expected).

In Japan, the Nikkei closed lower by 2.1% as the strengthening of the yen weighed on exporters. Mazda Motor shed 3.7% and Nikon Corp. dropped 3.0%. Financials were also under pressure as Nomura Holdings tumbled 4.5% and Dai-Ichi Life lost 4.9%.
Hong Kong's Hang Seng shed 0.1% amid a mixed session. Agricultural Bank of China edged up 0.7% and China Southern Airlines slipped 0.8%.
In China, the Shanghai Composite added 0.3% as financials led the way. China Citic Bank jumped 2.6% and China Construction Bank tacked on 0.9%.

European markets are mixed as France's CAC lags (-0.4%). In economic data, the French business survey was reported at 86, while a reading of 90 was generally expected. The United Kingdom's claimant count declined by 12,100, contributing to a ten basis point decline in the unemployment rate, which now stands at 7.7%. The Swiss ZEW expectations survey came in at -6.9, while a reading of -5.0 was broadly expected. Also of note, the Bank of Spain said the country's fourth quarter GDP contracted an annualized 1.7%. In news, British Prime Minister David Cameron has announced plans to hold a referendum on the United Kingdom's membership in the European Union. The public vote will take place in 2017 should Mr. Cameron retain his seat. The minutes from the most recent policy meeting of the Bank of England proved to be less dovish than reports from previous meetings. However, the bank's asset purchase target was maintained by an 8-1 vote.

France's CAC is off by 0.4% and France Telecom is the biggest laggard, down 3.2%. The weakness comes after the company's joint venture with Deutsche Telekom lowered the prices of its premium service ahead of a spectrum auction.
In the United Kingdom, the FTSE is adding 0.2%. Food producer Unilever is trading at a multi-year high after the company reported upbeat sales growth. On the downside, TUI Travel is slipping 4.4% after TUI backed out preliminary merger talks with TUI Travel.
Germany's DAX is higher by 0.2% and SAP is leading the index. The tech stock is advancing 1.7% after the company issued a strong full-year profit forecast.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +12.70.

U.S. equity futures are mixed amid quiet overseas trade. The S&P 500 futures are off by 0.1% while Nasdaq futures are adding 0.1% thanks to the positive reception of earnings from major tech companies.

Looking at overseas developments:

Asian markets ended on a mixed note. China's Shanghai Composite added 0.3% while Hong Kong's Hang Seng shed 0.1%, and Japan's Nikkei lost 2.1%.
Regional economic data was limited to a couple items out of Australia:
Australia's CPI rose by 0.2% quarter-over-quarter, while the general consensus forecast an uptick of 0.4%. Meanwhile, the country's trimmed mean CPI came in at 0.6%, which was also cooler than the broadly expected reading of 0.7%.
In news:
The Japanese government raised the economic assessment of the country in its latest monthly report. This marks the first time in eight months that the outlook was upgraded.
The Chinese press suggested January CPI could fall below 2.0% due to moderate food prices.

European markets are little changed as midday nears. The United Kingdom's FTSE is adding 0.1%, Germany's DAX is higher by 0.3% while France's CAC is off by 0.3%.
In economic data:
The French business survey was reported at 86, while a reading of 90 was generally expected.
The United Kingdom's claimant count declined by 12,100, contributing to a ten basis point decline in the unemployment rate, which now stands at 7.7%.
The Swiss ZEW expectations survey came in at -6.9, while a reading of -5.0 was broadly expected.
In news:
British Prime Minister David Cameron has announced plans to hold a referendum on the United Kingdom's membership in the European Union. The public vote will take place in 2017 should Mr. Cameron retain his seat.
The minutes from the most recent policy meeting of the Bank of England proved to be less dovish than reports from previous meetings. However, the bank's asset purchase target was maintained by an 8-1 vote.

In U.S. corporate news:

Google (GOOG 739.50, +36.63) is rising by 5.2% after reporting mixed earnings. The tech giant beat the Capital IQ earnings forecast by $0.09, but its revenue of $12.16 billion fell slightly short of expectations. Notably, the closely watched cost-per-click measure did see an improvement.
International Business Machines (IBM 204.25, +8.17) is higher by 4.2% following a bottom line beat. In addition, the computer company guided full-year 2013 earnings ahead of analyst expectations.
Coach (COH 52.20, -8.48) is slumping 14.0% after the apparel retailer missed on earnings and revenue.

The weekly MBA Mortgage Index pointed to a 7.0% increase in new mortgage applications. This follows the prior week's increase of 15.2%.

The November FHFA Housing Price Index will cross the wires at 9:00 ET.

06:23 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +13.50.

06:23 am : Nikkei...10486.99...-222.90...-2.10%. Hang Seng...23635.10...-23.90...-0.10%.

06:23 am : FTSE...6186.50...+7.90...+0.10%. DAX...7711.14...+14.80...+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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