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 Post subject: January 25th Friday Trade Results - Profit $1390
PostPosted: Fri Jan 25, 2013 11:07 pm 
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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 @ ($410.00) dollars or -4.10 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $1800.00 dollars or +1.80 points. Total Profit @ $1390.00 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=1422

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.

S&P 500 Closes Above 1,500 For 1st Time Since 2007

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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 the week on a high note Friday, as investors welcomed a batch of better-than-expected corporate results.

The Dow Jones industrial average, S&P 500 and the Nasdaq closed up between 0.5% and 0.6%. The Dow finished at its highest level since October 2007, while the S&P 500 closed above the 1,500 mark for the first time since December 2007.

All three indexes also logged their fourth consecutive week of gains, with the Dow climbing 1.8%, the S&P 500 rising 1.1% and the Nasdaq adding 0.5%.

An encouraging batch of earnings helped lift the market Friday.

Procter & Gamble (PG, Fortune 500) shares rose 4%, leading the gains on the Dow. The company, which makes a variety of household goods, topped earnings expectations and raised its outlook for earnings and share repurchases in 2013. Microsoft (MSFT, Fortune 500) and AT&T (T, Fortune 500) shares also boosted the blue-chip index following their earnings.

Halliburton (HAL, Fortune 500) shares jumped more than 5%, making it among the best performers in the S&P 500. The company reported earnings that beat analysts' expectations, driven by strength in the company's international divisions. A 4% increase in Starbucks (SBUX, Fortune 500) shares also boosted the broader market. The company reported earnings late Thursday that were in line with analysts' estimates.

Netflix (NFLX) continued to surge for a second day. Shares gained more than 15% Friday, adding to the previous day's 42% jump. Earlier this week, Netflix shocked Wall Street with a surprise profit for the fourth quarter.

@ Bull market winding down. Don't panic

But Apple (AAPL, Fortune 500)shares continued to slide Friday, falling 2.3%. The sell-off briefly knocked Apple from its position as the world's most valuable company, allowing Exxon Mobil (XOM, Fortune 500) to reclaim the title.

Also, on the downside, shares of Hasbro (HAS) were under pressure after the company said it expects full-year earnings to come in below analysts' expectations, citing the "challenging growth prospects" in the toy industry. Hasbro also announced it was cutting 10% of its workforce. Shares of rival Mattel (MAT, Fortune 500) fell too.

Overall, S&P 500 companies are expected to report earnings growth of 4.45% for the last three months of 2012, according to S&P Capital IQ.

Of the 142 companies that had reported results as of Thursday evening, 66% have exceeded analysts' expectations.

On the economic front, new-home sales unexpectedly dropped in December, sliding 7.3% to an annual rate of 369,000, according to a report from the Census Bureau.

@ Extreme greed drives market higher

Overseas, European markets ended higher, with the DAX in Germany adding more than 1.4%. London's FTSE 100 edged up, despite data showing the U.K. economy shrank 0.3% in the fourth quarter. The weaker-than-expected performance raised concerns that Britain could slide back into recession.

Asian markets ended mixed. Shares in Shanghai and Hong Kong fell sightly, but the Nikkei in Japan surged more than 2%. Japanese stocks have rallied as investors bet recent moves by the Bank of Japan and newly-elected prime minister Shinzo Abe will revive the nation's economy.

The dollar declined versus the euro and the British pound, but gained ground versus the Japanese yen.

Oil prices and gold prices slipped.

The price of the 10-year Treasury slipped, pushing the yield up to 1.95% from 1.84% from late Thursday.

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Market Update

4:30 pm : Stocks began the final session of the week on a strong note as upbeat European trade supported U.S. equity futures. The positive sentiment across the old continent resulted from a strong German Ifo Business Climate Index, which beat expectations on both components-business expectations and the current assessment. Meanwhile, a disappointing preliminary GDP report out of the United Kingdom did little to cool investor optimism. The key averages climbed throughout the session and ended near their respective highs. The S&P 500 added 0.5%, and settled above the 1500 level for the first time since December 10, 2007.

The Nasdaq was the top performing index despite the relative weakness in the shares of Apple (AAPL 439.88, -10.62). The largest tech stock slipped 2.4% to extend yesterday's 12.4% decline, which followed a disappointing earnings report. Note that today's slide caused Apple to slip below Exxon Mobil's (XOM 91.73, +0.38) market cap. This occurred exactly one year after Apple surpassed Exxon Mobil to claim the title of most valuable company.

Sans Apple, the tech sector fared well thanks in part to strength among microprocessor manufacturers. KLA-Tencor (KLAC 56.34, +4.37) surged 8.4% after the company beat on earnings and revenue. Elsewhere, Cirrus Logic (CRUS 29.42, +2.71) soared 10.2% after investors welcomed its quarterly report. The two names contributed to the gains registered by the PHLX Semiconductor Index, which settled higher by 1.3%.

Several large cap technology stocks garnered interest as the recent slide in the shares of Apple caused some investors to look elsewhere. Amazon.com (AMZN 283.99, +10.37), eBay (EBAY 56.53, +1.34), and Priceline.com (PCLN 718.82, +39.27) all gained between 2.4% and 5.8%.

While Amazon.com and Priceline.com are both part of the Nasdaq, the two stocks are also a component of the S&P 500 consumer discretionary space. The sector was the day's top performer after gaining 1.0%.

Discretionary stocks saw general strength, and Starbucks (SBUX 56.81, +2.24) jumped 4.1% after its quarterly earnings indicated same store sales remain healthy. Elsewhere, Netflix (NFLX 169.56, +22.70) spiked 15.5% to follow yesterday's earnings-driven 42.2% jump. Since Tuesday, shares of Netflix have been on fire, gaining nearly 70%.

However, there was a pocket of weakness within the discretionary sector. Hasbro (HAS 37.31, -1.14) slipped 3.0% after warning that its fourth quarter revenue will come in below the Capital IQ consensus estimate. Peer Mattel (MAT 37.15, -0.89) lost 2.3% in sympathy.

The discretionary sector was closely followed by energy stocks, which climbed higher despite little change in crude oil. Halliburton (HAL 39.72, +1.91) was a notable gainer after the stock advanced 5.1% on the back of a strong quarterly report.

Looking at the relative performance of S&P 500 sectors, discretionary (+1.0%) stocks led while energy (+0.9%), and health care (+0.8%) followed closely. On the downside, technology (+0.1%), telecoms (+0.4%), and materials (+0.4%) lagged.

It should be noted that while the key indices ended near their highs, the CBOE Volatility Index (VIX 12.89, +0.20) settled in positive territory as well. The move indicates that despite today's advance, near-term downside protection received notable interest during the session.

Volume was slightly above its 20-day average with just under 700 million shares changing hands on the floor of the New York Stock Exchange.

Looking at today's economic data, the headline number for the December new home sales report was a disappointment. The Department of Housing and Urban Development indicated sales were at a seasonally adjusted annual rate of 369,000 units, while the Briefing.com consensus estimate was pegged at 385,000. In actuality, though, the report was better than expected when taking into account the upward revision to November.

Specifically, sales in November were revised up to 398,000 from 377,000. Combined with the sales in December, the average for the two-month period was 384,000 versus an average of 381,000 that was expected prior to the revision.

Three out of four regions saw new home sales slip in December. The Northeast led the decline with a 29.4% drop. The Midwest was the standout, enjoying a 21.3% jump in new home sales.

Median prices edged up 1.3% to $248,900. For 2012, the median sales price of a new home increased 7.2% from 2011 to $243,600.

At the current pace of sales, there is a 4.9 month supply of inventory, which is up from 4.5 months in November and the highest level since April 2012.

On Monday, December durable goods and durable goods ex-transportation will be reported at 8:30 ET. In addition, December pending home sales will be announced at 10:00 ET. Among notable earnings, Caterpillar (CAT 95.58, -1.02) is scheduled to announce its quarterly results ahead of the opening bell.

The U.S. Treasury will auction off $35 billion in 2-yr notes.

Week in Review: Stocks Climb Despite Mixed Earnings Picture

On Monday, equity and bond markets were closed in observance of Martin Luther King Day.

Tuesday's session ended with slim gains despite a mid-morning stumble. The S&P 500 and Dow were able to overcome the early weakness thanks in part to upbeat earnings from major sector components. The 30-stock Dow Jones led the way as earnings from DuPont (DD 48.33, +0.26), Travelers (TRV 78.35, +0.26), and Verizon Communications (VZ 42.67, +0.08) contributed to the outperformance. Though Verizon missed on the bottom line, its stock added 0.9%. Elsewhere, Caterpillar saw little change following the discovery of accounting misconduct at its Chinese subsidiary. As a result of the discovery, Caterpillar will take a fourth quarter non-cash charge of approximately $580 million.

Wednesday saw the major averages finish on a positive note despite early weakness in the S&P 500. The day's sentiment was driven by earnings as technology heavyweights Google (GOOG 753.67, -0.16) and International Business Machines (IBM 204.97, +0.55) reported bottom line beats. Revenues were mixed as Google's top line grew 50% year-over-year, but the reported $12.16 billion fell short of analyst expectations. Meanwhile, IBM's revenue slipped 0.6% to $29.30 billion, in-line with expectations. Google and IBM saw respective gains of 5.5% and 4.4%.

On Thursday, the major averages ended the session near their opening levels. The Dow was an exception as the blue chip index finished higher by 0.3%. The Nasdaq slid 0.7% as Apple's 12.4% fall weighed on the tech-heavy index. Shares of Apple plunged after the company fell short of revenue expectations, and issued downside second quarter gross margin and revenue guidance. On the flip side, Netflix was a notable standout as the stock soared 42.2% after its fourth quarter results handily beat the Capital IQ earnings and revenue estimate. In addition, the video streaming service guided first quarter top and bottom line above consensus.DJ30 +70.65 NASDAQ +19.33 SP500 +8.14 NASDAQ Adv/Vol/Dec 1365/1.79 bln/1080 NYSE Adv/Vol/Dec 1822/692.4 mln/1164

3:30 pm :

Mar crude oil oscillated between positive and negative territory despite weakness in the dollar index. The energy component dropped from its pit session high of $96.53 per barrel and brushed a session low of $95.43 per barrel. It erased most of the earlier loss and closed just four cents lower at $95.90 per barrel, losing 0.1% over the week.
Feb natural gas also see-sawed around the breakeven line during today's floor trade. It traded as high as $3.48 per MMBtu but dropped to a session low of $3.42 per MMBtu in late morning action. It settled at $3.44 per MMBtu, bringing the week's losses to 3.6%.
Feb gold fell for a third consecutive session following an announcement by the European Central Bank that 278 banks will repay EUR137 bln next week. In addition, investors reacted to an upbeat German Ifo Business Climate Index. The yellow metal dipped to a pit session low of $1655.00 per ounce and settled at $1657.00 per ounce, booking a 1.8% loss for the week.
Mar silver extended yesterday's losses as it dipped to a session low of $31.15 per ounce in afternoon pit trade. Unable to erase much of the loss, it settled with a 2.3% loss for the week at $31.20 per ounce.

DJ30 +57.26 NASDAQ +21.89 SP500 +7.52 NASDAQ Adv/Vol/Dec 1318/1509.6 mln/1117 NYSE Adv/Vol/Dec 1723/425 mln/1267

3:00 pm : Recent trade has seen the major averages climb to fresh highs. The S&P 500 is adding 0.5%, and consumer discretionary stocks remain in the lead. The sector is firmer by 1.0% as most components outperform the broader market.

On the earnings front, Starbucks (SBUX 56.94, +2.37) is higher by 4.4% after the company's earnings report indicated same store sales remain strong.

As Starbucks trades higher in response to last evening's earnings, Netflix (NFLX 172.46, +25.60) is extending its earnings-driven rally from yesterday. The stock is soaring 17.4% to follow yesterday's 42.2% spike.

In addition, a handful of sector components are seeing notable gains despite the lack of any news. Expedia (EXPE 66.44, +3.05) and Priceline (PCLN 712.15, +32.60) are both up 4.8%.DJ30 +49.48 NASDAQ +21.56 SP500 +6.90 NASDAQ Adv/Vol/Dec 1304/1.35 bln/1135 NYSE Adv/Vol/Dec 1701/384.6 mln/1262

2:30 pm : The major averages continue to hover near their respective highs. The Nasdaq is the top performing index as it trades with a gain of 0.7%. Outside of Apple (AAPL 443.76, -6.74), which is down 1.5%, tech stocks are trading with a generally positive bias.

Expedia (EXPE 66.36, +2.97), Netflix (NFLX 169.73, +22.87), and Priceline (PCLN 713.71, +34.16) are some of the top advancers contributing to the outperformance by the Nasdaq. The three are seeing respective gains of 4.7%, 15.5%, and 5.0%. In addition these names are supporting the S&P 500 consumer discretionary space, which is the top performing sector.DJ30 +59.61 NASDAQ +23.00 SP500 +7.81 NASDAQ Adv/Vol/Dec 1334/1.26 bln/1079 NYSE Adv/Vol/Dec 1742/358.9 mln/1225

2:00 pm : The three major averages have all marked fresh session highs in recent trade. The S&P 500 is adding 0.5%, and the recent move to fresh highs resulted from relative strength in the technology sector. Shares of Apple (AAPL 444.77, -5.73) lifted off session lows, but the stock remains down 1.3%.

Outside of Apple, the technology sector is faring well in relation to the broader market. Microprocessor manufacturers are outperforming and the PHLX Semiconductor Index is higher by 1.5%. Within the average, KLA-Tencor (KLAC 56.59, +4.62) is surging 8.9% after the company beat on earnings and revenue. Another index component, Cirrus Logic (CRUS 29.46, +2.75), is soaring 10.3% after investors welcomed its quarterly report.

It should be noted that while key indices are trading higher, so is the CBOE Volatility Index (VIX 12.82, +0.13). The near-term volatility measure is adding 1.0% after flirting with the 13.00 level during the first half of the session.DJ30 +59.93 NASDAQ +22.29 SP500 +7.62 NASDAQ Adv/Vol/Dec 1331/1.16 bln/1070 NYSE Adv/Vol/Dec 1700/333.2 mln/1243

1:35 pm : The major averages continue to trade near the top of their respective ranges. The S&P 500 is adding 0.4%.

Equities are trading higher on the final day of the week as investors welcome quarterly reports from a handful of major names.

Consumer stocks are leading the broader market after Procter & Gamble (PG 73.00, +2.58) and Starbucks (SBUX 56.95, +2.38) reported positive results. Procter & Gamble's report was strong all around, while Starbucks reported upbeat same store sales.

On the downside, technology stocks are underperforming as Apple (AAPL 440.82, -9.68) trades lower by 2.2%. With today's weakness, the company no longer holds the title of "highest value by market cap." Exxon Mobil (XOM 91.48, +0.13) has now retaken the top spot.DJ30 +53.16 NASDAQ +17.08 SP500 +6.24 NASDAQ Adv/Vol/Dec 1265/1.08 bln/1134 NYSE Adv/Vol/Dec 1630/307.3 mln/1297

1:00 pm : The major averages are registering modest gains after today's session started on a positive note thanks in part to an upbeat German Ifo Business Climate Index. The positive surprise contributed to upbeat European trade and supported U.S. equity futures. Domestically, investors responded favorably to earnings from several major names.

The consumer discretionary sector is leading the broader market thanks in part to two notable gainers. Starbucks (SBUX 56.98, +2.41) is higher by 4.4% after the company's earnings indicated same store sales remain strong. In addition, provider of video rental services, Netflix (NFLX 167.80, +20.94) is soaring 14.1%. Today's surge comes after yesterday's 42.2% jump driven by upbeat earnings. This week alone, shares of Netflix have added more than 70%.

As discretionary shares march on, Hasbro (HAS 37.44, -1.01) is slumping 2.6%. The relative weakness comes after the toy maker issued a fourth quarter revenue warning. Additionally, the company expects its full-year 2012 earnings to come in below the Capital IQ consensus estimate.

The strength in consumer shares is not isolated to the discretionary sector. Staple stocks are trading higher as well. This comes after Procter & Gamble (PG 73.01, +2.59) beat on earnings and revenue. Forward guidance was a point of strength as well with the company expecting its third quarter revenue and full-year 2013 earnings to come in ahead of analyst expectations.

In addition to consumer stocks, the energy sector is trading higher even as crude oil shows little change. The strength follows an upbeat quarterly report from Halliburton (HAL 39.62, +1.81), which beat on earnings and revenue.

On the downside, technology stocks are underperforming as Apple (AAPL 440.16, -10.34) weighs. The largest tech company is down 2.3%, and today's decline has caused Apple's market cap to slip below that of Exxon Mobil (XOM 91.57, +0.22).

Looking at today's economic data, the headline number for the December new home sales report was a disappointment as the Department of Housing and Urban Development indicated sales were at a seasonally adjusted annual rate of 369,000 units. The Briefing.com consensus estimate was pegged at 385,000. In actuality, though, the report was better than expected when taking into account the upward revision to November.

Specifically, sales in November were revised up to 398,000 from 377,000. Combined with the sales in December, the average for the two-month period was 384,000 versus an average of 381,000 that was expected prior to the revision.

Three out of four regions saw new home sales slip in December. The Northeast led the decline with a 29.4% drop. The Midwest was the standout, enjoying a 21.3% jump in new home sales.

Median prices edged up 1.3% to $248,900. For 2012, the median sales price of a new home increased 7.2% from 2011 to $243,600.

At the current pace of sales, there is a 4.9 month supply of inventory, which is up from 4.5 months in November and the highest level since April 2012.DJ30 +45.38 NASDAQ +11.91 SP500 +4.89 NASDAQ Adv/Vol/Dec 1255/982.7 mln/1102 NYSE Adv/Vol/Dec 1582/280.1 mln/1325

12:30 pm : The S&P 500 and Dow are both up 0.4% as the two averages trade near their respective highs. The S&P 500 is staging yet another attempt at holding above 1500.

As the key indices push to fresh highs, discretionary stocks and energy are pacing the advance. The consumer discretionary sector is benefitting from a 4.3% gain in the shares of Starbucks (SBUX 56.93, +2.36) after the coffee shop operator's earnings pointed to healthy same store sales. Also of note, Netflix (NFLX 166.65, +19.79) is soaring 13.5% as a continuation of yesterday's 42.2% spike.

The energy sector is a close second behind discretionary stocks. Though crude oil is seeing little change, the space is benefitting from Halliburton's (HAL 39.70, +1.89) strong earnings. Halliburton is rising by 4.9% and the SPDR Energy Select Sector ETF (XLE 76.69, +0.52) is adding 0.7%.DJ30 +51.45 NASDAQ +12.61 SP500 +5.23 NASDAQ Adv/Vol/Dec 1285/906.8 mln/1085 NYSE Adv/Vol/Dec 1600/260.0 mln/1289

12:00 pm : Equities are holding their recent levels, and the S&P 500 is adding 0.3%.

Consumer discretionary and staple stocks are among the top performers after two sector components reported upbeat earnings. Procter & Gamble (PG 73.04, +2.62) is contributing to the strength among staple stocks as it trades higher by 3.7% after beating on earnings and revenue.

Meanwhile, the discretionary sector is trading higher after Starbucks' (SBUX 56.69, +2.12) earnings report pointed to upbeat same store sales. In addition, Netflix (NFLX 165.36, +18.50) is soaring 12.7% to extend yesterday's earnings-driven 42.2% jump. On the downside, Hasbro (HAS 37.26, -1.20) is shedding 3.1% after warning that its fourth quarter revenue and full-year 2012 earnings will fall short of the Capital IQ consensus estimates.

Also of note, Apple (AAPL 440.50, -10.00) is off by 2.3% to follow yesterday's 12.4% fall. Factoring in today's decline, the stock has now surrendered the title of "Most valuable company by market cap" to Exxon Mobil (XOM 91.36, +0.01)DJ30 +41.33 NASDAQ +9.73 SP500 +3.77 NASDAQ Adv/Vol/Dec 1232/824.2 mln/1126 NYSE Adv/Vol/Dec 1509/238.8 mln/1364

11:30 am : The major averages are holding modest gains with the S&P 500 up 0.2%. Consumer stocks are among the top performers after Procter & Gamble (PG 72.93, +2.51) and Starbucks (SBUX 56.62, +2.05) reported earnings which were welcomed by investors.

Procter & Gamble trades higher by 3.5% after beating on earnings and revenue. In addition, the company guided its third quarter earnings and revenue above consensus.

The discretionary sector is leading the broader market, and Starbucks trades higher by 3.8%. Shares of the coffee shop operator are garnering interest after the company reported in-line earnings. In addition, Netflix (NFLX 166.00, +19.14) is contributing to the strength of discretionary stocks. The video rental service is surging 13.1% after yesterday's upbeat earnings report sent the stock higher by 42.2%.DJ30 +31.27 NASDAQ +12.78 SP500 +3.43 NASDAQ Adv/Vol/Dec 1202/722.2 mln/1125 NYSE Adv/Vol/Dec 1454/213.1 mln/1390

11:00 am : The major averages have slipped off their highs, but the S&P 500 remains firmer by 0.2%. Equities began the session on a positive note as positive reaction to a handful of quarterly earnings reports dictated early trade. One of the more notable names which reported today, Procter & Gamble (PG 72.99, +2.57), is adding 3.6% after its quarterly report beat on earnings and revenue. Additionally, the provider of consumer products issued upside third quarter earnings and revenue guidance.

The key indices surrendered their early gains after the headline number for December new home sales fell short of expectations. The Department of Housing and Urban Development indicated sales were at a seasonally adjusted annual rate of 369,000 units. The Briefing.com consensus estimate was pegged at 385,000. In actuality, though, the report was better than expected when taking into account the upward revision to November.

Specifically, sales in November were revised up to 398,000 from 377,000. Combined with the sales in December, the average for the two-month period was 384,000 versus an average of 381,000 that was expected prior to the revision.

The SPDR Homebuilders ETF (XHB 28.91, +0.07) is adding 0.3% after slipping lower in the initial reaction to the headline number.DJ30 +28.41 NASDAQ +8.79 SP500 +2.43 NASDAQ Adv/Vol/Dec 1107/590.8 mln/1182 NYSE Adv/Vol/Dec 1351/182.1 mln/1470

10:35 am : Commodities are volatile this morning with energy higher and metals lower. Despite the weakness in the dollar index, metals are still lower.

Mar copper futures just hit a new session low of $3.64/lb and remain at that LoD in current trade. Both gold and silver are trading lower this morning as well with Feb gold now -0.8% at $1657.40/oz and Mar silver -1.6% at $31.23/oz.

Mar crude oil futures just fell into negative territory for the first time this session. Earlier, crude oil rose as high as $96.56/barrel, but is now -0.1% at $95.88/barrel. Mar natural gas futures are +0.8% at $3.47/MMBtu.DJ30 +15.59 NASDAQ +5.51 SP500 +1.36 NASDAQ Adv/Vol/Dec 1101/490.8 mln/1152 NYSE Adv/Vol/Dec 1325/155 mln/1470

10:00 am : The S&P 500 slipped off its session highs in reaction to the release of December new home sales. The benchmark index is adding 0.3%.

New home sales in December hit an annualized rate of 369,000, which was down from November's revised rate of 398,000, and worse than the rate of 385,000 that had been broadly expected by the Briefing.com consensus. The SPDR S&P Homebuilders ETF (XHB 28.77, -0.07) slipped lower in reaction to the data.DJ30 +34.19 NASDAQ +17.43 SP500 +4.84 NASDAQ Adv/Vol/Dec 1271/289.1 mln/888 NYSE Adv/Vol/Dec 1573/106.3 mln/1134

09:45 am : The major averages are trading near their early highs following an upbeat open. The S&P 500 is adding 0.4% as the benchmark index trades just north of 1500.

Among listings moving on earnings, Halliburton (HAL 39.97, +2.16) is rising by 5.8% after beating on earnings and revenue. However, the company expects 2013 North American rig count to be down slightly from 2012 levels.

Elsewhere, Starbucks (SBUX 56.99, +2.42) is advancing 4.4% after reporting in-line earnings. The coffee shop operator is seeing relative strength despite falling short of the Capital IQ revenue forecast.

The day's lone economic data point, December new home sales, will be reported in 15 minutes.DJ30 +42.04 NASDAQ +16.59 SP500 +6.30 NASDAQ Adv/Vol/Dec 1368/172.5 mln/693 NYSE Adv/Vol/Dec 1779/76.6 mln/893

09:20 am : S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +9.70. Heading into the open, equity futures are pointing to a higher start to the session. The S&P 500 futures are adding 0.2%. The upbeat pre-market trade follows a strong Ifo Business Climate Index out of Germany. Conversely, a disappointing fourth quarter GDP reading from the United Kingdom did little to curtail optimism. The 0.3% fourth quarter contraction impacted the full-year reading, which indicated no GDP growth in 2012.

Looking at notable names which reported earnings between yesterday's close and today's open, Microsoft (MSFT 27.42, -0.21) is lower by 0.8%. The company's second quarter revenue fell slightly short of the Capital IQ consensus forecast. Meanwhile, the company's earnings beat expectations by one cent.

Elsewhere, Starbucks (SBUX 56.90, +2.33) reported in-line earnings. The stock is higher by 4.3% despite the company's miss on revenue.

December new home sales will be reported at 10:00 ET.

09:05 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +10.50. Equity futures continue to trade near their pre-market highs and the S&P 500 futures are adding 0.2%. The major averages are poised for an upbeat session heading into the weekend. The pre-market sentiment comes as European indices trade higher following an upbeat German Ifo Business Climate Index.

Domestically, about fifty companies covered by Briefing.com have reported their earnings between yesterday's close and this morning. While most beat their Capital IQ earnings expectations, revenues were mixed as about half of the names exceeded analyst expectations.

Earlier this morning, Hasbro (HAS 36.70, -1.75) guided fourth quarter earnings and revenue below consensus. Shares of the toymaker are shedding 4.6% in pre-market trade. Peer Mattel (MAT 37.01, -1.03) is lower by 2.7%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +13.20.

U.S. equity futures continue to trade near their pre-market highs with the S&P 500 futures up 0.3%.

The major Asian bourses saw a mixed session as Japan's Nikkei (+2.9%) was once again a standout, closing near a three-year high. Traders gobbled up Japanese shares after the tame Tokyo CPI (-0.5%) number sparked hopes of more easing. Remember, just last week the Bank of Japan announced open-ended easing to target 2% inflation would begin in 2014. Elsewhere, Vietnam's Ho Chi Minh Index (+3.5%) surged on reports some caps on foreign ownership may be lifted. Meanwhile, data from the rest of the region was quiet as the Philippines trade deficit widened to $1.59 billion ($778 million expected, $832 million previous).

In Japan, the Nikkei surged 2.9% as exporters remain in favor. Sony and Hitachi saw strong gains, surging 5.3% and 5.5% respectively. Elsewhere, drug maker Dainippon Sumitomo Pharma surged 11.5% after announcing it is beginning clinical trials on a new cancer drug.
Hong Kong's Hang Seng shed 0.1% amid a quiet trade. Insurers were among the laggard as China Life Insurance shed 3.0%. Elsewhere, apparel maker Li Ning plunged 14.7% after announcing a convertible bond offering to aid in its restructuring.
In China, the Shanghai Composite settled lower by 0.5% as telecom stocks lagged. China Unicom shed 3.0% following a government report which suggested the market was becoming saturated.

European indices are registering gains. Germany's DAX is outperforming with a gain of 1.3% following an upbeat Ifo Business Climate Index, which was reported at 104.2. This reading was ahead of the 103.0 forecast by the general consensus. The business expectations survey came in at 100.5, which was better than the broadly expected 99.0. Meanwhile, the current assessment of 108.0 was also ahead of expectations. The consensus expected this component to tick up to 107.2. Elsewhere, the United Kingdom's fourth quarter GDP contracted by 0.3%, which was worse than the 0.1% contraction expected by the market. In addition, the 2012 full-year GDP reading indicated no growth.

In news, the European Central Bank announced that 278 banks which utilized the Longer-term Refinancing Operation facility will repay EUR137 billion next week.

In the United Kingdom, the FTSE is adding 0.1%. TUI Travel is the top performer as it trades higher by 3.4%. On the downside, miners are underperforming following a disappointing GDP report. Antofagasta, Eurasian Natural Resources, and Kazakhmys are all down between 1.2% and 1.9%.
In France, the CAC is rising by 0.7% and financials are outperforming. Credit Agricole and Societe Generale are seeing respective gains of 2.3% and 1.9%. Meanwhile, France Telecom is underperforming, down 1.3%.
Germany's DAX is higher by 1.3%. Drug maker Bayer is surging 4.6% after Bank of America/Merrill Lynch added the company to its list of top European stocks. Producers of basic materials are among the underperformers. K+S is down 0.4% following a Morgan Stanley downgrade.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.70.

U.S. equity futures are modestly higher with the futures on the S&P 500 adding 0.3%.

Looking at overseas developments:

Asian markets ended mixed. Japan's Nikkei surged 2.9% while Hong Kong's Hang Seng shed 0.1% and China's Shanghai Composite lost 0.5%.
In economic data:
Japan's national core CPI declined by 0.2% year-over-year, as expected. Meanwhile, the Tokyo core CPI slipped 0.5%, which was also in-line with expectations.
Singaporean industrial production slipped 0.6% year-over-year, while the forecast called for a decline of 4.2%.
In news:
Japan's Nikkei registered significant gains after yen weakness took the currency to fresh multi-year lows against the dollar. This morning, the pair trades near 90.95.
South Korea's KOSPI shed 0.9% after Samsung's smartphone sales forecast fell short of expectations. Shares of the electronics producer lost 2.5%.

European indices are registering gains. The United Kingdom's FTSE is adding 0.2% while France's CAC is higher by 0.7%, and Germany's DAX is firmer by 1.3%.
Looking at notable economic data points:
Germany's Ifo Business Climate Index was reported at 104.2, ahead of the 103.0 forecast by the general consensus. The business expectations survey came in at 100.5, which was better than the broadly expected 99.0. Meanwhile, the current assessment of 108.0 was also ahead of expectations. The consensus expected the survey to tick up to 107.2.
The United Kingdom's fourth quarter GDP contracted by 0.3%, which was worse than the 0.1% contraction expected by the market. In addition, the 2012 full-year GDP reading indicated no growth.
In news:
The European Central Bank announced that 278 banks which utilized the Longer-term Refinancing Operation facility will repay EUR137 billion next week.

In U.S. corporate news:

Microsoft (MSFT 27.33, -0.30) is lower by 1.1% after its second quarter revenue fell slightly short of the Capital IQ consensus forecast. Meanwhile, the company's earnings beat expectations by one cent.
Procter & Gamble (PG 71.67, +1.25) is adding 1.7% following a beat on earnings and revenue. Additionally, the company guided full-year top and bottom line ahead of analyst expectations.
Halliburton (HAL 38.81, +1.00) is rising by 2.6% after beating on earnings and revenue.

The day's only economic data point, December new home sales, will be released at 10:00 ET.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +10.00.

06:30 am : Nikkei...10926.65...+305.80...+2.90%. Hang Seng...23580.43...-18.50...-0.10%.

06:30 am : FTSE...6271.71...+7.00...+0.10%. DAX...7840.28...+91.80...+1.20%.

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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