Trade Results of M.A. Perry
Trader and Founder of WRB Analysis
(wide range body/bar analysis)
Price Action Trading (no technical indicators)
022813-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2160.00.png [ 76.14 KiB | Viewed 132 times ]
click on the above image to view today's performance verification Price Action Trade Performance for Today:
Emini TF ($TF_F) futures @ $1340.00
dollars or +13.40 points, EuroFX 6E futures @ $0.00
dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $820.00
dollars or +0.82 points. Total Profit @ $2160.00 dollars
Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
In addition, all trades were posted real-time in the free ##TheStrategyLab
chat room. You can read today's
##TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit
along with price action commentary
as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=114&t=1448
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. 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 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). Trading Plan Daily Routine
----------------------------- Market Summaries
The below summaries by Bloomberg
and Yahoo! Finance
helps me to do a quick review of the fundamentals, FED
actions or any important global economic events (e.g. Eurozone
) 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, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index 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. Dow Stalls Just Below Record High
022813-Key-Price-Action-Markets.png [ 529.1 KiB | Viewed 140 times ]
click on the above image to view today's price action of key markets
NEW YORK (CNNMoney)
U.S. stocks ended in the red Thursday, with the Dow stalling just below its all-time high.
After two days of triple-digit gains, the Dow Jones industrial average came within spitting distance of its all-time high before the rally lost steam into the close. At the end of the day, the Dow was down 0.2% and is now 1% from its all-time high of 14,198.10, reached in October 2007.
The S&P 500 and Nasdaq shed 0.1%.
Thursday also marked the last trading day of February, which has largely been a dud for stocks. Still, the Dow rose 1.4% for the month, while the S&P 500 added 1.1% and the Nasdaq gained 0.6%.
The day's lackluster performance came as investors weighed better-than-expected jobless claims data against a tepid report on the nation's economic growth.
While jobless claims fell sharply last week, the government's second estimate of fourth-quarter GDP showed a nearly imperceptible gain of 0.1% on an annual basis. The revised reading fell short of the 0.5% growth economists were expecting.* Sluggish economy may signal correction
Following a massive rally in January, it hasn't been a surprise for stocks to take a pause.
Even with the sluggish trading this month, all three indexes are still up between roughly 5% and 7% for the year. And the S&P 500 is 4% from its all-time highs reached in October 2007.
On the corporate front, Barnes & Noble (BKS, Fortune 500) shares rose after CEO William Lynch Jr. told investors on an analyst call that the bookseller was taking steps to "right size our cost structure in the Nook segment."
Department store chain Sears Holdings Corp (SHLD, Fortune 500) reported sales at stores open a year or more fell 1.4% for the year. The company also said that it has closed 300 Sears and Kmart stores, or 13% of its total, since 2006.
J.C. Penney (JCP, Fortune 500) shares tumbled after the retailer reported a dismal fourth-quarter loss and weak same-store sales.
Groupon (GRPN) shares plunged after the daily deals site's results missed already low expectations. Shares rose in after-hours trading after the company announced that CEO Andrew Mason will leave the daily deals site he co-founded.
Shares of Sturm, Ruger & Co. (RGR) rose after the gun maker reported earnings that beat expectations. The company benefited from a surge in firearm sales on growing fears of new gun-control laws following the re-election of President Obama and the shooting in Newtown, Conn.* Gunmaker CEO: 'We're selling everything we make'
Monster Beverage's (MNST) stock rose after the energy drink maker's earnings climbed more than 5%. The company's sales also improved but fell short of forecasts.
Clothing retailer Gap (GPS, Fortune 500) reported better-than-expected earnings after the bell.
European markets finished higher, drawing support from comments from European Central Bank President Mario Draghi that suggested the bank had room to relax policy further. Meanwhile, the European Union is planning to cap bankers' bonuses to rein in reckless risk taking.
Asian markets had a banner day. After the nomination of Haruhiko Kuroda to be Japan's next central banker, the Nikkei posted a 2.7% increase to its highest point since 2008. The Shanghai Composite rose 2.3% and the Hang Seng added 2%.
The dollar rose against the euro and the Japanese yen, but fell versus the British pound.
Oil and gold prices slipped slightly.
The price on the 10-year Treasury rose, pushing the yield down to 1.88% from 1.90% late Wednesday.
4:20 pm : Equities ended February on a negative note as the S&P 500 settled with a slim loss of 0.1%. The key averages saw some morning indecision but late afternoon buying pushed the benchmark index to session highs before the index surrendered its gains.
Stocks opened the session amid some initial chop which followed a worse-than-expected second estimate of fourth quarter GDP. The slim 0.1% annualized growth followed a 0.1% contraction reported in the preliminary reading. However, the reading missed expectations as the Briefing.com consensus had expected growth of 0.5%. One positive element could be found in real final sales, which were revised up to 1.7% from the 1.1% reported in the advance reading.
In addition to the GDP report, J.C. Penney's (JCP 17.57, -3.59) quarterly earnings caught the attention of investors in early trade. Shares of the retailer plunged 17.0% after the company reported a loss of $1.95 on below-consensus revenue. In response, S&P cut the company's debt rating to 'CCC+' from 'B-' and assigned a negative outlook.
In other retail earnings, Kohl's (KSS 46.10, -0.51) and Limited (LTD 45.52, +1.02) beat on their respective bottom lines. However, both names issued cautious guidance.
The consumer discretionary sector ended little changed, which was good enough to outperform the broader market. However, the space was not joined by the remaining cyclical sectors. Instead, defensively-oriented telecom and utilities garnered buying interest throughout the session.
The cyclical basic materials space was an exception as the sector continued its rebound from the weakness dating back to last Wednesday. The SPDR Materials Select Sector ETF (XLB 38.49, +0.07) settled higher by 0.2% amid strength in chemical producers.
With most cyclical sectors underperforming, financials traded in tentative fashion throughout the day. Bank of America (BAC 11.23, -0.07) and JPMorgan Chase (JPM 48.92, -0.36) both lost near 0.6% while the SPDR Financial Select Sector ETF (XLF 17.59, -0.03) shed 0.2%.
As stocks settled with slim losses, the CBOE Volatility Index (VIX 15.51, +0.78) climbed higher. Looking across the VIX term structure revealed buying interest in front month contracts on VIX futures.
Reviewing S&P 500 sector performance, utilities (+0.2%), materials (+0.2%), and telecom (+0.1%) outperformed while technology (-0.2%), financials (-0.2%), and health care (-0.1%) trailed behind the broader market.
Looking back at the day's remaining economic data, initial claims for the week ending February 23 declined by 22,000 to 344,000 (Briefing.com consensus 360,000). This was a supportive headline number, dropping initial claims below the range of 350,000-400,000 where they have been bounded for most of the last year. However, it will take several weeks of claims below that range to conclude a new lower bound is being established.
Also of note, the February Chicago PMI reading of 56.8 surprised to the upside as economists surveyed by Briefing.com had generally expected a reading of 54.0 to follow the prior month's revised reading of 55.6.
In tomorrow's economic data, January personal income, personal spending, and core PCE prices will all be reported at 8:30 ET. At 9:55 ET, the final February Michigan Consumer Sentiment Survey will be released. Finally, January construction spending and February ISM Index will both cross the wires at 10:00 ET. Among earnings of note, Best Buy (BBY 16.41, -0.19) will report its quarterly results ahead of the open.DJ30 -20.88 NASDAQ -2.07 SP500 -1.31 NASDAQ Adv/Vol/Dec 1204/1.91 bln/1247 NYSE Adv/Vol/Dec 1538/1.01 bln/1455
3:30 pm :
Apr crude oil began pit trade in positive territory but fell into the red in late morning action as the dollar index gained strength. Prices retreated from a session high of $93.11 per barrel and sold off sharply heading into the close. The energy component brushed a session low of $91.98 per barrel just before settling at $92.03 per barrel, or 0.8% lower.
Apr natural gas dropped to a session low of $3.40 per MMBtu but quickly corrected into positive territory following inventory data that showed a draw of 171 bcf vs expectations for a draw of 168 bcf. It trended higher to a session high of $3.51 per MMBtu and eventually settled at $3.48 per MMBtu with a 1.5% gain.
Apr gold extended yesterday's losses as a stronger dollar index following today's initial claims and Chicago PMI data put pressure on prices. The yellow metal pulled-back from its session high of $1596.50 per ounce and fell to a session low of $1574.30 per ounce. It eventually settled 1.1% lower at $1577.80 per ounce, booking a loss of 5.1% for the month of February and setting a fifth consecutive monthly drop. This marks gold's longest run of monthly declines in 16 years.
May silver also fell deeper into negative territory after trading as high as $29.08 per ounce in early floor action. It settled 2.0% lower at $28.41 per ounce, just above its session low of $28.40 per ounce.
DJ30 +30.84 NASDAQ +8.46 SP500 +4.38 NASDAQ Adv/Vol/Dec 1338/1462.2 mln/1093 NYSE Adv/Vol/Dec 1738/439 mln/1219
3:00 pm : The S&P 500 has slipped off its recent highs, but the index remains firmer by 0.4%. Today's quiet session saw stocks drift higher amid below-average volume.
Sector leadership has been mixed with telecoms and discretionary shares leading to the upside. In addition, basic materials are outperforming as the sector regains some of its recent losses.
Looking at notable earnings scheduled for this evening, Gap (GPS 33.14, +0.63) and Deckers Outdoor (DECK 40.50, +0.09) will provide some color on consumer spending. The Capital IQ consensus expects Gap to report earnings of $0.71 on $4.63 billion in revenue. Meanwhile, Deckers Outdoor is expected to announce $2.62 in earnings on revenue of $622.50 million.DJ30 +45.04 NASDAQ +14.79 SP500 +6.47 NASDAQ Adv/Vol/Dec 1392/1.27 bln/1016 NYSE Adv/Vol/Dec 1844/377.5 mln/1107
2:35 pm : Quiet afternoon trade continues as the major averages hover near their respective highs. Notably, the Dow Jones trades just 20 points below its highest close of all time.
Elsewhere, the Dow Jones Transportation Average is adding 0.7% as it outperforms the broader market. The bellwether complex is following yesterday's 2.9% surge with another strong showing. Freight carrier Landstar (LSTR 56.45, +2.15) is higher by 4.0% to extend yesterday's run sparked by comments made during the company's mid-quarter call. During the call, the company said it expects to see an improvement to its revenue in March.DJ30 +65.56 NASDAQ +19.07 SP500 +8.61 NASDAQ Adv/Vol/Dec 1422/1.19 bln/973 NYSE Adv/Vol/Dec 1943/351.5 mln/1010
1:55 pm : The S&P 500 continues to hover near its recently-established session high. Today's advance marks the third consecutive upbeat session after Monday saw a broad selloff sparked by a deadlock in the Italian general election.
Stocks climbed higher even as today's second estimate of fourth quarter GDP growth was reported at an anemic 0.1%. The number was just a slim improvement from the 0.1% decline reported in the advance estimate, but the recognition that real final sales, which excludes the change in inventories, was revised up to 1.7% from 1.1% was viewed as a consolation factor.
In corporate earnings, J.C. Penney (JCP 18.04, -3.12) is slumping 14.8% after reporting quarterly results well short of analyst expectations. However, the weakness did not spill over to other retailers and the SPDR S&P Retail ETF (XRT 67.54, +0.28) is firmer by 0.4%.DJ30 +56.36 NASDAQ +17.78 SP500 +8.24 NASDAQ Adv/Vol/Dec 1385/1.08 bln/997 NYSE Adv/Vol/Dec 1913/316.5 mln/1020
1:30 pm : The S&P 500 is adding 0.4% after notching a fresh session high in recent trade. However, afternoon action has been quiet for the most part with the market set to close out February on a positive note.
As equities trade near the top of the day's range, the advance is taking place on below average volume. Along those lines, the recent push to session highs occurred as all ten S&P 500 sectors saw corresponding upticks.
Also of note, the CBOE Volatility Index (VIX 14.45, -0.28) is down near 2.0% after Monday's session saw the near-term volatility measure jump 34% to levels last seen in December. The VIX has since retreated off those levels, but remains above multi-year lows reached earlier this month.DJ30 +47.45 NASDAQ +16.99 SP500 +7.61 NASDAQ Adv/Vol/Dec 1379/1.01 bln/984 NYSE Adv/Vol/Dec 1885/293.3 mln/1032
1:00 pm : At midday, equities are registering modest gains and the S&P 500 trades higher by 0.3%. The benchmark average climbed steadily at the start of today's session, but was met with resistance in an area which has since served as the top end of the day's range.
The defensively-oriented telecommunications sector is the top performer, but leadership is mixed with some cyclical stocks outperforming the broader market as well.
The consumer discretionary sector is outperforming after shaking off some early pressure exerted by J.C. Penney (JCP 18.26, -2.90). Shares of the retailer are sliding 13.8% after the company reported disappointing earnings. During the fourth quarter, J.C. Penney lost $1.95 while the Capital IQ consensus called for a loss of $0.17. Meanwhile, the company's revenue of $3.88 billion also missed analyst expectations.
Other retail stocks have been seemingly unfazed by the considerable earnings miss with the SPDR S&P Retail ETF (XRT 67.41, +0.15) higher by 0.2%.
In other sector earnings, Domino's Pizza (DPZ 48.63, +1.80) is rising 3.8% after beating on earnings, revenue, and declaring a quarterly dividend of$0.20.
Basic materials are also among today's outperformers. The SPDR Materials Select Sector ETF (XLB 38.60, +0.18) is adding 0.5% to rebound from the outsized losses seen during the recent selloff.
The growth-sensitive materials sector is climbing even as today's second estimate of fourth quarter GDP growth was reported at an anemic 0.1%. The number was just a slim improvement from the 0.1% decline reported in the advance estimate, but the recognition that real final sales, which excludes the change in inventories, was revised up to 1.7% from 1.1% was viewed as a consolation factor.
Initial claims for the week ending February 23 declined by 22,000 to 344,000 (Briefing.com consensus 360,000). This is a supportive headline number, as it drops initial claims below the range of 350,000-400,000 where they have been bounded for most of the last year. It is also the lowest claims level since June 2008. However, it will take several weeks of claims below 350,000 to conclude a new lower bound is being established.
Also of note, the February Chicago PMI reading of 56.8 surprised to the upside as economists surveyed by Briefing.com had generally expected a reading of 54.0 to follow the prior month's revised reading of 55.6.DJ30 +13.71 NASDAQ +10.27 SP500 +3.80 NASDAQ Adv/Vol/Dec 1281/919.1 mln/1069 NYSE Adv/Vol/Dec 1687/264.1 mln/1199
12:30 pm : Major stock market averages continue to trade in range bound fashion with the telecommunications sector as the day's strongest gainer. The defensive mindset is also being highlighted by the outperformance of health care, utilities and consumer staples.
Notably, the materials space is appearing among sector leaders even as other cyclical sectors underperform. This comes after basic materials suffered the largest losses during the recent broad market selloff. The SPDR Materials Select Sector ETF (XLB 38.57, +0.15) is adding 0.4%.
On the downside, energy, financials, industrials, and technology are seeing little change.DJ30 +7.18 NASDAQ +8.61 SP500 +2.65 NASDAQ Adv/Vol/Dec 1236/839.9 mln/1081 NYSE Adv/Vol/Dec 1583/241.7 mln/1284
12:00 pm : Equities have held their levels in recent action as the S&P 500 trades with a gain of 0.2%. Today's session is seeing mixed sector leadership as telecoms, utilities, and materials outperform the broader market. Meanwhile, energy, financials, and industrials are seeing little change.
Notably, the underperformance of financials underlines the worries surrounding Italy and the aftermath of the country's inconclusive general election. As days pass without a concrete resolution, the recovery in European debt markets runs the risk of stalling due to political uncertainty. The SPDR Financial Select Sector ETF (XLF 17.62, 0.00) is currently seeing little change.DJ30 +8.68 NASDAQ +7.69 SP500 +2.46 NASDAQ Adv/Vol/Dec 1230/763.5 mln/1083 NYSE Adv/Vol/Dec 1597/219.4 mln/1257
11:30 am : The S&P 500 is adding 0.2% as the index remains confined to a narrow range.
Defensively-oriented sectors are outperforming with relative weakness visible in energy, financials, and industrials. In addition, discretionary shares are underperforming after J.C. Penney (JCP 17.39, -3.77) reported weak quarterly results. Shares of J.C. Penney are down 17.7% and the broader SPDR S&P Retail ETF (XRT 67.24, -0.02) is flat.
Though cyclical stocks are underperforming, basic materials are among the session leaders as the sector continues to rebound from enduring recent selling pressure. The SPDR Materials Select Sector ETF (XLB 38.61, +0.19) is adding 0.5%.DJ30 +17.36 NASDAQ +9.43 SP500 +3.35 NASDAQ Adv/Vol/Dec 1234/668.1 mln/1049 NYSE Adv/Vol/Dec 1666/192.2 mln/1159
11:05 am : Equities slipped off their early highs as the Dow and S&P 500 have dipped into the red. Though stocks rose at the open, cautious sentiment has caused the key indices to surrender their early gains.
In today's most notable economic data, the second estimate of fourth quarter GDP rose from -0.1% to +0.1%. Though the slim upward revision missed expectations, real final sales, which excludes the change in inventories, saw an upward revision to 1.7% from 1.1%. This component has been portrayed as a consolation factor.
The consumer discretionary sector is underperforming as Cablevision (CVC 14.20, -1.28) and J.C. Penney (JCP 16.89, -4.27) trade notably lower following disappointing quarterly results.DJ30 -0.73 NASDAQ +4.10 SP500 +0.85 NASDAQ Adv/Vol/Dec 1085/565.1 mln/1132 NYSE Adv/Vol/Dec 1507/163.9 mln/1287
10:30 am : Natural gas futures are higher ahead of inventory data, showing about 0.6% in gains at $3.46/MMBTU. Meanwhile, crude oil has continued to slide lower off its session high, while the dollar index ticks higher. Dollar index just hit a new session high of 81.77 a few minutes ago.
Precious metals sold off earlier following the Chicago PMI data, while strength in the dollar index has also been weighing on this space. Copper futures are selling off again and are moving back near its current session low of $3.55/lb.
Following the natural gas inventory data, nat gas dropped to a new LoD of $3.40, but recovered and is now +0.8% at $3.46/MMBtu.
Crude oil just crossed back into the red and is now -0.2% at $92.60/barrel. Apr gold is -0.5% at $1587.60/oz and Mar silver is -0.9% at $28.74/oz.DJ30 -0.66 NASDAQ +9.50 SP500 +1.67 NASDAQ Adv/Vol/Dec 1265/418.3 mln/908 NYSE Adv/Vol/Dec 1673/126 mln/1076
10:00 am : Equities are registering modest gains as the S&P 500 trades higher by 0.2%. The early sector performance is seeing leadership from health care and industrials. Meanwhile, energy and financial stocks are registering slim losses.
In today's economic news, the second estimate of fourth quarter GDP rose from -0.1% to +0.1%. Though the slim upward revision missed expectations, the recognition that real final sales, which excludes the change in inventories, was revised up to 1.7% from 1.1% is being viewed as a consolation factor.
J.C. Penney (JCP 17.14, -4.02) is one of the names in focus during early trade after the company reported a notable earnings miss. During the fourth quarter, the retailer lost $1.95 while the Capital IQ consensus called for a loss of $0.17. Meanwhile, the company's revenue of $3.88 billion also missed analyst expectations.DJ30 +4.86 NASDAQ +9.18 SP500 +2.30 NASDAQ Adv/Vol/Dec 1178/241.8 mln/916 NYSE Adv/Vol/Dec 1580/84.4 mln/1089
09:45 am : The major averages are trading near their early highs with the S&P 500 up 0.3%.
This morning, the market received news of fourth quarter GDP, which rose 0.1% on an annualized basis. The number was just as slim improvement from the 0.1% decline reported in the advance estimate, but the recognition that real final sales, which excludes the change in inventories, was revised up to 1.7% from 1.1% is being viewed as a consolation factor.
Also, just reported, the February Chicago PMI reading of 56.8 surprised to the upside. Economists surveyed by Briefing.com had generally expected a reading of 54.0 to follow the prior month's revised reading of 55.6.DJ30 +12.67 NASDAQ +9.73 SP500 +3.34 NASDAQ Adv/Vol/Dec 1115/163.2 mln/899 NYSE Adv/Vol/Dec 1558/63.8 mln/1030
09:16 am : [BRIEFING.COM] S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: +1.70. Heading into the open equity futures are pointing to a slightly lower start to the session. The S&P 500 futures are off by 0.1% after sliding to their pre-market lows in recent trade.
The day's economic data saw the second estimate of fourth quarter GDP climb into positive territory, indicating annualized growth of 0.1% during the final quarter of 2012.
In addition, weekly initial claims were reported at 344,000, which was the lowest level since June 2008. However, the weekly count needs to remain below 350,000 for several weeks before it can be said that a lower bound is being established.
In corporate earnings, J.C. Penney (JCP 18.10, -3.06) is down 14.5% after reporting a notable quarterly miss. During the fourth quarter, the retailer lost $1.95 while the Capital IQ consensus called for a loss of $0.17. Meanwhile, the company's revenue of $3.88 billion also missed analyst expectations.
February Chicago PMI remains on today's economic calendar with the report scheduled to be released at 9:45 ET.
09:01 am : [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +4.50.
U.S. equity futures are trading in mixed fashion with the S&P 500 futures higher by 0.1%.
It was a sea of green across Asia as all of the major bourses, aside from India's Sensex (-1.5%) ended in the green. Japan's Nikkei (+2.7%) outperformed after noted dove Haruhiko Kuroda was nominated to lead the Bank of Japan. Elsewhere, China's Shanghai Composite (+2.3%) and Hong Kong's Hang Seng (+2.0%) also posted strong gains as traders begin to price in hopes of a pickup in economic activity. India's Sensex was the laggard after the government proposed a one-year 10% tax surcharge on incomes over INR10,000,000 ($185,000) to plug its fiscal deficit. Data from the region was mostly disappointing as Japanese preliminary industrial production (1.0% month-over-month actual versus 1.6% expected) missed. Also, Australian Private capital expenditure (-1.2% quarter-over-quarter actual v. 1.1% expected) and private sector credit (0.2% month-over-month actual versus 0.3% expected) both fell short of estimates while HIA New Home Sales posted a 4.2% month-over-month advance.
In Japan, the Nikkei gained 2.7% as exporters were fueled by the weaker yen. Honda Motor jumped 3.8% and Canon surged 4.0%. Elsewhere, construction equipment manufacturer Komatsu rallied 3.7% after posting strong earnings.
Hong Kong's Hang Seng finished higher by 2.0% as real estate stocks outperformed following a strong quarter from Vanke Group. China Overseas Land and China Resources Land added 3.3% and 3.7% respectively to lead the sector higher. Meanwhile, Citic Pacific surged 7.6% despite a 25% decline in year-over-year profit as results still topped estimates.
In China, the Shanghai Composite advanced 2.3% as financials remained strong. Citic Securities climbed another 5.0% after posting a 3.0% advance during yesterday's session.
European indices are registering modest gains with Italy's MIB (-0.3%) trailing behind the remainder of the region. Looking at economic data, French consumer spending slipped 0.8% month-over-month, worse than the 0.2% downtick that had been expected by the market. Meanwhile, PPI rose 0.5% month-over-month, ahead of expectations. Spain's fourth quarter GDP revision pointed to a contraction of 0.8%, worse from the 0.7% decline reported in the advance report. Germany's unemployment change saw a slimmer-than-expected drop of 3,000, which resulted in the unemployment rate rising to 6.9% from 6.8%. The Eurozone CPI came in at 2.0%, as expected. Meanwhile core CPI rose 1.3%, behind the broadly expected 1.5%.
Germany's DAX is rising 0.6% with drug maker Bayer leading the index after the company forecast 2013 sales growth of 4.0% to 5.0%. On the downside, financials are underperforming. Commerzbank and Deutsche Boerse are seeing respective losses of 1.1% and 0.7%.
The United Kingdom's FTSE is firmer by 0.3% with consumer names outperforming. International Consolidated Airlines Group is surging 8.2% after the company said it will cut up to 3,800 jobs.
In France, the CAC is unchanged as industrial stocks outperform. Alstom is rising 2.7% and defense contractor EADS is higher by 4.5%.
Italy's MIB is off by 0.3% with financials broadly lower. Intesa Sanpaolo and Mediobanca are down 1.6% and 2.1% respectively.
08:34 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +3.00. U.S. equity futures slipped to fresh pre-market lows in reaction to the release of the latest weekly claimant count and the second estimate of fourth quarter GDP. The S&P 500 futures are currently flat.
The latest weekly initial jobless claims count totaled 344,000, which was lower than the 360,000 that had been expected by the Briefing.com consensus. The tally was below the revised prior week count of 366,000. As for continuing claims, they fell to 3.074 million from 3.165 million.
The second estimate of fourth quarter GDP pointed to growth of 0.1%, up from the 0.1% decline observed in the preliminary reading. The upwardly revised increase is lower than the 0.5% increase that economists polled by Briefing.com had expected. The third quarter GDP Deflator was revised up, to 0.9%.
08:00 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.00.
U.S. equity futures are trading modestly higher amid generally positive European trade. The S&P 500 futures are adding 0.1% as they hover near the middle of their pre-market range.
Looking at overseas developments:
Asian markets climbed higher. Hong Kong's Hang Seng added 2.0%, China's Shanghai Composite gained 2.3%, and Japan's Nikkei rose 2.7%.
In regional economic data:
Japan's Manufacturing PMI was reported at 48.5 to follow the prior month's reading of 47.7. Meanwhile, the country's industrial production rose 1.0% month-over-month, below the 1.5% rise expected by the market. Lastly, Japanese housing starts climbed 5.0% year-over-year, worse than the 8.3% growth that had been forecast by the market.
South Korean retail sales slipped 2.0% month-over-month, worse than the 0.3% uptick forecast by the general consensus. Also of note, industrial production rose a better-than-expected 7.3% year-over-year.
Looking at news:
Haruhiko Kuroda was officially nominated to replace Governor Shirakawa as the head of the Bank of Japan.
Japan's Ministry of Economy raised its industrial production assessment for the country.
European indices are registering modest gains. The United Kingdom's FTSE and France's CAC are both higher by 0.4% while Germany's DAX is rising 0.7%. On the periphery, Italy's MIB is registering no change.
Looking at economic data:
French consumer spending slipped 0.8% month-over-month, worse than the 0.2% downtick that had been expected by the market. Meanwhile, PPI rose 0.5% month-over-month, ahead of expectations.
Spain's fourth quarter GDP revision pointed to a contraction of 0.8%, worse from the 0.7% decline reported in the advance report.
Germany's unemployment change saw a slimmer-than-expected drop of 3,000, which resulted in the unemployment rate rising to 6.9% from 6.8%.
The Eurozone CPI came in at 2.0%, as expected. Meanwhile core CPI rose 1.3%, behind the broadly expected 1.5%.
Italian stocks are trailing behind the rest of the region as there appears to have been little progress made in the formation of a government.
In U.S. corporate news:
J.C. Penney (JCP 18.10, -3.06) is down 14.5% after reporting a notable earnings miss. During the fourth quarter, the retailer lost $1.95 while the Capital IQ consensus called for a loss of $0.17. Meanwhile, the company's revenue of $3.88 billion also missed analyst expectations.
Riverbed Technology (RVBD 15.00, -0.75) is down 4.8% after Sterne Agee downgraded the stock to 'Neutral' from 'Buy.'
In today's economic news, weekly initial and continuing claims, as well as the second estimate of fourth quarter GDP will all be reported at 8:30 ET. The day's economic data will be topped off with the 9:45 ET release of the February Chicago PMI.
06:51 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.00.
06:51 am : Nikkei...11559.36...+305.40...+2.70%. Hang Seng...23020.27...+443.30...+2.00%.
06:51 am : FTSE...6346.27...+20.40...+0.30%. DAX...7733.61...+57.70...+0.80%. Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries.
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