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 Post subject: February 1st Friday (No Trades due to illness)
PostPosted: Sat Feb 02, 2013 7:19 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Quote:
No trades today for me due to illness via the flu. In fact, I've had the flu for several days and had been trading while sick but today I just ran out of physical and mental energy. Therefore, I decided to properly get rest via a nice 3 day weekend.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $0.00 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=1429

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=203&t=1751

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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.

Dow Tops 14,000

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

NEW YORK (CNNMoney)
U.S. stocks rallied Friday, with the Dow closing above 14,000 for the fist time since October 2007, as investors welcomed a batch of strong economic data.

The Dow Jones industrial average jumped more than 149 points, or 1.1%, to hit 14,009.8, its highest closing level since Oct. 12, 2007. The Dow is now less than 200 points from its all-time high of 14,198.10.

The S&P 500 rose 1% and is also at its highest level since 2007 -- about 4% away from its record high. The Nasdaq gained 1.2%.

Despite the day's big gains, stocks ended modestly higher for the week. The Dow gained 0.8%, the S&P 500 increased 0.6% and the Nasdaq climbed 0.9%.

Friday's strong advance followed reports on the job market, the manufacturing sector, construction spending and consumer sentiment, which all pointed to a healthy economic recovery.

@ What's behind the bull market

The U.S. economy added 157,000 jobs last month, fewer than the 180,000 economists were expecting, but investors were encouraged by the government's revisions to its 2012 data. The revisions showed that the economy added 335,000 more jobs in 2012 than originally reported.

"The revisions point to a fairly healthy 181,000 per month trend in 2012, which is more than strong enough over time to bring down the unemployment rate," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

In January, however, the unemployment rate ticked up slightly to 7.9% from 7.8% in December. Economists were expecting it to edge lower.

The stalled unemployment rate is "giving strength to the argument that the Fed will continue its bond buying program and keep rates low, which is also a positive for the stock market," said Tom Schrader, managing director at Stifel Nicolaus.

@ Video - A Look Back At Market Milestones

The Fed's commitment to low rates is also boosting the bond market, added Schrader. The price of the 10-year Treasury rose, pushing the yield to 1.96%, down from 1.98% late Thursday.

Meanwhile, the Census Bureau said that construction spending rose 0.9% in December, which was well above expectations.

The Institute for Supply Management's monthly manufacturing index rose to 53.1 in January, a sign that manufacturing sector is continuing to expand. Economists were expecting a reading of 50.5.

The University of Michigan's sentiment index rose to 73.8 in January. Economists were expecting a reading of 71.4.

@ Fear & Greed index ticks lower, but still in extreme greed

In corporate news, Exxon Mobil (XOM, Fortune 500) reported better-than-expected earnings and revenue, but the company's energy production levels declined. Shares rose slightly.

Merck (MRK, Fortune 500) shares declined after the company topped earnings expectations but gave a cautious outlook for 2013.

Shares of toy maker Mattel (MAT, Fortune 500) edged higher after the company said it is raising prices globally. Mattel is making the move after it missed earnings and sales forecast for the fourth quarter, which includes the holiday shopping period. The company, which is behind brands like Hot Wheels and Fisher-Price, said sales of Barbie brand products slipped 4% last quarter.

Dell (DELL, Fortune 500) shares climbed almost 5% after a Reuters report said the PC maker is nearing a deal to go private as early as Monday.

Zoetis (ZTS), an animal-health company owned by drug giant Pfizer (PFE, Fortune 500), raised $2.2 billion in its initial public offering late Thursday, with shares pricing at $26 each, well above the target range. Shares jumped 20% on the first day of trading. Zoetis' IPO is the largest since Facebook Inc raised $16 billion last May.

Google (GOOG, Fortune 500) shares rose more than 2%, hitting an all-time high of $776.60.

European markets ended solidly higher. Asian markets were mostly firmer, led by gains in Shanghai, which shrugged off the mixed news about China's manufacturing sector. Two separate purchasing managers' surveys on China showed manufacturing activity continued to expand in January, but painted a mixed picture on the pace of recovery.

The dollar rose against the British pound and Japanese yen, but edged lower versus the euro.

Oil and gold prices rose modestly.

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Market Update

4:25 pm : Stocks saw broad gains during today's session and the S&P 500 ended higher by 1.0%. Meanwhile, the Dow climbed 1.1% and settled above 14,000 for the first time since October 2007. The day was busy with economic data, most of which surprised to the upside. Overseas, China's HSBC manufacturing PMI signaled continued expansion while readings in Europe were better-than-feared.

Domestically, investors received a full slate of data with the headline report coming in the form of January nonfarm payrolls. During the first month of 2013, the economy added 157,000 nonfarm jobs, which fell short of the 180,000 expected by the Briefing.com consensus. In addition, the unemployment rate ticked up to 7.9%. The immediate reaction sent equity futures higher as the rise in unemployment signals the Federal Reserve will not be removing its support from the markets in the near future.

The morning sentiment was aided by a strong January ISM index, upbeat December construction spending, as well as the positive revision to the final January Michigan Consumer Sentiment Survey.

All ten S&P 500 sectors ended in the black and five added at least 1.0%.

Financials rallied broadly and the SPDR Financial Select Sector ETF (XLF 17.61, +0.23) notched a fresh 52-week high. Bank of America (BAC 11.71, +0.39) and Morgan Stanley (MS 23.51, +0.71) outperformed their peers and settled with respective gains of 3.5% and 3.1%.

Elsewhere, the materials sector rallied on the strength of steel producers. The industry tends to show elevated sensitivity to Chinese economic data, and today's manufacturing PMI beat suggested Chinese steel demand will remain strong. The Market Vectors Steel ETF (SLX 49.61, +0.77) advanced 1.6%.

The tech sector underperformed earlier in the week, but did its best to catch up to the broader market today. Interestingly, technology stocks rallied without the participation of Apple (AAPL 453.62, -1.87). However, microprocessor manufacturers picked up the slack and the PHLX Semiconductor Index gained 1.9%.

The CBOE Volatility Index (VIX 12.92, -1.36) fell almost 10.0%, and ended near its 52-week low of 12.29.

Today's volume was strong with more than 750 million shares changing hands on the floor of the New York Stock Exchange.

Next week shapes up to be pretty light in terms of economic data. On Monday, December factory orders will be reported at 10:00 ET.

Week in Review: Equities Book Solid January Gains

On Monday, the major averages ended the session largely where they began. The S&P 500 and Dow registered modest losses, while the Nasdaq added 0.2%, seeing relative outperformance from Apple (AAPL 453.62). The largest tech stock ended higher by 2.3% after disappointing earnings caused it to lose nearly 13.0% last week. The materials sector was the weakest performer. The observed weakness resulted from a Goldman Sachs downgrade of the U.S. steel sector. Following the downgrade, steel stocks saw broad selling and the Market Vectors Steel ETF (SLX 49.62) shed 1.4%.

Equities finished Tuesday's session on a mixed note. The Dow and S&P 500 gained 0.5% each, while the Nasdaq underperformed and ended flat. However, looking below the surface revealed the sector rotation which took place today. Health care, telecoms, and utilities were among the day's top performers as investors rotated into defensive-oriented stocks. Seagate (STX 33.67, -0.31) fell 9.4% after issuing guidance which disappointed investors. The sell-off occurred after Seagate rallied nearly 50.0% in the eight weeks leading up to its quarterly report.

On Wednesday, equities started the day on a mixed note, but the slightly bearish bias which persisted throughout the session caused the major averages to end near their lows. The S&P 500 slipped 0.4%, and was the weakest performing index. Amazon.com (AMZN 265.00, -0.50) jumped 4.8% after the online merchant reported its operating income well ahead of analyst expectations.

Thursday did not bring much change to the market as the S&P 500 slipped 0.3% and Nasdaq ended flat. Mixed trade unfolded amid economic data which was largely in-line with expectations. The personal income report stood out as the December increase of 2.6% was well ahead of the 0.7% rise expected by the Briefing.com consensus. However, the notable rise in personal income was due to a surge in personal income on assets as investors chose to lock in a lower capital gains tax rate ahead of the New Year. In addition to economic data, investors received several notable earnings reports. Ryder System (R 57.90, +1.12), MasterCard (MA 518.71, +0.31), and Qualcomm (QCOM 66.73, +0.71) gained between 0.5% and 4.6% after beating on earnings.

Finally, we would like to revisit our January recap for those who missed it yesterday.

Month in Review: Equities Soar as Full Force of 'Fiscal Cliff' Averted

Responding favorably to the Congressional compromise on tax rates, the S&P 500 jumped 2.8% in the first week of 2013 and rarely looked back. Despite some mixed economic and earnings news along the way, the S&P 500 closed with a gain in 13 out of 21 sessions and ended January at 1498.27 its best level since December 2007. The Dow Jones Industrial Average for its part surged 5.8% and recorded its best January since 1989.

Economic Data Paints Bleak January Picture

The bulk of economic data reported during the month beat the Briefing.com consensus. However, data reported for the month of January often came up short.
Of the seven January reports, five fell short of expectations.
The Empire Manufacturing Index, NAHB Housing Index, Philadelphia Fed Survey, Michigan Sentiment, and Consumer Confidence reports all missed expectations.
Meanwhile, the ADP Employment Change and Chicago PMI surprised to the upside.
The advance fourth quarter GDP reading was a headline disappointment, as a 0.1% contraction was recorded for the final quarter of 2012. However, the report was not as weak as it appeared.
The biggest drag on quarterly growth came in the form of a 6.6% decrease in government spending. This was largely due to a 22.2% decline in defense spending which followed a 12.9% increase during the third quarter.
The change in private inventories also subtracted 1.27 percentage points from the change in real GDP.
Personal consumption expenditures, which constitute more than 70% of GDP, rose 2.2%, which was the largest increase since the first quarter of 2012.
Business investment rose 12.4%, which was the largest uptick since the third quarter of 2011.

Mixed Earnings Unable to Derail Rally

The second half of the month saw the start of the fourth quarter earnings season.
Most companies have beaten on the bottom line per usual, hurdling estimates that had been lowered in many cases by analysts ahead of the reports. Revenue growth is still weak, but similar to earnings, most companies have exceeded depressed top line growth estimates.
Cautious guidance has been a common theme as many companies see headwinds in the first half of the year, although the default opinion is that the second half of the year should look better.

Transports, Energy, Health Care, and Discretionary Stocks Paced the Gains

The Dow Jones Transportation Average gained 9.4% as truckers and railroads joined the rally enjoyed by airlines since mid-November.
Energy stocks also displayed relative strength and the SPDR Energy Select Sector ETF (XLE) advanced 8.3%. This was largely supported by a 6.2% rise in the price of crude oil. The energy component ended the month just a shade under $98.
The Health Care sector has been a standout, trailing behind only energy in the sector rankings on a year-to-date basis (+7.4%).
The discretionary sector has also been among the top performers in the S&P 500.
Homebuilders continued their strength from 2012. The SPDR S&P Homebuilders ETF (XHB) ended January with a gain of 8.3%. Many builders reported strong fourth quarter earnings, replete with reports of strong backlogs and order trends.

Technology Lagged as Apple Weighed

The tech-heavy Nasdaq underperformed the remaining major indices as Apple (AAPL), which is the single largest index component, continued displaying weakness.
Shares of Apple sold off through the first half of the month before pausing near the $500 level.
A disappointing January 23 earnings report caused the stock to lose more than 10%. The company fell short of revenue expectations and issued downside guidance.
The largest tech stock ended the month down 14.4%, at levels last seen in February 2002.
Excluding Apple, the technology sector fared relatively well. Semiconductors outperformed despite a rash of disappointing earnings reports and outlooks. The PHLX Semiconductor Index climbed 7.7%.

Defensive Stocks Bid into Second Half

During the second half of the month, defensive-oriented sectors started to attract increased buying interest.
Telecoms (+1.8%) and utilities (+4.5%) registered the bulk of their gains during the second half of the month after the broader market had already seen the majority of its rise.
Health care stocks enjoyed strength throughout the month as upbeat earnings supported the space.

Headwinds Remain as S&P 500 Nears Uncharted Territory

As the S&P 500 hovers just 4.3% below its all-time high, challenges remain visible.
A notable drop in consumer confidence occurred as the initial impact of the payroll tax cut expiration was felt by income earners.
Sequester cuts are scheduled to go into effect in March, with the brunt of the impact to be absorbed by the defense sector.
The debt ceiling issue has only been deferred rather than fixed.
Japan's bold bid to weaken its currency and to inflate its economy is raising the risk of currency wars as other countries aim to support their exporters.
Geopolitical issues are simmering, with conflicts in the Middle East starting to make headline waves (eg. Egypt, Israel/Syria/Iran) and North Korea toying with nuclear tests.
Rising interest rates threaten to slow the housing recovery.
Bullish sentiment, which is a contrarian indicator, is picking up noticeably.

DJ30 +149.21 NASDAQ +36.97 SP500 +15.06 NASDAQ Adv/Vol/Dec 1799/1.95 bln/690 NYSE Adv/Vol/Dec 2333/756.7 mln/681

3:30 pm : Crude oil fell to a floor session low of $96.51 per barrel shortly after floor trade opened as investors digested the morning's numerous economic data that included nonfarm payrolls. However, the energy component broke into positive territory in mid-morning action and brushed a session high of $98.15 per barrel. It eventually settled at $97.77 per barrel with a 2.0% gain for the week.

Natural gas traded up to a session high of $3.39 per MMBtu in morning pit trade but gave up all of the gain as the session progressed. It fell into negative territory and brushed a session low of $3.28 per MMBtu before it settled at $3.30 per MMBtu, booking a 4.6% loss for the week.

Gold traded higher in volatile fashion following the jobs report. The yellow metal popped to a session high of $1683.00 per ounce moments before the equities market opened but quickly retreated back to the unchanged line. It then recovered some of the earlier gain and settled at $1670.50 per ounce, gaining 0.7% for the week.

Silver also displayed volatility as it rose to a session high of $32.16 per ounce in early morning action. It settled at$31.94 per ounce, booking a 2.4% weekly gain. DJ30 +140.23 NASDAQ +36.14 SP500 +14.08 NASDAQ Adv/Vol/Dec 1741/1.58 bln/718 NYSE Adv/Vol/Dec 2325/508.6 mln/682

3:00 pm : Heading into the final hour of trade, the major averages appear determined to settle on their session highs. The day started with a fair share of economic releases with manufacturing PMI readings reported in China, and across the Eurozone. While the Chinese data beat expectations, European readings were better-than-feared.

Though January nonfarm payrolls surprised to the downside, an uptick in the unemployment rate to 7.9% signaled to investors that the Federal Reserve would not be taking their foot off the gas in the near future. That understanding combined with upside surprises from other economic data points translated into today's rally.

Next week shapes up to be relatively quiet in terms of economic data. However, earnings will be in focus as the fourth quarter reporting season continues. On Monday morning, Humana (HUM 74.70, +0.34) and Sysco (SYY 32.11, +0.33) will reveal their results. The Capital IQ consensus expects Humana to report earnings of $1.07 on $9.79 billion in revenue. Meanwhile, Sysco's bottom line is expected to come in at $0.42 on revenue of $10.69 billion.DJ30 +141.26 NASDAQ +35.84 SP500 +14.10 NASDAQ Adv/Vol/Dec 1735/1.52 bln/714 NYSE Adv/Vol/Dec 2331/488.8 mln/667

2:35 pm : As today's session nears its final stage, the major averages remain at their respective highs. The Nasdaq is the top performing index, up 1.3%.

Technology stocks are enjoying a rebound session after underperforming earlier in the week. The space is seeing notable gains all around and the PHLX Semiconductor Index is rising 2.0%.

Today's rally is taking place without Apple's (AAPL 453.11, -2.38) participation. The largest tech stock is seeing little change after spending the duration of the day in a narrow range.

Financials are also rallying broadly after several majors underperformed over the course of recent sessions. The SPDR Financial Select Sector ETF (XLF 17.64, +0.26) has notched a fresh 52-week high and the ETF now trades at its best level since October 2008.DJ30 +147.29 NASDAQ +36.55 SP500 +14.81 NASDAQ Adv/Vol/Dec 1784/1.42 bln/670 NYSE Adv/Vol/Dec 2356/453.6 mln/632

2:05 pm : Quiet afternoon trade continues as the major averages remain within points of their respective highs. The day's rally was sparked after global markets received encouraging manufacturing PMI data from China, and better-than-feared results out of the Eurozone. Domestically, the January nonfarm payrolls report missed expectations and the unemployment rate ticked up to 7.9%. This sent a signal to the markets suggesting the Federal Reserve will not stop supporting the markets as higher unemployment moves the economy away from the Fed's target rate.

Equities got off to a running start at the open and they have continued pushing to fresh highs. All ten S&P 500 sectors are advancing, and five are seeing gains in excess of 1.0%. The technology sector is rebounding from recent weakness with microprocessor manufacturers in the midst of a strong rally. The PHLX Semiconductor Index is adding 1.9%.DJ30 +150.22 NASDAQ +39.09 SP500 +15.54 NASDAQ Adv/Vol/Dec 1799/1.31 bln/637 NYSE Adv/Vol/Dec 2384/420.5 mln/593

1:30 pm : Recent trade has seen the major averages hover near their respective highs set earlier in the day. The market is enjoying a broad rally as all ten S&P 500 sectors trade with gains. Outside of utilities, which are adding just 0.3%, the remaining nine sectors are all up in excess of 0.7%.

Today's gains in major financials are notable as the SPDR Financial Select Sector ETF (XLF 17.64, +0.26) trades at a fresh 52-week high. Including today's advance, the ETF proxy for financials is trading at its best level since October 2008.DJ30 +144.39 NASDAQ +38.45 SP500 +15.25 NASDAQ Adv/Vol/Dec 1782/1.21 bln/657 NYSE Adv/Vol/Dec 2392/390.8 mln/587

1:00 pm : The major averages have spent the duration of the day in a steady upward climb. The Nasdaq is the best performing index as it trades higher by 1.2%. Meanwhile, the Dow is adding 1.0% after briefly crossing above 14,000 for the first time since October 2007.

This morning, the global markets received several notable economic data points. China kicked the day off with a better-than-expected manufacturing PMI report. This carried over into the European session where most Eurozone economies beat their respective manufacturing PMI expectations.

In the U.S., investors were greeted with December construction spending, final January Michigan Sentiment, January ISM index, as well as the January jobs report. While most data points beat expectations, the headline nonfarm payrolls number missed. The reported addition of 157,000 jobs was below the 180,000 expected by the Briefing.com consensus. However, there was little negative reaction to the news because the December reading was revised higher by 26.5% to 196,000.

Following an upbeat open, the first half of the session saw continued buying interest across most sectors. At midday, financials, materials, technology, and telecoms are all adding in excess of 1.0%.

In the financial sector, major banks are outperforming with Bank of America (BAC 11.66, +0.34) and Morgan Stanley (MS 23.62, +0.82) in the lead. The two are seeing respective gains of 3.1% and 3.6%. In addition, the SPDR Financial Select Sector ETF (XLF 17.64, +0.27) has notched a fresh 52-week high, trading at its best level since October 2008.

Elsewhere, the materials space is receiving support from steelmakers as the Market Vectors Steel ETF (SLX 49.69, +0.85) trades higher by 1.7%. The relative strength among steel producers came after China's PMI data suggested the country's demand for steel will remain strong.

On the downside, utilities and energy are lagging. While the underperformance from the defensive-oriented utilities is not surprising, energy is trailing the broader market as major components see mixed reaction to their earnings. Exxon Mobil (XOM 90.17, +0.20) and National Oilwell Varco (NOV 71.10, -3.03) beat, but their stocks are headed in opposite directions. Exxon is adding 0.2% while National Oilwell Varco is sliding 4.1%.DJ30 +135.87 NASDAQ +37.75 SP500 +14.91 NASDAQ Adv/Vol/Dec 1797/1.1 bln/618 NYSE Adv/Vol/Dec 2410/360.8 mln/549

12:35 pm : The major averages are near their session highs as all three indices trade with gains near 1.0%. Investors have responded favorably to several economic data points released today. Most notably, January nonfarm payrolls were reported below the Briefing.com consensus, but the prior month did see a considerable revision higher.

Buying sentiment is alive and well as five of ten S&P 500 sectors trade with gains near 1.0%. Elsewhere, the Dow Jones Transportation Average is higher by 1.1% with 17 of 20 components trading higher. Trucking stocks are among the top performers and Ryder System (R 58.60, +1.81) is rising by 3.9%.

The day's most notable earnings came from two energy names. Chevron (CVX 116.02, +0.87) is adding 0.8% after reporting year-over-year revenue growth of 0.9%. Meanwhile, Exxon Mobil (XOM 89.99, +0.02) is unchanged after beating on earnings, and falling short of revenue expectations.DJ30 +135.76 NASDAQ +38.42 SP500 +14.99 NASDAQ Adv/Vol/Dec 1772/1.01 bln/630 NYSE Adv/Vol/Dec 2407/337.3 mln/557

12:00 pm : The key indices continue to hold their recent levels as the Dow hovers near levels last seen in late 2007. Today's economic data is contributing to the upbeat sentiment as the Michigan Consumer Sentiment Survey, construction spending, and the ISM index have all beat expectations. Meanwhile, the reported addition of 157,000 nonfarm jobs during January fell short of the expected reading of 180,000. However, the December jobs number saw a notable revision, climbing up to 196,000 from 155,000.

As equities climb higher, the telecom sector is the top performer. AT&T (T 35.54, +0.75), Sprint Nextel (S 5.72, +0.08), and Verizon Communications (VZ 44.52, +0.91) are all up in excess of 1.0%. Earlier, Verizon was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray.

In addition to the strength in telecoms, materials are outperforming as well. Steel producers are registering notable gains after China's HSBC manufacturing PMI of 52.30 signaled the continued strength in demand for the basic material. The Market Vectors Steel ETF (SLX 49.53, +0.69) is adding 1.4%.DJ30 +139.80 NASDAQ +34.01 SP500 +14.67 NASDAQ Adv/Vol/Dec 1699/896.6 mln/682 NYSE Adv/Vol/Dec 2368/305.1 mln/578

11:30 am : The major averages continue to hover near their respective session highs. The S&P 500 is adding 0.8% while Dow has crossed above 14,000 for the first time since October 15, 2007. The major averages received some support from today's economic data. In Europe, most manufacturing PMI reports were better-than-feared, which led to an aggregate Eurozone manufacturing PMI reading of 47.9.

Domestically, the January nonfarm payrolls report fell short of expectations, but the prior month's report saw a notable upward revision. In addition, the final University of Michigan Consumer Sentiment Survey rose to 73.8 from the 71.3 posted in the preliminary report.

The financial sector is seeing considerable strength during today's rally. Bank of America (BAC 11.60, +0.28) and Morgan Stanley (MS 23.43, +0.63) are the top performers among the majors as they trade with respective gains of 2.7% and 2.8%.DJ30 +131.93 NASDAQ +25.44 SP500 +12.62 NASDAQ Adv/Vol/Dec 1615/773.1 mln/742 NYSE Adv/Vol/Dec 2284/275.1 mln/638

11:00 am : Equities are holding near their highs with the S&P 500 up 0.8%. Meanwhile, the Dow is firmer by 1.0% after the index crossed above 14,000 for the first time since October 15, 2007. The market received a slew of economic data points today. Most notably, the January nonfarm payrolls reading of 157,000 fell short of the 180,000 expected by the Briefing.com consensus. It should be noted, however, that the December number saw a big revision with the reading rising to 202,000 from the 168,000 reported last month.

In notable earnings, Exxon Mobil (XOM 89.88, -0.09) is shedding 0.1% after the energy giant reported mixed earnings. Although Exxon beat on the bottom line, its revenue fell short of analyst expectations. Additionally, the company said its oil-equivalent production decreased by 5.0%.

As Exxon Mobil sees little change following earnings, the energy sector is among the weakest performers.DJ30 +136.39 NASDAQ +23.70 SP500 +12.29 NASDAQ Adv/Vol/Dec 1611/639.6 mln/698 NYSE Adv/Vol/Dec 2295/241.8 mln/592

10:35 am : Commodities are displaying some real volatility this morning, especially following this morning's jobs numbers. Dollar index surged higher this morning, but has since pulled back and is now -0.1%

Earlier this morning, crude oil was trading flat just ahead of floor trade. When trade began, crude oil sold off, falling just over $1/barrel to the current LoD of $96.51. After hitting that price, Mar crude rallied and erased all of those losses, which basically created a V-chart on the 1-minute chart. Crude is now +0.1% at $97.62/barrel.

Mar natural gas has been modestly higher this morning and is now +0.5% at $3.36/MMBtu.

Precious metals surged following the jobs numbers. Apr gold ran as high as $1683.00/oz, but like crude, but in an inverse fashion, reversed and pulled back to the same level from where it initially surged higher. Mar silver basically trade along with crude. In current action, gold is +0.5% at $1670.30/oz and silver is +1.5% at $31.81/oz. Mar copper is now +0.8% at $3.76/lb, right at its HoD.DJ30 +119.14 NASDAQ +18.96 SP500 +10.36 NASDAQ Adv/Vol/Dec 1502/499.1 mln/740 NYSE Adv/Vol/Dec 2240/203 mln/628

10:00 am : The major averages notched fresh highs in reaction to recently released economic data. The S&P 500 is higher by 0.7%.

The University of Michigan's final January Consumer Sentiment Survey rose to 73.8 from the 71.3 that was posted in the preliminary Survey. The Briefing.com consensus expected the reading to rise to 71.4.

The January ISM Index was reported at 53.1, while the Briefing.com consensus expected the reading to come in at 50.5. Meanwhile, December construction spending increased by 0.9% month-over-month, against the expected increase of 0.5%.DJ30 +106.33 NASDAQ +17.34 SP500 +9.17 NASDAQ Adv/Vol/Dec 1534/307.6 mln/642 NYSE Adv/Vol/Dec 2256/145.2 mln/529

09:50 am : The major averages are hovering near their early highs following an upbeat open. The S&P 500 is adding 0.5%.

This morning, the market received January jobs data. While the addition of 157,000 nonfarm jobs fell short of the 180,000 expected by the Briefing.com consensus, December's reading saw a big upward revision. For the final month of 2012, nonfarm payrolls were revised to 196,000 from 155,000.

Looking at the early leadership, telecoms and financials are the two top performing sectors.

At 9:55 ET, the final January Michigan Consumer Sentiment Survey will hit the wires while the January ISM Index and December construction spending will both be reported at 10:00 ET.DJ30 +83.51 NASDAQ +18.70 SP500 +7.73 NASDAQ Adv/Vol/Dec 1550/199.1 mln/585 NYSE Adv/Vol/Dec 2234/108.1 mln/511

09:20 am : [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +19.50. Heading into the open, equity futures are pointing to a higher start to the session. The S&P 500 futures are adding 0.6%.

The pre-market sentiment follows the January jobs report which pointed to the addition of 157,000 jobs. While the figure fell short of the 180,000 forecast by the Briefing.com consensus, the prior month's report saw a notable upward revision. December payrolls were revised to 196,000 from the 155,000 reported last month.

Overseas, we saw a flurry of manufacturing PMI beats. While the Chinese PMI readings came in above 50.0, most readings across Europe remained below 50.0, thus indicating contraction in the manufacturing sector.

In notable earnings, Merck (MRK 42.00, -1.25) is slipping 3.0% following its quarterly report. While the drug maker beat expectations, its guidance was a point of concern.

09:05 am : [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +21.50.

U.S. equity futures are near their pre-market highs with the S&P 500 futures adding 0.7%.

The major Asian bourses ended mostly higher as China's Shanghai Composite (+1.4%) outperformed despite mixed Manufacturing PMI data. China's Manufacturing PMI slipped to 50.8 (51.0 expected, 51.2 previous) and its HSBC Final Manufacturing PMI climbed to 52.3 (52.1 expected, 51.9 previous). Elsewhere, a fresh 32-month high for USDJPY fueled further gains for the Nikkei (+0.5%). Data from the region saw Australia's PPI climb a tamer than expected 0.2% quarter-over-quarter (0.4% expected), South Korea's trade surplus narrow to $874 million ($840 million expected, $1.92 billion previous), and Indonesia's trade deficit narrow to $150 million ($500 million expected, $480 million previous).

In Japan, the Nikkei added 0.5% to register its twelfth straight week of gains. The weak yen fueled today's move higher, but solid earnings reports were also a help. Heavyweight telecom provider Softbank surged 5.7% following its better than expected earnings. Elsewhere, electronics maker Sharp jumped 5.8% after media reports suggested the company would see a quarterly operating profit for its first time in over a year.
Hong Kong's Hang Seng finished unchanged amid a choppy session. Real estate shares were under pressure as China Land Overseas lost 2.3% and China Resources Land gave up 2.1%.
In China, the Shanghai Composite climbed 1.4% as financials posted solid gains. Agricultural Bank of China and Bank of Communications were among the leaders in the space, posting gains of 2.0% and 3.0% respectively.

Key European indices are trading higher while peripheral indices are underperforming. Looking at notable economic data points, countries across the Eurozone reported their manufacturing PMI readings this morning. Most of the readings surprised to the upside, and the United Kingdom posted the only disappointing result. The country's actual reading of 50.8 fell slightly short of the 51.0 expected by the market. As a result of generally positive manufacturing PMI reports, the Eurozone reading edged up to 47.9, ahead of expectations. Meanwhile, the Eurozone CPI came in at 2.0% year-over-year, slightly cooler than the expected uptick of 2.2%. The region's unemployment rate was reported at 11.7%, which was slightly better than feared.

With Italian elections just three weeks away, reports indicate Silvio Berlusconi has narrowed the gap between him and the frontrunner, Pier Luigi Bersani, to five points. Elsewhere, Moody's believes a Greek default remains likely, and the economy will contract by 5.0% in 2013. Also of note, Spain's Prime Minster Mariano Rajoy is expected to address the corruption scandal tomorrow.

Germany's DAX is adding 0.2% as consumer stocks outperform. Adidas is leading the index as it trades higher by 1.8%. On the downside, drug maker Bayer is slipping 1.0% after regulators proposed a temporary ban on certain uses of insecticides made by Bayer.
In the United Kingdom, the FTSE is higher by 0.6% and miners are outperforming. Anglo American and Fresnillo are both up near 3.0%.
France's CAC is jumping 1.3% as 39 of 40 components trade with gains. STMicroelectronics is spiking 4.4% after the company announced plans to terminate its joint venture with Ericsson.
Spain's IBEX is down 1.7% as the short selling ban expired. Construction names are among the weakest performers. Acciona and Fomento de Construcciones are down 9.7% and 7.7% respectively.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +14.50. Equity futures held their ground in reaction to the January jobs data. The S&P 500 futures are adding 0.4%.

January nonfarm payrolls came in at 157K versus the 180K expected by the Briefing.com consensus. The prior reading was revised up to 196K from 155K. Nonfarm private payrolls added 166K against the 193K consensus. The unemployment rate was reported at 7.9%, slightly worse than the Briefing.com consensus which expected the rate to tick down to 7.7%.

Hourly earnings rose by 0.2%, in-line with expectations. Lastly, average workweek was reported at 34.4, which was slightly below the 34.5 expected by the Briefing.com consensus.

08:05 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +12.70.

U.S. equity futures are modestly higher amid generally positive European trade. The S&P 500 futures are adding 0.3%. Some pre-market volatility is expected with the release of January nonfarm payrolls scheduled for an 8:30 ET release. The Briefing.com consensus expects the reading to come in at 180,000 to follow last month's 155,000.

Looking at overseas developments:

Asian markets ended mostly higher. Japan's Nikkei added 0.5%, China's Shanghai Composite gained 1.4% while Hong Kong's Hang Seng ended flat.
In economic data:
China's manufacturing PMI of 50.40 fell slightly short of the expected reading of 50.90. Meanwhile, the HSBC manufacturing PMI came in at 52.30, ahead of the 52.10 expected by the market.
South Korea's CPI rose 1.5% year-over-year, cooler than the 1.6% rise forecast by the general consensus. Meanwhile, the month-over-month reading edged up 0.6%, in-line with expectations.
Japan's household spending fell 0.7% year-over-year, which was worse than the broadly expected decline of 0.3%.
In news:
Japanese press reports that Prime Minister Shinzo Abe may be narrowing down his list of candidates for governor of the Bank of Japan.
Meanwhile, the Ministry of Economy, Trade, and Industry expects sequential growth in industrial production during the first two months of 2013.
European markets are generally higher. Germany's DAX is adding 0.3%, the United Kingdom's FTSE is firmer by 0.4%, and France's CAC is higher by 0.9%. On the periphery, Italy's MIB is off by 0.4% while Spain's IBEX 35 is shedding 1.9%.
Looking at notable economic data points:
Countries across the Eurozone reported their manufacturing PMI readings this morning. Most of the readings surprised to the upside, and the United Kingdom posted the only disappointing result. The country's actual reading of 50.8 fell slightly short of the 51.0 expected by the market. As a result of generally positive manufacturing PMI reports, the Eurozone reading edged up to 47.9, ahead of expectations.
The Eurozone CPI came in at 2.0% year-over-year, slightly cooler than the expected uptick of 2.2%. Meanwhile, the region's unemployment rate was reported at 11.7%, which was slightly better than feared.
In news:
Spain's IBEX 35 is underperforming notably. This comes after the country's regulators chose not to extend the short selling ban which expired this morning. In addition, Prime Minister Mariano Rajoy has been mired in a kickback scandal.
Moody's believes a Greek default remains likely, and the economy will contract by 5.0% in 2013.

In U.S. corporate news:

Dell (DELL 14.13, +0.89) is adding 6.7% after reports indicated a leveraged buyout between $15 and $16 per share may be announced as early as next week.
Merck (MRK 42.60, -0.65) is slipping 1.6% despite beating on earnings and revenue. However, the company's full-year 2013 earnings guidance was towards the low end of expectations.

In addition to the previously mentioned January nonfarm payrolls, nonfarm private payrolls, unemployment rate, hourly earnings, and average workweek will all be released at 8:30 ET. At 9:55 ET, the final January Michigan Consumer Sentiment Survey will hit the wires while the January ISM Index and December construction spending will both be reported at 10:00 ET. Lastly, automakers will be reporting their January sales throughout the day.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +8.50.

06:52 am : Nikkei...11191.34...+52.70...+0.50%. Hang Seng...23721.84...-7.70...0.00.

06:52 am : FTSE...8302.24...+25.20...+0.40%. DAX...7789.51...+13.50...+0.20%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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