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 Post subject: February 5th Tuesday Trade Results - Profit $610
PostPosted: Tue Feb 05, 2013 8:34 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 (no technical indicators)

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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 @ $470.00 dollars or +4.70 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $140.00 dollars or +0.14 points. Total Profit @ $610.00 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=1431

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, EuroFX 6E futures, Gold GC futures, Oil CL & Brent futures, Eurex DAX 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 Rallies But Stays Below 14,000

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

NEW YORK (CNNMoney)

It's hard to keep this market down.

Stocks closed higher Tuesday, as investors turned their attention to corporate news.

The Dow Jones Industrial Average, the S&P 500 and the Nasdaq gained between 0.7% and 1.2%.

"The market is trying to give people comfort that we're starting to build a base to go up from," said Frank Davis, director of trading at LEK Securities.

The Dow flirted with 14,000 for most of the day but wasn't able to close above that threshold. Bank of America (BAC, Fortune 500) was the biggest gainer on the blue-chip index.

But it was tech stocks that drove Tuesday's rally, helped by the highly anticipated announcement of a $24.4 billion leveraged buyout of computer maker Dell (DELL, Fortune 500). The deal, if completed, would be one of the largest LBOs ever.

Shares of Dell rival Hewlett-Packard (HPQ, Fortune 500) jumped more than 2% after HP said it plans to target Dell's customers during the transition.

Related: Fear & Greed easing but still in extreme greed

Shares of UK cable operator Virgin Media (VMED) rallied more than 17%, making it the biggest gainer on the Nasdaq. The company confirmed it has been approached by media billionaire John Malone's Liberty Global (LBTYA, Fortune 500) about a possible deal.

Shares of McGraw Hill (MHP, Fortune 500) dropped more than 10%, after the U.S. Justice Department sued S&P, one of its divisions, over its ratings of subprime securities before the financial crisis.

Investors also had a slew of earnings to pore through.

BP (BP) kicked off the day with results noting the company paid out billions in fines to the U.S. government, yet shares rose more than 1%,

UBS (UBS), meanwhile, posted a $2 billion loss driven by Libor fines. The Swiss banking giant also reported it is capping its largest bonuses at $1.1 million, half the previous cap.

Related: Individual investors still nervous

Shares of Yum! Brands (YUM, Fortune 500) sank 3%, a day after the restaurant operator said it expected earnings to fall in 2013 based on its recent struggles in China.

Mastercard (MA, Fortune 500) shares rose nearly 1% after the company announced it will start a new stock repurchase program and double its quarterly cash dividends to 60 cents per share.

Shares of J.C. Penney (JCP, Fortune 500) were up more than 3%, after the retailer filed a lawsuit to protect itself from having nearly $3 billion in debt come due in the next few months.

Baidu (BIDU) shares tumbled 10% on analysts' worries about the company's rising costs.

After the bell, Disney (DIS, Fortune 500) reported earnings and revenues that beat forecasts. Shares of the media and entertainment company ticked up slightly after hours.

Zynga (ZNGA) shares spiked in after-hours trading after the company beat analyst's forecasts.

European markets ended the day up between 0.3% and 1.2%.

Asian markets closed mixed. The Shanghai Composite added 0.2%, while the Nikkei dropped 1.9% and the Hang Seng declined 2.3%.

Oil and gold prices dipped slightly. Meanwhile, the yield on the 10-year U.S. Treasury note rose to 2.02% from 2% Monday.

The U.S. dollar gained versus the British pound and the Japanese yen, but lost ground against the euro.

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Market Update

4:15 pm : Today's session brought resilience to the markets as the key averages recovered the majority of their losses from Monday. The S&P 500 settled higher by 1.0% after spending the duration of the day in a steady climb. The morning sentiment was aided by upbeat European trade where Italian and Spanish markets recovered from yesterday's plunge.

Domestically, seven of ten S&P 500 sectors registered gains in the neighborhood of 1.0%. Tech shares led the way after the sector felt the brunt of Monday's selling. The largest tech stock, Apple (AAPL 457.84, +15.53), outperformed the broader market and ended higher by 3.5%.

The tech sector received some acquisition news today. Dell (DELL 13.42, +0.15) added 1.1% after entering into an agreement to be acquired by Michael Dell-Silver Lake for $13.65 per share. The deal includes a $2 billion loan from Microsoft (MSFT 27.50, +0.05).

Meanwhile, Virgin Media (VMED 45.61, +6.92) jumped 17.9% after the company confirmed its discussions with Liberty Global (LBTYA 67.88, -1.58) regarding a possible transaction.

Among notable tech earnings, ARM Holdings (ARMH 43.69, +1.74) gained 4.2% after beating on revenue. Meanwhile, the broader PHLX Semiconductor Index advanced 1.6%.

In other earnings of note, Archer-Daniel Midlands (ADM 29.38, +0.94) beat on earnings and revenue while Kellogg (K 58.50, +0.40) topped the Capital IQ revenue forecast. The two stocks supported the consumer staples sector, and ended with respective gains of 3.3% and 0.7%.

While staple stocks saw strength across the board, the discretionary sector experienced some pockets of weakness. Restaurant operator Yum! Brands (YUM 62.08, -1.86) shed 2.9% after its quarterly report included cautious guidance. This comes as the company attempts to overcome the negative publicity received after two poultry suppliers provided KFC with chicken containing unapproved antibiotic levels.

Publisher McGraw-Hill (MHP 44.92, -5.38) was another notable laggard in the discretionary space. Shares of the publishing company plunged after the Department of Justice announced plans to file a civil lawsuit against Standard & Poor's, a unit of McGraw-Hill. The Department of Justice is alleging S&P knowingly defrauded investors with its ratings on collateralized debt obligations and mortgage backed securities. McGraw-Hill is down over 20.0% since the charges were announced.

The CBOE Volatility Index (VIX 13.73, -0.94) declined over the course of the session and shed over 7.0%. The near-term volatility measure ended the session at its 20-day average.

Floor volume at the New York Stock Exchange was slightly below average as 702 million shares changed hands over the course of the day.

Today's economic data had little trading impact as the January ISM Services Index was reported at 55.2, which fell short of the 55.6 forecast by the Briefing.com consensus.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET. In notable earnings, CVS Caremark (CVS 51.72, +0.72) and Kraft Foods (KRFT 47.02, +0.62) will report their quarterly results ahead of the opening bell.DJ30 +99.22 NASDAQ +40.41 SP500 +15.58 NASDAQ Adv/Vol/Dec 1809/2.08 bln/683 NYSE Adv/Vol/Dec 2199/701.9 mln/810

3:30 pm :

Mar crude oil traded in positive territory alongside equities, receiving support from the ISM Services Index data released this morning. After trading in a fairly consolidative pattern, the energy component settled 0.5% higher at $96.66 per barrel, slightly below its session high of $97.07 per barrel.
Mar natural gas extended yesterday's gains as it lifted off its session low of $3.32 per MMBtu set in early morning action and trended higher for the remainder of pit trade. It booked a gain of 2.4% as it settled at $3.40 per MMBtu, or just below its session high of $3.41 per MMBtu.
Apr gold popped to a session high of $1687.00 per ounce in early morning action but retreated into negative territory shortly after the equity market opened. It traded there for the remainder of floor trade and ultimately settled 0.2% lower at $1673.70 per ounce.
Mar silver also fell into negative territory despite trading as high as $32.10 per ounce. However, investors stepped in and brought prices back into the black. Silver trended higher in afternoon floor trade and settled at $31.88 per ounce, or 0.5% higher.

DJ30 +117.35 NASDAQ +43.20 SP500 +17.52 NASDAQ Adv/Vol/Dec 1828/1815.4 mln/661 NYSE Adv/Vol/Dec 2229/479 mln/767

3:00 pm : Heading into the final hour of the session, the S&P 500 is sitting at its recently established session high. Equities spent the duration of the day in a steady climb after suffering their largest drop of 2013 yesterday. The rebound began across the ocean where European markets recovered from yesterday's tumble.

Domestically, investors responded to earnings from several major names. Yum! Brands (YUM 61.81, -2.13) disappointed traders with its guidance, but the weakness was isolated to the stock. Other restaurant operators are trading with a generally positive bias and Chipotle Mexican Grill (CMG 309.32, -0.88) is shedding 0.3% ahead of its quarterly report scheduled for an evening release. The Capital IQ consensus expects the company to report earnings of $1.96 on $698 million in revenue.DJ30 +124.62 NASDAQ +44.82 SP500 +18.06 NASDAQ Adv/Vol/Dec 1812/1.63 bln/666 NYSE Adv/Vol/Dec 2206/426.6 mln/782

2:30 pm : The S&P 500 is firmer by 1.2% as the index continues to climb higher. Equities are enjoying broad gains to follow their worst session of 2013. Currently, seven S&P 500 sectors are seeing gains of at least 1.0%. Meanwhile, the utilities sector is the weakest performer. The defensive oriented space is adding 0.5%.

The Dow Jones Transportation Average was closely watched during January as the bellwether complex outperformed the broader market. Today, the transportation average is advancing 1.0% as the space trades largely in-line with the broader market. Though all twenty sector components trade with gains, truckers are outperforming notably.

Ryder System (R 58.61, +1.88) is jumping 3.3% while CH Robinson (CHRW 67.13, +1.10) is adding 1.7%. Note that CH Robinson is scheduled to report its quarterly results following today's close.DJ30 +120.90 NASDAQ +43.62 SP500 +17.50 NASDAQ Adv/Vol/Dec 1793/1.50 bln/666 NYSE Adv/Vol/Dec 2191/394.3 mln/788

2:00 pm : The major averages are continuing their steady afternoon climb. The S&P 500 is rising 1.1% while Nasdaq outperforms. The tech-heavy index is higher by 1.2%.

Technology stocks have been supported for the duration of the session by shares of Apple (AAPL 456.52, +14.20). The largest tech stock is adding 3.2% after spending the duration of the session in an upward climb.

Tech earnings were light today, but ARM Holdings (ARMH 43.74, +1.79) is firmer by 4.3% after beating on revenue. Meanwhile, the broader PHLX Semiconductor Index is higher by 1.4%. On the downside, Baidu.com (BIDU 96.45, -10.75) is slipping 10.0% after the company's quarterly report warned of expected margin compression.DJ30 +118.34 NASDAQ +38.41 SP500 +16.33 NASDAQ Adv/Vol/Dec 1759/1.36 bln/681 NYSE Adv/Vol/Dec 2156/364.8 mln/819

1:30 pm : Afternoon trade continues with the major averages sitting on their session highs. Upbeat European trade boosted stocks at the open, which never looked back since. The S&P 500 is higher by 1.1%.

Today's rebound session is taking place as six S&P 500 sectors trade with gains near 1.0%. Meanwhile, the remaining sectors are not far behind. Defensive-oriented utility stocks are an exception as the sector registers the slimmest gains. The SPDR Utilities Select Sector ETF (XLU 36.60, +0.17) is adding 0.5%.

In Washington, President Obama has recently wrapped up his brief remarks to the press. During his address, the president said his original budget proposal remains on the table. In addition, Mr. Obama said he would like to see a comprehensive reform of the tax code.DJ30 +120.11 NASDAQ +36.69 SP500 +15.83 NASDAQ Adv/Vol/Dec 1768/1.26 bln/673 NYSE Adv/Vol/Dec 2168/335.6 mln/806

1:00 pm : At midday, the S&P 500 trades higher by 0.9% as equities enjoy a rebound following yesterday's 1.2% drop. The major averages received a boost at the open as upbeat European trade eased some of the worries which have resurfaced in recent days.

Most notably, Italy's MIB and Spain's IBEX ended with respective gains of 1.1% and 2.2%. Meanwhile, the exchange traded funds which track the performance of Italian and Spanish stocks are seeing gains comparable to the underlying indices. The iShares MSCI Italy Index (EWI 13.62, +0.16) is adding 1.2% while iShares MSCI Spain Index (EWP 30.40, +0.77) trades with a gain of 2.6%.

Today's market rebound is seeing participation from most sectors. Consumer staples have displayed strength from the open after Archer-Daniels Midland (ADM 29.30, +0.86) beat on earnings and revenue. In addition, Kellogg (K 58.88, +0.78) also beat on revenue, but its earnings fell in-line with expectations. The two food producers are trading higher by 3.0% and 1.3% respectively.

Elsewhere, discretionary stocks are trading in-line with the broader market despite relative weakness in shares of Yum! Brands (YUM 61.70, -2.24). The restaurant operator is shedding 3.5% after its positive quarterly report was coupled with cautious full-year earnings guidance.

Yesterday, the technology sector felt the brunt of the sell-off. Today, tech shares are outperforming the broader market. The sector is receiving considerable support from its largest component, Apple (AAPL 453.22, +10.90), which trades higher by 2.5%.

In acquisition news, Dell (DELL 13.40, +0.13) has entered into an agreement to be acquired by Michael Dell-Silver Lake for $13.65 per share. The deal includes a $2 billion loan from Microsoft (MSFT 27.57, +0.12).

Meanwhile, Virgin Media (VMED 45.20, +6.51) is jumping 16.8% after the company confirmed its discussions with Liberty Global (LBTYA 67.25, -2.21) regarding a possible transaction.

Today's economic data was limited to the January ISM Services Index, which was reported at 55.2, short of the 55.6 forecast by the Briefing.com consensus, and down from December's reading of 56.1.DJ30 +106.08 NASDAQ +32.14 SP500 +13.47 NASDAQ Adv/Vol/Dec 1758/1.16 bln/682 NYSE Adv/Vol/Dec 2117/306.9 mln/824

12:30 pm : The key indices continue to trade near their recently established highs. The Nasdaq is the top performing index as the relative strength in the shares of Apple (AAPL 452.33, +10.01) contributes to the outperformance.

The Nasdaq 100 index, which tracks the top 100 Nasdaq holdings, is seeing broad gains with just seven components trading in the red. Baidu.com (BIDU 95.63, -11.57) is a notable laggard as it trades lower by 10.8% after reporting its earnings. Baidu beat on revenue, but its guidance warned of expected margin compression.

On the upside, Virgin Media (VMED 45.03, +6.34) is spiking 16.4% after the company confirmed its discussions with Liberty Global (LBTYA 67.65, -1.81) regarding a possible transaction.DJ30 +106.25 NASDAQ +31.41 SP500 +12.78 NASDAQ Adv/Vol/Dec 1721/1.07 bln/678 NYSE Adv/Vol/Dec 2087/283.3 mln/848

12:00 pm : The S&P 500 is rising 0.9% as the major averages remain near their highs. Meanwhile, the Nasdaq was an early underperformer, but the index has recoupled with the broader market since.

Tech shares are seeing relative strength, and the largest sector component, Apple (AAPL 451.29, +8.97), trades higher by 2.1%.

Among notable tech earnings, ARM Holdings (ARMH 43.86, +1.91) is advancing 4.5% after reporting in-line earnings on better-than-expected revenue. Meanwhile, the broader PHLX Semiconductor Index is firmer by 1.1%.DJ30 +107.09 NASDAQ +29.56 SP500 +13.02 NASDAQ Adv/Vol/Dec 1747/962.5 mln/663 NYSE Adv/Vol/Dec 2079/254.5 mln/831

11:30 am : The major averages continue to hover near their highs as equities try their best to erase yesterday's losses. The S&P 500 is adding 0.9%.

Today's rebound session is taking place with the participation of the usual suspects. High-beta financials, industrials, and technology sectors are all among the day's top performers. Meanwhile, defensive oriented energy and telecoms are seeing slim gains.

As the market recovers the bulk of yesterday's losses, the CBOE Volatility Index (VIX 13.90, -0.77) is only surrendering a portion of its advance from yesterday. The near-term volatility measure is off by 5.3%.DJ30 +114.31 NASDAQ +29.52 SP500 +13.53 NASDAQ Adv/Vol/Dec 1759/870.6 mln/632 NYSE Adv/Vol/Dec 2123/228.5 mln/765

11:00 am : Equities are showing resilience as the major averages trade near their respective highs. The S&P 500 is firmer by 0.9% after yesterday's sell-off caused the benchmark index to lose over 1.0%. Today's advance comes as European indices enjoy a rebound session of their own. Italy's MIB and Spain's IBEX are seeing respective gains of 0.9% and 2.2%. Meanwhile, exchange traded funds which track the performance of Italian and Spanish stocks are trading higher as well. The iShares MSCI Italy Index (EWI 13.65, +0.19) is adding 1.4% while iShares MSCI Spain Index (EWP 30.46, +0.83) is higher by 2.8%.

Today's rebound effort is being led by consumer staples with the sector adding in excess of 1.0%. Archer-Daniels Midland (ADM 29.65, +1.21) is contributing to the relative strength as the food producer trades higher by 4.3% after beating on earnings and revenue. Also of note, Kellogg (K 59.26, +1.16) is rising 2.0% after beating on revenue.

The day's earnings did not paint a fully upbeat picture. Yum! Brands (YUM 61.77, -2.17) is slipping 3.4% after the company's guidance failed to inspire investor confidence. However, the discretionary sector is trading in-line with the broader market as the space looks past the cloudy outlook provided by Yum!.

Recent headlines from Washington indicate President Obama will make a statement at 13:15 ET. The president is expected to seek a delay of automatic spending cuts and to offer a short-term budget proposal during his remarks.DJ30 +123.14 NASDAQ +31.35 SP500 +14.35 NASDAQ Adv/Vol/Dec 1778/730.8 mln/545 NYSE Adv/Vol/Dec 2170/194.9 mln/700

10:35 am : Commodities are mixed today with energy higher and metals mostly lower. Precious metals sold off in recent activity, pulling gold futures down to a new session low and silver back to its current session low. Apr gold is currently -0.3% at $1670.90/oz, while Mar silver is +0.1% at $31.75/oz.

Crude oil futures have been in positive territory all morning and rose as high as $97.07/barrel. The Mar crude oil contract is now +0.8% at $96.89/barrel.

Natural gas futures have been in positive territory all session so far and are showing nice gains. After twice moving back down near the unchanged line, Mar nat gas futures are +0.8% at $3.34/MMBtu.DJ30 +122.69 NASDAQ +28.64 SP500 +14.12 NASDAQ Adv/Vol/Dec 1700/598.1 mln/552 NYSE Adv/Vol/Dec 2168/167 mln/683

10:00 am : The major averages saw little reaction to the latest ISM Services Index. The S&P 500 is adding 0.8%.

The January ISM Services Index was reported at 55.2, short of the 55.6 forecast by the Briefing.com consensus, and down from December's reading of 56.1.DJ30 +108.40 NASDAQ +13.95 SP500 +11.20 NASDAQ Adv/Vol/Dec 1574/298.5 mln/585 NYSE Adv/Vol/Dec 2087/107.1 mln/659

09:45 am : The major averages are trading near their highs in the early going. The S&P 500 is adding 0.6%. The upbeat open follows yesterday selloff sparked by renewed worries about Italy and Spain.

In the U.S., earnings continue pouring in with results painting a mixed picture. Automaker Toyota Motor (TM 98.77, +0.94) is adding 1.0% after reporting strong quarterly results.

On the downside, Yum! Brands (YUM 60.31, -3.63) is sliding 5.6% after its earnings beat included a profit warning.

In acquisition news, Dell (DELL 13.27, 0.00) has entered into an agreement to be acquired by Michael Dell-Silver Lake for $13.65 per share. The deal includes a $2 billion loan from Microsoft (MSFT 27.44, -0.15).

January ISM Services Index will be released at 10:00 ET.DJ30 +84.41 NASDAQ +10.99 SP500 +9.09 NASDAQ Adv/Vol/Dec 1504/164.1 mln/557 NYSE Adv/Vol/Dec 1999/73.4 mln/685

09:13 am : [BRIEFING.COM] S&P futures vs fair value: +4.10. Nasdaq futures vs fair value: +7.20. Heading into the open, equity futures are signaling a higher start to the session. The S&P 500 futures are adding 0.5%.

The U.S. market is poised to stage a rebound after registering its worst session of the year yesterday. Upbeat European trade is contributing to the positive sentiment as indices across the old continent trade near their session highs.

This morning's earnings have painted a mixed picture. Notably, Yum! Brands (YUM 59.65, -4.29) is sliding 6.7% after its earnings report contained cautious full-year 2013 bottom line guidance.

In today's economic data, the January ISM Services Index will be released at 10:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +8.00.

U.S. equity futures remain firmly in the black with the S&P 500 futures up 0.4%.

The major Asian bourses ended mostly lower as the political controversies across Europe weighed on sentiment. Hong Kong's Hang Seng (-2.3%) and Japan's Nikkei (-1.9%) were hit the hardest due to their exposure to the region. Meanwhile, China's Shanghai Composite (+0.2%) outperformed following the best reading in four months for HSBC Services PMI (54 actual v. 51.7 previous). The Reserve Bank of Australia opined overnight, opting to hold its key rate steady at 3.00%, but indicated the inflation picture gives scope for further easing. Data out overnight was heavy with Australia's trade deficit (-AUD0.43 billion actual v. -AUD0.81 billion expected, -AUD2.79 billion previous) and Home Price Index (1.6% quarter-over-quarter actual v. 0.3% expected) topping estimates. Elsewhere, Indonesia's GDP slipped to 6.11% year-over-year (6.20% expected, 6.17% previous), India's HSBC Services PMI climbed to 57.5 (55.6 previous), Taiwan's CPI cooled to 1.15% year-over-year (1.6% previous), and the Philippines' CPI jumped to 0.5% month-over-month (-0.1% expected).

In Japan, the Nikkei shed 1.9%, falling for the first time in six days. Panasonic jumped another 3.9%, adding to Monday's gains that developed following the company announcing better than expected earnings. Elsewhere, heavyweight Fast Retailing fell 3.2% after same-store sales posted a 5.5% year-over-year decline.
Hong Kong's Hang Seng lost 2.3% to post its biggest loss in three months. Refining giant Sinopec tumbled 6.4% after announcing it will raise HKD24 bln through a share sale. Meanwhile, European names were hit as retailer Esprit dropped 2.1% and HSBC shed 2.7%.
In China, the Shanghai Composite added 0.2% to end with its seventh day of gains. Rail stocks were strong after reports suggested Beijing was considering a plan for 120 ports. China Railway Construction rallied 4.8% while CSR and CNR both jumped the maximum 10%.

European markets are off their highs as regional indices rebound from yesterday's weakness. Looking at notable economic data points, Eurozone economies reported their respective Services PMI readings. Most reports came in ahead of analyst expectations, but Italy's reading of 43.9 was well short of the 45.8 expected by the market. In aggregate, regional PMI reports produced a Eurozone reading of 48.6, slightly better than the expected 48.3. Meanwhile, Eurozone retail sales slipped 0.8% month-over-month, which was worse than the generally expected downtick of 0.5%. In news, German Economy Minister Philipp Roesler said the country's objective should be to boost competitiveness rather than weaken the euro.

Germany's DAX is adding 0.1% with financials outperforming. Muenchener Re is higher by 2.3% after the insurer hiked its quarterly dividend 12.0% to EUR7 per share. On the downside, exporters are lagging. Volkswagen is down 1.0%.
The United Kingdom's FTSE is advancing 0.5% as financials pace the day's gains. Hargreaves Lansdown is one of the index leaders as it trades higher by 4.6%. Additionally, ARM Holdings is rising 4.0% after reporting strong earnings.
France's CAC is higher by 0.9% with utilities registering notable gains. GDF Suez and Veolia Environnement are both up near 2.0%.
Italy's MIB is firmer by 1.0% as banks rebound from yesterday's selloff. Banca Monte dei Paschi and Unicredit are seeing respective gains of 4.2% and 3.2%.
In Spain, the IBEX trades with a gain of 1.5% as Banco Santander leads the 35-stock index. The financial is adding 2.7%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.00. Equity futures have slipped off their early highs but they remain firmly in the black. The S&P 500 futures are adding 0.4% as the market is poised to rebound from yesterday's broad weakness.

The fourth quarter earnings season has conditioned the market to expect a mixed batch of reports. The story is no different today. Semiconductor manufacturer ARM Holdings (ARMH 43.92, +1.97) is rising 4.7% after reporting in-line earnings and beating on revenue.

On the downside, Yum! Brands (YUM 59.99, -3.95) is sliding 6.2% after the company said it expects full-year 2013 earnings to decline from 2012 levels.

Today's economic data will be limited to the January ISM Services Index. This report will be released at 10:00 ET.

08:05 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +7.20.

U.S. equity futures are near their pre-market highs as European indices rebound from yesterday's selloff which saw Italy's MIB and Spain's IBEX lose 4.5% and 3.8% respectively. The S&P 500 futures are adding 0.5%.

Looking at overseas developments:

Asian markets finished on a mixed note. China's Shanghai Composite added 0.2% while Hong Kong's Hang Seng lost 2.3%, and Japan's Nikkei shed 1.9%.
In economic data:
China's HSBC Services PMI was reported at 54.0, ahead of prior month's reading of 51.7.
The Reserve Bank of Australia held its key interest rate unchanged at 3.00%.
Australian house price index rose 1.6% quarter-over-quarter, while an increase of 0.3% was broadly expected. Meanwhile, the country's trade deficit was reported at AUD0.43 billion, better than the deficit of 0.80 billion expected by the market.
India's HSBC Services PMI came in at 57.5, better than the generally expected reading of 55.6.
Looking at news:
China's National Bureau of Statistics said the country will widen its PMI sample in order to better reflect manufacturing conditions.
Shanghai Daily reported China's 2012 crude oil consumption rose 4.9% year-over-year, to 476.1 million tons.
Bank of Japan Governor Masaaki Shirakawa will step down three weeks earlier than expected. The governor is now scheduled to depart on March 19.

European markets are near their highs as trade nears midday. Germany's DAX is adding 0.3%, United Kingdom's FTSE is rising 0.7% while France's CAC is higher by 1.1%. On the periphery, Italy's MIB and Spain's IBEX are seeing respective gains of 1.3% and 1.8%.
Looking at notable economic data points:
This morning, Eurozone economies reported their respective Services PMI readings. Most reports came in ahead of analyst expectations. However, Italy's reading of 43.9 was well short of the 45.8 expected by the market. In aggregate, regional PMI reports produced a Eurozone reading of 48.6, slightly better than the expected 48.3.
Eurozone retail sales slipped 0.8% month-over-month, which was worse than the generally expected downtick of 0.5%.
In news:
German Economy Minister Philipp Roesler said the country's objective should be to boost competitiveness rather than weaken the euro.
Germany's DAX is underperforming amid relative weakness in the shares of Bayer as well as auto exporters.
Italian and Spanish markets are rebounding from yesterday's losses with financials in the lead.

In U.S. corporate news:

Yum! Brands (YUM 59.85, -4.09) is sliding 6.3% after reporting its fourth quarter results. Though the restaurant operator beat on earnings, its guidance was a point of concern as the company expects full-year 2013 earnings to decline by mid-single digits. Additionally, Yum! expects its first quarter China same-store sales to remain unchanged for the balance of the quarter. This would translate to a 25% decline.
Arch Coal (ACI 6.64, -0.29) is slipping 4.2% after missing on earnings and revenue. However, the company said it expects an improvement in the second half of the year.

Today's economic data will be limited to the January ISM Services Index. This report will be released at 10:00 ET.

06:32 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +7.50.

06:31 am : Nikkei...11046.92...-213.40...-1.90%. Hang Seng...23148.53...-536.50...-2.30%.

06:31 am : FTSE...6276.68...+29.80...+0.50%. DAX...7647.71...+9.50...+0.10%.

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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