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 Post subject: February 15th Friday Trade Results - Profit $1300
PostPosted: Fri Feb 15, 2013 11:25 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 @ $100.00 dollars or +1.00 points, EuroFX 6E futures @ $0.00 dollars or +0.0000 ticks and Light Crude Oil CL (WTI) futures @ $1200.00 dollars or +1.20 points. Total Profit @ $1300.00 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=1439

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, 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.

S&P 500 Rises For 7th Week In A Row

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

NEW YORK (CNNMoney)
The S&P 500 managed to eke out its seventh winning week Friday as stocks ended the day with a whimper.

The S&P 500 and the Nasdaq dipped between 0.1% and 0.2%, while the Dow Jones Industrial Average closed just barely higher.

All three indexes were down slightly for the week, marking the first losing week for the Nasdaq this year.

Recently stocks have been pulling back from their solid start to 2013, but the Dow and S&P are still within range of new record highs.

The Dow is 1.3% shy of its all-time high, hit in October 2007, and the S&P 500 is about 4% below its record high, also set in October 2007. All three indexes are up between 5% and 7% for the year.

"We're in digestion mode," said Sal Catrini, an analyst at SunTrust Robinson Humphrey. "We've had a really nice run."

Related: 10 stocks you love

Investors remained wary of jumping into stocks Friday, despite a pair of positive economic reports.

The real action was in commodities, with gold and oil dropping 1.5%.

Billionaire hedge fund manager George Soros spooked gold bugs, after it was revealed that his fund cut its stake in a major gold ETF, SPDR Gold Trust (GLD), at the end of last year.

Commodities moved lower across the board. Oil slid nearly 2% on renewed concerns over global growth following a weaker than expected report on industrial production in the United States.

The New York Federal Reserve report showed that manufacturing in the state picked up precipitously last month. Meanwhile, the University of Michigan's February report on consumer sentiment came in at 76.3, above a 74.8 forecast.

On the corporate front, investors had more earnings results to take in Friday.

About 65% of the companies in the S&P 500 that have reported fourth-quarter earnings so far have topped analysts' expectations, according to S&P Capital IQ. But the bulk of companies that have issued guidance for the first quarter have had negative outlooks.

Related: Fear & Greed Index stuck in extreme greed

Burger King (BKW) reported earnings that beat expectations. Shares closed up nearly 5%. Meanwhile, Kraft Foods (KRFT) posted weaker-than-expected revenue.

Shares of nutritional supplements company Herbalife (HLF) surged more than 12%, but closed up just 1% after activist investor Carl Icahn disclosed a 13% stake in the firm on Thursday.

Carnival (CCL) shares slid as the company's Triumph cruise ship docked and passengers were finally able to leave, just days after a fire and power outage left the ship and 3,000 passengers stranded at sea.

Shares of Wal-Mart (WMT, Fortune 500) dropped nearly 2%, after a research firm said that sales for the last four weeks look significantly softer at the big box retailer.

Shares of Gap (GPS, Fortune 500) surged on rumors that the retailer could be a takeover target.

European markets and Asian markets ended mixed.

The dollar was higher versus the euro and the Japanese yen, but dipped versus the British pound. The so-called currency wars will be a major topic of conversation at the G-20 summit in Moscow that kicked off Friday.

The price on the 10-year Treasury note declined, sending the yield up to 2.01% from 1.95% late Monday.

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4:25 pm : The major averages ended today's session on a mixed note. The Dow added 0.1% while S&P 500 shed 0.1% after late-afternoon weakness pressured the index to its lows.

Equities saw little change into the final two hours of trade when reports indicated Wal-Mart (WMT 69.30, -1.52) saw a slow start to its February sales. Bloomberg obtained emails from the company's vice president of finance and logistics who said "February [month-to-date] sales are a total disaster." The vice president also said this was the worst start to a month he has seen in his seven years with the company.

Shares of Wal-Mart fell to session lows on heavy volume, but managed to recover a portion of their losses. In addition, the news weighed on other retailers. Target (TGT 61.71, -1.02) and Family Dollar (FDO 55.94, -0.67) saw respective losses of 1.6% and 1.2%. Meanwhile, the broader SPDR Retail ETF (XRT 67.47, -0.26) lost 0.4% after being up as much as 1.4% in earlier trade.

The consumer staples sector saw activity throughout the day. This morning, Campbell Soup (CPB 39.40, +0.68) J.M. Smucker (SJM 92.40, +0.24), and Kraft Foods (KRFT 47.17, +0.01) reported earnings. All three names beat on the bottom line and Kraft was the only one of the three which missed on revenue.

Consumer stocks fared relatively well into the afternoon and the discretionary sector was the top performer until the Wal-Mart news spilled over to several other retail names.

Contributing to the early strength was an upbeat January consumer sentiment survey from the University of Michigan. According to the preliminary reading, the survey rose to 76.3 from its prior reading of 73.8. Today's report surprised to the upside as the Briefing.com consensus had expected the survey would climb to 73.5.

While consumer stocks were in focus for the bulk of the day, the energy sector was the day's biggest laggard. The SPDR Energy Select Sector ETF (XLE 78.45, -0.91) lost 1.2% amid weakness in crude oil. The energy component fell 1.4% to $95.99.

The CBOE Volatility Index (VIX 12.51, -0.15) settled in the red despite a brief jump into positive territory. However, the term structure of VIX futures reveals some buying interest at the distant end of the curve as June, July, September, and October contracts settled with slight gains.

When the dust from today's active afternoon-and not so active remainder of the day-settled, defensively-oriented sectors ended in the lead. Telecoms (+0.3%), utilities (+0.3%), health care (+0.2%), and consumer staples (+0.2%) outperformed while energy (-1.1%), financials (-0.3%), and technology (-0.1%) lagged.

Today's volume represented the highest total of the week as 940 million shares changed hands on the floor of the New York Stock Exchange. However, February options expiration did its part to push the total above its 50-day average, which sits in the neighborhood of 700 million.

Comments from this weekend's G20 summit taking place in Russia have begun making the rounds. Earlier, Jens Weidmann of Germany's Bundesbank said the euro is not overvalued and the European Central Bank President Mario Draghi is not talking down the common currency. Meanwhile, Mr. Draghi said euro exchange rate is not a policy target for the central bank.

Looking at the day's remaining economic data, January industrial production decreased 0.1%, which was worse than the 0.2% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 79.1%, which was better than the 78.9% expected by the Briefing.com consensus.

February Empire Manufacturing Survey climbed to 10.0 from its prior reading of -7.8. The report was a positive surprise as the Briefing.com consensus expected the survey to rise to 0.0.

Lastly, net long-term TIC flows showed an inflow of $52.3 billion in foreign funds into USD-denominated assets during November.

Note that equity and bond markets will be closed on Monday in observance of Presidents Day.

On Tuesday, the NAHB Housing Market Index will be reported at 10:00 ET. Among earnings of note, Barnes & Noble (BKS 13.03, -0.11) and RadioShack (RSH 3.27, -0.06) will report their quarterly results prior to the open.

Week in Review: S&P 500 Inches Higher

On Monday, the S&P 500 ended a quiet session with a slim loss of 0.1%. Equities started the day amid mixed European trade where Italian and Spanish stocks trailed behind the remainder of the region. The relative weakness came amid continued political turmoil as Silvio Berlusconi speculated his party may be closing in on the lead ahead of the February 24/25 general elections. Meanwhile, Spanish equities underperformed as Prime Minister Mariano Rajoy continued facing increased scrutiny following allegations of having accepted secret payments from his party's slush fund. A weekend poll indicated almost 80% of respondents have found Mr. Rajoy's explanations to be insufficient. Nasdaq (NDAQ 31.07, +0.47) rose 3.1% after reports indicated the exchange has held preliminary talks with Carlyle Group regarding a possible deal to go private. However, negotiations have stalled over a purchase price.

Tuesday saw equities settle on a mixed note. The Dow climbed 0.3% and registered its highest close of the year while the S&P 500 added 0.2%, and Nasdaq shed 0.2%. The day got off to a slow start as the major averages spent the entire morning near their respective unchanged levels. However, key indices were able to climb to their highs in afternoon trade as financials paced the advance. The financial sector led throughout the session, and the S&P 500 Financials Index climbed above 240 for the first time since October 2008. Bank of America (BAC 12.03, -0.10) and Citigroup (C 43.84, -0.48) both gained near 3.0% as the two supported the space.

Wednesday's session also ended on a mixed note despite initial strength. The Dow slipped 0.3%, while the S&P 500 and Nasdaq eked out gains of 0.1% and 0.3% respectively. The S&P 500 began the day on an upbeat note amid strength in industrials and discretionary shares. The two sectors outperformed after Comcast (CMCSA 41.24, +0.90) reported strong earnings and announced the acquisition of General Electric's (GE 23.29, -0.12) 49% stake in NBCUniversal. General Electric gained 3.6%, and settled near its highs while Comcast added 3.0% after being up as much as 7.6% in early trade.

On Thursday, the major averages ended little changed with the S&P 500 tacking on 0.1%. The benchmark index settled slightly higher after spending the majority of the day within a two point range of Wednesday's close. Equities slipped out of the gate with the downbeat European trade contributing to early weakness. This resulted from disappointing fourth quarter GDP reports from France, Germany, Greece, Italy, and Portugal. All five countries saw their economies contract during the final three months of 2012. As a result, the fourth quarter Eurozone GDP shrank 0.6% quarter-over-quarter. H.J. Heinz (HNZ 72.29, -0.22) surged 20% after agreeing to be acquired by a group including Warren Buffet's Berkshire Hathaway (BRK.B 99.77, +0.56) for $28 billion, or $72.50 per share. The agreed price represents a 20% premium to Heinz's Wednesday close.DJ30 +8.37 NASDAQ -6.63 SP500 -1.59 NASDAQ Adv/Vol/Dec 1150/1.81 bln/1266 NYSE Adv/Vol/Dec 1441/939.5 mln/1541

3:30 pm :

Mar crude oil struggled in negative territory for its entire floor session as this morning's industrial production data weighed on prices. The energy component fell off its session high of $96.86 per barrel set at pit trade open and brushed a session low of 95.21 per barrel as it headed into the close. Despite today's drop, crude booked a 0.2% gain for the week as it settled at $95.94 per barrel.
Mar natural gas climbed to a session high of $3.19 per MMBtu in early morning pit action but was unable to hold on to the gain. Prices retreated into negative territory and chopped around just below the unchanged line for all of afternoon floor trade. Natural gas settled the week with a 3.7% loss at $3.15 per MMBtu.
Apr gold also spent its entire floor session in the red, dipping below the $1600.00 per ounce level to a session low of $1596.70 per ounce. The yellow metal then trended in a fairly consolidative pattern around the $1605.00 per ounce level and settled at $1609.10 per ounce, booking a 3.5% loss for the week.
Mar silver extended yesterday's losses as it fell off its session high of $30.17 per ounce moments after floor trade opened. It brushed a session low of $29.71 per ounce and settled with a weekly loss of 5.0% at $29.86 per ounce.

DJ30 -20.41 NASDAQ -8.53 SP500 -3.70 NASDAQ Adv/Vol/Dec 1152/1531.1 mln/1273 NYSE Adv/Vol/Dec 1306/676 mln/1657

3:00 pm : Entering the final hour of trade, the major averages continue to hover near their lows. Equities traded in range bound fashion into the afternoon when Bloomberg reported that Wal-Mart (WMT 68.71, -2.11) saw a slow start to its February sales. The information was contained in a company email obtained by Bloomberg and pointed to the expiration of the payroll tax cut as the reason for the disappointing results.

The news weighed on other retailers and the SPDR S&P Retail ETF (67.35, -0.38) fell from its session high to a fresh low. The ETF is shedding 0.7% after being up as much as 1.4% in earlier trade.DJ30 -44.93 NASDAQ -11.29 SP500 -5.48 NASDAQ Adv/Vol/Dec 1094/1.38 bln/1332 NYSE Adv/Vol/Dec 1217/628.1 mln/1743

2:30 pm : The major averages fell to fresh lows in recent trade after reports indicated Wal-Mart (WMT 68.42, -2.39) is experiencing a slow start to its February same store sales. A company email obtained by Bloomberg describes February month-to-date sales as "a total disaster" with this being the worst start to a month in about seven years. The emails cited the expiration of the payroll tax cut as the reason for slower sales.

Wal-Mart is down 3.4% and other retailers are trading lower as well. Costco (COST 101.20, -0.81) and Target (TGT 60.90, -1.83) are lower by 1.0% and 3.0% respectively.DJ30 -65.28 NASDAQ -13.46 SP500 -6.91 NASDAQ Adv/Vol/Dec 1099/1.26 bln/1295 NYSE Adv/Vol/Dec 1221/585.4 mln/1719

2:05 pm : The major averages continue to trade within points of their respective flat lines. Today's trading sentiment falls right in line with the remainder of the week. Since Monday, the S&P 500 has not moved more than 0.2% in either direction.

Although the key indices are seeing little change, the Dow Jones Transportation Average trades higher by 0.6%. The bellwether complex is seeing strength across the board, but airlines are outperforming the remainder of the sector. United Continental (UAL 26.74, +0.86) and JetBlue Airways (JBLU 6.07, +0.16) are among the top performers as they see respective gains of 3.6% and 2.8%.

Elsewhere among transports, UPS (UPS 83.55, +0.86) is adding 1.0% after the company hiked its dividend by 8.0% to $0.62 from $0.57 per share. In addition, the company's Board of Directors has authorized a $10 billion share repurchase program.DJ30 +11.61 NASDAQ +1.27 SP500 +0.09 NASDAQ Adv/Vol/Dec 1262/1.15 bln/1135 NYSE Adv/Vol/Dec 1472/546.7 mln/1453

1:30 pm : The S&P 500 has climbed off its recent lows, but the index continues to hover in the red. Relatively quiet afternoon trade is unfolding as the key averages continue to trade in range bound fashion.

Discretionary stocks are among the day's top performers after the Consumer Sentiment Survey from the University of Michigan was reported ahead of expectations. Apparel producers are registering broad gains on the news and Gap (GPS 33.25, +1.89) is surging 6.0% after some rumors suggested the company has hired an advisor to explore strategic alternatives.

The energy sector has been the most notable laggard, but the space has climbed off its lows in recent trade. This was aided by a partial recovery in the price of crude. The energy component is off by 1.6% at $95.75.DJ30 -1.15 NASDAQ -1.85 SP500 -0.76 NASDAQ Adv/Vol/Dec 1212/1.07 bln/1166 NYSE Adv/Vol/Dec 1419/519.5 mln/1495

1:00 pm : At midday, equities are registering slim losses and the S&P 500 is off by 0.1%. The major averages climbed higher in early trade, but were unable to hold their gains into the afternoon.

The session started on a positive note amid generally upbeat economic data. The February Empire Manufacturing Survey rose to 10.0 from its prior reading of -7.8. The report was a positive surprise as the Briefing.com consensus expected the survey to come in at 0.0.

In addition, the preliminary reading of the University of Michigan Sentiment Survey was reported at 76.3, ahead of the 73.5 expected by the Briefing.com consensus.

The upbeat consumer sentiment survey has helped discretionary stocks outperform during today's trade. The SPDR Consumer Discretionary Select Sector ETF (XLY 51.05, +0.17) is adding 0.3%, and the ETF represents the top performing sector. Apparel manufacturer V.F. Corp (VFC 157.89, +5.08) is rising 3.3% after reporting mixed earnings. The company beat on the bottom line, but its revenue fell short of the Capital IQ consensus estimate. Although the company reported a generally positive quarter, its full-year guidance was below analyst expectations.

On the downside, the energy sector is the weakest performer and SPDR Energy Select Sector ETF (XLE 78.38, -0.97) is down 1.2%. The sector is seeing broad weakness as crude oil trades lower as well. The energy component is off by 1.8%, trading at $95.55.

The CBOE Volatility Index (VIX 12.53, -0.13) is nearing fresh session highs after notching a session low at 12.24 during morning trade.

Comments from the G20 summit taking place in Russia have begun making the rounds. Earlier, Jens Weidmann of Germany's Bundesbank said the euro is not overvalued and the European Central Bank President Mario Draghi is not talking down the common currency. Meanwhile, Mr. Draghi said euro exchange rate is not a policy target for the central bank.

Looking at the day's remaining economic data, January industrial production decreased 0.1%, which was worse than the 0.2% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 79.1%, which was better than the 78.9% expected by the Briefing.com consensus. Lastly, net long-term TIC flows showed an inflow of $52.3 billion in foreign funds into USD-denominated assets during November.DJ30 -5.02 NASDAQ -1.57 SP500 -1.26 NASDAQ Adv/Vol/Dec 1184/995.1 mln/1186 NYSE Adv/Vol/Dec 1415/495.9 mln/1491

12:30 pm : The S&P 500 has continued its recent push into the red. After its initial dip, the benchmark average staged a brief rebound, but slid to fresh lows shortly thereafter. Currently, the index is off by 0.2%.

Today's economic data was generally upbeat. The most notable report of the day came from the University of Michigan where the preliminary consumer sentiment survey for February was reported at 76.3, ahead of the 73.5 expected by the Briefing.com consensus.

The upbeat consumer confidence reading has helped the discretionary space outperform the broader market. Within the sector, apparel producers are broadly higher while homebuilders have surrendered a portion of their early gains. The SPDR S&P Homebuilders ETF (XHB 29.24, +0.09) is adding just 0.3% after being up as much as 0.8% in earlier action.

On the downside, the energy sector is the weakest performer as crude oil trades lower by 1.9% at $95.50.DJ30 -19.89 NASDAQ -4.18 SP500 -2.89 NASDAQ Adv/Vol/Dec 1152/925.9 mln/1202 NYSE Adv/Vol/Dec 1323/472.6 mln/1564

12:05 pm : The S&P 500 has notched a fresh low in recent trade, but has since returned near its flat line. The recent move took place as European indices sold off into the close. Germany's DAX saw the sharpest drop, sliding from its highs to fresh session lows during the final 90 minutes of trade.

The energy sector has lagged throughout the session and the recent weakness caused the space to notch fresh lows. The SPDR Energy Select Sector ETF (XLE 78.38, -0.98) is down 1.2%. Additionally, crude oil is hovering near its lows as well. The energy component is off by 1.8%, trading at $95.50.DJ30 -1.34 NASDAQ -0.54 SP500 -0.74 NASDAQ Adv/Vol/Dec 1233/835.4 mln/1100 NYSE Adv/Vol/Dec 1421/442.8 mln/1457

11:35 am : The major averages continue to trade in a narrow range. This is staying true to the weeklong theme of narrow intraday ranges and slim changes at the close. Since Monday, the S&P 500 has not moved more than 0.2%. As of now, the index is poised to extend that streak as it trades at its unchanged level.

Today's economic data was generally positive. Most notably, the preliminary University of Michigan Consumer Sentiment Survey for February came in at 76.3, better than the reading of 73.5 expected by the Briefing.com consensus.

As quiet trade continues, the consumer discretionary space is the top performer with apparel producers and homebuilders showing broad strength. The SPDR Homebuilders ETF (XHB 29.36, +0.21) is firmer by 0.8%.DJ30 +4.83 NASDAQ +0.74 SP500 -0.25 NASDAQ Adv/Vol/Dec 1218/734.1 mln/1079 NYSE Adv/Vol/Dec 1430/412.1 mln/1410

11:05 am : The S&P 500 has returned near its session highs after a brief test of its lows. The benchmark index is currently adding 0.1%. Several economic data points were released today with generally positive results. The Empire Manufacturing Survey, capacity utilization, and the preliminary University of Michigan Consumer Sentiment all exceeded expectations while industrial production was a slight disappointment.

In corporate news, three food producers are trading slightly higher after reporting earnings ahead of analyst estimates. Campbell Soup (CPB 39.18, +0.46), J. M. Smucker (SJM 93.35, +1.19), and Kraft Foods (KRFT 47.30, +0.14) are all up between 0.3% and 1.3%. Meanwhile, the consumer staples sector is slightly outperforming the broader market, up 0.3%.DJ30 +23.54 NASDAQ +4.76 SP500 +1.89 NASDAQ Adv/Vol/Dec 1263/627.2 mln/988 NYSE Adv/Vol/Dec 1497/348.3 mln/1299

10:35 am : Commodities have been quite volatile this morning with gold, silver and crude oil selling off today, at least partially due to G20 headlines.

Gold, silver and crude oil continue to extend losses this morning and are currently near session lows. The dollar index is near the unchanged line currently, but isn't far below its session high.

Crude oil rose as high as $97.35/barrel in the overnight session, but is now almost $2/barrel below that level. In current action, Mar crude oil is -2.1% at $95.23/barrel.

Despite the notable losses and precious metals, copper futures are only showing modestly losses. Gold, meanwhile, just fell through the $1600 level.

The Mar copper contract is currently -0.3% at $3.73/lb. Apr gold is -2.2% at $1599.20/oz, while Mar silver is -1.8% at $29.80/oz.DJ30 +7.00 NASDAQ +2.05 SP500 +0.26 NASDAQ Adv/Vol/Dec 1156/944.8 mln/1049 NYSE Adv/Vol/Dec 1402/339 mln/1352

10:00 am : The S&P 500 ticked slightly higher following the release of the latest Michigan Sentiment Survey. Currently, the benchmark index is adding 0.1%.

The preliminary University of Michigan Survey for February came in at 76.3, which was higher than the 73.8 that was posted in the prior month, and better than the reading of 73.5 that had been expected by the Briefing.com consensus.DJ30 +10.29 NASDAQ +3.05 SP500 +1.19 NASDAQ Adv/Vol/Dec 1186/307.9 mln/918 NYSE Adv/Vol/Dec 1402/286.8 mln/1289

09:45 am : The major averages began the session on a positive note and the S&P 500 is currently adding 0.1%. Eight of ten S&P 500 sectors are registering gains with telecoms as the early leader. The space is adding 0.4% after yesterday's weakness caused the sector to shed 2.0%.

On the downside, energy stocks are trading lower. The underperformance follows the weakness in crude oil futures which trade lower by 1.7%. The energy component is currently hovering around $95.60.

The February University of Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +6.91 NASDAQ +2.89 SP500 +0.70 NASDAQ Adv/Vol/Dec 1166/245.5 mln/875 NYSE Adv/Vol/Dec 1433/270.1 mln/1230

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -0.50. Heading into the open, equity futures are signaling a flat start to the session. The pre-market sentiment follows cautious overseas trade.

In Russia, the G20 summit began today with first comments making the rounds. Jens Weidmann of Germany's Bundesbank said the euro is not overvalued and the European Central Bank President Mario Draghi is not talking down the common currency. Meanwhile, Mr. Draghi spoke at the G20 and said euro exchange rate is not a policy target for the central bank.

In notable pre-market movers, Wal-Mart (WMT 69.40, -1.42) is down 2.0% with the weakness likely stemming from a couple items of note. Last evening, Reuters reported that Wal-Mart's British subsidiary had discovered horse DNA in bolognese sauce. In addition, Cleveland Research has suggested the company's first quarter comparable store sales are tracking below expectations.

In economic data, January industrial production decreased 0.1%, which was worse than the 0.2% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 79.1%, which was better than the 78.9% expected by the Briefing.com consensus.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +0.20.

U.S. equity futures have climbed out of the red and the S&P 500 futures are now registering marginal gains.

The major Asian bourses ended mixed with Japan's Nikkei (-1.2%) lagging ahead of the G20 meetings. Japanese investors were skittish ahead of the meetings as its recent policies towards the yen are likely to be under the microscope as finance ministers and central bankers from the 20 largest economies gather in Moscow. Markets in China, Taiwan, and Vietnam remained closed for the Lunar New Year. Data from the region was disappointing as both Singapore's retail sales (-0.9% year-over-year actual versus -0.3% expected) and the Philippines industrial production (9.3% year-over-year actual versus 10.0% expected) missed estimates.

In Japan, the Nikkei shed 1.2% as exporters were under pressure as the yen strengthened. Toyota Motor and Sony both gave up 1.9%. Elsewhere, financials were hit hard after outperforming in recent days. Mizuho Financial led the space lower with a loss of 5.8%.
Hong Kong's Hang Seng added 0.1% to eke out a gain. Developers on the mainland led while local names lagged on concerns more price curbs are coming. Mainland developer China Resources Land jumped 2.0% while Hong Kong developed Sun Hung Kai slipped 0.4%.
In China, the Shanghai Composite was closed for the Lunar New Year.

European markets are little changed as midday nears. Looking at notable economic data, Spanish CPI slipped 1.3% month-over-month, slightly hotter than the 1.4% decline forecast by the consensus. Italy's trade surplus came in at EUR2.16 billion, slightly worse than the EUR2.22 billion expected by the market. British retail sales declined 0.6% month-over-month while expectations called for a rise of 0.4%. Eurozone trade balance was reported at EUR12 billion, better than the EUR10.7 billion expected by the general consensus.

Turning to news, Jens Weidmann of Germany's Bundesbank said the euro is not overvalued and the European Central Bank President Mario Draghi is not talking down the common currency. Meanwhile, Mr. Draghi spoke at the G20 and said euro exchange rate is not a policy target for the central bank. Also of note, Giuseppe Orsi has resigned from his post as chairman of Italian defense contractor Finmeccanica after being arrested in a corruption probe.

In France, the CAC is adding 0.2%. Retailer PPR is surging 8.7% after reporting strong earnings. On the downside, Credit Agricole is down 1.8%.
The United Kingdom's FTSE is up 0.2%. Media company ITV is among the index leaders, higher by 3.2%. Meanwhile, miners are lagging. Fresnillo and Randgold Resources are seeing respective losses of 5.0% and 3.6%.
In Germany, the DAX is seeing little change with exporters underperforming. Daimler and Volkswagen are down 0.7% and 0.4% respectively. On the upside, Commerzbank is adding 2.4% after cutting bonus payments.

In domestic economic news, the December net long-term TIC flows report indicated a $64.2 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's $52.3 billion inflow.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -0.80. U.S. equity futures have climbed off their lows, but the S&P 500 futures continue to trade marginally lower.

The Empire Manufacturing Survey for February registered a reading of +10.0, which is up from the prior month's reading of -7.8. Economists polled by Briefing.com had expected that the survey would rise to 0.0.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -3.50.

U.S. equity futures are modestly lower amid cautious overseas trade. Futures on the S&P 500 are off by 0.1%.

Looking at overnight developments:

Asian markets ended on a mixed note: Japan's Nikkei lost 1.2% while Hong Kong's Hang Seng added 0.1%. China's Shanghai Composite remained closed for the Lunar New Year.
Looking at economic data:
Japan's industrial production rose 2.4% month-over-month while growth of 2.5% was expected by the market.
New Zealand's retail sales increased 2.1% quarter-over-quarter, better than the 1.1% rise forecast by the consensus. Meanwhile, core retail sales rose 1.5% to follow the previous quarter's unchanged reading.
In news:
Reuters reported Japanese Prime Minister Shinzo Abe is close to naming the new Bank of Japan governor with Toshiro Muto as the likely frontrunner.
The Japanese yen strengthened after a draft of a G20 statement leaked and did not contain comments focusing on currencies.

European markets are little changed as midday nears: Germany's DAX is flat while France's CAC and the United Kingdom's FTSE are both up 0.1%.
Looking at notable economic data:
Spanish CPI slipped 1.3% month-over-month, slightly hotter than the 1.4% decline forecast by the consensus.
Italy's trade surplus came in at EUR2.16 billion, slightly worse than the EUR2.22 billion expected by the market.
British retail sales declined 0.6% month-over-month while expectations called for a rise of 0.4%.
Eurozone trade balance was reported at EUR12 billion, better than the EUR10.7 billion expected by the general consensus.
Turning to news:
In the United Kingdom, retailers are underperforming following a disappointing retail sales report.
Jens Weidmann of Germany's Bundesbank said the euro is not overvalued and the European Central Bank President Mario Draghi is not talking down the common currency. Meanwhile, Mr. Draghi spoke at the G20 and said euro exchange rate is not a policy target for the central bank.

In U.S. corporate news:

Agilent Technologies (A 42.05, -2.53) is down 5.7% after missing on the bottom line. In addition, the company guided second quarter and full-year earnings and revenue below consensus.
CBS (CBS 42.16, -0.78) is shedding 1.8% following an earnings and revenue miss.

Today's economic data will be plentiful. February Empire Manufacturing Index will be released at 8:30 ET; December net long-term TIC flows will be reported at 9:00 ET; January industrial production and capacity utilization will cross the wires at 9:15 ET. The last economic report of the day will come from the University of Michigan where the preliminary February Michigan Consumer Sentiment Survey will be released at 9:55 ET.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.00.

06:30 am : Nikkei...11173.83...-133.50...-1.20%. Hang Seng...23444.56...+31.30...+0.10%.

06:30 am : FTSE...6322.39...-4.90...-0.10%. DAX...7614.55...-16.60...-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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