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 Post subject: February 21st Thursday Trade Results - Profit $510
PostPosted: Fri Feb 22, 2013 12:35 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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)

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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 @ $510.00 dollars or +5.10 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 @ $510.00 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=1443

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.

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4:25 pm : The S&P 500 settled lower by 0.6% after today's session saw an extension of yesterday's selling. Equities began the day in the red and continued sliding into the afternoon when bargain hunters stepped in and lifted the major averages off their lows. The S&P 500 managed to hold the psychologically important 1500 level, avoiding its first close below that mark since February 4.

Meanwhile, the Dow shed 0.3%, and registered slimmer losses than the other two averages. The outperformance was largely due to the strength of Wal-Mart (WMT 70.26, +1.05), which gained 1.5% after beating on earnings. However, the company issued first quarter guidance which was on the low end of analyst expectations. In addition, Wal-Mart expects its comparable store sales to be flat during the first quarter. This suggests the worries regarding consumer spending, expressed in an internal email last week, have some credence to them.

Wal-Mart also contributed to the strength of consumer staples which finished with a gain of 0.3%. The defensively-oriented sector also received support from Hormel Foods (HRL 36.51, +0.39) and Safeway (SWY 22.97, +2.84), both of which climbed on earnings. Hormel reported quarterly results in-line with the Capital IQ consensus while Safeway eclipsed its earnings expectations by $0.19.

As staple stocks held strong for the bulk of the session, telecoms joined in during afternoon trade and settled higher as well. Verizon Communications (VZ 45.12, +0.20) advanced 0.5% after displaying relative strength in the face of broad selling pressure.

With defensive sectors ending in the black, cyclical stocks were among the biggest laggards. Materials led to the downside for a large portion of the day, and finished as the day's weakest sector. Chemical producers underperformed after Dow Chemical (DOW 30.84, -0.80) was ordered to pay $400 million in a case involving price fixing.

The materials sector was yesterday's biggest laggard as well. Today's intraday weakness caused it to surrender all of its year-to-date gains, but late-afternoon buying helped the space climb back into the black for 2013. However, its 2013 advance has been trimmed to just 0.1%.

Elsewhere, the tech space followed closely behind materials. This occurred despite the slight outperformance from its largest component, Apple (AAPL 446.06, -2.79).

Tech shares saw some notable pressure from chipmakers as Rubicon Technology (RBCN 4.92, -0.85) plunged 14.7% on disappointing earnings and cautious guidance. Meanwhile, the broader PHLX Semiconductor Index fell 1.8%.

As a result of today's selling, the CBOE Volatility Index (VIX 15.42, +0.74) jumped for the second day in a row. The near-term volatility measure has now risen to its highest close of the year.

Reviewing S&P 500 sector performance, materials (-0.9%), technology (-0.9%), financials (-0.9%), and industrials (-0.9%) led to the downside while consumer staples (+0.3%) and telecoms (+0.2%) outperformed.

Volume was above average once again as 814 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was plentiful with most reports falling largely in-line with expectations. Weekly initial claims rose to 362,000 which placed the figure right back in the 350,000-400,000 range seen for much of last year. Meanwhile, consumer prices saw no change in January while core CPI ticked higher by 0.3%, slightly ahead of expectations.

January existing home sales were reported at an annualized rate of 4.92 million which was just a shade below the 4.94 million expected by the Briefing.com consensus.

Leading indicators for January increased by 0.2%, slightly worse than the Briefing.com consensus which had expected an uptick of 0.3%. Today's figure followed the prior month's rise of 0.5%.

Lastly, the February Philadelphia Fed Survey fell to -12.5 to follow January's reading of -5.8. Economists polled by Briefing.com had expected that the Survey would improve to 1.5.

There is no economic data scheduled to be released tomorrow.DJ30 -46.92 NASDAQ -32.92 SP500 -9.53 NASDAQ Adv/Vol/Dec 765/1.99 bln/1721 NYSE Adv/Vol/Dec 892/813.9 mln/2116

3:30 pm :

Apr crude oil extended yesterday's losses as a stronger dollar index and weaker-than-anticipated inventory data that showed a build of 4.143 mln barrels when a build of 1.9 mln barrels was expected put pressure on prices. The energy component dipped to a session low of $92.63 per barrel and settled with a 2.5% loss at $92.78 per barrel.
Mar natural gas popped to a session high of $3.34 per MMBtu on inventory data that showed a draw of 127 bcf when a draw of 123 was expected. However, the move was short-lived and prices fell back into negative territory moments later. Natural gas touched a session low of $3.23 per MMBtu and eventually settled at $3.24 per MMBtu, or 1.2% lower.
Apr gold erased its overnight losses as investors reacted to this morning's weaker-than-expected U.S. economic data that showed the worst Philadelphia Fed reading since June 2012 and the third contraction in the last four months. The yellow metal climbed into positive territory and touched a session high of $1584.40 per ounce despite the stronger dollar index. It chopped around near the unchanged line in afternoon pit action and settled 30 cents higher at $1578.70 per ounce.
Mar silver spent most of its floor session chopping around just above the break-even level. It brushed a session high of $28.83 per ounce in late morning action and eventually settled with a 0.3% gain at $28.70 per ounce.

DJ30 -27.98 NASDAQ -27.93 SP500 -6.76 NASDAQ Adv/Vol/Dec 826/1717.5 mln/1637 NYSE Adv/Vol/Dec 974/562 mln/2032

3:00 pm : The Dollar Index has rallied back towards session highs near 81.50 after post-data selling dropped it to 81.20. Today's bid has the Index on track for the fifth day of gains in the past seven, and looking at its best close since the end of August.

EURUSD is -105 pips at 1.3175 as action holds near the lows. Disappointing PMI data from across the region was the culprit for the selling, but investors also appear to be jittery ahead of this weekend's Italian election. Today's decline has pushed the single currency back below its 50-day moving average, and has broken the uptrend that has been in place since late July. Eurozone data includes the German Ifo Business Climate and the EU Economic Forecast.
GBPUSD is +15 pips at 1.5245 as trade rebounded off this morning's 31-month low. Bulls are hoping to regain the 1.5300/1.5350 area as key support dates back to 2010. The inability to recapture that level would turn it into key resistance.
USDCHF is +40 pips at .9310 with today's bid running the pair above its 100-day moving average. Traders will be watching the .9350 area closely with a breakout setting up a test of the 200-day moving average (.9430).
USDJPY is -55 pips at 93.00 with action on track to close at a one-week low. The 92.00 level will be tracked closely with a breakdown setting up a potential move into the 90.00 area. Participants remain on the lookout for any headlines as to who will be the next head of the Bank of Japan, and for any developments that emerge from tomorrow's meeting between President Obama and Prime Minister Abe.
AUDUSD is -30 pips at 1.0225 with action breaking down to a fresh four-month low. Today's weakness sets up a test of the key 1.0150 level, which has held up since June. That area will be under the microscope as a breakdown makes for a potential move into the .9700 area. Reserve Bank of Australia Governor Glenn Stevens will speak tonight in Canberra before the House of Representatives Standing Committee on Economics.
USDCAD is +35 pips at 1.0200 as trade hones in on its best close in seven months. What was resistance in the 1.0050/1.0100 area is now support with additional help coming from the 200-day moving average which holds near parity. Canadian data is heavy as CPI, core CPI, retail sales, and core retail sales are all set to be released tomorrow.

DJ30 -54.98 NASDAQ -35.24 SP500 -10.24 NASDAQ Adv/Vol/Dec 698/1.51 bln/1754 NYSE Adv/Vol/Dec 778/495.0 mln/2224

2:35 pm : The S&P 500 continues to hover near its recently established lows. The benchmark index is off by 0.8% after slipping below 1,500.

With cautious trade continuing, eight of ten S&P 500 sectors are trading near their lows. Consumer staples and telecoms are the only exceptions as they continue to hover near their respective highs.

Staple stocks are being supported by three major components which are climbing on earnings. Hormel Foods (HRL 36.70, +0.58), Safeway (SWY 22.76, +2.64), and Wal-Mart (WMT 70.63, +1.42) all reported earnings which met or exceeded expectations. However, it should be noted that Wal-Mart issued first quarter guidance at the low end of expectations, suggesting the worries regarding consumer spending, expressed in an internal email last week, have some credence to them.DJ30 -74.64 NASDAQ -40.63 SP500 -12.54 NASDAQ Adv/Vol/Dec 673/1.39 bln/1788 NYSE Adv/Vol/Dec 734/460.9 mln/2253

2:00 pm : Recent trade has pushed the S&P 500 to fresh session lows just below 1,500. The recent push occurred as financials and consumer discretionary stocks notched fresh lows of their own. Both sectors are shedding in excess of 1.0%.

In addition to the two, four other S&P 500 sectors are registering losses greater than 1.0%. Basic materials were the biggest laggard yesterday, and the weakness has extended into today's session. The sector is down 1.4% on the session after surrendering the remainder of its 2013 gains.

The tech space is the second worst performer, and the sector has trimmed its 2013 return to a slim 0.6%. Meanwhile, Apple (AAPL 443.94, -4.94) trades in-line with the sector.DJ30 -86.58 NASDAQ -42.94 SP500 -13.50 NASDAQ Adv/Vol/Dec 699/1.29 bln/1745 NYSE Adv/Vol/Dec 767/427.9 mln/2217

1:30 pm : Equities are hovering near their recent levels and the S&P 500 is off by 0.7%.

Recent trade has seen strength from the telecommunications sector, which has now joined consumer staples in positive territory.

On the downside, materials remain as the biggest laggard, down 1.4%. With metals and miners weighing on the space yesterday, today's underperformance comes amid weakness in chemical producers. Dow Chemical (DOW 30.76, -0.88) is sliding 2.8% after the company was ordered to pay $400 million in a case involving price fixing. Peers CF Industries (CF 201.46, -5.61) and LyondellBasell (LYB 57.41, -2.45) are seeing respective losses of 2.7% and 4.1%.DJ30 -69.55 NASDAQ -36.95 SP500 -10.77 NASDAQ Adv/Vol/Dec 733/1.19 bln/1695 NYSE Adv/Vol/Dec 833/396.9 mln/2129

1:00 pm : At midday, the major averages are trading near their lows with the S&P 500 down 0.7%. Equities have spent the first half of the session in the red as yesterday's selloff continues.

The steady selling has caused the CBOE Volatility Index (VIX 15.99, +1.31) to stage its biggest two-day advance in more than a year. The jump has taken the near-term volatility measure to its highest level of 2013.

Today's selling pressure has claimed the materials sector as its main casualty. Including the current 1.2% decline, the sector is now registering losses on the year. Chemical producers are among the weakest sector components today with CF Industries (CF 200.89, -6.18) and LyondellBasell (LYB 57.36, -2.50) down 3.0% and 4.2% respectively.

With materials now negative on the year, technology stocks are not far behind. The sector is now adding just 0.8% since the start of 2013. Microchip manufacturers are among the weakest tech stocks as the PHLX Semiconductor Index trades lower by 1.9%. Rubicon Technology (RBCN 4.90, -0.87) is the weakest index component. Rubicon is sliding 15.1% after missing on earnings and issuing cautious first quarter guidance. Meanwhile, the largest tech component, Apple (AAPL 444.67, -4.18), is lower by 0.9%

As the two sectors lag notably, the consumer staples space is the lone advancer. The SPDR Consumer Staples Select Sector ETF (XLP 38.06, +0.13) is adding 0.4% and Wal-Mart (WMT 71.14, +1.93) is contributing to the strength. Shares of the retailer are higher by 2.8% after beating on earnings. However, the company's first quarter guidance was at the low end of expectations which suggests the worries regarding consumer spending, expressed in an internal email last week, have some credence to them.

Today's economic data was plentiful with the reports falling largely in-line with expectations. Weekly initial claims rose to 362,000 which placed the figure right back in the 350,000-400,000 range seen for much of last year. Meanwhile, consumer prices saw no change in January as core CPI ticked higher by 0.3%, slightly ahead of expectations.

January existing home sales were reported at an annualized rate of 4.92 million which was just a shade below the 4.94 million expected by the Briefing.com consensus.

Leading indicators for January increased by 0.2%, slightly worse than the Briefing.com consensus which had expected an uptick of 0.3%. Today's figure followed the prior month's rise of 0.5%.

Lastly, the February Philadelphia Fed Survey fell to -12.5. This comes after January's reading of -5.8. Economists polled by Briefing.com had expected that the Survey would improve to 1.5.DJ30 -64.15 NASDAQ -34.84 SP500 -10.47 NASDAQ Adv/Vol/Dec 747/1.09 bln/1678 NYSE Adv/Vol/Dec 807/362.3 mln/2141

12:30 pm : The S&P 500 has held its levels in recent trade, but the tech-heavy Nasdaq has notched fresh lows.

The Nasdaq is lower by 1.2% with chip manufacturers seeing notable weakness. The PHLX Semiconductor Index is down 1.8% and Rubicon Technology (RBCN 4.95, -0.82) is the weakest index component. Rubicon is sliding 14.2% after reporting earnings below the Capital IQ consensus. In addition, the company issued downside first quarter earnings and revenue guidance.

Another major Nasdaq component, Apple (AAPL 444.78, -4.07), is outperforming other tech shares with a loss of 0.9%.DJ30 -73.29 NASDAQ -36.24 SP500 -11.37 NASDAQ Adv/Vol/Dec 723/977.7 mln/1674 NYSE Adv/Vol/Dec 797/330.4 mln/2129

12:00 pm : The major averages are hovering near their recent levels with the S&P 500 off by 0.6%.

Today's session has seen an extension of yesterday's selloff and has helped the CBOE Volatility Index (VIX 15.49, +0.81) stage its largest two-day spike in more than a year. However, the S&P 500 has been trading sideways since notching its session lows 30 minutes into today's action.

Although the S&P 500 has held its levels in recent trade, the materials sector has returned near its lows. The sector's recent underperformance has caused it to surrender all of its 2013 gains. The space is now holding onto just a slim year-to-date gain of 0.1%.DJ30 -54.55 NASDAQ -27.57 SP500 -8.49 NASDAQ Adv/Vol/Dec 812/879.3 mln/1582 NYSE Adv/Vol/Dec 890/304.1 mln/2029

11:30 am : The S&P 500 continues to hover near its opening levels after climbing off its session lows in the 1499 area. As the index stabilizes around 1503, consumer staples are climbing steadily. The sector is adding 0.3% and the relative strength of Wal-Mart (WMT 71.12, +1.91) is contributing to the outperformance. The retailer is hovering near its highs after beating on earnings. However, the company's first quarter guidance was at the low end of expectations which suggests the worries regarding consumer spending, expressed in an internal email last week, have some credence to them.

The consumer staples sector is the lone advancer as other defensively-oriented sectors trade in the red along with the broader market.

Also of note, technology stocks are underperforming amid weakness in chip manufacturers. Rubicon Technology (RBCN 5.00, -0.77) is sliding 13.3% after missing on earnings and guiding first quarter earnings and revenue below consensus. Meanwhile, the broader PHLX Semiconductor Index is down 1.6%.DJ30 -68.19 NASDAQ -25.93 SP500 -9.63 NASDAQ Adv/Vol/Dec 849/774.2 mln/1534 NYSE Adv/Vol/Dec 878/271.7 mln/2020

11:00 am : The S&P 500 continues to trade in the red, but the benchmark average has regained a portion of its early losses. Currently, the index trades lower by 0.5%.

All ten S&P 500 sectors faced considerable pressure out of the gate. Since the initial minutes, consumer staples have been able to stage a recovery and turn positive. The sector is currently adding 0.2% and shares of Wal-Mart (WMT 70.94, +1.73) are contributing to the outperformance. The retailer is rising 2.8% after beating on earnings. However, the company's first quarter guidance was on the lower end of analyst estimates.

In addition, Wal-Mart said it expects flat first quarter comparable store sales. In addition to discretionary stocks, utilities are outperforming as well. The defensive-oriented sector is shedding 0.2%.

On the downside, energy and industrials are the two weakest sectors. In addition to energy, crude oil trades lower by 2.4%.DJ30 -62.09 NASDAQ -20.13 SP500 -8.11 NASDAQ Adv/Vol/Dec 940/641.1 mln/1406 NYSE Adv/Vol/Dec 909/229.4 mln/1935

10:35 am : Commodities were mostly lower overnight and some have recovered some of its losses. Gold and silver were in the red overnight, but gold moved into positive territory a short while ago and silver moved back into positive territory.

Copper futures have been in the red all session and hit a new session low of $3.54/lb and is now at that low still, down 1.8%. Apr gold is now +0.03% at $1578.40/oz and Mar silver is +0.4% at $28.74/oz.

Crude oil futures fell overnight following bearish API inventory data and just hit a new session low of $92.66/barrel. In current action, Apr crude is -2.3% at $93.08/barrel.

Natural gas futures were mostly lower in today's session ahead of the weekly inventory data, but when the data was released, nat gas rallied to a new session high of $3.34/MMBtu. In current action, Mar nat gas is +0.7% at $3.30/MMBtu.DJ30 -59.95 NASDAQ -19.32 SP500 -7.49 NASDAQ Adv/Vol/Dec 961/534.5 mln/1353 NYSE Adv/Vol/Dec 930/199 mln/1882

10:05 am : The major averages continue to trade near their lows following the latest set of economic data. The S&P 500 is down 0.8%.

The February Philadelphia Fed Survey ticked down to -12.5. This comes after January's reading of -5.8. Economists polled by Briefing.com had expected that the Survey would improve to 1.5.

Existing home sales for January hit an annualized rate of 4.92 million units, which was weaker than the rate of 4.94 million units that had been generally expected by the Briefing.com consensus. The pace for January was up from the prior month's revised rate of 4.90 million units.

Leading indicators for January increased by 0.2%, slightly worse than the Briefing.com consensus which had expected an uptick of 0.3%. Today's figure followed the prior month's rise of 0.5%.DJ30 -72.22 NASDAQ -28.55 SP500 -11.53 NASDAQ Adv/Vol/Dec 743/332.2 mln/1500 NYSE Adv/Vol/Dec 717/141.9 mln/2030

09:45 am : The major averages have followed the lower open with a slide to their respective lows. The S&P 500 is off by 0.5% while the Dow is outperforming slightly with a loss of 0.4%.

Materials and energy were the biggest laggards during yesterday's selloff and the two sectors are again leading to the downside. Energy stocks are lower by 0.9% amid continued weakness in the price of crude. The energy component is lower by 2.1% as it trades near $93.20.

Meanwhile, materials are off by 0.7% with chemical producers underperforming.

Today's economic data showed a rise in initial claims which put the weekly count right back inside the 350,000-400,000 range observed for much of last year. Meanwhile, CPI data pointed to little change in January.

February Philadelphia Fed Survey, January existing home sales, and leading indicators will all be reported at 10:00 ET.DJ30 -55.80 NASDAQ -16.76 SP500 -8.22 NASDAQ Adv/Vol/Dec 801/183.1 mln/1325 NYSE Adv/Vol/Dec 862/99.7 mln/1814

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -11.30. Heading into the open, the S&P 500 futures are off by 0.1%, signaling a lower start to the session. Equities will look to rebound from yesterday's broad-based selloff which saw notable weakness in equity and commodity markets. Pressure on commodities is continuing this morning as crude oil trades lower by 1.9%. The energy component is currently hovering near $93.45.

Industrial and precious metals traded notably lower yesterday and copper, gold, and platinum have continued their underperformance into today.

Today's economic data showed a rise in initial claims which put the weekly count right back inside the 350,000-400,000 range observed for much of last year. Meanwhile, CPI data pointed to little change in January.

The busy morning in terms of economic data will continue at 10:00 ET when February Philadelphia Fed Survey, January existing home sales, and leading indicators will be reported.

In earnings news, Wal-Mart (WMT 70.10, +0.89) is adding 1.3% after the company beat on earnings and reported revenue in-line with the Capital IQ consensus. The retailer also said it expects flat comparable store sales during the first quarter.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -4.90. Nasdaq futures vs fair value: -10.80.

U.S. equity futures continue to trade modestly lower with the S&P 500 futures off by 0.1%.

It was a sea of red across Asia as all of the major averages aside from the Philippines PSI (+0.3%) ended in negative territory. Sentiment was negative at the start of the session following yesterday's Fed-induced selling on Wall Street, but picked up as whispers Beijing was looking to cool property prices once again surfaced. China's Shanghai Composite (-3.0%) was a notable laggard with Australia's ASX (-2.3%) also coming under significant pressure. Data from the region was limited to Hong Kong's unemployment rate, which ticked up to 3.4% (3.3% previous).

In Japan, the Nikkei lost 1.4%, dropping shares from their four and a half year high. Financials and exporters lagged with Mitsubishi UFJ Financial giving up 2.4% and Fanuc shedding 2.2%. Construction equipment names were lower after Caterpillar's disappointing sales with Komatsu tumbling 4.1%.
Hong Kong's Hang Seng dropped 1.7% as shares hit their lowest level of 2013. Footwear maker Belle International plunged 11.9% after issuing disappointing guidance. Elsewhere, China Overseas Land & Investment shed 1.6% as developers were hit hard due to tightening concerns by Beijing.
In China, the Shanghai Composite fell 3.0% to post its biggest loss in 15 months. Brokerage firms were hit hard as Haitong Securities plunged 6.0%. Miners were also under pressure as Jiangxi Copper and Zijin Mining gave up 5.9% and 2.9% respectively.

European indices are broadly lower with Italy's MIB as the biggest laggard, down 2.7%. Economic data was plentiful as France and Germany reported their flash manufacturing and services PMI. French manufacturing PMI came in at 43.6, below the 43.8 expected by the consensus. Meanwhile, the services component was reported at 42.7, which also fell short of expectations. The market had called for the reading to climb to 44.5. Germany's manufacturing PMI was reported at 50.1, below the 50.5 expected by the market. The services component also fell short of expectations. The actual reading of 54.1 was well below the forecast, which called for a reading of 55.5. As a result of disappointing regional PMI readings, the Eurozone manufacturing PMI of 47.8 was below the 48.4 expected by the market. The services component came in at 47.3, well short of the 49.2, which was generally expected.

In news, The Prime Minister of Norway said the Euro debt crisis has become an employment crisis even as acute danger has been suppressed for the time being. Reuters reported that the German president of the European Parliament, Martin Schulz, has urged Italians not to vote for Silvio Berlusconi's party in this weekend's elections.

The United Kingdom's FTSE is down 1.7% with miners among the weakest performers after further speculation suggesting China will take steps to cool rapidly rising home prices. Kazakhmys, Vedanta Resources, and Xstrata are all down between 3.2% and 4.1%.
In Germany, the DAX is shedding 1.7% with all 30 stocks trading lower. Commerzbank and Deutsche Bank are seeing respective losses of 3.4% and 3.0%.
France's CAC is lower by 1.9% with industrials and materials leading to the downside. Safran is sliding 4.4% and ArcelorMittal is off by 3.3%.
In Italy, the MIB is down 2.6% with financials among the biggest laggards. Banca Popolare Romagna and UniCredit are seeing respective losses of 4.1% and 4.3%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -12.00. Equity futures continue to trade modestly lower following the latest claims and CPI data. The S&P 500 futures are off by 0.2%.

The latest weekly initial jobless claims count totaled 362,000, which was higher than the 358,000 that had been expected by the Briefing.com consensus. The tally was above the revised prior week count of 342,000. As for continuing claims, they rose to 3.148 million from 3.137 million.

January consumer prices were unchanged, which was below the 0.1% uptick that had been expected by the Briefing.com consensus. This follows the prior month's unchanged reading. In addition, core prices rose 0.3% which was ahead of the uptick of 0.2% that was broadly expected.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -12.50.

U.S. equity futures are modestly lower amid downbeat overseas trade. The S&P 500 futures are off by 0.2% to follow yesterday's 1.2% broad-based sell off which saw six of ten sectors drop over 1.0%. The materials space led the decline with a loss of 2.8% which was exacerbated by notable weakness in the prices of precious and industrial metals. That weakness is continuing into this morning.

Looking at overseas developments:

Asian markets finished lower. China's Shanghai Composite fell 3.0%, Hong Kong's Hang Seng lost 1.7%, and Japan's Nikkei dropped 1.4%. Elsewhere, Australia's ASX settled lower by 2.3%.
Regional economic data was limited:
Hong Kong's unemployment ticked up to 3.40% while the general consensus had expected the rate to remain unchanged at 3.30%.
In news:
S&P said China faces downside risks resulting from overinvestment with potential softness carrying significant GDP implications.
Japan's Prime Minister Shinzo Abe is scheduled to meet with President Obama on Friday. It is expected the prime minister will seek President Obama's stamp of approval on recent Japanese economic policy.

European indices are broadly lower. The United Kingdom's FTSE is down 1.6%, France's CAC is shedding 1.8%, and Germany's DAX is down 1.9%. Elsewhere, Spain's IBEX is off by 1.6% and Italy's MIB is sliding 2.9%.
Economic data was plentiful as France and Germany reported their flash manufacturing and services PMI.
French manufacturing PMI came in at 43.6, below the 43.8 expected by the consensus. Meanwhile, the services component was reported at 42.7, which also fell short of expectations. The market had called for the reading to climb to 44.5.
Germany's manufacturing PMI was reported at 50.1, below the 50.5 expected by the market. The services component also fell short of expectations. The actual reading of 54.1 was well below the forecast, which called for a reading of 55.5.
As a result of disappointing regional PMI readings, the Eurozone manufacturing PMI of 47.8 was below the 48.4 expected by the market. The services component came in at 47.3, well short of the 49.2, which was generally expected.
In news:
The Prime Minister of Norway said the Euro debt crisis has become an employment crisis even as acute danger has been suppressed for the time being.
Reuters reported that the German president of the European Parliament, Martin Schulz, has urged Italians not to vote for Silvio Berlusconi's party in this weekend's elections.

In U.S. corporate news:

Wal-Mart (WMT 69.55, +0.34) is adding 0.5% after the company beat on earnings and reported revenue in-line with the Capital IQ consensus. The retailer also said it expects flat comparable store sales during the first quarter.
Verifone (PAY 20.40, -11.49) is plunging 36.1% after the company guided first and second quarter earnings below consensus. Following the guidance update, Verifone received five broker downgrades.

Several economic data points will be reported today. At 8:30 ET, weekly initial and continuing claims, January CPI, and core CPI will all be released. Meanwhile, January existing home sales, leading indicators, and February Philadelphia Fed Survey will all be reported at 10:00 ET.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -11.50.

06:51 am : Nikkei...11309.13...-159.20...-1.40%. Hang Seng...22906.67...-400.70...-1.70%.

06:51 am : FTSE...6291.53...-103.80...-1.60%. DAX...7586.31...-142.30...-1.80%.

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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