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 Post subject: February 22nd Friday Trade Results - Profit $1410
PostPosted: Fri Feb 22, 2013 6:34 pm 
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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 @ $60.00 dollars or +0.60 points, EuroFX 6E futures @ $1350.00 dollars or +0.0108 ticks and Light Crude Oil CL (WTI) futures @ $0.00 dollars or +0.00 points. Total Profit @ $1410.00 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=1444

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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4:30 pm : The S&P 500 gained 0.9% to rebound from its two-day slide which saw the index drop just under 2.0%. However, despite today's rally, the benchmark average was unable to register a higher close for the week, thus snapping its streak of seven consecutive weekly gains.

Stocks began the session on a positive note amid upbeat European trade. The bullish bias across the old continent was attributed in part to a better-than-expected Ifo Business Climate Survey out of Germany.

With no domestic economic data of note, attention was centered mostly on earnings as several notable companies reported their results.

Hewlett-Packard (HPQ 19.20, +2.10) jumped 12.3% after beating on earnings and revenue. The company also issued upbeat second quarter earnings guidance, but it should be noted the stock was trading near its all-time lows as recently as late November. That multi-year weakness has caused analysts to lower their expectations for the computer company.

Elsewhere in tech, semiconductor manufacturers outperformed after begin one of the weakest groups yesterday. Contributing to the strength was Texas Instruments (TXN 34.18, +1.70), which climbed 5.2% after hiking its quarterly dividend by 33% to $0.28 and announcing the authorization of an additional $5 billion in funds aimed at repurchasing company stock. Meanwhile, the broader PHLX Semiconductor Index gained 2.1%.

Financials also finished among the leaders. American International Group (AIG 38.45, +1.17) advanced 3.1% after beating bottom line estimates on revenue below consensus.

Also of note, the materials sector underperformed throughout the week but was today's top advancer. On Tuesday, basic materials settled in the red despite a broad market advance. As stocks sold off on Wednesday and Thursday, the sector led to the downside amid weakness in industrial and precious metals. As a result, the space is now registering the slimmest gains of the year among the 10 sectors.

Although cyclical stocks outperformed, this was not the case with consumer discretionary shares. Retailers saw relative weakness and the SPDR S&P Retail ETF (XRT 67.31, 0.00) ended flat. Abercrombie & Fitch (ANF 46.86, -2.19) settled as the weakest S&P 500 component after beating on earnings ex-charges and announcing plans to shutter up to 50 stores.

With consumers adjusting to lower spending power resulting from the expiration of the payroll tax cut, profit warnings from consumer companies have become more frequent. This morning, Darden Restaurants (DRI 46.23, +1.49) issued downside third quarter earnings guidance with higher payroll tax as well as rising gasoline prices cited as the reason.

Reviewing today's S&P 500 sector performance, materials (+1.3%), technology (+1.2%), financials (+1.2%), and utilities (+1.1%) led the way. On the downside, health care (+0.4%), consumer staples (+0.5%), and consumer discretionary (+0.6%) registered slimmer gains than the broader market.

Today's volume was below average as less than 690 million shares changed hands on the floor of the New York Stock Exchange. This suggests the rally may not have been built on the same conviction as the recent sell off, which saw the two highest volume sessions of 2013.

There is no economic data scheduled to be released on Monday. However, it should be noted that the closely-contested Italian general election is scheduled to take place on Sunday and Monday of next week.

Week in Review: S&P 500 Snaps Seven Week Winning Streak

On Monday, equity and bond markets were closed in observance of Presidents Day.

Tuesday's session saw the S&P 500 settle higher by 0.7% after spending the duration of the day in a steady upward climb. Equities got off to an upbeat start supported in part by bullish European trade. In addition, merger speculation helped support the markets at the open. Health care stocks were in the news when the Centers for Medicare & Medicaid Services proposed lower 2014 Medicare co-payments. The news carried a negative impact for health care providers as Humana (HUM 70.61, -2.04) and UnitedHealth Group (UNH 54.47, -0.77) lost 6.4% and 1.2% respectively.

On Wednesday, the S&P 500 settled lower by 1.2% after spending the entire session in negative territory. Equities began the day on a lower note amid mixed housing data and hovered near their lows ahead of the Fed's minutes. Stocks then fell to fresh lows after the minutes indicated Committee members saw little change to the economic outlook. Homebuilders sold off in reaction to an earnings and revenue miss reported by Toll Brothers (TOL 34.59, +0.12). Peers PulteGroup (PHM 18.90, +0.15) and D.R. Horton (DHI 22.31, +0.14) were off 6.8% and 5.9% respectively.

Thursday proved to be an extension of Wednesday's weakness as the S&P 500 settled lower by 0.6%. Stocks 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. Wal-Mart (WMT 70.40, +0.14) gained 1.5% after beating on earnings. However, the company issued first quarter guidance on the low end of analyst expectations. In addition, Wal-Mart said it 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.DJ30 +119.95 NASDAQ +30.33 SP500 +13.18 NASDAQ Adv/Vol/Dec 1770/1.53 bln/688 NYSE Adv/Vol/Dec 2246/682.6 mln/733

3:35 pm : Precious metals inched higher in the afternoon session, but ended the day in negative territory. Apr gold lost $6 to finish at $1572.70/oz, while Mar silver fell $0.25 to end today's session at $28.45/oz. Mar copper fell to a new session low of $3.53/lb and ended the day there.

Crude oil futures gained some momentum and rose back above the $93 level. Natural gas futures also gained buying interest in the morning and rose to a new session high of $3.29/MMBtu one minute before floor trading ended. At the end of today's session, Apr crude oil ended $0.36 higher to $93.14/barrel and Mar natural gas rose 5 cents to $3.29/MMBtu.DJ30 +102.35 NASDAQ +26.19 SP500 +11.31 NASDAQ Adv/Vol/Dec 1674/1325.1 mln/787 NYSE Adv/Vol/Dec 2134/454 mln/833

3:00 pm : Heading into the final hour of trade, the S&P 500 continues to trade higher by 0.6%.

Equities have climbed through the day in the absence of notable economic data. As such, quarterly earnings were the main focal point this morning. Notably, American International Group (AIG 38.25, +0.98) is firmer by 2.6% after reporting mixed results which saw a bottom line beat and a top line miss.

Elsewhere, Hewlett-Packard (HPQ 19.17, +2.07) is rising 12.2% after beating on earnings and revenue. The computer company also guided its second quarter earnings above consensus expectations, but it should be noted the stock has been climbing off its all-time lows reached in mid-November, and has faced lowered expectations since.

Next week will bring the final heavy batch of fourth quarter earnings before the reporting period slows down considerably. Prior to Monday's open, Cooper Tire (CTB 25.35, +0.26) and Lowe's (LOW 37.74, +0.08) will report their results. The Capital IQ consensus expects Cooper Tire to report earnings of $0.86 on $1.03 billion in revenue. Meanwhile, Lowe's is expected to announce earnings of $0.23 on revenue of $10.82 billion. Guidance from both may be a point of interest if the two consumer discretionary components comment on observed changes in consumer spending.DJ30 +97.55 NASDAQ +22.30 SP500 +9.65 NASDAQ Adv/Vol/Dec 1625/1.13 bln/815 NYSE Adv/Vol/Dec 2051/393.1 mln/900

2:30 pm : The key indices continue to trade near their afternoon highs. With the S&P 500 adding just over eight points, the index needs another 10 in order to avoid its first lower weekly close of 2013.

Today's rebound session is seeing notable outperformance from technology stocks. The high-beta sector is leading the broader market as microprocessor manufacturers outperform. The PHLX Semiconductor Index is adding 1.8%. Index component Texas Instruments (TXN 34.01, +1.53) is climbing 4.7% after hiking its quarterly dividend by 33% to $0.28 and announcing the authorization of an additional $5 billion in funds aimed at repurchasing company stock. This brings the total buyback authorization up to $8.4 billion.DJ30 +90.34 NASDAQ +21.31 SP500 +8.67 NASDAQ Adv/Vol/Dec 1622/1.06 bln/797 NYSE Adv/Vol/Dec 2048/366.7 mln/894

2:00 pm : Quiet afternoon trade continues as the S&P 500 remains near its session highs. Today's rebound effort is being led by materials and technology stocks which were among yesterday's biggest laggards.

With the major averages climbing steadily, the CBOE Volatility Index (VIX 14.40, -0.82) is down over 5.0% after the near-term volatility measure saw its highest close of 2013 yesterday.

The S&P 500 is seeing gains from all of its sectors. However, defensively-oriented staple stocks and health care are underperforming. Meanwhile, the other defensive sectors, telecoms and utilities, are among the top gainers.DJ30 +98.64 NASDAQ +22.68 SP500 +9.42 NASDAQ Adv/Vol/Dec 1655/983.8 mln/769 NYSE Adv/Vol/Dec 2080/340.3 mln/856

1:35 pm : The major averages continue to trade near their recently-established highs and the S&P 500 is adding 0.7%. Although equities are enjoying an upbeat session, several areas of weakness can be identified.

Consumer discretionary, consumer staples, and health care stocks are adding 0.3% each as they trail behind the broader market. Meanwhile, the defensively-oriented utilities are among the top advancers.

Afternoon trade is unfolding in a fairly mechanical fashion with the three main indices registering comparable gains. Yesterday's weakest sectors are among today's top performers and vice versa. Furthermore, intraday volume is running below average suggesting there isn't very much conviction behind today's buying.DJ30 +95.91 NASDAQ +22.10 SP500 +9.09 NASDAQ Adv/Vol/Dec 1645/916.1 mln/766 NYSE Adv/Vol/Dec 2060/314.6 mln/834

1:00 pm : The major averages are trading at their session highs with the S&P 500 firmer by 0.7%. After two down days which saw the benchmark average slide almost 2.0%, today's session got off to a running start.

The morning sentiment was supported in part by an upbeat German Ifo Business Climate Survey which beat on both components, expectations as well as current conditions. As such, European markets rebounded from their own recent weakness ahead of the closely-contested Italian general election scheduled for Sunday and Monday of the upcoming week.

Domestically, earnings were in focus in the absence of notable economic data. Financials are trading broadly higher and American International Group (AIG 38.25, +0.98) is firmer by 2.6% after reporting mixed results which saw a bottom line beat and a top line miss.

Elsewhere, the materials space has enjoyed a rebound session. The sector has been under heavy pressure all week which caused it to surrender all of its 2013 gains in yesterday's trade. Since then, basic materials have climbed back into positive territory and the sector is registering a 1.2% gain in 2013.

Tech shares led to the downside yesterday, but are showing relative strength today. This comes despite the underperformance from Apple (AAPL 449.19, +3.23). Meanwhile, chip makers are seeing broad gains with the PHLX Semiconductor Index up 2.2%. Texas Instruments (TXN 34.19, +1.71) is climbing 5.3% after hiking its quarterly dividend by 33% to $0.28 and announcing the authorization of an additional $5 billion in funds aimed at repurchasing company stock. This brings the total buyback authorization up to $8.4 billion.

In other tech news, Hewlett-Packard (HPQ 19.17, +2.07) is rising 12.2% after beating on earnings and revenue. The computer company also guided its second quarter earnings above consensus expectations. It should be noted the stock has been climbing off its all-time lows reached in mid-November, and has faced lowered expectations.DJ30 +113.28 NASDAQ +25.15 SP500 +10.79 NASDAQ Adv/Vol/Dec 1686/841.8 mln/719 NYSE Adv/Vol/Dec 2106/289.3 mln/780

12:30 pm : The S&P 500 has climbed back to its session highs and is now adding 0.5%. As the index trades near its best levels of the day, cyclical stocks are holding strong. Financials, materials, and utilities are the leading to the upside as all three sectors trade higher by 0.8%.

The materials space has been under pressure all week. Lower prices of precious and industrial metals have weighed on the sector which has surrendered the vast majority of its 2013 gains as a result.

Today, the space is seeing mixed performance from metals producers but paper and packaging stocks are outperforming. International Paper (IP 42.92, +1.60) and Louisiana-Pacific (LPX 21.36, +0.82) are both up near 4.0% after morning analyst reports suggested Georgia-Pacific was raising prices.DJ30 +78.81 NASDAQ +17.99 SP500 +8.16 NASDAQ Adv/Vol/Dec 1634/771.1 mln/762 NYSE Adv/Vol/Dec 2012/264.6 mln/853

12:05 pm : Equities continue to trade higher and the S&P 500 is firmer by 0.5%. Meanwhile the Nasdaq is adding 0.6%. The tech-heavy index is seeing relative strength after being the weakest performer in yesterday's trade.

Tech stocks are outperforming as chipmakers trade with broad gains. Texas Instruments (TXN 33.98, +1.50) is climbing 4.6% after hiking its quarterly dividend by 33% to $0.28 and announcing the authorization of an additional $5 billion in funds aimed at repurchasing company stock. This brings the total buyback authorization up to $8.4 billion. Meanwhile, the broader PHLX Semiconductor Index is adding 1.6%.DJ30 +64.55 NASDAQ +17.29 SP500 +7.29 NASDAQ Adv/Vol/Dec 1632/694.9 mln/735 NYSE Adv/Vol/Dec 2010/240.9 mln/835

11:30 am : Equities are hovering near their recent levels and the S&P 500 is higher by 0.3%. As the index continues to trade with modest gains, financials and utilities are trading near their session highs.

Below the surface, apparel and internet retailers are seeing some weakness and the SPDR S&P Retail ETF (XRT 66.89, -0.42) is lower by 0.6%. Major retail ETF components Amazon.com (AMZN 262.20, -3.74) and V.F. Corporation (VFC 157.35, -1.62) are both down in excess of 1.0%.

Elsewhere, Abercrombie & Fitch (ANF 46.10, -2.95) is the weakest S&P 500 component after its quarterly earnings beat on the bottom line, excluding a $0.06 impairment charge. It should be noted the company said it has changed to cost accounting method from retail accounting.DJ30 +52.49 NASDAQ +12.29 SP500 +5.18 NASDAQ Adv/Vol/Dec 1563/600.0 mln/757 NYSE Adv/Vol/Dec 1908/209.2 mln/900

11:00 am : The major averages continue to trade with modest gains and the S&P 500 is adding 0.3%. The key averages are hovering near their opening levels as the markets rebound from the weakness of the past two days which caused the benchmark average to slide nearly 2.0%.

With the markets recovering a portion of their recent losses, financials, technology, and utilities are among the strongest performing sectors. Energy and consumer staples are underperforming the broader market while consumer discretionary stocks, health care, and telecoms are registering slim losses.

American International Group (AIG 38.40, +1.12) is contributing to the strength of financials. The insurer is rising 2.7% after reporting mixed results which saw a bottom line beat and a top line miss.DJ30 +49.60 NASDAQ +12.40 SP500 +4.92 NASDAQ Adv/Vol/Dec 1534/509.1 mln/742 NYSE Adv/Vol/Dec 1901/180.2 mln/908

10:30 am : Commodities are lower this morning, but are just showing modest downside. Meanwhile, the dollar index is just modestly higher, which displays a more typical inverse relationship with commodities compared to what we've seen in recent days.

Crude oil was trading higher in overnight activity and rose as high as $93.43/barrel, but as the dollar index strengthened crude lost steam. In current trade, crude is -0.3% at $92.61/barrel.

Natural gas hs been chopping around the flat line all session so far and is now -0.2% at $3.24/MMBtu.

Precious metals have been on a downtrend this morning and hit new session lows and recent activity. Apr gold is now -0.3% at $1574.30/oz, while Mar silver is -0.8% at $28.48/oz. Mar copper is -0.4% at $3.54/lb.DJ30 +43.74 NASDAQ +12.54 SP500 +4.65 NASDAQ Adv/Vol/Dec 1532/402.0 mln/728 NYSE Adv/Vol/Dec 1886/146 mln/900

10:00 am : The S&P 500 has shed about four points since notching its highs during the opening minutes of the session. As the benchmark index slips from its initial levels, some divergences appear among individual sectors. Financials, utilities, and industrials are the early leaders after underperforming yesterday.

Meanwhile, consumer discretionary stocks, consumer staples, and telecoms are currently flat.

Abercrombie & Fitch (ANF 47.47, -1.58) is the weakest S&P 500 component after its quarterly earnings beat on the bottom line, excluding a $0.06 impairment charge. In addition, the company said it has changed to cost accounting method from retail accounting.DJ30 +37.81 NASDAQ +13.06 SP500 +5.39 NASDAQ Adv/Vol/Dec 1585/225.5 mln/605 NYSE Adv/Vol/Dec 1976/98.7 mln/736

09:50 am : The major averages are hovering near their best levels of the session following a higher open. The S&P 500 is adding 0.4%.

Equities got off to a running start as upbeat European trade contributed to the early bid. In U.S. earnings news, American International Group (AIG 38.90, +1.62) is rising 4.2% after reporting mixed results. The financial beat on the bottom line but missed on revenue.

In consumer names, Abercrombie & Fitch (ANF 47.47, -1.58) is slipping 3.2% after beating on earnings, excluding a $0.06 impairment charge. In addition, the company said it has changed to cost accounting method from retail accounting.

Elsewhere, Darden Restaurants (DRI 45.36, +0.62) is registering modest gains despite issuing cautious third quarter guidance.DJ30 +47.63 NASDAQ +11.61 SP500 +5.49 NASDAQ Adv/Vol/Dec 1585/170.5 mln/564 NYSE Adv/Vol/Dec 2041/82.5 mln/629

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +15.70. Heading into the open, equity futures are trading near their pre-market highs with the S&P 500 futures up 0.4%. A higher start to the session is expected as the major averages attempt to stage a rebound effort. However, following the broad decline of the past two days, the benchmark index needs to gain nearly 19 points to avoid its first losing week this year.

The pre-market gains are taking place as European indices trade broadly higher. An upbeat Ifo Survey out of Germany has provided support in early trade as markets rebound from notable weakness.

In corporate earnings, Hewlett-Packard (HPQ 17.93, +0.83) is rising 4.9% after beating on earnings and revenue. The computer company also guided its second quarter earnings above consensus expectations.

Also of note, Darden Restaurants (DRI 45.00, +0.28) has issued a third quarter profit warning as the company expects slower sales due to the impact of a higher payroll tax as well as rising gas prices.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +17.70. U.S. equity futures are trading near their pre-market highs suggesting the major averages are poised to stage a rebound effort in early trade. The S&P 500 futures are adding 0.5%.

Overseas, Asian markets settled on a mixed note, but European indices are trading broadly higher which is contributing to the pre-market bid. Markets across the ocean found some support in an upbeat German Ifo Business Climate Survey, which beat on both survey components. However, France's CAC is the regional leader as the index trades higher by 2.1%.

Domestically, there was no notable economic data with focus mainly on corporate earnings. American International Group (AIG 38.90, +1.62) is higher by 4.4% following a mixed report which revealed a bottom line beat and a top line miss. Elsewhere, Hewlett-Packard (HPQ 18.00, +0.90) is rising 5.3% after beating on earnings and revenue. The computer company also guided its second quarter earnings above consensus expectations.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +17.20.

U.S. equity futures continue to trade near their pre-market highs with the S&P 500 futures up 0.5%.

The major Asian bourses ended with China's Shanghai Composite (-0.5%) and Hong Kong's Hang Seng (-0.5%) lagging on concerns Beijing will move to tighten policy amid further increases in home prices. The latest housing data saw new home prices up in 53 out of 70 major cities on both a month-over-month and year-over-year basis. Elsewhere, some hawkish comments from Reserve Bank of Australia Governor Glenn Stevens put a bid in the Aussie dollar. Mr. Stevens suggested the central bank may be done lowering rates as previous cuts work their way through the system. Finally, Japanese Prime Minister Shinzo Abe visits Washington today where he and President Obama will discuss security and economic issues. Data out overnight saw Singapore's GDP climb 1.5% year-over-year (1.2% expected) and Hong Kong's CPI ease to 3.00% (3.70% previous).

In Japan, the Nikkei added 0.7% as traders moved in to scoop up shares at a discount following yesterday's steep slide. Mazda Motor added 1.1% and Canon tacked on 0.3%. Meanwhile, financials remained under pressure as Mitsubishi UFJ Financial fell 1.4% to lead the space lower.
Hong Kong's Hang Seng shed 0.5% as stocks fell for the fourth time in five days. Belle International remained under pressure, tumbling another 5.4% following yesterday's 11.9% decline. Elsewhere, property developers rallied off beaten down levels as China Overseas Land and China Resources Land both added 1.8%.
In China, the Shanghai Composite settled lower by 0.5% to end at its worst level in three weeks. Financials and automakers were among the laggards with China Minsheng and Anhui Jianghuai Automobile falling 2.8% and 6.7% respectively to lead their sectors lower.

European markets are broadly higher as they rebound from the two-day selloff. Contributing to the upbeat sentiment was a better-than-expected German Ifo Business Climate Survey, which came in at 107.4 and beat on both components, business expectations and current assessment. In addition, Germany's fourth quarter GDP growth revision saw no change from the preliminary reading. The country's GDP contracted by 0.6%. Elsewhere, Italian CPI rose 0.2% month-over-month, in-line with expectations. Meanwhile, the country's retail sales climbed 0.2% month-over-month, slightly worse than the 0.3% growth expected by the market.

In news, the Financial Times reported Bankia will reveal an annual loss of at least EUR19 billion. This would be the largest loss in Spanish corporate history. The bank will be reporting its results on Thursday. Also of note, the Bank of England and the People's Bank of China are reportedly discussing entrance into a 3-year swap agreement to support trade and direct investment.

The United Kingdom's FTSE is rising 0.7% with miners rebounding from the weakness of the past two sessions. Anglo American and Kazakhmys are seeing gains between 1.6% and 1.8%.
In Germany, the DAX is adding 1.0% as utilities outperform. E.ON and RWE are higher by 0.8% and 1.1% respectively.
France's CAC is firmer by 2.0% with all 40 components registering gains. Health care name Cie Generale d'Optique is leading the index with a gain of 4.1%. On the downside, Safran is adding just 0.2%.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +15.50.

U.S. equity futures are firmly higher amid upbeat European trade. The S&P 500 futures are rising 0.5%.

Looking at overseas developments:

Asian markets entered the weekend on a mixed note. Japan's Nikkei climbed 0.7% while China's Shanghai Composite and Hong Kong's Hang Seng each shed 0.5%.
In regional economic data:
Chinese house prices rose 0.8% month-over-month to follow the prior month's four basis point decline.
Singaporean GDP grew 1.5%, ahead of the 1.2% expected by the general consensus.
Hong Kong's CPI climbed 3.0% year-over-year, cooler than the 3.2% forecast by the market.
Looking at news:
Japan's Prime Minister Shinzo Abe is expected to discuss entry into the Trans Pacific Partnership following his meeting with President Barack Obama.

European markets are broadly higher. The United Kingdom's FTSE is rising 0.8%, Germany's DAX is higher by 1.1%, and France's CAC is firmer by 1.8%.
Several economic data points were reported across the region:
Germany's GDP growth revision saw no change from the preliminary reading. The country's fourth quarter GDP contracted by 0.6%. Meanwhile, the country's Ifo Business climate survey came in at 107.4, ahead of the 105.0 expected by the market.
Italian CPI rose 0.2% month-over-month, in-line with expectations. Meanwhile, the country's retail sales climbed 0.2% month-over-month, slightly worse than the 0.3% growth expected by the market.
In news:
The Financial Times reported Bankia will reveal an annual loss of at least EUR19 billion. This would be the largest loss in Spanish corporate history. The bank will be reporting its results on Thursday.
The Bank of England and the People's Bank of China are reportedly discussing entrance into a 3-year swap agreement to support trade and direct investment.

In U.S. corporate news:

Abercrombie & Fitch (ANF 52.15, +3.10) is jumping 6.3% after beating on earnings, excluding a $0.06 impairment charge. In addition, the company said it has changed to cost accounting method from retail accounting.
American International Group (AIG 38.76, +1.48) is higher by 4.1% following a mixed report which revealed a bottom line beat and a top line miss.
Hewlett-Packard (HPQ 18.00, +0.90) is rising 5.3% after beating on earnings and revenue. The computer company also guided its second quarter earnings above consensus expectations.

There is no notable economic data scheduled to be released today.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +12.50.

06:28 am : Nikkei...11385.94...+76.80...+0.70%. Hang Seng...22782.44...-124.20...-0.50%.

06:28 am : FTSE...6333.38...+41.80...+0.70%. DAX...7628.11...+44.50...+0.60%.

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

http://www.thestrategylab.com
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