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 Post subject: March 4th Monday Trade Results - No Trades
PostPosted: Mon Mar 04, 2013 11:51 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Quote:
No trades today due to personal day off for family time with my children.

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

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
CME EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=115&t=1452

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=205&t=1773

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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.

Dow Inches Closer To Record High

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

NEW YORK (CNNMoney)
Forced budget cuts were no match for the bulls on Wall Street. U.S. stocks ended higher Monday as investors remain optimistic about the economy even as federal spending cuts begin to take hold.

After languishing in the morning, the Dow Jones industrial average managed to gain nearly 0.3% for the day. The Dow is now less than 40 points away from its all-time closing high and only about 70 points below its intra-day high. Both records were set in October 2007. The S&P 500 rose nearly 0.5% and is also within striking distance of all-time highs from October 2007. The Nasdaq added 0.4%.

"The March spending cuts came and went, and the world didn't end," said Joe Bell, senior market analyst at Schaeffer's Investment Research. "It's encouraging to see the market shrug off things that could perceived as negative."

For weeks, investors have been bracing for the $85 billion in across-the-board spending cuts, known as the sequester. The cuts, which will hit a wide array of federal agencies over the next weeks and months, came into effect March 1 after budget talks in Washington broke down.

Economists say the cuts could take a big bite out of growth later this year. But many investors believe the cuts will eventually be replaced with a more targeted plan, and that the impact on the economy will be less dramatic than feared.

"I don't think that the politicians are going to do anything foolish," said Carmine Grigoli, chief investment strategist at Mizuho Securities.

Comments from the top two officials at the Federal Reserve may have also helped boost the market.

Fed vice chair Janet Yellen said Monday she hopes that low interest rates will succeed in promoting a "return to prudent risk-taking." The comments echoed a speech Fed chairman Ben Bernanke made late Friday and furthered hopes the central bank will maintain its stimulus policies even as the economy improves.

Fear & Greed Index pulling back

Stocks had come under pressure earlier in the day as investors focused on threats to the global economy.

Chinese stocks tumbled after the government in Beijing announced new measures to avert a real estate bubble. The Shanghai Composite lost 3.7%, while Hong Kong's Hang Seng declined 1.5%. Japan's Nikkei added 0.4% though.

In the United States, shares of companies that are exposed to China were among the worst performers. Caterpillar (CAT, Fortune 500), Alcoa (AA, Fortune 500) and United Technologies (UTX, Fortune 500) were all down.

European stock markets ended mixed. Italy has been a concern, after elections last month left the euro area's third biggest economy without clear leadership. Also, the European Central Bank will be releasing its Governing Council's monetary policy decisions on Thursday.

Investors will get some readings on America's economy as well later this week, with reports due from the government on productivity and the job market. The monthly report on payrolls and the unemployment rate comes out on Friday.

The dollar was up against the euro on growing talk that the European Central Bank may signal a rate cut as early as this week after a recent string of poor eurozone economic data and political instability in Italy that could rekindle the region's sovereign debt crisis.

Oil prices sank but managed to close above $90 a barrel. Gold prices inched higher. The yield on the 10-year Treasury note rose to 1.87% from 1.85% on Friday.

There was little in the way of corporate news Monday. But shares of Apple (AAPL, Fortune 500)continued to slide, hitting another 52-week low. The stock is now down 20% so far this year. Meanwhile, Apple rival Google (GOOG, Fortune 500) rose about 1% and hit a new all-time high in the process.

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4:15 pm : The S&P 500 settled with a gain of 0.5% despite spending the majority of the day in negative territory.

The first session of the week began amid cautious trade resulting from news out of China where officials announced steps to curtail the rapid rise in the country's housing prices.

The news contributed to a slightly lower open for the U.S. session, which lacked any notable economic data. Similarly, earnings reaction was rather muted with only a handful of names reporting their quarterly results.

Industrials and materials lagged for the duration of the session as the news from China signaled lower demand for basic materials as well as heavy machinery. Steelmakers weighed on the materials space as the Market Vectors Steel ETF (SLX 44.11, -0.71) fell 1.6%.

In the industrial sector, machinery producer Caterpillar (CAT 89.75, -1.61) fell 1.8%, and weighed on its peers. In addition, the weekend implementation of the automatic spending cuts known as the "sequester" resulted in underperformance from defense-oriented stocks. The PHLX Defense Sector Index lost 0.5%.

The Dow Jones Transportation Average prevented the industrial sector from registering wider losses as the bellwether complex gained 1.0% amid strength from airlines. Delta Air Lines (DAL 15.65, +0.83) jumped 5.6% after the company's February unit revenue grew 5.0% year-over-year.

The technology sector underperformed amid weakness from its largest component. Apple (AAPL 420.05, -10.42) lost 2.4%, and its shares filled the gap which resulted from the company's January 2012 earnings report. In addition, several Apple suppliers traded notably lower. Cirrus Logic (CRUS 22.73, -0.66) dropped 2.8% and Broadcom (BRCM 33.45, -0.42) slid 1.2%.

Other chipmakers also contributed to the underperformance of the tech sector as the PHLX Semiconductor Index shed 0.3%.

Among tech names reacting to earnings, Stratasys (SSYS 68.82, +4.56) spiked 7.1% after beating on the bottom line and guiding its revenue midpoint above consensus.

Interestingly, despite the underperformance of higher-beta sectors, consumer discretionary stocks traded higher. Retailers outperformed the broader market and the SPDR S&P Retail ETF (XRT 67.92, +0.49) gained 0.7%.

As most cyclical sectors traded in the red for the bulk of the session, defensively-oriented stocks climbed throughout the day. The utilities sector finished as the top advancer and the SPDR Utilities Select Sector ETF (XLU 37.88, +0.38) added 1.0%.

Trading volume was below average as 692 million shares changed hands on the floor of the New York Stock Exchange.

Crude oil fell 0.7% and weighed on energy stocks. The energy component settled just over $90.00 per barrel.

Reviewing the S&P 500 performance, utilities (+1.0%), consumer discretionary (+1.0%), and financials (+0.9%) outperformed the broader market. Meanwhile, energy (-0.2%), industrial (-0.1%), materials (+0.1%), and technology (+0.2%) lagged.

In the treasury market, the 10-yr note saw steady selling throughout the day with the 10-yr yield ending higher by three basis points at 1.88%.

Tomorrow's economic data will be limited to the February ISM Services Index with the report set to cross the wires at 10:00 ET.DJ30 +38.16 NASDAQ +12.29 SP500 +7.00 NASDAQ Adv/Vol/Dec 1338/1.69 bln/1135 NYSE Adv/Vol/Dec 1665/693.2 mln/1311

3:30 pm :

Apr crude oil fell for a third consecutive session and dipped below the $90 per barrel level in late morning action. The energy component brushed a session low of $89.33 per barrel before buyers stepped in to erase some of the earlier losses. It inched slightly higher in afternoon floor action and settled with a 0.6% loss at $90.13 per barrel.
Apr natural gas, on the other hand, lifted off its session low of $3.44 per MMBtu set at pit trade open and trended higher for its entire session. It settled 2.3% higher at $3.53 per MMBtu, just below its session high of $3.54per MMBtu.
Apr gold began floor trade modestly higher but pulled-back from its session high of $1579.20 per ounce set in early morning action. The yellow metal trended lower for the remainder of the session and settled 60 cents below the unchanged line at $1572.00 per ounce.
May silver also trended lower after pulling-back from its session high of $28.72 per ounce. It erased all of the morning's gains and settled the session flat at $28.49 per ounce.

DJ30 +27.67 NASDAQ +7.97 SP500 +5.20 NASDAQ Adv/Vol/Dec 1254/1376.7 mln/1214 NYSE Adv/Vol/Dec 1539/429 mln/1408

2:55 pm : Heading into the final hour of trade, the major averages are holding their recent levels. The S&P 500 is adding 0.4% after spending the majority of the day in the red.

Cyclical stocks are among the day's laggards with the weakness stemming from two sources. The industrial sector has underperformed for the duration of the session as defense stocks weigh. This comes after the weekend implementation of the automatic spending cuts known as the "sequester." As a result, the PHLX Defense Sector Index is down 0.4%.

Also contributing to the weakness of growth-sensitive industrials was the news that China will take steps aimed at curtailing the rapid rise in home prices.

Notably, despite the underperformance of higher-beta sectors, consumer discretionary stocks are trading higher. Retailers are contributing to the outperformance with Home Depot (HD 70.11, +1.08) and Target (TGT 66.40, +2.27) trading at fresh all-time highs. Meanwhile, the broader SPDR S&P Retail ETF (XRT 67.92, +0.49) is adding 0.7%DJ30 +34.66 NASDAQ +10.67 SP500 +8.33 NASDAQ Adv/Vol/Dec 1265/1.21 bln/1174 NYSE Adv/Vol/Dec 1578/382.3 mln/1360

2:25 pm : The S&P 500 is adding 0.2% after recent trade saw the benchmark average climb back into positive territory.

The recent move higher took place as consumer staples, financials, and utilities all notched session highs of their own. Meanwhile, energy, industrials, and materials remain in the red.

Energy stocks are trading lower amid the 0.8% decline in the price of crude oil while industrials and materials are retreating after Chinese officials announced measures aimed at slowing the country's rapid rise in home prices.

Defense-oriented stocks are also exerting some pressure on the industrial sector with the PHLX Defense Sector Index down 0.8%. The weakness comes after the sequester was put into effect over the weekend.DJ30 +16.04 NASDAQ +3.93 SP500 +3.50 NASDAQ Adv/Vol/Dec 1140/1.11 bln/1306 NYSE Adv/Vol/Dec 1392/350.1 mln/1530

2:00 pm : Recent trade has seen the S&P 500 notch a fresh session high. This marks the second time the benchmark average has tried to hold above its flat line after the first attempt was met with a swift slide to new lows.

Quiet afternoon trade continues with underperformance from cyclical sectors. Energy stocks are trading lower amid the weakness in the price of crude oil. The energy component is down 1.0% at $89.78.

The industrial sector is enduring pressure related to news indicating China will take steps to curb rising home prices. This development is seen as a headwind for the growth-sensitive sector. In addition, the space is also seeing some pressure from defense stocks after the sequester, which has the greatest impact on the defense sector, went into effect over the weekend.DJ30 -6.84 NASDAQ +0.15 SP500 +0.63 NASDAQ Adv/Vol/Dec 1075/1.01 bln/1325 NYSE Adv/Vol/Dec 1326/321.9 mln/1579

1:30 pm : The major averages have climbed back near their respective highs as quiet, range bound trade continues. Equities began the day on a cautious note with the tentative sentiment lingering into the afternoon. Though the S&P 500 attempted to stage a late-morning recovery, the climb above its flat line proved to be short-lived.

Cyclical sectors are underperforming today amid news China will take measures to curb its rapidly rising home prices. This news has weighed on steel producers and the Market Vectors Steel ETF (SLX 43.63, -1.19) is off by 2.7%.

The Chinese news also carries a negative impact for industrials. The SPDR Industrial Select Sector ETF (XLI 40.53, -0.37) is down 0.9%. In addition to growth-sensitive names, defense stocks are putting pressure on the industrial sector. The PHLX Defense Sector Index is down 1.0% after the sequester was implemented over the weekend.DJ30 -13.00 NASDAQ -1.17 SP500 -0.23 NASDAQ Adv/Vol/Dec 1076/924.2 mln/1329 NYSE Adv/Vol/Dec 1304/297.9 mln/1584

1:00 pm : At midday, the S&P 500 trades lower by 0.2% as cyclical stocks weigh on the broader market.

Equities began today's session on a cautious note amid news indicating China will take steps to curtail the rapid rise in home prices. The news weighed on Chinese property-related names and the Shanghai Composite fell 3.7% in reaction.

Combined with a lack of U.S. economic data to influence sentiment, the news contributed to a downbeat start to the New York session.

As China looks to curb rising home prices, the developments are likely to result in lower demand for basic materials. Steelmakers are suffering the bulk of the sector weakness with the Market Vectors Steel ETF (SLX 43.76, -1.06) down 2.4%.

As the underperformance from steel producers weighs on materials, the SPDR Materials Select Sector ETF (XLB 38.30, -0.21) trades lower by 0.6%.

The industrial space is another growth-sensitive sector which remains in the red at midday. The weakness stems from downbeat trade in heavy equipment manufacturers as well as defense stocks. Caterpillar (CAT 89.32, -2.03) and Joy Global (JOY 59.29, -2.77) are trading notably lower as the news out of China weighs.

Meanwhile, defense-oriented stocks are trailing behind the broader market after the sequester was put into effect. The PHLX Defense Sector Index trades lower by 1.2%.

Also of note, technology stocks are underperforming amid broad weakness. The largest sector component, Apple (AAPL 423.21, -7.26), is down 1.7% with today's weakness closing the widely-watched gap resulting from the company's January 2012 earnings report.

Elsewhere, chipmakers are under pressure as well. The PHLX Semiconductor Index is off by 1.0%.

Interestingly, despite the underperformance of higher-beta sectors, consumer discretionary stocks are trading higher. Retailers are contributing to the outperformance with Home Depot (HD 69.54, +0.52) and Target (TGT 65.51, +1.38) trading at fresh all-time highs.

On the upside, defensively-oriented consumer staples, telecom, and utilities are registering modest gains.DJ30 -40.18 NASDAQ -9.19 SP500 -3.01 NASDAQ Adv/Vol/Dec 945/842.1 mln/1445 NYSE Adv/Vol/Dec 1123/270.7 mln/1765

12:30 pm : Recent trade has seen the S&P 500 return near its opening level. The benchmark average is off by 0.3% after briefly crossing into positive territory.

As quiet, range bound trade continues, the energy sector remains as the biggest laggard. This comes as crude oil trades lower by 1.0% at $89.77.

In addition to energy, other cyclical sectors are underperforming as well. Industrials and materials are registering modest losses amid news China will take steps to put a damper on rising housing prices. Meanwhile, industrials are seeing additional pressure from defense stocks. The PHLX Defense Sector Index is down 1.2% as the sequester takes effect.DJ30 -44.19 NASDAQ -10.67 SP500 -3.94 NASDAQ Adv/Vol/Dec 959/765.2 mln/1420 NYSE Adv/Vol/Dec 1076/246.2 mln/1799

12:00 pm : The major averages continue to trade in tentative fashion as the bulk of the action takes place near the unchanged line. The S&P 500 is registering fractional gains after starting the session on a cautious note amid news China will take steps aimed at slowing the rapid rise in housing prices.

The Chinese news signals lower demand for basic materials. As such, the SPDR Materials Select Sector ETF (XLB 38.39, -0.12) trades lower by 0.3%.

Elsewhere, the industrial sector is underperforming as defense-related names lag behind the broader market following the implementation of the sequester. Boeing (BA 76.48, -0.80) is off by 1.0% and the broader PHLX Defense Sector Index is down 0.8%.DJ30 -15.07 NASDAQ -0.41 SP500 +0.07 NASDAQ Adv/Vol/Dec 1155/679.4 mln/1204 NYSE Adv/Vol/Dec 1279/219.6 mln/1562

11:30 am : The major averages have climbed to fresh highs after opening on a cautious note. At this time, the S&P 500 trades flat.

Quiet trade continues as growth-sensitive energy, industrials, and materials trail behind the broader market. Notably, industrial stocks are seeing some pressure from defense-oriented stocks after the sequester took effect over the weekend. With the automatic spending cuts having the greatest impact on the defense sector, the PHLX Defense Sector Index is down 0.7%.

Elsewhere, producers of basic materials are trading lower after Chinese officials announced measures aimed at slowing the rapid inflation observed in the country's housing market. The SPDR Materials Select Sector ETF (XLB 38.39, -0.12) is off by 0.3%.DJ30 -12.33 NASDAQ -0.08 SP500 +0.10 NASDAQ Adv/Vol/Dec 1138/561.9 mln/1211 NYSE Adv/Vol/Dec 1249/194.1 mln/1565

11:00 am : Equities continue to trade modestly lower with the S&P 500 off by 0.1%. Although stocks are trading in the red, today's session began on a quiet note.

With no economic data of note, the markets looked to news out of China where regulators announced measures aimed at slowing the rapid rise in home prices. The news carries negative implications for construction companies as well as producers of basic materials. As such, industrials and materials are the two weakest sectors in early trade.

The SPDR Industrial Select Sector ETF (XLI 40.61, -0.29) is off by 0.7%. In addition to the news from China, defense-related stocks are contributing to the underperformance as the sequester begins to take effect. The PHLX Defense Sector Index is shedding 0.9%.DJ30 -36.17 NASDAQ -5.87 SP500 -1.79 NASDAQ Adv/Vol/Dec 1024/474.5 mln/1285 NYSE Adv/Vol/Dec 1165/191.5 mln/1637

10:35 am : Commodities are mixed this morning, while the dollar index recently fell back into negative territory. Precious metals found some buying interest in recent activity, giving gold and silver futures modest gains now in morning action. Currently, Apr gold is +0.2% at $1575.30/oz and May silver is +0.5% at $28.64/oz.

Crude oil futures have been in the red for the majority of today's session. Crude was on an uptrend higher overnight and into early morning trade, which eventually pushed crude into positive territory and as high as $90.91. However, this was short-lived and Apr crude oil is now -0.4% at $90.28/barrel.

Apr natural gas futures rallied earlier this morning and are now up 0.8% at $3.49/MMBtu, just under its session high.
DJ30 -55.76 NASDAQ -11.41 SP500 -3.98 NASDAQ Adv/Vol/Dec 916/386.9 mln/1346 NYSE Adv/Vol/Dec 1060/139 mln/1745

10:00 am : Equities have risen off their early lows but the S&P 500 remains off by 0.2%. The major averages got off to a cautious start amid news indicating the Chinese government will take steps to curtail the rapid rise in home prices.

Looking at the early sector performance, energy, industrials, materials, and technology are among the early laggards. Meanwhile, consumer discretionary, staple, and financials are registering modest gains.

Notably, Apple (AAPL 425.82, -4.65) is down 1.1%. The weakness follows Friday's decision by a federal judge to reduce a $1.05 billion fine, which the company was set to receive from Samsung.DJ30 -37.94 NASDAQ -6.61 SP500 -2.04 NASDAQ Adv/Vol/Dec 933/209.6 mln/1218 NYSE Adv/Vol/Dec 1151/90.1 mln/1563

09:45 am : The major averages are trading near their early lows with the S&P 500 off by 0.2%. The cautious open followed downbeat trade in China where regulators announced measures aimed at curbing rapidly rising home prices. China's Shanghai Composite fell 3.7% in response to the developments.

Domestically, there was no economic data to influence investor sentiment. Among names reacting to earnings, Stratasys (SSYS 71.30, +7.04) is rising 10.8% after beating on earnings and guiding its revenue midpoint above consensus. Meanwhile, other industrial stocks are underperforming the broader market with the SPDR Industrial Select Sector ETF (XLI 40.62, -0.28) off by 0.7%.DJ30 -45.16 NASDAQ -3.02 SP500 -2.60 NASDAQ Adv/Vol/Dec 882/116.2 mln/1206 NYSE Adv/Vol/Dec 963/66.1 mln/1641

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -7.00. Heading into the open, equity futures are signaling a lower start to the session with the futures on the S&P 500 off by 0.2%. The pre-market sentiment comes after Chinese officials announced measures aimed at cooling rapidly rising home prices. As a result of the regulatory changes, China's Shanghai Composite fell 3.7% and the Property Index plunged almost 10.0%.

Domestically, there was no economic data to influence trading sentiment. In earnings news, Stratasys (SSYS 68.50, +4.24) is rising 6.6% after beating on earnings and guiding its revenue midpoint above consensus. Peer 3D Systems (DDD 38.35, +1.65) trades higher by 4.5%.

Also of note, Apple (AAPL 428.39, -2.08) is down 0.5%. Note that on Friday, a federal judge reduced a $1.05 billion patent-related judgment levied against Samsung.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -6.30. Equity futures are trading modestly lower amid mixed overseas trade. The S&P 500 futures are off by 0.2% after being down as much as 0.6% in overnight action. Much of the early weakness has been due to news out of China where officials announced new regulatory measures aimed at curbing rapidly rising home prices. China's Shanghai Composite responded to the developments by falling 3.7% with the Shanghai Property Index dropping nearly 10%.

In the U.S., pre-market trade is unfolding in rather quiet fashion amid limited corporate earnings. Stratasys (SSYS 68.55, +4.29) is rising 6.7% after beating on earnings and guiding its revenue midpoint above consensus. Peer 3D Systems (DDD 38.26, +1.56) trades higher by 4.3%.

Elsewhere, Gap (GPS 33.11, -0.76) is off by 2.2% after Sterne Agee initiated coverage with an 'Underperform' rating.

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

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -3.80.

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

It was a sea of red across Asia as all of the major bourses, aside from Japan's Nikkei (+0.4%) and Thailand's SET (+0.1%) ended in negative territory. China's Shanghai Composite (-3.7%) showed significant underperformance after Beijing announced fresh property curbs to cool the housing market. The measures include restrictions on home buying, implementing higher interest rates on second homes in cities where growth is occurring too quickly, and stricter enforcement of the 20% capital gains tax on home sales. Also weighing on sentiment in the Middle Kingdom was the weaker than expected Non-Manufacturing PMI number, which posted a reading of 54.5 (56.2 previous). Elsewhere, Bank of Japan nominee Haruhiko Kuroda spoke of ways he thought the central bank could rid the country of the deflationary environment that has been in place for the past two-plus decades. Mr. Kuroda suggested the central bank could buy large amounts of government bonds while not setting any limits on the amount of money being injected into the system. Data from the region showed Australian building approvals plunge 2.4% month-over-month (+2.8% expected) while company operating profits slipped 1.0% quarter-over-quarter (-0.9% expected) and ANZ Job Advertisements jumped 3.0%.

In Japan, the Nikkei added 0.4% after comments from BoJ nominee Kuroda fueled the rally. Exporters gained as the yen weakened with Sony jumping 3.5% and Canon climbing 1.2%. Elsewhere, financials were strong with Sumitomo Mitsui Financial adding 1.7% to lead the way.
Hong Kong's Hang Seng finished lower by 1.5% as property developers saw significant selling after Beijing announced new measures to curb prices. China Overseas Land and China Resources Land were under significant pressure, tumbling 7.1% and 8.9% respectively. Elsewhere, materials stocks were also weak with Anhui Conch Cement giving up 4.8%.
In China, the Shanghai Composite fell 3.7% as many developers saw limit-down moves. China Vanke and Poly Real Estate both tumbled 10% to close limit-down. Elsewhere, materials stocks were also hit hard with Huaxin Cement losing 10%, the daily allowance.

European indices are trading in mixed fashion at midday. Several economic data points were released across the region. The Eurozone Sentix investor confidence was reported at -10.6, well below the -5.2 expected by the market. Meanwhile, the bloc's PPI rose 0.6% month-over-month, slightly ahead of the generally expected rise of 0.5%. The United Kingdom's construction PMI was reported at 46.8 while the general consensus had expected a reading of 49.0. Spain's unemployment change of 59.4K was better than the 77.5K that had been expected by the market.

In news, Italy enters the week with its government still in limbo. To recap, Pier Luigi Bersani's center-left party had won the lower house vote while the upper house remains deadlocked. Weekend speculation indicated President Giorgio Napolitano may appoint a new technocratic government in the interim, but such move would likely be met with public discontent. Glancing at core indices:

France's CAC is adding 0.1% with defensively-oriented names outperforming. France Telecom is rising 6.3% and water supplier Veolia Environnement is higher by 5.3%. On the downside, steelmaker ArcelorMittal is down 2.6%.
In Germany, the DAX is lower by 0.4% with producers of basic materials down. ThyssenKrupp and K+S are both down near 2.5%. On the upside, Deutsche Telekom is rising 0.6%.
The United Kingdom's FTSE is shedding 0.4% as miners underperform. Anglo American and Kazakhmys are seeing respective losses of 2.3% and 5.1%. Also of note, HSBC Holdings is down 2.4% after its full-year profit fell short of analyst expectations.

Looking at peripheral markets:

Spain's IBEX is adding 0.6% following the better-than-feared employment data. Utilities and industrials are among the outperformers. Iberdrola is adding 0.9% while Telefonica trades higher by 3.4%.
In Italy, the MIB is shedding 0.4%. Mediobanca is down 3.2% and Mediaset is off by 4.3%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.00.

U.S. equity futures are modestly lower with the S&P 500 futures off by 0.1%. The downbeat pre-market sentiment follows cautious Asian trade where markets reacted to tightening measures undertaken by Chinese officials in order to curb rapidly rising home prices.

Looking at overseas developments:

Asian markets finished generally lower. China's Shanghai Composite dropped 3.7%, Hong Kong's Hang Seng fell 1.5%, while Japan's Nikkei added 0.4%.
In economic data:
Japan's monetary base increased 15.0% year-over-year, ahead of the 11.5% rise expected by the market.
South Korea's CPI rose 1.4% year-over-year, cooler than the 1.7% uptick forecast by the consensus.
Australia's ANZ Commodity Price Index rose 1.0% to follow the prior month's uptick of 0.3%.
Australia's building approvals fell 2.4% month-over-month, well below the 2.8% rise expected by the general consensus.
Hong Kong's retail sales rose 10.5%, ahead of the 8.6% rise that had been forecast by the market.
Looking at news:
Pressured by the news of tighter regulation in the Chinese property market, the Shanghai Property Index fell nearly 10% as the market priced in stricter industry regulation.
Bank of Japan Governor nominee Haruhiko Kuroda testified before parliament and indicated his willingness to buy longer-dated Japanese government bonds. Mr. Kuroda also voiced support for beginning unlimited easing earlier than originally planned.

European indices are mixed at midday. France's CAC is adding 0.2% while Germany's DAX and the United Kingdom's FTSE are down 0.3% each. Elsewhere, Italy's MIB is off by 0.5% while Spain's IBEX is adding 0.6%.
Regional economic data was limited:
The Eurozone Sentix investor confidence was reported at -10.6, well below the -5.2 expected by the market. Meanwhile, the bloc's PPI rose 0.6% month-over-month, slightly ahead of the generally expected rise of 0.5%.
The United Kingdom's construction PMI was reported at 46.8 while the general consensus had expected a reading of 49.0.
Spain's unemployment change of 59.4K was better than the 77.5K that had been expected by the market.
In news:
Italy enters the week with its government still in limbo. To recap, Pier Luigi Bersani's center-left party had won the lower house vote while the upper house remains deadlocked. Weekend speculation indicated President Giorgio Napolitano may appoint a new technocratic government in the interim, but such move would likely be met with public discontent.
Spain's IBEX is outperforming following better-than-feared unemployment data.

In U.S. corporate news:

Apple (AAPL 428.75, -1.72) is shedding 0.4% after a federal judge reduced Samsung's $1.05 billion fine stemming from a patent dispute between the two companies.
Merck (MRK 43.07, +0.44) is adding 1.0% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Neutral.'

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

06:49 am : [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -10.50.

06:49 am : Nikkei...11652.29...+45.90...+0.40%. Hang Seng...22537.81...-342.40...-1.50%.

06:49 am : FTSE...6338.82...-39.80...-0.60%. DAX...7654.92...-52.50...-0.70%.

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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