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 Post subject: April 9th Tuesday Trade Results - Profit $3410
PostPosted: Tue Apr 09, 2013 8:35 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)
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $2970.00 dollars or +29.70 points, Light Crude Oil CL ($CL_F) futures @ $440.00 dollars or +0.44 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $3410.00 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
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
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 about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) 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=116&t=1479

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=207&t=1794

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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 for price action trading 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 Closes At New Record High

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

NEW YORK (CNNMoney)
Stocks gained traction Tuesday afternoon, pushing the Dow to a new record closing high.

The Dow Jones Industrial Average added 0.4% to end at a new high of 14,673. Earlier the index hit an intraday record high of 14,716. Microsoft (MSFT, Fortune 500) and Intel (INTC, Fortune 500) were among the biggest gainers on the blue chip index.

The S&P 500 and the Nasdaq edged up between 0.4% and 0.5%.

Solar stocks got a big boost after First Solar issued much-better-than expected guidance. Shares of First Solar (FSLR) soared more than 45%.

Solar energy ETFs, including Guggenheim Solar ETF (TAN) and Market Vectors ETF (KWT) spiked, as did solar power company SunPower (SPWR).

In other corporate news, J.C. Penney (JCP, Fortune 500) shares tumbled after the retailer announced that it was replacing CEO Ron Johnson with his predecessor, Mike Ullman. More than 89 million shares traded by the close -- more than eight times the average trading volume for an entire day.

Meanwhile, Herbalife (HLF) announced that KPMG had resigned as its auditor because of an alleged insider trading scheme in Herbalife stock that involved one of KPMG's former partners. After being halted for most of the morning, Herbalife's shares closed down 4%. Analysts at DA Davidson downgraded the stock Tuesday afternoon.

KPMG also resigned as the auditor of Skechers (SKX) as part of the same alleged insider trading situation. After being halted in the morning, Skechers' shares jumped 2% once they resumed trading.

Shares of real estate brokerage firm Realogy (RLGY) dropped nearly 9% in after hours trading, after the parent company of Century 21 and Coldwell Banker announced preliminary first quarter results that missed estimates.

Investors are waiting for more corporate results after Alcoa (AA, Fortune 500) unofficially kicked off earnings season late Monday. The aluminum producer, which beat analysts' earnings expectations, is often considered a proxy for corporate results.

Over the past 10 years, when Alcoa beat earnings estimates, the S&P 500 rose an average 4.4% during the following three months, according to FactSet, which forecast overall earnings growth to contract 0.6%.

But Dan Greenhaus, chief global strategist with BTIG, noted that there have been four times as many negative pre-announcements than positive ones.

Related: A tough quarter for banks

Mega-banks JPMorgan Chase (JPMPRI) and Wells Fargo (WFC, Fortune 500) are set to release quarterly results later this week.

After this year's strong run, most analysts expect investors to periodically tap on the brakes. All three major indexes have rallied 8% to 12% since January, and the Dow and S&P 500 have both set new record highs this month.

Related: Fear & Greed index idles in neutral

With little U.S. economic news on the calendar, investors also grappled with mixed reports on the health of the global economy. Reports showed that inflation in China was falling, yet stalled growth in the eurozone continues to worry investors. Exports out of Germany fell faster than expected in February.

European markets closed mixed, helped by news of falling inflation in China, which also boosted the Shanghai Composite and the Hang Seng. Japan's Nikkei was flat.

The dollar fell against the euro, the British pound and the Japanese yen.

Oil and gold prices rose nearly 1%.

The yield on the 10-year Treasury hovered around 1.75%.

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4:20 pm : Stocks settled just off their best levels of the session with the S&P 500 gaining 0.4%.

After opening on a higher note, equities alternated between gains and losses until afternoon action sent the major indices to their highs. As a result, the Dow Jones Industrial Average notched a new record high while the S&P ended eight points away from its own all-time best.

The materials sector ended as the top performer amid broad strength. Dow component Alcoa (AA 8.39, 0.00) kicked off the first quarter reporting period with a bottom-line beat, but the company's revenue of $5.83 billion represented a 2.9% year-over-year decline, and fell short of the Capital IQ consensus estimate.

Steelmakers rallied across the board as the Market Vectors Steel ETF (SLX 43.23, +1.41) surged 3.4% to record its second largest one-day advance of the year. Note that today's gains occurred after the steel ETF had surrendered more than 17.0% this year.

Copper futures also saw strong gains after enduring recent weakness. The red metal rose 2.1% to $3.443 per pound.

While materials, energy, and technology ended in the lead, three economically-sensitive groups finished among the laggards.

The consumer discretionary sector lost ground as homebuilders and retailers weighed. The SPDR S&P Homebuilders ETF (XHB 29.27, -0.22) slipped 0.8%.

Meanwhile, retailers saw weakness across the board as the SPDR S&P Retail ETF (XRT 70.30, -0.43) lost 0.6%. J.C. Penney (JCP 13.93, -1.94) sank 12.2% after the company's Board of Directors announced Chief Executive Officer Ron Johnson will be replaced by Mike Ullman, who has previously served as CEO.

The Dow Jones Transportation Average also saw notable underperformance. The bellwether complex shed 0.3% as airlines were unable to take off with the broader market. United Continental (UAL 29.29, -0.76) lost 2.5%. Including today's decline, the Transportation Average is down almost 3.0% so far in April.

Trading volume was a bit below average as 670 million shares changed hands on the floor of the New York Stock Exchange.

Reviewing the day's sector performance, materials (+1.1%), technology (+0.8%), and energy (+0.8%) outperformed while utilities (-0.3%), consumer discretionary (-0.2%), and consumer staples (-0.1%) weighed.

Today's economic data was limited to wholesale inventories. Inventories declined 0.3% in February after increasing a downwardly revised 0.8% (from 1.2%) in January. The Briefing.com consensus expected wholesale inventories to increase 0.5%.

The drop in inventories was likely the result of better-than-expected sales growth. Wholesale sales jumped 1.7% in February after falling 0.8% in January. Wholesalers may not have been in position to maintain normal inventories levels given the size of the sales gain.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET. In addition, March Treasury budget and the minutes from the March 20th meeting of the Federal Open Market Committee will be released at 14:00 ET. On the earnings front, Family Dollar (FDO 59.80, +0.41) is set to report its quarterly results ahead of the opening bell.

The U.S. Treasury will hold a $21 billion reopening of 10-yr notes.DJ30 +59.98 NASDAQ +15.61 SP500 +5.54 NASDAQ Adv/Vol/Dec 1115/1.45 bln/1353 NYSE Adv/Vol/Dec 1738/669.9 mln/1250

3:30 pm : Commodities largely held up gains today as the dollar index remained in negative territory. Gold and silver rallied earlier this morning and traded in a consolidated manner in afternoon activity.

May crude oil rallied off of its session low just below the $93 level, rising as much as $1.62/barrel to the high for the day of $94.48/barrel. By the end of the session, May crude oil rose 0.9% to $94.18/barrel. Natural gas began to drift lower in the early hours of trade and eventually fell as low as $4.00/MMBtu. May nat gas finished down 1.5% lower at $4.02/MMBtu.

Precious metals held gains today after rallying this morning, closing just under its session highs. June gold gained 0.7% to $1586.80/oz, while May silver rose 2.4% to $27.88/oz. May copper showed solid gains of 2.7%, ending today's session at $3.44/lb.DJ30 +80.75 NASDAQ +22.38 SP500 +7.69 NASDAQ Adv/Vol/Dec 1322/1192.5 mln/1127 NYSE Adv/Vol/Dec 1883/436 mln/1097

3:00 pm : Heading into the final hour of action, the S&P 500 is higher by 0.7%. Today's advance has put the benchmark average just three points away from its all-time intraday high of 1576.09.

Today's gains have been paced by the materials sector, which rallied after Alcoa (AA 8.38, -0.02) reported a first quarter bottom line beat as well as revenue which was a bit shy of the Capital IQ consensus estimate. While Alcoa trades with a loss, the remainder of the economically-sensitive sector is broadly higher.

Steelmakers have surged off eight-month lows and the Market Vectors Steel ETF (SLX 43.39, +1.57) is rising 3.8%.DJ30 +99.50 NASDAQ +24.95 SP500 +10.04 NASDAQ Adv/Vol/Dec 1346/1.03 bln/1079 NYSE Adv/Vol/Dec 1941/385.9 mln/1020

2:30 pm : The S&P 500 has spent the past hour near its best level of the day. The benchmark average trades higher by 0.6% and the materials sector remains atop the leaderboard.

While the broader market saw little change in recent action, the discretionary sector has been able to climb out of the red. Although the cyclical sector now trades above yesterday's close, homebuilders and retailers continue to show relative weakness.

Elsewhere, the Dow Jones Transportation Average trades lower by 0.2%. Including today's loss, the bellwether complex is down 2.8% so far in April after being one of the leaders of the first quarter market rally.DJ30 +92.50 NASDAQ +22.58 SP500 +9.40 NASDAQ Adv/Vol/Dec 1309/958.4 mln/1104 NYSE Adv/Vol/Dec 1921/359.8 mln/1036

2:05 pm : Recent trade saw equities continue their afternoon climb and the S&P 500 is now higher by 0.6%. Nine of 10 sectors are no trading in positive territory with the discretionary group as the lone decliner.

Homebuilders and retailers continue to pressure the discretionary space while J.C. Penney (JCP 14.08, -1.79) trades near its session lows.

Also of note, the Dow Jones Transportation Average is off by 0.2%. The bellwether complex trades in the red as truckers and airlines pressure the 20-stock index.DJ30 +87.81 NASDAQ +23.07 SP500 +8.62 NASDAQ Adv/Vol/Dec 1320/870.2 mln/1083 NYSE Adv/Vol/Dec 1892/332.1 mln/1030

1:30 pm : Afternoon trade continues with the S&P 500 hovering at fresh highs. The benchmark average is firmer by 0.5% as energy and materials continue to lead.

The technology sector can also be found among today's outperformers. Chipmakers have fared well and the PHLX Semiconductor Index is higher by 1.0%.

On the downside, the consumer discretionary sector is the lone decliner as retailers remain weak. The SDPR S&P Retail ETF (XRT 70.59, -0.14) is off by 0.2%.DJ30 +89.54 NASDAQ +22.01 SP500 +8.15 NASDAQ Adv/Vol/Dec 1310/755.1 mln/1084 NYSE Adv/Vol/Dec 1865/301.2 mln/1056

1:00 pm : The first half of the session saw the major averages chop around yesterday's closing levels. Generally quiet trade has kept the S&P 500 confined to a seven point range, and the index is higher by 0.3% at midday.

A certain level of indecision appears to be present in the market as cyclical sectors can be found among today's leaders and laggards. Energy and materials are the top performers with both sectors up near 1.0%.

The SPDR Materials Select Sector ETF (XLB 38.82, +0.39) is higher by 1.0% amid broad sector strength. Last evening, Alcoa (AA 8.39, 0.00) kicked off the first quarter reporting period with a bottom line beat. However, the company's revenue of $5.83 billion represented a 2.9% year-over-year decline, and fell slightly short of the Capital IQ consensus estimate.

Notably, steelmakers have shown considerable strength after underperforming notably in recent weeks. ArcelorMittal (MT 12.76, +0.53) is surging 4.3% while the broader Market Vectors Steel ETF (SLX 43.29, +1.47) is firmer by 3.5%.

Elsewhere, the energy sector has been supported, in part, by the rising price of crude oil. The energy component trades higher by 0.9% at $94.24.

Although two economically-sensitive sectors are in the lead, the consumer discretionary space trades lower with retailers exerting some pressure. J.C. Penney (JCP 14.21, -1.66) is slumping 10.5% after the company's Board of Directors announced Chief Executive Officer Ron Johnson will be replaced by Mike Ullman, who has previously served as CEO. Other retailers are generally lower and the SPDR S&P Retail ETF (XRT 70.36, -0.37) is down 0.5%.

The discretionary group is also being pressured by homebuilders with the SPDR S&P Homebuilders ETF (XHB 29.32, -0.17) lower by 0.6%.

Today's economic data was limited to wholesale inventories. Inventories declined 0.3% in February after increasing a downwardly revised 0.8% (from 1.2%) in January. The Briefing.com consensus expected wholesale inventories to increase 0.5%.

The drop in inventories was likely the result of better-than-expected sales growth. Wholesale sales jumped 1.7% in February after falling 0.8% in January. Wholesalers may not have been in position to maintain normal inventories levels given the size of the sales gain.DJ30 +56.32 NASDAQ +10.16 SP500 +4.70 NASDAQ Adv/Vol/Dec 1202/670.5 mln/1163 NYSE Adv/Vol/Dec 1770/276.2 mln/1133

12:25 pm : The S&P 500 has climbed to the top of its range, and the index is now firmer by 0.2%. Energy and materials remain atop the leaderboard while consumer sectors continue to trade in the red.

The industrial sector can also be found among today's laggards as the Dow Jones Transportation Average trades lower by 0.5%. Truckers have shown notable weakness with Landstar (LSTR 54.82, -0.54) and Ryder System (58.60, -0.59) both down 1.0%.DJ30 +31.94 NASDAQ +4.68 SP500 +2.89 NASDAQ Adv/Vol/Dec 1103/588.5 mln/1251 NYSE Adv/Vol/Dec 1651/247.3 mln/1238

12:00 pm : The S&P 500 continues to alternate between gains and losses, and the index is now higher by 0.1%. The early action can be described as choppy and range bound with the benchmark average bouncing around a five point range.

Energy and materials are the clear outperformers of today's session with the two groups both up 1.0%. The energy sector is receiving some support from the price of crude oil, which trades higher by 0.8% at $94.09.

Elsewhere, the materials sector trades higher across the board even as Alcoa (AA 8.33, -0.06) underperforms after reporting a slight top line miss and a bottom line beat.DJ30 +26.11 NASDAQ +3.79 SP500 +2.47 NASDAQ Adv/Vol/Dec 1082/533.8 mln/1245 NYSE Adv/Vol/Dec 1617/226.1 mln/1269

11:30 am : The key indices continue to trade near their respective flat lines and the materials sector remains in the lead. Alcoa (AA 8.33, -0.06) kicked off the first quarter reporting season with a bottom line beat, but its revenue was slightly short of the Capital IQ consensus estimate. Shares of Alcoa trade lower by 0.7% while the remainder of the sector displays strength across the board.

Steel producers are attempting to shake off their recent weakness as the Market Vectors Steel ETF (SLX 43.05, +1.23) trades higher by 2.9%.

On the downside, the consumer discretionary sector is the biggest laggard with retailers pressuring the sector. J.C. Penney (JCP 14.20, -1.66) is slumping 10.3% after the company's Board of Directors replaced Chief Executive Officer Ron Johnson with Mike Ullman. Meanwhile, the broader SPDR S&P Retail ETF (XRT 70.31, -0.42) is off by 0.6%.DJ30 +8.49 NASDAQ -1.01 SP500 +0.38 NASDAQ Adv/Vol/Dec 1006/471.4 mln/1288 NYSE Adv/Vol/Dec 1481/199.4 mln/1362

11:00 am : The major averages have slipped off their early highs and the S&P 500 is now flat. The materials sector remains as the top performer after Alcoa (AA 8.33, -0.06) reported a bottom line beat.

The growth-oriented materials group trades firmly higher amid broad sector strength. Notably, gold miners are enjoying a strong session with the Market Vectors Gold Miners ETF (GDX 35.89, +1.24) higher by 3.6%.

While gold miners trade higher, gold futures are near their best levels of the day as well. Gold is firmer by 1.0% at $1587.70. Elsewhere, silver trades with a gain of 2.9% at $27.94.DJ30 +8.83 NASDAQ +1.24 SP500 +0.36 NASDAQ Adv/Vol/Dec 1017/374.5 mln/1241 NYSE Adv/Vol/Dec 1430/166.2 mln/1366

10:30 am : Energy sold off this morning despite weakness in the dollar index, while metals showed nice gains.

May crude oil sold off just after floor trading began, falling below $93/barrel to a new session low of $92.90/barrel. However, in recent minutes, May crude rallied back to the unchanged line off its session low. In current trade, May crude is -0.1% at $93.27/barrel.

May natural gas sold off earlier this morning, but remained above the $4/MMBtu level. Overnight, May nat gas rose as high as $4.10/MMBtu. In current action, May nat gas is -0.9% at $4.05/MMBtu.

Precious metals rallied minutes ago, pushing gold and silver to new session highs. June gold ran as high as $1586.50/oz, May silver hit a new HoD of $27.86/oz. Copper futures just popped to a new session high minutes ago ago, hitting a new HoD of $3.44/lb. May copper is now +1.9% at $3.43/oz.DJ30 +15.53 NASDAQ +6.45 SP500 +2.10 NASDAQ Adv/Vol/Dec 1167/273.1 mln/1024 NYSE Adv/Vol/Dec 1616/131 mln/1134

10:05 am : The major averages saw little change in reaction to the latest wholesale inventories data. The S&P 500 is off by 0.1%.

February wholesale inventories declined 0.3%, which was lower than the increase of 0.5% expected by the Briefing.com consensus. Today's report follows last month's revised increase of 0.8%.DJ30 -3.34 NASDAQ -2.30 SP500 -0.99 NASDAQ Adv/Vol/Dec 882/162.1 mln/1215 NYSE Adv/Vol/Dec 1241/90.3 mln/1440

09:50 am : The major averages have slipped off their early highs and the S&P 500 now trades flat. The materials sector is the top performer in early trade as sector components trade higher after Alcoa (AA 8.42, +0.03) beat on earnings. However, the company's revenue saw a 2.9% year-over-year decline.

On the downside, the consumer discretionary sector is one of the biggest laggards with retailers underperforming. J.C. Penney (JCP 14.29, -1.58) is down 10.0% after the company's Board of Directors dismissed Chief Executive Officer Ron Johnson, and named Mike Ullman the new CEO.

February wholesale inventories will be reported at 10:00 ET.DJ30 +15.24 NASDAQ +4.01 SP500 +0.97 NASDAQ Adv/Vol/Dec 1063/101.1 mln/966 NYSE Adv/Vol/Dec 1420/68.5 mln/1219

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +12.00. Heading into the open, equity index futures signal a slightly higher start to the cash session. The S&P 500 futures trade higher by 0.2%. The positive pre-market sentiment sets in as European indices trade in the black with peripheral indices in the lead.

Last evening, Alcoa (AA 8.27, -0.12) marked the start of the first quarter reporting period with its earnings report. The aluminum producer exceeded the Capital IQ consensus earnings forecast, but its first quarter top line of $5.83 billion represented a 2.9% year-over-year decline, and fell short of the $5.89 billion expected by analysts. Dow component Alcoa is off by 1.4% in pre-market trade.

Elsewhere, J.C. Penney (JCP 14.58, -1.29) is down 8.1% after the company's Board of Directors dismissed Chief Executive Officer Ron Johnson, and named Mike Ullman the new CEO.

February wholesale inventories will be reported at 10:00 ET.

The U.S. Treasury will auction off $32 billion in 3-yr notes.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +12.00.

U.S. Equity futures are near their pre-market highs with the S&P 500 futures up 0.2%.

The major Asian bourses ended mostly higher, piggybacking yesterday's gains on Wall Street. Japan's Nikkei (UNCH) ticked to its best levels since August 2008 before pulling back into the close. The index ignored comments from Prime Minister Shinzo Abe suggesting the Bank of Japan has further tools at their disposal, if necessary. Chinese data out overnight saw CPI (2.1% year-over-year actual versus 2.5% expected, 3.2% previous) and PPI (-1.9% year-over-year actual versus -1.8% expected, -1.6% previous) both come out cooler than anticipated. Elsewhere, Australia's NAB Business Confidence ticked up to 2 (1 previous).

In Japan, the Nikkei closed unchanged as a weaker yen fueled gains among the exporters. Canon added 1.8% while Toyota Motor tacked on 0.6%. However, real estate names saw some profit-taking as Sumitomo Realty & Development fell 3.2% and Mitsui Fudosan sank 4.1%.
Hong Kong's Hang Seng added 0.7% as infrastructure-related names paced the advance. Anhui Conch Cement was a top performer, jumping 5.4%. Meanwhile, aluminum maker Chalco gained 2.1% as shares rallied in response to Alcoa's earnings.
In China, the Shanghai Composite advanced 0.6% as transports led the way. Automaker SAIC Motor rose 4.1% after announcing a 17.4% year-over-year rise in sales. Elsewhere, Air China tacked on 0.8% and China South Airlines rallied 0.3% as traders moved back into the space as names were seeing significant underperformance on bird flu worries.

European indices trade with modest gains after the release of several economic data points. Germany reported a trade surplus of EUR17.1 billion while the consensus expected a surplus of EUR15.0 billion. In France, the trade deficit hit EUR6.0 billion while the market expected a deficit of EUR5.0 billion. Meanwhile, the country's government budget carries a EUR27.1 billion deficit. The general consensus expected France to report a deficit of EUR20 billion. Elsewhere, Swiss retail sales rose 2.4% year-over-year (2.0% consensus) while the country's CPI climbed 0.2% (0.3% forecast). In the United Kingdom, industrial production rose 1.0% month-over-month (-1.3% consensus) while manufacturing production increased 0.8% month-over-month (-1.9% consensus). Lastly, the country's trade deficit was reported at EUR9.4 billion while a deficit of EUR8.6 billion was broadly expected.

In Italy, Pier Luigi Bersani is scheduled to meet with PDL's Silvio Berlusconi in the next few days. However, Mr. Bersani has ruled out the possibility of forming a grand coalition. Meanwhile, Beppe Grillo's 5-star party is expected to protest in front of the parliament building tomorrow.

Germany's DAX is higher by 0.2% with financials leading the way. Commerzbank and Deutsche Bank trade with respective gains of 2.4% and 2.0%. On the downside, Volkswagen is off by 2.3%.
In France, the CAC is adding 0.4% as defensive names outperform. France Telecom is firmer by 0.5% and GDF Suez is up 1.0%.
The United Kingdom's FTSE is rising 0.5% as miners show relative strength. Glencore and Eurasian Natural Resources are both up near 3.5%.
On the periphery, Italy's MIB and Spain's IBEX are both up 1.0% with financials showing relative strength.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +8.20. With one hour left before the start of today's cash session, equity futures continue to trade with slim gains. The S&P 500 futures are higher by 0.2% while futures on the Dow trade flat.

The first quarter earnings season was kicked off after yesterday's close with Alcoa's (AA 8.28, -0.11) report. During the first quarter of 2013, the aluminum producer earned $0.11 on $5.83 billion in revenue. While the company's bottom line was three cents ahead of expectations, its revenue came in at the lower end of expectations. In addition, the company reaffirmed its 2013 aluminum demand growth forecast of 7.0%. The Dow component trades lower by 1.2% in pre-market action.

Elsewhere, retailer J.C. Penney (JCP 15.00, -0.87) is off by 5.5% after the company's Board of Directors dismissed Chief Executive Officer Ron Johnson and named Mike Ullman as his replacement.

Today's economic data will be limited to February wholesale inventories with the report set to cross the wires at 10:00 ET.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +8.70.

U.S. equity futures trade slightly higher amid generally positive overseas trade. The S&P 500 futures are firmer by 0.1%.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite rose 0.6%, Hong Kong's Hang Seng gained 0.7% while Japan's Nikkei ended flat.
Reviewing regional economic data:
China's March CPI climbed 2.1% year-over-year to follow the prior month's rise of 3.2% (2.4% consensus). Meanwhile, the month-over-month reading slipped 0.9% to follow February's rise of 1.1% (-0.6% consensus). Lastly, the country's PPI declined 1.9% year-over-year after last month's decline of 1.6% (-1.8% consensus).
In Japan, machine tool orders fell 21.6% year-over-year. This follows last month's decline of 21.5%.
In news:
As China grapples with rapidly rising property prices, reports indicate Shanghai may require larger down payments for second homes. The recently introduced controls have resulted in a 68% week-over-week decline in Beijing existing home transactions.

European indices trade with modest gains as midday approaches. Germany's DAX is adding 0.1%, the United Kingdom's FTSE is higher by 0.4%, and France's CAC trades with a gain of 0.5%.
In economic data:
Germany reported a trade surplus of EUR17.1 billion while the consensus expected a surplus of EUR15.0 billion.
In France, the country's trade deficit hit EUR6.0 billion while the market expected a deficit of EUR5.0 billion. Meanwhile, the country's government budget carries a EUR27.1 billion deficit. The general consensus expected France to report a deficit of EUR20 billion.
Swiss retail sales rose 2.4% year-over-year (2.0% consensus) while the country's CPI climbed 0.2% (0.3% forecast).
In the United Kingdom, industrial production rose 1.0% month-over-month (-1.3% consensus) while manufacturing production increased 0.8% month-over-month (-1.9% consensus). Lastly, the country's trade deficit was reported at EUR9.4 billion while a deficit of EUR8.6 billion was broadly expected.
Looking at regional news:
In Italy, Pier Luigi Bersani is scheduled to meet with PDL's Silvio Berlusconi in the next few days. However, Mr. Bersani has ruled out the possibility of forming a grand coalition. Meanwhile, Beppe Grillo's 5-star party is expected to protest in front of the parliament building tomorrow.

In U.S. corporate news:

Alcoa (AA 8.25, -0.14) is down 1.7% after reporting its first quarter earnings. Though the company beat bottom line estimates by three cents, its revenue was on the lower end of expectations, and represented a year-over-year decline of 2.9%.
J.C. Penney (JCP 14.48, -1.39) is lower by 8.7% after the company dismissed Chief Executive Ron Johnson and named Myron E. Ullman, III the next CEO.

February wholesale inventories will be reported at 10:00 ET.

The U.S. Treasury will auction off $32 billion in 3-yr notes.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +8.00.

06:29 am : Nikkei...13192.35...-0.20...0.00. Hang Seng...21870.34...+152.30...+0.70%.

06:29 am : FTSE...6298.89...+22.00...+0.40%. DAX...7679.32...+16.70...+0.20%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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