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 Post subject: April 12th Friday Trade Results - Profit $5020
PostPosted: Fri Apr 12, 2013 9:58 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 @ ($30.00) dollars or -0.30 points, Light Crude Oil CL ($CL_F) futures @ $5050.00 dollars or +5.05 points, Gold GC ($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 @ $5020.00 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=1482

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.

Stocks Gain More Than 2% For Week

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

NEW YORK (CNNMoney)
Stocks finished lower Friday, breaking a four-day winning streak. But the losses were slim and all three indexes had one of their best weeks of the year.

The Dow Jones industrial average increased 2.1%, while the S&P 500 added 2.3% and the Nasdaq climbed 2.8%. Both the Dow and the S&P 500 are hovering just below the record highs set Thursday, and are within striking distance of their next major milestones: 15,000 for the Dow, and 1,600 for the S&P 500.

There hasn't been any one catalyst pushing stocks higher lately. Mostly, investors just don't want to miss the next leg up.

Friday's mild sell-off followed weak economic news and mixed bank earnings. The Dow ended the day flat, while the S&P 500 and Nasdaq lost about 0.2%.

* Investors are back with a vengeance

Duo of disappointing economic reports. Retail sales dropped 0.4% in March, marking a sluggish start to the shopping season. Sales were primarily dragged down by weakness in electronics and gasoline prices. Economists were expecting sales to be unchanged from February.

Consumer confidence also came in below forecasts. The University of Michigan's preliminary reading on consumer confidence for April fell to 72.3 from 78.6 last month. Economists were expecting the index to barely slip to 78.

The Producer Price Index slid 0.6% in March, a more dramatic drop than the 0.1% economists had forecast. That's another sign that inflation is not a problem right now.

Commodities get crushed: Gold prices sank 4% to $1,501 an ounce amid speculation that Cyprus may sell its excess amount of gold as part of its bailout.

Crude oil prices tumbled more than 2%, falling to $91.29 a barrel.

Commodities were also pressured by the dollar, which gained strength against the euro and the British pound. Commodities, including oil and gold, are priced in U.S. dollars, so a firmer greenback typically weighs on prices.

Bitcoin bubble begins to burst: The price of a Bitcoin, a virtual currency craze that many speculated was a bubble, has tumbled more than 70% over the past two days.

After hitting a high of $266 earlier this week, Bitcoin prices fell as low as $54.20 Friday.

Big banks report earnings: The first of the big banks opened their books to investors Friday.

JPMorgan Chase (JPM, Fortune 500) reported a first-quarter profit that topped forecasts, but revenue missed estimates. Similarly, Wells Fargo (WFC, Fortune 500) reported a jump in profit, but a decline in revenue.

The first quarter was expected to have been a tough one for banks, with interest rates hovering near record lows. Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), Goldman Sachs (GS, Fortune 500) and Morgan Stanley (MS, Fortune 500) will report their results next week.

What's moving: J.C. Penney (JCP, Fortune 500) dropped after news that the company hired Blackstone to help raise $1 billion.

In other corporate news, Nasdaq (NDAQ) executives will be getting their bonuses cut this year, and the bungled Facebook IPO is to blame.

European markets ended in the red, as concerns about the mounting cost of the Cyprus bailout ended a four-day winning streak. London's FTSE 100 declined 0.5%, while the CAC 40 in Paris dropped 1.2% and the DAX in Frankfurt fell 1.6%.

Officials from the European Union and International Monetary Fund said they will not give Cyprus extra cash to plug the gaping holes in its finances.

Asian markets ended lower. The Shanghai Composite declined 0.6%, the Nikkei lost 0.5% and the Hang Seng dropped 0.1%.

The price on the 10-year Treasury rose, pushing the yield down to 1.73% from 1.79% late Thursday.

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4:25 pm : After logging four consecutive gains, the S&P 500 entered the weekend on a lower note. The benchmark average shed 0.3% while the Dow Jones Industrial Average ended flat.

Equities ended lower as two economically-sensitive sectors pressured the broader market. The notable underperformance of energy and materials was largely due to the weakness in the commodity complex.

Crude oil fell 2.8% to $90.93, and the weakness weighed on the energy sector, which ended lower by 1.3%.

Meanwhile, the materials sector was the worst performer as industrial and precious metals endured a rough session. Gold futures fell nearly 6.0% to $1488.20 while silver dropped 5.8% to $26.09. In addition, copper lost 2.8%, and settled near its 52-week low. As a result of the broad weakness in commodities, the SPDR Materials Select Sector ETF (XLB 38.74, -0.58) settled lower by 1.5%.

While energy and materials were the clear laggards, the tech space underperformed the broader market as well. Major sector components saw general weakness as Apple (AAPL 429.80, -4.53) lost 1.0%. Notably, Infosys (INFY 43.10, -11.24) plunged 20.7% after the company reported a revenue miss, and guided full-year 2014 revenue below consensus.

Interestingly, today's three weakest sectors are also the three biggest laggards of the month. Energy and materials are both down 1.4% so far in April while the technology sector is off by 0.6% month-to-date. For comparison, the S&P 500 remains higher by 1.3% in April. Meanwhile, the Russell 2000 has told a different tale so far this month. The small cap index is down 0.9% month-to-date.

Financials also finished among the laggards after JPMorgan Chase (JPM 49.01, -0.30) and Wells Fargo (WFC 37.21, -0.30) reported their first quarter results. Although both banks beat their bottom-line estimates, their revenues fell short of expectations. In addition, net income margins continued to trend lower for both.

As most cyclical sectors trailed behind the broader market, the growth-oriented consumer discretionary group ended in the lead. Discretionary stocks outperformed despite today's disappointing March retail sales report and a cautious April consumer sentiment survey from the University of Michigan.

Retailers appeared unfazed by the disappointing reports as the SPDR S&P Retail ETF (XRT 73.02, +0.05) ended with a gain of 0.1%. Today's relative strength of the retail space becomes even more impressive when factoring in yesterday's 2.0% rise in the retail ETF and the lack of a profit-taking trade today in the face of disappointing news.

Excluding discretionary stocks, other outperformers were of the defensive variety as consumer staples, health care, utilities, and telecom all settled with gains.

Today's volume surpassed yesterday's total, and finished in-line with the 200-day average as 700 million shares changed hands on the floor of the New York Stock Exchange.

Reviewing the day's economic data, February business inventories rose 0.1%, which was lower than the 0.4% increase expected by the Briefing.com consensus.

March retail sales declined 0.4%, while the Briefing.com consensus expected an unchanged reading. The prior month's reading pointed to an increase of 1.0%. Excluding autos, retail sales declined 0.4%, which was lower than the expected unchanged reading.

The preliminary University of Michigan Survey for April came in at 72.3, which was lower than the 78.6 that was posted in the prior month, and worse than the reading of 78.0 that had been expected by the Briefing.com consensus.

March producer prices declined 0.6%, which was cooler than the downtick of 0.1% forecast by the Briefing.com consensus. Core producer prices rose 0.2%, while the Briefing.com consensus expected an uptick of 0.1%.

On Monday, April Empire Manufacturing Survey will be reported at 8:30 ET. February net long-term TIC flows and the April NAHB Housing Market Index will be released at 9:00 ET and 10:00 ET, respectively.

Week in Review: S&P Resumes Steady Climb

Stocks spent the bulk of Monday's session in negative territory before afternoon buying lifted the major averages out of the red. As a result, the S&P 500 settled higher by 0.6%. Although stocks finished with gains, leadership was mixed, suggesting a certain level of indecision was present among market participants. Both consumer sectors ended ahead of the broader market with the defensively-oriented staples in the lead. Coca-Cola (KO 41.08, -0.10) rose 2.0% and Philip Morris (PM 96.44, +0.84) advanced 1.9%.

On Tuesday, equities settled just off their best levels of the session with the S&P 500 gaining 0.4%. After opening on a higher note, stocks alternated between gains and losses until afternoon action sent the major indices to their highs. Steelmakers rallied across the board as the Market Vectors Steel ETF (SLX 42.25, -0.44) surged 3.4% to record its second largest one-day advance of the year.

Wednesday saw the S&P 500 rise 1.2% as technology, health care, and industrials outperformed the broader market. Notably, the Dow Jones Transportation Average stood out with a gain of 1.8%. On the downside, homebuilders sat out the broad market rally as Taylor Morrison Home Corporation (TMHC 24.30, +0.29) made its debut as a publically traded company.

On Thursday, the S&P 500 rose 0.4%, but technology stocks did not participate in the advance. The sector was under pressure after the International Data Corporation indicated first-quarter PC shipments plunged 14%. This marked the largest decline on record since IDC began tracking shipments in 1994, and pressured major tech names. Hewlett-Packard (HPQ 20.90, +0.02) fell 6.5% while Intel (INTC 21.68, -0.15) and Microsoft (MSFT 28.79, -0.14) settled with respective losses of 2.0% and 4.4%.DJ30 -0.08 NASDAQ -5.21 SP500 -4.52 NASDAQ Adv/Vol/Dec 1009/1.42 bln/1474 NYSE Adv/Vol/Dec 1171/700.2 mln/1787

3:30 pm :

June gold plunged below $1500.00 per ounce today, a level not seen since July 2011, as this morning's data showing an unexpected decline in retail sales, weak consumer sentiment, and initial strength in the dollar index helped weigh on many components in the commodities space. In addition, rumors that Cyprus could look to sell gold to cover losses put more pressure on the yellow metal, even though they were denied earlier this week by a representative of the Cypriot Central Bank. Gold fell as low as $1491.40 per ounce before settling at $1500.90 per ounce. Today's sharp drop of 4.1% brought the week's losses to 4.8%.
May silver tumbled alongside gold, touching a session low of $25.97 per ounce in late morning floor action. It settled the session 5.1% lower at $26.29 per ounce, booking a 3.4% loss for the week.
May crude oil extended yesterday's losses following the weak data released earlier today. The energy component dipped to a session low of $90.27 per barrel in morning floor trade but managed to tick slightly higher for the remainder of its session. It settled 2.3% lower at $91.25 per barrel, booking a 1.6% loss for the week.
May natural gas, on the other hand, was unaffected by weakness in the commodities space. It spent its entire pit session in positive territory, climbing as high as $4.25 per MMBtu in afternoon action. It settled just below that level at $4.23 per MMBtu, bringing the week's gains to 2.4%.

DJ30 -24.08 NASDAQ -7.93 SP500 -6.53 NASDAQ Adv/Vol/Dec 934/1171.9 mln/1531 NYSE Adv/Vol/Dec 1045/433 mln/1897

3:05 pm : The S&P 500 continues to hover near its recent levels with the S&P 500 off by 0.5%.

The first quarter reporting period began this week, but the early reports were few and far between. This morning, JPMorgan Chase (JPM 49.11, -0.20) and Wells Fargo (WFC 37.15, -0.36) reported bottom-line beats, but both names fell short of revenue expectations. In addition, net interest margins continued their contraction to multi-year lows.

Next week, will bring the first full slate of releases with Citigroup (C 44.42, -0.45) set to report its results ahead of Monday's opening bell. On Tuesday, investors will receive quarterly results from Coca-Cola (KO 40.98, -0.20), Goldman Sachs (GS 148.87, -0.20), and Johnson & Johnson (JNJ 82.54, +0.23).DJ30 -27.49 NASDAQ -11.58 SP500 -7.57 NASDAQ Adv/Vol/Dec 894/1.06 bln/1550 NYSE Adv/Vol/Dec 980/388.5 mln/1964

2:30 pm : With 90 minutes left in today's session, the S&P 500 is off by 0.6%. Although the index has been able to add about seven points since notching session lows just under 1580, the average has spent the past hour near its current levels.

Today's intraday volume is on pace to finish in-line with yesterday's below-average total of 643 million shares traded on the floor of the New York Stock Exchange. Subpar trading volume has been a recurring theme this month as nine April sessions resulted in six affairs which produced volume totals below average.

Of the remaining three, the April 10th session was the only one where volume was above average.DJ30 -38.31 NASDAQ -14.55 SP500 -8.93 NASDAQ Adv/Vol/Dec 842/981.1 mln/1613 NYSE Adv/Vol/Dec 931/360.8 mln/1999

2:00 pm : Equities continue to hover near their recent levels with the S&P 500 lower by 0.5%. Little change has taken place in recent trade as energy and materials remain near their lows.

The technology sector, however, has been able to regain a portion of its earlier losses. While major sector components continue to hover near their lows, chipmakers have been able to cut their earlier losses in half. The PHLX Semiconductor Index trades lower by 0.5%.

Today's cautious trade has spurred some protection buying as indicated by the CBOE Volatility Index (VIX 12.54, +0.30), which is higher by 2.5%.DJ30 -25.38 NASDAQ -10.68 SP500 -7.25 NASDAQ Adv/Vol/Dec 860/904.6 mln/1557 NYSE Adv/Vol/Dec 955/336.4 mln/1978

1:35 pm : Afternoon trade has slowed down considerably with the S&P 500 off by 0.5%. The benchmark average has spent the past two hours in a slow climb off session lows, but that effort stalled near today's opening levels.

Of the three major indices, the S&P is the weakest performer while the Dow trades with a loss of just 0.2%. Meanwhile, the Nasdaq is down 0.4% after sitting out yesterday's rally.

Elsewhere, the Russell 2000, which tracks small cap stocks, is down 0.7%. Today's weakness comes as an extension of the recent underperformance of the Russell, which is down 1.2% in April.DJ30 -27.11 NASDAQ -11.58 SP500 -7.65 NASDAQ Adv/Vol/Dec 832/845.2 mln/1572 NYSE Adv/Vol/Dec 902/314.4 mln/2020

1:00 pm : At midday, the major averages trade in the red with the S&P 500 off by 0.4%.

Today's biggest laggards are the sectors most directly linked to the commodity market, which has been under significant pressure since the open. Crude oil is down 2.6% to $91.05, but the relative weakness of precious metals has grabbed the attention of many. Gold is lower by 3.9% at $1503.90 while silver is off by 4.8% at $26.38. Also of note, copper has slipped back near its 52-week low as it trades lower by 2.4%.

With the notable weakness among commodities, energy and materials trade near their lows. The SPDR Materials Select Sector ETF (XLB 38.63, -0.69) is the worst performing sector ETF, down 1.8%.

The technology sector has also shown notable underperformance with sector components underperforming across the board. Major tech names, Apple (AAPL 430.31, -4.13) and Intel (INTC 21.60, -0.22) are both down 1.0%.

Notably, today's top three decliners are also the three weakest sectors of the month. Energy, materials, and technology are all down at least 1.0% this month while the S&P 500 has added 1.0%.

The financial sector also trails behind the broader market. First quarter earnings from JPMorgan Chase (JPM 49.28, -0.03) and Wells Fargo (WFC 37.01, -0.50) were in focus today as both banks reported bottom-line beats. However, mortgage revenues and interest income undercut the EPS beats.

On the upside, defensively-geared consumer staples, health care, and utilities trade in the black. However, the three sectors trail behind the consumer discretionary space, which is the top performer of the day.

Homebuilders have contributed to the relative strength of the discretionary sector as the SPDR S&P Homebuilders ETF (XHB 29.61, +0.05) trades higher by 0.2%.

Discretionary stocks have outperformed the broader market despite today's disappointing March retail sales report and a cautious April consumer sentiment survey from the University of Michigan. Retailers appear to be unfazed by the disappointing reports as the SPDR S&P Retail ETF (XRT 72.77, -0.20) trades with a loss of just 0.3%. Today's outperformance of the retailers becomes even more impressive when one factors in yesterday's 2.0% rise in the retail ETF.

Looking at the day's remaining economic data, February business inventories rose 0.1%, which was lower than the 0.4% increase expected by the Briefing.com consensus.

March producer prices declined 0.6%, which was cooler than the downtick of 0.1% forecast by the Briefing.com consensus. Core producer prices rose 0.2%, while the Briefing.com consensus expected an uptick of 0.1%.DJ30 -21.60 NASDAQ -11.77 SP500 -6.83 NASDAQ Adv/Vol/Dec 800/777.1 mln/1575 NYSE Adv/Vol/Dec 880/290.7 mln/2029

12:30 pm : The S&P 500 has shown little change in the past 30 minutes as the index continues to hover around the 1584 area. Energy and materials have shown the most weakness in early action, but the energy sector has been able to climb off its lows while the materials space continues searching for support.

Also of note, the technology sector is down 1.0% as major components trade lower. Apple (AAPL 429.80, -4.53) is down 1.0% and Cisco Systems (CSCO 21.32, -0.36) trades down 1.7%. Meanwhile, microchip manufacturers are seeing losses largely in-line with the remainder of the sector. The PHLX Semiconductor Index is down 0.9%.

Interestingly, today's top three decliners are also the three weakest sectors of the month. Energy, materials, and technology are all down at least 1.0% this month.DJ30 -44.34 NASDAQ -18.40 SP500 -9.65 NASDAQ Adv/Vol/Dec 738/705.3 mln/1621 NYSE Adv/Vol/Dec 825/266.6 mln/2081

12:00 pm : The major averages continue to hover in the red with the S&P 500 down 0.5%. The broader market remains pressured by the growth-oriented energy and materials sectors as they trade near their respective lows.

Although the S&P trades just points away from its session low, a handful of sectors can be found in the green. Defensively-minded consumer staples, health care, and utilities are slightly higher while the consumer discretionary group trades flat.

Interestingly, today's disappointing March retail sales report and the preliminary April consumer confidence reading from the University of Michigan have done little to hurt investor sentiment towards discretionary stocks and retailers. The SPDR S&P Retail ETF (XRT 72.89, -0.08) is off by 0.1%.DJ30 -34.37 NASDAQ -16.95 SP500 -8.72 NASDAQ Adv/Vol/Dec 774/648.6 mln/1549 NYSE Adv/Vol/Dec 886/246.6 mln/1997

11:30 am : The S&P 500 has been able to add about three points after climbing off its session low at 1579.96. The benchmark average is down 0.6%.

Today's weakness is most pronounced in the sectors connected to the commodity market where oil as well as metals remain under notable pressure. Crude oil is down 3.1%, while gold and silver trade with losses in excess of 4.0%. The selloff in commodities has pressured basic materials and energy. The two sectors are the biggest laggards today, and they are also the two weakest groups of the month.

For its part, economic data released today did little to inspire confidence. February business inventories, March retail sales, and the preliminary April University of Michigan Consumer Sentiment Survey all missed expectations.DJ30 -44.47 NASDAQ -21.18 SP500 -10.26 NASDAQ Adv/Vol/Dec 676/562.1 mln/1630 NYSE Adv/Vol/Dec 789/217.9 mln/2067

11:00 am : Recent action saw the major averages continue their push to fresh lows with the S&P 500 now down 0.7%. Although the broader market held up relatively well during the first hour of trade, the underperformance of economically-sensitive sectors has pushed the key indices lower.

The energy space is down 1.7% amid significant weakness in the price of crude oil. The energy component is sliding 3.0% to $90.58. Elsewhere, the materials sector has declined steadily since the open. The SPDR Materials Select Sector ETF (XLB 38.70, -0.62) is off by 1.6% as commodity stocks as well as basic and precious metals weigh. Notably, gold is down 3.8% at $1504.50 while silver is lower by 5.0% at 26.31.

Interestingly, today's biggest laggards are also the two weakest sectors of the month. Energy and materials are both down 1.6% this month while the S&P 500 has added 1.9% in April.DJ30 -56.41 NASDAQ -24.43 SP500 -11.35 NASDAQ Adv/Vol/Dec 608/458.6 mln/1659 NYSE Adv/Vol/Dec 728/181.7 mln/2109

10:35 am : Commodities got hammered this morning, excluding natural gas, while the dollar index continued to gain strength. However, in the most recent action, the dollar index has erased all of its gains and is now back at the unchanged line.

Surprisingly, this has not provided price strength to commodities as crude oil, gold, silver and copper continues to sit as session lows. May crude oil just put in a new session low of $91.04/barrel and is now -2.4% at $91.23/barrel.

Metals are sharply lower. June gold is now -3.3% at $1512.40/oz, May silver is -4.8% at $26.37/oz, May copper is -2.5% at $3.35/oz.

Natural gas, despite over weakness in commodities today, is up 1.7% at $4.21/MMBtu.DJ30 -46.77 NASDAQ -15.08 SP500 -8.44 NASDAQ Adv/Vol/Dec 766/347.3 mln/1435 NYSE Adv/Vol/Dec 857/146 mln/1917

10:00 am : The S&P 500 slipped to fresh lows in reaction to the latest set of economic data. The benchmark average is now off by 0.5%.

The preliminary University of Michigan Survey for April came in at 72.3, which was lower than the 78.6 that was posted in the prior month, and worse than the reading of 78.0 that had been expected by the Briefing.com consensus.

During February, business inventories rose 0.1%, which was lower than the 0.4% increase expected by the Briefing.com consensus.DJ30 -37.71 NASDAQ -11.38 SP500 -7.05 NASDAQ Adv/Vol/Dec 736/200.1 mln/1359 NYSE Adv/Vol/Dec 789/101.3 mln/1921

09:45 am : The major averages began the session on a lower note. The S&P 500 is off by 0.3% while the Dow and Nasdaq are both down 0.2%.

This morning, the market received first quarter earnings from both JPMorgan Chase (JPM 49.37, +0.06) and Wells Fargo (WFC 37.01, -0.50). The two bank stocks are down after beating on earnings while reporting somewhat underwhelming top-line results.

In today's economic news, March retail sales declined 0.4%, while the Briefing.com consensus expected an unchanged reading. Excluding autos, retail sales declined 0.4%, which was also lower than the unchanged reading expected by the Briefing.com consensus. However, the broad retail space appears to be largely unconcerned by the decline in sales. The SPDR S&P Retail ETF (XRT 73.01, +0.04) is higher by 0.1%.DJ30 -12.56 NASDAQ -5.1 SP500 -3.65 NASDAQ Adv/Vol/Dec 823/129.5 mln/1212 NYSE Adv/Vol/Dec 924/72.4 mln/1745

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -14.80. Heading into the open, equity futures indicate a lower start to the session. The S&P 500 futures are off by 0.4%. The cautious pre-market sentiment follows downbeat overnight action in Asia, as well as the ongoing weakness across European markets.

Domestically, investors received disappointing news regarding March retail sales, which declined 0.4% while the Briefing.com consensus expected an unchanged reading. More economic data is on the way shortly after the open with the preliminary April Michigan Consumer Sentiment Survey and February business inventories scheduled to be released at 9:55 ET and 10:00 ET, respectively.

In terms of corporate news, JPMorgan Chase (JPM 48.90, -0.41) and Wells Fargo (WFC 36.73, -0.78) both reported their first quarter results. JPMorgan Chase beat on the bottom line, but its revenue was a bit light and net interest margin declined two basis points to 2.83%. Meanwhile, Wells Fargo also beat on the bottom line while missing top-line expectations.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -11.80.

The S&P 500 futures have climbed off their worst levels of pre-market action, but they continue to trade firmly lower, down 0.3%.

The major Asian bourses ended mostly lower as concerns over earnings weighed. India's Sensex (-1.6%) was the worst performer after heavyweight Infosys plunged following a downbeat revenue forecast. Elsewhere, Japan's Nikkei (-0.5%) pulled back from a fresh five-year high as USDJPY remained unable to pierce the psychologically important 100 level. The pair has been trending lower following comments from Bank of Japan Governor Kuroda suggesting the new inflation target is 'flexible.' Data from the region saw Singapore's GDP print -0.6% year-over-year (+0.5% expected), Japan's Tertiary Industry Activity climb 1.1% month-over-month (0.8% expected), and India's industrial production edge up 0.6% year-over-year (2.4% previous).

In Japan, the Nikkei closed lower by 0.5% following the comments from Bank of Japan Governor Kuroda. Heavyweight Fast Retailing gave up 0.9% after its earnings miss. Elsewhere, financials saw some selling pressure with Sumitomo Mitsui Financial sliding 0.6%.
Hong Kong's Hang Seng shed 0.1%, unable to hold onto gains. Lenovo shed another 6.1% after yesterday's 5.8% plunge after a tier one firm downgraded the name to 'sell' from 'buy.' Meanwhile, airlines remained under pressure on bird flu concerns as Cathay Pacific gave up 0.9%.
In China, the Shanghai Composite settled lower by 0.6% as steel stocks underperformed. Baoshan Iron & Steel and Heibei Iron & Steel both lost 0.8%.

European indices trade lower across the board with Germany's DAX underperforming (-1.6%). Market participants received several economic data points this morning. Germany's WPI slipped 0.2% month-over-month to follow the prior reading of +0.1% (-0.5% consensus). France reported a current account deficit of EUR4.90 billion to follow the deficit of EUR5.00 billion reported in the prior period. Elsewhere, Italy's CPI rose 1.6% year-over-year (+1.7% consensus) while the month-over-month reading increased 0.2% (+0.3% forecast). Spain's CPI increased 0.4% month-over-month (+0.3% expected). Lastly, Eurozone industrial production rose 0.4% month-over-month against the expectations of an increase of 0.1%.

In news, the Cypriot central bank issued yet another seven-day extension of capital controls. However, some transfer limits were increased this time around. The European Central Bank said 19 banks will repay EUR10.8 billion in LTRO funds on April 17. In Spain, the Catalan economy minister said it is impossible to implement nearly EUR5 billion in cuts necessary to reach the 2013 deficit target of 0.7%/GDP. Note that Catalonia has scheduled an independence referendum for next year.

In Germany, the DAX is lower by 1.6% with 29 of 30 components declining. Exporters are among the biggest decliners with BMW, Daimler, and Volkswagen all down between 2.5% and 4.1%.
France's CAC is off by 1.4% as financials weigh. BNP Paribas, Credit Agricole, and Societe Generale are all down between 3.0% and 3.5%.
In the United Kingdom, the FTSE is down 0.5% as growth-sensitive names underperform. Chemical producer Croda International and supplier of building materials CRH are both down near 3.0%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -15.50. Equity futures continue to trade on their lows with the S&P 500 futures down 0.5%.

March retail sales declined 0.4%, while the Briefing.com consensus expected an unchanged reading. The prior month's reading pointed to an increase of 1.0%. Excluding autos, retail sales declined 0.4%, which was lower than the expected unchanged reading.

March producer prices declined 0.6%, which was cooler than the downtick of 0.1% forecast by the Briefing.com consensus. Core producer prices rose 0.2%, while the Briefing.com consensus expected an uptick of 0.1%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -12.30.

U.S. equity futures trade near their pre-market lows amid generally downbeat overseas trade. The S&P 500 futures are off by 0.3%.

Looking at overnight developments:

Asian markets entered the weekend on a lower note. Hong Kong's Hang Seng shed 0.1%, Japan's Nikkei slipped 0.5%, and China's Shanghai Composite lost 0.6%.
Regional economic news was limited to just a handful of data points
Singaporean first quarter GDP contracted 0.6% year-over-year (+0.5% forecast).
Japan's Tertiary Industry Activity Index rose 1.1% month-over-month to follow the prior month's decline of 1.5%.
Indian industrial production rose 0.6% year-over-year (-0.7% expected) while manufacturing output climbed 2.2% month-over-month.
In news:
In Japan, the Nikkei declined for the first time in over a week as the yen strengthened against the dollar with the USDJPY pair coming up just short of crossing above 100. Currently, USDJPY trades near 99.20.

European indices trade lower across the board with Germany's DAX underperforming, down 1.4%. Elsewhere, France's CAC is lower by 1.0% and the United Kingdom's FTSE is off by 0.4%.
European market participants received several economic data points:
Germany's WPI slipped 0.2% month-over-month to follow the prior reading of +0.1% (-0.5% consensus).
France reported a current account deficit of EUR4.90 billion to follow the deficit of EUR5.00 billion reported in the prior period.
Italy's CPI rose 1.6% year-over-year (+1.7% consensus) while the month-over-month reading increased 0.2% (+0.3% forecast).
Spain's CPI increased 0.4% month-over-month (+0.3% expected).
Eurozone industrial production rose 0.4% month-over-month against the expectations of an increase of 0.1%.
Looking at news:
The Cypriot central bank issued yet another seven-day extension of capital controls. However, some transfer limits were increased this time around.
The European Central Bank said 19 banks will repay EUR10.8 billion in LTRO funds on April 17.
The Catalan economy minister said it is impossible to implement nearly EUR5 billion in cuts necessary to reach the 2013 deficit target of 0.7%/GDP. Note that Catalonia has scheduled an independence referendum for next year.

In U.S. corporate news:

JPMorgan Chase (JPM 48.85, -0.47) is off by 1.0% after reporting its first quarter earnings. Although the bank beat on the bottom line, its revenue was a bit light and net interest margin declined two basis points to 2.83%.
J.C. Penney (JCP 14.70, -0.16) is off by 0.7% after Bloomberg reported the company has hired Blackstone to help the retailer raise $1 billion in financing.

March retail sales, retail sales ex-auto, PPI, and core PPI will all be reported at 8:30 ET. In addition, the preliminary University of Michigan Consumer Sentiment Survey for April as well as February business inventories will be released at 9:55 ET and 10:00 ET, respectively.

06:34 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -9.00.

06:34 am : Nikkei...13485.14...-64.00...-0.50%. Hang Seng...22089.05...-12.20...-0.10%.

06:34 am : FTSE...6384.17...-32.00...-0.50%. DAX...7779.74...-91.80...-1.20%.

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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