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 Post subject: April 15th Monday Trade Results - Profit $10090
PostPosted: Mon Apr 15, 2013 9:30 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ $1400.00 dollars or +14.00 points, Light Crude Oil CL ($CL_F) futures @ $530.00 dollars or +0.53 points, Gold GC ($GC_F) futures @ $8160.00 dollars or +81.60 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 @ $10090.00 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=1483

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 Falls More Than 200 Points After Boston Explosions

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

NEW YORK (CNNMoney)
A sell-off in stocks accelerated Monday afternoon following the news of explosions at the Boston Marathon.

The Dow Jones industrial average, which had been in the red all day, fell 266 points, or 1.8%. About 120 points of that drop took place following the reports of the explosions in Boston.

The S&P 500 lost 2.3% and the Nasdaq slipped 2.4%.

CNN reported that two explosions were heard near the finish line of the Boston Marathon shortly before 3 p.m. Eastern. (Read CNN.com for the latest on the explosions.)

Earlier in the day, stocks had already slumped worldwide, gold prices plunged and investors flocked to lower risk assets like U.S. Treasuries. The initial sell-off began after investors awoke to news that China's economic growth had slowed in the first quarter.

What happened in China? The Chinese economy grew 7.7% in the first quarter, compared with a year earlier. The report was "disappointing" and confirmed China's recovery is fragile, said Qu Hongbin, HSBC's co-head of Asian economic research.

Economists had been expecting the Chinese economy to grow 8%, and because it reflected weaker global demand for Chinese goods and services, the news also drove stocks in Asia and Europe lower.

The Shanghai Composite, Hang Seng and Nikkei all dropped more than 1%. European markets took their cue from Asia, with London's FTSE falling 0.6%.

China is the world's second-largest economy after the United States, and is considered one of the top engines of global economic growth. Case in point: 7.7% growth per year is considered weak in China, while the U.S. economy would be lucky to grow around 3% annually.

A separate report also showed industrial production growth slowed sharply in China in March. Heavy manufacturing related to steel, power and telecommunications equipment showed the most weakness.

Gold bugs get zapped. Gold plunged more than 9% to settle at $1,361 an ounce and popular gold ETF SPDR Gold Trust (GLD) fell 8.8%.

Mining stocks were hit hard, with Newmont Mining (NEM, Fortune 500), Rio Tinto (RIO), Freeport-McMoran Cooper and Gold (FCX, Fortune 500), and Rangold Resources (GOLD) each dropping more than 5%.

The Australian and New Zealand dollars both fell against the U.S. dollar following the weak Chinese data. Both countries rely heavily on China as an importer of their raw materials.

Investors also opted for the safety of the U.S. dollar against the euro and British pound. Demand for U.S. bonds rose, and the yield on the 10-year Treasury note slid to 1.7%.

Bracing for barrage of bank and tech earnings. On the flipside, Citigroup (C, Fortune 500) had some good news. The bank reported a better-than-expected 30% jump in net income, to $3.8 billion. Revenue also topped forecasts, rising 6% in the latest quarter.

Goldman Sachs (GS, Fortune 500), Bank of America (BAC, Fortune 500) and Morgan Stanley (MS, Fortune 500) are on tap to report results later this week. Tech giants will also report results later this week, with Yahoo (YHOO, Fortune 500), Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500)all on deck.

Related: Fear & Greed Index slides into neutral

In other corporate news Monday, Dish (DISH, Fortune 500) said it is bidding $25.5 billion to buy Sprint Nextel (S, Fortune 500), countering an agreement between Sprint and Japan's Softbank. Sprint's stock price surged 14%.

Thermo Fisher Scientific (TMO, Fortune 500) signed an agreement to acquire Life Technologies (LIFE) in a deal valued at $13.6 billion, plus debt. Life Technologies shares rose 7.5%.

Mixed bag of economic news. A major survey of U.S. homebuilders showed the housing recovery may have lost some of its steam in March. The news weighed on shares of homebuilders. Hovnanian (HOV), Lennar (LEN), DR Horton (DHI) and Toll Brothers (TOL) were all lower.

Separately, the New York Fed released its monthly manufacturing survey showing that conditions for New York manufacturers improved slightly in April. The indexes for general business conditions and new orders remained positive, despite modest month-to-month declines.

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Market Update

4:20 pm : Equities sold off steadily throughout today's session, and the S&P 500 ended lower by 2.3%.

The major averages were pressured from the opening bell as global growth concerns returned to the forefront. In China, first quarter GDP rose 7.7%, which was below the expected growth of 8.0%. The disappointing report added to the weakness of the commodity complex, which saw an extension of last week's selling.

The key indices were hovering near their lows when reports indicated two explosions took place at the finish line of the Boston Marathon. Sellers reacted to the news by pushing equities to fresh lows.

Two of Friday's biggest laggards also ended today's session leading to the downside. Energy and materials both fell nearly 4.0%. A 3.3% drop in crude oil contributed to the weakness of the energy sector while producers of basic materials lagged across the board.

Gold miners endured yet another rough session as the Market Vectors Gold Miners ETF (GDX 29.02, -3.20) fell 9.9% on the heels of a 9.5% plunge in gold to $1356.80. Meanwhile, silver tumbled 13.0% to $22.90. Including Friday's decline, gold has suffered its largest two-day drop in about 30 years.

In addition to precious metals, copper fell 2.1% to levels not seen since June of last year. Similarly, steel producers saw significant weakness as the Market Vectors Steel ETF (SLX 40.23, -2.02) lost 4.8%. As a result, the steel ETF is now sitting at a nine-month low.

Today's selling did not spare the two groups which have led the bulk of the first quarter market rally.

The Dow Jones Transportation Average sank 3.8% as all 20 components settled firmly lower. Late-afternoon trade saw airlines fall to their lows following the worrisome headlines out of Boston. Delta Air Lines (DAL 14.91, -0.57) dropped 3.7% while JetBlue Airways (JBLU 6.73, -0.47) settled lower by 6.5%.

Elsewhere, homebuilders underperformed broadly as the disappointing April NAHB Housing Market Index contributed to the weakness. Toll Brothers (TOL 30.50, -2.54) lost 7.7% while the broader SPDR S&P Homebuilders ETF (XHB 28.17, -1.47) tumbled 5.0%.

With equities ending firmly lower, the CBOE Volatility Index (VIX 16.61, +4.55) jumped over 35.0%, settling at its highest level since late February.

No group was able to escape today's selling. Small cap stocks underperformed the broader market as the Russell 2000 lost 3.8%.

Today's volume was well-above average as nearly one billion shares changed hands on the floor of the New York Stock Exchange. Today's tally marked the highest total since February 28th.

While Chinese economic data missed expectations, domestic economic news did little to paint an upbeat picture. The Empire Manufacturing Survey for April registered a reading of 3.1, which was down from the prior month's reading of 9.2. Economists polled by Briefing.com had expected that the survey would slip to 5.0.

Meanwhile, the April NAHB Housing Market Index registered a reading of 42, which was lower from the prior month's reading of 44. Today's reading fell also short of the Briefing.com consensus which called for a reading of 45.

Tomorrow, March CPI, core CPI, housing starts, and building permits will all be reported at 8:30 ET. In addition, March industrial production and capacity utilization will both be announced at 9:15 ET. On the earnings front, Coca-Cola (KO 40.09, -0.99) and Goldman Sachs (GS 146.46, -2.66) are scheduled to report their quarterly results prior to the opening bell.DJ30 -265.86 NASDAQ -78.46 SP500 -36.49 NASDAQ Adv/Vol/Dec 279/1.74 bln/2246 NYSE Adv/Vol/Dec 377/975.7 mln/2702

3:30 pm :

May crude oil fell back below $90 per barrel and to a new low this year of $87.86 per barrel as weak Chinese GDP data and broad market weakness put pressure on prices. The energy component pulled-back from its session high of $89.75 per barrel and settled with a 2.8% loss at $88.74 per barrel.
May natural gas touched a session high of $4.25 per MMBtu in early floor trade but retreated into negative territory in mid-morning action. It dipped to a session low of $4.12 per MMBtu and settled at $4.14 per MMBtu, or 2.1% lower.
June gold extended last session's losses as continued selling pressure, broad-based weakness in commodities and disappointing Chinese GDP data pressured prices. The yellow metal tanked to $1355.30 per ounce in mid-morning action, setting a new low since October 2010. It settled at $1361.20 per ounce with a 9.3% loss.
May silver also tumbled to levels not seen since October 2010. Prices fell as low as $22.94 per ounce before consolidating slightly above that level and settling with an 11.2% loss at $23.35 per ounce.

DJ30 -199.59 NASDAQ -73.15 SP500 -30.25 NASDAQ Adv/Vol/Dec 275/1403.4 mln/2226 NYSE Adv/Vol/Dec 367/607 mln/2688

3:05 pm : Heading into the final hour of action, the S&P 500 is lower by 1.%. Recent trade saw the benchmark average tick off its lows, but reports of an explosion near the finish line of the Boston marathon sent equities back to their lows.

Energy and materials remain near their lows with the two sectors both down 3.4%.

In addition, the CBOE Volatility Index (VIX 14.93, +2.87) continues to hover near its highs suggesting downside protection has received notable interest.DJ30 -218.70 NASDAQ -72.03 SP500 -29.22 NASDAQ Adv/Vol/Dec 292/1.23 bln/2212 NYSE Adv/Vol/Dec 385/530.1 mln/2647

2:30 pm : The S&P 500 is down 1.6% as the benchmark average continues slipping to fresh lows. Similarly, today's weakest sectors, energy and materials, have been unable to stage a meaningful rebound off their lows. While the two groups trade with losses in excess of 3.0%, five other sectors are down at least 1.0%.

Notably, today's selling has come on above-average volume as 477 million shares have already changed hands on the floor of the New York Stock Exchange. With 90 minutes left in the session and the usual volume boost likely to take place during the closing minutes, today's total appears poised to surpass the 200-day average of 705 million shares. April 3rd was the only other session this month, which produced above-average volume.DJ30 -185.90 NASDAQ -61.57 SP500 -26.04 NASDAQ Adv/Vol/Dec 305/1.10 bln/2185 NYSE Adv/Vol/Dec 390/477.8 mln/2641

2:00 pm : Afternoon trade has slowed down considerably, but the tale of the tape remains one-sided. Nine of ten S&P 500 sectors trade in the red with only the defensive telecom space able to keep its head above water.

The defensively-oriented sector is slightly higher as Sprint Nextel (S 7.11, +0.89) contributes to the outperformance. Shares of the telecom provider are surging 13.0% after DISH Network (DISH 35.97, -1.66) proposed a merger with Sprint for $25.5 billion. Per the agreement, Sprint shareholders would receive $7.00 per share, which represents a 12.5% premium to Sprint's Friday closing price.

With the broader market unable to break away from its lows, the CBOE Volatility Index (VIX 14.52, +2.46) is higher by 20.4% as the near-term volatility measure hovers near its session high of 14.85.DJ30 -164.50 NASDAQ -52.74 SP500 -23.03 NASDAQ Adv/Vol/Dec 338/990.3 mln/2138 NYSE Adv/Vol/Dec 402/430.9 mln/2599

1:30 pm : The S&P 500 has shown little change since notching its session lows in the 1564 area. Meanwhile, today's biggest laggards, energy and materials, continue to hover near lows of their own. Both sectors are down 3.2% as they continue seeking support.

While the weakness in gold has grabbed most headlines, steelmakers have also faced considerable pressure. The Market Vectors Steel ETF (SLX 40.54, -1.71) is down 4.1%. The steel ETF has now slumped to levels last seen in July of last year.DJ30 -158.20 NASDAQ -49.90 SP500 -21.85 NASDAQ Adv/Vol/Dec 331/920.4 mln/2126 NYSE Adv/Vol/Dec 400/407.6 mln/2597

1:00 pm : At midday, the S&P 500 is off by 1.5% as trade pushes to session lows. Meanwhile, small cap stocks have been faced with more aggressive selling as the Russell 2000 trades down 2.9%.

Sellers have controlled the bulk of today's action with growth-sensitive sectors lagging notably. A disappointing first quarter GDP report from China combined with the ongoing selling across the commodity complex provided the ingredients for today's decline.

Energy, industrials, and materials all trade with losses of at least 2.2%. Notably, energy and materials were the two weakest sectors on Friday, and their underperformance has persisted into today.

The energy sector is down 3.2% with today's 2.9% decline in crude oil contributing to the selling. The energy component now trades at $88.67 per barrel.

Elsewhere, the materials space has continued its recent weakness, and the SPDR Materials Select Sector ETF (XLB 37.60, -1.15) is down 2.9%. As a result, the materials sector has now slipped into the red for the year.

Producers of basic materials have shown weakness across the board. Gold miners have been under heavy pressure with the Market Vectors Gold Miners ETF (GDX 29.62, -2.60) down 8.1%. Mining shares have been hit hard as gold trades lower by 8.8% at $1369.00. Meanwhile, silver is sliding 11.2% to $23.40.

The growth concerns are also being highlighted by the Dow Jones Transportation Average, which is down 3.0%. All 20 components can be found firmly in the red with truckers suffering the bulk of today's selling. Con-way (CNW 33.00, -1.33) trades lower by 3.9%.

While Chinese economic data missed expectations, domestic economic news did little to paint an upbeat picture. The Empire Manufacturing Survey for April registered a reading of 3.1, which was down from the prior month's reading of 9.2. Economists polled by Briefing.com had expected that the survey would slip to 5.0.

Meanwhile, the April NAHB Housing Market Index registered a reading of 42, which was lower from the prior month's print of 44. Today's reading fell also short of the Briefing.com consensus which called for a reading of 45.

Homebuilders are trading near their session lows in response to the disappointing housing data. The SPDR S&P Homebuilders ETF (XHB 28.33, -1.31) is down 4.4%.DJ30 -164.20 NASDAQ -53.60 SP500 -22.78 NASDAQ Adv/Vol/Dec 318/841.5 mln/2136 NYSE Adv/Vol/Dec 398/377.2 mln/2593

12:30 pm : Little change has taken place in recent trade as the S&P 500 trades lower by 1.2%. Meanwhile, the 30-stock Dow Jones Industrial Average is off by 0.9% while the tech-heavy Nasdaq trades down 1.5%.

Although the Nasdaq trails behind the broader market, the technology sector has held up relatively well thanks to the relative strength of a handful of major names. Microsoft (MSFT 28.86, +0.07) is higher by 0.2% and Google (GOOG 785.25, -4.80) is down just 0.6%. Meanwhile, the broader SPDR Technology Select Sector ETF (XLK 30.14, -0.22) is off by 0.8%.

Keep in mind the tech sector fell under significant selling pressure last Thursday when the International Data Corporation reported a 14% decline in first-quarter PC shipments.DJ30 -141.40 NASDAQ -48.35 SP500 -18.74 NASDAQ Adv/Vol/Dec 333/747.1 mln/2088 NYSE Adv/Vol/Dec 426/339.3 mln/2537

12:00 pm : The S&P 500 has pushed to fresh lows in recent trade. The benchmark average is now down 1.1% with the bulk of today's selling coming from economically-sensitive sectors as global growth worries remain at the forefront.

In addition to energy, industrials, and materials, the discretionary sector also trades near its worst level of the day. Homebuilders trade lower across the board after the April NAHB Housing Market Index fell short of expectations. The SPDR S&P Homebuilders ETF (XHB 28.66, -0.98) is down 3.3%.

On the upside, the telecom space is the lone advancer. Sprint Nextel (S 7.03, +0.81) is surging 13.0% after DISH Network (DISH 35.34, -2.29) proposed a merger with Sprint for $25.5 billion. Per the agreement, Sprint shareholders would receive $7.00 per share, which represents a 12.5% premium to Sprint's Friday closing price.DJ30 -128.50 NASDAQ -40.55 SP500 -17.06 NASDAQ Adv/Vol/Dec 378/649.8 mln/2025 NYSE Adv/Vol/Dec 444/302.8 mln/2510

11:35 am : Equities continue to hover near their lows as sellers remain in control. The S&P 500 is down 0.8% as energy, industrials, and materials continue to lag notably. The three growth-oriented sectors are all down at least 1.0% with materials showing the biggest weakness, down 2.7%.

The underperformance of stocks in the materials space comes after China's disappointing first quarter GDP report. In addition, the continued weakness in precious metals has pressured mining shares. The Market Vectors Gold Miners ETF (GDX 29.39, -2.83) is down 8.8%.

The Dow Jones Transportation Average is also lagging notably. The bellwether complex trades lower by 2.0% with all 20 components in the red. Truckers have suffered the bulk of today's selling as Con-way (CNW 32.98, -1.35) trades lower by 3.9%.DJ30 -94.96 NASDAQ -28.14 SP500 -12.66 NASDAQ Adv/Vol/Dec 458/549.2 mln/1924 NYSE Adv/Vol/Dec 500/263.8 mln/2430

11:00 am : The S&P 500 is off by 0.6% as the index remains near the bottom of its session range. Growth-oriented sectors continue to weigh on the broader market after China's disappointing first quarter GDP report added to an already-lengthy list of global growth concerns.

Energy, materials, and industrials have suffered the bulk of today's selling with the materials sector leading to the downside. Gold miners continue to show considerable weakness as the Market Vectors Gold Miners ETF (GDX 29.11, -3.11) trades lower by 9.7%. On a related note, gold is now down 9.4% at $1360.10.

On the upside, a handful of sectors have climbed into positive territory since the opening bell. Financials, health care, telecom, and utilities all trade with slim gains.DJ30 -68.62 NASDAQ -21.70 SP500 -9.47 NASDAQ Adv/Vol/Dec 466/441.8 mln/1878 NYSE Adv/Vol/Dec 524/215.9 mln/2362

10:30 am : Commodities extended losses from Friday, led by sharp losses in gold and silver. For a second consecutive session, gold and silver are sharply lower. On Friday, June gold (front-month) fell 4.1% to $1500.90, while May silver declined 5.1% to $26.29/oz.

This morning, May silver fell as much as 13% (or $3.42/oz), falling as low as $22.92/oz and to a level not seen since October 2010.

June gold fell as much as 7.8% (or $116.40) to $1385/oz, falling as low as $1385 and to a level not seen since April 2011.

At its lowest point in trading today, silver was down as much as 17.2% (or $4.77/oz) from Thursday's closing prices. Meanwhile, June fell as much as 11.5% (or $179.70/oz) from Thursday's closing prices.

May crude oil declined as much as $3.25/barrel from Friday's closing price, falling to $88.05/barrel. However, May crude back as much as $1.91/barrel before losing steam a short while ago.

Natural gas futures sold off earlier this morning as well. However, nat gas managed to rally off its LoD and back into positive territory. Holding these gains were another story, unfortunately.

In currently trading activity, June gold is 7.5% at $1389.40/oz, May silver is -10.9% at $23.50/oz, May crude oil is -2.7% at $88.86/barrel, May natural gas is -15 at $4.18/MMBtu, May copper is currently -3.0% at $3.25/lb.DJ30 -89.97 NASDAQ -26.45 SP500 -11.48 NASDAQ Adv/Vol/Dec 452/347.0 mln/1874 NYSE Adv/Vol/Dec 467/176 mln/2391

10:00 am : Equities continue to trade near their lows with the S&P 500 down 0.6%.

For April, the NAHB Housing Market Index registered a reading of 42, which was lower from the prior month's reading of 44. Today's reading fell also short of the Briefing.com consensus which called for a reading of 45.DJ30 -80.66 NASDAQ -19.30 SP500 -9.66 NASDAQ Adv/Vol/Dec 526/202.7 mln/1719 NYSE Adv/Vol/Dec 509/116.8 mln/2268

09:45 am : The major averages continue to trade in the red after starting the session on a cautious note. Growth-oriented sectors have paced the early losses after China's disappointing first quarter GDP report put growth concerns back at the forefront.

Energy and materials are the two weakest performing sectors in early trade. The energy space is off by 1.7% as a 2.2% decline in the price of crude oil contributes to the relative weakness of the economically-sensitive sector.

Elsewhere, the SPDR Materials Select Sector ETF (XLB 38.11, -0.63) is down 1.6% as gold miners and steelmakers weigh. The Market Vectors Gold Miners ETF (GDX 29.86, -2.36) is down 7.3% while the Market Vectors Steel ETF (SLX 41.18, -1.07) trades down 2.5%.

With the broader market trading lower, the health care space is top performing sector as it trades flat.DJ30 -71.84 NASDAQ -14.98 SP500 -9.05 NASDAQ Adv/Vol/Dec 510/118.2 mln/1656 NYSE Adv/Vol/Dec 527/82.4 mln/2185

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -14.00. Heading into the open, equity futures signal a lower start to the cash session. The S&P 500 futures are off by 0.4% as the global growth concerns return to the forefront following a disappointing first quarter GDP report from China.

Asian equity markets declined in the wake of the news, and European indices trade lower as well. The continued weakness across the commodity complex is also adding to the pre-market pressure. Industrial and precious metals are seeing an extension of Friday's selling with copper down 3.0% to $3.248. Meanwhile, gold is down 5.3% at $1422.40 while silver is off by 7.7% at $24.32.

As a result of the continued growth worries, the materials sector is likely to begin the session among the laggards. Having gained 2.7% so far in 2013, the materials space has been the weakest performing sector year-to-date.

Elsewhere, Citigroup (C 45.90, +1.12) is higher by 2.5% after beating on earnings and revenue.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -8.30. Nasdaq futures vs fair value: -13.50. Equity futures continue to trade lower with the S&P 500 futures off by 0.4%.

The February net long-term TIC flows report indicated a $17.8 billion outflow of foreign capital from U.S. denominated assets. This follows the prior month's $25.7 billion inflow.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -8.90. Nasdaq futures vs fair value: -15.80.

U.S. equity futures continue to trade firmly lower with the S&P 500 futures off by 0.4%.

It was a sea of red across Asia as all of the major bourses, aside from India's Sensex (+0.6%) and Thailand's SET (+0.7%), ended with losses. Markets across the region were weak after Chinese GDP was reported at 7.7% year-over-year (8.0% expected, 7.9% previous) while both fixed asset investment (20.9% actual versus 21.3% expected) and industrial production (8.9% actual versus 10.1% expected) also missed estimates. Meanwhile, it has been reported that 13 people have died from bird flu with 60 cases being reported. Following Friday's equity close, the U.S. Treasury Department warned Japan, suggesting it should refrain from devaluing the yen to gain a competitive advantage. Elsewhere, outperformance in India came after the Wholesale Price Index slipped to 5.96% year-over-year (6.40% expected, 6.84% previous), ratcheting up hopes of a Reserve Bank of India rate cut at the May 3 meeting. Data from the rest of the region was limited to an Australian home loans beat (2.0% month-over-month actual versus 1.6% expected).

In Japan, the Nikkei closed lower by 1.6% as exporters were weak. Komatsu and Fanuc gave up 2.9% and 1.3% respectively as their ties to the Chinese economy weighed. Meanwhile, other exporters fell as the yen strengthened. Nissan Motor shed 3.9% and Suzuki Motor lost 3.1%.
Hong Kong's Hang Seng shed 1.4% as selling was broad-based. Air China gave up 2.6% and China Eastern Airlines slumped 4.3% as bird flu worries weighed. Meanwhile, the slowdown in the Chinese economy weighed on commodity names as Cnooc tumbled 3.1% and Angang Steel slumped 0.6%.
In China, the Shanghai Composite slipped 1.1% as economically sensitive names were weak. Jiangxi Copper shed 4.7% and aluminum maker Chalco lost 2.9%. Financials managed to buck the trend as Agricultural Bank of China and Bank of Communications both climbed 0.4%.

Key European indices trade near their session lows as China's disappointing first quarter GDP report weighs. Regional economic data was limited to the eurozone trade balance, which indicated a surplus of EUR12.0 billion while the consensus expected a surplus of EUR9.9 billion.

In news, weekend reports suggested German Chancellor Angela Merkel would retire from her post in 2015. However, Germany's government spokesman said the Chancellor would serve a full term if reelected.

France's CAC is down 0.8% with cyclical names underperforming notably. Vallourec is down 4.4% while Accor and Renault trade lower by 4.5% and 4.0%, respectively. On the upside, drug maker Sanofi is higher by 1.5%.
In Germany, the DAX is lower by 0.9% as 28 of 30 listings trade in the red. Infineon Technologies is the weakest index performer, down 3.3%. In addition, BMW and Volkswagen are both down near 2.5%.
The United Kingdom's FTSE is off by 1.1% with miners showing the biggest weakness. Fresnillo and Polymetal International are seeing respective losses of 15.0% and 10.0%.

In domestic economic data, the Empire Manufacturing Survey for April registered a reading of 3.1, which was down from the prior month's reading of 9.2. Economists polled by Briefing.com had expected that the survey would slip to 5.0.

08:00 am : S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -15.30.

U.S. equity futures trade firmly lower amid downbeat overseas trade. The S&P 500 futures are off by 0.5%.

Looking at overnight developments:

Key Asian indices ended the Monday session on a lower note following a disappointing first quarter GDP report from China. China's Shanghai Composite lost 1.1%, Hong Kong's Hang Seng dropped 1.4%, and Japan's Nikkei fell 1.6%.
Reviewing economic data:
China's first quarter GDP grew 7.7% year-over-year while the consensus expected growth of 8.0%. In addition, fixed asset investment increased 20.9% against the expectations of a 21.3% rise. Industrial production also missed expectations as the actual increase of 8.9% was below the 10.0% expected growth. Lastly, retail sales climbed 12.6%, slightly ahead of the expected increase of 12.5%.
Japan's industrial production rose 0.6% month-over-month while the consensus expected no change.
In news:
A handful of factors contributed to the overnight weakness observed in markets across Asia. Disappointing data from China reinforced the persisting global growth concerns while the relative strength of the Japanese yen versus the dollar contributed to the underperformance of Japan's Nikkei. The USDJPY pair now trades near 97.72.
The Asian session also saw an extension of Friday's weakness in commodities. Crude oil is off by 1.8% at $89.66, gold is down 6.2% at $1408.50 while silver is lower by 9.5% at $23.84.

Key European indices trade near their session lows. France's CAC is off by 0.8%, Germany's DAX is sliding 0.9%, and the United Kingdom's FTSE is down 1.2%.
Regional economic data was limited to just one notable release:
The eurozone reported a EUR12.0 billion trade surplus while the consensus expected a surplus of EUR9.9 billion.
In news:
Weekend reports suggested German Chancellor Angela Merkel would retire from her post in 2015. However, Germany's government spokesman said the Chancellor would serve a full term if reelected.

In U.S. corporate news:

Sprint Nextel (S 7.11, +0.89) is jumping 14.6% after DISH Network (DISH 37.00, -0.63) proposed a merger with Sprint for $25.5 billion. Per the agreement, Sprint shareholders would receive $7.00 per share, which represents a 12.5% premium to Sprint's Friday closing price.
Life Technologies (LIFE 74.02, +6.02) is spiking 8.9% after Thermo Fisher Scientific (TMO 80.50, +0.91) agreed to acquire Life for $76.00 in cash, representing a 11.8% premium to Life Technologies' Friday closing price.

In today's economic data, the April Empire Manufacturing Survey will be reported at 8:30 ET while February net long-term TIC flows and April NAHB Housing Market Index will be released at 9:00 ET and 10:00 ET, respectively.

06:49 am : [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -15.00.

06:49 am : Nikkei...13275.66...-209.50...-1.60%. Hang Seng...21722.67...-316.40...-1.40%.

06:49 am : FTSE...6308.93...-75.40...-1.20%. DAX...7671.90...-73.10...-1.00%.

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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