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 Post subject: April 16th Tuesday Trade Results - Profit $5390
PostPosted: Tue Apr 16, 2013 3:50 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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 @ $1240.00 dollars or +12.40 points, Light Crude Oil CL ($CL_F) futures @ $840.00 dollars or +0.84 points, Gold GC ($GC_F) futures @ $3310.00 dollars or +33.10 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 @ $5390.00 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=1484

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.

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Market Update

4:10 pm : Equities climbed steadily throughout the day, and the S&P 500 ended higher by 1.4%.

For the most part, today's session served as a rebound from yesterday's broad-based selling. All ten economic sectors settled in the black, and nine groups ended with gains of at least 1.0%.

The materials sector, which lost nearly 4.0% yesterday, led today's rally as the SPDR Materials Select Sector ETF (XLB 37.99, +0.68) rose 1.8%. Gold miners saw intraday strength, but afternoon weakness in the underlying metal caused the group to slide into the red. Meanwhile, steelmakers acted in support of the sector as the Market Vectors Steel ETF (SLX 40.86, +0.63) rose 1.6%.

While the economically-sensitive materials space ended atop the leaderboard, the defensively-geared consumer staples were not far behind. Staple stocks received some support from Coca-Cola (KO 42.37, +2.28) after the beverage giant narrowly beat the Capital IQ earnings estimate.

The intraday performance of the leaders suggests a defensive trade played some part in today's action. After notching its highs during the opening minutes, the materials sector spent the remainder of the session near those levels. Meanwhile, consumer staples climbed throughout the day before settling on their highs.

A defensive bid also buoyed the health care sector where Johnson & Johnson (JNJ 83.44, +1.73) gained 2.1% after beating on earnings.

With the first quarter earnings season set to heat up in the coming days, Goldman Sachs (GS 144.10, -2.36) was among the handful of companies which reported earnings today. Although Goldman beat on earnings and revenue, its stock shed 1.6% as investors were unimpressed with the quality of the earnings beat. Meanwhile, the broader SPDR Financial Select Sector ETF (XLF 18.36, +0.28) advanced 1.6%.

Yesterday's selling caused significant weakness in homebuilders as well as the Dow Jones Transportation Average. Although the two groups were able to register gains, they remain in the red for the week.

Today's volume was slightly above average as 736 million shares changed hands on the floor of the New York Stock Exchange.

Looking back at the economic data, the number of housing starts increased 7.0% in March from an upwardly revised 968,000 (from 917,000) in February to 1.036 million. That was the first time housing starts exceeded 1.00 million units since 2008. The Briefing.com consensus pegged the number of new housing starts at 930,000. However, the underlying trends were more mixed than the headline implied as multifamily construction, which tends to be highly volatile, made up the entire March gain. Those starts increased by nearly 100,000 from 318,000 in February to an unsustainable 417,000. As a result, multifamily construction is likely to retreat next month.

Industrial production increased 0.4% in March following an upwardly revised 1.1% gain (from 0.7%) in February. The Briefing.com consensus expected production levels to increase 0.3%.

The entire gain in production was due to a 5.3% increase in utilities usage. Colder-than-normal temperatures throughout March drove up heating demand.

Consumer prices fell 0.2% in March after increasing 0.7% in February. The Briefing.com consensus expected prices to decrease 0.1%.

Excluding food and energy, core prices increased 0.1% after rising 0.2% in February. The Briefing.com consensus expected core prices to increase by 0.2% for a second consecutive month.

Only two items of note can be found on tomorrow's economic calendar. The weekly MBA Mortgage Index will be reported at 7:00 ET while the Federal Reserve will release its April Beige Book at 14:00 ET. On the earnings front, Bank of America (BAC 12.28, +0.30) and Mattel (MAT 42.98, -0.04) will report their quarterly results ahead of the opening bell.DJ30 +157.58 NASDAQ +48.14 SP500 +22.21 NASDAQ Adv/Vol/Dec 1926/1.46 bln/555 NYSE Adv/Vol/Dec 2501/743.5 mln/539

3:30 pm :

May crude oil erased most of its early pit trade losses after coming off a session low of $87.60 per barrel. The energy component briefly broke into positive territory and to a session high of $88.94 per barrel in afternoon action but ultimately settled 0.1% lower at $88.69 per barrel.
May natural gas retreated from its session high of $4.19 per MMBtu set in early floor trade and fell into negative territory shortly after equity markets opened. Despite brushing a session low of $4.08 per MMBtu, it recovered back into the black and settled 0.5% higher at $4.16 per MMBtu.
June gold rose after two sessions of sharp losses with a weaker dollar index and broad market strength boosting prices. The yellow metal touched a session high of $1402.70 per ounce as floor trade opened and dipped to a session low of $1371.70 per oune in mid-morning action. It eventually settled at $1387.30 per ounce, or 1.9% higher. Gold sold off here after hours and is now at $1364.40.
May silver spent most of today's floor session in positive territory. It dipped into the red and to a session low of $23.24 per ounce in mid-morning action but quickly recovered back above the unchanged line. It traded in a consolidative pattern near the $23.60 per ounce level in afternoon pit trade and settled with a 1.3% gain at $23.66 per ounce.

DJ30 +132.46 NASDAQ +43.10 SP500 +19.38 NASDAQ Adv/Vol/Dec 1825/1173.8 mln/629 NYSE Adv/Vol/Dec 2414/499 mln/607

3:00 pm : Heading into the final hour of action, the S&P 500 is higher by 1.2%.

Upcoming days will see the first quarter reporting season enter full force. Following today's close, investors are set to receive quarterly earnings from CSX (CSX 24.31, +0.84), Intel (INTC 21.82, +0.44), and Yahoo! (YHOO 24.00, +0.02).

Both CSX and Intel are expected to report a year-over-year decline in their earnings while the Capital IQ consensus expects Yahoo! to reveal bottom-line growth of 8.7%.

Tomorrow, Bank of America (BAC 12.18, +0.20) and Mattel (MAT 42.85, -0.17) will report their quarterly results ahead of the opening bell.DJ30 +115.46 NASDAQ +37.90 SP500 +16.95 NASDAQ Adv/Vol/Dec 1800/1.06 bln/655 NYSE Adv/Vol/Dec 2386/447.2 mln/623

2:30 pm : The S&P 500 has slipped from its highs, but the index remains firmer by 1.1%. Today's rebound has received participation from all ten sectors as eight groups continue to trade with gains of at least 1.0%.

With 90 minutes left in today's session, trading volume appears poised to finish near the 200-day average of 705 million shares. Notably, yesterday's tally of 976 million was the highest total since one billion shares changed hands on the floor of the New York Stock Exchange on February 28.DJ30 +121.68 NASDAQ +39.72 SP500 +17.62 NASDAQ Adv/Vol/Dec 1833/969.5 mln/619 NYSE Adv/Vol/Dec 2400/411.4 mln/612

2:00 pm : Afternoon trade has slowed down as the S&P 500 continues to hover at its best level of the day. After yesterday's broad market decline caused selling across all sectors, today's session has brought some relief to the market.

All ten sectors trade in positive territory and eight groups are seeing gains of at least 1.0%.

After ending yesterday at its highest level since late February, the CBOE Volatility Index (VIX 14.13, -3.14) has surrendered a portion of its gains. However, the near-term volatility gauge remains above last week's highs.DJ30 +125.75 NASDAQ +41.99 SP500 +18.57 NASDAQ Adv/Vol/Dec 1840/906.5 mln/584 NYSE Adv/Vol/Dec 2410/385.4 mln/576

1:30 pm : Recent trade saw little change from the major averages. The S&P 500 is higher by 1.3% while the Nasdaq trades with a gain of 1.4%.

Similar to the rest of the market, tech stocks trade firmly higher. Meanwhile, chipmakers have been able to outperform as the PHLX Semiconductor Index trades up 1.8%.

Elsewhere, Yahoo! (YHOO 23.89, -0.09) is off by 0.4% ahead of the company's earnings report, scheduled to be released after today's closing bell.DJ30 +140.15 NASDAQ +42.95 SP500 +19.30 NASDAQ Adv/Vol/Dec 1850/837.3 mln/564 NYSE Adv/Vol/Dec 2428/357.6 mln/556

1:05 pm : The S&P 500 trades higher by 1.3% as stocks rebound from yesterday's 2.3% slide.

Equities got off to a running start as yesterday's weakest sectors emerged as the early leaders.

At midday, Monday's biggest laggard, the materials sector, paces the advance with the SPDR Materials Select Sector ETF (XLB 37.96, +0.65) higher by 1.8%. Gold miners have helped the space rebound as the Market Vectors Gold Miners ETF (GDX 29.35, +0.33) trades with a gain of 1.1%.

Yesterday's selling also weighed on the Dow Jones Transportation Average, dropping it 3.8%. Today, the bellwether complex trades higher by 1.9%, as airlines show notable strength. Alaska Air (ALK 59.83, +3.20) and United Continental (UAL 30.50, +1.41) are both up near 4.9%.

While economically-sensitive sectors can be found among the leaders, today's trade also carries some defensive qualities. Consumer staples, health care, and utilities all trade with gains of at least 1.0%. Two of those sectors, health care and consumer staples, are being supported by better-than-expected earnings from Dow components Johnson & Johnson (JNJ 83.33, +1.62) and Coca-Cola (KO 42.36, +2.27).

Although most of yesterday's underperformers are enjoying a rebound session, homebuilders have been a bit more tentative in their advance. The SPDR S&P Homebuilders ETF (XHB 28.49, +0.32) lags with just a 0.9% advance after losing 5.0% during yesterday's sell off. Individual builders trade in mixed fashion after the March housing starts report outpaced expectations. Even though annualized housing starts surpassed the one million mark, all of March gains resulted from multi-family construction.

Those starts increased by nearly 100,000 from 318,000 in February to an unsustainable 417,000. As a result, multifamily construction is likely to retreat next month.

Meanwhile, single-family starts fell from 650,000 in February to 619,000 in March. That was the first decline since November. The decline is likely not the start of a new steady downward path, as the February starts number was well above trend following a substantial upward revision (from 618,000). Excluding the February gain, single-family starts have remained flat since December.

Looking at the remainder of today's economic data, consumer prices fell 0.2% in March after increasing 0.7% in February. The Briefing.com consensus expected prices to decrease 0.1%.

Excluding food and energy, core prices increased 0.1% after rising 0.2% in February. The Briefing.com consensus expected core prices to increase by 0.2% for a second consecutive month.DJ30 +147.16 NASDAQ +44.36 SP500 +19.83 NASDAQ Adv/Vol/Dec 1868/779.2 mln/547 NYSE Adv/Vol/Dec 2408/334.5 mln/557

12:30 pm : The S&P 500 continues to hover near its recently-established session high with six sectors showing gains of at least 1.0%.

In addition to the ten S&P sectors, the Dow Jones Transportation Average is higher by 1.6% as 29 of 30 components trade in positive territory. Airlines are among the biggest advancers as Alaska Air (ALK 59.60, +2.97) jumps 5.2%.

On the downside, CH Robinson (CHRW 56.90, -0.61) is off by 1.1% after JPMorgan Chase downgraded the stock to 'Underweight' from 'Neutral.'DJ30 +122.92 NASDAQ +38.77 SP500 +16.74 NASDAQ Adv/Vol/Dec 1855/703.4 mln/537 NYSE Adv/Vol/Dec 2364/305.2 mln/586

12:00 pm : After staying in a narrow range during the first two hours of trade, the S&P 500 has risen to fresh highs. The index now trades with a gain of 1.1%.

While most of yesterday's laggards have been able to rebound during today's action, homebuilders trade in mixed fashion. Earlier, the March housing starts report beat expectations, but the underlying trends were not reflected accurately by this report. Although the number of housing starts increased, the rise was entirely due to gains in multifamily construction, which tends to show more volatility.

DR Horton (DHI 21.89, -0.01) trades flat while the broader SPDR S&P Homebuilders ETF (XHB 28.44, +0.27) is higher by 1.0% after dropping 5.0% yesterday.DJ30 +129.40 NASDAQ +39.25 SP500 +16.73 NASDAQ Adv/Vol/Dec 1877/628.5 mln/503 NYSE Adv/Vol/Dec 2378/277.9 mln/545

11:30 am : Recent trade saw the S&P 500 notch a fresh session high. The benchmark average is now firmer by 0.9% and the materials sector continues to pace the advance.

In addition to materials, financials, technology, utilities, and staple stocks have picked up some strength. All five sectors now trade with gains of at least 1.0%. Although the materials space continues to lead, consumer staples have made fresh session highs. Most notably, Coca-Cola (KO 42.29, +2.21) is rising 5.5% after beating on earnings.DJ30 +113.16 NASDAQ +31.78 SP500 +14.65 NASDAQ Adv/Vol/Dec 1811/545.8 mln/542 NYSE Adv/Vol/Dec 2308/244.7 mln/599

11:00 am : The S&P 500 has slipped off its session highs, but the index continues to trade with a gain of 0.6%. In addition to the broader market retreating off its best levels of the day, the early leaders have surrendered some of their gains as well.

The materials sector continues to lead the broader market after the space fell under significant pressure yesterday. Gold miners have been able to outperform with the Market Vectors Gold Miners ETF (GDX 29.27, +0.25) higher by 1.0%.

Elsewhere, the energy space has surrendered its opening gains. The sector now trades flat as the relative weakness of crude oil contributes to the underperformance. The energy component is lower by 0.7% at $88.10.DJ30 +83.59 NASDAQ +22.28 SP500 +10.62 NASDAQ Adv/Vol/Dec 1673/422.6 mln/635 NYSE Adv/Vol/Dec 2216/202.8 mln/666

10:35 am : Commodities are mixed this morning, while the dollar index continues to trade near its LoD, all of which follows sharp losses over the past two days, especially in gold and silver.

May crude oil recently sold off below $88/barrel and is now Natural gas futures rose in early morning action, but steam rather quickly, dropping to a new session low. In recent activity, May crude oil is -0.9% at $87.90/barrel. May nat gas is now -1.1% at $4.09/MMBtu.

Gold and silver futures remains in positive territory, led by gains in gold. June gold is currently +1.5% at $1381.30/oz, while May silver is +0.5% at $23.49/oz.

At the close yesterday, the USDA reported that U.S. farmers have planted 2% of the U.S. corn crop, which is well below the rate last year of 16% and well below the 5-year average of 7%, due to recent rains. As a result, grain price are higher this morning. May corn is now +1.4% at $6.56/bushel, May wheat is +0.7% at $6.99/bu, May soybeans are +1.2% at $14.11/bu.DJ30 +92.00 NASDAQ +23.24 SP500 +11.31 NASDAQ Adv/Vol/Dec 1685/330.0 mln/576 NYSE Adv/Vol/Dec 2256/166 mln/603

10:05 am : Equity indices continue to trade firmly higher with the S&P 500 up 0.7%.

With the first quarter reporting season about to kick into high gear, many large companies are set to announce their earnings in the coming days. Today, defensively-minded health care and staple stocks are receiving some support from Coca-Cola (KO 42.18, +2.09) and Johnson & Johnson (JNJ 82.66, +0.95) after the two reported better-than-expected bottom-line results.

Elsewhere, the financial sector trade higher by 0.9% despite the relative weakness in Goldman Sachs (GS 144.10, -2.36), which trades lower by 1.7% after beating on earnings and revenue.DJ30 +92.65 NASDAQ +17.26 SP500 +11.21 NASDAQ Adv/Vol/Dec 1581/200.1 mln/602 NYSE Adv/Vol/Dec 2210/114.9 mln/565

09:45 am : The major averages have climbed to their early highs with the S&P 500 up 0.7%.

All ten sectors have been able to register gains in the opening minutes as equities rebound from yesterday's broad selling. Notably, yesterday's biggest laggards can be found among today's leaders. Energy, industrials, and materials all trade with gains of at least 1.0%.

Elsewhere, homebuilders trade higher across the board with the March housing starts report contributing to the relative strength. The SPDR S&P Homebuilders ETF (XHB 28.45, +0.28) is higher by 1.0%.DJ30 +92.84 NASDAQ +21.71 SP500 +11.21 NASDAQ Adv/Vol/Dec 1678/124.6 mln/454 NYSE Adv/Vol/Dec 2251/85.9 mln/480

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +14.50. Heading into the open, equity futures signal a higher start to the session. The S&P 500 futures trade higher by 0.8% to follow yesterday's 2.3% drop in the S&P.

The equity market is poised to begin the session on firm footing with defensive consumer staples and health care sectors likely to show early strength after Coca-Cola (KO 41.45, +1.36) and Johnson & Johnson (JNJ 82.45, +0.74) reported better-than-expected earnings.

Elsewhere, Goldman Sachs (GS 147.44, +0.98) is rising 0.7% after the bank's earnings and revenue eclipsed analyst estimates.

Just reported, March industrial production rose 0.4%, which was better than the 0.3% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 78.5%, which was slightly better than the 78.4% expected by the Briefing.com consensus.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +17.70.

U.S. equity futures continue to hover near their highs with the S&P 500 futures up 1.0%.

The major Asian bourses ended mixed with India's Sensex (+2.1%) outperforming for a second day on hopes the Reserve Bank of India will cut rates at its next meeting. Markets in Japan (-0.4%), Hong Kong (-0.5%), and Australia (-0.3%) declined on worries of a slowdown in the Chinese economy, but interestingly the Shanghai Composite (+0.6%) outperformed. Minutes from the latest Reserve Bank of Australia meeting showed the central bank believes the recent rate cuts are working, and that there is room for more, if necessary. Data from the region was limited to a -0.6% month-over-month reading for Australian new motor vehicle sales.

In Japan, the Nikkei shed 0.4% to end at a one-week low. Exporters rebounded as the yen weakened, but ended mixed as Olympus added 2.6% while Nissan Motor fell 2.0%. Elsewhere, shares of Softbank lost 6.7% after Dish Network made an offer to buy Sprint Nextel, potentially putting a monkey wrench in its bid for a stake in the company.
Hong Kong's Hang Seng finished lower by 0.5% as commodity-related names lagged. Jiangxi Copper and Cnooc both shed 1.9%.
In China, the Shanghai Composite settled higher by 0.6% as property developers outperformed. Gemdale and Poly Real Estate were among the leaders in the space as both added at least 6.0%.

Major European indices are little changed after trading in the red earlier. Italy reported a trade surplus of EUR1.09 billion while a deficit of EUR1.41 billion was broadly expected. In the United Kingdom, CPI rose 2.8% year-over-year, in-line with expectations. Meanwhile, core CPI increased 2.4% against the expected rise of 2.3%. Further, the country's input PPI climbed 0.4% (+0.8% consensus) while output PPI rose 2.0% (+2.0% forecast). Lastly, the country's House Price Index rose 1.9% year-over-year while the market expected prices to climb 2.8%. Germany's ZEW Economic Sentiment fell to 36.3 from the prior month's reading of 48.5 (42.0 consensus). Meanwhile, the eurozone ZEW Economic Sentiment was reported at 24.9, down from the prior reading of 33.4, and below the expected 31.5.

In Germany, the ZEW institute indicated some over-optimism might have played a part in the March survey. Meanwhile, the April survey reflected the increased uncertainty stemming from the situation in Cyprus as well as the recent developments in Portugal. Elsewhere, reports indicate Italian authorities have seized EUR1.8 billion worth of assets from Nomura. This comes after the Japanese bank was implicated in the Monte dei Paschi scheme to cover up derivative-related losses.

The United Kingdom's FTSE is off by 0.1% with ARM Holdings showing the biggest weakness. The chipmaker trades lower by 3.4%. On the upside, miners are rebounding from yesterday's underperformance. Eurasian Natural Resources and Fresnillo are both up near 6.5%.
In Germany, the DAX trades higher by 0.1%. Exporters BMW and Volkswagen are both up near 2.0% while utility names trade lower. E.ON and RWE trade with respective losses of 4.0% and 1.6% after the European Parliament decided to rule against implementing temporary carbon permit caps.
France's CAC is unchanged as defensive names outperform. Danone is higher by 3.3% after beating on earnings, and Sanofi trades with a gain of 0.8%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +10.10. Nasdaq futures vs fair value: +17.70. U.S. equity futures continue to hover near their pre-market highs with the S&P 500 futures firmer by 0.9%.

March consumer prices declined 0.2%, which was below the 0.1% downtick that had been expected by the Briefing.com consensus. This followed the prior month's rise of 0.7%. In addition, core prices rose 0.1% while the Briefing.com consensus expected an increase of 0.2%.

Separately, housing starts hit an annualized rate of 1,036,000 units during March. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 930,000. Prior month figures were revised upward to reflect an annual rate of 968,000 starts. As for building permits, they decreased from the prior month's rate of 939,000 to 902,000 for March. That was below the pace of 945,000 building permits that had been expected among economists polled by Briefing.com.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +14.20.

U.S. equity futures trade firmly higher despite downbeat overseas trade. The S&P 500 futures are higher by 0.8% after yesterday's sell off caused the benchmark average to drop 2.3%.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite added 0.6% while Japan's Nikkei shed 0.4% and Hong Kong's Hang Seng slipped 0.5%.
There was no notable economic data released across the region.
In news:
The Reserve Bank of Australia released the minutes from its latest policy meeting. At the April meeting, participants reinforced the view that inflation expectations remain anchored, giving further room for a rate cut.
Moody's affirmed China's government debt rating at Aa3, but lowered the country's outlook to stable from positive.

Major European indices trade with modest losses. France's CAC, Germany's DAX, and the United Kingdom's FTSE are all down 0.5%.
Market participants received several economic reports:
Italy reported a trade surplus of EUR1.09 billion while a deficit of EUR1.41 billion was broadly expected.
In the United Kingdom, CPI rose 2.8% year-over-year, in-line with expectations. Meanwhile, core CPI increased 2.4% against the expected rise of 2.3%. Further, the country's input PPI climbed 0.4% (+0.8% consensus) while output PPI rose 2.0% (+2.0% forecast). Lastly, the country's House Price Index rose 1.9% year-over-year while the market expected prices to climb 2.8%.
Germany's ZEW Economic Sentiment fell to 36.3 from the prior month's reading of 48.5 (42.0 consensus).
The eurozone ZEW Economic Sentiment was reported at 24.9, down from the prior reading of 33.4, and below the expected 31.5.
Looking at news:
In Germany, the ZEW institute indicated some over-optimism might have played a part in the March survey. Meanwhile, the April survey reflected the increased uncertainty stemming from the situation in Cyprus as well as the recent developments in Portugal.
Reports indicate Italian authorities have seized EUR1.8 billion worth of assets from Nomura. This comes after the Japanese bank was implicated in the Monte dei Paschi scheme to cover up derivative-related losses.

In U.S. corporate news:

Coca-Cola (KO 41.31, +1.22) is higher by 3.0% after beating on earnings and revenue. Although the beverage giant beat on both earnings and revenue, its top line result of $11.04 billion represented a year-over-year decline of 0.9%.
Goldman Sachs (GS 146.35, -0.11) is little changed after topping bottom-line estimates. Meanwhile, the company's revenue of $10.09 billion represented a 1.4% year-over-year increase, and surpassed expectations.
Johnson & Johnson (JNJ 82.80, +1.09) is rising 1.3% after beating on earnings.

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.

06:56 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +5.50.

06:56 am : Nikkei...13221.44...-54.20...-0.40%. Hang Seng...21672.85...-100.60...-0.50%.

06:56 am : FTSE...6311.44...-32.30...-0.50%. DAX...7676.62...-30.00...-0.50%.

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

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
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questions@thestrategylab.com
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