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 Post subject: April 17th Wednesday Trade Results - Profit $8020
PostPosted: Wed Apr 17, 2013 11:07 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 @ $8020.00 dollars or +80.20 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($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 @ $8020.00 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=1485

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.

Investors Bail Out Of Stocks

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

NEW YORK (CNNMoney)
U.S. stocks closed lower Wednesday, as disappointing earnings sparked a broad sell-off.

The Dow Jones Industrial Average slid 1%, the S&P 500 lost 1.4% and the Nasdaq shed 1.8%.

CNNMoney's Fear & Greed Index slid back into 'fear' territory, with three of the seven indicators in 'extreme fear.' The index hasn't been this low since December, when worries about the fiscal cliff caused investors agita.

Meanwhile, the CBOE market volatility gauge, more commonly known as the VIX (VIX), spiked 25% to near 17. While that level is still relatively low, the big jump shows just how jittery investors are. The VIX shot up on Monday as well following the Boston terror attack.

* Investors are still nervous...with good reason

Wall Street is in the throes of earnings season and this week's reports have been less than stellar.

"I don't think we got the sunshine that the rest of the Street was looking for across a wide swath of the companies reporting," said Kim Caughey Forest, senior equity analyst at Fort Pitt Capital Group. "You get not-great news out there and it makes investors jittery."

Banks and techs spook investors. Bank of America (BAC, Fortune 500) was the biggest drag on the Dow, after it missed first-quarter earnings estimates, despite an uptick in revenue. Higher investment banking revenue was offset by lower mortgage banking income.

Other bank stocks followed Bank of America's lead, with shares of JPMorgan Chase (JPM, Fortune 500), Citigroup (C, Fortune 500) and Goldman Sachs (GS, Fortune 500) all down more than 3%.

Meanwhile, a disappointing quarterly report from chip maker Cirrus Logic (CRUS), a major Apple (AAPL, Fortune 500) supplier, pushed Apple shares below $400 earlier in the day to a new 52-week low.

Shares of Yahoo (YHOO, Fortune 500) lost ground, one day after the company reported lousy first-quarter sales and issued a downbeat outlook.

Intel (INTC, Fortune 500) shares bounced back after earlier losses, following the company reporting earnings and sales in line with expectations. The company reported another decline in chip sales for PCs, however, with revenue from that business falling 6% compared to a year earlier.

On the flipside, shares of toymaker Mattel (MAT, Fortune 500) shot up Wednesday after it reported that its first-quarter net profit more than quadrupled.

Fairway Group Holdings, the parent of Fairway Market, priced an initial public offering at $13 a share -- above its estimated range. Shares, which started trading Wednesday under the ticker FWM (FWM), rallied nearly 31%.

Both American Express (AXP, Fortune 500) and eBay (EBAY, Fortune 500) reported earnings after the close that beat forecasts. But sales for each missed. Shares of eBay were down nearly 3% in after-hours trading. AmEx was down about 1%.

Jitters from Monday remain. It's only Wednesday and it's already been a rough week for investors. Weak economic news out of China and the Boston terror attack sparked one of the biggest one-day sell-offs of the year Monday.

A strong housing report led a big rebound Tuesday, but investors are still on edge.

Gold prices have also been part of the volatility story. On Monday, gold prices plunged to a two-year low in their biggest sell-off in decades. Gold was down slightly Wednesday after staging a modest recovery Tuesday.

* Fear & Greed Index: Sliding back into fear

European markets closed lower Wednesday, dropping for a fourth consecutive session, while Asian markets ended mixed. The Nikkei added 1.2%, while the Shanghai Composite and Hang Seng were little changed.

The dollar was higher versus the euro, the pound and the Japanese yen.

The price on the 10-year Treasury rose, pushing the yield down to 1.70%.

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Market Update

4:15 pm : After yesterday's session saw the S&P 500 log its second-largest one-day advance of the year, today's action was dictated by the sellers. The S&P fell 1.4% as all ten sectors ended in the red.

There was no single catalyst responsible for today's decline. Instead, persistent global growth concerns coupled with rumors of a possible downgrade of France and Germany set the stage for a sharply lower open. Meanwhile, the pre-market downgrade rumors were partially realized before the close when Egan Jones downgraded Germany's rating to 'A' from A+.'

Technology stocks felt the brunt of today's drop as the SPDR Technology Select Sector ETF (XLK 29.62, -0.62) lost 2.1%. Apple (AAPL 402.80, -23.44) dipped below $400 for the first time since December 2011, and settled lower by 5.5%. In addition to the broad market pressure, disappointing guidance from Apple supplier Cirrus Logic (CRUS 18.05, -3.36) fueled speculation regarding the health of its largest customer.

Intel (INTC 21.93, +0.02) was a bright spot among tech shares after the company reported in-line earnings and revenue. However, other chipmakers did not benefit from Intel's results as the PHLX Semiconductor Index lost 3.3%.

Financials also finished among the weakest performers as the SPDR Financial Select Sector ETF (XLF 18.02, -0.34) shed 1.9%. Bank of America (BAC 11.70, -0.58) tumbled 4.7%, and ended below its 50-day moving average after missing on earnings.

Energy and materials led the market to the downside on Monday, and the two remained weak today. The energy sector lost 1.9% as crude oil declined as well. The energy component slid 2.2% to $86.74 per barrel.

Elsewhere, the materials space underperformed amid weakness in metals. Copper slumped 3.8% to end at levels not seen since September 2011 while gold slipped 1.1% to $1373.00. Steelmakers also echoed the ongoing growth concerns as the Market Vectors Steel ETF (SLX 39.78, -1.08) sank 2.6%. Meanwhile the SPDR Materials Select Sector ETF (XLB 37.43, -0.56) shed 1.5%.

Due to the continued weakness in materials, the space is the only S&P sector trading in the red this year.

Worries surrounding global growth have also had an impact on the industrial sector. Transportation-related stocks saw intraday underperformance, but the Dow Jones Transportation Average ended the session in-line with the broader market, closing down 1.5%.

After soaring more than 40.0% on Monday, the CBOE Volatility Index (VIX 16.50, +2.54) crept above those highs before ending below 17.

Today's selling took place on heavy volume as 866 million shares changed hands on the floor of the New York Stock Exchange.

Tomorrow, weekly initial and continuing claims will be reported at 8:30 ET while March leading indicators and the April Philadelphia Fed Survey are both set to cross the wires at 10:00 ET. Among earnings of note, Freeport-McMoRan (FCX 28.00, -1.25) and PepsiCo (PEP 78.85, -1.15) will report their results before the opening bell.DJ30 -138.19 NASDAQ -59.96 SP500 -22.56 NASDAQ Adv/Vol/Dec 474/1.84 bln/2009 NYSE Adv/Vol/Dec 685/866.0 mln/2373

3:30 pm :

May crude oil fell for a fourth consecutive session, trading as low as $86.06 per barrel in afternoon floor trade. Weakness came on a stronger dollar index and inventory data released this morning. Although crude oil inventories were bullish, distillates had an unexpected build of 2.364 mln barrels vs expectations for a draw of 0.325 mln barrels. The energy component settled 2.3% lower at $86.66 per barrel.
May natural gas briefly dipped into the red and to a session low of $4.15 per MMBtu in morning floor trade. However, it quickly recovered into the black and trended higher for the remainder of its session. It settled at its session high of $4.22 per MMBtu for a 1.4% gain.
June gold chopped around between positive and negative territory during today's floor session. It brushed a session low of $1374.10 per ounce at pit trade open and touched a session high of $1395.20 per ounce in morning action. Unable to hold on to a gain, the yellow metal settled 0.4% lower at $1382.10 per ounce.
May silver lifted off its session low of $22.90 per ounce set at pit trade open and inched higher during early morning action. However, prices fell back into negative territory after peaking at $23.67 per ounce and trended lower until silver settled with a 1.6% loss at $23.29 per ounce.

DJ30 -145.30 NASDAQ -63.76 SP500 -23.71 NASDAQ Adv/Vol/Dec 482/1572.9 mln/2001 NYSE Adv/Vol/Dec 636/607 mln/2398

3:00 pm : Heading into the final hour of action, the S&P 500 trades lower by 1.5%.

Market participants are scheduled to receive more than 25 quarterly reports after today's close. While most major financials have already announced their first quarter results, American Express (AXP 63.93, -0.66) will report after today's closing bell.

In addition, eBay (EBAY 56.00, -1.01) and SanDisk (SNDK 55.26, -2.23) will shed some light on technology earnings when the two report their results this evening.

Tomorrow morning, look for Baxter (BAX 70.05, -0.85), Freeport-McMoRan (FCX 27.75, -1.50), and PepsiCo (PEP 79.40, -0.60) to report before the open.DJ30 -140.61 NASDAQ -64.53 SP500 -23.52 NASDAQ Adv/Vol/Dec 425/1.41 bln/2046 NYSE Adv/Vol/Dec 585/543.3 mln/2444

2:30 pm : Recent trade saw little change from the major averages. The S&P 500 is off by 1.4% as the index continues to hover near the 1553 area.

The Federal Reserve has released its April Beige Book, summarizing economic activity observed in the twelve Federal Reserve Districts. The report did not contain any groundbreaking developments as overall activity was described as having "expanded at a moderate pace."

Little change was observed in manufacturing activity while retail spending increased in most districts. Lastly, labor market conditions were portrayed as "unchanged or improved slightly" with labor demand coming from construction, manufacturing, technology, and professional services sectors.DJ30 -124.71 NASDAQ -57.60 SP500 -21.50 NASDAQ Adv/Vol/Dec 451/1.31 bln/2022 NYSE Adv/Vol/Dec 575/496.5 mln/2445

2:05 pm : After declining steadily through the first half of the session, the S&P 500 appears to have found some support in the 1543 area. Since tagging that level, the benchmark average has been able to add about 10 points and trim its intraday losses by nearly a third.

Similar to the S&P, today's weakest sectors have also climbed off their lows. However, due to the broad-based nature of the selloff, all ten groups continue to hover in the red.

As the market climbed off its lows, the 10-yr note saw some selling, which caused the 10-yr yield to tick up to 1.69% after marking session lows below 1.68%.DJ30 -141.60 NASDAQ -59.93 SP500 -23.52 NASDAQ Adv/Vol/Dec 414/1.23 bln/2045 NYSE Adv/Vol/Dec 543/462.9 mln/2456

1:35 pm : The S&P 500 continues to hover near its lows as sellers remain in control. As seven sectors trade with losses of at least 1.0%, the defensively-geared consumer staples, health care, and utilities have been able to outperform the broader market.

However, the relative strength of the defensive sectors can only be considered a small victory as they trade firmly lower.

The ongoing global growth concerns are among the reasons behind today's weakness. These worries have been reflected by the materials space, which is now down over 1.0% in 2013. In addition, the commodities complex has also been flashing similar warning signs. Copper remains under considerable pressure, and today's 3.6% decline puts it back at levels last seen in September 2011.DJ30 -151.40 NASDAQ -64.74 SP500 -25.09 NASDAQ Adv/Vol/Dec 397/1.13 bln/2052 NYSE Adv/Vol/Dec 533/424.2 mln/2462

1:00 pm : The major averages are hovering near their lows after the first half of today's session saw a steady decline.

The S&P 500 is lower by 1.7% as eight sectors trade with losses of at least 1.0%. Three of those eight are down more than 2.0%.

At midday, today's biggest laggards, energy, financials, and technology remain unable to stage a meaningful bounce. The energy sector is off by 2.5% today, and down more than 6.5% in April. Today's weakness comes as crude oil trades lower by 2.5% near $86.55.

Elsewhere, financials are firmly lower with the SPDR Financial Select Sector ETF (XLF 17.90, -0.46) down 2.5%. All major banks trade in the red as Bank of America (BAC 11.53, -0.75) endures its largest one-day drop in about six months. This morning, Bank of America reported a bottom-line miss, but its net interest margin increased eight basis points, bucking the longer-term downtrend.

The technology sector has also shown outsized weakness. High-beta chipmakers are under significant pressure as the PHLX Semiconductor Index trades lower by 3.4%. Meanwhile, the largest tech stock, Apple (AAPL 402.12, -24.12), has been unable to escape today's selloff. With today's 5.7% loss Apple now trades at levels last seen in December of 2011.

As the market continues to make new lows, the CBOE Volatility Index (VIX 17.66, +3.70) has spiked to its highest level since late February.DJ30 -158.30 NASDAQ -67.67 SP500 -26.49 NASDAQ Adv/Vol/Dec 381/1.03 bln/2057 NYSE Adv/Vol/Dec 518/380.5 mln/2477

12:30 pm : The S&P 500 is down 1.8% after returning to its session lows. The recent weakness took place as today's biggest laggards, energy, financials, and technology, all slumped to lows of their own. In addition, the largest tech stock, Apple (AAPL 401.42, -24.92), has continued showing significant weakness, and is now down 5.8%.

Elsewhere, the Dow Jones Transportation Average also hovers near its lows. The bellwether complex is down 2.0% amid broad weakness. Rail carrier CSX (CSX 23.36, -0.78) trades lower by 3.2% despite beating on earnings and revenue.DJ30 -173.80 NASDAQ -71.75 SP500 -28.43 NASDAQ Adv/Vol/Dec 361/942.3 mln/2057 NYSE Adv/Vol/Dec 511/348.8 mln/2476

12:00 pm : After staging a brief bounce, the S&P 500 has held near the 1550 level. While recent action saw the broader market maintain its levels, the financial sector has slipped to fresh lows. The SPDR Financial Select Sector ETF (XLF 17.96, -0.39) is down 2.2%.

The financial sector is one of the biggest laggards of the day. In addition, energy and technology trade with comparable losses. With the three groups on their lows, reversing the intraday trend in the S&P may prove difficult during the afternoon session.DJ30 -147.90 NASDAQ -63.17 SP500 -24.37 NASDAQ Adv/Vol/Dec 375/831.1 mln/2005 NYSE Adv/Vol/Dec 538/308.70/2423

11:35 am : After declining steadily through the first 90 minutes of the session, the S&P 500 has been able to find some support in the 1546 area. The benchmark average has added about five points since, but that slim gain pales in comparison to the intraday losses.

Recent selling has pressured the financial sector to its lows. The SPDR Financial Select Sector (XLF 18.00, -0.36) is down 2.0% as major names trade firmly lower. Bank of America (BAC 11.66, -0.62) is down 5.1% after missing on the bottom line.

Notably, the ongoing weakness has pushed the CBOE Volatility Index (VIX 17.78, +3.82) to its highest level since late February.DJ30 -153.00 NASDAQ -64.19 SP500 -24.80 NASDAQ Adv/Vol/Dec 324/741.3 mln/2040 NYSE Adv/Vol/Dec 499/274.0 mln/2448

11:00 am : Recent action saw the S&P 500 continue sliding to fresh lows. The benchmark average is now down 1.7% while the tech-heavy Nasdaq trades lower by 2.0%.

While six sectors trade with losses of at least 1.0%, two of those six are down at least 2.0%.

Technology stocks are among the biggest laggards as the largest sector component, Apple (AAPL 406.46, -19.78), trades lower by 4.7%. In addition to the broad market weakness, shares of Apple have been pressured by cautious guidance issued by Cirrus Logic (CRUS 18.55, -2.86), which supplies some components for Apple products.

Elsewhere, the energy space is lower by 2.5% as crude oil trades down 1.6% near $87.30.DJ30 -179.30 NASDAQ -68.76 SP500 -26.34 NASDAQ Adv/Vol/Dec 338/585.2 mln/1988 NYSE Adv/Vol/Dec 509/217.1 mln/2408

10:35 am : Commodities are mixed currently, following notable weakness in early morning trade. Copper and crude oil were the weakest in the commodities space this morning.
Just ahead of the weekly inventory data, crude was just below $88.

Following the data, crude fell a few cents after the EIA reported the data, which was basically bullish for crude oil inventories, but bearish for distillate inventories. Crude is now selling off and is currently -1.4% at $87.50/barrel.

Natural gas futures sold off earlier, falling into the red for the first time today. May nat gas is now +0.7% at $4.19/MMBtu.

June gold is now +0.1% at $1388.80/oz and May silver is -0.5% at $23.52/oz. May copper remains near its LoD and is now -3.4% at $3.19/lb.DJ30 -131.11 NASDAQ -53.10 SP500 -19.74 NASDAQ Adv/Vol/Dec 398/443.9 mln/1861 NYSE Adv/Vol/Dec 547/172 mln/2334

10:00 am : After notching its lows in the 1557 area, the S&P 500 has been able to add about three points. However, the broader market remains firmly lower as five sectors continue to trade with losses of at least 1.0%. Notably, all five fall in the cyclical category, and their weakness is indicative of the persisting global growth concerns.

With the equity market on the defensive, the CBOE Volatility Index (VIX 15.59, +1.63) is jumping over 10.0%, suggesting near-term downside protection has received some interest in early action.DJ30 -104.50 NASDAQ -33.90 SP500 -14.15 NASDAQ Adv/Vol/Dec 536/242.7 mln/1644 NYSE Adv/Vol/Dec 568/112.7 mln/2221

09:45 am : The major averages followed the downbeat open with a slide to their respective lows. The S&P 500 is off by 1.0%.

Growth-sensitive sectors are among the early laggards with energy, financials, industrials, materials, and technology all down at least 1.0%. Notably, technology stocks are under broad pressure with high-beta chipmakers showing significant weakness. The PHLX Semiconductor Index is down 2.2%.

In addition, the largest tech stock, Apple (AAPL 415.23, -11.01) is down 2.6% as the disappointing guidance from one of its suppliers, Cirrus Logic (CRUS 19.37, -2.04) weighs.

A couple of sector components have reported their quarterly results since yesterday's close. Intel (INTC 21.58, -0.34) announced in-line earnings and revenue while Yahoo! (YHOO 23.90, +0.11) beat on earnings, but its revenue came up short of analyst expectations.DJ30 -118.50 NASDAQ -35.67 SP500 -15.65 NASDAQ Adv/Vol/Dec 496/145.1 mln/1622 NYSE Adv/Vol/Dec 459/81.4 mln/2260

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -25.00. Heading into the open, equity futures signal a sharply lower start to the session as the S&P 500 futures trade lower by 0.6%. The pre-market weakness manifested itself as European indices fell to their lows shortly after the open when rumors of potential downgrades of France and Germany began making the rounds. Germany's DAX was able to rise from its lows, while France's CAC has notched fresh session lows since.

In the U.S., stocks are poised to begin the session on a lower note with several stocks reacting to quarterly earnings. Notably, Bank of America (BAC 11.96, -0.32) is down 2.7% after missing on the bottom line. Elsewhere, rail carrier CSX (CSX 23.81, -0.33) is down 1.4% despite beating on earnings and revenue.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -13.20. Nasdaq futures vs fair value: -28.00.

U.S. equity futures continue to hover near their lows with the S&P 500 futures down 0.8%.

The major Asian bourses saw a mixed close as Japan's Nikkei (+1.2%) led and Hong Kong's Hang Seng (-0.5%) lagged. Gains in Japan were once again fueled by the weaker yen while Hong Kong's losses came on continued worries of a slowdown in China. Data from the region was light with Japan's consumer confidence ticking up to 44.8 (46.7 expected, 44.3 previous) and Singapore's trade surplus widening to SGD4.63 billion (SGD2.55 billion).

In Japan, the Nikkei advanced 1.2% to post its first gain in four days. A weaker yen overnight produced a bid in exporters. Mazda Motor surged 5.7% and Komatsu gained 1.7%.
Hong Kong's Hang Seng shed 0.5% to end with its fourth straight day of losses. Financials were under pressure as Agricultural Bank of China and Bank of China gave up 2.3% and 1.2% respectively. Elsewhere, casino stocks were also lower as Sands China slipped 0.3% and Wynn Macau shed 0.5%.
In China, the Shanghai Composite settled lower by 0.1% as commodity-related names remained weak. Jiangxi Copper fell 0.6% and Aluminum of China eased 0.2%. Rail stocks were also soft with CSR and China Railway dropping 1.0% and 0.4% respectively.

European indices trade lower across the board amid speculation suggesting France and Germany may see their sovereign ratings cut. Regional economic data was limited to a handful of releases from the United Kingdom. The UK's claimant count change decreased by 7,000 while the consensus expected an increase of 500. The unemployment rate, however, rose to 7.9% from the previously reported 7.8%. Lastly, the average earnings index increased 0.8% (+1.2% consensus).

In news, the Cypriot attorney general said the country's Parliament needs to vote on the EUR23 billion bailout package before it can be implemented.

The United Kingdom's FTSE is off by 0.5% with miners underperforming notably. Fresnillo and Polymetal are down 6.6% and 3.7%, respectively. On the upside, Burberry trades higher by 4.0% after its quarterly results exceeded expectations.
In France, the CAC is down 1.3% amid broad weakness. Cyclical stocks can be found among the biggest laggards with BNP Paribas and STMicroelectronics both down near 3.0%.
Germany's DAX is sliding 1.6% as commodity names pressure the index. HeidelbergCement, Lanxess, and ThyssenKrupp are all down between 2.8% and 3.8%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -10.80. Nasdaq futures vs fair value: -24.00. The S&P 500 futures trade lower by 0.6% with overseas market on the defensive. The notable weakness follows overnight speculation surrounding potential sovereign downgrades of both France and Germany. Although the speculation has not yet materialized into actual ratings action, France's CAC and Germany's DAX continue to hover near their lows.

Domestically, a handful of names are on the move after reporting earnings. Bank of America (BAC 11.95, -0.33) is down 2.7% after the financial giant missed on the bottom line. However, the company saw an eight basis point rise in its net interest margin.

Elsewhere, Cirrus Logic (CRUS 19.08, -2.33) is lower by 10.9% after cutting its fourth quarter revenue guidance below consensus estimates.

08:05 am : [BRIEFING.COM] S&P futures vs fair value: -12.60. Nasdaq futures vs fair value: -26.50.

U.S. equity futures trade firmly lower amid downbeat overseas trade. The S&P 500 futures are off by 0.7% with the bulk of the weakness following overnight rumors of a German sovereign downgrade.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite shed 0.1%, Hong Kong's Hang Seng lost 0.5% while Japan's Nikkei rose 1.2%.
In regional economic data:
Japan's household confidence increased to 44.8 from the prior reading of 44.3. Meanwhile, the consensus expected the reading to climb to 46.7.
New Zealand's CPI rose 0.4% quarter-over-quarter, in-line with expectations.
Looking at news:
In China, the vice chair of the country's accounting association described local government debt levels as 'out of control.'

European indices trade lower across the board. The United Kingdom's FTSE is off by 0.8% while France's CAC is down 1.7%, and Germany's DAX is lower by 1.8%.
Regional economic data was limited to a handful of releases from the United Kingdom.
The UK's claimant count change decreased by 7,000 while the consensus expected an increase of 500. The unemployment rate, however, rose to 7.9% from the previously reported 7.8%. Lastly, the average earnings index increased 0.8% (+1.2% consensus).
In news:
In addition to the previously mentioned rumor of a German sovereign downgrade, overnight chatter also speculated about the debt rating of France. The rumors have contributed to the underperformance of the two indices as they continue to hover near their lows.
Cypriot attorney general said the country's Parliament needs to vote on the EUR23 billion bailout package before it can be implemented.

In U.S. corporate news:

Bank of America (BAC 11.94, -0.36) is off by 3.0% after missing on earnings. However, the company did report an eight basis point rise in its net interest margin.
Cirrus Logic (CRUS 19.20, -2.21) is down 10.3% after lowering its fourth quarter revenue guidance below consensus.
Intel (INTC 21.70, -0.21) is lower by 1.0% after reporting earnings and revenue in-line with expectations.

Weekly MBA Mortgage Applications rose 4.8% to follow last week's increase of 4.5%.

Today's economic data will be topped off with the Federal Reserve's 14:00 ET release of the April Beige Book.

07:13 am : [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -26.20.

07:13 am : Nikkei...13380.66...+159.20...+1.20%. Hang Seng...21569.67...-102.40...-0.50%.

07:13 am : FTSE...6263.75...-40.80...-0.70%. DAX...7550.31...-132.40...-1.70%.

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

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

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