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 Post subject: April 18th Thursday Trade Results - Profit $2610
PostPosted: Thu Apr 18, 2013 9:42 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 @ $360.00 dollars or +3.60 points, Light Crude Oil CL ($CL_F) futures @ $2250.00 dollars or +2.25 points, Gold GC ($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 @ $2610.00 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=1486

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=207&t=1794

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Stocks Weighed Down By Tech

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

NEW YORK (CNNMoney)
U.S. stocks slid for a second day Thursday, with losses in technology and financial shares leading the way.

The Dow Jones industrial average dropped 0.6%, the S&P 500 slipped 0.7% and the Nasdaq stumbled 1.2%.

Morgan Stanley (MS, Fortune 500) reported better-than-expected results, with strong gains in its burgeoning wealth management division. However, sharp declines from its trading division rattled investors, pushing shares down 4%. Rival Bank of Americ (BAC, Fortune 500)a was the Dow's biggest loser -- sinking 2% -- just a day after dropping 5% on missing first-quarter earnings estimates.

* Stocks in overdue sell-off

On the tech front, Nokia's (NOK) stock price dropped 11% after the Finnish cell phone company reported a 20% drop in quarterly sales.

Flash memory card maker SanDisk (SNDK, Fortune 500) reported better-than-expected earnings and sales for the first-quarter, but shares declined more than 6%, making it the biggest loser in the S&P 500 and Nasdaq 100. eBay (EBAY, Fortune 500) shares were also under pressure, falling nearly 6% after the online-auction site issued weak second-quarter guidance.

Apple's (AAPL, Fortune 500) shares also continued to slide after falling nearly 6% Wednesday. The iPhone maker's stock dropped below $390 Thursday, the lowest level since December 2011. Investors recently turned sour after a negative sales forecast from iPhone supplier Cirrus Logic (CRUS).

* Fear and Greed Index flashing fear signals

While technology stocks were largely weighing on the broader market, Verizon (VZ, Fortune 500) was bucking the trend. Shares of the company jumped almost 3% after it beat earnings forecasts.

Tech stocks remained in focus after the bell as IBM (IBM, Fortune 500) Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500) reported earnings.

IBM shares tumbled 3% in after-hours trading after the company's first-quarter results fell short of estimates. Google shares edged up after its results pleased investors, despite questions on how it plans to make money off its mobile ads and its Motorola smartphone unit.

Microsoft shares rose after the company reported its quarterly profit rose from last year, buoyed by Windows 8 sales.

* I lost $50K in Bitcoin crash, but I'm still a believer

In economic news, the government said initial jobless claims increased by 4,000 to 352,000 in the week ended April 13. The gains were slightly below forecasts.

European markets closed mixed after the German parliament reportedly backed a €10 billion bailout for Cyprus. London's FTSE 100 and the DAX in Berlin closed slightly lower, while the CAC 40 in Paris closed higher.

Asian markets ended mixed. The Shanghai Composite added 0.2%, while the Hang Seng declined 0.4% and the Nikkei lost 1.2%.

The dollar fell against the euro and the pound, but edged higher versus the Japanese yen.

Oil and gold prices edged higher.

The price on the 10-year Treasury rose, pushing the yield down to 1.69%.

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Market Update

4:10 pm : The major averages followed yesterday's decline with another round of selling. The S&P 500 shed 0.7% while Nasdaq lost 1.2%. Interestingly, the S&P 500 closed below its 50-day average for the first time this year.

The Nasdaq underperformed as technology stocks displayed broad weakness. The largest tech stock, Apple (AAPL 392.05, -10.75), lost 2.7% to extend its decline below the $400 level. Other large caps were also among the laggards as Google (GOOG 765.91, -16.65) surrendered 2.1% ahead of its after-hours earnings report.

Meanwhile, Taiwan Semiconductor (TSM 17.94, +0.86) was a notable outperformer after beating on earnings and revenue. However, other chipmakers did not benefit from the company's earnings as the PHLX Semiconductor Index slid 0.9%.

Notably, the continued weakness in technology has caused the sector to surrender all of its year-to-date gains. The tech space and materials are the only two sectors trading in the red this year.

The cyclical discretionary sector also finished among the laggards as homebuilders slumped. The iShares Dow Jones US Home Construction ETF (ITB 21.76, -0.51) lost 2.3%.

While most growth-oriented sectors lagged, the energy space outperformed thanks in part to a rise in crude oil. The energy component rose 2.0% to $88.39 per barrel.

On the flip side, most defensively-geared groups outperformed with the health care sector as the lone exception. The strongest segment of the year saw some selling after Dow component UnitedHealth Group (UNH 59.69, -2.34) reported its results. Though the company beat on earnings, its full-year 2013 revenue guidance fell short of the Capital IQ consensus estimate.

One of the key developments of the week has been the sharp rise of the CBOE Volatility Index (VIX 17.31, +0.80). After spiking nearly 45.0% on Monday, the near-term volatility measure took a step back on Tuesday, but resumed its climb yesterday.

With today's uptick, the VIX is back above Monday's highs as it holds at levels not seen since late February. The recent rise in volatility expectations comes after VIX spent the majority of the year trapped between 12.00 and 14.00.

Above-average volume has been a recurring theme this week, and it continued today as nearly 800 million shares changed hands on the floor of the New York Stock Exchange.

Reviewing today's economic data, the initial claims level increased from an upwardly revised 348,000 (from 346,000) for the week ending April 6 to 352,000 for the week ending April 13. The Briefing.com consensus expected the initial claims level to increase to 355,000.

The Conference Board's Index of Leading Indicators declined 0.1% in March after increasing 0.5% in both January and February. The Briefing.com consensus expected the index would be flat.

Manufacturing activities in the Philadelphia region slowed, but remained in an expansion in April. The Philly Fed's Business Outlook Survey dropped from 2.0 in March to 1.3. The Briefing.com consensus expected the index to increase to 3.0.

There are no notable data points on tomorrow's economic calendar. On the earnings front, look for General Electric (GE 22.67, -0.09) and McDonald's (MCD 101.91, -0.63) to report their first quarter results prior to the opening bell.DJ30 -81.45 NASDAQ -38.31 SP500 -10.40 NASDAQ Adv/Vol/Dec 927/1.72 bln/1475 NYSE Adv/Vol/Dec 1320/797.8 mln/1653

3:35 pm :

May crude oil dipped into the red and to a session low of $86.31 per barrel in early morning floor action but quickly regained traction. It rose to a session high of $88.31 per barrel and settled at $87.75 per barrel, booking a gain of 1.3%.
May natural gas fell to a session low of $4.17 per MMBtu but rose sharply on better-than-anticipated inventory data that showed a build of 31 bcf when a build of 34-45 bcf was expected. It trended higher for the remainder of floor trade and settled with a solid 4.3% gain at $4.40 per MMBtu.
June gold retreated from its session high of $1401.90 per ounce and dipped to a session low of $1381.30 per ounce following economic data that included initial claims, Philadelphia Fed, and leading indicators. However, a weaker dollar index helped boost prices, and the yellow metal managed to inch higher and settle with a 0.7% gain at $1392.40 per ounce.
May silver brushed a session high of $23.66 per ounce moments after floor trade opened but quickly lost momentum. It fell to a session low of $23.07 per ounce in negative territory and eventually settled 0.2% lower at $23.25 per ounce.

DJ30 -72.50 NASDAQ -41.13 SP500 -10.20 NASDAQ Adv/Vol/Dec 919/1454.5 mln/1500 NYSE Adv/Vol/Dec 1265/564 mln/1692

3:00 pm : Heading into the final hour of action, the S&P 500 has notched fresh lows. The benchmark average is lower by 1.0%.

Following today's close, more than 30 companies will shed some light on their first quarter results. Major tech names will be in focus with Advanced Micro Devices (AMD 2.32, -0.08), Google (GOOG 761.96, -20.60), International Business Machines (IBM 206.55, -3.12), and Microsoft (MSFT 28.73, -0.09) all set to report their earnings.

Tech shares have been under pressure all day, and the sector continues to underperform in afternoon action. Chipmakers displayed intraday strength in early trade, but the PHLX Semiconductor Index is now down 0.9%.DJ30 -119.40 NASDAQ -48.58 SP500 -15.17 NASDAQ Adv/Vol/Dec 863/1.27 bln/1527 NYSE Adv/Vol/Dec 1121/490.2 mln/1837

2:30 pm : The S&P 500 is down 0.7% after slipping to fresh session lows. The recent weakness took place as the biggest laggards of the day were pressured to fresh lows of their own.

In addition, the financial sector has extended its decline. Two sector components, American Express (AXP 65.06, +0.94) and Morgan Stanley (MS 20.48, -0.99), are headed in opposite directions after both names beat on earnings while revenue figures for both fell a bit short of analyst estimates. Meanwhile, the broader SPDR Financial Select Sector ETF (XLF 17.82, -0.19) is lower by 1.1%.DJ30 -78.83 NASDAQ -38.86 SP500 -10.08 NASDAQ Adv/Vol/Dec 936/1.17 bln/1452 NYSE Adv/Vol/Dec 1230/451.6 mln/1704

2:00 pm : Recent action produced little change in the major averages. The S&P 500 is off by 0.5% as health care, technology, and discretionary sectors all trade with losses of 1.0%.

One of the notable developments of the week has been the sharp rise in the CBOE Volatility Index (VIX 17.17, +0.66). After spiking nearly 45.0% on Monday, the near-term volatility measure took a step back on Tuesday, but resumed its climb yesterday.

Including today's advance, the VIX is back near Monday's highs after spending the majority of the year trapped between 12.00 and 14.00.DJ30 -55.05 NASDAQ -30.29 SP500 -7.38 NASDAQ Adv/Vol/Dec 1041/1.05 bln/1328 NYSE Adv/Vol/Dec 1377/417.6 mln/1546

1:30 pm : Equities continue to trade in the red with the S&P 500 lower by 0.3%.

While most cyclical sectors trail behind the broader market, the industrial space trades largely in-line with the S&P. The in-line performance of industrials is due to the relative strength of transportation-related stocks. The Dow Jones Transportation Average is higher by 0.3% as railroads outperform. Union Pacific (UNP 143.42, +6.49) is firmer by 4.8% after beating on earnings and revenue.

Elsewhere in the industrial sector, defense stocks are broadly lower with the PHLX Defense Index off by 1.1%.DJ30 -41.01 NASDAQ -24.72 SP500 -5.09 NASDAQ Adv/Vol/Dec 1093/974.9 mln/1267 NYSE Adv/Vol/Dec 1455/387.1 mln/1441

1:00 pm : Equities have spent the first half of today's action in the red. The S&P 500 is off by 0.3% while the Nasdaq is lower by 0.8%.

The Nasdaq trails behind the broader market as technology leads to the downside. Broad-based weakness is keeping the tech sector near its lows with the largest component, Apple (AAPL 395.37, -7.43), on the defensive once again. Early selling pushed shares down to $393.37, the lowest since December 2011. In addition, Google (GOOG 767.49, -15.07), which is scheduled to report its quarterly results after the close, is lower by 1.9%.

Chipmakers traded with firm gains in early action, but the group has since succumbed to the sector-wide pressure. Taiwan Semiconductor (TSM 18.19, +1.11) remains a bright spot, trading higher by 6.6% after beating on earnings and revenue.

The recent underperformance from tech stocks has caused the sector to surrender all of its year-to-date gains.

Elsewhere, the discretionary space has also shown notable weakness as homebuilders trade firmly lower. The iShares Dow Jones US Home Construction ETF (ITB 21.88, -0.39) is down 1.8%.

Although most cyclical sectors trade in the red, the energy space has been able to buck the trend. The growth-sensitive sector is among today's outperformers as crude oil hovers in positive territory as well. The energy component is higher by 1.6% near $88.05 per barrel.

While today's outperformers include the defensively-geared telecoms and utilities, the countercyclical health care space has shown notable weakness. Dow component UnitedHealth Group (UNH 59.81, -2.22) is lower by 3.6% after reporting its quarterly results this morning. Although the company beat on earnings, its first-quarter revenue and full-year 2013 revenue guidance fell a bit short of analyst expectations.

As the market continues to show weakness, the CBOE Volatility Index (VIX 17.31, +0.80) has climbed past Monday's closing high of 17.27. The near-term volatility measure remains notably higher on the week after settling at 12.06 last Friday.

Looking back at the day's economic data, the initial claims level increased from an upwardly revised 348,000 (from 346,000) for the week ending April 6 to 352,000 for the week ending April 13. The Briefing.com consensus expected the initial claims level to increase to 355,000.

The Conference Board's Index of Leading Indicators declined 0.1% in March after increasing 0.5% in both January and February. The Briefing.com consensus expected the index would be flat.

Manufacturing activities in the Philadelphia region slowed, but remained in an expansion in April. The Philly Fed's Business Outlook Survey dropped from 2.0 in March to 1.3. The Briefing.com consensus expected the index to increase to 3.0.DJ30 -40.13 NASDAQ -25.18 SP500 -5.21 NASDAQ Adv/Vol/Dec 1043/901.4 mln/1308 NYSE Adv/Vol/Dec 1383/357.6 mln/1506

12:30 pm : The S&P 500 is off by 0.4% as the index continues to hover near its lows. Currently, the energy sector is the only cyclical group trading in the black with crude oil contributing to the gains. The energy component is higher by 1.2% at $87.68 per barrel.

Telecom and utilities are the only two other groups trading in the black. Telecoms are being supported by Verizon Communications (VZ 51.27, +1.73) after the carrier beat on earnings.

Elsewhere, the SPDR Utilities Select Sector ETF (XLU 40.09, +0.09) is higher by 0.2%, suggesting a defensive bid is taking place to some degree.DJ30 -50.46 NASDAQ -26.23 SP500 -6.78 NASDAQ Adv/Vol/Dec 1002/824.8 mln/1335 NYSE Adv/Vol/Dec 1299/326.5 mln/1596

11:55 am : Recent action saw the S&P 500 distance itself from yesterday's closing level. The benchmark average is now down 0.5% with technology and discretionary sectors both down at least 1.0%.

The weakness in tech is broad-based and chipmakers have succumbed to the recent pressure. The PHLX Semiconductor Index is down 0.4% after being up as much as 0.8% in earlier action. However, Taiwan Semiconductor (TSM 18.16, +1.08) continues to trade near its highs after beating on earnings and revenue.

In the discretionary sector, major homebuilders are down across the board with the SPDR S&P Homebuilders ETF (XHB 28.09, -0.29) down 1.0%.DJ30 -60.63 NASDAQ -27.67 SP500 -7.30 NASDAQ Adv/Vol/Dec 961/740.5 mln/1350 NYSE Adv/Vol/Dec 1245/293.9 mln/1641

11:30 am : The S&P 500 and Dow continue to trade with modest losses while the Nasdaq is off by 0.6%.

After underperforming earlier in the week, energy and materials can be found among today's session leaders. However, those two are the only cyclical groups trading in positive territory as telecoms and utilities round out the top of the leaderboard.

As the market continues to show weakness, the CBOE Volatility Index (VIX 16.91, +0.40) is rising towards Monday's closing high of 17.27. The near-term volatility measure remains elevated on the week after settling at 12.06 on Friday.DJ30 -46.89 NASDAQ -19.83 SP500 -5.19 NASDAQ Adv/Vol/Dec 1115/628.5 mln/1168 NYSE Adv/Vol/Dec 1402/259.8 mln/1443

11:00 am : The S&P 500 has climbed back to its unchanged line while the Nasdaq continues to face some more pressure as it trades lower by 0.3%.

Technology stocks are among the day's laggards with the largest sector component, Apple (AAPL 397.06, -5.74), down 1.4%. Elsewhere SanDisk (SNDK 54.07, -1.65) and eBay (EBAY 53.98, -2.12) are moving lower despite beating on earnings.

While the tech sector trails behind the broader market, chipmakers are among the outperformers after Taiwan Semiconductor (TSM 18.26, +1.18) beat on earnings and revenue. Meanwhile, the broader PHLX Semiconductor Index is higher by 0.8%.DJ30 -14.36 NASDAQ -8.89 SP500 -0.59 NASDAQ Adv/Vol/Dec 1179/514.4 mln/1059 NYSE Adv/Vol/Dec 1493/213.6 mln/1320

10:35 am : Commodities have pulled back in recent activity, with crude showing the sharpest decline and falling into negative territory.

Natural gas was modestly lower just head of inventory data and spiked sharply, about 3.6%, following the data. May nat gas is now +2.6% at $4.32/MMBtu.

May crude oil was the most active this morning with a notable decline off its HoD. May crude oil fell as much as $1.75/barrel off its HoD of $88.13/barrel and is now +0.1% at $86.75/barrel.

Precious metals sold off recently and are now mixed. May silver is down 0.1% at $23.28/oz now, while June Gold is now +0.5% at $1389.50/oz. May copper futures are modestly lower at $-0.9% at $3.16/lb.DJ30 -36.34 NASDAQ -15.32 SP500 -4.40 NASDAQ Adv/Vol/Dec 902/399.4 mln/1279 NYSE Adv/Vol/Dec 1190/174 mln/1585

10:00 am : The major averages have slipped to fresh lows in reaction to the latest set of economic data. The S&P 500 is off by 0.4%.

Leading indicators for March decreased by 0.1%, while the Briefing.com consensus expected no change. Today's figure followed the prior month's rise of 0.3%.

April Philadelphia Fed Survey slipped to +1.3. This comes after the March reading of +2.0. Economists polled by Briefing.com had expected that the Survey would improve to +2.5.DJ30 -48.35 NASDAQ -20.79 SP500 -6.30 NASDAQ Adv/Vol/Dec 833/227.3 mln/1236 NYSE Adv/Vol/Dec 1050/111.1 mln/1650

09:50 am : After starting the session with slim gains, the major averages have slipped to their respective lows. The S&P 500 is currently flat with some defensive sectors showing some early strength.

The telecom space is the early leader after Verizon (VZ 51.45, +1.91) beat on earnings while reporting in-line revenue.

Elsewhere, consumer staples are among the leaders as well with PepsiCo (PEP 82.62, +3.77) trading higher by 4.8% after it too reported a bottom-line beat.

While many defensive stocks are among the early leaders, the health care space is the main laggard. Dow component UnitedHealth Group (UNH 59.53, -2.50) is off by 4.2% after reporting mixed results.

In today's economic data, weekly initial claims came in at 352,000 while the Briefing.com consensus expected claims to hit 355,000. The day's economic news will be topped off with the 10:00 ET release of March leading indicators as well as the April Philadelphia Fed Survey.DJ30 -6.96 NASDAQ -2.58 SP500 -0.25 NASDAQ Adv/Vol/Dec 1159/137.4 mln/838 NYSE Adv/Vol/Dec 1494/80.7 mln/1148

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +6.00. Heading into the open, equity futures signal a higher start to the session with the S&P 500 futures up 0.2%. The broader market will look to regain some ground after the S&P fell 1.4% in yesterday's action.

Investors have received a flurry of quarterly reports since yesterday's close. American Express (AXP 64.25, +0.12) and Morgan Stanley (MS 21.47, 0.00) are little changed after reporting mixed results. The two financials beat on earnings while revenues were slightly short of expectations for both names.

Elsewhere, eBay (EBAY 53.81, -2.29) is down 4.1% despite beating on the bottom line. However, the online auction site guided second quarter earnings and revenue below consensus.

March leading indicators and the April Philadelphia Fed Survey will both be reported at 10:00 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +7.70.

U.S. equity futures continue to hover in positive territory with the S&P 500 futures higher by 0.3%.

The major Asian bourses ended mostly lower as action piggybacked the move on Wall Street. India's Sensex (+1.5%) outperformed as shares continued to rally on hopes of a rate cut at the Reserve Bank of India's May 3 meeting. Shares were also boosted by the country's trade deficit narrowing to INR561 billion (INR730 billion expected, INR802 billion previous). Elsewhere, Nikkei was a laggard despite Japan's trade deficit narrowing to JPY0.92 trillion (JPY1.09 trillion previous) on a 1.1% year-over-year jump in exports (0.2% expected). Data from the rest of the region saw China's foreign direct investment climb 1.4% and Australia's NAB Quarterly Business Confidence jump to 2 (-5 previous).

In Japan, the Nikkei closed lower by 1.2% despite the stronger than expected export data. Concerns of a slowdown in demand for Apple products weighed on its suppliers as Toshiba sank 3.7% and Ibiden lost 2.1%.
Hong Kong's Hang Seng slipped 0.3% to end at a five-month low. Apple suppliers were weak with AAC Tech shedding 3.4%. Meanwhile, real estate names outperformed as China Overseas Land and China Resources Land added 1.6% and 2.3% respectively.
In China, the Shanghai Composite settled higher by 0.2% as financials led the way. Bank of Communications added 0.9% and China Citic Bank rose 1.2%.

Major European indices are rebounding from yesterday's selloff. Market participants received just one economic data point from the United Kingdom where retail sales slipped 0.7% month-over-month (-0.8% expected) while the year-over-year reading declined 0.5% (-0.6% forecast).

In news, the Italian parliament has failed to elect a president on the first ballot. Elsewhere, German Chancellor Angela Merkel fell short of a coalition vote supporting the Cypriot bailout.

The United Kingdom's FTSE is rising 0.4% with consumer names in the lead. GKN is higher by 3.6% and GlaxoSmithKline is jumping 4.5% after regulators recommended one of the company's drugs for approval.
In Germany, the DAX is firmer by 0.4% as technology stocks show relative strength. Infineon Technologies and SAP are higher by 2.0% and 1.0%, respectively. On the downside, electricity producer RWE is down 2.9% after cutting its clean energy capacity target by 1 gigawatt.
France's CAC trades with a gain of 0.8%. Defensive stocks are among the leaders with Cie Generale d'Optique Essilor and Danone up 3.3% and 2.2%, respectively.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +11.20. Equity futures ticked up in reaction to the latest claims data. The S&P 500 futures are higher by 0.4%.

The latest weekly initial jobless claims count totaled 352,000, which was lower than the 355,000 that had been expected by the Briefing.com consensus. Today's tally was above the prior week count of 348,000. As for continuing claims, they fell to 3.068 million from 3.103 million.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +9.50.

U.S. equity futures trade near their pre-market highs with the S&P 500 futures up 0.4%.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite rose 0.2% while Hong Kong's Hang Seng shed 0.3% and Japan's Nikkei lost 1.2%.
Reviewing regional economic data:
Japan reported a trade deficit of JPY0.92 trillion, in-line with expectations.
China's house prices rose 3.6% month-over-month to follow the prior month's increase of 2.1%. Meanwhile, foreign direct investment increased 1.44% to follow a decline of 1.35% reported in the prior period.
Hong Kong's unemployment rate ticked up to 3.5% while the consensus had expected the rate to remain at 3.4%.
In news:
Nikkei News suggested the Bank of Japan may hike its inflation expectations at its upcoming policy meeting.

Major European indices are hovering near their highs. The United Kingdom's FTSE is higher by 0.4%, Germany's DAX is rising 0.5%, and France's CAC is firmer by 0.9%. Elsewhere, Italy's MIB and Spain's IBEX are both up 1.4%.
Market participants received just one economic data point from the United Kingdom:
The UK's retail sales slipped 0.7% month-over-month (-0.8% expected) while the year-over-year reading declined 0.5% (-0.6% forecast).
Looking at news:
The Italian parliament has failed to elect a president on the first ballot.
In Germany, Chancellor Angela Merkel fell short of a coalition majority vote regarding the Cypriot bailout.

In U.S. corporate news:

Morgan Stanley (MS 21.25, -0.22) is down 0.8% after reporting mixed earnings. The financial beat on earnings while its revenue came up short of estimates.
eBay (EBAY 54.37, -1.73) is down 3.1% despite beating on earnings. However, the online auction site guided second quarter earnings and revenue below consensus.

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.

06:48 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.50.

06:48 am : Nikkei...13220.07...-162.80...-1.20%. Hang Seng...21512.52...-57.20...-0.30%.

06:48 am : FTSE...6267.59...+23.30...+0.40%. DAX...7527.53...+24.50...+0.30%.

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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