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 Post subject: April 26th Friday Trade Results - Profit $3500
PostPosted: Fri Apr 26, 2013 9:13 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 @ $2130.00 dollars or +21.30 points, Light Crude Oil CL ($CL_F) futures @ $1370.00 dollars or +1.37 points, Gold GC ($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 @ $3500.00 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=1492

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 End Week Up More Than 1%

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

NEW YORK (CNNMoney)
The three major U.S. indexes ended the week with gains of more than 1%, even though stocks mostly drifted Friday.

Investors digested uninspiring economic reports Friday, including a weak reading on U.S gross domestic product.

Gross domestic product -- a broad measure of what the economy produces -- increased in the first quarter but fell short of what economists expected.

That reading is the latest sign of what many investors see as a directionless economy that the Federal Reserve can't quite resuscitate. The Fed continues pumping billions of dollars a month into bonds and mortgage-backed securities to fuel the economy, but has seen lackluster results.

The Dow Jones industrial average moved up 0.1% Friday and ended the week up 1.1%.

The S&P 500 and the Nasdaq dropped between 0.2% and 0.4% Friday, but gained 1.7% and 2.3% for the week.

* Fear & Greed Index still idling in neutral

Mixed bag of earnings: D.R. Horton's (DHI) stock price surged, after the home builder reported a near doubling of quarterly net income on Friday, riding the wave of the recovering housing market.

Burger King Worldwide (BKW) rose after it reported an increase in profits.

Starbucks (SBUX, Fortune 500) came under pressure after issuing downside guidance for the current quarter and reaffirming its revenue outlook for the year.

Tech stocks tumble: Amazon (AMZN, Fortune 500) shares fell precipitously, after the online retailer reported a profit decline. Shares of Chinese search firm Baidu (BIDU) dropped more than 8% on weak earnings.

Shares of Expedia (EXPE) were the biggest drag on the Nasdaq. The online travel site lowered its guidance for the year, blaming a slowdown in hotel reservations.

In other corporate news, shares of J.C. Penney (JCP, Fortune 500) surged after hedge fund mogul George Soros said late Thursday that he had taken a 7.9% stake in the ailing retailer. CNBC also reported that Goldman Sachs had secured $1.75 billion in financing for the company.

* 7 big winners in Nikkei surge

Asian markets ended mixed. The Shanghai Composite declined 1% and the Hang Seng added 0.7%.

The Nikkei lost 0.3% after the Bank of Japan said it would maintain its stimulus program. A separate report showed prices fell 0.5% last month in Japan, underscoring the monumental task facing policymakers as they attempt to reverse 15 years of deflation.

European markets closed lower, following three consecutive days of significant gains. The Euronext 100 index declined by roughly 1%.

The dollar lost ground against the euro, the British pound and the Japanese yen.

Oil and gold prices fell.

The yield on the 10-year Treasury dipped to 1.67%.

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Market Update

4:20 pm : The major averages entered the weekend on a mixed note as the S&P 500 slipped 0.2% while the Dow Jones Industrial Average added 0.1%.

The final session of the week began on a cautious note as downbeat overseas trade and mixed corporate earnings pressured equity futures. In addition, a disappointing first quarter GDP report contributed to the lower open.

According to the advance report, first quarter GDP grew at an annualized rate of 2.5%. That was up from a 0.4% gain in the final quarter of last year, but below the Briefing.com consensus expectation of a 2.8% gain.

A deeper look into the data sets the tone for a likely severe deceleration in trends during the second quarter.

Just about all of the gains in the first quarter came from consumption and inventories, both of which are likely to experience a pullback over the next three months. Furthermore, government spending, which fell 4.1% in the first quarter after declining 7.1% in Q4 2012, is set to fall by a larger amount during the second quarter as the effects of the sequestration become more pronounced.

With below-consensus growth, the growth-sensitive materials sector was the weakest performer of the day as steelmakers weighed. The Market Vectors Steel ETF (SLX 41.35, -0.71) settled lower by 1.7%. Metal prices also saw a decline as gold slipped 0.4% to $1456.60 per troy ounce while silver declined 1.2% to $23.86 per troy ounce. Also of note, copper futures fell 1.8% to $3.180 per pound.

While the sluggish GDP report weighed on producers of basic materials, the materials sector was the only group which slumped more than 1.0%. Meanwhile, the second weakest sector, financials, ended with a loss of just 0.4%.

Although first quarter economic growth missed expectations, the broader market appeared unconcerned as market participants are well aware of the Federal Reserve's commitment to maintain its accommodative monetary policy for as long as conditions warrant continued easing. As such, the disappointing report resulted in a morning dip, which was met with enough afternoon buying interest to bring the S&P back to its flat line. Those levels held until the final 20 minutes when sellers reemerged and pushed the benchmark average back into the red.

As mentioned earlier, quarterly earnings were in focus this morning. The discretionary sector underperformed as retailers displayed some weakness. Amazon.com (AMZN 254.81, -19.89) lost 7.2% after its above-consensus results were overshadowed by disappointing operating income guidance.

In addition, Starbucks (SBUX 60.00, -0.50) shed 0.8% after its revenue fell short of the Capital IQ consensus estimate. Guidance was also a point of concern as the company lowered its third quarter earnings expectations below consensus.

On the upside, the industrial sector outperformed the broader market as Dow components, Boeing (BA 92.85, +1.18) and General Electric (GE 22.21, +0.26) ended with respective gains of 1.3% and 1.2%. Shares of Boeing rallied following reports indicating Japan will allow the 787 Dreamliner to return to service after the jet experienced battery problems in recent months.

Transportation-related stocks also traded ahead of the broader market. The Dow Jones Transportation Average added 0.1% with airlines providing the leadership. Delta Air Lines (DAL 16.81, +0.52) rose 3.2% after the House of Representatives passed a bill to end sequester-related Federal Aviation Administration furloughs.

Today's economic data also included the University of Michigan Consumer Sentiment Index, which was revised up to 76.4 from 72.3 in the final April reading. That is still down from 78.6 in March and the weakest reading since January. The Briefing.com consensus expected the sentiment index would be essentially unchanged at 72.4.

On Monday, March personal income, personal spending, and core PCE prices will all be reported at 8:30 ET while March pending home sales will be announced at 10:00 ET.

Week in Review: Stocks Attempt to Shake off Recent Weakness

On Monday, the S&P 500 settled higher by 0.5% despite enduring some intraday weakness while the Dow added 0.1%, and the tech-heavy Nasdaq gained 0.9%. Technology stocks led from the start with Microsoft (MSFT 31.79, -0.15) providing considerable support after ValueAct announced a $2 billion stake in the software company. Other tech shares also displayed strength as Apple (AAPL 417.20, +8.82) climbed 2.1%. Although most large tech names ended with gains, IBM (IBM 194.31, +0.36) shed 1.1% to follow Friday's earnings-driven 8.3% drop.

Tuesday's session ended with strong gains as the S&P 500 climbed 1.0%. Financials and technology led the advance with bank stocks outperforming notably. The SPDR Financial Select Sector ETF (XLF 18.56, -0.08) settled higher by 1.8% after Discover Financial Services (DFS 43.92, -0.36) and Dow component Travelers (TRV 85.15, -0.12) reported better-than-expected earnings.

The major averages ended Wednesday's session on a mixed note as the Dow shed 0.3% while Nasdaq and S&P 500 ended flat. Consumer staples lagged after Procter & Gamble (PG 77.10, +0.52) reported revenue below the Capital IQ consensus estimate. In addition, the company issued cautious fourth quarter earnings and revenue guidance. The top performing sector of the year, health care, declined steadily throughout the day after Amgen (AMGN 108.38, -0.28), Edwards Lifesciences (EW 64.17, -1.22), and Eli Lilly (LLY 56.46, +0.03) all reported below-consensus revenues.

Thursday saw equities settle with modest gains. The S&P 500 climbed 0.4% as materials outperformed throughout the session. Miners were among top sector components as precious metals rallied. Gold futures advanced 2.8% to $1462.80 per troy ounce while silver futures spiked 6.2% to $24.25 per troy ounce. Also of note, copper rose 2.8% to $3.247 per pound.DJ30 +11.75 NASDAQ -10.73 SP500 -2.92 NASDAQ Adv/Vol/Dec 933/1.60 bln/1510 NYSE Adv/Vol/Dec 1211/681.7 mln/1750

3:30 pm :

June crude oil chopped around in negative territory for its entire pit session. It dipped to a session low of $92.08 per barrel trading as high as $93.42 per barrel in morning action. The energy component inched higher in afternoon floor trade and settled 0.7% lower at $92.96 per barrel. Despite today's weakness, crude oil booked a 5.3% for the week.
June natural gas slid to a session low of $4.09 per MMBtu but managed to inch higher as floor trade progressed. A rally heading into the close pushed prices into positive territory and to a session high of $4.24 per MMBtu. Natural gas settled at $4.23 per MMBtu, declining 4.7% over the week.
June gold climbed to a session high of $1482.70 per ounce in morning floor trade but reversed sharply into negative territory. The yellow metal fell to a session low of $1447.30 per ounce and spent the remainder of the session chopping around slightly above that level. Despite today's decline, gold booked a 4.2% gain for the week as it settled at $1453.40 per ounce.
May silver also slid into the red and to a session low of $23.59 per ounce after trading as high as $24.49 per ounce earlier in the day. Unable to regain momentum, it settled at $23.74 per ounce, booking a gain of 3.3% for the week.

DJ30 +40.53 NASDAQ -3.61 SP500 +0.41 NASDAQ Adv/Vol/Dec 986/1305.6 mln/1437 NYSE Adv/Vol/Dec 1275/427 mln/1664

3:00 pm : The major averages continue to hover near their recent levels as today's session enters its final hour.

The growth-sensitive materials sector has trailed behind the other nine groups for the duration of the day after the advance first quarter GDP report proved to be a disappointment (+2.5% actual, +2.8% Briefing.com consensus).

While the report reflected sluggish economic growth, investors are well aware of the Federal Reserve's desire to maintain its loose monetary policy for as long as economic conditions warrant further easing. Because of this, the broader market has been able to hold up relatively well as today's second-weakest sector, financials, trades with a loss of just 0.4%.DJ30 +16.78 NASDAQ -8.63 SP500 -2.40 NASDAQ Adv/Vol/Dec 900/1.19 bln/1518 NYSE Adv/Vol/Dec 1134/379.1 mln/1788

2:30 pm : Quiet afternoon action continues with the major averages trading near their recent levels. While the S&P 500 and Nasdaq have spent the bulk of the day in negative territory, the 30-stock Dow Jones Industrial Average continues to hover in positive territory.

Meanwhile, the industrial sector remains little changed as Boeing (BA 92.96, +1.29) and General Electric (GE 22.17, +0.22) trade well ahead of the broader market.

In addition, the Dow Jones Transportation Average has shown some relative strength. The bellwether complex is higher by 0.1% with airlines in the lead. Delta Air Lines (DAL 16.78, +0.49) is rising 3.0% after the House of Representatives passed a bill to end sequester-related Federal Aviation Administration furloughs.DJ30 +10.54 NASDAQ -11.28 SP500 -3.24 NASDAQ Adv/Vol/Dec 891/1.1 bln/1510 NYSE Adv/Vol/Dec 1102/349.5 mln/1819

2:00 pm : Recent action saw the S&P 500 continue its climb off session lows. The benchmark average is now shedding just 0.1%, but its weakest sector, materials, remains down 1.1%.

The recent climb off lows has been paced by defensive sectors as consumer staples (+0.1%) and utilities (+0.2%) trade with slim gains.

In addition, the industrial space has crept back into positive territory. Although most sector components trade lower, the relative strength of major names, Boeing (BA 93.17, +1.50) and General Electric (GE 22.14, +0.19), is contributing to the sector's outperformance.DJ30 +18.70 NASDAQ -10.55 SP500 -2.46 NASDAQ Adv/Vol/Dec 920/1.02 bln/1465 NYSE Adv/Vol/Dec 1122/322.1 mln/1793

1:30 pm : Recent action saw the S&P 500 climb off its lows. However, that move has been limited so far as the index trades five points above its lowest level of the day. In addition, the benchmark average has made several prior attempts at a rebound, but the brief intraday rallies have been met with more selling.

Meanwhile, the Dow Jones Industrial Average continues to hover near its flat line. Although 17 of 30 index components trade in the red, some of the largest members of the price-weighted index have been able to pick up the slack. Boeing (BA 92.91, +1.24), Chevron (CVX 119.86, +1.35), and Procter & Gamble (PG 77.14, +0.56) are all up between 0.7% and 1.4%.DJ30 +19.32 NASDAQ -11.22 SP500 -2.99 NASDAQ Adv/Vol/Dec 882/959.8 mln/1479 NYSE Adv/Vol/Dec 1073/298.3 mln/1838

1:00 pm : At midday, the major averages hover near their session lows. The S&P 500 is lower by 0.3% while the Dow trades flat.

Equities began the day on a lower note after quarterly results from several notable companies failed to please investors. Also weighing was a disappointing first quarter GDP report, which showed the U.S. economy expanded at an annualized rate of 2.5%. That was up from a 0.4% gain in the final quarter of last year, but below the Briefing.com consensus expectation of a 2.8% gain.

A deeper look into the data points to a likely severe deceleration in trends during the second quarter.

Just about all of the gains in the first quarter came from consumption and inventories, both of which are likely to experience a pullback over the next three months. Furthermore, government spending, which fell 4.1% in the first quarter after declining 7.1% in Q4 2012, is set to fall by a larger amount during the second quarter as the effects of the sequestration become more pronounced.

With first quarter data reminding investors about sluggish growth, the economically-sensitive materials sector is the weakest performer as steelmakers weigh. The Market Vectors Steel ETF (SLX 41.21, -0.85) is off by 2.0%. Meanwhile, the SPDR Materials Select Sector ETF (XLB 38.84, -0.62) trades lower by 1.6%.

Although the materials space is the clear laggard, the closely-linked industrials have managed to outperform. Relative strength in Dow component Boeing (BA 92.89, +1.22) comes after reports indicated Japan will allow the 787 Dreamliner to return to service after the jet experienced battery problems in recent months.

Other cyclical sectors have been pressured by disappointing earnings. In the discretionary space, Amazon.com (AMZN 253.80, -20.90) is slumping 7.6% after reporting its quarterly results. Although the online retailer beat on earnings and operating income, its second quarter operating income guidance was below analyst expectations.

In addition, Starbucks (SBUX 59.85, -0.65) is off by 1.1% after its revenue fell short of the Capital IQ consensus estimate. Guidance was also a point of concern as the company lowered its third quarter earnings expectations below consensus.

Today's economic data also included the University of Michigan Consumer Sentiment Index, which was revised up to 76.4 from 72.3 in the final April reading. That is still down from 78.6 in March and the weakest reading since January. The Briefing.com consensus expected the sentiment index would be essentially unchanged at 72.4.DJ30 +1.57 NASDAQ -17.38 SP500 -5.31 NASDAQ Adv/Vol/Dec 811/877.4 mln/1553 NYSE Adv/Vol/Dec 983/272.9 mln/1902

12:30 pm : The major averages continue to trade near their recent levels. The S&P 500 and Nasdaq are on their lows while the Dow remains near its flat line.

The Nasdaq is the weakest of the three indices as disappointing earnings from several major index components weigh. Amazon.com (AMZN 254.84, -19.85) is slumping 7.2% after its second quarter operating income guidance disappointed investors.

Also of note, KLA-Tencor (KLAC 51.44, -4.46) beat on earnings and revenue, but its fourth quarter guidance was well below analyst expectations. Shares of KLA-Tencor trade lower by 8.0%.

The tech-heavy index is being kept from logging further losses by the relative strength of its largest component. Apple (AAPL 413.05, +4.67) is higher by 1.1%.DJ30 -6.80 NASDAQ -20.13 SP500 -6.66 NASDAQ Adv/Vol/Dec 756/815.4 mln/1591 NYSE Adv/Vol/Dec 961/253.3 mln/1932

12:00 pm : Recent action saw the S&P 500 slip to fresh lows as the latest wave of selling also pulled the Dow back into negative territory. A disappointing first quarter GDP growth report (+2.5% actual, +2.8% Briefing.com consensus) has pressured growth-sensitive sectors with materials (-1.4%) feeling the brunt of the selling.

The consumer discretionary (-0.6%) sector can also be found among the biggest laggards after major components disappointed on earnings. Amazon.com (AMZN 254.10, -20.60) is slumping 7.5% after reporting its quarterly results. Although the online retailer beat on earnings and operating income, its second quarter operating income guidance was below analyst expectations.

In addition, Starbucks (SBUX 59.77, -0.73) is off by 1.2% after its revenue fell short of the Capital IQ consensus estimate. In addition, the company lowered its third quarter earnings guidance below consensus.DJ30 -4.77 NASDAQ -20.78 SP500 -6.88 NASDAQ Adv/Vol/Dec 760/733.1 mln/1583 NYSE Adv/Vol/Dec 937/229.6 mln/1926

11:30 am : The major averages remain mixed as the S&P 500 continues to hover near its lows while the Dow trades higher by 0.1%.

The blue chip Dow Jones Industrial Average has been able to keep its head above water as some of the largest index components trade with firm gains. Boeing (BA 93.16, +1.49), Merck (MRK 47.95, +0.61), and Chevron (CVX 120.07, +1.56) are all up at least 1.2%.

The disappointing first quarter GDP report (+2.5% actual, +2.8% Briefing.com consensus) has been the story of the day. However, the lack of a larger market reaction is a result of the expectation that the Federal Reserve will keep its foot on the easing pedal for as long as subpar economic data continues rolling in.DJ30 +13.37 NASDAQ -13.70 SP500 -4.08 NASDAQ Adv/Vol/Dec 831/622.2 mln/1475 NYSE Adv/Vol/Dec 1087/198.2 mln/1739

11:00 am : The major averages trade in mixed fashion as the S&P 500 hovers near its lows while the Dow is higher by 0.1%.

The materials sector is the weakest performer after the advance first quarter GDP report indicated below-consensus growth (2.5% actual, 2.8% Briefing.com consensus). The materials space is the only sector trading with a loss of at least 1.0% as steelmakers weigh. The Market Vectors Steel ETF (SLX 41.41, -0.65) is off by 1.6%.

Meanwhile, the industrial sector is little changed as Boeing (BA 92.77, +1.10) and General Electric (GE 22.13, +0.18) trade with respective gains of 1.2% and 0.8%. The outperformance of Boeing comes after reports indicated Japan will allow the 787 Dreamliner to return to service after the jet experienced battery problems in recent months.DJ30 +7.38 NASDAQ -13.85 SP500 -4.83 NASDAQ Adv/Vol/Dec 791/510.2 mln/1450 NYSE Adv/Vol/Dec 1021/167.1 mln/1773

10:30 am : Commodities are mixed this morning. The dollar index has been in the red all session, but some commodities aren't seeing the usual price strength that comes with weakness in the dollar index.

Energy is weak and metals are mixed. Gold and silver just rallied in recent activity and hit new session highs. June gold is now +1% at $1476.40/oz and May silver is +0.9% at $24.36/oz.

Natural gas, on the other hand, sold off notably in recent action, falling as low as $4.09/MMBtu. Currently, June natural gas is -2.1% at $4.11/MMBtu. Crude oil has been in the red all day so far, spending part of the session below $93/barrel. June crude has erased a portion of its losses today and is now -0.6% at $93.12/barrel.DJ30 +12.34 NASDAQ -12.20 SP500 -3.48 NASDAQ Adv/Vol/Dec 760/391.5 mln/1443 NYSE Adv/Vol/Dec 1086/134 mln/1682

10:00 am : The S&P 500 has climbed into positive territory in reaction to the latest sentiment survey from the University of Michigan.

The University of Michigan's final April Consumer Sentiment Survey rose to 76.4 from the 72.3 that was posted in the preliminary Survey. The Briefing.com consensus expected the reading would tick up to 72.4.DJ30 +24.11 NASDAQ -4.22 SP500 +0.09 NASDAQ Adv/Vol/Dec 859/216.5 mln/1247 NYSE Adv/Vol/Dec 1250/86.3 mln/1437

09:45 am : The S&P 500 is off by 0.2% after equities opened the session on a lower note.

A disappointing advance GDP report contributed to the early caution as GDP grew at an annualized rate of 2.5% during the first quarter of 2013. That is up the fourth quarter's gain of 0.4%, but below the Briefing.com consensus expectation of a 2.8% gain.

Looking into the data reveals a severe deceleration of trends during the second quarter as nearly all of first quarter gains came from sectors, namely consumption and inventories, which are likely to experience a pullback over the next three months. Furthermore, government spending, which fell 4.1% in the first quarter after declining 7.1% in Q4 2012, is set to fall by a larger amount in the second quarter as the effects of the sequestration become more pronounced.

With first quarter growth missing expectations, the growth-sensitive materials sector is the weakest performer in early action. Steelmakers are seeing losses across the board with the Market Vectors Steel ETF (SLX 41.54, -0.52) trading lower by 1.2%. Meanwhile, the SPDR Materials Select Sector ETF (XLB 39.18, -0.28) is off by 0.7%.

On the upside, defensively-geared consumer staples and utilities trade with slim gains.DJ30 -7.88 NASDAQ -8.86 SP500 -3.56 NASDAQ Adv/Vol/Dec 740/135.2 mln/1323 NYSE Adv/Vol/Dec 975/66.1 mln/1670

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -3.50. Equity index futures signal a lower start to the cash session as the S&P 500 futures trade lower by 0.2%.

Downbeat overseas trade has kept futures in the red for the duration of pre-market action. In addition, a disappointing advance first quarter GDP report ensured futures remain anchored to the lower end of their pre-market range.

According to the advance report, GDP grew at an annualized rate of 2.5% during the first quarter of 2013. That is up fourth quarter's gain of 0.4%, but below the Briefing.com consensus expectation of a 2.8% gain.

More worrisome, the breakdown of the data shows a severe deceleration of trends during the second quarter as nearly all of first quarter gains came from sectors, namely consumption and inventories, which are likely to experience a pullback over the next three months. Furthermore, government spending, which fell 4.1% in the first quarter after declining 7.1% in Q4 2012, is set to fall by a larger amount in the second quarter as the effects of the sequestration become more pronounced.

Today's economic data will be topped off with the 9:55 ET release of the final April University of Michigan Consumer Sentiment Survey.

Among earnings of note, Amazon.com (AMZN 270.50, -4.20) is off by 1.5% after reporting its quarterly results. Although the online retailer beat on earnings and operating income, its second quarter operating income guidance was below analyst expectations.

Elsewhere, Starbucks (SBUX 59.25, -1.25) is down 2.1% after its revenue fell short of the Capital IQ consensus estimate. In addition, the company lowered its third quarter earnings guidance below consensus.

Also of note, KLA-Tencor (KLAC 53.16, -2.74) trades lower by 4.9% after cuttings its fourth quarter earnings guidance below analyst expectations.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -3.50.

U.S. equity futures continue to hover near their pre-market lows with the S&P 500 futures off by 0.3%.

Asian markets ended the session on a generally lower note with China's Shanghai (-1.0%) leading to the downside. Elsewhere, the Bank of Japan opined overnight, and decided to hold its key interest rate and asset purchasing program unchanged at their respective 0-0.1% and JPY1.8 trillion. Following the policy meeting, Governor Kuroda said BoJ members believed the central bank is on the correct policy course and no additional easing is needed at this time. The comments came after Japan saw its national core CPI fall 0.5% year-over-year to follow the prior decline of 0.3% (-0.4% consensus). Meanwhile, Tokyo core CPI slipped 0.3% year-over-year after declining 0.5% during the prior period (-0.4% consensus). South Korea's consumer confidence declined to 102 from 104 (105 forecast). New Zealand reported a trade surplus of NZD718 million to follow the previous surplus of NZD441 million. Also of note, Singaporean industrial production fell 4.1% year-over-year after declining 16.3% last month (-3.0% expected).

In Japan, the Nikkei settled lower by 0.3% as exporters weighed. Fuji and NEC both lost near 7.5%. On the upside, Kobe Steel settled higher by 7.4%.
China's Shanghai Composite lost 1.0% as industrials weighed. Fujian Longking, Sichuan Guangan, and Zhejiang Furun all saw losses of 10.0%.
In Hong Kong, the Hang Seng added 0.7% as consumer shares displayed relative strength. Belle International, Tingyi Cayman Islands Holdings, and Want Want China Holdings all gained between 2.4% and 3.2%.

European indices trade broadly lower after Spain lowered its 2013 GDP forecast to -1.3% from the previously expected -0.5%. In other news, Italian ANSA reports Enrico Letta will not make an announcement on the progress of government formation today. However, an announcement is expected over the weekend with Mr. Letta set to face the parliament on April 29.

Investors received a handful of economic data points today. French consumer confidence remained unchanged at 84 (84 consensus). Germany's import price index slipped 0.1% month-over-month to follow an increase of 0.3% (-0.2% consensus). Eurozone private loans declined 0.8% year-over-year, in-line with expectations.

The United Kingdom's FTSE is off by 0.5% as miners weigh. Eurasian Natural Resources and Polymetal International are down 5.3% and 3.6%, respectively.
Germany's DAX is down 0.5%. Insurer Muenchener Re is lower by 6.0% after its earnings disappointed investors. Meanwhile, chemical producer BASF is higher by 3.9% after surpassing earnings expectations.
In France, the CAC is lower by 0.9%. Retailer PPR is slumping 6.7% after missing on earnings. Construction name Vinci trades higher by 2.9% on improved sales.
Italy's MIB is sliding 1.0% as financials underperform. Banco Popolare is down 4.3%.
Spain's IBEX is off by 1.2% with banks leading to the downside as well. Banco Bilbao Vizcaya Argentaria and Banco Santander are both down near 2.0%.

08:30 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -5.30. U.S. equity futures have ticked lower in reaction to the advance first quarter GDP data. The S&P 500 futures are off by 0.4%.

The advance first quarter GDP showed growth of 2.5%, which was worse than the 2.8% increase that had been expected by the Briefing.com consensus. Meanwhile, the first quarter GDP Deflator came in at +1.2% while the Briefing.com consensus expected a reading of +1.6%.

08:08 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -6.80.

U.S. equity futures trade modestly lower amid cautious overseas trade. The S&P 500 futures are off by 0.3%. This morning, all eyes will be focused on the 8:30 ET release of the advance first quarter GDP. The Briefing.com consensus expects the report to indicate first quarter growth of 2.8%.

Looking at overnight developments:

Asian markets ended on a generally lower note. Japan's Nikkei shed 0.3%, China's Shanghai Composite dropped 1.0% while Hong Kong's Hang Seng gained 0.7%.
In regional economic news:
The Bank of Japan held its key interest rate and asset purchasing program at their respective 0-0.1% and JPY1.8 trillion.
Japan's national core CPI fell 0.5% year-over-year to follow the prior decline of 0.3% (-0.4% consensus). Meanwhile, Tokyo core CPI slipped 0.3% year-over-year to follow the prior reading of -0.5% (-0.4% consensus).
South Korea's consumer confidence slipped to 102 from 104 (105 forecast).
New Zealand reported a trade surplus of NZD718 million to follow the previous surplus of NZD441 million.
Singaporean industrial production fell 4.1% year-over-year after declining 16.3% last month (-3.0% expected).
In news:
Bank of Japan Governor Haruhiko Kuroda said BoJ members believed the central bank is on the correct policy course and no additional easing is needed at this time.
After North Korea failed to respond to South Korea's demands for conversation over the shuttered Kaesong Industrial Complex, Seoul has recalled the remaining South Korean managers from the joint industrial zone.

European indices trade broadly lower at midday. Germany's DAX is off by 0.2%, the United Kingdom's FTSE is down 0.4%, and France's CAC is lower by 0.8%. On the periphery, Italy's MIB is down 0.6% and Spain's IBEX trades with a loss of 1.1%.
Investors received a handful of economic data points today:
French consumer confidence remained unchanged at 84 (84 consensus).
Germany's import price index slipped 0.1% month-over-month to follow an increase of 0.3% (-0.2% consensus).
Eurozone private loans declined 0.8% year-over-year, in-line with expectations.
Looking at news:
Italian ANSA reports Enrico Letta will not make an announcement on the progress of government formation today. However, an announcement is expected over the weekend with Mr. Letta set to face the parliament on April 29.
Spain has lowered its 2013 GDP forecast to -1.3% from the previously expected -0.5%.

In U.S. corporate news:

Amazon.com (AMZN 268.00, -6.70) is off by 2.4% after reporting earnings. Although the online retailer beat on earnings and operating income, its second quarter operating income guidance was below analyst expectations.
J.C. Penney (JCP 16.45, +1.21) is higher by 7.9% after Soros Fund Management disclosed a 7.9% stake in the retailer.
Starbucks (SBUX 59.35, -1.15) is down 1.9% after its revenue fell short of the Capital IQ consensus estimate. In addition, the company lowered its third quarter earnings guidance below consensus.

In addition to the previously mentioned 8:30 ET release of the first-quarter advance GDP report, market participants will receive the final April Michigan Sentiment Survey at 9:55 ET.

07:16 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: flat.

07:16 am : Nikkei...13884.13...-42.00...-0.30%. Hang Seng...22547.71...+146.50...+0.70%.

07:16 am : FTSE...6410.99...-31.60...-0.50%. DAX...7803.04...-29.80...-0.40%.

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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