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 Post subject: May 1st Wednesday Trade Results - Profit $8720
PostPosted: Wed May 01, 2013 9:39 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 @ $11150.00 dollars or +111.50 points, Light Crude Oil CL ($CL_F) futures @ ($2430.00) dollars or -2.43 points, Gold GC ($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 @ $8720.00 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=117&t=1497

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=209&t=1820

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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 Begin May With A Sell-Off

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

NEW YORK (CNNMoney)
With the calendar now reading May, investors are wondering if it will pay to "Sell in May and Go Away" again this year, as it has for the past three.

While it's only the first day of the month, investors have already taken a step back ... and the latest statement from the Federal Reserve didn't help matters.

The Dow Jones industrial average dropped almost 140 points, or 0.9%. The S&P 500 and Nasdaq also fell 0.9%.

"There are certain things we have gotten used to counting on each spring: the season changes and the weather warms, baseball games bring fans to the stadiums, the economy weakens, and investors 'sell in May and go away,'" said Jeffery Kleintop, chief market strategist at LPL Financial in a recent note to clients.

Fears of a pullback have been growing for two major reasons.

First off, recent economic reports have been signaling that a spring swoon could be just around the corner, for the fourth year in a row.

The latest jobs data have been particularly disappointing, with the March jobs report as well as Wednesday's report from payroll processor ADP signaling a sharp slowdown in hiring. That's particularly concerning ahead of the government's April jobs report due Friday. Economists expect a gain of 155,000 jobs.

Manufacturing activity and retail sales have also been slowing. Housing has been a bright spot as of late, but construction spending unexpectedly dropped almost 2% in March. And while a majority of U.S. companies have been exceeding earnings growth forecasts, they've largely been falling short of revenue growth expectations.

Then there's the additional pressure from overseas. The eurozone remains in recession and China's economy grew at a slower pace at the start the year than economists had expected.

* Pimco's Bill Gross gets bullish. Sorta.

Secondly, stocks have been on a tear for the past several months. The S&P 500 closed April at a record high, while Nasdaq finished at its highest level in more than 12 years. And the Dow ended just a hair below its all-time high.

Milestones can be alluring, but there's also a chance that enthusiasm can be overdone considering the still-fragile economy. And it's important to note that stocks also peaked in April in 2010, 2011 and 2012.

The one key difference between then and now is the Fed's open-ended stimulus program.

* Apple's new blockbuster: Bonds

Fed in focus: The Fed's policies have widely been given credit for boosting stocks. In previous years, the rally and the economy lost steam as the Fed neared the end of its bond buying programs: QE1 in 2010, QE2 in 2011 and Operation Twist in 2012.

But the current bond buying program -- $85 billion a month -- is not expected to taper off until later this year at the earliest, said Kleintop.

In fact, the Fed said Wednesday afternoon that while it is sticking to the current pace for now, it is "prepared to increase or reduce" the amount it buys in bonds each month based on the outlook for the job market and changes in inflation.

In addition to indicating that it may do more to stimulate the economy, the Fed also took a jab at Congress, highlighting that "fiscal policy is restraining economic growth."

Related: Fear & Greed Index gets greedy

Stocks to watch: Facebook (FB) stock declined in after-hours trading after the company's first-quarter earnings came in below expectations. Revenues were slightly higher than forecasts.

Shares of T-Mobile (TMUS) rose as they made their debut on the New York Stock Exchange following the merger with MetroPCS.

Apple's (AAPL, Fortune 500) stock price edged down, a day after rising more than 3% ahead of it record $17 billion bond sale.

Humana (HUM, Fortune 500) shares jumped after the health care company delivered a strong first-quarter profit thanks to lower benefit expenses and increased membership. Genworth Financial (GNW, Fortune 500) shares surged after the company said that its quarterly profit more than doubled. Humana and Genworth were among the biggest winners in the S&P 500 Wednesday.

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Market Update

4:15 pm : Equities ended today's session on their lows as global growth concerns reemerged. The three major indices all lost 0.9%, but the underperformance of small cap stocks was notable as the Russell 2000 slid 2.5%.

Although most markets across the globe were closed in observance of Labor Day, some countries continued reporting their economic data.

China reminded investors of its importance to the global economy as the decline in the country's Manufacturing PMI (50.6 actual, 50.9 prior, 51.0 consensus) along with a disappointing U.S. ISM Index (50.7 actual, 51.3 prior, 51.0 consensus) pressured commodities and commodity-related sectors.

As a result, energy and materials both ended with losses near 1.7%. Crude oil settled lower by 2.7% at $90.95 after today's inventory report revealed that crude stockpiles climbed to 6.696 million barrels, a record high dating back to 1982 when the Energy Information Administration began tracking the data.

Meanwhile, the materials sector declined throughout the day as related metals sold off. Gold futures fell 1.1% to $1455.90 per troy ounce after being down as much as 2.1% intraday. Meanwhile, copper was unable to bounce off its lows as the red metal declined 3.8% to $3.068 per pound.

The relative weakness of gold pressured miners as the Market Vectors Gold Miners ETF (GDX 29.65, -0.71) settled lower by 2.3%. Steelmakers also displayed weakness throughout the day, and the Market Vectors Steel ETF (SLX 41.56, -0.87) slumped 1.9%. Disappointing manufacturing data from China and the U.S. weighed on the group, and Alcoa's (AA 8.43, -0.07) announcement of a possible curtailment of its smelting capacity reflected the sluggish global growth.

Concerns regarding economic health also pressured industrial shares, and specifically, the Dow Jones Transportation Average. The bellwether complex was one of the leaders of the first-quarter market rally. However, the sector underperformed last month, ending April with a loss of 1.2%.

The 20-stock complex kicked off the month on a cautious note as 18 components ended with losses of at least 1.0% while the Transportation Average slid 2.3%.

Stocks saw a brief afternoon bounce when the Federal Open Market Committee released its latest policy statement, which did not contain any groundbreaking news.

As expected, the FOMC maintained its purchasing program at $85 billion per month, and kept its target Federal Funds Rate steady at 0-0.25%. The central bank also reiterated its goal of staying true to the current policy course until the unemployment rate declines to 6.5%.

Today's statement did contain an explicit mention of a possible increase or decrease to the purchase program. However, this wasn't "new" as prior statements from the Fed have already allowed for the possibility of modifications to the program.

Looking back at the day's remaining economic data, total construction spending fell 1.7% in March after increasing an upwardly revised 1.5% (from 1.2%) in February. The Briefing.com consensus expected construction spending to increase 0.5%.

Most of the decline was the result of weaker public construction spending. That sector declined 4.1% in March after increasing 1.5% in February. This drop helps explain why government spending fell substantially in the first quarter GDP report.

Investors will receive a full slate of economic data tomorrow with the April Challenger Job Cuts Report set to kick things off at 7:30 ET. Weekly initial claims, preliminary first quarter productivity, first quarter unit labor costs, and the March trade balance will all be released at 8:30 ET.

Also of note, the European Central Bank will release its latest interest rate decision with many expecting a 25 basis point rate cut from 0.75% to 0.50%.DJ30 -138.85 NASDAQ -29.66 SP500 -14.87 NASDAQ Adv/Vol/Dec 541/1.8 bln/1950 NYSE Adv/Vol/Dec 841/721.1 mln/2182

3:30 pm :

June crude oil extended yesterday's losses as a larger-than-anticipated build in inventories weighed on prices. The Dept of Energy reported that for the week ending Apr 26, crude oil inventories had a build of 6.696 mln barrels when consensus called for a build of 1.05 mln barrels. The energy component dipped to a session low of $90.11per barrel as it headed into afternoon floor trade and eventually settled with a 2.6% loss at $91.00 per barrel.
June natural gas rose to a session high of $4.44 per MMBtu in morning pit action but lost steam as the session progressed. It retreated into negative territory in the last hour of floor trade and settled 0.2% lower at $4.33 per MMBtu.
June gold fell deeper into negative territory in today's floor trade ahead of the FOMC statement. The yellow metal retreated from its session high of $1467.50 per ounce and spent most of afternoon action trading near the $1445 per ounce level. It eventually settled with a 1.8% loss at $1445.70 per ounce. Prices inched higher in electronic trade following the FOMC decision to maintain its monthly asset purchase program at $85 bln but are still down 1.1%.
July silver also traded lower today. It pulled back from its session high of $23.92 per ounce and dipped as low as $23.21 per ounce in late morning action. Unable to erase much of the loss, it settled 3.5% lower at $23.33 per ounce.

DJ30 -134.59 NASDAQ -29.14 SP500 -14.29 NASDAQ Adv/Vol/Dec 585/1574.8 mln/1956 NYSE Adv/Vol/Dec 795/478 mln/2200

3:00 pm : Equity indices continue to trade in the red with 60 minutes left in today's session. Stocks recovered a portion of their losses after the release of the latest policy statement from the Federal Reserve. However, the release was largely in-line with expectations as the central bank reiterated its goal of maintaining the current policy course until the unemployment rate declines to 6.5%.

Although the broader market has climbed off its lows, small caps remain pressured with the Russell 2000 down 2.0%.DJ30 -92.96 NASDAQ -19.80 SP500 -9.84 NASDAQ Adv/Vol/Dec 605/1.34 bln/1878 NYSE Adv/Vol/Dec 893/426.2 mln/2100

2:30 pm : The major averages ticked off their lows in reaction to the Federal Reserve's latest policy statement. The S&P 500 is off by 0.5%.

As expected, the Federal Open Market Committee maintained its purchasing program at $85 billion per month and kept its target Federal Funds Rate steady at 0-0.25%. The central bank also reiterated its goal of staying true to the current policy course until the unemployment rate declines to 6.5%.

However, the Committee also reserved its right to step-up asset purchases by saying "The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes."DJ30 -87.74 NASDAQ -17.65 SP500 -8.57 NASDAQ Adv/Vol/Dec 616/1.22 bln/1845 NYSE Adv/Vol/Dec 939/385.6 mln/2040

2:00 pm : Afternoon action saw the major averages extend their losses. Similarly, today's weakest sectors (energy and materials) are hovering near their worst levels of the day. In addition, recent selling has pressured the financial sector, which now trades with a loss of 1.0%.

The recent slide to session lows also weighed on today's lone advancing sector. The SPDR Consumer Staples Select Sector ETF (XLP 41.00, +0.06) is higher by 0.2% after being up as much as 0.6% in earlier action.DJ30 -112.41 NASDAQ -24.93 SP500 -11.49 NASDAQ Adv/Vol/Dec 550/1.11 bln/1897 NYSE Adv/Vol/Dec 877/348.3 mln/2108

1:30 pm : Recent action saw the major averages slip to fresh session lows. The S&P 500 is now off by 0.6% while the small cap Russell 2000 trades with a loss of 1.9%. The latest wave of selling did not spare any sectors as all ten groups saw downticks corresponding with the losses in the broader market.

Notably, industrials and technology notched fresh lows. The industrial sector remains pressured by transportation-related stocks as the Dow Jones Transportation Average trades lower by 1.9%.

Meanwhile, major tech stocks are broadly lower with the largest sector component, Apple (AAPL 437.29, -5.49), down 1.3%.

In 30 minutes, investors will receive word from the Federal Open Market Committee regarding the central bank's interest rate decision as well as the latest policy statement. However, no major changes are expected with regards to the central bank's policy course.DJ30 -89.61 NASDAQ -21.05 SP500 -9.19 NASDAQ Adv/Vol/Dec 575/1.02 bln/1870 NYSE Adv/Vol/Dec 897/321.1 mln/2066

1:00 pm : The major averages trade with modest losses at midday as commodity-related sectors pressure the broader market.

The relative weakness of economically-sensitive groups comes after China's Manufacturing PMI and the U.S. ISM Index both fell short of expectations.

China's Manufacturing PMI slipped to 50.6 from the previously reported 50.9 (51.0 consensus) while the U.S. ISM Index declined to 50.7 from 51.3 (51.0 consensus). However, even as both readings remained above 50, the slowing pace of growth in manufacturing puts global growth concerns back at the forefront.

Energy and materials both trade lower by at least 1.0% as crude oil and metals register significant losses.

Today's crude oil inventory data revealed that crude stockpiles climbed to 6.696 million barrels, an all-time high dating back to 1982 when record-keeping began. The energy component trades lower by 3.0% at $90.70 per barrel. Meanwhile, the energy sector is the second weakest performing group, down 1.0%.

Elsewhere, the materials sector is off by 1.1% as steelmakers and miners pressure the cyclical group. The Market Vectors Steel ETF (SLX 41.66, -0.71) is lower by 1.7% while the Market Vectors Gold Miners ETF (GDX 29.34, -1.02) trades with a loss of 3.4%.

Today's decline in gold futures has also weighed on mining stocks as the yellow metal trades down 1.9% at $1444.90 per troy ounce.

Also of note, copper is off by 3.3% at $3.083 per pound.

Similar to other cyclical groups, the Dow Jones Transportation Average trails behind the broader market as all 20 components trade in the red. The bellwether complex is lower by 1.6%.

While growth-sensitive sectors have endured the brunt of today's selling, small caps have also seen significant selling pressure. The Russell 2000 is down 1.7%.

On the upside, the SPDR Consumer Staples Select Sector ETF (XLP 41.10, +0.16) is the top performing sector ETF.

Looking back at the day's remaining economic data, total construction spending fell 1.7% in March after increasing an upwardly revised 1.5% (from 1.2%) in February. The Briefing.com consensus expected construction spending to increase 0.5%.

Most of the decline was the result of weaker public construction spending. That sector declined 4.1% in March after increasing 1.5% in February. This drop helps explain why government spending fell substantially in the first quarter GDP report.

In 60 minutes, investors will receive word from the Federal Open Market Committee regarding the central bank's interest rate decision as well as the latest policy statement.

The central bank is not expected to announce any groundbreaking changes to its directive and the Fed Funds Rate is expected to remain unchanged at 0-0.25%.DJ30 -83.56 NASDAQ -20.96 SP500 -8.90 NASDAQ Adv/Vol/Dec 588/922.2 mln/1845 NYSE Adv/Vol/Dec 912/293.1 mln/2046

12:30 pm : Key indices continue to trade with modest losses as investors await the 14:00 ET release of the Federal Reserve's interest rate decision and its latest directive. The central bank is not expected to announce any groundbreaking changes to its policy course and the Fed Funds Rate is expected to remain unchanged at 0-0.25%.

In the meantime, commodity-related sectors remain pressured with energy and materials both down at least 1.0%. In addition, the Dow Jones Transportation Average trades with a loss of 1.4%.DJ30 -64.47 NASDAQ -14.38 SP500 -6.31 NASDAQ Adv/Vol/Dec 647/824.1 mln/1756 NYSE Adv/Vol/Dec 952/264.4 mln/1984

12:00 pm : Equities continue to hover near their recent levels with the S&P 500 off by 0.4%. Small caps, however, have extended their losses as the Russell 2000 trades lower by 1.6%.

With cyclical sectors lagging notably, defensively-oriented groups have been able to outperform the broader market. Consumer staples and telecom sectors are the only two trading in positive territory with the SPDR Consumer Staples Select Sector ETF (XLP 41.18, +0.24) representing the top sector.

As stocks remain in the red, the CBOE Volatility Index (VIX 14.08, +0.56) is higher by 4.1%, suggesting near-term downside protection has received a bid.DJ30 -55.45 NASDAQ -13.69 SP500 -5.66 NASDAQ Adv/Vol/Dec 623/744.1 mln/1763 NYSE Adv/Vol/Dec 953/241.6 mln/1978

11:30 am : Recent action saw the major averages continue their climb off lows. However, small cap stocks have not shown the same optimism as the Russell 2000 remains near its worst levels, down 1.4%.

With cyclical groups leading the market lower, the Dow Jones Transportation Average is off by 1.3% as 19 of 20 components in the red.

In addition, homebuilders are down across the board as the SPDR S&P Homebuilders ETF (XHB 29.92, -0.37) trades with a loss of 1.2%.DJ30 -49.77 NASDAQ -12.79 SP500 -5.43 NASDAQ Adv/Vol/Dec 637/644.4 mln/1720 NYSE Adv/Vol/Dec 967/212.8 mln/1945

11:00 am : Equities have climbed off their worst levels of the day, but the S&P 500 continues to trade lower by 0.3%. Economically-sensitive sectors have led the early decline as both energy and materials trade with losses of at least 1.0%. The relative weakness of commodity-related stocks comes after China's Manufacturing PMI missed expectations. Domestically, the April ISM Index also fell short of estimates.

Also of note, today's crude oil inventory data revealed that at 6.696 million barrels, crude oil stockpiles are at an all-time high dating back to 1982 when record-keeping began. The energy component trades lower by 3.1% at $90.53 in reaction to the data. Meanwhile, the energy sector is the second weakest performing group, down 1.0%.

Elsewhere, the materials sector has been pressured by steelmakers and miners. The Market Vectors Steel ETF (SLX 41.52, -0.85) is lower by 2.0% while the Market Vectors Gold Miners ETF (GDX 29.35, -1.01) trades with a loss of 3.4%.DJ30 -46.93 NASDAQ -11.63 SP500 -5.16 NASDAQ Adv/Vol/Dec 618/543.1 mln/1702 NYSE Adv/Vol/Dec 931/182.5 mln/1925

10:35 am : Commodities are taking a hit today, despite the weakness in the dollar index all day. Crude oil fell below $91/barrel, gold below $1450, silver below $23.50 and copper futures close to the $3 level.

Jun crude oil has been in the red all day and was just above $93 during the overnight session. Just ahead of the data, crude was sitting at $91/barrel. Following the data, crude fell following bearish numbers and is now -3.1% at $90.61/barrel.

Natural gas futures are the anomaly again, showing notable gains. The June contract just hit a new session high and is now +1.7% at $4.42/MMBtu.

Metals are lower and near session lows. In current action, June gold is -1.6% at $1449.00/oz, July silver is -3.4% at $23.38/oz and July copper is -3.2% at $3.09/lb.DJ30 -60.81 NASDAQ -18.46 SP500 -7.59 NASDAQ Adv/Vol/Dec 674/516.1 mln/1812 NYSE Adv/Vol/Dec 835/154 mln/1998

10:00 am : The major averages continue to hover near their lows. The S&P 500 is off by 0.3%.

The April ISM Index was reported at 50.7 while the Briefing.com consensus expected the reading to come in at 51.0. Meanwhile, March construction spending declined 1.7% month-over-month, against the expected increase of 0.5%.DJ30 -41.13 NASDAQ -7.11 SP500 -4.84 NASDAQ Adv/Vol/Dec 620/251.2 mln/1542 NYSE Adv/Vol/Dec 882/102.8 mln/1846

09:45 am : The major averages have slipped to their lows following a downbeat open to the session. The S&P 500 is off by 0.2% with commodity-related sectors under pressure after China's Manufacturing PMI fell short of expectations.

The materials sector is the weakest early performer as industrial and precious metals trade lower. Copper is off by 3.3% at $3.079 per pound while gold trades down 1.5% near $1450.00. Meanwhile, the SPDR Materials Select Sector ETF (XLB 39.12, -0.43) is slipping 1.1%.

The energy sector (-1.0%) has also shown notable weakness as crude oil trades lower by 2.5% at $91.10.DJ30 -37.56 NASDAQ +0.59 SP500 -3.69 NASDAQ Adv/Vol/Dec 803/148.8 mln/1250 NYSE Adv/Vol/Dec 981/74.9 mln/1697

09:15 am : S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -0.50. With 15 minutes left before the open, the S&P 500 futures signal a slightly lower start to the cash session.

Equity futures slipped into the red after the April ADP National Employment Report indicated employment in the nonfarm private business sector rose by 119K in April. This was below the increase of 155K expected by the Briefing.com consensus.

More economic data remains on tap with March construction spending and April ISM Index both set to be released at 10:00 ET. Finally, the Federal Reserve Open Market Committee will announce its interest rate decision and release its policy statement at 14:00 ET.

In earnings of note, Merck (MRK 44.96, -2.03) is off by 4.3% after reporting mixed earnings. The drug maker was able to beat bottom-line estimates, but its revenue fell short of analyst expectations. In addition, the company cut its full-year 2013 earnings guidance below consensus.

Elsewhere, Mastercard (MA 537.77, -15.16) is lower by 2.7% after the company reported below-consensus revenue on better-than-expected earnings.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -0.30.

U.S. equity futures trade in mixed fashion with the S&P 500 futures off by 0.1% while Nasdaq futures are higher by 0.1%.

Markets across most of Asia were shuttered in observance of Labor Day as trade was limited to just a few countries. Indonesia's Jakarta Composite (+0.5%) was the lone gainer while both Japan's Nikkei (-0.4%) and Australia's ASX (-0.5%) finished lower. The mostly lower trade developed after China announced Manufacturing PMI eased to 50.6 (50.8 expected, 50.9 previous), highlighting concerns of a slowdown in the region. Other data out overnight showed Japan's average cash earnings (-0.6% year-over-year actual versus -1.0% expected) beat and Australia's HIA New Home Sales improve (4.2% month-over-month actual, -5.3% previous). Inflation data from the region saw Indonesia's ease to 5.6% year-over-year (5.7% expected, 5.9% previous) and Thailand's slide to 2.4% year-over-year (2.9% expected, 2.7% previous).

In Japan, the Nikkei slipped 0.4% following some disappointing earnings reports. Tokyo Electron gave up 4% after forecasting a disappointing full year operating profit. Elsewhere, Sharp dropped 3.9% on reports its loss will be larger than anticipated.
Hong Kong's Hang Seng was closed.
In China, the Shanghai Composite was also closed.
In Australia, the ASX finished lower by 0.5% as trade slipped off its best levels in almost six years. Most of the 'big four' banks ended lower, but Westpac saw a 0.7% advance as traders moved into the name ahead of Friday's earnings. Elsewhere, telecom provider Telstra rallied to an eight-year high with today's 1.0% gain after announcing it was looking to increase its dividend over time.

In Europe, most major markets are also closed for Labor Day. However, the United Kingdom's FTSE trades higher by 0.6%. Regional economic data was limited to the United Kingdom's Nationwide HPI, which slipped 0.1% month-over-month (+0.3% consensus) while the country's Manufacturing PMI improved to 49.8 from 48.6 (48.5 consensus).

In the United Kingdom, the FTSE trades with a gain of 0.6% with miners pacing the gains. Antofagasta and Randgold Resources are higher by 2.0% and 3.5%, respectively.
Germany's DAX is closed.
In France, the CAC is closed.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +3.00. U.S. equity futures have slipped in reaction to a disappointing ADP Employment Change report. The S&P 500 futures are now flat.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 119K in April. This was below the increase of 155K expected by the Briefing.com consensus.

08:00 am : S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +2.50.

U.S. equity futures trade with slim gains amid quiet overseas action. The S&P 500 futures are higher by 0.1%.

Looking at overnight developments:

Most Asian markets were closed in observance of Labor Day. However, Japan's Nikkei shed 0.4% and Australia's ASX slipped 0.5%.
Regional economic data was limited to just a handful of releases.
China's Manufacturing PMI slipped to 50.6 from the previously reported 50.9 (51.0 consensus).
Japan's average cash earnings slipped 0.6% while the consensus expected a decline of 1.0%.
In news:
With most markets shuttered, Australia's ASX and Japan's Nikkei responded to the below-expectations China Manufacturing PMI report. Although the reading remained above 50, the most recent decline puts it just above the level separating contraction from expansion.

In Europe, most markets are also closed for Labor Day. However, the United Kingdom's FTSE is higher by 0.7%.
Looking at economic data:
The United Kingdom's Nationwide HPI slipped 0.1% month-over-month (+0.3% consensus) while the country's Manufacturing PMI improved to 49.8 from 48.6 (48.5 consensus).
European news has been limited with most markets closed.
In the United Kingdom, miners are outperforming as the FTSE trades with a modest gain.

In U.S. corporate news:

Chesapeake Energy (CHK 20.26, +0.72) is higher by 3.7% after beating on earnings and revenue.
Merck (MRK 45.75, -1.25) is off by 2.7% after reporting mixed earnings. The drug maker was able to beat bottom-line estimates, but its revenue fell short of analyst expectations. In addition, the company cut its full-year 2013 earnings guidance below consensus.
Trulia (TRLA 33.50, +4.44) is jumping 15.3% following its top-line beat. The company also hiked its second quarter revenue guidance above consensus and received a JPMorgan Chase upgrade after reporting its earnings.

The weekly MBA Mortgage Index rose 1.8% to follow last week's uptick of 0.2%.

April ADP Employment Change will be reported at 8:15 ET while March construction spending and April ISM Index will both be announced at 10:00 ET. Finally, the Federal Reserve Open Market Committee will announce its interest rate decision and release its policy statement at 14:00 ET.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +1.50.

06:29 am : Nikkei...13799.35...-61.50...-0.40%. Hang Seng...Holiday.........

06:29 am : FTSE...6468.48...+38.30...+0.60%. DAX...Holiday.........

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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