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 Post subject: May 2nd Thursday Trade Results - Profit $3390
PostPosted: Fri May 03, 2013 12:30 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $3390.00 dollars or +3.39 points, Gold GC ($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 @ $3390.00 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=1498

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

-----------------------------

Market Summaries

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

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Market Update

4:15 pm : Stocks surged as the S&P 500 erased all of yesterday's losses. The benchmark average rose 0.9% while the Nasdaq outperformed with a gain of 1.3%.

In addition to earnings reaction, investors welcomed further easing from the European Central Bank as the ECB cut its key interest rate by 25 basis points to a record low of 0.50%.

The Nasdaq paced today's gains as major components displayed broad strength. Electronic payment processor Visa (V 175.40, +9.38) jumped 5.7% after beating on earnings and revenue.

In addition, social media stocks displayed significant strength after Facebook (FB 28.97, +1.54) and Yelp (YELP 32.22, +6.92) reported above-consensus top-line results.

Tech shares have spent the entire week trading ahead of the broader market. As a result, the sector has added 3.5% since Monday.

Meanwhile, the second best sector of the week, energy, finished the session right behind technology with a significant rebound in crude oil contributing to today's gains. After falling 2.7% yesterday, crude jumped 3.3% to $93.98 per barrel.

The Dow Jones Transportation Average also tried to erase its losses from yesterday's 2.3% slump. However, even as 18 of 20 components advanced, the index was limited to a gain of 1.0%.

Elsewhere, homebuilders piggybacked strong earnings from MDC Holdings (MDC 38.40, +1.43) as the SPDR S&P Homebuilders ETF (XHB 30.48, +0.65) rose 2.2%.

In the Treasury market, the 10-yr note ended little changed with its yield steady at 1.627%.

With equities finishing broadly higher, the CBOE Volatility Index (VIX 13.61, -0.88) returned to last week's lows.

Today's advance occurred on below-average volume as only 677 million shares changed hands on the floor of the New York Stock Exchange.

In today's economic data, the initial claims level dropped from an upwardly revised 342,000 (from 339,000) for the week ending April 20 to 324,000 for the week ending April 27. That was the lowest initial claims reading since January 2008. The Briefing.com consensus expected the initial claims level to increase to 346,000.

The U.S. trade deficit narrowed in March, falling from an upwardly revised $43.6 billion (from $43.0 billion) to $38.8 billion. The Briefing.com consensus pegged the deficit at $43.0 billion.

Export levels fell $1.7 billion in March to $184.3 billion as large declines in foods (-$1.0 billion) and petroleum-based products (-$1.1 billion) outweighed gains in aircraft parts ($0.8 billion) and nonmonetary gold ($0.5 billion).

Meanwhile, imports declined by $6.5 billion to $223.1 billion with most of the drop occurring due to weaker demand for consumer goods (-$3.4 billion).

Also of note, nonfarm business labor productivity increased 0.7% in the preliminary first quarter reading after falling 1.7% (revised from -1.9%) during the fourth quarter. The Briefing.com consensus expected productivity to increase 1.2%. Output levels increased 2.5%, up from a 0.7% fourth quarter gain.

Tomorrow's economic data will focus on jobs as April nonfarm payrolls, nonfarm private payrolls, the unemployment rate, hourly earnings, and average workweek will all be reported at 8:30 ET. In addition, March factory orders and April ISM Services Index will be released at 10:00 ET.DJ30 +130.63 NASDAQ +41.49 SP500 +14.89 NASDAQ Adv/Vol/Dec 1875/1.71 bln/608 NYSE Adv/Vol/Dec 2300/676.7 mln/722

3:30 pm :

June natural gas traded as high as $4.35 per MMBtu in early morning floor action but fell sharply following inventory data that showed a build of 43 bcf when a much smaller build of 28-30 bcf was anticipated. It continued to inch lower for the remainder of the session and settled with a 6.9% loss at $4.03 per MMBtu.
June crude oil, on the other hand, advanced for the first time since Monday as the European Central Bank announced its decision to lower its key interest rate by 25 basis points to a record low of 0.50%. Investors also reacted to weekly initial claims data that showed jobless claims falling to the lowest level since Jan of 2008. The energy component lifted off its session low of $91.26 per barrel and touched a session high of $94.10 per barrel moments before settling with a 3.3% gain at $94.02 per barrel.
June gold rose for the third time this week following the ECB decision. Despite a stronger dollar index, the yellow metal climbed as high as $1473.30 per ounce and spent the remainder of the session trading just below that level. It eventually settled at $1467.50 per ounce, booking a gain of 1.5%.
July silver also traded higher but pulled back from its session high of $24.19 per ounce set moments before equity markets opened. Although it dipped to a session low of $23.69 per ounce in late morning action, silver managed to book a 2.2% gain as it closed at $23.84 per ounce.

DJ30 +127.11 NASDAQ +43.00 SP500 +14.84 NASDAQ Adv/Vol/Dec 1907/1460.85 mln/642 NYSE Adv/Vol/Dec 2297/465 mln/701

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

Looking at currencies, EURUSD is lower by 125 pips at 1.3060. Sellers have remained in control since today's remarks by Mario Draghi after the European Central Bank lowered its key interest rate 25 basis points to a record low 0.50% in an effort to revive economic activity in the region. Comments from Mario Draghi have weighed as he suggested the central bank is 'technically ready' for negative deposit rates. Traders will be watching the 1.3000 level closely over the days ahead as support is helped by both the 50- and 200-day moving averages.

Elsewhere, USDJPY is higher by 65 pips at 97.95 as trade gains for the first time in six days. Action was once again able to hold the 97.00 level despite the Bank of Japan minutes showing some members have begun to question the aggressive central bank policies. The 100.00 area remains a key hurdle on the upside.

The Dollar Index is higher by 0.9% at 82.22. The relative strength of the greenback enabled the index to register its first gain in seven sessions with action on track for its best close in a week.DJ30 +127.76 NASDAQ +42.86 SP500 +15.04 NASDAQ Adv/Vol/Dec 1869/1.26 bln/602 NYSE Adv/Vol/Dec 2277/423.2 mln/721

2:30 pm : Equities remain near their highs with 90 minutes left in today's session. Four of ten S&P 500 sectors trade with gains of at least 1.0% while the utilities space is the lone decliner.

Today's advance has occurred on below-average volume as the New York Stock Exchange total floor volume has yet to cross the 400 million mark. This comes after yesterday's sell off produced a final volume tally of 721 million, which was above its 200-day average.DJ30 +117.10 NASDAQ +42.22 SP500 +14.37 NASDAQ Adv/Vol/Dec 1862/1.16 bln/591 NYSE Adv/Vol/Dec 2256/393.9 mln/725

2:05 pm : Quiet afternoon action continues with the three major averages holding near their best levels of the day.

The technology sector remains in the lead as the SPDR Technology Select Sector ETF (XLK 30.95, +0.42) trades higher by 1.4%. Most sector components have been able to register gains with social media stocks outperforming after Facebook (FB 28.88, +1.44) and Yelp (YELP 31.66, +6.36) reported their quarterly results. Although both saw their earnings fall short of expectations, top-line results from the two beat analyst estimates.DJ30 +127.73 NASDAQ +44.97 SP500 +15.61 NASDAQ Adv/Vol/Dec 1876/1.07 bln/561 NYSE Adv/Vol/Dec 2285/369.1 mln/693

1:30 pm : The major averages continue to hold near their highs. The Nasdaq remains ahead of the other three indices as technology and biotechnology stocks register notable gains.

The iShares Nasdaq Biotechnology ETF (IBB 174.67, +3.50) is higher by 2.1%, and the group's relative strength has contributed to the outperformance of the health care sector. In addition, above-consensus earnings from drug wholesaler Cardinal Health (CAH 46.17, +2.23) provided some added support for the defensive group.

The SPDR Health Care Select Sector ETF (XLV 47.42, +0.59) trades with a gain of 1.2%.DJ30 +122.74 NASDAQ +44.68 SP500 +15.38 NASDAQ Adv/Vol/Dec 1883/986.2 mln/547 NYSE Adv/Vol/Dec 2255/342.6 mln/703

1:00 pm : At midday, the major averages hold near their highs as the S&P 500 trades with a gain of 0.9%.

Stocks were off to the races from the opening bell as the risk-on sentiment received further encouragement from the European Central Bank's decision to lower its key interest rate by 25 basis points to a record low of 0.50%.

In addition, upbeat earnings from several notable names helped support the market in the early going.

The technology sector has led stocks higher this week, and the pattern remains in effect today. Better-than-expected quarterly results from Facebook (FB 28.55, +1.12), Visa (V 176.70, +10.68), and Seagate (STX 39.67, +2.73) have boosted tech shares as the sector trades with a gain of 1.3%.

Since Monday, the technology space has added nearly 3.5%. Meanwhile, the second-best performing group, consumer discretionary, is up 1.0% this week.

Today, the discretionary sector has been supported by carmakers and homebuilders after General Motors (GM 31.50, +1.32) and MDC Holdings (MDC 38.69, +1.72) reported better-than-expected earnings. Upbeat results from MDC Holdings have helped the SPDR S&P Homebuilders ETF (XHB 30.43, +0.60) rebound from yesterday's 1.5% loss. The homebuilders ETF is higher by 2.0%.

Elsewhere, the Dow Jones Transportation Average has also staged a rebound after yesterday's session resulted in a 2.3% decline. Today, the bellwether complex is firmer by 1.2%.

In the Treasury market, the 10-yr note is little changed with its yield holding steady at 1.637%.

With stocks near session highs, the CBOE Volatility Index (VIX 13.86, -0.63) hovers near its lowest levels of the day, suggesting near-term downside protection has lacked significant demand.

Today's economic data was plentiful. The initial claims level dropped from an upwardly revised 342,000 (from 339,000) for the week ending April 20 to 324,000 for the week ending April 27. That was the lowest initial claims reading since January 2008. The Briefing.com consensus expected the initial claims level to increase to 346,000.

The U.S. trade deficit narrowed in March, falling from an upwardly revised $43.6 billion (from $43.0 billion) to $38.8 billion. The Briefing.com consensus pegged the deficit at $43.0 billion. Export levels fell $1.7 billion in March to $184.3 billion as large declines in foods (-$1.0 billion) and petroleum-based products (-$1.1 billion) outweighed gains in aircraft parts ($0.8 billion) and nonmonetary gold ($0.5 billion).

Meanwhile, imports declined by $6.5 billion to $223.1 billion, with most of the drop occurring due to weaker demand for consumer goods (-$3.4 billion).

Also of note, nonfarm business labor productivity increased 0.7% in the preliminary first quarter reading after falling 1.7% (revised from -1.9%) during the fourth quarter. The Briefing.com consensus expected productivity to increase 1.2%. Output levels increased 2.5%, up from a 0.7% fourth quarter gain.DJ30 +115.36 NASDAQ +39.78 SP500 +13.94 NASDAQ Adv/Vol/Dec 1835/883.6 mln/585 NYSE Adv/Vol/Dec 2223/312.8 mln/727

12:30 pm : After climbing steadily through the first two hours of today's action, the major averages have leveled off. The S&P 500 is higher by 0.8% while the Nasdaq continues to outperform (+1.1%).

Elsewhere, small caps have been able to rebound from yesterday's selling, which caused the Russell 2000 to slide 2.5%. Today, the small cap index trades with a gain of 1.5%.

Meanwhile, the Dow Jones Transportation Average has behaved similarly to small caps. The bellwether complex is higher by 1.1% after losing 2.3% during yesterday's affair.DJ30 +106.19 NASDAQ +35.18 SP500 +12.93 NASDAQ Adv/Vol/Dec 1804/807.3 mln/598 NYSE Adv/Vol/Dec 2177/288.2 mln/761

12:00 pm : Equities continue to hover near their highs with the S&P 500 up 0.9%.

Today's continued push to fresh highs has received support from almost all sectors as eight of ten groups trade at their best levels of the day. Meanwhile, the utilities sector is the lone decliner (-0.5%) while the telecom space continues to hover near the middle of its range.

With stocks extending their push higher, the CBOE Volatility Index (VIX 13.85, -0.64) is near its lowest level of the day, suggesting near-term downside protection has lacked demand.DJ30 +124.10 NASDAQ +40.19 SP500 +14.88 NASDAQ Adv/Vol/Dec 1823/734.4 mln/560 NYSE Adv/Vol/Dec 2147/262.2 mln/761

11:30 am : The key indices have climbed to fresh highs and the S&P 500 is firmer by 0.9%. Although the benchmark average trades with a solid gain, the tech-heavy Nasdaq has been able to outperform.

The Nasdaq is higher by 1.1% and the recent strength of technology stocks has helped the index gain nearly 1.7% this week. Meanwhile, the S&P 500 has added 0.9% since Monday.

On the downside, the utilities sector is the lone decliner. The SDPR Utilities Select Sector ETF (XLU 40.94, -0.08) is off by 0.2%.DJ30 +112.08 NASDAQ +36.30 SP500 +14.12 NASDAQ Adv/Vol/Dec 1765/615.8 mln/578 NYSE Adv/Vol/Dec 2124/227.9 mln/777

11:00 am : The major averages are trading near their best levels of the day with the S&P 500 higher by 0.6%. Equities have climbed steadily through the first 90 minutes of the session with health care, industrials, and technology pacing the early gains.

The three leading sectors are up between 0.9% and 1.0% with the next best performer, energy, trading with a gain of 0.4%. Notably, the materials sector has turned positive after opening in the red. The cyclical sector is now higher by 0.4%.

In the Treasury market, the 10-yr note is little changed with its yield at 1.643%.DJ30 +70.50 NASDAQ +27.34 SP500 +9.18 NASDAQ Adv/Vol/Dec 1679/490.4 mln/615 NYSE Adv/Vol/Dec 1963/191.6 mln/895

10:35 am : Commodities are mostly higher this morning despite strength in the dollar index. Natural gas futures dropped sharply following weekly inventory data from the EIA. Meanwhile, crude oil futures are now pulling back from session highs. June crude is currently +0.8% at $91.72/barrel, June nat gas is now -5.2% at $4.11?MMBtu.

Precious metals are higher along with crude. Gold is sitting just below its session high, while silver has pullback just modestly from its own session high. June gold is +1.6% at $1468.90/oz. now and July silver is +2.5% at $23.93/oz.DJ30 +75.80 NASDAQ +26.52 SP500 +9.84 NASDAQ Adv/Vol/Dec 1727/458.3 mln/792 NYSE Adv/Vol/Dec 1999/165 mln/821

10:00 am : Key indices continue to hover near their highs with the Nasdaq showing significant strength. The tech-heavy index trades with a gain of 0.5%.

The relative strength of Visa (V 175.40, +9.38) is contributing to the outperformance of tech shares after the card processor beat on earnings and revenue. In addition, Visa raised its 2013 earnings guidance.

Also of note, Facebook (FB 28.26, +0.83) is higher by 2.9% following its bottom-line beat.

On the downside, materials and utilities continue to hover in the red, and recent action saw the telecom sector turn negative as well.DJ30 +41.85 NASDAQ +15.45 SP500 +5.36 NASDAQ Adv/Vol/Dec 1467/231.8 mln/678 NYSE Adv/Vol/Dec 1858/110.4 mln/863

09:45 am : The major averages have opened the session on an upbeat note as the S&P 500 trades higher by 0.4%. Although the benchmark average trades with a modest gain, only some sectors have shown similar optimism.

Health care and technology are the top performers with both groups up near 0.7%. On the downside, materials and utilities trade with modest losses.

Also of note, the dollar has shown some strength against the euro after the European Central Bank cut its key interest rate by 25 basis points to 0.50%. In addition, ECB President Mario Draghi said the central bank is "technically ready" for negative deposit rates. Currently, the Dollar Index is higher by 0.7% at 82.07.DJ30 +50.52 NASDAQ +17.82 SP500 +6.21 NASDAQ Adv/Vol/Dec 1517/158.8 mln/595 NYSE Adv/Vol/Dec 1937/84.4 mln/754

09:13 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +6.50. With 15 minutes left before the start of the cash session, equity futures signal a modestly higher open.

Investors received a fair share of economic data this morning as the latest weekly initial jobless claims count totaled 324,000, which was lower than the 346,000 that had been expected by the Briefing.com consensus.

Separately, the trade deficit narrowed to $38.8 billion during March after an upwardly revised prior month deficit of $43.6 billion. Economists polled by Briefing.com had expected that the deficit would come in at $43.0 billion.

Among earnings of note, Facebook (FB 28.05, +0.62) is higher by 2.3% following a bottom-line beat.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +11.70.

U.S. equity futures have slipped from their highs, but the S&P 500 futures continue to trade with a gain of 0.4%.

Markets across Asia ended mostly lower after returning to work following the Labor Day holiday. India's Sensex (+1.2%) was the exception as traders continued to gobble up shares in anticipation of a rate cut at tomorrow's Reserve Bank of India meeting. China's Shanghai Composite (-0.2%) saw little reaction to the weaker than expected HSBC Final Manufacturing PMI (50.4 actual v. 50.6 expected, 50.5 previous). Elsewhere, the latest Bank of Japan minutes showed some members have expressed concerns over the bold action being taken by the central bank. Data from the region saw Australia's building approvals plunge 5.5% month-over-month (+1.2% expected), Hong Kong's retail sales jump 10.2% year-over-year (12.2% expected), and Thailand's consumer confidence ease to 83.7 (84.8 previous).

In Japan, the Nikkei lost 0.8% to fall for the fourth straight session. Real estate names were under pressure as Sumitomo Realty & Development shed 1.3% and Mitsui Fudosan lost 0.7%. Meanwhile, exporters were mixed as Toyota Motor lost 1.1% and Canon added 0.2%.
Hong Kong's Hang Seng finished lower by 0.3% as trade slipped off its best level in more than a month. Casino operators were under pressure despite gaming revenue jumping 13% year-over-year. Galaxy Entertainment fell 3.6% while Sands China gave up 1.1%.
In China, the Shanghai Composite slipped 0.2% as traders returned after a three-day holiday. Real estate names were strong as Poly Real Estate added 2.1%. Elsewhere, alcohol producers were pressured with Kweichow Moutai sinking 1.7%.

European indices have climbed into positive territory after the European Central Bank cut its key interest rate by 25 basis points to 0.50%. In addition, the central bank lowered its marginal lending facility rate to 1.0% from 1.5%. Regional economic news was plentiful as Spain's Manufacturing PMI rose to 44.7 from 44.2 (44.5 consensus). Italy's Manufacturing PMI climbed to 45.5 from 44.5 (44.8 forecast). Meanwhile, the country's PPI was unchanged month-over-month (-0.2% expected). French Manufacturing PMI remained unchanged at 44.4, in-line with expectations. German Manufacturing PMI increased to 48.1 from 47.9 (47.9 expected). As a result, the Eurozone Manufacturing PMI climbed to 46.7 from 46.5 (46.5 forecast). Also of note, the United Kingdom's Construction PMI rose to 49.4 from 47.2 (48.0 consensus).

In news, Italian Prime Minister Enrico Letta said the country's new government plans to continue the economic reforms started by the prior government.

The United Kingdom's FTSE is adding 0.1% as miners show strength. Glencore International is jumping 4.6%. On the downside, drug maker Shire is off by 4.0% after its revenue fell short of estimates.
Germany's DAX is higher by 0.4% with financials outperforming. Commerzbank is rising 3.5% and Deutsche Bank trades with a gain of 2.3%.
In France, the CAC is rising 0.6%. Cap Gemini is the top index performer as the tech company trades with a gain of 5.6% after raising its guidance.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +14.70. Equity futures continue to hover near their highs following the latest set of economic data. The S&P 500 futures are higher by 0.6%.

The latest weekly initial jobless claims count totaled 324,000, which was lower than the 346,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 342,000. As for continuing claims, they rose to 3.019 million from 3.007 million.

Separately, the trade deficit narrowed to $38.8 billion during March after a upwardly revised prior month deficit of $43.6 billion. Economists polled by Briefing.com had expected that the deficit would come in at $43.0 billion.

Lastly, first quarter unit labor costs increased by 0.5%, which is lower than the 1.6% rise that had been widely anticipated. During the same period, productivity increased by 0.7%, according to the preliminary reading. An increase of 1.2% had been broadly forecast.

08:05 am : S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +9.20.

U.S. equity futures trade modestly higher amid mixed overseas trade. The S&P 500 futures are higher by 0.4%.

Looking at overnight developments:

Asian markets ended on a lower note. China's Shanghai Composite shed 0.2%, Hong Kong's Hang Seng lost 0.3%, and Japan's Nikkei settled lower by 0.8%.
In regional economic data:
China's final HSBC Manufacturing PMI declined to 50.4 from the preliminary reading of 50.5 (50.6 consensus).
Australia's building approvals decreased 5.5% month-over-month to follow last month's uptick of 3.0%.
Looking at news:
A Chinese state researcher said the country ought to keep a close watch over rising bad loans.
The Chinese State Information Center expects second quarter GDP growth to be in the neighborhood of 8.0% with inflation around 3.4%.

European indices are mostly lower with Germany's DAX outperforming, up 0.4%. Elsewhere, the United Kingdom's FTSE is off by 0.2% and France's CAC trades lower by 0.1%.
Economic data was plentiful:
The European Central Bank cut its key interest rate by 25 basis points to 0.50%. In addition, the central bank lowered its marginal lending facility rate to 1.0% from 1.5%.
Spain's Manufacturing PMI rose to 44.7 from 44.2 (44.5 consensus).
Italy's Manufacturing PMI climbed to 45.5 from 44.5 (44.8 forecast). Meanwhile, the country's PPI was unchanged month-over-month (-0.2% expected).
French Manufacturing PMI remained unchanged at 44.4, in-line with expectations.
German Manufacturing PMI increased to 48.1 from 47.9 (47.9 expected).
The Eurozone Manufacturing PMI climbed to 46.7 from 46.5 (46.5 forecast).
The United Kingdom's Construction PMI rose to 49.4 from 47.2 (48.0 consensus).
In news:
Italian Prime Minister Enrico Letta said the country's new government plans to continue the economic reforms started by the prior government.

In U.S. corporate news:

Facebook (FB 27.97, +0.54) is higher by 2.0% following a bottom-line beat.
Seagate (STX 38.68, +1.74) is rising 4.7% after beating on earnings and revenue.
Yelp (YELP 28.05, +2.75) is surging 10.9% after the company reported mixed earnings and raised its second-quarter and full-year revenue guidance.

The April Challenger Job Cuts Index declined 6.0% to follow the prior month's increase of 30.0%.

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.

07:20 am : Nikkei...13694.04...-105.30...-0.80%. Hang Seng...22668.30...-68.70...-0.30%.

07:20 am : FTSE...6411.23...-10.10...-0.20%. DAX...7933.33...+19.60...+0.30%.

07:17 am : [BRIEFING.COM] S&P futures vs fair value: +1582.30. Nasdaq futures vs fair value: +2873.20.

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

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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