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 Post subject: May 9th Thursday Trade Results - Profit $2800
PostPosted: Thu May 09, 2013 10:39 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
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (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 @ $2600.00 dollars or +26.00 points, Light Crude Oil CL ($CL_F) futures @ $200.00 dollars or +0.20 points, Gold GC ($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 @ $2800.00 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=1503

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: Shorts Get Squeezed

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

NEW YORK (CNNMoney)
The broader U.S. stock market closed in the red Thursday, but a few favorite targets of short sellers surged following upbeat earnings reports.

Tesla (TSLA) rallied after the electric car maker delivered its first ever profit and topped sales estimates. Green Mountain Coffee Roasters (GMCR) shares jumped after the company reported better-than-expected earnings and announced plans to extend its partnership with Starbucks (SBUX, Fortune 500). And Groupon (GRPN) shares rose sharply after the daily deal site reported a narrower loss compared to a year earlier.

One reason all three names were gaining so much traction is due to a so-called short squeeze. Shares of Tesla, Green Mountain and Groupon are heavily shorted, meaning that buyers have borrowed the stocks on a bet that their prices will fall. As the stocks rally, short sellers rush in to buy the stocks in order to cover their short positions before they head even higher.

As the bears minimized their losses, here are four highlights from the trading day:

1. Stocks still near all-time highs: The Dow Jones industrial average and S&P 500 hit a fresh all-time highs Thursday before closing a bit lower, while the Nasdaq touched its highest levels since November 2000 before shedding 0.1%.

Despite the small step back Thursday, all three indexes are up between 13% and 15% since the start of the year.

"I think we're taking a little breather," said John Edmunds, a business professor at Babson College in Wellesley, Mass., who has written several books about international finance. "[But] I don't see anything that would cause a deep decline. A lot of people think it's gone up so far, it's going to decline, but the fundamentals are actually getting better."

Global markets, which have also been rallying this year, took a pause Thursday as well. The yen continued to weaken against the dollar though, reaching a new 4-year low in late afternoon trading.

* Hedge funds bet against Chipotle

2. Jobless claims fall to another 5-year low: After a solid monthly jobs report last week, the U.S. government said that initial jobless claims dropped further than expected to 323,000 last week.

That's the lowest weekly tally in five years, signaling that layoffs are back to pre-recession levels.

* Fear & Greed Index, extremely greedy

3. Microsoft may be interested in buying the Nook: TechCrunch reported that Microsoft (MSFT, Fortune 500) may offer to buy the digital assets of Barnes and Noble's Nook Media e-reader unit for $1 billion. The speculation sparked a surge in Barnes & Noble (BKS, Fortune 500) stock.

4. Monster shares sink: Shares of Monster Beverage (MNST) tumbled after the company's quarterly earnings missed estimates. The energy drink maker, which has been criticized for marketing its highly caffeinated products to children, blamed the drop in earnings on legal costs and other short-term factors.

In other earnings news, DISH Network (DISH, Fortune 500) released quarterly results before the opening bell, showing a decline in sales and profit. Shares edged lower.

News Corp. (NWSA, Fortune 500) shares jumped after the media conglomerate said sales rose in the first quarter and reported earnings that met expectations.

Priceline (PCLN) shares slipped in extended trading after the online travel booker issued a worse-than-expected forecast for second-quarter earnings.

Gap (GPS, Fortune 500) pleasantly surprised investors by announcing that sales and earnings for the first quarter would be better than current expectations. The retailer, which also owns Old Navy and Banana Republic, officially reports earnings in two weeks Shares surged after hours.

Nearly 90% of the companies in the S&P 500 have now reported results for the first quarter. A majority have topped forecasts for earnings, which are now on track to rise about 5% compared to a year earlier, according to Thomson Reuters. But revenue growth has been subpar.

More than half of the companies that have reported have fallen short of revenue expectations, compared to a typical quarter when more than 60% beat sales estimates. Based on the results so far, revenue growth is expected to be flat compared to a year ago.

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Market Update

4:10 pm : The S&P 500 ended lower by 0.4%, snapping its streak of five consecutive gains.

After opening in the red, the major averages were able to shake off their early weakness before a wave of afternoon selling sent them to fresh lows.

The decline occurred amid speculation that a well-known reporter, who is considered to be a Fed-insider, may be hinting at changes to the Federal Reserve's quantitative easing program.

However, any change in policy would likely take an extended period of time to transpire with Chairman Bernanke first testing the waters with some "verbal" cues before any change in the policy would be made.

Defensively-oriented sectors finished among the laggards as the utilities space continued its recent weakness. The SPDR Utilities Select Sector ETF (XLU 39.74, -0.61) lost 1.5%. Since Monday, the sector has lost more than 4.0%.

The health care space was the only outperformer among defensive groups thanks to the relative strength of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 174.89, +0.11) ended higher by 0.1% and contributed to the relative strength of the Nasdaq.

The consumer discretionary sector also settled with a gain as homebuilders advanced. The SPDR S&P Homebuilders ETF (XHB 31.47, +0.07) rose 0.2%.

In addition, discount retailers like Fred's (FRED 15.22, +0.17) and TJX Companies (TJX 50.69, +0.29) ended with gains after reporting better-than-expected same store sales.

Industrial shares displayed some intraday strength in defense stocks following a bottom-line beat from Precision Castparts (PCP 206.68, +14.66). The PHLX Defense Index settled higher by 0.3%.

Although defense stocks kept the industrial sector from logging further losses, the Dow Jones Transportation Average displayed weakness throughout the day. The bellwether complex lost 1.1% as 19 components ended lower.

The CBOE Volatility Index (VIX 13.17, +0.51) settled higher after spending the entire day in positive territory, suggesting downside protection was in demand throughout the session.

In the foreign exchange market, the Japanese yen fell below 100 per the dollar for the first time since April 2009.

Reviewing today's economic data, the initial claims level fell from an upwardly revised 327,000 (from 324,000) for the week ending April 27 to 323,000 for the week ending May 4. The Briefing.com consensus expected the initial claims level to increase to 336,000. Today's reading puts claims at their lowest level since January 2008.

Typically, a sub-350,000 initial claims level would imply that payrolls would grow by at least 200,000. However, with uncertain demand, it is not guaranteed that firms will add to their workforce.

Also of note, wholesale inventories increased 0.4% in March after declining 0.3% in February. The Briefing.com consensus expected wholesale inventories to increase 0.3%.

Tomorrow's economic news will be limited to the April Treasury budget, which is set to be reported at 14:00 ET. Among earnings of note, ArcelorMittal (MT 12.76, +0.01) will report its quarterly results before the opening bell.DJ30 -22.50 NASDAQ -4.10 SP500 -6.02 NASDAQ Adv/Vol/Dec 966/1.76 bln/1484 NYSE Adv/Vol/Dec 1071/670.0 mln/1932

3:35 pm :

June crude oil spent its entire floor session in negative territory as a stronger dollar index put pressure on prices. The energy component fell as low as $95.35 per barrel in morning action but gathered buying support in afternoon pit trade. It trended higher for the remainder of the session and settled at $96.32 per barrel, or 0.3% lower.
June natural gas slid to a session low of $3.88 per MMBtu following a larger-than-anticipated build in inventories. However, the move was short lived as buyers stepped in and took prices above the breakeven level. Natural gas advanced to a session high of $4.02 per MMBtu and settled unchanged at $3.98 per MMBtu.
June gold slid to a session low of $1458.80 per ounce following better than anticipated initial claims data. Today's reading put claims at their lowest level since January 2008. Despite a stronger dollar index, the yellow metal trended higher for the remainder of floor trade and settled at $1468.40 per ounce, or 0.4% lower.
July silver also dipped to a session low of $23.69 per ounce in morning pit trade. Like gold, it found buying support and spent most of afternoon action chopping around just below the break-even level. It eventually settled just one penny lower at $23.91 per ounce.

DJ30 -15.52 NASDAQ -0.33 SP500 -5.21 NASDAQ Adv/Vol/Dec 1110/1595.7 mln/1431 NYSE Adv/Vol/Dec 1127/478 mln/1856

3:00 pm : The S&P 500 has slipped to fresh lows shortly after the Dollar Index made a notable jump to new session highs. The Index is now higher by 1.1% at 82.75 with the greenback showing significant strength against the euro and the yen.

Prior to the recent surge to session highs, the Dollar Index rose steadily as the Japanese yen crossed above 100 versus the dollar. This was the first time USDJPY has climbed above the century mark since April 2009.

Elsewhere, EURUSD is lower by 130 pips near 1.3030 after today's selling erased all of yesterday's gains. Following the recent losses, the 1.3000 area will be in focus next with both the 50- and the 200-day moving averages providing added support.DJ30 -32.14 NASDAQ -1.76 SP500 -6.58 NASDAQ Adv/Vol/Dec 1026/1.33 bln/1431 NYSE Adv/Vol/Dec 1084/407.4 mln/1900

2:30 pm : The major averages have slipped from their highs. The S&P 500 has returned to its flat line while the Nasdaq continues to outperform the other two indices.

The Nasdaq has traded ahead of the broader market throughout the day. The relative strength of biotechnology supported the index in morning trade while the early afternoon rise off lows saw the technology sector shake off its losses.

The SPDR Technology Select Sector ETF (XLK 31.64, +0.05) is higher by 0.2%. Large components have contributed to the recent strength as Google (GOOG 877.55, +3.92), Cisco Systems (CSCO 20.88, +0.17), and Qualcomm (QCOM 64.37, +0.25) trade with gains between 0.4% and 0.8%.DJ30 +29.19 NASDAQ +11.99 SP500 +0.91 NASDAQ Adv/Vol/Dec 1169/1.22 bln/1268 NYSE Adv/Vol/Dec 1315/366.9 mln/1649

2:00 pm : The S&P 500 is higher by 0.1% as equities continue their climb off lows. The financial sector is the only cyclical group which still trades in the red. Meanwhile, consumer staples, telecom, and utilities remain near their lows with the utilities sector down 1.3%.

Although the major averages trade near their best levels of the day, declining stocks have outpaced advancers by a ratio of 1.2.

Also of note, recent action saw the Japanese yen cross above 100 for the first time since April 2009. USDJPY currently trades at 100.45.DJ30 +29.52 NASDAQ +13.95 SP500 +1.67 NASDAQ Adv/Vol/Dec 1177/1.13 bln/1255 NYSE Adv/Vol/Dec 1351/340.5 mln/1585

1:30 pm : Recent action saw the S&P 500 climb back into positive territory while the Dow and Nasdaq trade at fresh session highs.

Although stocks have climbed off their lows, the Dow Jones Transportation Average remains lower by 0.6%.

Despite the major averages trading near their highs, the CBOE Volatility Index (VIX 12.91, +0.25) is higher by 3.1%. This suggests some downside protection is being sought.DJ30 +24.35 NASDAQ +9.17 SP500 +0.22 NASDAQ Adv/Vol/Dec 1111/1.03 bln/1309 NYSE Adv/Vol/Dec 1311/311.1 mln/1626

1:00 pm : After logging five consecutive gains, the S&P 500 trades lower by 0.1% at midday.

With the major averages showing little change, a measure of uncertainty appears to be present.

Three cyclical sectors (consumer discretionary, industrials, and materials) are among the top performers while other three (energy, financials, technology) have spent the first half of the session in the red.

The industrial sector is the top performer as defense-related stocks lead the space higher after Precision Castparts (PCP 208.21, +16.19) beat on earnings. In addition, Boeing (BA 94.72, +0.68) is higher by 0.7% after All Nippon Airways said the Dreamliner will return into service on June 1. The PHLX Defense Index trades with a gain of 0.6%.

Although some industrial components have shown relative strength, transportation-related stocks are among the laggards. The Dow Jones Transportation Average is off by 0.7% as 15 of 20 components hover in the red.

Three defensively-oriented sectors are among the laggards as consumer staples, telecom, and utilities trade with losses between 0.6% and 1.3%.

Meanwhile, the other defensive sector, health care, is little changed as biotech names trade ahead of the broader market. The iShares Nasdaq Biotechnology ETF (IBB 175.39, +0.61) is higher by 0.4%.

The relative strength of biotechnology has also provided some support to the Nasdaq, which trades with a slim gain.

In today's economic data, the initial claims level fell from an upwardly revised 327,000 (from 324,000) for the week ending April 27 to 323,000 for the week ending May 4. The Briefing.com consensus expected the initial claims level to increase to 336,000. Today's reading puts claims at their lowest level since January 2008.

Typically, a sub-350,000 initial claims level would imply that payrolls would grow by at least 200,000. However, with uncertain demand, it is not guaranteed that firms will add to their workforce.

Also of note, wholesale inventories increased 0.4% in March after declining 0.3% in February. The Briefing.com consensus expected wholesale inventories to increase 0.3%.DJ30 +10.26 NASDAQ +3.14 SP500 -1.94 NASDAQ Adv/Vol/Dec 1075/928.1 mln/1319 NYSE Adv/Vol/Dec 1243/282.9 mln/1676

12:30 pm : The major averages continue to trade in the red with the S&P 500 lower by 0.3%.

The consumer discretionary sector is among the handful of outperformers as retailers register slim gains after several companies announced their April same store sales.

Of the nine companies, which reported their results, six reported sales ahead of the Retail Metrics Consensus. Discount retailers like Ross Stores (ROST 66.28, +0.15) and TJX Companies (TJX 50.77, +0.26) are among the outperformers while the broader SPDR S&P Retail ETF (XRT 75.43, +0.04) trades higher by 0.1%.DJ30 -13.27 NASDAQ -1.70 SP500 -4.38 NASDAQ Adv/Vol/Dec 998/847.4 mln/1389 NYSE Adv/Vol/Dec 1153/260.2 mln/1756

12:00 pm : The S&P 500 is off by 0.2% while the Nasdaq was able to break into positive territory. The tech-heavy index is higher by 0.1%.

Although the Nasdaq has climbed off its lows, the technology sector remains in the red as large components weigh. However, chipmakers are among the outperformers as the PHLX Semiconductor Index trades higher by 0.5%.

Biotechnology has also provided some support to the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 175.37, +0.59) adds 0.3%. The relative strength of biotech names has helped the health care sector, which trades flat.DJ30 -5.22 NASDAQ +1.54 SP500 -3.26 NASDAQ Adv/Vol/Dec 1037/757.4 mln/1329 NYSE Adv/Vol/Dec 1149/235.6 mln/1756

11:30 am : Equities continue to trade near their lows as most sectors remain in the red. A certain level of indecision appears to be present in the market as there is no defined sector leadership.

Although three cyclical sectors (consumer discretionary, industrials, and materials) trade with gains, the other three (financials, energy, and technology) are among the laggards.

Conversely, the defensively-geared health care sector trades with a slim gain while consumer staples, telecom, and utilities bring up the rear.DJ30 -2.29 NASDAQ +0.64 SP500 -2.57 NASDAQ Adv/Vol/Dec 1046/660.5 mln/1291 NYSE Adv/Vol/Dec 1171/208.8 mln/1694

11:00 am : The S&P 500 is off by 0.3% as the major averages hover near their lows. Eight of ten sectors trade in the red with energy and financials pressuring the broader market.

On the upside, the industrial sector is higher by 0.2% as defense stocks outperform after Precision Castparts (PCP 206.98, +14.96) beat on earnings.

In addition, Boeing (BA 95.00, +0.96) is rising 1.0% after All Nippon Airways said it will return the Dreamliner into service on June 1.

The outperformance of defense-related companies has boosted the PHLX Defense Index, which trades higher by 0.6%.DJ30 -23.11 NASDAQ -5.84 SP500 -4.57 NASDAQ Adv/Vol/Dec 900/532.2 mln/1389 NYSE Adv/Vol/Dec 1011/170.1 mln/1854

10:35 am : Commodities remains mostly lower, while the dollar index remains higher and near its HoD. Natural gas was selling off just ahead of today's inventory data. Following the data, which showed a larger-than-expected build, nat gas dropped to a new session low. June nat gas is currently -1.5% at $3.92/MMBtu.

Crude oil has been trending lower this morning and just fell back below the $96 level minutes ago. June crude is now -0.8% at $95.87/barrel.

Precious metals have been on a downtrend this morning as well. Both gold and silver hit new session lows shortly after floor trading began, but have been recovering in recent activity. June gold is now -0.5% at $1465.90/oz, while July silver is -0.4% at $23.84/oz. July copper is -0.9% at $3.34/lb.DJ30 -17.82 NASDAQ -8.44 SP500 -4.62 NASDAQ Adv/Vol/Dec 927/486.2 mln/1604 NYSE Adv/Vol/Dec 845/140 mln/1985

10:00 am : Equities saw little change in reaction to the latest wholesale inventories data. The S&P 500 is off by 0.1%.

March wholesale inventories rose 0.4%, which was higher than the increase of 0.3% expected by the Briefing.com consensus. Today's report follows last month's decrease of 0.3%.DJ30 +5.26 NASDAQ +0.05 SP500 -1.06 NASDAQ Adv/Vol/Dec 970/254.3 mln/1195 NYSE Adv/Vol/Dec 1173/96.5 mln/1575

09:45 am : The major averages are little changed after starting the session on a lower note. The S&P 500 is off by 0.1%.

Eight of ten sectors trade in the red while two cyclical groups have been able to outperform during the opening minutes. Consumer discretionary and industrial sectors trade with respective gains of 0.4% and 0.3%.

The discretionary sector has been supported by retailers as the SPDR S&P Retail ETF (XRT 75.79, +0.40) trades higher by 0.5%.

March wholesale inventories will be reported at 10:00 ET.DJ30 +2.99 NASDAQ +1.04 SP500 -0.78 NASDAQ Adv/Vol/Dec 954/165.1 mln/1138 NYSE Adv/Vol/Dec 1183/68.7 mln/1466

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -6.80. Heading into the open, equity futures signal a lower start to the cash session. The S&P 500 futures are off by 0.1% after climbing off their pre-market lows.

Equity futures began lifting after it was reported that the initial claims level fell from an upwardly revised 327,000 (from 324,000) for the week ending April 27 to 323,000 for the week ending May 4. This was the lowest claims level since January 2008.

Investors will receive one more economic data point at 10:00 ET when the March wholesale inventories report crosses the wires.

Among earnings of note, Green Mountain Coffee Roasters (GMCR 68.90, +9.42) is higher by 15.8% after beating on earnings. The coffee company also issued upside third quarter and full-year earnings guidance.

The U.S. Treasury will auction $24 billion in 30-yr bonds.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -9.00.

U.S. equity futures continue to hover near their lows with the S&P 500 futures off by 0.2%.

The major Asian bourses ended mostly lower with China's Shanghai Composite (-0.6%) among the laggards after Chinese CPI climbed 2.4% year-over-year (2.3% expected), fueled by an increase in food prices. PPI was also released, sliding 2.6% year-over-year (-2.2% expected). Elsewhere, Australia's ASX (unch) saw a flat close despite the stronger than expected Australian jobs report. Employment change surged by 50.1K (11.5K expected), dropping the unemployment rate to 5.5% (5.6% expected, 5.5% previous). The Bank of Korea opined overnight, surprising markets with a 25 basis point cut to 2.50% (2.75% previous) as it looks to weaken the won to make it more competitive against the yen.

In Japan, the Nikkei slipped 0.6% to end lower for the first time in three days. Toshiba sank 5.0% for a second straight session following its disappointing profit while Toyota Motor fell 1.4% after its cautious 2014 guidance.
Hong Kong's Hang Seng shed 0.1% following the Chinese data. Materials names were pressured as Cnooc slid 1.1% and Anhui Conch Cement shed 2.8%. Meanwhile, solar names were under pressure on reports the European Union was looking to impose a tariff of up to 67.9% due to unfair pricing by Chinese companies. Hanergy Solar Group led the space lower, falling 3.8%.
In China, the Shanghai Composite settled lower by 0.6% as real estate stocks were weak. China Merchants Property and Poly Roly Estate both lost at least 2.0%.

European indices trade generally lower as China's inflation data weighs on sentiment. In today's economic news, the Bank of England kept its key interest rate and purchasing program unchanged at their respective 0.50% and GBP375 billion. In addition, the country's industrial production rose 0.7% month-over-month (0.2% forecast) while the year-over-year reading declined 1.4% (-1.6% forecast). Lastly, manufacturing production rose 1.1% month-over-month (0.3% consensus). Elsewhere, Spanish industrial production declined 0.6% year-over-year (-5.5% consensus).

Also of note, the European Central Bank has released its Monthly Report, which reiterated statements made by Mario Draghi at the recent press conference. The report commented on the downside risks and pointed to weak global demand as one of the factors, which could delay recovery. In Italy, the country's appeals court upheld Silvio Berlusconi's conviction in the Mediaset tax fraud case. Mr. Berlusconi was sentenced to a prison term of four years and received a five-year ban from public office.

The United Kingdom's FTSE is flat. Eurasian Natural Resources is down 5.5% after the company reported a decline in output after one of its mines was closed for maintenance. On the upside, Experian is higher by 5.6% after beating on earnings.
In Germany, the DAX is off by 0.1% as growth-sensitive names weigh. Lanxess is down 3.0% and HeidelbergCement trades lower by 0.7%.
In France, the CAC is down 0.8%. Drug maker Sanofi and insurer AXA are both down near 4.0%.
Italy's MIB trades lower by 1.1%. Financials are among the laggards after Mediobanca reported a third quarter loss. Mediobanca and Unicredit are both down near 2.0%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -8.80. U.S. equity futures ticked off their lows in reaction to the latest claims data. The S&P 500 futures are off by 0.1%.

The latest weekly initial jobless claims count totaled 323,000, which was lower than the 336,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 327,000. As for continuing claims, they fell to 3.005 million from 3.032 million.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -6.80.

U.S. equity futures trade lower amid cautious overseas trade. The S&P 500 futures are off by 0.1%.

Looking at overnight developments:

Asian markets ended with modest losses as Hong Kong's Hang Seng shed 0.1%, China's Shanghai Composite declined 0.6%, and Japan's Nikkei lost 0.7%.
In regional economic data:
The Bank of Korea cut its key interest rate 25 basis points to 2.50% (2.75% expected).
China's CPI rose 2.4% year-over-year (2.3% expected) while the month-over-month reading increased 0.2% (0.1% consensus). Also of note, PPI slipped 2.6% (-2.3% forecast).
In New Zealand, employment change came in at better-than-expected 1.7% (0.8% forecast) resulting in a 60 basis point decline in the unemployment rate to 6.2% (6.8% expected).
Australia also reported better-than-expected employment change of 50.1K (12.0K expected). This helped the unemployment rate decline to 5.5% (5.6% forecast).
Japan's Leading Index was reported at 97.6 (97.7 forecast).
Looking at news:
The Chinese press expects the country's government to prepare plans aimed at curbing production overcapacity.
In South Korea, the KOSPI outperformed other regional indices with a gain of 1.2% after the country's central bank cut its interest rate.

European indices trade generally lower. France's CAC is down 0.8%, Germany's DAX is off by 0.1%, and the United Kingdom's FTSE is flat. On the periphery, Italy's MIB is lower by 1.1%.
Looking at economic data of note:
The Bank of England kept its key interest rate and purchasing program unchanged at their respective 0.50% and GBP375 billion. In addition, the country's industrial production rose 0.7% month-over-month (0.2% forecast) while the year-over-year reading declined 1.4% (-1.6% forecast). Lastly, manufacturing production rose 1.1% month-over-month (0.3% consensus).
Spanish industrial production declined 0.6% year-over-year (-5.5% consensus).
In news:
The European Central Bank has released its Monthly Report, which reiterated statements made by Mario Draghi at the recent press conference. The report commented on the downside risks and pointed to weak global demand as one of the factors which could delay recovery.
The Italian appeals court upheld Silvio Berlusconi's conviction in the Mediaset tax fraud case. Mr. Berlusconi was sentenced to a prison term of four years and received a five-year ban from public office.

In U.S. corporate news:

Barnes & Noble (BKS 23.40, +5.63) is higher by 31.4% amid speculation Microsoft (MSFT 32.85, -0.14) may bid for JV Nook Media.
Green Mountain Coffee Roasters (GMCR 69.70, +10.22) is jumping 17.2% after reporting a bottom-line beat. In addition, the company guided third quarter and full-year earnings above consensus.
Monster Beverage (MNST 50.05, -6.92) is down 12.2% after missing on earnings and revenue.
Rackspace Hosting (RAX 41.00, -11.24) is lower by 21.5% following its miss on earnings and revenue.
Sony (SNE 17.88, -0.06) is off by 0.3% despite beating on earnings and revenue.

Weekly initial claims and March wholesale inventories will be reported at 8:30 ET and 10:00 ET, respectively.

The U.S. Treasury will auction $24 billion in 30-yr bonds.

06:57 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -5.00.

06:57 am : Nikkei...14191.48...-94.20...-0.70%. Hang Seng...23211.48...-32.90...-0.10%.

06:57 am : FTSE...6586.33...+2.90...0.00. DAX...8246.85...-2.90...0.00.

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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