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 Post subject: May 10th Friday Trade Results - Profit $2120
PostPosted: Sat May 11, 2013 8:13 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ ($80.00) dollars or -0.80 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $2200.00 dollars or +22.00 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 @ $2120.00 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 of my 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 to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=117&t=1504

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. Simply, my trade method is applicable for position trading, swing trading and day trading.

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.

New Highs During Three Week Winning Streak

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

NEW YORK (CNNMoney)
The rally on Wall Street continues, with stocks ending Friday at fresh record highs.

After seesawing for most of the day, the Dow Jones industrial average rose 0.2% to end at a new record high. The S&P 500 also hit a new record high, adding 0.4%. The Nasdaq gained 0.8%.

The advance capped a third week of gains for the indexes. The Dow and S&P both held firmly above key psychological levels (15,000 and 1,600 respectively).

Still, investors were largely focused on the foreign exchange market, where the U.S. dollar has been on a tear versus the Japanese yen and other currencies.

"We're watching the strengthening dollar because that tends to be a good indicator of equity moves," said Art Hogan, managing director at Lazard Capital Markets.

Much of the action Friday was in Tokyo. Japan's Nikkei surged 3% to a five-year high as the yen continued to weaken against the U.S. dollar, which rose to ¥101 one day after hitting ¥100 for the first time in four years.

Currency war? The yen is down 15% against the greenback so far this year as the Bank of Japan is on a mission to beat deflation by pumping money into the economy. But traders said the latest move has more to do with a strong dollar than a weak yen. The dollar has been boosted recently by signs of strength in the U.S. job market and interest rate cuts from a parade of central banks.

Speaking of central bank intervention, Federal Reserve Chairman Ben Bernanke said after a speech in Chicago that the central bank is keeping an eye out for bubbles in the financial system, but he did not address the central bank's controversial asset purchasing program.

* Nikkei at 5-year high

Meanwhile, finance officials from the world's top seven economic powers are meeting near London Friday for talks on the global economy. The G7 ministers are expected to reaffirm their previous statement that they are focused on boosting growth, while also refraining from "competitive devaluation," the technical term for a currency war.

Afraid to bail on the bull. There were few major corporate or economic reports to drive stocks Friday. Investor sentiment is "cautiously optimistic," said David Madden, market analyst at IG Markets in London.

"Nobody wants to buy at the top, but given how anxiously central banks will push things, nobody's willing to take money off the table at the same time," he said.

All three major indexes are up between 13% and 15% so far this year.

The rally has been led by the more defensive sectors of the market, including consumer staples and utilities.

But investors are now starting to rotate into shares of companies that are more sensitive to the economic cycle, such as the industrial names, said Lazard's Hogan.

The market is still "relatively well valued," he said, but it's too soon to say how the trend will play out. "It's less about risk tolerance than it is about how stretched the defensive trade has gotten," he noted.

* Fear & Greed Index gets greedy

Tesla stock is electric. Tesla (TSLA) shares continued to rally after the electric car maker reported a quarterly profit for the first time earlier this week. The company also won plaudits from Consumer Reports, which dubbed the Tesla Model S the best car it has ever tested.

Tesla, which is a big target of short sellers, is likely benefiting from a massive squeeze as investors who bet against the stock rush to buy it back before it goes even higher.

A bidding war is brewing over Dell (DELL, Fortune 500). Activist investor Carl Icahn and Southeastern Asset Management sent an alternative buyout offer to the PC maker. Icahn also disclosed a 4.52% stake in Dell. The move is a challenge to the offer Michael Dell announced in January.

Priceline (PCLN) shares rose even though the online travel booker issued a worse-than-expected forecast for second-quarter earnings. Results for the first quarter did top estimates.

Gap (GPS, Fortune 500) shares rose more than 5% after the apparel retailer issued strong quarterly guidance.

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Market Update

4:15 pm : After enduring a choppy session, the S&P 500 settled higher by 0.4% to end the week with a gain of 1.2%. The Nasdaq outperformed the benchmark average throughout the day as the tech-heavy index advanced 0.8%.

The outperformance of the Nasdaq was largely due to the relative strength of biotech as the iShares Nasdaq Biotechnology ETF (IBB 180.02, +5.13) settled higher by 2.9%. The sharp gains in biotech also provided support for the health care sector, which ended atop the leaderboard.

Meanwhile, other tech stocks traded in mixed fashion. The largest sector component, Apple (AAPL 452.97, -3.80), lost 0.8%, but many other large cap names ended with modest gains. Chipmakers also finished among the outperformers after NVIDIA (NVDA 14.54, +0.63) beat on earnings and revenue. The broader PHLX Semiconductor Index rose 0.7%.

While the Nasdaq spent the entire day in positive territory, the Dow and S&P 500 underperformed as commodity-related sectors lagged.

The energy space was the biggest laggard as the sector lost 0.5%. Lower price of crude oil contributed to the sector weakness as the energy component slipped 0.6% to $95.86 per barrel. Oil was down as much as 3.1% at the start of today's session, but was able to pare its losses intraday.

Similar to oil, metals sold off early, but regained some of their losses into the afternoon. Gold closed down 1.8% at $1442.80 per troy ounce while silver shed 0.7% to end at $23.75 per troy ounce. Copper also displayed losses early, but ended the session with a gain of 1.2% at $3.38 per pound.

The weakness in metals pressured the materials sector early on, but the group was able to climb off its lows to end flat.

Notably, the industrial sector underperformed despite the strength of transportation-related stocks. The Dow Jones Transportation Average added 0.6%.

Cyclical groups were led by the discretionary sector. Retailers outperformed notably after Gap (GPS 40.99, +2.18) reported better-than-expected April same store sales. The broader SPDR S&P Retail ETF (XRT 76.45, +1.08) settled higher by 1.4%.

Homebuilders also provided support for the discretionary sector as the SPDR S&P Homebuilders ETF (XHB 31.91, +0.44) ended higher by 1.4%.

Today's economic data was limited to the April Treasury Budget, which showed a surplus of $112.90 billion. This was better than the surplus of $112 billion expected by the Briefing.com consensus.

Week in Review: S&P 500 Climbs to New Record Highs

On Monday, April retail sales and retail sales ex-auto will be reported at 8:30 ET while March business inventories will be released at 10:00 ET. Week in Review: S&P 500 Climbs to New Record Highs On Monday, the major averages ended on a mixed note as the S&P 500 rose 0.2% while the Dow Jones Industrial Average shed five points. With no economic news of note and two major foreign markets closed (Japan and the United Kingdom), investors reacted to quarterly earnings. The now-familiar pattern of anemic top-line growth remained in effect as quarterly results from Sysco (SYY 34.20, +0.04) and Tyson Foods (TSN 24.75, -0.13) missed their marks. The results weighed on the third-best performing sector of the year as the SPDR Consumer Staples Select Sector ETF (XLP 41.16, +0.16) ended lower by 0.7%.

Tuesday saw equities settle with modest gains as the S&P 500 rose 0.5% to close at a new all-time high while the Dow notched its first close above 15,000. The energy sector charged out of the gate as EOG Resources (EOG 133.58, -2.50) displayed notable strength after beating on revenue. The growth-sensitive sector ended with a solid gain even as crude oil ended lower by 0.7% at $95.47. Most other cyclical sectors finished ahead of the broader market and the Dow Jones Transportation Average outperformed as well. The bellwether complex advanced 1.6% to a fresh record high as 18 of 20 components settled in the black.

On Wednesday, the S&P 500 settled higher by 0.4% to register its fifth consecutive gain. Cyclical sectors appeared weak during the opening minutes, but most economically-sensitive groups were able to rebound, and finish in the lead. The materials space displayed strength from the start as industrial metals traded higher after China reported a wider-than-expected trade surplus. Gains in copper were notable as the red metal advanced 1.7% to 3.361 per pound.

Thursday saw the S&P 500 register its first lower close of the week. The benchmark average sank to its lows amid afternoon 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. Although equities fell after the rumors began making the rounds, the earlier gains were shaky at best as declining issues outpaced advancers. The CBOE Volatility Index (VIX 12.78, -0.35) settled higher after spending the entire day in positive territory, suggesting downside protection was in demand throughout the session.DJ30 +35.87 NASDAQ +27.41 SP500 +7.03 NASDAQ Adv/Vol/Dec 1659/1.65 bln/837 NYSE Adv/Vol/Dec 1900/630.5 mln/1100

3:30 pm :

June crude oil extended yesterday's losses, falling to a session low of $93.37 per barrel as a stronger dollar pressured the commodities space. However, the energy component rallied sharply as it headed into the close and settled at $96.00 per barrel, or just below its session high of $96.23 per barrel. Today's weakness brought the week's gains down to 0.4%.
June natural gas began the floor session in positive session but pulled back from its session high of $4.00 per MMBtu and fell into the red. It trended lower for the remainder of pit trade and settled at its session low of $3.91 per MMBtu, booking a 3.2% loss for the week.
June gold extended yesterday's losses as the stronger dollar continued to pressure prices. The yellow metal dipped to a pit session low of $1418.50 per ounce but pushed slightly higher in afternoon trade. Gold brushed a session high of $1437.90 per ounce moments before settling at $136.50 per ounce, and booked a 1.9% loss for the week.
June silver also spent its entire floor session in negative territory. It traded in a consolidative pattern near the $23.30 per ounce level in morning action and picked up momentum as it headed into the close. Silver touched a session high of $23.69 per ounce and settled at $23.65 per ounce, bringing losses for the week to 1.5%.

DJ30 -4.75 NASDAQ +22.49 SP500 +3.06 NASDAQ Adv/Vol/Dec 1642/1442.2 mln/931 NYSE Adv/Vol/Dec 1736/422 mln/1245

3:00 pm : The S&P 500 trades higher by 0.1% as today's session enters its final hour.

In the foreign exchange market, the Dollar Index has fallen from its best levels of the session, but still holds solid gains near 83.10. Early buying ran the greenback up to 83.45, its best level in over a month.

The dollar enjoyed its second day of strength with most of the gains coming against the euro and the yen.

The euro is lower by 60 pips at 1.2985 against the dollar after today's selling has pushed the pair below 1.3000 support. The single currency would fall as far as 1.2935 before buyers emerged as trade now looks to regain both the 200- (1.2990) and 50-day (1.3005) moving averages. Notably, Eurogroup meetings will take place in Brussels on Monday.

Elsewhere, USDJPY is higher by 90 pips at 101.55 as trade holds at its best level since October 2008. The pair rallied to within a couple of pips of 102.00 before the buying let up. Gains were fueled by overnight comments from Japanese Prime Minister Shinzo Abe as he reiterated the central bank's 2.0% inflation target.DJ30 -8.25 NASDAQ +20.70 SP500 +2.38 NASDAQ Adv/Vol/Dec 1539/1.27 bln/913 NYSE Adv/Vol/Dec 1688/380.4 mln/1295

2:30 pm : Afternoon action has slowed down considerably as the major averages hover near their recent levels.

Including today's slim gain, the S&P 500 is up 0.9% for the week. Meanwhile, the Nasdaq has added 1.5% since Monday. The Nasdaq has outperformed the broader market in recent weeks after the first three months of the year saw the tech-heavy index lag behind the Dow and S&P.

Today's intraday volume has set the expectation for a below-average final tally as only 350 million shares have changed hands on the floor of the New York Stock Exchange. Light volume has been a recurring theme this week. Only the Wednesday session resulted in volume in-line with its 50-day average of 725 million.DJ30 -4.07 NASDAQ +21.07 SP500 +2.56 NASDAQ Adv/Vol/Dec 1556/1.18 bln/889 NYSE Adv/Vol/Dec 1712/348.9 mln/1258

2:00 pm : The S&P 500 is higher by 0.1% while the Dow trades with a loss of 0.1%.

The April Treasury Budget showed a surplus of $112.9 billion, which was better than the surplus of $112 billion expected by the Briefing.com consensus. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 -11.89 NASDAQ +18.32 SP500 +1.35 NASDAQ Adv/Vol/Dec 1514/1.1 bln/917 NYSE Adv/Vol/Dec 1641/325.8 mln/1325

1:30 pm : Recent action saw the Nasdaq return to its highs while the Dow and S&P 500 continue to trade in mixed fashion.

The Nasdaq climbed back to its best levels of the day as biotechnology shares remain in an uptrend. The iShares Nasdaq Biotechnology ETF (IBB 178.86, +3.97) is higher by 2.3%. The significant gains in biotech have also strengthened the health care sector, which sits atop the leaderboard.

The U.S. Treasury will report its April budget in 30 minutes.DJ30 -3.41 NASDAQ +19.07 SP500 +2.39 NASDAQ Adv/Vol/Dec 1522/1.02 bln/908 NYSE Adv/Vol/Dec 1695/301.1 mln/1261

1:00 pm : At midday, the major averages trade in mixed fashion. The Dow is off by 0.1%, the S&P 500 is little changed while the Nasdaq sports a gain of 0.4%.

The Nasdaq has outperformed the broader market due to the relative strength of biotech. The sector has been a notable leader in today's trade with the iShares Nasdaq Biotechnology ETF (IBB 178.34, +3.45) up 2.0%.

Biotech names also comprise a fair share of the health care sector, which is the top performer.

Meanwhile, the Dow and S&P 500 have been unable to hold their gains as commodity-related sectors lag.

The energy space is off by 1.0% amid notable losses in crude oil. The energy component trades lower by 2.1% at $94.38.

Elsewhere, weakness in steelmakers and miners has weighed on the materials space. The Market Vectors Steel ETF (SLX 43.32, -0.22) is off by 0.5% while the Market Vectors Gold Miners ETF (GDX 29.20, -0.65) slumps 2.2%. As a result, the SPDR Materials Select Sector ETF (XLB 40.36, -0.25) is down 0.6%.

Outside of the previously mentioned health care space, the discretionary sector has displayed strength throughout the day amid notable outperformance from retailers after Gap (GPS 40.84, +2.03) reported better-than-expected April same store sales. The broader SPDR S&P Retail ETF (XRT 76.14, +0.77) trades higher by 1.0%.

The CBOE Volatility Index (VIX 13.27, +0.14) hovers in positive territory after ending yesterday's session with a modest gain.

There was no economic data of note released this morning. However, the April Treasury budget will be announced at 14:00 ET.DJ30 -21.96 NASDAQ +13.58 SP500 +0.18 NASDAQ Adv/Vol/Dec 1392/930.5 mln/1009 NYSE Adv/Vol/Dec 1569/275.1 mln/1369

12:30 pm : The S&P 500 has slid to fresh lows after several cyclical sectors faced a modest wave of selling. Financials, industrials, materials, and technology have all notched new lows while energy and consumer discretionary sectors have slipped from their recent levels.

Notably, while the industrial sector hovers near its lows, transportation-related names have outperformed. The Dow Jones Transportation Average is higher by 0.3% as airlines lead. Delta Air Lines (DAL 17.94, +0.24) is up 1.4%.

With today's choppy trade, the CBOE Volatility Index (VIX 13.33, +0.20) is higher by 1.5% after ending yesterday's session with a gain.DJ30 -24.86 NASDAQ +11.54 SP500 -0.21 NASDAQ Adv/Vol/Dec 1360/848.5 mln/1028 NYSE Adv/Vol/Dec 1548/254.1 mln/1371

12:00 pm : Recent action saw the Dow and S&P 500 continue to alternate between gains and losses while the Nasdaq remains in the lead.

The tech-heavy index has been able to outperform even as its largest component, Apple (AAPL 452.61, -4.16), trades lower by 0.9%. However, Apple's weakness has been overshadowed by the relative strength of other major components.

High-beta chipmakers have enjoyed a strong session so far following NVIDIA's (NVDA 14.46, +0.55) earnings and revenue beat. The broader PHLX Semiconductor Index is higher by 0.5%.DJ30 -24.42 NASDAQ +11.20 SP500 -0.49 NASDAQ Adv/Vol/Dec 1387/751.6 mln/973 NYSE Adv/Vol/Dec 1523/223.8 mln/1382

11:30 am : The Nasdaq remains in the lead as commodity-related sectors pressure the Dow and S&P 500.

The energy space has been pressured by crude oil, which trades lower by 2.7% at $93.84 per barrel.

Elsewhere, the materials sector trails behind the broader market as miners and steelmakers lag. The Market Vectors Steel ETF (SLX 43.08, -0.46) is down 1.1% while the Market Vectors Gold Miners ETF (GDX 28.96, -0.89) is down 3.0%.

Metals have also been pressured as gold trades with a loss of 3.1% at $1422.80 per troy ounce while copper is off by 0.4% at $3.327 per pound.DJ30 +5.85 NASDAQ +14.05 SP500 +3.02 NASDAQ Adv/Vol/Dec 1408/671.8 mln/926 NYSE Adv/Vol/Dec 1645/201.3 mln/1236

11:00 am : The major averages have slipped to their lows. While the Dow and S&P 500 trade little changed, the Nasdaq continues to hover in the black.

In addition to the relative strength of the tech sector, the outperformance of biotech has provided support for the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 176.53, +1.64) is higher by 0.9%. Biotech names also comprise a fair share of the health care sector, which trades with a gain of 0.4%.

Health care stocks are among the leaders second only to the discretionary sector, which trades higher by 0.5%.DJ30 -8.21 NASDAQ +11.25 SP500 +0.82 NASDAQ Adv/Vol/Dec 1366/546.1 mln/954 NYSE Adv/Vol/Dec 1584/167.6 mln/1226

10:35 am : Most commodities are taking a hit this morning as the dollar index rallied to new session highs. Crude oil, gold and silver have been the big movers this morning.

Crude fell below the $94 level, gold has been heading down near $1400 and silver down near $23. June crude oil is now -2.8% at $93.67/barrel. June natural gas is -0.3% at $3.97/MMBtu.

In metals, June gold is now -3.2% at $1420.90/oz, July silver is -2.7% at $2.27/oz and July copper is -0.6% at $3.32/lbDJ30 -30.98 NASDAQ +5.16 SP500 -1.85 NASDAQ Adv/Vol/Dec 1433/481.7 mln/1078 NYSE Adv/Vol/Dec 1441/142 mln/1352

10:00 am : The Dow and S&P 500 trade with modest gains while the Nasdaq is higher by 0.5%.

The tech-heavy index trades ahead of the other two indices as large components outperform. Google (GOOG 875.66, +4.18) and Oracle (ORCL 33.84, +0.13) are both up near 0.5%.

Notably, the CBOE Volatility Index (VIX 13.26, +0.13) is modestly higher after ending yesterday's session in positive territory.DJ30 +29.61 NASDAQ +17.40 SP500 +4.85 NASDAQ Adv/Vol/Dec 1388/267.4 mln/793 NYSE Adv/Vol/Dec 1674/91.9 mln/1065

09:45 am : After showing slim gains at the open, the major averages have slipped to their lows. Currently, the S&P 500 is flat.

The energy sector is a notable laggard in early action amid significant weakness in crude oil. The energy component is down 2.1% at $94.32 per barrel.

On the upside, the consumer discretionary sector has been able to outperform as retailers register gains. The SPDR S&P Retail ETF (XRT 75.72, +0.35) is higher by 0.4%. Notably, Gap (GPS 40.72, +1.91) trades with a gain of 5.0% after reporting better-than-expected same store sales.DJ30 -5.30 NASDAQ +9.87 SP500 +0.45 NASDAQ Adv/Vol/Dec 1326/179.1 mln/804 NYSE Adv/Vol/Dec 1433/68.4 mln/1243

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +5.70. With 15 minutes to go before the start of the cash session, the S&P 500 futures trade higher by 0.1%. Futures on the S&P 500 were up as much as five points in overnight action, but they have declined steadily throughout the morning.

In notable pre-market movers, Gap (GPS 40.16, +1.37) is higher by 3.5% after the retailer reported better-than-expected same store sales.

Elsewhere, 3D Systems (DDD 40.43, -2.56) is down 6.0% following the pricing of 7.5 million shares at $40 per share.

Today's economic data will be limited to the April Treasury budget. This report is set to be released at 14:00 ET.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +3.00. The S&P 500 futures trade flat after slipping from their overnight highs. Pre-market action has been quiet today with investors reacting to earnings.

NVIDIA (NVDA 14.35, +0.44) is among the names receiving notable pre-market interest after the company beat on earnings and revenue. However, the chipmaker lowered its second quarter revenue guidance below consensus.

Elsewhere, Priceline (PCLN 736.50, -0.90) is little changed after reporting better-than-expected earnings on above-consensus revenue. The company wasn't as optimistic about the ongoing quarter and cut its second quarter earnings guidance below consensus.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +4.20.

U.S. equity futures hover near their pre-market lows with the S&P 500 futures higher by 0.1%.

The major Asian bourses ended mostly higher with Japan's Nikkei (+2.9%) surging as the yen sank to its lowest levels since late 2008. While most of the region's markets were higher, South Korea's Kospi (-1.8%) was a notable laggard as the weak yen figures to hurt the country's export sector. Elsewhere, the Reserve Bank of Australia released its Monetary Policy Statement, suggesting "underlying strength in the Australian economy." Data out overnight saw China's new loans expand by CNY793 billion (CNY770 billion expected), Japan's current account balance swing to a surplus of JPY0.34 trillion (JPY0.48 trillion expected, -JPY0.03 trillion previous), and India's industrial production advance 2.5% year-over-year (2.0% expected).

In Japan, the Nikkei closed higher by 2.9% as action hit its best level in five and a half years. The weak yen fueled gains in exporters with Fuji Heavy and Nikkon Corp. surging 11.3% and 14.6% respectively. Real estate names were also strong with Mitsui Fudosan climbing 7.3% and Sumitomo Realty & Development jumping 4.2%.
Hong Kong's Hang Seng added 0.5% as shares finished at their best level in almost three months. Sinopec saw an in-line gain of 0.5% after China's fuel-price increase was implemented. Elsewhere, China Resources Power closed limit down 10% after its merger with China Resources Gas is said to include an offering of 97 new China Resources Power shares for every 100 China Resources Gas shares.
In China, the Shanghai Composite rose 0.6% as traders moved into financial and real estate shares in anticipation of strong earnings. China Merchants Bank booked a gain of 3.4% and China Vanke rallied 1.4% as the names were among the top performers in their respective sectors.

Key European indices have slipped from their best levels of the day, but they continue to register gains. Regional economic data was limited as Germany reported a trade surplus of EUR17.6 billion (EUR16.5 billion expected). Elsewhere, the United Kingdom's trade deficit came in at GBP9.1 billion (GBP9.0 billion forecast).Also of note, Italian industrial production came in at -0.8% month-over-month (-0.2% forecast).

In news, Italy auctioned off 3- and 12- month debt with mixed results. The 12-month bills sold at a yield of 0.703%, better than the prior yield of 0.922%. However, 3-month debt sold at a yield of 0.393%, worse than the prior yield of 0.243%. Elsewhere, German Finance Minister Wolfgang Schaeuble said global liquidity levels need to be reduced.

The United Kingdom's FTSE is higher by 0.3%. BT Group adds 10.8% after beating on earnings. In addition, drug maker Shire is rising 4.1% after winning a court ruling.
In Germany, the DAX trades with a gain of 0.3% as cyclical names lead. HeidelbergCement and ThyssenKrupp are both up near 2.0%. On the downside, Deutsche Bank is off by 1.1%.
France's CAC is up 0.5% with ArcelorMittal in the lead. The steelmaker is higher by 4.8% after beating on earnings. On the downside, Credit Agricole and Societe Generale trade with respective losses of 1.5% and 2.2%.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +4.70.

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

Looking at overnight developments:

Asian markets ended on a higher note as Hong Kong's Hang Seng added 0.5%, China's Shanghai Composite rose 0.6%, while Japan's Nikkei climbed 2.9%.
In regional economic data:
Japan reported a current account surplus of JPY1.25 trillion against the expectations of JPY1.22 trillion. Meanwhile, the adjusted current account indicated a surplus of JPY0.34 trillion (JPY0.48 trillion expected). In addition, bank lending rose 1.7% year-over-year. Also of note, the Economy Watchers Current Index declined to 56.5 from 57.3 (59.2 consensus).
Indian industrial production increased 2.5% year-over-year to follow the prior uptick of 0.6% (+2.0% consensus).
Hong Kong's GDP rose 0.2% quarter-over-quarter (+0.4% expected).
Looking at news:
In Japan, the Nikkei advanced 2.9% after the yen weakened to 100 per dollar. In addition, the better-than-expected current account total contributed to upbeat trade in Tokyo.
The South Korean Ministry has expressed concerns over the pace of the yen's decline.

Key European indices trade higher across the board. France's CAC is higher by 0.4% while Germany's DAX and the United Kingdom's FTSE are both up 0.3%.
Regional economic data was limited:
Germany reported a trade surplus of EUR17.6 billion (EUR16.5 billion expected).
The United Kingdom's trade deficit came in at GBP9.1 billion (GBP9.0 billion forecast).
Italian industrial production came in at -0.8% month-over-month (-0.2% forecast).
In news:
Italy auctioned off 3- and 12- month debt with mixed results. The 12-month bills sold at a yield of 0.703%, better than the prior yield of 0.922%. However, 3-month debt sold at a yield of 0.393%, worse than the prior yield of 0.243%.
German Finance Minister Wolfgang Schaeuble said global liquidity levels need to be reduced.

In U.S. corporate news:

3D Systems (DDD 40.89, -2.11) is lower by 5.2% after pricing 7.5 million shares at $40 per share.
Dell (DELL 13.41, +0.10) is higher by 0.8% after Carl Icahn and Southeastern Asset Management proposed an alternative deal structure to that offered by company founder Michael Dell.
Micron (MU 10.57, -0.14) is off by 1.3% after JMP Securities downgraded the stock to 'Market Perform' from 'Market Outperform.'
Priceline (PCLN 721.00, -16.50) is down 2.2% despite beating on earnings and revenue.

Today's economic data will be limited to the April Treasury budget. This report is set to be released at 14:00 ET.

07:26 am : Nikkei...14607.54...+416.10...+2.90%. Hang Seng...23321.22...+109.70...+0.50%.

07:26 am : FTSE...6629.38...+36.60...+0.60%. DAX...8316.88...+54.00...+0.70%.

07:25 am : S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +8.00.

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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