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 Post subject: May 13th Monday Trade Results - Profit $4140
PostPosted: Tue May 14, 2013 12:44 am 
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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)
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 @ ($180.00) dollars or -1.80 points, Light Crude Oil CL ($CL_F) futures @ $4320.00 dollars or +4.32 points, Gold GC ($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 @ $4140.00 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=1505

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.

Stocks and Bonds Under Fed Pressure

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

NEW YORK (CNNMoney)
The jokes about QE Infinity may come to an end soon.

The Federal Reserve and its bond buying program were a hot topic Monday, following a Wall Street Journal report over the weekend that said central bank officials are considering an exit strategy for the massive stimulus measures that have been fueling the economy since late 2008. Stocks finished mixed Monday.

Currently, the Fed buys $85 billion a month of mortgage-backed securities and Treasuries. And just last month, the central bank said it stands ready to either "increase or reduce the pace" of those purchases in response to economic activity.

"The article does not say that the Fed will start tapering the pace of bond purchases immediately, but it provides a window into sentiment at the central bank," said Zach Pandl, senior interest rate strategist at Columbia Management. "Faced with conflicting information on the economy, Fed officials have decided to see the glass as half full. They are thinking about the exit, not about how to do more."

The fear that the Fed may begin to unwind its loose monetary policies sooner rather than later put pressure on U.S. Treasuries, with the 10-year yield spiking to a nearly two-month high of almost 1.96% before settling around 1.92%. Just a month ago, yields were hovering around 1.6%. Treasury prices and yields move in opposite directions.

Meanwhile, the Dow Jones industrial average slipped about 0.2%, while the S&P 500 and Nasdaq finished barely higher. But the gain in the S&P 500 was enough to push it to another record close.

The Fed's policies have been widely given credit for boosting stocks over the past few years.

As investors debate the Fed's next moves, here are five more things investors were watching:

1. Stocks remain near record highs as valuations creep up. Although the Dow fell Monday, it finished last week at a record high. The Nasdaq closed at its highest level since November 2000.

With stocks up so sharply this year, valuations have also crept higher. At its closing high last week, the S&P 500 traded at more than 16 times 2012 earnings, the highest P/E ratio in three years according to Eddy Elfenbein of the blog Crossing Wall Street.

However, stocks are still trading at less than 15 times 2013 earnings estimates.

2. Retail sales unexpectedly rise: Retail sales edged higher in April, as strong car sales and spending on building supplies helped make up for weakness in other sectors. Economists had expected sales to decline.

Mark Luschini, chief investment strategist for Janney Montgomery Scott, said retail spending "continues to show remarkable resilience," especially after the expiration of the payroll tax holiday earlier this year.

Related: Individual investors rush into Apple

3. Earnings continue to roll in: Companies will continue to open their books this week, with Macy's (M, Fortune 500), Wal-Mart (WMT, Fortune 500) and J.C. Penney (JCP, Fortune 500), as well as networking firm Cisco Systems (CSCO, Fortune 500) on deck.

Shares of Tesla Motor (TSLA)extended last week's rally. The electric car maker reported its first quarterly profit last week, and a separate report said Tesla sales outperformed German luxury brands.

SolarCity (SCTY), whose chairman is Tesla CEO Elon Musk, reported a quarterly loss after the closing bell Monday. Shares fell after hours but they had surged to an all-time high in regular trading Monday. Shares of other solar firms were energized by SolarCity's advance earlier in the day. Shares of First Solar (FSLR), SunPower Corp. (SPWR), LDK Solar (LDK) and ReneSola (SOL) also rose.

Most major companies have announced their first-quarter earnings and results have been pretty good. According to S&P Capital IQ, of the 453 S&P 500 companies that have reported first quarter results, 301 have beat analysts' estimates, 115 have missed, and 37 have met.

Related: Fear & Greed Index sliding into extreme greed

4. Disappointing data from China: Asian markets ended mixed after a report showed China's industrial production expanded in April, but failed to meet expectations. The Shanghai Composite declined 0.2% and the Hang Seng dropped 1.5%.

But the weakening yen pushed the Nikkei up 1.2%. Tokyo's benchmark index has rallied by 42% since the start of the year based on optimism about the country's aggressive monetary policy.

5. Muddy Waters reportedly shorting Standard Chartered: Standard Chartered (SCBFF) fell into the spotlight after famed short-seller Carson Block of Muddy Waters Research was reported to have announced he is betting against the bank, saying its assets were deteriorating.

European markets finished the day mixed, losing momentum after a strong performance last week.

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Market Update

4:10 pm : Equities ended the day little changed as the Dow Jones Industrial Average shed 0.2% while the Nasdaq added 0.1%. The S&P 500, for its part, ended flat.

Stocks registered losses at the open as Thursday's afternoon rumor turned into a Friday evening headline. According to the Wall Street Journal, the Federal Reserve has begun to map out a plan to slow the pace of its asset purchase program.

However, the article did not provide any additional insight with regards to the timing of actual policy modification. Past comments from the Fed have indicated any changes would likely have to be preceded by a notable improvement in the labor market.

The S&P 500 notched its lows 90 minutes into the session before climbing back to its flat line. The index was able to make a brief appearance in the black, but with declining issues outpacing advancers, the S&P surrendered to the underlying currents.

The Nasdaq outperformed the broader market thanks to the relative strength of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 183.04, +3.02) continued its recent outperformance by adding 1.7%. Notably, the ETF is higher by 4.9% since last Thursday, and up 33.1% year-to-date.

Biotech names provided support for the health care space, which led throughout the day. Meanwhile, other defensively-oriented groups were mixed. The staples sector registered a slim gain while utilities and telecom ended with modest losses.

The utilities sector shed 0.6% to extend its recent weakness. The high-yielding space is down 4.7% in May.

While defensive groups saw mixed results, cyclical sectors ended generally lower with financials being the exception.

The SPDR Financial Select Sector ETF (XLF 19.31, +0.06) added 0.3% amid the outperformance from most majors. However, the relative strength of U.S. financials was not matched by their European counterparts. Banco Santander (SAN 7.05, -0.15) and Deutsche Bank (DB 46.98, -0.52) settled with respective losses of 2.1% and 1.1%.

Elsewhere, industrial shares lagged throughout the day as transportation-related names displayed weakness. Airlines and truckers pressured the Dow Jones Transportation Average, which lost 0.5%.

In the bond market, Treasuries ended with modest losses as the 10-yr yield rose two basis points to 1.925%.

Looking back at today's economic data, business inventories growth was flat for a second consecutive month in March. The Briefing.com consensus expected business inventories to increase 0.3%.

Inventory growth from manufacturers (0.0%) and merchant wholesalers (0.4%) was known prior to the release. The only new information was that retailer inventories declined 0.5% in March after increasing 0.2% in February.

Retail sales increased 0.1% in April after declining 0.5% in March. The Briefing.com consensus expected retail sales to decline 0.3%. The April employment report showed a 0.3% decline in aggregate wages. The increase in sales was a result of consumers reducing their savings rate. That may work in the short-run, but consumers are expected eventually to increase their savings rate back to 2012 levels. Unless income growth accelerates, retail sales growth will likely decelerate and possibly contract in the long-run.

Tomorrow, export prices ex-agriculture and import prices ex-oil will both be reported at 8:30 ET.DJ30 -26.81 NASDAQ +2.21 SP500 +0.07 NASDAQ Adv/Vol/Dec 1132/1.57 bln/1344 NYSE Adv/Vol/Dec 1188/593.7 mln/1827

3:30 pm :

June crude oil struggled in the red today as a slightly stronger dollar index put pressure on prices. It dipped to a session low of $94.47 per barrel in mid-morning floor action and later touched a session high of $95.68 per barrel. The energy component eventually settled with a 0.9% loss at $95.12 per barrel.
June natural gas climbed to a session high of $3.98 per MMBtu but lost momentum in late morning action. It erased most of the morning's gains as it trended lower for the remainder of its session. It settled with a 0.5% gain at $3.93 per MMBtu, just above its session low of $3.91 per MMBtu.
June gold spent its entire floor session in negative territory following comments from Mario Draghi at G-7 where he said the ECB is considering purchasing asset backed securities. In addition, the yellow metal fell to a session low of $1427.60 per ounce on stronger-than-anticipated retail sales data. It managed to inch slightly higher in afternoon action and settled just 0.1% lower at $1434.60 per ounce.
July silver chopped around between positive and negative territory during today's floor trade. It brushed a session low of $23.57 per ounce in mid-morning action and settled at $23.69 per ounce, booking a 0.2% gain.

DJ30 -33.95 NASDAQ -0.63 SP500 -0.97 NASDAQ Adv/Vol/Dec 1127/1332.2 mln/1418 NYSE Adv/Vol/Dec 1078/383 mln/1928

3:00 pm : The key indices continue to trade within 0.2% of their respective flat lines as today's session enters its final hour.

Looking at the foreign exchange market, the Dollar Index holds onto a slim gain of 0.2% near 83.30 following a rather uneventful session. The bulk of today's dollar strength has come at the expense of the euro and the Australian dollar.

The euro is lower by 20 pips against the dollar. The pair trades near 1.2970 with today's weakness pushing the single currency below its 200-day moving average at 1.2995. The inability to regain the 1.3000 level sets up a potential test of support near 1.2800. The single currency could show more volatility tomorrow in reaction to several economic reports. Eurozone ZEW Economic Sentiment, industrial production, and German ZEW Economic Sentiment will all be reported tomorrow. In addition, EU finance ministers will meet in Brussels.

Elsewhere, AUDUSD is off by 65 pips near 0.9950 as action holds at an 11-month low. Aggressive selling over the past six sessions has shaved close to 350 pips off the pair as trade slides toward support in the .9800 area.DJ30 -26.42 NASDAQ +2.97 SP500 +0.33 NASDAQ Adv/Vol/Dec 1108/1.17 bln/1352 NYSE Adv/Vol/Dec 1112/339.8 mln/1888

2:35 pm : The key indices continue to hover near their afternoon lows. The S&P 500 is off by 0.1% while the Nasdaq trades flat.

The Nasdaq has been kept from dipping too far into the red by the outperformance of biotech as well as the largest index component, Apple (AAPL 456.95, +3.98). However, other tech shares have trailed behind the broader market. Google (GOOG 878.25, -1.98) and IBM (IBM 202.73, -1.74) trade with respective losses of 0.2% and 0.9%.

In addition, high-beta chipmakers are among the laggards as the PHLX Semiconductor Index trades lower by 0.9%.DJ30 -38.19 NASDAQ +1.29 SP500 -0.64 NASDAQ Adv/Vol/Dec 1120/1.10 bln/1340 NYSE Adv/Vol/Dec 1101/319.9 mln/1882

1:55 pm : The major averages have slipped from their recent levels amid widening negative market breadth. For every advancing issue, 1.7 names trade lower.

Of the six cyclical sectors, only financials have been able to register gains while other growth-oriented sectors trail behind the broader market. The industrial space has spent the entire session in the red as transportation-related stocks underperform.

The Dow Jones Transportation Average is off by 0.5% with 18 of 20 components trading lower.

Elsewhere, underperformance from conglomerates like 3M (MMM 110.24, -0.24) and General Electric (GE 22.77, -0.13) has pressured the industrial sector.DJ30 -46.40 NASDAQ +0.11 SP500 -1.26 NASDAQ Adv/Vol/Dec 1108/1.01 bln/1340 NYSE Adv/Vol/Dec 1102/288.2 mln/1892

1:30 pm : After fighting its way back into positive territory, the S&P 500 has spent the past 90 minutes hovering near its flat line. Similarly, the Dow and Nasdaq have held their recent levels.

Only three sectors (consumer staples, financials, health care) trade in positive territory as all three register gains between 0.4% and 0.7%. The health care sector is the top performer as biotech continues its recent run. The iShares Nasdaq Biotechnology ETF (IBB 182.79, +2.77) is higher by 1.5% today, and up 6.3% this month. Biotechnology has been among the top performers of the year as the ETF trades with a year-to-date gain of 33.5%.

On the downside, the materials sector is lower by 0.7%. Miners are among the notable decliners as the Market Vectors Gold Miners ETF (GDX 29.18, -0.63) trades with a loss of 2.1% even as gold futures show little change.DJ30 -34.72 NASDAQ +2.03 SP500 -0.13 NASDAQ Adv/Vol/Dec 1107/935.2 mln/1326 NYSE Adv/Vol/Dec 1174/268.2 mln/1801

1:00 pm : The major averages trade in mixed fashion as all three hover within 0.2% of their respective flat lines.

Equities began the session on a lower note with all ten sectors trading in the red. Contributing to the early weakness was a Friday night Wall Street Journal article, which confirmed Thursday's speculation that the Federal Reserve has begun to map out a plan to slow the pace of its asset purchase program.

While the Fed's discussion of an exit strategy was not surprising in itself, the timing of actual policy modification remains uncertain as changes would likely have to be preceded by a notable improvement in the labor market.

Stocks climbed off their opening lows amid some mixed sector leadership with health care displaying strength out of the gate.

The defensively-oriented health care space trades with a solid gain as biotechnology continues its recent outperformance. The iShares Nasdaq Biotechnology ETF (IBB 183.19, +3.17) is higher by 1.8% and up 5.0% since last Thursday. The relative strength of biotech has provided some support to the health care sector as well as the Nasdaq index.

The consumer staples sector is another defensive group trading ahead of the broader market. However, the other two defensively-geared sectors, utilities and telecom, hover in the red.

Notably, the utilities space has continued its recent weakness. The sector is off by 0.6% today, and down 4.7% this month.

Late-morning strength of bank shares has pushed the financial sector into positive territory. Although most U.S. financials trade in the black, their European counterparts have lagged. Banco Santander (SAN 7.04, -0.16), Barclays (BCS 19.15, -0.33), and Deutsche Bank (DB 46.93, -0.57) are all down between 1.1% and 2.2%.

Even as the S&P trades near its session high, market breadth remains negative. For every advancing issue on the New York Stocks Exchange, roughly 1.5 names register a loss.

Reviewing today's economic data, business inventories growth was flat for a second consecutive month in March. The Briefing.com consensus expected business inventories to increase 0.3%.

Inventory growth from manufacturers (0.0%) and merchant wholesalers (0.4%) was known prior to the release. The only new information was that retailer inventories declined 0.5% in March after increasing 0.2% in February.

Retail sales increased 0.1% in April after declining 0.5% in March. The Briefing.com consensus expected retail sales to decline 0.3%.

The April employment report showed a 0.3% decline in aggregate wages. The increase in sales was a result of consumers reducing their savings rate. That may work in the short-run, but consumers are expected eventually to increase their savings rate back to 2012 levels. Unless income growth accelerates, retail sales growth will likely decelerate and possibly contract in the long-run.DJ30 -30.76 NASDAQ +6.34 SP500 +0.68 NASDAQ Adv/Vol/Dec 1128/858.1 mln/1282 NYSE Adv/Vol/Dec 1201/247.5 mln/1743

12:30 pm : The S&P 500 and Nasdaq continue to trade with slim gains while the Dow Jones Industrial Average remains in the red. The blue chip index is off by 0.2% as large components weigh.

The underperformance of Chevron (CVX 122.34, -0.89), IBM (IBM 203.16, -1.31), and Wal-Mart (WMT 78.37, -0.52) has kept the price-weighted index from joining the other two averages in the black.

In addition, the Dow Jones Transportation Average trades lower by 0.2% as airlines lag. Delta Air Lines (DAL 17.85, -0.28), JetBlue Airways (JBLU 6.62, -0.12), and Southwest Airlines (LUV 13.98, -0.18) are all down between 1.3% and 1.9%.DJ30 -23.35 NASDAQ +9.02 SP500 +1.58 NASDAQ Adv/Vol/Dec 1133/786.4 mln/1264 NYSE Adv/Vol/Dec 1250/228.9 mln/1703

12:00 pm : Recent action saw the S&P 500 climb back to its unchanged level. The recent strength allowed the benchmark average to join the Nasdaq in positive territory.

Although the S&P was able to shake off its early weakness, seven of ten sectors continue to trade in the red. In addition, for each advancing issue on the New York Stock Exchange, there are roughly 1.5 decliners.DJ30 -26.02 NASDAQ +5.23 SP500 +0.56 NASDAQ Adv/Vol/Dec 1064/676.4 mln/1308 NYSE Adv/Vol/Dec 1173/202.1 mln/1755

11:30 am : The S&P 500 continues to trade with a modest loss of 0.2%.

While most cyclical sectors trade in the red, financials have been able to outperform the broader market. Major banks have displayed mixed performance, but the SPDR Financials Select Sector ETF (XLF 19.26, +0.01) is higher by 0.1%.

Although most U.S.-based financials are little changed, their European counterparts trade firmly lower. Banco Santander (SAN 7.02, -0.18), Deutsche Bank (DB 46.80, -0.70), and Credit Suisse (CS 29.45, -0.38) are all down between 1.3% and 2.5%.

As equities remain in the red, the CBOE Volatility Index (VIX 12.79, +0.20) trades higher by 1.6%.DJ30 -49.04 NASDAQ -5.34 SP500 -3.26 NASDAQ Adv/Vol/Dec 916/576.8 mln/1424 NYSE Adv/Vol/Dec 981/175.8 mln/1907

11:00 am : The major averages have climbed off their lows. The S&P 500 continues to trade with a slim loss of 0.1% while the Nasdaq is little changed.

Since Thursday, the tech-heavy index has been supported, in part, by biotechnology. The relative strength of these shares has continued into today as the iShares Nasdaq Biotechnology ETF (IBB 183.01, +2.99) trades higher by 1.7%.

Biotechnology also accounts for a portion of the health care sector, which is the top performer today. The consumer staples group is the only other advancer among defensive sectors while utilities lead to the downside. The utilities sector is off by 0.7% today and down 4.8% in May. Despite its month-to-date underperformance, the utilities sector trades with a year-to-date gain of 12.8%.DJ30 -30.91 NASDAQ +0.05 SP500 -1.75 NASDAQ Adv/Vol/Dec 918/476.7 mln/1392 NYSE Adv/Vol/Dec 1022/148.1 mln/1827

10:30 am : Commodities are mixed this morning with crude oil and precious metals in the red, copper flat and nat gas trading higher.

Crude oil has been in the red all day so far, selling off as low as $94.68/barrel. June crude lost steam again in recent action and fell back near the current LoD. Currently, June crude oil is -1.3% at $94.77/barrel. Natural gas, on the other hand, has been rallying this morning hit a new session high in recent trade. June nat gas is currently 1.5% at $3.97/MMBtu.

Precious metals are now mixed after silver futures rose back up to the unchanged line. July silver is now +0.05% at $23.67/oz, while June gold is -0.2% at $1433.50/oz. July copper is +0.1% at $3.36/lb.DJ30 -26.61 NASDAQ -1.23 SP500 -1.77 NASDAQ Adv/Vol/Dec 971/409.2 mln/1513 NYSE Adv/Vol/Dec 981/125 mln/1848

10:00 am : The major averages continue to trade near their lows following the latest business inventories data. The S&P 500 is lower by 0.4%.

During March, business inventories were unchanged, which was below the 0.3% increase expected by the Briefing.com consensus.DJ30 -59.37 NASDAQ -8.68 SP500 -6.10 NASDAQ Adv/Vol/Dec 733/222.5 mln/1431 NYSE Adv/Vol/Dec 823/83.9 mln/1958

09:45 am : The major averages trade with modest losses after starting the session on a lower note. The S&P 500 is off by 0.2% as all ten sectors trade in the red.

The utilities space has been the weakest performer thus far in May, and the group is the biggest laggard this morning. Including today's loss of 0.7%, the sector is down 4.8% this month.

On the upside, health care and technology have displayed some relative strength. The iShares Nasdaq Biotechnology ETF (IBB 180.60, +0.58) is higher by 0.3% after jumping 2.9% on Friday.

March business inventories will be announced in 15 minutes.DJ30 -49.61 NASDAQ -3.52 SP500 -4.41 NASDAQ Adv/Vol/Dec 781/125.7 mln/1314 NYSE Adv/Vol/Dec 973/61.1 mln/1739

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -5.80. Heading into the open, equity futures signal a modestly lower start to the cash session. The S&P 500 futures have climbed off their lows, but they continue to trade with a loss of 0.2%.

Futures received a push off pre-market lows after April retail sales surprised to the upside with an increase of 0.1% after declining 0.5% in March. The Briefing.com consensus expected retail sales to decline 0.3%.

The increase in sales was a result of consumers reducing their savings rate. That may work in the short-run, but consumers are expected eventually to increase their savings rate back to 2012 levels. Unless income growth accelerates, retail sales growth will likely decelerate and possibly contract in the long-run.

March business inventories will be announced at 10:00 ET.

With most first quarter earnings reports in the books, only a handful of companies announced their results this morning. Stratasys (SSYS 85.13, +1.74) is higher by 2.1% after beating on the bottom line.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -3.90. Nasdaq futures vs fair value: -5.30.

Equity futures continue to trade lower with the S&P 500 futures off by 0.2%.

The major Asian bourses ended mixed with Japan's Nikkei (+1.2%) hitting its best level in more than five years as the yen weakened to less than 102 per dollar for the first time since October 2008. Over the weekend, the G7 meetings failed to single out Japan for weakening the yen to gain a competitive advantage. Chinese data was heavy as fixed asset investment (20.6% year-over-year versus 21.1% expected), industrial production (9.3% year-over-year actual versus 9.4% expected), and retail sales (12.8% year-over-year actual versus 12.8% expected) were all released. Elsewhere, Australia's home loans climbed 5.2% month-over-month (3.1% expected) and its NAB Business Confidence slipped to -2 (2 previous) while India's trade deficit widened to INR967 billion (INR700 billion expected, INR561 billion previous).

In Japan, the Nikkei added 1.2% as exporters and financials led the way. Weakness in the yen sparked buying in Sony and Nissan Motor as the stocks climbed 3.8% and 4.5%, respectively. Meanwhile, financials saw heavy buying as Nomura Holdings surged 9.6%.
Hong Kong's Hang Seng finished lower by 1.4% as energy and financials were under pressure. Cnooc sank 2.4% and Ping An gave up 4.2% to lead their respective sectors lower. Weakness in shares of Ping An came after Chinese regulators shut down its Ping An Securities unit for helping list a fraudulent company.
In China, the Shanghai Composite shed 0.2% as real estate and financial names were weak. Poly Real Estate and Citic Securities were among the laggards, slipping 1.0% and 1.3% respectively.

European indices trade generally lower with financials exerting notable pressure. Today's lone economic data point came in form of Swiss retail sales, which slipped 0.9% year-over-year (+0.8% forecast).

In news, German Finance Minister Wolfgang Schaeuble said he opposes purchases of asset-backed securities by the European Central Bank. Mr. Schaeuble said doing so would equate to "covert state financing."

In the United Kingdom, the FTSE is off by 0.1%. Standard Chartered is down 3.8% after Muddy Waters said it had bet against the bank's debt.
France's CAC is lower by 0.2%. BNP Paribas, Credit Agricole, and Societe Generale are all down between 0.9% and 1.6%. On the upside, Renault is higher by 2.7%.
In Germany, the DAX is down 0.2% as Commerzbank and Deutsche Bank lead to the downside. The two financials are lower by 3.9% and 2.2%, respectively. The relative weakness of Commerzbank comes after reports out of Handelsblatt indicated the bank plans to sell additional shares.
Spain's IBEX trades down 1.2% with most components in the red. Construction name Acciona is lower by 3.9%. Also of note, Spain's 10-yr yield is higher by five basis points at 4.25%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -10.00. Equity futures saw little change in reaction to the latest retail sales data. The S&P 500 futures are off by 0.3%.

April retail sales rose 0.1%, while the Briefing.com consensus expected a decline of 0.3%. The prior month's reading pointed to a decrease of 0.5%. Excluding autos, retail sales declined 0.1%, which was ahead of the expected downtick of 0.2%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -5.30. Nasdaq futures vs fair value: -10.50.

U.S. equity futures trade modestly lower amid cautious overseas trade. The S&P 500 futures are off by 0.2% with some pressure coming after a Friday night Wall Street Journal article suggested the Federal Reserve has mapped out a strategy for tapering its monthly asset purchase program.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite shed 0.2%, Hong Kong's Hang Seng lost 1.4% while Japan's Nikkei rose 1.2%.
In regional economic news:
Chinese industrial production increased 9.3% (9.5% consensus, 8.9% prior), fixed asset investment rose 20.6% (21.0% consensus, 20.9% prior), and retail sales increased 12.8% (12.8% consensus, 12.6% prior)
Australia's home loans rose 5.2% month-over-month to follow the previous increase of 2.1% (3.5% consensus).
India reported a trade deficit of INR17.79 billion (-INR13.00 billion expected).
Looking at news:
The Cabinet of Japanese Prime Minister Shinzo Abe saw its first approval rating decline as the measure slipped to 72% from 74% reported last month.

European indices trade lower across the board. The United Kingdom's FTSE and France's CAC are both lower by 0.2% while Germany's DAX is down 0.3%. On the periphery, Italy's MIB is off by 0.6% while Spain's IBEX is down 1.3%.
Regional economic data was limited:
Swiss retail sales slipped 0.9% year-over-year (+0.8% forecast).
In news:
German Finance Minister Wolfgang Schaeuble said he opposes purchases of asset-backed securities by the European Central Bank. Mr. Schaeuble said doing so would equate to "covert state financing."

In U.S. corporate news:

Corning (GLW 15.48, +0.38) adds 2.3% after both Barclays and Morgan Stanley upgraded the stock.
JPMorgan Chase (JPM 48.76, -0.20) is off by 0.4% after reports indicated Chairman and Chief Executive Officer Jamie Dimon would consider leaving the bank in the event of a vote to split his duties.
Stratasys (SSYS 85.00, +1.61) is higher by 1.9% after beating bottom line expectations by six cents.

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.

06:33 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -15.00.

06:33 am : Nikkei...14782.21...+174.70...+1.20%. Hang Seng...22989.81...-331.40...-1.40%.

06:33 am : FTSE...6604.54...-20.40...-0.30%. DAX...8221.46...-57.10...-0.70%.

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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