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 Post subject: May 15th Wednesday Trade Results - Profit $9200
PostPosted: Wed May 15, 2013 11:00 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 @ ($100.00) dollars or -1.00 points, Light Crude Oil CL ($CL_F) futures @ $1040.00 dollars or +1.04 points, Gold GC ($GC_F) futures @ $8260.00 dollars or +82.60 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 @ $9200.00 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=1507

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 Charge To New Highs...Again

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

NEW YORK (CNNMoney)
So much for taking a break from the rally.

Wall Street started Wednesday in the red, but stocks resumed their march into record territory by the afternoon. The Dow Jones industrial average rose 0.4%, with financials JPMorgan Chase (JPM, Fortune 500) and American Express (AXP, Fortune 500) leading the way. The S&P 500 added 0.5% and the Nasdaq rose 0.3%.

The Dow and S&P 500 once again hit fresh all-time highs. As stocks continue to climb, here are five other highlights from the trading day:

1. U.S. economy humming along, France back in recession: Investors were encouraged by a report that showed home builders' confidence rose in May.

While the housing market continues to improve, other parts of the U.S. economy are still struggling. The Empire State manufacturing survey fell into negative territory in May for the first time since January, surprising economists who were looking for activity to improve. And industrial production dropped more than expected in April.

Separately, the latest Producer Price Index showed the biggest decline since February 2010, signaling that inflation is not a threat.

Meanwhile, France slipped back into recession after a 0.2% decline in first-quarter GDP. Germany's economy expanded by 0.1% during the same period.

"Expectations of a stabilizing eurozone are overdone," said Richard Driver, analyst for Caxton FX in London.

The outlook for China was dampened by economists at Bank of America Merrill Lynch. They cut their 2013 growth forecast for China to 7.6%, down from an earlier prediction for 8% growth.

But Japanese stocks continued to rally, with the Nikkei topping 15,000 for the first time in five years Wednesday

Japan has been in the spotlight in recent months as the country pushes forth with its ambitious economic reforms, known as Abenomics. The plan has sent stocks skyrocketing and significantly weakened the yen.

* Jana jumps into Zynga, Groupon

2. Netflix gets an "Arrested Development" boost: Shares of Netflix (NFLX) jumped 4% Wednesday. The stock was a top performer in the S&P 500 and the Nasdaq-100.

While the stock has been hot all year, surging more than 150%, it seems that investors (and subscribers) are eagerly awaiting the return of "Arrested Development." The quirky Fox sitcom went off the air in 2006, but is slated to make its debut on Netflix next week.

3. Gold below $1,400 an ounce: The precious metal's price slid more than 2% Wednesday as the dollar gained ground.

Gold prices are down nearly 20% this year.

4. Macy's beats, boosts dividend: While earnings season is nearly over, results from a few big names continue to trickle in. Macy's (M, Fortune 500) stock edged up after the retailer reported a gain in quarterly profit, revenue and same-store sales. Macy's also boosted its quarterly dividend by 25% and announced a $1.5 billion increase to its share buyback plan.

In other earnings news, John Deere (DE, Fortune 500) posted a better-than-expected profit for the second quarter but shares of the heavy equipment manufacturer tumbled after it cut its sales forecast for the year.

Cisco (CSCO, Fortune 500) shares rose in after-hours trading after the tech company topped earnings and sales forecasts.

Related: Fear & Greed Index still wallowing in extreme greed

5. Google launches music-streaming service: Google (GOOG, Fortune 500) kicked off its annual developers' conference Wednesday and unveiled Google Play Music All Access, a paid subscription unlimited music-streaming service.

Shares of the tech giant topped $900 for the first time Wednesday, climbing as high as $916.38. Google's market value also jumped above $300 billion for the first time.

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Market Update

4:15 pm : The major averages settled with modest gains despite an afternoon stumble. The S&P 500 climbed 0.5% to bring its week-to-date gain to 1.5%.

Equities opened in the red as domestic and foreign economic data reminded investors of a cloudy growth picture. However, the opening strength of defensive sectors quickly overshadowed the early losses, and helped the broader market erase its early weakness.

Consumer staples and utilities outperformed throughout the session as the two sectors settled with respective gains of 1.0% and 0.8%.

The health care space lagged behind its defensively-geared counterparts as biotechnology became the subject of some profit taking following its recent run. The iShares Nasdaq Biotechnology ETF (IBB 184.02, -2.16) settled lower by 1.2%, but is still up 6.7% in May, and higher by 2.1% this week alone.

The underperformance of biotech weighed on the Nasdaq, which trailed the other two major indices throughout the session. In addition, Apple's (AAPL 428.85, -15.01) largest decline in nearly a month also exerted pressure on the Nasdaq as well as the technology sector, which ended with a slim gain. Another large sector component Google (GOOG 915.89, +28.79) rose 3.3% after the company unveiled a music streaming service at its I/O developers conference in San Francisco.

Most other cyclical groups were somewhat shaky as the energy space spent the day in negative territory. Crude oil was down as much as 2.0% before recovering those losses to end little changed at $94.30.

Elsewhere, industrials were pressured by cautious third-quarter revenue guidance from Deere (DE 89.64, -4.13). The machinery manufacturer lost 4.4%, but the relative strength of transportation-related names kept the industrial sector from falling too far behind the broader market.

The Dow Jones Transportation Average rose 0.8% to notch another record high as airlines soared. Southwest Air Lines (LUV 14.34, +0.36) gained 2.6% after hiking its quarterly dividend to $0.04 from $0.01 and announcing a $500 million increase to its share repurchase authorization.

The financial sector was the only growth-sensitive group which remained strong throughout the day. Major banks registered gains across the board as the sector added 0.9%. The group has been the best performer this week, climbing 3.0%.

This morning's economic data was plentiful as April producer prices declined 0.7%, which was cooler than the downtick of 0.5% forecast by the Briefing.com consensus. Meanwhile, core producer prices rose 0.1%, in-line with the Briefing.com consensus.

Industrial production fell 0.5% in April after increasing a downwardly revised 0.3% (from 0.4%) in March. The Briefing.com consensus expected industrial production to decline 0.2%.

Manufacturing production declined 0.4% in April after declining 0.3% in March. The drop was in-line with the weakness reported in nearly all of the regional manufacturing surveys. Durable and nondurable goods manufacturing fell 0.6% and 0.1%, respectively.

The rate of capacity utilization fell to 77.8% from a downwardly revised 78.3% (from 78.5%) in March. That is the lowest level of capacity utilization since January. Manufacturing capacity utilization dropped to 75.9%, which is the first time since November 2012 that the utilization rate slipped below 76%.

Separately, the Empire Manufacturing Survey for May registered a reading of -1.43, which was down from the prior month's reading of 3.1. Economists polled by Briefing.com had expected that the survey would rise to 3.5.

The May NAHB Housing Market Index was unchanged at 44. Today's report was in line with the Briefing.com consensus.

Another busy day of economic data reporting is setting up for tomorrow. Weekly initial claims, April CPI, core CPI, housing starts, and building permits are all scheduled for an 8:30 ET release. This will be topped off by the May Philadelphia Fed Survey, which is set to cross the wires at 10:00 ET.DJ30 +60.44 NASDAQ +9.01 SP500 +8.44 NASDAQ Adv/Vol/Dec 1390/1.76 bln/1081 NYSE Adv/Vol/Dec 1652/742.3 mln/1370

3:30 pm :

June crude oil sold off to a session low of $92.16 per barrel following inventory data that showed a draw of 0.624 mln barrels when a build of 0.375 mln was anticipated. However, the energy component saw a reversal moments later and pushed higher. It erased the earlier losses as it crossed the unchanged line in afternoon floor action and settled 0.1% higher at $94.23 per barrel.
June natural gas traded higher for a third consecutive session, rising as high as $4.08 per MMBtu in morning floor trade. It chopped around for the remainder of the session just below that level and settled with a 1.2% gain at $4.07 per MMBtu.
June gold fell for a fifth consecutive session as a stronger dollar pressured prices. The yellow metal fell below $1400 per ounce after retreating from a session high of $1416.50 per ounce. It dipped to a session low of $1389.00 per ounce and settled at $1396.40 per ounce, booking a loss of 2.0%.
July silver also struggled in the red for its entire session. Prices fell as low as $22.45 per ounce in late morning action despite touching a session high of $23.00 per ounce moments after floor trade opened. Silver eventually settled 3.1% lower at $22.66 per ounce.

DJ30 +47.96 NASDAQ +1.29 SP500 +6.14 NASDAQ Adv/Vol/Dec 1344/1574.1 mln/1222 NYSE Adv/Vol/Dec 1485/506 mlnl/1516

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

In the foreign exchange market, the Dollar Index is higher by 0.3% at 83.84, putting it on track for its fifth consecutive day of gains.

The bulk of today's dollar strength came at the expense of the euro as the EURUSD pair sheds 60 pips to 1.2870 after this morning's disappointing GDP figures from across the region. Sellers pushed the single currency down to a session low of 1.2845 before some light buying developed.

Elsewhere, AUDUSD is off by 20 pips at .9875 as the pair remains poised to register its eighth consecutive loss. The hard currency hit a session low of .9855 before a slight bounce lifted the pair off lows.DJ30 +14.12 NASDAQ -5.83 SP500 +2.12 NASDAQ Adv/Vol/Dec 1278/1.34 bln/1192 NYSE Adv/Vol/Dec 1382/445.3 mln/1614

2:30 pm : The steady decline off session highs has continued as all ten sectors retreat along with the broader market. The technology space is the only group trading on its lows while most other sectors hover near the middle of their ranges.

The weakness in technology has weighed on the Nasdaq, which trades lower by 0.2%.

Interestingly, the CBOE Volatility Index (VIX 12.87, +0.10), which tends to show an inverse relationship to the performance of the broader market, declined as stocks retreated from their highs.DJ30 +28.64 NASDAQ -3.45 SP500 +4.36 NASDAQ Adv/Vol/Dec 1311/1.24 bln/1164 NYSE Adv/Vol/Dec 1440/410.2 mln/1547

2:00 pm : The key indices have continued retreating from their session highs with the Nasdaq leading to the downside. In addition to the weakness in its largest component, Apple (AAPL 427.51, -16.34), the underperformance of biotechnology has also pressured the tech-heavy index. The iShares Nasdaq Biotechnology ETF (IBB 184.50, -1.68) is lower by 0.9%.

Of the remaining cyclical groups, the financial sector continues to show strength. The SPDR Financial Select Sector ETF (XLF 19.78, +0.14) is higher by 0.7%.DJ30 +28.50 NASDAQ -0.02 SP500 +4.91 NASDAQ Adv/Vol/Dec 1367/1.14 bln/1098 NYSE Adv/Vol/Dec 1526/377.9 mln/1454

1:30 pm : Recent action saw the major averages slip from their highs as the technology sector surrendered its gains.

The tech sector's slide to session lows has been accompanied by similar price action in the shares of Apple (AAPL 427.70, -16.16). The largest tech stock trades down 3.6%. Other tech shares remain mixed while high-beta chipmakers continue to hover near their highs. The PHLX Semiconductor Index is higher by 0.9%.

On the upside, defensive sectors have maintained their levels as consumer staples and utilities both trade with gains near 1.0%.DJ30 +49.69 NASDAQ +4.13 SP500 +7.52 NASDAQ Adv/Vol/Dec 1398/1.06 bln/1051 NYSE Adv/Vol/Dec 1629/350.1 mln/1338

1:00 pm : At midday, equities trade near their best levels of the session with the S&P 500 higher by 0.6%.

The major averages began the day on a lower note as domestic economic news and disappointing European GDP data reminded investors of a tepid demand outlook. However, the slim losses did not hold past the first 90 minutes as the three indices were able to rise to fresh highs thanks to the early strength of defensive stocks.

Cyclical sectors exerted some early pressure on the broader market, but most of these groups have been able to climb into positive territory. Only the energy space remains in the red, trading with a loss of 0.1%. Crude oil was down as much as 2.0%, but has been able to cut nearly all of its losses. The energy component hovers near $94.17 per barrel.

Despite the rebound in oil, other commodities remain lower. Gold is down 2.2% at $1393.90 per ounce while copper is off by 0.7% at $3.265 per pound. The basic materials sector lagged early, but it has been able to reverse its losses.

Another economically-sensitive group, industrials, saw some pressure resulting from Deere's (DE 89.49, -4.28) disappointing revenue guidance. However, transportation-related stocks have given a boost to the sector as the Dow Jones Transportation Average trades higher by 1.0%. Southwest Airlines (LUV 14.29, +0.31) is advancing 2.2% after the company hiked its quarterly dividend to $0.04 from $0.01, and announced a $500 million increase to its share repurchase authorization.

While the Dow and S&P register comparable gains, the Nasdaq trails behind the other two indices as its largest component, Apple (AAPL 430.97, -12.89), slides 2.9%. Meanwhile, another major tech name, Google (GOOG 907.67, +20.57), sports a gain of 2.3% after the company unveiled a music streaming service at its I/O developer's conference in San Francisco.

Recent days saw the Nasdaq receive significant support from biotech. Today, however, the iShares Nasdaq Biotechnology ETF (IBB 185.39, -0.79) is off by 0.4%.

This morning's economic data was plentiful as April producer prices declined 0.7%, which was cooler than the downtick of 0.5% forecast by the Briefing.com consensus. Meanwhile, core producer prices rose 0.1%, in-line with the Briefing.com consensus.

Industrial production fell 0.5% in April after increasing a downwardly revised 0.3% (from 0.4%) in March. The Briefing.com consensus expected industrial production to decline 0.2%.

Manufacturing production declined 0.4% in April after declining 0.3% in March. The drop was in-line with the weakness reported in nearly all of the regional manufacturing surveys.

Durable and nondurable goods manufacturing fell 0.6% and 0.1%, respectively.

The rate of capacity utilization fell to 77.8% from a downwardly revised 78.3% (from 78.5%) in March. That is the lowest level of capacity utilization since January. Manufacturing capacity utilization dropped to 75.9%, which is the first time since November 2012 that the utilization rate slipped below 76%.

Separately, the Empire Manufacturing Survey for May registered a reading of -1.43, which was down from the prior month's reading of 3.1. Economists polled by Briefing.com had expected that the survey would rise to 3.5.

The May NAHB Housing Market Index rose to 44 from 41. Today's report was in line with the Briefing.com consensus.DJ30 +68.62 NASDAQ +10.73 SP500 +9.59 NASDAQ Adv/Vol/Dec 1421/957.6 mln/1004 NYSE Adv/Vol/Dec 1722/319.5 mln/1247

12:30 pm : The S&P 500 is higher by 0.5% while the Nasdaq trades with a gain of 0.3%. The tech-heavy index trails behind the benchmark average as Apple (AAPL 429.80, -14.06) trades lower by 3.2%. Meanwhile, another large tech component, Google (GOOG 909.30, +22.20), adds 2.5% after reports indicated the company will launch a music streaming service.

Recent days saw the Nasdaq receive significant support from biotech. Today, however, the iShares Nasdaq Biotechnology ETF (IBB 185.31, -0.87) is off by 0.5%.DJ30 +63.39 NASDAQ +10.08 SP500 +8.61 NASDAQ Adv/Vol/Dec 1433/871.1 mln/976 NYSE Adv/Vol/Dec 1699/291.2 mln/1241

12:00 pm : The S&P 500 is higher by 0.4% as the index hovers near its best level of the day. Although the rebound from early lows saw most cyclical sectors climb out of the red, the energy group continues to trade with a loss of 0.5%.

Of the remaining cyclical sectors, financials have shown the most strength as major bank shares register notable gains for the second day in a row. Citigroup (C 51.14, +1.05) leads the majors while the SPDR Financial Select Sector ETF (XLF 19.80, +0.16) trades higher by 0.8%.

Similar to yesterday, the CBOE Volatility Index (VIX 12.92, +0.15) trades in the black even as stocks hover near their highs.DJ30 +45.36 NASDAQ +7.89 SP500 +6.27 NASDAQ Adv/Vol/Dec 1371/785.2 mln/1030 NYSE Adv/Vol/Dec 1630/261.6 mln/1299

11:30 am : Recent action saw the major averages climb to fresh session highs. The S&P 500 trades with a gain of 0.2% as consumer staples maintain their spot atop the leaderboard.

While defensively-oriented groups continue to show strength, cyclical sectors have climbed off their lows. Only industrials and energy remain in the red as the two sectors trade with respective losses of 0.1% and 0.9%.

The industrial sector has received a boost from transportation stocks as 19 of 20 components of the Dow Jones Transportation Average register gains. Airlines have taken off as Delta Air Lines (DAL 19.14, +0.89) soars 4.9%. Also of note, Southwest Airlines (LUV 14.40, +0.41) is higher by 2.9% after the company hiked its quarterly dividend to $0.04 from $0.01 and announced a $500 million increase to its share repurchase authorization.DJ30 +19.82 NASDAQ +7.19 SP500 +3.25 NASDAQ Adv/Vol/Dec 1319/674.3 mln/1062 NYSE Adv/Vol/Dec 1490/230.1 mln/1415

11:00 am : The major averages trade within 0.2% of their respective unchanged lines after climbing off their opening lows.

Cyclical sectors are among the early laggards with commodity-related groups registering the most notable losses. The energy sector is down 1.1% as crude oil trades lower by 1.9% at $92.43.

Elsewhere, the industrial sector trades with a loss of 0.3% as Deere's (DE 88.91, -4.86) disappointing guidance weighs. However, transportation-related stocks have been able to shake off the early weakness. The Dow Jones Transportation Average is higher by 0.6%.

On the upside, the consumer staples sector trades higher by 0.4%.DJ30 +1.28 NASDAQ +6.62 SP500 +1.02 NASDAQ Adv/Vol/Dec 1210/543.2 mln/1119 NYSE Adv/Vol/Dec 1341/190.1 mln/1539

10:35 am : Commodities got a small boost on a reversal in the dollar index, which began to occur just after 8am EST. Overall, commodities have been lower, driven by an extension of strength in the dollar index. Silver, oil, copper and gold are the worst performing commodities this morning.

Oil prices have been sliding lower all session and are now -1.9% at $92.45/barrel. Natural gas, however, is climbing higher despite broad market weakness. June nat gas is now +0.8% at $4.06/MMBtu.

Precious metals sold off a few moments ago, dropping to new session lows. June gold is now -1.5% at $1403.20/oz, while July silver is -3.3% at $22.61/oz. July copper is now -1.7% at $3.23/lb.DJ30 -0.79 NASDAQ +1.33 SP500 -0.32 NASDAQ Adv/Vol/Dec 1202/459.0 mln/1317 NYSE Adv/Vol/Dec 1152/150 mln/1679

10:00 am : The major averages continue to hover in the red as the S&P 500 trades lower by 0.1%.

The May NAHB Housing Market Index rose to 44 from 41. Today's report was in line with the Briefing.com consensus.DJ30 -7.11 NASDAQ -0.92 SP500 -0.83 NASDAQ Adv/Vol/Dec 963/247.1 mln/1212 NYSE Adv/Vol/Dec 1150/104.7 mln/1604

09:45 am : The major averages trade slightly lower with the S&P 500 off by 0.2%. Stocks began the session in the red after S&P futures spent the entire night in negative territory.

Disappointing data has contributed to the early weakness as April industrial production fell 0.5%. This was worse than the 0.2% downtick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 77.8%, below the 78.3% expected by the Briefing.com consensus.

Separately, the Empire Manufacturing Survey for May registered a reading of -1.43, which was down from the prior month's reading of 3.1. Economists polled by Briefing.com had expected that the survey would rise to 3.5.

The cloudy outlook for the industrial sector was echoed by Deere (DE 89.57, -4.20) as the machinery producer lowered its current quarter revenue guidance. The broader industrial sector trades with a loss of 0.5%.

May NAHB Housing Market Index will be reported at 10:00 ET.DJ30 -30.41 NASDAQ -3.18 SP500 -3.23 NASDAQ Adv/Vol/Dec 786/133.1 mln/1307 NYSE Adv/Vol/Dec 967/76.5 mln/1718

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -3.80. U.S. equity futures trade with modest losses. The S&P 500 futures are off by 0.2% after the benchmark average gained 1.0% in yesterday's session.

The relative weakness of Deere (DE 90.25, -3.25) is contributing to the pre-market weakness as the machinery producer trades lower by 3.8% after announcing its second quarter results. Although the machinery producer beat on earnings and revenue, the company guided its third quarter top line below consensus.

Elsewhere, Macy's (M 48.50, +1.11) is higher by 2.3% after beating earnings expectations by two cents. In addition, the retailer increased its quarterly dividend to $0.25 from $0.20.

In today's economic data, April producer prices declined 0.7%, which was cooler than the downtick of 0.5% forecast by the Briefing.com consensus. Meanwhile, core producer prices rose 0.1%, in-line with the Briefing.com consensus.

Separately, the Empire Manufacturing Survey for May registered a reading of -1.43, which was down from the prior month's reading of 3.1. Economists polled by Briefing.com had expected that the survey would rise to 3.5.

Just reported, April industrial production fell 0.5%, which was worse than the 0.2% downtick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 77.8%, which was worse than the 78.3% expected by the Briefing.com consensus.

The busy day of economic news will be topped off with the 10:00 ET release of the May NAHB Housing Market Index.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -3.00.

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

Asian markets ended the day on an upbeat note as India's Sensex (+2.5%) led the way after yesterday's cooler-than-expected inflation data spurred talks of a potential rate cut. Australia's ASX (-0.6%) was an exception as the index declined in the wake of disappointing economic data. In Japan, the former vice-minister of finance Eisuke Sakakibara described the current movement of Japanese equity prices as "somewhat bubbly." Note the Nikkei has surged nearly 77% from its November lows. This equates to an annualized gain of roughly 154%. Elsewhere, China's Premier Li Keqiang has been quoted as saying there is "little room" for fiscal stimulus.

In regional economic news, Australia's Wage Price Index rose 0.7% quarter-over-quarter (+0.8% expected, +0.8% prior) while new motor vehicle sales declined 1.6% month-over-month (-0.5% previous). Japan's Tertiary Industry Activity Index slipped 1.3% month-over-month following the prior increase of 1.2% (-0.6% expected). In addition, household confidence slipped to 44.5 from 44.8 (45.8 forecast). South Korea's unemployment rate ticked down to 3.1% from 3.2% while its trade surplus declined to $2.40 billion from $2.60 billion. Also of note, Singaporean retail sales fell 7.4% year-over-year to follow the previous decline of 3.0% (-3.5% consensus).

In Japan, the Nikkei closed higher by 2.3% as exporters led the way. Isuzu Motors surged 20.8% while Sony jumped 11.9% after investor Dan Loeb called for the spinoff of Sony's entertainment unit.
Hong Kong's Hang Seng added 0.5%. Exporters also displayed strength as Li & Fung rose 8.4% and Esprit Holdings added 5.8%. On the downside, China Coal Energy fell 9.8%.
In China, the Shanghai Composite settled higher by 0.4% as some cyclical names outperformed. Avic Heavy Machinery and Sanan Optielectronics jumped 7.3% and 10.0%, respectively.

Key European indices hover near their respective flat lines after the release of several disappointing GDP reports. The Eurozone remained in contraction as the first-quarter GDP declined 0.2% after a prior decrease of 0.6% (-0.1% consensus). Germany's GDP ticked up 0.1% quarter-over-quarter (+0.3% forecast) while the year-over-year reading declined 1.4% (+0.2% consensus). French GDP decreased 0.2% (-0.1% forecast, -0.2% prior) while CPI slipped 0.2% (+0.1% expected, +0.8% prior). Italian GDP declined 0.5% quarter-over-quarter (-0.3% forecast, -0.9% previous) while the year-over-year reading fell 2.3% (-2.2% expected, -2.8% previous). In the United Kingdom, the claimant count declined 7,300 (-3,000 expected, -9,900 prior) and the unemployment rate ticked down to 7.8% (7.9% expected, 7.9% prior). Also of note, the Average Earnings Index rose 0.4% (+0.7% forecast). The Bank of England has also upgraded its economic outlook and said it expects to meet its inflation target of 2.0% within two years.

Germany's DAX is off by 0.1% as producers of basic materials lag. BASF and K+S are down 1.2% and 4.5%, respectively. On the upside, Deutsche Bank trades with a gain near 1.5%.
France's CAC is down 0.1%. Vivendi trades lower by 2.6% after reporting disappointing quarterly results. Meanwhile, bank shares trade higher as Credit Agricole adds 4.0%.
In the United Kingdom, the FTSE is little changed. Miners trade in the red with Polymetal International and Randgold Resources seeing respective losses of 7.2% and 3.8%. Financials are among the outperformers with Royal Bank of Scotland and Prudential both up near 1.5%.

In domestic economic news, the March net long-term TIC flows report indicated a $13.5 billion outflow of foreign capital from U.S. denominated assets. This follows the prior month's $17.8 billion outflow.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: -0.80. U.S. equity futures ticked lower in reaction to the latest set of economic data. The S&P 500 futures are off by 0.2%.

April producer prices declined 0.7%, which was cooler than the downtick of 0.5% forecast by the Briefing.com consensus. Core producer prices rose 0.1%, in-line with the Briefing.com consensus.

Separately, the Empire Manufacturing Survey for May registered a reading of -1.43, which was down from the prior month's reading of 3.1. Economists polled by Briefing.com had expected that the survey would rise to 3.5.

08:07 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: flat.

U.S. equity futures trade slightly lower as key European indices register slim gains.

Looking at overnight developments:

Major Asian markets ended on a higher note. China's Shanghai Composite added 0.4%, Hong Kong's Hang Seng rose 0.5%, and Japan's Nikkei advanced 2.3%.
Looking at regional economic data:
Japan's Tertiary Industry Activity Index slipped 1.3% month-over-month following the prior increase of 1.2% (-0.6% expected). In addition, household confidence slipped to 44.5 from 44.8 (45.8 forecast).
Australia's Wage Price Index rose 0.7% quarter-over-quarter (+0.8% expected, +0.8% prior) while new motor vehicle sales declined 1.6% month-over-month (-0.5% previous).
South Korea's unemployment rate ticked down to 3.1% from 3.2% while its trade surplus declined to $2.40 billion from $2.60 billion.
Singaporean retail sales fell 7.4% year-over-year to follow the previous decline of 3.0% (-3.5% consensus).
In news:
In Japan, the former vice-minister of finance Eisuke Sakakibara described the current movement of Japanese equity prices as "somewhat bubbly." Note the Nikkei has surged nearly 77% from its November lows. This equates to an annualized gain of roughly 154%.
China's Premier Li Keqiang has been quoted as saying there is "little room" for fiscal stimulus.
Key European indices trade with slim gains after slipping off their highs. Germany's DAX is little changed, the United Kingdom's FTSE is higher by 0.1%, while France's CAC trades up 0.2%.
In regional economic news:
The Eurozone remained in contraction as the first-quarter GDP declined 0.2% after a prior decrease of 0.6% (-0.1% consensus).
Germany's GDP ticked up 0.1% quarter-over-quarter (+0.3% forecast) while the year-over-year reading declined 1.4% (+0.2% consensus).
French GDP decreased 0.2% (-0.1% forecast, -0.2% prior) while CPI slipped 0.2% (+0.1% expected, +0.8% prior).
Italian GDP declined 0.5% quarter-over-quarter (-0.3% forecast, -0.9% previous) while the year-over-year reading fell 2.3% (-2.2% expected, -2.8% previous).
In the United Kingdom, the claimant count declined 7,300 (-3,000 expected, -9,900 prior) and the unemployment rate ticked down to 7.8% (7.9% expected, 7.9% prior). Also of note, the Average Earnings Index rose 0.4% (+0.7% forecast).
Looking at news:
The Bank of England expects to meet its inflation target of 2.0% within two years. The central bank has also upgraded its economic outlook.

In U.S. corporate news:

Deere (DE 90.00, -3.87) is lower by 4.1% after reporting its second quarter results. Although the machinery producer beat on earnings and revenue, the company guided its third quarter revenue below consensus.
Apollo Investment (AINV 8.52, -0.35) is off by 4.0% after the company announced the public offering of 18 million shares of common stock.

The weekly MBA Mortgage Index declined 7.3% to follow the prior week's increase of 7.0%.

April PPI, core PPI, and May Empire Manufacturing will all be reported at 8:30 ET while March net long-term TIC flows will be announced at 9:00 ET. At 9:15 ET, April industrial production and capacity utilization will cross the wires. The day will be topped off with the 10:00 ET release of the May NAHB Housing Market Index.

06:45 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +2.00.

06:45 am : Nikkei...15096.03...+337.60...+2.30%. Hang Seng...23044.24...+114.00...+0.50%.

06:45 am : FTSE...6688.85...+3.30...+0.10%. DAX...8346.51...+7.40...+0.10%.

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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