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 Post subject: May 16th Thursday Trade Results - Profit $2770
PostPosted: Thu May 16, 2013 6:34 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 @ $1830.00 dollars or +18.30 points, Light Crude Oil CL ($CL_F) futures @ $470.00 dollars or +0.47 points, Gold GC ($GC_F) futures @ $470.00 dollars or +4.70 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 @ $2770.00 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=1508

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 Skid Following Record Highs

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

NEW YORK (CNNMoney)
Stocks skidded Thursday, as a series of mixed economic reports offered little inspiration to buy stocks.

After hitting new all-time highs on Wednesday, the Dow Jones Industrial Average and the S&P 500 closed down 0.3% and 0.5%.

The Nasdaq dropped 0.2%.

The government reported that jobless claims were up from a week ago. Additionally, housing starts for April fell and were below forecasts.

A key measure of inflation, the Consumer Price Index, also fell. Gold prices, which tend to do well during times of inflation, continued to plummet following the CPI report, falling by nearly 1%. Hedge fund manager George Soros revealed on Wednesday that he cut his stake in the SPDR Gold Shares Trust (GLD) exchange traded fund in the first quarter.

* Bad news for job market? Initial claims jump

The John Chambers effect is muted: Cisco (CSCO, Fortune 500) shares surged after the tech giant topped earnings and sales forecasts. But bullish statements by Cisco's CEO John Chambers about the global economy didn't spill over to the broader market. But its competitors Juniper Networks (JNPR) and Alcatel Lucent (ALU) got a boost on the back of Cisco's earnings.

Looking at other tech giants, Google (GOOG, Fortune 500) shares dipped slightly after topping the $900 mark for the first time Wednesday.

Investors are looking closely at results from Dell (DELL, Fortune 500) to gauge whether founder Michael Dell and private equity fund Silver Lake can succeed in taking the company private. Activist hedge fund manager Carl Icahn is challenging the deal. Dell's profits widely missed analysts' forecasts but the company beat on revenues.

A tale of two retailers: Wal-Mart (WMT, Fortune 500) reported better-than-expected quarterly earnings but a decrease in same-store sales. The company said it was held back by a delay in income tax refunds.

Kohl's (KSS, Fortune 500) stock price jumped after the retailer beat its own guidance in quarterly earnings, despite a dip in profit. Struggling J.C. Penney (JCP, Fortune 500), which has been backed by hedge fund manager Bill Ackman, reports results in the afternoon.

Tesla (TSLA) shares rose after the electric car maker announced it was raising capital to repay its government loan early. CEO Elon Musk plans to personally buy $100 million worth of stock. Shares of another Musk-backed company, SolarCity (SCTY), surged more than 10% on news of a financing agreement with Goldman Sachs (GS, Fortune 500) for solar projects.

* Fear & Greed Index still wallowing in extreme greed

Abenomics helps lift Japan economy: Japan released data overnight showing that its economy grew at an annual rate of 3.5% in the first three months of 2013. The expansion was much stronger than the 2.7% increase expected by analysts.

Despite the good news, Asian markets ended mixed. The Nikkei, dragged lower by disappointing guidance from banks, declined 0.4%. The Shanghai Composite added 1.2% and the Hang Seng increased 0.2% European markets also ended mixed.

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Market Update

4:10 pm : The major averages settled in the red as the S&P 500 lost 0.5% while Nasdaq shed 0.2%.

The three indices hovered near their respective flat lines for the majority of the day before sellers emerged in the afternoon, and drove equities to their first loss in five days.

Nine of ten sectors ended in the red with technology as the lone standout. The sector gained 0.7% and contributed to the outperformance of the Nasdaq. Better-than-expected earnings from Cisco Systems (CSCO 23.89, +2.68), and the relative strength of large components like Apple (AAPL 434.58, +5.73) and IBM (IBM 204.69, +1.37) provided support for the sector.

While technology boosted the Nasdaq, the index was held back by the weakness of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 180.23, -3.79) fell 2.1% to trim its week-to-date gain to 0.1%. Although the biotech ETF has been the subject of some profit taking following its recent run, it remains higher by 4.6% in May.

Biotechnology also weighed on the health care space, which was the weakest defensively-oriented sector, shedding 1.0%.

Overall, the discretionary sector was the biggest laggard as homebuilders and retailers underperformed. The SPDR S&P Homebuilders ETF (XHB 31.90, -0.54) lost 1.7% after the April housing starts report missed expectations. Meanwhile, the SPDR S&P Retail ETF (XRT 76.93, -0.84) slid 1.1% after Dow component Wal-Mart (WMT 78.50, -1.36) missed on earnings and revenue.

Also of note, the Dow Jones Transportation Average appeared strong in early action, but the bellwether complex declined through the afternoon before ending with a loss of 0.8%.

In the Treasury market, the 10-yr note received notable interest after today's disappointing economic data. As a result, the 10-yr yield declined six basis points to 1.877%.

The CBOE Volatility Index (VIX 13.25, +0.44) ended higher by 3.5%, suggesting downside protection received some interest.

Today's economic data was plentiful, and largely disappointing.

Housing starts fell 16.5% in April to 853,000 from a downwardly revised 1.021 million (from 1.036 million) in March. That was the smallest number of starts since November 2012. The Briefing.com consensus expected housing starts to fall to 970,000.

Multifamily construction, which tends to be highly volatile, fell to 243,000 in April from 398,000 in March. The drop is likely a reversion to the mean as multifamily construction has been running much hotter than its 12-month average.

The initial claims level jumped to 360,000, the highest level since February (excluding the volatility from the Easter holiday problems), for the week ending May 11 from an upwardly revised 328,000 (from 323,000) for the week ending May 4. The Briefing.com consensus expected the initial claims level to increase to 330,000.

The CPI fell 0.4% in April after declining 0.2% in March. The Briefing.com consensus expected consumer prices to fall 0.2%. Excluding food and energy, core CPI increased 0.1% for a second consecutive month. The consensus expected these prices to increase 0.2%.

The Philadelphia Fed's Business Outlook showed that manufacturing activity in the Philadelphia region contracted in May. The index fell to -5.2 from 1.3 in April. The Briefing.com consensus expected the Philly Fed Index to increase to 2.5.

Tomorrow, the preliminary May Michigan Consumer Sentiment Survey and April leading indicators will be reported at 9:55 ET and 10:00 ET, respectively.DJ30 -42.47 NASDAQ -6.37 SP500 -8.31 NASDAQ Adv/Vol/Dec 1065/1.87 bln/1418 NYSE Adv/Vol/Dec 1191/684.4 mln/1827

3:30 pm :

June crude oil extended yesterday's gains as the dollar index traded lower. The energy component briefly dipped into the red and to a session low of $94.08 per barrel but quickly recovered. It advanced to a session high of $95.57 per barrel in late morning action and eventually settled at $95.18 per barrel, booking a gain of 1.0%.
June natural gas on the other hand, slid deeper into negative territory following bearish inventory data that showed a build of 99 bcf when a build of 95 bcf was anticipated. It touched a session low of $3.91 per MMBtu after trading as high as $4.06 per MMBtu in early morning floor trade. Unable to gain momentum, it settled 3.4% lower at $3.93 per MMBtu.
June gold declined for a sixth consecutive session as the World Gold Council said that first quarter total gold demand fell by 13%. The yellow metal touched a session low of $1373.20 per ounce at floor trade open but managed to inch higher as the session progressed. It settled 0.7% lower at $1387.10 per ounce, slightly below its session high of $1389.10 per ounce.
July silver lifted off its session low of $22.28 per ounce set at pit trade open and trended higher for most of its session. It spent afternoon action chopping around near the unchanged line and settled just one penny lower at $22.65 per ounce.

DJ30 -34.25 NASDAQ -2.38 SP500 -7.00 NASDAQ Adv/Vol/Dec 1135/1691.8 mln/1452 NYSE Adv/Vol/Dec 1137/471 mln/1860

3:05 pm : Recent action saw the S&P 500 slip to fresh afternoon lows as cyclical sectors extended their losses. However, the technology sector continues to trade with a solid gain of 0.9%.

In the Treasury market, the 10-yr note saw two waves of buying after today's disappointing economic data. As a result, the 10-yr yield is lower by seven basis points at 1.868.

Also of note, the Dollar Index is off by 0.3% near 83.58 after registering five consecutive gains.DJ30 -13.70 NASDAQ +4.04 SP500 -3.34 NASDAQ Adv/Vol/Dec 1207/1.44 bln/1261 NYSE Adv/Vol/Dec 1354/417.4 mln/1630

2:35 pm : The Dow and S&P 500 continue to trade near their flat lines while the Nasdaq hovers two points below its best level of the day.

Today's session has been very quiet. Outside of the notable gains in technology, significant moves have been hard to find elsewhere. Intraday volume also speaks to the lack of activity as the current total of 382 million shares sets the tone for a below-average final tally.

The CBOE Volatility Index (VIX 12.85, +0.04) hovers near its lows after being up as much as 5.0% at the start of today's session.DJ30 +7.97 NASDAQ +11.98 SP500 -0.18 NASDAQ Adv/Vol/Dec 1272/1.33 bln/1181 NYSE Adv/Vol/Dec 1471/381.6 mln/1494

2:00 pm : Quiet afternoon action continues as the three averages trade within 0.2% of their respective flat lines.

The Nasdaq trades slightly ahead of the other two indices thanks to the relative strength of technology. However, the weakness of biotech has prevented the index from climbing higher.

The iShares Nasdaq Biotechnology ETF (IBB 180.93, -3.09) is down 1.7% today, and flat on the week. This comes after the group rallied sharply in the first two weeks of May. Since May 1, the biotech ETF has gained 4.9%.DJ30 +2.80 NASDAQ +5.89 SP500 -1.84 NASDAQ Adv/Vol/Dec 1202/1.22 bln/1231 NYSE Adv/Vol/Dec 1399/347.9 mln/1548

1:30 pm : The major averages continue to hover near their recent levels.

Although cyclical sectors saw slim gains in earlier action, only the technology space remains in positive territory. Elsewhere, the Dow Jones Transportation Average hovers near its lows after the bellwether complex made just a brief morning appearance in positive territory.

Elsewhere, the discretionary sector is the weakest performer among growth-sensitive groups. Homebuilders were pressured by disappointing housing starts data and retailers trade lower as well. The SPDR S&P Retail ETF (XRT 77.29, -0.48) is off by 0.6%.DJ30 +2.59 NASDAQ +4.77 SP500 -1.76 NASDAQ Adv/Vol/Dec 1194/1.14 bln/1210 NYSE Adv/Vol/Dec 1370/322.6 mln/1552

1:00 pm : At midday, the Dow and S&P 500 are little changed while the Nasdaq trades higher by 0.2%.

The major averages began the day on a mixed note as disappointing economic data pressured the Dow and S&P while better-than-expected earnings from Cisco Systems (CSCO 23.76, +2.55) provided the Nasdaq with some support.

The Nasdaq continues to hover near its best levels of the day while the technology sector trades higher by 1.1%. The largest tech component, Apple (AAPL 435.89, +7.04), lagged early, but now trades in line with the sector.

Today's economic news was plentiful, and most reports fell short of expectations. A decline in housing starts has weighed on homebuilders as major names trade lower across the board. The broader SPDR S&P Homebuilders ETF (XHB 31.82, -0.62) is down 1.9%.

The underperformance of homebuilders has caused the discretionary sector to remain in negative territory while other growth-sensitive groups attempt to rebound off their lows.

Defensively-geared sectors are among the underperformers with the health care space lower by 0.9% as biotechnology lags. The iShares Nasdaq Biotechnology ETF (IBB 179.87, -4.15) is down 2.3%. Combined with yesterday's weakness, the biotech ETF is now flat on the week, but remains higher by 4.3% in May.

Consumer staples also hover in the red after Dow component Wal-Mart (WMT 78.15, -1.71) reported earnings and revenue below analyst expectations.

Also of note, the utilities sector has extended its recent weakness. The high-yielding space is down 0.2% today, and lower by 3.5% this month.

In the Treasury market, the 10-yr note has received a bid after today's economic data, pushing its yield down six basis points to 1.877%.

Looking back at the economic news of the day, housing starts fell 16.5% in April to 853,000 from a downwardly revised 1.021 million (from 1.036 million) in March. That was the smallest number of starts since November 2012. The Briefing.com consensus expected housing starts to fall to 970,000.

Multifamily construction, which tends to be highly volatile, fell to 243,000 in April from 398,000 in March. The drop is likely a reversion to the mean as multifamily construction has been running much hotter than its 12-month average.

The initial claims level jumped to 360,000, the highest level since February (excluding the volatility from the Easter holiday problems), for the week ending May 11 from an upwardly revised 328,000 (from 323,000) for the week ending May 4. The Briefing.com consensus expected the initial claims level to increase to 330,000.

The CPI fell 0.4% in April after declining 0.2% in March. The Briefing.com consensus expected consumer prices to fall 0.2%. Excluding food and energy, core CPI increased 0.1% for a second consecutive month. The consensus expected these prices to increase 0.2%.

The Philadelphia Fed's Business Outlook showed that manufacturing activity in the Philadelphia region contracted in May. The index fell to -5.2 from 1.3 in April. The Briefing.com consensus expected the Philly Fed Index to increase to 2.5.DJ30 +11.97 NASDAQ +6.39 SP500 -0.56 NASDAQ Adv/Vol/Dec 1194/1.06 bln/1213 NYSE Adv/Vol/Dec 1357/300.3 mln/1566

12:30 pm : The Dow and S&P 500 show little change as the two indices continue to alternate between slim gains and losses. Meanwhile, the Nasdaq holds near its highs.

Although the technology sector has provided the Nasdaq with a considerable boost, the relative weakness of biotech has kept the index from climbing higher. While the tech sector trades with a gain of 1.1%, high-beta chipmakers have been more tentative. The PHLX Semiconductor Index is flat.

In the Treasury market, the 10-yr note has received a bid after today's disappointing economic data, pushing its yield down six basis points to 1.882%.DJ30 +5.85 NASDAQ +5.42 SP500 -0.83 NASDAQ Adv/Vol/Dec 1217/978.1 mln/1171 NYSE Adv/Vol/Dec 1420/278.1 mln/1493

12:00 pm : The three major averages continue to trade within 0.3% of their respective flat lines.

Technology stocks have led from the start and the sector now trades higher by 1.3%. Meanwhile, other cyclical sectors trade generally lower. The energy space is off by 0.1% even as crude oil trades with a gain of 1.1% at $95.33 per barrel. Elsewhere, the discretionary group is down 0.3% amid weakness in homebuilders.

Notably, all four defensive sectors hover in the red with health care down 0.8%.DJ30 +13.47 NASDAQ +11.50 SP500 +0.56 NASDAQ Adv/Vol/Dec 1269/875.9 mln/1097 NYSE Adv/Vol/Dec 1481/252.1 mln/1384

11:30 am : Equities have continued their climb off lows as the Nasdaq remains in the lead. Meanwhile, the S&P 500 trades flat.

The technology sector has continued building on its early strength while other cyclical sectors rise from their worst levels of the day. However, the discretionary space remains pressured by homebuilders after the April housing starts report fell short of expectations. The SPDR S&P Homebuilders ETF (XHB 32.06, -0.38) is lower by 1.2%.

On the downside, the health care sector lags as biotechnology lags. The iShares Nasdaq Biotechnology ETF (IBB 179.97, -4.05) is down 2.2%.DJ30 +9.29 NASDAQ +9.15 SP500 +0.06 NASDAQ Adv/Vol/Dec 1249/787.5 mln/1081 NYSE Adv/Vol/Dec 1504/227.4 mln/1355

11:00 am : The S&P 500 continues to trade in the red while the Nasdaq hovers near its best level of the day. The tech-heavy index has received some notable support from Cisco Systems (CSCO 23.65, +2.44) after the company beat on earnings and revenue.

Shares of Apple (AAPL 434.21, +5.36) traded down as much as 1.7% at the open before the stock was able to return into positive territory.

The materials sector is the only other group trading in the black. Steelmakers have shown some relative strength as the Market Vectors Steel ETF (SLX 42.14, +0.12) trades higher by 0.3%.DJ30 -6.38 NASDAQ +7.04 SP500 -1.64 NASDAQ Adv/Vol/Dec 1137/645.1 mln/1141 NYSE Adv/Vol/Dec 1430/189.8 mln/189

10:35 am : Commodities are mixed this morning with gold and silverlower, nat gas lower, copper flat and crude oil modestly higher.

The dollar index is lower this morning and currently near session lows. This was helping weigh on gold and silver, but not very much now. June gold is now -0.8% at $1385.40/oz and July silver is -0.3% at $22.60/oz.

Natural gas sold off following inventory data and the June contract is now down 2.9% at $3.95/MMbtu. June crude oil is now higher again, currently showing a 0.3% gain at $94.60/barrel.DJ30 -10.26 NASDAQ +4.29 SP500 -2.10 NASDAQ Adv/Vol/Dec 1237/637.5 mln/1293 NYSE Adv/Vol/Dec 1359/173 mln/1444

10:00 am : The S&P 500 is off by 0.1% while the Nasdaq trades with a gain of 0.1%.

May Philadelphia Fed Survey declined to -5.2. This comes after the March reading of +1.3. Economists polled by Briefing.com had expected that the Survey would improve to +2.5.DJ30 -7.84 NASDAQ +3.08 SP500 -2.02 NASDAQ Adv/Vol/Dec 936/330.2 mln/1215 NYSE Adv/Vol/Dec 1151/107.6 mln/1540

09:45 am : The major averages began the day on a mixed note. The S&P 500 is off by 0.1% while Nasdaq trades higher by 0.1%.

The outperformance of the Nasdaq is a result of better-than-expected earnings from Cisco Systems (CSCO 23.80, +2.59), which trades higher by 12.2%. Meanwhile, the largest tech stock, Apple (AAPL 421.50, -7.35) trades lower by 1.7%.

Elsewhere, most other sectors trade in the red with energy and materials leading to the downside.

In other earnings of note, Wal-Mart (WMT 78.76, -1.10) is off by 1.4% after missing on earnings and revenue.

May Philadelphia Fed Survey will be released at 10:00 ET.DJ30 -6.57 NASDAQ +3.70 SP500 -1.60 NASDAQ Adv/Vol/Dec 863/174.2 mln/1172 NYSE Adv/Vol/Dec 1158/75.5 mln/1494

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: +5.50. U.S. equity futures trade in mixed fashion as the opening bell nears. The S&P 500 futures are off by 0.1% while Nasdaq futures trade higher by 0.2%.

Index futures declined from their highs in reaction to today's economic data which revealed an uptick in initial claims and a decrease in housing starts. In addition, consumer prices saw a larger than expected decline while building permits surprised to the upside. The May Philadelphia Fed Survey will be the final economic data point of the day. The report will be released at 10:00 ET.

In corporate news, Dow component Wal-Mart (WMT 78.37, -1.49) is lower by 1.9% after missing on earnings and revenue. The retailer also lowered its second quarter guidance below consensus.

On the upside, Cisco Systems (CSCO 23.86, +2.67) is jumping 12.5% after beating the Capital IQ earnings estimate by two cents. The relative strength of Cisco has contributed to the outperformance of the Nasdaq futures.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: +5.20.

U.S. equity futures are mixed with the S&P 500 futures off by 0.1% and Nasdaq futures up 0.2%.

Asian markets ended generally higher with the Shanghai Composite (+1.2%) leading the way. Japan was in focus after the country reported first quarter GDP growth of 0.9% (0.7% expected, +0.3% prior). Also of note, the GDP Price Index declined 1.2% (-1.0% forecast) while industrial production increased 0.9% (0.0% expected, 0.9% prior). While the GDP reading surpassed expectations, Economy Minister Akira Amari said greater effects of the stimulus will be felt in the second quarter. Meanwhile, the Japan Center for Economic Research expects full-year GDP to be around 2.5%. Looking at the remaining economic data, Chinese foreign direct investment rose 1.21% year-to-date to follow the prior increase of 1.44%. In South Korea, PPI slipped 0.3% month-over-month (-0.4% prior) while the year-over-year reading declined 2.8% (-2.4% previous).

In Japan, the Nikkei closed lower by 0.4% as industrials and producers of basic materials lagged. Furukawa, Nippon Paper, and Nippon Kayaku all lost between 4.6% and 7.1%. On the upside, Tokyo Electric Power surged 19.5%.
Hong Kong's Hang Seng added 0.2% as technology outperformed. Lenovo Group and Tencent Holdings ended with respective gains of 3.3% and 6.5%. Energy names trailed behind the broader market as PetroChina and CNOOC lost between 1.4% and 2.1%.
In China, the Shanghai Composite advanced 1.2% as cyclical names led. Liuzhou Chemical, Metro Land, and Jiangsu Gaochun all gained 10.0%. On the downside, Beijing Dynamic Power lost 3.2%.

Key European indices trade in mixed fashion after several economic data points crossed the wires. Eurozone trade surplus was reported at EUR18.7 billion (EUR11.8 billion expected, EUR12.7 billion previous) while CPI rose 1.2% year-over-year (in line with expectations). French nonfarm payrolls declined 0.1% (-0.3% expected, -0.3% previous). Italy reported a trade surplus of EUR3.24 billion (EUR1.72 billion forecast, EUR1.09 billion prior). Elsewhere, Spanish industrial new orders fell 13.9% year-over-year (-6.6% expected, -5.7% prior). In news, the Prime Minister of Luxembourg Jean Claude Juncker has said Europe is on track to resolve the ongoing crisis. Meanwhile, German Finance Minister said the crisis has entered a new stage.

In France, the CAC is off by 0.3% as industrials lag. Alstom and Bouygues are both down near 3.0%. On the upside, hotel operator Accor is higher by 2.4%.
Germany's DAX is higher by 0.1% as defensive names outperform. Beiersdorf and Deutsche Telekom trade with gains near 2.5%. On the downside, Commerzbank and Deutsche Bank are down 3.4% and 4.7%, respectively.
In the United Kingdom, the FTSE trades up 0.1% as financials display relative strength. Aviva is higher by 8.0% and Royal Bank of Scotland trades with a gain of 2.5%.

08:35 am : [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: +4.50. Equity futures slipped from their highs in reaction to the latest set of economic data. The S&P 500 futures are off by 0.1%.

The latest weekly initial jobless claims count totaled 360,000, which was higher than the 330,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 328,000. As for continuing claims, they fell to 3.009 million from 3.013 million.

April consumer prices declined 0.4%, which was below the 0.2% downtick that had been expected by the Briefing.com consensus. This followed the prior month's rise of 0.7%. In addition, core prices rose 0.1% while the Briefing.com consensus expected an increase of 0.2%.

Separately, housing starts hit an annualized rate of 853,000 units during April. Economists polled by Briefing.com had expected for housing starts to hit an annual rate closer to 970,000. Prior month figures were revised downward to reflect an annual rate of 1,021,000 starts. As for building permits, they rose from the prior month's revised rate of 890,000 to 1,017,000 for April. That was above the pace of 950,000 building permits that had been expected among economists polled by Briefing.com.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +7.00.

U.S. equity futures trade slightly higher amid cautious overseas trade. The S&P 500 futures trade with a gain of 0.1%.

Looking at overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei shed 0.4%, Hong Kong's Hang Seng added 0.2%, and China's Shanghai Composite rose 1.2%.
In regional economic data:
Japan's first quarter GDP came in at 0.9% (0.7% expected) while the GDP Price Index declined 1.2% (-1.0% forecast). Also of note, industrial production increased 0.9% (0.0% expected, 0.9% prior).
Chinese foreign direct investment rose 1.21% year-to-date to follow the prior increase of 1.44%.
In South Korea, PPI slipped 0.3% month-over-month (-0.4% prior) while the year-over-year reading declined 2.8% (-2.4% previous).
Looking at news:
Japan's Economy Minister Akira Amari said effects of the stimulus will be seen on a greater scale during the second quarter. Meanwhile, the Japan Center for Economic Research expects full-year GDP to be around 2.5%.

Key European indices trade in mixed fashion. France's CAC is off by 0.1%, the United Kingdom's FTSE is higher by 0.2%, and Germany's DAX trades with a gain of 0.3%.
Looking at regional economic news:
Eurozone trade surplus was reported at EUR18.7 billion (EUR11.8 billion expected, EUR12.7 billion previous) while CPI rose 1.2% year-over-year (in line with expectations).
French nonfarm payrolls declined 0.1% (-0.3% expected, -0.3% previous).
Italy reported a trade surplus of EUR3.24 billion (EUR1.72 billion forecast, EUR1.09 billion prior).
Spanish industrial new orders fell 13.9% year-over-year (-6.6% expected, -5.7% prior).
In news:
The Prime Minister of Luxembourg Jean Claude Juncker has said Europe is on track to resolve the ongoing crisis. Meanwhile, German Finance Minister said the crisis has entered a new stage.

In U.S. corporate news:

Advanced Micro Devices (AMD 4.09, -0.29) is down 6.6% after Goldman Sachs downgraded the stock to 'Sell' from 'Neutral.'
Cisco Systems (CSCO 23.40, +2.19) is jumping 10.3% after beating the Capital IQ earnings estimate by two cents.
Dow component Wal-Mart (WMT 77.53, -2.33) is lower by 2.9% after missing on earnings and revenue. The retailer also lowered its second quarter guidance below consensus.

Weekly initial claims, April CPI, core CPI, housing starts, and building permits are all scheduled to be released at 8:30 ET. Today's economic data will be topped off by the May Philadelphia Fed Survey, which is set to cross the wires at 10:00 ET.

07:22 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +1.00.

07:22 am : Nikkei...15037.24...-58.80...-0.40%. Hang Seng...23082.68...+38.40...+0.20%.

07:22 am : FTSE...6707.66...+14.10...+0.20%. DAX...8378.37...+15.90...+0.20%.

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

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

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