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 Post subject: May 20th Monday Trade Results - No Trades
PostPosted: Mon May 20, 2013 11:21 pm 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
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Quote:
No trades today due to personal family reasons involving taking the day off to enjoy the kids football tournament.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($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 @ 0.00 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=1510

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.

Merger Monday On Wall Street

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

NEW YORK (CNNMoney)
A pair of corporate mergers failed to boost the broader market Monday as investors await comments from Federal Reserve officials later in the week.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all ended about 0.1% lower.

Traders were wary of pushing stocks higher after the Dow and S&P 500 capped a four week winning streak Friday with new record highs.

"It's a slow day," said Peter Tuz, portfolio manager at Chase Investment Counsel. "We've got some more important Fed news and economic statistics later in the week."

Click here for more on stocks, bonds, commodities and currencies

Do you Tumblr? In an effort to lure younger users, Yahoo (YHOO, Fortune 500) officially announced plans to buy blogging site Tumblr for $1.1 billion.

The Internet pioneer promised not to "screw it up," but investors weren't so sure. Yahoo shares barely budged on the news.

Separately, Actavis (ACT) shares jumped after the drug company said it planned to buy Warner Chilcott (WCRX) in an $8.5 billion stock-for-stock transaction.

Merger and acquisition activity has been picking up recently. So far this year, there have been 45 U.S. corporate transactions, worth a combined $297.6 billion, according to data from FactSet.

The biggest deal has been Berkshire Hathaway (BRKA, Fortune 500) and 3G Capital's $28 billion plan to buy ketchup giant H.J. Heinz Co (HNZ, Fortune 500).

Related: JPMorgan shareholders ready to grill the board

Bernanke takes the stand: Investors will pay close attention to comments from Federal Reserve officials this week, including chairman Ben Bernanke, who will testify before Congress Wednesday.

All three major U.S. indexes have gained around 16% so far this year on a combination of gradually improving economic data and continued support from the Fed.

But investors have been rattled recently by comments from some Fed officials suggesting the central bank could begin to scale back its bond-buying program sooner than expected.

"There's a tug-of-war within the Fed about an exit strategy," said Tuz. "We should hear more about that this week."

The yen also rises: The yen edged up 0.7% versus the U.S. dollar Monday after Japan's economy minister suggested further weakness could be harmful to Japan's recovery efforts.

The yen has plunged 15% against the dollar this year as Prime Minister Abe and the Bank of Japan launched an aggressive campaign to boost the nation's economy.

Related: Death cross brewing in bond market

Investors have been pouring money into Japanese stocks. Last week, the Nikkei rose above 15,000. It surpassed the Dow in absolute terms for the first time in three years, according to Bill Stone, chief investment officer at PNC Wealth Management.

Earnings season winds down: Campbell Soup (CPB, Fortune 500) reported quarterly earnings that beat expectations.

Home Depot (HD, Fortune 500), Best Buy (BBY, Fortune 500), Target (TGT, Fortune 500) and Hewlett-Packard (HPQ, Fortune 500) are due later in the week.

Chesapeake Energy (CHK, Fortune 500) shares edged up after the natural gas and oil producer announced its new CEO would be Robert Douglas Lawler, an executive at Anadarko Petroleum (APC, Fortune 500).

Related: Fear & Greed Index: Extreme greed

Gold and silver prices recovered from earlier losses, but both have been under pressure recently.

European markets ended higher, with the DAX leading the gains, although trading was light due to a national holiday in Germany. Meanwhile Asian markets ended with significant gains. Japan's Nikkei jumped 1.5%.

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Market Update

4:15 pm : The Russell 2000 crosssed the 1,000 level for the first time ever today and the S&P 500 established a new all-time, intraday high. Those were some of the more memorable highlights of what was an otherwise nondescript day of trading.

By and large, there just wasn't a lot of conviction on the part of either buyers or sellers. The major indices spent time on either side of the unchanged line, but never put a whole lot of distance between themselves and that point for most of the day.

The lack of conviction was owed in part to a lack of stirring catalysts. There was some M&A activity, which included Yahoo! (YHOO 6.58, +0.06) buying Tumblr for $1.1 bln in cash, Vista Equity Partners buying Websense (WBSN 24.76, +5.53) for $1.0 bln in cash, and Actavis (ACT 127.13, +1.63) acquiring Warner Chilcott (WCRX 19.60, +0.39) in an $8.5 bln stock deal. Those transactions, though, didn't have market-moving punch.

All there mostly was today was a lot of sparring coming off last week's 2.1% gain in the S&P 500. Nobody got hurt, except perhaps in the precious metals space, which got hit early on chatter of a possible forced liquidation trade that knocked silver prices down close to 4.0%. Silver, however, made a resounding comeback, knocking out short sellers to settle the day up nearly 2.0% at $22.79/oz. That comeback, which was aided by a weakening dollar, helped boost other commodities like gold ($1389.00, +24.30) and oil ($96.71, +0.69).

Gains in both precious metals and industrial metals helped the materials sector outperform early, but it would eventually roll over to end the day relatively flat. In a mixed day of trading, the energy (+1.3%) and consumer staples (-1.0%) sectors were the only economic sectors to move 1.0% or more.

Presumably, some hesitation ahead of Fed Chairman Bernanke's testimony before Congress on Wednesday about the economic outlook played a part in today's mixed market. There was a little gyration around remarks made today by Chicago Fed President Evans on his views about the economy and the Fed's asset purchase program, but the market ultimately did not get too hung up on his remarks.

There aren't any economic releases for the US tomorrow, but there will be a number of retailers (Home Depot, Best Buy, AutoZone, Dick's Sporting Goods, Saks, and TJX Cos.) reporting earnings before the open. What they share could set the tone that helps determine if the Dow Jones Industrial Average is able score a gain for the 19th consecutive Tuesday. DJ30 -19.12 NASDAQ -2.53 SP500 -1.18 NASDAQ Adv/Vol/Dec 1364/1.68 bln/1126 NYSE Adv/Vol/Dec 1724/653 mln/1299

3:30 pm :

June crude oil rose for a fourth consecutive session, gaining support from a weaker dollar index and erasing earlier losses. The energy component lifted off its session low of $95.23 per barrel set moments after floor trade opened and advanced into positive territory by late morning action. It spent afternoon pit trade chopping around near its session high of $97.11 per barrel and eventually settled with a 0.8% gain at $96.76 per barrel.
June natural gas touched a session high of $4.16 per MMBtu in early morning floor trade and traded just below that level until the last hour of floor trade. It then dropped to a session low of $4.06 per MMBtu and settled just 0.7% higher at $4.09 per MMBtu.
June gold began today's floor trade in negative territory. However, prices broke into the black and rallied sharply to a session high of $1397.90 per ounce following reports of a potential U.S. downgrade this year. The yellow metal pulled-back slightly following the pop, but still managed to book a 1.4% gain as it closed at $1384.30 per ounce.
July silver also popped into positive territory and to a session high of $23.24 per ounce in early afternoon pit action. It settled 1.1% higher at $22.61 per ounce despite trading as low as $21.28 per ounce earlier in the session.

DJ30 -14.55 NASDAQ -0.74 SP500 -0.69 NASDAQ Adv/Vol/Dec 1399/1458.6 mln/1189 NYSE Adv/Vol/Dec 1660/418 mln/1331

3:00 pm : Little change since the last update as buyers -- today anyway -- haven't shown a great deal of zest to buy on the dip. Plenty can happen in the last hour in a thinly-traded market to change that, but today's market isn't one that gives you any good feeling that there is bound to be a closing rush of interest on either the buy side or the sell side.

There isn't any economic data tomorrow, but there will be a number of earnings reports from the retail sector. Dow component Home Depot (HD 76.66, -0.20) highlights the list that also includes AutoZone (AZO 409.25, -2.04), Best Buy (BBY 26.96, +0.06), Dick's Sporting Goods (DKS 52.12, +0.02), Saks (SKS 12.28, +0.43), and TJX Cos. (TJX 51.62, +0.29). All of those companies will report before the open.

In aggregate, blended first quarter earnings (which includes actuals and estimates for companies that have not yet reported) are likely to be up about 5.0%, which is better than growth projections before the reporting period began that called for basically no growth in earnings.DJ30 -13.78 NASDAQ -3.05 SP500 -1.07 NASDAQ Adv/Vol/Dec 1318/1.3 bln/1166 NYSE Adv/Vol/Dec 1659/382 mln/1333

2:30 pm : The market can't get a wind at its back in either direction and remains very much in a mixed state of affairs.

The energy sector (+1.2%) is the only sector that has made a move of more than 1.0%. Fittingly, Chevron (CVX 124.46, +1.03) is one of only two Dow components that has moved at least a point. Procter & Gamble (PG 78.86, -1.16) is the other component, only its move has been lower. Fittingly, the consumer staples sector (-0.9%) is the worst-performing sector today.

The Treasury market continues to be as non-committal as the equity market.DJ30 -10.44 NASDAQ -3.44 SP500 -0.46 NASDAQ Adv/Vol/Dec 1342/1.2 bln/1136 NYSE Adv/Vol/Dec 1689/350 mln/1288

2:00 pm : There has been some further slippage in the major indices the last half hour, but nothing major as they continue to hold fairly close to the unchanged mark.

The back and forth today isn't a total surprise with the Fed chairman due to speak on Wednesday and participants aware some consolidation is probably in order after the run the market has had.DJ30 -11.68 NASDAQ -4.97 SP500 -0.91 NASDAQ Adv/Vol/Dec 1311/1.12 bln/1151 NYSE Adv/Vol/Dec 1677/323 mln/1278

1:30 pm : The major averages have slipped back into negative territory and are in the midst of digesting some comments made in a speech today by Chicago Fed President Evans.

Mr. Evans carries a reputation for being one of the most dovish members at the Fed. Importantly, he is also a voting member of the FOMC this year. He said he is confident the Fed has the right accommodation in place and that he expects a self-sustaining recovery by 2014. It is possible that last comment has been interpreted as an early warning signal that he is leaning to becoming more open-minded about tapering the Fed's asset purchase program, although it would be remiss not to add that he also said he would like to see inflation closer to the Fed's objective of 2.0% (it is currently 1.0%).

In any event, with sensitivity high about the timing of when the Fed might taper its asset purchases, and in a relatively thin market, his comments have perhaps been construed as an excuse to take some profits. DJ30 -8.78 NASDAQ -4.95 SP500 -0.68 NASDAQ Adv/Vol/Dec 1355/1.03 bln/1091 NYSE Adv/Vol/Dec 1727/297 mln/1212

1:00 pm : The stock market took a turn lower, albeit a slight one, at the start of trading, but it soon got back in gear when buyers once again prevented sellers from gaining any traction. The end result is that the major averages, underpinned by leadership from the cyclical sectors, have spent the majority of today's session in positive territory.

There haven't been a lot of corporate headlines to sway things. There was some M&A activity, with Yahoo! (YHOO 26.75, +0.23) buying Tumblr, Vista Equity Partners buying Websense (WBSN 24.73, +5.50), and Actavis (ACT 128.53, +3.03) buying Warner Chilcott (WCRX 19.77, +0.56). These deals, though, have had only company-specific impact that has not influenced the broader market.

Volatility has generally been pretty low with the stock market moving both up and down in deliberate fashion, showing a bit of hesitation in front of Fed Chairman's testimony on Wednesday before Congress about the economic outlook.

Where there has ben volatility is in the commodity space. The precious metals in particular have covered their fair share of ground today, none more so than silver, which was down close to 4.0% earlier amid chatter of a foreced liquidation trade, but has since come roaring back in a likely short covering bid. Silver prices are currently up 2.0% at $22.81/oz. Gold has also followed suit with a healthy rebound off earlier lows and is currently up 1.7% at $1387.70/oz. Weakness in the US Dollar Index (DXY 83.92, -0.33) has ben a supportive factor.

Not to be outdone, the industrial metals have pocket a pocket of strength all session and have helped vaunt the materials sector (+0.3%) into a leadership position today.

Other areas of relative strength include the influential financial (+0.5%), energy (+1.4%), and industrial (+0.4%) sectors, which has made it difficult for sellers to establish any foothold.

Separately, the Treasury market has vacillated between gains and losses, seemingly riding the rails of the equity market's behavior. The 10-yr Note is currently flat.DJ30 +14.86 NASDAQ +1.32 SP500 +2.24 NASDAQ Adv/Vol/Dec 1432/937 mln/1008 NYSE Adv/Vol/Dec 1850/270 mln/1105

12:25 pm : Borrowing on the theme of the outperformance of the cyclical sectors in the last update, there has been a notable move in the commodities space that has been highlighted by a sharp rebound in silver prices and oil prices, and healthy gains among the industrial metals.

Silver prices, down close to 4.0% earlier in the session, are now up 2.0% at $22.80/oz. The move in the commodity space has helped vault the materials sector (+0.4%) into a leadership position today.

The steel industry group in particular is showing strength. Currently, the Market Vectors Steel ETF (SLX 42.76, +0.71) is up 1.7%.

The major averages have slipped from their highs in the last 30 minutes, but continue to hold their head above the unchanged mark.DJ30 +22.58 NASDAQ +5.18 SP500 +3.56 NASDAQ Adv/Vol/Dec 1457/844 mln/956 NYSE Adv/Vol/Dec 1880/242 mln/1045

12:00 pm : Inch by little inch, the market keeps setting new highs today as sellers have once again been shown the door fairly early. One can't rule out their return, but with relative strength in the influential financial (+0.5%), energy (+1.4%), technology (+0.4%), and industrials (+0.5%) sectors, it should prove difficult to establish a foothold.

The divergence between the cyclical and countercyclical sectors is agin becoming apparent and demonstrative of an offensive-minded market. The four weakest areas today are the consumer staples (-0.6%), utilities (-0.2%), telecom services (-0.2%), and health care (-0.1%) sectors.

Treasuries continue to slip as well, inch by little inch. The 10-yr note is down six ticks with its yield at 1.98%.DJ30 +30.25 NASDAQ +9.67 SP500 +4.40 NASDAQ Adv/Vol/Dec 1447/750 mln/945 NYSE Adv/Vol/Dec 1888/212 mln/1009

11:25 am : The market was ripe for some profit taking and that is what transpired when the opening bell rang. By the same token, it was ripe for a buy-the-dip trade -- a trade that has worked for a long time -- and that is what transpired after some initial sellling pressure.

The gains for the major averages today are modest in scope, yet meaningful nonetheless when taking into account that the S&P 500 was up 4.4% since the end of April alone entering today's session and up 17% year-to-date. The lack of any concerted selloff, and the fear of missing out on further gains, continues to pique buying interest.

Notably, the major averages have advanced to their best levels of the morning at the same time the Treasury market has surrendered earlier gains and retreated to its lows for the morning. The 10-yr Note, up six ticks earlier, is down three ticks now with its yield at 1.96%. DJ30 +14.45 NASDAQ +6.60 SP500 +2.53 NASDAQ Adv/Vol/Dec 1326/641 mln/1030 NYSE Adv/Vol/Dec 1735/180 mln/1125

11:00 am : A bit of a tug-of-war in the early going between buyers and sellers and neither side gaining much ground. The major averages have bounced back from early losses, but in their bid to press higher they have been unable to put much distance between themselves and the unchanged line.

The technology sector (+0.2%) is a pocket of relative strength, helped by early gains in Apple (AAPL 441.56, +8.30) and Google (GOOG 917.00, +7.82). Yahoo! (YHOO 26.72, +0.20) is also trading higher after announcing it will buy social networking site Tumblr in a $1.1 bln cash deal. The energy sector (+0.9%) continues to be the winning standout as most of its components are sporting gains at this juncture. On a related note, crude futures have recovered from early weakness and are now close to unchanged at $95.93/bbl.

The Dow Jones Transportation Average (-0.4%) is trailing early, but its move gets a pass today from over analysis considering it had risen 8.5% since May 1 entering today's session.DJ30 -6.99 NASDAQ +0.54 SP500 +0.22 NASDAQ Adv/Vol/Dec 1194/521 mln/1141 NYSE Adv/Vol/Dec 1578/151 mln/1256

10:30 am : Dollar index remains in negative territory, which has given price support to select commodities such as copper prices and natural gas prices. Crude oil, gold and silver all remain in the red, despite this weakness in the dollar index.

Crude oil, however, has rallied quickly in recent trade. After falling to a new session low of $95.30, crude has erased most of its losses and is now -0.05% at $95.97/barrel.

Nat gas has price support following the Dept of Energy's liquefied nat gas approval with Freeport LNG and ConocoPhilipps (COP) on Friday. Silver got hammered this morning and remains to be the worst performing commodity this morning. Currently, June nat gas is +1.9% at $4.13/MMBtu.

In the precious metals space, silver prices are lower and are the worst performing commodity today. In current action, July silver is -2.9% at $21.70/oz, June gold is -0.6% at $1356.80/oz.DJ30 -8.85 NASDAQ +3.68 SP500 +0.42 NASDAQ Adv/Vol/Dec 1249/441.8 mln/1284 NYSE Adv/Vol/Dec 1473/124 mln/1333

10:00 am : There is a long way to go today, but the first run at buying the dip and forcing the action to the upside has been met with resistance. Losses are still modest in scope, yet there could perhaps be a case of buyer exhaustion when taking into account that every sector, except energy (+0.3%), is on the defensive.

The consumer staples (-0.5%) and materials (-0.5%) sectors lead the list of laggards.

Silver prices are down 3.8% ($21.50/oz., -0.86) amid chatter about some possible forced liquidation. Whatever the cause, the precious metals are all feeling the pinch today. Conversely, the industrial metals are all pressing higher with better-than-expected new home price data out of China helping, along with reports China may need to up its infrastructure spending to accommodate urbanization trends. DJ30 -29.60 NASDAQ +0.99 SP500 -1.42 NASDAQ Adv/Vol/Dec 1075/240 mln/1143 NYSE Adv/Vol/Dec 1432/86 mln/1303

09:40 am : As expected, the initial move in the stock market was lower with some profit-taking interest weighing on the major averages. Sellers, though, don't exactly have a firm grip on the market as there has already been an attempt to pare the opening losses. The financial, health care, industrial and energy sectors are exhibiting some relative strength in the early going, but not much to speak of yet in terms of overall gains. DJ30 -12.28 NASDAQ -1.44 SP500 -0.40 NASDAQ Adv/Vol/Dec 1008/117 mln/1100 NYSE Adv/Vol/Dec 1388/55 mln/1252

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -12.80. The expectation for a lower start for the cash market remains intact with the S&P futures trading 0.3% below fair value. Just not a lot of buying conviction at the moment (not that there's a lot of selling conviction either) as participants have a sense some type of pullback is in order, however slight and short it might/could/will be. The latest dealer statistics from Caterpillar (CAT) haven't helped the cause as most of the company's major economic regions and industry segments experienced a year-over-year decline in sales of machines and power systems. Shares of CAT are indicated about 0.6% lower in premarket action.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -13.20.

Markets across Asia were mostly higher with Hong Kong's Hang Seng (+1.8%) leading the way on hopes Beijing will implement new measures to jumpstart the slowing Chinese economy. Japan's Nikkei (+1.5%) saw a solid advance despite comments from Economy Minister Akira Amari suggesting, 'The correction of the strong yen has been largely completed. If the yen keeps on weakening a lot more, it will have a negative impact on peoples' lives.' Meanwhile, South Korea's Kospi (-0.2%) was a laggard after neighboring North Korea conducted missile test firings over the weekend. Data from the region was rather limited with Friday evenings release of Chinese home prices (+4.9% YoY) being the lone number to cross the wires.

In Japan, the Nikkei closed +1.5% to end at its best level in five and a half years. Exporters remained in favor as Toyota Motor added 1.9% and Sony Corp. surged 5.7%. However, real estate shares were under pressure as interest rates continued to perk up. Mistui Fudosan shed 2.1%.
In Hong Kong, the Hang Seng finished +1.8% to close at a three and a half-month high. Internet gaming co Tencent Holdings jumped 6.3% to a fresh all-time high as buyers remained in control following last week's earnings report. Elsewhere, property stocks were strong as China Overseas Land and China Resources Land gained 2.8% and 3.7% respectively.
In China, the Shanghai Composite settled +0.8% to end at a seven-week high. Brokerage names outperformed as Citic Securities and Haitong Securities added 1.2% and 1.4% respectively after a government report suggested an increase in speculative funds over the coming years. Property stocks ended lower despite their early gains with China Vanke giving up 1.9% to pace the decline.

European markets are mostly lower with significant underpeformance coming from the periphery. Spain's IBEX and Italy's MIB are seeing notable weakness as both trade lower by 1.2% despite their better than expected data. Spain posted a EUR0.64 bln trade surplus (-EUR1.18 bln previous) while Italy's current account deficit swung to a surplus of EUR1.92 bln. Volumes are rather light today as equity markets are open, but French and German banks are shuttered for Whit Monday.

In Britain, the FTSE is -0.1% as miners are leading to the downside. Silver miner Fresnillo it the worst performer, sporting a loss of 3.5%. However, other miners are seeing signifcant selling pressure as Lonmin and Anglo American are off 2.6% and 2.0% respectively.
In France, the CAC is flat after giving up its early gains. Automaker Renaultleads with a gain of 3.0% while European Aeronautic Defence & Space lags with a loss of 1.3%.
In Germany, the DAX is +0.1% as automakers continue their climb following Friday's European sales data. Volkswagen is the top performer, sporting a gain of 4.1%, while Bayerische Motornwerke (BMW) and Daimler are higher by 2.6% and 2.0% respectively.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -9.80. A lack of buying interest at the moment has the futures market on the defensive and signalling a slightly lower start for the cash market after last week's 2.1% advance in the S&P 500. There has been a smattering of M&A activity this morning, yet the expectation that there could be some early profit taking has kept a lid on the market's enthusiasm. Separately, a lot of attention is being paid to the Fed's quantitative easing program and whether it will be tapered soon. This attention should be acute on Wednesday when Fed Chairman Bernanke testifies on the economic outlook before Congress and the minutes from the May 1 FOMC meeting are released.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -8.80.

U.S. equity futures are trading modestly lower, indicating a slightly lower start for the cash market.

Reviewing overnight developments:

Asian markets ended mostly higher. Japan's Nikkei jumped 1.5%, Hong Kong's Hang Seng surged 1.8%, and the Shanghai Composite increased 0.8% o
Investors received just two economic data points:
China's average new home prices rose 4.9% year-over-year in April (3.60% prior)
Hong Kong's unemployment rate held steady at 3.50%.
In news:
Japan characterized its economy as "gradually improving," qualifying as an upgrade from its prior take that it was showing some signs of recovery but still had some weak spots
Japan's economic minister warned additional weakness in the yen could be damaging to the Japanese economy
North Korea fired four short-range missiles over the weekend
European indices are mixed. England's FTSE 100 is down 0.1%, Spain's IBEX is down 0.8%, France's CAC 40 is up 0.2%, and Germany's DAX is up 0.4%
Regional economic data was limited:
Italian industrial new orders rose 1.6% month-over-month (-2.5% previous) while industrial sales decreased 0.9% (-1.0% prior).
Looking at headlines:
Anti-austerity protests were staged in Rome over the weekend
In U.S. corporate news:
Campbell Soup (CPB 47.63) beat the Capital IQ consensus earnings estimate by six cents and increased its FY13 guidance.
Yahoo! (YHOO 26.52) has offered $1.1 bln to acquire social networking site Tumblr, according to reports

06:41 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -7.00.

06:41 am : Nikkei...15360.81...+222.70...+1.50%. Hang Seng...23493.03...+410.40...+1.80%.

06:41 am : FTSE...6721.65...+33.90...+0.50%. DAX...8440.79...+42.80...+0.50%.

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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