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 Post subject: May 22nd Wednesday Trade Results - Profit $5190
PostPosted: Wed May 22, 2013 9:41 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $3410.00 dollars or +34.10 points, Light Crude Oil CL ($CL_F) futures @ $1780.00 dollars or +1.78 points, Gold GC ($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 @ $5190.00 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=1512

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.

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Market Update

4:15 pm : The S&P 500 settled lower by 0.8% after early strength turned into afternoon weakness.

Today's headline event came in the form of Ben Bernanke's testimony before the Joint Economic Committee. During his remarks, Chairman Bernanke said premature tightening of monetary policy could stall the pace of recovery. This followed weeks of conflicting remarks from FOMC members, which sparked speculation regarding possible changes to the Fed's policy course.

However, those voices were echoed again by the afternoon release of the FOMC minutes from the May 1 meeting. The minutes indicated that some members expressed their willingness to slow asset purchases as early as June, provided economic conditions warrant the change.

Equities spiked at the start of Chairman Bernanke's testimony, but sellers made their presence known this afternoon as the major averages slumped to session lows.

While the afternoon decline occurred around the release of FOMC minutes, the move was isolated to the stock market as the 10-yr yield held near its session high of 2.04%, and the Dollar Index maintained its gain of 0.4% near 84.25.

The utilities and telecom sectors led to the downside as traders continued to dump income-oriented names. Including today's 1.6% decline, the utilities sector is down 5.0% month-to-date.

Elsewhere, the energy space lost 1.2% as crude oil declined 2.1%. The energy component ended at $94.18 per barrel, and weighed on the growth-sensitive sector.

Another commodity-related group, materials, ended among the laggards as steelmakers underperformed. The Market Vectors Steel ETF (SLX 42.61, -0.59) settled lower by 1.4%.

Cyclical sectors felt the brunt of the afternoon weakness. Similarly, the Dow Jones Transportation Average was unable to escape the selling as the bellwether complex settled lower by 1.6%.

Only consumer staples and health care were able to settle near yesterday's closing levels. The health care space was supported, in part, by Pfizer (PFE 29.30, +0.52) after the company announced plans to split off its animal health business Zoetis (ZTS 33.55, +0.51).

The CBOE Volatility Index (VIX 14.08, +0.71) ended near its highest level of the day as today's selloff increased near-term volatility expectations.

Reviewing today's economic data, existing home sales improved modestly in April, but still fell short of the 5.00 million barrier. Sales increased to 4.97 million from an upwardly revised 4.94 million (from 4.92 million) in March. The Briefing.com consensus expected home sales to increase to 4.98 million.

Also of note, the weekly MBA Mortgage Index fell 9.8% after declining 7.3% in the prior week.

Tomorrow, weekly initial claims will be reported at 8:30 ET while the March FHFA Housing Price Index and April new home sales will be released at 9:00 ET and 10:00 ET, respectively.DJ30 -80.41 NASDAQ -38.82 SP500 -13.81 NASDAQ Adv/Vol/Dec 634/2.11 bln/1872 NYSE Adv/Vol/Dec 658/854.7 mln/2381

3:35 pm : Commodities slid lower this afternoon post-FOMC minutes. Crude oil futures slid down near $94 barrel, precious metals and copper sold off and natural gas ended near the unchanged line.

Crude oil was as high as $96.19/barrel, but sold off over $2/barrel and fell as low as $94.02/barrel. June crude oil ended the day $1.85 lower at $94.25/barrel. June natural gas lost $0.01 at $4.18/MMBtu.

Sellers came out in the afternoon, causing gold and silver to extend losses. June gold fell $17 to $1384.30/oz, while July silver fell $0.19 to $22.42/oz. July copper gained two cents to $3.38/lb.DJ30 -110.05 NASDAQ -52.34 SP500 -18.71 NASDAQ Adv/Vol/Dec 604/1872.8 mln/1951 NYSE Adv/Vol/Dec 610/598 mln/2445

3:00 pm : The S&P 500 trades lower by 0.6% as today's session enters its final hour.

In the foreign exchange market, the Dollar Index has continued its recent strength. Today, the Index trades higher by 0.5% at 84.32 with the bulk of the dollar strength coming at the expense of Australian dollar and the Canadian dollar.

The AUDUSD pair is off by 120 pips near .9680 as trade pushes to a fresh 11-month low. The .9600 area reveals multi-year support for the pair which has spent the past month in a steady downtrend.

Elsewhere, USDCAD trades higher by 115 pips at 1.0385 as trade nears a one-year high. This morning's disappointing Canadian retail sales data sparked today's bid, and the pair seemed to gain momentum as it climbed above the trendline off the November 2011 high.DJ30 -34.22 NASDAQ -31.93 SP500 -9.43 NASDAQ Adv/Vol/Dec 718/1.60 bln/1765 NYSE Adv/Vol/Dec 759/509.6 mln/2271

2:30 pm : The major averages hover near their session lows with the S&P 500 down 0.5%.

The Federal Reserve has released the minutes from its May 1 meeting. The minutes indicated that many participants believed more economic progress needs to be seen before quantitative easing can be slowed down. However, some members did express their willingness to slow asset purchases as early as June, provided economic conditions warrant the change.

With regards to inflation, the Committee "Generally continued to expect that inflation would move closer to the 2 percent objective over the medium run. Nonetheless, a number of participants expressed concern that inflation was below the Committee's target and stressed that future price developments bore careful watching."DJ30 -27.81 NASDAQ -27.36 SP500 -8.51 NASDAQ Adv/Vol/Dec 772/1.47 bln/1692 NYSE Adv/Vol/Dec 837/460.5 mln/2164

2:00 pm : The major averages have continued pushing to fresh lows as sellers remain in control. Seven of ten sectors now trade in the red while financials, health care, and consumer staples remain in positive territory.

The high-yielding utilities sector faced the brunt of the selling pressure as Treasury yields climbed past 2.00% for the first time since the middle of March.

Also of note, the Dow Jones Transportation Average trades with a loss of 0.4% as 12 of 20 components hover in the red.DJ30 +28.48 NASDAQ -12.41 SP500 -0.71 NASDAQ Adv/Vol/Dec 1008/1.30 bln/1436 NYSE Adv/Vol/Dec 1178/403.7 mln/1807

1:30 pm : Recent action saw the key indices slip to fresh afternoon lows. The S&P 500 now trades with a gain of 0.1% while the Nasdaq has slid into the red.

The Nasdaq trails behind the broader market as major tech names like Google (GOOG 897.25, -9.72) and Oracle (ORCL 34.43, -0.67) weigh. However, the largest index component, Apple (AAPL 444.27, +4.61), has been able to outperform its peers.

Chipmakers outperformed in early action, but the PHLX Semiconductor Index now trades flat.DJ30 +35.61 NASDAQ -5.44 SP500 +1.46 NASDAQ Adv/Vol/Dec 1120/1.18 bln/1292 NYSE Adv/Vol/Dec 1365/366.1 mln/1606

1:00 pm : At midday, the S&P 500 trades with a gain of 0.5%.

Equities jumped to session highs as Ben Bernanke's testimony before the Joint Economic Committee assured investors of the Fed's intent to maintain its current policy course.

During his remarks, Chairman Bernanke said premature tightening of monetary policy could stall the pace of recovery. This followed weeks of conflicting remarks from FOMC members, which sparked speculation regarding possible changes to the Fed's policy course.

When asked about the central bank's exit strategy, the Chairman said any reduction of the flow of purchases would be done in a data-dependent manner.

The health care sector has outperformed from the start as biotechnology built on yesterday's gains. The iShares Nasdaq Biotechnology ETF (IBB 184.01, +2.47) trades higher by 1.4%. In addition, Pfizer's (PFE 29.59, +0.81) decision to split off its animal health business Zoetis (ZTS 32.74, -0.30) has provided a boost to the defensively-oriented sector.

Although a defensive group sits atop the leaderboard, the cyclical financial sector is the second-best performer of the day. Most major components trade with gains in excess of 1.0% while the SPDR S&P Financial Select Sector ETF (XLF 20.23, +0.19) adds 1.0%.

Elsewhere, the consumer staples sector has also shown strength as retailers outperform. The SPDR S&P Retail ETF (XRT 79.42, +0.74) trades higher by 1.0% but a major retail component, Target (TGT 68.59, -2.67), holds a loss of 3.7% after missing on revenue.

Steady selling across the Treasury complex has pushed the 10-yr yield higher by nine basis points to 2.022%. The 10-yr yield has not closed above the 2.00% mark since the middle of March.

Reviewing today's economic data, existing home sales improved modestly in April, but still fell short of the 5.00 million barrier. Sales increased to 4.97 million from an upwardly revised 4.94 million (from 4.92 million) in March. The Briefing.com consensus expected home sales to increase to 4.98 million.

Also of note, the weekly MBA Mortgage Index fell 9.8% after declining 7.3% in the prior week.

The Federal Reserve Open Market Committee will release the minutes from its May 1 meeting at 14:00 ET.DJ30 +100.29 NASDAQ +12.11 SP500 +10.19 NASDAQ Adv/Vol/Dec 1424/1.08 bln/996 NYSE Adv/Vol/Dec 1813/334.8 mln/1156

12:30 pm : The major averages continue to hover near their recent levels while the 10-yr yield has climbed back above 2.00%.

The consumer staples sector is among today's outperformers as Mondelez International (MDLZ 31.90, +0.90) trades higher by 2.9% after reporting earnings and revenue in line with analyst expectations.

Elsewhere, the discretionary sector has been supported by retailers even as Target (TGT 68.69, -2.57) trades lower by 3.6% after missing on revenue. However, the SPDR S&P Retail ETF (XRT 79.37, +0.69) sports a gain of 0.9%.DJ30 +79.48 NASDAQ +10.44 SP500 +8.21 NASDAQ Adv/Vol/Dec 1407/1.00 bln/1000 NYSE Adv/Vol/Dec 1742/311.4 mln/1184

12:05 pm : Little change has taken place in the broader market since our last update. The S&P 500 trades higher by 0.7% as all ten sectors hover in positive territory. There is no defined, one-sided, leadership as cyclical and defensive sectors can be found among the top performers.

In the Treasury market, recent selling has pushed the 10-yr note back to its lowest level of the day while its yield climbed to 1.988%, near its highest level of the day.DJ30 +112.71 NASDAQ +18.40 SP500 +11.22 NASDAQ Adv/Vol/Dec 1517/916.4 mln/881 NYSE Adv/Vol/Dec 1933/285.9 mln/987

11:30 am : The S&P 500 hovers near the middle of its range as Fed Chairman Ben Bernanke continues his testimony before the Joint Economic Committee.

All ten sectors trade in the black, but only health care and financials have been able to register gains of at least 1.0%. Today's top performing group, health care, is once again receiving some support from biotech as the iShares Nasdaq Biotechnology ETF (IBB 184.94, +3.40) trades with a gain of 1.9%.

Energy, materials and utilities are among the laggards as all three trade with gains of no more than 0.2%.DJ30 +105.81 NASDAQ +16.05 SP500 +10.53 NASDAQ Adv/Vol/Dec 1507/807.2 mln/857 NYSE Adv/Vol/Dec 1962/254.7 mln/931

11:00 am : The major averages rallied to their highs as Ben Bernanke's prepared comments made the rounds. During his remarks, the Fed Chairman said premature tightening of monetary policy could stall the pace of recovery.

However, Mr. Bernanke did say the Fed could cut the pace of purchases in the next few meetings. This caveat resonated with the market as equities slipped from their early highs while Treasury yields jumped to fresh highs. Currently, the 10-yr note is at its lowest level of the session with its yield higher by five basis points at 1.983%.

The health care sector continues to lead with a gain of 1.3% while the financial sector (+0.8%) is the second-best performer of the day. However, outside of the two groups, the other eight sectors trail behind the broader market.DJ30 +63.59 NASDAQ +7.94 SP500 +6.20 NASDAQ Adv/Vol/Dec 1443/658.9 mln/879 NYSE Adv/Vol/Dec 1854/214.7 mln/1001

10:35 am : Initially, the dollar index dropped to a new session low following commentary from Bernanke (e.g. Fed's Bernanke says US monetary policy providing significant benefits, premature tightening would carry substantial risk).

Gold, silver and crude oil rallied on Bernanke's comments, pushing gold and silver to new session highs. Crude oil surged back above $95/barrel and even near $96/barrel, but fell short from crossing above that level.

In the most recent action, the dollar index surged higher, hurting commodities and bringing select ones all the way back down. Crude, gold and silver, especially, erased all the gains made from the initialy drop in the dollar index.

June gold is now +0.3% at $1382.00/oz, July silver is +0.9% at $22.65/oz, July crude oil -1.4% at $94.81/barrel.

Natural gas is modestly lower this morning after pulling back from overnight gains. In current trade, June nat gas is 0.2% at $4.18/MMBtu.DJ30 +72.71 NASDAQ +9.85 SP500 +6.64 NASDAQ Adv/Vol/Dec 1459/577.6 mln/1004 NYSE Adv/Vol/Dec 1864/185 mln/962

10:00 am : The S&P 500 is higher by 0.4%.

April existing home sales hit an annualized rate of 4.97 million units, which was weaker than the rate of 4.98 million units that had been generally expected by the Briefing.com consensus. The pace for April was up from the prior month's revised rate of 4.94 million units.DJ30 +64.35 NASDAQ +15.34 SP500 +7.68 NASDAQ Adv/Vol/Dec 1292/268.1 mln/886 NYSE Adv/Vol/Dec 1730/101.6 mln/995

09:45 am : The major averages trade with slim gains after today's session began on a positive note. The S&P 500 is higher by 0.2% as seven of ten sectors trade in the black. The health care space is the early leader while the energy sector trails behind the broader market.

At 10:00 ET, investors will receive news regarding April existing home sales while Chairman Ben Bernanke will begin his testimony before the Joint Economic Committee.DJ30 +29.25 NASDAQ +2.62 SP500 +3.24 NASDAQ Adv/Vol/Dec 1128/157.4 mln/970 NYSE Adv/Vol/Dec 1482/745.7 mln/1169

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +5.20. With 15 minutes to go before the start of today's cash session, the S&P 500 futures trade higher by 0.2%, signaling an upbeat open.

Several retailers have reported their earnings this morning, but the pattern of below-consensus top-line results has continued. Lowe's (LOW 42.05, -0.40), Staples (SPLS 14.40, -0.35), and Target (TGT 69.70, -1.56) all trade in the red after missing on revenues.

In today's economic data, the weekly MBA Mortgage Applications fell 9.8% to follow last week's decline of 7.3%. In addition, existing home sales for April will be reported at 10:00 ET. Also at 10:00 ET, Federal Reserve Chairman Ben Bernanke will begin his testimony before the Joint Economic Committee.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +4.70.

U.S. equity futures continue to hover near their highs with the S&P 500 futures up 0.2%.

The major Asian bourses ended mostly lower, but Japan's Nikkei (+1.6%) outperformed after the latest Bank of Japan meeting. The central bank noted the "economy has begun to pick up," and that it is watching JGB yields carefully. The 10-yr yield ticked above 90 basis points before slipping back to 89 basis points. Data from the region saw Japan's trade deficit narrow to JPY0.76 trillion (JPY0.63 trillion expected, JPY0.92 trillion previous), Australia's Westpac Consumer Sentiment post a disappointing 7.0% drop, Taiwan's unemployment hold at 4.2%, and Malaysia's inflation rate tick up to 1.7% (1.6% previous).

In Japan, the Nikkei closed higher by 1.6% as exporters gained on the weaker yen. Canon added 2.2% and Panasonic tacked on 2.0%. Elsewhere, real estate stocks were strong with Sumitomo Realty & Development advancing 2.1%.
Hong Kong's Hang Seng finished lower by 0.5% in a weather-shortened session as stocks were limited to afternoon trade due to a morning storm. Hunaneng Power International tumbled 8.4% after receiving a tier 1 downgrade.
In China, the Shanghai Composite shed 0.1% as trade slipped ahead of tonight's HSBC Flash Manufacturing PMI release. Real Estate stocks advanced on hopes of solid earnings reports as Vanke and Poly Real Estate added 0.6% and 0.7% respectively.

Key European indices are mixed after a handful of economic data points crossed the wires. The Eurozone reported a current account surplus of EUR25.9 billion (EUR15.0 billion expected, EUR14.6 previous). In the United Kingdom, public sector net borrowing rose GBP8.0 billion (GBP7.0 billion expected, GBP12.6 billion prior) while the CBI Industrial Trends Orders ticked up to -20 from the previous reading of -25 (-19 expected). Also of note, retail sales fell 1.3% month-over-month (0.0% expected, -0.6% previous) while the year-over-year reading increased 0.5% (2.0% forecast, -0.5% prior).

The Bank of England released the minutes from its latest policy meeting, showing unanimous support for keeping interest rates unchanged. Meanwhile, the vote to maintain the asset purchase program was split as six members voted in favor while three opposed.

In the United Kingdom, the FTSE is higher by 0.2%. ARM Holdings is the weakest index performer, trading down 4.0% after Samsung opted to use processors provided by a different vendor. On the upside, financials Lloyds Banking Group and Royal Bank of Scotland both trade with gains close to 2.0%.
Germany's DAX is unchanged. Exporters are among the laggards with BMW and Daimler both down near 1.0%. On the upside, drug maker Merck trades higher by 2.8%.
In France, the CAC is off by 0.2%. Provider of building materials Cie de St-Gobain is the biggest laggard, down 2.2%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +5.70. Equity futures trade with modest gains as investors react to a flurry of quarterly earnings reports. Retailers have been in early focus as Target (TGT 69.65, -1.51) and Lowe's (LOW 41.41, -1.04) trade lower after the two reported revenues below analyst expectations. In addition, Target lowered its second quarter earnings guidance. Elsewhere, American Eagle (AEO 20.10, -0.21) is off by 1.0% after the company's cautious earnings guidance overshadowed its earnings and revenue beat.

In today's economic data, April existing home sales will be reported at 10:00 ET while the minutes from the Federal Reserve's May 1 meeting will be released at 14:00 ET. However, the headline event of the day will come in the form of Ben Bernanke's 10:00 ET testimony before the Joint Economic Committee.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +0.70.

U.S. equity futures trade with slim gains amid cautious overseas action. The S&P 500 futures are higher by 0.2%.

Looking at overnight developments:

Asian markets ended on a mixed note. Hong Kong's Hang Seng lost 0.5% while China's Shanghai Composite added 0.2% and Japan's Nikkei rose 1.6%.
In regional economic news:
The Bank of Japan held its key interest rate unchanged at 0.10%. In addition, the country reported a trade deficit of JPY0.76 trillion (-JPY0.61 trillion expected, -JPY0.92 trillion prior).
Australia's Westpac Consumer Sentiment fell 7.0% after declining 5.1% in the prior period.
Looking at news:
The Bank of Japan maintained its current policy course and voted unanimously to increase the monetary base at a pace of JPY60-70 trillion per year.

European indices trade generally lower. The United Kingdom's FTSE is flat, Germany's DAX is off by 0.1%, and France's CAC trades with a loss of 0.4%.
Looking at economic data:
The Eurozone reported a current account surplus of EUR25.9 billion (EUR15.0 billion expected, EUR14.6 previous).
In the United Kingdom, public sector net borrowing rose GBP8.0 billion (GBP7.0 billion expected, GBP12.6 billion prior) while the CBI Industrial Trends Orders ticked up to -20 from the previous reading of -25 (-19 expected). Also of note, retail sales fell 1.3% month-over-month (0.0% expected, -0.6% previous) while the year-over-year reading increased 0.5% (2.0% forecast, -0.5% prior).
In news:
The Bank of England released the minutes from its latest policy meeting, showing unanimous support for keeping interest rates unchanged. Meanwhile, the vote to maintain the asset purchase program was split as six members voted in favor while three opposed.

In U.S. corporate news:

Carnival (CCL 32.87, -0.69) is off by 2.1% after Moody's placed the company's 'A3' rating on review for a possible downgrade.
Lowe's (LOW 41.10, -1.35) trades down 3.2% after reporting earnings and revenue below the Capital IQ consensus estimates.
Target (TGT 71.00, -0.26) is lower by 0.4% after the company's revenue missed expectations. In addition, the retailer guided second quarter earnings below analyst forecasts.
Toll Brothers (TOL 36.98, +0.97) is higher by 2.7% after beating on earnings and reporting revenue in line with analyst expectations.
Saks (SKS 16.25, +2.58) trades up 18.9% after reports indicated the company has hired Goldman Sachs to explore strategic alternatives.

The weekly MBA Mortgage Applications fell 9.8% to follow last week's decline of 7.3%.

April existing home sales will be reported at 10:00 ET while the minutes from the Federal Reserve's May 1 meeting will be released at 14:00 ET. Most notably, Fed Chairman Ben Bernanke will testify before the Joint Economic Committee at 10:00 ET.

06:50 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: flat.

06:50 am : Nikkei...15627.26...+246.20...+1.60%. Hang Seng...23261.08...-105.30...-0.50%.

06:50 am : FTSE...6788.33...-15.50...-0.20%. DAX...8452.89...-19.20...-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

http://www.thestrategylab.com
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