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 Post subject: May 24th Friday Trade Results - Profit $1020
PostPosted: Fri May 24, 2013 9:58 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)
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 @ $860.00 dollars or +8.60 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $160.00 dollars or +1.60 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 @ $1020.00 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=1514

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.

Investors Consider Life After Fed Stimulus

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

NEW YORK (CNNMoney)
The bull market hit a speed bump this week as investors begin to consider what life will be like when the Federal Reserve starts to taper off its long-standing asset purchasing program.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all ended little changed Friday. Trading volume was light Friday, ahead of the Memorial Day Holiday. U.S. and U.K. markets will be closed Monday.

But all three U.S. indexes ended lower for the week, snapping a four-week winning streak.

Investors were rattled this week by signs of a growing split within the Federal Reserve over the size of the central bank's bond buying program, which has been a big driver of the bull market over the past few years. The Fed is on its third round of quantitative easing, but investors seem to be coming to terms with the idea that there may not be a fourth, according to analysts at Barclays.

"Market movements are saying the Fed's exit is now more 'when' than 'if'," the Barclays analysts wrote.

The jitters over Fed policy ricocheted around the world on Thursday. Japanese stocks recovered Friday, one day after the Nikkei plunged more than 7%.

Despite that drop, Japanese stocks are still up more than 70% over the past 12 months. The Bank of Japan has launched an aggressive campaign to fight deflation by pumping money into the economy.

With the major U.S. gauges up about 15% for the year, some investors have speculated the market is on the verge of a long-awaited pullback. Others argue that stocks still will continue to grind higher as investors who missed the rally look for opportunities to buy on dips.

P&G shares pop: Shares of Dow component Procter & Gamble (PG, Fortune 500)rose after the company ousted CEO Bob McDonald and replaced him with his predecessor A.G. Lafley. The company had been under pressure from activist investor Bill Ackman to make the move.

Long Elon Musk/Short Mark Zuckerberg. Shares of Tesla (TSLA) hit a record high as investors continue to bet the electronic car company founded by Elon Musk is miles ahead of the competition.

Meanwhile, Facebook (FB) shares fell below $25 a share, a level not seen since November. The social network has struggled since its initial public offering as investors worry about Facebook's ability to make money off of mobile users. The stock is now down 9% so far this year.

Retailers under pressure: Shares of two well-known retailers plunged on weak results. Sears Holding (SHLD, Fortune 500)and Abercrombie & Fitch (ANF) sank after reporting larger than expected losses in the most recent quarter.

Shares of Salesforce.com (CRM) slid more than 7% as the company offered a weak 2014 outlook. Gap (GPS, Fortune 500) shares also fell on weak guidance.

Pandora (P) shares erased earlier gains, sliding more than 4%. The music site reported better-than-expected revenue and a slightly smaller-than-forecast loss after the close Thursday.

Shares of pharmaceutical firm Valeant (VRX) shot up after the Wall Street Journal reported it may be buying Bausch & Lomb in a $9 billion deal.

GameStop (GME, Fortune 500) shares sank after the video game retailer said earnings fell in the most recent quarter. Investors are also concerned about how the introduction of Microsoft's (MSFT, Fortune 500) new Xbox One game console will change the market for used games.

Durable goods bounce back: New orders for durable goods rose 3.3% in April, following a drop of 5.9% in March, according to the Commerce Department. Economists surveyed by Briefing.com had predicted a 1.6% rise.

Despite the rise in orders, shipments of durable goods fell last month, suggesting the rebound in U.S. manufacturing activity is running out of steam, said Paul Edelstein, an economist at IHS Global Insight.

"The sector is settling into a softer growth trajectory that is more consistent with the overall economy," he said.

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Market Update

4:10 pm : Stocks entered the weekend on a mixed note as the S&P 500 shed 0.1% while the Dow ended with a gain of 0.1%.

The major averages began the day on a lower note as nine of ten sectors saw losses of more than 0.5%.

The consumer staples sector was the lone exception as the group spent the entire day in positive territory thanks to the relative strength of Dow component Procter & Gamble (PG 81.89, +3.19). The second-largest staple stock advanced 4.1% after the company reaffirmed its fourth quarter guidance and named Alan Lafley President, Chairman, and Chief Executive Officer. Mr. Lafley had previously served as company President and CEO from 2000 to 2009.

With light volume ahead of the holiday weekend, the broader market drifted back towards yesterday's closing levels. However, the S&P was kept from turning positive by the underperformance of influential sectors.

The energy space lost 0.4% as crude oil shed 0.4% to end at $93.92. Meanwhile, the other commodity-related sector, materials, slipped 0.3% as steelmakers lagged. The Market Vectors Steel ETF (SLX 41.67, -0.42) ended lower by 1.0%.

Industrials also pressured the broader market as transportation-related names sold off. Relative weakness in truckers, delivery services, and shippers caused the Dow Jones Transportation Average to lose 0.5%. However, another industrial subgroup, defense stocks, fared relatively well as the PHLX Defense Index rose 0.1%.

Cyclical groups saw comparable losses in early action. However, the financial sector displayed some afternoon strength as major banks registered gains. As a result, the sector ended with a slim gain of 0.1%.

Today's biggest laggards could be found in the high-yielding utilities sector as the group continued its recent weakness. Including today's 1.0% decline, the sector lost 3.7% this week, and is down 6.7% in May.

The CBOE Volatility Index (VIX 14.11, +0.04) spiked to 14.79% amid the early weakness before the near-term volatility measure surrendered the bulk of its gains.

As mentioned earlier, volume was well below average with only 591 million shares changing hands on the floor of the New York Stock Exchange.

Today's economic data was limited to durable goods orders. For April, orders rose 3.3% after declining an upwardly revised 5.9% (from -6.9%) in March. The Briefing.com consensus expected durable goods orders to rise 1.6%. The sawtooth pattern in transportation held up despite Boeing (BA 100.00, +0.25) announcing lower aircraft orders in April. Transportation orders rose 8.1% in April as defense and nondefense aircraft orders increased 25.7%.

Excluding transportation, durable goods demand was solid all-around and increased 1.3% in April after declining 1.7% in March.

Note that equity and bond markets will be closed on Monday for Memorial Day. On Tuesday, the March Case-Shiller 20-city Index will be reported at 9:00 ET while May consumer confidence will cross the wires at 10:00 ET.

Week in Review: S&P 500 Registers First Weekly Loss of the Month

On Monday, the major averages registered slim losses after intraday action saw the Russell 2000 cross above the 1,000 level for the first time. The lack of conviction was owed in part to a lack of stirring catalysts. M&A activity was among the notable developments as Yahoo! (YHOO 26.33, +0.31) acquired Tumblr for $1.1 billion in cash. Stocks ended Tuesday's session modestly higher as the S&P 500 climbed 0.2% and the Dow added 0.4% to register its 19th consecutive Tuesday of gains. Equity indices saw little change during morning action, but afternoon buying interest helped lift the three averages to session highs. Most cyclical sectors (with the exception of materials and technology) finished among the leaders, but the defensively-geared health care sector settled atop the leaderboard as biotechnology continued its strong run with the iShares Nasdaq Biotechnology ETF (IBB 180.74, -0.53) advancing 1.0%.

Wednesday saw the S&P 500 settle lower by 0.8% after early strength turned into afternoon weakness. From highs to lows, the S&P fell 1.9% as investors focused on 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. Equities spiked at the start of the testimony, but sellers made their presence known this afternoon as the major averages slumped to session lows. The utilities and telecom sectors led to the downside as traders continued to dump income-oriented names. 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.

On Thursday, the major averages ended modestly lower with the S&P 500 shedding 0.3%. The benchmark average saw an opening loss of 1.2% after Japan's Nikkei tumbled 7.3%. Japanese stocks sold off amid continued volatility in Japanese Government Bond futures as the 10-yr yield spiked to 1.002 before the Bank of Japan's JPY2 trillion liquidity injection caused yields to slide back to session lows. Adding insult to injury was news out of China where the HSBC Flash Manufacturing PMI (49.6 actual, 50.5 consensus, 50.4 prior) fell below 50 for the first time in seven months. The utilities sector was the weakest performer, ending lower by 0.8% after a morning flash crash in American Electric Power (AEP 47.71, -0.57) and NextEra Energy (NEE 77.30, -0.92) briefly wiped out more than $33 billion in combined market capitalization.DJ30 +8.60 NASDAQ -0.27 SP500 -0.91 NASDAQ Adv/Vol/Dec 1279/1.41 bln/1174 NYSE Adv/Vol/Dec 1330/590.7 mln/1639

3:30 pm :

July crude oil lifted off its session low of $93.04 per barrel set moments after floor trade opened and trended higher for the remainder of its session. Despite a good effort, the energy component settled 3 cents in the red at $94.11 per barrel, slightly below its session high of $94.29 per barrel. Today's slight decline brought the week's losses to 2.3%.
June natural gas traded in the red in a tight range between $4.22 and $4.25 per MMBtu. Although it settled 0.5% lower at $4.24 per MMBtu, natural gas booked a solid 4.4% gain for the week.
June gold chopped around in negative territory during today's floor trade despite a weaker dollar index. It touched a session low of $1384.20 per ounce and eventually settled with a 0.3% loss at $1386.90 per ounce. Although the yellow metal was slightly weaker today, it managed to gain 1.6% over the week.
July silver dipped to a session low of $22.27 per ounce shortly after pit trade opened but inched higher in morning action. It then spent the remainder of the session trading near the unchanged line where it eventually settled at $22.50 per ounce, booking a 0.6% gain for the week.

DJ30 -2.48 NASDAQ -6.92 SP500 -2.56 NASDAQ Adv/Vol/Dec 1191/1175.4 mln/1268 NYSE Adv/Vol/Dec 1207/390 mln/1749

3:00 pm : The major averages continue to trade near their recent levels as today's session enters its final hour.

In the foreign exchange market, the Dollar Index remains in negative territory as a sleepy session drifts towards the finish line. Today's action has been limited to a 30 cent range, with current trade taking place near the middle of the range at 83.60. The Swiss franc and the Japanese yen have been the biggest beneficiaries of today's dollar weakness.

The USDCHF pair is lower by 90 pips at .9595 as sellers remain in control for a second session. The recent weakness has many eying .9500/.9550 support as its ability to hold may dictate whether or not a test of parity is forthcoming.

Elsewhere, USDJPY is off by 110 pips at 100.90 as action presses the trendline off the April lows. A breakdown of that level reveals the next support level in the 100.00 area. Bank of Japan Governor Kuroda will speak Sunday in Tokyo, ahead of the release of the latest Bank of Japan Monetary Policy meeting minutes.DJ30 -7.11 NASDAQ -6.40 SP500 -3.01 NASDAQ Adv/Vol/Dec 1173/1.07 bln/1275 NYSE Adv/Vol/Dec 1194/357.1 mln/1757

2:30 pm : After opening sharply lower, the three indices have spent the entire day in a steady climb toward yesterday's closing levels. While the Dow has been able to cross into positive territory, the S&P 500 remains lower by 0.2% as nine sectors continue to trade in the red.

The financial space has shown some recent strength as the sector returned to its flat line. Further gains in this influential sector would likely give the broader market the boost needed to return into the black.DJ30 +6.42 NASDAQ -3.79 SP500 -1.94 NASDAQ Adv/Vol/Dec 1199/995.9 mln/1231 NYSE Adv/Vol/Dec 1201/329.2 mln/1743

2:00 pm : Although the Dow Jones has been able to climb back to its flat line, the S&P 500 remains pressured by the influential energy, industrial, and financial sectors as the three groups trade with losses between 0.2% and 0.6%.

In the industrial sector, transportation-related stocks have shown weakness as the Dow Jones Transportation Average trades lower by 0.7%. Truckers have shown weakness across the board while airlines trade in mixed fashion.DJ30 -10.95 NASDAQ -7.56 SP500 -3.84 NASDAQ Adv/Vol/Dec 1109/926.6 mln/1320 NYSE Adv/Vol/Dec 1096/303.3 mln/1835

1:30 pm : The major averages have continued their climb towards yesterday's closing levels. The Dow trades with a loss of just three points as the relative strength of Procter & Gamble (PG 81.93, +3.23) and Wal-Mart (WMT 77.08, +0.75) partially overshadows the weakness of most other components of the price-weighted index.

Although the key indices have recovered a good portion of their losses, the CBOE Volatility Index (VIX 14.39, +0.32) remains near its session-best of 14.79%.DJ30 -3.16 NASDAQ -5.73 SP500 -2.83 NASDAQ Adv/Vol/Dec 1128/866.1 mln/1283 NYSE Adv/Vol/Dec 1088/283.1 mln/1843

1:00 pm : Equities trade modestly lower with the S&P 500 off by 0.4%.

The benchmark average has spent the first half of the session in a steady climb after notching its lows 30 minutes after the open.

Nine of ten sectors trade with losses of at least 0.3% while consumer staples buck the trend. Dow component Procter & Gamble (PG 81.87, +3.17) has provided a boost to the defensively-oriented sector after the company reaffirmed its fourth quarter guidance and named Alan Lafley President, Chairman, and Chief Executive Officer. Mr. Lafley had previously served as company President and CEO from 2000 to 2009.

On the flip side, the discretionary sector has lagged from the start as retailers weigh after a handful of names reported their quarterly results. Abercrombie & Fitch (ANF 49.12, -5.26) trades down 9.7% after missing on earnings and revenue and Aeropostale (ARO 15.01, -1.47) is off by 8.9% following its cautious second quarter earnings guidance and below-consensus comparable store sales. Meanwhile, the broader SPDR S&P Retail ETF (XRT 77.55, -0.78) trades with a loss of 1.0%.

Elsewhere, the energy sector is the weakest cyclical group as crude oil weighs. The energy component is off by 0.5% at $93.78 per barrel.

Another commodity-related space, materials, has been pressured by steelmakers as the Market Vectors Steel ETF (SLX 41.59, -0.50) sheds 1.2%. However, the sector has been able to climb off its lows as other metals (copper, gold, and silver) display little change.

The utilities sector has been the subject of some selling in recent weeks, and the trend has continued today. The high-yielding group is down 3.9% this week, and lower by 6.9% this month.

Reviewing today's economic data, April durable goods orders rose 3.3% after declining an upwardly revised 5.9% (from -6.9%) in March. The Briefing.com consensus expected durable goods orders to rise 1.6%. The sawtooth pattern in transportation held up despite Boeing (BA 99.55, -0.20) announcing lower aircraft orders in April. Transportation orders rose 8.1% in April as defense and nondefense aircraft orders increased 25.7%. Excluding transportation, durable goods demand was solid all-around and increased 1.3% in April after declining 1.7% in March.DJ30 -34.56 NASDAQ -10.80 SP500 -6.25 NASDAQ Adv/Vol/Dec 1040/798.1 mln/1357 NYSE Adv/Vol/Dec 938/259.3 mln/1984

12:35 pm : The S&P 500 is off by 0.3% as the index continues its slow climb off opening lows. The Nasdaq also trades with a loss of 0.3% while the Dow is off by 0.2% as the relative strength of Procter & Gamble (PG 81.77, +3.07) contributes to the outperformance of the blue chip average.

Only one other index component, Wal-Mart (WMT 77.18, +0.85), trades with a gain of more than 1.0%.

Both Procter & Gamble and Wal-Mart are members of the consumer staples sector, which is the only group trading higher today.DJ30 -31.95 NASDAQ -9.98 SP500 -5.08 NASDAQ Adv/Vol/Dec 1029/738.4 mln/1360 NYSE Adv/Vol/Dec 947/241.3 mln/1956

12:00 pm : Quiet action continues with the S&P 500 once again probing fresh intraday highs. Nine sectors saw corresponding upticks as the benchmark average neared its current levels. The only exception was the utilities sector, which remains near its lows.

The utilities sector has been the subject of some selling in recent weeks. The high-yielding space is down 3.6% this week, and lower by 6.7% so far this month.DJ30 -35.80 NASDAQ -12.23 SP500 -6.11 NASDAQ Adv/Vol/Dec 905/640.6 mln/1455 NYSE Adv/Vol/Dec 824/211.5 mln/2056

11:30 am : The S&P 500 has returned to its intraday highs, but the index continues to trade with a loss of 0.5%.

Today's final volume total is likely to come in below average as some market participants leave early for the extended Memorial Day weekend. Through the first two hours of action, only 192 million shares have changed hands on the floor of the New York Stock Exchange.

Little change has been observed in today's laggards while the lone outperforming group, consumer staples, has extended its gains. The SPDR Consumer Staples Select Sector ETF (XLP 41.55, +0.24) trades higher by 0.6%.DJ30 -60.78 NASDAQ -19.27 SP500 -9.06 NASDAQ Adv/Vol/Dec 790/571.9 mln/1573 NYSE Adv/Vol/Dec 709/191.6 mln/2159

11:00 am : Unable to stage a significant rebound, the major averages continue to hover near their worst levels of the day. The S&P 500 trades lower by 0.6% with the energy sector leading to the downside.

The growth-sensitive group sports a loss of 0.9% amid weakness in crude oil. The energy component is off by 0.7% at $93.63 per barrel.

Elsewhere, the Dow Jones Transportation Average is a notable laggard as 19 of 20 components trade lower. As a result, the bellwether complex is down 1.1%.DJ30 -53.64 NASDAQ -18.56 SP500 -9.30 NASDAQ Adv/Vol/Dec 728/457.1 mln/1586 NYSE Adv/Vol/Dec 648/158.4 mln/2195

10:30 am : Commodities are mostly lower this morning, despite weakness in the dollar index, on broad market weakness. Crude oil and natural gas have slid lower since the overnight session and crude came close to the $93 level. July crude oil is now -0.9% at $93.38/barrel.

Natural gas fell about 2% off its overnight high and is still near its $4.22 session low. Currently, June nat gas is -0.8% at $4.23/MMBtu.

Precious metals have been modestly lower this morning with June gold now -0.35 at $1387.00/oz and July silver -0.1% at $22.49/oz.DJ30 -76.75 NASDAQ -22.00 SP500 -11.30 NASDAQ Adv/Vol/Dec 607/355.8 mln/1651 NYSE Adv/Vol/Dec 581/132 mln/2224

10:00 am : The S&P 500 has slipped to fresh lows as the broader market continues to show weakness. Nine of ten sectors trade with losses larger than 0.5% while the consumer staples space registers a slim gain due to the relative strength of Procter & Gamble (PG 81.61, +2.91) following its management shake-up.

With the broader market seeing early losses, the CBOE Volatility Index (VIX 14.51, +0.44) is higher by about 3.0%.

In the Treasury market, the 10-yr note has seen some buying interest with its yield (2.00%) hovering at its lowest level of the day.DJ30 -58.29 NASDAQ -20.98 SP500 -9.58 NASDAQ Adv/Vol/Dec 553/187.8 mln/1629 NYSE Adv/Vol/Dec 532/84.5 mln/2174

09:45 am : The major averages spent the first 15 minutes of the session climbing off their opening lows. The S&P 500 is off by 0.6% as nine sectors hover in the red.

The discretionary sector is among the early laggards as retailers weigh after a handful of names reported their quarterly results. Abercrombie & Fitch (ANF 49.75, -4.62) trades down 8.5% after missing on earnings and revenue and Aeropostale (ARO 15.43, -1.05) is off by 6.6% following its cautious second quarter earnings guidance and below-consensus comparable store sales. Meanwhile, the broader SPDR S&P Retail ETF (XRT 77.40, -0.93) trades with a loss of 1.2%.

On the flip side, the consumer staples sector is the lone advancer as Dow component Procter & Gamble (PG 82.10, +3.40) trades higher by 4.2% after the company reaffirmed its guidance and named Alan G. Lafley President, Chairman, and Chief Executive Officer. Mr. Lafley has previously served as company President and CEO from 2000 to 2009.DJ30 -58.13 NASDAQ -18.16 SP500 -9.22 NASDAQ Adv/Vol/Dec 570/114.3 mln/1551 NYSE Adv/Vol/Dec 565/63.1 mln/2091

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -14.50. Equity futures trade near their pre-market lows with the S&P 500 futures off by 0.6%.

Today's better-than-expected durable goods report for April provided a brief boost to index futures before the move was retraced entirely.

For April, durable goods orders rose 3.3% after declining an upwardly revised 5.9% (from -6.9%) in March. The Briefing.com consensus expected durable goods orders to rise 1.6%. The sawtooth pattern in transportation held up despite Boeing (BA 99.51, -0.24) announcing lower aircraft orders in April. Transportation orders rose 8.1% in April as defense and nondefense aircraft orders increased 25.7%. Excluding transportation, durable goods demand was solid all-around and increased 1.3% in April after declining 1.7% in March.

Overseas, Japan's Nikkei gained 0.9% to reclaim a portion of its losses from Thursday while European markets trade in mixed fashion. It is worth noting, however, that financials are among the laggards in the key European markets. Similarly, U.S. financials are poised to begin the session on a lower note. Citigroup (C 50.20, -0.33), Goldman Sachs (GS 156.56, -0.85), and Morgan Stanley (MS 24.11, -0.14) all trade with losses between 0.5% and 0.7%.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -7.60. Nasdaq futures vs fair value: -13.30.

U.S. equity futures remain in the red with the S&P 500 futures down 0.5%.

The major Asian bourses saw a mixed session with Japan's Nikkei (+0.9%) gaining back just a small portion of yesterday's loss. Action was volatile as trade had swings of 3% in either direction before climbing back into the green ahead of the close. Bank of Japan Governor Haruhiko Kuroda spoke overnight in Tokyo, stating the central bank's aggressive policy that was launched in April is "necessary and sufficient," and that "We don't have a specific target for stock prices or currency rates, and I won't comment on daily moves." Reports out overnight suggested the Bank of Japan was once again providing liquidity to the Japanese bond market. Elsewhere, indications are the People's Bank of China will push for an exchange rate mechanism later in 2013. Data out overnight was limited to the Philippines trade deficit, which narrowed to $593.1 million ($966.7 million previous).

In Japan, the Nikkei rose 0.9% amid a volatile session. Telecom provider Softbank outperformed with a 1.3% advance following news that all of the regulatory approval has been granted for its proposed merger with Sprint Nextel. Meanwhile, the strength in the yen made for a mixed trade for exporters. Sony slid 0.5% and Honda Motor added 0.7%.
Hong Kong's Hang Seng shed 0.2% as shares slipped to their worst level in four weeks. Property stocks lagged as China Overseas Land declined 1.7%. On the upside, Lenovo outperformed with a 3.8% gain as analysts began upgrading the name following yesterday's earnings.
In China, the Shanghai Composite added 0.6% as trade reclaimed some of yesterday's lost ground. Railway stocks were in favor as China CNR Corp. and CSR Corp. both climbed close to 2.0% on reports China Railway may write a new order. Meanwhile, property stocks underperformed with Gemdale giving up 1.0%.

Key European indices trade in mixed fashion after seeing early gains across the board. Investors received several economic data points with Germany as the focal point. The second estimate of Germany's GDP confirmed first quarter growth of 0.1% quarter-over-quarter, in line with expectations. In addition, the Ifo Business Climate Index rose to 105.7 from 104.4 (104.5 expected). The current assessment component surprised to the upside with a reading of 110.0 (107.2 forecast) while Business Expectations held steady at 101.6, as expected. Also of note, the GfK Consumer Climate rose to 6.5 from 6.2 (6.2 expected). Elsewhere, French Business Survey rose to 92 from 88 (89 expected). Italian consumer confidence slipped to 85.9 from 86.3 (86.8 forecast). Spanish PPI declined 0.5% (+0.9% consensus). In the United Kingdom, BBA Mortgage Approvals were reported at 32.2K (32.7K expected, 31.4K prior).

In news, European Commissioner Michel Barnier said the European Union plans to publish a report on financial supervision overhaul by the end of the year. Also of note, Bundesbank President Jens Weidmann believes asking the European Central Bank to calm markets creates a weak Europe and that state insolvencies must be possible within the euro area.

In France, the CAC is higher by 0.3% as industrials display relative strength. Alstom and Bouygues are both up near 1.5%. On the downside, financials BNP Paribas, Credit Agricole, and Societe Generale trade with losses between 0.8% and 1.6%.
Germany's DAX trades lower by 0.3% as financials weigh. Commerzbank and Deutsche Bank trade with respective losses of 4.3% and 3.1%. Siemens is among the outperformers as the major industrial name trades with a gain of 1.6%.
In the United Kingdom, the FTSE is off by 0.5% with banks and miners leading to the downside. Royal Bank of Scotland is down 3.1% and Eurasian Natural Resources trades lower by 2.6%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -8.50. Equity futures moved up in reaction to the latest durable orders data. However, the S&P 500 futures continue to trade lower by 0.3%.

April durable goods orders increased by 3.3%, which was better than the 1.6% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised up to reflect a decrease of 5.9%.

Excluding transportation related items, durable goods orders increased by 1.3%, which was better than the 0.5% rise that had been broadly anticipated.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -12.50.

U.S. equity futures trade near their pre-market lows with the S&P 500 futures off by 0.5%.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite rose 0.6%, Japan's Nikkei added 0.9% while Hong Kong's Hang Seng shed 0.2%.
Regional economic data was limited to just one notable release:
New Zealand reported a trade surplus of $157 million ($475 million expected, $718 million previous).
In news:
Bank of Japan Governor Haruhiko Kuroda said the central bank does not have specific targets for equity prices or the yen exchange rate. Meanwhile, Finance Minister Taro Aso chose not to comment on the recent volatility in Japanese capital markets.

Key European indices trade generally lower after registering gains in early action. France's CAC is off by 0.2%, the United Kingdom's FTSE is lower by 0.7%, and Germany's DAX trades down 1.0%.
Investors received several economic data points:
The second estimate of Germany's GDP confirmed first quarter growth of 0.1% quarter-over-quarter, in line with expectations. In addition, the Ifo Business Climate Index rose to 105.7 from 104.4 (104.5 expected). The current assessment component surprised to the upside with a reading of 110.0 (107.2 forecast) while Business Expectations held steady at 101.6, as expected. Also of note, the GfK Consumer Climate rose to 6.5 from 6.2 (6.2 expected).
French Business Survey rose to 92 from 88 (89 expected).
Italian consumer confidence slipped to 85.9 from 86.3 (86.8 forecast).
Spanish PPI declined 0.5% (+0.9% consensus).
In the United Kingdom, BBA Mortgage Approvals were reported at 32.2K (32.7K expected, 31.4K prior).
Looking at news:
European Commissioner Michel Barnier said the European Union plans to publish a report on financial supervision overhaul by the end of the year.
Bundesbank President Jens Weidmann believes asking the European Central Bank to calm markets creates a weak Europe and that state insolvencies must be possible within the euro area.

In U.S. corporate news:

Abercrombie & Fitch (ANF 48.10, -6.27) trades down 11.7% after missing on earnings and revenue.
Pandora Media (P 19.38, +2.22) is jumping 12.9% after reporting in-line earnings on above-consensus revenue.
Procter & Gamble (PG 81.50, +2.80) trades higher by 3.6% after the company reaffirmed its guidance and named Alan G. Lafley President, Chairman, and Chief Executive Officer. Note Mr. Lafley has previously served as company President and CEO from 2000 to 2009.
Salesforce.com (CRM 42.51, -3.18) is down 7.0% after its cautious guidance overshadowed the company's in-line earnings.

April durable orders and durable orders ex-transportation will be reported at 8:30 ET.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -13.00.

06:52 am : Nikkei...14612.45...+128.50...+0.90%. Hang Seng...22618.67...-51.00...-0.20%.

06:52 am : FTSE...6655.60...-41.40...-0.60%. DAX...8292.32...-61.00...-0.70%.

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

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

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