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 Post subject: September 3rd Tuesday Trade Results - Profit $3320.00
PostPosted: Tue Sep 03, 2013 10:46 pm 
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Joined: Sat Jan 10, 2009 2:06 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
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 @ $320.00 dollars or +3.20 points, Emini ES ($ES_F) futures @ $3000.00 dollars or +60.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3320.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
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

In addition, all of my trades were posted real-time in the chat room. You can read today's 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=121&t=1594

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=219&t=1973

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/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.

Syria Concerns Dampen Investor Excitement

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

NEW YORK (CNNMoney)
Worries over potential U.S. action in Syria chilled investor enthusiasm Tuesday and overshadowed optimism surrounding the announcement of two mega-mergers.

All three indexes ended the trading day higher, but pulled back from earlier highs when leaders in the House of Representatives said they would support President Obama's plan for a U.S.-led strike on Syria.

The S&P 500, the Nasdaq, and the Dow rose between 0.1% and 0.5%.

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

Tech takeovers: The two deals announced over the Labor Day weekend are set to transform the technology industry.

In the second-biggest merger ever, Verizon (VZ, Fortune 500) said it will pay $130 billion to take full control of Vodafone, and Microsoft (MSFT, Fortune 500) said it was buying Nokia's (NOK) mobile phone business for $7.2 billion.

Wall Street is asleep: Volume at 5-year low

Good economic data: Manufacturing data gave investors additional signs of a global economic rebound. Manufacturing data in the U.S. showed stronger expansion in the sector. Over the long weekend, investors also saw better-than-expected manufacturing reports out of Europe and Asia.

Fear & Greed Index says investors are extremely fearful

Buyers losing out: Microsoft and Verizon -- the two major acquirers over Labor Day weekend -- saw shares sputter when investors greeted their respective deals.

Shares of Microsoft dropped 5% following the deal announcement, while Nokia's shares soared. Traders on StockTwits mocked Microsoft's poor performance in the mobile phone space and thought Blackberry (BBRY) might be as worthy of a takeover as Nokia. (Alternately, Oracle (ORCL, Fortune 500) might consider taking over Blackberry.)

DayTradeTK: is it a new trend software companies taking over hardware companies $MSFT and $NOK. hopefully $ORCL and $BBRY

tjross: can $MSFT afford to buy both $NOK and $BBRY? If so, they lock in 3rd spot in mobile race

Monika68: $NOK buy $BBRY: @sonnydelite good idea ;) Then make Android smartphone & make all the Finnish people happily ever after. they love Android.

Verizon's stock dropped roughly 4% following the buyout. Traders on StockTwits were wary of the deal.

sigfig8: $VZ and $VOD down today on the deal. Who is benefiting then? Was it really a lose-lose?

Maced: $VZ Should have used the $130B to buy more spectrum and content. Why own the other half at peak of subscriber growth

End of cable drama: Investors liked the agreement between Time Warner Cable (TWC, Fortune 500) and CBS (CBS, Fortune 500), which will end a month-long blackout and restore CBS programming to about 3 million viewers. Both stocks rose Tuesday.

howardlindzon: $CBS and time warner fight is over. I hope we can now all agree on more makeup for 60 minute anchors.

Job listing website LinkedIn (LNKD) announced a plan to sell $1 billion in new equity Tuesday, sending shares lower in after hours trading.

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4:15 pm : The S&P 500 added 0.4% after intraday weakness pressured the benchmark index below its 100-day moving average. Equities displayed broad strength at the open after global indices rallied yesterday while U.S. markets were closed for Labor Day. The early gains did not hold past the initial two hours as late-morning comments from House Speaker John Boehner and Majority Leader Eric Cantor served as a reminder that the option of military action in Syria remains on the table. Both Speaker Boehner and Mr. Cantor said they support the president's "call to action" with U.S. Congress scheduled to debate the issue next week.

Crude oil climbed off its overnight lows as the remarks from the two Congressional leaders provided an additional boost. The energy component rose 0.8% to $108.55 per barrel while the energy sector added 0.6%.

Elsewhere in the commodity complex, metals outperformed. Gold futures advanced 1.2% and silver futures spiked 3.4% to $1412.30 and $24.31 per troy ounce, respectively. In addition, copper jumped 2.4% to $3.312 per pound. As a result, the materials sector finished among the leaders with a gain of 0.6%.

Outside of the two commodity-linked sectors, financials (+0.8%) and discretionary (+0.8%) shares settled in the lead.

The Dow trailed behind the remaining averages as Microsoft (MSFT 31.88, -1.52) and Verizon (VZ 46.01, -1.37) pressured the price-weighted index. Microsoft fell 4.6% after the company agreed to acquire Nokia's (NOK 5.12, +1.22) Devices & Services business and its patents and mapping services for $5.44 billion. Meanwhile, Verizon lost 2.9% after announcing plans to purchase Vodafone's (VOD 32.01, -0.34) 45% stake in Verizon Wireless for $130 billion in cash and stock. The underperformance of Verizon weighed on the telecom services space (-1.8%) which settled behind the remaining nine sectors.

Treasuries slid to their lows in reaction to today's better-than-expected economic data, but ended off their worst levels as a safety bid trickled in during afternoon trade. Investors returned to the complex following the hawkish comments on the situation in the Middle East. After climbing above 2.91% early in the session, the benchmark 10-yr ended up 10 basis points at 2.85%.

Today's participation marked an improvement over most August sessions as nearly 800 million shares changed hands on the floor of the New York Stock Exchange.

The ISM Index for August improved to 55.7 from 55.4 in July. That was better than expected as the Briefing.com consensus estimate called for a modest decline to 53.4. This is encouraging news insomuch as it relates to the outlook for the manufacturing sector, yet some detail below the headline print indicates manufacturers are no more than cautiously optimistic.

The good news is that the new orders index fueled the improvement in August, rising to 63.2 from 58.3. Notwithstanding that pickup, the employment index decelerated to 53.3 from 54.4. In other words, new business prospects are in the pipeline, yet manufacturers aren't ramping up hiring to fill the new orders.

Construction spending increased 0.6% in July after being flat in June. The July number was pretty much in-line with expectations. The data for June, however, improved from the prior report, which showed a 0.6% decline.

Private construction spending was up 0.9% after declining 0.2% in June. That was paced by a pickup in nonresidential spending, which jumped 1.3% after declining 0.9% in June. Private commercial (+1.7%), manufacturing (+2.9%) and lodging (+6.1%) spending increased in July.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET and the July trade balance will cross the wires at 8:30 ET. In addition, the Federal Reserve will release its September Beige Book at 14:00 ET.DJ30 +23.65 NASDAQ +22.74 SP500 +6.80 NASDAQ Adv/Vol/Dec 1644/1.57 bln/892 NYSE Adv/Vol/Dec 1640/787.1 mln/1365

3:35 pm : The commodities space was higher today despite a stronger dollar index. Strength came on continued tension in the Middle East with reports of an Israeli missle test in Syrian airspace. In addition, U.S. Speaker of the House John Boehner and Majority Leader Eric Cantor both said they support the president's "call to action" in Syria.

Oct crude oil rose for the first time in three sessions after coming off its session low of $107.01 per barrel and breaking into positive territory in morning pit action. It trended higher for the remainder of the session and settled at $108.57 per barrel, booking a gain of 0.7%.

Oct natural gas traded higher in a tight range between $3.64 and $3.68 per MMBtu. It eventually settled with a 2.5% gain at $3.67 per MMBtu.

Dec gold rose after three consecutive sessions of losses. It trended higher after lifting off its session low of $1391.40 per ounce set in early morning floor action and settled with a 1.2% gain at $1412.00 per ounce.

Dec silver outperformed the metals sector as it rose as high as $24.52 per ounce. It consolidated near the $24.45 per ounce level in afternoon pit trade and settled with a solid 4.0% gain at $24.43 per ounce.DJ30 +20.73 NASDAQ +23.25 SP500 +6.55 NASDAQ Adv/Vol/Dec 1571/1360.1 mln/945 NYSE Adv/Vol/Dec 1572/501 mln/1420

2:55 pm : The S&P 500 holds a modest gain of 0.2% as today's session enters its final hour. Equities began the day sharply higher, but broad-based pressure set in during the late morning after House Speaker Boehner and Majority Leader Cantor both said they support the president's "call to action."

Crude oil has climbed steadily off its overnight lows and the remarks from the two Congressional leaders gave the energy component an additional boost as military involvement in Syria remains the most likely course of action. WTI crude is higher by 0.9% at $108.56 per barrel while Brent crude trades up 1.2% at $115.75 per barrel.

On a related note, the energy sector outperforms with a gain of 0.3%.DJ30 -3.38 NASDAQ +12.01 SP500 +3.32 NASDAQ Adv/Vol/Dec 1423/1.16 bln/1085 NYSE Adv/Vol/Dec 1361/452.3 mln/1618

2:30 pm : Little change has taken place since our last update as the S&P 500 and Nasdaq attempt to stay out of the red while the Dow tries to claw back into positive territory. With equities trapped in a downtrend, the CBOE Volatility Index (VIX 17.34, +0.33) has staged a quiet rally after starting the day in the red.

The discretionary sector was one of the leaders at the open, and it continues to trade ahead of the broader market with a gain of 0.5%. The sector is being followed by financials (+0.4%) and materials (+0.3%).

On the downside, the telecom services sector (-1.6%) has lagged since the open as Verizon (VZ 46.29, -1.09) weighs following its agreement to acquire Vodafone's (VOD 31.70, -0.65) 45% stake in Verizon Wireless for $130 billion in cash and stock.DJ30 -22.47 NASDAQ +5.17 SP500 +1.22 NASDAQ Adv/Vol/Dec 1346/1.09 bln/1154 NYSE Adv/Vol/Dec 1282/423.1 mln/1684

2:00 pm : The S&P 500 has continued slipping towards its flat line while the Dow (-0.2%) has widened its loss. Notably, the S&P was pressured back below its 100-day moving average after trading about 12 points above that level at the open.

The benchmark index has struggled around its 100-day average and has yet to settle above this level since sliding below it last week.

Five of six cyclical sectors continue to outperform, but the technology space has dipped into the red. Meanwhile, the tech-heavy Nasdaq (+0.3%) remains in the lead.DJ30 -21.70 NASDAQ +8.07 SP500 +1.91 NASDAQ Adv/Vol/Dec 1481/1.01 bln/1007 NYSE Adv/Vol/Dec 1352/392.5 mln/1604

1:30 pm : Today's session has morphed into a disappointing one as the major indices have struggled to hold larger gains in the face of uncertainty about what lies ahead in terms of military action against Syria. The presumption is that we are on a path to a military strike after House Speaker Boehner and Majority Leader Cantor said today they supported the president's "call to action." The nettlesome point is what comes next if, in fact, a US-led strike occurs?

The uncertainty surrounding that question has stymied an opening rally effort that was forged on the idea a US-led strike against Syria was less of a certainty than it appeared to be last week after President Obama said he would allow Congress to put the issue to a vote.

Oil prices (+$0.87 at $108.52/bbl) have perked up some on the latest headline developments, as have gold prices (+14.60 at $1410.70/oz.) and the CBOE Volatility Index (+0.15 at 17.16). The Treasury market, however, has been a bit slower to buy into worst-case scenarios involving Syria. The 10-yr-note, while off its worst levels of the day, is still on the weak side of things as a safety bid has been slow to form. The 10-yr note is currently down 18 ticks as its yield has risen to 2.86%. DJ30 -14.86 NASDAQ +15.87 SP500 +3.47 NASDAQ Adv/Vol/Dec 1587/930 mln/886 NYSE Adv/Vol/Dec 1503/364 mln/1452

1:00 pm : The S&P 500 trades up 0.2% as seven of ten sectors register gains. Equities began the session sharply higher as markets played catch-up to yesterday's advance in most global indices. In addition, the absence of weekend military action in Syria contributed to the risk-on sentiment.

The situation in Syria received some late-morning attention after U.S. Speaker of the House John Boehner and Majority Leader Eric Cantor both said they support the president's "call to action." Markets responded to the comments by slipping from their highs, but cyclical sectors continue to outperform at midday.

Growth-sensitive sectors trade ahead of the broader market with the discretionary space (+0.7%) in the lead. Apparel companies have displayed notable strength with names like Nike (NKE 64.45, +1.63) and Under Armour (UA 73.80, +1.16) up between 1.6% and 2.6%. In addition, home builders trade in-line with the S&P despite today's jump in rates. The iShares Dow Jones US Home Construction ETF (ITB 20.60, +0.04) is higher by 0.2%.

Producers of basic materials have also held up well through the first-half of the session. The sector sports a gain of 0.5% as steelmakers and miners advance. The Market Vectors Steel ETF (SLX 42.62 +0.94) is higher by 2.3% and miners have been boosted by the 0.9% rise in gold futures and the 3.8% jump in silver. The two metals trade at $1,408.40 and $24.42 per troy ounce, respectively.

The Dow has trailed behind the other indices from the start as Microsoft (MSFT 31.44, -1.96) and Verizon (VZ 46.13, -1.25) weigh. Microsoft has tumbled 5.8% after agreeing to acquire Nokia's (NOK 5.14, +1.24) Devices & Services business and its patents and mapping services for $5.44 billion. Separately, Verizon trades lower by 2.6% following its agreement to acquire Vodafone's (VOD 31.54, -0.82) 45% stake in Verizon Wireless for $130 billion in cash and stock.

On the downside, rate-sensitive telecom services and utilities are both down near 1.2% while the staples sector holds a modest loss of 0.1%.

Treasuries fell to their lows in reaction to today's better-than-expected data, but a recent bid has lifted the complex off its worst levels. The benchmark 10-yr yield now holds at 2.88% after the early weakness ran it above 2.91%.

The ISM Index for August improved to 55.7 from 55.4 in July. That was better than expected as the Briefing.com consensus estimate called for a modest decline to 53.4. This is encouraging news insomuch as it relates to the outlook for the manufacturing sector, yet some detail below the headline print indicates manufacturers are no more than cautiously optimistic.

The good news is that the new orders index fueled the improvement in August, rising to 63.2 from 58.3. Notwithstanding that pickup, the employment index decelerated to 53.3 from 54.4. In other words, new business prospects are in the pipeline, yet manufacturers aren't ramping up hiring to fill the new orders.

Construction spending increased 0.6% in July after being flat in June. The July number was pretty much in-line with expectations. The data for June, however, improved from the prior report, which showed a 0.6% decline.

Private construction spending was up 0.9% after declining 0.2% in June. That was paced by a pickup in nonresidential spending, which jumped 1.3% after declining 0.9% in June. Private commercial (+1.7%), manufacturing (+2.9%) and lodging (+6.1%) spending increased in July.DJ30 -15.13 NASDAQ +17.45 SP500 +3.24 NASDAQ Adv/Vol/Dec 1646/858.2 mln/838 NYSE Adv/Vol/Dec 1514/336.9 mln/1434

12:30 pm : The S&P 500 and Nasdaq have held their levels for the past 60 minutes while the Dow has continued slipping back toward its flat line. The price-weighted index has trimmed its advance to 0.1% as broad pressure combined with the continued underperformance of Microsoft (MSFT 31.34, -2.05) and Verizon (VZ 46.16, -1.22) keep the index behind the other averages.

Meanwhile, the Nasdaq (+0.7%) continues to lead as the relative strength of large components like Apple (AAPL 493.51, +6.23), Google (GOOG 861.18, +14.28), and Qualcomm (QCOM 66.95, +0.67) outweighs the losses in Microsoft and Verizon.

Also of note, small caps have shown strength throughout the day as the Russell 2000 trades higher by 0.7%.DJ30 +12.74 NASDAQ +24.87 SP500 +6.44 NASDAQ Adv/Vol/Dec 1743/787.9 mln/729 NYSE Adv/Vol/Dec 1641/309.5 mln/1299

12:00 pm : Equities have continued slipping from their highs after House Speaker Boehner voiced his support for the president's plan of action regarding Syria. In addition, House Majority Leader Eric Cantor has also pledged his support.

Although stocks have surrendered a good portion of their gains, the Treasury market has not reflected much of a safety bid. The 10-yr note remains lower by nearly one point with its yield up ten basis points at 2.89%.

Similarly, the CBOE Volatility Index (VIX 16.92, -0.09) hovers near its best level of the day, but remains modestly lower for the session.DJ30 +14.24 NASDAQ +25.80 SP500 +6.92 NASDAQ Adv/Vol/Dec 1748/715.8 mln/717 NYSE Adv/Vol/Dec 1655/281.8 mln/1277

11:30 am : Recent action saw the major averages slip to their morning lows following comments from U.S. Speaker of the House John Boehner who said he will support the president's "call to action." Over the weekend, President Obama announced Congress will get a chance to debate the use of military force in Syria next week.

The S&P 500 and Nasdaq continue to hold respective gains of 0.4% and 0.7% while the Dow underperforms with a modest advance of 0.1%. The Dow trails behind the remaining indices as Microsoft (MSFT 31.36, -2.04) and Verizon (VZ 45.72, -1.66) weigh.

Treasuries remain near their lows with the benchmark 10-yr yield up ten basis points at 2.89%.DJ30 +14.36 NASDAQ +26.79 SP500 +7.23 NASDAQ Adv/Vol/Dec 1789/631.5 mln/664 NYSE Adv/Vol/Dec 1691/249.8 mln/1225

11:00 am : The major averages hover near their best levels of the day with the S&P 500 up 0.9%. Equity indices have held their levels since the open as eight of ten sectors register gains.

Cyclical groups have paced the advance with consumer discretionary, energy, financials, and industrials up between 1.0% and 1.4%. The technology sector trails behind other growth-sensitive groups with a gain of 0.8%.

Telecom services (-1.3%) and utilities (-0.8%) remain in negative territory as the benchmark 10-yr yield trades higher by 11 basis points at 2.90%. Yields jumped after today's better-than-expected August ISM Index was viewed as supportive of near-term tapering.DJ30 +87.31 NASDAQ +40.24 SP500 +14.18 NASDAQ Adv/Vol/Dec 1952/511.1 mln/490 NYSE Adv/Vol/Dec 1948/209.1 mln/946

10:35 am : Commodities are mostly higher this morning, led by silver futures, as traders are back from the Labor Day weekend.

Silver is notably higher this morning, easily outperforming the metals sector. Sept silver rose as high as $24.53/oz and is now +3.9% at $24.43/oz. Dec gold is +0.4% at $1401.60/oz.

In the energy space, Oct crude oil rallied as high as $108.53/barrel as Syria remains a focus. Currently, crude is +0.3% at $107.99/barrel. Natural gas is showing strong gains this morning with Oct nat gas +2.5% at $3.67/MMBtu.DJ30 +92.30 NASDAQ +38.04 SP500 +15.07 NASDAQ Adv/Vol/Dec 1874/409.1 mln/530 NYSE Adv/Vol/Dec 1914/177 mln/951

10:00 am : The S&P 500 trades higher by 1.0%.

The August ISM Index rose to 55.7 from 55.4 while the Briefing.com consensus expected the reading to slip to 53.6. Meanwhile, July construction spending rose 0.6% month-over-month against the Briefing.com consensus estimate of a 0.5% increase.DJ30 +84.39 NASDAQ +39.12 SP500 +14.14 NASDAQ Adv/Vol/Dec 1939/262.7 mln/401 NYSE Adv/Vol/Dec 2173/128.5 mln/636

09:45 am : The major averages began the session with solid gains. The S&P 500 trades higher by 1.0% as eight of ten sectors hover in positive territory. Four of six cyclical groups are up at least 1.0% with financials (+1.6%) and materials (+1.6%) providing the early leadership.

On the downside, the rate-sensitive telecom services and utilities are lower by 1.3% and 0.1%, respectively. The telecom sector is under pressure as Verizon (VZ 45.46, -1.92) trades lower by 4.0% after the company agreed to acquire Vodafone's (VOD 31.46, -0.89) 45% stake in Verizon Wireless for $130 billion in cash and stock.

Treasuries hover near their lows with the benchmark 10-yr yield up five basis points at 2.84%.DJ30 +111.55 NASDAQ +43.19 SP500 +16.81 NASDAQ Adv/Vol/Dec 1979/157.4 mln/332 NYSE Adv/Vol/Dec 2321/95.2 mln/433

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +25.00. U.S. equity futures signal a sharply higher open as the S&P 500 futures trade with a gain of 0.9%. The bulk of the advance came yesterday as global markets rallied in the wake of mostly positive economic data. Gains in equities were also fueled by the lack of military action in Syria after most participants had expected weekend military action to take place. Treasuries trade lower this morning with the benchmark 10-yr yield higher by five basis points at 2.84%.

A handful of names are on the move in pre-market action. Verizon (VZ 45.31, -2.07) has agreed to acquire Vodafone's (VOD 31.79, -0.56) 45% stake in Verizon Wireless for $130 billion in cash and stock. Separately, Microsoft (MSFT 31.73, -1.67) will acquire Nokia's (NOK 5.53, +1.63) Devices & Services business and its patents and mapping services for $5.44 billion.

Today's economic data will be limited to July construction spending and the August ISM Index. Both reports will be released at 10:00 ET.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: +15.70. Nasdaq futures vs fair value: +25.00. The S&P 500 futures are higher by 0.9%.

Markets across Asia were mostly higher, posting solid gains for a second straight session. Japan's Nikkei (+3.0%) rallied thanks to a weaker yen and reports suggesting the BoJ will raise its economic assessment at the next policy meeting. Meanwhile, the Shanghai Composite climbed 1.2% despite a downtick in China's Non-Manufacturing PMI (53.9 actual versus 54.1 expected) as Primer Li Keqiang remained confident the country would meet its growth goals. Lagging was India's Sensex (-3.5%), which saw significant weakness in large part due to the soft rupee. The Reserve Bank of Australia opined this morning, opting to keep its key rate unchanged at 2.50%. Comments from RBA Governor Stevens indicate the economy is growing "a bit below trend" and that inflation is "consistent with the medium-term target." Data out overnight was disappointing as Japan's average cash earnings fell short of estimates (0.4% year-over-year actual versus 0.8% expected) as Australia's retail sales ticked up just 0.1% (0.4% expected) while its current account deficit widened to AUD9.4 billion (AUD8.3 billion expected, AUD8.7 billion previous).

In Japan, the Nikkei closed higher by 3.0% as gains were broad-based. Exporters were bid in response to the weak yen as Toyota Motor gained 3.3% and Toyota Electron added 4.0%. Elsewhere, financials outperformed as Mitsubishi UFJ Financial and Nomura Holdings both climbed close to 5.0%. Even the embattled Tokyo Electric Power Co tacked on 3.3% after the Japanese government offered JPY47 billion to help contain radiation leaks at the Fukushima plant.
Hong Kong's Hang Seng added 1.0% to gain for a fourth session. Mainland financials were strong as China Construction Bank rose 2.1% and China Merchants Bank rallied 4.6%.
In China, the Shanghai Composite settled higher by 1.2% as trade closed at a two and a half-month high. Agricultural names were strong amid talk of land reform. Several names in the space closed limit up, 10%, including Anhui Huilong Agricultural Means of Production and Luoniushan.

Major European indices are little changed after posting Monday gains. Equity markets fell to their lows following reports indicating two ballistic missiles were launched in the Mediterranean. Separate reports suggest the launch was only a test. Economic data released over the past two days was plentiful (*indicates data released on Monday). Eurozone Manufacturing PMI* ticked up to 51.4 from 51.3 (51.3 expected). Separately, PPI increased 0.3% month-over-month (0.1% expected, 0.0% prior). Germany's Manufacturing PMI* slipped to 51.8 from 52.0 (52.0 consensus). French Manufacturing PMI* remained unchanged at 49.7, as expected. Great Britain's Manufacturing PMI* rose to 57.2 from 54.8 (55.0 consensus) and BRC Retail Sales Monitor* rose 1.8% year-over-year (1.7% expected, 2.2% prior). In addition, Construction PMI rose to 59.1 from 57.0 (58.3 expected). Italian Manufacturing PMI* increased to 51.3 from 50.4 (51.0 forecast). Swiss GDP rose 0.5% quarter-over-quarter (0.3% expected, 0.6% prior) while the year-over-year reading increased 2.5% (1.7% consensus, 1.1% last). In addition, the SVME PMI* slipped to 54.6 from 57.4 (55.9 expected). Spain reported no change in the number of unemployed (-5,200 consensus, -64,900 previous) while Business Confidence rose to -12 from -14, as expected. Also, government budget deficit narrowed to EUR5.10 billion from a deficit of EUR6.7 billion (EUR2.50 billion surplus expected).

Great Britain's FTSE is lower by 0.2% as Vodafone leads to the downside with a loss of 3.8% after agreeing to sell its 45% stake in Verizon Wireless to Verizon for $130 billion in cash and stock. On the upside, Tullow Oil trades higher by 2.2%.
In France, the CAC trades down 0.2% as financials lag. BNP Paribas, Societe Generale, and Unibail-Rodamco are all down between 0.4% and 1.5%. Telecom provider Orange is the top index component, holding a gain of 2.2%.
Germany's DAX is off 0.3%. Airline Deutsche Lufthansa leads to the downside with a loss of 3.7% while bank shares outperform. Commerzbank and Deutsche Bank are both up near 0.3%.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +20.50. The S&P 500 futures are higher by 0.8% as U.S. markets play catch-up to the rest of the world after yesterday's Labor Day holiday. Global indices advanced yesterday following generally positive data from Asia and upbeat PMI readings from Europe. The risk-on sentiment has also been aided by the absence of military involvement in Syria after many had expected military action to take place over the weekend.

In domestic M&A news, Verizon (VZ 45.50, -1.88) has agreed to acquire Vodafone's (VOD 31.92, -0.43) 45% stake in Verizon Wireless for $130 billion in cash and stock. Separately, Microsoft (MSFT 31.75, -1.05) will acquire Nokia's (NOK 5.53, +1.63) Devices & Services business and its patents and mapping services for $5.44 billion.

Today's economic data will be limited to July construction spending and the August ISM Index. Both reports will be released at 10:00 ET.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +13.20. Nasdaq futures vs fair value: +19.20. U.S. equity futures trade sharply higher with the S&P 500 futures up 0.8%. Index futures registered the bulk of their gains during the Monday global session as Asian and European indices charged ahead. The risk-on sentiment was fueled by generally upbeat economic data and the lack of military action in Syria as many participants had expected going into the weekend. On Saturday, President Obama announced Congress, during the week of September 9, will get a chance to debate whether or not U.S. forces should take action in Syria. Treasuries are trading lower with the benchmark 10-yr yield up three basis points at 2.82%.

Looking at overnight developments:

Asian indices registered gains across the board. Japan's Nikkei +3.0%, Hong Kong's Hang Seng +1.0%, and China's Shanghai Composite +1.2%.
In regional economic data (*indicates data released on Monday):
China's Manufacturing PMI* climbed to 51.0 from 50.3 (50.6 expected), the Non-Manufacturing PMI slipped to 53.9 from 54.1, while the HSBC Manufacturing PMI* held steady at 50.1 (50.2 forecast).
Japan's Capital Spending* was unchanged year-over-year (-2.0% forecast, -3.9% previous), Monetary Base expanded 42.0% year-over-year (41.3% expected, 38.0% prior), and average cash earnings rose 0.4% year-over-year (0.8% consensus, 0.6% last).
South Korea's trade surplus* expanded to $4.92 billion from $2.54 billion and the HSBC Manufacturing PMI* rose to 47.5 from 47.2. In addition, CPI* ticked up 0.3% month-over-month (0.4% expected, 0.2% prior) while the year-over-year reading rose 1.3% (1.5% forecast, 1.4% previous).
Hong Kong's Retail Sales rose 9.5% year-over-year (14.0% consensus, 14.7% prior).
The Reserve Bank of Australia held its key interest rate unchanged at 2.50%, as expected. In terms of data, the AIG Manufacturing Index* rose to 46.4 from 42.0 and the MI Inflation Gauge* ticked up 0.1% month-over-month (0.5% previous). In addition, building approvals* rose 10.8% month-over-month (4.0% forecast, -6.3% last) while business inventories* ticked up 0.2% month-over-month (0.1% expected, -0.5% previous). Also, the current account deficit widened to AUD9.4 billion from AUD8.7 billion (AUD8.7 billion expected), Company gross operating profits* fell 0.8% quarter-over-quarter (0.7% forecast, 3.5% prior), and retail sales rose 0.1% month-over-month (0.4% consensus, 0.0% prior).
New Zealand's Terms of Trade Index* rose 4.9% quarter-over-quarter (3.9% expected, 4.2% prior) and the ANZ Commodity Price Index rose 0.7% month-over-month (0.6% last).
India's HSBC Manufacturing PMI* fell to 48.5 from 50.1 (49.9 expected).
In news:
The advance in Japan was aided by yen weakness as the USDJPY pair climbed into the 99.50 area from Friday's 98.00.
Reports indicate the Bank of Japan will consider upgrading its economic assessment at this week's policy meeting.

Major European indices are little changed after posting Monday gains. Great Britain's FTSE -0.1%, France's CAC -0.2%, and Germany's DAX -0.3%. On the periphery, Italy's MIB +0.1% and Spain's IBEX +0.3%.
Economic data was plentiful (*indicates data released on Monday):
Eurozone Manufacturing PMI* ticked up to 51.4 from 51.3 (51.3 expected). Separately, PPI increased 0.3% month-over-month (0.1% expected, 0.0% prior).
Germany's Manufacturing PMI* slipped to 51.8 from 52.0 (52.0 consensus).
French Manufacturing PMI* remained unchanged at 49.7, as expected.
Great Britain's Manufacturing PMI* rose to 57.2 from 54.8 (55.0 consensus) and BRC Retail Sales Monitor* rose 1.8% year-over-year (1.7% expected, 2.2% prior). In addition, Construction PMI rose to 59.1 from 57.0 (58.3 expected).
Italian Manufacturing PMI* increased to 51.3 from 50.4 (51.0 forecast).
Swiss GDP rose 0.5% quarter-over-quarter (0.3% expected, 0.6% prior) while the year-over-year reading increased 2.5% (1.7% consensus, 1.1% last). In addition, the SVME PMI* slipped to 54.6 from 57.4 (55.9 expected).
Spain reported no change in the number of unemployed (-5,200 consensus, -64,900 previous) while Business Confidence rose to -12 from -14, as expected. Also, government budget deficit narrowed to EUR5.10 billion from a deficit of EUR6.7 billion (EUR2.50 billion surplus expected).
Looking at news:
European averages fell to their lows following reports indicating two ballistic missiles were launched in the Mediterranean. Separate reports suggest the launch was only a test.

In U.S. corporate news:

J.C. Penney (JCP 12.75, +0.27) is +2.2% after Hayman Capital Management disclosed a 5.2% stake in the retailer.
Nokia (NOK 5.53, +1.63) is +41.8% after Microsoft (MSFT 32.26, -1.14) agreed to acquire Nokia's Devices & Services business as well as its patents and mapping services for $5.44 billion.
Verizon (VZ 45.35, -2.03) is -4.3% after the company agreed to acquire Vodafone's (VOD 32.02, -0.33) 45% stake in Verizon Wireless for $130 billion in cash and stock.

Today's economic data will be limited to July construction spending and the August ISM Index. Both reports will be released at 10:00 ET.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +23.50.

06:59 am : Nikkei...13978.44...+405.50...+3.00%. Hang Seng...22394.58...+219.20...+1.00%.

06:59 am : FTSE...6502.29...-3.90...-0.10%. DAX...8229.29...-14.60...-0.20%.

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

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

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