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 Post subject: September 4th Wednesday Trade Results - Profit $1825.00
PostPosted: Wed Sep 04, 2013 9:40 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 @ $600.00 dollars or +6.00 points, Emini ES ($ES_F) futures @ $1225.00 dollars or +24.50 points, Light Crude Oil CL ($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 @ $1825.00 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=1595

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.

Stocks Rise For Second Day

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

NEW YORK (CNNMoney)
U.S. stocks advanced Wednesday, with the Dow logging its best performance in over a month, thanks to a strong batch of economic and company news. But investors remain on edge as they consider the increasing likelihood that the U.S. will lead a military strike against Syria.

The Dow Jones industrial average jumped 97 points, or 0.7%, its best gain since August 1. The S&P 500 rose 0.8% and the Nasdaq jumped more than 1%.

Auto giants Ford (F, Fortune 500) and General Motors (GM, Fortune 500) were big winners after delivering strong sales figures.

GM, Ford and Chrysler Group all reported double-digit percentage increases in sales in August. Japanese rivals Toyota Motor (TM) and Nissan (NSANY) also reported large sales gains, putting the industry on pace for a 16-million annual sales rate for the first time since before the recession started in late 2007.

Apple (AAPL, Fortune 500) was also a top performer, as investors anticipated that the company will announce its newest iPhone next Tuesday.

Meanwhile, investors continued to monitor developments in Washington, as President Obama seeks congressional approval to carry out a military strike against Syria. He said U.S. intelligence showed that Syria used chemical weapons to kill more than 1,400 people.

Several key Democrats and Republicans have thrown their support behind Obama's plan in recent days, though a number of hurdles must still be overcome before the U.S. can take military action.

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

The Federal Reserve released its regional Beige Book report Wednesday afternoon. Economic activity continued to expand "at a modest to moderate pace" during July and August across the country, according to the report, which could influence the Fed's decision on its stimulus policies. There is speculation that the Fed could decide to start pulling back on its $85-billion-a-month bond-buying program in a meeting later this month.

Still, investors may remain cautious ahead of the August jobs report due Friday, as the health of the labor market is a key factor for the Fed. Analysts expect that the economy added 177,000 jobs last month, and that the unemployment rate held steady at 7.4%.

Another Nasdaq hiccup: Nasdaq suffered a brief outage shortly before noon Wednesday, which impacted trading in stock symbols PC through SPZ. The exchange once again had issues with the system that disseminates stock quotes, which was also at the root of the three-hour trading halt last month.

The exchange said the issue has been resolved.

Related: Impact of war on stocks and oil

What's moving: Shares of LinkedIn (LNKD) fell more than 2% after the job search website announced plans to sell $1 billion worth of stock in a secondary offering. Even with the slide, shares of LinkedIn are up more than 100% this year.

LinkedIn's big offering and the dip in the stock price were hot topics among traders on StockTwits.

howardlindzon: $LNKD...likely one or two huge acquisitions in their future with this secondary raise...who do you think?

EricSteiman: I missed the $LNKD run. Love the company, but its expensive, and I own $TSLA.

Shares of JCPenney (JCP, Fortune 500) rose sharply after two hedge funds -- Hayman Capital and Glenview Capital-- announced new stakes in the struggling retailer. But StockTwits traders were mostly skeptical.

scottsdalem: $JCP Retailers don't have to take a position because the hedgies are doing so. You know what happened to Ackman.

hakihika: So someone else takes Ackman's losing position and all of the sudden $JCP becomes a winning position? I say bounce don't last.

On the earnings front, H&R Block (HRB) shares fell after missing analyst expectations.

Shares of Dollar General (DG, Fortune 500) rose after the retailer wowed Wall Street with its second-quarter results. To top of page

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4:20 pm : The S&P 500 settled higher by 0.8%, regaining its 100-day moving average (1640/1641) shortly after the open. The Dow and S&P started the session by chopping around their respective flat lines before the two indices began tracking the Nasdaq, which outperformed with a gain of 1.0%.

This morning, reports from Fox News indicated Senator John McCain was set to oppose the current Syria proposal after saying he would do so if the plan was not forceful enough. However, an afternoon vote containing two McCain amendments passed through the Senate Foreign Relations Committee by a 10-7 vote. The full Senate is expected to have a say on the measure next week.

Stocks slipped from their highs in reaction to the results of the afternoon vote, but still managed to hold the vast majority of their gains. Meanwhile, Treasuries did not reflect much of a safety bid as the complex remained pinned to its lows. The benchmark 10-yr yield ended higher by 5 basis points at 2.894%. More notable was the move in the 2-yr yield, which added four basis points to end at 0.462%, the highest since June 2011.

Nine of ten sectors posted gains with health care (+1.1%) ending in the lead. The sector received significant support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 201.38, +3.53) climbed 1.8%.

The outperformance of biotech and technology helped the Nasdaq settle ahead of the other indices. The largest tech component, Apple (AAPL 498.69, +10.11) advanced 2.1% following reports suggesting the company will unveil a new TV set-top box at its September 10 press event.

Today's Nasdaq strength was not an unusual development. The tech-heavy index has outpaced the other indices throughout the third quarter. The index is higher by 7.2% since the end of June while the Dow is essentially unchanged (+0.1%) over that time.

Outside of health care and technology, industrials (+1.0%), materials (+0.9%), telecom services (+1.3%), and discretionary shares (+1.0%) settled ahead of the broader market. The financial sector (+0.8%) was the early leader, but surrendered its spot as the afternoon progressed.

The utilities space (-0.1%) was the lone decliner while consumer staples (+0.5%) and energy (+0.5%) underperformed. On a related note, crude oil slid 1.1% to $107.35 per barrel.

Participation in today's session was in-line with longer-term averages as just under 730 million shares changed hands on the floor of the New York Stock Exchange.

The Federal Reserve's September Beige Book did not send any shockwaves through the market as the central bank struck a familiar tone. The Fed said, "The economy has continued to expand at a modest to moderate pace" while residential real estate activity, "Increased moderately in most Districts." Lending activity was described as "mixed" with little change observed in lending standards.

With regards to employment and inflation, the Fed said hiring "held steady or increased modestly" while upward price pressures "remained subdued."

Today's economic data was limited to the July trade deficit, which widened to $39.1 billion from an upwardly revised $34.5 billion in June (from -$34.2 billion). The Briefing.com consensus expected the deficit to come in at $38.2 billion.

The widening in the deficit resulted from imports increasing $3.5 billion versus June and exports decreasing $1.1 billion. The drop in exports was paced by a $1.6 billion decline in exports of capital goods, excluding automotive, and a $1.36 billion decline in exports of consumer goods, the bulk of which stemmed from a pullback in exports of jewelry, gem diamonds, and artwork, antiques and stamps.

Conversely, imports increased on the back of a near $2.0 billion jump in imports of industrial supplies and materials, a $0.8 billion increase in imports of automotive vehicles, and a $0.7 billion increase in consumer goods, most of which stemmed from imports of artwork, antiques and stamps. The widening in the trade deficit is going to factor negatively in GDP models for the third quarter.

Tomorrow, August Challenger Job Cuts will be reported at 7:30 ET, August ADP Employment Change will cross the wires at 8:15 ET, and weekly initial claims will be released at 8:30 ET. Also at 8:30 ET, revised second quarter productivity and unit labor costs will be reported. The busy day of data will be topped off with the 10:00 ET release of July factory orders and the August ISM Services report.DJ30 +96.91 NASDAQ +36.43 SP500 +13.31 NASDAQ Adv/Vol/Dec 1650/1.74 bln/867 NYSE Adv/Vol/Dec 2150/728.1 mln/859

3:30 pm :

Crude oil and precious metals traded lower today despite a weaker dollar index. Investors reacted to opposition to an attack on Syria.
Reports indicated that Russian President Vladimir Putin said the U.S. had no right to strike Syria without UN approval. In addition, Fox News reported that Senator John McCain is opposing the current Syria proposal.
Dec gold fell back below $1400.00 per ounce, dipping to a session low of $1384.60 per ounce. It settled at $1390.10 per ounce, booking a 1.6% loss.
Dec silver retreated from its session high of $23.80 per ounce and settled 1.4% lower at $23.43 per ounce.
Oct crude oil pulled back from its session high of $108.14 per barrel set at pit trade open and dipped as low as $106.84 per barrel. It eventually settled at $107.19 per barrel, or 1.3% lower.
Natural gas, on the other hand, extended yesterday's gains despite spending most of its session in negative territory. It came off its session low of $3.64 per MMBtu and broke into the black as it headed towards the close, settling with a 0.3% gain at $3.68 per MMBtu.

DJ30 +104.26 NASDAQ +34.25 SP500 +13.54 NASDAQ Adv/Vol/Dec 1594/1427.2 mln/901 NYSE Adv/Vol/Dec 2087/425 mln/914

3:00 pm : The major averages hover near their highs as today's session enters its final hour.

Equities reached their best levels by 12:00 ET and have held there since. Earlier, Fox News reported that Senator John McCain was opposed to the current Syria proposal after previously stating he would not support a plan if it wasn't forceful enough. However, recent reports indicate the Senate panel has adopted two McCain amendments, which is a likely sign that the Arizona Senator will support the current plan.DJ30 +111.51 NASDAQ +37.83 SP500 +14.60 NASDAQ Adv/Vol/Dec 1623/1.28 bln/868 NYSE Adv/Vol/Dec 2117/383.8 mln/878

2:30 pm : The S&P 500 trades higher by 0.8% while the Nasdaq continues to outperform with a gain of 1.0%.

The Federal Reserve's September Beige Book did not send any shockwaves through the market as the central bank struck a familiar tone. The Fed said, "The economy has continued to expand at a modest to moderate pace" while residential real estate activity, "Increased moderately in most Districts." Lending activity was described as "mixed" with little change observed in lending standards.

With regards to employment and inflation, the Fed said hiring "held steady or increased modestly" while upward price pressures "remained subdued."DJ30 +98.14 NASDAQ +34.74 SP500 +12.97 NASDAQ Adv/Vol/Dec 1618/1.19 bln/868 NYSE Adv/Vol/Dec 2090/353.5 mln/891

2:00 pm : Stocks remain near their best levels of the day as the quiet afternoon continues. A slight change has taken place at the top of today's leaderboard as the financial sector has surrendered its top spot. Although the cyclical sector has slipped from the lead, it remains higher by 0.7%.

Treasuries saw some additional selling in recent action, sending the benchmark 10-yr yield higher by five basis points to 2.90%.

The Federal Reserve will release its September Beige Book at 14:00 ET and we will provide a summary of the notable elements in the upcoming update.DJ30 +102.37 NASDAQ +34.24 SP500 +13.43 NASDAQ Adv/Vol/Dec 1609/1.11 bln/866 NYSE Adv/Vol/Dec 2070/322.1 mln/897

1:25 pm : The stock market is pulling a fast one today on participants that had been expecting additional weakness on concerns about a potential US-led strike against Syria. That weakness has not developed and it has most likely spurred some short-covering activity along with the influential leadership of the cyclical sectors.

After an initial jog lower, it has pretty much been a trend up day for the major averages, which have extended their reach to session highs in the last half hour.

The positive disposition has been rooted in part in headlines today that have created a sense Congress may not approve a strike against Syria. That perspective could change in the next hour, or overnight, but it has manifested itself in the drop in crude prices (-$1.36 at $107.18/bbl), the pullback in gold prices (-$24.40 at $1387.60/oz.), and the weakness in safe-haven areas like Treasuries (10-yr note -9/32 at 2.89%) and the US Dollar Index (-0.21 at 82.15).DJ30 +119.89 NASDAQ +37.32 SP500 +15.59 NASDAQ Adv/Vol/Dec 1631/998 mln/820 NYSE Adv/Vol/Dec 2111/290 mln/837

1:00 pm : The major averages hover near their highs with the S&P 500 up 0.8%.

Stocks began the session on their flat lines, but the early strength of the Nasdaq caused the other averages to follow the lead of the tech-heavy index. The Nasdaq has outperformed from the start as its largest component, Apple (AAPL 499.29, +10.71), trades higher by 2.2% following reports suggesting the company will unveil a new TV set-top box at its September 10 press event.

Biotechnology has also made a significant contribution to the Nasdaq's advance, which in turn, has placed the health care sector among today's leaders. The iShares Nasdaq Biotechnology ETF (IBB 200.60, +2.75) sports a gain of 1.4% while the health care space adds 1.0%.

The gains in health care have put the sector among today's leaders while other countercyclical groups trade mixed. Telecom services (+1.2%) outperform while utilities (-0.1%) and consumer staples (+0.6%) lag.

Outside of the solid gains in health care and technology, the relative strength of financials (+0.8%), industrials (+0.9%), and discretionary shares (+1.1%) has invited the buy-the-dip trade that has been absent from the markets for most of August.

Also of note, Fox News has reported that Senator John McCain is opposing the current Syria proposal after previously stating he would not support a plan if it wasn't forceful enough. Today's reports appear to have stirred some speculation that Congress may delay or vote down a strike proposal. In reaction, crude oil trades lower by 1.2% at $107.26 per barrel. Similarly, gold futures hold a loss of 1.7% at $1388.20 per troy ounce.

Treasuries are hovering near their lows with the benchmark 10-yr yield up two basis points at 2.88%.

Today's economic data was limited to the July trade deficit, which widened to $39.1 billion from an upwardly revised $34.5 billion in June (from -$34.2 billion). The Briefing.com consensus expected the deficit to come in at $38.2 billion.

The widening in the deficit resulted from imports increasing $3.5 billion versus June and exports decreasing $1.1 billion. The drop in exports was paced by a $1.6 billion decline in exports of capital goods, excluding automotive, and a $1.36 billion decline in exports of consumer goods, the bulk of which stemmed from a pullback in exports of jewelry, gem diamonds, and artwork, antiques and stamps.

Conversely, imports increased on the back of a near $2.0 billion jump in imports of industrial supplies and materials, a $0.8 billion increase in imports of automotive vehicles, and a $0.7 billion increase in consumer goods, most of which stemmed from imports of artwork, antiques and stamps. The widening in the trade deficit is going to factor negatively in GDP models for the third quarter.

The Federal Reserve will release its September Beige Book at 14:00 ET.DJ30 +108.25 NASDAQ +32.79 SP500 +13.72 NASDAQ Adv/Vol/Dec 1587/931.8 mln/843 NYSE Adv/Vol/Dec 2053/268.9 mln/893

12:35 pm : Recent action saw the key indices maintain their levels as most cyclical groups trade ahead of the broader market. Financials, industrial, technology, and discretionary shares are all up between 0.9% and 1.1% while the two commodity-related groups, energy and materials, underperform.

With regard to countercyclical groups, health care (+1.0%) and telecom services (+0.9%) outperform while consumer staples (+0.6%) and utilities (-0.2%) lag.

As a result of today's steady, session-long climb, the CBOE Volatility Index (VIX 15.84, -0.77) has slid to late-August levels.DJ30 +109.22 NASDAQ +35.07 SP500 +14.39 NASDAQ Adv/Vol/Dec 1631/868.1 mln/778 NYSE Adv/Vol/Dec 2121/249.3 mln/817

12:00 pm : Equities have continued their push to fresh highs with the Nasdaq (+1.0%) pacing the advance. The index has benefitted from the relative strength of biotechnology and technology. The iShares Nasdaq Biotechnology ETF (IBB 200.76, +2.91) is higher by 1.5% while the tech sector sports a gain of 1.1%.

Apple (AAPL 499.38, +10.80) has provided support to the tech sector from the open, and the largest tech stock continues to trade higher by 2.2% after reports suggested the company will unveil a new TV set-top box at its September 10 press event.

Also of note, the gains in biotech have underpinned the health care sector, which trades higher by 1.0%.DJ30 +113.39 NASDAQ +36.55 SP500 +14.76 NASDAQ Adv/Vol/Dec 1670/768.6 mln/735 NYSE Adv/Vol/Dec 2109/221.5 mln/809

11:30 am : Equities continue to hover near their highs as most cyclical sectors display relative strength. Financials, industrials, technology, and discretionary shares are all up between 0.7% and 0.9% while the two commodity-related sectors, energy and materials, underperform.

The two groups are both up near 0.4% while commodities trade lower across the board. Crude oil is lower by 0.9% at $107.56 per barrel while gold futures trade down 1.5% to $1391.40 per troy ounce.

On a related note, the materials sector outperformed the remaining groups during August with a loss of 0.1%. As a result of its recent strength, the sector is the top performer of the quarter (+6.3%).DJ30 +85.13 NASDAQ +29.47 SP500 +11.20 NASDAQ Adv/Vol/Dec 1607/668.1 mln/780 NYSE Adv/Vol/Dec 2006/193.9 mln/880

11:00 am : The S&P 500 trades higher by 0.5% as the major averages hover near their best levels of the day. The benchmark index tested its 100-day moving average shortly after the open, and it currently trades about eight points above that level.

The S&P has been struggling with its 100-day average ever since dipping below it on August 27. The next four sessions saw the index climb above this technical level, but the S&P has been unable to register a close north of its 100-day moving average.

Treasuries have been relatively quiet so far with the benchmark 10-yr yield up two basis points at 2.87%.DJ30 +67.39 NASDAQ +25.23 SP500 +8.91 NASDAQ Adv/Vol/Dec 1579/533.1 mln/768 NYSE Adv/Vol/Dec 1896/160.1 mln/919

10:35 am : Reminder: DoE Inventories will be released on Thursday, Sep 5, 2013 at 11:00am ET due to the closure of the Federal Government on Monday, Sep 2.

Commodities are mostly lower today, despite weakness in the dollar index.

Crude oil has been in the red all session so far and just sold off to a new LoD about an hour and a half ago, quickly falling $1.05/barrel to $107.25/barrel. In current trade, Oct crude oil is -1.0% at $107.42/barrel.

Natural gas was higher overnight, but sold off in recent action to a new LoD of $3.64/MMBtu. Currently, Oct nat gas is -0.4% at $3.65/MMBtu.

In the precious metals space, gold and silver have been sliding lower all session. Both gold and silver hit new session lows minutes ago and currently remain near those levels. Dec gold is now -1.5% at $1390.20/oz, while Sept silver is -3.7% at $23.52/oz.DJ30 +57.90 NASDAQ +22.89 SP500 +8.43 NASDAQ Adv/Vol/Dec 1507/414.4 mln/778 NYSE Adv/Vol/Dec 1837/127 mln/938

10:00 am : The major averages have climbed to their early highs with the Nasdaq (+0.4%) in the lead while the Dow (+0.2%) continues to underperform. The Dow has displayed some softness in recent weeks, which has caused the price-weighted index to surrender its third quarter gain. The Dow is lower by 0.4% so far this quarter.

Meanwhile, today's leader, Nasdaq, has extended its third quarter advance to 6.6%. Today, the Nasdaq is receiving notable support from technology and biotechnology. The tech sector trades higher by 0.5% while the iShares Nasdaq Biotechnology ETF (IBB 198.73, +0.88) trades up 0.4%.DJ30 +22.73 NASDAQ +16.02 SP500 +5.42 NASDAQ Adv/Vol/Dec 1352/236.8 mln/837 NYSE Adv/Vol/Dec 1564/87.8 mln/1118

09:45 am : The Dow and S&P 500 alternated between gains and losses shortly after the open while the early strength of Apple (AAPL 498.27, +9.69) has helped the Nasdaq open in positive territory.

The Nasdaq quickly slipped back to its flat line while the technology sector (+0.3%) is providing some early leadership. Most other cyclical sectors trade in-line with the broader market, but energy (-0.2%) and materials (-0.3%) underperform.

In addition to the two growth-sensitive groups, consumer staples (-0.2%), telecom services (-0.1%), and utilities (-0.3%) are among the early laggards.DJ30 +0.46 NASDAQ +6.76 SP500 +2.34 NASDAQ Adv/Vol/Dec 1153/138.1 mln/938 NYSE Adv/Vol/Dec 1353/63.3 mln/1264

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +5.70. The S&P 500 futures hold a loss of 0.1% as today's session sets up for a modestly lower open. S&P futures fell to their lows as the European session got underway, and have held in negative territory since. Meanwhile, Nasdaq futures trade modestly higher as the largest index component, Apple (AAPL 499.38, +10.80), sports a gain of 2.2% after reports suggested the company will unveil a new TV set-top box at its September 10 press event.

Today's economic data was limited to the July trade deficit, which widened to $39.1 billion from an upwardly revised $34.5 billion in June (from -$34.2 billion). The Briefing.com consensus expected the deficit to come in at $38.2 billion.

The widening in the deficit resulted from imports increasing $3.5 billion versus June and exports decreasing $1.1 billion. The drop in exports was paced by a $1.6 billion decline in exports of capital goods, excluding automotive, and a $1.36 billion decline in exports of consumer goods, the bulk of which stemmed from a pullback in exports of jewelry, gem diamonds, and artwork, antiques and stamps.

Conversely, imports increased on the back of a near $2.0 billion jump in imports of industrial supplies and materials, a $0.8 billion increase in imports of automotive vehicles, and a $0.7 billion increase in consumer goods, most of which stemmed from imports of artwork, antiques and stamps. The widening in the trade deficit is going to factor negatively in GDP models for the third quarter.

The Federal Reserve will release its September Beige Book at 14:00 ET.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +0.50. The S&P 500 futures are lower by 0.2%.

Markets across Asia were mostly lower as selling was generally concentrated on the emerging markets. Indonesia's Jakarta Composite (-2.2%) and the Philippines' PSEi (-1.9%) led to the downside. Meanwhile, the more notable indices were mostly higher with India's Sensex (+1.8%) leading the way as the rupee strengthened 1% against the greenback. Japan's Nikkei (+0.5%) saw a modest advance as Prime Minister Abe noted the next Tankan Survey, due out September 30, would be a key indicator as to the magnitude of the sales tax increase. Data from the region was light with Australia's GDP printing an in-line 0.6% quarter-over-quarter.

Japan's Nikkei added 0.5% as shares gained for the fourth time in five days. Heavyweight Canon tacked on 3.8% after announcing it would buy back JPY50 billion worth of shares.
Hong Kong's Hang Seng slipped 0.3% as trade slipped back below the 200-day moving average. Gold miners posted sound gains as Zhaojin Mining and Zijin Mining added 5.5% and 1.0%, respectively. On the downside, China Construction Bank shed 1.4% after Bank of America sold $1.5 billion in shares.
In China, the Shanghai Composite rose 0.2% as trade ended at a two and a half-month high. Port stocks continued to see gains with Shanghai International Port surging the limit, 10%.

European indices have spent the bulk of the session in negative territory with Italy's MIB (-1.9%) leading to the downside. Today's news flow was relatively light, but reports indicate the Troika has objected to the Greek government's plans to overhaul state companies due to plans not being decisive enough. Separately, Klaus Regling of the European Stability Mechanism said it is too early to tell whether Greece will require a third bailout. Investors received a fair share of economic data as Eurozone GDP held steady at 0.3%, as expected. Services PMI slipped to 50.7 from 51.0 (51.0 forecast) and retail sales ticked up 0.1% month-over-month (0.4% forecast, -0.7% prior).Elsewhere, Germany's Services PMI rose to 52.8 from 52.4 (52.4 consensus). Great Britain's Services PMI increased to 60.5 from 60.2 (59.0 expected). French Services PMI improved to 48.9 from 47.7 (47.7 forecast) while PPI rose 0.7% month-over-month (0.2% expected, -0.2% prior). Italy's Services PMI ticked up to 48.8 from 48.7 (49.4 consensus). Spain's Services PMI climbed to 50.4 from 48.5 (50.0 expected).

Great Britain's FTSE is lower by 0.5% as airlines lead to the downside. EasyJet and TUI Travel trade with respective losses of 5.6% and 4.4%. Several miners are among the advancers with Eurasian Natural Resources, Fresnillo, and Rio Tinto up between 0.2% and 1.5%.
In Germany, the DAX sports a loss of 0.9% with Deutsche Lufthansa as the weakest component, down 5.1%. Chemical producers outperform with K+S and Lanxess up 1.6% and 1.3%, respectively.
France's CAC trades down 1.0% as 36 of 40 components hover in the red. Technology names Gemalto and STMicroelectronics hold respective losses of 2.3% and 3.1%. Industrials Bouygues and Vinci have shown relative strength. The two trade higher by 1.6% and 0.3%, respectively.
Italy's MIB hovers near its lows with a loss of 1.9% as financials lag. Banco Popolare and Banca Monte dei Paschi are both down near 3.5%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +2.20. The S&P 500 futures are lower by 0.1%.

The July trade deficit widened to $39.1 billion from $34.5 billion. The Briefing.com consensus expected the deficit to come in at $38.2 billion.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +2.00. U.S. equity futures hover near their flat lines amid cautious overseas action. Also of note, the U.S. Senate Foreign Relations Committee has approved military action in Syria as long as the operation does not last longer than 90 days and does not require ground combat. The S&P 500 futures are off 0.1%.

Looking at overnight developments:

Asian markets ended mixed. China's Shanghai Composite +0.2%, Japan's Nikkei +0.5%, and Hong Kong's Hang Seng -0.3%.
In regional economic data:
Australia's GDP rose 0.6% quarter-over-quarter, as expected. Meanwhile, the year-over-year reading increased 2.6% (2.5% forecast, 2.5% prior). In addition, the AIG Services Index slipped to 39.0 from 39.4.
China's HSBC Services PMI rose to 52.8 from 51.3.
India's HSBC Services PMI ticked down to 47.6 from 47.9.
Looking at news:
Reports indicate Japan's Prime Minister Shinzo Abe will announce his decision regarding the planned sales tax hike on October 2.
China's President Xi Jinping commented on local debt, saying the current levels are controllable, but the country may sacrifice economic growth to improve long-term economic development issues.

Major European indices have spent the bulk of the session in negative territory. Great Britain's FTSE -0.4%, Germany's DAX -0.6%, and France's CAC -0.8%. On the periphery, Italy's MIB -1.9% and Spain's IBEX -0.4%.
Reviewing economic data:
Eurozone GDP held steady at 0.3%, as expected. In addition, Services PMI slipped to 50.7 from 51.0 (51.0 forecast) and retail sales ticked up 0.1% month-over-month (0.4% forecast, -0.7% prior).
Germany's Services PMI rose to 52.8 from 52.4 (52.4 consensus).
Great Britain's Services PMI increased to 60.5 from 60.2 (59.0 expected).
French Services PMI improved to 48.9 from 47.7 (47.7 forecast) while PPI rose 0.7% month-over-month (0.2% expected, -0.2% prior).
Italy's Services PMI ticked up to 48.8 from 48.7 (49.4 consensus).
Spain's Services PMI climbed to 50.4 from 48.5 (50.0 expected).
In news:
Reports indicate the Troika has objected to the Greek government's plans to overhaul state companies due to plans not being decisive enough. Separately, Klaus Regling of the European Stability Mechanism said it is too early to tell whether Greece will require a third bailout.

In U.S. corporate news:

Dollar General (DG 54.80, +0.92) is +2.0% after reporting a bottom-line beat on in-line revenue.
H&R Block (HRB 26.50, -1.38) is -5.0% after missing on earnings and revenue.
Navistar (NAV 33.87, -0.14) is -0.4% following its revenue miss.

The weekly MBA Mortgage Index rose 1.3% to follow last week's 2.5% decline. Today's reading marks the first rise in four weeks.

July trade balance will be reported at 8:30 ET and the Federal Reserve will release its September Beige Book at 14:00 ET.

07:17 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -1.50.

07:17 am : Nikkei...14053.87...+75.40...+0.50%. Hang Seng...22326.22...-68.40...-0.30%.

07:17 am : FTSE...6439.94...-28.50...-0.40%. DAX...8143.98...-36.70...-0.50%.

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

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

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