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 Post subject: September 5th Thursday Trade Results - Loss $9490.00
PostPosted: Fri Sep 06, 2013 6:33 am 
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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)
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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 @ $160.00 dollars or +1.60 points, Emini ES ($ES_F) futures @ ($9750.00) dollars or -195.00 points, Light Crude Oil CL ($CL_F) futures @ $60.00 dollars or +0.06 points, Gold GC ($GC_F) futures @ $40.00 dollars or +0.40 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Loss @ $9490.00 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=1596

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 Close With Third Day Of Gains

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

NEW YORK (CNNMoney)
Stocks are faring well so far in September. All three indexes rose for the third day in a row and are up more than 1% this week.

Although the continuing threat of a U.S.-led military strike against Syria has kept investors on edge, the Dow, S&P 500 and the Nasdaq moved slightly higher. That's helping to erase some of the painful memories of a brutal August -- although investors have little to complain about in 2013. The three major indexes are up between 14% and 21% year-to-date.

But in a more troubling sign, 10-year Treasury yields continued to move up, as investors sell and push rates higher. The yield is nearing 3%, a level it hasn't hit since July 2011.

Waiting for the big jobs report. Investors had two bits of labor market data to chew on. The jobs numbers released by payroll processing firm ADP showed hiring continuing at a modest pace.

The Labor Department's initial jobless claims figures also pointed to a steady recovery in the job market, with fewer people filing for unemployment.

But Friday is the big day for the markets. The government releases the August jobs report. Economists surveyed by CNNMoney believe that 185,000 jobs were added last month and that the unemployment rate dipped to 7.3%.

Investors will be watching those numbers closely and will immediately start speculating about whether the jobs report will lead the Federal Reserve to announce plans to begin cutting back on its bond purchase program at its next policy meeting later this month.

* Impact of war on stocks and oil

Global worries: Syria is sure to dominate discussions at the G-20 conference in Russia, which kicks off Thursday. Investors will be listening closely to assess if and when a military strike may occur. The G-20 summit was meant to focus on the global economy, but the debate over Syria is expected to overshadow the event.

The Governing Council of the European Central Bank and the Monetary Policy Committee of the Bank of England decided to keep their key interest rates unchanged. European markets all closed higher

Earlier in the day, the Bank of Japan struck a more upbeat note on prospects for the world's third-largest economy, saying that the country is on track to beat deflation. Asian markets closed mixed.

Related: Fear & Greed Index still shows fear

Thursday Techapalooza: Shares of LinkedIn (LNKD) moved up, after falling Wednesday on concerns that a new billion dollar plus offering would dilute existing shareholders. The company sold more than $1.2 billion in stock in a secondary offering Wednesday night.

Investors have been infatuated with the company since it went public in 2011. Its shares are up nearly sixfold since then. Traders on StockTwits love the company and the opportunities from this billion dollar plus offering.

TXplunger: $LNKD Street loves the secondary - they trust the co to deploy $ for continued world domination

ASM: Secondary offering dips have been some of the best opportunities of the year in the hot growth names $LNKD Bullish

Shares of Netflix (NFLX) rose after analysts at RBC upgraded their price target for the company. Netflix's stock is nearing its all-time highs from 2011.

Shares of Groupon (GRPN) soared after Morgan Stanley upgraded the online coupon company.

On a heady day for social media stocks, traders on StockTwits were jazzed not only about Groupon but also Yelp (YELP), which spiked Thursday.

ML57: $GRPN Fox business reported that Groupon is getting LONG TERM Contracts. This is good!

TwentyOne: $GRPN and $YELP following same script

Retail rally: J.C. Penney (JCP, Fortune 500) shares continued to move higher, after soaring Wednesday on news that two major hedge funds added stakes in the troubled retailer. Some traders thought the stock may have finally bottomed.

TechTrader17: $JCP Need some upgrades and some more Hedgie filings. Worst is over for JCP, peeps need to figure this out. Big $ knows.

Instituteinvestshark: $JCP more big whales coming into this.

The stock of another troubled retailer, Sears Holdings (SHLD, Fortune 500), also popped.

Image



4:20 pm : The S&P 500 added 0.1% to register its third consecutive advance. Although stocks finished in positive territory, their gains were capped by Treasury yields hitting their highest levels since July 2011.

Treasuries began displaying weakness overnight as the Asian session got underway. The selling paused briefly during U.S. pre-market action before a slate of better-than-expected economic data lent support to the belief that the Federal Reserve would begin slowing the pace of its asset purchases at the upcoming September 17/18 policy meeting. With the August jobs report scheduled to be released tomorrow, the recent behavior of the Treasury market suggests participants are expecting a strong nonfarm payrolls number (Briefing.com consensus 177,000). The benchmark 10-yr yield rose eight basis points to 2.98%.

Interest rates have been on the rise throughout the quarter, and that has pressured the most rate-sensitive sectors. Consumer staples (-0.1%), telecom services (-0.8%), and utilities (-0.4%) finished at the bottom of today's leaderboard, which widened their third quarter losses. Since the start of July, the three sectors are down 0.5%, 6.2%, and 3.2%, respectively.

Meanwhile, the last countercyclical group, health care, rose 0.2% to maintain its quarter-to-date gain of 5.1%. The sector has been able to outperform other defensive groups thanks to big gains in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 201.92, +0.54) is higher by 16.1% this quarter.

Cyclical sectors were responsible for today's advance as energy (+0.3%), industrials (+0.3%), and materials (+0.3%) ended in the lead. Notably, the industrial sector received support from transportation companies as the Dow Jones Transportation Average rose 0.6%.

Transports were unperturbed by the increase in their main input cost with crude oil climbing 1.0% to $108.35 per barrel.

Similar to yesterday, financials led early, but surrendered their top spot during afternoon action. Most majors finished ahead of the broader market while real estate investment trusts were pressured by the elevated rates. The Vanguard REIT ETF (VNQ 63.81, -0.68) lost 1.1%.

Participation in today's session was on the light side with only 630 million shares changing hands on the floor of the New York Stock Exchange. This was understandable given the ongoing Rosh Hashanah holiday.

This morning was busy in terms of economic data. The ADP Employment Change report estimates 176,000 private sector jobs were created in August. That was pretty much in-line with expectations, but down slightly from the 198,000 created in July.

Initial claims for the week ending August 31 dropped by 9,000 to 323,000 (Briefing.com consensus 333,000). That brought the 4-week moving average for this series to 328,500, which is the lowest level since October 2007. Continuing claims for the week ending August 24 fell by 43,000 to 2.951 million (Briefing.com consensus 2.977 million). That lowered the 4-week moving average by 18,000 to 2.98 million.

Second quarter productivity was revised up to 2.3% from 0.9% while unit labor costs were revised down to 0.0% from 1.4%. The revisions reflect the improved output in the second quarter and the understanding that corporate profits continue to be helped by labor costs being held in check.

The August ISM Non-manufacturing Index jumped to 58.6 from 56.0. The Briefing.com consensus expected the index to fall to 54.5. The index is at its highest point since it was reformulated in January 2008. When compared to the older methodology, the index is at its highest point since December 2005.

Factory orders fell 2.4% in July after increasing an upwardly revised 1.6% (from 1.5%) in June. The consensus expected factory orders to fall 3.7%. Durable goods orders were revised down modestly from -7.3% in the advance release to -7.4%. The underlying trends were essentially unchanged from the advance report. As expected, most of the decline in durable goods orders came from a 19.4% drop in transportation orders. Orders of defense and nondefense aircraft fell an unrevised 44.3%.

Tomorrow's focus will be on jobs with the August nonfarm payrolls, nonfarm private payrolls, unemployment rate, hourly earnings, and average workweek all set to be reported at 8:30 ET.DJ30 +6.61 NASDAQ +9.74 SP500 +2.00 NASDAQ Adv/Vol/Dec 1508/1.51 bln/988 NYSE Adv/Vol/Dec 1429/630.1 mln/1585

3:30 pm :

Oct crude oil advanced for the second time this week, gaining support from this morning's bullish economic and inventory data. The August ISM Non-manufacturing Index jumped to 58.6 from 56.0, its highest level since it was reformulated in January 2008. In addition, crude oil inventories for the week ending Aug 30 showed a draw of 1.836 mln barrels when a draw of 1.3-2.0 mln barrels was expected. The energy component lifted off its session low of $107.23 per barrel and rose as high as $108.54 per barrel. It eventually settled 1.1% higher at $108.40 per barrel.
Natural gas, on the other hand, sold off sharply into negative territory following inventory data that showed a build of 58 bcf when a smaller build of 54 bcf was anticipated. It brushed a session low of $3.57 per MMBtu after trading as high as $3.72 per MMBtu in early morning pit trade. It settled with a 2.7% loss at $3.58 per MMBtu.
Precious metals extended yesterday's losses as the dollar index advanced following the strong economic data released this morning.
Dec gold brushed a session high of $1400.00 per ounce at pit trade open but quickly slipped into negative territory. Unable to gain much momentum, it settled 1.3% lower at $1372.50 per ounce.
Dec silver also retreated into the red after trading as high as $23.65 per ounce in early morning floor action. It managed to inch higher off of its session low of $23.04 and trimmed losses to 0.8% as it closed at $23.25 per ounce.

DJ30 +13.12 NASDAQ +12.66 SP500 +3.01 NASDAQ Adv/Vol/Dec 1587/1274.4 mln/914 NYSE Adv/Vol/Dec 1530/411 mln/1466

3:00 pm : The S&P 500 sports a modest gain of 0.2% as we enter the final hour of today's session. Outside of its opening spike and the subsequent retreat to its current levels, the S&P has held near its current level throughout the day.

Yesterday, the benchmark index shot past its 100-day moving average (1641/1642) after being unable to close above that level in each of the previous four sessions. In addition to the 100-day average, the closely-watched 50-day (1658/1659) average has come into play today. The S&P tagged this key level at the open and it currently hovers just two points below.DJ30 +21.12 NASDAQ +14.46 SP500 +4.02 NASDAQ Adv/Vol/Dec 1577/1.15 bln/912 NYSE Adv/Vol/Dec 1533/371.5 mln/1434

2:35 pm : The major averages continue to hold their levels as the quiet afternoon continues. With stocks holding their ground, participants do not appear to be in any hurry to rush into equities ahead of tomorrow's August jobs report. Anticipation is running high as the number could strengthen the Fed's case to modify the pace of its asset purchases at the upcoming policy meeting.

With Treasury yields (10-yr at 2.89%) hovering at two-year highs, participants appear to be positioning for a strong jobs report and a tapering announcement at the September 18/19 meeting.DJ30 +20.09 NASDAQ +12.80 SP500 +3.48 NASDAQ Adv/Vol/Dec 1543/1.08 bln/927 NYSE Adv/Vol/Dec 1508/345.2 mln/1445

2:00 pm : Equities continue to trade inside narrow afternoon ranges. Stocks climbed at the open, but the concurrent rise in Treasury yields has capped the rally in equities. The S&P 500 hovers near the middle of its range while the benchmark 10-yr yield holds at 2.98%, its highest level of the day.

Energy and financials remain in the lead and the industrial sector (+0.4%) has also shown strength as transportation-related names outperform. The Dow Jones Transportation Average trades higher by 0.6% as 19 of 20 components advance. Delta Air Lines (DAL 20.29, -0.02) is the lone exception as the air carrier trades flat.DJ30 +10.91 NASDAQ +8.55 SP500 +2.21 NASDAQ Adv/Vol/Dec 1517/996.5 mln/938 NYSE Adv/Vol/Dec 1474/317.1 mln/1471

1:25 pm : The major averages continue to hold their ground in positive territory, although each is off its morning highs. The clear headwind today is the jump in long-term interest rates that has followed a batch of better-than-expected economic reports that seemingly supported a higher probability of the Fed making a tapering announcement at its September 17-18 FOMC meeting.

The 10-yr yield is flirting with 3.00% (currently 2.985%) and it is evident on intraday charts that the early rally effort in the stock market stalled as the 10-yr moved into the 2.95-3.00% range.

Tomorrow's employment report promises to be an inflection point on the issue of Fed tapering. That understanding, and the religious holiday of Rosh Hashanah, are expected to keep volume on the low side today. DJ30 +19.56 NASDAQ +9.56 SP500 +3.31 NASDAQ Adv/Vol 1474959/917 mln NYSE Adv/Vol/Dec 1485/289 mln/1447

12:55 pm : The major averages sport modest midday gains with the S&P 500 up 0.2%. Seven of ten sectors trade in positive territory while the rate-sensitive groups lag as they have been pressured by a notable rise in yields. The 10-yr yield is up eight basis points at 2.98%, its highest since July 2011.

Treasuries began selling off during the Asian session before seeing some early-morning buying interest. Sellers then returned in force after better-than-expected economic reports for initial claims, second quarter productivity, factory orders, and ISM Services fueled the belief that the Federal Reserve would begin slowing the pace of its asset purchases at the upcoming September 17/18 policy meeting. The aggressive selling in Treasuries is also likely in anticipation of a strong nonfarm payrolls report tomorrow (Briefing.com consensus 177,000).

Yields have climbed throughout the third quarter, which has weighed on rate-sensitive sectors. Consumer staples (-0.1%), telecom services (-1.0%) and utilities (-0.4%) are the three weakest performers of the day, and they also round out the bottom of the third quarter leaderboard. Since the start of July, the telecom services space is down 6.4% while the utilities sector holds a loss of 3.2%. For its part, the consumer staples sector is lower by 0.5% this quarter.

Meanwhile, the last countercyclical group, health care (unch), continues to hold a quarter-to-date gain of 5.0% with a notable contribution from biotech companies. The iShares Nasdaq Biotechnology ETF (IBB 201.58, +0.20) is flat today, but up 15.7% since the start of the quarter.

On the upside, growth-sensitive sectors have displayed relative strength with energy (+0.5%) and financials (+0.5%) providing leadership. The energy sector trades higher as crude oil sports a gain of 0.8% at $108.13 per barrel.

Major financials like Bank of America (BAC 14.44, +0.12), Citigroup (C 49.93, +0.33), and JPMorgan Chase (JPM 52.26, +0.39) are up between 0.7% and 0.9% while real estate investment trusts have been pressured by the elevated rates. The Vanguard REIT ETF (VNQ 63.93, -0.56) is lower by 0.9%.

This morning was busy in terms of economic data. The ADP Employment Change report estimates 176,000 private sector jobs were created in August. That was pretty much in-line with expectations, but down slightly from the 198,000 created in July.

Initial claims for the week ending August 31 dropped by 9,000 to 323,000 (Briefing.com consensus 333,000). That brought the 4-week moving average for this series to 328,500, which is the lowest level since October 2007. Continuing claims for the week ending August 24 fell by 43,000 to 2.951 million (Briefing.com consensus 2.977 million). That lowered the 4-week moving average by 18,000 to 2.98 million.

Second quarter productivity was revised up to 2.3% from 0.9% while unit labor costs were revised down to 0.0% from 1.4%. The revisions reflect the improved output in the second quarter and the understanding that corporate profits continue to be helped by labor costs being held in check.

The August ISM Non-manufacturing Index jumped to 58.6 from 56.0. The Briefing.com consensus expected the index to fall to 54.5. The index is at its highest point since it was reformulated in January 2008. When compared to the older methodology, the index is at its highest point since December 2005.

Factory orders fell 2.4% in July after increasing an upwardly revised 1.6% (from 1.5%) in June. The consensus expected factory orders to fall 3.7%. Durable goods orders were revised down modestly from -7.3% in the advance release to -7.4%. The underlying trends were essentially unchanged from the advance report. As expected, most of the decline in durable goods orders came from a 19.4% drop in transportation orders. Orders of defense and nondefense aircraft fell an unrevised 44.3%.DJ30 +12.73 NASDAQ +8.51 SP500 +2.76 NASDAQ Adv/Vol/Dec 1502/855.8 mln/935 NYSE Adv/Vol/Dec 1477/266.8 mln/1428

12:30 pm : The S&P 500 hovers near the middle of its range as the relatively quiet session continues. Financials have retreated from their leadership spot, but the sector continues to outperform the broader market.

Meanwhile, the new session leader, energy, trades higher by 0.5% as crude oil hovers at its best level of the day. The energy component is higher by 1.0% at $108.28 per barrel after trading flat during the early part of the session.

Crude has received some added attention with the likelihood of a military strike against Syria looming. Any potential action in the Middle East runs the chance of sparking a broader conflict, which is being reflected through increased energy prices.DJ30 +10.03 NASDAQ +6.77 SP500 +2.57 NASDAQ Adv/Vol/Dec 1446/791.3 mln/947 NYSE Adv/Vol/Dec 1435/248.3 mln/1449

12:00 pm : The major averages continue to hold their recent levels. The Dow, Nasdaq, and S&P 500 are up between 0.1% and 0.3% while small caps outperform with a 0.4% gain in the Russell 2000.

Cyclical sectors remain in the lead and the earlier underperformers (materials and technology) have joined other growth-sensitive groups. The financial sector (+0.6%) is the top performer and today's gain has extended its week-to-date advance to 2.2%. Majors like Bank of America (BAC 14.47, +0.15), Citigroup (C 50.06, +0.46), and JPMorgan Chase (JPM 52.38, +0.51) are up between 0.9% and 1.1% while real estate investment trusts have been pressured by the elevated rates (10-yr yield +8 bps at 2.98%). The Vanguard REIT ETF (VNQ 63.93, -0.56) is lower by 0.9%.DJ30 +20.42 NASDAQ +11.72 SP500 +3.94 NASDAQ Adv/Vol/Dec 1487/712.3 mln/899 NYSE Adv/Vol/Dec 1461/226.9 mln/1419

11:35 am : The key indices continue to hover just above their flat lines as participants keep a close eye on the Treasury market where the benchmark 10-yr yield (+8 bps at 2.98%) sits at its highest level since July 2011.

With the September 17/18 FOMC meeting on the horizon, the Treasury market continues to suggest bond traders are expecting Chairman Bernanke to announce some sort of a reduction in the pace of its asset purchases. The recent run of economic data has been generally positive, which has strengthened the belief of the bond market that some form of tapering may be approaching.

The continued rise in yields has weighed on rate-sensitive sectors as telecom services and utilities sport third-quarter losses of 6.2% and 3.1%, respectively.DJ30 +11.09 NASDAQ +9.68 SP500 +3.00 NASDAQ Adv/Vol/Dec 1385/630.3 mln/974 NYSE Adv/Vol/Dec 1392/202.6 mln/1465

11:00 am : The major averages have slipped from their highs as the relative weakness of the four countercyclical sectors holds the key indices near their flat lines.

Consumer staples, health care, telecom services, and utilities are all down between 0.1% and 0.7% with the telecom space leading to the downside. Rate-sensitive sectors are under pressure as Treasury yields have been on the rise since the start of the Asian session. Currently, the benchmark 10-yr yield is higher by seven basis points at 2.98%.

Meanwhile, most countercyclical sectors continue to trade ahead of the broader market, but materials and technology are little changed.DJ30 +2.39 NASDAQ +4.42 SP500 +1.79 NASDAQ Adv/Vol/Dec 1274/527.4 mln/1040 NYSE Adv/Vol/Dec 1283/170.5 mln/1572

10:30 am : Commodities are getting hit this morning as the Euro gets hit on comments from ECB/Draghi, which is causing the U.S. dollar index to continue extending gains. The dollar index just hit another new HoD.

Crude oil just sold off a short while ago, falling back below $108/barrel and back near its current LoD. Oct crude oil is now +0.2% at $107.45/barrel.

Dec gold continued to extend losses this morning and just hit a new LoD. Dec silver is declining as well and is currently showing more modest losses compared to silver. Gold is currently -1.0% at $1375.70/oz, silver is -0.6% at $23.27/oz.

Natural gas futures were largely flat overnight and rallied just before pit trading opened. But in more recent action, natural gas sold off back into the red just ahead of the weekly EIA inventory data.

Following the inventory data, nat gas dropped to a new LoD and is now -1.6% at $3.63/MMBtu.

Reminder: Crude oil inventory data is out at 11am EST today.DJ30 +35.14 NASDAQ +13.50 SP500 +5.10 NASDAQ Adv/Vol/Dec 1447/393.7 mln/785 NYSE Adv/Vol/Dec 1495/133 mln/1275

10:05 am : The S&P 500 trades higher by 0.3%.

The August ISM Services Index was reported at 58.6, above the 54.5 forecast by the Briefing.com consensus, and up from the July reading of 56.0.

Separately, July factory orders fell 2.4%, which was better than the 3.7% decrease expected by the Briefing.com consensus. Today's decline follows last month's increase of 1.6%.DJ30 +49.10 NASDAQ +12.23 SP500 +5.65 NASDAQ Adv/Vol/Dec 1380/267.4 mln/771 NYSE Adv/Vol/Dec 1591/92.2 mln/1108

09:45 am : The major averages began the session on an upbeat note as all ten sectors posted opening gains. Cyclical groups have provided the early leadership with energy and discretionary shares both up near 0.4%.

Countercyclical sectors, except for telecom services (+0.5%) have lagged in early action. Consumer staples, health care, and utilities all hover near their flat lines.

Also of note, Treasury yields have been on the rise since the start of the Asian session. Currently, the benchmark 10-yr note is down 10 ticks with its yield up four basis points at 2.94%.

July factory orders and the August ISM Services report will cross the wires at 10:00 ET.DJ30 +52.32 NASDAQ +15.10 SP500 +5.52 NASDAQ Adv/Vol/Dec 1373/183.1 mln/692 NYSE Adv/Vol/Dec 1572/67.3 mln/1065

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +5.50. Equities are poised to begin the session near their flat lines as index futures trade little changed. Overnight, most Asian markets climbed while U.S. Treasuries began selling off. The Bank of Japan concluded its latest policy meeting after making no changes to its stance.

Similarly, the Bank of England and the European Central Bank also stood pat, keeping their key interest rates at 0.5%. European equities trade on their highs while the euro is lower by about 60 pips against the dollar with the pair trading near 1.3140.

U.S. Treasuries continued selling through the early part of the European session with the benchmark 10-yr yield climbing as high as 2.95% before a steady wave of buying interest pressured the yield back to its current 2.94%.

This morning was busy in terms of economic data. The ADP Employment Change report estimates 176,000 private sector jobs were created in August. That was pretty much in-line with expectations, but down slightly from the 198,000 created in July.

Initial claims for the week ending August 31 dropped by 9,000 to 323,000 (Briefing.com consensus 333,000). That brought the 4-week moving average for this series to 328,500, which is the lowest level since October 2007. Continuing claims for the week ending August 24 fell by 43,000 to 2.951 million (Briefing.com consensus 2.977 million). That lowered the 4-week moving average by 18,000 to 2.98 million.

Second quarter productivity was revised up to 2.3% from 0.9% while unit labor costs were revised down to 0.0% from 1.4%. The revisions reflect the improved output in the second quarter and the understanding that corporate profits continue to be helped by labor costs being held in check.

More data remains on the horizon with July factory orders and the August ISM Services report scheduled to cross the wires at 10:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +4.70. The S&P 500 futures continue to hover near their flat line.

Markets across Asia ended mostly higher, rallying in response to yesterday's gains on Wall Street. India's Sensex (+2.1%) was the leader after new Reserve Bank of India Governor Raghuram Rajan outlined steps to address the weak rupee. His efforts include plans to attract more funds from overseas, including, but not limited to, introducing a swap window to banks for dollar deposits by non-resident Indians. Elsewhere, the Bank of Japan opined overnight, opting to keep policy unchanged. The central bank did however raise its economic forecast, noting a pickup in employment and acceleration in inflation. Other central bank inaction saw Bank Negara Malaysia keep its key rate unchanged at 3.00%. Data from the region saw Australia post a surprise trade deficit (-$0.77 billion actual versus $0.10 billion expected), Taiwan's inflation rate fall to -0.8% year-over-year (-0.3% expected), the Philippines' inflation rate slip to 2.1% year-over-year (2.5% expected), and Thai consumer confidence slip to 79.3 (80.3 previous).

In Japan, the Nikkei added 0.1% as shares rallied for a fourth session. Honda Motor rallied 2.3% after posting solid sales for the month of August. Elsewhere, Tokyo Steel Manufacturing jumped 8% after receiving a tier 1 upgrade.
Hong Kong's Hang Seng advanced 1.2% as shares rallied for the fifth time in six days. Property developer Sunac China Holdings tumbled 5.7% after paying a record amount for land in China.
In China, the Shanghai Composite slipped 0.2% as commodity-related names paced the decline. Jiangxi Copper shed 1.7% and Zhongjin Gold sank 2.8%.

Major European indices sport modest gains after both the European Central Bank and the Bank of England left their key interest rates unchanged at 0.5%, as expected. In addition, the Bank of England kept its purchase program at GBP375 billion. Economic data was limited as German factory orders fell 2.7% month-over-month (-1.0% expected, 5.0% prior) and French unemployment rate ticked up to a 13-year high of 10.9% from 10.8%.

In Germany, the DAX holds a gain of 0.5% as exporters provide leadership. BMW is higher by 4.5% and Volkswagen trades up 0.9%. On the downside, software company SAP is the weakest performer, down 1.8%.
Great Britain's FTSE is higher by 0.6% as financials display strength. Barclays, Royal Bank of Scotland, and Standard Chartered are all up between 1.9% and 2.8%. Energy companies are among the laggards with Royal Dutch Shell and Tullow Oil down 1.1% and 0.6%, respectively.
France's CAC trades up 0.7% with carmaker Renault leading the way with a gain of 5.1%. On the downside, manufacturer of industrial equipment Alstom trades lower by 2.5%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +7.50. The S&P 500 futures trade higher by 0.1%.

The latest weekly initial jobless claims count totaled 323,000, which was lower than the 333,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 332,000. As for continuing claims, they fell to 2.951 million from 2.994 million.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 176K in August. This was above the increase of 180K expected by the Briefing.com consensus.

Productivity data for the second quarter showed an increase of 2.3%, which was better than the 0.9% increase that had been reported in the preliminary reading. It was also above the 1.5% increase that had been expected by the Briefing.com consensus. Unit labor costs for the second quarter were revised lower to reflect no change after they had reportedly increased 1.4% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick down in the revised reading to reflect an increase of 1.0%.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +5.50. U.S. equity futures hover near their flat lines amid generally upbeat overseas action.

Looking at overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +1.2%, Japan's Nikkei +0.1%, and China's Shanghai Composite -0.2%.
In economic data:
The Bank of Japan maintained its current policy stance and upgraded its economic assessment after not making any changes to the outlook last month. Separately, the foreign bonds buying report indicated net sales in the amount of JPY530.90 billion (-JPY316.40 billion previous).
South Korea's GDP rose 1.1% quarter-over-quarter while the year-over-year reading increased 2.3%. Both figures met expectations.
Australia reported a trade deficit of $0.77 billion ($0.05 billion surplus expected, $0.24 billion prior surplus).
Looking at news:
The incoming Reserve Bank of India Governor Raghuram Rajan said the Indian economy is facing challenges and a panel will be set up in order to strengthen monetary policy. In addition, foreign banks will be allowed to set up branches without needing approval.

Major European indices sport modest gains. Germany's DAX +0.2%, France's CAC +0.3%, and Great Britain's FTSE +0.4%.
Economic data was limited:
The European Central Bank left its key interest rate unchanged at 0.5%, as expected.
The Bank of England made no changes to its policy stance, keeping its key rate and the purchase program at their respective 0.5% and GBP375 billion, as expected.
German factory orders fell 2.7% month-over-month (-1.0% expected, 5.0% prior).
French unemployment rate ticked up to 10.9% from 10.8%. The reading represents a 13-year high.
In news:
Klaus Regling of the European Stability Mechanism said the ESM and the European Financial Stability Facility (EFSF) have lots of firepower if needed.

In U.S. corporate news:

Conn's (CONN 60.00, -8.31) is -12.2% after reporting an earnings miss on above-consensus revenue.
Kaydon (KDN 35.40, +6.50) is +22.5% after the company agreed to be acquired by SKF for $1.25 billion in cash.

August Challenger Job Cuts came in at 50,500 (37,700 prior), which represents a year-over-year increase of 56.5% (2.3% prior).

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.

06:47 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +8.00.

06:47 am : Nikkei...14064.82...+11.00...+0.10%. Hang Seng...22597.97...+271.80...+1.20%.

06:47 am : FTSE...6503.91...+29.20...+0.40%. DAX...8218.94...+23.00...+0.30%.

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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