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 Post subject: September 10th Tuesday Trade Results - Profit $3040.00
PostPosted: Tue Sep 10, 2013 11:28 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)
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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 @ $790.00 dollars or +7.90 points, Emini ES ($ES_F) futures @ $2250.00 dollars or +45.00 points, Light Crude Oil CL ($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 @ $3040.00 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=1599

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 Rally Again Thanks To Syria and China

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

NEW YORK (CNNMoney)
Investors had a lot to be optimistic about Tuesday: Upbeat data from China and easing Syria concerns lifted the broader market. But the unveiling of two new iPhones didn't excite traders.

The Dow Jones industrial average jumped nearly 130 points, or 0.9%, while the S&P 500 and Nasdaq each rose more than 0.6%, extending Monday's 1% gains.

The Nasdaq finished at its highest level since September 2000. The Dow is less than 3% below its all-time high from early August, while the S&P 500 is less than 2% shy from its all-time peak.

The broader market was likely moving higher again as concerns about a U.S.-led military strike on Syria have been pushed to the back burner. A military strike had seemed imminent last month and caused some extreme market volatility recently.

* Investors yank $20 billion from ETFs

But politicians in Washington continue to debate the pros and cons of a strike. In addition, Secretary of State John Kerry raised the possibility Monday of avoiding an attack if Syria were to give up its chemical weapons.

Investors were also encouraged by more evidence that the Chinese economy has stabilized. Industrial output rose a robust 10.4% in August, the strongest in over a year. Retail sales and fixed asset investments last month also rose more than expected.

The reduced geopolitical tension and healthy economic data also sparked gains in Asian and European markets.

* Fear & Gear Index drifts back into neutral

What's moving: Apple (AAPL, Fortune 500) revealed two new iPhones: the iPhone 5S and less expensive "iPhone 5C. Shares of Apple closed more than 2% lower Tuesday, but the stock has run up nearly 20% in the past two months in anticipation of the announcement.

Netflix (NFLX) shares closed at an all-time high above $313 per share, surpassing their previous record of $304.79 reached in July 2011. The milestone was a popular topic on StockTwits.

dctrader: $NFLX Remember when this stock was in the 60's late last year?? WOW

joelyboyblue: too bad pixars "UP" isnt on $NFLX

Shares of Urban Outfitters (URBN) tumbled after it warned that its third-quarter same-store sales, a key measure for retailers, would only grow at a mid-single digit pace. That was below forecasts.

129 years of the Dow — what's in and what's out

The Dow's overhaul: Nike (NKE, Fortune 500), Goldman Sachs (GS, Fortune 500) and Visa (V, Fortune 500) were also in focus, as the three will be the newest members of the Dow, replacing Alcoa (AA, Fortune 500), Hewlett-Packard (HPQ, Fortune 500) and Bank of America (BAC, Fortune 500). Shares of Goldman, Nike and Visa all rose on the news. Alcoa and HP fell slightly while BofA was up more than 1%.

One trader joked that BofA may do even better now that it's out of the Dow. Another wondered if we'll still care about Alcoa's earnings. The company has typically been the first Dow component to report results, an honor it will soon lose.

Portfoolio: $BAC DOW stocks aren't supposed to double in a year. That's why they took it out, they know this is going to $30..

RyanDetrick: Imagine if someone all of a sudden starts reporting earnings before $AA. Might never hear from them again.

And some traders stressed that over the long-term, the changes may not have an impact.

sherowcap: Warning -- Adding a stock to an index does not make it more valuable - yes initial index money may boost but l/t no effect - $GS

youknow: $BAC The only people that get worked up about events like this are traders. I am investor and could care less.

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4:20 pm : The S&P 500 climbed 0.7% as all ten sectors settled in positive territory.

Stocks registered the bulk of their gains during the opening hour after upbeat economic data from China combined with Syria's agreement to put its chemical weapons under international control lured participants into equities.

In addition to sparking a risk bid, the lowered likelihood of military action against Syria caused a handful of safe-haven assets to slide. Crude oil and gold futures sold off in the morning before spending the remainder of the session near their lows. Gold fell 1.6% to $1364.90 per troy ounce while oil slumped 2.0% to $107.29 per barrel. Treasuries also faced some selling, which sent the benchmark 10-yr yield higher by four basis points to 2.96%.

With the Syrian situation remaining fluid, tonight's presidential address at 21:00 ET is expected to receive significant attention. The speech is likely to focus on finding a diplomatic solution while reserving the right for military action should Syria fail to comply.

The retreat in oil prices weighed on the energy sector, which ended flat. Meanwhile, most other cyclical groups finished ahead of the broader market.

Industrials (+1.4%) ended in the lead thanks to all-around strength. The largest sector member, General Electric (GE 23.87, +0.48) rose 2.1% and transportation companies also rallied across the board. The Dow Jones Transportation Average climbed 1.9% as lower oil prices contributed to the outperformance. Industrials were followed by the financial sector, which gained 1.2%. Goldman Sachs (GS 165.14, +5.65) paced the sector's advance after it was announced the investment bank along with Nike (NKE 66.82, +1.42) and Visa (V 184.59, +6.04) will enter the Dow Jones Industrial Average following next Friday's close. The trio will replace Alcoa (AA 8.06, -0.03), Bank of America (BAC 14.61, +0.13), and Hewlett-Packard (HPQ 22.27, -0.09) in the price-weighted index.

The technology sector (+0.6%) traded in-line with the S&P through the first half of the session, but was pressured by its largest component during afternoon trade. Apple (AAPL 494.64, -11.53) lost 2.3% after its product refresh event was met with investor disappointment.

With regard to countercyclical sectors, consumer staples (+0.1%) and health care (+0.6%) lagged while utilities (+0.7%) ended in-line. The weakest group of the third quarter, telecom services (+1.1%), narrowed its quarter-to-date loss to 5.1% as Verizon (VZ 46.47, +0.56) gained 1.2% after the company's bond offering received significant interest.

Given the lowered likelihood of military involvement in Syria, the CBOE Volatility Index (VIX 14.52, -1.11) registered its first close below 15.00% for the first time since August 26.

Today's session received solid participation as 773 million shares changed hands on the floor of the New York Stock Exchange.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and July wholesale inventories will cross the wires at 10:00 ET.DJ30 +127.94 NASDAQ +22.84 SP500 +12.28 NASDAQ Adv/Vol/Dec 1678/1.76 bln/853 NYSE Adv/Vol/Dec 1996/773.0 mln/1012

3:30 pm : Commodities sold off this morning and most barely climbed off session lows. Syrian headlines helped keep oil prices lower today, which ended near the $107/barrel area. Oct crude oil closed the day 2% lower at $107.39/barrel.

Natural gas prices were volatile this morning, but after whipping back into the red this morning, the energy component remained in the red. Oct nat gas fell 3 cents to $3.58/MMBtu.

Gold and silver spent all day in negative territory. Both precious metals sold off to new session lows in early morning trade and spent the rest of the day inching slowly higher. Dec gold ended the day 1.6% lower at $1364.00/oz, while Dec silver fell 3% to $23.01/oz.

3:00 pm : The S&P 500 hovers near its best level of the day as the session heads into the final hour. Despite the continued uncertainty surrounding Syria, the S&P has shown relative strength through the early part of the month. Of the six September sessions, the benchmark index has climbed in all but one. Including today's advance, the index trades with a September gain of 3.0%.

Small caps and technology have outperformed the S&P as the Russell 2000 sports a month-to-date gain of 4.2% while the Nasdaq has added 3.7% so far this month.DJ30 +113.03 NASDAQ +19.10 SP500 +10.92 NASDAQ Adv/Vol/Dec 1585/1.34 bln/923 NYSE Adv/Vol/Dec 1886/437.7 mln/1090

2:30 pm : The major averages continue to trade near their session highs. Outside of the opening climb, the S&P 500 has spent the entire session inside of a five point range. Cyclical sectors have paced the advance from the early minutes after upbeat data from China and the lowered likelihood of U.S.-led military action in Syria enticed a risk bid.

Meanwhile, countercyclical sectors remain mixed. The consumer staples space is lower by 0.1%; health care and utilities are both down near 0.3%; and the telecom services space (+0.6%) trades in-line.DJ30 +100.15 NASDAQ +11.74 SP500 +8.95 NASDAQ Adv/Vol/Dec 1616/1.24 bln/885 NYSE Adv/Vol/Dec 1856/408.2 mln/1111

2:05 pm : Afternoon action continues to unfold in quiet fashion with the S&P 500 (+0.6%) trading just two points below its best level of the day. Meanwhile, the Nasdaq (+0.5%) underperforms as the largest index component, Apple (AAPL 503.62, -2.55), trades lower by 0.5%. Shares of Apple briefly climbed into positive territory as the company unveils two new iPhone models at its press event in California.

While Apple trades near the middle of its range, chipmaker ARM Holdings (ARM 46.29, +2.55) sports a gain of 5.9%. The microchip manufacturer surged to its session high after it was announced at the Apple event that ARM has supplied the processor for the new iPhone model. Other chipmakers also trade higher with the PHLX Semiconductor Index up 1.6%.DJ30 +99.12 NASDAQ +18.00 SP500 +10.00 NASDAQ Adv/Vol/Dec 1636/1.14 bln/862 NYSE Adv/Vol/Dec 1853/377.2 mln/1094

1:30 pm : The major averages continue to hold the bulk of today's gains, bolstered by a sense that a worst-case scenario involving Syria (i.e. a US-led strike that triggers a broader regional conflict) could very well be avoided. Nothing is settled in that regard, yet the headlines today seem to be favoring a diplomatic solution.

As a reminder, President Obama will address the nation tonight about Syria at 9:00 p.m. ET. The president is expected to highlight the prospect of a diplomatic solution while stressing the need to maintain the option of a military strike if Syria doesn't follow through in a timely manner to place its chemical weapons under international control.

In other developments, the $31 bln 3-yr note auction went off well. It drew a high yield of 0.913% on solid demand. The bid-to-cover ratio of 3.29 topped the previous auction (3.21); and indirect bidders took 33.1% of the issue versus a 12-auction average of 28.3%. Treasuries firmed in response, but have not been able to erase modest losses as flows continue to benefit stocks today. To that end, the S&P 500 is up 0.7% today and 3.0% for the month. DJ30 +104.35 NASDAQ +20.21 SP500 +10.73 NASDAQ Adv/Vol/Dec 1621/1.04 bln/863 NYSE Adv/Vol/Dec 1902/346 mln/1049

1:00 pm : The major averages sport solid midday gains after news of Syria agreeing to put its chemical weapons under international control combined with another set of generally upbeat data from China invited a risk bid.

In turn, the lower likelihood of military action against Syria has caused weakness in safe-haven assets. Gold futures are lower by 1.6% at $1363.90 per troy ounce and oil futures trade down 2.3% at $107.05 per barrel. Treasuries also sold off during overnight action, but the 10-yr note has erased most of its losses since. The benchmark note is lower by four ticks with its yield up one basis point at 2.93%.

The retreat in oil has pressured the energy (-0.3%) sector while the remaining cyclical groups trade ahead of the broader market. The industrial space (+1.4%) is the top midday performer as most components register solid gains. The largest sector member, General Electric (GE 23.88, +0.49) is higher by 2.1%.

Industrials have also benefitted from the outperformance of transportation-related names. The Dow Jones Transportation Average trades higher by 1.5% with airlines in the lead. Delta Air Lines (DAL 22.74, +0.98) and United Continental (UAL 32.05, +1.02) hold respective advances of 4.6% and 3.3%.

Outside of industrials, only the financial sector trades higher by at least 1.0%. Goldman Sachs (GS 164.90, +5.41) is the leading sector member after it was announced that the company along with Nike (NKE 66.40, +1.00) and Visa (V 183.95, +5.40) will enter the Dow, replacing Alcoa (AA 8.05, -0.03), Bank of America (BAC 14.64, +0.16), and Hewlett-Packard (HPQ 22.21, -0.15). The changes are expected to take place after the end of the September 20 session.

Similar to yesterday, most countercyclical sectors trail behind the broader market. Consumer staples (-0.1%), health care (+0.4%), and utilities (+0.2%) lag while the telecom services sector (+0.6%) trades in-line.

Given the lowered likelihood of military involvement in Syria, the CBOE Volatility Index (VIX 14.81, -0.82) has slipped below 15.00% for the first time since August 26.DJ30 +97.33 NASDAQ +17.31 SP500 +9.71 NASDAQ Adv/Vol/Dec 1602/950.1 mln/861 NYSE Adv/Vol/Dec 1881/320.2 mln/1057

12:35 pm : The S&P 500 trades higher by 0.5% as today's relatively quiet session continues. While the recent downtick from session highs has not developed into additional weakness (at least not yet), it coincided with a rebound in Treasuries. The benchmark 10-yr note has trimmed its loss to three points and its yield is now higher by one basis points at 2.93%.

In addition to Treasuries, participants are keeping a close watch over gold and oil. The two assets have ticked up from their lows, but they remain firmly lower. Gold futures are down 1.6% at $1364.10 per troy ounce and oil futures trade lower by 2.3% at $107.05 per barrel.DJ30 +94.59 NASDAQ +14.77 SP500 +8.85 NASDAQ Adv/Vol/Dec 1579/882.4 mln/889 NYSE Adv/Vol/Dec 1843/300.4 mln/1089

12:00 pm : Recent action saw the major averages slip from their best levels of the day. However, despite those downticks, the S&P 500 continues to trade higher by 0.5%. The financial space (+0.9%) has surrendered its top spot to the industrial sector (+1.2%), which is receiving broad support from its components.

The largest sector member, General Electric (GE 23.82, +0.43), is higher by 1.8%; the PHLX Defense Index holds a gain of 1.2%; and the Dow Jones Transportation Average trades up 1.2%.

Transportation-related names have displayed strength as crude oil trades lower by 2.2% at $107.12 per barrel amid news Syria has agreed to put its chemical weapons under international control.DJ30 +83.41 NASDAQ +15.88 SP500 +7.86 NASDAQ Adv/Vol/Dec 1540/787.5 mln/904 NYSE Adv/Vol/Dec 1782/270.1 mln/1127

11:30 am : Equities have not displayed much change over the course of recent action. The S&P 500 (+0.6%) continues to trade near its best level of the day as cyclical sectors outperform. Also of note, yesterday's session saw the Russell 2000 end ahead of the S&P, but the small cap index trades in-line with the broader market today.

As mentioned earlier, countercyclical groups trail behind the S&P for the second consecutive day. Consumer staples and utilities are both little changed while health care and telecom services are both up near 0.5%.

Treasuries have not garnered much buying interest and the benchmark 10-yr yield remains higher by three basis points at 2.95%.DJ30 +106.67 NASDAQ +22.54 SP500 +10.49 NASDAQ Adv/Vol/Dec 1652/693.1 mln/790 NYSE Adv/Vol/Dec 1839/239.4 mln/1050

11:00 am : The key indices have built on their early gains and the S&P 500 trades higher by 0.7%. Financials (+1.2%) and industrials (+1.5%) remain in the lead, and the materials (+1.1%) sector has joined the other two cyclical groups atop the leaderboard. Similar to yesterday, producers of basic materials are rallying in reaction to strong data from China as retail sales increased 13.4% year-over-year (13.2% expected), industrial production climbed 10.4% year-over-year (9.9% forecast), and fixed asset investment rose 20.3% year-over-year (20.2% expected).

Outside of gold miners, the materials sector has shown all-around strength. Steelmakers trade broadly higher with the Market Vectors Steel ETF (SLX 45.84, +0.84) up 1.9%. Fertilizer producers are also enjoying their second straight upbeat session after Russian President Putin said the ongoing potash dispute with Belarus needs to be resolved. Mosaic (MOS 45.68, +1.37) trades higher by 3.1%.DJ30 +114.92 NASDAQ +21.04 SP500 +11.51 NASDAQ Adv/Vol/Dec 1672/568.9 mln/739 NYSE Adv/Vol/Dec 1926/200.8 mln/928

10:30 am : Commodities are mostly lower this morning; Crude oil, natural gas, gold and silver are all in the red and near session lows. Copper prices, however, are flat.

Crude oil has really been selling off this morning and pressure on prices worsened following news from Reuters, which reported that Syria accepted a Russian proposal to put chemical weapons under international control. In current trade, crude oil is -2.2% at $107.12/barrel.

Natural gas is rather volatile this morning, but has slid lower in recent trade, hitting a new LoD of $3.54/MMBtu. Oct nat gas is now -1.5% at $3.55/MMBtu.

Gold and silver have been sliding lower almost all session. Both just hit new session lows in recent action. In current action, Dec gold is -1.9% at $1361.10/oz and Dec silver is -3.3% at $22.94/oz.DJ30 +108.25 NASDAQ +18.80 SP500 +10.70 NASDAQ Adv/Vol/Dec 1637/425.6 mln/698 NYSE Adv/Vol/Dec 1949/163 mln/862

10:00 am : The major averages continue to trade near their opening highs. Financials and industrials remain in the lead after extending their gains to more than 1.0% each. The financial sector has received significant support from Goldman Sachs (GS 164.63, +5.14). The stock trades higher by 3.2% after it was announced the company will be listed in the Dow. In addition to Goldman Sachs, Nike (NKE 66.84, +1.44), and Visa (V 182.16, +3.61) will also be added to the price-weighted index after the close on September 20. The trio will replace Alcoa (AA 8.09, +0.01), Bank of America (BAC 14.60, +0.12), and Hewlett-Packard (HPQ 22.15, -0.21) in the Dow.

Also of note, countercyclical sectors lagged yesterday, and they trail behind the broader market once again today. Consumer staples, health care, telecom services, and utilities hold gains between 0.3% and 0.5%.DJ30 +80.17 NASDAQ +18.21 SP500 +9.24 NASDAQ Adv/Vol/Dec 1597/259.4 mln/686 NYSE Adv/Vol/Dec 1924/111.5 mln/828

09:45 am : The S&P 500 trades higher by 0.4% after the major indices began the session on an upbeat note. Cyclical sectors have paced the opening gains with financials and industrials both up near 0.9% each.

The energy sector (-0.7%) is the lone decliner as crude oil trades down 2.2% at $107.14 per barrel. Oil has been under pressure throughout the morning amid news indicating Syria has agreed to put its chemical weapons under international control. The news has also contributed to some selling across the Treasury complex. The benchmark 10-yr note is down 10 ticks and its yield is higher by four basis points at 2.96%.DJ30 +65.43 NASDAQ +13.52 SP500 +7.09 NASDAQ Adv/Vol/Dec 1571/147.5 mln/627 NYSE Adv/Vol/Dec 1882/79.4 mln/826

09:12 am : [BRIEFING.COM] S&P futures vs fair value: +26.50. Nasdaq futures vs fair value: +16.00. The major averages are poised to register solid gains at the open as the S&P 500 futures trade higher by 0.6%. Equity futures climbed overnight after Syria agreed to put its chemical weapons under international control. In addition, another slate of solid data from China has contributed to the early bid.

With the reduced likelihood of military action against Syria, gold, oil, and Treasuries are on their lows. Gold futures trade lower by 1.7% at $1363.90 per troy ounce and oil futures are down 2.5% at $106.75 per barrel. With regard to Treasuries, the benchmark 10-yr note is down nine ticks with its yield up three basis points at 2.95%.

In company-specific news, Goldman Sachs (GS 162.99, +3.50), Nike (NKE 66.74, +1.34), and Visa (V 181.89, +3.34) hold pre-market gains between 1.9% and 2.2% after it was reported the three names will replace Alcoa (AA 8.02, -0.06), Bank of America (BAC 14.53, +0.05), and Hewlett-Packard (HPQ 22.15, -0.21) in the Dow Jones Industrial Average. The changes will take place after the close of trading on September 20.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +14.00. The S&P 500 futures trade higher by 0.7% as investors react to the lowered likelihood of military action against Syria after the country agreed to put its chemical weapons under international control.

It was a sea of green across Asia as all of the major bourses ended with gains. China's Shanghai Composite (+1.2%) saw a solid advance after the country reported industrial production surged 10.4% year-over-year (9.9% expected). That was enough to lift markets even as new loans printed a light CNY711 billion (CNY931 billion expected). Elsewhere, Japan's Nikkei (+1.5%) rallied after the latest Bank of Japan minutes suggested the central bank will stay the course. Also providing a lift was the weak yen, which fell to a one and a half-month low against the greenback. India's Sensex (+3.7%) outperformed as markets returned from holiday, but it was Indonesia's Jakarta Composite (+4.0%) that led the advance. The JCI is up 13.5% over the past two weeks. Data from the region saw India's trade deficit narrow to INR690 billion (INR733 billion previous), Australia's NAB Business Confidence climb to 6 (-3 previous), and South Korea's unemployment rate hold at 3.2%.

In Japan, the Nikkei rose 1.5% as trade gained for the eighth time in ten sessions. Infrastructure names remained strong thanks to the Tokyo Olympics as Kajima tacked on another 7.8% to follow up yesterday's surge of more than 8.0%. Real estate stocks were also firm with Mitsubishi Real Estate gaining 2.0%. Shares of Nintendo tumbled 7.3% after the company was excluded from the Nikkei.
Hong Kong's Hang Seng added 1.0%, climbing for the eighth time in nine days. European retailer Esprit fell more than 7% following its disappointing earnings.
In China, the Shanghai Composite settled higher by 1.2% with trade registering its heaviest volume in three years. Airlines led as China Eastern jumped 9.9% and Air China tacked on 4.5%. Meanwhile, financials lagged following reports banks have not yet been contacted about the potential offering of preferred shares. Agricultural Bank of China lost 1.5%.

Major European indices trade at their best levels of the day. Among headlines of note, the European Parliament has postponed its vote on a banking union plan to the upcoming Thursday. Economic data was limited as French industrial production fell 0.6% month-over-month (0.6% expected, -1.4% prior) and Italian GDP was revised down to -0.3% quarter-over-quarter from -0.2% (-0.2% expected). The year-over-year reading was also revised lower to -2.1% from -2.0% (-2.0% forecast).

Great Britain's FTSE is higher by 0.9% with financials and miners providing support. Royal Bank of Scotland and Standard Chartered hold respective gains of 3.4% and 3.9%. With regard to miners, Glencore Xstrata and Rio Tinto are both up near 3.0%.
In France, the CAC holds a gain of 1.7% as 39 of 40 components trade in positive territory. Financials AXA, Credit Agricole, and Societe Generale are in the lead with gains between 3.1% and 4.2%. Oil company Total is the lone decliner, down 0.3%.
Germany's DAX trades up 1.9% with 29 of 30 components in the green. Technology company Infineon Technologies and building materials producer HeidelbergCement trade higher by 3.9% and 3.5%, respectively. On the downside, Fresenius SE is lower by 0.8%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +16.20. Equity futures continue to trade near their early highs as participants react to reports indicating Syria has agreed to Russia's proposal calling for the Middle Eastern country to place its chemical weapons under international control. Futures and the Dollar Index (81.92, +0.13) register gains while gold, oil, and Treasuries trade in negative territory. Gold futures are lower by 1.5% at $1365.00 per troy ounce, oil trades down 2.0% at $107.30 per barrel, and the benchmark 10-yr note is lower by 11 ticks with its yield up four basis points at 2.96%.

With the lower likelihood of military action in Syria, investors will be turning their attention to next week's FOMC meeting. So far this morning, the performance of the dollar, gold, and Treasuries has been consistent with participants expecting the Fed to announce plans to lower the pace of its asset purchases at the upcoming meeting.

07:56 am : [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +17.50. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.7%. The early strength follows strong data from China and reports indicating Syria has agreed to put its chemical weapons under international control. Treasuries are on their lows with the benchmark 10-yr yield higher by three basis points at 2.95%. Oil futures also hover in the red, down 1.8% at $107.54 per barrel.

Looking at overnight developments:

Asian markets posted gains across the board. Hong Kong's Hang Seng +1.0%, China's Shanghai Composite +1.2%, and Japan's Nikkei +1.5%.
In regional economic data:
China's retail sales increased 13.4% year-over-year (13.2% expected, 13.2% previous), industrial production climbed 10.4% year-over-year (9.9% forecast, 9.7% consensus), and fixed asset investment rose 20.3% year-over-year (20.2% expected, 20.1% previous). In addition, the M2 money stock increased 14.7% (14.1% consensus, 14.0% last).
Japan's Tertiary Industry Activity Index fell 0.4% month-over-month (-0.4% expected, -0.5% prior) and machine tool orders declined 1.8% year-over-year (-12.1% prior). Also, M2 money stock rose 3.7% year-over-year (3.8% expected, 3.7% previous).
Australia's NAB Business Confidence improved to 6 from -3 and the NAB Business Survey ticked up to -6 from -7.
India's trade deficit narrowed to $10.90 billion from $12.27 billion ($13.00 billion expected).
Looking at news:
Reports out of Japan indicate Prime Minister Shinzo Abe's cabinet is expected to raise its economic assessment for September after making no changes in August.

Major European indices trade at their best levels of the day. Great Britain's FTSE +0.9%, France's CAC +1.5%, and Germany's DAX +1.8%.
Economic data was limited:
French industrial production fell 0.6% month-over-month (0.6% expected, -1.4% prior).
Italian GDP was revised down to -0.3% quarter-over-quarter from -0.2% (-0.2% expected). The year-over-year reading was also revised lower, to -2.1% from -2.0% (-2.0% forecast).
In news:
The European Parliament has postponed its vote on a banking union plan to the upcoming Thursday.

In U.S. corporate news:

Five Below (FIVE 46.58, +5.54) is +13.5% after beating on earnings and revenue. The company also reported a 6.6% increase in comparable store sales during the second quarter.

There is no economic data of note on today's calendar.

06:56 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +14.00.

06:56 am : Nikkei...14423.36...+218.10...+1.50%. Hang Seng...22976.65...+226.00...+1.00%.

06:56 am : FTSE...6579.86...+49.10...+0.80%. DAX...8419.54...+143.70...+1.70%.

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

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

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