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 Post subject: September 12th Thursday Trade Results - Profit $2660.00
PostPosted: Fri Sep 13, 2013 7:49 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 @ $1090.00 dollars or +10.90 points, Emini ES ($ES_F) futures @ $1250.00 dollars or +25.00 points, Light Crude Oil CL ($CL_F) futures @ $320.00 dollars or +0.32 points, Gold GC ($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 @ $2660.00 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=1601

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 Slip From Near-Record Highs

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

NEW YORK (CNNMoney)
The September rally is losing some steam after recent gains pushed major stock indexes close to record levels.

The Dow Jones industrial average, the S&P 500 and the Nasdaq finished slightly lower Thursday.

Prior to Thursday's dip, the S&P 500 had enjoyed a seven-day rally that had lifted the broad index within 1.2% of its all-time high. Though the Dow slipped, it remains just 2% from its record high, while the Nasdaq continues to trade near 13-year highs.

But investors are finding little reason to make any big bets as they look ahead to next week's Federal Reserve meeting. The Fed may decide to cut back on its quantitative easing program at that meeting. The Fed has previously indicated that it was considering scaling back its liquidity-boosting program, which has supported a big rally in stock markets around the world. It is expected to ease off the gas sometime before the year is over.

Investors have been keeping close tabs on recent economic data lately to better anticipate the Fed's next move, but they have provided little clarity.

Despite that, investors dumped gold Thursday, sending prices down 2.4%, on bets that the Fed may scale back sooner rather than later. Over the years, the Fed's stimulus has boosted demand for gold as a hedge against inflation.

Gold investors were basing those trades on a report that first-time claims for unemployment benefits dropped sharply to 292,000 -- their lowest level since early 2006. But that report was likely distorted: The Labor Department noted that two states did not report complete data last week, which skewed the total figure.

Easing tension in Syria amid growing likelihood that a diplomatic resolution may be found also pressured gold prices.

What's moving: Yoga-wear producer lululemon (LULU) announced a jump in quarterly sales and profit, but shares slumped as the company lowered its guidance for the year. The dip was a popular topic among StockTwits traders.

TraceyRyniec: $LULU WAS about the guidance today. It's not a good sign that it can't get the pants into the stores for the fall season.

T1ST: $LULU seems to me biggest problem they face is they cant build the product fast enough for the growing demand, ouch, cant make enough

Shares in Men's Wearhouse (MW) sank after the company reported disappointing quarterly earnings on Wednesday.

On the bright side, shares of grocery chain Kroger (KR, Fortune 500) moved higher on rising earnings and better-than-expected sales.

Disney (DIS, Fortune 500) shares moved higher after the company's CEO Jay Rasulo announced that the media giant will buy back between $6 billion and $8 billion worth of stock in fiscal 2014. That's up from its typical $4 billion annual buyback in recent years.

Pandora's (P) stock jumped after the online radio company named former aQuantive chief and Microsoft (MSFT, Fortune 500) executive Brian McAndrews as its new CEO. Investors seemed to be hopeful about the new chief, and traders were eager to weigh in.

LDrogen: Not sure who the new $P CEO is, but he's got to be an upgrade from that guy who always whined about having to pay the musicians.

win2betmore: $P New CEO doesn't warrant a rise like this, we all know what happened with Microsoft Bearish

BCapital: $P is fools gold. $AAPL will soon take market share...

* Facebook shares finally top $45

Facebook (FB) shares touched a fresh all-time high Thursday before slipping into the red. A day earlier, Facebook topped $45 for the first time since its first day of turbulent trading on May 18, 2012. Speaking at the TechCrunch Disrupt Wednesday evening, CEO Mark Zuckerberg said the company is better off for having gone through its rocky IPO.

Shares of Apple (AAPL, Fortune 500) rose a day after billionaire investor Carl Icahn said he boosted his stake in the company. Apple's shares had tumbled more than 5% Wednesday after the tech giant introduced two new iPhones.

Yahoo (YHOO, Fortune 500) shares moved higher, rising above $30 per share, a day after Yahoo CEO Marissa Mayer touted that the company just passed 800 million monthly users. That's a traffic increase of 20% since she took the helm in July 2012.

But it wasn't all good news for tech stocks. Netflix (NFLX) shares sank after analysts at Morgan Stanley and BTIG downgraded the stock amid worries about the company's valuation. Shares of Netflix have rallied more than 200% in 2013, and are trading at more than 90 times 2014 earnings forecasts.

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4:15 pm : The S&P 500 registered its first September decline, shedding 0.3% as nine of ten sectors ended in the red. After posting gains in each of the past seven sessions, several of this month's top performers fell victim to some profit-taking.

Financials, industrials, and materials led to the downside with losses ranging between 0.5% and 1.0%. The financial sector was pressured by the underperformance of most large banks as investors attempted to gauge the impact of a slowdown in the mortgage industry after US Bank (USB 36.87, +0.19) announced that its mortgage revenue fell roughly 20% in the third quarter. JPMorgan Chase (JPM 52.24, -1.02) was the weakest performer among the majors while the broader sector lost 0.7%.

Elsewhere, the industrial sector slid 0.5% as transportation companies displayed broad weakness. The Dow Jones Transportation Average fell 1.1% as 18 of 20 components ended lower.

Crude oil's continued strength may have also acted as a drag on transports with the energy component advancing 1.0% to $108.67 per barrel.

Although oil settled higher, the rest of the commodity complex did not fare nearly as well. Copper (-1.5%, $3.21/lb), gold (-3.0%, $1323.40/oz t), and silver (-5.5%, $21.91/oz t) futures were pressured throughout the day. Similarly, miners and steelmakers lagged as the Market Vectors Gold Miners ETF (GDX 25.29, -1.50) fell 5.6% and the Market Vectors Steel ETF (SLX 45.30, -0.54) lost 1.2%. The materials sector rounded out the bottom of today's leaderboard with its loss of 1.0%.

While most cyclical sectors trailed behind the broader market, discretionary shares (-0.2%) and technology (-0.1%) outperformed.

The discretionary space finished ahead of the S&P with help from media companies after Dow component Walt Disney (DIS 65.49, +1.55) said it plans to increase the size of its buyback. However, apparel manufacturers lagged after Lululemon (LULU 65.29, -3.73), Vera Bradley (VRA 18.85, -0.60), and Men's Wearhouse (MW 34.08, -4.69) issued profit warnings.

Countercyclical sectors ended mixed as the telecom services space added 1.0% while consumer staples, health care, and utilities lost between 0.2% and 0.3%.

Early afternoon headlines from Washington reminded participants that the U.S. budget situation remains far from solved.

House Speaker John Boehner said that spending reforms must be implemented in order to increase the debt ceiling. The Speaker also commented on Syria, saying that he has doubts about the plan to put Syria's chemical weapons under international control.

The remarks were followed by comments from Senate Majority Leader Harry Reid who said the current direction of House Republicans puts the government on track for a shutdown, and that giving in to the Tea Party is equivalent with rooting for a shutdown.

Treasuries surrendered their gains into the close, and the benchmark 10-yr yield ended little changed at 2.90%.

Volume was a bit below average as 642 million shares traded hands on the floor of the NYSE.

In today's economic data, weekly initial claims fell below the 300,000 level for the first time since March 2006. However, the Department of Labor said the sharp drop was due to computer problems. The initial claims level declined to 292,000 for the week ending September 7 from an unrevised 323,000 for the week ending August 31. The Briefing.com consensus expected the initial claims level to increase to 327,000.

The DoL announced that two states upgraded their computer systems, which resulted in an unexpected drop in claims. It is unknown how long the computer errors will remain in the system and it could affect the data for the next few weeks. It should be reiterated that the DoL does not believe the drop in claims this week signals a change in labor market conditions. Conditions remain better than where they were a few months ago but nowhere near as strong as a sub-300,000 reading would suggest.

Separately, export prices, excluding agriculture, ticked down 0.1% in August after an unchanged prior reading. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.4%.

The August Treasury Budget showed a deficit of $147.9 billion, down from a deficit of $190.5 billion in August 2012. Since the data are not seasonally adjusted, the data cannot be compared with the July level. The Briefing.com consensus expected the budget to show a deficit of $146.0 billion.

Tomorrow, August retail sales, retail sales ex-auto, PPI, and core PPI will all be reported at 8:30 ET. In addition, the preliminary reading of the September University of Michigan Consumer Sentiment Survey and July business inventories will be released at 9:55 ET and 10:00 ET, respectively.DJ30 -25.96 NASDAQ -9.04 SP500 -5.71 NASDAQ Adv/Vol/Dec 882/1.61 bln/1608 NYSE Adv/Vol/Dec 956/642.3 mln/2042

3:30 pm : Commodities remained mixed today. Metals traded lower and were the worst performing commodities today, while energy traded in positive territory.

Crude oil remained in positive territory all day. Syria remained a focus, while, separately, the International Energy Agency released a bullish report today, for the month of September, helping give crude oil price support. Oct crude oil ended today's pit trading session 1.0% higher at $108.65/barrel Natural gas futures spiked higher, to new session highs, following today's weekly inventory data figures. Prices actually began to spike minutes before the data came out.

Oct nat gas closed today 2.0% higher at $3.64/MMBtu.

Metals were the worst performing commodities today. Both precious metals extended lower and hit new session lows after floor trading closed. Dec gold ended the day down 2.4% at $1330.70/oz, while Dec silver closed 4.3% lower at $22.17/oz. Dec copper lost five cents to $3.21/lb.

Corn and wheat prices dropped sharply to new session lows today, while soybeans spiked to a new session high following the USDA's WASDE report, which came out at 12:00 noon EST.DJ30 -19.97 NASDAQ -6.48 SP500 -4.89 NASDAQ Adv/Vol/Dec 971/1361.9 mln/1510 NYSE Adv/Vol/Dec 1013/423 mln/1961

3:00 pm : The S&P 500 holds a loss of 0.1% as today's session enters its final hour. The benchmark index has climbed through each of the first seven sessions of the month, but today's modest decline puts it on track to post its first September decline.

Although the S&P has spent some time in positive territory earlier this morning, the underperformance of most cyclical sectors has kept the benchmark index in the red during afternoon action.

Today's trading volume has been on the light side as only 377 million shares have changed hands on the floor of the New York Stock Exchange. While the market is expected to see a surge in trading activity during the final minutes, it appears as though today's final tally will come in below the 50-day average of 660 million.DJ30 +3.72 NASDAQ -0.87 SP500 -2.66 NASDAQ Adv/Vol/Dec 1051/1.23 bln/1409 NYSE Adv/Vol/Dec 1086/377.4 mln/1874

2:30 pm : The S&P 500 is lower by 0.2% as the index trades near the middle of its range. Meanwhile, the Dow and Nasdaq outperform the benchmark average as they hover just below their respective flat lines.

Overall, cyclical sectors continue to pressure the broader market with energy, financials, materials, and industrials holding losses between 0.4% and 1.0%. Technology (+0.1%) continues to hold a slim gain while the discretionary sector has climbed off its lows and now trades flat.

Homebuilders have helped the sector rebound off its lows. The iShares Dow Jones US Home Construction ETF (ITB 22.12, +0.08) holds a gain of 0.4% as most individual builders advance. Meanwhile, retailers continue to weigh on the sector as the SPDR S&P Retail ETF (XRT 80.46, -0.63) trades lower by 0.8%DJ30 -0.13 NASDAQ -1.28 SP500 -2.90 NASDAQ Adv/Vol/Dec 1018/1.15 bln/1447 NYSE Adv/Vol/Dec 1070/347.4 mln/1868

2:05 pm : The S&P 500 trades lower by 0.2%.

Just reported, the August Treasury Budget showed a deficit of $147.9 billion, which was a bit worse than the deficit of $146.0 billion expected by the Briefing.com consensus. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 -1.53 NASDAQ -1.55 SP500 -2.85 NASDAQ Adv/Vol/Dec 1030/1.08 bln/1443 NYSE Adv/Vol/Dec 1073/323.9 mln/1849

1:25 pm : The major averages continue to hold close to the unchanged mark in a day that has vestiges of being a consolidation trade.

To the latter point, some of today's biggest laggards -- small-caps, transports, industrials, basic materials, and financials -- have been among the best-performing areas this month. Today's losses aren't substantive in scope, yet they reflect an urge to take some profits following an extended winning streak since the end of August.

Headline indications that the Syrian situation has not been put to rest and that the budget/debt ceiling debate is starting to stir in a contentious manner have contributed to the inclination to take some money off the table.

Separately, the $13 bln 30-yr bond auction completed a sweep of auctions this week that were met with solid demand. Today, the 30-yr bond drew a high yield of 3.82% and a 2.40 bid-to-cover ratio that exceeded the prior auction (2.11). Treasuries tested session highs in the wake of the auction results, but have since pulled back some and currently hold modest gains.DJ30 -4.76 NASDAQ +1.30 SP500 -2.02 NASDAQ Adv/Vol/Dec 1040/926 mln/1399 NYSE Adv/Vol/Dec 1083/291 mln/1827

1:00 pm : The major averages hold modest midday losses with the S&P 500 lower by 0.3%. Small caps have faced some additional selling pressure as the Russell 2000 holds a loss of 0.5%.

With stocks on their lows, the S&P is in danger of posting its first September loss after climbing in each of the past seven sessions.

At this juncture, eight of ten sectors trade in the red while technology (+0.1%) and telecom services (+0.7%) outperform. The slim gain in technology is due in large part to Apple (AAPL 474.17, +6.46) trading higher by 1.4% after falling 5.4% during yesterday's session. Meanwhile, the telecom sector has been boosted by AT&T (T 34.32, +0.35) and Verizon (VZ 46.92, +0.40) as both hold gains near 1.0%.

Overall, the S&P is being held near its lows as cyclical sectors (technology excluded) lag. Energy, financials, industrials, materials, and discretionary shares are all down between 0.4% and 1.0%.

Notably, apparel manufacturers have weighed on the discretionary space after Lululemon (LULU 65.15, -3.87), Vera Bradley (VRA 19.06, -0.39), and Men's Wearhouse (MW 34.16, -4.61) issued profit warnings. Cautious guidance from retailers has been a recurring theme in recent months, serving as a reminder that consumer spending in some areas remains relatively weak.

Speaking of reminders, early afternoon headlines from Washington reminded participants that the budget battle is far from solved.

Stocks slid to their lows following comments from John Boehner and Harry Reid. House Speaker Boehner said that spending reforms must be implemented in order to increase the debt ceiling. The Speaker also commented on Syria, saying that he has doubts about the plan to put Syria's chemical weapons under international control.

The remarks were followed by comments from Senate Majority Leader Reid who said the current direction of House Republicans puts the government on track for a shutdown and that giving in to the Tea Party is equivalent with rooting for a shutdown.

Treasuries have held modest gains through the first half of the session. The benchmark 10-yr note is higher by nine ticks with its yield down three basis points at 2.88%.

In today's economic data, weekly initial claims fell below the 300,000 level for the first time since March 2006. However, the Department of Labor said the sharp drop was due to computer problems. The initial claims level declined to 292,000 for the week ending September 7 from an unrevised 323,000 for the week ending August 31. The Briefing.com consensus expected the initial claims level to increase to 327,000.

The DoL announced that two states upgraded their computer systems, which resulted in an unexpected drop in claims. It is unknown how long the computer errors will remain in the system and it could affect the data for the next few weeks. It should be reiterated that the DoL does not believe the drop in claims this week signals a change in labor market conditions. Conditions remain better than where they were a few months ago but nowhere near as strong as a sub-300,000 reading would suggest.

Separately, export prices, excluding agriculture, ticked down 0.1% in August after an unchanged prior reading. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.4%.

The U.S. Treasury will release its August budget at 14:00 ET.DJ30 -19.42 NASDAQ -5.58 SP500 -4.46 NASDAQ Adv/Vol/Dec 959/873.1 mln/1471 NYSE Adv/Vol/Dec 991/271.7 mln/1897

12:30 pm : Recent action saw the major averages slip to fresh lows. The Russell 2000 (-0.6%) continues leading to the downside while the S&P 500 trades lower by 0.3%. Equities ticked to fresh lows amid comments from House Speaker John Boehner and Senate Majority Leader Harry Reid.

House Speaker Boehner said that spending reforms must be implemented in order to increase the debt ceiling. The Speaker also commented on Syria, saying that he has doubts about the plan to put Syria's chemical weapons under international control.

The remarks were followed by comments from Senate Majority Leader Reid who said the current direction of House Republicans puts the government on track for a shutdown and that giving in to the Tea Party is equivalent with rooting for a shutdown.

Treasuries have returned to their highs and the benchmark 10-yr yield is lower by four basis points at 2.87%.DJ30 -28.96 NASDAQ -7.06 SP500 -5.58 NASDAQ Adv/Vol/Dec 924/808.7 mln/1504 NYSE Adv/Vol/Dec 975/251.7 mln/1910

12:00 pm : Recent action saw the Nasdaq rejoin the Dow and S&P 500 in negative territory. After opening the session with slim losses, the three indices made a brief appearance in the green before the lack of buying interest sent them to fresh lows. Small caps have underperformed the broader market as the Russell 2000 trades lower by 0.4%.

Today's modest losses come after the S&P had rallied through the first seven September sessions. The benchmark index entered today with a month-to-date gain of 3.4%.

Cyclical sectors have had a strong showing so far in September with industrials and discretionary shares posting respective month-to-date gains of 4.6% and 3.9%. Today, the two groups can be found near the bottom of the leaderboard as all cyclical sectors (except technology) hover in the red.DJ30 -12.86 NASDAQ -2.57 SP500 -3.09 NASDAQ Adv/Vol/Dec 973/714.8 mln/1415 NYSE Adv/Vol/Dec 1124/222.8 mln/1738

11:30 am : Unable to build on their slim gains, the Dow and S&P 500 have returned to their opening lows while the Nasdaq continues to hold its flat line.

Similar to the Nasdaq, the technology (+0.2%) sector has held up relatively well considering the broader weakness. The largest tech component, Apple (AAPL 472.72, +5.02), trades up 1.1% after tumbling 5.4% yesterday.

Outside of the tech sector, all of the remaining advancers fall into the defensive category as health care, utilities, and telecom services hold gains between 0.1% and 0.7%.DJ30 -6.07 NASDAQ +0.13 SP500 -2.05 NASDAQ Adv/Vol/Dec 1035/622.7 mln/1326 NYSE Adv/Vol/Dec 1179/197.5 mln/1662

11:05 am : The major averages have climbed off their lows, but they haven't been able to climb too far above their respective flat lines. The Nasdaq has continued its recent outperformance as it trades higher by 0.1%.

Cyclical sectors continue to weigh on the broader market as energy (-0.2%), financials (-0.2%), industrials (-0.1%), and materials (-0.4%) remain in the red while technology (+0.1%) and discretionary shares (+0.1%) trade higher.

The discretionary sector is among the outperformers, but a slate of retail companies have been pressured by cautious guidance from Lululemon (LULU 64.66, -4.36), Vera Bradley (VRA 18.84, -0.61), and Men's Wearhouse (MW 34.82, -3.95). The three names are down between 3.2% and 10.0% while the broader SPDR S&P Retail ETF (XRT 80.86, -0.23) is lower by 0.3%.DJ30 +3.65 NASDAQ +4.56 SP500 -0.61 NASDAQ Adv/Vol/Dec 1119/513.3 mln/1219 NYSE Adv/Vol/Dec 1245/166.9 mln/1571

10:35 am : Commodities are mixed this morning with the most action see in the metals space.

Gold, silver and copper have all taken a hit this morning and are all sitting near their session lows in current trade. Dec gold is now -2.4% at $1331.30/oz, Dec silver is -3.7% at $22.31/oz, Dec copper is -1.7% at $3.20/lb.

Crude oil found some buying interest overnight, which pushed the October contract as high as $108.70/barrel. Oct crude oil is now +0.6% at $108.25/barrel.

Nat gas was in the red all morning, but just ahead of weekly inventory data, Oct nat gas spiked into positive territory and to a new HoD. Following the data, Oct nat has spiked, extending gains to another new HoD. Oct nat gas is now +1.9% at $3.63/MMBtu.DJ30 +10.35 NASDAQ +4.00 SP500 +0.58 NASDAQ Adv/Vol/Dec 1108/379.6 mln/1177 NYSE Adv/Vol/Dec 1319/132 mln/1460

10:00 am : Equities remain in negative territory as most sectors continue to trade lower. However, outside of energy (-0.4%) and materials (-0.3%), losses in other sectors have been limited to no more than 0.2%.

With the S&P 500 trading modestly lower, the index will look to notch its eighth consecutive advance to stay perfect in September. So far this month, the benchmark index has added 3.4% while small caps have fared even better. The Russell 2000 sports a month-to-date gain of 4.3%.

Crude oil prices bear watching as the energy component has continued its climb even with the diminished likelihood of military action against Syria. WTI crude trades higher by 0.5% at $108.06 per barrel while Brent oil holds a gain of 0.8% at $111.10 per barrel.DJ30 -0.57 NASDAQ +1.23 SP500 -0.88 NASDAQ Adv/Vol/Dec 1029/219.9 mln/1123 NYSE Adv/Vol/Dec 1248/87.8 mln/1456

09:45 am : The major averages have slipped from their opening levels as eight of ten sectors trade in negative territory. All six cyclical sectors trade in the red with energy and materials leading to the downside. Both groups are lower by 0.5% and the materials sector has been pressured by the underperformance of miners and steelmakers. The Market Vectors Gold Miners ETF (GDX 25.62, -1.17) is lower by 4.3% and the Market Vectors Steel ETF (SLX 45.37, -0.47) trades down 1.0%. Metals hover in the red as well with gold down 2.4% at $1330.60 per troy ounce and copper lower by 1.9% at $3.20 per pound.

On the upside, utilities and telecom services trade with respective gains of 0.8% and 0.1%.

Treasuries have added to their early gains and the benchmark 10-yr note is higher by 12 ticks with its yield down four basis points at 2.87%.DJ30 -10.48 NASDAQ -8.02 SP500 -2.70 NASDAQ Adv/Vol/Dec 917/131.1 mln/1156 NYSE Adv/Vol/Dec 1159/63.6 mln/1493

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: +1.00. Equity futures are little changed as today's session sets up for a flat open. Overnight action was generally quiet with most Asian indices ending in positive territory. However, Japan's Nikkei underperformed, shedding 0.3% as dollar/yen weakened below 99.50 after it was reported that Prime Minister Shinzo Abe has decided to raise the sales tax in April 2014 and announce related stimulus measures in the amount of JPY5 trillion. However, these reports were followed by comments from Chief Cabinet Secretary Yoshihide Suga who said the Prime Minister has yet to make up his mind. The European session has also been subdued with most indices trading little changed.

In today's economic data, weekly initial claims fell below the 300,000 level for the first time since March 2006. However, the Department of Labor said the sharp drop was due to computer problems. The initial claims level declined to 292,000 for the week ending September 7 from an unrevised 323,000 for the week ending August 31. The Briefing.com consensus expected the initial claims level to increase to 327,000. The DOL announced that two states upgraded their computer systems, which resulted in an unexpected drop in claims. It is unknown how long the computer errors will remain in the system and it could affect the data for the next few weeks. It should be reiterated that the DOL does not believe the drop in claims this week signals a change in labor market conditions. Conditions remain better than where they were a few months ago but nowhere near as strong as a sub-300,000 reading would suggest.

Separately, export prices, excluding agriculture, ticked down 0.1% in August after an unchanged prior reading. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.4%.

Treasuries have received a modest bid that sent the benchmark 10-yr yield lower by three basis points to 2.88%.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +2.70. The S&P 500 futures are flat.

Asian markets ended mostly higher, but Japan's Nikkei underperformed with a loss of 0.3% as dollar/yen slid below 99.50. The yen strengthened into the start of the session after it was reported that Prime Minister Shinzo Abe has decided to raise the sales tax in April 2014 and announce related stimulus measures in the amount of JPY5 trillion. However, these reports were followed by comments from Chief Cabinet Secretary Yoshihide Suga who said the Prime Minister has yet to make up his mind. The Reserve Bank of New Zealand and the Bank of Korea opined overnight, holding their respective key interest rates at 2.50%, as expected. In economic data, Japan's core machinery orders were unchanged month-over-month (2.4% forecast, -2.7% previous) while the year-over-year reading increased 6.5% (7.6% expected, 4.9% prior). Separately, the weekly foreign bonds buying report indicated net sales of foreign debt in the amount of JPY66.50 billion (-JPY530.90 billion prior). In Australia, the employment change came in at -10,800 (+10,000 expected, -11,400 previous) and the unemployment rate ticked up to 5.8% from 5.7%, as expected. Also of note, MI Inflation Expectations increased 1.5% (2.3% previous).

In Japan, the Nikkei shed 0.3% as exporters lagged. Isuzu Motors and Mitsubishi Motors fell 2.4% and 8.1%, respectively. On the upside, Nippon Light Metal Holdings jumped 4.3%.
Hong Kong's Hang Seng added 0.1% as financials and property names outperformed. Bank of China, Bank of Communications, and Sino Land gained between 1.1% and 1.4%. Energy names lagged with China Shenhue Energy and CNOOC down 3.7% and 1.0%, respectively.
In China, the Shanghai Composite gained 0.6% as homebuilders and materials producers outperformed. Shenzhen Heungkong Holding and Luyin Investment Group both surged the limit, 10%.

Major European indices are little changed as the quiet session continues. In news of note, Ardo Hansson of the European Central Bank said that while the ECB believes current policies are appropriate, the central bank has talked about another long-term refinancing operation. Reviewing economic data, Eurozone industrial production fell 1.5% month-over-month (0.1% expected, 0.6% previous) while the year-over-year reading slid 2.1% (-0.1% forecast, -0.4% last). Germany's WPI fell 0.6% month-over-month (0.2% consensus, -0.3% prior). French CPI ticked up 0.4% month-over-month (0.5% forecast, -0.3% previous). Italy's industrial production decreased 1.1% month-over-month (0.3% expected, 0.2% prior) and the year-over-year reading fell 4.3% (-2.5% expected, -2.1% prior). In addition, CPI rose 0.4% month-over-month (0.3% forecast, 0.3% prior) while the year-over-year reading climbed 1.2% (1.1% consensus, 1.1% previous). Spain's CPI ticked up 0.3% month-over-month and 1.5% on an annualized basis, as expected. Lastly, Greek unemployment increased to a fresh record of 27.9% from 27.6%.

Great Britain's FTSE is higher by 0.1% as consumer names outperform. William Hill and WM Morrison Supermarkets are both up near 2.5%. Industrials are among the laggards with Aggreko and Melrose Industries down 2.5% apiece.
Germany's DAX holds a gain of 0.1% as utilities lead. E.ON and K+S are both up near 2.0%. On the downside, drug makers Bayer and Merck are lower by 1.0% and 0.9%, respectively.
In France, the CAC is lower by 0.2%. Utilities are mixed as Electricite de France leads to the downside with a loss of 2.9% while GDF Suez outperforms with a gain of 0.8%. Technology name STMicroelectronics is the top index performer, up 5.3%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +1.70. The S&P 500 futures trade lower by 0.1%.

The latest weekly initial jobless claims count totaled 292,000, which was lower than the 327,000 that had been expected by the Briefing.com consensus. Today's tally was below the unrevised prior week count of 323,000. As for continuing claims, they fell to 2.871 million from 2.944 million.

Export prices, excluding agriculture, ticked down 0.1% in August after an unchanged prior reading. Excluding oil, import prices declined 0.2%, which follows last month's decline of 0.4%.

07:56 am : [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +2.00. U.S. equity futures are flat amid generally cautious overseas action.

Looking at overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +0.1%, China's Shanghai Composite +0.6%, and Japan's Nikkei -0.3% as dollar/yen slid below 99.50.
In regional economic data:
Japan's core machinery orders were unchanged month-over-month (2.4% forecast, -2.7% previous) while the year-over-year reading increased 6.5% (7.6% expected, 4.9% prior). Separately, the weekly foreign bonds buying report indicated net sales of foreign debt in the amount of JPY66.50 billion (-JPY530.90 billion prior).
In Australia, the employment change came in at -10,800 (+10,000 expected, -11,400 previous) and the unemployment rate ticked up to 5.8% from 5.7%, as expected. Also of note, MI Inflation Expectations increased 1.5% (2.3% previous).
The Reserve Bank of New Zealand held its key interest rate at 2.50%, as expected.
The Bank of Korea also maintained its key interest rate unchanged at 2.50%, as expected.
Looking at news:
Prior to the start of the Japanese session, it was reported that Prime Minister Shinzo Abe has decided to raise the sales tax in April 2014 and announce related stimulus measures in the amount of JPY5 trillion. However, these reports were followed by additional headlines from Chief Cabinet Secretary Yoshihide Suga who said the Prime Minister has yet to make up his mind.

Major European indices trade with modest losses. Great Britain's FTSE -0.1%, Germany's DAX -0.1%, and France's CAC -0.4%.
Reviewing economic data:
Eurozone industrial production fell 1.5% month-over-month (0.1% expected, 0.6% previous) while the year-over-year reading slid 2.1% (-0.1% forecast, -0.4% last).
Germany's WPI fell 0.6% month-over-month (0.2% consensus, -0.3% prior).
French CPI ticked up 0.4% month-over-month (0.5% forecast, -0.3% previous).
Italy's industrial production decreased 1.1% month-over-month (0.3% expected, 0.2% prior) and the year-over-year reading fell 4.3% (-2.5% expected, -2.1% prior). In addition, CPI rose 0.4% month-over-month (0.3% forecast, 0.3% prior) while the year-over-year reading climbed 1.2% (1.1% consensus, 1.1% previous).
Spain's CPI ticked up 0.3% month-over-month and 1.5% on an annualized basis, as expected.
Greek unemployment increased to a fresh record of 27.9% from 27.6%.
In news:
Ardo Hansson of the European Central Bank said that while the ECB believes current policies are appropriate, the central bank has talked about another long-term refinancing operation.

In U.S. corporate news:

Lululemon Athletica (LULU 62.90, -6.12) is -8.9% after its cautious third quarter and full-year guidance overshadowed the company's earnings beat.
Men's Wearhouse (MW 33.20, -5.57) is -14.4% following its earnings miss on below-consensus revenue.
Netflix (NFLX 300.97, -7.33) is -2.4% after Morgan Stanley downgraded the stock to 'Equal-Weight' from 'Overweight.'

Weekly initial claims, August export prices ex-agriculture and import prices ex-oil will all be reported at 8:30 ET while the U.S. Treasury will release its August budget at 14:00 ET.

06:50 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: flat.

06:50 am : Nikkei...14387.27...-37.80...-0.30%. Hang Seng...22953.72...+16.60...+0.10%.

06:50 am : FTSE...6577.40...-11.10...-0.20%. DAX...8482.68...-12.80...-0.20%.

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

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

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