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 Post subject: September 13th Friday Trade Results - Profit $4190.00
PostPosted: Fri Sep 13, 2013 11:48 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $(60.00) dollars or -0.60 points, Emini ES ($ES_F) futures @ $4250.00 dollars or +85.00 points, Light Crude Oil CL ($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 @ $4190.00 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=1602

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.

The September Stock Surge Continues

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

NEW YORK (CNNMoney)
Stocks continued their September rally Friday as investors anticipated the next moves from the Federal Reserve and waited for more details on Twitter's IPO plans.

The Dow Jones Industrial Average, S&P 500 and Nasdaq all posted modest gains Friday. It's been a strong week -- and for that matter, month -- for stocks.

The Dow gained 3% this week, while the other two indexes rose almost 2%. It was the best week since January for the Dow and the best week since July for the S&P 500.

After a brutal August, the markets have enjoyed a better September with all three indexes up more than 3%. The Dow and S&P 500 are both less than 2% from all-time highs, and the Nasdaq continues to trade near its highest level in thirteen years.

Twitter grabbed plenty of headlines when the social networking site revealed after the closing bell Thursday that it had issued a confidential filing with the Securities and Exchange Commission for a planned IPO.

Investors were awaiting more details on the offering. Twitter has not yet disclosed information about sales, profits and other key financial information. It is also not clear if the company will list its shares on the New York Stock Exchange or Nasdaq.

* Twitter files for IPO

But Twitter's IPO filing comes at a time when social media stocks are red hot. Facebook (FB) and LinkedIn (LNKD) are near all-time highs. Groupon (GRPN) has more than doubled in 2013 while Yelp (YELP) has more than tripled.

Shares of all four of those social media companies fell on Friday, though.

Twitter's IPO news did boost two investment firms that have stakes in Twitter. Shares of GSV Capital (GSVC) finished up by nearly 14% while the Firsthand Technology Value Fund (SVVC) gained roughly 6.5%.

Also in the tech world, Intel (INTC, Fortune 500)shares gained more than 3% after receiving an analyst upgrade.

Yahoo (YHOO, Fortune 500), meanwhile, pulled back after reaching a 5-year high Thursday and ended the trading day down 1.3%. One trader on StockTwits feared that Yahoo may have peaked.

JeanPaul: $YHOO Failed breakout ! Now accelerating to the downside in increased volume. I sold my position.

* Video - Marissa's magic touch propels Yahoo

Also popular on StockTwits was beauty products retailer Ulta (ULTA). Shares jumped more than 17% after the company reported stronger-than-expected earnings and revenues after the close on Thursday. Some traders remained skeptical, noting a bump earlier in the week for fellow retailer Five Below. (FIVE)

askchrishetrade: $ULTA Holding up well, but I don't think you want to buy momentum on highs in this name

scottsdalem: $ULTA All retails and department stores are traded like innovative technology companies..up 15% after ER..$FIVE on Monday and $ULTA today

Dunkin' Brands (DNKN) caught investor's attention after shares jumped more than 2%. The company announced on Thursday it would be opening stores in the United Kingdom.

JBoorman: $DNKN all time highs. Always enjoy seeing patience discipline and process being rewarded.

* Fed official says jobs report won't stop tapering

Friday's gains came as investors received a batch of disappointing economic news Friday.

Before the opening bell, the Census Bureau reported that although monthly retail sales were up modestly in August, they were lower than expected. Auto sales rose nearly 1% in August, but consumers cut back at other retailers, including clothing and sporting good stores.

Fueled by higher gas prices, producer prices rose more than expected, while the University of Michigan's reading of consumer confidence fell to its lowest level since April.

Despite the weaker reports, many investors still think that the Fed will decide to begin scaling back its quantitative easing program at a meeting next week.

The Fed's bond buying drive has helped push stocks to record highs, and investors have worried that any sort of "tapering" will deflate the markets.

"The current expectation is that we'll see a small notional tapering at next week's Fed meeting," said Simon Smith, chief economist at FxPro.

Traders also continued to watch for developments on the Syrian conflict. The threat of U.S.-led military strikes against the Middle Eastern country has receded as Secretary of State John Kerry continues to pursue diplomatic negotiations over Syria's chemical weapons.

European markets closed lower Friday, while most major Asian indexes also closed in the red.

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4:25 pm : The S&P 500 added 0.3% to extend its weekly gain to 2.0%. Today's session was very quiet as participants displayed tepid demand for equities ahead of next week's highly-anticipated FOMC meeting where a tapering announcement may occur.

Excluding a brief dip during the opening hour, the major averages were confined to narrow ranges. The early weakness took place after it was reported that the University of Michigan Consumer Sentiment Index dropped to its lowest reading since April (76.8) in the preliminary September reading. That was down from 82.1 in August and well below the consensus expectation of a drop to only 82.0. Typically, consumer sentiment follows trends in employment, equity prices, oil prices, and media reports.

Since the end of August, the Syria debate has caused oil prices to increase; and the most recent August employment gains were much weaker than expected. Equity prices, however, have been moving higher.

Despite the temporary slide into negative territory, the key indices were able to reclaim and hold their early highs into the close.

The Nasdaq (+0.2%) trailed behind the other indices as major tech names lagged. Apple (AAPL 464.90, -7.79), Google (GOOG 889.07, -4.00), and Oracle (ORCL 32.46, -0.33) lost between 0.5% and 1.7%. Intel (INTC 23.44, +0.81) outperformed, gaining 3.6% with a Jefferies upgrade to 'Buy' from 'Hold' contributing to the strength.

Other cyclical sectors ended mixed. Energy (+0.1%), financials (+0.2%), and industrials (+0.2%) lagged; discretionary shares (+0.3%) ended in-line; and materials (+0.7%) outperformed.

In the materials sector, fertilizer names like Mosaic (MOS 45.99, +1.61) and Potash (POT 32.49, +0.71) spiked to highs after reports indicated Russian investor Vladimir Kogan purchased Suleiman Kerimov's stake in Uralkali for $3.7 billion.

Similar to cyclical sectors, defensive groups were mixed. Telecom services (+0.2%) lagged while consumer staples (+0.8%) and utilities (+0.8%), outperformed. For its part, the health care sector (+0.3%) ended in-line with the S&P.

Like other asset classes, Treasuries were very quiet. The benchmark 10-yr note added five ticks and its yield slipped two basis points to 2.89%.

Trading volume was well below average as only 569 million shares changed hands on the floor of the NYSE.

As mentioned earlier, Tuesday and Wednesday of next week will bring the FOMC policy meeting where many expect the Fed to announce a reduction in the size of its asset purchases.

The taper talk began after Fed Chairman Ben Bernanke mentioned, during his June 19 press conference, that barring a downturn in the economy, the Fed could scale back the size of its purchases later in the year. Following the press conference, participants began looking to the September meeting as a possible start date for tapering.

Stocks slumped in the immediate reaction, sending the S&P lower by nearly 5.0% over the course of four days. The market has been quite resilient since then and the S&P notched fresh all-time highs on August 2. Although the S&P 500 has slipped from its record levels, it remains 2.2% above its level at the start of the June 19 session and only 1.3% below its all-time best.

Looking back at today's economic data, the retail sales and PPI reports conveyed a familiar message of modest growth and low inflation. August retail sales came in below expectations (0.2% v. 0.4% Briefing.com consensus), but the July reading was revised higher to reflect an increase of 0.4% (0.2% prior).

Separately, total PPI jumped 0.3% (Briefing.com consensus 0.2%) while core PPI, which excludes food and energy, was flat (Briefing.com consensus 0.1%).

Total business inventories rose 0.4% in July after increasing an upwardly revised 0.1% (from 0.0%) in June. The Briefing.com consensus expected business inventories to increase 0.3%. Manufacturer (0.2%) and merchant wholesaler (0.1%) inventories were known prior to the release. The only new information was that retailer inventories increased 0.8% in July after increasing 0.1% in June.

On Monday, the September Empire Manufacturing survey will be released at 8:30 ET while August industrial production and capacity utilization will be reported at 9:15 ET.

Week in Review: Stocks Climb Ahead of FOMC Meeting

The S&P 500 began the week with a Monday gain of 1.0% as trade managed to regain its 50-day moving average (1666/1667) for the first time in two weeks. Equities climbed from the open, bolstered by reassuring economic reports out of China and Japan, headlines suggesting a strike against Syria could possibly be avoided, and the notion that the relatively disappointing employment report on Friday has lowered the probability of a big tapering announcement at the September 17-18 FOMC meeting. Growth-sensitive sectors paced the advance with materials ending in the lead. The sector rose 1.5% as steelmakers rallied in reaction to the data from Asia. The Market Vectors Steel ETF (SLX 45.15, -0.15) jumped 2.8%. Fertilizer names also registered solid gains after Russian President Vladimir Putin said the ongoing potash dispute with Belarus needs to be resolved. Mosaic ended higher by 5.1%.

Tuesday's session saw the S&P 500 climb 0.7% with all ten sectors settling in positive territory. Stocks registered the bulk of their gains during the opening hour after more upbeat economic data from China combined with Syria's agreement to put its chemical weapons under international control lured participants into equities. Goldman Sachs (GS 164.00, +0.65), Nike (NKE 67.91, -0.17) and Visa (V 189.00, +3.94) posted gains after it was announced the trio will enter the Dow Jones Industrial Average following next Friday's close. The trio will replace Alcoa (AA 8.08, -0.08), Bank of America (BAC 14.49, +0.01), and Hewlett-Packard (HPQ 22.07, +0.11) in the price-weighted index.

The key indices ended Wednesday in mixed fashion as the Nasdaq shed 0.1% while the S&P 500 added 0.3% to register its seventh consecutive advance. The tech sector was pressured by Apple, which sank 5.4% after the company's overnight product refresh event in China did not reveal a deal with China Mobile (CHL 56.15, +0.59) as many investors had expected. The underperformance of Apple kept the Nasdaq and the technology sector (-0.5%) in the red throughout the day while the S&P was able to shake off the opening weakness.

On Thursday, the S&P 500 registered its first September decline, shedding 0.3% as nine of ten sectors ended in the red. Stocks slipped as several of top September 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 37.14, +0.27) announced that its mortgage revenue fell roughly 20% in the third quarter.DJ30 +75.42 NASDAQ +6.22 SP500 +4.57 NASDAQ Adv/Vol/Dec 1499/1.42 bln/979 NYSE Adv/Vol/Dec 1840/569.2 mln/1131

3:30 pm :

Oct crude oil chopped around in negative territory today on easing concerns over the situation in Syria. The U.S. and Russia held talks regarding Syria surrendering its chemical weapons. The energy component dipped to a session low of $107.23 per barrel in early morning floor trade but rallied ahead of the close to a session high of $108.33 per barrel. It settled 0.4% lower at $108.21 per barrel, booking a 2.1% loss for the week.
Oct natural gas, on the other hand, recovered into positive territory after trading as low as $3.60 per MMBtu in morning pit action. It settled 1.1% higher at $3.68 per MMBtu, bringing gains for the week to 4.2%. Precious metals struggled in the red as speculation rose that the Federal Reserve will cut stimulus measures next week.
Dec gold pulled back from its session high of $1323.50 per ounce and brushed a session low of $1307.70 per ounce. It settled 1.6% lower at $1308.80 per ounce, booking a 5.6% loss for the week.
Dec silver touched a session low of $21.64 per ounce and eventually settled 2.0% lower at $21.72 per ounce. Today's drop brought losses for the week to 9.1%.

DJ30 +63.74 NASDAQ +3.90 SP500 +3.70 NASDAQ Adv/Vol 89/1209.2 1023 NYSE Adv/Vol/Dec 1786/375 mln/1174

3:00 pm : The S&P 500 trades higher by 0.3% as today's session enters its final hour.

Similar to equities, other asset classes have been very quiet today. The benchmark 10-yr yield has held inside of a two basis point range since the start of the session. Currently, the yield sits at 2.90%. Elsewhere, the Dollar Index is flat (81.47, -0.02) after trading with a slim gain in early action.

Relatively speaking, precious metals have been a bit more active as gold and silver fell to their lows in overnight action. Since then, gold has held its lows while silver erased most of its losses. At this time, gold is lower by 1.4% and silver trades down 1.0% at their respective $1312.50 and $21.93 per troy ounce.DJ30 +69.64 NASDAQ +5.15 SP500 +4.10 NASDAQ Adv/Vol/Dec 1455/1.09 bln/992 NYSE Adv/Vol/Dec 1761/337.8 mln/1192

2:30 pm : The S&P 500 continues to hold a modest gain of 0.3% as the final session of the week continues to unfold in an inconspicuous fashion.

Tuesday and Wednesday of next week will bring the highly-anticipated FOMC meeting where many expect the Fed to announce a reduction in the size of its asset purchases.

The taper talk began after Fed Chairman Ben Bernanke mentioned, during his June 19 press conference, that barring a downturn in the economy, the Fed could scale back the size of its purchases later in the year. Following the press conference, participants began looking to the September meeting as a possible start date for tapering.

Stocks slumped in the immediate reaction, sending the S&P lower by nearly 5.0% over the course of four days. The market has been quite resilient since then and the S&P notched fresh all-time highs by August 2. Although the S&P 500 has slipped from its record levels, it remains 2.2% above its level at the start of the June 19 session and only 1.3% below its all-time best.DJ30 +69.66 NASDAQ +5.93 SP500 +4.55 NASDAQ Adv/Vol/Dec 1462/1.01 bln/991 NYSE Adv/Vol/Dec 1751/310.3 mln/1212

2:00 pm : Recent action saw the Russell 2000 (+0.5%) push to fresh highs while the remaining major averages have held their recent levels.

Countercyclical sectors have outperformed since the open and that standing continues to hold at this juncture. The consumer staples sector trades higher by 0.7% and the materials (+0.7%) space is the only cyclical sector trading with a comparable gain. The remaining growth-sensitive sectors continue to trade with gains between 0.1% and 0.3%.

Treasuries remain near their highs with the benchmark 10-yr yield down two basis points at 2.90%.DJ30 +76.65 NASDAQ +6.21 SP500 +4.93 NASDAQ Adv/Vol/Dec 1466/945.8 mln/972 NYSE Adv/Vol/Dec 1741/288.9 mln/1200

1:25 pm : The stock market is exhibiting good resilience today, albeit on light volume. Once again, the Dow and S&P 500 are outperforming the Nasdaq, which is stacked with a larger number of high(er) beta issues.

The preference for blue chip stocks is presumably a preference for liquidity and relative stability in front of next week's FOMC decision (on September 18) on its asset purchase program, and potentially jarring headlines over developments surrounding Syria and the budget debate in Congress.

Strikingly, though, the CBOE Volatility Index isn't reflecting a belief that there will be high volatility in the near-term. The VIX Index (14.16, -0.13) is down 0.9% today, which leaves it near levels seen in mid-August. DJ30 +65.17 NASDAQ +1.44 SP500 +3.86 NASDAQ Adv/Vol/Dec 1421/858 mln/1008 NYSE Adv/Vol/Dec 1634/262 mln/1278

12:55 pm : The S&P 500 holds a midday gain of 0.2% as all ten sectors trade in positive territory.

Stocks began the day in the green before a disappointing University of Michigan Consumer Sentiment Index pressured indices to their lows. The Index dropped to 76.8 in the preliminary September reading, which was the weakest reading since April. That was down from 82.1 in August and well below the consensus expectation of a drop to only 82.0. Typically, consumer sentiment follows trends in employment, equity prices, oil prices, and media reports.

Since the end of August, the Syria debate has caused oil prices to increase; and the most recent August employment gains were much weaker than expected. Equity prices, however, have been moving higher.

The key indices diverged following the report. The Dow and S&P returned to their highs while the Nasdaq has found support at its flat line.

Similarly to the Nasdaq, the tech sector has been unable to build on its opening gain. Top sector components are mixed as Apple (AAPL 467.01, -5.68) trades lower by 1.2% while Intel (INTC 23.29, +0.66) sports a gain of 2.9% after Jefferies upgraded the stock to 'Buy' from 'Hold' and raised the price target to $30 from $27.

Outside of technology, the remaining growth-sensitive sectors are mixed. Financials, industrials, and discretionary shares hold gains of no more than 0.1% while energy (+0.4%) and materials (+0.6%) outperform.

The energy sector trades ahead of the S&P even with crude oil (-0.6% at $107.91/bbl) spending the entire day in negative territory.

Elsewhere, the materials space spiked to highs with fertilizer producers paving the way after Russian investor Vladimir Kogan purchased Suleiman Kerimov's stake in Uralkali for $3.7 billion. Mosaic (MOS 46.33, +1.95) and Potash (POT 32.76, +0.98) are higher by 4.4% and 3.1%, respectively.

Three of four countercyclical sectors have displayed strength as consumer staples (+0.7%), telecom services (+0.7%), and utilities (+0.8%) trade ahead of the broader market. Meanwhile, the health care sector is higher by 0.1%.

Today's economic data was plentiful. The retail sales and PPI reports conveyed a familiar message of modest growth and low inflation. August retail sales came in below expectations (0.2% v. 0.4% Briefing.com consensus), but the July reading was revised higher to reflect an increase of 0.4% (0.2% prior).

Separately, total PPI jumped 0.3% (Briefing.com consensus 0.2%) while core PPI, which excludes food and energy, was flat (Briefing.com consensus 0.1%). Separately, total business inventories rose 0.4% in July after increasing an upwardly revised 0.1% (from 0.0%) in June. The Briefing.com consensus expected business inventories to increase 0.3%.

Manufacturer (0.2%) and merchant wholesaler (0.1%) inventories were known prior to the release. The only new information was that retailer inventories increased 0.8% in July after increasing 0.1% in June.

Also of note, an overnight Nikkei news report suggested President Obama will name Larry Summers as the new chairman of the Federal Reserve. The article quoted an anonymous source and White House officials have since denied that the president has made a final decision.DJ30 +62.26 NASDAQ +0.73 SP500 +3.61 NASDAQ Adv/Vol/Dec 1380/798.1 mln/1031 NYSE Adv/Vol/Dec 1622/244.3 mln/1281

12:30 pm : Little change has taken place over the course of recent action. The Dow and S&P 500 remain near their highs while the Nasdaq has managed to return into positive territory.

Similarly, the technology sector holds a slim gain (+0.1%) as major components trade mixed. Apple (AAPL 467.90, -4.79) remains near its lows while Intel (INTC 23.26, +0.63) trades higher by 2.8%.

Remaining cyclical sectors trade largely in-line with the tech space while energy and materials have built on their gains. The energy sector is higher by 0.4% and the materials space trades up 0.7% with fertilizer producers rallying after Russian investor Vladimir Kogan purchased Suleiman Kerimov's stake in Uralkali for $3.7 billion. Mosaic (MOS 46.16, +1.78) and Potash (POT 32.85, +1.07) spiked to highs in reaction to the report.DJ30 +71.58 NASDAQ +2.07 SP500 +4.32 NASDAQ Adv/Vol/Dec 1360/740.2 mln/1037 NYSE Adv/Vol/Dec 1644/228.8 mln/1247

12:00 pm : The major averages have held their levels for the past 30 minutes. The Dow and S&P 500 sport modest gains while the Nasdaq continues to be challenged by its flat line.

Overall, countercyclical sectors have outperformed growth-oriented groups today. Consumer staples, telecom services, and utilities are up between 0.5% and 0.8% while the last defensive sector, health care (+0.2%), trades in-line with the S&P.

Intraday trading volume has been slowing down, which is understandable given that Yom Kippur begins this evening. At this point, 206 million shares have traded hands on the floor of the NYSE. Meanwhile, the 50-day average sits at 660 million.DJ30 +70.35 NASDAQ -0.86 SP500 +4.49 NASDAQ Adv/Vol/Dec 1367/667.5 mln/1021 NYSE Adv/Vol/Dec 1655/207.9 mln/1226

11:35 am : The Dow and S&P 500 hover near their best levels of the day while the Nasdaq holds its flat line. Despite yesterday's modest retreat, the S&P is on track to post a weekly gain of 2.0%, which would extend its September advance to 3.3%.

This week's leadership has been a bit more mixed after cyclical sectors paced last week's advance. The telecom services space holds a week-to-date gain of 3.0%, which puts it atop the leaderboard. Looking down the list, the sector is being followed by industrials (+2.7%), materials (+2.5%) and discretionary shares (+2.3%). The utilities sector rounds out the bottom of the list, and is on track to post a weekly advance of 0.7%DJ30 +68.75 NASDAQ -0.67 SP500 +4.13 NASDAQ Adv/Vol/Dec 1364/601.9 mln/1019 NYSE Adv/Vol/Dec 1660/189.5 mln/1195

11:00 am : The major averages remain mixed as the Dow (+0.4%) and S&P 500 (+0.1%) sport modest gains while the Nasdaq (-0.1%) trades lower due to the underperformance of the tech sector and biotechnology companies.

Top sector components like Apple (AAPL 467.52, -5.17), Google (GOOG 888.48, -4.58), and Oracle (ORCL 32.60, -0.19) are down between 0.5% and 1.1%. Most chipmakers also trade lower, but Intel (INTC 23.31, +0.68) sports a gain of 3.0% with a Jefferies upgrade to 'Buy' from 'Hold' contributing to the strength.

Biotechnology has also weighed on the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 205.91 -0.24) trades lower by 0.1%.

Outside of technology, industrials (-0.1%) and discretionary (-0.1%) shares hover in the red, while the three remaining cyclical groups (energy, financials, and materials) hold slim gains between 0.1% and 0.4% with energy in the lead.DJ30 +56.59 NASDAQ -4.40 SP500 +2.78 NASDAQ Adv/Vol/Dec 1251/496.9 mln/1068 NYSE Adv/Vol/Dec 1563/153.9 mln/1266

10:35 am : Commodities are mostly lower this morning. Gold and silver are feeling pressure again, while crude oil is almost 1% lower.

Crude oil has been in the red all session and hit a new LoD of $107.23/barrel. In current action, Oct crude oil is -1.0% at $107.57/barrel.

Natural gas has been in the red all morning, but reversed and rallied higher to a new HoD in recent action. Oct nat gas now +0.8% at $3.67/MMBtu.

In the precious metals space, Dec gold is currently -1.0% at $1317.20/oz, Dec silver is -1.1% at $21.91/oz.DJ30 +44.12 NASDAQ -10.32 SP500 +0.60 NASDAQ Adv/Vol/Dec 1062/400.6 mln/1232 NYSE Adv/Vol/Dec 1363/125 mln/1410

10:00 am : The Dow (+0.4%) and S&P 500 (+0.2%) continue to hover near their highs while the Nasdaq (+0.1%) trades at its lowest level of the session.

The preliminary University of Michigan Consumer Sentiment report for September decreased to 76.8 from the August reading of 82.1. The Briefing.com consensus expected the reading to tick down to 82.0.

Separately, July business inventories rose 0.4%, which was above the 0.3% increase expected by the Briefing.com consensus. This follows the prior month's revised increase of 0.1%.DJ30 +63.28 NASDAQ +2.72 SP500 +3.59 NASDAQ Adv/Vol/Dec 1289/241.1 mln/899 NYSE Adv/Vol/Dec 1609/81.7 mln/1106

09:40 am : The S&P 500 trades higher by 0.2% after the major averages began the session with modest gains. All ten sectors opened in positive territory with a handful of countercyclical groups outperforming. Consumer staples, telecom services, and utilities are up between 0.4% and 0.8%.

Growth-sensitive sectors have been a bit more cautious so far as their performance ranges from unchanged (technology) to +0.2% (consumer discretionary and financials).

Treasuries have erased their overnight losses and the benchmark 10-yr yield is lower by one basis point at 2.91%.

The preliminary reading of the September Michigan Consumer Sentiment Survey and July business inventories will cross the wires at 9:55 ET and 10:00 ET, respectively.DJ30 +45.16 NASDAQ +5.16 SP500 +3.22 NASDAQ Adv/Vol/Dec 1360/131.3 mln/746 NYSE Adv/Vol/Dec 1651/51.9 mln/978

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +6.50. Following a relatively subdued overnight session, index futures signal slim gains at the opening bell. One item of note worth mentioning is a Nikkei news report suggesting President Obama will name Larry Summers as the new chairman of the Federal Reserve. The article quoted an anonymous source and White House officials have since denied that the president has made a final decision. While the final nomination remains a mystery, participants realize an announcement is likely to be made within the next few weeks.

In today's economic data, the retail sales and PPI reports conveyed a familiar message of modest growth and low inflation. August retail sales came in below expectations (0.2% v. 0.4% Briefing.com consensus), but the July reading was revised higher to reflect an increase of 0.4% (0.2% prior). Separately, total PPI jumped 0.3% (Briefing.com consensus 0.2%) while core PPI, which excludes food and energy, was flat (Briefing.com consensus 0.1%).

The preliminary reading of the September Michigan Consumer Sentiment Survey and July business inventories will cross the wires at 9:55 ET and 10:00 ET, respectively.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +8.00. The S&P 500 futures trade flat.

Most Asian bourses ended with modest losses but Japan's Nikkei outperformed with a slim gain of 0.1% after Prime Minister Shinzo Abe's cabinet office upgraded its economic assessment for the seventh time this year. Economic data was limited as Japan's industrial production rose 3.4% month-over-month (3.2% forecast, 3.2% prior) while capacity utilization increased 3.7% (-2.3% previous). Elsewhere, New Zealand's Business NZ PMI ticked down to 57.5 from 59.5 and FPI ticked down 0.5% month-over-month (0.5% prior). Also of note, Singaporean unemployment rate held steady at 2.1% and retail sales fell 7.8% year-over-year (-1.5% expected, -4.0% previous).

Japan's Nikkei added 0.1% as industrials outperformed. Amada and OKUMA gained 3.1% and 3.7%, respectively. Exporters lagged as Konica Minolta, Mitsubishi Motors, and Sharp lost between 2.1% and 4.4%.
In Hong Kong, the Hang Seng slipped 0.2% as energy names lagged. China Coal Energy and China Shenhua Energy both lost near 3.0%. Consumer names outperformed as China Resources Enterprise and Tingyi Cayman Islands Holdings gained 1.9% and 1.2%, respectively.
China's Shanghai Composite settled lower by 0.9% with shipping names leading to the downside. China Merchants Energy Shipping and China Shipping Container Lines both tumbled near 8.5% apiece.

Major European indices trade mixed as the relatively quiet session continues. In news of note, The Bank of Spain reported that its second quarter debt to GDP has climbed to a record level of 92.2%. Elsewhere, the German state of Bavaria will hold its election over the weekend ahead of the Federal vote scheduled for September 22. Economic data was limited as the Eurozone employment change came in at -0.1% (-0.2% expected, -0.4% prior) while the year-over-year reading fell 1.0% (-0.9% forecast, -1.0% previous). Also of note, Swiss PPI ticked up 0.2% month-over-month, as expected (0.0% prior).

Great Britain's FTSE is lower by 0.3% as miners lag. Anglo American, Antofagasta, BHP Billiton, and Glencore Xstrata are all down between 1.3% and 3.6%. Consumer names have displayed relative strength as Reckitt Benckiser Group and Tate & Lyle trade higher by 2.6% and 1.9%, respectively.
France's CAC is off 0.1%. Financials trade broadly lower with BNP Paribas, Credit Agricole, and Societe Generale down between 1.2% and 1.6%. Manufacturer of electrical equipment Legrand is the top performer as it holds a gain of 2.3%.
In Germany, the DAX is higher by 0.1%. Fresenius SE leads the way with a gain of 4.8% after the company agreed to purchase 43 hospitals from Rhoen-Klinikum for EUR3.07 billion. On the downside, software publisher SAP and apparel manufacturer Adidas are both down near 1.0%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +7.20. The S&P 500 futures continue to hover near their flat line.

August retail sales rose 0.2% while the Briefing.com consensus expected an uptick of 0.4%. The prior month's reading was revised up to reflect an increase of 0.4%. Excluding autos, retail sales increased 0.1% against the expectations of a 0.3% rise. Last month's reading was revised higher to 0.6% from 0.5%.

Separately, August producer prices ticked up 0.3%, which was hotter than the uptick of 0.2% forecast by the Briefing.com consensus. Core producer prices were unchanged while the Briefing.com consensus expected an increase of 0.2%.

07:55 am : [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +8.00. U.S. equity futures are little changed with the S&P 500 futures trading flat.

Looking at overnight developments:

Asian markets ended in mixed fashion. Japan's Nikkei +0.1%, Hong Kong's Hang Seng -0.2%, and China's Shanghai Composite -0.9%.
In regional economic data:
Japan's industrial production rose 3.4% month-over-month (3.2% forecast, 3.2% prior) while capacity utilization increased 3.7% (-2.3% previous).
New Zealand's Business NZ PMI ticked down to 57.5 from 59.5 and FPI ticked down 0.5% month-over-month (0.5% prior).
Singaporean unemployment rate held steady at 2.1% and retail sales fell 7.8% year-over-year (-1.5% expected, -4.0% previous).
Looking at news:
The Japanese cabinet office raised its economic assessment for the seventh time this year.

Major European indices are little changed. Germany's DAX +0.1%, France's CAC -0.1%, and Great Britain's FTSE -0.2%.
Economic data was limited:
Eurozone employment change came in at -0.1% (-0.2% expected, -0.4% prior) while the year-over-year reading fell 1.0% (-0.9% forecast, -1.0% previous).
Swiss PPI ticked up 0.2% month-over-month, as expected (0.0% prior).
In news:
The Bank of Spain reported that its second quarter debt to GDP has climbed to a record 92.2%.
The German state of Bavaria will hold its election over the weekend ahead of the Federal vote scheduled for September 22.

In U.S. corporate news:

Intel (INTC 23.05, +0.42) trades higher by 1.9% after Jefferies upgraded the stock to 'Buy' from 'Hold' and raised the price target to $30 from $27.

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.

07:04 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +5.00.

07:04 am : Nikkei...14404.67...+17.40...+0.10%. Hang Seng...22915.28...-38.40...-0.20%.

07:04 am : FTSE...6571.21...-17.80...-0.30%. DAX...8481.93...-13.40...-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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