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 Post subject: September 16th Monday Trade Results - Profit $2622.50
PostPosted: Tue Sep 17, 2013 6:59 am 
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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
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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 @ $2312.50 dollars or +46.25 points, Light Crude Oil CL ($CL_F) futures @ $310.00 dollars or +0.31 points, Gold GC ($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 @ $2622.50 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=1603

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.

S&P Near Record After Summers' Withdrawal

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

NEW YORK (CNNMoney)
The S&P 500 is once again close to a record high, as investors welcomed the withdrawal of Larry Summers from the race to become next chairman of the Federal Reserve.

The blue chip index rose 0.6% Monday, ending just below the 1,700 mark. Earlier in the day, the broad index was just a handful of points below its all-time peak of 1,709 from the beginning of August. The Dow Jones industrial average rose 0.8%, while the Nasdaq ended in the red, as a drop in shares of Apple weighed on the tech-heavy index.

Bond investors were elated too. The 10-year Treasury yield fell to 2.87% as investors rushed to buy long-term bonds. The dollar sold off against major currencies -- including the euro and the British pound.

Investors are excited at the prospect of top contender Janet Yellen taking over from current Fed chairman Ben Bernanke, since she is widely expected to pursue a similar policy of stimulating the economy to bring the unemployment rate down. Yellen is currently the Fed's vice chair.

There had been some concerns that Summers, who was widely viewed as the frontrunner for the top Fed job, would have been more aggressive at pulling back on the monetary stimulus measures that have been pumping cash into the system and supporting stock markets around the world.

"While Summers and Yellen are both doves who feel growth is a bigger risk than inflation, Yellen played a key part in designing the central bank's quantitative easing program and more recently, was a big advocate of forward guidance," said Kathy Lien, managing director at BK Asset Management.

* Video - No cruel Summers on Wall Street

Lien added that Summers may have caused more volatility for the markets due to "his unpredictability and potential for unscripted comments."

* Janet Yellen is again the frontrunner for Fed chair

Stocks continued to rally despite the fact that options trading was temporarily halted Monday afternoon at exchanges run by CBOE Holdings (CBOE), Nasdaq OMX (NDAQ), BATS Global Markets and Miami International Holdings due to issues at the Options Price Reporting Authority (OPRA), which provides trading data and price quotes.

While the halt didn't disrupt broader market trading, it's yet another black eye for the exchanges.

Saturday's announcement that the U.S. and Russia had created a framework to eliminate Syria's chemical weapons also lifted investors' mood.

The threat of imminent U.S.-led military strikes against Syria has now faded to the background, but it had caused a significant amount of market volatility and spikes in oil prices. The price of light crude oil is now easing.

The day's rally was broad, with nearly all ten sectors of the S&P 500 moving higher.

Housing stocks were among the biggest winners, with shares of Pulte Group (PHM), DR Horton (DHI), and Lennar (LEN) all up sharply.

Traders on StockTwits said investors may be betting on the group as Summers' decision to drop out from the Fed chief race could be good for the housing market. With Treasury yields falling, the hope is that mortgages rates might do the same.

SectorTrends: Home builders flying on Summers news, not waiting for FOMC minutes $DHI +4.8%, $KBH +4%, $LEN +4%, $MHO +5%, $RYL +5%, $TMHC +5% Bullish

* Why homebuilder stocks are a buy

But even though the entire market was moving higher, Apple (AAPL, Fortune 500) was a clear laggard. Shares tumbled more than 3% as investors continued to punish the stock after analysts were disappointed by the new iPhone 5S and iPhone 5C. Shares of Apple have declined more than 11% since the new iPhones were unveiled last week.

BullGuy: $AAPL I hope they have a secret announcement for new iPads, IWatch, or itv, investors are not satisfied.

CK315: $AAPL Expectations of new Iphones are unrealistic, Jobs presided over a time when smart phones were still in their infancy

AlohaTrades: $AAPL at this level, I hate being long, but would be more terrified at being short. All it takes is one sales number overnight . . . Bullish

Facebook (FB) shares also ended sharply lower, dropping more than 4%. The stock hit an all-time high last week.

On the economic front, manufacturing activity in New York unexpectedly slowed in September, according to report from the New York Federal Reserve. A separate report showed that industrial production rose the most in six months, although slightly slower pace than estimates, while capacity utilization grew in line with forecasts.

Image



4:10 pm : The S&P 500 added 0.6% after a pair of weekend headlines provided an opening boost to equities. Stocks began the session sharply higher after Larry Summers, who was thought to be the hawkish frontrunner, withdrew his name from consideration to be the next chairman of the Federal Reserve.

In addition, news that Russia and the United States have signed an agreement to decommission Syria's chemical weapons within a year also contributed to the early bid.

With Larry Summers becoming an afterthought in the Fed chair discussion, bonds and equities rallied while the dollar slipped. The benchmark 10-yr note was up close to a point before surrendering most of its gain into the close. The 10-yr yield ended lower by two basis points at 2.87%.

The intraday reversal in Treasuries may have reflected the market's expectation for a $10-$15 billion tapering announcement coming at Wednesday's FOMC press conference.

Nine of ten sectors finished in positive territory while the underperformance of technology (-0.3%) weighed on the Nasdaq. The largest tech stock, Apple (AAPL 450.12, -14.78), settled lower by 3.2% as sellers were in control throughout the session. High-beta chipmakers fared a bit better as the PHLX Semiconductor Index tacked on 0.4%.

Energy (+0.02%) and consumer discretionary (+0.4%) shares lagged while the remaining cyclical sectors outperformed. The energy space ended little changed as crude oil fell 2.0% to $106.08 per barrel after the agreement to dismantle Syria's chemical weapons reduced the likelihood of a military intervention.

Meanwhile, financials (+1.1%), industrials (+1.3%), and materials (+1.1%) held near their highs into the close. The industrial sector was a notable leader as just about all components posted gains. Dow member Boeing (BA 115.67, +4.34) surged 3.9% amid reports indicating the company is nearing a fighter jet deal with South Korea's government. Transports also displayed strength as the Dow Jones Transportation Average advanced 1.1%.

Countercyclical sectors ended mixed as consumer staples (+0.9%), health care (+0.8%), and telecom services (+0.8%) outperformed while utilities (+0.2%) lagged.

Participation was a bit on the light side as 655 million shares changed hands on the floor of the New York Stock Exchange.

With the budget debate heating up once again, President Obama spoke earlier today, reminding once again that he has no plans to negotiate over the debt ceiling.

In today's economic data, the Empire Manufacturing Survey for September registered a reading of 6.3, which was down from the prior month's reading of 8.2. Economists polled by Briefing.com had expected that the survey would improve to 9.0.

Separately, August industrial production increased 0.4% while the Briefing.com consensus expected an uptick of 0.5%. Capacity utilization hit 77.8%, which was in-line with the Briefing.com consensus.

Tomorrow, August CPI and core CPI will be reported at 8:30 ET while July net long-term TIC flows and the September NAHB Housing Market Index will be released at 9:00 ET and 10:00 ET, respectively.DJ30 +118.73 NASDAQ -4.34 SP500 +9.61 NASDAQ Adv/Vol/Dec 1372/1.50 bln/1138 NYSE Adv/Vol/Dec 2054/654.7 mln/954

3:40 pm : Commodities were mixed in afternoon action. Gold and silver slid lower in afternoon activity, crude oil sold off back below $107/barrel.

Copper has been consolidated this afternoon and natural gas hit a new HoD in recent action.

Crude oil spent the entire day in negative territory and fell as low as $106.14/barrel in morning trade. Heading into the close or pit trading, crude oil sold off and extended gains further minutes after pit trading closed, pulling Oct crude as low as $106.26/barrel. At the end of the pit session, Oct crude ended fell $1.64/barrel to $106.57/barrel.

Oct natural gas rallied higher earlier this morning and ended the day $0.06 higher at $3.74/MMBtu.

Precious metals gains today with Dec gold rising $9.50 to $1318.30/oz and Dec silver gaining $0.28 to $22.00/oz.DJ30 +103.71 NASDAQ -8.80 SP500 +7.69 NASDAQ Adv/Vol/Dec 1362/1267.4 mln/1154 NYSE Adv/Vol/Dec 2055/440 mln/927

3:00 pm : The S&P 500 trades higher by 0.6% as today's session enters its final hour. Larry Summers' withdrawal from consideration to be the next Fed chair fueled a Treasury bid while weighing on the dollar. Although Treasuries have surrendered most of their gain, the Dollar Index (81.26, -0.19) remains modestly lower.

This week's focus will remain on the Fed as tomorrow marks the start of the two-day Federal Open Market Committee meeting. On Wednesday, the FOMC will release its latest policy statement and many participants also expect Chairman Bernanke to announce a reduction in the size of the Fed's asset purchases.DJ30 +112.87 NASDAQ -4.22 SP500 +9.20 NASDAQ Adv/Vol/Dec 1375/1.12 bln/1139 NYSE Adv/Vol/Dec 2115/386.2 mln/878

2:25 pm : The major averages hold near their recent levels as today's quiet afternoon continues. Although the S&P 500 has retreated from its best level of the day, it continues to sport a solid gain of 0.7%.

Stocks spiked at the open in reaction to Larry Summers withdrawing his name from the running to lead the Federal Reserve. Similarly, Treasuries received significant buying interest this morning, but have been sliding from their highs throughout the afternoon. Currently, the benchmark 10-yr yield is lower by two basis points at 2.87% after trading near 2.78% earlier this morning.DJ30 +129.30 NASDAQ +1.78 SP500 +11.18 NASDAQ Adv/Vol/Dec 1479/997.9 mln/1034 NYSE Adv/Vol/Dec 2197/352.9 mln/764

2:00 pm : The S&P 500 has continued its retreat from the highs after President Obama reiterated that he has no plans to negotiate over the debt ceiling. While the benchmark index continues to hold a gain of 0.7%, the tech-heavy Nasdaq has slipped to its flat line.

Similarly, the tech sector now trades lower by 0.1%. Apple (AAPL 452.60, -12.30) has widened its loss to 2.6% and several large sector members hover in the red as well. EBay (EBAY 53.52, -0.30), Microsoft (MSFT 32.96, -0.07), and Qualcomm (QCOM 68.21, -0.37) are all down between 0.2% and 0.6%. Meanwhile, chipmakers continue to outperform as the PHLX Semiconductor Index trades higher by 0.6%.

Other cyclical sectors remain mixed as financials (+1.2%), industrials (+1.4%), and materials (+1.3%) outperform while energy (+0.3%) and discretionary shares (+0.5%) lag.DJ30 +125.98 NASDAQ +0.64 SP500 +10.95 NASDAQ Adv/Vol/Dec 1465/925.7 mln/1033 NYSE Adv/Vol/Dec 2239/327.4 mln/730

1:25 pm : It is still a day where buyers (or perhaps it's more like short sellers buying to cover their positions) are dictating the overall course of things. The Nasdaq, however, is underperforming the Dow and S&P on account of continued weakness in Apple (AAPL 454.95, -9.95) and a lackluster showing from the likes of Google (GOOG 889.04, -0.01), Amazon.com (AMZN 297.98, +0.06), and Netflix (NFLX 304.48, -1.17).

Blue chip averages have been propped up by the outperformance of the financial (+1.4%) and industrials (+1.5%) sectors.

Strikingly, the Treasury market has been in a slow fade after registering strong gains on the news Larry Summers withdrew his name from consideration for Fed chairman. After gaining close to a point earlier, the 10-yr note is now up just eight ticks, leaving its yield at 2.86%.

In the last half hour, President Obama concluded a speech in which he briefly addressed today's shooting tragedy at the Washington Naval Yard and the diplomatic progress over Syria. The bulk of his time (as previously planned) was spent talking about the progress the economy has made since the financial crisis started five years ago with the Lehman Bros. bankruptcy. The president also took the occasion to send a political reminder to Republicans that he won't be negotiating over the debt ceiling. Since doing so, the major averages have drifted off their highs for the session.DJ30 +144.42 NASDAQ +8.80 SP500 +13.39 NASDAQ Adv/Vol/Dec 1593/840 mln/916 NYSE Adv/Vol/Dec 2341/298 mln/631

12:55 pm : At midday, the S&P 500 trades higher by 0.9%.

Stocks began the session with sharp gains after weekend reports indicated that Larry Summers has withdrawn his name from the race to become the next chairman of the Federal Reserve. Mr. Summers made his decision due to worries about not being able to make it through the confirmation process, and with the favorite now out of the race, many expect current vice-chair Janet Yellen to receive the nod.

Since Mr. Summers was believed to favor somewhat hawkish policy, his withdrawal from the race sparked a bid in bonds and global equities at the expense of the dollar. The Treasury complex continues to hold solid gains with the benchmark 10-yr yield lower by five basis points at 2.84%. Meanwhile, the Dollar Index is lower by 0.3% at 81.21.

Also of note, Russia and the United States have signed an agreement to dismantle Syria's chemical weapons by the middle of next year. Crude oil retreated in reaction to the news, and it currently trades down 1.1% at $107.01 per barrel.

All three major averages began the session with gains close to 1.0%; however, the Nasdaq surrendered more than half of its advance during the opening hour. The index has been pressured by Apple (AAPL 454.44, -10.46), the largest sector component, which trades lower by 2.3%.

Outside of technology, telecom services (+0.5%), energy (+0.5%), and discretionary shares (+0.8%) are the only laggards.

The remaining sectors hold gains between 1.0% and 1.6% with industrials in the lead. The growth-sensitive sector has benefitted from all-around strength. Dow component Boeing (BA 115.54, +4.32) sports a gain of 3.9% after reports indicated the company is nearing a fighter jet deal with South Korea. Transportation companies are also among the outperformers as the Dow Jones Transportation Average trades higher by 1.5%.

In today's economic data, the Empire Manufacturing Survey for September registered a reading of 6.3, which was down from the prior month's reading of 8.2. Economists polled by Briefing.com had expected that the survey would improve to 9.0.

Separately, August industrial production increased 0.4% while the Briefing.com consensus expected an uptick of 0.5%. Capacity utilization hit 77.8%, which was in-line with the Briefing.com consensus.DJ30 +157.27 NASDAQ +9.04 SP500 +14.71 NASDAQ Adv/Vol/Dec 1607/785.8 mln/882 NYSE Adv/Vol/Dec 2375/278.7 mln/603

12:25 pm : The S&P 500 (+1.0%) has climbed to a fresh high while the Nasdaq (+0.4%) and Russell 2000 (+0.7%) continue to underperform.

Sector standing remains little changed as industrials (+1.6%), materials (+1.5%), and financials (+1.5%) continue to provide leadership. Notably, the industrial sector has received all-around support. Two of the largest sector components, General Electric (GE 24.20, +0.41) and Boeing (BA 115.21, +3.88) outperform with respective gains of 1.7% and 3.5% with Boeing receiving an extra boost from reports indicating the company is nearing a fighter jet deal with South Korea.

Transportation-related names have also shown strength as the Dow Jones Transportation Average trades higher by 1.5%.DJ30 +171.31 NASDAQ +13.96 SP500 +16.50 NASDAQ Adv/Vol/Dec 1643/722.3 mln/849 NYSE Adv/Vol/Dec 2428/257.2 mln/525

11:55 am : The major averages continue to hold their recent levels with the Dow Jones (+1.1%) pacing the advance. The price-weighted index has outperformed since the open as 29 of 30 components register gains. The lone decliner, Hewlett-Packard (HPQ 21.89, -0.18), is a member of the tech sector, which underperforms with a slim gain of just 0.2%.

Most other tech stocks in the Dow also trail behind the broader market as Cisco Systems (CSCO 24.36, +0.04), Intel (INTC 23.51, +0.07), and Microsoft (MSFT 33.21, +0.17) sport modest gains between 0.1% and 0.5%. However, the largest index member, IBM (IBM 194.07, +1.90), trades higher by 1.0%.DJ30 +154.81 NASDAQ +13.79 SP500 +15.10 NASDAQ Adv/Vol/Dec 1615/644.9 mln/853 NYSE Adv/Vol/Dec 2408/231.9 mln/544

11:25 am : Little change has taken place during the past 30 minutes as the S&P 500 trades just two points below its best level of the day. The benchmark index received an opening boost after a pair of weekend headlines lured investors into risk assets.

The news of an agreement between the U.S. and Russia to decommission Syrian chemical weapons by the middle of next year pressured oil prices while also lowering the likelihood of military action against the Middle Eastern country. Currently, crude oil trades lower by 1.2% at $106.93 per barrel. The risk-on sentiment was solidified after Larry Summers, who was portrayed as hawkish, removed his name from consideration to be the next Fed chair.

Although the new Fed chair is not expected to be announced in the immediate-term, investors will be looking to the central bank on Wednesday when many expect Chairman Bernanke to announce a reduction to the size of the Fed's asset purchases.DJ30 +158.93 NASDAQ +13.68 SP500 +14.44 NASDAQ Adv/Vol/Dec 1576/565.3 mln/865 NYSE Adv/Vol/Dec 2382/204.9 mln/548

11:00 am : The major averages continue to hold their levels as the Dow and S&P 500 hover just below their highs while the Nasdaq (+0.3%) continues to lag. Similar to the Nasdaq, small caps trail behind the broader market as the Russell 2000 trades higher by 0.6%.

The Nasdaq has been pressured by Apple (AAPL 454.04, -10.86) since the start of the session, and the underperformance of the largest tech stock has spilled over to some other major sector components. Google (GOOG 888.37, -0.70), Facebook (FB 43.82, -0.49), and Qualcomm (QCOM 68.28, -0.30) are all down between 0.1% and 1.1%.

Biotech companies have also weighed on the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 207.87, +0.37) trades higher by 0.2% after being up 1.9% at the start of the session.DJ30 +154.51 NASDAQ +9.30 SP500 +13.03 NASDAQ Adv/Vol/Dec 1594/473.2 mln/818 NYSE Adv/Vol/Dec 2391/176.2 mln/515

10:30 am : Commodities and U.S.markets are higher this morning after Lawrence Summers pulled his name out of consideration to head the Federal Reserve. Mr. Summers' withdrawal leaves Fed Vice Chair Janet Yellen as the favorite to take over the helm of the central bank, and that has investors hopeful as she is seen as the most likely to carry out current Fed policy.

Crude oil is lower following a deal with Syria, while on the other hand, natural gas futures gained buying interest shortly before the opening on floor trading and rallied to a new session high.

In current action, Oct crude oil is -1.1% at $106.98/barrel and Oct nat gas is +1.1% at $3.72/MMBtu.

Precious metals were sliding lower during the overnight/early morning session, but popped when floor trading opened and have extended gains since. Currently, Dec gold is +0.9% at $1320.40/oz and Dec silver is +1.7% at $22.10/oz. DJ30 +162.34 NASDAQ +15.02 SP500 +14.31 NASDAQ Adv/Vol/Dec 1724/370.2 mln/645 NYSE Adv/Vol/Dec 2516/146 mln/375

10:00 am : The Dow and S&P 500 continue to hover near their opening highs while the Nasdaq remains pressured by Apple (AAPL 455.80, -9.10). Outside of energy (+0.4%) and technology (+0.3%), all remaining sectors trade ahead of the broader market.

With Treasuries trading sharply higher, the retreat in yields has provided support to rate-sensitive countercyclical sectors. Consumer staples and telecom services are both up near 1.1% while utilities and health care trade in-line with the S&P.

Given its current levels, the benchmark index trades just 0.5% below its all-time high of 1709.67.DJ30 +13.99 NASDAQ +16.49 SP500 +12.53 NASDAQ Adv/Vol/Dec 1711/202.8 mln/602 NYSE Adv/Vol/Dec 2537/98.3 mln/302

09:40 am : The major averages began the session with solid gains after weekend news indicating Larry Summers has withdrawn his name from the Fed chair race invited an early risk bid. The S&P 500 trades higher by 0.9% as all ten sectors trade with gains.

Notably, the technology (+0.6%) space has underperformed in early action as the largest sector component, Apple (AAPL 459.10, -5.80), trades lower by 1.3%. Meanwhile, other top components trade broadly higher.

In addition to technology, the energy sector (+0.4%) also lags as crude oil holds a loss of 1.2% at $106.96 per barrel. The energy component has been pressured by the joint U.S.-Russian agreement to dismantle Syria's chemical weapons by the middle of next year.

Treasuries are on their highs with the benchmark 10-yr yield lower by 10 basis points at 2.79%.DJ30 +133.31 NASDAQ +28.38 SP500 +14.92 NASDAQ Adv/Vol/Dec 1836/90.8 mln/416 NYSE Adv/Vol/Dec 2616/63.3 mln/190

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +18.00. Nasdaq futures vs fair value: +26.70. The major averages are poised to register sharp gains at the start of today's session. The S&P 500 futures trade higher by 1.0% with the bulk of the advance coming after it was reported that Larry Summers has taken his name out of consideration to be the next chairman of the Federal Reserve. Mr. Summers made his decision due to worries about not being able to make it through the confirmation process. With the favorite out of the race, many expect Janet Yellen to receive the nod.

Since Mr. Summers was rumored to favor somewhat hawkish policy, his withdrawal from the race sparked a bid in bonds and global equities. Currently, the benchmark 10-yr yield is lower by eight basis points at 2.80% and the Dollar Index is lower by 0.6% (81.00, -0.45).

Also of note, Russia and the United States have signed an agreement to dismantle Syria's chemical weapons by the middle of next year. Crude oil has retreated in reaction to the news and it currently trades lower by 1.8% at $106.31 per barrel.

In today's economic data, the Empire Manufacturing Survey for September registered a reading of 6.3, which was down from the prior month's reading of 8.2 and below the 9.0 expected by the Briefing.com consensus.

Just reported, August industrial production increased 0.4% while the Briefing.com consensus expected an uptick of 0.5%. Meanwhile, capacity utilization hit 77.8%, which was in-line with the Briefing.com consensus.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +216.80. Nasdaq futures vs fair value: +25.20. The S&P 500 futures trade higher by 1.0%.

Asian markets ended mostly higher except for China's Shanghai Composite and Japan's Nikkei. The Shanghai Composite shed 0.2% and Japan's Nikkei was closed in observance of Respect for the Aged Day. Among news of note, the approval rating of Prime Minister Shinzo Abe's cabinet increased to 61.8% from 57.7%. Regional economic data was limited. South Korea's trade surplus narrowed to $4.85 billion from $4.92 billion, India's WPI rose 6.1% year-over-year (5.8% expected, 5.8% prior), and New Zealand's Westpac Consumer Sentiment ticked down to 115.4 from 116.6.

In Japan, the Nikkei was closed.
Hong Kong's Hang Seng advanced 1.5% as internet and gaming names led the way. Galaxy Entertainment, Tencent Holdings, and Sands China gained between 2.5% and 5.7%.
In China, the Shanghai Composite slipped 0.2% following a choppy session. Industrials lagged with Anhui Expressway and China Shipping Container Lines down 6.2% and 4.5%, respectively.

Major European indices trade near their best levels of the day with Germany's DAX (+1.3%) in the lead after the Christian Social Union won an absolute majority in the Bavarian election. The victory sets up the potential for the CDU-CSU coalition to remain in power after next weekend's nationwide vote. Also of note, the Free Voters (FW) party, which opposes EU-wide bailouts, took 8.5% of the vote, which could make the party a factor in coalition talks. Economic data was limited. Eurozone CPI ticked up 0.1% month-over-month and 1.3% year-over-year, as expected. In addition, the Labor Cost Index came in at 0.9% (1.7% previous) and core CPI increased 1.1% year-over-year, in-line with expectations. Italian trade surplus expanded to EUR5.95 billion (EUR4.13 billion expected, EUR3.62 billion prior) while the trade balance within the EU widened to EUR3.15 billion from EUR1.19 billion.

Great Britain's FTSE trades up 0.8% as financials outperform. Prudential and Standard Life are higher by 2.5% and 2.9%, respectively. On the downside, miner Fresnillo has plunged 12.8%.
In France, the CAC holds a gain of 0.8% as growth-sensitive names pace the advance. Lafarge and Schneider Electric are both up near 2.5%. Telecom name Orange leads to the downside with a loss of 1.2%.
Germany's DAX is higher by 1.2% as 27 of 30 components register gains. Drug makers Bayer and Merck are among the leaders with respective advances of 2.0% and 4.2% while apparel manufacturer Adidas lags with a loss of 1.1%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +17.50. Nasdaq futures vs fair value: +28.00. The S&P 500 futures trade higher by 1.0%.

The Empire Manufacturing Survey for September registered a reading of 6.3, which was down from the prior month's reading of 8.2. Economists polled by Briefing.com had expected that the survey would improve to 9.0.

07:56 am : [BRIEFING.COM] S&P futures vs fair value: +18.40. Nasdaq futures vs fair value: +32.70. U.S. equity futures trade sharply higher with the S&P 500 futures up 1.0%. Futures spiked at the start of the Asian session after it was reported that Larry Summers has withdrawn his name from consideration to be the next chairman of the Federal Reserve. Since Mr. Summers was thought to be a hawkish candidate (compared to Janet Yellen), his withdrawal from the race has sparked demand for equities and Treasuries at the expense of the dollar. The benchmark 10-yr yield is lower by eight basis points at 2.80% and the Dollar Index trades lower by 0.4% (81.14, -0.31).

Looking at overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.2%, Hong Kong's Hang Seng +1.5%, and Japan's Nikkei was closed for Respect for the Aged Day.
In regional economic data:
South Korea's trade surplus narrowed to $4.85 billion from $4.92 billion.
India's WPI rose 6.1% year-over-year (5.8% expected, 5.8% prior). New Zealand's Westpac Consumer Sentiment ticked down to 115.4 from 116.6.
In news:
In Japan, the approval rating of Prime Minister Shinzo Abe's cabinet increased to 61.8% from 57.7%.

Major European indices trade near their best levels of the day. Great Britain's FTSE +0.9%, France's CAC +0.9%, and Germany's DAX +1.3%.
Economic data was limited:
Eurozone CPI ticked up 0.1% month-over-month and 1.3% year-over-year, as expected. In addition, the Labor Cost Index came in at 0.9% (1.7% previous) and core CPI increased 1.1% year-over-year, in-line with expectations.
Italian trade surplus expanded to EUR5.95 billion (EUR4.13 billion expected, EUR3.62 billion prior) while the trade balance within the EU widened to EUR3.15 billion from EUR1.19 billion.
Looking at news:
In Germany, the Christian Social Union party has won an absolute majority in the Bavarian election. The victory sets up the potential for the CDU-CSU coalition to remain in power after next weekend's nationwide vote. Also of note, the Free Voters (FW) party, which opposes EU-wide bailouts, took 8.5% of the vote, which could make the party a factor in coalition talks.

In U.S. corporate news:

Boise (BZ 12.54, +2.58) is +26.2% after agreeing to be acquired by Packaging Corporation of America (PKG 60.03, +5.48) for $12.55 per share.

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.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: +19.00. Nasdaq futures vs fair value: +35.00.

06:51 am : Nikkei...Holiday......... Hang Seng...23352.41...+337.10...+1.50%.

06:51 am : FTSE...6638.94...+50.00...+0.80%. DAX...8610.07...+100.70...+1.20%.

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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