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 Post subject: September 17th Tuesday Trade Results - Profit $875.00
PostPosted: Wed Sep 18, 2013 7:51 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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $875.00 dollars or +17.50 points, Light Crude Oil CL ($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 @ $875.00 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=1604

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 Continue Sweet September Ahead of Fed

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

NEW YORK (CNNMoney)
It's been a sweet September for stocks, and the rally continued Tuesday even as the dreaded "taper" looms.

The Federal Reserve's policy committee will start a two-day meeting today. And this one is particularly significant. The central bank could announce Wednesday that it will finally slow the pace of its $85 billion in monthly purchases of Treasury bonds and mortgage-backed securities.

The Fed has said that it will begin to "taper" its quantitative easing program sometime this year, and the beginning of 2014 is drawing near. Investors had been concerned earlier this summer about the impact that scaling back this massive program will have on stocks and bond yields.

But investors appear to be shrugging off those worries for now. The Dow Jones industrial average, the S&P 500 and Nasdaq all ended the day with gains. The S&P closed within just five points of a record high.

* The taper is coming. Get over it

What's moving: Shares of Microsoft (MSFT, Fortune 500) rose after the company boosted its dividend by 22% and announced a $40 billion share buyback plan.

Pandora (P) shares jumped 5%, recovering from an initial slump after the company said it would sell more shares through a secondary offering.

StockTwits user rknigh2 pointed out the difference in the market's treatment of each company's news: "$MSFT 40 billion buyback... down from highs. $P announces stock offering, trading near ATH. Hmmmm..."

In other buyback news, Herbalife (HLF) surged almost 4% after a D.A. Davidson analyst said the company could announce its own large buyback in the next several weeks.

Meanwhile, airline stocks rose after JPMorgan upgraded both Delta (DAL, Fortune 500) and U.S. Airways (LCC, Fortune 500) to overweight from neutral. Shares of Southwest (LUV, Fortune 500), JetBlue (JBLU) and Alaska Air (ALK) also got a boost from the upgrade.

Safeway (SWY, Fortune 500) was a big gainer, surging 10.5% after the company adopted a "poison pill" plan to avoid a hostile takeover. Hedge fund Jana Partners disclosed Tuesday afternoon that it bought a 6.2% stake in the supermarket owner.

Facebook (FB) shares surged 6%, snapping a three-day slump. The company's shares began to slip after it hit an all-time high last week and social media rival Twitter filed for an initial public offering.

Shares of Outerwall (OUTR), the company known until recently as Coinstar, plummeted almost 12% after it slashed its guidance for the current fiscal quarter. The company's Redbox DVD rentals were weaker than expected in the summer.

"Oh you're telling me that Redbox isn't doing well, that people aren't renting DVDs from a box on the street, no way! #facepalm $OUTR," StockTwits user LDrogen wrote.

On the economic front, the Consumer Price Index rose just 0.1% in August, a sign that inflation remains tame.

In world market news, all major European markets closed lower. The weak performance was due in part to a fall in European monthly car sales in August. Shares in Fiat (FIADF) and Volkswagen (VLKAF) were down by roughly 1%. Asian markets also ended lower. The Shanghai Composite index was the biggest loser, suffering a 2.1% drop.

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4:25 pm : There wasn't much to be said about the trading action in the stock market on Tuesday because there wasn't a whole lot of trading action. Volume at the NYSE totaled a piddly 577 mln shares versus an average of 661 mln shares. The light volume reflected a wait-and-see mindset ahead of Wednesday's highly-anticipated announcement from the FOMC on whether it has decided to begin curtailing its asset purchase program.

It is only fitting perhaps that the S&P 500 sits on the cusp of a new all-time high just as the Fed is presumably on the cusp of cutting back on its asset purchases. Some believe the market is only where it is because of the Fed's asset purchase program. Accordingly, a decision on Wednesday to cut back on its asset purchases will provide a good signpost in the future for determining just how well the stock market and the economy were able to handle a Fed tapering.

Today, it was pretty much steady as she goes. Bolstered by the news that Microsoft (MSFT 32.93, +0.13) is raising its quarterly dividend by 22% to $0.28 per share and is replacing a prior $40 bln share repurchase program that was set to expire at the end of the month with a new one, the S&P 500 recorded its tenth gain in the last eleven sessions.

Most of the gains were achieved shortly after the start of trading. From about 10:00 a.m. ET on, the S&P 500 vacillated in a two-point range between 1703 and 1705, making small forays below and above those respective levels. The S&P 500 settled the day just below 1705.

Big moves today were limited to individual stocks like Apple (AAPL 455.32, +5.20), which jumped 1.2% on a bargain hunting bid and assumptions that it may soon follow Microsoft's lead in announcing an increased return of capital to shareholders. Facebook (FB 45.07, +2.56) also outperformed on little news but strong volume.

Not surprisingly, with Microsoft, Apple, and Facebook all pushing higher, the tech sector (+0.6%) was a pillar of support throughout today's trading. The industrials (+0.6%), consumer discretionary (+0.6%), and utilities (+0.6%) sectors also fared well. In fact, every sector, with the exception of the basic materials sector (-0.3%), which was pressured by a weak showing from the paper and packaging stocks, ended the day higher.

The S&P 500 ended the session just shy of its best levels of the day. The same can be said for the CBOE Volatility Index (14.54, +0.16) as investors placed their bets that volatility will be picking up in the near term.

Commodities were pretty much weak across the board. Per usual, the performance of oil ($105.49, -$1.10) and gold ($1310.00, -$7.80) caught most of the market's attention. Their weakness was considered by some to be a harbinger of a Fed tapering announcement since it is presumed that a tapering will help keep inflation pressures at bay.

On that note, the Consumer Price Index for August didn't reveal any worrisome inflation signals. Total CPI and core CPI, which excludes food and energy, both rose just 0.1% from July. Over the last 12 months, total CPI is up 1.5% while core CPI is up 1.8%. That is below the 2.0% rate of increase seen for each in September 2012 when the Fed announced QE3.

The other piece of economic news today showed homebuilder confidence held pretty steady in September. The NAHB Housing Market index checked in at 58 (Briefing.com consensus 59) versus 59 for August.

The FOMC decision and the Fed's updated economic projections will be released at 2:00 p.m. ET on Wednesday. Fed Chairman Bernanke's press conference will follow at 2:30 p.m. ET. What the chairman communicates at that press conference is arguably more important than what is said in the directive.
DJ30 +34.95 NASDAQ +27.85 SP500 +7.16 NASDAQ Adv/Vol/Dec 1707/1.46 bln/801 NYSE Adv/Vol/Dec 2020/577 mln/988

3:30 pm : Precious metals fell ahead of tomorrow's FOMC announcement where Chairman Bernanke is expected to announce a reduction in the size of the Fed's asset purchases in the amount of ~ $10-15 bln. Dec gold pulled back from its session high of $1320.70 per ounce and brushed a session low of $1305.80 per ounce. It remained in the red and settled with a 0.7% loss at $1309.00 per ounce. Dec silver dipped as low as $21.64 per ounce in early morning pit trade. It settled at $21.78 per ounce, or 1.0% lower.

Oct crude oil extended losses for a third consecutive session despite a weaker dollar index. The energy component dipped below the $105.00 per barrel level in afternoon pit trade after pulling back from a session high of $105.98 per barrel. It closed with a 1.1% loss at $105.39 per barrel.

Oct natural gas briefly dipped into negative territory after touching a session high of $3.78 per MMBtu at pit trade open. Unable to gain much momentum, it settled unchanged at $3.74 per MMBtu.DJ30 +38.81 NASDAQ +28.37 SP500 +7.09 NASDAQ Adv/Vol/Dec 1693/1.20 bln/827 NYSE Adv/Vol/Dec 1971/368.1 mln/1006

3:00 pm : For most of the morning, the S&P 500 traded between 1703 and 1704. For most of the afternoon, it has traded between 1704 and 1705. The only thing that is certain at this point is that it has traded in a narrow range. Where things end (i.e. above 1705 or below) is anybody's guess and at the whim of a thinly-traded market.

The latter thought aside, it is perhaps only fitting that the S&P is on the cusp of its all-time high just as the Fed is presumably on the cusp of cutting back on its asset purchases. Some believe the market is only at all-time highs because of the Fed's asset purchase program. A decision tomorrow to cut back on its asset purchases will provide a good signpost in the future to determine just how well the stock market was able to handle a Fed tapering.

So far, so good. The S&P 500 ran to a new all-time high after Fed Chairman Bernanke first floated the idea of a tapering in May.DJ30 +40.40 NASDAQ +27.60 SP500 +7.42 NASDAQ Adv/Vol/Dec 1644/1.10 bln/862 NYSE Adv/Vol/Dec 1934/335 mln/1041

2:30 pm : An interesting dynamic is at work today in that the S&P 500 moved to its best levels of the day at the same time the CBOE Volatility Index (14.58, +0.20) did as well. The latter is euphemistically referred to as the "fear gauge," but it is simply a measure of the expected movement in the S&P 500 over the next 30 days. That doesn't always mean a down movement either.

The CBOE Volatility Index has been trending lower during the September rally. In fact, it is down nearly 15% since the end of August. With the FOMC decision, and the debates on the budget and debt ceiling, potential market-moving items, it is understandable that some traders today would be looking to add some portfolio protection at a reasonably attractive price.

Separately, 1705 continues to be the line in the trading sand for the S&P 500 today.DJ30 +38.94 NASDAQ +27.67 SP500 +7.14

2:00 pm : The market took another stab at raising the bar as it flirted with 1705. Like before, though, it ran into difficulty clearing that level and the bar remains in place (for now).

The tech sector (+0.7%) has been today's winning standout and is helping to press the case today for a run to the prior all-time high.

The Dow Jones Industrial Average has trailed the action, held back by weakness in IBM (IBM 192.07, -1.08), UnitedHealth (UNH 74.30, -0.82), and Caterpillar (CAT 87.14, -0.04).DJ30 +44.65 NASDAQ +26.33 SP500 +7.35 NASDAQ Adv/Vol/Dec 1565/922 mln/896 NYSE Adv/Vol/Dec 1893/282 mln/1065

1:30 pm : In the last 30 minutes the S&P 500 made a foray above 1705 (the new high for today is 1705.24), but it ran out of steam as quickly as it gained steam in making the breakout attempt.

Sellers, however, haven't seized the opportunity to jump on the failed breakout effort. At its current level, the S&P 500 sits less than six points away from the all-time nominal high of 1709.67 that was reached on August 2.

Presumably, what the FOMC says tomorrow will dictate whether the market is able to establish a new high in the near term.

Our Chief Market Analyst, Patrick J. O'Hare, previews our expectations for the Fed decision in The Big Picture column on Briefing.com this week, Federal Reserve Ready To Act with Its Comedy-Tragedy Mask.DJ30 +47.46 NASDAQ +23.99 SP500 +6.84 NASDAQ Adv/Vol/Dec 1521/849 mln/918 NYSE Adv/Vol/Dec 1850/261 mln/1085

12:55 pm : There hasn't been a great deal of excitement today as participants have held their fire for the most part in front of tomorrow's FOMC decision. After an early bump at the start of trading that was helped by the news that Microsoft (MSFT 33.01, +0.20) will raise its quarterly dividend 22% to $0.28 per share and institute a new $40 bln share buyback program, the major indices quickly settled into a narrow trading range.

Like yesterday, the S&P 500's advance ran out of steam just shy of the 1705 level, but unlike yesterday, Apple (AAPL 458.01, +7.89) has not been a weight on the broader market. On the contrary, it has helped prop things up and is a big reason why the information technology sector (+0.6%) is the best-performing sector in today's market.

There hasn't been any news to account for Apple's reversal, but two factors seem to be at work: (1) some bargain hunting after the stock dropped nearly 12% in the last five sessions and (2) an assumption that it will follow Microsoft's lead and return more capital to shareholders.

Big moves today have been reserved for individual stocks. To that end, there isn't a single economic sector that is up, or down, at least 1.0% at this juncture. Today's laggards are the basic materials (-0.4%) and the health care (-0.1%) sectors, which aren't all that weak.

A downturn in a number of paper and packaging stocks is weighing the heaviest on the materials sector.

Commodity prices are also on the weak side of things, with the ongoing declines in crude oil ($105.19, -1.40) and gold prices ($1309.10, -$8.70) drawing the most attention. Some are viewing their ongoing weakness as a harbinger of the Fed making a tapering announcement tomorrow as a move to cut back asset purchases would presumably be a step in the right direction for keeping inflation pressures at bay.

On that note, the Consumer Price Index for August showed that inflation pressures remain at bay. Total CPI and core CPI, which excludes food and energy, both rose 0.1% in August. On a year-over-basis, total CPI is up just 1.5% while core CPI is up 1.8%. That is below the Fed's 2.0% inflation target and, notably, below the 2.0% rate for each seen in September 2012 when the Fed announced QE3.

Not surprisingly, trading volume is on the light side so far with just 235 mln shares traded at the NYSE.
DJ30 +46.73 NASDAQ +22.75 SP500 +6.49 NASDAQ Adv/Vol/Dec 1482/774 mln/939 NYSE Adv/Vol/Dec 1798/235 mln/1124

12:30 pm : 1705 on the S&P 500 isn't happening -- at least not yet anyway. For the second day in a row, the S&P 500 got off to a favorable start only to run into resistance at the 1705 level.

Yesterday, the intraday high on the S&P 500 was 1704.95. Today, the intraday high so far has been 1704.34. That high was reached shortly after 10:30 a.m. ET, but the market has pretty much drifted sideways ever since.

Similarly, the Treasury market has moved in a fairly tight trading range. Notwithstanding the consensus view that the Fed will say tomorrow that it plans to cut its asset purchases by $10-15 bln, the 10-yr note is up five ticks today, lowering its yield to 2.85%. That is down from 2.97% on September 10, but up nine basis points since the end of August.

A CPI report for August that suggested inflation pressures remain tame has provided a measure of support in the Treasury trade. DJ30 +40.35 NASDAQ +21.37 SP500 +5.90 NASDAQ Adv/Vol/Dec 1477/715 mln/941 NYSE Adv/Vol/Dec 1790/217 mln/1118

12:00 pm : Not much change since the last update as the major indices continue to move in tight trading ranges.

Looking beyond the stock market, commodities are on the weak side of things today. Crude oil ($105.76, -0.83) continues to slide as participants extract the fear premium related to the Syrian situation. Gold prices ($1309.90, -$7.90), meanwhile, continue to drop in a trade bereft of inflation concerns. Gold prices have fallen $103.00/oz, or 7.2%, since August 29.

The drop in oil prices, however, hasn't led to a concurrent drop today in the energy sector (+0.6%), which is outperforming the broader market.
DJ30 +45.66 NASDAQ +20.25 SP500 +5.75 NASDAQ Adv/Vol/Dec 1471/651 mln/915 NYSE Adv/Vol/Dec 1787/198 mln/1093

11:30 am : The market had a little wind at its back at the start of trading and then it hit the doldrums. To that end, the S&P 500 has vacillated in a one-point trading range for the better part of the last 90 minutes.

With the highly anticipated FOMC decision tomorrow at 2:00 p.m. ET, it is understandable that participants are playing things pretty close to the vest at the moment. That hasn't been the case so far this month, however, as the trump card to the August sell-off has been played.

Including today's action, the S&P 500 is up 4.3% month-to-date, led by a 6.5% surge in the industrials sector, a 5.4% gain in the consumer discretionary sector, a 5.2% increase in the financials sector, and a 5.1% jump in the basic materials sector. That confluence of leadership leaves little doubt that market participants are buying into the idea that economic growth will accelerate in coming months.

The direction of interest rates following the FOMC decision could potentially change that assessment, but for the moment, it appears that the economic glass is being viewed as half full. DJ30 +41.66 NASDAQ +22.47 SP500 +6.18 NASDAQ Adv/Vol/Dec 1511/569 mln/854 NYSE Adv/Vol/Dec 1807/172 mln/1070

11:00 am : The major indices continue to hold modest gains. In a reversal from yesterday, the Nasdaq is outperforming the Dow and the S&P 500, helped by Apple's (AAPL 458.93, +8.81) reversal from yesterday's weakness and gains in Microsoft (MSFT 33.04, +0.24).

There aren't any big sector movers at this point on either the winning side of things or the losing side. The biggest mover is the information technology sector (+0.6%), which is getting some help from Microsoft, which announced today that it is raising its quarterly dividend by 22% to $0.28 per share and instituting a new $40 bln share repurchase program.

In other developments, the Congressional Budget Office released its long-term budget projections, noting it expects the budget deficit to shrink to 2.0% of GDP in 2015 but then expand to 3.5% by 2023. Due largely to higher spending for health programs and Social Security, it estimates the deficit will rise as high as 6.4% of GDP by 2038.
DJ30 +36.71 NASDAQ +19.34 SP500 +5.55 NASDAQ Adv/Vol/Dec 1485/483 mln/842 NYSE Adv/Vol/Dec 1818/147 mln/1044

10:30 am : Crude oil continues to extend losses from yesterday and fell as low as $105.59/barrel (Oct contract) overnight.

Twice in recent trade, crude oil fell back neat that LoD at $105.62/barrel. So far, crude oil has been in the red all day and is now -0.9% at $105.66/barrel.

Precious metals are trading in the red today. Gold just sold off this morning and in recent trade, gold extended losses and just hit a new LoD a few moment ago. Dec gold is now -0.7% at $1308.90/oz and Dec silver is -1.0% $21.79/oz.

Natural gas futures have spent almost all session in positive territory today. The energy component rallied earlier this morning and rose as high as $3.78/MMBtu. Oct nat gas is now +0.4% at $3.75/MMBtu.DJ30 +51.09 NASDAQ +16.07 SP500 +6.06 NASDAQ Adv/Vol/Dec 1360/359.5 mln/895 NYSE Adv/Vol/Dec 1776/114 mln/1017

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

The technology sector (+0.4%) has been joined by energy (+0.4%) and consumer discretionary shares (+0.4%) at the top of today's leaderboard.

Just reported, the September NAHB Housing Market Index was unchanged at 58. Today's report was below the 59 expected by the Briefing.com consensus.DJ30 +45.25 NASDAQ +10.62 SP500 +4.37 NASDAQ Adv/Vol/Dec 1222/238.8 mln/985 NYSE Adv/Vol/Dec 1624/83.7 mln/1116

09:40 am : As expected, the major averages began the session with modest gains. The S&P 500 has climbed above the 1,700 level, which puts the benchmark index less than 10 points below its all-time high of 1709.67 registered on August 2.

Nine of ten sectors currently trade with gains between 0.1% and 0.5%. Technology (+0.3%) and utilities (+0.4%) are among the early outperformers after finishing yesterday's session at the bottom of the leaderboard. Meanwhile, three of yesterday's leaders-financials (+0.1%), industrials (unch), and materials (-0.2%)-underperform.

Treasuries have received a modest overnight bid as the 10-yr note trades higher by four ticks with its yield down two basis point at 2.85%.DJ30 +34.83 NASDAQ +8.55 SP500 +3.39 NASDAQ Adv/Vol/Dec 1105/121.8 mln/928 NYSE Adv/Vol/Dec 1605/53.5 mln/1025

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +6.50. The S&P 500 futures trade higher by 0.1% as today's session sets up for a modestly higher open. In general, overseas action has been subdued with cautious trade unfolding in Europe. Although the major indices trade in the red, their losses have been limited to no more than 0.5%.

Today is expected to be relatively quiet as investors anxiously await tomorrow's FOMC press conference where many expect Chairman Bernanke to announce a reduction in the size of the Fed's asset purchases in the amount of roughly $10-$15 billion.

The CPI Index for August did not necessarily advance the argument for a tapering as it showed the inflation rate remains below the Fed's target rate. Specifically, the all items index is up just 1.5% over the last 12 months. That is down from 2.0% last month and the 2.0% year-over-year increase seen in September 2012 when the Fed announced QE3. Similarly, core CPI is up 1.8% over the last 12 months versus a 2.0% increase seen in September 2012. For the month, total CPI and core CPI both rose just 0.1%, which was less than the Briefing.com consensus estimate of 0.2% growth for each.

Company-specific news has been limited, but Aeropostale (ARO 9.76, +1.15) holds a pre-market gain of 13.2% on heavy volume after Hummingbird disclosed a 7.96% active stake in the apparel retailer.

Today's economic data will be topped off by the 10:00 ET release of the September NAHB Housing Market Index.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +11.20. The S&P 500 futures trade higher by 0.1%.

Most Asian markets ended in the red with China's Shanghai Composite (-2.1%) leading to the downside after the Foreign Direct Investment report indicated a slowdown to 6.37% from the prior reading of 7.10%. Elsewhere, the minutes from the latest Reserve Bank of Australia policy meeting indicated the central bank will continue on the easing path if the incoming data demand it. Regional data was limited. Australia's new motor vehicle sales rose 0.8% month-over-month (-3.6% previous). South Korea's PPI rose 0.3% month-over-month (0.0% prior) while the year-over-year reading slipped 1.3% (-0.9% previous). Hong Kong's unemployment held steady at 3.3%, as expected.

Japan's Nikkei closed lower by 0.7% as telecom names led to the downside. KDDI and Softbank lost 7.2% and 3.8%, respectively after NTT DoCoMo released its pricing schedule for the new iPhone. A handful of exporters outperformed with Sharp jumping 6.6% and Ricoh adding 2.3%.
In Hong Kong, the Hang Seng shed 0.3% as energy names underperformed. China Coal Energy and CNOOC lost 2.7% and 1.0%, respectively. Property names displayed strength as China Resources Land gained 1.8% and Hang Lung Properties added 0.8%.
China's Shanghai Composite fell 2.1% as financials lagged. China Industrial Development Co and Shanghai International Port Group both lost near 10.0%. Telecom names displayed relative strength with Dr Peng Telecom & Media climbing 5.3%.

Major European indices hover near their lows as the quiet session continues. In Germany, Chancellor Angela Merkel reiterated that a decision on another aid package for Greece will not be made until after the New Year. Participants received a moderate amount of data. Eurozone current account surplus narrowed to EUR16.9 billion from EUR19.8 billion (EUR17.3 billion expected) while the trade surplus narrowed to EUR11.1 billion from EUR13.5 billion (EUR15.3 billion forecast). Separately, the ZEW Economic Sentiment Index rose to 58.6 from 44.0 (47.2 forecast). Germany's ZEW Economic Sentiment climbed to 49.6 from 42.0 (46.0 expected). Great Britain's CPI ticked up 0.4% month-over-month (0.5% expected, 0.0% prior) while core CPI increased 2.0% year-over-year (2.1% forecast, 2.0% prior). In addition, RPI increased 0.5% month-over-month (0.4% expected, 0.0% previous),input PPI slipped 0.2% month-over-month (0.2% forecast, 1.2% prior), and output PPI ticked up 0.1% month-over-month (0.2% expected, 0.2% previous).

Germany's DAX is lower by 0.2% as exporters lag. BMW, Daimler, and Volkswagen are all down between 0.3% and 1.5%. Utilities are among the outperformers as E.ON and RWE trade with gains close to 1.2%.
In France, the CAC trades down 0.2% as growth-sensitive names weigh. Alstom and Total are both down near 1.5%. Technology companies are mixed as Gemalto adds 1.6% while STMicroelectronics sheds 1.7%.
Great Britain's FTSE holds a loss of 0.4%. Financials are among the laggards as Barclays, Lloyds Banking Group, and Standard Life trade with losses between 1.6% and 2.9%. On the upside, Severn Trent outperforms with a gain of 3.1%.

In domestic economic news, the July net long-term TIC flows report indicated a $31.0 billion inflow of foreign capital into U.S. denominated assets. This follows the prior month's $67.0 billion outflow.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +3.00. The S&P 500 futures trade flat.

August consumer prices rose 0.1% while the Briefing.com consensus expected an uptick of 0.2%. In addition, core prices rose 0.1%, below the 0.2% expected by the Briefing.com consensus.

08:00 am : S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: +1.50. U.S. equity futures have erased their losses after spending the entire pre-market session in the red. The S&P 500 futures are currently flat.

Looking at overnight developments:

Asian markets ended lower. Hong Kong's Hang Seng -0.3%, Japan's Nikkei -0.7%, and China's Shanghai Composite -2.1%.
In regional economic data:
China's FDI came in at 6.37% (7.10% prior).
Australia's new motor vehicle sales rose 0.8% month-over-month (-3.6% previous).
South Korea's PPI rose 0.3% month-over-month (0.0% prior) while the year-over-year reading slipped 1.3% (-0.9% previous).
Hong Kong's unemployment held steady at 3.3%, as expected.
In news:
The minutes from the latest Reserve Bank of Australia policy meeting indicated the central bank will continue on the easing path if the incoming data demand it.

Major European indices hover near their lows. Germany's DAX -0.2%, France's CAC -0.3%, and Great Britain's FTSE -0.5%.
Participants received a moderate amount of data:
Eurozone current account surplus narrowed to EUR16.9 billion from EUR19.8 billion (EUR17.3 billion expected) while the trade surplus narrowed to EUR11.1 billion from EUR13.5 billion (EUR15.3 billion forecast). Separately, the ZEW Economic Sentiment Index rose to 58.6 from 44.0 (47.2 forecast).
Germany's ZEW Economic Sentiment climbed to 49.6 from 42.0 (46.0 expected).
Great Britain's CPI ticked up 0.4% month-over-month (0.5% expected, 0.0% prior) while core CPI increased 2.0% year-over-year (2.1% forecast, 2.0% prior). In addition, RPI increased 0.5% month-over-month (0.4% expected, 0.0% previous), input PPI slipped 0.2% month-over-month (0.2% forecast, 1.2% prior), and output PPI ticked up 0.1% month-over-month (0.2% expected, 0.2% previous).
Looking at news:
German Chancellor Angela Merkel reiterated that a decision on another aid package for Greece will not be made until after the New Year.

In U.S. corporate news:

Aeropostale (ARO 9.25, +0.64) is +7.4% after Hummingbird disclosed a 7.96% active stake in the apparel retailer.
Coty (COTY 16.27, +0.02) is +0.1% after beating on earnings.
Delta Air Lines (DAL 23.70, +0.55) is +2.4% after JPMorgan Chase upgraded the stock to 'Overweight' from 'Neutral.'
FactSet (FDS 110.98, -1.27) is -1.1% following its earnings beat on in-line revenue.

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.

06:55 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -3.00.

06:55 am : Nikkei...14311.67...-93.00...-0.70%. Hang Seng...23180.52...-71.90...-0.30%.

06:55 am : FTSE...6599.12...-23.90...-0.40%. DAX...8594.78...-18.20...-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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