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 Post subject: September 19th Thursday Trade Results - Profit $5470.00
PostPosted: Thu Sep 19, 2013 8:13 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 @ $650.00 dollars or +6.50 points, Emini ES ($ES_F) futures @ $4500.00 dollars or +90.00 points, Light Crude Oil CL ($CL_F) futures @ $320.00 dollars or +0.32 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $5470.00 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=1605

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 Pause After Fed-Fueled Record Run

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

NEW YORK (CNNMoney)
Investors seemed a bit hung over Thursday as stocks were mixed a day after the Federal Reserve's surprise decision to keep its stimulus in place lifted two key market indexes to all-time highs.

The Dow Jones industrial average and S&P 500 fell a bit, while the Nasdaq ended only slightly higher. Earlier, a modest bump in the S&P 500 was enough to push it to another record high.

Though stocks have surged this year, many analysts think the broader market still remains attractive.

The S&P 500 is currently trading at about 16.5 times earnings from last year, just slightly above the historical average of 16, according to Bank of America Merrill Lynch data. In the bubble days of 2000, the index was trading at nearly 30 times trailing earnings.

* World markets gain following Fed decision

The benchmark index is also fairly valued when using earnings estimates for next year. According to Bank of America Merrill Lynch's expectations, the S&P 500 is trading at less than 15 times 2014 earnings estimates. And analysts at the banks are predicting profit growth of 6% next year, following an increase of 5% in 2013.

Bank of America Merrill Lynch equity and quantitative strategist Savita Subramaniam adds that Corporate America's balance sheets are much healthier now than they were during the recession. So a small premium might be justified.

Plus, stocks are especially attractive compared to bonds. Michael Sheldon, chief market strategist of RDM Financial Group, said he expects economic and earnings growth to pick up over the next several quarters. In addition, interest rates and inflation remain low. That's usually a better environment for stocks than bonds.

On the economic front, U.S. jobless claims rose last week but were below expectations. Analysts expected a higher figure because the previous reading was distorted due to two states reporting incomplete results. And existing home sales unexpectedly rose in August to an annual rate of almost 5.5 million, according to the National Association of Realtors. That's the highest rate since February 2007.

What's moving: Shares of Take-Two Interactive (TTWO) rose after the company said its latest game, Grand Theft Auto V, raked in $800 million in worldwide retail sales on Tuesday, the day it was released. The increase in Take-Two is yet another home run for Carl Icahn, who is the biggest shareholder of the company. Icahn has had huge success this year with stakes in Netflix (NFLX) and Herbalife (HLF) as well.

* Video - Record GTA V sales boost Take-Two

Despite the impressive sales numbers, StockTwits users remained cautious.

"$TTWO One record shattering release a long term successful company does not make... Need to see what else they have up their sleeve," noted xraystocktrader.

Meanwhile, Tesla (TSLA) shares rallied to a record high after analysts at Deutsche Bank raised their price target to $200 per share. While Tesla is a favorite among StockTwits traders, one trader noted the enthusiasm and momentum might be a little too strong.

"$TSLA getting a little over-stupid here as many calling it the new $AAPL. Don't get me wrong love $TSLA but up 400%+ 6months," said TraderPaul.

Groupon (GRPN) shares jumped after Stifel Nicolaus analysts upgraded the stock to buy from hold. Shares of fellow social media stock Facebook (FB) advanced to an all-time high above $46 per share. At least one trader seemed to favor Groupon over Facebook.

"$GRPN 50 million app downloads, $FB 100 million app dl's. $GRPN sells things, $FB doesn't. $GRPN next baby $AMZN / $SQUARE potentially Bullish," said sogenerous.

JPMorgan Chase (JPM, Fortune 500) agreed Thursday to pay about $920 million in fines to U.S. and U.K. regulators to settle charges related to the "London Whale" trading debacle.

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4:20 pm : The major averages ended today's quiet session on a mixed note. The S&P 500 shed 0.2% while the tech-heavy Nasdaq added 0.2%.

After spiking to new record highs yesterday, the Dow, S&P 500 and Russell 2000 spent the entire session in a slow retreat off their opening levels. Seven of ten sectors finished in the red while industrials (+0.1%), technology (+0.2%), and discretionary shares (+0.01%) posted modest gains.

The discretionary sector received support from retailers as the SPDR S&P Retail ETF (XRT 82.82, +0.18) added 0.2%. Meanwhile, homebuilders lagged across the board as rates trended higher. The iShares Dow Jones US Home Construction ETF (ITB 23.12, -0.28) fell 1.2% after jumping 4.8% yesterday.

Elsewhere, the industrial sector displayed relative strength with transports contributing to the gain. The Dow Jones Transportation Average added 0.3%. Dow component Boeing (BA 119.04, +0.64) also outperformed, rising 0.5%, after German airline Lufthansa chose the 777X for its future long-haul fleet.

Also of note, the technology sector ended modestly higher with the top sector component, Apple (AAPL 472.30, +7.62), advancing 1.6%. On the earnings front, Oracle (ORCL 33.89, +0.02) added 0.1% after reporting a bottom-line beat on below-consensus revenue. In addition, the company guided its second quarter earnings and revenue on the low end of consensus expectations.

The outperformance of technology kept the Nasdaq in positive territory through most of the session. However, biotechnology held the index back from additional gains as the iShares Nasdaq Biotechnology ETF (IBB 211.33, +0.14) ended little changed.

Countercyclical sectors lagged across the board as consumer staples, health care, telecom services, and utilities lost between 0.3% and 0.5%.

Treasuries saw some moderate selling following yesterday's aggressive bid. The benchmark 10-yr yield added four basis points to 2.75%.

Despite relatively narrow trading ranges, today's session saw above average participation as 738 million shares traded hands on the floor of the New York Stock Exchange.

In today's economic data, technical problems continued causing biases in the initial claims number. Weekly initial claims increased to 309,000 from an upwardly revised 294,000 (from 292,000). Computer glitches in California and Nevada prevented many claimants from filing for unemployment benefits. Those problems created a backlog of filings, which resulted in a temporarily lower initial claims level. The Department of Labor expects the backlog to be processed over the next week or two before the claims level returns to normal.

When the biases are gone, we expect the initial claims level to settle back to its previous 330,000 trend.

August existing home sales increased to 5.48 million from July's unrevised 5.39 million. The Briefing.com consensus expected sales to slip to 5.30 million. Sales in August were the strongest since February 2007 when 5.79 million existing home sales were sold. Unfortunately, the National Association of Realtors does not believe sales will continue at this level through the fall.

A spike in mortgage rates caught potential buyers by surprise. As a result, buyers rushed into the market to take advantage of relatively low rates before they went higher. This caused a temporary surge in demand and sales were pulled forward.

The Philadelphia Fed's Business Outlook increased to 22.3 in September, its strongest level since March 2011, from 9.3 in August. The Briefing.com consensus expected the index to fall to 9.0.

Separately, the current account deficit for the second quarter totaled $98.9 billion, which was narrower than the $100.0 billion deficit that had been broadly anticipated.

There is no economic data of note on tomorrow's calendar.DJ30 -40.39 NASDAQ +5.74 SP500 -3.18 NASDAQ Adv/Vol/Dec 1137/1.73 bln/1367 NYSE Adv/Vol/Dec 1259/738.5 mln/1765

3:35 pm :

Oct crude oil pulled back from its session high of $108.66 per barrel and slipped into negative territory as reports indicated that Libyan crude oil production is on the road to recovery with the reopening of the El Feel and Sharara oil fields. The energy component brushed a session low of $106.17 per barrel moments before settling with a 1.7% loss at $106.26 per barrel
Oct natural gas popped to a session high of $3.82 per MMBtu on bullish inventory data that showed a build of 46 bcf when a build of 55-56 bcf was anticipated. Prices reversed, however, and fell as low as $3.68 per MMBtu in afternoon floor trade. Natural gas eventually settled with a 0.3% gain at $3.72 per MMBtu
Precious metals held on to yesterday's gains that came on the 14:00 ET FOMC decision to withhold tapering of its stimulus program. The announcement was made after floor trade in gold, silver, and copper had ended and sent Dec gold and Dec silver rallying sharply in yesterday's afternoon electronic trade
Both metals traded in a consolidative fashion today, with gold trading near the $1370.00 per ounce level and silver rising to a session high of $23.44 per ounce in late morning floor action. Gold settled at $1369.10 per ounce and silver settled at $23.29 per ounce, booking respective gains of 4.7% and 7.9% as of yesterday's pit close.

DJ30 -40.55 NASDAQ +8.17 SP500 -2.57 NASDAQ Adv/Vol/Dec 1158/1467.9 mln/1352 NYSE Adv/Vol/Dec 1258/501 mln/1755

2:55 pm : The S&P 500 trades higher by 0.2% as today's session enters its final hour. After yesterday's session produced a surge across most risk assets, today has seen consolidation across the equity indices.

Similarly, the foreign exchange market saw a burst of activity yesterday, and it has also been relatively quiet today. The Dollar Index (+0.2%) holds a modest gain following yesterday's plunge. While the Index remains well below yesterday's pre-FOMC levels, the greenback has made a swift recovery versus the yen.

Dollar/yen traded near 99.00 before yesterday's FOMC announcement, but tumbled below 98.00 following the announcement. The pair began its rebound almost immediately and continued through the Asian session. Currently, dollar/yen holds near 99.28.DJ30 -41.05 NASDAQ +4.00 SP500 -3.90 NASDAQ Adv/Vol/Dec 1063/1.31 bln/1431 NYSE Adv/Vol/Dec 1173/441.8 mln/1821

2:30 pm : The S&P 500 (-0.2%) continues to trade with a modest loss as eight of ten sectors hover in the red. With little more than week left in September, the major averages are on track to register solid monthly gains after finishing August in the red. The Dow, S&P 500, and Nasdaq hold month-to-date gains between 5.5% and 5.6% while the Russell 2000 is up 6.2% this month.

Despite most sectors trading lower today, all ten groups hold solid September gains. The industrial sector has had the best showing, climbing 8.2% while the utilities space rounds out the bottom of this month's leaderboard with a monthly increase of 2.5%.DJ30 -42.63 NASDAQ +2.14 SP500 -4.04 NASDAQ Adv/Vol/Dec 1010/1.23 bln/1480 NYSE Adv/Vol/Dec 1180/416.5 mln/1809

2:00 pm : The S&P 500 (-0.3%) continues to languish near its lows while the Nasdaq remains anchored to its flat line. Today's trading volume has been on the light side with only 378 million shares traded on the floor of NYSE so far. Market breadth remains tilted to the downside with declining issues outpacing advancers by a ratio of 1.6:1.

Treasuries have seen some additional selling and the benchmark 10-yr yield is higher by six basis points at 2.75%.DJ30 -49.76 NASDAQ -1.46 SP500 -5.07 NASDAQ Adv/Vol/Dec 981/1.15 bln/1506 NYSE Adv/Vol/Dec 1153/383.3 mln/1823

1:30 pm : The S&P 500 has slipped to a fresh low as the quiet afternoon continues. Although industrials and technology remain in positive territory, their gains have been trimmed to 0.2% apiece.

Investors received a full slate of economic data today. Notably, August existing home sales increased to 5.48 million from July's unrevised rate of 5.39 million while the Briefing.com consensus expected sales to slip to 5.30 million. The August total came in at its highest level since February 2007 when 5.79 million existing home sales were sold. However, the August surge was attributed to buyers rushing into the market in order to secure lower-rate mortgages before rates continued their climb.

Yesterday's retreat in yields contributed to a 4.8% jump in the iShares Dow Jones US Home Construction ETF (ITB 23.14, -0.26). Today, however, homebuilders trade broadly lower and the ETF holds a loss of 1.1%.DJ30 -36.97 NASDAQ +3.00 SP500 -3.19 NASDAQ Adv/Vol/Dec 1001/1.06 bln/1461 NYSE Adv/Vol/Dec 1229/353.9 mln/1728

1:00 pm : The major averages have spent the entire first half of the session near their respective flat lines after yesterday's FOMC decision sent the Dow, S&P 500, and Russell 2000 to new record highs. At midday, the three indices hover in the red, with the Russell 2000 (-0.3%) leading to the downside. Meanwhile, the tech-heavy Nasdaq outperforms with a modest gain of 0.1%.

The Nasdaq has received some support from its largest component, Apple (AAPL 474.70, +10.02), and the broader the technology sector (+0.2%). On the earnings front, Oracle (ORCL 33.60, -0.27) trades lower by 0.8% after reporting a bottom-line beat on below-consensus revenue.

In addition, the company guided its second quarter earnings and revenue on the low end of consensus expectations. Outside of technology, only the industrial sector (+0.2%) trades in positive territory. Dow component Boeing (BA 119.20, +0.80) has contributed to the sector's strength after German airline Lufthansa chose the 777X for its future long-haul fleet. Transportation companies also trade in the green with the Dow Jones Transportation Average up 0.4%.

Even though the Nasdaq trades ahead of the broader market, it has been kept from registering additional gains by the underperformance of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 210.26, -0.93) is lower by 0.4%. Biotech has also weighed on the health care sector, which holds a loss of 0.4%.

Like health care, the remaining countercyclical sectors-consumer staples, telecom services, and utilities-lag with losses ranging between 0.2% and 0.6%.

Treasuries have been the subject of some light selling after yesterday's surge. The benchmark 10-yr yield is higher by four basis points at 2.73%.

In today's economic data, technical problems continued causing biases in the initial claims number. Weekly initial claims increased to 309,000 from an upwardly revised 294,000 (from 292,000). Computer glitches in California and Nevada prevented many claimants from filing for unemployment benefits. Those problems created a backlog of filings, which resulted in a temporarily lower initial claims level. The Department of Labor expects the backlog to be processed over the next week or two before the claims level returns to normal.

When the biases are gone, we expect the initial claims level to settle back to its previous 330,000 trend.

August existing home sales increased to 5.48 million from July's unrevised 5.39 million. The Briefing.com consensus expected sales to slip to 5.30 million. Sales in August were the strongest since February 2007 when 5.79 million existing home sales were sold. Unfortunately, the National Association of Realtors does not believe sales will continue at this level through the fall.

A spike in mortgage rates caught potential buyers by surprise. As a result, buyers rushed into the market to take advantage of relatively low rates before they went higher. This caused a temporary surge in demand and sales were pulled forward.

The Philadelphia Fed's Business Outlook increased to 22.3 in September, its strongest level since March 2011, from 9.3 in August. The Briefing.com consensus expected the index to fall to 9.0.

Separately, the current account deficit for the second quarter totaled $98.9 billion, which was narrower than the $100.0 billion deficit that had been broadly anticipated.DJ30 -34.44 NASDAQ +3.03 SP500 -2.58 NASDAQ Adv/Vol/Dec 991/970.1 mln/1462 NYSE Adv/Vol/Dec 1284/323.2 mln/1673

12:30 pm : Recent action saw the S&P 500 unsuccessfully attempt to return into positive territory. Meanwhile, the Nasdaq (+0.1%) continues to trade with a slim gain.

At this juncture, technology (+0.3%), industrials (+0.3%), and discretionary shares (+0.1%) are the only advancing sectors while consumer staples (-0.5%) and health care (-0.4%) lead to the downside.

Treasuries have been the subject of some additional selling that has lifted the benchmark 10-yr yield four points to 2.73%.DJ30 -23.69 NASDAQ +5.13 SP500 -0.95 NASDAQ Adv/Vol/Dec 1032/895.5 mln/1398 NYSE Adv/Vol/Dec 1366/301.3 mln/1586

12:00 pm : The S&P 500 has continued its retreat from the opening levels as buying interest remains scarce. Meanwhile, the Nasdaq continues to outperform, but has slipped into negative territory.

The tech sector (+0.2%) remains in the black while the underperformance of biotechnology has weighed on the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 209.62, -1.57) is lower by 0.7%. In turn, this has pressured the health care sector, which trades lower by 0.5%.

Outside of technology, the industrial space (+0.3%) is the only other advancing sector with Boeing (BA 119.03, +0.63) contributing to its strength.DJ30 -37.82 NASDAQ +0.11 SP500 -2.31 NASDAQ Adv/Vol/Dec 962/799.3 mln/1454 NYSE Adv/Vol/Dec 1310/273.2 mln/1635

11:35 am : The key indices continue to trade near their flat lines with the small cap Russell 2000 (-0.2%) underperforming. Meanwhile, the broader market is little changed as the relative weakness of consumer staples (-0.6%) and health care (-0.4%) cancels out the outperformance of industrials (+0.3%) and technology (+0.2%).

Yesterday's FOMC decision to stay the course sent the Dow, S&P, and the Russell to fresh all-time highs. In addition to notching a new all-time best, the S&P has extended its September advance to 5.6%. The benchmark index has enjoyed a strong month so far, climbing in 11 of 12 September sessions.DJ30 -31.36 NASDAQ +0.87 SP500 -2.10 NASDAQ Adv/Vol/Dec 992/710.2 mln/1405 NYSE Adv/Vol/Dec 1374/247.2 mln/1533

11:00 am : The major averages have spent the past hour near their lows. The Dow trades with a slim loss of 0.1% while the Nasdaq (+0.1%) sports a modest gain.

The Nasdaq has been supported by the tech sector (+0.4%) as several large components outperform. Apple (AAPL 473.50, +8.82), Intel (INTC 23.98, +0.08), Microsoft (MSFT 33.48, +0.16), and Visa (V 195.23, +1.58) are all up between 0.4% and 1.9%. Meanwhile, Oracle (ORCL 33.85, -0.02) holds a modest loss after reporting a bottom-line beat on below-consensus revenue. In addition, the company guided its second quarter earnings and revenue on the low end of consensus expectations.

Outside of technology, industrials have also displayed strength. Dow component Boeing (BA 119.66, +1.26) trades up 1.0% after German airline Lufthansa chose the Boeing 777X for its future long-haul fleet. Transportation companies also trade in positive territory with the Dow Jones Transportation Average up 0.4%.DJ30 -13.90 NASDAQ +4.87 SP500 +0.79 NASDAQ Adv/Vol/Dec 982/567.2 mln/1362 NYSE Adv/Vol/Dec 1448/206.7 mln/1441

10:30 am : Commodities are mostly higher this morning following strength after the FOMC announcement yesterday (announcement was at 2pm ET, which was after floor trading in gold, silver and copper and other metals had ended).

Crude oil was higher overnight and rose as high as $108.99/barrel. Crude eventually slipped lower off that HoD in morning trade. In its last leg lower, Oct crude oil fell as low as $107.52/barrel. Crude is currently -0.4% at $107.67/barrel.

Gold and silver are largely holding their gains, which came after floor trading closed yesterday, following the FOMC announcement. Dec gold is now +4.4% at $1365.20/oz and Dec silver is +7.3% at $23.14/oz.

Natural gas rallied moments ago to as high as $3.78/MMBtu, just ahead of the weekly EIA inventory data. Following the data, Oct nat gas spiked to a new HoD and is now +2.0% t $3.79/MMBtu.DJ30 -12.67 NASDAQ +3.53 SP500 +0.60 NASDAQ Adv/Vol/Dec 1069/437.2 mln/1205 NYSE Adv/Vol/Dec 1569/169 mln/1263

10:05 am : The S&P 500 trades higher by 0.2%.

August existing home sales hit an annualized rate of 5.48 million units, which was stronger than the rate of 5.30 million units that had been generally expected by the Briefing.com consensus. The pace for August was up from the prior month's rate of 5.39 million units.

Separately, the Leading Indicators report for August increased 0.7%. That followed a 0.5% increase in July and was better than the 0.6% increase expected by the Briefing.com consensus.

Lastly, the September Philadelphia Fed Survey spiked to 22.3 from 9.3. Economists polled by Briefing.com had expected that the Survey would slip to 9.0.DJ30 +8.99 NASDAQ +10.03 SP500 +3.02 NASDAQ Adv/Vol/Dec 1116/284.4 mln/1065 NYSE Adv/Vol/Dec 1615/120.2 mln/1165

09:45 am : The major averages sport modest early gains with the S&P 500 up 0.1%. The early advance has been supported by cyclical sectors like technology (+0.3%), industrials (+0.4%), and materials (+0.2%). Meanwhile, countercyclical sectors are mixed with consumer staples (unch), health care (unch), and telecom services (-0.4%) lagging while utilities (+0.1%) trade in-line with the S&P.

Treasuries have seen some modest selling following yesterday's rally. The benchmark 10-yr yield is higher by three basis points at 2.72%.

August existing home sales, August Leading Indicators, and the September Philadelphia Fed Survey will all be released at 10:00 ET.DJ30 +1.08 NASDAQ +8.39 SP500 +1.64 NASDAQ Adv/Vol/Dec 1166/141.6 mln/879 NYSE Adv/Vol/Dec 1615/75.3 mln/1063

09:12 am : [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +7.70. The S&P 500 futures hold a gain of 0.3% as today's session sets up for a modestly higher open. Equities are poised to climb out of the gate after global markets rallied in reaction to the Fed's decision to maintain its asset purchases at $85 billion per month ($40 billion in mortgage-backed securities and $45 billion in Treasuries).

The Fed's decision to hold steady has boosted precious metals with gold and silver trading higher by 4.5% and 7.9% at their respective $1367.30 and $23.27. The relative strength of metals is likely to provide a boost to miners and the broader materials sector.

Treasuries have held in a tight range with the benchmark 10-yr yield trading little changed at 2.70%.

August existing home sales, August Leading Indicators, and the September Philadelphia Fed Survey will all be released at 10:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +6.50. The S&P 500 futures trade higher by 0.2%.

It was a sea of green across Asia as all of the major bourses saw gains on the heels of the Fed's decision to delay the tapering of its asset purchase program. India's Sensex (+3.4%) surged to its highest level in almost three years as traders gobbled up shares ahead of tomorrow's Reserve Bank of India rate decision where expectations are for no change to the current 7.25%. Emerging markets led the region higher as Indonesia's Jakarta Composite (+4.7%) and Thailand's SET (+3.5%) led the way. Elsewhere, Japan's Nikkei (+1.8%) was buoyed by comments from Bank of Japan Governor Haruhiko Kuroda, suggesting policy is having an effect on the real economy. China's Shanghai Composite and Taiwan's Taiex were closed for Mid-Autumn Festival. Data out overnight was light with Japan's trade deficit narrowing to JPY0.79 trillion (JPY0.83 trillion expected, JPY0.91 trillion previous).

In Japan, the Nikkei closed higher by 1.8% as trade climbed to its best level in eight weeks. Real Estate developers and automakers were among the top performers with Mitsubishi Estate adding 4.5% and Isuzu Motors climbing 5.9% to lead their respective sectors higher.
Hong Kong's Hang Seng advanced 1.7% as trade hit its best level in seven months. Gold miner Zhaojin Mining surged almost 8% as traders rushed into the precious metals space. Real estate shares were also strong as Link Real Estate Investment Trust climbed 5.4%.
In China, the Shanghai Composite was closed.

The major European indices hover near their highs with Great Britain's FTSE (+1.4%) pacing the advance. With the German national election coming up this weekend, the anti-euro party is making waves after filing a court complaint accusing the European Financial Stability Facility of fraud. Latest polls indicate the party is in-line to receive 5% of the vote, which would allow it to enter parliament. Participants received a handful of economic data. Great Britain's retail sales fell 0.9% month-over-month (0.4% expected, 1.1% prior) while the year-over-year reading rose 2.1% (3.3% forecast, 3.0% previous). In addition, core retail sales fell 1.0% month-over-month (0.3% expected, 1.2% prior while the year-over-year reading increased 2.3% (3.1% consensus, 3.2% last). Also of note, CBI Industrial Trends Orders improved to 9 from 0 (2 expected). Elsewhere, the Swiss National Bank left its key interest rate unchanged at 0.00%, as expected. Separately, the country reported a trade surplus of EUR1.85 billion (EUR2.74 billion expected, EUR2.49 billion prior).

France's CAC is higher by 0.9% as growth-sensitive names outperform. Steelmaker ArcelorMittal and construction company Vinci trade with respective gains of 3.3% and 1.6%. On the downside, insurer AXA is lower by 2.4%.
Germany's DAX holds a gain of 1.0% as exporters lead. BMW and Daimler are both up near 1.0%. On the downside, fertilizer producer K+S trades with a loss of 5.1%.
In Great Britain, the FTSE trades up 1.4% with miners providing leadership. Anglo American, Fresnillo, and Randgold Resources are all up between 4.4% and 8.0%. Vodafone is among the laggards, trading lower by 1.1%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +6.00. The S&P 500 futures trade higher by 0.2%.

The latest weekly initial jobless claims count totaled 309,000, which was lower than the 340,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 294,000. As for continuing claims, they fell to 2.787 million from 2.815 million.

Separately, the current account deficit for the second quarter totaled $98.9 billion, which was narrower than the $100.0 billion deficit that had been broadly anticipated.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +6.70. U.S. equity futures hold modest gains with the S&P 500 futures up 0.3%.

Looking at overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +1.7% and Japan's Nikkei +1.8% while China's Shanghai Composite was closed for Mid-Autumn Festival.
In regional economic data:
Japan's trade deficit narrowed to JPY960 billion from JPY1.02 trillion (deficit of JPY1.10 trillion expected) as exports increased 14.7% year-over-year (14.5% expected, 12.2% prior) and imports climbed 16.0% (18.5% consensus, 19.6% previous). In addition, the adjusted trade deficit came in at JPY0.79 trillion (-JPY0.81 trillion expected, JPY0.91 trillion prior). Separately, the All Industries Activity Index rose 0.5% month-over-month (0.3% expected, -0.7% prior).
New Zealand's GDP increased 0.2% quarter-over-quarter (0.1% expected, 0.4% prior).
Looking at news:
Bank of Japan member Takahide Kiuchi said he sees more downside than upside risks to the Japanese economy. He also said the BoJ may be forced to step up its easing efforts due to the Fed's policy course.
Emerging markets rallied following the Fed's decision to maintain its policy stance rather than reduce the size of its asset purchases, as many had expected. Indonesia's Jakarta Composite surged 4.7% and India's Sensex jumped 3.4%.

Major European indices hover near their highs. France's CAC +0.9%, Germany's DAX +1.1%, and Great Britain's FTSE +1.4%.
Participants received a handful of economic data:
Great Britain's retail sales fell 0.9% month-over-month (0.4% expected, 1.1% prior) while the year-over-year reading rose 2.1% (3.3% forecast, 3.0% previous). In addition, core retail sales fell 1.0% month-over-month (0.3% expected, 1.2% prior while the year-over-year reading increased 2.3% (3.1% consensus, 3.2% last). Also of note, CBI Industrial Trends Orders improved to 9 from 0 (2 expected).
The Swiss National Bank left its key interest rate unchanged at 0.00%, as expected. Separately, the country reported a trade surplus of EUR1.85 billion (EUR2.74 billion expected, EUR2.49 billion prior).
In news:
Germany's anti-euro party has filed a court complaint, accusing the EFSF of fraud. With the national election coming up this weekend, the latest polls indicate the party could win 5% of the vote, which would allow the party to enter parliament.

In U.S. corporate news:

ConAgra (CAG 32.00, -0.07) is -0.2% following its in-line earnings report.
Oracle (ORCL 33.30, -0.57) is -1.7% after reporting a bottom-line beat on below-consensus revenue. In addition, the company guided its second quarter earnings and revenue on the low end of consensus expectations.
Pier 1 Imports (PIR 21.05, -2.55) is -10.8% after missing on earnings and revenue.
Take-Two Interactive (TTWO 17.88, +0.68) is +4.0% after its newest release of the 'Grand Theft Auto' franchise generated over $800 million in first-day sales.

Weekly initial claims and the second quarter current account deficit will be reported at 8:30 ET while August existing home sales, August Leading Indicators, and the September Philadelphia Fed Index will all be released at 10:00 ET.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +11.50.

07:00 am : Nikkei...14766.18...+260.80...+1.80%. Hang Seng...23502.51...+385.10...+1.70%.

07:00 am : FTSE...6654.43...+95.80...+1.50%. DAX...8731.96...+95.70...+1.10%.

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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