TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 6:33 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: September 20th Friday Trade Results - Profit $815.00
PostPosted: Fri Sep 20, 2013 10:02 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)

Attachment:
092013-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+815.00.png
092013-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+815.00.png [ 86.46 KiB | Viewed 283 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $40.00 dollars or +0.40 points, Emini ES ($ES_F) futures @ $375.00 dollars or +7.50 points, Light Crude Oil CL ($CL_F) futures @ $400.00 dollars or +0.40 points, Gold GC ($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 @ $815.00 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=1607

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

-----------------------------

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.

Dow Down Nearly 200 Points As Uncertainty Returns

Attachment:
092013-Key-Price-Action-Markets.png
092013-Key-Price-Action-Markets.png [ 535.53 KiB | Viewed 292 times ]

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

NEW YORK (CNNMoney)
More uncertainty. That's what investors will be faced with for the next few months. And we all know how much the market hates uncertainty.

A glut of unanswered questions pushed the Dow Jones Industrial Average down more than 180 points Friday. The S&P 500 and Nasdaq closed down between 0.4% and 0.7%.

The selling spread beyond stocks. Oil prices fell more than 1%, and gold dropped nearly 3%. European markets and Asian markets were mixed. So what are the biggest questions for investors?

When will the Federal Reserve finally begin to cut back on its $85 billion a month bond-buying program?

*Will the U.S. government shut down on October 1st?
*Will the U.S. government default on its debt?
*And what will corporate earnings look like next month?

Good news had helped the Dow and S&P hit record highs earlier in the week. Even with Friday's sell-off, stocks ended the week up between 0.5% and 1.3%.

Investors got a momentary respite from a barrage of worries. The Fed pleasantly surprised the market Wednesday by deciding to hold off on tapering its quantitative easing program. And the threat of a U.S. strike in Syria no longer appears imminent.

But traders clearly seemed more worried heading into the weekend.

* Crowds gather for new iPhones

Blackberry's woes get worse: Shares of BlackBerry (BBRY) dropped more than 17% after the company announced losses of nearly $1 billion for its second quarter and plans to cut 4,500 jobs.

iPhone fumbles? The lines may have been long for Apple (AAPL, Fortune 500)'s newest iPhones, but investors aren't racing to buy up Apple's stock. It's down more than 33% over the past year, and as sales for the latest iteration of the iPhone kicked off in stores in the U.S., China and seven other countries Friday, Apple's stock moved down another 1%.

One trader on StockTwits thinks the long lines might actually mean that there's room for the stock to run: "$AAPL Being accumulated like Chess rivals pieces by Kasparov, (despite mkt sell off)," said Bizfinder. But another trader isn't so sure: "$AAPL Just gonna assume that a 'positive surprise' is not possible now and that the good news has been baked in for the weekend," wrote jarym.

Darden Restaurants (DRI, Fortune 500), which operates the Olive Garden and Red Lobster chains, reported weaker-than-expected sales and profits. Darden also said it's planning workforce reductions. The stock slipped more than 7%. One trader suggested this could be a bad sign for the economy. Consumers may be pulling back.

"Olive Garden used to be the go-to chain for the middle class. What's happened? Red Lobster SSS also down 5.2%. No splurging. $DRI," said TraceyRyniec.

* Fear & Greed Index is getting greedy once again

The all-time high club: A slew of companies hit all-time highs, including Netflix (NFLX), Tesla (TSLA), Amazon (AMZN, Fortune 500), and Facebook (FB).

Priceline's (PCLN) stock continued to rise as well. It appeared set to finish above $1,000 a share for the second straight day..

Two IPOs off like rockets: It was a great day for companies with incendiary themed names to debut.

Shares of ad buying platform Rocket Fuel (FUEL) and cybersecurity firm FireEye (FEYE) both nearly doubled from their IPO prices.

Image



4:20 pm : The S&P 500 settled lower by 0.7%, but managed to end the week with a solid gain of 1.3%. The major indices spent the entire session in a steady retreat off their opening levels with industrials and materials leading to the downside.

Sellers remained in control throughout the day amid divisive headlines from Washington. The House of Representatives passed a continuing resolution bill to fund the government through December 15, but the inclusion of a provision to defund Obamacare means the bill will most likely be voted down in the Senate.

In addition, participants heard from two Fed officials whose remarks reflected quite a bit of static on the Fed's open line of communication with the market. During a morning interview on Bloomberg TV, St. Louis Fed President James Bullard said the Fed could taper at its October meeting, but added that the current low rates of inflation suggest the central bank should be patient in its assessment of Quantitative Easing.

Meanwhile, Kansas City Fed President Esther George expressed some disenchantment that the Fed did not taper at the September meeting despite believing the markets were ready. Ms. George added that she thinks the Fed lost some credibility by not following through with the taper.

Although all ten sectors ended in the red, nine finished the week with a gain while today's weakest performer (telecom services) closed the week flat.

Elsewhere, the industrial sector (-1.4%) weighed on the broader market as defense contractors lagged after Rockwell Collins (COL 70.00, -4.28) issued downside guidance for fiscal year 2014. The broader PHLX Defense Index fell 1.7%.

Also of note, the materials sector (-1.2%) finished among the laggards as steelmakers and miners slumped. The Market Vectors Steel ETF (SLX 45.81, -1.01) slid 2.2% after AK Steel (AKS 4.08, -0.36) said it expects a larger third quarter loss than what analysts had estimated. Miners lagged as gold fell 3.2% to $1326.10 per troy ounce. The Market Vectors Gold Miners ETF (GDX 25.76, -1.60) tumbled 5.9%.

With the stock market ending on its lows, only financials (-0.5%) and health care (-0.2%) outperformed while technology (-0.7%) and discretionary shares (-0.7%) ended in-line. In the technology sector, Visa (V 198.83, +4.12) added 2.2% ahead of its entry into the Dow Jones Industrial Average along with Goldman Sachs (GS 169.75, +1.97) and Nike (NKE 69.37, -0.37). The three names will replace Alcoa (AA 8.29, -0.15), Bank of America (BAC 14.44, -0.17), and Hewlett-Packard (HPQ 21.22, -0.09) in the price-weighted index.

In stock-specific news, Blackberry (BBRY 8.72, -1.80) plunged 17.1% after cutting its second quarter guidance well-below consensus estimates. The company also announced plans to cut its global workforce by 40%.

Treasuries ended near the middle of their range with the benchmark 10-yr yield slipping two basis points to 2.74%.

Aided by quadruple witching, trading volume was strong as 2.06 billion shares changed hands on the floor of the New York Stock Exchange.

There is no economic data scheduled to be reported on Monday, but global markets will be reacting to the results of the German federal election. While Chancellor Angela Merkel is not expected to lose her seat, the anti-euro party has been polling close to the 5.0% threshold needed to enter parliament.

Week in Review: Taper Schmaper

On Monday, 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 out of the running, 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%.

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 million shares versus an average of 661 million 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.

On Wednesday, the S&P 500 jumped 1.2%, closing at a record high of 1,725.52 after the Federal Open Market Committee failed to announce plans to reduce the pace of its asset purchases, as many had expected. Although the Federal Reserve did not make a tapering announcement, the policy statement did contain updated economic projections. Notably, the forecast for 2013 and 2014 GDP was lowered with the Committee expecting this year's growth between 2.0% and 2.3% (2.3%-2.6% June forecast) and 2014 growth ranging between 2.9% and 3.1% (3.0%-3.5% June projection). During his press conference, Mr. Bernanke said economic data received since June has not been strong enough to justify scaling back asset purchases just yet. The Fed Chairman also said that recent tightening of financial conditions, as well as the ongoing fiscal uncertainty, played a part in the decision to maintain asset purchases at a pace of $85 billion per month ($40 billion in mortgage-backed securities, $45 billion in Treasuries). Similar to equities, Treasuries and precious metals welcomed the lack of a tapering announcement. The 10-yr note rallied more than a point, pushing its yield down 14.5 basis points to 2.71%. This marked the lowest close for the benchmark yield since August 12.

Thursday's session did not generate many headlines as the S&P 500 shed 0.2% while the tech-heavy Nasdaq added 0.2%. After spiking to new record highs on Wednesday, 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 82.30, -0.42) added 0.2%.DJ30 -185.46 NASDAQ -14.66 SP500 -12.43 NASDAQ Adv/Vol/Dec 1194/2.15 bln/1366 NYSE Adv/Vol/Dec 853/2.06 bln/2185

3:30 pm :

Nov crude oil extended yesterday's losses as tension eased over the Middle East conflict on news that Syria issued an "initial declaration" of its chemical weapons program. The energy component fell from its session high of $105.96 per barrel and brushed a session low of $104.50 per ounce moments before settling with a 0.9% loss at $104.86 per barrel.
Today's drop brought losses for the week to 2.5%.
Nov natural gas spent its entire floor session in the red. It dipped to a session low of $3.66 per MMBtu and eventually settled with a 0.8% loss at $3.69 per MMBtu, booking a 0.3% gain for the week.
Precious metals fell deeper into negative territory after St. Louis Fed President James Bullard suggested the Fed could make a tapering decision at the October FOMC meeting.
Dec gold fell as low as $1327.20 per ounce and eventually settled with a 2.7% loss at $1332.60 per ounce.
Dec silver brushed a session low of $21.80 per ounce and settled with a 5.9% loss at $21.91 per ounce. Despite the drop, gold and silver booked respective gains of 1.8% and 0.9% for the week.

DJ30 -152.25 NASDAQ -13.40 SP500 -12.51 NASDAQ Adv/Vol/Dec 1070/1543.9 mln/1403 NYSE Adv/Vol/Dec 812/783 mln/2210

3:00 pm : The S&P 500 continues to languish near its lows as the final session of the week enters its last hour. Stocks have retreated steadily off their opening levels amid headlines from Washington, which reminded participants that the upcoming budget battle is likely to be a contentious one.

Despite today's profit-taking, the S&P 500 is on track to finish the week with a gain of 1.5%.

When the market reopens on Monday, investors will be reacting to the results of the German federal election, which is scheduled for this weekend. While Chancellor Angela Merkel is not expected to lose her seat, the anti-euro party has been polling close to the 5.0% threshold needed to enter parliament.DJ30 -116.50 NASDAQ -7.12 SP500 -9.33 NASDAQ Adv/Vol/Dec 1167/1.41 bln/1295 NYSE Adv/Vol/Dec 861/736.8 mln/2142

2:35 pm : The S&P 500 remains near its low as the quiet afternoon continues. Although, the discretionary sector trades in-line with the S&P 500, quick service restaurants are under pressure after Darden Restaurants (DRI 46.16, -3.14) missed on earnings and revenue. The company reaffirmed its full-year 2014 earnings guidance, but lowered its same-restaurant sales growth expectations. The results have weighed on several other names as Brinker (EAT 41.11, -1.20), Cracker Barrel (CBRL 102.77, -1.21), and Panera Bread (PNRA 168.84, -1.39) trade with losses between 0.8% and 2.8%.

Elsewhere, homebuilders also weigh on the discretionary sector as the iShares Dow Jones US Home Construction ETF (ITB 22.64, -0.48) sports a loss of 2.1%.DJ30 -110.0 NASDAQ -5.38 SP500 -8.49 NASDAQ Adv/Vol/Dec 1184/1.33 bln/1271 NYSE Adv/Vol/Dec 882/693.9 mln/2111

2:00 pm : The major averages are scraping along their lows for the day under profit-taking pressure that has followed in the wake of divisive actions in Washington pertaining to the budget battle and divided remarks from Fed officials today that reflect a lot of static on the Fed's open line of communication with the market.

St. Louis Fed President Bullard said the Fed could taper at its October meeting and then subsequently added that the current low rates of inflation suggest the Fed should be patient in its assessment of QE. Kansas City Fed President George, meanwhile, is expressing some disenchantment that the Fed did not taper at the September meeting and even added that she thinks the Fed lost some credibility by not doing so.

Paired together, these issues are reminders that the market lacks important closure on both the budget and monetary policy fronts. Ahead of the weekend, it is the type of uncertainty that can trigger some profit taking after a good run. Seems to be the order of the day with 9 out of 10 sectors losing ground. Health care (+0.04%) is the lone winning standout, but it's holding on right now by a hair. DJ30 -114.54 NASDAQ -7.68 SP500 -9.80 NASDAQ Adv/Vol/Dec 1139/1.23 bln/1284 NYSE Adv/Vol/Dec 854/656 mln/2103

1:30 pm : The S&P 500 remains near its worst level of the day after the recent rebound attempt was met with another round of selling. The return to lows has pressured the health care sector into the red as all ten groups now trade in negative territory.

With quadruple witching taking place today (options expiration in index futures, index options, stock options, and single stock futures), the market received an opening volume surge, but afternoon activity has been trailing off. At this point, 630 million shares have traded hands on the floor of the New York Stock Exchange. Despite light afternoon volume, the final tally is expected to surpass both the 50-day average of 663 million and the slower-reacting 200-day average of 720 million.DJ30 -96.46 NASDAQ -5.31 SP500 -7.89 NASDAQ Adv/Vol/Dec 1206/1.17 bln/1200 NYSE Adv/Vol/Dec 897/630.8 mln/2049

1:00 pm : At midday, the major averages trade near their lows with the S&P 500 down 0.4%. The first half of today's session has been relatively quiet with stocks retreating steadily off their opening levels.

The broader market accelerated its decline after headlines from Washington indicated that the House of Representatives passed a continuing resolution to fund the government through December 15. With the bill including a provision to defund Obamacare, there is very little chance that it will pass through the Senate. However, this serves as a reminder that the budget battle is likely to be a contentious one.

Nine of ten sectors hold midday losses while health care (+0.1%) outperforms. Meanwhile, the remaining countercyclical sectors lag. Consumer staples, telecom services, and utilities hold respective losses of 0.4%, 1.4%, and 1.3%.

Although all six cyclical sectors trade in negative territory, their losses have been limited in scope. Consumer discretionary (-0.2%), energy (-0.2%), and technology (-0.2%) sectors outperform while industrials (-0.8%) and materials (-0.6%) lag. For its part, the financial sector (-0.3%) trades in-line with the S&P.

The industrial space has been pressured by defense stocks after Rockwell Collins (COL 69.41, -4.87) issued downside guidance for fiscal year 2014. The impact is visible across the industry as the broader PHLX Defense Index trades lower by 1.3%.

Elsewhere, steelmakers and miners have pressured the materials sector. Steel names trade lower after AK Steel (AKS 4.11, -0.33) issued cautious third quarter guidance and said shipments are expected to be down 5-6% year-over-year. The broader Market Vectors Steel ETF (SLX 45.97, -0.85) trades lower by 1.8%.

Mining shares hover near their lows amid significant weakness in precious metals. Gold is lower by 2.7% at $1332.20 per troy ounce while the Market Vectors Gold Miners ETF (GDX 26.12, -1.24) holds a loss of 4.5%. Gold fell to lows after St. Louis Fed President James Bullard suggested the Fed could make a tapering decision at the October FOMC meeting despite the lack of a scheduled press conference after that meeting.

Treasuries are on their highs with the benchmark 10-yr yield down three basis points at 2.73%.DJ30 -71.92 NASDAQ -0.14 SP500 -5.68 NASDAQ Adv/Vol/Dec 1215/1.09 bln/1177 NYSE Adv/Vol/Dec 962/605.2 mln/1981

12:30 pm : The S&P 500 continues to hover near its lows as buying interest remains scarce. The steady retreat has caused the earlier outperformers to slip into the red while the health care sector (+0.03%) holds a razor-thin gain.

Meanwhile, two other countercyclical sectors, telecom services (-1.4%) and utilities (-1.5%), have paced the decline. In addition to the pair, industrials (-0.8%) and materials (-0.6%) also trail behind the broader market.

The early part of the session saw the CBOE Volatility Index (VIX 13.27, +0.11) slip to its lowest level since August 14. However, the broad-based retreat has caused the near-term volatility measure to turn positive as participants adjust their volatility expectations.DJ30 -81.15 NASDAQ -7.84 SP500 -8.05 NASDAQ Adv/Vol/Dec 1129/1.01 bln/1255 NYSE Adv/Vol/Dec 864/583.2 mln/2077

12:05 pm : Recent action saw the major averages continue their retreat. Despite its outperformance, the Nasdaq (-0.1%) now trades in negative territory along with the Dow (-0.4%) and S&P 500 (-0.4%). Despite today's modest losses, the three indices are on track to register solid gains for the week.

Including its current loss, the S&P 500 holds a week-to-date gain of 1.6% while the Russell 2000 has added 1.9%. Similarly, all ten sectors are in line to end the week in positive territory. Industrials (+2.6%) and materials (+2.1%) have had the best showing this week while the telecom services space (+0.2%) is the only sector trading with a week-to-date gain of less than 1.0%. Fittingly, the telecom sector is today's second weakest performer (-1.2%) trailing only behind utilities (-1.5%).DJ30 -68.73 NASDAQ -6.41 SP500 -6.83 NASDAQ Adv/Vol/Dec 1108/919.8 mln/1253 NYSE Adv/Vol/Dec 871/557.2 mln/2060

11:35 am : The S&P 500 (-0.2%) trades on its lows while the Nasdaq (+0.1%) remains in positive territory. Telecom services (-1.1%) and utilities (-1.4%) have widened their losses and commodity-related sectors have also been pressured.

Steelmakers have pressured the materials sector after AK Steel (AKS 4.18, -0.26) issued cautious third quarter guidance and said shipments are expected to be down 5-6% year-over-year. The broader Market Vectors Steel ETF (SLX 46.15, -0.67) trades lower by 1.4%.

Mining shares also trade lower amid significant weakness in precious metals. Gold is lower by 2.3% at $1338.30 per troy ounce while the Market Vectors Gold Miners ETF (GDX 26.39, -0.97) holds a loss of 3.5%. Gold fell to lows after St. Louis Fed President James Bullard suggested the Fed could make a tapering decision at the October FOMC meeting despite the lack of a scheduled press conference after that meeting.

On a separate note, the House of Representatives has passed a stopgap spending bill that includes the defunding of Obamacare. However, the Senate is expected to vote against this measure.DJ30 -43.14 NASDAQ +1.58 SP500 -3.42 NASDAQ Adv/Vol/Dec 1160/821.5 mln/1164 NYSE Adv/Vol/Dec 977/528.2 mln/1924

11:00 am : The major averages remain mixed with the Nasdaq (+0.2%) holding its head above water while the Dow (-0.1%) and S&P 500 (-0.1%) continue to hover in negative territory.

Individual sectors also trade in mixed fashion with four groups (consumer discretionary, health care, energy, and technology) sporting modest gains between 0.1% and 0.2%. Meanwhile, the remaining six sectors trade in the red with rate-sensitive telecom services (-0.9%) and utilities (-1.2%) leading to the downside.

Treasuries have been confined to tight ranges, and that continues to be the case at this juncture. The benchmark 10-yr yield is higher by one basis point at 2.76%.DJ30 -19.35 NASDAQ +7.02 SP500 -1.00 NASDAQ Adv/Vol/Dec 1156/676.8 mln/1133 NYSE Adv/Vol/Dec 1040/486.7 mln/1799

10:35 am : Commodities are lower this morning, led by losses in gold, silver and crude oil. Copper is almost flat.

In recent trade, crude oil futures sold off back near its LoD. Oct crude oil is now -0.7% at $105.62/barrel. Oct natural gas has been in the red all day and is now -1.3% at $3.67/MMBtu.

Dec gold and Dec silver have been in the red all day as well and just hit new session lows. Dec gold is now -2.0% at $1340.50/oz, Dec silver is -14.0% at $22.35/oz, while Dec copper is -0.4% at $3.33/lb.DJ30 -22.50 NASDAQ +6.74 SP500 -0.75 NASDAQ Adv/Vol/Dec 1106/578.2 mln/1133 NYSE Adv/Vol/Dec 1074/455 mln/1762

10:00 am : The key indices have retreated from their opening levels. The Dow (-0.2%) and S&P 500 (-0.1%) have slipped into the red while the Nasdaq (+0.1%) continues to outperform.

The energy sector (+0.3%) remains in the lead while crude oil trades little changed at $105.81 per barrel. In addition to energy, consumer discretionary (+0.1%) and health care (+0.1%) sectors also trade with slim gains.

Despite the choppy price action, the CBOE Volatility Index (VIX 13.01, -0.15) trades at its lowest level since August 14.DJ30 -21.85 NASDAQ +3.69 SP500 -0.74 NASDAQ Adv/Vol/Dec 1064/420.2 mln/1105 NYSE Adv/Vol/Dec 1101/408.2 mln/1649

09:45 am : The major averages began the session on an upbeat note with help from cyclical sectors. Energy, financials, and technology hold gains between 0.2% and 0.3% while the broader S&P 500 is trading higher by 0.1%.

Meanwhile, three of four countercyclical sectors have exerted some early pressure as consumer staples, telecom services, and utilities hold losses between 0.2% and 0.6%. The last defensive sector, health care, outperforms with a gain of 0.3%.

The Treasury complex has not moved much with the benchmark 10-yr yield little changed at 2.76%.DJ30 +0.17 NASDAQ +4.29 SP500 +0.98 NASDAQ Adv/Vol/Dec 1049/323.5 mln/995 NYSE Adv/Vol/Dec 1188/380.3 mln/1502

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +6.00. Today's session sets up for a flat open as equity futures hover near their flat lines. The Nasdaq futures (+0.1%) trade modestly higher while the S&P 500 futures (-0.1%) hover in the red.

The overnight session did not generate much excitement with many Asian markets closed for the mid-Autumn festival. Elsewhere, European investors have been playing it safe ahead of this weekend's German election. While Chancellor Angela Merkel is expected to retain her seat, markets will be focused on the support received by the anti-euro party. The latest polls suggest the party will receive enough votes to enter parliament.

Futures slipped to lows in reaction to comments from St. Louis Fed President James Bullard. During his speech, Mr. Bullard said that the Federal Reserve could call a press conference after the October FOMC meeting. With FOMC press conferences scheduled after every other meeting, many participants had made the assumption that the lack of a press conference in October means the Fed would not make a tapering announcement until at least the December meeting.

Treasury yield spiked in reaction to the comments, but have retraced almost the entire move. The benchmark 10-yr yield is little changed at 2.75%.

With quadruple witching taking place today, trading volume is expected to be on the heavy side.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +6.00. The S&P 500 futures trade lower by 0.1%.

The major Asian markets ended lower, but the session saw limited participation as markets in China, Hong Kong, South Korea, and Taiwan were closed. Japan's Nikkei (-0.2%) ended modestly lower amid reports indicating Prime Minister Shinzo Abe has decided to raise the sales tax and introduce stimulus measures in the amount of JPY5 trillion as early as April of next year. Elsewhere, the Reserve Bank of India surprised the market with a 25 basis point rate hike to 7.50%. In addition, the central bank cut the marginal standing facility rate by 75 basis points to 9.50% in order to facilitate short-term lending. Economic data was limited as Japan's foreign bonds buying report indicated net purchases in the amount of JPY921.6 billion. (-JPY72.2 billion prior). Also of note, New Zealand's visitor arrivals were unchanged month-over-month (1.2% prior) and credit card spending rose 6.6% year-over-year (4.8% prior).

In Japan, the Nikkei shed 0.2% as industrials lagged. Hitachi Construction Machinery and Mitsui OSK Lines both lost near 3.0%. Exporters displayed strength with Konica Minolta and Nikon rising 2.1% and 6.4%, respectively.
Hong Kong's Hang Seng was closed.
In China, the Shanghai Composite was closed.

Major European indices trade little changed as participants play it safe ahead of this weekend's German national election. While the ruling CDU-CSU coalition is expected to remain in power, the anti-euro party has been polling around 5.0%, which puts it on track to enter parliament. In regional economic data, Great Britain's public sector net borrowing increased GBP11.5 billion (GBP12.0 billion expected, -GBP1.1 billion prior). Elsewhere, Italian industrial new orders slipped 0.7% month-over-month (1.5% forecast, 3.2% prior) while the year-over-year reading fell 2.2% (-1.1% previous). Separately, industrial sales ticked down 0.8% month-over-month (0.1% prior). Also of note, Spain's trade deficit widened to EUR0.80 billion from EUR0.10 billion (EUR0.50 billion surplus expected).

Great Britain's FTSE is lower by 0.2%. Miners lead to the downside with Anglo American, Fresnillo, and Randgold Resources down between 2.8% and 3.5%. Consumer names have displayed strength as GKN, J Sainsbury, and Persimmon hold gains between 1.4% and 2.3%.
In Germany, the DAX is off 0.1%. Utilities E.ON and RWE weigh on the index with respective losses of 0.7% and 1.7%. Meanwhile, Bayer is among the outperformers. The drug maker trades higher by 1.9%.
France's CAC holds a loss of 0.1% as bank shares weigh. AXA, Credit Agricole, and Societe Generale are down between 1.0% and 1.4%. Oil company Technip sports a gain of 2.9% and is the top index performer.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +3.00. Equity futures continue to trade in mixed fashion, but recent action saw the S&P 500 futures (-0.2%) slip to their lows following comments from St. Louis Fed President James Bullard. During his speech, Mr. Bullard said that a press conference after the October FOMC meeting is within the realm of possibilities. With FOMC press conferences taking place after every other meeting, many participants had made the assumption that the lack of a press conference in October means the Fed would not make a tapering announcement until at least the December meeting.

Treasuries slumped following the remarks, sending the benchmark 10-yr yield from 2.74% to 2.77%. Similarly, gold futures slid to fresh lows. The yellow metal trades lower by 1.5% at $1348.90 per troy ounce.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +5.50. U.S. equity futures trade in mixed fashion following a quiet overnight session. The S&P 500 futures hold a slim loss of 0.1%.

Reviewing overnight developments:

Asian markets ended in the red. Japan's Nikkei -0.2% while China and Hong Kong were closed for the Mid-autumn festival.
Economic data was limited:
Japan's foreign bonds buying report indicated net purchases in the amount of JPY921.6 billion. (-72.2 billion prior).
The Reserve Bank of India raised its key interest rate to 7.50% from 7.25% (7.25% expected).
New Zealand's visitor arrivals were unchanged month-over-month (1.2% prior) and credit card spending rose 6.6% year-over-year (4.8% prior).
In news:
Reports out of Japan indicate Prime Minister Shinzo Abe has decided to raise the sales tax and introduce stimulus measures in the amount of JPY5 trillion as early as April of next year.

Major European indices trade little changed. France's CAC +0.1%, Germany's DAX +0.1%, and Great Britain's FTSE is flat.
In regional economic data:
Great Britain's public sector net borrowing increased GBP11.5 billion (GBP12.0 billion expected, -GBP1.1 billion prior).
Italian industrial new orders slipped 0.7% month-over-month (1.5% forecast, 3.2% prior) while the year-over-year reading fell 2.2% (-1.1% previous). Separately, industrial sales ticked down 0.8% month-over-month (0.1% prior).
Spain's trade deficit widened to EUR0.80 billion from EUR0.10 billion (EUR0.50 billion surplus expected).
Looking at news:
The European session has been very subdued with participants electing to play it safe ahead of this weekend's German national election. While the ruling CDU-CSU coalition is expected to remain in power, the anti-euro party has been polling around 5.0%, which puts it on track to enter parliament.

In U.S. corporate news:

AK Steel (AKS 4.00, -0.44) is -9.9% after lowering its third quarter guidance to reflect an expected net loss of $0.22 to $0.27 per share. Peer U.S. Steel (X 20.22, -0.95) trades lower by 4.5%.
TIBCO Software (TIBX 27.45, +2.20) is +8.7% after beating on earnings and revenue.

There is no notable economic data on today's calendar.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +5.50.

06:59 am : Nikkei...14742.42...-23.80...-0.20%. Hang Seng...Holiday.........

06:59 am : FTSE...6621.55...-3.90...-0.10%. DAX...8700.86...+6.70...+0.10%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage
Market Update


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr