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 Post subject: September 23rd Monday Trade Results - No Trades
PostPosted: Tue Sep 24, 2013 7:57 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
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Quote:
No trades today due to family reasons.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 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=1608

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.

Budget Battle Weighs On Stocks

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

NEW YORK (CNNMoney)
Is the September rally over? Investors were acting cautiously Monday as lawmakers in Washington continue to battle over a budget deal.

The Dow Jones industrial average, S&P 500 and Nasdaq declined modestly.

Unless a compromise is reached during the next week, the government is poised to shut down at the start of October. While investors don't typically worry too much about a shutdown, the political wrangling and gridlock ahead of the budget, as well as the looming debt ceiling deadline may cause some volatility in markets, according to experts.

"We suspect a budget showdown in Washington will likely weigh on global markets for the next several weeks," said Craig Johnson, senior technical research strategist at Piper Jaffray. But he added that any weakness in stocks would be a buying opportunity, as he doesn't believe either Democrats or Republicans would let the country default on its debt.

The budget fight overshadowed positive global economic news, as new data from HSBC showing China's manufacturing sector expanded at the fastest pace in six months.

* How a shutdown could affect the economy

The Federal Reserve also remained in focus, following last week's decision to hold off on its plans to taper its bond buying program.

In a speech Monday, New York Fed President William Dudley said he would "like to see news that makes me more confident that we will see continued improvement in the labor market" before cutting back on the central bank's stimulus program.

BlackBerry buyout: BlackBerry (BBRY) announced Monday afternoon that its largest shareholder, Fairfax Financial, was leading a group to acquire the troubled company for $9 a share. After a brief trading halt, shares initially surged 5% to above the $9 takeover price. But the stock quickly trimmed those gains and ended only 1% higher.

The $9 price tag is slightly above where shares traded earlier Monday, but below where the stock was Friday just before BlackBerry shocked investors with the news that it would slash 40% of its workforce and also warned of a $1 billion quarterly loss.

What's moving: Apple (AAPL, Fortune 500) shares jumped after the company said it sold a record 9 million iPhone 5S and iPhone 5C devices worldwide during the first three days the phone went on sale. Apple was the biggest winner in the S&P 500.

"$AAPL Maybe $BBRY should put out a Gold model too....," quipped StockTwits user Lach14.

Apple also said that 11 million listeners have tuned into iTunes Radio since its launch last week as part of the new iOS 7. Shares of Pandora (P) declined sharply on the news.

"$P The problem I see with Pandora is where it can innovate from here," said StockTwits user Duckid. "With such a big wall up I don't see them pulling away iRadio users."

Financial stocks were among the worst performers, with shares of Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500) down more than 2%.

Monday marks the first day that Bank of America, as well as Hewlett-Packard (HPQ, Fortune 500) and Alcoa (AA, Fortune 500) are no longer included in the Dow. But the newest components weren't helping the Dow's performance. Goldman Sachs was the Dow's biggest laggard, while Nike (NKE, Fortune 500) and Visa (V, Fortune 500) were down about 1%.

Netflix (NFLX) shares also slid, but only after hitting a record high earlier in the day. On Sunday, director David Fincher won an Emmy Award for his work on Netflix's "House of Cards" series. The Emmy win was the first for a TV show that only airs online.

"$NFLX 430% up in 1 year, will give up on some of that gain. Smart money selling...Bearish," said StockTwits trader FreeFall.

TradeAssassIn added that "$NFLX Carl [Icahn] has to be selling here."

Icahn took a 10% stake in the streaming video company in October. But as recently as two weeks ago, the billionaire investor said he hadn't sold a single share of the company.

European markets closed lower, despite German chancellor Angela Merkel's big victory in Sunday's elections. Stocks dipped after eurozone purchasing managers had reported slightly stronger-than-expected growth in manufacturing and services.

Asian markets ended mixed. The Shanghai Composite index rose by 1.3%. Hong Kong's Hang Seng index fell after being closed in the morning because of Typhoon Usagi. The Tokyo Stock Exchange was closed for a holiday.

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4:10 pm : The major averages began the week on a lower note as the S&P 500 shed 0.5%. Stocks spent the first half of the session in a steady retreat, but managed to regain a portion of their losses during afternoon action.

Seven of ten sectors finished in the red while technology (+0.3%), telecom services (+0.1%), and utilities (+1.2%) outperformed. The technology sector-and the Nasdaq-received an opening boost from the shares of Apple (AAPL 490.64, +23.23) after the largest sector component reported strong weekend demand for two of its latest devices. As a result of better-than-expected sales, the company said it expects fourth quarter revenue to come in near the top end of analyst estimates. Apple settled higher by 5.0% and component suppliers like Cirrus Logic (CRUS 23.20, +1.19) and Skyworks Solutions (SWKS 25.86, +0.27) also displayed strength.

Elsewhere in technology, BlackBerry (BBRY 8.81, +0.09) rose 1.0% after agreeing to a buyout offer from a consortium led by Toronto-based Fairfax Financial. Per the agreement, BlackBerry shareholders will receive $9.00 per share, which would represent a total transaction value of roughly $4.7 billion.

The outperformance of Apple masked the losses among many other top tech components. Google (GOOG 886.50, -16.61) lost 1.8% and the newest Dow member Visa (V 196.24, -2.59) fell 1.3%. Just like Visa, the other two new Dow additions-Goldman Sachs (GS 165.25, -4.50) and Nike (NKE 68.98, -0.39)-ended in the red.

Goldman Sachs settled behind the remaining Dow components as the financial sector (-1.5%) was the only group that ended with a loss larger than 1.0%. The broad weakness was brought on by a Financial Times report indicating Citigroup (C 49.57, -1.64) is likely to record a significant drop in third quarter trading revenue. Separately, afternoon reports from Reuters revealed that U.S. prosecutors in California are planning to announce charges related to mortgage-backed securities issuance against JPMorgan Chase (JPM 51.46, -1.34).

Also of note, the industrial sector (-0.1%) outperformed as two of its top components, Boeing (BA 117.51, +0.88) and General Electric (GE 24.28, +0.27), both gained near 1.0%. However, transportation companies kept the sector from turning positive as the Dow Jones Transportation Average lost 0.6%.

Countercyclical sectors ended mixed as utilities and telecom services ended ahead of the S&P while health care (-0.7%) lagged and consumer staples (-0.5%) ended in-line.

Treasuries finished near their highs with the benchmark 10-yr yield lower by two basis points at 2.72%.

Trading volume was on the light side as less than 700 million shares changed hands on the floor of the New York Stock Exchange.

In news from overseas, the German federal election saw Chancellor Angela Merkel's CDU receive the most votes, but its former coalition partner, FDP, failed to reach the 5.0% threshold needed to enter parliament. This means Ms. Merkel's party will need to find a different coalition partner. Following the CDU victory, Chancellor Merkel said she does not see the need to change Europe's policy course.

Tomorrow, the July Case-Shiller 20-city Index and July FHFA Housing Price Index will both be reported at 9:00 ET while the September consumer confidence report will cross the wires at 10:00 ET.DJ30 -49.71 NASDAQ -9.44 SP500 -8.07 NASDAQ Adv/Vol/Dec 1085/1.65 bln/1443 NYSE Adv/Vol/Dec 1274/690.1 mln/1726

3:30 pm :

Nov crude oil fell for a third consecutive session, dipping as low as $103.12 per barrel in morning pit trade. It traded slightly above that level for the remainder of the session and settled at $103.58 per barrel, or 1.2% lower
Oct natural gas fell deeper into the red as it pulled back from its session high of $3.67 per MMBtu set in early morning floor action. It closed at its session low of $3.60 per MMBtu, booking a loss of 2.4%
Precious metals also traded lower today, extending Friday's losses
Dec gold brushed a session low of $1317.90 per ounce in morning action and settled with a 0.4% loss at $1327.30 per ounce
Dec silver chopped around slightly below the unchanged line after dipping to a session low of $21.67 per ounce. It eventually settled with a 0.2% loss at $21.87 per ounce.

DJ30 -58.86 NASDAQ -11.42 SP500 -8.70 NASDAQ Adv/Vol/Dec 1096/1404.5 mln/1401 NYSE Adv/Vol/Dec 1247/439 mln/1741

3:00 pm : The S&P 500 holds a loss of 0.3% as today's session enters its final hour. With 60 minutes left in today's session, the benchmark index has been able to trim its losses while small caps have retraced their entire early decline. Currently, the Russell 2000 is higher by 0.1%.

There was no economic data reported today, but that will change as the week progresses. Tomorrow, the July Case-Shiller 20-city Index and July FHFA Housing Price Index will both be reported at 9:00 ET while the September consumer confidence report will cross the wires at 10:00 ET.

Arguably the most important economic report of the week will be released on Thursday morning when the third estimate of second quarter GDP crosses the wires at 8:30 ET. The Briefing.com consensus expects second quarter growth to be revised to 2.6% from 2.5% reported in the second estimate.DJ30 -37.44 NASDAQ -3.71 SP500 -5.85 NASDAQ Adv/Vol/Dec 1181/1.28 bln/1318 NYSE Adv/Vol/Dec 1377/396.2 mln/1590

2:30 pm : The S&P 500 trades near the middle of its range after spending the past three hours climbing off its early lows.

The index has been able to trim its loss to 0.4% with the help from some influential sectors. The industrial sector has returned to its flat line even as transportation-related companies remain lower (Dow Jones Transportation Average -0.7%). However, Boeing (BA 117.18, +0.55) and General Electric (GE 24.28, +0.27) have contributed to the sector's rebound. The two index components trade higher by 0.5% and 1.1%, respectively.

Elsewhere, the utilities sector has extended its gain to 1.2%.DJ30 -45.53 NASDAQ -9.34 SP500 -7.57 NASDAQ Adv/Vol/Dec 1072/1.18 bln/1430 NYSE Adv/Vol/Dec 1300/369.4 mln/1670

2:00 pm : The S&P 500 trades lower by 0.4% as equities continue their slow climb off the morning lows.

Shares of embattled mobile phone manufacturer BlackBerry (BBRY 8.24, -0.49) have been halted after the company received a buyout offer from a consortium led by Toronto-based Fairfax Financial. Per the agreement, BlackBerry shareholders would receive $9.00 per share, which would represent a total transaction value of roughly $4.7 billion.

Meanwhile, the broader tech sector (+0.5%) continues to outperform even as large components like Cisco Systems (CSCO 24.28, -0.23), Google (GOOG 888.10, -15.01), and Intel (INTC 23.72, -0.05) trade in the red. Chipmakers are little changed as the PHLX Semiconductor Index trades lower by 0.1%.DJ30 -32.11 NASDAQ -4.83 SP500 -6.03 NASDAQ Adv/Vol/Dec 1036/1.06 bln/1459 NYSE Adv/Vol/Dec 1329/335.5 mln/1627

1:25 pm : The major indices are off their lows, yet buyers haven't shown a lot of conviction as a prevalent sense that the market is due for a period of consolidation has limited their interest.

From Warren Buffet's acknowledgment that the stock market is more or less fairly priced to the FOMC's contention that it could not taper at its September meeting because of fiscal headwinds, tighter financial conditions, and insufficient labor market progress, investors are finding a reason to take some money off the table.

On a related FOMC note, New York Fed President Dudley said earlier today in a speech that he sees little evidence of a pickup in the economy's forward momentum and that, in his estimation, the economic and labor market improvement tests were not met to warrant a tapering at the September meeting. Just a short time ago, Dallas Fed President Fisher said he argued against a decision at the September meeting to keep bond buying unchanged.

Mr. Fisher's view is not a surprise as he is known to be a policy hawk. What should register for market participants is that Mr. Fisher will be a voting FOMC member in 2014. DJ30 -48.42 NASDAQ -14.12 SP500 -8.88 NASDAQ Adv/Vol/Dec 907/982 mln/1566 NYSE Adv/Vol/Dec 1155/309 mln/1784

12:55 pm : Equities have spent the first half of the session in a steady decline after being unable to build on the early strength of the Nasdaq (-0.3%).

The tech-heavy index holds a modest loss despite starting the session in the green. The Nasdaq received a pre-market boost from the shares of Apple (AAPL 485.24, +17.83) after weekend iPhone sales eclipsed analyst estimates. As a result of strong product demand, the company expects its fourth quarter revenue to come in near the top end of estimates. The largest tech stock trades higher by 3.9%.

Apple suppliers are also enjoying a solid session with Cirrus Logic (CRUS 23.50, +1.49) trading higher by 6.8%. However, outside of select names, many components trade lower. Cisco (CSCO 24.28, -0.23), Google (GOOG 888.10, -15.01), and Facebook (FB 46.93, -0.56) are all down between 1.0% and 1.6%. One of the latest additions to the Dow Jones Industrial Average, Visa (V 197.42, -1.41), also trades in the red, sporting a loss of 0.7%.

Similar to Visa, the other two new Dow members, Goldman Sachs (GS 165.59, -4.16) and Nike (NKE 68.88, -0.49) are among today's laggards with Goldman Sachs bringing up the rear.

Bank shares have underperformed from the open after the Financial Times reported that Citigroup (C 49.66, -1.55) is likely to record a significant drop in third quarter trading revenue. The news has weighed on other major financials as the broader sector trades lower by 1.4%.

Elsewhere, industrials (-0.2%) and materials (-0.4%) trade ahead of the S&P after China's HSBC Manufacturing PMI rose to its highest level since April (51.2 actual, 50.1 prior). Steelmakers have displayed strength as the Market Vectors Steel ETF (SLX 45.88, +0.07) trades higher by 0.2%.

Treasuries have received a modest bid and the benchmark 10-yr yield is lower by three basis points at 2.71%.

In other news of note, the German federal election saw Chancellor Angela Merkel's CDU receive the most votes, but its former coalition partner, FDP, failed to reach the 5.0% threshold needed to enter parliament. This means Ms. Merkel's party will need to find a different coalition partner. Following the CDU victory, Chancellor Merkel said she does not see the need to change Europe's policy course.DJ30 -37.67 NASDAQ -11.86 SP500 -7.32 NASDAQ Adv/Vol/Dec 941/911.8 mln/1539 NYSE Adv/Vol/Dec 1196/285.2 mln/1742

12:30 pm : The S&P 500 trades lower by 0.5% as the index continues to hover near the 1,700 level.

After surging 1.2% in reaction to last Wednesday's FOMC meeting, the S&P 500 has been stuck in a steady decline off its all-time high. Today's session marks the third consecutive retreat for the benchmark index, but despite the recent weakness, the S&P remains higher by 4.2% this month.

Individual sectors have also enjoyed a strong month as nine sectors trade with September gains of at least 2.9% while the telecom services space rounds out this month's leaderboard with a month-to-date advance of 0.7%.DJ30 -50.90 NASDAQ -17.35 SP500 -8.61 NASDAQ Adv/Vol/Dec 871/843.2 mln/1593 NYSE Adv/Vol/Dec 1143/264.4 mln/1779

11:55 am : The S&P 500 has ticked up off its lows, but its recovery has been limited to three points so far. The index has spent the past hour near the 1,700 level after slipping below this mark for the first time since September 17.

Although the technology sector (+0.1%) continues to outperform, Apple (AAPL 485.73, +18.32) has accounted for most of that gain. Other large tech components like Cisco Systems (CSCO 24.27, -0.24), Google (GOOG 888.00, -15.11), and Facebook (FB 46.79, -0.70) hold losses between 1.0% and 1.7%.

Chipmakers also trade in the red with the PHLX Semiconductor Index down 0.6%.DJ30 -56.54 NASDAQ -23.32 SP500 -9.81 NASDAQ Adv/Vol/Dec 801/756.2 mln/1655 NYSE Adv/Vol/Dec 1094/239.2 mln/1799

11:30 am : The S&P 500 trades lower by 0.6% amid relatively scarce buying interest. Eight of ten sectors trade in the red while technology (+0.1%) and utilities (+1.0%) outperform.

In addition, three commodity-related sectors (energy, materials, and industrials) also trade ahead of the broader market. The three sectors are down between 0.4% and 0.5% with their outperformance coming after China's HSBC Manufacturing PMi rose to 51.2 from 50.1 (50.9 expected). This marked the highest reading since April. Steelmakers have displayed strength as the Market Vectors Steel ETF (SLX 45.98, +0.17) trades higher by 0.4%. Meanwhile, the broader materials sector is lower by 0.3%.DJ30 -64.65 NASDAQ -24.59 SP500 -10.70 NASDAQ Adv/Vol/Dec 803/680.2 mln/1639 NYSE Adv/Vol/Dec 1077/214.2 mln/1818

11:00 am : The major averages remain pressured as six sectors continue to trail behind the broader market. The S&P 500 trades lower by 0.6% while the Dow Jones Industrial Average outperforms with a loss of 0.4%.

The price-weighted Dow Jones outperforms as top components 3M (MMM 121.06, +1.05) and IBM (IBM 191.89, +1.87) trade with gains near 1.0% apiece. However, the latest three additions to the index trade in negative territory. Goldman Sachs (GS 164.97, -4.78), Nike (NKE 68.30, -1.07), and Visa (V 196.72, -2.11) are all down between 1.1% and 2.8% with Goldman Sachs leading to the downside. Fittingly, the financial sector (-1.4%) is today's weakest performer.

The CBOE Volatility Index (VIX 14.54, +1.42) has climbed since the open and the near-term volatility measure now trades higher by 10.8%.DJ30 -68.16 NASDAQ -19.92 SP500 -10.08 NASDAQ Adv/Vol/Dec 774/545.2 mln/1626 NYSE Adv/Vol/Dec 1105/174.6 mln/1763

10:30 am : Commodities are mostly lower this morning. The dollar index was showing some strength this morning, but sold off back to the flat line in recent trade. However, this didn't give a boost to the commodities complex.

Crude oil prices have been sliding lower all morning and just hit a new session low of $103.12/barrel. In current action, Nov crude oil is now -1.2% at $103.54/barrel.

Note: The front-month crude oil contract switched over to the November contract from the October contract.

Natural gas futures have been in the red all day so far and fell as low as $3.63/MMBtu about 25 minutes before floor trading began. Currently, Oct nat gas is -0.7% at $3.66/MMBtu.

Precious metals have been trading lower this morning, but have been slowly climbing off session lows. Dec gold is now -0.5% at $1325.60/oz and Dec silver is -0.4% at $21.85/oz. DJ30 -38.05 NASDAQ -11.11 SP500 -7.15 NASDAQ Adv/Vol/Dec 871/418.2 mln/1478 NYSE Adv/Vol/Dec 1164/142 mln/1653

09:55 am : The S&P 500 (-0.3%) remains near its lows and the Nasdaq (-0.1%) has retreated from its opening high.

The broader market is being pressured by most sectors as six groups trail behind the S&P 500 with financials (-1.2%) leading to the downside. In addition, consumer staples (-0.6%), consumer discretionary (-0.5%), and health care (-0.6%) also weigh.

Elsewhere, Treasuries trade near their highs with the benchmark 10-yr yield down two basis points at 2.72%.DJ30 -15.42 NASDAQ -2.63 SP500 -5.96 NASDAQ Adv/Vol/Dec 842/226.4 mln/1427 NYSE Adv/Vol/Dec 1047/90.3 mln/1685

09:40 am : As expected, the major averages began the session in mixed fashion. The Nasdaq (+0.2%) opened in positive territory with Apple (AAPL 492.35, +24.94) providing significant support after the company said its fourth quarter revenue will be near the high end of estimates thanks to strong iPhone sales.

Although technology has shown early strength, the remaining nine sectors trade in the red. The financial space (-1.0%) leads to the downside after reports in the Financial Times indicated Citigroup (C 49.93, -1.28) has suffered a drop in third quarter trading revenue.

With the major indices trading mixed, the CBOE Volatility Index (VIX 14.04, +0.92) is higher by 6.9%.DJ30 -10.21 NASDAQ +8.16 SP500 -3.16 NASDAQ Adv/Vol/Dec 866/135.1 mln/1327 NYSE Adv/Vol/Dec 1065/66.2 mln/1582

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: +11.20. The major averages are poised to begin today's session on a mixed note. Futures hovered near their lows until reports of Apple (AAPL 495.96, +28.55) surpassing its sales estimates for the latest phone sent Nasdaq futures (+0.4%) as well as shares of Apple to their pre-market highs. As a result of strong sales, Apple expects its fourth quarter revenue to come in near the high end of estimates. The largest tech stock holds a pre-market gain of 6.1%.

Elsewhere, the S&P 500 futures remain lower by 0.3% with financials under early pressure. Citigroup (C 49.80, -1.45) trades down 2.7% after the Financial Times reported the bank has suffered a large decline in third quarter trading revenue. Bank of America (BAC 14.30, -0.14) and Goldman Sachs (GS 167.87, -1.88) are both down near 1.0% in sympathy.

Treasuries continue to trade little changed with the benchmark 10-yr yield at 2.73%.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: +15.20. The S&P 500 futures trade lower by 0.2%.

Asian markets ended the first session of the week mostly lower. Hong Kong's Hang Seng shed 0.6% after the start was delayed by typhoon Usagi. Elsewhere, Japan's Nikkei was closed for Autumn Equinox. Thailand remained under pressure with the SET index falling 3.4%. Also of note, Chinese short-term lending rates were on the rise with the two-week SHIBOR rate climbing 34 basis points to 4.35%. Regional economic data was limited. China's HSBC Manufacturing PMI rose to 51.2 from 50.1 (50.9 expected), which marked the highest reading since April. Hong Kong's CPI came in at 4.5% year-over-year (4.4% expected, 6.9% prior).

In Japan, the Nikkei was closed.
Hong Kong's Hang Seng ended lower by 0.6% as financials lagged. HSBC fell 1.9% and New World Development lost 2.9%. On the upside, Belle International jumped 4.6%.
In China, the Shanghai Composite settled higher by 1.3%. Industrials outperformed with Huayi Electric and Keda Group both jumping the limit, 10.0%. Drug maker Nanjing Pharmaceutical lost 4.1%.

Major European indices trade with modest losses after German Chancellor Angela Merkel's CDU received the most votes in this weekend's election. However, her former ally, FDP, was unable to reach the 5.0% threshold required to enter parliament meaning Ms. Merkel will need to seek out a different coalition partner. Participants received a fair share of data. Eurozone Manufacturing PMI slipped to 51.1 from 51.4 (51.8 expected) while the Services PMI increased to 52.1 from 50.7 (51.1 forecast). Germany's Manufacturing PMI decreased to 51.3 from 51.8 (52.2 consensus) while the Services PMI improved to 54.4 from 52.8 (53.1 forecast). French Manufacturing PMI ticked down to 49.5 from 49.7 (50.1 expected) and the Services PMI climbed to 50.7 from 48.9 (49.3 forecast). Italy reported no wage inflation month-over-month (0.1% prior).

France's CAC is lower by 0.3% as oil company Technip leads to the downside with a loss of 2.1%. Producers of basic materials outperform as Solvay and Vallourec trade higher by 1.5% and 1.3%, respectively.
In Germany, the DAX trades down 0.4% as drug makers Bayer and Merck weigh with respective losses of 1.0% and 0.5%. Basic materials have displayed strength as BASF and HeidelbergCement trade with gains close to 1.0%.
Great Britain's FTSE holds a loss of 0.5%. Barclays is the weakest performer, down 2.6%. On the upside, consumer names Burberry and J Sainsbury trade higher by 0.9% and 0.5%, respectively.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -3.80. U.S. equity futures have retreated from their overnight highs, but the losses have been limited so far. The S&P 500 futures lead to the downside with a loss of 0.2%. Overseas, the German federal election saw Chancellor Angela Merkel's CDU receive the most votes, but its former coalition partner, FDP, failed to reach the 5.0% threshold needed to enter parliament. This means Ms. Merkel's party will need to find a different coalition partner.

Domestically, investors are reacting to stock-specific news. Citigroup (C 50.00, -1.21) trades lower by 2.4% after the Financial Times reported the bank has suffered a large decline in third quarter trading revenue. Peer Goldman Sachs (GS 168.10, -1.65) is lower by 1.0%.

Treasuries are little changed with the benchmark 10-yr yield at 2.73%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -4.30. U.S. equity futures hover near their lows amid subdued overseas action. The S&P 500 futures trade lower by 0.2%.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.6%, China's Shanghai Composite +1.3%, and Japan's Nikkei was closed for Autumn Equinox.
Regional economic data was limited:
China's HSBC Manufacturing PMI rose to 51.2 from 50.1 (50.9 expected). This marked the highest reading since April.
Hong Kong's CPI came in at 4.5% year-over-year (4.4% expected, 6.9% prior).
In news:
Today's session in Hong Kong began later than usual due to typhoon Usagi passing through the region. Major financials lagged with HSBC falling 1.9%.
In China, short-term Shanghai Interbank Offered Rates (SHIBOR) climbed with the two-week rate posting the most notable increase of 34 basis points to 4.35%.

Major European indices trade with modest losses. Great Britain's FTSE -0.4%, Germany's DAX -0.2%, and France's CAC -0.1%.
In regional economic data:
Eurozone Manufacturing PMI slipped to 51.1 from 51.4 (51.8 expected) while the Services PMI increased to 52.1 from 50.7 (51.1 forecast).
Germany's Manufacturing PMI decreased to 51.3 from 51.8 (52.2 consensus) while the Services PMI improved to 54.4 from 52.8 (53.1 forecast).
French Manufacturing PMI ticked down to 49.5 from 49.7 (50.1 expected) and the Services PMI climbed to 50.7 from 48.9 (49.3 forecast).
Italy reported no wage inflation month-over-month (0.1% prior).
Looking at news:
In Germany, Chancellor Angela Merkel's CDU received the most votes, but her former ally, FDP, was unable to reach the 5.0% threshold to enter parliament meaning Ms. Merkel will need to seek out a different coalition partner.

In U.S. corporate news:

Citigroup (C 50.25, -0.96) is -1.9% amid Financial Times reports indicating the bank suffered a large decline in third quarter trading revenue.
J.C. Penney (JCP 12.70, -0.26) is -2.0% after Vornado Realty Trust (VNO 86.32, 0.00) confirmed the sale of 13.4 million shares at $13 per share. In addition, reports indicate the company is seeking to raise more cash.
Walgreen (WAG 56.40, +0.88) is +1.6% after Morgan Stanley upgrade the stock to 'Overweight' from 'Equal-Weight.'

There is no economic data scheduled to be reported today.

06:43 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +9.00.

06:43 am : Nikkei...Holiday......... Hang Seng...23371.54...-131.00...-0.60%.

06:43 am : FTSE...6584.06...-12.40...-0.20%. DAX...8674.60...-1.10...0.00.

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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