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 Post subject: September 24th Tuesday Trade Results - Profit $1000.00
PostPosted: Wed Sep 25, 2013 5:52 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1000.00 dollars or +20.00 points, Light Crude Oil CL ($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 @ $1000.00 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=1609

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.

Stock Market Losing Streak Hits Four Days

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

NEW YORK (CNNMoney)
The biggest threat to the 2013 rally may be Washington, D.C.

Investors are weighing the possibility that the U.S. government might shut down on October 1st. But even if a shutdown is avoided, the bigger concern is whether Congress will raise the debt ceiling before the drop-dead deadline of October 18. If that doesn't happen, the government risks defaulting on its debt. Another credit rating downgrade could be in the cards too.

The Dow Jones Industrial Average and S&P 500 closed slightly lower. Both indexes have now suffered four straight days of losses. The Nasdaq ended in positive territory ... but just barely.

Housing continues to rebound: There were more positive signs from the housing market. Home prices continued to climb in July, according to S&P/Case-Shiller data.

Homebuilder Lennar (LEN) reported a boost in quarterly earnings and revenue compared to the year-earlier quarter, with a significant increase in new-home orders. KB Home (KBH) also beat expectations for its earnings.

* 'Made in America' revival gains pace

Facebook on fire: Facebook (FB) shares rose nearly 3% and hit a new all-time high. The stock, which only recently topped its previous record of $45 from its IPO day, is now flirting with $50 a share. An analyst at Citigroup upgraded the stock to a "buy." There are also reports that China may soon loosen some of its Internet restrictions, which could pave the way for Facebook to enter the world's most populous market.

There's still lots of skepticism about the social media giant's future. "$FB is valued @$120B and $AMZN @$144B. Amazon has assests and Facebook has office n chairs. Go figure." StockTwits trader mecka wrote.

But another trader sees only upside from here: "$FB wait for it.. Wait for it... It's going to go much higher." wrote duke2duke.

Online travel site Priceline (PCLN) continues to hit new highs, after recently topping $1,000. Priceline is the first stock in the S&P 500 with a price in the four digits.

Carnival's (CCL) stock plunged after the cruise operator reported a drop in profits.

Beleaguered retailer J.C. Penney (JCP, Fortune 500) hit a new 52-week low Tuesday, as investors fear a slower-than-expected back to school season and worry about whether the company needs more cash.

"JCP stock is still ugly says @alyssaoursler. Here's why you should stay away. $JCP http://stks.co/imRO Bearish," wrote InvestorPlace.

Another trader made light of the free haircuts for kids that former CEO Ron Johnson launched in the store.

"if they just turned the business into a full blown hair salon I think we would see a recovery $JCP," joked mytfine.

Chip equipment maker Applied Materials (AMAT, Fortune 500) announced a $29 billion merger with Tokyo Electron Limited "to create a global innovator in semiconductor and display manufacturing technology." Shares of Applied Materials rose 9% on the news.

Shares of Red Hat (RHT), a business software maker, fell due to concerns about sales growth for the rest of the year.

* BlackBerry's patents could spark a bidding war

BlackBerry (BBRY) announced late Monday that its largest shareholder, Fairfax Financial, was leading a group to acquire the troubled company for $9 a share. Blackberry shares edged down more than 3% Tuesday and remain below the $9 mark.

European markets closed higher. The latest German business sentiment data shows confidence continued to improve in September. Asian markets ended the day with small losses.

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4:15 pm : The S&P 500 settled lower by 0.3%, registering its fourth consecutive loss. Small caps outperformed the benchmark average as the Russell 2000 added 0.2%.

Stocks slipped during the opening hour in reaction to a below-consensus consumer confidence report for September. Gains in the stock market were unable to thwart pessimism in the labor market as the September Consumer Confidence Index fell to 79.7 from an upwardly revised 81.8 (from 81.4) in August. The Briefing.com consensus expected the Consumer Confidence Index to drop to 80.0.

Consumer confidence typically follows changes in equity prices, labor market conditions, gasoline prices, and media reports. While the equity market had a banner month for most of September, concerns about future labor growth weighed more heavily on consumer attitudes.

Despite the opening slip, the S&P recovered swiftly, but was unable to hold the 1,700 level into the close as financials and technology weighed.

The financial sector (-0.6%) underperformed for a second consecutive day with JPMorgan Chase (JPM 50.32, -1.14) leading to the downside. The stock fell 2.2% after The New York Times revealed the Department of Housing and Urban Development sought a $20 billion settlement in a mortgage-backed securities issuance case against the bank. This followed yesterday's reports, which said prosecutors in California are set to announce charges against JPMorgan Chase in this case.

Elsewhere, the technology sector ended lower by 0.3% as many top components lagged while chipmakers rallied. Oracle (ORCL 33.64, -0.30), Microsoft (MSFT 32.46, -0.29), and Visa (V 193.34, -2.90) lost between 0.9% and 1.5% while the PHLX Semiconductor Index advanced 0.7% after Applied Materials (AMAT 17.44, +1.45) announced plans to merge with Tokyo Electron.

Even though the S&P ended in the red, there were some pockets of strength among cyclical sectors like industrials and consumer discretionary.

Industrials (+0.3%) finished in the lead thanks to all-around support. The largest sector component, General Electric (GE 24.32, +0.04) advanced 0.2% and transportation companies also outperformed. The Dow Jones Transportation Average added 0.1%.

Meanwhile, the discretionary sector (+0.1%) saw homebuilders rally after KB Home (KBH 17.76, +0.73) and Lennar (LEN 36.01, +1.47) reported bottom-line beats. Housing stocks also drew strength from continued gains in home prices as the July Case-Shiller 20-city Index rose 12.4% (Briefing.com consensus 12.0%) and the FHFA Housing Price Index improved by 1.0%. The iShares Dow Jones US Home Construction ETF (ITB 22.66, +0.41) gained 1.8%.

Also aiding homebuilders was indirect support from the continued retreat in yields. Treasuries ended near their highs with the 10-yr yield down six basis points at 2.65%. This marked the lowest level for the benchmark yield since mid-August.

Trading volume was a bit below average as 674 million shares changed hands on the floor of the New York Stock Exchange.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET; August durable orders will be released at 8:30 ET; and August new home sales will cross at 10:00 ET.

The U.S. Treasury will auction $35 billion in 5-yr notes.DJ30 -66.79 NASDAQ +2.97 SP500 -4.42 NASDAQ Adv/Vol/Dec 1391/1.73 bln/1115 NYSE Adv/Vol/Dec 1644/673.8 mln/1360

3:35 pm :

Nov crude oil fell for a fourth consecutive session as tension eased in the Middle East. Iran has agreed to talks on Thursday over its nuclear program with representatives from six word powers, including the U.S. The energy component fell as low as $103.30 per barrel in morning floor trade and settled with a 0.5% loss at $103.11 per barrel, slightly below its session high of $103.22 per barrel
Oct natural gas registered a third consecutive session of losses as it trended lower in negative territory. It pulled back from its session high of $3.58 per MMBtu and closed 3.1% lower at its session low of $3.49 per MMBtu
Precious metals also struggled in negative territory today as the dollar index traded in the black
Dec gold fell for a third consecutive session, slipping to a session low of $1305.50 per ounce. It managed to erase some of the loss and settled at $1316.70 per ounce, or 0.8% lower
Dec silver slipped to a session low of $21.33 per ounce in morning pit trade and inched slightly higher as the session progressed. It eventually settled at $21.58 per ounce, booking a loss of 1.3%

DJ30 -40.32 NASDAQ +7.32 SP500 -1.67 NASDAQ Adv/Vol/Dec 1579/1476.1 mln/938 NYSE Adv/Vol/Dec 1823/437 mln/1155

3:00 pm : The S&P 500 trades higher by 0.1% as today's session enters its final hour. After slipping to the 1,694 level earlier this morning, the index staged a quick recovery that placed it right back above 1,700. However, since eclipsing that level, the S&P has been trapped between 1,704 and 1,708 throughout the afternoon.

Elsewhere, the Russell 2000 holds a gain of 0.7% as it looks to register a fresh record high above its previous all-time best of 1,076.97 that was notched on September 18.DJ30 -11.04 NASDAQ +14.50 SP500 +1.09 NASDAQ Adv/Vol/Dec 1610/1.31 bln/893 NYSE Adv/Vol/Dec 1911/387.9 mln/1060

2:30 pm : Recent action saw the Dow return to its flat line while the Russell 2000 (+0.8%) remains in the lead.

The price-weighted index has been pressured by three of its top components as Goldman Sachs (GS 164.77, -0.48), IBM (IBM 190.13, -0.86), and Visa (V 194.13, -2.11) trade with losses between 0.3% and 1.1%. Fittingly, the broader financial and technology sectors both trade lower by 0.1%.DJ30 -0.80 NASDAQ +17.24 SP500 +2.57 NASDAQ Adv/Vol/Dec 1639/1.21 bln/842 NYSE Adv/Vol/Dec 1939/353.3 mln/1029

2:00 pm : Recent action saw the S&P 500 (+0.3%) inch to a fresh high as the index continues to chase the Russell 2000 (+0.8%), which is trading at a new all-time high.

Energy, industrials, and discretionary shares continue to provide leadership as the three sectors trade with gains between 0.7% and 0.9%. Meanwhile, defensively-oriented groups continue to trail behind the broader market. Consumer staples, utilities, and telecom services are down between 0.2% and 0.6% while the health care sector (+0.1%) holds a slim gain thanks to the relative strength of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 208.71, +1.08) is higher by 0.5%.DJ30 +17.63 NASDAQ +21.18 SP500 +4.53 NASDAQ Adv/Vol/Dec 1686/1.11 bln/797 NYSE Adv/Vol/Dec 1974/322.2 mln/978

1:30 pm : The major indices regrouped after a fitful start and are now trading in positive territory. The gains are modest in scope, yet the Russell 2000 (+0.8%) is outperforming and is flirting with a new all-time high.

The drop in long-term rates (10-yr +15/32 at 2.65%) has been an underpinning factor today, providing added support to the homebuilders which have also responded favorably to the earnings reports out of Lennar (LEN 36.79, +2.25) and KB Home (KBH 18.36, +1.33). The yield on the 10-yr note is at its lowest level since mid-August.

The $33 bln 2-yr note auction didn't upset the apple cart for the Treasury market either. The auction drew a high yield of 0.348% on a 3.09 bid-to-cover ratio that was below the 12-auction average of 3.21x.
DJ30 +22.51 NASDAQ +21.79 SP500 +4.46 NASDAQ Adv/Vol/Dec 1710/1.04 bln/754 NYSE Adv/Vol/Dec 1989/297 mln/954

1:05 pm : The S&P 500 trades higher by 0.2% as it looks to snap its three-day losing streak. Meanwhile, small caps have outperformed through the first half of the session and the Russell 2000 (+0.8%) has notched a fresh record high at 1,080.92.

Stocks slipped out of the gate after the September consumer confidence report missed expectations. Gains in the stock market were unable to thwart pessimism in the labor market as the September Consumer Confidence Index fell to 79.7 from an upwardly revised 81.8 (from 81.4) in August. The Briefing.com consensus expected the Consumer Confidence Index to drop to 80.0.

Consumer confidence typically follows changes in equity prices, labor market conditions, gasoline prices, and media reports. While the equity market had a banner month for most of September, concerns about future labor growth weighed more heavily on consumer attitudes.

Equities were able to rebound off their morning lows as the gains in small caps combined with the strength of four cyclical sectors fueled the recovery. At this juncture, consumer discretionary, energy, industrials, and materials hold gains between 0.4% and 0.8% while financials and technology are little changed.

The discretionary sector (+0.6%) has received support from homebuilders after KB Homes (KBH 18.26, +1.23) and Lennar (LEN 36.46, +1.92) reported bottom-line beats. In addition, today's economic data pointed to continued gains in housing prices as the July Case-Shiller 20-city Index rose 12.4% (Briefing.com consensus 12.0%) and the FHFA Housing Price Index improved by 1.0%. The aforementioned stocks trade with respective gains of 7.5% and 5.4% apiece while the broader iShares Dow Jones US Home Construction ETF (ITB 22.94, +0.69) is higher by 3.2%.

Elsewhere, industrials (+0.8%) have displayed all-around strength with the largest sector component, General Electric (GE 24.51, +0.23), and transportation-related names (DJ Transportation Average +0.6%) contributing to the strength. The Transportation Average has drawn strength from airlines as Delta Air Lines (DAL 24.01, +0.69) and United Continental (UAL 34.04, +0.87) sport gains near 2.7%.

Also of note, energy (+0.6%) and materials (+0.4%) are among today's leaders even as the underlying commodities lag. Crude oil is lower by 0.9% at $102.62/bbl; gold futures trade down 1.0% at $1314.60/oz t; and copper futures hold a loss of 1.3% at $3.255/lb.

Countercyclical sectors trail behind the S&P with the telecom services space (-0.5%) leading to the downside.

Treasuries have climbed throughout the session and the benchmark 10-yr yield is lower by five basis points at 2.66%.DJ30 +22.73 NASDAQ +18.52 SP500 +3.81 NASDAQ Adv/Vol/Dec 1678/962.8 mln/779 NYSE Adv/Vol/Dec 1932/276.2 mln/993

12:30 pm : The S&P 500 has spent the past 90 minutes near its current level. After notching its session low during the opening hour, the benchmark index staged a swift recovery, which placed it back above the 1,700 level.

Meanwhile, the Russell 2000 has been inching along quietly and the small cap index currently trades with a solid gain of 0.7%. The Russell has outperformed other indices so far in September and today's gain has extended its month-to-date advance to 6.8%. The second-best performing index, Nasdaq, holds a September gain of 5.4%.DJ30 +23.12 NASDAQ +16.52 SP500 +3.22 NASDAQ Adv/Vol/Dec 1603/880.1 mln/830 NYSE Adv/Vol/Dec 1870/251.8 mln/1032

12:00 pm : The key indices have slipped from their best levels of the day, but they continue to hold modest gains. The Dow, Nasdaq, and S&P 500 are up between 0.1% and 0.4% while the Russell 2000 outperforms with a gain of 0.6%.

Four cyclical sectors (consumer discretionary, industrials, energy, and materials) remain in positive territory while financials and technology have yet to climb back into the green. Both sectors hold slim losses of 0.1% each.

Meanwhile, all four countercyclical sectors can be found in negative territory. Consumer staples, health care, and utilities are all lower by 0.1% while the telecom services sector brings up the rear with a loss of 0.4%. tronoDJ30 +21.71 NASDAQ +14.96 SP500 +2.71 NASDAQ Adv/Vol/Dec 1559/795.6 mln/856 NYSE Adv/Vol/Dec 1881/227.2 mln/1003

11:30 am : The major averages have climbed to fresh highs with the Nasdaq (+0.4%) providing leadership. The outperformance of the tech-heavy index is largely due to the relative strength of biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 208.42, +0.79) trades up 0.4%.

Meanwhile, traditional tech companies continue to lag with the tech sector trading lower by 0.2%. Top components like Microsoft (MSFT 32.42, -0.32) and Oracle (ORCL 33.81, -0.13) hover in the red while most chipmakers trade in the green after Applied Materials (AMAT 17.17, +1.18) announced plans to merge with Tokyo Electron. The PHLX Semiconductor Index holds a gain of 0.6%.DJ30 +12.25 NASDAQ +12.89 SP500 +1.60 NASDAQ Adv/Vol/Dec 1433/693.2 mln/938 NYSE Adv/Vol/Dec 1729/200.4 mln/1126

11:05 am : The S&P 500 trades higher by 0.1% after erasing its opening decline.

Equities climbed off their lows with help from a handful of cyclical sectors. Industrials and discretionary shares have extended their early gains and both groups now trade higher by 0.5%. The industrial sector has been supported by transportation-related companies as the Dow Jones Transportation Average trades up 0.5%. The bellwether group holds a modest gain with airlines providing leadership. United Continental (UAL 34.08, +0.90) and Delta Air Lines (DAL 23.99, +0.67) are both up near 2.8%.

Elsewhere, the discretionary sector has received a boost from homebuilders. KB Homes (KBH 17.25, +0.22) and Lennar (LEN 35.93, +1.39) hold respective gains of 1.3% and 4.1% after both names reported bottom-line beats. The broader iShares Dow Jones US Home Construction ETF (ITB 22.60, +0.35) trades higher by 1.6% in an attempt to snap its three-day losing streak.DJ30 +19.34 NASDAQ +13.39 SP500 +1.88 NASDAQ Adv/Vol/Dec 1291/580.1 mln/1030 NYSE Adv/Vol/Dec 1555/169.9 mln/1264

10:35 am : Commodities are lower this morning, while the dollar index is holding its strength.

Gold and silver were sliding lower since the overnight session, while in the energy market, crude oil and natural gas began to swiftly sell off about one hour before pit trading opened.

Crude oil futures extended recent losses this morning, falling to just over a six week low, as the Syrian premium fades and despite recent upbeat China PMI data. These losses are also ahead of tomorrow's weekly inventory data. Nov crude oil is now -1.1% at $102.44/barrel.

Natural gas futures sold off this morning and just hit a new LoD of $3.54/MMBtu. Oct nat gas is now -1.8% at $3.54/MMBtu.

Precious metals remains in negative territory. Dec gold is currently -0.8% at $1315.80/oz, while Dec silver is -1.3% at $21.58/oz.DJ30 -32.49 NASDAQ +0.76 SP500 -2.88 NASDAQ Adv/Vol/Dec 975/427.0 mln/1318 NYSE Adv/Vol/Dec 1106/131 mln/1698

10:00 am : The S&P 500 (-0.2%) remains near its lows.

The latest consumer confidence reading for September came in at 79.7 while economists polled by Briefing.com expected the survey to come in at 80.0. This follows the prior month's reading of 81.8.DJ30 -29.09 NASDAQ -4.77 SP500 -4.41 NASDAQ Adv/Vol/Dec 828/260.8 mln/1372 NYSE Adv/Vol/Dec 884/88.2 mln/1849

09:45 am : The major averages began the session on a mixed note. The S&P 500 trades lower by 0.2% while the Nasdaq sits just above its flat line. Nine of ten sectors opened the session in the red with financials (-0.4%), telecom services (-1.0%) and materials (-0.3%) leading to the downside.

Meanwhile, the industrial sector (+0.2%) has drawn strength from the Dow Jones Transportation Average (+0.1%) as transports outperform amid a retreat in crude oil. The energy component trades lower by 0.9% at $102.65 per barrel.

Treasuries hold modest gains with the benchmark 10-yr yield down two basis points at 2.69%.DJ30 -18.25 NASDAQ +0.86 SP500 -2.94 NASDAQ Adv/Vol/Dec 881/153.2 mln/1215 NYSE Adv/Vol/Dec 694/63.5 mln/1727

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +8.50. The major averages are poised to begin today's session with modest gains. The S&P 500 futures trade higher by 0.1% after spending the bulk of pre-market action in negative territory. Meanwhile, Nasdaq futures (+0.3%) have stayed out of the red throughout the morning.

Shares of Apple (AAPL 494.40, +3.76) have contributed to the strength of Nasdaq futures. The largest tech stock is seeing an extension of yesterday's advance with a Susquehanna upgrade to 'Positive' from 'Neutral' contributing to the early strength.

In other notable pre-market movers, Applied Materials (AMAT 17.36, +1.37) trades up 8.5% after announcing plans to merge with Tokyo Electron.

Today's economic data pointed to continued gains in housing prices as the July Case-Shiller 20-city Index rose 12.4% against the 12.0% increase expected by the Briefing.com consensus. Meanwhile, the FHFA Housing Price Index improved by 1.0%.

The September Consumer Confidence report will be released at 10:00 ET.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -1.80. Nasdaq futures vs fair value: +5.00. The S&P 500 futures continue to trade flat.

The July Case-Shiller 20-city Home Price Index rose 12.4% while a 12.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.1%.

Separately, the July Housing Price Index from the FHFA increased 1.0%, which follows a 0.7% uptick observed during the prior month.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: +2.70. The S&P 500 futures trade flat.

It was a sea of red across Asia as all of the major bourses, aside from India's Sensex (+0.1%) and Taiwan's Taiex (+0.1%) saw losses. China's Shanghai Composite (-0.6%) saw some profit-taking after yesterday's surge that developed as traders returned from the holiday weekend. Hong Kong's Hang Seng (-0.8%) followed suit. The losses came despite the People's Bank of China injecting CNY88 billion into the system through reverse repurchase operations in an effort to provide liquidity during next week's holiday. Data from the region was limited to Hong Kong's current account balance, which swung to a deficit of HKD2.48 billion (-HKD1.32 billion previous).

In Japan, the Nikkei shed 0.1% amid a choppy session. Exporters were mostly lower as Honda Motor and Kyocera shed close to 1.0% apiece while China play Komatsu sank 1.6%.
Hong Kong's Hang Seng lost 0.8% as sellers remained in control for a second session. Cathay Pacific jumped 3.5% on hopes the new iPhone will boost freight volume.
In China, the Shanghai Composite settled lower by 0.6% as financials paced the decline. Agricultural Bank of China and Citic Securities underperformed, shedding 1.6% and 4.1%, respectively.

Major European indices hover near their best levels of the day as the quiet session continues. In Germany, the Christian Social Union (CSU) has demanded an agreement with Christian Democratic Union (CDU) over highway tolls before starting coalition talks. Regional economic data was limited to a handful of releases. German Ifo Business Climate ticked up to 107.7 from 107.6 (108.2 expected) as Business Expectations improved to 104.2 from 103.3 (104.0 forecast) and Current Assessment increased to 111.4 from 112.0 (112.5 consensus). Great Britain's BBA Mortgage Approvals increased 38,200 (38,600 expected, 37,400 previous). Elsewhere, Italy's non-EU trade surplus narrowed to EUR0.56 billion from EUR2.80 billion.

Great Britain's FTSE trades higher by 0.2% as financials and industrials outperform. Barclays and Rolls-Royce hold respective gains of 2.1% and 1.3%. Miners are among the laggards as Fresnillo and Randgold Resources trade with losses near 2.5%.
Germany's DAX holds a modest gain of 0.2%. Utilities have displayed strength with E.ON and RWE up 1.5% and 1.9%, respectively. Fertilizer producer K+S leads to the downside with a loss of 3.8%.
In France, the CAC trades up 0.6% as growth-sensitive names lead. Bouygues is higher by 2.6% and Credit Agricole sports a gain of 2.2%. Health care supplier Essilor International is the weakest index performer, down 1.0%.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -0.50. U.S. equity futures trade in mixed fashion with the S&P 500 futures lower by 0.1%.

Reviewing overnight developments:

Asian markets ended lower. Japan's Nikkei -0.1%, China's Shanghai Composite -0.6%, and Hong Kong's Hang Seng -0.8%.
There was no economic data reported during today's session.
In news:
China's Shanghai Interbank Offered Rate (SHIBOR) climbed once again with the 2-week rate posting the largest increase. The rate increased 45 basis points to 4.80%. The People's Bank of China attempted to offset the effects by conducting its largest reverse repurchase operation since February.
Standard & Poor's affirmed South Korea's rating at 'A+' with a 'Stable' outlook.

Major European indices trade with modest gains. Great Britain's FTSE +0.2%, Germany's DAX +0.2%, and France's CAC +0.6%.
Regional economic data was limited:
German Ifo Business Climate ticked up to 107.7 from 107.6 (108.2 expected) as Business Expectations improved to 104.2 from 103.3 (104.0 forecast) and Current Assessment increased to 111.4 from 112.0 (112.5 consensus).
Great Britain's BBA Mortgage Approvals increased 38,200 (38,600 expected, 37,400 previous).
Italy's non-EU trade surplus narrowed to EUR0.56 billion from EUR2.80 billion.
Looking at news:
In Germany, the Christian Social Union (CSU) has demanded an agreement with Christian Democratic Union (CDU) over highway tolls before starting coalition talks.

In U.S. corporate news:

Applied Materials (AMAT 17.00, +1.01) is +6.6% after announcing plans to merge with Tokyo Electron.
Lennar (LEN 34.07, +0.16) is +0.5% after beating on earnings and revenue.
Red Hat (RHT 47.48, -5.45) is -10.3% after its below-consensus revenue guidance overshadowed its earnings beat.
CarMax (KMX 52.48, +2.47) is +4.9% after beating its earnings and revenue expectations.

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.

06:53 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: +3.00.

06:53 am : Nikkei...14732.61...-9.80...-0.10%. Hang Seng...23179.04...-192.50...-0.80%.

06:53 am : FTSE...6564.84...+7.50...+0.10%. DAX...8647.82...+12.50...+0.20%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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