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 Post subject: September 26th Thursday Trade Results - Profit $5220.00
PostPosted: Fri Sep 27, 2013 12:47 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1220.00 dollars or +12.20 points, Emini ES ($ES_F) futures @ $4000.00 dollars or +80.00 points, Light Crude Oil CL ($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 @ $5220.00 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=1611

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=219&t=1973

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Stocks Break Five-Day Losing Streak

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

NEW YORK (CNNMoney)
After five straight days of losses, stocks gained ground Thursday.

The Dow Jones industrial average, S&P 500 and Nasdaq ended slightly higher. The Dow and S&P 500 are about 2% from the record highs hit just last week.

Market sentiment has taken a hit in the past few days as investors worry about a possible government shutdown and the upcoming debt limit. Congress has less than a week to agree on a short-term funding bill to prevent a shutdown on Oct. 1, and despite all the squabbling, investors largely assume that lawmakers will reach a last-minute deal.

"Expectations are that a stop gap budget will once again be proposed and approved," said Tom Stringfellow, chief investment officer at Frost Investment Advisors.

Senate Majority Leader Harry Reid tried to use the recent dip in stocks to help convince lawmakers to come to an agreements.

"Five days in a row, the longest continuous period since 2012, the stock market has gone down and they all say it is a result of the fear of the government shutting down," he said on the Senate floor Thursday morning. "And why should the financial markets feel any differently? People are still speaking about closing the government!"

Earnings on the horizon: Though Washington is in the spotlight, investors will also soon turn their attention to third-quarter earnings .

Analysts expect earnings growth of 3.6% for the S&P 500 companies, according to S&P Capital IQ estimates. That would be the smallest increase in a year. But revenue is forecast to grow by 4.8%, the best pace in over a year.

Nike (NKE, Fortune 500), one of the newest members of the Dow, released its latest quarterly results after the closing bell. Shares jumped in after-hours trading as the company's earnings topped forecasts. Investors were also impressed by the company's growth in future orders, which is an indication that sales should be strong for the next few months.

What's moving: Facebook (FB) shares hit an all-time high above $50 a share. Shares have nearly doubled since Facebook's second-quarter earnings report in July that reassured investors about the company's mobile strategy. The rally marks a sharp reversal for the stock , which was a big disappointment after its botched May 2012 IPO.

"$FB Smoking!," commented StockTwits users smarterthanyou. "How quickly disdain can turn to ravenous passion. $FB has gone from the most hated to one of the most adored."

Yahoo (YHOO, Fortune 500) shares rose to a 6-year high of $33 a share, the same price that Microsoft (MSFT, Fortune 500) bid for the company in 2008. Yahoo is in the midst of a turnaround, led by CEO Marissa Mayer. Plus, the stock has been getting extra attention as investors anticipate the upcoming IPO of Alibaba. Yahoo owns 24% of Alibaba, making it the second largest shareholder in the company.

"The Yahooligans just keep winning, well deserved, hard turnaround but it seems like they are on track, and Alibaba going public $YHOO," said LDrogen on StockTwits.

StockTwits trader Cow added, "Buy $YHOO = buy a piece of alibaba before the IPO."

Shares of eBay (EBAY, Fortune 500) jumped after the company said it will buy online payment platform Braintree for $800 million, and will combine it with PayPal. Traders were optimistic about the acquisition.

"$EBAY Braintree deal pretty much guarantee that Paypal hits their annual transaction goals by 2015," said crosenfield, noting that Braintree will benefit as its customers like Airbnb, Uber and OpenTable (OPEN) continue to grow.

J.C. Penney (JCP, Fortune 500)shares bounced back Thursday after J.C. Penney CEO Mike Ullman reportedly told investors that the company won't need to raise capital this year, according to CNBC. On Wednesday, the stock plunged 15% following reports that the retailer might seek $1 billion through a stock sale.

In a statement Thursday morning, J.C. Penney said it is "pleased thus far in the company's turnaround efforts," and added that it expects to book positive same-store sales during the third and fourth quarters.

But some StockTwits users remained skeptical.

"$JCP I want to believe in a turnaround but who really thinks $JCP has anything competitive except price?" asked zwischler. "Their clothes are not great brands."

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4:20 pm : The S&P 500 added 0.4%, snapping its five-day losing streak that saw the index surrender almost 2.0%. Although the benchmark average settled in the green, it was unable to maintain all of its early gain or register a close above the 1,700 level.

In general, some of today's price action resembled that of yesterday with the S&P making two unsuccessful runs at 1,700. However, unlike yesterday, the major averages ended in positive territory with the Nasdaq in the lead (+0.7%).

The tech-heavy index benefitted from the outperformance of biotech as the iShares Nasdaq Biotechnology ETF (IBB 210.16, +3.40) climbed 1.6%. Meanwhile, major traditional tech companies were mixed. Apple (AAPL 486.22, +4.69) advanced 1.0% and Intel (INTC 23.41, -0.29) lost 1.2%. The broader tech sector added 0.3%.

Today's performance of financials also marked a departure from yesterday as top components ended mixed. Citigroup (C 48.93, -0.33) was the weakest performer among the majors while the sector ended little changed. Despite yesterday's rebound, the sector is down almost 3.5% since last Thursday.

On a related note, JPMorgan Chase (JPM 51.89, +0.19) President and Chief Executive Officer Jamie Dimon met with Attorney General Eric Holder to discuss a potential settlement in a mortgage-backed securities issuance case brought against the bank. However, no announcement was made today.

Remaining cyclical sectors were mixed as energy (+0.1%) lagged; consumer discretionary (+0.9%) and materials outperformed (+0.6%); and industrials (+0.4%) ended in-line with the S&P.

Notably, the discretionary sector received support from apparel manufacturers with Nike (NKE 70.34, +1.42) rising 2.1% ahead of its quarterly earnings report, scheduled for an after-hours release.

Even though equities posted gains, it was the final-hour rally that saved the market from ending on session lows. With choppy price action abound, the CBOE Volatility Index (VIX 14.05, +0.04) added 0.3% as participants adjusted their near-term volatility expectations.

Treasuries posted slim losses with the benchmark 10-yr yield rising one basis point to 2.65%.

Trading volume was below average as only 603 million shares changed hands on the floor of the NYSE.

This morning, market participants heard from Minneapolis Fed President Narayana Kocherlakota, who said low inflation levels give the Fed room to expand the scope of its policy reach. Mr. Kocherlakota channeled his inner Mario Draghi by adding that the central bank will do "whatever it takes" to achieve the goal of higher employment.

In overseas news of note, Italian markets lagged amid reports President Giorgio Napolitano cancelled a planned appearance at an event due to a "disturbing" political development. After European markets closed for the day, a separate report indicated Prime Minister Enrico Letta called a summit of the parties for a 'government check-up.' These developments followed yesterday's comments from PDL lawmakers who reiterated their intention to quit the government should Silvio Berlusconi be banned from office. In reaction, Italy's benchmark 10-yr yield rose seven basis points to 4.30%.

In today's economic data, the weekly initial claims level fell to 305,000 from an upwardly revised 310,000 (from 309,000). The Briefing.com consensus expected the initial claims level to increase to 325,000. There were no special factors that impacted the initial claims this week. The computer glitches, which caused biases over the previous two weeks, have been corrected. As such, the report suggests real improvement in labor conditions in September.

Separately, the third estimate for second quarter GDP was little changed at 2.5%. The GDP price deflator, though, was revised down to 0.6% from 0.8%.

Also of note, pending home sales for August fell 1.6%, which was better than the 2.3% decrease expected by the Briefing.com consensus. Today's reading followed last month's decrease of 1.3%.

Tomorrow, August personal income, personal spending and core PCE prices will be reported at 8:30 ET while the final reading of the September University of Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +55.04 NASDAQ +26.33 SP500 +5.90 NASDAQ Adv/Vol/Dec 1513/1.74 bln/1003 NYSE Adv/Vol/Dec 1883/602.7 mln/1104

3:30 pm :

Nov crude oil booked its first gain in six sessions despite a stronger dollar index. The energy component briefly fell into negative territory and to a session low of $102.37 per barrel in late afternoon pit trade but regained momentum heading into the close. It settled 0.4% higher at $103.00 per barrel, slightly below its session high of $103.19 per barrel
Nov natural gas slid to a session low of $3.45 per MMBtu on weak inventory data that showed a build of 87 bcf when a smaller build of 76-79 build was anticipated. However, it erased the loss and broke into positive territory in afternoon floor action. It settled with a 0.6% gain at $3.57 per MMBtu
Precious metals fell today as the dollar index strengthened following an unexpected fall in weekly jobless claims data. The initial claims level fell to 305,000 from an upwardly revised 310,000 (from 309,000), while the Briefing.com consensus expected the level to increase to 325,000
Dec gold slipped from its session high of $1337.80 per ounce and dipped below the $1320.00 per ounce level in early afternoon pit trade. It eventually settled with a 0.9% loss at $1324.10 per ounce
Dec silver retreated into negative territory from its session high of $22.07 per ounce. Unable to erase much of its loss, it settled 0.7% lower at $21.75 per ounce.

DJ30 +18.56 NASDAQ +18.28 SP500 +1.51 NASDAQ Adv/Vol/Dec 1344/1445.9 mln/1172 NYSE Adv/Vol/Dec 1597/381 mln/1351

3:00 pm : The S&P 500 sits near its lows as today's session heads into its final hour. Although the benchmark index has given up most of its gain, the tech-heavy Nasdaq continues to hold a solid advance of 0.5%.

Biotech companies are responsible for much of the Nasdaq strength as the iShares Nasdaq Biotechnology ETF (IBB 209.93, +3.17) trades higher by 1.6%. Meanwhile, tradition tech names are mixed. Apple (AAPL 484.63, +3.10) and Microsoft (MSFT 32.84, +0.33) hold respective gains of 0.7% and 1.0% while Intel (INTC 23.24, -0.46) and Cisco Systems (CSCO 23.88, -0.55) trade lower by 1.9% and 2.2%, respectively. The broader tech sector holds a modest gain of 0.2%.DJ30 +18.11 NASDAQ +18.14 SP500 +1.04 NASDAQ Adv/Vol/Dec 1348/1.33 bln/1155 NYSE Adv/Vol/Dec 1595/353.5 mln/1353

2:30 pm : The S&P 500 hovers near its lows as today's price action resembles that of yesterday. Like yesterday, the S&P charged out of the gate, but was met with resistance above 1,700. After slipping to its flat line, the S&P then made a second run at 1,700, but was unable to clear that level.

One notable difference from yesterday is the performance of the financial sector. Yesterday, the sector added 0.5% in a rebound from its recent bout of weakness. Today, however, the sector is back among the laggards as it holds a loss of 0.2%.

Elsewhere, Treasuries remain near their lows with the benchmark 10-yr yield higher by two basis points at 2.66%.DJ30 +28.07 NASDAQ +22.13 SP500 +2.68 NASDAQ Adv/Vol/Dec 1412/1.23 bln/1089 NYSE Adv/Vol/Dec 1679/323.6 mln/1264

2:00 pm : Recent action saw the S&P 500 return near its session low after making another failed run at the 1,700 level. Meanwhile, small caps (Russell 2000 +0.3%) and the tech-heavy Nasdaq (+0.7%) continue to outperform.

Cyclical sectors remain mixed with energy (-0.1%), financials (-0.1%), and industrials (+0.2%) lagging while consumer discretionary (+0.8%), materials (+0.4%), and technology (+0.3%) outperform.

Afternoon trading volume has been running a bit below average and it does not appear as though the remainder of today's session will generate enough activity to eclipse the 200-day average volume of 725 million shares.DJ30 +25.37 NASDAQ +22.60 SP500 +2.86 NASDAQ Adv/Vol/Dec 1428/1.14 bln/1058 NYSE Adv/Vol/Dec 1702/299.1 mln/1233

1:25 pm : After an early rally effort that had the markings of short-covering activity, the major indices suffered a disappointing sell-off that wiped out most of the early gains. Since then, however, they have regrouped and are attempting to press back toward their highs for the session (+114 for the Dow, +34 for the Nasdaq, and +11 for the S&P 500).

Most likely, the latest rally effort will be attributed to the remarks from Minneapolis Fed President Kocherlakota who did a Mario Draghi impression and said the Fed must do "whatever it takes" to achieve its communicated goal. Mr. Kocherlakota will be a voting FOMC member in 2014.

Most groups responded favorably to the remarks, although the latest rally attempt has stalled at the 1700 level.

Separately, the final Treasury auction of the week was a bit disappointing. The $29 bln 7-yr note auction drew a high yield of 2.058% on a 2.46 bid-to-cover ratio that trailed the 12-auction average of 2.63.
DJ30 +58.91 NASDAQ +29.05 SP500 +6.08 NASDAQ Adv/Vol/Dec 1487/1.03 bln/986 NYSE Adv/Vol/Dec 1796/269 mln/1129

1:00 pm : The major averages hold modest midday gains with the S&P 500 up 0.3%.

Equities climbed out of the gate and the S&P 500 appeared well on its way to its first gain since last Wednesday. However, the benchmark index stalled at a session high of 1,703.85 before heading back toward its flat line.

Although the S&P remains in the green, the 1,700 level is posing a challenge once again today after the S&P was rejected from this area on two occasions during yesterday's session. At this juncture, the index is making another run at 1,700 as eight of ten sectors trade in positive territory.

Only two sectors-consumer discretionary (+0.8%) and telecom services (+0.9%)-trade with gains exceeding 0.5%. The discretionary sector has received support from apparel manufacturers with Dow component Nike (NKE 69.89, +0.97) trading higher by 1.4% ahead of its earnings report scheduled to be released after the close. Homebuilders, however, have not contributed to the sector's strength as the iShares Dow Jones US Home Construction ETF (ITB 22.68, +0.01) trades little changed.

Elsewhere, the financial sector (-0.1%) holds a modest loss with top components trading in mixed fashion. Citigroup (C 49.00, -0.28) is lower by 0.6% while American Express (AXP 76.60, +0.61) outperforms with a gain of 0.8%. For its part, JPMorgan Chase (JPM 51.87, +0.18) sports a modest gain of 0.4% after President and Chief Executive Officer Jamie Dimon met with Attorney General Eric Holder to discuss the settlement in a mortgage-backed securities issuance case brought against the bank. However, no announcement is expected today.

Earlier, market participants heard from Minneapolis Fed President Narayana Kocherlakota, who said low inflation levels give the Fed room to expand the scope of its asset purchases. Mr. Kocherlakota added that the central bank will do "whatever it takes" to achieve the goal of higher employment. We would like to note that while Mr. Kocherlakota is not a voting FOMC member this year, he will have a vote on next year's Committee.

Treasuries hold modest losses with the benchmark 10-yr yield up one basis point at 2.65%.

In today's economic data, the weekly initial claims level fell to 305,000 from an upwardly revised 310,000 (from 309,000). The Briefing.com consensus expected the initial claims level to increase to 325,000. There were no special factors that impacted the initial claims this week. The computer glitches, which caused biases over the previous two weeks, have been corrected. As such, the report suggests real improvement in labor conditions in September.

Separately, the third estimate for second quarter GDP was little changed at 2.5%. The GDP price deflator, though, was revised down to 0.6% from 0.8%.

Also of note, pending home sales for August fell 1.6%, which was better than the 2.3% decrease expected by the Briefing.com consensus. Today's reading followed last month's decrease of 1.3%.DJ30 +51.80 NASDAQ +26.05 SP500 +5.12 NASDAQ Adv/Vol/Dec 1431/957.6 mln/1029 NYSE Adv/Vol/Dec 1732/252.3 mln/1174

12:30 pm : The major averages continue to hold their recent levels with the Nasdaq (+0.6%) outperforming the remaining indices. Meanwhile, the Russell 2000 (+0.2%) trades in-line with the S&P after outperforming the benchmark index during the past two sessions.

The relative strength of the Nasdaq is due to the outperformance from biotechnology and traditional technology shares. The iShares Nasdaq Biotechnology ETF (IBB 210.09, +3.33) trades higher by 1.6% while the technology sector trades with a gain of 0.4%.DJ30 +49.84 NASDAQ +24.09 SP500 +4.49 NASDAQ Adv/Vol/Dec 1383/872.1 mln/1060 NYSE Adv/Vol/Dec 1668/231.2 mln/1228

12:00 pm : The S&P 500 has ticked up off its lows in a move that pulled some of today's lagging sectors back into positive territory. However, the financial sector (-0.1%) continues to act heavy as major components trade in mixed fashion. Wells Fargo (WFC 41.51, -0.30) is lower by 0.7% while the recent Dow addition, Goldman Sachs (GS 162.71, +0.40) holds a modest gain of 0.3%.

Also of note JPMorgan Chase (JPM 51.69, -0.01) is little changed after President and Chief Executive Officer Jamie Dimon met with Attorney General Eric Holder to discuss a settlement in a mortgage-backed securities issuance case brought against the bank.

The financial sector has struggled over the past week, but managed to outperform yesterday. This group bears watching for the remainder of the day given its influence over the broader market. Only the technology sector (+0.3%) accounts for a larger portion of the S&P than financials.DJ30 +48.46 NASDAQ +22.79 SP500 +4.36 NASDAQ Adv/Vol/Dec 1385/788.2 mln/1041 NYSE Adv/Vol/Dec 1651/211.1 mln/1211

11:30 am : The past 30 minutes saw the S&P 500 continue the retreat from its session high of 1,703.85. As a result of the ongoing slippage in the benchmark index, just about every sector has surrendered a good portion of its opening gain.

The consumer discretionary space (+0.7%) is a notable exception as it continues to hold near its best level of the day. Apparel manufacturers have contributed to the sector's strength with Dow component Nike (NKE 69.79, +0.87) trading higher by 1.2% ahead of its earnings report scheduled to be released after today's close.

Although the discretionary sector outperforms, homebuilders trade broadly lower with the iShares Dow Jones US Home Construction ETF (ITB 22.62, -0.05) lower by 0.2%.DJ30 +40.59 NASDAQ +18.44 SP500 +3.27 NASDAQ Adv/Vol/Dec 1333/684.8 mln/1066 NYSE Adv/Vol/Dec 1640/185.8 mln/1227

11:00 am : The major averages continue to hold a portion of their gains, but the S&P 500 has slipped below the 1,700 level after spending the past hour in the vicinity of that area. The benchmark index has struggled with 1,700 throughout yesterday's session, and that level appears to be posing a challenge once again today.

The retreat from session highs occurred as energy, financials, and utilities slipped into the red. The three sectors trade with losses no larger than 0.1%. Of the three, energy and financials bear watching throughout the day as their performance may influence the broader market.

Treasuries have retraced a portion of their losses. The benchmark 10-yr yield is currently higher by one basis point at 2.64%.DJ30 +25.88 NASDAQ +16.89 SP500 +2.52 NASDAQ Adv/Vol/Dec 1330/566.2 mln/1038 NYSE Adv/Vol/Dec 1581/157.5 mln/1261

10:35 am : Commodities are mixed this morning with copper higher and near session highs, precious metals and natural gas lower and crude oil higher.

Natural gas futures were flat overnight, but began to lose steam around 7:30am EST from $3.56 to a new LoD of $3.50, which was hit just ahead of the weekly inventory data.

Following that data, nat gas dropped to a new LoD and is now -2.2% at $3.47/MMbtu.

Crude oil futures have been in positive territory this morning and ran as high as $103.29/barrel. Currently, Nov crude is +0.2% at $102.88/barrel.

Precious metals sold off this morning, which began just a few minutes after floor trading opened. Gold dropped straight down, while silver didn't drop as violently. In current action, Dec gold is -0.8% at $1326.10/oz, while Dec silver is -0.6% at $21.75/oz.DJ30 +90.17 NASDAQ +31.16 SP500 +8.74 NASDAQ Adv/Vol/Dec 1591/402.3 mln/713 NYSE Adv/Vol/Dec 1898/118 mln/875

10:00 am : The S&P 500 continues to hover near its best level of the day.

Pending home sales for August fell 1.6%, which was better than the 2.3% decrease forecast by the Briefing.com consensus. Today's reading follows last month's decrease of 1.3%.DJ30 +87.03 NASDAQ +28.56 SP500 +8.73 NASDAQ Adv/Vol/Dec 1606/243.4 mln/622 NYSE Adv/Vol/Dec 2012/83.3 mln/757

09:45 am : Equities climbed out of the gate and the S&P 500 rose to the 1,700 level, which served as significant resistance for the benchmark index during yesterday's session. All ten sectors fueled the opening gains with growth-sensitive materials (+0.7%) and consumer discretionary (+0.7%) pacing the early advance.

Treasury yields have been on the rise this morning with the benchmark 10-yr yield trading higher by two basis points at 2.66%. Rates climbed following today's economic data, which pointed to an improvement in the initial claims level (305,000 actual, 325,000 Briefing.com consensus) and indicated no change to the final second quarter GDP reading (2.5%).

Investors will receive one more economic data point in 15 minutes when the August pending home sales report crosses the wires.DJ30 +63.45 NASDAQ +22.95 SP500 +7.09 NASDAQ Adv/Vol/Dec 1509/148.4 mln/613 NYSE Adv/Vol/Dec 1917/59.9 mln/754

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +13.00. The major averages are poised to register modest gains at the start of today's session as the S&P 500 will look to snap its five-day losing streak, which saw the index decline 1.9% since last Thursday. Overnight action saw global equities trade mostly lower, but Japan's Nikkei (+1.2%) outperformed amid reports a corporate tax cut may be imminent.

In today's economic data, the weekly initial claims level fell to 305,000 from an upwardly revised 310,000 (from 309,000). The Briefing.com consensus expected the initial claims level to increase to 325,000. There were no special factors that impacted the initial claims this week. The computer glitches, which caused biases over the previous two weeks, have been corrected. As such, the report suggests real improvement in labor conditions in September.

Separately, the third estimate for second quarter GDP was little changed at 2.5%. The GDP price deflator, though, was revised down to 0.6% from 0.8%.

Today's economic data will be topped off with the 10:00 ET release of the August pending home sales report.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +15.50. The S&P 500 futures trade higher by 0.2%.

The major Asian bourses ended mostly lower as China's Shanghai Composite (-1.9%) paced the decline. The weakness came as reports suggested Beijing may lower its annual growth target to 7.5% from 8.0% for the 2011-2015 timeframe. The People's Bank of China conducted reverse repurchase operations in the amount of CNY80 billion as it continues to inject liquidity into the system ahead of the Golden Week. Meanwhile, Japan's Nikkei outperformed after overnight reports suggested the government was considering an imminent corporate tax cut, but Japanese Finance Minister Aso pushed back against that as he suggested a capex tax break. It was also reported that there are no plans to introduce more stimulus as part of any deal. Central bank action, or rather inaction, saw the Bank of Korea surprise markets by keeping its benchmark rate unchanged at 1.88% when many were expecting a hike to 2.00%. Data from the region was mostly disappointing as South Korean consumer confidence slid to 102 (105 previous) while Singaporean industrial production rose a less than expected 3.5% year-over-year (4.9% expected) and Taiwan's industrial production slipped 0.7% year-over-year (+4.7% expected). Elsewhere, Hong Kong's trade deficit narrowed to HKD39.6 billion (HKD40.6 billion expected, HKD37.2 billion previous).

In Japan, the Nikkei advanced 1.2% as trade posted its best finish in two months. Bathroom equipment maker Lixil Group jumped 4.0% after announcing plans to purchase European peer Grohe for $4 billion.
China's Shanghai Composite fell 1.9% as trade broke below the 200-day moving average. Financials were among the laggards as Pudong Development Bank and Everbright Bank fell approximately 4.0% and 1.0%, respectively.
In Hong Kong, the Hang Seng shed 0.4% as action slipped for the third time in four days. Exporter Li & Fung fell 3.1% as a result of yesterday's report that Wal-Mart inventories are piling up.

Major European indices trade lower with Italy's MIB (-1.4%) leading to the downside amid reports President Giorgio Napolitano has cancelled a planned appearance at an event due to a "disturbing" political development. This comes after yesterday's comments from PDL lawmakers who reiterated their intention to quit the government should Silvio Berlusconi be banned from holding public office. In reaction, Italy's benchmark 10-yr yield is higher by 13 basis points at 4.36%. Participants received a handful of economic data points. Eurozone M3 Money Supply expanded 2.3% year-over-year (2.2% forecast, 2.2% prior) and private loans decreased 2.0% year-over-year (-2.0% expected, -1.9% previous). Great Britain's final second quarter GDP indicated growth of 0.7% quarter-over-quarter (0.7% expected, 0.7% last) while the year-over-year reading increased 1.3% (1.5% consensus, 1.5% previous). Separately, business investment fell 2.7% quarter-over-quarter (0.9% expected, 0.9% prior) and the current account deficit narrowed to GBP13.0 billion from GBP21.8 billion (GBP12.0 billion expected). French consumer confidence ticked up to 85 from 84, as expected. Italy's retail sales ticked down 0.3% month-over-month (0.3% forecast, -0.2% prior) while the year-over-year reading fell 0.9% (-3.0% last).

Great Britain's FTSE is little changed as financials lag. Barclays and Royal Bank of Scotland hold respective losses of 1.7% and 0.9%. Consumer names are among the advancers with G4S, TUI Travel, and Whitbread up between 1.8% and 2.4%.
In Germany, the DAX holds a loss of 0.1% with banks also leading to the downside. Deutsche Bank and Commerzbank are both down near 1.2%. Utilities have displayed strength with E.ON and RWE up 0.4% and 2.0%, respectively.
France's CAC trades down 0.1% with steelmaker Vallourec (-2.0%) leading the decliners. Telecom provider Orange (+2.6%) is the top index performer for the second day in a row.
Italy's MIB is down 1.4% as bank shares trade broadly lower. Banco Popolare, UniCredit and Mediobanca are all down between 3.0% and 3.5%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +15.00. The S&P 500 futures trade higher by 0.3%.

The latest weekly initial jobless claims count totaled 305,000, which was lower than the 325,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 310,000. As for continuing claims, they rose to 2.823 million from 2.788 million.

The third estimate of second quarter GDP indicated growth of 2.5%, which was worse than the 2.6% that had been expected by the Briefing.com consensus. Meanwhile, the third quarter GDP Deflator was revised down to 0.6% from 0.8%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +13.20. U.S. equity futures trade modestly higher with the S&P 500 futures up 0.2%.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.4%, China's Shanghai Composite -1.9%, and Japan's Nikkei +1.2%.
In regional economic data:
Hong Kong's trade deficit widened to HKD39.6 billion from HKD37.2 billion (HKD33.0 billion expected).
South Korea's consumer confidence fell to 102 from 105 (105 expected).
Singaporean industrial production increased 3.5% year-over-year (4.9% forecast, 3.0% prior).
Looking at news:
In China, the 2-week Shanghai Interbank Offered Rate (SHIBOR) climbed once again, rising 39 basis points to 5.57%. The People's Bank of China attempted to alleviate the effects of the liquidity crunch by conducting this week's second reverse repurchase operation.
Japan's Nikkei was boosted by reports indicating the country's government will look into cutting the corporate tax rate.

Major European indices hold modest losses. Great Britain's FTSE -0.1%, Germany's DAX -0.1%, and France's CAC -0.2%. Elsewhere, Italy's MIB -1.3%.
Participants received a handful of economic data points:
Eurozone M3 Money Supply expanded 2.3% year-over-year (2.2% forecast, 2.2% prior) and private loans decreased 2.0% year-over-year (-2.0% expected, -1.9% previous).
Great Britain's final second quarter GDP indicated growth of 0.7% quarter-over-quarter (0.7% expected, 0.7% last) while the year-over-year reading increased 1.3% (1.5% consensus, 1.5% previous). Separately, business investment fell 2.7% quarter-over-quarter (0.9% expected, 0.9% prior) and the current account deficit narrowed to GBP13.0 billion from GBP21.8 billion (GBP12.0 billion expected).
French consumer confidence ticked up to 85 from 84, as expected.
Italy's retail sales ticked down 0.3% month-over-month (0.3% forecast, -0.2% prior) while the year-over-year reading fell 0.9% (-3.0% last).
In news:
Italy's MIB trails behind other regional indices amid reports President Giorgio Napolitano has cancelled a planned appearance at an event due to a "disturbing" political development. This comes after yesterday's comments from PDL lawmakers who reiterated their intention to quit the government should Silvio Berlusconi be banned from office. In reaction, Italy's benchmark 10-yr yield is higher by seven basis points at 4.30%.

In U.S. corporate news:

Bed Bad & Beyond (BBBY 78.60, +4.38) is +5.9% after beating on earnings. The retailer issued mixed guidance, expecting third quarter earnings in-line with analyst expectations while fourth quarter earnings are expected to come in below current estimates.
Eli Lilly (LLY 49.94, -2.67) is -5.1% after announcing one of its cancer studies has missed its primary endpoints.
J.C. Penney (JCP 9.00, -1.12) is -11.1% amid a Reuters report indicating the company is considering raising additional equity.

Weekly initial claims and the third estimate of second quarter GDP will be reported at 8:30 ET while August pending home sales will be announced at 10:00 ET.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +10.00.

07:00 am : Nikkei...14799.12...+178.60...+1.20%. Hang Seng...23125.03...-84.60...-0.40%.

07:00 am : FTSE...6537.84...-13.60...-0.20%. DAX...8635.10...-30.70...-0.40%.

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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