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 Post subject: September 27th Friday Trade Results - Profit $3885.00
PostPosted: Sat Sep 28, 2013 8:41 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 @ $160.00 dollars or +1.60 points, Emini ES ($ES_F) futures @ $3375.00 dollars or +67.50 points, Light Crude Oil CL ($CL_F) futures @ $350.00 dollars or +0.35 points, Gold GC ($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 @ $3885.00 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=1612

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.

Shutdown Fears Lead To Losing Week For Stocks

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

NEW YORK (CNNMoney)
Political leaders in Washington are not inspiring much confidence lately. And because of that, investors have been shying away from the stock market.

A possible government shutdown and a rapidly approaching debt limit could prevent the government from paying all its bills.

With several Congressional crises brewing, the Dow Jones Industrial Average, the S&P 500 and Nasdaq fell slightly Friday.

The Dow and S&P 500 finished the week down more than 1%. It's the first losing week for those two indexes in September. But the Nasdaq managed to eke out a tiny gain for the week.

But while stocks have stalled a bit lately, investors aren't exactly panicking. The recent slump comes just a week after the Dow and S&P 500 hit record highs. All three major indexes are still up between 16% and 25% for the year.

Most investors expect Congress will strike a last-minute deal to raise the debt limit.

* Investors pricing in last minute debt deal

What's moving: Shares of new Dow component Nike (NKE, Fortune 500) jumped 5% and hit an all-time high following quarterly results that beat expectations.

"$NKE buy and hold this baby. DO NOT day trade," TrueChartTrader wrote on StockTwits. "$NKE keep running," added gabbs.

J.C. Penney (JCP, Fortune 500) shares sank 14% on news that the struggling retailer will raise $810 million via a public offering of 84 million shares. While this money will give J.C. Penney a cash cushion for its attempted turnaround, current shareholders will see their stock diluted.

Some traders are still bullish though. "$JCP. S&P said credit rating remains the same and they expect proceeds to be $925 million. Go Long. Bullish," TechTrader17 wrote on StockTwits.

But not everyone is convinced of a turnaround. "I would consider buying $JCP here if I had any faith in the management team - which I do not, they are a feckless bunch of scatter brains," FairOaksTrader commented.

BlackBerry (BBRY), which announced plans this week to go private, released dismal earnings Friday morning, including a $965 million quarterly loss. Still, these losses were widely anticipated, since BlackBerry had preannounced results late last week. The company's stock rose 1%.

Hitting new highs: Yahoo (YHOO, Fortune 500) rose to its highest level since late 2007, while Facebook (FB) continued its surge and hit another all-time high.

Alan Mulally drove the share prices of Ford and Microsoft Friday. Ford's (F, Fortune 500) CEO, widely credited for the auto maker's turnaround, was cited as a possible successor to Microsoft (MSFT, Fortune 500) CEO Steve Ballmer by the tech blog AllThingsD. Microsoft's stock rose, while Ford's dipped.

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4:25 pm : Equities ended the week on a lower note with the S&P 500 shedding 0.4%. The index widened its loss for the week to 1.1% as participants exhibited caution ahead of the weekend given the uncertainty associated with the ongoing budget showdown.

Earlier today, the Senate passed a funding bill that would keep the government running through November 15. The bill passed with a 54-44 vote after the provision to defund Obamacare was removed from the language. However, the bill will now head back to the House of Representatives where the defunding provision originated. President Obama weighed in during the late afternoon, saying it is up to Congress to keep government operating and that the G.O.P. is blocking the process.

Concerns over the budget debate have weighed on sentiment throughout the week, contributing to the weakness in the S&P. Meanwhile, the Nasdaq displayed relative strength and finished the week with a slim gain of 0.2%.

The Nasdaq outperformed today as biotechnology overshadowed the underperformance of the tech sector (-0.6%). The iShares Nasdaq Biotechnology ETF (IBB 210.73, +0.57) added 0.3%, also contributing to the relative strength of the health care sector, which tacked on 0.1%.

Another pocket of relative strength could be found among discretionary shares (+0.1%). Even though homebuilders lagged and the iShares Dow Jones US Home Construction ETF (ITB 22.38, -0.29) lost 1.3%, the sector received support from apparel manufacturers. Dow component Nike (NKE 73.64, +3.30) rallied 4.7%, notching a fresh record high after reporting better-than-expected earnings and above-consensus worldwide futures orders.

Elsewhere, traditional tech companies lagged with top-weighted names like Apple (AAPL 482.75, -3.47), Google (GOOG 876.39, -1.78), and Intel (INTC 22.98, -0.43) posting losses between 0.2% and 1.8%. Microsoft (MSFT 33.27, +0.50) outperformed, climbing 1.5% amid reports Ford (F 17.05, -0.22) Chief Executive Officer Alan Mulally may become the next CEO of the tech company.

On the earnings front, shares of Accenture (ACN 74.09, -1.78) lost 2.4% after the company's cautious first-quarter revenue guidance outweighed its mixed earnings.

The industrial sector (-0.6%) also weighed on the S&P amid broad weakness. Transportation-related names were pressured by airlines with United Continental (UAL 30.91, -3.16) tumbling 9.3%. The broader Dow Jones Transportation Average lost 0.6% even as crude oil posted a modest decline (-0.3% at $102.68/bbl).

Treasuries climbed steadily and the benchmark 10-yr yield slipped two basis points to 2.63%.

Below-average volume plagued the market throughout the week, and today's session saw 647 million shares change hands on the floor of the New York Stock Exchange.

The final reading of the September University of Michigan Consumer Sentiment Index was revised up to 77.5 from 76.8 in the advance report. The Briefing.com consensus expected the Consumer Sentiment Index to increase to 77.3. Even though sentiment was revised higher in the final release, the index is still well below the final August reading of 82.1. The month-to-month drop in sentiment was in-line with the Conference Board's Consumer Confidence Index, which dropped to 79.7 in September from 81.8 in August.

Consumer sentiment levels normally follow trends in equity prices, gasoline prices, media reports, and unemployment trends. Even though the initial claims level is clearly showing an improvement in labor conditions, consumers still believe that the labor market is not improving. That negative response offset strong gains in the equity market.

Separately, August personal income increased 0.4% after increasing an upwardly revised 0.2% in July. The Briefing.com consensus expected personal income to increase 0.3%. As expected from the August employment report, wages rose a solid 0.4% in August after declining 0.2% in July.

The weakness in the equity market in August reduced personal income receipts on assets by 0.2%. Gains in the equity market in July were the sole reason why income growth was positive in July. On Monday, the September Chicago PMI will be reported at 9:45 ET.

Week in Review: Budget Battle Weighs on Markets

Monday's session saw the major averages start 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. Concerns about the lack of progress in budget negotiations contributed to the decline with participants keeping one eye on Washington throughout the week. 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 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 22.97, -0.28) and Skyworks Solutions (SWKS 24.77, -0.24) also displayed strength.

On Tuesday, 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. 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 52.24, +0.35) 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.

The S&P 500 shed 0.3% on Wednesday, extending its losing streak to five sessions. Stocks endured a sloppy session as the S&P made two unsuccessful attempts at holding the 1,700 level. After opening just above its flat line, the S&P 500 slipped into the red before recovering swiftly with the help of energy (-0.1%) and materials (+0.2%). The financial sector (+0.5%) also fueled this morning's rebound after losing roughly 3.5% during the past four sessions.

On Thursday, 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 the Thursday's price action mirrored that of Wednesday with the S&P making two unsuccessful runs at 1,700. The Nasdaq ended in the lead (+0.7%), benefitting from the outperformance of biotech as the iShares Nasdaq Biotechnology ETF climbed 1.6%.DJ30 -70.06 NASDAQ -5.83 SP500 -6.92 NASDAQ Adv/Vol/Dec 948/1.64 bln/1533 NYSE Adv/Vol/Dec 970/646.8 mln/1999

3:30 pm :

Nov crude oil fell for the fourth time this week as tension eased over the conflict in the Middle East. The energy component pulled back from a session high of $103.77 per barrel and dipped to a session low of $102.44 per barrel. It settled 0.2% lower at $102.83 per barrel, bringing losses for the week to 1.9%
Nov natural gas oscillated between positive and negative territory today. It brushed a session low of $3.52 per MMBtu in early morning floor trade but regained momentum in afternoon pit action and settled with a 0.6% gain at its session high of $3.59 per MMBtu. Still, natural gas booked a 4.8% loss for the week
Precious metals traded higher today, gaining support from a weaker dollar inde
Dec gold rose to a session high of $1344.50 per ounce moments after pit trade opened and spent most of the session trading just below the $1340.00 per ounce level. It settled 1.1% higher at $1338.50 per ounce, booking a 0.4% gain for the week
Dec silver spent most of the session trading slightly above the unchanged line after pulling back from its session high of $22.17 per ounce. It settled with a 0.3% gain at $21.81 per ounce, shaving losses for the week to 0.5%

DJ30 -78.51 NASDAQ -9.06 SP500 -8.07 NASDAQ Adv/Vol/Dec 988/1380.6 mln/1513 NYSE Adv/Vol/Dec 850/408 mln/2107

3:05 pm : The S&P 500 trades lower by 0.5% as today's session enters its final hour. Following its opening slip, the benchmark index staged a modest recovery, but could not climb above 1,694 with influential sectors like consumer staples (-0.7%), financials (-0.5%), industrials (-0.8%), and technology (-0.7%) weighing on the broader market.

Light trading volume throughout the week has been indicative of some participants electing to stay on the sidelines with the contentious budget battle taking place. On that note, President Obama is expected to make a statement at 15:30 ET.DJ30 -83.51 NASDAQ -8.82 SP500 -8.40 NASDAQ Adv/Vol/Dec 1004/1.26 bln/1488 NYSE Adv/Vol/Dec 866/374.2 mln/2093

2:35 pm : The S&P 500 has slipped from its afternoon high, and it now trades just three points above its session low. Similarly, the Nasdaq has taken a couple steps back after spending the past two hours just below its flat line.

As a result of the broad-based retreat, consumer discretionary and health care sectors are back in the red alongside the remaining eight sectors.

Trading volume has been running below average throughout the week, and it appears as though today's total will also come in below the 200-day average of 725 million shares as only 343 million have changed hands on the floor of the New York Stock Exchange with 90 minutes to go.DJ30 -83.11 NASDAQ -7.93 SP500 -8.39 NASDAQ Adv/Vol/Dec 984/1.17 bln/1498 NYSE Adv/Vol/Dec 841/344.7 mln/2101

2:00 pm : The major averages continue to hold their recent levels as the quiet afternoon session continues to unfold. This week, much of the narrative has focused on the ongoing budget battle and the bickering between the two sides of the aisle.

According to recent reports, the U.S. Senate has passed a funding bill that would keep the government running through November 15. The bill passed with a 54-44 vote after the provision to defund Obamacare was removed from the language. This puts the spotlight back on the House of Representatives.

Treasuries have been climbing steadily throughout the day and the benchmark 10-yr yield is lower by four basis points at 2.61%.DJ30 -76.94 NASDAQ -4.04 SP500 -7.32 NASDAQ Adv/Vol/Dec 1021/1.07 bln/1460 NYSE Adv/Vol/Dec 881/315.9 mln/2036

1:30 pm : The S&P 500 sits near the middle of its range while the Nasdaq (-0.1%) continues to hover just below its flat line. The tech-heavy index has traded near its current level since 11:30 ET, but has not been able to make a sustained move into positive territory as the technology sector remains weak (-0.5%).

In order for the tech sector to erase its loss, top components like Apple (AAPL 482.72, -3.50), Google (GOOG 874.69, -3.48), and Intel (INTC 23.01, -0.40) will need to provide some leadership. Meanwhile, Microsoft (MSFT 33.46, +0.70) outperforms with a gain of 2.1% amid reports Ford (F 17.08, -0.19) Chief Executive Officer Alan Mulally may become the next CEO of the tech company.DJ30 -76.81 NASDAQ -4.50 SP500 -7.34 NASDAQ Adv/Vol/Dec 999/1.01 bln/1459 NYSE Adv/Vol/Dec 868/299.5 mln/2051

1:05 pm : The S&P 500 holds a midday loss of 0.4%.

Stocks began the session in negative territory as participants displayed some caution ahead of the weekend with the ongoing budget battle likely to generate headlines over the next two days. So far, the developments in Washington have not inspired much confidence with President Obama saying he does not plan to negotiate over the debt ceiling while House Speaker John Boehner countered the president's unwillingness to bargain by saying this "isn't how it works."

Budget concerns have weighed on sentiment throughout the week, putting the S&P 500 on track to register a weekly loss of 1.0%. Meanwhile, the Nasdaq has displayed relative strength, and it currently holds a modest week-to-date advance of 0.3%.

The Nasdaq has outperformed throughout the week, and that is the case once again today. The rebound has been fueled by biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 211.50, +1.34) trades one point below its all-time high of $212.50. In turn, the relative strength of biotech has provided support to the health care space, which trades higher by 0.1%.

Besides health care, the discretionary sector (+0.1%) is the only other advancer as apparel manufacturers underpin the space after Nike (NKE 73.68, +3.34) reported a bottom-line beat and above-consensus first-quarter worldwide futures orders.

In order for the S&P to continue its climb into the late afternoon, the index will need to receive some support from top-weighted sectors like consumer staples (-0.7%), financials (-0.5%), technology (-0.4%), and industrials (-0.7%).

With the broader market struggling to recover its opening loss, the CBOE Volatility Index (VIX 14.97, +0.91) sits at its highest level since September 10.

Treasuries have received a steady bid and the benchmark 10-yr yield is lower by three basis points at 2.62%.

The final reading of the September University of Michigan Consumer Sentiment Index was revised up to 77.5 from 76.8 in the advance report. The Briefing.com consensus expected the Consumer Sentiment Index to increase to 77.3. Even though sentiment was revised higher in the final release, the index is still well below the final August reading of 82.1. The month-to-month drop in sentiment was in-line with the Conference Board's Consumer Confidence Index, which dropped to 79.7 in September from 81.8 in August.

Consumer sentiment levels normally follow trends in equity prices, gasoline prices, media reports, and unemployment trends. Even though the initial claims level is clearly showing an improvement in labor conditions, consumers still believe that the labor market is not improving. That negative response offset strong gains in the equity market.

Separately, August personal income increased 0.4% after increasing an upwardly revised 0.2% in July. The Briefing.com consensus expected personal income to increase 0.3%. As expected from the August employment report, wages rose a solid 0.4% in August after declining 0.2% in July.

The weakness in the equity market in August reduced personal income receipts on assets by 0.2%. Gains in the equity market in July were the sole reason why income growth was positive in July.DJ30 -66.11 NASDAQ -0.85 SP500 -5.99 NASDAQ Adv/Vol/Dec 1015/936.8 mln/1420 NYSE Adv/Vol/Dec 894/278.6 mln/2005

12:30 pm : Recent action saw the S&P 500 continue its climb off the lows with some help coming from health care (+0.1%) and discretionary shares (+0.1%). The two sectors are the only advancers at this juncture with the next best group, technology, trading lower by 0.3%.

The health care sector has drawn strength from biotech companies as the iShares Nasdaq Biotechnology ETF (IBB 211.70, +1.54) trades higher by 0.7%. The ETF is enjoying its second consecutive advance, which puts it less than one point away from its all-time high of $212.50.

Elsewhere, discretionary have benefited from the outperformance of apparel manufacturers following Nike's (NKE 73.80, +3.46) better-than-expected earnings.DJ30 -73.84 NASDAQ -0.66 SP500 -6.29 NASDAQ Adv/Vol/Dec 1055/853.2 mln/1364 NYSE Adv/Vol/Dec 950/256.5 mln/1935

12:00 pm : The S&P 500 trades lower by 0.4% as the slow rebound off the first-hour lows continues. The benchmark index has not been able to gain much traction this week with participants keeping one eye on the budget battle in Washington.

Despite yesterday's modest advance, the S&P is on track to end this week lower by 1.0%. The Dow holds a week-to-date loss of 1.3% while the Nasdaq has been able to remain in positive territory. The tech-heavy index is higher by 0.3% this week.

Consumer staples (-2.1%) and financials (-1.9%) have faced the largest losses this week while the discretionary sector is little changed, down 0.2% since Monday.DJ30 -69.30 NASDAQ -3.08 SP500 -6.55 NASDAQ Adv/Vol/Dec 1030/786.3 mln/1381 NYSE Adv/Vol/Dec 863/238.2 mln/2002

11:35 am : The Dow and S&P 500 continue to hover near their lows while the Nasdaq sits just below its best level of the day.

All ten sectors remain in negative territory, but only the telecom services space trades with a loss larger than 1.0%. On the upside, the consumer discretionary sector is off 0.1%.

Discretionary shares trade ahead of the broader market as apparel manufacturers contribute to the relative strength. Shares of Nike (NKE 73.82, +3.48) trade at a fresh record high after the company beat on earnings and reported first-quarter worldwide futures orders at 10% against the consensus expectations of 7.9%.

Elsewhere in the discretionary space, homebuilders are broadly lower with the iShares Dow Jones US Home Construction ETF (ITB 22.54, -0.13) down 0.6%.DJ30 -84.71 NASDAQ -4.21 SP500 -8.25 NASDAQ Adv/Vol/Dec 1050/686.2 mln/1339 NYSE Adv/Vol/Dec 915/212.2 mln/1909

11:00 am : The major averages have erased a portion of their early losses, but they continue to hover in the red. The Dow (-0.5%) and S&P 500 (-0.4%) have retraced less than half of their opening decline while the Nasdaq (-0.1%) has staged a more robust recovery.

The relative strength of the Nasdaq is largely due to the outperformance of biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 211.18, +1.02) trades higher by 0.5%. In turn, this has boosted the defensively-oriented health care sector (-0.2%), which sits near its best level of the day.

Meanwhile, the technology sector (-0.5%) trades in-line with the S&P as major components like Apple (AAPL 482.92, -3.30), Google (GOOG 873.54, -4.62), and Intel (INTC 23.05, -0.36) weigh.DJ30 -77.67 NASDAQ -4.67 SP500 -7.11 NASDAQ Adv/Vol/Dec 1071/582.3 mln/1279 NYSE Adv/Vol/Dec 993/184.2 mln/1804

10:35 am : Commodities are largely higher this morning, while the dollar index.

Crude oil gained steam around 7am EST and has continued to extend gains, rising back into positive territory and just hit a new session high. Nov crude is now +0.6% at $103.64/barrel.

Natural gas slid lower in overnight/early morning trade, but quickly reversed as buyers stepped in to push it into positive territory. In current trade, it's now +0.3% at $3.58/MMBtu.

Gold and silver rallied in early morning trade and are now more mixed. Gold held its gains, while silver erased almost all of them. Dec gold is now +1.1% at $1338.90/oz, while Dec silver is trading 0.4% higher at $21.85/oz.DJ30 -77.26 NASDAQ -3.92 SP500 -6.51 NASDAQ Adv/Vol/Dec 976/463.5 mln/1343 NYSE Adv/Vol/Dec 946/156 mln/1805

10:00 am : The major averages continue to hover near their lows with the S&P 500 down 0.5%.

All ten sectors continue to hover in the red with heavily-weighted consumer staples (-0.8%), industrials (-0.7%), and technology (-0.7%) weighing on the broader market. Meanwhile, the top-performing sector, consumer discretionary, has given in to the broad pressure and widened its loss to 0.3%.

Just announced, the final reading for the University of Michigan Consumer Sentiment report for September was revised up to 77.5 (Briefing.com consensus 77.3) from 76.8.DJ30 -93.61 NASDAQ -20.73 SP500 -9.98 NASDAQ Adv/Vol/Dec 624/256.2 mln/1599 NYSE Adv/Vol/Dec 622/99.6 mln/2096

09:50 am : The major averages began the session in the red with the S&P 500 sliding to last Friday's lows. All ten sectors opened in negative territory with consumer staples (-0.8%), technology (-0.6%), industrials (-0.7%), and health care (-0.6%) pacing the decline. Meanwhile, consumer discretionary and utilities outperform with losses close to 0.2% each.

Among individual movers of note, Dow component Nike (NKE 74.50, +4.17) trades higher by 5.9% after beating on earnings. The company reported first-quarter worldwide futures orders at 10% against the consensus expectations of 7.9%.

Treasuries hold modest gains with the benchmark 10-yr yield down two basis points at 2.63%. Elsewhere, the Dollar Index has been under pressure through the overnight session, and it currently trades on its lows. The Index is off 0.4% at 80.17.DJ30 -84.13 NASDAQ -18.69 SP500 -8.69 NASDAQ Adv/Vol/Dec 588/184.3 mln/1624 NYSE Adv/Vol/Dec 618/82.4 mln/2057

09:18 am : [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -9.80. The major averages are poised to begin today's session in the red after futures retreated throughout the overnight session. The cautious start comes as participants display some concern over the ongoing budget battle. Representatives in Washington have not done much to alleviate the fears of the market with President Obama saying he does not plan to negotiate over the debt ceiling while House Speaker John Boehner countered the unwillingness to negotiate by saying this "isn't how it works."

Headlines from Washington should be expected throughout the day with the Senate set to vote on a 'clean' stopgap funding bill that removes the provision to defund Obamacare.

In addition, participants should be on a lookout for news from Italy as Prime Minister Enrico Letta meets with President Giorgio Napolitano amid indications the grand coalition may fail after Silvio Berlusconi's PDL threatened to quit government if their leader is banned from office. Italy's benchmark 10-yr yield is higher by 16 basis points at 4.39%.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -10.30. The S&P 500 futures continue to hover near their lows as participants exhibit caution ahead of the weekend with the budget battle expected to generate some headlines over the next two days.

Markets across Asia were mostly higher amid a rather quiet overnight trade. China's Shanghai Composite (+0.4%) and Hong Kong's Hang Seng (+0.2%) saw modest gains halt their recent slides. Meanwhile, Japan's Nikkei (-0.3%) underperformed as Finance Minister Aso provided further pushback against cutting the corporate tax rate. Also impacting trade was the country's core inflation reading, as a print of 0.8% month-over-month marked the fastest rise since November 2008. Data from the rest of the region was limited as South Korea's current account surplus narrowed to $5.74 billion ($6.77 billion previous, $3.1 billion expected) and Thailand's industrial production sank 3.1% year-over-year (+4.9% expected).

In Japan, the Nikkei shed 0.3% as trade lingers near a two-month high. Exporters were hit as the yen strengthened with Kyocera and Tokyo Electron giving up 2.5% and 1.7%, respectively. Meanwhile, it was a sell the news reaction as shares of Lixil Group shed 2.2% after announcing its agreement to buy European peer Grohe.
Hong Kong's Hang Seng added 0.4% as shares ticked higher for the second time in six days. China Huishan Dairy was down as much as 9.7% from today's IPO price before ending the day off 3.0%.
In China, the Shanghai Composite ticked up 0.2% amid a choppy trade. Financials outperformed as Haitong Securities and Citic Securities added 4.4% and 2.8%, respectively.

Major European indices trade lower with Italy's MIB (-0.8%) leading to the downside amid indications the grand coalition may fail after PDL lawmakers vowed to quit government should Silvio Berlusconi be banned from holding office. Prime Minister Enrico Letta is scheduled to meet with President Giorgio Napolitano today to discuss the situation. Italian yields are notably higher this morning with the benchmark 10-yr yield up 17 basis points at 4.40%. Elsewhere, Spain has revised its 2014 GDP growth forecast to 0.7% from 0.4%. In addition, the unemployment rate at the end of 2014 is expected to be at 25.9%, down from the previous estimate of 26.7%. Participants received a fair share of data. Eurozone consumer confidence slipped to -15.0 from -15.6, as expected. Separately, the Business and Consumer Survey rose to 96.9 from 95.3 (96.0 expected) and Business Climate held steady at -0.2 (-0.1 expected). Also of note, retail PMI slipped to 48.6 from 50.3. Great Britain's Index of Services slipped to 0.5% from 0.6% (0.6% consensus) and Nationwide HPI rose to 0.9% from 0.7% (0.5% expected). French GDP remained unchanged at 0.5%, as expected. In addition, consumer spending increased 0.4% month-over-month (0.4% forecast, -0.8% prior). Italian Business Confidence improved to 96.6 from 93.4 (93.4 expected). Spain's retail sales fell 4.5% year-over-year (-3.8% forecast, -3.4% prior) and the government budget deficit narrowed to EUR2.40 billion from EUR5.10 billion (-EUR2.50 expected).

In France, the CAC holds a loss of 0.2%. Steelmaker Vallourec is the weakest index performer, down 9.4% after providing a cautious outlook. Defense contractors are displaying strength with EADS and Safran up 0.7% and 1.4%, respectively.
Germany's DAX is lower by 0.3% as producers of basic materials weigh. BASF, K+S, and Linde are down between 1.2% and 2.5%. Utility names are among the handful of outperformers with E.ON and RWE both up near 0.4%.
Great Britain's FTSE trades down 0.8% as miners weigh. Anglo American, Antofagasta, and BHP Billiton are all down between 2.4% and 3.8%. On the upside, industrials Babcock International and GKN hold respective gains of 0.6% and 1.2%.
Italy's MIB is down 0.8% as most components hover in the red. Banco Popolare and Unione di Banche Italia hold losses close to 2.0% apiece. Silvio Berlusconi's Mediaset is among the outperformers, up 0.4%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -10.30. The S&P 500 futures continue to hover near their lows (-0.4%).

August personal income rose 0.4%, above the uptick of 0.3% expected by the Briefing.com consensus. Meanwhile, personal spending increased 0.3%, above the Briefing.com consensus, which called for an increase of 0.2%.

Lastly, core PCE prices ticked up 0.2% while the Briefing.com consensus expected an increase of 0.1%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -10.00. U.S. equity futures hover near their lows with the S&P 500 futures down 0.4%.

Looking at overnight developments:

Asian markets ended mixed. China's Shanghai Composite +0.2%, Hong Kong's Hang Seng +0.4%, and Japan's Nikkei -0.3% as the yen strengthened, sending USDJPY below 98.00. Currently, the pair trades near 98.50.
In regional economic data:
Japan's national CPI rose 0.9% year-over-year (0.8% expected, 0.7% prior) while the core CPI increased 0.8% (0.7% forecast, 0.7% previous). In addition, Tokyo CPI increased 0.5% year-over-year (0.5% expected, 0.5% prior) and Tokyo core CPI ticked up 0.2% (0.3% consensus, 0.4% last). Separately, the foreign bonds buying report indicated net purchases in the amount of JPY174.80 billion.
South Korea's current account surplus narrowed to $5.74 billion from $6.77 billion.
In news:
Japanese officials continued to send mixed messages about the possible corporate tax cut with Finance Minister Taro Aso saying the country is not thinking of lowering the effective rate at this time.

Major European indices trade lower. France's CAC -0.2%, Germany's DAX -0.3%, and Great Britain's FTSE -0.9%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX -0.6%.
Looking at economic data:
Eurozone consumer confidence slipped to -15.0 from -15.6, as expected. Separately, the Business and Consumer Survey rose to 96.9 from 95.3 (96.0 expected) and Business Climate held steady at -0.2 (-0.1 expected). Also of note, retail PMI slipped to 48.6 from 50.3.
Great Britain's Index of Services slipped to 0.5% from 0.6% (0.6% consensus) and Nationwide HPI rose to 0.9% from 0.7% (0.5% expected).
French GDP remained unchanged at 0.5%, as expected. In addition, consumer spending increased 0.4% month-over-month (0.4% forecast, -0.8% prior).
Italian Business Confidence improved to 96.6 from 93.4 (93.4 expected).
Spain's retail sales fell 4.5% year-over-year (-3.8% forecast, -3.4% prior) and the government budget deficit narrowed to EUR2.40 billion from EUR5.10 billion (-EUR2.50 expected).
In news:
Italian equities trail behind other regional markets for the second consecutive day amid indications the grand coalition may fail after PDL lawmakers vowed to quit government should Silvio Berlusconi be banned from holding office. Prime Minister Enrico Letta is scheduled to meet with President Giorgio Napolitano today to discuss the situation. Italian yields are notably higher this morning with the benchmark 10-yr yield up 17 basis points at 4.40%.
Spain has revised its 2014 GDP growth forecast to 0.7% from 0.4%. In addition, the unemployment rate at the end of 2014 is expected to be at 25.9%, down from the previous estimate of 26.7%.

In U.S. corporate news:

Accenture (ACN 72.70, -3.17) is -4.2% after reporting mixed results. The company beat on revenue, but missed its earnings expectations.
BlackBerry (BBRY 8.00, +0.05) is +0.6% after reporting quarterly results in-line with its preannouncement from last week.
Finish Line (FINL 24.70, +2.31) is +10.3% following its earnings and revenue beat.
J.C. Penney (JCP 9.47, -0.95) is -9.0% after the retailer announced an offering of 84 million shares of its common stock.
Nike (NKE 75.28, +4.94) is +7.0% after beating on earnings. Notably, the company reported first-quarter worldwide futures orders at 10% against the consensus expectations of 7.9%.

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.

07:01 am : [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -11.00.

07:01 am : Nikkei...14760.07...-39.10...-0.30%. Hang Seng...23207.04...+82.00...+0.40%.

07:01 am : FTSE...6503.78...-61.80...-0.90%. DAX...8621.86...-42.20...-0.50%.

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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