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 Post subject: October 9th Wednesday Trade Results - Profit $5942.50
PostPosted: Thu Oct 10, 2013 2:42 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)
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 @ $200.00 dollars or +2.00 points, Emini ES ($ES_F) futures @ $5562.50 dollars or +111.25 points, Light Crude Oil CL ($CL_F) futures @ $180.00 dollars or +0.18 points, Gold GC ($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 @ $5942.50 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=122&t=1622

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=221&t=2029

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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.

Dow, S&P 500 End Higher After 2-Day Swoon

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

NEW YORK (CNNMoney)
The government is still shut down, and there's been little progress on raising the debt limit. But there was one bit of news from Washington that kept investors from dumping stocks again.

Janet Yellen's nomination as next chair of the Federal Reserve helped stabilize, if not necessarily excite, Wall Street. The Dow Jones industrial average and the S&P 500 ended modestly higher following two days of selling.

Though the broader market was up slightly, shares of many momentum stocks sank for a second day and weighed on the Nasdaq. Priceline (PCLN) and Facebook (FB) declined about 1%. Shares of Tesla (TSLA), Netflix (NFLX) and Green Mountain Coffee Roasters (GMCR) were down more than 3%.

Yellen, who was officially tapped Wednesday for the top spot by President Obama, has long been a favored candidate for the position and shares much of current chairman Ben Bernanke's thinking on loose monetary policy.

Mike van Dulken, head of research at Accendo Markets, wrote in his daily note to client that "rates will stay low for longer and policy will be accommodative" if Yellen is approved by the Senate.

* Obama to nominate Janet Yellen as Fed chair

Meanwhile, minutes from the Federal Reserve's most recent policy meeting showed that the central bank's decision not to scale back its bond buying program was a 'relatively close call' for several members of the Fed's policymaking committee.

Debt anxiety: U.S. stocks have been mostly falling amid continued anxiety over the debt ceiling crisis. The Dow Jones industrial has dropped more than 300 points since the shutdown of the federal government began on Oct. 1.

Investors are getting more concerned by the day that Washington will not raise the debt ceiling next week. This could lead the government unable to pay all of its bills on time.

The yield on one-month Treasury bills surged to its highest level since the financial crisis Tuesday as investors worry about the country's ability to pay its short-term debts.

Earnings rolling in: Alcoa (AA, Fortune 500) shares rose after the aluminum producer's profits beat expectations.

Shares of Yum! Brands (YUM, Fortune 500), meanwhile, tumbled after the operator of KFC, Taco Bell and Pizza Hut reported weak earnings and continued problems in its China division.

"$YUM ouch. Another blow for China bulls too," said StockTwits trader Scaletrader.

* CEO mashup on Washington dysfunction

Costco (COST, Fortune 500) missed on revenue and reported a slight bump in same store sales. Earnings per shares came in better than expected. The stock rose in mid-afternoon trading after opening lower.

"$COST missed numbers but found buyers," quipped EricSteiman.

Retailer Family Dollar (FDO, Fortune 500) beat earnings forecasts, while revenue was roughly in line with estimates. But shares fell on a relatively weak outlook.

StockTwits user Lach14 noted that lackluster earnings from the three companies could be a sign of slumping consumer spending: "Earnings Not So Good: $YUM, $COST, $FDO, - Pattern emerging of strapped consumer - 3Q weak."

Shares of Hewlett-Packard (HPQ, Fortune 500) jumped 9% after CEO Meg Whitman said she expects revenue to stabilize in 2014 during the company's annual meeting with analysts.

But traders were skeptical.

"$HPQ what exactly was said that was so bullish?" asked Vega_Man.

JustBelieve predicted a sharp reversal in the stock Thursday. "$HPQ This is going to drop like a rock tomorrow," he said.

Men's Wearhouse (MW) shares spiked even though the company's board rejected a $2.4 bid from smaller rival Jos. A. Bank Clothiers (JOSB), setting the stage for another nasty battle for the men's apparel retailer.

* China's economic stumble worries Asian markets

European markets closed lower, while Asian markets mostly ended with gains. Japan's benchmark Nikkei index popped up by 1%.

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4:20 pm : The S&P 500 added 0.1%, but was unable to regain its 100-day moving average (1,662) after flirting with that level throughout the afternoon. The tech-heavy Nasdaq underperformed throughout the session, sliding 0.5%.

Equities began the session with slim gains amid reports President Obama was set to nominate Janet Yellen as the next Chairwoman of the Federal Reserve. However, given the expected nature of the announcement, the early boost faded quickly.

The major averages appeared on their way to another losing session, but found support during late-morning trade when the Dow Jones Industrial Average tested its 200-day moving average (14,728) for the first time this year. The price-weighted Dow built the subsequent rebound on the relative strength of top-weighted names like Nike (NKE 70.89, +0.61), IBM (IBM 181.32, +2.60), and Goldman Sachs (GS 154.44, +1.39).

On a related note, the financial sector (+0.3%) finished ahead of the remaining cyclical groups while other growth-sensitive areas were a bit more mixed.

The materials space advanced 0.2% with aluminum manufacturer Alcoa (AA 8.10, +0.16) gaining 2.0% after reporting better-than-expected earnings on a 1.2% decline in revenue. Miners contributed to the sector's strength as the Market Vectors Gold Miners (GDX 23.92, +0.10) added 0.4%.

On the downside, the discretionary sector (-0.4%) lagged throughout the session as quick service restaurants displayed weakness after Yum! Brands (YUM 66.48, -4.82) reported disappointing earnings and made cautious comments about its operating environment going forward.

Elsewhere, much of the Nasdaq underperformance was the result of significant losses among biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 194.50, -4.20) lost 2.1% to extend its week-to-date loss to 8.5%. In turn, this weighed on the health care sector (-0.2%), which was the only countercyclical group ending in negative territory.

Treasuries registered modest losses with the benchmark 10-yr yield rising three basis points to 2.67%.

Trading volume was right in-line with average as 732 million shares changed hands on the floor of the NYSE.

The Minutes from the latest Federal Open Market Committee meeting reflected much of what has already been communicated to the markets by the regional Fed presidents. Once again, several participants took note of tighter financial conditions while others pointed out rising fiscal risks associated with the stalemate in Washington.

Most notably, the Minutes revealed that most FOMC participants expected the Fed to begin scaling back the pace of its asset purchases this year with purchases being concluded in the middle of 2014.

Separately, the weekly MBA Mortgage Index rose 1.3% to follow last week's downtick of 0.4%.

Tomorrow, weekly initial claims will be reported at 8:30 ET while September import/export prices and the September Treasury Budget will not be released due to the partial government shutdown.DJ30 +26.45 NASDAQ -17.06 SP500 +0.95 NASDAQ Adv/Vol/Dec 1093/2.15 bln/1427 NYSE Adv/Vol/Dec 1446/732.2 mln/1531

3:30 pm :

Precious metals traded lower today as the dollar index rose on news that President Obama will nominate Janet Yellen as the next Chair of the Federal Reserve
Dec gold slumped to a session low of $1294.60 per ounce and settled at $1307.10 per ounce, booking a loss of 1.3%
Dec silver dipped as low as $21.75 per ounce in morning floor trade. It eventually settled with a 2.5% loss at $21.89 per ounce
Nov crude oil also fell on the stronger dollar index and on the largest weekly increase in crude oil inventories since Sept 2012. The EIA reported that for the week ending Oct. 4, crude oil inventories had a build of 6.81 mln barrels when a much smaller build of 1.55 mln barrels was anticipated. The energy component retreated from its session high of $103.29 per barrel set at pit trade open and eventually settled 1.8% lower at $101.62 per barrel
Nov natural gas fell for the first time in four sessions, dipping to a session low of $3.67 per MMBtu. It closed at $3.68 per MMBtu, booking a loss of 0.8%.

DJ30 +57.02 NASDAQ -7.72 SP500 +4.77 NASDAQ Adv/Vol/Dec 1251/1809.4 mln/1262 NYSE Adv/Vol/Dec 1637/482 mln/1317

3:00 pm : The S&P 500 trades higher by 0.4% as today's session enters its final hour. At its current level, the benchmark index trades just one point below its 100-day moving average (1,662). Elsewhere, the Dow found support at its 200-day moving average (14,728) after testing that key level for the first time this year.

Despite the modest rebound in the Dow and S&P 500, the Nasdaq remains pressured by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 195.34, -3.36) trades lower by 1.7%.DJ30 +69.35 NASDAQ -3.30 SP500 +6.73 NASDAQ Adv/Vol/Dec 1299/1.69 bln/1218 NYSE Adv/Vol/Dec 1674/444.1 mln/1279

2:30 pm : The S&P 500 trades higher by 0.2% as it attempts to regain its 100-day moving average (1662).

The Minutes from the latest Federal Open Market Committee meeting reflected much of what has already been communicated to the markets by the regional Fed presidents. Once again, several participants took note of tighter financial conditions while others pointed out rising fiscal risks associated with the stalemate in Washington.

Most notably, the Minutes revealed that most FOMC participants expected the Fed to begin scaling back the pace of its asset purchases this year with purchases being concluded in the middle of 2014.DJ30 +52.27 NASDAQ -12.65 SP500 +3.80 NASDAQ Adv/Vol/Dec 1254/1.56 bln/1255 NYSE Adv/Vol/Dec 1559/407.1 mln/1383

1:55 pm : The Dow (+0.4%) and S&P 500 (+0.3%) trade at their best levels of the day while the Nasdaq (-0.3%) continues working its way back from the early lows. The financial sector (+0.7%) has made a significant contribution to the rebound while other cyclical groups like industrials, materials, and technology have returned into the green.

Notably, the materials sector (+0.6%) is among the leaders with Alcoa (AA 8.28, +0.34) trading up 4.4% after reporting better-than-expected earnings on a 1.2% decline in revenue. The aluminum maker reaffirmed its 2013 global demand growth forecast at 7.0%.

On a separate note, the minutes from the latest Federal Open Market Committee meeting will be released at the top of the hour and we will summarize the noteworthy items during our 14:30 ET update.DJ30 +56.06 NASDAQ -9.99 SP500 +4.49 NASDAQ Adv/Vol/Dec 1269/1.43 bln/1229 NYSE Adv/Vol/Dec 1623/365.3 mln/1300

1:30 pm : The market is in the midst of making another rebound push and it could have some legs if the financial sector (+0.7%) continues to show relative strength and momentum names like Tesla (TSLA 170.50, -4.23), LinkedIn (LNKD 223.57, +0.84), Priceline.com (PCLN 992.94, -5.19), Netflix (NFLX 293.80, -8.52) and Facebook (FB 46.55, -0.59) continue to cut larger losses seen earlier.

Rebound efforts to this point, though, have been chopped down each time with buyers lacking the confidence to force the buy-the-dip issue knowing a headline bomb out of Washington could be dropped at any point.

Arguably, one pathway to gains today is being laid by the recognition that it's pretty much quiet on the Washington front.

With the recent leg up, every sector, with the exception of the energy (-0.3%) and consumer discretionary (-0.1%) sectors, is now in positive territory for the day.DJ30 +58.31 NASDAQ -7.42 SP500 +4.75 NASDAQ Adv/Vol/Dec 1314/1.34 bln/1168 NYSE Adv/Vol/Dec 1603/336 mln/1298

1:00 pm : At midday, the major averages trade in mixed fashion.

The Dow (+0.03%) and S&P 500 (-0.2%) are little changed while the Nasdaq (-1.0%) underperforms for the second day in a row. Equity indices began the session in positive territory, but slipped shortly after the open with the early advance being attributed to reports President Obama will nominate Janet Yellen as the next Chair of the Federal Reserve. However, given that Ms. Yellen was expected to get the nod after Larry Summers withdrew his name from consideration, the overall reaction was largely muted.

With the partial government shutdown continuing for the ninth day, equities are contending with the familiar issue of gridlock in Washington. While the Dow and S&P have held in relatively well, the tech-heavy Nasdaq has been pressured by the continued weakness in biotechnology and noteworthy losses among some momentum names that have fueled much of this year's rally. The iShares Nasdaq Biotechnology ETF (IBB 192.45, -6.25) is down 3.1% today and lower by 9.3% this week while stocks like LinkedIn (LNKD 218.97, -3.76), Netflix (NFLX 287.63, -14.69), and Tesla Motors (TSLA 166.86, -7.87) trade with losses between 1.9% and 4.9%. Meanwhile, the broader tech sector is lower by 0.3%.

The technology sector is one of five cyclical groups trading in the red while financials (+0.3%) outperform. Elsewhere, the discretionary sector (-0.7%) leads to the downside with pressure coming from quick service restaurants after Yum! Brands (YUM 65.80, -5.50) reported disappointing earnings and made cautious comments about its operating environment going forward.

Stock-specific news has been limited for the most part, but Men's Wearhouse (MW 45.28, +10.04) has surged 28.5% after receiving a buyout offer from Jos. A. Bank (JOSB 44.70, +3.04) at $48/share. Even though Men's Wearhouse management rejected the original offer, the stock has been able to sustain its advance as participants look for the possibility of another offer being made.

Countercyclical sectors trade mostly higher with consumer staples, telecom services, and utilities sporting gains between 0.1% and 1.7% while health care (-0.4%) lags due to weakness in biotechnology.

Treasuries hover near their lows with the benchmark 10-yr yield up three basis points at 2.66%.

Today's economic data was limited to the weekly MBA Mortgage Index, which rose 1.3% to follow last week's downtick of 0.4%.DJ30 +3.72 NASDAQ -34.67 SP500 -3.78 NASDAQ Adv/Vol/Dec 1012/1.23 bln/1456 NYSE Adv/Vol/Dec 1172/304.9 mln/1736

12:25 pm : The major averages remain mixed with the Dow outperforming after testing its 200-day average (14,728) for the first time of the year. Meanwhile, the S&P 500 (-0.2%) remains in negative territory. The benchmark index has been pressured by cyclical sectors as five of six growth-sensitive groups trade lower while financials (+0.2%) sport a modest gain.

Elsewhere, Treasuries have seen some selling over the past two hours as the 10-yr yield trades higher by two basis points at 2.66%.DJ30 +0.77 NASDAQ -29.69 SP500 -3.10 NASDAQ Adv/Vol/Dec 1101/1.12 bln/1355 NYSE Adv/Vol/Dec 1190/277.8 mln/1690

12:00 pm : The three indices have staged a bit of a rebound during the past 30 minutes with the Dow returning into positive territory while the Nasdaq and S&P 500 remain in the red. As we pointed out earlier, the S&P 500 lost its 100-day moving average (1662) after flirting with that level during yesterday's session.

Elsewhere, the Dow rebound took place after the price-weighted index fell below its 200-day average for just the first time this year. The Dow's last test of the 200-day average occurred on December 28, 2012.DJ30 +0.61 NASDAQ -33.45 SP500 -2.72 NASDAQ Adv/Vol/Dec 939/1.03 bln/1506 NYSE Adv/Vol/Dec 1112/256.4 mln/1770

11:30 am : Equity indices have continued their retreat, and the Nasdaq now trades with a loss of 1.1%. Meanwhile, the S&P 500 outperforms with a loss of 0.4%, but the benchmark index also sits near its lowest level of the day.

All six cyclical sectors now trade in the red with financials (-0.3%) trading just ahead of the broader market. Countercyclical sectors have fared a bit better as consumer staples, telecom services, and utilities hold gains between 0.1% and 1.5% while health care (-0.6%) lags due to significant weakness among biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 191.60, -7.10) is lower by 3.6% today, and down 9.3% this week.

Today's steady selling has caused a spike in the CBOE Volatility Index (VIX 21.27, +0.93). The near-term volatility measure sits at its highest level since late June as participants adjust their volatility expectations.DJ30 -40.64 NASDAQ -39.40 SP500 -7.15 NASDAQ Adv/Vol/Dec 857/889.1 mln/1560 NYSE Adv/Vol/Dec 960/220.6 mln/1905

11:00 am : The major averages trade near their lows with the Dow and S&P 500 holding respective losses of 0.1% and 0.2% while the Nasdaq (-0.6%) continues to underperform. The tech-heavy index led the broader market lower out of the gate, but has since climbed off its lows. However, momentum stocks like Netflix (NFLX 286.80, -15.52) and Tesla (TSLA 166.30, -8.43) continue to weigh.

Elsewhere, the Dow outperforms as AT&T (T 33.96, +0.85), Intel (INTC 22.94, +0.46), and Verizon (VZ 46.66, +0.61) hold gains larger than 1.0% apiece. AT&T is the leading index member after announcing a strategic alliance with another Dow component, General Electric (GE 23.64, -0.03).DJ30 -15.58 NASDAQ -24.94 SP500 -3.06 NASDAQ Adv/Vol/Dec 989/725.5 mln/1392 NYSE Adv/Vol/Dec 1138/182.3 mln/1672

10:35 am : Commodities are almost all in the red today, while the dollar index remains near its session highs.

Crude oil futures are getting hit hard and just extended losses following the weekly EIA inventory data.

Nov crude oil fell below the $102 level is recent trade and is now -1.8% at $101.59/barrel. Natural gas prices are weak as well. Nov nat gas is currently -0.5% at $3.70/MMBtu.

Gold and silver prices are taking a hit this morning as well. Gold fell below the $1300 level.

Dec gold is now -2.0% at $1298.20/oz, Dec silver is -2.7% at $21.85/oz. Dec copper is -1.9% at $3.23/lb.
DJ30 +30.44 NASDAQ -9.36 SP500 +2.49 NASDAQ Adv/Vol/Dec 1148/565.0 mln/1180 NYSE Adv/Vol/Dec 1422/150 mln/1359

10:00 am : The Dow and S&P 500 remain near their respective flat lines while the Nasdaq trades lower by 0.4% as biotechnology displays significant early weakness. The iShares Nasdaq Biotechnology ETF (IBB 193.60, -5.10) is lower by 2.6% with the softness also pressuring the health care sector (-0.2%).

Meanwhile, the tech sector is little changed as top components trade in mixed fashion. Intel (INTC 22.80, +0.32) is higher by 1.4% while Google (GOOG 844.11, -9.56) trades down 1.1%. Notably, Intel trades well ahead of its peers as the broader PHLX Semiconductor Index holds a loss of 0.4%. Also of note, momentum names like Netflix (NFLX 291.18, -11.14), LinkedIn (LNKD 216.25, -6.48), and Tesla Motors (TSLA 166.82, -7.91) have been pressured in early going. The three names trade with losses between 2.9% and 5.0%.DJ30 +17.15 NASDAQ -14.73 SP500 +1.66 NASDAQ Adv/Vol/Dec 1021/322.2 mln/1238 NYSE Adv/Vol/Dec 1319/92.7 mln/1398

09:45 am : The major averages began the session in positive territory before surrendering their early gains. The S&P 500 trades modestly lower (-0.1%) with five sectors posting early losses. Financials (+0.2%) and telecom services (+0.9%) have displayed some strength while consumer discretionary (-0.5%) and energy (-0.2%) weigh on the broader market.

In the discretionary space, quick service restaurants are showing early weakness after Yum! Brands (YUM 66.00, -5.30) reported disappointing quarterly results. Shares of Yum! trade lower by 7.5% after falling below their 200-day moving average (69.15) at the open.DJ30 -1.21 NASDAQ -10.03 SP500 -1.23 NASDAQ Adv/Vol/Dec 1086/168.5 mln/1030 NYSE Adv/Vol/Dec 1337/62.8 mln/1300

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +12.20. The major averages are poised to register modest gains at the start of today's session with the S&P 500 looking to avoid its third day of losses. The S&P is down 2.1% so far this week after yesterday's decline pressured the index below its 100-day moving average (1662) for just the third time this year.

The most recent test of the key technical area saw the index oscillate near the 100-day average for five sessions (8/28-9/4) before rallying to a fresh all-time high of 1725.52. Since notching that record closing high, the index has been trapped in a steady retreat, registering losses in 11 of 14 sessions for a total decline of 4.1%.

Index futures received a modest overnight boost from news indicating Janet Yellen will receive the nomination to be the next Fed Chair, but given the largely-expected nature of the announcement, the boost to equities was essentially muted. Similarly, Treasuries are little changed with the benchmark 10-yr yield sitting at 2.64%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +10.50. The S&P 500 futures trade higher by 0.2%.

Markets across Asia saw a mixed session as India's Sensex (+1.3%) led and Hong Kong's Hang Seng (-0.6%) lagged. The Sensex was a leader as India's trade deficit narrowed to INR431 billion (INR690 billion previous). Elsewhere, Japan's Nikkei (+1.0%) posted a solid gain thanks to the weaker yen and the latest Bank of Japan Monetary Policy minutes showing the central bank has once again upgraded its economic assessment. The minutes pointed to a moderate recovery, noting exports and industrial production have seen a pickup along with inflation. Data from the rest of the region was light limited to the downtick in Australia's Westpac Consumer Sentiment (-2.1%).

In Japan, the Nikkei closed higher by 1.0% as action regained the 50- and 100-day moving averages. Exporters posted solid gains as Toyota Motor jumped 3.0% and Nikon added 2.2%. Meanwhile, shares of Yahoo Japan were under pressure for a second session as sellers remained in control on word the company would eliminate vendor fees on its shopping/auction sites. The stock fell 3.7%.
Hong Kong's Hang Seng shed 0.6% amid a quiet trade. Shares of heavyweight Tencent Holdings lost 2.9%, sliding off yesterday's record high.
In China, the Shanghai Composite added 0.6% as buyers remained in control for a fourth straight session. Transport stocks were strong as Sinotrans Air Transportation Development climbed the daily limit, 10%.

Major European indices hover near their highs with peripheral indices leading as Italy's MIB and Spain's IBEX both trade with gains of more than 1.0%. In headlines of note, Germany's Finance Minister Wolfgang Schaeuble reiterated Chancellor Angela Merkel's position that the new government is unlikely to make significant changes to Germany's policy course with respect to the rest of the European Union. Economic data was limited to just a handful of reports. Germany's industrial production increased 1.4% month-over-month (1.0% expected, -1.1% prior). Elsewhere, Great Britain's industrial production fell 1.1% month-over-month (0.4% expected, 0.1% prior) while the year-over-year reading declined 1.5% (-0.6% forecast, -1.1% previous). Separately, manufacturing production fell 1.2% month-over-month (0.4% expected, 0.2% prior) and the year-over-year reading ticked down 0.2% (1.0% forecast, -0.3% previous). Also of note, the trade deficit narrowed to GBP9.63 billion from GBP9.94 billion (GBP9.00 billion expected).

In Great Britain, the FTSE is little changed as financials lead while miners lag. Barclays and Standard Chartered are both up near 1.2% while Randgold Resources and Vedanta Resources hold respective losses of 1.3% and 4.1%.
Germany's DAX is higher by 0.2% with utilities in the lead. E.ON is higher by 2.9% and RWE trades up 2.0%. Chemical producers lag with K+S, Lanxess, and Linde down between 1.3% and 1.6%.
In France, the CAC sports a gain of 0.5%. Bank shares are among the outperformers with BNP Paribas and Credit Agricole up 2.5% and 3.1%, respectively. Producers of basic materials trade lower with Cie de St-Gobain and Lafarge both down near 3.0%.
Elsewhere, Italy's MIB and Spain's IBEX hold respective gains of 1.1% and 1.2% with bank shares pacing the advance. Italy's Banco Popolare is higher by 5.6% and Spain's CaixaBank outperforms with a gain of 3.2%.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +13.00. U.S. equity futures have slipped from their highs, but continue to hold modest gains. With the partial government shutdown continuing for the ninth day, the major indices will look to regain some of their recent losses. The S&P 500 futures received a slight overnight bump from the news that President Obama will nominate Janet Yellen as the next Chair of the Federal Reserve. In general, Ms. Yellen is expected to continue the policies of Chairman Bernanke and her nomination had been expected for quite some time.

Treasuries saw some overnight buying, but have since returned to their flat lines. The 10-yr yield is little changed at 2.64%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +11.50. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.3%. Index futures received a modest overnight boost after it was reported that President Obama will nominate Janet Yellen as the next Chair of the Federal Reserve. Treasuries are little changed following the news with the 10-yr yield off one basis point at 2.62%. Meanwhile, the Dollar has strengthened, sending the Dollar Index higher by 0.4% to 80.39.

Looking at overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.6%, China's Shanghai Composite +0.6%, and Japan's Nikkei +1.0%.
In regional economic data:
Japan's machine tool orders fell 6.3% year-over-year (-1.7% prior).
Australia's Westpac Consumer Sentiment fell 2.1% (4.7% prior).
South Korea's M2 money supply expanded 7.3% (6.8% previous).
India reported a trade deficit of $6.70 billion (-$16.40 billion expected, -$10.90 billion prior) on $27.68 billion in exports and $34.44 billion in imports.
Looking at news:
In Japan, the Bank of Japan Deputy Governor Hiroshi Nakaso said the country's economy is expected to continue its recovery at a moderate pace with a high possibility of reaching the BoJ's inflation target of 2.0% as early as 2014-2015.

Major European indices trade near their highs. Germany's DAX +0.2%, France's CAC +0.5%, and Great Britain's FTSE is unchanged. Elsewhere, Italy's MIB +1.1% and Spain's IBEX +1.3%.
Economic data was limited:
Germany's industrial production increased 1.4% month-over-month (1.0% expected, -1.1% prior).
Great Britain's industrial production fell 1.1% month-over-month (0.4% expected, 0.1% prior) while the year-over-year reading declined 1.5% (-0.6% forecast, -1.1% previous). Separately, manufacturing production fell 1.2% month-over-month (0.4% expected, 0.2% prior) and the year-over-year reading ticked down 0.2% (1.0% forecast, -0.3% previous). Also of note, the trade deficit narrowed to GBP9.63 billion from GBP9.94 billion (GBP9.00 billion expected).
In news:
Germany's Finance Minister Wolfgang Schaeuble reiterated Chancellor Angela Merkel's position that the new government is unlikely to make significant changes to Germany's policy course with respect to the rest of the European Union.

In U.S. corporate news:

Alcoa (AA 8.20, +0.26) is +3.3% after reporting an earnings beat on a 1.2% decline in revenue. The aluminum maker reaffirmed its 2013 global demand growth forecast at 7.0%.
Costco (COST 110.55, -1.66) is -1.5% following its earnings and revenue miss.
Family Dollar (FDO 68.15, -1.30) is -1.9% after reporting an earnings beat on below-consensus revenue. The retailer guided its first quarter earnings below consensus while lowering its full-year earnings expectations near the low end of analyst estimates.
YUM! Brands (YUM 66.75, -4.55) is -6.4% after missing on earnings and revenue.

The weekly MBA Mortgage Index rose 1.3% to follow last week's downtick of 0.4%.

The minutes from the 9/18 FOMC policy meeting will be released at 14:00 ET.

07:21 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +15.00.

07:21 am : Nikkei...14037.84...+143.20...+1.00%. Hang Seng...23033.97...-144.90...-0.60%.

07:21 am : FTSE...6365.44...-0.40...0.00. DAX...8576.16...+20.30...+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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