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 Post subject: October 10th Thursday Trade Results - Profit $2200.00
PostPosted: Fri Oct 11, 2013 6:59 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)
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3000.00 dollars or +60.00 points, Light Crude Oil CL ($CL_F) futures @ ($800.00) dollars or -0.80 points, Gold GC ($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 @ $2200.00 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=122&t=1623

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.

Best Day Of 2013 Or Dow On Possible Debt Deal

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

NEW YORK (CNNMoney)
Washington didn't even need to finalize a debt ceiling deal to convince investors to buy stocks again.

The Dow posted its best gains of the year, adding more than 300 points, or 2.2%. Both the S&P 500 and the Nasdaq also advanced more than 2%.

The reason for the euphoria? House Republicans offered a proposal to raise the debt ceiling temporarily, while the government would remain partially shut down.

Relief rippled throughout the financial markets.

One key proxy for investor fear, the CBOE's Volatility Index (VIX) or the VIX, dropped 16%. It had spiked in recent days. CNNMoney's own Fear and Greed Index, which tracks the VIX and six other gauges of sentiment, moved higher. The index still shows Fear, but it had been flashing signs of Extreme Fear for the past few days.

* Investors a little less afraid

Rates on short-term Treasuries, known as T-bills, also dipped slightly Thursday, another indication that investors now believe a U.S. default is less likely.

The optimism about a possible deal also spread to European markets, which closed up between 1.5% and 2.2%. Asian markets ended mixed.

Investors have been growing increasingly concerned as October 17th, a key deadline to increase the debt ceiling, comes closer. Should politicians fail to raise the debt ceiling, the U.S. is likely to default on some of its debt or could be forced to choose between interest payments on the debt and paying for key government services.

Unemployment edging up? Although the government has still not reported on the latest monthly employment figures due to the shutdown, there was another weekly report out Thursday that could have made investors uneasy about the jobs market. The Labor Department's report on initial jobless claims showed a sharp jump in claims over the previous week.

What's moving: Shares of the largest U.S. banks, including JPMorgan Chase (JPM, Fortune 500), Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), and Goldman Sachs (GS, Fortune 500), rose between 2% and 3%. JPMorgan Chase and Wells Fargo (WFC, Fortune 500) will report their latest quarterly earnings on Friday morning. One trader is expecting healthy results.

"I'm hoping that earnings from $JPM and $WFC tomorrow will be a positive market catalyst," StkCon wrote on StockTwits.

Several large technology stocks popped Thursday, including Netflix (NFLX), eBay (EBAY, Fortune 500), Facebook (FB), Priceline (PCLN) and Tesla (TSLA). Many of these companies, which are among the hottest stocks of the year, had been hit hard in the past few days as the broader market sold off.

* Signs of rising default fears

"$NFLX looks unstoppable at the moment. Totally missed this trade. Won't chase," cornerpocket wrote on StockTwits.

But some traders remain skittish. "$NFLX After what I just saw and experienced ... too much downside for me," wrote terrytrader.

Shares of Citrix Systems (CTXS) sank 12%, after the software company released its third-quarter results early, saying it expected earnings and revenue to come in lower than previously anticipated.

IPO market stays hot: Four companies started trading Thursday. Biotech MacroGenics (MGNX) was the big standout, jumping more than 50%. Several companies have done extremely well in the market debuts lately, including sandwich chain Potbelly (PBPB). And investors are eagerly awaiting the upcoming initial public offering of Twitter.

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4:15 pm : The S&P 500 jumped 2.2%, turning its October loss into a gain of 0.7%. The Nasdaq outperformed, advancing 2.3%, but the tech-heavy index remains lower by 0.3% for the month.

Equities registered the bulk of their gains at the open amid indications the budget stalemate may be getting a bit closer to a resolution. Participants rushed into equities after House Republicans proposed extending the debt limit by six weeks in order to allow for a broader discussion on spending. Currently, the Republican plan does not call for ending the partial government shutdown, which was met with an initial pushback from the White House. However, subsequent reports from the White House suggested President Obama 'may' consider the short-term proposal.

As a result of today's rally, the S&P managed to regain both its 50- and 100-day moving averages.

All ten sectors registered solid gains with financials (+2.9%) ending in the lead. The sector outperformed for the second consecutive session as JPMorgan Chase (JPM 52.52, +1.77) and Wells Fargo (WFC 41.44, +1.08) settled with respective gains of 3.5% and 2.7%. The two banks are scheduled to report their quarterly results ahead of tomorrow's opening bell.

Elsewhere, the industrial sector advanced 2.7% as defense contractors (PHLX Defense Index +3.1%) and transports (DJ Transportation Average +2.3%) rallied.

Also of note, the Nasdaq outperformed as biotech companies rallied after seeing sharp losses earlier in the week. The iShares Nasdaq Biotechnology ETF (IBB 201.47, +6.97) spiked 3.6%, but is still off 5.2% this week.

The relative strength of biotech helped the health care sector (+2.3%) end ahead of the broader market while the remaining countercyclical groups (consumer staples, telecom services, and utilities) underperformed with gains between 1.4% and 1.9%.

Treasuries ended with slim losses as the benchmark 10-yr yield rose three basis points to 2.69%.

Trading volume was in-line with average as 738 million shares changed hands on the floor of the NYSE.

In today's economic data, weekly initial claims increased to 374,000 from 308,000 with much of the increase being attributed to California paring down their sizable backlogs in applications after computer glitches in September impeded the normal processing of initial claims. That resulted in a temporary drop in initial claims. Those claims were finally filed properly this week, which resulted in a large upward spike in claims.

Tomorrow, the preliminary October Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +323.09 NASDAQ +82.97 SP500 +36.16 NASDAQ Adv/Vol/Dec 2160/1.83 bln/404 NYSE Adv/Vol/Dec 2605/738.0 mln/431

3:35 pm : Commodities ended the day mixed with WTI crude oil down a few cents and nat gas, RBOB, heating oil and copper all higher. Silver ended flat and gold fell $10.

Crude oil futures rallied today and rose as high as $103.57/barrel. Crude fell back below $103/barrel in the final minutes of floor trading and ended the day three cents lower at $103/barrel.

Natural gas traded in positive territory all session today and closed 2.5% higher at $3.72/MMBtu.

Gold ended the day just over $10/oz lower at $1297/oz and silver ended unchanged. In electronic trade, gold fell to a new LoD and is now $1291.40/oz. Silver is at $21.75/oz.DJ30 +295.35 NASDAQ +84.44 SP500 +34.31 NASDAQ Adv/Vol/Dec 2172/1539.1 mln/382 NYSE Adv/Vol/Dec 2606/490 mln/410

3:00 pm : With one hour left in today's session, the major averages trade just below their best levels of the day. The S&P 500 has spent the afternoon inside of a five-point range after overtaking two notable technical levels during the early part of the session. The benchmark index shot past its 100-day average (1662) at the open before regaining its 50-day average (1678) during the first hour.

All ten sectors continue to hold solid gains, and only four groups (consumer discretionary, energy, industrials, and technology) trade with October losses. Of those four, the discretionary sector is the weakest performer, down 0.9% so far this month.DJ30 +238.78 NASDAQ +72.44 SP500 +27.97 NASDAQ Adv/Vol/Dec 2136/1.37 bln/411 NYSE Adv/Vol/Dec 2559/433.1 mln/447

2:30 pm : Not much has changed since our last update as participants continue to wait for President Obama to begin his remarks that should cast some light on the viability of the Republican proposal to extend the debt limit by six weeks.

Even though the shutdown has entered its second week, today's sharp gain in the S&P 500 has helped the index erase its October loss. The benchmark average is now higher by 0.1% this month while the Dow and Nasdaq sport month-to-date losses close to 0.6% apiece.DJ30 +226.94 NASDAQ +67.22 SP500 +26.34 NASDAQ Adv/Vol/Dec 2136/1.27 bln/407 NYSE Adv/Vol/Dec 2574/401.9 mln/432

2:00 pm : The key indices remain near their best levels of the day as participants await comments from President Obama. The president is expected to discuss the proposal brought forth by House Republicans that would extend the debt limit by six weeks. What remains unclear is the stance the president will take with regards to the partial government shutdown, which would not be resolved under the Republican plan.

Earlier headlines from the White House indicated President Obama would not negotiate if reopening of the government is not included in the plan; however, recent reports suggest the president may be softening his stance.DJ30 +242.79 NASDAQ +69.87 SP500 +28.15 NASDAQ Adv/Vol/Dec 2147/1.19 bln/386 NYSE Adv/Vol/Dec 2604/376.2 mln/384

1:35 pm : Equities continue to hover near their highs as the quiet afternoon continues.

Not too long ago, the U.S. Treasury concluded its final auction of the week by conducting a solid $13 billion 30-yr bond reopening, which drew a yield of 3.758% on a strong bid-to-cover of 2.64. Indirect (41.9%) and direct (22.6%) bidders took the majority of the supply while primary dealers were left with just 35.5% of the total supply.

The strong auction lifted Treasuries off their lows and helped the 10-yr yield slip from its session high. The benchmark 10-yr yield has trimmed its gain to three basis points as it sits at 2.70%.DJ30 +232.64 NASDAQ +72.38 SP500 +27.22 NASDAQ Adv/Vol/Dec 2162/1.11 bln/373 NYSE Adv/Vol/Dec 2574/352.9 mln/398

1:00 pm : The major averages sport solid midday gains with the S&P 500 up 1.7%. Meanwhile, the Nasdaq (+2.0%) outperforms after trailing behind the benchmark index throughout yesterday's session.

Stocks registered the bulk of their gains at the open as investors rushed into risk assets amid indications House Republicans are willing to put forward a six-week debt limit increase that would allow more time to negotiate a broader deal while keeping the government partially shut. President Obama is expected to respond to the proposal during a press conference scheduled for 14:00 ET, but the White House is on the record as saying no short-term increases would be considered without a provision that brings an end to the partial shutdown.

Even though an actual agreement remains elusive, equity indices have built on their opening gains. The S&P 500 surged off its 100-day moving average (1662) at the open, and was also able to regain its 50-day average (1678) during morning trade.

All ten sectors trade in positive territory with financials (+2.5%) in the lead. The sector sports a solid gain after finishing yesterday's session ahead of the benchmark index. JPMorgan Chase (JPM 52.17, +1.42) and Wells Fargo (WFC 41.15, +0.79) hold respective gains of 2.8% and 2.0% with their quarterly reports scheduled to be released ahead of tomorrow's opening bell.

Outside of financials, most other cyclical sectors trade well-ahead of the broader market while energy (+0.9%) and technology (+1.4%) lag.

Even though the tech sector underperforms, the Nasdaq trades ahead of the Dow and the S&P as biotech companies register solid gains. The iShares Nasdaq Biotechnology ETF (IBB 201.10, +6.60) is higher by 3.4% and its relative strength has also boosted the health care space (+1.8%), which is the leading countercyclical sector.

Treasuries sold off ahead of the session, and have held inside tight ranges since. The benchmark 10-yr yield is higher by five basis points at 2.71%.

In today's economic data, weekly initial claims increased to 374,000 from 308,000 with much of the increase being attributed to California paring down their sizable backlogs in applications after computer glitches in September impeded the normal processing of initial claims. That resulted in a temporary drop in initial claims. Those claims were finally filed properly this week, which resulted in a large upward spike in claims.DJ30 +238.61 NASDAQ +74.16 SP500 +28.13 NASDAQ Adv/Vol/Dec 2166/1.01 bln/349 NYSE Adv/Vol/Dec 2579/322.6 mln/376

12:30 pm : Recent action saw the S&P 500 continue trading at its best level of the day. The financial sector (+2.4%) remains in the lead, and the continued broad-based strength has helped industrials (+2.2%) and discretionary shares (+2.0%) extend their gains past the 2.0% mark.

Most discretionary components trade higher across the board, but Ruby Tuesday (RT 6.22, -1.33) has tumbled 17.6% after missing on earnings and revenue. Early results from restaurant operators have not been very encouraging with Yum! Brands (YUM 65.90, -0.58) plunging 6.8% after reporting an earnings miss yesterday.DJ30 +234.67 NASDAQ +72.70 SP500 +27.82 NASDAQ Adv/Vol/Dec 2137/925.2 mln/363 NYSE Adv/Vol/Dec 2580/298.4 mln/372

12:00 pm : Equity indices have climbed to fresh highs despite the apparent disconnect in Washington. To recap, equities registered sharp opening gains with much of the strength being attributed to the softening stance of House Republicans who said they would be open to a six-week debt limit increase that would allow more time to negotiate a broader package. However, the White House is on record as saying a short-term increase that doesn't reopen the government will not be considered. This view is expected to be reiterated by President Obama when he makes a statement at 14:00 ET.

Even though little actual progress has been made, the markets have viewed the developments of the past 24 hours as a sign lawmakers may be getting a bit closer to reaching an agreement.DJ30 +230.46 NASDAQ +70.84 SP500 +27.85 NASDAQ Adv/Vol/Dec 2127/833.8 mln/364 NYSE Adv/Vol/Dec 2583/274.2 mln/351

11:30 am : The key indices have slipped from their highs amid reports the White House is not willing to discuss any short-term debt limit solutions until the government is reopened. This position conflicts with the plan proposed by House Republicans that calls for a short-term debt-limit increase while keeping the government closed until a final budget deal is reached.

Although stocks took a step back from their best levels of the day, they continue to hold the bulk of the advance. Financials (+2.0%) remain in the lead while six other sectors trade with gains of at least 1.0%.DJ30 +191.12 NASDAQ +58.18 SP500 +22.79 NASDAQ Adv/Vol/Dec 2086/728.7 mln/382 NYSE Adv/Vol/Dec 2523/242.8 mln/394

11:00 am : The major averages have continued their advance, and the S&P 500 now trades with a gain of 1.4% after regaining its 50-day moving average (1678). Earlier today, the benchmark index tagged another key technical level when it climbed above its 100-day moving average (1662), which acted as resistance during yesterday's session.

With regard to individual sectors, financials (+2.2%) remain in the lead as JPMorgan Chase (JPM 51.84, +1.09) and Wells Fargo (WFC 40.92, +0.56) trade with respective gains of 2.1% and 1.4% ahead of reporting their quarterly results prior to tomorrow's opening bell.

Also of note, Treasuries remain on their lows with the benchmark 10-yr yield up five basis points at 2.72%.DJ30 +199.31 NASDAQ +59.32 SP500 +23.41 NASDAQ Adv/Vol/Dec 2103/598.2 mln/333 NYSE Adv/Vol/Dec 2511/203.2 mln/375

10:30 am : Commodities are mixed this morning with gold lower, copper flat, silver higher, nat gas and crude oil higher. Meanwhile, the dollar index is trading higher, which typically weighs on the commodity space.

Crude oil sold off this morning, falling as low as $101.16/oz. Crude moved back above $102/barrel minutes ago and is now trading +0.4% higher at $102.01/barrel.

Natural gas futures have climbed higher today and just extended gains, hitting a new session high following EIA weekly inventory data. Nov nat gas is now +1.5% at $3.74/MMBtu.

Precious metals are mixed this morning. Dec gold is currently -0.5% at $1300.90/oz, while Dec silver is +0.3% at $21.95/oz.DJ30 +186.30 NASDAQ +58.61 SP500 +22.26 NASDAQ Adv/Vol/Dec 2064/467.8 mln/347 NYSE Adv/Vol/Dec 2485/162 mln/363

10:00 am : Equity indices continue to hover near their highs as cyclical sectors remain in the lead. Consumer discretionary (+1.7%), financials (+1.8%), and industrials (+1.6%) have built on their early gains while remaining growth-sensitive sectors also trade with solid gains.

Elsewhere, Treasuries hover near their lows with the benchmark 10-yr yield up five basis points at 2.71%.

Also of note, the CBOE Volatility Index (VIX 17.09, -2.51) is down nearly 13.0% as participants react to the increased likelihood of a short-term debt ceiling extension.DJ30 +177.92 NASDAQ +59.31 SP500 +21.60 NASDAQ Adv/Vol/Dec 2056/301.1 mln/285 NYSE Adv/Vol/Dec 2497/114.7 mln/290

09:45 am : The major averages began the session with solid gains across the board. The S&P 500 trades higher by 1.3% while the Nasdaq outperforms with an advance of 1.6%.

All ten sectors began the session in positive territory with seven groups sporting gains in excess of 1.0%. Similar to yesterday, the financial sector (+1.6%) is the early leader with other cyclical sectors following not far behind. Meanwhile, countercyclical sectors trade in mixed fashion with consumer staples (+1.2%), telecom services (+0.3%), and utilities (+0.4%) lagging while health care (+1.5%) outperforms.

With regards to the situation in Washington, the latest indications suggest House Republicans remain undecided on their debt-limit strategy, but the six-week increase remains on the table.DJ30 +169.25 NASDAQ +55.97 SP500 +20.60 NASDAQ Adv/Vol/Dec 2030/192.2 mln/251 NYSE Adv/Vol/Dec 2474/77.4 mln/284

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +16.90. Nasdaq futures vs fair value: +33.50. With the S&P 500 futures trading higher by 1.1%, the major averages are poised to register solid gains at the start of today's session. The pre-market strength comes after yesterday's meeting between Democrats and Republicans was followed by reports indicating both sides are be open to a short-term debt limit increase. This increase would give the two sides a bit more time to discuss broader spending reform.

In today's economic data, weekly initial claims increased to 374,000 from 308,000 with much of the increase being attributed to California paring down their sizable backlogs in applications after computer glitches in September impeded the normal processing of initial claims. That resulted in a temporary drop in initial claims. Those claims were finally filed properly this week, which resulted in a large upward spike in claims.

Treasuries hover near their lows after selling off throughout the morning. The benchmark 10-yr yield is higher by four basis points at 2.71%.

08:55 am : S&P futures vs fair value: +13.70. Nasdaq futures vs fair value: +27.20. The S&P 500 futures trade higher by 0.9% amid indications the House of Representatives could pass a short-term debt limit increase.

Markets across Asia ended mixed as Japan's Nikkei (+1.1%) led and China's Shanghai Composite (-0.9%) lagged. The Nikkei outperformed as the yen weakened and both core machinery orders (5.4% month-over-month actual versus 2.9% expected) and Tertiary Industry Activity (0.7% month-over-month actual versus 0.5% expected) topped estimates. Meanwhile, sellers were in control in China as the Shanghai Composite slid on relatively light volume. The losses came despite reassurances from Chinese Premier Li Keqiang that GDP will stay above its 7.5% target for the first three quarters of the year. Data was mixed out of Australia as employment change missed (9.1K actual versus 15.2K expected) as the unemployment rate ticked down to 5.6% from 5.8% (5.8% expected).

In Japan, the Nikkei closed higher by 1.1%, posting a third straight day of gains. Exporters were strong as Mazda Motor and Nissan Motor added 2.4% and 2.6%, respectively.
Hong Kong's Hang Seng shed 0.4%, erasing a good portion of its early losses. Retailers were under pressure on reports sales during the Golden Week holiday were disappointing. Cosmetics maker Sa Sa tumbled 5.9%.
In China, the Shanghai Composite fell 0.9% as trade closed on the 200-day moving average. Brokerage stocks were weak with Citic Securities and China Merchants Securities shedding 3.8% and 3.3%, respectively.

Major European indices hover near their best levels of the session with peripheral markets in the lead as Italy's MIB and Spain's IBEX hold gains close to 1.7% apiece. Economic data was limited as French industrial production ticked up 0.2% month-over-month (0.5% expected, -0.6% previous) and Italy's industrial production slipped 0.3% month-over-month (0.7% consensus, -1.0% prior). Meanwhile, the year-over-year reading fell 4.6% (-4.3% expected, -4.2% last).

In Great Britain, the FTSE trades higher by 0.8% with consumer names pacing the gains. GKN, Persimmon, and Whitbread are all up between 3.5% and 6.5%. Electricity supplier National Grid is the weakest performer, down 1.0%.
Germany's DAX holds a gain of 1.3% as financials lead with Commerzbank and Deutsche Bank up 5.8% and 1.9%, respectively. Exporters are also among the leaders as BMW and Volkswagen trade with gains close to 1.5% apiece.
France's CAC is higher by 1.5% with 38 of 40 components trading higher. Renault leads with a gain of 5.1% while Veolia Environnement lags with a loss of 0.4%.
Markets in Italy and Spain outperform with banks providing leadership. Italian Banco Popolare and Spain's CaixaBank trade with respective gains of 4.3% and 3.6%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +12.30. Nasdaq futures vs fair value: +24.20. The S&P 500 futures trade higher by 0.8%.

The latest weekly initial jobless claims count totaled 374,000, which was higher than the 318,000 that had been expected by the Briefing.com consensus. Today's tally was above the prior week count of 308,000. As for continuing claims, they fell to 2.905 million from 2.921 million.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +25.70. U.S. equity futures trade sharply higher with the S&P 500 futures up 0.9%. The notable premarket strength comes after House Republicans floated the idea of a short-term debt ceiling increase in exchange for a promise to work on broader spending reform. Early indications suggest Democrats have shown willingness to discuss the proposal. With equity futures on pre-market highs, Treasuries are on their lows with the benchmark 10-yr yield up four basis points at 2.70%.

Looking at overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.4%, China's Shanghai Composite -0.9%, and Japan's Nikkei +1.1% as USDJPY climbed above 97.70.
In regional economic data:
Australia's employment increased 9,100 (15,000 expected, -10,200 prior) as the unemployment rate dropped to 5.6% from 5.8% (5.8% forecast). Separately, MI Inflation Expectations came in at 2.0% (1.5% prior).
Japan's core machinery orders rose 5.4% (2.0% expected, 0.0% prior) and the tertiary industry activity index increased 0.7% (0.5% forecast, -0.4% previous). Separately, the foreign bonds buying report indicated net sales in the amount of JPY2.23 trillion (JPY672.20 billion) while bank lending increased 2.0% (2.0% prior). Also of note, household confidence improved to 45.4 from 43.0 (43.8 expected).
The Bank of Korea held its key interest rate steady at 2.50%, as expected.
Looking at news:
In Japan, the machine orders report reached a three-month high, which caused the government to raise its assessment of the industrial sector.

Major European indices hover near their best levels of the session. Great Britain's FTSE +1.0%, Germany's DAX +1.3%, and France's CAC +1.5%. Elsewhere, Italy's MIB +1.8% and Spain's IBEX +1.7%.
Economic data was limited:
French industrial production ticked up 0.2% month-over-month (0.5% expected, -0.6% previous).
Italy's industrial production slipped 0.3% month-over-month (0.7% consensus, -1.0% prior) while the year-over-year reading fell 4.6% (-4.3% expected, -4.2% last).
In news:
Regional markets sport solid gains, feeding on indications of progress in the Capitol Hill budget deadlock. Markets in Italy and Spain are in the lead with bank shares pacing the advance.

In U.S. corporate news:

Citrix Systems (CTXS 57.15, -9.51) is -14.3% after issuing third-quarter guidance below analyst expectations.
Hewlett-Packard (HPQ 22.92, +0.32) is +1.4% after Mizuho upgraded the stock to 'Neutral' from 'Underperform' with a $22 price target.
Ruby Tuesday (RT 6.30, -1.25) is -16.6% after missing on earnings and revenue.

Weekly initial claims will be reported at 8:30 ET.

07:33 am : [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +28.00.

07:33 am : Nikkei...14194.71...+156.90...+1.10%. Hang Seng...22951.30...-82.70...-0.40%.

07:33 am : FTSE...6406.22...+68.30...+1.10%. DAX...8631.68...+115.00...+1.40%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
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