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 Post subject: October 11th Friday Trade Results - No Trades
PostPosted: Fri Oct 11, 2013 11:12 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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Quote:
No trades today because I needed a rest and relaxation day. In fact, I'm going to make an effort to have 2 - 3 (no trade days) for resting and relaxation.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 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=1624

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.

No More Debt Drama? Stocks Keep Rallying

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

NEW YORK (CNNMoney)
After one of the biggest rallies of the year, stocks moved higher again Friday as investors wait for further progress in Washington on resolving the debt ceiling standoff.

The Dow Jones industrial average climbed more than 100 points, or 0.7%. The S&P 500 rose 0.6% to close above 1,700 for the first time since September 23. The Nasdaq was up 0.8%.

The gains came a day after a surge of optimism that sent the Dow up more than 320 points, its biggest point jump since December 2011. The S&P 500 and Nasdaq delivered their second best advances of the year.

Thanks to the big rally, the Dow and S&P 500 ended the week higher for the first time in three weeks. The Dow gained more than 1% for the week, while the S&P 500 gained 0.8%. Both indexes are now above the level they were at before the shutdown began at the start of the month.

The Nasdaq ended the week with a slight decline, its first down week since August. Some of the best-performing tech stocks of the year, such as Netflix (NFLX) and Facebook (FB, Fortune 500), fell sharply this week.

Progress, but no deal: Following some progress on Thursday, House Republicans met again with President Obama Friday and offered a plan that would temporarily increase the debt ceiling without reopening the government right away. A deal has yet to be made, but the ongoing talks are seen as a sign of significant progress following weeks of gridlock.

"While a short-term extension would not eliminate uncertainty ... it would reinforce our conviction that most members of Congress are not irresponsible enough to actually follow through on threats to not raise the debt ceiling limit," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics, in a note to clients.

JPMorgan Chase reports first loss under Dimon: In addition to the debt ceiling talks, the first of the big banks started reporting quarterly results.

JPMorgan Chase (JPM, Fortune 500) posted a quarterly loss due to costs of legal actions from the government. It was the company's first since Jamie Dimon took over as CEO in 2004.

Dimon called the bank's legal tab "painful" and warned that litigation costs could continue to be a drag on earnings for several quarters. The bank noted that it is holding $23 billion in reserves for potential litigation expenses.

"I am not paying my taxes until $JPM pays their $23 billion in fines," quipped howardlindzon on StockTwits.

But another user hopes JPMorgan Chase can go back to making profits soon.

"$JPM Obama leave Jamie alone so we can make some $$$$$$$$$$," said justagal.

The bank still managed to top forecasts, excluding charges. The stock ended flat.

Wells Fargo (WFC, Fortune 500) reported significant increases in quarterly sales and profit, compared to a year ago. However, shares of the bank fell amid signs that its mortgage business weakened during the quarter.

"$WFC AND $JPM both show mortgage market has frozen as the rates rise," said StockTwits user JJSinghSTARR.

Related: Sharp drop in consumer confidence

Consumer confidence waning : The University of Michigan and Thomson Reuters' gauge of consumer sentiment fell in October to the lowest level since January, according to a preliminary reading.

Separately, a recent Gallup poll showed that consumer confidence registered its sharpest one-week drop since the period immediately following the collapse of Lehman Brothers, with people worried about how the fracas in Washington could hit their wallets.

Britain's postal service surges in London IPO: European markets were mostly higher in afternoon trading led by London's FTSE 100, with a gain of 0.9%. The star performer on the London Stock Exchange was Royal Mail, the British mail service that soared nearly 40% in its stock market debut.

Asian markets closed with big gains. Japan's Nikkei surged 1.5% and the Shanghai Composite index shot up 1.7%.

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4:15 pm : The S&P 500 added 0.6% to extend its weekly gain to 0.8%. The Nasdaq outperformed with an advance of 0.8%, but finished the week with a loss of 0.4%.

Stocks climbed amid morning reports indicating a new proposal has been put forth by Republicans that would end the government shutdown and avoid a Treasury default. However, the subsequent White House meeting failed to produce a concrete agreement and Senator Orrin Hatch, who took part in the meeting, said the president expressed some concern over the duration of the proposed debt limit extension. Senator Hatch also said President Obama articulated the need for new revenues to be part of a long-term deficit reduction. In the end, the two sides did not appear to be much closer to an agreement as the shutdown is set to enter its third week.

Even though a solution to the deadlock has yet to be found, equities cheered the mere presence of some form of discussion. All ten sectors registered gains with energy (+1.0%) ending in the lead. The sector posted a solid gain even as crude oil fell 1.0% to $101.92 per barrel.

Meanwhile, the other commodity-related sector-materials--underperformed as miners weighed. The Market Vectors Gold Miners ETF (GDX 23.05, -0.50) fell 2.1% while gold futures tumbled 2.1% to $1269.80 per troy ounce. Most of the decline in gold took place about an hour before the opening bell with the yellow metal falling more than $20 in under two minutes.

Elsewhere among cyclical sectors, discretionary shares (+0.8%) finished ahead of the broader market with homebuilders contributing to the strength. The iShares Dow Jones US Home Construction ETF (ITB 21.91, +0.37) advanced 1.7% as all major builders rallied.

Also of note, the financial sector (+0.6%) ended in-line with the S&P after JPMorgan Chase (JPM 52.51, -0.01) and Wells Fargo (WFC 41.43, -0.01) reported their quarterly results. JPMorgan Chase beat on earnings and revenue while Wells Fargo reported a bottom-line beat on below-consensus revenue.

Treasuries ended unchanged with the benchmark 10-yr yield at 2.69%.

Trading volume was on the light side as 634 million shares changed hands on the floor of the New York Stock Exchange.

Looking back at today's economic data, the University of Michigan Consumer Sentiment Index dropped to 75.2 in the preliminary October reading from 77.5 in September. The Briefing.com consensus expected the index to fall to 74.5.

The drop in the index was most likely due to negative feedback from the government shutdown and the debate over the debt ceiling. If the government reopens soon and the debt ceiling is not breached, consumer sentiment is likely return to its September levels by the end of the month.

There is no economic data scheduled to be reported on Monday.

Week in Review: Stocks Dance to Washington's Tune

On Monday, the S&P 500 fell 0.9% as the equity market began the week on a shaky note and the same thing could have been said for politics in Washington. The two were inextricably linked as stock market participants were put off by some revelations from House Speaker Boehner over the weekend that made it sound as if partisan positions are hardening and not easing the closer we get to the October 17 debt limit deadline. In particular, Mr. Boehner told ABC's George Stephanopolous that: (1) the House does not have the votes to pass a clean continuing resolution; (2) the votes are not in the House to pass a clean debt limit increase; (3) and the US is on a path to default because President Obama won't negotiate over the debt ceiling. Mr. Boehner's viewpoints were decried by his opponents as reckless rhetoric, but the bottom-line for the market, however, was that nothing has been done yet with respect to the budget and debt ceiling. That understanding in turn left many participants sticking to the sidelines on concern that a deal may wait until the last minute.

Tuesday's session saw the S&P 500 continue its slide with a 1.2% retreat. Once again, the budget/debt ceiling impasse in Washington was largely to blame. The Nasdaq Composite was the biggest loser of the day, slumping 2.0% on the back of pronounced weakness in many of the market's favorite momentum stocks. The cracks in leading names like LinkedIn (LNKD 226.62, -0.93), Priceline.com (PCLN 1010.63, -2.56), Tesla (TSLA 178.70, +5.77) and Facebook (FB 49.11, +0.06) provided an added cue for buyers to stick mostly to the sidelines.

The S&P 500 added 0.1% on Wednesday, but was unable to regain its 100-day moving average (1662) 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 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 73.46, +0.02), IBM (IBM 186.16, +1.39), and Goldman Sachs (GS 160.00, +1.99).

On Thursday, the S&P 500 jumped 2.2%, turning its October loss into a gain of 0.7%. 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 risk assets after House Republicans proposed extending the debt limit by six weeks in order to allow for a broader discussion on spending. However, the Republican plan did not call for ending the partial government shutdown, which was met with an initial pushback from the White House. The S&P 500 settled on its high and managed to regain both its 50- and 100-day moving averages even as the day ended without a clear response to the Republican proposal from the White House.DJ30 +111.04 NASDAQ +31.13 SP500 +10.64 NASDAQ Adv/Vol/Dec 1872/1.69 bln/666 NYSE Adv/Vol/Dec 2241/634.9 mln/775

3:30 pm :

Precious metals sold off sharply in early morning pit trade, with Dec gold falling by over $25 to a session low of $1259.60 per ounce and Dec silver plunging to a session low of $20.95 per ounce. The drop caused the CME Group to halt trading in the December gold futures contract for about 10 seconds
Gold traded as high as $1289.30 per ounce before the move and settled the session with a 2.2% loss at $1268.40 per ounce, bringing losses for the week to 3.2%
Silver spent the remainder of the session trading near the $21.20 per ounce level and eventually settled 2.9% lower at $21.25 per ounce, booking a 2.3% loss for the week
Nov crude oil also spent all of today's floor trade in negative territory, with some of the weakness coming on the sell-off in precious metals. The energy component brushed a session low of $100.60 per barrel at pit trade open but managed to inch slightly higher as the session progressed. It settled with a 1.0% loss at $101.94 per barrel, or 1.8% lower than last Friday's closing price
Nov natural gas, on the other hand, chopped around in positive territory within a five cent range between $3.74 and $3.79 per MMBtu. It eventually settled 1.3% higher at $3.77 per MMBtu, booking a solid 7.4% gain for the week

DJ30 +91.35 NASDAQ +28.55 SP500 +8.96 NASDAQ Adv/Vol/Dec 1799/1416.2 mln/730 NYSE Adv/Vol/Dec 2127/416 mln/838

3:05 pm : The S&P 500 trades higher by 0.5% as the last session of the week enters its final hour. There hasn't been much change in sector leadership as energy (+0.9%) and discretionary (+0.7%) shares continue to lead while the four countercyclical sectors-consumer staples, health care, telecom services, and utilities-trail behind the broader market.

For the past two weeks, investors have kept one eye on the developments in Washington where lawmakers are struggling to reach a compromise over the appropriate way to deal with the debt ceiling. Not much has changed since October 1 as both sides appear at odds over several portions of the plan proposed by House Republicans.

Despite the continued uncertainty, the S&P 500 is higher by 0.6% this week, and up 1.1% so far in October.DJ30 +80.12 NASDAQ +25.90 SP500 +7.73 NASDAQ Adv/Vol/Dec 1817/1.29 bln/705 NYSE Adv/Vol/Dec 2104/384.4 mln/866

2:30 pm : Not much has changed since our last update as equity indices trade near their highs. With little concrete progress being made in the debt ceiling debate, today's trading volume has been on the light side as some participants choose to stick to the sidelines ahead of the weekend.

With 90 minutes left in the session, only 351 million shares have changed hands on the floor of the New York Stock Exchange. Given the current tally, today's final volume is likely to be below the 200-day moving average of 722 million.

Market breadth continues to reflect a decidedly bullish bias as advancing issues on the NYSE outpace decliners by a 2.5:1 ratio.DJ30 +95.38 NASDAQ +29.47 SP500 +9.30 NASDAQ Adv/Vol/Dec 1835/1.18 bln/681 NYSE Adv/Vol/Dec 2118/350.6 mln/840

2:00 pm : The key indices continue to trade near their highs with the S&P 500 up 0.5%. Since our last update, President Obama has concluded his meeting with Senate Republicans, but no deal has been reached as of yet. Following the meeting, Senator Orrin Hatch said the president expressed some concern over the duration of the debt limit extension proposed by House Republicans. In addition, Senator Hatch said President Obama articulated the need for new revenues to be part of long-term deficit reduction.

Despite the most recent proposal from the Republicans, it does not appear as though the two sides have made much progress in the debate, which is likely to continue through the weekend.DJ30 +95.95 NASDAQ +28.23 SP500 +8.80 NASDAQ Adv/Vol/Dec 1827/1.09 bln/668 NYSE Adv/Vol/Dec 2092/324.4 mln/858

1:35 pm : The major averages remain near their best levels of the session with the Russell 2000 (+1.1%) in the lead. Meanwhile, the Dow Jones Industrial Average, Nasdaq, and S&P 500 trade with respective gains of 0.6%, 0.7%, and 0.5%.

Earlier this week, equities appeared to be headed for significant losses, but yesterday's sharp rally erased a good portion of the decline with additional gains coming today. Including today's advance, the S&P 500 is higher by 0.6% this week while the Nasdaq underperforms with a week-to-date loss of 0.5%.DJ30 +91.26 NASDAQ +27.67 SP500 +8.42 NASDAQ Adv/Vol/Dec 1808/1.01 bln/685 NYSE Adv/Vol/Dec 2089/303.4 mln/838

1:00 pm : At midday, the S&P 500 trades higher by 0.6%.

The major averages spent the first two hours of the session near their respective flat lines until reports of a new offer being put forward by Republicans sent the indices to fresh highs. Specifically, the Associated Press reported that House GOP leaders have presented a plan aimed at ending the government shutdown and avoiding a Treasury default. While markets were quick to cheer the proposal, the White House has yet to issue a response.

All ten sectors trade with midday gains, but countercyclical groups have been a bit deliberate in their advance. Consumer staples, health care, telecom services, and utilities trail behind the broader market, sporting gains limited to 0.4%.

With regard to outperformers, the energy sector (+1.1%) has led from the start even though crude oil has spent the entire session in the red. The energy component trades lower by 1.4% at $101.55 per barrel.

Meanwhile, the other commodity-linked sector, materials, lags with a gain of 0.4%. Miners trade notably lower with the Market Vectors Gold Miners ETF (GDX 23.13, -0.43) down 1.8%. On a related note, gold futures trade lower by 2.0% at $1270.30 per troy ounce after dropping more than $20 in about a minute earlier this morning.

Also of note, the financial sector (+0.6%) underperformed in early going, but now trades in-line with the broader market. Wells Fargo (WFC 41.40, -0.04) is little changed after reporting a bottom-line beat on below-consensus revenue while, JPMorgan Chase (JPM 52.94, +0.41) sports a gain of 0.8% following its earnings and revenue beat.

Looking back at today's economic data, the University of Michigan Consumer Sentiment Index dropped to 75.2 in the preliminary October reading from 77.5 in September. The Briefing.com consensus expected the index to fall to 74.5.

The drop in the index was most likely due to negative feedback from the government shutdown and the debate over the debt ceiling. If the government reopens soon and the debt ceiling is not breached, consumer sentiment is likely return to its September levels by the end of the month.DJ30 +97.07 NASDAQ +30.33 SP500 +9.96 NASDAQ Adv/Vol/Dec 1817/911.8 mln/666 NYSE Adv/Vol/Dec 2118/276.2 mln/806

12:30 pm : The major averages have continued their rally in reaction to reports that House Republicans have presented a plan to end the shutdown and prevent a Treasury default. All ten sectors now trade in positive territory with energy (+1.1%) maintaining its lead.

Outside of the energy space, the remaining five cyclical sectors trade in mixed fashion with respect to the S&P. Similar to energy, technology (+0.7%) and discretionary (+0.7%) sectors outperform while materials (+0.4%) lag. Financials displayed early weakness, but the sector now trades essentially in-line with the broader market, right alongside industrials.

Treasuries have continued their retreat that started when the initial report of the new Republican proposal crossed the wires. The 10-yr yield is off one basis point at 2.67%.DJ30 +83.23 NASDAQ +25.64 SP500 +8.84 NASDAQ Adv/Vol/Dec 1733/832.3 mln/733 NYSE Adv/Vol/Dec 2058/257.4 mln/857

12:00 pm : The key indices hover near their best levels of the session after perking up in reaction to reports that House Republicans have offered a package that would extend the debt ceiling in exchange for spending reform. Although the markets were quick to cheer the proposal, the White House has yet to offer a response.

Treasuries have slipped from their highs, but they continue to hold modest gains. The benchmark 10-yr note trades higher by five ticks with its yield down two basis points at 2.66%.DJ30 +74.98 NASDAQ +22.26 SP500 +7.26 NASDAQ Adv/Vol/Dec 1611/717.9 mln/805 NYSE Adv/Vol/Dec 1935/226.1 mln/964

11:35 am : The major averages continue to trade in the vicinity of their flat lines as the relatively quiet session continues. After yesterday's White House meeting failed to yield tangible results, there hasn't been much additional movement today until a recent headline from the Associated Press indicated House Republicans have offered a debt limit hike and an end to the shutdown in a package that includes spending cuts.

The energy sector (+0.7%) continues to outperform the remaining nine groups and the discretionary space (+0.3%) has also displayed some recent strength. Homebuilders trade higher across the board with the iShares Dow Jones US Home Construction ETF (ITB 21.75, +0.21) trading higher by 1.0%.DJ30 +39.59 NASDAQ +8.90 SP500 +3.11 NASDAQ Adv/Vol/Dec 1365/630.5 mln/1023 NYSE Adv/Vol/Dec 1706/200.9 mln/1162

10:55 am : The S&P 500 trades lower by 0.1% while the Dow and Nasdaq sport gains of less than 0.1% as the major averages have yet to distance themselves from their respective flat lines.

With regard to individual sectors, six of ten groups trade in the green with energy (+0.3%) and utilities (+0.2%) in the lead. Interestingly, the energy sector outperforms even as crude oil trades lower by 1.2% at $101.83 per barrel.

On the downside, the financial sector (-0.3%) continues to trail behind the remaining groups. JPMorgan Chase (JPM 52.43, -0.09) now trades in the red, down 0.2%, after registering an early gain in reaction to its better-than-expected earnings.DJ30 +10.92 NASDAQ +2.82 SP500 -0.86 NASDAQ Adv/Vol/Dec 1560/498.7 mln/1088 NYSE Adv/Vol/Dec 1575/164.1 mln/1253

10:35 am : Commodities are certainly volatile this morning.

Gold and silver tanked earlier this morning, with gold dropping $25/oz to just below $1260/oz. Silver dropped below $21/oz. In current trade, both gold and silver remain lower. Silver has erased some of its losses, but gold is sitting just above its LoD.

Dec gold is now -2.4% at $1265.30/oz and Dec silver is -3.2% at $21.20/oz.

Crude oil sold off overnight/this morning and fell below $101/barrel. Crude is now rallying a little higher and moved back near $102/barrel. Dec crude oil is now -1.2% at $101.81/barrel. Natural gas futures are up again. The Nov contract is now +1.6% at $3.78/MMBtu.DJ30 +25.50 NASDAQ +7.84 SP500 +1.57 NASDAQ Adv/Vol/Dec 1257/397.4 mln/1062 NYSE Adv/Vol/Dec 1567/138 mln/1215

10:00 am : Equity indices hover just above their flat lines with the Dow (+0.2%) leading the way. Seven of ten sectors now trade in positive territory while financials (-0.2%) continue to lag.

Just released, the preliminary University of Michigan Consumer Sentiment report for October decreased to 72.5 from the September reading of 77.5. The Briefing.com consensus expected the reading to fall to 74.5.DJ30 +36.61 NASDAQ +5.95 SP500 +2.27 NASDAQ Adv/Vol/Dec 1114/208.1 mln/1127 NYSE Adv/Vol/Dec 1387/88.1 mln/1325

09:50 am : The major averages began the session in the red with the Russell 2000 (-0.2%) leading to the downside. Individual sectors trade in mixed fashion, but in general, their gains/losses have been limited to no more than 0.2% in either direction.

The financial sector (-0.1%) is an early laggard after finishing yesterday's session well ahead of the remaining sectors. Wells Fargo (WFC 40.90, -0.54) is a notable sector laggard, trading lower by 1.3% after reporting a bottom-line beat on below-consensus revenue. Meanwhile, JPMorgan Chase (JPM 53.30, +0.78) sports a gain of 1.6% following its earnings and revenue beat.

Treasuries sit on their highs with the 10-yr yield down three basis points at 2.65%.

The preliminary October Michigan Consumer Sentiment Survey will be released at 9:55 ET.DJ30 +10.24 NASDAQ -1.23 SP500 -0.26 NASDAQ Adv/Vol/Dec 988/151.1 mln/1212 NYSE Adv/Vol/Dec 1247/71.2 mln/1422

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -7.30. The S&P 500 futures trade three points below fair value, suggesting a modestly lower start to today's session. Similar to yesterday, participants will be on a lookout for news from Washington throughout the session after yesterday's White House meeting between the two sides did not yield any conclusive results.

In corporate news of note, JPMorgan Chase (JPM 53.29, +0.77) sports a pre-market gain of 1.4% after reporting an earnings beat on above-consensus revenue. Also of note, the bank said it expects to reduce the number of its employees and contractors by 11,000. Elsewhere, Wells Fargo (WFC 40.82, -0.62) is lower by 1.5% after beating on earnings on below-consensus revenue.

Treasuries hold modest gains with the benchmark 10-yr yield down almost three basis points at 2.66%.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -6.50. The S&P 500 futures trade lower by 0.1%.

It was a sea of green across Asia as all of the major bourses ended in the green, buoyed by yesterday's surge on Wall Street. China's Shanghai Composite (+1.7%) was the leader after PBOC Governor Zhou Xiaochuan reiterated recent comment from Premier Li Kiqiang that growth in the Middle Kingdom would remain above 7.5%. Data and news out of the region was rather quiet, causing most of the indices to trade in tight intraday ranges.

Japan's Nikkei gained 1.5% as shares rallied for a fourth day. Exporters continued to see strength as Nikon Corp. posted an in-line advance of 1.5%.
In Hong Kong, the Hang Seng finished higher by 1.2% as trade rallied to its best close in a week. Life insurers outperformed after a China Securities Journal report indicated Beijing was planning to raise investment caps on real estate projects China Life Insurance and PICC Group both added more than 1%.
China's Shanghai Composite settled higher by 1.7% as shares posted their biggest gain in a month. Solid auto sales for the month of September provided a boost for SAIC and Chongqing Changan Automobile, which saw gains of 3.9% and 10.0%, respectively.

Major European indices trade mostly higher but markets in Italy (-0.1%) and Spain (-0.3%) lag after Mario Monti threatened to withdraw his party from the Italian coalition government should Prime Minister Enrico Letta fail to implement structural reforms. Economic data was limited as Germany's CPI was unchanged month-over-month (0.0% expected, 0.0% prior) while the year-over-year reading climbed 1.4% (1.4% forecast, 1.4% last). Separately, WPI rose 0.7% month-over-month (-0.1% expected, -0.6% previous). Great Britain's CB Leading Index rose 1.2% month-over-month (0.7% last). Elsewhere, French current account deficit narrowed to EUR3.10 billion from EUR3.30 billion. Also of note, Spain's CPI slipped 0.2% month-over-month (-0.2% forecast, 0.3% prior) while the year-over-year reading ticked up 0.3% (0.3% expected, 1.5% last).

In France, the CAC is little changed as financials trade in mixed fashion. Credit Agricole is higher by 0.1% and Societe Generale trades down 1.0%.
Germany's DAX trades higher by 0.2% with health care names in the lead. Fresenius SE and Merck are both up near 1.6%. Utilities lag with E.ON and RWE down 4.5% and 2.9%, respectively.
In Great Britain, the FTSE trades up 0.6% as bank shares provide leadership. Aberdeen Asset Management, Barclays, and Standard Life are all up between 1.7% and 2.9%.

08:26 am : [BRIEFING.COM] S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -10.30. The S&P 500 futures (-0.1%) have slipped from their pre-market highs, and they now trade near their morning lows. Once again, participants will be on a lookout for headlines from Washington after yesterday's White House meeting between President Obama and House Republicans did not yield any conclusive results. While initial headlines indicated the president rejected the GOP proposal to extend the debt ceiling by six weeks while keeping the government shut, comments from the Republican side suggested President Obama has yet to give a definitive answer.

Treasuries hold modest gains with the benchmark 10-yr yield down two basis points at 2.67%.

08:00 am : S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -7.00. U.S. equity futures hold modest gains with the S&P 500 futures up 0.1%, which leaves them about a point below fair value. Overnight, President Obama met with House Republicans to discuss their proposal of extending the debt limit by six weeks in order to allow time for broader discussion on spending reform. While initial reports indicated the president rejected the offer, comments from the Republican side suggest Mr. Obama did not accept or reject the proposal, but instead agreed to continue the conversation.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +1.2%, Japan's Nikkei +1.5%, and China's Shanghai Composite +1.7%.
In regional economic data:
Japan's CGPI ticked up 0.3% month-over-month (0.2% expected, 0.3% prior) while the year-over-year reading increased 2.3%, as expected (2.4% prior). Separately, M2 Money Stock expanded 3.8% year-over-year (3.7% forecast, 3.8% last).
New Zealand's FPI was unchanged month-over-month (-0.5% previous).
Looking at news:
Yi Gang of the People's Bank of China said the country's 2013 GDP growth will exceed the official target of 7.5%.

Major European indices trade mostly higher. France's CAC +0.1%, Germany's DAX +0.4%, and Great Britain's FTSE +0.8%. Elsewhere, Italy's MIB -0.1% and Spain's IBEX -0.2%.
Economic data was limited:
Germany's CPI was unchanged month-over-month (0.0% expected, 0.0% prior) while the year-over-year reading climbed 1.4% (1.4% forecast, 1.4% last). Separately, WPI rose 0.7% month-over-month (-0.1% expected, -0.6% previous).
Great Britain's CB Leading Index rose 1.2% month-over-month (0.7% last).
French current account deficit narrowed to EUR3.10 billion from EUR3.30 billion.
Spain's CPI slipped 0.2% month-over-month (-0.2% forecast, 0.3% prior) while the year-over-year reading ticked up 0.3% (0.3% expected, 1.5% last).
In news:
In Italy, Mario Monti threatened to withdraw his party from the coalition government should Prime Minister Enrico Letta fail to implement structural reforms.

In U.S. corporate news:

JPMorgan Chase (JPM 53.85, +1.33) is +2.5% after beating on earnings and revenue.
Micron (MU 17.90, -0.53) is -2.9% following its mixed report. The chipmaker beat on revenue, but its earnings may not be comparable to estimates. Following the report, Wells Fargo downgraded the stock to 'Underperform' from 'Market Perform.'
Safeway (SWY 34.39, +2.82) is +8.9% after reporting a revenue beat on below-consensus earnings. In addition, the company announced plans to exit the Chicago market.

The preliminary October Michigan Consumer Sentiment Survey will be released at 9:55 ET.

06:54 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -5.00.

06:54 am : Nikkei...14404.74...+210.00...+1.50%. Hang Seng...23218.32...+267.00...+1.20%.

06:54 am : FTSE...6478.10...+47.60...+0.70%. DAX...8714.01...+28.20...+0.30%.

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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