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 Post subject: October 14th Monday Trade Results - Profit $3625.00
PostPosted: Mon Oct 14, 2013 9:54 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)
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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 @ $3625.00 dollars or +72.50 points, Light Crude Oil CL ($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 @ $3625.00 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=1625

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.

Stocks Move Higher On New Debt Talk Hopes

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

NEW YORK (CNNMoney)
The weekend came and went and lawmakers still haven't resolved the debt issue or the federal government shutdown. Investors weren't too pleased at first, but there are growing hopes that some progress will soon be made.

Stocks fell Monday morning but turned higher by the afternoon following the news that President Obama and Vice President Joe Biden will meet with Congressional leaders Monday afternoon. The meeting was indefinitely postponed, but stocks held on to their gains amid signs that Senate leaders are inching closer to an agreement.

The Dow Jones industrial average, S&P 500, and Nasdaq rose between 0.4% and 0.6%.

The market enjoyed a big rally last week. The Dow gained 460 points over Wednesday, Thursday and Friday on expectations that a deal would be reached to temporarily raise the debt ceiling.

Stocks have fallen as a result of the shutdown and debt ceiling drama, but they are not down that much from record highs. However, investors could grow more rattled as the week wears on if a deal isn't struck by Thursday. That's when the Treasury Department has warned it may run out of money to pay all government bills.

"We believe this foolish game of chicken shows Washington lawmakers have a naïve sense of the economy and global markets," said Craig Johnson, technical market strategist at Piper Jaffray.

Johnson said ongoing "saber rattling in Washington" will likely increase market volatility this week. But he continues to believe that "neither party in Washington is foolish enough to let the U.S. default on its debt."

* Investors still gripped by fear

The U.S. bond market is closed Monday for Columbus Day. But the rest of the week could be bumpy.

Investors have recently bailed out of short-term Treasury bills, sending yields spiking. T-bills are typically used by managers of money market funds as a risk-free means of stashing cash for short periods of time.

* U.S. chastised over debt ceiling

What's moving: Shares of Netflix (NFLX) jumped following reports that it is in talks with Comcast (CMCSA, Fortune 500) and other cable providers to add its streaming video service as an app on set-top boxes.

StockTwits user JeffReevesIP pointed out that "rural U.S. growth has potential for $NFLX" through an alliance with a cable company.

* Video - Netflix on your cable box? It may happen

Expedia (EXPE) shares took a tumble after being downgraded to hold from buy by Deutsche Bank, but most StockTwits traders remained bullish.

"Buying $EXPE on the downgrade. Great earnings to follow," noted UBgrad.

Whirlpool (WHR, Fortune 500) shares also fell sharply. Analysts at Cleveland Research warned that the demand for appliances weakened last month, with shipments up between 5% and 7% in September, compared to 15% in August.

But some traders were skeptical.

"$WHR lol just spoke to another analyst who hears opposite of Cleveland research," said StockTwits user gemczar21. "So we shall see who's right."

Facebook (FB, Fortune 500) shares ended slightly higher. The company said it will buy Tel Aviv-based start-up Onavo, which focuses on mobile analytics. The details of the deal were not disclosed. The purchase also gives Facebook its first office in Israel.

While traders seemed to still like Facebook's stock, they noted that the pressure in the broader marker makes it difficult to trade.

"I like $FB LT but in this environment its hard to tell where this goes," said Sliver. "This week could be brutal for all stocks not just FB."

World markets: European markets closed mixed, reflecting anxiety about the possible fallout from the U.S. political stalemate on the world economy and markets.

Most Asian markets were closed Monday. But the Shanghai Composite index was open, and finished the trading day with a 0.4% gain.

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4:10 pm : Once again, equity indices posted modest gains even as the agreement to end the partial government shutdown and extend the debt ceiling remained elusive. The S&P 500 added 0.4%, extending its year-to-date gain to 19.9%.

Stocks slumped at the open after the weekend ended without any concrete progress in Washington. Despite the opening weakness, dip-buyers were quick to step in, drawing encouragement from late-morning reports indicating a bipartisan meeting was scheduled to take place at the White House at 15:00 ET.

The rebound continued into the afternoon with upbeat quotes from lawmakers providing additional support. On that note, Senate Majority Leader Harry Reid said he is 'very optimistic' that an agreement will be reached this week. Similar remarks were made by Minority Leader Mitch McConnell who said "I share Senator Reid's optimism."

A brief slip ensued during the final 90 minutes of the session when the White House meeting was postponed in order to allow more time for talks. Strikingly, the market did not appear too concerned with the cancellation as the major averages ended the session on their highs.

Eight of ten sectors posted gains while telecom services (-0.7%) and utilities (-0.6%) spent the day in negative territory.

On the upside, the technology sector (+0.5%) fueled much of the session-long rebound as top components rallied. Apple (AAPL 496.04, +3.23), Google (GOOG 876.11, +4.12), and Microsoft (MSFT 34.45, +0.32) settled with gains between 0.5% and 0.9%. Netflix (NFLX 324.36, +23.51) also displayed strength, surging 7.8% after reports indicated the company is exploring making its service available through cable set-top boxes. In addition, the company said it entered into a production deal with Sony (SNE 19.93, -0.03).

The outperformance of tech shares helped the Nasdaq end ahead of the broader market. The index also drew strength from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 202.30, +1.52) ended higher by 0.8% after weighing on the tech-heavy index in early going.

Elsewhere, the energy sector (+0.6%) displayed relative strength as crude oil added 0.2% to $102.22 per barrel. Meanwhile, other commodities also posted gains. Gold futures rose 0.3% to $1272.50 per troy ounce and copper futures climbed 0.9% to $3.30 per pound.

The Treasury market was closed for Columbus Day, and the holiday had a visible impact on trading volume as only 575 million shares changed hands on the floor of the New York Stock Exchange.

Tomorrow, the October Empire Manufacturing Survey will be released at 8:30 ET.DJ30 +64.15 NASDAQ +23.40 SP500 +6.95 NASDAQ Adv/Vol/Dec 1536/1.44 bln/948 NYSE Adv/Vol/Dec 1714/574.5 mln/1225

3:30 pm :

Nov crude oil erased earlier losses as it pushed into positive territory heading into afternoon pit trade. It touched a session high of 102.62 per barrel after trading as low as $101.06 per barrel in early morning floor action. The energy component eventually settled with a 0.4% gain at $102.39 per barrel
Nov natural gas brushed a session low of $3.76 per MMBtu after pulling back from its session high of $3.84 per MMBtu. However, it quickly recovered back into positive territory and settled at $3.82 per MMBtu, or 1.3% higher
Precious metals traded higher today as the dollar index chopped around in negative territory
Dec gold touched a session high of $1287.40 per ounce but pulled back slightly in afternoon pit action and settled at $1276.60 per ounce, booking a 0.6% gain
Dec silver trended lower after touching a session high of $21.67 per ounce in early morning pit trade. It settled with a 0.5% gain at $21.35 per ounce

DJ30 +55.06 NASDAQ +21.99 SP500 +6.04 NASDAQ Adv/Vol/Dec 1465/1209.8 mln/1023 NYSE Adv/Vol/Dec 1646/363 mln/1287

2:55 pm : The major averages slipped from their highs in reaction to reports indicating today's White House meeting between President Obama and bipartisan leaders has been postponed. The meeting was originally scheduled for 15:00 ET, but was put on hold during the past 30 minutes in order to allow more time for talks.

Even though equities rallied off their lows in anticipation of today's meeting, the recent cancellation only caused a minor slip as the S&P 500 trades less than three points below where it was when the news originally broke.

While the bond market is closed for Columbus Day, trading volume in equities has also been impacted by the holiday. With one hour remaining in the session, only 300 million shares have changed hands on the floor of the New York Stock Exchange.DJ30 +31.41 NASDAQ +15.03 SP500 +3.30 NASDAQ Adv/Vol/Dec 1368/1.07 bln/1114 NYSE Adv/Vol/Dec 1528/318.4 mln/1405

2:25 pm : Stocks climbed to fresh highs amid additional headlines from Washington where Senate Majority Leader Harry Reid said he is 'very optimistic' that an agreement will be reached this week. Similar remarks were made by Minority Leader Mitch McConnell who said "I share Senator Reid's optimism."

Although lawmakers from both sides may be making more headlines throughout the afternoon, nothing concrete is expected before the White House meeting scheduled for 15:00 ET.DJ30 +54.79 NASDAQ +19.25 SP500 +5.22 NASDAQ Adv/Vol/Dec 1452/976.8 mln/1011 NYSE Adv/Vol/Dec 1604/285.4 mln/1301

2:05 pm : The S&P 500 hovers just above its flat line after returning into positive territory an hour ago.

Even though participants have spent the past two weeks watching the developments in Washington, equities have held up well in the face of uncertainty. Including today's 0.1% gain, the S&P 500 trades with a month-to-date advance of 1.4%. This puts the benchmark index ahead of the remaining averages as the Dow, Nasdaq, and Russell 2000 hold October gains of 0.8%, 0.9%, and 1.2%, respectively.

Similarly, all ten sectors sport October advances with financials and consumer staples in the lead. The two groups are both up near 2.0% this month.DJ30 +24.50 NASDAQ +14.55 SP500 +2.67 NASDAQ Adv/Vol/Dec 1361/908.9 mln/1100 NYSE Adv/Vol/Dec 1447/261.2 mln/1457

1:30 pm : Recent action saw the Dow and S&P 500 join the tech-heavy Nasdaq in positive territory. Although the session began on a significantly lower note, the major averages have spent the entire day in a steady climb off their opening lows.

Only three defensive sectors (health care, telecom services, and utilities) continue to trade in negative territory while the remaining groups hold modest gains of no more than 0.4% apiece. The tech sector is the leading group with energy (+0.3%) also displaying relative strength as crude oil adds 0.2% to $102.24 per barrel.DJ30 +21.86 NASDAQ +10.56 SP500 +1.72 NASDAQ Adv/Vol/Dec 1313/831.3 mln/1129 NYSE Adv/Vol/Dec 1370/2.35 mln/1512

12:55 pm : At midday, the S&P 500 trades lower by 0.1%.

Stocks began the session sharply lower after the weekend failed to produce an agreement to extend the debt ceiling and reopen the government. Despite little progress being made in Washington, equities were able to rebound off their opening lows amid indications President Obama will host lawmakers from both sides of the aisle at the White House at 15:00 ET.

Equities have responded positively to the mere presence of a discussion even after White House officials said the president will reiterate that he has no plans to "pay a ransom for Congress reopening the government and raising the debt ceiling." Meanwhile, Senate Majority Leader Harry Reid said that a deal is "close."

The technology sector (+0.3%) has fueled the rebound off session lows, and its relative strength has contributed to the outperformance of the Nasdaq (+0.2%). Notably, shares of Netflix (NFLX 317.16, +16.31) sport a gain of 5.5% on reports the company is exploring making its service available through cable set-top boxes.

Although the Nasdaq has drawn strength from technology, the index is being kept from registering additional gains by the underperformance of biotech. The iShares Nasdaq Biotechnology ETF (IBB 199.89, -0.89) trades lower by 0.4%.

Even though stocks have erased most of their early losses, the CBOE Volatility Index (VIX 16.77, +1.05) trades higher by 6.7% after being up as much as 12.9% in the early going.DJ30 -12.85 NASDAQ +6.09 SP500 -1.48 NASDAQ Adv/Vol/Dec 1222/750.1 mln/1215 NYSE Adv/Vol/Dec 1195/210.1 mln/1681

12:30 pm : The S&P 500 has erased most of its opening loss as participants warm up to equities amid indications of another White House meeting scheduled for 15:00 ET today. Similar to the Friday rally, today's rebound off session lows has been predicated on hope that lawmakers will be able to find an 11th hour solution to the budget stalemate. However, today's meeting could bring more of the same with a White House official saying that President Obama will reiterate that he has no intention to "pay a ransom for Congress reopening the government and raising the debt ceiling."

Gold futures have retreated from their highs since news of today's afternoon meeting broke. The yellow metal trades higher by 0.9% at $1279.70 per troy ounce.DJ30 -29.93 NASDAQ +0.84 SP500 -3.37 NASDAQ Adv/Vol/Dec 1149/687.7 mln/1270 NYSE Adv/Vol/Dec 1072/190.9 mln/1806

12:00 pm : Recent action saw the major averages climb to their best levels of the session with the technology sector pacing the rebound. The growth-oriented sector now trades with a slim gain of 0.2% while most other sectors continue to trade in negative territory.

Thanks to the tech sector's rebound, the Nasdaq now trades higher by 0.1%. Although technology stocks have helped the Nasdaq climb off its lows, biotechnology continues to weigh as the iShares Nasdaq Biotechnology ETF (IBB 199.80, -0.98) trades lower by 0.5%.

Even though the broader market has erased most of its decline, the CBOE Volatility Index (VIX 17.29, +1.57) continues to trade higher by 10.0%.

On a separate note, reports from Washington indicate President Obama is scheduled to meet with lawmakers from both sides of the aisle at 15:00 ET.DJ30 -21.10 NASDAQ +3.60 SP500 -1.90 NASDAQ Adv/Vol/Dec 1196/609.5 mln/1200 NYSE Adv/Vol/Dec 1162/172.1 mln/1697

11:30 am : The S&P 500 trades roughly four points above its lowest level of the day as broad-based weakness persists. Equities sold off during last week's first two sessions, but rallied on Thursday and Friday as participants rushed into risk assets amid prospects of a potential weekend deal to avoid default. The benchmark index surged 2.8% between Thursday and Friday, but with the weekend over and no agreement present, the S&P has surrendered a portion of that advance today.

With the October 17 deadline approaching later this week, the market is likely to remain sensitive to any and all indications of progress (or lack thereof). Earlier today, an anonymous Senate aide offered some pushback against reports that talks between Senators Harry Reid and Mitch McConnell are at a stalemate. The aide said that a bipartisan agreement within 24 hours remains possible.DJ30 -53.37 NASDAQ -8.78 SP500 -6.29 NASDAQ Adv/Vol/Dec 982/520.2 mln/1403 NYSE Adv/Vol/Dec 845/150.1 mln/1995

11:00 am : The Dow Jones Industrial Average (-0.5%) and the S&P 500 (-0.6%) continue to hover near their lows while the relative strength of technology has helped the Nasdaq (-0.4%) erase roughly half of its opening loss.

The technology sector sports a loss of 0.3% with top components trading in mixed fashion. The largest tech stock, Apple (AAPL 493.98, +1.16), trades higher by 0.3% while Google (GOOG 868.04, -3.95) sports a loss of 0.5%.

Outside of technology, the materials space (-0.2%) is the only other sector trading with a loss narrower than 0.4%. Miners have contributed to the sector's relative strength as the Market Vectors Gold Miners ETF (GDX 23.16, +0.11) trades up 0.5%.DJ30 -73.85 NASDAQ -15.44 SP500 -8.59 NASDAQ Adv/Vol/Dec 824/425.9 mln/1515 NYSE Adv/Vol/Dec 727/125.7 mln/2117

10:30 am : Commodities are mostly higher this morning with the majority of the weakness being seen in the energy space.

Nov crude oil traded higher overnight and rose as high as $102.49/barrel. Around 5:20am ET, oil began to sell off and it dropped as low as $101.11/barrel. Oil remains in negative territory in morning trade and is now -0.6% at $101.46/barrel.

Natural gas has been whippy in recent action, but has been in positive territory all day so far. Nov nat gas is now +0.6% at $3.80/MMBtu.

Precious metals have slowly climbed higher since the beginning of the overnight session. Dec gold is now showing gains of +1.2% at $1283.10/oz, while Dec silver is +1.2% at $21.52/oz. Dec copper is currently +0.9% at $3.30/lb. DJ30 -78.83 NASDAQ -14.84 SP500 -8.58 NASDAQ Adv/Vol/Dec 678/327.3 mln/1640 NYSE Adv/Vol/Dec 578/100 mln/2217

10:00 am : Equity indices continue to face an uphill climb as all ten sectors trade with losses of at least 0.2%. There isn't much sector leadership to speak of as both cyclical and countercyclical groups trade in mixed fashion with respect to the broader market. Among cyclical sectors, financials (-0.5%) and industrials (-0.5%) lag while energy (-0.4%) and materials (-0.3%) outperform.

Elsewhere, health care (-0.6%) and utilities (-1.3%) trail behind the S&P while the other two defensive sectors-consumer staples and telecom services-trade in-line with the broader market.

Given the early weakness, the CBOE Volatility Index (VIX 17.49, +1.77) is higher by 11.3% as participants adjust their near-term volatility expectations.DJ30 -69.19 NASDAQ -10.53 SP500 -7.73 NASDAQ Adv/Vol/Dec 615/208.9 mln/1663 NYSE Adv/Vol/Dec 522/71.5 mln/2248

09:50 am : The S&P 500 trades lower by 0.5% with all ten sectors registering early losses. The utilities sector (-0.9%) is the weakest performer while the remaining nine groups hold losses ranging from 0.3% to 0.6%.

While stocks trade lower in reaction to the ongoing stalemate in Washington, gold futures trade higher by 1.2% at $1282.90 per troy ounce. Treasuries, however, are unchanged with the bond market closed in observance of Columbus Day.

Also of note, the Dollar Index is off 0.2% with greenback weakness most notable against the Australian dollar and the British pound.DJ30 -84.52 NASDAQ -19.19 SP500 -8.70 NASDAQ Adv/Vol/Dec 544/139.2 mln/1681 NYSE Adv/Vol/Dec 487/55.2 mln/2249

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -18.50. With 15 minutes to go before the start of today's cash session, equity futures remain near their pre-market lows. The S&P 500 futures trade lower by 0.7%, putting the benchmark index on track to surrender most of its advance from Friday.

The significant pre-market weakness comes after weekend reports revealed that Washington lawmakers remain far from reaching an agreement to extend the debt ceiling and reopen the government. In addition, China's trade balance disappointed as the Middle Kingdom's exports declined for the first time in three months. Combined, these developments have conspired to keep early buying interest at bay.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -18.80. The S&P 500 futures continue to trade near their lows as the Washington stalemate weighs.

Asian markets finished the Monday session on a mixed note while Hong Kong's Hang Seng and Japan's Nikkei were closed. Elsewhere, China's Shanghai Composite advanced 0.4% after China reported a trade surplus of $15.20 billion ($27.70 billion expected, $28.61 billion previous) as imports expanded 7.4% year-over-year (7.0% forecast, 7.0% prior) while exports slipped 0.3% year-over-year (6.0% consensus, 7.2% previous). Separately, CPI rose 0.8% month-over-month (0.5% expected, 0.5% last) while the year-over-year reading climbed 3.1% (2.9% forecast, 2.6% prior). Also of note, PPI fell 1.3% year-over-year (-1.4% expected, -1.6% last). In other regional data, Australia's home loans decreased 3.9% month-over-month (-2.5% expected, 2.1% prior). South Korea's trade surplus narrowed to $3.68 billion from $3.71 billion. Singaporean GDP rose 5.1% year-over-year (3.8% expected, 4.2% previous) while retail sales fell 7.8% year-over-year (-5.2% expected, -8.2% last). India's WPI rose 6.46% year-over-year (6.00% expected, 6.10% prior).

In Japan, the Nikkei was closed for Health-Sports Day.
Hong Kong's Hang Seng was closed for Chung Yeung Day.
In China, the Shanghai Composite added 0.4% with staple stocks in the lead Tsingtao Brewery and VV Food & Beverage jumped 7.9% and 2.7%, respectively. On the downside, heavyweight China Vanke lost 2.5%.

Major European indices trade in mixed fashion with Great Britain's FTSE (+0.1%) outperforming the remainder of the region. The session has been very quiet so far, but German Finance Minister Wolfgang Schaeuble was quoted as saying the new government should be in place within a month. Economic data was limited to just a handful of reports as Eurozone industrial production rose 1.0% month-over-month (0.8% expected, -1.0% prior) while the year-over-year reading posted a decline of 2.1% (-2.4% forecast, -1.9% previous). Elsewhere, Swiss PPI ticked up 0.1% month-over-month (0.0% expected, 0.2% prior) while the year-over-year reading registered no change, as expected (0.2% previous).

Great Britain's FTSE is higher by 0.1% with staple stocks outperforming. Associated British Foods and WM Morrison Supermarkets trade with respective gains of 2.3% and 1.5%. Financials weigh as Royal Bank of Scotland trades lower by 1.8% and Lloyds Banking Group holds a loss of 1.2%.
In Germany, the DAX is off 0.3% as 22 of 30 components register losses. Industrials have displayed relative weakness with Deutsche Post and Deutsche Lufthansa both down near 1.3%. Utility provider RWE leads with a gain of 1.4%.
In France, the CAC is lower by 0.4%. Consumer names lag as L'Oreal and LVMH Moet Hennessy Louis Vuitton trade with respective losses of 2.2% and 1.3%. Steelmaker ArcelorMittal outperforms with a gain of 3.0%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -21.00. The S&P 500 futures trade lower by 0.8% as the benchmark index looks poised to surrender the bulk of its gain from Friday. Much of the Friday advance took place as investors expressed hope that the presence of conversation between Democrats and Republicans was a sign of a forthcoming agreement; however, despite the Friday White House meeting, the two sides remain divided. Treasuries have yet to react to the developments with the bond market closed for Columbus Day.

Separately, company-specific news has been limited, but Netflix (NFLX 307.50, +6.65) has garnered some pre-market interest, trading higher by 2.2% amid reports the company is exploring the possibility of including its service with cable set-top boxes.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -17.00. U.S. equity futures hover near their lows with the S&P 500 futures down 0.7%. The significant weakness comes after President Obama rejected debt ceiling extension proposals made by Senate Republicans during a Friday meeting at the White House. Treasuries have not responded to the developments with the bond market closed today in observance of Columbus Day.

Looking at overnight developments:

In Asia, China's Shanghai Composite +0.4% while Hong Kong's Hang Seng and Japan's Nikkei were closed.
In regional economic data:
China reported a trade surplus of $15.20 billion ($27.70 billion expected, $28.61 billion previous) as imports expanded 7.4% year-over-year (7.0% forecast, 7.0% prior) while exports slipped 0.3% year-over-year (6.0% consensus, 7.2% previous). Separately, CPI rose 0.8% month-over-month (0.5% expected, 0.5% last) while the year-over-year reading climbed 3.1% (2.9% forecast, 2.6% prior). Also of note, PPI fell 1.3% year-over-year (-1.4% expected, -1.6% last).
Australia's home loans decreased 3.9% month-over-month (-2.5% expected, 2.1% prior).
South Korea's trade surplus narrowed to $3.68 billion from $3.71 billion.
Singaporean GDP rose 5.1% year-over-year (3.8% expected, 4.2% previous) while retail sales fell 7.8% year-over-year (-5.2% expected, -8.2% last).
India's WPI rose 6.46% year-over-year (6.00% expected, 6.10% prior).
Looking at news:
Economic data from China disappointed on both fronts as exports fell for the first time in three months while inflation came in hotter-than-expected.

Major European indices trade in mixed fashion. Great Britain's FTSE +0.1%, Germany's DAX -0.2%, and France's CAC -0.3%.
Economic data was limited:
Eurozone industrial production rose 1.0% month-over-month (0.8% expected, -1.0% prior) while the year-over-year reading posted a decline of 2.1% (-2.4% forecast, -1.9% previous).
Swiss PPI ticked up 0.1% month-over-month (0.0% expected, 0.2% prior) while the year-over-year reading registered no change, as expected (0.2% previous).
In news:
In Germany, Finance Minister Wolfgang Schaeuble said he expects the new government to be finalized within a month.

In U.S. corporate news:

Expedia (EXPE 50.25, -1.48) is -2.9% after Deutsche Bank downgraded the stock to 'Hold' from 'Buy.'
Netflix (NFLX 306.00, +5.15) is +1.7% after Reuters reported the company is discussing making its service available through cable set-top boxes.

There is no economic data scheduled to be reported today.

06:48 am : [BRIEFING.COM] S&P futures vs fair value: -10.00. Nasdaq futures vs fair value: -15.00.

06:48 am : Nikkei...Holiday......... Hang Seng...Holiday.........

06:48 am : FTSE...6493.76...+6.60...+0.10%. DAX...8711.60...-13.20...-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

http://www.thestrategylab.com
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