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 Post subject: October 15th Tuesday Trade Results - Profit $4782.50
PostPosted: Wed Oct 16, 2013 8:09 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 @ $130.00 dollars or +1.30 points, Emini ES ($ES_F) futures @ $3862.50 dollars or +77.25 points, Light Crude Oil CL ($CL_F) futures @ $790.00 dollars or +0.79 points, Gold GC ($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 @ $4782.50 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the chat room. You can read today's chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=122&t=1626

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 Tumble As Deal Hopes Fall Apart

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

NEW YORK (CNNMoney)
U.S. stocks ended in the red Tuesday as lawmakers in Washington continued to wrangle over a budget deal.

The major indexes started the day slightly lower and a sell-off accelerated in afternoon trading. The Dow Jones Industrial Average dropped more than 100 points, or nearly 1%, and the S&P 500 fell 0.7%. It was the first decline in five days for both indexes. The Nasdaq declined 0.6% following three straight days of gains.

Senate leaders had said earlier Tuesday they made "tremendous progress" toward an agreement to end the partial government shutdown and raise the debt limit, but hopes were starting to evaporate following reports that talks to boost the debt ceiling may be falling apart.

Even if the Senate makes a deal, it still needs to win support in the House of Representatives, which is far from certain. Plus, the House is working on its own proposal that would include provisions to make changes to Obamacare.

Though Washington still seems to be divided, most investors are still expecting a resolution before the Thursday deadline when Treasury has said it will start to run out of money to pay all its bills on time.

"Every time [the debt ceiling debate] approaches a crisis phase, a temporary measure has been implemented to postpone it into the future," said Doug Roberts, chief investment strategist at Channel Capital Research. " Both sides do not seem to want a crisis to develop because of the dire consequences. There is no reason to believe that a similar postponement will not being enacted at this juncture."

Investors avoid short-term government bonds: Meanwhile, there was weak demand for short-term Treasury bills during two closely-watched auctions Tuesday. That could be a troubling sign.

Three-month bills were sold at a yield of 0.13%, the highest since February 2011. That's even higher than the 0.09% at which existing 3-month Treasury bills are trading. The bid-to-cover ratio, which a is a measure of demand, was the lowest since July 2009.

Investors demanded a 0.15% yield, the highest in almost a year, on 6-month Treasury bills. The bid-to-cover ratio was the lowest since October 2009.

Yields on short-term Treasury bills have spiked recently as investors avoid debt that could be impacted by a U.S. default.

Earnings kick into high gear: Citigroup (C, Fortune 500) was the latest big bank to disappoint investors. The company reported third quarter profits and revenues that fell short of analysts' expectations. The bank noted that the spike in interest rates over the summer caused a slowdown in new mortgages and refinancings, as well as bond trading.

Coca-Cola (KO, Fortune 500)reported an increase in its third-quarter profit, as global sales volume rose 2%. Johnson & Johnson (JNJ, Fortune 500) shares moved higher after the company reported gains in quarterly sales and profit.

Intel (INTC, Fortune 500) shares rose in after-hours trading after topping earnings and revenue forecasts.

Yahoo (YHOO, Fortune 500) shares also edged higher in after-hours trading. The company reported revenue in line with estimates, and beat earnings expectations.

Yahoo also announced positive news related to Alibaba, the hot Chinese e-commerce company of which Yahoo owns a 24% stake. Alibaba is preparing for an initial public offering, and Yahoo revealed that it will have to sell fewer of its Alibaba shares in the IPO than previously planned.

J.C. Penney (JCP, Fortune 500) shares slid sharply as the struggling retailer continues to face doubts about its future. Shares dropped almost 9% to a 30-year low.

FedEx (FDX, Fortune 500) shares rose sharply after the shipping giant announced plans to buy back 32 million shares, bolstering its existing share repurchase program.

"$FDX the government may be shut down, but retail and corporate america is not!" said howardlindzon on StockTwits.

Tesla (TSLA) and Microsoft (MSFT, Fortune 500) gained ground after Wall Street analysts upgraded their ratings on the stocks.

Meanwhile, Facebook (FB, Fortune 500) shares jumped after Evercore analysts said they believe the social media company's stock will rise to $60 and reiterated their overweight rating. The stock shaved some gains as the broader market slipped into the red. But StockTwits traders seemed optimistic.

"$FB unless something COMPANY RELATED comes out, all of these macro dips are just noise," said AllEyesOnEd. "This name has conviction, use your opportunities. Bullish."

* Most world markets rise despite debt ceiling drama

Apple (AAPL, Fortune 500) shares moved higher, briefly crossing $500 a share for the first time in over a month. The company sent invitations Tuesday to a special event on October 22. The new iterations of the iPad and iPad mini are expected to be the focus.

The text of the invite read, "We still have a lot to cover." StockTwits users speculated what the company might be hinting.

"$AAPL "We still have a lot to cover" They have to still cover China, is China Mobile announcement coming?" asked ibargain.

StockTwits user bittercheaperfaster wondered if the comment could mean "a bigger screen iPad."

Trader coterotie had another thought, and joked about how there are still some short sellers betting against the stock: "$AAPL "we still have a lot to cover" your shorts!!"

Meanwhile, Apple poached high-profile Burberry CEO Angela Ahrendts to take charge of retail and online stores. The move comes as Apple attempts to improve its fortunes in China, a market in which Ahrendts has had great success in the past. Burberry (BBRYF) shares fell almost 9% in London following the news.

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4:20 pm : The S&P 500 settled lower by 0.7% after contradicting headlines from Washington fostered volatile price action throughout the session.

Equity indices displayed modest losses at the open, but were able to turn positive by late afternoon. The rebound was predicated on optimism associated with budget talks in Washington after Senate Majority Leader Harry Reid was quoted as saying 'tremendous progress' had been made.

However, contradicting headlines from House Republicans began pouring in during the early afternoon, and House Speaker John Boehner called the Senate proposal a 'hand grenade' during a closed-door meeting with Republican lawmakers. To counter this 'hand grenade,' the House is expected to vote on its own bill later today.

Selling pressure intensified during the final 90 minutes of the session amid headlines indicating the Senate has halted its negotiations pending the outcome of the House vote. California Senator Dianne Feinstein weighed in on the situation, saying budget talks have 'all fallen apart.'

All ten sectors ended in the red with countercyclical consumer staples (-0.9%) and utilities (-1.4%) leading to the downside. Among staple stocks, Coca-Cola (KO 37.66, -0.25) lost 0.7% following its in-line earnings report.

Elsewhere, the industrial sector slid 0.9% as the underperformance of defense contractors outweighed the relative strength of transports. FLIR (FLIR 28.59, -4.58) tumbled 13.8% after announcing restructuring plans and issuing below-consensus guidance while the broader PHLX Defense Index slumped 2.3%. Meanwhile, the Dow Jones Transportation Average ended with a modest loss of 0.2%, drawing strength from the 4.1% gain in the shares of FedEx (FDX 120.08, +4.71) after the company authorized a 32 million share buyback program.

Also of note, the financial sector (-0.8%) underperformed the broader market after Citigroup (C 48.86, -0.74) reported a 7.8% year-over-year decline in revenue.

With regard to commodities, crude oil fell 1.3% to $101.08 per barrel while gold futures added 0.3% to $1281.00 per troy ounce.

Treasuries ended near their lows with the 10-yr yield up four basis points at 2.73%. More notably, short-term debt was pressured with traders dumping the paper amid the increased probability of a default. The 4-week yield ended higher by 6.5 basis points at 0.317% while both the 3-month (+3 bps to 0.09%) and 6-month (+5 bps to 0.124%) bills were the subject of some selling.

Trading volume was below average as 690 million shares changed hands on the floor of the New York Stock Exchange.

On the economic front, today's data pointed to a bit of a slowdown in manufacturing growth in the New York Fed region as The Empire Manufacturing Survey for October registered a reading of 1.5. This was down from the prior month's reading of 6.3 while economists polled by Briefing.com had expected that the survey would slip to 4.5.

As a result of today's decline, the S&P 500 trimmed its year-to-date gain to 19.1%.DJ30 -133.25 NASDAQ -21.26 SP500 -12.08 NASDAQ Adv/Vol/Dec 733/1.68 bln/1790 NYSE Adv/Vol/Dec 685/690.4 mln/2345

3:30 pm :

In afternoon action, energy commodities weakened, while precious metals gained steam as headlines about the govt shutdown kept hitting the market. The dollar index continued to trade just under the HoD, but dropped about an hour ago, erasing about half of its gains
Gold and silver hit new highs for the day about 45 minutes ago and are now mixed in electronic trade. Dec gold ended $3.3 lower to finish at $1273.30/oz, while Dec silver ended $0.16 lower at $21.19/oz.
Crude oil was in the red all day, excluding one brief moment overnight where it was up a few cents. Crude oil extended losses in today's afternoon session and about 10 after floor trading ended, crude broke below the $101/barrel level. At the end of floor trading session, crude oil ended $1.22/barrel lower at $101.17/barrel
Natural gas was higher overnight, but lost steam and sold 20-25 minutes after floor trading began this morning. After that sell off, nat gas spent the rest of the day in the red, closing three cents lower at $3.79/MMBtu.

DJ30 -82.82 NASDAQ -11.86 SP500 -7.06 NASDAQ Adv/Vol/Dec 805/1398.9 mln/1696 NYSE Adv/Vol/Dec 768/449 mln/2237

3:00 pm : Stocks have continued selling off in reaction to Senate talks hitting a wall. On that note, California Senator Dianne Feinstein said that budget talks have 'all fallen apart.' This marks a turn from earlier comments from Senate Majority Leader Reid who said 'tremendous progress' had been made. However, recent reports indicate Senator Reid has now told the Senate that there is no deal at this time.

The S&P 500 now trades lower by 0.6% while small caps underperform with the Russell 2000 trading lower by 1.0%.

Also of note, the CBOE Volatility Index (VIX 18.40, +2.32) now sits at its highest level of the day as participants adjust their near-term volatility expectations.DJ30 -102.00 NASDAQ -16.80 SP500 -9.63 NASDAQ Adv/Vol/Dec 759/1.29 bln/1740 NYSE Adv/Vol/Dec 708/410.3 mln/2293

2:30 pm : The major averages fell to session lows in reaction to headlines from Washington, where Senator Dick Durbin said Senate negotiations have been halted pending a House Republican plan on how to proceed with respect to the debt ceiling and funding the government.

The reports have weighed on the dollar while boosting gold futures. The Dollar Index has narrowed its gain to 0.3% while gold futures now trade higher by 0.3% at $1281.00/ozt.

Despite the choppy action that has accompanied the ongoing budget debate, equity indices continue to hold October gains. The S&P 500 is higher by 1.2% this month while the Dow has been a bit more tentative. The price-weighted index sports an October advance of 0.5%.DJ30 -91.20 NASDAQ -14.71 SP500 -8.47 NASDAQ Adv/Vol/Dec 753/1.16 bln/1733 NYSE Adv/Vol/Dec 733/363.6 mln/2262

2:00 pm : Equity indices remain just above their session lows as nine sectors trade with losses between 0.2% and 1.1%. Meanwhile, the energy sector (+0.1%) continues to hold a slim gain. The sector has spent the bulk of today's session in positive territory even as crude oil trades lower by 1.0% at $101.36 per barrel.

Elsewhere among commodities, gold futures sport a modest loss of 0.2% at $1272.20/ozt while copper futures trade little changed at $3.30/lb.

Today's weakness among commodities is partially the byproduct of greenback strength as the Dollar Index trades higher by 0.4% at 80.61.DJ30 -52.40 NASDAQ -4.76 SP500 -3.98 NASDAQ Adv/Vol/Dec 862/1.06 bln/1620 NYSE Adv/Vol/Dec 898/328.1 mln/2063

1:30 pm : The major indices continue to sport modest losses in what has been a choppy, but mostly negative day of trading. The headline volatility over what is reportedly unfolding in Washington regarding the budget and debt limit discussions has been a source of intraday volatility.

Thus far, buyers haven't shown the same nerve they did at the end of last week when it appeared progress was being made toward ending the political impasse, albeit for only a short period. Even today, though, the losses don't reflect a heightened fear of a deal not getting done in time to avoid a debt default.

To that end, the defensive-oriented utilities sector (-1.1%) is the worst-performing sector today, gold prices ($1270.90, -$5.70) continue to slide, and longer-dated Treasuries are sitting near their worst levels of the session. The 10-yr note is down 11 ticks and its yield has risen four basis points to 2.73%.DJ30 -51.60 NASDAQ -5.98 SP500 -4.17 NASDAQ Adv/Vol/Dec 844/975 mln/1616 NYSE Adv/Vol/Dec 851/301 mln/2110

1:00 pm : The major averages hold modest midday losses with the Nasdaq (-0.2%) trading ahead of the remaining indices. Although equities made a brief appearance in positive territory, they have returned to their opening levels as the political theater continues in Washington. Overall, the market is not too concerned as participants expect the worst-case scenario to be avoided.

Prior to the open, hopes for an imminent deal were running high with Senate Majority Leader Harry Reid saying 'tremendous progress' has been made. However, House Republicans contradicted the statement when Speaker John Boehner called the Senate proposal a 'hand grenade' during a closed-door meeting with Republican lawmakers. The House is expected to vote on its own bill later today, but Senator Reid has already written off the vote as 'a waste of time.'

Nine of ten sectors hold midday losses while energy (+0.1%) outperforms. Meanwhile, other cyclical groups trade mixed. Consumer discretionary (-0.4%) and industrials (-0.5%) lag while financials (-0.1%) and technology (-0.1%) outperform.

Among financials, Citigroup (C 49.51, -0.08) holds a modest loss of 0.2% despite reporting a 7.8% year-over-year decline in revenue. Elsewhere, the tech sector has received support from some of its top components like Apple (AAPL 500.37, +4.33) and Google (GOOG 883.17, +7.06). In addition, Intel (INTC 23.50, +0.05) trades higher by 0.2% ahead of its earnings report, scheduled for an after-hours release.

Treasuries hold modest losses with the 10-yr yield up three basis points at 2.72%.

Today's economic data pointed to a bit of a slowdown in manufacturing growth in the New York Fed region as The Empire Manufacturing Survey for October registered a reading of 1.5. This was down from the prior month's reading of 6.3 while economists polled by Briefing.com had expected that the survey would slip to 4.5.DJ30 -41.87 NASDAQ -6.18 SP500 -3.61 NASDAQ Adv/Vol/Dec 847/906.2 mln/1593 NYSE Adv/Vol/Dec 884/279.2 mln/2057

12:30 pm : The major averages have continued their retreat off session highs with the Dow leading to the downside. The price-weighted index trades lower by 0.4% as 21 of 30 index components hover in the red. Although most names are under pressure, only McDonald's (MCD 93.68, -1.03) trades with a loss exceeding 1.0%.

On the upside, Microsoft (MSFT 34.84, +0.39) is the top performer, trading higher by 1.2% after Jefferies upgraded the stock to 'Buy' from 'Hold.'DJ30 -35.66 NASDAQ -4.77 SP500 -3.20 NASDAQ Adv/Vol/Dec 840/824.3 mln/1598 NYSE Adv/Vol/Dec 942/257.2 mln/1982

12:00 pm : The S&P 500 has slipped back into the red, but its retreat has been limited. The benchmark average staged a swift first-hour recovery off its opening lows, but has held within a narrow range since reaching the unchanged level.

With regard to individual sectors, the energy space (+0.2%) is the only notable outperformer while the telecom services sector (+0.1%) is the only other advancer.

Also of note, the industrial sector trades lower by 0.3%, but transportation-related names have received a boost from FedEx (FDX 121.43, +6.06) after the company announced a share buyback program. In addition, JB Hunt (JBHT 74.45, +1.27) is higher by 1.7% despite its disappointing earnings report. The broader Dow Jones Transportation Average holds a gain of 0.4%.DJ30 -37.85 NASDAQ -3.25 SP500 -2.96 NASDAQ Adv/Vol/Dec 857/741.3 mln/1558 NYSE Adv/Vol/Dec 946/234.3 mln/1959

11:30 am : The major averages hover near their highs with the Nasdaq up 0.2% and the S&P 500 higher by 0.1%.

Even though participants have been receiving mixed messages from Washington, equities have been able to rally off their opening lows. Currently, the financial sector (+0.2%) is the leading group with most major banks trading in positive territory.

Outside of financials, the relative strength of energy (+0.1%), materials (+0.1%), and technology (+0.2%) has contributed to the rebound effort while only four groups (consumer discretionary, consumer staples, industrials, and utilities) remain in negative territory.DJ30 -9.89 NASDAQ +6.50 SP500 +0.89 NASDAQ Adv/Vol/Dec 1011/631.3 mln/1389 NYSE Adv/Vol/Dec 1091/204.6 mln/1776

11:00 am : After climbing to their best levels of the session, recent action saw the major averages take a step back in reaction to comments from House Speaker John Boehner who called the Senate proposal a 'hand grenade' during a closed-door meeting with Republican lawmakers.

Although earlier comments from Senate Majority Leader Reid suggested his plan would clear the Senate, it appears as though the proposal will have a difficult time getting through the House of Representatives.

Treasuries were little changed at the open, but have been the subject of some selling for the past 90 minutes. The 10-yr yield is now higher by two basis points at 2.71%.DJ30 -64.44 NASDAQ -6.40 SP500 -5.39 NASDAQ Adv/Vol/Dec 833/495.3 mln/1514 NYSE Adv/Vol/Dec 863/163.5 mln/1968

10:30 am : Some commodities got a boost with the overall equity market a short while ago, while the dollar index remains just under its high for the day.

Crude oil spiked a short while, rising above the $102/barrel level. It remains in negative territory and is now -0.3% at $102.14/barrel.

Natural gas sold off earlier this morning, falling into the red. Nov nat gas is currently +0.1% at $3.83/MMBtu.

Gold and silver have erased a large portion of its losses, but still remain in the red. Dec gold is now -0.4% at $1272.10/oz, Dec silver is -0.7% at $21.21/oz. DJ30 -20.21 NASDAQ +4.84 SP500 -0.70 NASDAQ Adv/Vol/Dec 958/380.5 mln/1341 NYSE Adv/Vol/Dec 1048/134 mln/1754

10:00 am : The Dow and S&P 500 continue to hover near their lows while the Nasdaq has climbed into the green as the relative strength of biotechnology and technology contributes to the outperformance of the index. The iShares Nasdaq Biotechnology ETF (IBB 203.37, +1.07) trades up 0.6% while the traditional tech sector holds a modest loss of 0.1%.

Major tech names trade in mixed fashion with Intel (INTC 23.54, +0.09) higher by 0.4% ahead of its after-hours earnings report. Yahoo! (YHOO 33.71, -0.29) is also scheduled to report its earnings after the close, but the stock trades lower by 0.9%.DJ30 -39.88 NASDAQ +0.80 SP500 -4.88 NASDAQ Adv/Vol/Dec 782/231.4 mln/1416 NYSE Adv/Vol/Dec 764/93.5 mln/1983

09:45 am : The S&P 500 trades lower by 0.3% as all ten sectors register opening losses. Although the early weakness has encompassed all economic groups, their losses have been limited to no more than 0.5%.

At this juncture, consumer discretionary, energy, industrials, and utilities lead to the downside while health care and telecom services outperform. The two sectors trade with modest losses near 0.2% apiece.

With the October 17th deadline nearing, some of today's attention will be focused on the developments in Washington where the House of Representatives is expected to take up its own bill while the Senate also works on a proposal.

Treasuries are little changed with the 10-yr yield at 2.69%.DJ30 -63.90 NASDAQ -8.17 SP500 -6.93 NASDAQ Adv/Vol/Dec 686/140.6 mln/1424 NYSE Adv/Vol/Dec 733/69.3 mln/1957

09:11 am : [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: +6.50. Equities are expected to begin today's session on a cautious note as the S&P 500 futures trade with a modest loss of 0.1%. Index futures have spent the entire overnight session inside narrow ranges, but fell to their lows recently after Citigroup (C 49.40, -0.20) reported disappointing earnings on a 7.8% year-over-year decline in revenue.

Quarterly results from financials have been spotty so far, which may become a headwind for the broader market given that bank shares have represented the biggest chunk of earnings growth during recent quarters.

Participants also received results from two other notable names. Coca-Cola (KO 38.25, +0.34) is higher by 0.9% after reporting in-line results while Johnson & Johnson (JNJ 90.41, +0.61) trades up 0.7% after beating on earnings.

On the political front, Senators Reid and McConnell have continued working on a deal aimed at avoiding breaching the debt ceiling and putting an end to the partial government shutdown. While a final agreement is not yet in place, Senate Majority Leader Reid has been quoted as saying "tremendous progress" has been made.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +3.70. The S&P 500 futures trade lower by 0.1%.

Markets across Asia ended mixed as U.S. debt ceiling negotiations progress. Traders in Japan (+0.3%) and Hong Kong (+0.5%) bid up shares on hopes U.S. lawmakers could reach an agreement to avoid an October 17 default. Elsewhere, Australia's ASX (+1.0%) was among the leaders after the latest Reserve Bank of Australia minutes suggested the central bank was happy with the way recent cuts have worked their way through the system and that there was no urgency for a further reduction. China's Shanghai Composite (-0.2%) lagged after Nomura suggested the PBOC will look to tighten policy in November. Data from the region was light, limited to Australian new motor vehicle sales (-0.1% month-over-month), Japan's industrial production (-0.9% actual, -0.7% expected), and Japan's capacity utilization (-2.1% month-over-month).

In Japan, the Nikkei added 0.3% as shares rallied for a fifth session. Exporters outperformed as Sony added 1.0% and Mitsubishi Motors tacked on 0.8%. Elsewhere, Fuji Heavy Industries gained 0.8% as traders gobbled up shares ahead of its earnings report.
Hong Kong's Hang Seng rose 0.5% to end at a three-week high. Chinese rail stocks posted solid gains as CSR jumped 5.3% and China Railway Construction rallied 3.6% in response to Premier Li Keqiang's trip to Thailand to promote the sector.
In China, the Shanghai Composite shed 0.2% as shares fell for just the second time in eight days. Financials lagged as Bank of China and Industrial and Commercial Bank of China lost 1.4% and 1.0%, respectively.

Major European indices trade near their best levels of the session with Great Britain's FTSE (+0.8%) pacing the advance. In news of note, Eurogroup head Jeroen Dijsselbloem discussed the situation in Greece, saying there is no support among the Eurogroup for haircuts on Greek debt. Mr. Dijsselbloem also said the current support for the bail-in sequence is widespread. Participants received a moderate amount of economic data as Eurozone ZEW Economic Sentiment slipped to 59.1 from 59.4 (58.6 previous) while Germany's ZEW Economic Sentiment improved to 52.8 from 49.6 (49.6 prior) and the Import Price Index ticked up 0.1% month-over-month (-0.1% expected, 0.1% prior). French CPI slipped 0.2% month-over-month (-0.3% expected, 0.4% last). Great Britain's CPI rose 0.4% month-over-month (0.3% forecast, 0.4% prior) while the year-over-year reading rose 2.7% (2.6% expected, 2.7% previous). Also of note, core CPI rose 2.2% year-over-year (2.0% forecast, 2.0% last) and input PPI rose 1.1% year-over-year (2.6% expected, 2.4% prior). Separately, the House Price Index increased 3.8% year-over-year (3.6% forecast, 3.3% previous).

Great Britain's FTSE is higher by 0.8% as Rio Tinto leads with a gain of 3.7% after reporting record coal and iron ore output. Burberry is the weakest index member, down 5.6% after announcing Chief Executive Officer Angela Ahrendts will depart the company to take a new position at Apple.
In Germany, the DAX holds a gain of 0.7%. Chemical producers are among the outperformers as BASF, K+S, and Lanxess trade with gains between 0.7% and 2.8%. Utilities lag with E.ON and RWE down 0.3% and 1.6%, respectively.
In France, the CAC trades up 0.5% as growth-sensitive names outperform. Steelmaker ArcelorMittal and chemical producer Solvay are both up near 4.0%. Defense contractor EADS underperforms with a loss of 0.6%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: +1.00. The S&P 500 futures trade lower by 0.2%.

The Empire Manufacturing Survey for October registered a reading of 1.5, which was down from the prior month's reading of 6.3. Economists polled by Briefing.com had expected that the survey would slip to 4.5.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: +1.50. U.S. equity futures trade modestly lower with the S&P 500 futures off 0.1%. Overnight, Senators Reid and McConnell continued working on a deal to avoid breaching the debt ceiling and putting an end to the partial government shutdown. Although a final agreement is not yet in place, reports from Washington have said "tremendous progress" has been made.

Looking at overseas developments:

Asian markets ended mixed. China's Shanghai Composite -0.2%, Japan's Nikkei +0.3%, and Hong Kong's Hang Seng +0.5%.
Regional economic data was limited:
Australia's new motor vehicle sales ticked down 0.1% month-over-month (0.7% prior).
Japan's industrial production fell 0.9% month-over-month (-0.7% expected, -0.7% prior) and capacity utilization declined 2.1% month-over-month (3.7% prior).
In news:
In China, following yesterday's hotter-than-expected inflation reading, an ANZ economist said the country's CPI is likely to remain above 3.0% during October and November.

Major European indices trade near their best levels of the session. France's CAC +0.6%, Germany's DAX +0.8%, and Great Britain's FTSE +0.9%. Elsewhere, Italy's MIB -0.1% and Spain's IBEX +0.5%.
In economic data:
Eurozone ZEW Economic Sentiment slipped to 59.1 from 59.4 (58.6 previous).
Germany's ZEW Economic Sentiment improved to 52.8 from 49.6 (49.6 prior) and the Import Price Index ticked up 0.1% month-over-month (-0.1% expected, 0.1% prior).
French CPI slipped 0.2% month-over-month (-0.3% expected, 0.4% last).
Great Britain's CPI rose 0.4% month-over-month (0.3% forecast, 0.4% prior) while the year-over-year reading rose 2.7% (2.6% expected, 2.7% previous). Also of note, core CPI rose 2.2% year-over-year (2.0% forecast, 2.0% last) and input PPI rose 1.1% year-over-year (2.6% expected, 2.4% prior). Separately, the House Price Index increased 3.8% year-over-year (3.6% forecast, 3.3% previous).
Looking at news:
Eurogroup head Jeroen Dijsselbloem discussed the situation in Greece, saying there is no support among the Eurogroup for haircuts on Greek debt. Mr. Dijsselbloem also said the current support for the bail-in sequence is widespread.

In U.S. corporate news:

Citigroup (C 49.20, -0.40) is -0.8% following its earnings miss on below-consensus revenue.
Coca-Cola (KO 38.51, +0.60) is +1.6% after reporting earnings in-line with expectations.
Domino's Pizza (DPZ 68.11, -0.74) is -1.1% after missing earnings estimates by one cent.
Teradata (TDC 43.90, -8.68) is -16.5% after guiding its third-quarter earnings and revenue below analyst expectations.

The October Empire Manufacturing Survey will be released at 8:30 ET.

06:58 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +7.00.

06:58 am : Nikkei...1441.54...+36.80...+0.30%. Hang Seng...23336.52...+118.20...+0.50%.

06:58 am : FTSE...6562.28...+54.70...+0.80%. DAX...8787.96...+64.20...+0.70%.

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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