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 Post subject: October 16th Wednesday Trade Results - Profit $5827.50
PostPosted: Thu Oct 17, 2013 6:21 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $5187.50 dollars or +103.75 points, Light Crude Oil CL ($CL_F) futures @ $640.00 dollars or +0.64 points, Gold GC ($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 @ $5827.50 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=1627

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=221&t=2029

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Dow Gains 200 Points As Debt Deal Emerges

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

NEW YORK (CNNMoney)
Stocks surged Wednesday as investors cheered news that Senate lawmakers have reached a deal to reopen the government and avoid a possible United States debt default.

The Dow Jones industrial average jumped more than 200 points, or 1.3%. The S&P 500 and Nasdaq both gained more than 1%.

Senate officials announced an agreement Wednesday that would end a 16-day government shutdown and raise the debt ceiling ahead of a midnight deadline. Lawmakers in the House and Senate could vote on the bill as soon as tonight, Congressional aides told CNN.

The Treasury Department has warned that it will no longer be able to borrow the money it needs to pay all the nation's bills and will start burning through its cash reserves starting Thursday. This has raised concerns around the world that America could default on its debts.

If passed, the bill would forestall what most economists say would have been a shock to the global financial system. But some investors say Congress is merely kicking the can down the road. The deal funds the government through January 15 and raises the debt ceiling until February 7.

"You could call it a relief rally, but I don't know that anything has really been resolved," said Brent Schutte, market strategist at BMO Private Bank. "At least the market can stop worrying about it for a while."

Yields on short-term Treasury bills had been rising lately on default concerns. But demand was strong at Wednesday's sale of one-month T-bills and one-year notes.

Fed taper delayed even further? There may be one potential bright spot from the continued dysfunction in Washington. The Federal Reserve is unlikely to cut back on, or taper, its bond-buying program anytime soon.

"With more uncertainty and the potential for the government shutdown to drag on the economy, the last thing the Fed wants to do is begin to taper," said Bernard Kavanagh, vice president of portfolio management at Stifel Nicolaus. "That should give the market a bit of a tailwind."

In its latest snapshot of economic conditions, known as the Beige Book, the Fed said growth continues at a modest pace.

There were also plenty of earnings results to parse through Wednesday.

After the market closed, Dow components American Express (AXP, Fortune 500) and IBM (IBM, Fortune 500) both reported earnings that topped expectations. But IBM's sales missed by a wide margin, sending the stock lower in after hours trading. Shares of eBay (EBAY, Fortune 500) fell after the company issued an outlook for sales and earnings that were below forecasts.

Shares of Bank of America (BAC, Fortune 500) gained after the financial giant reported better-than-expected third quarter results.

"$BAC now wait for washington for final bump.....or death spiral :)," wrote StockTwits user TFRhoden.

Mattel (MAT, Fortune 500) shares jumped after the Barbie and American Girl manufacturer reported quarterly revenue and profits that beat analysts' estimates.

Shares of SolarCity (SCTY), a solar power company partly owned by Elon Musk, surged 12%. The move came after SolarCity priced an offering of common stock and convertible notes, but the rally perplexed some traders.

"$SCTY Can someone explain logic," asked Megatrender.

* Video - Barbie isn't worried about debt ceiling

Stanley Black & Decker (SWJ) tumbled nearly 15% after the power tools maker lowered its full-year earnings outlook. The company said it expected "uncertainty created by the U.S. government's sequestration and shutdown" to hurt business and consumer spending.

Meanwhile, shares in BlackRock (BLK, Fortune 500) and PepsiCo (PEP, Fortune 500) inched higher after both firms released quarterly results that topped forecasts.

* 6 ways a U.S. default could hurt the world

Intel (INTC, Fortune 500) shares rose even though the chipmaker issued a pessimistic outlook for the rest of 2013 and lowered its profit forecast late Tuesday. But shares of Yahoo (YHOO, Fortune 500) dipped following its earnings report.

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4:25 pm : The S&P 500 settled higher by 1.4% with participants rushing into equities as Washington lawmakers appeared to be on the verge of striking a deal that would fund the government through January 15 while extending the debt ceiling until February 7, and maintaining the sequester.

Stocks registered opening gains after it was reported that Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell resumed working on a deal after the House of Representatives failed to vote on its own measure last evening. Equities caught a second wind in reaction to reports indicating House Speaker Boehner would bring the Senate plan for a vote on the House floor. Although the session ended before Congress had a chance to vote, the Senate plan is expected to be approved by both chambers.

All ten sectors posted gains with financials (+2.2%) ending in the lead. The sector received support from Bank of America (BAC 14.56, +0.32) and PNC Financial (PNC 73.87, +1.36) after both banks reported bottom-line beats. Thanks to today's gain, the financial sector extended its October advance to 3.9%.

Outside of financials, only health care and energy hold month-to-date gains larger than 3.0%. The health care sector rose 2.0% today, and received support from shares of Abbott Labs (ABT 35.90, +2.19) after the drug maker beat on earnings. Meanwhile, energy gained 1.4% as crude oil advanced 0.9% to $102.16 per barrel.

Elsewhere, consumer staples (+1.4%) also contributed to the rally as PepsiCo (PEP 82.27, +1.67) ended higher by 2.1% following its earnings beat on in-line revenue.

Although all sectors posted solid gains, industrials (+0.7%) trailed behind the remaining nine groups as defense contractors weighed. The PHLX Defense Index underperformed for the second day in a row, adding 0.1%. Transports, however, kept pace with the S&P as the Dow Jones Transportation Average advanced 1.4%.

With the reduced threat of imminent default, the CBOE Volatility Index (VIX 14.84, -3.82) lost 20.9%, tumbling to its lowest level since late September. Treasuries ended on their highs with the 10-yr yield down six basis points at 2.67%.

Trading volume was just above average as 753 million shares traded hands on the floor of the New York Stock Exchange.

On the economic front, the weekly MBA Mortgage Index ticked up 0.3% to follow last week's increase of 1.3%.

Separately, the October NAHB Housing Market Index fell to 55 from 58. Today's report was below the reading of 57 expected by the Briefing.com consensus.

Also of note, the Federal Reserve released its Beige Book, which did not contain many surprises. The report said economic growth during the period between September and early October continued at a "modest to moderate pace" while employment continued to grow modestly. The report also touched on the budget deadlock, saying the situation contributed to an increase in uncertainty.

Tomorrow, weekly initial claims will be reported at 8:30 ET while September industrial production and capacity utilization will both be released at 9:15 ET. The day's data will be topped off with the 10:00 ET release of the October Philadelphia Fed survey. On the earnings front, Goldman Sachs (GS 162.25, +4.62), UnitedHealth (UNH 75.19, +1.32), and Verizon (VZ 47.25, +0.93) will report their quarterly results before the opening bell.

Today's advance extended the S&P's year-to-date gain to 20.7%. The benchmark index ended the session less than nine points below its all-time high of 1729.86.

S&P 500 +20.7% YTD
DJIA +17.3% YTD
Nasdaq +27.2% YTD
Russell 2000 +28.6% YTD

DJ30 +205.82 NASDAQ +45.42 SP500 +23.48 NASDAQ Adv/Vol/Dec 1831/1.69 bln/725 NYSE Adv/Vol/Dec 2405/752.5 mln/605

3:25 pm :

Nov crude oil extended yesterday's gains as Senate Majority Leader Reid announced a proposal to fund and reopen the government on the Senate floor, saying the measure would fund the government through Jan 15 and extend the debt ceiling through Feb 7
The Senate and the House have yet to vote on the plan. The energy component trended higher after lifting from its session low of $100.75 per barrel. It settled with a 1.1% gain at $102.29 per barrel
Nov natural gas erased earlier gains as it pulled back from its session high of $3.87 per MMBtu. It settled with a 0.5% loss at $3.77 per MMBtu
Precious metals dipped into negative territory in morning pit trade but regained momentum as the dollar index gave up its earlier gains
Dec gold brushed a session low of $1268.60 per ounce but settled with a 0.7% gain at $1282.00 per ounce. Dec silver booked a 0.8% gain as it closed at $12.37 per ounce after trading as low as $21.12 per ounce

DJ30 +167.52 NASDAQ +41.58 SP500 +19.40 NASDAQ Adv/Vol/Dec 1844/1379.90 mln/695 NYSE Adv/Vol/Dec 2327/480 mln/671

3:05 pm : With one hour remaining in today's session, the S&P 500 trades higher by 1.0%. Equities registered the bulk of their gains during the first two hours as participants were encouraged by signs of progress on Capitol Hill. The benchmark index notched its session high shortly after midday, and has traded within a narrow range since.

Recent action saw the S&P 500 slip to its afternoon low, but the index continues to hold the majority of its gain. Thanks to the sharp 4.6% rally off the October 9 low, the benchmark average now trades less than 0.5% below its all-time high of 1729.86.DJ30 +152.51 NASDAQ +37.65 SP500 +17.48 NASDAQ Adv/Vol/Dec 1810/1.30 bln/728 NYSE Adv/Vol/Dec 2282/447.6 mln/715

2:30 pm : Since our last update, the Federal Reserve released its Beige Book, which did not contain many surprises. The report said economic growth during the period between September and early October continued at a "modest to moderate pace" while employment continued to grow modestly.

The report also touched on the budget deadlock, saying the situation contributed to an increase in uncertainty.

Stocks continue to hold near their best levels of the session while Treasuries also trade on their highs. The benchmark 10-yr yield is lower by six basis points at 2.68%.DJ30 +157.82 NASDAQ +40.66 SP500 +18.34 NASDAQ Adv/Vol/Dec 1816/1.19 bln/701 NYSE Adv/Vol/Dec 2298/406.4 mln/687

2:00 pm : Recent action saw the key indices maintain their levels as seven of ten sectors hold gains of at least 1.0%. Meanwhile, industrials, technology, and utilities underperform with gains between 0.5% and 0.8%.

The industrial sector (+0.5%) is the weakest performer of the day as defense contractors lag with the PHLX Defense Index sporting a modest gain of 0.1%. Meanwhile, transportation-related names trade in-line with the market as the Dow Jones Transportation Average holds a gain of 1.2%. 19 of 20 index components trade in positive territory while CSX (CSX 25.79, -0.31) trades lower by 1.2% despite beating on earnings and revenue.DJ30 +176.41 NASDAQ +41.35 SP500 +20.26 NASDAQ Adv/Vol/Dec 1844/1.10 bln/660 NYSE Adv/Vol/Dec 2318/377.1 mln/646

1:30 pm : The major indices continue to hold large gains today, bolstered by the belief that Congress has cleared the path for another eleventh-hour deal on raising the debt limit and re-opening the government.

At the same time, the market is underpinned by the same two thoughts that kept it hovering near its all-time highs even as the contentious debate in Washington has raged the last two weeks: (1) a worst-case scenario would not be allowed to unfold and (2) the political dysfunction ensured the FOMC would not be tapering its asset purchases in the near term.

In all likelihood, the market will have reason to think the Fed will stay its current course for longer since the deal being talked about today only kicks the can down the road by authorizing funding for the government through January 15, raising the debt ceiling to meet the nation's borrowing needs through February 7, and maintaining sequestration.

In other words, it is a blueprint for ensuring continued slow growth in the economy and ongoing partisan rancor as the "new" deadlines draw closer -- both issues that kept the FOMC from tapering in September. DJ30 +194.33 NASDAQ +42.76 SP500 +21.47 NASDAQ Adv/Vol/Dec 1847/1.02 bln/661 NYSE Adv/Vol/Dec 2291/348 mln/658

1:00 pm : At midday, the major averages hover near their highs with the S&P 500 up 1.2%.

Equities registered gains at the open amid indications the Senate has resumed working on a plan to fund and reopen the government. A second push sent the major averages to fresh highs after it was reported that House Speaker John Boehner plans to bring up the Senate plan for a vote on the House floor with the measure expected to pass. Subsequent reports from Speaker Boehner's office said nothing has been decided yet, but market participants did not appear too concerned with these headlines.

A short while ago, Senate Majority Leader Reid announced the proposal on the Senate floor, saying the measure would fund the government through January 15 and extend the debt ceiling through February 7. The Senate and the House have yet to vote on the plan, but the market is already cheering the expected passage of the bill.

The financial sector (+2.0%) trades well ahead of the broader market with better-than-expected earnings from Bank of America (BAC 14.56, +0.32) and PNC Financial Services (PNC 73.73, +1.22) providing a measure of support.

Elsewhere, heavily-weighted energy (+1.3%) and health care (+1.5%) sectors also trade ahead of the broader market. The energy space outperforms with crude oil trading higher by 1.1% at $102.34/bbl while health care has received support from shares of Abbott Labs (ABT 35.42, +1.71) after the drug maker reported better-than-expected earnings and announced a 57% quarterly dividend hike to $0.22 per share.

With the reduced threat of an impending default, the CBOE Volatility Index (VIX 15.00, -3.66) sits at its lowest level since late September.

Treasuries are on their highs with the 10-yr yield down three basis points at 2.71%.

On the economic front, the weekly MBA Mortgage Index ticked up 0.3% to follow last week's increase of 1.3%.

Separately, the October NAHB Housing Market Index fell to 55 from 58. Today's report was below the reading of 57 expected by the Briefing.com consensus.DJ30 +173.81 NASDAQ +41.04 SP500 +19.55 NASDAQ Adv/Vol/Dec 1811/934.1 mln/682 NYSE Adv/Vol/Dec 2240/322.1 mln/689

12:35 pm : The S&P 500 trades higher by 1.2% as the Senate presents the plan to fund the government through January 15 while extending the debt ceiling to February 7. Both the Senate and the House of Representatives have yet to vote on the measure, but early indications from both sides suggest the plan will pass through Congress.

Treasuries have returned into positive territory after registering earlier losses. The 10-yr yield is off one basis point at 2.72%.

Also of note, the CBOE Volatility Index (VIX 15.09, -3.57) sits at its lowest level since late September.DJ30 +169.79 NASDAQ +39.86 SP500 +19.52 NASDAQ Adv/Vol/Dec 1837/858.8 mln/642 NYSE Adv/Vol/Dec 2220/301.9 mln/695

12:00 pm : Equities continue to hover near their highs as participants remain on a lookout for headlines from Washington regarding the impending vote on the plan to fund and reopen the government. The S&P 500 trades higher by 1.3% while the Nasdaq underperforms with a gain of 1.1%.

The tech-heavy Nasdaq finished September well ahead of the S&P 500, but has struggled to keep pace with the benchmark index this month. The Nasdaq holds an October gain of 1.7% versus the 2.3% month-to-date gain in the S&P 500.

Among notable earnings, Intel (INTC 23.55, +0.16) is higher by 0.7% after beating on earnings while Yahoo! (YHOO 33.04, -0.34) trades down 1.1% as the company's below-consensus fourth quarter guidance overshadows its bottom-line beat.DJ30 +191.21 NASDAQ +41.53 SP500 +21.49 NASDAQ Adv/Vol/Dec 1837/752.9 mln/617 NYSE Adv/Vol/Dec 2203/272.8 mln/707

11:30 am : Equity indices remain near their best levels of the day with the S&P 500 (+1.2%) trading ahead of the remaining averages.

The financial sector (+1.8%) continues to provide leadership while other top-weighted sectors also trade ahead of the broader market. The health care space (+1.6%) has drawn strength from the 6.1% gain in the shares of Abbott Labs (ABT 35.76, +2.05) after the drug maker reported above-consensus earnings and announced a 57% quarterly dividend hike.

Elsewhere, the energy sector is higher by 1.2% as crude oil sports a gain of 1.1% at $102.33 per barrel. With regard to other commodities, gold futures are little changed at $1273.10 per troy ounce and copper futures trade up 0.2% at $3.31 per pound.DJ30 +176.02 NASDAQ +41.44 SP500 +20.13 NASDAQ Adv/Vol/Dec 1823/633.5 mln/620 NYSE Adv/Vol/Dec 2146/248.2 mln/744

11:00 am : The major averages continue to hover near their highs as participants cheer reports of an imminent deal in Washington. Although reports from the Senate indicate House Speaker John Boehner has agreed to put the bill up for vote, Speaker Boehner's office has not confirmed these reports.

Six of ten sectors hold gains of at least 1.0% with financials (+1.8%) outperforming notably. Bank of America (BAC 14.50, +0.26) and PNC Financial Services (PNC 73.58, +1.07) sport respective gains of 1.8% and 1.3% after both names reporter better-than-expected earnings. Despite the political turmoil, the financial sector has outperformed the remaining nine groups this month. The sector holds a month-to-date gain of 3.6%.DJ30 +189.48 NASDAQ +42.63 SP500 +21.63 NASDAQ Adv/Vol/Dec 1843/506.6 mln/539 NYSE Adv/Vol/Dec 2159/211.1 mln/698

10:30 am : The stock market has been rallying this morning in hopes of a deal, which has also given a boost to some commodities.

Crude oil just rallied to a new HoD, rising just above $102/barrel. Crude oil has since pulled back somewhat and is now +0.5% at $101.75/barrel.

Natural gas futures have been in positive territory all day long so far. Nov nat gas rose as high as $3.85/MMbtu and is now +1.4% at $3.84/MMBtu.

Precious metals have been selling off this morning. Dec gold hit a new low for the day in recent action and Dec silver is back near its LoD. Gold is now +0.1% at $1274.20/oz, while silver is +0.2% at $21.24/oz.DJ30 +160.77 NASDAQ +39.85 SP500 +18.18 NASDAQ Adv/Vol/Dec 18.34/398.4 mln/503 NYSE Adv/Vol/Dec 2155/176 mln/673

10:00 am : The major averages climbed to fresh highs amid reports from the National Review indicating House Speaker John Boehner will bring up the Senate plan for a vote on the House floor with the bill expected to receive enough support to pass. The S&P 500 trades higher by 1.1% and Treasuries are on their lows with the 10-yr yield up two basis points at 2.75%.

Just reported, the October NAHB Housing Market Index fell to 55 from 58. Today's report was below the reading of 57 expected by the Briefing.com consensus.DJ30 +173.52 NASDAQ +38.52 SP500 +18.64 NASDAQ Adv/Vol/Dec 1826/235.2 mln/446 NYSE Adv/Vol/Dec 2173/122.9 mln/593

09:45 am : The major averages began the session in positive territory with nine of ten sectors registering opening gains. The energy space (+1.0%) is an early leader while financials (+1.0%) and health care (+0.8%) follow not too far behind.

Among financials, Bank of America (BAC 14.40, +0.16) trades higher by 1.1% after beating earnings expectations by one cent.

Elsewhere, the health care sector has received a boost from shares of Abbott Labs (ABT 35.40, +1.69) after the drug maker reported a bottom-line beat and increased its quarterly dividend to $0.22 per share.

On the downside, the industrial space is lower by 0.1% as defense contractors weigh (PHLX Defense Index -0.1%).

The October NAHB Housing Market Index will be reported at 10:00 ETDJ30 +79.66 NASDAQ +20.39 SP500 +9.53 NASDAQ Adv/Vol/Dec 1579/123.9 mln/580 NYSE Adv/Vol/Dec 1932/81.1 mln/747

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +19.70. The major averages are poised to begin today's session with solid gains as the S&P 500 futures trade higher by 0.7%.

After yesterday's session ended, Fitch Ratings announced it is placing the U.S. 'AAA' rating on negative watch due to "political brinksmanship" over raising the debt ceiling. After the warning was issued, reports out of Washington indicated the House of Representatives cancelled its planned vote due to a lack of support. Given the developments, the focus is now back on the Senate where Majority Leader Reid is expected to continue working with Minority Leader Mitch McConnell on a plan to fund and reopen the government.

Also of note, quarterly reports are expected to garner some attention as the Q3 earnings season enters full swing. Bank of America (BAC 14.31, +0.07) trades higher by 0.5% after beating bottom-line expectations by one cent on in-line revenue.

Elsewhere, Intel (INTC 23.20, -0.19) is lower by 0.7% after reporting a bottom-line beat and guiding fourth quarter revenue near the lower end of analyst expectations.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +19.70. The S&P 500 futures trade higher by 0.7%.

Markets across Asia were mostly lower, taking their cue from Wall Street, as uncertainty over the budget/debt ceiling negotiations drags on. Japan's Nikkei (+0.2%) eked out a small gain while China's Shanghai Composite (-1.8%) lagged the rest of the rest of the region. Markets in Indonesia, Malaysia, the Philippines, and Singapore were mixed as traders returned from their holiday weekend. India's Sensex remained shuttered for Idul Juha. The Bank of Thailand opined overnight, opting to keep its key rate unchanged 2.50%, as expected. Data from the region was light, limited to a downtick in South Korea's unemployment rate to 3.0% (3.2% expected, 3.1% previous).

In Japan, the Nikkei added 0.2% as shares gained for the fourth time in five days. Heavyweight Softbank jumped 2.2% after reports suggested the company was in talks to buy U.S. wireless device distributor Brightstar.
Hong Kong's Hang Seng shed 0.5% as trade slipped off its best level in three weeks. Selling was widespread as Galaxy Entertainment shed 2.3% and Li & Fung fell -1.1%. On the upside, energy names outperformed with PetroChina adding 1.0% and Cnooc edging up 0.3%.
In China, the Shanghai Composite settled lower by 1.8% as trade slipped back below the 200-day moving average. Miners were a bright spot as Zhongjin Gold and Shangdong Gold climbed 3.3% and 2.9%, respectively.

Major European indices hover in the red with France's CAC leading to the downside (-0.9%). Elsewhere, Italy's MIB outperforms with a gain of 0.6%. In news of note, Germany's CDU/CSU alliance is not expected to enter a coalition government with the Greens after talks revealed the parties don't share a common ground. Separately, reports in Die Zeit indicate the next aid package for Greece will include new aid from the European Central Bank. Investors received a handful of economic data. Eurozone CPI rose 0.5% month-over-month while the year-over-year reading increased 1.1%. Separately, core CPI increased 1.0% year-over-year. All three readings met expectations. Also of note, the trade surplus expanded to EUR12.30 billion from EUR11.00 billion (EUR12.40 billion expected). Great Britain's claimant count declined 41,700 (25,000 expected, 41,600 prior) while the unemployment rate held steady at 7.7%. Separately, the Average Earnings Index + Bonus rose 0.7% (1.0% expected, 1.2% previous). Italy's trade surplus narrowed to EUR0.96 billion from EUR5.98 billion (EUR5.21 billion expected).

In Germany, the DAX is off 0.1% as apparel manufacturer Adidas weighs, trading lower by 1.5%. Utilities have displayed strength with E.ON and RWE both up near 1.5%.
Great Britain's FTSE is lower by 0.5% as miners lag. Anglo American and Fresnillo hold respective losses of 1.9% and 3.0%. On the upside, asset manager Hargreaves Lansdown sports a gain of 3.4%.
In France, the CAC trades down 0.8%. LVMH Moet Hennessy Louis Vuitton is the weakest performer, down 6.6% after reporting a slowdown in sales growth. Telecom carrier Vivendi outperforms with a gain of 2.4%.
Italy's MIB is higher by 0.6% as financials display strength. Banca Popolare dell'Emilia Romagna and Intesa Sanpaolo trade with respective gains of 2.9% and 2.1%.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: +8.60. Nasdaq futures vs fair value: +16.00. The major averages are poised for an upbeat start to today's session as equity futures continue to hover near their highs. Last evening, futures spiked after it was reported that the House of Representatives cancelled its scheduled vote on funding and reopening the government. This put the ball back in the Senate's court with Harry Reid's spokesman saying the Majority leader is optimistic an agreement is 'within reach.'

However, since Senator Reid and his representatives have made upbeat-sounding remarks in the past days, the latest wave of optimism warrants some caution until an actual deal is announced.

Treasuries are little changed with the 10-yr yield at 2.74%.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +11.70. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.4%. Last evening, the House of Representatives was scheduled to vote on a plan to fund and reopen the government, but the vote was cancelled due to a lack of support. Following the cancellation, the Senate resumed working on its own version of a plan. Separately, Fitch Ratings placed the U.S. 'AAA' status on rating watch negative.

Looking at overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.5%, China's Shanghai Composite -1.8%, and Japan's Nikkei +0.2%.
Regional economic data was limited:
Australia's MI Leading Index ticked down 0.1% (0.4% previous).
New Zealand's CPI increased 0.9% quarter-over-quarter (0.9% expected, 0.2% prior).
South Korea's unemployment rate slipped to 3.0% from 3.1% (3.1% forecast).
In news:
In China, the chairman of the Securities Regulatory Commission said protecting small investors equates to protecting the entire financial market.

Major European indices hover in the red. Germany's DAX -0.2%, Great Britain's FTSE -0.5%, and France's CAC -0.9%. Elsewhere, Italy's MIB +0.6% and Spain's IBEX is unchanged.
Investors received a handful of economic data:
Eurozone CPI rose 0.5% month-over-month while the year-over-year reading increased 1.1%. Separately, core CPI increased 1.0% year-over-year. All three readings met expectations. Also of note, the trade surplus expanded to EUR12.30 billion from EUR11.00 billion (EUR12.40 billion expected).
Great Britain's claimant count declined 41,700 (25,000 expected, 41,600 prior) while the unemployment rate held steady at 7.7%. Separately, the Average Earnings Index + Bonus rose 0.7% (1.0% expected, 1.2% previous).
Italy's trade surplus narrowed to EUR0.96 billion from EUR5.98 billion (EUR5.21 billion expected).
In news:
In Germany, the CDU/CSU alliance is not expected to enter a coalition government with the Greens party after talks revealed the parties don't share a common ground.
According to reports in German Die Zeit, the next aid package for Greece will include new aid from the European Central Bank.

In U.S. corporate news:

Bank of America (BAC 14.23, -0.01) is little changed after beating earnings expectations by one cent on in-line revenue.
CSX (CSX 26.40, +0.30) is +1.2% after beating on earnings and revenue.
Intel (INTC 23.35, -0.03) is -0.1% following its bottom-line beat on in-line revenue.
Mattel (MAT 44.25, +2.70) is +6.5% after reporting an earnings beat on revenue that matched consensus expectations.
PepsiCo (PEP 80.60, 0.00) is unchanged after beating earnings expectations by seven cents.
Yahoo! (YHOO 34.34, +0.96) is +2.9% after reporting an earnings beat and issuing below-consensus fourth quarter guidance.

The weekly MBA Mortgage Index ticked up 0.3% to follow last week's increase of 1.3%.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +5.50.

07:00 am : Nikkei...14467.14...+25.60...+0.20%. Hang Seng...23228.33...-108.20...-0.50%.

07:00 am : FTSE...6509.77...-39.30...-0.60%. DAX...8785.84...-18.60...-0.20%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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