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 Post subject: October 18th Friday Trade Results - Profit $1570.00
PostPosted: Fri Oct 18, 2013 11:39 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)
http://twitter.com/wrbtrader (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 @ $320.00 dollars or +3.20 points, Emini ES ($ES_F) futures @ $1250.00 dollars or +25.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1570.00 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=1629

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.

Tech Stocks Rally As Google Surges

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

NEW YORK (CNNMoney)
Investors are high on Google (GOOG, Fortune 500). Its stock surged more 13% on the back of robust earnings and topped $1,000 for the first time Friday..

The online search giant pulled up a slew of other well-known tech names with it. Amazon (AMZN, Fortune 500), Facebook (FB, Fortune 500), Yahoo (YHOO, Fortune 500)! and LinkedIn (LNKD) all jumped more than 2%.

The Nasdaq was the best performing index, jumping more than 1% Friday. The tech-heavy index closed the week up more than 3%.

* Apple's iPad problem

The S&P 500 hits new highs: Now that investors don't have to worry about the United States defaulting on its debt for at least a few months, they're turning their attention to the broader economy and corporate earnings. They mostly like what they see.

The S&P 500 hit new highs this week, after Congress agreed to a deal to extend the debt ceiling. On Friday, the index rose another 0.7% and gained more than than 2% for the week.

The Dow Jones industrial average rose more modestly. It moved up 0.2% Friday and added 1% for the week.

* World still (reluctantly) loves the dollar

What's moving: Shares of Mexican fast food chain Chipotle (CMG) jumped more than 16%, surging to an all-time high thanks to strong earnings.

Most commenters on StockTwits were surprised by the market's extreme response to both Chipotle's earnings and Google's.

"Our economy consists of surfing the web $GOOG and eating burritos $CMG $SPY!!!" wrote HGB.

Ycharts questioned whether we're "in a burrito bubble? http://stks.co/anEZ $CMG

Many StockTwits users were more bullish on Google's potential.

"If you believe $GOOG can continue to innovate and grow profits as I do, there is absolutely no reason to sell now," wrote Jay McGill.

The last of the big banks to report third-quarter results, Morgan Stanley (MS, Fortune 500), wowed investors with earnings and revenue that topped forecasts.

General Electric (GE, Fortune 500) shares rose more than 3% after the bank reported better-than-expected earnings.

J.C. Penney (JCP, Fortune 500) continues to plummet. The troubled retailer's shares sank more than 4% Friday on more rumors of credit problems.

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4:15 pm : The S&P 500 registered its third consecutive gain, rising 0.7% to extend its weekly advance to 2.4%. However, the Nasdaq (+1.3%) was today's standout as Google (GOOG 1011.41, +122.61) made a significant contribution to the relative strength of the tech-heavy index. Shares of Google surged 13.8% after the company surpassed earnings expectations by 37 cents.

Thanks to Google's surge, the tech sector settled in the lead with a gain of 1.8%. Even though the sector ended sharply higher, some other top members underperformed. Qualcomm (QCOM 68.40, -0.30) shed 0.4% and IBM (IBM 173.78, -1.05) fell 0.6% after plunging 6.4% yesterday. Chipmakers sat out the rally as Intel (INTC 23.88, -0.05) slipped 0.2% while the broader PHLX Semiconductor added 0.3%.

Outside of technology, the industrial sector (+1.1%) was the only group that ended with a gain larger than 1.0%. Top sector component General Electric (GE 25.55, +0.87) jumped 3.5% after beating earnings expectations by a penny on a 1.5% year-over-year decline in revenue. Transports also contributed to the sector's strength as the Dow Jones Transportation Average advanced 1.2%. Kansas City Southern (KSU 117.35, +4.19) was the top index component, rising 3.7% despite reporting a bottom-line miss.

Elsewhere, the energy space (+0.9%) outperformed with Schlumberger (SLB 93.99, +2.56) providing a measure of support after beating on earnings. Crude oil ended with a modest gain of 0.2% at $100.84 per barrel.

Also of note, the financial sector (+0.3%) underperformed even as Morgan Stanley (MS 29.69, +0.76) rose 2.6% after beating on earnings and revenue. JPMorgan Chase (JPM 54.30, +0.09) received a late-afternoon boost off its lows amid reports of the bank reaching a $4 billion settlement with the Federal Housing Finance Agency after the FHFA sought as much as $6 billion in damages. Even though financials lagged, the sector was the top performer of the week, rising 5.1%.

On the downside, the health care space (-0.4%) ended in the red. Intuitive Surgical (ISRG 376.52, -22.61) weighed following its top-line miss while biotechnology underperformed as well. The iShares Nasdaq Biotechnology ETF (IBB 206.78, -1.59) lost 0.8%.

Treasuries ended little changed with the 10-yr yield at 2.59%.

Trading volume was aided by options expiration as nearly 900 million shares changed hands on the floor of the New York Stock Exchange.

September existing home sales will be reported on Monday at 10:00 ET. On the earnings front, McDonald's (MCD 95.20, -0.27), Halliburton (HAL 52.47, +0.75), and SAP (SAP 73.75, +0.86) will report their quarterly results prior to the opening bell.

Week in Review: Equities Notch Fresh Record Highs as Government Shutdown Ends

On Monday, 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%. 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 technology sector (+0.5%) fueled much of the session-long rebound as top components rallied. Netflix (NFLX 333.50, +3.40) also displayed strength, surging 7.8% after reports indicated the company is exploring making its service available through cable set-top boxes. The company also said it entered into a production deal with Sony (SNE 19.61, -0.42).

Tuesday saw the S&P 500 settle 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. 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 38.78, +0.23) lost 0.7% following its in-line earnings report.

On Wednesday, 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. All ten sectors posted gains with financials (+2.2%) ending in the lead. The sector received support from Bank of America (BAC 14.63, -0.03) and PNC Financial (PNC 75.04, +0.36) after both banks reported bottom-line beats.

The major averages ended Thursday's session on a mixed note as the Dow shed just over two points while the S&P 500 added 0.7% to notch a fresh all-time high at 1,733.45. With the third quarter earnings season heating up, the Dow Jones Industrial Average was victimized by disappointing results from two market-moving names. Goldman Sachs (GS 158.69, +0.37) and IBM ended with respective losses of 2.4% and 6.4% after both reported bottom-line beats on light revenue. Goldman Sachs missed top-line estimates by roughly $500 million while IBM reported revenue $1 billion below analyst expectations. Shares of IBM weighed on the technology sector (-0.2%) while financials (+0.9%) were able to shake off Goldman's weakness with help from American Express (AXP 80.52, +0.29). The Dow component jumped 5.1% following its earnings beat.

DJIA +17.5% YTD
S&P 500 +22.3% YTD
Nasdaq +29.6% YTD
Russell 2000 +31.3% YTD

DJ30 +28.00 NASDAQ +51.13 SP500 +11.35 NASDAQ Adv/Vol/Dec 1710/1.87 bln/832 NYSE Adv/Vol/Dec 2175/891.6 mln/867

3:30 pm : Nov crude oil traded higher today following strong Chinese GDP data. The country's GDP rose 2.2% q/q vs an expected rise of 1.9%, while the y/y reading came in at 7.8%, as expected. The energy component climbed to a session high of $101.98 per barrel in morning pit trade but retreated towards the unchanged line. It settled with a 0.5% gain at $101.12 per barrel, shaving weekly losses to 0.8%
Nov natural gas slid to a session low of 3.69 per MMBtu but gained momentum in afternoon action. It managed to erase the earlier losses and settled the session unchanged at $3.76 per MMBtu, booking a 0.3% loss for the week
Dec gold traded in negative territory, dipping to a session low of $1311.20 per ounce in afternoon pit trade. It eventually settled with a 0.6% loss at $1314.20 per ounce
Dec silver chopped around near the unchanged line. It brushed a session high of $22.05 per ounce in morning floor action and settled 0.2% lower at $21.92 per ounce. Despite today's decline, gold and silver booked respective gains of 3.6% and 3.2% for the week

DJ30 +26.42 NASDAQ +46.22 SP500 +10.29 NASDAQ Adv/Vol/Dec 1564/1552.7 mln/938 NYSE Adv/Vol/Dec 2117/588 mln/888

3:00 pm : The Nasdaq remains in the lead as it draws strength from Google's (GOOG 1012.58, +123.79) 13.9% gain driven by better-than-expected earnings. Google's strong report has capped the first busy week of the Q3 earnings season that also saw less impressive results from the likes of Goldman Sachs (GS 159.15, +0.83) and IBM (IBM 173.56, -1.27).

Earnings reporting will kick into high gear next week with 40 companies covered by Briefing.com scheduled to release their results on Monday. The number of reporting companies will increase as the week progresses with nearly 150 names set to release their results before Thursday's opening bell.

Turning the focus back to Monday, McDonald's (MCD 95.26, -0.22), Halliburton (HAL 52.30, +0.58), Philips Electronics (PHG 33.53, +0.38), SAP (SAP 74.03, +1.14), and V.F. Corp (VFC 203.54, +1.65) are among the notable names set to release their results before the opening bell.DJ30 +32.49 NASDAQ +50.37 SP500 +11.46 NASDAQ Adv/Vol/Dec 1607/1.39 bln/906 NYSE Adv/Vol/Dec 2141/539.1 mln/863

2:30 pm : Stocks continue to hover near their highs as the S&P 500 looks to register its seventh gain out of the past eight sessions. The benchmark index has been rallying steadily after seeing a brief dip below its 100-day moving average on October 8.

Since that test of the 100-day average, the S&P has added nearly 6.0%, and it now trades at a fresh all-time high.

Elsewhere, Treasuries have been very quiet since the opening bell. The 10-yr yield is little changed at 2.59%.DJ30 +27.27 NASDAQ +47.86 SP500 +10.95 NASDAQ Adv/Vol/Dec 1615/1.31 bln/887 NYSE Adv/Vol/Dec 2112/510.5 mln/896

2:05 pm : Equity indices have made another push to fresh highs as the Nasdaq (+1.2%) continues to lead.

At this juncture, the industrial sector (+1.3%) is the only group other than technology (+1.7%) that trades with a gain larger than 1.0%. Industrials have received support from General Electric (GE 25.71, +1.03) and transportation-related names. GE sports a gain of 4.2% after beating earnings expectations by one cent while the Dow Jones Transportation Average trades higher by 1.1%. 19 of 20 index components hold gains and Kansas City Southern (KSU 117.00, +3.84) is the top performer despite missing earnings expectations by a penny.DJ30 +32.01 NASDAQ +48.14 SP500 +11.73 NASDAQ Adv/Vol/Dec 1616/1.23 bln/878 NYSE Adv/Vol/Dec 2141/484.6 mln/860

1:30 pm : The major averages are sitting at their best levels of the day, riding the manic bid to own Google (GOOG 1005.85, +117.06) after its better-than-expected earnings report. A 13% gain in a company with a $300 bln market cap ($335 bln now) is no small feat and speaks to how buyers are pouring into the stock today. It is the equivalent of a melt-up as opposed to a meltdown.

In any event, the broader market continues to ride high on several better-than-expected earnings reports since yesterday's close and the assumption that the Fed is going to be keeping the pedal to the metal with its asset purchase program into 2014 on account of the political apoplexy you know where.

While the S&P 500 is extending its reach into record territory, the CBOE Volatility Index (VIX 12.93, -0.55) continues to collapse. Three days ago, the VIX Index closed just shy of 19.00. DJ30 +16.18 NASDAQ +42.33 SP500 +9.27 NASDAQ Adv/Vol/Dec 1592/1.13 bln/878 NYSE Adv/Vol/Dec 2064/453 mln/906

12:55 pm : At midday, the Nasdaq trades with a solid gain of 1.0% while the Dow Jones Industrial Average (+0.1%) has had a difficult time staying above its flat line.

The outperformance of the Nasdaq is largely due to the 13.0% gain in Google (GOOG 1004.28, +115.49) after the company beat its earnings expectations by 37 cents. This has also boosted the technology sector (+1.5%) while some other top tech names lag. eBay (EBAY 50.84, -0.55) and Microsoft (MSFT 34.74, -0.18) hold respective losses of 1.1% and 0.5% while IBM (IBM 173.90, -0.93) is lower by 0.5% as it sees continued weakness following yesterday's earnings-driven 6.4% decline.

Although the largest S&P 500 sector-technology-is the clear leader, two other top-weighted groups-financials and health care-have kept the S&P 500 (+0.5%) from matching the gain in the Nasdaq.

The financial sector is little changed even as Morgan Stanley (MS 29.70, +0.77) trades up 2.6% after beating on earnings and revenue. Even though bank shares lag, the sector remains atop this week's leaderboard with a week-to-date gain of 4.9%.

Elsewhere, the health care sector has been pressured by Intuitive Surgical (ISRG 379.04, -20.09) and companies specializing in biotechnology. Intuitive Surgical holds a loss of 5.0% after missing revenue expectations while the iShares Nasdaq Biotechnology ETF (IBB 204.93, -3.44) trades lower by 1.7% as top components trade broadly lower.

Treasuries are little changed with the 10-yr yield at 2.59%.DJ30 +8.51 NASDAQ +38.80 SP500 +7.95 NASDAQ Adv/Vol/Dec 1541/1.04 bln/909 NYSE Adv/Vol/Dec 2013/427.5 mln/938

12:30 pm : Not much has changed since our last update as the S&P 500 trades higher by 0.4%.

Most individual sectors have respected the ranges that have been established in the early going, but two countercyclical groups-health care and telecom services-have diverged.

The health care space has retreated steadily since the open, and the group now holds a loss of 0.8%. Meanwhile, the telecom services sector has been climbing steadily to its current session high. The sector holds a gain of 1.3% with AT&T (T 34.85, +0.41) and Verizon (VZ +49.82, +0.92) up 1.2% and 1.9%, respectively.DJ30 -2.70 NASDAQ +34.56 SP500 +6.97 NASDAQ Adv/Vol/Dec 1543/973.6 mln/899 NYSE Adv/Vol/Dec 1986/405.7 mln/958

12:00 pm : The S&P 500 (+0.4%) trades three points off its high while the Dow (-0.2%) remains challenged by its flat line. The price-weighted index has lagged throughout the week, but remains on track to post a weekly gain of 0.7%. Meanwhile, the Nasdaq and S&P sport week-to-date gains of 2.7% and 2.1%, respectively.

Dow underperformance has been the theme through the first three weeks of October while the Nasdaq and S&P have registered comparable gains. The Dow is higher by 1.4% month-to-date while the other two indices hold October gains close to 3.3% apiece.DJ30 -26.12 NASDAQ +29.49 SP500 +5.16 NASDAQ Adv/Vol/Dec 1477/896.5 mln/948 NYSE Adv/Vol/Dec 1926/383.5 mln/993

11:30 am : The major averages have not moved much in the past 30 minutes as the Nasdaq (+0.9%) continues to lead.

As mentioned earlier, cyclical sectors trade in mixed fashion with respect to the S&P 500. Energy (+0.6%), industrials (+0.8%), and technology (+1.3%) outperform while consumer discretionary (+0.2%), financials (unch), and materials (+0.1%) lag.

Among materials, most steelmakers trade with gains as the Market Vectors Steel ETF (SLX 48.10, +0.20) trades higher by 0.4%. Meanwhile, miners lag with the Market Vectors Gold Miners ETF (GDX 24.46, -0.04) off 0.2% as gold futures trade lower by 0.6% at $1315.70 per troy ounce.DJ30 -8.19 NASDAQ +33.17 SP500 +6.11 NASDAQ Adv/Vol/Dec 1488/791.8 mln/915 NYSE Adv/Vol/Dec 1910/354.8 mln/995

11:00 am : The Nasdaq (+0.8%) continues to trade near its best level of the session while the Dow (-0.1%) and S&P 500 (+0.3%) trade near the middle of their respective ranges. Even though the top-weighted S&P 500 sector-technology-sports a solid gain of 1.4%, the broader market has not followed in its lead as two other influential sectors-financials and health care-lag.

Financials (-0.2%) underperform even as Morgan Stanley (MS 29.44, +0.51) trades higher by 1.8% after beating on earnings and revenue. Elsewhere, the health care sector (-0.7%) has been pressured by shares of Intuitive Surgical (ISRG 381.78, -17.35) after the company reported a bottom-line beat on below-consensus revenue.

Companies specializing in biotechnology have also displayed relative weakness as the iShares Nasdaq Biotechnology ETF (IBB 206.31, -2.06) trades lower by 1.0%. Including today's loss, the biotech ETF is lower by 1.6% this month, but remains up 50.2% year-to-date.DJ30 -19.91 NASDAQ +31.40 SP500 +4.78 NASDAQ Adv/Vol/Dec 1436/676.2 mln/920 NYSE Adv/Vol/Dec 1809/322.2 mln/1068

10:35 am : The dollar index is flat this morning, while gold is in the red and silver is modestly higher.

Crude oil gained steam during the overnight session, rallying as high as $101.94/barrel. Dec crude oil is now +0.4% at $101.25/barrel.

Natural gas has been in the red and is now down 1.3% at $3.71/MMBtu.

Dec gold spiked in overnight trading to $1328.90/oz, but quickly reversed. After consolidating following that spike, Dec gold is now -0.4% at $1318/oz. Dec silver is +0.1% at $21.97/oz. DJ30 -43.03 NASDAQ +25.66 SP500 +2.68 NASDAQ Adv/Vol/Dec 1352/557.2 mln/949 NYSE Adv/Vol/Dec 1737/289 mln/1120

10:00 am : The S&P 500 trades higher by 0.4% while the Nasdaq (+0.9%) outperforms.

Although the technology sector is maintaining its leadership, the relative strength of Google (GOOG 988.85, +100.06) has masked losses among some other top sector components. eBay (EBAY 50.55, -0.83), Intel (INTC 23.88, -0.04), Microsoft (MSFT 34.47, -0.45), and Visa (V 197.70, -0.58) are all down between 0.3% and 1.7%. IBM (IBM 174.13, -0.70) is also among early laggards, trading lower by 0.4% to follow yesterday's 6.4% tumble sparked by disappointing quarterly results.

Elsewhere, the industrial sector (+0.9%) has climbed into a position of strength as transports rally broadly. The Dow Jones Transportation Average trades higher by 1.0% with Kansas City Southern (118.03, +4.87) trading higher by 4.0% despite missing on earnings and revenue.DJ30 +1.22 NASDAQ +34.25 SP500 +6.98 NASDAQ Adv/Vol/Dec 1483/350.2 mln/747 NYSE Adv/Vol/Dec 1944/233.3 mln/806

09:45 am : The major averages began the session in mixed fashion. The Nasdaq (+0.6%) and S&P 500 (+0.3%) hover near their opening highs while the Dow Jones Industrial Average (-0.1%) holds a modest loss as 21 of its 30 components trade in negative territory.

Meanwhile, the broader market is being underpinned by three influential sectors as energy, industrials, and technology sport respective gains of 0.6%, 0.8%, and 0.8%. The technology sector is an early leader with Google (GOOG 980.57, +91.77) trading higher by 10.3% after reporting an earnings beat.

Although three cyclical groups have shown early strength, two other growth-oriented sectors-financials and materials-have sat out the opening rally. Both sectors are little changed.DJ30 -20.36 NASDAQ +23.28 SP500 +4.79 NASDAQ Adv/Vol/Dec 1426/234.9 mln/754 NYSE Adv/Vol/Dec 1928/204.2 mln/772

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +25.20. The major averages are poised to register gains at the open as the S&P 500 will look to build on its week-to-date advance of 1.8% after ending yesterday's session at a fresh record high of 1,733.15.

Equity futures have received significant pre-market support from a handful of large names reporting above-consensus earnings. Most notably, Google (GOOG 969.56, +80.77) has soared 9.1% in pre-market action after eclipsing Capital IQ earnings expectations by 37 cents. Given the early strength, shares of Google should provide a significant boost to the technology sector while other growth-sensitive groups are also expected to see opening gains.

Among financials, Capital One (COF 72.50, +0.35) and Morgan Stanley (MS 29.70, +0.77) hold respective pre-market gains of 0.5% and 2.7% after both names beat on earnings and revenue.

Elsewhere, the energy sector should see early support from Schlumberger (SLB 93.27, +1.84) after the company reported a bottom-line beat.

Treasuries have retraced a portion of their overnight move, but they remain in positive territory. The 10-yr yield is down two basis points at 2.57%.

08:55 am : S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +22.20. The S&P 500 futures trade higher by 0.3%.

It was a sea of green across Asia as all of the major bourses, aside from Japan's Nikkei (-0.2%), ended with gains. The overnight enthusiasm came following in-line Chinese Q3 GDP (7.8%), and was supported by an underlying bid following yesterday's reversal on Wall Street. The Shanghai Composite (+0.2%) managed to eke out a small gain, but Hong Kong's Hang Seng was more impressive, posting a 1.1% advance. However, the big winner was India's Sensex (+2.3%) as trade rallied to a three-year high. Meanwhile, Japan's Nikkei (-0.2%) lagged as a strong yen weighed. S&P chimed in overnight, reaffirming its 'AA-' rating while maintaining a negative outlook and saying that a downgrade remains possible if the Japanese government fails to implement reform. Other Chinese data showed fixed asset investment is up 20.2% year-to-date (20.4% expected) and industrial production advanced 10.2% year-over-year (10.1% expected).

In Japan, the Nikkei shed 0.2% as trade continues to struggle near resistance that has been in place since the early summer. Automakers were weak as Toyota gave up 1.0% and Honda Motor shed 0.3%. Elsewhere, financials slightly outperformed as Mitsubishi UFJ Financial ticked up 0.2%.
Hong Kong's Hang Seng finished higher by 1.1% as trade continues to press resistance in the area. Insurer AIA surged 4.4% after the company reported a jump in new business growth. Meranwhile, PC maker Lenovo shed 1.7% on reports it was considering a bid for smartphone maker Blackberry.
In China, the Shanghai Composite added 0.2% as trade held below the 200-day moving average. Brokerage firms outperformed with Industrial Securities gaining 1.2%.

Major European indices hover near their highs as the quiet session continues. In Germany, Angela Merkel's CDU/CSU alliance has agreed to begin coalition talks with SPD, which is reportedly looking to replace the current Finance Minister Wolfgang Schaeuble. Elsewhere, Spanish bad loan ratio rose to a record level of 12.1% in August. Economic data was limited to Spain's industrial new orders, which fell 5.4% year-over-year (4.2% expected, 1.5% previous).

Germany's DAX is higher by 0.2% as health care outperforms. Bayer, Fresenius Medical, and Henkel are all up between 1.1% and 2.0%. SAP is the weakest index member, down 1.4%.
Great Britain's FTSE trades up 0.5% with consumer names in the lead. Reckitt Benckiser and Whitbread are both up near 2.0%. Media names lag with British Sky Broadcasting and ITV down 1.8% and 0.5%, respectively.
In France, the CAC holds a gain of 0.7% as consumer names contribute to the strength. Accor and L'Oreal trade with respective advances of 3.9% and 3.1%.

08:26 am : [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +27.00. Equity futures continue to hover near their best levels of pre-market action with Nasdaq (+0.6%) futures in the lead after Google (GOOG 971.50, +82.71) delivered a strong quarterly report.

Overall, investors have responded positively to most earnings reported since yesterday's close. General Electric (GE 25.35, +0.67), Morgan Stanley (MS 29.97, +1.04), and Schlumberger (SLB 93.45, +2.02) hold pre-market gains ranging from 2.2% to 3.5% after all three reported bottom-line beats. Of the three, Morgan Stanley was to only name to surpass its revenue expectations.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.57%.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +24.50. U.S. equity futures hold pre-market gains with the S&P 500 futures up 0.3% while Nasdaq (+0.5%) futures outperform as shares of Google (GOOG 976.50, +87.71) contribute to the strength. Google sports a pre-market gain of 9.9% after handily beating earnings expectations.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.2%, China's Shanghai Composite +0.2%, and Hong Kong's Hang Seng +1.1%.
In regional economic data:
China's GDP rose 2.2% quarter-over-quarter (1.9% expected, 1.7% prior) while the year-over-year reading came in at 7.8%, as expected (7.5% previous). In addition, industrial production increased 10.2% year-over-year (10.1% expected, 10.4% last), retail sales rose 13.3% year-over-year (13.5% forecast, 13.4% previous), and fixed asset investment climbed 20.2% year-over-year (20.3% expected, 20.3% prior).
Japan's foreign bonds buying report pointed to net purchases in the amount of JPY380.70 billion (-JPY2.22 trillion prior).
In news:
Bank of Japan Governor Haruhiko Kuroda spoke overnight, but did not provide too much new insight. The central bank governor said monetary policy has started showing effects on the economy while making progress in correcting yen strength.

Major European indices hover near their highs. Germany's DAX +0.2%, Great Britain's FTSE +0.4%, and France's CAC +0.5%.
Economic data was limited:
Spain's industrial new orders fell 5.4% year-over-year (4.2% expected, 1.5% previous).
Looking at news:
Spanish bad loan ratio rose to a record level of 12.1% in August.
In Germany, Angela Merkel's CDU/CSU alliance has agreed to begin coalition talks with SPD, which is reportedly looking to replace the current Finance Minister Wolfgang Schaeuble.

In U.S. corporate news:

Capital One (COF 72.25, +0.10): +0.1% after beating on earnings and revenue.
Chipotle Mexican Grill (CMG 473.99, +34.92): +7.7% after its above-consensus comparable stores guidance overshadowed its earnings miss.
General Electric (GE 25.35, +0.67): +2.7% after beating earnings expectations by one cent.
Honeywell (HON 85.99, -0.75): -0.9% following its mixed results. The company surpassed earnings estimates by one cent, but reported revenue below analyst expectations.
Intuitive Surgical (ISRG 365.00, -34.13): -8.6% after reporting an earnings beat on below-consensus revenue.
Morgan Stanley (MS 29.75, +0.82): +2.8% after beating on earnings and revenue.
Schlumberger (SLB 94.00, +2.57): +2.8% following its earnings beat.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +21.30.

06:59 am : Nikkei...14561.54...-25.00...-0.20%. Hang Seng...23340.10...+245.20...+1.10%.

06:59 am : FTSE...6599.44...+23.30...+0.30%. DAX...8827.88...+15.90...+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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