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 Post subject: October 24th Thursday Trade Results - Profit $1992.50
PostPosted: Fri Oct 25, 2013 7:54 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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 @ $180.00 dollars or +1.80 points, Emini ES ($ES_F) futures @ $1812.50 dollars or +36.25 points, Light Crude Oil CL ($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 @ $1992.50 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=1633

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.

Solid Earnings and Apple Lift Stocks

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

NEW YORK (CNNMoney)
Strong earnings and encouraging economic news from China brightened the mood on Wall Street Thursday.

A jump in shares of Apple (AAPL, Fortune 500) helped too. And good news from the tech sector kept coming after the market closed.

Microsoft (MSFT, Fortune 500) reported earnings and revenue that easily topped expectations, sending shares nearly 6% higher in after-hours trading. Amazon (AMZN, Fortune 500) reported a quarterly loss that was in line with forecasts. But sales topped estimates and Amazon's stock surged more than 7% after hours on the news.

Also after the bell, Twitter said it will offer 70 million shares at range of $17-$20 a share in its upcoming initial public offering, which would value the company as high as $10.9 billion.

Before the flurry of tech news, the Dow Jones industrial average jumped nearly 100 points, or 0.6%, in regular trading. The S&P 500 rose 0.3% and Nasdaq gained 0.6%.

In a sign that manufacturing is improving in the world's second largest economy, Chinese factory activity hit a 7-month high in October. The positive data follows last week's upbeat report that showed China's economy great 7.8% during the third quarter.

Icahn boosts Apple: Shares of Apple rose 1.3% following the news that activist investor Carl Icahn sent a letter to CEO Tim Cook reiterating his push for a big share buyback.

The gains briefly put Apple's stock in positive territory for the year for the first time since Jan. 4. Shares have rallied almost 40% since the they slid below $400 in April.

In his letter, Icahn said he boosted his stake in the company to 4.73 million shares, and remains convinced that apple should launch a $150 billion buyback program.

Traders seemed to be on board with Icahn, and are looking forward to Apple's earnings next week.

"$AAPL starting to move like it used to with Icahn calling buyback a "no brainer," said StkCon. "Now, let's hope for good earnings!"

Some traders had lofty predictions.

"$AAPL With the blow out earnings it will rocket to $600.00 by Christmas," predicted fishobass182.

"$AAPL I love being part of history, a year from now will look back and say wow what an epic run post/ after earnings that was. Bullish," said win2betmore.

A big day for earnings: Dow components 3M (MMM, Fortune 500) and AT&T (T, Fortune 500) reported better-than-expected earnings. But shares of Ma Bell declined almost 2% while 3M rose slightly.

Ford (F, Fortune 500) shares rallied after the automaker raised guidance and released quarterly earnings and revenue that topped forecasts. Rival GM (GM, Fortune 500) rose on the news as well. Investors were particularly encouraged by the fact that Ford once again trimmed its ongoing losses in Europe and raised its earnings guidance.

"Second consecutive upside surprise from Europe at Ford," said StockTwits user retail_guru. "Faster improvement = unqualified great news $F."

On Ford's earnings call with analysts, CEO Alan Mulally also tried to ease concerns that he may leave the automaker to take the top job at Microsoft (MSFT, Fortune 500).

PulteGroup (PHA) shares were also on the rise after the homebuilder's earnings and revenue topped forecasts.

Southwest Airlines (LUV, Fortune 500) gained ground after the discount airline reported solid earnings thanks to higher airfares and declining fuel costs. Southwest was optimistic about the current quarter, highlighting that bookings for November and December are strong.

On the downside, shares of Symantec (SYMC, Fortune 500) got hammered after the company reported earnings and sales that fell short of estimates, and slashed its guidance. The chairman of StockTwits noted that Symantec has not been as adept as Adobe (ADBE) in adapting to new trends.

"$SYMC thank goodness i gave up on this a few weeks ago...have not made the $ADBE like transition to mobile and the cloud...ugh," said howardlindzon.

Dow Chemical (DOW, Fortune 500) shares also finished lower after the company's earnings fell short.

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4:10 pm : The major averages settled near their highs as the S&P 500 advanced 0.3% while the Dow Jones Industrial Average outperformed with a gain of 0.6%.

Overall, today's session did not generate too much excitement even with investors receiving more than 200 quarterly reports between yesterday's close and today's open. Outside of some choppy action during the first hour, equity indices climbed steadily throughout the session.

The Dow led from the start, keying off 3M's (MMM 123.49, +0.29) better-than-expected earnings. Meanwhile, the broader industrial sector (+0.7%) finished among the leaders as transports contributed to the strength. The Dow Jones Transportation Average gained 0.9% with airlines leading the pack after Alaska Air (ALK 69.68, +2.65) reported strong results.

Elsewhere, the discretionary sector (+1.0%) also provided leadership as homebuilders rallied in reaction to above-consensus earnings and revenue from PulteGroup (PHM 17.85, +1.17). The broader iShares US Home Construction ETF (ITB 23.18, +0.64) jumped 2.8%. In addition to builders, carmakers also underpinned the sector after Ford (F 17.76, +0.24) beat on earnings and issued upbeat guidance.

While five of six cyclical groups ended with solid gains between 0.5% and 1.0%, the financial sector could not make a sustained move into positive territory until the final hour. The group added just 0.1% after spending the entire session just below its flat line.

On the downside, all four countercyclical groups posted losses. Health care ended just below its flat line while consumer staples (-0.2%) and utilities (-0.2%) registered modest declines. The telecom services space (-1.0%) was the weakest sector of the day, pressured by shares of AT&T (T 34.63, -0.65) after the telecom giant reported a one-cent beat on revenue just below analyst estimates.

Treasuries ended modestly lower with the 10-yr yield up 3.5 basis points at 2.52%.

Trading volume was on the light side as just over 715 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to weekly initial claims and the August trade balance report. Problems related to glitches from a computer upgrade in California continued to plague the initial claims data and artificially boosted headline levels. The weekly initial claims level fell to 350,000 from an upwardly revised 362,000 (from 358,000). The consensus expected claims to fall to 341,000.

The Department of Labor stated that there was no way to separate the claims from California that were biasing the data from those in the private sector that lost their jobs as a result of the government shutdown. We have no way of determining the true level of layoffs, but it is likely around 310,000 -- 330,000 since overall labor trends have not changed much over the last couple of months.

Separately, the trade deficit widened to $38.8 billion in August from a downwardly revised $38.6 billion reported in July.

Tomorrow, September durable orders will be reported at 8:30 ET, the final reading of the Michigan Consumer Sentiment Survey will cross the wires at 9:55 ET, and August wholesale inventories will be announced at 10:00 ET.

DJIA +18.4% YTD
S&P 500 +22.9% YTD
Nasdaq +30.1% YTD
Russell 2000 +31.7% YTD

DJ30 +95.88 NASDAQ +21.89 SP500 +5.69 NASDAQ Adv/Vol/Dec 1577/1.93 bln/963 NYSE Adv/Vol/Dec 1751/715.8 mln/1276

3:35 pm :

Dec crude oil rose for the first time in four sessions despite prices dipping to a session low of $95.95 per barrel in morning pit trade. The energy component broke into positive territory in early afternoon floor action and settled with a 0.3% gain at $97.12 per barrel
Nov natural gas dipped to a session low of $3.55 per MMBtu on inventory data that showed a build of 87 bcf when a smaller build of 79-82 bcf was anticipated. However, prices quickly jumped higher and erased the earlier losses. Natural gas held the momentum in afternoon floor action and settled 0.3% higher at $3.63 per MMBtu
Precious metals rose higher today as data this morning showed Initial Claims fell to 350K vs 341K Briefing.com consensus
Dec gold climbed as high as $1352.30 per ounce and settled with 1.2% gain at $1350.30 per ounce
Dec silver popped to a session high of $22.91 per ounce and eventually settled at $22.82 per ounce, or 0.9% higher

DJ30 +95.49 NASDAQ +22.11 SP500 +5.82 NASDAQ Adv/Vol/Dec 1539/1649.4 mln/994 NYSE Adv/Vol/Dec 1724/482 mln/1276

3:05 pm : The major averages have climbed to fresh highs as today's session enters its final hour. Prior to the open, investors received more than 120 quarterly reports with another batch of nearly 100 set to be released after the close.

Amazon.com (AMZN 332.07, +5.31), Cliffs Natural Resources (CLF 23.52, +0.09), Express Scripts (ESRX 63.85, 0.00), and Microsoft (MSFT 33.94, +0.18) are some of the notable names scheduled to announce their earnings following the bell. Tomorrow morning, look for Procter & Gamble (PG 80.68, -0.23) and UPS (UPS 95.12, +1.17) to headline the list of reporting names.DJ30 +109.46 NASDAQ +24.22 SP500 +6.96 NASDAQ Adv/Vol/Dec 1544/1.47 bln/981 NYSE Adv/Vol/Dec 1724/435.5 mln/1253

2:30 pm : Subdued afternoon action continues with the S&P 500 trading higher by 0.3%. The major averages have held inside relatively narrow ranges throughout the afternoon with individual sectors also holding their levels. Five of six cyclical groups (consumer discretionary, energy, industrials, materials, and technology) trade with gains between 0.4% and 0.9% while the last growth-sensitive sector, financials, remains just below its flat line. Interestingly, the sector has made several attempts at turning positive, but has yet to make a sustained move into the green.

Three of four countercyclical sectors (consumer staples, telecom services, and utilities) trade with losses between 0.3% and 0.8% while health care has alternated between gains and losses. Currently, the sector trades higher by 0.1%.DJ30 +103.90 NASDAQ +23.07 SP500 +5.73 NASDAQ Adv/Vol/Dec 1509/1.36 bln/1010 NYSE Adv/Vol/Dec 1662/398.4 mln/1302

2:00 pm : The S&P 500 has spent the past two hours near its current level (1751) as the afternoon continues. The benchmark index saw a brief slip yesterday, but has been able to erase a large chunk of that loss today.

With one more session remaining in the week, the index is on track to post a modest gain of 0.4%, which would extend the S&P's month-to-date gain to 4.1%. Meanwhile, the Dow has had the best showing so far this week (+0.7%), but continues to trail the S&P for the month. The price-weighted Dow trades with an October gain of 2.5%.DJ30 +87.72 NASDAQ +18.82 SP500 +4.50 NASDAQ Adv/Vol/Dec 1480/1.26 bln/1032 NYSE Adv/Vol/Dec 1618/368.3 mln/1327

1:35 pm : Not much has changed since our midday update as the major averages hover just below their best levels of the day.

Investors received more than 120 quarterly reports prior to the opening bell. As such, the performance of many sectors has been dictated by some of those reports. Producers of basic materials trade in-line with the S&P as chemical names lag while miners rally. Potash (POT 30.80, -0.90) has pressured other chemical producers after lowering its full-year 2013 earnings guidance below consensus. Meanwhile, miners have built on the 4.5% gain in Goldcorp (GG 26.75, +1.15) after the company beat on earnings and revenue. The broader Market Vectors Gold Miners ETF (GDX 26.23, +1.05) trades up 4.2%. On a related note, gold futures hold a gain of 1.2% at $1350.00 per troy ounce.DJ30 +89.90 NASDAQ +21.39 SP500 +5.33 NASDAQ Adv/Vol/Dec 1505/1.17 bln/982 NYSE Adv/Vol/Dec 1625/341.6 mln/1306

1:00 pm : Equities hover near their highs with the S&P 500 up 0.3%. The Dow Jones Industrial Average outperforms with an advance of 0.6% as 21 of 30 components trade in positive territory.

The S&P displayed some indecision through the first 90 minutes of the session before following the Dow's lead and climbing to a session high of 1751.72. Five of ten sectors hold midday gains while consumer staples (-0.3%), health care (unch), financials (-0.1%), telecom services (-0.7%), and utilities (-0.6%) lag.

Three out of five declining groups display modest losses while utilities and telecom services have been pressured by disappointing earnings. The largest telecom name, AT&T (T 34.82, -0.46), trades lower by 1.3% after reporting a one-cent beat on revenue that was a bit below consensus expectations. Meanwhile, utilities have been pressured by below-consensus revenues from EQT (EQT 87.11, -0.91) and Xcel Energy (XEL 28.80, -0.27).

On the upside, today's advance has been paced by the outperformance of three cyclical sectors. Consumer discretionary, industrials, and technology hold gains between 0.5% and 0.8% with discretionary shares in the lead.

The discretionary sector (+0.8%) has been bolstered by homebuilders and carmakers. Builder shares have received a boost from PulteGroup's (PHM 17.84, +1.16) better-than-expected earnings and revenue. PulteGroup has jumped 7.0%, and the broader iShares Dow Jones US Home Construction ETF (ITB 23.20, +0.66) holds a solid gain of 2.9% after finding support at its 200-day moving average (22.91).

Elsewhere, the industrial space trades up 0.5% with transports fueling the gain. The Dow Jones Transportation Average holds an advance of 0.7% as airlines contribute to its strength after Alaska Air (ALK 69.51, +2.48) reported solid results.

Treasuries are modestly lower with the 10-yr yield up two basis points at 2.51%.

Today's economic data was limited to weekly initial claims and the August trade balance report.

Problems related to glitches from a computer upgrade in California continued to plague the initial claims data and artificially boosted headline levels. The weekly initial claims level fell to 350,000 from an upwardly revised 362,000 (from 358,000). The consensus expected claims to fall to 341,000.

The Department of Labor stated that there was no way to separate the claims from California that were biasing the data from those in the private sector that lost their jobs as a result of the government shutdown. We have no way of determining the true level of layoffs, but it is likely around 310,000 -- 330,000 since overall labor trends have not changed much over the last couple of months.

Separately, the trade deficit widened to $38.8 billion in August from a downwardly revised $38.6 billion reported in July.DJ30 +86.29 NASDAQ +23.69 SP500 +5.81 NASDAQ Adv/Vol/Dec 1551/1.07 bln/930 NYSE Adv/Vol/Dec 1643/312.5 mln/1294

12:25 pm : The major averages continue to hover near their highs as the Nasdaq (+0.5%) attempts to overtake the Dow Jones Industrial Average (+0.6%).

The Nasdaq has already received significant support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 211.22, +2.11) trades up 1.0%. However, some top Nasdaq components trade in mixed fashion. Apple (AAPL 530.87, +5.91) sports a solid gain of 1.1%, but names like Qualcomm (QCOM 67.13, +0.09), Cisco Systems (CSCO 22.22, -0.04), and Google (GOOG 1033.70, +2.29) have been lacking strength.

On the earnings front, Symantec (SYMC 21.60, -3.02) has tumbled 12.1% after missing revenue expectations and guiding third-quarter earnings and revenue below analyst expectations.DJ30 +87.62 NASDAQ +20.21 SP500 +4.93 NASDAQ Adv/Vol/Dec 1473/975.5 mln/995 NYSE Adv/Vol/Dec 1617/282.6 mln/1304

12:00 pm : The Dow (+0.5%) and S&P 500 (+0.3%) remain near their best level of the day, but small caps have garnered some increased buying interest over the past hour. The Russell 2000 trades higher by 0.5%, which puts it less than six points away from its all-time high of 1121.53 that was notched during the Tuesday session.

Meanwhile, the broader market is being held up by sectors like consumer discretionary (+0.8%), energy (+0.4%), industrials (+0.5%), and technology (+0.5%). However, the continued underperformance of financials (-0.1%) could become a bit of a drag on the broader market if the sector sees additional selling pressure during afternoon action.DJ30 +82.45 NASDAQ +18.62 SP500 +4.52 NASDAQ Adv/Vol/Dec 1462/897.2 mln/986 NYSE Adv/Vol/Dec 1615/260.9 mln/1278

11:25 am : Recent action saw the major indices climb to fresh highs. Outside of the 0.7% loss in the telecom services sector, no other group sports a decline larger than 0.3%. Of the remaining three countercyclical sectors, consumer staples (-0.1%) and utilities lag (-0.3%) while the health care space (+0.2%) outperforms.

The health care sector has drawn strength from the 4.2% gain in the shares of Alexion Pharmaceuticals (ALXN 114.38, +4.72) after the drug maker beat on earnings and revenue. This has also boosted the iShares Nasdaq Biotechnology ETF (IBB 211.56, +2.45), which trades up 1.2%.

Thanks to the outperformance of biotech and the relative strength of the tech sector (+0.5%), the Nasdaq (+0.5%) has essentially caught up to the Dow Jones Industrial Average (+0.5%).DJ30 +87.01 NASDAQ +20.13 SP500 +5.03 NASDAQ Adv/Vol/Dec 1427/776.1 mln/983 NYSE Adv/Vol/Dec 1573/229.2 mln/1292

11:00 am : Equity indices continue holding modest gains with the Dow Jones Industrial Average (+0.5%) outperforming the Nasdaq (+0.3%) and S&P 500 (+0.2%).

The discretionary sector (+0.6%) is the top performing group at this juncture as homebuilders and carmakers rally. Homebuilders have drawn strength from PulteGroup's (PHM 17.76, +1.07) better-than-expected earnings and revenue. The broader iShares Dow Jones US Home Construction ETF (ITB 23.19, +0.65) holds a solid gain of 2.8% after finding support at its 200-day moving average (22.91).

Meanwhile, the gains among carmakers have been fueled by Ford's (F 17.73, +0.21) above-consensus earnings and upbeat guidance.DJ30 +75.02 NASDAQ +12.40 SP500 +3.06 NASDAQ Adv/Vol/Dec 1355/656.2 mln/1008 NYSE Adv/Vol/Dec 1490/198.7 mln/1356

10:35 am : Commodities are mixed this morning with the energy sector lower and metals and ag mixed.

Crude oil futures sold off this morning and fell as low as $95.95/barrel. Crude is currently just above its HoD and is now -0.6% at $96.26/barr4el.

Natural gas futures were sitting just above session lows right ahead of the EIA weekly inventory data. The energy component initially dropped to a new LoD of $3.55/MMBtu following inventory data and is now -0.8% at $3.59/MMBtu.

Precious metals have been up all morning. Dec gold is now +0.7% at $1343.30/oz, Dec silver is +0.5% at $22.73/oz. DJ30 +51.69 NASDAQ +8.90 SP500 +1.26 NASDAQ Adv/Vol/Dec 1303/521.8 mln/999 NYSE Adv/Vol/Dec 1440/162 mln/1352

09:55 am : The Dow Jones (+0.4%) continues to outperform while the S&P 500 hovers just above its flat line. The benchmark index has been pressured by losses in six of ten sectors. Consumer staples (-0.1%), energy (-0.2%), and financials (-0.2%) have exerted early pressure on the broader market while consumer discretionary (+0.3%), health care (+0.3%), industrials (+0.3%), and technology (+0.2%) have kept the index from dipping into the red.

Treasuries saw a strong bid prior to the open, but have retraced most of that move. The 10-yr yield is off one basis point at 2.50%.DJ30 +53.59 NASDAQ +6.05 SP500 +1.02 NASDAQ Adv/Vol/Dec 1284/278.9 mln/909 NYSE Adv/Vol/Dec 1504/103.3 mln/1177

09:45 am : The major indices registered early gains before slipping from their opening highs. The S&P is little changed while the Dow Jones Industrial Average (+0.3%) outperforms.

The price-weighted index has received early support from 3M (MMM 124.68, +1.48) after the company beat on earnings. Goldman Sachs (GS 159.80, +2.06) has also contributed to the outperformance of the index as the stock trades higher by 1.3%.

Only one Dow component, AT&T (T 34.66, -0.62), trades with a loss larger than 1.0% after beating bottom-line expectations by one cent. As a result, the telecom services sector (-1.0%) is the weakest performer in the early going.DJ30 +45.37 NASDAQ +4.34 SP500 +0.24 NASDAQ Adv/Vol/Dec 1257/182.8 mln/854 NYSE Adv/Vol/Dec 1475/77.3 mln/1157

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +6.50. The major averages are expected to display slim gains at the start of today's session. The S&P 500 futures traded higher by as much as 9 points versus fair value before retreating steadily over the course of the past two hours. At this juncture, the S&P futures hover four points above fair value.

Investors received an avalanche of earnings between yesterday's close and today's opening bell. The full list is available on the Briefing.com earnings calendar, but Ford (F 18.07, +0.55) is a notable pre-market advancer, trading higher by 3.1% on heavy volume after beating on earnings and raising its full-year 2013 guidance. On the downside, Credit Suisse (CS 32.52, -1.13) holds a pre-market loss of 3.4% after missing on earnings and revenue.

Today's economic data was limited to weekly initial claims and the August trade balance report. The initial jobless claims count totaled 350,000, which was higher than the 341,000 that had been expected by the Briefing.com consensus. Today's tally was below the prior week count of 362,000. As for continuing claims, they fell to 2.874 million from 2.882 million. However, it should be noted the Bureau of Labor Statistics said the state of California continued working through backlogs that began in September.

Separately, the trade deficit widened to $38.8 billion in August from a downwardly revised $38.6 billion reported in July.

Treasuries hover near their highs with the 10-yr yield down almost three basis points at 2.48%.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +3.70. The S&P 500 futures trade higher by 0.2%.

Asian markets ended the session on a mixed note with Japan's Nikkei (+0.4%) outperforming while indices in China continued retreating despite the HSBC Manufacturing PMI climbing to 50.9 from 50.2 (50.5 expected). The ongoing liquidity crunch once again caused an increase in the Shanghai Interbank Offered Rate (SHIBOR) as the overnight rate jumped almost 31 basis points to 4.09% while the two-week rate spiked 101 basis points to 4.88%. The Philippine Central Bank opined overnight, but decided to leave the key interest rate unchanged at 3.50%. In regional economic data, Japan's foreign bonds buying report indicated net purchases in the amount of JPY1.41 trillion (JPY387 billion prior). Elsewhere, Hong Kong's trade deficit widened to HKD42.00 billion from HKD39.60 billion (HKD40.00 billion expected). Also of note, New Zealand's trade deficit narrowed to NZD199 million from NZD1.23 billion (deficit of NZD750 million expected).

In Japan, the Nikkei added 0.4% as industrials and technology outperformed. Hitachi and Oki Electric Industries finished in the lead with respective gains of 8.4% and 6.8%.
Hong Kong's Hang Seng ended lower by 0.7% with property names lagging. China Overseas Land & Investment, China Resources Land, and New World Development all lost close to 2.0% apiece.
In China, the Shanghai Composite fell 0.9% as financials led to the downside. China Vanke lost 1.2% and Industrial & Commercial Bank of China fell 0.8%.

Major European indices hover near their highs with Germany's DAX (+0.6%) pacing the advance. Among headlines of note, European Commissioner Olli Rehn said the decision about potentially granting Greece additional aid will not be made until the summer. Regional indices have marched ahead even after most of today's economic data came in below expectations. Eurozone Manufacturing PMI ticked up to 51.3 from 51.1 (51.4 expected) while Services PMI fell to 50.9 from 52.2 (52.4 forecast). Germany's Manufacturing PMI improved to 51.5 from 51.1, as expected. Meanwhile, Services PMI fell to 52.3 from 53.7 (53.9 forecast). Great Britain's CBI Industrial Trends Orders fell to -4 from 9 (10 expected). French Manufacturing PMI slipped to 49.4 (50.1 expected), registering its 20th consecutive contractionary reading while Services PMI fell to 50.2 from 51.0 (51.3 consensus). Italian consumer confidence slipped to 97.3 from 100.8 (101.1 expected). Separately, wage growth was flat for the second consecutive month. Spain's unemployment slipped to 26.0% from 26.3% (26.1% expected).

In France, the CAC is higher by 0.1% as financials lead. BNP Paribas, Credit Agricole, and Societe Generale are all up between 1.4% and 2.2%. Technology names have displayed relative weakness as Gemalto and STMicroelectronics trade lower by 5.4% and 2.0%, respectively.
Great Britain's FTSE trades with a gain of 0.5% as Shire leads. The drug maker sports a gain of 6.9%.
In Germany, the DAX trades up 0.6% with Daimler in the lead. The carmaker trades higher by 3.0% after reporting solid results. Producers of basic materials lag with HeidelbergCement and K+S down 2.6% and 0.8%, respectively.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +8.70. The S&P 500 futures trade higher by 0.3%.

The latest weekly initial jobless claims count totaled 350,000, which was higher than the 341,000 that had been expected by the Briefing.com consensus. Today's tally was below the prior week count of 362,000. As for continuing claims, they fell to 2.874 million from 2.882 million.

Separately, the August trade deficit widened to $38.8 billion from $38.6 billion. The Briefing.com consensus expected the deficit to come in at $38.6 billion.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +11.50. U.S. equity futures hold modest gains with the S&P 500 futures up 0.3%.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.4%, Hong Kong's Hang Seng -0.7%, and China's Shanghai Composite -0.9%.
In regional economic data:
China's HSBC Manufacturing PMI rose to 50.9 from 50.2 (50.5 expected).
Japan's foreign bonds buying report indicated net purchases in the amount of JPY1.41 trillion (JPY387 billion prior).
Hong Kong's trade deficit widened to HKD42.00 billion from HKD39.60 billion (HKD40.00 billion expected).
New Zealand's trade deficit narrowed to NZD199 million from NZD1.23 billion (deficit of NZD750 million expected).
Looking at news:
In China, the Shanghai Interbank Offered Rate continued climbing as the liquidity crunch persists. The overnight rate climbed nearly 31 basis points to 4.09%, but more notably, the two-week rate spiked 101 basis points to 4.88%.
The Philippine Central Bank left its key interest rate unchanged at 3.50%.

Major European indices hover near their highs. France's CAC +0.2%, Great Britain's FTSE +0.5%, and Germany's DAX +0.6%.
Economic data was plentiful:
Eurozone Manufacturing PMI ticked up to 51.3 from 51.1 (51.4 expected) while Services PMI fell to 50.9 from 52.2 (52.4 forecast).
Germany's Manufacturing PMI improved to 51.5 from 51.1, as expected. Meanwhile, Services PMI fell to 52.3 from 53.7 (53.9 forecast).
Great Britain's CBI Industrial Trends Orders fell to -4 from 9 (10 expected).
French Manufacturing PMI slipped to 49.4 (50.1 expected) while Services PMI fell to 50.2 from 51.0 (51.3 consensus).
Italian consumer confidence slipped to 97.3 from 100.8 (101.1 expected). Separately, wage growth was flat for the second consecutive month.
Spain's unemployment slipped to 26.0% from 26.3% (26.1% expected).
In news:
In France, the decline in the Manufacturing PMI marked the 20th contractionary reading in a row.
European Commissioner Olli Rehn said the decision about potentially granting Greece additional aid will not be made until the summer.

In U.S. corporate news:

3M (MMM 124.00, +0.80): +0.7% after beating earnings expectations and narrowing its full-year 2013 guidance.
Akamai Tech (AKAM 47.45, -4.42): -8.5% despite beating on earnings, revenue, and announcing a new $750 million share repurchase program.
Credit Suisse (CS 32.51, -1.14): -3.4% after missing on earnings and revenue.
Dow Chemical (DOW 39.15, -1.89): -4.6% following its earnings miss on below-consensus revenue.
F5 Networks (FFIV 88.65, +2.34): +2.7% after beating on earnings and revenue. In addition, the company guided its first-quarter revenue above analyst expecations.
Ford Motor (F 18.17, +0.65): +3.7% after beating bottom-line estimates and raising its full-year 2013 guidance.
O'Reilly Auto (ORLY 125.00, -9.31): -6.9% in reaction to a bottom-line beat on below-consensus revenue. In addition, the company guided its fourth-quarter earnings below analyst expectations.
PulteGroup (PHM 17.10, +0.42): +2.5% after beating on earnings and revenue.
Under Armour (UA 82.00, -1.98): -2.4% despite beating on earnings and revenue.
United Continental (UAL 30.50, -0.45): -1.5% after reporting a bottom-line miss on in-line revenue.

Weekly initial claims and the August trade deficit will all be reported at 8:30 ET.

07:45 am : [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +14.00.

07:45 am : Nikkei...14486.41...+60.40...+0.40%. Hang Seng...22835.82...-164.10...-0.70%.

07:45 am : FTSE...6709.53...+35.10...+0.50%. DAX...8973.72...+53.90...+0.60%.

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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