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 Post subject: October 25th Friday Trade Results - Profit $1212.50
PostPosted: Fri Oct 25, 2013 3:32 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 @ $400.00 dollars or +4.00 points, Emini ES ($ES_F) futures @ $812.50 dollars or +16.25 points, Light Crude Oil CL ($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 @ $1212.50 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=1634

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.

S&P Ends Week At An All-Time High

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

NEW YORK (CNNMoney)
Several well-known tech stocks surged Friday after reporting better-than-expected third quarter results.

That helped push the S&P 500 to an all-time high Friday. The index ended the week up nearly 1%.

The Dow and the Nasdaq rose Friday as well and also ended the week up about 1%. The Nasdaq is within striking distance of 4,000, a level it last hit in September 2000.

Friday's tech titans: Amazon (AMZN, Fortune 500) posted a loss, but sales were much better than forecasts. Amazon's shares soared nearly 10%.

Microsoft (MSFT, Fortune 500) easily topped estimates for sales and profits. Those results helped push its stock up nearly 6%.

Even Zynga (ZNGA), the troubled online video game company, surprised Wall Street by reporting losses that were slimmer than expected, sending shares up nearly 6%.

Related: Amazon trumps Wall Street predictions

Other prominent tech companies, such as Yahoo (YHOO, Fortune 500) and LinkedIn (LNKD), fell.

Traders on StockTwits were closely monitoring the tech sector.

AheadoftheNews noted that Amazon and Microsoft were moving up at the expense of Google (GOOG, Fortune 500) and Apple (AAPL, Fortune 500): "so little cash on sidelines, players have to rotate out of $GOOG and $AAPL to buy more $AMZN and $MSFT. M-A-N-I-A."

*Video - UPS, FedEx should thank Amazon

For Microsoft, which had been a market laggard the past few years, the jump was a welcome surprise. "$MSFT havent see this move like this for many years," wrote bullvsbear.

Several traders were wary of the big moves in Zynga, which has been struggling this year: "$ZNGA what justifies this jump? Revenue dropped, users dropped by 50%. Only 1 game in top 50 grossing on mobile. Just don't see growth Bearish," span77 wrote.

Don't fight the Fed ... and are consumers really less confident? Investors have been pleased by earnings reports, but they also remained convinced that the Federal Reserve will delay winding back its massive bond-buying program. The Fed has a policy meeting next week and is widely expected to say it will continue buying $85 billion in bonds and mortgage-backed securities a month.

The University of Michigan's October reading on consumer confidence fell far below expectations and was also below September's levels.

Still, UPS (UPS, Fortune 500) is confident that consumers will be shopping in force over the holidays. The shipping giant predicted a robust holiday season, which sent shares up more than 1%. The company also reported quarterly income that exceeded forecasts. Earlier this week, UPS rival FedEx (FDX, Fortune 500) said it thought that Cyber Monday, the first Monday after Thanksgiving, will be its busiest day ever.

Twitter's IPO is coming soon: Twitter revealed late Thursday that it plans to raise upwards of $1.4 billion in its initial public offering, selling 70 million shares at between $17 and $20 per share. At the high end of that range, Twitter would be worth nearly $11 billion.

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4:15 pm : Unless you owned a few hot stocks like Amazon.com (AMZN 363.67, +31.46), Microsoft (MSFT 35.73, +2.01), and Deckers Outdoor (DECK 69.97, +11.87), which cheered investors with their latest earnings reports, today was a trading day that could soon be forgotten.

Outside of an updraft at the open and a subsequent dip following a relatively disappointing University of Michigan Consumer Sentiment report for October at 9:55 a.m. ET, the major indices held to narrow trading ranges until the last 20 minutes of trading when they broke out to the upside. The S&P 500 finished at another new record high.

The upshot for investors is that the indices always held to positive territory. Try as they might, sellers could never break the market, which saw some profit-taking pushback yet never broke.

The resilience to selling efforts has been a hallmark of this market for some time, but especially since Congress agreed to kick the budget and debt limit cans down the road. In the process, Congress kickstarted a prevailing belief that their inaction will also lead to inaction by the Federal Reserve when it comes to tapering its asset purchases in 2013.

Fortified by that monetary sense of things, the thought that money managers underperforming their benchmarks will be chasing returns, and the fear of missing out on another leg higher, participants have been emboldened to buy on dips. The end result is that it was another winning week for the S&P 500, which is up 4.7% month-to-date.

While there were pockets of weakness during the session, the late push enabled every sector to end the day higher. The utilities (+1.1%) and telecom services (+1.0%) were the biggest gainers, but still didn't have much pull in driving the broader market higher given their low weighting in the S&P 500. Modest gains in the consumer discretionary (+0.7%), industrials (+0.5%), financials (+0.4%), energy (+0.4%) and technology (+0.4%) sectors were enough to do that.

Large-cap stocks pretty much led the way in today's session, which was accented by relatively light volume and the receipt of relatively weak economic data that supported the notion the Fed will stay its current course for longer.

Durable orders were up a better than expected 3.7% (Briefing.com consensus 3.5%) but orders, excluding transportation, were down 0.1% (Briefing.com consensus +0.3%). Nondefense capital goods orders, excluding aircraft -- a proxy for business investment -- dropped 1.1% while shipments of those goods, which factor into GDP computations, declined 0.2%.
The final October reading for the University of Michigan Consumer Sentiment Index slipped to 73.2 (Briefing.com consensus 74.5) from 75.2 and was down nearly 10 points from the final reading for September.
Wholesale inventories were up 0.5% in August (Briefing.com consensus +0.3%) after a 0.2% increase in July

Today's economic news, combined with a burgeoning sense the stock market is ripe for a consolidation period after gaining 6.3% in the last 13 sessions, lent support to the Treasury market and particularly the back end of the curve. The 10-yr note jumped five ticks and saw its yield dip to 2.51% after hitting 3.00% in early September.

Next week promises to be another busy week of earnings and economic reporting with roughly 116 S&P 500 companies due to report their results and a full slate of data that includes the Industrial Production, Retail Sales, PPI, Consumer Confidence, CPI, Weekly Initial Claims, and ISM Index reports among others.

DJIA +18.8% YTD
S&P 500 +23.4% YTD
Nasdaq +30.6% YTD
Russell 2000 +31.6% YTD

DJ30 +61.07 NASDAQ +14.4 SP500 +7.70 NASDAQ Adv/Vol/Dec 1201/2.12 bln/1349 NYSE Adv/Vol/Dec 1750/687 mln/1258

3:30 pm : Crude oil and natural gas futures held today's gains with both closing just below session highs. Crude oil rose as high as $98.05/barrel and ended the day 0.8% higher at $97.85/barrel.

Natural gas rose rather steadily all session and finished the day 2.2% higher at $3.71/MMBtu.

Gold and silver hit today's lows in early morning action. Both metals slowly climbed off those lows during the day. Gold erased all of its losses and closed $2.10 higher to $1352.40/oz, while Dec silver ended $0.18 lower at $22.64/lb.DJ30 +25.05 NASDAQ +7.35 SP500 +3.74 NASDAQ Adv/Vol/Dec 1080/1.74 bln/1461 NYSE Adv/Vol/Dec 1552/420.1 mln/1411

3:00 pm : Well, the market hasn't put a lot of distance between itself and where it closed yesterday, but bulls can still view the standing to this point as a victory.

There just hasn't been any successful effort on the part of sellers to change the trend in the market. There have been pushbacks, yet there hasn't been a push into negative territory.

Just as before, everything is just kind of "holding in" without any concerted moves up or down. Eight out of the ten economic sectors are trading higher, but none of them -- nor the two trading lower -- have moved more than 0.8%.
DJ30 +28.57 NASDAQ +11.44 SP500 +4.65 NASDAQ Adv/Vol/Dec 1092/1.57 bln/1437 NYSE Adv/Vol/Dec 1559/385 mln/1412

2:35 pm : Pretty much same spot as before with the indices testing the upper end of their narrow trading ranges this afternoon.DJ30 +31.01 NASDAQ +10.10 SP500 +4.52 NASDAQ Adv/Vol/Dec 1117/1.50 bln/1408 NYSE Adv/Vol/Dec 1563/363 mln/1412

2:00 pm : Not a lot of action to speak of as the major indices remain confined to narrow trading ranges in the afternoon trade.

Next week will bring plenty more action in terms of earnings reporting. A glance at Briefing.com's Earnings Calendar reveals that 116 S&P 500 companies will be announcing their results. According to FactSet, the third quarter blended earnings growth rate (actuals reported and estimates for companies that have yet to report) is 2.2%. Excluding JPMorgan Chase (JPM), which had a big legal expense, the growth rate jumps to 4.7%.

Separately, there will be plenty of economic data on the way, too, with the Industrial Production, Retail Sales, PPI, Consumer Confidence, CPI, Weekly Initial Claims, and ISM Index reports slated among others for release. DJ30 +22.77 NASDAQ 8.03 SP500 +3.18 NASDAQ Adv/Vol/Dec 1033/1.37 bln/1466 NYSE Adv/Vol/Dec 1491/325 mln/1452

1:30 pm : So far, it has been another decent week for the equity market. Taking a closer look, though, reveals a bit of a mixed view of things.

The best-performing sectors this week straddle the line between offensive positioning and defensive positioning. The cyclical industrials and consumer discretionary sectors have made the biggest move, up 1.9% and 1.7%, respectively, versus a 0.6% gain for the S&P 500. The next best performers are the countercyclical utilities and telecom services sectors, which have risen 1.4% and 1.1%, respectively.

The move in the utilities and telecom services sectors has been aided by the drop in long-term rates which has raised the attractiveness of their higher dividend yields. that drop inr ates has also helped the consumer discretionary sector through the outperformance of the rate-sensitive homebuilding group.

The SPDR S&P Homebuilders ETF (XHB 31.16, -0.09) is up 4.3% this week.
DJ30 +25.84 NASDAQ +9.26 SP500 +3.21

1:00 pm : The stock market has bent today but it hasn't broken thanks to another round of better-than-expected earnings results and/or guidance, as well as some mixed data that fit the underlying belief that the Federal Reserve isn't going to pull back on its asset purchases in the near term.

The earnings standard bearers today are Amazon.com (AMZN 359.74, +27.53) and Microsoft (MSFT 35.59, +1.87). Well, actually, Amazon didn't report any earnings, but it delivered some robust revenue growth in its latest quarter. That has been good enough for an 8% gain in the stock, which is pacing the Nasdaq's advance and is providing some added support for the S&P 500.

Microsoft, meanwhile, did post a tidy profit on double-digit revenue growth and has been rewarded for its performance with a healthy 5.5% jump in its stock price.

Fellow Dow component Procter & Gamble (PG 79.93, -0.68) posted earnings in-line with expectations and reaffirmed its fiscal year outlook, but it has not participated in today's advance.

By and large, today's big movers have been limited to individual issues. From a sector standpoint, there isn't a single S&P 500 sector at this point that is up, or down, more than 1.0%. The telecom services sector (+0.8%) is the leader to the upside while the materials sector (-0.4%) is the biggest laggard.

The economic releases received today have not provided much of an economic spark.

Durable orders were up a better than expected 3.7% (Briefing.com consensus 3.5%) but orders, excluding transportation, were down 0.1% (Briefing.com consensus +0.3%). Nondefense capital goods orders, excluding aircraft -- a proxy for business investment -- dropped 1.1% while shipments of those goods, which factor into GDP computations, declined 0.2%.
The final October reading for the University of Michigan Consumer Sentiment Index slipped to 73.2 (Briefing.com consensus 74.5) from 75.2 and was down nearly 10 points from the final reading for September.
Wholesale inventories were up 0.5% in August (Briefing.com consensus +0.3%) after a 0.2% increase in July

The net takeaway from the data was that it wasn't a dataset that would convince the Federal Reserve to taper its asset purchases. That idea, and the fear of missing out on another leg higher, have been factors leading cash off the sidelines in recent sessions that, in turn, has fueled the S&P 500's run to a new all-time high.

Overall, today's market can be considered mixed, evidenced by an even advance-decline line at the NYSE, but still positive thanks to the leadership of some key leadership stocks.

The Treasury market has sported modest gains for much of the session, highlighted by a five-tick increase in the benchmark 10-year note whose yield has slipped to 2.51% versus 3.00% in early September. DJ30 +27.53 NASDAQ +7.40 SP500 +3.17 NASDAQ Adv/Vol/Dec 1038/1.19 bln/1441 NYSE Adv/Vol/Dec 1446/273 mln/1461

12:30 pm : The major indices aren't going down without a fight. They are off their opening highs but are still holding in positive territory.

In the Dow Jones Industrial Average, there is an even divide with 15 components up and 15 components down at the moment. The swing factors in the price-weighted average appear to be Boeing (BA 130.64, +1.66) and Goldman Sachs (GS 161.33, +1.37), but Microsoft (MSFT 35.64, +1.92) is doing what it can to carry the load after impressing investors with its latest earnings report.

The gain in Microsoft has been an influential source of support for the S&P 500 along with Amazon.com (AMZN 359.59, +27.38), which is up 8% despite reporting a loss for its latest earnings period.DJ30 +24.98 NASDAQ +5.16 SP500 +2.30 NASDAQ Adv/Vol/Dec 1041/1.10 bln/1410 NYSE Adv/Vol/Dec 1410/252 mln/1489

12:00 pm : The major indices have taken a step lower in the last thirty minutes without any specific news catalyst, so we are inclined to view the pullback as more profit-taking activity.

To this point, though, there certainly isn't any concerted selling interest from a broader perspective. There are some real individual laggards like Eastman Chemical (EMN), which issued disappointing full-year guidance after reporting its quarterly results, but otherwise things have been pretty well contained on the downside.

The biggest laggard among the major indices is the Russell 2000, which is down just 0.2%, while the biggest sector laggard in the S&P 500 is materials (-0.6%). DJ30 +18.11 NASDAQ +4.59 SP500 +1.99 NASDAQ Adv/Vol/Dec 1006/992 mln/1433 NYSE Adv/Vol/Dec 1373/229 mln/1486

11:30 am : Little change since the last update as the market is settling in here after some early back and forth between buyers and sellers. The "pause" in the action is probably driven by some wait-and-see thinking. That is, participants are waiting to see if some buy-the-dip momentum returns or if some momentum develops behind profit-taking efforts in front of the weekend.

Entering today's session, the S&P 500 was up 0.4% for the week, but more to the point, it had risen 5.8% over the last twelve sessions.

There is an understanding that the market is overbought on a short-term basis, but the fear of missing out on another leg higher has been a motivating factor for cash to come off the sidelines. DJ30 +28.96 NASDAQ +11.06 SP500 +3.11 NASDAQ Adv/Vol/Dec 1077/864 mln/1340 NYSE Adv/Vol/Dec 1418/200 mln/1446

11:00 am : The major indices have retreated from their opening highs. The pullback started shortly after the weaker-than-expected University of Michigan Consumer Sentiment report for October that was released at 9:55 a.m. ET.

In the final report for October, it was shown that consumer sentiment dropped to 73.2 (Briefing.com consensus 74.5) from 75.2 in the prior reading. Evidently, the government brouhaha over the budget and the debt ceiling took a toll on consumer sentiment even if it didn't dent investor sentiment much.

The notable thing about the October reading is that it is nearly ten points lower than the final reading for September. By and large, though, it was a marker that simply presented a profit-taking excuse for the market.

The major indices are down from their highs but still positive for the day in a fairly mixed market that has breadth figures looking pretty even at the NYSE and the Nasdaq. DJ30 +22.99 NASDAQ +15.52 SP500 +2.88 NASDAQ Adv/Vol/Dec 1130/730 mln/1258 NYSE Adv/Vol/Dec 1383/170 mln/1422

10:30 am : Commodities are mixed this morning following the morning rally in energy. Metals have been in the red this morning, but crude oil and natural gas futures both rallied a short while ago, hitting new session highs.

Dec crude oil rose as high as $97.88/barrel, but has since pulled back off that HoD. Natural gas futures rose in a little more of a orderly fashion and currently remains just under its HoD. Dec crude oil is now +0.5% at $97.56/barrel, while Nov natural gas is +1.2% a $3.67/MMBtu.

Gold has been inching higher and has erased most of its losses. Dec gold is now -0.3% at $1346/oz. Dec silver, on the other hand, is sitting near its LoD and is now -1.6% at $22.46/oz. Dec copper is -0.5% at a $3.25/lb.DJ30 +20.92 NASDAQ +16.49 SP500 +2.06 NASDAQ Adv/Vol/Dec 1113/570.1 mln/1197 NYSE Adv/Vol/Dec 1372/135 mln/1424

10:00 am : The major averages continue to hover near their highs with the Nasdaq (+0.7%) in the lead.

The University of Michigan Consumer Sentiment report for October was revised down to 73.2 in the final reading (Briefing.com consensus 74.5) from 75.2.

Separately, August wholesale inventories rose 0.5% while the Briefing.com consensus expected an increase of 0.3%. Today's report follows last month's unrevised increase of 0.2%.DJ30 +45.72 NASDAQ +31.66 SP500 +6.25 NASDAQ Adv/Vol/Dec 1316/368.6 mln/945 NYSE Adv/Vol/Dec 1521/98.3 mln/1185

09:40 am : The major averages registered opening gains with the Nasdaq (+0.6%) pacing the advance thanks to the early strength of Amazon.com (AMZN 357.18, +24.97) and Microsoft (MSFT 35.84, +2.12). The two names hold respective gains of 7.5% and 6.5% after both reported quarterly results ahead of analyst expectations.

With regard to the broader market, Amazon.com has given a boost to the discretionary sector (+0.4%) and Microsoft has underpinned the technology (+0.7%) space. The remaining cyclical groups trade mixed. Financials (unch), industrials (-0.2%), and materials (unch) lag while energy (+0.4%) outperforms.

Countercyclical sectors trailed the broader market yesterday, and the four defensive groups are among today's early laggards with utilities (-0.2%) leading to the downside.

Treasuries are little changed with the 10-yr yield off one basis point at 2.52%.DJ30 +26.13 NASDAQ +21.78 SP500 +3.11 NASDAQ Adv/Vol/Dec 1270/180.1 mln/909 NYSE Adv/Vol/Dec 1465/65.2 mln/1173

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +28.20. The S&P 500 is expected to start today's session near its flat line while Nasdaq futures indicate an opening advance of 0.8% for the tech-heavy index.

Nasdaq futures have been bolstered by a 7.6% pre-market advance in the shares of Amazon.com (AMZN 357.50, +25.29) after the online retail giant reported quarterly results ahead of analyst expectations. In addition, Microsoft (MSFT 35.81, +2.09) has also made a contribution to the outperformance of Nasdaq futures after beating on earnings and revenue.

On the economic front, September durable orders rose 3.7% (Briefing.com consensus 3.5%) after increasing 0.2% in August. However, the headline beat was due entirely to a 12.3% increase in transportation orders, all of which came from a 46% increase in defense and nondefense aircraft orders. Excluding transportation, durable orders declined 0.1% after declining 0.4% in August. Most notably, new orders for nondefense capital goods orders excluding aircraft -- a proxy for business investment -- dropped 1.1% while shipments of those goods, which factor into the GDP computation, declined 0.2%.

Participants will receive two more economic data points with the final reading of the Michigan Consumer Sentiment Survey and August wholesale inventories scheduled to be announced at 9:55 ET and 10:00 ET, respectively.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +26.70. The S&P 500 futures are little changed against fair value.

Asian markets ended broadly lower while Australia's ASX outperformed, posting a modest gain of 0.3%. Indices in China (Shanghai Composite -1.5%) and Japan (Nikkei -2.8%) paced the decline as investors displayed concern over the ongoing liquidity crunch in the Middle Kingdom. As such, the Shanghai Interbank Offered Rate (SHIBOR) continued rising with the two-week and one-month rates registering most notable increases. The two-week rate rose 98 basis points to 5.86% and the one-month rate jumped 102 basis points to 6.42%. In regional economic data, Japan's national CPI rose 1.1% year-over-year (0.9% expected, 0.9% prior) while national core CPI increased an in-line 0.7% (0.8% previous). In addition, Tokyo CPI rose 0.6% year-over-year (0.5% forecast, 0.5% prior) while the Tokyo core CPI ticked up 0.3%, as expected (0.2% last). Also of note, the Corporate Services Price Index (CSPI) rose 0.7% year-over-year (0.8% expected, 0.7% prior). South Korea's GDP rose 1.1% quarter-over-quarter (1.0% expected, 1.1% prior) while the year-over-year reading indicated growth of 3.3% (3.2% forecast, 2.3% previous). Singaporean industrial production jumped 9.3% year-over-year (5.2% expected, 4.0% prior).

In Japan, the Nikkei closed lower by 2.8% as only five components ended in positive territory. Telecom names SoftBank and KDDI led to the downside with respective losses of 4.8% and 5.3%. Tokyo Electric Power Co lost 2.3% as the company readies its Fukushima Daiichi plant for typhoon Francisco, which is expected to pass over the weekend.
Hong Kong's Hang Seng lost 0.6% with property names lagging. China Resources Land and Sino Land fell 2.1% and 4.0%, respectively. China Merchants Holdings International was the only name able to register a gain larger than 1.0%. The shipper advanced 1.5%.
In China, the Shanghai Composite lost 1.5% as growth-sensitive listings weighed. Great Wall Motor tumbled 10.0% and Beijing Dynamic Power lost 8.7%. On the upside, China Sports Industry Group gained 5.5% and Shanghai Xinhua Media jumped 6.2%.

Major European indices trade mixed as core indices hover near their flat lines while peripheral markets lag. Among headlines of note, European Central Bank Executive Member Jorg Asmussen said he does not have any specific concerns with respect to exchange rates as the euro has held within its historical range. The single currency trades at a two-year high against the dollar. Looking at economic data, Eurozone M3 money supply rose 2.1% year-over-year (2.4% expected, 2.3% prior). Separately, private loans fell 1.9% year-over-year, as expected (-2.0% previous). Germany's Ifo Business Climate slipped to 107.4 from 107.7 (108.0 forecast) as Business Expectations fell to 103.6 from 104.2 (104.5 forecast) and the Current Assessment ticked down to 111.3 from 111.4 (111.6 expected). Great Britain's Q3 GDP grew 0.8% quarter-over-quarter while the year-over-year reading reflected growth of 1.5%, as expected. Separately, the Index of Services rose 0.6% (0.5% forecast, 0.5% last). Italian retail sales were unchanged month-over-month (-0.2% forecast, -0.2% prior) while the year-over-year reading indicated an uptick of 0.2% (-0.8% last). Spain's PPI ticked up 0.1% year-over-year (-0.2% forecast, -0.1% prior).

In France, the CAC is little changed as producers of basic materials trade in mixed fashion. Cie de St-Gobain is higher by 4.3% and Solvay sports a loss of 1.6%. Financials are among the laggards with BNP Paribas and Credit Agricole down 1.0% and 2.6%, respectively.
Great Britain's FTSE trades higher by 0.1% as financials contribute to the relative strength. Barclays, Royal Bank of Scotland, and Standard Chartered hold gains between 1.1% and 2.4%. British Sky Broadcasting is the weakest performer, down 2.4%.
Germany's DAX holds an advance of 0.1% as chemical producers BASF and Lanxess outperform with respective gains of 1.5% and 0.7%. On the downside, Deutsche Lufthansa is lower by 2.6%.
In Italy, the MIB is lower by 1.1% as Telecom Italia leads to the downside with a loss of 7.3% amid speculation the company may cut its dividend.
Spain's IBEX trades down 0.7% as banks lag. Banco Bilbao Vizcaya Argentaria and Banco Santander trade lower by 1.9% and 1.3%, respectively.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +24.70. The S&P 500 futures trade little changed.

September durable goods orders rose 3.7%, which was better than the 3.5% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an uptick of 0.2% (revised from +0.1%). Excluding transportation, durable orders ticked down 0.1% (consensus +0.3%) to follow the prior month's revised downtick of 0.4% (from -0.1%).

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +25.20. U.S. equity futures trade modestly higher. The Nasdaq futures lead with an advance of 0.8% versus fair value as shares of Amazon.com (AMZN 358.75, +26.54) contribute to the early strength. The online retail giant holds a pre-market gain of 8.0% after reporting top- and bottom-line results ahead of analyst expectations.

Reviewing overnight developments:

Asian markets ended broadly lower. Hong Kong's Hang Seng -0.6%, China's Shanghai Composite -1.5%, and Japan's Nikkei -2.8%.
In regional economic data:
Japan's national CPI rose 1.1% year-over-year (0.9% expected, 0.9% prior) while national core CPI increased an in-line 0.7% (0.8% previous). In addition, Tokyo CPI rose 0.6% year-over-year (0.5% forecast, 0.5% prior) while the Tokyo core CPI ticked up 0.3%, as expected (0.2% last). Also of note, the Corporate Services Price Index (CSPI) rose 0.7% year-over-year (0.8% expected, 0.7% prior).
South Korea's GDP rose 1.1% quarter-over-quarter (1.0% expected, 1.1% prior) while the year-over-year reading indicated growth of 3.3% (3.2% forecast, 2.3% previous).
Singaporean industrial production jumped 9.3% year-over-year (5.2% expected, 4.0% prior).
In news:
In China, the ongoing liquidity crunch manifested itself through the Shanghai Interbank Offered Rate (SHIBOR), which continued climbing with the two-week and one-month rates registering most notable increases. The two-week rate rose 98 basis points to 5.86% and the one-month rate jumped 102 basis points to 6.42%.

Major European indices trade mixed. France's CAC +0.1%, Great Britain's FTSE +0.2%, and Germany's DAX +0.3%. Elsewhere, Italy's MIB -0.8% and Spain's IBEX -0.4%.
Looking at economic data:
Eurozone M3 money supply rose 2.1% year-over-year (2.4% expected, 2.3% prior). Separately, private loans fell 1.9% year-over-year, as expected (-2.0% previous).
Germany's Ifo Business Climate slipped to 107.4 from 107.7 (108.0 forecast) as Business Expectations fell to 103.6 from 104.2 (104.5 forecast) and the Current Assessment ticked down to 111.3 from 111.4 (111.6 expected).
Great Britain's Q3 GDP grew 0.8% quarter-over-quarter while the year-over-year reading reflected growth of 1.5%, as expected. Separately, the Index of Services rose 0.6% (0.5% forecast, 0.5% last).
Italian retail sales were unchanged month-over-month (-0.2% forecast, -0.2% prior) while the year-over-year reading indicated an uptick of 0.2% (-0.8% last).
Spain's PPI ticked up 0.1% year-over-year (-0.2% forecast, -0.1% prior).
In news:
European Central Bank Executive Member Jorg Asmussen said he does not have any specific concerns with respect to exchange rates as the euro has held within its historical range. The single currency trades at a two-year high against the dollar.

In U.S. corporate news:

Express Scripts (ESRX 61.00, -2.74): -4.3% after reporting in-line earnings on above-consensus revenue.
Microsoft (MSFT 35.85, +2.13): +6.3% following better-than-expected earnings and revenue.
National Oilwell Varco (NOV 79.51, +0.38): +0.5% after beating earnings estimates by two cents.
Procter & Gamble (PG 80.49, -0.12): -0.2% following its in-line quarterly report.
UPS (UPS 96.10, +1.61): +1.7% after beating bottom-line estimates by one cent on in-line revenue.
Weyerhauser (WY 30.93, +0.63): +2.1% after beating on earnings and revenue.
Wynn Resorts (WYNN 170.00, -2.85): -1.7% despite beating on earnings and revenue.

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.

06:59 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +23.00.

06:59 am : Nikkei...14088.19...-398.20...-2.80%. Hang Seng...22698.34...-137.50...-0.60%.

06:59 am : FTSE...6718.56...+5.80...+0.10%. DAX...8976.20...-4.50...-0.10%.

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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