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 Post subject: October 28th Monday Trade Results - Profit $3130.00
PostPosted: Tue Oct 29, 2013 7:02 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 @ $730.00 dollars or +7.30 points, Emini ES ($ES_F) futures @ $2,400.00 dollars or +48.00 points, Light Crude Oil CL ($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 @ $3130.00 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=1635

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.

Surprise! S&P Hits Record High. Again

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

NEW YORK (CNNMoney)
The S&P 500 ended at another record Monday. But it wasn't exactly a big rally.

The S&P 500 rose 2 points to surpass Friday's all-time high. The Dow Jones industrial average and the Nasdaq both fell slightly.

It was a relatively slow day on Wall Street. But investors have been pleased by the latest batch of corporate earnings. About half of the companies in the S&P 500 have reported their third quarter results, and 75% of them were better than expected, according to FactSet.

Still, profit growth has been sluggish. So far, overall earnings have increased a mere 2.3%, led by companies in the consumer discretionary sector.

After the closing bell, Apple (AAPL, Fortune 500) reported sales and earnings that topped forecasts. But the stock fell after hours as investors appeared to focus more on falling profit margins.

Also after the bell, Herbalife (HLF) announced earnings and sales that beat analysts' expectations. Shares of the nutritional products maker were flat in extended trading.

Earlier, Merck (MRK, Fortune 500) shares fell after the drugmaker reported sales that missed forecasts. Burger King (BKW) surged after the fast food chain reported earnings and revenue that topped forecasts.

Where's the momentum? Meanwhile, shares of several high-flying technology stocks were under pressure.

"Anyone think there is a shift out of momo stocks in general going on right now," said gwynn19. "Seems they all have been getting hit lately."

Shares of Netflix (NFLX), which reported strong results last week, were down nearly 4%. Tesla (TSLA) shares also slid. The electric car maker's stock has more than tripled in price this year.

Facebook (FB, Fortune 500) was under pressure ahead of the company's third-quarter report Wednesday. The stock has been on a tear since the social network surprised investors in July with strong results in mobile advertising.

"$FB why is it down so much today. i guess people want to protect their profit," said bebeyuk.

Shares of J.C. Penney (JCP, Fortune 500) jumped 8% following reports that CEO Myron Ullman reiterated his view that sales trends are improving. The retailer's stock has plunged recently amid rumors about a potential bankruptcy and credit crunch.

"$JCP . . . Ullman will end up being revered as next great turnaround CEO," said sister.

* This could be Fed's largest stimulus yet

Fed on deck. Stocks have also found recent support on hopes of continued stimulus from the Federal Reserve.

The Fed has a policy meeting this week and is widely expected to say it will continue buying $85 billion in bonds and mortgage-backed securities a month.

Investors had expected the Fed to cut back, or taper, its bond buying this year. But the government shutdown may have caused economic damage and uncertainty that will keep the Fed from pulling back on stimulus just yet.

Steven Ricchiuto, chief U.S. economist at Mizuho Securities, expects the Fed to delay tapering until the middle of 2014, "at the earliest."

* Bond rates unlikely to soar again

John Stoltzfus, chief market strategist at Oppenheimer, said stocks have also been powered by genuine improvement in economic "fundamentals," pointing to strong auto sales and a recovery in housing, among other things.

Stoltzfus expects stocks to move higher in the long term as the economy expands and investors shift money out of safe havens like bonds and into more risky assets. But with many stock prices at all-time highs and the threat of additional political risk on the horizon, "don't be surprised if we experience some choppiness ahead," he added.

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4:15 pm : The S&P 500 punctuated an uneventful session with a modest gain, adding 0.1% to extend its October advance to 4.8%.

Stocks alternated between gains and losses through the first two hours of action before the S&P climbed to a fresh record high of 1764.99. Final-hour selling cut the S&P's gain in half, but the index still finished ahead of the Dow (unch) and the tech-heavy Nasdaq (-0.1%), which was challenged by its flat line throughout the session.

Although the third-quarter earnings season is far from being over, today featured just a handful of notable reports. Health care components caught the eye of some participants with Biogen (BIIB 254.43, +2.17) reporting solid results and Merck (MRK 45.35, -1.19) beating bottom-line estimates on below-consensus revenue. Although Merck weighed, the broader health care sector (+0.3%) drew strength from the 6.7% gain in Bristol-Myers Squibb (BMY 52.02, +3.25) after the company announced positive clinical trial data.

Generally speaking, countercyclical sectors followed in health care's lead as consumer staples (+1.2%) and telecom services (+0.4%) outperformed while utilities (-0.2%) lagged.

Meanwhile, cyclical groups were a bit more mixed. Energy (+0.1%) and technology (+0.3%) finished in positive territory while consumer discretionary (-0.2%), financials (-0.2%), industrials (-0.1%), and materials (-0.6%) trailed the S&P.

The technology sector ended among the leaders with its top component, Apple (AAPL 529.88, +3.92), adding 0.7% ahead of its after-hours earnings report. However, the Nasdaq could not build on the relative strength of the sector as momentum names like Facebook (FB 50.23, -1.72), Priceline.com (PCLN 1060.15, -10.70), and Netflix (NFLX 314.00, -14.03) weighed.

Also of note, the industrial space was little changed as defense contractors and transports headed in opposite directions. The PHLX Defense Index shed 0.3% as the second largest component, Boeing (BA 129.88, -1.31), fell 1.0%. On the upside, the Dow Jones Transportation Average rose 0.4% as 12 of 20 members advanced.

Treasuries held inside narrow ranges throughout the session, and the 10-yr yield ended at 2.52%.

Trading volume was in-line with average as just over 730 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to September industrial production and pending home sales.

Industrial production increased 0.6% after rising 0.4% in August (Briefing.com consensus +0.3%). That was the largest monthly increase since February.

The headline number is undoubtedly striking for its perceived strength. However, that thought process is actually a misnomer. Rather than coming from manufacturing growth, almost the entire gain came from a 4.4% increase in utilities production. After five consecutive months of declines from cooler-than-normal temperatures, utility production returned to more normal levels as weather conditions reverted to their averages.

Manufacturing growth, which is key for economic growth, increased a very modest 0.1% in September, down from a 0.5% gain in August.

Separately, pending home sales for September tumbled 5.6%, which was worse than the 1.3% decrease forecast by the Briefing.com consensus. Today's reading followed last month's decrease of 1.6%.

Tomorrow, September retail sales and Producer Price Index will be reported at 8:30 ET, August Case-Shiller 20-City Index will cross the wires at 9:00 ET, and August business inventories will be announced at 10:00 ET. Also at 10:00 ET, the October Consumer Confidence report will be released.

Russell 2000 +31.6% YTD
Nasdaq +30.5% YTD
S&P 500 +23.6% YTD
DJIA +18.8% YTD

DJ30 -1.35 NASDAQ -3.23 SP500 +2.34 NASDAQ Adv/Vol/Dec 1257/1.73 bln/1303 NYSE Adv/Vol/Dec 1351/731.8 mln/1622

3:30 pm :

Commodities are mostly lower/mixed by the end of today's trading session
In metals, there wasn't much of a change in price as Dec copper ended the day flat at $3.27/lb, Dec gold lost $0.50 to $1351.90/oz and Dec silver fell $0.21 to $22.52
Crude oil rallied right at the open of pit trading from just under the $97.50/barrel level
In electronic trade here, crude oil extended gains and rose to a new HoD of $98.75/barrel. During crude's floor trading session, it rose $0.84 and finished the day at $98.69/barrel
Natural gas was weak all day and basically continued to extend losses slowly throughout the day

DJ30 +0.90 NASDAQ -6.56 SP500 +2.12 NASDAQ Adv/Vol/Dec 1186/1346.8 mln/1353 NYSE Adv/Vol/Dec 1275/423 mln/1683

2:55 pm : The S&P 500 hovers near its best level of the day as today's session enters its final hour.

With the earnings season in full swing, investors caught a bit of a break today as less than 25 companies released their results. In terms of market capitalization, Dow component Merck (MRK 45.29, -1.25) was the largest company that reported this morning. The stock trades lower by 2.7% after the drug maker posted a bottom-line beat on below-consensus revenue.

Things will get a bit busier after the close when more than 60 companies covered by Briefing.com release their quarterly earnings with names like Apple (AAPL 530.50, +4.54), Herbalife (HLF 66.59, +0.22), and Seagate (STX 49.82, +0.02) expected to garner significant attention.DJ30 +20.45 NASDAQ +1.46 SP500 +4.89 NASDAQ Adv/Vol/Dec 1234/1.19 bln/1293 NYSE Adv/Vol/Dec 1343/379.7 mln/1591

2:30 pm : The S&P 500 trades higher by 0.2% as the quiet afternoon continues. Investors received just two economic data points today and the disappointing September pending home sales report has weighed on homebuilders.

A full slate of data will be released tomorrow, beginning with the 8:30 ET release of September retail sales and the Producer Price Index. At 9:00 ET, the Case-Shiller 20-city Index will shed some light on house prices during August while business inventories for August will be announced at 10:00 ET. Also at 10:00 ET, participants will receive the final data point of the day in the form of October consumer confidence.

On Wednesday, the Federal Open Market Committee will release its latest policy statement at 14:15 ET.DJ30 +25.98 NASDAQ +2.94 SP500 +4.85 NASDAQ Adv/Vol/Dec 1258/1.11 bln/1271 NYSE Adv/Vol/Dec 1308/352.6 mln/1617

1:55 pm : Not much has changed since our last update as equity indices continue drifting near their recent levels. The Dow and S&P 500 sit near their session highs while the Nasdaq has yet to make a sustained move into positive territory.

The Nasdaq has struggled with its flat line throughout the session while the technology sector holds a gain of 0.3%. High-beta chipmakers have fared even better as the PHLX Semiconductor Index trades higher by 0.6%.DJ30 +20.80 NASDAQ -0.04 SP500 +3.42 NASDAQ Adv/Vol/Dec 1232/1.02 bln/1272 NYSE Adv/Vol/Dec 1293/322.9 mln/1640

1:30 pm : True to recent form, the stock market continues to show great resilience to selling efforts. An early dip was soon bought to contain the downside damage and now each of the major indices is close to unchanged.

The consumer staples sector (+1.2%) continues to lead all sectors with broad-based buying supporting its advance. The relative strength in this low-beta space is not entirely surprising given some of the profit-taking bumps being felt by some of the momentum names like Tesla (TSLA 164.56, -5.10) and Priceline.com (PCLN 1065.75, -5.10).

It could perhaps be a trade presaging a period of consolidation in the market since it has the feel of being an insurance trade given that the consumer staples sector has underperformed the broader market over the last three months.

Separately, Apple (AAPL 528.50, +2.54) is outperforming in front of its earnings report after the close. According to S&P Capital IQ, Apple is expected to post a profit of $7.94 per share (vs. $8.67 per share a year ago) on revenue of $36.87 bln.DJ30 +21.99 NASDAQ -0.53 SP500 +3.54 NASDAQ Adv/Vol/Dec 1206/963 mln/1278 NYSE Adv/Vol/Dec 1315/304 mln/1618

12:55 pm : The S&P 500 sports a modest midday gain (+0.2%) while the Nasdaq (unch) underperforms. For the most part, the first half of today's session has been subdued with equity indices confined to narrow trading ranges.

Despite seeing some early weakness, the S&P trades at its best level of the day as it attempts to register its 11th advance over the past 13 sessions. During that stretch, the benchmark index has added nearly 6.5%.

Quarterly earnings continued today, but just over 20 companies reported their results ahead of the opening bell. Notably, Dow component Merck (MRK 45.37, -1.17) trades lower by 2.5% after beating bottom-line estimates on revenue below analyst expectations. Meanwhile, Biogen (BIIB 255.03, +2.77) is higher by 1.1% following its solid quarterly report. Despite mixed earnings, the health care sector (+0.3%) outperforms as Bristol-Myers Squibb (BMY 51.86, +3.09) underpins the space after announcing positive clinical trial data.

Similar to health care, the consumer staples sector (+1.2%) also trades ahead of the S&P while telecom services (+0.1%) and utilities (-0.3%) lag.

Meanwhile, three of six cyclical groups trade lower, but outside of the 0.4% decline among producers of basic materials, no other cyclical sector holds a loss larger than 0.1%.

The technology sector outperforms with a gain of 0.3%, but that advance has not been mirrored by the tech-heavy Nasdaq as momentum names like Facebook (FB 50.54, -1.41), Tesla (TSLA 164.59, -5.07), and Netflix (NFLX 317.86, -10.17) pressure the tech-heavy index. Meanwhile, Apple (AAPL 528.75, +2.79) trades higher by 0.5% ahead of its after-hours earnings release.

Treasuries have not moved much as the 10-yr yield sits at 2.51%.

Today's economic data was limited to September industrial production and pending home sales.

Industrial production increased 0.6% after rising 0.4% in August (Briefing.com consensus +0.3%). That was the largest monthly increase since February.

The headline number is undoubtedly striking for its perceived strength. However, that thought process is actually a misnomer. Rather than coming from manufacturing growth, almost the entire gain came from a 4.4% increase in utilities production. After five consecutive months of declines from cooler-than-normal temperatures, utility production returned to more normal levels as weather conditions reverted to their averages.

Manufacturing growth, which is key for economic growth, increased a very modest 0.1% in September, down from a 0.5% gain in August.

Separately, pending home sales for September tumbled 5.6%, which was worse than the 1.3% decrease forecast by the Briefing.com consensus. Today's reading followed last month's decrease of 1.6%.DJ30 +19.70 NASDAQ +0.75 SP500 +4.02 NASDAQ Adv/Vol/Dec 1195/885.5 mln/1285 NYSE Adv/Vol/Dec 1327/279.4 mln/1578

12:25 pm : Recent action saw the Dow and S&P 500 return to their first-hour highs while the Nasdaq (-0.1%) remains just below its flat line.

Overall, growth-sensitive sector continue to underperform, but the recent return to session highs has helped some groups trim their losses. Industrials (+0.1%) and technology (+0.1%) have climbed into the green while consumer discretionary (-0.2%) and materials (-0.6%) remain weak. Also of note, energy and financials trade little changed.

Elsewhere, Treasuries have not moved much today as the 10-yr yield sits at 2.51%.DJ30 +5.66 NASDAQ -3.62 SP500 +2.52 NASDAQ Adv/Vol/Dec 1163/804.9 mln/1299 NYSE Adv/Vol/Dec 1282/254.8 mln/1615

12:00 pm : The Dow, Nasdaq, and S&P 500 remain within 0.3% of their respective flat lines while the small cap Russell 2000 has widened its loss to 0.4%.

Even though the major averages have not been very active today, they continue to hold solid month-to-date gains. The S&P 500 has been the top index of the month, adding 4.7% since October 1. Meanwhile, the Dow Jones has underperformed, but the index is still up 2.9% month-to-date.

All ten individual sectors are on track to register October gains with consumer staples (+6.7%) leading the way.DJ30 -9.18 NASDAQ -10.06 SP500 +1.19 NASDAQ Adv/Vol/Dec 1031/728.5 mln/1406 NYSE Adv/Vol/Dec 1190/230.8 mln/1700

11:30 am : The S&P 500 continues to trade with a modest loss of 0.1% while the Nasdaq has widened its decline to 0.4%. Although the tech sector (-0.1%) trades in-line with the broader market, the Nasdaq has been pressured by several momentum names. Facebook (FB 49.97, -1.98), Tesla (TSLA 163.16, -6.50), Netflix (NFLX 313.38, -14.66), and Yelp (YELP 65.35, -2.65) trade with losses between 3.9% and 4.5%.

Companies specializing in biotechnology have also contributed to the relative weakness of the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 210.81, -0.70) trades lower by 0.3%.

Also of note, Apple (AAPL 526.26, +0.30) is little changed ahead of its after-hours earnings release.DJ30 -21.96 NASDAQ -14.44 SP500 -0.89 NASDAQ Adv/Vol/Dec 970/622.2 mln/1431 NYSE Adv/Vol/Dec 1148/197.9 mln/1716

11:00 am : Equity indices remain in the red as the S&P 500 hovers just below its flat line while the Nasdaq lags (-0.3%).

The S&P has been able to hold near its flat line as three of four countercyclical sectors (consumer staples, health care, and telecom services) hold gains between 0.1% and 0.9%. Meanwhile, the last countercyclical group, utilities, trades lower by 0.4%.

Elsewhere, all six cyclical sectors hover in the red. Energy trades with the slimmest loss (-0.1%) as crude oil holds a gain of 0.8% at $98.64 per barrel. Of the remaining laggards, the discretionary sector (-0.4%) is the weakest group as homebuilders weigh after the September pending home sales report missed expectations. The iShares Dow Jones US Home Construction ETF (ITB 23.02, -0.22) is lower by 1.0%.DJ30 -25.05 NASDAQ -13.88 SP500 -1.19 NASDAQ Adv/Vol/Dec 1027/489.3 mln/1343 NYSE Adv/Vol/Dec 1203/163.3 mln/1628

10:35 am : Dollar index rallied higher this morning, hits new HoD, which helps weigh on crude oil futures. Metals, however, were unaffected by this move.

In more recent action, gold rallied to a new HoD, but following pending home sales figures this morning, gold began to tick lower. Dec gold is now +0.2% at $1354.60/oz, Dec silver is -0.3% at $22.58/oz.

Dec crude oil has been volatile this morning, rising as high as $98.29/barrel. After moving back near its HoD minutes ago, Dec crude oil is +0.3% at $98.09/barrel.

Natural gas has been in the red all session, showing a notable loss. Nov nat gas is now -2.9% at $3.60/MMBtu.DJ30 -14.73 NASDAQ -6.46 SP500 +0.78 NASDAQ Adv/Vol/Dec 1189/379.1 mln/1142 NYSE Adv/Vol/Dec 1376/134 mln/1430

10:05 am : The S&P 500 has returned to its flat line while the Dow Jones Industrial Average (-0.1%) continues to hold a modest loss.

Pending home sales for September tumbled 5.6%, which was worse than the 1.3% decrease forecast by the Briefing.com consensus. Today's reading followed last month's decrease of 1.6%.DJ30 -17.92 NASDAQ -3.25 SP500 -0.05 NASDAQ Adv/Vol/Dec 1116/231.3 mln/1136 NYSE Adv/Vol/Dec 1312/91.4 mln/1418

09:45 am : The major averages slipped into the red at the open with the Dow Jones Industrial Average (-0.2%) and Nasdaq (-0.2%) leading to the downside. Meanwhile, the S&P 500 trades one point below its flat line (-0.1%).

All six cyclical sectors trade with early losses ranging from 0.1% to 0.4%. Countercyclical groups have been a bit more mixed as consumer staples (+0.6%), telecom services (+0.1%), and utilities (+0.1%) outperform while health care (-0.1%) trades in-line with the S&P.

Treasuries have been very quiet in early action as the 10-yr yield sits at 2.52%.

The September pending home sales report will be released at 10:00 ET.DJ30 -24.12 NASDAQ -5.87 SP500 -1.14 NASDAQ Adv/Vol/Dec 1032/118.1 mln/1129 NYSE Adv/Vol/Dec 1184/60.6 mln/1473

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +1.20. The major averages are expected to begin where they ended last week as the S&P 500 futures hover just below fair value. Overseas, the week has started on a subdued note with many British traders away as severe storms batter the region.

Participants have received just a handful of quarterly earnings before the bell with a couple reports from health care components. Specifically, Biogen (BIIB 257.50, +5.24) trades up 2.1% after beating on earnings and revenue while Merck (MRK 45.50, -1.04) sports a pre-market loss of 2.2% following its earnings beat on below-consensus revenue.

In other corporate news of note, CONSOL Energy (CNX 37.00, -1.14) trades lower by 3.0% after the company agreed to sell its Consolidation Coal Company to a subsidiary of Murray Energy Corporation for $3.5 billion.

Looking at economic data, September industrial production increased 0.6% while the Briefing.com consensus expected an uptick of 0.3%. Meanwhile, capacity utilization hit 78.3% while the Briefing.com consensus called for a reading of 78.0%.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: flat. The S&P 500 futures hold a modest loss of 0.1%.

Asian markets finished the subdued Monday session on a generally higher note, paced by Japan's Nikkei (+2.2%) while India's Sensex (-0.6%) sat out the advance. In China, there hasn't been much let up in the Shanghai Interbank Offered Rates as the two-week rate climbed over 53 basis points to nearly 6.40%. Meanwhile, shorter-term rates were little changed. Economic data was limited to South Korea's consumer confidence, which improved to 106 from 102 (103 expected).

In Japan, the Nikkei closed higher by 2.2% as exporters and technology names displayed strength. Konami and Mitsubishi Motors gained 3.8% and 4.2%, respectively. Yahoo Japan lost 2.2% after cutting its profit estimates.
In Hong Kong, the Hang Seng added 0.5% as consumer and energy names paced the advance. Want Want China gained 2.9% and CNOOC advanced 1.3%. Casino and gaming names lagged as Galaxy Entertainment and Sands China both lost near 3.0% apiece.
In China, the Shanghai Composite settled little changed following a choppy session. Industrial names outperformed as Aerospace Communications Holding and YUD Yangtze River Investment jumped close to 6.0% each. Financials lagged with Industrial & Commercial Bank of China down 0.5%.

Major European indices trade lower with Spain's IBEX (-1.0%) pacing the decline. The European session has been suffering from below-average volumes with many British traders away due to a severe storm going through the region. According to Italian press, the center-right PDL party may split after Silvio Berlusconi re-launched Forza Italia. Investors received just one economic data point as Great Britain's CBI Distributive Trades Survey tumbled to 2 from 34 (33 expected).

Great Britain's FTSE is lower by 0.2% as discretionary shares lag. EasyJet, GKN, and InterContinental Hotels Group are all down between 1.7% and 2.7%. Aggreko outperforms with a gain of 5.0% after the company said it expects 2013 results in-line with prior estimates.
In Germany, the DAX is off 0.2% as exporters lag. BMW, Daimler, and Volkswagen are all down between 1.3% and 2.1%.
France's CAC trades down 0.8%. Financials lag with Credit Agricole and Societe Generale both down near 2.0%. Telecom provider Orange outperforms with a gain of 0.4%.
Italy's MIB holds a loss of 0.7% and Spain's IBEX is down 1.0% as banks weigh on both indices.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -2.00. The S&P 500 futures have dipped below their flat line during the past 30 minutes after spending the entire overnight session in positive territory. Index futures jumped at the start of the Asian session, but have been retreating steadily off those early highs.

Not much excitement has been generated overseas with most Asian indices posting gains. Meanwhile, European averages trade mostly lower amid below-average participation as severe storms batter Great Britain.

Domestically, investors are receiving a bit of a break from the busy portion of the earnings season as only 23 companies covered by Briefing.com reported their results this morning. Treasuries are little changed with the 10-yr yield at 2.51%.

07:55 am : S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +4.50. U.S. equity futures sport modest pre-market gains as the S&P 500 futures hover just above fair value.

Reviewing overnight developments:

Asian markets ended mostly higher. Hong Kong's Hang Seng +0.5%, Japan's Nikkei +2.2%, and China's Shanghai Composite closed little changed.
Economic data was limited:
South Korea's consumer confidence improved to 106 from 102 (103 expected).
In news:
There hasn't been much let up in the Chinese Shanghai Interbank Offered Rates as the two-week rate climbed over 53 basis points to nearly 6.40%.

Major European indices trade mostly lower. Great Britain's FTSE -0.1%, France's CAC -0.6%, and Germany's DAX is unchanged. Elsewhere, Italy's MIB -0.5% and Spain's IBEX -0.9%.
Investors received just one economic data point:
Great Britain's CBI Distributive Trades Survey tumbled to 2 from 34 (33 expected).
Looking at news:
The European session has been suffering from below-average volumes with many British traders away due to a severe storm going through the region.
According to Italian press, the center-right PDL party may split after Silvio Berlusconi re-launched Forza Italia.

In U.S. corporate news:

Biogen (BIIB 259.00, +6.74): +2.7% after beating on earnings, revenue, and raising its full-year 2013 guidance.
Bristol-Myers Squibb (BMY 50.18, +1.41): +2.9% after Morgan Stanley upgraded the stock to 'Overweight' from 'Equal-Weight.'
Loews (L 49.40, +0.59): +1.2% despite missing earnings estimates by five cents.
Merck (MRK 45.60, -0.94): -2.0% after beating bottom-line estimates on revenue below analyst expectations.
Sohu.com (SOHU 76.99, -4.43): -5.4% after its below-consensus fourth quarter revenue guidance overshadowed its earnings beat on better-than-expected revenue.

September industrial production and capacity utilization will be reported at 9:15 ET while September pending home sales will be released at 10:00 ET.

07:16 am : [BRIEFING.COM] S&P futures vs fair value: +9.00. Nasdaq futures vs fair value: +6.00.

07:16 am : Nikkei...14396.04...+307.90...+2.20%. Hang Seng...22806.58...+108.20...+0.50%.

07:16 am : FTSE...6716.73...-5.00...-0.10%. DAX...8985.91...+0.20...0.00.

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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