TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 8:13 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: October 30th Wednesday Trade Results - Profit $12152.50
PostPosted: Thu Oct 31, 2013 12:25 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)

Attachment:
103013-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+12152.50.png
103013-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+12152.50.png [ 82.97 KiB | Viewed 337 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $930.00 dollars or +9.30 points, Emini ES ($ES_F) futures @ $11,062.50 dollars or +221.25 points, Light Crude Oil CL ($CL_F) futures @ $160.00 dollars or +0.16 points, Gold GC ($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 @ $12,152.50 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=1637

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

-----------------------------

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.

Bull Getting Tired? Investors Shrug Off Fed

Attachment:
103013-Key-Price-Action-Markets.png
103013-Key-Price-Action-Markets.png [ 534.74 KiB | Viewed 288 times ]

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

NEW YORK (CNNMoney)
Investors didn't seem to care that the Federal Reserve decided to continue its $85 billion a month bond buying program.

Stocks, which are hovering near all-time highs, fell after the Fed announced no major changes to its stimulus program, commonly known on Wall Street as quantitative easing or QE. Investors expect the program to last at least until the end of this year.

The Dow Jones industrial average, the S&P 500 and the Nasdaq closed with modest losses after starting the day with small gains.

Both the Dow and S&P 500 closed at record highs Tuesday, and both hit new intra-day highs on Wednesday.

The rally has been a global one. European markets climbed to their highest levels in five years Wednesday, and Asian markets ended with sizable gains.

Signs of a market that's too hot to handle? Investors have become increasingly concerned that the market might be overheated. CNNMoney's Fear & Greed Index, which measures market volatility and six other gauges of investor sentiment, has been in Greed territory for the past week.

There has been a remarkable shift in the market's mood this month. The index was showing signs of Extreme Fear earlier in October as investors worried about the government shutdown and a potential debt default by the United States.

PIMCO's Bill Gross. who runs the largest bond mutual fund, is one of a number of big fund managers who think that stocks have gotten ahead of themselves. Gross wrote on Twitter late Tuesday that "all risk asset prices artificially high."

* Why the Fed should worry about deflation

Allianz Global Investor's U.S. investment strategist Kristina Hooper says that the market is once again focusing on when the Fed will pull back on its bond purchases.

"We're back to an environment where bad economic news is good," said Hooper. "Bad news suggests we will be on Fedicare for longer."

Weak hiring: Investors got another weak data point on Wednesday. Private sector employers added just 130,000 jobs in October -- their lowest level of job growth since April, according to a report by payroll processor ADP.

Earnings season continues in full swing: General Motors (GM, Fortune 500) soared as it reported narrower losses in Europe and improving profit margins in North America. Chrysler reported double-digit gains in profit and sales for the quarter. The automaker is not publicly traded, but has announced plans for an initial public offering.

Shares of Facebook (FB, Fortune 500), which reported earnings after the market closed that blew away forecasts, surged 15% in extended trading. StockTwits user Jcola44 is a bull who was expecting a good quarter. "$FB Will prove tonight it is the mobile leader," he wrote before the earnings were released.

But other social media stocks stumbled on Wednesday. LinkedIn (LNKD) spooked investors with lackluster guidance. Shares of the social media company fell 9%.

Yelp (YELP) shares closed down 3% after the review site reported a wider-than-expected quarterly loss and announced plans to sell more stock.

Both stocks have been on a tear this year with LinkedIn's stock doubling. Yelp shares are up more than 240%.

Many investors on StockTwits thought the dip in Yelp and LinkedIn offered a buying opportunity. "$YELP can't be kept down. Bad miss + secondary means nothing," wrote TopstepTrader.

Harmonicreasoning agreed, "If $YELP is still red, go sell something and buy some."

HookEM thinks it's time to buy more LinkedIn: "$LNKD 2 qtrs in a row they beat top/bottom line but down due to poor guidance. if this is a repeat of last qtr, this red dip will get bought."

Baidu (BIDU) shares rallied after China's largest search engine posted strong earnings and sales, and said earnings in the current quarter would easily top forecasts.

Sprint (S, Fortune 500) reported a quarterly profit and shares rose almost 4% on the news. Cable giant Comcast (CMCSA, Fortune 500) reported declines in quarterly sales and profit, but earnings topped expectations. Comcast's stock was modestly lower.

Shares of Electronic Arts (EA) jumped about 8% after the video game maker's quarterly earnings beat expectations. But shares of rival gaming company Take-Two Interactive, which is most well-known for its Grand Theft Auto franchise, fell even though the company reported sales and profits that easily topped forecasts.

Image



4:10 pm : The S&P 500 registered its first decline in five sessions, losing 0.5%. Small caps faced additional selling pressure as the Russell 2000 fell 1.4%.

Stocks held modest losses into the afternoon, but slid to fresh lows after the Federal Reserve released its latest policy directive, which was little changed from prior statements. Most notably, the directive acknowledged the recent slowdown in the housing sector and noted that fiscal policy is presenting a headwind to growth. In addition, the Committee dropped the reference to "tightening financial conditions" that appeared in the September statement.

While the statement did not throw the market any taper-related curveballs, it may have been perceived to be somewhat hawkish as the Committee did not alter its outlook to account for the impact from the partial government shutdown.

Although stocks slumped in reaction to the release, it should be noted today's weakness occurred after the S&P rallied more than 7.0% over the course of 15 sessions since October 8. Therefore, it is more likely the policy statement served as an excuse for the selling rather than a catalyst.

All ten sectors settled in the red, but their losses were limited to less than 0.8%. Defensive sectors led to the downside, and consumer staples (-0.8%) ended at the bottom of the leaderboard. Meanwhile, utilities (-0.7%) ended among the laggards despite seeing some intraday strength in reaction to above-consensus earnings from Exelon (EXC 28.55, +0.50).

Among cyclical groups, energy (-0.6%) and materials (-0.6%) trailed the S&P while industrials (-0.4%) and technology (-0.2%) outperformed.

Even though the tech sector ended ahead of the broader market, the tech-heavy Nasdaq (-0.6%) lagged as the iShares Nasdaq Biotechnology ETF (IBB 207.25, -4.35) lost 2.1%. With just one more session left in October, the biotech ETF is on track to end the month with a loss of 1.0% after gaining more than 50.0% so far this year.

Treasuries ended lower with the 10-yr yield up three basis points at 2.53%.

Trading volume was well below average as only 697 million shares changed hands on the floor of the New York Stock Exchange.

Looking back at today's economic data, the CPI increased 0.2% in September after ticking up 0.1% in August. The Briefing.com consensus expected headline CPI growth of 0.1%. Energy prices, which fell 0.3% in August, were up 0.8% in September. That was the strongest increase since prices rose 3.4% in June. Food prices were flat in September after increasing 0.1% for the previous two months. Unlike the PPI, there were no large moves in any one sector. Food price movements were generally weak, up or down, across the board.

Excluding food and energy, core CPI increased 0.1% in September for a second consecutive month. That was exactly what the consensus expected.

Separately, according to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 130K in October. This was a bit above the increase of 125K expected by the Briefing.com consensus.

Lastly, the weekly MBA Mortgage Index rose 6.4% to follow last week's decline of 0.6%.

Tomorrow, October Challenger Job Cuts will be released at 7:30 ET and weekly initial claims will be reported at 8:30 ET. The day's data will be topped off with the 9:45 ET release of the Chicago PMI for October.

Russell 2000 +30.2% YTD
Nasdaq +30.2% YTD
S&P 500 +23.6% YTD
DJIA +19.2% YTD

DJ30 -61.59 NASDAQ -21.72 SP500 -8.64 NASDAQ Adv/Vol/Dec 682/1.81 bln/1885 NYSE Adv/Vol/Dec 886/696.7 mln/2139

3:30 pm :

Dec crude oil extended yesterday's losses following a higher-than-expected climb in stockpiles. The EIA reported that for the week ending Oct 25, crude oil had a build of 4.1 mln barrels when consensus called for a smaller build of 2.3 mln barrels. The energy component touched a session low of $96.59 per barrel moments before settling with a 1.6% loss at $96.72 per barrel
Dec gas chopped around between positive and negative territory, with prices trading in a tight range between $3.61 and $3.65 per MMBtu. It eventually settled 0.3% lower at $3.62 per MMBtu
Dec gold traded higher ahead of the 14:00 ET release of the latest policy directive from the FOMC. A slightly weaker dollar index also boosted prices. The yellow metal advanced to a session high of $1359.60 per ounce in morning action and settled with a 0.3% gain at $1348.90 per ounce. Gold gave up the gain in electronic trade as the Fed left its asset purchase unchanged and is currently trading 0.3% lower at $1342.10 per ounce
Dec silver climbed to a session high of $23.09 in early morning pit trade. Prices held steady near the $23.00 per ounce level for most of the session and settled 2.2% higher at $22.98 per ounce. Silver fell to a low of $22.45 per ounce in electronic trade and is currently 0.7% higher at $22.65 per ounce.

DJ30 -55.13 NASDAQ -20.42 SP500 -7.89 NASDAQ Adv/Vol/Dec 723/1531.0 mln/1836 NYSE Adv/Vol/Dec 868/476 mln/2123

2:55 pm : The Dow Jones Industrial Average (-0.5%) and S&P 500 (-0.6%) have held their levels for the past 30 minutes while the Nasdaq (-0.7%) and Russell 2000 (1.5%) slumped to fresh lows.

The tech-heavy Nasdaq trails the broader market even as the technology sector outperforms with a loss of 0.4%. Meanwhile, biotechnology has weighed on the index as the iShares Nasdaq Biotechnology ETF (IBB 206.71, -4.89) trades lower by 2.3%.

The biotech ETF has endured a volatile month after being one of the hottest groups of the year. Including today's loss, the ETF is lower by 1.0% in October, but remains higher by 51.3% so far this year.DJ30 -70.99 NASDAQ -27.53 SP500 -9.84 NASDAQ Adv/Vol/Dec 672/1.35 bln/1860 NYSE Adv/Vol/Dec 788/425.2 mln/2206

2:30 pm : After seeing a brief bounce in reaction to the FOMC policy statement, the major averages have slid to fresh lows. The S&P 500 has widened its loss to 0.8% as consumer staples (-1.0%), energy (-1.3%), and materials (-1.2%) lead to the downside.

Meanwhile, the three top-weighted S&P sectors (health care, financials, and technology) trade just ahead of the index with losses between 0.6% and 0.7%.

Elsewhere, gold futures and Treasuries have continued selling while the Dollar Index has climbed to a fresh high (79.87, +0.26). Gold futures are lower by 0.8% at $1335.20 per troy ounce while the 10-yr yield is up 4 basis points at 2.54%.DJ30 -98.13 NASDAQ -31.60 SP500 -13.86 NASDAQ Adv/Vol/Dec 667/1.23 bln/1856 NYSE Adv/Vol/Dec 724/386.8 mln/2259

2:05 pm : The major averages have ticked up from their recent levels as participants digest the just-released FOMC policy statement, which reaffirmed the central bank's intention to maintain its current policy course. The directive said the Fed will await more evidence before making decisions regarding the size of its asset purchases.

The announcement was met with a sell-the-news reaction in the bond market as Treasuries fell from their highs. The benchmark 10-yr yield is now higher by one basis point at 2.51%. Meanwhile, the Dollar Index also saw an initial move lower, but has since returned into positive territory. The index sits just above its flat line at 79.64.DJ30 +6.48 NASDAQ -10.01 SP500 -3.01 NASDAQ Adv/Vol/Dec 826/1.12 bln/1690 NYSE Adv/Vol/Dec 1036/346.2 mln/1912

1:25 pm : The market has been better today and it has been worse. What it is at the moment is little changed.

The S&P 500 is down just 0.2% in a trade that appears to be marking time until the FOMC directive is released at 2:00 p.m. ET. The run the market has had in the last three weeks has been predicated in large part on the belief that the Fed isn't going to make its first tapering decision until March or April of 2014.

We can't rule out a sell-the-news response to a directive that reads as expected, but any hint in the language that a tapering could occur before the aforementioned dates could very well lead to some more pronounced selling interest. For the time being, there hasn't been a lot of buying or selling conviction in the large-cap space, yet small caps are continuing a more recent trend of underperformance.

The Russell 2000 is down 0.9% today.DJ30 -12.68 NASDAQ -13.02 SP500 -3.92 NASDAQ Adv/Vol/Dec 808/997 mln/1693 NYSE Adv/Vol/Dec 1080/307 mln/1852

1:00 pm : Equity indices have spent the first half of the session inside narrow ranges as only the Russell 2000 (-0.9%) trades with a loss exceeding 0.2%. Meanwhile, the S&P 500 is lower by 0.1% as nine of ten sectors hover in the red.

Even though stocks are trading lower today, the weakness follows a steady rally across the major averages that saw the S&P climb 7.0% since October 8. Despite today's modest loss, the index remains higher by 0.6% this week.

With participants awaiting the 14:00 ET release of the latest policy directive from the FOMC, the current levels could change in a flash; however, the rally leading into today's announcement suggests the market is not expecting any major policy shifts from the central bank. This belief has also been reflected by Treasuries as the 10-yr yield has retreated 23 basis points to 2.47% since the conclusion of the September FOMC meeting.

Although most sectors trade lower, their losses have been contained to less than 0.4%. Countercyclical consumer staples (-0.3%), health care (-0.2%), and telecom services (-0.4%) lead to the downside while the utilities sector (+0.1%) is the lone advancer, bolstered by better-than-expected earnings from Exelon (EXC 28.72, +0.68).

Elsewhere, cyclical sectors trade mixed with respect to the broader market. Financials (-0.1%), industrials (unch), and technology (unch) outperform while consumer discretionary (-0.2%), energy (-0.3%), and materials (-0.2%) trail the S&P.

Also of note, the CBOE Volatility Index (VIX 14.15, +0.74) has climbed steadily through the first two hours of today's session, signaling a fair share of investors have taken advantage of the relatively low cost of protection as the Dow and S&P sit on their all-time highs.

Today's economic data did little to suggest the Fed will be in a hurry to cut the pace of its asset purchases.

The CPI increased 0.2% in September after ticking up 0.1% in August. The Briefing.com consensus expected headline CPI growth of 0.1%. Energy prices, which fell 0.3% in August, were up 0.8% in September. That was the strongest increase since prices rose 3.4% in June. Food prices were flat in September after increasing 0.1% for the previous two months. Unlike the PPI, there were no large moves in any one sector. Food price movements were generally weak, up or down, across the board.

Excluding food and energy, core CPI increased 0.1% in September for a second consecutive month. That was exactly what the consensus expected.

Separately, according to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 130K in October. This was a bit above the increase of 125K expected by the Briefing.com consensus.

Lastly, the weekly MBA Mortgage Index rose 6.4% to follow last week's decline of 0.6%.DJ30 -5.42 NASDAQ -9.08 SP500 -2.34 NASDAQ Adv/Vol/Dec 834/942.4 mln/1666 NYSE Adv/Vol/Dec 1114/290.4 mln/1813

12:30 pm : Not much change has taken place over the course of recent action as the major averages remain near their lows.

As mentioned earlier, losses among individual sectors have been contained to less than 0.5%; however, the Dow Jones Transportation Average lags with a loss of 0.8% as 15 of 20 components hover in the red. It should be noted the bellwether complex has been on a tear over the past three weeks, surging 9.4% since October 8.

Even though transports have pressured the industrial sector (-0.2%), the group has been able to keep pace with the S&P as defense contractors outperform. The PHLX Defense Index is little changed.DJ30 -20.11 NASDAQ -15.12 SP500 -4.43 NASDAQ Adv/Vol/Dec 747/857.3 mln/1732 NYSE Adv/Vol/Dec 1041/266.9 mln/1869

12:00 pm : Equity indices have continued their retreat with the Russell 2000 leading to the downside. The small cap index trades lower by 0.9%, and today's decline has caused the index to slip into the red for the week. Meanwhile, the S&P 500 sports a loss of 0.3%, but remains higher by 0.4% this week.

Although nine sectors trade in negative territory, only the telecom services space (-0.7%) sports a loss larger than 0.5%. Elsewhere, cyclical groups trade with losses ranging from 0.1% to 0.5%. Financials outperform with a loss of 0.1% while the energy sector is the weakest performer as crude oil trades down 0.8% at $97.38 per barrel.

Some equity outflows may have found their way into the bond market as Treasuries hover near their highs with the 10-yr yield off three basis points at 2.48%.DJ30 -27.32 NASDAQ -13.55 SP500 -4.65 NASDAQ Adv/Vol/Dec 769/769.2 mln/1687 NYSE Adv/Vol/Dec 1054/244.8 mln/1838

11:35 am : The major averages have slipped to fresh lows, but the retreat was limited in scope as equity indices remain within 0.1% of their flat lines.

Following the recent slip, technology (+0.1%) and utilities (+0.3%) are the only two sectors trading in positive territory. The utilities space has been bolstered by better-than-expected earnings from several components including Exelon (EXC 28.70, +0.65).

Elsewhere, the technology sector has been underpinned by its largest component as shares of Apple (AAPL 525.67, +8.99) trade higher by 1.7%.DJ30 -19.70 NASDAQ -5.99 SP500 -3.26 NASDAQ Adv/Vol/Dec 877/667.2 mln/1544 NYSE Adv/Vol/Dec 1160/215.8 mln/1709

11:05 am : The major averages have spent the past 60 minutes near their respective flat lines. The Dow, S&P 500, and Nasdaq all trade with gains limited to 0.1% while small caps underperform.

The Russell 2000 is lower by 0.3% after trailing the broader indices during yesterday's session. So far this month, the small cap index has only fared better than the Dow Jones Industrial Average. The Russell holds a month-to-date gain of 4.0% while the price-weighted Dow has advanced 3.6% in October.

Elsewhere, the S&P 500 holds an October gain of 5.4%, and outside of a relatively small retreat during the first two weeks of the month, the index has been climbing steadily throughout October.

Even though the major averages have not given in to the early selling pressure, the CBOE Volatility Index (VIX 14.10, +0.69) is higher by 5.2%.DJ30 +10.34 NASDAQ +2.33 SP500 +0.85 NASDAQ Adv/Vol/Dec 970/558.1 mln/1427 NYSE Adv/Vol/Dec 1304/182.9 mln/1518

10:35 am : Energy is higher this morning, except for U.S. WTI crude oil prices. Crude oil has been in the red all day and fell as low as $97.08/barrel a short while ago. Following inventory data, crude oil displayed a muted reaction.

Dec crude oil is now -0.9% at $97.31/barrel
Natural gas futures rallied this morning, but that didn't hold as the energy component reversed and hit a new LoD a short while ago.
Nov nat gas is now +0.2% at $3.64/MMBtu
Brent crude oil is +0.2% at $109.17/barrel
Heating oil +0.4% at $2.97/gallon
RBOB futures are +0.3% at $2.60/gallon


Meanwhile, metals are trading higher this morning

Dec gold is now +0.7% at $1355.10/oz, Dec silver +2.2% at $22.98/oz, Dec copper +1.3% at $3.32/lb

DJ30 +2.92 NASDAQ -0.44 SP500 -0.25 NASDAQ Adv/Vol/Dec 965/436.7 mln/1377 NYSE Adv/Vol/Dec 1257/150 mln/1536

10:00 am : The major averages remain in positive territory, but only the Nasdaq (+0.2%) has been able to maintain its session high. Meanwhile, the Dow and S&P 500 hover just above their respective flat lines.

Generally speaking, not much has changed in the standing of individual sectors, but the financial space (+0.1%) has returned into positive territory while health care slipped into the red.

Treasuries have held their levels for the past hour as the 10-yr yield trades lower by one basis point at 2.50%.DJ30 +10.85 NASDAQ +7.24 SP500 +0.91 NASDAQ Adv/Vol/Dec 987/249.8 mln/1238 NYSE Adv/Vol/Dec 1320/100.9 mln/1377

09:45 am : The S&P 500 began the session with a modest gain before returning to its flat line. With just today's and tomorrow's sessions left in October, the S&P is on track to register a monthly gain of roughly 5.5%.

Six of ten sectors trade in positive territory while consumer staples, financials, telecom services, and utilities hold losses limited to less than 0.4%.

On the upside, materials (+0.3%) and consumer discretionary (+0.2%) have displayed early strength with the discretionary sector supported by better-than-expected earnings from General Motors (GM 36.90, +0.84). Another discretionary component, Comcast (CMCSA 47.61, -0.10) also reported above-consensus results, but its stock trades lower by 0.2%.DJ30 +13.54 NASDAQ +11.19 SP500 +0.94 NASDAQ Adv/Vol/Dec 1122/156.5 mln/1026 NYSE Adv/Vol/Dec 1339/73.7 mln/1312

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: +10.50. Equity indices are expected to register opening gains as index futures trade in positive territory with contracts on the Nasdaq (+0.3%) in the lead. Meanwhile, the S&P 500 futures trade higher by 0.1%.

The benchmark index will enter today's session with an October gain of 5.4%. More impressively, the index has rallied almost 7.1% since dipping below its 100-day moving average on October 8.

Participants enter today's session after having received better-than-expected quarterly results from the likes of Baidu.com (BIDU 169.14, +9.73), Buffalo Wild Wings (BWLD 139.55, +10.04), General Motors (GM 37.12, +1.07), and Gilead Sciences (GILD 70.70, +1.20). Some additional reassurance is expected to come from the Federal Reserve in the afternoon with the latest FOMC directive scheduled to be released at 14:00 ET. While the September FOMC meeting generated plenty of speculation over a possible tapering announcement, the market does not expect a major policy shift this time around. The 10-yr yield has retreated 20 basis points since September 18 and it currently hovers near 2.50%. 0.0pt

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +10.70. The S&P 500 futures have trimmed their pre-market gain to 0.1%.

It was a sea of green across Asia as all of the major bourses, aside from Thailand's SET (-1.7%), ended with gains. The overnight bid came following another day of gains on Wall Street, and lifted markets in Australia, India, and Taiwan to multi-year highs. A 78bp spike to 5.230% in China's overnight SHIBOR was unable to derail the buying as the Shanghai Composite jumped 1.5% and Hong Kong's Hang Seng rallied 2.0%. Japan's Nikkei (+1.2%) firmed after the government upped its assessment of industrial production following the 1.8% month-over-month advance in its preliminary reading. The Bank of Japan will opine tonight. Data was absent from the rest of the region.

In Japan, the Nikkei advanced 1.2% as trade climbed to a one-week high. Exporters saw solid gains thanks to a weaker yen with Toyota Motor adding 1.6% and Honda Motor gaining 1.3%. Elsewhere, heavyweight Softbank jumped 2.0% on reports suggesting the company earned a record operating profit for the fiscal first half.
Hong Kong's Hang Seng gained 2.0% as only one stock in the index saw losses. Power Assets was the lone decliner, slipping 0.1%. On the upside, casino related names outperformed as Galaxy Entertainment and Sands China surged 5.1% and 4.6%, respectively.
In China, the Shanghai Composite settled higher by 1.5% as trade climbed off seven-week lows. PetroChina advanced 2.2% following its earnings report, and rival Sinopec tacked on 3.5% following yesterday's release.

Major European indices hover near their highs with Italy's MIB (+0.4%) in the lead after Prime Minister Enrico Letta made some optimistic-sounding remarks, saying the country is expected to recover by year's end. Elsewhere, Spain registered its first expansionary GDP reading in nine quarters as GDP grew 0.1%. Participants received several economic data points. Eurozone Consumer Confidence slipped to -15.0 from -14.9, as expected and Consumer Inflation Expectations rose to 17.5 from 14.9. Separately, Business Climate ticked up to 0.0 from -0.2 (-0.2 forecast) and the Business and Consumer Survey improved to 97.8 from 96.9 (97.3 expected). Also of note, retail PMI fell to 47.7 from 48.6 and industrial sentiment rose to -5.0 from -7.0 (-7.0 forecast). Germany's unemployment increased by 2,000 (5,000 expected, 24,000 forecast) while the unemployment rate held steady at 6.9%, as expected. Spain's GDP rose 0.1% quarter-over-quarter, as expected (-0.1% prior) while the year-over-year reading reflected a contraction of 1.2%, as expected (-1.6% last). Swiss KOF Leading indicators rose to 1.72 from 1.54 (1.60 forecast) while the Consumption Indicator rose to 1.56 from 1.32.

Germany's DAX is higher by 0.3% as exporters pace the advance after Volkswagen reported better-than-expected results. BMW, Daimler, and Volkswagen sport gains between 1.1% and 4.5%. On the downside, chemical producers lag with Linde down 1.6%.
Great Britain's FTSE holds a modest gain of 0.4% as consumer names display strength. Retailer Next leads with a gain of 4.8% after reporting strong quarterly results while Experian outperforms with an advance of 3.4%. Insurers lag with Standard Life and RSA Insurance Group down 3.6% and 0.5%, respectively.
In France, the CAC trades up 0.4% as ArcelorMittal leads with a gain of 2.6%. Consumer names weigh as Danone and L'Oreal trade with respective losses of 1.2% and 0.6%.
Italy's MIB is higher by 0.4%. Eni and UniCredit are the top performers, trading higher by 3.0% and 2.1%, respectively.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +13.20. The S&P 500 futures trade higher by 0.2%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 130K in October. This was a bit above the increase of 125K expected by the Briefing.com consensus.

Separately, September consumer prices rose 0.1%, in-line with the Briefing.com consensus. In addition, core prices increased 0.2%, above the 0.1% expected by the Briefing.com consensus.

08:00 am : S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +15.20. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.2%.

Reviewing overnight developments:

Asian markets ended higher across the board. Japan's Nikkei +1.2%, China's Shanghai Composite +1.5%, and Hong Kong's Hang Seng +2.0%.
In regional economic data:
Japan's industrial production rose 1.5% month-over-month (1.8% expected, -0.9% prior).
South Korea's industrial production fell 2.1% month-over-month (-0.4% forecast, 1.6% previous) while the year-over-year reading reflected a decline of 3.6% (1.2% expected, 3.2% last). Separately, retail sales fell 2.0% month-over-month (0.2% forecast, 0.3% prior) while the Manufacturing BSI Index improved to 86 from 82.
Australia's HIA New Home Sales rose 6.4% month-over-month (3.4% expected).
Looking at news:
The medium-term Shanghai Interbank Offered Rates (SHIBOR) declined following yesterday's liquidity injection by the People's Bank of China, but the overnight rate spiked 78 basis points and the one-week rate jumped 65 basis points to their respective 5.23% and 5.59%.

Major European indices hover near their highs. Germany's DAX +0.4%, Great Britain's FTSE +0.5%, and France's CAC +0.6%. Elsewhere, Spain's IBEX +0.4% and Italy's MIB +0.7%.
Participants received several economic data points:
Eurozone Consumer Confidence slipped to -15.0 from -14.9, as expected and Consumer Inflation Expectations rose to 17.5 from 14.9. Separately, Business Climate ticked up to 0.0 from -0.2 (-0.2 forecast) and the Business and Consumer Survey improved to 97.8 from 96.9 (97.3 expected). Also of note, retail PMI fell to 47.7 from 48.6 and industrial sentiment rose to -5.0 from -7.0 (-7.0 forecast).
Germany's unemployment increased by 2,000 (5,000 expected, 24,000 forecast) while the unemployment rate held steady at 6.9%, as expected.
Spain's GDP rose 0.1% quarter-over-quarter, as expected (-0.1% prior) while the year-over-year reading reflected a contraction of 1.2%, as expected (-1.6% last).
Swiss KOF Leading indicators rose to 1.72 from 1.54 (1.60 forecast) while the Consumption Indicator rose to 1.56 from 1.32.
In news:
Italy cut its 2013 GDP growth forecast to -1.8% from -1.7% while raising its 2014 growth expectations to 1.1% from 1.0%. On that note, Prime Minister Enrico Letta said the country is expected to recover by year's end.

In U.S. corporate news:

Baidu.com (BIDU 169.61, +10.20): +6.4% after its above-consensus fourth-quarter revenue guidance overshadowed its bottom-line miss.
Buffalo Wild Wings (BWLD 141.25, +11.74): +9.1% following its better-than-expected earnings on above-consensus revenue.
Cirrus Logic (CRUS 23.63, -0.79): -3.2% despite reporting above-consensus earnings and guiding third-quarter revenue in-line with analyst estimates.
Corning (GLW 17.90, +0.39): +2.2% after reporting results in-line with its pre-announcement.
Comcast (CMCSA 48.06, +0.35): +0.7% following its bottom-line beat.
Gilead Sciences (GILD 70.50, +1.00): +1.4% after beating on earnings and revenue.
LinkedIn (LNKD 239.97, -7.17): -2.9% after beating on earnings, revenue, and guiding fourth-quarter results below consensus.
Take-Two (TTWO 18.30, +0.35): +2.0% after beating on earnings and revenue.
Yelp (YELP 62.80, -6.03): -8.8% after missing on earnings.

The weekly MBA Mortgage Index rose 6.4% to follow last week's decline of 0.6%.

October ADP Employment Change will be released at 8:15 ET and September CPI will cross the wires at 8:30 ET. The FOMC will release its latest policy statement at 14:00 ET.

07:57 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +16.00.

07:57 am : Nikkei...14502.35...+176.40...+1.20%. Hang Seng...23304.02...+457.50...+2.00%.

07:57 am : FTSE...6805.81...+31.10...+0.50%. DAX...9055.53...+33.50...+0.40%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage
Market Update


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr