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 Post subject: November 11th Monday Trade Results - Loss $8925.00
PostPosted: Mon Nov 11, 2013 10:35 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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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 @ ($4650.00) dollars or -46.50 points, Emini ES ($ES_F) futures @ ($3,375.00) dollars or -65.50 points, Light Crude Oil CL ($CL_F) futures @ ($900.00) dollars or -0.90 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Loss @ $8,925.00 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=123&t=1647

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=223&t=2061

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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.

Stocks Flat. Time To Get Used To It?

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

NEW YORK (CNNMoney)
Investors were cautious Monday but the Dow Jones industrial average eked out a big enough gain to close at yet another new record high.

The Dow, S&P 500 and Nasdaq ended the day only a tiny bit higher. With no major corporate results or economic reports on the schedule, and the Treasury market closed for the Veterans Day holiday, stock market trading was light and subdued.

Stocks popped Friday on the back of a strong monthly jobs report. But investors have also begun to worry that the strong data could push the Federal Reserve to begin scaling back, or tapering, its stimulus program. Stocks have surged this year thanks to a slowly recovering economy and continued bond buying from the Fed.

Both the Dow and S&P 500 are up more than 20% so far this year, while the tech-heavy Nasdaq is up nearly 30%. But there are concerns about how long the big market run up will last.

Alain Bokobza, head of the global asset allocation strategy team at Societe Generale, isn't expecting more big gains. Once the Fed finally decides to begin tapering, Treasury yields will ultimately rise. Earnings growth may slow as well. Those two factors could be the catalyst for a market correction -- which is technically a pullback of at least 10% from the highs.

At best, the SocGen strategy team is predicting that stocks will be flat over the next few quarters.

The Fed will remain in focus throughout the week. Investors will be watching for clues about future monetary policy when Janet Yellen, vice chair of the central bank, testifies Thursday at her confirmation hearing on Capitol Hill. She is President Obama's nominee to replace Ben Bernanke as chairman of the Fed.

What's moving: Priceline (PCLN, Fortune 500) shares jumped more than 2% and hit a new all-time high above $1,100 a share, but closed just below that milestone. Priceline's shares are the priciest in the S&P 500. The stock was the first in the benchmark index to hit the four digits earlier this year.

Traders on StockTwits were mostly bullish, despite the stock's 80% run-up so far this year.

"$PCLN You got to love this move...1500 next target," said 200pips.

Another trader noted that rival Expedia (EXPE) may begin to rally thanks to the strong move in Priceline.

"With $PCLN at all-time highs, $EXPE might be the next to break out. Keep an eye on it," ivanhoff said.

However, some traders noted that Priceline's rally could be on its last legs.

"$PCLN Nothing to see here, will burst like every other bubble," said BeatShort.

Amazon.com (AMZN, Fortune 500) shares were up after the e-commerce giant announced a deal with the U.S. Postal Service to deliver seven days a week. The service will initially launch only in New York and Los Angeles, but is expected to expand to Dallas, Houston, New Orleans and Phoenix in 2014.

Best Buy (BBY, Fortune 500) shares gained ground after UBS upgraded the electronics retailer's stock to "Buy" from "Neutral," and raised its price target to $49 per share. Jefferies also boosted its price target on the stock. Best Buy is up 270% so far this year, making it the best performing stock in the S&P 500.

Some traders wondered if the stock's surge may be overdone, given that Best Buy is still in the middle of a turnaround.

"I wonder if $BBY is a good short candidate," said TopGunFP. "Might have gotten ahead of itself."

Another trader agreed that investors should eventually bet against Best Buy, but warned that it may not be the right time yet.

"Patience here, wait to short," said mytfine. "For whatever reason the cabal wants this higher in short-term, we'll likely find out why. LT strong sell $BBY."

Transocean (RIG) gained ground after the company agreed to increase its dividend. Activist investor Carl Icahn, who owns a stake in Transocean, had been pressing the company to boost its payout.

Shares of Twitter (TWTR) rose after briefly tumbling below $40 a share Monday morning. The stock surged 73% on its first day of trading Thursday, but fell 7% Friday.

* Stocks: Good news fuels markets, but rally may not last

European markets ended with narrow gains. Asian markets were mixed as Typhoon Haiyan swept through the region. Online sales on China's "Cyber Monday" smashed last year's record by early afternoon.

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4:10 pm : The S&P 500 added just over a point (+1.28) after spending the entire session inside of a five-point range. Excluding the first 30 minutes of action, the benchmark index was confined to a two-point range as many participants elected to sit today's session out.

With the bond market closed for Veterans Day and no market-moving economic or company news, equity indices drifted near their flat lines throughout the session. Small caps outperformed the broader market, but the Russell 2000's gain was limited to just 0.1%.

Meanwhile, the S&P crept higher as six of ten sectors registered gains. Financials (+0.1%) and health care (+0.2%) paced the slight advance, but only the health care sector was able to end among the leaders.

The countercyclical group received support from drug makers amid news Shire (SHPG 135.33, +0.93) will acquire ViroPharma (VPHM 49.42, +10.04) for $50 per share, representing a 27.0% premium to Friday's closing price. Biotechnology climbed throughout the day, and the iShares Nasdaq Biotechnology ETF (IBB 205.54, +1.36) advanced 0.7%.

Unlike health care, the remaining countercyclical sectors-consumer staples (-0.1%), utilities (+0.02%), and telecom services (-0.3%)-underperformed.

With regard to cyclical groups, financials ended in-line with the S&P while consumer discretionary (+0.2%), energy (+0.2%), and technology (+0.1%) eked out slim gains. On the downside, industrials (-0.03%) and materials (-0.1%) lagged throughout the day.

Momentum names traded in mixed fashion following last week's group-wide weakness. Facebook (FB 46.20, -1.33) and LinkedIn (LNKD 211.66, -3.51) registered respective losses of 2.8% and 1.6% while Priceline.com (PCLN 1096.50, +23.30) gained 2.2% and Tesla (TSLA 144.70, +6.75) rose 4.9%.

Trading volume was well below average as just over 530 million shares changed hands on the floor of the New York Stock Exchange.

There is no notable economic data on tomorrow's calendar.

Nasdaq +29.8% YTD
Russell 2000 +29.7% YTD
S&P 500 +24.2% YTD
DJIA +20.4% YTD

DJ30 +21.32 NASDAQ +0.56 SP500 +1.28 NASDAQ Adv/Vol/Dec 1248/1.55 bln/1293 NYSE Adv/Vol/Dec 1556/537.6 mln/1433

3:35 pm :

Dec crude oil lifted from its session low of $94.17 per barrel set in early morning pit trade and broke into positive territory. Strength came on a weaker dollar index and failed talks between Iran and six world powers on reaching a deal on the country's nuclear program. The energy component brushed a session high of $95.38 per barrel and settled with a 0.6% gain at $95.14 per barrel
Dec natural gas oscillated between positive and negative territory today. It brushed a session low of $3.54 per MMBtu and eventually settled 0.6% higher at $3.58 per MMBtu
Dec gold traded slightly lower today despite the weaker dollar index. It touched a session high of $1284.00 per ounce in early morning pit trade and eventually settled with a 0.3% loss at $1281.20 per ounce
Dec silver spent most of today's floor trade trading just above the unchanged line. It slipped into the red in the last half hour of the session and settled at $21.28 per ounce, or 0.2% lower

DJ30 +13.87 NASDAQ +0.51 SP500 +0.46 NASDAQ Adv/Vol/Dec 1287/1296.4 mln/1238 NYSE Adv/Vol/Dec 1516/364 mln/1443

2:55 pm : Equity indices remain just above their flat lines as today's session heads into the final hour. Following today's close, investors will receive roughly 15 quarterly reports as the Q3 earnings season slows considerably.

Tomorrow morning, 35 companies covered by Briefing.com will report their quarterly results with Dean Foods (DF 19.64, +0.25), DISH Network (DISH 47.82, -0.43), and DR Horton (DHI 17.88, -0.26) expected to receive attention.DJ30 +10.47 NASDAQ +2.44 SP500 +0.57 NASDAQ Adv/Vol/Dec 1289/1.17 bln/1215 NYSE Adv/Vol/Dec 1512/322.9 mln/1436

2:30 pm : The major averages remain near their flat lines with the Russell 2000 (+0.2%) trading just ahead of the Dow, Nasdaq, and S&P 500. Participants did not receive any notable economic data points today, and that will once again be the case tomorrow.

In fact, the entire week is expected to be light in terms of economic releases with Friday's October industrial production report (+0.1% Briefing.com consensus) headlining this week's economic news.DJ30 +13.90 NASDAQ +2.72 SP500 +0.75 NASDAQ Adv/Vol/Dec 1263/1.09 bln/1225 NYSE Adv/Vol/Dec 1502/302.2 mln/1455

2:00 pm : The S&P 500 continues to trade within one point of its flat line as the subdued afternoon continues. Not much change has taken place among individual sectors as six groups hold modest gains while four hover in the red. However, all ten trade with gains or losses limited to 0.3%.

Elsewhere, the foreign exchange market has also been very quiet with the Dollar Index (-0.3% at 81.10) hovering near its session low. The greenback has surrendered some ground to the euro as the euro/dollar pair trades just north of 1.3400.DJ30 +12.12 NASDAQ +1.76 SP500 +0.69 NASDAQ Adv/Vol/Dec 1241/1.02 bln/1241 NYSE Adv/Vol/Dec 1510/279.7 mln/1436

1:25 pm : For anyone following the stock market throughout the day, it should be pretty apparent by now that it hasn't been in a hurry to get anywhere. That could be owed to the fact that the bond market is closed today or perhaps to there being a bit of a hangover after the buying party on Friday following the October employment report.

Either way, it is somewhat declarative that the major averages have held their own and have been resistant to selling pressure. That resilience speaks to the underlying bullish bias that has flowed from the Fed's easy monetary policy and the persistently successful (so far) approach of buying on dips.

Those two elements may go hand-in-hand, although it was striking that stocks rallied like they did on Friday amid talk that the stronger-than-expected nonfarm payroll increases could move up a tapering decision to December or January versus the March or April timeframe many had previously thought was more likely. DJ30 +15.39 NASDAQ +0.72 SP500 +0.54 NASDAQ Adv/Vol/Dec 1260/941 mln/1229 NYSE Adv/Vol/Dec 1498/258 mln/1429

12:55 pm : At midday, the major averages hover near their flat lines as the quiet Monday session continues. With the Treasury market closed for Veterans Day and no economic data on the calendar, equities got the chance to dance to their own tune; however, with the first half of the session in the books, the key indices remain little changed.

The S&P 500 sits just above its flat line as six of ten sectors trade in positive territory. Financials (+0.1%) and health care (+0.1%) have outperformed since the opening bell with the health care space receiving additional support from ViroPharma (VPHM 49.42, +10.04) after the company agreed to be acquired by Shire (SHPG 134.65, +0.25) for $50 per share. The purchase price represents a 27.0% premium to ViroPharma's Friday closing price.

Outside of health care, the remaining countercyclical groups (consumer staples, utilities, and telecom services) trade with modest losses of 0.2% apiece.

Meanwhile, cyclical sectors also trade in mixed fashion as consumer discretionary (+0.1%), energy (+0.1%), and technology (+0.1%) hold slim gains while industrials (-0.2%) and materials (-0.2%) lag.

Defense contractors have pressured the industrial sector as three top-weighted components-Boeing (BA 132.58, -0.91), General Electric (GE 26.96, -0.10), and United Technologies (UTX 107.82, -0.73)-hold losses between 0.4% and 0.7%. Meanwhile, transports have prevented the sector from registering additional losses at the Dow Jones Transportation Average trades higher by 0.4%.DJ30 +12.07 NASDAQ -0.87 SP500 +0.09 NASDAQ Adv/Vol/Dec 1215/865.2 mln/1254 NYSE Adv/Vol/Dec 1479/237.3 mln/1436

12:25 pm : Quiet action continues with the S&P 500 anchored to its flat line. Although the broader market remains little changed, a handful of sectors (consumer staples, industrials, materials) have slipped back into the red.

Notably, the industrial sector lags as the underperformance of top components like Boeing (BA 132.66, -0.83), General Electric (GE 26.96, -0.09), and United Technologies (UTX 107.84, -0.71) overshadows the outperformance of transports. The Dow Jones Transportation Average trades higher by 0.4% as 12 of 20 components register gains.DJ30 +20.60 NASDAQ -1.55 SP500 +0.58 NASDAQ Adv/Vol/Dec 1216/798.5 mln/1257 NYSE Adv/Vol/Dec 1512/219.3 mln/1391

12:00 pm : The S&P 500 continues to hover within a point of its flat line as seven of ten sectors register gains. The financial space (+0.2%) has climbed into the lead, and the discretionary sector (+0.1%) is the only other cyclical group trading ahead of the broader market.

Among discretionary shares, the relative strength of apparel retailers like Under Armour (UA 80.50, +1.56) and L Brands (LTD 63.95, +1.02) has overshadowed the losses among homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 21.63, -0.12) trades lower by 0.6%.DJ30 +22.03 NASDAQ -0.40 SP500 +1.06 NASDAQ Adv/Vol/Dec 1214/718.1 mln/1227 NYSE Adv/Vol/Dec 1536/198.7 mln/1354

11:30 am : Not much has changed since our last update as equity indices continue to hover near their flat lines. The tech-heavy Nasdaq (-0.2%) remains in the red as top components weigh. Apple (AAPL 515.38, -5.18), Google (GOOG 1009.01, -7.02), and Microsoft (MSFT 37.48, -0.30) are all down between 0.6% and 1.1% with Apple seeing additional weakness amid reports suggesting the company is putting its Apple TV development plans on hold.

Momentum names pressured the Nasdaq last week, but they trade in mixed fashion today. Facebook (FB 47.05, -0.48) and Yelp (YELP 62.29, -1.09) hold respective losses of 1.1% and 1.7% while Priceline.com (PCLN 1102.97, +29.77) and Tesla (TSLA 142.14, +4.19) trade higher by 2.6% and 2.9%, respectively.DJ30 +18.66 NASDAQ -6.69 SP500 +0.52 NASDAQ Adv/Vol/Dec 1118/627.5 mln/1299 NYSE Adv/Vol/Dec 1512/174.8 mln/1366

11:00 am : The major averages are mixed as the Dow and S&P 500 hover just above their flat lines while the Nasdaq and Russell 2000 sit in the red.

Generally speaking, there isn't much sector leadership to speak of as three cyclical sectors (consumer discretionary, energy, and financials) hold slim gains while the other three (industrials, materials, and technology) trade with modest losses of no more than 0.1%.

Meanwhile, all four countercyclical sectors trade ahead of the broader market with the health care space (+0.3%) in the lead. The sector has received support from Shire (SHPG 135.84, +1.44) after the drug maker agreed to acquire ViroPharma (VPHM 49.41, +10.03) for $50 per share.DJ30 +26.01 NASDAQ -4.99 SP500 +1.72 NASDAQ Adv/Vol/Dec 1076/521.8 mln/1310 NYSE Adv/Vol/Dec 1493/148.8 mln/1346

10:35 am :

Commodities are mixed this morning, while the dollar index has been lower all day so far.
Crude oil rallied in recent trade, pushing into positive territory (around 10am EST) and rising above the $95/barrel level. Prior to this move, crude oil had been in the red all session.
Strength in crude likely came as talks in Geneva, Switzerland failed to cause Iran to halt its nuclear program.
In current trade, Dec crude oil is +0.7% at $95.23/barrel.
Natural futures recovered from a morning sell-off to a new LoD and are now +0.1% at $3.56/MMBtu (Dec contract).
Gold and silver are mixed this morning, while copper futures are flat.
Dec gold is now -0.2% at $1281.90/oz, Dec silver is +0.1% at $21.35/oz. Dec copper is -0.02% at $3.25/lb

DJ30 +17.37 NASDAQ -6.44 SP500 -0.53 NASDAQ Adv/Vol/Dec 954/402.7 mln/1415 NYSE Adv/Vol/Dec 1339/122 mln/1471

10:00 am : Equity indices have climbed out of the red with energy (+0.4%) and health care (+0.3%) sectors providing leadership. In addition, the relative strength of consumer discretionary (+0.3%) and financials (+0.2%) has also contributed to the rebound.

Even though stocks displayed some early weakness, that was not enough to trigger a rush for downside protection as the CBOE Volatility Index (VIX 12.55, -0.34) hovers at its lowest level since October 18.DJ30 +18.57 NASDAQ +3.89 SP500 +2.20 NASDAQ Adv/Vol/Dec 1141/251.2 mln/1117 NYSE Adv/Vol/Dec 1452/80.1 mln/1322

09:45 am : The major averages registered opening losses with the Nasdaq (-0.2%) leading the early weakness as large components like Google (GOOG 1011.35, -4.68), Facebook (FB 47.07, -0.46), Intel (INTC 24.05, -0.04), and Microsoft (MSFT 37.67, -0.11) trade with losses between 0.2% and 1.6%.

Similar to the Nasdaq, the tech sector is an early laggard (-0.2%), alongside the remaining five cyclical groups. With regard to countercyclical sectors, consumer staples (+0.1%) and health care (+0.2%) have shown early strength while utilities (-0.2%) and telecom services (-0.2%) lag.DJ30 +2.89 NASDAQ -8.27 SP500 -0.40 NASDAQ Adv/Vol/Dec 897/149.3 mln/1293 NYSE Adv/Vol/Dec 1136/55.6 mln/1571

09:13 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -6.00. The major averages are poised to begin today's session near their flat lines as the S&P 500 futures trade just one point below fair value. Meanwhile, European indices trade with modest gains as the generally quiet session continues.

Among corporate news of note, ViroPharma (VPHM 49.39, +10.01) trades higher by 25.4% after agreeing to be acquired by Shire (SHPG 137.94, +3.54) for $50 per share, representing a 27.0% premium to Friday's closing price.

With the bond market closed for Veterans Day, today's trading activity is expected to be on the light side.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: -4.50. The S&P 500 futures are little changed.

Asian markets ended on a mixed note with indices in China and Japan registering gains. The session was generally quiet with participants awaiting tomorrow's conclusion of China's third plenum. The Middle Kingdom released a set of economic data over the weekend. CPI ticked up 0.1% month-over-month (0.2% expected, 0.8% prior) while the year-over-year reading increased 3.2% (3.3% forecast, 3.1% last). Separately, PPI slipped 1.5% year-over-year (-1.4% consensus, -1.3% previous). Also of note, industrial production increased 10.3% year-over-year (10.0% forecast, 10.2% last), retail sales rose 13.3% year-over-year (13.4% expected, 13.3% prior), and fixed asset investment increased 20.1% year-over-year, as expected (20.2% last). Elsewhere, Japan's adjusted current account swung from a surplus of JPY350 billion to a deficit of JPY130 billion (deficit of JPY100 billion expected). In addition, bank lending rose 2.0% year-over-year (2.0% last) and the Economy Watchers Current Index slipped to 51.8 from 52.8 (54.2 forecast). Australia's home loans rose 4.4% month-over-month (4.0% expected, -4.0% last). Lastly, India's trade deficit widened to $10.56 billion from $6.76 billion (deficit of $9.60 billion expected).

In Japan, the Nikkei closed higher by 1.3% as heavy industrials provided leadership. Kubota and Yokogawa Electric gained 4.9% and 6.4%, respectively. Exporters Olympus and Sharp ended among the laggards with losses close to 2.5% apiece.
Hong Kong's Hang Seng advanced 1.4% as financials displayed strength. Industrial & Commercial Bank of China jumped 2.7% and Ping An Insurance gained 2.3%. Discretionary names were among the laggards as Belle International fell 2.0% and Li & Fung lost 0.8%.
In China, the Shanghai Composite added 0.2% as growth-sensitive names displayed strength. China CNR Corp and Jinxi Axle both gained near 9.0% each.

European indices sport modest gains with markets in Italy (+0.4%) and France (+0.5%) providing leadership. Among news of note, reports indicate six out of 23 members of the European Central Bank governing council were against last week's rate cut. Following last week's downgrade of France, Standard & Poor's lowered the rating on the European Financial Stability Facility by one notch to 'AA' from 'AA+.' Economic data was limited to Italy's industrial production, which ticked up 0.2% month-over-month (0.3% expected, -0.2% prior) while the year-over-year reading reflected a decline of 3.0% (-3.6% expected, -4.6% last).

Great Britain's FTSE is higher by 0.3% with financials displaying strength. Aberdeen Asset Management and Royal Bank of Scotland hold respective gains of 4.2% and 3.2%. On the downside, British Sky Broadcasting lags with a loss of 9.5% after one of its competitors received soccer broadcasting rights.
In Germany, the DAX trades up 0.2% as cyclical names outperform. Infineon Technologies is higher by 1.7% and SAP sports an advance of 0.6%. Deutsche Telekom is the weakest index performer, down 1.3%.
In France, the CAC holds a gain of 0.5% as Bouygues leads with an advance of 2.5%. Utilities lag with Electricite de France and GDF Suez down 0.5% and 0.3%, respectively.
Italy's MIB is higher by 0.4% as Telecom Italia (+2.6%) and Fiat (+1.3%) pace the advance.

08:25 am : S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: +0.20. U.S. equity futures sport modest gains with one hour remaining before the opening bell. A quiet start to the session is expected considering the lack of market-moving data or earnings. In addition, the bond market is closed for Veterans Day.

The S&P 500 will begin today's session with a November advance of 0.8% as it sits less than five points below its intraday record high that was registered on October 30.

08:00 am : S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +0.50. U.S. equity futures hover near their highs amid subdued overseas action. The S&P 500 futures trade higher by 0.1%.

Reviewing overnight developments:

Major Asian indices registered gains. China's Shanghai Composite +0.2%, Japan's Nikkei +1.3%, and Hong Kong's Hang Seng +1.4%.
In regional economic data:
China's CPI ticked up 0.1% month-over-month (0.2% expected, 0.8% prior) while the year-over-year reading increased 3.2% (3.3% forecast, 3.1% last). Separately, PPI slipped 1.5% year-over-year (-1.4% consensus, -1.3% previous). Also of note, industrial production increased 10.3% year-over-year (10.0% forecast, 10.2% last), retail sales rose 13.3% year-over-year (13.4% expected, 13.3% prior), and fixed asset investment increased 20.1% year-over-year, as expected (20.2% last).
Japan's adjusted current account swung from a surplus of JPY350 billion to a deficit of JPY130 billion (deficit of JPY100 billion expected). In addition, bank lending rose 2.0% year-over-year (2.0% last) and the Economy Watchers Current Index slipped to 51.8 from 52.8 (54.2 forecast).
Australia's home loans rose 4.4% month-over-month (4.0% expected, -4.0% last).
India's trade deficit widened to $10.56 billion from $6.76 billion (deficit of $9.60 billion expected).
Among news of note:
In China, the third plenum continues with the annual meeting expected to conclude tomorrow.

Key European indices trade little changed. Great Britain's FTSE +0.2%, Germany's DAX +0.2%, and France's CAC +0.3%.
Economic data was limited:
Italy's industrial production ticked up 0.2% month-over-month (0.3% expected, -0.2% prior) while the year-over-year reading reflected a decline of 3.0% (-3.6% expected, -4.6% last).
In news:
Reports indicated six out of 23 members of the European Central Bank governing council were against last week's rate cut.
Standard & Poor's lowered the rating on the European Financial Stability Facility by one notch to 'AA' from 'AA+.'

In U.S. corporate news:

Eli Lilly (LLY 50.00, -0.63): -1.2% after Goldman Sachs downgraded the stock to 'Sell' from 'Neutral.'
Gogo (GOGO 19.99, +1.24): +6.6% after beating on earnings, revenue, and raising its full-year 2013 revenue guidance above consensus.
ViroPharma (VPHM 49.75, +10.37): +26.3% after agreeing to be acquired by Shire (SHPG 138.72, +4.32) for $50 per share, representing a 27.0% premium to Friday's closing price.

There is no economic data scheduled to be reported today.

The bond market is closed for Veterans Day.

07:42 am : Nikkei...14269.84...+183.00...+1.30%. Hang Seng...23069.85...+325.50...+1.40%.

07:42 am : FTSE...6718.34...+9.90...+0.20%. DAX...9094.98...+16.90...+0.20%.

07:40 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -0.50.

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
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