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 Post subject: November 19th Tuesday Trade Results - Profit $2315.00
PostPosted: Wed Nov 20, 2013 6:31 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 @ $2,190.00 dollars or +21.90 points, Emini ES ($ES_F) futures @ $125.00 dollars or +2.50 points, Light Crude Oil CL ($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 @ $2,315.00 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=1653

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 Pause After Record Highs

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

NEW YORK (CNNMoney)
Stocks lost traction Tuesday, a day after climbing above major milestones for the first time.

The Dow Jones industrial average ended slightly lower after rising above 16,000 earlier in the day. The S&P 500, which climbed above 1,800 for the first time Monday, also fell. The Nasdaq slipped, but remains close to 4,000 -- its highest level since September 2000.

With the market trading near all-time highs, there are growing concerns about whether stocks are overvalued.

Jeremy Grantham, who runs money management firm GMO, warned in a letter late Monday that stocks are trading at levels that probably won't support the type of returns investors have become accustomed to.

Grantham said he believes stocks could continue moving higher over the next year or two, but said "investors should be aware that the U.S. market is already badly overpriced." Looking ahead, he predicted "negative returns" over the next seven years.

* Welcome to the 4% return market

David Lutz, a managing director at Stifel Nicolaus, said investors pay close attention to Grantham's letters since he has been ahead of the curve in the past.

"Grantham was early in predicting the financial crisis and then reversed course before markets started rebounding in 2009," said Lutz.

Grantham's call came one day after influential investor Carl Icahn said stocks could be headed for "a big drop."

* 8 things to know about the 2013 bull market

What's moving. Federal authorities announced a record $13 billion settlement with JPMorgan (JPM, Fortune 500) related to the bank's past mortgage practices.

Despite the hefty cost, investors seem to view the settlement as a positive since it resolves long-standing legal issues hanging over the bank. Shares of JPMorgan remained higher after the settlement was announced. Bank of America (BAC, Fortune 500), Citibank (C, Fortune 500) and Wells Fargo (WFC, Fortune 500) also rose.

The resilience in bank stocks, which led the market higher last year, bodes well for the current bull market, according to one StockTwits user.

"Look at those banks! $XLF, $BAC, $GS, $JPM, $WFC. This bull run may be far from over as banks make another run," said hakihika.

On the earnings front, Best Buy (BBY, Fortune 500)reported quarterly revenue and profit that beat expectations. But shares tumbled after the electronics retailer said that more promotions during the holiday shopping season could hurt its profit margins.

Some traders on StockTwits said the selling was overdone and presented a buying opportunity.

"$BBY Artificially created panic despite beating expectations. Financial sharks are now buying at the bottom. I believe it will go up soon," said Walory.

Best Buy's results come one day before J.C. Penney is expected to report another quarter of heavy losses.

J.C. Penney is the worst performing stock in the S&P 500 this year, though several hedge funds have recently disclosed stakes in the ailing retailer, suggesting some investors believe it could turn around next year.

"Short $BBY Long $JCP working great," said Torpedo.

Tesla (TSLA)shares bounced back after falling sharply on news the National Highway Safety administration opened an investigation into vehicle fires.

"$TSLA I haven't even seen 1 Tesla on the road except for one on a tow truck," said mars3211.

Shares of Nokia (NOK) and Microsoft (MSFT, Fortune 500) dipped following reports that shareholders approved Microsoft's planned acquisition of Nokia's mobile phone business.

Urban Outfitters (URBN) shares slipped after the retailer offered cautious guidance for the fourth quarter.

Campbell Soup (CPB, Fortune 500) lowered its guidance after a weak quarterly report.

Home Depot's rival Lowe's was also up thanks to Home Depot's strong earnings. Lowe's (LOW, Fortune 500) will release its latest results before the opening bell on Wednesday.

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4:20 pm : Equities posted modest losses, ending near their lows, with the tech-heavy Nasdaq shedding 0.4% to pace the decline. The S&P 500 slipped 0.2% while the Dow Jones Industrial Average edged down 0.1%.

Stocks displayed some strength during the opening hour as an early bid catapulted the Dow above the 16,000 level for the second day in a row. The early gain in the Dow was aided by Home Depot (HD 80.38, +0.71), which reported better-than-expected earnings while raising its full-year guidance above analyst expectations. The price-weighted index also received significant support from Chevron (CVX 122.06, +1.50) and Goldman Sachs (GS 166.60, +0.92) while their respective sectors-energy (+0.2%) and financials (+0.2%)-ended in the lead. However, the rally fizzled out as the underperformance of industrials (-0.7%) weighed.

The sector ended behind the remaining cyclical groups with truckers and railroads pressuring the Dow Jones Transportation Average to a loss of 1.0%. Airlines withstood the bulk of the selling as United Continental (UAL 37.80, +1.42) surged 3.9% after announcing plans to cut costs by $2 billion per year.

Elsewhere, the discretionary sector (-0.4%) lagged as the outperformance of Home Depot was not enough to offset the losses among apparel retailers. Meanwhile, electronics retailer Best Buy (BBY 38.78, -4.78) endured a rough session, tumbling 11.0% after the company said it will aim to match or beat its competition at the expense of maximum profitability during the holiday quarter.

Similar to yesterday, the Nasdaq registered a larger decline than the broader market as chipmakers displayed broad weakness. The PHLX Semiconductor Index lost 1.3%.

Momentum names were mixed as Priceline.com (PCLN 1118.42, -9.51) lost 0.8% while Tesla (TSLA 126.09, +4.51) gained 3.7%, rebounding from yesterday's 10.2% loss. Today's bid took place after the stock had suffered a 37.0% drop off its October 1 high, and despite the National Highway Traffic Safety Administration announcing it will investigate the Model S after three vehicles caught fire after striking roadside debris.

With regard to countercyclical groups, health care (+0.1%) and telecom services (+0.1%) outperformed while consumer staples (-0.4%) and utilities (-0.7%) lagged. Notably, the staples sector was pressured by Campbell Soup (CPB 39.20, -2.61), which plunged 6.2% after missing earnings estimates by 23 cents and issuing disappointing guidance.

Treasuries finished near their lows with the benchmark 10-yr yield up four basis points at 2.71%.

Participation was on the light side as 646 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to the third quarter employment cost index, which increased 0.4%, down from a 0.5% increase in the second quarter. The Briefing.com consensus expected the index to increase 0.5%. Year-over-year, compensation increased 1.9%. Wages and salaries increased 0.3% in the third quarter. That is down from a 0.4% increase in the second quarter and the weakest gain since increasing by the same amount in Q4 2012.

Tomorrow will be busy in terms of economic data with the MBA Mortgage Index and October retail sales set to be reported at 7:00 ET and 8:30 ET, respectively. October CPI will also be reported at 8:30 ET while September business inventories and October existing home sales will be released at 10:00 ET. The day will be topped off with the 14:00 ET release of the FOMC Minutes from the October meeting.

Nasdaq +30.2% YTD
Russell 2000 +29.7% YTD
S&P 500 +25.4% YTD
DJIA +21.9% YTD

DJ30 -8.99 NASDAQ -17.51 SP500 -3.66 NASDAQ Adv/Vol/Dec 949/1.68 bln/1616 NYSE Adv/Vol/Dec 916/645.7 mln/2079

3:35 pm :

Dec crude oil slipped to a session low of $92.43 per barrel but recovered back into positive territory in morning floor trade. The energy component advanced to a session high of $93.46 per barrel and settled with a 0.4% gain at $93.36 per barrel.
Dec natural gas extended yesterday's losses as it retreated from its session high of $3.64 per MMBtu set in early morning floor action. It trended lower into the red and settled at its session low of $3.55 per MMBtu, booking a 1.9% loss.
Dec gold traded slightly lower as the dollar index chopped around in negative territory. The yellow metal rose to a session high of $1278.20 per ounce in morning pit trade and eventually settled with a 0.1% gain at $1273.20 per ounce.
Dec silver rose to a session high of $20.48 per ounce in morning floor trade but pulled back into negative territory as the session progressed. It chopped around slightly below the unchanged line in afternoon pit action and settled at $20.32 per ounce, or 0.1% lower.

DJ30 +5.49 NASDAQ -13.20 SP500 -2.19 NASDAQ Adv/Vol/Dec 970/1436.7 mln/1573 NYSE Adv/Vol/Dec 941/448 mln/2025

2:55 pm : With one hour remaining in today's session, the S&P 500 trades lower by 0.2%. Prior to today's open, investors received a handful of quarterly reports with results from Best Buy (BBY 39.58, -3.98), Campbell Soup (CPB 39.07, -2.74), and Home Depot (HD 80.54, +0.87) garnering attention.

There aren't any notable reports on today's after-hours schedule, but tomorrow morning participants will focus on results from Deere (DE 82.92, -0.74), J.C. Penney (JCP 8.72, 0.00), Lowe's (LOW 50.46, -0.43), and Staples (SPLS 15.44, -0.04).DJ30 +1.47 NASDAQ -17.22 SP500 -3.36 NASDAQ Adv/Vol/Dec 928/1.26 bln/1612 NYSE Adv/Vol/Dec 865/401.8 mln/2113

2:30 pm : Equity indices remain near their lows with the Nasdaq (-0.6%) and Russell 2000 (-0.9%) leading the decline. Momentum names displayed some early strength, but a handful of names have suffered as a result of the afternoon retreat. Tesla (TSLA 124.60, +3.02) remains in positive territory while Facebook (FB 45.92, +0.09), Priceline.com (PCLN 1110.91, -17.02), and Yelp (YELP 63.22, -1.21) hold losses between 0.2% and 1.6%.

With stocks trading on their lows, the CBOE Volatility Index (VIX 13.57, +0.47) is higher by 3.6% as participants show increased demand for downside protection.DJ30 -17.35 NASDAQ -23.61 SP500 -5.51 NASDAQ Adv/Vol/Dec 830/1.17 bln/1698 NYSE Adv/Vol/Dec 772/375.5 mln/2185

2:05 pm : Recent action saw the S&P 500 drop to a fresh session low as most sectors also took a step back. The industrial sector, which has lagged throughout the session, has widened its loss to 0.8%. Meanwhile, the Dow Jones Transportation Average is now lower by 1.1% as truckers weigh. CH Robinson (CHRW 58.72, -1.36), Con-Way (CNW 40.60, -1.06), and JB Hunt (JBHT 72.73, -0.97) are all down between 1.3% and 2.6%.

Elsewhere among industrials, defense contractors continue to fare a bit better than the broader sector as the PHLX Defense Index holds a loss of 0.6%.

Also of note, Treasuries have slipped to fresh lows, sending the 10-yr yield to 2.71%.DJ30 -13.84 NASDAQ -20.67 SP500 -4.82 NASDAQ Adv/Vol/Dec 853/1.08 bln/1654 NYSE Adv/Vol/Dec 839/344.9 mln/2118

1:30 pm : It's been a grind so far today for the major averages which have seen both sides of the unchanged line. Currently, the major averages are in the midst of a downturn that has knocked them all to, or near, their lows for the day.

There hasn't been a news catalyst for the aforementioned leg lower, so we would contend that it is more a case of price exhaustion than anything else following a near 9.0% gain for the S&P 500 and a near 10% gain for the Nasdaq over the last three months.

There wasn't a lot of attention paid to the Q3 Employment Cost Index this morning, but the economic data figures to factor more prominently on Wednesday with the calendar featuring the Retail Sales, CPI, and Existing Home Sales reports for October. Separately, the minutes from the October FOMC meeting will also be released. DJ30 -17.79 NASDAQ -18.05 SP500 -4.86 NASDAQ Adv/Vol/Dec 950/963 mln/1545 NYSE Adv/Vol/Dec 934/306 mln/1999

12:55 pm : Equities are little changed at midday as the key indices hover near their respective flat lines. Excluding the opening 30 minutes, the S&P 500 has held inside of a six-point range. The index displayed some early strength, but was unable to build on that modest gain as the underperformance of consumer staples (-0.3%) and industrials (-0.3%) overshadowed the relative strength of energy (+0.2%) and financials (+0.6%).

Meanwhile, the Dow Jones Industrial Average trades just ahead of the S&P as Home Depot (HD 80.88, +1.21) contributes to its outperformance after beating on earnings and revenue while issuing upbeat guidance.

The discretionary sector (+0.1%) has also benefited from Home Depot's advance, but Best Buy (BBY 39.88, -3.68) has been a bit of an offsetting factor. The electronics retailer trades lower by 8.5% despite beating on earnings and suggesting it will aim to match or beat its competition at the expense of maximum profitability in the fourth quarter.

Elsewhere, consumer staples (-0.3%) lag as Campbell Soup (CPB 39.26, -2.55) sports a loss of 6.1% after missing bottom-line estimates by 23 cents on below-consensus revenue. The company issued a cautious outlook, expecting its full-year 2014 earnings and revenue to come in below consensus.

Other countercyclical groups trade in mixed fashion. Health care (+0.2%) outperforms while telecom services (unch) and utilities (-0.6%) lag.

Treasuries hover near their lowest levels of the day with the 10-yr yield up two basis points at 2.69%.

Today's economic data was limited to the third quarter employment cost index, which increased 0.4%, down from a 0.5% increase in the second quarter. The Briefing.com consensus expected the index to increase 0.5%. Year-over-year, compensation increased 1.9%. Wages and salaries increased 0.3% in the third quarter. That is down from a 0.4% increase in the second quarter and the weakest gain since increasing by the same amount in Q4 2012.DJ30 +9.95 NASDAQ -4.22 SP500 -0.65 NASDAQ Adv/Vol/Dec 1222/858.5 mln/1270 NYSE Adv/Vol/Dec 1195/274.8 mln/1738

12:30 pm : Equity indices remain near their flat lines as mixed sector performance persists. The utilities space (-0.8%) is the weakest group of the day, but given its small size, the sector has a limited impact on the broader market.

Meanwhile, the top-weighted sector, technology, has not provided much leadership as it trades flat.

Elsewhere, Treasuries have returned to their lows. The 10-yr yield is higher by three basis points at 2.70%.DJ30 +14.27 NASDAQ +3.43 SP500 +0.83 NASDAQ Adv/Vol/Dec 1326/782.5 mln/1159 NYSE Adv/Vol/Dec 1304/251.8 mln/1618

12:00 pm : Equities have seen some additional selling pressure over the past 30 minutes with the industrial sector (-0.4%) leading the weakness. Transports have pressured the sector as the Dow Jones Transportation Average trades lower by 0.6%. Interestingly, airlines outperform broadly with United Continental (UAL 38.26, +1.88) trading higher by 5.2% after announcing plans to cut costs by $2 billion per year.

Meanwhile, defense contractors trade just ahead of the industrial sector as the PHLX Defense Index displays a loss of 0.3%.DJ30 +4.89 NASDAQ -0.02 SP500 -0.78 NASDAQ Adv/Vol/Dec 1269/711.6 mln/1181 NYSE Adv/Vol/Dec 1180/230.5 mln/1711

11:30 am : The major averages are back in the vicinity of their respective flat lines as mixed sector performance contributes to the choppy action. Energy (+0.3%) and financials (+0.4%) continue to outperform, but consumer staples (-0.4%), industrials (-0.3%), and utilities (-0.8%) have gone in the opposite direction.

Also of note, the technology sector (-0.2%) displayed early strength, but has since dropped to a session low with the retreat weighing on top-weighted names like Apple (AAPL 519.27, +0.64) and Oracle (ORCL 34.71, -0.22). Meanwhile, momentum names have held in relatively well as Facebook (FB 46.59, +0.76), LinkedIn (LNKD 223.22, +1.15), and Tesla (TSLA 127.51, +5.93) sport gains between 0.6% and 5.0%.

With equities showing a degree of indecision, the CBOE Volatility Index (VIX 13.36, +0.26) trades modestly higher.DJ30 +0.29 NASDAQ -0.02 SP500 -0.81 NASDAQ Adv/Vol/Dec 1302/614.2 mln/1122 NYSE Adv/Vol/Dec 1234/200.5 mln/1622

11:00 am : Stock market averages have climbed to their best levels of the session with the Dow Jones Industrial Average (+0.2%) pacing the rebound. Home Depot (HD 81.23, +1.56) continues to serve as support for the index while other top-weighted components like Chevron (CVX 121.68, +1.12) and Goldman Sachs (GS 167.87, +2.19) have also contributed to the Dow's outperformance.

On a related note, the broader market has built on the relative strength of energy (+0.3%) and financials (+0.5%) as the two sectors trade ahead of the remaining groups.

Treasuries remain near their lows with the 10-yr yield up two basis points at 2.69%.DJ30 +26.46 NASDAQ +4.32 SP500 +1.70 NASDAQ Adv/Vol/Dec 1358/509.2 mln/1031 NYSE Adv/Vol/Dec 1391/166.8 mln/1420

10:35 am : Commodities are mixed today with energy flat and metals modestly higher. Following a pullback yesterday, gold, silver and copper are modestly higher this morning likely on weakness in the dollar index. All three metals are currently near session highs.

Both crude oil and natural gas futures have been volatile, especially crude oil, which is showing an almost perfect V-chart on a one minute chart in recent trade.

In current action:

Dec crude oil +0.04% at $93.07/barrel
Dec natural gas -0.2% at $3.61/MMBtu
Dec gold +0.3% at $1276.10/oz
Dec silver +0.3% at $20.42/oz
Dec copper +0.6% at $3.17/lb

DJ30 +30.64 NASDAQ +3.04 SP500 +1.49 NASDAQ Adv/Vol/Dec 1216/420.0 mln/1111 NYSE Adv/Vol/Dec 1257/139 mln/1543

10:00 am : Equities have ticked up from their early lows, but three of four countercyclical sectors (consumer staples, health care, and utilities) continue displaying weakness. On the upside, financials (+0.3%) are fueling the rebound as the sector trades ahead of the remaining cyclical groups.

The technology sector (+0.2%) has also climbed to a session high as large components like Apple (AAPL 522.15, +3.52) and Microsoft (MSFT 37.17, +0.25) contribute to its strength.DJ30 +18.81 NASDAQ +4.66 SP500 -0.05 NASDAQ Adv/Vol/Dec 1193/251.5 mln/1037 NYSE Adv/Vol/Dec 1115/95.2 mln/1632

09:45 am : The major averages slipped from their opening levels as losses among nine of ten sectors contributed to the early weakness. Defensive groups have paced the early decline with the consumer staples sector trading lower by 0.4% after Campbell Soup (CPB 39.04, -2.77) missed earnings estimates by 23 cents on below-consensus revenue. In addition, the company lowered its full-year 2014 earnings and revenue guidance below consensus.

Also of note, the price-weighted Dow Jones outperforms thanks to early support from shares of Home Depot (HD 81.94, +2.27) after the company beat on earnings, revenue, and issued upbeat guidance. Although Home Depot trades higher by 2.7%, the discretionary sector has not followed suit as apparel retailers weigh.DJ30 -11.28 NASDAQ -13.05 SP500 -5.01 NASDAQ Adv/Vol/Dec 793/152.2 mln/1350 NYSE Adv/Vol/Dec 814/68.5 mln/1868

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +2.20. Equities are expected to display little change at open as the S&P 500 futures trade just above fair value while Nasdaq futures hold a two-point gain. The market will look to rebound from yesterday's slide that caused the tech-heavy Nasdaq to surrender 0.9%.

Participants will keep a close eye on the performance of momentum names to see how they react following yesterday's weakness. Tesla (TSLA 119.76, -1.82) has been in focus this morning as the stock trades lower by 1.5% amid news the National Highway Traffic Safety Administration will investigate the Model S after three vehicles caught fire after striking roadside debris. Today's pre-market weakness comes after the stock tumbled 10.2% yesterday.

Treasuries have recently slid to lows, pushing the 10-yr yield up three basis points to 2.70%.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: flat. The S&P 500 futures have trimmed their pre-market loss to 0.1%.

Markets across Asia ended generally lower as action tracked yesterday's late-day selloff on Wall Street. However, the selling was rather light as a quiet slate of data and news made for an uneventful trade. China's Shanghai Composite (-0.2%) slid as PBOC Governor Zhou announced the central bank will widen the renminbi's trading band, while "basically" ending its intervention in the market. Meanwhile Australia's ASX (-0.6%) lagged after the Reserve Bank of Australia suggested, "Forward-looking indicators have generally improved," leading many to believe the central bank will let the recent rate cuts work their way through the system. Data from the region was light as Australia's CB Leading Index edged up 0.3%.

In Japan, the Nikkei shed 0.3% as trade slipped from a six-month high. Komatsu shed 2.5% after lowering its full-year guidance and receiving a tier 1 downgrade. Meanwhile, Sony added 1.3% after reports suggested the co is looking to cut at least $100 mln in costs.
Hong Kong's Hang Seng finished flat as action holds at 31-month highs. Energy shares led the way as PetroChina and China Shenhua Energy added 2.5% and 1.2%, respectively. Meanwhile, real estate developers led to the downside as China Resources Land lost 4.7% and Sino Land gave up 1.7%.
In China, the Shanghai Composite shed 0.2% as action slipped for the first time in four days. Financials and defense lagged as profit-taking weighed on names like China Merchants Bank and China Aerospace Times Electronics, which fell 2.8% and 3.4%, respectively, following their recent gains.

Major European indices trade lower across the board with France's CAC (-0.9%) leading to the downside. Among news of note, European Central Bank Executive Board member Joerg Asmussen said the ECB could implement negative deposit rates if the 2.0% inflation target remains elusive. Mr. Asmussen added he would be 'very, very careful' with regards to deploying the policy tool. Elsewhere, the European Financial Stability Facility (EFSF) approved an aid disbursement to Portugal in the amount of EUR3.70 billion, as expected. Investors received a handful of economic data points. Eurozone ZEW Economic Sentiment ticked up to 60.2 from 59.1 (63.1 forecast). Germany's ZEW Economic Sentiment improved to 54.6 from 52.8 (54.0 expected) while the Current Conditions Index slipped to 28.7 from 29.7 (31.0 consensus). Italy's industrial new orders rose 1.6% month-over-month (0.5% expected, 2.2% last) while the year-over-year reading increased 7.3% (-5.5% last). Separately, industrial sales ticked up 0.1% month-over-month (1.0% prior). Norway's GDP expanded 0.7% quarter-over-quarter (0.5% expected, 1.2% last).

Germany's DAX is lower by 0.2% with fertilizer producer K+S leading to the downside with a loss of 4.3%. Other components of the materials sector also lag as BASF and Lanxess trade lower by 0.6% each.
Great Britain's FTSE holds a loss of 0.5% as financials lag. Aberdeen Asset Management, Lloyds Banking Group, and Standard Chartered are down between 1.1% and 3.1%. EasyJet outperforms with a gain of 8.3% after reporting solid results.
In France, the CAC is lower by 0.9% as 36 of 40 components register losses. Credit Agricole and Societe Generale are both down near 2.0%. Exporter Renault is the top performer, trading higher by 0.9%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -1.80. The S&P 500 futures have ticked up off their lows, but continue to hold a modest loss of 0.2%.

The third quarter employment cost index rose 0.4% against the 0.5% uptick expected by the Briefing.com consensus.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -4.30. U.S. equity futures hover near their worst pre-market levels amid cautious overseas action. The S&P 500 futures trade lower by 0.2%.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -0.2%, Japan's Nikkei -0.3%, and Hong Kong's Hang Seng ended flat.
Economic data was limited:
China's FDI came in at 5.77% (6.20% prior).
Australia's Inflation Expectations slipped to 2.3% quarter-over-quarter from the prior reading of 2.4%. Separately, the CB Leading Index ticked up 0.3% month-over-month (-0.2% prior).
Looking at news:
People's Bank of China Governor Zhou Xiaochuan said the central bank will stop intervening in the foreign exchange market on a regular basis and establish a managed float.

Major European indices trade lower across the board. Germany's DAX -0.4%, Great Britain's FTSE -0.5%, and France's CAC -1.0%.
Investors received a handful of economic data points:
Eurozone ZEW Economic Sentiment ticked up to 60.2 from 59.1 (63.1 forecast).
Germany's ZEW Economic Sentiment improved to 54.6 from 52.8 (54.0 expected) while the Current Conditions Index slipped to 28.7 from 29.7 (31.0 consensus).
Italy's industrial new orders rose 1.6% month-over-month (0.5% expected, 2.2% last) while the year-over-year reading increased 7.3% (-5.5% last). Separately, industrial sales ticked up 0.1% month-over-month (1.0% prior).
Norway's GDP expanded 0.7% quarter-over-quarter (0.5% expected, 1.2% last).
In news:
European Central Bank Executive Board member Joerg Asmussen said the ECB could implement negative deposit rates if the 2.0% inflation target remains elusive. Mr. Asmussen added he would be 'very, very careful' with regards to deploying the policy tool.
The European Financial Stability Facility (EFSF) approved an aid disbursement to Portugal in the amount of EUR3.70 billion, as expected.

In U.S. corporate news:

Best Buy (BBY 40.70, -2.86): -6.6% after beating on earnings and issuing cautious guidance.
Campbell Soup (CPB 39.50, -2.31): -5.5% after missing earnings estimates by 23 cents on below-consensus revenue. The company lowered its full-year 2014 earnings and revenue guidance below consensus.
Home Depot (HD 82.14, +2.47): +3.1% following its earnings beat on better-than-expected revenue.
Salesforce.com (CRM 55.60, +0.09): +0.2% after reporting in-line results.
Tesla (TSLA 117.50, -4.08): -3.4% amid news the National Highway Traffic Safety Administration will investigate the Model S after three vehicles caught on fire after striking roadside debris.
Urban Outfitters (URBN 39.09, -0.55): -1.4% despite reporting better-than-expected earnings.

Today's economic data will be limited to the third quarter employment cost index, which will be reported at 8:30 ET.

06:14 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -4.50.

06:14 am : Nikkei...15126.56...-37.70...-0.30%. Hang Seng...23657.81...-2.30...0.00.

06:14 am : FTSE...6684.66...-38.80...-0.60%. DAX...9181.79...-43.60...-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

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