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 Post subject: November 27th Wednesday Trade Results - Profit $1260.00
PostPosted: Wed Nov 27, 2013 10:51 pm 
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Joined: Sat Jan 10, 2009 1:06 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)
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 @ $1,260.00 dollars or +12.60 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,260.00 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=1659

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.

Investors Give Thanks To Their Portfolios

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

NEW YORK (CNNMoney)
Investors are heading into the Thanksgiving holiday in a cheery mood as stocks continued to extend this year's record-breaking run.

The Dow and S&P 500 inched higher and closed at new records Wednesday. The Nasdaq also gained ground and finished at its highest level since September 2000.

November has been another solid month in what's been a stellar year for stocks. The Dow has advanced 3.5% while the S&P 500 and Nasdaq have increased 3%. All three indexes have surpassed key milestones. The Dow is above 16,000, the S&P 500 is trading above 1,800 and the Nasdaq closed above 4,000 for the first time in 13 years Tuesday.

Year-to-date, these indexes have climbed between 20% and 35% thanks to a slowly recovering economy, solid corporate earnings and bond purchases by the Federal Reserve.

* No tech bubble here

Trading volume was thin on Wednesday, as traders began to escape for the Thanksgiving holiday. The U.S. stock markets are closed Thursday and only open for a half-day of trading on Friday.

But traders were watching the Bitcoin market closely. The price of the virtual currency topped $1,000 for the first time Wednesday morning.

The price of one Bitcoin has surged 78-fold in 2013 on hopes the experiment in digital money will eventually become a legitimate global currency. Traders on StockTwits acknowledged that chatter about a Bitcoin bubble has been going on for months, but many still remained intrigued by the massive run-up in the virtual currency.

"$BCOIN Incredibly cheap or incredibly expensive?" asked zagnut. "Makes for a great speculative investment. A small one. :)"

Some traders think the currency's value could continue to grow in the near future.

"$BCOIN It wouldn't shock me the slightest to see it at $1,500 near term," said Cashtrend.

* Video - Nasdaq 4000: Tech bubble? Not yet

On the corporate front, Hewlett-Packard (HPQ, Fortune 500) shares surged after the PC and printer maker reported quarterly earnings and sales that beat expectations.

Shares of US Airways (LCC, Fortune 500) were up slightly while American Airlines (AAMRQ, Fortune 500) rose about 2% after a bankruptcy judge approved a settlement with the federal government that will allow the two airlines to merge.

Meanwhile, J.C. Penney (JCP, Fortune 500) shares surged more than 7% to top $10 a piece for the first time in two months. The stock has rallied more than 60% from lows earlier this year and there are growing hopes that the struggling retailer may start to turn things around during the holiday shopping season.

"$JCP All it takes is a good Black Friday report and this is at $15," said StockTwits user toddmeyer.

Shares of J.C. Penney are still down nearly 50% this year though. But another trader who was bullish on J.C. Penney was also optimistic about one of this year's other big losers -- smartphone maker BlackBerry (BBRY).

"$JCP and holiday season yet to begin...$14 by end of year," said stockchancellor. Also buy $BBRY NOW."

In economic news, claims for first-time unemployment benefits fell more than expected last week. Orders for durable goods fell in October, but the decline was more modest than forecasts.

The final reading from the University of Michigan and Thomson Reuters showed that consumer sentiment rose more than expected in November.

European markets finished higher, in part due to an agreement on a new coalition government in Germany led by Chancellor Angela Merkel.

Asian markets ended mixed. Chinese indexes posted modest gains while Japan's benchmark Nikkei lost 0.4%. Tensions in Asia are rising after China announced the creation of a controversial new air defense zone. Both the United States and Japan, refuse to recognize the zone.

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4:10 pm: [BRIEFING.COM] Equity indices posted modest gains with the Nasdaq (+0.7%) setting the pace for a second consecutive day. The tech-heavy index climbed steadily throughout the session, extending its week-to-date advance to 1.3%.

The Nasdaq received support from many of its top components as Apple (AAPL 545.96, +12.56), Oracle (ORCL 35.29, +0.36), Microsoft (MSFT 37.60, +0.25), and Intel (INTC 23.90, +0.25) gained between 0.7% and 2.4%. Momentum names also contributed to the strength despite starting the session on a mixed note. However, biotechnology sat out the advance as the iShares Nasdaq Biotechnology ETF (IBB 223.33, -0.12) shed 0.1%.

The outperformance of the Nasdaq boosted the technology sector (+1.0%), which ended in the lead. Among notable earnings, Dow component Hewlett-Packard (HPQ 27.36, +2.27) surged 9.1% after beating bottom-line estimates by one cent on above-consensus revenue.

Other sectors did not display comparable strength as only three groups-consumer discretionary (+0.3%), financials (+0.3%), and industrials (+0.4%)-ended ahead of the broader market.

Discretionary shares were underpinned by retailers as the SPDR S&P Retail ETF (XRT 88.54, +0.45) climbed 0.5%.

Meanwhile, the financial space followed the lead of regional banks as the SPDR S&P Regional Banking ETF (KRE 40.02, +0.22) rose 0.6%.

For its part, the industrial sector displayed all-around strength as defense contractors and transports rallied. The PHLX Defense Index rose 0.7% while the Dow Jones Transportation Average settled higher by 0.6%.

Although most cyclical groups posted gains, energy (-0.7%) was not as fortunate. The sector ended at the bottom of the leaderboard while crude oil fell 1.5% to $92.29 per barrel.

On the countercyclical side, consumer staples (+0.1%), health care (unch), telecom services (+0.1%), and utilities (-0.3%) lagged across the board.

Treasuries ended mixed as the 10-yr yield increased three basis points to 2.74% while the 2-yr yield dipped one basis point to 0.28%.

Trading volume was well below average as only 532 million shares changed hands on the floor of the NYSE.

This morning was busy in terms of economic data. Weekly initial claims were better than expected, declining 10,000 to 316,000 (Briefing.com consensus 330,000). In turn, continuing claims also beat estimates, dropping by 91,000 to 2.776 million (Briefing.com consensus 2.875 million).

Seasonal adjustment problems were cited as a factor for the low level of initial claims, so once again we'll have to put an asterisk next to a number that looks encouraging at first blush. In all likelihood, the initial claims level will move higher as the seasonal adjustment problem gets corrected.

Separately, the durable orders headlines weren't all that encouraging. Total orders declined 2.0% in October (consensus -2.2%) from an upwardly revised 4.1% increase in September (from 3.8%). Excluding transportation, orders declined 0.1% (consensus 0.2%) from an upwardly revised 0.2% increase in September (from -0.1%).

The upward revisions to September's data cushioned some of the blow of the downturn in October. The report though was still disappointing in terms of what it said about business investment, which is that it is weak.

Nondefense capital goods orders, excluding aircraft, declined by 1.2% after a 1.4% decline in September. Shipments of those goods, which factor into the GDP computation, declined by 0.2% for the second straight month.

Manufacturing activity in the Chicago region remained strong. The Chicago PMI fell to 63.0 in November from 65.9 in October. That was the first time since November/December 2011 that the index stayed above 60 for two consecutive months. The Briefing.com consensus expected the Chicago PMI to fall to 58.0.

Lastly, the final reading of the November Michigan Consumer Sentiment Survey was revised up to 75.1 from 72.0 (consensus 73.0) while October Leading Indicators ticked up 0.2% (consensus -0.1%).

Bond and equity markets will be closed tomorrow for Thanksgiving. On Friday, the equity market will close early at 13:00 ET.

Russell 2000 +34.4% YTD
Nasdaq +34.0% YTD
S&P 500 +26.7% YTD
DJIA +22.8% YTD

3:30 pm: [BRIEFING.COM] Precious metals erased earlier gains as better-than-anticipated economic data released this morning lifted the dollar index and pressured the commodities space. The Chicago PMI, Michigan Sentiment and leading indicators all topped estimates.

ec gold pulled back from its session high of $1253.50 per ounce set moments after floor trade opened and dipped into negative territory by late morning action. It touched a session low of $1237.00 per ounce and settled with a 0.3% loss at $1238.00 per ounce.

Dec silver also fell into the red after touching a session high of $19.99 per ounce in early morning pit trade. Unable to regain momentum, it settled at $19.63 per ounce, or 1.1% lower.

Jan crude oil extended losses for a fourth consecutive session as it fell deeper into negative territory following the bullish economic data and higher-than-expected build in inventories. The EIA reported that for the week ending Nov 22, crude oil inventories increased by 2.953 mln barrels when consensus called for a smaller buid of 0.775 mln barrels. The energy component dipped to a session low of $91.77 per barrel and eventually settled with a 1.5% loss at $92.29 per barrel.

Jan natural gas, on the other hand, was the outperformer in the energy space as it lifted from its session low of $3.84 per MMBtu set at floor trade open and recovered into positive territory. It advanced to a session high of $3.92 per MMBtu following inventory data that showed a draw of 13 bcf when a draw of 10-13 bcf was anticipated and settled with a 1.0% gain at $3.90 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% as the session drifts towards its close. The benchmark index entered the final week of November after registering seven consecutive gains. However, that streak may be in jeopardy as the index sports a slim week-to-date advance of 0.2% with an abbreviated session scheduled for Friday.

Small caps have had a better showing as the Russell 2000 displays a week-to-date gain of 1.4%.

2:30 pm: [BRIEFING.COM] The S&P 500 continues to hold a slim three-point gain as the session nears the final hour. Since markets will be closed tomorrow, participants received a full slate of economic data today.

Although U.S. markets will be closed on Thursday, other global markets will operate normally. In addition, investors will receive some noteworthy economic releases with Japan and Hong Kong set to report their retail sales tonight. Tomorrow morning, investors will look to data out of Europe with Germany's unemployment figures and Spanish GDP headlining the list.

2:00 pm: [BRIEFING.COM] The S&P 500 has returned to the middle of its range while the Nasdaq (+0.4%) continues to outperform.

Afternoon trading volume has slowed down considerably as only 280 million shares have changed hands on the floor of the NYSE. Meanwhile, market breadth remains tilted to the upside with advancing issues outpacing decliners by a 1.3:1 ratio.

Also of note, the CBOE Volatility Index (VIX 12.90, +0.09) hovers at its highest level of the session as participants show some demand for downside protection.

1:30 pm: [BRIEFING.COM] Buying interest has been fading over the course of the past 90 minutes or so, which has paved the way to a downturn for the major indices which are off their earlier highs. There hasn't been a news catalyst behind the pullback, so it can be attributed in part to the vagaries of a thinly-traded market. 90 minutes from now the indices could just as easily be noticeably higher.

A bump in long-term rates following the disappointing 7-year note auction could be serving as a bit of a headwind, but, again, on a day like today when participation is light, it is probably best not to read too much into market swings that lack a news catalyst.

As an aside, a number of participants are likely to be taking the rest of the week off, so it is possible that position squaring in front of the long weekend and/or month-end activity is having some influence over the back-and-forth action in today's proceedings.

1:00 pm: [BRIEFING.COM] The Nasdaq (+0.5%) holds a modest midday gain for the second consecutive session, putting it on track to register a weekly advance of 1.0%. Meanwhile, the S&P 500 has recently surrendered its slim advance.

Yesterday, the Nasdaq received support from momentum names, but the group is somewhat mixed today. Facebook (FB 46.34, +0.45) and Priceline.com (PCLN 1188.14, +10.16) are both higher by 0.9% while LinkedIn (LNKD 221.56, -1.37) and Yelp (YELP 61.78, -0.14) sport modest losses.

The Nasdaq strength has translated into outperformance for the technology sector (+0.8%), which leads the remaining groups. The largest component, Apple (AAPL 543.86, +10.46), underpins the group, trading with a gain of 2.0%. On the earnings front, Hewlett-Packard (HPQ 27.09, +2.00) is higher by 8.0% after beating earnings estimates by one cent on above-consensus revenue.

Outside of technology, only financials (+0.2%) and industrials (+0.4%) have had a better showing than the broader market. JPMorgan Chase (JPM 57.64, +0.47) is the top performer among bank shares while industrials draw strength from the Dow Jones Transportation Average (+0.4%).

Although most cyclical groups can be found in positive territory, energy is lower by 1.1% as crude oil trades down 1.6% at $92.15 per barrel.

Countercyclical groups lag across the board with utilities (-0.5%) rounding out the bottom of today's leaderboard.

Treasuries have slid to their lows following today's disappointing 7-yr auction. The benchmark 10-yr yield is higher by four basis points at 2.75%.

This morning was busy in terms of economic data given markets will be closed through Thanksgiving Thursday.

Weekly initial claims were better than expected, declining 10,000 to 316,000 (Briefing.com consensus 330,000). In turn, continuing claims also beat estimates, dropping by 91,000 to 2.776 million (Briefing.com consensus 2.875 million).

Seasonal adjustment problems were cited as a factor for the low level of initial claims, so once again we'll have to put an asterisk next to a number that looks encouraging at first blush. In all likelihood, the initial claims level will move higher as the seasonal adjustment problem gets corrected.

Separately, the durable orders headlines weren't all that encouraging. Total orders declined 2.0% in October (consensus -2.2%) from an upwardly revised 4.1% increase in September (from 3.8%). Excluding transportation, orders declined 0.1% (consensus 0.2%) from an upwardly revised 0.2% increase in September (from -0.1%).

The upward revisions to September's data cushioned some of the blow of the downturn in October. The report though was still disappointing in terms of what it said about business investment, which is that it is weak.

Nondefense capital goods orders, excluding aircraft, declined by 1.2% after a 1.4% decline in September. Shipments of those goods, which factor into the GDP computation, declined by 0.2% for the second straight month.

Manufacturing activity in the Chicago region remained strong. The Chicago PMI fell to 63.0 in November from 65.9 in October. That was the first time since November/December 2011 that the index stayed above 60 for two consecutive months. The Briefing.com consensus expected the Chicago PMI to fall to 58.0.

Lastly, the final reading of the November Michigan Consumer Sentiment Survey was revised up to 75.1 from 72.0 (consensus 73.0) while October Leading Indicators ticked up 0.2% (consensus -0.1%).

12:30 pm: [BRIEFING.COM] The S&P 500 has slipped from its session high, but the retreat was limited to two points. However, the slip sent the index back to the middle of its range, which underscores today's thin trading conditions and narrow trading ranges. Outside of the opening climb, the S&P 500 has bounced around a two-point range.

With regards to trading volume, only 220 million shares have changed hands so far on the NYSE while Nasdaq volume (743 million) is also running below average.

12:00 pm: [BRIEFING.COM] Recent action saw the Nasdaq (+0.5%) add to its earlier gain while the Dow and S&P 500 remain near their highs.

Yesterday's outperformance of the Nasdaq was fueled, in part, by momentum names. Today, however, the group trades in mixed fashion. Facebook (FB 46.04, +0.14) and Priceline.com (PCLN 1190.44, +12.46) hold respective gains of 0.4% and 1.1% while LinkedIn (LNKD 222.54, -0.39) and Yelp (YELP 61.60, -0.32) register modest losses.

Biotechnology is also sitting out the Nasdaq advance as the iShares Nasdaq Biotechnology ETF (IBB 222.71, -0.74) trades lower by 0.3%. On a related note, the health care sector underperforms, trading flat.

11:30 am: [BRIEFING.COM] Equity indices remain near their highs as the S&P 500 trades up 0.3%. The benchmark index is receiving support from three influential sectors as financials, industrials, and technology register gains between 0.4% and 0.9%.

Meanwhile, all four countercyclical sectors-consumer staples, health care, telecom services, and utilities-trail the broader market. Consumer staples and health care hover just above their flat lines while telecom services and utilities hold respective losses of (0.1% and 0.4%).

Elsewhere, Treasuries have widened their losses. The 10-yr note is lower by 11 ticks with its yield up four basis points at 2.75%.

10:55 am: [BRIEFING.COM] The major averages have spent the past hour hovering near their best levels of the session with the Nasdaq (+0.4%) trading ahead of the other indices. The Nasdaq finished well ahead of the broader market yesterday, and the index outperforms once again today. As a result, the tech-heavy index is on track to register a weekly gain of 1.0% versus a slim 0.1% uptick in the S&P 500.

With the Nasdaq providing leadership, the tech sector (+0.8%) trades well ahead of the remaining groups. Top sector components have contributed to the strength as Apple (AAPL 543.28, +9.88), Microsoft (MSFT 37.70, +0.35), and Oracle (ORCL 35.24, +0.31) hold gains between 0.9% and 1.8%.

10:35 am: [BRIEFING.COM] Better than anticipated economic data released this morning put pressure on precious metals and crude oil. The Chicago PMI, Michigan Sentiment and leading indicators all topped estimates. Dec gold erased its earlier gains as it pulled back from its session high of $1253.50 set moments after pit trade opened. It is currently unchanged at $1241.40.

Dec silver slipped into negative territory in recent action despite trading as high as $19.99 earlier in the floor session. It is now down 0.4% at $19.76.

Jan crude oil extended overnight losses as it slipped further into negative territory. It brushed a session low of $92.04 in recent action and only ticked slightly higher following inventory data that showed a higher-than-anticipated build. The energy component is currently down 1.4% at $92.34.

Jan natural gas, on the other hand, has been trending higher and erased earlier losses. It lifted from its session low of $3.84 set at pit trade open and is now at $3.87, or 0.2% higher.

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2% as the index continues following the Nasdaq's lead (+0.4%).

The University of Michigan Consumer Sentiment report for November was revised up to 75.1 in the final reading (Briefing.com consensus 73.0) from 72.0.

Separately, the Leading Indicators report for October increased 0.2%. That followed a 0.9% increase in September, and was better than the 0.1% downtick expected by the Briefing.com consensus.

9:45 am: [BRIEFING.COM] The major averages began the session on an upbeat note with the Nasdaq (+0.3%) pacing the early gains. The tech-heavy index has received support from its largest component, Apple (AAPL 539.56, +6.16), which trades higher by 1.2%. In turn, the technology sector (+0.6%) trades ahead of the remaining groups at this juncture. The sector has also received a boost from Hewlett-Packard (HPQ 27.31, +2.22), which holds an advance of 8.5% after beating bottom-line estimates by one cent on above-consensus revenue.

Outside of technology, only four other groups trade in positive territory, but the gains have been limited to no more than 0.2%.

Treasuries hold modest losses with the 10-yr yield up one basis point at 2.72%.

Just released, the November Chicago PMI slipped to 63.0 from 65.9 while the Briefing.com consensus expected a decline to 58.0.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +9.00. The major averages are poised to register slim gains at the open as index futures hover just above their respective fair values. Today's session is expected to be relatively quiet with some participants away ahead of tomorrow's Thanksgiving holiday.

With markets closed tomorrow, investors are receiving a fair share of data. Weekly initial claims fell to 316,000 from 326,000 (Briefing.com consensus 330,000) while durable orders contracted 2.0% (consensus -2.2%). Excluding transportation, orders came in below expectations (-0.1% actual, +0.2% consensus). More data remains on today's schedule with the November Chicago PMI set to be released at 9:45 ET while the final University of Michigan Sentiment Index for November and leading indicators for October will be reported at 10:00 ET.

Among corporate news of note, Hewlett-Packard (HPQ 26.64, +1.53) trades higher by 6.2% in pre-market action after beating earnings estimates by one cent on above-consensus revenue.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +8.20. The S&P 500 futures continue to hover near their highs (+0.1%).

Asian markets ended mixed following a quiet session as foreign activity was light ahead of the Thanksgiving holiday in the U.S. Profit-taking continued in Japan's Nikkei (-0.4%) as shares pulled back for a second session. Many participants are keeping a watchful eye on relations with China as it was reported a couple of Japanese commercial jets flew over the Chinese no-fly zone encompassing the disputed Senkaku Islands. This followed Monday's fly-over by two U.S. B52 bombers. China's Shanghai Composite (+0.8%) shrugged off the latest developments, climbing for the first time in five days. Overnight, the Thai central bank surprised with a 25 basis point cut to 2.25% as the recent political tension coupled with a slowing economy provoked the decision. Evidence of a slowing economy could be seen in the latest trade data, which swung to a deficit of $1.77 billion (+$0.47 billion previous). The central bank also lowered its 2013 growth estimate to 3.0% from 3.7% while dropping its 2014 outlook to 4.0% from 4.8%. Data from the rest of the region saw Australia's construction work done climb a strong 2.7% quarter-over-quarter (0.6% expected) and South Korea's business confidence drop to 78 from 81.

In Japan, the Nikkei shed 0.4% amid a quiet trade. Heavyweights Softbank and Japan Tobacco weighed as shares slumped 2.8% and 1.4%, respectively.
Hong Kong's Hang Seng added 0.5% to post its best close since the end of January. Casino stocks provided support as Sands China rose 1.9% and Galaxy Entertainment tacked on 1.8%.
In China, the Shanghai Composite gained 0.8% as trade managed to retake the 200-day moving average. Defense stocks saw a boost as Sinolink Securities and Guangzhou Hi-Target Navigation Tech both surged the limit, 10.0%.

Core European indices hold modest gains while Italy's MIB (+0.9%) outperforms after Prime Minister Enrico Letta's budget survived a confidence vote in the Senate. Also of note, reports indicate German Chancellor Angela Merkel's Christian Democrats have secured a coalition deal with SPD. Notably, the Chancellor agreed to implement a nationwide minimum wage of EUR8.50, which was one of SPD's key demands. Looking at economic data, Germany's GfK Consumer Climate rose to 7.4 from 7.1 (7.1 expected). Great Britain's GDP rose 0.8% quarter-over-quarter while the year-over-year reading increased 1.5%, as expected. Separately, the Index of Services came in at 0.7% (0.4% forecast, 0.6% last) and business investment increased 1.4% quarter-over-quarter (2.3% expected, -2.7% prior). Also of note, the CBI Distributive Trades Survey ticked down to 1 from 2 (8 forecast). French consumer confidence slipped to 84 from 85 (85 expected). Spain's retail sales ticked down 0.5% year-over-year (1.6% consensus, 2.2% previous).

Great Britain's FTSE is higher by 0.1% with miners providing support. Anglo American, Glencore Xstrata, and Rio Tinto are up between 0.2% and 1.4%. On the downside, consumer staples lag with Coca-Cola and Tesco trading lower by 0.7% and 0.4%, respectively.
In France, the CAC holds a gain of 0.3% as industrials outperform. Alstom is higher by 1.6% and Legrand trades up 1.4%. Hotel operator Accor is the weakest performer, down 6.2%.
Germany's DAX sports an advance of 0.3% with Deutsche Post in the lead. The stock trades higher by 2.6%. Staple stocks lag with Beiersdorf trading lower by 0.9%.
In Italy, the MIB trades up 0.9% with financials in the lead. Banco Popolare SC is higher by 5.8% and Mediobanca holds an advance of 1.9%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +6.50. The S&P 500 futures trade higher by 0.1%.

The latest weekly initial jobless claims count totaled 316,000, which was lower than the 330,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 326,000. As for continuing claims, they fell to 2.776 million from 2.867 million.

October durable goods orders fell 2.0%, which was better than the 2.2% decrease that had been expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 4.1% (from 3.7%). Excluding transportation, durable orders ticked down 0.1% (consensus +0.2%) to follow the prior month's revised uptick of 0.2% (from -0.1%).

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +6.20. U.S. equity futures hold modest gains amid upbeat overseas action. The S&P 500 futures trade higher by 0.1%.

Looking at overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +0.5%, China's Shanghai Composite +0.8%, and Japan's Nikkei -0.4%.
Investors received a handful of economic data points:
South Korea's manufacturing BSI Index fell to 82.0 from 86.0.
Australia's construction work done increased 2.7% quarter-over-quarter (0.5% expected, 0.1% prior).
New Zealand's trade deficit narrowed to $168 million from $216 million (deficit of $350 million expected).
Among headlines of note:
Bank of Japan board member Sayuri Shirai, who was a dissenter at the last meeting, said she has doubts whether inflation will be able to reach the 2.0% target in the next two years. Ms. Shirai also said failure to reach this target would warrant additional easing.

Major European indices hold modest gains while peripheral markets outperform. Great Britain's FTSE +0.1%, France's CAC +0.2%, and Germany's DAX +0.3%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +0.6%.
Looking at economic data:
Germany's GfK Consumer Climate rose to 7.4 from 7.1 (7.1 expected).
Great Britain's GDP rose 0.8% quarter-over-quarter while the year-over-year reading increased 1.5%, as expected. Separately, the Index of Services came in at 0.7% (0.4% forecast, 0.6% last) and business investment increased 1.4% quarter-over-quarter (2.3% expected, -2.7% prior). Also of note, the CBI Distributive Trades Survey ticked down to 1 from 2 (8 forecast).
French consumer confidence slipped to 84 from 85 (85 expected).
Spain's retail sales ticked down 0.5% year-over-year (1.6% consensus, 2.2% previous).
In news:
Italy's MIB outperforms after Prime Minister Enrico Letta's budget survived a confidence vote in the Senate.
In Germany, reports indicate Chancellor Angela Merkel's Christian Democrats have secured a coalition deal with SPD. Notably, the Chancellor agreed to implement a nationwide minimum wage of EUR8.50, which was one of SPD's key demands.

In U.S. corporate news:

AeroVironment (AVAV 27.40, +0.48): +1.8% after beating on earnings and revenue.
Frontline (FRO 2.60, +0.25): +10.6% following its in-line earnings on above-consensus revenue.
Hewlett-Packard (HPQ 26.61, +1.52): +6.1% after beating earnings estimates by one cent on above-consensus revenue.
Intel (INTC 23.52, -0.13): -0.6% after RBC Capital Markets downgraded the stock to 'Sector Perform' from 'Outperform.'
Tilly's (TLYS 11.75, -4.13): -26.0% following in-line earnings on disappointing revenue. In addition, the company issued downside earnings guidance.

The weekly MBA Mortgage Index ticked down 0.3% to follow last week's decline of 2.3%.

Weekly initial claims and October durable goods will be released at 8:30 ET while the Chicago PMI for November will cross the wires at 9:45 ET. The final reading of the Michigan Consumer Sentiment Survey will be reported at 9:55 ET, and October leading indicators will be released at 10:00 ET.

6:22 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +6.50.

6:22 am: [BRIEFING.COM] Nikkei...15449.63...-65.60...-0.40%. Hang Seng...22806.35...+125.10...+0.50%.

6:22 am: [BRIEFING.COM] FTSE...6646.58...+10.40...+0.20%. DAX...9310.76...+20.70...+0.20%.

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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