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 Post subject: December 11th Wednesday Trade Results - Profit $4507.50
PostPosted: Wed Dec 11, 2013 9:15 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)
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 @ $2,820.00 dollars or +28.20 points, Emini ES ($ES_F) futures @ $1,687.50 dollars or +33.75 points, Light Crude Oil CL ($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 @ $4,507.50 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the chat room. You can read today's chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=124&t=1671

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 ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) my thought process from trade to trade so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell. If you join the chat room and then you do not ask any questions about WRB Analysis in your own trading...the chat room will not be useful to you. Chat room access instructions @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=226&t=2114

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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.

Dow Falls 130 Points

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

NEW YORK (CNNMoney)
Stocks tumbled Wednesday as investors bet that a new U.S. budget deal raises chances the Federal Reserve might start to scale back its support for the economy soon.

The Dow Jones industrial average fell nearly 130 points. The S&P 500 and the Nasdaq both lost more than 1%.

Congressional negotiators reached a bipartisan budget compromise late Tuesday that would prevent another government shutdown, if approved by the House and Senate. The deal would set spending levels, reduce the deficit and relieve some of the arbitrary, forced spending cuts.

Some analysts say the deal could make the Fed more likely to announce it will begin trimming its $85-billion-a-month bond purchases as early as next week. Fed chairman Ben Bernanke has said repeatedly that uncertainty about fiscal policy is a threat to the economy.

"This budget agreement probably increases the odds of a taper sooner rather than later," said Ryan Larson, head of equity trading at RBC Global Asset Management.

Still, many investors say the Fed will remain on hold at next week's policy meeting, despite a recent run of strong employment data. The general consensus is that Fed vice chair Janet Yellen, who has been nominated to succeed Bernanke and is awaiting final approval from the Senate, will begin tapering early next year.

What's moving. Twitter (TWTR) shares bucked the downward trend and rose slightly. The stock even hit an all-time high of $53.87 earlier in the day. Twitter, which has more than doubled from its IPO price, was a top trending ticker on StockTwits.

"$TWTR laughs in the face of general market fear," said PTSD_Trader.

But not all investors were convinced the recent gains would hold, and some were betting Twitter shares will fall.

"$TWTR longs are weak and will jump ship This company ain't worth 50's. We will see 40's soon enough. Shorts will prevail," said fierce1814.

BlackBerry (BBRY) shares ended the day lower, erasing earlier gains. The troubled smartphone maker has been punished this year, with shares down nearly 50%. BlackBerry is set to report quarterly results next week, and some traders are hoping for good news.

"$BBRY big news coming down the pike in my opinion," said newday1.

* BlackBerry is not dead yet! Seriously.

Others say the rebound in BlackBerry's stock is probably not the beginning of a longer-term recovery.

"$BBRY up two days in a row. means nothing, just green in red so pointing out..." said howardlindzon.

Pandora (P) shares sank after rival online radio service Spotify expanded its free streaming option for mobile devices.

Shares of MasterCard (MA, Fortune 500) rose after the company said it would increase its quarterly dividend by 83% and announced a share buyback program. The company also announced a 10-for-1 stock split effective in January.

"$MA why even mess with $AAPL when ya have MA," said trader85003.

* 15 best financial sites and apps

Smith & Wesson (SWHC) shares jumped a day after the gun maker reported quarterly earnings that beat expectations.

Groupon (GRPN) shares rose following positive reports from Wall Street analysts.

Costco (COST, Fortune 500) shares dropped after the company reported quarterly profits that fell just short of analysts' expectations.

Bank stocks were under pressure one day after federal regulators officially approved new restrictions on risky trading by federally-insured financial institutions. Goldman Sachs (GS, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) each fell more than 1% while Morgan Stanley (MS, Fortune 500), Citigroup (C, Fortune 500)and Bank of America (BAC, Fortune 500)all finished the day down about 2%.

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4:10 pm: [BRIEFING.COM] Equity indices settled on their lows following a steady, session-long slide. Similar to yesterday, small-caps paced the retreat as the Russell 2000 fell 1.6%, extending its December loss to 3.6%. The S&P 500 settled lower by 1.1%, widening its month-to-date decline to 1.3%.

There was no specific news catalyst behind today's slide, which had the markings of broad-based profit-taking. Seven of ten sectors settled with losses of 1.0% or more while only two groups finished above their respective lows.

Top-weighted financial (-1.5%) and health care (-1.6%) sectors trailed throughout the session, which emboldened sellers and prevented dip-buyers from turning the tide. Interestingly, the largest S&P 500 sector, technology, outperformed with a loss of 0.9% even as the tech-heavy Nasdaq (-1.4%) lagged.

The outperformance of the tech sector was largely due to big gains in the shares of MasterCard (MA 790.57, +26.96) and Visa (V 205.66, +6.23). The pair posted respective gains of 3.5% and 3.1% after MasterCard announced a 10-1 stock split, increased its quarterly dividend by 83.0%, and announced a new share repurchase program in the amount of $3.50 billion. Furthermore, Visa's strength contributed to outperformance of the price-weighted Dow Jones Industrial Average (-0.8%).

Even though the Dow outperformed, only five index components finished in positive territory and Visa was the only listing that added more than 1.0%. Other advancers included Coca-Cola (KO 40.13, +0.28) and Procter & Gamble (PG 84.02, +0.37) while the broader consumer staples sector eked out a gain of 0.2%.

Finding shades of green in other areas proved particularly difficult today as bonds and commodities sold off. The 10-yr note fell 10 ticks, sending its yield higher by four basis points to 2.84%. Crude oil (-1.1% to $97.40) and gold futures (-0.7% to $1252.50/ozt) also retreated while copper bucked the trend, climbing 0.6% to $3.286/pound.

With stocks ending on their lows, the CBOE Volatility Index (VIX 15.36, +1.45) finished at its highest level since mid-October.

Participation was right in-line with average as just over 725 million shares changed hands on the floor of the New York Stock Exchange.

Among news of note, negotiators in Washington secured a two-year budget agreement that aims to reduce sequester cuts by $63 billion and lower the deficit by roughly $20 billion. The deal has yet to receive full Congressional approval with votes in the House and the Senate expected to take place next week.

The weekly MBA Mortgage Index ticked up 1.0% following last week's 12.8% fall.

Separately, the Treasury budget deficit declined to $135.20 billion in November from $172.10 billion in November 2012. Since the data are not seasonally adjusted, the November deficit cannot be compared to the decline in October. The Briefing.com consensus expected the budget deficit to fall to $140.00 billion.

The Congressional Budget Office released their budget preview earlier in the week and predicted a shortfall of $140 billion. The market was well aware of the CBO's forecast, therefore the reaction to the budget data was limited.

Tomorrow, weekly initial claims, November Retail Sales, and November export prices ex-agriculture and import prices ex-oil will all be reported at 8:30 ET. The day's data will be topped off with the 10:00 ET release of the October Business Inventories report.

Nasdaq +32.6% YTD
Russell 2000 +29.7% YTD
S&P 500 +25.0% YTD
DJIA +20.9% YTD

3:35 pm: [BRIEFING.COM]

Jan crude oil slipped further into negative territory today on higher-than-anticipated builds in gasoline and distillate inventories.
Although the EIA reported that crude oil inventories had a draw of 10.6 mln barrels when consensus called for a draw of 2.7-3.0 mln, gasoline stockpiles rose 6.7 mln vs expectations for a build of 1.7-2.0 mln barrels. Distillate inventories rose 4.5 mln barrels when consensus called for a smaller build of 1.5-1.6 mln.
The energy component pulled back from its session high of $98.43 per barrel set moments after pit trade opened and brushed a session low of $97.20 per barrel. It settled with a 1.1% loss at $97.47 per barrel.
Jan natural gas, on the other hand, came off its session low of $4.21 per MMBtu and broke into positive territory in late morning pit action. It trended higher for the remainder of the session and settled with a 2.4% gain at its session high of $4.34 per MMBtu.
Feb gold spent most of today's floor trade chopping around in negative territory. It dipped to a session low of $1254.60 per ounce in morning action and eventually settled 0.3% lower at $1256.80 per ounce.
Mar silver rose to a session high of $20.48 per ounce moments before equity markets opened but lost steam as the session progressed. It erased most of the earlier gains and closed just 0.1% higher at $20.35 per ounce.

3:05 pm: [BRIEFING.COM] With one hour remaining in today's session, the major averages continue hovering near their lows. Participants received two economic reports today, but neither the weekly MBA Mortgage Index (+1.0%) nor the November Treasury Budget (-$135.20 billion) is known for moving the market.

Tomorrow's data should carry a bit more of trading impact with weekly initial claims and November retail sales set to be reported at 8:30 ET. In addition, October business inventories, which factor into GDP calculation, will be reported at 10:00 ET.

2:30 pm: [BRIEFING.COM] The S&P 500 continues trading near its session-low as today's downtrend persists. Meanwhile, the Nasdaq (-1.1%), which traded ahead of the broader market earlier, now trails the S&P 500.

With regard to individual sectors, five of ten groups register losses of 1.0% or more. On the upside, the consumer staples sector (+0.6%) sits at its best level of the session.

Treasuries have continued their afternoon retreat that began following today's middle-of-the-road 10-yr reopening. The benchmark 10-yr yield is higher by four basis points at 2.84%.

2:05 pm: [BRIEFING.COM] The major averages have ticked up off their lows, but they continue to hold the bulk of their losses.

Just reported, the November Treasury Budget showed a deficit of $135.20 billion, which followed the prior month's deficit of $172.10 billion. The Briefing.com consensus expected the deficit to hit $140.00 billion. This report has mattered little to market participants as equity indices did not respond to the news.

1:30 pm: [BRIEFING.COM] Red figures continue to prevail on stock monitors as the major indices remain pinned well below the unchanged line. Some areas though -- like the small-cap and mid-cap stocks -- are getting hit harder than others.

At this juncture, the Russell 2000 is down 1.4% while the S&P Midcap 400 Index is off 1.3% compared to a 0.8% drop for the S&P 500. It would be remiss not to add that, on a year-to-date basis, the Russell 2000 (+30%) and the S&P Midcap 400 Index (+26%) have outperformed the S&P 500 (+25%), which creates a rationale for some portfolio rebalancing activity this time of year that could help explain their recent underperformance.

Separately, the $21 bln 10-yr note auction was only so-so. The reopening drew a high yield of 2.824% on a bid-to-cover ratio of 2.61 that trailed the 12-auction average of 2.74. The Treasury market has run into some selling interest in the wake of the auction. After registering small gains earlier, the 10-yr note is down five ticks now with its yield at 2.82%.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover near their lows with the Russell 2000 (-1.5%) pacing the retreat once again. Including today's loss, the small-cap index is lower by 3.5% so far in December. Meanwhile, the S&P 500 sports a loss of 0.8%, which extends its December decline to 1.0%.

There was no specific news catalyst responsible for the selling. Instead it appears to be a case of broad-based profit-taking with eight of ten sectors retreating in unison.

Although the top-weighted S&P sector, technology, outperforms with a loss of 0.6%, the second- and third-largest sectors, health care (-1.4%) and financials (-1.1%), are among the laggards.

In large part, the tech sector owes its relative strength to the 4.0% gain in the shares of MasterCard (MA 794.25, +30.64) after the company's management treated its shareholders to some early holiday gifts. The payment processor announced a 10-1 stock split, increased its quarterly dividend by 83.0%, and announced a new share repurchase program in the amount of $3.50 billion.

On a related note, MasterCard peer Visa (V 204.73, +5.30) trades higher by 2.7%. This has contributed to the outperformance of the price-weighted Dow Jones Industrial Average (-0.6%).

Speaking of outperformers, the consumer staples sector (+0.5%) has been able to withstand the broad-based pressure as it hovers at its best level of the session. Another defensive group, utilities (-0.4%), also trades ahead of the broader market, but has not been able to stay out of the red.

With equity indices on their lows, the CBOE Volatility Index (VIX 14.98, +1.07) hovers near its highest level of the day as some participants seek downside protection.

Among news of note, negotiators in Washington have secured a two-year budget agreement that aims to reduce sequester cuts by $63 billion and lower the deficit by roughly $20 billion. The deal has yet to receive full Congressional approval.

The weekly MBA Mortgage Index ticked up 1.0% following last week's 12.8% fall.

The November Treasury Budget will be released at 14:00 ET.

12:30 pm: [BRIEFING.COM] Recent action saw a continuation of the steady selling that has persisted since the opening bell. The decline has unfolded in an orderly fashion with eight of ten sectors sliding in unison.

Only two groups have been able to avoid some the selling as consumer staples (+0.4%) and utilities (-0.4%) sit near their best levels of the day.

With the major averages pinned to their lows, the CBOE Volatility Index (VIX 15.04, +1.13) is higher by 8.1%, signaling increased demand for downside protection.

12:00 pm: [BRIEFING.COM] Not much has changed since our last update as minor upticks in the major averages continue being met with renewed selling pressure. The S&P 500 trades lower by 0.7% while the Dow Jones Industrial Average outperforms with a more modest loss of 0.5%.

The outperformance of the price-weighted Dow is largely due to the relative strength of its top component. Visa (V 203.88, +4.45) trades up 2.2% after its peer, MasterCard (MA 794.48, +30.87), announced a 10-1 stock split, increased its quarterly dividend by 83.0%, and announced a new share repurchase program in the amount of $3.50 billion. Outside of Visa, Coca-Cola (KO 40.32, +0.47) is the only other index component trading with a gain larger than 1.0%. On a related note, the consumer staples sector (+0.6%) sits at its best level of the session.

11:30 am: [BRIEFING.COM] Equity indices remain pinned to the mat as most cyclical sectors continue to trail the broader market. Out of the six cyclical groups, only two-consumer discretionary (-0.3%) and technology (-0.3%)-outperform while the other four hold losses close to 1.0% apiece.

Over on the countercyclical side, the consumer staples (+0.3%) space is the lone advancer while the other three groups hover in the red. Utilities (-0.5%) trade just ahead of the broader market while health care (-1.1%) and telecom services (-0.9%) can be found alongside other laggards.

Similar to yesterday, the retreat is being paced by the Russell 2000 (-1.1%), which has widened its December loss to 3.1%.

10:55 am: [BRIEFING.COM] The major averages hover near their lows as notable losses among influential sectors weigh on the broader market. The decline does not appear to be news-driven, but rather the result of broad-based profit-taking.

Even though the largest sector-technology-outperforms with a modest loss of 0.1%, two other top-weighted groups-health care and financials-hold losses close to 1.0% apiece.

The technology sector outperforms with the largest component, Apple (AAPL 567.86, +2.31), trading higher by 0.4%. The sector has also received notable support from MasterCard (MA 798.05, +34.44), which trades higher by 4.5% after the company announced a 10-1 stock split, increased its quarterly dividend by 83.0%, and announced a new share repurchase program in the amount of $3.50 billion. Peer Visa (V 202.50, +3.07) has also drawn strength from MasterCard's sharp gain.

10:35 am: [BRIEFING.COM] Crude oil futures sold off just ahead of the weekly EIA inventory data, dropping a new LoD of $97.69.

Following the data, Jan crude oil spiked initially after the EIA released inventory data, which showed a draw of 10.6 mln barrels.

Jan crude oil is now -0.4% at $98.08/barrel.

Natural gas found some buyers this morning, pushing the energy component back near the unchanged mark. Jan natural gas is now -0.5% at $4.22/MMBtu.

Gold and silver are pulling back from session highs, causing gold to fall into the red. Silver, however, remains in positive territory. Feb gold is currently -0.2% at $1257.90/oz, while Mar silver is +0.5% at $20.42/oz.

10:00 am: [BRIEFING.COM] The major averages slipped from their opening levels with small-caps leading the decline (Russell 2000 -0.4%). Meanwhile, the S&P 500 trades lower by 0.3% with health care (-0.6%), energy (-0.6%), financials (-0.6%), and industrials (-0.4%) pacing the weakness.

On the upside, consumer staples (+0.4%) and technology (+0.1%) continue holding modest gains, but the tech space sits just above its session low.

9:45 am: [BRIEFING.COM] The major averages began the session near their flat lines and they continue to trade in that fashion 15 minutes into the trading day.

Looking at the market composition, only three groups-consumer discretionary (+0.1%), consumer staples (+0.2%), and technology (+0.3%)-display early gains while the remaining seven sectors hold losses between 0.2% and 0.6%. The energy space is the weakest performer (-0.7%) as crude oil trades lower by 0.5% at $98.02 per barrel.

Elsewhere, Treasuries have spent the past two hours in a steady retreat. The 10-yr yield is higher by two basis points at 2.83%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +2.00. The S&P 500 is poised for a slightly higher open as futures on the benchmark index trade just above fair value.

Today's most notable headline came out Washington where negotiators have secured a two-year budget agreement that aims to reduce sequester cuts by $63 billion and lower the deficit by roughly $20 billion. The deal has yet to receive full Congressional approval.

Among corporate news of note, Mastercard (MA 794.00, +30.39) sports a pre-market advance of 4.0% after the company announced a 10-1 stock split, increased its quarterly dividend by 83.0%, and announced a new share repurchase program in the amount of $3.50 billion.

On the earnings front, Costco (COST 118.00, -2.04) is indicated 3.3% lower after reporting a bottom-line miss on below-consensus revenue.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +1.50. The S&P 500 futures continue to hover just above fair value.

Asian markets ended lower across the board with China's Shanghai Composite (-1.5%) and Hong Kong's Hang Seng (-1.7%) seeing notable losses. Coal and industrial names paced the decline after the National Development and Reform Commission said next year's coal consumption will be under tighter control.

Investors received several economic reports. Japan's Corporate Goods Price Index ticked up 0.1% month-over-month (-0.1% prior) while the year-over-year reading increased 2.7% (2.5% prior). Both figures met expectations. Separately, core machinery orders rose 0.6% month-over-month (0.6% forecast, -2.1% prior) while the year-over-year reading climbed 17.8% (15.0% consensus, 11.4% last). South Korea's unemployment rate ticked down to 2.9% from 3.0% (3.0% forecast). Separately, the M2 Money Supply increased 7.4% (6.7% last). India's trade surplus narrowed to $9.22 billion from $10.56 billion (-$11.00 billion expected) as exports grew $24.60 billion ($27.27 billion previous) and imports increased $33.83 billion ($37.83 billion prior). Australia's Westpac Consumer Sentiment fell 4.8% (1.9% prior).

In Japan, the Nikkei lost 0.6% with exporters pacing the decline. Citizen Holdings, Konica Minolta, and Mitsubishi lost between 2.8% and 3.1%. Yahoo Japan was a notable outperformer, climbing 4.7%.
Hong Kong's Hang Seng slid 1.7%. China Coal Energy and China Shenhua Energy weighed, falling 3.9% each.
In China, the Shanghai Composite settled lower by 1.5%. Anhui Hengyuan Coal-Electricity Group and Datong Coal Energy lost 2.2% and 2.1%, respectively.

Major European indices hold modest gains as they rebound from yesterday's selling. Italy's MIB (-0.4%) underperforms as Prime Minister Enrico Letta prepares to face a confidence vote. Prior to the vote, Mr. Letta spoke in front of the Lower House, saying institutional reform will be his main focus for the next 18 months. Economic data was limited. Germany's CPI ticked up 0.2% month-over-month (0.2% last) while the year-over-year reading reflected an increase of 1.3% (1.3% prior). Both figures met expectations. Elsewhere, France's current account deficit narrowed to EUR2.10 billion from EUR3.60 billion. Separately, nonfarm payrolls ticked down 0.1% quarter-over-quarter, as expected (-0.1% last).

Germany's DAX is higher by 0.3% with Bayer and Daimler among the leaders. The two names hold gains close to 1.0% apiece. On the downside, fertilizer producer K+S lags, trading lower by 1.3%.
Great Britain's FTSE trades up 0.4%. Defense contractors are among the leaders with BAE Systems and Rolls-Royce Holdings trading higher by 2.6% and 1.1%, respectively.
In France, the CAC sports an advance of 0.8% as growth-sensitive names provide support. Alstom and Lafarge are higher by 1.3% and 3.3%, respectively.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +1.50. U.S. equity futures have climbed out of the red after spending the entire overnight session in negative territory. The overnight weakness tracked losses across Asian markets, but futures began climbing as the European session got underway. At this juncture, the S&P 500 futures hover roughly two points above fair value as the benchmark index will look to rebound from yesterday's modest decline.

It is worth mentioning that Democratic and Republican lawmakers have reached a budget agreement that would avoid another government shutdown taking place in January. This announcement has likely contributed to the rebound off the overnight lows, but the plan still needs to be approved by both chambers of Congress.

Investors received just two quarterly reports today, and both fell short of analyst expectations. Costco (COST 118.40, -1.64) holds a pre-market loss of 1.4% after reporting a bottom-line miss on below-consensus revenue. Elsewhere, Joy Global (JOY 53.66, -2.58) trades down 4.6% after missing earnings estimates by one cent and guiding full-year 2014 results below consensus.

8:04 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +1.70. U.S. equity futures display modest gains after spending the bulk of the overnight session in negative territory. The S&P 500 futures trade higher by 0.1%. Among news of note, Democratic and Republican lawmakers have reached a budget agreement that would avoid another government shutdown. However, the plan still needs to be approved by both chambers of Congress.

Reviewing overnight developments:

Asian markets ended lower. Japan's Nikkei -0.6%, China's Shanghai Composite -1.5%, and Hong Kong's Hang Seng -1.7%.
In regional economic data:
Japan's Corporate Goods Price Index ticked up 0.1% month-over-month (-0.1% prior) while the year-over-year reading increased 2.7% (2.5% prior). Both figures met expectations. Separately, core machinery orders rose 0.6% month-over-month (0.6% forecast, -2.1% prior) while the year-over-year reading climbed 17.8% (15.0% consensus, 11.4% last)
South Korea's unemployment rate ticked down to 2.9% from 3.0% (3.0% forecast). Separately, the M2 Money Supply increased 7.4% (6.7% last)
India's trade surplus narrowed to $9.22 billion from $10.56 billion (-$11.00 billion expected) as exports grew $24.60 billion ($27.27 billion previous) and imports increased $33.83 billion ($37.83 billion prior)
Australia's Westpac Consumer Sentiment fell 4.8% (1.9% prior)
In news:
Equities in China succumbed to broad pressure with coal names leading the decline after the National Development and Reform Commission said next year's coal consumption will be under tighter control.
Major European indices hold modest gains as they rebound from yesterday's selling. Germany's DAX +0.2%, Great Britain's FTSE +0.3%, and France's CAC +0.6%.
Economic data was limited:
Germany's CPI ticked up 0.2% month-over-month (0.2% last) while the year-over-year reading reflected an increase of 1.3% (1.3% prior). Both figures met expectations.
France's current account deficit narrowed to EUR2.10 billion from EUR3.60 billion. Separately, nonfarm payrolls ticked down 0.1% quarter-over-quarter, as expected (-0.1% last).
In news:
Prior to facing a confidence vote, Italian Prime Minister Enrico Letta spoke in front of the Lower House, saying institutional reform will be his main focus for the next 18 months.

In U.S. corporate news:

Cisco Systems (CSCO 20.96, -0.25): -1.2% after Citigroup initiated the stock with a 'Sell' rating.
Costco (COST 116.10, -3.94): -3.3% after reporting a bottom-line miss on below-consensus revenue.
Joy Global (JOY 53.80, -2.44): -4.3% after missing earnings estimates by one cent and guiding full-year 2014 results below consensus.
Mastercard (MA 794.50, +30.89): +4.1% after the company announced a 10-1 stock split, increased its quarterly dividend by 83.0%, and announced a new share repurchase program in the amount of $3.50 billion.

The weekly MBA Mortgage Index ticked up 1.0% following last week's 12.8% fall.

Today's economic data will be limited to the November Treasury Budget, which will be released at 14:00 ET.

6:37 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -1.00.

6:36 am: [BRIEFING.COM] Nikkei...15515.06...-96.30...-0.60%. Hang Seng...23338.24...-406.00...-1.70%.

6:36 am: [BRIEFING.COM] FTSE...6536.48...+13.20...+0.20%. DAX...9128.76...+14.10...+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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