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 Post subject: December 13th Friday Trade Results - Profit $2395.00
PostPosted: Fri Dec 13, 2013 4:00 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 @ $1,020.00 dollars or +10.20 points, Emini ES ($ES_F) futures @ $1,375.00 dollars or +27.50 points, Light Crude Oil CL ($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 @ $2,395.00 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=124&t=1673

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.

Losing Week For Stocks As Investors Wait On Fed

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

NEW YORK (CNNMoney)
Stocks ended little changed Friday, capping a down week for the market, as investors remain sidelined ahead of next week's Federal Reserve meeting.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all fell about 1.5% this week, the biggest percentage decline for the Dow and S&P 500 since the final week of August.

Stocks have surged this year, with the S&P up about 25%. But the rally has faltered in December, which is historically a strong month for socks.

The recent retreat comes amid speculation that the Fed could begin cutting back, or tapering, its $85-billion-per-month bond-buying program when it wraps up its final policy meeting of the year on Dec. 18.

But some strategists say the economy is still too weak for the Fed to start removing its support this year, despite the recent improvement in hiring.

"In this environment, the last thing the Fed wants to do is make a hasty decision it will later regret," said Scott Wren, chief equity strategist at Wells Fargo Securities.

The latest inflation data could bolster those who say the Fed is unlikely to act this month. Producer prices fell 0.1% in November, according to the Commerce Department. The Fed's target for consumer price inflation is 2%, and some economists say the central bank is more concerned about deflation than the size of its balance sheet.

The tepid inflation data suggests the Fed might wait to see if the recent pickup in economic activity has legs "rather than risk tapering prematurely again," said Steven Ricchiuto, chief economist at Mizuho Securities.

Meanwhile, the bond market is on track to have its worst year in history. Investors have pulled out $72 billion from bond mutual funds this year through the first week of December, the biggest annual outflow on record.

The yield on the 10-year note rose to 2.89% this week, near the highest levels of the year, as investors brace for next week's Fed meeting. Bond yields rise when prices fall, so investors seem to be selling now in anticipation of fewer Fed purchases in the future.

* Worst year in history for bond funds

On the move: Twitter (TWTR) shares jumped 6%, extending a run this week that has pushed the stock up more are 30%. Some traders on StockTwits say Twitter is currently a favorite among big institutional investors and the rally will continue as long as they keep buying.

"$TWTR Not surprised if this hits $60 today. Street likes TWTR and fund managers are staying in," said VSTN.

Others said the run-up was due to a so-called short squeeze, which is when investors rush to buy back shares of a company to unwind bets the stock would fall.

"$TWTR I believe the shorts are helping this stock to go up more. The more shorts the more it will go up," said PrinceRainier.

In any event, the surge does not appear to be driven by any actual news.

"$TWTR is this normal move of stock, no news just like that?" asked davliner7.

Shares of T-Mobile U.S (TMUS). soared more than 8% in the final few minutes of trading after The Wall Street Journal reported that rival wireless company Sprint (S, Fortune 500) may want to bid for it sometime in the first half of next year. Sprint gained nearly 4% on the report and continued to surge in after hours trading.

Adobe (ADBE) shares surged after the software company reported sales Thursday that came in ahead of expectations. The stock is up 58% so far this year and at least one trader expects Adobe's business to continue growing.

"Anything media/entertainment related in print, web etc is built with $ADBE software these guys are industry leaders," said joelyboyblue.

Qualcomm (QCOM, Fortune 500) named chief operating officer Steve Mollenkopf as its next CEO, succeeding Dr. Paul Jacobs, who will remain as executive chairman. Mollenkopf's name was recently tossed around as a possible successor to Steve Ballmer at Microsoft (MSFT, Fortune 500).

Electronic Arts (EA) and GameStop (GME, Fortune 500)shares rallied after industry research group NDP said video game hardware sales jumped in November. Sony (SNE) and Microsoft both recently unveiled new game consoles for the holiday season.

"Gaming stocks pop... not holding them that long... sell before x mas. $EA, $GME," said Judd_Liliha.

Shares of petroleum company Anadarko (APC, Fortune 500) were down sharply after a court ruled that it and its Kerr-McGee unit acted improperly in its 2005 spinoff of paint materials company Tronox (TROX). The judge said that the company should pay for environmental cleanup.

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4:15 pm: [BRIEFING.COM] The stock market experienced a flat finish to an otherwise-forgettable week. The S&P 500 shed less than one point, maintaining its December loss of 1.7%. Small-caps outperformed as the Russell 2000 gained 0.4%, but the index remains lower by 3.1% this month.

Equities registered opening gains, but the early strength faded during the first 30 minutes of action, sending the major averages to their lows. The key indices spent the rest of the morning near their flat lines before staging a modest afternoon rally. However, selling pressure returned during the late afternoon, sending the S&P 500 back to unchanged for the day.

Today's rally attempts were fueled by the relative strength of four cyclical sectors as consumer discretionary (+0.3%), financials (+0.1%), industrials (+0.4%), and materials (+0.4%) outperformed throughout the session.

The discretionary sector displayed notable strength from the get go as media names advanced in reaction to news Charter Communications (CHTR 131.54, -0.45) is preparing an open letter to purchase Time Warner Cable (TWC 131.41, +0.35) for no more than $140 per share. However, Time Warner narrowed its gain to just 0.3% after a follow-up report indicated the proposed offer would be below $135 per share.

Elsewhere, the industrial sector advanced with help from defense contractors and transports. The PHLX Defense Index gained 0.6% while the Dow Jones Transportation Average added 0.4%.

Also of note, the materials space ended in the lead as steelmakers and miners outperformed. The Market Vectors Steel ETF (SLX 47.71, +0.30) settled higher by 0.6% while the Market Vectors Gold Miners ETF (GDX 21.11, +0.10) gained 0.5% as gold futures increased 0.8% to $1235.10 per troy ounce.

The other commodity-linked sector, energy (-0.4%), ended at the bottom of the leaderboard as crude oil fell 1.0% to $96.53 per barrel. The sector was also pressured by Anadarko Petroleum (APC 78.30, -5.37), which lost 6.4% after the company was held liable for upwards of $14.50 billion in damages in the Tronox bankruptcy case.

Similar to energy, three of four countercyclical groups ended in the red while health care (+0.04%) outperformed.

Despite today's flat finish, the CBOE Volatility Index (VIX 15.77, +0.23) suggested the presence of some demand for volatility protection. The near-term volatility measure registered its third consecutive gain, ending at its highest level since mid-October.

Treasuries registered slight gains, sending the 10-yr yield lower by one basis point to 2.87%.

Participation was well below average as only 627 million shares changed hands on the floor of the New York Stock Exchange.

Among news of note, the House of Representatives passed the budget deal with a 332-94 vote. The bill will now head to the Senate with a vote expected to take place on Tuesday.

Today's economic data was limited to the November PPI report, which pointed to a downtick of 0.1% while core producer prices rose 0.1%. Both readings matched expectations.

On Monday, the December Empire Manufacturing survey as well as the third quarter productivity and unit labor costs will all be reported at 8:30 ET. The October net long-term TIC flows report will be released at 9:00 ET while November industrial production and capacity utilization will be released at 9:15 ET.

Nasdaq +32.5% YTD
Russell 2000 +30.3% YTD
S&P 500 +24.5% YTD
DJIA +20.2% YTD

Week in Review: Santa Claus Rally on Hold

On Monday, the stock market did not generate too much excitement following a broad-based rally on Friday. The major indices stood their ground (for the most part) amid a lack of conviction from buyers and sellers alike. The day was not a case so much of the stock market going up as it was a case of some influential stocks going up to keep the major indices on a winning path. In fact, decliners were just about even with advancers at the NYSE and led by a 3-to-2 margin on the Nasdaq. Apple (AAPL 554.43, -6.11) and Google (GOOG 1060.79, -9.17) were key drivers of the S&P 500 and Nasdaq Composite while ExxonMobil (XOM 95.31, -0.05), Chevron (CVX 119.90, -1.09), and Goldman Sachs (GS 168.39, +0.06) were key drivers specifically of the price-weighted Dow Jones Industrial Average.

Tuesday's session saw the major averages spend the trading day in a steady downtrend. Despite persistent selling pressure, the losses were limited in scope. The Dow, S&P 500, and Nasdaq shed between 0.2% and 0.3% while the Russell 2000 lagged, falling 0.9%. The underperformance of the Russell 2000 was likely owed in part to tax-loss selling, which tends to pick up this time of year. Small-caps often feel that pinch in a stronger fashion than large-cap issues since individual retail investors factor more prominently in the behavior of small-cap stocks. Countercyclical sectors lagged throughout the day with consumer staples and health care falling 0.9% and 0.4%, respectively.

Wednesday featured a continuation of the selling from the previous day. Similar to Tuesday, small-caps paced the retreat as the Russell 2000 fell 1.6%. The S&P 500 settled lower by 1.1%, widening its month-to-date decline to 1.3%. 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 major averages finished the Thursday session on a lower note. The S&P 500 lost 0.4% while the Nasdaq shed 0.1%. The Russell 2000, which paced the retreat on Tuesday and Wednesday, added 0.2%, trimming its December loss to 3.5%. After spending the first half of the session in a steady retreat, the S&P 500 found technical support in the 1772 area. Upon reaching that level, the index reversed sharply, and marched back to its flat line. There was no particular catalyst responsible for the turn, but steady inflows into influential cyclical sectors paved the way for a broad-market rebound. Although the S&P 500 battled back to its flat line, final-hour selling pressured the index to a modest loss.

3:35 pm: [BRIEFING.COM]

Jan crude oil traded in negative territory today, slipping to a session low of $96.26 per barrel in morning pit action. Prices rose to a session high of $97.05 per barrel but pulled back heading into the close. The energy component eventually settled 1.0% lower at $96.53 per barrel, bringing losses for the week to 1.2%.
Jan natural gas rose to a session high of $4.44 per MMBtu in late morning pit trade but slipped back into the red as the session progressed. It settled 0.7% lower at $4.36 per MMBtu, just above its session low of $4.35 per MMBtu. Despite today's weakness, natural gas gained 5.8% for the week.
Precious metals, on the other hand, traded higher despite a slightly stronger dollar index.
Feb gold rose for the first time in three sessions as it came off its session low of $1228.50 per ounce set at pit trade open. It brushed a session high of $1238.10 per ounce in morning action and settled 0.8% higher at $1235.10 per ounce, booking a 0.5% gain for the week.
Mar silver advanced as high as $19.74 in morning floor trade and settled with a 0.7% gain at $19.60 per ounce, rising 0.4% over the week.

3:05 pm: [BRIEFING.COM] With one hour remaining in today's session, the S&P hovers just below its flat line. Although the benchmark index has spent some time on each side of its unchanged level, it is currently on track to settle flat for the day.

Today's participation has been on the light side as only 356 million shares have changed hands on the NYSE floor so far. Meanwhile, market breadth remains tilted to the upside as advancers outpace decliners by a 1.2:1 ratio.

2:30 pm: [BRIEFING.COM] Stocks have hit a bit of rough patch during the past 30 minutes as the major averages tumbled from their highs to lows. The move sent the Dow, Nasdaq, and S&P 500 into the red while the Russell 2000 continues to outperform with a modest gain of 0.1%.

The retreat from highs to lows was not paced by any particular sector, but rather the result of a broad-based move across almost all economic groups. Furthermore, the recent wave of selling caused the CBOE Volatility Index (VIX 15.61, +0.07) to climb into positive territory. Given its current level, the near-term volatility measure is on track to register its third consecutive gain, and finish at its highest level since mid-October.

2:00 pm: [BRIEFING.COM] Recent action saw the major averages continue their slow afternoon climb. The S&P 500 trades higher by 0.2% while the Russell 2000 (+0.5%) remains in the lead.

Not much has changed from the leadership standpoint as consumer discretionary (+0.6%), industrials (+0.6%), and materials (+0.5%) all hover near their highs. The financial sector also outperforms with a gain of 0.3%.

On the downside, energy (-0.4%) is the weakest performer while most remaining decliners trade with losses that do not exceed 0.1%. Telecom services (-0.4%) underperforms, but the sector only accounts for about 3.0% of the entire S&P 500 index. For comparison, the largest S&P 500 sector-technology (-0.1%)-makes up roughly 18.0% of the benchmark index.

1:25 pm: [BRIEFING.COM] Last week, the S&P 500 rallied sharply on Friday but missed a ninth straight winning week by the slimmest of margins. It is up today, but it will have to have a blockbuster afternoon session if it is going to avoid a second straight down week.

At its current level, the S&P 500 is down 1.5% from last Friday. The odds are stacked against making a complete comeback by the closing bell considering there isn't much concerted leadership today and knowing the all-important FOMC meeting is just around the corner. The latter is probably influencing the former.

The FOMC will have a two-day confab (December 17-18). Market participants are waiting anxiously to hear not only if the Fed makes a tapering announcement, but to see what the reaction will be if the Fed does taper.

Separately, the Russell 2000 (+0.5%), after underperforming since the end of November, is outperforming the broader market for the second consecutive session.

1:00 pm: [BRIEFING.COM] The first half of today's session has not generated too much excitement as the major averages trade little changed. The Dow (+0.2%), Nasdaq (+0.2%), S&P 500 (+0.1%), and Russell 2000 (+0.4%) all hover within a shouting distance of their respective flat lines.

Stocks began the session on an upbeat note, but the early strength faded quickly. Outside of a couple brief dips, the S&P 500 has been able to stay out the red as four cyclical sectors-consumer discretionary (+0.5%), financials (+0.3%), industrials (+0.4%), and materials (+0.4%)-outperform.

The discretionary space has displayed strength from the open with media names pacing the advance amid news Charter Communications (CHTR 133.75, +1.76) is preparing an open letter to purchase Time Warner Cable (TWC 133.21, +2.15) for no more than $140 per share. However, Time Warner has narrowed its gain to 0.4% after a follow-up to the initial report indicated the proposed offer would be below $135 per share.

Elsewhere, the materials sector opened flat, but has since joined discretionary shares in the lead. Miners have contributed to the rally as the Market Vectors Gold Miners ETF (GDX 21.28, +0.27) trades up 1.3%. On a related note, gold futures trade higher by 0.8% at $1235.00 per troy ounce.

The other commodity-related sector, energy (-0.4%), has had a rougher go of things with crude oil on the defensive (-0.5% at $96.97/bbl). Anadarko Petroleum (APC 77.06, -6.61) trades lower by 7.9% after a judge ruled in favor of Tronox (TROX 22.65, +1.48) in a dispute between the two. Following the ruling, Citigroup and JP Morgan downgraded Anadarko.

On the countercyclical side, consumer staples (-0.1%), telecom services (-0.4%), and utilities (-0.1%) lag while health care (+0.1%) trades in-line with the S&P 500.

Among news of note, the House of Representatives passed the budget deal with a 332-94 vote. The bill will now head to the Senate with a vote expected to take place on Tuesday.

Today's economic data was limited to the November PPI report, which pointed to a downtick of 0.1% while core producer prices rose 0.1%. Both readings matched expectations.

12:30 pm: [BRIEFING.COM] The S&P 500 has climbed out of a range that has held for the past two hours. However, the gains remain limited to no more than 0.2%.

The recent uptick took place as the health care sector (+0.1%) climbed into positive territory after underperforming during the first two hours of the session. Since health care is the third largest S&P 500 component, its afternoon performance may influence the afternoon performance of the broader market.

12:00 pm: [BRIEFING.COM] Not much change has been observed since our last update as the key indices remain anchored to their flat lines. Similarly, individual sectors trade near their recent levels with four cyclical groups sporting gains.

The discretionary space (+0.4%) continues to hover near its high, but the materials (+0.5%) sector has climbed into the lead as miners contribute to its strength. The Market Vectors Gold Miners ETF (GDX 21.38, +0.37) trades higher by 1.7% while gold futures trade up 1.0% at $1236.60 per troy ounce.

11:30 am: [BRIEFING.COM] The major averages continue chopping near their flat lines with the Nasdaq (+0.1%) maintaining a slim lead.

Going into this week, many participants had expected to see the start of a seasonal 'Santa Claus rally' where stocks tend to rise into the end of the year. However, with the second week of the month nearing completion, those participants have yet to find something other than coals in their stockings.

The S&P 500 is lower by 1.7% in December while the Dow and Russell 2000 display month-to-date losses in excess of 2.0%. The price-weighted Dow Jones Industrial Average holds a December loss of 2.1% while the small-cap Russell is lower by 3.5% so far this month.

10:55 am: [BRIEFING.COM] After spending the initial 30 minutes of the session in a steady retreat, the major averages have held their levels for the past hour. The Dow, Nasdaq, and S&P 500 are little changed with all three indices trading within 0.2% of their respective flat lines.

The S&P 500 trades flat even as seven of ten sectors hover in the red. All four countercyclical groups are among the laggards with three cyclical groups-energy, industrials, and technology-also trading lower.

On the upside, consumer discretionary (+0.6%), financials (+0.2%), and materials (+0.3%) hold modest gains. Notably, the discretionary sector is receiving support from media names amid news Charter Communications (CHTR 134.91, +2.92) is preparing an open letter to purchase Time Warner Cable (TWC 133.21, +2.15) for no more than $140 per share.

10:30 am: [BRIEFING.COM] Commodities are mostly lower this morning with metals mixed, energy lower and ag mostly lower. Meanwhile, the dollar index remains in positive territory, but was just selling off here in recent minutes.

Crude oil sold off overnight, falling as low as $96.38/barrel this morning. Pressure has continued and crude oil remains near its LoD. Jan crude oil is now -1.0% at $96.56/barrel.

Natural gas futures have been in the red all day so far and now just moved back near the unchanged line. Jan nat gas is currently +0.1% at $4.41/MMBtu.

Metals are popping a little higher here now given the weakness in the dollar index. Feb gold is now +1.0% at $1237.50/oz, Mar silver is +1.2% at $19.70/oz.

10:00 am: [BRIEFING.COM] The Dow and S&P 500 have returned to their flat lines while the Nasdaq continues to hold a modest gain (+0.1%). The retreat from the opening highs was not driven by any particular sector, but rather a broad-based effort that appears to be a continuation of the selling from the past three sessions.

The consumer staples sector (-0.3%), which was the weakest group yesterday, can once again be found among the laggards. Other countercyclical groups also lag with telecom services and utilities trading lower by 0.4% and 0.1%, respectively. For its part, the health care sector trades flat. Biotechnology names outperformed yesterday, but the iShares Nasdaq Biotechnology ETF (IBB 214.59, -1.13) is lower by 0.5% in the early going.

9:45 am: [BRIEFING.COM] The major averages registered opening gains with the Nasdaq (+0.4%) driving the early advance. The tech-heavy index began the session with significant support Adobe Systems (ADBE 59.16, +5.17), which trades higher by 9.6% after its in-line earnings on above-consensus revenue overshadowed its cautious full-year earnings and revenue guidance.

Meanwhile, the S&P 500 trades higher by 0.2% with seven of ten sectors displaying gains. Almost all cyclical groups trade ahead of the broader market with energy (-0.6%) as the lone exception. The sector is being pressured by Anadarko Petroleum (APC 75.05, -8.62), which trades down 10.3% after a judge ruled in favor of Tronox (TROX 22.58, +1.41) in a dispute between the two. Following the ruling, Citigroup and JP Morgan downgraded APC.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +9.20. The major averages are not expected to display much change at the open as the S&P 500 futures hover two points above fair value. Futures were up as much as six points, but fell from their highs as European indices surrendered their modest gains. Domestically, the benchmark index will look to rebound from three days of losses that have it trading lower by 1.6% week-to-date.

Overnight, the House of Representatives passed the budget deal with a 332-94 vote. The bill will now head to the Senate.

Today's economic data was limited to the November PPI report, which pointed to a downtick of 0.1% while core producer prices rose 0.1%, which also matched expectations.

Among earnings of note, Adobe Systems (ADBE 57.37, +3.38) sports a pre-market advance of 6.3% after reporting in-line earnings on above-consensus revenue. However, the company guided full-year earnings and revenue below analyst expectations.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +9.00. Recent action saw index futures trim their pre-market gains. At this juncture, the S&P 500 futures trade two points above fair value.

Markets ended mixed across Asia as a lack of tradable data and news made for an uneventful session.

Japan's Nikkei added 0.4% as the yen fell to a fresh five-year low against the dollar. Heavyweight fast retailing provided support, climbing 2.4%. Meanwhile, real estate names were weak as Sumitomo Realty shed 0.7% and Mitsui Fudosan gave up 0.4%.
Hong Kong's Hang Seng tacked on 0.1% amid a sleepy trade. Mainland financials outperformed as Bank of Communications and Bank of China added 1.1% and 0.8%, respectively.
China's Shanghai Composite saw a fourth day of losses, slipping 0.3%. Telecom stocks lagged as ZTE gave up 1.0% and China United Network lost 0.9%.

Major European indices held modest gains through the first half of the session, but dropped to lows in recent action. Among news of note, debt levels in Italy and Spain have hit record levels with Italy's general government debt reaching EUR2.085 trillion and Spain's debt/GDP ratio climbing to 93.4%.

Participants received just a handful of economic reports. Eurozone quarterly employment was unchanged (0.0% expected, 0.0% prior) while the year-over-year reading reflected a 0.8% decrease (-1.1% prior). Germany's WPI ticked down 0.2% month-over-month (-0.4% expected, -1.0% prior). Spain's CPI ticked up 0.2% on a monthly and annualized basis. Both readings met expectations. Swiss PPI ticked down 0.1% month-over-month (-0.2% expected, -0.4% prior) while the year-over-year reading fell 0.4% (-0.5% expected, -0.3% last).

Great Britain's FTSE trades flat. ARM Holdings is a notable outperformer, trading higher by 4.7% amid reports Google is considering choosing ARM processors over Intel in its servers. On the downside RSA Insurance is lower by 16.4% after Chief Executive Officer Simon Lee resigned.
In Germany, the DAX is lower by 0.1%. Financials trade mostly lower with Commerzbank, Deutsche Boerse, and Muenchener Re down between 0.2% and 0.8%. Materials producers K+S and ThyssenKrupp outperform with gains close to 1.0% apiece.
France's CAC is higher by 0.1%. Bank shares are pacing the advance with AXA, BNP Paribas, and Societe Generale up between 1.0% and 2.6%. Pernod Ricard is the weakest index component, down 1.7%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +12.20. The S&P 500 futures trade roughly five points above fair value.

November producer prices ticked down 0.1%, in-line with the Briefing.com consensus. Core producer prices rose 0.1%, which also matched expectations.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +13.70. U.S. equity futures hover near their pre-market highs with the S&P 500 futures trading six points above fair value.

Reviewing overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite -0.3%, Hong Kong's Hang Seng +0.1%, and Japan's Nikkei +0.4%.
Economic data was limited:
Japan's industrial production increased 1.0% month-over-month (0.5% expected, 0.5% prior) while capacity utilization ticked up 1.2% (1.2% last).
Singaporean retail sales fell 9.4% year-over-year (-5.5% forecast, -5.9% prior) while the unemployment rate held steady at 1.8%, as expected.
In news:
In China, the Academy of Macroeconomic Research expects 2014 GDP to come in at 7.8%.
Major European indices hold modest gains. Germany's DAX +0.2%, Great Britain's FTSE +0.2%, and France's CAC +0.3%.
Participants received just a handful of economic reports:
Eurozone quarterly employment was unchanged (0.0% expected, 0.0% prior) while the year-over-year reading reflected a 0.8% decrease (-1.1% prior).
Germany's WPI ticked down 0.2% month-over-month (-0.4% expected, -1.0% prior).
Spain's CPI ticked up 0.2% on a monthly and annualized basis. Both readings met expectations.
Swiss PPI ticked down 0.1% month-over-month (-0.2% expected, -0.4% prior) while the year-over-year reading fell 0.4% (-0.5% expected, -0.3% last).
Among news of note:
European markets are rebounding following three consecutive losing sessions. France's CAC is pacing the regional advance with bank shares providing leadership.
Debt levels in Italy and Spain have hit record levels with Italy's general government debt reaching EUR2.085 trillion and Spain's debt/GDP ratio climbing to 93.4%.

In U.S. corporate news:

Adobe Systems (ADBE 57.70, +3.71): +6.9% after reporting in-line earnings on above-consensus revenue. However, the company guided full-year earnings and revenue below analyst expectations.
Anadarko Petroleum (APC 74.19, -9.48): -11.3% after a judge ruled in favor of Tronox (TROX 23.55, +2.38) in a dispute between the two. Following the ruling, Citigroup and JP Morgan downgraded APC.
Quicksilver (ZQK 7.81, +0.08): +1.0% despite missing earnings and revenue estimates.
United Technologies (UTX 106.00, -2.09): -1.9% after the company guided full-year 2014 results on the low end of estimates.

November PPI and core PPI will be released at 8:30 ET.

6:28 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +34.00.

6:28 am: [BRIEFING.COM] Nikkei...15403.11...+61.30...+0.40%. Hang Seng...23245.96...+27.80...+0.10%.

6:28 am: [BRIEFING.COM] FTSE...6456.68...+11.40...+0.20%. DAX...9037.27...+20.30...+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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