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Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
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 Post subject: December 17th Tuesday Trade Results - Loss $5732.50
PostPosted: Wed Dec 18, 2013 12:38 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($420.00) dollars or -4.20 points, Emini ES ($ES_F) futures @ ($5,312.50) dollars or -106.25 points, Light Crude Oil CL ($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 Loss @ ($5,732.50) 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=1675

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.

Stocks Barely Budge. Next Up: The Fed!

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

NEW YORK (CNNMoney)
Stocks barely budged Tuesday, as investors sat in a holding pattern ahead the Federal Reserve's key policy announcement Wednesday.

The Dow Jones Industrial Average, S&P 500, and Nasdaq all finished slightly lower.

Investors are eager to find out when the Fed might begin to cut back its massive stimulus program. Some think the so-called taper may come sooner than expected.

Deutsche Bank chief economist Peter Hooper is predicting that the Fed will announce plans on Wednesday to cut back its monthly bond buying by anywhere from $5 billion to $15 billion from its current pace of $85 billion a month.

What's moving: Tesla (TSLA) popped over 3% after the it unveiled a Chinese website. Shares of the luxury electric automaker have quietly staged a comeback this month after a rough October and November.

Facebook (FB, Fortune 500)reached a new all-time high after the social network said it is rolling out a feature that will allow advertisers to play videos in users' news feeds.

Some people may feel that more ads could alienate Facebook's users. But a StockTwits trader claiming to have seen the video ads thought they wouldn't have a negative impact on the user experience.

"$FB Have any bears actually seen the video ads? Not really disruptive at all...will increase rev w/o losing users," packyM said.

Shares of iRobot (IRBT) soared 17% after an analyst from Raymond James upgraded the company to a "strong buy."

The favorable rating came on the heels of Google's (GOOG, Fortune 500) purchase of robotics company Boston Dynamics.

"I had this slight feeling that $GOOG robot news would save $IRBT for now and put them in play," said howardlindzon.

But another trader didn't think the sharp jump in the stock was warranted.

"$IRBT Be careful way overbought and overdone here," said StockTwits user Sjay.

Herbalife (HLF)was up over 1% after surging nearly 10% Monday when investors got word that PricewaterhouseCoopers' re-audits of the company's financial results came back clean. Herbalife has been battling accusations of financial wrongdoing from activist investor Bill Ackman, who has repeatedly called it a pyramid scheme and has a big short bet against the stock.

One trader seemed to subscribe to the Ackman theory.

"I STILL wouldn't touch Herbalife $HLF even after the 're-audit'," said NovaPharma.

Another thought the stock was benefiting from the media attention.

"$HLF...going to be in headlines for awhile again. good media," said candiswave.

Boeing (BA, Fortune 500) also got a bump after the aerospace giant announced a 50% dividend increase and $10 billion stock buyback program.

* Inside Hong Kong's biggest Bitcoin mine

European markets closed lower while Asian markets ended the day with mixed results.

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4:15 pm: [BRIEFING.COM] Equities spent the bulk of today's session in the red, but afternoon buying interest helped the major averages end just below their respective flat lines. The S&P 500 shed 0.3% as eight of ten sectors registered losses.

Meanwhile, the Dow (-0.1%) traded ahead of its peers all session long as some of its top components provided support. 3M (MMM 131.39, +3.73) and Boeing (BA 135.88, +1.16) posted respective gains of 2.9% and 0.9% after both increased their quarterly dividends. The price-weighted index also received notable support from its top member, Visa (V 213.25, +5.50), which advanced 2.7%.

In turn, Visa's relative strength helped the technology sector (+0.03%) spend the entire session in the green. Chipmakers also factored into the modest gain as the PHLX Semiconductor Index ended higher by 1.0%.

Even though the tech sector outperformed, the tech-heavy Nasdaq could not stay out of the red as biotechnology weighed. The iShares Nasdaq Biotechnology ETF (IBB 213.66, -2.24) lost 1.0%, widening its December decline to 4.7%.

The losses in biotechnology also pressured the health care (-0.4%) space, which ended among the laggards. The remaining countercyclical groups did not fare much better as consumer staples (-0.5%) and telecom services (-0.8%) underperformed while utilities (-0.2%) ended just ahead of the broader market.

Today's losses among equities translated into a 1.4% gain for the CBOE Volatility Index (VIX 16.25, +0.22), which posted its fifth consecutive increase ahead of tomorrow's FOMC policy directive.

Treasuries climbed throughout the session as the benchmark 10-yr fell four basis points to 2.85%.

Participation was on the light side with only 656 million shares changing hands on the floor of the New York Stock Exchange.

Today's economic data was limited to just a handful of reports. November consumer prices were unchanged while the Briefing.com consensus expected an uptick of 0.1%. Core prices increased 0.2%, above the 0.1% increase expected by the Briefing.com consensus.

Separately, the current account deficit for the third quarter totaled $94.8 billion, which was narrower than the $101.0 billion deficit that had been broadly anticipated.

Lastly, the December NAHB Housing Market Index rose to 58 from 54 while the Briefing.com consensus expected the reading to tick up to 55.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while November Building Permits and Housing Starts for September, October, and November will be released at 8:30 ET. The day's data will be topped off with the much-anticipated 14:00 ET release of the FOMC policy directive.

Below we lay out some key reasons why the FOMC might decide, or not decide, to make a tapering announcement on Wednesday.

The case for tapering now:

The House has passed the budget agreement and signs point toward the Senate doing the same this week. That signals the likelihood of less fiscal disruption, and less fiscal restraint, out of Washington in 2014. Labor market trends are certainly improving. Nonfarm payroll gains have been 200,000+ in three of the last four months and have averaged 191,000 per month over the prior 12 months versus 151,000 (includes revisions) when QE3 was launched in September 2012.

Markets have hung in reasonably well as the case for a taper has gotten stronger, giving the Fed some measure of confidence (and another window of tapering opportunity) that participants are ready for a taper predicated on improving economic activity.

Moody's notes high-yield spreads have hit a cycle low
The S&P 500 hit a new record high
After the strong November employment report, the fed funds futures market did not alter its view that the first rate hike will wait until July 2015

The 10-yr yield is down two basis points since the strong November employment report
The next scheduled FOMC press conference isn't until March. If a tapering announcement is made, the presumption is that the Fed chairman will want to explain it at a press conference (and the Fed chair may not want to wait until March given the improving data that could create financial market imbalances in the interim). In the face of a declining budget deficit and an improving economy, there is growing uneasiness within the Fed about its balance sheet expansion

The case against tapering now:

Inflation rates remain well below the Fed's target rate
Real final sales, up 1.9% in Q3, remain relatively weak; and Q4 GDP is apt to be under 2.0%
The framework for a budget agreement is in place, but nothing has been resolved yet on the debt ceiling
There are reports that year-end liquidity issues will factor into a decision to hold off for now
Once the tapering begins, the Fed runs a heightened risk of seeing its credibility get eroded if it has to increase its purchases again on account of weakening data. While recent data have been encouraging, the Fed will want to be more certain about the sustainability of the improvement.

Nasdaq +33.3% YTD
Russell 2000 +31.7% YTD
S&P 500 +24.9% YTD
DJIA +21.2% YTD

3:35 pm: [BRIEFING.COM]

Precious metals traded lower today as investors awaited tomorrow's FOMC rate decision. Feb gold fell for the first time in three sessions, pulling back from its session high of $1242.50 per ounce set moments after equity markets opened. The yellow metal then chopped around near $1230.00 per ounce level and settled there with a 1.1% loss
Mar silver popped to a session high of $20.12 per ounce in morning pit action but quickly reversed back into the red. It eventually settled 1.2% lower at $19.84 per ounce
Feb crude oil brushed a session high of $98.15 per barrel but erased the gain in afternoon floor trade. Prices dipped into negative territory and touched a session low of $97.35 per barrel. Unable to regain momentum, the energy component settled with a 0.3% loss at $97.47 per barrel
Jan natural gas lifted from its session low of $4.19 per MMBtu set in morning pit trade and trended higher, rising as high as $4.33 per MMBtu. It pulled back slightly heading in the close and closed unchanged at $4.28 per MMBtu.

3:00 pm: [BRIEFING.COM] Equity indices are little changed with one hour remaining in today's session. Even though stocks sold off through the first two hours of action, the Dow and Nasdaq have since recovered all of their losses. For its part, the S&P 500 continues to hold a modest loss of 0.2%.

Investors received a handful of economic reports today, but none of the data points were met with a noteworthy reaction among equities.

Tomorrow sets up to be an eventful session with the FOMC policy announcement set to be released at 14:00 ET. Although remarks from the Fed will receive a lot of attention, market participants will also receive the weekly MBA Mortgage Index (7:00 ET), November Building Permits (8:30 ET), as well as Housing Starts for September, October, and November (8:30 ET).

2:30 pm: [BRIEFING.COM] Recent action saw the Dow (+0.1%) and Nasdaq (+0.1%) climb into positive territory while the S&P 500 trimmed its loss to 0.1%. The move higher took place without a specific news catalyst, but it did coincide with the CBOE Volatility Index (VIX 15.82, -0.21) falling into the red for the first time today.

Interestingly, Treasuries have not moved much from their best levels of the session despite the gains in equities. The 10-yr yield is lower by three basis points at 2.85%.

2:00 pm: [BRIEFING.COM] Equities have slipped from their afternoon highs as the selling pressure remains palpable. Out of the ten economic sectors, six continue trailing the broader market. Similarly, market breadth remains tilted to the downside as declining issues at the NYSE outpace advancers by a 1.4:1 ratio.

Things do not look much different on the Nasdaq as there are 1.3 decliners for each advancing issue.

1:25 pm: [BRIEFING.COM] The major indices have fought back from larger losses in what has been a fitful day of trading ahead of Wednesday's FOMC decision. That decision will be made public at 2:00 p.m. ET and Fed Chairman Bernanke will hold a press conference at 2:30 p.m. ET. It is a close call as to whether the FOMC will make a tapering announcement tomorrow. Below we lay out some key reasons why the FOMC might decide, or not decide, to make a tapering announcement on Wednesday.

The case for tapering now:

The House has passed the budget agreement and signs point toward the Senate doing the same this week. That signals the likelihood of less fiscal disruption, and less fiscal restraint, out of Washington in 2014.
Labor market trends are certainly improving. Nonfarm payroll gains have been 200,000+ in three of the last four months and have averaged 191,000 per month over the prior 12 months versus 151,000 (includes revisions) when QE3 was launched in September 2012.
Markets have hung in reasonably well as the case for a taper has gotten stronger, giving the Fed some measure of confidence (and another window of tapering opportunity) that participants are ready for a taper predicated on improving economic activity
Moody's notes high-yield spreads have hit a cycle low
The S&P 500 hit a new record high
After the strong November employment report, the fed funds futures market did not alter its view that the first rate hike will wait until July 2015
The 10-yr yield is down two basis points since the strong November employment report
The next scheduled FOMC press conference isn't until March. If a tapering announcement is made, the presumption is that the Fed chairman will want to explain it at a press conference (and the Fed chair may not want to wait until March given the improving data that could create financial market imbalances in the interim).
In the face of a declining budget deficit and an improving economy, there is growing uneasiness within the Fed about its balance sheet expansion

The case against tapering now:

Inflation rates remain well below the Fed's target rate
Real final sales, up 1.9% in Q3, remain relatively weak; and Q4 GDP is apt to be under 2.0%
The framework for a budget agreement is in place, but nothing has been resolved yet on the debt ceiling
There are reports that year-end liquidity issues will factor into a decision to hold off for now
Once the tapering begins, the Fed runs a heightened risk of seeing its credibility get eroded if it has to increase its purchases again on account of weakening data. While recent data have been encouraging, the Fed will want to be more certain about the sustainability of the improvement.

12:55 pm: [BRIEFING.COM] At midday, the major averages hover near their lows with small-caps pacing the retreat. The Russell 2000 trades lower by 0.3% while the Dow Jones Industrial Average outperforms with a loss of 0.1%.

The Dow Jones owes its outperformance to solid gains among some of its top components. 3M (MMM 130.73, +3.07) and Boeing (BA 136.57, +1.85) hold respective gains of 2.4% and 1.4% after both companies hiked their quarterly dividends. Furthermore, Boeing announced a $10 billion increase to its share repurchase program.

The price-weighted Dow has also drawn strength from its largest component, Visa (V 212.56, +4.81), which has climbed to a fresh record high. Fittingly, Visa also falls under the umbrella of the largest S&P 500 sector, technology, which outperforms with a modest gain of 0.2%.

Despite the relative strength of technology, the broader market is being pressured by other influential sectors like consumer discretionary (-0.4%), health care (-0.5%), and financials (-0.5%) weigh.

Finding relative strength in other areas is proving a bit difficult. Outside of technology, only industrials (unch) and materials (+0.1%) trade ahead of the broader market.

With equity indices near their lows, the CBOE Volatility Index (VIX 16.26, +0.23) is on track to register its fifth consecutive advance as participants show some demand for downside protection ahead of tomorrow's FOMC policy directive, which may include a modest reduction in monthly asset purchases.

Treasuries hover near their highs with the benchmark 10-yr yield down two basis points at 2.86%.

Today's economic data was limited to just a handful of reports. November consumer prices were unchanged while the Briefing.com consensus expected an uptick of 0.1%. Core prices increased 0.2%, above the 0.1% increase expected by the Briefing.com consensus.

Separately, the current account deficit for the third quarter totaled $94.8 billion, which was narrower than the $101.0 billion deficit that had been broadly anticipated.

Lastly, the December NAHB Housing Market Index rose to 58 from 54 while the Briefing.com consensus expected the reading to tick up to 55.

12:30 pm: [BRIEFING.COM] Stocks continue hovering near their lows with the S&P 500 trading lower by 0.4%.

Interestingly, the largest S&P sector, technology, has not taken a part in today's retreat. The sector outperforms with a slim gain of 0.1% as chipmakers rally broadly (PHLX Semiconductor Index +1.0%). Outside of technology, the materials sector (+0.1%) is the only other advancer.

Elsewhere, the industrial sector is the third and last outperformer. The group hovers right below its flat line as defense contractors and transports trade in mixed fashion. The PHLX Defense Index is higher by 0.1% while the Dow Jones Transportation Average trades lower by 0.5%.

12:00 pm: [BRIEFING.COM] Not much has changed since our last update as the major averages continue hovering near their session lows. However, despite the persistent weakness, a couple of sectors have ticked up off their worst levels of the day.

The technology sector (+0.1%) hovers just above its flat line with chipmakers contributing to the relative strength. The PHLX Semiconductor Index is higher by 1.0%. Meanwhile, top sector components are mixed with Apple (AAPL 556.64, -0.86) and Google (GOOG 1071.71, -1.27) displaying modest losses while eBay (EBAY 53.20, +0.06) and Hewlett-Packard (HPQ 27.53, +0.63) trade ahead of the broader market.

The outperformance of the tech sector has contributed to the relative strength of the Nasdaq (-0.3%), but the index still needs to contend with notable losses among biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 213.27, -2.63) is lower by 1.2%.

11:25 am: [BRIEFING.COM] The major averages remain pinned to their lows with the small-cap Russell 2000 (-0.5%) pacing the weakness. Meanwhile, the price-weighted Dow Jones Industrial Average outperforms with a more modest loss of 0.2%.

The blue chip Dow trades ahead of the broader market thanks to gains in some of its largest components. The top-weighted index member, Visa (V 210.60, +2.85), sports a solid gain of 1.4% as it hovers at a fresh all-time high. Furthermore, the index has also received notable support from Boeing (BA 136.32, +1.60) and 3M (MMM 130.57, +2.91). The two names hold respective gains of 1.2% and 2.3%. Outside of the three large index members, only four other Dow components can be found in positive territory.

11:00 am: [BRIEFING.COM] The major averages have dropped to fresh lows in a broad-based move that saw all ten sectors retreat from their recent levels. Most notable was the materials sector (-0.1%), which tumbled from its session high to a low.

The materials sector will have to contend with underperformance among miners as the Market Vectors Gold Miners ETF (GDX 21.11, -0.27) trades lower by 1.3%. On a related note, gold futures trade down 1.2% at $1230.20 per troy ounce.

Meanwhile, the other commodity-related group, energy, trails the remaining cyclical sectors with a loss of 0.6%. The energy sector trades lower even as crude oil holds a modest gain of 0.2% at $97.68 per barrel.

Things are not looking much better on the countercyclical side as influential consumer staples (-0.6%) and health care (-0.9%) lag. Biotechnology weighs on health care as the iShares Nasdaq Biotechnology ETF (IBB 213.04, -2.86) trades lower by 1.3%.

10:35 am: [BRIEFING.COM] The dollar index rallied earlier this morning and it remains near that current HoD, which has weighed on the commodity complex.

Energy and metals are all lower, except for WTI crude oil. Brent crude oil, heating oil, RBOB, gold, silver, copper, platinum, palladium and iron ore futures are all in the red this morning.

Agriculture futures are mixed with corn, oats, rice, orange juice and milk futures all showing gains, while coffee, sugar, soybeans and wheat are lower.

Jan crude oil rallied earlier and rose as high as $97.90/barrel and is now +0.2% at $97.63/MMBtu. Jan natural gas futures extends losses today as more mild weather weighs on prices. In current trade, Jan nat gas is -1.6% at $4.21/MMBtu.

Precious metals sold off in recent trade and are near lows for the day. Feb gold is now -1.3% at $1228.90/oz, while Mar silver is -1.4% at $19.83/oz.

10:00 am: [BRIEFING.COM] The major averages have ticked up off their lows, but the S&P 500 continues to hover in the red (-0.2%).

Just reported, the December NAHB Housing Market Index rose to 58 from 54. Today's report was above the reading of 55 expected by the Briefing.com consensus.

9:45 am: [BRIEFING.COM] The major averages slipped from their opening levels as nine of ten sectors registered early losses. Heavily-weighted financials (-0.2%) and health care (-0.4%) pressured the broader market at the open while the industrial sector (+0.2%) displayed some relative strength with 3M (MMM 130.36, +2.69) providing support after the company announced a 35.0% dividend hike. Furthermore, 3M's early strength has contributed to the outperformance of the Dow Jones Industrial Average (-0.1%).

The opening losses in equities translated into gains for Treasuries. The benchmark 10-yr note is higher by two ticks with its yield down one basis point at 2.87%.

Also of note, the early selling has stirred up some demand for downside protection. The CBOE Volatility Index (VIX 16.33, +0.30) trades higher by 1.9%, which puts it on track to register its fifth consecutive advance.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: +0.20. The major averages are poised to register modest early gains as index futures trade near their pre-market highs. The S&P 500 futures trade one point above fair value as the benchmark index will look to build on yesterday's 0.6% gain.

Although yesterday's advance coincided with gains across European indices, U.S. index futures have diverged from their European counterparts today. However, it remains to be seen whether the divergence persists into the European close.

U.S. index futures have received a modest pre-market boost from 3M (MMM 130.75, +3.09), which trades higher by 2.4% after issuing in-line 2014 earnings guidance and raising its dividend by 35.0% to 85.5 cents.

Treasuries are little changed with the benchmark 10-yr yield pegged at 2.88%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +2.00. The S&P 500 futures trade higher by 0.1%.

Asian markets ended on a mixed note as Japan's Nikkei (+0.8%) led while indices in China (-0.5%) and Hong Kong (-0.2%) lagged. Money market rates in China were on the rise after the People's Bank of China chose not to provide additional liquidity for the fourth consecutive session. Most notable was the one-month rate, which climbed almost 68 basis points to 6.235%. Regional economic data was limited. Australia's CB Leading Index rose 0.5% month-over-month (0.3% previous) while New Motor Vehicle Sales increased 1.8% month-over-month (-0.9% last). Hong Kong's unemployment rate held steady at 3.3%, as expected. Elsewhere, South Korea's PPI ticked down 0.2% month-over-month (-0.4% prior) while the year-over-year reading reflected a decline of 0.9% (-1.4% consensus).

Japan's Nikkei gained 0.8%, climbing off one-month lows, bolstered by strength in blue chips. Fast Retailing and Softbank rallied 1.5% and 1.7%, respectively.
Hong Kong's Hang Seng shed 0.2% amid a quiet trade. Casino stocks posted solid gains with Sands China adding 1.5% and closing at an all-time high. Meanwhile, energy shares led to the downside as CNOOC sank 3.5% and PetroChina lost 1.2%.
China's Shanghai Composite lost 0.5%, slumping for a sixth straight session as trade checked up on the 100-day moving average. Automakers were weak as Tianjin, a city just southeast of Beijing, announced it would restrict license plate issuance in an effort to combat the recent wave of pollution. BYD and SAIC Motor Corp. both lost 1.8%.

Major European indices have spent the entire first half of the session in the red. In Spain, the budget chief of the Andalusia region, Maria Jesus Montero Cuadrado, said the country cannot cut spending any further. Ms. Cuadrado followed up by saying that implementing a tax on bank deposits is a better solution to filling the funding gap. Participants received several economic data points. Eurozone CPI ticked down 0.1% month-over-month while the year-over-year reading increased 0.9% (0.9% prior), as expected. Separately, core CPI was unchanged month-over-month (0.0% last) while the year-over-year reading increased 0.9%, as expected. Lastly, the Labor Cost Index increased 1.0% year-over-year (1.1% prior) and ZEW Economic Sentiment improved to 68.3 from 60.2 (60.9 expected). Germany's ZEW Economic Sentiment rose to 62.0 from 54.6 (55.0 consensus). The Current Conditions Index ticked up to 32.4 from 28.7 (30.0 expected). Elsewhere, Great Britain's CPI ticked up 0.1% month-over-month (0.2% expected, 0.1% prior) while the year-over-year reading increased 2.1% (2.2% consensus, 2.2% prior). Separately, input PPI fell 0.7% month-over-month (-0.5% expected, -0.4% last) while output PPI ticked down 0.2% month-over-month (-1.2% consensus, -0.3% previous). Also of note, CBI Industrial Trend Orders ticked up to 12 from 11 (11 expected).

Germany's DAX is lower by 0.1% as producers of basic materials pace the decline. HeidelbergCement and ThyssenKrupp are lower by 1.8% and 0.8%, respectively. On the upside, Commerzbank and Deutsche Boerse outperform with respective gains of 1.0% and 0.7%.
Great Britain's FTSE displays a loss of 0.2% with staple stocks leading the weakness. Tesco is lower by 1.5% and J Sainsbury trades with a loss of 2.8%.
In France, the CAC trades down 0.8% as growth-oriented names underperform. Technip, Lafarge, and Vinci are all down between 2.0% and 3.9%. On the upside, telecom provider Orange outperforms with a gain of 2.8%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: +2.70. The S&P 500 futures continue to hover just above fair value.

November consumer prices were unchanged while the Briefing.com consensus expected an uptick of 0.1%. Core prices increased 0.2%, above the 0.1% increase expected by the Briefing.com consensus.

Separately, the current account deficit for the third quarter totaled $94.8 billion, which was narrower than the $101.0 billion deficit that had been broadly anticipated.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +2.50. U.S. equity futures hold modest gains after climbing off their overnight lows. The S&P 500 futures trade higher by 0.1%.

Reviewing overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei +0.8%, Hong Kong's Hang Seng -0.2%, and China's Shanghai Composite -0.5%.
Regional economic data was limited:
Australia's CB Leading Index rose 0.5% month-over-month (0.3% previous) while New Motor Vehicle Sales increased 1.8% month-over-month (-0.9% last).
Hong Kong's unemployment rate held steady at 3.3%, as expected.
South Korea's PPI ticked down 0.2% month-over-month (-0.4% prior) while the year-over-year reading reflected a decline of 0.9% (-1.4% consensus).
Among news of note:
Money market rates in China were on the rise after the People's Bank of China chose not to provide additional liquidity for the fourth consecutive session. Most notable was the one-month rate, which climbed almost 68 basis points to 6.235%.

Major European indices hover in the red. Germany's DAX -0.2%, Great Britain's FTSE -0.3%, and France's CAC -0.7%.
Participants received several economic data points:
Eurozone CPI ticked down 0.1% month-over-month while the year-over-year reading increased 0.9% (0.9% prior), as expected. Separately, core CPI was unchanged month-over-month (0.0% last) while the year-over-year reading increased 0.9%, as expected. Lastly, the Labor Cost Index increased 1.0% year-over-year (1.1% prior) and ZEW Economic Sentiment improved to 68.3 from 60.2 (60.9 expected).
Germany's ZEW Economic Sentiment rose to 62.0 from 54.6 (55.0 consensus). The Current Conditions Index ticked up to 32.4 from 28.7 (30.0 expected).
Great Britain's CPI ticked up 0.1% month-over-month (0.2% expected, 0.1% prior) while the year-over-year reading increased 2.1% (2.2% consensus, 2.2% prior). Separately, input PPI fell 0.7% month-over-month (-0.5% expected, -0.4% last) while output PPI ticked down 0.2% month-over-month (-1.2% consensus, -0.3% previous). Also of note, CBI Industrial Trend Orders ticked up to 12 from 11 (11 expected).
In news:
In Spain, the budget chief of the Andalusia region, Maria Jesus Montero Cuadrado, said the country cannot cut spending any further. Ms. Cuadrado followed up by saying that implementing a tax on bank deposits is a better solution to filling the funding gap.

In U.S. corporate news:

Boeing (BA 137.90, +3.18): +2.4% after the company's Board authorized an additional $10 billion for its share repurchase plan and authorized a 50% dividend hike to $0.73.
Frontier Communications (FTR 5.06, +0.66): +15.0% amid reports the company will acquire AT&T's (T 34.47, +0.32) wire line residential and business services and associated assets in Connecticut for $2 billion in cash.
Hewlett-Packard (HPQ 27.52, +0.62): +2.3% after JPMorgan upgraded the stock to 'Overweight' from 'Neutral' with a $35 price target.

November CPI, core CPI, and the third quarter current account balance will all be reported at 8:30 ET while the NAHB Housing Market Index for December will be released at 10:00 ET.

6:12 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -1.00.

6:12 am: [BRIEFING.COM] Nikkei...15278.63...+125.70...+0.80%. Hang Seng...23069.23...-45.40...-0.20%.

6:12 am: [BRIEFING.COM] FTSE...6501.16...-21.00...-0.30%. DAX...9128.68...-34.80...-0.40%.

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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