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 Post subject: December 23rd Monday Trade Results - Profit $400.00
PostPosted: Tue Dec 24, 2013 12:11 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $400.00 dollars or +4.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $400.00 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=1679

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.

Santa Claus Rally Fuels New Records For Stocks

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

NEW YORK (CNNMoney)
There's no holding back the Santa Claus rally.

The Dow and S&P 500 climbed 0.5% to new records Monday, while the Nasdaq jumped more than 1% to a fresh 13-year high.

Investors were feeling increasingly confident after the head of the International Monetary Fund, Christine Lagarde, said her organization was much more upbeat about the U.S. economic recovery.

"We see a lot more certainty for 2014," Lagarde said in an interview Sunday on NBC. She said the IMF would raise its forecast for the U.S. economy, in part because Congress had passed a budget and the Federal Reserve decided to begin reducing monetary stimulus based on the improving U.S. job market.

* Apple inks China Mobile deal

The day's gains build upon a strong performance last week. All three indexes jumped between 2% and 3% last week, thanks to a huge Federal Reserve taper-inspired rally and a stronger-than-expected reading on U.S. economic growth during the third quarter.

While a so-called Santa Claus rally may continue to fuel stocks into record territory, trading volume is expected to remain light due to the holiday-shortened week. The market is only open for a half-day trading on Tuesday (Christmas Eve) and is closed on Wednesday for Christmas.

What's moving: The market got a boost from Apple (AAPL, Fortune 500)'s stock, which surged almost 4%, after the company announced it had inked a deal with China Mobil, the world's largest carrier with about 700 million subscribers. Apple is No. 1 or No. 2 in almost all other countries where it sells the iPhone, but has lagged behind its competitors in China.

Most traders on StockTwits seemed to like the deal.

"Deal with China Mobile is official signal that $AAPL will finally go above $1000/ share," predicted GoldenParachute.

And StockTwits user StrayTrader said, "$AAPL no matter how you slice it, this thing goes higher from here.

But a few traders worried that the China Mobil deal won't be enough to sustain Apple's stock rally.

"I dont see 100,000,000 iPhones sold next quarter even with ChinaMobile," said RealFanboy101. "Stagnant. Bearish."

AllEyesOnEd said he needs "to see some expansion into Central African Republic before I believe in this $AAPL pop."

Shares of Apple rival BlackBerry (BBRY) also continued to surge. On Friday, shares of Blackberry jumped 15% as investors dismissed the company's huge loss and cheered interim CEO John Chen and a new partnership with Foxconn. Shares gained another 3.6% on Monday.

"$BBRY John Chen is a fast mover," said TranscendAsset. "Good for the business."

TruthTrader said institutional investors like fund managers know there is more room for BlackBerry to run.

"People want more choices than Apple and Samsung," she added.

That market also got a lift from social media company Facebook (FB, Fortune 500), which debuted as part of the S&P 500. Shares rose almost 5% as investors added the stock to their index funds.

Shares of retailers Men's Warehouse (MW) and Jos. A. Bank (JOSB) fell. Jos. A Bank rejected last month's buyout offer from Men's Warehouse.

* Countdown to Obamacare deadlines

In international markets, China has been grabbing the headlines as investors continue to worry about a cash crunch. However, the Chinese central bank said it had pumped liquidity into the system, leading Asian stock markets to notch up modest gains Monday.

The main European markets closed sharply higher. The Tokyo Stock Exchange was closed for a holiday.

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4:15 pm: [BRIEFING.COM] The S&P 500 settled higher by 0.5%, registering its third consecutive gain. The benchmark index extended its December advance to 1.2% as eight of ten sectors ended in the green.

Stocks jumped at the open with the technology sector (+1.5%) driving the early surge. The space received considerable support from its largest component, Apple (AAPL 570.09, +21.07), which spiked 3.8% after inking a long-rumored distribution agreement with China Mobile (CHL 52.47, +0.84).

Emboldened by Apple's strength, other top sector components also rallied. Google (GOOG 1115.10, +14.48), Oracle (ORCL 36.94, +0.57), and Intel (INTC 25.32, +0.27) gained between 1.1% and 1.5%. Despite Intel's strength, other chipmakers struggled to keep pace with the sector as Micron (MU 21.49, -0.68) weighed after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.' The broader PHLX Semiconductor Index advanced 0.9%.

Social media names also took part in the tech party as Facebook (FB 57.77, +2.65) and Twitter (TWTR 64.54, +4.53) settled higher by 4.8% and 7.6%, respectively.

Outside of technology, gains in other sectors were much more subdued. In fact, the telecom services sector (+1.1%) was the only other outperformer.

Although all six growth-oriented groups posted gains, the energy sector spent the entire session in a steady slide from its opening high. The group ended little changed while crude oil slipped 0.4% to $98.93 per barrel.

The remaining cyclical sectors-consumer discretionary (+0.5%), industrials (+0.4%), and materials (+0.4%)-logged modest gains. However, the discretionary sector failed to capture the relative strength of homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 24.31, +0.71) jumped 3.0%. A Citigroup upgrade of KB Home (KBH 18.19, +1.28) to 'Neutral' from 'Sell' and news that incoming FHFA Director Mel Watt is going to delay the implementation of new mortgage fees on government-backed loans, which many think will crimp new housing demand, factored into the outperformance.

On the countercyclical side, the telecom sector posted a solid gain while consumer staples (-0.2%), health care (+0.4%), and utilities (-0.3%) lagged.

Also of note, following Friday's close, the CBOE Skew Index (SKEW 143.20, +5.34) jumped above the 139 level for the first time in almost two years. Unlike the VIX, which measures the expected near-term volatility to the upside or downside, the Skew index updates after each session and measures the perceived likelihood of a tail event. The index ranges from 100 to 150 with higher values signaling increased demand for low-strike puts. With the index hovering just below its upper limit, we can conclude that investors are demanding downside protection.

Treasuries settled on their lows with the benchmark 10-yr yield up four basis points at 2.93%.

Participation was well below average as many elected to sit today's session out. Only 598 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to just two reports, neither of which saw a notable reaction in the market. Personal income increased 0.2% in November after declining 0.1% in October. The Briefing.com consensus expected personal income to increase 0.5%. Compensation levels were a little softer than the employment report implied, increasing 0.3% instead of 0.6%. That difference likely caused the weaker-than-expected income gain. Personal spending rose 0.5%, in-line with consensus expectations, after increasing an upwardly revised 0.4% (from 0.3%) in October.

Separately, the December University of Michigan Consumer Sentiment Index remained at 82.5 in the final reading while the Briefing.com consensus expected the index to be revised up to 83.3.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while November Durable Orders will cross the wires at 8:30 ET. The October FHFA Housing Price Index will be reported at 9:00 ET while the New Home Sales report for November will be revealed at 10:00 ET.
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Regions Financial Leads Banks as Consumer Confidence Rises TheStreet.com

Nasdaq +37.4% YTD
Russell 2000 +36.3% YTD
S&P 500 +28.2% YTD
DJIA +24.4% YTD

3:30 pm: [BRIEFING.COM]

Feb gold traded lower today despite a weaker dollar index. The yellow metal brushed a session high of $1203.40 per ounce in late morning pit trade but trended lower for the remainder of the session. It eventually settled with a 0.6% loss at $1197.00 per ounce
Mar silver oscillated between positive and negative territory with prices rising to a session high of $19.52 per ounce. Unable to stay in the black, it settled 0.2% lower at its session low of $19.41 per ounce
Feb crude oil also spent today's session in the red. The energy component dipped to a session low of $98.67 per barrel after pulling back from its session high of $99.30 per barrel set at pit trade open. It eventually settled with a 0.4% loss
Jan natural gas, on the other hand, traded higher, with prices touching a session high of $4.51 per MMBtu. It pulled back slightly in afternoon floor action and settled with a 1.1% gain at $4.46 per MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% with one hour remaining in today's session, which has not generated too much excitement.

The technology sector (+1.4%) jumped into the lead at the open, and has not looked back since. The remaining two outperformers, financials (+0.6%) and telecom services (+1.1%), have also maintained their standing throughout the trading day.

Elsewhere, Treasuries have widened their losses, sending the benchmark 10-yr yield higher by four basis points to 2.93%.

2:30 pm: [BRIEFING.COM] The S&P 500 trades two points below its best level of the day as the quiet afternoon continues.

Earlier today, investors received just two economic reports, but neither was greeted by a market-wide reaction. November personal income increased 0.2%, below the increase of 0.5% expected by the Briefing.com consensus. Meanwhile, personal spending rose 0.5%, which matched the consensus expectations. Additionally, core PCE prices ticked up 0.1%, as expected.

Separately, the University of Michigan Consumer Sentiment report for December was left unrevised at 82.5 in the final reading (Briefing.com consensus 83.3).

Tomorrow will be a bit busier in terms of data with four reports on the schedule. The weekly MBA Mortgage Index will be released at 7:00 ET while November Durable Orders will cross the wires at 8:30 ET (+2.2% Briefing.com consensus). The October FHFA Housing Price Index will be reported at 9:00 ET while the New Home Sales report (433,000 Briefing.com consensus) for November will be revealed at 10:00 ET.

2:00 pm: [BRIEFING.COM] The stock market continues to coast near its best levels of the session with the technology sector (+1.2%) maintaining its noteworthy outperformance.

The tech sector received early support from Apple (AAPL 567.54, +18.52) while other large components caught up to the sector during late morning action. Furthermore, the group has received support from social media names as Facebook (FB 57.69, +2.57) and Twitter (TWTR 62.96, +2.91) trade higher by 4.7% and 5.0%, respectively. Notably, Twitter trades 40.4% above its November 7 (IPO day) closing price.

1:30 pm: [BRIEFING.COM] The indices maintain a resolute stance in positive territory as sellers have pretty much stuck to the sidelines, cognizant most likely that there is a seasonal bias to the upside this time of year. The predominant leaning today is reflected in the advance-decline line which favors advancers by a better than 2-to-1 margin at both the NYSE and Nasdaq.

Trading volume is on the light side, which has also come to be expected this time of year, as a good number of market participants have checked out for the Christmas holiday.

One area of notable strength today is the homebuilder group. The SPDR S&P Homebuilders ETF (XHB 32.86, +0.72) and the iShares U.S. Home Construction ETF (24.29, +0.70) are up 2.2% and 3.0%, respectively. A Citigroup upgrade of KB Home (KBH 18.03, +1.12) to Neutral from Sell and news that incoming FHFA Director Mel Watt is going to delay the implementation of new mortgage fees on government-backed loans, which many think will crimp new housing demand, have supported the outperformance.

1:00 pm: [BRIEFING.COM] At midday, the S&P 500 trades higher by 0.6%.

Equities indices jumped out of the gate with the Nasdaq (+1.0%) setting the pace after its largest component, Apple (AAPL 567.30, +18.28), secured a multi-year distribution agreement with China Mobile (CHL 52.68, +1.05).

Fittingly, the technology sector (+1.4%) displayed early strength, and has maintained its lead with a bit of help from some other large components. Google (GOOG 1114.31, +13.69), Oracle (ORCL 36.81, +0.44), and Intel (INTC 25.37, +0.32) all hold gains close to 1.2% apiece.

Chipmakers have also made a contribution to the sector's outperformance, but the PHLX Semiconductor Index has been limited to a gain of 0.8% as Micron (MU 21.53, -0.65) weighs. The stock trades lower by 2.9% in reaction to a Bank of America/Merrill Lynch downgrade to 'Underperform' from 'Neutral.'

Other cyclical sectors have done little to distinguish themselves as financials (+0.7%) outperform while the remaining four groups all trade with gains in the neighborhood of 0.5%. Interestingly, the energy sector (+0.4%) trades modestly higher even as crude oil displays a loss of 0.2% at $99.14 per barrel.

On the countercyclical side, the smallest S&P 500 sector, telecom services (+0.9%), outperforms while consumer staples (-0.3%), health care (+0.4%), and utilities (+0.1%) lag.

Also of note, the past two weeks saw the CBOE Volatility Index (VIX 13.04, -0.75) poke its head above the 12.00%-14.00% range that has been in effect since mid-October. The index climbed as high as 16.75% as participants prepared for last week's tapering announcement, but has since returned to the aforementioned range.

Today's economic data was limited to just two reports, neither of which saw a notable reaction in the market. Personal income increased 0.2% in November after declining 0.1% in October. The Briefing.com consensus expected personal income to increase 0.5%. Compensation levels were a little softer than the employment report implied, increasing 0.3% instead of 0.6%. That difference likely caused the weaker-than-expected income gain. Personal spending rose 0.5%, in-line with consensus expectations, after increasing an upwardly revised 0.4% (from 0.3%) in October.

Separately, the December University of Michigan Consumer Sentiment Index remained at 82.5 in the final reading while the Briefing.com consensus expected the index to be revised up to 83.3.

12:30 pm: [BRIEFING.COM] The S&P 500 has inched to a fresh session high, but sector leadership remains little changed from our earlier updates. Technology (+1.4%) continues setting the pace for the broad advance while the financial sector (+0.7%) represents the only other outperformer of note.

On the downside, the consumer staples (-0.2%) sector is the only group trading in the red.

Elsewhere, Treasuries continue to hold modest losses. The benchmark 10-yr yield is higher by two basis points at 2.91%.

12:00 pm: [BRIEFING.COM] Recent action saw a continuation of the steady push higher. The Nasdaq (+0.9%) remains ahead of its peers with large components padding their opening gains. Cisco Systems (CSCO 21.50, +0.38), Google (GOOG 1114.03, +13.41), Oracle (ORCL 36.86, +0.49), and Intel (INTC 25.40, +0.36) are all up between 1.2% and 1.8%.

Chipmakers have also made a contribution to the outperformance of the Nasdaq, but the PHLX Semiconductor Index has been limited to a gain of 0.8% as Micron (MU 21.32, -0.85) weighs. The stock trades lower by 3.8% after Bank of America/Merrill Lynch downgraded the shares to 'Underperform' from 'Neutral.'

11:30 am: [BRIEFING.COM] Equities remain near their recent levels as the quiet Monday session continues. Early last week, the S&P 500 appeared to be headed for its third losing month of 2013. However, the index wiped out its entire December loss on Wednesday when the Federal Reserve announced a $10 billion taper and reaffirmed its dovish forward guidance.

Since Wednesday, the S&P 500 has added 2.7%, which puts in on track to end the month with a 1.3% gain. The tech-heavy Nasdaq has had an even better showing, and is up 2.0% so far this month.

Also of note, the past two weeks saw the CBOE Volatility Index (VIX 13.24, -0.55) poke its head above the 12.00%-14.00% range that has held for the last two months. The index climbed as high as 16.75% as participants prepared for the tapering announcement last week, but has since returned to the aforementioned range.

11:00 am: [BRIEFING.COM] The S&P 500 continues to drift near its session high that was established during the opening 30 minutes of action. However, outside of the noteworthy gain in technology (+1.2%), only two other sectors-financials (+0.6%) and telecom services (+0.7%)-trade ahead of the broader market.

The outperformance of financials is notable given the size of the sector (2nd largest in the S&P 500); however, the telecom space represents the smallest S&P 500 group, which limits its influence over the broader market.

Furthermore, the telecom services sector is the lone outperformer among countercyclical groups. The other defensive sectors-consumer staples (-0.3%), health care (+0.4%), and utilities (+0.2%)-all trail the broader market.

10:30 am: [BRIEFING.COM] Commodities are mixed this morning, while the dollar index has been lower all day so far and is currently at its LoD.

Crude oil has been in the red all day and has been selling off in early morning further in recent action. Feb crude oil dropped below $99/barrel a little while ago and hit a new LoD. Feb crude is now -0.5% at $98.78/barrel.

Natural gas futures have been higher all day so far, ranging between $4.51 and $4.53/MMBtu. However, for just over two hours now, natural gas has been slowly sliding lower and is now +1.2% at $4.47/MMBtu.

Precious metals are showing small moves this morning with both gold and silver almost flat. Currently, Feb gold is -0.1% at $1202.30/oz, Mar silver is +0.1% at $19.47/oz.

9:55 am: [BRIEFING.COM] Equity indices have ticked down from their highs, but they continue to hold the bulk of their gains.

The S&P 500 trades higher by 0.4%. The University of Michigan Consumer Sentiment report for December was left unrevised at 82.5 in the final reading (Briefing.com consensus 83.3).

9:45 am: [BRIEFING.COM] As expected, the major averages began the session with solid, broad-based, gains. The S&P 500 trades higher by 0.5% as all ten sectors display early gains.

At this juncture, the technology (+1.1%) sector is a clear leader with the largest component, Apple (AAPL 565.68, +16.66), providing support. Outside of technology, the energy sector (+0.7%) is the only cyclical group trading ahead of the broader market. The remaining growth-oriented sectors are all up between 0.3% and 0.5%.

On the countercyclical side, the telecom services sector (+0.9%) outperforms while utilities and health care trade in-line with the S&P 500. For its part, the consumer staples sector hovers just above its flat line.

Treasuries hover near their lows with the 10-yr yield up two basis points at 2.92%.

The final reading of the Michigan Consumer Sentiment report for December will be released at 9:55 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +31.20. Equity indices are expected to begin the holiday-shortened week on a sharply higher note as the S&P 500 futures trade ten points (+0.6%) above fair value. Meanwhile, Nasdaq futures hover more than 31 points above fair value (+0.9%) with Apple (AAPL 567.44, +18.42) accounting for a large portion of the increase. The largest tech stock holds a pre-market gain of 3.4% after securing a long-rumored multi-year iPhone distribution deal with China Mobile (CHL 52.87, +1.24).

Outside of the news regarding Apple, pre-market action has been very quiet. On that note, today's session is expected to see below-average volume with many participants away from trading desks ahead of Christmas.

Treasuries display modest losses with the 10-yr yield up almost two basis points at 2.91%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +34.70. The S&P 500 futures trade 11 points above fair value.

Asian markets finished the uneventful session on a broadly higher note. Among news of note, the People's Bank of China conducted its second consecutive liquidity injection, but that did not stop money market rates from continuing their recent climb. Most notably, the two-week Shanghai Interbank Offered Rate jumped over 124 basis points to 8.246%.

Economic data was limited to Hong Kong's CPI, which increased 4.3% year-over-year, as expected.

Japan's Nikkei was closed for Emperor's Birthday.
Hong Kong's Hang Seng finished with a modest gain, adding 0.5%, with consumer names contributing to the advance. Li & Fung and Want Want China gained 0.9% and 2.8%, respectively.
China's Shanghai Composite eked out a slim gain of 0.2% as Great Wall Motor provided support. The carmaker gained 6.0%.

Major European indices display modest gains as the quiet session continues. Among news of note, Fitch affirmed the sovereign rating of France at 'AA+' with a 'Stable' outlook. Elsewhere, According to the annual report prepared by Germany's Economics Ministry, the government expects annual GDP growth to be in the neighborhood of 1.5% through 2018.

Economic data was limited to a handful of releases. Germany's Import Price Index ticked up 0.1% month-over-month (-0.2% expected, -0.7% prior) while the House Price Index ticked down 0.4% month-over-month (0.8% last). Italian consumer confidence slipped to 96.2 from 98.2 (98.8 expected). Spain's PPI ticked down 0.6% year-over-year (-0.1% consensus, -0.2% last). Swiss Consumption Indicator increased to 1.43 from 1.26. Also of note, Norway's unemployment rate fell to 3.3% from 3.4% (3.5% expected).

Great Britain's FTSE trades up 0.8% as financials display strength. Aberdeen Asset Management, London Stock Exchange, and Standard Chartered are all up between 1.4% and 2.2%. Miners lag with Fresnillo and Glencore Xstrata down 0.5% and 0.2%, respectively.
Germany's DAX is higher by 0.7% with chemical manufacturers contributing to the strength. Lanxess trades higher by 3.4% after the company CEO affirmed its guidance. Peer BASF holds an advance of 0.9%.
In France, the CAC holds a modest gain of 0.1% with banks setting the pace. BNP Paribas is higher by 1.2% and Societe Generale trades up 1.5%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: +34.70. The S&P 500 futures continue to hover near their pre-market highs.

November personal income increased 0.2%, below the increase of 0.5% expected by the Briefing.com consensus. Meanwhile, personal spending rose 0.5%, which matched the consensus expectations.

Lastly, core PCE prices ticked up 0.1%, as expected.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: +10.60. Nasdaq futures vs fair value: +31.70. U.S. equity futures hover near their pre-market highs. The S&P 500 futures trade ten points above fair value. Also of note, Nasdaq futures trade 32 points above fair value as Apple (AAPL 568.38, +19.36) provides support after the company entered into a multi-year iPhone agreement with China Mobile (CHL 52.75, +1.12).

Reviewing overnight developments:

Asian markets ended higher. China's Shanghai Composite +0.2% and Hong Kong's Hang Seng +0.5%. Japan's Nikkei was closed for Emperor's Birthday.
Investors received just one economic data point:
Hong Kong's CPI increased 4.3% year-over-year, as expected.
In news:
The People's Bank of China conducted its second consecutive liquidity injection, but that did not stop money market rates from continuing their recent climb. Most notably, the two-week Shanghai Interbank Offered Rate jumped over 124 basis points to 8.246%.
Major European indices trade mixed. Germany's DAX +0.7%, Great Britain's FTSE +0.6%, and France's CAC -0.1%. Elsewhere, Italy's MIB +0.3% and Spain's IBEX -0.1%.
Economic data was scarce:
Germany's Import Price Index ticked up 0.1% month-over-month (-0.2% expected, -0.7% prior) while the House Price Index ticked down 0.4% month-over-month (0.8% last).
Italian consumer confidence slipped to 96.2 from 98.2 (98.8 expected).
Spain's PPI ticked down 0.6% year-over-year (-0.1% consensus, -0.2% last).
Swiss Consumption Indicator increased to 1.43 from 1.26.
Norway's unemployment rate fell to 3.3% from 3.4% (3.5% expected).
Among news of note:
Fitch affirmed the sovereign rating of France at 'AA+' with a 'Stable' outlook.
According to the annual report prepared by Germany's Economics Ministry, the government expects annual GDP growth to be in the neighborhood of 1.5% through 2018.

In U.S. corporate news:

Micron (MU 21.60, -0.57): -2.6% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.'
Tiffany (TIF 89.02, -1.60): -1.8% after Dutch arbitrators ordered the company to pay Swatch approximately $450 million in damages.

November personal income, personal spending, and core PCE prices will all be reported at 8:30 ET while the final reading of the Michigan Consumer Sentiment Survey will be released at 9:55 ET.

6:50 am: [BRIEFING.COM] FTSE...6640.02...+33.40...+0.50%. DAX...9449.16...+49.00...+0.50%.

6:48 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +30.30.

6:48 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...22921.56...+109.40...+0.50%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
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