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 Post subject: December 27th Friday Trade Results - Profit $190.00
PostPosted: Sat Dec 28, 2013 3:58 pm 
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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)
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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 @ $190.00 dollars or +1.90 points, Emini ES ($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 @ $190.00 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=1681

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 Pause At End Of Strong Week

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

NEW YORK (CNNMoney)
Stocks were little changed at the end of a strong week as investors head into the home stretch of what has been a terrific year for Wall Street.

The Dow Jones industrial average and the S&P 500 ended flat Friday. The Nasdaq fell slightly. For the week, all three indexes advanced more than 1%. Trading volume has been below average this week with many money managers absent for the holidays.

Markets have charted big gains this year. The Dow is up more than 25% and S&P 500 has gained nearly 30%. The Nasdaq has soared 38%. The Dow is on track for its biggest annual gain since 1996 and the S&P 500 is on pace for its strongest year since 1997.

Several factors have helped spur gains this year, including ongoing economic stimulus from the Federal Reserve, increased confidence in the economy and solid corporate earnings growth.

Earlier this month, the Fed announced that it will modestly reduce its bond buying program in January. But many experts believe the bull market will continue for a sixth year in 2014, albeit at a more modest pace.

In the bond market, the yield on the 10-year U.S. Treasury note rose to 3% for a second day. That's the highest level of the year and some investors say it could set the stage for higher interest rates next year.

Delta Airlines (DAL, Fortune 500) shares fell after a glitch caused steeply discounted tickets to be offered online Thursday.

Some StockTwits traders said the selling in Delta stock was overdone.

"$DAL hahaha seriously, People freak out and sell over something like this. Hilarious," said Apeneck.

Another trader joked that Delta may have revealed the true cost of its airfares.

* Best year ever for stock funds

"$DAL Round trip tickets for 80 bucks? Did they just show us true cost??? Haha," said kayak83.

Sprint (S, Fortune 500) shares surged amid ongoing speculation that SoftBank, the Japanese conglomerate that owns the telecommunications company, is working on a $20 billion bid to buy rival T-Mobile (TMUS).

Shares of Twitter (TWTR) were under pressure following a strong rally this month. Even with Friday's declines, Twitter stock is up more than 57% in December.

Some traders said the selling is just getting started.

"$TWTR too early to call the drop over..." said straightsix.

Others said it was not surprising given the run Twitter has had this month.

"$TWTR healhty for this to give up 10 points here," said OptionsNoobi.

Facebook (FB, Fortune 500) shares have also been on a tear this month. The social network has gained more than 20% in December, but shares were little changed Friday.

European markets and Asian markets ended the week on a positive note.

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4:10 pm: [BRIEFING.COM] The major averages did little to distinguish themselves in the final session of the week. The Dow Jones Industrial Average and S&P 500 both ended flat while the Nasdaq underperformed, shedding 0.3%.

Today's trading range was limited to just five points in the S&P 500, but that masks the fact the index rested near its flat line for the vast majority of the trading day. It is understandable that some rest was in order after the benchmark index gained 3.4% during the previous six affairs.

Buyers and sellers alike stuck to the sidelines today, but then again, just about everyone elected to forego today's session. On that note, NYSE floor volume totaled a paltry 414 million shares.

There was no concerted leadership among individual sectors as two cyclical groups-energy (+0.5%) and materials (+0.2%)-and two defensive sectors-consumer staples (+0.3%) and utilities (+0.2%)-posted gains.

The energy sector was powered, in part, by crude oil, which rose 0.8% to $100.31 per barrel. The sector also drew strength from its top-weighted components. Chevron (CVX 125.23, +0.42) and ExxonMobil (XOM 101.51, +0.61) gained 0.3% and 0.6%, respectively.

The other commodity-related sector, materials, was kept afloat by steelmakers. The largest steel producer, ArcelorMittal (MT 17.75, +0.42) jumped 2.4% while the broader Market Vectors Steel ETF (SLX 49.71, +0.83) advanced 1.7%.

Despite the modest gains in a handful of sectors, the broader market was held in check by the underperformance of its three largest groups as technology (-0.2%), financials (-0.1%), and health care (-0.1%) spent the entire afternoon in the red.

Although the major averages ended little changed, the same could not be said for a recent momentum favorite. Twitter (TWTR 63.75, -9.56) plunged 13.0% after Macquarie downgraded the stock to 'Underperform' from 'Neutral.' Entering today, shares of Twitter were up 76.4% in December but today's tumble trimmed its month-to-date advance to 53.4%.

Elsewhere, the Treasury market endured a sleepy session as the 10-yr note slipped three ticks with its yield ending just a shade below 3.01%.

There was no data released today and Monday's economic data will be limited to the Pending Home Sales report, which will be released at 10:00 ET.

Nasdaq +37.7% YTD
Russell 2000 +36.7% YTD
S&P 500 +29.1% YTD
DJIA +25.8% YTD

Week in Review: Santa Claus Visits NYSE

On Monday, 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 560.09, -3.81), which spiked 3.8% after inking a long-rumored distribution agreement with China Mobile (CHL 52.76, +0.26).

Stocks ended Tuesday's abbreviated session with modest gains that were paced by cyclical sectors. The S&P 500 added 0.3% as energy (+0.6%), industrials (+0.5%), and materials (+1.0%) outperformed.

On Wednesday, U.S. bond and equity markets were closed for Christmas.

The bullish trend continued on Thursday with little in the way of the major averages. The Dow Jones Industrial Average (+0.8%) logged its sixth consecutive gain while the S&P 500 (+0.5%) posted its fourth advance in a row. Technology (+0.3%) and the financial sector (+0.2%) were the only cyclical groups that could not keep pace with the broader market. The remaining four cyclical sectors-consumer discretionary (+0.6%), energy (+0.9%), industrials (+0.7%), and materials (+0.6%)-all finished ahead of the S&P. Although trading volume finished at a one-year low, Twitter maintained its torrid pace on heaviest volume (82.5 million) since its market debut. The stock surged 4.8%, extending its December gain to 76.4%.

3:30 pm: [BRIEFING.COM]

Precious metals traded higher today, gaining support from a weaker dollar index
Feb gold extended yesterday's gains as it rose to a session high of $1218.90 per ounce in early morning pit trade. It pulled back slightly as the session progressed and settled 0.2% higher at $1214.30 per ounce, booking a gain of 0.9% for the week
Mar silver rose for a third consecutive session, advancing to a session high of $20.10 per ounce in morning floor action. It spent the remainder of the session trading in a consolidative pattern just below that level and settled with a 0.8% gain at $20.06 per ounce. Today's climb brought gains for the week to 3.1%.
Feb crude oil also got a boost from the weaker dollar index and better-than-anticipated inventory data. The EIA reported that for the week ending Dec 20, crude oil inventories had a draw of 4.731 mln barrels when consensus called for a smaller draw of 2.5 mln
The energy component lifted from its session low of $99.75 per barrel and rose as high as $100.75 per barrel by early afternoon pit action. It pulled back slightly heading into the close and settled 0.8% higher at $100.31 per barrel, booking a gain of 1.0% for the week
Feb natural gas, on the other hand, spent all of today's floor trade in the red. It rose to a session high of $4.44 per MMBtu shortly after inventory data showed a draw of 177 bcf, in-line with expectations, but was unable to hold the momentum.
Natural gas settled 2.7% lower at its session low of $4.36 per MMBtu, booking a weekly loss of 2.2%

3:00 pm: [BRIEFING.COM] The S&P 500 hovers just below its flat line with one hour remaining in today's forgettable session. Although the benchmark index has held within two points of its unchanged level, the same cannot be said for the recent momentum-favorite-Twitter (TWTR 66.75, -6.56).

Shares of Twitter hover on their lows after spending the entire trading day in a steady downtrend. The selling has been accelerated by a Macquarie downgrade to 'Underperform' from 'Neutral,' and has trimmed the stock's December gain to 60.5%.

2:30 pm: [BRIEFING.COM] The S&P 500 has spent the past three hours inside of a two-point range. Neither buyers nor sellers have shown much conviction, but that is likely related to the fact that there aren't many participants in the market altogether.

With 90 minutes remaining in the session, only 238 million shares have changed hands on the floor of the New York Stock Exchange. Given the current pace, it is virtually impossible for the final tally to come close to its long-term daily average of 724 million shares.

Next week is not expected to see much of an improvement with many participants remaining away from their trading desks.

2:05 pm: [BRIEFING.COM] The S&P 500 (-0.1%) continues to hover near its low as the final session of the week drifts towards the close. Given its current level, the benchmark index is on track to end with a weekly gain of 1.3%. With only two sessions left in December, the S&P 500 is looking to maintain its month-to-date gain of 2.0%.

Elsewhere, the Dow Jones Industrial Average and Nasdaq have had a better December showing as both hold December gains of 2.4%. Small caps, however, have trailed the broader the broader market as the Russell 2000 displays a month-to-date advance of 1.4%.

1:30 pm: [BRIEFING.COM] Quiet afternoon continues with the major averages holding modest losses. Sector standing remains little changed from our earlier updates as only four groups-consumer staples (+0.2%), energy (+0.6%), materials (+0.1%), and utilities (+0.1%)-hover in positive territory.

The top-performing sector-energy-has received support from two of its top components. Chevron (CVX 125.43, +0.62) and ExxonMobil (XOM 101.48, +0.58) trade higher by 0.5% and 0.6%, respectively. The sector has also been boosted by crude oil, which trades higher by 1.0% at $100.59 per barrel.

The other commodity-linked group-materials-has drawn strength from steelmakers as the Market Vectors Steel ETF (SLX 49.59, +0.71) trades higher by 1.5%. The largest steelmaker, ArcelorMittal (MT 17.75, +0.42) has made a significant contribution to the outperformance as it trades higher by 2.4%.

12:55 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average and S&P 500 hover near their flat lines while the Nasdaq lags with a modest loss of 0.3%.

Equities began the session on an upbeat note, but surrendered their gains one hour into the trading day. It is worth mentioning that the indices took a step back from their morning highs after the Dow logged six consecutive gains while the S&P 500 ended four of the last six sessions in the green. During that stretch the two added 3.8% and 3.4%, respectively.

While the broader market is taking a bit of a breather following the rally of the past week, a recent momentum favorite, Twitter (TWTR 67.95, -5.36), is enduring a rough session. The social media stock trades lower by 7.3% after being downgraded to 'Underperform' from 'Neutral' following its meteoric rise. To that end, Twitter entered today's session with a December gain of 76.4%. Including today's loss, that advance has been trimmed to 63.4%.

Staying on the technology theme, the tech-heavy Nasdaq is being pressured by its largest component, Apple (AAPL 560.68, -3.22), and biotechnology. Apple is seeing its third consecutive decline after surging 3.8% on Monday in reaction to a new distribution agreement with China Mobile (CHL 52.62, +0.12). Despite its losing streak, the top tech component still holds a post-announcement gain of 2.1%.

With regard to biotechnology, the iShares Nasdaq Biotechnology ETF (IBB 225.66, -1.58) is lower by 0.7%, which also weighs on the third-largest S&P 500 sector-health care (-0.2%).

Elsewhere, the two top-weighted S&P 500 sectors-technology (-0.1%) and financials (-0.1%)-trade in-line with the broader market.

Treasuries are little changed with the 10-yr yield at 2.997%.

12:30 pm: [BRIEFING.COM] The Dow and S&P 500 remain anchored to their flat lines while the Nasdaq (-0.2%) continues to lag.

The Nasdaq has struggled to keep pace with the broader market as its largest component, Apple (AAPL 560.36, -3.53), endures its third consecutive decline. The stock is lower by 0.6% today and down 1.8% since Monday. However, it should be noted the weakness follows a 3.8% jump during the Monday session after the company signed a distribution agreement with China Mobile (CHL 52.62, +0.12).

Biotechnology is also pressuring the Nasdaq as the iShares Nasdaq Biotechnology ETF (IBB 225.95, -1.29) holds a loss of 0.6%

12:00 pm: [BRIEFING.COM] Not much has changed since our recent update as the key indices remain near their flat lines. Similarly, sector standing remains little changed with the top four S&P 500 sectors-technology, financials, health care, and consumer discretionary-holding modest losses between 0.1% and 0.4%.

Elsewhere, shares of Twitter (TWTR 68.10, -5.21) have extended their decline to 7.1% following an earlier downgrade at Macquarie. Given its current level, the stock has narrowed its December gain to 64.3%.

11:30 am: [BRIEFING.COM] The major averages hover near their flat lines following their recent dip into the red. It should be noted that some profit taking is to be expected after the S&P 500 added nearly 3.5% since the end of last Tuesday's session. Of those six trading days since December 17 (excluding today), the S&P registered just one daily loss. On a side note, that loss set the S&P 500 back by just one point.

The discretionary sector continues to trail the remaining nine groups, but its loss has been limited to 0.3% so far. Elsewhere, the three top-weighted S&P sectors-technology, financials, and health care-are down between 0.1% and 0.2%.

With stocks on the defensive, the CBOE Volatility Index (VIX 12.44, +0.11) is registering its first advance in four days after testing a multi-month low of 11.69% yesterday.

11:00 am: [BRIEFING.COM] Recent action saw the major averages slide to their lows with the retreat paced by the Russell 2000 (-0.4%) and the Nasdaq (-0.3%), which has lagged since the open.

Only four sectors-consumer staples (+0.4%), energy (+0.1%), materials (+0.1%), and utilities (+0.1%)-continue to hover in positive territory while the remaining six groups display losses between 0.1% (technology) and 0.4% (consumer discretionary).

The weakest sector, consumer discretionary, has been pressured by retailers as the SPDR S&P Retail ETF (XRT 87.87, -0.34) trades lower by 0.4%.

10:35 am: [BRIEFING.COM]

Oil, copper, gold and silver all surged higher earlier this morning and most are holding gains
The dollar index has been in the red all day so far, which helps give commodities a boost
Crude oil futures rallied and broke above the $100/barrel level. Crude oil is now at a 2-month high. Feb contract is currently +0.6% at $100.19/barrel
Natural gas has been in the red all day so far and was about 1.6% lower at $4.41/MMBtu just ahead of the inventory data
Following inventory data, nat gas whipped around and is now +1.7% at $4.40/MMBtu
Gold and silver surged higher and while silver has consolidated, gold futures continued to inch lower off its HoD
Feb gold is now +0.2% at $1215/oz, Mar silver is +0.07% at $20.06/oz

10:00 am: [BRIEFING.COM] The Dow (+0.2%) and S&P 500 (+0.1%) continue to hold their opening levels, but the Nasdaq has returned to its flat line.

The tech-heavy Nasdaq trails the S&P technology sector as the largest component, Apple (AAPL 561.41, -2.49), trades lower by 0.5%. Biotechnology has also played a part in pressuring the Nasdaq back to its flat line as the iShares Nasdaq Biotechnology ETF (IBB 226.65, -0.59) trades lower by 0.3%.

With regards to the broader market, a handful of top sectors are among the early laggards with consumer discretionary, financials, and health care all hovering near their respective flat lines.

9:45 am: [BRIEFING.COM] The major averages registered modest early gains with the Dow Jones Industrial Average (+0.2%) serving up the early lead. The price-weighted index has received early support from a handful of large components like 3M (MMM 139.12, +0.83), Home Depot (HD 82.02, +0.47), and IBM (IBM 186.42, +1.07). Each name trades with gains close to 0.7%.

Elsewhere, the broader S&P 500 is higher by just 0.1% as eight of ten sectors hover in positive territory while financials (-0.2%) and telecom services (-0.2%) lag. The top-performing sector, consumer staples, trades higher by 0.3%.

Treasuries hold modest losses with the 10-yr yield up one basis point at 3.00%

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +2.70. The major averages are not expected to see much change at the start of today's session as the S&P 500 futures trade less than two points above fair value. Overnight action saw Asian markets rally while European indices have continued the upbeat disposition.

Turning the focus back to the U.S., there aren't many notable movers in pre-market action, but Twitter (TWTR 70.59, -2.72) has hit a bit of a speed bump this morning after Macquarie downgraded the stock to 'Underperform' from 'Neutral.' The stock trades lower by 3.7% after ending the Thursday session with an eye-popping December advance of 76.4%.

Elsewhere among momentum names, 3D printing names are showing early strength with 3D Systems (DDD 93.98, +1.92), Stratasys (SSYS 132.50, +2.17), and Voxeljet (VJET 40.06, +0.89) all up close to 2.0% apiece.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +3.70. The S&P 500 futures continue to hold a one-point gain versus fair value.

Asian markets ended on a higher note. China's Shanghai Composite (+1.4%) led the way while Japan's Nikkei settled just above its flat line. Economic data focused mostly on Japan as National CPI rose 1.5% year-over-year (1.1% prior) while the core reading increased 1.2% (1.1% expected, 0.9% previous). Tokyo CPI increased 0.9% (0.9% last) while the core reading ticked up 0.7%, as expected (0.6% prior). Separately, industrial production ticked down 0.1% month-over-month (0.4% forecast, 1.0% last) and the Manufacturing PMI ticked up to 55.2 from 55.1. Also of note, retail sales rose 4.0% year-over-year (2.9% forecast, 2.3% last), average cash earnings increased 0.5% year-over-year (0.4% consensus, -0.1% prior), and household spending increased 0.2% year-over-year (1.7% expected, 0.9% last). Finally, the unemployment rate held steady at 4.0% (3.9% consensus). Elsewhere, South Korea's manufacturing BSI Index increased to 84.0 from 82.0.

Among news of note, China's Ministry of Commerce reiterated its year-end forecast for retail sales and industrial production, expecting a 13.0% year-over-year increase in sales and a 9.8% rise for industrial production.

Japan's Nikkei ended little changed despite the yen weakening to 105.00 per dollar for the first time since October 2008. Shippers outperformed with Mitsui OSK Lines climbing 3.0%. Names with strong ties to China lagged as Fanuc and Kyocera sank 1.3% and 1.5%, respectively.
Hong Kong's Hang Seng added 0.3%, advancing for a third straight session. The index was buoyed by strength in heavyweight Tencent Holdings, which rallied 3.0% to a record high.
China's Shanghai Composite jumped 1.4%, climbing off a four-month low as money rates continued to ease. Overnight SHIBOR paced today's decline, falling 49 basis points to 3.513%. Financials were in-line with the broader index as China Construction Bank added 1.2% and China Citic Bank gained 1.6%.

Major European indices hover near their highs as they catch-up to gains registered in the U.S. over the past two trading days. France's CAC (+1.1%) leads the way while other core indices follow not far behind. Economic data was limited as French PPI increased 0.5% (-0.2% expected, -0.2% prior) and Spain's current account surplus expanded to EUR1.71 billion (EUR340 million prior).

Notably, the euro has been on a tear this morning, gaining as much as 200 pips against the dollar. The single currency has retreated off its best level of the session, but remains up almost 140 pips versus the greenback. The pair trades near 1.3820.

Great Britain's FTSE is higher by 0.7% with miners contributing to the strength. Antofagasta, Glencore Xstrata, and Fresnillo are all up between 2.2% and 3.2%. Insurers lag with RSA Insurance Group and Old Mutual lower by 0.2% and 1.1%, respectively.
Germany's DAX trades up 0.8% as 28 of 30 components register gains. Basic materials are among the leaders with BASF and K+S trading higher by 1.4% and 2.8%, respectively.
In France, the CAC displays a gain of 1.1%. Growth-sensitive names sit in the lead with ArcelorMittal, Bouygues, and Technip up between 2.0% and 2.5%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +3.70. U.S. equity futures hover near their pre-market highs after spending the past two hours in a steady climb off their overnight lows. The S&P 500 futures hover one point above fair value.

The week-long trend of subdued volume is expected to continue today, but there should be some improvement over yesterday (especially during morning action) given the fact that European markets are open for business today.

Domestically, recent momentum favorite, Twitter (TWTR 70.89, -2.42), has hit a bit of a speed bump this morning. Shares of the social media company trade lower by 3.4% after Macquarie downgraded the stock to 'Underperform' from 'Neutral.' The downgrade took place after Twitter ended the Thursday session with an eye-popping December advance of 76.4%.

8:00 am: [BRIEFING.COM] U.S. equity futures trade little changed amid upbeat overseas action. The S&P 500 futures hover less than two points above fair value. It is also worth mentioning that Turkey's ISE Index is lower by 4.5% and the Turkish lira fell more than 2.0% amid continued political turmoil. The Turkey ETF (TUR 43.25, -3.29) is lower by 7.1% in pre-market. Related ADRs include: TKC, TKGBY, and THBIY.

Reviewing overnight developments:

Asian markets ended on a higher note. China's Shanghai Composite +1.4%, Hong Kong's Hang Seng +0.3%, and Japan's Nikkei settled just above its flat line.
In economic data:
Japan's National CPI rose 1.5% year-over-year (1.1% prior) while the core reading increased 1.2% (1.1% expected, 0.9% previous). Tokyo CPI increased 0.9% (0.9% last) while the core reading ticked up 0.7%, as expected (0.6% prior). Separately, industrial production ticked down 0.1% month-over-month (0.4% forecast, 1.0% last) and the Manufacturing PMI ticked up to 55.2 from 55.1. Also of note, retail sales rose 4.0% year-over-year (2.9% forecast, 2.3% last), average cash earnings increased 0.5% year-over-year (0.4% consensus, -0.1% prior), and household spending increased 0.2% year-over-year (1.7% expected, 0.9% last). Finally, the unemployment rate held steady at 4.0% (3.9% consensus).
South Korea's manufacturing BSI Index increased to 84.0 from 82.0.
Among news of note:
China's Ministry of Commerce reiterated its year-end forecast for retail sales and industrial production, expecting a 13.0% year-over-year increase in sales and a 9.8% rise for industrial production.
Major European indices hover near their highs as they catch-up to gains registered in the U.S. over the past two trading days. Great Britain's FTSE +0.7%, Germany's DAX +0.8%, and France's CAC +1.0%. Elsewhere, Spain's IBEX +0.5% and Italy's MIB +0.7%.
Economic data was limited:
French PPI increased 0.5% (-0.2% expected, -0.2% prior).
Spain's current account surplus expanded to EUR1.71 billion (EUR340 million prior).
In news:
The euro has been on a tear this morning without an apparent catalyst, gaining as much as 200 pips against the dollar. The single currency has retreated off its best level of the session, but remains up almost 160 pips versus the greenback. The pair trades near 1.3845.

In U.S. corporate news:

3D Systems (DDD 93.88, +1.82): +2.0% is seeing continued momentum that has the stock up nearly 25.0% in December.

There is no economic data of note on today's schedule.

6:46 am: [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +2.00.

6:46 am: [BRIEFING.COM] Nikkei...16178.94...+4.50...0.00. Hang Seng...23243.24...+63.70...+0.30%.

6:46 am: [BRIEFING.COM] FTSE...6735.93...+41.80...+0.60%. DAX...9560.86...+72.00...+0.80%.

Wall Street Ends Mostly Flat, But Scores Weekly Gains

(Reuters) - U.S. stock indexes closed mostly flat on Friday, with the Dow snapping a six-day streak of record closing highs after investors took a break from this week's rally.

Shares of Twitter Inc (TWTR.N), the social media company that has nearly tripled in value since going public in early November, slid 13 percent to close at $63.75 after investors took profits. Twitter was the most actively traded stock on the New York Stock Exchange on Friday.

The tech-heavy Nasdaq fell 0.25 percent, with leaders like Apple (AAPL.O) off 0.7 percent at $560.09 and Facebook Inc. (FB.O) down about 4 percent at $55.44. The Nasdaq has surged 37.7 percent this year, making it the best performer among the three major U.S. stock indexes.

"Consolidating a little bit here is probably healthy rather than continuing a march higher without taking a breath," said Joseph Benanti, managing director of Rosenblatt Securities in New York. "It's a healthy pause with some profit-taking."

Volume overall was light, as it has been all week. About 4 billion shares traded on U.S. exchanges, well below the average of about 6.1 billion this month, according to data from BATS Global Markets.

Both the Dow and the S&P 500 wrapped up a second straight week of solid gains. The S&P 500 posted its best two-week period since July, while the Dow marked its best two weeks since June 2012. The S&P 500 has soared 29.1 percent this year, on track for its best year since 1997. The Dow has climbed 25.8 percent this year, on track for its best year since 1996.

Sprint Corp (S.N) shares jumped 8.3 percent to $10.79, following speculation that a deal by Japan's SoftBank Corp (9984.T) to acquire U.S. wireless carrier T-Mobile US (TMUS.N) is closer to getting done. Sprint's stock also hit a 52-week high at $11.46 in Friday's regular session.

The Dow Jones industrial average .DJI fell 1.47 points or 0.01 percent, to end at 16,478.41. The S&P 500 .SPX dipped just 0.62 of a point, or 0.03 percent, to finish at 1,841.40. The Nasdaq Composite .IXIC dropped 10.59 points or 0.25 percent, to close at 4,156.59.

Friday's slight decline also halted the S&P 500's run of four record closing highs in a row.

For the holiday-shortened week, the Dow gained 1.6 percent, the S&P 500 added about 1.3 percent and the Nasdaq advanced about 1.3 percent. The U.S. stock market was closed on Wednesday for Christmas and trading had ended early on Tuesday.

In company news, Textron Inc (TXT.N) agreed to buy aircraft maker Beechcraft Corp for $1.4 billion in cash. Textron shares rose 1.1 percent to close at $36.61.

General Motors Co's (GM.N) China joint venture will recall close to 1.5 million vehicles because of potential safety issues in one of the biggest recalls in the world's biggest auto market. GM's stock fell 1.4 percent to end at $40.94.

Advancers outnumbered decliners on the NYSE by a ratio of about 8 to 7. On the Nasdaq, about 13 stocks fell for every 12 that rose.

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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