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 Post subject: January 7th Tuesday Trade Results - Profit $640.00
PostPosted: Wed Jan 08, 2014 12:31 am 
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Joined: Sat Jan 10, 2009 1:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $640.00 dollars or +6.40 points, Emini ES ($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 @ $640.00 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=126&t=1692

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=229&t=2165

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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.

Are The Bulls Back? S&P 500, Nasdaq Notch First Gains Of The Year

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

NEW YORK (CNNMoney)
Investors may finally be ready to step back in to the market this year.

The Dow jumped more than 100 points Tuesday -- its first triple-digit advance of the year. The S&P 500 and Nasdaq also rose, logging their first gains of 2014.

CNNMoney's new Tech 30 Index, which is designed to give investors a snapshot of 30 tech industry leaders around the globe, advanced 1%, with BlackBerry (BBRY) leading the way.

Investors were somewhat encouraged following a report that showed U.S. international trade gap narrowed in November.

The smaller-than-expected trade deficit bodes well for stronger economic growth for the fourth quarter.

Still, traders are likely to remain cautious before key economic reports due later this week. The minutes from the Federal Reserve's last meeting of 2013 are due out on Wednesday and the December jobs report comes out Friday morning.

The health of the labor market will likely determine the pace of further reductions in bond buying by the Federal Reserve under new chair Janet Yellen.

Nearly 60% of the 30 investment strategists and money managers surveyed by CNNMoney believe the central bank will continue to gradually cut back on its bond purchases throughout this year so it can completely wind down its quantitative easing program by the end of 2014.

* Here comes the end of QE

On the corporate side, Netflix (NFLX) shares slid following a downgrade from Morgan Stanley.

Following Netflix's 300% surge last year, traders on StockTwits were mixed about the stock's future.

"$NFLX All downgrades big comp this year in this sector will take Netflix back in $100's...Bearish," predicted jamessmith.

But ASM concluded the contrary: "$NFLX Almost all downgrades have been buying opportunities...Bullish."

Also on the tech front, Pandora (P) shares surged for a second day to an all-time high, as investors continued to cheer the company's audience growth in December and a new in-car ad service.

But traders on StockTwits were mostly skeptical.

"$P Didn't realize FM radio dying business model is all of sudden a $6b+ market cap business with added cost of data fees," quipped AKEB. "Genius! Keep buying."

"$P As much as this is an overvalued, nonsense stock, I almost want to buy some and ride the wave," said tangsting. "Insanity rules around here, it seems."

But oghowie advised not to "fight the trend," given that Pandora has held up even after fresh competition from Apple's (AAPL, Fortune 500) iTunes Radio.

"I stopped shorting when it wouldn't stay down after the iTunes Radio release $P," he said.

Shares of Palo Alto Networks (PANW) rose after the security company on Monday announced its acquisition of Morta Security, a cybersecurity company.

Shares in Samsung Electronics (SSNLF) edged lower after the South Korean tech giant announced its operating profits will take a hit amid increased competition in the smartphone market.

Despite Tuesday's healthy gains, 2014 has so far been a dud, especially in comparison to 2013. The Dow and S&P 500 ended the year at record highs and the Nasdaq finished at its highest level in over a decade.

As the market rallied, U.S. stock funds raked in a record $352 billion last year, breaking the previous record set in 2000, according to TrimTabs data.

Bond funds, on the other hand, lost a record $86 billion as investors pulled out in light of rising rates.

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4:10 pm: [BRIEFING.COM] The S&P 500 settled higher by 0.6%, notching its first advance of 2014. Despite today's gain, the index remains lower by 0.6% through the first four sessions of the year.

The benchmark index notched its high during the initial 90 minutes before spending the remainder of the session in a narrow range. Meanwhile, the Nasdaq (+1.0%) inched to a fresh high during the late afternoon.

Nine of ten sectors registered gains while materials (-0.2%) spent the day in negative territory. The sector was pressured by steelmakers with Market Vectors Steel ETF (SLX 47.63, -0.21) falling 0.4%.

Outside of materials, most of the remaining cyclical groups posted solid gains. The financial sector was an exception as Bank of America (BAC 16.50, -0.16), Goldman Sachs (GS 178.29, -1.08), and JPMorgan Chase (JPM 58.32, -0.68) weighed. Bank of America lost 1.0% after spiking 7.0% over the past three sessions while JPMorgan Chase fell 1.2% after announcing its settlement stemming from the Madoff case will reduce fourth quarter net income by roughly $850 million. For its part, Goldman Sachs settled lower by 0.6% after Societe Generale initiated the stock with a 'Sell' rating.

Elsewhere, the technology sector (+0.9%) finished among the leaders even as its top component, Apple (AAPL 540.04, -3.89), lost 0.7%, ending below its 50-day moving average. Other large-cap names picked up the slack as Google (GOOG 1138.86, +21.54) and Oracle (ORCL 37.85, +0.38) advanced 1.9% and 1.0%, respectively.

The outperformance of technology gave a boost to the Nasdaq, which also drew strength from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 226.93, +3.11) jumped 1.4%. In turn, the health care sector (+1.0%) settled in the lead.

Other countercyclical groups held up fairly well as utilities (+0.9%) outperformed while consumer staples (+0.5%) and telecom services (+0.5%) settled just behind the S&P 500.

Treasuries registered modest gains as the 10-yr yield slipped one basis point to 2.95%.

Today's economic data was limited to the November trade deficit, which narrowed to $34.3 billion from a downwardly revised $39.30 billion (from $40.60 billion) while the Briefing.com consensus expected the deficit to come in at $40.40 billion. The decline in the trade deficit in November combined with the downward revision to the October data will likely boost our fourth quarter GDP estimates.

Unfortunately, most of the decline in the trade deficit was likely temporary. A large drop in petroleum-based demand was a catalyst for a significant contraction in imports. Meanwhile, a significant portion of export growth came from the unstable sales of civilian aircraft and aircraft engines.

Among news of note, the U.S. Senate approved Janet Yellen's nomination to lead the Federal Reserve with a 56.26 vote.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while December ADP Employment Change will be reported at 8:15 ET. The FOMC minutes from the December meeting will be released at 14:00 ET and the day's data will be topped off with the Consumer Credit report, which will cross the wires at 15:00 ET.

DJIA -0.3% YTD
S&P 500 -0.6% YTD
Russell 2000 -0.6% YTD
Nasdaq -0.6% YTD

3:35 pm: [BRIEFING.COM] Commodities ended the day mixed with oil gaining modestly, precious metals declining and corn rising slightly. At the end of today's session, Feb crude oil rose $0.21 to $93.67/barrel, while Feb natural gas settled unchanged at $4.30/MMBtu. Feb gold lost $9.20 to $1229.20/oz and Mar silver declined $0.41 to $19.79/oz.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with one hour remaining in today's session. Over the past couple weeks we have highlighted trading volume in order to convey how limited participation has been during recent sessions. Yesterday's total of 656 million was the highest in more than two weeks but it was still below the long-term average of 714 million. With less than 400 million shares traded at this juncture, today's total is also likely to come in below average.

Following today's session, participants will be keeping an eye on Micron (MU 21.80, +1.13), which is set to report its first quarter results after the bell. The Capital IQ consensus expects the chipmaker to report earnings of $0.51 on $3.71 billion in revenue.

2:30 pm: [BRIEFING.COM] The past 30 minutes saw a wave of profit taking that sent the indices to afternoon lows. Despite the retreat, the S&P 500 continues to trade higher by 0.5%.

The recent slip took place as the financial sector (-0.1%) slid to a fresh low of its own. Furthermore, Dow component Goldman Sachs (GS 177.87, -1.50) joined Bank of America (BAC 16.51, -0.15) and JPMorgan Chase (JPM 58.26, -0.74) among the laggards. The influential trio holds losses between 0.8% and 1.3% with Goldman Sachs on the defensive after Societe Generale initiated the stock with a 'Sell' rating.

2:00 pm: [BRIEFING.COM] The S&P 500 (+0.5%) continues to trade just below its best level of the day but the Nasdaq (+0.8%) has inched to a fresh session high.

The tech-heavy index has displayed considerable strength at the start of the session and it continues to outperform at this juncture. Large-caps have played a part in the outperformance with Google (GOOG 1134.57, +17.09) climbing to a fresh all-time high. However, the largest index component, Apple (AAPL 539.84, -4.09), trades lower by 0.7%.

Also of note, biotechnology has climbed to a fresh session high. The iShares Nasdaq Biotechnology ETF (IBB 226.42, +2.60) is higher by 1.2%.

1:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% as the quiet afternoon continues. Since our last update, the U.S. Treasury has completed a $30 billion 3-yr auction that was a bit disappointing. The auction drew a yield of 0.799% and a bid/cover ratio of 3.25x, which was below the 12-auction average of 3.35x.

Indirect bidders took only 27.9% of the supply but that was partially offset by a strong direct bid off 22.6%. As a result, primary dealers were left with 49.5% of the supply.

The benchmark 10-yr note briefly slipped from its high following the auction before returning to its best level of the session (-2 bps at 2.94%).

1:00 pm: [BRIEFING.COM] At midday, the major averages hover near their best levels of the session. The S&P 500 trades higher by 0.6% while the Nasdaq (+0.9%) outperforms.

Stocks spent the entire first half of the session in the green with the S&P 500 looking to register its first gain of 2014. The index has received support from most sectors as nine of ten groups display gains. The lone decliner, materials, holds a modest loss of 0.2% as miners and steelmakers weigh. The Market Vectors Gold Miners ETF (GDX 21.71, -0.22) and Market Vectors Steel ETF (SLX 47.60, -0.24) trade lower by 1.0% and 0.5%, respectively.

The S&P 500 notched its high during the opening 90 minutes, but has surrendered about three points from that level while the financial sector gave up the bulk of its gain. The sector has trimmed its advance to just 0.1% as Bank of America (BAC 16.51, -0.15) and JPMorgan Chase (JPM 58.23, -0.77) weigh. Notably, Bank of America is on the defensive after gaining 7.0% over the past three sessions.

The underperformance of financials has had a limited impact on the broader market as other top-weighted sectors outperform. On that note, health care and technology trade higher by 1.3% and 0.8%, respectively.

Treasuries hold modest gains with the benchmark 10-yr yield down two basis points at 2.94%.

Today's economic data was limited to the November trade deficit, which narrowed to $34.3 billion from a downwardly revised $39.30 billion (from $40.60 billion) while the Briefing.com consensus expected the deficit to come in at $40.40 billion. The decline in the trade deficit in November combined with the downward revision to the October data will likely boost our fourth quarter GDP estimates. Unfortunately, most of the decline in the trade deficit was likely temporary. A large drop in petroleum-based demand was a catalyst for a significant contraction in imports. Meanwhile, a significant portion of export growth came from the unstable sales of civilian aircraft and aircraft engines.

12:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% as the quiet session continues. The benchmark index notched its session high in the 1840 area during the first 90 minutes of action, but has been retreating steadily since then.

A reversal in financials (unch) has contributed to the retreat from highs, but the relative strength of two other top-weighted sectors-health care (+1.1%) and technology (+0.8%)-has kept the broader market from seeing a larger slip.

Elsewhere, Treasuries have inched to fresh highs, pushing the 10-yr yield down to 2.94% (-2 basis points).

12:00 pm: [BRIEFING.COM] Not much has changed since our last update as equity indices remain near their highs. Similarly, most individual sectors remain near their highs but financials (+0.1%) and materials (-0.3%) have slipped to fresh lows.

Yesterday, the financial sector spent the entire session in the green even as the broader market registered a modest loss. Today, the sector is diverging from the S&P 500 as influential members weigh. Bank of America (BAC 16.54, -0.12) is lower by 0.7% while JPMorgan Chase (JPM 58.23, -0.77) sports a loss of 1.3%.

Elsewhere, the materials sector has been pressured by losses among steelmakers as the Market Vectors Steel ETF (SLX 47.68, -0.16) trades lower by 0.3%.

11:30 am: [BRIEFING.COM] The major averages continue to hover near their highs. If the current standing holds for the remainder of the session, the S&P 500 will log its first gain of 2014.

Looking back to last year, consumer discretionary and health care ended 2013 ahead of the remaining groups with respective gains of 40.9% and 39.0%. The relative strength of these two sectors has continued into the first four sessions of 2014 as health care represents just one of two groups that trade with a January gain (+0.3%) while the discretionary space is the third-best sector of the year (-0.7%).

Today, both groups can be found among the leaders as health care trades higher by 1.0% while consumer discretionary holds a gain of 0.7%. Homebuilders have made a contribution to the sector's strength as the iShares Dow Jones US Home Construction ETF (ITB 24.42, +0.20) trades higher by 0.9%.

11:00 am: [BRIEFING.COM] Equity indices hover near their best levels of the session as nine of ten sectors display gains. The lone decliner, materials, hovers just below its flat line.

Meanwhile, the remaining cyclical sectors trade in mixed fashion with respect to the broader market. Financials (+0.4%) underperform after yesterday's show of strength while energy (+0.7%) and industrials (+0.7%) trade in-line with the broader market. The last two cyclical groups, consumer discretionary (+0.8%) and technology (+0.9%), outperform.

The relative strength of technology has underpinned the Nasdaq (+0.9%), which trades ahead of its peers. The index has also drawn strength from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 225.89, +2.07) trades higher by 0.9%.

10:35 am: [BRIEFING.COM]

Commodities are higher today overall, but metals are almost all lower
Gold, silver, copper, iron ore and platinum futures are all in the red. Palladium futures are higher this morning
The energy sector is strong with gains in both WTI crude oil and brent crude oil, gains in natural gas, heating oil and RBOB gasoline futures
Gold and silver futures sold off shortly after pit trading opened and are now near session lows
In current action:
Feb gold -1.1% at $1224.90/oz
Mar silver -2.2% at $19.67/oz
Feb crude oil +0.3% at $93.73/barrel
Feb natural gas +1.3% at $4.36/MMBtu
Mar copper -0.3% at $3.35/lb

10:00 am: [BRIEFING.COM] The major averages have built on their early gains as the health care sector (+1.0%) maintains its leadership over the remaining nine S&P 500 groups. Other top-weighted sectors are also taking part in the rally as financials and technology hold respective gains of 0.5% and 0.7%.

On the downside, the materials sector (-0.1%) is the lone decliner at this juncture. Gold miners weigh as the Market Vectors Gold Miners ETF (GDX 21.60, -0.33) trades lower by 1.5%. On a related note, gold futures are lower by 0.9% at $1226.80 per troy ounce.

9:40 am: [BRIEFING.COM] The major averages began the trading day with modest gains paced by the Dow Jones Industrial Average (+0.4%). The index has climbed into an early lead as 26 of its 30 components register gains.

So far, countercyclical components of the price-weighted index have displayed the largest gains. Pfizer (PFE 30.89, +0.34), UnitedHealth (UNH 75.15, +0.91), and Johnson & Johnson (JNJ 93.30, +0.97) all trade with gains between 1.0% and 1.4%. Fittingly, the health care sector (+0.8%) is the top-performing S&P 500 group at this juncture.

Outside of health care, consumer discretionary (+0.6%), consumer staples (+0.6%), and financials (+0.5%) all trade ahead of the broader market.

Treasuries hold modest gains with the 10-yr yield off one basis point at 2.95%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +11.70. The major averages are expected to register opening gains as index futures hover near their highs after climbing steadily through the overnight session. The S&P 500 futures trade six points above fair value as the benchmark index will look to register its first gain of 2014.

Today's economic data was limited to the November trade deficit, which narrowed to $34.30 billion from a downwardly revised $39.30 billion (from $40.60 billion); however, the report was met with a muted reaction.

Similar to yesterday, the financial sector is expected to display early strength with shares of Bank of America (BAC 16.78, +0.12) holding a pre-market advance of 0.7%. Including its pre-market gain, the stock has already added 7.8% in 2014.

Even though index futures trade at their best levels of the morning, there are some soft spots under the surface. On that note, LinkedIn (LNKD 198.90, -5.02) and Netflix (NFLX 348.75, -10.82) hold respective losses of 2.5% and 3.0% after both received downgrades.

Treasuries are little changed with the 10-yr yield at 2.95%.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: +13.50. The S&P 500 futures trade six points above fair value.

Markets across Asia ended mixed as a quiet day for data and news had trade taking its cues from the choppy Monday session on Wall Street. Economic data of note was limited to Australia's trade deficit, which narrowed to $118 million from $358 million ($300 million deficit expected) as imports fell 1.0% month-over-month (+1.0% prior) while exports were unchanged month-over-month (0% prior).

Japan's Nikkei lost 0.6%, slumping for a second session even though the yen weakened against the dollar. Heavyweight Fast Retailing shed 0.7%, bogged down by disappointing sales from its Uniqlo division. Exporters were mixed as Panasonic added 1.3% and Honda Motor fell 0.7%.
Hong Kong's Hang Seng eked out a slim gain of 0.1% to end its modest two-day slide. Exporter Li & Fung surged 9.6% after the company said 2013 was a 'solid' year.
China's Shanghai Composite edged off five-month lows with a modest gain of 0.1% as shares advanced for the first time in four days. Trade was supported by companies linked to Shanghai's free-trade zone as Shanghai International Port rallied 7.9% and BesTV New Media climbed 8.4%.

Major European indices hover near their best levels of the session while peripheral indices outperform after Ireland made its official return to international bond markets.

Investors received several economic data points. Eurozone CPI increased 0.8% year-over-year (0.9% forecast, 0.9% prior) while core CPI rose 0.7% year-over-year (0.8% forecast, 0.9% last). Separately, PPI ticked down 0.1% month-over-month (-0.1% prior, -0.5% last) while the year-over-year reading fell 1.2% (-1.3% expected, -1.3% previous). Elsewhere, Germany's retail sales increased 1.5% month-over-month (0.6% consensus, -0.8% prior) while the year-over-year reading rose 1.6% (-0.1% prior). Separately, unemployment decreased by 15,000 (-1,000 expected, 9,000 prior) while the unemployment rate held steady at 6.9%, as expected. Also of note, French Consumer Confidence ticked up to 85 from 84 (84 forecast).

In France, the CAC trades higher by 0.4% with financials displaying considerable strength. BNP Paribas, Credit Agricole, and Societe Generale are all up between 2.6% and 4.8%. Producers of basic materials lag with Air Liquide and Solvay down 1.4% and 2.7%, respectively.
Great Britain's FTSE is higher by 0.4%. Financials are also showing strength with HSBC, Lloyds Banking Group, and Old Mutual up between 1.7% and 2.9%. Utilities lag with Centrica lower by 1.3% and Severn Trent down 2.5%.
Germany's DAX trades up 0.6% as banks pave the way. Commerzbank is higher by 4.3% and Deutsche Bank holds an advance of 2.9%. On the downside, Fresenius SE and Henkel AG trade lower by 1.2% and 0.6%, respectively.
In Spain, the IBEX is higher by 2.0%. Banco Popular Espanol, Banco Santander, and CaixaBank trade with gains between 3.0% and 4.8%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +13.50. The S&P 500 futures continue to hover near their pre-market highs.

The November trade deficit narrowed to $34.3 billion from $39.3 billion. The Briefing.com consensus expected the deficit to come in at $40.4 billion.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +11.00. U.S. equity futures hover near their pre-market highs with the S&P 500 futures trading almost six points above fair value. Among news of note, the U.S. Senate approved Janet Yellen's nomination to head the Federal Reserve last evening with a 56-26 vote.

Reviewing overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite +0.1%, Hong Kong's Hang Seng +0.1%, and Japan's Nikkei -0.6%.
Regional economic data was limited:
Japan's Monetary Base expanded 46.6% year-over-year (55.2% forecast, 52.5% prior).
Australia's trade deficit narrowed to $118 million from $358 million ($300 million deficit expected) as imports fell 1.0% month-over-month (+1.0% prior) while exports were unchanged month-over-month (0% prior).
In news:
Money market rates in China eased even as the People's Bank of China remained on the sidelines for the second week. Most notable was the one-week SHIBOR, which fell 55 basis points to 5.925%.

Major European indices hover near their best levels of the session. France's CAC +0.4%, Great Britain's FTSE +0.5%, and Germany's DAX +0.6%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +1.8%.
Investors received several economic data points:
Eurozone CPI increased 0.8% year-over-year (0.9% forecast, 0.9% prior) while core CPI rose 0.7% year-over-year (0.8% forecast, 0.9% last). Separately, PPI ticked down 0.1% month-over-month (-0.1% prior, -0.5% last) while the year-over-year reading fell 1.2% (-1.3% expected, -1.3% previous).
Germany's retail sales increased 1.5% month-over-month (0.6% consensus, -0.8% prior) while the year-over-year reading rose 1.6% (-0.1% prior). Separately, unemployment decreased by 15,000 (-1,000 expected, 9,000 prior) while the unemployment rate held steady at 6.9%, as expected.
French Consumer Confidence ticked up to 85 from 84 (84 forecast).
Among news:
Peripheral markets trade ahead of core indices after Ireland made its official return to international bond markets.

In U.S. corporate news:

3D Systems (DDD 94.64, +2.15): +2.3% after announcing a partnership deal with Intel (INTC 25.59, +0.13).
Chesapeake Energy (CHK 25.83, -0.37): -1.4% in reaction to a Bank of America/Merrill Lynch downgrade to 'Neutral' from 'Buy.'
LinkedIn (LNKD 200.27, -3.65): -1.8% after the stock was downgraded to 'Neutral' at Bank of America/Merrill Lynch.
Netflix (NFLX 344.98, -14.59): -4.1% after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal-Weight' with a $310 price target.

The November trade balance report will be released at 8:30 ET.

6:19 am: [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +12.00.

6:19 am: [BRIEFING.COM] Nikkei...15814.37...-94.50...-0.60%. Hang Seng...22712.78...+28.60...+0.10%.

6:19 am: [BRIEFING.COM] FTSE...6753.94...+23.20...+0.30%. DAX...9479.11...+51.00...+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
Phone: +1 708 572-4885
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