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 Post subject: January 16th Thursday Trade Results - Profit $547.50
PostPosted: Thu Jan 16, 2014 8:10 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)
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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 @ $360.00 dollars or +3.60 points, Emini ES ($ES_F) futures @ $187.50 dollars or +3.75 points, Light Crude Oil CL ($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 @ $547.50 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the chat room. You can read today's chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=126&t=1699

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.

Stocks End Mixed On Bad Corporate News

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

NEW YORK (CNNMoney)
Bad news from Corporate America weighed on the market Thursday.

Stocks closed mostly lower, with the S&P 500 pulling back from the record highs reached Wednesday and the Dow also declining. The Nasdaq closed with a slight gain. CNNMoney's Tech 30 index also managed to finish higher, with an 11% jump in shares of AOL (AOL) and 7% pop in LinkedIn (LNKD) leading the way.

Best Buy (BBY, Fortune 500) was the biggest loser in the S&P 500, with shares tumbling almost 30%. Investors were disappointed after the retailer reported a drop in holiday sales.

Best Buy shares more than tripled in 2013, as investors bet on a turnaround at the company. Some traders on StockTwits wondered what the poor results could mean for Best Buy's future, given that the holiday shopping season is typically the strongest period all year for retailers.

But abebut pointed out that a pullback may be healthy for Best Buy's stock, following its massive run-up, adding that Apple (AAPL, Fortune 500) and Tesla (TSLA) shares have done the same.

"$BBY was a bubble and it simply returned to the fair price," he said. "Same happened with $AAPL & $TSLA before. Bubble popping is good and healthy."

Related: Click here for more on stocks, bond, currencies and commodities

Also in the retail world, shares of J.C. Penney (JCP, Fortune 500) declined after the troubled department store owner announced plans to eliminate 2,000 jobs and close 33 stores.

StockTwits trader SDtrade said closing stores is typically part of a struggling company's turnaround process, so the announcement shouldn't be a surprise.

"$JCP Just part of their turnaround, who wasn't expecting they close bad stores?" he asked.

Investors were also wading through a number of quarterly results Thursday, including reports from banks Goldman Sachs (GS, Fortune 500) and Citigroup (C, Fortune 500).

Citigroup's earnings were the first from the big six banks to disappoint investors. Shares declined more than 4% after reporting earnings and revenue that fell short of expectations.

Goldman Sachs' earnings were better than analysts' forecasts, but shares were also lower as the bank's profit in the last three months of 2013 fell 19% from a year earlier.

Shares of railroad CSX (CSX, Fortune 500) fell sharply after the company said its profit declined during the fourth quarter due to weak coal demand. Shares of rival railroads Norfolk Southern (NSC, Fortune 500) and Union Pacific (UNP, Fortune 500), which report results next week, were also down.

Dow components Intel (INTC, Fortune 500) and American Express (AXP, Fortune 500) both reported earnings that missed expectations following the closing bell Thursday. Shares of each company declined in after-hours trading.

In other corporate news, shares of Nu Skin (NUS) tanked following reports that the Chinese government has begun investigating the company following allegations from newspaper the People's Daily that the U.S. multi-level marketing skincare company is running a pyramid scheme in China.

Nu Skin said the People's Daily article "contains inaccuracies and exaggerations that are not representative of Nu Skin's business in China" and claimed the "reporters did not attempt to verify any information with Nu Skin."

But traders had mixed reactions, with some seeming unconvinced by Nu Skin's response and others dismissing the investigations.

"$NUS No matter how much anyone defend this, it's very clear there is definitely something wrong here," said Championinvestor. "Chinese gov investigation is serious thing! Bearish."

But stocktrader911 predicted Nu Skin shares would bounce back.

"Nothing to worry," he said. "It's just a game that is normal practice in China. Need to buy."

Shares of Herbalife (HLF), a multi-level marketing nutrition company, also fell. Activist investor Bill Ackman has been accusing Herbalife of being a pyramid scheme since December 2012. But the company has defended itself. And many investors, including billionaire Carl Icahn, have placed bets on the company despite Ackman's bearish position.

Shares of Hewlett-Packard (HPQ, Fortune 500) moved higher as investors grew optimistic about the firm's plans to sell some new tablets in the Indian market. It was another big winner in the Tech 30 index.

CEC Entertainment, (CEC) the owner of Chuck E. Cheese, announced that private equity firm Apollo Global Management (APO) was buying it for $1.3 billion.

On the economic front, filings for initial jobless claims fell last week. A reading on consumer prices for December showed that inflation remains tame.

European and Asian markets posted mixed results.

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4:15 pm: [BRIEFING.COM] Equities finished the Thursday session on a mixed note as the Dow Jones Industrial Average (-0.4%) and S&P 500 (-0.1%) settled in the red while the Nasdaq posted a slight gain of 0.1%.

The stock market began the day on the defensive after two influential sectors, consumer discretionary (-0.5%) and financials (-0.6%), were hit with a one-two punch of selling interest. The early weakness knocked the S&P 500 back to Wednesday's opening levels, but the index did not stay near its session low for long as the outperformance of consumer staples (+0.01%), energy (+0.1%), and health care (+0.2%) helped it climb back to its opening level.

Retailers were in focus once again this morning after Best Buy (BBY 26.83, -10.74) lowered its guidance due to disappointing holiday sales. The stock, which surged 236.5% in 2013, plunged 28.6% while the broader SPDR S&P Retail ETF (XRT 83.35, -0.67) lost 0.8%, widening its January decline to 5.4%.

Elsewhere, the financial sector sold off even after BB&T (BBT 38.73, -0.05), BlackRock (BLK 317.78, +5.03), Goldman Sachs (GS 175.17, -3.58), and PNC (PNC 80.93, +2.09) reported above-consensus results. Another large sector member, Citigroup (C 52.60, -2.39), fell 4.4% after missing on earnings and revenue.

Also of note, the industrial sector (-0.5%) lagged as transports retreated after rail operator CSX (CSX 27.24, -1.99) fell short of its earnings estimates. Shares of CSX tumbled 6.8% while the Dow Jones Transportation Average lost 0.6%.

The remaining three cyclical sectors-energy (+0.1%), materials (+0.1%), and technology (-0.1%)-ended little changed.

Over on the countercyclical side, all four sectors-consumer staples (+0.01%), health care (+0.2%), telecom services (+0.4%) and utilities (+0.7%)-finished ahead of the S&P 500.

Notably, biotechnology contributed to the outperformance of health case and the Nasdaq Composite as the iShares Nasdaq Biotechnology ETF (IBB 246.38, +3.24) gained 1.3%.

Treasuries ended on their highs with the 10-yr yield down five basis points at 2.84%.

Trading volume was well below average as only 641 million shares (versus 200-day average of 716 million) changed hands at the NYSE floor.

Investors received several economic data points today:

Weekly initial claims fell to 326,000 from a downwardly revised 328,000 (from 330,000) while the Briefing.com consensus expected the claims level to increase to 333,000. Since the end of November, the initial claims data have been plagued with biases from poor seasonal adjustments. According to the Department of Labor, those problems have now ended, and the data are giving an accurate read of current labor market trends. The continuing claims level increased to 3.030 million from a downwardly revised 2.856 million (from 2.865 million).
December consumer prices increased an in-line 0.3% after a flat November reading. The move in consumer prices was primarily the result of an upward swing in energy prices. After two months of declines, energy prices rose 2.1%. The gain contributed to a 3.1% increase in gasoline prices. Food prices increased 0.1% for a second consecutive month. Excluding food and energy, core CPI increased 0.1%, down from a 0.2% increase in November. The consensus expected core CPI to increase 0.2%.
The January NAHB Housing Market Index fell to 56 from 58. Today's report was below the reading of 57 expected by the Briefing.com consensus.
The January Philadelphia Fed Survey rose to 9.4 from 6.4 while economists polled by Briefing.com expected a reading of 8.0.

Tomorrow, December Housing Starts and Building Permits will be released at 8:30 ET while December Industrial Production and Capacity Utilization will be reported at 9:15 ET. The day's data will be topped off with the 9:55 ET release of the preliminary University of Michigan Sentiment survey for January.

Nasdaq +1.0% YTD
Russell 2000 +0.9% YTD
S&P 500 -0.1% YTD
DJIA -1.0% YTD

3:05 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the trading day. After notching a session low right after 11:00 ET, the benchmark index spent the late morning/early afternoon in a steady climb; however, it has only been able to make it back to its opening level as three cyclical sectors-consumer discretionary (-0.5%), financials (-0.7%), and industrials (-0.4%)-continue to lag.

With the S&P 500 trading lower, participants have shown some demand for volatility protection as the CBOE Volatility Index (VIX 12.45, +0.17) trades higher by 1.4%. Despite today's uptick, the near-term volatility measure remains close to multi-month lows.

2:30 pm: [BRIEFING.COM] After spending the past three hours in a steady climb off its session low, the S&P 500 has leveled off near its opening level. Despite today's modest loss, the benchmark index remains on track to end the week on a slightly higher note (+0.1%). Meanwhile, the Nasdaq has had a much better showing and is up 1.0% week-to-date. The price-weighted Dow has struggled to keep pace with its peers and is down 0.2% so far this week.

Dow underperformance has been a common theme through the first couple weeks of 2014 as the index holds a January loss of 1.0% versus a 0.2% decline for the S&P 500.

2:00 pm: [BRIEFING.COM] The major averages continue to trade near their recent levels with the S&P 500 lower by 0.2%.

At this juncture, the benchmark index sits essentially where it began the trading day. Five of six cyclical sectors remain in the red while materials outperform with a slight gain of 0.1%. Miners and steelmakers have contributed to the outperformance as Market Vectors Gold Miners ETF (GDX 22.44, +0.05) and Market Vectors Steel ETF (SLX 48.02, +0.27) hold respective gains of 0.2% and 0.6%. On a related note, gold futures sport a modest gain of 0.2% at $1241.10 per troy ounce.

The other commodity-linked group, energy, sits just below its flat line while crude oil hovers right above its own unchanged level at $94.20 per barrel.

1:30 pm: [BRIEFING.COM] Things have been worse today and they have been better. Currently, things are mixed. The Nasdaq continues to exhibit relative strength, helped by some of its biggest components.

Intel (INTC 26.55, -0.12), which has gained nearly 10% over the last month, is not on the supportive end of things today. It is taking a breather ahead of its earnings report after the close. The chip giant has received some analyst upgrades of late, and with the run its stock has enjoyed, the expectations bar is high ahead of tonight's report. That understanding, and a Wall Street Journal article profiling a cautious view ahead of its report, has weighed a bit on sentiment today.

Intel is expected to report GAAP EPS of $0.52 on revenue of $13.74 bln, according to S&P Capital IQ consensus estimates. Intel's guidance will be key and potentially a broad market mover. For the first quarter, Intel's consensus revenue estimate is currently pegged at $12.78 bln.

The weakness in Intel today has pressured the Philadelphia Semiconductor Index (SOX), which is down 0.5% and is underperforming the broader market.

12:55 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average (-0.4%) and S&P 500 (-0.2%) hover in the red while the Nasdaq sits right above its flat line.

Equities have been on the defensive since the start after Best Buy (BBY 27.21, -10.36) lowered its guidance due to disappointing holiday sales. The news sent the stock into a tailspin while also pressuring the retail sector. Best Buy trades lower by 27.6% while the SPDR S&P Retail ETF (XRT 83.37, -0.65) holds a loss of 0.8%. Including today's decline, the retail ETF is lower by 5.4% in January.

In addition to the pressure exerted by the discretionary sector (-0.5%), the stock market has had to contend with weakness among financials (-0.6%). The sector continues to lag at this juncture even after BB&T (BBT 38.42, -0.36), BlackRock (BLK 317.09, +4.34), Goldman Sachs (GS 174.83, -3.92), and PNC (PNC 80.70, +1.86) reported better-than-expected results. Citigroup (C 52.74, -2.25), however, fell short of its earnings and revenue estimates.

Since financials and discretionary shares constitute almost 28.0% of the S&P 500, both sectors bear watching for the remainder of the session. However, for now, the broader market continues to trade ahead of the two thanks to the outperformance of influential consumer staples (+0.1%) and health care (+0.2%). The largest S&P 500 sector, technology, displayed relative strength earlier, but now trades in-line with the S&P 500.

Treasuries sit near their highs with the 10-yr yield down five basis points at 2.85%.

Investors received several economic data points today:

Weekly initial claims fell to 326,000 from a downwardly revised 328,000 (from 330,000) while the Briefing.com consensus expected the claims level to increase to 333,000. Since the end of November, the initial claims data have been plagued with biases from poor seasonal adjustments. According to the Department of Labor, those problems have now ended, and the data are giving an accurate read of current labor market trends. The continuing claims level increased to 3.030 million from a downwardly revised 2.856 million (from 2.865 million).
December consumer prices increased an in-line 0.3% after a flat November reading. The move in consumer prices was primarily the result of an upward swing in energy prices. After two months of declines, energy prices rose 2.1%. The gain contributed to a 3.1% increase in gasoline prices. Food prices increased 0.1% for a second consecutive month. Excluding food and energy, core CPI increased 0.1%, down from a 0.2% increase in November. The consensus expected core CPI to increase 0.2%.
The January NAHB Housing Market Index fell to 56 from 58. Today's report was below the reading of 57 expected by the Briefing.com consensus.
The January Philadelphia Fed Survey rose to 9.4 from 6.4 while economists polled by Briefing.com expected a reading of 8.0.

12:30 pm: [BRIEFING.COM] Equity indices are experiencing a bit of a d j vu as selling pressure appears to be returning after the latest rebound saw the Nasdaq make a brief appearance in the green. The two sectors that lagged at the open-consumer discretionary (-0.5%) and financials (-0.7%)-remain weak and their performance should be watched closely throughout the afternoon for hints regarding the general direction of the broader market as the pair represents nearly 28.0% of the entire S&P 500.

Even though the two sectors register noteworthy losses, the S&P 500 has been able to avoid seeing a comparable decline as health care (+0.3%) outperforms. The technology sector also traded ahead of the broader market earlier, but now finds itself in-line with the broader market.

12:00 pm: [BRIEFING.COM] The major averages find themselves amid another rebound attempt that has placed the Nasdaq within a point of its flat line. Meanwhile, the S&P 500 has trimmed its decline to 0.2% with help from the four countercyclical sectors. Health care, telecom services, and utilities hold gains between 0.2% and 0.5% while consumer staples trade flat.

Furthermore, the recovery effort is also receiving some support from the largest S&P 500 sector, technology (-0.1%), as several large components display modest gains. Google (GOOG 1154.58, +5.96), IBM (IBM 188.42, +0.69), and Qualcomm (QCOM 74.72, +0.21) are up between 0.3% and 0.5% while the top index component, Apple (AAPL 554.76, -2.60) trades lower by 0.5% after gaining 2.0% yesterday.

Elsewhere, consumer discretionary (-0.5%) and financials (-0.6%) continue to lag.

11:30 am: [BRIEFING.COM] Equities remain on the defensive with the Dow Jones Industrial Average (-0.6%) trailing its peers.

The price-weighted index lags as 21 of its 30 components register losses. However, of the 21 decliners, only two names are down in excess of 1.0%. Goldman Sachs (GS 174.73, -4.02) and UnitedHealth (UNH 72.42, -2.42) hold respective losses of 2.2% and 3.2% even though both reported above-consensus results.

On the upside, McDonald's (MCD 96.01, +0.55) is the top performer, trading higher by 0.6%.

Elsewhere, Treasuries continue to hover near their highs with the 10-yr yield down five basis points at 2.85%.

11:00 am: [BRIEFING.COM] Recent action saw the major averages attempt a rebound, but only the Nasdaq (-0.2%) has been able to rise off its lows. Meanwhile, the Dow (-0.6%) and S&P 500 (-0.4%) have slid to new lows.

Similar to the broader market, consumer discretionary (-0.7%) and financial (-0.7%) sectors also ticked up off their opening lows, but they have since rolled over. Other cyclical groups have not fared much better as energy (-0.6%) and industrials (-0.5%) notched new lows. The remaining two, materials (-0.2%) and technology (-0.2%), trade just ahead of the S&P 500.

The countercyclical side looks a bit better as consumer staples (-0.3%), health care (+0.1%), telecom services (+0.2%), and utilities (unch) all trade ahead of the broader market. The health care sector has received support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 244.44, +1.30) trades higher by 0.5%.

10:35 am: [BRIEFING.COM] Natural gas futures are up sharply again today as a weather premium gets added to prices. Feb nat gas was 3.4% at $4.47/MMbtu just ahead of the weekly EIA inventory data.

Following inventory, nat gas dropped as the draw came in smaller than expected. Feb nat gas is now +1.3% at $4.38/MMbtu.

Crude oil slowly slid lower from its overnight high of $94.64/barrel and is now -0.3% at $93.93/barrel.

Precious metals are mixed this morning with silver flat and gold futures modestly higher. Feb gold is currently +0.2% at $1240.90/oz, while Mar silver is 0.0% at $20.14/oz.

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.2%.

Just reported, the January NAHB Housing Market Index fell to 56 from 58. Today's report was below the reading of 57 expected by the Briefing.com consensus.

Separately, the January Philadelphia Fed Survey rose to 9.4 from 6.4. Economists polled by Briefing.com had expected that the Survey would improve to 8.0.

9:45 am: [BRIEFING.COM] Equity indices began the session in the red with the Dow Jones Industrial Average (-0.4%) pacing the opening retreat. Meanwhile, the S&P 500 holds a loss of 0.3% as nine of ten sectors hover in the red.

Overall, countercyclical sectors are responsible for the early weakness with consumer discretionary (-0.5%) and financials (-0.5%) trailing the remaining groups. The industrial sector (-0.4%) also lags while energy (-0.1%), materials (-0.1%), and technology (-0.2%) outperform.

Notably, the discretionary sector is being pressured by retailers after Best Buy (BBY 26.68, -10.68) reported disappointing holiday sales. The electronics retailer has sunk 29.2% while the SPDR S&P Retail ETF (XRT 83.04, -0.98) holds a loss of 1.2%. Including today's decline, the retail ETF is lower by 5.8% in January.

The NAHB Housing Market Index and the Philadelphia Fed Survey for January will both be released at 10:00 ET.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -6.80. The major averages are on track to begin the session on a lower note after logging two consecutive gains. The S&P 500 futures trade roughly five points below fair value.

Economic data received this morning has not had much of an impact on the futures market. December CPI rose 0.3%, in-line with the Briefing.com consensus, while initial claims declined to 326,000 from 328,000 (Briefing.com consensus 333,000).

After being in focus throughout the week, the retail sector is expected to receive added attention once again today after Best Buy (BBY 26.15, -11.44) said its comparable-store sales declined 0.9% during the holiday period. As a result, the company cut its fourth quarter profit guidance. The stock has plunged 30.5% in pre-market action while peers Conns (CONN 62.42, -4.53), hhgregg (HGG 11.00, -0.35), and RadioShack (RSH 2.10, -0.05) are seeing early pressure as well.

Outside of retailers, the financial sector will also be an area of interest after BB&T (BBT 39.15, +0.37), BlackRock (BLK 319.95, +7.20), Goldman Sachs (GS 179.09, +0.35), and PNC (PNC 80.25, +1.41) reported better-than-expected results while Citigroup (C 53.65, -1.34) missed earnings and revenue expectations.

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

9:01 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -7.00. The S&P 500 futures trade five points below fair value.

Markets across Asia ended mixed amid a choppy trade. Participants received several economic data points but Australia's employment data received the most attention after registering a decline (-22,600 actual versus +10,300 expected). The unemployment rate, however, held at 5.8%. Elsewhere, Japan's Core Machinery Orders surged 9.3% month-over-month (1.2% expected) while Tertiary Industry Activity was light at 0.6% month-over-month (0.8% expected). Separately, CGPI ticked up 0.3% month-over-month (0.3% consensus, 0.1% prior) while the year-over-year reading rose 2.5% (2.6% expected, 2.7% last).

Japan's Nikkei shed 0.4% as action pressed back below the 15,800 level. Heavyweight Fast Retailing lost 2.4% as shares remained under pressure after peaking around Christmas.
Hong Kong's Hang Seng edged higher by 0.4% amid a sleepy trade. PC maker Lenovo led the charge, up 5.0%, as shares continued to see momentum following last week's positive shipments report. Coal-based China Shenhua Energy lost 2.3% as pollution levels remained off the charts.
China's Shanghai Composite finished flat as action held at five-month lows. Financials underperformed as Bank of China shed 0.4% and China Construction Bank gave up 0.8%.

Major European indices trade little changed after the release of eurozone and German inflation data. Eurozone CPI ticked up 0.3% month-over-month while the year-over-year reading climbed 0.8%. Both figures met expectations. Core CPI rose 0.3% month-over-month (0.0% forecast, 0.0% last) while the year-over-year reading increased 0.7% (0.9% consensus, 0.9% prior). Germany's CPI rose 0.4% month-over-month while the annualized reading pointed to an increase of 1.4%. Both figures were in-line with expectations. Also of note, Italy's trade surplus narrowed to EUR3.09 billion from EUR4.06 billion (EUR3.88 billion consensus).

In news, Bundesbank president Jens Weidmann commented on the current state of the eurozone, saying France is a decisive element of the single-currency area and that it needs to live up to its duties as one of the largest economies in the region. Mr. Weidmann also said he would not object to a second term at the Bundesbank.

Great Britain's FTSE is higher by 0.1% with miners providing support. Anglo American, Antofagasta, BHP Billiton, and Fresnillo are up between 3.7% and 4.4%. Associated British Foods lags after reporting disappointing results. The stock trades lower by 4.3%.
Germany's DAX holds a loss of 0.1% as financials lag. Commerzbank and Deutsche Bank are lower by 1.2% and 1.0%, respectively.
In France, the CAC is lower by 0.2%. Retailer Carrefour trades lower by 3.4% despite reporting in-line results. Electrical equipment supplier Legrand outperforms with a gain of 4.0%.

In domestic economic news, the November net long-term TIC flows report indicated a $29.3 billion outflow of foreign capital from U.S. denominated assets. This followed the prior month's $28.7 billion inflow.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -9.50. The S&P 500 futures continue to hover near their lows (-6 points versus fair value).

The latest weekly initial jobless claims count totaled 326,000, which was lower than the 333,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 328,000 (from 330,000). As for continuing claims, they rose to 3.030 million from 2.856 million.

Separately, December consumer prices rose 0.3%, which matched the Briefing.com consensus. Core prices increased 0.1%, below the 0.2% uptick expected by the Briefing.com consensus.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -6.80. U.S. equity futures hover near their pre-market lows amid cautious overseas action. The S&P 500 futures trade almost five points below fair value. In news of note, the House of Representatives approved a $1.1 trillion spending bill last night, which is now headed to the Senate.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.4%, Hong Kong's Hang Seng +0.4%, and China's Shanghai Composite finished flat.
Participants received several economic data points:
Japan's CGPI ticked up 0.3% month-over-month (0.3% consensus, 0.1% prior) while the year-over-year reading rose 2.5% (2.6% expected, 2.7% last). Core Machinery Orders jumped 9.3% month-over-month (1.2% forecast, 0.6% previous) while the year-over-year reading spiked 16.6% (11.7% consensus, 17.8% prior). Separately, the Tertiary Industry Activity Index rose 0.6% month-over-month (0.8% forecast, -0.9% last).
China's Foreign Direct Investment increased 5.3% (5.5% last).
Australia's employment declined by 22,600 (+7,500 forecast, +15,400 last) while the participation rate fell to 64.6% from 64.8% (64.8% expected). The unemployment rate held steady at 5.8%, as expected.
In news:
According to Sean Callow, a senior FX strategist at Westpac, the Reserve Bank of Australia is expected to maintain its policy stance at next month's meeting despite disappointing employment figures.

Major European indices trade little changed. Germany's DAX -0.3%, France's CAC -0.3%, and Great Britain's FTSE is flat.
In economic news:
Eurozone CPI ticked up 0.3% month-over-month while the year-over-year reading climbed 0.8%. Both figures met expectations. Core CPI rose 0.3% month-over-month (0.0% forecast, 0.0% last) while the year-over-year reading increased 0.7% (0.9% consensus, 0.9% prior).
Germany's CPI rose 0.4% month-over-month while the annualized reading pointed to an increase of 1.4%. Both figures were in-line with expectations.
Italy's trade surplus narrowed to EUR3.09 billion from EUR4.06 billion (EUR3.88 billion consensus).
Among headlines of note:
Bundesbank president Jens Weidmann commented on the current state of the eurozone, saying France is a decisive element of the single-currency area and that it needs to live up to its duties as one of the largest economies in the region. Mr. Weidmann also said he would not object to a second term at the Bundesbank.

In U.S. corporate news:

Best Buy (BBY 26.95, -10.62): -28.2% after the company said its comparable-store sales declined 0.9% during the holiday period. As a result, the company cut its fourth quarter profit guidance.
BlackRock (BLK 327.00, +14.25): +4.6% following its solid bottom-line beat on above-consensus revenue.
CSX (CSX 28.20, -1.03): -3.5% after missing earnings estimates by one cent.
Citigroup (C 53.41, -1.58): -2.9% following its disappointing earnings on below-consensus revenue.
Goldman Sachs (GS 179.65, +0.90): +0.5% after beating earnings and revenue estimates.
Kinder Morgan Partners (KMP 81.12, +0.59): +0.7% after beating on earnings and revenue.
UnitedHealth (UNH 75.70, +0.86): +1.2% following its one-cent beat on in-line revenue.

Weekly initial claims and December CPI will be released at 8:30 ET while Net long-term TIC flows for November will be announced at 9:00 ET. The January Philadelphia Fed survey and the January NAHB Housing Market Index will both be released at 10:00 ET.

6:32 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -4.50.

6:32 am: [BRIEFING.COM] Nikkei...15747.20...-61.50...-0.40%. Hang Seng...22986.41...+84.40...+0.40%.

6:32 am: [BRIEFING.COM] FTSE...6825.16...+5.30...+0.10%. DAX...9725.11...-9.10...-0.10%.

WTI Heads for First Weekly Gain Since December on U.S. Economy

By Ben Sharples Jan 16, 2014 7:38 PM ET

West Texas Intermediate crude rose, heading for the first weekly advance since the end of December, as data signaled economic improvement in the U.S., the world’s biggest oil user.

Futures climbed as much as 23 cents in New York, after sliding 0.2 percent yesterday. U.S. jobless claims fell last week to the lowest level since November and manufacturing picked up in January, according to separate reports. Industrial production data for December is due today. The Organization of Petroleum Exporting Countries said the group’s oil output last month decreased to the lowest level since May 2011.

“Traders await more news on the economy to give us more direction,” Phil Flynn, a senior market analyst at the Price Futures Group in Chicago, said by e-mail today. “The OPEC story of reducing supply slowed the Brent oil retreat.”

WTI for February delivery was at $94.10 a barrel, up 14 cents, in electronic trading on the New York Mercantile Exchange at 11:35 a.m. Sydney time. The contract slid 21 cents to $93.96 yesterday. The volume of all futures traded was about 69 percent below the 100-day average. Prices are up 1.5 percent this week.

Brent for February settlement expired yesterday after dropping 4 cents to $107.09 a barrel on the London-based ICE Futures Europe exchange. The more-active March contract fell 52 cents to $105.75. The European benchmark crude ended the session at a premium of $13.13 to WTI.

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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