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 Post subject: April 16th Wednesday Trade Results - No Trades
PostPosted: Thu Apr 17, 2014 4:03 am 
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Joined: Sat Jan 10, 2009 2:06 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)

Quote:
No trades today for me due to a personal day off from the markets...dental appointment, tax accountant meeting and website maintenance.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 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 timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=129&t=1770

Quote:
Any of my real-time posted trades that are via the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis Tutorial Chapters 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.

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) general volatility analysis involving WRB Analysis 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 and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ 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=236&t=2302

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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. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Feel Good Wednesday: Markets Up 1%

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

NEW YORK (CNNMoney)
Investors did a happy dance on Wednesday as earnings, economic data and Janet Yellen brought good news.

The Dow soared 162 points, while the S&P 500 and Nasdaq both bounced over 1%.

Despite a lot of choppiness in the markets in recent weeks, Wednesday's gains marked the third consecutive win for the three major U.S. indexes.

Federal Reserve Chief Yellen sent a clear message to Wall Street today to stop panicking about interest rates.

"Interest rates will likely stay at current levels for a considerable time after asset purchase program ends," she said.

Investors took this as more assurance that rates aren't going up any time soon, and the market held steady and then ticked up slightly after she finished her remarks.

Earnings are the other big story today. After the bell, Google (GOOGL) reported earnings that missed analyst expectations. The tech giant said it saw a decrease in the average cost-per-click of ads posted on its site. Shares fell over 5% in after-hours trading.

Yahoo (YHOO, Fortune 500) surged 6% after the company posted earnings and sales Tuesday night that came in slightly ahead of expectations.

Yahoo investors are also excited for the highly-anticipated Alibaba IPO. Yahoo owns 24% of the Chinese internet giant, putting it in position for a multi-billion dollar windfall from the deal.

"Way to go $YHOO," said amigobulls on StockTwits.

"What are you willing to do to get a 25% stake in Alibaba? Buy yahoo," said Catalystinvestor.

Related: Yahoo surges following first-quarter results

Bank of America (BAC, Fortune 500) wasn't having such a great day after reporting a quarterly loss stemming from its $6 billion in litigation expenses from a settlement with the Federal Housing Finance Agency. The settlement was related to the bank misrepresenting risky mortgage securities that contributed to the housing crisis.

A few StockTwits traders were nonetheless optimistic on Bank of America's prospects.

"We have known about the high litigation cost in $BAC for a while now. Look past it," said DanStarr.

"$BAC Buy buy buy... huge discount smart investors will take advantage," said Crickshank.

Intel (INTC, Fortune 500) reported earnings that beat analysts' estimates by a cent. Its stock ticked up Wednesday.

Aside from earnings, Chinese Internet giant Weibo is expected to price its initial public offering after the closing bell on Wednesday. The social media powerhouse, sometimes referred to as China's Twitter, is expected to sell about $380 million in stock, putting its value at about $4 billion.

Related: Weibo IPO leads Chinese stock invasion

King Digital Entertainment (KING) is taking its popular Candy Crush Saga game to China. The stock shot up over 3.4% as investors imagined how many millions, if not billions, of bored Chinese would start playing.

Shares of SodaStream (SODA)spiked after an Israeli newspaper reported that the soda machine maker is in talks to sell a stake to a major soft-drink company.

But StockTwits trader danielmardorf thought the rumors were just that.

"$SODA how many times people fall for same fake rumor ? Complete suckers," he said.

In other economic news, the government released housing data that showed new home construction rose from February, though it was down from a year ago.

Elsewhere, there was comforting news from China. The world's second largest economy grew at an annual rate of 7.4% in the first quarter.

The major European markets closed mostly higher, with Germany's Dax index up by over 1%. Nearly all Asian markets ended with gains. The Nikkei in Japan surged by 3%.

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4:20 pm: [BRIEFING.COM] The stock market finished the Wednesday session on an upbeat note with the Nasdaq (+1.3%) ending in the lead. The S&P 500 settled higher by 1.1% with all ten sectors posting gains.

The benchmark index spent the entire trading day in the green, rallying to new highs during the last hour of action. The tech-heavy Nasdaq, meanwhile, briefly dipped into the red during morning action, but was able to recover swiftly.

Stocks began the trading day with modest gains after the overnight session featured the release of China's Q1 GDP. Although the report could be classified as better-than-feared, it did not necessarily produce a clear-cut signal as the year-over-year reading of 7.4% beat estimates (7.3%), while the quarter-over-quarter growth of 1.4% was just below expectations (1.5%).

When the opening bell rang at the New York Stock Exchange, the Dow and S&P 500 maintained relatively narrow ranges through the first two hours of action, while the Nasdaq slipped below its flat line due to weakness among chipmakers. The largest industry player, Intel (INTC 26.93, +0.16), reported a slim earnings beat, but other semiconductor names struggled. The broader PHLX Semiconductor Index shed 0.2%.

Even though chipmakers knocked the Nasdaq into the red, the index was able to overcome that weakness due to the relative strength of biotechnology and recently-battered momentum names. The iShares Nasdaq Biotechnology ETF (IBB 222.79, +5.18) jumped 2.4%, ending just above its 200-day moving average (219.97) after struggling with that level for the past week.

Interestingly, the broader health care (+0.6%) sector did not follow biotech's lead as several large components weighed. UnitedHealth (UNH 78.19, -1.32) contributed to the underperformance, falling 1.7% after receiving a downgrade from Citigroup ahead of its earnings report, which will be released ahead of tomorrow's opening bell.

Elsewhere among influential sectors, consumer discretionary (+1.4%), energy (+1.2%), and industrials (+1.5%) provided support to the broader market, while financials (+0.9%) lagged. The economically-sensitive sector was pressured by Bank of America (BAC 16.13, -0.26), which lost 1.6% after missing bottom-line estimates. The financial sector will be in focus once again tomorrow with the market digesting quarterly results from American Express (AXP 87.40, +1.36), Goldman Sachs (GS 157.22, +2.30), and Morgan Stanley (MS 29.89, +0.34).

On the countercyclical side, health care (+0.6%) ended at the bottom of the leaderboard, while consumer staples (+0.9%), telecom services (+0.9%), and utilities (+0.8%) had some difficulty keeping up with the broader market.

Treasuries settled modestly lower following a range bound session. The benchmark 10-yr yield ticked up one basis point to 2.64%.

Participation was below average as 661 million shares changed hands at the NYSE.

Reviewing today's data:
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Housing starts increased 2.4% in March to 946,000 from an upwardly revised 920,000 in February. The Briefing.com consensus expected 955,000 new starts. Overall, the residential construction report was encouraging, but did not provide any evidence that the weakness in January and February was weather related. Starts remained well below 1.00 million, which was the average in the fourth quarter. Had weather factored into the weakness, then there should have been a much stronger bounce from delayed starts. Single-family construction, which languished below 600,000 in January and February, rebounded 6.0% to 635,000. That was more in-line with the trends over the last 12 months. Multifamily starts fell 3.1% to 311,000 in March from 321,000 in February. That was a typical decline from a normally volatile sector.
Industrial production increased 0.7% in March after increasing an upwardly revised 1.2% (from 0.6%) in February. The Briefing.com consensus expected industrial production to increase 0.5%. Manufacturing production increased 0.5% in March, down from an upwardly revised 1.4% (from 0.9%) in February. The March gain was in-line with the ISM production index. Despite a 0.8% decline in motor vehicles and parts production, durable goods manufacturing production increased 0.5%. Nondurable goods manufacturing production increased 0.7%, which was mostly the result of a 3.3% increase in petroleum and coal products production.

Tomorrow, weekly initial claims (Briefing.com consensus 312K) will be reported at 8:30 ET and the Philadelphia Fed Survey for April (consensus 8.6) will be released at 10:00 ET.

S&P 500 +0.8% YTD
Dow Jones Industrial Average -0.9% YTD
Nasdaq Composite -2.2% YTD
Russell 2000 -2.6% YTD

3:35 pm: [BRIEFING.COM]

June gold traded in positive territory for most of today's pit session. Prices advanced as high as $1307.10 per ounce and dipped to a session low of $1297.90 per ounce in mid-morning action. The yellow metal eventually settled with a 0.3% gain at $1303.40 per ounce.
May silver rose to a session high of $19.81 per ounce shortly after floor trade opened. It then chopped around near the $19.60 per ounce level and settled with a 0.8% gain at $19.64 per ounce.
May crude oil rose to a session high of $104.82 per barrel in early morning floor trade but slipped into negative territory following inventory data that showed a build of 10.0 mln barrels when a smaller build of 1.8-2.3 mln barrels was anticipated. The energy component managed to inch higher in afternoon action and settled at $103.73 per barrel, or 5 cents above the unchanged line.
May natural gas chopped around in the red today. It touched a session high of $4.57 per MMBtu in early morning action and settled with a 0.9% loss at $4.53 per MMBtu, just above its session low of $4.52 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.9% with one hour remaining in the session. Five of six cyclical sectors enter the last hour of action with gains of at least 1.0% while financials (+0.7%) continue underperforming. Bank of America (BAC 15.99, -0.40) weighs, trading lower by 2.4% after reporting a bottom-line miss on above-consensus revenue.

Elsewhere, all four countercyclical groups trail the broader market. Consumer staples (+0.8%) follow not far behind the S&P 500, while health care (+0.3%), telecom services (+0.6%), and utilities (+0.5%) hold modest gains.

2:25 pm: [BRIEFING.COM] The major indices yawned at the recent release of the Fed's April Beige Book, which struck a similar tone to documents from previous months.

According to feedback from the twelve Fed districts, economic activity increased in most regions since the previous report with expansion characterized as 'modest or moderate.' The Chicago region reported a pick-up in activity, while New York and Philadelphia cited a rebound from weather-related headwinds observed earlier in the year. Despite growth being reported in most districts, Cleveland and St. Louis observed a decline in activity.

With regard to inflation, price trends were described as 'stable' or 'slightly higher.'

1:55 pm: [BRIEFING.COM] The stock market has been locked in a sideways drift since gapping up at the open. The Nasdaq (+0.7%), which displayed relative strength earlier, now shares the lead with the Dow Jones Industrial Average.

It is worth mentioning that the health care sector has returned to its flat line while the biotech group has given up a portion of its advance. The iShares Nasdaq Biotechnology ETF (IBB 220.50, +2.89) has narrowed its gain to 1.4%, and is now back in the neighborhood of its 200-day moving average (219.96), which has been acting as a magnet for the past week.

On a side note, the Federal Reserve will release its April Beige Book at the top of the hour and we will bring the highlights from the release in our next update.

1:30 pm: [BRIEFING.COM] The major indices have faded from their best levels, but continue to hold the bulk of today's gains as Fed Chair Yellen concludes her remarks at the Economic Club of New York. Her prepared remarks didn't contain any new policy surprises so they were taken in stride.

The fact that Ms. Yellen reiterated that she anticipates rates will remain low for a considerable time does create some room for cynicism in that such a view would support the thinking that QE has been largely ineffective for the real economy. The Fed Chair didn't admit as much, but there are market participants who think as much.

In any event, the bulls continue to hold the edge today with gains seen in all ten sectors and the cyclical industrials sector (+1.1%) leading the way.

The Treasury market is seeing some selling interest today, but all things considered, it is still holding up reasonably well in the face of the stock market's rebound effort. The 10-yr note is down just four ticks, yielding 2.647% from yesterday's cash settlement of 2.627%.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover just below their best levels of the session. The Nasdaq (+0.8%) leads, while the S&P 500 trades higher by 0.7% with all ten sectors showing gains.

The stock market began the session on a modestly higher note after overnight action did little to upset the sentiment. China reported its Q1 GDP, but the announcement was a bit of a mixed bag as the annual reading of 7.4% year-over-year beat estimates (7.3%), while the quarter-over-quarter growth of 1.4% was a bit below expectations (1.5%).

Since the news out of China was largely in line with expectations, global equity investors breathed a sigh of relief after many expected a disappointing growth report.

In the U.S., equity indices climbed out of the gate, with the Nasdaq (+0.9%) making a brief appearance in the red before assuming the lead. The early weakness was brought on by losses among chipmakers as the PHLX Semiconductor Index traded lower by as much as 1.4% before halving its loss.

Even though the semiconductor space remains weak, the relative strength of biotechnology (IBB +2.2%) and other momentum names has overshadowed those losses. Also of note, Intel (INTC 26.81, +0.04) holds a slim gain of 0.2% after beating the Capital IQ consensus estimate by one cent. Elsewhere, Yahoo! (YHOO 36.33, +2.12) sports an advance of 6.2% after it too announced a one-cent beat alongside strong results from its Alibaba unit.

Technology notwithstanding, other top-weighted sectors are somewhat mixed with respect to the broader market. Health care (+0.5%) and financials (+0.5%) lag, while consumer discretionary (+1.0%) outperforms. Furthermore, other cyclical sectors like energy (+0.9%), industrials (+1.1%), and materials (+1.3%) also trade ahead of the broader market.

Treasuries display slim losses with the benchmark 10-yr yield up one basis point at 2.65%.

Reviewing today's data:

Housing starts increased 2.4% in March to 946,000 from an upwardly revised 920,000 in February. The Briefing.com consensus expected 955,000 new starts. Overall, the residential construction report was encouraging, but did not provide any evidence that the weakness in January and February was weather related. Starts remained well below 1.00 million, which was the average in the fourth quarter. Had weather factored into the weakness, then there should have been a much stronger bounce from delayed starts. Single-family construction, which languished below 600,000 in January and February, rebounded 6.0% to 635,000. That was more in-line with the trends over the last 12 months. Multifamily starts fell 3.1% to 311,000 in March from 321,000 in February. That was a typical decline from a normally volatile sector.
Industrial production increased 0.7% in March after increasing an upwardly revised 1.2% (from 0.6%) in February. The Briefing.com consensus expected industrial production to increase 0.5%. Manufacturing production increased 0.5% in March, down from an upwardly revised 1.4% (from 0.9%) in February. The March gain was in-line with the ISM production index. Despite a 0.8% decline in motor vehicles and parts production, durable goods manufacturing production increased 0.5%. Nondurable goods manufacturing production increased 0.7%, which was mostly the result of a 3.3% increase in petroleum and coal products production.

Also of note, the Federal Reserve will release its April Beige Book at 14:00 ET.

12:35 pm: [BRIEFING.COM] Equity indices have extended to fresh session highs with the Nasdaq pushing its gain to 1.1%. Chipmakers pressured the broader market earlier and remain among the laggards, but the PHLX Semiconductor Index has narrowed its loss to 0.5%.

Elsewhere within the tech-heavy space, biotechnology continues showing relative strength. The iShares Nasdaq Biotechnology ETF (IBB 222.59, +4.98) trades higher by 2.3% after finding support at its 200-day moving average, which is a level the ETF has struggled with during the past week.

Also of note, Fed Chair Janet Yellen is currently addressing the Economic Club of New York, but the prepared remarks from Ms. Yellen's speech have been consistent with prior remarks made by the Fed Chair.

12:00 pm: [BRIEFING.COM] Range-bound action continues with the S&P 500 trading inside of an eight-point range that has held since the open.

All ten sectors continue holding gains with most cyclical groups trading ahead of their defensively-oriented counterparts. The materials sector (+1.2%) sports the largest gain, while industrials (+1.0%) and energy (+1.0%) follow not far behind.

Interestingly, the strength of mid-tier sectors has overshadowed the modest underperformance in the financial space (+0.4%). Elsewhere, the largest sector-technology (+0.6%)-has climbed off its session low.

Treasuries have been inching back from their morning lows, pressuring the 10-yr yield to 2.64%.

11:30 am: [BRIEFING.COM] Recent action saw the Nasdaq (+0.5%) catch up to the S&P 500 (+0.5%) after the tech-heavy index made a brief appearance in the red. The Dow Jones Industrial Average, meanwhile, outperforms with a gain of 0.6% as 27 of its 30 components register gains.

The largest index component, Visa (V 207.00, +2.95), leads with a gain of 1.5%, while three other sector members display gains of 1.0% or more. Specifically, Nike (NKE 73.02, +0.78), Procter & Gamble (PG 81.87, +1.03), and Disney (DIS 78.53, +0.87) appear among the leaders.

On the downside, UnitedHealth Group (UNH 78.39, -1.12) is the weakest component after being downgraded to 'Neutral' at Citigroup. The stock holds a loss of 1.4%.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.4%) has maintained a narrow range over the past hour, but the Nasdaq (+0.3%) has slipped to a fresh session low amid relative weakness in the technology sector (+0.1%).

The largest S&P 500 group has been sliding steadily from its opening high, and has made a brief appearance in the red. Chipmakers are responsible for the underperformance as the PHLX Semiconductor Index trades lower by 1.4% with the vast majority of its components trading in the red.

Even though the tech sector is well off its highs, the Nasdaq continues holding a modest gain as biotechnology outperforms. The iShares Nasdaq Biotechnology ETF (IBB 219.87, +2.26) is higher by 1.0%, while the broader health care sector (+0.4%) trades in line with the broader market.

Elsewhere among influential sectors, financials (-0.1%) lag, while consumer discretionary (+0.7%) outperforms.

10:35 am: [BRIEFING.COM]

Crude oil rallied overnight and has been in positive territory all day so far, not far under session highs ahead of inventory data
Following inventory data, crude oil fell to a new session low as the EIA reported crude oil inventories showing a build of 10.013 mln (consensus called for a build of 1.8-2.3 mln)
Crude sold off by about 50 cents, but remained above $104/barrel. May crude oil is now +0.5% at $104.30/barrel
Natural gas has been volatile this morning and is currently -0.01% at $4.56/MMBtu
Gold and silver put in a small rally overnight and have been higher to flat all morning.
June gold is currently +0.01% at $1300.40/oz, while May silver is +0.5% at $19.59/oz
May copper is trading higher today, currently up 1.7% at $3.04/lb.

10:00 am: [BRIEFING.COM] Equity indices have taken a couple steps back from their opening highs, with the Nasdaq (+0.3%) slipping behind the S&P 500 (+0.4%).

The benchmark index currently hovers in the middle of its range, but the tech sector, which displayed early strength, has narrowed its gain to 0.3%. Other heavily-weighted groups like financials (+0.1%) and health care (+0.2%) also trail the broader market. The consumer discretionary space (+0.7%), meanwhile, continues trading ahead of the broader market.

Treasuries have not moved much since the open, leaving the benchmark 10-yr yield at 2.65%.

9:45 am: [BRIEFING.COM] As expected, the major averages began the day on an upbeat note. The Nasdaq trades higher by 0.8%, while the S&P 500 sports an early advance of 0.6% with all ten sectors showing gains.

The energy sector (+0.9%) is an early leader as the group carries yesterday's strength into today's session. Crude oil, meanwhile, is higher by 0.8% at $104.58/bbl. Outside of energy, consumer discretionary (+0.8%) and technology (+0.8%) are also among the early leaders, while telecom services (+0.3%) and utilities (+0.3%) lag.

Notably, the tech sector has received a boost from above-consensus earnings reported by Intel (INTC 27.04, +0.27) and Yahoo! (YHOO 36.45, +2.24); however, it is worth mentioning neither company reported year-over-year earnings growth.

On the fixed income side, Treasuries continue holding slim losses with the 10-yr yield up two basis points at 2.65%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +27.20. The stock market is on track to begin today's session on a strong note as futures on the S&P 500 trade 12 points above fair value. Overnight, China reported its GDP for the first quarter, which was a bit mixed as the annualized reading of 7.4% surpassed estimates (7.3%), while the quarter-over-quarter increased of 1.4% was a bit below expectations (1.5%).

Elsewhere, Japan's Nikkei rallied 3.0% after yesterday's reports from Nikkei indicated Prime Minister Shinzo Abe's cabinet will downgrade its economic assessment in an upcoming report, which would likely invite more easing from the Bank of Japan. Strikingly, the market seemed to ignore comments from BoJ Governor Haruhiko Kuroda, who pushed back against the idea of more easing during his appearance before the parliament, saying the country's economy is 'firmly on path to the 2.0% inflation target.'

Domestically, participants received a handful of quarterly reports, including results from Intel (INTC 26.77, 0.00) and Yahoo! (YHOO 37.06, +2.85). Although both companies beat their estimates, it is worth mentioning neither reported year-over-year earnings growth.

Just reported, March industrial production increased 0.7%, which was above the 0.5% increase expected by the Briefing.com consensus. Industrial production for February was revised up to show a 1.2% increase versus an originally reported increase of 0.6%. Separately, capacity utilization hit 79.2% while the Briefing.com consensus called for a reading of 78.8%.

Treasuries hold modest losses with the benchmark 10-yr yield up two basis points at 2.65%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +25.00. The S&P 500 futures trade ten points above fair value.

Markets across Asia ended mostly higher, buoyed by yesterday's Nikkei report suggesting Japan is set to downgrade its economic assessment in the upcoming April 17. If a downgrade were to occur, it would raise expectations the central bank would boost its QE program; however, it should be noted Bank of Japan Governor Haruhiko Kuroda spoke overnight, indicating the Japanese economy is strengthening and wage inflation is beginning to take hold.

Data out of China showed a GDP beat in the year-over-year reading (7.4% versus expected 7.3%), while the quarter-over-quarter reading increased 1.4% (consensus 1.5%). Also of note, Industrial Production (8.8% year-over-year versus expected 9.1%) and Fixed Income Investment (17.6% year-over-year versus expected 18.1%) both missed, while Retail Sales beat (12.2% versus expected 12.1%).

Japan's Nikkei surged 3.0% off six-month lows. Heavyweight Softbank provided support, soaring 8.5% in response to the strong quarterly results from its affiliate Alibaba Group.
Hong Kong's Hang Seng added 0.1%, holding its 100-day moving average. Exporter Li & Fung outperformed, climbing 1.0%.
China's Shanghai Composite ticked up 0.2% and held both its 100- and 200-day moving averages. Brokerage shares continued to see gains with Industrial Securities rising 1.3%.

Major European indices trade higher across the board with Italy's MIB (+2.4%) pacing the rally. Participants received several data points this morning. Eurozone current account surplus narrowed to EUR21.90 billion from EUR25.40 billion (expected EUR22.30 billion). CPI increased 0.9% month-over-month (consensus 1.0%, prior 0.3%), while the annualized reading rose 0.5%, as expected. Also of note, core CPI increased 0.7% year-over-year (expected 0.8%, prior 1.0%). Elsewhere, Great Britain's Claimant Count decreased 30,400 (expected -30,000, previous -37,000) and the Unemployment rate ticked down to 6.9% from 7.1% (expected 7.1%). Separately, Average Earnings Index + Bonus rose 1.7% (expected 1.8%, prior 1.4%). Also of note, Italy's trade surplus expanded to EUR2.62 billion from EUR360 million (consensus EUR1.27 billion).

Great Britain's FTSE is higher by 0.5% with consumer names in the lead. Burberry, ITV, and Sports Direct International hold gains between 2.6% and 6.3%. Sports Direct is the top performer of the bunch after Bank of America/Merrill Lynch hiked its price target for the stock.
In France, the CAC trades up 1.0%. Financials AXA and Credit Agricole are among the leaders, up 1.8% and 2.0%, respectively. Danone underperforms with a loss of 0.6%.
Germany's DAX holds an advance of 1.1%. Exporters BMW, Daimler, and Volkswagen are contributing to the strength with gains between 1.0% and 1.9%. Adidas is the weakest index component, down 0.2%.
Italy's MIB trades higher by 2.4% Banca Popolare di Milano, Mediobanca, and UniCredit hold gains between 3.4% and 4.1%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +12.10. Nasdaq futures vs fair value: +29.70. The S&P 500 futures trade 12 points above fair value.

Housing Starts for March increased to a seasonally adjusted annualized rate of 946,000, which was worse than the Briefing.com consensus estimate of 955,000. The prior month's reading was revised up to 920,000 from 907,000. Building Permits fell to a seasonally adjusted annualized rate of 990,000, which was worse than the Briefing.com consensus estimate of 1,003,000. The February reading was revised down to 1,014,000 from 1,018,000.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: +28.20. U.S. equity futures hover near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade 11 points above fair value.

Reviewing overnight developments:

Asian markets posted gains. Hong Kong's Hang Seng +0.1%, China's Shanghai Composite +0.2%, and Japan's Nikkei +3.0%.
In economic data:
China's Q1 GDP rose 7.4% year-over-year (expected 7.3%, prior 7.7%), while the quarter-over-quarter reading increased 1.4% (consensus 1.5%, previous 1.8%). Industrial Production rose 8.8% year-over-year (expected 9.0%, prior 8.6%), Retail Sales jumped 12.2% year-over-year (consensus 12.1%, last 11.8%), and Fixed Asset Investment increased 17.6% year-over-year (forecast 18.1%, previous 17.9%).
Japan's Industrial Production fell 2.3% month-over-month, as expected, while capacity utilization decreased 2.6% (previous 5.9%).
Australia's MI Leading Index was unchanged month-over-month (last -0.1%).
New Zealand's CPI ticked up 0.3% quarter-over-quarter (consensus 0.5%, prior 0.1%), while the year-over-year reading increased 1.5% (expected 1.7%, previous 1.6%).
In news:
The release of data from China gave a boost to global risk assets while pressuring the yen. The dollar/yen pair rallied from 102.00 to its 50-day moving average in the 102.40 area before retreating from that level. Currently, the yen trades near 102.27 against the dollar.

Major European indices trade higher across the board. Great Britain's FTSE +0.4%, France's CAC +0.9%, and Germany's DAX +0.9%. Elsewhere, Spain's IBEX +1.2% and Italy's MIB +2.2%.
Participants received several data points:
Eurozone current account surplus narrowed to EUR21.90 billion from EUR25.40 billion (expected EUR22.30 billion). CPI increased 0.9% month-over-month (consensus 1.0%, prior 0.3%), while the annualized reading rose 0.5%, as expected. Also of note, core CPI increased 0.7% year-over-year (expected 0.8%, prior 1.0%).
Great Britain's Claimant Count decreased 30,400 (expected -30,000, previous -37,000) and the Unemployment rate ticked down to 6.9% from 7.1% (expected 7.1%). Separately, Average Earnings Index + Bonus rose 1.7% (expected 1.8%, prior 1.4%).
Italy's trade surplus expanded to EUR2.62 billion from EUR360 million (consensus EUR1.27 billion).
Among news of note:
Italy's MIB outperforms other regional indices amid strength in financial shares. Banca Popolare di Milano, Mediobanca, and UniCredit hold gains between 3.1% and 4.0%.

In U.S. corporate news:

Bank of America (BAC 16.33, -0.06): -0.4% after missing earnings estimates on above-consensus revenue.
Credit Suisse (CS 30.82, -0.94): -3.0% following its bottom-line miss on below-consensus revenue.
Intel (INTC 26.65, -0.12): -0.5% despite beating the Capital IQ earnings estimate by one cent on in-line revenue.
Yahoo! (YHOO 36.83, +2.62): +7.7% after beating on earnings. Also of note, strong results from the Alibaba unit gave a boost to shares of YHOO.

The weekly MBA Mortgage Index rose 4.3% to follow last week's 1.6% decline.

March Housing Starts will be announced at 8:30 ET, while March Industrial Production and Capacity Utilization will both be reported at 9:15 ET. Today's data will be topped off with the Federal Reserve's Beige Book for April, which will be released at 14:00 ET.

6:25 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +33.00.

6:25 am: [BRIEFING.COM] Nikkei...14417.68...+420.90...+3.00%. Hang Seng...22969.01...+24.80...+0.10%.

6:25 am: [BRIEFING.COM] FTSE...6564.56...+23.00...+0.40%. DAX...9255.06...+81.40...+0.90%.

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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