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 Post subject: April 23rd Wednesday Trade Results - Profit $1240.00
PostPosted: Wed Apr 23, 2014 11:18 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,690.00 dollars or +16.90 points, Emini ES ($ES_F) futures @ ($2000.00) dollars or -40.00 points, Light Crude Oil CL ($CL_F) futures @ $1,550.00 dollars or +1.55 points, Gold GC ($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 @ $1,240.00 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=1775

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.

Stocks: The Win Streak Is Over

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

NEW YORK (CNNMoney)
Wall Street failed to extend its win streak to seven days on Wednesday as investors took their feet off the gas.

The Dow Jones industrial average and S&P 500 posted minor losses while the Nasdaq landed solidly in the red (down 0.83%) amid more biotech struggles.

The Nasdaq is still negative for the year and the month of April as investors have soured on tech stocks.

Wall Street lost more ground after the government said new home sales tumbled 14.5% in March to the slowest pace since July. However, median prices of new homes sold rose to a record high of $290,000.

The weaker-than-expected housing numbers led investors to sell shares of home builders such as Lennar (LEN) and KB Home (KBH). Stocks related to home construction also took a hit, including Home Depot (HD, Fortune 500) and Owens Corning (OC, Fortune 500), which makes insulation products and roofing shingles.

In deal news, SodaStream International (SODA) popped 11% after an Israeli paper said Starbucks (SBUX, Fortune 500) is in advanced talks about taking a 10% stake in the household soda-machine maker. Starbucks fell 1% on the report, while Keurig Green Mountain (GMCR), a rival to SodaStream, shed more than 4%.

Related: Starbucks might buy a stake in SodaStream

Investors are sifting through the latest quarterly results to get a better feel for the health of companies and the broader economy.

Tech stocks were the big focus after the closing bell this evening.

Mark Zuckerberg's Facebook (FB, Fortune 500) enjoyed an after-hours bounce by posting a 72% surge in revenue. The social media giant's earnings significantly topped forecasts from analysts.

Powered by solid iPhone sales, Apple (AAPL, Fortune 500) beat Wall Street's earnings and revenue estimates and also unveiled a $30 billion increase to its share buyback program and hiked its dividend. The tech behemoth also reiterated plans to launch new product categories and unveiled plans for a seven-for-one stock split in June.

Apple stock was down more than 1% Wednesday before its earnings release.

"Sentiment in some of these tech names has gotten a bit bubbly going into numbers. That's dangerous," said Michael Block, chief strategist at Rhino Trading Partners.

Investors poured cash into Dr. Pepper Snapple Group (DPS, Fortune 500), driving the beverage maker 4% up to an all-time high after the company announced strong profits.

Other companies having a happy Wednesday included Dow Chemical (DOW, Fortune 500), which reported a double-digit increase in net earnings per share compared to this time last year. Aircraft maker Boeing (BA, Fortune 500) flew higher after exceeding profit forecasts and announcing an 8% revenue increase. Both stocks closed higher.

Procter & Gamble (PG, Fortune 500), a producer of household consumer goods like Crest, Tide and Gillette, also had solid quarterly gains, although its stock fell slightly.

Despite bad weather that caused thousands of flight cancellations, Delta Air Lines (DAL, Fortune 500) beat expectations with soaring profits. Investors bid up the airline 6% to an all-time high on the upbeat results.

Related: Delta Airlines cruises to record high

A lot of the market decline Wednesday was driven by results that came out late Tuesday, especially from biotech companies.

Gilead Sciences (GILD, Fortune 500) shares rose 1% after it blew past earnings estimates.

"$GILD Getting it's mojo back - slowly but surely," said stocktwits user StockOptionPro.

On the other hand, Amgen (AMGN, Fortune 500) failed to live up to analysts' expectations and is one of the biggest losers today.

The biotech sector has taken a beating in recent weeks and was leading the Nasdaq lower on Wednesday after Amgen's miss. The tech sector was also dragged lower by selloffs from EMC (EMC, Fortune 500) and Juniper Networks (JNPR) following their quarterly results.

Shares of Yum! Brands (YUM, Fortune 500) fell 1% even after the parent of KFC and Taco Bell beat earnings expectations with especially good growth in Asia. They have also announced the return of the infamous KFC "Double Down" sandwich.

U.K.-based chip designer ARM Holdings (ARMH) -- part of the CNNMoney Tech30 Index -- reported record revenue and profit in the first quarter, but results were slightly weaker than analysts were expecting, sending the stock down 2.75%.

European markets closed modestly lower.

Asian markets closed with mixed results after the latest survey of manufacturing activity showed China's factories continued to struggle in April.

Both of the main stock markets in China were lower, while the benchmark Nikkei in Tokyo jumped by 1.1%.

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4:10 pm: [BRIEFING.COM] The stock market finished the Wednesday session on a modestly lower note, but it is worth mentioning today's retreat took place after six consecutive gains. The Dow Jones Industrial Average (-0.1%) and S&P 500 (-0.2%) settled not far below their flat lines, while the Nasdaq Composite (-0.8%) lagged throughout the session.

Equity indices started the day in the red, with the Nasdaq showing early weakness as large cap tech names and biotechnology weighed. The technology sector (-0.9%) slumped amid profit-taking in listings like Apple (AAPL 524.75, -6.95), Google (GOOG 526.94, -7.87), Microsoft (MSFT 39.69, -0.30), and Intel (INTC 26.75, -0.09), while biotech names retreated following quarterly reports from three major industry players.

Amgen (AMGN 113.32, -5.98) and Biogen (BIIB 306.75, +0.55) reported below-consensus results, while Gilead Sciences (GILD 73.86, +1.00) handily beat estimates. For its part, the iShares Nasdaq Biotechnology ETF (IBB 230.99, -3.73), which includes the three components among its top five holdings, lost 1.6% and settled just above its 20-day moving average. The broader health care sector (-0.5%), meanwhile, ended among the laggards.

Similar to health care, other heavily-weighted groups like consumer discretionary (-0.5%) and technology (-0.9%) weighed on the broader market, while financials (+0.2%) outperformed modestly.

The discretionary space suffered from sector-wide losses that included a 5.2% drop in the shares of Netflix (NFLX 353.50, -19.40) that took place after Amazon.com (AMZN 324.58, -4.74) announced it has secured a partnership agreement with HBO. Homebuilders also weighed on the sector after the New Home Sales report for March missed estimates. The iShares Dow Jones US Home Construction ETF (ITB 23.33, -0.37) lost 1.6%.

On the upside, energy (+0.5%) and industrials (+0.4%) spent the entire session in the green. Energy rallied even as crude oil slipped 0.2% to $101.47/bbl, while the industrial sector was underpinned by above-consensus results reported by Boeing (BA 130.63, +3.08). Transports also outperformed, but the Dow Jones Transportation Average (+0.1%) retreated from its best level of the session into the close. Delta Air Lines (DAL 37.09, +2.14) was a notable standout, soaring 6.1% after beating bottom-line estimates.

With stocks ending in the red, the CBOE Volatility Index (VIX 13.32, +0.13) inched higher, but remained near the lowest levels of the year.

Treasuries posted modest gains as the 10-yr note added six ticks, sending its yield lower by three basis points to 2.69%.

Trading volume was on the light side once again with less than 650 million shares changing hands at the NYSE.

Today's economic data focused on housing:
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The weekly MBA Mortgage Index fell 3.3% to follow last week's increase of 4.3%.
New home sales declined 14.5% in March from an upwardly revised 449,000 (from 440,000) in February to 384,000. The Briefing.com consensus expected home sales to increase to 455,000. March sales were the lowest since 373,000 new homes were sold in July 2013. Winter weather conditions, which were unduly blamed for softness across the economy, again showed little effect in the new home sector. The return to more normal temperatures, which should have boosted sales from pent up demand, resulted in the weakest demand since the middle of last year.

Tomorrow, weekly initial claims and March Durable Orders will be reported at 8:30 ET.

S&P 500 +1.5% YTD
Dow Jones Industrial Average -0.5% YTD
Nasdaq Composite -1.2% YTD
Russell 2000 -1.3% YTD

3:35 pm: [BRIEFING.COM]

June gold rose for the first time in four sessions as economic data showed that new home sales declined 14.5% in March from an upwardly revised 449K (from 440K) in Feb to 384K. The Briefing.com consensus expected home sales to increase to 455K. The yellow metal brushed a session high of $1287.70 per ounce in early morning action and settled with a 0.3% gain at $1284.80 per ounce.
May silver also traded in positive territory today, climbing as high as $19.49 per ounce. It traded near the $19.42 per ounce level in afternoon action and settled with a 0.4% gain at $19.44 per ounce.
June crude oil dipped to a session low of $101.28 per barrel following inventory data that showed a build of 3.5 mln barrels for the week ending Apr 18 when consensus called for a smaller build of 2.3-3.0 mln barrels. It then oscillated between positive and negative territory and eventually settled at $101.47 per barrel, or 0.2% lower.
May natural gas chopped around in positive territory for most of the session, rising as high as $4.78 per MMBtu in morning action. It sold off into the red as it headed into the close and settled 0.2% lower at $4.73 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 (-0.2%) hovers near its session low with one hour remaining in the trading day. Meanwhile, the price-weighted Dow Jones Industrial Average (-0.1%) continues outperforming as 20 index members display losses, while the remaining ten components sport gains.

The index has received a measure of support from Boeing (BA 130.06, +2.51), which trades higher by 2.0% after beating on earnings and revenue. Elsewhere, Procter & Gamble (PG 80.31, -0.30) also reported above-consensus results, but the stock trades with a modest loss of 0.4%.

Outside of Boeing, Travelers (TRV 88.11, +1.22) is the only other Dow component that trades higher by at least 1.0%.

2:30 pm: [BRIEFING.COM] The Nasdaq Composite (-0.8%) has slipped to a fresh session low, while the S&P 500 (-0.2%) has slid into the neighborhood of its own low that was established during the first hour of action.

Top-weighted sectors (sans financials) remain in the red, and the discretionary space has widened its loss to 0.5%. Homebuilders took a hit this morning in reaction to a disappointing New Home Sales report and the iShares Dow Jones US Home Construction ETF (ITB 23.28, -0.42) has since extended its loss to 1.8%.

Momentum names are also among the laggards as Amazon.com (AMZN 323.96, -5.36), Netflix (NFLX 355.48, -17.42), and Priceline.com (PCLN 1214.93, -15.07) hold losses between 1.2% and 4.7%. Netflix is the weakest performer of the bunch as it trades not far above levels seen ahead of yesterday's quarterly report.

2:00 pm: [BRIEFING.COM] Recent action saw a continuation of the range-bound trade that has essentially kept the S&P 500 where it began the trading day.

The technology sector (-0.8%) remains weak, which has prevented the broader market from climbing above its flat line. All things considered, despite today's loss, the technology sector is flat for the week versus a 0.7% gain for the S&P 500.

The tech sector will be in focus again tomorrow as participants will react to a full slate of quarterly earnings. Apple (AAPL 526.86, -4.84), F5 Networks (FFIV 107.65, -1.57), Facebook (FB 61.67, -1.36), and Qualcomm (QCOM 80.45, -0.16) are all scheduled to report their results after today's closing bell.

1:25 pm: [BRIEFING.COM] In the previous six sessions, the Dow Jones Industrial Average rose 3.0%, the S&P 500 and Nasdaq Composite increased 3.5%, and the Russell 2000 jumped 4.0%. It is not surprising, therefore, that the stock market looks to be taking a rest on this seventh day.

Despite a plethora of better than expected earnings results, the major indices have been unable to establish any upside traction today. That is owed in large part to profit-taking interest that has been more pronounced in the technology sector than anywhere else. The selling interest, though, isn't broad-based. It is concentrated in large-cap issues; hence, it is having a bigger impact on the major indices.

The Nasdaq 100 is down 0.7%, which is mattering greatly for the Nasdaq Composite, which is down 0.6%.

Internally, the picture isn't as weak as the standing of the major indices might suggest. The A/D line actually favors advancers at the NYSE by an 8-to-7 margin. On the other hand, decliners lead advancers at the Nasdaq by nearly a 2-to-1 margin.

In other developments, the $35 bln 5-yr note auction drew a high yield of 1.732% on a 2.79 bid-to-cover ratio, reflecting some solid demand based on a prior 12-auction average of 2.65x.

12:55 pm: [BRIEFING.COM] At midday, equity indices hover in the red, with the Nasdaq Composite (-0.5%) showing the largest loss amid weakness in biotechnology. For its part, the S&P 500 is lower by 0.1% with four sectors on the defensive.

Equity indices began the trading day just below their flat lines before making a couple unsuccessful attempts at turning positive. The Dow and S&P 500 were able to briefly climb into the green, but the two indices quickly rejoined the Nasdaq, which has been pressured since the start by biotechnology.

Since yesterday's closing bell, participants received a fair share of quarterly earnings that were generally better than expected; however, that was not the case in the biotech space as Amgen (AMGN 112.87, -6.43) and Biogen (BIIB 301.59, -4.61) missed estimates, while Gilead Sciences (GILD 75.34, +2.48) handily beat expectations. Meanwhile, the broader iShares Nasdaq Biotechnology ETF (IBB 231.98, -2.74) trades lower by 1.2% after climbing nearly 8.0% since last Monday.

With biotech in the red, the heavily-weighted health care sector (-0.4%) is among the weakest groups of the day. Like health care, the technology sector (-0.7%) also lags, which explains the underperformance of the Nasdaq Composite.

In general, top-weighted sectors have struggled today as the discretionary sector (-0.3%) trades in the red, alongside health care and technology, while financials (+0.2%) outperform.

Also of note, the industrial sector (+0.5%) has received support from Boeing (BA 130.28, +2.73) and Delta Air Lines (DAL 36.73, +1.78), both of which reported above-consensus results.

Treasuries hover near their highs notched about two hours ago. The 10-yr note is higher by eight ticks with its yield down three basis points at 2.69%.

Today's economic data focused on housing:

The weekly MBA Mortgage Index fell 3.3% to follow last week's increase of 4.3%.
New home sales declined 14.5% in March from an upwardly revised 449,000 (from 440,000) in February to 384,000. The Briefing.com consensus expected home sales to increase to 455,000. March sales were the lowest since 373,000 new homes were sold in July 2013. Winter weather conditions, which were unduly blamed for softness across the economy, again showed little effect in the new home sector. The return to more normal temperatures, which should have boosted sales from pent up demand, resulted in the weakest demand since the middle of last year.

12:25 pm: [BRIEFING.COM] The major averages remain in the red with the S&P 500 spending the better part of the past two hours inside of a four-point range.

Individual sectors have been split pretty evenly as four groups display gains and six hold losses. Energy (+0.7%) and industrials (+0.5%) are the two most notable outperformers, while the relative strength of materials (+0.1%) and utilities (+0.6%) has had little impact on the broader market.

On the flip side, consumer discretionary (-0.3%), health care (-0.6%), and technology (-0.8%) continue pressuring the broader market considering the three groups constitute 45.0% of the entire market. Meanwhile, another influential sector-financials-has been anchored to its flat line for the past hour.

12:00 pm: [BRIEFING.COM] The Nasdaq (-0.4%) continues trailing the remaining indices as biotechnology (IBB -1.0%) and technology (-0.7%) continue pressuring the index.

Since yesterday's closing bell, participants have received earnings from Amgen (AMGN 112.87, -6.43), Biogen (BIIB 302.96, -3.24), and Gilead Sciences (GILD 75.28, +2.42), which represent three of the top four holdings in the iShares Nasdaq Biotechnology ETF (IBB 232.33, -2.39). Amgen and Biogen both missed estimates, while Gilead reported results well ahead of expectations.

As for the broader industry ETF, it currently trades lower by 1.0% after posting three consecutive gains. The ETF appears to have found support at its 20-day moving average (228.89) after gaining nearly 8.0% since last Monday.

11:30 am: [BRIEFING.COM] After climbing back to their flat lines, the Dow and S&P 500 have turned back towards their lows once again as heavily-weighted technology (-0.8%) and health care (-0.5%) sectors remain weak.

While technology and health care represent two of the weakest sectors, the next two top-weighted groups-consumer discretionary (-0.2%) and financials (-0.1%)-are also seeing some selling interest.

Looking deeper into the financial sector reveals mixed performance among top components, while homebuilders weigh on the discretionary space following a disappointing March New Home Sales report. DR Horton (DHI 21.41, -0.43) is lower by 2.0%, while the iShares Dow Jones US Home Construction ETF (ITB 23.40, -0.30) trades down 1.3%.

11:00 am: [BRIEFING.COM] The Dow Jones Industrial Average and S&P 500 have clawed back to their respective flat lines, while the Nasdaq Composite (-0.5%) continues holding a modest loss as biotechnology weighs. The iShares Nasdaq Biotechnology ETF (IBB 231.61, -3.11) holds a loss of 1.3%, while the broader health care sector trades down 0.4%.

Outside of health care, the technology sector (-0.6%) is another noteworthy laggard amid weakness in most large components. Chipmakers, however, are holding up relatively well with the PHLX Semiconductor Index trading flat.

With the major averages hovering in the red, participants are showing some interest in volatility protection, sending the CBOE Volatility Index (VIX 13.39, +0.20) higher by 1.5%.

10:35 am: [BRIEFING.COM]

Crude oil put in a small rally late overnight/early this morning, rising above the $102/barrel level.
Just ahead of inventory data, crude was modestly higher (about +0.2%) and just below $102.
Following the data, June crude moved slightly lower and is now -0.04% at $101.71/barrel.
May nat gas rallied earlier this morning and rose as high as $4.78/MMBtu. In current trade, the May contract is +0.6% at $4.77/MMBtu
Gold and silver futures have been in positive territory all day so far, but have lost steam is recent trade.
Gold just moved into negative territory for the first time today.
June gold is now -0.01% at $1281.10/oz, while May silver is +0.3% at $19.41/oz.
May copper is weak this morning and is now -0.2% at $3.05/lb.

10:00 am: [BRIEFING.COM] The S&P 500 (-0.3%) has dropped to a fresh low following a disappointing New Home Sales report.

March new home sales hit an annualized rate of 384,000, which was down from the revised February rate of 449,000 (from 440,000), and worse than the rate of 455,000 that had been broadly expected by the Briefing.com consensus.

9:40 am: [BRIEFING.COM] The major averages began the session not far below their flat lines as five sectors displayed early gains, while five opened lower.

On the upside, consumer discretionary (+0.2%), energy (+0.5%), and utilities (+0.7%) have taken the early lead, while technology (-0.6%), health care (-0.3%), and telecom services (-3.1%) lag.

With participants receiving a handful of quarterly reports from the biotech space, the iShares Nasdaq Biotechnology ETF (IBB 233.31, -1.41) holds an early loss of 0.5% after Amgen (AMGN 116.01, -3.29) and Biogen (BIIB 307.98, +0.78) missed expectations, while Gilead Sciences (GILD 75.04, +2.18) beat.

Also of note, the weakness in the telecom services sector is due to a 4.1% loss in the shares of AT&T (T 34.81, -1.48) after the company reported above-consensus results.

The New Home Sales report for March (Briefing.com consensus 455K) will be released at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: -1.50. The stock market is on track to begin today's session on a flat note, with the S&P 500 looking to continue its climb after gaining 3.5% over the past six sessions. Although the market is gearing up for a subdued start, quarterly earnings that have been received since yesterday's closing bell were mostly better than expected. Dow components Boeing (BA 130.99, +3.44) and Procter & Gamble (PG 80.50, -0.10) both reported above-consensus results, but only Boeing sports a pre-market gain at this juncture.

Elsewhere, biotechnology is expected to receive significant attention after Amgen (AMGN 116.05, -3.25), Biogen (BIIB 309.80, +3.60), and Gilead Sciences (GILD 75.40, +2.54) reported their results. Amgen and Biogen missed earnings estimates while Gilead reported a strong quarter.

Treasuries display modest gains to start the session, with the 10-yr yield down two basis points at 2.69%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: flat. The S&P 500 futures trade less than a point below fair value.

Asian markets ended on a mixed note after the release of China's HSBC Manufacturing PMI, which ticked up to 48.3 from 48.0 (expected 48.4). Even though the reading improved, it remained in contraction (below 50) for the fourth month in a row.

In other regional data, Australia's CPI rose 0.6% quarter-over-quarter (expected 0.8%, previous 0.8%), while the year-over-year reading increased 2.9% (consensus 3.2%, prior 2.7%). Also of note, Trimmed Mean CPI rose 0.5% quarter-over-quarter (consensus 0.7%, previous 0.9%). New Zealand's Visitor Arrivals fell 3.0% month-over-month (prior 1.8%), while Credit Card Spending jumped 8.1% year-over-year (last 6.0%). Singapore's CPI rose 1.2% year-over-year (consensus 1.1%, previous 0.4%).

Japan's Nikkei gained 1.1%, closing on its high with support from exporters. Fujitsu, NEC, and Mazda Motor gained between 3.4% and 4.0%.
Hong Kong's Hang Seng lost 1.0% after being pressured by consumer and telecom names. Belle International, China Unicom Hong Kong, and China Mobile lost between 2.0% and 4.9%. Casino names finished among the leaders with Galaxy Entertainment and Sands China up 1.5% and 2.5%, respectively.
China's Shanghai Composite shed 0.3%, trimming its losses into the close. Growth sensitive names outperformed with Fushun Special Steel and China Vanke up 6.2% and 0.8%, respectively.

Major European indices trade modestly lower after registering three consecutive gains. The Bank of England released the minutes from its latest meeting, which indicated unanimous support for continuing asset purchases at GBP375 billion.

Participants received several data points. Eurozone Manufacturing PMI rose to 53.3 from 53.0 (expected 53.0), while Services PMI improved to 53.1 from 52.2 (consensus 52.4). Germany's Manufacturing PMI increased to 54.2 from 53.7 (expected 54.0), while Services PMI jumped to 55.0 from 53.0 (consensus 53.4). French Manufacturing PMI fell to 50.9 from 52.1 (expected 51.9), while Services PMI decreased to 50.3 from 51.5 (expected 51.4). Great Britain's CBI Industrial Trends Orders fell to -1 from 6 (consensus 7), while Public Sector Net Borrowing came in at GBP4.86 billion (expected GBP9.10 billion, previous GBP7.00 billion).

Great Britain's FTSE is lower by 0.1%. ARM Holdings weighs, trading lower by 3.3% after missing bottom-line estimates. On the upside, Associated British Foods is higher by 8.9%.
Germany's DAX holds a loss of 0.1%. Infineon Technologies is the weakest performer, down 1.2%. Insurer Allianz outperforms with a gain of 0.7%.
In France, the CAC trades down 0.3% with defense contractor Safran leading the retreat with a 3.4% loss.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -1.80. U.S. equity futures remain under modest pressure even though most quarterly reports received since yesterday's closing bell have been better than expected. On that note, AT&T (T 35.60, -0.69), Boeing (BA 131.10, +3.55), Delta Air Lines (DAL 36.58, +1.63), Gilead Sciences (GILD 75.69, +2.83), and Yum! Brands (YUM 79.99, +2.51) all reported above-consensus earnings, but their reports have not stirred up market-wide buying interest.

Conversely, with index futures on the defensive, Treasuries are showing some modest strength. The benchmark 10-yr yield is currently lower by nearly two basis points at 2.70%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -2.50. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures trade one point below fair value.

Reviewing overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei +1.1%, China's Shanghai Composite -0.3%, and Hong Kong's Hang Seng -1.0%.
In economic data:
China's HSBC Manufacturing PMI ticked up to 48.3 from 48.0 (expected 48.4).
Australia's CPI rose 0.6% quarter-over-quarter (expected 0.8%, previous 0.8%), while the year-over-year reading increased 2.9% (consensus 3.2%, prior 2.7%). Also of note, Trimmed Mean CPI rose 0.5% quarter-over-quarter (consensus 0.7%, previous 0.9%).
New Zealand's Visitor Arrivals fell 3.0% month-over-month (prior 1.8%), while Credit Card Spending jumped 8.1% year-over-year (last 6.0%).
Singapore's CPI rose 1.2% year-over-year (consensus 1.1%, previous 0.4%).
In news:
Even though China's HSBC Manufacturing PMI registered its first improvement in four months, this marked the fourth consecutive reading below 50, signifying a contraction in activity.

Major European indices trade lower. Great Britain's FTSE -0.1%, Germany's DAX -0.4%, and France's CAC -0.4%.
Participants received several data points:
Eurozone Manufacturing PMI rose to 53.3 from 53.0 (expected 53.0), while Services PMI improved to 53.1 from 52.2 (consensus 52.4).
Germany's Manufacturing PMI increased to 54.2 from 53.7 (expected 54.0), while Services PMI jumped to 55.0 from 53.0 (consensus 53.4).
French Manufacturing PMI fell to 50.9 from 52.1 (expected 51.9), while Services PMI decreased to 50.3 from 51.5 (expected 51.4).
Great Britain's CBI Industrial Trends Orders fell to -1 from 6 (consensus 7), while Public Sector Net Borrowing came in at GBP4.86 billion (expected GBP9.10 billion, previous GBP7.00 billion).
Among news of note:
The Bank of England released the minutes from its latest meeting, which indicated unanimous support for continuing asset purchases at GBP375 billion.

In U.S. corporate news:

AT&T (T 35.50, -0.79): -2.2% despite beating earnings estimates on revenue that was a bit ahead of expectations.
Boeing (BA 130.33, +2.78): +2.2% after reporting above-consensus earnings and revenue.
Cree (CREE 53.93, -4.12): -7.1% despite beating the Capital IQ consensus estimate by one cent.
Dow Chemical (DOW 49.52, +0.58): +1.2% after reporting an earnings beat on below-consensus revenue.
Delta Air Lines (DAL 35.75, +0.80): +2.3% after beating on earnings.
Gilead Sciences (GILD 75.40, +2.54): +3.5% following its above-consensus earnings and revenue.
Procter & Gamble (PG 80.74, +0.13): +0.2% after beating bottom-line estimates.
Skyworks Solutions (SWKS 41.10, +3.14): +8.3% after beating on earnings and revenue.
Yum! Brands (YUM 79.91, +2.43): +3.1% after beating earnings expectations on below-consensus revenue.

The weekly MBA Mortgage Index fell 3.3% to follow last week's increase of 4.3%.

The New Home Sales report for March (Briefing.com consensus 455K) will be released at 10:00 ET.

6:31 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -0.50.

6:31 am: [BRIEFING.COM] Nikkei...14546.27...+157.50...+1.10%. Hang Seng...22509.64...-221.00...-1.00%.

6:31 am: [BRIEFING.COM] FTSE...6672.17...-9.60...-0.10%. DAX...9568.18...-31.90...-0.30%.

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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