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 Post subject: April 24th Thursday Trade Results - Profit $10537.50
PostPosted: Fri Apr 25, 2014 12:00 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)
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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 @ $4,100.00 dollars or +41.00 points, Emini ES ($ES_F) futures @ $6,437.50 dollars or +128.75 points, Light Crude Oil CL ($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 @ $10,537.50 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 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=1776

Quote:
If any of my real-time posted trades are via key concepts discussed in 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: Tug Of War On Wall Street

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

NEW YORK (CNNMoney)
The bulls and bears had a tug of war Thursday as they debate corporate earnings, renewed geopolitical tensions and a recent spate of merger news.

The Dow Jones industrial average ended flat. The S&P 500 and the Nasdaq both posted small gains. All three indexes drifted between small gains and losses throughout the day. Only the S&P 500 is up for the year so far.

Late breaking news

After the market closed, Microsoft (MSFT, Fortune 500) reported earnings that topped analysts' expectations, another victory in the tech sector that sent the stock up over 2% after hours. Amazon's (AMZN, Fortune 500) earnings were in line with what analysts had predicted, though revenue was slightly better than expected. It popped up over 5% after the news. Starbucks (SBUX, Fortune 500) reported results that met expectations, although its outlook for the rest of the year is lower than anticipated. The popular coffee maker's stock rose in after hours trading.

Tech talk

Apple (AAPL, Fortune 500) was one of the big winners Thursday after the iPhone maker announced late Wednesday that it was expanding its stock buyback program and increasing its dividend, while reporting quarterly results that beat expectations.

The company also revealed a seven-to-one stock split, which will make it easier for individual investors to buy a slice of the tech giant. A single share in Apple currently costs over $500. The stock ended the day up 8.2% Thursday.

Apple was the top trending ticker on StockTwits, where investors were buzzing about the buyback and stock split. It was as if Apple's earnings were an afterthought. "pssst. did u hear? $AAPL reported earnings :-)," read a post by racernic.

Related: Apple shares soar on stock buyback news

Facebook also beat expectations, helped by strong mobile advertising numbers. Investors seemed to want even more though. The stock ended the day down slightly.

Not all the news in the tech sector was good. Shares of Xilinx (XLNX) sank after the maker of devices and software used in a variety of industries reported quarterly results that missed analysts' expectations.

Netflix (NFLX) shares also fell as investors continue to digest the company's plan to raise prices for its online streaming service.

The Ukraine factor

Stocks came under pressure earlier in the day amid new worries about Ukraine, where government forces clashed with pro-Russian fighters in the southeastern city of Slavyansk.

Russian President Vladimir Putin said any military action would "have consequences" for the government in Kiev. Russian forces are reportedly planning to conduct military drills in response to the action in Ukraine.

"$SPY the 'hot' shooting war in the eastern Ukraine has started. Putin getting ready to roll. Next up, sanctions! Ignore at your peril," read a post on StockTwits by BDF_NYC.

Gold prices jumped after the news broke, though the rally has since lost momentum.

Looking beyond tech

Thursday is a busy day for earnings reports as well. General Motors (GM, Fortune 500) reported a $1.3 billion charge relating to a massive recall involving faulty ignition switches linked to at least 13 deaths. But excluding that charge and other one-time items, GM's earnings easily topped forecasts.

Related: GM's $1.3 billion recall costs wipes profits

UPS (UPS, Fortune 500) blamed the snowy weather for weak first quarter results even though people have been sending more packages, especially e-commerce sites.

Caterpillar (CAT, Fortune 500)reported earnings that topped analysts' expectations and issued an upbeat outlook. The construction equipment maker, considered a bellwether for the global economy, reported solid growth in China.

"$CAT nice!!! after many many months red, Im going green again here in my long-term portfolio..." read a post by gabbs.

Merger Thursday

Zimmer Holdings (ZMH) announced plans to buy Biomet in a cash and stock deal valued at more than $13 billion. The combined company will be one of the largest makers of orthopedic devices. Zimmer shares surged 13%.

Shares of AstraZenec (AZN)gained after the firm reported better-than-expected earnings. AstraZeneca was in the spotlight earlier this week after it was reported that Pfizer (PFE, Fortune 500) had considered buying the company for £60 billion ($100 billion). Some think an offer may yet come.

Meanwhile, Alstom (ALSMY) shares surged by roughly 12% Thursday following a Bloomberg report that General Electric (GE, Fortune 500) may make a multi-billion dollar bid for the company. The French maker of turbines and trains said it was "not informed" of a takeover offer.

On the economic front, initial claims for unemployment benefits rose in the past week. But a report on new orders for long-lasting goods in March came in better than expected.

European and Asian markets ended with mixed results.

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4:15 pm: [BRIEFING.COM] The Nasdaq Composite (+0.5%) and S&P 500 (+0.2%) posted modest gains on Thursday, but not before enduring a morning dip into the red, which took place in reaction to reports indicating Russia has commenced military exercises on the Ukrainian border.

The news from Europe knocked the key indices from their early highs, while giving a boost to safe-haven assets like gold futures (+0.5% to $1290.80/ozt), Treasuries (10-yr yield -1 bps to 2.69%), and the Japanese yen (102.30 vs USD); however the morning spike in safety flows was retraced partially, while equities rallied off their lows with the technology sector (+1.1%) setting the pace.

Tech shares (and the Nasdaq) received significant support from the shares of Apple (AAPL 567.77, +43.02), which surged 8.2% after the top-weighted tech company handily beat earnings expectations. In addition, Apple increased its share buyback to $90 billion and announced a 7:1 stock split, which will go into effect on June 2.

Apple notwithstanding, the market heard from several other tech names like Citrix Systems (CTXS 60.00, +4.01), Facebook (FB 60.87, -0.49), F5 Networks (FFIV 105.98, -2.21), and Texas Instruments (TXN 48.47, +2.01), all of which reported better than expected earnings.

Elsewhere, the discretionary sector (+0.5%) was the only other noteworthy pocket of strength, thanks to a boost from homebuilders. DR Horton (DHI 23.13, +1.78) gained 8.3% after reporting above-consensus results, while the broader iShares Dow Jones US Home Construction ETF (ITB 23.90, +0.57) advanced 2.4%. The discretionary space also received significant support from Amazon.com (AMZN 337.15, +12.57), which rallied 3.9% ahead of its after-hours earnings release.

Even though two of the four largest sectors displayed relative strength, that was not the case with the other two top-weighed groups. Health care (-0.2%) and financials (-0.1%) lagged throughout the session, with the relative weakness in health care largely due to the underperformance of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 229.62, -1.37) lost 0.6%, but managed to close above its 20-day moving average (228.55).

Also of note, the industrial sector (-0.2%) ended among the laggards after several components reported earnings. 3M (MMM 136.65, -1.34) and UPS (UPS 98.64, -0.60) missed expectations, while Caterpillar (CAT 105.28, +1.90) reported well ahead of estimates. For its part, United Continental (UAL 41.53, -4.53) also beat bottom-line estimates, but slumped 9.8%.

Participation remained relatively light as less than 650 million shares changed hands at the NYSE.

Reviewing today's data:
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S&P 500’s weekly gain is best since July 2013 MarketWatch

The initial claims level increased to 329,000 for the week ending April 19 from an upwardly revised 305,000 (from 304,000) for the week ending April 12. The Briefing.com consensus expected the claims level to increase to 312,000. A 24,000 increase from the previous week may seem like a lot, but it took place at a time when the Department of Labor normally has difficulty adjusting for the Easter holiday. In all likelihood, the low claims levels at the beginning of the month were a result of seasonal biases and not a change in layoff trends. Claims are likely to stabilize in the 320,000 -- 330,000 range over the next few weeks.
Durable goods orders increased 2.6% in March after increasing a downwardly revised 2.1% (from 2.2%) in February. The Briefing.com consensus expected durable goods orders to increase 2.0%. For the past few months, durable goods orders have been reliant on Boeing for growth. That wasn't necessarily the case in March as demand strengthened across the board. Transportation orders were still important, up 4.0% after increasing 6.7% in February, but were not the sole provider of growth. Durable goods orders excluding transportation increased 2.0% in March, up from a 0.1% increase in February. That was also well above the consensus expectation of a 0.5% gain.

Tomorrow, the final reading of the Michigan Consumer Sentiment survey for April (Briefing.com consensus 82.6) will be released at 9:55 ET.

S&P 500 +1.6% YTD
Dow Jones Industrial Average -0.5% YTD
Nasdaq Composite -0.7% YTD
Russell 2000 -1.5% YTD

3:30 pm: [BRIEFING.COM]

Precious metals began pit trade in the red but rallied sharply into positive territory moments after equity markets opened.
June gold brushed a session low of $1268.50 per ounce in early morning action and popped to a session high of $1299.00 per ounce. It then consolidated near the $1290.00 per ounce level and settled with a 0.5% gain at $1290.80 per ounce.
May silver traded as low as $18.98 per ounce in early morning pit trade and rallied to a session high of $19.91 per ounce. It eventually settled at $19.69 per ounce, or 1.3% higher. June crude oil also traded higher, brushing a session high of $102.37 per barrel. It settled with a 0.5% gain at $101.95 per barrel.
May natural gas touched a session high of $4.79 per MMBtu shortly after inventories were released. However, it retreated into negative territory as investors digested the data which showed a build of 49 bcf vs expectations for a build of 36-42 bcf. The energy component dipped to a session low of $4.67 per MMBtu and settled with a 0.4% loss at $4.71 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.2% with one hour remaining in the session. Given its current standing, the benchmark index is on pace to improve its week-to-date gain to 0.7%, which would extend its year-to-date advance to 1.6%.

Following today's closing bell, participants will receive a full slate of quarterly earnings from several influential listings. Dow components Microsoft (MSFT 39.64, -0.05) and Visa (V 208.90, +0.08) are among the companies scheduled for this evening, and the market will also hear from Amazon.com (AMZN 335.59, +11.01), Starbucks (SBUX 70.84, +0.45), and Las Vegas Sands (LVS 79.61, +1.66), all of which belong to the consumer discretionary sector.

Tomorrow morning, another dose of earnings will be headlined by reports from Ford Motor (F 16.32, +0.09), Honda Motor (HMC 33.70, -0.15), and V.F. Corp (VFC 60.01, -0.50).

2:30 pm: [BRIEFING.COM] Stocks continue trading near their recent levels, with the Nasdaq (+0.4%) maintaining its lead.

Earlier, we mentioned that the financial sector may hold the key to the afternoon performance among the major averages, and that is holding true thus far. The S&P 500's retreat from mid-session highs has been accompanied by weakness in the financial sector, which now trades lower by 0.2%.

The growth-sensitive group holds a modest loss as most large components hover in the red. Regional banks, meanwhile, have struggled a bit more as the SPDR S&P Regional Banking ETF (KRE 39.35, -0.66) trades lower by 1.7%.

Also of note, Treasuries have approached their morning highs, pressuring the 10-yr yield to 2.69%.

2:05 pm: [BRIEFING.COM] Equity indices have retreated from their afternoon highs, sending the Dow Jones Industrial Average (-0.1%) into the red.

The Dow trails the Nasdaq and S&P 500 as six components display losses of 1.0% or more. Most notably, weakness in the shares of 3M (MMM 136.08, -1.91), Boeing (BA 129.33, -1.30), and Nike (NKE 73.22, -0.88) has had a significant impact on the price-weighted index.

On the upside, UnitedHealth (UNH 76.76, +1.43) trades higher by 1.9%, while Caterpillar (CAT 104.95, +1.57) sports a solid 1.5% gain after beating earnings expectations and boosting its guidance.

1:25 pm: [BRIEFING.COM] After a tumultuous start to the day, the stock market has stabilized with the indices holding a posture in positive territory. The S&P 500 is tracking near its best levels of the session, yet the Nasdaq is still down about 20 points from its intraday high reached shortly after the opening bell.

Thus far, the S&P 500 has been unable to push through technical resistance at the 1885 level. That area will be watched closely in the afternoon and the move the financial sector (+0.1%) makes could be instrumental in determining whether it breaks out there or breaks down again. The financial sector has lagged the broader market today, but has perked up some to help carry the S&P 500 back near its best levels of the day.

Additional buying interest in that heavily-weighted space should be effective in boosting sentiment given the outperformance of the technology sector (+1.2%), which is the most heavily weighted sector in the S&P 500. Conversely, a sustained breakout above 1885 would be challenging without the added support of the financials.

Separately, the $29 bln 7-yr note auction drew a high yield of 2.317% and a 2.60 bid-to-cover ratio that was in-line with the prior 12-auction average of 2.57. The auction results haven't generated much of a response in either the stock or bond markets.

1:00 pm: [BRIEFING.COM] The major averages displayed some volatility during the first half of action, but they find themselves in closer proximity to their respective highs than lows at midday. The S&P 500 trades higher by 0.3% with eight sectors showing gains, while the Nasdaq Composite (+0.7%) outperforms.

The tech-heavy Nasdaq claimed the lead at the open, and was up as much as 1.2%, before Ukraine-related news fueled a round of profit taking. Specifically, reports of Russian troops planning to conduct military drills at the Russia-Ukraine border briefly weighed on risk appetite, sending equity indices to lows, while gold futures (+0.5% at $1290.40/ozt), Treasuries (10-yr yield at 2.70%), and the yen (102.33 vs US dollar) strengthened.

Despite the early weakness, there was no follow-through to the cautious posture and the major averages returned into the green, while the assets that displayed strength in reaction to the news out of Ukraine, retreated from their highs.

Technology (+1.3%) underpinned the rebound from lows, with the sector receiving support from influential members like Apple (AAPL 567.43, +42.68) and Facebook (FB 62.10, +0.74), both of which reported above-consensus quarterly results. Also of note, Apple announced a 7:1 stock split, which will go into effect on June 2.

Although the strength of the tech sector has placed the S&P 500 back near its morning high, the Nasdaq remains more than 20 points below its best level of the day due to the relative weakness of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 230.28, -0.71) is lower by 0.3% after notching a session low just above its 200-day moving average (221.18). For its part, the health care sector holds a slim loss of 0.1%.

Outside of health care, the industrial sector (-0.1%) is another noteworthy laggard. Transports have been in focus after UPS (UPS 98.96, -0.28) reported disappointing earnings, while United Continental (UAL 42.09, -3.97) revealed a bottom-line beat. Both names, however, trade in the red, while the Dow Jones Transportation Average holds a loss of 0.2%.

Reviewing today's data:

The initial claims level increased to 329,000 for the week ending April 19 from an upwardly revised 305,000 (from 304,000) for the week ending April 12. The Briefing.com consensus expected the claims level to increase to 312,000. A 24,000 increase from the previous week may seem like a lot, but it took place at a time when the Department of Labor normally has difficulty adjusting for the Easter holiday. In all likelihood, the low claims levels at the beginning of the month were a result of seasonal biases and not a change in layoff trends. Claims are likely to stabilize in the 320,000 -- 330,000 range over the next few weeks.
Durable goods orders increased 2.6% in March after increasing a downwardly revised 2.1% (from 2.2%) in February. The Briefing.com consensus expected durable goods orders to increase 2.0%. For the past few months, durable goods orders have been reliant on Boeing for growth. That wasn't necessarily the case in March as demand strengthened across the board. Transportation orders were still important, up 4.0% after increasing 6.7% in February, but were not the sole provider of growth. Durable goods orders excluding transportation increased 2.0% in March, up from a 0.1% increase in February. That was also well above the consensus expectation of a 0.5% gain.

12:30 pm: [BRIEFING.COM] The stock market has been confined to a narrow trading range over the past 90 minutes after erasing a modest late-morning loss.

Currently, four sectors hover in the red while five groups display gains between 0.1% and 0.5%. There hasn't been any change at the top of the leaderboard as technology remains the best performer with a solid gain of 1.2%.

Even though the S&P 500 has almost made it back to its session high, participants are showing some demand for volatility protection. The CBOE Volatility Index (VIX 13.37, +0.10) is higher by 0.8%, but remains not far above its lowest levels of the month.

Separately, Treasuries remain near their unchanged levels after spiking from their early morning lows. The 10-yr yield is pegged at 2.70% at the time of writing.

11:55 am: [BRIEFING.COM] The major averages remain near their recent levels, with the S&P 500 trading higher by 0.3%.

Earlier this morning we noted the underperformance of the health care sector (-0.1%), which remains in a position of relative weakness at this juncture. Meanwhile, other heavily-weighted groups like consumer discretionary (+0.3%) and technology (+1.2%) are among the leaders, while financials (+0.1%) lag.

Even though the financial sector trails the broader market today, the economically-sensitive group has had a better showing than the broader market so far this week. The financial sector holds a week-to-date gain of 1.0% versus a 0.9% increase for the S&P 500.

11:30 am: [BRIEFING.COM] Equity indices have spent the past 30 minutes in a slow climb towards their opening highs. The S&P 500 now trades about three points below its session high, while the Nasdaq hovers roughly 20 points below its best level of the session.

With the major averages fighting their way back from session lows, eight sectors now trade in the green, while two of the smallest groups-telecom services (-1.5%) and materials (-0.2%)-remain in negative territory.

On the upside, the discretionary sector (+0.4%) follows the lead of technology (+1.2%), with help from homebuilders after DR Horton (DHI 22.95, +1.60) reported better than expected earnings. The stock trades higher by 7.4%, while the broader iShares Dow Jones US Home Construction ETF (ITB 23.72, +0.39) sports an advance of 1.7%.

11:00 am: [BRIEFING.COM] The major averages hover near their respective flat lines after slumping from their opening highs.

The technology sector (+0.8%) continues trading well ahead of the remaining groups, but the earnings-driven strength of the sector has not translated into buying interest in other areas of the market. Outside of technology, only consumer staples (+0.2%), and utilities (+0.6%) trade in the green.

On the downside, the health care sector (-0.5%) lags amid renewed weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 227.83, -3.16) is lower by 1.4% as it trades near its 20-day moving average (228.44).

10:35 am: [BRIEFING.COM]

The dollar index sold off this morning, which gave a boost to the precious metals space
Both gold and silver rallied about an hour ago... gold rallied $23/oz to $1299/oz in 10 minutes
In current trade, June gold is +0.4% at $1289.30/oz, while May silver is +1.2% at $19.67/oz
Natural gas has been in positive territory all day so far and was modestly higher just ahead of inventory data
Following the data, nat gas dropped, but quickly recovered and is now +0.4% at $4.25/MMBtu (May contract)
May crude oil is currently +0.6% at $102.02/barrel.

9:55 am: [BRIEFING.COM] The major averages have slumped from their opening highs in a swift move lower that was likely related to the recent headlines from Ukraine, indicating Russia has announced the start of military exercises on the Ukrainian border in response to the 'anti-terrorism' operation launched against pro-Russian separatists by the government in Kiev.

The weakness in equities was accompanied by strength in Treasuries (10-yr yield at 2.69%), gold futures (+0.5% to $1291.60/ozt), and the yen (102.22 vs the dollar), all of which tend to be on the receiving end of buying interest when geopolitical concerns come to the forefront.

The technology sector (+0.8%) continues holding a solid gain, while most other cyclical groups hover in the red. Conversely, the defensively-oriented utilities sector (+0.6%) has climbed to a fresh session high.

9:45 am: [BRIEFING.COM] As expected, the Nasdaq (+0.6%) began the day well ahead of the other indices thanks to significant strength in the technology sector (+1.2%), while the Dow Jones Industrial Average has surrendered its opening gain.

The top tech component, Apple (AAPL 565.76, +41.01), trades higher by 7.8% after reporting strong results, while Citrix Systems (CTXS 61.01, +5.02), F5 Networks (FFIV 109.58, +1.39), and Facebook (FB 62.45, +1.08) also trade with gains after beating earnings expectations.

Outside of the technology sector, there isn't too much strength among other groups as only the consumer discretionary space (+0.3%) is higher by more than 0.1%.

On the downside, health care (-0.3%) and industrials (-0.3%) underperform.

Treasuries have erased the bulk of their losses, sending the benchmark 10-yr yield to 2.70%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +61.50. Equity indices are on track to begin today's session on a sharply higher note, with the Nasdaq expected to provide the early lead after several components reported above-consensus earnings.

Most notably, Apple (AAPL 569.00, +44.25) is indicated to open higher by 8.4% after beating earnings and revenue expectations on stronger-than-expected iPhone shipments. The company increased its share buyback program to $90 billion and announced a 7:1 share split, which is set to go into effect on June 2.

Apple notwithstanding, participants also received better-than-expected earnings from other Nasdaq components like Citrix Systems (CTXS 58.90, +2.91), F5 Networks (FFIV 114.85, +6.66), and Facebook (FB 63.60, +2.24).

On the economic front, the durable orders report for March was solid as durable goods orders increased 2.6% against the 2.0% rise expected by the consensus. Orders excluding transportation also surprised to the upside with an increase of 2.0% against an increase of 0.5% that was broadly expected.

With regard to initial claims, the report revealed an increase to 329,000 from a revised rate of 305,000 (Briefing.com consensus 312,000). In all likelihood, the report was impacted by seasonal adjustments related to the Easter holiday.

Treasuries hovered near their lows, but trimmed their losses over the past 30 minutes amid reports indicating Russia has announced it will conduct military drills on the Ukrainian border in response to the situation in the southeastern part of the country, where the army has clashed with pro-Russian separatists. The benchmark 10-yr yield has narrowed its increase to one basis point as it hovers near 2.71%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +65.00. The S&P 500 futures trade 12 points above fair value.

Asian markets ended the Thursday session on a mixed note after the release of several economic data points. Japan's Corporate Services Price Index rose 0.7% year-over-year (expected 0.8%, previous 0.7%), while the Foreign Bonds Buying report indicated net sales in the amount of JPY463.90 billion (previous purchases of JPY114.60 billion). The Reserve Bank of New Zealand hiked its official cash rate to 3.0% from 2.75%, as expected, and raised its GDP target to 3.5% from 3.3%, citing pent-up demand and inflationary pressures. South Korea's GDP rose 0.9% quarter-over-quarter (consensus 0.8%, previous 0.9%), while the year-over-year reading jumped 3.9% (expected 3.8%, prior 3.7%).

Japan's Nikkei lost 1.0%, ending near its session low amid weakness in exporter shares. NEC, Sony, and Toshiba lost between 2.3% and 4.2%. Stocks related to the materials sector outperformed, with Nisshin Steel and Sumitomo Metal Mining both up near 4.0%.
Hong Kong's Hang Seng posted a modest gain of 0.2% as consumer names displayed relative strength. Belle International, Li & Fung, and Sands China gained between 1.0% and 1.4%. Power Assets Holdings was the weakest performer, falling 3.2%.
China's Shanghai Composite lost 0.5%, registering its second consecutive decline as industrials and utilities weighed. Shenyang Jinshan Energy and Zhejiang Hangxiao Steel Structure both lost near 6.5%.

Major European indices trade higher across the board. Mario Draghi discussed eurozone monetary policy once again, saying any worsening in the medium-term outlook for inflation could trigger the deployment of an asset purchase program.

Economic data was limited. Germany's Ifo Business Climate Index rose to 111.2 from 110.7 (consensus 110.5), as Business Expectations improved to 107.3 from 106.4 (expected 105.8) and Current Assessment ticked up to 115.3 from 115.2 (forecast 115.7). Great Britain's CBI Distributive Trades Survey jumped to 30 from 13 (expected 17). French Business Survey slipped to 100 from 101, as expected. Also of note, Swiss trade surplus narrowed to CHF2.05 billion from CHF2.30 billion (expected CHF 2.14 billion).

Germany's DAX is higher by 0.5% with industrials in the lead. Deutsche Post and Deutsche Lufthansa are both up near 1.5%. Utilities lag as E.ON and RWE hold respective losses of 0.6% and 0.1%.
Great Britain's FTSE trades up 0.6%. Drug maker AstraZeneca leads with a gain of 5.4% after beating earnings estimates. Consumer names Associated British Foods and Unilever lag. The two hold respective losses of 1.1% and 1.5%.
In France, the CAC is higher by 0.9%. Alstom is the top performer, up 12.1%, amid reports General Electric is looking into buying the company for about $13 billion. Carrefour lags, down 3.1%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +11.70. Nasdaq futures vs fair value: +64.70. The S&P 500 futures trade 12 points above fair value.

The latest weekly initial jobless claims count totaled 329,000, which was higher than the 312,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 305,000 (from 304,000). As for continuing claims, they fell to 2.680 million from 2.741 million.

Separately, March durable goods orders rose 2.6%, which was better than the 2.0% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 2.1% (from 2.2%). Excluding transportation, durable orders rose 2.0% (consensus +0.5%) to follow the prior month's revised increase of 0.1% (from 0.2%).

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +57.50. U.S. equity futures hold gains, with the Nasdaq futures (+1.6%) outperforming thanks to an earnings beat from the top index component, Apple (AAPL 566.27, +41.52), which sports a pre-market gain of 8.1%.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +0.2%, China's Shanghai Composite -0.5%, and Japan's Nikkei -1.0%.
In economic data:
Japan's Corporate Services Price Index rose 0.7% year-over-year (expected 0.8%, previous 0.7%), while the Foreign Bonds Buying report indicated net sales in the amount of JPY463.90 billion (previous purchases of JPY114.60 billion).
The Reserve Bank of New Zealand hiked its official cash rate to 3.0% from 2.75%, as expected.
South Korea's GDP rose 0.9% quarter-over-quarter (consensus 0.8%, previous 0.9%), while the year-over-year reading jumped 3.9% (expected 3.8%, prior 3.7%).
In news:
In addition to hiking its interest rate, the Reserve Bank of New Zealand raised its GDP target to 3.5% from 3.3%, citing pent-up demand and inflationary pressures.

Major European indices trade higher across the board. Germany's DAX +0.5%, Great Britain's FTSE +0.6%, and France's CAC +0.9%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.4%.
Economic data was limited:
Germany's Ifo Business Climate Index rose to 111.2 from 110.7 (consensus 110.5), as Business Expectations improved to 107.3 from 106.4 (expected 105.8) and Current Assessment ticked up to 115.3 from 115.2 (forecast 115.7).
Great Britain's CBI Distributive Trades Survey jumped to 30 from 13 (expected 17).
French Business Survey slipped to 100 from 101, as expected.
Swiss trade surplus narrowed to CHF2.05 billion from CHF2.30 billion (expected CHF 2.14 billion).
Among news of note:
Mario Draghi discussed eurozone monetary policy once again, saying any worsening in the medium-term outlook for inflation could trigger the deployment of an asset purchase program.

In U.S. corporate news:

Aetna (AET 70.91, +2.00): +3.8% in reaction to its earnings and revenue beat.
Apple (AAPL 566.27, +41.52): +8.1% after beating earnings and revenue expectations on stronger-than-expected iPhone shipments. The company increased its share buyback program to $90 billion and announced a 7:1 share split, which is set to go into effect on June 2.
AstraZeneca (AZN 71.20, +3.42): +5.1% despite missing earnings estimates by three cents.
Caterpillar (CAT 107.90, +4.52): +4.4% after beating earnings expectations by $0.39 and raising fiscal-year 2014 earnings guidance above consensus.
Citrix Systems (CTXS 58.90, +2.91): +5.2% after its earnings and revenue beat overshadowed its below-consensus guidance for the second quarter.
Facebook (FB 63.60, +2.24): +3.7% after beating on earnings and revenue.
Qualcomm (QCOM 77.65, -3.06): -3.8% following its bottom-line beat on below-consensus revenue.
Texas Instruments (TXN 44.13, -2.33): -5.0% despite beating earnings expectations and guiding Q2 earnings above consensus.
UPS (UPS 97.00, -2.24): -2.3% after missing earnings and revenue estimates. The company attributed the disappointing report to severe winter weather.
Verizon (VZ 47.59, +0.16): +0.3% despite missing the Capital IQ consensus estimate by two cents.

Weekly initial claims and March Durable Orders will be reported at 8:30 ET.

6:49 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +59.50.

6:49 am: [BRIEFING.COM] Nikkei...14404.99...-141.30...-1.00%. Hang Seng...22562.80...+53.20...+0.20%.

6:49 am: [BRIEFING.COM] FTSE...6723.03...+48.30...+0.70%. DAX...9633.87...+89.70...+1.00%.

Stocks Rise on Profits as Yen Climbs; Russian Shares Drop

By Callie Bost and Joseph Ciolli Apr 24, 2014 4:12 PM ET

U.S. stocks rose, pushing the Standard & Poor’s 500 Index near a record, after better-than-estimated earnings from Apple Inc. (AAPL) and Caterpillar (CAT) Inc. The yen climbed, while Russian equities slid a fourth day as the conflict in Ukraine escalated.

The S&P 500 added 0.2 percent to 1,878.61 as of 4 p.m. in New York. The Nasdaq Composite Index advanced 0.5 percent. The yen strengthened against all but one of its most-traded counterparts. Copper, silver and wheat advanced. Spain’s borrowing costs declined to a record at an auction. The yield on 10-year Treasuries slipped one basis point to 2.69 percent. Russia’s Micex Index slid 2.2 percent.

More than 60 companies in the S&P 500 release quarterly results today, making it the busiest day of the season. Apple led gains in technology stocks after iPhone sales beat projections. President Vladimir Putin warned Ukraine against continuing its anti-separatist offensive after government troops killed five rebels and prompted Russia’s military to begin new drills on the two nations’ border.

“All these companies reported very solid earnings and this was the quarter where the naysayers thought profit and earnings growth was going to lag,” Dan Veru, chief investment officer who helps oversee $5 billion at Palisade Capital Management LLC, said in a phone interview. “This is what’s driving markets higher.”

Nickel ore is transported via a conveyor belt as it is unloaded from the bulk carrier... Read More

Earnings Season

U.S. stocks have repeatedly failed to climb from the S&P 500’s current level. The gauge earlier this week rose to within six points of the all-time high of 1,890.9 reached April 2. It fell 0.2 percent yesterday, snapping a six-day rally that was the longest since September, and trades at 17 times reported earnings, near its highest valuation in four years.

Of the 204 companies in the S&P 500 (SPX) that have released earnings this season, 75 percent have exceeded analysts’ profit estimates, while 53 percent have beaten sales projections, according to data compiled by Bloomberg.

Apple jumped 8.2 percent. The company reported surging sales of iPhones after the handset became available through China Mobile Ltd. It also said it will increase its share repurchase authorization by $30 billion, boost its dividend and split its stock seven for one.

Caterpillar rose 1.8 percent. The largest maker of mining and construction equipment posted first-quarter earnings and sales that beat analysts’ estimates as it boosted its full-year outlook on improved expectations for the building industry.

Price Competition

Verizon Communications Inc. dropped the most in the Dow Jones Industrial Average, with AT&T Inc. sinking a second day, amid concerns that price competition is shifting revenue. Qualcomm Inc. sank 3.5 percent as results fell short of forecasts.

“There’s no question earnings numbers were good, but there was some anticipation of it to a certain degree,” John Manley, who helps oversee about $233 billion as chief equity strategist for Wells Fargo Funds Management in New York, said in a phone interview. “I still tend to think, at the end of the day, that we’re going to see earnings be the more important thing that drives the market.”

U.S. durable-goods orders increased 2.6 percent, the biggest gain since November, the Commerce Department said. Jobless claims increased by 24,000 to 329,000 in the week ended April 19, the most in a month, Labor Department figures showed.

The Chicago Board Options Exchange Volatility Index (VIX), a measure of stock volatility known as the VIX, rose 0.9 percent to 13.36. The gauge is down 2.8 percent this year.

Russian Stocks

Russian stocks slid and government bonds dropped. An agreement to disarm rebels signed last week in Geneva by Ukraine, Russia, the European Union and the U.S. is on the brink of collapse. President Barack Obama said today the U.S. and its allies have additional sanctions against Russia ready to go because Putin’s government has yet to abide by the accord.

Ukrainian Interior Ministry and army troops destroyed three road blocks as they went into separatist-held Slovyansk in the Donetsk region. Putin called the Ukraine offensive a “very serious crime against its own nation.”

The yen gained a second day against the dollar as tensions between Russia and Ukraine stoked investor demand for safety. The Japanese currency rose 0.2 percent to 102.31 per dollar.

Spain’s Treasury sold three-year to 10-year debt at record low yields after the Bank of Spain said growth sped up in the first quarter, underpinning a recovery in the euro region’s fourth-largest economy. The nation’s benchmark three-, five- and 10-year bonds were sold today to yield the least since the start of series in 2004 and 2005, data released by the Madrid-based central bank showed.

The S&P GSCI (SPGSCI) gauge of 24 commodities climbed 0.6 percent, the first increase this week. Copper rose 1.5 percent on the Comex and West Texas Intermediate oil advanced 0.5 percent to $101.93 a barrel.

Wheat rose for a third day, adding 2 percent, amid concern moisture deficits will persist in the U.S., the biggest exporter, and Europe as rain forecast in coming days misses some areas and leave others still too dry.

To contact the reporters on this story: Callie Bost in New York at cbost2@bloomberg.net; Joseph Ciolli in New York at jciolli@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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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