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 Post subject: April 28th Monday Trade Results - Profit $1680.00
PostPosted: Tue Apr 29, 2014 3:04 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ $1,680.00 dollars or +16.80 points, Emini ES ($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 @ $1,680.00 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=1778

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 End Higher After Roller Coaster Day

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

NEW YORK (CNNMoney)
Investors took another ride on the momentum stock roller coaster Monday.

The Dow Jones industrial average and the S&P 500 both recovered from afternoon weakness to end the day slightly higher. The Nasdaq ended the day flat after being down more than 1% earlier in the day.

Stocks started the day on a positive note -- the Dow was up over 125 points at mid-morning -- as investors cheered the news of various deal in the works between European and American companies, but the market came under pressure in the afternoon as technology stocks took a tumble. Fortunately, it bounced back late in the day.

More tech selling

Despite the rebound, many of last year's biggest winners were still considerably lower.

Social media companies were hit particularly hard. LinkedIn (LNKD), Facebook (FB, Fortune 500), and Yelp (YELP) were all down sharply. So was Twitter (TWTR), which is due to report its first quarter results Tuesday afternoon.

Weibo, (WB) the Chinese social medial company that went public earlier this month, fell 8%.

There was heavy selling in shares of companies that many investors consider to be overvalued, while more stable tech companies were back in fashion. Netflix (NFLX), Amazon (AMZN, Fortune 500) and Priceline (PCLN, Fortune 500) all fell as investors flocked to dividend payers such as Apple (AAPL, Fortune 500) and Microsoft (MSFT, Fortune 500).

"$AAPL and $MSFT get an A+ for masking the damage in many of the Nasdaq stocks," read a post by StockTwits user traderstewie.

The big shift to boring and stable

Beyond the carnage in momentum stocks, investors were shifting money into stocks that are considered safe havens and selling shares of companies that are more tied to the economic recovery.

Consumer staples and telecommunications companies were among the best performers, while materials and financial services companies were deep in the red.

The market is about to enter the time of year when stocks historically have underperformed. Analysts say many investors are shifting into more defensive stocks as they brace for a slowdown in trading activity, which typically starts in May.

Related: Get ready for the summer bummer

"At this time of year, it is natural for investors to question whether they should reduce their equity exposure as we move closer to the historically vulnerable May through October period that has coined the old Wall Street adage 'Sell in May,'" wrote Sam Stovall, chief equity strategist at S&P Capital IQ, in a note to clients.

Merger Monday

In more upbeat news, takeover talk is swirling through the markets as Pfizer (PFE, Fortune 500) said it has been looking at a $100 billion bid for AstraZeneca (AZN), and General Electric is reportedly attempting to buy Alstom's power turbines business.

The British pound pushed up against the U.S. dollar, trading at its highest level since late 2008, in response to the possibility of a Pfizer takeover of AstraZeneca, noted Kit Juckes at Societe Generale.

Shares in AstraZeneca surged, while Pfizer shares were also edging higher.

"$SPY If it weren't for the $PFE news I really think we would be negative right now. This is something that could be a LT gamechanger $STUDY," read a post by 6killer.

Both General Electric (GE, Fortune 500)and Germany's Siemens (SIEME) are reportedly looking to buy the power divisions of France's Alstom (ALSMY), though French government officials are said to be concerned about a U.S. takeover.

Trading in Alstom shares has been suspended. The company promised to make a statement by Wednesday at the latest. General Electric has made no comment.

Siemens said it has proposed to discuss strategic options with Alstom, but declined further comment.

Bad math strikes BofA

Bank of America (BAC, Fortune 500) shares fell more than 6% after the Federal Reserve required the bank to resubmit its 2014 capital plan because BofA incorrectly reported data used to calculate its capital levels. BofA said it was suspending plans to hike its dividend and increase its share repurchase program.

It's the worst single-day stock drop for BofA since 2012.

Related: Bank of America's big math error

"I just don't understand how a company like $BAC could let something like this happen. Unbelieveable. Keep shooting themselves in the foot," said TradingCommonSense on StockTwits.

Ukraine fears linger


As if there wasn't enough to worry about in the markets, the Ukraine-Russia situation continues to boil. The White House unveiled new sanctions against Russian officials and businesses in response to the escalating crisis in Ukraine. The sanctions target seven Russian officials and 17 entities, including banks and companies tied to Russia's energy industry.

In a major challenge to Kiev's new leaders, armed rebels aligned with Moscow have captured towns and government buildings across eastern Ukraine and are holding a team of European monitors hostage.

But the sanctions were not as severe as some had feared. Russian stocks and the ruble rallied as investors moved back into Russian assets following a sharp sell off.

J.C. Penney (JCP, Fortune 500) shares jumped 9% in what some traders said was a short squeeze, which is when investors who have borrowed a stock in order to profit off its decline are forced to buy it back.

Chinese e-commerce company Alibaba, which is preparing to go public in the United States, announced an investment in the online video website Youku (YOKU). Alibaba and a private equity firm purchased 18.5% of Youku for $1.22 billion. But Youku shares plunged due to concerns about certain U.S. TV shows being banned in China.

Corporate earnings continue to roll in from some major companies. Controversial nutritional supplements marketer Herbalife (HLF) is one of several firms set to report quarterly results after closing bell.

On the economic front, the National Association of Realtors said pending home sales, which reflect transactions that have not yet closed, rose in March for the first time in nine months.

European markets ended the day higher. Most major Asian markets declined Monday.

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4:20 pm: [BRIEFING.COM] The stock market began the new week on a mixed note despite showing early strength. Weakness among small-cap names resulted in the underperformance of the Russell 2000 (-0.6%) and the Nasdaq Composite (-0.03%), while the S&P 500 settled higher by 0.3%.

Equity indices climbed out of the gate, emboldened by M&A activity in the heavily-weighted health care sector (+0.6%). The third-largest group served as an early leader with help from Pfizer (PFE 32.04, +1.29), which jumped 4.2% after confirming its interest in AstraZeneca (AZN 77.01, +8.35). Also of note, Forest Laboratories (FRX 89.50, -0.34) agreed to acquire Furiex Pharmaceuticals (FURX 103.05, +22.90) for $1.1 billion.

Even though the health care sector rallied at the open, the broader market was unable to build on the strength as weakness in momentum names-including biotechnology-outweighed the early optimism. The iShares Nasdaq Biotechnology ETF (IBB 223.06, -0.90) spent the entire session between its 20- and 200-day moving averages before settling just above the 200-day average.

Elsewhere, other momentum names that have been volatile throughout April, remained unable to stage a rebound, which suggests the retreat in early April may not have fully run its course. For example, Amazon.com (AMZN 296.58, -7.25), Facebook (FB 56.14, -1.57), LinkedIn (LNKD 148.06, -10.11), and Yelp (YELP 55.55, -2.08) all lost between 2.4% and 6.4%. Interestingly, the losses in high-beta tech names did not scare investors away from large caps. Apple (AAPL 594.09, +22.15), IBM (IBM 193.14, +3.51), and Microsoft (MSFT 40.87, +0.96) advanced between 1.9% and 3.9%.

The relative strength of large cap issues was on display within the Dow Jones Industrial Average (+0.5%), which outperformed throughout the session as 22 of 30 components posted gains.

However, not all large caps displayed comparable strength as the financial sector (-0.6%) lagged throughout the session. Bank of America (BAC 14.95, -1.00) fell 6.3% after announcing an adjustment to its estimated regulatory capital ratios, which will require the bank to submit a new capital plan to the Fed. The stock ended near its session low, while the financial sector was able to reclaim the bulk of its losses during the afternoon as equity indices rallied off their lows.

Treasuries spent the entire session in the red, ending near their lows. The 10-yr note lost ten ticks, pushing its yield up to 2.70%.

Participation was above average as 804 million shares changed hands at the NYSE floor.

Economic data was limited to the Pending Home Sales report for March, which increased 3.4% while the Briefing.com consensus expected an increase of 1.0%. Today's reading followed last month's revised decrease of 0.5% (from -0.8%).

Tomorrow, the Case-Shiller 20-city Index (Briefing.com consensus +13.0%) will be released at 9:00 ET, while the Consumer Confidence survey for April (consensus 83.6) will be reported at 10:00 ET.
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S&P 500 +1.1% YTD
Dow Jones Industrial Average -0.8% YTD
Nasdaq Composite -2.5% YTD
Russell 2000 -3.8% YTD

3:30 pm: [BRIEFING.COM]

June gold pulled back into negative territory from its session high of $1303.90 per ounce set in early morning pit trade. It touched a session low of $1292.10 per ounce after economic data showed that Pending Home Sales in March increased 3.4% while the Briefing.com consensus expected an increase of 1.0%. The yellow metal managed to inch slightly higher as the session progressed and cut losses to 0.1% as it closed at $1299.00 per ounce.
May silver retreated into the red after touching a session high of $19.72 per ounce in morning action. It traded as low as $19.47 per ounce and settled at $19.59 per ounce, or 0.5% lower.
June crude pulled back from its session high of $101.36 per barrel set at pit trade open and chopped around the unchanged level for most of the session. It brushed a session low of $100.23 per barrel and eventually settled with a 0.3% gain at $100.85 per barrel.
June natural gas climbed as high as $4.81 per MMBtu after lifting from a session low of $4.74 per MMBtu in morning floor action. It settled at $4.79 per MMBtu, or 2.8% higher.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the trading day. Following today's session, investors will receive the latest quarterly earnings from more than 50 companies. Most notably, participants will hear from Buffalo Wild Wings (BWLD 132.74, -3.78), Herbalife (HLF 59.09, +1.26), and STMicroelectronics (STM 9.18, +0.08).

Another full slate of results will be released tomorrow morning, with energy components BP (BP 49.08, -0.64), LyondellBasell (LYB 90.71, -0.34), and Valero Energy (VLO 57.60, +0.93) headlining the list. The health care sector will also be in focus as Bristol-Myers (BMY 49.92, -0.58), HCA (HCA 52.75, -0.69), and Merck (MRK 56.66, -0.58) will report their earnings.

2:35 pm: [BRIEFING.COM] The major averages are attempting to rebound off their lows as the afternoon continues. The Dow (+0.1%) has inched back into the green, while the S&P 500 (-0.1%) remains roughly three points below its flat line.

Although today's economic data was limited to the better-than-expected Pending Home Sales report for March, things will get a bit busier as the week progresses. Most notably, the Federal Open Market Committee will release its latest directive after concluding its policy meeting on Wednesday at 14:00 ET.

Also on Wednesday, participants will receive the advance reading of Q1 GDP (Briefing.com consensus 1.0%), while the week's data will be rounded out by the April Nonfarm Payrolls report, which will be released on Friday at 8:30 ET. The Briefing.com consensus expects the report to indicate the addition of 210,000 payrolls.

2:00 pm: [BRIEFING.COM] The S&P 500 (-0.5%) remains near its recently-established session low as eight sectors now hover in the red. Heavily-weighted consumer discretionary (-1.3%) and financials (-1.3%) are the only two sectors showing losses larger than 1.0%, while technology (unch) is attempting to pull away from its low.

On the upside, consumer staples (+0.8%) and telecom services (+0.8%) sport solid gains, while the other two countercyclical groups-health care (-0.3%) and utilities (-0.2%)-display slim losses.

Also of note, the underperformance of small caps is keeping the Nasdaq (-1.1%) and Russell 2000 (-1.4%) behind the other indices.

1:30 pm: [BRIEFING.COM] The S&P 500 has notched a fresh session low, completing a 25-point reversal from its high that was reached during the first hour of action. Continued weakness among momentum names along with the underperformance of the financial sector (-1.4%) are keeping the benchmark index on the defensive.

Of the four top-weighted sectors, consumer discretionary (-1.4%) and financials are among the laggards, while technology (-0.3%) and health care (-0.5%) outperform. It is worth mentioning the two outperformers traded well ahead of the broader market in the early going, but have since succumbed to the selling pressure.

With stocks on lows, participants are showing interest in volatility protection as evidenced by an 8.1% increase in the CBOE Volatility Index (VIX 15.20, +1.14), which has returned to mid-April levels.

1:00 pm: [BRIEFING.COM] At midday, the major averages trade in mixed fashion as small caps lag, while blue chips outperform. The Nasdaq trades lower by 0.8%, while the Dow Jones Industrial Average holds an advance of 0.3%. For its part, the S&P 500 is flat with six groups trading in the green.

Equity indices climbed out of the gate with the early sentiment bolstered by some M&A activity in the health care sector. Specifically, Forest Laboratories (FRX 89.05, -0.79) has agreed to acquire Furiex Pharmaceuticals (FURX 103.42, +23.27) for $1.1 billion, whereas Pfizer (PFE 31.74, +0.99) has confirmed its interest in AstraZeneca (AZN 75.81, +7.15). Fittingly, the sector provided leadership in the early going, but has since returned to its flat line as biotechnology weighs.

The iShares Nasdaq Biotechnology ETF (IBB 220.40, -3.56) is lower by 1.6% as it struggles with its 200-day moving average (221.53). Since biotechnology makes up a fair share of the Nasdaq Composite, the underperformance of the industry group is pressuring the tech-heavy index as well.

Similarly, many of the momentum names that have been volatile so far in April are on the defensive once again today. For instance, Amazon.com (AMZN 289.64, -14.19), Facebook (FB 55.69, -2.02), LinkedIn (LNKD 147.98, -10.19), and Yelp (YELP 53.95, -3.68) display losses between 3.5% and 7.0%.

Since many of the recent laggards have been unable to sustain a rebound effort, this can be viewed as a negative for investor sentiment as it suggests the retreat in early April may not have fully run its course.

Today's sentiment has not gotten any help from the financial sector (-0.9%), which is the weakest group at midday. Bank of America (BAC 15.04, -0.90) leads the retreat with a loss of 5.7% after announcing an adjustment to its estimated regulatory capital ratios, which will require the bank to submit a new capital plan to the Fed.

On the upside, the Dow continues holding a modest gain thanks to relative strength in some of its highest-priced issues. Visa (V 200.38, +1.45), IBM (IBM 193.64, +4.01), and Johnson & Johnson (JNJ 100.48, +0.69) are up between 0.7% and 2.1%.

Treasuries hover in the red, but have climbed off their lows. The benchmark 10-yr yield is higher by two basis points at 2.68%.

Economic data was limited to the Pending Home Sales report for March, which increased 3.4% while the Briefing.com consensus expected an increase of 1.0%. Today's reading followed last month's revised decrease of 0.5% (from -0.8%).

12:30 pm: [BRIEFING.COM] Some real wishy-washy action so far today, particularly in the Nasdaq, which has been all over the map riding a trading wave of volatility in the high-beta stocks. The intraday trading range for the Nasdaq thus far has been 72 points.

Some high-profile issues in the high-beta grouping are getting hit pretty good at the moment, which is contributing to the Nasdaq's underperformance -- names like LinkedIn (LNKD 146.11, -12.06), Yelp (YELP 52.94, -4.69), Tesla (TSLA 193.40, -6.45), Amazon.com (AMZN 290.83, -13.00), and Twitter (TWTR 39.90, -1.71). Further weakness in the likes of Facebook (FB 55.17, -2.54), Google (GOOG 503.82, -12.36), and Biogen-Idec (BIIB 279.14, -6.67) is also adding downward pressure.

Many of these same stocks struggled on Friday and have been on the defensive for most of the month. Their inability to sustain a rebound effort is a negative for investor sentiment as it suggests the retreat in early April may not have fully run its course. LinkedIn, Yelp, and Twitter all report their quarterly results later this week.

Added weakness in the influential financial sector (-0.7%) is another heavy weight on the broader market.

11:55 am: [BRIEFING.COM] Stocks remain near their recent levels, with momentum names exerting pressure on the broader market. Even though seven of ten sectors continue showing gains, the S&P 500 has narrowed its advance to 0.1%.

The health care sector (+0.3%) was in the lead at the open, but has since retreated from those levels due to weakness in biotechnology (IBB -0.9%). Meanwhile, another defensive group, consumer staples (+1.1%), has assumed the lead.

On the downside, consumer discretionary (-0.4%) and financials (-0.6%) lag. Bank of America (BAC 15.16, -0.79) continues to be a drag on the financial sector after announcing an adjustment to its estimated regulatory capital ratios.

11:30 am: [BRIEFING.COM] Equity indices have retreated from their recent levels, with the Russell 2000 (-0.7%) sliding to a fresh session low. The recent weakness in small caps has pressured the Nasdaq back to its flat line, while the Dow (+0.4%) and S&P 500 (+0.2%) continue holding gains.

Although most large cap names remain relatively strong, the underperformance of small caps has become a bit more pronounced, which is weighing on the broader market. The top Nasdaq component, Apple (AAPL 592.02, +20.08), sports a solid gain of 3.5%, but momentum names like Amazon.com (AMZN 293.50, -10.33), Facebook (FB 56.10, -1.61), and LinkedIn (LNKD 149.86, -8.31) are down between 3.0% and 5.5%.

Also of note, the biotech space represents an area of increased volatility once again as the iShares Nasdaq Biotechnology ETF (IBB 223.39, -0.57) attempts to stay above its 200-day moving average (221.55).

10:55 am: [BRIEFING.COM] The Dow (+0.7%) and S&P 500 (+0.5%) trade near their best levels of the session, while the Russell 2000 (unch) has retreated from its best level of the day.

The underperformance of the Russell indicates the presence of some caution with regard to small caps. However, the relative weakness has not had an impact on the broader market thus far as blue chips remain strong. Within the price-weighted Dow Jones, there are only six names trading lower, while 24 display gains. The second-largest Dow component, IBM (IBM 193.62, +3.99), trades higher by 2.1%, while Pfizer (PFE 32.24, +1.49) has extended its advance to 4.8%.

On the downside, Goldman Sachs (GS 156.75, -1.49) is the weakest Dow component, trading lower by 1.0%.

10:35 am: [BRIEFING.COM]

Gold and silver futures sold off this morning, despite weakness in the dollar index, and both just hit new lows for the day
In current trade, June gold is -0.6% at $1292.80/oz and May silver is -1% at $19.50/oz
Crude oil rose as high as $101.52/barrel in overnight trade, but has been sliding lower ever since. June crude is now +0.1% at $100.72/barrel
Natural gas staged a small rally this morning, pushing the May contract to as high as $4.78/MMBtu.
It's now just under that high, currently +2.2% at $4.76/MMBtu
May copper is modestly weak this morning and is currently -0.2% at $3.07/lb.

10:00 am: [BRIEFING.COM] The major averages have returned to their highs after the Nasdaq made a brief appearance in the red.

Just released, pending home sales for March rose 3.4%, which was better than the 1.0% increase forecast by the Briefing.com consensus. Today's reading followed last month's revised decrease of 0.5% (from -0.8%).

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate, but the Nasdaq has reversed from its early high due to weakness in momentum names. The S&P 500, meanwhile, trades higher by 0.2% with six groups in the green.

The health care sector (+0.6%) is showing early strength following the pair of M&A related headlines. Most notably, Pfizer (PFE 31.60, +0.85) trades up 2.8% after confirming its interest in AstraZeneca (AZN 79.61, +10.95).

Outside of health care, technology (+0.3%) is also displaying strength, while the financial sector (-0.4%) is an early laggard as Bank of America (BAC 15.14, -0.81) trades lower by 5.1% after announcing an adjustment to its estimated regulatory capital ratios. As a result, the company will suspend its buyback and submit a new capital plan to the Fed.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +7.90. Nasdaq futures vs fair value: +16.20. The stock market is on track for an upbeat start to the session as futures on the S&P 500 trade eight points above fair value.

Participants have received a set of quarterly reports today, but none of the releases came from market-moving companies. Earnings will continue flowing in after today's closing bell, with more than 50 companies on the schedule.

Also of note, M&A activity has been in focus this morning as Forest Laboratories (FRX 91.65, +1.81) has agreed to acquire Furiex Pharmaceuticals (FURX 103.10, +22.95) for $1.1 billion, and Pfizer (PFE 31.54, +0.79) confirmed its interest in AstraZeneca (AZN 79.43, +10.77).

With futures showing strength, Treasuries are on the defensive. The benchmark 10-yr note is higher by almost two basis point at 2.68%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +9.50. The S&P 500 futures trade six points above fair value.

The major Asian markets ended mostly lower, with China's Shanghai Composite (-1.6%) posting the largest loss. Regional economic data was limited. Hong Kong's trade deficit narrowed to HKD50.40 billion from HKD53.70 billion (expected deficit of HKD42.90 billion) as exports rose 3.4% (consensus -1.1%, prior -1.3%) and imports increased 3.2% (expected -2.4%, previous 6.8%). Japan's Retail Sales rose an in-line 11.0% (prior 3.6%), which marked the sharpest increase since March 1997 and reflected strong demand for goods ahead of the sales tax increase that went into effect on April 1.

Japan's Nikkei (-1.0%) was pressured by exporters. Honda Motor and Suzuki Motor lost 4.5% and 3.5%, respectively. Yahoo Japan also lagged, falling 6.2%.
Hong Kong's Hang Seng (-0.4%) retreated amid weakness in property names. China Overseas Land and Hang Lung Properties both lost near 3.0%. Energy names displayed strength, with CNOOC and PetroChina climbing 1.1% and 1.7%, respectively.
China's Shanghai Composite (-1.6%) retreated throughout the session. Health care names lagged, with Wuhan Jianmin and Zhejiang Huahai both down the limit, 10.0%.

Major European indices hold gains across the board following the release of just two data points. Germany's Import Price Index fell 0.6% month-over-month (expected -0.2%, prior -0.1%) and Italy's Consumer Confidence jumped to 105.4 from 101.9 (consensus 101.5).

Among news of note, reports out of Ukraine indicate the pro-Russian mayor of Kharkiv, Gennady Kernes, is undergoing an operation after being shot.

Great Britain's FTSE is higher by 0.1%. AstraZeneca leads with a gain of 16.0% after Pfizer confirmed its interest in the company. Miners Glencore Xstrata and Rio Tinto lag, down 1.2% and 2.0%, respectively.
In France, the CAC trades up 0.1% with drug maker Sanofi in the lead. The stock trades higher by 2.3%. Utilities Electricite de France and GDF Suez underperform with respective losses of 1.5% and 0.5%.
Germany's DAX sports an advance of 0.2%. Health care names Bayer and Merck outperform with gains of 4.6% and 0.7%, respectively. Siemens is the weakest component, down 1.9%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +16.20. U.S. equity futures remain near their best levels of pre-market action with one hour to go before the start of a trading week, which will be relatively busy with April nonfarm payrolls and the latest Fed policy meeting on the schedule. In addition, participants will get a first look at Q1 GDP.

Today, investors received a set of quarterly earnings, but the reports have not been generating a market-wide reaction. Also of note, M&A activity has been in the headlines as Forest Laboratories (FRX 89.84, 0.00) agreed to acquire Furiex Pharmaceuticals (FURX 102.11, +21.96) for $1.1 billion.

Elsewhere, AstraZeneca (AZN 79.72, +11.06) holds a pre-market gain of 16.1% after Pfizer (PFE 31.55, +0.80) confirmed its interest in the company.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +9.70. Nasdaq futures vs fair value: +19.00. U.S. equity futures hold modest gains amid upbeat action overseas. The S&P 500 futures trade ten points above fair value.

Reviewing overnight developments:

Asian markets ended lower. Hong Kong's Hang Seng -0.4%, Japan's Nikkei -1.0%, and China's Shanghai Composite -1.6%.
In economic data:
Japan's Retail Sales rose 11.0%, as expected (prior 3.6%).
Hong Kong's trade deficit narrowed to HKD50.40 billion from HKD53.70 billion (expected deficit of HKD42.90 billion) as exports rose 3.4% (consensus -1.1%, prior -1.3%) and imports increased 3.2% (expected -2.4%, previous 6.8%).
In news:
The 11.0% rise in Japan's March Retail Sales marked the sharpest increase since March 1997 and reflected strong demand for goods ahead of the sales tax increase that went into effect on April 1.
Major European indices hold gains across the board. Great Britain's FTSE +0.3%, France's CAC +0.5%, and Germany's DAX +0.8%. Elsewhere, Italy's MIB +0.6% and Spain's IBEX +0.5%.
Economic data was limited:
Germany's Import Price Index fell 0.6% month-over-month (expected -0.2%, prior -0.1%).
Italy's Consumer Confidence jumped to 105.4 from 101.9 (consensus 101.5).
Among news of note:
Reports out of Ukraine indicate the pro-Russian mayor of Kharkiv, Gennady Kernes, is undergoing an operation after being shot.

In U.S. corporate news:

Changyou.com (CYOU 26.00, -0.65): -2.4% following its bottom-line miss.
Corning (GLW 21.20, +0.46): +2.2% after beating on earnings and revenue.
Furiex Pharmaceuticals (FURX 103.00, +22.85): +28.5% after agreeing to be acquired by Forest Laboratories (FRX 89.84, 0.00) for $95/share.
National Oilwell Varco (NOV 82.86, -0.61): -0.7% despite beating earnings estimates by one cent.
Pfizer (PFE 31.25, +0.50): +1.6% after confirming it has submitted a merger proposal to AstraZeneca (AZN 80.27, +11.61).
Sohu.com (SOHU 55.00, -3.00): -5.2% following its earnings miss.

The Pending Home Sales report for March will be released at 10:00 ET.

6:47 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +16.00.

6:47 am: [BRIEFING.COM] Nikkei...14288.23...-141.00...-1.00%. Hang Seng...22132.53...-91.00...-0.40%.

6:47 am: [BRIEFING.COM] FTSE...6705.18...+19.70...+0.30%. DAX...9465.35...+63.80...+0.70%.

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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