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 Post subject: April 29th Tuesday Trade Results - Profit $2350.00
PostPosted: Wed Apr 30, 2014 1:17 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 @ $1,100.00 dollars or +11.00 points, Emini ES ($ES_F) futures @ $1,250.00 dollars or +25.00 points, Light Crude Oil CL ($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 @ $2,350.00 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=1781

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.

Buy, Buy Tuesday! The Market Win Streak Continues

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

NEW YORK
Call it a case of the Tuesdays. Wall Street notched a seventh consecutive positive Tuesday as investors cheered upbeat earnings and gobbled up shares of beaten-down Internet stocks.

The Dow Jones industrial average and S&P 500 ended solidly higher, while the Nasdaq finished up 0.72%. U.S. stocks ended mostly higher on Monday after a roller coaster day.

April has been a tough month overall, with the Nasdaq taking a sharp dive as investors soured on many tech and bio tech stocks. The S&P and Dow are up for the month, but only barely.

Despite rocky trading in recent week, the Tuesday win streak has held. The S&P 500 has returned around 9% year-to-date on Tuesdays, rallying on all but two Tuesdays in 2014, according to David Lutz, managing director at Stifel Nicolaus.

Whether or not this week's rally continues will depend upon the Federal Reserve, which is set to wrap up a two-day policy meeting on Wednesday. The central bank is likely to dial back its bond buying program by another $10 billion in a bid to wean Wall Street off its easy money policies. One strategist said it was a good sign that investors are taking the end of quantitative easing in stride.

"I find it encouraging that despite this shift away from QE, markets are close to unchanged on the year. This has been no small feat," Peter Kenny, CEO of financial technology firm The Clear Pool Group, wrote in a note to clients.

Investors bid up shares of social media companies today, many of which had been hammered in recent weeks amid valuation concerns.

Twitter (TWTR) soared almost 5% during regular trading, but that rally may have been premature. After the bell, the micro blogging company retreated 7% on disappointing guidance. The cautious outlook overshadowed stronger than expected adjusted earnings and revenue.

"$TWTR - Just a thought, but buying a battered stock with high expectations into earnings? Nah. I'm not doing that," said StockTwits user andrethesmith.

Other Internet stocks that enjoyed a bounce included LinkedIn (LNKD), Facebook (FB, Fortune 500) and Weibo (WB), China's version of Twitter. Earnings from e-commerce giant eBay (EBAY, Fortune 500) are also came in after the closing bell. EBay largely beat estimates, although its stock was also down slightly in after hours trading.

When it comes to so-called momentum stocks, investors want to see huge wins, not just modest victories.

Corporate earnings reports continue to roll in for many industries. Sprint (S, Fortune 500) popped 11% as investors cheered a narrower than expected loss and strong sales.

Shares of BP (BP) nudged over 2% higher after the oil and gas firm hiked its dividend. But Coach (COH) dropped 9% after the luxury handbag company reported weaker sales, even as it beat on profits. One trader said that Coach continues to face pressure from rivals Michael Kors (KORS) and Kate Spade (KATE).

"$COH tanking sales blamed on competition from $KORS & $KATE. Perhaps, but may also reflect weakness of mass-affluent discretionary spending," said StockTwits user mohannadaama.

Related: Coach is going out of fashion

Herbalife (HLF) enjoyed a 2% bump after logging stronger than expected profits and sales and announcing plans to scrap its dividend in favor of more stock buybacks. The company is the subject of several government investigations into its business practices.

Related: Herbalife profits continue to surprise

Shares of Nokia (NOK) rose 6% after the tech company announced a new CEO and plans to spend billions on dividends and share buybacks. Nokia has just finalized the sale of its handset division to Microsoft (MSFT, Fortune 500), allowing it to focus on its networks business.

*Video: In-flight Wi-Fi stock Gogo loses altitude

Inflight Internet provider Gogo (GOGO) tumbled nearly 30% after AT&T (T, Fortune 500) revealed plans to launch a competing service for airplane Wifi.

"$GOGO If u own Gogo only decision today is whether to take a Valium or Xanax as day progresses," StockTwits user MYBOYFRESH said.

European markets closed more than 1% higher. Russian stocks rose and the ruble firmed against the dollar as investors shrugged off the latest round of U.S. and EU sanctions imposed this week over the crisis in Ukraine. The sanctions weren't as severe as expected.

The British pound pushed higher, trading at its highest level against the U.S. dollar since August 2009, as GDP data showed U.K. growth accelerated to 0.8% in the first quarter.

Asian markets closed mixed. The two major indexes in China logged gains, while Japan's Nikkei declined by 1%.

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4:10 pm: [BRIEFING.COM] The stock market rallied on Tuesday, with the S&P 500 (+0.5%) posting its second consecutive gain as eight sectors ended in the green. Momentum names, meanwhile, rebounded from yesterday's relative weakness, which allowed the Nasdaq Composite (+0.7%) to finish ahead of the benchmark index.

Equity indices began the session on an upbeat note, slowly building on their early gains throughout the afternoon. The energy sector (+0.4%) powered the opening advance thanks to better than expected earnings from BP (BP 50.29, +1.25) and Valero Energy (VLO 56.84, -1.13). BP surged 2.6%, while Valero displayed early strength, but spent the session in a steady retreat from its opening high, which mirrored the price action of the entire sector.

The solid early gain in the energy sector kept the S&P 500 in the green during the first hour of action, while the Nasdaq briefly dipped into the red. The short-lived weakness in the tech-heavy index resulted from the underperformance of top-weighted components, but those names were able to rebound. For its part, the broader technology sector advanced 0.7%, finishing only behind the financial sector (+1.0%).

The economically-sensitive financial sector drew strength from a slew of top components, with Bank of America (BAC 15.24, +0.29) leading the charge. The stock gained 1.9% following yesterday's 6.3% loss. International financials had an even better showing, with Deutsche Bank (DB 44.45, +0.88) gaining 2.0% after reporting above-consensus results. Also of note, Standard & Poor's lowered the ratings of 15 European banks-including Deutsche Bank-to 'Negative' from 'Stable,' but the stock saw little reaction to the news.

In addition to receiving support from two of its largest sectors, the market was also underpinned by the health care space (+0.6%), where Dow component Merck (MRK 58.72, +2.04) rallied 3.6% in reaction to its bottom-line beat. Biotechnology, meanwhile, played along today as the iShares Nasdaq Biotechnology ETF (IBB 229.09, +6.03) gained 2.7%.

On the downside, consumer staples (-0.4%) and utilities (-0.4%) posted modest losses, with the utilities sector narrowing its 2014 gain to 13.4%.

Treasuries finished the session with slim gains, punctuating their session-long retreat from overnight lows. As a result, the benchmark 10-yr yield slipped one basis point to 2.69%.

Participation was essentially in line with average as 724 million shares changed hands at the NYSE floor.

Today's economic data featured two reports:
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Consumer confidence hits its 2nd highest point since 2008 Market Realist

The Conference Board's Consumer Confidence Index fell to 82.3 in April from an upwardly revised 83.9 (from 82.3) in March. The Briefing.com consensus pegged the Consumer Confidence Index at 83.5. The Present Situation Index fell to 78.3 in April from 82.5 in March. The Expectations Index increased slightly, from 84.8 in March to 84.9 in April. The overall decline in confidence was a little unusual. Typically, confidence levels trend with employment conditions, equity prices, gasoline costs, and media reports. Extremely low layoff levels coupled with a generally rising stock market in April resulted in a large increase in the University of Michigan Consumer Sentiment Index. Those factors were expected, yet they failed to push the Consumer Confidence Index higher.
The Case-Shiller 20-city Home Price Index for February rose 13.2% while a 13.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 13.2%.

Tomorrow, the weekly MBA Mortgage Applications Index will be released at 7:00 ET and the ADP Employment Change for April (Briefing.com consensus 215,000) will be announced at 8:15 ET. The advance reading of Q1 GDP (Briefing.com consensus 1.0%) will be released at 8:30 ET, while the Chicago PMI report (consensus 56.5) for April will cross the wires at 9:45 ET. Finally, the Federal Open Market Committee will release its latest policy directive at 14:00 ET.

S&P 500 +1.6% YTD
Dow Jones Industrial Average -0.3% YTD
Nasdaq Composite -1.8% YTD
Russell 2000 -3.6% YTD

3:30 pm: [BRIEFING.COM]

June gold chopped around slightly below the unchanged level for most of today's floor trade as the dollar index traded higher. The FOMC began a two-day meeting on rates and policy and will issue a rate decision tomorrow. The yellow metal lifted from its session low of $1289.20 per ounce set in early morning action and peaked at a session high of $1302.00 per ounce. It eventually settled at $1296.20 per ounce, or 0.2% lower.
July silver spent its entire pit session in the red, trading as low as $19.36 per ounce. It settled with a 0.4% loss at $19.54 per ounce, slightly below its session high of $19.57 per ounce.
June crude oil extended yesterday's gains, advancing as high as $102.25 per barrel. Prices pulled back in late morning action and brushed a session low of $100.87 per barrel. The energy component eventually settled with a 0.4% gain at $101.27 per barrel.
June natural gas climbed into positive territory after touching a session low of $4.76 per MMbtu in morning action. It brushed a session high of $4.85 per MMBtu and settled with a 0.8% gain at $4.83 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% with one hour remaining in the session.

Market participants received a solid batch of earnings since yesterday's closing bell, and that pace will not be interrupted for several more sessions. Investors will receive more than 100 quarterly reports this evening, while more than 75 companies will report ahead of tomorrow's open.

This evening, the market will hear from the likes of eBay (EBAY 54.25, +0.61), Seagate (STX 53.70, +1.10), C.H. Robinson (CHRW 55.95, -0.54), and Twitter (TWTR 43.22, +2.50), while tomorrow's earnings will be headlined by Philips 66 (PSX 83.62, -0.43), WellPoint (WLP 95.38, +0.42), and Time Warner (TWX 64.72, -0.36).

2:30 pm: [BRIEFING.COM] Equity indices continue hovering near their best levels of the session, with the Nasdaq trading higher by 0.8%.

This morning, participants received two economic reports, but neither has generated a strong reaction in the market. Things may be a bit different tomorrow with a full slate of reports on the schedule.

The weekly MBA Mortgage Applications Index will kick things off at 7:00 ET, and the ADP Employment Change for April (Briefing.com consensus 215,000) will be announced at 8:15 ET. The advance reading of Q1 GDP (Briefing.com consensus 1.0%) will be released at 8:30 ET, while the Chicago PMI report (consensus 56.5) for April will cross the wires at 9:45 ET.

Lastly, the Federal Open Market Committee will release its latest policy directive at 14:00 ET, which is expected to call for another $10 billion reduction to the Fed's monthly asset purchases.

2:00 pm: [BRIEFING.COM] Not much change has taken place since our last update as the S&P 500 continues trading inside of a three-point range that has been in effect since 11:30 ET.

The energy sector (+0.8%) has surrendered its lead to financials (+0.9%) and technology (+0.9%), while consumer discretionary (+0.4%) and industrials (+0.3%) continue underperforming.

The industrial sector has been unable to keep up with the broader market due to the relative weakness of General Electric (GE 26.68, -0.10). Although the stock holds a loss of just 0.3%, that is enough to pressure the sector, considering GE is the largest component.

1:30 pm: [BRIEFING.COM] Quiet afternoon action continues, with the S&P 500 trading higher by 0.5%.

With one more trading day left in April, the benchmark index is on track to end the month with a slim gain of 0.3% after dipping as much as 3.0% below its March closing level of 1872.34. Meanwhile, individual sectors are likely to end the month in mixed fashion as five groups hold April gains, while the other five display losses.

Today's leading group, energy (+0.9%), is also the strongest sector of the month as it holds a month-to-date gain of 5.6%. The utilities sector currently occupies the second place with an April gain of 3.8% that has extended its year-to-date advance to 13.2%.

On the downside, consumer discretionary and financials have endured some selling pressure this month and the two groups are on pace to end with April losses close to 2.0% apiece.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover just below their best levels of the session, with the Nasdaq Composite (+0.8%) trading a bit ahead of its peers.

Even though the Nasdaq outperforms at this juncture, the index lagged in the morning, making a brief appearance in the red. The early weakness was brought on by losses among top-weighted index components, but the overall strength of the technology sector (+0.8%) has overshadowed the shaky start.

Similar to the technology sector, biotechnology is an area of strength today, with the iShares Nasdaq Biotechnology ETF (IBB 229.52, +6.46) trading higher by 2.9%. Meanwhile, the broader health care sector is keeping pace with the S&P 500. The sector has received a measure of support from Dow component Merck (MRK 58.31, +1.63), which trades higher by 2.9% after beating bottom-line estimates on below-consensus revenue.

Elsewhere, the other two top-weighted sectors trade mixed with respect to the broader market. The financial sector (+0.9%) outperforms, thanks to solid gains in some of the most influential listings, while the consumer discretionary space (+0.5%) lags. Homebuilders have played a part in keeping the sector from catching up to the broader market as the iShares Dow Jones US Home Construction ETF (ITB 23.35, 0.00) trades flat.

On the downside, only two sectors hover in the red and their losses have been held in check. The consumer staples sector is lower by 0.2%, while the utilities space trades down 0.7%, narrowing its 2014 gain to 13.2%.

Treasuries are little changed after erasing their overnight losses, with the benchmark 10-yr yield pegged at 2.70%.

Today's economic data featured two reports:

The Conference Board's Consumer Confidence Index fell to 82.3 in April from an upwardly revised 83.9 (from 82.3) in March. The Briefing.com consensus pegged the Consumer Confidence Index at 83.5. The Present Situation Index fell to 78.3 in April from 82.5 in March. The Expectations Index increased slightly, from 84.8 in March to 84.9 in April. The overall decline in confidence was a little unusual. Typically, confidence levels trend with employment conditions, equity prices, gasoline costs, and media reports. Extremely low layoff levels coupled with a generally rising stock market in April resulted in a large increase in the University of Michigan Consumer Sentiment Index. Those factors were expected, yet they failed to push the Consumer Confidence Index higher.
The Case-Shiller 20-city Home Price Index for February rose 13.2% while a 13.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 13.2%.

12:30 pm: [BRIEFING.COM] We hesitate to say things are stable in light of yesterday's volatility and the earlier reversal in the Nasdaq, which coughed up a 27-point gain, but the major indices are holding near their best levels of the day on a pickup in volume.

Buying interest is fairly broad-based at this juncture. Advancers are outlegging decliners at the NYSE by better than a 3-to-2 margin and they lead at the Nasdaq by roughly a 7-to-5 margin. Separately, the only weak sectors in the S&P 500 at the moment (and they aren't that weak) are the defensive-oriented utilities (-0.5%) and consumer staples (-0.2%) sectors.

Tomorrow is of course the last day of the month, so the potential for some added volatility can't be dismissed with month-end positioning factoring into things and the proverbial "sell in May and go away" aphorism making the seasonal rounds.

For now, though, things are looking up as the Dow Jones Industrial Average is levitating just below an all-time closing high level (16576.66 is the number to beat).

11:55 am: [BRIEFING.COM] Equity indices continue hovering inside relatively narrow ranges, with the Dow Jones Industrial Average (+0.6%) in the lead.

The price-weighted index trades a bit ahead of its peers as 22 of its 30 components display gains. Of the 22, seven components sport gains of 1.0% or more, while only one index member-Pfizer (PFE 31.56, -0.48)-holds a loss larger than 1.0%. The health care component trades lower by 1.5%.

On the upside, the largest Dow member, Visa (V 203.10, +1.68), trades higher by 0.8%, while Chevron (CVX 129.08, +1.35) and ExxonMobil (XOM 102.14, +0.97) are both up near 1.0%. Fittingly, Chevron and ExxonMobil represent today's strongest sector-energy (+1.2%).

11:30 am: [BRIEFING.COM] The S&P 500 trades higher by 0.3%, which puts the benchmark index in the lower half of today's seven-point range.

In our last update, we pointed out the relative strength of the health care and technology sectors; however, health care (+0.1%) has since slipped behind the broader market, while technology (+0.4%) continues showing relative strength. Other top-weighted groups also trade mixed with respect to the S&P 500 as financials (+0.5%) outperform, while consumer discretionary (unch) and industrials (-0.1%) lag.

Also of note, Treasuries have erased their overnight losses after climbing steadily off their lows. The benchmark 10-yr yield is currently unchanged at 2.70%.

11:00 am: [BRIEFING.COM] The major averages trade not far below their best levels of the session, but their current standing masks the fact the Nasdaq (+0.4%) has made a brief appearance in the red during the past hour.

The short-lived appearance in negative territory came about amid weakness in a handful of large components. Apple (AAPL 592.62, -1.47), Amazon.com (AMZN 295.00, -1.58), and Microsoft (MSFT 40.61, -0.26) continue holding losses between 0.2% and 0.6%, but the three have climbed off their lows.

Elsewhere, the S&P 500 (+0.4%) remains underpinned by the relative strength of health care (+0.4%), financials (+0.7%), and technology (+0.5%) sectors; however, another large group-consumer discretionary (+0.1%)-lags.

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning, while the dollar index is up 0.1% at 79.75
June crude oil rallied just after floor trading began and rose as high as $102.20/barrel. Crude is currently +1.2% at $102.02/barrel
Copper futures have been slowly sliding lower and back near its current low for the day. June copper is now -0.06% at $3.08/lb.
Gold and silver have been recovering off of the current lows for the day, but remain in the red
June gold is more flat and is currently -0.03% at $1298.60/oz, while May silver is -0.6% at $19.47/oz.
Natural gas is whippy this morning. The June contract is currently +0.3% at $4.81/MMBtu.

10:00 am: [BRIEFING.COM] The S&P 500 (+0.4%) trades near its session high that was established within the past 15 minutes.

Just released, the consumer confidence reading for April came in at 82.3, while economists polled by Briefing.com expected the survey to come in at 83.6. This followed the prior month's revised reading of 83.9 (from 82.3).

9:40 am: [BRIEFING.COM] Equity indices began the day on an upbeat note with yesterday's laggards providing the early lead. The Russell 2000 trades higher by 0.7%, while the S&P 500 sports an advance of 0.4% with nine sectors showing gains.

The energy space (+1.0%) is an early leader thanks to earnings-driven strength in the likes of BP (BP 50.12, +1.08) and Valero Energy (VLO 58.81, +0.84). Also of note, crude oil trades up 1.2% at $102.02/bbl.

Outside of energy, influential sectors like financials (+0.7%) and technology (+0.5%) have provided support in the early going.

The Consumer Confidence survey for April (consensus 83.6) will be reported at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +13.00. The stock market is expected to begin today's session on a modestly higher note as futures on the S&P 500 trade eight points above fair value. Although futures indicate a higher start, they have actually retreated from their best levels that were reached about two hours ago.

Participants received a heavy dose of quarterly earnings since yesterday's closing bell, and once again, most results have surpassed expectations. Notably, Dow component Merck (MRK 57.30, +0.62) is expected to provide a measure of support to the health care sector. In the energy sector, Valero Energy (VLO 59.00, +1.03) beat estimates, while LyondellBasell (LYB 89.65, -1.09) reported below-consensus results.

Treasuries have spent the night in negative territory, but have recently cut their losses in half. The benchmark 10-yr yield hovers right below 2.72%.

The Consumer Confidence survey for April (consensus 83.6) will be reported at 10:00 ET.

9:01 am: [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +11.00. The S&P 500 futures trade eight points above fair value.

The Case-Shiller 20-city Home Price Index for February rose 12.9%, while a 13.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 13.2%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +16.20. The S&P 500 futures trade nine points above fair value.

Most major Asian indices ended higher, while Japan's Nikkei was closed for Showa Day. Also of note, South Korea's Samsung reported above-consensus earnings for the first quarter, but the stock did not rally as operating profits saw the second consecutive decline and the company guided for no change in capital expenditure spending in 2014.

In economic data, New Zealand's trade surplus expanded to NZD920 million from NZD793 million (expected surplus of NZD937 million) as imports increased NZD4.16 billion (expected NZD4.10 billion, prior NZD3.74 billion) and exports rose NZD5.08 billion (consensus NZD4.98 billion, NZD4.53 billion). South Korea's Current Account surplus narrowed to $6.65 billion from $7.54 billion.

Japan's Nikkei was closed.
Hong Kong's Hang Seng gained 1.5%, rallying into the close as telecom and property names provided support. China Mobile, Hang Lung Properties, and Sino Land all gained between 3.6% and 4.6%.
China's Shanghai Composite added 0.8%, settling on its session high. Shanghai Industrial Development and Xinjiang Urban Construction both surged the limit, 10.0%.

Major European indices trade higher across the board after the release of a full slate of economic data. Eurozone Consumer Confidence ticked up to -9.0 from -9.3, as expected. Separately, Business and Consumer Survey slipped to 102.0 from 102.5 (expected 103.0) and Industrial Sentiment fell to -4.0 from -3.3 (consensus -3.3). Also of note, M3 Money Supply rose 1.1% year-over-year (expected 1.4%, prior 1.3%) and Private Loans fell 2.2% year-over-year (consensus -2.1%, previous -2.2%). Germany's CPI fell 0.2% month-over-month (expected -0.1%, prior 0.3%), while the year-over-year reading increased 1.3% (consensus 1.4%, previous 1.0%). Great Britain's GDP rose 0.8% quarter-over-quarter (expected 0.9%, previous 0.7%), while the year-over-year reading increased 3.1% (consensus 3.2%, prior 2.7%). French Consumer Confidence fell to 85 from 88 (expected 88). Italian Retail Sales slipped 0.2% month-over-month (consensus 0.4%, previous 0.0%), while Business Confidence improved to 99.9 from 99.3 (expected 99.5). Spain's Unemployment Rate increased to 25.93% from 25.73% (consensus 25.85%).

France's CAC is higher by 0.6%. Orange leads with a gain of 4.3% after showing an improvement in its cost structure. Consumer names lag, with L'Oreal down 1.5%.
Great Britain's FTSE trades up 0.9% with Shire in the lead. The drug maker is higher by 5.7% amid reports Allergan is looking into bidding for the company. Miners are among the laggards with Antofagasta, Fresnillo, and Randgold Resources down between 1.0% and 2.4%.
Germany's DAX holds an advance of 1.1%. Financials outperform as Commerzbank and Deutsche Bank sport respective gains of 2.8% and 2.3% after Deutsche Bank reported better than expected results.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +17.50. U.S. equity futures trade near their pre-market highs amid upbeat action in Europe. The S&P 500 futures hover nine points above fair value.

Reviewing overnight developments:

Asian markets ended higher. China's Shanghai Composite +0.8%, Hong Kong's Hang Seng +1.5%, and Japan's Nikkei was closed for Showa Day.
In economic data:
New Zealand's trade surplus expanded to NZD920 million from NZD793 million (expected surplus of NZD937 million) as imports increased NZD4.16 billion (expected NZD4.10 billion, prior NZD3.74 billion) and exports rose NZD5.08 billion (consensus NZD4.98 billion, NZD4.53 billion).
South Korea's Current Account surplus narrowed to $6.65 billion from $7.54 billion.
In news:
South Korea's Samsung reported earnings for the first quarter, beating analyst estimates; however, the stock did not rally as operating profits saw the second consecutive decline and the company guided for no change in capital expenditure spending in 2014.

Major European indices trade higher across the board. France's CAC +0.4%, Great Britain's FTSE +0.7%, and Germany's DAX +1.1%. Elsewhere, Italy's MIB +1.6% and Spain's IBEX +0.9%.
Participants received several data points:
Eurozone Consumer Confidence ticked up to -9.0 from -9.3, as expected. Separately, Business and Consumer Survey slipped to 102.0 from 102.5 (expected 103.0) and Industrial Sentiment fell to -4.0 from -3.3 (consensus -3.3). Also of note, M3 Money Supply rose 1.1% year-over-year (expected 1.4%, prior 1.3%) and Private Loans fell 2.2% year-over-year (consensus -2.1%, previous -2.2%).
Great Britain's GDP rose 0.8% quarter-over-quarter (expected 0.9%, previous 0.7%), while the year-over-year reading increased 3.1% (consensus 3.2%, prior 2.7%).
French Consumer Confidence fell to 85 from 88 (expected 88).
Italian Retail Sales slipped 0.2% month-over-month (consensus 0.4%, previous 0.0%), while Business Confidence improved to 99.9 from 99.3 (expected 99.5).
Spain's Unemployment Rate increased to 25.93% from 25.73% (consensus 25.85%).
Among news of note:
Russian troops that were massed on the Ukrainian border have returned to their base.

In U.S. corporate news:

Archer Daniels Midland (ADM 44.19, -0.19): -0.4% after missing revenue estimates.
Buffalo Wild Wings (BWLD 141.00, +7.61): +5.7% after beating on earnings and revenue.
BP (BP 49.68, +0.64): +1.3% after reporting above-consensus results.
Coach (COH 48.10, -2.32): -4.6% following its revenue miss on above-consensus earnings. Notably, comparable store sales in North America declined 21%
Merck (MRK 57.50, +0.82): +1.5% following its bottom-line beat on below-consensus revenue.
Sprint (S 7.65, +0.22): +3.0% after beating on earnings and revenue.
STMicroelectronics (STM 9.46, +0.25): +2.7% after beating earnings estimates on below-consensus revenue.

The February 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.

6:31 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +18.50.

6:31 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...22453.89...+321.40...+1.50%.

6:31 am: [BRIEFING.COM] FTSE...6741.49...+41.30...+0.60%. DAX...9537.51...+93.20...+1.00%.

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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