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 Post subject: May 1st Thursday Trade Results - Profit $5550.00
PostPosted: Fri May 02, 2014 12:32 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $5,550.00 dollars or +55.50 points, Emini ES ($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 @ $5,550.00 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=130&t=1783

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=238&t=2329

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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: Nasdaq On 3-Day Rally

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

NEW YORK (CNNMoney)
Will investors sell in May? The jury is still out.

Stocks reached the finish line on Thursday with a mixed picture as investors shrugged at the latest stream of earnings and economic reports. The markets didn't move much as investors seemed to be waiting to see what happens tomorrow when the latest jobs data come out.

The Dow Jones industrial average and S&P 500 closed slightly lower, failing to hit new record highs. The Nasdaq logged modest gains thanks to rebounding social networking stocks. This is the third straight day of gains for the Nasdaq.

While the headline indexes had a dull day, there's been plenty of action in individual stock names as investors try to sort out the truly valuable from the rest.

Related: Top 20 stable stocks to buy now

MasterCard (MA, Fortune 500) rallied about 1% after the card giant logged stronger-than-expected results powered by double-digit volume growth. ExxonMobil (XOM, Fortune 500) flirted with an all-time high as investors cheered the energy giant's big earnings beat and largely overlooked a modest revenue miss.

Shares of Avon (AVP, Fortune 500)Products tumbled more than 10% to the lowest stock value since 2000 as investors fretted about the cosmetic company's big earnings miss amid an 11% drop in revenue. Avon also put to bed a long-running bribery probe by agreeing to pay $135 million in fines to U.S. regulators.

Related: Makeup can't conceal Avon's ugly finances

Sony (SNE) Corp fell over 2% after slashing its profit outlook and projecting a first-quarter loss.

Shares of DirectTV (DTV, Fortune 500) spiked 4% on talk that AT&T (T, Fortune 500)may be making a bid for the satellite TV company. T-Mobile US (TMUS) popped 8% amid renewed speculation of a tie-up with Sprint (S, Fortune 500). T-Mobile, the fourth largest U.S. wireless provider, also said it added 1.3 million subscribers in the first quarter, although that didn't prevent a loss of $151 million.

Confirming recent reports, Ford said CEO Alan Mulally will step down on July and be succeeded by Mark Fields, who has served as chief operating officer since late 2012. Ford (F, Fortune 500) stock closed down over 1% on Thursday.

In other management change ups, KFC and Pizza Hut owner Yum Brands (YUM, Fortune 500) said Taco Bell CEO Greg Creed will replace David Novak in January. Yum stock also closed in the red.

Meanwhile, tech stocks enjoyed a bounce, allowing the Nasdaq to outperform its peers. Investors gobbled up shares of depressed Internet and social media stocks like Yelp (YELP), Pandora Media (P) and SINA (SINA).

The tech stock rally came just before LinkedIn's (LNKD) earnings report at the closing bell. The business social media network beat expectations, although not by enough to satisfy Wall Street. The stock was trading lower after hours.

On the economic front, the Institute for Supply Management's index on U.S. manufacturing climbed above forecasts in April, indicating a pickup in activity.

The Labor Department said initial jobless claims climbed to a nine-week high of 344,000 last week, well ahead of estimates. The government also said consumer spending jumped by a stronger-than-expected 0.9% in March, the fastest pace since August 2009.

But the focus will shift after the closing bell to the government's all important jobs report. Economists predict the U.S. added 210,000 new jobs in April, bringing the unemployment down to 6.6% from 6.7%.

The turn in the calendar to May allows investors the chance to revisit a favorite argument: Does it make sense to sell in May and go away?

The May-to-October period is considered the worst six months for stocks, with the S&P 500 gaining just 1.3% over that period in the past 50 years, compared with 7.1% in the other six months. Analysts have said that poor track word could be exacerbated by the fact that it's a mid-term election year.

"We are confused in May but not going away," Michael Block, chief strategist at Rhino Trading Partners, wrote in a note on Thursday.

Related: Get ready for the summer bummer on Wall Street

Most of the major European markets were closed for a holiday Thursday, but the U.K. exchanges were open. The FTSE 100 closed modestly higher, led by Lloyds Banking Group (LLDTF). The British bank reported first-quarter results that impressed investors.

Most Asian markets were also closed, but Japan and Australia were open for business. Japan's Nikkei index popped up by 1.3%, while Australia's ASX All Ordinaries index dipped by 0.7%.

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4:10 pm: [BRIEFING.COM] The stock market ended on a cautious note after enduring a sloppy session that lacked concerted sector leadership. The S&P 500 settled right below its flat line, while the Russell 2000 lost 0.5% after displaying intraday volatility.

Equities began the first session of May near their flat lines amid the lack of leadership from overseas as most global markets were closed for Labor Day. Despite the quiet open, small caps were active from the get-go as the Russell 2000 retreated as much as 1.1% during the first hour of action. The index halted its slide at the 200-day moving average (1113.73), which has been acting as an area of support since mid-April.

The subsequent reversal took place as fast as the early slide, placing the Russell 2000 ahead of the remaining indices. The late-morning strength began fading into the afternoon, which sent the small-cap index back towards its morning low.

Meanwhile, the S&P 500 spent the bulk of the afternoon within four points of its flat line as individual sectors traded in mixed fashion. Most notably, consumer discretionary (+0.4%) and utilities (+0.3%) outperformed throughout the session, with the utilities sector extending its 2014 advance to 14.0%.

For its part, the discretionary sector was boosted by media names amid reports indicating AT&T (T 35.58, -0.12) approached DirecTV (DTV 80.76, +3.16) about a potential $40 billion acquisition. Momentum names also served as support to the sector as Amazon.com (AMZN 307.89, +3.76), Netflix (NFLX 336.52, +14.48), and Priceline.com (PCLN 1180.60, +22.85) jumped between 1.2% and 4.5%.

Staying on the momentum theme, high-growth names also played a part in the outperformance of the Nasdaq Composite (+0.3%). High-beta listings held up well after Yelp (YELP 64.02, +5.70) reported better than expected earnings and revenue. Another measure of support came from the shares of Facebook (FB 61.15, +1.37), which rallied 2.3% after being added to the U.S. Focus List at Credit Suisse.

Elsewhere, biotechnology climbed, which also contributed to the Nasdaq's relative strength. The iShares Nasdaq Biotechnology ETF (IBB 232.50, +2.25) gained 1.0%, while the broader health care sector ended flat. The third-largest group saw an intraday spike amid reports Pfizer (PFE 31.15, -0.13) may up its bid for AstraZeneca (AZN 81.09, +2.04).

Also of note, the leading sector from April, energy (-0.4%), finished near the bottom of the leaderboard as top component (and Dow member) ExxonMobil (XOM 101.41, -1.00) weighed. The stock lost 1.0% after beating earnings estimates on below-consensus revenue.

On the fixed income side, Treasuries rallied throughout the session, which was a bit perplexing. The benchmark 10-yr yield fell to 2.61%, settling not far above its lowest close of the year (2.58%).

That move was supported in part by the weaker than expected initial claims report, but the interesting thing was that it held up in the wake of the stronger than expected ISM Index and in front of the April employment report on Friday. The continued buying interest in the benchmark note, which has been seen all year, isn't something one would expect to see if there was a strong belief that the economy is getting ready to hit escape velocity.

Participation was a bit below average as 682 million shares changed hands at the NYSE floor.

Looking back at today's data:
Related Stories

InPlay from Briefing.com Briefing.com
Stocks Close Mixed as Economic Data Offset Higher Jobless Claims TheStreet.com
Stock Market News for May 01, 2014 Zacks
Dow, S&P 500 Edge Lower The Wall Street Journal
Dow retreats from record as markets see mixed finish: Stock market live blog recap MarketWatch

The initial claims level increased to 344,000 for the week ending April 26 from an upwardly revised 330,000 (from 329,000) for the week ending April 19. That was the highest initial claims reading since February, while the Briefing.com consensus expected the claims level to fall to 315,000. There were no special factors cited for the increase, but in all likelihood, the recent volatility has resulted from seasonal adjustment issues surrounding the Easter holiday.
Personal income increased 0.5% in March after increasing an upwardly revised 0.4% (from 0.3%) in February. The Briefing.com consensus expected income to increase 0.4%.
Personal spending also topped expectations, increasing 0.9% in March after increasing an upwardly revised 0.5% (from 0.3%) in February.
Core PCE prices increased 1.2% y/y and remain well below the Fed's 2.0% target.
The April Challenger Job Cuts report indicated a 6.0% year-over-year increase to follow the previous decline of 30.2%.
The ISM Manufacturing Index increased to 54.9 in April from 53.7 in March. The Briefing.com consensus expected the ISM Manufacturing Index to increase to 54.5. The gain in the ISM Index was in-line with the improvements reported in the regional Federal Reserve manufacturing surveys released throughout April.
Construction spending increased 0.2% in March after falling a downwardly revised 0.2% (from +0.1%) in February. The Briefing.com consensus expected construction spending to increase 0.4%. The extreme winter weather in January and February did not lead to a release in pent up demand, suggesting the weather effects may have been overstated.

Tomorrow, the Nonfarm Payrolls report for April (Briefing.com consensus 210,000) will be released at 8:30 ET, while March Factory Orders (consensus 1.6%) will be announced at 10:00 ET.

S&P 500 +1.9% YTD
Dow Jones Industrial Average -0.1% YTD
Nasdaq Composite -1.2% YTD
Russell 2000 -3.0% YTD

3:30 pm: [BRIEFING.COM]

June gold traded in negative territory after the FOMC announced yesterday that it would continue its tapering path and reiterated an upbeat outlook for the economic future of the U.S. The yellow metal dipped to a session low of $1277.30 per ounce and eventually settled with a 1.0% loss at $1283.40 per ounce.
July silver also chopped around in the red. It fell as low as $18.86 per ounce, its lowest level since July 2013, and settled with a 0.7% loss at $19.03 per ounce.
June crude oil extended yesterday's losses as the dollar index traded slightly higher. The energy component touched a session low of $98.80 per barrel when pit trade opened and inched higher until late morning action. It brushed a session high of $99.91 per barrel and eventually settled with a 0.3% loss at $99.48 per barrel.
June natural gas fell deeper into negative territory following bearish inventory data. The EIA reported that for the week ending Apr 25, inventories showed a build of 82 bcf when a smaller build of 75-77 bcf was anticipated. It sold-off from a session high of $4.81 per MMBtu and settled at its session low of $4.71 per MMBtu, booking a loss of 2.3%.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session that has been pretty sloppy despite strength in biotechnology and other recently-battered momentum names.

Consumer discretionary (+0.2%) and utilities (+0.4%) continue trading ahead of the remaining sectors, while six groups display losses.

On the downside, industrials (-0.4%) weigh on the broader market due to weakness in the shares of General Electric (GE 26.73, -0.16). Interestingly, transports continue outperforming as the Dow Jones Transportation Average trades higher by 0.6%.

2:30 pm: [BRIEFING.COM] Not much change since our last update as the S&P 500 (-0.1%) hovers right below its flat line. Participants received a heavy dose of economic data today, but the releases have not done much to influence the trading sentiment.

Things may look a bit different tomorrow, with the April Nonfarm Payrolls report scheduled to be released at 8:30 ET. The Briefing.com consensus expects the report to indicate the addition of 210,000 jobs, which would be a bit ahead of the increase of 192,000 that was registered in March.

2:00 pm: [BRIEFING.COM] Equity indices have slipped from their recent levels, with the Russell 2000 (-0.9%) dipping back towards its session low. Meanwhile, the Nasdaq (+0.1%) remains ahead of the other indices, but it too has retreated from its best level of the day.

With the major averages mixed, individual sectors are not showing any concerted leadership. The two best-performing sectors-consumer discretionary (+0.2%) and utilities (+0.4%)-fall on opposite ends of the cyclical/countercyclical spectrum. Furthermore, the two leading sectors occupy polar opposite spots on this year's leaderboard. The utilities sector has extended its year-to-date gain to 14.0%, while the discretionary space has trimmed its 2014 decline to 4.4%.

Elsewhere, Treasuries have continued their climb, pressuring the benchmark 10-yr yield to 2.60%.

1:30 pm: [BRIEFING.COM] The stock market is mixed in early-afternoon trading. Once again, there have been some fits of exasperation (like the Russell 2000 declining as much as 1.1% earlier) and moments of exultation (like the Russell 2000 rallying as much as 1.7% off its intraday low). By and large, though, the stock market has lacked conviction.

Within the S&P 500, there are five sectors up and five sectors down, yet no sector is up or down more than 0.6%. The A/D line at the NYSE favors advancers by a small margin while the A/D line at the Nasdaq favors decliners by a small margin.

One of the more peculiar moves today, though, has occurred outside the stock market. Enter the Treasury market where there has been steady buying interest at the back end of the curve all day. The 10-yr note is up ten ticks, with its yield pushing 2.61%. That move has been supported in part by the weaker than expected initial claims report, but the interesting thing is that it has held up in the wake of the stronger than expected ISM Index and in front of the April employment report on Friday.

The continued buying interest in the benchmark note, which has been seen all year, isn't something one would expect to see if there was a strong belief that the economy is getting ready to hit escape velocity. Something certainly worth keeping a close eye on in coming days and weeks.

1:00 pm: [BRIEFING.COM] The major averages are mixed at midday after showing volatility during the first hour of action. The Dow Jones Industrial Average (-0.03%) and S&P 500 (+0.1%) hover near their flat lines, while the Nasdaq Composite (+0.6%) and Russell 2000 (+0.2%) display gains.

Equity indices began the trading day on a quiet note amid the lack of leadership from foreign markets as most global indices were closed for Labor Day. Despite the subdued start, small caps made some noise during the first hour of action as the Russell 2000 fell in excess of 1.0%. The index was able to halt its slide just above its 200-day moving average (1113.80), with dip-buyers stepping in around a level that has been revisited several times since the middle of April. The Russell 2000 continued its impressive reversal, and now trails only the Nasdaq Composite.

The tech-heavy Nasdaq outperforms amid strength in biotechnology and high-beta names that have lagged as of late. The biotech industry group is near its best levels of the session, with the iShares Nasdaq Biotechnology ETF (IBB 233.02, +2.77) working on its third consecutive advance. The broader health care sector (+0.2%) holds a slim gain, but has retreated from its high that was reached roughly an hour ago. The spike to highs took place amid reports indicating Pfizer (PFE 31.19, -0.09) may raise its bid for AstraZeneca (AZN 81.46, +2.41).

Elsewhere, the technology sector (+0.2%) is among today's outperformers, with high-beta names showing noteworthy strength after Yelp (YELP 65.24, +6.92) beat on earnings and revenue. The sector has also received support from Facebook (FB 61.91, +2.13), which is higher by 3.6% after being added to the U.S. Focus List at Credit Suisse.

Also of note, the discretionary sector (+0.5%) is today's top performer, with DirecTV (DTV 82.00, +4.40) doing some heavy lifting in reaction to chatter indicating AT&T (T 35.50, -0.21) is in discussions over a $40 billion acquisition of DTV.

Strikingly, Treasuries sit on their highs after climbing steadily even as equity indices rallied off their lows. The 10-yr note is higher by ten ticks with its yield down four basis points at 2.61%.

Looking back at today's data:

The initial claims level increased to 344,000 for the week ending April 26 from an upwardly revised 330,000 (from 329,000) for the week ending April 19. That was the highest initial claims reading since February, while the Briefing.com consensus expected the claims level to fall to 315,000. There were no special factors cited for the increase, but in all likelihood, the recent volatility has resulted from seasonal adjustment issues surrounding the Easter holiday.
Personal income increased 0.5% in March after increasing an upwardly revised 0.4% (from 0.3%) in February. The Briefing.com consensus expected income to increase 0.4%.
Personal spending also topped expectations, increasing 0.9% in March after increasing an upwardly revised 0.5% (from 0.3%) in February.
Core PCE prices increased 1.2% y/y and remain well below the Fed's 2.0% target.
The April Challenger Job Cuts report indicated a 6.0% year-over-year increase to follow the previous decline of 30.2%.
The ISM Manufacturing Index increased to 54.9 in April from 53.7 in March. The Briefing.com consensus expected the ISM Manufacturing Index to increase to 54.5. The gain in the ISM Index was in-line with the improvements reported in the regional Federal Reserve manufacturing surveys released throughout April.
Construction spending increased 0.2% in March after falling a downwardly revised 0.2% (from +0.1%) in February. The Briefing.com consensus expected construction spending to increase 0.4%. The extreme winter weather in January and February did not lead to a release in pent up demand, suggesting the weather effects may have been overstated.

12:30 pm: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 continue trading near their recent levels, while the Russell 2000 (+0.7%) sits just below its recently-established high after putting together an impressive reversal.

The small cap index was down in excess of 1.0% during the first 45 minutes of action, but dip buyers showed up in full force, defending the Russell's 200-day moving average (1113.80), which has had magnetic properties since the middle of April. This week alone, the small-cap index has tested its 200-day average on two separate occasions prior to today.

Small caps have maintained their close correlation with biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 233.40, +3.15) also trades just below its session high.

11:55 am: [BRIEFING.COM] Recent action saw a spike to highs in the major indices, with the Dow Jones climbing out of the red. The move higher took place amid inflows into the health care sector (+0.2%) in reaction to reports indicating Pfizer (PFE 31.17, -0.11) may raise its bid for AstraZeneca (AZN 80.70, +1.65). Shares of both companies spiked to new session highs in reaction to the news, but have since retreated from those highs.

Strikingly, the grind off session lows in equities has coincided with a rally in the Treasury market. The 10-yr note is now up ten ticks with its yield down four basis points at 2.61%. The benchmark yield now hovers just three basis points above its year-to-date low of 2.58% that was notched on February 3 when the S&P 500 registered its lowest close of 2014 (1741.89).

11:30 am: [BRIEFING.COM] Equity indices remain mixed as the Nasdaq (+0.6%) holds the lead, while the Dow (-0.1%) lags.

The price-weighted Dow has yet to return to its flat line as 20 of its 30 components hover in the red. Of the 20 decliners, three hold losses of 1.0% or more. The second-largest index component IBM (IBM 194.51, -1.96) and two consumer stocks-Coca-Cola (KO 40.30, -0.49) and McDonald's (MCD 100.38, -1.00)-represent the three weakest components. Also of note, the largest energy component, ExxonMobil (XOM 101.54, -0.87), is lower by 0.9% after reporting a bottom-line beat on revenue that was below analyst expectations.

On the upside, the largest Dow member, Visa (V 206.49, +3.88), is higher by 1.9% after peer MasterCard (MA 75.64, +2.09) reported better than expected results.

10:55 am: [BRIEFING.COM] Equity indices have shown some volatility in the 90 minutes since the start of today's session. Small caps began the day on the defensive and the Russell 2000 (-0.2%) remains in the red at this time. The S&P 500 (+0.1%), meanwhile, hovers right above its flat line after climbing off its session low.

Elsewhere, the Nasdaq Composite (+0.5%) outperforms amid strength in biotechnology and high-growth names. The iShares Nasdaq Biotechnology ETF (IBB 233.27, +3.02) trades up 1.3%, while the broader health care sector is higher by 0.2%.

Also of note, high-beta names like Facebook (FB 61.89, +2.11), FireEye (FEYE 41.95, +2.69), and LinkedIn (LNKD 163.68, +10.21) have drawn strength from Yelp (YELP 66.13, +7.81), which trades higher by 13.4% after beating earnings and revenue estimates. It is worth mentioning Facebook was added to the U.S. Focus List at Credit Suisse, while LinkedIn is scheduled to report its quarterly results after today's closing bell.

10:35 am: [BRIEFING.COM]

Natural gas sold off overnight, falling as low as $4.76/MMBtu. June nat gas recovered some, but remained in the red ahead of inventory data
Following the weekly EIA data, June natural gas dropped to a new low for the day at $4.72/MMBtu and is now -1.3% at $4.75/MMBtu.
Crude oil slid lower early in the overnight session and fell as low as $98.74/barrel. Crude is now -0.5% at $99.20/barrel
Gold and silver have been in the red all morning
June gold is currently -1.1% at $1281.70/oz, while July silver is -1.2% at $18.95/oz.
June copper is largely flat this morning.. Copper is currently -0.03% at $3.03/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.2%.

March construction spending increased 0.2% month-over-month, while the Briefing.com consensus expected an increase of 0.4%. The February reading was revised down to -0.2% (from +0.1%).

Separately, the ISM Index for April rose to 54.9 from 53.7, while the Briefing.com consensus expected the reading to improve to 54.5.

9:45 am: [BRIEFING.COM] The S&P 500 began the session right above its flat line, but was unable to stay above that level through the initial minutes as small caps pulled the benchmark index into the red. The S&P 500 has returned to its flat line, while the Russell 2000 (-0.4%) continues to lag.

Six of ten sectors display early losses between 0.1% (financials) and 0.3% (consumer staples and materials), while two heavily-weighted sectors-consumer discretionary (+0.3%) and technology (+0.2%)-showed relative strength out of the gate. Also of note, the industrial sector trades lower by 0.3%, but Transports outperform notably, with the Dow Jones Transportation Average trading higher by 0.7%. Con-way (CNW 43.83, +1.35) and Kirby (KEX 107.89, +7.27) provide support to the bellwether group after reporting better-than-expected results.

Treasuries are currently flat with the 10-yr yield at 2.65%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +5.50. The stock market is on track to begin today's session on a flat note as futures on the S&P 500 trade right below their unchanged level. Index futures climbed overnight, but now trade near their lows after reversing course early in the morning.

The overnight session was very quiet considering most global markets were closed for Labor Day. In Asia, Japan's Nikkei was an exception, and it rallied 1.3% amid supportive commentary from an adviser to Prime Minister Abe, who discussed the recent sales tax hike, saying more easing will be in order if the impact of the tax hike becomes more pronounced. Over in Europe, things are very quiet with Great Britain's FTSE (+0.3%) representing the only major market open for business.

Turning the focus back to the U.S., participants received some economic data this morning, with two more reports (March Construction Spending and the April ISM Index) on the schedule.

The initial claims level increased to 344,000 for the week ending April 26 from an upwardly revised 330,000 (from 329,000) for the week ending April 19. That was the highest initial claims reading since February, while the Briefing.com consensus expected the claims level to fall to 315,000. Over the past four weeks, the initial claims level has increased steadily by a total of 43,000. Meanwhile, the DOL reported that there were no special factors associated with recent increase in claims. If that was true, then labor conditions have softened notably throughout the month of April. The DOL typically has problems with the seasonal adjustments around holidays that move on the calendar. In this case, the late Easter holiday likely caused undue biases in the claims data. The early reports of 300,000 claims were likely underreporting the true level. Likewise, the current 344,000 is probably overstating the level.

Separately, Personal income increased 0.5% in March after increasing an upwardly revised 0.4% (from 0.3%) in February. The Briefing.com consensus expected income to increase 0.4%. Personal spending also topped expectations, increasing 0.9% in March after increasing an upwardly revised 0.5% (from 0.3%) in February. The consensus expected spending to increase 0.6%.

Treasuries display slim losses, with the benchmark 10-yr yield up one basis point at 2.66%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -1.20. Nasdaq futures vs fair value: +4.50. The S&P 500 futures trade one point below fair value.

In Asia, most markets were closed for Labor Day, while Japan's Nikkei advanced 1.3%. Koichi Hamada, who is an adviser to Japan's Prime Minister Shinzo Abe, discussed the recent sales tax hike, saying more easing will be in order if the impact of the tax hike becomes more pronounced.

Participants received several data points. China's Manufacturing PMI ticked up to 50.4 from 50.3 (expected 50.5). Australia's AIG Manufacturing Index fell to 44.8 from 47.9. Separately, the Export Price Index increased 3.6% quarter-over-quarter (expected 1.5%, prior -0.5%) and Import Price Index rose 3.2% quarter-over-quarter (consensus 1.8%, last -0.6%). South Korea's CPI ticked up 0.1% month-over-month (consensus 0.2%, previous 0.2%), while the year-over-year reading increased 1.5%, as expected. Separately, the trade surplus expanded to $4.46 billion from $4.17 billion (expected $4.13 billion) as imports grew 5.0% year-over-year (expected 3.5%, previous 3.6%) and exports increased 9.0% (consensus 5.2%, prior 5.1%).

Japan's Nikkei rallied 1.3% with support from exporters. Fujitsu and Yamaha jumped 6.3% and 11.1%, respectively. On the downside, FANUC lost 1.6%.
Hong Kong's Hang Seng was closed for Labor Day.
China's Shanghai Composite was closed for Labor Day.

Most major European markets are closed for Labor Day, while Great Britain's FTSE trades higher by 0.3%. In economic data, Great Britain's Manufacturing PMI rose to 57.3 from 55.8 (expected 55.4), while Nationwide HPI increased 1.2% month-over-month (consensus 0.7%, prior 0.5%). Separately, BoE Consumer Credit expanded to GBP1.13 billion from GBP580 million (expected GBP600 million) and Net Lending to Individuals increased to GBP2.90 billion from GBP2.10 billion (expected GBP2.50 billion). Also of note, Mortgage Approvals came in at 67,000 (expected 71,000, prior 70,000) and Mortgage Lending increased to GBP1.80 billion from GBP1.50 billion (expected GBP1.50 billion).

Great Britain's FTSE is higher by 0.3%. Financials outperform after Lloyds Banking Group reported better than expected results. Lloyds leads the index with a gain of 4.8%. British Sky Broadcasting also outperforms, up 3.6%, after posting above-consensus results.
Germany's DAX is closed.
France's CAC is closed.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: +5.70. The S&P 500 futures trade one point below fair value.

The latest weekly initial jobless claims count totaled 344,000, which was higher than the 315,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 330,000 (from 329,000). As for continuing claims, they rose to 2.771 million from 2.674 million.

March personal income increased 0.5% while the Briefing.com consensus expected an uptick of 0.4%. Meanwhile, personal spending rose 0.9%, while the consensus expected an increase of 0.6%.

Separately, core PCE prices rose 0.2%, as expected.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +6.20. U.S. equity futures trade little changed, while most global markets are closed for Labor Day. The S&P 500 futures hover right below fair value.

Reviewing overnight developments:

In Asia, Japan's Nikkei advanced 1.3%, while China's Shanghai Composite and Hong Kong's Hang Seng were closed.
In economic data:
China's Manufacturing PMI ticked up to 50.4 from 50.3 (expected 50.5).
Australia's AIG Manufacturing Index fell to 44.8 from 47.9. Separately, the Export Price Index increased 3.6% quarter-over-quarter (expected 1.5%, prior -0.5%) and Import Price Index rose 3.2% quarter-over-quarter (consensus 1.8%, last -0.6%)
South Korea's CPI ticked up 0.1% month-over-month (consensus 0.2%, previous 0.2%), while the year-over-year reading increased 1.5%, as expected. Separately, the trade surplus expanded to $4.46 billion from $4.17 billion (expected $4.13 billion) as imports grew 5.0% year-over-year (expected 3.5%, previous 3.6%) and exports increased 9.0% (consensus 5.2%, prior 5.1%).
In news:
Koichi Hamada, who is an adviser to Japan's Prime Minister Shinzo Abe, discussed the recent sales tax hike, saying more easing will be in order if the impact of the tax hike becomes more pronounced.

Most major European markets are closed. Great Britain's FTSE, however, trades higher by 0.3%.
Participants received several data points:
Great Britain's Manufacturing PMI rose to 57.3 from 55.8 (expected 55.4), while Nationwide HPI increased 1.2% month-over-month (consensus 0.7%, prior 0.5%). Separately, BoE Consumer Credit expanded to GBP1.13 billion from GBP580 million (expected GBP600 million) and Net Lending to Individuals increased to GBP2.90 billion from GBP2.10 billion (expected GBP2.50 billion). Also of note, Mortgage Approvals came in at 67,000 (expected 71,000, prior 70,000) and Mortgage Lending increased to GBP1.80 billion from GBP1.50 billion (expected GBP1.50 billion).
Among news of note:
Great Britain's FTSE holds a modest gain thanks to support from British Sky Broadcasting and Lloyds Banking Group, both of which reported above-consensus earnings.

In U.S. corporate news:

Con-way (CNW 43.12, +0.64): +1.5% after beating bottom-line estimates.
JDS Uniphase (JDSU 11.60, -1.07): -8.5% following its earnings miss and below-consensus revenue.
MasterCard (MA 74.00, +0.45): +0.6% following better-than-expected results.
MetLife (MET 51.00, -1.35): -2.6% after missing earnings and revenue estimates.
Novo Nordisk A/S (NVO 44.24, -1.15): -2.5% following its bottom-line beat on below-consensus revenue.
Shire (SHPG 175.38, +3.63): +2.1% after beating earnings estimates on light revenue.
Western Digital (WDC 86.50, -1.58): -1.8% despite beating earnings expectations.
Yelp (YELP 64.15, +5.83): +10.0% after beating on earnings and revenue.

The April Challenger Job Cuts report indicated a 6.0% year-over-year increase to follow the previous decline of 30.2%.

Weekly initial claims, March Personal Income, Personal Spending, and core PCE Prices will all be reported at 8:30 ET. March Construction Spending and the April ISM Index will both be released at 10:00 ET, while auto and truck makers will be reporting their April sales throughout the day.

6:52 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +8.00.

6:52 am: [BRIEFING.COM] Nikkei...14485.13...+181.80...+1.30%. Hang Seng...Holiday.........

6:52 am: [BRIEFING.COM] FTSE...6796.89...+15.80...+0.20%. DAX...Holiday.........

U.S. Stocks Close Little Changed as Investors Await Jobs

By Inyoung Hwang and Joseph Ciolli May 1, 2014 4:41 PM ET

U.S. stocks ended little changed, with the Dow Jones Industrial Average falling from a record, as data showed an increase in jobless claims before the government’s monthly labor report tomorrow.

Avon Products Inc. tumbled 10 percent to lead losses in the Standard & Poor’s 500 Index (SPX) after earnings trailed analysts’ estimates by almost half. T-Mobile US Inc. rallied 8.1 percent after adding 1.3 million new monthly subscribers last quarter. Sprint Corp. surged 2.7 percent after meeting with banks to make debt arrangements for a bid for T-Mobile. Yelp Inc. gained 9.8 percent after raising its forecast for 2014 revenue.

The S&P 500 closed down 0.27 point, or less than 0.1 percent, at 1,883.68 at 4 p.m. in New York. The benchmark gauge swung between a gain of 0.2 percent today and loss of 0.3 percent. The Dow average lost 21.97 points to 16,558.87 while the Nasdaq Composite Index added 0.3 percent. The 30-stock equity gauge rose 0.3 percent yesterday, topping the previous record it reached on Dec. 31. Government data on employment is due tomorrow.

“The market has had a nice little run here, and you’ve got a number coming tomorrow, so there may be some hesitation,” Bruce Bittles, chief investment strategist at Milwaukee-based RW Baird & Co., which oversees $110 billion, said in a phone interview. “As long as the Fed is going to remain friendly to the markets and rates are not going to go up, that’s going to be bullish for stocks.”

The S&P 500 posted a 0.6 percent gain in April for a third monthly advance, as better-than-estimated economic data and corporate results offset escalating tensions between the U.S. and Russia over Ukraine.
ETF Flows

The index closed yesterday within seven points of its all-time high from April 2. Its 8.1 percent recovery from a low of 1,741.89 on Feb. 3 has been led by a 14 percent rally in energy stocks and increases of about 11 percent each in industries least tied to economic growth: utilities and home-product makers.

Investors have added almost $10 billion to U.S. equity exchange-traded funds this year, data compiled by Bloomberg show. Energy stocks absorbed the most money among industry ETFs yesterday, taking in $460 million, more than twice that of any other group. Technology ETFs saw inflows of $185 million.
Measured Steps

The Federal Reserve yesterday said it would continue to trim the pace of bond purchases as the economy gains momentum. The central bank cut its monthly asset purchases to $45 billion and said further reductions in “measured steps” are likely.

Fed Chair Janet Yellen is winding down record stimulus as the world’s largest economy shows signs of rebounding from a first-quarter standstill.

Data today showed applications for U.S. unemployment benefits unexpectedly climbed to a nine-week high last week, while consumer spending surged in March by the most in almost five years as warmer weather brought shoppers back to auto-dealer lots and malls.

The Institute for Supply Management’s factory index rose to 54.9 in April from 53.7 in the prior month, the Tempe, Arizona-based group’s report showed today. Readings above 50 indicate expansion. The median forecast of 84 economists surveyed by Bloomberg called for 54.3, with estimates ranging from 53 to 56.2. The ISM’s factory gauge averaged 53.9 for all of last year.
Jobs Data

A Labor Department report tomorrow may show employers added 215,000 workers in April, the most since November, according to economists’ projections. A private payrolls report yesterday showed companies added more workers last month than at any time in the previous five.

Forty-seven companies in the S&P 500 including Mylan Inc. and MasterCard Inc. release their financial results today. Some 75 percent of the 352 companies that have reported earnings have beaten estimates for profit, while 52 percent topped revenue projections, according to data compiled by Bloomberg.

Avon sank 10 percent to a 14-year low of $13.72. The world’s largest door-to-door seller of cosmetics agreed to pay $135 million to resolve U.S. probes into whether it paid bribes in China and other countries. Separately, Avon posted a wider first-quarter loss as sales declined in all of its regions.

T-Mobile jumped 8.1 percent to $31.65. The company added more subscribers in the first quarter than AT&T Inc. and Verizon Communications Inc. combined, heightening the carrier’s allure as Sprint pursues a merger.
Sprint, Netflix

Sprint rallied 2.7 percent to $8.73. The company, led by CEO Dan Hesse, had a net loss of monthly subscribers in the first quarter.

DirecTV advanced 4.1 percent to $80.76. The Wall Street Journal reported that AT&T, the second-biggest U.S. mobile-phone carrier, made an approach to buy DirecTV. The status of the talks is unknown though DirecTV would be open to a deal, the report said, citing an unidentified person. The deal may be worth at least $40 billion, the Journal said.

The Dow Jones Internet Composite Index increased 1.4 for its third day of gains after tumbling 18 percent from March 5 to April 28. Netflix Inc. rose 4.5 percent to $336.52, while Pandora Media Inc. climbed 5.5 percent to $24.71.

Yelp (YELP) gained 9.8 percent to $64.02 for its biggest gain in almost three months. The service for online local-business reviews boosted its forecast for revenue this year to at least $363 million, exceeding its previous prediction of no more than $358 million.
Social Stocks

Facebook Inc. moved up 2.3 percent to $61.15. Mark Zuckerberg, chief executive officer of the world’s biggest social-networking service, said yesterday at a conference that Facebook is offering improved tools and a more streamlined experience for logins, including the option to sign in anonymously.

LinkedIn Corp. climbed 5.1 percent to $161.22 in the regular session, then fell 2.5 percent in extended trading at 4:34 p.m. in New York. After U.S. exchanges closed, the company gave a second-quarter sales forecast that missed analysts’ estimates as the professional-networking service struggles to reignite growth.

Jeremy Grantham, chief investment strategist at Grantham Mayo Van Otterloo & Co., said the S&P 500 will climb above 2,250 before collapsing after the next U.S. presidential election. Grantham, best known for his bearish calls on U.S. stocks in 2000, is a long-time critic of Federal Reserve policy, which he blames for creating asset bubbles by holding interest rates at artificially low levels.

“Around the election or soon after, the market bubble will burst, as bubbles always do, and will revert to its trend value, around half of its peak or worse,” Grantham, 75, wrote in a quarterly letter released today.

To contact the reporters on this story: Inyoung Hwang in London at ihwang7@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 Jeremy Herron, Michael P. Regan

Soybeans Drop Most in 19 Month as Dry Weather to Aid Crop

By Jeff Wilson May 1, 2014 4:57 PM ET

Soybeans fell the most in 19 months on speculation that planting in the U.S. will accelerate as weather turns warmer and drier. Corn and wheat also declined.

The Midwest growing region will be mostly dry until at least May 8, and higher temperatures early next week will help dry out wet soils so farmers can seed crops, Commodity Weather Group said in an e-mailed report today. Farmers are just starting to sow soybeans, and timely planting means output may rise 21 percent to a record, according to Jefferies Bache LLC.

“The improved planting weather increases the outlook for a record crop,” Anne Frick, a senior vice president at Jefferies Bache in New York, said in a telephone interview. “The market is likely to be facing much lower prices” when U.S. farmers begin harvesting in September, Frick said.

Soybean futures for July delivery slid 3.4 percent to close at $14.61 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest drop for a most-active contract since Sept. 17, 2012. Before today, the oilseed rose 17 percent this year as U.S. inventories before this year’s harvest were projected at the lowest since at least 1964.

Prices also fell after U.S. exporters reported a net cancellation of 16,421 metric tons in the week ended April 24, the first drop since August, the U.S. Department of Agriculture said in a report today.

“The sales cancellation hurt market psychology and may have triggered speculative selling,” Frick said. “There is a big risk the rally is over.”

Corn futures for July delivery fell 2.3 percent to $5.07 a bushel, the biggest drop for a most-active contract in a month.

“The forecast is nearly ideal for farmers to get seeds in the ground and for plants to emerge very quickly,” Jim Gerlach, the president of A/C Trading Co. in Fowler, Indiana, said in a telephone interview. “We could have big yields.”

Wheat futures for July delivery lost 2 percent to $7.0725 a bushel. Prices rose in the previous seven sessions, reaching $7.2475 yesterday, the highest since May 9.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net Joe Richter, Patrick McKiernan

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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