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 Post subject: May 9th Friday Trade Results - No Trades
PostPosted: Fri May 09, 2014 8:09 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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Quote:
I didn't trade today because it was a personal day off from the markets. I'll see all on Monday.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($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 @ $0.00 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=1789

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.

Dow Hits New Record Friday

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

NEW YORK (CNNMoney)
The bulls capped off a seesaw week on Wall Street by carrying the Dow to a new all-time record on Friday.

All of the major indices -- the Dow, S&P 500 and Nasdaq -- closed firmly in positive territory today, shedding losses from early in the session. The Dow's close of 16,583.3 narrowly topped a prior record set on April 30 of 16,580.8.

While the Dow eked out a win for the week, the S&P 500 and Nasdaq lost ground. This marked the 10th week that the S&P 500 has alternated between gains and losses. That's the longest such streak in nearly 20 years.

Perhaps traders got into a better groove after throwing on their Beats headphones.

The tech world is buzzing about reports indicating Apple (AAPL, Fortune 500) is considering a $3.2 billion takeover of Beats Electronics, a popular headphone maker and streaming music provider. The deal would be Apple's largest ever and create a huge windfall for Beats co-founder Dr. Dre and investor Carlyle Group (CG).

One trader joked that Apple rival BlackBerry (BBRY) should make a similar move.

"Great news today for $AAPL. In related news, $BBRY to buy Vanilla Ice's remodeling company," StockTwits user bclund wrote.

Some analysts panned the possible acquisition, and shares of Apple closed slightly lower. But one trader said Apple would be getting a good deal.

"$AAPL How is 3.2B overvalued on 1B is revenue? Quite possibly the cheapest acquisition that has been made YTD," StockTwits user hedgeTheRisk wrote.

Related: The big winner if Apple buys Beats

Pandora Media (P), which provides a rival streaming music service, traded higher following the news.

Rocket Fuel (FUEL)plunged over 20% as the digital advertising company logged disappointing revenue and revealed a tepid outlook for the current quarter.

In other earnings news, Hilton Worldwide (HLT) ticked higher after more than tripling its profits and raising its outlook for the year. The hotelier also said it's planning to build new hotels.

Ralph Lauren (RL, Fortune 500) fell more than 2% and touched the lowest levels in almost two years amid disappointment over the company's pessimistic outlook. It continues to struggle to grow as fast as some of its competitors. On the other hand, Gap (GPS, Fortune 500) popped 3% on upbeat projected earnings and a 9% jump in April same-store sales.

Investors drove CBS (CBS, Fortune 500) 2% lower as the media giant's revenue fell more than feared due in part to the absence of the Super Bowl. News Corp. (NWSA, Fortune 500), the publishing giant controlled by Rupert Murdoch, rose more than 5% after logging better-than-expected profits despite a dip in revenue.

Stratasys (SSYS), a 3D printer maker, declined 5% even after swinging to a profit and reporting soaring revenue.

Related: ECB holds drops heavy hints

European markets closed in the red but most lost well less than 1% on the day.

Asian markets ended with muted, mixed results. But India's Sensex index was a standout performer, rising over 2.5% late in the day, with investors feeling optimistic as the end of the Indian elections nears.

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4:15 pm: [BRIEFING.COM] The stock market finished a choppy week on cautiously optimistic note. The S&P 500 added 0.2% despite spending the bulk of the session in the red. The benchmark index narrowed its week-to-date loss to 0.1%, while the Russell 2000 (+0.9%) trimmed its weekly decline to 1.8%. For its part, the Dow Jones Industrial Average (+0.2%) managed to eke out a slim gain of 0.4% for the week, finishing at a new closing record high at 16,583.34.

Generally speaking, small caps faced the brunt of the selling that took place this week, while some of the money rotated into blue chip listings, allowing indices like the Dow and S&P 500 to stay ahead of their counterparts. Today's session proved to be a bit of a departure from that trend as small caps rebounded, while blue chips struggled to keep pace with their high-beta counterparts.

The S&P 500 spent the first three hours of action stringing together a rebound from its early low. At first, the index was pressured by the four top-weighted sectors, but those groups later separated, leaving the financial sector (-0.1%) among the laggards, while consumer discretionary (+0.6%), health care (+0.6%), and technology (+0.2%) fueled the market-wide bounce.

In particular, the biotech industry was volatile as the iShares Nasdaq Biotechnology ETF (IBB 226.44, +3.09) bounced between its 20- (226.18) and 200-day moving averages (223.16), but ultimately settled closer to its 20-day average with a gain of 1.4%.

Elsewhere, gains in high-beta technology and discretionary components like Facebook (FB 57.24, +0.48), Netflix (NFLX 328.55, +6.89), LinkedIn (LNKD 148.69, +3.62), and Priceline.com (PCLN 1135.91, +27.91) gave a boost to the overall risk sentiment. However, there were still some soft spots among the recent high flyers as Rocket Fuel (FUEL 21.83, -5.98) rocketed lower by 21.5% after its cautious guidance and revenue miss overshadowed its earnings beat.

Unlike momentum names, heavily-weighted tech components were relatively weak. That underperformance was evidenced by the largest member of the tech sector-Apple (AAPL 585.54, -2.45)-which fell 0.4% amid reports the company will acquire Beats Electronics for about $3 billion. In addition, the stock was downgraded to 'Buy' from 'Strong Buy' at ISI Group.

On the downside, this year's leading sector-utilities (-1.4%)-spent the session in a steady retreat that trimmed its year-to-date gain to 10.9%. Meanwhile, the second-best sector of the year-energy (-0.2%)-was the second-weakest performer today, narrowing its 2014 advance to 5.2%.

Treasuries surrendered their overnight gains ahead of the open and spent the remainder of the session anchored to their flat lines. The 10-yr yield ended at 2.62%.

Today's participation was below average as less than 640 million shares changed hands at the NYSE.

Economic data was limited to the Wholesale Inventories report for March and the March Jobs Openings and Labor Turnover Survey:
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Indexes Near Session Lows As Tech Stocks Are Routed Investor's Business Daily
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Wholesale inventories increased 1.1% in March after increasing an upwardly revised 0.7% (from 0.5%) in February, while the Briefing.com consensus expected an increase of 1.0%. The BEA assumed that wholesale inventories increased 1.1% in March in the advance estimate of first quarter GDP. The upward revision to February, however, was not built into its model and will result in a positive contribution toward growth in the second estimate.
The Job Openings and Labor Turnover Survey for March indicated job openings decreased to 4.014 million from 4.173 million.

On Monday, the Treasury Budget for April will be released at 14:00 ET. Also of note, Ukraine's regions of Donetsk and Lugansk remain scheduled for independence referendums on Sunday.

S&P 500 +1.6% YTD
Dow Jones Industrial Average +0.04% YTD
Nasdaq Composite -2.6% YTD
Russell 2000 -4.6% YTD


Week in Review: Small Caps Lag

The stock market kicked off the trading week on a sleepy note as the major averages spent the bulk of the Monday session near their flat lines. However, a final push during the last hour of action placed the key indices at new highs into the close. The S&P 500 added 0.2%, while the Russell 2000 (-0.1%) lagged throughout the day. Equities began the session on their lows as renewed global growth concerns, combined with continued worries about Ukraine, conspired to ensure a cautious start. In China, the HSBC Manufacturing PMI fell to 48.1 from 48.3 (expected 48.4), signifying a slowdown in manufacturing activities. Elsewhere, the European Commission warned about slower-than-expected growth by lowering its 2014 inflation forecast to 0.8%. The commission also trimmed next year's inflation forecast to 1.2%, while lowering its 2015 GDP forecast to 1.7% from 1.8%.

Equity indices finished the Tuesday session on their lows after spending the entire day in negative territory. The S&P 500 tumbled 0.9% with nine sectors registering losses, while the Russell 2000 fell 1.6%, settling below its 200-day moving average for the first time since November 2012. Stocks were pressured from the get-go as index futures slid to their pre-market lows ahead of the opening bell. While the early slide was not brought on by a particular news item, it served as a reflection of the defensive sentiment in the foreign exchange market where the yen rallied to its best level in three weeks. The dollar/yen pair notched a session low in the 101.50 area, before inching up to 101.65 into the close. Once the session got going, dip-buyers tried to force a turnaround, but were unable to do so as some of the top-weighted sectors kept the pressure on the broader market. Most notably, the financial sector (-1.4%) underperformed for the second consecutive day. Influential components like Bank of America, Citigroup, and JPMorgan Chase lost between 1.6% and 2.3%, while AIG plunged 4.1% after reporting a bottom-line beat on revenue that missed estimates.

Stock indices finished the Wednesday session on a mixed note as high-growth names weighed on the Russell 2000 (+0.1%) and the Nasdaq (-0.3%), while the Dow Jones Industrial Average (+0.7%) and S&P 500 (+0.6%) outperformed thanks to strength in blue chip listings. The stock market opened the trading day with modest gains amid headlines indicating Russia's President Vladimir Putin has reached out to OSCE chief and Swiss President Didier Burkhalter, attempting to de-escalate the Ukraine crisis through diplomatic avenues. Initially, the reports boosted overall risk appetite, sending Treasuries and the yen to lows, but those moves were retraced not long after. The yen returned into the middle of its trading range, while Treasuries reclaimed their losses and spent the afternoon near their flat lines. The benchmark 10-yr yield ended unchanged at 2.59%. Stock indices, meanwhile, surrendered their opening gains during the first hour of action, but only the Nasdaq Composite spent the remainder of the session in the red, while the Dow and S&P 500 rebounded swiftly.

The stock market ended the Thursday session on a defensive note despite showing early strength. The S&P 500 lost 0.1%, while the tech-heavy Nasdaq (-0.4%) fell nearly 60 points from its session high. Also of note, the Russell 2000 (-1.0%) settled below its 200-day moving average after failing to retake that level during the session. Today's affair proved to be a bit of a rollercoaster ride as equities grinded higher in the morning, but rolled to fresh lows during the afternoon before climbing off those lows into the close. Fittingly, the areas that fueled the early advance (biotechnology and high-growth names) were the same spots that paced the afternoon slide.

3:30 pm: [BRIEFING.COM] Precious metals started floor trade in positive territory but gave up early gains as the dollar index rose higher. June gold pulled back from its session high of $1293.90 per ounce set in early morning action and fell into the red. It touched a session low of $1285.50 per ounce and settled 40 cents below the unchanged line at $1287.60 per ounce, booking a loss of 1.2% for the week.

July silver retreated into negative territory after trading as high as $19.24 per ounce. It settled 0.2% lower at $19.11 per ounce, bringing losses for the week to 2.3%.

June crude oil also erased morning gains as it pulled back from its session high of $101.21 per barrel and slipped into negative territory in early afternoon action. The energy component brushed a session low of $99.71 per barrel moments before selling with a 0.2% loss at $100.02 per barrel. Today's decline shaved gains for the week to 0.2%.

June natural gas fell deeper into the red after retreating from its session high of $4.57 per MMBtu set moments after floor trade opened. It traded as low as $4.50 per MMBtu and eventually settled 0.9% lower at $4.53 per MMBtu, booking a 3.0% loss for the week.

3:00 pm: [BRIEFING.COM] The S&P 500 is flat with one hour remaining in a session that has been a bit sloppy. Small caps struggled yesterday while blue chip listings held up well, and today the opposite has held true.

On a separate note, another weekend is set to begin amid continued uncertainty about the crisis in Ukraine. Earlier in the week, Russian President Vladimir Putin called for the postponement of the independence referendums scheduled to take place in Donetsk and Lugansk, but councils of both regions have said that the votes remain scheduled for this Sunday.

Should those votes go ahead as planned, market participants are likely to exhibit heightened sensitivity to headlines from the region on Monday.

2:30 pm: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 continue hovering just below their flat lines, while the Russell 2000 has narrowed its gain to 0.3%.

We have been highlighting the performance of the four top-weighted sectors throughout the day as the groups that represent nearly 50.0% of the entire market alternated between gains and losses. The top sectors lagged at the open, but consumer discretionary, health care, and technology helped the broader market rebound into the afternoon.

Since the rebound, the aforementioned sectors have diverged a bit as financials (-0.4%) and technology (-0.3%) lag, while consumer discretionary (+0.1%) and health care (+0.1%) outperform.

2:00 pm: [BRIEFING.COM] The S&P 500 hovers right below its flat line as the quiet afternoon continues.

The first four sessions of the week generated trading volume that was roughly in-line with the longer-term average of 704 million, but today's session is unlikely to produce a final tally above that average.

The A/D line, meanwhile, continues showing a bearish bias with roughly 1.1 listings trading lower for each advancer at the NYSE. Things at the Nasdaq exchange look a bit different as advancers outpace decliners by a 1.4:1 ratio.

1:20 pm: [BRIEFING.COM] The major indices were strong early yesterday and then reversed to the downside in the afternoon. Today the major indices were weak in the early going, but have since reversed to the upside, seemingly following the fortunes of the small-cap stocks, which have been among this year's worst performers.

The Russell 2000 was down 0.5% at its low today (1091.50), which placed it in danger of closing below its lowest closing level of the year (1093.59) seen in early February. That low stoked some buying support earlier in the week and it did the same again today. The Russell 2000 is now up 0.6% for the session in a reversal that has helped boost risk sentiment in the broader market.

The overall gains remain modest in scope and sector leadership is mixed, with the financial sector (-0.1%) still lagging in noticeable fashion. Where it goes, and the small-cap stocks go, should be a dictating factor as the rest of the afternoon trade unfolds.

Separately, it is worth noting that the Treasury market has pulled back from earlier highs as the stock market has bounced back from earlier lows. The 10-yr note is -3/32 with its yield at 2.63%.

12:55 pm: [BRIEFING.COM] At midday, the major averages hold decent gains after spending the first half of the session in the red. The S&P 500 is higher by 0.1% with five sectors trading in the green, while the Russell 2000 (+0.7%) outperforms.

Today's relative strength among small cap listings comes after high-growth names endured aggressive selling earlier in the week, while blue chips held up well. As a result, the Dow is on track to post a slim gain of 0.4% for the week, while the Russell 2000 is currently lower by 1.9% for the week.

Equity indices have shown some volatility in the final session of the week with the S&P 500 sliding out of the gate before finding support in the 1867 area. The index then staged a rally, but was knocked back to its session low; however, a second push during the past 90 minutes has placed the benchmark average back in the green for the session.

Biotechnology and other momentum names have been at the center of the early weakness and the subsequent rebound. On that note, heavily-weighted consumer discretionary (+0.4%), health care (+0.6%), and technology (+0.1%) sectors weighed at the open, but are now providing support.

The iShares Nasdaq Biotechnology ETF (IBB 226.06, +2.71) is higher by 1.2% as it challenges its 20-day moving average (226.15) after finding support at the 200-day average. Despite today's gain, the ETF remains on track to finish the week with a loss of 1.5%.

Elsewhere, the rebound in high-beta names like Facebook (FB 57.33, +0.57), LinkedIn (LNKD 148.69, +3.62), Yelp (YELP 53.73, +0.44), and Twitter (TWTR 32.91, +0.95) has also been an encouraging factor. The broader tech sector, meanwhile, is still feeling some pressure as its top component-Apple (AAPL 582.30, -5.69)-trades lower by 1.0% amid reports the company will acquire Beats Electronics for about $3 billion. In addition, the stock was downgraded to 'Buy' at ISI Group.

Treasuries are little changed after surrendering their earlier gains. The 10-yr yield is pegged at 2.62%.

Economic data was limited to the Wholesale Inventories report for March and the March Jobs Openings and Labor Turnover Survey:

Wholesale inventories increased 1.1% in March after increasing an upwardly revised 0.7% (from 0.5%) in February, while the Briefing.com consensus expected an increase of 1.0%. The BEA assumed that wholesale inventories increased 1.1% in March in the advance estimate of first quarter GDP. The upward revision to February, however, was not built into its model and will result in a positive contribution toward growth in the second estimate.
The Job Openings and Labor Turnover Survey for March indicated job openings decreased to 4.014 million from 4.173 million.

12:30 pm: [BRIEFING.COM] The S&P 500 (-0.2%) is continuing its rebound with help from some of the top-weighted sectors. Earlier, consumer discretionary (-0.1%), health care (+0.2%), financials (-0.4%), and technology (-0.2%) traded in line with the broader market, but three of the groups have since assumed a position of relative strength.

Notably, high-growth names weighed on the technology sector earlier, but are now helping the largest S&P 500 sector rebound. Facebook (FB 56.88, +0.12), LinkedIn (LNKD 148.28, +3.21), and Twitter (TWTR 32.66, +0.70) are up between 0.4% and 2.2%.

On the downside, the largest tech component-Apple (AAPL 581.10, -6.89)-is lower by 1.2% amid reports the company will acquire Beats Electronics for about $3 billion. In addition, the stock was downgraded to 'Buy' at ISI Group.

12:00 pm: [BRIEFING.COM] The major averages find themselves in the midst of another recovery attempt with the Russell 2000 (+0.2%) back in the green. The S&P 500, meanwhile, remains lower by 0.2% with eight sectors in the red.

Health care (and by extension biotechnology) has been volatile since the opening bell, causing the third-largest sector to swing between gains and losses. The iShares Nasdaq Biotechnology ETF (IBB 223.62, +0.27) is higher by 0.1%, while the broader health care sector displays a comparable advance.

On the downside, energy (-0.5%) and utilities (-0.7%) remain at the bottom of the leaderboard.

11:30 am: [BRIEFING.COM] The S&P 500 (-0.4%) has returned to its session low amid volatility in biotech and other momentum names, while the Dow Jones Industrial Average (-0.2%) continues showing relative strength.

Despite its loss, the price-weighted Dow remains in the green for the week with a razor-thin gain of 0.04%; however, extending that miniscule advance could prove challenging considering 20 of 30 index components register losses with the largest index member-Visa (V 208.30, -2.60)-trailing other Dow members with a loss of 1.2%.

On the upside, Procter & Gamble (PG 82.74, +0.58) is the best performing component, trading higher by 0.7%.

10:55 am: [BRIEFING.COM] The Dow Jones Industrial Average (-0.2%), Nasdaq (-0.4%), and S&P 500 (-0.4%) continue showing slim losses, while the Russell 2000 has returned to its flat line. This dynamic contrasts with yesterday's session when small caps underperformed, while the blue chip indices displayed relative strength.

Nine sectors remain in the red, but their losses have been contained to 0.5% or less. Energy (-0.4%) and utilities (-0.5%) are the two weakest performers for the second day in a row.

Elsewhere, the four top-weighted groups-consumer discretionary, financials, health care, and technology-all trade with losses close to 0.4% apiece.

10:30 am: [BRIEFING.COM] Precious metals and crude oil are chopping around in positive territory despite strength in the dollar index. June gold touched a session high of $1293.90 in early morning action and is now up 0.2% at $1290.70. July silver dipped to a session low of $19.15 in recent action and is now at $19.18, or 0.2% higher.

June crude pulled back slightly from a session high of $101.00 set moments after floor trade opened and is currently trading at $100.81, or 0.6% higher.

June natural gas, on the other hand, has been in the red all morning. It fell to a session low of $4.51 in recent action and has been inching higher since. It is now down 0.7% at $4.54.

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.3%.

Just released, March wholesale inventories rose 1.1%, while the Briefing.com consensus expected an increase of 1.1%. Today's report followed last month's revised increase of 0.7% (from 0.5%).

Separately, the Job Openings and Labor Turnover Survey for March indicated job openings decreased to 4.014 million from 4.173 million.

9:45 am: [BRIEFING.COM] The stock market slipped out of the gate with the tech-heavy Nasdaq Composite (-0.6%) pacing the slide. The S&P 500 trades down 0.4% with nine of ten sectors showing losses.

All six cyclical groups trade in the red with losses between 0.3% (energy) and 0.6% (technology). Meanwhile, the countercyclical side looks a bit better as consumer staples (+0.1%) and utilities (unch), and telecom services (unch) trade little changed, while the health care sector (-0.5%) lags.

Treasuries remain anchored to their flat lines with the 10-yr yield at 2.62%.

The Wholesale Inventories report for March and the March Jobs Openings and Labor Turnover Survey will both be released at 10:00 ET.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -2.30. The stock market is on pace to begin the final session of the week on a flat note as futures on the S&P 500 trade right in line with fair value. Index futures spent the entire overnight session in the red, sliding from their highs as European markets opened for action before reclaiming all of their losses over the past 30 minutes.

The benchmark index will enter today's session looking to erase its slim week-to-date loss of 0.3%, while the Dow Jones Industrial Average will begin with a slim gain of 0.2% for the week.

Participants received the last heavy batch of quarterly earnings since yesterday's close, but none of the results have led to a market-wide reaction. Notably, momentum name Rocket Fuel (FUEL 19.82, -7.99) is indicated to open lower by 28.7% after reporting a bottom-line beat on light revenue. Also of note, the company lowered its second quarter guidance below analyst estimates.

On a separate note, Treasuries enter the session little changed after surrendering their overnight gains. The 10-yr yield is pegged at 2.62%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: -0.80. The S&P 500 futures trade in line with fair value.

Asian markets entered the weekend on a mixed note. The Reserve Bank of Australia released its monetary policy statement, which raised the GDP forecast for the first half of 2014 to 3.00% from 2.75% and affirmed the full-year target at 2.75%; however, the 2015 GDP projection was lowered to 2.75%-3.75% from 3.00%-4.00%.

In economic data:
China's CPI rose 1.8% year-over-year (expected 2.0%, previous 2.4%), while the month-over-month reading fell 0.3% (expected -0.1%, prior -0.5%). Separately, PPI decreased 2.0% year-over-year (consensus -1.8%, previous -2.3%).
Japan's Leading Index fell to 106.5 from 108.9 (expected 106.9).
The Bank of Korea left its key interest rate unchanged at 2.50%, as expected.

------

Japan's Nikkei added 0.3%, climbing off its early low with help from industrials. Ebara and Mitsubishi Heavy Industries both surged near 7.0%. On the downside, Olympus and Yokohama Rubber fell 1.8% and 3.0%, respectively.
Hong Kong's Hang Seng tacked on 0.1%, ending little changed. Casino names rallied with Galaxy Entertainment and Sands China both up near 5.7%. China Unicom Hong Kong fell 2.7% after showing considerable strength over the past week.
China's Shanghai Composite shed 0.2% after being unable to make a sustained move into the green. Great Wall Motor tumbled 10.0% and BTG Hotels Group lost 8.5%.

Major European indices trade lower across the board. The euro has continued its retreat versus the U.S. dollar following yesterday's comments from European Central Bank President Mario Draghi, who said the ECB is ready to act next month if needed. The single currency has dipped into the 1.3785 area against the dollar.

Participants received several data points:
Germany's trade surplus narrowed to EUR14.80 billion from EUR15.80 billion (expected EUR16.60 billion).
French government budget deficit widened to EUR28.00 billion from EUR25.70 billion (expected deficit of EUR33.00 biilion).
Great Britain's trade deficit narrowed to GBP8.48 billion from GBP8.75 billion (expected deficit of GBP9.00 billion). Separately, Manufacturing Production rose 0.5% month-over-month (expected 0.3%, prior 1.0%) and Industrial Production slipped 0.1% month-over-month (consensus -0.2%, previous 0.8%)
Italy's Industrial Production fell 0.5% month-over-month (expected 0.3%, previous -0.4%).

------

Germany's DAX is lower by 0.1% amid weakness in exporter shares. Adidas and Daimler are both down near 0.6%. On the upside, K+S leads with a gain of 1.8%.
Great Britain's FTSE holds a loss of 0.3%. Petrofac is the weakest index component, down 15.6% after issuing a profit warning. Discretionary shares outperform with Intertek Group and Marks & Spencer Group both up 1.9%.
In France, the CAC trades down 0.5%. Steelmakers ArcelorMittal and Vallourec hold respective losses of 2.9% and 4.6% after ArcelorMittal reported mixed quarterly results.
Italy's MIB is lower by 1.2% as financials lag. Banco Popolare and Mediobanca are both lower by 5.0%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -5.30. U.S. equity futures remain near their pre-market lows as the session sets up for a cautious start. Generally speaking, this week has featured significant weakness among small caps while the indices that contain a large share of blue chip names have held up relatively well. On that note, the Russell 2000 and the Nasdaq Composite will enter the session with week-to-date losses of 2.8% and 1.8%, respectively. Meanwhile, the S&P 500 is down just 0.3% so far this week, while the Dow actually sports a slim gain of 0.2% for the week.

Today's economic data will be limited to the Wholesale Inventories report for March and the March Jobs Openings and Labor Turnover Survey, both of which will be released at 10:00 ET.

Treasuries display gains with the 10-yr yield down two basis points at 2.60%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -12.30. U.S. equity futures hover near their lows amid cautious action overseas. The S&P 500 futures trade four points below fair value.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.2%, Hong Kong's Hang Seng +0.1%, and Japan's Nikkei +0.3%.
In economic data:
China's CPI rose 1.8% year-over-year (expected 2.0%, previous 2.4%), while the month-over-month reading fell 0.3% (expected -0.1%, prior -0.5%). Separately, PPI decreased 2.0% year-over-year (consensus -1.8%, previous -2.3%).
Japan's Leading Index fell to 106.5 from 108.9 (expected 106.9).

The Bank of Korea left its key interest rate unchanged at 2.50%, as expected.
In news:
The Reserve Bank of Australia released its monetary policy statement, which raised the GDP forecast for the first half of 2014 to 3.00% from 2.75% and affirmed the full-year target at 2.75%; however, the 2015 GDP projection was lowered to 2.75%-3.75% from 3.00%-4.00%.

Major European indices trade lower across the board. Great Britain's FTSE -0.4%, Germany's DAX -0.4%, and France's CAC -0.7%. Elsewhere, Italy's MIB -1.4% and Spain's IBEX -1.1%.
Participants received several data points:
Germany's trade surplus narrowed to EUR14.80 billion from EUR15.80 billion (expected EUR16.60 billion).
French government budget deficit widened to EUR28.00 billion from EUR25.70 billion (expected deficit of EUR33.00 biilion).
Great Britain's trade deficit narrowed to GBP8.48 billion from GBP8.75 billion (expected deficit of GBP9.00 billion). Separately, Manufacturing Production rose 0.5% month-over-month (expected 0.3%, prior 1.0%) and Industrial Production slipped 0.1% month-over-month (consensus -0.2%, previous 0.8%)
Italy's Industrial Production fell 0.5% month-over-month (expected 0.3%, previous -0.4%).
Among news of note:
The euro has continued its retreat versus the U.S. dollar following yesterday's comments from European Central Bank President Mario Draghi, who said the ECB is ready to act next month if needed. The single currency has dipped into the 1.3785 area against the dollar.
Advertising agencies Omnicom and Publicis have called off their $35 billion merger that would have created the world's largest ad agency.

In U.S. corporate news:

Alcatel Lucent (ALU 4.06, +0.04): +1.0% after beating earnings estimates on revenue that missed estimates.
Apple (AAPL 585.46, -2.53): -0.4% after being downgraded to 'Buy' from 'Strong Buy' at ISI Group. Separately, the company is in talks to acquire Beats Electronics for about $3 billion.
ArcelorMittal (MT 16.00, -0.35): -2.1% following its one-cent beat on below-consensus revenue.
Rocket Fuel (FUEL 19.50, -8.31): -29.9% after reporting a bottom-line beat on light revenue. Also of note, the company lowered its second quarter guidance below consensus.
Stratasys (SSYS 90.50, -3.82): -4.1% after reporting in-line earnings on above-consensus revenue.

The Wholesale Inventories report for March and the March Jobs Openings and Labor Turnover Survey will both be released at 10:00 ET.

6:49 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -6.00.

6:49 am: [BRIEFING.COM] Nikkei...14199.59...+35.80...+0.30%. Hang Seng...21862.99...+24.90...+0.10%.

6:49 am: [BRIEFING.COM] FTSE...6818.31...-21.30...-0.30%. DAX...9578.74...-28.80...-0.30%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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