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 Post subject: May 16th Friday Trade Results - No Trades
PostPosted: Fri May 16, 2014 5:00 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)
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Quote:
No trades today due to a new computer network installation.

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=1794

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 Bounce Back At End Of Crazy Week

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

NEW YORK (CNNMoney)
It was a volatile week for investors, but it ended on a high note.

Stocks bounced back late in the day Friday, though the advance was not enough to push the Dow Jones industrial average into positive territory for the week.

The S&P 500, which rose above 1,900 for the first time Tuesday, ended almost exactly where it started the week.

The Nasdaq had the biggest gain Friday, helping the index notch a small win for the week.

Meanwhile, the bond market has been on a tear. The yield on the 10-year note fell to a 6-month low below 2.5% Thursday as investors expect the Federal Reserve to keep interest rates low for a considerable time.

Recent economic data has been mixed, and reports released Friday added to concerns about the lackluster recovery. An early reading on consumer sentiment in May unexpectedly fell, but a report on new home construction in April was strong.

The European Central Bank is also expected to introduce new stimulus measures soon as the euro area economy remains weak and inflation is tame.

While the overall market was treading water, a number of well-known stocks were making moves.

Darden Restaurants (DRI, Fortune 500) announced plans to sell its Red Lobster chain to private equity firm Golden Gate Capital $2.1 billion. The company, which also owns Olive Garden, plans to use the proceeds to pay down debt. But the stock fell more than 4% on the news.

Shares of WWE (WWE) were body slammed, plunging more than 40% after the company unveiled a new television distribution agreement with Comcast (CMCSA, Fortune 500)-owned NBCU late Thursday. WWE expects the deal to result in losses ranging from $35 million to $52 million over the next two years, depending on how many people sign up to watch the Raw and Smackdown broadcasts.

The drubbing WWE shareholders took led to an explosion of wrestling references on StockTwits.

"$WWE This is where Hogan points a finger at the shorts, shakes his head, & layeth the smackdown :) Shorts won't hold over weekend... I will," said DCGMoo.

Some sounded painful. "$WWE They've got us on the turn-buckle!! Might have to put em' in the ol' Steiner Recliner!!," read a post by a user with the unlikely handle of QuietTrades.

Dwayne Johnson, a.k.a The Rock, got a shout out. "$WWE So, who got the people elbow today?," said dtman85.

One trader seemed to think the wrestling talk was a bit excessive, but still couldn't resist.

"$WWE and the puns continue. it still can't get up off of the mat!!," said Mountaingreen

General Motors (GM, Fortune 500) agreed to pay a $35 million to settle a federal probe into the company's decision to delay a recall of vehicles with faulty ignition switches for 10 years. The company has been hit with a string of high-profile recalls lately, and investors seemed to take the news in stride. GM shares were down 1%.

J.C. Penney (JCP, Fortune 500) shares surged about 15% as the retailer posted quarterly sales that beat expectations and revealed a smaller-than-expected loss.

Luxury retailer Nordstrom (JWN, Fortune 500) shares also soared on better-than-expected earnings.

Verizon (VZ, Fortune 500) shares were up about 2% after Warren Buffett's investment firm, Berkshire Hathaway (BRKA, Fortune 500), revealed it had purchased a stake worth nearly $530 million in the company.

Two companies began trading for the first time Friday.

TrueCar (TRUE), a website that offers users guaranteed pricing on cars, priced its initial public offering of stock at $9 a share, well below the expected range. But the stock finished the day up 12%.

Scott Painter, the chief executive of TrueCar, acknowledged to CNNMoney that volatile market conditions led the company to lower its offering price. But he said TrueCar is profitable and plans to use the proceeds to boost its profile nationwide.

Jumei International Holdings (JMEI), the largest online seller of beauty products in China, rose nearly 10% in its debut. That's after the company boosted the size of its IPO and priced the stock above the range at $22 a share. Strong demand for Jumei could be a sign that investors will have a similarly big appetite for Chinese e-commerce king Alibaba once it begins trading later this year.

Indian stocks soared. The nation's benchmark Sensex index surged to a record high as early election results suggested a sweeping victory for Narendra Modi and the pro-business Bharatiya Janata Party. Other Asian markets and European markets both ended the day mixed.

Image



4:10 pm: [BRIEFING.COM] The stock market lumbered and slumbered through most of Friday's session, but it woke up late in the day and ended on an upbeat note. The major indices all scored modest gains, the most notable of which was the Russell 2000, which ducked into correction territory again with an early 0.7% decline only to come rallying back to finish Friday up 0.6% and out of the "correction zone."

There wasn't a specific news catalyst behind the late surge. The explanation that it was related to options expiration activity can't be dismissed and it would fit in line with other explanations that included short-covering activity, the ability of the Russell 2000 to fight back once again from a notable decline, and renewed buying interest in some of the market's most influential sectors that had been lagging for most of the day.

The financial sector is a case in point. It was down 0.5% with about an hour to go in the trading session and it finished the day up 0.1%. Similarly, the technology sector, which was nearly flat entering the final hour, ended the session up 0.6%. The energy sector (-0.3%) was the only sector to end with a loss.

The major indices had been confined to tight trading ranges for most of the session as big moves were reserved largely for individual stocks like J.C. Penney (JCP 9.69, +1.32), which rallied after the embattled retailer reported better than expected earnings results and guidance. The telecom services sector (+1.4%) was the only sector that had been showing any notable strength throughout the day. That was owed primarily to Verizon (VZ 49.07, +1.11), which benefited from the disclosure that Berkshire Hathaway established a new position in the stock during the first quarter. Otherwise, there wasn't a lot of movement of note in the remaining sectors until the final 90 minutes.

That was true for the Treasury market, too. There wasn't a lot of movement there despite the report that housing starts surged 13.2% in April to a seasonally adjusted annual rate of 1.072 mln units (Briefing.com consensus 975,000) while building permits rose 8.0% to 1.08 mln (Briefing.com consensus 1.008 mln).

The Treasury market's steady state after the report, and a weaker than expected University of Michigan Consumer Sentiment report for May, looked to be a distraction for equity traders who were still trying to make sense of Thursday's big drop in yield in the 10-yr note. Some late selling activity, though, had the 10-yr probing its worst levels of the day as stocks were staging a rally heading into the close. The 10-yr note, which had been down four ticks for most of the day, was down nine ticks and yielding 2.52% when the closing bell rang.

Thanks to the late burst of buying interest, the Nasdaq was able to finish the week with a gain. The S&P 500, however, just missed.

Trading volume at the NYSE hit 763 mln shares on Friday, which was the heaviest all week. That was not surprising given the low totals earlier in the week and the kicker provided by the monthly options expiration.

The coming week could be characterized by low volume again. There isn't much on either the economic or earnings calendars and the Memorial Day holiday will be waiting at the end of the week.
Related Stories

InPlay from Briefing.com Briefing.com
Wall St. ends up in late-day bounce with small caps Reuters
Stocks rise; Dow sets record, Nasdaq sees weekly fall MarketWatch
U.S. stocks close higher; Dow gains 87 points MarketWatch
Stocks Close Higher After Late Boost; Air Lease Gains Investor's Business Daily

S&P 500 +1.6%
Dow Jones Industrial Average -0.5%
Nasdaq Composite -2.1%
Russell 2000 -5.4%

3:30 pm: [BRIEFING.COM]

June gold fell to a session low of $12870.70 per ounce following a strong Housing Starts and Building Permits report for April. Starts jumped 13.2 % to a seasonally adjusted 1.072 mln vs Briefing.com consensus of 975K. Building permits increased 8.0% to 1.08 mln while the Briefing.com consensus called for 1.008 mln.
The yellow metal managed to erase most of the early morning loss and settled just 40 cents below the unchanged line at $1293.30 per ounce, booking a gain of 0.4% for the week.
July silver also declined on the economic data. It touched a session low of $19.25 per ounce in early morning action and eventually settled at $19.33 per ounce, or 0.8% lower. Despite today's weakness, it gained 1.2% over the week.
June crude oil trended higher after lifting from its session low of $101.61 per barrel in morning action. It touched a session high of $102.23 per barrel and settled 0.5% higher at $102.01 per barrel, bringing gains for the week to 2.0%.
June natural gas spent its entire floor trade in the red. It brushed a session high of $4.45 per MMBtu and settled with a 1.1% loss at its session low of $4.41 per MMBtu. Today's weakness brought losses for the week to 2.6%.

3:00 pm: [BRIEFING.COM] Heading into the final hour, the Dow, Nasdaq, and S&P are running neck and neck in their bid to finish the day in positive territory. There hasn't been a news catalyst for the recent uptick and it certainly doesn't qualify as a "big" move per se, yet having spent most of today's session in red figures, the ability to withstand attempted selling efforts could prompt some renewed buying interest heading into the close.

A lot will hinge on the market's major leadership groups, but at present, most sectors are inching up from prior levels and that is helping the positive leaning at this time.

Notably, the benchmark 10-yr note is probing its lows for the day (-7/32, 2.518%) as the major indices have started to show some signs of buying life.

2:30 pm: [BRIEFING.COM] There has been a little slippage in the indices as the afternoon session wears on, but no real change in today's underlying trends:

Small caps are weaker than large caps
Weakness in the heavily-weighted financial (-0.4%) and energy (-0.5%) sectors continues to act as a headwind for the broader market; and
The consumer discretionary (+0.2%) and consumer staples (+0.3%) sectors are helping to offset weakness elsewhere

A look at the Dow, which has been little changed all day, shows 19 of its 30 components sporting a loss. United Technologies (UTX 114.51, -1.19) and Boeing (BA 130.09, -1.12) are the biggest losers in that respect. Conversely, Pfizer (PFE 29.23, +0.17) is exhibiting some relative strength after announcing that it will file a new drug application early in the third quarter for a breast cancer drug following some favorable Phase 2 trial results.

2:00 pm: [BRIEFING.COM] The stock market has the semblance today of being at a standstill, even though of course there is always some buying and selling taking place.

Narrow trading ranges, however, have been the order of the day so far with neither buyers nor sellers exhibiting much conviction. On a related note, advancing issues are running just ahead of declining issues at the NYSE while declining issues lead advancing issues at the Nasdaq by an 8-to-5 margin.

The Russell 2000, which we have been keeping a close eye on, has once again garnered support after flirting with a 10% pullback from its March high. Down 0.5% at our last update, the Russell 2000 is now down 0.2%.

1:25 pm: [BRIEFING.COM] The major indices are still stuck in their rut, unable for the most part to gain any traction. One area, though, that is starting to dig deeper spinning its wheels is the Russell 2000.

After battling back from a 0.7% decline to get close to unchanged for the session, the small-cap average is down 0.5% again. It has been a focal point in an otherwise staid day of trading, because the Russell 2000 is on the cusp of suffering an official 10% correction from its high on a closing basis.

A weak outing today from the biotech stocks, evidenced by the 1.0% drop in the iShares Nasdaq Biotechnology ETF (IBB 226.48, -2.32), has been a pressure point.

1:00 pm: [BRIEFING.COM] After Thursday's drubbing, the stock market has held its ground for the most part as the major indices are little changed with the New York lunch hour drawing to a close. The Russell 2000 remains a ball of trading excitement, but otherwise there hasn't been much movement since the start of trading outside of some individual stocks.

With respect to the Russell 2000, which is home to small-cap issues that have a largely domestic orientation, it tipped back into correction territory with an early 0.7% decline. It found some buying support, though, and made it back close to unchanged before running out of rebound gas. It is currently down 0.3% for the day and down 9.9% from its March high.

The S&P 500 is basically flat for the session, yet it, too, benefited from some technical buying interest after making a brief dip below its 50-day moving average. Notwithstanding that turn, the S&P 500 has found it difficult to gain upside traction since it is lacking key leadership.

The telecom services sector (+1.3%) is a low-weighted sector in the S&P 500, so its move today, which is owed primarily to Verizon (VZ 49.20, +1.24), has not been able to "move the market." Verizon's strength stems from the disclosure that Berkshire Hathaway established a new position (11.02 mln shares) in the name during the first quarter.

A sluggish performance from the financial (-0.2%), energy (-0.3%), technology (-0.2%), and industrial (-0.2%) sectors has acted like a wet blanket on the broader market. Other than the telecom services sector, though, no sector is up, or down, at least 0.4%.

Most of the big moves today have been reserved for individual issues like Verizon, J.C. Penney (JCP 9.56, +1.19), which reported better than expected (or better than feared) earnings and guidance, and World Wrestling Entertainment (WWE 11.33, -8.60), which provided some bothersome projections pertaining to television license agreements and its WWE Network.

Separately, the Housing Starts and Building Permits report for April produced some positive headline surprises.

Starts jumped 13.2% to a seasonally adjusted 1.072 mln (Briefing.com consensus 975,000)
Building permits increased 8.0% to 1.08 mln (Briefing.com consensus 1.008 mln)

One sticking point in looking at the starts data is that they were driven primarily by a huge 39.6% increase in starts of multifamily units. Construction in that sector is typically volatile, so there are misgivings that the starts data will contain upside surprises in the next few months.

The added sticking point is that the Treasury market has not sold off on the starts and permits data. It has waded through today's session with little change. The 10-yr note is down three ticks, which is basically where it was trading ahead of the report's release at 08:30 a.m. ET.

The preliminary reading for the May University of Michigan Consumer Sentiment Index was somewhat disappointing as it slipped to 81.8 (Briefing.com consensus 84.5) from the final 84.1 reading for April.

Trading volume has been heavier today on account of the monthly options expiration, yet that belies what has been an otherwise lack of conviction on the part of buyers and sellers alike to this point.

12:25 pm: [BRIEFING.COM] Not much change since the last update, but it is worth noting that the stock market so far has been resilient in the face of further follow-through selling efforts.

The difficulty in gaining some traction to the upside is that there just hasn't been any notable leadership off which to draft. The financial sector (-0.1%) is lagging, the technology sector (+0.1%) is little changed, and the industrials sector is basically flat. If those sectors start to perk up, there is apt to be a more meaningful upside move.

One halting factor perhaps may be the recognition that the 10-yr note is holding steady and so is the 30-yr bond, which has recouped earlier losses and is now unchanged for the session with its yield at 3.33%.

12:00 pm: [BRIEFING.COM] There isn't much to see by way of looking at the current standing of the major indices. They are little changed.

The standing of the Russell 2000, however, belies another concerted effort to avert a 10%+ pullback from its early-March high that would technically qualify as an actual correction. On Thursday, the Russell 2000 was down as much as 10.7% from that high before it rallied back to finish above the "correction zone."

At its low today (1088.56), it was down 10.3% -- and then it bounced again. The Russell 2000 is currently down 0.1% and down 9.8% from its March high.

Elsewhere, the benchmark 10-yr note has seen some modest selling interest today, but it, too, continues to hang fairly close to unchanged territory. The 10-yr note is off four ticks, which is where it stood before the stronger-than-expected Housing Starts report was released at 08:30 a.m. ET.

11:30 am: [BRIEFING.COM] The major indices are mixed, but have been bumped up some in recent action with the S&P 500 finding support again around its 50-day moving average (1867.76). Generally speaking, though, there hasn't been a lot of conviction behind today's action outside of some individual stock moves.

J.C. Penney (JCP 9.64, +1.27) has been a leader in that respect on the upside, after the embattled retailer reported better-than-expected results and guidance, while World Wrestling Entertainment (WWE 11.54, -8.39) is a notable leader on the downside after disappointing investors with some bothersome projections pertaining to television license agreements and its WWE Network.

Paced by Verizon (VZ 49.12, +1.16), the telecom services sector (+1.4%) continues to top the list of sector winners; otherwise, there isn't another sector up, or down, at least 0.5% at this juncture.

11:00 am: [BRIEFING.COM] It's not quite a carbon copy of Thursday's morning trading, but there are some similarities.

The stronger-than-expected Housing Starts report for April provided a reason for the Treasury market to sell off sharply, but it hasn't
Small-cap stocks are underperforming, evidenced by the 0.5% slide in the Russell 2000
The Nasdaq (-0.3%) is underperforming, dragged down by weakness in the biotech space and some notable large-cap issues like Apple (AAPL 586.69, -2.13)
The Dow and S&P 500 are holding their ground as capital preservation efforts are affording blue chips a measure of relative strength
Participants are purchasing portfolio protection, evidenced by the 2.4% jump in the CBOE Volatility Index (VIX 13.49, +0.32)

One key difference is that volume is much heavier thanks to the options expiration-related activity. 263 mln shares have traded at the NYSE versus 205 mln shares at this point on Thursday.

10:35 am: [BRIEFING.COM]

Metals are mixed this morning. Gold and silver sold off earlier, but gold has since recovered those losses.
Silver, however, has only pushed modestly higher and copper is inching lower
June gold is now +0.1% at $1294.30/oz, July silver is -0.7% at $19.35/oz and July copper is -0.2% at $3.14/lb
Crude oil has been climbing higher this morning and is now +0.3% AT $101.84/barrel.
Natural gas has been in the red all day and fell as low as $4.42/MMBtu this morning. June nat gas is now -0.85 at $4.44/MMBtu
Dollar index is currently flat at 80.00.

9:55 am: [BRIEFING.COM] Just released, the preliminary reading for the University of Michigan Consumer Sentiment survey for May fell to 81.8 from the reading of 84.1 that was reported in April. The Briefing.com consensus expected the index to improve to 84.5.

Major indices are mixed with early relative strength found among the market's countercyclical sectors: telecom services (+1.0%), utilities (+0.1%), consumer staples (+0.3%), and health care (+0.2%).

9:45 am: [BRIEFING.COM] A bit of a sluggish start for the stock market despite the spike in the S&P futures just ahead of the open. The telecom services sector (+0.9%) is off to a fast start, but that's largely on account of Verizon (VZ 48.71, +0.75), which is getting an added boost from the indication that Berkshire Hathaway established a new position (11.02 mln shares). Separately, Paulson & Co. reported in its 13F filing that it took a new 8.7 mn share position in Verizon, too, during the first quarter.

The Nasdaq (-0.3%) is trailing the action, pressured by early weakness in the biotech space and several large-cap issues like Amazon.com (AMZN 292.08, -3.11) and Intel (INTC 25.79, -0.22).

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +7.00. S&P futures have have moved to their highs of the day ahead of the cash market open. In doing so, the opening indication has pivoted from flattish, or slightly lower, to slightly higher.

9:05 am: [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +0.50. The positive headline surprise for the housing starts and building permits data gave the futures market a boost. Even so, the current indication points to a flattish to slightly lower start for the cash market. The recognition that the positive surprise didn't prompt a rash of selling interest in the Treasury market has perhaps kept buying efforts in check. The 10-yr note, which was down three ticks ahead of the release, is down just four ticks now, bringing its yield up to 2.51%. In light of yesterday's big move in the benchmark note, added attention will continue to be paid to the Treasury market's behavior as a dictating factor for the stock market.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +1.50. S&P futures trade two points below fair value.

Asian markets ended the session mixed amid a mostly uneventful trade.

Narendra Modi was declared the winner of the Indian election by a landslide.
Hong Kong's GDP slowed to 2.5% YoY (2.9% YoY previous).
Singapore's trade surplus expanded to SGD4.2 billion (SGD2.3 billion previous).

-----

Japan's Nikkei (-1.4%) was pressured as the yen strengthened. Toyota Motor shed 2.4% and Sony gave up 3.4%.
Hong Kong's Hang Seng (-0.1%) slipped amid a quiet trade. Real estate shares were weak as China Resources Land and China Overseas Land & Investment both fell 1.8%.
China's Shanghai Composite (+0.1%) eked out a gain. Property stocks recovered some of their recent losses as China Vanke and Poly Real Estate both added 1.6%.
India's Sensex (+0.9%) rallied to a record high, but finished well off its best levels. Financials saw strong gains as State Bank of India and ICICI both surged at least 5%.

The major European bourses are mixed as the periphery outperforms.

French nonfarm payrolls posted an in-line -0.1% QoQ.
The eurozone's trade surplus expanded to EUR15.2 bln (EUR17.0 billion expected, EUR15.2 billion previous).
Italy's trade surplus widened to EUR3.87 billion from EUR2.63 billion (expected surplus of EUR2.47 billion).

-----

Britain's FTSE trades -0.2%. Financials are bid with Standard Charter and HSBC Holdings up +1.8% and +1.1%, respectively.
Germany's DAX holds a loss of -0.3%. Automakers are under pressure with Bayerische Motoren Werks off -2.6%.
France's CAC is little changed. Automaker Renault is seeing notable selling pressure as shares trade lower by -3.5%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -5.50. Housing Starts for April increased to a seasonally adjusted annualized rate of 1.072 mln, which was better than the Briefing.com consensus estimate of 975,000. The prior month's reading was revised up to 947,000 from 946,000. Building Permits rose to a seasonally adjusted annualized rate of 1.080 mln, which ahead of the Briefing.com consensus estimate of 1.008 mln. The March reading was revised up to 1.0 mln from 990,000.

8:03 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -4.50. U.S equity futures are down slightly but have bounced back from some larger overnight losses. The S&P futures are trading roughly 0.2% below fair value on this options expiration day.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -1.4%, China's Shanghai Composite +0.1%, Hong Kong's Hang Seng -0.1%
Economic data was limited:
China's Foreign Direct Investment rose 5.0% (previous 5.5%)
Japan's Industrial Production increased 0.7% month-over-month (consensus 0.3%, prior 0.3%) while Capacity Utilization rose 0.4% (last -2.6%)
Hong Kong's GDP increased 0.2% quarter-over-quarter (forecast 0.5%, previous 1.1%) while the year-over-year reading rose 2.5% (last 2.9%)
In news:
Election results in India revealed a landslide victory for Narendra Modi's pro-business Bharatiya Janata Party
Securities companies in China are being allowed, under relaxed rules, to expand their business and introduce new products

Major European indices are mostly lower but have moved off their lows. UK's FTSE 100 -0.1%, France's CAC 40 -0.1%, Germany's DAX Index -0.2%.
In economic data:
Eurozone trade surplus expanded to EUR15.2 billion from EUR15.00 billion (expected surplus of EUR17.30 billion)
French Nonfarm Payrolls decreased 0.1% (consensus -0.1%, previous 0.1%)
Italy's trade surplus expanded to EUR3.87 billion from EUR2.63 billion (expected surplus of EUR2.47 billion)
Among news of note:
European car registrations increased 3.6% in April

In U.S. corporate news:

Applied Materials (AMAT 19.20, +0.51): +27% after reporting in-line earnings results for its second quarter and providing in-line guidance for its third quarter
J.C. Penney (JCP 9.91, +1.54): +18.6% after beating by ten cents and offering reassuring comps and margin guidance
Nordstrom (JWN 67.60, +6.11): +9.9% after beating by four cents and reaffirming its fiscal year guidance

Housing Starts (Briefing.com consensus 975,000) and Building Permits (consensus 1.008 million) for April will be released at 8:30 ET, while the preliminary Michigan Consumer Sentiment survey (expected 84.5) will be announced at 9:55 ET.

7:38 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -0.70.

6:47 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -9.00.

6:47 am: [BRIEFING.COM] Nikkei...14096.59...-201.60...-1.40%. Hang Seng...22712.91...-18.00...-0.10%.

6:47 am: [BRIEFING.COM] FTSE...6818.06...-22.90...-0.30%. DAX...9589.66...-66.40...-0.70%.

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

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

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