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 Post subject: May 19th Monday Trade Results - No Trades
PostPosted: Mon May 19, 2014 10:44 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)
http://twitter.com/wrbtrader (24/7)

Quote:
No trades today due to Victoria National Holiday, kids football tournament and new computer network installation problems.

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=1795

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.

Good day for tech stocks. Nasdaq up 0.9%

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

NEW YORK (CNNMoney)
Wall Street had mergers on its mind Monday morning, but the story of the day turned out to be tech stocks, not TV. The blue chip indexes didn't do much, but tech stocks rallied.

Here are the five things to know:

1. Investors a little more optimistic

The Dow and S&P 500 were flat for most of the day, but finished up modestly. The tech-heavy Nasdaq had the best start to the week, bouncing almost 0.90%. Even some beaten down social media stocks rebounded.

The latest reading from the CNNMoney Fear & Greed index indicates investors are still feeling fearful after stock markets hit fresh all-time highs last week but then slumped by the end of the week.

2. Monday's major stock movers

There wasn't much in terms of economic and earnings announcements Monday, but a few stocks were on the go.

TripAdvisor (TRIP) and Netflix (NFLX) enjoyed nice bounces and helped lift the Nasdaq higher. Both companies have struggled in recent weeks as investors shifted out of tech and into companies perceived as safer and more stable.

Even biotechs were surging. Shares of Intermune (ITMN) spiked 13% after the biotechnology firm released positive results over the weekend for a drug that treats pulmonary fibrosis, a terminal illness characterized by scarring of the lungs.

Things were not so rosy for LifeLock (LOCK), which plummeted 17.5% after the identity theft protection company pulled its mobile Wallet application, claiming that it may not be fully compliant with payment card industry security standards.

Campbell Soup (CPB, Fortune 500) was also watered down today. The company reported slightly better than forecast earnings early Monday but lowered its 2014 sale outlook, sending shares lower. It was one of the worst performers in the S&P 500 today. The company said it was unable to heat up its soup sales in the United States despite an increase in promotional activity.

3. Big Merger # 1- AT&T and DirecTV

Shares of DirecTV (DTV, Fortune 500) fell more than 1.75% after AT&T (T, Fortune 500) said Sunday that it had agreed to pay nearly $50 billion to acquire America's biggest satellite television provider. Shares of AT&T also dipped almost 1%.

If approved by regulators, the deal will continue a wave of consolidation in the television and telecommunications industries. Comcast, (CMCSA, Fortune 500) the nation's biggest cable provider, is currently awaiting regulatory approval for its plan to merge with Time Warner Cable. (TWC, Fortune 500)

One StockTwit trader thought that DirectTV shares should have gone up, not down, on news of the deal.

"$DTV Not moving in the direction I thought it would," said fijosa.

But StockTwits trader QE4eversayswhat had a theory on why that was the case.

"DTV maybe down on fears the gov't will bust the deal," he said.

Rival company Dish Network (DISH, Fortune 500) also lost ground today.

Related: Retailers under the microscope

4. Merger # 2 - No love from the Brits on pharma deal

AstraZeneca' (AZN)shares plunged 11% in London after the board rejected yet another takeover bid from U.S. pharmaceutical giant Pfize. (PFE, Fortune 500)Investors had pushed AstraZeneca stock higher as they hoped Pfizer would be able to woo the British firm, but the rejection of a fourth and "final" offer from Pfizer suggests the deal is dead in the water.

Pfizer shares rose roughly half a percentage point back in New York Monday.

Still, a few StockTwits users are optimistic that a deal between the two companies will come through.

"$PFE will buy $AZN eventually...Just a matter of when AZN will finally accept a bid," said JaredCummans.

"$AZN Not expecting anyone else to pay as much...$PFE will prevail in about 3 months," predicted goldengatesings2.

5. World Markets mixed

European markets finished mixed.

Banking stocks, including Deutsche Bank (DB) and Barclays (BCS), slipped in Europe after Deutsche Bank announced it was raising roughly €8 billion ($11 billion) from investors, including Qatar, to meet regulatory requirements.

Asian markets mostly ended with losses. However, the Mumbai Sensex index continued to rise as investors cheered the election of a new leader, Narendra Modi.

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4:10 pm: [BRIEFING.COM] The stock market began the new trading week on a modestly higher note with small caps coming out on top. The Russell 2000 advanced 1.1%, while the S&P 500 added 0.4% with seven sectors posting gains. The underperformance of blue chip listings was apparent within the Dow Jones Industrial Average (+0.1%), which spent the entire session near its flat line.

Generally speaking, the first session of the week was largely uneventful with no economic data or noteworthy earnings influencing the sentiment. However, M&A activity was in focus early, even though it did not lift the underlying stocks. Some recent came to fruition as AT&T (T 36.38, -0.36) agreed to acquire DirecTV (DTV 84.65, -1.53) for $95 per share, which represents a 10.2% premium to Friday's closing price. However, shares of DirecTV did not rally amid concerns about potential regulatory hurdles.

Elsewhere, AstraZeneca (AZN 70.64, -9.64) plunged 12.0% after rejecting Pfizer's (PFE 29.28, +0.16) latest acquisition offer. Even though AstraZeneca lagged, the broader health care sector (+0.6%) was able to overcome that weakness thanks to the relative strength of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 231.50, +3.20) gained 1.4% after starting the session right above its 200-day moving average, which has been an area of congestion for more than a month.

Also of note, the solid performance from the biotech group underpinned the Nasdaq Composite (+0.9%), which also received noteworthy support from the technology sector (+0.8%).

The top-weighted S&P 500 sector settled in the lead thanks to broad-based gains. Large cap listings like Apple (AAPL 604.59, +7.08), Google (GOOG 528.86, +8.23), and Oracle (ORCL 42.16, +0.47) advanced between 1.1% and 1.6%, while chipmakers also rallied. The PHLX Semiconductor Index finished higher by 1.1%.

Overall, cyclical sectors were responsible for the bulk of today's rally, while only one countercyclical group-health care-finished in the green. The other three-consumer staples, telecom services, and utilities-posted losses between 0.3% and 1.6%.

The utilities sector finished the session at the bottom of the leaderboard, which widened its May loss to 4.4%. Despite the sharp month-to-date decline, the rate-sensitive sector remains higher by 8.6% for the year.

Treasuries spent the entire session in a steady retreat from their overnight highs. As a result, the benchmark 10-yr yield climbed two basis points to 2.54%.

Participation was well below average with just 573 million shares changing hands at the NYSE, which represented the second lowest total of the year.

There is no economic data of note on tomorrow's schedule.
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S&P 500 +2.0% YTD
Dow Jones Industrial Average -0.4% YTD
Nasdaq Composite -1.2% YTD
Russell 2000 -4.0% YTD

3:30 pm: [BRIEFING.COM]

June gold trended lower after pulling back from a session high of $1305.70 per ounce set in early morning pit trade. It dipped as low as $1293.00 per ounce and settled at $1294.10 per ounce, or 0.1% higher.
July silver also gave up its early morning losses as it pulled back from its session high of $19.68 per ounce. Unable to regain momentum, it closed with a 0.1% gain at $19.34 per ounce, just above its session low of $19.33 per ounce.
June crude oil extended Friday's gains as the dollar index traded lower. The energy component rose to a session high of $103.09 per barrel in morning action and brushed a session low of $102.49 per barrel. It eventually settled with a 0.6% gain at $102.65 per barrel.
June natural gas also traded higher, rising to a session high of $4.52 per MMBtu by late morning floor trade. It pulled back slightly in afternoon action and settled with a 1.4% gain at $4.47 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in today's session that has placed the benchmark index back into the green for the month of May. Like the S&P 500, the Nasdaq has also swung from a monthly loss to a gain, while the Dow and Russell 2000 have trimmed their month-to-date losses to 0.4% and 1.3%, respectively.

Overall, individual sectors have had a decent month as only four hold month-to-date losses. Furthermore, only one of the four-utilities-holds a May loss of more than 1.0%. On the upside, five sectors are up between 0.3% and 0.8%, while the telecom services sector leads with a solid gain of 3.4% for the month.

2:30 pm: [BRIEFING.COM] The S&P 500 (+0.4%) has returned to its session high, while the benchmark 10-yr note has surrendered its early gain and now trades on its lows (10-yr yield -1 bps to 2.53%). In all likelihood, today's session will produce a below average volume total, considering just over 300 million shares have changed hands at the NYSE with 90 minutes to go.

The A/D line continues favoring the bulls as there are almost 1.7 issues trading higher for each decliner. Market breadth at the Nasdaq is similar, with almost two names trading in the green for each stock in the red.

2:00 pm: [BRIEFING.COM] Equities continue holding their recent levels as the quiet afternoon wears on. The S&P 500, which trades higher by 0.3%, has been trapped inside a two-point range for the better part of the past 90 minutes.

Cyclical sectors remain ahead of their defensively-geared counterparts with the largest S&P 500 sector-technology (+0.8%)-in the lead. Meanwhile, the other growth-sensitive groups all hold gains close to 0.3% apiece.

Even though stocks have not moved much as of late, participants have shown demand for volatility protection, which has pushed the CBOE Volatility Index (VIX 12.46, +0.02) back into the green.

1:25 pm: [BRIEFING.COM] The stock market has started this week on a note that resembles the way it started last week. Granted it's not the same high note (the Russell 2000 surged 2.4% last Monday), yet there is a performance bifurcation with the momentum and small-cap stocks outperforming their blue-chip counterparts.

The Russell 2000, which fended off a 10% correction from its March high on a closing basis on Friday, jumped as much as 1.2% earlier today to 1116.04. That left it up 2.5% from this past Friday's low. Interestingly, that move also took it to the underbelly of its 200-day moving average (1117.02) where it ran out of steam.

The Russell 2000 is currently up 0.7%. How it reacts in afternoon trading is apt to be an influential factor for the broader market. Trading sentiment should be helped if it can push through its 200-day moving average. Conversely, if the recent fade persists, participants may view it as a focal point to extend their selling interest.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade near their best levels of the session with small caps in the lead. The Russell 2000 is higher by 0.7%, while the S&P 500 trades up 0.3% with seven sectors showing gains. For its part, the Dow Jones Industrial Average hovers below its flat line after surrendering its slim advance in recent action.

The trading week has gotten off to a relatively quiet start in the absence of noteworthy economic data from the U.S. or overseas. As such, the early focus was on M&A activity. As rumored, AT&T (T 36.02, -0.73) has agreed to acquire DirecTV (DTV 84.97, -1.21) for $95 per share, representing a 10.2% premium to Friday's closing price. However, shares of DTV have not responded favorably to the news, suggesting the presence of caution about potential regulatory hurdles.

Elsewhere, Dow component Pfizer (PFE 29.40, +0.28) trades higher by 1.0% after the company's offer to acquire AstraZeneca (AZN 71.03, -9.25) was rejected. Meanwhile, the broader health care sector (+0.5%) trades ahead of the broader market thanks to solid gains in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 230.94, +2.63) trades up 1.2%.

The outperformance of biotechnology and the relative strength of the technology sector (+0.7%) have conspired to put the Nasdaq (+0.7%) ahead of the broader market. Outside of technology, the remaining cyclical sectors sport gains between 0.3% and 0.5%.

The countercyclical side, however, does not look as upbeat considering consumer staples, telecom services, and utilities show losses between 0.5% and 1.5%. Furthermore, today's weakest sector-utilities-has extended its May loss to 4.3%, but remains up 8.7% so far in 2014.

Treasuries have slipped from their highs, but the 10-yr note remains up two ticks with its yield down one basis point at 2.52%.

12:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% as cyclical sectors fare a bit better than their countercyclical counterparts. All six growth-sensitive sectors find themselves in the green with gains ranging from 0.4% to 0.8%.

Meanwhile on the countercyclical side, health care (+0.6%) outperforms thanks to the relative strength of biotechnology (IBB +1.4%), while consumer staples, telecom services, and utilities hold losses between 0.4% and 1.4%. The utilities sector is the weakest of the bunch, which has been the case since the start of the month. Including today's loss, the sector is lower by 4.2% in May, but remains higher by 8.8% so far in 2014.

12:00 pm: [BRIEFING.COM] There hasn't been much change since our last update as the major averages remain near their best levels of the trading day. Thanks to today's advance, the S&P 500 is back to unchanged for the month, while the tech-heavy Nasdaq (+0.8%) has erased its May loss and now holds a slim gain of 0.2% for the month.

Fittingly, with the Nasdaq showing relative strength, the technology sector (+0.7%) is among today's leading groups. The sector has drawn strength from components of all sizes as Apple (AAPL 606.75, +9.24), Facebook (FB 58.64, +0.62) and Yelp (YELP 56.45, +1.73) display gains between 1.0% and 3.1%.

Also of note, biotechnology has put together a decent rally as the iShares Nasdaq Biotechnology ETF (IBB 230.83, +2.53) trades higher by 1.1%, while the broader health care sector (+0.5%) also trades ahead of the broader market.

11:30 am: [BRIEFING.COM] Recent action saw the Dow Jones Industrial Average (+0.2%) join the other indices in the green. Despite the break into positive territory, the price-weighted index continues trailing its peers as 11 of its 30 components hover in the red. Most notably, Caterpillar (CAT 105.13, -0.90) and McDonald's (MCD 102.17, -0.97) are both down near 0.9%.

On the upside, Disney (DIS 81.20, +0.81) and Pfizer (PFE 29.50, +0.38) hold respective gains of 1.0% and 1.3%, while no other index component shows an increase of more than 1.0%.

With stocks pulling away from their lows, participants are reducing their volatility protection as indicated by a 0.4% decline in the CBOE Volatility Index (VIX 12.39, -0.05).

10:55 am: [BRIEFING.COM] The major averages continue trading in mixed fashion as the S&P 500 (+0.1%) holds a slim gain, while the Dow (-0.1%) hovers right below its flat line. Small caps, however, are showing relative strength as the Russell 2000 and Nasdaq hold respective gains of 0.9% and 0.6%.

Even though small caps outperform, their strength has been unable to lift the overall market. Of the four largest sectors, two-health care (+0.4%) and technology (+0.4%)-display strength, while the other two top-weighted groups-consumer discretionary and financials-trade little changed.

Elsewhere, Treasuries have continued their advance despite the modest gains among equities. The 10-yr yield is now lower by three basis points at 2.50%.

10:35 am: [BRIEFING.COM]

Commodities started the morning off mostly higher, while the dollar index remained modestly lower
Commodities including crude oil, nat gas, gold, silver and copper have all been in positive territory all day so far
June crude oil rose as high as $103.09/barrel this morning and is now +0.8% at $102.88/barrel
Although metals have been in positive territory this morning, precious metals have been slowly moving lower in recent trade
June gold is now +0.45 at $1299.10/oz, July silver is +0.7% at $19.46/oz, July copper is +0.8% at $3.17/lb
June nat gas has been trending higher and is now +1.7% at $4.49/MMBtu.

9:55 am: [BRIEFING.COM] Equity indices have continued their rebound, putting the Nasdaq (+0.2%), S&P 500 (+0.1%), and Russell 2000 (+0.5%) back in the green. The Dow, meanwhile, remains just below its flat line.

With the major averages off their lows, five sectors continue trading lower. Consumer discretionary (-0.2%) is the weakest cyclical group trading in the red, while the other laggards-consumer staples (-0.4%), telecom services (-0.9%), and utilities (-0.7%)-come from the countercyclical side.

Treasuries have slipped from their highs, but they remain in the green. The 10-yr note is higher by four ticks with its yield down two basis points at 2.51%.

9:40 am: [BRIEFING.COM] The stock market began the session on a lower note before climbing off the opening lows.

Seven of ten sectors hold losses between 0.1% and 0.5%, while health care (+0.4%), technology (+0.1%), and materials (+0.3%) outperform. Also of note, biotechnology has given a modest early boost to the health care sector as the iShares Nasdaq Biotechnology ETF (IBB 229.00, +0.70) trades higher by 0.3%.

On the downside, countercyclical consumer staples (-0.5%), telecom services (-0.5%), and utilities (-0.7%) are at the bottom of the leaderboard.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -8.30. The major averages are on track for a modestly lower open as futures on the S&P 500 trade four points below fair value. Even though futures remain in the red, they have actually cut their losses in half over the past three hours.

Overnight, Asian markets ended the day on a mixed note, but Chinese equities were pressured by property names after the latest House Price Index pointed to a slowdown in price appreciation. Elsewhere, European indices also trade in the red with Italy's MIB (-1.5%) leading the slide after a German group has filed a petition with the European Court of Justice to block the European Central Bank's Outright Monetary Transactions (OMT) bond program. Italy's benchmark 10-yr yield is higher by ten basis points at 3.15%. Also of note, Great Britain's FTSE (-0.4%) is being pressured by AstraZeneca (AZN 72.16, -8.12) after the company rejected Pfizer's (PFE 29.65, +0.53) takeover bid.

From one M&A story to another, AT&T (T 35.80, -0.94) is indicated to open 2.6% lower after agreeing to acquire DirecTV (DTV 86.18, 0.00) for $95 per share, representing a 10.2% premium to Friday's closing price. Interestingly, DirecTV trades flat in pre-market action, which may be a reflection of concerns about potential regulatory hurdles.

Treasuries hold gains to start the day with the 10-yr yield down two basis points at 2.51%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -9.30. The S&P 500 futures trade five points below fair value.

Asian markets ended the first session of the week on a mixed note. Chinese housing data disappointed as price increases slowed to 6.7% (7.7% previous) with sharp notable slowdowns in Beijing (8.9% versus prior 10.3%) and Shanghai (11.5% versus 13.1%).

Japan's core machinery orders surged 19.1% (expected 6.1%), likely seeing a boost due to increased demand ahead of the consumption tax hike.
Hong Kong's unemployment rate held at 3.1%, as expected.

------

Japan's Nikkei lost 0.6%, falling to a one-month low as the strong yen weighed. Toyota and Sony both lost 1.1%.
Hong Kong's Hang Seng ended just below its flat line after rallying into the close. Exporter Li & Fung was the biggest drag, falling 3.7%.
China's Shanghai Composite fell 1.1%, sinking to a three-week low the housing data weighed. Real estate shares were weak as Gemdale slumped 1.4% and Poly Real Estate fell 1.2%.
India's Sensex rallied 1.0% to another record-high. Utilities saw strong gains with Bharat Heavy Electric spiking 15.1% and NTPC rallying 10.6% on increased speculation Modi's victory in the election will provide a boost to the economy.

Major European indices trade in mixed fashion with markets in Italy (-1.5%) and Spain (-0.8%) on the defensive after a German group has filed a petition with the European Court of Justice to block the European Central Bank's Outright Monetary Transactions (OMT) bond program. Italy's benchmark 10-yr yield is higher by ten basis points at 3.15%, while Spain's 10-yr yield is up three basis points at 3.00%. In other news of note, European Central Bank executive board member Peter Praet recommended a 10 basis point cut to the main refinance rate and the deposit facility at the upcoming meeting.

Participants received just one data point:

Spain's trade deficit widened to EUR2.05 billion from EUR1.60 billion (expected deficit of EUR700 million).

------

In France, the CAC is higher by 0.1% with Alstom in the lead. The stock trades higher by 2.6%. Financials lag with Credit Agricole and Societe Generale both down near 1.5%.
Germany's DAX holds a loss of 0.2%. Materials producers display strength, while banks underperform. K+S and HeidelbergCement are higher by 2.5% and 1.6%, respectively. Deutsche Bank trades lower by 2.2%.
Great Britain's FTSE is lower by 0.4%. AstraZeneca is the weakest performer, down 11.5% after rejecting Pfizer's takeover offer. Air carrier easyJet outperforms with a gain of 3.5% following upbeat comments from one of its rivals.
Italy's MIB trades down 1.5%. Financials UnipolSai, Unicredit, and Intesa Sanpaolo hold losses between 2.5% and 7.5%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -8.50. U.S. equity futures continue trading in the red, but they have erased a portion of their overnight losses. Generally speaking, the trading week is set to begin on a relatively quiet note with M&A activity in focus. Most notably, AT&T (T 35.83, -0.91) has agreed to acquire DirecTV (DTV 86.11, -0.07) for $95 per share, representing a 10.2% premium to Friday's closing price, but some questions remain about whether the deal will receive regulatory approval.

Separately, AstraZeneca (AZN 72.88, -7.40) is indicated to open lower by 9.2% after rejecting Pfizer's (PFE 29.50, +0.38) sweetened takeover bid.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -8.00. U.S. equity futures hold modest losses amid cautious action overseas. The S&P 500 futures trade three points below fair value.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -1.1%, Japan's Nikkei -0.6%, and Hong Kong's Hang Seng -0.04%.
Economic data was limited:
China's House Prices increased 6.7% year-over-year (prior 7.7%).
Japan's Core Machinery Orders jumped 19.1% month-over-month (consensus 6.0%, previous -4.6%), while the year-over-year reading increased 16.1% (expected 4.2%, prior 10.8%).
Hong Kong's Unemployment Rate held steady at 3.1%, as expected.
New Zealand's Input PPI rose 1.0% quarter-over-quarter (expected 0.4%, previous -0.7%), while Output PPI increased 0.9% quarter-over-quarter (consensus 0.7%, prior -0.4%).
In news:
Property names in China and Hong Kong underperformed after the House Price Index pointed to a deceleration in price appreciation.


Major European indices trade in mixed fashion. France's CAC +0.1%, Great Britain's FTSE -0.2%, and Germany's DAX is unchanged. Elsewhere, Spain's IBEX -0.7% and Italy's MIB -1.4%.
Participants received just one data point:
Spain's trade deficit widened to EUR2.05 billion from EUR1.60 billion (expected deficit of EUR700 million).
Among news of note:
Italian and Spanish bonds sold off in reaction to reports a German group has filed a petition with the European Court of Justice to block the European Central Bank's Outright Monetary Transactions (OMT) bond program. Italy's benchmark 10-yr yield is higher by ten basis points at 3.15%, while Spain's 10-yr yield is up three basis points at 3.00%.
European Central Bank executive board member Peter Praet recommended a 10 basis point cut to the main refinance rate and the deposit facility at the upcoming meeting.

In U.S. corporate news:

Campbell Soup (CPB 42.00, -3.12): -6.9% after reporting a three-cent beat on below-consensus revenue and guiding lower.
DirecTV (DTV 86.20, +0.02): has agreed to be acquired by AT&T (T 35.95, -0.79) for $95 per share, representing a 10.2% premium to Friday's closing price.
Pfizer (PFE 29.80, +0.68): +2.3% after AstraZeneca (AZN 71.96, -8.32) rejected the takeover proposal.

There is no economic data of note on today's calendar.

7:57 am: [BRIEFING.COM] FTSE...6827.38...-28.40...-0.40%. DAX...9590.05...-39.00...-0.40%.

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.50.

5:45 am: [BRIEFING.COM] Nikkei...14006.44...-90.20...-0.60%. Hang Seng...22704.50...-8.40...0.00.

5:45 am: [BRIEFING.COM] FTSE...6827.38...-28.40...-0.40%. DAX...9590.05...-39.00...-0.40%.

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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