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 Post subject: May 21st Wednesday Trade Results - Profit $1230.00
PostPosted: Thu May 22, 2014 4:16 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $730.00 dollars or +7.30 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($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 @ $1,230.00 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=1797

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.

Great Day For Stocks. Dow Rallies 160

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

NEW YORK (CNNMoney)
There were a lot of smiles on Wall Street today as stocks surged right out of the gate and never let up.

The Dow closed 159 points higher. The Nasdaq composite and S&P 500 also finished the day with solid gains. The Nasdaq was up 0.85% and the S&P 500 0.8%. All three indexes are now positive for the week, quite the turnaround from yesterday's losses.

Today's trading session just missed becoming the 8th day this year with a positive swing of 1% or more. The Dow finished just below the 1% mark.

Here were some key trends from the day's trading:

1) Retail stocks on the move

The big news of the day was retail stocks.

Tiffany & Co, (TIF) American Eagle Outfitters (AEO) and Lowe' (L, Fortune 500)s reported earnings. Results continue to be mixed as some consumers are navigating the shifts to online sales and changing consumer preferences and spending habits better than others.

Tiffany's soared 9% to all-time highs after posting strong sales growth and profits that were 50% higher than the same time last year. The stock traded at $97.40 a share at one point today. The jewelry store is one of many retailers benefiting from higher spending among wealthy shoppers.

"$10k engagement ring, bought in 1987 is probably worth 2k today. 10k invested in Tiffany stock in 1987, is worth 520k today," noted StockTwits user TheStevensReport.

Related: Luxury stocks benefit from 1% spending

American Eagle shares finished more than 6% lower after the teen clothier reported lower revenue and profits that fell 15% from a year ago. The company said in a statement that it would be closing 100 stores over the next three years, with around 70 AE and pre-teen-focused Aerie locations closing by the end of the year.

Lowe's ended modestly lower. Earnings rose despite the winter weather slowdown, but they missed analysts' expectations. That said, the company is optimistic about the future.

Despite releasing earnings showing that it continues to struggle in the wake of December's data breaches, Target (TGT, Fortune 500) stock finished 1% higher. It seems investors had already priced in the worst.

Finally, there was more bite than bark for PetSmart (PETM, Fortune 500), which closed more than 8% lower after reporting higher than expected quarterly earnings on lower than expected sales. It's one of the worst performers in the S&P 500 today.

2) Tech Stocks mixed

Netflix (NFLX) enjoyed a pop, up more than 5% for the day on news that it's planning a further expansion into Europe by the end of the year. Binge watching is coming to Germany and France, among other nations.

Many popular tech stocks are up slightly for the day in a rebound from yesterday. Nokia (NOK) finished up almost 4% following a stock upgrade from Deutsche Bank.

Meanwhile customer relationships site SalesForce (CRM) was one of the biggest losers in the S&P 500, with shares down 5% despite posting preliminary revenue that was 37% higher than the same time last year as it, like many tech companies, continues to lose money.

Shares of auction site eBay (EBAY, Fortune 500)fell earlier in the day after it reported a data breach affecting user accounts and passwords, but ended the day flat.

3) Tobacco stock lights up

Lorillard (LO), which owns cigarette brands such as Newport and Maverick, was on fire at the end of the day Wednesday. The stock jumped over 10% after Reuters reported Reynolds American (RAI, Fortune 500) is in talks to buy the company. Reynolds shares were up more than 4%.

4) Fed Minutes a yawner

The Federal Reserve Board of Governors, which determines interest rates, released the minutes for its April meeting. It turned out to be a yawner. There wasn't anything new as they continued to discuss ways to bring their bond-buying program to a close over the coming months.

5) International markets mostly higher

European stocks closed slightly higher, with Italian shares up more than 1%.

Asian marked ended the day mixed, with Thailand's SET up around 0.6%. The Thai military announced the imposition of martial law, but this morning said that it would hold meetings with opposition leaders.

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4:10 pm: [BRIEFING.COM] The major averages rallied on Wednesday, which allowed the Dow (+1.0%), Nasdaq (+0.9%), and S&P 500 (+0.8%) to reclaim yesterday's losses. For its part, the Russell 2000 advanced 0.5% despite a brief dip into the red that took place in the morning.

Even though small caps endured an intraday hiccup, that short-lived weakness had little impact on the S&P 500, which rallied at the open before spending the bulk of the trading day in a six-point range. For the most part, the index was unperturbed by the underperformance of small caps, while also showing little reaction to the FOMC minutes from the April 29-30 meeting.

To be fair, the lack of a reaction to the minutes reflected the lack of new information within the minutes. The document revealed a discussion of the expected path to an eventual rate hike, but there was no mention regarding the potential timing. The minutes also indicated that the committee sees inflation reaching the 2.0% target in the next "few" years with little risk of spillover inflation resulting from fueling payroll growth.

Interestingly, the Treasury market was not too concerned with the Fed mapping out its exit strategy as the 10-yr note registered its low when the minutes were released, before climbing higher into the close. The 10-yr note narrowed its loss to six ticks, while the benchmark yield increased two basis points to 2.53%.

All ten sectors posted gains with cyclical groups faring a bit better than their defensive counterparts. Of the six growth-sensitive sectors, five settled in line or ahead of the S&P 500. The financial sector (+0.8%) provided leadership through the first half of the session, but energy (+1.1%) and consumer discretionary (+1.2%) overtook financials during the afternoon.

The consumer discretionary sector finished in the lead even as quarterly earnings from a handful of retailers disappointed. American Eagle Outfitters (AEO 10.60, -0.73), PetSmart (PETM 57.02, -5.17), and Lowe's (LOW 45.41, -0.11) ended lower in reaction to below-consensus earnings and/or guidance, while Target (TGT 57.20, +0.59) was able to post a solid gain of 1.0% after its report was dubbed 'better than feared.' Also of note, Tiffany (TIF 96.30, +8.07) surged 9.2% following its solid results.

On the countercyclical side, telecom services and utilities ended little changed, while health care (+0.8%) settled in line with the broader market. The consumer staples sector (+0.6%) spiked into the close as shares of Lorillard (LO 62.63, +5.90) surged 10.4% amid reports Reynolds American (RAI 59.77, +2.51) is in discussions to acquire Lorillard.

Today's participation was well below average with the final tally of 574 million shares coming in just ahead of Monday's total that marked the second-lowest volume of the year.

Economic data was limited to the weekly MBA Mortgage Index, which rose 0.9% to follow last week's increase of 3.6%. Despite the headline increase, purchase applications declined 3.0%, while the overall index was driven higher by a 4.0% gain in refinancing applications.

Tomorrow, weekly initial claims (Briefing.com consensus 305K) will be released at 8:30 ET, while the Existing Home Sales report for April (consensus 4.66 million) and the April Leading Indicators report (consensus 0.5%) will cross the wires at 10:00 ET.
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S&P 500 +2.2% YTD
Dow Jones Industrial Average -0.3% YTD
Nasdaq Composite -1.1% YTD
Russell 2000 -5.0% YTD

3:35 pm: [BRIEFING.COM]

Metals remains weak today, while crude oil futures held strength
Crude oil initially displayed a muted reaction following EIA weekly inventory data
However, July crude climbed higher in afternoon trade and rose as high as $104.25/barrel. Crude closed the day $1.68 higher at $103.99/barrel
Natural gas sold in afternoon trade, falling as low as $4.47/MMBtu. June nat gas ended today's session eight cents lower at $4.47/MMBtu.
Gold and silver remained whippy
June gold finished $6 lower at $1288.10/oz, while July silver fell one cent to $19.33/oz
Copper remained in the red all day, closing five cents lower at $3.12/lb.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.7% with one hour remaining in the midweek session. The benchmark index registered the bulk of its advance during the opening 15 minutes, and has respected an eight-point range since then.

The index held its ground in the morning while the Russell 2000 (+0.5%) made a brief appearance in the red, and showed little reaction to the FOMC Minutes that were released an hour ago.

Treasuries, however, notched their lows after the minutes crossed the wires, and have been climbing since then. The benchmark 10-yr yield is now higher by two basis points at 2.53% after registering a session high at 2.55%.

2:30 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the Dow Jones Industrial Average (+0.9%) in the lead.

The blue chip index has had a tough time keeping pace with the S&P 500 so far this week, but is doing its best to close the gap today. Including its current advance, the Dow is higher by 0.1% for the week versus a 0.3% gain for the S&P 500.

Today, the Dow displays relative strength as only three of its 30 components register losses. AT&T (T 35.18, -0.32) is the weakest member, down 0.9%, while the other two decliners-Home Depot (HD 77.87, -0.09) and Wal-Mart (WMT 75.53, -0.16) are lower by 0.1% and 0.2%, respectively.

On the upside, twelve index members show gains of 1.0% or more with Goldman Sachs (GS 159.55, +3.20) in the lead. The third-largest Dow member trades higher by 2.1%.

2:10 pm: [BRIEFING.COM] The major averages have yawned at the minutes from the latest FOMC meeting that were just released. The minutes revealed a discussion of the expected path to an eventual rate hike, but there was no mention with regards to the potential timing of a hike.

The minutes also indicated that the committee sees inflation reaching the 2.0% target in the next "few" years with little risk of inflation resulting from fueling payroll growth.

With regard to housing, a number of participants believed in potential risks being associated with a weak housing market.

Treasuries notched fresh lows in reaction to the minutes before returning to their earlier levels. The benchmark 10-yr note is lower by ten ticks with its yield up four basis points at 2.55%.

1:25 pm: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 started strong, took a little dip, but are now back near their best levels of the day. The return there has been helped by renewed buying interest in some of the market's most influential sectors like financials (+0.8%), consumer discretionary (+0.9%), energy (+0.8%), and industrials (+0.7%).

That strong cadre of leadership has enabled the market to reclaim nearly all of Tuesday's losses.

The release of the FOMC Minutes from the April meeting at the top of the hour will be a closely-followed event and a potential trading catalyst for the remainder of the afternoon session.

The 10-yr note, which was weak early, has steadied itself. It is currently down eight ticks with its yield at 2.54%. How it behaves after the FOMC Minutes could be a telltale catalyst for the stock market into the close.

1:00 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average (+0.8%) and S&P 500 (+0.6%) hover near their best levels of the day, while the Nasdaq (+0.5%) and Russell 2000 (+0.3%) have slipped from their highs.

Overall, the first half of today's session has been pretty subdued with the exception of the underperformance of small caps. Although the Russell 2000 sports a slim gain at this time, it was down as much as 0.5% before dip-buyers stepped up.

So far, the underperformance of the Russell has had a limited effect on the Dow and S&P 500, but the Nasdaq's gain has been cut in half by the relative weakness of biotechnology. At this juncture, the iShares Nasdaq Biotechnology ETF (IBB 228.87, +0.51) holds a slim gain of 0.2% after being up as much as 1.3% during the opening minutes. The broader health care sector, meanwhile, trades right in line with the S&P 500.

Outside of health care, other influential sectors like consumer discretionary (+0.8%) and financials (+0.7%) outperform, while technology (+0.5%) trades right behind the broader market. The largest tech component-Apple (AAPL 604.88, +0.17)-is contributing to the modest underperformance as it trades flat.

Similar to yesterday, participants have received a set of quarterly reports from the retail space. Most notably, jeweler Tiffany (TIF 95.87, +7.64) trades up 8.7% after beating earnings estimates on above-consensus revenue. On the downside, American Eagle Outfitters (AEO 10.70, -0.63), Target (TGT 56.50, -0.11), Lowe's (LOW 45.14, -0.38), and PetSmart (PETM 57.08, -5.11) display losses between 0.2% and 8.2% after disappointing investors with their earnings and/or guidance.

Barring any unforeseen developments, the major averages are likely to stay inside narrow ranges until the FOMC Minutes from the April 30 meeting cross the wires at 14:00 ET.

Today's economic data was limited to the weekly MBA Mortgage Index, which rose 0.9% to follow last week's increase of 3.6%. Despite the headline increase, purchase applications declined 3.0%, while the overall index was driven higher by a 4.0% gain in refinancing applications.

12:30 pm: [BRIEFING.COM] Not much change since our recent update as the major averages continue holding their levels. However, even though the key indices have not gone anywhere over the past 30 minutes, today's leading sector-financials-has narrowed its gain to 0.6%.

The financial sector now trades essentially in line with the energy space (+0.6%), which has been supported by a 1.7% gain in crude oil ($104.11/bbl). The other commodity-linked sector-materials-is the weakest cyclical group, trading higher by 0.1%. Miners are contributing to the relative weakness of the sector as the Market Vectors Gold Miners ETF (GDX 23.28, -0.11) trades lower by 0.5%. Gold futures, meanwhile, are lower by 0.5% at $1288.60/ozt.

12:00 pm: [BRIEFING.COM] Equity indices have slipped from their highs, following the lead of the Russell 2000 (-0.2%), which has notched a new low for the day. The Dow (+0.7%) and S&P 500 (+0.4%) have been trying to resist the pressure, but the Nasdaq (+0.3%) has given up a chunk of its gain as high-growth names retreat against the backdrop of the underperforming Russell 2000.

Biotechnology had provided the Nasdaq with a considerable opening boost, but the iShares Nasdaq Biotechnology ETF (IBB 227.97, -0.39) has since dropped into the red, while the broader health care sector remains in line with the S&P 500.

Despite the retreat from highs, the utilities sector is the lone decliner with a slim loss of just 0.1%.

11:25 am: [BRIEFING.COM] The Dow Jones Industrial Average (+0.8%), Nasdaq (+0.4%), and S&P 500 (+0.5%) continue hovering near their best levels of the session, but the Russell 2000 (+0.1%) has given up the bulk of its opening gain.

Although the weakness among small caps has not had much impact on the performance of the other indices so far, it is definitely something that deserves close attention as the session continues. On Monday, the Russell 2000 settled just three points below its 200-day moving average, but turned south once again yesterday and flirted with its lowest close of the year.

Ultimately, the index was able to avoid registering a new closing low for the year, but did so by a relatively small margin.

11:00 am: [BRIEFING.COM] Stocks remain near their best levels of the session with the S&P 500 trading higher by 0.7%. Prior to the open, we speculated that the major averages would be prone to trading inside narrow ranges ahead of the 14:00 ET release of the FOMC minutes from the latest policy meeting. Outside of the opening rally that occurred within the first 30 minutes of action, the benchmark index has been trading inside a two-point range for the past hour.

The financial sector (+1.0%), which seized the lead early, continues providing leadership, while another heavily-weighted cyclical group-consumer discretionary (+0.9%)-follows not far behind. The sector has drawn strength from momentum names as they rebound from their recent weakness. On that note, Amazon.com (AMZN 305.46, +4.27), Priceline.com (PCLN 1166.30, +16.02), and Netflix (NFLX 381.16, +9.49) hold gains between 1.4% and 2.6%.

10:40 am: [BRIEFING.COM]

The dollar index is trading modestly higher this morning, which is weighing on some commodities
Crude oil was near its session high just ahead of inventory data
Following the data, crude oil showed a muted response. July crude is currently +0.8% at $103.14/barrel
Natural gas reversed this morning, erasing earlier gains. June nat gas is now -0.3% at $4.54/MMBtu
Gold and silver slid lower in early morning trade, but have since recovered some.
June gold is now -0.3% at $1290.30/oz, July silver is flat at $19.41/oz.
June copper has been in the red all day so far. Copper is -1.1% at $3.11/lb

10:00 am: [BRIEFING.COM] Equity indices have added to their early gains, while most sectors also inched higher. However, the defensively-oriented utilities space (-0.2%) has dipped into the red. As a result, the weakest sector of the month is now down 4.6% in May.

With stocks on the rise, participants are reducing their volatility protection, which has pressured the CBOE Volatility Index (VIX 11.88, -1.07) to the lowest levels of the year.

9:40 am: [BRIEFING.COM] Equity indices began the session on a higher note thanks to broad-based gains across all ten sectors.

The financial sector (+0.8%) has taken up the early lead, which is noteworthy as the influential sector holds enough sway to influence the performance of the broader market. Similar to financials, most other cyclical groups trade ahead of the broader market, while technology (+0.2%) lags.

On the countercyclical side, consumer staples (+0.1%) and utilities (+0.2%) hold slim gains, while telecom services (+0.5%) and health care (+0.6%) essentially trade in line with the S&P 500.

Treasuries have slipped to fresh lows since the opening bell. The 10-yr note is lower by eight ticks with its yield up three basis points at 2.54%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +7.70. The stock market is on pace to begin the Wednesday session on a generally positive note. The S&P 500 futures trade five points above fair value after climbing steadily throughout the night.

With today's economic data limited to just the weekly MBA Mortgage Index (+0.9%), market participants have been keeping an eye on quarterly earnings from retailers. Tiffany (TIF 94.54, +6.31) holds a pre-market gain of 7.2% after beating earnings and revenue estimates. On the flip side, American Eagle Outfitters (AEO 10.90, -0.43) and PetSmart (PETM 58.09, -4.10) display respective losses of 3.8% and 6.6% after their slim earnings beats were overshadowed by cautious guidance. Also of note, Target (TGT 57.03, +0.42) holds a modest gain of 0.7% following its earnings miss and below-consensus guidance.

There is a good chance that the major averages will respect narrow ranges through the first half of action, considering the minutes from the April 30 FOMC policy meeting will be released at 14:00 ET. At that time, participants will comb through the release in search of discussion on the expected trajectory of the fed funds rate.

Treasuries are near their lows to start the session. The benchmark 10-yr yield trades up almost three basis points to 2.54%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +9.70. The S&P 500 futures trade five points above fair value.

Asian markets ended the session on a mixed note. The Bank of Japan kept policy on hold while upping its economic assessment. The accompanying comments from BoJ Governor Kuroda indicated the central bank remains on track to reach its 2.0% inflation target. Also of note, the outlook for China's property sector was lowered to 'Negative' from 'Stable' at Moody's.

In economic data:
The trade deficit narrowed to JPY840 billion from JPY1.63 trillion (expected deficit of JPY600 billion) as imports rose 3.4% (expected 0.8%, previous 18.1%) and exports climbed 5.1% (forecast 4.8%, prior 1.8%).
Australia's Westpac Consumer Sentiment plunged -6.8% to a two-year low.

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Japan's Nikkei slipped 0.2%, but held the key 14,000 level. The strong yen weighed on exporters as Komatsu lost 3.1% and Toyota Motor shed 0.8%.
Hong Kong's Hang Seng ended flat as trade held near one-month highs. Shares of Lenovo jumped 3.4% after the company posted better than expected quarterly results.
China's Shanghai Composite rallied 0.8% into the close and finished on session highs. Coal stocks outperformed on reports Beijing was looking to establish markets for trading. Datong Coal Industry gained the limit, 10.0%.

Major European indices trade in mixed fashion with peripheral markets showing strength. The Bank of England released its latest policy meeting minutes, which indicated an increasing number of committee members believe an interest rate hike will be in order sooner rather than later. The pound rallied, climbing to 1.69 versus the dollar.

Economic data was limited:
Eurozone Current Account surplus narrowed to EUR18.80 billion from EUR21.80 billion (expected surplus of EUR23.00 billion).
Great Britain's Retail Sales rose 1.3% month-over-month (consensus 0.5%, previous 0.5%), while the year-over-year reading jumped 6.9% (forecast 5.2%, prior 4.8%). Also of note, Core Retail Sales increased 1.8% month-over-month (consensus 0.5%, previous 0.1%), while the year-over-year reading rose 7.7% (consensus 5.3%, prior 4.9%).

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Great Britain's FTSE is lower by 0.1% with WM Morrison Supermarkets leading the retreat. The stock trades down 3.6% after receiving a downgrade from Deutsche Bank. AstraZeneca outperforms with a gain of 1.7%.
In France, the CAC is flat. Telecom name Orange weighs, trading lower by 2.4%. Financials are mixed as Credit Agricole and Societe Generale display respective gains 0.9% and 2.0%, while BNP Paribas trades lower by 1.7%.
Germany's DAX trades up 0.4% thanks to strength among utilities. E.ON and RWE are both up near 3.5%.
Italy's MIB is higher by 1.0% as financials provide support. Banco Popolare, UniCredit, and Unione di Banche Italiane are all up between 1.9% and 3.0%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +8.70. The stock market remains on pace for a modestly higher start as the S&P 500 futures trade three points above fair value. The first half of the week has been quiet in terms of economic data with today's lone report coming in the form of the weekly MBA Mortgage Index, which rose 0.9% to follow last week's increase of 3.6%.

With few noteworthy data points, participants have been focusing on earnings from the retail space. Yesterday, all of the retailers that reported earnings missed estimates, while the results from this morning have been more of a mixed bag. Tiffany (TIF 94.36, +6.13) holds a pre-market gain of 6.6% after beating earnings estimates on above-consensus revenue. On the flip side, American Eagle Outfitters (AEO 10.77, -0.56) is lower by 4.9% after its two-cent beat was overshadowed by cautious guidance.

Also of note, Target (TGT 56.55, -0.06) is little changed following its earnings miss and below-consensus guidance.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +8.00. U.S. equity futures display modest gains amid subdued action overseas. The S&P 500 futures hover three points above fair value.

Reviewing overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei -0.2%, China's Shanghai Composite +0.8%, and Hong Kong's Hang Seng settled flat.
In regional economic data:
The Bank of Japan made no changes to its policy stance, saying the economy continued recovering 'moderately.' Separately, the trade deficit narrowed to JPY840 billion from JPY1.63 trillion (expected deficit of JPY600 billion) as imports rose 3.4% (expected 0.8%, previous 18.1%) and exports climbed 5.1% (forecast 4.8%, prior 1.8%).
Australia's Westpac Consumer Sentiment decreased 6.8% (previous 0.3%), while the Wage Price Index increased 0.7% quarter-over-quarter, as expected.
In news:
Moody's lowered its outlook for Chinese property developers to 'Negative' due to an expected slowdown in home sales.

Major European indices trade mixed. France's CAC -0.1%, Great Britain's FTSE -0.1%, and Germany's DAX +0.3%. Elsewhere, Spain's IBEX +0.4% and Italy's MIB +0.7%.
Economic data was limited:
Eurozone Current Account surplus narrowed to EUR18.80 billion from EUR21.80 billion (expected surplus of EUR23.00 billion).
Great Britain's Retail Sales rose 1.3% month-over-month (consensus 0.5%, previous 0.5%), while the year-over-year reading jumped 6.9% (forecast 5.2%, prior 4.8%). Also of note, Core Retail Sales increased 1.8% month-over-month (consensus 0.5%, previous 0.1%), while the year-over-year reading rose 7.7% (consensus 5.3%, prior 4.9%).
Among news of note:
The Bank of England released its latest policy meeting minutes, which indicated an increasing number of committee members believe an interest rate hike will be in order sooner rather than later. The pound rallied, climbing to 1.69 versus the dollar.

In U.S. corporate news:

Hormel Foods (HRL 47.85, -0.68): -1.4% following its bottom-line miss.
Lowe's (LOW 45.75, +0.23): +0.5% after its upbeat guidance overshadowed its earnings miss on below-consensus revenue.
Salesforce.com (CRM 53.11, +0.22): +0.4% after beating on earnings and revenue.
Tiffany (TIF 93.50, +5.27): +6.0% after beating earnings estimates on above-consensus revenue.

The weekly MBA Mortgage Index rose 0.9% to follow last week's increase of 3.6%.

The minutes from the April 30 FOMC meeting will be released at 14:00 ET.

6:28 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.00.

6:28 am: [BRIEFING.COM] Nikkei...14042.17...-33.10...-0.20%. Hang Seng...22836.52...+1.80...0.00.

6:28 am: [BRIEFING.COM] FTSE...6793.68...-8.00...-0.10%. DAX...9658.54...+19.80...+0.20%.

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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