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 Post subject: May 27th Tuesday Trade Results - Profit $360.00
PostPosted: Wed May 28, 2014 1:52 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $360.00 dollars or +3.60 points, Emini ES ($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 @ $360.00 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=1801

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.

Zoom! Stocks Break More Records

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

NEW YORK (CNNMoney)
Wall Street celebrated the unofficial start of summer with a sizzling performance.

Stocks raced to all-time highs on Tuesday as investors cheered positive economic reports in the U.S. and a wave of buying in Europe over the long weekend.

The Dow Jones industrial average and S&P 500 closed solidly higher while the Nasdaq rallied over 1.2%. U.S. markets were closed on Monday in observance of Memorial Day.

Here are four things you need to know today:

1. S&P 500 soars above 1,911: The optimistic sentiment carried the S&P 500 further into record territory and above the psychologically-important 1,900 level. It closed at 1,911.9. This marks the 12th record close of the year for the broad average, which ended at a previous all-time high of 1,900.5 on Friday.

The Dow is now within striking distance of its record closing high of 16,715.4 that was set earlier this month, although it closed about 40 points below that level.

The Nasdaq continues its May bounce back, closing at its highest level since early April. That said, the index is still about 20% lower than its dotcom era records.

This week should feature a lot of "catch up" as traders return from the long weekend and realize "they need to hop on or underneath the train before it leaves the station," Michael Block, chief strategist at Rhino Trading Partners, said in a note.

It's worth noting that Tuesday's rally was backed by relatively low trading volume, likely a reflection of some traders choosing to stay on the beach.

2. Movers & shakers -- Hillshire Brands, InterContinental Hotels, AstraZeneca, Bank of America: It was quite the meat market today in some senses.

Shares of Hillshire Brands (HSH) popped 22% after Pilgrim's Pride (PPC) offered to acquire the food maker for about $6.4 billion. That offer complicates Hillshire's $4.3 billion proposed buyout of Pinnacle Foods (PF). Investors gobbled up shares of other companies in the sector, including Tyson Foods (TSN), which rallied 4.5% on the deal news and a positive mention in Barron's over the weekend.

Related: Hillshire shares surge after Pilgrim's takeover bid

Bank of America (BAC) bounced 3.4% after resubmitting a capital plan to the Federal Reserve. The bank admitted a calculation mistake that made its prior plan unusable. BofA said the new request is smaller than the previous one.

"$BAC So basically $BAC resubmitted the homework it failed to follow directions on... and that's a 4% day?" StockTwits user PSTRADER said.

Investors showed some renewed love for tech stocks, pouring more cash into the Nasdaq than the broader markets. Some of the day's big winners include Priceline (PCLN), Expedia (EXPE), Facebook (FB). and Apple (AAPL).

Related: Whole Foods stock is rotting away

Shares of InterContinental Hotels (IHG) rose 3% after Sky News reported the hotel chain rejected a secret £6 billion ($10 billion) bid by a U.S. suitor. The company declined to comment on the report.

AstraZeneca (AZN) inched lower as investors reacted to Pfizer's (PFE) confirmation that it would no longer pursue a mega-takeover of the British drugmaker.

3. Economic indicators positive: Consumers are starting to feel a little more optimistic about the economy. The Conference Board's index on consumer confidence increased to 83 in May, up from 81.7 in April.

The government said U.S. orders for big ticket items like appliances grew 0.8% in April, slowing down from March's healthy pace but beating expectations for a narrow decline in durable goods orders.

U.S. home prices in 20 cities rose 0.9% in March from February, according to S&P/Case Shiller. That trumped forecasts for a more modest increase.

Related: Tech stocks are back

4. International movement: European markets had an eventful session Monday -- with some key markets up by over 1%. They were still positive Tuesday, but less enthusiastic.

Investors brushed off European Union election results that showed far-right and far-left parties had gained additional traction. A majority of voters still supported traditional parties in the European Parliament.

Investors were also pleased that Ukrainian elections were completed without too many complications.

European markets have also been boosted by dovish hints emerging from the European Central Bank, which may be poised to inject new stimulus measures when it meets next month.

Asian markets were mixed Tuesday. The Nikkei closed higher, but many other indexes were down.

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4:10 pm: [BRIEFING.COM] The stock market picked up where it left off Friday, riding the outperformance of the small-cap and momentum stocks to broad-based gains. In turn, a strong showing from the financial sector and continued strength in the transport stocks carried the S&P 500 and Dow Jones Transportation Average to new record highs.

The bulk of today's gains were achieved shortly after the opening bell. They followed on the heels of a generally positive showing from foreign markets for the two-day period that included the Memorial Day holiday in the US. That showing was underpinned by a seeming hint from ECB President Draghi that the ECB will be easing monetary policy soon and the Ukraine presidential election, which went the way of anti-separatist candidate Petro Poroshenko.

The early bullish bias was ultimately solidified by Pilgrim Pride's (PPC 25.52, +0.42) $6.4 bln cash offer for Hillshire Brands (HSH 45.19, +8.17), Bank of America's (BAC 15.21, +0.49) indication that it will be resubmitting its capital plan, and a batch of better-than-expected economic data out of the US. In particular:
Related Stories

S&P 500 Jumps to Record High on Improving Consumer Confidence TheStreet.com
InPlay from Briefing.com Briefing.com
Stocks surge as S&P 500 hits new record USA TODAY
U.S. stocks close higher; S&P 500 at record MarketWatch
Stock Market News for May 23, 2014 Zacks

Durable orders rose 0.8% in April (Briefing.com consensus -1.3%). Excluding transportation, orders jumped 0.1% (Briefing.com consensus -0.2%).
The Case-Shiller Home Price Index showed prices up 12.4% year-over-year in March (Briefing.com consensus +11.8%); and
The Consumer Confidence Index for May edged up to 83.0 (Briefing.com consensus 82.7) from 81.7 in April.

From about 10:15 a.m. ET onward, it was mostly a sideways trade. That steady state, however, provided a glimpse of the prevailing bullish bias of late in the stock market as it would not give way to selling interest.

That resilience provided a measure of added support as it presumably left some participants fearful about missing out on another leg higher. The S&P 500 hit a new session high in the final 30 minutes of trading before tipping back below the 1912 level shortly ahead of the close.

The Nasdaq, meanwhile, went out at its high for the day and the Russell 2000 managed a late push to close above its 50-day moving average.

Every sector in the S&P 500 closed higher with the exception of the telecom services sector (-0.2%). The latter lagged throughout the day while the financial (+1.0%) and technology (+1.0%) sectors provided influential leadership. The utilities sector (+0.8%) was the other wining standout.

Frankly, there wasn't much that lagged badly today beyond some individual issues and precious metals. Gold prices dropped 1.9% to $1267.60/oz. while silver prices slipped 1.6% to $19.12/oz. That weakness was attributed to a lessening of geopolitical concerns surrounding Ukraine, although that view wasn't necessarily corroborated by the Treasury market.

The 10-yr note also settled near its best level of the day, up five ticks with its yield dipping two basis points to 2.52%. The strength in the Treasury market was all the more peculiar in light of the aforementioned economic data that produced a slate of headline surprises. A few items perhaps at work beneath the trading surface included the understanding that geopolitical strife is percolating in the South China Sea between China and Vietnam and that nondefense capital goods orders excluding aircraft -- a proxy for business investment -- slipped 1.2% in April after increasing 4.7% in March. Shipments of those goods, which factor into the GDP computation, declined 0.4%.

Whatever the case may be, it is safe to say that the Treasury market continued to defy fund flow expectations.

Tomorrow's economic calendar features only the latest update for the weekly mortgage applications index. Volume at the NYSE was again on the light side of things, but higher than last week. 646 mln shares traded hands, which is below a recent average of 709 mln shares.

3:35 pm: [BRIEFING.COM]

Precious metals extended Friday's losses as better-than-expected economic data weighed on the space. Durable orders for April increased 0.8% while the Briefing.com consensus expected a 1.3% decline. In addition, the Consumer Confidence Index increased to 83.0 in May from a downwardly revised 81.7 (from 82.3) in April vs the Briefing.com consensus of 82.7.
June gold pulled back from its session high of $1279.00 per ounce set at pit trade open and dipped as low as $1264.30 per ounce, its lowest level since early February. It settled at $1265.40 per ounce, booking a loss of 2.0%.
July silver also traded in negative territory, falling as low as $19.02 per ounce. Unable to gain momentum, it settled with a 1.8% loss at $19.06 per ounce.
July crude oil chopped around in negative territory today, dipping to a session low of $103.57 per barrel just after equity markets opened. It touched a session high of $104.30 per barrel and settled with a 0.2% loss at $104.13 per barrel.
June natural gas, on the other hand, lifted off its session low of $4.37 per MMBtu and broke into positive territory in early morning action. It trended higher to a session high of $4.52 per MMBtu and settled with a 2.3% gain at $4.50 per MMBtu.

3:00 pm: [BRIEFING.COM] The stock market has refused to break today, emboldened it seems by the outperformance of the small-cap stocks and the leadership of the financial sector. One factor that may also be an underpinning factor is that the market has, in fact, refused to break. That resilience could be stirring concerns about missing out on another leg higher. Such sentiment could effectively be leading to a "flat squeeze" whereby neutral investors on the sidelines feel compelled to get back into the market.

We don't want to oversell the last point, however, considering trading volume remains anemic. NYSE volume today is running a bit ahead of Friday's weaker pace, yet it may be challenging to crack the 600 mln mark. At this juncture, 360 mln shares have traded hands, which is comparable to what was seen around this time last Wednesday when a total of 586 mln shares traded at the NYSE.

Overall, the stock market's form today has mirrored recent sessions where the Nasdaq (+0.9%) and Russell 2000 (+1.1%) have outperformed the Dow (+0.4%) and S&P 500 (+0.5%) as momentum stocks have garnered some renewed buying interest.

2:30 pm: [BRIEFING.COM] The major indices continue to hold in their narrow trading ranges amid some contradictory action in the capital markets.

In particular, precious metals prices are reportedly down big on account of a lessening of geopolitical concerns following the presidential election in Ukraine, which went in favor of an anti-separatist candidate, yet the Treasury market has gained strength as the day has progressed.

The 10-yr note, which one would expect to see lower if safety trades were being unwound, is actually up four ticks and at its best levels of the day as the Dow, Nasdaq, and S&P 500 trade near their best levels of the day. On a related note, geopolitical concerns are percolating in the South China Sea as China and Vietnam are in a rift over a disputed oil drilling rig.

Whatever the case may be, the Treasury market continues to defy fund flow expectations, which is something a lot of investors continue to find hard to overlook.

2:00 pm: [BRIEFING.COM] The stock market, which ran unchecked earlier today, has been stymied the last few hours with technical factors coming into play. To that end, the S&P 500 ran out of gas when it failed to pierce the 1912 level and the Russell 2000 (+1.0%) has been unable to maintain a posture above its 200-day moving average (1140.05).

The financial sector (+0.9%) has been a wining standout since the opening bell, but is finding it difficult to extend its advance. Some of that is owed to Citigroup (C 47.63, +0.34), which recently slipped from higher levels after noting at an investment conference that loan demand remains choppy, that there is a lot of uncertainty in the markets, and that it isn't seeing much loan demand for expansion purposes at this time.

Citigroup's view aside, the broader market continues to hold in a narrow trading band that has it much closer to its best levels of the day than its worst levels (which can be characterized as where it started the day).

1:25 pm: [BRIEFING.COM] Not a lot of change since the last update, although we're keeping a close eye on the Russell 2000 which is bouncing around its 50-day moving average. It currently sits just below that noteworthy technical level, leaving the Russell 2000 up 1.1% for the session.

Turing our attention away from stocks for a moment, the $31 bln 2-yr note auction was met with decent demand.

The auction drew a high yield of 0.392% on a 3.52 bid-to-cover ratio that was above the prior 12-auction average of 3.30.

The Treasury market saw little reaction following the results. The 10-yr note is unchanged at the moment, although the 5-yr note has seen some modest selling interest that has bumped up its yield one basis point to 1.54%.

1:00 pm: [BRIEFING.COM] The bulls have had the advantage so far today as the major indices have spent the entirety of today's session in positive territory. The identifiable catalysts for the positive disposition include the following:

Generally favorable price action in overseas markets in the two-day stretch that included the Memorial Day holiday in the US
An abatement of geopolitical concerns surrounding Ukraine after Petro Poroshenko, an anti-separatist candidate, won the presidential election
The continued rebound and outperformance of the small-cap stocks. The Russell 2000 is up 1.1% (but it was up as much as 1.6% earlier)
Leadership from the financial sector (+1.0%); and
Better-than-expected headline data for a batch of economic reports
Durable orders for April +0.8% (Briefing.com consensus -1.3%). Orders, excluding transportation, +0.1% (Briefing.com consensus -0.2%)
Case-Shiller Home Price Index for March +12.4% year-over-year (Briefing.com consensus +11.8%)
Consumer Confidence Index for May at 83.0 (Briefing.com consensus 82.7)

Trading activity is once again on the light side as holiday conditions persist. Volume at the NYSE sits at 264 mln shares versus 232 mln shares at this same point on Friday, which also happened to be the second lowest volume day of the year.

Some leading corporate headlines today include the indication from Bank of America (BAC 15.26, +0.53) that it has resubmitted its capital plan for review, the report that Pilgrim's Pride (PPC 25.50, +0.40) is aiming to foil the acquisition of Pinnacle Foods (PF 31.00, -2.27) by Hillshire Brands (HSH 45.16, +8.14) by offering $6.4 bln, or $45 per share, in cash to acquire Hillshire Brands, and word that Pfizer (PFE 29.63, +0.14) has withdrawn its bid for AstraZeneca (AZN 71.65, -0.63).

Every sector in the S&P 500 is higher today with the exception of the telecom services (-0.5%) and energy (-0.1%) sectors.

Elsewhere, precious metals have run into a wall of selling interest as a stronger dollar and lessening geopolitical concerns have weighed heavily. Gold ($1266.90, -$25.00) is down 1.9% while silver ($19.07, -$0.35) is off 1.8%. Dollar-denominated commodity prices in general are on the weak side of things today.

Notwithstanding the continued rally effort in the stock market and the better-than-expected headline data, the Treasury market has held its ground. The 10-yr note, which was down four ticks earlier, is now up one tick with its yield at 2.53%.

12:25 pm: [BRIEFING.COM] The stock market is holding up just fine, yet we would contend that the Russell 2000 is the major average to watch at this juncture. After gaining as much as 1.6% earlier, it is now up 1.2% and is contending with a break back below its 50-day moving average. A continued pullback here could bleed into other areas, which have been bolstered by the remarkable turnaround in the small-cap stocks the last few weeks.

Separately, the financial sector (+1.1%) has been a source of steady support for the broader market today. It, too, bears watching for some directional indication as the afternoon session carries on.

The telecom services (-0.3%) and energy (-0.1%) sector are relative laggards at the moment and have been relative laggards since the opening bell.

Crude prices (103.91, -0.44) and most dollar-based commodity prices have tipped lower today as the dollar continues to gain strength against the yen and the euro in particular.

11:55 am: [BRIEFING.COM] The major indices have dipped from their best levels after running nearly unchecked since the open. The dip can be attributed in part to the S&P 500 running into some technical resistance in the 1911/1912 area. The Russell 2000 (+1.3%), meanwhile, may be facing some concerns that it has gotten overbought on a short-term basis. At its high this morning, the small-cap average was up 5.7% in just the last seven sessions.

Still, selling efforts have been orderly, enabling each of the major indices to maintain a posture comfortably above the unchanged mark.

Looking elsewhere, some dollar strength and an abatement of geopolitical concerns surrounding Ukraine have taken some shine off the precious metals. Gold is down 1.8% to $1268.60/oz. while silver is off 1.8% to $19.06/oz.

11:30 am: [BRIEFING.COM] What do you get when Apple (AAPL 620.38, +6.25), Google (GOOG 558.30, +5.60), Intel (INTC 26.64, +0.35), Cisco (CSCO 24.76, +0.23) and Biogen-Idec (BIIB 304.51, +4.80) are all up 1.0% or more? To state the obvious, you get a strong showing from the Nasdaq Composite and an increased likelihood of a good showing from the broader market.

So far, both elements are holding form. Once again, trading volume isn't all that heavy. Nonetheless, the prevailing bias remains bullish as it bears acknowledging that the stock market can go down on low volume, too.

The Russell 2000 has stretched its gain to 1.5% and continues to lead all of the major indices in the performance column.

Consistent with the leadership being exhibited by the influential financial sector, American Express (AXP 90.92, +2.14) and Goldman Sachs (GS 162.40, +2.24) are the biggest percentage gainers in the Dow, which is closing in on a new, all-time closing high of its own (16,715.44 is the number to beat).

10:55 am: [BRIEFING.COM] No real challenges from sellers thus far as the major indices trade near their highs for the session.

The Russell 2000 has been on a tear of late. After struggling to clear resistance at its 200-day moving average (which it did on Friday), it has now peaked its head above its 50-day moving average (1139.91) with today's early, and robust, move. With a 1.3% gain, the Russell 2000 leads all major averages to begin the week.

In the broader market, the financial sector (+1.2%) is doing the heavy lifting for the S&P 500 today, which has set a good tone for additional buying efforts.

Notably, the strengthening in the stock market has coincided with a weakening in the Treasury market. The 10-yr note is down three ticks, bumping its yield up to 2.55%.

10:45 am: [BRIEFING.COM]

Grains are trading lower this morning, ahead of today's weekly USDA crop progress report
Crude oil sold off this morning after pit trading opened, while natural gas put in a small rally off its morning low.
July crude oil was around $104.42/barrel one minute after pit trading started, but dropped off and fell as low as $103.59/barrel about 30 min later.
July crude is now trading 0.2% lower at $104.13/barrel
Natural gas was in the red overnight, but found buying interest this morning as it rallied off its LoD of $4.36/MMBtu.
July nat gas is now +1.7% at $4.48/MMBtu
Gold and silver have been sliding lower today. June gold is now -1.8% at $1268.60/oz, July silver is -1.7% at $19.09/oz.

10:00 am: [BRIEFING.COM] It's all good so far for the bulls as the major indices are acting favorably in the early-going. Some carryover characteristics from last week include the outperformance of the small-cap stocks and many of the favored momentum names like the biotech stocks (IBB 237.97, +3.33), LinkedIn (LNKD 159.80, +3.89), and Tesla (210.62, +3.32).

After gaining 2.1% last week, the Russell 2000 is up another 0.7% today. Since its low on May 15, the Russell 2000 is up 4.8%.

Separately, the consumer confidence reading for May came in at 83.0. Economists polled by Briefing.com expected the survey to come in at 82.7. This followed the prior month's unrevised reading of 82.3.

9:40 am: [BRIEFING.COM] As expected, the stock market has gotten off to a good start with both the S&P 500 and Dow Jones Transportation Average stretching further into record territory.

Every sector, with the exception of telecom services (-0.2%), is trading higher at the moment with some influential leadership being provided by the financial sector (+0.7%). Bank of America (BAC 15.15, +0.43) is helping to prop up things there after the banking giant said it resubmitted its capital plan to the Fed for review after discovering an accounting error tied to securities it acquired in its acquisition of Merrill Lynch.

The biggest gainer early on, though, is the utilities sector (+1.0%).

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +17.80. The stock market is headed for a higher start as the S&P futures trade near their best levels of the morning following a round of economic data that included better-than-expected durable orders data for April and better-than-expected home price data for March as seen in the Case-Shiller Home Price Index.

Notwithstanding the aforementioned data, the 10-yr Treasury note has held its ground and is currently up one ticks with its yield at 2.53%. Precious metal prices, though, are getting hit pretty good with gold ($1278.70, -$13.20) and silver ($19.17, -$0.25) down 1.0% and 1.3%, respectively.

9:02 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +16.80. The Case-Shiller 20-city Home Price Index for March rose 12.4% while an 11.8% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.9%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +16.30. S&P futures trade six points above fair value.

Markets ended mostly lower across Asia. Vietnam accused China of sinking a fishing boat in the disputed waters of the South China Sea.

Economic data was limited:
India's current account deficit shrank to $1.2 bln ($4.2 bln previous).
Hong Kong's trade deficit widened to HKD55.3 bln (HKD50.4 bln previous).

-----

Japan's Nikkei (+0.2%) rallied for a fourth straight day with trade climbing to a seven-week high. Exporters were bid as the yen saw early weakness with Honda Motor and Sony both gaining close to 1.0%.
Hong Kong's Hang Seng (-0.1%) slipped amid a quiet trade. Wharf Holdings shed 3.5% after receiving a downgrade at a tier 1 firm on speculation Hong Kong may impose limits on the number of visitors from Mainland China.
China's Shanghai Composite (-0.3%) slipped amid a lackluster session. Industrial shares were pressured ahead of tomorrow's earnings reports with Shanxi Coal International giving up 1.8%.

In Europe, markets are higher across the board. EU Parliamentary elections saw anti-euro parties collect nearly one-third of the votes. Ukraine elected Petro Poroshenko.

Data was light:
Britain's BBA Mortgage Approvals fell short of estimates (42.2K actual v. 45.2K expected).

-----

Germany's DAX (+0.3%) is firm. Financials lead the way with Commerzbank and Deutsche Bank up 1.4% and 0.9%, respectively.
Britain's FTSE (+0.4%) holds solid gains. High-end retailer Burberry is a top performer, up 1.6%.
France's CAC (unch) hovers little changed. Financials outperform with Credit Agricole and Societe Generale up 0.9% and 0.7%, respectively.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +15.30. April durable goods orders rose 0.8%, which was better/worse than the 1.3% decrease expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 3.6% (from 2.9%). Excluding transportation, durable orders increased 0.1% (consensus -0.2%) to follow the prior month's revised increase of 2.9% (from 2.4%).

8:06 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +18.00. U.S equity futures are trading higher, bolstered by foreign market gains on Monday and firm action today. The S&P futures are 0.3% above fair value.

Reviewing overnight developments:

Asian markets ended Tuesday relatively mixed. Japan's Nikkei +0.3%, Hong Kong's Hang Seng -0.1%, and China's Shanghai Composite -0.3%.
Economic data was limited:
Hong Kong's Exports fell 1.6% month-over-month (previous 3.4%), while imports increased 2.4% (last 3.2%).
South Korea's Consumer Confidence fell to 105 from 108.
Singapore's Industrial Production fell 4.7% month-over-month (consensus -2.9%, previous 6.0%), while the year-over-year reading increased 4.6% (forecast 6.5%, last 12.1%).
In news:
Reports circulating that China allegedly fired on a Vietnamese fishing vessel in the South China Sea
China said to be cutting bureaucracy in effort to make it easier to undertake investment projects

Major European indices are mostly higher with modest gains. Germany's DAX Index +0.3%, UK's FTSE 100 +0.5%, Spain's IBEX +0.3%, and France's CAC 40 is flat
In economic data:
Germany's GfK Consumer Climate held steady at 8.5 (expected 8.5).
Swiss trade surplus widened to CHF2.43 billion from CHF2.00 billion (CHF2.05 billion expected).
French Consumer Confidence held steady at 85 (consensus 85).
Italy's Consumer Confidence improved to 106.3 from 105.4 (expected 105.5).
Among news of note:
Petro Poroshenko, who leans in favor of closer ties to Europe, won Ukraine presidential election
ECB President Draghi gave speech on Monday in which he seemingly hinted at prospect of more easing at next ECB policy meeting
Reuters reports that anti-establishment parties made noteworthy gains in European Parliament elections, although center-right and center-left parties still hold majority in 751 seat legislature

In U.S. corporate news:

Pilgrim's Pride (PPC 24.25, -0.85) is down 3% in premarket action after making $6.4 bln, or $45 per share, cash offer to acquire Hillshire Brands (HSH), which is in process of attempting to buy Pinnacle Foods (PF)
AutoZone (AZO 540.90): beat the Capital IQ consensus EPS estimate by two cents
JinkoSolar (JKS 23.80, -2.06) trading 8% lower after missing the Capital IQ consensus EPS estimate by $0.23

Durable Orders for April will be reported at 8:30 ET, while March Case-Shiller 20-city Index and March FHFA Housing Price Index will both be announced at 9:00 ET. The day's data will be topped off with the Consumer Confidence report for May, which will cross the wires at 10:00 ET.

6:51 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +18.50.

6:51 am: [BRIEFING.COM] Nikkei...14636.52...+34.00...+0.20%. Hang Seng...22944.30...-18.90...-0.10%.

6:51 am: [BRIEFING.COM] FTSE...6850.33...+34.70...+0.50%. DAX...9927.41...+36.20...+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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