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 Post subject: May 28th Wednesday Trade Results - Profit $2100.00
PostPosted: Thu May 29, 2014 12:18 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 @ $2,100.00 dollars or +21.00 points, Emini ES ($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 @ $2,100.00 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=1802

Quote:
If any of my real-time posted trades are via key concepts discussed in the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis Tutorial Chapters 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=238&t=2329

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Stocks In Retreat Mode Wednesday

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

NEW YORK (CNNMoney)
It's been quite the climb for the stock market in recent days, but investors stopped to take breath Wednesday.

The S&P 500, Dow Jones Industrial average and Nasdaq all ended the day a shade under yesterday's closes.

Here are some highlights from the day's trading:

New record -- barely: The S&P 500 hit a record high on Tuesday of 1,911.9. There was no record close today, although the S&P 500 did tough a new intraday trading record of 1,914 in the afternoon before closing just shy of 1,910.

The Dow fell 42 points, and Nasdaq dropped just under 0.3%.

Although headlines have touted the record highs notched by the S&P 500 and other indexes, it's important to recall that the S&P 500 is about 10% off the frothy peaks of the dot-com era when adjusted for inflation.

Sunken Treasuries: Yield on the 10-year US Treasury note, a global benchmark from sovereign debt, hit 2.44%, the lowest yield in nearly a year. It could be a sign of investor trepidation or the expectation that the European Central Bank will soon take stimulus measures.

Tesla downgraded, Twitter upgraded: Tesla Motors (TSLA) got zapped with junk bond status by ratings agency Standard & Poor's, which pegged the electric carmaker's $3 billion in debt a few notches below investment grade. The ratings firm said Tesla's narrow focus and lack of track record were behind the ratings. Shares a flat in afternoon trading.

Related: S&P slaps junk bond rating on Tesla

Twitter (TWTR) shares, on the other hand, jumped over 10% following an upgrade from Nomura bank. The stock is still down nearly 50% for the year.

Retail stocks on the move: Sometimes the shoe really doesn't fit. DSW (DSW), a discount shoe outlet, lost more than a quarter of its market cap in early trading, as earnings came in at the lower end of expectations and same-store sales growth fell 3.7% from the year before.

"I've bought every pair of shoes/sneakers I own for the past 10 years at $DSW. Apparently, it hasn't been enough," wrote StockTwits user chicagosean.

Related: Look out below! DSW stock falls 27%

Michael Kors (KORS) reported results before the opening bell. Profits were a bit better than expected and sales are up by more than half. Kors shares are up more than 17% since the start of the year as the brand seems to be winning the battle for upper middle class purse consumers. The stock jumped 1.3% today.

Revenue abroad is growing quickly as well. Sales in Europe were double the same time last year.

Homebuilder stocks picking up: Toll Brothers (TOL) reported surprisingly strong earnings before the open, bouncing back from a disappointing start to the year because of the winter weather. Revenue was closer in line with expectations. It was one of the few stocks enjoying a bounce with shares up over 2%.

A handful of other homebuilder stocks are also seeing some small gains as well, including D.R. Horton (DHI), Lennar (LEN) and PulteGroup (PHM).

Airline companies continue to soar: Delta Airlines (DAL)ended the day 2% higher. It continues to be one of the top performers in the S&P 500 this year. Delta recently announced more routes in and out of Seattle as it grows it presence there, going head-to-head in the "Battle for Seattle" with Alaska Air. Southwest Airlines (LUV) is also up more than 2% today.

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4:15 pm: [BRIEFING.COM] The stock market endured a quiet session that had the S&P 500 confined to a seven-point range. The benchmark index shed 0.1%, while the Dow Jones Industrial Average (-0.3%) and Nasdaq Composite (-0.3%) followed not far behind. Small caps, however, saw some additional weakness as the Russell 2000 lost 0.5%.

All in all, it is worth pointing out that today's lack of aggressive selling or buying followed four consecutive advances that sent the S&P 500 higher by 2.1%. Furthermore, there was no concerted leadership as the top-weighted sectors ended the day in the red. On that note, consumer discretionary (-0.1%), financials (-0.3%), health care (-0.3%), and technology (-0.3%) all struggled to keep pace with the S&P 500.

The discretionary sector had the best showing of the four after seeing some volatility among retailers and homebuilders. In the retail space, Brown Shoe (BWS 29.34, +2.90), and Michael Kors (KORS 97.01, +1.27) posted respective gains of 10.8% and 1.3% after beating earnings estimates, while Chico's FAS (CHS 15.14, -0.47) missed estimates. The stock fell 3.0%, while the overall industry group did not fare much better. The SPDR S&P Retail ETF (XRT 82.93, -0.77) lost 0.9%.

Also of note, homebuilders displayed intraday strength following above-consensus quarterly results from Toll Brothers (TOL 36.38, +0.74). Shares of TOL jumped 2.1%, while the iShares Dow Jones US Home Construction ETF (ITB 24.03, -0.04) surrendered its modest gain just ahead of the close.

Elsewhere, a pocket of strength among transports allowed the Dow Jones Transportation Average (+0.7%) to climb to a fresh all-time high. The bellwether complex extended its year-to-date gain to 9.1% and underpinned the industrial sector (+0.1%), which outperformed throughout the session.

Interestingly, the recent strength in the transports has not jived with the economic slowdown argument that has been used to explain the continued strength in Treasuries. The Treasury market rallied once again today with the 10-yr note climbing 21 ticks. As a result, the benchmark 10-yr yield fell eight basis points to 2.44%, ending at levels not seen in nearly a year.

Today's participation marked an improvement over last week, but remained below average as 621 million shares changed hands at the NYSE.

Economic data was limited to the weekly MBA Mortgage Index, which fell 1.2% to follow last week's uptick of 0.9%.

Tomorrow, weekly initial claims (Briefing.com consensus 318,000) and the second estimate of Q1 GDP (consensus -0.5%) will be reported at 8:30 ET, while the Pending Home Sales report for April (consensus 1.0%) will be released at 10:00 ET.
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S&P 500 +3.3% YTD
Dow Jones Industrial Average +0.3% YTD
Nasdaq Composite +1.2% YTD
Russell 2000 -2.1% YTD

3:30 pm: [BRIEFING.COM]

Crude oil sold off in the last 45 minutes of pit trading and hit a new low for the day
At the end of the session, the July contract lost $1.42 to $102.71/barrel
Natural gas, on the other hand, continued to rise during the session, closing just below its high for the day
July nat gas ended 11 cents higher at $4.61/MMBtu
Gold and silver sold off this morning and gold failed to ultimately recover those losses
June gold closed just above its session low, finishing $6.10 lower at $1259.30/oz
July silver, however, ended unchanged at $19.06/oz

2:55 pm: [BRIEFING.COM] The S&P 500 (+0.1%) hovers right above its flat line with one hour remaining in the session. The benchmark index goes into the final hour of action after spending the bulk of the trading day near its unchanged level. Outside of the late morning dip, the index has not ventured more than two points above or below its flat line.

Elsewhere, the Nasdaq has only been able to make a couple very brief appearances in the green, while the Dow Jones Industrial Average has hovered in the red since the opening bell.

If the major averages hold their levels into the close, the S&P 500 will end the Wednesday session with a 1.6% gain month-to-date.

2:35 pm: [BRIEFING.COM] Not much change since our last update as the S&P 500 continues hovering right above its flat line while the other indices remain in the red.

The energy sector (+0.3%) trades ahead of the other cyclical groups, but that strength comes even as crude oil trades lower by 1.3% at $102.75/bbl. Elsewhere, the other commodity-linked sector-materials (+0.1%)-holds a slim gain even as gold and copper futures trade lower by 0.5% and 0.2%, respectively.

Also of note, Treasuries have continued their rally, pressuring the benchmark 10-yr yield down eight basis points to 2.43%.

2:00 pm: [BRIEFING.COM] Equity indices are maintaining narrow ranges with the S&P 500 (+0.1%) holding the lead. Nine sectors trade with gains between 0.1% and 0.6%, while the lone decliner holds a slim loss of just 0.1%.

The financial sector (-0.1%) continues trailing the broader market, while another influential group, consumer discretionary (+0.1%) has caught up to the S&P 500. Retailers have inched up off their lows, but the SPDR S&P Retail ETF (XRT 83.19, -0.51) remains down 0.6%.

Homebuilders have benefitted from the sector's recent strength and the iShares Dow Jones US Home Construction ETF (ITB 24.18, +0.11) is now higher by 0.5%.

1:30 pm: [BRIEFING.COM] Once again, the stock market has shown some impressive resilience to selling efforts. That disposition can be attributed in large part to the encouraging performance by the Dow Jones Transportation Average (+0.7%) today, which has helped mitigate allegations that the rally in longer-dated Treasuries is a harbinger of economic weakness.

The Treasury market could ultimately be proven right (or not), yet the strength in the transports, which have a leading indicator status and are at a record high, does not fit at all with the economic slowdown theory. There are some other elements that do, like the 13% decline in lumber prices since the start of the year, the reduced probability of the first fed funds rate hike occurring in July 2015, and the drop in inflation expectations seen in the 5-year forward 5-year breakeven rate, but the breakout by the transports does not.

Separately, the $35 bln 5-yr note auction saw in-line demand. It drew a high yield of 1.513% on a 2.73 bid-to-cover ratio that was above the prior 12-auction average of 2.65. The 10-yr note (+20/32, 2.44%) continues to hold near its best levels of the day in the wake of that auction.

1:00 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average (-0.2%), Nasdaq (-0.2%), and S&P 500 (unch) all trade little changed, while the Russell 2000 (-0.6%) underperforms. Overall, the first half of today's session has been very quiet with the S&P 500 respecting a narrow six-point range. The benchmark index dipped into the red during the first 90 minutes of action, but that weakness was likely a function of profit-taking after four consecutive advances as the index was able to rebound swiftly.

Six of ten sectors hold modest gains between 0.1% and 0.6% with countercyclical telecom services (+0.6%) and utilities (+0.3%) in the lead. The other two defensively-oriented groups are mixed as consumer staples (-0.1%) lag, while health care (+0.1%) outperforms.

Similarly, the six cyclical sectors are a bit of a mixed bag as energy (+0.3%) and industrials (+0.2%) lead, while consumer discretionary (-0.2%), financials (-0.3%), and technology (-0.2%) trail the broader market.

Most notably, retailers are contributing to the underperformance of the discretionary space, with the SPDR S&P Retail ETF (XRT 83.01, -0.69) down 0.8%. The industry group lags even after Brown Shoe (BWS 28.58, +2.14) and Michael Kors (KORS 97.00, +1.26) reported bottom-line beats. In fact, KORS is higher by 1.3% after being down as much as 4.1% in reaction to worries about the company's margins.

Keeping with the earnings theme, another discretionary component, Toll Brothers (TOL 36.41, +0.77), also beat expectations, but its report has had a limited impact on other builders. The iShares Dow Jones US Home Construction ETF (ITB 24.13, +0.06) trades up 0.3%.

Elsewhere, the financial sector (-0.3%) sits at the bottom of the leaderboard and its performance is likely to factor into determining where the major averages settle for the day.

Treasuries sit near their highs after climbing steadily throughout the morning. The 10-yr note is higher by 19 ticks with its yield down seven basis points at 2.45%, representing the lowest level since July 2013.

Economic data was limited to the weekly MBA Mortgage Index, which fell 1.2% to follow last week's uptick of 0.9%.

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 extend to a fresh session high before returning to its flat line.

The move to fresh highs in the S&P 500 was accompanied by an uptick in the Dow Jones Transportation Average, which sports an advance of 0.7%. Including today's gain, the bellwether complex is higher by 5.2% in May and up 9.0% so far in 2014.

Interestingly, the outperformance of transports has been unable to lift the industrial sector (+0.2%), which has held its ground for the better part of the past two hours. The largest sector component, General Electric (GE 26.58, +0.01) is little changed, while the broader PHLX Defense Index is lower by 0.1%.

12:05 pm: [BRIEFING.COM] The S&P 500 remains anchored to its flat line while the other indices follow not far behind. In our prior update we pointed out the underperformance of the top-weighted sectors. Consumer discretionary (-0.2%), financials (-0.1%), and technology (-0.1%) continue to lag, while the health care space has caught up to the broader market. Biotechnology, meanwhile, is keeping pace with the sector as the iShares Nasdaq Biotechnology ETF (IBB 240.58, +0.11) trades up 0.1%.

Even though the remaining top-weighted groups lag, it is worth noting this underperformance comes after the major averages posted gains in each of the past four sessions. As such, the CBOE Volatility Index (VIX 11.55, +0.04) is higher by just 0.4%, suggesting participants are not exactly rushing in search of volatility protection.

11:30 am: [BRIEFING.COM] The S&P 500 has climbed back to its flat line, while the other indices continue holding losses between 0.1% and 0.5%.

Interestingly, the four top-weighted S&P 500 sectors are the weakest performers, while the remaining six groups display relative strength. The industrial sector (+0.3%) is the top performer among cyclical sectors thanks to the solid gains among transports. The Dow Jones Transportation Average (+0.7%) has extended to a fresh all-time high as 17 of its 20 components register gains. GATX (GMT 64.87, +1.78) is higher by 2.8%, while five other index members are up at least 1.0%.

10:55 am: [BRIEFING.COM] The major averages have slipped to new lows for the session with small caps leading the weakness. As such, the Russell 2000 is now lower by 0.9%, which has trimmed its week-to-date gain to 0.6%.

Meanwhile, the S&P 500 holds a loss of 0.2% with six sectors trading lower. The consumer discretionary space (-0.4%) remains at the bottom of the leaderboard, but financials (-0.4%) and technology (-0.4%) also weigh.

Also of note, the Treasury market has been on the rise since today's opening bell. Currently, the 10-yr note is higher by 18 ticks with its yield down seven basis points at 2.45%. This represents the lowest level for the benchmark yield since last July.

10:35 am: [BRIEFING.COM]

Crude oil futures sold off this morning and just hit a new session low
Reminder: The Department of Energy's EIA Weekly Petroleum Status Report will be released on Thursday morning, instead of this morning, due to the Memorial Day holiday
In current trade, July crude oil is -0.4% at $103.66/barrel
Natural gas has been climbing higher this morning and is now +1.2% at $4.57/MMBtu
Silver and copper have been choppy today. Copper has been sitting around the flat line.
Gold sold off a little bit this morning.
June gold is currently -0.3% at $1261.80/oz, July silver is -0.1% at $19.04/oz, July copper is +0.1% at $3.18/lb

10:00 am: [BRIEFING.COM] The S&P 500 has made a brief appearance in the green before returning into negative territory. At this time, the consumer discretionary sector (-0.5%) remains at the bottom of the leaderboard as retailers weigh.

Shares of Michael Kors (KORS 95.59, -0.15) trade lower by 0.2% after concerns about the company's margins overshadowed its earnings beat. Other retailers have not fared much better as the SPDR S&P Retail ETF (XRT 82.77, -0.93) trades lower by 1.1%.

Even though retailers weigh on the sector, homebuilders are showing relative strength. The iShares Dow Jones US Home Construction ETF (ITB 24.24, +0.17) is higher by 0.7% after Toll Brothers (TOL 36.85, +1.21) reported better than expected results.

9:45 am: [BRIEFING.COM] The major averages began the session above their flat lines, but the early strength was short-lived as the Russell 2000 (-0.5%) led the broader market into the red. The S&P 500 trades lower by 0.1% with five sectors showing losses.

Of the five decliners, consumer discretionary (-0.5%) and financials (-0.3%) display the most noteworthy losses. On the upside, energy (+0.3%) and telecom services (+0.2%) outperform modestly.

Treasuries notched new highs just ahead of the open, and they remain at those levels at this time. The benchmark 10-yr yield is down five basis points at 2.47%.

With stocks under early pressure, participants have shown demand for downside protection, sending the CBOE Volatility Index (VIX 11.65, +0.14) higher by 1.2%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: -2.80. The stock market is on track for a flat open as the S&P 500 futures hover just above fair value after surrendering their slim overnight gains during the past 45 minutes. The recent move to lows in the futures market was not news-driven, but it was accompanied by a rally in Treasuries and the yen.

Treasuries are currently on their highs with the 10-yr yield trading lower by four basis points at 2.48%, which coincides with levels last seen in October. Elsewhere, the dollar/yen pair has notched a session low near 101.65. Despite the yen strength, the Dollar Index continues holding a slim gain of 0.1% thanks to its strength relative to the euro and the pound.

Today's economic data was limited to the weekly MBA Mortgage Index, which fell 1.2% to follow last week's uptick of 0.9%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -4.00. The S&P 500 futures trade in line with fair value.

Asian markets rallied broadly, supported by yesterday's advance on Wall Street. Bank of Japan Governor Haruhiko Kuroda spoke in Tokyo, saying current policy remains appropriate and that the recent success shows "it is possible to implement monetary easing even in a situation where the policy rate is around zero percent."

In economic data:
China's industrial profits slowed to +9.6% year-over-year (10.7% previous).
Australia's Construction Work Done (0.3% quarter-over-quarter versus -0.3% expected) topped forecasts.

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Japan's Nikkei added 0.2%, ticking to its best level since early April while retaking the 200-day moving average. Shares of real estate developer Mitsui Fudosan underperformed, tumbling 7.0%, after announcing it would offer up to $3.6 billion worth of new shares.
Hong Kong's Hang Seng gained 0.6%, rallying to a one and a half-month high. Financials saw strong gains as Industrial & Commercial Bank of China and China Construction Bank advanced 1.6% and 1.4%, respectively.
China's Shanghai Composite rose 0.8%, capturing its 50-day moving average as trade ticked to a two-week high. Brokerage shares posted solid gains with Sinolink Securities up 7.1% to lead the way.

Major European trade mixed after sliding from their earlier highs. The euro has slumped to its lowest level against the dollar in three months (1.3610) following comments from European Central Bank Executive Board member Yves Mersch, who said the ECB could use an array of tools to stimulate the regional economy. Mr. Mersch also said he expects the differential between the three interest rates will be maintained in the event of a rate cut.

Economic data was plentiful:
Eurozone Consumer Confidence improved to -7.0 from -8.6 (consensus -7.0), while the Business and Consumer Survey rose to 102.7 from 102.0 (expected 102.2). Separately, M3 Money Supply expanded 0.8% year-over-year (consensus 1.1%, previous 1.0%) and Private Loans fell 1.8% year-over-year (forecast -2.1%, previous -2.2%).
Germany's Unemployment Count rose 24,000 (consensus -15,000, previous -25,000), while the Unemployment Rate held steady at 6.7%, as expected. Separately, Import Price Index slipped 0.3% month-over-month (consensus 0.1%, previous -0.6%).
Great Britain's CBI Distributive Trends Survey fell to 16 from 30 (expected 35).
French Consumer Spending fell 0.3% month-over-month (consensus 0.3%, prior 0.6%), while PPI decreased 0.1% month-over-month (forecast -0.3%, previous -0.4%).
Italy's Business Confidence held steady at 99.7 (consensus 99.6).
Spain's Retail Sales rose 0.7% year-over-year (consensus -0.3%, prior -0.5%).
Swiss GDP rose 0.5% quarter-over-quarter (consensus 0.6%, previous 0.2%), while the year-over-year reading increased 2.0% (forecast 1.9%, prior 1.7%).

------

Germany's DAX is lower by 0.1%. Deutsche Post is the weakest component, down 2.3%. On the upside, chemical producer Lanxess trades higher by 1.4%.
In France, the CAC is flat. Industrials are showing strength with Alstom, Airbus Group, and Legrand up between 0.8% and 1.5%. Consumer names lag as Pernod Ricard and L'Oreal trade lower by 1.3% and 0.6%, respectively.
Great Britain's FTSE trades up 0.1%. London Stock Exchange leads with a gain of 2.3% after Credit Suisse added the stock to its Europe Focus List. Drug maker GlaxoSmithKline lags, down 1.5%.
Italy's MIB outperforms with a gain of 0.7%. Telecom Italia leads, trading higher by 4.3%, after Goldman Sachs added the stock to its Conviction Buy List.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +2.70. Equity futures remain not far from their overnight highs as the session sets up for a slightly higher open. The overnight action has not produced any surprises as Asian markets posted broad gains, while their European counterparts trade modestly higher.

Last week, participants received a batch of retail earnings that were mostly below expectations. This morning also featured a few reports from the retail space, but the results have been a bit better. On that note, Brown Shoe (BWS 26.44, 0.00), Chico's FAS (CHS 15.60, -0.01), and Michael Kors (KORS 98.25, +2.51) have all reported above-consensus earnings. On the downside, DSW (DSW 26.60, -5.92) holds a pre-market loss of 18.2% after missing estimates and guiding lower.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +3.00. U.S. equity futures hold modest gains amid relatively quiet action overseas. The S&P 500 futures trade three points above fair value.

Reviewing overnight developments:

Asian markets ended higher across the board. Japan's Nikkei +0.2%, Hong Kong's Hang Seng +0.6%, and China's Shanghai Composite +0.8%.
Economic data was scarce:
Australia's MI Leading Index fell 0.5% month-over-month (previous 0.0%), while Construction Work Done increased 0.3% quarter-over-quarter (consensus -0.2%, previous -1.1%).
New Zealand's ANZ Business Confidence fell to 53.5% from 64.8%.
In news:
Reports in the Chinese press suggest the recent slowdown in housing has made a cut to the RRR more likely.

Major European indices hold modest gains. Germany's DAX +0.1%, Great Britain's FTSE +0.1%, and France's CAC +0.1%. Elsewhere, Italy's MIB +0.6% and Spain's IBEX +0.1%.
In economic data:
Eurozone Consumer Confidence improved to -7.0 from -8.6 (consensus -7.0), while the Business and Consumer Survey rose to 102.7 from 102.0 (expected 102.2). Separately, M3 Money Supply expanded 0.8% year-over-year (consensus 1.1%, previous 1.0%) and Private Loans fell 1.8% year-over-year (forecast -2.1%, previous -2.2%).
Germany's Unemployment Count rose 24,000 (consensus -15,000, previous -25,000), while the Unemployment Rate held steady at 6.7%, as expected. Separately, Import Price Index slipped 0.3% month-over-month (consensus 0.1%, previous -0.6%).
Great Britain's CBI Distributive Trends Survey fell to 16 from 30 (expected 35).
French Consumer Spending fell 0.3% month-over-month (consensus 0.3%, prior 0.6%), while PPI decreased 0.1% month-over-month (forecast -0.3%, previous -0.4%).
Italy's Business Confidence held steady at 99.7 (consensus 99.6).
Spain's Retail Sales rose 0.7% year-over-year (consensus -0.3%, prior -0.5%).
Swiss GDP rose 0.5% quarter-over-quarter (consensus 0.6%, previous 0.2%), while the year-over-year reading increased 2.0% (forecast 1.9%, prior 1.7%).
Among news of note:
The euro has slumped to its lowest level against the dollar in three months following comments from European Central Bank Executive Board member Yves Mersch, who said the ECB could use an array of tools to stimulate the regional economy. Mr. Mersch also said he expects the differential between the three interest rates will be maintained in the event of a rate cut.

In U.S. corporate news:

DSW (DSW 27.50, -5.02): -15.4% after missing earnings and revenue estimates.
Michael Kors (KORS 98.90, +3.16): +3.3% after beating expectations and guiding fiscal-year 2015 earnings above consensus.
Qihoo 360 Technology (QIHU 95.00, +5.02): +5.6% after beating earnings and revenue estimates and guiding higher.
Toll Brothers (TOL 36.82, +1.18): +3.3% in reaction to better than expected earnings and revenue.
Workday (WDAY 86.80, +4.67): +5.7% following its better than expected results and upbeat guidance.

The weekly MBA Mortgage Index fell 1.2% to follow last week's uptick of 0.9%.

6:49 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +7.00.

6:49 am: [BRIEFING.COM] Nikkei...14670.95...+34.40...+0.20%. Hang Seng...23080.03...+135.70...+0.60%.

6:49 am: [BRIEFING.COM] FTSE...6848.67...+3.70...+0.10%. DAX...9953.66...+12.80...+0.10%.

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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