TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 11:02 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: May 29th Thursday Trade Results - Loss $1507.50
PostPosted: Fri May 30, 2014 12:36 am 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)

Attachment:
052914-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-1507.50.png
052914-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-1507.50.png [ 173.89 KiB | Viewed 257 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $680.00 dollars or +6.80 points, Emini ES ($ES_F) futures @ ($2,187.50) dollars or -43.75 points, Light Crude Oil CL ($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 Loss @ ($1,507.50) 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=1799

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

-----------------------------

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.

S&P 500 Tops 1,920. It's Another Record

Attachment:
052914-Key-Price-Action-Markets.png
052914-Key-Price-Action-Markets.png [ 1.05 MiB | Viewed 318 times ]

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

NEW YORK (CNNMoney)
Despite a weak report on U.S. economic growth, the S&P 500 rose to another high Thursday as investors bet the economy is on the mend.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all ended comfortably higher. The S&P 500 closed at 1,920, surpassing its previous record high from earlier this week.

All three of the major indexes are positive for the month and year. The tech stock heavy Nasdaq is on track to end May up nearly 3%.

Rush of economic data: The U.S. economy shrank at a 1% annual rate in the first three months of the year, according to revised data released Thursday. That was much worse than the initial reading of growth of 0.1%, and reflected a sharp drop in inventory spending by businesses.

But economists downplayed the report, saying more recent indicators suggest the economy has improved in the second quarter. For example, the latest report on weekly jobless claims showed a sharp drop in the number of people filing for unemployment benefits.

"So far, the second quarter continues to look like it will be much stronger, and the recovery remains on track," said Brad McMillan, chief investment officer for CommonWealth Financial Network.

Investors love bonds: Investors continue to show a strong appetite for bonds. The yield on the 10-year Treasury note fell to 2.4% early today, the lowest level since June 2013. Bonds have rallied as investors grow convinced that the Federal Reserve will not hike interest rates any time soon.

Here are the top moving stocks today:

A game of chicken? Shares of Hillshire Brands (HSH) surged nearly 18% after Tyson Foods (TSN) unveiled a $6.8 billion buyout offer, sending Tyson shares up more than 6%. The move comes days after Pilgrim's Pride (PPC) launched a bid to buy Hillshire for $6.4 billion. The packaged food companies are hungry to form one of the world's largest producers of meat, chicken and pork products.

Beats and BlackBerry. Apple (AAPL) shares rose nearly 2% and hit a new 52-week high after the technology giant announced that it was buying headphone-maker Beats for $3 billion. News of the deal had been circulating for nearly three weeks.

Shares of BlackBerry (BBRY) gained more than 6% as investors welcomed comments from CEO John Chen at Recode's Code Conference. He said the company has an 80% chance of coming back (higher than his previous 50-50 estimate) and reiterated that BlackBerry isn't dead yet.

Retail in focus again. Costco (COST) issued its latest quarterly results, showing that sales increased but profits came in slightly below expectations. The stock fell modestly.

Abercrombie & Fitch (ANF) shares gained almost 6%, even though the clothing retailer reported a quarterly loss.

"In what remains a difficult teen retail environment, we are pleased that earnings for the quarter were in line with our expectations," said Chief Executive Officer Mike Jeffries.

Despite a 27% drop in share price yesterday, the stock of shoe store DSW (DSW) stabilized today.

European markets ended little changed. Asian markets mostly closed in the red Thursday.

Image



4:20 pm: [BRIEFING.COM] The stock market ended the Thursday session on an upbeat note despite receiving some disappointing data ahead of the open. The S&P 500 settled higher by 0.5% with nine sectors registering gains, while the Dow Jones Industrial Average (+0.4%) underperformed throughout the trading day.

Shortly before the open, the second revision to Q1 GDP revealed a 1.0% contraction, while the Briefing.com consensus expected a smaller decline of 0.5%. Interestingly, the subpar report led to just a brief stumble in the futures market, which recovered swiftly. That recovery may have been aided by today's initial claims report, which suggested the labor market remains on solid ground.

Even though almost all sectors finished in the green, there was no concerted leadership among the top-weighted sectors. Of the four largest groups, health care (+0.8%) and technology (+0.7%) displayed strength throughout the session, while consumer discretionary (+0.4%) and financials (+0.2%) joined the party in the late afternoon.

Most notably, the technology sector drew significant strength from the shares of Apple (AAPL 635.38, +11.37), which gained 1.8%. The largest tech stock extended its May advance to 7.7%, while also giving a major boost to the Nasdaq Composite. Interestingly, Apple's strength had little impact on the performance of other large cap tech names as Cisco Systems (CSCO 24.68, -0.14), Google (GOOG 560.08, -1.60), and Qualcomm (QCOM 80.19, -0.03) posted slim losses.

Elsewhere, the health care sector ended among the leaders even as biotechnology had a tough time keeping up with the sector. The iShares Nasdaq Biotechnology ETF (IBB 240.96, +1.37) added 0.6% versus a 0.8% gain for the countercyclical sector.

Staying on the countercyclical side, the consumer staples sector (+0.8%) benefitted from a broad rally, while ignoring below-consensus quarterly results from Costco (COST 114.14, -0.10). Shares of the wholesale retailer finished the session with a slim loss of just 0.1%.

Meanwhile, the other two defensive sectors-utilities (+0.1%) and telecom services (unch)-spent the entire session near their flat lines.

Like the two countercyclical sectors, Treasuries also settled in the neighborhood of their flat lines, but not before seeing intraday strength. Treasuries rallied through the first two hours of action, but spent the remainder of the day in a steady retreat. As a result, the 10-yr note slipped four ticks, sending the benchmark yield higher by one basis point to 2.46%.

Participation remained light as only 532 million shares changed hands at the floor of the New York Stock Exchange. In fact, the final tally represented the lowest volume of the year with the count coming in just below the previous 2014 low of 533.3 million that was registered on January 3.

Reviewing today's data:
Related Stories

Stocks Rise In Lower Volume; Epam, Dow Chemical Gain Investor's Business Daily
US STOCKS SNAPSHOT-S&P ends at third record high in four sessions Reuters
Stocks Up At Midday; Zillow Hits New High Investor's Business Daily
Stocks Slightly Lower In Early Going; Qihoo Bucks Weakness Investor's Business Daily
Major Indexes Holding Gains As More Stocks Break Out Investor's Business Daily

First quarter GDP was revised down to -1.0% in the second estimate from a 0.1% gain in the advance estimate. GDP increased 2.6% in Q4 2013. The Briefing.com consensus expected GDP to be revised down to -0.5%. The revisions brought GDP down into negative territory for the first time since falling 1.3% in Q1 2011. Almost the entire revision was due to weaker inventory data. Inventory growth, which was down $24.30 billion from fourth quarter levels in the advance estimate, was revised to -$62.70 billion. That reduced GDP growth by an additional 1.1 percentage points (1.62 percentage points in total). Excluding inventories, real final sales were virtually unchanged in the second estimate, up 0.6% vs. a 0.7% gain in the advance estimate. Real final sales are still well below 2013 levels.
The initial claims level fell to 300,000 for the week ending May 24 from a slightly upwardly revised 327,000 (from 326,000) for the week ending May 17. The Briefing.com consensus expected the initial claims level to fall to 318,000. Layoff levels are showing no signs of stability. After weeks of biases from likely seasonal adjustment problems, it looked like claims were stabilizing in the 320,000 to 330,000 range. However, over the past few weeks, claims have flirted with 300,000 a couple of times before retreating back toward 325,000.
Pending home sales for April rose 0.4%, which was worse than the 1.0% increase forecast by the Briefing.com consensus. Today's reading followed last month's unrevised increase of 3.4%.

Tomorrow, Personal Income (Briefing.com consensus 0.3%), Personal Spending (consensus 0.2%), and Core PCE Prices (expected 0.2%) will all be released at 8:30 ET, while the Chicago PMI report for May (consensus 60.3) will cross the wires at 9:45 ET. The day's data will be topped off with the final reading of the May Michigan Consumer Sentiment Survey (expected 81.4), which will be released at 9:55 ET.

S&P 500 +3.9% YTD
Dow Jones Industrial Average +0.7% YTD
Nasdaq Composite +1.7% YTD
Russell 2000 -1.7% YTD

3:30 pm: [BRIEFING.COM]

June gold fell for a fourth consecutive session despite weakness in the dollar index. The yellow metal briefly poked into positive territory in morning action and brushed a session high of $1260.60 per ounce. However, it quickly retreated back into the red and settled with a 0.2% loss at $1256.30 per ounce.
July silver came off its session low of $18.78 per ounce set moments after floor trade opened and trended higher until late morning action. It touched a session high of $19.09 per ounce but slipped back into negative territory. It eventually settled at $19.02 per ounce, or 0.2% lower.
July crude oil trended higher following inventory data that showed a build of 1.657 mln when a build of 0.1-0.5 mln was anticipated. In addition, gasoline inventories decreased by 1.803 mln when consensus called for a build of 0.0-0.3 mln. The energy component lifted from its session low of $102.87 per barrel set in early morning action and brushed a session high of $103.94 per barrel. It settled at $103.60 per barrel, booking a gain of 0.9%.
July natural gas, on the other hand, fell to a session low of $4.53 per MMBtu on inventory data that showed a build of 114 bcf when a smaller build of 100-110 bcf was expected. It rose into positive territory in late morning action but retreated back into the red. It eventually settled with a 1.1% loss at $4.56 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour left in the session. The index has inched to a fresh high since our last update as just about every sector ticked up from its recent levels.

Consumer staples (+0.8%) and health care (+0.7%) remain among today's leaders, but both groups have been overtaken by the materials sector (+0.9%). On the downside, telecom services (-0.1%) and utilities (-0.1%) remain in the red, while the financial sector continues trading right along its unchanged level.

Even though stocks enter the final hour of action on their highs, participants have shown some demand for volatility protection, pushing the CBOE Volatility Index (VIX 11.80, +0.12) higher by 1.0%.

2:30 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% as the sleepy afternoon session continues. Including today's gain, the S&P 500 is now up 1.7% in May with just one more session left before the end of the month.

If May ended today, the benchmark index would finish the month ahead of the Dow Jones Industrial Average (+0.5%) and the Russell 2000 (+1.1%), but behind the Nasdaq Composite, which is higher by 3.0% month-to-date.

On the fixed income side, the 10-yr note is set to finish the month with a solid gain that has pressured the benchmark yield to 2.44% from 2.65% at the start of the month.

2:00 pm: [BRIEFING.COM] Quiet afternoon action continues with the major averages holding their midday levels. The S&P 500, which trades higher by 0.2%, has been locked between 1,913 and 1,915 for the better part of the past three hours.

Earlier, participants received a handful of economic data, but even the disappointing revision to Q1 GDP did not do much to influence the overall sentiment. Treasuries rallied in the wake of the report, but they have since surrendered all of their intraday gains.

Tomorrow, participants will receive another set of economic data with Personal Income (Briefing.com consensus 0.3%), Personal Spending (consensus 0.2%), and Core PCE Prices (expected 0.2%) all set to be released at 8:30 ET. At 9:45 ET, the Chicago PMI report for May (consensus 60.3) will be released, while the final reading of the May Michigan Consumer Sentiment Survey (expected 81.4) will cross the wires at 9:55 ET.

1:25 pm: [BRIEFING.COM] The major indices continue to cling to modest gains while operating in tight trading ranges. The Dow Jones Transportation Average, meanwhile, is a relative laggard today with a 0.1% decline after leading in impressive fashion yesterday on its way to a new record high.

Unlike the transports, the Treasury market has continued its winning form. The 10-yr note is off its best levels of the day, which had its yield kissing 2.40%, yet it remains up four ticks with its yield currently at 2.43%.

The $29 bln 7-yr note auction at the top of the hour saw average demand. It drew a high yield of 2.01% on a 2.60 bid-to-cover ratio that was slightly ahead of the prior 12-auction average of 2.56. The added supply this week, which included a $31 bln 2-yr note auction on Tuesday and a $35 bln 5-yr note auction on Wednesday, has made the bullish move in longer-dated Treasury securities this week all the more remarkable.

The benchmark 10-yr note yield is down 10 basis points since the end of last week, leaving it apparent that investors still have an appetite for Treasuries.

12:55 pm: [BRIEFING.COM] At midday, the major averages hover not far below their best levels of the day with the Nasdaq Composite (+0.3%) trading just ahead of the S&P 500 (+0.2%) and the Dow Jones Industrial Average (+0.1%).

The three indices have maintained their standing through the first half of the session, which has been very quiet. Outside of a brief dip during the opening hour of action, the S&P 500 has respected a three-point range.

The market's inability to push past the early highs reflects the lack of concerted sector leadership. Even though seven of ten sectors hover in the green, only three-consumer staples (+0.6%), health care (+0.5%), and materials (+0.5%)-are up in excess of 0.4%. Furthermore, one of the three leading sectors-materials-accounts for just 3.5% of the entire S&P 500.

In all fairness, the benchmark index has received a measure of support from its top-weighted sector-technology (+0.3%), while other influential groups like consumer discretionary (+0.1%), financials (unch), and industrials (unch) lag.

Notably, retailers pressured the consumer discretionary space yesterday, but the group shows relative strength today with the SPDR S&P Retail ETF (XRT 83.27, +0.34) trading higher by 0.4%. Abercrombie & Fitch (ANF 36.48, +1.37) is among the standouts, trading up 3.9% after beating earnings and revenue estimates.

Staying on the retail earnings theme, Costco (COST 114.05, -0.19) reported disappointing results, but its stock trades little changed.

On the fixed income side, Treasuries hold gains, but are well off their highs. The benchmark 10-yr note is higher by six ticks with its yield down two basis points at 2.42%.

Reviewing today's data:

First quarter GDP was revised down to -1.0% in the second estimate from a 0.1% gain in the advance estimate. GDP increased 2.6% in Q4 2013. The Briefing.com consensus expected GDP to be revised down to -0.5%. The revisions brought GDP down into negative territory for the first time since falling 1.3% in Q1 2011. Almost the entire revision was due to weaker inventory data. Inventory growth, which was down $24.30 billion from fourth quarter levels in the advance estimate, was revised to -$62.70 billion. That reduced GDP growth by an additional 1.1 percentage points (1.62 percentage points in total). Excluding inventories, real final sales were virtually unchanged in the second estimate, up 0.6% vs. a 0.7% gain in the advance estimate. Real final sales are still well below 2013 levels.
The initial claims level fell to 300,000 for the week ending May 24 from a slightly upwardly revised 327,000 (from 326,000) for the week ending May 17. The Briefing.com consensus expected the initial claims level to fall to 318,000. Layoff levels are showing no signs of stability. After weeks of biases from likely seasonal adjustment problems, it looked like claims were stabilizing in the 320,000 to 330,000 range. However, over the past few weeks, claims have flirted with 300,000 a couple of times before retreating back toward 325,000.
Pending home sales for April rose 0.4%, which was worse than the 1.0% increase forecast by the Briefing.com consensus. Today's reading followed last month's unrevised increase of 3.4%.

12:30 pm: [BRIEFING.COM] The stock market remains modestly higher with the Nasdaq Composite (+0.3%) trading just ahead of the S&P 500 (+0.2%) and the Dow (+0.1%). In fact, the Nasdaq has been the top performer of the week with today's gain extending its weekly advance to 1.3%.

The tech-heavy index has drawn strength from its largest component, Apple (AAPL 629.63, +5.62), while other large cap index members trade in mixed fashion. Overall, the technology sector (+0.3%) is the second-best cyclical sector of the day.

In addition, the Nasdaq has also received some mild support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 240.09, +0.50) trades higher by 0.2%.

12:00 pm: [BRIEFING.COM] Not much change since our last update as equity indices continue trading not far below their best levels of the day. The S&P 500 sports a slim advance of 0.2%, while the Dow Jones Industrial Average (+0.1%) lags.

The price-weighted index has struggled to keep pace with the S&P 500 as ten of its 30 components display losses. However, none of the ten decliners are down less than 1.0%. Cisco Systems (CSCO 24.66, -0.16) is the weakest performer, down 0.7%, but it is worth mentioning the stock is the lowest-priced issue within the Dow.

Elsewhere, Treasuries have surrendered a portion of their gains, but they remain comfortably in the green. The 10-yr note is higher by seven ticks with its yield down two basis points at 2.42%.

11:25 am: [BRIEFING.COM] The S&P 500 remains roughly two points below its best level of the session as the quiet day continues. Even though eight sectors display gains, three of them are higher by no more than 0.1%. Meanwhile, the other five are up between 0.3% and 0.5% with consumer staples and health care holding the lead.

Also of note, the two commodity-related sectors-energy (+0.4%) and materials (+0.4%)-also appear among the outperformers. The energy sector sits on its high, while crude oil trades up 0.5% at $103.24/bbl. Elsewhere, the materials space has received support from miners. The Market Vectors Gold Miners ETF (GDX 22.42, +0.38) is higher by 1.7% even as gold futures trade down 0.2% at $1257.40/ozt.

10:55 am: [BRIEFING.COM] The major averages continue holding modest gains, but the lack of concerted sector leadership has fostered somewhat choppy action.

Defensively-oriented consumer staples (+0.5%) and health care (+0.5%) trade well ahead of the remaining sectors, while technology (+0.3%) is the only other group that shown an increase of more than 0.2%. Outside of health care and technology, the other two top-weighted sectors-consumer discretionary (+0.1%) and financials (unch)-are little changed.

Even though equity indices remain in positive territory, Treasuries have continued their advance. The 10-yr note is higher by 11 ticks with its yield down four basis points at 2.40%.

10:35 am: [BRIEFING.COM]

The dollar index has been in the red so far today, but not providing support in many commodities as it typically would
Natural gas sold off this morning, but after hitting the current low for the day, the energy component quickly spiked back to new session highs.
It has since pulled back a little, but now just dropped quickly to a new session low of $4.53MMBtu following the weekly EIA inventory data results.
June natural gas fell is now -1.4% at $4.55/MMBtu
Crude oil rose as high as $103.19/barrel just minutes after pit trading began. Those gains have been largely holding as July crude is now +0.4% at $103.15/barrel
Gold and silver futures popped higher following this morning's econ data, but still remained in the red
June gold is currently -0.4% at $1254.40/oz, while July silver is -0.6% at $18.95/lz
Copper futures have been in negative territory all day so far and is now -1% at $3.14/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2% with eight sectors showing gains.

Just released, pending home sales for April rose 0.4%, which was worse than the 1.0% increase forecast by the Briefing.com consensus. Today's reading followed last month's unrevised increase of 3.4%.

9:40 am: [BRIEFING.COM] Equity indices climbed out of the gate with the Nasdaq Composite setting the early pace. The tech-heavy index trades higher by 0.4%, while the S&P 500 follows not far behind with all ten sectors showing gains.

The energy sector (+0.4%) is an early leader, while consumer staples (+0.3%) and health care (+0.4%) also trade ahead of the broader market. Outside of the three groups, all of the remaining sectors show gains of no more than 0.2%.

Treasuries currently hover in the middle of their range after climbing off their lows. The 10-yr yield is lower by one basis point at 2.43%.

The Pending Home Sales report for April will be released at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +9.00. The stock market is on pace to begin the Thursday session on a modestly higher note. The S&P 500 futures trade five points above fair value despite seeing a brief dip during the past hour in reaction to a disappointing revision to first quarter GDP.

According to the second estimate, GDP contracted 1.0% during the first quarter, while the Briefing.com consensus expected a contraction of 0.5%. Almost the entire revision was due to weaker inventory data. Inventory growth, which was down $24.30 billion from fourth quarter levels in the advance estimate, was revised to -$62.70 billion. That reduced GDP growth by an additional 1.1 percentage points (1.62 percentage points in total). Excluding inventories, real final sales were virtually unchanged in the second estimate, up 0.6% versus a 0.7% gain in the advance estimate. Real final sales are still well below 2013 levels.

Even though index futures stumbled in reaction to the report, they were quick to recover and climb to new highs. The weekly initial claims report may have contributed to the rebound as the reading of 300,000 was lower than the 318,000 that was expected by the Briefing.com consensus.

On the corporate front, Abercrombie & Fitch (ANF 37.07, +1.95) is indicated to open 5.6% higher after beating earnings and revenue estimates. Also of note, Hillshire Brands (HSH 51.70, +6.89) sports a pre-market gain of 15.4% after Tyson Foods (TSN 42.47, +1.72) offered $50.00 per share in cash.

Elsewhere, Treasuries have been sliding from their overnight highs, but they continue to hold slim gains. The benchmark 10-yr yield is lower by one basis point at 2.44%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +9.20. The S&P 500 futures trade five points above fair value.

Asian markets ended mostly lower, piggybacking yesterday's trade on Wall Street.

In economic data:
Japan's Retail Sales (-4.4% year-over-year versus expected -3.2%) missed estimates by a wide margin.
Australia's HIA New Home Sales rose 2.9% month-over-month, while Private Capital Expenditures fell -4.2% quarter-over-quarter (expected -1.6%).
The Philippines Q1 GDP printed 1.5% quarter-over-quarter (consensus 1.9%).

------

Japan's Nikkei eked out a small gain of 0.1% as trade ticked higher for a fifth session. The strong yen provided a mixed trade for exporters as Toyota Motor added 0.5% and Sony shed 1.6%.
Hong Kong's Hang Seng shed 0.3%, slipping off six-week highs. Heavyweight Tencent Holdings weighed, falling 3.1%, following reports Beijing will crack down on its messaging service.
China's Shanghai Composite lost 0.5% after being rejected by the 50- and 100-day moving averages. Brokerage names were weak with Citic Securities sliding 1.7% to lead the sector lower.

Major European indices trade mostly lower, but the overall activity has been subdued due to Ascension Day closures in Austria, Norway, Switzerland, and others.

Economic data was limited to just one item:
Spain's GDP rose 0.4% quarter-over-quarter, as expected.

------

Great Britain's FTSE is higher by 0.3% with medical equipment manufacturer Smith & Nephew in the lead. The stock trades higher by 3.9% amid takeover speculation. On the downside, Kingfisher holds a loss of 5.0% following disappointing guidance.
Germany's DAX holds a loss of 0.1%. Drug maker Bayer outperforms with a gain of 1.0%, while Commerzbank weighs with a loss of 2.8%.
In France, the CAC is lower by 0.2%. Electricite de France is the weakest performer, down 3.2%. Consumer names outperform with Danone, L'Oreal, and Pernod Ricard up between 0.4% and 0.8%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +6.00. The S&P 500 futures trade three points above fair value.

The second estimate of first quarter GDP pointed to a contraction of 1.0%, down from the 0.1% increase observed in the preliminary reading. The downwardly revised decrease is lower than the 0.5% decrease that economists polled by Briefing.com had expected. The fourth quarter GDP Deflator was left unchanged at 1.3%.

Separately, the latest weekly initial jobless claims count totaled 300,000, which was lower than the 318,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 327,000 (from 326,000). As for continuing claims, they fell to 2.631 million from 2.648 million.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +8.50. U.S. equity futures hold slim gains amid quiet action overseas. The S&P 500 futures hover almost four points above fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.1%, Hong Kong's Hang Seng -0.3%, and China's Shanghai Composite -0.5%.
In economic data:
Japan's Retail Sales fell 4.4% year-over-year (expected -3.3%, previous 11.0%).
Australia's Private New Capital Expenditure fell 4.2% quarter-over-quarter (consensus -1.4%, previous -4.5%), while HIA New Home Sales rose 2.9% month-over-month (prior 0.2%).
In news:
Bank of Japan member Sayuri Shirai said she remains confident in the central bank's ability to reach its inflation target, but that achieving the goal could take more than two years.

Major European indices trade mostly lower. Great Britain's FTSE +0.3%, Germany's DAX -0.1%, and France's CAC -0.1%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -0.3%.
Economic data was limited:
Spain's GDP rose 0.4% quarter-over-quarter, as expected.
Among news of note:
Even though the major markets are open in Europe, participation has been limited due to Ascension Day closures in Austria, Norway, and Switzerland, among others.

In U.S. corporate news:

Costco (COST 113.49, -0.75): -0.7% following its earnings miss on below-consensus revenue; however, the company surpassed its Q3 comparable store sales guidance.
Palo Alto Networks (PANW 78.50, +8.99): +12.9% after beating the Capital IQ consensus estimate by one cent on above-consensus revenue.
ReneSola (SOL 2.40, -0.30): -11.1% after reporting below-consensus earnings and revenue.

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.

6:51 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +7.50.

6:51 am: [BRIEFING.COM] Nikkei...14681.72...+10.80...+0.10%. Hang Seng...23010.14...-69.90...-0.30%.

6:51 am: [BRIEFING.COM] FTSE...6867.50...+16.50...+0.20%. DAX...9930.93...-8.30...-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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr