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 Post subject: June 18th Wednesday Trade Results - Profit $5380.00
PostPosted: Thu Jun 19, 2014 12:10 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 @ $5,380.00 dollars or +53.80 points, Emini ES ($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 @ $5,380.00 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=131&t=1819

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=240&t=2365

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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.

Thanks, Yellen! Stocks Close At Record

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

NEW YORK (CNNMoney)
Stocks are continuing their record run and for today at least, you can thank the Fed for that.

The central bank said Wednesday that interest rates aren't expected to rise until 2015.

Investors love that message. The S&P 500 closed at a record high of 1,957 while the Dow jumped almost 100 points (0.58%). The Nasdaq also bounced to finish at its highest level in 14 years. Stocks were down most of the day prior to the Fed news.

"$SPY $DJIA $QQQ Is it just me or is Janet just answering exactly what they want to hear," said StockTwits trader IPOChaser.

Here are five key themes from the market today:

1. Fed taper and dot plot: As expect, the Fed said Wednesday that it will cut its monthly bond purchases by another $10 billion per month and keep its key federal funds rate near zero.

The key question for investors is whether the Federal Reserve is likely to raise interest rates by the end of the year or wait until 2015. To that end, the Fed soothed worries when it released its "dot plot," the Fed's version of a straw poll of its board members views on interest rates. The latest dot plot showed all Fed members except one (there's always one) believe interest rates will remain the same through the end of 2014.

In a press conference this afternoon, Fed Chair Janet Yellen maintained that interests rates would remain low even after the Fed completely winds down its stimulus, but she didn't nail down any more details, saying "there's no mechanical formula" for rate increases.

2. Another strong day for tech -- Amazon, BlackBerry, Adobe: Amazon (AMZN, Tech30) CEO Jeff Bezos unveiled the Fire Phone, the tech giant's first smartphone, which includes a 3-D component, at an event near the company's Seattle headquarters Wednesday. The stock got 2.7% boost.

Related: Amazon unveils 3-D Fire Phone

Also related to Amazon, BlackBerry (BBRY, Tech30) shares popped over 3% after the struggling smartphone maker announced that the Amazon Appstore will be available on its new operating system that's launching in the fall. The move significantly expands the number of apps available to Blackberry users.

But one StockTwits trader was skeptical.

"$BBRY BB apps on Amazon, what a joke! as though that will help BB's business," said Day_Trader_1.

BlackBerry is in the midst of trying to execute a turnaround, and lately, investors have been pleased. The stock is up 14% in the past month, though it is still down nearly 45% for the past year.

Related: Meow! BlackBerry has more lives than a cat

Adobe (ADBE) spiked over 8% after reporting better-than-expected quarterly results Tuesday evening. The company, which is behind the popular Photoshop software, said revenue in the period was driven by the acceleration of its cloud business.

"$ADBE Makes me smile brighter than the sun, cloud computing rules it today," said indoor47 on Stocktwits.

3. Other movers and shakers -- FedEx, ConAgra: FedEx (FDX) has finally stopped blaming the weather. The company released strong earnings Wednesday and shares got a nice lift of over 6%. Last quarter, FedEx claimed that its operating income would have been $125 million higher if not for the unusually harsh winter weather earlier this year.

Related: FedEx says things are looking up for the economy and deliveries

ConAgra Foods (CAG) shares took a nose dive of 7% after the company cut its profit outlook for the three months ending in May, citing challenges from some of its retail brands, including Chef Boyardee.

4. Iraq still violent, but markets less nervous: Tom Elliot, international strategist at the deVere Group financial consultancy, said markets were remarkably "placid" in the face of violent upheaval in Iraq.

He said that investors "no longer have to jump up and down with worry and fear every time an oil field in the Middle East changes hands" because the U.S. is less dependent on foreign oil thanks to the energy boom.

Related: Energy company stocks at record highs because of Iraq, Russia turmoil

To that end oil markets have leveled off since jumping initially in the face of Iraq tensions. Crude oil is still trading at $106 a barrel. Gold, often seen as a safe haven in times of turmoil, is off its highs from the end of last week as well when the crisis first grabbed headlines.

5. International markets: European stock markets finished mixed.

Russia's main index rose almost 1.5% after Russian President Vladimir Putin and Ukrainian President Petro Poroshenko discussed the possibility of a ceasefire in eastern Ukraine. The ruble made similar gains versus the U.S. dollar.

Asian markets ended with mixed results. The Nikkei in Japan rose by nearly 1%, but markets in India and China were in negative territory.

Investors will continue to watch Argentinian markets, since many fear the country could be close to defaulting on its debt. The Argentine stock market has rebounded strongly the past two days.

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4:15 pm: [BRIEFING.COM] The major averages posted modest gains of Thursday after the Federal Open Market Committee announced another $10 billion taper, which was widely expected. The S&P 500 climbed to a new record closing high at 1956.98, adding 0.8% with all ten sectors posting gains.

Equity indices spent the first half of the session near their flat lines as market participants held pat ahead of the afternoon statement from the Fed. The $10 billion reduction lowered the size of monthly asset purchases to $35 billion, while the remainder of the policy statement struck a familiar tone.

The Fed reiterated its commitment to the current level of interest rates, saying rates are likely to remain low for a considerable time after quantitative easing ends. Furthermore, the FOMC released its economic projections, but those were not too different from the prior forecast either. According to the projections, the Fed expects the jobless rate to be between 6.0% and 6.1% at the end of the year after calling for a rate between 6.1% and 6.3% in its last set of projections.

During the press conference, Fed Chair Yellen justified the taper by saying the economy is on track to meet its objectives and that the GDP contraction observed in the first quarter was an aberration. Ms. Yellen also noted that inflation remains below the 2.0% objective, which could lead to broader risks.

The utilities sector (+2.2%) finished in the lead after spending the entire session atop the leaderboard. Thanks to the solid gain, the sector extended its June advance to 2.7%, while also pushing its year-to-date gain to 14.1%.

Elsewhere among countercyclical sectors, telecom services (+0.5%) lagged, while consumer staples (+1.2%) and health care (+0.8%) finished ahead of the broader market.

Meanwhile, the six cyclical sectors ended mixed when compared to the S&P 500. Yesterday's leading group-financials-advanced 0.7%, but could not keep up with the broader market. That was also the case with technology (+0.5%) and industrials (+0.5%).

It is worth mentioning that the industrial sector was held back by defense contractors (PHLX Defense Index +0.2%), while transports rallied broadly after FedEx (FDX 148.95, +8.64) reported better than expected results. The stock surged 6.2%, which also gave a boost to UPS (UPS 102.79, +1.18). For its part, the Dow Jones Transportation Average jumped 1.5%.

Also of note, the weakest sector of the year-consumer discretionary (+0.8%)-trimmed its 2014 loss to 0.5%. Shares of Amazon.com (AMZN 334.38, +8.76) played a part in today's outperformance, rallying 2.7% after the company unveiled a smartphone, which will be available in five weeks.

The afternoon rally to new highs saw some participants lift their hedges, which sent the CBOE Volatility Index (VIX 10.60, -1.46) to a new low for the year.

Treasuries, meanwhile, held slim gains into the afternoon and climbed to new highs after the FOMC statement crossed the wires. The 10-yr note added half a point, lowering its yield to 2.59%.

Participation remained on the light side with just over 610 million shares changing hands at the NYSE.

Economic data was limited to the weekly MBA Mortgage Index and Current Account data for Q1:
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The MBA Mortgage index fell 9.2% to follow last week's 10.3% increase.
The current account deficit for the first quarter totaled $111.20 billion while the Briefing.com consensus expected the deficit to hit $97.80 billion. The fourth quarter deficit was revised to $87.30 billion from $81.10 billion.

Tomorrow, weekly initial claims (Briefing.com consensus 313K) will be released at 8:30 ET, while the June Philadelphia Fed survey (consensus 13.4) and May Leading Indicators (consensus 0.5%) will cross the wires at 10:00 ET.

S&P 500 +5.9% YTD
Nasdaq Composite +4.5% YTD
Dow Jones Industrial Average +2.0% YTD
Russell 2000 +1.8% YTD

3:30 pm: [BRIEFING.COM]

Aug gold dipped to a session low of $1269.00 per ounce moments before equity markets opened but recovered into positive territory in afternoon action. The yellow metal settled 60 cents higher at $1272.40 per ounce ahead of the latest policy statement from the FOMC.
Gold is currently trading 0.1% higher in electronic trade following the Fed's announcement that it will taper its asset purchases by $10 bln to a total of $35 bln and it would keep rates at low levels, as widely expected.
July silver trended higher in choppy fashion as it came off its session low of $19.70 per ounce in morning action. It eventually settled with a 0.2% gain at $19.77 per ounce.
July crude oil touched a session high of $106.85 per barrel shortly after floor trade opened but slipped into negative territory following weaker-than-anticipated inventory data that showed a draw of 0.579 mln barrels when a draw of 0.7-0.8 mln barrels was anticipated.
The energy component brushed a session low of $105.72 per barrel and settled with a 0.3% loss at $105.99 per barrel.
July natural gas trended lower after pulling back from a session high of $4.76 per MMBtu set in early morning pit trade. Unable to regain momentum, it settled 1.1% lower at $4.66 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the session. At this time, Fed Chair Janet Yellen is answering questions from the media as her press conference continues.

During the press conference, Fed Chair Yellen justified the taper by saying the economy is on track to meet its objectives and that the GDP contraction observed in the first quarter was an aberration. Ms. Yellen also noted that inflation remains below the 2.0% objective, which could lead to broader risks.

Stocks and Treasuries have held their levels through the press conference, but it is worth pointing out that the 10-yr note jumped to a fresh high shortly before the conference. The 10-yr yield is lower by five basis points at 2.60%.

2:30 pm: [BRIEFING.COM] Equity indices hover just below their recently-established highs. The S&P 500 now trades up 0.3% with eight sectors in the green.

All ten sectors have moved up with the market since the release of the policy statement, but the top of the leaderboard remains little changed. Utilities (+1.8%) remain in the lead, while consumer staples (+0.5%) and materials (+0.5%) follow a bit behind. The bottom of the leaderboard, meanwhile, has changed a little with financials (+0.2%) finding their way out of the basement.

The industrial sector (unch) has replaced financials as the weakest sector, but transports have built on their gains (Dow Jones Transportation Average +1.1%).

2:05 pm: [BRIEFING.COM] The Federal Open Market Committee has just released its latest policy statement, which called for a $10 billion reduction to asset purchases, lowering the monthly total to $35 billion.

Overall, the statement did not introduce any surprises. In addition to the taper, the Fed reiterated its commitment to the current level of rates, saying rates are likely to remain low for a considerable time after quantitative easing ends.

Also of note, the FOMC released its economic projections, but those were not too different from the prior forecast. According to the projections, the Fed expects the jobless rate to be between 6.0% and 6.1% at the end of the year after forecasting a rate between 6.1% and 6.3% in its last set of projections.

Equity indices spiked to highs in reaction to the release, while Treasuries held their ground. The 10-yr yield remains at 2.63%.

1:30 pm: [BRIEFING.COM] If just tuning into the market in anticipation of hearing the latest FOMC announcement at the top of the hour, you haven't missed much. The major indices have vacillated in narrow trading ranges, cognizant that trading activity is certain to pick up on the other side of the FOMC announcement at 2:00 p.m. ET and Fed Chair Yellen's press conference, which begins at 2:30 p.m. ET.

Not surprisingly, capital markets in general are looking a little lazy at the moment.

The US Dollar Index is little changed, gold prices are little changed, and the 10-yr note, up four ticks, hasn't done much since scoring the bulk of its gains before the stock market opened.

The CBOE Volatility Index (VIX 11.69, -0.37), however, has been an interesting mover of note. It is down 3.1%. The weakness ahead of the FOMC decision implies that market participants aren't expecting any big surprises from the Fed (or otherwise) that would generate a big move in the market in the near term. The lack of hedging could exacerbate a sell-off as a lot of people would be ill-prepared to digest a downside move should there be one.

12:55 pm: [BRIEFING.COM] The major averages trade little changed at midday with participants sitting on their hands ahead of the latest policy statement from the Federal Open Market Committee. The statement will be released at 14:00 ET and it is expected to announce another $10 billion taper, while Fed Chair Janet Yellen will address the assembled media at 14:30 ET.

For the time being, the S&P 500 hovers just below its flat line with six sectors trading in the red. Yesterday's leading group-financials-has given up a portion of that gain, but despite today's loss of 0.1%, the group remains higher by 0.4% for the week.

Other top-weighted cyclical sectors have not fared much better as consumer discretionary (-0.1%), industrials (-0.2%), and technology (-0.2%) lag.

Notably, the performance of the industrial sector has overshadowed the relative strength among transports. The Dow Jones Transportation Average is higher by 0.9% with FedEx (FDX 147.17, +6.86) accounting for a good portion of the gain. Shares of the logistics company trade up 4.9% in reaction to above-consensus earnings and revenue. The results have also given a boost to UPS (UPS 102.45, +0.83), which trades higher by 0.8%.

Cyclical sectors fared better than their defensive counterparts yesterday, but the opposite holds true today as three of four countercyclical groups-consumer staples (+0.6%), health care (+0.1%), and utilities (+1.5%)-trade in the green. Notably, the utilities sector has extended its year-to-date advance to 13.2%.

Treasuries hover near their best levels of the session with the 10-yr yield down two basis points at 2.63%. At its current level, the benchmark yield is essentially unchanged from where it was on April 30 when the Fed held its most recent meeting.

Economic data was limited to the weekly MBA Mortgage Index and Current Account data for Q1:

The MBA Mortgage index fell 9.2% to follow last week's 10.3% increase.
The current account deficit for the first quarter totaled $111.20 billion while the Briefing.com consensus expected the deficit to hit $97.80 billion. The fourth quarter deficit was revised to $87.30 billion from $81.10 billion.

12:30 pm: [BRIEFING.COM] The S&P 500 hovers one point below its flat line, which has been the case for the better part of the past 90 minutes. Similar to the S&P 500, individual sectors have been locked in narrow ranges with utilities (+1.4%) and financials (-0.3%) representing the strongest and weakest areas, respectively.

Thanks to its solid gain, the utilities sector has extended its year-to-date advance to 13.1%. Outside of utilities, only one other group-energy-holds a year-to-date gain of 10.0% or more (10.1%).

On the downside, only the consumer discretionary sector remains down for the year. The group is lower by 1.4% in 2014 versus a 5.0% increase for the S&P 500.

11:55 am: [BRIEFING.COM] Not much change in the major averages as they continue drifting along their flat lines in anticipation of the latest policy statement from the Federal Reserve, which will be released at 14:00 ET.

The general consensus expects this afternoon's directive to call for another $10 billion reduction to asset purchases, which would bring the monthly total down to $35 billion. In addition to the policy statement, the FOMC will release its updated economic projections.

Treasuries hold modest gains today (10-yr note +5/32 at 2.63%), but are essentially flat since the last FOMC meeting that took place on April 30.

11:30 am: [BRIEFING.COM] Equity indices remain within a couple points of their flat lines as the lack of defined sector leadership keeps the overall market little changed.

The S&P 500 is lower by less than a point, while the Dow Jones Industrial Average (-0.3%) lags. The price-weighted Dow trails the broader market as 22 of its 30 components hover in the red. Even though the vast majority of the sector trades lower, Microsoft (MSFT 41.28, -0.40) is the only stock that displays a loss close to 1.0%.

On the upside, Wal-Mart (WMT 75.51, +0.53) leads with a gain of 0.7%.

11:00 am: [BRIEFING.COM] The S&P 500 has slipped back below its flat line after being unable to revisit the opening high in the 1945 area.

Cyclical sectors displayed broad strength yesterday, but today the six growth-oriented groups trade in mixed fashion. Energy (+0.1%) and materials (+0.2%) outperform, while consumer discretionary (-0.1%), industrials (-0.2%), and technology (-0.1%) hover in the red. Also of note, financials (-0.3%) paced yesterday's rally, but the sector is the weakest performer so far today.

As mentioned earlier, the industrial sector has diverged from the Dow Jones Transportation Average, which has extended its gain to 0.8% thanks to the relative strength of FedEx (FDX 146.56, +6.25). The logistics company is now up 4.5% after reporting above-consensus results. Peer UPS (UPS 102.42, +0.81) trades higher by 0.8%.

10:40 am: [BRIEFING.COM]

Commodities are mostly higher today, helped by the dollar index, which has been slowly sliding lower since overnight trade
WTI crude oil futures dropped to a new LoD following the weekly inventory data. July crude oil is now -0.3% at $106.06/barrel
Gold is now flat, after morning sell-off, at $1272.10/oz, while silver is up 0.2% at $19.78/oz and near its HoD.
Copper and natural gas futures sold off this morning and remain in the red. July copper is -0.3% at $3.06/lb, while July nat gas is -0.3% at $4.69/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 remains near its recent high, while the other indices sit closer to their flat lines.

The utilities sector (+1.1%) is a clear leader with today's gain extending its week-to-date advance to 1.5%. Outside of utilities, no other sector holds a week-to-date gain of 1.0% or more. The energy sector is the second-best performer of the week with today's 0.4% extending its weekly gain to 0.8%.

Crude oil, meanwhile, trades up 0.4% at $106.78/bbl.

9:45 am: [BRIEFING.COM] The major averages began the session near their flat lines before the S&P 500 (+0.1%) climbed to a fresh session high.

Six of ten sectors hover in the green with three of four countercyclical groups showing relative strength. Utilities (+1.2%) lead, while consumer staples (+0.4%) and health care (+0.3%) follow a bit behind.

On the cyclical side, materials (+0.4%) outperform, while consumer discretionary (-0.1%), financials (-0.1%), and industrials (-0.2%) lag. Notably, the underperformance of industrials overshadows the relative strength of transport stocks after FedEx (FDX 145.98, +5.76) reported better than expected results. The stock is higher by 4.0%, while the Dow Jones Transportation Average trades up 0.7%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +4.20. The stock market is on track for a quiet start to the session as futures on the S&P 500 hover less than a point below fair value. Index futures maintained narrow ranges overnight and that may remain the case until this afternoon's release of the latest policy statement from the FOMC.

The statement, which is expected to announce another $10 billion taper, will cross the wires at 14:00 ET, while Janet Yellen's press conference will follow at 14:30 ET.

Participants received a couple noteworthy quarterly reports since yesterday, but the overall market has not responded to the results. Adobe Systems (ADBE 73.24, +5.70) holds a pre-market gain of 8.4% after reporting above-consensus earnings and revenue. Elsewhere, FedEx (FDX 145.10, +4.79) is expected to boost the Dow Jones Transportation Average as the stock trades higher by 3.4% in reaction to better than expected earnings and revenue.

Treasuries hover near their best levels of the day with the 10-yr yield down almost three basis points at 2.63%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +0.30. Nasdaq futures vs fair value: +4.70. The S&P 500 futures trade in line with fair value.

Asian markets ended the midweek session on a mixed note. The Bank of Japan released the minutes from its latest policy meeting, which revealed unanimous agreement that the impact of the recent sales tax hike has been within expectations.

In economic data:
China's Housing Prices grew at 5.6% year-over-year, representing a slowdown from the prior rate of 6.7%
Japan's trade deficit narrowed to JPY860 billion from JPY880 billion (expected deficit of JPY1.01 trillion) as exports contracted 2.7% year-over-year (expected -1.2%, previous 5.1%) and imports fell 3.6% year-over-year (consensus 1.7%, prior 3.4%)
New Zealand's current account swung to a surplus of NZD1.41 billion from a deficit of NZD1.51 billion (expected surplus of NZD1.30 billion)
Australia's CB Leading Index ticked down 0.1% month-over-month (prior 0.0%), while MI Leading Index ticked up 0.1% month-over-month (previous -0.5%)

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Japan's Nikkei gained 0.9%, ending on its high thanks to support from industrials. Amada jumped 3.6% and Hino Motor spiked 3.4%.
Hong Kong's Hang Seng shed 0.1% amid weakness in consumer and property names. Want Want China Holdings and China Resources Land lost 1.9% and 1.2%, respectively. Ping An Insurance outperformed, climbing 0.8%.
China's Shanghai Composite ended lower by 0.5% after spending the entire session in the red. Discretionary shares lagged with Beijing Bashi Media and Changzhou Xingyu Automotive down 5.6% and 8.9%, respectively.

Major European indices hover near their flat lines. The IMF commented on Italy, saying the country's economy is struggling to emerge from the recession and that banks should write off bad loans at a faster pace.

Economic data was limited:
Spain's Industrial New Orders rose 6.9% year-over-year (expected 3.6%, previous 8.7%)
Swiss ZEW Expectations fell to 4.8 from 7.4 (expected 10)

------

Great Britain's FTSE is higher by 0.3% with energy names providing support. Royal Dutch Shell and BG Group lead with respective gains of 2.1% and 1.0%. United Utilities Group lags, down 3.4%.
Germany's DAX trades up 0.3%. Financials display relative strength with Muenchener Re up 0.3% and Deutsche Bank higher by 0.2%. Fresenius SE is the weakest index member, down 0.8%.
In France, the CAC is flat. Alstom trades up 1.1%, while Societe Generale holds a loss of 0.8%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +3.50. The S&P 500 futures trade less than a point below fair value.

The current account deficit for the first quarter totaled $111.20 billion while the Briefing.com consensus expected the deficit to hit $97.80 billion. The fourth quarter deficit was revised to $87.30 billion from $81.10 billion.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +4.20. U.S. equity futures trade little changed amid quiet action overseas. The S&P 500 futures hover in line with fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.9%, Hong Kong's Hang Seng -0.1%, and China's Shanghai Composite -0.5%.
In economic data:
China's Housing Prices grew at 5.6% year-over-year, representing a slowdown from the prior rate of 6.7%
Japan's trade deficit narrowed to JPY860 billion from JPY880 billion (expected deficit of JPY1.01 trillion) as exports contracted 2.7% year-over-year (expected -1.2%, previous 5.1%) and imports fell 3.6% year-over-year (consensus 1.7%, prior 3.4%)
New Zealand's current account swung to a surplus of NZD1.41 billion from a deficit of NZD1.51 billion (expected surplus of NZD1.30 billion)
Australia's CB Leading Index ticked down 0.1% month-over-month (prior 0.0%), while MI Leading Index ticked up 0.1% month-over-month (previous -0.5%)
In news:
The Bank of Japan released the minutes from its latest policy meeting, which revealed unanimous agreement that the impact of the recent sales tax hike has been within expectations.

Major European indices hover near their flat lines. Great Britain's FTSE +0.3%, Germany's DAX +0.2%, and France's CAC is unchanged. Elsewhere, Italy's MIB +0.1% and Spain's IBEX +0.3%.
Economic data was limited:
Spain's Industrial New Orders rose 6.9% year-over-year (expected 3.6%, previous 8.7%)
Swiss ZEW Expectations fell to 4.8 from 7.4 (expected 10)
Among news of note:
The IMF commented on Italy, saying the country's economy is struggling to emerge from the recession and that banks should write off bad loans at a faster pace.

In U.S. corporate news:

Adobe (ADBE 73.90, +6.36): +9.4% after beating on earnings and revenue and showing better than expected Creative Cloud subscriptions.
FedEx (FDX 146.00, +5.69): +4.1% following its above-consensus earnings and revenue.

The weekly MBA Mortgage index fell 9.2% to follow last week's 10.3% increase.

Q1 Current Account Balance (Briefing.com consensus -$97.80 billion) will cross the wires at 8:30 ET and the FOMC will release its latest policy directive at 14:00 ET.

6:43 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +4.00.

6:43 am: [BRIEFING.COM] Nikkei...15115.80...+139.80...+0.90%. Hang Seng...23181.72...-21.90...-0.10%.

6:43 am: [BRIEFING.COM] FTSE...6793.52...+26.80...+0.40%. DAX...9943.64...+23.30...+0.20%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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