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 6:11 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: July 23rd Wednesday Trade Results - Profit $670.00
PostPosted: Thu Jul 24, 2014 10:52 pm 
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:
072314-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+670.00.png
072314-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+670.00.png [ 175.29 KiB | Viewed 278 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $170.00 dollars or +1.70 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $670.00 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=132&t=1845

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=242&t=2402

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

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.

That Was Fast. New Record For Stock Market

Attachment:
072314-Key-Price-Action-Markets.png
072314-Key-Price-Action-Markets.png [ 670.09 KiB | Viewed 273 times ]

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

NEW YORK (CNNMoney)
It wasn't exactly "shock-and-awe," but stocks churned out another record close on Wednesday thanks to strong results from companies like Apple and Delta.

Here are four things to know about today's market action:

1. How high can they go? The bulls on Wall Street wasted little time, nudging the S&P 500 to a fresh intraday record right out of the gate. The broad index celebrated its 26th record close of the year, landing at 1,987. That tops the previous record set on July 3.

Powered by healthy tech earnings, the Nasdaq advanced 0.4%.

But the Dow Jones Industrial Average failed to join the party, ending down 0.16% after struggling all day to keep its head above water. Despite the dip, the Dow is just about 50 points away from its all-time record close.

2. Geopolitical jitters ease: Major indexes across Europe inched higher after EU officials stopped short of imposing tough economic sanctions against Russia.

"I think some of the macro geopolitical concerns have, at least for the moment, moved back to the back burner," said Art Hogan, chief market strategist for Wunderlich Securities, referring to violent conflicts in Israel and Ukraine.

Related: Israeli investors unshaken by Gaza conflict

Still, the relief could be short-lived as Europe demanded Russia's "full and immediate" cooperation over Ukraine or risk losing access to European finance, defense equipment and energy technology. Also, Ukraine said a pair of its fighter jets were shot down in rebel held territory on Wednesday.

Germany's Dax gained 0.2%, while Russia's Micex index slipped 0.3%, taking its losses for the year to nearly 7%.

3. Big-name earnings excitement: Wall Street continues to applaud healthy report cards from Corporate America. Not only are the vast majority of companies beating earnings expectations, an impressive chunk are also exceeding revenue forecasts. That's a positive sign for the economy and stock prices.

Shares of Apple (AAPL, Tech30) jumped almost 3% after the world's largest company reported a quarterly jump in sales and profits. Investors largely overlooked a more cautious outlook for the current quarter, as well as slowing iPad sales. Apple closed less than 4% away from its split-adjusted record high of nearly $101 set in September 2012.

PepsiCo (PEP)also rallied nearly 3% after the food-and-beverage behemoth beat the Street and boosted its outlook for the year. The latest strong numbers from Delta Air Lines (DAL) kept the airline's stock flying high. Delta closed about 4% in the green.

Related: Nothing can ground Delta. Earnings fly higher!

On the other hand, Boeing (BA) shares declined 2% after the jet maker reported a lower-than-expected revenue increase. Still, Boeing reported earnings that beat expectations and upped its outlook for the year. Tupperware Brands (TUP) melted about 10.5% in response shrinking earnings and dimmed profit projections.

In after-hours action, AT&T (T, Tech30) slipped over 1% after reporting earnings that missed expectations by a penny. After flying almost 3% higher during regular trading, Facebook (FB, Tech30) retreated after-hours despite posting earnings that blew away expectations.

Related: CNNMoney's Fear & Greed Index is in "fear" mode again

4. Tech stock movers -- Intuitive Surgical, Biogen: Intuitive Surgical (ISRG) raced nearly 18% higher a day after the robotic surgery company posted profits and revenue that topped estimates, despite coming in lower than a year ago.

Biogen Idec (BIIB) provided a boost to the much-maligned biotech sector. Shares surged 11% after the drugmaker logged earnings and revenue that trounced expectations.

On the flip side, shares of Juniper Networks (JNPR) tumbled close to 10% after the networking-equipment company forecast soft earnings and revenue for the third quarter.

It's also been an ugly day for chip maker Xilinx (XLNX). The company's shares plummeted 14.5% on disappointing revenue and a gloomy outlook for the current quarter.

Image



4:15 pm: [BRIEFING.COM] The stock market ended the Wednesday session on a mixed note. The tech-heavy Nasdaq displayed relative strength, climbing 0.4%, while the S&P 500 added 0.2% with five sectors settling in the green. For its part, the Dow Jones Industrial Average (-0.2%) spent the entire session below its flat line.

Equities started the midweek affair on a rather unassuming note in the absence of market-moving news or economic releases. With those pieces missing from the equation, participants turned their attention to quarterly earnings as another dose of better than expected results pushed the S&P 500 to a fresh record close at 1987.01.

The health care sector (+0.8%) surged at the open and never relinquished the lead thanks to a big earnings beat reported by Biogen Idec (BIIB 337.60, +33.93). The stock soared 11.2%, while the iShares Nasdaq Biotechnology ETF (IBB 259.34, +5.66) advanced 2.2%. Elsewhere among biotech names, Puma Biotech (PBYI 233.43, +174.40) nearly tripled in value after announcing positive trial results.

In addition to boosting the health care space, biotechnology provided a measure of support to the Nasdaq, which also drew strength from the shares of Apple (AAPL 97.19, +2.47). The top-weighted tech stock rose 2.6% after beating earnings estimates on below-consensus revenue. However, the company guided Q4 revenue below its Capital IQ consensus estimate.

Sticking to tech earnings, Microsoft (MSFT 44.87, +0.04) missed bottom-line estimates, but beat on revenue. Meanwhile, Broadcom (BRCM 38.15, -0.60) and Juniper Networks (JNPR 22.43, -2.39) retreated despite delivering above-consensus results. Notably, Broadcom and other chipmakers struggled to stay out of the red with the PHLX Semiconductor Index falling 2.3%.

The underperformance of microchip names prevented the technology sector (+0.2%) from extending its slim gain, while other cyclical sectors ended on a mixed note. Energy (+0.6%) and materials (+0.4%) finished ahead of the broader market, while financials (+0.2%) kept pace with the S&P 500. The remaining two growth-sensitive sectors-consumer discretionary (-0.1%) and industrials (-0.4%)-could not make it into the green.

The weakest sector of the day-industrials-lagged amid weakness in the shares of Boeing (BA 126.71, -3.03). The Dow component lost 2.3% despite beating earnings estimates and raising its fiscal-year 2014 earnings guidance.

Also of note, it was reported during the session that the International Monetary Fund lowered its growth forecast for the U.S. to 1.7% from 2.0% and said the Fed may need to delay its first rate hike due to the contraction that took place in the first quarter. However, the remarks had little impact on equities as the major averages held their ground. The Treasury market did not move either and the 10-yr note ended the day flat with its yield at 2.47%.

Participation was well below average with less than 570 million shares changing hands at the NYSE.

Economic data was limited to the weekly MBA Mortgage Index, which rose 2.4% to follow last week's 3.6% decline.

Tomorrow, weekly initial claims (Briefing.com consensus 308K) will be reported at 8:30 ET, while the New Home Sales report for June (consensus 475K) will cross the wires at 10:00 ET. On the earnings front, 3M (MMM 144.68, -0.44), American Airlines (AAL 43.33, +0.95), Caterpillar (CAT 108.38, -1.68), Ford Motor (F 17.78, -0.04), and General Motors (GM 37.41, -0.35) will report ahead of the opening bell.

S&P 500 +7.5% YTD
Nasdaq Composite +7.1% YTD
Dow Jones Industrial Average +3.1% YTD
Russell 2000 -0.4% YTD

3:30 pm: [BRIEFING.COM]

Aug gold touched a session high of $1311.80 per ounce in early morning pit trade but gave up the gain as it slipped below the unchanged line in afternoon action. It brushed a session low of $1303.50 per ounce and settled 0.1% lower at $1304.50 per ounce.
Sep silver touched a session low of $20.94 per ounce after retreating from a session high of $21.10 per ounce. It then chopped around near the break-even line and settled unchanged at $21.00 per ounce.
Sep crude oil traded higher today following bullish inventory data. The EIA reported that for the week ending July 18, crude oil inventories fell by almost 4 mln barrels when expectations called for a smaller draw of 2.6-2.9 mln barrels.
The energy component rose as high as $103.34 per barrel and settled with a 0.7% gain at $103.12 per barrel.
Aug natural gas advanced to a session high of $3.81 per MMBtu. However, prices pulled back into negative territory in late afternoon floor trade, leaving natural gas to settle 0.3% lower at its session low of $3.76 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.2% with one hour remaining in the session.

Market participants received a full slate of quarterly earnings this morning and tomorrow is expected to be just as busy. Investors will hear from a few technology and telecom companies following today's close with AT&T (T 35.89, -0.05), Facebook (FB 71.04, +1.78), and Qualcomm (QCOM 81.86, +0.33) headlining that list.

Tomorrow morning, industrial names will be in focus with 3M (MMM 144.67, -0.45), American Airlines (AAL 43.30, +0.92), Caterpillar (CAT 108.60, -1.46), Ford Motor (F 17.84, +0.02), General Motors (GM 37.66, -0.09), and United Continental (UAL 46.17, +1.35) expected to report their results.

2:30 pm: [BRIEFING.COM] The S&P 500 (+0.2%) hovers within two points of its session high with eight sectors trading in the green.

Health care (+0.8%) jumped into the lead at the open and the third-largest sector remains in that position at this juncture. Outside of health care, the materials sector (+0.5%) also holds a solid gain, but the commodity-related group represents less than 4.0% of the entire market.

Energy (+0.3%) and technology (+0.3%) are the only other outperformers with the tech sector attempting to resist the pressure from chip manufacturers. The PHLX Semiconductor Index (-2.1%) remains near its session low.

2:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.2%) inch back in the direction of its session high at 1989.29, while the Dow Jones Industrial Average (-0.1%) has yet to poke its head out of negative territory. All in all, today's session has been fairly quiet with the benchmark index sticking to a seven-point range.

Despite today's range-bound action, the S&P 500 remains on track to finish the month on an upbeat note. The index is higher by 1.4% so far in July with six trading days remaining. Meanwhile, the Dow and Nasdaq hold respective July gains of 1.6% and 1.5%, while the Russell 2000 has surrendered 3.2% so far this month.

1:30 pm: [BRIEFING.COM] Some of today's gains have been taken away from the S&P 500, but the one thing that can't be taken away is the fact that the S&P 500 set a record intraday high today at 1989.23. The number to beat on a closing basis is 1985.44, which was reached on July 3.

Market participants are understandably fixed on the possibility of the S&P 500 hitting the 2,000 mark. It a nice-sounding number after staring at 666 in March 2009, but right now it is dangling out there as round-number resistance.

A bevy of better than expected earnings results has pushed the S&P 500 into record territory. According to S&P Capital IQ, second quarter earnings are expected to be up 7.3%, which is above the 6.6% growth rate projected on July 1.

Despite the better than expected results so far, the S&P 500 is up just 0.7% since the close on July 1. Outside of the geopolitical issues, the sticking point for some is that a lot of the good earnings news got priced in ahead of the reporting period with the S&P 500 climbing 8.7% between the close on April 11 (when the first quarter reports started to be heard) and the close on July 1.

12:55 pm: [BRIEFING.COM] The major averages are mixed at midday with the Dow Jones Industrial Average (-0.3%) holding a modest loss, while the Nasdaq (+0.3%) and Russell 2000 (+0.2%) trade ahead of the S&P 500 (+0.1%).

Stocks began the Wednesday session on a relatively quiet note with no news or economic data influencing the early sentiment. With that in mind, the attention turned to a full slate of quarterly earnings that have piled up since yesterday's closing bell. Even though the vast majority of reports have surpassed analyst estimates, the overall market has essentially yawned at the latest batch.

The top-weighted sector-technology (+0.2%)-trades just ahead of the broader market after Apple (AAPL 97.47, +2.75) and Microsoft (MSFT 45.14, +0.31) reported their results. Apple beat bottom-line estimates, while Microsoft missed on earnings, but beat revenue expectations. Even though the two names hold respective gains of 2.9% and 0.7%, the overall sector has been held in check by chipmakers.

The PHLX Semiconductor Index is lower by 2.0% with 27 of its 30 components in the red. Xilinx (XLNX 41.20, -6.95) has tumbled 14.4% after its below-consensus revenue and light revenue guidance overshadowed its one-cent beat.

Interestingly, chipmakers have not served as a true reflection of the performance among all high-beta names. Biotech stocks have received a boost from Biogen Idec (BIIB 335.31, +31.64), which trades up 10.5% following its blowout quarter. Also of note, Puma Biotech (PBYI 229.71, +170.68) has nearly tripled in value after announcing positive trial results. The broader iShares Nasdaq Biotechnology ETF (IBB 257.37, +3.69) is higher by 1.5%, while the health care sector (+0.5%) trades ahead of the remaining groups.

Unlike health care, the remaining countercyclical sectors trail the broader market. Consumer staples (-0.1%) and utilities (-0.2%) hover in the red, while the telecom services sector (+0.1%) sits right above its flat line.

Treasuries sport slim gains with the 10-yr yield down one basis point at 2.45%.

Economic data was limited to the weekly MBA Mortgage Index, which rose 2.4% to follow last week's 3.6% decline.

12:30 pm: [BRIEFING.COM] Equity indices continue holding their recent levels with the Nasdaq Composite (+0.4%) and Russell 2000 (+0.4%) tied for the lead. In fact, high-growth names are showing relative strength for the second day in a row with the Nasdaq and Russell 2000 extending their week-to-date gains to 1.0% and 0.8%, respectively. Meanwhile, the Dow Jones Industrial Average remains flat for the week.

Interestingly, high-beta chipmakers have not taken part in the small-cap rally. The PHLX Semiconductor Index is lower by 1.8% with 27 of its 30 components in the red. Xilinx (XLNX 41.12, -7.02) has tumbled 14.6% after its below-consensus revenue and light revenue guidance overshadowed its one-cent beat.

11:55 am: [BRIEFING.COM] The S&P 500 (+0.3%) remains near its best level of the session, while the Dow (-0.1%) remains in the red.

Since our last update, the International Monetary Fund has lowered its growth forecast for the U.S. to 1.7% from 2.0% and said the Fed may need to delay its first rate hike due to the contraction that took place in the first quarter. Furthermore, the IMF described the U.S. labor market as 'reasonably healthy.'

The remarks had little impact on equities as the major averages held their ground. Similarly, Treasuries remain a bit below their best levels of the trading day with the 10-yr yield down one basis point at 2.46%.

11:30 am: [BRIEFING.COM] Equity indices remain mixed with the Dow Jones Industrial Average (-0.1%) continuing its underperformance. At this time, 16 of its 30 components hover in the red with four index members down 1.0% or more.

The likes of Cisco Systems (CSCO 25.67, -0.28), Coca-Cola (KO 40.70, -0.48), McDonald's (MCD 95.00, -1.27) are all down near 1.0%, while Boeing (BA 126.72, -3.02) is the weakest index member. The stock holds a loss of 2.3% despite beating bottom-line estimates and raising its fiscal-year 2014 earnings guidance.

On the upside, Microsoft (MSFT 45.24, +0.41) outperforms with a gain of 0.9% after beating revenue estimates.

10:55 am: [BRIEFING.COM] The Nasdaq (+0.4%) and S&P 500 (+0.2%) have extended to new highs for the session, while the Dow Jones Industrial Average continues hovering just below its flat line. In large part, the advance was fueled by the technology sector (+0.4%), which trails only the health care space (+0.5%).

The top-weighted tech component-Apple (AAPL 97.55, +2.83)-has been climbing steadily since the opening bell and now trades higher by 3.0% in reaction to its earnings beat. Also of note, Microsoft (MSFT 45.09, +0.26), which beat top-line estimates, is now higher by 0.6% after showing relative weakness at the open.

Thanks to the rebound, only three sectors remain in the red with the utilities space (-0.2%) displaying the largest loss.

10:30 am: [BRIEFING.COM]

WTI crude oil have been climbing off of its overnight low and was modestly higher and near its HoD just ahead of the weekly EIA inventory data
Sept crude oil rose to a new HoD following this weekly data and is now +0.5% at $102.88/barrel
Gold and silver have been choppy so far today and are currently modestly higher
Aug gold is now +0.2% at $1308.40/oz, while Sept silver is +0.01% at $21.01/oz
Sept copper is back at the flat line here, now at $3.21/lb, after narrow action
The dollar index is flat this morning as well
Aug natural gas has been higher all morning and rose as high as $3.82/MMBtu. The Aug contract is now +0.5% at $3.79/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 (+0.1%) has returned into the green, while the Dow Jones Industrial Average (-0.2%) has yet to make an appearance in positive territory.

The health care sector (+0.8%) continues holding the lead, while another influential group-financials (+0.1%)-has turned positive since our opening update. Outside of the two, the consumer staples sector (+0.2%) is the only other advancer.

However, it is worth mentioning that of the six decliners, the consumer discretionary sector is the weakest performer with its loss limited to 0.2%.

Even though the opening minutes have been a bit shaky, participants have not rushed in search of protection as evidenced by a 2.7% decline in the CBOE Volatility Index (VIX 11.91, -0.33).

9:45 am: [BRIEFING.COM] The S&P 500 (-0.1%) began the session on a slightly higher note before joining the Dow Jones Industrial Average (-0.3%) in the red. Most notably, the price-weighted Dow has been pressured by Boeing (BA 127.40, -2.34), which trades lower by 1.8% despite beating earnings estimates.

On the upside, the health care sector (+0.8%) trades ahead of the remaining groups thanks to an earnings beat from Biogen Idec (BIIB 339.30, +35.62). The stock sports an advance of 11.7%, while the broader iShares Nasdaq Biotechnology ETF (IBB 258.30, +4.62) trades higher by 1.9%.

Treasuries have held their ground through the opening minutes of the session with the 10-yr note up three ticks (10-yr yield -1 bp at 2.45%).

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +9.70. The stock market is on track to build on yesterday's gain as futures on the S&P 500 trade one point above fair value.

Market participants have received an avalanche of earnings since yesterday's closing bell, but most of the results have surpassed estimates. Two major tech components-Apple (AAPL 95.32, +0.60) and Microsoft (MSFT 45.52, +0.69)-are expected to display opening strength after both reported mixed results. Apple beat bottom-line estimates on light revenue, while Microsoft posted a bottom-line miss on better than expected revenue.

Elsewhere among tech names, Broadcom (BRCM 40.15, +1.40) is indicated higher after beating estimates, while Electronic Arts (EA 37.50, -0.92) and Juniper Networks (JNPR 22.77, -2.05) are on track to show early losses. Juniper Networks guided lower, while EA beat estimates and guided in line with estimates.

Treasuries enter the session on their highs with the 10-yr yield off one basis point at 2.45%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +11.20. The S&P 500 futures trade two points above fair value.

Markets in Asia ended on a mostly higher note.

Economic data was limited:
Australia's CPI rose 0.5% quarter-over-quarter (expected 0.6%, previous 0.6%), while the year-over-year reading increased 3.0% (consensus 3.1%, prior 2.9%)
Singapore's CPI slowed to 1.8% year-over-year from 2.7% (expected 2.4%)
Taiwan's industrial production surged 8.6% year-over-year (expected 7.2%)

------

Japan's Nikkei slipped 0.1% amid a lackluster trade. Exporters ended mixed with Honda Motor off 0.9% and Sony up 1.0%.
Hong Kong's Hang Seng rallied 0.8% to its best levels since the beginning of December. Property developers saw strong gains as China Overseas Land & Investment and China Resources Land added 4.4% and 7.5%, respectively, on expectations of looser lending standards later in the year.
China's Shanghai Composite added 0.1%, settling at a five-week high. Brokerage names were boosted by the next wave of IPOs coming to market with CITIC Securities rallying 1.0% and Haitong Securities climbing 2.3%.

Major European indices trade higher across the board with Germany's DAX (+0.6%) setting the pace.

Participants received a handful of data:
Great Britain's BBA Mortgage Approvals came in at 43,300 (expected 43,400, previous 41,900), while CBI Distributive Trades Survey jumped to 21 from 4 (expected 16)
French Business Survey held steady at 97 (expected 98)
Italy's non-EU trade surplus narrowed to EUR2.15 billion from EUR2.45 billion

------

Great Britain's FTSE is higher by 0.2% with consumer names showing strength. Capita trades up 3.7%, while Associated British Foods and Marks & Spencer Group hold respective gains of 1.7% and 1.2%.
In France, the CAC trades up 0.4%. Airbus is higher by 2.2% after signing a delivery contract with Hawaiian Airlines. Advertiser Publicis Groupe is the weakest performer, down 1.1%.
Germany's DAX sports an advance of 0.6% with Daimler contributing to the strength. The exporter is higher by 0.6% following its upbeat quarterly report. Peer Volkswagen trades up 1.1%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +9.20. After posting a modest gain yesterday, the stock market is on track to build on its week-to-date advance. With no economic data to influence sentiment, participants have been focused on quarterly earnings this morning. Like yesterday, the vast majority of the results have come in ahead of analyst expectations.

In the tech sector, Apple (AAPL 95.08, +0.36) beat bottom-line estimates on revenue that was bit below expectations, while Microsoft (MSFT 45.70, +0.87) missed earnings expectations on above-consensus revenue. Both listings, however, are indicated to open the session in the green.

Elsewhere, the biotech group should receive support from Biogen Idec (BIIB 328.00, +24.33), which trades higher by 8.0% after reporting well ahead of expectations.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +10.50. U.S. equity futures hover near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade less than a point above fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.1%, China's Shanghai Composite +0.1%, and Hong Kong's Hang Seng +0.8%
In economic data:
Australia's CPI rose 0.5% quarter-over-quarter (expected 0.6%, previous 0.6%), while the year-over-year reading increased 3.0% (consensus 3.1%, prior 2.9%)
Singapore's CPI slowed to 1.8% year-over-year from 2.7% (expected 2.4%)
In news:
Bank of Japan Deputy Governor Hiroshi Nakaso said the central bank's easing is working as intended and that the domestic economy continues to grow above potential

Major European indices trade higher across the board. Great Britain's FTSE +0.2%, France's CAC +0.4%, and Germany's DAX +0.5%. Elsewhere, Italy's MIB +0.2% and Spain's IBEX +0.2%
Economic data was limited:
Great Britain's BBA Mortgage Approvals came in at 43,300 (expected 43,400, previous 41,900), while CBI Distributive Trades Survey jumped to 21 from 4 (expected 16)
French Business Survey held steady at 97 (expected 98)
Italy's non-EU trade surplus narrowed to EUR2.15 billion from EUR2.45 billion
In news:
Germany's DAX leads the region amid strength in the shares of Daimler after the company reported solid quarterly results. Daimler trades higher by 1.4%.

In U.S. corporate news:

Apple (AAPL 95.60, +0.88): +0.9% after beating earnings estimates on below-consensus revenue. The tech company guided Q4 revenue below its Capital IQ consensus estimate.
Biogen Idec (BIIB 324.06, +20.39): +6.7% after surpassing estimates and guiding higher.
Broadcom (BRCM 40.10, +1.35): +3.5% following its earnings beat.
Dow Chemical (DOW 53.36, +1.06): +2.0% after beating the Capital IQ consensus estimate by two cents.
Electronic Arts (EA 37.01, -1.41): -3.7% despite beating expectations.
Intuitive Surgical (ISRG 443.90, +51.74): +13.2% after beating revenue estimates.
Juniper Networks (JNPR 23.34, -1.48): -6.0% beat bottom-line estimates, but guided Q3 earnings and revenue below consensus.
Microsoft (MSFT 45.72, +0.89): +2.0% despite missing bottom-line expectations on above-consensus revenue.
PepsiCo (PEP 91.09, +1.92): +2.2% after beating bottom-line estimates.
VMware (VMW 98.25, +2.22): +2.3% after beating earnings expectations.

The weekly MBA Mortgage Index rose 2.4% to follow last week's 3.6% decline.

6:49 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +4.00.

6:49 am: [BRIEFING.COM] Nikkei...15328.56...-14.70...-0.10%. Hang Seng...23971.87...+189.80...+0.80%.

6:49 am: [BRIEFING.COM] FTSE...6818.43...+23.90...+0.30%. DAX...9798.05...+63.70...+0.70%.

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 1 guest


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