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 Post subject: September 3rd Wednesday Trade Results - Profit $1420.00
PostPosted: Wed Sep 03, 2014 11:07 pm 
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Joined: Sat Jan 10, 2009 1:06 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)
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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 @ $1,420.00 dollars or +14.20 points, Emini ES ($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 @ $1,420.00 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=134&t=1879

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=246&t=2502

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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.

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

Yahoo! Finance

4:20 pm: [BRIEFING.COM] The stock market had difficulty getting anything going on Wednesday as a wait-and-see stance permeated the trading action. That was understandable given some confusing headlines about cease-fire talk between Ukraine and Russia, Apple (AAPL 98.94, -4.36) suffering a 4.2% decline in its stock price, and the specter of policy meetings by the Bank of Japan, the Bank of England, and the ECB on Thursday.

The way things ended on Wednesday was pretty much how they went throughout the day. That is, the Dow (+0.1%) and S&P 500 (-0.1%) held up better than the Nasdaq Composite (-0.6%) and Russell 2000 (-0.6%).

Things sounded more promising before the open when there was talk of a "permanent" cease-fire agreement between Ukraine and Russia. That report, however, got shot down (no pun intended) by the Kremlin, which shrewdly countered that it could not have agreed to such a thing when it is not a party to the conflict in eastern Ukraine.

Ukraine itself subsequently clarified that there was a mutual understanding as to the steps that need to be taken to contribute to the establishment peace. In other words, no one is sticking daisies in their gun barrels just yet. That clarification helped dampen the bullish enthusiasm seen in the overnight trade and it enabled the Treasury market to bounce back from early losses.

Nonetheless, the major indices did start the day on an upbeat note. The S&P 500 established a new intraday high at 2009.35... and then it ran into a wall of resistance when Apple rolled over in a profit-taking spree catalyzed by the analyst at Pacific Crest Securities who suggested taking some profits ahead of the company's new product announcements on September 9.

It is worth noting, too, that rival Samsung unveiled its latest smartphones today, highlighting for all to see that the competitive landscape in the industry is sure to remain challenging.

Apple's losses weighed heavily on the information technology sector (-0.7%), which in turn weighed on the broader market.

Things could have been worse if not for the relative strength exhibited by the health care (+0.3%) and energy (+0.3%) sectors. The former garnered support from large-cap pharmaceuticals like Merck (MRK 60.48, +0.69), Abbot Labs (ABT 42.76, +0.53), and Eli Lilly (LLY 64.15, +0.47), while the latter sector rebounded on the back of crude oil prices.

Crude futures, which fell 3.2% on Tuesday, bounced 2.6% on Wednesday to $95.33, aided by some weakness in the dollar.

The best-performing sector on Wednesday was the utilities sector (+0.6%), which drafted off the comeback waged by longer-dated Treasuries. At one point, the yield on the 10-yr note hit 2.46%, but it started to come back down after Russia basically said "nyet" to the cease-fire news, and as the stock market failed to sustain its opening rally effort. The 10-yr note settled the day up six ticks with its yield at 2.40%.

The debt markets promise to be a hotbed of activity on Thursday as participants digest the latest policy pronouncements out of Japan, England, and the ECB. The ECB is getting top billing ahead of time as the market is anxious to hear if any additional stimulus will be provided.

Thursday will also produce a raft of economic data that includes the ADP Employment Change, initial Claims, Trade Balance, Q2 Productivity, and ISM Services reports.

Today's data didn't sway things one way or another.

Factory orders rose 10.5% in July, which was slightly below the Briefing.com consensus estimate of 11.0%, yet any disappointment was tempered by the upward revision for June to 1.5% from 1.1%. Auto sales, meanwhile, hit an annual run rate of 17.5 million units in August. That was the best August in eight years, yet there were some rumblings about sales being driven by increased discounts and aggressive financing offers.

In any case, both Ford (F) and General Motors (GM) traded down in the wake of the August sales reports.

Separately, homebuilder Toll Brothers (TOL 33.95, -1.68) had a tough day following its latest earnings report, and so did Delta (DAL 38.82, -2.11), which cut its passenger unit revenue guidance for the third quarter to 2-3% from 2-4%. With the central bank meetings on Thursday, corporate headlines are expected to take a backseat once again as a market driver.
Related Stories

Stock Market Today: Stocks Mixed on Tech Sector Weakness; Apple Stumbles TheStreet.com
Asia stocks drift, Samsung gains on Edge launch Associated Press
Investors cheer: S&P 500 hits all-time high CNNMoney.com
Stock Market Today: Stocks Lose Momentum as Investors Watch Draghi's Next Move TheStreet.com
Dollar slips on Ukraine cease-fire news MarketWatch

Dow +3.1% YTD
Nasdaq Composite +9.5% YTD
S&P 500 +8.2% YTD
Russell 2000 +0.7% YTD

3:35 pm: [BRIEFING.COM]

WTI crude oil recovered most of yesterday's losses by gaining $2.59/barrel today to $95.50/barrel
More volatility is expected ahead of the EIA's weekly oil inventory data, which will be released tomorrow morning instead of today given the Monday holiday
Oct natural gas fell a modest 4 cents today to $3.84/MMBtu
Grains were weak following weekly USDA crop condition report and broad market weakness
Dec corn lost 13 cents to $3.51/bu, Dec fell 20 cents to $5.35/bu
Dec gold gained $5.20 to $1270.10/oz, Dec silver rose $0.04 to $19.20/oz.

3:00 pm: [BRIEFING.COM] Aside from the early buzz surrounding the inaccurate report that Ukraine and Russia agreed to a cease-fire, today's session has been a pretty languid one.

To be sure, there will be plenty of buzz tomorrow with a spate of central bank policy announcements and a rash of economic data out of the U.S., all of which will occur by 10:00 a.m. ET.

Heading into the final hour of trading today, the stock market has hit an air pocket that has pushed the indices back toward their lowest levels of the day.

There isn't a single piece of news to account for the latest dip, but it's worth noting that the financial sector (-0.3%) has been a pacesetter and sits at its low for the day. Some concerns about the need for banks to meet new liquidity rules have pressured the stocks today.

2:30 pm: [BRIEFING.COM] The Federal Reserve's Beige Book report, summarizing economic conditions across the twelve Federal Reserve Districts, was released at the top of the hour. It basically reported more of the same, so it basically had no impact on the stock market.

The summarization went as follows: "Reports from the twelve Federal Reserve Districts indicated that economic activity has expanded since the previous Beige Book report; however, none of the Districts pointed to a distinct shift in the overall pace of growth. The New York, Cleveland, Chicago, Minneapolis, Dallas, and San Francisco Districts characterized their growth rates as moderate; Philadelphia, Atlanta, St. Louis, and Kansas City reported modest growth. Boston reported that business activity appeared to be improving, and Richmond reported further strengthening."

On a related note, remarks from Dallas Fed President Fisher are crossing the wires, highlighting his belief that the timing for a rate hike has moved forward but remains unclear. Mr. Fisher is a known hawk who has said as much before, so this view isn't a surprise for the market.

Accordingly, the major indices persist in their mixed state.

1:55 pm: [BRIEFING.COM] Up a little, down a little, and somewhere in between. That pretty much sums up the standing of the major indices as the afternoon session continues.

The Treasury market for its part has had all of those features rolled into today's trading action. The 10-yr note was down early, then battled back to unchanged, and is now up four ticks with its yield at 2.41%.

Debt markets are expected to be a hotbed of activity on Thursday as traders digest the latest policy missives from the Bank of Japan, the Bank of England, and the ECB.

With 277 mln shares traded at the NYSE, volume is running behind yesterday when 309 mln shares had traded by this point. Tuesday's total volume summed to just 578 mln shares, so the current run rate leads to the characterization that today is a lightly-traded affair so far.

1:30 pm: [BRIEFING.COM] The major indices are off their highs of the day and they are off their lows for the day in a session that is shaping up to be an indeterminate affair.

The most exciting action arguably has been in the energy pits, which are aglow with rebound trades after a nasty sell-off on Tuesday. Crude futures, which declined 3.1%, are up 2.1% today to $94.79/bbl. Natural gas futures, however, continue to slide. After dropping 4.2% on Tuesday, they are down another 0.9% today to $3.87/btu.

Turnabout is apparently fair play. Chevron (CVX 128.24, +0.70) and ExxonMobil (XOM 99.37, +0.88), which were among the Dow's biggest laggards on Tuesday, are among its biggest gainers today.

Within the Dow, 24 of its 30 components are trading higher, yet there isn't a single component that is up, or down, more than a point at this juncture.

1:00 pm: [BRIEFING.COM] The headline that greeted everyone this morning was that Ukraine and Russia agreed to a permanent cease fire. The problem with that headline is that it was not accurate. Fittingly, the US stock market has traded today in a way that suggests a lot of participants are holding their fire, transfixed by translation issues on the geopolitical front, profit-taking issues in Apple (AAPL 99.89, -3.41), and the specter of the ECB meeting on Thursday.

The outcome so far has been a very mixed market, which has featured the outperformance of the Dow and S&P 500 and the underperformance of the Nasdaq Composite and Russell 2000 -- the exact opposite of the trade on Tuesday.

In the same vein, crude oil (+$1.56 to 94.44) and gold (+$4.50 to $1269.50) prices are on the rebound today as the dollar experiences some modest weakness.

The 10-yr note is unchanged after being down modestly earlier. It bounced back following the headline clarification that there is an understanding on the steps that need to be taken to contribute to the establishment of peace in eastern Ukraine, but that there hasn't been an actual cease-fire. Treasuries also bounced when the stock market failed to sustain an early rally effort that carried the S&P 500 to a new record intraday high of 2009.35.

The weakness in Apple today follows a remarkable run in which it gained nearly 10% since August 7. A recommendation to take profits by an analyst at Pacific Crest Securities has helped catalyze today's move and it precedes the company's special event on September 9 in which it is expected to unveil new products.

Apple typically runs well ahead of new product announcements and then sells off after the announcements.

The weight of Apple has pressured the broader market and has accounted for the S&P 500 information technology sector (-0.4%) being the weakest sector at this point in the day.

Overall, there haven't been any material moves made since yesterday's close by any of the ten economic sectors. The biggest gainer is energy (+0.6%), which is following crude prices higher, while the biggest loser is the technology sector.

There hasn't been much in the way of corporate newsflow to move the market, but there are some individual movers of note like Toll Brothers (TOL 34.04, -1.59), which is falling after its latest earnings report, Delta (DAL 38.70, -2.23), which is down after cutting its passenger unit revenue guidance for the third quarter, and CVS Caremark (CVS 80.48, +0.75), which announced today it has stopped selling tobacco products earlier than expected and that it will be changing its corporate name to CVS Health.

Separately, the Factory Orders report for July didn't cause much of a stir. It showed orders increasing 10.5%. That was slightly weaker than the 11.0% Briefing.com consensus estimate, yet it was tempered by an upward revision to order growth in June to 1.5% from 1.1%.

12:30 pm: [BRIEFING.COM] As noted previously, the stock market is operating in a mixed state today. That hasn't been a subjective view either. It has been an objective one that has flowed out of the A/D line standing at the NYSE and Nasdaq.

At the NYSE, decliners lead advancers by a slim 15-to-14 margin. At the Nasdaq, which has been the main pocket of weakness today, decliners lead advancers by a 15-to-11 margin.

By and large, the market has the feel of marking time in front of some key happenings on Thursday and Friday.

Tomorrow's session will bring its fair share of economic data, including the ADP Employment Change and Trade Balance reports, but it will be the central bank meetings held by the Bank of Japan, Bank of England, and the ECB that will be the center of attention. Friday, meanwhile, will be highlighted by the release of the August employment report.

12:00 pm: [BRIEFING.COM] The slow fade continues as the major indices have calmly backtracked from their opening highs.

The technology sector (-0.8%) has led the retreat, which would be more pronounced if not for the relative strength seen in the energy (+0.5%) and health care (+0.3%) sectors. The former is benefiting from the rebound in crude prices (+$1.66 to $94.54/bbl) today while the latter is garnering support from major pharmaceuticals like Merck (MRK 60.72, +0.93), Abbot Labs (ABT 42.61, +0.38), and Eli Lilly (LLY 63.99, +0.32).

The outperformance of the health care, utilities (+0.6%), telecom services (+0.3%), and consumer staples (+0.1%) sectors suggests some defensive-oriented positioning may be taking root.

Even so, selling efforts elsewhere continue to be fairly tame.

11:30 am: [BRIEFING.COM] The mixed tone persists with the broader market sagging under the weight of a relatively weak technology sector.

Apple (AAPL 99.82, -3.49) continues to be the main drag there as it is down 3.4% on profit-taking efforts. Not surprisingly, the Nasdaq 100 (-0.5%) is underperforming at this juncture, as is the more inclusive Nasdaq Composite (-0.4%).

Notwithstanding the lackluster showing from the US market, European bourses have managed to retain the bulk of their earlier gains into the close of their trading session. Germany's DAX Index has been the standout with a 1.4% gain.

As the major indices in the US have faded from their opening highs, the Treasury market has found a modicum of support and has pared its losses. The 10-yr note is down three ticks with its yield at 2.44%.

11:00 am: [BRIEFING.COM] The stock market is sticking to its mixed ways with the tables reversed somewhat today. On Tuesday, the Nasdaq Composite and Russell 2000 led the way while the Dow and S&P 500 lagged behind. Today, it is just the opposite.

The moves thus far have been modest in scope, yet it's plain to see that the follow through off the opening rally effort has been lacking.

Notably, the utilities sector (+0.8%) has asserted itself as the best-performing sector today even though yields on longer-dated Treasuries continue to press higher. That could be a product of some early positioning predicated on the thought that the stock market hasn't been able to get too far of late on good news, suggesting it may be due for a greater pullback. Utilities tend to exhibit relative strength when such moves occur.

An area that is underwhelming today is the airline industry. Delta (DAL 38.97, -1.96) has pressured things there after cutting its passenger unit revenue growth guidance for the third quarter to +2-3% from +2-4%, due in part to the negative impact of events in Russia, the Middle East and Africa. The NYSE Arca Airline Index (XAL 87.75, -0.82) is down 0.9%.


10:30 am: [BRIEFING.COM]

The dollar index is 0.1% lower today at 82.88, which is providing a little price support in commodities today
Crude oil is recovering today and has been steadily climbing higher today, following yesterday's notable decline (-$3.02 to $92.91/barrel)
Oct crude oil rose as high as $94.44/barrel in trade so far and is currently +1.3% at $94.07/barrel
Natural gas, on the other hand, sold off this morning and just hit a new low on the day at $3.85/MMBtu. Oct NG is now -1.1% at $3.85/MMBtu
Gold and silver were modestly higher this morning, but have pulled back.
Dec gold is currently +0.2% at $1267.70/oz, while Dec silver is +0.2% at $19.18/oz
Dec copper is -0.7% at $3.13/lb
Grains are lower following weekly USDA report. Dec corn is -2.2% at $3.56/bushel, Dec wheat is -2.1% at $5.44/bu.

10:00 am: [BRIEFING.COM] The record was set soon after the start of trading. The S&P 500 established a new intraday high of 2009.28... and then it sort of stalled.

Participants are waiting to see if there is follow through now that will carry it closer to the type of gains enjoyed by European bourses today (1.0%+) or whether the bullish enthusiasm will fade.

Apple (AAPL 100.36, -2.94) is applying some influential pressure. It is down noticeably this morning. That move is reportedly driven by efforts to take some profits ahead of its special event on September 9. Prior to today's session, shares of AAPL, which often rally ahead of new product announcements, had gained 9.3% since August 7. Apple's weakness is helping to carry the information technology sector (-0.3%) lower.

Separately, it was just reported that Factory Orders increased 10.5% in July. That was below the Briefing.com consensus estimate that called for an 11.0% increase. Factory orders for June were revised up to 1.5% from 1.1%.

9:40 am: [BRIEFING.COM] The major indices are off to a positive start as expected. The Russell 2000 and the Dow Jones Industrial Average are the initial pacesetters with 0.4% gains.

Initial buying interest is broad-based as all ten S&P 500 sectors are sporting gains. The biggest mover was Tuesday's biggest loser. Enter the energy sector (+0.9%), which is following crude prices higher after following them lower yesterday in a session that saw the sector drop 1.3%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +7.80. Nasdaq futures vs fair value: +11.80. The stage remains set for a higher open for the cash market. The S&P futures are 0.3% above fair value.

The corporate news has been limited from a market-moving standpoint. Homebuilder Toll Brothers (TOL), though, is commanding some added attention after reporting better than expected third quarter earnings and boosting its guidance for average selling price in FY14.

Elsewhere, crude futures are attempting to regain some of yesterday's big losses. They are currently up $1.17, or 1.3%, to $94.05/bbl with a weaker dollar helping in the rebound effort. The US Dollar Index is down 0.2% to 82.86.

The Treasury market, on the other hand, remains on the defensive. The 10-yr note yield, which jumped seven basis points on Tuesday, is up another two basis points today to 2.44%, ostensibly on an abatement of geopolitical concerns.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +10.30. The S&P 500 futures trade 7 points above fair value.

Markets rallied across Asia.

Economic data was impressive:
Chinese Non-Manufacturing PMI (54.4 actual v. 54.2 previous) and HSBC Services PMI (54.1 actual v. 50.0 previous) both posted solid results.
Australia's GDP (0.5% QoQ actual v. 0.4% QoQ expected) topped estimates.
Reserve Bank of Australia Governor Glenn Stevens warned of a potential housing bubble.

-----

Japan's Nikkei (+0.4%) finished at its best levels since the end of September, supported by the weaker yen. Exporters outperformed with Fanuc and Panasonic both up 1.8%.
Hong Kong's Hang Seng (+2.3%) surged to a more than six-year high. Real estate names remained strong with Henderson Land & Development rallying 6.2% and China Resources Land up 4.2%.
China's Shanghai Composite (+1.0%)gained for a fourth straight day and finished at its best level since June 2013. Defense names continued their recent outperformance with China Spacesat higher by the daily limit, 10%.

The major European bourses are higher across the board following reports of a ceasefire in eastern Ukraine.

Economic data was mixed:
Eurozone retail sales (-0.4% MoM actual v. -0.3% MoM expected) were the latest number to disappoint.
Britain's Services PMI (60.5 actual v. 58.6 expected, 59.1 previous) posted the strongest reading since November.
Spain saw its strongest Services PMI (58.1 actual v. 55.5 expected, 56.2 previous) print since January 2007.
Italy's Services PMI (49.8 actual v. 51.7 expected, 52.8 previous) slipped into contraction.
French Finance Minister Michel Sapin announced the country may reduce its budget by less than the previously announced EUR21 bln as a result of low inflation.

-----

Great Britain's FTSE lags the rest of the region, up 0.7%. Financials outperform with Barclays and HSBC higher by 2.7% and 1.7%, respectively.
Germany's DAX trades up 1.3%. Automakers provide support as Bayerische Motoren Werke, Volkswagen, and Daimler all trade up 1.9%.
France's CAC holds a 1.0% gain. Automaker Renault leads the way, up 3.7%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +10.50. The S&P futures are off their highs of the morning, but continue to point to a positive start for the cash market. Currently, they are 0.3% above fair value.

If the S&P 500 falls in line with the futures indication, it should set a new record intraday high shortly after the start of trading. The number to beat is 2006.12, which was reached yesterday.

The question is, will the S&P 500 then ramp up to match the stronger gains in European bourses or will European bourses back up in the event the S&P 500 runs into some early resistance? At this juncture, the futures market looks to be accepting of the positive talk about a possible cease-fire between Ukraine and Russia, but evidently it hasn't accepted it as gospel given the relatively tame response so far.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +8.80. U.S. equity futures spiked earlier this morning on reports Ukraine and Russia worked out a cease-fire agreement. The Kremlin shrewdly denied the report, saying it did not enter into such an agreement because it is not involved in the conflict. The S&P futures faded a bit after the denouncement but remain positive as everyone (other than Russia) has accepted that Russia is involved and that ceasefire discussions are a step in the right direction. European markets have gotten a boost on the news and the US market is poised to follow suit when the opening bell rings. The S&P futures are currently 0.2% above fair value.

The weekly MBA Mortgage Index rose 0.2% to follow last week's increase of 2.8%. The Factory Orders report for July will be released at 10:00 ET, while the Federal Reserve will release its September Beige Book at 14:00 ET.

In U.S. corporate news of note:

Toll Brothers (TOL 35.92, +0.29): up modestly after reporting better than expected earnings results
CVS Caremark (CVS 79.73): announced it has stopped selling tobacco products earlier than expected and that it is changing company name to CVS Health
Helen of Troy (HELE 59.15): indicated to open noticeably lower after company provided updated FY15 guidance that disappointed investors
Concur Technologies (CNQR 112.20, +11.25): trading up 11% after company said it has explored a sale
Infinity Pharmaceuticals (INFI 15.41, +4.49): up 41% after announcing a strategic collaboration with AbbVie (ABBV 55.07) to develop and commercialize duvelisib

Reviewing overnight developments:

Asian markets were mostly higher. Japan's Nikkei +0.4%, China's Shanghai Composite +1.0%, and Hong Kong's Hang Seng +2.3%.
In economic data:
Australia's GDP expanded 0.5% quarter-over-quarter (expected 0.4%; last 1.1%), while the year-over-year reading increased 3.1% (consensus 3.0%; prior 3.5%)
China's Non-Manufacturing PMI rose to 54.4 from 54.2, while HSBC Services PMI improved to 54.1 from 50.0
Hong Kong's Manufacturing PMI decreased to 49.6 from 50.4
In news:
Reports indicate China is going to step up its efforts to develop its shipping industry
Japanese Prime Minister Abe picked two new cabinet members who reportedly have good relations with China
Major European indices are all trading higher. Germany's DAX Index +1.2%, France's CAC-40 Index +1.1%, UK's FTSE 100 +0.8%
Participants received several data points:
Eurozone Services PMI fell to 53.1 from 53.5 (expected 53.5). Separately, Retail Sales declined 0.4% month-over-month (consensus -0.4%; last 0.3%)
Germany's Services PMI decreased to 54.9 from 56.4 (expected 56.4)
Great Britain's Services PMI improved to 60.5 from 59.1 (consensus 58.5)
French Services PMI ticked down to 50.3 from 51.1 (forecast 51.1)
Italy's Services PMI fell to 49.8 from 52.8 (expected 52.0)
Spain's Services PMI increased to 58.1 from 56.2 (consensus 55.1)
Among news of note:
Ukraine and Russia are said to be working on a cease-fire agreement

6:50 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +14.00.

6:50 am: [BRIEFING.COM] Nikkei...15,728.35...+59.80...+0.40%. Hang Seng...25,317.95...+568.90...+2.30%.

6:50 am: [BRIEFING.COM] FTSE...6,877.57...+48.20...+0.70%. DAX...9,622.01...+48.90...+1.10%.

Gold Rises for Second Day as Decline to 11-Week Low Spurs Buying

By Glenys Sim Sep 3, 2014 11:24 PM ET

Gold advanced for a second day on speculation that prices near the lowest level since June may encourage purchases as investors assessed tensions in Ukraine and the outlook for higher U.S. borrowing costs.

Bullion for immediate delivery rose as much as 0.3 percent to $1,273.51 an ounce, and traded at $1,272.95 by 11:22 a.m. in Singapore, Bloomberg generic pricing shows. The metal fell to $1,261.35 yesterday, the lowest since June 17, before ending 0.3 percent higher.

Gold has rallied 5.9 percent this year as unrest in the Middle East and Ukraine boosted haven demand. Russian President Vladimir Putin and his counterpart Petro Poroshenko yesterday agreed on steps to end more than five months of fighting in Ukraine’s eastern regions. Volumes for the benchmark spot contract in Shanghai reached a five-week high on Sept. 1.

“Physical demand in the Far East did help buoy prices,” James Steel, an analyst at HSBC Securities (USA) Inc., wrote in a note. “Although geopolitical events do not normally drive prices longer term, they may have greater influence on gold in the near term. Bullion prices are likely to stay under pressure, especially if the U.S. dollar gains.”

The Bloomberg Dollar Spot Index traded near the highest level since January before data tomorrow that may show U.S. payrolls rose in August by more than 200,000 for a seventh straight month.

ETP Losses

Gold slumped 28 percent last year on expectations the Fed will reduce stimulus as the economy improves. Minutes of the central bank’s last meeting, when monthly bond buying was cut for a sixth time, signaled that policy makers may increase interest rates sooner than anticipated.

Gold for December delivery climbed 0.3 percent to $1,273.60 an ounce on the Comex in New York. Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, fell for a third day yesterday in the longest run of losses since May.

Palladium for immediate delivery advanced 0.4 percent to $878.20 an ounce, after prices tumbled yesterday to $869.75, the lowest since Aug. 21. The metal has retreated from a 13-year high of $912.26 on Sept. 1 as concern eased that supplies from Russia, the largest producer, will be disrupted.

Spot silver rose 0.2 percent to $19.2266 an ounce. Platinum added 0.2 percent to $1,415.25 an ounce after prices fell yesterday to a four-month low of $1,403.38.

To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net

To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net Ovais Subhani, Thomas Kutty Abraham

Nasdaq Composite Declines as Apple Slide Drags on Tech

By Elena Popina Sep 3, 2014 4:24 PM ET

The Nasdaq Composite Index (CCMP) fell the most in almost a month, dragged down by losses in Apple Inc. (AAPL) after a competitor introduced new smartphones and the company faced criticism for the theft of celebrity photos.

Apple, the world’s most valuable company, sank 4.2 percent for its biggest decline since January. Delta Air Lines Inc. lost 5.2 percent after it lowered forecasts for some third-quarter targets. PulteGroup Inc. fell 3.8 percent as homebuilders tumbled.

The Nasdaq Composite lost 0.6 percent at 4 p.m. in New York, the most since Aug. 5. Apple has the biggest weighting in the gauge at 8.7 percent. The Standard & Poor’s 500 Index slid 0.1 percent to 2,000.72, while the Dow Jones Industrial Average climbed 10.72 points, or 0.1 percent, to 17,078.28. About 5.4 billion shares changed hands on U.S. exchanges today, 3.1 percent below the three-month average.

“Apple stock’s had a pretty strong move in the last several months,” Michael James, a Los Angeles-based managing director of equity trading at Wedbush Securities Inc., said in an interview. “A lot of positives from the iPhone launch are built into the stock price at these levels. People are merely taking profits.”

Apple had rallied in 15 of the previous 17 sessions, adding 9.3 percent since Aug. 7 to reach a record close of $103.30 yesterday.

Galaxy, Celebrities

Samsung Electronics Co. unveiled a pair of Galaxy Note smartphones today, as the No. 1 seller tries to fend off Apple’s push into large-screen devices. The U.S. company yesterday said that a spate of nude photos from actresses including Jennifer Lawrence that were recently posted online were individually stolen from Apple accounts.

The theft, which prompted scrutiny from the U.S. Federal Bureau of Investigation, threatened to mar an Apple event on Sept. 9, where the company is set to unveil new iPhones, a wearable device and a mobile-payments system, people with knowledge of the matter have said.

Pacific Crest Securities LLC said it would likely cut Apple’s outperform rating unless the event shows “massive incremental profit opportunities.”

Apple led an S&P 500 index of technology stocks lower by 0.7 percent, the most among 10 main groups in the broader gauge. The Nasdaq 100 Index of large technology companies dropped 0.6 percent, the most since Aug. 5.

The S&P 500 earlier climbed to an intraday record on reports that Russia President Vladimir Putin outlined a peace plan for Ukraine after agreeing with his counterpart Petro Poroshenko on steps toward a cease-fire in the conflict that has raged for more than five months.

Beige Book

The U.S. equities benchmark slipped from a record yesterday, after gaining 3.8 percent in August (SPX) to breach the 2,000 level for the first time on bets that the Federal Reserve will keep interest rates low even as the economy shows signs of picking up.

The Fed’s Beige Book, a survey based on reports from the 12 regional banks, showed the U.S. economy continued to expand during the summer, with none of the country’s regions experiencing a shift in the pace of growth. Policy makers next meet Sept. 16-17.

Data today showed factory goods orders rose 10.5 percent in July, the largest gain since records began in 1992. The increase was less than the 11 percent forecast by economists in a Bloomberg survey.

The Chicago Board Options Exchange Volatility Index (VIX), the gauge of S&P options prices known as the VIX, added 0.9 percent to 12.36. The gauge lost 29 percent in August, the biggest monthly drop in almost three years.

Airlines, Builders

Energy shares in the S&P 500 gained 0.3 percent to rebound from losses yesterday as the price of oil advanced 2.9 percent in New York. Utilities added 0.6 percent as a group.

Delta plunged 5.2 percent to $38.82, the steepest slide in more than two months. In a presentation to analysts at a Cowen & Co. conference, Delta said revenue for each seat flown a mile will increase 2 percent to 3 percent in the third quarter, down from a previous forecast of 2 percent to 4 percent.

The Bloomberg U.S. Airlines Index fell 2.9 percent, the most since July, as all 11 members retreated.

An S&P index of homebuilders slid 3 percent as all 11 members declined. Toll Brothers Inc., the largest U.S. luxury-home builder, fell 4.7 percent after it said orders for new homes dropped and it lowered its forecast for sales this year.

Home Depot

PulteGroup Inc. slid 3.8 percent, while Lennar Corp. (LEN) and D.R. Horton Inc. dropped at least 2.2 percent.

Home Depot Inc. fell 2.4 percent to $89 for a second day of losses and the biggest decline in the Dow. The largest U.S. home-improvement retailer is investigating a suspected hacker attack.

It said yesterday that it was working with banks and law enforcement on the possible incursion, following a report by KrebsOnSecurity that a “massive” batch of stolen credit- and debit-card information was posted for sale online.

Infinity Pharmaceuticals Inc. (INFI) soared 44 percent to $15.73. The company will get $275 million as initial payment under the deal with AbbVie for developing duvelisib and can receive another $530 million depending on the drug’s progress.

To contact the reporter on this story: Elena Popina in New York at epopina@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net Jeremy Herron

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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