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 Post subject: September 10th Wednesday Trade Results - Profit $1560.00
PostPosted: Wed Sep 10, 2014 11:05 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 @ $1,560.00 dollars or +15.60 points, Emini ES ($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 @ $1,560.00 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=1884

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

4:10 pm: [BRIEFING.COM] The stock market ended the midweek session on an upbeat note with the Nasdaq Composite providing leadership. The tech-heavy index advanced 0.8%, while the S&P 500 added 0.4% with seven sectors posting gains.

Equities were driven into the red shortly after the open due to notable weakness in the energy sector. The growth-sensitive group was down in excess of 1.0% during the first hour of action, but narrowed its loss to 0.3% by the close. For its part, crude oil fell 1.1% to $91.71/bbl, ending the pit session at its lowest level since early January.

While the continued weakness in crude prices weighed on the sector, which is now down 4.1% for the month, the persistence of dollar strength also contributed negatively to earnings prospects of multinational companies like Chevron (CVX 124.28, -0.90) and ExxonMobil (XOM 96.81, -0.58). The Dollar Index (84.22, -0.06) climbed to its best level in 14 months before slipping in the early afternoon. The greenback retreated against the British pound after latest poll results from Scotland indicated majority support for staying in the UK (weekend YouGov poll gave a slight edge to the pro-independence movement). The pound/dollar pair climbed to 1.6210 after trading at 1.6070 in the early morning.

Despite the early weakness in the energy sector, equity indices were able to climb off their lows with help from top-weighted financials (+0.4%), health care (+0.7%), and technology (+0.8%). The three groups began the day ahead of the broader market and their strength pulled dip-buyers into the fray.

The technology sector finished in the lead with Apple (AAPL 101.00, +3.01) fueling the strength. The top-weighted sector component jumped 3.1%, while social media names also did some heavy lifting. Twitter (TWTR 52.91, +2.30) rallied 4.5% following an upgrade at UBS, while Facebook (FB 77.43, +0.76) and Yelp (YELP 82.64, +1.76) gained 1.0% and 2.2%, respectively.

Elsewhere, health care received significant support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 274.41, +4.93) jumped 1.8%, which factored into the strong showing for the Nasdaq Composite.

Also of note, the industrial sector (+0.1%) was pushed into the green during afternoon action by the relative strength of defense contractors. The PHLX Defense Index added 0.7%, while transport stocks could not keep up with the broader market. The Dow Jones Transportation Average added 0.1%.

Treasuries slumped overnight and spent the duration of the session near their lows. The 10-yr note shed eight ticks to send its yield higher by three basis points to 2.54%.

Participation was a bit light with fewer than 600 million shares changing hands at the NYSE floor.

Economic data was limited to just two data points:

The weekly MBA Mortgage Index fell 7.2% to follow last week's uptick of 0.2%
Wholesale inventories increased 0.1% in July following a downwardly revised 0.2% (from 0.3%) increase in June
The Briefing.com consensus expected an increase of 0.5%
Overall, wholesale sales increased 0.7% in July after increasing by 0.4% in June

Tomorrow, weekly initial claims (Briefing.com consensus 300K) will be released at 8:30 ET, while the Treasury Budget for August (expected deficit of $129 billion) will cross the wires at 14:00 ET.

Nasdaq Composite +9.8% YTD
S&P 500 +8.0% YTD
Dow Jones Industrial Average +3.0% YTD
Russell 2000 +0.1% YTD

3:35 pm: [BRIEFING.COM]

Dec gold fell for a third consecutive session despite touching a session high of $1253.80 per ounce in morning floor trade. The yellow metal retreated into negative territory in afternoon action and settled with a 0.3% loss at $1245.30 per ounce.
Dec silver pulled back towards the unchanged line after brushing a session high of $19.08 per ounce in morning action. It touched a session low of $18.90 per ounce and settled with a 0.1% gain at $18.93 per ounce.
Oct crude oil traded in negative territory on weaker-than-anticipated inventory data. The EIA reported that for the week ending Sep 5, crude oil inventories had a draw of 0.972 mln barrels when expectations called for a draw of 1.1-1.5 mln barrels.
The energy component pulled back from a session high of $92.53 per barrel and dipped as low as $91.22 per barrel. Unable to gain momentum, it settled at $91.71 per barrel, or 1.1% lower.
Oct natural gas also traded lower in a tight range between $3.94 and $3.97 per MMBtu. It eventually settled with a 0.5% loss at $3.96 per MMBtu.

3:00 pm: [BRIEFING.COM] Equity indices remain near their best levels of the session with one hour to go before the closing bell.

This week has been very quiet on the economic front, but the final two sessions will feature a bit more data. Tomorrow, the weekly initial claims report will be released at 8:30 ET with the Briefing.com consensus expecting a reading of 300,000. Later in the afternoon, the U.S. Treasury will release its budget for August (Briefing.com consensus -$129.00 billion).

On Friday, the week will wrap up with August Retail Sales (consensus 0.6%), August Import/Export Prices, September Michigan Sentiment Index (consensus 83.5), and the Business Inventories report for July (expected 0.4%) all set to be reported.

2:35 pm: [BRIEFING.COM] The S&P 500 has spent the better part of the past hour within three points of its session high. Similarly, the Nasdaq Composite (+0.6%) remains near its best level of the session.

Earlier, we highlighted the continued dollar strength, but the U.S. Dollar Index (84.22, -0.07) has backed away from its best level of the session. The greenback weakened a bit after the latest Scottish independence poll from the UK pointed to 'no' votes having the majority once again. The pound/dollar pair trades near 1.6220 after hovering near 1.6125 this morning.

2:00 pm: [BRIEFING.COM] Not much change in the major averages as they remain near their best levels of the session.

Just about every sector began the trading day in the red, but only four groups continue hovering below their flat lines at this juncture. It is worth mentioning that three of the four decliners-materials (-0.2%), telecom services (-0.8%), and utilities (-0.5%)-represent just 8.9% of the entire S&P 500, while the last decliner-energy (-0.7%)-accounts for 10.0% of the entire market.

On the upside, health care (+0.7%) and technology (+0.7%) are jockeying for the lead, while financials (+0.5%) follow not far behind.

1:25 pm: [BRIEFING.COM] Don't look now, but all of those concerns reports yesterday about rate hike fears weighing on the stock market seem to have gone unnoticed today. The major indices are all in positive territory and are trading near their best levels of the day.

Incidentally, they are doing so in the face of... wait for it... rising interest rates.

The 10-yr note is down six ticks and its yield has risen three basis points to 2.53%. On a related note, the Treasury market held pretty steady following the $21 billion 10-yr note reopening at the top of the hour.

The latter drew a high yield of 2.535% on a 2.71 bid-to-cover ratio, which was in-line with the prior 12-auction average. Indirect bidders took down 53% of the supply. That exceeded a prior 12-auction average of 44.0% and helped offset a weak direct bid, which accounted for 13.5% of the supply versus a prior 12-auction average of 18.5%.

1:00 pm: Equity indices hover near their best levels of the session at midday with the S&P 500 (+0.1%) sitting roughly three points above its flat line. Meanwhile, the tech-heavy Nasdaq (+0.5%) trades ahead of the benchmark index.

Stocks slipped out of the gate amid significant weakness in the energy sector (-0.8%), which is continuing its recent weakness. Including the current decline, the growth-sensitive group is down 4.4% since the start of September and lower by 6.0% for the quarter. The sector has suffered from a one-two punch as crude oil trades near its lowest level of the year (-1.2% at $91.63/bbl), while the Dollar Index (+0.1% at 84.34) has surged from its 2014 low to a 14-month best over the past five weeks. That combination has weighed on the earnings prospects of Chevron (CVX 123.36, -1.82) and ExxonMobil (XOM 96.25, -1.14) among others.

[BRIEFING.COM] Even though energy lagged from the get go, other sectors began much closer to their flat lines, which helped the S&P 500 find support on its 20-day moving average (1988).

On the flip side, yesterday's weakest sector-financials (+0.3%)-has spent the entire first half of action in the green. Furthermore, relative strength in other top-weighted groups like technology (+0.7%) and health care (+0.5%) invited dip buyers into the fold.

The technology sector has been lifted by Apple (AAPL 100.40, +2.41) and social media stocks. The largest index component has added 2.5% despite receiving a downgrade from Pacific Crest, while social media names have rallied on the strength of Twitter (TWTR 52.63, +2.02) after the stock was upgraded at UBS.

Also of note, biotechnology has rallied steadily, which has translated into relative strength for the Nasdaq Composite and the health care sector (+0.5%). The iShares Nasdaq Biotechnology ETF (IBB 273.44, +3.96) is higher by 1.5%, while health care sits among the leaders.

Treasuries have spent the first half of action in the red, but they are off their worst levels. The 10-yr note remains lower by six ticks with its yield at 2.53%.

Economic data was limited to just two data points:

The weekly MBA Mortgage Index fell 7.2% to follow last week's uptick of 0.2%
Wholesale inventories increased 0.1% in July following a downwardly revised 0.2% (from 0.3%) increase in June
The Briefing.com consensus expected an increase of 0.5%
Overall, wholesale sales increased 0.7% in July after increasing by 0.4% in June

12:35 pm: [BRIEFING.COM] The S&P 500 (+0.2%) has inched to a fresh high, while the Russell 2000 (+0.3%) has overtaken the benchmark index.

In addition to boosting the Russell 2000, high-beta names have helped the Nasdaq Composite (+0.4%) pull away from the broader market. Social media stocks are showing strength with Facebook (FB 77.55, +0.88), Twitter (TWTR 52.36, +1.75), and LinkedIn (LNKD 229.66, +0.92) up between 0.4% and 3.5%. Twitter is the top performer of the bunch after being upgraded to 'Buy' at UBS.

Meanwhile, chipmakers continue trailing the broader market, but the PHLX Semiconductor Index (-0.1%) has returned into the neighborhood of its flat line. Despite today's relative weakness, the index is still higher by 0.1% for the month versus a month-to-date loss of 0.6% for the S&P 500.

12:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.1%) climb into the green for the first time since the opening minutes of the session as just about every sector moved higher. Following the move, the benchmark index finds itself back above the 20-day moving average (1988), a level which represented yesterday's session low.

Elsewhere, the Russell 2000 (unch), which trades just a bit behind the broader market, has found support on its 50-day moving average (1156) for the time being.

The rebound in equities has had little effect on the bond market as Treasuries remain close to their lows with the 10-yr yield up two basis points at 2.53%.

11:30 am: [BRIEFING.COM] Equity indices have continued their slow advance off their early lows, but the relative weakness among sectors like industrials (-0.2%) and energy (-1.0%) is still presenting a challenge for the S&P 500, which is trying to turn positive at this juncture.

The industrial sector lags amid weakness in transport stocks. The Dow Jones Transportation Average trades lower by 0.4% and is on track for its third consecutive decline.

On the upside, the three top-weighted sectors-technology (+0.3%), financials (+0.3%), and health care (+0.3%)-remain in the lead, while the fourth-largest sector-consumer discretionary-essentially trades in line with the S&P 500.

10:55 am: [BRIEFING.COM] The S&P 500 (-0.1%) continues holding a modest loss, while the Nasdaq Composite (+0.1%) has fought its way back into the green.

The technology sector (+0.1%) has been showing strength since the morning, but there is a bit of weakness lurking under the surface. Specifically, chipmakers trade broadly lower with the PHLX Semiconductor Index down 0.5% after several components were downgraded to 'Neutral' at Baird.

Even though chipmakers lag, biotechnology has picked up some of the slack. The iShares Nasdaq Biotechnology ETF (IBB 272.12, +2.64) is higher by 1.0%, while the broader health care sector (+0.3%) is the leading performer.

On the downside, the energy sector has extended its decline to 1.3%, while crude oil (-1.2%) is hovering near its lowest level of the year.

10:35 am: [BRIEFING.COM]

The dollar index has slid lower in recent trade, providing a little price support to commodities
WTI crude oil, however, was been sliding lower ahead of the weekly inventory data
Following the data, crude dropped to a new LoD and is now -1.3% at $91.59/barrel
Oct nat gas is lower and a little choppy... now -0.5% at $3.97/MMBtu
Precious metals are higher today. Dec gold is +0.3% at $1251.60/oz, Sept silver is +0.5% at $19.01/oz
Dec copper is holding some gains, now +0.3% at $3.11/lb

10:00 am: [BRIEFING.COM] The S&P 500 has widened its loss to 0.2% with seven sectors trading in the red.

Just released, July wholesale inventories rose 0.1%, while the Briefing.com consensus expected an uptick of 0.5%. Today's report followed last month's revised increase of 0.2% (from 0.3%).

9:45 am: [BRIEFING.COM] The S&P 500 began the session just north of its flat line before dipping into the red. Financials (+0.2%) and technology (+0.1%) have shown early strength, but other sectors have not cooperated. The financial sector is rebounding from yesterday's underperformance, while the tech sector has received support from its top component-Apple (AAPL 98.59, +0.60)-which is higher by 0.6%.

Elsewhere, consumer discretionary (-0.2%), health care (-0.1%), and energy (-0.9%) weigh with the energy sector widening its loss for the week to 2.9%. Furthermore, the growth-sensitive sector is now down 6.0% for the quarter.

Treasuries have inched away from their lows, but they remain pressured. The 10-yr yield is higher by two basis points at 2.53%.

The Wholesale Inventories report for July (Briefing.com consensus 0.5%) is expected to be released at 10:00 ET.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +3.20. The stock market is on track for a flat start as futures on the S&P 500 trade within a point of fair value. Index futures spent the bulk of the overnight session in the red, but erased their losses after markets in Europe opened for action. Despite the early strength, futures have come off their best levels of the morning, while markets in Europe have dipped into the red.

Yesterday, shares of Apple (AAPL 98.31, +0.31) settled lower by 0.4% following an underwhelming product reveal. This morning, the stock is indicated to open higher by 0.3% after showing a loss within the past hour. It is worth mentioning Pacific Crest downgraded the stock to 'Sector Perform.'

Since Apple is the top-weighted component of the technology sector and the Nasdaq Composite, its performance can influence the direction of the broader market, which was on display yesterday. If Apple returns into negative territory, it will be up to influential sectors like financials, health care, and consumer discretionary to cushion the blow.

The discretionary space is expected to receive a boost from Amazon.com (AMZN 335.29, +5.54), which is higher by 1.7% in pre-market action after ChannelAdvisor reported a 45.1% increase in AMZN's sales. However, eBay (EBAY 51.55, -1.18) is lower by 2.2% after its sales growth rate slowed to 5.9% from 9.7% reported in July.

Economic data released this morning was limited to the weekly MBA Mortgage Index (-7.2%; last +0.2%), while the Wholesale Inventories report for July (Briefing.com consensus 0.5%) will be released at 10:00 ET.

Treasuries are on their lows with the 10-yr yield up three basis points at 2.54%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +0.70. The S&P 500 futures trade within a point of fair value.

Markets ended broadly lower across Asia. Japan's Nikkei was the lone gainer, fueled by the yen weakening to a six-year low (106.80) following disappointing data:

Japan's Corporate Goods Price Index slipped 0.2% month-over-month (expected 0.0%; prior 0.3%), while the year-over-year reading increased 3.9% (consensus 4.1%; last 4.3%). Separately, Core Machinery Orders rose 3.5% month-over-month (expected 4.0%; previous 8.8%), while the year-over-year reading rose 1.1% (forecast 0.6%; prior -3.0%)
Australia's Westpac Consumer Sentiment fell to -4.6% from 3.8%

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Japan's Nikkei added 0.3%, finishing at its best level since the end of January. Exporters saw solid gains on the back of the weak yen as TDK jumped 2.7% and Yamaha Motor rallied 3.8%.
Hong Kong's Hang Seng lost 1.9%, registering its third decline as trade settled at a one-month low. Real Estate developers saw heavy selling as China Resources Land and Sino Land tumbled 4.8% and 3.9%, respectively.
China's Shanghai Composite shed 0.4%, slipping off 19-month highs after Premier Li Keqiang noted easy credit will not be the cure all for the economy. Financials weighed as Ping An Insurance lost 1.1% and Agricultural Bank of China slid 0.8%.
India's Sensex fell 0.8%, continuing its slide from record highs. Automakers were the biggest drag as Hero MotoCorp sank 2.4% and Mahindra & Mahindra lost 1.4%.

Major European indices trade in mixed fashion with Italy's MIB (+0.3%) outperforming the region. Elsewhere, French Finance Minister Michel Sapin said the country's budget deficit will miss next year's target of 3.0% and is expected to hit 4.3% in 2015. Mr. Sapin blamed lackluster growth and low inflation for the wider-than-expected deficit. Also of note, the Swiss franc has sold off against the dollar (0.9380) after Dow Jones reported the Swiss National Bank is open to negative interest rates.

Economic data was limited:
French Nonfarm Payrolls rose an in-line 0.1% quarter-over-quarter, while Industrial Production ticked up 0.2% month-over-month (expected -0.4%; last 1.2%)
Spain's Industrial Production rose 0.8% year-over-year (expected 1.5%; prior 0.7%)
Norway's Core Inflation fell 0.5% month-over-month (expected -0.4%; previous 0.6%)

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Germany's DAX is lower by 0.2% with exporters on the defensive. BMW, Daimler, and Volkswagen are down between 0.4% and 1.4%. Financials outperform with Commerzbank up 1.7% and Deutsche Bank higher by 0.6%.
In France, the CAC trades down 0.1%. Similar to Germany, bank shares are among the leaders with BNP Paribas and Societe Generale both up near 1.0%. Industrials lag with Schneider Electric and Lafarge down 0.6% and 1.7%, respectively.
Great Britain's FTSE is little changed. Financials trade in mixed fashion with Aberdeen Asset Management down 0.8% and Schroders up 0.2%.
Italy's MIB outperforms with an increase of 0.3%. Banco Popolare, Mediobanca, Intesa Sanpaolo, and UnipolSai are all up near 1.0%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +0.20. U.S. equity futures remain near the middle of their overnight ranges, while markets in Europe are currently flirting with modest losses. Yesterday, shares of Apple (AAPL 97.55, -0.44) settled lower by 0.4% following an underwhelming product reveal. This morning, the stock is indicated to open lower by 0.5% with a Pacific Crest downgrade to 'Sector Perform' contributing to the weakness.

On a related note, GT Advanced Technologies (GTAT 13.87, -1.07) holds a pre-market loss of 7.3% following downgrades from Goldman Sachs and Piper Jaffray. Speculation prior to yesterday's event suggested GTAT sapphire screens would be used in the iPhone, but the Apple Watch was the only product announced to feature those screens.

8:03 am: [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +3.70. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover three points above fair value after slipping from their highs during the last hour. Yesterday, the benchmark index widened its loss for the week to 1.0% amid a broad retreat. The financial sector proved to be a drag on Tuesday, but its loss only brought the growth-sensitive sector in line with the S&P 500 for the week. For its part, the energy sector will enter the session with a week-to-date loss of 2.1% that coincided with weakness in crude prices. The energy component trades lower (-0.4%) once again this morning at $92.42/bbl. The weakness comes despite a retreat in the Dollar Index (-0.1%), which hovers in the middle of its overnight trading range.

On the economic front, the weekly MBA Mortgage Index fell 7.2% to follow last week's uptick of 0.2%.

One more data point remains on the schedule with the Wholesale Inventories report for July (Briefing.com consensus 0.5%) set to be released at 10:00 ET.

Treasuries hold modest losses with the 10-yr yield up two basis points at 2.53%.

In U.S. corporate news of note:

Family Dollar (FDO 79.45, +0.75): +1.0% after Dollar General (DG 63.42, 0.00) commenced a tender offer to acquire all outstanding shares of FDO for $80 in cash
GT Advanced Technologies (GTAT 13.50, -1.44): -9.0% after being downgraded to 'Neutral' at Goldman Sachs and Piper Jaffray
Manchester United (MANU 15.75, +0.19): +1.2% after missing earnings estimates on better than expected revenue
Palo Alto Networks (PANW 93.33, +4.05): +4.5% following its in-line earnings on above-consensus revenue

Reviewing overnight developments:

Asian markets ended mostly lower. Hong Kong's Hang Seng -1.9%, China's Shanghai Composite -0.4%, and Japan's Nikkei +0.3%
In economic data:
Japan's Corporate Goods Price Index slipped 0.2% month-over-month (expected 0.0%; prior 0.3%), while the year-over-year reading increased 3.9% (consensus 4.1%; last 4.3%). Separately, Core Machinery Orders rose 3.5% month-over-month (expected 4.0%; previous 8.8%), while the year-over-year reading rose 1.1% (forecast 0.6%; prior -3.0%)
Australia's Westpac Consumer Sentiment fell to -4.6% from 3.8%
In news:
Investors in Asia displayed caution after China's Premier Li Keqiang estimated August M2 money growth would mark a five-month low at around 12.8%. Property stocks lagged in Hong Kong with China Resources Land and Sino Land falling 4.8% and 3.9%, respectively.

Major European indices trade in mixed fashion. Germany's DAX -0.1%, France's CAC -0.1%, and Great Britain's FTSE +0.1%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.4%
Economic data was limited:
French Nonfarm Payrolls rose an in-line 0.1% quarter-over-quarter, while Industrial Production ticked up 0.2% month-over-month (expected -0.4%; last 1.2%)
Spain's Industrial Production rose 0.8% year-over-year (expected 1.5%; prior 0.7%)
Norway's Core Inflation fell 0.5% month-over-month (expected -0.4%; previous 0.6%)
Among news of note:
French Finance Minister Michel Sapin said the country's budget deficit will miss next year's target of 3.0% and is expected to hit 4.3% in 2015. Mr. Sapin blamed lackluster growth and low inflation for the wider-than-expected deficit.

6:44 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +8.00.

6:44 am: [BRIEFING.COM] Nikkei...15,788.78...+39.60...+0.30%. Hang Seng...24,705.36...-485.10...-1.90%.

6:44 am: [BRIEFING.COM] FTSE...6,841.48...+12.40...+0.20%. DAX...9,701.25...-9.00...-0.10%.

WTI Oil Trades Near 8-Month Low on Adequate Supply; Brent Steady

By Ben Sharples Sep 10, 2014 11:54 PM ET

West Texas Intermediate traded near an eight-month low amid speculation that rising U.S. crude output will add to excess supply in the world’s biggest oil consumer. Brent was steady in London.

Futures were little changed in New York after slipping 1.2 percent yesterday. U.S. crude supplies fell less-than-projected last week as the nation pumped oil near the highest level since 1986, the Energy Information Administration said. Brent closed below $100 a barrel for a second day as OPEC trimmed its output target by the most in three years amid surging U.S. production.

“It’s the potential for oversupply and the economics not really supporting the demand picture” that’s driving prices lower, Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney, said by phone. “The production frontier is shifting and geopolitical risk is waning.”

WTI for October delivery was at $91.78 a barrel in electronic trading on the New York Mercantile Exchange, up 11 cents at 11:49 a.m. Singapore time. The contract slid $1.08 to $91.67 yesterday, the lowest close since Jan. 9. The volume of all futures traded was about 16 percent below the 100-day average. Prices have decreased 6.8 percent this year.

Brent for October settlement was 2 cents higher at $98.06 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $6.33 to WTI. It closed at $6.37 yesterday.

Crude Supplies

U.S. crude supplies declined by 972,000 barrels to 358.6 million during the week ended Sept. 5, the EIA said. They were forecast to drop by 1.5 million, according to a Bloomberg News survey of analysts. The nation pumped 8.59 million barrels a day, compared with 8.63 million through Aug. 22, the highest level since October 1986, EIA data shows.

Oil prices are poised to decrease next year as U.S. crude production reaches a 45-year high, the EIA said Sept. 9. WTI will average $94.67 a barrel in 2015 versus the August projection of $96.08, the government forecaster said in its monthly Short-Term Energy Outlook. It trimmed its Brent crude estimate for next year to $103 from $105.

The Organization of Petroleum Exporting Countries expects it will need to pump an average of 29.2 million barrels a day of crude next year, 200,000 a day less than it forecast a month ago, the Vienna-based group said in its monthly market report yesterday. It boosted estimates for supplies from countries outside OPEC by the same amount.

Fuel Stockpiles

U.S. gasoline supplies rose by 2.38 million barrels to 212.4 million last week, said the EIA, the Energy Department’s statistical arm. They were projected to remain unchanged, the median estimate of nine analysts surveyed by Bloomberg show.

Distillate inventories, which includes heating oil and diesel, increased by 4.09 million barrels to 127.5 million, said the EIA. Supplies were forecast to gain by 1 million.

The conflict in Iraq, the second-biggest OPEC producer, has spared oil facilities in the south, home to about three-quarters of its crude output. President Barack Obama pledged a “relentless” campaign to destroy Islamic State extremists in Iraq and Syria, with Middle Eastern allies such as Saudi Arabia and Jordan playing crucial supporting roles.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net Mike Anderson

Nasdaq 100 Climbs as Apple Rebounds to Lift Tech Shares

By Callie Bost Sep 10, 2014 4:42 PM ET

U.S. stocks rose, with the Nasdaq 100 Index recovering almost all of yesterday’s losses, as a rally in Apple Inc. lifted technology companies while investors continued to speculate on the timing of interest-rate increases.

Apple jumped 3.1 percent, the most since April, as it rebounded from declines after unveiling new products yesterday. Garmin Ltd. rallied 4 percent for the second-best performance in the Standard & Poor’s 500 Index. EBay Inc. slipped 3.1 percent as Piper Jaffray Cos. analysts cut the stock’s rating after Apple introduced a new payment service. Valero Energy Corp. and Tesoro Corp. lost more than 2.8 percent to lead declines among energy companies.

The Nasdaq 100 advanced 0.8 percent as of 4 p.m. in New York. The S&P 500 rose 0.4 percent to 1,995.69, after falling 1 percent during the previous two sessions. The Dow Jones Industrial Average added 54.84 points, or 0.3 percent, to 17,068.71. About 5.5 billion shares changed hands on U.S. exchanges, in line with the three-month average.

“Everybody has been watching Apple,” Matt Maley, the Newton, Massachusetts-based equity strategist at Miller Tabak & Co. LLC, said via phone. “It’s an Apple-dominated market, especially in a week where we don’t have a lot of macro data coming out.”

The equities gauge slipped 0.7 percent yesterday, after hitting a record last week, as investors focused on the timing of an interest-rate increase from the Federal Reserve and technology shares slid after Apple erased a rally.

The Fed is gauging the strength of the economy as it winds down a bond-buying program and considers raising rates. Policy officials next meet Sept. 16-17.

Economic Data

Data this week may show that claims for unemployment benefits fell, retail sales improved, and consumer confidence rose, strengthening the case for higher rates next year as the world’s largest economy continues its recovery.

“The concern of the day is whether the Federal Reserve changes its timing of interest-rate moves to the upside,” Dan Veru, chief investment officer at Fort Lee, New Jersey-based Palisade Capital Management, said by phone. The firm oversees more than $5 billion in assets. “It’s pointless to try and figure out when interest rates will go higher. You just position yourself for when that day will come.”

The S&P 500 hasn’t posted a four-day string of losses in all of 2014, and the last time it fell more than 10 percent was three years ago.

Volatility Gauge

The Chicago Board Options Exchange Volatility Index, the gauge of S&P 500 options known as the VIX, dropped 4.6 percent to 12.88, after two days of gains. The measure lost 29 percent last month, the biggest drop in almost three years.

Seven out of 10 main groups in the S&P 500 advanced today, with technology companies increasing 0.8 percent.

Apple jumped 3.1 percent to $101. The company wiped out a rally of as much as 4.8 percent yesterday after unveiling new products. Apple announced a smartwatch, mobile-payments system, health applications and bigger-screen iPhones that all work together. The shares have typically fallen at other events where Apple debuted new products. Apple is up 26 percent this year.

Garmin rebounded 4 percent to $53.77. The maker of navigation services tumbled as much as 6.1 percent yesterday with the introduction of the Apple Watch, which will include apps for maps.

Palo Alto

Palo Alto Networks Inc. (PANW) advanced 11 percent to $98.75. Sales will be between $178 million and $182 million in the first quarter of its 2015 financial year, the computer security company said in a statement. Analysts had predicted $173.7 million for the period.

Twitter Inc. (TWTR) climbed 4.5 percent to $52.91. UBS AG raised its rating on the micro-blogging service to buy from neutral.

Energy shares in the S&P 500 fell 0.3 percent. The group has dropped 3.9 percent in September, poised for the worst monthly loss since January as crude prices have tumbled. Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya, the International Energy Agency, the Paris-based adviser to 29 nations, said last month.

Crude futures fell to a 16-month low today after supplies at Cushing, Oklahoma, delivery point for the contract, climbed for the fifth time in six weeks.

EBay Slips

EBay slipped 3.1 percent to $51.10. Piper Jaffray analyst Eugene Munster downgraded the stock to neutral from overweight, the equivalent of buy. Apple Pay, a new service that lets users shop with the tap of a finger on a phone, is likely to disrupt the mobile payments market, Munster wrote in a note today.

Comparable sales for EBay rose 5.9 percent last month, according to a ChannelAdvisor Corp. blog post today. That’s the slowest growth since 2011, Topeka Capital Markets Inc. analyst Victor Anthony wrote in a note.

Krispy Kreme Doughnuts Inc. (KKD) fell 3.1 percent to $17.07. The chain known for its hot-glazed doughnuts reported second-quarter adjusted earnings per share of 13 cents, missing the 16 cents projected by analysts. The shares have lost 12 percent so far this year and touched a 14-month low in August.

RadioShack Corp. lost 1 percent to 93 cents. The stock pared steeper declines in the final minutes of trading as three people with knowledge of the matter said UBS is working with Standard General LP on a financing package for RadioShack, bringing another potential ally to the electronics retailer as it tries to avert bankruptcy.

RadioShack plunged 23 percent yesterday for the biggest drop in two years after Wedbush Securities cut the stock’s price target to $0, saying it believed a bankruptcy reorganization was imminent.

To contact the reporter on this story: Callie Bost in New York at cbost2@bloomberg.net

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

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)
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