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 Post subject: September 11th Thursday Trade Results - Profit $2430.00
PostPosted: Thu Sep 11, 2014 10:27 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
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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)
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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 @ $2,430.00 dollars or +24.30 points, Emini ES ($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 @ $2,430.00 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=1885

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 Dow Jones Industrial Average (-0.1%), Nasdaq (+0.1%), and S&P 500 (+0.1%) ended the Thursday affair on a flat note, while the relative strength among small caps sent the Russell 2000 higher by 0.7%.

Equity indices began the trading day on a cautious note following last evening's remarks from President Obama who announced increased support for Syrian rebels and a U.S.-led coalition effort targeting ISIS militants in Syria and Iraq. The address led to some risk aversion overnight, but that sentiment faded during the day. Treasuries climbed overnight, but wiped out all of their gains over the course of the session. The 10-yr yield ended at 2.55% after marking a low at 2.51% shortly before the opening bell.

Meanwhile, the underperformance of three influential sectors-energy (+0.1%), technology (+0.1%), and health care (-0.3%)-drove the market to lows during the first 90 minutes of action. For the second consecutive day, the energy sector opened with a loss near 1.0%, but was able to shake off the weakness with help from crude oil, which surged 1.3% to $92.89/bbl.

The energy sector staged a nice turnaround, but remains lower by 3.8% so far in September. Influential sector members were mixed with Dow components Chevron (CVX 123.83, -0.45) down 0.4% and ExxonMobil (XOM 97.03, +0.22) up 0.2%.

Elsewhere, technology was among the early laggards, but rejoined the broader market in the afternoon. Chipmakers rallied off their intraday lows with Applied Materials (AMAT 22.93, +0.56) setting the pace. The stock rose 2.5%, while the broader PHLX Semiconductor Index added 0.3%.

While two of the early laggards were able to rebound, the health care sector could only trim about half of its loss as biotechnology weighed. The iShares Nasdaq Biotechnology ETF (IBB 273.35,-1.06) fell 0.4%.

The remaining three countercyclical groups fared a bit better with consumer staples shedding 0.1%, while telecom services and utilities rose 0.6% and 0.9%, respectively.

Participation was below average with 591 million shares changing hands at the NYSE floor.

Economic data was limited to weekly initial claims and the Treasury Budget for August:

Initial claims increased to 315,000 from an upwardly revised 304,000 (from 302,000), while the Briefing.com consensus expected a decline to 300,000
Throughout July and August, the initial claims level had averaged roughly 300,000 per week, a level normally associated with an economy that is running at, or near, full employment, but this week's increase in claims brought the level back to its average from March through June
We believed that the claims data over the previous two months were biased by poor seasonal adjustments from the motor vehicle sector and we expected claims to rebound to the 310,000 -- 320,000 range once the biases left
The Treasury Budget for August showed a deficit of $128.70 billion, which followed the prior deficit of $147.90 billion, while the Briefing.com consensus expected a deficit of $129.00 billion

Tomorrow, the Retail Sales report for August (Briefing.com consensus 0.6%) and August Import/Export Prices will be released at 8:30 ET, while the preliminary reading of the Michigan Sentiment Survey (consensus 83.5) will cross the wires at 9:55 ET. The day's data will be topped off with the 10:00 ET release of the Business Inventories report for July (expected 0.4%).

Also of note, the latest YouGov poll ahead of next week's Scottish independence vote will be released this evening at 17:00 ET and could lead to movements in the British pound, and by extension, the U.S. dollar.

Nasdaq Composite +9.9% YTD
S&P 500 +8.1% YTD
Dow Jones Industrial Average +2.9% YTD
Russell 2000 +0.8% YTD

3:30 pm: [BRIEFING.COM]

Dec gold fell for a fourth consecutive session despite a rise in jobless claims. Weekly initial claims increased to 315K from an upwardly revised 304K (from 302K), while the Briefing.com consensus expected a decline to 300K.
The yellow metal popped to a session high of $1248.50 per ounce in morning action but quickly retreated into negative territory. It traded as low as $1235.30 per ounce, its lowest level since January, and settled with a 0.5% loss at $1238.90 per ounce.
Dec silver traded in the red during all of today's floor trade, falling as low as $18.57 per ounce, its lowest level since June 2013. Unable to find buying support, it settled at $18.60 per ounce, or 1.7% lower.
Oct crude oil trended higher after lifting from its session low of $90.74 per barrel set at pit trade open. The energy component broke into positive territory in late morning action and rose as high as $92.99 per barrel before settling with a 1.3% gain at $92.89 per barrel.
During overnight electronic trade, crude oil touched $90.43 per barrel, the lowest level for the continuous contract since May 2013.
Oct natural gas slid deeper into negative territory following inventory data that showed a build of 92 bcf when a build of 79-82 bcf was anticipated. Prices fell as low as $3.81 per MMBtu after trading at a session high of $3.93 per MMBtu earlier in the session. Natural gas eventually settled with a 3.3% loss at $3.83 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 has returned to its flat line with one hour remaining in the session. Small caps, meanwhile, have gathered some steam over the past hour, resulting in a 0.6% advance for the Russell 2000.

The continued strength among high-beta names appears to have lured some money back into the chipmaker space. The PHLX Semiconductor Index (+0.1%) has returned to its early high despite showing intraday weakness.

Not all high-growth areas have followed suit as evidenced by the iShares Nasdaq Biotechnology ETF (IBB 272.77, -1.86), which is lower by 0.7%.

2:25 pm: [BRIEFING.COM] Equity indices remain inside narrow afternoon ranges. The S&P 500 trades fewer than two points below its flat line and has hovered within three points of its current level since about 11:00 ET. Interestingly, the index was able to kiss the unchanged mark right at 12:30 ET before pulling back to its current level.

The bulk of today's action has been driven by participants reacting to global macroeconomic and geopolitical events, while corporate news has been limited. In the discretionary sector, Lululemon (LULU 43.86, +5.47) has surged 14.3% in reaction to better than expected results.

Retailers in general have shown strength with the SPDR S&P Retail ETF (XRT 89.07, +0.69) up 0.8%.

2:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with seven sectors holding losses, while financials (+0.2%) continue resisting the pressure.

Just released, the Treasury Budget for August showed a deficit of $128.70 billion, which followed the prior deficit of $147.90 billion. The Briefing.com consensus expected the deficit to hit $129.00 billion.

1:30 pm: [BRIEFING.COM] The stock market has behaved a little erratically today, which is probably to be expected as next week's FOMC meeting and Scotland's independence vote draw closer. Aside from that, the new military campaign against ISIS and festering concerns about a slowdown in global economies have also contributed to the lack of conviction.

Separately, there also seems to be a technical battle being waged as the S&P 500 is fighting to hold above the 1990/1989 level, which coincides with high level seen in July. It closed below that mark on Tuesday, but rebounded above it yesterday. Today, it has been on either side of it.

The stock market's mixed-up, but slightly negative, disposition is reflected in an A/D line at the NYSE that favors decliners by an 8-to-7 margin.

Elsewhere, the Treasury market is sporting modest gains, but has shown some slippage despite a strong 30-yr bond reopening that drew a high yield of 3.24% on a 2.67 bid to cover ratio that exceeded the prior 12-auction average of 2.42. After being up eight ticks earlier, the 10-yr note is up four ticks and its yield has dipped a basis point to 2.53%.

1:00 pm: [BRIEFING.COM] The major averages trade little changed at midday with the S&P 500 (-0.1%) sitting within three points of its flat line. Meanwhile, small caps display relative strength as evidenced by a 0.1% advance for the Russell 2000.

Last evening, President Obama announced that the U.S. will increase support for Syrian rebels while leading a coalition effort against ISIS militants in Syria and Iraq. The announcement led to a bit of risk aversion, which translated into strength in Treasuries. The 10-yr note has slipped from its best level, but remains higher by four ticks with its yield down one basis point at 2.53%.

The cautious sentiment factored into a lower start for the key indices, but they have been able to put a significant dent in their losses. For the second day in a row, the energy sector (-0.3%) began with a loss in the neighborhood of 1.0%, but has reversed amid strength in crude oil. The energy component is higher by 0.6% at $92.31/bbl.

Elsewhere, heavily-weighted health care (-0.6%) and technology (-0.5%) sectors continue exerting pressure on the broader market. Health care has slumped along with biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 271.94, -2.47) trades lower by 0.9%. For its part, the tech sector lags amid profit taking in the shares of Apple (AAPL 100.00, -1.00). The stock trades lower by 1.0%, while other top-weighted components like Google (GOOGL 589.21, -4.21), Microsoft (MSFT 46.58, -0.27), and Intel (INTC 34.76, -0.26) hold losses close to 0.6% apiece.

On the upside, the relative strength of financials (+0.2%), industrials (+0.1%), and consumer discretionary (unch) has fueled the rally off the lows. Including today's uptick, the financial sector is now down 0.4% for the week versus a week-to-date decline of 0.8% for the S&P 500.

Economic data released this morning was limited to weekly initial claims, which increased to 315,000 from an upwardly revised 304,000 (from 302,000), while the Briefing.com consensus expected a decline to 300,000. Throughout July and August, the initial claims level had averaged roughly 300,000 per week. That level is normally associated with an economy that is running at, or near, full employment, but this week's increase in claims brought the level back to its average from March through June.

We believed that the claims data over the previous two months were biased by poor seasonal adjustments from the motor vehicle sector. We expected initial claims to rebound back to the 310,000 - 320,000 range once the biases left. Thus, the increase in claims should not reflect a change in labor market conditions.

The Treasury Budget for August (expected deficit of $129 billion) will cross the wires at 14:00 ET.

12:30 pm: [BRIEFING.COM] Equity indices continue holding their recent levels and the S&P 500 (-0.1%) has bounced around a two-point range over the past hour or so. The benchmark index has been unable to return into positive territory amid mixed action in top-weighted sectors.

The likes of consumer discretionary (+0.1%), financials (+0.2%), and industrials (+0.2%) have helped the index erase the bulk of its loss, while the continued underperformance of energy (-0.3%), technology (-0.3%), and health care (-0.5%) has prevented the index from extending its bounce into the green.

Similar to stocks, Treasuries have traded in range-bound fashion over the past 60 minutes with the 10-yr yield at 2.52%.

12:00 pm: [BRIEFING.COM] The S&P 500 (-0.1%) continues holding a modest loss, while the Russell 2000 (+0.1%) sits just above its flat line. Furthermore, the small-cap index has reclaimed its 20-day moving average (1164) after briefly dipping below that level on Tuesday. Meanwhile, the S&P 500 has been gliding along its own 20-day moving average (1991) since the Tuesday session.

Similar to the Russell 2000, high-beta transport stocks display modest strength with the Dow Jones Transportation Average up 0.1%. The slim gain has underpinned the industrial sector (+0.1%), which has clawed out of the red.

11:30 am: [BRIEFING.COM] Recent action saw the major averages gear up for another rebound effort. The S&P 500 (-0.2%) has approached its best level of the day with help from sectors like consumer discretionary (unch), financials (+0.2%), and industrials (unch).

The three influential groups have displayed strength since the start, but they have not been able to outweigh the negative impact stemming from the continued weakness in energy (-0.4%), technology (-0.4%), and health care (-0.5%).

Elsewhere, Treasuries have slipped into the middle of their trading range with the 10-yr note narrowing its gain to four ticks (2.52%).

11:00 am: [BRIEFING.COM] The major averages have dropped to fresh lows after an unsuccessful run at their flat lines. The S& 500 trades lower by 0.4% with significant weakness coming from health care (-0.8%) and technology (-0.7%) sectors. Additionally, the energy space (-0.7%) has returned to its opening low.

High-beta chipmakers displayed relative strength in the early going, but the group has since dropped to a fresh low. The PHLX Semiconductor Index holds a loss of 0.7%, widening this week's decline to 1.3% versus a 1.0% slide for the S&P 500. Meanwhile, the Nasdaq has shown relative strength this week and is down 0.4% since last Friday. Biotechnology had contributed to the outperformance, but the iShares Nasdaq Biotechnology ETF (IBB 271.87, -2.54) is lower by 0.9% today.

10:40 am: [BRIEFING.COM]

Commodities began the day off lower, with only a few in positive territory
Oct natural gas was lower ahead of the weekly inventory data and fell to a new session low following the data
Oct nat gas is now -0.3% at $3.83/MMBtu
Oct crude oil sold off and fell as low as $90.44/barrel
It has since recovered those losses and are now -0.05% at $91.62/barrel
Dec gold recovered its losses earlier, but lost steam again and hit a new low for the day along with silver a few minutes ago
Dec gold is now -0.5% at $1239/oz, Dec silver is now -1.4% at $18.67/oz
Dec copper is -0.6% at $3.09/lb

10:00 am: [BRIEFING.COM] Equity indices have inched up from their opening lows with help from heavily-weighted sectors like financials (+0.2%) and consumer discretionary (+0.1%).

Also of note, the energy sector, which was down near 1.0% at the open, has cut its loss in half. This leaves, the health care sector (-0.4%) as the only laggard of note with biotechnology contributing to the relative weakness. The iShares Nasdaq Biotechnology ETF (IBB 273.05, -1.36) is lower by 0.5%.

The lower open has led to increased demand for volatility protection as evidenced by the CBOE Volatility Index (VIX 13.10, +0.22).

9:40 am: [BRIEFING.COM] The major averages began the session in the red with the Dow, Nasdaq, and S&P 500 down near 0.3% apiece in the early going.

All ten sectors display early losses with a recent laggard-energy (-0.9%)-pacing the retreat. Including the slide, the sector is now down 4.7% in September, while crude oil trades lower by 0.6% at $91.09/bbl.

Outside of energy, the technology sector (-0.3%) is the only other group trading behind the broader market at this point. Large cap components weigh with the likes of Apple (AAPL 100.56, -0.44), Microsoft (MSFT 46.62, -0.23), and Oracle (ORCL 40.30, -0.41) down between 0.5% and 1.0%. Chipmaker stocks have shown some relative strength with the PHLX Semiconductor Index sitting on its flat line.

Treasuries have inched away from their highs, but the 10-yr note continues trading in the green (+6/32) with its yield down two basis points at 2.52%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -8.40. Nasdaq futures vs fair value: -18.50. The stock market is on track for a lower open with futures on the S&P 500 trading eight points below fair value. Last evening, President Obama announced that the U.S. will increase support for Syrian rebels while leading a coalition effort against ISIS militants in Syria and Iraq. The announcement has led to a bit of risk aversion with the 10-yr note holding an eight tick gain and its yield down three basis points at 2.51%. Similarly, demand for German bunds has pressured the 10-yr yield to 0.98%.

Interestingly, the dollar has not rallied, but it is worth mentioning today's slight downtick in the dollar index (-0.2%) follows a 3.4% rally since the middle of August.

On the corporate front, Kroger (KR 52.48, +0.61) has added 1.2% in pre-market action after beating estimates and boosting its guidance. On the discretionary side, Lululemon (LULU 44.16, +5.77) is higher by 15.0% following its better than expected results.

Economic data released this morning was limited to weekly initial claims, which increased to 315,000 from an upwardly revised 304,000 (from 302,000), while the Briefing.com consensus expected a decline to 300,000. Throughout July and August, the initial claims level had averaged roughly 300,000 per week. That level is normally associated with an economy that is running at, or near, full employment, but this week's increase in claims brought the level back to its average from March through June.

We believed that the claims data over the previous two months were biased by poor seasonal adjustments from the motor vehicle sector. We expected initial claims to rebound back to the 310,000 -- 320,000 range once the biases left. Thus, the increase in claims should not reflect a change in labor market conditions.

One more data points remains with the Treasury Budget for August (expected deficit of $129 billion) set to cross the wires at 14:00 ET.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: -9.60. Nasdaq futures vs fair value: -20.30. The S&P 500 futures trade ten points below fair value.

Markets pressed lower across most of Asia. Reports out overnight suggested the Bank of Japan is buying short-term bills at a yield less than zero. Separately, Bank of Japan Governor Haruhiko Kuroda is expected to push for more monetary easing during his first meeting with Prime Minister Abe in almost six months. Also of note, Bank Indonesia (7.50%) and Reserve Bank of New Zealand (3.50%) held their benchmark rates steady, while the Philippines' central bank (3.75%) hiked its rate 25-basis points, as expected.

In economic data:
China's CPI rose 0.2% month-over-month (expected 0.4%; prior 0.1%), while the year-over-year reading increased 2.0% (consensus 2.2%; previous 2.3%). Also of note, PPI fell 1.2% year-over-year (expected -1.1%; last -0.9%)
Japan's BSI Large Manufacturing Conditions improved to 12.7 from -13.9 (consensus -10.3)
Australia's payrolls grew by 121,000 (expected 12,000; previous -4,100), while full-time workers increased by 14,300 (consensus 22,900; last 15,400). The Unemployment Rate fell to 6.1% from 6.4% (expected 6.3%)

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Japan's Nikkei gained 0.8%, nearing its best level of 2014. The weak yen provided support for exporters as Sony climbed 3.1% and Toshiba rallied 2.1%.
Hong Kong's Hang Seng shed 0.2%, closing at a one-month low as shares lost ground for a fifth straight day. PC maker Lenovo sank 4.2% after its CEO trimmed his stake in the company.
China's Shanghai Composite saw its third day of selling, shedding 0.3%. Consumer stocks lagged the rest of the market with Jiangsu Yanghe Brewery falling 2.9%.
India's Sensex slipped 0.2% to continue its slide off all-time highs with trade pressing lower for a third day. IT service providers saw a mixed session as Infosys added 0.5% and Wipro lost 1.3%.

Major European indices trade near their lows with Spain's IBEX (-1.0%) leading the slide. Spanish bonds are also on the defensive amid increased worries about the Catalan independence movement gaining steam. On that note, the First Minister of Catalonia, Artur Mas, said the Spanish government has been uncooperative with regard to the independence movement and that the region intends to vote in favor of the referendum. Spain's 10-yr yield is higher by nine basis points at 2.29%.

Economic data was limited:
Germany's CPI was unchanged month-over-month, while the year-over-year reading increased 0.8%. Both figures matched expectations.
French CPI rose 0.5% month-over-month (expected 0.4%; last -0.3%)

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Germany's DAX is lower by 0.7% with exporters showing weakness. BMW, Daimler, and Volkswagen are down between 0.6% and 1.7%. Fertilizer producer K+S leads with a gain of 1.0%.
Great Britain's FTSE holds a loss of 0.7% amid weakness in mining shares. Antofagasta, Anglo American, and Fresnillo are down between 1.6% and 2.5%. Financials are showing strength with Royal Bank of Scotland, Lloyds Banking Group, and Standard Life showing gains near 1.5% apiece.
In France, the CAC is lower by 0.9% as consumer names weigh. L'Oreal, Pernod Ricard, and Kering are all down near 1.0%. Orange has jumped 2.6% in reaction to an upgrade at JP Morgan.
Spain's IBEX trades down 1.0%. Telefonica is the weakest performer, down 2.2%, while financials Santander, Banco Sabadell, and BBVA hold losses between 0.6% and 1.2%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -13.00. The S&P 500 futures trade seven points below fair value.

The latest weekly initial jobless claims count totaled 315,000, while the Briefing.com consensus expected a reading of 300,000. Today's tally was above the revised prior week count of 304,000 (from 302,000). As for continuing claims, they rose to 2.487 million from 2.478 million.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -13.80. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures hover eight points below fair value after spending the entire night in negative territory. Last evening, President Obama announced the U.S. will lead a coalition effort aimed at defeating ISIS militants in Iraq and Syria, while stepping up support for Syrian opposition. Treasuries have strengthened following the announcement with the 10-yr note higher by four ticks and its yield down two basis points at 2.52%.

The first three sessions of the week were very quiet on the economic front and today's data will be limited to weekly initial claims (Briefing.com consensus 300K), which will be released at 8:30 ET, and the Treasury Budget for August (expected deficit of $129 billion), which will cross the wires at 14:00 ET.

In U.S. corporate news of note:

JDS Uniphase (JDSU 13.65, +1.54): +12.8% after announcing plans to separate into two public companies by the third quarter of 2015
Men's Wearhouse (MW 54.40, +0.53): +1.0% after beating earnings estimates on light revenue
Restoration Hardware (RH 80.15, -1.90): -2.3% following its bottom-line beat on below-consensus revenue and mixed guidance

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -0.3%, Hong Kong's Hang Seng -0.2%, and Japans' Nikkei +0.8%
In economic data:
China's CPI rose 0.2% month-over-month (expected 0.4%; prior 0.1%), while the year-over-year reading increased 2.0% (consensus 2.2%; previous 2.3%). Also of note, PPI fell 1.2% year-over-year (expected -1.1%; last -0.9%)
Japan's BSI Large Manufacturing Conditions improved to 12.7 from -13.9 (consensus -10.3)
Australia's payrolls grew by 121,000 (expected 12,000; previous -4,100), while full-time workers increased by 14,300 (consensus 22,900; last 15,400). The Unemployment Rate fell to 6.1% from 6.4% (expected 6.3%)
In news:
The Reserve Bank of New Zealand made no changes to its policy, keeping its key rate at 3.5%, as expected
Reports out of Japan suggest Bank of Japan Governor Haruhiko Kuroda will push for more monetary easing during his first meeting with Prime Minister Abe in almost six months

Major European indices hold modest losses. Great Britain's FTSE -0.4%, France's CAC -0.3%, and Germany's DAX -0.1%. Elsewhere, Italy's MIB -0.3% and Spain's IBEX -0.5%
Economic data was limited:
Germany's CPI was unchanged month-over-month, while the year-over-year reading increased 0.8%. Both figures matched expectations.
French CPI rose 0.5% month-over-month (expected 0.4%; last -0.3%)
Among news of note:
The First Minister of Catalonia, Artur Mas, said the Spanish government has been uncooperative with regard to the independence movement and that the region intends to vote in favor of the referendum

7:05 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -10.50.

7:05 am: [BRIEFING.COM] Nikkei...15,909.20...+120.40...+0.80%. Hang Seng...24,662.64...-42.70...-0.20%.

7:05 am: [BRIEFING.COM] FTSE...6,812.37...-17.60...-0.30%. DAX...9,697.15...-3.00...0.00.

Gold Declines to Seven-Month Low on U.S. Rate Outlook

By Debarati Roy Sep 11, 2014 2:21 PM ET

Gold futures fell to the lowest since January on speculation that the Federal Reserve will raise U.S. interest rates sooner than forecast, crimping demand for a hedge against inflation. Silver slumped to a 14-month low.

More than $5.1 billion has been erased from the value of exchange-traded products backed by gold since June 30. Money mangers cut their bullish wagers on the metal for three straight weeks, while open interest in New York futures and options is close to the lowest in five years.

Gold has dropped 11 percent from this year’s high after the U.S. economy gained traction and the dollar strengthened, cutting demand for the metal as an alternative asset. Demand for a haven declined after tensions in Ukraine and the Middle East eased. Global ETP holdings fell in four of the past five months.

“It’s hard to get excited about gold in this current environment when the dollar is rising and the political tensions have eased,” Scott Gardner, who helps manage $450 million at Verdmont Capital SA in Panama City, said in a telephone interview. “People don’t want gold when rates are expected to rise, while inflation has remained muted.”

Gold futures for December delivery fell 0.5 percent to settle at $1,239 an ounce at 1:38 p.m. on the Comex in New York. Earlier, the price touched $1,235.30, the lowest for a most-active contract since Jan. 23.

On March 17, the metal reached $1,392.60, the highest since Sept. 9, 2013.

Goldman Outlook

Gold tumbled 28 percent last year, the most in three decades. The Fed reduced monthly bond purchases to $25 billion on July 30, the sixth cut of $10 billion since November. Goldman Sachs Group Inc. analysts have forecast prices will touch $1,050 in 12 months as the U.S. economy improves.

Traders raised bets that the Fed will increase rates in mid-2015. The central bank next meets on Sept. 16-17. Gold jumped 70 percent from December 2008 to June 2011 as the Fed bought debt and held borrowing costs at an all-time low to bolster the economy.

Prospects for higher rates in the U.S. and the European Central Bank’s announcement of additional stimulus sent the dollar to a 14-month high yesterday against a basket of 10 currencies.

‘Strong Wall’

“The strong wall of dollar strength and prospects of a rate hike are pushing gold lower,” Ira Epstein, the president of his namesake division at the Linn Group Inc. in Chicago, said in a telephone interview. “The outlook for gold is very weak in the absence of an escalation of violence” in Ukraine or the Gaza Strip, he said.

Silver futures for December delivery dropped 1.7 percent to $18.599 an ounce. The price touched $18.57, the lowest since June 28, 2013.

Gold and silver trading were 22 percent above the average in the past 100 days, according to data compiled by Bloomberg.

On the New York Mercantile Exchange, platinum futures for October delivery fell 0.7 percent to $1,370.70 an ounce. The price touched $1,368.10, the lowest since Feb. 4.

Palladium futures for December delivery declined 1.9 percent to $833.20 an ounce. The metal touched $830.60, the lowest since June 26.

To contact the reporter on this story: Debarati Roy in New York at droy5@bloomberg.net

To contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net Patrick McKiernan, Joe Richter

S&P 500 Erases Losses as Oil Offsets Geopolitical Concern

By Callie Bost and Lu Wang Sep 11, 2014 4:32 PM ET

The Standard & Poor’s 500 Index erased losses, sending the gauge higher for a second day, as a rebound in oil offset concerns over escalating geopolitical tension and the timing of possible interest-rate increases.

Energy shares in the S&P 500 rose 0.1 percent, erasing an earlier loss of 1.2 percent as crude prices recovered from an eight-month low. Celgene Corp. slipped 2.3 percent to pace declines in health-care stocks. MasterCard Inc. dropped 1.3 percent after losing a court challenge to a European Union antitrust curb on card-payment fees. Lululemon Athletica Inc. soared 14 percent after raising its full-year forecast as quarterly profit exceeded estimates.

The S&P 500 added 0.1 percent to 1,997.45 at 4 p.m. in New York, after an earlier decline of as much as 0.5 percent. The Dow Jones Industrial Average lost 19.71 points, or 0.1 percent, to 17,049. The Nasdaq Composite Index added 0.1 percent. About 5.5 billion shares changed hands on U.S. exchanges, 1.8 percent below the three-month average.

“We’re just stuck in a tight range because the market has been so strong this year and every now and then the market needs a little time to cool off,” Dan Miller, director of equities at GW&K Investment Management in Boston, said by phone. The firm oversees more than $20 billion. “Geopolitical events of course always make the market nervous.”

The S&P 500 halted a two-day slide yesterday as a rally in Apple Inc. boosted technology shares. The gauge fell 0.7 percent on Sept. 9, its first move in either direction of more than 0.5 percent in 15 days, the longest streak since 1995. It closed at a record on Sept. 5.

Fed Rates

The S&P 500 is down 0.5 percent this week as investors focus on the timing of an interest-rate increase from the Federal Reserve. 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.

A report today showed the number of Americans filing for unemployment benefits unexpectedly rose last week to a two-month high, interrupting a steady decrease to the lowest level since before the last recession. The week included the Labor Day holiday, and the data are difficult to adjust during such periods, a Labor Department spokesman said.

Equities slid earlier as European Union officials said new sanctions against Russia will come into force tomorrow because of the country’s continued support of separatists in Ukraine. Ending days of wrangling, EU countries agreed to implement plans to bar some Russian state-owned defense and energy companies from raising capital in the bloc. President Barack Obama said the U.S. is joining the EU in slapping more sanctions on Russia.

Obama yesterday 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.

Macro Events

Data overseas showed China’s consumer inflation eased to a four-month low in August while factory-gate prices extended their decline to 30 months, adding to signs of weakness in domestic demand.

“It’s between earnings seasons so the focus is on macro events and geopolitical risks because that’s all people have to talk about,” John Carey, a Boston-based fund manager at Pioneer Investment Management Inc., which oversees about $230 billion, said in a phone interview. “People continue to look ahead to possibility of higher interest rates next year and next year is getting closer.”

The Chicago Board Options Exchange Volatility Index, a gauge of S&P 500 derivatives prices, fell 0.6 percent to 12.8 for a second day of losses.

Oil Prices

Seven of 10 main industries in the S&P 500 advanced. Energy companies rose 0.1 percent, wiping out declines as West Texas Intermediate crude rebounded from an eight-month low and Brent oil erased losses.

Brent crude tumbled to its lowest intraday level in more than two years earlier in the day as the International Energy Agency cut global oil demand forecasts for this year and next. Oil markets in the U.S. and Europe face a glut amid constrained consumption and the recovery of supplies from Libya.

Energy shares have dropped 3.8 percent in September, poised for the worst monthly loss since January.

Health-care stocks slipped 0.3 percent for the biggest decline in the S&P 500 today. Celgene slid 2.3 percent to $91.96 and Gilead Sciences Inc. decreased 1.7 percent to $106.39. Biogen Idec Inc. decreased 1.5 percent to $327.11.

MasterCard lost 1.3 percent to $75.62. The EU’s Court of Justice ruled that the fees set by MasterCard had unfairly restricted competition and that it failed to show benefits to justify its system. Visa Inc. dropped 0.9 percent to $214.95.

Financial shares gained 0.3 percent as Bank of America Corp. jumped 1.3 percent to $16.57.

Lululemon Jumps

Lululemon soared 14 percent to $43.73. The yogawear maker that ended a dispute with its founder last month reported second-quarter profit that exceeded analyst estimates and increased its earnings forecast for the year by a penny to $1.72 to $1.77 a share. Revenue rose 13 percent to $390.7 million in the second quarter from a year earlier.

JDS Uniphase Corp. jumped 10 percent to $13.36 on plans to split into two separate publicly traded entities. One company will focus on optical components and commercial lasers, while the other will sell networking equipment, JDS Uniphase disclosed in a filing yesterday.

International Paper Co. rose 4.2 percent to $50.36 for the biggest gain in the S&P 500. The packaging company said at a conference today that it is working with advisers and has progressed to a more “serious valuation” phase on a master limited partnership structure.

RadioShack Corp. rallied 9.6 percent to $1.02. The struggling electronics retailer said it’s working with creditors and other parties to get more capital and avoid bankruptcy after posting another quarter of mounting losses and plunging sales.

RadioShack shares tumbled 42 percent from Aug. 29 through yesterday.

To contact the reporters on this story: Callie Bost in New York at cbost2@bloomberg.net; Lu Wang in New York at lwang8@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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