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 Post subject: September 16th Tuesday Trade Results - Profit $1180.00
PostPosted: Tue Sep 16, 2014 9:43 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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Attachment:
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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 @ $1,180.00 dollars or +11.80 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,180.00 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=1888

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 major averages posted solid gains ahead of tomorrow's policy directive from the Federal Open Market Committee. The S&P 500 rallied 0.8%, while the Russell 2000 (+0.3%) could not keep pace with the benchmark index.

Equity indices hovered near their flat lines during the first two hours of action, but surged in reaction to reports from the Wall Street Journal concerning tomorrow's FOMC statement. Specifically, Fed watcher Jon Hilsenrath indicated that the statement will once again reflect the Fed's intentions to keep the fed funds rate at the zero bound for a considerable time after quantitative easing is wound down. The report sent the market higher since it contrasted with recent speculation that the Fed would drop the 'considerable time' language from its guidance, thus implying a swifter rate hike.

Furthermore, the late-morning rally was assisted by reports indicating the People's Bank of China will provide CNY500 billion to its top five banks through a Short-term lending facility. This followed a disappointing Foreign Direct Investment report (-1.8%), which dropped to its lowest level in more than four years.

A central bank trifecta was completed after reports from Nikkei revealed that Japan's government plans to lower its economic assessment in the September report due on Friday. The news hinted at a potential move from the Bank of Japan and weighed on the yen.

All ten sectors finished in the green, but only three groups were able to settle ahead of the broader market. Health care (+1.4%) and utilities (+1.2%) were the top-performing countercyclical sectors, while energy (+1.2%) finished ahead of other growth-sensitive groups.

The health care sector padded its third-quarter gain to 5.6% with help from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 270.82, +4.73) rallied 1.8%.

For its part, the energy sector, which endured a rough start to the month, continued this week's outperformance. The sector extended its week-to-date gain to 1.9%, but remains down 3.4% so far in September. Crude oil factored into today's strength, rallying 2.0% to $94.91/bbl. The energy component received some support from a weaker dollar as the Dollar Index slipped 0.3%.

Meanwhile, most of the remaining cyclical groups could not keep up with the market. Interestingly, the technology sector (+0.7%) was among the early laggards, but ended just behind the S&P 500 thanks to a strong showing from chipmakers. The PHLX Semiconductor Index advanced 1.7% with Micron (MU 31.45, +1.43) pacing the rally amid Wall Street Journal reports indicating the company may introduce wearable devices. Also of note, shares of Apple (AAPL 100.86, -0.77) were down as much as 2.0% at the start, but narrowed their loss to 0.8% by the end of the day.

Treasuries spent the day in a steady retreat from their early morning highs. The 10-yr note ended flat with its yield at 2.59%.

Participation was ahead of recent averages with more than 630 million shares changing hands at the NYSE.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, while August CPI (Briefing.com consensus 0.0%) and Q2 Current Account (expected deficit of $114.50 billion) will be reported at 8:30 ET. The NAHB Housing Market Index for September (consensus 56) will be released at 10:00 ET, while the latest policy statement from the FOMC will cross the wires at 14:00 ET.

Nasdaq Composite +9.0% YTD
S&P 500 +8.2% YTD
Dow Jones Industrial Average +3.4% YTD
Russell 2000 -0.9% YTD

3:30 pm: [BRIEFING.COM] The dollar index remained in the red in afternoon trading, which helped provide price support to commodities.

Crude oil had a nice run today, gaining over $2/barrel on a steady climb upwards. Oct crude oil finished the day $2.02 to $94.91/barrel
Oct natural gas has a nice run today too, extending yesterday's gains. Oct NG closed 6 cents higher to $3.99/MMBtu
Dec gold rose today by $1.40 to $1236.20/oz, while Dec silver gained $0.11 to $18.73/oz. Dec copper rallied 8 cents to $3.17/lb.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% with one hour remaining in the session. Investors have not received any market-moving earnings in recent days, but that could change tomorrow with a couple notable reports expected to be released between today's closing bell and tomorrow's open.

Following today's session, software company Adobe Systems (ADBE 70.75, +0.48) will report its quarterly results with the Capital IQ consensus calling for a year-over-year earnings decay of 18.8% on $1.01 billion in revenue.

Tomorrow morning, participants will shift their focus to FedEx (FDX 154.77, +0.73), which is expected to report earnings growth of 28.1% on revenue of $11.48 billion. In addition, General Mills (GIS 53.25, +0.07) and Lennar (LEN 39.44, +0.21) will also deliver their results tomorrow.

2:30 pm: [BRIEFING.COM] Equity indices remain on their highs with the S&P 500 (+0.9%) holding the lead. Small caps, meanwhile, continue showing relative weakness with the Russell 2000 up 0.5%.

The small-cap Russell 2000 has been able to eclipse its 100-day (1149) and 200-day (1151) moving averages today, but has yet to clear the 50-day average (1153), which represents today's session high for the index.

Elsewhere, Treasuries are in the midst of another run at their session lows. The 10-yr note has narrowed its gain to two ticks (2.58%).

1:55 pm: [BRIEFING.COM] The major averages have continued their advance that was sparked by Jon Hilsenrath's report indicating the Fed will keep its forward guidance little changed in tomorrow's policy statement.

The energy sector (+1.8%) remains in the lead, while utilities (+1.3%) and health care (+1.3%) follow a bit behind. However, only those three sectors hold gains larger than 1.0%. Furthermore, the energy space is the lone outperformer among cyclical groups, while the other five growth-sensitive sectors sport gains between 0.5% (financials) and 0.8% (materials).

Today's rally has caused participants to reduce their demand for volatility protection as evidenced by the CBOE Volatility Index (VIX 12.96, -1.16), which has tumbled from a one-month high to levels seen last week.

1:25 pm: [BRIEFING.COM] In case anyone needed a reminder how beholden the stock market has gotten to the Fed keeping rates at the zero bound, they were offered one today when the major indices pretty much turned on a dime following a report out of The Wall Street Journal's Fed watcher, Jon Hilsenrath, that suggested the Fed may very well keep the "considerable period" language in tomorrow's directive.

Following the Fed is an exasperating study of semantics, yet no one but the Fed is to blame for that as it walks a tightrope of very unconventional policy that now hinges on qualitative guidance.

In any event, today's participants seem to be adhering to the aforementioned view, which is a placating thought for those who have grown increasingly anxious about the Fed signaling more strongly that it could raise the fed funds rate sooner than the market expects.

To the last point, stocks and bonds are up, and the US Dollar Index (84.02, -0.24) is down. Weakness in the greenback is providing a boost to dollar-denominated commodities like crude oil (+$1.75 at $94.67/bbl). Anyone interested in finding out which S&P 500 stocks would NOT be hurt by a stronger dollar should visit The Big Picture page on Briefing.com as that topic is addressed in this week's column.

12:55 pm: [BRIEFING.COM] Equity indices hold midday gains with the S&P 500 (+0.7%) in the lead. The benchmark index spent the first two hours of action near its flat line, but rallied to a fresh high after The Wall Street Journal's Jon Hilsenrath indicated tomorrow's statement from the FOMC will once again reflect the Fed's intentions to keep the fed funds rate at the zero bound for a considerable time after quantitative easing is wound down. The report sent the market higher since it contrasted with recent speculation that the Fed would drop the 'considerable time' language from its guidance, thus implying a swifter rate hike.

It is also worth mentioning that the rally occurred while another central bank was making headlines. Specifically, the People's Bank of China will provide the country's top banks with CNY500 billion deployed through the Short-term Lending Facility.

All ten sectors trade in the green at this juncture with energy (+1.6%) in the lead. The growth-sensitive sector has been showing strength in recent days after starting the month on a defensive note. Today's advance has been aided by a surge in crude oil, which trades up 2.0% at $94.74/bbl.

Outside of energy, the remaining five cyclical sectors sport slimmer gains than the broader market. Most notably, the technology sector (+0.4%) has struggled to keep up amid weakness in the shares of Apple (AAPL 100.19, -1.44). The top-weighted Nasdaq component is lower by 1.4% amid speculation the company's newest iPhone will not be available in China before the end of the year. Chipmaker stocks, however, have picked up some of the slack with the PHLX Semiconductor Index up 1.2%.

On the countercyclical side, all four sectors trade ahead of the S&P 500 with health care (+1.0%) supported by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 268.71, +2.62) has added 1.1%.

Treasuries hover in the middle of their trading range with the 10-yr note higher by five ticks and its yield down two basis points at 2.57%.

Economic data was limited to the PPI report, which showed producer prices were unchanged in August while prices, excluding food and energy, were up 0.1%. Both results were in-line with the Briefing.com consensus estimates. On an unadjusted basis, the index for final demand increased 1.8% over the last 12 months.

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.7%) continues hovering near its recently-established session high. The push that took place not long ago has helped the few underperforming sectors to climb into the green, resulting in all ten sectors trading in the green at this juncture.

Furthermore, the Dow and S&P 500 are now positive for the week with respective week-to-date gains of 0.9% and 0.6%. However, the Nasdaq (+0.5%) is still down 0.6% for the week. The tech-heavy index has been unable to narrow the distance to other indices due to the underperformance of Apple (AAPL 100.26, -1.37). The top-weighted Nasdaq component trades lower by 1.3%.

Elsewhere, Treasuries have continued their slow climb off their intraday lows. The 10-yr note trades up eight ticks with its yield down three basis points at 2.56%.

12:00 pm: [BRIEFING.COM] The Dow (+0.5%), Nasdaq (+0.4%), and S&P 500 (+0.6%) have extended to new highs, while the Russell 2000 (-0.1%) has yet to climb out of the red. The recent push took place after Jon Hilsenrath of the Wall Street Journal indicated the Federal Open Market Committee will keep the "considerable period" language in tomorrow's policy directive. This comes after speculation during recent weeks suggested the Fed will drop that part from its forward guidance, thus implying a swifter rate hike.

Also of note, the rally to highs occurred after Bloomberg reported China will provide CNY500 billion in liquidity through its Short-term Lending Facility.

Elsewhere, Treasuries have inched up from their lows, improving the 10-yr note's gain to four ticks (2.58%).

11:30 am: [BRIEFING.COM] Recent action saw the key indices inch down from their highs, while the Russell 2000 (-0.3%) has slipped to a new session low that represents the lowest level for the small-cap index in more than a month.

Meanwhile, the S&P 500 (+0.2%) continues holding a slim gain with energy (+1.0%) and health care (+0.4%) overshadowing the losses among financials (unch), industrials (-0.1%), and technology (-0.1%).

The top-weighted sector-technology-remains pressured by Apple (AAPL 99.68, -1.95), while chipmaker stocks display relative strength. Micron (MU 31.31, +1.29) has added 4.3% after the Wall Street Journal reported the company may delve into wearable devices. The broader PHLX Semiconductor Index trades up 0.7%.

11:00 am: [BRIEFING.COM] Equity indices continue trading near their flat lines after erasing their opening losses. The S&P 500 (+0.2%) reclaimed its four-point loss during the initial 30 minutes of action, but the early run has turned into a sideways drift.

Eight of ten sectors display gains with the countercyclical utilities sector (+1.0%) in the lead. The group has extended this week' gain to 1.3%, which puts it a little behind the energy sector (+0.9%). The growth-sensitive group has padded this week's advance to 1.6% with help from crude oil, which trades up 1.0% at $93.82/bbl.

Energy notwithstanding, other cyclical sectors have had a tough time keeping up with the broader market. Industrials (-0.2%) and technology (-0.1%) sport modest losses, while consumer discretionary (unch), financials (unch), and materials (+0.1%) hover just above their flat lines.

10:30 am: [BRIEFING.COM]

The dollar index is trading modestly lower this morning at 84.22
Crude oil was modesty lower overnight and early this morning. However, Oct crude has since rallied noticeably off its LoD (hit in more recent trade)
Oct crude rose as high as $93.89 and is now +1% at $93.80/barrel
Oct natural gas has been in the red all day so far and is currently
Gold and silver futures have bee sliding off of highs hit overnight.
Dec gold is now -0.1% at $1233.60/oz, Dec silver is +0.1% at $18.64/oz
Dec copper is +0.2% at $3.09/lb

9:55 am: [BRIEFING.COM] Equity indices have worked their way off the opening lows, placing the S&P 500 and Nasdaq Composite back above their respective flat lines.

Despite the rebound, the technology sector (-0.1%) continues showing relative weakness with Apple (AAPL 100.37, -1.27) hovering near its early low. However, the Nasdaq has been able to overlook Apple's underperformance thanks to the relative strength in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 267.37, +1.28) is higher by 0.5%, while the health care sector (+0.3%) sports a modest advance.

Treasuries have continued their retreat from the overnight highs. The 10-yr note has narrowed its gain to two ticks with its yield at 2.58%.

9:40 am: [BRIEFING.COM] As expected, the major averages began the day on the defensive. The S&P 500 trades lower by 0.2%, while the Nasdaq Composite (-0.3%) underperforms amid relative weakness in its top component.

Shares of Apple (AAPL 100.11, -1.52) have surrendered 1.5% in the early going, which has translated into relative weakness for the technology sector (-0.3%). Similar to technology, other cyclical groups like consumer discretionary (-0.4%), industrials (-0.3%) also trail the broader market.

On the upside, the energy sector has added 0.4%, while crude oil trades up 0.5% at $93.45/bbl. Elsewhere, countercyclical telecom services (+0.2%) and utilities (+0.6%) also display modest gains.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -9.30. The stock market is on track for a lower start as futures on the S&P 500 trade four points below fair value.

Index futures have retreated from their overnight highs following another round of disappointing data from China. This time, it was the Foreign Direct Investment report, which revealed a 1.8% decline (previous -0.4%), leading to concerns about a potential hard landing.

The cautious sentiment has carried over to Europe where the key indices trade with losses close to 0.5% apiece. Comments from Air France have factored into the weakness after the carrier said it may report a loss for the full year.

Domestically, the FOMC will begin its two-day meeting today with the latest policy statement set to be released tomorrow at 14:00 ET. Furthermore, Alibaba (BABA) is expected to make its public debut later this week after hiking the price range for its IPO to $66-$68 from $60-$66.

Staying on the technology theme, Apple (AAPL 100.26, -1.37) is indicated to open lower by 1.4% on heavy volume, which will pressure the technology sector and the Nasdaq Composite.

Treasuries have recently slipped from their highs, but the 10-yr yield remains lower by two basis points at 2.57%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -5.00. The S&P 500 futures trade four points below fair value.

The major Asian bourses finished mostly lower. Bank of Japan Governor Haruhiko Kuroda pushed back against the belief the weak yen was hurting the economy, saying companies are increasing domestic investment. Separately, Japan's Economy Minister Akira Amari said consumption during the summer period may have been adversely impacted by weather. This comes after the cabinet expected strong consumer spending in Q3 to justify a sales tax hike in 2015. Also of note, the latest Reserve Bank of Australia minutes warned of a property bubble down under.

Economic data was limited:
China's Foreign Direct Investment declined 1.8% (previous -0.4%)
South Korea's trade surplus remained unchanged at 3.40 billion as exports declined 0.2% year-over-year (previous -0.1%) and imports grew 3.1% (last 3.1%)

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Japan's Nikkei shed 0.2%, holding near eight-month highs. Heavyweight Softbank provided support, up 2.3%, after its holding, Alibaba, upped its IPO price range.
Hong Kong's Hang Seng lost 0.9%, pressing lower for the eighth straight session and closing at its lowest levels since late-July. Gaming stocks continued to see weakness as Sands China and Galaxy Entertainment gave up 3.9% and 3.3%, respectively.
China's Shanghai Composite fell 1.8%, seeing its biggest drop in six months as fears of a slowdown weighed. Consumer names remained under pressure with automaker SAIC Motor Corp giving up more than 3%.
India's Sensex sank 1.2% to a three-week low. Utilities lagged as Tata Power tumbled 6.1% and NTPC gave up 2.8%.

Major European indices trade lower across the board with France's CAC (-0.6%) showing the sharpest decline after Air France warned it could report a loss for the full year.

Participants received several data points:
Eurozone ZEW Economic Sentiment fell to 14.2 from 23.7 (expected 21.3)
Germany's ZEW Economic Sentiment eased to 6.9 from 8.6 (forecast 4.8), while the Current Conditions Index tumbled to 25.4 from 44.3 (consensus 40.0)
Great Britain's CPI increased 0.4% month-over-month, while the year-over-year reading rose 1.5%, as expected. Core CPI rose 1.9% year-over-year (forecast 1.8%; last 1.8%), while Input PPi fell 0.6% month-over-month (consensus -0.4%; prior -1.7%). Also of note, House Price Index came in at 11.7% (expected 10.6%; last 10.2%)

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Great Britain's FTSE is lower by 0.4% with nearly 90% of the index trading in the red. Consumer discretionary names weigh with Sports Direct International, SABMiller, and EasyJet down between 2.0% and 3.0%. Publisher Pearson outperforms with an increase of 2.2% following an upgrade at Morgan Stanley.
Germany's DAX trades down 0.5%. Deutsche Lufthansa is the weakest performer, down 2.4%, following Air France's warning. Deutsche Post and Adidas outperform with respective gains of 0.6% and 2.4%.
In France, the CAC displays a loss of 0.6% with Orange leading the retreat. The telecom stock is lower by 1.9%. Advertiser Publicis Groupe outperforms with a gain of 1.2%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -6.00. The S&P 500 futures trade three points below fair value.

August producer prices were unchanged, which matched the Briefing.com consensus. Core producer prices increased 0.1%, which is also what the consensus expected.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -2.50. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover three points below fair value after retreating from their overnight highs. Market participants have been cautious since the start of the Asian session with a disappointing Foreign Direct Investment report from China contributing to the defensive posture. In addition, the remainder of the week will bring key events like the FOMC meeting, the Scottish referendum, and Alibaba's IPO (BABA), which may have warranted some profit taking.

Today will be relatively quiet on the economic front with the Producer Price Index (Briefing.com consensus 0.0%) set to be released at 8:30 ET, while Net Long-Term TIC Flows will be reported at 16:00 ET.

Treasuries hold gains with the 10-yr yield down three basis points at 2.56%.

In U.S. corporate news of note:

Humana (HUM 128.37, +0.71): +0.6% after approving a new $2 billion share repurchase program
Yahoo! (YHOO 42.80, +0.25): +0.6% after Alibaba Group (BABA) raised the price range for its IPO to $66-$68 from $60-$66. Yahoo! owns a 23% stake in the e-commerce giant.

Reviewing overnight developments:

Asian markets ended lower. Japan's Nikkei -0.2%, Hong Kong's Hang Seng -0.9%, and China's Shanghai Composite -1.8%
In economic data:
China's Foreign Direct Investment declined 1.8% (previous -0.4%)
South Korea's trade surplus remained unchanged at 3.40 billion as exports declined 0.2% year-over-year (previous -0.1%) and imports grew 3.1% (last 3.1%)
In news:
Japan's Economy Minister Akira Amari said consumption during the summer period may have been adversely impacted by weather. This comes after the cabinet expected strong consumer spending in Q3 to justify a sales tax hike in 2015.

Major European indices trade lower across the board. Germany's DAX -0.3%, France's CAC -0.5%, and Great Britain's FTSE -0.5%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -0.4%
Participants received several data points:
Eurozone ZEW Economic Sentiment fell to 14.2 from 23.7 (expected 21.3)
Germany's ZEW Economic Sentiment eased to 6.9 from 8.6 (forecast 4.8), while the Current Conditions Index tumbled to 25.4 from 44.3 (consensus 40.0)
Great Britain's CPI increased 0.4% month-over-month, while the year-over-year reading rose 1.5%, as expected. Core CPI rose 1.9% year-over-year (forecast 1.8%; last 1.8%), while Input PPi fell 0.6% month-over-month (consensus -0.4%; prior -1.7%). Also of note, House Price Index came in at 11.7% (expected 10.6%; last 10.2%)
Among news of note:
European markets have been pressured by disappointing earnings out of the discretionary sector in the UK with ASOS and Thomas Cook missing expectations. In addition, Air France warned it could report a loss for the full year.

6:17 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -1.50.

6:17 am: [BRIEFING.COM] Nikkei...15,911.53...-36.80...-0.20%. Hang Seng...24,136.01...-221.00...-0.90%.

6:17 am: [BRIEFING.COM] FTSE...6,777.01...-27.50...-0.40%. DAX...9,631.21...-28.40...-0.30%.

Gold Trades Above Eight-Month Low Before Fed Concludes Meeting

By Glenys Sim Sep 16, 2014 9:05 PM ET

Gold held above the lowest level since January before the Federal Reserve ends a two-day policy meeting that’s expected to see a further cut to stimulus at a time when other central banks are spurring their economies.

Gold for immediate delivery traded at $1,237.02 an ounce at 9:03 a.m. in Singapore from $1,235.55 yesterday, when prices rose for a second day, according to Bloomberg generic pricing. The metal fell to $1,225.67 on Sept. 15, the lowest since Jan. 9, and the 14-day relative strength index held below 30 for a fifth day today, signaling prices may be poised to rebound.

Gold halted a 12-year rally in 2013 as the Fed prepared to reduce the monthly asset purchases, which it has done six times this year. Fed officials are now considering the timing of interest-rate increases, spurring gains in the dollar. In China, the world’s largest bullion consumer, the central bank is providing 500 billion yuan ($81.4 billion) of liquidity to the country’s five biggest banks, Sina.com reported yesterday.

“As the U.S. economy continues to recover and monetary policies in other countries diverge, namely in Europe and China, the dollar will remain strong and put precious metals under pressure,” said Yang Xi, a Hangzhou, China-based analyst at Yongan Futures Co. Investors will watch the Fed’s language closely, said Yang.

The European Central Bank has cut the main refinancing rate to a record low and said it would buy asset-backed securities to bolster the economy. In Japan, the government has said it will prepare a backup plan for stimulus.

Borrowing Costs

The Bloomberg Dollar Spot Index fell the most in four months yesterday on speculation that the Fed will maintain a pledge to keep borrowing costs low for a “considerable time.” The currency remains 2.8 percent higher this year, and is still headed for the biggest quarterly increase since 2011.

Gold for December delivery fell as much as 0.3 percent to $1,233.40 an ounce on the Comex in New York, before trading at $1,235.90. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, contracted yesterday to 784.22 metric tons, the least since June.

Silver for immediate delivery traded at $18.7197 an ounce from $18.7198 yesterday. Spot platinum was at $1,366.50 an ounce from $1,366.75. Palladium decreased 0.2 percent to $841.90 an ounce.

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 Jake Lloyd-Smith, Ovais Subhani

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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