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 Post subject: September 23rd Tuesday Trade Results - Profit $1050.00
PostPosted: Wed Sep 24, 2014 12:42 am 
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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 @ $1,050.00 dollars or +10.50 points, Emini ES ($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 @ $1,050.00 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=1893

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 finished the Tuesday session on the defensive after spending the entire day in a steady retreat. The S&P 500 (-0.6%) posted its third consecutive decline, while the small-cap Russell 2000 (-0.9%) slipped behind the broader market during afternoon action.

Equity indices were pressured from the start following some overnight developments that weighed on sentiment. The market tried to overcome the early weakness, but could not stage a sustained rebound, which resulted in follow-through selling in the afternoon.

Mixed PMI data from the eurozone combined with an announcement from the U.S. Treasury concerning tax inversion deals factored into the cautious action. Under a new notice released by the Treasury Department, an inverted company is subject to potential adverse tax consequences if, after the transaction: (1) less than 25% of the new multinational entity's business activity is in the home country of the new foreign parent, and (2) the shareholders of the old US parent end up owning at least 60% of the shares of the new foreign parent. The same tax treatment would still apply if 80% or more of the new foreign parent is owned by the US parent company's shareholders.

Fittingly, the news caused early weakness in the health care sector (-0.6%), which has been at the center of recent M&A deals. The sector was able to cut its early loss in half, while Dow component Pfizer (PFE 30.05, -0.13) narrowed its loss to 0.4% by the close. The stock received an afternoon boost after Bloomberg reported the company has approached Actavis (ACT 240.87, +5.25) about a potential acquisition.

Elsewhere among influential sectors, financials (-0.7%) and technology (-0.2%) displayed relative strength at the start, but only the tech sector was able to end near its flat line. The top-weighted component, Apple (AAPL 102.64, +1.58), did some heavy lifting, while other influential names like Facebook (FB 78.29, +1.49) and Google (GOOGL 591.18, -6.09) ended mixed.

Outside of technology, the energy sector (-0.3%) was the only other cyclical outperformer, while crude oil rose 0.7% to $91.55/bbl. The other commodity-related sector-materials (-0.6%)-ended in line with the market.

Also of note, the industrial sector (-0.8%) struggled amid weakness in defense and transport stocks. The PHLX Defense Index lost 1.2% and the Dow Jones Transportation Average fell 0.8%.

The daylong retreat contributed to increased demand for volatility protection that sent the CBOE Volatility Index (VIX 14.87, +1.18) to its highest level in five weeks.

Treasuries ended on their highs with the 10-yr yield down four basis points at 2.53%.

Today's participation was ahead of recent averages with roughly 700 million shares changing hands at the NYSE floor.

Economic data was limited to the July Housing Price Index from the FHFA, which rose 0.1% to follow a revised increase of 0.3% (from 0.4%) observed during the prior month.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, while New Home Sales for August (Briefing.com consensus 435K) will cross the wires at 10:00 ET.

Nasdaq Composite +8.0% YTD
S&P 500 +7.3% YTD
Dow Jones Industrial Average +2.9% YTD
Russell 2000 -3.8% YTD

3:30 pm: [BRIEFING.COM] Nov crude oil rose for the first time in five sessions as the U.S. and Arab allies launched missile strikes in Syria on the Islamic State. The energy component lifted from its session low of $90.77 per barrel and traded as high as $92.09 per barrel before settling with a 0.7% gain at $91.55 per barrel.

Oct natural gas rose as high as $3.90 per MMBtu in morning action but gave up the early gain as it fell into negative territory later in the session. It settled 0.8 lower at $3.82 per MMBtu, just above its session low of $3.81 per MMBtu.

Dec gold pulled back from a session high of $1231.30 per ounce set at pit trade open and brushed a session low of $1220.50 per ounce. It then traded in a consolidative pattern near the $1222 per ounce level for the remainder of the session and settled with a 0.3% gain at $1222.10 per ounce.

Dec silver chopped around near the unchanged line for most of today's floor trade. It touched a session high of $17.84 per ounce in early morning action and eventually settled with a 0.1% gain at $17.78 per ounce.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the session. The benchmark index is on course to register its third consecutive decline, while widening this week's loss to 1.3%. The Dow and Nasdaq have had a comparable showing with respective week-to-date declines of 1.2% and 1.5%, while the Russell 2000 has been unable to keep up. The small-cap index has given up 0.9% today and is down 2.3% for the week.

Today's session-long weakness has caused participants to increase their demand for volatility protection. The CBOE Volatility Index (VIX 14.60, +0.91) has jumped to its highest level since the middle of August.

As for Treasuries, the 10-yr note remains on its high with the benchmark yield down three basis points at 2.53%.

2:30 pm: [BRIEFING.COM] The S&P 500 (-0.5%) remains pressured as every uptick has been met with selling activity. This morning, the health care sector (-0.6%) was an early source of weakness in reaction to concerns about the impact of new rules on tax inversion deals.

Over the past 30 minutes, Bloomberg reported that Pfizer (PFE 30.01, -0.17) has approached Actavis (ACT 242.88, +7.02) about a potential acquisition. Actavis, which traded with a slim loss ahead of the reports, has spiked to a new high and is now up 3.1%. Meanwhile, the health care sector (-0.6%) trails the broader market.

2:00 pm: [BRIEFING.COM] The S&P 500 (-0.4%) remains near its low and is facing a bit of a challenge as five sectors display relative weakness, leaving the energy sector (-0.1%) as the top performer. The sector has received a measure of support from crude oil, which is higher by 0.9% at $91.73/bbl.

Elsewhere among commodities, gold futures ended the pit session with a gain of 0.3% at $1222.10/ozt, while silver and copper settled little changed at $17.78/ozt and $3.04/lb, respectively.

The relative strength of gold futures has given a boost to mining stocks. The Market Vectors Gold Miners ETF (GDX 22.55, +0.37) trades up 1.7%, while the broader materials sector (-0.3%) trades just ahead of the S&P 500.

1:25 pm: [BRIEFING.COM] The stock market tried to bounce today, yet the bounce didn't hold. Consequently, selling efforts have picked up and the major indices have hit new session lows in the past 30 minutes.

It is a broad-based move, too. Currently, there isn't a single sector that is trading higher as the weak price action is probably driving some fund managers to take some profits in a bid to protect their nice-looking performance records going into quarter end.

Whatever the case may be, we wouldn't describe the weakness as a fire-sale. Yes, every sector is down right now, but there isn't a single sector that is down at least 1.0%. The biggest decliner is the consumer staples sector, which is down 0.7%.

Separately, the $29 billion 2-yr note auction was met with strong demand. It drew a high yield of 0.589% on a bid-to-cover ratio of 3.56 that exceeded the prior 12-auction average of 3.39. That strong demand doesn't connote a lot of fear about the Fed raising rates soon -- a notion that could help the stock market rebound in the afternoon.

1:00 pm: [BRIEFING.COM] The major averages hold modest midday losses with the S&P 500 (-0.3%) sporting a six-point decline.

Equity indices slumped at the start of the session following some overnight developments that weighed on sentiment. Mixed PMI data from the eurozone combined with an announcement from the U.S. Treasury concerning tax inversion deals have factored into the lower start.

Under the new notice released by the Treasury Department, an inverted company is subject to potential adverse tax consequences if, after the transaction: (1) less than 25% of the new multinational entity's business activity is in the home country of the new foreign parent, and (2) the shareholders of the old US parent end up owning at least 60% of the shares of the new foreign parent. The same tax treatment would still apply if 80% or more of the new foreign parent is owned by the US parent company's shareholders.

The health care sector (-0.5%) was a notable laggard in the early going, which is understandable since the group contains a handful of names that may be impacted by the change to tax laws. The sector has erased more than half of its opening loss, while Abbott Labs (ABT 42.64, -0.76), AbbVie (ABBV 57.61, -1.09), and Shire Pharmaceuticals (SHPG 251.80, -4.51) remain down near 1.7% apiece. Also of note, biotechnology has helped with the rebound and the iShares Nasdaq Biotechnology ETF (IBB 272.86, +0.31) sits in the green.

Furthermore, biotechnology has helped the Nasdaq Composite (-0.1%) display relative strength, but the tech-heavy index is still being weighed down by the likes of Google (GOOGL 591.76, -5.51), Microsoft (MSFT 46.70, -0.36), and Oracle (ORCL 38.92, -0.65). However, the top-weighted index component, Apple (AAPL 102.60, +1.54), has added 1.5%. For its part, the technology sector (+0.01%) hovers just north of its flat line.

Similar to technology, the financial sector (-0.1%) trades little changed, while two other influential sectors-consumer discretionary (-0.5%) and industrials (-0.6%)-remain weak. Defense contractors have pressured the industrial sector with the PHLX Defense Index down 1.1%.

Treasuries have respected a narrow range through the first half of the session. The 10-yr yield is lower by two basis points at 2.55%.

Economic data was limited to the July Housing Price Index from the FHFA, which rose 0.1% to follow a revised increase of 0.3% (from 0.4%) observed during the prior month.

12:30 pm: [BRIEFING.COM] Equity indices remain near their flat lines as heavily-weighted sectors continue trading in mixed fashion.

At this juncture, the industrial sector (-0.6%) is the weakest performer among cyclical groups with defense contractors pressuring the space. The PHLX Defense Index is lower by 1.1% with just about every component trading lower. Including today's decline, the Defense Index is now down 2.4% for the week and off 0.7% so far in September. On the upside, General Electric (GE 26.08, +0.01) has bucked the overall trend.

Elsewhere, Treasuries have maintained a narrow range with the 10-yr yield currently hovering near 2.55%.

11:55 am: [BRIEFING.COM] The S&P 500 (-0.1%) continues hovering below its flat line, while the Nasdaq (+0.1%) has poked its head into positive territory.

The tech-heavy index has received a measure of support from biotechnology as evidenced by a 0.4% advance in the iShares Nasdaq Biotechnology ETF (IBB 273.52, +0.97%). As for top-weighted components, Apple (AAPL 102.29, +1.23) sports a solid gain of 1.2%, while the likes of Microsoft (MSFT 46.86, -0.20), Intel (INTC 34.62, -0.09), and Qualcomm (QCOM 76.42, +0.13) trade in mixed fashion.

On a separate note, the utilities sector (+0.1%) has climbed into the green, raising the number of advancing sectors to four.

11:30 am: [BRIEFING.COM] Recent action saw the S&P 500 return into the neighborhood of its opening low amid continued weakness in heavily-weighted sectors like consumer discretionary (-0.4%), consumer staples (-0.6%), and industrials (-0.6%). However, outside of the three laggards, the remaining sectors trade much closer to their respective flat lines.

Elsewhere, the energy sector (+0.1%), which spiked at the start, has slipped to a session low, but continues holding a slim gain. For its part, crude oil trades up 0.9% at $91.63/bbl. Similar to energy, financials (+0.1%) and technology (+0.1%) continue hovering just north of their flat lines.

10:55 am: [BRIEFING.COM] Equity indices continue holding modest losses after making a short-lived appearance in the green. The S&P 500 trades lower by three points, while the remaining indices display comparable losses.

The health care sector (-0.3%) began the session at the bottom of the leaderboard, but the top-weighted countercyclical group has reclaimed more than half of the early slip. However, other influential sectors like consumer discretionary (-0.3%) and industrials (-0.4%) remain near their worst levels of the session.

Retailers and media names have factored into the woes of the discretionary sector with the SPDR S&P Retail ETF (XRT 86.77, -0.36) trading down 0.4%, while Comcast (CMCSA 55.36, -0.50) and Time Warner Cable (TWC 149.13, -1.48) hold losses close to 1.0% apiece.

Elsewhere, defense contractors have pressured the industrial sector with the PHLX Defense Index down 0.8%.

10:30 am: [BRIEFING.COM] Nov crude oil is trading higher this morning as the U.S. and Arab allies have begun missile strikes in Syria on the Islamic State. The energy component dipped to a session low of $90.77 moments after equity markets opened but quickly recovered back into positive territory. It popped to a session high of $91.90 in recent action and is now up 0.9% at $91.64.

Oct natural gas is chopping around in a tight range between $3.88 and $3.90 in the black. It is currently up 1.2% at $3.90.

Dec gold is in the black but has been trending lower. It retreated from its session high of $1231.30 set in early morning action and is currently at $1222.70, or 0.4% higher.

Dec silver also pulled back from its session high of $17.84 in early morning pit trade and has since consolidated near the unchanged line. The metal is now flat at $17.77.

9:55 am: [BRIEFING.COM] The major averages have not wasted any time in rebounding from their opening lows. The S&P 500, which started with an eight-point loss, has already recovered all but two points help from influential sectors like energy (+0.4%), financials (+0.1%), and technology (+0.1%).

On the flip side, consumer discretionary (-0.1%), industrials (-0.3%), and health care (-0.4%) remain weak.

The performance of the six sectors is likely to influence the direction of the market considering the three relative strength leaders account for 45.3% of the market, while the three laggards represent 36.3% of the S&P 500.

Treasuries continue holding gains with the 10-yr yield down two basis points at 2.55%.

9:40 am: [BRIEFING.COM] The major averages slipped out of the gate amid early weakness in nine of ten sectors. The S&P 500 trades lower by 0.2% with the health care sector (-0.8%) showing the largest decline due to losses among companies that may be impacted by the new tax inversion rules. On that note, AbbVie (ABBV 56.77, -1.94), Medtronic (MDT 64.24, -1.78), and Shire Pharmaceuticals (SHPG 249.23, -7.07) are down between 2.6% and 3.3%.

Elsewhere, the industrial sector (-0.5%) represents another notable laggard, while other sectors hover closer to their flat lines.

On the upside, energy (+0.2%) holds a slim gain amid a comparable uptick in the price of crude (+0.2% at $91.03/bbl).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -10.80. The stock market is on track to continue yesterday's retreat with futures on the S&P 500 trading six points below fair value. Index futures held their ground through the early part of the night, but slumped to lows as the European session was getting started.

Currently, markets in Europe hold losses in excess of 1.0%, which has weighed on U.S. index futures. Mixed PMI data from the region has contributed to the caution, but so has an announcement from the U.S. Treasury concerning tax inversion deals.

Specifically, under the new notice released by the Treasury Department, an inverted company is subject to potential adverse tax consequences if, after the transaction: (1) less than 25% of the new multinational entity's business activity is in the home country of the new foreign parent, and (2) the shareholders of the old US parent end up owning at least 60% of the shares of the new foreign parent. The same tax treatment would still apply if 80% or more of the new foreign parent is owned by the US parent company's shareholders.

Treasuries hover in the green with the 10-yr yield down almost two basis points at 2.55%.

9:05 am: [BRIEFING.COM] The S&P 500 futures trade five points below fair value.

The July Housing Price Index from the FHFA rose 0.1%, which followed a revised increase of 0.3% (from 0.4%) observed during the prior month.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -6.60. Nasdaq futures vs fair value: -14.50. The S&P 500 futures trade seven points below fair value.

Markets across most of Asia ended on a lower note, while Japan's Nikkei was closed for Autumn Equinox.

Economic data was limited:
China's HSBC Manufacturing PMI ticked up to 50.5 from 50.2 (expected 50.0)
Singapore's CPI eased to 0.9% year-over-year (expected 1.2%; previous 1.2%)

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Japan's Nikkei was closed.
Hong Kong's Hang Seng lost 0.5%, pressing to its lowest level in two months as sellers remained in control for the 10th time in 12 sessions. Casino stocks continued to see pressure as Sands China sank 3.0% and Galaxy Entertainment gave up 2.5%.
China's Shanghai Composite rose 0.9%, climbing off its lowest level in two weeks. Real Estate developers were among the leaders following speculation rules on first time property purchases would be relaxed. Poly Real Estate and China Vanke gained 1.3% and 1.2%, respectively.
India's Sensex lost 1.6% and saw heavy selling as all but a handful of names finished in the red. Broad-based weakness saw Tata Motors drop 4.1% and ICICI Bank give up 2.6%.

Major European indices trade lower across the board with France's CAC (-2.0%) pacing the slide. Concerns about tightened tax inversion rules in the U.S. have weighed along with warnings from Tate & Lyle and Phillips.

In economic data:
Eurozone Manufacturing PMI ticked down to 50.5 from 50.7, as expected, while Services PMI slipped to 52.8 from 53.1 (consensus 53.0)
Germany's Manufacturing PMI fell to 50.3 from 51.4 (expected 51.2), while Services PMI improved to 55.4 from 54.9 (consensus 54.6)
French GDP was left unrevised at 0.0%, while Business Survey held steady at 96 as expected. Separately, Manufacturing PMI rose to 48.8 (expected 47.0; prior 46.9) and Services PMI eased to 49.4 from 50.3 (consensus 50.1)
Great Britain's BBA Mortgage Approvals came in at 41,600 (expected 42,900; previous 42,700)

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Germany's DAX is lower by 1.4% with exporters on the defensive. BMW, Daimler, and Volkswagen are down between 2.0% and 2.8%. Merck KGaA outperforms with an increase of 1.4%.
Great Britain's FTSE holds a loss of 1.7%. Drugmakers lag with AstraZeneca, Smith & Nephew, and Shire down between 4.0% and 6.0%. Miners outperform with Randgold Resources and Fresnillo both up near 1.5%.
In France, the CAC trades down 2.0% with all 40 components in the red. Growth-sensitive Total and Valeo underperform with respective losses of 3.0% and 3.9%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -14.80. U.S. equity futures trade hover near their pre-market lows amid cautious action overseas. The S&P 500 futures hover six points below fair value, which puts the benchmark index on track to continue its retreat after losing 0.8% yesterday.

Overnight, markets in Asia traded in mixed fashion, but sentiment worsened after the start of the European session, where all the key indices hold losses at least 1.0% at this juncture. Disappointing PMI data has contributed to the weakness and so have profit warnings from the likes of Tate & Lyle and Phillips. Furthermore, the U.S. Treasury has tightened rules on tax inversion deals, making such transactions more difficult.

Treasuries sport modest gains with the 10-yr yield down two basis points at 2.55%. The FHFA Housing Price Index for July will be released at 9:00 ET.

In U.S. corporate news of note:

CarMax (KMX 50.00, -2.81): -5.3% after reporting earnings that surpassed the Capital IQ consensus estimate thanks to a six-cent benefit stemming from a class action lawsuit settlement.
CF Industries (CF 271.00, +15.22): +6.0% after confirming a discussion with Yara International (YARIY 49.21, 0.00) about a potential merger of equals.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite +0.9%, Hong Kong's Hang Seng -0.5%, and Japan's Nikkei was closed for Autumn Equinox
Economic data was limited:
China's HSBC Manufacturing PMI ticked up to 50.5 from 50.2 (expected 50.0)
Singapore's CPI eased to 0.9% year-over-year (expected 1.2%; previous 1.2%)
In news:
Property developers outperformed in China amid reports the definition of "first home" would be relaxed to include new bidders.

Major European indices trade lower across the board. Germany's DAX -1.4%, Great Britain's FTSE -1.4%, and France's CAC -1.9%. Elsewhere, Italy's MIB -1.5% and Spain's IBEX -1.4%
In economic data:
Eurozone Manufacturing PMI ticked down to 50.5 from 50.7, as expected, while Services PMI slipped to 52.8 from 53.1 (consensus 53.0)
Germany's Manufacturing PMI fell to 50.3 from 51.4 (expected 51.2), while Services PMI improved to 55.4 from 54.9 (consensus 54.6)
French GDP was left unrevised at 0.0%, while Business Survey held steady at 96 as expected. Separately, Manufacturing PMI rose to 48.8 (expected 47.0; prior 46.9) and Services PMI eased to 49.4 from 50.3 (consensus 50.1)
Great Britain's BBA Mortgage Approvals came in at 41,600 (expected 42,900; previous 42,700)
Among news of note:
Concerns about the tightened tax inversion rules have weighed on drugmakers in the U.K. with AstraZeneca and Shire both down near 5.5%.

6:07 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.00.

6:07 am: [BRIEFING.COM] Nikkei...16,205.90...-115.30...-0.70%. Hang Seng...23,837.07...-118.40...-0.50%.

6:07 am: [BRIEFING.COM] FTSE...6,683.18...-90.30...-1.30%. DAX...9,648.55...-101.80...-1.00%.

WTI Trades Near 16-Month Low Before Stockpile Data; Brent Steady

By Ben Sharples Sep 24, 2014 12:58 AM ET

West Texas Intermediate traded near the lowest price in more than 16 months before stockpile data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London.

Futures swung between gains and losses in New York, little changed from the close on Sept. 22. Crude stockpiles probably expanded by 750,000 barrels last week to 363 million, according to a Bloomberg News survey before an Energy Information Administration report today. Saudi Arabia and Qatar are among countries that joined the first wave of U.S.-led air strikes in Syria against Islamic State.

“We’re still seeing more supply,” Jonathan Barratt, the Sydney-based chief investment officer at Ayers Alliance Securities, said by phone today. “The market is starting to discount a lot of what’s happening in the Middle East.”

WTI for November delivery was at $91.68 a barrel in electronic trading on the New York Mercantile Exchange, up 12 cents, at 2:56 p.m. Sydney time. The contract closed at $91.52 on Sept. 22, the lowest since May 1, 2013. The volume of all futures traded was about 34 percent below the 100-day average. Prices have decreased 6.9 percent this year.

Brent for November settlement was down 11 cents at $96.74 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $5.04 to WTI. The spread closed at $5.29 yesterday, the narrowest in a week.

Fuel Supplies

U.S. crude stockpiles increased for the first time in five weeks through Sept. 12, reaching the highest level since 2012 for that time of the year. Production rose by 248,000 barrels a day to 8.838 million, the most since March 1986, according to the EIA, the Energy Department’s statistical arm.

Distillate inventories, including heating oil and diesel, expanded by 500,000 barrels in the week ended Sept. 19, the median estimate in the Bloomberg survey of 11 analysts showed before today’s EIA report. Gasoline stockpiles are forecast to be unchanged at 210.7 million.

In Syria, the bombing of Islamic State militants was carried out by the broadest Arab-U.S. military coalition since the 1991 Gulf War. Fighter jets, bomber aircraft and drones hit 22 targets near their stronghold of Raqqa and along the Iraqi border, according to the U.S. military.

WTI has technical support along its lower Bollinger Band, data compiled by Bloomberg show. Futures have halted declines since July near this indicator, at about $90.60 a barrel today. Buy orders tend to be clustered around chart-support levels.

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 Yee Kai Pin

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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