TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 3:03 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: October 13th Monday Trade Results - Profit $5220.00
PostPosted: Mon Oct 13, 2014 9:59 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)
http://twitter.com/wrbtrader (24/7)

Attachment:
101314-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+5220.00.png
101314-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+5220.00.png [ 176.61 KiB | Viewed 347 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $5,220.00 dollars or +52.20 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $5,220.00 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

Trade Log: 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=135&t=1909

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=248&t=2530

-----------------------------

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.

Attachment:
101314-Key-Price-Action-Markets.png
101314-Key-Price-Action-Markets.png [ 1.11 MiB | Viewed 373 times ]

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

4:10 pm: [BRIEFING.COM] The stock market began the new week on a defensive note despite showing some intraday strength. The S&P 500 lost 1.7% with all ten sectors ending in the red while the Russell 2000 (-0.4%) held up a bit better.

Equity indices slumped in the early going amid weakness in groups that pressured the market last week. However, the same areas showed some intraday strength, leading to a rebound that placed the S&P 500 back above its 200-day moving average (1905). The slim gains faded in the afternoon, which caused the S&P 500 to slide to a fresh low.

All ten sectors ended lower with energy (-2.9%) registering the biggest decline. Once again, the growth-sensitive group lagged from the start with crude oil contributing to the weakness. Interestingly, the sector slid to new lows into the close while crude climbed to narrow its decline to 0.2% at $85.67/bbl.

Although energy pressured the market from the get go, the top-weighted sector-technology-showed some signs of strength. Specifically, chipmakers endured a volatile session with the PHLX Semiconductor Index ending lower by 2.1% after showing a solid intraday gain of more than 1.0%. For its part, the tech sector (-1.3%) ended ahead of the broader market.

Outside of technology, the financial sector (-0.9%) also tried to withstand the broad pressure. The sector displayed relative strength with earnings from Citigroup (C 49.90, -0.21), JPMorgan Chase (JPM 58.16, -0.36), and Wells Fargo (WFC 50.20, -0.44) set to be released ahead of tomorrow's opening bell.

Elsewhere, the industrial sector (-1.6%) settled just ahead of the S&P 500, but transport stocks were pressured by airlines after the CDC confirmed one of the people treating Thomas Eric Duncan, the Ebola patient who died last week at Texas Presbyterian Hospital, has contracted Ebola as well. United Continental (UAL 40.55, -3.19) dove 7.3% while the broader Dow Jones Transportation Average lost 2.2%. A small pocket of strength could be found among railroads with CSX (CSX 31.70, +1.76) spiking 5.9% in reaction to reports indicating the company has been approached by Canadian Pacific (CP 184.97, -4.40) about a potential merger.

On the countercyclical side, the utilities sector (-0.1%) ended near its flat line while health care (-2.4%) finished among the laggards. Similarly, the iShares Nasdaq Biotechnology ETF (IBB 257.12, -5.22) ended lower by 2.0% despite showing intraday strength.

The afternoon weakness caused participants to scramble for volatility protection, sending the CBOE Volatility Index (VIX 24.34, +3.10) to its highest level since mid-2012. Furthermore, VIX futures went into backwardation, meaning options traders showed increased concern for near-term volatility. As a result, October contracts (22.05%) climbed above longer-dated ones, including May 2015 contracts (20.50%).

The bond market was closed in observance of Columbus Day, but trading volume was ahead of average with more than 880 million shares changing hands at the NYSE floor.

There was no economic data of note released today and tomorrow's session will also be quiet on the economic front.

S&P 500 +1.4% YTD
Nasdaq Composite +0.9% YTD
Dow Jones Industrial Average -1.5% YTD
Russell 2000 -9.8% YTD

3:35 pm: [BRIEFING.COM]

Gold futures spent the entire session in the green, but finished below their overnight highs
The yellow metal notched an overnight high in the $1236.00 area before surrendering a portion of the advance to settle at $1230.00/ozt for a gain of 0.7%
Likewise, silver followed the same pattern, but the metal saw a bit more selling to end higher by 0.3% at $17.35/ozt
Crude oil hovered near $84.50/bbl until the late morning when it began climbing towards the $85.50 area, which served as resistance. The energy component ended the pit session just above that level at $85.67/bbl for a loss of 0.2%
Natural gas spent the day in a steady advance from an overnight low near $3.82/MMBtu to its high at $3.91/MMBtu for a gain of 1.3%

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the session. The benchmark index has inched away from its flat line after trading near that level since 12:30 ET.

The energy sector (-1.4%), which has faced heavy selling pressure as of late, has returned to its lowest level of the day even though crude oil has narrowed its loss to just 0.2% ($85.63/bbl). Meanwhile, the other commodity-related sector-materials (-1.2%)-has not fared much better.

On the upside, financials (+0.2%) and technology (+0.1%) remain in the lead.

2:25 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 having spent the better part of the past two hours in a six-point range. Meanwhile, the Russell 2000 (+0.7%) remains near its best level of the day.

Market participants did not receive any economic data today and tomorrow is expected to be just as quiet on the economic front. This week's first batch of data will be released on Wednesday with September Retail Sales (Briefing.com consensus -0.2%), September PPI (consensus 0.1%), October Empire Manufacturing (consensus 20.4), and Business Inventories for August (expected 0.4%) appearing on the schedule.

2:00 pm: [BRIEFING.COM] The S&P 500 (-0.1%) and Nasdaq Composite (+0.1%) remain near their flat lines while the Russell 2000 (+0.9%) continues showing relative strength.

Meanwhile, the S&P 500 finds itself back below its 200-day moving average (1905.56), which represents the first appearance below that noteworthy level since late November 2012. Similarly, the Nasdaq Composite fell below its 200-day average (4300.62) on Friday and has made a brief appearance above that level earlier today.

1:30 pm: [BRIEFING.COM] The stock market is off its highs and off its lows, where it ends nobody knows. The choppy activity is perhaps not a surprise as the market is coming off its worst week in more than two years and is staring straight ahead at a catalyst that could make, or break, the recent downtrend.

That catalyst is the third quarter earnings reporting period. It kicks into full swing this week with 48 S&P 500 companies due to report their results. The latest report from S&P Capital IQ reveals an expected EPS growth rate of 6.7% on a blended basis (blended takes into companies that have already reported and the estimates for those companies that have not).

The financial sector will lead this week's reporting, beginning with the Citigroup (C 50.71, +0.60), JPMorganChase (JPM 58.97, +0.45), and Wells Fargo (WFC 50.78, +0.14) earnings reports before the open on Tuesday. Bank of America (BAC 16.60, +0.12) will follow on Wednesday.

Notably, the financial sector (+0.4%) is exhibiting some relative strength today ahead of those reports with investors hopeful perhaps that they'll shed light on encouraging economic trends in the U.S. versus the rest of the world. The strength in that heavily-weighted sector is lending support to the S&P 500, which is little changed at the moment.

1:00 pm: [BRIEFING.COM] Equity indices hover near their highs at midday with the Russell 2000 (+1.1%) leading the way. Meanwhile, the S&P 500 trades higher by 0.1% with five sectors in the green. All in all, trading activity has been subdued with some participants-and the entire bond market-away for Columbus Day.

The major averages displayed early weakness amid losses in groups that pressured the market last week. The S&P 500 slipped below its 200-day moving average (1905) during the opening hour, but has recently recaptured that level with help from a few cyclical sectors. Financials (+0.5%) and industrials (+0.3%) have displayed relative strength since the start, while technology (+0.7%) has climbed to highs in recent action.

Chipmakers have fueled the move after erasing their opening losses. The PHLX Semiconductor Index is higher by 1.1% after being down in excess of 1.0% in the morning. Similarly, the high-beta biotechnology group pressured the market in the early going, but the iShares Nasdaq Biotechnology ETF (IBB 263.07, +0.73) now trades higher by 0.4%. As for health care, the top-weighted countercyclical sector (-0.3%) remains in the red.

Elsewhere, the energy sector (-0.8%) has also climbed off its low, but remains under pressure with crude oil trading in the red once again. The energy component is lower by 1.1% at $84.87/bbl. On a related note, the Dollar Index (85.61, -0.31) is lower by 0.4%, but that has failed to boost oil prices.

Also of note, industrials have received a boost from CSX (CSX 32.85, +2.91), which has added 9.8% amid reports the company has been approached by Canadian Pacific (CP 193.40, +4.03) about a potential merger. The broader Dow Jones Transportation Average has been limited to a slim gain (0.1%) as airlines weigh after the CDC confirmed one of the people treating Thomas Eric Duncan, the Ebola patient who died last week at Texas Presbyterian Hospital, has contracted Ebola as well. United Continental (UAL 42.13, -1.61) is the weakest performer, down 3.7%.

There was no economic data of note released today.

12:25 pm: [BRIEFING.COM] The Nasdaq Composite (+0.2%) is trying to extend its rebound while the small-cap Russell 2000 (+0.7%) has climbed to a new high for the session. Meanwhile, the S&P 500 (-0.1%) continues holding a slim loss as six sectors remain in the red.

Unsurprisingly, the energy sector (-1.1%) is the weakest performer with crude oil (-1.1% at $84.85/bbl) contributing to the weakness. Including the current decline, the energy sector is down 8.2% since the start of October and lower by 6.8% year to date.

Outside of energy, the remaining laggards trade closer to their flat lines.

11:55 am: [BRIEFING.COM] The S&P 500 (-0.3%) remains near its recent levels, but the Nasdaq Composite (unch) now trades ahead of the benchmark index thanks to a rebound in biotechnology and chipmaker names.

The iShares Nasdaq Biotechnology ETF (IBB 260.86, -1.40), which was down in excess of 2.0%, has narrowed its loss to 0.5%. The relative weakness continues weighing on the health care sector (-0.8%), which remains near the bottom of the leaderboard.

Elsewhere, the PHLX Semiconductor Index has erased its loss and now trades higher by 0.5% with roughly 2/3 of the index showing gains. As for the broader technology sector, the top-weighed group trades higher by 0.3%. Large cap names display strength with Apple (AAPL 100.97, +0.24), Microsoft (MSFT 44.22, +0.19) and Visa (V 206.67, +1.74) up between 0.3% and 0.8%.

11:25 am: [BRIEFING.COM] Recent action saw the Russell 2000 (+0.1%) climb into positive territory while the Nasdaq (-0.6%) and S&P 500 (-0.5%) remain pressured.

With the bond market closed for Columbus Day today, participants should not be surprised to see below average trading activity. To that point, 264 million shares have changed hands at the NYSE so far versus 306 million at the same point on Friday. Sellers continue to have the upper hand with 1.3 names trading lower for each advancer at the NYSE.

Furthermore, the continued pressure has led to increased demand for volatility protection, sending the CBOE Volatility Index (VIX 21.95, +0.71) to its highest level since late December 2012.

10:55 am: [BRIEFING.COM] Equity indices remain near their lows with the Nasdaq Composite (-0.7%) trailing the S&P 500 (-0.4%). Interestingly, small caps have held up relatively well with the Russell 2000 (-0.1%) trading ahead of the benchmark index.

The Nasdaq, meanwhile, is being weighed down by chipmakers and biotech names. The PHLX Semiconductor Index (-0.7%) has extended its October decline to 12.7%. ON Semiconductor (ONNN 7.06, -0.42) is the weakest performer, down 5.6% with a Pacific Crest downgrade to 'Sector Perform' contributing to the weakness.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 257.50, -4.83) has surrendered 1.8%, which has sent the health care sector (-1.2%) to the bottom of the leaderboard.

10:25 am: [BRIEFING.COM] The Dollar Index (85.46, -0.45) has continued last week's retreat, but commodities trade in mixed fashion

Gold (+0.7%) and silver (+0.5%) futures display modest gains, but the current levels represent a retreat from overnight highs
Gold is at $1229.70/ozt after notching a high near the $1236.00/ozt area
Silver hovers near $17.38/ozt after touching the $17.60 area overnight
Natural gas displayed an overnight loss, but a recent spike sent the commodity to a fresh high at $3.89/MMBtu
WTI crude oil has remained under pressure and currently trades lower by 1.4% at $84.61/bbl
Brent crude is lower by 1.9% at $88.86/bbl

10:00 am: [BRIEFING.COM] The S&P 500 (-0.5%) has slipped back below its flat line, leaving just one sector-utilities (+0.6%)-in the green.

Meanwhile, the consumer discretionary space has widened its loss to 0.8% with retailers contributing to the weakness. The SPDR S&P Retail ETF (XRT 82.48, -0.96) is lower by 1.2%. Homebuilders also lag with the iShares Dow Jones US Home Construction ETF (ITB 21.63, -0.14) down 0.6%.

Elsewhere, chipmakers trade broadly lower after the PHLX Semiconductor Index plunged 6.9% on Friday. Today, the index is lower by 1.2%, while the broader technology sector (-0.3%) trades in-line with the S&P 500.

The underperformance of semiconductor names has pressured the Nasdaq Composite (-0.6%), which is also enduring weakness in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 259.63, -2.71) is lower by 1.0%.

9:40 am: [BRIEFING.COM] The major averages began the session in the red before turning positive. The S&P 500 (+0.1%) hovers right above its flat line with six sectors showing opening gains.

The energy sector (+0.7%), which has been a big laggard as of late, opened the session ahead of the remaining groups despite a 0.8% decline in crude oil ($85.20/bbl). Outside of energy, industrials (+0.3%), financials (+0.3%), and materials (+0.4%) also trade ahead of the broader market.

On the downside, consumer discretionary (-0.1%) and health care (-0.1%) sectors hold slim losses.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: -4.00. The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value. The current standing masks the fact that futures were down in excess of 15 points overnight before erasing the bulk of that decline.

The overnight rebound has been accompanied by a rally across Europe with the key indices there trading higher across the board. Markets in Italy and Spain lead the way with bank shares pacing the advance.

Domestically, things have been quiet with no notable earnings or data being released. However, some M&A activity has been in focus with CSX (CSX 33.10, +3.11) indicated to open higher by 10.6% amid reports the company has been approached by Canadian Pacific (CP 189.37, 0.00) about a potential merger.

The bond market is closed for Columbus Day, which is likely to lead to below-average volume in equities.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -2.30. The S&P 500 futures trade two points above fair value.

Markets lost ground across most of Asia. China's trade surplus fell short of estimates, but a strong export number alleviated some concerns of a slowdown in the Middle Kingdom.

In economic data:
China's trade surplus narrowed to $31.00 billion from $49.83 billion (expected surplus of $41.00 billion) as exports surged 15.3% year-over-year (consensus 11.8%; previous 9.4%) and imports jumped 7.0% (forecast -2.7%; last -2.4%)
New Zealand's FPI slipped 0.8% month-over-month (previous 0.3%)

------

Japan's Nikkei was closed for Health-Sports Day.
Hong Kong's Hang Seng added 0.2% to close on the 200-day moving average. China Mobile rallied 1.8% after reaching a deal with Deutsche Telekom to link up cars in China.
China's Shanghai Composite shed 0.4%, slipping off 20-month highs. Energy names were pressured as oil extended its drop. Sinopec fell 1.5% and PetroChina gave up 0.5%.
India's Sensex added 0.3% to hold near two-month lows. IT service providers were among the leaders as Tata Consultancy Services and Infosys both gained 1.4%.

Major European indices trade higher across the board with Spain's IBEX (+0.8%) in the lead. Bank of France Governor Christian Noyer said the outlook cut at S&P serves as a warning for the country to get its deficit under control. The comments came after S&P lowered France's sovereign outlook to negative from stable.

Economic data was limited:
Germany's Wholesale Price Index ticked up 0.1% month-over-month, as expected, while the year-over-year reading fell 0.9% (consensus -1.0%; previous -0.6%)

------

Great Britain's FTSE is higher by 0.4% with miners showing strength. Anglo American, BHP Billiton, Fresnillo, and Rio Tinto are up between 2.5% and 4.2%. ARM Holdings is the weakest performer, down 2.4%.
In France, the CAC trades up 0.4% amid strength in growth-sensitive names. ArcelorMittal, Cie de St-Gobain, and Vinci display gains between 1.7% and 2.8%. Consumer names lag with Carrefour, Danone, and L'Oreal down between 0.6% and 1.2%.
Germany's DAX has added 0.6% with help from Commerzbank, which leads with a gain of 3.1%. On the downside, Merck and Fresenius Medical Care are down 1.1% and 0.6%, respectively.
Spain's IBEX outperforms with a gain of 0.8%. Financials lead with Banco Popular, Bankia, and CaixaBank up between 1.9% and 2.9%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -7.50. The S&P 500 futures continue hovering within a point of fair value after climbing off their overnight lows. Futures on the benchmark index were down in excess of 15 points late last evening, but spent the night in a steady rally. However, the S&P 500 futures have yet to make a sustained move past the 1,900 level, which represents fair value.

Investors did not receive any quarterly results this morning on account of the Columbus Day holiday, but Q3 earnings will begin pouring in tomorrow.

With regards to economic data, things will be quiet until Wednesday when investors will receive the Retail Sales report for September (Briefing.com consensus -0.2%) and the September PPI report (consensus 0.1%).

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -8.00. U.S. equity futures trade modestly lower amid upbeat action overseas. The S&P 500 futures hover within two points of fair value after erasing the bulk of their overnight losses. It is worth mentioning that trading activity has been a bit subdued with Japan's Nikkei Closed for Health-Sports Day and the U.S. bond market shuttered for Columbus Day.

The Dollar Index, which registered its first weekly loss in 13 weeks last week, has continued the recent retreat, giving a boost to the euro (+65 pips) and the yen (+40 pips). The greenback weakness has not helped crude oil, which trades lower by 1.3% at $84.67/bbl.

In U.S. corporate news of note:

CSX (CSX 33.00, +3.26): +10.9% amid speculation the company has been approached by Canadian Pacific (CP 189.37, 0.00) about a potential merger.
Cliffs Natural Resources (CLF 7.24, -0.08): -1.1% after being downgraded to 'Neutral' from 'Overweight' at JP Morgan with a $5 price target.
J.C. Penney (JCP 6.90, -0.22): -3.1% after UBS downgraded the stock to 'Sell' from 'Neutral' with a $5 price target.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.4%, Hong Kong's Hang Seng +0.2%, and Japan's Nikkei was closed for Health-Sports Day.
In economic data:
China's trade surplus narrowed to $31.00 billion from $49.83 billion (expected surplus of $41.00 billion) as exports surged 15.3% year-over-year (consensus 11.8%; previous 9.4%) and imports jumped 7.0% (forecast -2.7%; last -2.4%)
New Zealand's FPI slipped 0.8% month-over-month (previous 0.3%)
In news:
People's Bank of China Chief Economist Ma Jun said the country's job market remains strong and the economy does not need large stimulus measures at this time

Major European indices trade higher across the board. Great Britain's FTSE +0.2%, France's CAC +0.3%, and Germany's DAX +0.5%. Elsewhere, Italy's MIB +0.6% and Spain's IBEX +0.7%.
Economic data was limited:
Germany's Wholesale Price Index ticked up 0.1% month-over-month, as expected, while the year-over-year reading fell 0.9% (consensus -1.0%; previous -0.6%)
Among news of note:
Bank of France Governor Christian Noyer said the outlook cut at S&P serves as a warning for the country to get its deficit under control. The comments came after S&P lowered France's sovereign outlook to negative from stable

6:21 am: [BRIEFING.COM] S&P futures vs fair value: +96.50. Nasdaq futures vs fair value: -13.00.

6:21 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...23,143.38...+54.80...+0.20%.

6:21 am: [BRIEFING.COM] FTSE...6,341.56...+1.60...0.00. DAX...8,823.83...+34.80...+0.40%.

WTI Extends Decline From 22-Month Low as Supply Gain Seen

By Ben Sharples Oct 13, 2014 8:55 PM ET

West Texas Intermediate extended its rout from the lowest price in 22 months amid speculation that rising U.S. stockpiles are exacerbating a global glut that’s driven prices into a bear market. Brent fell in London.

Futures dropped as much as 1.1 percent in New York, declining for the fifth time in six days. U.S. crude inventories probably expanded by 2.5 million barrels last week to 364.2 million, according to a Bloomberg News survey before a report from the Energy Information Administration on Oct. 16. That would be the highest level in two months.

Oil futures have collapsed into bear markets as shale supplies boost U.S. output to the highest level in almost 30 years amid signs of weakening global demand. The biggest producers in the Organization of Petroleum Exporting Countries are responding by cutting prices, sparking speculation that they will compete for market share rather than reduce supply.

“It’s up to OPEC to do something because the U.S. isn’t going to slow down production,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone today. “The market is concerned with the supply-demand scenario.”

WTI for November delivery slid as much as 91 cents to $84.83 a barrel in electronic trading on the New York Mercantile Exchange and was at $85.17 at 11:55 a.m. Sydney time. The contract lost 8 cents to $85.74 yesterday, the lowest close since December 2012. The volume of all futures traded was about 17 percent above the 100-day average. Prices have decreased 13 percent this year.

Fuel Supplies

Brent for November settlement fell as much as 79 cents, or 0.9 percent, to $88.10 a barrel on the London-based ICE Futures Europe exchange. It dropped $1.32 to $88.89 yesterday, the lowest since December 2010. The European benchmark crude traded at a premium of $3.10 to WTI, compared with $3.15 yesterday.

U.S. crude output increased to 8.88 million barrels a day in the week ended Oct. 3, the most since March 1986, according to the EIA. Gasoline and distillate inventories, which include heating oil and diesel, probably shrank last week, according to the median estimate in the Bloomberg survey of eight analysts before data from the Energy Department’s statistical arm.

Oil ministers from Kuwait and Algeria have dismissed possible production cuts as the price slump prompted Venezuela to call for an emergency OPEC meeting. The group, which supplies about 40 percent of the world’s crude, is scheduled to meet on Nov. 27 in Vienna.

OPEC is boosting output as its members fight for market share while seeking to meet increased domestic demand. The group pumped 30.47 million barrels a day in September, the most since August 2013, according to its monthly Oil Market Report published on Oct. 10.

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

To contact the editors responsible for this story: Yee Kai Pin at kyee13@bloomberg.net Mike Anderson

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr