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 Post subject: October 14th Tuesday Trade Results - Profit $1690.00
PostPosted: Tue Oct 14, 2014 10:28 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,690.00 dollars or +16.90 points, Emini ES ($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 @ $1,690.00 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=1910

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

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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

4:10 pm: [BRIEFING.COM] The stock market snapped its three-day skid with small caps pacing the Tuesday rebound. The Russell 2000 jumped 1.2% while the S&P 500 added 0.2% with eight sectors ending in the green. However, the advance masked an afternoon slide from intraday highs that caused the Dow to end flat.

Equity indices began the day with slim gains after investors received a trio of quarterly reports from the financial sector (+0.5%). Citigroup (C 51.47, +1.57) was a notable standout, surging 3.2%, in reaction to its better than expected results combined with news indicating the company will exit its consumer business in 11 markets around the world. However, the broader sector could not pull away from the S&P 500 as JPMorgan Chase (JPM 57.99, -0.17) and Wells Fargo (WFC 48.83, -1.37) weighed. Shares of JPM lost 0.3% following a bottom-line miss while Wells Fargo fell 2.7% after reporting in-line results.

Although the financial sector contributed to an opening boost, the market did not build on its early gain until the Russell 2000 climbed above its opening high. That strength emboldened bargain hunters who rushed into recently-battered areas like transports and chipmakers.

However, the intraday strength began fading shortly after noon ET with selling activity accelerating as crude oil plunged into the pit close. The energy component dove nearly 5.0% to $81.81/bbl, dragging the energy sector (-1.2%) down with it. The sharp drop sent oil to levels last seen in mid-2012, while the energy sector extended its October loss to 10.9%.

The afternoon retreat from highs was also fueled in part by weakness in the health care sector (-0.8%). The group tried to stage an intraday bounce, but was held back by Johnson & Johnson (JNJ 97.01, -2.11), which fell 2.1% despite beating earnings estimates and hiking its guidance.

Even though the S&P 500 gave back its entire advance, the areas that displayed strength in the morning maintained their gains. Transport stocks underpinned the industrial sector (+1.3%) with the Dow Jones Transportation Average climbing 2.6%. JetBlue Airways (JBLU 10.23, +0.82) soared 8.7% to lead the way while shipper Kirby (KEX 99.63, -0.20) was the lone decliner.

Elsewhere, the relative strength among chipmakers sent the PHLX Semiconductor Index higher by 1.9%. Skyworks (SWKS 48.91, +3.59) was the standard-bearer, rallying 7.9% after boosting its guidance while Intel (INTC 32.14, +0.67) rose 2.1% ahead of its quarterly report. For its part, the top-weighted technology sector (+0.3%) ended a bit ahead of the broader market.

Also of note, the Dollar Index (85.81, +0.28) spent the day in positive territory while Treasuries finished just below their overnight highs. The 10-yr note added 24 ticks to send its yield lower by nine basis points to 2.20%.

Participation remained on the strong side with more than 940 million shares changing hands at the NYSE floor.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET, while the Retail Sales report for September (Briefing.com consensus -0.2%), September PPI (consensus 0.1%), and October Empire Manufacturing (expected 20.4) will all be released at 8:30 ET. Also of note, the Business Inventories report for August (consensus 0.4%) and the Fed's Beige Book for October will cross the wires at 10:00 ET and 14:00 ET, respectively.

S&P 500 +1.6% YTD
Nasdaq Composite +1.2% YTD
Dow Jones Industrial Average -1.6% YTD
Russell 2000 -8.8% YTD

3:35 pm: [BRIEFING.COM]

Oil prices dropped hard in afternoon trading, leaving both Brent crude oil and WTI crude oil sitting near session lows
WTI ended today's pit trading session down almost $4/barrel (or -5%) to $81.81/barrel
Natural gas sold off this afternoon, not as bad as oil, but it still dropped 2.5% to $3.82/MMBtu
Gold and silver held modest gains today, while copper finished over 1% higher.
Dec gold rose 0.4% to $1234.50/oz, while Dec silver rose 0.4% to $17.41/oz.

3:00 pm: [BRIEFING.COM] The S&P 500 has narrowed its gain to 0.4% with one hour remaining in the session. The benchmark index has spent the afternoon in a slow retreat from its midday high with the energy sector (-0.5%) pressuring the market after crude oil plunged into the pit close.

In addition to the weakness in energy, the market has also had to face some selling in the health care space (-0.6%). Johnson & Johnson (JNJ 97.56, -1.56) has been inching back towards its early low that was registered this morning despite the company's earnings beat and improved guidance. Biotechnology also lags with the iShares Nasdaq Biotechnology ETF (IBB 256.04, -1.08) down 0.4%.

Elsewhere among countercyclical sectors, the utilities space (+1.1%) has extended its October gain to 3.0%.

2:25 pm: [BRIEFING.COM] The key indices remain near their recent levels with the S&P 500 higher by 0.6%.

Most cyclical sectors remain in the green, but the energy space has returned into the red (-0.2%) in a move that coincided with additional selling in crude oil. The energy component has plunged 4.1% to $82.25/bbl, which represents the lowest level since June 2012.

Elsewhere among commodities, gold ($1233.10/ozt) and silver ($17.39/ozt) futures remain in the green with gains close to 0.3% apiece. Miners have benefited from the strength with the Market Vectors Gold Miners ETF (GDX 21.42, +0.30) trading higher by 1.4%. Similarly, the materials sector (+1.2%) trades among the leaders.

1:55 pm: [BRIEFING.COM] The S&P 500 (+0.7%) has inched down to its first-hour high.

With the Q3 earnings season heating up, participants will be on the lookout for a handful of quarterly reports after today's closing bell. Rail operator and Dow Jones Transportation Average member, CSX (CSX 32.76, +1.05), will report this evening and so will the top-weighted chipmaker-Intel (INTC 32.40, +0.93).

Shares of INTC saw some volatility in recent action after the company's Q2 results appeared on wire services with some participants mistaking the news for a leak of tonight's report. The stock surrendered a portion of its gain before returning to its previous level.

1:25 pm: [BRIEFING.COM] The major indices are off their highs in the early part of the afternoon trading session, but have retained the bulk of the gains that were logged throughout the morning.

The upside bias has been predicated more than anything else on the sense that the stock market was simply due for a concerted rebound effort following some sharp selling in recent weeks. Fittingly, the transport, semiconductor, and small-cap stocks have been today's leaders following the aforementioned period in which they were some of the biggest losers.

Another development today that speaks to the buy-the-dip mentality is the performance of the energy sector, which has been sent reeling with oil prices. While still trailing the S&P 500, the energy sector is nonetheless up 0.6% today despite crude oil prices falling another 2.4% to $83.66/bbl.

ExxonMobil (XOM 91.23, +0.39) has been an influential pacesetter for the sector and an added source of support for the broader market.

12:55 pm: [BRIEFING.COM] The major averages sport solid midday gains with the Russell 2000 (+1.9%) trading ahead of the S&P 500 (+0.9%).

The key indices displayed modest gains in the early going, but the rally accelerated once the Russell 2000 overtook its opening high. The strength among small caps served as an encouraging sign to dip buyers who rushed into recently-battered areas like chipmakers, transport stocks, and even energy. In all likelihood, some short covering also factored into the advance.

Solid gains in the microchip space have sent the PHLX Semiconductor Index higher by 3.0%. The gain has helped the high-beta group erase yesterday's loss, but the index remains down 11.4% in October. Skyworks (SWKS 50.50, +5.18) is a notable standout, up 11.4%, after raising its guidance. Furthermore, the broader technology sector (+1.2%) trades ahead of the broader market.

Sticking to the cyclical theme, financials (+1.1%) trade just ahead of the market after three influential components reported earnings. Citigroup (C 51.36, +1.46) beat on both metrics, JPMorgan Chase (JPM 58.24, +0.09) missed bottom-line expectations, and Wells Fargo (WFC 49.39, -0.81) reported in-line.

Elsewhere, the Dow Jones Transportation Average has added 3.0%, which puts in on course for its best day in more than a year. All 20 components trade in the green with airlines in the lead. JetBlue (JBLU 10.32, +0.91) has spiked 9.6%. Meanwhile, the industrial sector (+2.2%) is the top performer of the day.

Also of note, the energy sector (+0.3%) holds a slim gain after being down near 1.0% shortly after the start. The sector has been able to stay in the green even though crude has recently notched a new low. The energy component trades down 2.5% at $83.62/bbl.

On a related note, the Dollar Index (85.73, +0.20) is higher by 0.2% with the greenback showing gains against all major currencies. Treasuries, meanwhile, have had to play some catch up. The 10-yr note has slipped from its overnight high, but continues holding a half-point gain with its yield at 2.23%.

There was no economic data of note released today.

12:30 pm: [BRIEFING.COM] Equity indices remain near their highs with the Nasdaq (+1.2%) having all but erased yesterday's decline. Chipmaker names have provided a measure of support since the opening bell as the PHLX Semiconductor Index trades higher by 3.0%.

Only one index component-AMD (AMD 2.73, -0.01)-hovers in the red, while the remaining names sport solid gains. Skyworks (SWKS 50.14, +4.82) is a notable standout, up 10.6%, after raising its guidance. The PHLX Semiconductor Index has narrowed its October loss to 11.4%, but remains nearly 5.0% below its 200-day moving average (594.55).

11:55 am: [BRIEFING.COM] Another round of new highs for the key indices has the S&P 500 trading up 1.2%. The benchmark index displayed some early indecision, but has been rallying in steady fashion since about 10:30 ET.

Considering today's session follows three days of losses that sent the S&P 500 lower by 4.7%, it is very likely that the advance has an element of short covering behind it. The risk appetite has pressured Treasuries from their highs, but the 10-yr yield has held near the 2.23% mark after setting a low near 2.19% early this morning. Elsewhere, the dollar index climbed overnight and has maintained a narrow range near its best level of the day.

Currently, the Index is higher by 0.3% (85.74, +0.21) with the dollar registering its biggest advance versus the British pound (+140 pips) after UK CPI missed expectations (1.2% year-over-year; expected 1.4%).

11:30 am: [BRIEFING.COM] The stock market has climbed to a fresh high with the Russell 2000 extending its gain to 1.9%. The continued strength in the Russell 2000 has emboldened some bargain hunting in other high-beta areas like biotechnology and social media names.

The iShares Nasdaq Biotechnology ETF (IBB 260.83, +3.70) trades up 1.4% and hovers at a fresh high after making a brief appearance in the red this morning. Interestingly, the solid gain has been unable to lift the health care sector (+0.4%) into a position of leadership.

Elsewhere, social media names like Facebook (FB 73.42, +0.43), LinkedIn (LNKD 197.14, +4.01), and Yelp (YELP 65.51, +3.39) hold gains between 0.6% and 5.6% while the technology sector (+1.1%) trades among the leaders. Only industrials (+2.0%) and utilities (+1.7%) have had a better showing than the top-weighted sector so far.

11:00 am: [BRIEFING.COM] Equity indices continue holding gains with the Russell 2000 (+1.7%) maintaining its lead over the S&P 500 (+0.4%). The benchmark index, meanwhile, hovers near its session high with nine sectors showing gains.

Industrials (+1.7%) have shown strength from the start and the sector remains ahead of the other nine groups with transports enjoying a broad-based rebound. The Dow Jones Transportation Average is higher by 2.1% with 19 of its 20 components sporting gains of at least 1.0%.

On the flip side, the energy sector (-0.1%) hovers in the red after being down as much as 1.0% with crude oil adding to the pressure. The energy component is lower by 1.3% at $84.63/bbl. Similar to the energy sector, oil has notched a session low in recent action even as the Dollar Index backed away from its session high (85.69, +0.16).

10:35 am: [BRIEFING.COM]

WTI crude oil hit a new session low of $83.95/barrel minutes ago.
WTI now -1.7% at $84.30/barrel, Brent crude oil -2.9% at $86.83/barrel
Energy is the worst performing sector in the commodities space today
Natural gas futures sold off in the last 50 minutes to a new session low, off its $3.95/MMBtu HoD
Nov nat gas is now -0.8% at $3.89/MMBtu
In the metals space, gold futures have pulled back a little and are now +0.4% at $1234.60/oz, silver +0.4% at $17.42/oz and copper +1% at $3.07/lb

9:55 am: [BRIEFING.COM] The major averages have taken a step back from their highs, but they continue holding solid gains with the Nasdaq Composite (+0.6%) remaining ahead of the S&P 500 (+0.4%). However, the relative strength of small caps has placed the Russell 2000 (+1.1%) ahead of the other indices.

It is worth mentioning that biotechnology has dropped into the red after showing early strength. The iShares Nasdaq Biotechnology ETF (IBB 255.25, -1.87) is lower by 0.7% while the health care sector (-0.6%) is the weakest performer.

Meanwhile on the cyclical side, the energy space (+0.1%) deserves close attention as crude oil remains weak. WTI crude is lower by 1.3% at $84.63/bbl while Brent crude has dropped to $87.00/bbl, representing a 2.7% decline for the session.

9:40 am: [BRIEFING.COM] The stock market spiked out of the gate with the Nasdaq Composite (+1.1%) leading the way.

The tech-heavy index has received an early boost from biotechnology and chipmakers while the overall market has likely benefitted from some short covering early on. The iShares Nasdaq Biotechnology ETF (IBB 260.23, +3.11) is higher by 1.2% while the PHLX Semiconductor Index has spiked 2.5%. Furthermore, the strength in the two areas has led to solid gains in technology (+1.0%) and health care (+0.8%).

Also of note, the industrial sector (+1.2%) is the top performer with transport stocks rebounding from yesterday's weakness. The Dow Jones Transportation Average is higher by 1.8%.

Treasuries have continued backtracking with the 10-yr yield narrowing its decline to six basis points (2.22%).

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +27.50. The stock market is on track for a higher open with futures on the S&P 500 trading ten points above fair value. Index futures searched for direction overnight, but surged to highs during the past two hours after three major financials reported their earnings. The results were a bit mixed as Citigroup (C 51.16, +1.26) beat on both metrics, JPMorgan Chase (JPM 57.00, -1.16) missed bottom-line expectations, and Wells Fargo (WFC 49.35, -0.85) reported in-line. However, the futures market perked up after the reports were released while Treasuries have surrendered a portion of their advance. The 10-yr note remains firmly in the green with the benchmark yield down eight basis points at 2.21%.

Also of note, the spike in equity futures coincided with a similar move in Europe where the key indices have climbed off their lows. Germany's DAX has been able to return to its flat line even after the country's government cut its GDP forecasts for 2014 and 2015, expecting this year's growth at 1.2% (previous 1.8%) and next year's GDP at 1.3%.

With growth concerns remaining at the forefront, crude oil has continued its retreat. The energy component is lower by 1.0% at $84.91/bbl, which has extended its October decline to 7.0%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +24.70. The S&P 500 futures trade eight points above fair value.

Asian markets finished the session on a mostly lower note. Reserve Bank of Australia assistant governor Guy Debelle said he believes a 'violent sell-off' could take place in the financial markets due to low volatility combined with high uncertainty in real world events. Mr. Debelle also commented on the Aussie, saying the currency remains overvalued despite the recent decline. The AUDUSD pair is modestly lower near 0.8745

In economic data:
Japan's Corporate Goods Price Index ticked down 0.1% month-over-month, as expected, while the year-over-year reading increased 3.5% (consensus 3.6%; previous 3.9%)
Australia's NAB Business Confidence fell to 5 from 7
Singapore's GDP rose 1.2% quarter-over-quarter (expected 1.8%; previous -0.1%) while the year-over-year reading grew 2.4% (consensus 2.8%; last 2.4%)
India's WPI Inflation came in at 2.38% (consensus 3.30%; previous 3.74%)

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Japan's Nikkei tumbled 2.4% to a two-month low following the extended holiday weekend. The stronger yen continued to wreak havoc on exporters as Toyota Motor shed 3.9% and Panasonic lost 3.1%.
Hong Kong's Hang Seng shed 0.4%, surrendering its early gains and slipping back below the 200-day moving average. Energy plays were weak as Cnooc and PetroChina fell 3.1% and 0.7%, respectively.
China's Shanghai Composite lost 0.3%, falling for the third straight day as trade continued to slide off levels last seen in February 2013. Coal shares outperformed as Beijing announced tax reform for the sector, causing Datong Coal industry to surge the limit, 10%.
India's Sensex slipped 0.1% to continue its choppy trade as action remained near two-month lows. IT service providers gave back some of their recent gains as Infosys, Wipro, and Tata Consultancy Services fell between 0.6% and 0.8%.

Major European indices have climbed off their lows, but they continue facing some pressure with Italy's MIB (-0.7%) showing the largest loss. In news, Germany has cut its GDP forecasts for 2014 and 2015, expecting this year's growth at 1.2% (previous 1.8%) and next year's GDP at 1.3%. Germany's 10-yr note responded by climbing to a fresh high, dropping the benchmark yield to 0.79%.

Participants received several data points:
Eurozone industrial production fell 1.8% month-over-month (expected -1.6%; prior 0.9%) while the year-over-year reading dropped 1.9% (consensus -0.9%; previous 1.6%)
Germany's ZEW Economic Sentiment fell to -3.6 from 6.9 (expected 1.0) while ZEW Current Conditions tumbled to 3.2 from 25.4 (expected 18.0)
Great Britain's CPI was unchanged month-over-month (expected 0.2%; previous 0.4%) while the year-over-year reading rose 1.2% (consensus 1.4%; last 1.5%). Also of note, Core CPI rose 1.5% year-over-year (expected 1.8%; prior 1.9%) and Input PPI slipped 0.6% month-over-month (expected -0.4%; previous -1.2%)
French CPI fell 0.4% month-over-month (expected -0.3%; prior 0.4%) and the current account deficit widened to EUR4.50 billion from EUR2.20 billion (expected deficit of EUR3.50 billion)
Spain's CPI slipped 0.2% year-over-year, as expected o Italy's CPI fell 0.2% year-over-year (expected -0.1%; previous -0.2%)

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Great Britain's FTSE is higher by 0.1% with miners in the lead. Anglo American, BHP Billiton, Fresnillo, and Rio Tinto are up between 1.0% and 2.2%. Consumer names lag with Burberry Group and Tesco down 4.2% and 1.4%, respectively.
Germany's DAX is flat after climbing off its session low. Daimler is the top performer, up 4.5%, after reporting strong earnings for the quarter in its Mercedes unit. On the downside, Henkel AG is lower by 1.3%.
In France, the CAC trades down 0.2%. Energy names lag with Technip and Total down 2.1% and 1.3%, respectively. Bouygues leads with a gain of 3.2% amid merger speculation.
Italy's MIB has given up 0.7%. BMPS, Banca di Milano Scarl, and Banco Popolare display losses between 1.6% and 3.4%. On the upside, STMicroelectronics is higher by 1.8%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +11.90. Nasdaq futures vs fair value: +30.50. Index futures have climbed to fresh highs, placing futures on the S&P 500 12 points above fair value. The recent move took place after Citigroup (C 50.82, +0.92) reported its quarterly results, which beat the Capital IQ earnings and revenue estimates. In addition to releasing earnings, Citigroup said it will exit its consumer business in 11 markets around the world. The stock trades higher by 1.8% in pre-market action.

Wells Fargo (WFC 49.69, -0.51) also reported its quarterly results, which were in line with estimates. Shares of WFC are indicated to open lower by 1.0%.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +10.20. U.S. equity futures hold slim gains despite defensive action overseas. The S&P 500 futures hover three points above fair value after slipping from their overnight high.

Unlike yesterday, the Dollar Index trades higher (85.75, +0.22) with solid gains against the euro (+80 pips) and the pound (+140 pips), but it is the Japanese yen that has seen the most interest in the face of uncertainty. The dollar/yen pair is lower by about 20 pips near 106.80.

However, one theme that has carried over into today is the continued weakness in crude prices. This morning, crude is lower by 1.3% at $84.57/bbl, which represents a session low for the energy component.

Treasuries hover near their highs with the 10-yr yield down 13 basis points at 2.19%.

In U.S. corporate news of note:

Domino's Pizza (DPZ 76.00, +0.28): +0.4% after beating earnings and revenue estimates.
Ford (F 13.46, -0.08): -0.6% after being downgraded to 'Neutral' at Goldman Sachs and receiving an upgrade to 'Neutral' at Buckingham Research.
JPMorgan Chase (JPM 57.80, -0.36): -0.6% after missing the Capital IQ consensus estimate by three cents on revenue that beat expectations.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -0.3%, Hong Kong's Hang Seng -0.4%, and Japan's Nikkei -2.4%
In economic data:
Japan's Corporate Goods Price Index ticked down 0.1% month-over-month, as expected, while the year-over-year reading increased 3.5% (consensus 3.6%; previous 3.9%)
Australia's NAB Business Confidence fell to 5 from 7
Singapore's GDP rose 1.2% quarter-over-quarter (expected 1.8%; previous -0.1%) while the year-over-year reading grew 2.4% (consensus 2.8%; last 2.4%)
India's WPI Inflation came in at 2.38% (consensus 3.30%; previous 3.74%)
In news:
Reserve Bank of Australia assistant governor Guy Debelle said he believes a 'violent sell-off' could take place in the financial markets due to low volatility combined with high uncertainty in real world events. Mr. Debelle also commented on the Aussie, saying the currency remains overvalued despite the recent decline. The AUDUSD pair is modestly lower near 0.8725

Major European indices trade lower across the board. Great Britain's FTSE -0.2%, Germany's DAX -0.5%, and France's CAC -0.6%. Elsewhere, Spain's IBEX -0.7% and Italy's MIB -1.2%
Participants received several data points:
Eurozone industrial production fell 1.8% month-over-month (expected -1.6%; prior 0.9%) while the year-over-year reading dropped 1.9% (consensus -0.9%; previous 1.6%)
Germany's ZEW Economic Sentiment fell to -3.6 from 6.9 (expected 1.0) while ZEW Current Conditions tumbled to 3.2 from 25.4 (expected 18.0)
Great Britain's CPI was unchanged month-over-month (expected 0.2%; previous 0.4%) while the year-over-year reading rose 1.2% (consensus 1.4%; last 1.5%). Also of note, Core CPI rose 1.5% year-over-year (expected 1.8%; prior 1.9%) and Input PPI slipped 0.6% month-over-month (expected -0.4%; previous -1.2%)
French CPI fell 0.4% month-over-month (expected -0.3%; prior 0.4%) and the current account deficit widened to EUR4.50 billion from EUR2.20 billion (expected deficit of EUR3.50 billion)
Spain's CPI slipped 0.2% year-over-year, as expected Italy's CPI fell 0.2% year-over-year (expected -0.1%; previous -0.2%)
Among news of note:
Germany has cut its GDP forecasts for 2014 and 2015, expecting this year's growth at 1.2% (previous 1.8%) and next year's GDP at 1.3%. Germany's 10-yr note responded by climbing to a fresh high, dropping the benchmark yield to 0.79%

6:35 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +10.00.

6:35 am: [BRIEFING.COM] Nikkei...14,936.51...-364.00...-2.40%. Hang Seng...23,047.97...-95.40...-0.40%.

6:35 am: [BRIEFING.COM] FTSE...6,336.52...-29.30...-0.50%. DAX...8,767.15...-45.30...-0.50%.

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

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