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 Post subject: October 28th Tuesday Trade Results - Profit $2730.00
PostPosted: Wed Oct 29, 2014 2:06 am 
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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 @ $2,590.00 dollars or +25.90 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $140.00 dollars or +0.14 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2,730.00 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=1920

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 rallied on Tuesday with the S&P 500 climbing 1.2%. Small cap names had an even better showing, sending the Russell 2000 higher by 2.9%.

Equity indices climbed steadily throughout the day with the S&P 500 turning positive for the month of October. The index ended the day with an October gain of 0.6% after being down as much as 5.6% for the month on October 15.

In large part, the sharp rebound off the mid-October low was predicated on the belief that the Federal Reserve will not rush to hike the fed funds rate after asset purchases under the Quantitative Easing program end. To that point, the Federal Open Market Committee is expected to announce its final $15 billion taper tomorrow while the accompanying policy statement will be scrutinized for clues concerning the expected rate path.

All ten sectors finished in the green with yesterday's laggard-energy (+2.3%)-ending in the lead. The sector enjoyed a relief rally with support from BP (BP 42.84, +0.89) after the industry giant reported a bottom-line beat. A modest 0.4% uptick in the price of crude ($81.37/bbl) also factored into the strength, while disappointing earnings from Consol Energy (CNX 35.59, +1.36) and Noble Energy (NBL 58.36, +1.98) did not prevent a sector-wide rally.

Similar to energy, the industrial sector (+1.7%) displayed relative strength throughout the session. Transports and defense stocks underpinned the sector as evidenced by the Dow Jones Transportation Average (+1.5%) and PHLX Defense Index (+1.8%).

Meanwhile, most of the remaining cyclical groups kept pace with the benchmark index while the materials sector (+0.9%) lagged. Elsewhere, the discretionary space (+1.1%) ended just behind the market with solid gains among restaurant stocks masking the weakness in apparel names after Kohl's (KSS 54.66, -3.89) lowered its guidance. The stock fell 6.6% while Coach (COH 34.00, -2.15) lost 6.0% after its bottom-line beat was not enough to signal a turnaround.

In other earnings of note, Twitter (TWTR 43.78, -4.78) slumped 9.8% after worse than expected monthly active user figures overshadowed in-line results. For its part, Twitter's peer, Facebook (FB 80.77, +0.49), ended flat ahead of its quarterly report.

Also of note, countercyclical sectors lagged across the board after showing relative strength yesterday. The telecom services sector (+1.0%) had the best showing while consumer staples (+0.4%), health care (+0.7%), and utilities (+0.7%) struggled to keep up.

Treasuries slumped in the morning and finished near their session lows. The 10-yr yield rose three basis points to 2.29%.

Participation was in-line with recent averages as 779 million shares changed hands at the NYSE floor.

Economic data included Durable Orders, Case-Shiller 20-City Index, and Consumer Confidence:

September durable goods orders fell 1.3%, which was worse than the 0.6% increase expected among economists polled by Briefing.com
The drop followed the prior month's revised decline of 18.3% (from -18.4%) and was accented with a 2.8% decline in machinery orders, a 2.5% decline in computer and electronic product orders, and a 3.7% drop in orders for transportation equipment
Excluding transportation, durable orders decreased 0.2% (consensus 0.5%) to follow the prior month's revised increase of 0.7% (from 0.4%)
The Case-Shiller 20-city Home Price Index for August rose 5.6%, while a 5.5% increase had been expected by the Briefing.com consensus
This followed the previous month's increase of 6.7%
The Conference Board's Consumer Confidence Index jumped to 94.5 in October from an upwardly revised 89.0 (from 86.0), while the Briefing.com consensus expected a reading of 87.2
Consumer confidence is now at its strongest point since October 2007 and has finally recovered from the Great Recession
Confidence generally trends in conjunction with the equity market, unemployment rate, gasoline prices, and media reports. Large swings in equity prices along with dire media reports about Ebola were expected to contain positive excitement from an improving labor market and lower gasoline costs

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the FOMC policy directive will cross the wires at 14:00 ET.

Nasdaq Composite +9.3% YTD
S&P 500 +7.4% YTD
Dow Jones Industrial Average +2.6% YTD
Russell 2000 -1.1% YTD

3:35 pm: [BRIEFING.COM]

Crude hit its HoD of 81.66 just before the durable goods data was released this morning; shares have been trading in a ~$1 range since, between of 80.40 and 81.50, and ended the day about 0.4% higher at $81.37/barrel
Natural gas put in a nice rally today, finishing the day 2.3% higher at $3.64/MMBtu
Grains rose following recent harvest data from the USDA (Corn +0.5%, wheat +1.7%, soybeans +0.2%)
Gold ended the day flat, while silver gained 0.4%.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% with one hour remaining in the session.

Market participants received a large batch of earnings before today's opening bell and that will be the case once again after today's close.

Technology and health care names will be in focus this evening with Facebook (FB 79.62, -0.66), Western Digital (WDC 92.69, -0.26), and Gilead Sciences (GILD 112.40, -0.19) set to report their results. In addition, Dow Jones Transportation Average member, C.H. Robinson (CHRW 71.99, +0.29), will also release its earnings.

Tomorrow morning, the attention will shift to AU Optronics (AUO 4.35, +0.22), STMicroelectronics (STM 7.22, +0.27), and Exelon (EXC 35.38, +0.17).

2:30 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 (+0.7%) trading at its best level of the session. Thanks to today's advance, the benchmark index is now higher by 0.1% for the month of October.

The top-weighted technology sector has extended its gain to 1.0% amid broad strength. Large cap sector components like Apple (AAPL 106.59, +1.48), Google (GOOGL 557.05, +7.17), and IBM (IBM 162.98, +1.11) hold gains between 0.7% and 1.4% while chipmakers also display strength. The PHLX Semiconductor Index trades higher by 1.0%.

On the downside, the utilities sector (-0.3%) remains in negative territory.

2:00 pm: [BRIEFING.COM] Equity indices have built on their gains with the Russell 2000 boosting its advance to 2.2%. Meanwhile, the S&P 500 is higher by 0.7% with the energy sector (+1.4%) maintaining the lead.

Even though energy trades well ahead of other groups today, the sector is still the weakest performer of the month. Today's spike has narrowed its October loss to 5.6% and trimmed its year-to-date decline to 4.2%. On the upside, the utilities sector, which is lower by 0.4% today, has had a strong showing this month. The rate-sensitive group has added 5.2% in October and is higher by 16.5% since the end of last year.

Elsewhere, Treasuries continue holding modest losses with the 10-yr yield at 2.28% (-2 bps).

1:25 pm: [BRIEFING.COM] The bulls have had dominion over today's session, evidenced by a decidedly positive A/D line at the NYSE and Nasdaq and nine of ten economic sectors showing a gain. The lone exception is the defensive-oriented utilities sector (-0.3%).

The positive disposition emanates from positive earnings news across various industry groups, positive industrial profits data out of China, positive consumer confidence data out of the U.S., positive technical developments with the S&P 500 climbing back above its 50-day simple moving average (1967.08), and a sense of positivity that the weak durable orders report for September will keep the Fed from raising the fed funds rate anytime soon.

The biggest positive, though, may be the stock market's resilience to selling interest. The S&P 500 is unchanged for the month, yet it was down as much as 5.6% for the month as recently as October 15. The V-shaped recovery has the bulls thinking good things entering what is a typically favorable period in the months of November and December.

Separately, the $29 bln 2-yr note auction was met with some tepid demand. It drew a high yield of 0.425% on a 3.11 bid-to-cover ratio that trailed the prior 12-auction average of 3.42x. Indirect demand, though, was solid as indirect bidders took down 36.6% of the supply versus a 12-auction average of 29.1%.

12:55 pm: [BRIEFING.COM] Equity indices hover near their highs at midday with the Russell 2000 (+1.7%) setting the pace. The S&P 500 (+0.5%) sports a more modest gain while the Dow Jones Industrial Average (+0.4%) lags.

The first half of the Tuesday session has been very quiet with the benchmark index trading within six points of its opening level. In all likelihood, the range-bound action reflects a wait-and-see approach among participants reluctant to step into the fold ahead of tomorrow's FOMC policy statement.

Going into tomorrow, the market has all but conceded that the Fed will announce its final taper, thus ending its Permanent Open Market Operations. However, what remains to be seen is the accompanying narrative that is likely to touch on the Fed's expected rate path.

Nine of ten sectors hold midday gains with just about every cyclical group trading ahead of the market. The energy sector (+1.3%) has rebounded from yesterday's weakness and currently sits in the lead. The bounce-back has been assisted by better than expected earnings from BP (42.58, +0.63), while a 0.3% gain in the price of crude ($81.22/bbl) has also been a supportive factor.

Outside of energy, the industrial sector (+1.0%) is the only other group that has added 1.0% or more. Transport stocks have provided solid support with the Dow Jones Transportation Average (+1.1%) extending its October gain to 3.2%.

Elsewhere, the consumer discretionary sector trades in-line with the market, but that masks some losses among apparel stocks after Kohl's (KSS 54.26, -4.29) lowered its guidance and Coach (COH 33.75, -2.40) failed to show solid signs of a turnaround in its earnings report.

Staying on the earnings theme, Twitter (TWTR 44.01, -4.55) has tumbled 9.4% after below-consensus monthly active user figures overshadowed in-line results.

Meanwhile, three of four countercyclical sectors-consumer staples (+0.1%), health care (unch), and utilities (-0.3%)-trade little changed while the telecom services sector (+0.9%) outperforms.

Treasuries have spent the day in the red with the 10-yr yield up two basis points at 2.29%.

Economic data included Durable Orders, Case-Shiller 20-City Index, and Consumer Confidence:

September durable goods orders fell 1.3%, which was worse than the 0.6% increase expected among economists polled by Briefing.com
The drop followed the prior month's revised decline of 18.3% (from -18.4%) and was accented with a 2.8% decline in machinery orders, a 2.5% decline in computer and electronic product orders, and a 3.7% drop in orders for transportation equipment
Excluding transportation, durable orders decreased 0.2% (consensus 0.5%) to follow the prior month's revised increase of 0.7% (from 0.4%)
The Case-Shiller 20-city Home Price Index for August rose 5.6%, while a 5.5% increase had been expected by the Briefing.com consensus
This followed the previous month's increase of 6.7%
The Conference Board's Consumer Confidence Index jumped to 94.5 in October from an upwardly revised 89.0 (from 86.0), while the Briefing.com consensus expected a reading of 87.2
Consumer confidence is now at its strongest point since October 2007 and has finally recovered from the Great Recession
Confidence generally trends in conjunction with the equity market, unemployment rate, gasoline prices, and media reports. Large swings in equity prices along with dire media reports about Ebola were expected to contain positive excitement from an improving labor market and lower gasoline costs

12:30 pm: [BRIEFING.COM] Quiet action continues with the S&P 500 (+0.6%) trading fewer than three points below its best level of the session. In all likelihood, the market will remain relatively range-bound until tomorrow afternoon when the FOMC releases its latest policy statement.

The general consensus going into tomorrow is that the Fed will announce its final $15 billion taper that will end scheduled monthly asset purchases. However, it remains to be seen how the Fed frames its commentary on rates. This could lead to some volatility in the market considering the recent rally was predicated in large part on the belief that the Fed will not be in any sort of a rush to hike the fed funds rate.

The 10-yr yield hovers at 2.29% after ending September at 2.51% and marking its lowest level since May 2013 on October 15 (1.87%).

11:55 am: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 trading higher by 0.5%. The price-weighted Dow (+0.3%) continues to lag, but despite today's underperformance, the index has kept pace with the broader market to start the week. Both the Dow and S&P 500 are higher by 0.3% since Friday.

Yesterday, cyclical sectors traded in mixed fashion while countercyclical groups outperformed across the board. The opposite is true today as all six growth-oriented sectors trade in-line or ahead of the market while most countercyclical groups lag.

The telecom services sector (+0.8%) is the lone outperformer, while consumer staples (unch), health care (-0.1%), and utilities (-0.3%) lag.

11:25 am: [BRIEFING.COM] Recent action saw the S&P 500 (+0.6%) extend to a fresh session high.

All six cyclical sectors trade ahead of the broader market with yesterday's biggest laggard-energy (+1.4%)-holding the lead. The growth-sensitive group has benefitted from a modest gain in crude oil, which trades up 0.4% at $81.31/bbl, as well as support from BP's (BP 42.38, +0.43) upbeat earnings.

Furthermore, the energy sector has displayed broad strength, allowing CONSOL Energy (CNX 35.38, +1.15) and Noble Energy (NBL 57.61, +1.23) to advance despite disappointing results.

Outside of energy, the industrial sector (+1.1%) is the only other group trading with a gain of 1.0% or more.

11:00 am: [BRIEFING.COM] The S&P 500 (+0.5%) remains just above its opening level while the Dow Jones Industrial Average (+0.3%) has slipped from its early high. However, small caps have had the best showing so far with the Russell 2000 trading higher by 1.4%.

The small-cap index has shown relative strength as of late with today's advance sending it above the 50-day moving average (1128) for the first time since mid-September. The index has been on a tear ever since marking its 2014 low on October 15, surging 8.8% over the past ten sessions, including today. With three more October sessions remaining, the index is on track to gain 2.8% this month versus no change for the S&P 500.

Elsewhere, Treasuries have marked a fresh low before returning to their worst levels of the night. The 10-yr yield is higher by two basis points at 2.28%.

10:30 am: [BRIEFING.COM]

Crude oil prices have been sliding lower this morning off of earlier highs, but are now back in recovery mode
WTI Dec crude oil just moved back into positive territory and is now +0.1% at $81.11/barrel. Brent crude oil is +0.1% at $85.88/barrel
Grains are showing some gains today as the pace of harvest has slowed
Yesterday at 4pm, the USDA issued its weekly harvest update in its crop progress report, which shows that corn, wheat and soybeans are lagging last year's harvest rate
Corn is +1.8% at $3.70/bushel, wheat +1.1% at $5.29/bu, soybeans are +0.7% at $10.13/bu
Natural gas has erased its losses this morning and is now trading +0.2 at $3.57/MMBtu
Gold and silver gave up earlier gains... Dec gold is now +0.1% at $1230.10, while Dec silver is +0.5% at $17.25
Dec copper +0.7% at $3.09lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.5%.

Just released, the consumer confidence reading for October came in at 94.5, while economists polled by Briefing.com expected the survey to come in at 87.2. This followed the prior month's revised reading of 89.0 (from 86.0).

9:40 am: [BRIEFING.COM] The major averages stayed true to the pre-market strength and rallied out of the gate amid broad strength. The S&P 500 trades higher by 0.4% with all ten sectors showing early gains.

The industrial sector (+0.8%) is the leading group in the early going with transports contributing to the strength. The Dow Jones Transportation Average trades higher by 0.7%. Meanwhile, most of the remaining cyclical sectors also trade ahead of the broader market while the consumer discretionary sector (+0.1%) lags amid weakness in apparel retailers after Kohl's (KSS 54.85, -3.70) cut its guidance.

Over on the countercyclical side, health care (+0.4%) trades in-line with the market while the other defensively-oriented sectors display slimmer gains.

Treasuries have returned near their overnight lows with the 10-yr yield up two basis points at 2.28%.

The Consumer Confidence report for October will be released at 10:00 ET (Briefing.com consensus 87.2).

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +8.60. Nasdaq futures vs fair value: +19.20. The stock market is on track to register solid gains during the opening minutes of today's session as futures on the S&P 500 trade nine points above fair value. Index futures climbed overnight with China's Industrial Profits report (+0.4%; previous -0.6%) providing a measure of support.

Futures reached their highs at the start of the European session and have hovered near those levels until retreating in reaction to a disappointing Durable Orders report for September (-1.3%; Briefing.com consensus 0.6%). In addition to weighing on futures, the news pressured the Dollar Index (85.31, -0.18) to a session low.

On the earnings front, Dow components DuPont (DD 68.02, +0.14) and Pfizer (PFE 29.08, +0.05) are indicated to open higher after reporting better than expected results. On the flip side, Twitter (TWTR 42.36, -6.20) is on track for a sharply lower open after below-consensus monthly active user figures overshadowed in-line results.

Treasuries are flat after reclaiming their overnight losses. The 10-yr yield sits at 2.26%.

The Consumer Confidence report for October will be released at 10:00 ET (Briefing.com consensus 87.2).

9:01 am: [BRIEFING.COM] S&P futures vs fair value: +7.10. Nasdaq futures vs fair value: +17.00. The Case-Shiller 20-city Home Price Index for August rose 5.6%, while a 5.5% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 6.7%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +8.10. Nasdaq futures vs fair value: +17.50. The S&P 500 futures trade eight points above fair value. Markets finished mixed across Asia. Bank of Japan Governor Haruhiko Kuroda testified in front of Parliament and reiterated the recovery remains on track and inflation is on target. Notable were his comments suggesting the central bank is "trying to use easing to lower yields overall."

In economic data:
China's Industrial Profits rose 0.4% (previous -0.6%)
Japan's Retail Sales rose 2.3% year-over-year (expected 0.6%; previous 1.2%)
South Korea's Consumer Confidence slipped to 105 from 107 (expected 108)

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Japan's Nikkei was rejected by the 100-day average and shed 0.4%. Heavyweight Fast Retailing fell 2.1% and lagged the broader market despite the solid retail sales number.
Hong Kong's Hang Seng jumped 1.6% to end near one-month highs. Energy shares paced the advance as China Shenhua Energy and Kunlun Energy both gained at least 3.0%.
China's Shanghai Composite bounced off the 50-day average, climbing 2.1%. Reports indicating a Free-Trade Zone in Tianjin has received approval lifted Tianjian Port 5.8% and Tianjin Shipping 6.3%.
India's Sensex gained 0.5% to finish at its best level in over a month. Pharma remained strong with Sun Pharmaceutical and Cipla rallying 4.2% and 2.9% respectively.

Major European indices trade higher across the board with Italy's MIB (+1.8%) in the lead. Sweden's Riksbank cut its key rate to 0.0% from 0.25%, citing deflationary risks. The central bank said it now expects its first hike to take place in mid-2016 as opposed to the end of next year.

Economic data was limited:
Germany's Import Price Index rose 0.3% month-over-month (expected -0.1%; previous -0.1%) while the year-over-year reading fell 1.6% (consensus -2.0%; last -1.9%)
Italy's Business Confidence ticked up to 96.0 from 95.5 (expected 94.9)

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In France, the CAC trades up 0.3% with growth-sensitive names pacing the rally. Technip, Lafarge, and Schneider Electric hold gains between 2.5% and 3.1%. Sanofi is the weakest performer, down 9.4%, after providing a cautious forecast for its diabetes drug.
Great Britain's FTSE is higher by 0.5% amid broad strength. St James's Place, J Sainsbury, and Weir Group lead with gains close to 1.6% apiece. A handful of financials lag with Standard Chartered and Lloyds Banking down 9.5% and 2.9%, respectively. The weakness followed a profit warning from Standard Chartered.
Germany's DAX has jumped 1.3%. All 30 components hold gains with Deutsche Telekom providing leadership. The stock is higher by 2.7%. Deutsche Bank and Volkswagen trade right behind the index with gains close to 1.4%.
Italy's MIB has spiked 1.8% with help from financials. Mediobanca, Banca Pop Emilia Romagna, and BMPS are up between 2.1% and 2.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +9.10. Nasdaq futures vs fair value: +19.20. The S&P 500 futures trade nine points above fair value.

September durable goods orders fell 1.3%, which was worse than the 0.6% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected a drop of 18.3% (from -18.4%). Excluding transportation, durable orders decreased 0.2% (consensus 0.5%) to follow the prior month's revised increase of 0.7% (from 0.4%).

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +12.60. Nasdaq futures vs fair value: +25.00. U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover 13 points above fair value after holding gains throughout the night. Growth concerns surrounding China have been put on the backburner for the time being after the Industrial Profits report revealed growth of 0.4% (prior -0.6%). Meanwhile in Europe, Sweden cut its key rate to 0.0% in hopes of alleviating deflationary pressures.

Domestically, investors are likely to employ some caution with the latest policy directive from the FOMC expected to be released tomorrow afternoon.

On the economic front, the Durable Orders report for September (Briefing.com consensus 0.6%) will be released at 8:30 ET while the Case-Shiller 20-city Index for August (consensus 5.5%) will cross the wires at 9:00 ET. The day's data will be topped off with the 10:00 ET release of the October Consumer Confidence report (expected 87.2).

Treasuries hover near their lows with the 10-yr yield up two basis points at 2.28%.

In U.S. corporate news of note:

Amgen (AMGN 151.40, +3.20): +2.2% after beating earnings and revenue estimates and raising its guidance above consensus.
Buffalo Wild Wings (BWLD 144.48, +10.66): +8.0% in reaction to better than expected earnings.
BP (BP 42.19, +0.24): +0.6% after reporting better than expected results.
Cliffs Natural Resources (CLF 9.30, +0.06): +0.7% following its bottom-line beat.
Pfizer (PFE 29.55, +0.52): +1.8% after beating bottom-line estimates.
Twitter (TWTR 41.70, -6.86): -14.1% after below-consensus monthly active user figures overshadowed in-line results.

Reviewing overnight developments:

Asian markets ended mostly higher. China's Shanghai Composite +2.1%, Hong Kong's Hang Seng +1.6%, and Japan's Nikkei -0.4%
In economic data:
China's Industrial Profits rose 0.4% (previous -0.6%)
Japan's Retail Sales rose 2.3% year-over-year (expected 0.6%; previous 1.2%)
South Korea's Consumer Confidence slipped to 105 from 107 (expected 108)
In news:
Bank of Japan Governor Kuroda spoke before the Parliament, but his testimony carried a familiar tone. Mr. Kuroda said the weak yen is a good thing for the economy and inflation remains on track to hit 2.0% next year. Separately, the better than expected Retail Sales report raised the probability of a sales tax hike next year.

Major European indices trade higher across the board. France's CAC +0.5%, Great Britain's FTSE +0.5%, and Germany's DAX +1.5%. Elsewhere, Spain's IBEX +1.6% and Italy's MIB +1.7%
Economic data was limited:
Germany's Import Price Index rose 0.3% month-over-month (expected -0.1%; previous -0.1%) while the year-over-year reading fell 1.6% (consensus -2.0%; last -1.9%)
Italy's Business Confidence ticked up to 96.0 from 95.5 (expected 94.9)
Among news of note:
Sweden's Riksbank cut its key rate to 0.0% from 0.25%, citing deflationary risks. The central bank said it now expects its first hike to take place in mid-2016 as opposed to the end of next year.

6:41 am: [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +24.00.

6:41 am: [BRIEFING.COM] Nikkei...15,329.91...-58.80...-0.40%. Hang Seng...23,520.36...+377.10...+1.60%.

6:41 am: [BRIEFING.COM] FTSE...6,383.25...+20.00...+0.30%. DAX...9,025.25...+121.80...+1.40%.

Gold Futures Closes Near Two-Week Low on Fed Speculation

By Debarati Roy Oct 28, 2014 2:31 PM ET

Gold futures traded near a two-week low as investors awaited the conclusion of the Federal Reserve’s two-day meeting tomorrow.

The metal rose as much as 0.5 percent today before erasing gains after a government report showed orders for U.S. durable goods unexpectedly fell in September. The metal’s 30-day volatility has climbed in the past month as investors followed economic data to predict how quickly the Fed will begin raising borrowing costs.

Traders had a “knee-jerk reaction” to the “disappointing” durable-goods data, Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. Prices fell from the highs as investors went back to “waiting for tomorrow. The market is in a wait-and-watch mode,” he said.

Bullion rebounded as much as 6.1 from this year’s low reached on Oct. 6 after the Fed cited slowing foreign economies as a risk to the U.S. Traders have cut the probability the central bank will raise borrowing costs by October 2015 to a 50 percent chance from 79 percent odds on Sept. 30. Rising interest rates reduce gold’s allure because the metal generally only offers investors returns through price gains.

Gold futures for December delivery gained less than 0.1 percent to settle at $1,229.40 an ounce at 1:35 p.m. on the Comex in New York. Prices reached $1,222.20 today, the lowest for a most-active contract since Oct. 15.

Bullion climbed 70 percent from December 2008 to June 2011 as the U.S. central bank bought debt and held borrowing costs near zero percent in a bid to shore up growth. The Fed is expected to end monthly asset purchases at this week’s meeting.

Silver futures for delivery in December added 0.4 percent to $17.226 an ounce on the Comex.

On the New York Mercantile Exchange, palladium futures for delivery in December advanced 0.8 percent to $793.35 an ounce. Prices rose for eighth straight sessions, the longest rally since Aug. 18. Platinum futures for January delivery gained 0.9 percent to $1,266.30 an ounce.

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

To contact the editors responsible for this story: Millie Munshi at mmunshi@bloomberg.net Lynn Thomasson

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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