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 Post subject: November 6th Thursday Trade Results - Profit $1670.00
PostPosted: Thu Nov 06, 2014 9:23 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 @ $1,670.00 dollars or +16.70 points, Emini ES ($ES_F) futures @ $0.00 dollars or +00.00 points, Light Crude Oil CL ($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 @ $1,670.00 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=136&t=1929

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=250&t=2561

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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

4:15 pm: [BRIEFING.COM] Equity indices registered modest gains on Thursday ahead of the Nonfarm Payrolls report for October (Briefing.com consensus 235,000), which will be released tomorrow. The S&P 500 added 0.4% with seven sectors ending in the green.

The key indices spent the entire session in a slow and steady climb off their opening lows, but the same could not be said for the greenback.

The Dollar Index (88.08, +0.64) spiked 0.7% after the European Central Bank released its latest policy statement. Although the central bank did not announce any changes, the euro tumbled below 1.2380 against the dollar after Mario Draghi said the bank will begin purchases of asset-backed securities soon and will not hesitate to introduce additional easing if needed. The reminder of willingness to consider additional measures boosted European equities and helped U.S. futures climb off their overnight lows.

However, it should be noted that the ECB has already discussed its intentions to begin ABS purchases in the past. Furthermore Mr. Draghi's comments about additional easing contrasted with Tuesday's Reuters story, which claimed nearly half of the ECB board opposes the implementation of a sovereign quantitative easing program.

The resulting dollar strength weighed on crude oil (77.90, -0.78), but the energy sector (+1.3%) ended in the lead despite showing early weakness. The sector climbed to highs during the final hour of the session, rising above the industrial space (+1.1%), which led for the bulk of the day.

Industrials received strong support from General Electric (GE 26.36, +0.54) as the top-weighted sector component reclaimed its 200-day moving average, spiking 2.1% to levels last seen in mid-September. Transports also fared well with the Dow Jones Transportation Average jumping 1.3%.

Elsewhere among cyclical sectors, consumer discretionary (+0.9%) and materials (+0.8%) displayed strength while financials (+0.1%) and technology (-0.1%) lagged.

The materials sector was boosted by miners after Randgold Resources (GOLD 64.61, +5.45) reported earnings. The company missed bottom-line estimates, but investors cheered news indicating Randgold has closed its revolving credit facility. The stock spiked 9.2% while the Market Vectors Gold Miners ETF (GDX 17.21, +0.62) jumped 3.7%.

On the downside, technology (-0.1%) spent the day in negative territory after Qualcomm (QCOM 70.57, -6.63) reported disappointing results. Shares of QCOM plunged 8.6% while the PHLX Semiconductor Index lost 0.9%.

The losses among chipmakers weighed on the Nasdaq, but the index caught up to the broader market during the final hour. Biotechnology factored into the afternoon strength with the iShares Nasdaq Biotechnology ETF (IBB 293.32, +4.42) climbing 1.5%. For its part, the health care sector (+0.6%) settled ahead of the remaining countercyclical groups.

Treasuries ended on their lows with the 10-yr yield up four basis points at 2.38%.

Participation was ahead of average with more than 730 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Productivity/Labor Cost data, and Challenger Job Cuts:

Nonfarm labor productivity increased 2.0% in the third quarter, down from an upwardly revised 2.9% (from 2.3%) gain in the second quarter
The Briefing.com consensus expected an increase of 1.5%
Output growth decelerated in the third quarter, increasing 4.4% after a 5.5% increase in the second quarter, which was in-line with third quarter GDP growth
The relatively weaker output level resulted in a modest acceleration in unit labors costs, up 0.3% after declining 0.5% in Q2 2014
Initial Claims declined to 278,000 from a revised rate of 288,000 (from 287,000), while the Briefing.com consensus expected a reading of 285,000
Claims have held below the 300,000 mark for the past several weeks, setting expectations for relatively strong job growth
The Challenger Job Cuts report for October rose 11.9% to follow the prior decline of 24.4%

Tomorrow, the October Nonfarm Payrolls report (Briefing.com consensus 235,000) will be released at 8:30 ET while the Consumer Credit report for September (consensus $16.00 billion) will cross the wires at 15:00 ET.

Nasdaq Composite +11.1% YTD
S&P 500 +9.9% YTD
Dow Jones Industrial Average +5.9% YTD
Russell 2000 +0.7% YTD

3:30 pm: [BRIEFING.COM]

The dollar index climbed higher this morning and remained near session highs, creating pressure on select commodities
The big mover this afternoon was in natural gas, which rallied notably on the current weather outlook.
This also follows the weekly EIA storage data, which was bearish as it showed a larger-than-expected build
Dec nat gas closed the day 5.1% higher at $4.41/MMBtu
Dec crude oil remained in negative territory, finishing 1% lower at $77.90/barrel
Precious metals fell modestly today with Dec gold losing 0.3% to $1142.20/oz and Dec silver -0.3% to $15.40/oz
Dec copper rose 0.3% to $3.02/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the session. The benchmark index has spent the entire trading day near its flat line, but the same can't be said for the Dollar Index.

The Index (88.01, +0.57) is higher by 0.7% with the dollar showing significant strength against the euro (+100 pips) and the British pound (+135 pips). Thanks to today's advance, the index trades at levels last seen in late May/early June 2010 when it climbed as high as 88.80.

Elsewhere, Treasuries remain near their lows with the 10-yr yield up three basis points at 2.38%.

2:30 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 trading within a point of its session high.

Investors received a heavy batch of earnings before today's open with one last large dose expected after today's closing bell. Dow component Disney (DIS 91.54, +0.54) will headline the list that will also include results from NVIDIA (NVDA 20.08, -0.05), First Solar (FSLR 55.92, -0.34), and Skyworks (SWKS 61.74, +0.86).

Tomorrow morning will be relatively quiet on the earnings front and the number of reporting companies will decline notably next week.

2:00 pm: [BRIEFING.COM] Equity indices have continued inching higher while the industrial sector (+1.1%) remains in the lead.

Today's advance has put the S&P 500 on track to extend this week's gain to 0.5%. That would put the index a bit behind the Dow, which has added 0.9% so far this week, but ahead of the Nasdaq Composite. The tech-heavy index is lower by 0.1% since last Friday.

With two hours left in the trading day, the A/D line is favoring the bulls with roughly 1.1 issues trading higher for each decliner.

1:30 pm: [BRIEFING.COM] One has to either admire or simply shake their head at the resilience of the stock market, which has simply refused to relent to selling interest. Since its low on October 15, the S&P 500 has risen 11.4%.

The reasons why are debatable, yet faith in the central bank put (that is, the notion that central bankers will be there with more policy stimulus if things get worse) has been an undying measure of support for the last six years. The ECB pushed that put today with the declaration that it stands ready, and is now making timely preparations, to do more if necessary.

That remark has provided underlying support for today's market, which arguably might also be benefiting from an asset reallocation out of bonds and into stocks. In the same period the S&P 500 has risen 11.4%, the yield on the 10-yr note has climbed 24 basis points to 2.38%.

Notably, the euro-dollar cross is at 1.2392 following today's ECB meeting. That is its lowest level in more than two years and is flirting with levels seen when ECB President Draghi made his famous declaration in July 2012 that he would do whatever it takes to protect the euro.

12:55 pm: [BRIEFING.COM] The major averages are little changed at midday after maintaining narrow ranges through the first half of today's action. The S&P 500 (+0.1%) hovers near its best level of the session with six sectors showing gains.

The foreign exchange market received significant attention this morning after the European Central Bank released its latest policy statement. Although the central bank did not announce any changes, the euro tumbled to 1.2400 against the dollar after Mario Draghi said the bank will begin purchases of asset-backed securities soon and will not hesitate to introduce additional easing if needed. The willingness to consider additional measures gave a boost to European equities and helped U.S. futures climb off their lows.

However, it is worth noting that the ECB has already discussed its intentions to begin ABS purchases in the past. Furthermore Mr. Draghi's comments about additional easing contrasted with Tuesday's Reuters story, which suggested nearly half of the ECB board opposes a sovereign quantitative easing program.

Today's euro weakness has underpinned the Dollar Index (87.96, +0.52), which in turn has pressured crude oil. The energy component is lower by 0.6% at $78.23 while the energy sector (+0.4%) holds a modest gain after erasing its opening loss.

Similar to energy, three other cyclical sectors-consumer discretionary (+0.5%), industrials (+1.0%), and materials (+0.7%)-hold gains while financials (-0.1%) and technology (-0.4%) underperform.

The industrial sector has led since the opening bell. General Electric (GE 26.26, +0.44), which is the largest sector component by market cap, is higher by 1.7% after overtaking its 200-day moving average (25.92). Transport stocks have also factored into the strength as 19 of 20 components of the Dow Jones Transportation Average (+1.1%) trade in the green.

On the flip side, technology has yet to make it into the green due to weakness among chipmakers. Qualcomm (QCOM 68.45, -8.75) has given up 11.3% after missing estimates and guiding below analyst expectations while the broader PHLX Semiconductor Index is lower by 1.2%.

Over on the countercyclical side, consumer staples (+0.1%) and health care (+0.5%) hold gains while telecom services (-1.2%) and utilities (-1.4%) lag.

Treasuries are on their lows with the 10-yr yield up three basis points at 2.38%.

Economic data included Initial Claims, Productivity/Labor Cost data, and Challenger Job Cuts:

Nonfarm labor productivity increased 2.0% in the third quarter, down from an upwardly revised 2.9% (from 2.3%) gain in the second quarter
The Briefing.com consensus expected an increase of 1.5%
Output growth decelerated in the third quarter, increasing 4.4% after a 5.5% increase in the second quarter, which was in-line with third quarter GDP growth
The relatively weaker output level resulted in a modest acceleration in unit labors costs, up 0.3% after declining 0.5% in Q2 2014
Initial Claims declined to 278,000 from a revised rate of 288,000 (from 287,000), while the Briefing.com consensus expected a reading of 285,000
Claims have held below the 300,000 mark for the past several weeks, setting expectations for relatively strong job growth
The Challenger Job Cuts report for October rose 11.9% to follow the prior decline of 24.4%

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.1%) continues holding a slim gain while the Nasdaq Composite has yet to catch up to the benchmark index.

The tech-heavy Nasdaq has been weighed down by Qualcomm (QCOM 68.43, -8.77) and other chipmakers, but large cap tech components have not fared much better.

Elsewhere, the biotech group had shown significant strength in the morning, but the iShares Nasdaq Biotechnology ETF (IBB 290.51, +1.61) has narrowed its gain to 0.6%. The biotech ETF deserves attention into the afternoon as the potential continuation of the retreat from highs could pressure the Nasdaq and the broader market.

12:00 pm: [BRIEFING.COM] The S&P 500 has marked a new session high in a move that saw most sectors inch up from their recent levels. The industrial sector has shown strength since the opening bell and the group is now higher by 1.0%.

Transport stocks have fueled the outperformance with airlines showing significant strength. JetBlue Airways (JBLU 12.71, +0.58) has jumped 4.8% while the other four carriers that are represented in the Dow Jones Transportation Average (+1.1%) hold gains of 2.0% or more. The industrial sector has also received significant support from General Electric (GE 26.26, +0.44), which is higher by 1.7% after overtaking its 200-day moving average (25.92) for the first time since mid-September.

Elsewhere, Treasuries remain near their lows with the 10-yr yield up two basis points at 2.37%.

11:30 am: [BRIEFING.COM] The S&P 500 has poked its head above the unchanged level, but the advance has lacked concerted leadership with both cyclical and countercyclical sectors trading in mixed fashion.

The two top-weighted sectors-technology (-0.3%) and financials (-0.1%)-have yet to appear in the green while the next three groups-health care (+0.7%), consumer discretionary (+0.6%), and industrials (+0.9%)-outperform.

Similarly, high-beta groups have also struggled to gain ground as chipmakers lag (PHLX Semiconductor Index -1.0%) while biotechnology displays relative strength. The iShares Nasdaq Biotechnology ETF (IBB 291.62, +2.72) is higher by 0.9%. As for the Russell 2000, the index trades in-line with the S&P 500.

10:55 am: [BRIEFING.COM] Equity indices continue trading within just a few points of their flat lines. The S&P 500 (-0.1%) sits just below its unchanged level while the Dow (+0.1%) continues holding a slim gain.

Individual sectors have been split down the middle for the past hour with consumer discretionary (+0.3%), industrials (+0.6%), and health care (+0.5%) showing relative strength. The industrial sector has been underpinned by transport stocks. The Dow Jones Transportation Average trades up 0.7% with all 20 components in the green.

However, the strength of the advancing sectors has not been enough to lift the S&P 500 out of the red. Technology (-0.5%) continues to weigh amid weakness in chipmaker names. The PHLX Semiconductor Index has widened its loss to 1.4%.

10:40 am: [BRIEFING.COM]

Commodities are mixed this morning, while the dollar index is trading +0.4% at 87.76.
Natural gas storage data came out today. Nat gas were sitting near its LoD just ahead of the data.
Following the data, futures dropped 5 cents to $4.11/MMBtu, a new low for the day, following inventory data, which showed a larger-than-expected build
Dec nat gas is now -1.5% at $4.13/MMBtu
Dec crude oil slid lower this morning and is now -1.2% at $77.77/barrel
Gold and silver rallied in recent trading, pushing to new highs for the day
Dec gold is now +0.1% at $1146.40/oz, while Dec silver is -0.4% at $15.39/oz
Dec copper +0.1% at $3.01/lb

10:00 am: [BRIEFING.COM] The S&P 500 remains just below its flat line while the Dow Jones Industrial Average trades higher by 0.1%.

Only nine Dow components hover in the red with just one of the nine names trading with a loss larger than 0.6%. American Express (AXP 91.62, -0.80) is lower by 0.9% while the remaining decliners sit much closer to their flat lines. However, the advancers are also bunched together while UnitedHealth (UNH 96.55, +0.75) outperforms with a gain of 0.8%.

Treasuries remain near their lows with the 10-yr yield at 2.36% (-2 bps).

9:40 am: [BRIEFING.COM] The major averages trade near their flat lines after starting the session little changed.

Five of ten sectors hold opening gains with health care (+0.3%) and consumer staples (+0.3%) in the lead. Meanwhile on the cyclical side, industrials (+0.2%) and consumer discretionary (+0.1%) have shown early strength while technology (-0.5%) lags with chipmakers contributing to the weakness after Qualcomm (QCOM 69.86, -7.34) reported disappointing results. The stock has given up 9.4% while the PHLX Semiconductor Index is lower by 0.8%.

Also of note, the energy sector trades flat even though crude oil hovers at $77.64/bbl after surrendering 1.3%.

Treasuries remain under pressure with the 10-yr yield up three basis points at 2.37%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +7.70. The stock market is on track for a higher open with futures on the S&P 500 trading four points above fair value.

Index futures held modest losses overnight, but spiked to highs after European Central Bank President Mario Draghi began his press conference and said the central bank will begin purchases of asset-backed securities soon. However, it is worth noting that the ECB has already discussed its intentions to begin ABS purchases in the past. Mr. Draghi also said the central bank is ready to step up its easing efforts if needed, but that contrasts with this week's Reuters story, which suggested nearly half of the ECB board opposes a sovereign quantitative easing program.

Domestically, investors have received the last heavy batch of Q3 earnings, but the reports have not led to broad moves in the market. The consumer staples sector outperformed yesterday and the group is on track to receive a boost from better than expected results reported by Whole Foods (WFM 43.30, +3.31). On the flip side, Qualcomm (QCOM 72.00, -5.20) is on course to weigh on the technology sector after missing estimates and guiding below analyst expectations.

On the economic front, the latest weekly initial jobless claims count totaled 278,000, while the Briefing.com consensus expected a reading of 285,000.

Treasuries are on their lows with the 10-yr yield up two basis points at 2.37%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +12.20. The S&P 500 futures trade almost seven points above fair value.

Markets closed mixed across Asia. The latest Bank of Japan minutes voiced concern the recent drop in oil prices could push inflation below 1.0%.

Economic data was limited:
Japan's Leading Index rose to 105.6 from 104.4 (expected 105.5)
Australia's Employment Change came in at 24,100 (expected 10,300; prior -23,700), but the Unemployment Rate held at 6.2% (expected 6.1%)

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Japan's Nikkei fell 0.9% from seven-year highs. Toyota Motor edged up 0.1% after reporting better than expected quarterly results and announcing it expects record profit for the fiscal year.
Hong Kong's Hang Seng shed 0.2% to register its fourth day of selling. Casino names remained under pressure as Sands China and Galaxy Entertainment sank 4.6% and 3.2%, respectively.
China's Shanghai Composite added 0.3% to close near 21-month highs. Rail stocks extended their recent strength with China Railway Group climbing 2.6% and China Railway Construction Group jumping 2.8%.
India's Sensex was closed for holiday.

Major European indices have surged to highs after European Central Bank President Mario Draghi said the central bank will begin purchases of asset-backed securities soon. However, it is worth noting that the ECB has already discussed its intentions to begin ABS purchases in the past. Mr. Draghi also said the central bank is ready to step up its easing efforts if needed, but that contrasts with this week's Reuters story, which suggested nearly half of the ECB board opposes a sovereign quantitative easing program.

Elsewhere, the Bank of England made no changes to its policy stance, keeping its key rate and the purchasing program at their respective 0.5% and GBP375 billion. The euro has dropped to 1.2410 against the dollar.

Participants received several data points:
Germany's Factory Orders ticked up 0.8% month-over-month (expected 2.3%; prior -4.2%)
Great Britain's Industrial Production rose 0.6% month-over-month (consensus 0.4%; last -0.1%) while the year-over-year reading increased 1.5% (forecast 1.5%; prior 2.2%). Separately, Manufacturing Production rose 2.9% year-over-year (expected 2.8%; prior 4.0%) and Halifax House Price Index increased 8.8% year-over-year (consensus 9.1%; last 9.6%)
Swiss SECO Consumer Climate fell to -11 from -1 (expected -5)

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Great Britain's FTSE is higher by 0.5%. Staple stocks outperform with WM Morrison Supermarkets, J Sainsbury, and Tesco up between 3.6% and 6.8% after WM Morrison reaffirmed its guidance. On the downside, AstraZeneca, GlaxoSmithKline, and Smith & Nephew are down between 1.3% and 2.2%.
In France, the CAC trades up 1.0% amid strength in growth-sensitive names. Cap Gemini, Technip, and Michelin are up between 3.3% and 4.8%. Financials lag with Credit Agricole and Societe Generale down 4.7% and 1.2%, respectively.
Germany's DAX has climbed 1.1% with help from producers of basic materials. HeidelbergCement, ThyssenKrupp, and K+S are up between 2.0% and 5.6%. Drug makers lag with Bayer and Merck lower by 1.1% and 1.7%, respectively.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: -5.30. The S&P 500 futures trade two points below fair value.

The latest weekly initial jobless claims count totaled 278,000, while the Briefing.com consensus expected a reading of 285,000. Today's tally was below the revised prior week count of 288,000 (from 287,000). As for continuing claims, they fell to 2.348 million from 2.387 million.

Unit labor costs increased 0.3% during the third quarter, which was lower than the 0.7% increase that had been anticipated by the Briefing.com consensus. During the same period, productivity increased 2.0%, according to the preliminary reading. The consensus expectation was for an increase of 1.5%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -9.00. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover four points below fair value after spending the night in negative territory.

The overnight session has been relatively quiet with no major developments impacting investor sentiment. The European Central Bank has recently released its latest policy directive, but the statement did not call for changes to the interest rate corridor. The euro holds a modest gain against the dollar (+30 pips) with the Dollar Index trading lower by 0.2% (87.30, -0.14).

Treasuries are little changed with the 10-yr yield at 2.34%.

The Challenger Job Cuts report for October rose 11.9% to follow the prior decline of 24.4%.

Weekly Initial Claims (Briefing.com consensus 285K) and Q3 Productivity/Unit Labor Costs data will cross the wires at 8:30 ET.

In U.S. corporate news of note:

AstraZeneca (AZN 72.41, -1.06): -1.4% despite beating expectations.
Qualcomm (QCOM 72.85, -4.35): -5.6% after missing estimates and guiding below analyst expectations.
Randgold Resources (GOLD 61.03, +1.87): +3.2% despite missing earnings estimates.
Tesla Motors (TSLA 244.67, +13.70): +6.0% after beating estimates and lowering its guidance.
Whole Foods Market (WFM 43.55, +3.56): +8.9% in reaction to a bottom-line beat and below-consensus full-year 2015 guidance. The company hiked its dividend 8.0% to $0.12.
Zillow (Z 94.28, -9.49): -9.2% after its cautious revenue guidance overshadowed better than expected earnings.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite +0.3%, Hong Kong's Hang Seng -0.2%, and Japan's Nikkei -0.9%
In economic data:
Japan's Leading Index rose to 105.6 from 104.4 (expected 105.5)
Australia's Employment Change came in at 24,100 (expected 10,300; prior -23,700), but the Unemployment Rate held at 6.2% (expected 6.1%)
In news:
South Korea's Deputy Finance Minister said the country will attempt to manage the won based on the performance of the yen. Meanwhile, the Japanese currency fell below the 115.00 level overnight, but has since reclaimed that loss.

Major European indices trade little changed. Germany's DAX +0.1%, France's CAC +0.1%, and Great Britain's FTSE is flat. Elsewhere, Italy's MIB -0.1% and Spain's IBEX is unchanged.
Participants received several data points:
Germany's Factory Orders ticked up 0.8% month-over-month (expected 2.3%; prior -4.2%)
Great Britain's Industrial Production rose 0.6% month-over-month (consensus 0.4%; last -0.1%) while the year-over-year reading increased 1.5% (forecast 1.5%; prior 2.2%). Separately, Manufacturing Production rose 2.9% year-over-year (expected 2.8%; prior 4.0%) and Halifax House Price Index increased 8.8% year-over-year (consensus 9.1%; last 9.6%)
Swiss SECO Consumer Climate fell to -11 from -1 (expected -5)
Among news of note:
The Bank of England made no changes to its policy stance, keeping its key rate and the purchasing program at their respective 0.5% and GBP375 billion.
The European Central Bank also maintained its policy stance, holding its main refinance rate at 0.05%.

7:10 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -5.00.

7:10 am: [BRIEFING.COM] Nikkei...16,792.48...-144.80...-0.90%. Hang Seng...23,649.31...-46.30...-0.20%.

7:10 am: [BRIEFING.COM] FTSE...6,534.91...-4.20...-0.10%. DAX...9,335.60...+20.30...+0.20%.

Gold Posts Longest Slump in 17 Months on Dollar Rally

By Debarati Roy Nov 6, 2014 3:42 PM ET

Gold futures fell, capping the longest slump since May 2013, as the dollar rally eroded the appeal of the precious metal as an alternative investment.

Yesterday, gold touched the lowest since April 23, 2010. Today, the greenback rose to a five-year high against a basket of 10 currencies on signs that the U.S. economy is gaining traction.

Ratios with commodities including silver and oil indicate that gold is relatively expensive. Investors should watch holdings in exchange-traded products backed by gold to gauge whether the price slump will continue, James Steel, an analyst at HSBC Securities (USA) Inc., said yesterday in a report. Global assets in ETPs backed have dropped to the lowest since September 2009.

“Gold is a victim of the dollar strength,” Ade Odunsi, a portfolio manager at New York-based Treesdale Partners LLC, said in a telephone interview. “There is a big expectation that the U.S. economy will continue to grow and that will further boost the dollar.”

Gold futures for December delivery dropped 0.3 percent to settle at $1,142.60 an ounce at 2:08 p.m. on the Comex in New York, falling for the seventh straight session. Trading was 26 percent above the 100-day average for this time, according to data compiled by Bloomberg. Yesterday, the most-active contract touched a 54-month low of $1,137.10.

The divergence between the U.S. and economies including the European Union and Japan is driving gains for the dollar. Fewer Americans are being fired, and productivity is increasing, government data showed today. European Central Bank President Mario Draghi deepened his commitment to a stimulus program.

Annual Losses

Gold headed for a consecutive annual drop for the first time since 1998. The price slumped 28 percent last year as equities surged and inflation remained low. In 2013, an outflow of 869 tons from ETP holding helped wipe out more than $73 billion from the value of the funds.

Silver futures for delivery in December fell 0.2 percent to $15.413 an ounce on the Comex. Yesterday, the price touched $15.12, the lowest since Feb. 10.

On the New York Mercantile Exchange, platinum futures for January delivery fell 1.1 percent to $1,197.10 an ounce, the lowest settlement since July 30, 2009.

Palladium futures for December delivery declined 0.7 percent to $752.60 an ounce.

This year, gold has dropped 5 percent, silver tumbled 20 percent and platinum is down 13 percent. Palladium has gained 4.8 percent. The dollar is up 7.7 percent against the currency basket.

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 Patrick McKiernan

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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