TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 3:36 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: November 12th Wednesday Trade Results - Profit $480.00
PostPosted: Thu Nov 13, 2014 1:31 am 
Offline
Site Admin

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

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
111214-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+480.00.png
111214-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+480.00.png [ 175.36 KiB | Viewed 373 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $480.00 dollars or +4.80 points, Emini ES ($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 @ $480.00 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=1933

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

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

Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Attachment:
111214-Key-Price-Action-Markets.png
111214-Key-Price-Action-Markets.png [ 1.28 MiB | Viewed 334 times ]

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

4:15 pm: [BRIEFING.COM] The stock market ended the midweek session on a mixed note. The Nasdaq (+0.3%) and Russell 2000 (+0.5%) registered modest gains while the S&P 500 (-0.1%) settled just below its flat line.

Equity indices began the day in negative territory, but the broad weakness was not brought upon by macroeconomic developments. Instead, the benchmark index took a step back after soaring 12.0% off its mid-October low. However, the index could not be held down for long, charging back to its unchanged level before noon ET.

Heavily-weighted financials (-0.3%) and energy (-0.9%) were largely responsible for the opening weakness as the pair accounts for nearly 30.0% of the entire market. The energy sector continued retreating throughout the day while crude oil fell 1.0% to $77.11/bbl. For its part, the financial sector was able to cut its loss in half, but the group kept the benchmark index under pressure into the afternoon. Large banks were the source of the weakness after Bank of America (BAC 17.28, -0.04), Citigroup (C 53.42, -0.39), JPMorgan Chase (JPM 60.56, -0.81), Royal Bank of Scotland (RBS 11.82, -0.22), HSBC (HSBC 50.22, -0.35), and UBS (UBS 17.38, +0.05) were hit with a collective fine of $4.30 billion that was imposed by regulators from the U.S., U.K., and Switzerland. The fine marks the first action taken in a currency-rigging probe that began last year.

The daylong weakness in the two groups prevented the S&P 500 turning positive, but the benchmark index did not go down without a fight. The top-weighted sector-technology-registered a modest gain of 0.2% with help from Apple (AAPL 111.25, +1.55), while consumer discretionary (+0.5%) and industrials (+0.1%) also settled in the green.

Discretionary shares were underpinned by apparel names after Fossil (FOSL 112.48, +8.73) and Macy's (M 61.57, +2.98) reported better than expected results. However, both lowered their guidance and Fossil announced a $1 billion buyback. Retail names in general had a strong showing with the SPDR S&P Retail ETF (XRT 91.54, +1.67), which contains a selection of staple stocks, spiking 1.9%.

Elsewhere, the industrial sector rallied behind transport stocks. The Dow Jones Transportation Average added 0.4% with shipper Matson (MATX 35.21, +5.98) surging 20.5% after agreeing to acquire Horizon Lines (HRZL 0.65, +0.28) for $0.72 per share and the repayment of debt.

Treasuries notched their highs shortly before the start of the session, but retreated throughout the day. The 10-yr yield ended unchanged at 2.36%.

Participation was in-line with long-term averages but below recent trends with 702 million shares changing hands at the NYSE floor.

Economic data was limited to Wholesale Inventories and the MBA Mortgage Index:

Wholesale inventories increased 0.3% in September after increasing a downwardly revised 0.6% (from 0.7%) in August, while the Briefing.com consensus expected an uptick of 0.2%
The BEA assumed that wholesale inventories declined 0.1% in the advance estimate for Q3 GDP, but inventory growth greatly exceeded the estimate, which should result in a positive revision to third quarter growth
The weekly MBA Mortgage Index slipped 0.9% to follow last week's decline of 2.6%

Tomorrow, weekly Initial Claims (Briefing.com consensus 280K) will be released at 8:30 ET while the Job Openings and Labor Turnover Survey will be reported at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the Treasury Budget for October.

Nasdaq Composite +11.9% YTD
S&P 500 +10.3% YTD
Dow Jones Industrial Average +6.3% YTD
Russell 2000 +1.9% YTD

3:35 pm: [BRIEFING.COM]

Energy was a weak spot today. Dec crude oil rose above $78/barrel, but for only a brief moment
Dec crude oil slid lower and ended the day down, closing at $77.16/barrel
Dec nat gas lost almost 2% at $4.18/MMBtu
Metals were down as well
Dec gold and Dec silver each fell 0.4%, while Dec copper lost 0.2%.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the session. The benchmark index started the day with a seven-point loss, but was able to return to its flat line shortly after noon ET.

Despite the swift snapback, the index could not extend into positive territory due to persistent weakness in heavily-weighted energy (-1.1%) and financials (-0.4%). A modest loss in the health care sector (-0.2%) has not helped matters either.

On the upside, the telecom services sector (+0.8%) holds the lead while consumer discretionary (+0.3%) is the top-performing sector on the cyclical side.

2:30 pm: [BRIEFING.COM] The Dow and S&P 500 remain just below their flat lines while the Nasdaq (+0.3%) and Russell 2000 (+0.5%) have extended to new highs.

The tech-heavy Nasdaq owes a good portion of its strength to the shares of Apple (AAPL 111.06, +1.36). The top-weighted index component hovers at a new record high with a gain of 1.3%. Another large index component-Intel (INTC 33.42, +0.10)-trades up 0.3% but other chipmakers remain mixed.

Elsewhere, Treasuries remain on their lows with the 10-yr yield at 2.36%.

2:00 pm: [BRIEFING.COM] The S&P (-0.1%) continues trading just below its flat line while the Russell 2000 (+0.3%) has overtaken the benchmark index.

Just about every sector traded in the red at the start of the session, but the list of declining sectors has shrunk to four. The utilities sector (-2.0%) remains at the bottom of the leaderboard while health care (-0.2%), financials (-0.4%), and energy (-0.5%) also hover below their flat lines.

Since financials and energy account for more than 28.0% of the entire market, the two cyclical sectors will need to show some afternoon strength in order for the S&P 500 to turn positive.

1:30 pm: [BRIEFING.COM] There isn't much change in the major indices, which have plodded along the past few sessions in a consolidation mode. That's a fanciful way of saying the indices are moving laterally more so than they are moving noticeably lower.

It's not a stretch to think they should be pulling back with a 12% gain for the S&P 500 since its low in mid-October, yet favorable seasonals and a fear of missing out on further gains has provided some influential support, such that money isn't rotating out of the stock market so much as it is rotating within the stock market. Accordingly, the stock market has that churning feel to it.

The Treasury market has acted a little more skittishly in recent days with the 10-yr note trading in an 11 basis point range between its high yield last Thursday (2.39%) and its low yield on Monday (2.28%). It currently sits at 2.36% after slipping to 2.32% before the stock market opened.

The 10-yr note recently hit its worst price level of the day following the $24 billion 10-yr note reopening that drew a high yield of 2.365% on a bid-to-cover ratio of 2.52 that trailed the prior 12-auction average of 2.70.

1:00 pm: [BRIEFING.COM] The major averages are little changed at midday. The Nasdaq Composite (+0.2%) holds the lead while the S&P 500 (-0.1%) hovers a bit below its flat line.

Equity indices started the day under pressure, which was not all that surprising considering the benchmark index soared 12.0% off its mid-October low. Despite the lower start, the S&P 500 has been able to overcome the early selling with support coming from influential sectors like consumer discretionary (+0.4%) and technology (+0.2%).

The discretionary sector has been boosted by apparel stocks following better than expected results from Fossil (FOSL 112.71, +8.96) and Macy's (M 61.45, +2.86). Despite their beats, both companies guided lower and Fossil said it will buy back $1 billion worth of shares.

As for technology, the sector has drawn strength from Apple (AAPL 111.05, +1.35), which trades up 1.2%. High-beta components have not shown comparable strength as the PHLX Semiconductor Index trades lower by 0.1%.

Despite the strength in the two sectors, two other cyclical groups-energy and financials-contributed to the lower start. The energy sector (-0.4%) was down near 1.0% amid volatile action in crude. The energy component is currently lower by 0.8% at $77.33/bbl.

Meanwhile, top-weighted components of the financial sector have faced selling after Bank of America (BAC 17.19, -0.12), Citigroup (C 53.36, -0.45), JPMorgan Chase (JPM 60.46, -0.91), Royal Bank of Scotland (RBS 11.80, -0.24), HSBC (HSBC 50.15, -0.42), and UBS (UBS 17.34, +0.01) were hit with a collective fine of $4.30 billion that was imposed by regulators from the U.S., U.K., and Switzerland. The fine represents the first action taken in a currency-rigging probe that began last year.

Treasuries sit on their intraday lows after notching highs shortly before the opening bell. The 10-yr yield remains lower by one basis point at 2.35%.

Economic data was limited to Wholesale Inventories and the MBA Mortgage Index:

Wholesale inventories increased 0.3% in September after increasing a downwardly revised 0.6% (from 0.7%) in August, while the Briefing.com consensus expected an uptick of 0.2%
The BEA assumed that wholesale inventories declined 0.1% in the advance estimate for Q3 GDP, but inventory growth greatly exceeded the estimate, which should result in a positive revision to third quarter growth
The weekly MBA Mortgage Index slipped 0.9% to follow last week's decline of 2.6%

12:30 pm: [BRIEFING.COM] The major averages continue trading near their flat lines after bouncing off their lows. The S&P 500 (-0.1%) faced pressure at the start, but has been able to withstand the early selling.

The ten sectors are currently split down the middle with five up and five down. The telecom services space (+0.8%) shows the largest increase, but the group is the smallest sector by weight. Elsewhere, the consumer discretionary sector (+0.4%) trades ahead of the remaining cyclical groups. Apparel names have given a boost to the sector after Fossil (FOSL 112.39, +8.64) and Macy's (M 61.17, +2.58) reported better than expected results. However, both names guided lower and Fossil announced a $1 billion buyback.

The industrial sector (+0.1%) has also contributed to the rebound with transports showing modest strength. The Dow Jones Transportation Average is higher by 0.2%.

11:55 am: [BRIEFING.COM] After testing its opening low, the S&P 500 (-0.1%) has spiked to a fresh high for the day. Meanwhile, the Nasdaq has been able to inch into positive territory.

The turn in the tech-heavy index has been supported by Apple (AAPL 110.90, +1.20), which trades higher by 1.1%. Other large cap names are mixed with Qualcomm (QCOM 70.42, +0.78) up 1.1%, Google (GOOGL 558.34, -2.95) down 0.5%, and Microsoft (MSFT 48.80, -0.07) trading in-line with the S&P 500.

The Nasdaq has been able to turn positive even though chipmakers (PHLX Semiconductor Index -0.2%) and biotechnology (IBB -0.3%) remain in negative territory.

11:25 am: [BRIEFING.COM] The S&P 500 (-0.2%) just tested its opening low before bouncing back into the middle of today's range. However, the lack of concerted leadership persists.

Four out of six cyclical sectors trade a bit ahead of the benchmark index while financials (-0.5%) and energy (-0.4%) continue trailing the market. The financial sector has endured losses among its top-weighted sectors with Bank of America (BAC 17.12, -0.20), Citigroup (C 53.22, -0.59), and JPMorgan Chase (JPM 60.40, -0.97) down between 1.1% and 1.6%.

Elsewhere, Treasuries have continued their retreat from highs. The 10-yr yield has narrowed its decline to two basis points (2.34%).

11:00 am: [BRIEFING.COM] The major averages have inched up off their lows, but they remain in negative territory. The S&P 500 trades lower by 0.2% while the Russell 2000 (-0.3%) hovers a bit behind.

Similar to the Russell 2000, high-beta groups like biotechnology and chipmakers also lag. The iShares Nasdaq Biotechnology ETF (IBB 294.07, -2.18) is lower by 0.7% while the PHLX Semiconductor Index has given up 0.4%.

On the upside, the telecom services sector (+0.7%) sits in the lead while consumer discretionary (+0.1%) and materials (+0.1%) hold slim gains.

10:35 am: [BRIEFING.COM]

Energy is weak again this morning.
Both crude oil and natural gas have been in the red all morning so far.
Crude has been working on climbing off its $76.86/barrel low for the day.
In current trade, Dec crude is -0.4% at $77.66/barrel
Dec natural gas is -1% at $4.20/MMBtu
Silver has worked its way off of today's low and is now flat at $15.68/oz. Copper is flat at $3.03/lb
Gold has been in a tight range so far today and has come off today's high. Dec gold is now +0.2% at $1165.80/oz

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with eight sectors remaining in the red.

Just released, September wholesale inventories rose 0.3%, while the Briefing.com consensus expected an uptick of 0.2%. Today's report followed last month's revised increase of 0.6% (from 0.7%).

9:40 am: [BRIEFING.COM] The major averages began the trading day amid widespread losses. The S&P 500 trades lower by 0.3% with nine sectors in the red.

The utilities sector (-1.8%) is the weakest performer, but a 0.8% decline in the energy space has had a bigger impact on the market. The sector slumped alongside crude oil, which is lower by 0.9% at $77.23/bbl. Other commodities are holding up well with gold futures ($1165.40/ozt, +2.40) showing a slim gain while copper futures ($3.03/lb, 0.00) are little changed.

On the upside, the consumer discretionary sector (+0.1%) is the only group trading in the green at this time. As for other influential sectors, financials (-0.3%) trade in-line while health care (-0.4%) trails.

Treasuries remain near their highs with the 10-yr yield down three basis points at 2.33%.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -13.50. The stock market is on track for a lower open with futures on the S&P 500 trading seven points below fair value. This will cause the benchmark index to take a step back at the start after surging 12.0% off the mid-October low.

Conveniently, the profit-taking is occurring amid weakness in Europe where most key indices are down in excess of 1.0%. Italy's MIB (-2.0%) is the weakest performer with financials fueling the retreat. That dynamic has caused participants to increase their exposure to fixed income. Germany's 10-yr note (-3 bps) and the U.S. 10-yr note (-4 bps) are both near their highs with their respective yields at 0.76% and 2.33%.

Also in Europe, the Bank of England released its quarterly report, which warned that inflation could fall below 1.0% over the next few months. The pound trades near 1.5830 against the dollar after ending yesterday near 1.5920. Another interesting development has taken place in the FX market with the euro/franc pair dipping to 1.2020. The continued risk aversion puts the pair just 20 pips above the 1.2000 floor set by the Swiss National Bank.

Domestically, investors have received several earnings of note, but the results have had little impact on the market. Macy's (M 58.95, +0.36) is on track to open higher by 0.7% after beating bottom-line estimates on light revenue. However, the retailer primed the market for below-consensus results for the full year. Elsewhere, Fossil (FOSL 112.85, +9.10) has added 8.8% in pre-market action after beating estimates, announcing a $1 billion buyback, and guiding lower.

The Wholesale Inventories report for September (Briefing.com consensus 0.2%) will be released at 10:00 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -7.90. Nasdaq futures vs fair value: -15.80. The S&P 500 futures trade nine points below fair value.

Markets rallied across much of Asia. News regarding a potential shakeup in Japan's government continued with speculation that Prime Minister Shinzo Abe may use a snap election as a referendum on his plan to increase the sales tax, which is now expected to take place in April 2017. However, Mr. Abe said yesterday that he has not made any references to dissolving the parliament.

In economic data:
Japan's Tertiary Industry Activity Index rose 1.0% month-over-month (expected 0.9%; prior -0.1%) while M2 Money Stock grew 3.2% year-over-year (consensus 2.5%; last 3.1%)
Australia's Westpac Consumer Sentiment increased 1.9% (prior 0.9%) while Wage Price Index rose 0.6% quarter-over-quarter, as expected
South Korea's Unemployment Rate held at 3.5%, as expected o India's CPI rose 5.5% year-over-year (expected 6.2%; previous 6.5%) while Industrial Production rose 2.5% year-over-year (consensus 0.4%; last 0.4%)

------

Japan's Nikkei added 0.4% to finish at a fresh seven-year high. Retailers gained on hopes of a delay in the consumption tax hike. Heavyweight Fast Retailing added 0.9% and J Front Retailing spiked 3.1%.
Hong Kong's Hang Seng rose 0.6%, gaining for a third straight day. Financials led the advance as Bank of China rallied 1.1% and HSBC tacked on 0.6%.
China's Shanghai Composite climbed 1.0% to its best levels in three years. Automaker SAIC Motor jumped 3.3% after receiving an analyst upgrade.
India's Sensex advanced 0.4%, finishing at a record high. Automakers led the way as Bajaj Motor and Tata Motors both gained 2.0%.

Major European indices hold losses across the board with Italy's MIB (-2.2%) leading the region lower. Elsewhere, the Bank of England released its quarterly report, which warned that inflation could fall below 1.0% over the next few months. Furthermore, Governor Mark Carney indicated he does not expect the 2.0% target to be reached for three years. The 2015 growth forecast for the UK was lowered to 2.9%. The pound trades near 1.5820 against the dollar after ending yesterday near 1.5920. Also of note, the euro/franc pair has dipped to 1.2020 with the Swiss National Bank's floor lurking just below at 1.2000.

Investors received several data points:
Eurozone Industrial Production rose 0.6% month-over-month (expected 1.0%; prior -1.4%) while the year-over-year reading also increased 0.6% (consensus -0.2%; last -0.5%)
Germany's Wholesale Price Index slipped 0.6% month-over-month (expected 0.2%; previous 0.1%) while the year-over-year reading decreased 0.7% (prior -0.9%)
Great Britain's Average Earnings Index + Bonus rose 1.0% (consensus 0.9%; last 0.7%) while CB Leading Index slipped 0.4% (expected 0.4%). Separately, Claimant Count declined 20,400 (consensus -24,900; prior -18,400), but the Unemployment Rate held at 6.0% (expected 5.9%)

------

Great Britain's FTSE is lower by 0.4% with financials under pressure. Aberdeen Asset Management, Barclays, and Hargreaves Lansdown are down between 2.0% and 4.6%. On the upside, G4S has added 4.3% after announcing the sale of one of its units.
In France, the CAC trades down 1.4% amid weakness in financials. BNP Paribas, Credit Agricole, and Societe Generale are the three weakest performers with losses between 2.4% and 3.3%. Hotel operator Accor leads with a gain of 0.5%.
Germany's DAX has surrendered 1.6% with 29 of its 30 names in the red. Exporters BMW and Daimler hold respective losses of 1.8% and 2.0% while Beiersdorf outperforms. The stock trades up 0.4%.
Italy's MIB holds a loss of 2.2% amid weakness in financials. Banco Popolare, Banca di Milano Scarl, Banca Pop Emilia Romagna, and Unicredit are down between 4.0% and 5.5%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -15.50. Equity futures have ticked to new lows amid continued weakness overseas. Meanwhile, Treasuries have extended their advance to new highs for the day. The 10-yr yield is lower by four basis points at 2.32% with Germany's 10-yr also holding a four-basis point decline at 0.75%.

The cautious posture has also been reflected by the foreign exchange market where the dollar and yen are both on the rise. The yen has had the advantage in a head-to-head battle as the dollar/yen pair trades lower by about 50 pips at 115.20. For its part, the Dollar Index (87.56, +0.03) remains just above its flat line.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -11.30. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures hover six points below fair value after spending the night in negative territory.

The S&P 500 ended yesterday's session with a week-to-date gain of 0.4%, but the current indication suggests the benchmark index will have to do some work to defend that advance. The dollar weakened yesterday, but snapped back overnight. Currently, the Dollar Index (87.61, +0.08) is higher by 0.1% with solid gains against the pound (+95 pips).

Treasuries are modestly higher with the 10-yr yield down three basis points at 2.33%.

The weekly MBA Mortgage Index slipped 0.9% to follow last week's decline of 2.6% while the Wholesale Inventories report for September (Briefing.com consensus 0.2%) will be released at 10:00 ET.

In U.S. corporate news of note:

Beazer Homes (BZH 20.00, +0.75): +3.9% in reaction to better than expected revenue.
Canadian Solar (CSIQ 34.44, +2.97): +9.4% after beating on earnings/revenue and guiding Q4 revenue below consensus.
Fossil (FOSL 114.00, +10.25): +9.9% after beating estimates and guiding below analyst expectations. The company announced a $1 billion share buyback.

Reviewing overnight developments:

Asian markets ended mostly higher. Japan's Nikkei +0.4%, Hong Kong's Hang Seng +0.6%, and China's Shanghai Composite +1.0%
In economic data:
Japan's Tertiary Industry Activity Index rose 1.0% month-over-month (expected 0.9%; prior -0.1%) while M2 Money Stock grew 3.2% year-over-year (consensus 2.5%; last 3.1%)
Australia's Westpac Consumer Sentiment increased 1.9% (prior 0.9%) while Wage Price Index rose 0.6% quarter-over-quarter, as expected
South Korea's Unemployment Rate held at 3.5%, as expected
India's CPI rose 5.5% year-over-year (expected 6.2%; previous 6.5%) while Industrial Production rose 2.5% year-over-year (consensus 0.4%; last 0.4%)
In news:
News regarding a potential shakeup in Japan's government continued with speculation that Prime Minister Shinzo Abe may use a snap election as a referendum on his plan to increase the sales tax, which is now expected to take place in April 2017. However, Mr. Abe said yesterday that he has not made any references to dissolving the parliament.

Major European indices trade lower across the board. Great Britain's FTSE -0.4%, France's CAC -1.1%, and Germany's DAX -1.3%. Elsewhere, Spain's IBEX -1.3% and Italy's MIB -2.0%
Economic data was limited:
Eurozone Industrial Production rose 0.6% month-over-month (expected 1.0%; prior -1.4%) while the year-over-year reading also increased 0.6% (consensus -0.2%; last -0.5%)
Germany's Wholesale Price Index slipped 0.6% month-over-month (expected 0.2%; previous 0.1%) while the year-over-year reading decreased 0.7% (prior -0.9%)
Great Britain's Average Earnings Index + Bonus rose 1.0% (consensus 0.9%; last 0.7%) while CB Leading Index slipped 0.4% (expected 0.4%). Separately, Claimant Count declined 20,400 (consensus -24,900; prior -18,400), but the Unemployment Rate held at 6.0% (expected 5.9%)
Among news of note:
The Bank of England released its quarterly report, which warned that inflation could fall below 1.0% over the next few months. Furthermore, Governor Mark Carney indicated he does not expect the 2.0% target to be reached for three years. The 2015 growth forecast for the UK was lowered to 2.9%. The pound trades near 1.5820 against the dollar after ending yesterday near 1.5920.

7:04 am: [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -13.00.

7:04 am: [BRIEFING.COM] Nikkei...17,197.05...+72.90...+0.40%. Hang Seng...23,938.18...+129.90...+0.60%.

7:04 am: [BRIEFING.COM] FTSE...6,603.88...-23.50...-0.40%. DAX...9,265.86...-102.70...-1.10%.

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

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

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


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

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


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

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