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 Post subject: November 21st Friday Trade Results - Profit $4050.00
PostPosted: Fri Nov 21, 2014 7:24 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 @ $4,050.00 dollars or +40.50 points, Emini ES ($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 @ $4,050.00 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=1940

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

Wall St. ends at records on central bank action

NEW YORK (Reuters) - U.S. stocks closed higher on Friday, with major indexes notching a fifth straight weekly advance after China's central bank cut its benchmark interest rate and its euro zone peer announced asset purchases in efforts to boost each region's economy.

The gains were broad on a day when both the Dow and S&P 500 ended at closing records. All ten primary S&P 500 industry sectors ended the day higher, while 63 percent of stocks traded on the New York Stock Exchange closed in positive territory. About 50 percent of Nasdaq-listed names were higher on the day.

The People's Bank of China said it was cutting one-year benchmark lending rates for the first time in more than two years.

The move came after European Central Bank head Mario Draghi said "excessively low" inflation had to be raised quickly by whatever means necessary, rekindling expectations the ECB will move to stimulate the euro zone economy. The ECB said it started buying asset-backed securities to encourage banks to lend and revive the economy.

"It isn't the size of the moves but the shock value of the direction that is really lifting markets today," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia, which manages about $67 billion in assets. "This is a one-two punch for global growth."

The Dow Jones industrial average <.DJI> rose 88.94 points, or 0.5 percent, to 17,807.94, the S&P 500 <.SPX> gained 10.7 points, or 0.52 percent, to 2,063.45 and the Nasdaq Composite <.IXIC> added 11.10 points, or 0.24 percent, to 4,712.97.

Both the Dow and S&P ended at records. For the week, the Dow rose 1 percent, the S&P added 1.2 percent and the Nasdaq rose 0.5 percent. It was the fifth straight weekly advance for all three.

Gains in the Nasdaq were limited by declines in large-cap tech companies. Microsoft Corp <MSFT.O> fell 1.5 percent to $47.97 while Netflix Inc <NFLX.O> slid 2.1 percent to $360.28.

GameStop Corp <GME.N> sank 13 percent to $37.86 a day after the video game retailer posted quarterly revenue and earnings well below expectations. The stock was the biggest decliner on the S&P 500.

The benchmark index's biggest gainers were Ross Stores <ROST.O> and Autodesk Inc <ADSK.O>, both of which rallied after results late Thursday. Ross jumped 7.3 percent to $89.27 while Autodesk was up 6.1 percent to $61.95.

NYSE advancers outnumbered decliners 2,029 to 1,039, for a 1.95-to-1 ratio on the upside; on the Nasdaq, 1,461 issues rose and 1,286 fell, for a 1.14-to-1 ratio.

The S&P 500 posted 96 new 52-week highs and no new lows; the Nasdaq Composite recorded 111 new highs and 44 new lows.

About 6.5 billion shares traded on all U.S. platforms, according to BATS exchange data, above the month-to-date average of 6.35 billion.

3:35 pm: [BRIEFING.COM]

Natural gas futures traded in the red all day today following a volatile week/changes in weather outlook
At the end of today's session, Dec nat gas fell 5% to $4.28/MMBtu
Crude oil rallied to near $80/barrel, but lost steam in afternoon trade and closed 1.1% higher at $76.53/barrel
Gold and silver recovered some following mid-day sell-off
Dec gold rose $7 to $1197.70/oz, while Dec silver rose $0.25 to $16.40/oz
Dec copper rose 1 cent to $3.03/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the Friday session. The benchmark index opened with a sharp gain, but could not find new buyers at its session high in the 2,070 area. The higher start was followed by a steady retreat which was halted around 13:30 ET. Since then, the benchmark index has bounced around a four-point range.

Investors did not receive any economic data today, and that will also be the case on Monday. However, Tuesday will feature the second estimate of Q3 GDP and the Consumer Confidence report for November. A full slate of data will be reported on Wednesday with Initial Claims, Income/Spending Data, Michigan Sentiment Survey, and Chicago PMI on the schedule.

2:25 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% while the Russell 2000 (unch) has slipped behind the benchmark index.

The small-cap Russell 2000 had shown relative weakness this morning before overtaking the S&P 500 near midday, but that strength was short lived.

The Russell 2000 has struggled to keep pace with the broader market throughout the week and the index in on track to end the week lower by 0.2% versus a 1.0% gain for the S&P 500.

2:00 pm: [BRIEFING.COM] The S&P 500 (+0.4%) remains near its low that was established about 30 minutes ago. The benchmark index has surrendered more than half of its opening surge, but remains on track to end the week higher by 1.0%.

Nine of ten sectors are on pace to end the week higher with materials in the lead. The sector has spiked 2.6% while another cyclical group-energy-has also added more than 2.0%. The energy sector has gained 2.1% to narrow its third quarter loss to 2.7%.

Elsewhere, Treasuries continue hovering near their highs with the 10-yr yield down two basis points at 2.32%.

1:35 pm: [BRIEFING.COM] U.S. markets remain in positive territory, but have surrendered most of their substantial gains from the open, with the Dow and S&P 500 now both +0.4%.

Materials continue to outperform (+1.2%), while Telecoms are the biggest laggard (-0.8%) on the day. Interestingly enough, the Energy sector remains strong despite the reversal in crude oil from nearly $78 earlier to $75.75 now. Along with that, Natural Gas has been weak the entire day (-3.8%).

While equities continue to fade towards neutral territory, the US Dollar Index continues to be strong (+0.9%).

1:00 pm: [BRIEFING.COM] The major averages trade higher across the board at midday despite spending the first half of the session in a steady retreat from their opening highs. The S&P 500 has narrowed its gain to 0.5% while the Russell 2000 (+0.6%) outperforms.

The stock market began the final session of the week on a broadly higher note after the People's Bank of China announced its first rate cut in two years. The central bank cut its deposit rate 25 basis points to 2.75% and its one-year lending rate 40 basis points to 5.60%. The news boosted U.S. futures and European equities, while comments made by European Central Bank President Mario Draghi also contributed to increased risk tolerance. Specifically, Mr. Draghi served up another reminder that low eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The euro (1.2385) responded by returning into the neighborhood of its early November low, while the resulting greenback strength has sent the Dollar Index (88.31, +0.72) to a new multi-year high.

Unlike the Dollar Index, equities have been unable to build on their early gains, but that should not be a shock when recognizing the S&P 500 has soared more than 13.0% from its lowest point on October 15.

Despite the pullback from highs, eight sectors continue hold gains with materials (+1.3%), industrials (+1.0%), and energy (+0.8%) in the lead. The cyclical trio has benefitted from the PBOC rate cut, but the underlying commodities have had a difficult time maintaining gains. Copper futures have narrowed their gain to 0.3% at $3.03/lb after being up 1.5% while crude oil is higher by 0.3% at $76.07/bbl after touching $77.75/bbl overnight.

Elsewhere, the top-weighted technology sector (+0.2%) has given up the bulk of its gain. If the sector continues its retreat during afternoon action, that could present a headwind to the benchmark index.

On the earnings front, Gap (GPS 37.90, -2.24) is lower by 5.6% after reporting in-line with its warning from November 6 and lowering its earnings guidance for fiscal year 2015. In other retail names, GameStop (GME 38.36, -5.18) has surrendered 12.0% after missing earnings and revenue expectations and guiding lower.

Treasuries have spent the day in a steady rally off their overnight lows. The 10-yr yield is lower by two basis points at 2.32%.

12:25 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% after cutting its opening gain in half. Outside of the continued retreat in the major averages, the Friday's session is unfolding in quiet fashion.

Unlike equities, the dollar has been able to build on its early gain to send the Dollar Index (88.33, +0.73) to a fresh multi-year high. The Index hovers near its mid-2010 high with the greenback continuing its advance against the euro. The euro is now lower by 160 pips at 1.2383 against the dollar, which puts the pair within 25 pips of its early November low.

Elsewhere, Treasuries remain on their lows with the 10-yr yield down two basis points at 2.32%.

12:00 pm: [BRIEFING.COM] Equity indices have continued drooping from their highs with the S&P 500 now down seven points from its best level of the day. Despite the slip, the benchmark index remains higher by 11 points.

The materials sector (+1.5%) continues showing relative strength, but the energy sector, which also led at the start, has narrowed its gain to 0.7%. The pullback in energy has been accompanied by crude weakness as WTI crude trades lower by 0.1% at $75.77/bbl after sliding from its high just above the $77.50/bbl level.

Also of note, the top-weighted technology sector (+0.3%) has been stuck in a steady downtrend since the opening bell. Losses among influential components like Apple (AAPL 116.19, -0.12), Intel (INTC 35.88, -0.07), and Microsoft (MSFT 48.21, -0.49) have pressured the sector.

11:30 am: [BRIEFING.COM] In our previous update, we mentioned that the Dow, Nasdaq, S&P 500, and Russell 2000 traded with comparable gains, but that changed almost immediately after the 11:00 ET update.

Specifically, profit taking in high-beta names and some components of the technology (+0.4%) and consumer discretionary sectors (+0.4%) has caused the Nasdaq (+0.5%) to slip behind the other indices.

Investors should not be surprised to see the market struggle to build on today's spike considering the S&P 500 has soared 13.5% from its lowest point on October 15. The index has been able to register gains in four consecutive weeks and is on track to lock down its fifth consecutive weekly advance.

11:00 am: [BRIEFING.COM] The Dow, Nasdaq, S&P 500, and Russell 2000 all trade with gains close to 0.7% apiece.

Equities spiked at the start of the session, but they have not done much in the 90 minutes since the initial surge. The S&P 500 notched a high at 2,071.51 and currently trades about five points below that level.

Nine sectors continue holding gains, but only financials (+0.9%), industrials (+1.2%), materials (+1.8%), and health care (+0.5%) remain near their early highs while consumer staples (+0.6%), consumer discretionary (+0.5%), energy (+1.3%), and technology (+0.5%) have narrowed their gains. For its part, the utilities sector has returned to its flat line.

Also of note, Treasuries have continued their advance with the 10-yr note lowering its yield to 2.32% (-2 bps).

10:35 am: [BRIEFING.COM]

Despite strength in the dollar index, metals are showing nice gains today.
In the energy space, oil was pushing higher this morning, but have since been giving back gains
Jan WTI crude oil is still higher, currently trading +0.9% at $76.55 (Today's high is at $77.83/barrel)
Natural gas has been in the red all day and is now -3.9% at $4.32/MMBtu
Gold, silver and copper have been climbing higher today, despite strength in dollar index
Dec gold is now +1.1% at $1203.60/oz, Dec silver is +2.5% at $16.54/oz
Dec copper is +1.4% at $2.06/lb

10:35 am: [BRIEFING.COM]

Despite strength in the dollar index, metals are showing nice gains today.
In the energy space, oil was pushing higher this morning, but have since been giving back gains
Jan WTI crude oil is still higher, currently trading +0.9% at $76.55 (Today's high is at $77.83/barrel)
Natural gas has been in the red all day and is now -3.9% at $4.32/MMBtu
Gold, silver and copper have been climbing higher today, despite strength in dollar index
Dec gold is now +1.1% at $1203.60/oz, Dec silver is +2.5% at $16.54/oz
Dec copper is +1.4% at $2.06/lb

10:00 am: [BRIEFING.COM] Equity indices are on their highs with the S&P 500 (+0.9%) extending this week's gain to 1.5%. The benchmark index is on course to end the week ahead of its peers with the Dow Jones Industrial Average following not far behind with a week-to-date gain of 1.4%.

Commodity-related sectors continue holding the lead thanks to a boost from the rate cut that was implemented by the People's Bank of China. The cut was the first such move in two years and has led to increased risk tolerance in Europe and the U.S.

9:45 am: [BRIEFING.COM] As expected, the major averages began the session with solid gains The S&P 500 trades higher by 0.9% with nine sectors in the green.

Of the nine advancers, energy (+1.4%) and materials (+1.8%) display the largest gains, which makes sense considering the strength among commodities. Crude oil has added 0.8% to $76.37 while copper ($3.06/lb) and gold futures ($1202.80/ozt) trade higher by 1.4% and 1.0%, respectively.

Elsewhere, heavily-weighted sectors like industrials (+1.0%) and financials (+1.0%) also trade ahead of the broader market.

Treasuries have inched back into the green as they continue climbing off their overnight lows. The 10-yr yield is lower by one basis point at 2.33%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +20.10. Nasdaq futures vs fair value: +37.00. The stock market is on track for a sharply higher open with futures on the S&P 500 trading 20 points above fair value. Futures began their advance overnight amid comments from European Central Bank President Mario Draghi who said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The euro responded by sliding 1.0% against the dollar to 1.2420 while the Dollar Index (88.14, +0.55) has returned near its early November high.

Another spike followed after the People's Bank of China cut its deposit rate 25 basis points to 2.75% and its one-year lending rate 40 basis points to 5.60%. The move boosted commodities while futures continued their advance after the initial spike, which suggests a short-squeeze may have contributed to the big pre-market rally.

Domestically, investors did not receive any economic data, but they are responding to a few quarterly reports. Gap (GPS 38.90, -1.24) is on course to open lower by 3.1% after reporting in-line with its warning from November 6 and lowering earnings guidance for fiscal year 2015. Elsewhere among retailers, GameStop (GME 39.55, -3.99) has given up 9.2% in pre-market after missing estimates and guiding lower. On the flip side, Foot Locker (FL 59.25, +2.25) is tracking an early gain of 4.0% in reaction to a bottom-line beat.

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

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +17.90. Nasdaq futures vs fair value: +35.00. The S&P 500 futures trade 18 points above fair value.

Markets rallied across much of Asia. The People's Bank of China cut its deposit rate 25 basis points to 2.75% and its one-year lending rate 40 basis points to 5.60% after markets were closed. Elsewhere, Japan's Prime Minister Shinzo Abe dissolved parliament, as expected.

Economic data was limited:
New Zealand's Credit Card Spending increased 6.7% year-over-year (previous 4.5%)

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Japan's Nikkei added 0.3% to remain near seven-year highs. Exporters were a mixed bag as Toyota Motor slipped 0.1% and Sony Corp. added 0.9%.
Hong Kong's Hang Seng saw its first gain in five sessions, climbing 0.4%. Casino names saw strong gains as Galaxy Entertainment jumped 4.2% and Sands China rallied 1.6%.
China's Shanghai Composite rose 1.4% to end just shy of three-year highs. Financials provided support with Industrial & Commercial Bank of China rallying 1.4%.
India's Sensex climbed 1.0% to an all-time high. Financials had a strong showing after a merger between two small banks. State Bank of India and ICICI Bank gained 2.8% and 2.5%, respectively.

Major European indices trade higher across the board after ECB President Mario Draghi said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. The pledge to tackle falling inflation pressured the euro to 1.2420 against the dollar, representing a 1.0% decline on the session. The euro weakness reflects heightened expectations that the European Central Bank will deploy a sovereign QE program.

Economic data was scarce:
Great Britain's Public Sector Net Borrowing came in at GBP7.05 billion (expected GBP6.90 billion; prior GBP10.57 billion)
Italy's Wage Inflation ticked up 0.1% month-over-month (previous 0.0%) while the year-over-year reading rose 1.0% (last 1.1%)

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Great Britain's FTSE is higher by 1.2% amid broad strength. Miners lead with Anglo American, BHP Billiton, Fresnillo, and Rio Tinto up between 4.5% and 6.1%. Tullow Oil also displays strength, up 6.1%
Germany's DAX has added 2.2% with growth-sensitive names in the lead. HeidelbergCement, ThyssenKrupp, and BASF are up between 3.6% and 4.6%. Adidas is the lone decliner, down 0.6%
In France, the CAC trades up 2.4% with all 40 components in the green. ArcelorMittal and Cie de St-Gobain lead with respective gains of 5.2% and 5.4%
Spain's IBEX is higher by 2.7% amid broad gains. Construction and engineering names lead with ACS, FCC, Sacyr up between 4.1% and 7.1%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +19.40. Nasdaq futures vs fair value: +38.00. Equity futures have climbed to new highs with the S&P 500 futures 19 points above fair value. Futures spiked after ECB President Draghi provided another reminder that the central bank stands ready to combat falling inflation in the single currency region. The euro responded by sliding to within a 100 pips of its early November low (1.2358) against the dollar. Currently, the pair hovers near 1.2425.

In turn, the dollar strength has sent the Dollar Index into the neighborhood of its early November high (88.36). The Index is higher by 0.6% at 88.13.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +18.40. Nasdaq futures vs fair value: +35.50. U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures hover 18 points above fair value after receiving a boost from comments made by ECB President Mario Draghi, who said eurozone inflation has become increasingly challenging and the central bank is ready to act fast if current trends continue. Markets in Europe and U.S. futures soared on the comments. In addition, The People's Bank of China cut its deposit rate 25 basis points to 2.75% and lowered the lending rate by 40 basis points to 5.6%, which gave a boost to commodities.

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

There is no economic data on today's schedule.

In U.S. corporate news of note:

Foot Locker (FL 58.26, +1.26): +2.2% after beating earnings estimates on in-line revenue.
GameStop (GME 39.55, -3.99): -9.2% after missing earnings and revenue expectations and guiding lower.
Gap (GPS 38.83, -1.31): -3.3% after reporting in-line with its warning from November 6 and lowering its earnings guidance for fiscal year 2015.
Splunk (SPLK 69.97, +5.03) after beating estimates and guiding higher.
Ross Stores (ROST 88.00, +4.79): +5.8% after beating earnings and revenue estimates and reaffirming its guidance.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.4%, and China's Shanghai Composite +1.4%
Economic data was limited:
New Zealand's Credit Card Spending increased 6.7% year-over-year (previous 4.5%)
In news:
The dollar/yen pair pulled back from its recent high just below the 119 level after Japan's Finance Minister Taro Aso said the yen has been depreciating too quickly and that sharp moves in either direction are unwelcomed. The currency pair dipped below 117.50 following the comments, but has recovered to 118.00

Major European indices trade higher across the board. Great Britain's FTSE +1.0%, Germany's DAX +2.0%, and France's CAC +2.1%. Elsewhere, Italy's MIB +2.2% and Spain's IBEX +2.5%
Economic data was scarce:
Great Britain's Public Sector Net Borrowing came in at GBP7.05 billion (expected GBP6.90 billion; prior GBP10.57 billion)
Italy's Wage Inflation ticked up 0.1% month-over-month (previous 0.0%) while the year-over-year reading rose 1.0% (last 1.1%)
Among news of note:
Mario Draghi's pledge to tackle falling inflation in the Eurozone pressured the euro to 1.2430 against the dollar, representing a 0.9% decline on the session. The euro weakness reflects heightened expectations that the European Central Bank will deploy a sovereign QE program. Benchmark yields in Italy (-7 bps to 2.225%) and Spain (-9 bps to 2.035%) have dropped to new lows following the comments.

7:04 am: [BRIEFING.COM] S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +30.50.

7:04 am: [BRIEFING.COM] Nikkei...17,357.51...+56.70...+0.30%. Hang Seng...23,437.12...+87.50...+0.40%.

7:04 am: [BRIEFING.COM] FTSE...6,743.24...+64.70...+0.90%. DAX...9,664.64...+180.70...+1.90%.

Euro Slides Most in 1 Year Against Yen on Draghi Stimulus Speech

By Rachel Evans Nov 21, 2014 5:07 PM ET

The euro dropped the most in more than a year against the yen as European Central Bank President Mario Draghi said policy makers would broaden asset purchases if the inflation outlook for the region slowed.

Currencies of commodity exporters including Australia and New Zealand climbed after China cut interest rates for the first time since 2012. Switzerland’s franc fell amid speculation the nation’s central bank is intervening to defend a 1.20-per-euro cap. Japan’s currency strengthened versus most of its 31 major peers, and pared a fifth straight weekly drop against the dollar, after Finance Minister Taro Aso said the currency had depreciated too rapidly. Brazil’s real rallied.

“The rhetoric from President Draghi suggests that the ECB is increasingly focused on the fall in inflation expectations,” said Brian Daingerfield, a currency strategist at Royal Bank of Scotland Group Plc’s RBS Securities unit in Stamford, Connecticut. “The market reaction here shows that participants have further priced in the likelihood of a tweak to the ECB’s current policy stance.”

The euro weakened 1.5 percent to 145.99 yen at 5 p.m. New York time, reaching the steepest decline since June 2013. The shared currency dropped 1.2 percent to $1.2391. The yen advanced 0.4 percent to 117.79 per dollar, halting a six-day drop.

Weekly Changes

Hedge funds and other large speculators increased bets on dollar strength versus eight of its major peers to a record. The difference in the number of wagers on gains compared with those on declines -- net longs -- was 393,529 as of Nov. 18, according to data from the Washington-based Commodity Futures Trading Commission.

Investors boosted their bets on a decline in the yen against the dollar with net shorts to 92,454, the most since Oct. 14.

The dollar gained 1.3 percent against the yen and 1.1 percent versus the euro this week. The U.S. currency fell 3.4 percent against Brazil’s real.

The real led gains versus the dollar today, rising 2.2 percent to 2.5158 on speculation that President Dilma Rousseff is close to nominating a team capable of reviving Latin America’s largest economy.

Ruble Strength

Russia’s ruble advanced 1 percent to 45.7140, as a poll showed the share of respondents keeping their savings in rubles rose to 47 percent, compared with 40 percent in the first quarter and 37 percent six years ago.

Australia’s currency rallied with the New Zealand dollar after the People’s Bank of China cut benchmark rates. The central bank lowered its one-year deposit rate by 0.25 percentage point to 2.75 percent, while the one-year lending rate was reduced by 0.4 percentage point to 5.6 percent, effective tomorrow. China is both South Pacific nations’ biggest trading partner.

The Aussie climbed 0.6 percent to 86.70 U.S. cents while New Zealand’s dollar rose 0.2 percent to 78.84 U.S. cents.

The Canadian dollar also advanced, helped by an inflation report that exceeded forecasts. The currency gained 0.6 percent to C$1.1233 per dollar.

The Swiss franc was a loser of the day versus the greenback and touched 1.20329 per euro, the weakest level since Nov. 12. This was “certainly not a market-driven move,” according to Ipek Ozkardeskaya, a currency strategist at Swissquote Bank SA in Gland.

Franc Watch

“The SNB is most probably intervening in the foreign-exchange markets,” she wrote in an e-mail. “Unusual activity” became apparent after Draghi’s speech this morning, she wrote.

The Swiss franc depreciated 1.2 percent to 96.97 per dollar.

The yen rallied versus the dollar and the euro after Japanese Finance Minister Aso expressed concern that the currency has declined too quickly.

“Over the past week the yen-dollar rate has weakened too fast -- that’s clear,” Aso said today in Tokyo. “Sudden currency changes aren’t welcome, whether it’s up or down.”

Japan is set to hold a lower house election next month as Prime Minister Shinzo Abe seeks a fresh mandate for economic stimulus. Japan’s markets will be closed Nov. 24 for a holiday.

Euro Path

The euro slumped versus its peers as ECB President Draghi told the European Banking Congress in Frankfurt that officials “will do what we must to raise inflation and inflation expectations as fast as possible.”

“It lines up well for euro weakness,” said Camilla Sutton, chief foreign-exchange strategist at Bank of Nova Scotia in Toronto. Draghi’s speech “highlights a very serious tone in terms of the potential to expanding their balance sheet further. All of that I think would be considered quite negative, particularly juxtaposed against a Federal Reserve that is in the midst of turning toward a more hawkish policy.”

The ECB is trying to boost the size of its balance sheet to early-2012 levels, signaling an increase of as much as 1 trillion euros ($1.24 trillion), to help revive the euro-area economy. Policy makers are buying covered bonds and preparing to purchase asset-backed securities as soon as today.

Further unconventional measures may include buying sovereign bonds, Draghi said earlier this month. The central bank next meets on Dec. 4.

The euro has fallen 0.3 percent in the past month among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes. The yen has lost 7.8 percent while the dollar has rallied 2.7 percent.

“The ECB is going to be delivering something more substantial at its meeting in December and his comments have been very much in line in confirming our view,” said Michael Sneyd, a currency strategist at BNP Paribas SA in London. “People haven’t got as much of this trade on as they really want, which is why we’ve been seeing such a big reaction in the price to his comments.”

To contact the reporter on this story: Rachel Evans in New York at revans43@bloomberg.net

To contact the editors responsible for this story: Dave Liedtka at dliedtka@bloomberg.net Paul Cox, Kenneth Pringle

Bloomberg Video: What You Need to Know About China’s Surprise Rate Cut

Crude Rises as China Rate Cut Spurs Optimism About Demand

By Mark Shenk Nov 21, 2014 3:16 PM ET

West Texas Intermediate and Brent crudes increased after China, the world’s second-largest oil-consuming country, cut interest rates to bolster its economy.

WTI rose 0.9 percent and Brent 1.3 percent after the People’s Bank of China lowered lending and deposit rates for the first time since 2012. Half of the 20 analysts surveyed by Bloomberg News predict the Organization of Petroleum Exporting Countries will reduce output at a meeting next week, while the rest forecast no change.

“The Chinese announcement ambushed everyone and we’re seeing all the markets react,” Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York, said by phone. “The interest rate cut is leading to the perception that fuel demand will gain.”

WTI for January delivery advanced 66 cents to settle at $76.51 a barrel on the New York Mercantile Exchange. Prices rose 0.9 percent this week, the first weekly gain since September. Futures touched $73.25 Nov. 14, the lowest intraday level since Sept. 21, 2010. The volume of all futures traded was 19 percent below the 100-day average at 2:50 p.m.

Brent for January settlement increased $1.03 to end the session at $80.36 a barrel on the London-based ICE Futures Europe exchange. Volume was 0.4 percent higher than the 100-day average. The contract climbed 1.2 percent this week. The European benchmark crude closed at a $3.85 premium to WTI.

‘Take Measures’

The People’s Bank of China cut its one-year benchmark lending rate by 0.4 percentage point to 5.6 percent, while the deposit rate fell 0.25 percentage point to 2.75 percent, effective from tomorrow.

Prices also rose after Mario Draghi strengthened his stimulus pledge for the euro area by saying the European Central Bank can’t hold back in its fight to revive the economy.

“We will do what we must to raise inflation and inflation expectations as fast as possible, as our price-stability mandate requires,” the ECB president said at a conference in Frankfurt today. Some inflation expectations “have been declining to levels that I would deem excessively low,” he said.

“The Chinese rate cut and Draghi’s comments sent prices higher this morning,” Tim Evans, an energy analyst at Citi Futures Perspective in New York, said by phone. “The stimulus will spur greater demand for oil going into 2015.”

Bear Market

Oil collapsed into a bear market last month as U.S. drillers pumped at the fastest pace in more than three decades, OPEC output climbed and global demand growth slowed. OPEC must decide whether to hold output and allow prices to keep falling to deter rival output growth, or to make a cut and boost prices.

“The Chinese announcement is supportive but not a game changer and we’re still going to have a surplus next year,” Evans said. “We’re still looking at OPEC to do something to balance the market next week. That will be our focus until the meeting.”

Saudi Arabia, OPEC’s biggest producer, may be shifting its focus to defend market share, according to Bank of America Corp. The kingdom may prefer lower and more volatile oil prices to discourage investment in North American shale output, it said in a note yesterday, projecting that OPEC may trim its collective target by no more than 500,000 barrels a day.

OPEC, which supplies about 40 percent of the world’s oil, pumped 30.97 million barrels a day in October, data compiled by Bloomberg show. That exceeded its quota of 30 million a day for a fifth straight month.

‘Take Measures’

Saudi Arabia and Russia agreed that the oil market “must be free of attempts to influence it for political and geopolitical reasons,” Russian Foreign Minister Sergei Lavrov told reporters in Moscow today after a meeting with his Saudi counterpart. Oil exporters “have a right to take measures to correct these non-objective factors.”

Gasoline futures rose 2.89 cents, or 1.4 percent, to settle at $2.0565 a gallon in New York. Ultra low sulfur diesel increased 2.45 cents, or 1 percent, to settle at $2.4045.

Regular gasoline at U.S. pumps fell to the lowest level since November 2010. The average retail price slipped 1.1 cents to $2.839 a gallon yesterday, according to Heathrow, Florida-based AAA, the nation’s biggest motoring group.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net Stephen Cunningham, Charlotte Porter

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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