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 Post subject: November 24th Monday Trade Results - Profit $540.00
PostPosted: Tue Nov 25, 2014 2:01 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $540.00 dollars or +5.40 points, Emini ES ($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 @ $540.00 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 in ##TheStrategyLab chat room 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=1941

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

4:10 pm: [BRIEFING.COM] The major averages kicked off the holiday-shortened week with an advance that was paced by the Russell 2000 (+1.2%). The small-cap index was followed by the Nasdaq Composite (+0.9%) while the Dow (+0.04%) and S&P 500 (+0.3%) ended closer to their flat lines.

Stocks rallied out of the gate with upbeat action overseas contributing to the early strength. Equities in China and Hong Kong spiked in reaction to Friday's PBoC rate cut while European markets were boosted by increased expectations of a forthcoming sovereign QE program from the European Central Bank. To that point, Credit Suisse said it expects the ECB to announce plans for sovereign asset purchases in December.

ECB member and German Bundesbank President Jens Weidmann pushed back against the easing expectations, reminding that monetary policy alone is unable to create growth and requires corresponding measures from the fiscal side.

Despite Mr. Weidmann's comments, the market's expectation for more QE manifested itself through increased demand for Italian and Spanish debt. Italian and Spanish 10-yr yields both fell five basis points to their respective 2.15% and 1.97%.

Unsurprisingly, heightened easing expectations led to strength in European bank shares with Banco Santander (SAN 8.75, +0.25) and Deutsche Bank (DB 31.80, +0.87) spiking 2.9% and 2.8%, respectively. As for the broader financial sector (+0.6%), the cyclical group led at the start, but ceded the top spot to the consumer discretionary sector (+0.9%).

The discretionary space enjoyed broad support from homebuilders, retailers, and media names. The iShares Dow Jones US Home Construction ETF (ITB 26.08, +0.22) gained 0.9% and the SPDR S&P Retail ETF (XRT 93.90, +1.22) advanced 1.3%. Time Warner Cable (TWX 81.43, +1.38) stood out among broadcasters with a 1.7% spike.

Elsewhere among influential sectors, technology (+0.7%) and health care (+0.5%) outperformed, helping the market resist the pressure from energy (-0.7%), materials (-0.5%), and consumer staples (-0.1%).

The tech sector, and Nasdaq Composite, rallied behind the shares of Apple (AAPL 118.62, +2.16), which surged 1.9%. Chipmakers also provided support with the PHLX Semiconductor Index climbing 1.0%. Furthermore, the Nasdaq drew strength from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 300.15, +5.14) jumped 1.7%.

On the downside, the energy sector spent the day in a steady retreat. Meanwhile, crude oil held an overnight gain, but gave that back and then some to end lower by 1.0% at $75.75/bbl.

Treasuries registered modest gains after erasing their overnight losses. The 10-yr yield slipped one basis point to 2.30%.

Tomorrow, the second estimate of Q3 GDP (Briefing.com consensus 3.2%) will be reported at 8:30 ET while September Case-Shiller 20-city Index (consensus 4.6%) and FHFA Housing Price Index will both be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of the Consumer Confidence report for November (expected 96.0).

Nasdaq Composite +13.9% YTD
S&P 500 +12.0% YTD
Dow Jones Industrial Average +7.5% YTD
Russell 2000 +1.1% YTD

3:35 pm: [BRIEFING.COM]

Crude oil prices slide lower in today's afternoon session, ending the day at $75.75/barrel
Natural gas futures remained in the red all day, but erased a portion of its losses, ending the session down 14 cents to $4.14/MMBtu
Gold and silver inched higher today off lows, but Dec gold closed $2.10 lower at $1195.60, while Dec silver closed 2 cents lower at $16.38/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the trading day. The benchmark index spiked at the start amid strength in the four top-weighted sectors, but a late morning pullback put the index in the middle of its trading range.

After spending the bulk of the session near the middle of its trading range, the benchmark average has inched back near its early high.

Investors did not receive any economic data today, but tomorrow and Wednesday will be a bit busier. Tomorrow, the second estimate of Q3 GDP (Briefing.com consensus 3.2%) will be reported at 8:30 ET while September Case-Shiller 20-city Index (consensus 4.6%) and FHFA Housing Price Index will both be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of the Consumer Confidence report for November (expected 96.0).

2:25 pm: [BRIEFING.COM] Equities remain near their recent levels with the S&P 500 (+0.2%) trading two points below its session high. The consumer discretionary sector (+1.0%) remains in the lead while the top-weighted technology sector (+0.7%) also sports a solid increase.

The largest sector by weight has drawn significant support from the shares of Apple (AAPL 118.26, +1.79), which trade higher by 1.5%. Chipmakers have also made a contribution as evidenced by a 0.9% gain in the PHLX Semiconductor Index.

Elsewhere, Treasuries have continued their post-auction advance. The 10-yr yield is now lower by one basis point at 2.30%.

2:00 pm: [BRIEFING.COM] Quiet action continues with the S&P 500 maintaining a two-point range that has been in effect since 11:15 ET. Despite the sideways trade, the consumer discretionary sector (+0.8%) has built on its strength to solidify its spot atop the leaderboard.

Retailers have contributed to the sector's strength with the SPDR S&P Retail ETF (XRT 93.63, +0.95) higher by 1.0%. Homebuilders also trade ahead of the broader market as evidenced by a 0.5% gain in the iShares Dow Jones US Home Construction ETF (ITB 26.00, +0.14).

On the flip side, the energy sector (-1.1%) has retreated steadily since the opening bell. Crude oil held a modest gain this morning, but now trades lower by 0.5% at $76.08/bbl.

1:30 pm: [BRIEFING.COM] The major indices continue to meander around break even levels with the Dow Jones -0.1% and the S&P +0.2% while the Nasdaq displays relative strength, up 0.6% on the day. While trading is expected to continue to be light during the holiday week, there are a few notable companies expected to report earnings after the close which could spell larger trends for each respective sector. One of those, Palo Alto Networks (PANW), a network security provider, is catching a modest bid in today's session, up 3% after touching new all-time highs earlier in the day ahead of tonight's earnings. The stock has gained almost 26% since the company's last quarterly earnings release.

Telecoms continue to underperform on the day following a downgrade of Verizon (VZ) to Neutral from Buy at Citigroup. Absent any headline shock, the remainder of the day should be relatively quiet with no significant data expected nor any Fed speakers scheduled to talk.

12:55 pm: [BRIEFING.COM] The major averages display midday gains with the Russell 2000 (+0.7%) in the lead. The Nasdaq Composite (+0.6%) follows right behind while the Dow(-0.1%) and S&P 500 (+0.2%) hover closer to their flat lines.

Equity indices spiked out the gate amid upbeat action overseas. Markets in China and Hong Kong rallied in reaction to Friday's rate cut by the PBoC while equities in Europe were boosted by increased expectations of a forthcoming sovereign QE program from the European Central Bank. To that point, Credit Suisse expects the ECB to announce plans for sovereign asset purchases in December.

However, ECB member and German Bundesbank President Jens Weidmann pushed back against the increased QE expectations, reminding that monetary policy alone is unable to create growth and requires corresponding fiscal measures.

Despite Mr. Weidmann's comments, the market's expectation for more QE has manifested through increased demand for Italian and Spanish debt. Spain's 10-yr yield is lower by five basis points at 1.97% and Italy's benchmark yield has also given up five basis points to 2.15%.

Fittingly, the prospects of more easing have boosted European banks like Banco Santander (SAN 8.76, +0.27), Credit Suisse (CS 26.84, +0.45), and Deutsche Bank (DB 31.67, +0.74). The three names are up between 1.7% and 3.1%, while the financial sector (+0.4%) trades a bit ahead of the market after starting the day in the lead.

Similar to financials, the S&P 500 has stepped back from its high, but the index remains supported by other heavily-weighted sectors like consumer discretionary (+0.7%), technology (+0.7%), and health care (+0.3%).

In the health care sector, Prosena Holding (RNA 18.65, +7.21) has soared 63.0% after agreeing to be acquired by Biomarin Pharmaceuticals (BMRN 87.25, +1.42) for $17.75 per share, which represents a 55.0% premium to Friday's closing price. Biotechnology has also played a part in the outperformance with the iShares Nasdaq Biotechnology ETF (IBB 299.22, +4.21) up 1.4%.

On the downside, commodity-linked energy (-0.8%) and materials (-0.4%) have spent the first half in the red with the energy sector unable to rally even as crude oil trades little changed at $76.61/bbl.

Treasuries slipped overnight and have held inside narrow ranges since the opening bell. The 10-yr yield is higher by one basis point at 2.32%.

12:30 pm: [BRIEFING.COM] Range-bound action continues with the S&P 500 (+0.2%) fighting to maintain a five-point gain. The benchmark index has received strong support from its four top-weighted sectors while the remaining six groups have struggled to keep pace.

Technology (+0.7%), financials (+0.4%), health care (+0.3%), and consumer discretionary (+0.7%) represent 61.0% of the entire market and they all trade ahead of the S&P 500. Despite the strength in these areas, the benchmark index has had a tough time finding buyers at these record levels.

Treasuries have cut their gains in half with the 10-yr yield at 2.32% (+1 bps).

12:00 pm: [BRIEFING.COM] Equity indices continue hovering near their recent levels. The S&P 500 sits near the middle of today's trading range while the Dow has been anchored to its flat line for the past hour or so. Elsewhere, the Nasdaq (+0.6%) and Russell 2000 (+0.7%) continue showing relative strength.

Five sectors continue holding gains, but the financial sector, which led at the start, has narrowed its gain to 0.3%. Most top-weighted components trade a bit ahead of the benchmark index with Citigroup (C 53.99, +0.33), JPMorgan Chase (JPM 60.76, +0.31), and Wells Fargo (WFC 53.97, +0.16) up between 0.3% and 0.6%.

Also of note, European financials have enjoyed a strong start to the day with Deutsche Bank (DB 31.65, +0.72), Credit Suisse (CS 26.82, +0.43), and Banco Santander (SAN 8.76, +0.26) up between 1.6% and 3.1%. The group has benefitted from increased expectations for a sovereign QE program from the European Central Bank.

11:25 am: [BRIEFING.COM] The S&P 500 (+0.2%) continues holding a modest gain, but the Dow Jones Industrial Average has returned to its flat line amid losses in 18 of its 30 components.

Although the majority of the price-weighted index trades in the red, only two components are down in excess of 1.0%. AT&T (T 34.65, -0.63) and Verizon (VZ 49.30, -0.91) are both down near 1.8% while the telecom services sector (-1.7%) trails the remaining nine groups.

On the upside, Boeing (BA 134.31, +1.53), IBM (IBM 162.75, +1.83), and Disney (DIS 90.21, +1.25) hold gains between 1.1% and 1.4% with their strength preventing the Dow from sliding deeper into the red for the time being.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.3%) has returned to its opening high while the Nasdaq (+0.5%) and Russell 2000 (+0.7%) continue trading ahead of the benchmark index.

High-beta names have shown relative strength from the start with biotechnology and chipmakers contributing to the outperformance of the Nasdaq Composite. The iShares Nasdaq Biotechnology ETF (IBB 298.04, +3.03) is higher by 1.0% while the PHLX Semiconductor Index has added 0.7%. Similar to chipmakers, the technology sector (+0.5%) trades ahead of the broader market despite lagging at the open.

On the flip side, the energy sector (-0.5%) is the weakest performer on the cyclical side even though crude oil has recovered and now trades higher by 0.3% at $76.71/bbl.

10:35 am: [BRIEFING.COM]

Natural gas futures tanked this morning on a mild weather outlook and as the arctic blast ends
We are looking at getting some snow this weekend, however, temperatures have risen
Dec nat gas fell as low as $4.03/MMBtu and is now-3.8% at $4.11/MMBtu
Crude oil has been in the red all day, chopping around modestly lower ahead of the big OPEC meeting on Thursday
Jan crude is now back near the unchanged line, now at $76.51/barrel
Gold and silver have slowly inched off of today's lows
Dec gold is currently +0.1% at $1199.30/oz, while Dec silver is +0.2% at $16.43/oz
Dec copper is +0.2% at $3.04/lb

9:55 am: [BRIEFING.COM] The major averages have stepped back from their highs, but the S&P 500 (+0.2%) remains in the top half of its early trading range. Four of six cyclical sectors hover in the green while the two commodity-related groups have retreated to lows.

The energy sector is lower by 0.7% amid weakness in crude oil, which trades down 0.6% at $76.03/bbl. Meanwhile, the materials sector (-0.3%) has been pressured by steelmakers with the Market Vectors Steel ETF (SLX 40.90, -0.18) lower by 0.4%.

Treasuries remain near their lows with the 10-yr yield up two basis points at 2.33%.

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate with the small-cap Russell 2000 (+0.5%) in the lead. For its part, the S&P 500 trades higher by 0.3% with seven sectors showing early gains.

The financial sector (+0.8%) began the session in the lead while other cyclical sectors like consumer discretionary (+0.5%) and industrials (+0.5%) also displayed early strength. However, the technology sector (+0.2%) has yet to catch up to the broader market.

Meanwhile on the countercyclical side, the health care sector (+0.4%) has been boosted by M&A activity after Prosena Holding (RNA 18.42, +6.98) agreed to be acquired by Biomarin Pharmaceuticals (BMRN 84.00, -1.83) for $17.75 per share. Biotechnology has also contributed to the early strength with the iShares Nasdaq Biotechnology ETF (IBB 298.00, +2.99) up 1.0%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.00. The stock market is on track for a modestly higher open with futures on the S&P 500 trading six points above fair value. Index futures were little changed at the start of the night, but climbed to highs after markets in Europe opened for action. Similar to U.S. futures, European indices trade near their best levels of the day amid speculation that Friday's comments from ECB President Mario Draghi will lead to more action from the central bank. On that note, Credit Suisse expects the ECB to deploy a sovereign QE program in December. This has boosted demand for Italian and Spanish debt with Spain's 10-yr yield lower by five basis points at 1.97% and Italy's 10-yr also down five basis points at 2.15%.

Domestically, pre-market action has been subdued with just a few movers of note. On the M&A front, Prosena Holding (RNA 18.63, +7.19) has surged 62.9% after agreeing to be acquired by Biomarin Pharmaceuticals (BMRN 83.00, -2.83) for $17.75 per share, which represents a 55.0% premium to Friday's closing price.

Investors did not receive any economic data of note.

Treasuries hover in the red with the 10-yr yield higher by two basis points at 2.33%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +15.00. The S&P 500 futures trade seven points above fair value.

Markets rallied across Asia, supported by the People's Bank of China rate cut that followed Friday's close. Elsewhere, Japan's Nikkei was shuttered in observance of Labour Thanksgiving Day. Surveys in Japan indicate Prime Minister Shinzo Abe's LDP party is expected to receive 37% of the vote even though more than 60% disapprove of the dissolution of the lower house.

Economic data was limited:
New Zealand's Visitor Arrivals increased 3.3% month-over-month (previous 1.1%)
Singapore's CPI eased to 0.1% year-over-year from 0.6% (consensus 0.6%)

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Hong Kong's Hang Seng rallied 2.0% to a one-week high. Real estate stocks surged as China Overseas Land & Investment and China Resources Land jumped 11.0% and 10.4%, respectively.
China's Shanghai Composite advanced 1.9% to its best levels since September 2011. Real estate developed Poly Real Estate and brokerage firm GF securities both gained the limit, 10%.
India's Sensex gained 0.6%, putting in another record high. IT service providers were bid as Infosys, Tata Consultancy Services, and Wipro added between 1.3% and 3.1%.

Major European indices trade mostly higher with Spain's IBEX (+1.5%) in the lead. Friday's comments from European Central Bank President Mario Draghi about tackling low inflation stoked up expectations for increased easing efforts from the central bank. To that point, Credit Suisse expects the ECB to deploy a sovereign QE program in December. Spain's 10-yr yield has given up six basis points to 1.96% and Italy's benchmark yield is lower by five basis points at 2.15%.

In economic data:
Germany's Ifo Business Climate Index rose to 104.7 from 103.2 (expected 103.0) as Current Assessment increased to 110.0 from 108.4 (consensus 108.0) and Business Expectations improved to 99.7 from 98.3 (expected 95.5)
Italy's non-EU trade surplus expanded to EUR4.04 billion from EUR1.53 billion

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Great Britain's FTSE is lower by 0.1% amid significant weakness in the shares of Petrofac. The energy company has plunged 25.4% in reaction to a profit warning. Financials outperform with Barclays and Royal Bank of Scotland both up near 1.0%.
Germany's DAX is higher by 0.7% with bank shares in the lead amid increased expectations of a sovereign QE. Deutsche Bank has spiked 3.4% and Commerzbank trades up 1.3%.
In France, the CAC has added 0.8%. BNP Paribas, Credit Agricole, and Societe Generale lead with gains between 2.4% and 3.6%. Sanofi is the weakest performer, down 0.5%.
Spain's IBEX outperforms with an increase of 1.6%. Banco Popular, Bankinter, Banco Sabadell, and Bankia lead with gains between 2.3% and 3.0%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +12.00. Equity futures remain near their best levels of the morning with the S&P 500 futures six points above fair value. The current indication suggests the benchmark index will begin the week on a modestly higher note after registering five consecutive weekly gains that sent the index higher by 9.4%.

This week is expected to be relatively quiet with Thanksgiving taking place on Thursday and an abbreviated session on Friday that will end at 13:00 ET.

Treasuries are near their lows with the 10-yr yield up two basis points at 2.33%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +9.50. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover five points above fair value after spending the night in positive territory. Light trading volume has been the theme overnight with Japan's Nikkei closed for Labour Thanksgiving Day. Meanwhile, the European session has also been relatively quiet.

Domestically, investors did not receive any notable data and corporate news has been limited.

Treasuries hold slim losses with the 10-yr yield up one basis point at 2.33%.

In U.S. corporate news of note:

Prosena Holding (RNA 18.75, +7.31): +63.9% after agreeing to be acquired by Biomarin Pharmaceuticals (BMRN 85.83, 0.00) for $17.75 per share, representing a 55.0% premium to Friday's closing price.
Trina Solar (TSL 10.55, -0.38): -3.5% after beating earnings estimates on light revenue.
Verizon (VZ 49.92, -0.29): -0.6% after Citigroup downgraded the stock to 'Neutral' from 'Buy.'

Reviewing overnight developments:

Asian markets ended higher. China's Shanghai Composite +1.9%, Hong Kong's Hang Seng +2.0%, and Japan's Nikkei was closed for holiday.
Economic data was limited:
New Zealand's Visitor Arrivals increased 3.3% month-over-month (previous 1.1%)
Singapore's CPI eased to 0.1% year-over-year from 0.6% (consensus 0.6%)
In news:
Markets in China and Hong Kong rallied in reaction to the PBoC rate cut that took place after Friday's session.
Surveys in Japan indicate Prime Minister Shinzo Abe's LDP party is expected to receive 37% of the vote even though more than 60% disapprove of the dissolution of the lower house.

Major European indices trade mostly higher. Germany's DAX +0.6%, France's CAC +0.7%, and Great Britain's FTSE is flat. Elsewhere, Spain's IBEX +1.4% and Italy's MIB +0.5%.
In economic data:
Germany's Ifo Business Climate Index rose to 104.7 from 103.2 (expected 103.0) as Current Assessment increased to 110.0 from 108.4 (consensus 108.0) and Business Expectations improved to 99.7 from 98.3 (expected 95.5)
Italy's non-EU trade surplus expanded to EUR4.04 billion from EUR1.53 billion
Among news of note:
Friday's comments from European Central Bank President Mario Draghi about tackling low inflation stoked up expectations for increased easing efforts from the central bank. To that point, Credit Suisse expects the ECB to deploy a sovereign QE program in December. Spain's 10-yr yield has given up six basis points to 1.96% and Italy's benchmark yield is lower by five basis points at 2.15%.

6:46 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +8.00.

6:46 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...23,893.14...+456.00...+2.00%.

6:46 am: [BRIEFING.COM] FTSE...6,745.44...-5.30...-0.10%. DAX...9,804.25...+72.20...+0.70%.

Reuters

Dow and S&P 500 Finish at Record Highs

World equities markets climbed on Monday, boosted by deal activity in Europe and ongoing expectations for more stimulus from the world's major central banks.

The dollar weakened against the euro as an official of the European Central Bank cast doubts on whether the bank would take aggressive measures to boost the region's economy. Oil prices eased. Gold slipped below $1,200 an ounce.

Equities rose after Reuters reported that the People's Bank of China is ready to further ease monetary policy to head off slowing inflation, following its interest rate cut on Friday.

"The carry-over effect from China, taken with the fact that the U.S. is pretty healthy, and you have a market with a bias to trend higher," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis.

The MSCI world equity index rose 0.22 percent to 426.24.

European Central Bank President Mario Draghi is trying to clear the way for full-scale government bond buying, but he is opposed by Germany's Bundesbank, whose head is on the ECB's governing council.

Wall Street's Dow Jones and S&P 500 indexes ended at record high closings. The Dow Jones industrial average was up 0.04 percent at 17,817.9, the S&P 500 rose 0.29 percent to 2,069.41, and the Nasdaq Composite added 0.89 percent to 4,754.89.

Deals in the packaging sector in Switzerland, automotive parts in Korea, insurance in the United States, mobile phones in Nigeria and biopharmaceuticals in the Netherlands boosted European equities.

The euro zone Euro STOXX 50 index rose 0.6 percent to 3,211.70 points, taking its gain since the close on Thursday to 3.5 percent, the biggest two-day rise since June.

The euro added to gains against the dollar after data showed growth in the U.S. services sector fell short of forecasts. Earlier, a report indicated German business sentiment rebounded in November after six straight declines.

The euro, which traded near $1.40 in May, was last up 0.40 percent at $1.2438, while the dollar index was off 0.22 percent after nearly touching a four-and-a-half-year high.

U.S. Treasury debt prices edged higher after strong bidding at the Treasury's auction of two-year notes and demand ahead of month-end.

Oil traded in a tight range ahead of an OPEC meeting on Thursday that so far has been marked by uncertainty over whether the group would agree to a meaningful cut in output to support prices.

Brent crude was last down 84 cents at $79.52 a barrel. U.S. crude was last down 77 cents to $75.74.

Spot gold prices fell $4.43 to $1,196.91 an ounce.

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)
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