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 4:02 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: December 3rd Wednesday Trade Results - Profit $320.00
PostPosted: Wed Dec 03, 2014 10:32 pm 
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:
120314-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+320.00.png
120314-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+320.00.png [ 171.12 KiB | Viewed 320 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $320.00 dollars or +3.20 points, Emini ES ($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 @ $320.00 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=137&t=1950

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=252&t=2585

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

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:
120314-Key-Price-Action-Markets.png
120314-Key-Price-Action-Markets.png [ 1.43 MiB | Viewed 348 times ]

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

Dow, S&P 500 at records after upbeat Fed report

New York (AFP) - The Dow and S&P 500 bolted to fresh record highs Wednesday after a Federal Reserve report showed the US economy was growing amid widespread optimism about the outlook.

The Dow Jones Industrial Average rose 33.07 points (0.18 percent) to 17,912.62, its second straight record close, while the S&P 500 gained 7.78 (0.38 percent) at 2,074.33, also a record.

The tech-rich Nasdaq Composite Index added 18.66 (0.39 percent) at 4,774.47.

The Fed's Beige Book, a collection of anecdotal information on current economic conditions, said that "a number" of the central bank's 12 districts reported contacts "remained optimistic about the outlook for future economic activity."

For the first time in more than a year, the Fed dropped its "modest" and moderate" descriptions of overall growth, saying simply that reports suggest "that national economic activity continued to expand" in the last two months.

Jack Ablin, chief investment officer at BMO Private Bank, said the tone of the latest Beige Book was significantly more enthusiastic than in previous versions.

"It appeared to me that they ramped up their rhetoric," Ablin said. "The Fed really saw a lot of good things happening on a lot of different fronts."

Ablin said some investors may have also bought equities in anticipation of Thursday's meeting of the European Central Bank, which has hinted it could implement additional stimulus.

Banking stocks Citigroup and Dow member JPMorgan Chase gained 1.6 percent and 0.8 percent, respectively. Bank of America rose 1.1 percent.

Some oil-related stocks also gained. ExxonMobil advanced 0.8 percent, Schlumberger rose 1.8 percent and ConocoPhillips jumped 2.3 percent.

Abercrombie & Fitch, a youth-oriented apparel retailer, gained 3.5 percent as third-quarter earnings of 42 cents per share exceeded analyst expectations by a cent.

However, the company alluded to "a very challenging environment for young apparel" and warned that it expects conditions "to remain difficult" throughout the fourth quarter.

Puma Biotechnology plummeted 12.2 percent after it pushed back the time frame for seeking regulatory approval for a new drug it is developing to treat early-stage breast cancer. Following talks with the US Food and Drug Administration, Puma expects to file in the first quarter of 2016 instead of the first half of 2015.

Bond prices were mixed. The yield on the 10-year US Treasury held steady at 2.29 percent, while the 30-year dipped to 2.99 percent from 3.00 percent Monday. Bond prices and yields move inversely.

4:15 pm: [BRIEFING.COM] The stock market ended the midweek session on an upbeat note with the Russell 2000 (+1.0%) pacing the advance for the second day in a row. Meanwhile, the S&P 500 posted a more modest gain of 0.4% with seven sectors ending in the green.

Similar to yesterday, equities were essentially left to their own devices amid a lack of market-moving news. Cyclical sectors were responsible for the bulk of the advance as all six growth-sensitive groups ended in the green while health care (+0.2%) was the lone gainer on the countercyclical side.

The materials sector (+1.4%) settled in the lead after showing relative strength throughout the session. The group benefitted from strength among steelmakers and miners with Market Vectors Steel ETF (SLX 39.15, +0.90) and Market Vectors Gold Miners ETF (GDX 19.60, +0.40) climbing 2.4% and 2.1%, respectively.

Meanwhile, another commodity-related sector-energy (+1.2%)-settled just behind materials, which represented the third consecutive day of relative strength for the recently-battered sector. Today's advance occurred amid a 0.5% gain in crude oil ($67.30/bbl) and helped the sector extend its week-to-date gain to 3.2%.

Elsewhere, the industrial sector (+1.3%) was the only other group to add more than 1.0%. The top-weighted sector component-General Electric (GE 26.38, +0.33)-spiked 1.3% while transport stocks also displayed relative strength. The Dow Jones Transportation Average settled higher by 0.8% with Alaska Air (ALK 56.76, +1.51) setting the pace.

Also of note, the technology sector (+0.5%) underperformed in the morning, but powered to new highs during the final hour. The sector was underpinned by chipmakers and its strength helped the S&P 500 to a new high just ahead of the close. As for chipmakers, the group rallied broadly after Microchip Technology (MCHP 46.59, +1.94) said it is confident the small correction experienced in the third quarter is now in the past. The stock spiked 4.3% while the PHLX Semiconductor Index jumped 2.0%.

Over on the countercyclical side, consumer staples (-0.8%), telecom services (-0.8%), and utilities (-0.3%) ended in the red while health care (+0.2%) turned positive in the early afternoon. Biotechnology contributed to the rebound with the iShares Nasdaq Biotechnology ETF (IBB 308.25, +1.38) climbing 0.5%.

Treasuries spent the bulk of the session near their flat lines before ending close to highs. The 10-yr yield slipped one basis point to 2.28%.

Participation was a bit below average with just over 755 million shares changing hands at the NYSE floor.

Economic data included ADP Employment Change, Q3 Labor Productivity Data, ISM Services, and the MBA Mortgage Index:

The ADP report revealed that employment in the nonfarm private business sector rose 208K in November, which was below the increase of 225K expected by the Briefing.com consensus.
Q3 nonfarm business productivity was revised up to 2.3% from an originally reported 2.0% gain while the Briefing.com consensus expected a revision to 2.4%
Unit labor costs were revised down and now show a 1.0% decline in the third quarter after initially showing a small 0.3% increase. The consensus expected a flat reading.
This was the second consecutive quarterly decline
The ISM Services Index for November rose to 59.3 from 57.1 while the Briefing.com consensus expected an uptick to 57.5
The weekly MBA Mortgage Index fell 7.3% to follow last week's 4.3% decline

Tomorrow's data will be limited to the Challenger Job Cuts report for November, which will be released at 7:30 ET while weekly Initial Claims will cross at 8:30 ET (Briefing.com consensus 295K).

Nasdaq Composite +14.3% YTD
S&P 500 +12.2% YTD
Dow Jones Industrial Average +8.1% YTD
Russell 2000 +1.4% YTD

3:35 pm: [BRIEFING.COM]

Commodities felt some pressure today as the dollar index continued to hold its gains
In current trade, the index remains near its HoD
At the end of today's session, Jan crude gained $0.33 to $67.30/barrel, even after pulling back off its HoD
Natural gas was weak again due to a mild weather outlook in the U.S. (49% of U.S. homes use nat gas for heating)
Metals ended the day mixed...
Feb gold rose $10.40 to $1209/oz today, while Mar silver fell $0.03 to $16.42
Mar copper lost one cent to $2.87/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the session. The benchmark index reached its best level of the day around 11:00 ET and has traded near that level since then.

Participants received several data points today, but tomorrow's data will be limited to the Challenger Job Cuts report for November and weekly Initial Claims (Briefing.com consensus 295K).

Friday will be the busiest day of the week with the November Nonfarm Payrolls report (consensus 230K) scheduled to be released at 8:30 ET alongside the October Trade Balance (consensus -$42.00 billion). The Factory Orders report for October (consensus 0.2%) will cross at 10:00 ET and the day's data will be topped off with the 15:00 ET release of the Consumer Credit report for October (consensus $16.50 billion).

2:25 pm: [BRIEFING.COM] The S&P 500 (+0.3%) hovers at its session high after inching up following the release of the Beige Book for December.

According to the Beige Book, economic activity continued expanding through October and November with employment gains classified as 'widespread' across the twelve Districts. Furthermore, manufacturing activity strengthened in most Districts while demand for nonfinancial services also improved. Also of note, the Beige Book recognized that lower oil prices presented a concern for the oil industry in the Atlanta and Dallas Districts.

Treasuries remain inside narrow ranges with the 10-yr yield at 2.29%.

1:55 pm: [BRIEFING.COM] Afternoon action continues with the major averages holding modest gains. The Nasdaq Composite (+0.3%) trades just ahead of the S&P 500 as solid gains among chipmakers overshadow losses among several large cap technology components like Google (GOOGL 536.58, -2.01), Microsoft (MSFT 48.24, -0.22), and Oracle (ORCL 41.92, -0.26). The three names are down between 0.4% and 0.6%.

On the flip side, only two components of the PHLX Semiconductor Index (+1.8%) hover in the red while the leading name-Freescale Semiconductor (FSL 22.95, +1.60)-trades higher by 7.5%.

On a separate note, the Federal Reserve is scheduled to release its December Beige book at 14:00 ET. The report is not known for having market-moving potential, but we will highlight some portions in our next update.

1:30 pm: [BRIEFING.COM] U.S. markets have pushed slightly higher in the last 30 minutes with the Dow Jones up 0.1%, Nasdaq up 0.3%, and the S&P 500 up 0.25% as the indices work towards their session highs set earlier in the day.

Energy remains the strongest sector today (+1.2%) despite crude surrendering a large portions of its gains on the day following rumors that Saudi Arabian officials expect oil to stabilize around $60 a barrel. Some of the larger oil companies remain mixed at this time, with Chevron (CVX 113.57, -0.45) and Exxon Mobil (XOM 94.71, +0.52). Earlier there was a CNBC story that the Exxon Mobil CEO said his company could weather a further decline in oil even if prices dropped to $40 a barrel.


1:00 pm: [BRIEFING.COM] The Dow (+0.1%), Nasdaq (+0.2%), and S&P 500 (+0.2%) hover near their flat lines at midday while the Russell 2000 (+0.8%) sports a solid gain for the second day in a row. The Russell 2000 endured a rough Monday, but the small-cap index has strung together a two-day rebound that has it trading higher by 0.4% for the week versus a 0.2% uptick for the S&P 500.

Five of ten sectors hold midday gains with all five advancers coming from the cyclical side. Commodity-related sectors have been especially strong with energy (+1.2%), materials (+1.2%), and industrials (+1.1%) trading well ahead of financials (+0.1%) and technology (+0.3%).

The energy sector leads for the third day in a row with today's gain boosting its week-to-date advance to 3.2%. A higher price of crude has been a supportive factor today, but the energy component has narrowed its gain to 0.5% at $67.26/bbl after testing the $68.00 level this morning.

Elsewhere, the second-best performing sector-materials-has been boosted by steelmakers and miners. The Market Vectors Steel ETF (SLX 39.23, +0.98) is higher by 2.6% while Market Vectors Gold Miners ETF (GDX 19.88, +0.68) trades up 3.5% amid a 0.9% increase in gold futures ($1210.60/ozt).

For its part, the industrial sector has rallied behind its top component-General Electric (GE 26.37, +0.32)-and transport stocks. Shares of GE trade higher by 1.2% while the Dow Jones Transportation Average has added 0.3%. However, it is worth pointing out that the bellwether complex has slipped from its best level of the day and now finds itself in the middle of its trading range.

Also of note, the top-weighted technology sector hovers right ahead of the broader market, but chipmakers display broad strength with the PHLX Semiconductor Index up 1.6%. This morning, Microchip Technology (MCHP 46.16, +1.51) said it is confident the small correction experienced in the third quarter is now in the past. Shares of MCHP trade higher by 3.4%.

On the flip side, the four countercyclical sectors trade lower across the board with health care (unch) trading ahead of consumer staples (-0.8%), telecom services (-0.7%), and utilities (-0.4%).

Treasuries have spent the day near their flat lines with the 10-yr yield currently unchanged at 2.30%.

Economic data included ADP Employment Change, Q3 Labor Productivity Data, ISM Services, and the MBA Mortgage Index:

The ADP report revealed that employment in the nonfarm private business sector rose 208K in November, which was below the increase of 225K expected by the Briefing.com consensus.
Q3 nonfarm business productivity was revised up to 2.3% from an originally reported 2.0% gain while the Briefing.com consensus expected a revision to 2.4%
Unit labor costs were revised down and now show a 1.0% decline in the third quarter after initially showing a small 0.3% increase. The consensus expected a flat reading.
This was the second consecutive quarterly decline
The ISM Services Index for November rose to 59.3 from 57.1 while the Briefing.com consensus expected an uptick to 57.5
The weekly MBA Mortgage Index fell 7.3% to follow last week's 4.3% decline

The Federal Reserve will release its December Beige Book at 14:00 ET.

12:25 pm: [BRIEFING.COM] Equity indices continue trading near their recent levels with the S&P 500 having spent the past 90 minutes in a one-point range.

Accordingly, sector standing remains unchanged with the six cyclical sectors trading in the green while the four countercyclical groups hold losses across the board. Interestingly, the health care sector (-0.1%) remains near its session low even though biotechnology has climbed off its opening low. The iShares Nasdaq Biotechnology ETF (IBB 307.02, +0.15) is now up 0.1% after being down near 1.0% during the opening hour.

The early weakness in biotechnology weighed on the Nasdaq, but the tech-heavy index has been able to overtake the S&P 500 by a slim margin. Chipmakers have contributed to the strength with the PHLX Semiconductor Index trading higher by 1.7%.

12:00 pm: [BRIEFING.COM] The S&P 500 (+0.2%) hovers near the middle of its trading range with the three commodity-related sectors trading in the lead.

The energy sector (+1.3%) trades ahead of the remaining nine groups, but crude oil has slumped from its high to narrow its gain to 0.6% at $67.30/bbl. Elsewhere, the materials sector (+1.2%) has drawn support from steelmakers and miners. The Market Vectors Steel ETF (SLX 39.16, +0.91) is higher by 2.4% while Market Vectors Gold Miners ETF (GDX 19.85, +0.65) trades up 3.4% amid a 0.9% increase in gold futures ($1209.40/ozt).

Also of note, industrials (+1.1%) outperform with help from transport stocks. The Dow Jones Transportation Average trades higher by 0.4% to narrow this week's decline to 1.1%.

11:25 am: [BRIEFING.COM] Not much change in the major averages with the Dow, Nasdaq, and S&P 500 trading near their respective flat lines.

Cyclical sectors are responsible for the entirety of today's modest uptick as energy (+1.1%), industrials (+1.1%), and materials (+1.1%) sport solid gains while financials (+0.1%), technology (+0.2%), and consumer discretionary (unch) trade near the S&P 500. Notably, the energy sector is tracking its third consecutive gain with today's advance extending its week-to-date increase to 3.2%.

Meanwhile, the four countercyclical sectors trade broadly lower with the health care sector (-0.1%) hovering near its flat line while consumer staples (-0.9%), telecom services (-0.7%), and utilities (-0.4%) lag.

Also of note, Treasuries have been hovering near their flat lines since the early morning with the 10-yr yield unchanged at 2.230%.

10:55 am: [BRIEFING.COM] The Dow (+0.1%), Nasdaq (+0.1%), and S&P 500 (+0.3%) continue hovering near their flat lines while the Russell 2000 (+0.9%) sports a solid gain for the second day in a row.

Yesterday, the small-cap index advanced 1.2% to end ahead of the broader market, but despite that strength, the index remained behind the S&P 500 for the week. However, today's gain has extended the Russell 2000's week-to-date advance to 0.6% versus a 0.2% uptick in the S&P 500.

Furthermore, the Russell 2000 has led the market higher this quarter, but despite its 7.4% quarter-to-date gain, the index has yet to overtake this year's high (1213.55) that was notched on July 1. Meanwhile, the Dow and S&P 500 trades just below their all-time highs.

10:40 am: [BRIEFING.COM]

WTI crude oil prices initially fell following the weekly EIA inventory data
Separately today, reports came out showing that new U.S. oil and gas well permit applications fell 40% in November
Jan crude oil is now +1.1% at $67.63/barrel
Jan natural gas futures are currently -1.4% at $3.82/MMBtu
Precious metals are higher this morning, while copper is in the red
Jan gold is now +1% at $1211.20/oz, Mar silver is +0.6% at $16.56/oz
Mar copper is currently -0.4% at $2.88/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2% while the Nasdaq Composite hovers just below its flat line amid relative weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 305.50, -1.37) is lower by 0.5%.

Just released, the ISM Services Index for November rose to 59.3 from 57.1 while the Briefing.com consensus expected an uptick to 57.5.

9:40 am: [BRIEFING.COM] As expected, the major averages began the midweek session near their flat lines. The S&P 500 hovers just north of its unchanged level while the Dow (-0.1%) holds a slim opening gain.

Meanwhile, the ten economic sectors are split with six up and four down in the early going. The energy sector (+0.6%) has shown opening strength after outperforming in the first two sessions of the week. Crude oil, which trades higher by 0.8% at $67.39/bbl has been a supportive factor for the growth-sensitive sector.

Elsewhere, industrials (+0.6%) and technology (+0.2%) also outperform while consumer staples (-0.5%) and telecom services (-0.9%) lag.

Treasuries continue trading near their flat lines with the benchmark yield at 2.29%.

The ISM Services Index for November will be released at 10:00 ET (Briefing.com consensus 57.5).

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +2.50. The stock market is on track for a flat open with futures on the S&P 500 trading just a point above fair value after maintaining a three-point range through the night.

The overnight session did not introduce any big surprises and that has been reflected by the narrow range in futures. Similarly, Treasuries have spent the night near their flat lines and the 10-yr note currently holds a slim gain with its yield at 2.29%.

Treasuries notched their highs after the ADP Employment Survey and Q3 Labor Productivity came in below expectations. The ADP report revealed that employment in the nonfarm private business sector rose 208K in November, which was below the increase of 225K expected by the Briefing.com consensus. Meanwhile, Q3 nonfarm business productivity was revised up to 2.3% from an originally reported 2.0% gain while the Briefing.com consensus expected a revision to 2.4%. Also of note, unit labor costs were revised down and now show a 1.0% decline in the third quarter after initially showing a small 0.3% increase. The consensus expected a flat reading.

On the corporate front, Abercrombie & Fitch (ANF 28.19, +0.35) is indicated to open higher by 1.3% after reporting in-line with its warning from November 7 and lowering its fiscal-year 2015 earnings guidance below consensus.

The ISM Services Index for November will be released at 10:00 ET (Briefing.com consensus 57.5).

8:54 am: [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: -1.50. The S&P 500 futures trade within a point of fair value.

Markets gained across much of Asia.

In economic data:
Australia's Q3 GDP rose 0.3% quarter-over-quarter (expected 0.7%; previous 0.5%) while the year-over-year reading increased 2.7% (consensus 3.1%; last 2.7%). Separately, AIG Services Index ticked up to 43.8 from 43.6.
China's Non-Manufacturing PMI ticked up to 53.9 from 53.8 while HSBC Services PMI inched up to 53.0 from 52.9 (expected 52.5)
Hong Kong's Manufacturing PMI improved to 48.8 from 47.7
India's HSBC Services PMI rose to 52.6 from 50.0

------

Japan's Nikkei climbed 0.3%, gaining for the fourth consecutive session to finish at a new seven-year high. Continued weakness in the yen aided exporters with Toyota Motor rising 0.9% and Fanuc adding 0.6%.
Hong Kong's Hang Seng lost 1.0%, giving up yesterday's gains to finish on the 200-day average. Casino-related names remained pressured as Sands China and Galaxy Entertainment both lost 5.1%.
China's Shanghai Composite added 0.6% as part of its ninth advance in ten sessions. Commodity plays posted strong gains as Jiangxi Copper climbed the limit, 10.0%, and Zijin Mining jumped 7.0%.
India's Sensex ended flat, holding near record highs amid a subdued session. State-owned ONGC added 3% following reports the government is considering altering subsidies.

Major European indices trade mixed with Spain's IBEX (+1.1%) outperforming. Elsewhere, United Kingdom's Office of Budget Responsibility hiked its 2014 GDP forecast to 3.0% from 2.7% and boosted next year's outlook to 2.4% from 2.3%. Also of note, France confirmed it will cut EUR3.60 billion from next year's budget and said the 2017 budget deficit to GDP will come in below the 3.0% target set by the European Commission

Investors received several data points:
Eurozone Services PMI slipped to 51.1 from 51.3 (expected 51.3) while Retail Sales increased 0.4% month-over-month (expected 0.6%; last -1.2%). Year-over-year, retail sales rose 1.4% (consensus 1.2%; prior 0.5%)
Germany's Services PMI held at 52.1, as expected o Great Britain's Services PMI rose to 58.6 from 56.2 (expected 56.6)
French Services PMI fell to 47.9 from 48.8 (consensus 48.8)
Italy's Services PMI improved to 51.8 from 50.8 (expected 50.9)
Spain's Services PMI dropped to 52.7 from 55.9 (consensus 56.2)
Swiss Q3 GDP rose 0.6% quarter-over-quarter (expected 0.3%; last 0.3%) while the year-over -year reading increased 1.9% (consensus 1.4%; previous 1.6%)

------

United Kingdom's FTSE is lower by 0.3% with energy names pressured. Petrofac, Royal Dutch Shell, and Tullow Oil are down between 0.8% and 1.6%. Technology names outperform with ARM Holdings and Sage Group higher by 1.9% and 4.6%, respectively.
In France, the CAC is lower by 0.1% amid weakness in consumer names. Carrefour, Danone, and Pernod Ricard hold losses between 0.7% and 1.8%. Financials hold gains with Credit Agricole and Societe Generale up 1.9% and 0.4%, respectively.
Germany's DAX holds a modest gain of 0.3% with help from financials. Deutsche Bank has added 1.0% and Commerzbank trades higher by 0.6%. Adidas is the weakest performer, down 3.2%, amid concerns about the company's exposure to Russia.
Spain's IBEX leads with a gain of 1.1% amid broad strength. Construction/engineering companies Abengoa, Acciona, and FCC are up between 1.9% and 6.2%. Bank shares also trade in the green with Banco Sabedell, Banco Popular, and Caixabank holding gains between 1.3% and 1.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +0.50. The S&P 500 futures trade within a point of fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose 208K in November. That was below the increase of 225K expected by the Briefing.com consensus. The October reading was revised up to 233,000 from 230,000.

Productivity data for the third quarter showed an increase of 2.3%, which was better than the 2.0% increase that had been reported in the preliminary reading. However, it was below the 2.4% increase that had been expected by the Briefing.com consensus. Unit labor costs for the third quarter were revised lower to reflect a decrease of 1.0% after they had reportedly increased 0.3% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would be revised down to reflect no change.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: +1.70. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover one point above fair value after respecting a three point range overnight. Accordingly, not much has happened since yesterday's closing bell to alter investor sentiment with markets in Asia ending mostly higher while European indices trade mixed halfway through the session.

This week has gotten off to a slow start on the data front, but things will be a bit busier today. The weekly MBA Mortgage Index was the first report of the day, falling 7.3% to follow last week's 4.3% decline.

The ADP Employment Change report for November will cross the wires at 8:15 ET (Briefing.com consensus 225K) while third quarter Productivity (consensus 2.4%) and Unit Labor Costs data (expected 0.0%) will be reported at 8:30 ET. The November ISM Services report (consensus 57.5) will be released at 10:00 ET and the Federal Reserve will release its December Beige Book at 14:00 ET.

Treasuries are little changed with the 10-yr yield at 2.29%.

In U.S. corporate news of note:

Abercrombie & Fitch (ANF 26.55, -1.29): -4.6% after reporting in-line with its warning from November 7 and lowering its fiscal-year 2015 earnings guidance below consensus.
J.C. Penney (JCP 7.10, -0.29): -3.9% after Goldman Sachs downgraded the stock to 'Sell' from 'Neutral.'
TASER (TASR 22.70, -0.64): -2.7% after JP Morgan downgraded the stock to 'Neutral' from 'Overweight.'

Reviewing overnight developments:

Asian markets ended mostly higher. Japan's Nikkei +0.3%, China's Shanghai Composite +0.6%, and Hong Kong's Hang Seng -1.0%
In economic data:
Australia's Q3 GDP rose 0.3% quarter-over-quarter (expected 0.7%; previous 0.5%) while the year-over-year reading increased 2.7% (consensus 3.1%; last 2.7%). Separately, AIG Services Index ticked up to 43.8 from 43.6.
China's Non-Manufacturing PMI ticked up to 53.9 from 53.8 while HSBC Services PMI inched up to 53.0 from 52.9 (expected 52.5)
Hong Kong's Manufacturing PMI improved to 48.8 from 47.7
India's HSBC Services PMI rose to 52.6 from 50.0
In news:
Australia's GDP reading was pressured by a 2.7% decline in capital investment. Similarly, construction declined, but the drop was more modest at 0.2% quarter-over-quarter

Major European indices trade mixed. Germany's DAX +0.2%, France's CAC -0.1%, and Great Britain's FTSE -0.2%. Elsewhere, Italy's MIB +0.6% and Spain's IBEX +0.9%
Investors received several data points:
Eurozone Services PMI slipped to 51.1 from 51.3 (expected 51.3) while Retail Sales increased 0.4% month-over-month (expected 0.6%; last -1.2%). Year-over-year, retail sales rose 1.4% (consensus 1.2%; prior 0.5%)
Germany's Services PMI held at 52.1, as expected
Great Britain's Services PMI rose to 58.6 from 56.2 (expected 56.6)
French Services PMI fell to 47.9 from 48.8 (consensus 48.8)
Italy's Services PMI improved to 51.8 from 50.8 (expected 50.9)
Spain's Services PMI dropped to 52.7 from 55.9 (consensus 56.2)
Swiss Q3 GDP rose 0.6% quarter-over-quarter (expected 0.3%; last 0.3%) while the year-over-year reading increased 1.9% (consensus 1.4%; previous 1.6%)
Among news of note:
France confirmed it will cut EUR3.60 billion from next year's budget and said the 2017 budget deficit to GDP will come in below the 3.0% target set by the European Commission
United Kingdom's Office of Budget Responsibility hiked its 2014 GDP forecast to 3.0% from 2.7% and boosted next year's outlook to 2.4% from 2.3%

6:49 am: [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -1.00.

6:49 am: [BRIEFING.COM] Nikkei...17,720.43...+57.20...+0.30%. Hang Seng...23,428.62...-225.70...-1.00%.

6:49 am: [BRIEFING.COM] FTSE...6,733.15...-7.80...-0.10%. DAX...9,945.94...+11.90...+0.10%.

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