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 4:14 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: December 10th Wednesday Trade Results - Profit $4640.00
PostPosted: Thu Dec 11, 2014 12:22 am 
Offline
Site Admin

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

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

Attachment:
121014-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4640.00.png
121014-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4640.00.png [ 176.59 KiB | Viewed 336 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $4,640.00 dollars or +46.40 points, Emini ES ($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 @ $4,640.00 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=1955

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

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 Advance WRB Analysis Tutorial Chapters @ 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

Analysis -----> Trade Signals

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).

All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of 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:
121014-Key-Price-Action-Markets.png
121014-Key-Price-Action-Markets.png [ 1.48 MiB | Viewed 314 times ]

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

4:10 pm: [BRIEFING.COM] The major averages ended the Wednesday session on a broadly lower note. The S&P 500 lost 1.6% with all ten sectors ending in the red while the Russell 2000 (-2.1%) underperformed.

For the second day in a row, the major averages slumped at the start, but unlike yesterday, the key indices could not stage a comeback with a big drop in the energy sector (-3.1%) keeping the market under pressure throughout the session.

The energy sector widened its fourth-quarter loss to 15.9% with crude oil settling lower by 4.5% at $60.92/bbl. Today's slide took place after China reported its lowest year-over-year growth in CPI (1.4%) and OPEC cut its demand forecast. In addition, crude stockpiles showed an unexpected build. Following today's drop, the energy component is down 33.4% since the end of the third quarter.

However, the recent slump among commodities has not been isolated to just oil, but the weakness factored in more prominently today as misgivings about the pace of global economic growth and the potential spillover effect for the U.S. fueled a sense that the market has come too far too fast. Accordingly, today's selling interest hit far and wide with nine sectors losing more than 1.0%.

Similar to energy, the materials sector (-2.1%) spent the day at the bottom of the leaderboard. Growth concerns weighed on steelmakers, which sent Market Vectors Steel ETF (SLX 36.28, -1.29) lower by 3.4%.

Elsewhere, the industrial sector (-1.9%) slumped under the weight of Boeing (BA 124.64, -5.02). The Dow component lost 3.9% and fell below its 50-, 100-, and 200-day averages. The underperformance of the influential sector component masked the relative strength among airlines after International Air Transport Association's projection that the airline industry's collective global net profit after tax will increase to $25.00 billion in 2015 from an estimated $19.00 billion in 2014. Jetblue Airways (JBLU 15.15, +0.11), Southwest Airlines (LUV 41.48, +0.75), and United Continental (UAL 63.69, +1.17) jumped between 0.7% and 1.9%, helping the Dow Jones Transportation Average (-1.4%) finish a little ahead of the market.

Also of note, the consumer discretionary sector (-1.4%) settled ahead of the market, but that was no thanks to Yum! Brands (YUM 70.53, -4.69). The stock tumbled 6.2% after issuing disappointing guidance. In a way, the guidance from Yum! echoed global growth concerns. The company said that sales at its China division have not recovered from bad publicity over the summer as fast as the company had expected.

Growth concerns were also visible in the foreign exchange market with the Dollar Index (88.25, -0.45) recording its third consecutive decline. Notably, the retreat in the dollar gave a big boost to the yen and pressured the dollar/yen pair below yesterday's low (118.00).

Safe haven demand boosted Treasuries with the 10-yr yield falling six basis points to 2.16%.

The selloff invited above-average participation with more than 890 million shares changing hands at the NYSE floor.

Economic data was limited to the MBA Mortgage Index and the Treasury Budget:

The weekly MBA Mortgage Index spiked 7.3% to follow last week's 7.3% decline
The Treasury budget showed a deficit of $56.80 billion in November, down from a deficit of $135.2 billion in November 2013. The Treasury data are not seasonally adjusted, and the November data cannot be compared to the $121.7 billion deficit in October
The Briefing.com Consensus expected a budget deficit of $59.0 billion
The November deficit was slightly smaller than the CBO's forecast of a $59.0 billion deficit

Tomorrow, weekly Initial Claims (Briefing.com consensus 295K), November Retail Sales (consensus 0.4%), and November Import/Export prices will be reported at 8:30 ET while the Business Inventories report for October (consensus 0.2%) will be released at 10:00 ET.

Nasdaq Composite +12.2% YTD
S&P 500 +9.6% YTD
Dow Jones Industrial Average +5.8% YTD
Russell 2000 UNCH YTD

3:35 pm: [BRIEFING.COM]

Oil was the big story again today
Prices collapsed following bearish OPEC, API and now EIA data
Oil prices dropped today following news that OPEC released its monthly oil report for December and said that global demand for oil in 2015 will be weaker than expected due to the U.S. shale oil boom and due to weaker demand
The 12-member cartel reduced its 2015 oil demand forecast by 280,000 barrels to 28.92 million barrels.The report comes out after OPEC decided to not cut its output last month, which has been already weighing on oil prices
Separately, after the close yesterday, the American Petroleum Institute reported that U.S. oil stockpiles rose by 4.4 million barrels yesterday, which was bearish since analysts were expecting a draw of 2.2 million barrels
Then the EIA reported its weekly oil storage data, which was also negative for oil prices
Minutes ago, OPEC annonced that it may hold an emergency meeting in Q1 of 2015, according to reports out earlier
Jan crude oil closed out today's session down $2.85 to $60.97/barrel
Jan nat gas rose 5 cents to $3.70/MMBtu
Metals ended mixed.
Feb gold lost $2.90 to $1229.40/oz, while Mar silver rose 4 cents to $17.18/oz
Mar copper fell 4 cents to $2.89/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 1.6% with one hour remaining in the session. The benchmark index spent the first half of the action trying to rebound from its opening slump, but the persistent weakness in the energy sector (-3.5%) has short-circuited any and all rebound attempts.

Adding to the pressure was an afternoon drop in the technology sector (-1.6%), which displayed relative strength earlier this morning.

Going into the last hour of action, the consumer staples sector (-0.9%) trades ahead of the remaining nine groups.

2:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-1.4%) slip to a new low while the Russell 2000 (-1.6%) underperforms. Even though the Russell 2000 lags today, the small-cap index trades ahead of its peers for the week. The Russell 2000 is lower by 1.1% since Friday versus a 2.0% decline in the S&P 500.

In our midday update, we pointed out that energy (-3.3%), industrials (-1.6%), materials (-1.9%), and telecom services (-1.5%) were the only laggards. That dynamic has changed as the top-weighted technology sector (-1.5%) joined the underperformers.

The top-weighted sector has endured a slip among chipmakers and the PHLX Semiconductor Index now trades in-line with the sector after showing relative strength earlier.

Also of note, Treasuries have climbed to highs with the 10-yr yield down three basis points at 2.19%.

2:00 pm: [BRIEFING.COM] The S&P 500 has widened its loss to 1.3% amid continued broad-based weakness.

This morning, investors received just one economic report (MBA Mortgage Index +7.3%), but tomorrow will be a bit busier.

Notably, the November retail sales report will cross the wires at 8:30 ET. The Briefing.com Consensus expects consumer spending to follow along the same path as the lackluster October report. Total retail sales are set to increase 0.4% (from 0.3% in October) and sales excluding autos are expected to increase 0.2% (from 0.3% in October).

According to the November employment report released last week, aggregate wages increased a solid 0.9%. Even if consumers opt to continue to increase their savings rate, the strong increase in income should be enough to accelerate consumption growth beyond the consensus forecast.

It would not be shocking to see retail sales top consensus expectations.

On a separate note, the just-released Treasury Budget for November showed a deficit of $56.80 billion, which followed the prior deficit of $135.20 billion. The Briefing.com consensus expected the deficit to hit $59.00 billion.

1:35 pm: [BRIEFING.COM] The major US indices are trading just off their lows of the day as buyers remain a reluctant bunch.

The consumer staples sector (-0.2%) is exhibiting relative strength today. In the case of today's market, though, relative strength is being measured in terms of which sectors are down the least as opposed to which sectors are up the most.

Energy remains the deepest decliner (-3.3%), following oil prices lower once again.

Separately, the $21 bln 10-yr note reopening was solid. It drew a high yield of 2.214% on a bid-to-cover ratio of 2.97, which was above the prior 12-auction average of 2.68.

The 10-yr note is currently up four ticks with its yield at 2.199%.

1:00 pm: [BRIEFING.COM] Equity indices trade lower across the board at midday with the S&P 500 (-0.7%) enduring losses in all ten sectors.

Although the market has faced broad weakness, it is the energy sector (-3.3%) that has fueled a large portion of the selling so far today. The growth-sensitive sector has widened this week's decline to 6.3% with the move occurring amid a continued tailspin in the price of crude oil. Currently, the energy component is lower by 4.0% at $61.28/bbl after OPEC lowered its demand forecast and the Department of Energy's inventory report showed a build while the consensus expected a draw.

Outside of the energy sector, industrials (-0.9%), materials (-1.2%), and telecom services (-1.2%) represent the only remaining underperformers.

The industrial sector lags with Boeing (BA 126.14, -3.52) contributing to the weakness. The Dow component is lower by 2.7% while transport stocks have shown relative strength. The Dow Jones Transportation Average (-0.1%) hovers just below its flat line with airlines trading in the green thanks to International Air Transport Association's projection that the airline industry's collective global net profit after tax will increase to $25 billion in 2015 from an estimated $19.0 billion in 2014. United Continental (UAL 65.55, +3.03) and Southwest Air Lines (LUV 42.50, +1.77) hold respective gains of 4.9% and 4.3%.

So far, the relative strength among airlines has not been enough to influence a broader buy-the-dip effort, which could be related to the weakness in the Dollar Index (88.38, -0.31). Specifically, the Japanese yen has added about 90 pips against the dollar, dropping the dollar/yen pair into the 118.50 area. The currency pair has returned near yesterday's low and is tracking its third consecutive decline, which could be problematic to carry trades.

Elsewhere, Treasuries are flat after slipping from their highs over the past 30 minutes. The 10-yr yield hovers at 2.21%.

Economic data reported this morning was limited to the weekly MBA Mortgage Index, which spiked 7.3% to follow last week's 7.3% decline.

The Treasury Budget for November will be released at 14:00 ET (Briefing.com consensus -$59.00 billion).

12:30 pm: [BRIEFING.COM] Not much change in the key indices with the S&P 500 (-0.8%) bouncing around a six-point range just above its worst level of the session.

As for individual sectors, technology (-0.6%), financials (-0.4%), and consumer discretionary (-0.5%) have also traded in range-bound fashion near their lows while energy (-3.5%) and materials (-1.4%) have extended their losses.

Elsewhere, Treasuries have returned to their highs after finding support at their flat lines during the past 90 minutes. The 10-yr yield is now down two basis points at 2.20%.

12:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.6%) slip into the neighborhood of its session low. As mentioned earlier, the likelihood of a rebound similar to what took place yesterday will hinge on how the market handles the continued weakness in the energy sector (-3.1%).

The energy sector has been unable to climb off its low amid relentless selling in crude futures. The energy component is now down 4.9% at $60.69/bbl, which has extended its Q4 drop to 33.6%.

Elsewhere, consumer staples (-0.1%) and utilities (-0.1%) have returned into negative territory after failing to build on their slim morning gains.

With stocks remaining under pressure, the CBOE Volatility Index (VIX 15.97, +1.08) has approached the 16.00% level, but the near-term volatility gauge has pulled back from its session high.

11:30 am: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (-0.7%) sitting on its rebound high. Six sectors trade ahead of the broader market, but their outperformance has not been able to overshadow the plunge in the energy sector (-2.8%).

The energy sector represents about 10.0% of the entire market, which means the group will need to put a major dent in its current loss in order for the S&P 500 to return closer to its flat line. Meanwhile, the Nasdaq Composite (-0.5%), which doesn't include energy stocks, trades a bit ahead of the S&P 500. Most top-weighted index components trade in the red but Facebook (FB 77.47, +0.63) and Google (GOOGL 535.33, -0.78) outperform. In addition, chipmakers also trade ahead of the Nasdaq with the PHLX Semiconductor Index lower by 0.3%.

On a separate note, the Dollar Index (88.38, -0.31) has continued its retreat with the greenback giving way to the euro (+40 pips) and the yen (+90 pips).

11:00 am: [BRIEFING.COM] The major averages remain under pressure with the S&P 500 trading lower by 0.7%. The benchmark index notched a fresh low within the past 30 minutes amid continued weakness in the energy sector (-2.9%).

Meanwhile, crude oil has widened its loss to 3.7% at $61.42/bbl after the Department of Energy released its latest inventory report, which showed an unexpected inventory build of 1.45 million while the consensus expected the report to show a draw.

Energy notwithstanding, industrials (-0.9%), materials (-1.1%), and telecom services (-1.6%) are the only laggards.

Notably, the industrial sector has been pressured by Boeing (BA 126.42, -3.24), which is lower by 2.5%. However, transport stocks trade ahead of the broader market with airlines contributing to the outperformance. Delta Air Lines (DAL 46.75, +0.42) and United Continental (UAL 64.29, +1.77) hold respective gains of 1.0% and 2.9% while the Dow Jones Transportation Average is lower by 0.3%.

10:35 am: [BRIEFING.COM]

Oil prices dropped today following news that OPEC released its monthly oil report for December and said that global demand for oil in 2015 will be weaker than expected due to the U.S. shale oil boom and due to weaker demand
The 12-member cartel reduced its 2015 oil demand forecast by 280,000 barrels to 28.92 million barrels.
The report comes out after OPEC decided to not cut its output last month, which has been already weighing on oil prices
Separately, after the close yesterday, the American Petroleum Institute reported that U.S. oil stockpiles rose by 4.4 million barrels yesterday, which was bearish since analysts were expecting a draw of 2.2 million barrels
Then just a few minutes ago, the Department of Energy's research arm EIA just released its own weekly storage data report, which showed that crude oil stockpiles showed a build of 1.454 million, which came in bearish vs consensus, which called for a draw.
In current trading activity, Jan crude oil is -4.3% at $61.10/barrel
Jan natural gas meanwhile is -0.4% at $3.64/MMBtu
Feb gold is -0.1% at $1231.50/oz, while Mar silver is +0.01% at $17.14/oz
Mar copper -1.1% at $2.89/lb

9:55 am: [BRIEFING.COM] The S&P 500 (-0.7%) has dipped to a fresh low as the energy sector (-2.8%) also widened its early decline. The growth-oriented group has followed crude oil, which is now down 2.9% at $61.96/bbl.

Meanwhile, the other commodity-related sector-materials (-0.8%)-lags amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 37.05, -0.52) is lower by 1.4%. On the flip side, miners outperform with the Market Vectors Gold Miners ETF (GDX 20.07, +0.30) higher by 1.5% while gold trades little changed at $1233.00/ozt.

Elsewhere, Treasuries have returned into the green after testing their overnight lows. The 10-yr yield hovers at 2.21%.

9:40 am: [BRIEFING.COM] The major averages began the session in negative territory with the S&P 500 lower by 0.4%. The benchmark index has been pressured by losses in eight of ten sectors with energy (-2.2%) acting as a big drag on the index.

Outside of energy, the telecom services sector (-1.1%) is the only group showing a loss larger than 1.0%. Elsewhere, heavily-weighted industrials (-0.6%) also trail the broader market while financials (-0.2%), technology (-0.1%), and health care (-0.2%) outperform.

On the upside, consumer staples (+0.1%) and utilities (+0.03%) hold narrow gains.

Treasuries remain near their lows with the 10-yr yield up a basis point at 2.22%.

9:08 am: [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -9.00. The stock market is on track for a modestly lower start as futures on the S&P 500 trade six points below fair value. Index futures spent the bulk of the night just below their flat lines, but slipped to lows about an hour ago. The recent downtick took place as markets in Europe retreated to their lows, but for the time being, the key indices there have been able to stay out of the red.

The S&P 500 will begin today's session after surrendering 0.8% during the first two trading days of the week. Meanwhile, the Russell 2000 will enter the session with a week-to-date gain of 0.5% thanks to yesterday's 1.7% spike.

Investors received just one economic data point this morning. The weekly MBA Mortgage Index spiked 7.3% to follow last week's 7.3% decline while today's remaining data point-November Treasury Budget-will be released at 14:00 ET (Briefing.com consensus -$59.00 billion).

On the corporate front, Costco (COST 144.00, +0.96) is on course to open higher by 0.7% following its bottom-line beat while Yum! Brands (YUM 71.55, -3.67) has given up 4.9% in pre-market after issuing disappointing guidance.

Also of note, crude oil is lower by 2.7% at $62.07/bbl after OPEC lowered its demand forecast.

Treasuries hold slim losses with the 10-yr yield up almost a basis point at 2.22%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -5.70. Nasdaq futures vs fair value: -8.80. The S&P 500 futures trade six points below fair value.

The major Asian bourses ended mixed. Japan's 10-yr yield dipped below the 0.40% threshold for the first time ever after the BSI Manufacturing Index (8.1; expected 13.1) was the latest number to fall short of estimates.

In economic data:
China's CPI declined 0.2% month-over-month (expected 0.1%; previous 0.0%) while the year-over-year reading rose 1.4% (consensus 1.6%; last 1.6%). Also of note, PPI fell 2.7% year-over-year (consensus -2.4%; previous -2.2%)
Japan's Household Confidence fell to 37.7 from 38.9 (expected 39.6) while Corporate Goods Price Index declined to 2.7% year-over-year from 2.9% (expected 2.6%)
South Korea's Unemployment Rate ticked down to 3.4% from 3.5% (consensus 3.5%)
Australia's Home Loans rose 0.3% month-over-month (expected 0.2%; last -0.4%) while Westpac Consumer Sentiment came in at -5.7% (previous 1.9%)

------

Japan's Nikkei saw a third day of selling and fell 2.3%. The strong yen weighed on exporters as Canon fell 2.7% and Toyota Motor sank 3.0%.
Hong Kong's Hang Seng added 0.2% to find support at the 200-day average. Bargain hunters emerged in casino-related names as Galaxy Entertainment and Sands China rallied 3.2% and 1.1%, respectively.
China's Shanghai Composite jumped 2.9% to halve yesterday's loss. Real estate developers were strong with Poly Real Estate surging 6.1%.
India's Sensex added 0.1% for its first gain in four days. Pharma provided support as Cipla added 1.5% and Dr. Reddy's Laboratories tacked on 1.4%.

Major European indices have slipped from their highs with Spain's IBEX (-0.1%) dipping into the red. Elsewhere, Bank of England Governor Mark Carney discussed the expected rate path once again, saying rate hikes will be gradual and limited. Mr. Carney also said inflation is likely to dip below 1.0%

Economic data was limited:
UK's trade deficit narrowed to GBP9.62 billion from GBP10.51 billion (expected deficit of GBP9.53 billion)
French Industrial Production fell 0.8% month-over-month (expected 0.2%; prior 0.0%) while Non-Farm Payrolls declined 0.3% quarter-over-quarter (consensus -0.2%; last -0.2%)

------

UK's FTSE hovers just above its flat line. Energy-related names trade in mixed fashion with Tullow Oil up 3.7% while BG Group, Petrofac, and Royal Dutch Shell are down between 1.3% and 1.6%.
France's CAC is higher by 0.3% with Vinci in the lead. The engineering company has spiked 4.5%. Financials lag with BNP Paribas, Credit Agricole, and Societe Generale down between 0.4% and 1.1%.
In Germany, the DAX trades up 0.7%. Infineon Technologies leads with a solid gain of 1.6% while financials Deutsche Bank and Commerzbank trade lower by 0.7% and 1.5%, respectively.
Spain's IBEX is lower by 0.1% after dipping into the red in recent action. Banco Sabadell, Banco Popular, and Caixabank are down between 0.8% and 2.0%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -8.50. Equity futures remain near their lows that were established just ahead of 8:00 ET. The recent slip in futures coincided with similar price action in Europe as the key indices there also retreated to their session lows. For the time being, Spain's IBEX (-0.2%) is the only index trading in the red.

Domestically, pre-market action has been relatively quiet with just a few notable listings on the move. Costco (COST 144.00, +0.96) is on track to open higher by 0.7% after beating bottom-line estimates while Yum! Brands (YUM 71.70, -3.52) has given up 4.7% in pre-market after issuing disappointing guidance.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -10.50. U.S. equity futures trade near their pre-market lows with the S&P 500 futures six points below fair value. Futures on the S&P 500 have slipped to lows during the past hour after respecting a four-point range through the night.

The overnight session was relatively quiet with China's Shanghai Composite (+2.9%) rebounding from Tuesday's 5.4% plunge while Japan's Nikkei lost 2.3% following yesterday's jump in the yen, which holds a slim gain against the dollar today with the dollar/yen pair at 119.10.

Also of note, the Dollar Index (88.63, -0.05) is on track for its third consecutive decline, but the early dip in the greenback has been unable to put a floor under commodities. Crude oil is lower by 2.2% at $62.45/bbl while copper futures have surrendered 1.0% to $2.899/lb.

On the economic front, the weekly MBA Mortgage Index spiked 7.3% to follow last week's 7.3% decline while today's remaining data point-November Treasury Budget-will be reported at 14:00 ET (Briefing.com consensus -$59.00 billion).

Treasuries are little changed with the 10-yr yield at 2.21%.

In U.S. corporate news of note:

Costco (COST 144.25, +1.21): +0.9% after beating bottom-line estimates.
Toll Brothers (TOL 34.50, -0.29): -0.8% in reaction to a bottom-line miss.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -2.3%, Hong Kong's Hang Seng +0.2%, and China's Shanghai Composite +2.9%
In economic data:
China's CPI declined 0.2% month-over-month (expected 0.1%; previous 0.0%) while the year-over-year reading rose 1.4% (consensus 1.6%; last 1.6%). Also of note, PPI fell 2.7% year-over-year (consensus -2.4%; previous -2.2%)
Japan's Household Confidence fell to 37.7 from 38.9 (expected 39.6) while Q4 BSI Large Manufacturing Conditions eased to 8.1 from 12.7 (consensus 13.1). Separately, Corporate Goods Price Index declined to 2.7% year-over-year from 2.9% (expected 2.6%)
South Korea's Unemployment Rate ticked down to 3.4% from 3.5% (consensus 3.5%)
Australia's Home Loans rose 0.3% month-over-month (expected 0.2%; last -0.4%) while Westpac Consumer Sentiment came in at -5.7% (previous 1.9%)
Among news of note:
In Japan, Prime Minister Shinzo Abe's Chief Cabinet Secretary Hiroshige Seko said the government ought to implement measures that would deal with the negative effects of yen weakness
China's below-consensus inflation readings suggest the People's Bank of China has room to loosen monetary policy if needed

Major European indices trade higher across the board. UK's FTSE +0.1%, France's CAC +0.3%, and Germany's DAX +0.6%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX +0.3%
Economic data was limited:

UK's trade deficit narrowed to GBP9.62 billion from GBP10.51 billion (expected deficit of GBP9.53 billion)
French Industrial Production fell 0.8% month-over-month (expected 0.2%; prior 0.0%) while Non-Farm Payrolls declined 0.3% quarter-over-quarter (consensus -0.2%; last -0.2%)
In news:
Bank of England Governor Mark Carney discussed the expected rate path once again, saying rate hikes will be gradual and limited. Mr. Carney also said inflation is likely to dip below 1.0%

7:02 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -5.00.

7:02 am: [BRIEFING.COM] Nikkei...17,412.58...-400.80...-2.30%. Hang Seng...23,524.52...+38.70...+0.20%.

7:02 am: [BRIEFING.COM] FTSE...6,537.35...+7.90...+0.10%. DAX...9,864.22...+70.50...+0.70%.

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 2 guests


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