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 Fri Mar 29, 2024 3:45 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: December 15th Monday Trade Results - Profit $15840.00
PostPosted: Tue Dec 16, 2014 3:38 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:
121514-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+15840.00.png
121514-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+15840.00.png [ 176.21 KiB | Viewed 313 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($160.00) dollars or -1.60 points, Emini ES ($ES_F) futures @ $16,000.00 dollars or +320.00 points, Light Crude Oil CL ($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 @ $15,840.00 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=1958

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:
121514-Key-Price-Action-Markets.png
121514-Key-Price-Action-Markets.png [ 1.12 MiB | Viewed 346 times ]

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

4:10 pm: [BRIEFING.COM] The major averages began the new week amid some old concerns. The S&P 500 settled lower by 0.6% while the Nasdaq Composite (-1.0%) underperformed, but most of the attention was directed to crude oil trading pits once again.

After plunging nearly 4.0% on Friday and inviting questions about macroeconomic implications of the continued weakness, crude oil enjoyed an overnight rebound before resuming its downtrend. The energy component ended the pit session lower by 3.2% at $55.96/bbl and continued its retreat into the $55.50/bbl area in electronic trade.

Similar to oil, European equities and U.S. equity futures rebounded in overnight action, but accelerated their retreat from highs once the U.S. cash market opened. All ten sectors finished the day in negative territory with heavily-weighted financials (-0.9%), health care (-0.9%), and consumer discretionary (-0.6%) keeping the market under pressure.

Notably, financials and health care finished at the bottom of the leaderboard with the health care sector enduring significant weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 297.66, -8.44) plunged 2.8% and contributed to the underperformance of the Nasdaq.

Although the Nasdaq finished behind the broader market, the tech-heavy index was prevented from sliding deeper into the red by relative strength among some influential components like Accenture (ACN 81.88), Oracle (ORCL 41.11, +1.16), and Qualcomm (QCOM 70.37, -0.21). Of the three, Oracle rallied 2.9% after Morgan Stanley upgraded the stock to 'Overweight.'

Elsewhere, the energy sector (-0.9%) held up well during morning action, but retreated to lows after crude oil locked in a decline for the day. Dow component ExxonMobil (XOM 86.90, +0.30) bucked the trend, climbing 0.4% after BMO Capital Markets upgraded the stock to 'Market Perform' from 'Underperform.'

When the dust settled, the industrial sector (-0.3%) represented the top performer on the cyclical side. The sector benefitted from gains among transport stocks with the group likely responding to cheaper fuel. The Dow Jones Transportation Average ended just above its flat line with Alaska Air (ALK 57.65, +1.84) climbing 3.3%.

Likewise, retailers rallied in response to lower oil prices as evidenced by a 0.2% advance in the SPDR S&P Retail ETF (XRT 92.47, +0.19). However, the broader discretionary sector ended in-line with the market as quick-service restaurants weighed. McDonald's (MCD 88.46, -2.16) and Yum! Brands (YUM 70.63, -2.22) lost 2.4% and 3.1%, respectively.

Treasuries ended the day modestly lower with the 10-yr yield higher by two basis points at 2.12%. On a related note, the Dollar Index registered a slim gain of 0.1%, but the greenback retreated more than 100 pips against the yen to 117.70.

Participation was ahead of average with more than 940 million shares changing hands at the NYSE floor.

Economic data included Empire Manufacturing, Industrial Production, and NAHB Housing Market Index:

The Empire Manufacturing Survey for December registered a reading of -3.6, which was below the prior month's reading of 10.2 and below the Briefing.com consensus estimate, which was pegged at 14.0
Industrial production increased 1.3% in November after increasing an upwardly revised 0.1% (from -0.1%) while the Briefing.com consensus expected an increase of 0.7%
That was the largest increase since a 1.6% gain in May 2010 o Manufacturing production increased a solid, and perhaps unexpected, 1.1% in November after increasing an upwardly revised 0.4% (from 0.2%) in October
Capacity utilization exceeded 80% for the first time since March 2008 and increased to 80.1% in November from 79.3% in October
The NAHB Housing Market Index for December slipped to 57 from 58 while the Briefing.com consensus expected the reading to hold at 58

Tomorrow, November Housing Starts (Briefing.com consensus 1.035 mln) and Building Permits (consensus 1.06 mln) will be reported at 8:30 ET.

Nasdaq Composite +10.3% YTD
S&P 500 +7.6% YTD
Dow Jones Industrial Average +3.6% YTD
Russell 2000 -1.8% YTD

3:35 pm: [BRIEFING.COM]

Oil prices slide lower again
Jan crude oil declined today and finished the day near the $56 level, closing $1.84 lower at $55.96/barrel.
Crude reversed and began to decline down near $55/barrel in electronic trading
Jan natural gas closing near its LoD today, finishing $8 cents lower to $3.72/MMBtu
Gold, silver and copper all finished near today's lows as well
Feb gold ended $16.50 lower at $1207.60/oz, while Mar silver fell $0.56 to $16.50/oz
Mar copper declined 5 cents to $2.88/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the session. The benchmark index has slipped from its rebound high in a move that saw the energy sector (-0.6%) return to its low for the day.

The growth-sensitive group had shown relative strength earlier, but today's decline in crude oil, which ended the pit session lower by 3.2% at $55.96/bbl, has proven too much for the sector that now appears among the laggards, alongside financials (-0.8%), health care (-0.7%), and utilities (-0.9%).

Elsewhere, Treasuries hover just above their intraday lows with the 10-yr yield higher by almost two basis points at 2.12%.

2:30 pm: [BRIEFING.COM] The major averages have returned to their rebound highs with the Nasdaq Composite (-0.5%) remaining at the bottom of the pack. The tech-heavy index has trailed the broader market since the opening bell with biotechnology largely responsible for the underperformance. The iShares Nasdaq Biotechnology ETF (IBB 298.16, -7.94) is lower by 2.6%.

That being said, today's focus has once again been centered on crude oil. The energy component is lower by 2.6% at $56.59 after marking a fresh session low just ahead of the end of the pit session. Oil bounced after marking a new low at $56.16/bbl and the equity market perked up as well.

Also of note, the Japanese yen has continued advancing throughout the session, which reflects the overall caution among participants. Currently, the dollar/yen pair is lower by about 100 pips at 117.78.

2:00 pm: [BRIEFING.COM] The S&P 500 hovers about seven points below its 50-day moving average.

Manufacturing production increased a solid, and perhaps unexpected, 1.1% gain in November after increasing an upwardly revised 0.4% (from 0.2%) in October. That was the largest increase in manufacturing production since February. The regional Federal Reserve manufacturing surveys were mixed and the national ISM Production Index revealed a slight deceleration in manufacturing growth. Given the results from the surveys, manufacturing production was expected to be flat or only slightly upward trending.

Even though the ISM production numbers decelerated in November, the index had gone through substantial growth over the previous few months. Those gains, which had not shown up in the hard industrial production data, finally caught up in November.

Thus, the large gains in production are simply catch-up from previous period growth.

1:30 pm: [BRIEFING.COM] The U.S. indices continue to rest in negative territory after recently failing to reach breakeven levels on the day. The S&P 500 is down 0.4% with the Dow Jones Industrial Average down 0.5%.

The energy sector (+0.6%) continues to outperform on the day despite the continued decline in the spot price of crude oil (-2.4% at $56.40/bbl). The positive move may be a sign that investors have considered the steep drop in energy stocks to be overextended. The S&P sector is currently down 16% YTD, yet all of that decline has come in the fourth quarter.

Oil giant ExxonMobil (XOM 87.62, +1.02) is leading the sector today after being upgraded earlier at BMO Capital Markets.

12:55 pm: [BRIEFING.COM] The major averages trade lower across the board at midday with the Nasdaq Composite (-0.5%) trailing the S&P 500 (-0.2%). The key indices started the day in the green, but were unable to maintain their gains as the attention shifted to the commodity market where crude oil has continued its retreat.

At this juncture, the energy component is lower by 2.1% at $56.84/bbl after marking a session low near $56.24 at noon ET. That low has coincided with the session low in equities, but stocks have been more resilient than oil.

The S&P 500 fell below its 50-day moving average (2001) at the start and then briefly lost its 100-day average (1988) within the past 90 minutes. While the 100-day average has provided some technical support for the time being, it remains to be seen where the market settles with respect to those two averages.

No matter the outcome, the market has its work cut out with eight of ten sectors trading in the red at midday. Most notably, heavily-weighted financials (-0.6%), consumer discretionary (-0.4%), and health care (-0.6%) have the potential to fuel a rebound, but they have been reluctant to do so for the time being. The health care sector has been pressured by biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 300.07, -6.03) trading lower by 1.9%, which helps explain the underperformance of the Nasdaq Composite.

On the upside, the energy sector (+0.4%) has exhibited relative strength throughout the first half, but that comes after the sector gave up more than 16.0% from its mid-November high. Dow component ExxonMobil (XOM 87.53, +0.93) is higher by 1.1% after BMO Capital Markets upgraded the stock to 'Market Perform' from 'Underperform.'

Elsewhere, the technology sector hovers just below its flat line with influential components like Microsoft (MSFT 46.99, +0.04) and Oracle (ORCL 41.04, +1.08) showing relative strength.

The first-half slide caused Treasuries to recover their overnight losses, before ticking down from highs. The 10-yr yield is higher by a basis point at 2.11%.

Economic data included Empire Manufacturing, Industrial Production, and NAHB Housing Market Index:

The Empire Manufacturing Survey for December registered a reading of -3.6, which was below the prior month's reading of 10.2 and below the Briefing.com consensus estimate, which was pegged at 14.0
Industrial production increased 1.3% in November after increasing an upwardly revised 0.1% (from -0.1%) while the Briefing.com consensus expected an increase of 0.7%
That was the largest increase since a 1.6% gain in May 2010 o Manufacturing production increased a solid, and perhaps unexpected, 1.1% in November after increasing an upwardly revised 0.4% (from 0.2%) in October
Capacity utilization exceeded 80% for the first time since March 2008 and increased to 80.1% in November from 79.3% in October
The NAHB Housing Market Index for December slipped to 57 from 58 while the Briefing.com consensus expected the reading to hold at 58

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (-0.3%) pull up from its session low and the benchmark index is now trying to stay above its 100-day moving average (1988). Similar to equities, crude oil has rebounded from its low, trimming its loss to 2.1% at $56.89/bbl after dropping near $56.24/bbl earlier.

Generally speaking, the price action in equities has mirrored that in crude oil with stocks trying to rebound during pauses in the slide in crude. Strikingly, the energy sector (+0.6%) is the only group trading in the green at this juncture, but the sector is still down about 16.0% from its November high.

Also of note, Treasuries have backed away from their highs with the 10-yr yield now at 2.10%.

11:55 am: [BRIEFING.COM] Not much let up to the steady selling pressure that has caused all ten sectors to extend their losses. At this juncture, the S&P 500 is lower by 0.9% with five sectors trading in-line or behind the broader market.

Most notably, the financial sector (-1.3%) has been a drag since the early going and the influential sector continues pressuring the market at this time. Also of note, the health care sector (-1.1%) weighs amid a 2.6% decline in the iShares Nasdaq Biotechnology ETF (IBB 298.01, -8.09). Conversely, the underperformance of biotechnology has kept the Nasdaq Composite (-1.2%) behind the broader market.

Furthermore, the Nasdaq has also had to contend with a 1.9% decline in the shares of Apple (AAPL 107.66, -2.07).

11:25 am: [BRIEFING.COM] The stock market has been pressured to a fresh low by another round of selling in crude oil, which is now down 2.1% at $56.84/bbl. The continued weakness in the commodity is leading to concerns about global economic health, which is being reflected by broad-based selling. The S&P 500 has slid below its 50-day moving average (2001) with influential sectors like consumer discretionary (-0.8%), financials (-0.8%), and health care (-0.8%) weighing the market down.

The cautious sentiment has also been apparent in the foreign exchange market with the dollar and yen both rallying. The Dollar Index is higher by 0.2%, but the dollar/yen pair is lower by about 80 pips near 117.98.

Lastly, Treasuries have advanced to new highs with the 10-yr yield now down one basis point at 2.09%.

11:00 am: [BRIEFING.COM] Equity indices have registered fresh lows in recent action with the slide coming amid continued weakness in crude oil. The major averages currently trade a bit above their lowest levels of the day and overall price action has mirrored that of crude oil. The energy component was up as much as 1.0% early in the morning, but its retreat from those highs accelerated after oil trading pits opened for action. Currently, crude trades lower by 1.3% at $57.33/bbl.

Meanwhile, the broad-based retreat in equities has caused all ten sectors to slide from their highs. Interestingly, the energy sector (+0.3%) continues hanging on ahead of other groups, which likely results from the sector being oversold on short-term basis. The growth-sensitive group has plunged nearly 17.0% from its late November high.

As for the remaining cyclical groups, financials (-0.3%) and consumer discretionary (-0.1%) occupy the bottom of the leaderboard. Also of note, several large cap technology (+0.3%) names have shown relative strength with Apple (AAPL 110.14, +0.41), Microsoft (MSFT 47.12, +0.17), and Oracle (ORCL 41.04, +1.09) up between 0.3% and 2.7% with the latter benefitting from a Morgan Stanley upgrade to 'Overweight' from 'Equal-Weight.'

10:30 am: [BRIEFING.COM]

Commodities have pulled back this morning as the dollar index continues to trade higher
Precious metals have been in the red all morning and sitting in a tight, consolidated range following the morning sell-off
Crude oil, natural gas and copper futures have extended losses in more recent trade and all hits new lows for today
In current trade, Jan crude oil is -1.4% at $56.99/barrel, while Jan nat gas is +0.2% at $3.80/MMBtu
Feb gold is now -0.7% at $1214.50/oz, Mar silver is -1% at $16.90/oz and Mar copper is -0.7% at $2.91/lb
All five commodities are sitting just above today's lows
The dollar index is currently +0.2% at 88.50

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.5% after pulling back from its early high. All ten sectors continue to hold gains, but the materials space is nearing the unchanged level. Also of note, the energy sector has narrowed its gain to 0.5%.

The just-released NAHB Housing Market Index for December slipped to 57 from 58 while the Briefing.com consensus expected the reading to hold at 58.

9:45 am: [BRIEFING.COM] As expected, the major averages spiked out of the gate amid gains in all ten sectors. The S&P 500 trades higher by 0.8% with the energy sector (+1.3%) pacing the opening advance.

Similar to energy, heavily-weighted technology (+1.1%) and industrials (+0.9%) began the session among the leaders while financials (+0.8%) opened in-line with the market.

Notably, the early strength in the energy sector has come about even as crude oil trades lower by 0.2% at $57.94/bbl after slipping to a new low in recent action.

Treasuries are back near their lows with the 10-yr yield up three basis points at 2.13%.

The NAHB Housing Market Index for December (Briefing.com consensus 58) will be released at 10:00 ET.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +23.10. The stock market is on track for a higher open with futures on the S&P 500 trading ten points above fair value. Index futures have spent the overnight session in a steady advance and hit their highs shortly after the start of the European session. Since then, U.S. futures have slipped from their highs while markets in Europe have struggled to keep their gains from the first half of the session with UK's FTSE (-0.4%) leading the region into the red.

Also of note, crude oil has been in focus following a 3.8% drop on Friday, but the energy component has had difficulty putting together a rebound. It currently trades higher by 0.2% at $58.19/bbl.

On the economic front, the Empire Manufacturing Survey for December registered a reading of -3.6, which was below the prior month's reading of 10.2 and below the Briefing.com consensus estimate (14.0).

Just reported, Industrial Production increased 1.3% in November, which was above the 0.7% increase expected by the Briefing.com consensus. Separately, capacity utilization hit 80.1% while the Briefing.com consensus expected a reading of 79.3%.

In corporate news of note, PetSmart (PETM 81.00, +3.07) has agreed to be acquired by a consortium led by BC Partners for $83.00/share and Riverbed Technology (RVBD 20.52, +1.63) will be acquired by Thoma Bravo for $21/share.

Treasuries hold modest losses with the 10-yr yield up two basis points at 2.12%.

9:03 am: [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +17.60. The S&P 500 futures trade eight points above fair value.

Markets fell across most of Asia. In Japan, Liberal Democratic Party (LDP) and its junior coalition partner won 326 seats in the Lower House election, which confirmed pre-election reports indicating Prime Minister Shinzo Abe's party would win supermajority. Elsewhere, the People's Bank of China suggested China's growth could slow to about 7.0% with CPI easing to 2.2% and Moody's kept Australia's sovereign rating at 'Aaa' while maintaining a 'stable' outlook.

In economic data:
Japan's Q4 Tankan Large Non-Manufacturers Index rose to 16 from 13 (expected 12) while Large Manufacturers Index slipped to 12 from 13 (expected 13)
South Korea's trade surplus narrowed to $5.51 billion from $5.61 billion as exports fell 2.1% (previous -1.9%) and imports declined 4.0% (last -4.0%)
Singapore's Unemployment Rate ticked up to 2.0% from 1.9% (expected 1.9%) while Retail Sales rose 8.1% year-over-year (expected 7.2%; prior 5.5%)
India's Wholesale Price Index was unchanged month-over-month (expected 1.36%; last 1.77%)
Australia's New Motor Vehicle Sales slipped 0.6% month-over-month (previous -1.6%)

------

Japan's Nikkei fell 1.6% to a one-month low. Overnight strength in the yen pressured exporters Toyota Motor and Nissan Motor to respective losses of 1.4% and 1.8%.
Hong Kong's Hang Seng sank 1.0% to its lowest levels in two months. Real estate names were a drag as China Resources Land fell 2.3% and Cheung Kong Holdings shed 2.2%.
China's Shanghai Composite gained 0.5% amid speculation of further PBoC easing. Infrastructure names continued to see gains with China Communications Construction climbing the limit, 10%.
India's Sensex shed 0.1%, falling for the sixth time in seven sessions. IT service providers were a drag as Tata Consultancy Services and Infosys lost 3.8% and 0.7%, respectively.

Major European indices have retreated from their highs with Spain's IBEX (+0.5%) trading ahead of the pack. Elsewhere, Fitch lowered France's sovereign rating to 'AA' from 'AA+,' citing worsening debt dynamics. Also of note, European Central Bank member Ewald Nowotny said the central bank will not approve an unconditional purchasing program and that any potential purchases will only be conducted on the secondary market.

Economic data was limited:
Great Britain's CBI Industrial Trends Orders rose to 5 from 3 (expected 3)
Swiss PPI fell 0.7% month-over-month (expected 0.2%; previous -0.1%) while the year-over-year reading declined 1.6% (consensus -1.2%; last -1.1%)

------

UK's FTSE is lower by 0.4% amid weakness in drug makers and miners. AstraZeneca, GlaxoSmithKline, Randgold Resources, and Fresnillo are down between 1.3% and 1.9%. Consumer names outperform as Burberry, Kingfisher, and J Sainsbury hold gains between 2.0% and 3.0%.
Germany's DAX has returned to its flat line. RWE, Commerzbank, and BASF weigh with losses between 0.8% and 1.7%.
France's CAC has also surrendered its gain. EDF, Total, and BNP Paribas hold losses between 0.5% and 4.0%.
Spain's IBEX leads with a gain of 0.5% amid strength in construction and engineering names. Abengoa, FCC, Gamesa, and Sacyr are up between 1.3% and 4.5%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +21.40. The S&P 500 futures trade nine points above fair value.

The Empire Manufacturing Survey for December registered a reading of -3.6, which was below the prior month's reading of 10.2. It was also below the Briefing.com consensus estimate, which was pegged at 14.0.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +20.80. U.S. equity futures sport solid pre-market gains after rebounding from their sharp retreat on Friday afternoon. The S&P 500 futures trade eight points above fair value while markets in Europe trade in the green as well.

Also of note, crude oil traded higher overnight, but the commodity recently made a brief appearance near its flat line. The energy component is currently higher by 0.4% at $58.31/bbl. Meanwhile, Treasuries have retreated modestly with the 10-yr yield up three basis points at 2.13%.

The Empire Manufacturing Index for December (Briefing.com consensus 14.0) will be released at 8:30 ET while November Industrial Production (consensus 0.7%) and Capacity Utilization (consensus 79.3%) will cross the wires at 9:15 ET. The NAHB Housing Market Index for December (expected 58) will be reported at 10:00 ET and the Net Long-Term TIC Flows for October will cross at 16:00 ET.

In U.S. corporate news of note:

Cirrus Logic (CRUS 19.85, +1.01): +5.4% after Barclays upgraded the stock to 'Overweight' from 'Underweight.'
PetSmart (PETM 81.00, +3.07): +3.9% after agreeing to be acquired by a consortium led by BC Partners for $83.00/share.


Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -1.6%, Hong Kong's Hang Seng -1.0%, and China's Shanghai Composite +0.5%
In economic data:
Japan's Q4 Tankan Large Non-Manufacturers Index rose to 16 from 13 (expected 12) while Large Manufacturers Index slipped to 12 from 13 (expected 13)
South Korea's trade surplus narrowed to $5.51 billion from $5.61 billion as exports fell 2.1% (previous -1.9%) and imports declined 4.0% (last -4.0%)
Singapore's Unemployment Rate ticked up to 2.0% from 1.9% (expected 1.9%) while Retail Sales rose 8.1% year-over-year (expected 7.2%; prior 5.5%)
India's Wholesale Price Index was unchanged month-over-month (expected 1.36%; last 1.77%)
Australia's New Motor Vehicle Sales slipped 0.6% month-over-month (previous -1.6%)
In news:
In Japan, Liberal Democratic Party (LDP) won 325 seats in the Lower House election, which confirmed pre-election reports indicating Prime Minister Shinzo Abe's party would win supermajority.

Major European indices trade in the green, but they have inched away from their highs. Germany's DAX +0.4%, Great Britain's FTSE +0.2%, and France's CAC +0.5%. Elsewhere, Italy's MIB +0.9% and Spain's IBEX +1.0%
Economic data was limited:
Great Britain's CBI Industrial Trends Orders rose to 5 from 3 (expected 3)
Swiss PPI fell 0.7% month-over-month (expected 0.2%; previous -0.1%) while the year-over-year reading declined 1.6% (consensus -1.2%; last -1.1%)
Among news of note:
Fitch lowered France's sovereign rating to 'AA' from 'AA+,' citing worsening debt dynamics.
European Central Bank member Ewald Nowotny said the central bank will not approve an unconditional purchasing program and that any potential purchases will only be conducted on the secondary market.

7:02 am: [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +26.50.

7:02 am: [BRIEFING.COM] Nikkei...17,099.40...-272.20...-1.60%. Hang Seng...23,027.85...-221.40...-1.00%.

7:02 am: [BRIEFING.COM] FTSE...6,328.43...+27.80...+0.40%. DAX...9,625.93...+31.50...+0.30%.

Oil Slump Accelerates as Stocks in U.S., Europe Retreat

By Jeremy Herron and Callie Bost Dec 15, 2014 4:35 PM ET

Crude oil slid to a five-year low as a selloff in the commodity gathered pace after the United Arab Emirates said OPEC won’t rein in production. U.S. stocks fell, while European equities sank to erase gains in 2014.

The Standard & Poor’s 500 Index closed down 0.6 percent at 1,989.63 by 4 p.m. in New York, falling for the fifth time in six days. The Stoxx Europe 600 Index slid 2.2 percent to the lowest level since Oct. 20, leaving the gauge 1.5 percent down this year. The MSCI Emerging Markets Index dropped to a 10-month low. The ruble weakened through 60 per dollar for the first time, while Turkey’s lira fell to a record versus the dollar. U.S. crude sank 3.3 percent and precious metals slid.

As the rout in benchmark oil prices accelerated, energy producers sent a gauge of global stocks down 1.2 percent, extending last week’s declines. The slump in crude is pushing Russia, the world’s largest energy exporter, close to recession. The S&P 500 touched below its 100-day average before trimming losses as an index of commodities fell to the lowest level since 2009. The Federal Reserve meets this week to review monetary policy and the timeline for interest-rate increases.

Oil Prices

“People are going to come into these markets looking at the same things they did last week, oil and secondary interest rates,” Randy Frederick, managing director of trading and derivatives at Charles Schwab Corp., said by phone from Austin, Texas. “To me, the oil selloff is a bit overdone and people’s reactions are a bit negative to it. We need to see stability in oil that lasts a couple of days. If we get that, people will stop being concerned.”

Crude Selloff

The S&P 500 sank 3.5 percent last week to a six-week low, and traded today near its average price for the past 50 days. The gauge slid below 2,000 points for the first time since October. The Chicago Board Options Exchange Volatility Index, also known as the VIX (VIX), declined 3.1 percent after jumping 78 percent last week, its biggest advance in more than four years.

West Texas Intermediate crude fell for a fourth straight trading day, slipping to $55.91 a barrel in New York, the lowest settlement price since May 2009. WTI is down 44 percent this year. Brent crude for January settlement lost 1.3 percent to $61.06 a barrel in London, erasing earlier gains that were fueled by reports fighting had shut down two ports in Libya.

UAE Energy Minister Suhail Al-Mazrouei said that the Organization of Petroleum Exporting Countries will refrain from cutting crude output even if prices slide to $40 a barrel. The group, which last month refused to reduce production in the face of the oil-market slump, has pumped more than its 30 million barrel-a-day target for the last six months.

Energy Stocks

Oil and gas companies in Europe’s Stoxx 600 gauge fell 3.1 percent, leaving them 32 percent below a high reached in June. Energy stocks in the S&P 500 slid as much as 1 percent before closing down 0.7 percent at the lowest level since Dec. 31, 2012.

“Oil can stabilize,” Dan Veru, chief investment officer at Fort Lee, New Jersey-based Palisade Capital Management, said by phone. The firm oversees $5 billion in assets. “It’s not so much that it’s low, but the velocity of the change has been so rapid that it just scares the pants off of people.”

Among other U.S. stocks moving today, PetSmart Inc. rose 4.3 percent after a group led by BC Partners Ltd. agreed to buy it for $8.3 billion.

Yields on 10-year Treasuries rose for the first time in six days, adding three basis points, or 0.03 percentage point, to 2.12 percent after closing last week at their lowest level since June 2013.

Fed Meeting

Fed officials will consider at their meeting whether to retain a pledge to keep rates low for a “considerable time” after they ended their stimulatory bond-buying program in October. Fed Chair Janet Yellen and her fellow policy makers will gather in Washington from tomorrow for their final two-day convention of the year.

“The Fed takes precedent,” said Michael Franzese, senior vice president of fixed-income trading at ED&F Man Capital Markets in New York. The central bank may “leave considerable time in there and tell you that it could be removed in the next couple of meetings, and that they will begin the process of raising rates in May or June.”

Treasuries returned 6.5 percent through Dec. 12, compared with the 9.7 percent gain produced by German securities, according to Bloomberg World Bond Indexes. Italian bonds earned 14 percent and Spanish debt gained 15 percent.

Spanish securities rallied today, pushing 10-year yields down nine basis points to 1.79 percent.
Yen Gains

The yen climbed against all 16 major currencies tracked by Bloomberg as investors sought haven investments amid crude’s tumble. The euro weakened 0.2 percent to $1.2436 and declined 1 percent to 146.46 yen.

MSCI’s developing-nations gauge dropped 1.7 percent for a seventh day of declines to the lowest level since Feb. 5. Thailand’s benchmark stock index slid as much as 9.2 percent, the most in six years on a closing basis, before closing down 2.4 percent.

The ruble tumbled 10 percent to 64.24 a dollar, taking its slump over the past six days to about 21 percent. The country’s Micex Index (INDEXCF) fell 2.4 percent. The Bank of Russia is holding an auction of local currency to ease the cash squeeze there.

Indonesia’s rupiah tumbled 1.9 percent to 12,698 per dollar, the biggest drop since Aug. 1 to the weakest level on a closing basis since August 1998. The currency is suffering amid speculation local companies are buying dollars before the end of the year and as foreign funds pull money out of the Southeast Asian country.

Precious Metals

Equities in Turkey retreated 0.5 percent and the lira retreated as police detained the editor-in-chief of the country’s best-selling daily and the head of a television station. The nation’s jobless late rose to 10.5 percent in September from 10.1 percent the previous month, data showed today.

Gold futures fell 2 percent on the Comex in New York to $1,197.90 an ounce after touching a one-week low. Silver futures sank 2.9 percent to $16.563 per ounce in a third day of declines. Corn futures for March delivery rose 0.5 percent to $4.095 a bushel after reaching $4.12, the highest level in five months amid growing demand for ethanol.

To contact the reporters on this story: Jeremy Herron in New York at jherron8@bloomberg.net; Callie Bost in New York at cbost2@bloomberg.net

To contact the editors responsible for this story: Jeff Sutherland at jsutherlan13@bloomberg.net; Emma O’Brien at eobrien6@bloomberg.net Jeremy Herron, Emma O’Brien

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