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 Post subject: December 23rd Tuesday Trade Results - Profit $1030.00
PostPosted: Wed Dec 24, 2014 5:08 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $530.00 dollars or +5.30 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($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 @ $1,030.00 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=1966

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

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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

4:10 pm: [BRIEFING.COM] The Dow Jones Industrial Average (+0.4%) and S&P 500 (+0.2%) rallied to new record highs on Tuesday with the Dow crossing above the 18,000 mark for the first time. However, widespread losses in the biotechnology group prevented the Nasdaq Composite (-0.3%) from taking part in the rally.

Equity indices began the day in the green after a better than expected revision to Q3 GDP (5.0%; Briefing.com consensus 4.3%) provided a pre-market boost. The GDP report was a bright spot among a torrent of mostly disappointing data, which was taken in stride by the market.

Nine of ten sectors registered gains with the energy space (+1.3%) ending in the lead. The growth-sensitive sector opened ahead of other groups and held the lead into the close. Crude oil, meanwhile, settled higher by 3.1% at $57.09/bbl and continued its advance in electronic trading with the move taking place even as the Dollar Index (90.13, +0.36) climbed 0.4%.

The energy sector was followed closely by materials (+0.8%) while the remaining cyclical groups also settled ahead of the broader market. Consumer discretionary (+0.6%) and financials (+0.6%) enjoyed broad support while the technology sector (+0.3%) rallied behind its top components like Google (GOOGL 538.77, +6.47), Intel (INTC 37.43, +0.22), and Microsoft (MSFT 48.45, +0.47). The three names gained between 0.6% and 1.2%, but the largest component-Apple (AAPL 112.54, -0.40)-shed 0.4% and kept the Nasdaq pressured.

However, Nasdaq's woes were not isolated to its largest member. Biotech names retreated across the board with the iShares Nasdaq Biotechnology ETF (IBB 294.70, -14.38) dipping below its 50-day average (294.47). The biotech ETF was able to reclaim that level ahead of the close, but still ended the day lower by 4.7%. For its part, the health care sector (-2.2%) was the only group that ended behind the S&P 500.

The underperformance of biotechnology prevented the S&P 500 from extending its gain, while the price-weighted Dow Jones Industrial Average benefitted from containing just four health care names with two of the four priced below $60/share. In total, only five Dow components registered losses while the two largest listings-Visa (V 265.26, +1.05) and Goldman Sachs (GS 195.50, +1.06) gained 0.4% and 0.6%, respectively. Today's outperformance extended the Dow's year-to-date gain to 8.7%, but the index remains behind the S&P 500, which has added 12.7% so far in 2014.

Elsewhere among Dow members, shares of Coca-Cola (KO 42.97, +0.62) gained 1.5% after The Wall Street Journal reported the company plans to cut between 1,000 and 2,000 jobs globally. As for the broader consumer staples sector (+0.8%), the countercyclical group ended among the leaders.

Treasuries ended near their lows with the 10-yr yield spiking ten basis points to 2.26%.

Today's participation was below average with fewer than 700 million shares changing hands at the NYSE floor.

Economic data was plentiful, including GDP, Durable Orders, FHFA Housing Price Index, Michigan Sentiment, Personal Income/Spending, and New Home Sales:

Third quarter GDP was revised up to 5.0% in the third estimate after an originally reported 3.9% gain, which was the largest increase since a 6.9% spike in Q3 2003
The Briefing.com consensus expected GDP to be revised up to 4.3%
Real final sales were revised up to 5.0% from 4.1%, which was the largest increase since Q1 2006 when sales climbed 5.5%
Consumption was revised up to 3.2% from 2.2% after increasing 2.5% in Q2 2014
Durable goods orders declined 0.7% in November after increasing a downwardly revised 0.3% (from 0.4%) in October
The Briefing.com consensus expected an increase of 2.7%
A large portion of the miss was a result of seasonal adjustments impacting nondefense aircraft orders
Excluding transportation, durable goods orders declined 0.4% while the consensus expected an increase of 1.0%
The October Housing Price Index from the FHFA rose 0.6%, which followed an unchanged reading in September
New home sales in November hit an annualized rate of 438,000, which was down from the revised October rate of 445,000 (from 458,000) and worse than the rate of 460,000 that had been broadly expected by the Briefing.com consensus
The University of Michigan Consumer Sentiment Index was virtually unchanged at 93.6 (from 93.8) in the final December reading while the Briefing.com consensus expected no change
The December sentiment reading marked the highest point since January 2007
Personal income increased 0.4% in November while the Briefing.com consensus expected an increase of 0.5%
Personal spending increased 0.6% in November while the consensus expected an increase of 0.5%
Core PCE prices were flat in November while the consensus expected an uptick of 0.1%

There is no economic data on tomorrow's schedule with the session scheduled to end early at 13:00 ET.

Nasdaq Composite +14.1% YTD
S&P 500 +12.7% YTD
Dow Jones Industrial Average +8.7% YTD
Russell 2000 +3.4% YTD

3:35 pm: [BRIEFING.COM]

Oil prices put in a nice rally today, extended gains into the close of pit trading today
Feb crude rallied above $57/barrel this afternoon and ended the day up $1.71/barrel to $57.09/barrel
Fen nat gas futured ended on a positive note, closing 3 cents higher at $3.17/MMBtu
Gold finished with a modest loss, while silver finished with a modest gain

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the Tuesday session. The benchmark index enters the last hour of action at a freshly-set session high while the Nasdaq (-0.2%) remains trapped in the red.

Nine of ten sectors sport gains of 0.4% or more while the health care space (-2.1%) trades sharply lower. Including today's decline, the health care sector is now down 3.2% for the week while the other nine groups have added between 0.5% (energy) and 1.7% (consumer discretionary) in the first two sessions of the week.

Elsewhere, Treasuries are on their lows with the 10-yr yield up eight basis points at 2.25%.

2:25 pm: [BRIEFING.COM] Afternoon action continues in quiet fashion with the S&P 500 (+0.3%) trading just a point away from its session high.

Energy (+1.2%) and materials (+1.0%) began the session ahead of the remaining eight groups and the two commodity-linked sectors remain in the lead. The energy sector has enjoyed continued support from crude oil with the energy component now trading higher by 3.4% at $57.11/bbl.

Elsewhere among commodities, gold (-0.3%) and copper (-0.2%) futures hold modest losses at their respective $1175.90/ozt and $2.865/lb while silver is higher by 0.4% at $15.75/ozt.

2:00 pm: [BRIEFING.COM] The overall stock market action remains mixed with the Dow and S&P 500 retaining leadership positions while the Nasdaq lags behind.

The Dow Jones Industrial Average, which has trailed the Nasdaq and S&P 500, is moving to close some of that performance gap. Including today's advance, it is up 1.3% for the week versus 0.7% for the S&P 500 and 0.2% for the Nasdaq. All three, though, are having solid years with gains ranging from 8.9% to 14.3%.

Leading gainers in the Dow today include Visa (V 266.12, +1.91), Goldman Sachs (GS 195.86, +1.42), IBM (IBM 162.62, +1.18), Boeing (BA 130.52, +2.30), and Chevron (CVX 113.62, +1.59).

Separately, the Treasury market continues to feel the grip of sellers as the stock market continues to press ahead. The 10-yr note yield has risen seven basis points to 2.23%.

1:35 pm: [BRIEFING.COM] The major U.S. indices remain mixed with the Dow Jones Industrial Average in the lead again, currently up 0.6%. The Nasdaq is down 0.2%, weighed down by a notable decline in biotech and health care stocks today.

The U.S. dollar index continues to (+0.33 to 90.10) to move up and is at multi-year highs with interest-rate differentials helping to lend support.

Energy remains the largest S&P sector gainer on the day (+1%) on the heels of a bounce in crude futures (+1.33 to 56.61/bbl).

12:55 pm: [BRIEFING.COM] The major averages are mixed at midday with the Nasdaq Composite (-0.3%) trailing the S&P 500 (+0.3%).

Equity indices began the trading day in the green after the third revision to Q3 GDP (5.0%; Briefing.com consensus 4.3%) revealed the largest spike since 2003. All ten sectors started in positive territory, but health care (-2.5%) began sliding almost immediately with biotechnology driving the retreat.

At this juncture, the health care sector and the iShares Nasdaq Biotechnology ETF (IBB 292.83, -16.25) both trade near their lowest levels of the day. The biotech ETF trades down 5.3% after slipping below its 50-day moving average, but is still up 14.0% off its October low.

The underperformance of biotech has kept the Nasdaq in the red, but the index has been prevented from sliding deeper into negative territory by the relative strength of large cap tech names. Influential sector components like Google (GOOGL 540.30, +8.00), Oracle (ORCL 46.50, +0.85), and Microsoft (MSFT 48.57, +0.59) hold gains of more than 1.0% while Apple (AAPL 112.57, -0.37) has bucked the trend. As for the technology sector (+0.5%), the top-weighted group trades ahead of the broader market.

Similar to technology, other influential sectors like financials (+0.9%), consumer discretionary (+0.8%), industrials (+0.6%), and energy (+1.0%) also trade ahead of the S&P 500 with the latter benefitting from a rebound in crude oil. The energy component is higher by 2.4% at $56.56/bbl.

Treasuries retreated following today's data and have continued inching lower throughout the session. The 10-yr yield is higher by five basis points at 2.21%.

Economic data was plentiful, including GDP, Durable Orders, FHFA Housing Price Index, Michigan Sentiment, Personal Income/Spending, and New Home Sales:

Third quarter GDP was revised up to 5.0% in the third estimate after an originally reported 3.9% gain, which was the largest increase since a 6.9% spike in Q3 2003
The Briefing.com consensus expected GDP to be revised up to 4.3%
Real final sales were revised up to 5.0% from 4.1%, which was the largest increase since Q1 2006 when sales climbed 5.5%
Consumption was revised up to 3.2% from 2.2% after increasing 2.5% in Q2 2014
Durable goods orders declined 0.7% in November after increasing a downwardly revised 0.3% (from 0.4%) in October
The Briefing.com consensus expected an increase of 2.7%
A large portion of the miss was a result of seasonal adjustments impacting nondefense aircraft orders
Excluding transportation, durable goods orders declined 0.4% while the consensus expected an increase of 1.0%
The October Housing Price Index from the FHFA rose 0.6%, which followed an unchanged reading in September
New home sales in November hit an annualized rate of 438,000, which was down from the revised October rate of 445,000 (from 458,000) and worse than the rate of 460,000 that had been broadly expected by the Briefing.com consensus
The University of Michigan Consumer Sentiment Index was virtually unchanged at 93.6 (from 93.8) in the final December reading while the Briefing.com consensus expected no change
The December sentiment reading marked the highest point since January 2007
Personal income increased 0.4% in November while the Briefing.com consensus expected an increase of 0.5%
Personal spending increased 0.6% in November while the consensus expected an increase of 0.5%
Core PCE prices were flat in November while the consensus expected an uptick of 0.1%

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.2%) continues trading in the top half of today's seven-point range with the materials sector (+1.0%) holding the lead.

The commodity-related sector has shown relative strength since the start while other commodity-linked groups like energy (+1.0%) and industrials (+0.6%) have also served up a measure of support. Speaking of commodities, crude oil has climbed off its morning low and currently trades higher by 1.9% at $56.26/bbl. The energy component has been able to move higher even though the Dollar Index (90.02, +0.25) has added 0.3%.

On the downside, the health care sector (-2.8%) and the iShares Nasdaq Biotechnology ETF (IBB 292.43, -16.65) have slid to new lows for the day.

12:00 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 hovering about two points below its best level of the day. Meanwhile, the tech-heavy Nasdaq continues lurking just below its unchanged level.

The Nasdaq has been pressured by biotechnology while another high-beta group-chipmakers-has held up relatively well. The PHLX Semiconductor Index (+0.2%) trades in-line with the broader market, but behind the broader technology sector (+0.6%). Shares of Cree (CREE 33.05, +0.92) have had the best showing, up 2.8%, while NXP Semiconductor (NXPI 76.44, -0.85) and SunEdison (SUNE 19.01, -0.21) are both down near 1.1%.

Elsewhere, Treasuries remain near their lows with the 10-yr yield higher by four basis points at 2.21%.

11:30 am: [BRIEFING.COM] The S&P 500 (+0.2%) hovers near the middle of today's range as the relative strength of most influential sectors overshadows the big drop in the health care sector (-2.2%), which is the third largest group that accounts for more than 13.0% of the entire market.

Although biotech names are responsible for today's weakness, the iShares Nasdaq Biotechnology ETF (IBB 296.26, -12.72) is still higher by 15.5% since its mid-October low when the high-beta ETF hit its 200-day moving average.

Elsewhere, the top-weighted technology sector trades higher by 0.6% with large cap names like Google (GOOGL 537.23, +4.93), Oracle (ORCL 46.15, +0.50), and Microsoft (MSFT 48.71, +0.73) contributing to the relative strength. However, the largest component, Apple (AAPL 112.78, -0.16), has sat out the rally.

10:55 am: [BRIEFING.COM] Equity indices remain scattered with the Dow (+0.5%) holding near its opening high while the Russell 2000 (+0.1%) and S&P 500 (+0.2%) have spent the first 90 minutes in a slow retreat from their opening levels. For its part, the Nasdaq (-0.3%) has extended its decline amid continued weakness in biotechnology.

The iShares Nasdaq Biotechnology ETF (IBB 294.45, -14.63) is lower by 4.7% after tumbling to its 50-day moving average (294.46). The sharp decline has contributed to the underperformance of the health care sector (-2.5%), but the remaining nine groups continue holding gains. Notably, influential sectors like technology (+0.5%), financials (+0.7%), consumer discretionary (+0.7%), and industrials (+0.6%) remain in a position of strength.

Elsewhere, Treasuries remain in the red with the 10-yr yield higher by three basis points at 2.19%.

10:35 am: [BRIEFING.COM]

Strength in the dollar index this morning has been weighing on commodities
However, some are coming back a little, such as gold, silver, copper and oil
Feb WTI crude oil prices fell as low as $55.06/barrel this morning and are currently +1.1% at $55.89+/barrel
Feb gold is now -0.1% at $1178.50/oz, Mar silver is +0.7% at $15.80/oz and Mar copper is -0.4% at $2.86/lb
Natural gas extended losses this morning after a sharp decline yesterday
Mar natural gas futures are -1.1% at $3.11/MMBtu

10:05 am: [BRIEFING.COM] The Dow (+0.4%) and S&P 500 (+0.3%) remain near their early highs while the Nasdaq Composite has been pressured below its flat line by the underperformance in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 300.73, -8.35) is lower by 2.7% while the health care sector has given up 1.2%.

The University of Michigan Consumer Sentiment report for December was revised down to 93.6 from 93.8 while the Briefing.com consensus expected the reading to remain unchanged.

New home sales in November hit an annualized rate of 438,000, which was down from the revised October rate of 445,000 (from 458,000) and worse than the rate of 460,000 that had been broadly expected by the Briefing.com consensus.

November personal income increased 0.4%, while the Briefing.com consensus expected an uptick of 0.5%. Meanwhile, personal spending increased 0.6%, while the consensus expected an increase of 0.5%.

Core PCE prices were unchanged while the Briefing.com consensus expected an uptick of 0.1%.

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate with the Dow Jones Industrial Average (+0.3%) crossing above the 18,000 level. Meanwhile, the S&P 500 (+0.3%) trades in-line with the price-weighted index with eight ten sectors showing opening gains.

The energy sector (+0.5%) has claimed the opening lead even as crude oil fell from its overnight high, narrowing its gain to 0.4% at $55.44/bbl after hitting the $56.80/bbl level overnight. Elsewhere, materials (+0.4%) and industrials (+0.4%) also trade ahead of the broader market while health care (-0.1%) and utilities (unch) lag.

Treasuries are near their lows with the 10-yr yield higher by three basis points at 2.19%.

The final reading of the Michigan Sentiment survey for December (consensus 93.8) will cross the wires at 9:55 ET. November Personal Income (expected 0.5%) and Personal Spending (consensus 0.5%) will follow at 10:00 ET alongside the New Home Sales report for November (expected 460K).

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +16.20. The stock market is on track for a higher open with futures on the S&P 500 trading nine points above fair value. Index futures spent the bulk of the night near their flat lines, but began pulling away from unchanged not long after the start of the European session.

Futures then continued their advance, climbing to pre-market highs after the third revision to Q3 GDP revealed a reading of 5.0% (Briefing.com consensus 4.3%). The GDP report was released alongside Durable Orders for November, which came in below expectations. The headline reading declined 0.7%, which was worse than the 2.7% increase expected among economists polled by Briefing.com. In large part, the miss was due to seasonal adjustments masking a substantial increase in nondefense aircraft orders. Excluding transportation, durable orders decreased 0.4%, against a 1.0% increase expected by the consensus.

More data remains on today's schedule with the final reading of the Michigan Sentiment survey for December (consensus 93.8) set to cross the wires at 9:55 ET. November Personal Income (expected 0.5%) and Personal Spending (consensus 0.5%) will follow at 10:00 ET alongside the New Home Sales report for November (expected 460K).

Treasuries slipped following the GDP and durable orders data. The 10-yr yield is higher by three basis points at 2.19%.

On the corporate front, Walgreen (WAG 76.14, +1.87) is on course to open higher by 2.5% after beating earnings and revenue estimates.

9:02 am: [BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +17.00. The S&P 500 futures trade ten points above fair value.

The October Housing Price Index from the FHFA rose 0.6%, which followed an unchanged reading in September.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +8.50. Nasdaq futures vs fair value: +14.00. The S&P 500 futures trade nine points above fair value.

Markets fell across much of Asia, but the session was quiet in general with Japan's Nikkei closed for Emperor's Birthday.

In economic data:
New Zealand's trade deficit narrowed to $213 million from $908 million (expected deficit of $564 million) as exports came in at $4.02 billion (expected $3.96 billion) and imports totaled $4.24 billion (consensus $4.52 billion)
Singapore's CPI decreased 0.3% year-over-year (expected -0.2%; previous 0.1%)
Hong Kong's CPI eased to 5.1% year-over-year from 5.20%

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Hong Kong's Hang Seng slipped 0.3%, below the 200-day average as action stalled at two-week highs. Financials paced the decline with China Merchants and Bank of China both losing 2.1%.
China's Shanghai Composite tumbled 3.0% off five-year highs amid no particular catalyst. Energy names were pressured as PetroChina and Sinopec gave up 5.6%, and 5%, respectively.
India's Sensex lost 0.7%, dipping back below the 50-day average. The materials sector was a drag with Sesa Sterlite shedding 3.1% and Tata Steel losing 2.3%.

Major European indices trade higher across the board with France's CAC (+0.8%) in the lead. Elsewhere, lawmakers in Greece failed to elect a new president for the second time, coming up 12 votes short. The third and final round will take place next week and could lead to a snap election.

Participants received several data points:
UK's Q3 GDP was revised down to 0.7% quarter-over-quarter, as expected, while the year-over-year reading increased 2.6% (consensus 3.0%; previous 2.6%). Separately, the current account deficit widened to GBP27.00 billion from GBP24.30 billion (expected deficit of GBP21.90 billion). Also of note, Business Investment decreased 1.4% quarter-over-quarter (expected 0.7%; previous 3.2%) and BBA Mortgage Approvals came in at 36,700 (expected 37,100; prior 37,200).
French GDP rose 0.3% quarter-over-quarter, as expected. Separately, Consumer Spending rose 0.4% month-over-month (consensus 0.3%; previous -0.8%) and PPI ticked down 0.1% month-over-month (prior -0.2%)

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UK's FTSE is higher by 0.4% with consumer names showing strength. WM Morrison Supermarkets leads with a gain of 2.7% while TUI and Tesco are both up near 2.2%.Homebuilder Persimmon is among the laggards, down 0.9%.
Germany's DAX has added 0.4%. Basic materials names lead with BASF and HeidelbergCement both up near 1.0%.
Italy's MIB is higher by 0.9% amid broad strength. Ferragamo, Fiat Chrysler, BMPS, and Banco Popolare hold gains between 0.6% and 2.6%.
In France, the CAC trades up 1.1% with Technip in the lead. The stock has jumped 2.3%. Unibail-Rodamco is the weakest performer, down 0.4%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +8.70. The S&P 500 futures trade four points above fair value.

The third estimate of third quarter GDP pointed to an expansion of 5.0%, while the Briefing.com consensus expected a reading of 4.3%. Meanwhile, the third quarter GDP Deflator was left unchanged at 1.4%, as expected.

November durable goods orders fell 0.7%, which was worse than the 2.7% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 0.3% (from 0.4%). Excluding transportation, durable orders decreased 0.4% (consensus 1.0%) to follow the prior month's revised decrease of 1.0% (from -0.9%).

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +9.50. U.S. equity futures trade near their pre-market highs after spending the overnight session inside narrow ranges. The S&P 500 futures hover three points above fair value with the entire gain taking place after the start of the European session.

Today will be very busy on the economic data front with the November Durable Orders report (Briefing.com consensus 2.7%) kicking things off at 8:30 ET. In addition, the third estimate of Q3 GDP will also be reported at 8:30 ET (consensus 4.3%) while the FHFA Housing Price Index for October will be released at 9:00 ET. The final reading of the Michigan Sentiment survey for December (consensus 93.8) will cross the wires at 9:55 ET while November Personal Income (expected 0.5%) and Personal Spending (consensus 0.5%) will be released at 10:00 ET alongside the New Home Sales report for November (expected 460K).

Treasuries hover just below their flat lines with the 10-yr yield at 2.16%.

In U.S. corporate news of note:

Avon Products (AVP 9.19, -0.21): -2.2% after BMO Capital Markets downgraded the stock to 'Underperform' from 'Market Perform.'
Walgreen (WAG 76.00, +1.73): +2.3% after beating earnings and revenue estimates.

Reviewing overnight developments:

Asian markets ended lower. Hong Kong's Hang Seng -0.3%, China's Shanghai Composite -3.0%, and Japan's Nikkei was closed for Emperor's Birthday.
In economic data:
New Zealand's trade deficit narrowed to $213 million from $908 million (expected deficit of $564 million) as exports came in at $4.02 billion (expected $3.96 billion) and imports totaled $4.24 billion (consensus $4.52 billion)
Singapore's CPI decreased 0.3% year-over-year (expected -0.2%; previous 0.1%)
Hong Kong's CPI eased to 5.1% year-over-year from 5.20%
In news:
The sharp drop in China's Shanghai Composite was attributed to profit taking following the big surge in recent weeks. The index remains higher by nearly 23.0% since the middle of November.

Major European indices trade higher across the board. Germany's DAX +0.4%, UK's FTSE +0.4%, and France's CAC +0.9%. Elsewhere, Spain's IBEX +0.5% and Italy's MIB +0.7%
Participants received several data points:
UK's Q3 GDP was revised down to 0.7% quarter-over-quarter, as expected, while the year-over-year reading increased 2.6% (consensus 3.0%; previous 2.6%). Separately, the current account deficit widened to GBP27.00 billion from GBP24.30 billion (expected deficit of GBP21.90 billion). Also of note, Business Investment decreased 1.4% quarter-over-quarter (expected 0.7%; previous 3.2%) and BBA Mortgage Approvals came in at 36,700 (expected 37,100; prior 37,200).
French GPD rose 0.3% quarter-over-quarter, as expected. Separately, Consumer Spending rose 0.4% month-over-month (consensus 0.3%; previous -0.8%) and PPI ticked down 0.1% month-over-month (prior -0.2%)
Among news of note:
Lawmakers in Greece failed to elect a new president for the second time, coming up 12 votes short. The third and final round will take place next week and could lead to a snap election.

7:01 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +6.30.

7:01 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...23333.69...-74.90...-0.30%.

7:01 am: [BRIEFING.COM] FTSE...6600.16...+23.40...+0.40%. DAX...9888.73...+23.00...+0.20%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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