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 Post subject: January 22nd Thursday Trade Results - Profit $6252.50
PostPosted: Fri Jan 23, 2015 2:45 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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012215-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+6252.50.png
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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 @ ($60.00) dollars or -0.60 points, Emini ES ($ES_F) futures @ $6,312.50 dollars or +126.25 points, Light Crude Oil CL ($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 @ $6,252.50 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=139&t=1987

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=255&t=2625

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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

4:20 pm: [BRIEFING.COM] The major averages registered their fourth consecutive advance on Thursday with the S&P 500 (+1.5%) reclaiming its 50-day moving average (2046/2047). The benchmark index erased its January loss while the Russell 2000 (+2.0%) displayed relative strength throughout the day.

This week has featured action from several major central banks and that extravaganza was topped off today when the European Central Bank announced the highly-anticipated launch of a quantitative easing program.

Prior to the U.S. open, ECB President Mario Draghi revealed plans to purchase investment-grade corporate and government debt in the amount of EUR60 billion per month. According to Mr. Draghi, the program will continue through September 2016 and will be deployed 'decentrally,' meaning national central banks will participate in the risk sharing. When asked about the program's limits, Mr. Draghi said the take-up is limited to 25.0% of a given issue. The announcement boosted European debt (Italy 10-yr yield -14 bps to 1.55%) and weighed on the euro, sending the single currency lower by nearly 300 pips to 1.1340 against the dollar.

The resulting greenback strength pushed the Dollar Index (94.28, +1.37) above the 94.00 level for the first time since September 2003. In turn, this was a headwind for dollar-denominated commodities, and especially crude oil, which also had to contend with a larger than expected inventory build. The energy component fell 2.9% to $46.38/bbl while the energy sector (+0.6%) registered a modest gain after spending the first half of the session in negative territory.

Similar to energy, the materials sector (+1.3%) underperformed while the remaining cyclical groups finished ahead of the broader market.

The financial sector (+2.5%) settled in the lead, but the spike could not lift the group off the bottom of the January leaderboard. The sector narrowed its month-to-date loss to 2.9% while Dow components American Express (AXP 84.37, -3.30) and Travelers (TRV 108.17, +3.16) headed in opposite direction following earnings. American Express lost 3.8% after the company beat top-line estimates and announced plans to cut 4,000 jobs whereas Travelers rallied 3.0% in reaction to better than expected earnings.

Financials were followed by discretionary shares (+1.9%) with the group enjoying broad support. Online commerce names Amazon.com (AMZN 310.32, +13.07) and eBay (EBAY 57.14, +3.77) posted respective gains of 4.4% and 7.1% after eBay reported a one-cent beat and announced plans for a 7.0% reduction of the company's workforce. It is also worth mentioning the company agreed to appoint an Icahn Capital executive to its Board of Directors.

Elsewhere, the top-weighted tech sector (+2.0%) displayed broad strength while the PHLX Semiconductor Index (+0.6%) struggled to keep pace due to disappointing guidance from Xilinx (XLNX 38.96, -2.55) and SanDisk (SNDK 78.90, -1.54). The pair lost 6.1% and 1.9%, respectively.

Also of note, the industrial sector (+1.6%) finished just ahead of the broader market, but transport stocks soared following better than expected results from Alaska Air (ALK 67.94, +2.96), Southwest Airlines (LUV 45.35, +3.52), JB Hunt (JBHT 84.23, +2.19), and Union Pacific (UNP 119.83, +5.43). The Dow Jones Transportation Average spiked 2.9% to erase its January decline.

Unlike the six cyclical sectors, defensively-oriented groups spent the day behind the market. Telecom services (-0.6%) and utilities (-0.4%) could not stay out of the red while consumer staples (+1.1%) and health care (+1.3%) ended in the green.

Treasuries finished with slim losses that sent the 10-yr yield higher by a basis point to 1.88%.

Today's participation was ahead of average with roughly 871 million shares changing hands at the NYSE floor.

Economic data was limited to Initial Claims and the FHFA Housing Market Index:

The initial claims level declined to 307,000 from an upwardly revised 317,000 (from 316,000) while the Briefing.com consensus expected a decline to 302,000
This was the first time since July 2014 that the initial claims level exceeded 300,000 for three consecutive weeks
As with last week, the Department of Labor reported that there were no special factors impacting the initial claims level
Continuing claims increased to 2.443 million from an upwardly revised 2.428 million (from 2.424 million)
The FHFA Housing Price Index for November rose 0.8%, which followed an increase of 0.6% in October

Tomorrow's data will be limited to Existing Home Sales for December (Briefing.com consensus 5.10 million) and December Leading Indicators (consensus 0.5%). Both reports will be released at 10:00 ET.

Nasdaq Composite +0.3% YTD
S&P 500 +0.2% YTD
Dow Jones Industrial Average -0.1% YTD
Russell 2000 -1.2% YTD

3:40 pm: [BRIEFING.COM]

WTI crude oil prices gave back today's gains to finish the day at a loss
Mar crude oil ended the day $1.40 lower at $46.38/barrel
Natural gas futures fell today, which was helped by the weekly storage data that was released earlier this morning
Feb nat gas ended the day $0.14 lower at $2.84/MMBtu
Precious metals posted a modest gains with Feb gold rising $8.20 to $1301.50/oz and Mar silver gaining $0.17 to $18.36/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.4% with one hour remaining in the Thursday session. The benchmark index struggled to stay in the green at the start of the day, but relative strength among heavily-weighted sectors like financials (+2.4%), consumer discretionary (+1.9%), industrials (+1.6%), and technology (+1.6%) proved to be a supportive factor.

The four sectors held their ground through the opening slip and they have led the market higher throughout the day.

On a separate note, investors received just two economic reports today while tomorrow's data will be limited to Existing Home Sales for December (Briefing.com consensus 5.10 million) and December Leading Indicators (consensus 0.5%). Both reports will be released at 10:00 ET.

2:30 pm: [BRIEFING.COM] The major averages have extended to new highs with the S&P 500 now up 1.0%.

Today's leading sector-financials-has padded its gain to 2.0%, but despite that spike, the cyclical sector remains at the bottom of the January leaderboard with a month-to-date loss of 3.3%. Outside of financials, the energy sector (-0.3%) is the only other group that has given up 3.0% or more this month.

On the upside, all four countercyclical groups show gains for the month with utilities and health care in the lead. The two sectors hold respective month-to-date gains of 3.3% and 3.5% after ending 2014 well ahead of the remaining sectors.

1:55 pm: [BRIEFING.COM] The S&P 500 (+0.8%) trades within a few points of its session high.

This was the first time since July 2014 that the initial claims level exceeded 300,000 for three consecutive weeks.

Despite the recent increase in the initial claims, the current level still supports payroll growth above 200,000.

1:35 pm: [BRIEFING.COM] The major U.S. indices continue to sport solid gains.

Despite the broad market rally, some select S&P sectors are still holding losses on the day, most notably the telcom sector (-1.6) despite strong earnings from Verizon (VZ 47.21, -1.04). Verizon's results beat top line estimates and met bottom line expectations and the company also issued upside guidance for 2015 that surpassed current consensus estimates.

After the close, notable earnings are expected from Capital One (COF), Starbucks (SBUX), Intuitive Surgical (ISRG), E*Trade (ETFC), and others.

As an aside, the $15 bln 10-yr TIPS auction drew a high yield of 0.315% on a 2.39 bid-to-cover ratio. The 10-yr note has had a volatile day of trading today. It is currently down six ticks with its yield at 1.89%.

12:55 pm: [BRIEFING.COM] The major averages hold solid midday gains with the Russell 2000 (+1.0%) in the lead. The small-cap index is now higher by 0.3% for the week while the S&P 500 (+0.6%) has extended its week-to-date advance to 1.2%.

Prior to the open, European Central Bank President Mario Draghi announced a QE program to the tune of EUR60 billion per month. According to Mr. Draghi, the program will continue through September 2016 and will be deployed 'decentrally,' meaning national central banks will participate in the risk sharing. When answering a question regarding the program's limit, Mr. Draghi said the take-up is limited to 25.0% of the market. The euro/dollar pair fell from 1.1620 to 1.1390 in reaction to the announcement.

The euro weakness has boosted the greenback, pushing the Dollar Index (93.96, +1.06) higher by 1.1%. Conversely, the dollar strength has put some pressure on commodities with crude oil trading lower by 1.2% at $47.21/bbl. The energy component has had to deal with another headwind after today's storage report showed a larger than expected inventory build.

As a result, the energy sector (-0.3%) hovers in the red while other cyclical sectors have fared much better. Financials (+1.5%) and consumer discretionary (+1.4%) have held the lead since the opening bell while the top-weighted technology sector (+1.0%) follows not far behind.

The financial sector trades ahead of the market despite losses in American Express (AXP 85.01, -2.66) and Discover Financial Services (DFS 57.45, -3.39). Shares of AXP trade lower by 3.0% after the company beat top-line estimates and announced plans to cut 4,000 jobs while Discover has given up 5.6% in reaction to disappointing earnings and revenue.

Elsewhere, the discretionary sector has enjoyed broad support with eBay (EBAY 56.06, +2.67) trading higher by 5.0% in reaction to a one-cent beat and plans for a 7.0% reduction of the company's workforce. It is also worth mentioning the company agreed to appoint an Icahn Capital executive to its Board of Directors.

Staying on the earnings theme, better than expected results from Alaska Air (ALK 66.93, +1.95), Southwest Airlines (LUV 44.61, +2.78), JB Hunt (JBHT 83.36, +1.32), and Union Pacific (UNP 119.46, +5.06) have bolstered the Dow Jones Transportation Average (+2.1%), which has been a supportive factor for the broader industrial sector (+0.9%).

Treasuries hold modest losses with the 10-yr yield up one basis point at 1.89%.

Economic data was limited to Initial Claims and the FHFA Housing Market Index:

The initial claims level declined to 307,000 from an upwardly revised 317,000 (from 316,000) while the Briefing.com consensus expected a decline to 302,000
This was the first time since July 2014 that the initial claims level exceeded 300,000 for three consecutive weeks
As with last week, the Department of Labor reported that there were no special factors impacting the initial claims level
Continuing claims increased to 2.443 million from an upwardly revised 2.428 million (from 2.424 million)
The FHFA Housing Price Index for November rose 0.8%, which followed an increase of 0.6% in October

12:30 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (+0.8%) trading about six points below its best level of the session.

Cyclical sectors remain in the lead with four of the five largest groups trading atop the leaderboard. The industrial sector (+1.0%) is among the outperformers with transport stocks doing some heavy lifting after reporting earnings. To that point, Alaska Air (ALK 66.86, +1.88), Southwest Airlines (LUV 44.52, +2.69), JB Hunt (JBHT 83.24, +1.20), and Union Pacific (UNP 119.31, +4.91) hold gains between 1.5% and 6.4% after beating bottom-line estimates. Meanwhile, United Continental (UAL 71.78, +2.53) also trades in the green despite reporting a one-cent miss. The air carrier has added 3.7% while the Dow Jones Transportation Average trades higher by 2.0%.

11:55 am: [BRIEFING.COM] Equity indices remain near their highs with seven sectors showing gains.

Financials (+1.3%) and consumer discretionary (+1.2%) have held the lead since the start, but despite today's move, both sectors remain near the bottom of the January leaderboard. The financial sector is the weakest performer of the month, down 3.9%, while the consumer discretionary sector has narrowed its January decline to 2.3%. The discretionary sector represents the third-weakest performer of the month, only trading ahead of financials and energy.

Speaking of energy, the cyclical group is lower by 0.9% with crude oil contributing to the pressure. The energy component is lower by 3.2% at $46.24/bbl. On the earnings front, Kinder Morgan (KMI 42.04, +0.04) is little changed after missing estimates and announcing the acquisition of Hiland Partners for about $3 billion.

11:25 am: [BRIEFING.COM] The key indices hover near their recent highs with the S&P 500 up 0.7%.

The steady advance among equities has been accompanied by euro weakness as the single currency continues retreating following today's announcement that the ECB will purchase corporate and government debt in the amount of EUR60 billion per month. The euro traded near 1.1600 against the dollar prior to the announcement, but the euro/dollar pair now trades near 1.1410.

Conversely, the Dollar Index (93.83, +0.92) is higher by 1.0%, which has put pressure on dollar-denominated commodities. Crude oil is lower by 2.7% at $46.50/bbl with today's larger than expected inventory build posing another headwind to the commodity.

10:55 am: [BRIEFING.COM] The major averages have climbed above their opening highs with the Russell 2000 (+1.1%) pacing the move. For its part, the S&P 500 (+0.9%) follows a couple steps behind with seven sectors showing gains.

Cyclical sectors like consumer discretionary (+1.4%), financials (+1.6%), and industrials (+1.2%) have shown relative strength since the early going and their outperformance has lifted the entire market. Meanwhile, the top-weighted technology sector (+0.9%) trades ahead of the broader market despite relative weakness among chipmaker stocks.

The PHLX Semiconductor Index is lower by 0.4% with Xilinx (XLNX 38.84, -2.67) showing the largest decline. The stock has surrendered 6.4% after its one-cent beat was overshadowed by disappointing revenue and cautious guidance. Similarly, SanDisk (SNDK 77.50, -2.94) trades down 3.7% after beating bottom-line estimates and issuing cautious guidance.

10:40 am: [BRIEFING.COM]

Crude oil prices continue to display some notable volatility.
Earlier this morning, March crude oil was gaining some steam and rallied as high as $49.09/barrel.
However, gains were lost quickly and crude slipped down to a new low for the day at $46.90/barrel
In current trade, Mar crude is -1.5% at $47.08/barrel
Natural gas futures dropped to a new LoD following the weekly EIA storage data, which showed a smaller-than-expected draw.
Feb nat gas is now -4.8% at $4.83/MMBtu
Precious metals gained some steam this morning
Feb gold is now +0.6% at $1301.80/oz, while Mar silver is +0.9% at $18.36/oz

10:00 am: [BRIEFING.COM] Equity indices remain near their flat lines with the S&P 500 trying to avoid revisiting its opening low. A handful of cyclical sectors that provided support at the open continue holding gains, but the underperformance of energy (-0.4%), health care (-0.6%), and consumer staples (-0.1%) has the potential to drag the market lower, especially if sectors like financials (+0.3%), consumer discretionary (+0.5%), and industrials (+0.4%) give in to the selling pressure.

Elsewhere, Treasuries have surrendered the bulk of their gains with the 10-yr yield clawing back to 1.86% (-1 bps).

9:45 am: [BRIEFING.COM] The major averages began the day with gains before returning to their flat lines. The S&P 500 hovers just above the unchanged level with five of ten sectors in the green.

Overall, cyclical sectors have paced the opening advance with consumer discretionary (+0.3%), industrials (+0.3%) and financials (+0.2%) in the lead. On the flip side, health care (-0.5%) and telecom services (-0.8%) are among the early laggards. The health care sector has been pressured by biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 313.91, -4.58) trades lower by 1.4%.

Treasuries have moved into the green with the 10-yr yield now down four basis points at 1.83%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +19.70. The stock market is on track for an upbeat start with the S&P 500 futures trading 14 points above fair value. Although futures hold gains, they have retreated from their highs that were reached after European Central Bank President Mario Draghi announced a QE program to the tune of EUR60 billion per month. According to Mr. Draghi, the program will continue through September 2016 and will be deployed 'decentrally,' meaning national central banks will participate in the risk sharing. When answering a question regarding the program's limit, Mr. Draghi said the take-up is limited at 25.0% of the market. The euro/dollar pair fell from 1.1620 to 1.1530 in reaction to the announcement.

Outside of the QE announcement, investors have received a healthy dose of quarterly earnings. Dow component American Express (AXP 85.31, -2.36) is on track to open lower by 2.7% in reaction to a top-line miss and news that the company will cut 4,000 jobs this year. Similarly, eBay (EBAY 54.95, +1.57) said it will reduce its workforce by 7.0%, but the stock is on course for a higher start. The online auction site reported a one-cent beat and guided below consensus estimates.

Elsewhere, F5 Networks (FFIV 107.90, -18.05) and SanDisk (SNDK 75.12, -5.32) are indicated lower after both voiced caution about their respective outlooks.

Treasuries hold slim losses with the 10-yr yield up one basis point at 1.88%.

9:02 am: [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +19.70. The S&P 500 futures trade 12 points above fair value.

The FHFA Housing Price Index for November rose 0.8%, which followed an increase of 0.6% in October.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +9.20. The S&P 500 futures trade eight points above fair value.

Markets gained across most of Asia.

In economic data:
Hong Kong's CPI eased to 4.9% from 5.1% (expected 4.7%)
Australia's HIA New Home Sales rose 2.2% month-over-month (previous 3.0%) while MI Inflation Expectations slowed to 3.2% from 3.4%

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Japan's Nikkei added 0.3% to close on the 50-day average. Heavyweight Softbank provided support, climbing 2.8%.
Hong Kong's Hang Seng climbed 0.7% to its best levels since mid-September. Gaming names continued to rebound as Sands China rallied 3.6% and Galaxy Entertainment tacked on 3.1%.
China's Shanghai Composite rose 0.6%, gaining for the third straight day to finish just shy of levels last seen in August 2009. Commodity plays saw strong gains as Zijin Mining and Shangdong Gold Mining jumped 5.7% and 4.0%, respectively.
India's Sensex advanced 0.4%, registering its third consecutive record close. Gains were broad-based as Sun Pharmaceutical jumped 3.9% and Tata Motors gained 2.7%.


Major European indices trade higher across the board. The European Central Bank made no changes to its interest rate corridor, leaving the main refinancing rate at 0.05%; however, ECB President Mario Draghi announced a QE program to the tune of EUR60 billion per month. According to Mr. Draghi, the program will continue through September 2016 and will be deployed 'decentrally,' meaning national central banks will participate in the risk sharing. The euro/dollar pair fell from 1.1620 to 1.1560 in reaction to the announcement while Germany's 10-yr remains in the red with its yield up three basis points at 0.51%.

Economic data was limited:
UK's Public Sector Net Borrowing increased to GBP12.47 billion from GBP11.73 billion (expected GBP9.00 billion) while CBI Industrial Trends Orders slipped to 4 from 5 (consensus 5)
Italy's Retail Sales ticked up 0.1% month-over-month, as expected (previous 0.0%) while Industrial New Orders fell 1.1% month-over-month (expected 0.4%; previous 0.1%)
Spain's Unemployment Rate ticked up to 23.70% from 23.67% (expected 23.50%)

------

Germany's DAX is higher by 0.5% with financials among the leaders. Commerzbank has spiked 2.1% while Deutsche Bank trades higher by 0.9%. Merck is the weakest performer, down 2.1%.
UK's FTSE trades up 0.6% amid broad strength. Financials Standard Chartered and RSA Insurance Group hold respective gains of 3.6% and 2.8%. Associated British Foods brings up the rear, trading lower by 2.9%.
France's CAC has added 0.7% amid strength in energy names. Technip and Total hold respective gains of 5.8% and 2.0%. Several consumer names appear among the laggards with Essilor International, Carrefour, and L'Oreal down between 0.7% and 2.2%.
Italy's MIB outperforms with a gain of 1.4%. BMPS, Unicredit, and Banca Pop Emilia Romagna are up between 2.9% and 4.2%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +11.00. The S&P 500 futures trade ten points above fair value.

The latest weekly initial jobless claims count totaled 307,000 while the Briefing.com consensus expected a reading of 302,000. Today's tally was below the revised prior week count of 317,000 (from 316,000). As for continuing claims, they rose to 2.443 million from 2.428 million.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +11.50. Nasdaq futures vs fair value: +16.70. U.S. equity futures trade modestly higher amid mostly upbeat action overseas. The S&P 500 futures trade 12 points above fair value after overtaking their overnight highs during the past 30 minutes.

The European Central Bank made no changes to its interest rate corridor, leaving the main refinancing rate at 0.05%; however, the bank said "further measures" will be announced later, which is presumably a reference to a planned QE announcement. ECB President Mario Draghi is scheduled to begin his press conference at 8:30 ET. The euro trades near 1.1635 against the dollar, which means the pair is little changed from its earlier levels.

Weekly Initial Claims will be released at 8:30 ET (Briefing.com consensus 302,000) while the FHFA Housing Price Index for November will cross the wires at 9:00 ET.

Treasuries hold losses with the 10-yr yield up four basis points at 1.92%.

In U.S. corporate news of note:

Alaska Air (ALK 66.60, +1.62): +2.5% after beating by a penny and boosting its quarterly dividend 60.0% to $0.20/share.
American Express (AXP 86.25, -1.42): -1.6% in reaction to a top-line beat and a Bloomberg report indicating the company plans to cut 4,000 jobs this year.
eBay (EBAY 55.20, +1.82): +3.4% after reporting a one-cent beat and guiding below consensus. The earnings report was coupled with news announcing plans for a 7.0% reduction of the company's workforce.
F5 Networks (FFIV 107.01, -18.94): -15.0% after beating bottom-line estimates and guiding below consensus.
SanDisk (SNDK 75.15, -5.29): -6.6% after the company's cautious outlook for the first half of the year overshadowed better than expected earnings. The stock was downgraded at B. Riley & Co and Wedbush following earnings.
Travelers (TRV 105.50, +0.49): +0.5% after
United Continental (UAL 69.70, +0.49): +0.7% despite missing by a penny.
Verizon (VZ 48.00, -0.25): -0.5% after reporting in-line earnings on better than expected revenue. The company issued above-consensus revenue guidance.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.3%, China's Shanghai Composite +0.6%, and Hong Kong's Hang Seng +0.7%
In economic data:
Hong Kong's CPI eased to 4.9% from 5.1% (expected 4.7%)
Australia's HIA New Home Sales rose 2.2% month-over-month (previous 3.0%) while MI Inflation Expectations slowed to 3.2% from 3.4%
In news:
The People's Bank of China injected about $8 billion into the money markets, which represented the first such move in a year.

Major European indices trade mixed. Germany's DAX -0.3%, France's CAC -0.1%, and UK's FTSE +0.5%. Elsewhere, Italy's MIB +1.4% and Spain's IBEX +0.7%
Economic data was limited:
UK's Public Sector Net Borrowing increased to GBP12.47 billion from GBP11.73 billion (expected GBP9.00 billion) while CBI Industrial Trends Orders slipped to 4 from 5 (consensus 5)
Italy's Retail Sales ticked up 0.1% month-over-month, as expected (previous 0.0%) while Industrial New Orders fell 1.1% month-over-month (expected 0.4%; previous 0.1%)
Spain's Unemployment Rate ticked up to 23.70% from 23.67% (expected 23.50%)
Among news of note:
German debt has continued its retreat that began yesterday with the benchmark 10-yr yield climbing three basis points to 0.51%.

6:49 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: -2.00.

6:49 am: [BRIEFING.COM] Nikkei...17,329.02...+48.50...+0.30%. Hang Seng...24,522.63...+170.10...+0.70%.

6:49 am: [BRIEFING.COM] FTSE...6,750.65...+22.90...+0.30%. DAX...10,276.44...-22.60...-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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