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 Post subject: January 27th Tuesday Trade Results - Profit $4825.00
PostPosted: Wed Jan 28, 2015 1:59 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)

Attachment:
012715-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4825.00.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 @ $1,200.00 dollars or +12.00 points, Emini ES ($ES_F) futures @ $3,625.00 dollars or +72.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $4,825.00 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=139&t=1990

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

4:15 pm: [BRIEFING.COM] The major averages stumbled on Tuesday with the S&P 500 (-1.3%) returning below its 50-day moving average (2,047). The benchmark index settled ahead of the Dow Jones Industrial Average (-1.7%), but behind the Russell 2000 (-0.5%).

Stocks careened lower at the start of today's session after several large companies cautioned that dollar strength will present a headwind to their future earnings. Most notably, Caterpillar (CAT 79.92, -6.11), DuPont (DD 73.18, -0.93), Microsoft (MSFT 42.66, -4.35), and Procter & Gamble (PG 86.49, -3.09) lost between 1.3% and 9.3% while Pfizer (PFE 32.60, -0.20), and United Technologies (UTX 119.16, +0.41) held up relatively well despite their warnings.

However, cautious guidance from six Dow components was not the only issue as investors had to digest a disappointing Durable Orders report while Consumer Confidence and New Home Sales beat expectations.

The Russell 2000 was able to stay ahead of the broader market as domestically-oriented small cap stocks benefitted from having limited exposure to currency fluctuations. Today's outperformance lifted the small-cap index ahead of the S&P 500 for the month of January. The Russell is lower by 0.8% since the end of 2014 while the S&P 500 has surrendered 1.4% so far this month.

Overall, cyclical sectors bore the brunt of today's losses with the top-weighted technology sector tumbling 3.3%. Microsoft's 9.3% decline was a notable drag on the index, but other large cap names also registered losses. Google (GOOGL 521.55, -15.17) and Intel (INTC 34.19, -1.62) lost 2.8% and 4.5%, respectively, while Apple (AAPL 109.13, -3.97) fell 3.5% ahead of its quarterly report. Investors are likely to pay close attention to Apple's guidance to see if the company joins the chorus of influential names voicing concern over greenback strength.

Elsewhere, the industrial sector (-1.3%) was the only other underperformer on the cyclical side, but the group caught up to the S&P 500 just ahead of the close. Caterpillar's 7.2% dive pressured the sector while transport stocks settled just ahead of the broader market. The Dow Jones Transportation Average fell 1.2%.

Over on the countercyclical side, consumer staples (-1.2%) finished in-line with the S&P 500 while health care (-0.8%), telecom services (-1.1%), and utilities (+0.2%) outperformed.

Similar to utilities, the energy sector (-0.2%) spent the day ahead of the broader market with crude oil lending support. The energy component rose 2.3% to $46.21/bbl while the energy sector narrowed its weekly gain to 1.2%.

Treasuries round tripped, spiking in the morning just to spend the remainder of the session in a slide from highs. The benchmark 10-yr yield slipped one basis point to 1.81% after testing the 1.76% level in the morning.

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

Economic data included Durable Orders, Consumer Confidence, New Home Sales, and Case-Shiller 20-city Index:
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Durable goods orders declined 3.4% in December after declining a downwardly revised 2.1% (from -0.9%) while the Briefing.com consensus expected an increase of 0.5%
A significant portion of the negative surprise came from seasonal adjustments in the aircraft sector. Even though Boeing (BA 132.48, -1.59) reported a positive increase in orders on a month-to-month basis, sales actually declined significantly once seasonal factors were taken into consideration. Aircraft orders declined 46.4% in December, which led to a 9.2% decline in overall transportation orders
Excluding transportation, durable goods orders fell 0.8% in November after declining a downwardly revised 1.3% (from -0.7%) while the Briefing.com consensus expected an increase of 0.7%
New home sales increased 11.6% in December to 481,000 from a downwardly revised 431,000 (from 438,000) while the Briefing.com consensus expected a reading of 450,000
That was the most new homes sold since 487,000 were sold in June 2008
Total sales in 2014 were marginally better than 2013, inching up 1.2% to 435,000 from 429,000 in 2013
The Case-Shiller 20-city Home Price Index for November rose 4.3%, which is what the consensus expected
The Conference Board's Consumer Confidence Index jumped to 102.9 in January from an upwardly revised 93.1 (from 92.6) while the Briefing.com consensus expected an increase to 96.0
According to the index, consumer confidence is at its strongest level since August 2007 when the index reached 105.6

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while the FOMC will release its latest policy directive at 14:00 ET.

Russell 2000 -0.8% YTD
Nasdaq Composite -1.2% YTD
S&P 500 -1.4% YTD
Dow Jones Industrial Average -2.5% YTD

3:35 pm: [BRIEFING.COM]

WTI traded modestly higher today this morning, but gained steam in mid-to-late morning trading activity
Mar crude rose as high as $46.55/barrel, but ended today's session $1.04 higher at $46.21/barrel
Natural gas traded in positive territory all day. The Mar contract closed today's session $0.05 higher at $2.93/MMBtu
Due to the weakness in the dollar index today, precious metals were able to hold gains
Both Feb gold and Mar silver ended the day near today's high.
Feb gold rose +12.70/oz to $1292.10, while Mar silver gained +0.10/oz to $18.08/oz
Mar copper closed $0.08 lower at $2.46/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.9% with one hour remaining in the session.

The technology sector (-2.4%) remains at the bottom of the leaderboard while shares of Microsoft (MSFT 42.96, -4.05) trade lower by 8.6% after being down as much as 10.0% earlier. Elsewhere among influential tech names, Apple (AAPL 111.10, -2.00) is lower by 1.8% ahead of its quarterly report scheduled for this evening's release.

Apple's guidance will be of particular interest and if the company points to currency headwinds, the sector could be in store for a rough Wednesday. Conversely, a strong report combined with upbeat guidance would serve as a confidence booster.

2:25 pm: [BRIEFING.COM] The major averages have continued their rebound with the S&P 500 now lower by 0.7%.

Technology (-2.4%) and industrials (-1.0%) continue showing relative weakness while consumer discretionary (-0.3%) and financials (-0.6%) have recovered the bulk of their losses. Meanwhile, the energy sector (unch) sits near its flat line while crude oil trades up 2.7% at $46.36/bbl going into the pit close.

Elsewhere among commodities, gold futures are higher by 1.0% at $1292.50/ozt while copper has tumbled 3.1% to $2.463/lb. The moves have occurred amid a pullback in the dollar with the Dollar Index (94.05, -0.76) lower by 0.8%.

2:00 pm: [BRIEFING.COM] The S&P 500 (-1.0%) remains near its recent level.

The big news on today's economic front was the miss in durable goods orders. Durable goods orders declined 3.4% in December after declining a downwardly revised 2.1% (from -0.9%) in November. The Briefing.com Consensus expected durable goods orders to increase 0.5%.

While the December decline was in the neighborhood of what we expected (Briefing.com Forecast -3.2%), we would categorize the actual contraction as much worse than we expected.

Orders demand fell sharply across the board, and negative revisions to November data show that the manufacturing sector is not as strong as once thought.

Furthermore, business capital demand contracted for the fourth consecutive month. Orders of nondefense capital goods excluding aircraft declined 0.6% in both December and November. Much of that decline was the result of a 3.7% decline in machinery orders and a 1.3% decline in computers and electronic product orders.

1:35 pm: [BRIEFING.COM] The major U.S. indices continue to push off from their intra-day lows with the S&P 500 setting a new session high in recent trade, now down just 0.9%.

Despite the rebound in equities, the technology sector (-2.5%) still remains substantially lower on the day following the weak earnings seen earlier in the day. Utilities (+0.4%) continue to be the only S&P sector in the green as the countercyclical sector is being viewed as a domestic safe haven as concerns about the dollar's strength, and its impact on multinationals' earnings prospects, take root.

The aforementioned concerns were planted today by weak guidance from the likes of Microsoft (MST), Caterpillar (CAT), DuPont (DD), Procter & Gamble (PG), and United Technologies (UTX) to name a few.

12:55 pm: [BRIEFING.COM] The stock market trades lower across the board at midday with the Dow Jones Industrial Average (-1.7%) showing the largest decline. The S&P 500 (-1.2%) trades a bit ahead while the Russell 2000 (-0.4%) outperforms.

Equities tumbled out of the gate to continue the weakness that began in the futures market as European equities registered their first retreat in nine days. The selling activity accelerated after six Dow components reported disappointing earnings and/or guidance with all six identifying dollar strength as a headwind. That recognition has led to profit taking among large cap names while a disappointing Durable Orders report for December delivered another blow to risk tolerance.

The six Dow members include Caterpillar (CAT 79.32, -6.71), DuPont (DD 72.35, -1.76), Microsoft (MSFT 42.96, -4.04), Pfizer (PFE 32.72, -0.07), Procter & Gamble (PG 86.27, -3.31), and United Technologies (UTX 117.73, -1.02), and they have pressured their respective sectors. Most notably, Microsoft has given up 8.8%, sending the technology sector (-2.9%) to the bottom of today's leaderboard.

Elsewhere, industrials (-1.4%) underperform following disappointing results and guidance from Caterpillar. The manufacturer of heavy machinery has plunged 7.8%.

The two cyclical sectors sit at the bottom of the leaderboard while three of the remaining four growth-sensitive groups sport losses near 0.9% apiece. However, energy (-0.2%) outperforms while crude oil trades higher by 2.3% at $46.19/bbl.

Meanwhile, the countercyclical side has held up a bit better with health care (-0.6%), utilities (+0.3%), and telecom services (-0.6%) trading ahead of the broader market while the consumer staples sector (-1.4%) lags.

Also of note, the Russell 2000 has stayed ahead of its peers, benefitting from the domestic orientation of its components. The outperformance makes sense, considering most small cap stocks have limited exposure to currency fluctuations.

Treasuries hover in the middle of today's trading range with the 10-yr yield down four basis points at 1.78%.

Economic data included Durable Orders, Consumer Confidence, New Home Sales, and Case-Shiller 20-city Index:

Durable goods orders declined 3.4% in December after declining a downwardly revised 2.1% (from -0.9%) while the Briefing.com consensus expected an increase of 0.5%
Even though Boeing (BA 131.95, -2.12) reported a positive increase in orders on a month-to-month basis, sales actually declined significantly once seasonal factors were taken into consideration. Aircraft orders declined 46.4% in December, which led to a 9.2% decline in overall transportation orders
Excluding transportation, durable goods orders fell 0.8% in November after declining a downwardly revised 1.3% (from -0.7%) while the Briefing.com consensus expected an increase of 0.7%
New home sales increased 11.6% in December to 481,000 from a downwardly revised 431,000 (from 438,000) while the Briefing.com consensus expected a reading of 450,000
That was the most new homes sold since 487,000 were sold in June 2008
Total sales in 2014 were marginally better than 2013, inching up 1.2% to 435,000 from 429,000 in 2013
The Case-Shiller 20-city Home Price Index for November rose 4.3%, which is what the consensus expected
The Conference Board's Consumer Confidence Index jumped to 102.9 in January from an upwardly revised 93.1 (from 92.6) while the Briefing.com consensus expected an increase to 96.0
According to the index, consumer confidence is at its strongest level since August 2007 when the index reached 105.6

12:30 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (-1.3%) trading about ten points above its session low.

Cyclical sectors fueled the opening retreat and some of those groups continue showing relative weakness at this juncture. To that point, technology (-3.0%) and industrials (-1.6%) underperform while most other growth-sensitive sectors trade with losses close to 1.0% apiece. The energy sector (-0.1%) is a notable outperformer while crude oil trades higher by 2.2% at $46.12/bbl.

Elsewhere, Treasuries have inched away from their highs, but the 10-yr yield remains lower by five basis points at 1.78%.

11:55 am: [BRIEFING.COM] Equity indices remain near their recent levels with the Dow Jones Industrial Average (-1.9%) trading behind the other averages.

The price-weighted Dow trails the broader market with all 30 components trading in the red. Microsoft (MSFT 42.51, -4.50) and Caterpillar (CAT 79.95, -6.08) are the two weakest performers, down 9.5% and 7.0%, respectively. Meanwhile, Pfizer (PFE 32.79, -0.01) hovers just below its flat line even though the drug maker was among the companies that issued cautious guidance.

Outside of Pfizer, only seven Dow components hold losses slimmer than 1.0%

11:25 am: [BRIEFING.COM] Recent action saw the S&P 500 (-1.5%) inch up off its low, but despite the seven-point uptick, the benchmark index remains lower by more than 30 points.

In general, cyclical sectors have fared worse than the four defensively-oriented groups. In a way, this is a continuation of trends that have been in effect since the start of the year. To that point, only four sectors have held up better than the S&P 500 with all four coming from the countercyclical side. Consumer staples (-1.6%), health care (-0.9%), and utilities (-0.2%) hold respective January gains of 0.6%, 3.3%, and 4.1%, while the telecom services sector (-0.9%) is down 1.2% in January versus a 1.6% decline for the S&P 500.

Meanwhile on the cyclical side, the energy sector (-0.3%) trades ahead of other groups thanks to a 1.2% increase in crude oil ($45.66/bbl).

11:00 am: [BRIEFING.COM] Selling pressure remains heavy with the key indices trading near their lowest levels of the day. The Nasdaq Composite (-2.1%) is the weakest performing index while the S&P 500 (-1.6%) trades just ahead.

The market has suffered from broad-based weakness after several major companies, including six Dow components, warned about the negative impact to their earnings stemming from significant dollar strength. Microsoft (MSFT 42.30, -4.71) is one of the companies that voiced concerns regarding greenback strength, and its stock trades lower by 10.0% in response.

Meanwhile, small-cap stocks have held up a bit better with the Russell 2000 down 1.1%. The outperformance makes sense, considering most Russell components have a domestic orientation and, by extension, less exposure to currency fluctuations. Including today's decline, the Russell 2000 is lower by 1.4% in January versus a 1.7% decline for the S&P 500.

10:40 am: [BRIEFING.COM]

Precious metals continue to climb higher as gold and silver futures just hit new highs on the day
Feb gold is now +1.1% at $1293.40/oz, while Mar silver is +0.8% at $18.13/oz
Copper continues to slide lower and just hit a new low for today at $2.47. Mar copper is now -2.8% at $2.47/lb
WTI crude oil is holding modest gains. The Mar contract is now +0.7% at $45.48/barrel
Nat gas has been in positive territory all day so far and is now +2.6% at $2.92/MMBtu.
Some commodities are getting a boost from weakness in the dollar index, which is near its LoD right now

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 1.2%.

Just released, the consumer confidence reading for January came in at 102.9, while economists polled by Briefing.com expected the survey to come in at 96.0. This followed the prior month's revised reading of 93.1 (from 92.6).

Separately, new home sales in December hit an annualized rate of 481,000, which was up from the revised November rate of 431,000 (from 438,000) and better than the rate of 450,000 that had been broadly expected by the Briefing.com consensus.

9:40 am: [BRIEFING.COM] The major averages slumped out of the gate amid broad weakness. The S&P 500 trades lower by 1.2% with the technology sector (-2.6%) well behind other groups.

Shares of Microsoft (MSFT 42.96, -4.05) trade lower by 8.6%, which has pressured the top-weighted cyclical group. Meanwhile, another heavyweight, Intel (INTC 34.23, -1.57) has given up 4.4% in the early going. The stock has plunged below its 100-day moving average while the PHLX Semiconductor Index is lower by 1.5%.

Elsewhere, industrials (-1.4%) and materials (-1.3%) also trail the broader market while the utilities sector (+0.2%) has been able to eke out a slim gain.

Treasuries remain near their highs with the 10-yr yield down six basis points at 1.77%.

The Consumer Confidence report for January (Briefing.com consensus 96.0) and New Home Sales for December (consensus 450,000) will cross at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -22.50. Nasdaq futures vs fair value: -61.50. The stock market is on track for a lower open as futures on the S&P 500 trade 23 points below fair value. Index futures began their retreat amid weakness in Europe where markets have pulled back after registering eight consecutive gains.

The selling activity accelerated after several major U.S. companies reported disappointing earnings and/or guidance. To that point, Caterpillar (CAT 78.99, -7.03), DuPont (DD 72.00, -2.11), Microsoft (MSFT 43.02, -3.99), Pfizer (PFE 32.51, -0.29), Procter & Gamble (PG 87.05, -2.53), and United Technologies (UTX 114.90, -3.85) are all on track for opening losses with most identifying dollar strength as a headwind to future earnings.

Adding insult to injury, today's Durable Orders report disappointed on all fronts. The headline figure (-3.4%) was a far cry from expectations (0.5%) while orders, excluding transportation, also missed estimates (-0.8%; Briefing.com consensus 0.7%). Furthermore, the November readings were revised lower with the headline number down to -2.1% from -0.9%.

Treasuries hover near their highs with the 10-yr yield down seven basis points at 1.76%.

The Consumer Confidence report for January (Briefing.com consensus 96.0) and New Home Sales for December (consensus 450,000) will cross at 10:00 ET.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: -22.00. Nasdaq futures vs fair value: -61.00. The S&P 500 futures trade 22 points below fair value.

The Case-Shiller 20-city Home Price Index for November rose 4.3%, which matched the Briefing.com consensus. This followed the previous month's increase of 4.5%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -22.20. Nasdaq futures vs fair value: -61.30. The S&P 500 futures trade 22 points below fair value.

Markets gained across much of Asia.

In economic data:
Japan's Corporate Services Price Index increased 3.6% year-over-year, as expected
Hong Kong's trade deficit widened to HKD59.30 billion from HKD52.20 billion (expected deficit of HKD54.50 billion) as exports rose 0.6% month-over-month (expected 2.5%; prior 0.4%) and imports increased 1.9% (consensus 2.7%; last 2.4%)
South Korea's Consumer Confidence ticked up to 102 from 101 (expected 101)
Australia's NAB Business Confidence rose to 2 from 1 while NAB Business Survey slipped to 4 from 5

------

Japan's Nikkei climbed 1.7% to a four-week high. Financials outperformed with Sumitomo Mitsui Financial Group gaining 2.0%.
Hong Kong's Hang Seng fell 0.4% from 4.5-month highs. Insurers were pressured as Ping An and China Life lost 2.1% and 2.0%, respectively.
China's Shanghai Composite lost 0.9%, sliding off levels last seen in August 2009. Financials were a drag with Bank of China falling 3.1%.
India's Sensex added 1.0% to register its eighth straight day of gains and finish at a fresh record high. Financials were out in front with Axis Bank gaining 4.8% and ICICI Bank spiking 3.5%.

Major European indices trade lower across the board as investors take profits after eight days of gains. Greek stocks lag notably with the Athens General Index down 5.4%. Elsewhere, the Swiss franc was volatile overnight after a bank official said the SNB "remains ready to intervene on foreign exchange markets." The statement was followed by a 160-pip slide in the franc before the move reversed entirely. The dollar/franc pair currently hovers near 0.9000.

Economic data was limited:
UK's Q4 GDP rose 0.5% quarter-over-quarter (expected 0.6%; previous 0.7%) while the year-over-year reading increased 2.7% (consensus 2.8%; last 2.6%). Separately, BBA Mortgage Approvals came in at 35,700 (expected 36,600; prior 36,700) while Index of Services rose 0.8% (expected 1.0%; prior 0.7%)

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UK's FTSE is lower by 1.0% with about 80% of the index trading in the red. Consumer names are among the weakest performers with GKN, Intertek Group, and TUI down between 1.6% and 3.3%.
Germany's DAX trades down 1.6% with Deutsche Bank showing the largest decline. The stock is lower by 3.7% while Commerzbank has surrendered 2.3%. Exporters also lag with Daimler and Volkswagen down 2.6% and 1.4%, respectively.
In France, the CAC has given up 1.6% amid weakness in financials. BNP Paribas, Credit Agricole, and Societe Generale are down between 1.8% and 3.3%. Gemalto outperforms, trading higher by 1.7%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -22.00. Nasdaq futures vs fair value: -61.00. The S&P 500 futures trade 22 points below fair value.

December durable goods orders fell 3.4%, which was worse than the 0.5% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected a decrease of 2.1% (from -0.9%). Excluding transportation, durable orders decreased 0.8% (consensus 0.7%) to follow the prior month's revised decrease of 1.3% (from -0.7%).

7:54 am: [BRIEFING.COM] S&P futures vs fair value: -13.40. Nasdaq futures vs fair value: -38.50. U.S. equity futures trade near their pre-market lows after spending the early morning hours in a steady retreat. The slide has accompanied weakness in Europe where investors are taking profits after eight days of gains. In addition, a set of disappointing earnings and/or guidance has contributed to the selling. The S&P 500 futures hover 13 points below fair value.

Meanwhile, Treasuries have respected a two-basis point range throughout the night with the 10-yr yield down two basis point at 1.81%.

Durable Orders for December (Briefing.com consensus 0.5%) will be reported at 8:30 ET while the November Case-Shiller 20-city Index (consensus 4.3%) will be released at 9:00 ET. The Consumer Confidence report for January (consensus 96.0) will cross at 10:00 ET, alongside New Home Sales for December (consensus 450,000).

In U.S. corporate news of note:

3M (MMM 162.50, -1.74): -1.1% after beating by a penny and reaffirming its guidance.
Caterpillar (CAT 81.70, -4.33): -5.0% after missing earnings estimates and guiding below consensus.
Corning (GLW 24.45, +0.54): +2.3% after beating earnings and revenue estimates.
DuPont (DD 72.98, -1.13): -1.5% after reporting in-line earnings and guiding below consensus.
Microsoft (MSFT 43.40, -3.61): -7.7% after reporting in-line with estimates and issuing cautious guidance.
Pfizer (PFE 32.36, -0.44): -1.3% after its cautious guidance overshadowed a one-cent beat.
Procter & Gamble (PG 87.30, -2.28): -2.6% in reaction to disappointing earnings and revenue. The company lowered its guidance due to a strong dollar.
United Technologies (UTX 115.80, -2.95): -2.5% following in-line revenue and below-consensus earnings guidance.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +1.7%, Hong Kong's Hang Seng -0.4%, and China's Shanghai Composite -0.9%.
In economic data:
Japan's Corporate Services Price Index increased 3.6% year-over-year, as expected
Hong Kong's trade deficit widened to HKD59.30 billion from HKD52.20 billion (expected deficit of HKD54.50 billion) as exports rose 0.6% month-over-month (expected 2.5%; prior 0.4%) and imports increased 1.9% (consensus 2.7%; last 2.4%)
South Korea's Consumer Confidence ticked up to 102 from 101 (expected 101)
Australia's NAB Business Confidence rose to 2 from 1 while NAB Business Survey slipped to 4 from 5
In news:
China's Shanghai Composite underperformed even though the People's Bank of China injected CNY60 billion via 7-day and 24-day reverse repurchase operations

Major European indices trade lower across the board. UK's FTSE -0.5%, France's CAC -1.3%, and Germany's DAX -1.3%. Elsewhere, Italy's MIB -0.8% and Spain's IBEX -1.2%.
Economic data was limited:
UK's Q4 GDP rose 0.5% quarter-over-quarter (expected 0.6%; previous 0.7%) while the year-over-year reading increased 2.7% (consensus 2.8%; last 2.6%). Separately, BBA Mortgage Approvals came in at 35,700 (expected 36,600; prior 36,700) while Index of Services rose 0.8% (expected 1.0%; prior 0.7%)
Among news of note:
The Swiss franc was volatile overnight after a bank official said the SNB "remains ready to intervene on foreign exchange markets." The statement was followed by a 160-pip slide in the franc before the move reversed entirely. The dollar/franc pair currently hovers near 0.9005

7:02 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -28.00.

7:02 am: [BRIEFING.COM] Nikkei...17,768.30...+299.80...+1.70%. Hang Seng...24,807.28...-102.60...-0.40%.

7:02 am: [BRIEFING.COM] FTSE...6,816.15...-36.50...-0.50%. DAX...10,689.05...-111.00...-1.00%.

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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