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 Post subject: February 10th Tuesday Trade Results - Profit $1385.00
PostPosted: Wed Feb 11, 2015 3:40 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ $260.00 dollars or +2.60 points, Emini ES ($ES_F) futures @ $1,125.00 dollars or +22.50 points, Light Crude Oil CL ($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 @ $1,385.00 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=140&t=2002

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=257&t=2664

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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 snapped their two-day losing streak with a Tuesday rally that allowed the S&P 500 (+1.1%) to settle at its best level of the year. The benchmark index finished ahead of the Dow (+0.8%) and Russell 2000 (+0.6%), but behind the Nasdaq Composite (+1.3%).

Market participants were greeted this morning with Greece-related headlines, which should have been expected considering the EU finance ministers meeting will take place tomorrow. The rumor mill was active from the early morning, starting with a Bloomberg report indicating the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and was met with a swift denial from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are "intensive." German Finance Minister Wolfgang Schaeuble also offered a denial, simply calling the report "wrong."

Lost in the whirlwind was the fact that the Bloomberg report took place not long after Greek Defense Minister Panos Kammenos entertained the possibility of looking for financial support elsewhere, naming the United States, Russia, and China as potential options.

The stock market rallied happily following the initial report and held its ground through the subsequent denials. The S&P 500 spent the bulk of the early afternoon in a narrow range, but powered to a fresh high ahead of the close. It is worth noting that market breadth did not turn positive until the final 90 minutes, meaning the number of advancers equaled that of decliners even as the market sported a solid gain at midday.

Nine of ten sectors registered gains with yesterday's laggards leading the way. To that effect, three of four countercyclical sectors finished ahead of the broader market with health care (+1.6%) and utilities (+2.1%) ending in the lead.

The health care space received support from biotechnology, evidenced by a 1.6% gain in the iShares Nasdaq Biotechnology ETF (IBB 318.26, +4.85). The high-beta biotech group gave a boost to the Nasdaq, and the tech-heavy index received another measure of support from chipmaker names. Qualcomm (QCOM 70.26, +3.15) raised its guidance after settling an anti-trust investigation in China for $975 million while Micron (MU 31.09, +2.74) announced an amendment to one of its supply agreements. The two names posted respective gains of 4.7% and 9.7% while the PHLX Semiconductor Index spiked 3.4%. As for the technology sector, the top-weighted group advanced 1.6%.

Elsewhere among cyclical sectors, the consumer discretionary space (+1.2%) settled ahead of the market while the other four groups underperformed.

Notably, the industrial sector (+0.6%) could not keep up with the market even as transport stocks displayed strength (Dow Jones Transportation Average +0.9%). Machinery stocks kept the sector among the laggards following cooler-than-expected inflation data from China. Dow component Caterpillar (CAT 83.90, -0.77) lost 0.9% while Joy Global (JOY 43.84, -0.94) fell 2.1%.

On the downside, the energy sector (-0.2%) spent the day in negative territory, but erased the bulk of its loss ahead of the close. The sector had to contend with a 5.5% plunge in crude oil ($50.06/bbl) while Halliburton (HAL 42.60, -0.91) lost 2.1% after Houston Business Journal reported the company will reduce its workforce by 6.5%-8.0%.

Treasuries spent some time on either side of their flat lines before locking in slim losses with the 10-yr yield higher by a basis point at 1.99%.

Participation was below average for the second consecutive day with roughly 770 million shares changing hands at the NYSE floor.

Economic data was limited to Wholesale Inventories and JOLTS:

Wholesale inventories increased 0.1% in December following an unrevised 0.8% increase in November while the Briefing.com consensus expected an increase of 0.2%
The BEA estimated that wholesale inventories increased 0.6% in the advance Q4 2014 GDP report, which will likely result in negative revisions for fourth quarter GDP
Durable goods inventories increased 0.2% in December after increasing 0.9% in November
Petroleum inventories declined 6.2%, causing a 0.1% downtick in nondurable goods inventories
The Job Openings and Labor Turnover Survey showed that openings increased to 5.028 million from 4.847 million in December

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the Treasury Deficit for January (Briefing.com consensus $19.00 billion) will be reported at 14:00 ET.

Nasdaq Composite +1.1% YTD
S&P 500 +0.5% YTD
Dow Jones Industrial Average +0.3% YTD
Russell 2000 UNCH YTD

3:40 pm: [BRIEFING.COM]

WTI crude oil futures sold off today following three consecutive days of gains
One catalyst weighing on crude today was the IEA Oil Market Report, which had some bearish commentary
Ultimately, Mar crude oil closed the day $2.93 lower at $50.06/barrel
Mar nat gas gained $0.08 to $2.68/MMBtu
Precious metals lost steam today, but showed only modest losses
Apr gold fell $9.50 to $1232.10/oz, while Mar silver lost $0.21 to $16.86/oz
Mar copper lost $0.04 to $2.54/lb

3:00 pm: [BRIEFING.COM] The S&P 500 (+1.0%) has powered to a new high with one hour remaining in the session. If the benchmark index holds its ground into the close, that would represent a fresh high for the year. However, the index remains a handful of points below its 2015 intraday high that was registered on Friday (2,072.40).

Nine sectors continue holding gains into the final hour with five groups up 1.0% or more. The utilities sector (+2.1%) has seized the lead not long ago after falling nearly 5.0% over the past two days amid spiking Treasury yields.

2:25 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (+0.7%) trading within a couple points of its session high. Interestingly, the market has held near its high despite relatively weak internals. Currently, the A/D line at the New York Stock Exchange is flat, indicating there is one issue trading in the green for each decliner.

The benchmark index has maintained a narrow range throughout the afternoon, holding its ground through recent news indicating Halliburton (HAL 42.18, -1.33) will reduce its workforce by 6.5%-8.0%. Shares of HAL dropped to new lows following the report, trading lower by 3.1%.

Meanwhile, crude oil has faced continued pressure and is now down 5.3% at $50.07/bbl. heading into the pit close.

2:00 pm: [BRIEFING.COM] The S&P 500 sits right below its best level of the session.

The advance reading for fourth quarter GDP growth was a mild disappointment when it was announced at the end of January, and it looks like it may get a little bit worse.

Within the Q4 2014 GDP estimate, the BEA assumed that wholesale inventories increased a solid 0.6% in December.

In actuality, wholesale inventories increased by a much softer 0.1%. That was down from a 0.8% increase in November and below the Briefing.com Consensus estimate of 0.2% gain.

The downside miss will likely result in negative revisions to fourth quarter GDP growth when the second estimate is released at the end of the month.

Not all of the wholesale data was poor. Even though headline wholesale sales fell 0.4% for a second consecutive month in December, nearly the entire decline can be attributed to lower petroleum prices. Excluding petroleum sales, wholesale demand increased by a robust 1.5% in December.

1:35 pm: [BRIEFING.COM] The major U.S. indices hold on to solid gains in recent action as many investors wait to see how tomorrow's EU finance ministers meeting unfolds.

With nine of the ten S&P sectors in the green today, energy (-0.8%) is the stand out laggard with crude continuing its volatility activity, declining 4.75% on the day to $50.35/bbl ahead of tonight's' API inventory data and tomorrows EIA inventory report.

Elsewhere, cyber security stocks remain in focus after hackers took control of Newsweek's Twitter account and separately a report out that hackers infiltrated Forbes.com to hack its readers. CyberArk Software (CYBR 40.98, +4.89) is enjoying notable gains on that news, but also the company was upgraded to Outperform this morning at William Blair. FireEye (FEYE 36.07, +0.53) is also performing strongly.

At the top of the hour, the $24 bln 3-yr Note Auction was met with average demand, drawing a high yield of 1.05%. Direct bidders accounted for 7.2% of the accepted bids.

12:55 pm: [BRIEFING.COM] The stock market trades near its best level of the session at midday with the S&P 500 higher by 0.7%. The benchmark index trades ahead of the Dow (+0.5%) and Russell 2000 (+0.2%), but behind the Nasdaq Composite (+0.9%).

With the EU finance ministers meeting coming up tomorrow, it wasn't a stretch to expect Greece to remain in the headlines. That expectation was fulfilled, starting with a morning report from Bloomberg indicating the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and was met with a swift denial from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are 'intensive.' Furthermore, German Finance Minister Wolfgang Schaeuble also offered a denial, simply calling the report "wrong."

True to form, the market spiked in reaction to the upbeat-sounding report, and has not concerned itself too much with the subsequent denials.

Nine of ten sectors sport midday gains with all four countercyclical groups trading ahead of the broader market after showing relative weakness yesterday. The health care sector (+1.2%) was the weakest performer yesterday, but the group holds the lead today with biotechnology making a contribution. The iShares Nasdaq Biotechnology ETF (IBB 317.64, +4.23) is higher by 1.4%, which has helped the Nasdaq stay ahead of the broader market.

In addition, the tech-heavy Nasdaq has received a measure of support from chipmakers, evidenced by a 2.1% gain in the PHLX Semiconductor Index. Micron (MU 30.40, +2.05) is a standout performer, trading higher by 7.3% after announcing an amendment to one of its supply agreements.

To be sure, large cap tech sector (+1.1%) components have also done some heavy lifting with Apple (AAPL 121.63, +1.91), Google (GOOGL 535.62, +6.34), and Facebook (FB 75.09, +0.65) up between 0.9% and 1.6%.

Elsewhere among cyclical groups, the discretionary sector (+1.0%) outperforms while others trade a bit behind the broader market.

On the downside, the energy sector (-0.7%) has been pressured by a 4.0% decline in crude oil, which currently hovers near $50.72/bbl. Despite today's decline, the energy sector remains higher by 4.8% so far in February.

Treasuries hold slim losses with the 10-yr yield higher by a basis point at 1.99% after spending a portion of the morning just above the 2.00% level.

Economic data was limited to Wholesale Inventories and JOLTS:

Wholesale inventories increased 0.1% in December following an unrevised 0.8% increase in November while the Briefing.com consensus expected an increase of 0.2%
The BEA estimated that wholesale inventories increased 0.6% in the advance Q4 2014 GDP report, which will likely result in negative revisions for fourth quarter GDP
Durable goods inventories increased 0.2% in December after increasing 0.9% in November
Petroleum inventories declined 6.2%, causing a 0.1% downtick in nondurable goods inventories
The Job Openings and Labor Turnover Survey showed that openings increased to 5.028 million from 4.847 million in December

12:30 pm: [BRIEFING.COM] The Dow (+0.5%), Nasdaq (+0.9%), and S&P 500 (+0.7%) have extended to new highs for the day while the Russell 2000 (+0.3%) continues showing relative weakness.

The recent move was broad-based with all ten sectors rising from their recent levels. Most notably, the top-weighted technology space (+1.1%) trades well ahead of the broader market, which should be a supportive factor going into the afternoon.

Looking deeper into the tech sector, chipmakers trade higher across the board with Micron (MU 30.22, +1.88) helping the PHLX Semiconductor Index trade higher by 2.1%.

12:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.5%) revisit its opening high. The benchmark index currently hovers within a point of that level with nine sectors holding gains.

All four countercyclical sectors outperform while the six cyclical groups remain somewhat scattered. The energy sector (-1.0%) is the only group trading in the red, but industrials (+0.3%), materials (+0.2%), and financials (+0.3%) also underperform.

Notably, the industrial sector has been pressured by manufacturers of heavy machinery following cooler-than-expected inflation data from China, which could signal slowing growth. Caterpillar (CAT 83.89, -0.78) and Joy Global (JOY 43.82, -0.96) trade lower by 0.9% and 2.1%, respectively.

On the flip side, most transport stocks trade in the green with airlines in the lead thanks to today's decline in crude oil. United Continental (UAL 66.96, +2.39) has jumped 3.7% while the broader Dow Jones Transportation Average trades higher by 0.4% with 16 of its 20 components in the green.

11:30 am: [BRIEFING.COM] The Nasdaq (+0.6%) and S&P 500 (+0.4%) have crept back into the neighborhood of their early highs while the Dow (+0.3%) and Russell 2000 (-0.1%) sit closer to their lows.

Looking at individual sectors, energy (-1.3%) represents the lone decliner while the other nine groups hover in the green. Countercyclical sectors lagged yesterday, but the opposite is true today as consumer staples (+0.8%), health care (+1.0%), utilities (+1.1%), and telecom services (+0.5%) all trade ahead of the broader market.

10:55 am: [BRIEFING.COM] The major averages have spent the opening 90 minutes in a slow retreat from their opening highs. The S&P 500 has narrowed its advance to 0.2% while the Russell 2000 is lower by 0.5%.

This morning we speculated that the session may feature more Greece-related headlines in addition to the Bloomberg report that claimed Greece will be offered a six-month extension. That report was followed by a denial from the European Commission and more recently, German Finance Minister Wolfgang Schaeuble called the report "wrong."

Treasuries moved into positive territory in recent action to continue their steady climb off early morning lows. The 10-yr yield is now down one basis point at 1.97%.

Seven sectors continue holding gains between 0.1% (finance) and (0.7%) health care while the energy sector has widened its decline to 1.4%. Meanwhile, crude oil trades lower by 3.4% at $51.03/bbl.

10:40 am: [BRIEFING.COM]

Oil is on the move again, but after three consecutive sessions of gains, WTI crude oil prices are trading lower today following the IEA monthly Oil Market Report, which held a bearish tone
Mar crude oil is now -3.8% at $50.87/barrel
Natural gas futures have been in positive territory all day so far, largely driven by weather conditions
Mar nat gas is now +2.6% at $2.67/MMBtu
Apr gold futures have been sliding lower today and are now -0.3% at $1237.50/oz. Mar silver is -0.4% at $17.00/oz.
Copper sold off overnight and is back near its LoD , now -1.8% at $2.53/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.3% while small caps are struggling to keep up (Russell 2000 -0.1%).

Just released, December wholesale inventories rose 0.1%, while the Briefing.com consensus expected an uptick of 0.2%. Today's report followed last month's unrevised increase of 0.8%.

Separately, the Job Openings and Labor Turnover Survey showed that openings increased to 5.028 million from 4.847 million in December.

9:40 am: [BRIEFING.COM] The stock market charged out of the gate with the Nasdaq Composite (+0.6%) trading a step ahead of the S&P 500 (+0.5%).

Nine of ten sectors sport opening gains with yesterday's laggard-health care (+0.8%)-in the lead. Outside of health care, other influential sectors like financials (+0.8%), technology (+0.7%), and consumer discretionary (+0.6%) also trade ahead of the broader market.

On the downside, the energy sector is lower by 1.0% while crude oil trades down 1.8% at $51.92/bbl.

Treasuries have inched away from lows, but the 10-yr yield remains higher by a basis point at 1.99%.

The Wholesale Inventories report for December (Briefing.com consensus 0.2%) and December Job Openings and Labor Turnover Survey will be reported at 10:00 ET.

9:06 am: [BRIEFING.COM] S&P futures vs fair value: +13.60. Nasdaq futures vs fair value: +27.20. The stock market is on track for a sharply higher start as futures on the S&P 500 trade almost 14 points above fair value. Index futures surged earlier this morning after Bloomberg reported the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and was met with a swift denial from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are continuing in 'intensive' fashion. It is worth noting the Bloomberg report took place after Greek Defense Minister Panos Kammenos entertained the possibility of looking for financial support elsewhere, naming the United States, Russia, and China as potential options. It wouldn't be all that surprising to see more Greece-related headlines ahead of tomorrow's EU finance ministers meeting.

Treasuries slumped in reaction to the news, but they are off their lows with the 10-yr yield higher by two basis points at 2.00%, which represents the first test of that level since January 8.

On the corporate front, Coca-Cola (KO 42.71, +1.48) and Starwood Hotels (HOT 76.61, +5.38) reported better than expected results while Citigroup (C 50.12, +0.91) has rallied after Deutsche Bank upgraded the stock to 'Buy.'

The Wholesale Inventories report for December (Briefing.com consensus 0.2%) and December Job Openings and Labor Turnover Survey will be reported at 10:00 ET.

8:53 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +24.50. The S&P 500 futures hover 13 points above fair value.

Asian markets ended Tuesday on a mixed note. China's Shanghai Composite (+1.5%) outperformed, but that stemmed from increased expectations for additional easing from the People's Bank of China after latest inflation data came in below expectations. On that note, ANZ economists expect a 25-basis point cut to the deposit rate in Q1.

In economic data:
China's CPI ticked up 0.3% month-over-month (expected 0.4%; prior 0.3%) while the year-over-year reading increased 0.8% (consensus 1.0%; last 1.5%). Separately, PPI fell 4.3% year-over-year (expected -3.8%; last -3.3%)
Japan's Tertiary Industry Activity Index slipped 0.3% month-over-month (expected 0.1%; prior 0.2%)
Australia's House Price Index rose 1.9% quarter-over-quarter (expected 1.8%; last 1.4%) while NAB Business Confidence ticked up to 3 from 2.

------

Japan's Nikkei trimmed its loss into the close, but still shed 0.3%. Growth-sensitive names lagged with Daikin Industries, Sumitomo Metal Mining, and Japan Steel Works down between 2.4% and 5.5%.
Hong Kong's Hang Seng spent the bulk of the day near its flat line, ending little changed. Property-related names outperformed with Hang Lung Properties and Sun Hung Kai Properties both adding near 1.4%. HSBC Holdings lagged, falling 1.3%.
China's Shanghai Composite gained 1.5%. Cyclical names outperformed with Metro Land Corp, China Railway Erju, and Chengtun Mining Group gaining between 6.6% and 10.0%.
India's Sensex settled in the middle of its range, adding 0.5% to post its first gain in eight days. Tata Motors and ICICI Bank led the way with respective gains of 4.0% and 3.4%.

Major European indices trade mostly higher while UK's FTSE (-0.1%) underperforms. Regional indices jumped after Bloomberg reported the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and was met with a swift denial from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are 'intensive.' It is worth noting the Bloomberg report took place after Greek Defense Minister Panos Kammenos entertained the possibility of looking for financial support elsewhere, naming the United States, Russia, and China as potential options. In all likelihood, the focus will remain on Greece ahead of the EU finance ministers meeting scheduled for tomorrow.

Participants received several data points:
UK's Industrial Production ticked down 0.2% month-over-month (expected 0.1%; prior -0.1%) while Manufacturing Production ticked up 0.1% month-over-month (consensus -0.1%; last 0.8%)
French Industrial Production rose 1.5% month-over-month (expected 0.4%; last -0.2%) o Italy's Industrial Production rose 0.4% month-over-month (consensus 0.1%; last 0.3%)
Swiss CPI fell 0.4% month-over-month (expected -0.6%; previous -0.5%) while the Unemployment Rate ticked up to 3.5%, as expected

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UK's FTSE is lower by 0.1% with miners on the defensive. Antofagasta, BHP Billiton, and Rio Tinto are down between 2.4% and 3.5%. Consumer names outperform with WM Morrison Supermarkets and Tesco up 4.7% and 3.1%, respectively.
Germany's DAX is higher by 0.9% with all but four names in the green. Exporters BMW and Daimler are among the leaders with respective gains of 2.6% and 1.8%. Lanxess is the weakest performer, down 1.0%.
In France, the CAC trades up 1.1% amid broad support. Defense contractors and financials lead with BNP Paribas, Credit Agricole, Safran, and Airbus up between 2.0% and 3.0%.
Italy's MIB has spiked 1.7% with help from banks. Mediobanca, Intesa Sanpaolo, and UBI Banca hold gains between 2.8% and 4.0%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +31.00. U.S. equity futures remain near their highs after surging in reaction to a Bloomberg report indicating EU officials will offer Greece a six-month extension on its obligations; however, that report has been followed by a pushback from the European Commission spokeswoman, who said there is no formal proposal on the table at this time, but talks are 'intensive.'

The S&P 500 futures hover about a point below their highs, suggesting the market has all but ignored the rebuttal from the EU Commission.

Treasuries have added to their losses, pushing the 10-yr yield up to 2.01% (+3 bps).

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +9.20. Nasdaq futures vs fair value: +21.70. U.S. equity futures sport solid pre-market gains after spiking during the past hour in reaction to a Bloomberg report indicating the European Commission will propose a six-month extension for Greece. The report cited unnamed sources and has yet to be confirmed by EU officials. Furthermore, this comes after Greek Defense Minister Panos Kammenos entertained the possibility of looking for financial support elsewhere, naming the United States, Russia, and China as potential options. The S&P 500 futures trade nine points above fair value.

Treasuries slumped to lows following the Bloomberg headline, sending the 10-yr yield higher by two basis points to 2.00%.

The Wholesale Inventories report for December (Briefing.com consensus 0.2%) and December Job Openings and Labor Turnover Survey will be reported at 10:00 ET.

In U.S. corporate news of note:

Aeropostale (ARO 3.01, +0.37): +14.0% after the company raised guidance above consensus.
Coca-Cola (KO 42.51, +1.28): +3.1% after reporting a two-cent beat.
CVS (CVS 102.38, +2.82): +2.8% after reporting in-line earnings and reaffirming its guidance.
UBS (UBS 16.66, -0.68): -3.9% following its in-line report.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.3%, China's Shanghai Composite +1.5%, and Hong Kong's Hang Seng settled flat.
In economic data:
China's CPI ticked up 0.3% month-over-month (expected 0.4%; prior 0.3%) while the year-over-year reading increased 0.8% (consensus 1.0%; last 1.5%). Separately, PPI fell 4.3% year-over-year (expected -3.8%; last -3.3%)
Japan's Tertiary Industry Activity Index slipped 0.3% month-over-month (expected 0.1%; prior 0.2%)
Australia's House Price Index rose 1.9% quarter-over-quarter (expected 1.8%; last 1.4%) while NAB Business Confidence ticked up to 3 from 2.
In news:
China's below-consensus inflation data was viewed as another argument in favor of additional monetary easing by the People's Bank of China. To that point, ANZ expects a 25-basis point cut to the deposit rate during the first quarter.

Major European indices trade mostly higher. France's CAC +1.1%, Germany's DAX +0.9%, and UK's FTSE -0.2%. Elsewhere, Italy's MIB +1.5% and Spain's IBEX +1.3%.
Participants received several data points:
UK's Industrial Production ticked down 0.2% month-over-month (expected 0.1%; prior -0.1%) while Manufacturing Production ticked up 0.1% month-over-month (consensus -0.1%; last 0.8%)
French Industrial Production rose 1.5% month-over-month (expected 0.4%; last -0.2%)
Italy's Industrial Production rose 0.4% month-over-month (consensus 0.1%; last 0.3%)
Swiss CPI fell 0.4% month-over-month (expected -0.6%; previous -0.5%) while the Unemployment Rate ticked up to 3.5%, as expected
Among news of note:
Greece is likely to remain in the headlines with the eurozone finance ministers meeting scheduled for tomorrow.

7:04 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +11.00.

7:04 am: [BRIEFING.COM] Nikkei...17,652.68...-59.30...-0.30%. Hang Seng...24,528.10...+7.10...0.00.

7:04 am: [BRIEFING.COM] FTSE...6,805.20...-31.80...-0.50%. DAX...10,703.70...+41.40...+0.40%.

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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