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 Post subject: April 15th Wednesday Trade Results - Profit $820.00
PostPosted: Thu Apr 16, 2015 1:16 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)
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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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $820.00 dollars or +0.82 points, Gold GC ($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 @ $820.00 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 free 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=142&t=2052

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=261&t=2728

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Market Context Summaries

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

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


4:10 pm: [BRIEFING.COM] The stock market ended the midweek session on an upbeat note after climbing throughout the day. The S&P 500 gained 0.5% while the Russell 2000 (+0.7%) spent the day in the lead.

Equity indices rallied out of the gate, all but ignoring news that China's GDP growth (+7.0% year-over-year) has slowed to a six-year low. The news was followed by a small uptick in the greenback, but the Dollar Index (98.36, -0.37) surrendered its overnight advance, posting its second consecutive decline.

In turn, the dollar weakness provided a measure of support to crude oil, helping the energy component jump 5.6% to $56.25/bbl. Understandably, the big spike in oil boosted the energy sector (+2.3%), placing the cyclical group in the lead. Thanks to the gain, the energy space is now up 6.8% since the end of March.

Meanwhile, the remaining cyclical groups settled a bit closer to the broader market. Technology (+0.9%) endured a slight struggle early, but the sector ended among the leaders with help from chipmakers after Linear Technology (LLTC 46.17, +0.75) reported better than expected results and Intel (INTC 32.83, +1.34) delivered an in-line report. The two names spiked 1.6% and 4.3%, respectively, while the PHLX Semiconductor Index gained 1.6%.

Staying on the earnings theme, Bank of America (BAC 15.64, -0.18) lost 1.1% after missing bottom-line estimates, but the financial sector (+0.4%) still finished near the broader market.

Also of note, industrials (+0.1%) displayed early strength, but the sector finished among the laggards following an intraday pullback in transport stocks. Delta Air Lines (DAL 44.20, +1.12) surged 2.6% after reporting a one-cent beat while CSX (CSX 32.86, -0.35) lost 1.1% after its own one-cent beat and lowered guidance. For its part, the Dow Jones Transportation Average narrowed its gain to 0.1% by the close.

Moving to the countercyclical side, the consumer staples sector (-0.3%) spent the bulk of the session in negative territory while the remaining defensively-oriented groups posted gains. The health care sector (+0.3%) endured an intraday pullback in large insurer names like Aetna (AET 106.08, -1.80), Cigna (CI 130.22, -2.68), and UnitedHealth (UNH 117.32, -2.60), but biotech names outperformed with the iShares Nasdaq Biotechnology ETF (IBB 360.94, +3.73) climbing 1.0%.

Treasuries ended the day with slim gains, pressuring the 10-yr yield to 1.89% (-1 bp).

Today's participation was ahead of recent averages with more than 850 million shares changing hands at the NYSE floor.

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

Industrial production declined 0.6% in March after increasing an unrevised 0.1% in February while the Briefing.com consensus expected a decline of 0.3%
Over the entire first quarter, industrial production declined 1.0%, which was the first quarterly decline since the Great Recession ended
Nearly the entire decline resulted from warmer temperatures, which reduced utilities usage by 5.9% after extreme cold boosted production by 5.7% in February. Mining production (-0.7%) also contributed to the pullback as relatively low oil prices continue to constrain the industry
The Empire Manufacturing Survey for April registered a reading of -1.2, which was below the prior month's reading of 6.9
The Briefing.com consensus expected an improvement to 7.3
The weekly MBA Mortgage Index fell 2.3% to follow last week's 0.4% uptick
The NAHB Housing Market Index for April rose to 56 from a revised 52 (from 53) while the Briefing.com consensus expected an increase to 55

Tomorrow, weekly Initial Claims (Briefing.com consensus 280K) and March Housing Starts (consensus 1.045 million) will be released at 8:30 ET while the Philadelphia Fed Survey for April will be reported at 10:00 ET (expected 7.2).

Nasdaq Composite +5.8% YTD
Russell 2000 +5.8% YTD
S&P 500 +2.3% YTD
Dow Jones Industrial Average +1.6% YTD

3:40 pm: [BRIEFING.COM]

WTI oil prices rallied today following the weekly EIA storage data.
Gains extended in afternoon trading, and May crude oil ultimately ended closing $6% higher at $56.25/barrel
May natural gas gained $0.08 today at $2.61/MMBtu
Metals also ended the day with gains, with June, silver and copper finished higher

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% with one hour remaining in the session. The benchmark index spent the bulk of the day near its opening high, and rallied to a fresh high during afternoon action.

The energy sector has paced today's advance and the group is now up 2.5% while crude oil ended the pit session higher by 5.6% at $56.25/bbl. Elsewhere, the top-weighted technology sector has padded its gain to 1.2%.

Elsewhere, the Dollar Index (98.35, -0.38) is lower by 0.4% after returning into negative territory during the afternoon.

2:30 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 trading higher by 0.7%.

The Federal Reserve has released its latest Beige Book, but the document was met with a muted reaction in the market.

According to the Beige Book, economic activity across most districts expanded at a modest or moderate pace while Atlanta and Kansas City districts observed steady conditions. However, some soft spots were observed in the manufacturing sector. That being said, demand for services was said to be rising.

Treasuries held their ground following the release, but the 10-yr note has returned to unchanged in recent minutes (1.90%).

2:00 pm: [BRIEFING.COM] The stock market remains near its best level of the day.

We argued last month that the inclement weather in February actually provided more of a positive boost to industrial production rather than hinder it. The industrial production data from March confirmed that theory.

Industrial production declined 0.6% in March after increasing an unrevised 0.1% in February. The Briefing.com Consensus expected industrial production to decline 0.3%.

Nearly the entire decline was the result of warmer temperatures, which reduced utilities usage by 5.9% after extreme cold boosted production by 5.7% in February.

Manufacturing production increased 0.1% in March after declining 0.2% in February. Excluding motor vehicle production, manufacturing production was virtually flat over the past two months.

The weather had no impact on manufacturing production over the previous two months.

The Fed's Beige Book will be discussed in the next Stock Market Update.

1:30 pm: [BRIEFING.COM] The major U.S. indices continue to drift higher with the S&P 500 resting just below its session high.

WTI crude oil futures (+5.1% to $56/bbl) continue to outperform following this morning's EIA inventory data. The report, which showed a smaller build than expected, has helped push the commodity to new 2015 highs. The price of WTI crude is now up 33% since its early-March lows. On the heels of the strength in oil and natural gas prices (+3.4% to $2.62/mmbtu), the energy sector (+2.05%) has widened its lead today in relation to all other S&P sectors.

Elsewhere, the U.S. Dollar has seen some slight weakness in recent trade with the ICE US Dollar Index (-0.37 to 98.36) falling to new session lows.

After the close, notable earnings reports are expected from Netflix (NFLX 474.60, -4.11), Kinder Morgan (KMI 43.17, +0.16), SanDisk (SNDK 71.58, +1.23) and others.

12:55 pm: [BRIEFING.COM] The major averages hover near their highs at midday with the Russell 2000 (+0.8%) trading a bit ahead of the S&P 500 (+0.5%).

Overnight, China reported its slowest growth rate in six years (+7.0% year-over-year), but the news was essentially ignored by the futures market. For its part, China's Shanghai Composite fell 1.2%, but the index is still up almost 9.0% for the month.

Once the U.S. session began, the S&P 500 hit its high during the initial minutes and has hovered near that level since then. Nine sectors sport midday gains while the consumer staples sector (-0.2%) hovers in the red.

On the upside, the energy sector (+1.8%) sits well ahead of other groups with help from crude oil, which has soared 4.9% to $55.90/bbl. Including today's advance, the energy sector is now up 6.3% for the month.

Meanwhile, the remaining cyclical groups sport slimmer gains. The financial sector (+0.5%) trades just ahead of the market even though Bank of America (BAC 15.64, -0.18) has given up 1.1% after reporting below-consensus results.

In other earnings of note, Intel (INTC 32.94, +1.46) has surged 4.6% following its in-line report, which has lifted the PHLX Semiconductor Index (+1.5%), and by extension, the technology sector (+0.6%).

The stock market has held the bulk of its gain through the first half of action, but the industrial sector (+0.3%) has slumped from its high. Transport stocks fueled an early spike after CSX (CSX 33.22, +0.01) and Delta Air Lines (DAL 44.07, +0.99) reported their results. CSX reported a one-cent beat, but lowered its guidance, while Delta also beat by a penny and announced plans to lower its international capacity to address currency headwinds.

Treasuries are on their highs with the 10-yr yield down three basis points at 1.87%.

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

Industrial production declined 0.6% in March after increasing an unrevised 0.1% in February while the Briefing.com consensus expected a decline of 0.3%
Over the entire first quarter, industrial production declined 1.0%, which was the first quarterly decline since the Great Recession ended
Nearly the entire decline resulted from warmer temperatures, which reduced utilities usage by 5.9% after extreme cold boosted production by 5.7% in February. Mining production (-0.7%) also contributed to the pullback as relatively low oil prices continue to constrain the industry
The Empire Manufacturing Survey for April registered a reading of -1.2, which was below the prior month's reading of 6.9
The Briefing.com consensus expected an improvement to 7.3
The weekly MBA Mortgage Index fell 2.3% to follow last week's 0.4% uptick
The NAHB Housing Market Index for April rose to 56 from a revised 52 (from 53) while the Briefing.com consensus expected an increase to 55

The Federal Reserve will release its April Beige Book at 14:00 ET.

12:30 pm: [BRIEFING.COM] Quiet action continues with the Russell 2000 (+0.7%) trading ahead of the S&P 500 (+0.5%). The small-cap Russell 2000 has climbed steadily since the opening bell while the other indices hit their highs during the initial 30 minutes of the session.

Elsewhere, the Dollar Index (98.92, +0.19) has shown some intraday volatility after climbing during overnight action; however, the index slumped to lows in the morning, but the move was halted just beneath the flat line, and was followed by a partial recovery. The index is currently higher by 0.2% with the dollar adding 0.4% against the euro (1.0605).

11:55 am: [BRIEFING.COM] Equity indices remain near their recent levels, with the S&P 500 trading higher by 0.4%.

There hasn't been much change among individual sectors, but insurance companies like Aetna (AET 106.08, -1.80), Cigna (CI 130.70, -2.20), and UnitedHealth (UNH 116.92, -3.00) have dropped to new lows for the day. However, the health care sector (+0.3%) has remained in positive territory thanks to the relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 359.57, +2.36) is higher by 0.7%.

Similar to health care, two other countercyclical sectors-telecom services (+0.3%) and utilities (+0.5%)-hold gains while the consumer staples sector (-0.1%) hovers just below its flat line.

11:30 am: [BRIEFING.COM] Equity indices have inched away from their highs, but the S&P 500 (+0.5%) remains within four points of its best level of the day.

Sector standing has not changed much with energy (+1.7%) trading well ahead of its peers. In fact, the growth-sensitive group has been a standout performer so far in April with today's gain extending its month-to-date advance to 6.2%. That puts the sector well ahead of its peers while this month's second-best performer-materials-has climbed 2.7%. Fittingly, the materials sector (+1.0%) is the second-best sector today.

Steelmakers have contributed to the strength in the materials space with Market Vectors Steel ETF (SLX 33.11, +0.39) trading higher by 1.2%.

Elsewhere, Treasuries remain near their highs with the 10-yr yield down two basis points at 1.88%.

11:00 am: [BRIEFING.COM] The major averages continue drifting near their highs with the Dow, Nasdaq, and S&P 500 all up near 0.5%.

All ten sectors trade in the green with energy (+1.6%) holding the lead. Outside of energy, the materials sector (+1.1%) is the only group with a gain of more than 0.8%. That being said, the remaining cyclical groups trade near the S&P 500.

For instance, the top-weighted technology sector (+0.5%) hovers just behind the broader market, but chipmakers sport solid gains after Intel (INTC 32.75, +1.26) and Linear Technology (LLTC 46.24, +0.82) reported better than expected results. The two names hold respective gains of 3.9% and 1.8% while the broader PHLX Semiconductor Index has jumped 1.1%.

10:40 am: [BRIEFING.COM]

WTI crude oil futures gained some buying interest yesterday afternoon after the American Petroleum Institute (API) reported its weekly U.S. storage data, which showed a build.
However, crude did not gain much even though the actual build came in smaller-than-expected.
On the other hand, the weekly EIA storage data really made crude oil prices move. May crude spiked above $55/barrel following the data and is now +3.1% at $54.96/barrel
May natural gas is currently +2.3% at $2.59/MMBtu
The dollar index is currently trading flat after a moderate rise overnight, highlighted largely by mixed retail sales data and economic growth expectations
Both June gold and May silver were also flat, trading a close inversion to movements in the dollar index.
May copper is now trading -0.1% at $2.70/lb, extending recently losses a bit

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.5%.

The just-released NAHB Housing Market Index for April rose to 56 from a revised 52 (from 53) while the Briefing.com consensus expected an increase to 55.

9:40 am: [BRIEFING.COM] The major averages have climbed out of the gate with help from most sectors. The S&P 500 trades higher by 0.5% with the energy sector (+0.9%) setting the pace for the second day in a row.

Outside of energy, two of the remaining five cyclical sectors trade ahead of the broader market. The industrial sector (+0.5%) underperformed yesterday, but today, the group has received support from transport stocks after Delta Air Lines (DAL 44.80, +1.72) reported a one-cent beat. Shares of DAL have jumped 4.3% while the Dow Jones Transportation Average trades higher by 0.8%.

Elsewhere, Treasuries have climbed to new highs with the 10-yr yield down two basis points at 1.88%. The NAHB Housing Market Index for April (Briefing.com consensus 55) will be released at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +9.20. Nasdaq futures vs fair value: +19.30. The stock market is on track for a modestly higher open as futures on the S&P 500 trade nine points above fair value after climbing off their lows at the start of the European session. Likewise, markets in Europe trade higher across the board.

Meanwhile, the euro, which spiked yesterday, has given back a portion of Tuesday's advance. The single currency has surrendered 0.2% and currently hovers near 1.0630 against the dollar. Conversely, the Dollar Index (98.92, +0.19) trades higher by 0.2%.

The uptick in the dollar has not stopped crude oil from climbing 2.0% to $54.35/bbl., for the time being.

In corporate news, Intel (INTC 32.40, +0.91) is on track to open higher by 2.9% after reporting in-line results last night. Elsewhere, Bank of America (BAC 15.72, -0.11) is lower by 0.6% in pre-market action after missing bottom-line estimates.

On the economic front, the just released Industrial Production report pointed to a decrease of 0.6% in March, which was worse than the 0.3% decrease expected by the Briefing.com consensus. Separately, capacity utilization hit 78.4% while the Briefing.com consensus expected a reading of 78.7%.

Treasuries hover just below their flat lines with the 10-yr yield higher by a basis point at 1.91%.

The NAHB Housing Market Index for April (Briefing.com consensus 55) will be released at 10:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +18.10. The S&P 500 futures trade eight points above fair value.

Wednesday's spotlight was on China, which reported its lowest rate of GDP growth year-over-year (7.0%) since the first quarter of 2009 alongside a batch of mostly disappointing economic data for retail sales, industrial production, and fixed asset investment for March. That reporting cast a pall on buying interest as markets in the Asia-Pacific region were either mixed or lower for the day.

Economic data was plentiful:
China's Q1 GDP +7.0% year-over-year (expected +7.0%; prior +7.3%); +1.3% quarter-over-quarter (expected +1.4%; prior +1.5%). March Fixed Asset Investment +13.5% year-over-year (expected +13.8%; prior +13.9%), March Industrial Production +5.6% year-over-year (expected +6.9%; prior +6.8%), and March Retail Sales +10.2% year-over-year (expected +10.9%; prior +10.7%)
Japan's February Industrial Production -3.1% month-over-month (expected -3.1%; prior -3.4%) while February Capacity Utilization -3.2% month-over-month (prior +3.6%)
India's March WPI Inflation -2.33% (expected -1.95%; prior -2.06%), WPI Food +6.31% year-over-year (prior +7.70%), WPI Fuel -12.56% year-over-year (prior -14.70%), and WPI Manufacturing Inflation -0.19% year-over-year (prior +0.33%)
South Korea's March Unemployment Rate fell to 3.7% from 3.9%, as expected
Australia's April Westpac Consumer Sentiment -3.2% (prior -1.2%)
Singapore's February Retail Sales -3.3% month-over-month (expected -3.3%; prior +4.8%); +15.8% year-over-year (expected -0.5%; prior -5.0%)

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Japan's Nikkei declined 0.2% with weakness in the consumer non-cyclical (-1.2%) and basic materials (-0.5%) sectors weighing on things. Individual winners included Toho Co Ltd (+8.8%), Nippon Electric Glass Co (+6.1%), and Shimizu Corp (-4.2%). JGC Corp (-6.6%), MEIJI Holdings (-3.5%), and Chugai Pharmaceutical (-3.0%) led declining issues. Out of the 225 index members, 91 ended higher, 127 finished lower, and 7 were unchanged.
Hong Kong's Hang Seng rebounded from Tuesday's sell-off and ended 0.2% higher thanks to a burst of buying interest in the final hour of trading. The technology (+1.7%), industrial (+0.8%) and energy (+0.5%) sectors provided some needed support. Industrial & Commercial bank of China (+4.9%), China Construction Bank (+4.4%), Bank of Communications (+4.3%), CNOOC (+3.9%) and Bank of China (+3.6%) topped the winners list. Out of the 50 index members, 22 ended higher, 27 finished lower, and 1 was unchanged.
China's Shanghai Composite had a seesaw session following the release of its Q1 GDP report, which showed the lowest rate of growth since the first quarter of 2009. Retail sales, fixed asset investment, and industrial production data for March were all weaker than expected. The market was higher going into the final hour of trading, but selling interest picked up noticeably late in the session, leaving the Composite down 1.2% for the day with weakness seen across all sectors.

Major European indices trade higher across the board with Italy's MIB (+1.2%) in the lead.

In economic data:
Eurozone trade surplus expanded to EUR20.30 billion from EUR7.60 billion (expected surplus of EUR21.10 billion)
Germany's March CPI +0.5% month-over-month; +0.3% year-over-year. Both figures matched expectations
French March CPI +0.7% month-over-month, as expected

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Germany's DAX has added 0.5% with help from basic materials names. K+S, Lanxess, and ThyssenKrupp are up between 1.7% and 2.4%. Exporters trade in mixed fashion with BMW and Daimler up near 0.5% while Adidas and Volkswagen show respective losses of 0.6% and 0.1%.
UK's FTSE is higher by 0.5% with roughly 60% of the index in the green. Consumer and mining names outperform with Anglo American, Fresnillo, Glencore, WM Morrison Supermarkets, and Sports Direct International showing gains between 1.6% and 3.6%. Utilities lag with Severn Trent, SSE, and National Grid all down near 1.2%.
France's CAC trades up 0.8% with growth-sensitive names showing relative strength. Technip, ArcelorMittal, and Schneider Electric display gains between 1.3% and 3.1%.
Italy's MIB has spiked 1.2% with financials contributing to the strength. Banco Popolare, Intesa Sanpaolo, and Mediobanca are all up near 2.0%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +16.70. The S&P 500 futures trade eight points above fair value.

The Empire Manufacturing Survey for April registered a reading of -1.2, which was below the prior month's reading of 6.9. It was also below the Briefing.com consensus estimate, which was pegged at 7.3.

7:54 am: [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +16.10. U.S. equity futures hold modest pre-market gains following a range-bound overnight session. The S&P 500 futures hover six points above fair value after climbing off their lows at the start of the European session.

Yesterday, the Dollar Index (99.21, +0.47) retreated, but the overnight session saw the Index recover roughly half of that loss with the dollar adding 0.5% against the euro (1.0590).

The early greenback strength has not gotten in the way of crude oil, which trades higher by 1.2% at $53.91/bbl. The weekly MBA Mortgage Index fell 2.3% to follow last week's 0.4% uptick.

The Empire Manufacturing report for April will cross the wires at 8:30 ET (Briefing.com consensus 7.3), March Industrial Production will be released at 9:15 (consensus -0.3%), and the NAHB Housing Market Index for April will be reported at 10:00 ET (consensus 55). Also of note, the Federal Reserve will release its April Beige Book at 14:00 ET.

Treasuries are little changed with the 10-yr yield at 1.90%.

In U.S. corporate news of note:

ASML (ASML 100.63, +0.66): +0.7% in reaction to a one-cent beat and lowered Q2 revenue guidance.
Bank of America (BAC 15.79, -0.03): -0.2% after missing bottom-line estimates.
CSX (CSX 33.70, +0.49): +1.5% after reporting a one-cent beat, announcing a $2 billion buyback, and boosting its quarterly dividend by 13% to $0.18/share.
Delta Air Lines (DAL 44.05, +0.97): +2.3% after beating by a penny.
Intel (INTC 32.50, +1.01): +3.2% following in-line results.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +0.2%, Japan's Nikkei -0.2%, and China's Shanghai Composite -1.2%
Economic data was plentiful:
China's Q1 GDP +7.0% year-over-year (expected +7.0%; prior +7.3%); +1.3% quarter-over-quarter (expected +1.4%; prior +1.5%). March Fixed Asset Investment +13.5% year-over-year (expected +13.8%; prior +13.9%), March Industrial Production +5.6% year-over-year (expected +6.9%; prior +6.8%), and March Retail Sales +10.2% year-over-year (expected +10.9%; prior +10.7%)
Japan's February Industrial Production -3.1% month-over-month (expected -3.1%; prior -3.4%) while February Capacity Utilization -3.2% month-over-month (prior +3.6%)
India's March WPI Inflation -2.33% (expected -1.95%; prior -2.06%), WPI Food +6.31% year-over-year (prior +7.70%), WPI Fuel -12.56% year-over-year (prior -14.70%), and WPI Manufacturing Inflation -0.19% year-over-year (prior +0.33%)
South Korea's March Unemployment Rate fell to 3.7% from 3.9%, as expected
Australia's April Westpac Consumer Sentiment -3.2% (prior -1.2%)
Singapore's February Retail Sales -3.3% month-over-month (expected -3.3%; prior +4.8%); +15.8% year-over-year (expected -0.5%; prior -5.0%)
In news:
Although China's GDP looked strong on the surface, the reading represented the slowest level of growth in six years. Similarly, industrial production also slowed to a six-year low

Major European indices trade higher across the board. UK's FTSE +0.3%, Germany's DAX +0.5%, and France's CAC +0.7%. Elsewhere, Italy's MIB +0.9% and Spain's IBEX +0.2%
In economic data:
Eurozone trade surplus expanded to EUR20.30 billion from EUR7.60 billion (expected surplus of EUR21.10 billion)
Germany's March CPI +0.5% month-over-month; +0.3% year-over-year. Both figures matched expectations
French March CPI +0.7% month-over-month, as expected
Among news of note:
Not much has changed with regard to Greece ahead of the April 24 deadline to reach agreement with the Eurogroup; however, Greek deputy foreign minister Tsakalotos said he is "absolutely confident" the two sides will be able to strike a deal

5:47 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +12.80.

5:47 am: [BRIEFING.COM] Nikkei...19869.76...-38.90...-0.20%. Hang Seng...27618.82...+57.30...+0.20%.

5:47 am: [BRIEFING.COM] FTSE...7098.73...+23.50...+0.30%. DAX...12275.15...+47.60...+0.40%.

Special thanks to Bloomberg, Briefing, 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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