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 Post subject: April 23rd Thursday Trade Results - No Trades
PostPosted: Thu Apr 23, 2015 11:22 pm 
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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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Quote:
No trades today due to appointments and still needing to rest and relax. I'm just super tired going into the end of the month...that's normal for me this time of the year.

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 @ $0.00 dollars or +0.00 points, Gold GC ($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 @ $0.00 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=2058

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.

Attachment:
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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 posted its second consecutive gain with the S&P 500 (+0.2%) notching a fresh intraday record high at 2,120.49. More notably, the Nasdaq Composite (+0.4%) set a fresh closing record high at 5,056.06, which eclipsed the previous peak (5,048.62) that was notched on March 10, 2000.

Strikingly, today's advance occurred after Manufacturing PMI readings from China (49.2; consensus 49.6) and Japan (49.7; expected 50.8) missed expectations while European economies also delivered disappointing manufacturing surveys. Economic data did not improve much by the start of the U.S. session with the New Home Sales report for March missing expectations (481K; Briefing.com consensus 520K). Furthermore, a large portion of quarterly reports received since yesterday's close failed to show year-over-year revenue growth, which has been a recurring theme during this earnings season.

Normally, the aforementioned combination would serve as a recipe for weakness in equities, but instead, the macro and micro concerns morphed into expectations that the Fed would remain at the zero-bound for longer. Treasuries agreed with this assessment and climbed alongside equities, pressuring the 10-yr yield four basis points to 1.94%. Meanwhile, the Dollar Index (97.29, -0.64) fell 0.7% with the euro gaining 0.9% against the greenback (1.0825).

Conversely, the dollar weakness helped crude oil climb throughout the day to settle higher by 2.8% at $57.74/bbl. Fittingly, the strength underpinned the energy sector (+0.6%), which ended ahead of the remaining cyclical groups. Only the telecom services sector (+2.2%) had a better showing, thanks to AT&T (T 34.23, +1.37), which surged 4.2% despite missing earnings and revenue estimates.

Going back to the cyclical side, the consumer discretionary sector (+0.5%) represented the only other outperformer while the remaining growth-sensitive groups ended in-line with or behind the S&P 500.

The discretionary sector rallied behind apparel names after Skechers (SKX 86.87, +11.03) reported better than expected results. Shares of SKX surged 14.5% while the strength among its peers overshadowed losses in homebuilder names after PulteGroup (PHM 19.97, -1.72) reported disappointing results. The stock fell 7.9% while the iShares Dow Jones US Home Construction ETF (ITB 26.67, -0.78) lost 2.8%.

Elsewhere, the technology sector (+0.2%) finished in-line with the market as large cap names like Apple (AAPL 129.67, +1.05), Google (GOOGL 557.46, +8.28), and Microsoft (MSFT 43.34, +0.36) overshadowed losses among chipmakers after Texas Instruments (TXN 54.72, -4.01) missed estimates and lowered its guidance. The PHLX Semiconductor Index ended lower by 1.6%, but remains on track to end the week with a 1.4% gain versus a 1.5% advance for the S&P 500.

On the downside, the consumer staples sector (-0.5%) lagged throughout the day after two heavyweights reported earnings. Procter & Gamble (PG 80.95, -2.14) slumped 2.6% after reporting in-line results on disappointing revenue while PepsiCo (PEP 95.73, -1.55) surrendered 1.6% despite beating estimates.

Today's participation was in-line with average as more than 780 million shares changed hands at the NYSE floor.

Economic data included Initial Claims and New Home Sales:

The initial claims level increased to 295,000 for the week ending April 18 from an unrevised 294,000 for the week ending April 11 while the Briefing.com consensus expected a decline to 288,000
According to the Department of Labor, there were no special factors that impacted this week's claims reading
The four-week moving average inched up to 285,000 from 283,000
Continuing Claims rose to 2.325 million from 2.275 million
New home sales declined 11.4% in March to 481,000 from an upwardly revised 543,000 (from 539,000) in February while the Briefing.com consensus expected a decline to 520,000
From January 2013 through November 2014, new home sales averaged about 430,000 per month with little volatility. December 2014 was a turning point that saw sales near 500,000 for the first time since May 2008.

Tomorrow's economic data will be limited to the 8:30 ET release of the Durable Orders report for March (Briefing.com consensus 0.5%).

Nasdaq Composite +6.8% YTD
Russell 2000 +5.5% YTD
S&P 500 +2.6% YTD
Dow Jones Industrial Average +1.3% YTD

3:35 pm: [BRIEFING.COM]

Natural gas sold off overnight/this morning and held loss following the weekly EIA storage data. Nat gas ended $0.03 lower today at $2.57/MMBtu
WTI crude oil rallied higher today, climbing above $58/barrel before settling $1.46 higher at $57.66/barrel by the time floor trading ended
Metals rose on weakness in the dollar index.
June gold gained $7.60 to $1194.40/oz, May silver rose $0.08 to $15.86/oz and May copper rose $0.02 to $2.69/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the Thursday session. Thanks to today's modest gain, the benchmark index is now up 1.7% for the week with just tomorrow's session remaining.

All ten sectors are on course to register weekly gains with today's weakest performer-consumer staples (-0.4%)-tracking the slimmest gain (+0.2%) while telecom services and technology have surged 3.6% and 3.3%, respectively, since last Friday.

Elsewhere, Treasuries traded in the green during overnight action, but they tried turning negative this morning. However, that move was rejected and followed by a rally to a fresh high. The 10-yr yield is lower by four basis points at 1.94%.

2:25 pm: [BRIEFING.COM] Equity indices continue drifting near their highs with the Nasdaq (+0.6%) trading ahead of the S&P 500 (+0.4%).

As mentioned earlier, the Nasdaq Composite is on track to finish the session at a fresh closing high, which is also the case with the S&P 500. Furthermore, the benchmark index finds itself within a couple points of its intraday record high of 2119.59, which was registered on February 25.

Nine sectors display afternoon gains while the consumer staples space (-0.3%) remains pressured by Procter & Gamble (PG 95.90, -1.38) and PepsiCo (PEP 95.90, -1.38).

Also of note, Treasuries have made it back to their overnight highs with the 10-yr yield down three basis points at 1.95%.

1:55 pm: [BRIEFING.COM] The major averages remain near their best levels of the session.

Today's new home sales report was definitely a negative surprise. Looking past the initial headline, however, reveals an overall bullish trend.

New home sales declined 11.4% in March to 481,000 from an upwardly revised 543,000 (from 539,000) in February. The Briefing.com Consensus expected new home sales to fall to 520,000.

From January 2013 through November 2014, new home sales averaged about 430,000 per month with little volatility. December 2014 was a turning point that saw sales near 500,000 for the first time since May 2008.

It was only natural that new home demand would slow in March following such a big spike over the previous three months. Still, the three-month moving average is a robust 512,000, and 2015 sales are on pace to surpass 2008 levels.

1:35 pm: [BRIEFING.COM] The major U.S. indices are sitting near their best levels of the day (and all-time), bolstered by broad-based buying interest and a pickup in buying activity after the S&P 500 successfully broke above its April high (2111). The consumer staples sector (-0.2%) is the only sector showing a loss at this time.

WTI crude oil (+3.5% to $58.13/bbl) continues to outperform. The commodity has now gained 38% since its March lows just north of $42/bbl.

A number of notable companies are expected to report after the close, including some closely-watched tech giants that includes Amazon.com (AMZN 388.80, -1.00), Microsoft (MSFT 43.38, +0.39), and Google (GOOG 546.81, +7.45).

12:55 pm: [BRIEFING.COM] The major averages hold modest midday gains after spiking off their lows during the past hour. The Dow, Nasdaq, and S&P 500 are all up near 0.5% at this juncture.

Equity indices spent the first two hours of the session near their flat lines, all but ignoring disappointing PMI readings from China, Japan, and the Eurozone. Furthermore, the New Home Sales report for March (481K; Briefing.com consensus 520K) missed expectations while many quarterly reports from large companies disappointed on the revenue front. That being said, the macro weakness implied by the data and soft consumer demand evidenced by the lack of sales growth could be viewed as an argument in favor of maintaining easy monetary policy for longer.

With that narrative in mind, the major averages were able to extend their weekly gains with the Nasdaq Composite overtaking its record closing high of 5,048.62 that was registered on March 10, 2000. Large cap index components like Apple (AAPL 129.70, +1.08), Google (GOOGL 557.63, +8.45), and Microsoft (MSFT 43.46, +0.48) fueled the move while high-beta chipmakers lag with the PHLX Semiconductor Index down 1.6% following disappointing results and cautious guidance from Texas Instruments (TXN 54.45, -4.28). For its part, the broader technology sector (+0.4%) trades just behind the broader market.

Elsewhere among cyclical sectors, the energy space (+1.2%) leads with help from crude oil, which has jumped 3.3% to $57.99/bbl. The energy component has been supported by dollar weakness that has the Dollar Index (97.30, -0.64) trading lower by 0.7%.

Moving on, the consumer discretionary sector (+0.7%) represents the only other outperformer on the cyclical side. Apparel names have shown relative strength following upbeat results from Skechers (SKX 85.71, +9.87) while homebuilders have headed in the opposite direction after PulteGroup (PHM 20.18, -1.51) missed earnings and revenue estimates. Shares of PHM are lower by 6.9% while the iShares Dow Jones US Home Construction ETF (ITB 26.90, -0.54) has surrendered 2.0%.

Treasuries hold modest gains with the 10-yr yield down two basis points at 1.96%.

Economic data included Initial Claims and New Home Sales:

The initial claims level increased to 295,000 for the week ending April 18 from an unrevised 294,000 for the week ending April 11 while the Briefing.com consensus expected a decline to 288,000
According to the Department of Labor, there were no special factors that impacted this week's claims reading
The four-week moving average inched up to 285,000 from 283,000
Continuing Claims rose to 2.325 million from 2.275 million
New home sales declined 11.4% in March to 481,000 from an upwardly revised 543,000 (from 539,000) in February while the Briefing.com consensus expected a decline to 520,000
From January 2013 through November 2014, new home sales averaged about 430,000 per month with little volatility. December 2014 was a turning point that saw sales near 500,000 for the first time since May 2008.

12:30 pm: [BRIEFING.COM] The major averages remain near their recently-established highs with the Nasdaq Composite (+0.3%) eclipsing its record close of 5,048.62 that was registered on March 10, 2000. The index remains a bit below its intraday record high of 5,132.52, which was registered during that same session.

Large cap index components like Apple (AAPL 129.52, +0.90), Google (GOOGL 545.64, +6.27), and Microsoft (MSFT 43.43, +0.45) fueled the move while high-beta chipmakers lag with the PHLX Semiconductor Index down 1.8% following disappointing results from Texas Instruments (TXN 54.38, -4.35).

Elsewhere, Treasuries have returned near levels observed during overnight action, dropping the 10-yr yield to 1.96% (-2 bps).

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 (+0.3%) spike to a fresh session high. Even though the benchmark index has spent the bulk of the day near its flat line, it is still up 1.6% for the week with just one more session ahead.

The S&P 500 has had a better showing than the Dow, which has added 1.5% this week, but the Nasdaq has continued this year's outperformance and is up 2.4% since last Friday. For the year, the Nasdaq has climbed 6.6% while the S&P 500 has advanced 2.7%.

All ten sectors sport weekly gains ranging from 0.3% (materials) and 3.2% (telecom services).

11:25 am: [BRIEFING.COM] Not much change in the market with the key indices drifting just beneath their flat lines.

Sector standing hasn't changed much since our last comment with six sectors showing losses. The consumer staples space (-0.5%) is the weakest performing group due to a 1.8% decline in the shares of PepsiCo (PEP 95.55, -1.73). The sector heavyweight has retreated despite reporting a bottom-line beat. In addition, Procter & Gamble (PG 81.34, -1.75) has given up 2.1% after reporting in-line results on light revenue.

Elsewhere, Treasuries have returned into the green after testing the unchanged level. The 10-yr yield is lower by a basis point at 1.97%.

11:00 am: [BRIEFING.COM] The major averages remain near their flat lines after erasing their slim opening losses; however, only four sectors continue holding gains while six are now in the red.

Most heavily-weighted groups trade in negative territory while energy (+0.8%) and consumer discretionary (+0.2%) hold gains. The energy sector has rallied behind crude oil, which is now up 2.9% at $57.77/bbl.

Meanwhile, the discretionary sector has outperformed amid strength in retail names after Skechers (SKX 86.08, +10.24) beat earnings and revenue estimates. However, homebuilders have struggled following the disappointing New Home Sales report. In addition, PulteGroup (PHM 19.84, -1.85) has surrendered 8.5% after missing earnings and revenue estimates. The iShares Dow Jones US Home Construction ETF (ITB 26.73, -0.72) trades down 2.6%.

10:40 am: [BRIEFING.COM]

Natural gas futures traded lower this morning, ahead of the EIA's weekly storage report.
However following the data, which showed a larger than expected build, natural gas is now trading -2.4% at $2.54/MMBtu
Crude oil is rallying strong in early morning trade, and is currently nears session highs at +2.4% at $57.52/barrel following an interplay between bearish EIA data and increased geopolitical tensions in Yemen-proximate to the Bab el-Mandeb Strait.
The dollar index extended losses in recent minutes and fell to a new low for today. However precious metals are current unaffected by this move. The dollar is currently -0.4% at 97.51
Precious metals are trading near flat on the session, and June gold is now +0.2% at $1188.60/oz while May silver is -0.1% at $15.78/oz
May copper is also flat from yesterday's close at -0.1% to $15.78/lb


10:00 am: [BRIEFING.COM] The S&P 500 has returned to its flat line.

New home sales in March hit an annualized rate of 481,000, which was down from the revised February rate of 543,000 (from 539,000), and worse than the rate of 520,000 that had been broadly expected by the Briefing.com consensus.

9:40 am: [BRIEFING.COM] As expected, the major averages began the day under modest pressure. The S&P 500 trades lower by 0.1% with five sectors showing early losses.

Heavily-weighted technology (-0.4%), health care (-0.3%), consumer staples (-0.4%), and industrials (-0.4%) are among the early laggards while energy (+0.6%) outperforms with crude oil trading higher by 1.3% at $56.89/bbl.

Elsewhere, Treasuries have erased their overnight gains, returning the 10-yr yield to unchanged at 1.98%.

The New Home Sales report for March will be released at 10:00 ET (Briefing.com consensus 520,000).

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -16.10. The stock market is on track for a modestly lower open as futures on the S&P 500 trade six points below fair value. In fact, futures have spent the entire night in the red following disappointing Flash PMI readings from China (49.2; expected 49.6) and Japan (49.7; expected 50.8), and notched their lows after major European economies also disappointed on the PMI front.

Meanwhile, quarterly earnings reported since yesterday's closing bell have been mixed with many large names reporting year-over-year declines in revenue. To that point, Dow components 3M (MMM 159.70, -4.97), Caterpillar (CAT 87.37, +2.50), and Procter & Gamble (PG 81.50, -0.93) saw their revenues contract while bottom-line results were mixed. Procter & Gamble reported in-line; Caterpillar beat and raised its guidance; and 3M missed estimates.

Economic data reported this morning was limited to weekly Initial Claims, which increased to 295,000 from 294,000. Today's final data point-New Home Sales for March-will be released at 10:00 ET (Briefing.com consensus 520,000).

Treasuries hold slim gains after sliding from their overnight highs. The 10-yr yield is lower by a basis point at 1.97%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -6.80. Nasdaq futures vs fair value: -19.60. The S&P 500 futures trade seven points below fair value.

It was a mixed showing from markets in the Asia-Pacific region on Thursday following the weaker-than-expected HSBC PMI report for China, which showed manufacturing activity slipping to a one-year low. That didn't deter the Shanghai Composite, though, as it jumped another 0.4%. Taiwan (+1.9%) was the big winner on Thursday, benefiting from speculation about the possible implementation of a stock connect program with China like the one Shanghai has with Hong Kong.

In economic data:
China's Flash April HSBC Manufacturing PMI fell to 49.2 from 49.6 reported in March (expected 49.6)
Japan's Flash April Manufacturing PMI fell to 49.7 from 50.3 reported in March (expected 50.8)
Hong Kong's March Unemployment Rate held at 3.3%, as expected
Australia's NAB Quarterly Business Confidence fell to 0.0 from 2.0
New Zealand's Credit Card Spending +5.2% year-over-year (prior +5.8%)
Singapore's March CPI -0.3% year-over-year (expected -0.5%; prior -0.3%)
South Korea's Q1 GDP +0.8% quarter-over-quarter (expected +0.7%; prior +0.3%); +2.4% year-over-year (expected +2.4%; prior +2.7%)

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Japan's Nikkei increased 0.3% following some weaker than expected manufacturing PMI data, helped by a late-session push that pre-empted a dip into negative territory. The energy (+1.6%), industrial (+0.5%) and consumer cyclical (+0.4%) sectors provided support. Individual standouts included Kawasaki Kisen Kaisha (+5.5%), Japan Tobacco (+5.3%), and Nippon Yusen KK (+4.2%). Atop the list of decliners were Yahoo Japan (-4.3%), Eisai Co (-2.9%), and Mitsubishi UFJ Financial (-2.0%). Out of the 225 index members, 139 ended higher, 79 finished lower, and 7 were unchanged.
Hong Kong's Hang Seng declined 0.4%, relinquishing strong gains posted in early trading and closed at its low for the session. The consumer cyclical (-1.0%), industrial (-0.7%), and communications (-0.6%) sectors were the main pockets of weakness. Ping An Insurance Co (-3.0%), Sands China (-2.5%), Industrial & Commercial Bank of China (-2.4%), and China Life Insurance Co (-2.3%) topped the list of decliners. Want Want China (+4.8%) led all gainers. Out of the 50 index members, 19 ended higher, 28 finished lower, and 3 were unchanged.
China's Shanghai Composite increased 0.4%, brushing aside the HSBC PMI report that showed manufacturing activity hitting a one-year low in April and remaining in contraction territory. Gains in the basic materials (+4.1%), consumer cyclical (+2.1%), and energy (+1.4%) sectors helped keep Chinese markets aloft.


Major European indices trade lower across the board with Germany's DAX (-1.3%) leading the decline. European markets displayed gains in the early going as investors responded to a swath of better than expected earnings, but the upbeat start was followed by a retreat in reaction to disappointing PMI readings.

In economic data:
Eurozone Flash April Manufacturing PMI dropped to 51.9 from 52.2 reported in March (expected 52.6) while Flash Services PMI fell to 53.7 from 54.2 in March (consensus 54.5)
Germany's Flash April Manufacturing PMI fell to 51.9 from 52.8 in March (expected 53.0) while Flash Services PMI dropped to 54.4 from 55.4 in March (consensus 55.5). Separately, May GfK Consumer Climate ticked up to 10.1 from 10.0 (expected 10.2)
UK's March Retail Sales -0.5% month-over-month (expected 0.4%; prior 0.6%); +4.2% year-over-year (consensus 5.4%; last 5.4%). Separately, March Core Retail Sales +0.2% month-over-month (consensus 0.4%; last 0.6%); +5.0% year-over-year (expected 5.4%; prior 4.8%)
French Flash April Manufacturing PMI dropped to 48.4 from 48.8 in March (consensus 49.2) while Flash Services PMI declined to 50.8 from 52.4 in March (expected 52.5)
Spain's Q1 Unemployment Rate increased to 23.78% from 23.70% (consensus 23.60%)
Italy reported no month-over-month Wage Inflation in March while the year-over-year reading increased 1.0%

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UK's FTSE trades flat. Utilities outperform with Centrica, SSE, and United Utilities Group up between 1.0% and 1.8%. On the downside, growth-sensitive names lag with Glencore, Weir Group, and Mondi down between 2.6% and 3.1%.
France's CAC trades down 0.9% with industrials and financials on the defensive. AXA, Societe Generale, Schneider Electric, and Legrand are down between 1.3% and 2.1% while Michelin has jumped 6.2% after reporting better than expected results.
Germany's DAX has given up 1.3% with all 30 components in the red. Munich Re is the weakest performer, down 2.9%, while materials also lag with BASF, K+S, and ThyssenKrupp down between 2.0% and 2.7%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -16.70. The S&P 500 futures trade six points below fair value.

The latest weekly initial jobless claims count totaled 295,000 while the Briefing.com consensus expected a reading of 288,000. Today's tally was above the unrevised prior week count of 294,000. As for continuing claims, they rose to 2.325 million from 2.275 million.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: -6.90. Nasdaq futures vs fair value: -19.30. U.S. equity futures trade modestly lower amid defensive action overseas. The S&P 500 futures hover seven points below fair value after spending the night beneath the unchanged level. Index futures have been pressured throughout the night amid disappointing Flash PMI readings from Asia and the Eurozone.

Domestically, weekly Initial Claims will be released at 8:30 ET (Briefing.com consensus 288K) while the New Homes Sales report for March will cross the wires at 10:00 ET (consensus 520K).

Treasuries hold gains with the 10-yr yield down two basis points at 1.96%.

In U.S. corporate news of note:

3M (MMM 160.75, -3.92): -2.4% after missing estimates and reaffirming its guidance.
AT&T (T 33.21, +0.35): +1.1% despite missing earnings and revenue expectations.
Caterpillar (CAT 88.95, +4.08): +4.8% after beating estimates and boosting its guidance.
Dow Chemical (DOW 51.10, +1.08): +2.2% after its bottom-line beat overshadowed a 14.5% year-over-year decline in revenue.
eBay (EBAY 59.70, +2.95): +5.2% after beating estimates and lowering its revenue guidance.
Facebook (FB 83.50, -1.13): -1.3% despite reporting a two-cent beat.
General Motors (GM 36.00, -1.16): -3.1% in reaction to disappointing results.
Las Vegas Sands (LVS 54.25, -2.14): -3.8% after missing earnings and revenue estimates.
PepsiCo (PEP 96.25, -1.03): -1.1% despite beating earnings estimates.
Procter & Gamble (PG 81.50, -0.93): -1.1% following in-line earnings on light revenue.
Qualcomm (QCOM 67.20, -1.74): -2.5% after cautious guidance overshadowed a bottom-line beat.
Raytheon (RTN 110.90, +1.25): +1.1% after beating estimates and raising its earnings guidance.
Texas Instruments (TXN 54.72, -4.01): -6.8% in reaction to disappointing results and below-consensus guidance.
United Continental (UAL 62.42, -1.60): -2.5% despite its bottom-line beat.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite +0.4%, Japan's Nikkei +0.3%, and Hong Kong's Hang Seng -0.4%.
In economic data:
China's Flash April HSBC Manufacturing PMI fell to 49.2 from 49.6 reported in March (expected 49.6)
Japan's Flash April Manufacturing PMI fell to 49.7 from 50.3 reported in March (expected 50.8)
Hong Kong's March Unemployment Rate held at 3.3%, as expected
Australia's NAB Quarterly Business Confidence fell to 0.0 from 2.0
New Zealand's Credit Card Spending +5.2% year-over-year (prior +5.8%)
Singapore's March CPI -0.3% year-over-year (expected -0.5%; prior -0.3%)
South Korea's Q1 GDP +0.8% quarter-over-quarter (expected +0.7%; prior +0.3%); +2.4% year-over-year (expected +2.4%; prior +2.7%)
In news:
China's Manufacturing PMI marked a one-year low with new orders and input/output prices declining across the board

Major European indices trade lower across the board. Germany's DAX -1.4%, France's CAC -1.0%, and UK's FTSE trades flat. Elsewhere, Italy's MIB -0.9% and Spain's IBEX -0.7%.
In economic data:
Eurozone Flash April Manufacturing PMI dropped to 51.9 from 52.2 reported in March (expected 52.6) while Flash Services PMI fell to 53.7 from 54.2 in March (consensus 54.5)
Germany's Flash April Manufacturing PMI fell to 51.9 from 52.8 in March (expected 53.0) while Flash Services PMI dropped to 54.4 from 55.4 in March (consensus 55.5). Separately, May GfK Consumer Climate ticked up to 10.1 from 10.0 (expected 10.2)
UK's March Retail Sales -0.5% month-over-month (expected 0.4%; prior 0.6%); +4.2% year-over-year (consensus 5.4%; last 5.4%). Separately, March Core Retail Sales +0.2% month-over-month (consensus 0.4%; last 0.6%); +5.0% year-over-year (expected 5.4%; prior 4.8%)
French Flash April Manufacturing PMI dropped to 48.4 from 48.8 in March (consensus 49.2) while Flash Services PMI declined to 50.8 from 52.4 in March (expected 52.5)
Spain's Q1 Unemployment Rate increased to 23.78% from 23.70% (consensus 23.60%)
Italy reported no month-over-month Wage Inflation in March while the year-over-year reading increased 1.0%
Among news of note:
European markets displayed gains in the early going as investors responded to a swath of better than expected earnings, but the upbeat start was followed by a retreat in reaction to disappointing PMI readings.

5:56 am: [BRIEFING.COM] S&P futures vs fair value: -4.40. Nasdaq futures vs fair value: -15.40.

5:56 am: [BRIEFING.COM] Nikkei...20187.65...+53.80...+0.30%. Hang Seng...27827.70...-106.20...-0.40%.

5:56 am: [BRIEFING.COM] FTSE...7038.59...+10.40...+0.20%. DAX...11779.51...-87.90...-0.70%.

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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