TheStrategyLab.com Free Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods
It is currently Sat May 25, 2019 3:02 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: April 24th Friday Trade Results - Loss $750.00
PostPosted: Fri Apr 24, 2015 4:32 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 3434
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
042415-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-750.00.png
042415-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-750.00.png [ 91.56 KiB | Viewed 78 times ]

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 @ ($750.00) dollars or -15.00 points, Light Crude Oil CL ($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 Loss @ ($750.00) 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=2059

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

-----------------------------

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:
042415-Key-Price-Action-Markets.png
042415-Key-Price-Action-Markets.png [ 1.28 MiB | Viewed 85 times ]

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


4:30 pm: [BRIEFING.COM] The stock market wrapped up a strong week with a record finish even as economic data remained weak. The S&P 500 settled higher by 0.2% and registered a fresh record closing high at 2117.69 while the Nasdaq Composite (+0.7%) outperformed and posted another record close. Tragically, the Dow Jones Industrial Average could only add 0.1%, remaining 1.2% below its nominal record closing high from early March.

The Nasdaq surged out of the gate with several large components registering large gains in reaction to earnings. Amazon.com (AMZN 445.10, +55.11) surpassed revenue estimates and reported better than expected operating income. The retailer's loss of $0.12/share did not deter investors from sending the stock higher by 14.1%. Meanwhile another consumer discretionary component-Starbucks (SBUX 51.84, +2.41)-surged 4.9% after its in-line report overshadowed cautious guidance. Thanks to the two names, the consumer discretionary sector (+1.4%) ended well ahead of other groups.

However, Amazon and Starbucks were just partially responsible for the relative strength in the Nasdaq. Two tech sector (+0.9%) heavyweights-Google (GOOGL 573.66, +16.20) and Microsoft (MSFT 47.87, +4.53)-spiked 2.9% and 10.5%, respectively following earnings. Microsoft soared in reaction to better than expected results, while Google missed on earnings and revenue, which may explain why the stock "only" went up 2.9%.

It is worth noting that the handful of giants overshadowed a weak performance from many other Nasdaq components. For instance, chipmakers retreated across the board. The PHLX Semiconductor Index fell 1.7% with Maxim Integrated (MXIM 32.78, -1.96) leading the group lower. Shares of MXIM fell 5.6% after disappointing revenue overshadowed a bottom-line beat. Meanwhile, KLA-Tencor (KLAC 58.89, -0.96) beat estimates and announced plans to reduce its workforce, but still ended lower by 1.6% amid some concerns about the company's outlook.

Similar to chipmakers, biotech names struggled with iShares Nasdaq Biotechnology ETF (IBB 363.70, -3.98) falling 1.1%. Most notably, Biogen (BIIB 401.71, -28.57) fell 6.6% after missing earnings and revenue estimates even though the company still reported 20.0% year-over-year revenue growth. However, the bar was set even higher for this large component of an industry group that has made a major contribution to the Nasdaq's rally to record highs, today notwithstanding. For its part, the health care sector (-0.3%) spent the day in the red as biotech weighed.

Staying in the health care sector, Mylan (MYL 76.06, +2.37) made an intraday offer to acquire Perrigo (PRGO 192.89, -8.74) for $205/share in cash and stock, but Perrigo was quick to reject that offer. Elsewhere, another potential deal fell through with antitrust concerns likely playing a part as Comcast (CMCSA 59.64, +0.41) terminated its pursuit of Time Warner Cable (TWC 155.26, +6.50). Shares of TWC rallied 4.4% amid speculation the company may now be an attractive target for Charter Communications (CHTR 185.75, +2.17).

As mentioned earlier, consumer discretionary and technology sectors posted solid gains, which kept the S&P 500 in the green. Materials (+0.8%) and utilities (+1.0%) also posted solid gains, but the two groups account for just over 6.0% of the entire market.

Going back to influential sectors, financials (-0.2%), industrials (-0.4%), and energy (-0.6%) spent the entire day in negative territory. The energy sector was pressured by crude oil, which fell 1.0% to $57.18/bbl, while Dow component, ExxonMobil (XOM 86.97, -0.57), kept pace with the sector.

Moving on, the industrial sector was pressured by some of its large components like Dow member, Boeing (BA 148.40, -1.47), which fell 1.0% while transport stocks also lagged following disappointing results and guidance from Landstar (LSTR 64.49, -1.44). The freight carrier lost 2.2% while the Dow Jones Transportation Average shed 0.3%. To be fair, airlines bucked the trend after American Airlines (AAL 52.70, +1.25) beat estimates; however, the stock is not a member of the DJTA so its strength in that arena showed up through peers like Delta Airlines (DAL 46.98, +0.55) and United Continental (UAL 63.51, +0.71).

On the international front, representatives from Greece met with the Eurogroup in Riga today, but once again, the meeting ended without any concrete solutions. The prolonged negotiations appear to be getting more tense with Bloomberg reporting that unnamed euro area finance ministers have called Greek Finance Minister a "time-waster, gambler, and an amateur."

Treasuries posted modest gains with the 10-yr yield falling three basis points to 1.92%. The entire advance occurred in the wake of today's Durable Orders, which seemed ok at first glance:

Durable goods orders increased 4.0% in March after declining an unrevised 1.4% in February while the Briefing.com consensus expected an increase of 0.5%
The entire March gain resulted from increased transportation demand, specifically from the defense-related aircraft sector
Defense aircraft orders increased 112.8% in March with total aircraft orders increasing 43.8% after declining 8.3% in February
Motor vehicle and parts orders increased 5.4%
Excluding transportation, durable goods orders declined 0.2% in March after declining a downwardly revised 1.3% (from -0.6%) in February while the consensus expected an increase of 0.4%
After declining 2.2% in February, orders of nondefense capital goods excluding aircraft declined 0.5% in March
Shipments, which factor into first quarter GDP growth, declined 0.4% in March after increasing 0.1% in February

There is no data scheduled for Monday.

Nasdaq Composite +7.0% YTD
Russell 2000 +5.0% YTD
S&P 500 +2.8% YTD
Dow Jones Industrial Average +1.4% YTD

Week in Review: Nasdaq Sets Fresh Record Closing High

The stock market began the week on an upbeat note with the S&P 500 (+0.9%) erasing the bulk of its decline from Friday. The benchmark index reclaimed its 50-day moving average (2,086) at the start and spent the remainder of the day near its early high while the Dow Jones Industrial Average (+1.2%) and Nasdaq Composite (+1.3%) outperformed. Global equity markets enjoyed a strong start to the week after the People's Bank of China lowered the reserve requirement ratio for all banks to 18.5% from 19.5%. The 100-basis point cut was the largest such move since November 2008 and was implemented in hopes of avoiding a slowdown in China's economic growth. The easing news from China helped markets in Europe register broad gains with investors overlooking the latest Greece-related developments. Specifically, the Greek government has requested local governments to transfer their cash balances to the Bank of Greece as the troubled sovereign continues scrambling for funds ahead of the next IMF payment deadline. All ten sectors registered solid gains with five groups adding more than 1.0%. The top-weighted technology sector (+1.8%) ended in the lead after climbing throughout the session with large cap components fueling the move.

Equity indices ended Tuesday on a mixed note with the Dow and S&P 500 losing 0.5% and 0.2%, respectively, while the Nasdaq Composite (+0.4%) outperformed. The trading day was relatively quiet as equity indices diverged during the opening hour of action and maintained narrow ranges into the afternoon. The S&P 500 opened with a nine-point gain, but was back near its flat line before the opening hour ended. For its part, the Nasdaq spent the day near its early high thanks to solid gains among biotech names after Teva Pharmaceutical (TEVA 64.14, +0.85) offered to acquire Mylan (MYL 74.11, +6.06) for $82.00/share in cash and stock. The two names posted respective gains of 1.3% and 8.9% while the iShares Nasdaq Biotechnology ETF (IBB 364.50, +6.55) settled higher by 1.8%. Furthermore, the health care sector advanced 0.7% and was the only sector with a gain larger than 0.1%.

The major averages registered modest Wednesday gains with the S&P 500 (+0.5%) ending ahead of the Nasdaq Composite (+0.4%). Overall, the session was very quiet as the key indices spent the day in a slow advance. Intraday trading volume highlighted that dynamic, but more than 735 million shares changed hands at the NYSE floor by the close, representing the highest total of the week. All ten sectors registered gains with the top-weighted technology sector (+1.1%) ending in the lead. The influential group was underpinned by daylong strength in shares of MasterCard (MA 91.20, +3.43) and Visa (V 68.01, +2.66) after it was reported China will allow foreign card processors to compete with UnionPay, which is the only company that processes yuan-denominated card payments at this time. Meanwhile, tech heavyweights like Apple (AAPL 128.62, +1.71), Google (GOOGL 549.18, +6.25), and Microsoft (MSFT 42.98, +0.35) joined the rally in progress.

On Thursday, 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), registered on March 10, 2000. Strikingly, the 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 Wednesday'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).

3:35 pm: [BRIEFING.COM]

Despite some weakness seen in the dollar index, oil, gold and silver traded lower all day
Oil and silver recovered some, but gold finished today's floor session near today's low
Copper futures held its gains, which began overnight following news that Shanghai warehouse stockpiles fell 10% from last Friday
May copper closing pit trading $0.04 higher at $2.73/lb
June crude oil fell $0.48 to $57.18/barrel.
Back to precious metals, June gold lost $19.10 to $1175.30/oz, while May silver fell $0.22 to $15.64/oz

3:00 pm: [BRIEFING.COM] The S&P 500 (+0.2%) has pulled back into the middle of its range while the Nasdaq (+0.7%) remains well ahead.

Interestingly, the Nasdaq owes much of its strength to a handful of names like Amazon.com (AMZN 447.24, +57.25), Starbucks (SBUX 51.99, +2.56), Apple (AAPL 129.87, +0.20), Google (GOOGL 575.00, +17.54), Microsoft (MSFT 47.68, +4.34), and a few others. Meanwhile, smaller components have shown considerable weakness with the PHLX Semiconductor Index down 1.8%. Similarly, biotechnology remains pressured by Biogen (BIIB 405.08, -25.20) with iShares Nasdaq Biotechnology ETF (IBB 365.04, -2.64) trading lower by 0.7%.

As for the S&P 500, only four sectors remain in the green while the weakest group-energy-has widened its decline to 1.0%.

2:30 pm: [BRIEFING.COM] Equity indices continue cruising near their highs in afternoon action with the Nasdaq higher by 0.8% while the S&P 500 (+0.3%) remains held back by four large sectors. That being said, the benchmark index is still on track to add 1.8% for the week and close at another record high.

New record highs have been common for this market despite recent disappointments on the economic front. This week was relatively quiet in terms of economic data, but next week will include the advance release of Q1 GDP, which is likely to be impacted negatively by the shipments portion of today's durable orders report.

In addition to Q1 GDP, which will be reported on Wednesday morning, next week will feature April Consumer Confidence, March Pending Home Sales, March Personal Income/Spending Data, and the latest FOMC policy decision, among others.

Treasuries continue holding modest gains with the 10-yr yield down two basis points at 1.92%.

1:55 pm: [BRIEFING.COM] The major averages remain near their session highs.

Even though the headline topped expectations, the durable goods report was a clear miss in terms of economic growth prospects.

Durable goods orders increased 4.0% in March after declining an unrevised 1.4% in February. The Briefing.com Consensus expected durable goods orders to increase 0.5%.

This was one report where the headline explains absolutely nothing about the intricacies of the manufacturing sector.

The entire March gain was the result of increased transportation demand, specifically from the defense-related aircraft sector. Defense aircraft orders increased 112.8% in March. Total aircraft orders increased 43.8% after declining 8.3% in February. Motor vehicle and parts orders increased 5.4%.

Excluding transportation, durable goods orders declined 0.2% in March after declining a downwardly revised 1.3% (from -0.6%) in February. The consensus expected these orders to increase 0.4%.

The drop in orders outside of transportation was more in-line with the poor results of the regional Federal Reserve manufacturing surveys. Those surveys revealed contractions in new orders in every area of the country except for Philadelphia.

1:30 pm: [BRIEFING.COM] The major U.S. indices remain unchanged from our last update as stocks remain relatively range-bound in afternoon trading

The Baker Hughes (BHI 68.35, -0.02) weekly rig report showed the 20th consecutive weekly decline in the total number of active U.S. rigs. While the duration of the continual declines is notable, the rate of decline has slowed significantly. The report had little effect on WTI crude oil futures (-0.47 to $57.27/bbl).

Utilities have seen an uptick in recent trade following a ruling from the Federal Energy Regulatory Commission that granted PJM Interconnection its request to delay its capacity auction. Utilities (+1.55%) are now the best-performing S&P sector on the day, while energy (-0.6%) is under the heaviest pressure

12:55 pm: [BRIEFING.COM] The major averages are on track for their third advance in a row with the Nasdaq (+0.8%) leading the charge. The tech-heavy index trades well ahead of the S&P 500 (+0.3%) while the Dow (+0.2%) has had to fight off the unthinkable-an early dip into the red.

Equity indices began the final session of the week near their current levels with the Nasdaq receiving a big boost from Amazon.com (AMZN 449.30, +59.31) after the online retailer surpassed revenue estimates and reported better than expected operating income; however, the company reported a 12-cent loss per share, which was expected and did not stop the stock from soaring higher by 15.2%.

That being said, it's not just Amazon that has helped the Nasdaq stay well ahead of the benchmark index. Another consumer discretionary name-Starbucks (SBUX 51.82, +2.39)-has jumped 4.8% after in-line results while tech heavyweights Google (GOOGL 578.19, +20.73) and Microsoft (MSFT 47.44, +4.10) hold respective gains of 3.7% and 9.5% after reporting their results. Microsoft surpassed earnings and revenue estimates while Google missed on both metrics.

Thanks to the sharp gains in its components, the Nasdaq is now within 40 points of its intraday record high from March 2000.

Not to be outdone, the S&P 500 has already set a fresh intraday record high earlier today, and is currently tracking a record close. The index has received support from the aforementioned consumer discretionary (+1.4%) and technology (+0.7%) sectors while health care (-0.2%), financials (-0.2%), industrials (-0.4%), and energy (-0.6%) lag.

Notably, the health care sector has been pressured by biotechnology after Biogen (BIIB 404.55, -25.77) reported disappointing results. The stock has dropped 6.0% while iShares Nasdaq Biotechnology ETF (IBB 365.24, -2.44) trades lower by 0.7%. Interestingly, biotechnology had been a big force behind the recent rally in the Nasdaq, but the index has done just fine today without biotech's participation.

Similar to biotechnology, chipmakers trade broadly lower with the PHLX Semiconductor Index down 2.1%.

Elsewhere, Treasuries hold modest gains following today's durable orders report with the 10-yr yield down two basis points at 1.92%.

Economic data was limited to durable orders:

Durable goods orders increased 4.0% in March after declining an unrevised 1.4% in February while the Briefing.com consensus expected an increase of 0.5%
Almost the entire March gain resulted from increased transportation demand, specifically from the defense-related aircraft sector
Defense aircraft orders increased 112.8% in March with total aircraft orders increasing 43.8% after declining 8.3% in February
Motor vehicle and parts orders increased 5.4%
Excluding transportation, durable goods orders declined 0.2% in March after declining a downwardly revised 1.3% (from -0.6%) in February while the consensus expected an increase of 0.4%
After declining 2.2% in February, orders of nondefense capital goods excluding aircraft declined 0.5% in March
Shipments, which factor into first quarter GDP growth, declined 0.4% in March after increasing 0.1% in February

12:25 pm: [BRIEFING.COM] The major averages continue holding their gains while the Russell 2000 (-0.2%) hovers below its flat line. The relative weakness among small caps comes alongside losses in other high-beta areas like chipmakers, biotechnology, and transport stocks (-0.2%).

The PHLX Semiconductor Index is lower by 1.8% with just two names in the green. That being said, one of the advancers-Taiwan Semiconductor (TSM 25.02, +0.72)-is a notable outperformer as the stock trades higher by 3.0% and is the second largest index component in terms of market capitalization, roughly $20 billion behind Intel (INTC 32.10, -0.25).

Elsewhere, the biotech group has widened its decline with iShares Nasdaq Biotechnology ETF (IBB 365.28, -2.40) trading lower by 0.7%.

12:00 pm: [BRIEFING.COM] The S&P 500 (+0.2%) continues trailing the Nasdaq (+0.8%) as four large sectors restrain the benchmark index. Health care (-0.2%) has dipped back into the red as biotechnology remains a weak spot while financials (-0.3%), industrials (-0.5%), and energy (-0.6%) have yet to make it out of the red.

The energy sector has followed crude oil, which trades lower by 1.3% at $57.02/bbl. Meanwhile, several large sector components trade in mixed fashion following earnings. LyondellBasell (LYB 100.40, +2.85) has gained 2.9% after beating bottom-line estimates on a 26.5% decline in year-over-year revenue while Tesoro (TSO 89.82, +3.32) trades up 3.8% despite missing expectations. Elsewhere, Cabot Oil & Gas (COG 32.81, -0.17) is lower by 0.5% despite beating estimates.

11:30 am: [BRIEFING.COM] The key indices have inched up from their recent levels and are now essentially at their opening highs. The Nasdaq (+0.8%) remains out in front with Amazon.com (AMZN 446.51, +56.52) trading higher by 14.5% after reporting better than expected results.

The massive spike in Amazon has overshadowed the fact that the largest Nasdaq component by weight-Apple (AAPL 129.57, -0.10)-has surrendered its early gain. Still, other influential members like Microsoft (MSFT 46.80, +3.46) and Google (GOOGL 576.37, +18.91) have climbed 8.0% and 3.4%, respectively.

Staying on the technology theme, the aforementioned tech sector (+0.8%) components have masked losses among many smaller tech names, like chipmakers. The PHLX Semiconductor Index is lower by 1.4% with all but three names in the red.

11:00 am: [BRIEFING.COM] Not much change in the market with the S&P 500 (+0.2%) and Nasdaq Composite (+0.7%) hovering near their highs while the Dow continues wrestling with its flat line.

Seven sectors are now in the green with health care making a recovery after lagging early due to weakness in biotech names. To be sure, Biogen (BIIB 404.53, -25.75) remains lower by 6.0% after missing earnings estimates, and iShares Nasdaq Biotechnology ETF (IBB 366.86, -0.82) is still down 0.2%, but the health care sector has been boosted by news that Mylan (MYL 75.45, +1.76) will commence an offer to acquire Perrigo (PRGO 197.49, -4.14) for $205 in cash and stock.

On the downside, energy (-0.8%), industrials (-0.6%), and financials (-0.4%) remain weak.

10:40 am: [BRIEFING.COM]

The dollar rallied in early morning trade, erasing prior losses. The index is now at -0.1% to 97.22
Copper rallied overnight and extended gains into morning trade following news that copper stockpiles dropped 10% in Shanghai Exchange warehouses from the prior week.
The release of weak March Durable Goods data has weighed heavily on precious metals so far this session, with strong sell-offs in both gold and silver. June gold currently stands at -1.5% at $1176.50/oz and May silver is -1.5% at $15.59/oz
Crude oil continues to trade lower after selling off this AM below $57/barrel. It is now trading at $56.81/barrel, down 1.6%.
Nat gas is trading modestly higher at +0.9% to $2.58/MMBtu


10:00 am: [BRIEFING.COM] The Nasdaq (+0.7%) remains near its opening high while the Dow is trying to reclaim its flat line following an opening dip.

Top-weighted components have kept a lid on the price-weighted Dow in the early going with the four largest names in the red. Specifically, Goldman Sachs (GS 197.76, -1.55), IBM (IBM 169.71, -0.53), 3M (MMM 158.38, -1.28), and Boeing (BA 149.35, -0.52) display losses between 0.3% and 0.8%.

Elsewhere, the consumer discretionary sector has extended its gain to 1.2%.

9:45 am: [BRIEFING.COM] As expected, the S&P 500 and Nasdaq began the day in the green. The S&P 500 (+0.1%) holds a slim gain while the Nasdaq has jumped 0.6% in the early going. However, the Dow (-0.2%) has not been able to follow suit.

Only five sectors trade in the green so far, but influential consumer discretionary (+1.0%) and technology (+0.8%) have flexed some muscle. The discretionary sector owes much of its strength to Amazon.com (AMZN 444.17, +54.18) and Starbucks (SBUX 51.15, +1.72) while technology has been boosted by Apple (AAPL 130.04, +0.37), Google (GOOGL 580.35, +22.89), and Microsoft (MSFT 45.91, +2.57).

On the downside, Biogen's (BIIB 403.66, -26.62) disappointing earnings have pressured the health care sector (-0.7%) while the Dow has been pressured by industrials (-0.6%) and financials (-0.4%).

9:20 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +44.70. The stock market is on track for a modestly higher open with the S&P 500 futures trading four points above fair value. However, the Nasdaq Composite is likely to be propelled even higher considering futures on the tech-heavy index trade 45 points above fair value. Shares of Amazon.com (AMZN 439.80, +49.81) will be doing much of the propelling after the online commerce giant pleased its investors with an earnings report that showed better than expected operating income and revenue.

Similar to Amazon.com, Google (GOOGL 577.81, +20.35) is on track to open higher, but the gain comes despite below-consensus earnings and revenue. Speaking of disappointment, shares of Biogen (BIIB 412.75, -17.53) will pressure weigh on biotech names after the company missed earnings and revenue estimates.

On the economic front, durable goods orders jumped 4.0% in March (Briefing.com consensus 0.5%), but that was entirely due to increased demand from the defense-related aircraft sector, which masked weak business investment.

In sum, the early shades of today's session bear resemblance to yesterday's affair, which ended with a record close for the Nasdaq. We will soon find out if today's disappointing data and mixed corporate results warrant a rally past the intraday record high of 5,132.52 that was set on March 10, 2000.

Treasuries hold gains with the 10-yr yield down two basis points at 1.93%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +43.70. The S&P 500 futures trade four points above fair value.

It was another mixed outing for markets in the Asia-Pacific region. Profit-taking weighed on the Nikkei and the Shanghai Composite, yet the Hang Seng staged a nice turnaround and closed up 0.8%. Australia (+1.5%) was the biggest mover on Friday, riding the strength of its metals & mining and resources sectors. For its part, China's Shanghai Composite was down as much 1.5% in the early going amid speculation the government would make several changes to its tax policy, but China Securities Regulatory Commission refuted the rumors shortly after the open.

In economic data:
Japan's Corporate Services Price Index +3.2% year-over-year (expected +3.3%; prior +3.3%) while All Industries Activity Index +0.1% month-over-month (expected -0.9%; prior +0.5%)
South Korea's April Consumer Confidence rose to 104 from 101 (expected 102)
Singapore's Q1 URA Property Index -1.0% (prior -1.1%) while March industrial production +1.2% month-over-month (expected +0.5%; prior +4.4%); -5.5% year-over-year (expected -5.9%; prior -3.3%)

------

Japan's Nikkei declined 0.8% and finished near its low for the session. Losses were paced by the consumer non-cyclical (-0.9%), consumer cyclical (-0.8%), and financial (-0.7%) sectors. Secom (-4.0%), Toyota Tsusho (-3.8%), and OKUMA Corp (-3.2%) were the worst-performing issues. Sumitomo Chemical (+6.7%), Sony (+3.4%), and Toho Zinc (+2.6%) led the winners. Out of the 225 index members, 79 ended higher, 135 finished lower, and 11 were unchanged. For the week, the Nikkei was up 1.9%.
Hong Kong's Hang Seng increased 0.8%, finishing more than 400 points off its lows for the day and at its high for the session. The consumer cyclical (+2.1%), industrial (+1.2%), and diversified (+0.9%) sectors led the way. HSBC Holdings (+4.2%), Galaxy Entertainment (+3.6%), and Sands China (+2.7%) were the top gainers. China Resources Power Holdings (-1.5%) was the only stock to close more than 1.0% lower. Out of the 50 index members, 35 ended higher, 14 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 1.5%.
China's Shanghai Composite declined 0.5%, pressured by profit taking that followed reports of speculation that taxes could be raised on local stock investors. The financial (-2.1%), energy (-1.6%), and technology (-1.1%) sectors were the weak links for the Chinese markets on Friday. For the week, the Shanghai Composite increased 2.5%.

Major European indices have retreated from their best levels of the session. France's CAC has returned to its flat line while the remaining markets hold gains. Today's meeting between Greek officials and the Eurogroup did not yield any results with reports indicating some regional finance ministers are losing their patience with their Greek counterpart, Yanis Varoufakis.

Economic data was limited:
Germany's April Ifo Business Climate Index rose to 108.6 from 107.9 (expected 108.4) as Current Assessment improved to 113.9 from 112.1 (consensus 112.4) while Business Expectations declined to 103.5 from 103.9 (expected 104.5)
Spain's PPI -1.2% year-over-year (prior -1.6%)

------

France's CAC trades flat with growth-sensitive names showing weakness. Defense contractors Airbus and Safran are both down near 1.6% while consumer names Accor, Essilor, Danone, and L'Oreal show losses between 0.4% and 0.9%.
Germany's DAX trades higher by 0.3% amid strength in exporter names and financials. Daimler, Continental, Volkswagen are up between 0.5% and 1.5% while Commerzbank and Deutsche Bank trade higher by 1.0% and 0.8%, respectively.
UK's FTSE has added 0.3% with miners in the lead. Anglo American, BHP Billiton, Glencore Xstrata, and Rio Tinto have gained between 2.5% and 3.3%. Drug makers lag with AstraZeneca down 3.0% after reporting a one-cent beat.
Italy's MIB outperforms with a 1.2% gain thanks to broad strength. Banco Popolare, UBI Banca, Unicredit, Fiat Chrysler, and Enel are up between 1.1% and 3.4%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +40.20. The S&P 500 futures trade two points above fair value.

March durable goods orders rose 4.0%, which was better than the 0.5% increase expected among economists polled by Briefing.com. This comes after the prior month's unrevised reading reflected a decrease of 1.4%. Excluding transportation, durable orders decreased 0.2% (consensus +0.4%) to follow the prior month's revised decline of 1.3% (from -0.6%).

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +41.40. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover three points above fair value after spending the bulk of the night near the unchanged level.

Meanwhile, the Dollar Index (97.42, -0.01), which fell 0.7% yesterday, hovers just beneath its flat line after climbing off its overnight low.

Treasuries hold slim losses with the 10-yr yield adding a basis point to 1.96%.

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

In U.S. corporate news of note:

Amazon.com (AMZN 430.01, +40.02): +10.3% after beating operating income and revenue estimates and guiding Q2 revenue in-line with analyst expectations.
American Airlines (AAL 52.25, +0.80): +1.6% after beating earnings expectations.
AstraZeneca (AZN 70.69, -2.44): -3.3% despite reporting a one-cent beat.
Biogen (BIIB 418.50, -11.78): -2.7% in reaction to disappointing earnings and revenue.
Google (GOOGL 579.00, +21.54): +3.9% despite missing earnings and revenue estimates.
Infosys (INFY 32.20, -2.76): -7.9% following disappointing earnings and revenue.
Microsoft (MSFT 44.81, +1.47): +3.4% after beating on both metrics and receiving an upgrade from Nomura to 'Buy' from 'Neutral.'
Starbucks (SBUX 51.60, +2.17): +4.4% after reporting in-line with estimates and guiding Q4 earnings below analyst expectations.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.8%, China's Shanghai Composite -0.5%, and Hong Kong's Hang Seng +0.8%
In economic data:
Japan's Corporate Services Price Index +3.2% year-over-year (expected +3.3%; prior +3.3%) while All Industries Activity Index +0.1% month-over-month (expected -0.9%; prior +0.5%)
South Korea's April Consumer Confidence rose to 104 from 101 (expected 102)
Singapore's Q1 URA Property Index -1.0% (prior -1.1%) while March industrial production +1.2% month-over-month (expected +0.5%; prior +4.4%); -5.5% year-over-year (expected -5.9%; prior -3.3%)
In news:
China's Shanghai Composite was down as much 1.5% in the early going amid speculation the government would make several changes to its tax policy, but China Securities Regulatory Commission refuted the rumors shortly after the open.

Major European indices trade higher across the board. UK's FTSE +0.3%, France's CAC +0.3%, and Germany's DAX +0.4%. Elsewhere, Spain's IBEX +0.7% and Italy's MIB +1.1%
Economic data was limited:
Germany's April Ifo Business Climate Index rose to 108.6 from 107.9 (expected 108.4) as Current Assessment improved to 113.9 from 112.1 (consensus 112.4) while Business Expectations declined to 103.5 from 103.9 (expected 104.5)
Spain's PPI -1.2% year-over-year (prior -1.6%)
Among news of note:
Today's meeting between Greek officials and the Eurogroup did not produce any results with reports indicating some regional finance ministers are losing their patience with their Greek counterpart, Yanis Varoufakis.

5:54 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +39.50.

5:54 am: [BRIEFING.COM] Nikkei...20020.04...-167.60...-0.80%. Hang Seng...28060.98...+233.30...+0.80%.

5:54 am: [BRIEFING.COM] FTSE...7091.07...+37.40...+0.50%. DAX...11811.42...+84.10...+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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr