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 Post subject: April 29th Wednesday Trade Results - Profit $3797.00
PostPosted: Thu Apr 30, 2015 2:50 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

Attachment:
042915-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3797.00.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $360.00 dollars or +3.60 points, Emini ES ($ES_F) futures @ $3,437.50 dollars or +68.75 points, Light Crude Oil CL ($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 @ $3,797.00 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=2062

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 a modestly lower note. The S&P 500 shed 0.4% while the Nasdaq Composite (-0.6%) underperformed throughout the session.

Equity indices struggled in the early going after the advance reading of Q1 GDP (0.2%; Briefing.com consensus 1.0%) missed expectations. However, that disappointment was partially offset by the FOMC directive, which did not stir concerns of a rate hike taking place in the near term. Instead, the FOMC reiterated that the current policy stance will remain appropriate until there is reasonable confidence among members that inflation will move back to the 2.0% objective.

Seven sectors registered losses while energy (+0.7%) outperformed throughout the session thanks to a 2.6% gain in crude oil, which settled at $58.52/bbl. The energy component was boosted by a storage report that showed a smaller than expected inventory build while dollar weakness also factored into the move higher. The Dollar Index (95.22, -0.88) fell 0.9%, registering its sixth consecutive decline. Most notably, the euro (1.1111) added 1.3% against the dollar.

On the flip side, countercyclical consumer staples (-0.8%) and health care (-0.8%) ended at the bottom of the leaderboard, but health care managed to cut its loss in half thanks to modest gains in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 344.81, +0.31) added 0.1% to snap its three-day skid, but could not close above its 50-day moving average (348.51), which served as resistance for the second day in a row. Meanwhile, the broader health care sector slumped under the weight of Express Scripts (ESRX 84.79, -2.71) and Humana (HUM 168.05, -13.06) after both reported earnings. Express Scripts reported in-line and narrowed its guidance while Humana missed expectations.

Elsewhere, the technology sector (-0.5%) ended a bit behind the broader market, but that masked a late afternoon spike in Salesforce.com (CRM 74.65, +7.76) after Bloomberg reported the company has hired bankers to discuss potential offers. As for high-beta chipmakers, the group struggled with the PHLX Semiconductor Index losing 0.6%.

Similarly, another high-beta group-transport stocks-could not catch up to the broader market. The Dow Jones Transportation Average lost 1.2% with Norfolk Southern (NSC 103.18, -1.19) falling 1.1% after reporting in-line with its warning. However, airline stocks led the group lower amid rising fuel prices with Delta Air Lines (DAL 45.03, -1.17) sliding 2.5%.

Treasuries retreated throughout the day, but they trimmed their losses during afternoon action. The 10-yr note ended essentially where it traded just ahead of the FOMC Statement with the benchmark yield higher by four basis points at 2.05%.

Today's participation was ahead of recent averages with more than 845 million shares changing hands at the NYSE floor.

Economic data included advance Q1 GDP, Pending Home Sales, and MBA Mortgage Index:

According to the advance estimate, Q1 2015 GDP increased 0.2% after increasing 2.2% in Q4 2014 while the Briefing.com consensus expected an increase of 1.0%
Even more disappointing, the downside miss on the top-line growth number masked an even worse overall trend. If not for an increase in inventories, GDP would have been negative in the first quarter. Real final sales declined 0.5% in the first quarter after increasing 2.3% in Q4 2014. That was the worst quarter since real final sales declined 1.0% in Q1 2014.
Personal consumption expenditures increased 1.9% in the first quarter, down from a 4.4% increase in Q4 2014
Goods spending increased a modest 0.2%, down from 4.8% in the fourth quarter
Services spending increased 2.8% after increasing 4.3% in the fourth quarter
Pending home sales for March rose 1.1% while the Briefing.com consensus expected an increase of 1.2%
The weekly MBA Mortgage Index fell 2.3% to follow last week's 2.3% increase

Tomorrow, weekly Initial Claims (Briefing.com consensus 290K), Personal Income/Spending data for March, and Q1 Employment Cost Index (consensus 0.6%) will be released at 8:30 ET while the Chicago PMI report for April (expected 50.0) will cross the wires at 9:45 ET.

Nasdaq Composite +6.1% YTD
Russell 2000 +3.5% YTD
S&P 500 +2.3% YTD
Dow Jones Industrial Average +1.2% YTD

3:40 pm: [BRIEFING.COM]

Commodities had a number of catalysts today, including industry data, Fed data and morning econ data
WTI crude oil futures were sitting near the day's high, at the time, just ahead of the weekly EIA storage data
Following the data, WTI oil extended gains above $59/barrel, but closed the day +$1.47 at $58.52/barrel
Natural gas futures rallied 3% today to end at $2.60/MMBtu
Precious metals sold off today, extending losses post-Fed
June gold ended -$3.80 at $1210/oz, while May silver +$0.07 at $16.55/oz

2:55 pm: [BRIEFING.COM] The S&P 500 has continued trimming its loss and now trades just three points below its flat line with one hour remaining in the session.

Recent action saw shares of Salesforce.com (CRM 76.80, +9.91) spike 15.0%, which triggered a brief trading halt, after Bloomberg reported that the company has hired bankers to discuss potential offers. Oracle (ORCL 44.66, +0.16) has been linked with Salesforce.com in the past, and its shares have spiked to a fresh high not long ago.

Elsewhere, Treasuries continue holding losses with the 10-yr yield up three basis points at 2.04%.

2:30 pm: [BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 lower by 0.3%.

Seven sectors remain in the red following the FOMC Statement while energy (+0.7%), financials (+0.2%), and materials (+0.1%) hold modest gains.

Interestingly, the Dollar Index (95.38, -0.71) has spiked off its low even though the FOMC Statement suggested that the Fed will not be raising rates in the near future. That being said today represents the sixth decline for the Dollar Index so a reversal should not come as a huge surprise. Including today's slide, the index is down 1.8% for the week.

2:05 pm: [BRIEFING.COM] The Federal Reserve has just released its latest policy statement, which discussed the first quarter slowdown, but attributed that weakness to weather. Furthermore, the statement indicated that the committee expects moderate growth and job gains to return as the year goes on.

The statement was met with a modest advance in Treasuries with the 10-yr yield slipping from its high to 2.03%. Meanwhile, stocks dipped briefly, but the S&P 500 (-0.4%) now trades a couple points above its recent level.

1:35 pm: [BRIEFING.COM] The major U.S. indices have recovered slightly from their earlier lows following this morning's weak GDP data.

In equities, shares of Twitter (TWTR 39.59, -2.68) are at fresh session lows following an earnings report and guidance from the company that were widely considered to be disappointing.

In commodities, WTI crude oil futures (+3.7% to $59.17/bbl) continue to hold significant gains following earlier inventory data that showed a lower than expected build in inventories.

At the top of the hour, the Treasury auctioned off $29 bln in 7-year notes. The auction was met with moderate demand, drawing a high yield of 1.82% and a bid-to-cover of 2.44.

12:55 pm: [BRIEFING.COM] The major averages trade near their lows at midday with the Nasdaq Composite (-1.0%) trading behind the S&P 500 (-0.7%).

Equity indices have spent the entire first half in the red after a lower open was ensured by a disappointing advance reading of Q1 GDP. According to this morning's report, the economy grew just 0.2% while the Briefing.com consensus expected a reading of 1.0%.

Interestingly, the report was met with just a brief rally in Treasuries that was followed by a slide to new session lows. At this juncture, the 10-yr note sits just above its low with the benchmark yield higher by six basis points at 2.06%. Meanwhile, the Dollar Index (94.87, -1.22) retreated following the data, and is now on course for its sixth consecutive decline. The Index is lower by 1.4% with the euro adding 1.7% against the greenback (1.1158).

Conversely, the dollar weakness has underpinned crude oil while today's inventory data has provided secondary support. WTI crude is currently higher by 3.7% at $59.19/bbl while the energy sector (+0.7%) is the only group trading in the green at this time.

Nine sectors display midday losses with health care (-1.2%) at the bottom of the leaderboard. The sector accelerated its decline during the past hour as biotech names fell to lows. The iShares Nasdaq Biotechnology ETF (IBB 342.68, -1.82) is lower by 0.5%.

Elsewhere, another heavily-weighted sector-technology (-1.0%)-also appears among the laggards. Large cap components fared relatively well in the early going, but that has changed with the likes of Apple (AAPL 128.92, -1.65), Intel (INTC 32.66, -0.36), and Oracle (ORCL 43.90, -0.60) down between 1.1% and 1.3%.

Also of note, the industrial sector (-0.7%) sits just behind the broader market, but that masks significant weakness among transport stocks. The Dow Jones Transportation Average is lower by 1.8% with all but two components in the red.

Economic data included advance Q1 GDP, Pending Home Sales, and MBA Mortgage Index:

According to the advance estimate, Q1 2015 GDP increased 0.2% after increasing 2.2% in Q4 2014 while the Briefing.com consensus expected an increase of 1.0%
Even more disappointing, the downside miss on the top-line growth number masked an even worse overall trend. If not for an increase in inventories, GDP would have been negative in the first quarter. Real final sales declined 0.5% in the first quarter after increasing 2.3% in Q4 2014. That was the worst quarter since real final sales declined 1.0% in Q1 2014.
Personal consumption expenditures increased 1.9% in the first quarter, down from a 4.4% increase in Q4 2014
Goods spending increased a modest 0.2%, down from 4.8% in the fourth quarter o Services spending increased 2.8% after increasing 4.3% in the fourth quarter
Pending home sales for March rose 1.1% while the Briefing.com consensus expected an increase of 1.2%
The weekly MBA Mortgage Index fell 2.3% to follow last week's 2.3% increase

The FOMC will release its latest policy directive at 14:00 ET.

12:25 pm: [BRIEFING.COM] The stock market has retreated to a fresh low with the Nasdaq Composite (-0.9%) trading behind the S&P 500 (-0.7%).

The energy sector (+0.5%) continues holding its ground thanks to strength in crude oil with the energy component trading higher by 3.0% at $58.75/bbl at this juncture. On the flip side, the health care sector (-1.2%) has slumped to the bottom of the leaderboard with biotechnology joining the retreat. The iShares Nasdaq Biotechnology ETF (IBB 342.00, -2.50) held a modest gain not long ago, but now trades in-line with the S&P 500.

11:55 am: [BRIEFING.COM] Not much change in the market with the key indices drifting not far above their session lows.

Only the energy sector (+0.5%) remains in the green while the other nine groups sport losses between 0.1% and 0.9%. Notably, the industrial sector (-0.5%) trades just behind the broader market, but transport stocks have shown widespread weakness.

The Dow Jones Transportation Average is lower by 1.5% with all but two components trading in the red. Airlines display the largest losses while rail carrier Norfolk Southern (NSC 102.77, -1.60) trades lower by 1.5% after reporting in-line with its warning.

11:25 am: [BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 holding a six-point decline.

Although the benchmark index has not moved far from its opening mark, four sectors are now in the green. The energy sector has extended its advance to 0.4% while the materials space also finds itself in positive territory at this time.

On the downside, the health care sector (-0.6%) is the weakest performer among influential groups even though biotechnology has shown relative strength with iShares Nasdaq Biotechnology ETF (IBB 346.00, +1.50) trading higher by 0.5%.

Elsewhere, Treasuries have returned near their worst levels of the session with the 10-yr yield higher by five basis points at 2.06%.

11:00 am: [BRIEFING.COM] The major averages have returned to their opening levels after setting new lows for the session. The S&P 500 trades lower by 0.3% while the Nasdaq Composite (-0.5%) underperforms.

Eight sectors continue showing losses while financials and energy (+0.2%) have climbed above their flat lines. The financial sector sits just above its unchanged level while the energy sector has rallied behind crude oil, which trades higher by 2.0% at $58.25/bbl.

On the downside, the utilities sector (-0.8%) is the weakest performer amid today's drop in Treasuries that has the 10-yr yield trading higher by five basis points at 2.05%. Meanwhile, the Dollar Index (94.94, -1.15) has widened its loss to 1.2% with the euro spiking 1.6% against the greenback.

10:40 am: [BRIEFING.COM]

June Crude oil was trading higher in morning trade, following yesterday's API data
Just ahead of this morning's EIA data, WTI oil was near today's high
Gains extended following the release of weekly data, which showed a smaller than expected build (a build of 1.91 mln barrels vs. 2.6 mln consensus)
Crude is currently trading +1.8% at $58.08/barrel
Natural gas has also been seeing a rally this morning, and currently trades +1.5% at $2.57/MMBtu on continued intermediate forecasts for mild national weather
The dollar index has been trading in the red all morning ahead of today's Fed policy statement and is providing some support for other commodities.
The Fed policy statement will stand to considerably impact the index and precious metals in later trading, and the index is currently -1.1% at 95.03
Precious metal price action has been muted all session, with June gold at -0.3% at $1210.40/oz and May silver trading +0.3% at $16.64/oz
July copper is trading near flat now at +0.2% to $2.79/lb


10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with nine sectors in the red.

Pending home sales for March rose 1.1% while the Briefing.com consensus expected an increase of 1.2%.

9:45 am: [BRIEFING.COM] Equity indices slumped out of the gate amid weakness in all ten sectors. The S&P 500 trades lower by 0.2% with materials (-0.6%), industrials (-0.4%), and consumer discretionary (-0.3%) pacing the opening decline.

That being said, a handful of influential sectors like financials (-0.1%), energy (-0.1%), and technology (-0.1%) have spent the early minutes near their flat lines.

Elsewhere, Treasuries have ticked up off their lows, but the 10-yr note remains firmly in the red with its yield higher by four basis points at 2.04%. Also of note, the Dollar Index (95.52, -0.58) is lower by 0.6% after setting a new session low in recent action.

The Pending Home Sales report for March will be released at 10:00 ET (consensus 1.2%).

9:09 am: [BRIEFING.COM] S&P futures vs fair value: -10.20. Nasdaq futures vs fair value: -18.30. The stock market is on track for a lower open with futures on the S&P 500 trading ten points below fair value. Index futures spent the bulk of the night near their flat lines and fell to lows following a disappointing advance reading of Q1 GDP.

According to the report, first quarter GDP grew only 0.2% while the Briefing.com consensus expected growth of 1.0%. In all likelihood, the disappointing growth will be used as an argument for the Fed to remain at the zero-bound for longer.

Interestingly, Treasuries spiked off their lows immediately following the report, but that was retraced in short order with the 10-yr note sliding to a fresh low, sending its yield higher by six basis points to 2.06%. Investors will hear from the Fed today with the latest policy statement set to be released at 14:00 ET.

On the earnings front, several consumer names like Buffalo Wild Wings (BWLD 163.20, -20.50), Kraft Foods (KRFT 85.35, -0.53), Lumber Liquidators (LL 28.20, -5.22), and Wynn Resorts (WYNN 117.57, -12.91) are on track for early losses after disappointing with their earnings/guidance.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -16.80. The S&P 500 futures trade six points below fair value.

Markets in the Asia-Pacific region were mostly lower on Wednesday, led by Indonesia (-2.6%) and Australia (-1.9%). The former was pinched by foreign-led selling and weakness in bank stocks, according to reports, while the latter was reportedly hit by concerns that Australia's central bank may be done with its easing cycle. For its part, China's Shanghai Composite was down more than 1.5% in the early going after China Securities Regulatory Commission reminded retail investors about the risks associated with the market. This comes after more than four million new trading accounts were opened last week, according to China Securities Depository and Clearing Corporation.

In economic data:
South Korea's May Manufacturing BSI Index held at 76
New Zealand's April ANZ Business Confidence slowed to 30.2% from 35.8% while March Trade Balance surplus widened to NZD631 million from NZD50 million (expected NZD341 million)

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Japan's Nikkei was closed in observance of Showa Day
Hong Kong's Hang Seng declined 0.2%. Most sectors finished lower with the energy sector (-1.3%) leading the way. The technology sector (+1.5%) was the best-performing area on Wednesday. Individual standouts included Hang Lung Properties (+7.8%), New World Development Co (+2.5%), and China Resources Power Holdings (+2.1%). Wharf Holdings Ltd (-5.7%), China Shenhua Energy (-2.4%), and China Mengniu Dairy (-2.3%) paced the decliners. Out of the 50 index members, 23 ended higher, 26 finished lower, and 1 was unchanged.
China's Shanghai Composite overcame early losses and finished unchanged amid reports that local government debt could possibly be used as collateral by commercial banks seeking liquidity from the People's Bank of China. The news overshadowed some disappointing earnings results from Agricultural Bank of China and Bank of Communications, according to a CNBC report.

Major European indices trade in negative territory with Germany's DAX (-1.5%) leading the pullback. Elsewhere, Greece remains in a precarious liquidity position with the European Central Bank increasing the Emergency Liquidity Assistance allowance for Greek banks by EUR1.40 billion to EUR76.90 billion.

In economic data:
Eurozone April Business and Consumer Survey ticked down to 103.7 from 103.9 (expected 103.9).
UK's April CBI Distributive Trades Survey fell to 12 from 18 (consensus 25) while April Nationwide HPI rose 1.0% month-over-month (expected 0.2%; prior 0.1%)
Spain's March Retail Sales rose 2.8% year-over-year (last 2.5%)
Italy's April Business Confidence rose to 104.1 from 103.7 (expected 103.7) while Consumer Confidence slipped to 108.2 from 110.7 (consensus 110.5)

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UK's FTSE is lower by 0.7% with miners showing weakness. Antofagasta, BHP Billiton, and Rio Tinto are down between 1.3% and 3.1%. Consumer names outperform with Coca-Cola, Next, and Marks & Spencer Group showing gains between 1.4% and 2.7%.
France's CAC has surrendered 1.2%. Technip is the weakest performer, down 5.6%. Other growth-sensitive names also lag with ArcelorMittal and Total down 3.3% and 1.7%, respectively. On the upside, Credit Agricole has added 0.6%.
Germany's DAX trades down 1.5% as more than 20 of its 30 members sit in the red. Basic materials names lag with BASF, HeidelbergCement, ThyssenKrupp, and K+S down between 1.4% and 3.0%. Financials trade in mixed fashion with Commerzbank up 0.9% and Deutsche Bank down 1.3%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -10.70. The S&P 500 futures trade two points above fair value.

The advance estimate of first quarter GDP pointed to an expansion of 0.2%, while the Briefing.com consensus expected a reading of 1.0%. Meanwhile, the fourth quarter GDP Deflator came in at -0.1%, while the consensus expected an increase of 0.5%.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -3.90. U.S. equity futures trade slightly lower amid cautious action overseas. The S&P 500 futures hover within a point of fair value.

Meanwhile, the Dollar Index (95.99, -0.10) holds a slim loss, and is now on track for its sixth consecutive decline. The modest weakness has not stopped crude oil from retreating 0.5% to $56.80/bbl.

Treasuries sit near their lows with the 10-yr yield higher by three basis points at 2.03%.

The weekly MBA Mortgage Index fell 2.3% to follow last week's 2.3% increase.

The advance reading of Q1 GDP will be reported at 8:30 ET (Briefing.com consensus 1.0%); the Pending Home Sales report for March will cross at 10:00 ET (consensus 1.2%); and the latest policy directive from the FOMC will be released at 14:00 ET.

In U.S. corporate news of note:

Buffalo Wild Wings (BWLD 165.00, -18.70): -10.2% following disappointing results.
Cliffs Natural Resources (CLF 6.16, +0.29): +4.9% after beating earnings and revenue expectations.
General Dynamics (GD 135.50, +2.02): +1.5% after beating on both metrics.
GoPro (GPRO 52.60, +5.58): +11.9% in reaction to better than expected results.
Kraft Foods (KRFT 83.76, -2.12): -2.5% after reporting a bottom-line beat on below-consensus revenue.
Lumber Liquidators (LL 27.40, -6.02): -18.0% after missing estimates and announcing the departure of its CFO.
Western Digital (WDC 95.25, -2.65): -2.7% after missing earnings and revenue estimates.
Wynn Resorts (WYNN 115.75, -14.73): -11.1% after reporting below-consensus results and cutting its dividend to $0.50/share from $1.50.
U.S. Steel (X 25.25, -1.53): -5.7% after missing on both metrics.

Reviewing overnight developments:

Asian markets ended mostly lower. Hong Kong's Hang Seng -0.2%, China's Shanghai Composite settled flat, and Japan's Nikkei was closed for Showa Day.
In economic data:
South Korea's May Manufacturing BSI Index held at 76
New Zealand's April ANZ Business Confidence slowed to 30.2% from 35.8% while March Trade Balance surplus widened to NZD631 million from NZD50 million (expected NZD341 million)
In news:
China's Shanghai Composite was down more than 1.5% in the early going after China Securities Regulatory Commission reminded retail investors about the risks associated with the market. This comes after more than four million new trading accounts were opened last week, according to China Securities Depository and Clearing Corporation.

Major European indices trade in negative territory. UK's FTSE -0.3%, Germany's DAX -0.5%, and France's CAC -0.7%. Elsewhere, Spain's IBEX -0.5% and Italy's MIB -0.7%
In economic data:
Eurozone April Business and Consumer Survey ticked down to 103.7 from 103.9 (expected 103.9).
UK's April CBI Distributive Trades Survey fell to 12 from 18 (consensus 25) while April Nationwide HPI rose 1.0% month-over-month (expected 0.2%; prior 0.1%)
Spain's March Retail Sales rose 2.8% year-over-year (last 2.5%)
Italy's April Business Confidence rose to 104.1 from 103.7 (expected 103.7) while Consumer Confidence slipped to 108.2 from 110.7 (consensus 110.5)
Among news of note:
Greece remains in a precarious liquidity position with the European Central Bank increasing the Emergency Liquidity Assistance allowance for Greek banks by EUR1.40 billion to EUR76.90 billion.

5:52 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: -0.40.

5:52 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...28400.34...-42.40...-0.20%.

5:52 am: [BRIEFING.COM] FTSE...7033.22...+2.30...+0.00%. DAX...11818.95...+7.30...+0.10%.

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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