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 Post subject: May 1st Friday Trade Results - No Trades
PostPosted: Sun May 03, 2015 7:36 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 because I wanted to concentrate on studying/learning the price action in the U.S. futures when Europe and Asia are both on a holiday. Simply, Europe and Asia are key market participants in the U.S. futures and I wanted to understand the impact their holiday has on the Emini futures.


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=143&t=2066

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=263&t=2757

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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 ended a defensive week on an upbeat note. The S&P 500 gained 1.1% to narrow its weekly decline to 0.5% while the Nasdaq (+1.3%) outperformed slightly today, but lost 1.7% since last Friday.

The final session of the week was very quiet with the bulk of the action taking place at the open when the S&P 500 spiked above its 50-day moving average (2,090). The benchmark index spent the bulk of the day near its morning high, but punched through that level during afternoon action to complete a full retracement of Thursday's decline.

Nine of ten sectors posted gains with materials (+1.7%) ending the day and the week (+2.0%) ahead of the remaining sectors. Today, the growth-sensitive group received support from Monsanto (MON 118.42, +4.46) as the stock spiked 3.9% after Bloomberg reported the company has approached Syngenta (SYT 77.95, +10.91) about a potential takeover. Steelmakers also contributed to the sector's strength with Market Vectors Steel ETF (SLX 35.74, +0.49) climbing 1.4%.

Meanwhile, the other commodity-related sector-energy-spent the bulk of the session in the red, but turned positive during the afternoon. The sector added 0.3% today and finished the week with a 1.1% gain. Crude oil weighed on the sector in the early going, but the energy component narrowed its loss to 0.8% by the close to settle at $59.15/bbl. WTI crude recovered a portion of its decline after the latest Baker Hughes Rig Count showed that the pace of decline in active oil and gas rigs slowed to 27 from 31 observed last week.

However, crude oil could not return into the green as an uptick in the greenback weighed on the dollar-denominated commodity. To that point, the Dollar Index (95.15, +0.55) added 0.6% and registered its first advance in eight days after the previous seven sessions saw the index slide 3.6%.

Outside of energy, the financial sector (+0.8%) was the only other cyclical group that ended the day behind the broader market. Meanwhile, the top-weighted technology sector (+1.5%) outperformed even as LinkedIn (LNKD 205.21, -46.92) plunged 18.6% after its cautious guidance overshadowed a one-cent beat. However, LinkedIn's weakness was offset by most large cap names with the likes of Apple (AAPL 128.95, +3.80), Oracle (ORCL 44.37, +0.75), and Intel (INTC 33.42, +0.87) gaining between 1.7% and 3.0%.

Over on the countercyclical side, only the health care sector (+1.3%) finished the day ahead of the S&P 500 with help from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 344.00, +10.34) spiked 3.1% after Gilead Sciences (GILD 105.03, +4.52) reported better than expected results.

Treasuries retreated throughout the day, sending the 10-yr yield higher by eight basis points to 2.11%.

Today's participation was below recent averages with roughly 720 million shares changing hands at the NYSE floor.

Economic data included Construction Spending, ISM Index, and Michigan Sentiment:
• Construction spending declined 0.6% in March after increasing an upwardly revised 0.1% (from -0.1%) in February while the Briefing.com consensus expected an increase of 0.4%
o Private construction spending increased 0.3% in March after declining 0.3% in February
o Despite a rebound in the new housing starts, private residential construction declined 1.6% in March after increasing 0.2% in February
• The ISM Manufacturing Index was unchanged and remained at 51.5 in April while the Briefing.com Consensus expected an increase to 51.9
o Even though the overall index did not strengthen as the consensus expected, the key production and order readings showed improvement
• The Production Index increased to 56.0 in April from 53.8 in March
• The New Orders Index increased to 53.5 from 51.8
• The University of Michigan Consumer Sentiment Index was unrevised in the final April reading after sentiment rose from 93.0 in March to 95.9 in April while the Briefing.com consensus expected a revision up to 96.0

Unlike the Conference Board's Consumer Confidence Index, which declined in April, relatively higher gasoline prices and volatility in the equity markets had no adverse effects on the Consumer Sentiment Index
Monday's data will be limited to the 10:00 ET release of the Factory Orders report for March (Briefing.com consensus 2.1%).

• Nasdaq Composite +5.7% YTD
• S&P 500 +2.4% YTD
• Russell 2000 +1.9% YTD
• Dow Jones Industrial Average +1.1% YTD
Week in Review: Backing Off Record Highs

The stock market began the week with a pullback from record levels, but not before setting fresh intraday record highs during the opening minutes of action. The S&P 500 (-0.4%) registered its first decline in four sessions while the Nasdaq Composite (-0.6%) underperformed. Equity indices displayed modest gains in the early going to follow a relatively quiet weekend. It is worth noting that China's Shanghai Composite soared 3.0% after MNI reported the People's Bank of China is looking into purchasing local government bonds. As for U.S. stocks, the S&P 500 held an eight-point gain at the start with cyclical sectors underpinning the early strength; however, biotechnology lagged from the early going and pressured the health care sector (-1.8%) to the bottom of the leaderboard. For its part, the iShares Nasdaq Biotechnology ETF (IBB 348.55, -15.15) lost 4.2% and contributed to the underperformance of the Nasdaq.

Equity indices ended the Tuesday session on a mixed note with the Dow (+0.4%) and S&P 500 (+0.3%) registering modest gains while the Nasdaq (-0.1%) settled in the red. Stocks spent the bulk of the trading day near their flat lines, save for a morning retreat, which was retraced in short order. The brief pullback occurred after a disappointing Consumer Confidence report and unfolded amid reports from Al Arabiya indicating that a U.S. cargo vessel was seized by Iran. The U.S. Navy promptly refuted the report with subsequent stories revealing that the cargo ship came from the Marshall Islands, which are under U.S. protectorate. Furthermore, the ship was released a couple hours after the initial stoppage. Although the major averages returned to their flat lines in short order, extending the rebound proved challenging even though nine sectors finished in the green. The top-weighted technology sector (+0.2%) was limited to a modest gain with its largest component-Apple (AAPL 130.56, -2.09)-falling 1.6% despite beating earnings and revenue estimates; however, the stock entered the session with a 6.3% gain since April 17, suggesting a strong report was already priced in.

The 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 toward 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 major averages ended April on a lower note, but managed to escape with monthly gains. The S&P 500 lost 1.0% and narrowed its April advance to 0.9% while the Nasdaq Composite (-1.6%) underperformed today and ended the month (+0.8%) just behind the benchmark index. Equity indices faced selling pressure from the get-go with the largest sector-technology (-1.6%)-leading the daylong retreat. The influential group faced broad-based weakness with its top component-Apple (AAPL 125.15, -3.49)-sliding 2.7% after the Wall Street Journal reported that some watch components provided by AAC Technologies (AACAY 53.31, -2.79) may be defective. That being said, other sector members also struggled with Yelp (YELP 39.36, -11.92) cratering in reaction to its quarterly report. Shares of YELP tumbled 23.2% in reaction to disappointing earnings/revenue and cautious revenue guidance for Q2.
3:40 pm: [BRIEFING.COM]
• Energy futures closed mixed today with oil falling, natural gas posts some gains and RBOB and heating oil ending flat
• June crude lost $0.43 to $59.11/barrel, while June nat gas rose $0.03 to $2.78/MMBtu
• June gold fell $8 today to $1174.20/oz, while July silver declined $0.04 to $16.11/oz as strength in the dollar index continued to weigh on both precious metals today
2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.0% with one hour remaining in the session. If the index holds its ground through the final hour of action, it will end the week lower by 0.6%.

Four of ten sectors sport weekly gains going into the home stretch with materials and energy leading the pack. The two sectors have gained 2.2% and 1.2%, respectively, with both benefitting from higher commodity prices following the recent pullback in the dollar. The Dollar Index (95.32, +0.72) is higher by 0.8% today, but this comes after seven consecutive declines that sent the index lower by 3.6%.

Elsewhere, Treasuries remain near their lows with the 10-yr yield higher by eight basis points at 2.12%.
2:25 pm: [BRIEFING.COM] Equity indices hover near their best levels of the session with the S&P 500 up 0.9%. Meanwhile, the Nasdaq Composite (+1.1%) now trades ahead of the benchmark index after spending the first half of the day in-line with the S&P 500.

Nine sectors are now in the green with five groups up 1.0% or more. The materials sector (+1.8%) remains in the lead while health care (+1.3%), consumer discretionary (+1.2%), industrials (+1.1%), and technology (+1.1%) follow a little behind.

Fittingly, the materials sector is on track to end the week well ahead of other groups with a 2.0% advance.
1:55 pm: [BRIEFING.COM] The major averages have climbed to new highs for the day.

The April ISM report was not as bad as the headline suggests.

The ISM Manufacturing Index was unchanged and remained at 51.5 in April. The Briefing.com Consensus expected the ISM Manufacturing Index to increase to 51.9.

Even though the overall index did not strengthen as the consensus expected, the key production and order readings showed improvement.

The Production Index increased to 56.0 in April from 53.8 in March. The New Orders Index increased to 53.5 from 51.8. Order backlogs remained at 49.5, its second consecutive monthly contraction.

The only real disappointing reading was the Employment Index, which slipped into a contraction in April. The related index fell to 48.3 from 50.0.
1:35 pm: [BRIEFING.COM] The major U.S. indices hold strong gains as they continue to trade in a fairly tight range approaching the finals hours of the trading day. Despite the main U.S. exchanges trading higher by ~0.7%, they are still sporting losses for the week following yesterday's large decline. At current levels, the Nasdaq would finish the week 2.25% lower.

In commodities, the weekly Baker Hughes (BHI 68.43, -0.33) rig report showed the 21st consecutive decline in active U.S. oil & gas rigs. WTI crude oil futures (-1.5% to $58.75) have seen some activity following the report, moving higher from earlier session lows.

Failing to take part in the broad rally, shares in Tesla Motors (TSLA 220.99, -5.06) are seeing a sell-the-news reaction following last night's product announcement of a solar panel-powered home battery charger called PowerWall.
12:55 pm: [BRIEFING.COM] Equity indices hold midday gains with the Dow, Nasdaq, and S&P 500 all up near 0.7% while the Russell 2000 (+0.3%) has struggled to stay in the green.

The S&P 500 began the day with a quick spike above its 50-day moving average (2,090), which has been followed with a sideways drift near today's session high. Seven sectors trade in the green at this time with materials (+1.4%) and health care (+1.1%) leading the advance.

Although the materials sector represents just 3.5% of the entire market, it is worth noting that its relative strength has been fueled by Monsanto (MON 116.98, +3.02), which has jumped 2.7% after Bloomberg reported the company has approached Syngenta (SYT 77.42, +10.38) about a potential takeover.

Similar to materials, four of the remaining five cyclical sectors trade in-line with or ahead of the S&P 500. Notably, the top-weighted technology sector (+0.7%) trades just ahead with large cap names like Apple (AAPL 126.20, +1.05), IBM (IBM 173.03, +1.74) and Intel (INTC 33.22, +0.67) showing gains between 0.8% and 2.1%. Chipmaker Intel is the best performer of the bunch, which is fitting considering the broader PHLX Semiconductor Index has climbed 2.2%. The sector-wide strength has overshadowed a 20.5% decline in LinkedIn (LNKD 200.39, -51.74) after cautious guidance overshadowed a one-cent beat.

In other earnings of note, Gilead Sciences (GILD 105.48, +4.97) has jumped 4.9% after reporting better than expected results. In turn, iShares Nasdaq Biotechnology ETF (IBB 341.27, +7.61) is higher by 2.2% while the health care sector (+1.1%) trades ahead of the remaining countercyclical groups.

On the downside, the energy sector (-0.2%) has been pressured by a 1.8% decline in crude oil ($58.57/bbl), which is partly due to a spike in the Dollar Index (95.35, +0.75). The index has spiked 0.8% and is on track to register its first advance in eight days.

Treasuries sit near their lows with the 10-yr yield higher by eight basis points at 2.12%.

Economic data included Construction Spending, ISM Index, and Michigan Sentiment:
Related Quotes
• Construction spending declined 0.6% in March after increasing an upwardly revised 0.1% (from -0.1%) in February while the Briefing.com consensus expected an increase of 0.4%
o Private construction spending increased 0.3% in March after declining 0.3% in February
o Despite a rebound in the new housing starts, private residential construction declined 1.6% in March after increasing 0.2% in February
• The ISM Manufacturing Index was unchanged and remained at 51.5 in April while the Briefing.com Consensus expected an increase to 51.9
• Even though the overall index did not strengthen as the consensus expected, the key production and order readings showed improvement
• The Production Index increased to 56.0 in April from 53.8 in March
• The New Orders Index increased to 53.5 from 51.8
• The University of Michigan Consumer Sentiment Index was unrevised in the final April reading after sentiment rose from 93.0 in March to 95.9 in April while the Briefing.com consensus expected a revision up to 96.0
o Unlike the Conference Board's Consumer Confidence Index, which declined in April, relatively higher gasoline prices and volatility in the equity markets had no adverse effects on the Consumer Sentiment Index
12:25 pm: [BRIEFING.COM] Range-bound action continues with the S&P 500 (+0.6%) trading near its recent levels.

The health care sector (+1.0%) held the lead in the early going, but the heavily-weighted group has slipped behind the materials sector (+1.4%). That being said, biotechnology remains in a position of strength with iShares Nasdaq Biotechnology ETF (IBB 340.96, +7.30) trading higher by 2.2%.

As for materials, the sector has received support from Monsanto (MON 116.77, +2.81) with the stock trading higher by 2.5% after Bloomberg reported the company has approached Syngenta (SYT 76.94, +9.89) about a potential takeover.
11:25 am: [BRIEFING.COM] Equity indices remain inside narrow ranges with the S&P 500 (+0.7%) bouncing inside a seven-point band that has held since the opening bell.

Five of six cyclical sectors are in the green with four trading in-line with or ahead of the broader market. The top-weighted technology sector has gained 0.8% despite a 20.3% decline in LinkedIn (LNKD 201.18, -50.95) brought on by disappointing guidance. However, that weakness has been offset by gains in some of the largest sector components like Apple (AAPL 126.35, +1.20), IBM (IBM 172.91, +1.62), and Intel (INTC 33.09, +0.54).

On a separate note, the Dollar Index (95.28, +0.68) is now up 0.7% after charging to a fresh session high during the past hour.
10:55 am: [BRIEFING.COM] The major averages remain near their opening levels with the S&P 500 up 0.6%.

Sector standing has not changed much with seven groups holding gains. Health care (+1.1%) and materials (+1.1%) remain in the lead while the energy sector has widened its decline to 0.4%. The retreat comes amid similar action in crude oil with the energy component down 1.1% at $58.97/bbl. Furthermore, it is worth noting that the energy space surged 6.6% in April, finishing the month well ahead of the remaining nine sectors.

Elsewhere, Treasuries have extended their decline with the 10-yr yield now up eight basis points at 2.11%.
10:40 am: [BRIEFING.COM]
• The dollar index has been climbing higher this morning, and stands near today's high, which is helping weigh on commodities such as oil, gold and silver
• Crude oil has been trending lower all session, on the strong dollar and on news that OPEC output remains near multi-year highs, driven by strong Saudi output
• June crude has sold off to $58.89/barrel, down -1.2% from its previous close.
• Precious metals have also been under modest selling pressure this morning, highlighted by slight gains and a upward trend in the dollar so far this session.
• June gold is now at $1173.50/oz, down 0.8%, while July silver off 0.9% to $16.01/oz
• July copper has extended gains this morning, trading at today's high, now +1% at $2.92/lb
• June nat gas currently trades +0.5% to $2.76/MMBtu
10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.6%.

The ISM Index for April held at 51.5 while the Briefing.com consensus expected an increase to 51.9.

Separately, Construction Spending decreased 0.6% month-over-month in March while the Briefing.com consensus expected an increase of 0.4%.

Also of note, the University of Michigan Consumer Sentiment report for April was left unrevised at 95.9 while the Briefing.com consensus expected an upward revision to 96.0.
9:40 am: [BRIEFING.COM] The major averages have climbed out of the gate with the S&P 500 (+0.6%) reclaiming its 50-day moving average (2,090) after sliding below that level yesterday.

Seven of ten sectors display early gains with health care (+1.1%)-and specifically, biotechnology-showing relative strength after Gilead Sciences (GILD 103.18, +2.67) reported better than expected earnings. Shares of GILD have jumped 2.8% while iShares Nasdaq Biotechnology ETF (IBB 341.80, +8.14) is higher by 2.6%.

On the downside, energy (-0.1%), utilities (-0.1%), and telecom services hover just below their flat lines.

The ISM Index for April (Briefing.com consensus 51.9), March Construction Spending (expected 0.4%), and the final reading of the April Michigan Sentiment Index (consensus 96.0) will all be released at 10:00 ET.
9:08 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +16.40. The stock market is on track for a higher open as futures on the S&P 500 trade nine points above fair value. Index futures have spent the entire night in positive territory amid Labor Day closures in most equity markets around the world.

Quarterly earnings have continued pouring in since last night with shares of LinkedIn (LNKD 201.69, -50.44) on track to tumble 20.0% at the start after its cautious guidance, which includes an acquisition of lynda.com, overshadowed a one-cent beat. This comes after another social media name-Yelp (YELP 39.07, -0.32)-sank 23.2% yesterday in reaction to disappointing earnings/revenue and cautious revenue guidance for Q2.

Even though LinkedIn is on course for a sharply lower open, Nasdaq futures have been held up by the likes of Expedia (EXPE 99.80, +5.57), Gilead Sciences (GILD 103.35, +2.84), and Skyworks Solutions (SWKS 95.87, +3.62). Expedia missed bottom-line estimates, but beat revenue expectations while Gilead and Skyworks beat on both metrics.

Treasuries hover near their lows with the 10-yr yield higher by four basis points at 2.07%.

The ISM Index for April (Briefing.com consensus 51.9), March Construction Spending (expected 0.4%), and the final reading of the April Michigan Sentiment Index (consensus 96.0) will all be released at 10:00 ET.
8:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +13.20. The S&P 500 futures trade seven points above fair value.

Most markets in the Asia-Pacific region were closed in observance of Labor Day/May Day. Accordingly, most were unable to react to the report out of China showing the official PMI reading for April coming in slightly stronger than expected at 50.1. Japan was open for trading and managed a slight gain following a number of economic releases from the country, including household spending and CPI, that were higher than expected.
• In economic data:
o Japan's April Manufacturing PMI 49.9 (expected 49.8; prior 49.7); March Household Spending +2.4% month-over-month (expected +0.5%; prior +0.8%); -10.6% year-over-year (expected -12.1%; prior -2.9%); March National CPI +2.3% year-over-year (prior +2.2%); March National Core CPI +2.2% year-over-year (expected +2.1%; prior +2.0%); April Tokyo CPI +0.7% year-over-year (prior +2.3%); April Tokyo Core CPI +0.4% year-over-year (expected +0.5%; prior +2.2%); March Unemployment Rate 3.4% (expected 3.5%; prior 3.5%); Average Cash Earnings +0.1% year-over-year (expected +0.4%; prior +0.1%)
o China's April Manufacturing PMI 50.1 (expected 50.0; prior 50.1); April Non-Manufacturing PMI 53.4 (prior 53.7)
o South Korea's April CPI +0.1% month-over-month (expected +0.1%; prior 0.0%); +0.4% year-over-year (expected +0.4%; prior +0.4%); April Trade Balance KRW8.50 bln (expected KRW7.52 bln; prior KRW8.40 bln); Exports -8.1% year-over-year (expected -6.8%; prior -4.3%); Imports -17.8% year-over-year (expected -12.5%; prior -15.3%)
o Australia's April AIG Manufacturing Index 48.0 (prior 46.3); April PPI +0.5% quarter-over-quarter (expected +0.2%; prior +0.1%); +0.7% year-over-year (prior +1.1%); Commodity Prices -20.5% year-over-year (prior -19.2%)
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• Japan's Nikkei increased 0.1% thanks to a closing burst of buying interest in the final stages of trading. The slight gain came in the face of a large batch of mostly better than expected economic data for manufacturing, household spending, CPI, and the unemployment rate. The basic materials (+0.9%) and communications (+0.8%) sectors were the best-performing areas. Individual standouts included TOTO Ltd (+7.9%), Nito Denko Corp (+5.0%), and Japan Tobacco (+3.6%). Fujitsu (-17.9%) was the biggest individual loser. Out of the 225 index members 73 ended higher, 142 finished lower, and 10 were unchanged (Note: the Nikkei will be closed through May 6 for the Golden Week holiday)
• Hong Kong's Hang Seng was closed for Labor Day
• China's Shanghai Composite was closed for Labor Day
Most European markets are closed for Labor Day while UK's FTSE (+0.1%) holds a slim gain. The euro has climbed 0.4% against the dollar (1.1255) to its best level since late February even though the greenback has shown strength against other currencies.

• Participants received several data points:
o UK's April Manufacturing PMI 51.9 (expected 54.6; prior 54.0); March Mortgage Approvals 61,340 (consensus 62,400; previous 61,520); March BoE Consumer Credit GBP1.24 bln (expected GBP800 million; last GBP785 million); Net Lending to Individuals GBP3.10 bln (consensus GBP2.60 bln; previous GBP2.60 bln)
------

• UK's FTSE is higher by 0.1% with miners in the lead. Anglo American, Antofagasta, BHP Billiton, Fresnillo, and Rio Tinto are up between 1.9% and 5.3%.
• Germany's DAX is closed
• France's CAC is closed
8:28 am: [BRIEFING.COM] S&P futures vs fair value: +7.30. Nasdaq futures vs fair value: +13.40. U.S. equity futures remain near their highs with S&P 500 futures trading seven points above fair value.

Meanwhile, the Dollar Index (94.69, +0.09) trades little changed after spending the night near its flat lines. The index is looking for its first advance in eight days, but it is worth noting that the modest dollar strength has not been uniform. The greenback has added about 35 pips against the yen (119.78) and roughly 110 pips versus the British pound (1.5244), but the euro holds a 50-pip gain against the dollar with the pair trading near 1.1260.

Treasuries remain pressured with the 10-yr yield higher by three basis points at 2.06%.
7:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +15.70. U.S. equity futures trade near their pre-market highs with no overseas action to influence sentiment as markets across Europe, with the exception of UK's FTSE, are closed for Labor Day. The S&P 500 futures hover eight points above fair value.

Meanwhile, the Dollar Index (94.66, +0.06) hovers just above its flat line, looking for its first advance in eight days.

Treasuries hold losses with the 10-yr yield higher by four basis points at 2.08%.

The ISM Index for April (Briefing.com consensus 51.9), March Construction Spending (expected 0.4%), and the final reading of the April Michigan Sentiment Index (consensus 96.0) will all be released at 10:00 ET.

In U.S. corporate news of note:
• CVS Health (CVS 99.80, +0.51): +0.5% in reaction to better than expected results and cautious Q2 earnings guidance.
• Expedia (EXPE 98.50, +4.27): +4.5% after better than expected revenue overshadowed a bottom-line miss.
• FireEye (FEYE 43.20, +1.90): +4.6% following better than expected results.
• Gilead Sciences (GILD 102.98, +2.47): +2.5% after beating estimates and raising its product sales guidance.
• LinkedIn (LNKD 199.65, -52.48): -20.8% after its cautious guidance, which includes an acquisition of lynda.com, overshadowed a one-cent beat.
• Skyworks Solutions (SWKS 95.50, +3.25): +3.5% in reaction to better than expected results and increased guidance.
• Visa (V 65.00, -1.05): -1.6% despite reporting a one-cent beat.
Reviewing overnight developments:

• Most Asian markets were closed for Labor Day while Japan's Nikkei added 0.1%.
o In economic data:

Japan's April Manufacturing PMI 49.9 (expected 49.8; prior 49.7); March Household Spending +2.4% month-over-month (expected +0.5%; prior +0.8%); -10.6% year-over-year (expected -12.1%; prior -2.9%); March National CPI +2.3% year-over-year (prior +2.2%); March National Core CPI +2.2% year-over-year (expected +2.1%; prior +2.0%); April Tokyo CPI +0.7% year-over-year (prior +2.3%); April Tokyo Core CPI +0.4% year-over-year (expected +0.5%; prior +2.2%); March Unemployment Rate 3.4% (expected 3.5%; prior 3.5%); Average Cash Earnings +0.1% year-over-year (expected +0.4%; prior +0.1%)

China's April Manufacturing PMI 50.1 (expected 50.0; prior 50.1); April Non-Manufacturing PMI 53.4 (prior 53.7)

South Korea's April CPI +0.1% month-over-month (expected +0.1%; prior 0.0%); +0.4% year-over-year (expected +0.4%; prior +0.4%); April Trade Balance KRW8.50 bln (expected KRW7.52 bln; prior KRW8.40 bln); Exports -8.1% year-over-year (expected -6.8%; prior -4.3%); Imports -17.8% year-over-year (expected -12.5%; prior -15.3%)

Australia's April AIG Manufacturing Index 48.0 (prior 46.3); April PPI +0.5% quarter-over-quarter (expected +0.2%; prior +0.1%); +0.7% year-over-year (prior +1.1%); Commodity Prices -20.5% year-over-year (prior -19.2%)

In news:

With most markets closed for a holiday, Japan's Nikkei spent the bulk of the day in negative territory, but recovered into the close to end little changed
• Most European markets are closed while UK's FTSE +0.1%
• Participants received several data points:
• UK's April Manufacturing PMI 51.9 (expected 54.6; prior 54.0); March Mortgage Approvals 61,340 (consensus 62,400; previous 61,520); March BoE Consumer Credit GBP1.24 bln (expected GBP800 million; last GBP785 million); Net Lending to Individuals GBP3.10 bln (consensus GBP2.60 bln; previous GBP2.60 bln)
• Among news of note:
• The euro has climbed 0.5% against the dollar (1.1270) to its best level since late February even though the greenback has shown strength against other currencies
5:53 am: [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +9.20.
5:53 am: [BRIEFING.COM] Nikkei...19531.63...+11.60...+0.10%. Hang Seng...Holiday.........
5:53 am: [BRIEFING.COM] FTSE...6952.71...-7.90...-0.10%. DAX...Holiday.........

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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