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 Post subject: May 5th Tuesday Trade Results - Profit $4492.50
PostPosted: Tue May 05, 2015 10:38 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)
http://twitter.com/wrbtrader (24/7)

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050515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+4492.50.png [ 91.57 KiB | Viewed 298 times ]

click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,180.00 dollars or +11.80 points, Emini ES ($ES_F) futures @ $3,312.50 dollars or +66.25 points, Light Crude Oil CL ($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 @ $4,492.50 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=2068

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.

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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 Tuesday session on a sharply lower note following a daylong retreat that was paced by the Nasdaq Composite (-1.6%). For its part, the S&P 500 lost 1.2% with all ten sectors ending in the red.

The Tuesday selloff in U.S. equities followed an overnight session that featured a 4.1% drop in China's Shanghai Composite after some equity brokers increased their margin requirements, which led to forced selling. Furthermore, markets across Europe also struggled with Germany's DAX diving 2.5% amid spiking yields. To that point, Germany's 10-yr bund yield surged 13 basis points to 0.52% after hovering near 0.16% as recently as last week while Italy's 10-yr yield soared 34 basis points to 1.83%.

Rising interest rates were not unique to Europe as the U.S. 10-yr note registered its sixth consecutive decline, sending its yield higher by three basis points to 2.17%. The benchmark yield hit its highest level since early March and spent the day near its 200-day moving average, representing the first appearance near that level in more than a year.

To be sure, U.S. and European yields remain at depressed levels, but that masks the sharp pace at which rates have been increasing as of late. In turn, the sharp rally in yields has made equities less attractive versus Treasuries, which was on full display today with the rate-sensitive utilities sector (-2.3%) leading the stock market lower. Including the decline, the utilities sector is down 7.4% for the year.

Other countercyclical groups ended a bit closer to their flat lines with the health care sector (-1.2%) settling in-line with the broader market even as biotechnology displayed relative weakness. The iShares Nasdaq Biotechnology ETF (IBB 338.00, -7.19) fell 2.1%, distancing itself from the 50-day moving average (349.00), which provided resistance yesterday.

Biotechnology contributed to the underperformance of the Nasdaq while the technology sector (-1.6%) also pressured the index. Large cap names like Apple (AAPL 125.80, -2.90) and Google (GOOGL 543.04, -9.80) both lost near 2.0% while Microsoft (MSFT 47.60, -0.64) climbed off its low after Bloomberg reported the company is interested in Salesforce.com (CRM 72.75, +1.15). Microsoft ended lower by 1.3% while Salesforce.com gained 1.6%.

Similar to technology, the industrial sector (-1.3%) underperformed while consumer discretionary (-1.0%), financials (-0.8%), energy (-1.1%), and materials (-1.1%) ended just ahead of the S&P 500.

Notably, the energy sector spent the bulk of the day in positive territory thanks to crude oil, which rose 2.5% to $60.38/bbl., making its first appearance above $60/bbl since December.

Today's participation was ahead of recent averages with more than 770 million shares changing hands at the NYSE floor.

Economic data was limited to Trade Balance and ISM Services:

The U.S. trade deficit widened to $51.40 billion in March from an upwardly revised $35.90 billion (from $35.40 billion) in February while the Briefing.com consensus expected an increase to $40.00 billion
The BEA assumed a March trade deficit of roughly $48.50 billion in the advance Q1 2015 GDP report, but the actual deficit was much larger than expected and will likely lead to a downward revision to GDP growth
The goods deficit increased to $70.60 billion in March from $55.70 billion, a gain of $14.90 billion, while the services surplus declined by $600 million to $19.20 billion in March
The spike in the trade deficit shouldn't be too concerning, considering the West Coast port strike caused a pileup of containerships that needed to be unloaded. As dockworkers returned, imports that normally would have come in February were unloaded in March
The ISM Non-manufacturing Index increased to 57.8 in April from 56.5 in March while the Briefing.com consensus expected a decrease to 56.3
Production activities improved as the related index increased to 61.6 in April from 57.5 in March

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while April ADP Employment Change (Briefing.com consensus 189K) and Q1 Productivity/Unit Labor Cost Data will be released at 8:15 ET and 8:30 ET, respectively.

Nasdaq Composite +4.3% YTD
S&P 500 +1.5% YTD
Russell 2000 +1.0% YTD
Dow Jones Industrial Average +0.6% YTD

3:40 pm: [BRIEFING.COM]

Oil prices rallied today, pushing WTI crude oil prices above $61/barrel level
Front-month crude ultimately ended +$1.46 to $60.38/barrel
June natural gas lost $0.04 to $2.78/MMBtu
Metals rose today, but just modestly
June gold gained $6.50 to $1193.40/oz, while July silver rose $0.16 to $16.57/oz
July copper +$0.02 to $2.93/lb

2:55 pm: [BRIEFING.COM] Equity indices have notched new session lows with one hour remaining in the trading day. The S&P 500 is now down 1.2% while the energy sector, which had shown relative strength earlier, is now down 1.0%. Meanwhile, crude oil managed to escape the pit session with a 2.5% gain, settling at $60.38/bbl.

Similarly, the financial sector (-0.9%) traded near its flat line at midday, but the group has retreated notably in recent action. Despite the pullback, the sector remains higher by 0.1% for the week while the remaining nine groups hold losses after the first two sessions of the week.

Elsewhere, Treasuries have inched up to new highs for the afternoon with the 10-yr yield narrowing its gain to two basis points at 2.17%.

2:25 pm: [BRIEFING.COM] Not much change in the market with the major averages hovering near their worst levels of the day. The Russell 2000 (-1.5%) is the weakest-performing index while the Dow has limited its decline to 0.6%.

The price-weighted Dow Jones Industrial Average has shown relative strength since the start as four of its 30 components trade in positive territory. That being said, only Visa (V 66.28, +0.70) shows a gain larger than 0.3% while Disney (DIS 111.36, +0.33), JPMorgan Chase (JPM 64.77, +0.05), and Chevron (CVX 108.50, +0.18) sport slimmer gains.

Elsewhere, Treasuries remain in their afternoon ranges with the 10-yr yield higher by four basis points at 2.18%.

1:55 pm: [BRIEFING.COM] The major averages remain pinned to their lows.

First quarter GDP, which was already near zero, is likely to turn negative after the release of the March trade data.

The U.S. trade deficit widened to $51.4 bln in March from an upwardly revised $35.9 bln (from $35.4 bln) in February. The Briefing.com Consensus expected the trade deficit to increase to $40.0 bln.

The BEA assumed a March trade deficit of roughly $48.5 bln in the advance Q1 2015 GDP report. The actual trade deficit was much larger than expected and will likely lead to a downward revision to GDP growth.

The trade deficit jumped from its lowest point in February since November 2009 to its largest deficit since October 2008.

1:30 pm: [BRIEFING.COM] After a slight bounce in recent trade, the major U.S. indices have resumed a downward path and have established new session lows.

In equities, shares in Alibaba Group (BABA 79.13, -1.46) fell to a fresh all-time low since the company's September IPO, ahead of Thursday's expected earnings release. Shares are now down 15% from the opening price of $92.70 on its first day of trading on September 19, 2014.

With the recent extension of weakness in stocks, all S&P sectors are in the red, led by a steep decline in utilities (-2.3%) and weakness in the technology (-1.5%) sector.

12:55 pm: [BRIEFING.COM] The stock market faces broad-based weakness at midday with the Nasdaq Composite (-1.2%) trading behind the S&P 500 (-0.7%).

Equity indices have retreated steadily through the first half of today's action with European markets also facing pressure amid spiking yields. To that point, Germany's 10-yr bund yield jumped 13 basis points to 0.52% after trading below 0.10% just two weeks ago. Elsewhere, Italy's 10-yr yield has soared 34 basis points to 1.83% with the entire move taking place today.

Meanwhile, U.S. Treasuries have also retreated with the 10-yr note tracking its sixth consecutive decline. As a result, the benchmark yield is higher by four basis points at 2.18% today, hovering near levels last seen at the start of March.

Understandably, the continued rise in yields has weighed on the rate-sensitive utilities sector (-2.0%), sending the countercyclical group to the bottom of today's leaderboard. Other countercyclical sectors haven't fared much better with health care (-0.9%) and telecom services (-0.8%) trailing the broader market while the consumer staples sector (-0.6%) trades in-line.

Notably, the health care sector has slumped alongside biotechnology with iShares Nasdaq Biotechnology ETF (IBB 339.33, -5.86) distancing itself from the 50-day moving average after failing to close above that level yesterday. The ETF is down 1.7% at this juncture, which has contributed to the underperformance of the Nasdaq.

Furthermore, the technology sector (-1.1%) has also weighed on the Nasdaq with large cap names like Apple (AAPL 126.66, -2.04), Google (GOOGL 547.04, -5.80), and Intel (INTC 32.76, -0.42) showing losses between 1.1% and 1.6%. In addition, software names have also shown weakness with Qualys (QLYS 39.04, -16.04) diving 29.1% after beating bottom-line estimates on light revenue and cautious guidance.

Other cyclical sectors trade a bit closer to their flat lines, but energy (-0.1%) has turned negative in recent action. The sector remains ahead of the broader market thanks to crude oil, which trades higher by 3.1% at $60.73/bbl.

Economic data was limited to Trade Balance and ISM Services:

The U.S. trade deficit widened to $51.40 billion in March from an upwardly revised $35.90 billion (from $35.40 billion) in February while the Briefing.com consensus expected an increase to $40.00 billion
The BEA assumed a March trade deficit of roughly $48.50 billion in the advance Q1 2015 GDP report, but the actual deficit was much larger than expected and will likely lead to a downward revision to GDP growth
The goods deficit increased to $70.60 billion in March from $55.70 billion, a gain of $14.90 billion, while the services surplus declined by $600 million to $19.20 billion in March
The spike in the trade deficit shouldn't be too concerning, considering the West Coast port strike caused a pileup of containerships that needed to be unloaded. As dockworkers returned, imports that normally would have come in February were unloaded in March
The ISM Non-manufacturing Index increased to 57.8 in April from 56.5 in March while the Briefing.com consensus expected a decrease to 56.3
Production activities improved as the related index increased to 61.6 in April from 57.5 in March

12:25 pm: [BRIEFING.COM] The major averages have inched up off their lows, but they continue holding the bulk of their losses. The S&P 500 remains lower by 0.6% with five sectors showing relative weakness.

On the cyclical side, the technology sector (-1.0%) is a clear laggard while the industrial sector (-0.7%) is the only other growth-sensitive group that trades behind the broader market. Transport stocks have contributed to the underperformance as the Dow Jones Transportation Average trades lower by 1.0% with all but two components in the red. On the upside, shippers Matson (MATX 42.34, +1.11) and Kirby (KEX 82.10, +2.64) hold respective gains of 2.8% and 3.3% following better than expected earnings from Matson.

Elsewhere, Treasuries remain not far above their lows with the 10-yr yield up four basis points at 2.14%.
Related Quotes

11:55 am: [BRIEFING.COM] Not much change in the market with the key indices hovering near their lowest levels of the day. The S&P 500 remains lower by 0.7% while the Russell 2000 (-1.2%) and Nasdaq Composite (-1.2%) underperform.

Today's selling has clipped almost all sectors with the technology space (-1.1%) trading behind the remaining cyclical groups. To be fair, the utilities sector (-2.4%) has had an even worse showing, but the group represents just 3.0% of the market while the tech sector accounts for nearly 20.0% of the S&P 500.

That being said, the relative weakness in the utilities sector results from continued weakness in Treasuries that has the 10-yr yield trading higher by four basis points at 2.18% today, which represents the highest mark since early March.

11:25 am: [BRIEFING.COM] The major averages have extended their losses with the Nasdaq Composite now down 1.2%. However, it is worth mentioning that the recent selling has not been exclusive to the U.S. In fact, European equity indices have also dropped to new lows as the trading day winds to a close with Italy's MIB (-2.4%) and Germany's DAX (-2.0%) pacing a region-wide pullback.

Turning back to the to the U.S., nine sectors find themselves in the red at this time while the energy space (+0.5%) continues holding a modest gain thanks to a 3.1% spike in crude oil, which currently hovers near $60.72/bbl.

On the earnings front, Anadarko Petroleum (APC 93.39, -0.34) is lower by 0.3% after missing earnings/revenue estimates while EOG Resources (EOG 96.48, -2.91) has surrendered 3.0% despite beating bottom-line estimates on light revenue.

10:55 am: [BRIEFING.COM] The major averages remain pressured with the Nasdaq (-0.9%) trading behind the S&P 500 (-0.4%).

The tech-heavy Nasdaq has suffered from all-around weakness, including losses in the high-beta biotechnology group. The iShares Nasdaq Biotechnology ETF (IBB 339.55, -5.64) has surrendered 1.6% after failing to return above its 50-day moving average (349.04) yesterday. On a related note, the health care sector (-0.7%) also trades behind the broader market.

In addition, large cap tech names like Apple (AAPL 127.01, -1.69), Google (GOOGL 547.75, -5.09), and Intel (INTC 32.84, -0.35) are all down near 1.1% while the technology sector (-0.8%) represents the second-weakest performer of the day.

10:35 am: [BRIEFING.COM]

The dollar index has been sliding lower since the overnight session, which has been providing support to select commodities such as precious metals
The index is currently near today's low, and is -0.3% at 95.23
June crude futures have been rallying all morning and surged above the $60 level for the first time since mid-December. Oil is now +2.9% to $60.66/barrel
Natural gas has been in the red all day and is now -0.9% at $2.80/MMBtu
June gold and July silver both rallied in early trade, aided by the dollar's slide, and now each stand at +0.9% to $1197.30/oz and +0.9% to $16.58/oz respectively
July copper is trading modestly higher at +0.6% to $2.80/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.4% while the Nasdaq Composite (-0.8%) underperforms.

Just reported, the ISM Services Index for April rose to 57.8 from 56.5 while the Briefing.com consensus expected a decline to 56.3.

9:40 am: [BRIEFING.COM] The major averages began the day in negative territory, but they were quick to climb off their early lows. The S&P 500 hovers near its flat line with five sectors showing losses.

Countercyclical utilities (-0.5%) and the top-weighted technology sector (-0.4%) have paced the opening drop while energy (+1.0%) and materials (+0.5%) outperform after ending yesterday's session in negative territory.

Elsewhere, Treasuries have surrendered their early morning gains with the 10-yr yield returning to unchanged at 2.15%.

The ISM Services report for April (consensus 56.4) will cross the wires at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -5.90. Nasdaq futures vs fair value: -21.30. The stock market is on track for a modestly lower open as futures on the S&P 500 trade six points below fair value. Index futures have spent the night in a ten-point range, but the same cannot be said for China's Shanghai Composite, which dove more than 4.0% after some brokers reportedly increased their margin requirements, leading to a sharp selloff.

Meanwhile in Europe, most equity indices trade in negative territory amid waning optimism that Eurozone creditors will be able to reach satisfactory terms with Greece. The troubled country is due to pay EUR200 million to the International Monetary Fund tomorrow with another EUR780 million payment scheduled for next Tuesday.

Domestically, investors have received more quarterly earnings, but most reports came from relatively small companies. Dow component Disney (DIS 113.70, +2.67) is an exception with its stock higher by 2.4% in pre-market following better than expected earnings and revenue.

On the economic front, the March trade deficit widened to $51.40 billion from $35.90 billion while the Briefing.com consensus expected a deficit of $40.00 billion. The disappointing reading, which resulted from backlogs due to the West Coast port strike, is likely to pressure Q1 GDP into negative territory.

Treasuries hold slim gains with the 10-yr yield lower by a basis point at 2.13%.

The ISM Services report for April (consensus 56.4) will cross the wires at 10:00 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -19.70. The S&P 500 futures trade six points below fair value.

Tuesday's trading featured a sharp decline in China's Shanghai Composite (-4.1%) as reports suggesting brokerages were tightening margin financing requirements triggered a wave of selling interest. Elsewhere, the Reserve Bank of Australia cut its cash rate 25 basis points as expected to 2.00%. The policy statement, though, lacked the indication that further easing may be appropriate.

In economic data:
Hong Kong's March Retail Sales -2.9% (expected +5.8%; prior +14.9%)
Australia's April AIG Services Index fell to 49.7 from 50.2; March Trade Balance -AUD1.32 bln (expected -AUD1.00 bln; prior -AUD1.61 bln) as Exports -2.0% (prior -1.0%) and Imports -2.0% (prior +2.0%)

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Japan's Nikkei closed for Golden Week holiday
Hong Kong's Hang Seng declined 1.3% in a steady retreat after pushing higher at the start of trading. The basic materials (-3.7%), energy (-2.0%), diversified (-1.9%), and financial (-1.6%) sectors were the biggest losers on a day that also produced a report showing retail sales declined a weaker than expected 2.9% in March. Bank of Communications (-4.2%), China Overseas Land & Investment (-3.9%), and CITIC Ltd (-3.7%) were the worst-performing stocks. Galaxy Entertainment (+1.8%), Want Want China Holdings (+1.6%), and Sands China (+1.1%) were the only stocks to gain in excess of 1.0%. Out of the 50 index members, 8 ended higher, and 42 finished lower.
China's Shanghai Composite declined 4.1% in a steady sell-off that was reportedly catalyzed by news of Chinese brokerages raising margin financing requirements. Every sector was down big for the day. The energy sector was the best-performing of the bunch with a loss of 2.3%.

Major European indices trade in mixed fashion with Italy's MIB (-1.5%) trailing the region. Elsewhere, Greece is scheduled to pay EUR200 million to the International Monetary Fund tomorrow with another EUR780 million payment scheduled for next Tuesday.

Economic data was limited:
Eurozone March PPI +0.2% month-over-month (expected 0.3%; prior 0.6%); -2.3% year-over-year, as expected (previous -2.8%)
UK's April Construction PMI fell to 54.2 from 57.8 (expected 57.5)
France's March government budget deficit widened to EUR26.30 billion from EUR23.50 billion
Spain's Unemployment Change -118,900 (expected -64,800; prior -60,200)

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UK's FTSE is higher by 0.2% with consumer names among the leaders. Burberry Group, Dixon Carphone, and TUI hold gains between 2.4% and 3.3%. Financials lag with RSA Insurance, Aberdeen Asset Management, and HSBC down between 1.3% and 1.6%. Notably, HSBC trades lower despite reporting better than expected results.
In France, the CAC is lower by 0.8%. Consumer names Orange, L'Oreal, and Kering show losses between 0.8% and 1.7% while financials trade in mixed fashion. Societe Generale has added 1.3% while BNP Paribas is lower by 0.4%.
Germany's DAX has given up 1.2% with Deutsche Lufthansa leading the retreat. Major financials weigh with Allianz and Commerzbank down 2.1% and 1.2%, respectively.
Italy's MIB trades down 1.5% amid broad weakness. UBI Banca, Banca di Milano Scarl, Banco Popolare, and Telecom Italia are down between 1.4% and 2.8%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -7.40. The S&P 500 futures trade one point below fair value.

The March trade deficit widened to $51.40 billion from $35.90 billion while the Briefing.com consensus expected the deficit to come in at $40.00 billion.

7:55 am: [BRIEFING.COM] U.S. equity futures trade slightly lower amid mixed action overseas. The S&P 500 futures hover within a point of fair value.

Overnight, China's Shanghai Composite was a point of focus as the index fell more than 4.0% in reaction to reports some equity brokers have increased their margin requirements, which sparked broad-based selling.

U.S. Treasuries climbed overnight, but they have surrendered the bulk of their gains, leaving the 10-yr yield lower by a basis point at 2.13%.

The Trade Balance for March (Briefing.com consensus -$40.00 billion) will be released at 8:30 ET while the April ISM Services report (consensus 56.4) will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Archer Daniels Midland (ADM 50.39, +0.07): +0.1% after beating bottom-line estimates on light revenue.
Anadarko Petroleum (APC 94.00, +0.27): +0.3% despite missing earnings and revenue estimates.
Genworth Financial (GNW 8.84, -0.31): -3.4% after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal-Weight.'
Sprint (S 5.10, -0.05): -1.0% following disappointing results.
TripAdvisor (TRIP 78.92, -0.99): -1.2% after RBC Capital Markets downgraded the stock to 'Sector Perform' from 'Outperform.'

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -4.1%, Hong Kong's Hang Seng -1.3%, and Japan's Nikkei was closed for Greenery Day.
In economic data:
Hong Kong's March Retail Sales -2.9% (expected +5.8%; prior +14.9%)
Australia's April AIG Services Index fell to 49.7 from 50.2; March Trade Balance -AUD1.32 bln (expected -AUD1.00 bln; prior -AUD1.61 bln) as Exports -2.0% (prior -1.0%) and Imports -2.0% (prior +2.0%)
In news:
The Reserve Bank of Australia cut its cash rate 25 basis points to a record low 2.0%, as expected

Major European indices trade in mixed fashion. UK's FTSE +0.4%, Germany's DAX -0.2%, and France's CAC -0.1%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX -0.5%.
Economic data was limited:
Eurozone March PPI +0.2% month-over-month (expected 0.3%; prior 0.6%); -2.3% year-over-year, as expected (previous -2.8%)
UK's April Construction PMI fell to 54.2 from 57.8 (expected 57.5)
France's March government budget deficit widened to EUR26.30 billion from EUR23.50 billion
Spain's Unemployment Change -118,900 (expected -64,800; prior -60,200)
Among news of note:
Greece is scheduled to pay EUR200 million to the International Monetary Fund tomorrow with another EUR780 million payment scheduled for next Tuesday

5:53 am: [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +0.10.

5:53 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...27755.54...-368.30...-1.30%.

5:53 am: [BRIEFING.COM] FTSE...7023.37...+36.40...+0.50%. DAX...11674.08...+54.20...+0.50%.

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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