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 Post subject: May 6th Wednesday Trade Results - Profit $7145.00
PostPosted: Thu May 07, 2015 5:09 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)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $20.00 dollars or +0.20 points, Emini ES ($ES_F) futures @ $7,125.00 dollars or +142.50 points, Light Crude Oil CL ($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 @ $7,145.00 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=2069

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 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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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



4:15 pm: [BRIEFING.COM] The stock market registered its second consecutive decline on Wednesday with the S&P 500 (-0.5%) bouncing off its 100-day moving average (2,070).

Equity indices began the day with slim gains, but the Dow, Nasdaq, and S&P 500 quickly returned below their 50-day moving averages and continued lower throughout the day. Adding to the pressure were comments from Fed Chair Janet Yellen who reminded investors that equity valuations are "generally quite high" and that raising the fed funds rate is likely to be followed by a spike in Treasury yields.

Today's opening spike notwithstanding, the session was largely a repeat of yesterday's slide; however, the Nasdaq, which underperformed on Tuesday, retreated alongside the broader market today. The key indices cut their losses in half during the final hour, but nine sectors settled in the red with the countercyclical telecom services space (-1.2%) ending behind its peers.

More notably, the largest sector by weight-technology (-0.8%)-was the second-weakest performer with large cap names fueling the weakness. Shares of Microsoft (MSFT 46.28, -1.32) tumbled 2.8% while the likes of Apple (AAPL 125.01, -0.79), Google (GOOGL 535.08, -7.96), Oracle (ORCL 43.26, -0.66), and Intel (INTC 32.22, -0.42) lost between 0.6% and 1.5%. It is worth noting that unlike Intel, some other chipmakers outperformed with the PHLX Semiconductor Index shedding just 0.1%.

Elsewhere, biotechnology represented another high-beta group that fared a bit better than the broader market. The iShares Nasdaq Biotechnology ETF (IBB 340.72, +2.72) added 0.8%, but that was a small victory considering the ETF was up more than 1.7% at the start. That being said, the relative strength of biotechnology could not stop the health care sector (-0.5%) from ending among the laggards.

Similar to health care, two other countercyclical sectors-telecom services (-1.2%) and utilities (-0.6%)-underperformed throughout the day while the consumer staples sector (+0.2%) spent the day near its flat line.

Moving back to the cyclical side, only the materials sector (unch) finished near its flat line while the remaining growth-sensitive groups logged losses. For instance, the energy sector (-0.3%) spent the first half in the green, but slumped during the afternoon amid a pullback in oil. WTI crude was up more than 3.5% in the early going, but narrowed its gain to 0.8% at $60.93/bbl by the close.

Crude oil retreated even though today's storage report showed an inventory draw while an increase was expected. In addition, the energy component struggled even as the Dollar Index (94.13, -0.94) fell 1.0% to levels last seen in February.

Treasuries retreated through the morning and hovered near their lows during afternoon action. The benchmark 10-yr yield rose four basis points to 2.23%.

Today's participation was ahead of recent averages with more than 800 million shares changing hands at the NYSE floor.

Economic data included ADP Employment, Productivity/Unit Labor Cost data, and MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 169K in April while the Briefing.com consensus expected a reading of 189K
The March reading was revised down to 175,000 from 189,000
Nonfarm business productivity declined 1.9% in Q1 2015 after declining an upwardly revised 2.1% (from -2.2%) in Q4 2014 while the Briefing.com consensus expected a decline of 1.8%
This was the first time nonfarm business productivity declined for two consecutive quarters since Q2 and Q3 of 2006. Even during the Great Recession, productivity managed to inch ahead on an upward trend
Unit labor costs increased 5.0% in Q1 2015 after increasing 4.2% in Q4 2014
That was the biggest increase in unit labor costs since an 11.5% increase in Q1 2014
The weekly MBA Mortgage Index fell 4.6% to follow last week's 2.3% decline

Tomorrow, the April Challenger Job Cuts report will be released at 7:30 ET while weekly Initial Claims (Briefing.com consensus 280K) will be reported at 8:30 ET. The day's data will be topped off with the 15:00 ET release of the Consumer Credit report for March (consensus $16.00 billion).

Nasdaq Composite +3.9% YTD
Russell 2000 +1.3% YTD
S&P 500 +1.0% YTD
Dow Jones Industrial Average +0.1% YTD

3:40 pm: [BRIEFING.COM]

WTI gave up its morning rally and closed up pit trading today below the $61/barrel level
June crude finished $0.56 higher at $60.94/barrel. June nat gas ended flat at $2.78/MMBtu
Metals lost some value today
June gold fell $2.80 to $1190.60/oz, while July silver lost $0.07 to $16.50/oz
July copper fell one cent to $2.92/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.9% with one hour remaining in the Wednesday session. The benchmark index spiked at the start of the session, but the remainder of today's affair has been a carbon copy of yesterday's daylong retreat.

As a result, all ten sectors are down for the week with the largest group-technology-down 2.9% since last Friday. Similarly, countercyclical utilities and telecom services have also given up close to 2.9% apiece.

Only two sectors-financials and consumer staples-show week-to-date losses slimmer than 1.0% versus a 1.8% weekly decline for the S&P 500.

2:25 pm: [BRIEFING.COM] The major averages have widened their losses with the S&P 500 now down 0.7%.

The materials sector (+0.1%) continues hanging onto a slim gain while the top-weighted groups have retreated from their recent levels. Notably, biotechnology has retreated from its early high with iShares Nasday Biotechnology ETF (IBB 338.87, +0.87) narrowing its gain to 0.3% after being up more than 1.0% in the early going. The ETF is now at risk of dipping below yesterday's session low with the 100-day moving average (332.25) lurking not far below. For its part, the health care sector trades lower by 0.9%.

Outside of health care, two other countercyclical groups-telecom services (-1.2%) and utilities (-1.3%)-trail the broader market while the consumer staples sector (-0.1%) outperforms.

1:55 pm: [BRIEFING.COM] Equity indices hover near their session lows.

There were a lot of "firsts" in today's productivity report. None of them were good.

Nonfarm business productivity declined 1.9% in Q1 2015 after declining an upwardly revised 2.1% (from -2.2%) in Q4 2014. The Briefing.com Consensus expected productivity to decline 1.8%.

This is the first time nonfarm business productivity has declined for two consecutive quarters since the second and third quarters of 2006. Even during the Great Recession, productivity managed to inch ahead on an upward trend.

Total hours increased 1.7% in Q1 2015, down from a 4.9% gain in Q4 2014. The lackluster 1.7% gain was the weakest increase since hours increased by the same rate in Q4 2013.

Unit labor costs increased 5.0% in Q1 2015 after increasing 4.2% in Q4 2014. That was the biggest increase in unit labor costs since an 11.5% increase in Q1 2014.

As businesses suffered through higher labor costs, the flip side was a sizable gain in real hourly compensation for employees. Real compensation increased 6.2% in Q1 2015, which was the largest quarterly increase since a 7.3% increase in Q4 2012.

1:35 pm: [BRIEFING.COM] The major U.S. indices remain under pressure at this time, as utilities (-1%) continue to underperform. With the strong weakness seen this week, utilities are now down 8.3% this year, making it the worst-peforming S&P sector in 2015.

In equities, shares in Synageva Biopharma (GEVA 204.81, +108.94) have surged after Alexion Pharmaceuticals (ALXN 152.03, -16.52) announced it would buy it for $8.4 bln, or $230/share in cash and stock. Also in the M&A world, shares in Moneygram International (MGI 8.91, 1.11) remain higher, but notably off their highs of the day after Western Union (WU 21.62, +0.67) issued a statement, saying that reports out suggesting they are considering an acquisition of MGI are not accurate.

Notable earning after the close are expected from Tesla Motors (TSLA 231.30, -1.65), Transocean (RIG 19.29, +0.31), Metlife (MET 51.76, -0.35), and Keurig Green Mountain (GMCR 109.36, -0.64), among others


12:55 pm: [BRIEFING.COM] The major averages hover in the red at midday with the S&P 500 (-0.5%) and Nasdaq Composite (-0.5%) trading behind the Dow Jones Industrial Average (-0.6%).

Equity indices began the day on a slightly higher note, but they were quickly pressured into the red and back below their 50-day moving averages. Furthermore, the Dow has slipped to its 100-day moving average (17,835), where it currently trades.

Nine sectors sport midday losses with heavily-weighted technology (-0.8%), financials (-0.7%), and health care (-0.7%) largely responsible for the weakness.

The top-weighted technology sector has been pressured by some of its largest components like Apple (AAPL 124.51, -1.29), Google (GOOGL 540.31, -2.74), IBM (IBM 169.84, -1.94), and Microsoft (MSFT 46.69, -0.91) while high-beta chipmakers have fared a bit better. That being said, heavyweight Intel (INTC 32.07, -0.57) has surrendered 1.7% while the PHLX Semiconductor Index is lower by 0.4%.

Elsewhere, the health care sector lags even though biotechnology has held its own. The iShares Nasdaq Biotechnology ETF (IBB 340.61, +2.61) has gained 0.8% as it hovers in the middle of yesterday's trading range.

Similarly, another high-beta group-transports-has shown relative strength with the Dow Jones Transportation Average trading higher by 0.3%. Conversely, the relative strength has helped the industrial sector climb above its flat line.

On the upside, energy (+0.2%) and materials (+0.3%) hold slim gains, but the energy sector has slid from its early high amid a pullback in crude oil. The energy component was up more than 3.5% in the early going, but that gain has been trimmed to 1.5% at $61.30/bbl.

Similar to stocks, Treasuries have faced some selling with the 10-yr note sitting on its low, sending its yield higher by six basis points to 2.25%.

Economic data included ADP Employment, Productivity/Unit Labor Cost data, and MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 169K in April while the Briefing.com consensus expected a reading of 189K
The March reading was revised down to 175,000 from 189,000
Nonfarm business productivity declined 1.9% in Q1 2015 after declining an upwardly revised 2.1% (from -2.2%) in Q4 2014 while the Briefing.com consensus expected a decline of 1.8%
This was the first time nonfarm business productivity declined for two consecutive quarters since Q2 and Q3 of 2006. Even during the Great Recession, productivity managed to inch ahead on an upward trend
Unit labor costs increased 5.0% in Q1 2015 after increasing 4.2% in Q4 2014
That was the biggest increase in unit labor costs since an 11.5% increase in Q1 2014
The weekly MBA Mortgage Index fell 4.6% to follow last week's 2.3% decline

12:25 pm: [BRIEFING.COM] The S&P 500 remains lower by 0.3% with nine sectors trading in the red.

Interestingly, the financial sector (-0.5%) displayed relative strength in the early going, but the cyclical group is now among the laggards while other heavily-weighted sectors like technology (-0.5%) and health care (-0.4%) also underperform.

Large cap names have pressured the tech sector while high-beta chipmakers trade in mixed fashion with the PHLX Semiconductor Index down 0.3%. As for influential sector members, Apple (AAPL 124.77, -1.03), Microsoft (MSFT 46.76, -0.84), Intel (INTC 32.20, -0.44), and Hewlett-Packard (HPQ 32.62, -0.54) are down between 0.8% and 1.8%.

Elsewhere, Treasuries have marked new lows for the day with the 10-yr yield up five basis points at 2.24%.
Related Quotes

11:55 am: [BRIEFING.COM] Not much change since our most recent update with the S&P 500 (-0.2%) holding a slim loss.

The energy sector spent the first two hours of the session in the green, but the cyclical group has returned to its flat line amid a pullback in crude oil. WTI crude was up more than 3.5% in the early going, but that gain has narrowed to 0.8% at $60.86/bbl.

Elsewhere among cyclical sectors, technology (-0.4%) remains weak while the industrial sector (+0.2%) has climbed into the green with help from high-beta transport stocks. The Dow Jones Transportation Average has gained 0.5% with just three components trading in the red at this time.

11:25 am: [BRIEFING.COM] Equity indices have backed off their recent levels with the S&P 500 (-0.3%) having yet to overtake its 50-day moving average (2,090) after sliding below that mark at the start of today's session.

Only energy (+0.3%) and materials (+0.1%) continue holding modest gains while the remaining nine sectors show losses between 0.1% (industrials) and 0.9% (telecom services).

The telecom services space is the weakest performer while another countercyclical group-health care (-0.4%)-trades not far behind the broader market. The influential sector has struggled even though biotechnology outperforms with the iShares Nasdaq Biotechnology ETF (IBB 341.08, +3.08) trading higher by 0.9%. The biotech ETF is currently trapped right between its 50- and 100-day moving averages.

10:55 am: [BRIEFING.COM] The major averages have climbed off their lows with the S&P 500 returning to the unchanged level. Furthermore, the index now hovers just below its 50-day moving average (2,090), which has served as an area of support throughout April.

Six sectors remain in negative territory with influential technology (-0.3%) and health care (-0.3%) sectors weighing on the market. On the flip side, the energy sector (+0.9%) has climbed to a new session high while two other cyclical groups-materials (+0.6%) and industrials (+0.2%)-also hold gains.

Elsewhere, Treasuries have slipped to new lows, pushing the 10-yr yield up to 2.22% (+3 bps).

10:40 am: [BRIEFING.COM]

The dollar index has fallen to session lows in most recent trade, following the release of bearish economic data.
The index's move has given support to several commodities, notably precious metals and crude oil.
The index now stands -1.2% to 93.92
Crude oil extended overnight gains in early trade, ahead of Weekly EIA Inventory data that expected a build of 1.4 mln barrels
Upon release of the data, crude rose to new highs for the year, just above $62.50. Oil is now +2.8% at $62.07/barrel
Precious metals saw a modest rally following this morning's dollar weakness, and are back to near flat from yesterday's close
June gold is now -0.2% at $1190.50/oz while July silver is now +0.1% at $16.60/oz
July copper is trading modestly lower at -0.2% to $2.93/lb and June nat gas up 1.1% to $2.81/MMBtu

10:00 am: [BRIEFING.COM] Equity indices have extended their opening losses with the S&P 500 now down 0.4% while the Dow (-0.5%) underperforms.

The energy sector (+0.1%) is the lone group trading in the green while the weakest sector-telecom services-has widened its decline to 1.0%. More notably, the top-weighted technology space has given up 0.6% with large cap names like Apple (AAPL 124.59, -1.21), Google (GOOGL 539.67, -3.38), and Intel (INTC 32.32, -0.32) down between 0.7% and 1.1%.

9:45 am: [BRIEFING.COM] The major averages began the day with modest gains, but they were quick to drop into the red. The S&P 500 is lower by 0.3% with eight sectors showing early losses.

Heavily-weighted health care (-0.7%), technology (-0.5%), and consumer discretionary (-0.4%) are among the early laggards while energy (+0.6%) and materials (+0.1%) hold slim gains.

Elsewhere, Treasuries continue holding slim losses with the 10-yr yield up a basis point at 2.20%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +6.90. The stock market is on track for a higher open as futures on the S&P 500 trade six points above fair value. Index futures traded in the red following a defensive session in Asia, but rallied off their lows alongside European equity indices.

Economic data released this morning has had little impact on futures even though the ADP Employment report for April (169K; Briefing.com consensus 189K) missed expectations; however, the report was met with a pullback in the Dollar Index (94.43, -0.65) while Treasuries returned into the green. At this time, the 10-yr note holds a modest gain with its yield down two basis points at 2.19%.

Looking at today's remaining data, Unit labor costs increased 5.0% during the first quarter, which was higher than the 4.5% increase that had been anticipated by the Briefing.com consensus. During the same period, productivity decreased 1.9%, according to the preliminary reading. The consensus expectation was for a decrease of 1.8%.

Also of note, the weekly MBA Mortgage Index fell 4.6% to follow last week's 2.3% decline.

On the corporate front, Anheuser-Busch Inbev (BUD 121.10, +3.90) is on track to open higher by 3.3% in reaction to better than expected earnings while Fossil (FOSL 84.12, -2.34) has surrendered 2.7% in pre-market despite beating bottom-line estimates and guiding Q2 earnings above analyst expectations. The stock was downgraded to 'Market Perform' from 'Outperform' at Cowen.

8:53 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +6.30. The S&P 500 futures trade six points above fair value.

It was a rough outing Wednesday for most markets in the Asia-Pacific region, which struggled on the heels of weak showings from Wall Street and Europe on Tuesday. The inability of the Shanghai Composite (-1.6%) to hold early gains and disappointing bank earnings out of Australia (-2.3%) also weighed on sentiment.

In economic data:
China's April HSBC Services PMI 52.9 (expected 53.1; prior 52.3)
Hong Kong's April Manufacturing PMI 48.6 (prior 49.6)
India's April HSBC Services PMI 52.4 (prior 53.0)
New Zealand's Q1 Employment Change +0.7% quarter-over-quarter (expected 0.8%; prior 1.2%); Q1 Unemployment Rate 5.8% (expected 5.5%; prior 5.8%); Q1 Labor Cost Index +0.3% quarter-over-quarter (expected 0.4%; prior 0.5%); +1.8% year-over-year (expected 2.0%; prior 1.8%)
Australia's March Retail Sales +0.3% month-over-month (expected 0.4%; prior 0.7%); +0.7% quarter-over-quarter (expected 0.9%; prior 1.2%). Separately, March New Home Sales +4.4% month-over-month (prior 1.1%)

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Japan's Nikkei closed for holiday (Greenery Day)
Hong Kong's Hang Seng declined 0.4%, failing to hold earlier gains as it followed mainland shares lower in late action. The consumer cyclical (-1.5%) and basic materials (-1.3%) sectors were the biggest losers. China Resources Power Holdings (-4.4%), China Overseas Land & Development (-4.1%), China Unicom Hong Kong (-3.5%), and Galaxy Entertainment (-2.9%) paced individual decliners. China Mengniu Dairy (+7.5%) was the best-performing stock. Out of the 50 index members, 13 ended higher, 32 finished lower, and 5 were unchanged.
China's Shanghai Composite declined 1.6% on the back of a late-session selloff that erased earlier gains as concerns about the market being overheated continued to weigh. The HSBC Services PMI report for April wasn't as strong as expected, but was still at its highest level (52.9) this year. The utilities (-3.7%), energy (-3.2%), and basic materials (-2.3%) sectors were the weakest areas in the Chinese market on Wednesday.

Major European indices trade higher across the board with Germany's DAX (+0.6%) leading the rebound from yesterday's region-wide drop. In news, Greece has made a EUR200 million payment to the International Monetary Fund, according to a government official. The country is expected to pay another EUR780 million next Tuesday.

In economic data:
Eurozone April Services PMI 54.1 (expected 53.7; prior 53.7) while March Retail Sales -0.8% month-over-month (consensus -0.7%; last 0.1%)
Germany's April Services PMI 54.0 (consensus 54.4; last 54.4)
France's April Services PMI 51.4 (expected 50.8; prior 50.8)
Spain's April Services PMI 60.3 (forecast 57.4; prior 57.3)
Italy's April Services PMI 53.1 (expected 52.0; last 51.6)

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UK's FTSE has added 0.4% with help from consumer names. GKN, International Consolidated Airlines, and Imperial Tobacco are up between 1.4% and 3.4%. Miners are among the laggards with Antofagasta, BHP Billiton, Glencore, and Fresnillo down between 0.5% and 1.9%.
In France, the CAC trades up 0.5% amid mixed action in financial names. AXA and BNP Paribas are both up near 2.0% while Societe Generale trades down 2.4%.
Germany's DAX is higher by 0.6% with most components trading in the green. Infineon Technologies leads with a gain of 1.9% while Volkswagen is the weakest performer, down 1.9%. Drug makers have contributed to the strength of the index with Bayer and Merck holding respective gains of 1.5% and 1.2%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +9.80. The S&P 500 futures trade seven points above fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 169K in April. That was below the increase of 189K expected by the Briefing.com consensus. The March reading was revised down to 175,000 from 189,000.

Also of note, Unit labor costs increased 5.0% during the first quarter, which was higher than the 4.5% increase that had been anticipated by the Briefing.com consensus. During the same period, productivity decreased 1.9%, according to the preliminary reading. The consensus expectation was for a decrease of 1.8%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +5.90. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures trade seven points above fair value after climbing off their lows at the start of the European session.

The weekly MBA Mortgage Index fell 4.6% to follow last week's 2.3% decline.

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.

Treasuries trade little changed with the 10-yr yield at 2.21%.

In U.S. corporate news of note:

Anheuser-Busch Inbev (BUD 120.86, +3.66): +3.1% in reaction to better than expected earnings.
Electronic Arts (EA 61.25, +2.09): +3.5% after beating estimates and issuing below-consensus guidance.
Fossil (FOSL 84.20, -2.26): -2.6% despite beating bottom-line estimates and guiding Q2 earnings above analyst expectations. The stock was downgraded to 'Market Perform' from 'Outperform' at Cowen.
Herbalife (HLF 46.21, +6.12): +15.3% after beating estimates and guiding Q2 earnings above consensus expectations.
SodaStream (SODA 19.67, +0.56): +2.9% after beating earnings expectations on light revenue.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -1.6%, Hong Kong's Hang Seng -0.4%, and Japan's Nikkei remained closed for Greenery Day.
In economic data:
China's April HSBC Services PMI 52.9 (expected 53.1; prior 52.3)
Hong Kong's April Manufacturing PMI 48.6 (prior 49.6)
India's April HSBC Services PMI 52.4 (prior 53.0)
New Zealand's Q1 Employment Change +0.7% quarter-over-quarter (expected 0.8%; prior 1.2%); Q1 Unemployment Rate 5.8% (expected 5.5%; prior 5.8%); Q1 Labor Cost Index +0.3% quarter-over-quarter (expected 0.4%; prior 0.5%); +1.8% year-over-year (expected 2.0%; prior 1.8%)
Australia's March Retail Sales +0.3% month-over-month (expected 0.4%; prior 0.7%); +0.7% quarter-over-quarter (expected 0.9%; prior 1.2%). Separately, March New Home Sales +4.4% month-over-month (prior 1.1%)
In news:
Hong Kong's Manufacturing PMI hit a seven-month low with HSBC noting that business conditions have deteriorated in the private sector and are likely to remain difficult during the second quarter.

Major European indices trade higher across the board. UK's FTSE +0.3%, France's CAC +0.7%, and Germany's DAX +1.0%. Elsewhere, Spain's IBEX +0.9% and Italy's MIB +0.9%
In economic data:
Eurozone April Services PMI 54.1 (expected 53.7; prior 53.7) while March Retail Sales -0.8% month-over-month (consensus -0.7%; last 0.1%)
Germany's April Services PMI 54.0 (consensus 54.4; last 54.4)
France's April Services PMI 51.4 (expected 50.8; prior 50.8)
Spain's April Services PMI 60.3 (forecast 57.4; prior 57.3)
Italy's April Services PMI 53.1 (expected 52.0; last 51.6)
Among news of note:
Greece has made a EUR200 million payment to the International Monetary Fund, according to a government official. The country is expected to pay another EUR780 million next Tuesday.

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +9.60.

5:48 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...27640.91...-114.60...-0.40%.

5:48 am: [BRIEFING.COM] FTSE...6956.68...+29.10...+0.40%. DAX...11428.04...+100.40...+0.90%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
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