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 Post subject: May 13th Wednesday Trade Results - Profit $1450.00
PostPosted: Wed May 13, 2015 11:48 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)
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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1,450.00 dollars or +29.00 points, Light Crude Oil CL ($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 @ $1,450.00 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=2074

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


4:10 pm: [BRIEFING.COM] The stock market ended the midweek session on a flat note after sliding from its opening high. The S&P 500 settled just below its flat line to register its third consecutive decline while the Nasdaq Composite (+0.1%) outperformed throughout the day.

Prior to the open, the Retail Sales report for April (0.0%; Briefing.com consensus 0.2%) missed expectations for the fifth consecutive month. The economic disappointment helped Treasuries extend their overnight gains with the benchmark 10-yr yield hitting a morning low at 2.19%; however, Treasuries reversed from their morning highs and spent the day in a steady retreat (10-yr yield +3 bps to 2.28%) while the stock market followed suit.

Only four sectors registered gains, but the top-weighted technology sector (+0.5%) held the lead throughout the session and prevented the S&P 500 from registering a larger loss. In addition, the sector fueled the Nasdaq's outperformance with large cap names like Intel (INTC 32.64, +0.39), Microsoft (MSFT 47.62, +0.27), and Qualcomm (QCOM 69.73, +0.95) climbing between 0.6% and 1.4%.

Elsewhere among cyclical sectors, the industrial space (+0.2%) also spent the day in the green even as transport stocks lagged notably. The Dow Jones Transportation Average lost 1.1%, widening its year-to-date decline to 6.4% as 17 of its 20 components ended in the red. Delta Air Lines (DAL 46.78, +0.68) was a notable standout, adding 1.5% after announcing a $5 billion buyback program and boosting its dividend 50% to $0.135.

On the downside, the utilities sector (-1.1%) spent the session behind its peers while the consumer discretionary space (-0.6%) was the second-weakest performer. Sector heavyweight Comcast (CMCSA 56.28, -1.05) fell 1.8% while retailers also struggled following the disappointing economic data. The SPDR S&P Retail ETF (XRT 98.30, -0.29) lost 0.3%.

Also of note, the energy sector (-0.3%) was among the early leaders, but the growth-sensitive group was pressured by crude oil, which fell 0.4% to $60.46/bbl. The energy component could not rally even as the Dollar Index (93.72, -0.81) lost 0.9%.

Today's participation was in-line with Monday and Tuesday as roughly 700 million shares changed hands at the NYSE floor.

Economic data included Retail Sales, Import/Export Prices, Wholesale Inventories, and MBA Mortgage Index:

Retail sales were flat in April after increasing an upwardly revised 1.1% (from 0.9%) in March while the Briefing.com consensus expected retail sales an increase of 0.2%
Auto manufacturers reported a steep decline in the number of units sold in April (16.5 million SAAR from 17.1 million SAAR). That translated into a 0.4% decline at motor vehicle and parts dealers, down from a prior 2.9% increase
Excluding motor vehicles, retail sales increased a modest 0.1% after increasing an upwardly revised 0.7% (from 0.4%) in March while the consensus expected an increase of 0.4%
In the first quarter, the added income that was derived from lower oil prices was used to stockpile additional savings instead of boosting consumption. Now that gasoline prices are again on the rise, consumers are not only not liquidating their savings to pay for the higher gasoline costs, but they are adding more to their savings stockpile
Export prices, excluding agriculture, decreased 0.7% in April after increasing 0.2% in the prior reading
Excluding oil, import prices fell 0.4%, which followed last month's 0.4% decline
Business inventories increased 0.1% in March after increasing a downwardly revised 0.2% (from 0.3%) in February while the Briefing.com Consensus expected an increase of 0.2%
The changes in inventories for manufacturers (-0.2%) and merchant wholesalers (0.1%) were known prior to the release. The only new information was that retailer inventories increased 0.3% in March, down from a 0.5% increase in February
The weekly MBA Mortgage Index fell 3.5% to follow last week's 4.6% decline

Tomorrow, weekly Initial Claims (Briefing.com consensus 275K) and April PPI (consensus 0.2%) will be released at 8:30 ET.

Nasdaq Composite +5.2% YTD
Russell 2000 +2.4% YTD
S&P 500 +1.9% YTD
Dow Jones Industrial Average +1.3% YTD

3:35 pm: [BRIEFING.COM]

Despite notable weakness in the dollar index and despite draws seen in API oil storage data and draws seen in EIA oil, gas and distillate storage data, WTI crude oil prices lost steam and have been sliding lower today
There was a period of about two hours and 15 minutes where WTI crude was climbing higher. However, it has been downhill since then (about 1:15pm ET) as crude slid down near the $60/barrel level in current trade
In the floor trading session, June crude closed the day -$0.27 at $60.46/barrel, before extending losses
Weakness in the dollar index helped provide strength in other commodities, such as gold and silver
June gold closed the day +2.1% at $1217.90/oz, while July silver rallied +4.1% to $17.23/oz

2:55 pm: [BRIEFING.COM] The S&P 500 is little changed with one hour remaining in the session. The benchmark index enjoyed a ten-point spike at the start, but the aggressive buying interest faded as quickly as it showed up.

The benchmark index followed the opening spike with a full retracement and has spent the entire afternoon near its unchanged level. The Nasdaq Composite (+0.2%) continues showing relative strength thanks to gains among large cap components, but biotechnology has not played along, evidenced by a 0.3% decline in the iShares Nasdaq Biotechnology ETF (IBB 350.53, -1.26). The ETF finds itself just above the 50-day moving average (350.22) after ending yesterday's session above that mark.

2:25 pm: [BRIEFING.COM] Equity indices remain near their flat lines with the S&P 500 having spent the past three hours in a five-point range.

Technology (+0.5%) and industrials (+0.2%) continue providing support while the financial sector has returned to its unchanged level after showing relative strength earlier. On the flip side, the utilities sector has widened its decline to 1.1% while the consumer discretionary space is now down 0.6%. Also of note, this week's worst-performing sector-energy-is lower by 0.6% and down 2.2% for the week. On a related note, crude oil is lower by 0.4% at $60.50/bbl.

Elsewhere, Treasuries sit on their highs with the 10-yr yield higher by almost three basis points at 2.28%.

1:55 pm: [BRIEFING.COM] The major averages continue holding slim gains.

The big news from today's retail sales report was consumer still prefer to save rather than spend.

Retail sales were flat in April after increasing an upwardly revised 1.1% (from 0.9%) in March. The Briefing.com Consensus expected retail sales to increase 0.2%.

Excluding motor vehicles, retail sales increased a modest 0.1% after increasing an upwardly revised 0.7% (from 0.4%) in March. The consensus expected these sales to increase 0.4%.

In the first quarter, the added income that was derived from lower oil prices was used to stockpile additional savings instead of boosting consumption. Now that gasoline prices are again on the rise, consumers are not only not liquidating their savings to pay for the higher gasoline costs, but they are adding more to their savings stockpile.

Spending in April was well below the 0.3% increase in aggregate earnings that was reported in the April employment report.

The trend of maintaining an elevated savings rate in lieu of consumption will keep second quarter growth from returning to its potential rate (2.8% - 3.2%).

1:35 pm: [BRIEFING.COM] The major U.S. indices continue to sport modest gains, with the Nasdaq outperforming its counterparts.

In equities, shares of industrial giant DuPont (DD 69.89, -4.47) are under heavy pressure after preliminary results from its shareholder meeting showed that shareholders voted to re-elect all 12 DuPont nominees, abstaining from electing a representative from activist investor Trian Fund Management. Elsewhere, glass bottle manufacturer Owens-Illinois (OI 26.15, +2.36) is outperforming after announcing this morning a $2.15 bln deal to acquire Vitro SAB's food and beverage business, with expected deal accretion in 2016.

At the top of the hour, the Treasury auctioned off $24 bln in 10-year notes in a well-received offering. The auction drew a high yield of 2.237% and a bid-to-cover of 2.72. The offering saw healthy demand from indirect bidders who took 60.2% of the allotment versus a prior 12-auction average of 49.5%.

Notable earnings after the close are expected from Cisco (CSCO 29.35, +0.12), J.C. Penney (JCP 8.76, -0.12), Shake Shack (SHAK), among others.

12:55 pm: [BRIEFING.COM] The major averages hover near their flat lines at midday. The Nasdaq Composite (+0.2%) leads while the S&P 500 trades closer to its unchanged level.

Equity indices spiked out of the gate, but the remainder of today's first half has featured a steady retreat. Index futures spent the night in positive territory as global bond markets recovered from recent selling. Similarly, the U.S. 10-yr note rallied with its yield hitting a session low at 2.19% after the Retail Sales report disappointed for the fifth month in a row (0.0%; Briefing.com consensus 0.2%).

Interestingly, Treasuries marked their session highs following the report and the 10-yr note is now on its low with the benchmark yield higher by two basis points at 2.27%. Furthermore, the slide in Treasuries has coincided with the stock market's pullback from opening highs.

Five sectors continue holding midday gains with technology (+0.6%) and financials (+0.2%) responsible for keeping the benchmark index just above its flat line. The tech sector has received support from large cap components like Apple (AAPL 126.53, +0.67), Google (GOOGL 541.47, +2.74), and Microsoft (MSFT 47.84, +0.49) while chipmakers have also shown strength with the PHLX Semiconductor Index up 0.6%.

Elsewhere, the industrial sector (+0.3%) is the only other advancer on the cyclical side, but the move has occurred despite weakness in transport stocks. The Dow Jones Transportation Average is lower by 1.0% with all but two names in the red. Delta Air Lines (DAL 47.18, +1.08) and Alaska Air (ALK 65.24, +0.06) hold gains with Delta trading higher by 2.3% after announcing a $5 billion buyback program and boosting its dividend 50% to $0.135. Similarly, Southwest Airlines (LUV 41.81, -0.44) increased its dividend by 25% to $0.075 and authorized a $1.5 billion buyback program, but the stock trades lower by 1.1% at this juncture.

On the downside, the utilities sector (-1.0%) is the weakest performer while energy (-0.3%) and consumer discretionary (-0.5%) also lag.

Economic data included Retail Sales, Import/Export Prices, Wholesale Inventories, and MBA Mortgage Index:

Retail sales were flat in April after increasing an upwardly revised 1.1% (from 0.9%) in March while the Briefing.com consensus expected retail sales an increase of 0.2%
Auto manufacturers reported a steep decline in the number of units sold in April (16.5 million SAAR from 17.1 million SAAR). That translated into a 0.4% decline at motor vehicle and parts dealers, down from a prior 2.9% increase
Excluding motor vehicles, retail sales increased a modest 0.1% after increasing an upwardly revised 0.7% (from 0.4%) in March while the consensus expected an increase of 0.4%
In the first quarter, the added income that was derived from lower oil prices was used to stockpile additional savings instead of boosting consumption. Now that gasoline prices are again on the rise, consumers are not only not liquidating their savings to pay for the higher gasoline costs, but they are adding more to their savings stockpile
Export prices, excluding agriculture, decreased 0.7% in April after increasing 0.2% in the prior reading
Excluding oil, import prices fell 0.4%, which followed last month's 0.4% decline
Business inventories increased 0.1% in March after increasing a downwardly revised 0.2% (from 0.3%) in February while the Briefing.com Consensus expected an increase of 0.2%
The changes in inventories for manufacturers (-0.2%) and merchant wholesalers (0.1%) were known prior to the release. The only new information was that retailer inventories increased 0.3% in March, down from a 0.5% increase in February
The weekly MBA Mortgage Index fell 3.5% to follow last week's 4.6% decline

12:25 pm: [BRIEFING.COM] Not much change in the market with the Dow, Nasdaq, and S&P 500 trying to maintain their slim gains after sliding from their opening highs.

Cyclical sectors trade in mixed fashion with three up and three down; however, the two largest sectors by weight-technology (+0.6%) and financials (+0.3%)-trade ahead of the broader market. Interestingly, the financial sector struggled at the start, but the group now represents today's second-best performer.

Also of note, Treasuries have slipped to new lows, pushing the 10-yr yield up to 2.27% (+1 bp).
Related Quotes

11:50 am: [BRIEFING.COM] The stock market remains near its session low with four sectors trading in the red.

The consumer discretionary (-0.3%) group is among the laggards following a disappointing Retail Sales report for April. Accordingly, retail stocks have faced some selling pressure with SPDR S&P Retail ETF (XRT 98.34, -0.25) trading lower by 0.3%. In addition, media names have also shown relative weakness with Comcast (CMCSA 56.37, -0.96) having surrendered 1.7%.

Elsewhere, materials (-0.4%) and utilities (-0.7%) also hold losses while the energy sector hovers just below its flat line.

11:25 am: [BRIEFING.COM] Equity indices hover near their recently-established lows with the S&P 500 trading right above its flat line while the Nasdaq Composite (+0.2%) continues showing relative strength.

The tech-heavy Nasdaq has been able to stay ahead of the broader market thanks to gains in large cap names like Microsoft (MSFT 47.96, +0.60), Intel (INTC 32.61, +0.36), and Qualcomm (QCOM 70.08, +1.29). Meanwhile, biotechnology outperformed at the start, but the iShares Nasdaq Biotechnology ETF (IBB 351.35, -0.44) is now down 0.1% as it tries to avoid returning below its 50-day moving average (350.24), which had acted as resistance for the past two weeks or so. For its part, the health care sector trades in-line with the S&P 500.

10:55 am: [BRIEFING.COM] The stock market has surrendered the bulk of its early advance with the S&P 500 narrowing its gain to 0.1%.

The benchmark index remains in the green thanks to the continued strength of the technology sector (+0.7%), but other groups have pulled back from their early levels. To that point, consumer discretionary (-0.3%), energy (-0.2%), and materials (-0.4%) are now in the red.

Also of note, the industrial sector (+0.3%) trades ahead of the broader market even though transport stocks are showing relative weakness for the second day in a row. The Dow Jones Transportation Average is lower by 0.8% with all but one member in the red. Delta Air Lines (DAL 47.08, +0.98) has bucked the trend, trading higher by 2.2% after announcing a $5 billion buyback program and boosting its dividend 50% to $0.135.

Elsewhere, Treasuries have retraced the bulk of their gains with the 10-yr yield now down just one basis point at 2.24%.

10:35 am: [BRIEFING.COM]

WTI crude oil futures climbed nicely higher yesterday following the API weekly storage data, which showed a build of 2 mln barrels.
The move in WTI oil pushed the commodity above the $61/barrel for the first time since December 2014.
June crude oil has been trading in positive territory all morning, ahead of the weekly EIA storage data, sitting about 1.1% higher at $61.40/barrel about 10 minutes before the data.
Following the data, which showed a draw of 2.19 mln barrels, June crude oil popped by ~$0.30, but couldn't hold gains and quickly dropped back near $61.00/barrel
The June contract is now +0.7% to $61.15/barrel
The dollar has been under heavy selling pressure this morning, following the release of disappointing April US retail sales data.
Dollar weakness has been giving support to certain commodities, most notably precious metals so far this session.
The index is currently near its LoD, -0.9% to 93.73
Precious metals are continuing to rally on Dollar weakness, with both gold and silver being near session highs.
June gold is +2.1% to $1216.60/oz and July Silver is +4.1% to $17.20/oz
Copper is trading modestly higher, following a building bullish sentiment for further Chinese easing. The July contract is now +0.2% to $2.94/lb
Natural gas is currently +1.8% to $2.95/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.3%.

Just released, Business Inventories rose 0.1% in March while the Briefing.com consensus expected an increase of 0.2%. This followed the prior month's revised increase of 0.2% (from 0.3%).

9:45 am: [BRIEFING.COM] The major averages rallied out of the gate with the Nasdaq Composite (+0.6%) setting the pace in the early going. Meanwhile, the S&P 500 (+0.5%) follows not far behind with nine of its ten sectors holding gains.

The technology sector (+0.9%) was among yesterday's laggards, but the top-weighted group has seized the lead right at the start of the session. Meanwhile, another influential group-financials (+0.1%)-has spent the initial minutes among the laggards.

On the downside, the materials sector (-0.3%) hovers below its flat line, but it is worth pointing out that the group represents just 3.5% of the entire market.

Elsewhere, Treasuries have ticked down from their highs, but continue holding gains with the 10-yr yield down three basis points at 2.22%.

The Business Inventories report for March (consensus 0.2%) will be released at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +14.80. The stock market is on track for a modestly higher open as futures on the S&P 500 trade two points above fair value.

Index futures have spent the entire night in positive territory as global bond markets stabilized following the recent rout. To that point, the U.S. 10-yr note sits on its high with the benchmark yield down four basis points at 2.22%. Similarly, Germany's 10-yr bund hovers near its best level of the day with the yield down five basis points at 0.63%.

It is worth noting that futures have slipped to session lows in reaction to an April Retail Sales report (0.0%; Briefing.com consensus 0.2%), which missed expectations and represented the fifth consecutive disappointing month.

Things have been relatively quiet on the corporate front with no market-moving companies reporting their earnings. In M&A news, Danaher (DHR 89.93, +3.93) has jumped 4.6% in pre-market after announcing the acquisition of Pall (PLL 124.60, +5.98) for $127.20/share and revealing plans to split into two companies.

The Business Inventories report for March (consensus 0.2%) will be released at 10:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +20.20. The S&P 500 futures trade three points above fair value.

Markets in the Asia-Pacific region finished mostly higher on Wednesday. The Hang Seng (-0.6%) and the Shanghai Composite (-0.6%) were the notable exceptions as they fell prone to selling pressure following a batch of economic data from the mainland, including retail sales, industrial production, and fixed asset investment, that was weaker than expected.

Economic data was plentiful:
Japan's March Current Account JPY2.795 tln (expected JPY 2.060 tln; prior JPY 1.440 tln), April Bank Lending +2.6% year-over-year (expected +2.5%; prior +2.6%), and April Economy Watchers Current Index 53.6 (expected 52.1; prior 52.2)
China's April Fixed Asset Investment +12.0% year-over-year (expected +13.5%; prior +13.5%), April Industrial Production +5.9% year-over-year (expected +6.0%; prior +5.6%), April Retail Sales +10.0% year-over-year (expected +10.5%; prior +10.2%), April New Loans CNY 707.9 bln (expected CNY 903.0 bln; prior CNY 1,180.0 bln), April Outstanding Loan Growth 14.1% (expected 14.0%; prior 14.0%), April M2 Money Stock +10.1% year-over-year (expected +11.9%; prior +11.6%)
South Korea's April Export Price Index -6.1% year-over-year (prior -6.8%) and April Import Price Index -17.1% (prior -17.1%)
Australia's Q1 Wage Price Index +0.5% quarter-over-quarter (expected +0.6%; prior +0.6%); +2.3% year-over-year (expected +2.4%; prior +2.5%
New Zealand's April FPI -0.3% month-over-month (prior +0.1%)

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Japan's Nikkei increased 0.7% and finished near its highs for the day after the country posted its largest current account surplus in seven years, according to reports. The gains were led by the basic materials (+1.2%), energy (+1.1%), and consumer cyclical (+1.1%) sectors. Toho Zinc Co (+9.9%), Pacific Metals Co (+7.6%), and Shimizu Corp (+6.5%) topped the list of individual winners while Mitsumi Electric Co (-8.1%), Yokogawa Electric (-5.3%), and Nippon Soda Co (-5.2%) paced the losers. Out of the 225 index members 134 ended higher, 90 finished lower, and 1 was unchanged.
Hong Kong's Hang Seng declined 0.6%, trailing off in the afternoon trade after sporting modest gains early in the session. The decline was led by the financial (-0.8%) and basic materials (-0.8%) sectors. China Resources Land (-6.3%), China Merchants Holdings (-2.7%), and Tingyi Cayman Islands Holding Corp (-2.6%) were the biggest individual losers. Hang Seng Bank (+2.9%) and Kunlun Energy Co (+1.7%) were the only two 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 0.6% with the bulk of the losses coming in the final hour of trade. The losses came on the back of a raft of April data that was weaker than consensus views, including fixed asset investment, industrial production, retail sales, and new loans for April. The technology (-1.8%), financial (-1.1%), and industrial (-0.9%) sectors were influential laggards in the Chinese market on Wednesday.

Major European indices trade higher across the board with France's CAC (+1.1%) in the lead. Elsewhere, Greece's Interior Minister Nikos Voutsis said the government has no plans to call a referendum or snap elections. He added that a request has been made to hold an additional Eurogroup meeting on May 22.

Participants received a full slate of data:
Eurozone Q1 GDP +0.4% quarter-over-quarter (expected 0.5%; prior 0.3%); +1.0% year-over-year (consensus 1.1%; last 0.9%). Separately, March Industrial Production -0.3% month-over-month (expected 0.2%; last 1.0%); +1.8% year-over-year, as expected (prior 1.9%)
Germany's Q1 GDP +0.3% quarter-over-quarter (expected 0.5%; prior 0.7%); +1.1% year-over-year (expected 1.2%; last 1.6%). Separately, April CPI 0.0% month-over-month (consensus -0.1%; last -0.1%); +0.5% year-over-year (consensus 0.4%; last 0.4%)
UK's March Average Earnings Index + Bonus +1.9% (expected 1.7%; prior 1.7%). Separately, April Claimant Count -12,600 (expected -20,000; last -16,700) while the unemployment rate ticked down to 5.5% from 5.6%, as expected
French Q1 GDP +0.6% quarter-over-quarter (expected 0.4%; prior 0.1%). Separately, Q1 Nonfarm Payrolls -0.1% quarter-over-quarter (expected 0.0%; prior 0.0%) and April CPI +0.1% month-over-month (consensus 0.2%; last 0.7%)
Italy's Q1 GDP +0.3% quarter-over-quarter (consensus 0.2%; prior 0.0%); 0.0% year-over-year (expected -0.2%; last -0.5%). Separately, April CPI +0.2% month-over-month (expected 0.3%; prior 0.2%); -0.1% year-over-year (consensus 0.0%; prior -0.1%)
Spain's April CPI +0.9% month-over-month (consensus 1.0%; prior 0.6%); -0.6% year-over-year, as expected

------

Germany's DAX has returned to its flat line in recent action. Commerzbank, Deutsche Lufthansa, and Merck are among the leaders with gains between 1.4% and 2.5%. On the downside, Deutsche Post has given up 3.6% in reaction to disappointing results.
UK's FTSE trades higher by 0.3% with homebuilders in the lead. Barratt Developments and Taylor Wimpey hold respective gains of 4.1% and 2.6%. A handful of financials lag with Admiral Group and HSBC Holdings down 1.4% and 0.7%, respectively.
France's CAC is higher by 1.7% with all but four names in the green. Industrials Airbus, Bouygues, and Peugeot lead with gains close to 2.5% apiece.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +13.30. The S&P 500 futures trade two points below fair value.

April retail sales were unchanged while the Briefing.com consensus expected an increase of 0.2%. The prior month's reading was revised up to 1.1% from 0.9%. Excluding autos, retail sales rose 0.1% while the consensus expected an increase of 0.4%.

Export prices, excluding agriculture, decreased 0.7% in April after increasing 0.2% in the prior reading. Excluding oil, import prices fell 0.4%, which followed last month's 0.4% decline.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +20.90. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover six points above fair value after hitting their highs at the start of the European session.

The advance in futures has been supported by strength in global bond markets. The U.S. 10-yr yield is lower by three basis points at 2.22% while Germany's benchmark yield has given up six basis points, sliding to 0.62%.

April Retail Sales (Briefing.com consensus 0.2%) and April Import/Export Prices will be reported at 8:30 ET while the Business Inventories report for March (consensus 0.2%) will be released at 10:00 ET.

In U.S. corporate news of note:

Danaher (DHR 91.51, +5.51): +6.4% after announcing the acquisition of Pall (PLL 124.33, +5.71) for $127.20/share, and revealing plans to split into two companies.
Delta Air Lines (DAL 47.33, +1.23): +2.7% after announcing a $5 billion buyback program and boosting its dividend 50% to $0.135.
Microsoft (MSFT 48.00, +0.65): +1.4% after Deutsche Bank upgraded the stock to 'Buy' from 'Hold' with a $55 price target.
Vertex Pharmaceuticals (VRTX 133.06, +8.98): +7.2% after a couple of its drugs were recommended for FDA approvals.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.6%, Hong Kong's Hang Seng -0.6%, and Japan's Nikkei +0.7%.
Economic data was plentiful:
Japan's March Current Account JPY2.795 tln (expected JPY 2.060 tln; prior JPY 1.440 tln), April Bank Lending +2.6% year-over-year (expected +2.5%; prior +2.6%), and April Economy Watchers Current Index 53.6 (expected 52.1; prior 52.2)
China's April Fixed Asset Investment +12.0% year-over-year (expected +13.5%; prior +13.5%), April Industrial Production +5.9% year-over-year (expected +6.0%; prior +5.6%), April Retail Sales +10.0% year-over-year (expected +10.5%; prior +10.2%), April New Loans CNY 707.9 bln (expected CNY 903.0 bln; prior CNY 1,180.0 bln), April Outstanding Loan Growth 14.1% (expected 14.0%; prior 14.0%), April M2 Money Stock +10.1% year-over-year (expected +11.9%; prior +11.6%)
South Korea's April Export Price Index -6.1% year-over-year (prior -6.8%) and April Import Price Index -17.1% (prior -17.1%)
Australia's Q1 Wage Price Index +0.5% quarter-over-quarter (expected +0.6%; prior +0.6%); +2.3% year-over-year (expected +2.4%; prior +2.5%
New Zealand's April FPI -0.3% month-over-month (prior +0.1%)
In news:
China's Shanghai Composite and Hong Kong's Hang Seng closed on their lows in reaction to a batch of disappointing economic data that crossed during the final hours of the session.

Major European indices trade higher across the board. UK's FTSE +0.4%, Germany's DAX +0.6%, and France's CAC +1.1%. Elsewhere, Italy's MIB +0.9% and Spain's IBEX +0.6%
Participants received a full slate of data:
Eurozone Q1 GDP +0.4% quarter-over-quarter (expected 0.5%; prior 0.3%); +1.0% year-over-year (consensus 1.1%; last 0.9%). Separately, March Industrial Production -0.3% month-over-month (expected 0.2%; last 1.0%); +1.8% year-over-year, as expected (prior 1.9%)
Germany's Q1 GDP +0.3% quarter-over-quarter (expected 0.5%; prior 0.7%); +1.1% year-over-year (expected 1.2%; last 1.6%). Separately, April CPI 0.0% month-over-month (consensus -0.1%; last -0.1%); +0.5% year-over-year (consensus 0.4%; last 0.4%)
UK's March Average Earnings Index + Bonus +1.9% (expected 1.7%; prior 1.7%). Separately, April Claimant Count -12,600 (expected -20,000; last -16,700) while the unemployment rate ticked down to 5.5% from 5.6%, as expected
French Q1 GDP +0.6% quarter-over-quarter (expected 0.4%; prior 0.1%). Separately, Q1 Nonfarm Payrolls -0.1% quarter-over-quarter (expected 0.0%; prior 0.0%) and April CPI +0.1% month-over-month (consensus 0.2%; last 0.7%)
Italy's Q1 GDP +0.3% quarter-over-quarter (consensus 0.2%; prior 0.0%); 0.0% year-over-year (expected -0.2%; last -0.5%). Separately, April CPI +0.2% month-over-month (expected 0.3%; prior 0.2%); -0.1% year-over-year (consensus 0.0%; prior -0.1%)
Spain's April CPI +0.9% month-over-month (consensus 1.0%; prior 0.6%); -0.6% year-over-year, as expected
Among news of note:
Greece's Interior Minister Nikos Voutsis said the government has no plans to call a referendum or snap elections. He added that a request has been made to hold an additional Eurogroup meeting on May 22.

5:52 am: [BRIEFING.COM] S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +26.10.

5:51 am: [BRIEFING.COM] Nikkei...19764.72...+139.90...+0.70%. Hang Seng...27249.28...-157.90...-0.60%.

5:51 am: [BRIEFING.COM] FTSE...6973.96...+40.20...+0.60%. DAX...11544.81...+72.40...+0.60%.

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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