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 Post subject: May 15th Friday Trade Results - Profit $1875.00
PostPosted: Fri May 15, 2015 5:13 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 @ $1,875.00 dollars or +37.50 points, Light Crude Oil CL ($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 @ $1,875.00 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=2076

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 ended the Friday session on a flat note and completed its second consecutive weekly round trip. The S&P 500 (+0.1%) settled just above its flat line, inching up to a new closing record high at 2,122.73 while the Nasdaq (-0.1%) lagged throughout the day. For the week, the S&P 500 added 0.3% after being down nearly 1.5% for the week on Wednesday.

Overall, the final session of the week was very quiet with the benchmark index trading inside a seven-point range. Stocks dipped in the early going after four disappointing economic reports weighed on sentiment, but that pessimism was essentially offset by increased expectations that the Federal Reserve will refrain from raising rates in the near term due to the recent string of uninspiring data. To that point, Treasuries rallied throughout the day, sending the 10-yr yield lower by ten basis points to 2.14% while strength in the long bond dropped its yield 12 basis points to 2.93%. Thanks to today's surge, the benchmark 10-yr note reclaimed the remainder of its loss from the early portion of the week.

Seven sectors registered gains with rate-sensitive utilities (+1.3%) holding the lead throughout the session. Meanwhile, influential groups like health care (+0.2%), consumer discretionary (+0.8%), and energy (+0.4%) also ended in the green, but their strength was offset by weakness in top-weighted technology (-0.3%) and financials (-0.4%) as well as the fifth largest group by weight-industrials (-0.1%).

The financial sector ended at the bottom of the leaderboard with regional banks leading the retreat that was fueled by the flattening at the long end of the yield curve.

For its part, technology underperformed after leading the market's rebound from Wednesday's low. Large cap components like Apple (AAPL 128.75, -0.20), Google (GOOGL 546.49, -2.71), IBM (IBM 173.26, -0.79), and Microsoft (MSFT 48.30, -0.42) lost between 0.2% and 0.9% with comparable weakness among their peers overshadowing a decent showing from the chipmaker group. Applied Materials (AMAT 20.20, +0.34) gained 1.7% after reporting a one-cent beat while the broader PHLX Semiconductor Index added 0.2%.

Similarly, the industrial sector was weighed down by some of its largest members like General Electric (GE 27.27, -0.14) and Boeing (BA 146.88, -1.08) while transport stocks rebounded after showing relative weakness earlier in the week. The Dow Jones Transportation Average gained 0.9% today, but still lost 1.1% for the week.

On the upside, the consumer discretionary sector enjoyed broad strength with retail stocks sending the SPDR S&P Retail ETF (XRT 98.64, +0.99) higher by 1.0%. Elsewhere, the energy sector (+0.4%) recovered from opening weakness as crude oil erased its overnight loss to end the week just below $60.00/bbl. The intraday recovery was assisted by a decline in the Dollar Index (-0.2%), which has surrendered 6.8% over the past five weeks.

Today's intraday participation was light, but that was masked by options expiration, which brought the final NYSE floor volume up to nearly 813 million shares by the close.

Economic data included Empire Manufacturing Index, Industrial Production/Capacity Utilization and Michigan Sentiment Index:

The Empire Manufacturing Survey for May improved to 3.1 from April's -1.2 while the Briefing.com consensus expected an increase to 4.5
Industrial production registered its fifth consecutive monthly decline, falling 0.3% in April after declining an upwardly revised 0.3% (from -0.6%) in March while the Briefing.com consensus expected an increase of 0.1%
Manufacturing production was flat after increasing 0.3% in March, which was more-or-less in-line with the regional manufacturing surveys that showed minor contractions throughout the U.S.
Capacity utilization hit 78.2% while the Briefing.com consensus expected a reading of 78.4%
The University of Michigan Consumer Sentiment Index declined to 88.6 in the preliminary May reading from 95.9 in April while the Briefing.com consensus expected an increase to 96.0
That was the lowest reading since October 2014 when the index hit 86.9
The Expectations Index fell to 81.5 in May from 88.8 in April while the Current Conditions Index declined to 99.8 from 107.0
The decline in sentiment was likely caused by increasing gasoline prices and some market volatility, which offset improvements in labor market conditions

Monday's data will be limited to the 10:00 ET release of the NAHB Housing Market Index for May (Briefing.com consensus 57).

Nasdaq Composite +6.2% YTD
Russell 2000 +3.2% YTD
S&P 500 +3.0% YTD
Dow Jones Industrial Average +2.5% YTD

Week in Review: Stocks Roundtrip...Again

The stock market followed up Friday's broad-based rally with an outing on Monday that never got on track due to a variety of reasons like technical resistance near record highs, rising long term rates (10-yr yield 2.27%, 30-yr 3.03%), weakness in the energy sector (-2.1%), and global concerns related to China and Greece. The Dow Jones Industrial Average (-0.5%), Nasdaq Composite (-0.2%), and S&P 500 (-0.5%) all ended the day in red figures. The Russell 2000 (+0.2%) finished off its highs for the day, but still managed to close the session higher.

The market ended the Tuesday session on a modestly lower note, which masked an opening drop that had the S&P 500 (-0.3%) down as much as 20 points. Equity indices endured a shaky open after the overnight session featured more selling in European and U.S. bond markets; however, that pressure abated shortly before the opening bell with the U.S. 10-yr note marking its low at 8:00 ET. At that time, the benchmark yield marked a session high at 2.36% and began its daylong retreat that ended at 2.26%. The ensuing rally in Treasuries fostered a rebound in equities with the S&P 500 returning above its 50-day moving average (2,089) after sliding beneath that level at the start. The S&P 500 ended the day not far below its flat line, but only two sectors finished the day with gains. The energy sector (+0.4%) followed Monday's weakness with some relative strength thanks to a 2.5% gain in crude oil ($60.59/bbl), which was underpinned by a 0.5% decline in the Dollar Index (94.55, -0.46).

The major averages ended the midweek session on a flat note after sliding from their opening highs. 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%.

Stocks soared on Thursday with the S&P 500 climbing 1.1%. The benchmark index settled at a fresh record high of 2121.10 while the Nasdaq Composite (+1.4%) outperformed once again. Equity indices spiked out of the gate and spent the rest of the day in a slow drift higher with all ten sectors taking part in the advance. The top-weighted technology sector (+1.7%) followed Wednesday's outperformance with another strong showing that kept the group in the lead throughout the session. Large cap names like Apple (AAPL 128.95 +2.94), Google (GOOGL 549.20, +9.71), Microsoft (MSFT 48.72, +1.09), and Facebook (FB 81.37, +2.93) gained between 1.8% and 3.7%, which helped overshadow a 1.0% decline in the shares of Cisco Systems (CSCO 29.05, -0.30) after the company reported a one-cent beat and issued in-line guidance. It is worth noting that Cisco's report triggered a Sterne Agee CRT downgrade to 'Neutral.'

3:35 pm: [BRIEFING.COM]

The dollar index fell steadily during the course of today's trade, following the mid-morning release of US consumer sentiment data
Weakness in the dollar supported precious metals throughout the course of the day.
Precious metals closed mixed, with June gold at +0.02% to $1225.30/oz and July silver at +0.46% to $17.57/oz
Crude sold off at the open of pit trading, but saw a mid-morning rally that lasted into the close. July crude closed down by $0.19 to $59.69/barrel
July copper rallied to flat off of overnight lows near $2.90, and ended the day at $2.92/oz
June natural gas closed $0.01 higher to $3.01/MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 has crawled back to its flat line with one hour remaining in the session. Meanwhile, the Nasdaq Composite (-0.1%) continues showing a slight loss due to continued weakness in heavily-weighted components of the technology sector (-0.4%).

On the flip side, the utilities sector has extended its gain to 1.2% while the strongest cyclical group-energy-is now up 0.7% thanks to a full recovery in crude oil futures ($59.88/bbl). The consumer discretionary (+0.6%) sector follows, continuing its rebound after struggling earlier in the week.

2:25 pm: [BRIEFING.COM] Quiet afternoon inaction continues with the S&P 500 (-0.1%) bouncing inside a two-point range that has held since 11:30 ET.

Sector standing has not changed much since our midday update with technology (-0.4%), financials (-0.6%), and industrials (-0.3%) responsible for the slim loss. One group that has moved a little is the health care sector (-0.1%), which has returned into the red with biotechnology doing the same. The iShares Nasdaq Biotechnology ETF (IBB 354.61, -0.98) is now down 0.3%, nearing its session low. It is worth noting that the biotech ETF climbed above its 50-day moving average (350.68) yesterday after struggling with that level for the better part of the past three weeks.

Elsewhere, the 10-yr note is on the verge of setting a fresh high for the day with its yield down almost 11 basis points at 2.14% while the 30-yr bond has already notched a new high for the day with its yield sliding to 2.92% (-13 bps).

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

Industrial production continued along its downward path.

Industrial production declined 0.3% in April after declining an upwardly revised 0.3% (from -0.6%) in March. The Briefing.com Consensus expected industrial production to increase 0.1%.

That was the fifth consecutive monthly decline.

Manufacturing production was flat after increasing 0.3% in March. That was more-or-less in-line with the regional manufacturing surveys that showed minor contractions throughout the U.S.

Motor vehicle and parts production increased 1.3% in April after a 4.3% increase in March. Total motor vehicle assemblies increased to 12.02 mln SAAR in April from 11.72 mln SAAR in March. Auto assemblies increased to 4.30 mln SAAR from 4.21 mln SAAR and truck assemblies increased to 7.72 mln SAAR from 7.50 mln SAAR.

Excluding motor vehicle and parts production, manufacturing production declined 0.1% in April after increasing 0.1% in March.

1:30 pm: [BRIEFING.COM] The major U.S indices remain fractionally lower with volume weakening as we approach the weekend

While news flow has been modestly reserved compared to a traditional day, investors are paying close attention to various SEC filings today as hedge funds disclose their quarterly holdings, as required.

In equities, shares of Netflix (NFLX 613.94, +27.09) are outperforming after setting new all-time highs earlier today following a WSJ report that the company is in talks with various Chinese broadcasting companies to bring its content to China.

In commodities, the weekly Baker Hughes (BHI 65.86, +0.36) rig report showed the 23rd consecutive decline in its count of active U.S. rigs, although the decline was the smallest seen this year. Despite the improvement, there was a muted reaction in the price of WTI crude oil futures (-0.75% to $59.44/bbl)

1:05 pm: [BRIEFING.COM] After setting a fresh record closing high yesterday, the S&P 500 (-0.1%) has spun its wheels through the first half of the Friday session. The benchmark index trades just beneath its flat line while the Nasdaq Composite (-0.2%) underperforms.

In some ways, the current standing is fitting considering the S&P 500 is on track to end the week essentially unchanged (+0.1%). On the other hand, the market has held up relatively well today despite four disappointing economic data points reported this morning.

At first glance, one might be surprised to see that seven of ten sectors trade in the green, but the three laggards-technology (-0.4%), financials (-0.6%), and industrials (-0.3%)-represent nearly 47.0% of the market.

The top-weighted technology sector has shown relative weakness today after outperforming over the past couple days. Large cap names like Apple (AAPL 128.70, -0.25), Microsoft (MSFT 48.23, -0.49), and Google (GOOGL 545.16, -4.04) have masked general strength among chipmakers after Applied Materials (AMAT 20.26, +0.39) reported a one-cent beat. The stock has gained 2.0% while the PHLX Semiconductor Index is higher by 0.3%.

Elsewhere, the economically-sensitive financial sector is likely suffering from reduced growth prospects as economic data continues to disappoint. A large part of today's negative response is due to flattening at the long end of the Treasury curve with yields coming down notably. The 10-yr note has marked a fresh high not long ago with its yield down ten basis points at 2.14%. Meanwhile, strength in the 30-yr bond has lowered its yield 12 basis points to 2.93%.

To be fair, the drop in yields has been a positive for the rate-sensitive utilities sector (+0.9%), but the group represents just 3.2% of the market. Accordingly, we'll only spend 3.2% of this update talking about the tiny sector.

Elsewhere, the energy sector (+0.5%) holds a decent gain that has been aided by a rebound in crude oil with the energy component now down 0.7% at $59.45/bbl after being down more than 2.0% earlier. In turn, the rebound in oil has coincided with the Dollar Index (unch) surrendering its overnight gain.

Economic data included Empire Manufacturing Index, Industrial Production/Capacity Utilization and Michigan Sentiment Index:

The Empire Manufacturing Survey for May improved to 3.1 from April's -1.2 while the Briefing.com consensus expected an increase to 4.5
Industrial production registered its fifth consecutive monthly decline, falling 0.3% in April after declining an upwardly revised 0.3% (from -0.6%) in March while the Briefing.com consensus expected an increase of 0.1%
Manufacturing production was flat after increasing 0.3% in March, which was more-or-less in-line with the regional manufacturing surveys that showed minor contractions throughout the U.S.
Capacity utilization hit 78.2% while the Briefing.com consensus expected a reading of 78.4%
The University of Michigan Consumer Sentiment Index declined to 88.6 in the preliminary May reading from 95.9 in April while the Briefing.com consensus expected an increase to 96.0
That was the lowest reading since October 2014 when the index hit 86.9
The Expectations Index fell to 81.5 in May from 88.8 in April while the Current Conditions Index declined to 99.8 from 107.0
The decline in sentiment was likely caused by increasing gasoline prices and some market volatility, which offset improvements in labor market conditions

12:30 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 (-0.1%) drifting near its recent levels.

Although the market remains essentially flat for the time being, there are some signs of impending weakness. Specifically, the health care sector is now flat after showing a modest gain earlier. Similarly, biotech names have surrendered their gains and iShares Nasdaq Biotechnology ETF (IBB 355.00, -0.59) is now down 0.2%.

The health care sector, and by extension biotechnology, deserves attention since additional weakness there would likely lead to new lows in the S&P 500 when taking into account the losses among heavily-weighted sectors like technology (-0.3%), financials (-0.6%), and industrials (-0.3%).
Related Quotes

12:00 pm: [BRIEFING.COM] The major averages hover near their session lows with losses in three heavily-weighted sectors-financials (-0.6%), industrials (-0.3%), and technology (-0.4%)-masking the fact that every other group now trades in the green.

The utilities sector (+0.7%) leads, benefitting from lower yields, while more influential groups like consumer discretionary (+0.4%), health care (+0.1%), and energy (+0.2%) hold slimmer gains.

Notably, the discretionary sector is recovering from underperformance earlier in the week, narrowing its week-to-date loss to 0.5%, thanks to widespread gains. Homebuilders outperform with iShares Dow Jones US Home Construction ETF (ITB 26.76, +0.11) higher by 0.4% while automakers Ford (F 15.38, +0.11), General Motors (GM 34.83, +0.18), Toyota (TM 138.93, +0.98) hold gains between 0.5% and 0.7%. Furthermore, retailers have shown strength with SPDR S&P Retail ETF (XRT 98.09, +0.44) trading higher by 0.5%.

11:30 am: [BRIEFING.COM] Not much change in the market with the S&P 500 (-0.1%) remaining just below its flat line. However, there has been some movement below the surface with heavily-weighted technology (-0.4%), financial (-0.4%), and industrial (-0.3%) sectors showing weakness while health care (+0.2%) and consumer discretionary (+0.4%) have been able to offset some of that underperformance.

The decline in technology comes after the sector led the market's comeback from losses in the early portion of the week. Despite the current loss, the sector remains on track to add 0.6% for the week versus a 0.1% week-to-date gain for the S&P 500. High-beta chipmakers have outperformed the sector with the PHLX Semiconductor Index (+0.1%) trading just above its flat line. Applied Materials (AMAT 20.46, +0.60) is the stand out, rising 3.0% following a one-cent beat.

11:00 am: [BRIEFING.COM] Equity indices continue battling with their flat lines after setting session lows during the past hour. All in all, the S&P 500 (unch) has traded within a seven-point range.

More notably, the 10-yr note has marked a new session high following the Michigan Sentiment Index (88.6; Briefing.com consensus 96.0), which made for the third disappointing data point of the day. The 10-yr note sits just below its high with the benchmark yield down seven basis points at 2.17%.

On a related note, the Dollar Index (-0.2%) has surrendered its overnight gain and is now on track for its fourth consecutive daily decline. The Index could still recover today's loss, but is all but sure to register its fifth consecutive weekly loss (-1.7% week-to-date). The euro has added 0.2% against the greenback, climbing to 1.1435.

10:35 am: [BRIEFING.COM]

The dollar had been trading strong this morning and was putting pressure on certain commodities, such as precious metals.
However, following Michigan Sentiment data, the index erased all of its gains and is now near today's low
The index is now -0.1% to 93.34
Precious metals have been rallying on this reversal in the dollar index
June gold is now -0.1% to $1223.60/oz and July silver is now +0.6% to $17.57/oz
Crude oil has been in the red all morning, and saw heavy selling pressure at the open of pit trading.
The June crude contract is currently -1.4% to $59.05/barrel
Natural gas futures are seeing some modest pullback from gains made yesterday, related to the release of EIA inventory data.
Natural gas futures are now -0.6% to $2.99/MMBtu
July copper are currently flat at $2.92/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 remains near its flat line.

The preliminary reading of the University of Michigan Consumer Sentiment survey for May fell to 88.6 from the reading of 95.9 that was reported in March. The Briefing.com consensus expected an uptick to 96.0.

9:40 am: [BRIEFING.COM] As expected, the major averages began the session near their flat lines. The S&P 500 hovers just north of its unchanged level with seven sectors showing early gains.

The technology space (+0.2%) has shown relative strength in recent days and the group has begun today's session among the leaders. Furthermore, chipmakers appear to be responding positively to a one-cent beat reported by Applied Materials (AMAT 20.30, +0.44). Shares of AMAT have jumped 2.2% while the PHLX Semiconductor Index is higher by 0.3%.

Elsewhere, heavily-weighted consumer discretionary (+0.2%) and health care (+0.2%) have also shown early strength while the energy sector (-0.6%) lags as crude oil trades lower by 2.2% at $58.58/bbl.

The preliminary reading of the Michigan Sentiment Index for May (expected 96.0) will be released at 10:00 ET.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +7.20. The stock market is on track for a flat open as futures on the S&P 500 trade within two points of fair value.

Index futures spiked into the green at the start of the European session, but they have since surrendered the bulk of the early gain. That being said, the trading range has been relatively tight with S&P 500 futures bouncing inside a five-point band for the past six hours or so.

Thanks to yesterday's rally on Wall Street, the benchmark index will enter today's session up 0.2% for the week. Meanwhile, the 10-yr note has retraced more of its decline from the start of the week with the benchmark yield down four basis points at 2.20%.

Investors have received another flurry of quarterly reports, but most have come from low-impact names. That being said, chipmakers may respond to Applied Materials' (AMAT 20.57, +0.71) one-cent beat and guidance that was largely in-line with expectations. Shares of AMAT are higher by 3.6% in pre-market.

On the economic front, the just released Industrial Production report pointed to a decrease of 0.3% in April, which was worse than the 0.1% increase expected by the Briefing.com consensus. Separately, capacity utilization hit 78.2% while the Briefing.com consensus expected a reading of 78.4%.

The preliminary reading of the Michigan Sentiment Index for May (expected 96.0) will be released at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +9.60. The S&P 500 futures trade three points above fair value.

Wall Street's strong showing on Thursday carried over to most markets in the Asia-Pacific region on Friday. The glaring exception to the bullish order was the Shanghai Composite, which reportedly declined 1.6% on liquidity concerns linked to the increase in new listings.

In economic data:
Japan's April CGPI +0.1% month-over-month (expected +0.1%; prior +0.3%); -2.1% year-over-year (expected -2.1%; prior +0.7%), April Household Confidence 41.5 (expected 41.9; prior 41.7)
Hong Kong's Q1 GDP +0.4% quarter-over-quarter (prior +0.2%); +2.1% year-over-year (expected +2.0%; prior +2.4%)
Singapore's March Retail Sales +1.1% month-over-month (expected +1.2%; prior -3.8%); +2.1% year-over-year (expected +4.5%; prior +14.9%)
South Korea's April Trade Balance KRW 8.50 bln (expected KRW 8.50 bln; prior KRW 8.50 bln) as Exports -8.0% year-over-year (expected -8.1%; prior -8.1%) and Imports -17.8% year-over-year (expected -17.8%; prior -17.8%)

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Japan's Nikkei increased 0.8%, riding the strength of the communications (+3.3%), consumer non-cyclical (+1.7%), and basic materials (+0.9%) sectors. Leading gainers were Dentsu (+13.7%), which announced a share buyback plan and raised its dividend, Marui Group Co (+5.2%), and Kao Corp (+4.8%). Nikon (-11.0%) led decliners following a disappointing earnings outlook, and was joined by Sharp Corp (-7.0%) and Sumco Corp (-5.8%). Out of the 225 index members, 132 ended higher, 83 finished lower, and 10 were unchanged. For the week, the Nikkei was up 1.8%.
Hong Kong's Hang Seng jumped 2.0% in a broad-based effort led by the diversified (+2.9%) and financial (+2.8%) sectors. Individual standouts included China Merchants Holdings (+5.4%), Hong Kong Exchanges and Clearing (+5.0%), and Hutchison Whampoa (+4.3%). Lenovo Group (-1.8%), Kunlun Energy Co (-1.4%), and Tingyi Cayman Islands Holding Corp (-0.4%) were the only stocks that lost ground on Friday. Out of the 50 index members, 46 ended higher, 3 finished lower, and 1 was unchanged. For the week, the Hang Seng increased 0.9%.
China's Shanghai Composite declined 1.6%, with reports attributing the weakness to liquidity concerns related to the increase in IPOs. The utilities (-3.6%), energy (-3.0%), diversified (-2.5%), and financial (-2.3%) sectors were the weakest links in the Chinese market on Friday. For the week, the Shanghai Composite increased 2.4%.

Major European indices hold gains with Italy's MIB (+0.6%) showing relative strength. Trading volume across Europe has remained light with some participants enjoying an extended weekend following yesterday's Ascension Day holiday.

Economic data was limited:
Swiss April PPI -2.1% month-over-month (expected -0.1%; prior 0.2%); -5.2% year-over-year (prior -3.4%)

------

Germany's DAX trades flat with exporters BMW, Daimler, and Volkswagen down between 0.5% and 1.0%. Bank shares also lag with Commerzbank and Deutsche Bank down 0.2% and 0.4%, respectively. On the upside, Bayer has gained 0.6% and Infineon Technologies trades higher by 1.2%.
UK's FTSE trades up 0.1% amid strength in consumer names. Homebuilders Persimmon and Taylor Wimpey trade higher by 2.4% and 1.6%, respectively, while miners lag. Anglo American, Glencore Xstrata, Fresnillo, and Randgold Resources are down between 0.9% and 2.1%.
France's CAC has added 0.3% with about 30 of its 40 components trading in the green. Hotel operator Accor leads with a gain of 2.4% while financials BNP Paribas and Credit Agricole trade higher by 0.7% and 0.4%, respectively.
Italy's MIB outperforms with a gain of 0.6% amid strength in financial names. Banco Popolare, Banca Pop Emilia Romagna, Mediobanca, Intesa Sanpaolo, and Unicredit are up between 0.8% and 1.7%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +8.80. The S&P 500 futures trade three points above fair value.

The Empire Manufacturing Survey for May registered a reading of 3.1, which was above the prior month's reading of -1.2; however, it was below the Briefing.com consensus estimate, which was pegged at 4.5.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +13.30. U.S. equity futures trade modesty higher amid mixed action overseas. The S&P 500 futures hover four points above fair value after climbing off their lows around the start of the European session.

Meanwhile, the Dollar Index (93.90, +0.49) is on track to snap its three-day skid, trading higher by 0.5% this morning.

The Empire Manufacturing Index for May (Briefing.com consensus 4.5) will be released at 8:30 ET while April Industrial Production (consensus 0.1%) and Capacity Utilization (expected 78.4%) will both be reported at 9:15 ET. The day's data will be topped off with the 10:00 ET release of the preliminary reading of the Michigan Sentiment Index for May (expected 96.0).

Treasuries trade not far below their overnight highs with the 10-yr yield down three basis points at 2.21%.

In U.S. corporate news of note:

Applied Materials (AMAT 20.62, +0.76): +3.8% in reaction to a one-cent beat and guidance that was largely in-line with expectations.
El Pollo Loco (LOCO 25.01, -4.05): -13.9% despite beating by a penny and guiding in-line.
Nordstrom (JWN 74.25, +0.10): +0.1% after missing bottom-line estimates on better than expected revenue.
King Digital Entertainment (KING 13.74, -1.25): -8.3% after soft guidance overshadowed better than expected earnings and revenue.

Reviewing overnight developments:

Asian markets ended mostly higher. Japan's Nikkei +0.8%, Hong Kong's Hang Seng +2.0%, and China's Shanghai Composite -1.6%
In economic data:
Japan's April CGPI +0.1% month-over-month (expected +0.1%; prior +0.3%); -2.1% year-over-year (expected -2.1%; prior +0.7%), April Household Confidence 41.5 (expected 41.9; prior 41.7)
Hong Kong's Q1 GDP +0.4% quarter-over-quarter (prior +0.2%); +2.1% year-over-year (expected +2.0%; prior +2.4%)
Singapore's March Retail Sales +1.1% month-over-month (expected +1.2%; prior -3.8%); +2.1% year-over-year (expected +4.5%; prior +14.9%)
South Korea's April Trade Balance KRW 8.50 bln (expected KRW 8.50 bln; prior KRW 8.50 bln) as Exports -8.0% year-over-year (expected -8.1%; prior -8.1%) and Imports -17.8% year-over-year (expected -17.8%; prior -17.8%)
In news:
The Bank of Korea leaves interest rate unchanged at 1.75%, as expected

Major European indices trade mixed. Germany's DAX -0.1%, UK's FTSE +0.3%, and France's CAC +0.3%. Elsewhere, Italy's MIB +0.5% and Spain's IBEX -0.1%
Economic data was limited:
Swiss April PPI -2.1% month-over-month (expected -0.1%; prior 0.2%); -5.2% year-over-year (prior -3.4%)
Among news of note:
Trading volume across Europe has remained light with some participants enjoying an extended weekend following yesterday's Ascension Day holiday

5:52 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +14.60.

5:52 am: [BRIEFING.COM] Nikkei...19732.92...+162.70...+0.80%. Hang Seng...27822.28...+535.70...+2.00%.

5:52 am: [BRIEFING.COM] FTSE...7001.48...+28.40...+0.40%. DAX...11616.06...+56.20...+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

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