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 Post subject: May 22nd Friday Trade Results - Profit $2417.50
PostPosted: Fri May 22, 2015 5:49 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 @ $2,230.00 dollars or +22.30 points, Emini ES ($ES_F) futures @ $187.50 dollars or +3.75 points, Light Crude Oil CL ($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 @ $2,417.50 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=143&t=2081

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 endured a range-bound Friday, which was a fitting end to a quiet week. The S&P 500 settled lower by 0.2% after spending the day in a six-point range while the Nasdaq Composite (unch) outperformed slightly. For the week, the S&P 500 added 0.2% while the Nasdaq gained 0.8%.

Equity indices began the day with slim losses after the Core CPI for April (+0.3%; Briefing.com consensus 0.2%) showed the largest monthly increase since January 2013. The hotter than expected reading invited speculation that an uptick in inflation could provide ammunition for an argument favoring a rate hike in the near term, which kept a lid on equities today.

Furthermore, Fed Chair Janet Yellen spoke at the Greater Providence Chamber of Commerce and reiterated that the central bank is ready to begin raising rates later this year. Once again, Ms. Yellen stated that in order to begin normalizing policy, the Fed needs to see continued improvements in labor market conditions and there needs to be reasonable confidence that inflation will move back toward the 2.0% target over the medium term.

Treasuries hit their session lows after Ms. Yellen's speech crossed the wires, but they returned to their intraday levels shortly thereafter. The 10-yr note settled in the middle of its intraday range, pushing the benchmark yield higher by two basis points to 2.21%.

Nine sectors ended the day in negative territory while technology (+0.02%) avoided a lower close by a hair and contributed to the daylong outperformance of the Nasdaq Composite. Shares of Apple (AAPL 132.54, +1.15) climbed 0.9%, underpinning the move, while Hewlett-Packard (HPQ 34.76, +0.93) gained 2.8% after reporting a one-cent beat and guiding Q3 earnings below consensus. Most other large cap sector members registered losses, but high-beta chipmakers offset some of that weakness with the PHLX Semiconductor Index adding 0.2%.

Elsewhere, industrials (-0.4%) lagged throughout the day with transport stocks responsible for the weakness. As a result, the Dow Jones Transportation Average fell 0.8%, extending this week's decline to 2.3%. The underperformance among transport names overshadowed a 4.3% spike in the shares of Deere (DE 93.33, +3.87) after the company beat bottom-line estimates on light revenue.

Similar to industrials, the energy sector (-0.4%) lagged throughout the day. Crude oil kept the sector under pressure, falling 1.7% to $59.66/bbl. For the week, WTI crude lost 1.5% while the energy sector fell 0.8%.

True to recent form, today's participation was well below average with just 604 million shares changing hands at the NYSE floor, which represented the lowest total observed so far in 2015.

Economic data was limited to the Consumer Price Index:

The CPI index increased an in-line 0.1% in April after increasing 0.2% in March
After two consecutive months of increases, energy prices again turned negative in April with total energy prices falling 1.3% after increasing 1.1% in March
Food prices were flat in April after declining 0.2% in March
Excluding food and energy, core CPI increased 0.3% in April after increasing 0.2% in March while the consensus expected an increase of 0.2%
That was the largest monthly increase in core prices since a 0.3% gain in January 2013

Bond and equity markets will be closed on Monday in observance of Memorial Day.

On Tuesday, April Durable Orders (Briefing.com consensus -0.6%) will be reported at 8:30 ET while the Case-Shiller 20-city Index for March (consensus 4.6%) and March FHFA Housing Price Index will both be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of April New Home Sales (consensus 510K) and the Consumer Confidence report for May (consensus 94.0).

Nasdaq Composite +7.5% YTD
Russell 2000 +4.0% YTD
S&P 500 +3.3% YTD
Dow Jones Industrial Average +2.3% YTD

Week in Review: Stocks Inch to Fresh Records

The stock market kicked off the trading week on an upbeat note. The Nasdaq Composite led the way, climbing 0.6%, while the Dow Jones Industrial Average (+0.1%) and S&P 500 (+0.3%) underperformed, but still registered new record closing highs. The first session of the week featured a range-bound opening hour that was followed by a steady advance. Heavily-weighted financials (+0.5%) and health care (+0.5%) displayed relative strength from the start while another influential group-technology (+0.4%)-climbed ahead of the market during the early afternoon.

The major averages ended the Tuesday session on an unchanged note after spending the entire day near their flat lines. The S&P 500 settled lower by 0.1% while the Dow Jones Industrial Average (+0.1%) outperformed slightly, edging up to another record closing high. Overall, the Tuesday session was a snoozer that saw the benchmark index bounce inside a five-point range that was expanded to nine points by the close. The index was able to set a fresh intraday record high at 2,133.02 during the afternoon, but returned near its session low by the close. For the second day in a row, heavily-weighted health care (+0.5%) and financials (+0.7%) outperformed throughout the day and kept the benchmark index from dipping too far below its flat line. The health care sector outperformed even as biotechnology struggled to keep pace with the iShares Nasdaq Biotechnology ETF (IBB 360.60, +0.30) adding just 0.1%.

The market finished the midweek session on a flat note. The S&P 500 shed 0.1%, but still marked a fresh intraday record high at 2,134.72 while the Nasdaq Composite (unch) outperformed. Equity indices spent the first half of the session near their flat lines with the S&P 500 maintaining a seven-point range that was violated to the upside during afternoon action once the Federal Open Market Committee released the minutes from its April policy meeting. The index could not hold its afternoon gain and returned to the flat line by the close. Above all, the minutes revealed that some participants believed that the weakness observed in the first quarter could extend into Q2 with many officials characterizing a rate hike in June as "unlikely." However, the minutes did not rule out a near-term rate hike in its entirety. Treasuries retreated immediately following the release, but they returned to their afternoon levels shortly thereafter. The 10-yr note settled near its high with the benchmark yield slipping four basis points to 2.25%.

Equity indices posted modest gain on Thursday, but the trading day was very quiet once again. The S&P 500 added 0.2% and settled at a new record high while the Nasdaq Composite (+0.4%) outperformed. The market spent the initial minutes of the session near its flat line, but climbed to highs after the Existing Home Sales report for April (5.04 million; Briefing.com consensus 5.24 million) and the May Philadelphia Fed Survey ( 6.7; Briefing.com consensus 8.0) missed estimates. The ensuing advance was accompanied by a rally in Treasuries, suggesting increased expectations that the Federal Reserve will maintain its current dovish stance. Treasuries continued climbing into the afternoon (10-yr yield -6 bps to 2.19%) while the major averages spent the day near their late-morning highs.

3:35 pm: [BRIEFING.COM]

CPI data really pushed the dollar index higher this morning and caused a real sell off in commodities.
The dollar index continued to trade higher today, mostly sitting near the day's high all session, which continued to weigh on commodities.
July WTI crude oil closed $1.04 lower to $59.66/barrel, while June natural gas lost $0.07 to $2.88/MMBtu.
Metals provided less action today with June gold closing floor trading $0.30 higher at $1204.20/oz and July silver ending $0.09 lower to $17.05/oz.
July cooper lost $0.04 to end today's session at $2.81/lb.

3:00 pm: [BRIEFING.COM] The S&P 500 trades flat with one hour remaining in the session.

Bond and equity markets will be closed on Monday for Memorial Day, but today's trading conditions suggest that some participants have already checked out for the weekend. To that point, only 350 million shares have changed hands at the NYSE so far today, which means today's final volume could represent the lowest total of the week.

For the time being, Monday's session saw the lowest volume of the week (653 million).

2:25 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 (-0.1%) hovering beneath its flat line after a brief test of the unchanged level.

Earlier, Fed Chair Janet Yellen spoke at the Greater Providence Chamber of Commerce and reiterated that the central bank is ready to begin raising rates this year. Once again, Ms. Yellen said that in order for the Fed to begin normalizing policy, it needs to see continued improvements in labor market conditions and there needs to be reasonable confidence that inflation will move back toward the 2.0% target over the medium term.

Treasuries notched their lows after Ms. Yellen's speech hit the wires, but a modest uptick has placed the 10-yr note back near its early afternoon levels with the benchmark yield up two basis points at 2.21%.

2:00 pm: [BRIEFING.COM] The S&P 500 remains near its flat line.

There was an unexpected acceleration in core CPI in April.

The CPI index increased 0.1% in April after increasing 0.2% in March. The Briefing.com Consensus expected the CPI index to increase 0.1%.

Excluding food and energy, core CPI increased 0.3% in April after increasing 0.2% in March. The consensus expected these prices to increase 0.2%.

That was the largest monthly increase in core prices since a 0.3% gain in January 2013.

There were no outliers in the core CPI data. Price growth was fairly universal across all consumption sectors. That included a 0.3% increase in shelter costs and a 0.7% increase in medical care prices, which was the largest monthly increase since January 2007.

Core price growth is unlikely to be sustainable at this level without a change in income growth trends. Lackluster income growth will keep downward pressure on price gains.

1:35 pm: [BRIEFING.COM] The main U.S. indices have seen some volatility since our last update upon the release of prepared remarks from Fed Chair Janet Yellen's speech on the economic outlook. The S&P 500 briefly moved into positive territory but has since faded back into the red.

A look inside the Dow Jones Industrial Average shows that Boeing (BA 145.27, -2.08), Merck (MRK 59.50, -0.60), and Microsoft (MSFT 47.11, -0.31) are underperforming. There isn't any specific news to account for their underperformance, although the dollar's renewed strength may be contributing to some selling interest in U.S. multinational companies.

Conversely, Goldman Sachs (GS 207.45, +2.50) is the best-performing Dow component amid general strength in the financial sector.

As we approach the end of the week, the DJIA is unchanged for the week.

12:55 pm: [BRIEFING.COM] The major averages are little changed at midday with the Nasdaq Composite (+0.1%) trading slightly ahead of the S&P 500 (-0.1%).

The first half of the Friday session has been very quiet, which makes for a fitting end to a range-bound week. Given its current level, the S&P 500 is on track to add 0.3% for the week while the Nasdaq has added 1.0% since last Friday.

Eight of ten sectors hold midday losses while financials (+0.2%) and technology (+0.2%) hover just above their flat lines. The financial sector has extended its weekly gain to 0.8% while technology has received support from a one-cent beat reported by Hewlett-Packard (HPQ 34.78, +0.95). Shares of HPQ have added 2.8% while many other large cap tech names like Google (GOOGL 556.11, -0.70), Intel (INTC 33.42, -0.12), and Microsoft (MSFT 47.10, -0.32) hold losses between 0.1% and 0.7%. That being said, the top-weighted sector component-Apple (AAPL 132.53, +1.14)-has gained 0.9% while chipmakers have also shown relative strength. The PHLX Semiconductor Index is higher by 0.3%.

On the downside, the telecom services sector (-0.7%) is the weakest performer while energy (-0.4%) trades behind the remaining cyclical groups amid weakness in oil. WTI crude is currently lower by 1.7% at $59.68/bbl.

Also of note, the industrial sector (-0.3%) has struggled amid renewed weakness in transport stocks. The Dow Jones Transportation Average has given up 0.8% today, extending this week's loss to 2.3%.

Treasuries hover on their lows with the 10-yr yield higher by three basis points at 2.22%.

Economic data was limited to the Consumer Price Index:

The CPI index increased an in-line 0.1% in April after increasing 0.2% in March
After two consecutive months of increases, energy prices again turned negative in April with total energy prices falling 1.3% after increasing 1.1% in March
Food prices were flat in April after declining 0.2% in March
Excluding food and energy, core CPI increased 0.3% in April after increasing 0.2% in March while the consensus expected an increase of 0.2%
That was the largest monthly increase in core prices since a 0.3% gain in January 2013

12:25 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the Nasdaq Composite (+0.1%) showing relative strength thanks to modest gains in the technology sector (+0.1%).

Last evening, Hewlett-Packard (HPQ 35.00, +1.17) reported a one-cent beat, but guided Q3 earnings below analyst estimates. Despite the cautious guidance, shares of HPQ have added 3.3% during today's session. Elsewhere among large cap sector components, Apple (AAPL 132.38, +0.99) is higher by 0.8% while Google (GOOGL 555.43, -1.38), Intel (INTC 33.40, -0.15), and Microsoft (MSFT 47.05, -0.37) show losses between 0.3% and 0.8%.

Also of note, Treasuries have approached their session lows with the 10-yr yield up four basis points at 2.23%.
Related Quotes

11:55 am: [BRIEFING.COM] The S&P 500 (-0.1%) remain near its recently-established low as the quiet Friday session continues.

Heavily-weighted technology (+0.1%) and financials (+0.1%) hover just above their flat lines while the weakest cyclical sector-energy (-0.5%)-has ticked up off its low, but remains down 1.6% at $59.76/bbl. For the week, crude oil has given up 1.3% based on its current standing.

Elsewhere, Treasuries remain in the red with the 10-yr yield up two basis points at 2.21%.

11:25 am: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) slip to a new session low, but the downtick has been modest in scope.

With the S&P 500 inching to its session low, the technology sector (+0.1%) is the only group remaining in the green at this juncture. The sector has received continued support from chipmakers with the PHLX Semiconductor Index trading higher by 0.3%.

On the flip side, the utilities sector (-0.7%) is the weakest performer while the industrial space (-0.4%) trades behind the remaining cyclical groups due to renewed weakness in transport stocks. The Dow Jones Transportation Average is lower by 0.9% today and down 2.4% for the week versus a 0.2% uptick for the S&P 500.

10:55 am: [BRIEFING.COM] The major averages remain near their flat lines, which should not be a huge surprise to anyone who has observed the stock market this week. The S&P 500 remains just below its flat line while the Nasdaq (+0.2%) holds a slim gain.

Equity indices have maintained narrow ranges throughout the week, but that has not stopped the S&P 500 from registering two record closing highs while also setting new intraday highs in the process. Including its current downtick, the benchmark index is on track to end the week higher by 0.4% while the Nasdaq Composite holds a week-to-date gain of 1.1%.

Elsewhere, Treasuries remain in the red with the 10-yr yield up two basis points at 2.21% after ending last week at 2.14%.

10:35 am: [BRIEFING.COM]

The dollar index has been trading higher this session, fueled by the release of domestic CPI data, that caused the index to spike as high as 96.20
The index is holding those gains in most recent trade, and continues to put pressure on oil, precious metals and copper
The index is now +0.8% to 96.06
Oil has been trading in the red all morning, exacerbated early on by strength in the dollar.
Shortly after the open of pit trading, the commodity saw some support however, and a moderate rally has recouped some of oil's earlier losses.
June WTI is currently down 1.4% to $59.88/barrel
Precious metals are trading near flat or modestly down so far this session, with June gold flat at $1203.90/oz and July silver -0.3% to $17.08/oz
Natural gas has traded down all session, with moderating weather forecasts limiting upward price action for the commodity
In most recent trade, Natural gas has modestly rallied and is down 1.1% to $2.92/MMBtu
July Copper has seen a continued sell-off, and is now -1.5% to $2.81/lb
Note: The Baker Hughes rig count is due to be released today at 1 pm ET.

9:55 am: [BRIEFING.COM] Equity indices continue lingering near their opening levels with the Nasdaq (+0.1%) defending a slim gain.

The Nasdaq has been supported by early gains in the technology sector (+0.1%) while high-beta chipmakers have also contributed to the relative strength of the index. To that point, the PHLX Semiconductor Index has added 0.4% during the opening minutes.

Elsewhere, biotechnology has been reluctant to play along, evidenced by little change in the iShares Nasdaq Biotechnology ETF (IBB 363.62, +0.02).

9:45 am: [BRIEFING.COM] The major averages began the day with slim losses, but the Nasdaq Composite (+0.2%) has been quick to make it into the green. Meanwhile, the S&P 500 hovers right below its flat line with six sectors showing early losses.

The energy sector (-0.6%) is the weakest performer in the early going with crude oil pressuring the growth-sensitive group. Currently, WTI crude is lower by 1.9% at $59.59/bbl. Elsewhere, the remaining cyclical groups hover closer to their flat lines.

On the upside, the consumer discretionary space (+0.2%) leads with help from apparel retailers after Foot Locker (FL 64.42, +0.42) reported better than expected results. Also of note, the technology sector (+0.2%), and the Nasdaq, has received a boost from Hewlett-Packard (HPQ 34.85, +1.02).

Treasuries hover near their lows with the 10-yr yield higher by two basis points at 2.21%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -2.60. The stock market is on track for a modestly lower open as futures on the S&P 500 trade four points below fair value.

Futures on the benchmark index spent the night inside a narrow range, but they slid to lows following today's CPI report for April, which showed an in-line 0.1% increase on the headline level, while core CPI, rose 0.3% (Briefing.com consensus 0.2%). The hotter-than-expected core reading led to some concerns that an uptick in inflation could provide ammunition for an argument favoring a rate hike in the near term. However, even with the recent slide, futures have maintained an eight-point range throughout the night.

On the corporate front, Deere (DE 92.00, +2.54) is on track to open higher by 2.8% after beating bottom-line estimates on light revenue. The company raised its net income guidance, but lowered its sales forecast for the fiscal year. Elsewhere, Hewlett-Packard (HPQ 34.16, +0.33) has added 1.0% in pre-market after reporting a one-cent beat and guiding Q3 earnings below consensus.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -2.60. The S&P 500 futures trade four points below fair value.

The good times were rolling for most of the markets in the Asia-Pacific region on Friday, which followed the lead of the Shanghai Composite (+2.8%) to further gains. With Friday's rally effort, the Shanghai Composite increased 8.1% for the week. The Nikkei for its part closed at a 15-year high on Friday as the Bank of Japan left its main policy rate unchanged at 0.10%.

Participants received just one data point:
Japan's May Reuters Tankan Index rose to 13 from 12

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Japan's Nikkei increased 0.3% and finished at a 15-year high. The modest gain was underpinned by strength in the energy (+1.9%) and basic materials (+1.1%) sectors and followed the BOJ's decision to leave its main policy rate unchanged at 0.10%. Individual standouts included Tokai Carbon Co (+4.3%), NH Foods (+3.8%), and Sumco Corp (+3.6%). MS&AD Insurance Group (-2.8%) and Pioneer Corp (-2.2%) were the worst-performing issues. Out of 225 index members, 122 ended higher, 91 finished lower, and 12 were unchanged. For the week, the Nikkei increased 2.7%.
Hong Kong's Hang Seng jumped 1.7%, which saved it from having a losing week. Gains were paced by the energy (+2.0%), financial (+1.9%), and consumer cyclical (+1.8%) sectors. Belle Intl. (+12.6%), BOC Hong Kong Holdings (+8.2%), and Ping An Insurance (+5.5%) led all gainers. Lenovo Group (-4.4%), which reported its earnings, MTR Corp (-2.5%), and Li & Fung Ltd. (-2.3%) were the biggest laggards. Out of the 50 index members, 45 ended higher and 5 finished lower. For the week, the Hang Seng gained 0.6%.
China's Shanghai Composite surged 2.8% and finished at its highs for the day in another momentum-based rally. The financial sector (+3.3%) was an influential leader in the Chinese market on Friday along with the basic materials (+3.1%) and energy (+3.3%) sectors. For the week, the Shanghai Composite increased 8.1%.

Major European indices trade mostly lower while UK's FTSE (+0.6%) outperforms.

In economic data:
Germany's Q1 GDP was left unrevised at 0.3% quarter-over-quarter, as expected, while the year-over-year held at 1.1% (consensus 1.0%). Separately, Ifo Business Climate Index ticked down to 108.5 from 108.6 (expected 108.3) as Business Expectations declined to 103.0 from 103.4 (expected 103.1) while Current Assessment improved to 114.3 from 114.0 (consensus 113.5)
UK's April Public Sector Net Borrowing GBP6.04 billion (expected GBP7.80 billion; prior GBP6.06 billion)
France's Business Survey rose to 103 from 102 (expected 101)
Italy's March Retail Sales -0.1% month-over-month (expected 0.2%; last -0.1%) while March Industrial New Orders -0.3% month-over-month (consensus 0.7%; prior 0.8%)

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Germany's DAX is lower by 0.3% amid broad weakness. Financials and exporters are among the laggards with Deutsche Bank, BMW, and Volkswagen down between 0.7% and 2.6%. On the upside, utility name, RWE, is higher by 1.0%.
France's CAC has given up 0.1% with Airbus Group, Societe Generale, and Unibail-Rodamco down between 0.4% and 0.6%. On the upside, select consumer names have shown strength with Essilor International, and Vivendi up 0.6% and 1.5%, respectively.
UK's FTSE outperforms with a gain of 0.6%. Vodafone is the top performer, up 4.0%, following upgrades at Citigroup and Deutsche Bank. Miners also outperform with Anglo American, BHP Billiton, and Randgold Resources showing gains between 1.7% and 2.0%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +2.40. The S&P 500 futures trade one point below fair value.

Total CPI rose 0.1% (Briefing.com consensus +0.1%) in April while Core CPI, which excludes food and energy, rose 0.3% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is down 0.2% and core CPI is up 2.3%.

7:54 am: [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +3.70. U.S. equity futures trade near their flat lines amid mixed action overseas. The S&P 500 futures hover within a point of fair value after respecting a four-point range throughout the night.

Range-bound action has been the theme throughout the week, but that has not stopped the S&P 500 from setting fresh intraday and closing record highs with a chance to do that once again today.

Economic data will be limited to the 8:30 ET release of the Consumer Price Index for April (Briefing.com consensus 0.1%).

Treasuries hold gains with the 10-yr yield down two basis points at 2.17%.

In U.S. corporate news of note:

Aeropostale (ARO 2.00, -0.59): -22.8% in reaction to disappointing results and cautious guidance.
Deere (DE 91.49, +2.03): +2.3% after beating bottom-line estimates on light revenue. The company raised its net income guidance, but lowered its sales forecast for the fiscal year.
Foot Locker (FL 65.55, +1.55): +2.4% after beating earnings expectations.
Hewlett-Packard (HPQ 34.19, +0.36): +1.1% after reporting a one-cent beat and guiding Q3 earnings below consensus.
Marvell (MRVL 13.97, -0.40): -2.8% after below-consensus guidance overshadowed its better than expected earnings.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +1.7%, and China's Shanghai Composite +2.8%
Participants received just one data point:
Japan's May Reuters Tankan Index rose to 13 from 12
In news:
The Bank of Japan made no changes to its monetary policy, leaving its key interest rate at 0.1%, as expected. In addition, the central bank upgraded its economic assessment slightly.
Major European indices trade in mixed fashion. UK's FTSE +0.5%, Germany's DAX -0.5%, and France's CAC -0.2%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.4%
In economic data:
Germany's Q1 GDP was left unrevised at 0.3% quarter-over-quarter, as expected, while the year-over-year held at 1.1% (consensus 1.0%). Separately, Ifo Business Climate Index ticked down to 108.5 from 108.6 (expected 108.3) as Business Expectations declined to 103.0 from 103.4 (expected 103.1) while Current Assessment improved to 114.3 from 114.0 (consensus 113.5)
UK's April Public Sector Net Borrowing GBP6.04 billion (expected GBP7.80 billion; prior GBP6.06 billion)
France's Business Survey rose to 103 from 102 (expected 101)
Italy's March Retail Sales -0.1% month-over-month (expected 0.2%; last -0.1%) while March Industrial New Orders -0.3% month-over-month (consensus 0.7%; prior 0.8%)
Among news of note:
UK's FTSE trades ahead of other regional indices thanks to a 4.0% gain in Vodafone after the telecom stock was upgraded at Citigroup and Deutsche Bank

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +2.90.

5:51 am: [BRIEFING.COM] Nikkei...20264.41...+61.50...+0.30%. Hang Seng...27992.83...+469.10...+1.70%.

5:51 am: [BRIEFING.COM] FTSE...7043.44...+30.10...+0.40%. DAX...11831.32...-33.30...-0.30%.

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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