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 Post subject: September 15th Tuesday Trade Results - Profit $1375.00
PostPosted: Wed Sep 16, 2015 1:18 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ $1375.00 dollars or +27.50 points, Light Crude Oil CL ($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 @ $1375.00 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=147&t=2171

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=271&t=2883 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 raced higher on Tuesday with the Dow Jones Industrial Average (+1.4%) pacing the advance while the S&P 500 (+1.3%) followed not far behind. Thanks to the broad-based rally, the S&P 500 erased all of its decline from Monday and then some, settling at its best level since August 28.

Although the Tuesday tone differed greatly from Monday, it is worth noting that trading volume remained relatively light with 760 million shares changing hands at the NYSE floor. That total falls short of yesterday's tally (765 million), representing a notable decline from the 20-day average of more than a billion shares. All things considered, the dynamic is not that surprising as some investors continue sticking to the sidelines ahead of Thursday's policy statement from the Fed and a potential fed funds rate hike.

Economic data released today is unlikely to affect the Fed's decision, but it is worth noting that today's rally began in the futures market shortly after the release of the Retail Sales report for August, which came in just below expectations (+0.2%; Briefing.com consensus +0.3%); however, core sales increased 0.5%, suggesting the presence of some underlying consumption strength.

Stocks followed the report's release with a rally while Treasuries began a daylong retreat. The 10-yr note settled on its low with its yield higher by nine basis points at 2.28%.

All ten sectors posted gains with eight groups adding 1.1% or more. The energy sector (+1.1%) grabbed the lead early on with strength in crude oil futures (+1.2% to $44.65/bbl) supporting the move. The commodity-sensitive sector held a solid gain into the close, but was leapfrogged by several groups in afternoon action.

Most notably, the industrial sector (+1.7%) settled in the lead with transport stocks powering the outperformance. The Dow Jones Transportation Average spiked 1.9% with UPS (UPS 100.52, +3.51) surging 3.6% after announcing plans to hire between 90,000 and 95,000 seasonal employees to support the expected volume increase ahead of the holidays. Another DJTA component, FedEx (FDX 154.00, +3.77) climbed 2.5%.

The industrial sector ended well ahead of the broader market, but other influential groups also held their own. To that point, health care (+1.4%), technology (+1.3%), and financials (+1.4%) spent the bulk of the session ahead of the S&P 500.

With stocks on the rise, investors lifted some of their hedges, sending the CBOE Volatility Index (VIX 22.56, -1.69) lower by nearly two points. That being said, the near-term volatility measure remains elevated by recent standards.

Economic data included Retail Sales, Empire Manufacturing, Industrial Production, and Business Inventories:

Retail sales increased 0.2% in August after increasing an upwardly revised 0.7% (from 0.6%) in July while the Briefing.com consensus expected an increase of 0.3% in August
The headline 0.2% gain was well below the 0.7% increase in aggregate income that was highlighted in the August employment report, meaning another month of falling gasoline prices has translated into higher savings instead of spending
Excluding autos, retail sales increased 0.1% in August after increasing an upwardly revised 0.6% (from 0.4%) in July while the consensus expected an increase of 0.2%
The Empire Manufacturing Survey for September registered a reading of -14.7, which was above the prior month's reading of -14.9, but below the Briefing.com consensus estimate, which was pegged at 0.5
Industrial Production decreased 0.4% in August, which was worse than the 0.2% decrease expected by the Briefing.com consensus
The pullback in industrial production resulted from motor vehicle assemblies returning to more normal trends. Excluding motor vehicles, industrial production was flat in August after increasing 0.3% in July
Capacity utilization hit 77.6% while the Briefing.com consensus expected a reading of 77.8%
Business Inventories rose 0.1% in July, which is what the Briefing.com consensus expected. This followed the prior month's revised increase of 0.7% (from 0.8%).
Manufacturers (-0.1%) and merchant wholesalers (-0.1%) already reported their July results. The only new information was that retailer inventories increased 0.6% in July after increasing 1.0% in June

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, August CPI (Briefing.com consensus -0.1%) will be reported at 8:30 ET, and the September NAHB Housing Market Index (consensus 61) will cross the wires at 10:00 ET.

Nasdaq Composite +2.6% YTD
Russell 2000 -3.1% YTD
S&P 500 -3.9% YTD
Dow Jones Industrial Average -6.9% YTD

3:40 pm: [BRIEFING.COM]

The dollar index remains sitting near today's high, which is helping weigh on commodities.
Oil has been volatile with the help of headlines about the U.S. oil export ban.
In recent trade, oil sold off some after the White House said it will not support lifting the crude oil export ban.
However, price has since bounced back. In pit trading, Oct crude oil ended the day +1.2% at $44.59/barrel.
In other energy, Oct nat gas +1.1% at $2.73/MMBtu.

Copper came back off of overnight lows, ending the session +0.8% at $2.43/lb (Oct contract)
Precious metals, on the other hand, lost some steam today. Dec gold fell -0.4% to $1102.80/oz, while Dec silver -0.3% to $14.32/oz

2:55 pm:

[BRIEFING.COM] The major averages have inched to new highs with one hour remaining in the session. The S&P 500 is now up 1.4%, which puts the benchmark index on track for its best close since August 28.

Today's tide has clearly lifted all boats, evidenced by 1.0%+ gains in eight of ten sectors. The industrial space (+1.7%) has been adding to its lead since the early going while other sectors have followed suit.

Market breadth continues favoring the bulls going into the home stretch with more than two NYSE-listed issues trading in the green for each decliner. Volume remains relatively light with fewer than 450 million shares traded at the NYSE so far.

2:30 pm:

[BRIEFING.COM] Not much change in the market with the key indices holding posture near their session highs. The Dow Jones Industrial Average (+1.3%) leads while the S&P 500 (+1.2%) follows not far behind.

Thanks to the recent push to new highs, seven of ten sectors now show gains of 1.0% or more. The industrial sector (+1.5%) remains in the lead as all groups continue moving in unison. This means the utilities space (+0.6%) remains at the bottom of the leaderboard, but the broad-market strength has helped the rate-sensitive group recover its opening loss.

Elsewhere, Treasuries hover near their session lows with the 10-yr yield up eight basis points at 2.27%.

2:00 pm:

[BRIEFING.COM] The major averages trade at their best levels of the day.

Given the choice between spending and saving, consumers leaned heavily on savings in August.

Retail sales increased 0.2% in August after increasing an upwardly revised 0.7% (from 0.6%) in July. The Briefing.com Consensus expected retail sales to increase 0.3% in August.

The headline 0.2% gain was well below the 0.7% increase in aggregate income that was highlighted in the August employment report. That means another month of falling gasoline prices translated into higher savings instead of spending.

Excluding autos, retail sales increased 0.1% in August after increasing an upwardly revised 0.6% (from 0.4%) in July. The consensus expected these sales to increase 0.2%.

Much of the weakness in sales outside of autos stemmed from a steep drop in sales at gasoline stations (-1.8%), which was mainly the result of lower gasoline prices.

Core sales -- which exclude motor vehicle dealers, gasoline stations, and building material and supply dealers -- increased a healthy 0.5% in August. That was still down, however, from an upwardly revised 0.6% (from 0.3%) gain in July. These sales closely follow the trends in goods spending in the GDP report and imply higher consumption growth than the disappointing headline.

1:30 pm:

[BRIEFING.COM] Stocks have extended their gains in recent trade as the major U.S. indices push to set new session highs.

A look inside the Dow Jones Industrial Average shows Merck & Co (MRK 53.54, +1.20), Chevron (CVX 77.34, +1.57), and Microsoft (MSFT 43.86, +0.82) are outperforming.
Related Quotes

Conversely, Walt Disney (DIS 102.91, -0.91) is the worst-performing, and sole Dow component in negative territory in today's trade.

Following today's strong performance, the DJIA is up 0.1% this week and has trimmed its YTD losses to 6.9%.

12:55 pm:

[BRIEFING.COM] The stock market trades comfortably higher at midday with the S&P 500 up 0.9%. Thanks to the first half advance, the benchmark index has now erased yesterday's decline, turning positive for the young week.

Similar to yesterday, trading volume has been on the light side, which makes the market a bit easier to push around. To that point, only 315 million shares have changed hands at the NYSE so far today.

Equity indices rallied out of the gate following the morning release of a Retail Sales report for August (+0.2%; Briefing.com consensus +0.3%), which came up a bit short of expectations. That being said, core sales increased 0.5%, suggesting the presence of some underlying strength.

Treasuries began sliding after the report crossed the wires and they have slipped to new lows in recent action with the 10-yr yield up five basis points at 2.24%.

All ten sectors hold midday gains with influential groups out in front. The industrial sector (+1.2%) leads with transport stocks fueling the strength. The Dow Jones Transportation Average has climbed 1.1%, but UPS (UPS 99.89, +2.88) represents a standout, trading higher by 3.0% after announcing plans to hire between 90,000 and 95,000 seasonal employees to support the expected volume increase ahead of the holidays. Peer FedEx (FDX 153.94, +3.71) has climbed 2.5%.

Elsewhere, financials (+0.9%), technology (+1.0%), and health care (+1.0%) also hold solid gains while the energy sector (+0.8%) has backed away from an earlier lead. The growth-sensitive group remains supported by crude oil as the energy component trades higher by 2.0% at $44.86/bbl.

Economic data included Retail Sales, Empire Manufacturing, Industrial Production, and Business Inventories:

Retail sales increased 0.2% in August after increasing an upwardly revised 0.7% (from 0.6%) in July while the Briefing.com consensus expected an increase of 0.3% in August
The headline 0.2% gain was well below the 0.7% increase in aggregate income that was highlighted in the August employment report, meaning another month of falling gasoline prices has translated into higher savings instead of spending
Excluding autos, retail sales increased 0.1% in August after increasing an upwardly revised 0.6% (from 0.4%) in July while the consensus expected an increase of 0.2%
The Empire Manufacturing Survey for September registered a reading of -14.7, which was above the prior month's reading of -14.9, but below the Briefing.com consensus estimate, which was pegged at 0.5
Industrial Production decreased 0.4% in August, which was worse than the 0.2% decrease expected by the Briefing.com consensus
The pullback in industrial production resulted from motor vehicle assemblies returning to more normal trends. Excluding motor vehicles, industrial production was flat in August after increasing 0.3% in July
Capacity utilization hit 77.6% while the Briefing.com consensus expected a reading of 77.8%
Business Inventories rose 0.1% in July, which is what the Briefing.com consensus expected. This followed the prior month's revised increase of 0.7% (from 0.8%).
Manufacturers (-0.1%) and merchant wholesalers (-0.1%) already reported their July results. The only new information was that retailer inventories increased 0.6% in July after increasing 1.0% in June

12:25 pm:

[BRIEFING.COM] The major averages remain near their best levels of the day, maintaining their gains registered during the opening 90 minutes of the trading day. Thanks to today's advance, the S&P 500 (+0.9%) has erased its loss from yesterday, returning to levels last seen on Wednesday.

All ten sectors remain in the lead with influential groups doing the bulk of the work. Even the consumer discretionary sector (+0.7%), which started in the red, now trades comfortably in the green. Homebuilders and retailers have contributed to the underperformance with iShares Dow Jones US Home Construction ETF (ITB 28.30, +0.06) and SPDR S&P Retail ETF (XRT 46.14, +0.19) up 0.2% and 0.4%, respectively.

On a separate note, trading activity has slowed going into the afternoon with 285 million shares having changed hands at the NYSE so far.

11:55 am:

[BRIEFING.COM] Equity indices remain near their best levels of the day with the S&P 500 trading higher by 0.8%. The benchmark index hit its best level of the day around 10:45 ET and has hovered just below that mark since then with heavily-weighted sectors fueling the strength.

The energy sector (+1.2%) has shown relative strength since the start while crude oil has also marched higher. Currently, WTI crude trades up 1.8% at $44.78/bbl, erasing its loss from yesterday.

Elsewhere, Treasuries began sliding after the August Retail Sales report and the 10-yr note remains near its low with the benchmark yield up four basis points at 2.23%.

11:25 am:

[BRIEFING.COM] After charging to new highs, the major averages have held their ground in recent action. The S&P 500 trades higher by 0.8% while the Dow Jones Industrial Average (+0.9%) outperforms slightly.

All ten sectors trade in the green with the rate-sensitive utilities sector (+0.1%) trailing the broader market as higher Treasury yields weigh (10-yr yield +3 bps at 2.22%). On the flip side, energy (+1.1%) and industrials (+1.0%) are jockeying for the lead.

Despite the run to new highs, the early volume has been relatively light with just over 220 million shares traded at the NYSE so far today.

10:50 am:

[BRIEFING.COM] The major averages have climbed to new highs, erasing the remainder of losses from yesterday. The S&P 500 trades up 0.8% with all ten sectors in the green.

The energy space (+0.9%) paced the opening move higher, but the industrial (+1.1%) sector has seized the top spot in recent action. Transport stocks have contributed to that strength with the Dow Jones Transportation Average trading higher by 1.1%. UPS (UPS 100.11, +3.10) is the standout performer, trading higher by 3.2% after announcing plans to hire between 90,000 and 95,000 seasonal employees to support the expected volume increase ahead of the holidays. Meanwhile, FedEx (FDX 153.63, +3.41) has climbed 2.2%.

Elsewhere, technology (+0.9%), financials (+0.9%), and health care (+1.0%) trade just behind industrials.

10:40 am: [BRIEFING.COM]

Commodities-as measured by the Bloomberg Commodity Index- are trading slightly higher this morning, amidst a modestly positive dollar and notable Chinese equity volatility
The dollar index traded in a wide range around the flat line overnight and early, being driven primarily by sentiment ahead of tomorrow's two day Fed meeting
The morning's release of weaker-than-expected US retail sales data kept focus on the upcoming meeting, but did not lend much momentum to the dollar
For now, shifting sentiment around a rate hike has tempered movement in both the dollar and precious metals, with the index at +0.2% to 95.55
Gold is now -0.3% to $1104.40/oz and silver is -0.4% to $14.30/oz
Crude reversed yesterday's negative momentum overnight, rallying to highs near the $44.90 level ahead of this evening's API (and tomorrow's EIA) inventory report
Last week, both reports showed a greater than 2 mln/barrel build in inventories
The December contract has given up some of its early gains, but is still holding positive at +1.2% to $44.51/barrel
Copper bottomed overnight at $2.39/lb, as Chinese equity volatility lent itself to negative market sentiment toward the condition of the Chinese economy
However following the Asian close, copper saw a gradual rally and is now +0.7% to $2.42/lb
Natural gas has traded higher all session and currently sits at +0.3% to $2.77/MMBtu

10:00 am:

[BRIEFING.COM] The S&P 500 is higher by 0.3% while the Nasdaq (+0.2%) follows right behind.

Just released, Business Inventories rose 0.1% in July, which is what the Briefing.com consensus expected. This followed the prior month's revised increase of 0.7% (from 0.8%).

9:40 am:

[BRIEFING.COM] The major averages began the trading day on a higher note with the S&P 500 up 0.2% amid gains in nine of ten sectors.

One of yesterday's weakest performers-energy (+0.5%)-is today's early leader while heavily-weighted financials (+0.2%), technology (+0.3%), and health care (+0.3%) trade just ahead of the broader market.

On the downside, the consumer discretionary sector (-0.1%) hovers just below its flat line.

The Business Inventories report for July (expected 0.1%) will be released at 10:00 ET.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +17.00.

The stock market is on track for a modestly higher start as S&P 500 futures trade eight points above fair value.

Index futures have climbed to highs in recent action after holding up well overnight despite continued weakness in China that sent the Shanghai Composite lower by 3.5%. Meanwhile, European markets have followed U.S. futures with Italy's MIB (+0.9%) in the lead.

Domestically, pre-market action has been quiet and the cash market may be in for another low-volume session ahead of Thursday's FOMC rate decision. On Monday, fewer than 800 million shares changed hands at the NYSE floor versus a 20-day average of 984 million.

On the economic front, August retail sales (+0.2%; Briefing.com consensus 0.3%) came in just below expectations while the July reading was revised up to 0.7% from 0.6%. The increase in retail sales was below the 0.7% increase in aggregate income shown by the August employment report, indicating a higher preference for savings or debt servicing. Excluding autos, retail sales increased 0.1% in August after increasing an upwardly revised 0.6% (from 0.4%) in July while the consensus expected an increase of 0.2%.

Separately, the just released Industrial Production report pointed to a decrease of 0.4% in August, which was worse than the 0.2% decrease expected by the Briefing.com consensus. Capacity utilization hit 77.6% while the Briefing.com consensus expected a reading of 77.8%.

Treasuries fell to lows following the Retail Sales report and they remain near those levels with the 10-yr yield up two basis points at 2.21%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +12.60.

The S&P 500 futures trade six points above fair value.

Many markets in the Asia-Pacific region traded lower on Tuesday, none more so than China's Shanghai Composite (-3.5%) which continued to feel the weight of economic growth concerns. Elsewhere, the S&P/ASX 200 in Australia (-1.5%) had a tough outing amid news of a leadership change in the ruling Liberal Party.

In economic data:
Japan's September Reuters Tankan Index 9.0 (prior 17.0)
South Korea's August Trade Balance unrevised at KRW 4.30 bln (prior KRW 4.30 bln). Separately, Exports revised to -14.9% year-over-year (prior -14.7%) and Imports unrevised at -18.3% year-over-year (prior -18.3%)
Australia's August New Motor Vehicle Sales -1.6% (prior -1.3%)
Singapore's Q2 Unemployment Rate unrevised at 2.0% (expected 2.0%; prior 2.0%) and July Retail Sales -2.2% month-over-month (prior +0.7%); +5.2% year-over-year (expected +3.0%; prior +7.0%)

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Japan's Nikkei increased 0.3%, but had been up as much as 2.0% early in the session. As expected, the Bank of Japan held its key lending rate unchanged at 0.10% while noting it expects growth to accelerate in the third quarter. The modest gain was led by the consumer discretionary (+1.3%) and utilities (+0.9%) sectors. Nisshin Seifun Group (+4.7%), Nichirei Corp (+4.2%), and Marui Group (+3.6%) were the best-performing issues. Nitto Boseki (-7.0%), KDDI Corp (-5.7%), and Ebara Corp (-4.0%) were the biggest losers. Out of the 225 index members, 113 ended higher, 100 finished lower, and 12 were unchanged.
Hong Kong's Hang Seng declined 0.5%, dragged lower by growth concerns surrounding China and a weak finish to the trading day for the mainland market. Belle International Holdings (-5.2%), Cheung Kong Property Holdings (-4.0%), and China Resources Power Holdings (-3.8%) paced the way lower. Tencent Holdings (+2.5%), China Resources Enterprise (+1.4%), and Power Assets Holdings (+1.1%) topped the list of winners. Out of the 50 index members, 14 ended higher, 31 finished lower, and 5 were unchanged.
China's Shanghai Composite declined 3.5% with selling efforts picking up in the afternoon session. Ongoing growth concerns and a report from the securities regulator that its investigation of illegal margin trading has only had a limited impact on the equity market were cited as drivers of the selling interest.

Major European indices trade near their flat lines while Italy's MIB (+0.6%) outperforms. On a related note, Italy's Finance Minister Pier Carlo Padoan said the Italian economy has returned to growth thanks to domestic and foreign demand

Investors received several data points:
Eurozone ZEW Economic Sentiment 33.3 (expected 42.1; prior 47.6) while Q2 Employment Change +0.3% quarter-over-quarter (expected 0.1%: prior 0.2%). Separately, July Trade Surplus expanded to EUR31.40 billion from EUR26.40 billion
Germany's September ZEW Economic Sentiment 12.1 (expected 18.4; prior 25.0) while ZEW Current Conditions 67.5 (expected 64.0; last 65.7)
UK's House Price Index +5.2% year-over-year (consensus 6.2%; prior 5.7%) while August CPI +0.2% month-over-month (expected 0.2%; prior 0.2%); 0.0% year-over-year (expected 0.0%; prior 0.1%). Also of note Input PPI -2.4% month-over-month, as expected; -13.8% year-over-year (expected -13.7%). Separately, Core CPI +1.0% year-over-year, as expected
France's August CPI +0.3% month-over-month (expected -0.4%; last -0.3%)

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UK's FTSE is lower by 0.1% with miners and consumer names among the laggards. BHP Billiton, Glencore, Fresnillo, and Rio Tinto are down between 1.3% and 4.5% while Tesco, Sainsbury, and WM Morrison Supermarkets show losses between 2.2% and 2.7%. Financials outperform with Barclays and Standard Chartered up 0.9% and 1.3%, respectively.
Germany's DAX hovers just above its flat line. Exporters BMW, Daimler, and Volkswagen outperform with gains between 0.4% and 1.1% while basic materials names lag. K+S, Lanxess, and ThyssenKrupp hold losses between 1.0% and 5.2%.
France's CAC is higher by 0.4% with financials contributing to the strength. BNP Paribas, Credit Agricole, and AXA are up between 0.2% and 1.1%. Electricite de France is the weakest performer, down 4.4%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +5.30.

The S&P 500 futures trade three points above fair value.

August retail sales rose 0.2% while the Briefing.com consensus expected an increase of 0.3%. The prior month's reading was revised up to 0.7% from 0.6%. Excluding autos, retail sales increased 0.1% while the consensus expected an increase of 0.2%.

Separately, the Empire Manufacturing Survey for September registered a reading of -14.7, which was above the prior month's reading of -14.9, but below the Briefing.com consensus estimate, which was pegged at 0.5.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +3.90.

U.S. equity futures trade little changed amid upbeat action overseas. The S&P 500 futures hover two points above fair value after spending the night in a relatively narrow trading range.

Yesterday's session generated a very light trading volume with fewer than 800 million shares changing hands at the NYSE floor. A similar showing would not be surprising today with investors treading lightly ahead of Thursday's FOMC policy statement.

Similar to equity futures, U.S. Treasuries are little changed with the 10-yr yield at 2.18%.

August Retail Sales (Briefing.com consensus 0.3%) and the September Empire Manufacturing Index (consensus 0.3) will be reported at 8:30 ET while August Industrial Production (consensus -0.2%) and Capacity Utilization (expected 77.8%) will cross the wires at 9:15 ET. The day's data will be topped off with the 10:00 ET release of the Business Inventories report for July (expected 0.1%).

In U.S. corporate news of note:

Credit Suisse (CS 26.59, +0.32): +1.2% after Goldman Sachs added the stock to its Conviction Buy list
Xenoport (XNPT 7.35, +0.62): +9.2% after the company announced positive Phase 2 study results in one of its clinical trials

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -3.5%, Hong Kong's Hang Seng -0.5%, and Japan's Nikkei +0.3%
In economic data:
Japan's September Reuters Tankan Index 9.0 (prior 17.0) South Korea's August Trade Balance unrevised at KRW 4.30 bln (prior KRW 4.30 bln). Separately, Exports revised to -14.9% year-over-year (prior -14.7%) and Imports unrevised at -18.3% year-over-year (prior -18.3%)
Australia's August New Motor Vehicle Sales -1.6% (prior -1.3%)
Singapore's Q2 Unemployment Rate unrevised at 2.0% (expected 2.0%; prior 2.0%) and July Retail Sales -2.2% month-over-month (prior +0.7%); +5.2% year-over-year (expected +3.0%; prior +7.0%)
In news:
The Bank of Japan left its key lending rate unchanged at 0.10%, as expected

Major European indices trade mostly higher. Germany's DAX +0.3%, France's CAC +0.7%, and UK's FTSE -0.1%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.2%
Investors received several data points:
Eurozone ZEW Economic Sentiment 33.3 (expected 42.1; prior 47.6) while Q2 Employment Change +0.3% quarter-over-quarter (expected 0.1%: prior 0.2%). Separately, July Trade Surplus expanded to EUR31.40 billion from EUR26.40 billion
Germany's September ZEW Economic Sentiment 12.1 (expected 18.4; prior 25.0) while ZEW Current Conditions 67.5 (expected 64.0; last 65.7)
UK's House Price Index +5.2% year-over-year (consensus 6.2%; prior 5.7%) while August CPI +0.2% month-over-month (expected 0.2%; prior 0.2%); 0.0% year-over-year (expected 0.0%; prior 0.1%). Also of note Input PPI -2.4% month-over-month, as expected; -13.8% year-over-year (expected -13.7%). Separately, Core CPI +1.0% year-over-year, as expected
France's August CPI +0.3% month-over-month (expected -0.4%; last -0.3%)
Among news of note:
Italy's Finance Minister Pier Carlo Padoan said the Italian economy has returned to growth thanks to domestic and foreign demand

5:55 am: [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -5.90.

5:54 am: [BRIEFING.COM] Nikkei...18026.48...+60.80...+0.30%. Hang Seng...21455.23...-106.70...-0.50%.

5:54 am: [BRIEFING.COM] FTSE...6054.98...-29.60...-0.50%. DAX...10131.20...-0.80...0.00%.

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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