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 Post subject: September 23rd Wednesday Trade Results - Profit $1312.50
PostPosted: Wed Sep 23, 2015 10:03 pm 
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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)

Attachment:
092315-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1312.50.png
092315-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1312.50.png [ 95.22 KiB | Viewed 344 times ]

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 @ $1312.50 dollars or +26.25 points, Light Crude Oil CL ($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 @ $1312.50 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=147&t=2177

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.

-----------------------------

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 major averages registered their second consecutive retreat on Wednesday with the S&P 500 shedding 0.2% while the Nasdaq Composite (-0.1%) ended just ahead.

Overall, the midweek session was a choppy affair that saw the benchmark index spend some time on both sides of its flat line. That trading dynamic resulted from mixed performance among the ten sectors as three top-weighted groups-technology (+0.2%), financials (+0.1%), and health care (-0.1%)-displayed flashes of intraday strength while most of the remaining sectors struggled.

Most notably, commodity-sensitive energy (-1.4%) and materials (-2.1%) finished at the bottom of the leaderboard while the industrial sector (-0.7%) also kept the market under pressure. Altogether, the three sectors responded negatively to last night's release of China's preliminary September Caixin Manufacturing PMI, which fell to a 6.5-year low of 47.0 from 47.3 (expected 47.5).

It is worth pointing out that the energy sector was also pressured by crude oil, which climbed in the morning, but reversed from its best level in a move that coincided with equities retreating from their morning highs. WTI crude continued its retreat into the afternoon, ending the pit session lower by 3.8% at $44.53/bbl.

On the upside, the top-weighted technology sector (+0.2%) settled in the lead thanks to gains among large cap names like Apple (AAPL 114.32, +0.92), Google (GOOGL 653.29, +0.09), Intel (INTC 28.74, +0.07), and Microsoft (MSFT 43.87, -0.03). However, high-beta chipmakers did not fare as well as Intel, evidenced by a 0.7% decline in the PHLX Semiconductor Index.

Elsewhere, financials (+0.1%) and health care (-0.1%) displayed intraday strength, but the health care sector could not stay in the green into the close as renewed weakness in biotechnology took a toll on the countercyclical sector. The iShares Nasdaq Biotechnology ETF (IBB 332.82, -2.58) surrendered 0.8%, extending this week's decline to 6.7%.

Today's choppy action in the stock market had little impact on Treasuries as the 10-yr note spent the day in the red, pushing its yield up two basis points to 2.15%.

Investor participation was on the light side with fewer than 800 million shares changing hands at the NYSE floor.

Economic data was limited to the weekly MBA Mortgage Index, which surged 13.9% to follow last week's 7.0% decrease.

Tomorrow, weekly Initial Claims (Briefing.com consensus 271K), August Durable Orders (expected -2.0%) will be reported at 8:30 ET while August New Home Sales (expected 515,000) will be announced at 10:00 ET.

Nasdaq Composite +0.4% YTD
Russell 2000 -5.3% YTD
S&P 500 -5.8% YTD
Dow Jones Industrial Average -8.7% YTD

3:40 pm: [BRIEFING.COM]

Commodities were lower today, led by oil prices. The overall Bloomberg Commodity Index is about 0.6% in current trade
Despite an initial move higher following the weekly EIA storage data, oil prices collapsed today, falling as low as
By the end of today's session, Nov WTI crude lost 3.8% to close at $44.53/barrel, near its LoD of $44.44/barrel
Oct nat gas only fell one cent to $2.57/MMBtu
Metals, on the other hand, had a better day
Copper end flat at $2.30/lb, while precious metals rose
Dec gold climbed 0.6% at $1131.70/oz, while Dec silver +0.1% at $14.79/oz

3:00 pm:

[BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the session.

The benchmark index has been able to climb off its morning low thanks to the relative strength in financials (+0.1%) and technology (+0.3%), but gains in those two groups have not been sufficient in offsetting the losses in other areas. Furthermore, the health care sector (-0.3%) is back among the laggards after showing some relative strength earlier.

The renewed weakness in the health care sector has occurred amid similar price action in the biotech group. The iShares Nasdaq Biotechnology ETF (IBB 332.58, -2.81) is down 1.0% today and lower by 6.8% for the week.

2:25 pm:

[BRIEFING.COM] Not much change in the market as the S&P 500 continues hovering within a point of its flat line. As mentioned in our previous update, a handful of influential sectors have turned green, thus lifting the benchmark index back to the unchanged level.

The top-weighted technology sector (+0.5%) trades in the lead while the next two largest groups-financials (+0.2%) and health care (+0.1%)-also sit above their flat lines. That being said, continued weakness in industrials (-0.6%) and energy (-0.9%) has limited the market's rebound. Furthermore, the materials sector (-1.7%) trades well behind the broader market, but the group represents just over 3.0% of the S&P 500.

Treasuries have held modest losses throughout the day and they remain in the red with the 10-yr yield up two basis points at 2.15%.

1:55 pm:

[BRIEFING.COM] The S&P 500 (-0.1%) and Nasdaq Composite (+0.1%) have lurched back to their flat lines while the Dow Jones Industrial Average (-0.3%) remains behind.

All things considered, afternoon action has been very quiet with the S&P 500 trading inside a six-point range, which has now been extended to ten points. The spike off lows was fueled by the three heavily-weighted sectors that had traded ahead of the S&P 500 since the early going. The top-weighted technology sector is higher by 0.4% while financials and health care hold respective gains of 0.2% and 0.1%.

Elsewhere, Treasuries have also spent the afternoon in a narrow range with the 10-yr yield up one basis point at 2.14%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to float around in negative territory, showing decent losses on the day

A look inside the Dow Jones Industrial Average shows that United Technologies (UTX, 85.92, -2.28), Caterpillar (CAT 70.31, -1.37), and Boeing (BA 131.84, -2.15) are underperforming as industrials are seeing meaningful weakness when compared to other sectors.

Conversely, Pfizer (PFE 32.56, +0.30) is the best-performing Dow component after its shared entity with GlaxoSmithKline, ViiV Healthcare, announced its Phase IIIb/IV STRIIVING study evaluating the efficacy, safety and tolerability of switching from an antiretroviral therapy to the once-daily, fixed-dose dolutegravir-based regimen, Triumeq in virologically suppressed adults with HIV-1 met its primary endpoint.

For the week, the DJIA is down 0.9%, and 1.8% this month.

Elsewhere, the $35 bln 5-year Treasury note auction drew a high yield of 1.467% on a bid-to-cover of 2.57.
Related Quotes

12:55 pm:

[BRIEFING.COM] The major averages hover near their lows at midday with the Dow Jones Industrial Average (-0.6%) trading behind the S&P 500 (-0.4%) and Nasdaq Composite (-0.1%).

The current standing represents a turn from the morning dynamic that saw the S&P 500 spent the first 90 minutes of the day in a slow climb; however, continued weakness in most cyclical sectors has sent the market into the red. Growth-sensitive materials (-1.6%), industrials (-0.9%), and energy (-0.8%) have paced the slide to midday lows while commodities have also struggled following a disappointing Caixin Manufacturing PMI from China (47.0; consensus 47.5), which fell to a 6.5-year low.

Interestingly, crude oil was able to rally briefly, but that move has been retraced fully. The energy component hit a session high at $47.15/bbl, but has followed that with a slide to a new low, currently trading lower by 3.0% at $44.96/bbl. It is worth noting that the turn in crude oil futures coincided with the reversal in the equity market.

Although most cyclical sectors underperform at this juncture, heavily-weighted financials (-0.2%) and technology (unch) have stayed ahead of the broader market, keeping the S&P 500 from sliding deeper into the red. Notably, the technology sector has been held up by large cap names with the likes of Apple (AAPL 113.81, +0.41), Google (GOOGL 655.98, +2.78), and Facebook (FB 93.57, +0.61) up between 0.3% and 0.7%.

Similar to technology, the health care sector (-0.1%) has been able to withstand some of today's pressure. That being said, the sector is down 2.2% for the week versus a 1.2% week-to-date decline in the S&P 500. Biotechnology was responsible for the relative weakness over the past two days, but today, the iShares Nasdaq Biotechnology ETF (IBB 334.74, -0.66) is lower by 0.1%.

Elsewhere, Treasuries have climbed off their morning lows, but they remain in negative territory with the 10-yr yield up two basis points at 2.15%.

Today's economic data was limited to the weekly MBA Mortgage Index, which surged 13.9% to follow last week's 7.0% decrease.

12:30 pm:

[BRIEFING.COM] Equity indices have dipped to new lows lows with the S&P 500 down 0.4%.

Nine of ten sectors are entrenched in the red while the utilities sector trades flat despite a slim uptick in the 10-yr yield (+1 bp at 2.14%). On the flip side, materials (-1.7%) and energy (-0.9%) sit behind the remaining sectors with energy sliding after showing some relative strength earlier. The turnaround in the energy sector has coincided with comparable price action in crude oil. Specifically, WTI crude is now down 3.2% at $44.89/bbl after sliding from its high near $47.15/bbl. The move lower has been pretty aggressive, unfolding over the past two hours or so.

Elsewhere, the industrial sector (-1.0%) has also exerted pressure on the market while health care (-0.2%) and technology (-0.1%) remain ahead.

12:00 pm:

[BRIEFING.COM] The key indices have retreated to fresh session lows with the Dow Jones Industrial Average (-0.6%) pacing the retreat as large cap industrial names pressure the price-weighted index.

Meanwhile, the S&P 500 is lower by 0.4% with the materials sector (-1.5%) at the bottom of the leaderboard for the second day in a row. On a somewhat related note, the other commodity-sensitive sector-energy-trades lower by 0.6% amid whipsaw action in crude oil. The energy component is currently lower by 1.6% at $45.61/bbl after sliding from a session high in the $47.15/bbl area.

Also of note, heavily-weighted technology (-0.2%) and health care (-0.1%) continue trading ahead of the broader market, but they will be watched closely to see if the broad market pressure takes a toll on the influential groups.

11:25 am:

[BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) return into negative territory while the Nasdaq Composite (+0.1%) remains above its flat line thanks to the relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 337.70, +2.30) is higher by 0.7% while the health care sector trades higher by 0.5%.

In addition to health care, the technology sector (+0.2%) is the only other group trading in the green while other sectors have slipped back into the red. Notably, the industrial sector trades down 0.6%, which has pressured the broader market. Heavy machinery names like Caterpillar (CAT 70.63, -1.05), Deere (DE 77.73, -1.11), and Joy Global (JOY 16.35, -0.33) display losses between 1.4% and 2.0% in the wake of a disappointing Manufacturing PMI from China.

Elsewhere among industrials, transport stocks trade mostly lower with the Dow Jones Transportation Average trading lower by 0.6%, extending this week's loss to 2.3%.

10:55 am:

[BRIEFING.COM] Equity indices have erased their opening losses with the S&P 500 (+0.3%) and Nasdaq (+0.5%) trading ahead of the Dow (+0.1%).

In our opening update we highlighted the early weakness in the health care sector, but the countercyclical group has turned around and now trades higher by 0.7%. Similarly, heavily-weighted technology (+0.6%) and financials (+0.4%) also trade ahead of the broader market after displaying early weakness.

On the downside, industrials (-0.1%), telecom services (-0.2%), and materials (-0.4%) continue trading in the red.

10:40 am: [BRIEFING.COM]

The dollar index is trading moderately higher this morning, driven by commentary from ECB Governing Council Member Bostjan Jazbec and expectations for US unemployment data due out tomorrow morning (initial claims est. at 271K and continuing claims est. at 2.25 mln)
The index's modest range and lack of clear trend so far this session, hasn't been a large driver in broad commodities so far.
Copper is trading modestly above the flat-line, down from overnight highs near the $2.32/level, despite underwhelming factory data (released overnight) out of China.
With activity falling to a six year low, the metric isn't weighing too heavily on December copper so far, now at +0.7% to $2.31/lb
Precious metals have rallied from flat overnight, benefiting from risk-off trades due to recent Asian/US equity volatility and an increase in global demand concern (driven by the disappointing Chinese manufacturing data).
Gold is now +0.6% to $1131.80/oz and silver is +0.8% at $14.88/oz.
Energy futures have been trading higher today, including oil, natural gas, heating oil and RBOB futures.
Crude oil prices were higher ahead of the weekly EIA inventory and following the data, which showed a draw, Nov WTI crude oil futures are near today's high.
Nov crude is currently +1.6% at $47.09/barrel
Oct natural gas found some buyers this morning and is also near today's high. Oct NG is currently +0.9% at $2.60/MMBtu.

10:00 am:

[BRIEFING.COM] The major averages continue showing modest opening losses, but two more sectors have slipped into the red, leaving energy (+0.1%) and financials (+0.1%) above their flat lines.

On the flip side, health care has extended its decline to 0.5% while industrials (-0.2%) and consumer discretionary (-0.2%) underperform.

Although the market has slipped out of the gate, it is worth noting that market breadth has improved since the start with 1.1 NYSE-listed issues trading in the green for each decliner.

9:40 am:

[BRIEFING.COM] As expected, the major averages started the trading day near their flat lines. The S&P 500 hovers just below its unchanged level with six sectors showing opening losses. That being said, the weakest performer-health care-is down just 0.3% so far today.

Similar to health care, financials (-0.1%) and industrials (-0.1%) hover in the red while energy (+0.3%), utilities (+0.1%), and technology (+0.1%) sit above their flat lines.

Also of note, Treasuries have retreated to new lows, pushing the 10-yr yield up to 2.16% (+2 bps).

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +6.50.

The stock market is on track for a flat open as S&P 500 futures trade within two points of fair value.

Futures on the benchmark index are little changed after stringing together a 25-point rebound off its overnight low, which was reached after the release of a disappointing preliminary Caixin Manufacturing PMI for September. The index fell to 47.0 from 47.3 (expected 47.5), representing a 6 year low.

Despite the weak data from China, European markets have been able to rally while U.S. futures have tagged along. Notably, Germany's DAX is higher by 0.9% at this juncture with Volkswagen up 8.3% after diving nearly 35.0% over the past two days.

U.S. Treasuries have climbed off their lows, but they remain in the red with the 10-yr yield up almost a basis point at 2.14%.

Things have been relatively quiet on the corporate front with M&A specuation headlining this morning's developments. BioMed Realty (BMR 21.26, +2.08) is on track to open higher by 10.8% after Bloomberg reported the company is considering a sale to Blackstone (BX 33.90, 0.00). Elsewhere, Citrix Systems (CTXS 74.25, +2.10) has climbed 2.9% in pre-market after Reuters reported the company is making a final effort to sell itself.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +3.40. Nasdaq futures vs fair value: +19.30.

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

Most markets in the Asia-Pacific region fell prone to stepped-up selling pressure following Wall Street's weak showing on Tuesday and a disappointing flash PMI reading out of China on Wednesday. Specifically, the Caixin Manufacturing PMI reading fell to 47.0 from 47.3, marking a 6 year low. The downbeat survey on manufacturing activity contributed to existing growth concerns for China and the global economy.

In economic data:
China's preliminary September Caixin Manufacturing PMI 47.0 (expected 47.5; prior 47.3)
Singapore's August CPI -0.8% year-over-year (expected -0.5%; prior -0.4%)

------

Japan's Nikkei: closed for holiday (Autumn Equinox)
Hong Kong's Hang Seng declined 2.3%, but had been down as 3.6% in the wake of a disappointing manufacturing survey out of China and reports that Citic Securities has been accused by the Chinese government of front-running state-sponsored stock purchases. Galaxy Entertainment (-5.5%), Kunlun Energy (-5.4%), and China Overseas Land & Investment (-4.7%) led the losses. Out of the 50 index members, only two -- China Resources Enterprise (+0.4%) and Hengan International Group (+0.4%) -- ended higher.
China's Shanghai Composite declined 2.2% after the Caixin flash PMI reading for September checked in at a 6 year low of 47.0, which was also below economists' average expectation. Once again, there was heightened trading activity in the final hour that was accented with a selling bias.

Major European indices trade higher across the board with UK's FTSE (+2.2%) in the lead.

Investors received several data points:
Eurozone preliminary September Manufacturing PMI 52.0, as expected (52.3 prior) and Services PMI 54.0 (expected 54.2; prior 54.4)
Germany's preliminary September Manufacturing PMI 52.5 (expected 52.8; last 53.3) and preliminary Services PMI 54.3 (consensus 54.6; prior 54.9)
France's preliminary September Manufacturing PMI 50.4 (consensus 48.5; prior 48.3) and Services PMI 51.2 (expected 51.0; last 50.6). Separately, Q2 GDP was flat quarter-over-quarter, as expected (prior 0.0%)

------

France's CAC is higher by 1.1% with more than 30 of its components trading with gains. Growth-sensitive Solvay and Total lead with respective gains of 3.1% and 2.5% while automakers remain weak. Renault and Peugeot trade lower by 3.0% and 1.5%, respectively.
Germany's DAX has climbed 1.3% amid gains in 26 of its 30 components. Lufthansa and Volkswagen lead with gains close to 5.0% apiece while utility stocks also outperform. E.On and RWE hold respective gains of 2.9% and 2.0%
UK's FTSE has jumped 2.2% with miners leading the rally after struggling yesterday. Anglo American, Glencore, and Rio Tinto have gained between 2.7% and 4.1%. Airlines have also shown strength with easyJet and International Consolidated Airlines up 3.3% and 5.2%, respectively.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +19.50.

Not much change in the pre-market standing as S&P 500 futures continue hovering just above the unchanged level. Futures had been up about 10 points in earlier action, but they have pulled back from their highs. To be fair, the slip from highs followed a 25-point rally off overnight lows.

Similar to equity futures, the Dollar Index (96.30, +0.01) is flat after erasing its overnight loss.

Meanwhile, Treasuries hold modest losses with the 10-yr yield up one basis point at 2.14%.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: +14.30.

U.S. equity futures trade little changed after seeing a wide trading range overnight. The S&P 500 futures hover within a point of fair value after a 25-point rally off lows.

Meanwhile, Treasuries have retreated, sending the 10-yr yield higher by a basis point to 2.15%.

Today's economic data was limited to the weekly MBA Mortgage Index, which surged 13.9% to follow last week's 7.0% decrease.

In U.S. corporate news of note:

Citrix Systems (CTXS 74.25, +2.10): +2.9% after Reuters reported the company is making a final effort to sell itself.
Intel (INTC 29.05, +0.38): +1.3% after being upgraded to 'Market Perform' from 'Underperform' at Bernstein.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -2.2%, Hong Kong's Hang Seng -2.3%, and Japan's Nikkei was closed for Autumn Equinox.
In economic data:
China's preliminary September Caixin Manufacturing PMI 47.0 (expected 47.5; prior 47.3)
Singapore's August CPI -0.8% year-over-year (expected -0.5%; prior -0.4%)
In news:
In addition to pressuring markets in China and Hong Kong, the disappointing Manufacturing PMI reading weighed on the Australian dollar, sending the currency lower by about 50 pips against the U.S. dollar. That said, the AUD/USD pair has trimmed its loss in half since the report's release.

Major European indices trade higher across the board. UK's FTSE +1.7%, France's CAC +0.6%, and Germany's DAX +0.7%. Elsewhere, Italy's MIB +1.2% and Spain's IBEX +0.2%
Investors received several data points:
Eurozone preliminary September Manufacturing PMI 52.0, as expected (52.3 prior) and Services PMI 54.0 (expected 54.2; prior 54.4)
Germany's preliminary September Manufacturing PMI 52.5 (expected 52.8; last 53.3) and preliminary Services PMI 54.3 (consensus 54.6; prior 54.9)
France's preliminary September Manufacturing PMI 50.4 (consensus 48.5; prior 48.3) and Services PMI 51.2 (expected 51.0; last 50.6). Separately, Q2 GDP was flat quarter-over-quarter, as expected (prior 0.0%)
Among news of note:
European markets have rebounded from yesterday's plunge with Volkswagen climbing 3.4% after diving nearly 35.0% over the past two days

5:56 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +22.50.

5:56 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...21302.91...-493.70...-2.30%.

5:56 am: [BRIEFING.COM] FTSE...6016.87...+81.00...+1.40%. DAX...9674.38...+103.70...+1.10%.

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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com
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