TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 5:36 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: September 25th Friday Trade Results - Profit $6212.50
PostPosted: Fri Sep 25, 2015 5:48 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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:
092515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+6212.50.png
092515-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+6212.50.png [ 94.69 KiB | Viewed 391 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 @ $6212.50 dollars or +124.25 points, Light Crude Oil CL ($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 @ $6212.50 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=2179

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.

Attachment:
092515-Key-Price-Action-Markets.png
092515-Key-Price-Action-Markets.png [ 1.23 MiB | Viewed 341 times ]

click on the above image to view today's price action of key markets


4:25 pm: [BRIEFING.COM] The stock market finished a down week on a sloppy note with the S&P 500 (-0.1%) surrendering a solid intraday gain during the final two hours of action to end flat. The benchmark index locked in a weekly decline of 1.4% while the Nasdaq Composite (-1.0%) underperformed, ending the week lower by 2.9%. For its part, the Dow Jones Industrial Average (+0.7%) ended Friday in the green as blue chips avoided volatility in the biotech space.

Equity indices spiked out of the gate in response to early morning strength in the futures market, which coincided with solid gains in Europe. To that point equity indices in France, Germany, and the UK rebounded after yesterday's struggles, gaining between 2.6% and 3.0% with automakers taking part in the rally. That rally lifted U.S. equity futures, but once the U.S. session began, the S&P 500 nestled into seven-point range that held into the afternoon.

The S&P 500 drifted near its high through the morning, supported by the financial sector (+1.5%) in particular. That heavily-weighted group held the lead after Federal Reserve Chair Janet Yellen spoke last evening, reminding that the Fed is still intent on raising rates by year's end. Meanwhile, most other sectors also held solid intraday gains, but a late afternoon dive in the biotech industry group proved too large to be ignored by the market.

Interestingly, the Nasdaq Composite hinted at the afternoon weakness, steadily marching lower from its opening high throughout the day. Large cap biotechnology listings like Amgen (AMGN 138.60, -4.91), Celgene (CELG 108.45, -5.43), Gilead Sciences (GILD 100.14, -2.37), and Regeneron (REGN 491.43, -30.57) lost between 2.3% and 5.9% while the iShares Nasdaq Biotechnology ETF (IBB 310.24, -15.98) declined through the morning, accelerating its retreat into the afternoon to end lower by 4.9% after being down more than 6.0%.

For the week, the ETF sank 13.0%, suffering from a one-two punch that started with Monday's remarks from presidential candidate Hillary Clinton, who said she is interested in introducing price controls into the pharmaceutical industry. In addition, yesterday's reminder from Fed Chair Yellen about the potential rate hike by year's end may have also factored into the selling considering the industry has benefited greatly from rock-bottom rates. The weakness in biotechnology ensured a sharply lower finish for the health care sector (-2.9%), which surrendered nearly 6.0% for the week.

Elsewhere, the consumer discretionary sector (unch) displayed relative strength intraday, but fell victim to the afternoon selling, ending in-line with the market. That masked an 8.9% surge in the shares of Nike (NKE 125.00, +10.21) after the athletic apparel giant cruised past earnings/revenue estimates and reported higher than expected futures orders.

Interestingly, the afternoon dive in equities had essentially no impact on Treasuries as 10-yr note held a bit above its morning low into the close with its yield rising four basis points to 2.17%.

Meanwhile, the CBOE Volatility Index (VIX 23.26, -0.21) started the day with a two-point loss, but inched higher through the morning, indicating some investors used the early strength to increase their hedges. The VIX then accelerated its climb during the afternoon to end little changed as the slide in the S&P 500 invited wholesale demand for downside protection.

Today's affair invited above-average volume with more than XXX million shares changing hands at the NYSE floor.

Economic data was limited to the third revision of Q2 GDP and the Michigan Sentiment Index:

Second quarter GDP growth was revised up to 3.9% in the third estimate from 3.7% while the Briefing.com consensus expected the reading to remain at 3.7%
GDP increased 0.6% in Q1 2015
Real final sales were revised up to 3.9% from 3.5%, representing the biggest quarterly gain since a 4.3% increase in Q3 2014
Overall, the revisions in the third estimate were strong across the board. The only negative contributions came from inventories and net exports while all of the other sectors contributed more positively to growth in the third estimate
The University of Michigan Consumer Sentiment Index was revised up to 87.2 in the final September reading from 85.7 while the Briefing.com consensus expected a revision up to 87.0
The Expectations Index was revised up to 78.2 from 76.4, but is still down from 83.4 in August
The Current Conditions Index was revised up to 101.2 from 100.3, but remains down from 105.1 in August

On Monday, August Personal Income, Personal Spending and Core PCE data will be released at 8:30 ET while August Pending Home Sales will be announced at 10:00 ET.

Nasdaq Composite -1.1% YTD
S&P 500 -6.2% YTD
Russell 2000 -6.8% YTD
Dow Jones Industrial Average -8.5% YTD

Week in Review: Roller-coaster Ride Continues

The stock market began the week on a higher note despite seeing some intraday volatility. The S&P 500 gained 0.5% while the Nasdaq Composite underperformed throughout the day, but was able to settle just above its flat line. Equity indices rallied out of the gate with the advance continuing through the first hour of action. All ten sectors took part in the opening move higher, but health care was quick to surrender its gain. The countercyclical group ended lower by 1.4% while biotechnology struggled mightily, sending the iShares Nasdaq Biotechnology ETF (IBB 340.78, -15.98) lower by 4.5%. The biotechnology ETF lagged from the get-go, but the group accelerated its decline after presidential candidate Hillary Clinton sent out a tweet saying she is ready to unveil a plan that would target price gouging among specialty drug makers. Monday's selling dropped IBB below its 200-day moving average (347.36) to levels last seen at the start of September.

The market endured a rough trading day on Tuesday with the S&P 500 surrendering 1.2% while the Nasdaq Composite (-1.5%) underperformed. Equities spent the duration of the session in the red after gapping lower at the start. The opening stumble occurred in response to continued concerns about China's economic growth, which was manifested through weakness in commodity prices. Furthermore, European automakers struggled with Volkswagen plunging 19.8% to extend this week's loss to 34.7% after announcing the establishment of a EUR6.50 billion reserve in anticipation of costs associated with the Department of Justice probe into the company's diesel engines. European markets registered losses across the board with Germany's DAX tumbling 3.8%. Once the opening bell rang on Wall Street, the S&P 500 surrendered more than 15 points in short order and gave up another 20 into the afternoon. The index recovered about ten points during the final hour, but all ten sectors ended the day with losses.

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. 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 the overnight 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).

Thursday ended on a modestly lower note after equity indices erased the bulk of their early losses. The S&P 500 settled lower by 0.3% while the Dow Jones Industrial Average (-0.5%) and Nasdaq Composite (-0.4%) underperformed. The final standing represented a notable shift from the morning dynamic that saw equity indices gap down at the start amid selling in Europe. To that point, markets in France and Germany both lost near 2.0% apiece with automakers facing continued pressure. BMW was among the weakest performers in Germany, falling 5.2%, with company executives pushing back against insinuations that the company may have taken a page out of Volkswagen's playbook, saying they are ready to provide vehicles for testing on demand. To be sure, the losses among automakers were not the culprit behind the slide in Europe, but they represented another source of pressure in market that has been wrestling with persistent growth concerns surrounding China. Those concerns were echoed by Caterpillar (CAT 65.80, -4.40) as the manufacturer of heavy machinery lowered its guidance and announced plans to reduce its workforce by 4,000 to 5,000 people by the end of next year. Shares of CAT settled lower by 6.3%, keeping the industrial sector (-0.7%) among the laggards throughout the day.

3:35 pm: [BRIEFING.COM]

The dollar index traded in positive territory, which helped weigh on commodities today
Natural gas futures slid lower over and stayed in the red today.
Copper basically traded in the same pattern
Oct nat gas closed -1.2% today at $2.56/MMBtu, while Dec copper fell -0.2% to $2.28/lb.
Oct crude oil rallied today, finishing +1.8% at $45.72/barrel
Precious metals lost steam as well today
Dec gold lost -0.7% to $1145.50/oz, while Dec silver fell -0.4% at $15.08/oz

3:00 pm:

[BRIEFING.COM] The major averages remain near their lows as biotechnology continues weighing the market down. Specifically, the iShares Nasdaq Biotechnology ETF (IBB 306.35, -19.87) is now down 6.0% with the likes of Amgen (AMGN 138.80, -4.71), Celgene (CELG 107.80, -6.08), Regeneron (REGN 485.28, -36.72), and Vertex Pharmaceuticals (VRTX 103.03, -8.08) down between 3.0% and 7.1%.

Conversely, that weakness has pressured the health care sector (-2.9%), which has dragged the whole market down. With today's sharp slide, the IBB ETF is now down 13.8% for the week, sliding to levels last seen on August 24.

The biotech arena has suffered from a one-two punch this week, starting with Monday's remarks from presidential candidate Hillary Clinton, who said she is interested in introducing price controls into the pharmaceutical industry. In addition, yesterday's comments from Janet Yellen have reminded investors that the Fed intends to raise rates in 2015, which would be a negative for an industry that has benefited greatly from rock-bottom rates.

2:25 pm:

[BRIEFING.COM] Recent action saw the Nasdaq Composite (-0.5%) slide into the red amid continued weakness in biotechnology with the iShares Nasdaq Biotechnology ETF (IBB 310.53, -15.69) lower by 4.9%. That weakness has sent the health care sector (-1.9%) to a fresh session low, which has pressured the S&P 500 (+0.3%) from its early afternoon levels.

Meanwhile, financials (+1.8%), consumer staples (+1.2%), and consumer discretionary (+0.5%) remain well above their flat lines, setting up a tug-of-war going into the final 90 minutes of the trading day.

Elsewhere, Treasuries have inched up off their lows, but they continue holding the bulk of their losses with the 10-yr yield up three basis points at 2.16%.

2:00 pm:

[BRIEFING.COM] The S&P 500 continues drifting near its opening level.

There was more positive news about the economy in the third estimate of Q2 2015 GDP.

Second quarter GDP growth was revised up from 3.7% in the second estimate to 3.9% in the third estimate. The Briefing.com Consensus expected Q2 2015 GDP growth to remain at 3.7%.

GDP increased 0.6% in Q1 2015.

Real final sales were revised to 3.9% from 3.5%. That was the biggest quarterly gain since a 4.3% increase in Q3 2014.

Overall, the revisions in the third estimate were strong across the board. The only negative contributing revisions came from inventories and net exports. All of the other sectors contributed more positively to second quarter growth in the third estimate than in the second estimate.

1:30 pm:
Related Quotes

[BRIEFING.COM] The major U.S. indices have caught another leg up since our last update, with the Dow Jones Industrial now up over 1.5%.

A look inside the Dow shows that Nike (NKE 125.08, +10.29), Cisco (CSCO 26.27, +0.86), and JPMorgan (JPM 61.66, +1.44) are outperforming. Nike is at all-time highs after reporting Q1 earnings that exceeded analyst expectations on both the top and bottom line. Following the strong report, Nike earned numerous upgrades and price target increases from Wall Street analysts. Elsewhere, JPMorgan shares are seeing strong gains alongside its financial peers as Treasury yields gain following Janet Yellen's speech last night.

Conversely, UnitedHealth Group (UNH 120.02, -1.07) is the worst-performing Dow component amid continued weakness in Health Care, the sole declining sector in today's trade.

Nearing the end of the weak, the DJIA is now showing gains on the week, but is still down 0.6% this month.

12:55 pm:

[BRIEFING.COM] The Dow (+1.2%) and S&P 500 (+0.8%) hover near their session highs at midday while the Nasdaq Composite (+0.2%) underperforms amid continued weakness in biotechnology.

Equity indices began the final session of the week on a higher note, responding to the strength observed in European markets. Specifically, equity indices in France, Germany, and the UK gained between 2.6% and 3.0% with automakers taking part in the rally.

It is worth noting that just before the market opened, headlines indicated U.S. House Speaker John Boehner plans to resign, which could introduce some additional uncertainty into the looming debt ceiling battle.

Once the U.S. session began, the S&P 500 lurched higher, and has respected a seven-point range since the opening bell. The index has been supported by gains in nine sectors with financials (+1.8%) holding the lead. The economically-sensitive group has rallied after Fed Chair Janet Yellen spoke last evening, reiterating the Federal Reserve's intention to begin raising rates before the end of 2015.

Similar to financials, the consumer discretionary sector (+1.0%) trades ahead of the broader market while heavily-weighted technology (+0.6%) and health care (-0.5%) lag, which has weighed on the Nasdaq Composite.

The tech-heavy Nasdaq began the day near its peers, but has slipped into the neighborhood of its flat line due to relative weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 319.10, -7.12) is lower by 2.1%, extending this week's decline to 10.5%. The high-beta ETF has returned to levels seen on August 24 while the broader health care sector is lower by 0.5% today and down 3.6% for the week.

On the earnings front, the discretionary sector has stayed ahead of the S&P 500 since the start with apparel retailers showing strength after Nike (NKE 124.96, +10.17) reported better than expected results and above-consensus futures orders.

Treasuries have spent the day near their lows after sliding from their overnight highs with the 10-yr yield up four basis points at 2.17% at this juncture.

Economic data was limited to the third revision of Q2 GDP and the Michigan Sentiment Index:

Second quarter GDP growth was revised up to 3.9% in the third estimate from 3.7% while the Briefing.com consensus expected the reading to remain at 3.7%
GDP increased 0.6% in Q1 2015
Real final sales were revised up to 3.9% from 3.5%, representing the biggest quarterly gain since a 4.3% increase in Q3 2014
Overall, the revisions in the third estimate were strong across the board. The only negative contributions came from inventories and net exports while all of the other sectors contributed more positively to growth in the third estimate
The University of Michigan Consumer Sentiment Index was revised up to 87.2 in the final September reading from 85.7 while the Briefing.com consensus expected a revision up to 87.0
The Expectations Index was revised up to 78.2 from 76.4, but is still down from 83.4 in August
The Current Conditions Index was revised up to 101.2 from 100.3, but remains down from 105.1 in August

12:25 pm:

[BRIEFING.COM] The S&P 500 (+0.7%) remains inside a seven-point range, which has held since the opening bell. Meanwhile, the Nasdaq Composite has narrowed its gain 0.1%, pressured by continued weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 321.05, -5.17) is now down 1.6% after sliding to a fresh session low in recent action.

The biotech ETF began the trading day in positive territory, but the early gains have faded promptly, pressuring the ETF to levels last seen on August 24. With biotechnology under considerable pressure, the health care sector (-0.4%) is trapped in the red.

11:55 am:

[BRIEFING.COM] Equity indices have not moved much since our recent update with the S&P 500 remaining higher by 0.8% with nine sectors showing gains.

Taking a look at the bigger picture, the benchmark index is on track to end the week lower by 0.6%, widening its September loss to 1.3%. Meanwhile, the Dow Jones Industrial Average (+1.2%) outperforms today, which puts the index on course for a flat finish to the trading week. Despite this week's relative strength, the Dow remains on track to surrender 0.8% for the month.

Elsewhere, Treasuries have not moved much since reaching their lows with the 10-yr yield remaining higher by five basis points at 2.18%.

11:25 am:

[BRIEFING.COM] Not much change in the market as the key indices continue hovering near their recent levels. The S&P 500 (+0.8%) began the trading day with a 15-point gain and the index remains near its opening mark at this time.

Nine sectors trade in positive territory with today's leader-financials (+1.6%)-turning positive for the week. The economically-sensitive sector is now up 0.7% for the week versus a 0.5% decline for the S&P 500.

Elsewhere, the materials sector hovers just below its flat line while the utilities space (+1.1%) trades among the leaders after starting the day at the bottom of the leaderboard. Interestingly, the utilities sector has been able to rally even though weakness in Treasuries has pushed the 10-yr yield higher by five basis points to 2.18%.

10:55 am:

[BRIEFING.COM] The S&P 500 (+0.9%) continues drifting near its opening level while the Nasdaq Composite (+0.6%) has slipped from its high due to relative weakness in biotechnology.

The iShares Nasdaq Biotechnology ETF (IBB 325.05, -1.17) is lower by 0.4% to continue this week's woes. Including today's decline, the high-beta ETF is down 8.8% for the week after diving below its 200-day moving average (347.73) on Monday. On a related note, the health care sector (+0.1%) sits just above its flat line, trimming this week's decline to 3.0%.

Elsewhere, the top-weighted technology sector (+0.8%) remains well above its unchanged level, which has prevented the Nasdaq from slipping closer to its flat line for the time being.

10:35 am: [BRIEFING.COM]

The dollar index traded stronger overnight and in early trade, following Fed Chair Janet Yellen's speech yesterday afternoon.
Within her speech, Yellen indicated that she expected to begin raising rates this year, if inflation remained stable and employment was supported by the economy
Also supporting the dollar's rise this morning was the release of an above-consensus Q2 US GDP revision and an in-line Michigan Consumer Sentiment reading
The index is now +0.3% to 96.40, which is putting notable pressure on precious metals and copper.
Gold has borne a heavy burden so far this session following Yellen's commentary, seeing little positive momentum amidst modestly more-resilient trading in silver.
December gold is now holding strong losses at -0.9% to $1144.40/oz and silver is -0.6% at $15.04/oz
Oil prices are trading higher, despite the dollar's strength and a cut in 2015 price forecasts by Standard & Poor's.
December crude has strongly rallied in most recent trade, and is now near its HoD at +2% to $45.78/barrel
Natural gas has reversed course from yesterday's positive close, following the EIA's report of a triple digit (106 bcf) build in inventories for the week ending Sep. 20
Nat gas is now -1.7% to $2.55/MMBtu.
Copper is seeing moderate losses at -0.9% to $2.28/lb

10:00 am:

[BRIEFING.COM] The S&P 500 trades higher by 0.8%.

Just released, the University of Michigan Consumer Sentiment report for September was revised up to 87.2 from 85.7 while the Briefing.com consensus expected the reading to improve to 87.0.

9:35 am:

[BRIEFING.COM] Equity indices have climbed out of the gate with the Dow Jones Industrial Average (+1.1%) in the lead while the S&P 500 (+0.7%) follows not far behind.

Nine of ten sectors display opening gains with financials (+1.2%), technology (+0.9%), and consumer discretionary (+0.9%) in the lead while the utilities sector hovers just below its flat line.

Elsewhere, Treasuries have inched down to new lows before returning to their previous levels with the 10-yr yield up four basis points at 2.16%.

The final reading of the Michigan Sentiment survey for September (consensus 87.0) will be reported at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +16.80. Nasdaq futures vs fair value: +42.80.

The stock market is on track for a sharply higher start as S&P 500 futures trade 17 points above fair value. Index futures began climbing overnight, reaching their highs shortly after the start of the European session.

With equity futures trading well above yesterday's levels, investors are scrambling to explain the overnight trading dynamic. Fed Chair Janet Yellen spoke last evening, but her speech was very similar to remarks made after the September policy meeting. Ms. Yellen reiterated the Federal Open Market Committee still expects to raise rates this year, which invited a rally in the dollar. Currently, the Dollar Index (96.43, +0.43) is higher by 0.4% with the greenback adding about 70 pips against the yen (120.90).

Meanwhile, Treasuries have retreated, sending the 10-yr yield higher by four basis points to 2.17%.

On the corporate front, investors have received a few earnings reports since last night, headlined by Nike (NKE 124.63, +9.71). Shares of the athletic apparel company are on track to open higher by 8.5% in reaction to better than expected results and higher than expected futures orders.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +17.80. Nasdaq futures vs fair value: +47.00.

The S&P 500 futures trade 18 points above fair value.

Markets in the Asia-Pacific region closed an otherwise negative week on a mixed note, mulling the implications of a potential rate hike by the Federal Reserve before the end of the year. Japan's Nikkei (+1.8%) was a notable upside mover, helped coincidentally by speculation that some soft consumer inflation data will lead the Bank of Japan to provide additional monetary policy stimulus.

In economic data:
Japan's September National CPI +0.2% year-over-year (expected -0.1%; prior 0.2%) while National Core CPI -0.1% year-over-year, as expected (prior 0.0%). Separately, Tokyo CPI -0.1% year-over-year (expected -0.2%; prior 0.1%), Tokyo Core CPI -0.2%, as expected (prior -0.1%), and Corporate Services Price Index +0.7% year-over-year (expected 0.5%; prior 0.6%)
South Korea's September Consumer Confidence 103 (prior 102)
Singapore's August Industrial Production -3.7% month-over-month (expected -0.2%; prior 0.7%); -7.0% year-over-year (consensus -5.0%; prior -6.4%)

------

Japan's Nikkei increased 1.8%, finishing on a strong note and closing at its high for the day. The rally was pinned in part on expectations the Bank of Japan will feel compelled to provide more policy stimulus following some weak consumer inflation readings. Gains were led by the consumer staples (+3.8%) and financials (+3.4%) sectors. Kansai Electric Power (+9.6%), Terumo Corp (+9.1%), and Mitsui Fudosan (+6.3%) were the best-performing issues. Sharp Corp (-5.8%), NGK Insulators (-4.6%), and Olympus Corp (-3.4%) were the worst-performing issues. Out of the 225 index members, 188 ended higher, 31 finished lower, and 6 were unchanged. For the week (which comprised two sessions), the Nikkei declined 1.1%.
Hong Kong's Hang Seng increased 0.4%, overcoming some early weakness with renewed buying interest in the afternoon session. Top gainers included Belle International Holdings (+5.5%), Galaxy Entertainment Group (+3.9%), and Sands China (+3.3%). Power Assets Holdings (-1.8%), China Merchants Holdings (-0.9%), and Lenovo Group (-0.8%) led a small group of losers. Out of the 50 index members, 37 ended higher, 11 finished lower, and 2 were unchanged. For the week, the Hang Seng declined 3.4%.
China's Shanghai Composite declined 1.6%, ending near its lows for the day. Reports indicate that trading volume was light and that the weakness was concentrated among transportation and infrastructure-related issues. For the week, the Shanghai Composite declined 0.2%.

Major European indices trade higher across the board amid broad support.

Participants received several data points:
Eurozone August M3 Money Supply +4.8% year-over-year (expected 5.3%; prior 5.3%) and August Private Sector Loans +1.0% year-over-year (expected 1.1%; last 0.9%)
Italy's August Wage Inflation 0.0% month-over-month, as expected; +1.2% year-over-year, as expected
France's September Consumer Confidence 97 (expected 94; last 94)
Spain's PPI -2.2% year-over-year (last -1.3%)

------

UK's FTSE is higher by 2.5% with all but three names trading in the green. ARM Holdings is among the leaders with a 5.1% gain while consumer names Marks & Spencer Group and WM Morrison Supermarkets hold respective gains of 4.2% and 3.3%. Miners underperform with Fresnillo, Randgold Resources, and Glencore down between 0.4% and 2.9%.
Germany's DAX has spiked 3.0% with BMW and Daimler both up near 4.7%. Elsewhere, financials Commerzbank and Deutsche Bank sport gains close to 2.5% apiece while Volkswagen is lower by 0.2%.
In France, the CAC has surged 3.5% with all 40 components on the rise. Kering and Valeo lead with gains close to 6.0% while Renault and Peugeot hold respective gains of 4.2% and 3.2%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +22.60. Nasdaq futures vs fair value: +54.10.

The S&P 500 futures trade 23 points above fair value.

The third estimate of second quarter GDP pointed to an expansion of 3.9% while the Briefing.com consensus expected an increase of 3.7%. Meanwhile, the second quarter GDP Deflator was left unchanged at 2.1%, which is what the consensus expected.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +23.30. Nasdaq futures vs fair value: +54.30.

U.S. equity futures hold solid pre-market gains after spiking to highs after the start of the European session. The S&P 500 futures hover 23 points above fair value.

The overnight advance in futures has occurred alongside a rally in the dollar versus the Japanese yen. The dollar/yen pair is higher by about 75 pips at 120.93 after spending the bulk of yesterday's session near the 120.00 area. It is worth noting that dips below that mark have been congruent with weakness in equities while rallies north of that level have occurred alongside gains in equities.

The dollar climbed last evening after Federal Reserve Chair Janet Yellen spoke at University of Massachusetts-Amherst, saying the Federal Open Market Committee still expects to raise rates this year. It is worth noting that Ms. Yellen's speech contained some inconsistencies as she claimed that overseas developments should not influence policy decisions, even though just last week the Committee pointed to China-related concerns as one of the reasons for delaying the rate hike past the September meeting.

U.S. Treasuries have retreated, sending the 10-yr yield higher by nearly five basis points to 2.17%.

On the economic front, the third estimate of Q2 GDP will be released at 8:30 ET (Briefing.com consensus 3.7%) while the final reading of the Michigan Sentiment survey for September (consensus 87.0) will be reported at 10:00 ET.

In U.S. corporate news of note:

Bed Bath & Beyond (BBBY 59.75, +0.42): +0.7% after reporting in-line earnings on light revenue.
BlackBerry (BBRY 6.75, -0.28): -4.0% after missing earnings and revenue expectations
Finish Line (FINL 24.15, -0.62): -2.5% in reaction to in-line earnings and reaffirmed guidance.
Jabil Circuit (JBL 21.30, +1.80): +9.2% after beating estimates and guiding ahead of expectations.
Nike (NKE 124.17, +9.38): +8.2% after beating earnings and revenue estimates and reporting higher than expected futures orders.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +1.8%, Hong Kong's Hang Seng +0.4%, and China's Shanghai Composite -1.6%
In economic data:
Japan's September National CPI +0.2% year-over-year (expected -0.1%; prior 0.2%) while National Core CPI -0.1% year-over-year, as expected (prior 0.0%). Separately, Tokyo CPI -0.1% year-over-year (expected -0.2%; prior 0.1%), Tokyo Core CPI -0.2%, as expected (prior -0.1%), and Corporate Services Price Index +0.7% year-over-year (expected 0.5%; prior 0.6%)
South Korea's September Consumer Confidence 103 (prior 102)
Singapore's August Industrial Production -3.7% month-over-month (expected -0.2%; prior 0.7%); -7.0% year-over-year (consensus -5.0%; prior -6.4%)
In news:
Japan's Core CPI fell into deflation for the first time in more than two years, but Finance Minister Taro Aso said the government is not considering additional stimulus measures at this time

Major European indices trade higher across the board. France's CAC +3.6%, Germany's DAX +3.0%, and UK's FTSE +2.6%. Elsewhere, Italy's MIB +3.6% and Spain's IBEX +2.9%
Participants received several data points:
Eurozone August M3 Money Supply +4.8% year-over-year (expected 5.3%; prior 5.3%) and August Private Sector Loans +1.0% year-over-year (expected 1.1%; last 0.9%)
Italy's August Wage Inflation 0.0% month-over-month, as expected; +1.2% year-over-year, as expected
France's September Consumer Confidence 97 (expected 94; last 94)
Spain's PPI -2.2% year-over-year (last -1.3%)
Among news of note:
European automakers have contributed to the rebound with BMW, Daimler, Peugeot, and Renault showing gains between 3.0% and 4.0%

5:54 am: [BRIEFING.COM] S&P futures vs fair value: +26.80. Nasdaq futures vs fair value: +57.00.

5:54 am: [BRIEFING.COM] Nikkei...17880.51...+308.70...+1.80%. Hang Seng...21186.32...+90.30...+0.40%.

5:54 am: [BRIEFING.COM] FTSE...6104.48...+143.30...+2.40%. DAX...9706.40...+278.90...+3.00%.

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


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr