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 Post subject: October 30th Friday Trade Results - Profit $2090.00
PostPosted: Fri Oct 30, 2015 3:21 pm 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 2855
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 @ $90.00 dollars or +0.90 points, Emini ES ($ES_F) futures @ $2000.00 dollars or +40.00 points, Light Crude Oil CL ($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 @ $2090.00 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=148&t=2206

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 Daily Trading Plan Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=274&t=2910 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

Dow -92.26 at 17663.54, Nasdaq -20.53 at 5053.75, S&P -10.05 at 2079.36

The stock market ended the week on a lower note, but that did not stop the S&P 500 from posting its largest monthly gain since October 2011. The benchmark index lost 0.5% on Friday, but surged 8.3% for the month while the Nasdaq Composite (-0.4%) outperformed, spiking 9.4% in October.

Broadly speaking, the Friday session was very quiet with the market showing a modest loss during morning action, which turned into a slim afternoon gain; however, a late slide from session highs ensured a lower finish for the S&P 500.

Despite the lower finish, only five of ten sectors posted losses, but relative weakness in heavily-weighted groups like financials (-1.3%), technology (-0.8%), and consumer staples (-1.1%) was enough to keep the market pressured.

The financial sector retreated throughout the day, narrowing its October gain to 6.1%. Meanwhile, the top-weighted technology space (-0.8%) also underperformed, but the influential sector surged 10.7% in October. Large cap names like Apple (AAPL 119.50, -1.03), Google (GOOGL 737.39, -7.46), and Microsoft (MSFT 52.64, -0.72) struggled on Friday, masking relative strength in the PHLX Semiconductor Index, which rose 0.9%. ON Semiconductor (ON 11.00, +0.72) was a notable standout, soaring 7.0%, in reaction to better than expected results.

Elsewhere, the consumer staples sector (-1.1%) retreated amid disappointing earnings and/or guidance from Colgate-Palmolive (CL 66.35, -2.88), CVS Health (CVS 98.78, -5.02), and Boston Beer (SAM 219.42, -25.52). The three names lost between 4.2% and 10.4% while the broader sector narrowed its October gain to 5.6%.

On the flip side, the energy sector (+0.7%) finished in the lead after struggling at the start. However, the sector climbed during the afternoon to extend its October gain to 11.3%. Crude oil contributed to the afternoon rally as WTI crude rose 1.2% to $46.60/bbl while earnings also played a part. To that point, Chevron (CVX 90.88, +0.99), ExxonMobil (XOM 82.74, +0.51), and Phillips 66 (PSX 89.10, +2.67) all delivered better than expected results.

Unlike stocks, Treasuries spent the bulk of the day in the green with the 10-yr yield slipping three basis points to 2.15%.

Today's participation was ahead of average with more than a billion shares changing hands at the NYSE floor with month-end flows contributing to the increased activity.

Economic data included Employment Cost Index, Personal Income/Spending data, Chicago PMI, and Michigan Sentiment:

Employment costs increased 0.6% in Q3 2015, up from a 0.2% increase in the second quarter while the Briefing.com consensus expected an increase of 0.5%
Despite the big quarterly gain, year-over-year trends were unchanged with total compensation increasing only 2.0% in the third quarter, which matched the rate of increase from the second quarter
Personal income increased 0.1% in September after increasing an upwardly revised 0.4% (from 0.3%) in August while the Briefing.com consensus expected an increase of 0.2%
Personal spending rose 0.1% in September after increasing 0.4% in August while the consensus expected an increase of 0.2%
The Chicago PMI increased to 56.2 in October from 48.7 in September while the Briefing.com consensus expected an increase to 49.0
That was the best reading in the Chicago PMI since reaching 59.4 in January
The Production Index increased to 63.4 in October from 43.6 in September, representing the largest one-month gain since August 2014
The University of Michigan Consumer Sentiment Index was revised down to 90.0 in the final October reading from 92.1 in the preliminary report while the Briefing.com consensus expected a revision up to 92.6
Despite the downward revision, sentiment remains stronger than the final September (87.2) level
The Current Conditions Index was revised down to 102.3 in the final October reading from 106.7 while the Expectations Index was revised down to 82.1 from 82.7

Monday's economic data will be limited to the 10:00 ET release of September Construction Spending and the October ISM Index.

Week in Review: Stocks Register Fifth Consecutive Weekly Gain

The stock market began the week on a quiet note with the S&P 500 (-0.2%) spending the session inside a nine-point range. The benchmark index settled right above the midpoint of that range while the Nasdaq Composite (+0.1%) outperformed throughout the session. Generally speaking, the Monday affair was very quiet and free of noteworthy earnings. Accordingly, the benchmark index opened with a two-point loss and traded in sideways fashion until the closing bell. Seven sectors registered losses between 0.2% (consumer staples and industrials) and 2.5% (energy) while consumer discretionary (+0.8%), health care (+0.5%), and telecom services (+0.1%) outperformed.

The market endured its second consecutive retreat on Tuesday, but the overall trading dynamic was very similar to the range-bound affair from Monday. The S&P 500 lost 0.3% while the Nasdaq Composite (-0.1%) outperformed throughout the session. In some ways, the cautious posture was not all that shocking considering investors were on hold ahead of Wednesday's release of the October FOMC policy directive from the FOMC. Nine sectors ended the Tuesday affair in negative territory with cyclical groups showing relative weakness across the board. The energy sector (-1.2%) spent its second consecutive day behind the remaining nine groups as lower oil prices weighed. To that point, WTI crude fell 1.8% to $43.22/bbl. Similar to energy, the industrial sector (-1.0%) surrendered close to 1.0% while the remaining cyclical sectors posted slimmer losses.

Equity indices snapped their two-day skid on Wednesday, but not before seeing some intraday volatility. The S&P 500 added 1.2% while the Russell 2000 (+2.9%) outperformed. The key indices rallied out of the gate in response to a batch of mostly better than expected earnings. That lengthy list was headlined by Apple (AAPL 119.28, +4.73) with the top-weighted stock spiking 4.1% in reaction to better than expected earnings and revenue. For its part, the broader technology sector (+1.5%) settled ahead of the broader market while most other cyclical sectors also showed relative strength. None more so than the energy space (+2.2%), which spent the day in the lead after struggling over the past two days. After rallying through the first two hours of the session, the market hovered near its high until the 14:00 ET release of the latest policy statement from the Federal Reserve, which called for no change to the current policy stance. That being said, the Federal Reserve took out a key line from its statement, which referred to global developments having the potential to restrain economic growth in the U.S. With that line being left out of the October statement, the Fed has opened the door to a potential rate hike in December.

The stock market spun its wheels through the bulk of the Thursday affair, but a final-hour charge helped the S&P 500 end little changed while the Nasdaq Composite (-0.4%) underperformed throughout the session. Equities followed Wednesday's roller-coaster ride with a range-bound Thursday session that saw weakness in heavily-weighted cyclical sectors while health care (+0.5%) surrendered the bulk of its gain into the close; however, the market maintained its range through the afternoon as technology (-0.3%) cut its opening loss in half while energy (+0.5%) and consumer discretionary (+0.3%) outperformed. Most notably, the technology sector struggled from the start and the bulk of its weakness could be found in the semiconductor group where NXP Semiconductor (NXPI 73.00, -17.92) plunged 19.7% after below-consensus revenue and concerns about the company's inventories overshadowed a bottom-line beat and an expanded share buyback. Also of note, STMicroelectronics (STM 6.79, -0.42) fell 5.8% after issuing disappointing guidance and denying interest in Fairchild Semiconductor (FCS 16.56, -0.99).

3:20 pm: [BRIEFING.COM]

The dollar trended flat overnight, before seeing an extended sell-off that lasted the entire session. Drivers of dollar price action today included commentary from Fed President Jeff Lacker, positive US PMI data and an underwhelming Michigan Sentiment reading. The dollar index bounced mid-afternoon from the 96.6 level and is now -0.4% to 97.01

Crude and natural gas both closed positive, with crude sustaining early positive momentum on news of a Baker Hughes rig-count decline (12 rigs to 775). Natural gas meanwhile, saw an extended reversal of yesterday's losses, as over-supply sentiment waned relative to the past few weeks. Crude closed up 1.2% to $46.60/barrel and natural gas finished the session at +1.3% to $2.32/MMBtu

Gold sustained moderate losses amidst a weakening dollar, as mid-day Fed commentary gave credence to the notion that December is a 'live' FOMC meeting. Silver traded more industrial, and similar to Copper ahead of this weekend's Chinese Manufacturing data release.

Gold closed -0.5% to $1141.50/oz, with silver at -0.1% to $15.54/oz. Copper closed flat at $2.32/lb

2:55 pm:

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

After crawling to a new session high, the benchmark index has spent the past 30 minutes in a steady retreat from its recently-established high due to continued weakness in the financial sector (-1.3%), which has struggled from the start.

In fact, the financial sector has had a difficult time keeping pace with the market in October and is on track to end the month higher by 6.2% versus an 8.6% spike in the S&P 500.

On the flip side, the energy sector (+1.2%) continues holding the lead.

2:25 pm:

[BRIEFING.COM] The major averages hover near their highs after erasing their earlier losses; however, trading ranges have only seen a slight expansion with the S&P 500 marking a fresh high roughly two points above its opening level.

The energy sector (+1.7%) remains in the lead after erasing its opening loss while crude oil also trades higher by 1.7% at $46.82/bbl with the pit close approaching. Including today's rally, the energy component is on track to end the month higher by 3.8% versus a 12.3% surge for the energy sector.

Elsewhere, Treasuries have up to their overnight highs with the 10-yr yield down three basis points at 2.15%.

1:55 pm:

[BRIEFING.COM] The major averages hover near their session highs.

There was a sharp deterioration in personal spending and income growth in September.

Personal income increased 0.1% in September after increasing an upwardly revised 0.4% (from 0.3%) in August. The Briefing.com Consensus expected personal income to increase 0.2%.

Personal spending rose 0.1% in September after increasing 0.4% in August. The consensus expected personal spending to increase 0.2%.

The personal income and spending data were already incorporated in yesterday's advance estimate of Q3 2015 GDP. This data will not impact future revisions.

Wages and salaries were flat in September, which was slightly better than the 0.2% decline that was implied in the September employment report. The better-than-expected wage data may foreshadow an upward revision to the September employment data.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have experience an uptick since our last update, and are sitting just under their intra-day highs.

A look inside the Dow Jones Industrial Average shows Chevron (CVX 91.88, +1.99), Exxon Mobil (XOM 83.63, +1.40), and Boeing (BA 148.93, +1.75) are outperforming. Chevron and Exxon Mobil are both trading higher after reporting earnings this morning that beat analyst estimates on the top and bottom line, as well as being helped by strength in crude oil futures, which are currently up more than 1%.

Conversely, Pfizer (PFE 33.94, -0.83) is the worst-performing Dow component, seeing a continuation of yesterday's weakness after confirming it was in friendly discussions with Allergan regarding a potential combination.

With today being the last trading day in the month, the DJIA is set to close the month with gains over 9.2%. Despite the significant gains, the DJIA is negative territory (-0.2%) in 2015.

12:55 pm:

[BRIEFING.COM] The major averages are little changed at midday after a quiet first half of the Friday session. The S&P 500 trades within a point of its flat line while the Dow and Nasdaq also trade little changed.

Equity indices have drifted near their unchanged levels since the opening bell amid mixed performance in the ten economic sectors. The energy space (+0.9%) was among the early laggards, but the cyclical group has climbed into the lead alongside crude oil, which is now higher by 0.2% at $46.16/bbl after erasing its earlier loss. To be fair, investors have received a few noteworthy reports from the space with Chevron (CVX 91.29, +1.40), ExxonMobil (XOM 83.11, +0.88), and Phillips 66 (PSX 90.19, +3.76) all delivering better than expected results.

Similar to energy, most other cyclical sectors trade in the green while financials (-0.8%) and technology (-0.2%) lag. The technology sector has struggled to keep pace with the market even though chipmakers have rebounded from yesterday's weakness. The PHLX Semiconductor Index is higher by 0.7% with ON Semiconductor (ON 11.17, +0.89) spiking 8.7% in reaction to better than expected results.

Over on the countercyclical side, health care (+0.1%) and utilities (+0.5%) trade in the green while the consumer staples sector (-0.6%) has underperformed since the opening bell. Colgate-Palmolive (CL 66.97, -2.26), CVS Health (CVS 98.60, -5.19), and Boston Beer (SAM 216.98, -27.96) hold losses between 3.2% and 11.4% after Colgate-Palmolive missed revenue estimates while CVS and Boston Beer have retreated in reaction to cautious guidance.

Just like stocks, Treasuries have spent the day inside a narrow range with the 10-yr yield lower by a basis point at 2.16%.
Related Quotes

Economic data included Employment Cost Index, Personal Income/Spending data, Chicago PMI, and Michigan Sentiment:

Employment costs increased 0.6% in Q3 2015, up from a 0.2% increase in the second quarter while the Briefing.com consensus expected an increase of 0.5%
Despite the big quarterly gain, year-over-year trends were unchanged with total compensation increasing only 2.0% in the third quarter, which matched the rate of increase from the second quarter
Personal income increased 0.1% in September after increasing an upwardly revised 0.4% (from 0.3%) in August while the Briefing.com consensus expected an increase of 0.2%
Personal spending rose 0.1% in September after increasing 0.4% in August while the consensus expected an increase of 0.2%
The Chicago PMI increased to 56.2 in October from 48.7 in September while the Briefing.com consensus expected an increase to 49.0
That was the best reading in the Chicago PMI since reaching 59.4 in January
The Production Index increased to 63.4 in October from 43.6 in September, representing the largest one-month gain since August 2014
The University of Michigan Consumer Sentiment Index was revised down to 90.0 in the final October reading from 92.1 in the preliminary report while the Briefing.com consensus expected a revision up to 92.6
Despite the downward revision, sentiment remains stronger than the final September (87.2) level
The Current Conditions Index was revised down to 102.3 in the final October reading from 106.7 while the Expectations Index was revised down to 82.1 from 82.7

12:25 pm:

[BRIEFING.COM] Range-bound action continues with the S&P 500 trading flat. The benchmark index slipped below its flat line during the initial minutes of the session and has traded inside a five-point range since then. Similarly, the Dow (unch) and Nasdaq (-0.1%) also trade little changed.

Despite today's subdued action, the S&P 500 remains on track to end the month higher by 8.8%, which would represent the largest gain for the S&P since the index spiked 10.8% in October 2011.

Similar to stocks, Treasuries have held inside narrow ranges with the 10-yr yield down one basis point at 2.16%.

11:55 am:

[BRIEFING.COM] Modest losses persist with the S&P 500 trading lower by 0.1%. Barring an afternoon swoon, the benchmark index is on track to end the week higher by 0.5%, which would represent the fifth consecutive weekly gain.

The health care sector (+0.2%) holds a modest gain today, extending this week's advance to 3.8%. Meanwhile, the second best performer of the week-consumer discretionary (+0.3%)-also outperforms today, extending its weekly gain to 1.8%.

Elsewhere, Treasuries remain just above their flat lines with the 10-yr yield down one basis point at 2.16%.

11:25 am:

[BRIEFING.COM] Not much change in the market as the key indices continue hovering in between their flat lines and session lows. The S&P 500 is lower by 0.2% with five sectors now trading in the red.

Consumer staples (-0.5%) and financials (-0.7%) remain at the bottom of the leaderboard while energy (-0.4%) also trades among the laggards despite better than expected earnings from the likes of Chevron (CVX 90.37, +0.48), ExxonMobil (XOM 82.69, +0.46), and Phillips 66 (PSX 89.47, +3.04). The three names sport gains between 0.5% and 3.5% while the energy sector has widened this week's decline to 1.6%. That being said, the sector is still on course to end the month with a 10.0% surge.

On the upside, the utilities sector (+0.5%) continues holding the lead, but it is worth noting the countercyclical sector represents just 3.0% of the entire market.

10:55 am:

[BRIEFING.COM] Equity indices remain near their flat lines after climbing off their early lows. All in all, the first 90 minutes of the action has been very quiet with the S&P 500 (-0.1%) trading inside an eight-point range.

Despite the modest loss in the S&P 500, seven sectors hold gains with health care (+0.4%) and utilities (+0.4%) in the lead while the remaining advancers hover just above their flat lines. However, those modest gains have been offset by losses in consumer staples (-0.6%) and financials (-0.7%).

Notably, the staples sector has been pressured by Colgate-Palmolive (CL 67.22, -2.01), CVS Health (CVS 98.00, -5.80), and Boston Beer (SAM 223.88, -21.06) after the three names reported earnings. Colgate-Palmolive missed revenue estimates while CVS and Boston Beer have retreated in reaction to cautious guidance.

10:35 am: [BRIEFING.COM]

The dollar index trended flat overnight, before seeing a gradual selloff in early trade to moderate losses for the session.
The release of in-line US spending/income data, a stronger-than-expected Chicago PMI reading and weak Michigan Consumer Sentiment has done little to give the index momentum- offering a blended interpretation for investors looking to time a rate hike. The dollar is now at losses of -0.6% to 96.82
Oil traded at moderate losses overnight and early, as renewed concern for Chinese demand outweighed a smaller-than-expected EIA build earlier this week.
Peripherally driving WTI (and Copper) is sentiment ahead of the upcoming release of Chinese Manufacturing PMI data this weekend
December WTI is now booking losses at -0.3% to $45.94/barrel
Natural gas failed to hold its EIA storage build rally into yesterday's close, and that price momentum has continued this morning, now at +0.3% to $2.26/MMBtu
Gold is now -0.5% to $1142.10/oz and silver is (more industrially) trading at +0.1% to $15.52/oz
Copper is modestly negative for the session, at -0.2% to $2.32/lb

10:00 am:

[BRIEFING.COM] The S&P 500 has slipped into the red, trading lower by 0.1%.

Just released, the University of Michigan Consumer Sentiment report for October was revised down to 90.0 from 92.1 while the Briefing.com consensus expected the reading to improve to 92.6.

9:45 am:

[BRIEFING.COM] The major averages trade near their flat lines after starting the session with modest gains.

Six of ten sectors trade in the green with health care (+0.5%), utilities (+0.4%), and telecom services (+0.3%) in the lead while consumer staples (-0.6%), financials (-0.4%), and energy (-0.2%) trade in negative territory.

Given its current standing, the S&P 500 is up 0.7% for the week and higher by 8.8% in October.

On the economic front, the just released Chicago Purchasing Managers Index for October rose to 56.2 from 48.7 in September. The October reading was ahead of the Briefing.com consensus estimate, which was pegged at 49.0.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +7.10.

The stock market is on track for a modestly higher start as S&P 500 futures remain two points above fair value after slipping from their best levels of the night.

Overnight, the Bank of Japan left its uncollateralized overnight call rate unchanged at 0.10%, as expected, and maintained the size of its asset purchase program for September. The Nikkei dipped briefly, but rallied into the close amid reports the government might introduce a supplementary budget in excess of JPY3 trillion with some emphasis on improving urban infrastructure.

Meanwhile in Europe, regional indices have traded inside narrow ranges while the euro holds a slim gain (+0.2%) against the dollar.

Investors have received another batch of earnings since yesterday's close with energy names likely to receive attention after Chevron (CVX 91.26, +1.37), ExxonMobil (XOM 82.85, +0.62), and Phillips 66 (PSX 89.05, +2.62) beat their respective bottom-line estimates.

On the economic front, the Q3 Employment Cost Index rose 0.6% (Briefing.com consensus +0.5%) while October Chicago PMI (expected 49.0) and the final reading of the Michigan Sentiment Index for October (consensus 92.6) will be reported at 9:45 ET and 10:00 ET, respectively.

Treasuries have trimmed their overnight gains, but they remain in the green with the 10-yr yield down one basis point at 2.16%.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +9.80.

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

Markets in the Asia-Pacific region ended Friday mostly lower. Japan (+0.8%) was the notable exception, setting aside some early disappointment over some weak CPI and household spending data and the decision by the Bank of Japan to leave its monetary policy unchanged. A report suggesting the government might introduce some fiscal stimulus with a supplementary budget helped bolster investor sentiment. Separately, the yuan made its biggest gain since 2005 on reports the PBOC is considering a reduction in capital controls in the Shanghai free trade zone. Elsewhere, the Bank of Japan left its uncollateralized overnight call rate unchanged at 0.10%, as expected, and maintained the size of its asset purchase program for September.

In economic data:
Japan's Household Spending -1.3% month-over-month (expected +0.3%; prior +2.5%); -0.4% year-over-year (expected +1.2%; prior +2.9%), September National CPI 0.0% year-over-year (expected +0.1%; prior +0.2%), October Tokyo CPI +0.1% year-over-year (expected 0.0%; prior -0.1%), September National Core CPI -0.1% year-over-year (expected -0.2%; prior -0.1%), October Tokyo Core CPI -0.2% (expected -0.1%; prior -0.2%), September Unemployment Rate 3.4% (expected 3.4%; prior 3.4%), September Housing Starts +2.6% year-over-year (expected +6.6%; prior +8.8%), and September Construction Orders +6.7% year-over-year (prior -15.6%)
Australia's Q3 PPI +0.9% quarter-over-quarter (prior +0.3%); +1.7% year-over-year (prior +1.1%), September Housing Credit +0.6% (prior +0.6%), and September Private Sector Credit +0.8% month-over-month (expected +0.5%; prior +0.6%)
South Korea's September Industrial Production +1.9% month-over-month (expected +0.4%; prior +0.2%); +2.4% year-over-year (expected +0.6%; prior +0.1%), and Retail Sales +0.5% month-over-month (prior +2.1%)
Singapore's Q4 Business Expectations -16.0 (prior +2.0)
New Zealand's October ANZ Business Confidence +10.5% (expected -10.0%; prior -18.9%)

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Japan's Nikkei increased 0.8%. The Nikkei had been modestly lower earlier in the day in the wake of the Bank of Japan's decision to leave its monetary policy unchanged and some unsatisfying CPI and household spending data. It rallied back in the afternoon, however, amid media reports the government might introduce a supplementary budget in excess of JPY 3 trln with some emphasis on improving urban infrastructure. Gains were led by the health care (+2.9%), consumer discretionary (+1.5%), and consumer staples (+1.5%) sectors. The top-performing issues were Tokuyama (+11.9%), Shionogi (+11.4%), and Nichirei (+6.6%). The biggest laggards were GS Yuasa (-11.2%), Konica Minolta (-9.5%), and Mitsui Engineering & Shipbuilding (-8.8%). Out of the 225 index members, 163 ended higher, 56 finished lower, and 6 were unchanged. For the week the Nikkei gained 1.4%.
Hong Kong's Hang Seng declined 0.8% and finished at its lows in a seesaw session. Trading in the afternoon was accented by a steady downtrend in the market, with losses in the financial and energy groups weighing. AIA Group (-3.0%), China Life Insurance (-2.3%), and Sands China (-2.3%) were the worst-performing issues while China Mengniu Dairy (+3.4%), Li & Fung (+3.3%), and Lenovo Group (+2.3%) topped the list of winners. Out of the 50 index members, 14 ended higher, 33 finished lower, and 3 were unchanged. For the week the Hang Seng declined 2.2%.
China's Shanghai Composite declined 0.1% after being down 1.2% shortly after the start of trading. Participants bought the dip, although some selling pressure emerged in the final hour to tip the market back into negative territory. Separately, the yuan had its biggest move against the dollar since 2005 on reports the PBOC is entertaining a reduction in capital controls in the Shanghai free trade zone. For the week the Shanghai 'A' Shares declined 0.9% while the Shanghai 'B' shares increased 2.1%.

Major European indices trade lower across the board, but their losses have been contained for the most part. Meanwhile, the euro has inched up against the dollar to erase the bulk of this week's decline. Currently, the single currency is on course to end the week near 1.1018 after returning into the neighborhood of last week's settlement at 1.1025.

Investors received several data points:
Eurozone October CPI 0.0% year-over-year (expected 0.1%; prior -0.1%), Core CPI +1.0% year-over-year (consensus 0.9%; prior 0.9%), and September Unemployment Rate ticked down to 10.8% from 10.9% (expected 11.0%)
Germany's September Retail Sales 0.0% month-over-month (expected 0.4%; prior -0.7%); +3.4% year-over-year (consensus 4.2%; last 2.1%)
France's September Consumer Spending 0.0% month-over-month (consensus 0.2%; prior 0.1%) and September PPI +0.1% month-over-month (last -0.9%)
Spain's preliminary Q3 GDP +0.8% quarter-over-quarter, as expected
Italy's October CPI +0.2% month-over-month (expected 0.1%; prior -0.4%) and September PPI -0.2% month-over-month (prior -0.6%)
Swiss October KOF Leading Indicators slipped to 99.8 from 100.3 (consensus 100.0)

------

In France, the CAC is lower by 0.1% with consumer names on the defensive. L'Oreal has tumbled 5.0% while Accor, Carrefour, and Danone hold losses between 1.4% and 2.2%. Financials outperform with BNP Paribas and Credit Agricole trading higher by 1.7% and 0.4%, respectively.
Germany's DAX has given up 0.1% amid weakness in heavyweight components. Bayer, Deutsche Bank, BMW, and Adidas show losses between 0.4% and 1.0%. Utilities outperform with RWE and E.On holding respective gains of 2.7% and 0.9%.
UK's FTSE is lower by 0.4% with financials and consumer names struggling. Royal Bank of Scotland, Barclays, Unilever, and WM Morrison Supermarkets show losses between 1.3% and 2.0%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +4.40. Nasdaq futures vs fair value: +10.50.

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

The Q3 Employment Cost Index rose 0.6% while the Briefing.com consensus expected an increase of 0.5%.

Separately, September personal income rose 0.1% while the Briefing.com consensus expected an uptick of 0.2%. Meanwhile, personal spending also rose 0.1% while the consensus expected a reading of 0.2%.

Core PCE prices rose 0.1%, which is what the consensus expected.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +6.30.

U.S. equity futures trade little changed after slipping from their pre-market highs with S&P 500 futures hovering three points above fair value.

Meanwhile, Treasuries hold gains with the 10-yr yield slipping one basis point to 2.16%.

September Personal Income (Briefing.com consensus 0.2%), Personal Spending (expected 0.2%), Core PCE Prices (consensus 0.1%), and Q3 Employment Cost Index (expected 0.5%) will all be released at 8:30 ET while October Chicago PMI (expected 49.0) and the final reading of the Michigan Sentiment Index for October (consensus 92.6) will be reported at 9:45 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

Starbucks (SBUX 62.04, -0.46): -0.7% after reporting in-line results and guiding below analyst expectations.
ON Semiconductor (ON 10.71, +0.43): +4.2% after reporting in-line results and guiding below analyst estimates.
LinkedIn (LNKD 246.00, +29.00): +13.4% in reaction to better than expected results and upbeat earnings guidance.
AbbVie (ABBV 56.80, +2.70): +5.0% following better than expected earnings and improved guidance.
Colgate-Palmolive (CL 68.99, -0.24): -0.4% after beating bottom-line estimates on light revenue.
Baidu (BIDU 182.00, +13.01): +7.7% after better than expected earnings overshadowed cautious revenue guidance.
First Solar (FSLR 57.78, +6.79): +13.3% after beating estimates and issuing upbeat guidance.
CVS Health (CVS 100.51, -3.29): -3.2% after below-consensus guidance masked in-line earnings on above-consensus revenue.
Anheuser-Busch Inbev (BUD 120.54, +2.80): +2.4% despite missing estimates.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -0.1%, Hong Kong's Hang Seng -0.8%, and Japan's Nikkei +0.8%
In economic data:
Japan's Household Spending -1.3% month-over-month (expected +0.3%; prior +2.5%); -0.4% year-over-year (expected +1.2%; prior +2.9%), September National CPI 0.0% year-over-year (expected +0.1%; prior +0.2%), October Tokyo CPI +0.1% year-over-year (expected 0.0%; prior -0.1%), September National Core CPI -0.1% year-over-year (expected -0.2%; prior -0.1%), October Tokyo Core CPI -0.2% (expected -0.1%; prior -0.2%), September Unemployment Rate 3.4% (expected 3.4%; prior 3.4%), September Housing Starts +2.6% year-over-year (expected +6.6%; prior +8.8%), and September Construction Orders +6.7% year-over-year (prior -15.6%)
Australia's Q3 PPI +0.9% quarter-over-quarter (prior +0.3%); +1.7% year-over-year (prior +1.1%), September Housing Credit +0.6% (prior +0.6%), and September Private Sector Credit +0.8% month-over-month (expected +0.5%; prior +0.6%)
South Korea's September Industrial Production +1.9% month-over-month (expected +0.4%; prior +0.2%); +2.4% year-over-year (expected +0.6%; prior +0.1%), and Retail Sales +0.5% month-over-month (prior +2.1%)
Singapore's Q4 Business Expectations -16.0 (prior +2.0)
New Zealand's October ANZ Business Confidence +10.5% (expected -10.0%; prior -18.9%)
In news:
The Bank of Japan left its uncollateralized overnight call rate unchanged at 0.10%, as expected, and maintained the size of its asset purchase program for September

Major European indices trade lower across the board. France's CAC -0.2%, Germany's DAX -0.4%, and UK's FTSE -0.4%. Elsewhere, Italy's MIB -0.1% and Spain's IBEX -1.0%
Investors received several data points:
Eurozone October CPI 0.0% year-over-year (expected 0.1%; prior -0.1%), Core CPI +1.0% year-over-year (consensus 0.9%; prior 0.9%), and September Unemployment Rate ticked down to 10.8% from 10.9% (expected 11.0%)
Germany's September Retail Sales 0.0% month-over-month (expected 0.4%; prior -0.7%); +3.4% year-over-year (consensus 4.2%; last 2.1%)
France's September Consumer Spending 0.0% month-over-month (consensus 0.2%; prior 0.1%) and September PPI +0.1% month-over-month (last -0.9%)
Spain's preliminary Q3 GDP +0.8% quarter-over-quarter, as expected
Italy's October CPI +0.2% month-over-month (expected 0.1%; prior -0.4%) and September PPI -0.2% month-over-month (prior -0.6%)
Swiss October KOF Leading Indicators slipped to 99.8 from 100.3 (consensus 100.0)
Among news of note:
The euro has inched up against the dollar to erase the bulk of this week's decline. Currently, the single currency is on course to end the week near 1.1008 after slipping from last week's settlement of 1.1025

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +11.80.

5:48 am: [BRIEFING.COM] Nikkei...19083.10...+147.40...+0.80%. Hang Seng...22640.04...-179.90...-0.80%.

5:48 am: [BRIEFING.COM] FTSE...6388.14...-7.50...-0.10%. DAX...10816.72...+15.90...+0.20%.

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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