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 Post subject: October 14th Wednesday Trade Results - Profit $5672.50
PostPosted: Thu Oct 15, 2015 3:59 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1110.00 dollars or +11.10 points, Emini ES ($ES_F) futures @ $4562.50 dollars or +91.25 points, Light Crude Oil CL ($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 @ $5672.50 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=148&t=2194

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


4:10 pm: [BRIEFING.COM] The major averages ended the midweek session on a lower note with the S&P 500 (-0.5%) registering its second consecutive decline. The benchmark index settled near its worst level of the day while the Nasdaq Composite (-0.3%) outperformed.

Equities displayed modest gains in the early going, but relative weakness in several influential sectors prevented the S&P 500 from holding its early gain. The index made another brief appearance above its flat line during the early afternoon, but slid to lows before the closing bell.

The reasons for today's retreat were not particularly difficult to find as economic data reported this morning disappointed while quarterly earnings received since yesterday's closing bell did not inspire confidence either.

Eight sectors registered losses with four falling 1.0% or more. The financial sector (-1.0%) settled among the laggards after showing relative weakness throughout the day. Three major components reported earnings with Bank of America (BAC 15.64, +0.17) adding 0.8% in reaction to a bottom-line beat on in-line revenue while JPMorgan Chase (JPM 59.99, -1.56) and Wells Fargo (WFC 51.50, -0.36) surrendered 2.5% and 0.7%, respectively. JPMorgan Chase reported in-line earnings on below-consensus revenue while Wells Fargo delivered a one-cent beat.

Wells Fargo's report highlighted a quarter-over-quarter decline in mortgage originations, which was roughly in-line with seasonal trends. That being said, the news was met with selling in the homebuilder space that sent the iShares Dow Jones US Home Construction ETF (ITB 26.86, -0.69) lower by 2.5% while the consumer discretionary sector (-1.0%) ended among the laggards.

With the Q3 earnings season heating up, investors have begun receiving reports from the technology sector. Today, the focus was on Intel (INTC 32.80, +0.76) as the stock erased its early loss to end higher by 2.4% after the company reported better than expected results, but lowered its capital expenditures guidance.

Elsewhere among semiconductor names, SanDisk (SNDK 68.70, +6.93) soared 11.2% after Bloomberg reported the company is exploring a sale with Micron (MU 18.82, +0.64) and Western Digital (WDC 83.19, -1.18) identified as potential suitors. A separate report from Bloomberg indicated that Fairchild Semiconductor (FCS 16.35, +2.21) has hired bankers in preparation for a sale.

The M&A speculation was not done there as the late afternoon featured reports indicating Analog Devices (ADI 60.99, +4.94) may merge with Maxim Integrated (MXIM 38.33, +3.62). The two names posted respective gains of 8.8% and 10.4% while the PHLX Semiconductor Index surged 3.8%.

Moving to the countercyclical side, the health care sector (-0.3%) settled a bit ahead of the broader market while the consumer staples sector (-1.1%) struggled with shares of Wal-Mart (WMT 60.03, -6.70) diving 10.0% after the company's Chief Financial Officer said operating expenses are expected to exceed sales growth during fiscal year 2016.

The retreat in stocks lured some money into the Treasury market. The 10-yr note climbed to a high during the late afternoon, sending its yield lower by seven basis points to 1.98%.

Today's session saw the strongest volume of the week as more than 860 million shares changed hands at the NYSE floor.

Economic data included PPI, Retail Sales, Business Inventories, and MBA Mortgage Index:

Producer prices declined 0.5% in September after being unchanged in August while the Briefing.com consensus expected a decrease of 0.3%
Final demand for goods declined 1.2% in September after decreasing 0.6% in August, representing the largest decline since a 1.9% drop in January
Excluding food and energy, core PPI declined 0.3% in September after increasing 0.3% in August while the consensus expected an increase of 0.1%
Retail sales increased 0.1% in September after a downward revision resulted in no growth (from 0.2%) in August while the Briefing.com consensus expected an increase of 0.2%
The one bright spot in September was the motor vehicle sector as spending at auto dealers rose 1.8%, which was in-line with the impressive reports from the motor vehicle manufacturers that were released a couple of weeks ago
Excluding autos, retail sales declined 0.3% in September after declining a downwardly revised 0.1% (from +0.1%) in August while the consensus expected a decline of 0.1%
Business inventories were flat for a second consecutive month in August following a slight downward revision (from 0.1%) in July. The Briefing.com consensus expected an increase of 0.1%
Manufacturer (-0.3%) and merchant wholesalers (0.1%) already reported their August results. The only piece of new information was that retailer inventories increased 0.3% in August after increasing 0.7% in July
The weekly MBA Mortgage Index tumbled 27.6% to follow last week's 25.5% spike

Tomorrow, weekly Initial Claims (Briefing.com consensus 269K), September CPI (consensus -0.2%), and October Empire Manufacturing survey (expected -8.0) will be released at 8:30 ET while the Philadelphia Fed Survey for October will cross the wires at 10:00 ET. Also of note, the September Treasury Budget (consensus $95.00 billion) will be released at 11:00 ET.

Nasdaq Composite +1.0% YTD
S&P 500 -3.1% YTD
Dow Jones Industrial Average -5.0% YTD
Russell 2000 -5.6% YTD

3:40 pm: [BRIEFING.COM]

The dollar index has been sliding lower all day, which has been giving a boost to commodities
Gold and silver were strong today. Gold inching higher all day basically, while silver futures held gains after running higher this morning
Copper ran higher today along with gold. Dec copper gained +0.4% to end at $2.41/lb
Dec gold ran +1.2% to $1180.00/oz, while Dec silver +1.3% to $16.13/oz
WTI crude oil prices recovered off of morning lows, closing the day -0.1% at $46.64/barrel
Nov nat gas gained +0.8% to $2.52/MMBtu

2:55 pm:

[BRIEFING.COM] The S&P 500 trades lower by 0.6% with one hour remaining in the session.

The benchmark index finds itself at a fresh low after its latest rebound fizzled out right above the unchanged level. With the S&P 500 trading at its worst level of the day, seven sectors trade in the red with four showing losses larger than 1.0%.

Meanwhile, energy (+0.6%) and materials (+0.8%) remain in the green after showing relative strength since the opening bell.

Also of note, the slide to new lows has coincided with a quiet rally in the Treasury market that has sent the 10-yr note to a new high with its yield now down seven basis points at 1.98%.

2:25 pm:

[BRIEFING.COM] Quiet afternoon action continues with the S&P 500 trading lower by 0.3%.

The Federal Reserve has released its October Beige Book, which pointed to a continuation of modest expansion in economic activity across the twelve Fed Districts. That being said, the Kansas City region reported a slight decline in activity while Richmond and Chicago Districts reported slower growth.

Interestingly, a number of Districts reported that the strong dollar has restrained some manufacturing activity and tourism, but contacts remained optimistic about the near-term outlook.

With regard to employment, the Beige Book indicated tightening in labor markets across most Districts with some reporting increased wage pressures.

The Dollar Index (94.05, -0.71) fell to lows following the Beige Book's release with the euro climbing to 1.1465.

1:55 pm:

[BRIEFING.COM] The major averages continue drifting near their recent levels.

The September retail sales report highlighted another round of disappointing economic numbers.

Retail sales increased 0.1% in September after a downward revision resulted in no growth (from 0.2%) in August. The Briefing.com Consensus expected retail sales to increase 0.2%.

The story out of the retail sector remains the same. This was another month where falling energy prices should have helped drive up sales of more discretionary and luxury goods. Instead, lackluster income growth has failed to foster an acceleration in consumer demand, and consumers are more willing to pocket their gasoline price savings than spend them.

Until wage growth picks up, retail demand will continue to look sluggish.

To that end, the September employment report showed that aggregate wages actually declined that month. There was very little reason to expect a change in consumption trends at this time.

1:25 pm:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (-0.2%) drifting near its flat line.

Sector standing has not changed much with financials (-0.5%), consumer discretionary (-0.5%), industrials (-0.4%), and consumer staples (-0.8%) showing relative weakness, which has been offset by gains in energy (+0.9%), technology (+0.2%), and materials (+1.2%).
Related Quotes

Elsewhere, Treasuries have spent the day near their highs despite the rebound in the stock market. Accordingly, the 10-yr yield remains lower by five basis points at 2.00%.

12:55 pm:

[BRIEFING.COM] The major averages hover near the middle of their ranges at midday with the S&P 500 (+0.1%) trading ahead of the Dow Jones Industrial Average (-0.3%), but behind the Nasdaq Composite (+0.4%).

The first half of the midweek session has been relatively quiet, featuring an early slip into the red that has been retraced in recent going. Heavily-weighted sectors have paced the early selling with four of the six largest sectors by weight showing relative weakness at this juncture.

Most notably, the financial sector (-0.4%) has struggled since the start after three major components reported earnings. Bank of America (BAC 15.70, +0.18) has bucked the overall trend, trading higher by 1.1% in reaction to a bottom-line beat on in-line revenue while JPMorgan Chase (JPM 60.06, -1.48) and Wells Fargo (WFC 51.66, -0.20) hold respective losses of 2.4% and 0.4%. JPMorgan Chase reported in-line earnings on below-consensus revenue while Wells Fargo delivered a one-cent beat.

Furthermore, Wells Fargo's report showed a quarter-over-quarter decline in mortgage originations, which was roughly in-line with seasonal trends; however, that has not stopped homebuilders from retreating. To that point, the iShares Dow Jones US Home Construction ETF (ITB 27.01, -0.54) is lower by 2.0% while the consumer discretionary sector (-0.7%) trades among the laggards.

Staying on the earnings front, technology heavyweight, Intel (INTC 32.45, +0.41), trades higher by 1.3% after erasing an earlier loss. Last evening, the company reported better than expected results, but lowered its capital expenditures guidance. Elsewhere among semiconductor names, SanDisk (SNDK 69.51, +7.74) has surged 12.6% after Bloomberg reported the company is exploring a sale. SanDisk has underpinned the PHLX Semiconductor Index, which is higher by 3.2% at this time.

Also of note, the consumer staples sector (-0.8%) trades behind the remaining nine groups with Dow component Wal-Mart (WMT 61.39, -5.34) down 8.0% after the company's Chief Financial Officer said operating expenses are expected to exceed sales growth during fiscal year 2016.

On the upside, energy (+1.1%) and materials (+1.1%) have shown relative strength since the opening bell.

Treasuries have ticked down from their highs, but they remain in the green with the 10-yr yield down four basis points at 2.01%.

Economic data included PPI, Retail Sales, Business Inventories, and MBA Mortgage Index:

Producer prices declined 0.5% in September after being unchanged in August while the Briefing.com consensus expected a decrease of 0.3%
Final demand for goods declined 1.2% in September after decreasing 0.6% in August, representing the largest decline since a 1.9% drop in January
Excluding food and energy, core PPI declined 0.3% in September after increasing 0.3% in August while the consensus expected an increase of 0.1%
Retail sales increased 0.1% in September after a downward revision resulted in no growth (from 0.2%) in August while the Briefing.com consensus expected an increase of 0.2%
The one bright spot in September was the motor vehicle sector as spending at auto dealers rose 1.8%, which was in-line with the impressive reports from the motor vehicle manufacturers that were released a couple of weeks ago
Excluding autos, retail sales declined 0.3% in September after declining a downwardly revised 0.1% (from +0.1%) in August while the consensus expected a decline of 0.1%
Business inventories were flat for a second consecutive month in August following a slight downward revision (from 0.1%) in July. The Briefing.com consensus expected an increase of 0.1%
Manufacturer (-0.3%) and merchant wholesalers (0.1%) already reported their August results. The only piece of new information was that retailer inventories increased 0.3% in August after increasing 0.7% in July
The weekly MBA Mortgage Index tumbled 27.6% to follow last week's 25.5% spike

The Federal Reserve will release its October Beige Book at 14:00 ET.

12:30 pm:

[BRIEFING.COM] The major averages continue drifting near their lowest levels of the day with the S&P 500 (-0.3%) trapped below the 2,000 level.

The benchmark index has spent the past 90 minutes near its current mark with heavily-weighted financials (-0.7%), consumer discretionary (-0.9%), and industrials (-0.6%) keeping the market under pressure.

Notably, the discretionary sector has been pressured by most of its components with homebuilders showing significant weakness. DR Horton (DHI 28.97, -1.45) is lower by 4.8% while the iShares Dow Jones US Home Construction ETF (ITB 26.84, -0.71) has given up 2.6% after Wells Fargo's (WFC 51.58, -0.28) earnings report showed a quarter-over-quarter decline in mortgage originations; however, that decline is not unusual when taking into account seasonal trends.

11:55 am:

[BRIEFING.COM] Not much change in the market as the key indices remain pressured by losses in six influential sectors.

The top-weighted technology sector (-0.3%) trades just ahead of the broader market, but high-beta chipmakers have shown relative strength amid reports SanDisk (SNDK 68.75, +6.98) may be an acquisition target. Shares of SNDK have surged 11.4% while the broader PHLX Semiconductor Index has spiked 1.8%, masking a 0.5% decline in the shares of Intel (INTC 31.89, -0.15) brought on by the company's lowered capital expenditure guidance.

11:25 am:

[BRIEFING.COM] The major averages remain near their worst levels of the day, pressured by losses among most heavily-weighted sectors.

Six groups trade in negative territory while energy (+0.1%), materials (+0.3%), telecom services (+0.2%), and utilities (+0.3%) hold modest gains. It is worth noting that the latter three of those sectors represent just over 8.0% of the entire market.

For its part, the energy sector (+0.1%) hovers just above its flat line even though crude oil trades lower by 1.3% at $46.06/bbl.

Elsewhere, Treasuries remain near their best levels of the session with the 10-yr yield down five basis points at 2.00%.

10:55 am:

[BRIEFING.COM] The major averages have slipped to new lows due to relative weakness among a handful of influential sectors. The S&P 500 is lower by 0.4% while the Dow (-0.5%) underperforms.

The health care sector had shown strength at the start, but the sector now trades flat. Similarly, biotechnology has backed away from its best level of the day with iShares Nasdaq Biotechnology ETF (IBB 301.08, +2.32) narrowing its gain to 0.8%.

Elsewhere, consumer discretionary (-0.8%), consumer staples (-0.7%), financials (-0.6%), and technology (-0.5%) trade behind the broader market with the consumer staples sector pressured by a 7.9% dive in the shares of Wal-Mart (WMT 61.44, -5.29) after the company's Chief Financial Officer said operating expenses are expected to exceed sales growth during fiscal year 2016. Also of note, the retail giant announced a $20 billion buyback.

10:30 am: [BRIEFING.COM]

The dollar has been trading lower all session, seeing large selling-pressure following underwhelming US PPI and retail sales data released this morning
Producer prices were more negative than expected (PPI -0.5% and Core PPI -0.3%) and retail sales were modestly below expectations (+0.1% vs. +0.2% est)
Also contributing to dollar weakness ahead of the US data, was strength in Asian currencies amidst increasing risk-off trades, driven largely by equity volatility
The index is now moderately negative at -0.5% to 94.32
WTI trended in a narrow range near the unchanged mark in overnight/early trade, as the market awaits delayed inventory data from both the API and EIA
Release of weekly API and EIA oil storage data has been delayed one day due to the U.S. Columbus Day holiday
After the close today at 4:30pm ET, the America Petroleum Institute (API) will release its storage data
Tomorrow at 11am EST, the U.S. Energy Information Administration (EIA), the research arm of the Dept. of Energy, will release their own weekly storage data
Crude is now trading at losses for the session at -0.9% to $46.23/barrel, following a substantive bounce near the $46 level
Natural gas has seen a recent rally to positive for the day at +0.5% to $2.51/MMBtu, ahead of tomorrow's inventory report
Precious metals is trending strongly positive following the weak US data, as a portion of the market is re-calibrating its expectations for near-term interest rate increases
Gold is now +0.9% to $1176/oz and silver is +1.3% to $16.12/oz
Copper is moderately positive at +0.6% to $2.40/lb

10:00 am:

[BRIEFING.COM] The S&P 500 is higher by 0.2% while the Nasdaq (+0.4%) outperforms

Just released, Business Inventories were unchanged in August while the Briefing.com consensus expected an uptick of 0.1%. This followed the prior month's revised flat reading (from 0.1%).

9:40 am:

[BRIEFING.COM] The major averages began the trading day near their flat lines. The S&P 500 hovers just below its unchanged level while the Nasdaq Composite (+0.2%) outperforms.

Seven sectors display opening losses while three groups hover in the green with health care (+1.1%) trading well ahead of its peers. Biotechnology has been behind the early strength with the iShares Nasdaq Biotechnology ETF (IBB 306.05, +7.29) trading higher by 2.5%.

On the downside, the financial sector (-0.8%) is the weakest performer with JPMorgan Chase (JPM 60.00, -1.55) down 2.6% after reporting in-line results on light revenue.

Elsewhere, Treasuries remain near their highs with the 10-yr yield down four basis points at 2.01%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -3.20.

The stock market is on track for a subdued open as futures on the S&P 500 trade within four points of fair value. Index futures have maintained a narrow range throughout the pre-market session, seeing little reaction to a few earnings reports that have filtered through since yesterday's closing bell.

Most notably, JPMorgan Chase (JPM 60.74, -0.81) is on track to open lower by 1.3% after reporting in-line earnings on below-consensus revenue while Intel (INTC 31.55, -0.49) has surrendered 1.5% in pre-market after the company's lowered capital expenditures guidance overshadowed better than expected results.

On the economic front, September producer prices fell 0.5% while the Briefing.com consensus expected a decrease of 0.3% and the September Retail Sales report (+0.1%; consensus +0.2%) also missed expectations.

The disappointing data has been met with a spike in Treasuries, sending the 10-yr yield lower by four basis points to 2.01%.

August Business Inventories will be reported at 10:00 ET (expected 0.1%) while the October Beige Book will cross the wires at 14:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -0.10.

The S&P 500 futures trade two points below fair value.

Markets in the Asia-Pacific region were down across-the-board on Wednesday following some unsatisfying consumer price data out of China and the Japanese government lowering its assessment of Japan's outlook. Declines were held below 1.0% in most instances, yet Japan (-1.9%) was a notable exception.

In economic data:
China's September CPI +0.1% month-over-month (expected 0.5%; prior 0.5%); +1.6% year-over-year (consensus 1.8%; prior 2.0%). Separately, September PPI -5.9% year-over-year, as expected (last -5.9%)
Japan's September Corporate Goods Price Index -0.5% month-over-month (expected -0.3%; prior -0.6%); -3.9% year-over-year, as expected (last -3.6%). Separately, M2 Money Stock +3.8% year-over-year (expected 4.3%; prior 4.2%)
Singapore's Q3 GDP +0.1% quarter-over-quarter (expected -0.1%; last -4.0%); +1.4% year-over-year (consensus 1.3%; prior 1.8%)
South Korea's September Unemployment Rate ticked down to 3.5% from 3.6% (expected 3.6%)
India's September WPI Inflation -4.54% (expected -4.43%; previous -4.95%) and September WPI Manufacturing Inflation -1.73% (last -1.92%)
Australia's October Westpac Consumer Sentiment +4.2% (consensus 3.0%; last -5.6%)

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Japan's Nikkei declined 1.9% and ended near its lows for the session, pressured by the government's downward assessment of the economy and China's weak inflation data. Every sector ended with a loss, led by the industrials (-2.9%), materials (-2.9%), technology (-2.6%), and financials (-2.2%) sectors. Sumco Corp (-7.7%), Toho Zinc (-5.5%), and Nippon Steel & Sumitomo Metal (-5.4%) were the biggest losers. Toho Corp (+3.9%) led a very small group of winners. Out of the 225 index members, 7 ended higher, 217 finished lower, and 1 was unchanged.
Hong Kong's Hang Seng declined 0.7%, spending the entirety of its session in negative territory as China's disappointing inflation report set the tone for things. China Mengniu Dairy (-4.4%), Belle International Holdings (-3.6%), and China Merchants holdings Intl. (-2.9%) were the worst-performing issues while Sino Land (+1.8%), New World Development Co (+1.6%), and Hang Lung Properties (+1.6%) sat atop the list of winners. Out of the 50 index members, 19 ended higher and 31 finished lower.
China's Shanghai Composite declined 0.9% in a seesaw affair that culminated with a notable downswing in the final hour of trading. The Composite pretty much finished at its lows for the day as the soft September CPI reading failed to ignite a speculative rally based on the idea that it will invite more policy stimulus.

Major European indices trade lower across the board with France's CAC (-0.4%) trading a bit ahead of its peers. Elsewhere, the newest Bank of England member, Gertjan Vlieghe, stressed patience, saying the central bank should employ a "wait and see" approach before raising rates due to downside inflation risk.

Participants received several data points:
Eurozone August Industrial Production -0.5% month-over-month, as expected (prior 0.8%); +0.9% year-over-year (consensus 1.8%; last 1.7%)
UK's August Average Earnings Index + Bonus +3.0% (consensus 3.1%; last 2.9%), September Claimant Count Change 4,600 (expected -2,100; prior 1,200), and the Unemployment Rate 5.4% (consensus 5.5%; prior 5.5%)
France's September CPI -0.4% month-over-month, as expected Italy's September CPI -0.4% month-over-month (expected -0.3%; prior -0.4%); +0.2% year-over-year (consensus 0.3%; last 0.2%)
Spain's September CPI -0.3% month-over-month, as expected; -0.9% year-over-year, as expected

------

UK's FTSE is lower by 0.8% with financials and home builders under pressure. Barratt Developments, Taylor Wimpey, Prudential, and Standard Chartered are down between 1.2% and 3.4%. Miners outperform with Antofagasta, Fresnillo, Rio Tinto, and Randgold Resources showing gains between 0.5% and 3.4%.
Germany's DAX is down 0.7% with more than half of its components trading in the red. Basic materials names lead the retreat with BASF, K+S, Lanxess, and Linde down between 1.6% and 2.3%. On the upside, exporters BMW, Daimler, and Volkswagen hold gains between 0.5% and 3.1%.
In France, the CAC is lower by 0.4%. Growth-sensitive Solvay, Schneider Electric, and Air Liquide are down between 1.1% and 2.9% while financials outperform. BNP Paribas, Credit Agricole, and Societe Generale have climbed between 0.6% and 0.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +0.20. Nasdaq futures vs fair value: +4.30.

The S&P 500 futures trade within a point of fair value.

September producer prices fell 0.5% while the Briefing.com consensus expected a decrease of 0.3%. Core producer prices decreased 0.3% while the consensus expected a reading of +0.1%.

Separately, September retail sales rose 0.1% while the Briefing.com consensus expected an increase of 0.2%. The prior month's reading was revised down to 0.0% from 0.2%. Excluding autos, retail sales decreased 0.3% while the consensus expected a decrease of 0.1%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: -3.50.

U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover one points below fair value after spending the night in a six-point range.

Despite the flat action in equity futures, Treasuries have advanced, pushing the 10-yr yield lower by two basis points to 2.03%.

On the economic front, the weekly MBA Mortgage Index tumbled 27.6% to follow last week's 25.5% spike while September PPI (Briefing.com consensus -0.3%) and September Retail Sales (consensus 0.2%) will both be reported at 8:30 ET. Also of note, August Business Inventories will be reported at 10:00 ET (expected 0.1%) while the October Beige Book will cross the wires at 14:00 ET.

In U.S. corporate news of note:

JPMorgan Chase (JPM 60.70, -0.85): -1.4% after reporting in-line earnings on below-consensus revenue.
Bank of America (BAC 15.92, +0.38): +2.5% in reaction to a bottom-line beat on in-line revenue.
Intel (INTC 31.41, -0.63): -2.0% after the company's lowered capital expenditures guidance overshadowed better than expected results.
SanDisk (SNDK 68.25, +6.48): +10.5% after Bloomberg reported the company is exploring a sale with Micron (MU 18.70, +0.52) and Western Digital (WDC 84.37, 0.00) identified as potential suitors.
Delta Air Lines (DAL 48.65, +0.92): +1.9% after reporting a two-cent beat and guiding in-line.
PNC (PNC 88.85, +0.22): +0.3% in reaction to better than expected earnings.

Reviewing overnight developments:

Asian markets ended lower. Hong Kong's Hang Seng -0.7%, China's Shanghai Composite -0.9%, and Japan's Nikkei -1.9%
In economic data:
China's September CPI +0.1% month-over-month (expected 0.5%; prior 0.5%); +1.6% year-over-year (consensus 1.8%; prior 2.0%). Separately, September PPI -5.9% year-over-year, as expected (last -5.9%)
Japan's September Corporate Goods Price Index -0.5% month-over-month (expected -0.3%; prior -0.6%); -3.9% year-over-year, as expected (last -3.6%). Separately, M2 Money Stock +3.8% year-over-year (expected 4.3%; prior 4.2%)
Singapore's Q3 GDP +0.1% quarter-over-quarter (expected -0.1%; last -4.0%); +1.4% year-over-year (consensus 1.3%; prior 1.8%)
South Korea's September Unemployment Rate ticked down to 3.5% from 3.6% (expected 3.6%)
India's September WPI Inflation -4.54% (expected -4.43%; previous -4.95%) and September WPI Manufacturing Inflation -1.73% (last -1.92%)
Australia's October Westpac Consumer Sentiment +4.2% (consensus 3.0%; last -5.6%)
In news:
The slowdown in China's inflation was brought on by slower growth in food prices (2.7%; previous 3.7%) while non-food inflation held near 1.0%

Major European indices trade lower across the board. Germany's DAX -0.6%, UK's FTSE -0.6%, and France's CAC -0.3%. Elsewhere, Italy's MIB -0.6% and Spain's IBEX -0.2%
Participants received several data points:
Eurozone August Industrial Production -0.5% month-over-month, as expected (prior 0.8%); +0.9% year-over-year (consensus 1.8%; last 1.7%)
UK's August Average Earnings Index + Bonus +3.0% (consensus 3.1%; last 2.9%), September Claimant Count Change 4,600 (expected -2,100; prior 1,200), and the Unemployment Rate 5.4% (consensus 5.5%; prior 5.5%)
France's September CPI -0.4% month-over-month, as expected
Italy's September CPI -0.4% month-over-month (expected -0.3%; prior -0.4%); +0.2% year-over-year (consensus 0.3%; last 0.2%)
Spain's September CPI -0.3% month-over-month, as expected; -0.9% year-over-year, as expected
Among news of note:
The newest Bank of England member, Gertjan Vlieghe, stressed patience, saying the central bank should employ a "wait and see" approach before raising rates due to downside inflation risk

5:55 am: [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -9.30.

5:55 am: [BRIEFING.COM] Nikkei...17891.00...-343.70...-1.90%. Hang Seng...22439.91...-160.60...-0.70%.

5:55 am: [BRIEFING.COM] FTSE...6295.57...-46.70...-0.70%. DAX...9935.17...-97.70...-1.00%.

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


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