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 Post subject: October 22nd Thursday Trade Results - Profit $3462.50
PostPosted: Fri Oct 23, 2015 4:05 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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3462.50 dollars or +69.25 points, Light Crude Oil CL ($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 @ $3462.50 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=2200

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] It was a running of the bulls on Thursday and "re-examine" was the trigger that sparked the charge. The S&P 500 soared 1.7%, overtaking its 100-day moving average (2,038) in the process. The benchmark index settled near its best level of the day, registering its first close above the 100-day average since August 17, as hopes for more stimulus overshadowed mixed corporate earnings.

The stock market was off to the races after equity futures revved higher an hour before the opening bell. The pre-market activity took place in response to comments from European Central Bank President Mario Draghi, who addressed the media following the latest ECB policy meeting. During his press conference, Mr. Draghi said that the central bank will "re-examine" its asset purchases at the December meeting. This was immediately interpreted as a harbinger of more monetary easing in the near future, sending the euro lower while European equities and U.S. futures spiked. Those moves accelerated after Mr. Draghi revealed that the governing council had discussed lowering the deposit facility rate at today's policy meeting. Markets in France, Germany, Spain, and Italy jumped between 2.0% and 2.5% while the euro slid throughout the session to 1.1110 against the dollar after trading just above 1.1300 prior to Mario Draghi's press conference. As a result, the Dollar Index (96.44, +1.37) spiked 1.4%, returning to levels last seen in late September.

Nine sectors ended the day with gains of 1.2% or more, masking the mixed nature of quarterly reports released between yesterday's closing bell and today's open. For instance, Caterpillar (CAT 70.88, +1.98) spiked 2.9% despite missing estimates and lowering its earnings guidance while 3M (MMM 156.00, +6.18) jumped 4.1% after missing revenue estimates, lowering its guidance, and announcing restructuring plans that will involve 1,500 layoffs worldwide. Meanwhile, American Express (AXP 72.50, -4.01) also delivered a disappointing report, but did not get lifted by the tide, falling 5.2%.

To be fair, a few companies delivered better than expected reports with McDonald's (MCD 110.87, +8.33) surging 8.1% to a fresh all-time high and Texas Instruments (TXN 58.09, +6.19) spiking 11.9% after both beat their respective estimates. Texas Instruments contributed to a 3.5% spike in the PHLX Semiconductor Index, which in turn, underpinned the technology sector (+2.3%). That being said, even the two standouts of the day fit an all-too-familiar theme of bottom-line beats combined with sluggish revenue growth.

Elsewhere, PulteGroup (PHM 18.16, -1.29) and Kinder Morgan (KMI 29.75, -1.67) posted respective losses of 6.6% and 5.3% in reaction to disappointing reports; however, their weakness was overshadowed by the broad market strength.

Similarly, Valeant Pharmaceuticals (VRX 109.87, -8.74) had another woeful showing, tumbling 7.4% to extend its two-day loss to 24.7% after Citron Research voiced concerns of potential accounting fraud at the biotech company. On a related note, the health care sector (-0.6%) spent the day in negative territory.

Treasuries bounced around their flat lines throughout the day with the 10-yr yield respecting a six-basis point range before ending unchanged at 2.03%.

Today's trading volume was well above average with more than a billion shares changing hands at the NYSE floor.

Economic data included Initial Claims, Existing Home Sales, Leading Indicators, and FHFA Housing Price Index:

The weekly initial claims level increased to 259,000 for the week ending October 17 from an upwardly revised 256,000 (from 255,000) while the Briefing.com consensus expected an increase to 265,000
The four-week moving average fell to 263,250 from 265,250, representing the lowest level since December 1973
Existing home sales increased 4.7% in September to 5.55 million from a downwardly revised 5.30 million (from 5.31 mln) while the Briefing.com consensus expected an increase to 5.39 million
Unfortunately, the growth in sales may not stable, considering much of the gain resulted from an increase in all-cash and investor demand
All-cash sales accounted for 24% of all sales in September, up from 22% in August. Individual investors purchased 13% of existing homes in September, up from 12% in August
The Conference Board's Leading Economic Index declined 0.2% (consensus -0.1%) in September after a downward revision resulted in no change (from 0.1%) in August
The FHFA Housing Price Index for August rose 0.3%, which followed an unrevised increase of 0.6% in July

There is no economic data on tomorrow's schedule.

Nasdaq Composite +3.9% YTD
S&P 500 -0.3% YTD
Dow Jones Industrial Average -1.9% YTD
Russell 2000 -4.1% YTD

3:40 pm: [BRIEFING.COM]

The dollar index continued to climb higher today, which helped weigh in commodities today
However, commodities, as measured by the Bloomberg Commodity Index, are currently near the unchanged line overall
WTI oil came back some as floor trading came to a close, erasing some of today's losses.
Dec crude ended the day +0.4% at $45.39/barrel.
In other energy, Nov natural gas futures traded in the red all day following the release of the weekly EIA storage data
The data was actually bullish, but overall storage continues to weigh on the market
Nov nat gas ended -0.8% at $2.38/MMBtu today
Silver and copper mostly held gains today. Dec silver closed +0.7% at $15.84/oz, while Dec copper finished +0.8% at $2.38/lb
Dec gold slipped $1 to end at $1166.10/oz

2:55 pm:

[BRIEFING.COM] The S&P 500 trades higher by 1.6% with one hour remaining in the session. After pulling back from its best level of the day, the benchmark index has worked its way back into the middle of its afternoon range, looking to end the day above the 100-day moving average (2,038) for the first time since August 17.

With the earnings season in full swing, investors will receive another heavy batch of quarterly reports after today's closing bell. Alphabet (GOOGL 675.56, +3.76), Amazon (AMZN 560.36, +4.59), Microsoft (MSFT 48.41, +1.21), and AT&T (T 34.00, +0.40) will all report their results after the close while tomorrow morning the focus will shift to Procter & Gamble (PG 75.40, +1.81), American Airlines (AAL 45.75, +1.44), Whirlpool (WHR 158.88, +6.02), and a few others.

2:25 pm:

[BRIEFING.COM] The major averages have backed away from their highs, but they continue holding more than half of their gains. The S&P 500 remains higher by 1.2% after being up 1.8% earlier.

With the S&P 500 trading roughly four points above its 100-day average (2,038), it will be interesting to see how the index ends the session with respect to the technical level that has served as resistance over the past two days. Given its current level, the S&P 500 is on track to enter the Friday session with a 0.5% gain for the week.

Interestingly, Treasuries held their ground during the morning charge in stocks, but they have climbed to highs in recent action with the 10-yr yield down two basis points at 2.01%.

1:55 pm:

[BRIEFING.COM] Equity indices remain near their best levels of the session.

Demand for existing home returned in September.

Existing home sales increased 4.7% in September to 5.55 mln from a downwardly revised 5.30 mln (from 5.31 mln) in August. Sales nearly returned to the 5.58 mln high reached in July, which was the best performing month since 2007. The Briefing.com Consensus expected existing home sales to increase to 5.39 mln.

The National Association or Realtors suggested that a slight deceleration in price growth combined with sub 4.0% mortgage rates fueled the increase in September demand.

Unfortunately, the growth in sales may not stable. Much of the gain came from an increase in all-cash and investor demand. All-cash sales accounted for 24% of all sales in September, up from 22% in August. Individual investors purchased 13% of existing homes in September, up from 12% in August.

Purchases by first-time buyers, which are the lifeblood of the industry, slipped to 29% of total sales in September from 32% in August.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue to push higher, setting new session highs since our last update.

A look inside the Dow Jones Industrial Average shows McDoanlds (MCD 110.67, +8.13), 3M (MMM 156.48, +6.66), and Caterpillar (CAT 71.83, +2.93) are outperforming. McDonald's is at all time highs following strong Q3 results which exceeded both top and bottom line estimates, and shows positive US comps for the first time in two years. McDonalds continued to say it expects positive comps for Q4. 3M also reported Q3 results, offering a mixed report, and announced a restructuring that would include up to 1500 layoffs. Caterpillar is also higher on earnings, after the industrial giant delivered a seemingly disappointing quarterly report, but reaffirmed its FY16 guidance.

Conversely, UnitedHealth Group (UNH 111.14, -6.97) is the worst-performing Dow component as shares in managed health care names continue to sell off following yesterday's Hillary Clinton comments as well as general underperformance in Health Care, today's lone declining sector.

With today's rally, the DJIA is now +7.2% alone this month.
Related Quotes

12:55 pm:

[BRIEFING.COM] The major averages have spent the first half of today's session in a steady charge with hopes for more stimulus from the European Central Bank overshadowing a batch of middle of the road earnings. Accordingly, the Dow Jones Industrial Average (+1.7%), S&P 500 (+1.7%) and Nasdaq Composite (+1.7%) sport comparable gains.

Equity indices raced out of the gate after European Central Bank President Mario Draghi said during his press conference that the central bank will "re-examine" its asset purchases at the December meeting. This was interpreted as a sign of more easing on the way, sending the euro into a slide against the dollar. Currently, the euro trades near 1.1130 against the dollar after diving from 1.1310. Meanwhile, markets in France, Germany, Spain, and Italy gained between 2.0% and 2.5%.

The global equity rally has lifted the S&P 500 above its 100-day moving average (2,038) after the index struggled with that area over the past two days. Nine sectors trade in the green with eight groups showing gains of 1.5% or more while health care (-0.6%) has continued its struggle from yesterday. Specifically, Valeant Pharmaceuticals (VRX 103.40, -15.21) has surrendered 12.9% today, extending its two-day loss to 29.5% amid allegations of accounting fraud made by Citron Research.

On the flip side, the industrial sector (+3.1%) trades well ahead of its peers with Caterpillar (CAT 72.45, +3.55) trading higher by 5.1% despite missing estimates and lowering its earnings guidance while 3M (MMM 156.43, +6.61) has spiked 4.1% despite missing revenue estimates, lowering its guidance, and announcing restructuring plans that will involve 1,500 layoffs worldwide.

Elsewhere, the technology sector (+2.4%) also outperforms with chipmakers powering the advance. The PHLX Semiconductor Index has surged 3.3% with Texas Instruments (TXN 57.56, +5.66) soaring 10.9% in reaction to better than expected results and above-consensus earnings guidance.

The broad-based charge in stocks has had little impact on the Treasury market where the 10-yr note remains little changed with its yield at 2.03%.

Economic data included Initial Claims, Existing Home Sales, Leading Indicators, and FHFA Housing Price Index:

The weekly initial claims level increased to 259,000 for the week ending October 17 from an upwardly revised 256,000 (from 255,000) while the Briefing.com consensus expected an increase to 265,000
The four-week moving average fell to 263,250 from 265,250, representing the lowest level since December 1973
Existing home sales increased 4.7% in September to 5.55 million from a downwardly revised 5.30 million (from 5.31 mln) while the Briefing.com consensus expected an increase to 5.39 million
Unfortunately, the growth in sales may not stable, considering much of the gain resulted from an increase in all-cash and investor demand
All-cash sales accounted for 24% of all sales in September, up from 22% in August. Individual investors purchased 13% of existing homes in September, up from 12% in August
The Conference Board's Leading Economic Index declined 0.2% (consensus -0.1%) in September after a downward revision resulted in no change (from 0.1%) in August
The FHFA Housing Price Index for August rose 0.3%, which followed an unrevised increase of 0.6% in July

12:30 pm:

[BRIEFING.COM] A steady bid remains in place with nine sectors showing gains while health care (-1.0%) remains in the red with Valeant Pharmaceuticals (VRX 100.31, -18.30) down 15.3% to continue yesterday's woes. Including today's decline, the stock is down 31.6% since Tuesday's closing bell and down 43.5% for the week amid allegations of fraud made by Citron Research. Citron's Executive Editor Andrew Left is scheduled to appear on Bloomberg TV shortly to discuss the allegations.

On the flip side, the industrial sector (+3.1%) remains in the lead while materials (+2.7%), technology (+2.3%), and financials (+1.9%) follow.

Elsewhere, Treasuries hold slim losses with the 10-yr yield up one basis point at 2.04%.

11:55 am:

[BRIEFING.COM] The S&P 500 (+1.5%) has extended to a new session high as investors continue rushing into stocks from an array of sectors other than health care. To that point, there are more than four NYSE-listed issues trading in the green for each decliner.

The industrial sector (+2.7%) has overtaken materials (+2.6%) for the lead, with large cap components like Boeing (BA 146.47, +5.28) and General Electric (GE 29.58, +0.73) up 3.8% and 2.5%, respectively. Heavy machinery names have also shown strength with Caterpillar (CAT 71.79, +2.89) surging 4.2% despite missing earnings/revenue estimates and lowering its earnings guidance.

Elsewhere, the Dollar Index (96.17, +1.09) is now up 1.2%, extending to a new high as the euro tests its low against the greenback at 1.1150 after falling from 1.1300

11:25 am:

[BRIEFING.COM] Another round of new highs for the major averages with the S&P 500 (+1.3%) trading a bit behind the Nasdaq (+1.5%).

The tech-heavy Nasdaq has been able to overcome the relative weakness in biotechnology thanks to solid gains in the technology sector (+2.1%). Large cap components like Apple (AAPL 115.02, +1.26), Alphabet (GOOGL 683.50, +11.70), and Facebook (FB 98.40, +1.29) sport gains between 1.1% and 1.8% while high-beta chipmakers have had an even better showing with the PHLX Semiconductor Index trading higher by 2.7%. Texas Instruments (TXN 57.03, +5.13) leads the way, trading higher by 9.8% in reaction to better than expected results and above-consensus earnings guidance.

Elsewhere, Treasuries remain little changed with the 10-yr yield oscillating near 2.03%.

10:55 am:

[BRIEFING.COM] The major averages have built on their early gains with the S&P 500 now up 1.2%. Thanks to the broad-based charge, the benchmark index has vaulted above its 100-day average (2,038), which had been an area of resistance over the past two days.

Nine sectors sit comfortably in the green with seven groups showing gains of 1.2% or more. The materials sector (+2.0%) remains in the lead, largely thanks to a 4.3% surge in Dow Chemical (DOW 49.54, +2.06) after the company beat bottom-line estimates on below-consensus revenue.

On the downside, the health care sector (-0.4%) remains in the red with Valeant Pharmaceuticals (VRX 100.14, -18.47) down 15.6%, which leaves the stock about $11 above yesterday's session low.

10:35 am: [BRIEFING.COM]

The dollar hovered near-flat in overnight and early trade, before rallying sharply higher upon the release of US unemployment data
Both initial and continuing unemployment claims came in well-below consensus, causing the index to spike to new highs for the session
The dollar continues to rally and is trading strongly positive at +1% to 95.99, aided also by a morning ECB decision to keep rates unchanged and commentary by Mario Draghi
WTI trended modestly positive overnight, but saw a strong rally in early trade on momentum from the release of IMF growth forecasts for the commodity
The IMF's report forecast growth of 2.5% out of the Middle East/N. Africa region, which was less than the organization's prediction made earlier this year
December WTI is now +0.8% to $45.54/barrel
Natural gas traded positive into the morning's release of an EIA storage report, which was expected to show an ~89 bcf inventory build for the week ending Oct. 16th.
Upon release of the data, which showed a build of 85 bcf, November nat gas spiked higher and is now +0.5% to $2.42/MMBtu
Gold is trading +0.2% at $1169.50/oz, following an initial sell-off on the morning's employment data, and a hard bounce back above the unchanged mark.
Silver is trading more industrial, and similarly to copper, is holding gains from the overnight release of positive Chinese import data
Imports of several industrial metals into China showed Y/Y increases for the month of September
Copper is now +0.6% to $45.50/lb and silver is +0.9% to $15.86/oz

10:00 am:

[BRIEFING.COM] The major averages have built on their opening gains with the S&P 500 now up 1.0%.

Just released, existing home sales for September increased 4.7% from August to an annualized rate of 5.55 million units while the Briefing.com consensus expected a reading of 5.39 million.

Separately, the Leading Indicators report for September was down 0.2% while the Briefing.com consensus expected a decrease of 0.1%.

9:35 am:

[BRIEFING.COM] As expected, the major averages have surged out of the gate with hopes of more stimulus from the European Central Bank greasing the wheels. The S&P 500 trades higher by 0.7% while the Nasdaq Composite (+0.6%) underperforms slightly.

Nine sectors display early gains while health care (-0.5%) has been pressured by early weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 302.26, -2.20) is lower by 0.7% with Valeant Pharmaceuticals (VRX 102.74, -15.87) trading lower by 12.4% to continue its struggle from yesterday.

On the upside, materials (+1.7%) and technology (+1.0%) lead.

Treasuries continue drifting near their flat lines with the 10-yr yield at 2.03%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +30.80.

The stock market is on track for a higher open as S&P 500 futures trade nine points above fair value thanks to a recent spike that followed the results of the latest policy meeting at the European Central Bank.

The ECB made no changes to its policy stance, keeping its main refinancing rate at 0.05%. That being said, ECB President Mario Draghi said during his press conference that the central bank will re-evaluate its asset purchases at the December meeting, which was immediately interpreted as a sign of more easing. Accordingly, the euro has slid from 1.1300 to 1.1200 against the dollar while European equities and U.S. equity futures have spiked higher, racing to their best levels of the morning after Mr. Draghi revealed that the governing council had discussed lowering the deposit facility rate at today's policy meeting.

Although the renewed stimulus hopes have taken center stage, this morning has also featured the release of a heavy batch of quarterly reports that have been mixed at best. Most notably, Caterpillar (CAT 68.23, -0.67) is on track to open lower by 0.8% after missing estimates and lowering its earnings guidance and 3M (MMM 151.00, +1.18) has added 0.8% in pre-market after missing revenue expectations, lowering its guidance, and announcing restructuring plans that will involve 1,500 layoffs worldwide. Also of note, McDonald's (MCD 110.60, +8.06) has surged 7.9% to a fresh all-time high after beating earnings and revenue estimates.

Treasuries are little changed after bouncing inside narrow ranges with the 10-yr yield at 2.03%.

9:04 am: [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +30.90.

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

The FHFA Housing Price Index for August rose 0.3%, which followed an unrevised increase of 0.6% in July.

8:52 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +27.00.

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

It was a mixed day of trading Thursday for markets in the Asia-Pacific region, which had a lack of headline drivers to move things. The mixed sentiment was attributed in large part to Wall Street's disappointing finish on Wednesday, angst about the renewed downturn in oil prices, and some hesitation ahead of the ECB policy decision today.

In economic data:
Hong Kong's September CPI +2.0% year-over-year (expected +2.7%; prior +2.4%)
Australia's NAB Quarterly Business Confidence 0.0 (prior 4.0)

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Japan's Nikkei declined 0.6%, succumbing to selling interest in the afternoon trade. Losses were paced by weakness in the health care (-1.7%), consumer discretionary (-0.9%), and financials (-0.8%) sectors. The worst-performing issues were IHI Corp (-10.6%), Sumitomo Chemical (-5.6%), and FUJIFILM Holdings (-4.8%). The best-performing issues were SCREEN Holdings (+3.7%), Trend Micro (+3.3%), and JFE Holdings (+3.0%). Out of the 225 index members, 62 ended higher, 149 finished lower, and 14 were unchanged.
Hong Kong's Hang Seng declined 0.6% in its return from a Wednesday holiday. The Hang Seng had been down as much as 1.1% earlier in the session, but had some rebound spirit in the afternoon session. The top laggards were Lenovo Group (-4.1%), China Mobile (-3.1%), and China Unicom Hong Kong (-2.9%). Sitting atop the list of winners were China Merchants Holdings Intl. (+2.6%), Swire Pacific (+2.5%), and Bank of China (+1.3%). Out of the 50 index members, 26 ended higher, 22 finished lower, and 2 were unchanged.
China's Shanghai Composite increased 1.5%, with the entirety of the move coming in the last two hours of the session. Prior to that, the Composite was down 1.1%. There wasn't any specific news catalyst for the shift in sentiment. Early weakness was attributed to Wall Street's weak showing on Wednesday and some hesitation in front of the ECB decision. There were reports that Air China and China Southern Airline are mulling a possible merger. Notably, the small-cap Shenzhen Index surged 3.7% and also registered the entirety of its gain in the last two hours of trading action.

Major European indices trade mostly higher while UK's FTSE (-0.1%) underperforms. The European Central Bank made no changes to its policy stance, keeping its main refinancing rate at 0.05%. That being said, ECB President Mario Draghi said during his press conference that the central bank will re-evaluate its asset purchases at the December meeting, which was immediately interpreted as a sign of more easing. Accordingly, the euro has slid from 1.1300 to 1.1200 against the dollar while European equities and U.S. equity futures have spiked higher.

Investors received several data points:
UK's September Retail Sales +1.9% month-over-month (expected 0.3%; prior -0.4%); +6.5% year-over-year (consensus 4.8%; last 3.5%). Separately, Core Retail Sales +1.7% month-over-month (expected 0.3%; last -0.7%); +5.9% year-over-year (consensus 4.6%; previous 3.2%)
French Business Survey ticked down to 103 from 104, as expected
Spain's Q3 Unemployment Rate 21.18% (consensus 22.15%; prior 22.37%) while trade deficit widened to EUR3.20 billion from EUR1.40 billion
Italy's September Non-EU trade surplus was little changed at EUR1.43 billion (prior EUR1.38 billion)

------

UK's FTSE is lower by 0.1% with more than half of its components in the red. Pearson is the weakest performer, trading lower by 7.2%, in reaction to disappointing guidance while industrial names like Wolseley, BAE Systems, Smiths Group, and Travis Perkins down between 2.7% and 5.4%.
In France, the CAC trades up 0.7% with consumer and telecom names in the lead. Orange, Pernod Ricard, Carrefour, and L'Oreal hold gains between 1.8% and 5.5%. On the downside, Publics Groupe has tumbled 10.0% in reaction to disappointing guidance.
Germany's DAX outperforms with a gain of 0.9% with all but five names in the green. Basic materials names lead with K+S, ThyssenKrupp, BASF, and Lanxess up between 1.5% and 2.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +19.80.

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

The latest weekly initial jobless claims count totaled 259,000 while the Briefing.com consensus expected a reading of 265,000. Today's tally was above the revised prior week count of 256,000 (from 255,000). As for continuing claims, they rose to 2.170 million from 2.164 million.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +17.50.

U.S. equity futures trade modestly higher amid cautious action overseas. The S&P 500 futures hover five points above fair value, but there could be some volatility around 8:30 ET, once European Central Bank President Mario Draghi begins his press conference to announce the results of the latest policy meeting.

Yesterday was very quiet on the economic front, but today will be busier with weekly Initial Claims (Briefing.com consensus 265,000) set to be released at 8:30 ET while the August FHFA Housing Price Index will cross the wires at 9:00 ET. Also of note, September Leading Indicators (consensus -0.1%) and Existing Home Sales (expected 5.39 million) will be reported at 10:00 ET.

Treasuries have ticked to lows and they hold modest losses with the 10-yr yield up one basis point at 2.04%.

In U.S. corporate news of note:

Caterpillar (CAT 67.83, -1.07): -1.6% after missing estimates and lowering its earnings guidance.
3M (MMM 146.90, -2.92): -2.0% after below-consensus revenue and lowered guidance overshadowed a bottom-line beat. The company announced restructuring plans that will involve 1,500 layoffs worldwide.
American Express (AXP 73.65, -2.86): -3.7% after missing earnings/revenue estimates and guiding below analyst expectations.
Texas Instruments (TXN 56.14, +4.24): +8.2% in reaction to better than expected results and above-consensus earnings guidance.
Southwest Airlines (LUV 42.02, +0.98): +2.4% after beating earnings and revenue estimates.
Dow Chemical (DOW 50.70, +3.22): +6.8% after beating bottom-line estimates on below-consensus revenue.
eBay (EBAY 26.17, +1.96): +8.1% after reporting a bottom-line beat and guiding in-line.
Eli Lilly (LLY 77.81, +0.80): +1.0% in reaction to a bottom-line beat and improved guidance.
Under Armour (UA 101.00, +1.85): +1.9% after reporting a one-cent beat.
Kinder Morgan (KMI 29.26, -2.16): -6.9% after missing revenue estimates and raising its quarterly dividend by 16.0% to $0.51/share.

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -0.6%, Hong Kong's Hang Seng -0.6%, and China's Shanghai Composite +1.5%
In economic data:
Hong Kong's September CPI +2.0% year-over-year (expected +2.7%; prior +2.4%)
Australia's NAB Quarterly Business Confidence 0.0 (prior 4.0)
In news:
Airline stocks outperformed in China amid reports of a potential merger between Air China and China Southern Airlines

Major European indices trade near their flat lines. UK's FTSE -0.1%, France's CAC +0.1%, and Germany's DAX +0.3%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX +0.2%
Investors received several data points:
UK's September Retail Sales +1.9% month-over-month (expected 0.3%; prior -0.4%); +6.5% year-over-year (consensus 4.8%; last 3.5%). Separately, Core Retail Sales +1.7% month-over-month (expected 0.3%; last -0.7%); +5.9% year-over-year (consensus 4.6%; previous 3.2%)
French Business Survey ticked down to 103 from 104, as expected
Spain's Q3 Unemployment Rate 21.18% (consensus 22.15%; prior 22.37%) while trade deficit widened to EUR3.20 billion from EUR1.40 billion
Italy's September Non-EU trade surplus was little changed at EUR1.43 billion (prior EUR1.38 billion)
Among news of note:
The European Central Bank made no changes to its policy stance, keeping its main refinancing rate at 0.05%
European Economics Commissioner Pierre Moscovici said that Greece is in line to receive three billion euros after the country committed to the first set of reforms required by the EU

5:49 am: [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +13.60.

5:49 am: [BRIEFING.COM] Nikkei...18435.87...-118.40...-0.60%. Hang Seng...22845.37...-143.90...-0.60%.

5:49 am: [BRIEFING.COM] FTSE...6340.02...-8.40...-0.10%. DAX...10258.45...+20.40...+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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