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 Post subject: November 24th Tuesday Trade Results - Profit $2437.50
PostPosted: Wed Nov 25, 2015 5:49 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $2437.50 dollars or +48.75 points, Light Crude Oil CL ($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 @ $2437.50 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=149&t=2226

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=277&t=2948 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 stock market ended the Tuesday session on a flat note, overcoming an opening retreat that was fueled by a military incident, which is likely to invite geopolitical implications going forward. The S&P 500 added 0.1% while the Nasdaq Composite (unch) underperformed.

Early this morning, it was reported that the Turkish military shot down a Russian fighter jet, which allegedly violated Turkish airspace on the country's border with Syria. This marked the first time that a NATO member downed a Russian plane since the 1950s and Russian military officials said that both pilots were killed by Syrian opposition fighters after ejecting from the plane. The Russian defense ministry called the incident a "hostile act" while President Vladimir Putin has terminated all Russian military cooperation with Turkey. Mr. Putin denied the incursion into Turkey, saying the action represented "backstabbing by accomplices of terrorists" and that it "goes beyond [the] fight against terror."

The news was met with a spike in Treasuries and the 10-yr note then notched a new high shortly after the release of the second estimate of Q3 GDP (+2.1%; Briefing.com consensus +2.0%); however, the 10-yr note spent the rest of the day in a slow retreat from morning highs to end with a small gain that lowered the benchmark yield one basis point to 2.24%.

Meanwhile, stocks opened in the red and fell to new lows after a disappointing November Consumer Confidence report crossed the wires (90.4; consensus 99.6); however, a turnaround ensued shortly thereafter with the rally uninterrupted by late-morning news of another terrorist attack in Tunisia, which prompted the country to invoke a State of Emergency. The market climbed into the green during early afternoon action, but briefly slipped back to unchanged in a knee-jerk reaction to reports of a hostage situation in Northern France, which was later said to have no connection to the Paris attacks. The S&P 500 climbed to a new high during the final hour, but slipped back to its flat line into the close.

Nine sectors started the day in negative territory, but only four groups--financials (-0.3%), consumer discretionary (-0.2%), industrials (-0.2%), and utilities (-0.1%)--remained in the red when the closing bell rang. On the upside, the energy sector (+2.1%) spent the day well ahead of its peers thanks to strength in crude oil. To that point, WTI crude surged 2.7% to $42.91/bbl after marking a session high at $43.45/bbl.

Elsewhere, the materials sector (+0.8%) also settled well ahead of the broader market while other pockets of strength included health care (+0.3%), materials (+0.8%), and consumer staples (+0.3%). In the staples sector, Campbell Soup (CPB 51.33, +1.54) surged 3.1% after the company reported better than expected earnings and boosted its earnings guidance; however, the sales outlook was lowered due to currency headwinds.

Over on the cyclical side, the consumer discretionary sector (-0.2%) could not keep pace with the market as restaurant and media names weighed while apparel and luxury retailers fared well after two components reported their results. Tiffany & Co (TIF 79.32, +2.77) erased an opening loss to settle higher by 3.6% after reporting a one-cent beat on below-consensus revenue combined with lowered earnings guidance. Meanwhile, Signet Jewelers (SIG 134.89 -5.76) lost 4.1% after missing estimates and guiding Q4 earnings towards the low end of expectations.

Today's session invited above-average participation as more than 893 million shares changed hands at the NYSE floor.

Economic data released today included second estimate of Q3 GDP, Consumer Confidence, and Case-Shiller 20-City Index:

The second estimate for third quarter GDP showed an upward revision to 2.1% from the advance estimate of 1.5% while the Briefing.com consensus expected a reading of 2.0%
The upward revision was the result of the decrease in private inventory investment being smaller than previously estimated. Accordingly, the change in private inventories subtracted only 0.59 percentage points from third quarter GDP growth versus 1.44 percentage points as indicated in the advance estimate
There was a downward revision, though, to personal consumption expenditures, which increased 3.0% versus a previously estimated 3.2%
The Conference Board's Consumer Confidence Index checked in at 90.4 for November, which was down sharply from an upwardly revised 99.1 reading for October (from 97.6) and well below the Briefing.com consensus estimate, which stood at 99.6
The downturn was driven by a drop in both the Present Situation Index (from 114.6 to 108.1) and the Expectations Index (from 88.7 to 78.6)
The September Case-Shiller 20-City Index rose 5.5% (Briefing.com consensus +5.2%) to follow the previous increase of 5.1%

Tomorrow will be very busy on the economic front starting with the 7:00 ET release of the weekly MBA Mortgage Index. At 8:30 ET, investors will receive weekly Initial Claims (Briefing.com consensus 272,000), October Personal Income/Spending Data, and October Durable Orders (consensus 1.5%). The September FHFA Housing Price Index will be released at 9:00 ET while the final reading of the Michigan Sentiment Index for November (consensus 93.1) and October New Home Sales (consensus 504,000) will both be reported at 10:00 ET.

Nasdaq Composite +7.7% YTD
S&P 500 +1.5% YTD
Dow Jones Industrial Average -0.1% YTD
Russell 2000 -1.2% YTD

3:40 pm: [BRIEFING.COM]

Oil and natural gas futures displayed a nice recovery from its early morning lows,
Jan crude oil finished the day +2.7% at $42.91/barrel
The dollar index remained in the red today, which helped give an overall boost to commodities today
Metals saw a benefit from the weakness in the dollar today
Gold and silver remained mostly consolidated, but closed higher
Dec gold rose +0.7% to $1073.80/oz, while Dec silver rose +0.9% at $14.15/oz
Dec copper ended +1.5% at $2.05/lb

3:05 pm:

[BRIEFING.COM] The major averages remain just below their best levels of the day with the S&P 500 trading higher by 0.2%.

The Federal Reserve has released the minutes from yesterday's discount rate meeting, during which nine banks requested a 25-basis point increase, two banks called for the rate to remain unchanged at 0.75%, and one bank called for a decrease. That being said, the decision has not been announced as of yet.

The discount rate represents the rate charged to commercial banks that borrow from the Fed's discount window. This differs from the fed funds rate, which is charged to a bank that borrows funds maintained at the Federal Reserve from another bank on an overnight basis.

With the fed funds rate hike expectations running high, there has been speculation that a discount rate hike may precede the December policy rate meeting.

2:30 pm:

[BRIEFING.COM] The major averages have stumbled from their session highs amid reports of a hostage situation unfolding in Roubaix in Northern France. First reports began crossing the wires about 20 minutes ago and there are no additional details available at this time.

As for the market, the S&P 500 has surrendered about five points while Treasuries have turned back towards their highs with the 10-yr yield down two basis points at 2.23%. Five sectors remain in the red with financials (-0.3%) exerting some pressure on the market, but the energy sector (+2.2%) has done its best to offset that weakness. On a related note, crude oil trades up 2.3% at $42.72/bbl with the pit session about to end.

1:55 pm:

[BRIEFING.COM] Equity indices have climbed to new highs, making their opening decline a distant memory. The Dow (+0.2%) and S&P 500 (+0.2%) trade neck-in-neck while the Nasdaq sits just above its flat line.

Six sectors are now in the green thanks to the continued rebound while the financial sector has narrowed its decline to 0.4%. Looking at other decliners, consumer discretionary (-0.1%) and industrials (-0.2%) sport slim losses while the utilities sector (-0.5%) sits at the bottom of the leaderboard, but the countercyclical group holds little sway over the broader market.

The utilities sector remains well behind the broader market even though Treasury yields are well off their lows with the 10-yr yield down one basis point at 2.24%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices continue to grind higher in recent trade and are currently at their intra-day highs.

A look inside the Dow Jones Industrial Average shows that Pfizer (PFE 32.04, +0.71), Exxon Mobil (XOM 82.10, +1.82), and Chevron (CVX 91.94, +1.93) are outperforming. Exxon and Chevron are among the top gains amid strength in the energy sector, fueled by a 3% gain in WTI crude oil futures.

Conversely, Merck (MRK 53.36, -0.65) is the worst-performing Dow component after being initiated with a Hold at Berenberg this morning.

For the week, the DJIA is currently up 0.11%, and has climbed back above 1% gains for the month.

1:00 pm:

[BRIEFING.COM] Equity indices hover near their best levels of the session at midday with the Dow (unch) and S&P 500 (-0.1%) trading little changed while the Nasdaq Composite (-0.4%) underperforms.
Related Quotes

The stock market began the day on a lower note, but the geopolitical concerns that fueled the early weakness have not been erased as easily as the opening decline in the stock market. Specifically, early this morning it was reported that the Turkish military shot down a Russian fighter jet, which allegedly violated Turkish airspace on the country's border with Syria. This marked the first time that a NATO member shot down a Russian plane since the 1950s and it was initially reported that both pilots were killed by Syrian opposition; however, Turkish media now claims that the pilots are alive and Turkey is trying to rescue them. The Russian defense ministry called the incident a "hostile act" while Russian President Vladimir Putin denied the incursion into Turkey, saying the plane was shot down over Syrian territory. Mr. Putin went further, calling the action "backstabbing by accomplices of terrorists."

Although the situation is far from being resolved, U.S. equities have been able to shrug off the worries for the time being while European markets ended the day in the red, but above their session lows.

With the geopolitical news receiving all the attention it would be easy to overlook today's economic data, which featured a better than expected Q3 GDP report (2.1%; Briefing.com consensus 2.0%) and a disappointing consumer confidence report (90.4; consensus 99.6).

Six of ten sectors remain in the red at this juncture while the energy sector (+2.4%) sits comfortably in the lead thanks to a 3.3% surge in crude oil, which now trades at $43.12/bbl after hitting a high near $43.45/bbl. Elsewhere, the other commodity-related sector-materials (+0.5%)-also trades ahead of the broader market while the other two advancers-consumer staples (+0.1%) and telecom services (+0.1%)-hover just above their flat lines.

The slim uptick in the staples sector has masked a 3.4% spike in the shares of Campbell Soup (CPB 51.48, +1.69) after the company reported better than expected earnings and boosted its earnings guidance; however, the sales outlook was lowered due to currency headwinds.

In other earnings of note, two components of the consumer discretionary sector (-0.4%) have headed in opposite directions after reporting their results. Tiffany & Co (TIF 79.06, +2.51) has erased an opening loss and now trades higher by 3.3% after reporting a one-cent beat on below-consensus revenue combined with lowered earnings guidance. On the flip side, Signet Jewelers (SIG 136.414 -4.51) has given up 3.2% after missing estimates and guiding Q4 earnings towards the low end of expectations.

Treasuries spiked to highs in reaction to the Turkey-Russia news, but they have pulled back from their highs with the 10-yr yield remaining lower by a basis point at 2.24%.

Economic data released today included second estimate of Q3 GDP, Consumer Confidence, and Case-Shiller 20-City Index:

The second estimate for third quarter GDP showed an upward revision to 2.1% from the advance estimate of 1.5% while the Briefing.com consensus expected a reading of 2.0%
The upward revision was the result of the decrease in private inventory investment being smaller than previously estimated. Accordingly, the change in private inventories subtracted only 0.59 percentage points from third quarter GDP growth versus 1.44 percentage points as indicated in the advance estimate
There was a downward revision, though, to personal consumption expenditures, which increased 3.0% versus a previously estimated 3.2%
The Conference Board's Consumer Confidence Index checked in at 90.4 for November, which was down sharply from an upwardly revised 99.1 reading for October (from 97.6) and well below the Briefing.com consensus estimate, which stood at 99.6
The downturn was driven by a drop in both the Present Situation Index (from 114.6 to 108.1) and the Expectations Index (from 88.7 to 78.6)
The September Case-Shiller 20-City Index rose 5.5% (Briefing.com consensus +5.2%) to follow the previous increase of 5.1%

12:30 pm:

[BRIEFING.COM] Equity indices remain near their rebound highs as the Dow Jones fights with its flat line while the S&P 500 (-0.1%) trades just a step behind.

The energy sector (+2.2%) remains comfortably ahead of all the other groups while consumer staples (+0.1%) and materials (+0.4%) are also trading in the green. The staples sector has received support from Campbell Soup (CPB 51.63, +1.84) with the stock trading higher by 3.7% in reaction to better than expected earnings and improved earnings guidance.

As for materials, the sector has benefited from broad strength. For instance, most steelmakers have rallied with the Market Vectors Steel ETF (SLX 22.94, +0.44) trading higher by 2.0%.

11:55 am:

[BRIEFING.COM] Recent action saw the key indices accelerate their rebound with the Dow turning positive while the S&P 500 has trimmed its decline to 0.2%.

There was no particular catalyst for the rally, which has erased the bulk of today's opening losses in the Dow and S&P 500. Meanwhile, the Nasdaq (-0.4%) remains behind the broader market, but the tech-heavy index has also cut its loss considerably, returning to its opening level.

Eight sectors remain in the red despite the recent move, but the top-weighted technology sector has cut its loss to 0.1% while health care is down just 0.2%. Elsewhere, financials (-0.6%) remain among the laggards.

On the upside, the energy sector has benefited from the charge off lows, extending its gain to 2.1%.

11:25 am:

[BRIEFING.COM] The major averages have climbed off their lows, but they remain well below their flat lines with the Nasdaq Composite (-0.8%) showing relative weakness after starting the session in line with the S&P 500 (-0.6%).

The financial sector (-0.9%) is back at the bottom of the leaderboard, but other cyclical sectors-with the exception of energy (+1.6%)-have not done much better. For instance, the technology sector (-0.5%) also trades behind the broader market despite relative strength in Apple (AAPL 118.46, +0.71) and chipmaker names (PHLX Semiconductor Index +0.5%). As for the broader Nasdaq, the index has been pressured by biotechnology, evidenced by a 0.7% decline in the iShares Nasdaq Biotechnology ETF (IBB 333.47, -2.45).

Elsewhere, Treasuries have dipped into the lower half of their trading ranges with the 10-yr yield down two basis points at 2.23%.

10:55 am:

[BRIEFING.COM] Equity indices have stumbled to new lows with the S&P 500 now down 0.8% while the Nasdaq Composite (-1.0%) underperforms.

Nine sectors remain in negative territory, but they have widened their losses. For instance, the financial sector is now down 1.0% while the consumer discretionary sector (-1.2%) has slipped into the bottom spot with restaurant names largely responsible for the underperformance. Meanwhile, homebuilders display slimmer losses with iShares Dow Jones US Home Construction ETF (ITB 28.15, -0.10) down 0.3%.

On the flip side, the energy sector remains in the green, but the group has narrowed its gain to 0.7% while crude oil is now up 2.1% at $42.64/bbl after being up more than 3.0% earlier.

10:35 am: [BRIEFING.COM]

The dollar index has been seeing selling pressure all session, slumping to lows in early trade near the 99.46 level ahead of US GDP/consumer confidence data
Q3 GDP was reported at +2.1% (in-line with the 2.1% consensus) and consumer confidence came in moderately weak at 90.4 (vs. 99.6 est.)
The dollar continues to hold losses at -0.1% to 99.78 in recent trade, and has offered WTI, precious metals and copper an overnight/AM tailwind
Precious metals are extending gains, with gold at +0.7% to $1074.40/oz and silver at +0.8% to $14.15/oz
WTI traded stronger overnight, following increased tension in the Middle East-as media reports highlighted the downing of a Russian jet by the Turkish gov't.
Crude has since extended those early gains and is now +2.9% to $42.94/barrel
Natural gas is sharply selling off at -2.6% to $2.28/MMBtu
Copper is holding strong gains at +1.8% to $2.06/lb

10:00 am:

[BRIEFING.COM] The S&P 500 trades lower by 0.4% with nine sectors showing losses between 0.1% (materials) and 0.7% (utilities) while energy (+1.4%) outperforms.

Just released, the consumer confidence reading for November came in at 90.4 while economists polled by Briefing.com expected the survey to hit 99.6. This followed the prior month's revised reading of 99.1 (from 97.6).

9:40 am:

[BRIEFING.COM] As expected, the major averages have stumbled out of the gate with the S&P 500 trading lower by 0.3% amid losses in nine of ten sectors.

The heavily-weighted financial sector (-0.8%) is the weakest performer in the early going while other influential groups like health care (-0.4%), technology (-0.3%), and industrials (-0.5%) hold slimmer losses.

On the upside, the energy sector (+1.2%) has charged higher as crude oil trades up 3.3% at $43.13/bbl.

Elsewhere, Treasuries have surrendered almost all of their gains with the 10-yr yield now down just one basis point at 2.24%.

The November Consumer Confidence (Briefing.com consensus 99.6) report will be released at 10:00 ET.

9:17 am: [BRIEFING.COM] S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -25.50.

The stock market is on track for a lower open with S&P 500 futures trading 11 points below fair value.

The pre-market weakness comes amid global risk aversion that has taken hold after it was reported that the Turkish military shot down a Russian fighter jet, which allegedly violated Turkish airspace on the country's border with Syria. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has made a public statement, denying the incursion into Turkey, saying the plane was shot down over Syrian territory. Mr. Putin went further, calling the action "backstabbing by accomplices of terrorists."

Following this morning's events, the U.S. has issued a Worldwide Travel Alert and NATO is scheduled to hold an extraordinary meeting at 11:00 ET.

Geopolitical news has taken center stage this morning, but investors have also received the second estimate of third quarter GDP, which pointed to an expansion of 2.1% (Briefing.com consensus 2.0%), up from the 1.5% increase observed in the preliminary reading. The third quarter GDP Deflator was left unchanged at 1.3% while the consensus expected a revision to 1.2%.

Interestingly, the dollar has ticked lower against other currencies in the wake of the report while Treasuries have pulled back after a brief spike to new highs. The 10-yr note currently trades roughly in the middle of its range with the benchmark yield down two basis points at 2.23%.

On the corporate front, Tiffany & Co (TIF 73.90, -2.65) and Signet Jewelers (SIG 132.75, -7.90) are on track to open lower by 3.5% and 5.6%, respectively, after reporting earnings. Tiffany missed estimates and guided Q4 earnings towards the low end of expectations while Signet is set for an opening dive after below-consensus revenue and lowered earnings guidance masked a one-cent beat. Elsewhere, the consumer staples sector is likely to receive a boost from Campbell Soup (CPB 50.50, +0.71) with the stock on track to open higher by 1.4% after the company reported better than expected earnings and boosted its earnings guidance; however, the company has lowered its sales guidance due to currency headwinds.

The November Consumer Confidence (Briefing.com consensus 99.6) report will be released at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -31.50.

The S&P 500 futures trade 13 points below fair value.

The Asian session closed on a mixed note with both the Shanghai Composite and Nikkei finishing slightly higher on the day. Regional macro data was light with only Japan's preliminary PMI figure indicating an improvement from last month to 52.8 versus 52.4 in October. As for China, the recent weakness in commodities has taken a toll on sentiment, keeping a lid on gains in the Shanghai Composite. The most significant news item out of the Mainland was a comment from a top NCRC official who suggested China may face deep economic pressures in 2016.

Economic data was limited:
Japan's preliminary November Manufacturing PMI 52.8 (expected 52.1; previous 52.4)

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Japan's Nikkei increased 0.2% with Health Care (+1.0%) and Consumer Discretionary (+0.5%) pacing the way, while losses in Telecommunication (-1.6%) and Financials (0.3%) kept upward momentum at bay. The Nikkei was held in a very tight range for majority of the session, until buyers stepped in toward the last hour of trading to close near session highs. Shares of Sharp shot up over 20% after reports surfaced that some of the co's major debt holders may forgive its outstanding loans.
Hong Kong's Hang Seng lost 0.4% but finished at session highs. The trade virtually mimicked that of the Nikkei, with a range bound session with buying picking up in the late stages of the day. Financials (-0.5%) were weak early on, following reports that China's Asset Management Association determined that a dozen of registered private funds may be declared abnormal, after these funds were unable to be contacted by the organization. On a more positive note, Skyworth Digital rose by 2.8% after the co reported its first half results. Shares of Tianneng Power (+6.1%) also rose on the back of reports that the co is considering the possibility of a spin-off
China's Shanghai Composite rose 0.2% after seeing early weakness until a buying surge in small-caps in the final hour managed tip the market back into positive territory. Commodity-related stocks including Baoshan Iron and Steel Corp (-2.1%), Aluminum Corp of China (-1.9%) and Yunan Copper Co (-1.0%) fell following the recent weakness in the underlying prices. The reports from the NDRC took its toll on Banking stocks, with Bank of Communications falling 1.3% and Bank of China dropping 0.9%.

Major European indices trade lower across the board with the focus on news indicating the Turkish military has shot down a Russian warplane, which reportedly had violated Turkish airspace. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has denied the incursion into Turkey, saying the plane was shot down over Syrian territory, calling the action "backstabbing by accomplices of terrorists."

Participants received several data points:
Germany's Q3 GDP rose 0.3% quarter-over-quarter, as expected; +1.8% year-over-year, as expected. Separately, November Ifo Business Climate Index rose to 109.0 from 108.2 (expected 108.2) as Business Expectations improved to 104.7 from 103.9 (expected 104.0) and Current Assessment rose to 113.4 (consensus 112.4; last 112.7)
France's November Business Survey slipped to 102 from 103 (expected 103)
UK's CBI Distributive Trades Survey fell to 7 from 19 (consensus 25)
Italy's October Wage Inflation +1.2% year-over-year (previous +1.2%)

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UK's FTSE is lower by 1.1% with all but ten components trading in the red. Consumer names have paced the retreat with International Consolidated Airlines, Burberry, Barratt Developments, easyJet, and InterContinental Hotels down between 2.8% and 4.0%. On the upside, miners outperform with Anglo American, Glencore, and Randgold Resources up between 0.6% and 2.3%.
Germany's DAX trades down 1.8% amid losses in 29 of 30 index members. Infineon Technologies is the weakest performer, down 5.2%, while Lufthansa, Bayer, Continental, Adidas, and Merck show losses between 2.5% and 3.5%. On the flip side, Volkswagen outperforms, trading higher by 4.8%.
In France, the CAC has given up 2.1% with consumer names pacing the slide. Accor, Louis Vouitton, Kering, L'Oreal, and Carrefour are down between 2.4% and 5.8%. Peugeot outperforms, trading higher by 0.3%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -15.20. Nasdaq futures vs fair value: -36.10.

The S&P 500 futures trade 15 points below fair value.

The second estimate of third quarter GDP pointed to an expansion of 2.1%, up from the 1.5% increase observed in the preliminary reading. The Briefing.com consensus expected a reading of 2.0%. The third quarter GDP Deflator was left unchanged at 1.3% while the consensus expected a revision to 1.2%.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -29.90.

U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures hover 13 points below fair value after sliding from their highs in reaction to news indicating the Turkish military has shot down a Russian warplane, which reportedly had violated Turkish airspace. Both pilots were able to eject, but they were later killed by Syrian opposition, according to reports. A furious Vladimir Putin has denied the incursion into Turkey, saying the plane was shot down over Syrian territory, calling the action "backstabbing by accomplices of terrorists." In immediate response, NATO is scheduled to hold an extraordinary meeting at 11:00 ET and the U.S. has issued a Worldwide Travel Alert.

Treasuries spiked in reaction to the news and they remain in the green with the 10-yr yield down three basis points at 2.22%.

On the economic front, the second estimate of Q3 GDP will be released at 8:30 ET (Briefing.com consensus 2.0%) while September Case-Shiller 20-city Index (expected 5.2%) and November Consumer Confidence (consensus 99.6) will be reported at 9:00 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

Tiffany & Co (TIF 73.30, -3.25): -4.3% after below-consensus revenue and lowered earnings guidance masked a one-cent beat.
Signet Jewelers (SIG 139.44, -1.21): -0.9% after missing estimates and guiding Q4 earnings towards the low end of expectations.
Campbell Soup (CPB 50.97, +1.18): +2.4% in reaction to better than expected earnings and improved earnings guidance; however, the company lowered its sales guidance due to currency headwinds.
Dollar Tree (DLTR 70.10, +0.55): +0.8% after better than expected revenue overshadowed below-consensus earnings and cautious guidance.
Palo Alto Networks (PANW 177.77, +5.75): +3.3% after beating estimates and guiding Q2 revenue above analyst expectations.
YY (YY 58.00, -1.61): -2.7% after missing bottom-line estimates on above-consensus revenue.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.2%, Hong Kong's Hang Seng -0.4%, and China's Shanghai Composite +0.2%
Economic data was limited:
Japan's preliminary November Manufacturing PMI 52.8 (expected 52.1; previous 52.4)
In news:
The Japanese yen inched higher last night following the better than expected PMI report, spiking to highs on safe-haven demand following the news from Turkey's border with Syria. Currently, the dollar/yen pair trades near 122.56

Major European indices trade lower across the board. France's CAC -2.0%, Germany's DAX -1.4%, and UK's FTSE -1.2%. Elsewhere, Italy's MIB -1.7% and Spain's IBEX -2.0%
Participants received several data points:
Germany's Q3 GDP rose 0.3% quarter-over-quarter, as expected; +1.8% year-over-year, as expected. Separately, November Ifo Business Climate Index rose to 109.0 from 108.2 (expected 108.2) as Business Expectations improved to 104.7 from 103.9 (expected 104.0) and Current Assessment rose to 113.4 (consensus 112.4; last 112.7)
France's November Business Survey slipped to 102 from 103 (expected 103)
UK's CBI Distributive Trades Survey fell to 7 from 19 (consensus 25)
Italy's October Wage Inflation +1.2% year-over-year (previous +1.2%)
Among news of note:
European investors have kept a close eye on the aftermath of Turkey shooting down a Russian warplane while the euro has essentially held its ground at 1.0645 against the dollar.

5:49 am: [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -22.00.

5:49 am: [BRIEFING.COM] Nikkei...19924.89...+45.10...+0.20%. Hang Seng...22587.63...-78.30...-0.40%.

5:49 am: [BRIEFING.COM] FTSE...6254.98...-51.10...-0.80%. DAX...10999.76...-92.60...-0.80%.

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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