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 Post subject: December 1st Tuesday Trade Results - Profit $3687.50
PostPosted: Tue Dec 01, 2015 7:59 pm 
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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)

Attachment:
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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 @ $3687.50 dollars or +73.75 points, Light Crude Oil CL ($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 @ $3687.50 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=150&t=2233

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=278&t=2988 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 began December on an upbeat note with the S&P 500 climbing 1.1% while the Nasdaq Composite (+0.9%) settled just behind.

All in all, the Tuesday session was very quiet as the S&P 500 marked its high during the opening hour and inched above that level during afternoon action. The index briefly slipped from the morning high after today's economic data showed that the ISM Index (48.6; Briefing.com consensus 50.4) registered its first contractionary reading (below 50) in 36 months.

The disappointing report was met with a spike in Treasuries that sent the 10-yr note to a fresh high. The benchmark instrument settled on its best level of the day, pressuring its yield six basis points to 2.15%.

All ten sectors posted gains with heavily-weighted groups like health care (+1.7%), technology (+1.1%), consumer discretionary (+1.0%), and financials (+1.3%) ending in the lead.

Interestingly, the health care sector settled well ahead of the broader market as strength in hospital names like Tenet Healthcare (THC 34.93, +1.74) and Universal Health Services (UHS 125.30, +3.78) masked relative weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 336.16, +1.79) added 0.5% after being down nearly 1.0% at the start of the trading day.

Elsewhere among influential groups, technology (+1.1%) settled in-line with the broader market, overshadowing a 0.8% decline in the shares of Apple (AAPL 117.34, -0.96), which slipped to a one-week low. Meanwhile, high-beta chipmakers outperformed throughout the day, sending the PHLX Semiconductor Index higher by 1.4%.

Staying on the cyclical side, the industrial sector (+0.6%) held a modest gain throughout the day as relative strength in transport stocks overshadowed losses among heavy machinery names. The Dow Jones Transportation Average gained 1.3% while Caterpillar (CAT 71.56, -1.09) and Joy Global (JOY 13.33, -2.02) posted respective losses of 1.5% and 13.2% after Joy Global was downgraded to 'Underperform' from 'Neutral' at Bank of America/Merrill Lynch.

Today's advance took place amid trading volume that was close to average as 845 million shares changed hands at the NYSE floor.

Economic data was limited to Construction Spending and ISM Index:

Construction spending increased 1.0% month-over-month in October while the Briefing.com consensus expected an increase of 0.7%
Construction spending is up a solid 13.1% year-over-year, which is the sixth straight month of double-digit growth
The strength in October was fueled by a 0.8% increase in private construction spending and a 1.4% increase in public construction
The ISM Index for November indicated a decline to 48.6 from 50.1 while the Briefing.com consensus expected an uptick to 50.4
This was the first below-50 reading in 36 months, indicating contraction in activities

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while November ADP Employment Change (Briefing.com consensus 185,000) will be reported at 8:15 ET. Q3 Productivity (consensus 2.2%) and Unit Labor Cost data (expected 1.2%) will be released at 8:30 ET and the Federal Reserve's December beige book will cross the wires at 14:00 ET.

Nasdaq Composite +8.9% YTD
S&P 500 +2.1% YTD
Dow Jones Industrial Average +0.4% YTD
Russell 2000 +0.2%

3:40 pm: [BRIEFING.COM]

Commodities, as measured by the Bloomberg Commodity Index, traded higher today while the dollar index remained in negative territory
Jan WTI crude oil was volatile in the afternoon session, closing up the day +0.4% at $41.78/barrel
Dec nat gas recovered some, ending the day unchanged at $2.23/MMBtu
Precious metals recovered some as well in afternoon trade with Feb gold closing today's session -0.2% at $1063.40/oz and Mar silver -0.1% at $14.07/oz
Mar copper rose 0.5% to $2.07/lb

2:55 pm:

[BRIEFING.COM] The S&P 500 trades higher by 0.8% with one hour remaining in the trading day.

The benchmark index notched its high during the initial 30 minutes of the session, but a modest pullback occurred shortly thereafter, pressuring the benchmark index back into the middle of its trading range. At the start of afternoon action, the index hovered in the top half of today's range, but a recent uptick has the S&P 500 hovering just two points below its session high.

Similar to stocks, Treasuries have spent the afternoon in a narrow range and the 10-yr note is set to end the day on its high with the benchmark yield down five basis points at 2.16%.

2:25 pm:

[BRIEFING.COM] The S&P 500 trades higher by 0.7% as the subdued afternoon continues.

Investors received two economic reports this morning. Total construction spending increased 1.0% month-over-month in October on top of a 0.6% increase in September. That was above the Briefing.com consensus estimate, which called for 0.7% growth and the eleventh straight month-over-month increase. Construction spending is up a solid 13.1% year-over-year, which is the sixth straight month of double-digit growth.

The strength in October was fueled by a 0.8% in private construction spending and a 1.4% increase in public construction. Within the private sector, residential spending increased 1.0% while nonresidential spending increased 0.6%, led by a 3.0% increase in manufacturing construction.

The increase in public construction spending was paced by increased spending in most areas. The biggest growth driver was a 1.1% increase in highway and street spending. The only areas that saw a decline in construction spending in October were amusement and recreation (-0.3%), power (-5.2%), and sewage and waste disposal (-0.6%).

Separately, the Institute for Supply Management's (ISM) Manufacturing Index for November was a real disappointment. It dropped to 48.6 from 50.1 in October, coming in below the Briefing.com consensus estimate of 50.4.

The dividing line between expansion and contraction for this series is 50.0. The ISM reported that 10 of 18 manufacturing industries reported contraction in November while only five reported growth. The strong dollar, the slowdown in China, and weakness in the oil industry remain key drags on the manufacturing sector. The downturn in November was driven by a drop in the indexes for new orders (to 48.9 from 52.9), production (to 49.2 from 52.9), and prices (to 35.5 from 39.0).

1:55 pm:

[BRIEFING.COM] Quiet action continues with the S&P 500 trading higher by 0.6% while the Nasdaq (+0.4%) remains right behind.

Today's intraday action has been very quiet with heavily-weighted sectors responsible for the advance. Accordingly, health care (+1.1%), consumer discretionary (+0.7%), technology (+0.6%), and financials (+0.6%) remain in the lead. Meanwhile, countercyclical telecom services (-0.1%) and utilities (-0.1%) sit in the red after surrendering their opening gains.

Similar to stocks, Treasuries have held their ground through the afternoon with the 10-yr yield remaining lower by five basis points at 2.15%.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have pulled back slightly in recent trading, but still sport strong gains to kick off December.

A look inside the Dow Jones Industrial Average shows that UnitedHealth Group (UNH116.06, +3.35), Pfizer (PFE 33.54, +0.77), and Merck & Co (MRK 53.99, +0.98) are outperforming, as healthcare outperforms, leading all sectors in today's session. Merck was upgraded to Overweight at Barclays while Pfizer was resumed with an Equal Weight. UnitedHealth reaffirmed its FY15 and FY16 EPS guidance and offered FY16 revenue guidance just below analyst estimates ahead of today's investor conference.

Conversely, Caterpillar (CAT 71.06, -1.59) is the worst-performing Dow component after peer Joy Global (JOY 13.11, -2.24) was downgraded this morning to Underperform at BofA/Merrill. The downgrade, which has Joy Global shares at fresh 11-year lows, is also dragging on the industrial sector, causing it to be today's worst performing sector.

Accounting for today's strength, the DJIA is +0.6% this week, and has climbed back into positive territory for the year.
Related Quotes

12:55 pm:

[BRIEFING.COM] The stock market trades a bit below its morning high at midday with the S&P 500 (+0.8%) holding posture ahead of the Nasdaq Composite (+0.7%).

The first half of the Tuesday session has been very quiet with the bulk of the action unfolding at the start. The S&P 500 marked its session high just below the 2,100 mark, but the index was knocked down from that perch following today's economic data that included a disappointing November ISM Index (48.6; Briefing.com consensus 50.4) and a better than expected October Construction Spending report (+1.0%; consensus +0.7%).

The slip from highs coincided with a surge in Treasuries, suggesting bond traders have some doubts about whether the Federal Reserve will be able to raise rates at the upcoming December meeting. The 10-yr note remains near its high at this juncture with the benchmark yield down five basis points at 2.15%.

As for stocks, the S&P 500 has been able to return to the top third of today's trading range, but the index has essentially traded sideways for the past two hours.

All ten sectors sport midday gains with health care (+1.3%) in the lead despite relative weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 334.40, +0.03) trades flat after being down nearly 1.0% in the early going.

The health care sector represents the only group with a gain of 1.0%+, but other influential sectors like consumer discretionary (+0.8%), consumer staples (+0.9%), and technology (+0.9%) also trade ahead of the broader market while the financial sector (+0.7%) trades in line with the broader market.

Elsewhere, the industrial sector (+0.2%) has struggled to stay in the green due to a 13.8% dive in the shares of Joy Global (JOY 13.21, -2.14) after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.' Other heavy machinery names have also struggled with Caterpillar (CAT 71.21, -1.44) and Deere (DE 79.12, -0.45) showing respective losses of 2.0% and 0.6%.

Today's economic data was limited to Construction Spending and ISM Index:

Construction spending increased 1.0% month-over-month in October while the Briefing.com consensus expected an increase of 0.7%
Construction spending is up a solid 13.1% year-over-year, which is the sixth straight month of double-digit growth
The strength in October was fueled by a 0.8% increase in private construction spending and a 1.4% increase in public construction
The ISM Index for November indicated a decline to 48.6 from 50.1 while the Briefing.com consensus expected an uptick to 50.4
This was the first below-50 reading in 36 months, indicating contraction in activities

12:25 pm:

[BRIEFING.COM] Equity indices have nestled into narrow early afternoon ranges with the S&P 500 remaining higher by 0.6%. The benchmark index has spent the past 90 minutes in a five-point range while the other averages have also held their ground in recent action.

Interestingly, the lack of movement in the key indices has masked some activity among the individual sectors. For instance, the heavily-weighted financial sector was among the early leaders, but the group has narrowed its gain to 0.6%, slipping behind consumer discretionary (+0.8%), technology (+0.8%), and health care (+1.2%) in the process.

Elsewhere, the two commodity-related sectors trail the broader market, but both materials (+0.2%) and energy (+0.1%) have been able to stay out of the red for the time being.

11:55 am:

[BRIEFING.COM] Not much change in the market as the major averages hover a bit below their opening highs. The S&P 500 trades up 0.6% while the Nasdaq (+0.5%) follows a step behind due to relative weakness in biotechnology.

Meanwhile, the broader health care sector (+1.1%) has been able to overcome biotech's underperformance with relative ease. The influential sector holds the lead with hospital names like Universal Health Services (UHS 124.05, +2.53) and Tenet Healthcare (THC 34.17, +0.98) showing respective gains of 1.9% and 3.0%.

Elsewhere, Treasuries have built on their gains with the 10-yr yield now down five basis points at 2.15%.

11:25 am:

[BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (+0.6%) trading a bit ahead of the Nasdaq Composite (+0.5%).

Although the Nasdaq trades well above its flat line, the tech-heavy index has not been able to keep pace with the broader market due to relative weakness in biotechnology. The iShares Nasdaq Biotechnology (IBB 332.81, -1.56) struggled yesterday and the high-beta ETF is down 0.6% today.

Interestingly, the underperformance in biotech has not kept a lid on the health care sector (+0.8%) as the countercyclical group trades among the leaders.

10:55 am:

[BRIEFING.COM] The major averages are back near their session highs following a brief slip, which occurred immediately after today's economic data that featured a disappointing November ISM Index (48.6; Briefing.com consensus 50.4) and a better than expected October Construction Spending report (+1.0%; consensus +0.7%).

The earlier slip had knocked most sectors off their highs, but that move has been retraced for the most part. Heavily-weighted sectors have paced the opening advance and they remain in the lead with financials (+0.8%), technology (+1.0%), and health care (+1.0%) trading well ahead of the S&P 500 (+0.7%).

Elsewhere, Treasuries spiked to highs following today's data and the 10-yr note remains near its best level of the session with the benchmark yield down three basis points at 2.17%.

10:30 am: [BRIEFING.COM]

The dollar has trended lower all session, falling recently against both the Euro and Yen to trade near its LoD.
A pullback from recent Euro weakness ahead of the week's stimulus meeting and sentiment ahead of the US job data have been primary drivers so far this morning.
Currently, the index is at losses of 0.5% to 99.81
Oil has seen volatile trade, with developments ahead of the Dec. 4th OPEC meeting being key catalysts for the January contract
Media sources have highlighted a letter sent from Iran to OPEC, asking members to respect a production ceiling of 30 mln barrels/day. Reports have also been released that speculate about the views of certain OPEC members going into this week's meeting
January crude has recently bounced back to flat for the session, at $41.64/barrel
Natural gas has seen trend-less trading thus far this morning, amidst calls for warmer near-term weather trends and expectations for an EIA reported, 5 bcf draw in inventories. Nat gas is now -0.4% to $2.23/MMBtu
Precious metals are both holding gains on the dollar's consistent weakness- gold is now +0.2% to $1067.60/oz and silver is +0.4% to $14.14/oz
Copper is booking strong gains at +1.4% to $2.08/lb as Chinese suppliers (including Jiangxi Copper and Tongling Nonferrous Metals Group) announced they will reduce production by ~4% of the nation's annual output.

10:00 am:

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

Just released, the ISM Index for November indicated a decline to 48.6 from 50.1 while the Briefing.com consensus expected an uptick to 50.4.

Separately, construction spending increased 1.0% month-over-month in October while the Briefing.com consensus expected an increase of 0.7%.

9:40 am:

[BRIEFING.COM] As expected, the major averages began the trading day just above their flat lines. The S&P 500 trades higher by 0.6% with nine sectors holding early gains.

Heavily-weighted financials (+1.0%), health care (+0.7%), and consumer discretionary (+0.4%) have paced the opening move higher while the materials sector (-0.1%) lags.

Elsewhere, Treasuries remain just below their flat lines after erasing the bulk of their overnight losses. Accordingly, the 10-yr yield is currently flat at 2.21%.

October Construction Spending (Briefing.com consensus 0.7%) and the November ISM Index (consensus 50.4) will both be reported at 10:00 ET.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +24.80.

The stock market is on track for a modestly higher open as S&P 500 futures trade nine points above fair value to follow an on overnight session that was filled with economic data.

Asian markets ended the day on a broadly higher note with China's Shanghai Composite adding 0.3% after the release of mixed PMI readings. To that point, November Manufacturing PMI slipped to 49.6 from 49.8 (expected 49.8) while Non-Manufacturing PMI edged up to 53.6 from 53.1. Also of note, November Caixin Manufacturing PMI rose 48.6 from 48.3 (consensus 48.3).

Over in Europe, the Eurozone November Manufacturing PMI held at 52.8, as expected, while the October Unemployment Rate ticked down to 10.7% from 10.8% (expected 10.8%). Regional equity markets trade in mixed fashion with Germany's DAX (-0.2%) and France's CAC (-0.3%) showing modest losses while UK's FTSE (+0.7%) outperforms thanks to strength among bank shares after all seven major banks passed the Bank of England's stress test.

Domestically, the pre-market action has been very quiet with no economic data upsetting the range-bound trade. That being said, two data points will be released later with October Construction Spending (Briefing.com consensus 0.7%) and the November ISM Index (consensus 50.4) both set to be reported at 10:00 ET.

On the corporate front, Joy Global (JOY 14.47, -0.88) is on track to open lower by 5.7% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.'

Treasuries have inched up off their lows, but they remain in negative territory with the 10-yr yield up one basis point at 2.22%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +8.40. Nasdaq futures vs fair value: +21.00.

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

Markets in the Asia-Pacific region ended Tuesday mostly higher. It was anything but quiet on the news front. The Asian regional indices kicked the night off on a high note and set the tone with closed out the session with all of the major stock indexes in positive territory. The notable laggard in the group was the Shanghai, which managed to only post a 0.3% gain on the day, with gains capped following a weaker than expected Manufacturing PMI, which came in at 49.6 (vs 49.8e). The data represented the worst PMI level since 2012, and the 4th straight contraction reading. The Nikkei posted gains of better than 1% which saw buyers stepping in following the release of Q3 Cap-ex spending, which blew away expectations at +11.2% (vs +2.2%e). Additionally, the release of the Japan's Nov PMI came in just shy of the preliminary reading, but with the figure coming in at 52.6, investors may have felt confident that business activity is heading in the right direction. There were a couple of central bank releases last night, but both the Reserve Bank of Australia and Reserve Bank of India left their respective key interest rates unchanged, as expected.

In economic data:

China's November Manufacturing PMI 49.6 (expected 49.8; previous 49.8) and Non-Manufacturing PMI 53.6 (prior 53.1). Also of note, November Caixin Manufacturing PMI 48.6 (consensus 48.3; last 48.3)
Japan's November Manufacturing PMI 52.6 (expected 52.8; last 52.8)
South Korea's November CPI -0.1% month-over-month (expected -0.2%; previous 0.0%); +1.0% year-over-year (consensus 0.9%; prior 0.9%). Separately, November trade surplus expanded to KRW10.40 billion from KRW6.70 billion (expected surplus of KRW6.72 billion)
India's November Nikkei Markit Manufacturing PMI 50.3 (expected 51.0; prior 50.7)
Australia's October Building Approvals +3.9% month-over-month (expected -2.3%; last 2.3%) and Q3 Current Account deficit narrowed to AUD18.10 billion from AUD20.50 billion (expected deficit of AUD16.50 billion)
New Zealand's Q3 Terms of Trade Index -3.7% quarter-over-quarter (expected -2.8%; last 1.5%)

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Japan's Nikkei increased 1.3%. The index had a steady bid all session with buying picking up at the tail end of trading to close at the highs of the day. Utilities outpaced the broader market today, with the sector gaining 3.8%, followed by IT (+2.1%) and Materials (+2.1%). The worst performing sector in the Nikkei was Telecom (-0.3%) and was the only one to close underwater for the session. Shares of Takeda Pharmaceutical rose by 1.7% after the company announced yesterday that it had partnered up with Teva Pharma to boost generics growth in Japan.
Hong Kong's Hang Seng advanced by 1.8% and finished close to session highs. Property and Energy stocks paved the way to gains last night. Among best performing names in that group were China Res Land (+7.8%), Henderson Land (+2.7%), CNOOC (+2.9%), SinoPec (+2.7%), and PetroChina (+2.5%). Gaming stocks were also on move higher after Macau gaming revs were in-line with expectations, helping to temper some fears within the industry. Among the movers were Galaxy Entertainment (+4.4%) and Sands China (+3.8%).
China's Shanghai Composite moved 0.3% higher after a range bound struggle that saw buyers step up in the last half hour to push the index into positive territory. Financials continued to weigh on the average with Bank of China finishing down 2.2%, Ind & Comm Bank of China closing 1.5% lower and Ag Bank of China posting a 1.0% loss. In similar fashion with the Hang Seng, the property stocks were robust, with Poly RE Group closing at the upper limit of +10% on the day.

Major European indices trade in mixed fashion with UK's FTSE (+0.6%) showing relative strength. The Bank of England released the results of its stress test, which revealed that all seven major banks passed. That being said, Standard Chartered did not meet Tier-1 capital requirements while Royal Bank of Scotland has had to take steps to strengthen its capital.

Economic data was plentiful:

Eurozone November Manufacturing PMI 52.8, as expected (previous 52.8), and October Unemployment Rate 10.7% (expected 10.8%; previous 10.8%)
Germany's November Manufacturing PMI 52.9 (expected 52.6; previous 52.6). Separately, November Unemployment Change -13,000 (expected -5,000; previous -7,000) and November Unemployment Rate 6.3% (expected 6.4%; previous 6.4%)
France's November Manufacturing PMI 50.6 (consensus 50.8; previous 50.8)
Italy's November Manufacturing PMI 54.9 (expected 54.4; last 54.1)
Swiss Q3 GDP 0.0% quarter-over-quarter (expected 0.2%; previous 0.2%); +0.8% year-over-year (consensus 0.9%; last 0.9%). Separately, October Retail Sales -0.8% year-over-year (consensus 0.4%; last 0.2%)
Italy's October Monthly Unemployment Rate 11.5% (expected 11.7%; previous 11.6%) and Q3 GDP +0.2% quarter-over-quarter, as expected

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UK's FTSE is higher by 0.6% with financials in the lead following the aforementioned stress test results. Barclays, Royal Bank of Scotland, Lloyds Banking, and HSBC have gained between 1.8% and 3.7%. On the downside, consumer names lag with Sainsbury, WM Morrison, and Unilever showing losses between 0.3% and 0.8%.
Germany's DAX is lower by 0.2% with Linde diving 14.0% after issuing a profit warning. Other chemical names like K+S and BASF are both down near 1.0% while utilities outperform. RWE has surged 7.9% and E.On trades up 0.6%.
In France, the CAC hovers just below its flat line. Air Liquide is the weakest performer, falling 3.9%, while financials and exporters have shown strength. BNP Paribas, Societe Generale, Peugeot, and Renault are up between 0.5% and 1.0%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +23.40.

Equity futures remain comfortably in the green while Treasuries sit just above their overnight lows as the 10-yr yield flirts with the 2.23% level.

Elsewhere, the Dollar Index (100.00, -0.17) is lower by 0.2%, but the despite today's slight pullback, the index remains just a shade below its 2015 high of 100.39 that was notched in the middle of March. As for today's move, the dollar has given up 0.3% to the euro (1.0600), but the greenback trades little changed against the yen (123.15) and the British pound (1.0565).

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +9.70. Nasdaq futures vs fair value: +22.10.

U.S. equity futures hold modest pre-market gains amid mixed action overseas. The S&P 500 futures hover almost ten points above fair value.

Meanwhile, Treasuries sit in the red with the 10-yr yield up almost three basis points at 2.23%.

Today will be relatively quiet on the economic front with data limited to October Construction Spending (Briefing.com consensus 0.7%) and the November ISM Index (consensus 50.4). Both reports are set to be released at 10:00 ET.

In U.S. corporate news of note:

Infoblox (BLOX 17.67, +2.63): +17.5% after beating estimates, guiding ahead of analyst expectations, and announcing a $100 million share repurchase program
Joy Global (JOY 14.60, -0.75): -4.9% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.'

Reviewing overnight developments:

Asian markets ended higher. China's Shanghai Composite +0.3%, Japan's Nikkei +1.3%, and Hong Kong's Hang Seng +1.8%
In economic data:
China's November Manufacturing PMI 49.6 (expected 49.8; previous 49.8) and Non-Manufacturing PMI 53.6 (prior 53.1). Also of note, November Caixin Manufacturing PMI 48.6 (consensus 48.3; last 48.3)
Japan's November Manufacturing PMI 52.6 (expected 52.8; last 52.8)
South Korea's November CPI -0.1% month-over-month (expected -0.2%; previous 0.0%); +1.0% year-over-year (consensus 0.9%; prior 0.9%). Separately, November trade surplus expanded to KRW10.40 billion from KRW6.70 billion (expected surplus of KRW6.72 billion)
India's November Nikkei Markit Manufacturing PMI 50.3 (expected 51.0; prior 50.7)
Australia's October Building Approvals +3.9% month-over-month (expected -2.3%; last 2.3%) and Q3 Current Account deficit narrowed to AUD18.10 billion from AUD20.50 billion (expected deficit of AUD16.50 billion)
New Zealand's Q3 Terms of Trade Index -3.7% quarter-over-quarter (expected -2.8%; last 1.5%)
In news:
The Reserve Bank of India made no changes to its policy stance, keeping its key rate at 6.75%, as expected
The Reserve Bank of Australia also held its policy unchanged, leaving the key rate at 2.00%, as expected

Major European indices trade in mixed fashion. UK's FTSE +0.6%, Germany's DAX -0.2%, and France's CAC -0.1%. Elsewhere, Italy's MIB +0.5% and Spain's IBEX +0.4%
Economic data was plentiful:
Eurozone November Manufacturing PMI 52.8, as expected (previous 52.8), and October Unemployment Rate 10.7% (expected 10.8%; previous 10.8%)
Germany's November Manufacturing PMI 52.9 (expected 52.6; previous 52.6). Separately, November Unemployment Change -13,000 (expected -5,000; previous -7,000) and November Unemployment Rate 6.3% (expected 6.4%; previous 6.4%)
France's November Manufacturing PMI 50.6 (consensus 50.8; previous 50.8)
Italy's November Manufacturing PMI 54.9 (expected 54.4; last 54.1)
Swiss Q3 GDP 0.0% quarter-over-quarter (expected 0.2%; previous 0.2%); +0.8% year-over-year (consensus 0.9%; last 0.9%). Separately, October Retail Sales -0.8% year-over-year (consensus 0.4%; last 0.2%)
Italy's October Monthly Unemployment Rate 11.5% (expected 11.7%; previous 11.6%) and Q3 GDP +0.2% quarter-over-quarter, as expected
Among news of note:
The Bank of England released the results of its stress test, which revealed that all seven major banks passed. That being said, Standard Chartered did not meet Tier-1 capital requirements while Royal Bank of Scotland has had to take steps to strengthen its capital.

5:44 am: [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +14.00.

5:44 am: [BRIEFING.COM] Nikkei...20012.40...+264.90...+1.30%. Hang Seng...22381.35...+384.90...+1.80%.

5:44 am: [BRIEFING.COM] FTSE...6380...+23.90...+0.40%. DAX...11347.12...-35.10...-0.30%.

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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