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 Post subject: December 23rd Wednesday Trade Results - No Trades
PostPosted: Thu Dec 24, 2015 1:13 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)

Quote:
No Trades today because I needed a day off to complete my Xmas preparation.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=150&t=2249

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.

-----------------------------

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.

Attachment:
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click on the above image to view today's price action of key markets


4:10 pm: [BRIEFING.COM] The major averages enjoyed a broad-based rally on Wednesday and the steady climb was undoubtedly facilitated by light trading volume ahead of tomorrow's abbreviated Christmas Eve session. The S&P spiked 1.2%, ending right above its 50-day (2,063) moving average (2,062), and the Nasdaq Composite (+0.9%) followed not far behind.

Equity indices registered roughly half of their gains right at the open, rallying behind the energy sector (+4.4%), which held a solid lead throughout the day thanks to a rally in crude oil. The energy component surged 3.8% to $37.50/bbl, catching a second wind from bullish inventory data; however, it wasn't just energy, as every other sector ended the day comfortably in the green.

The materials sector (+2.4%) was a distant second while heavily-weighted financials (+1.2%), industrials (+1.2%), and health care (+1.1%) settled near the broader market. Meanwhile, the top-weighted technology sector (+0.8%) spent the day behind the S&P 500 as several large cap components like Alphabet (GOOGL 768.51, +1.38), Qualcomm (QCOM 49.04, -0.02), and Facebook (FB 104.63, -0.88) lagged.

Elsewhere in the technology sector, high-beta chipmakers benefitted from the overall rally in the market, but the PHLX Semiconductor Index underperformed with a 0.7% gain as Micron (MU 14.29, -0.32) weighed. Shares of MU flirted with a new low for the year, settling lower by 2.2% after the company's below-consensus revenue and disappointing guidance masked a one-cent beat.

Staying on the earnings theme, Nike (NKE 128.71, -3.14) beat earnings estimates on below-consensus revenue and its stock surged to a fresh all-time high at the open, but that was followed by daylong selling that left the Dow component lower by 2.4% when the closing bell rang. Furthermore, the consumer discretionary sector (+0.5%) as a whole struggled to keep pace with the market amid weakness in select retailers and homebuilders, with the latter stumbling after the release of a disappointing November new home sales report that contained a downward revision to October data.

Trading volume was well below average for the second consecutive day as fewer than 820 million shares changed hands at the NYSE floor.

Treasuries hit their lows in morning action, erasing about a third of their losses into the afternoon. The 10-yr yield rose two basis points to 2.26% after testing 2.28% intraday.

Economic data included Durable Orders, Personal Income/Spending data, New Home Sales, Michigan Sentiment, and MBA Mortgage Index:

Durable goods orders were unchanged in November (Briefing.com consensus -0.7%) following a downwardly revised 2.9% increase in October (from 3.0%)
Orders, excluding transportation, declined 0.1% (Briefing.com consensus 0.0%) following an unrevised 0.5% increase in October
The Personal Income and Spending report for November caused a stir since the spending data was inadvertently released early. It showed a 0.3% increase in spending, as expected, driven by a 0.6% increase in goods spending and a 0.2% increase in services spending
Real PCE increased 0.3%, which is a positive input for fourth quarter GDP computations
Personal income rose 0.3% in November (Briefing.com consensus +0.3%) following a downward revision to unchanged (from +0.1%) in October. The income growth was driven by a 0.5% increase in wages and salaries and a 0.8% increase in rental income
The PCE Price Index, which is the Fed's preferred inflation gauge, was flat in November while the core PCE Price Index, which excludes food and energy, rose 0.1% (Briefing.com consensus +0.2%)
New home sales were at a seasonally adjusted annual rate of 490,000 in November (Briefing.com consensus 505,000), up 4.3% from a downwardly revised 470,000 (from 495,000) in October
The large downward revision to October, as well as slight downward revisions to September and August sales made the report a disappointment
From a regional perspective, the Northeast and the Midwest were the biggest drags in November as new home sales there declined 28.6% and 8.6%, respectively
The West region, however, saw a robust 20.0% increase in new home sales while the South saw a 4.5% increase
The final reading for the December University of Michigan Consumer Sentiment Index was revised up to 92.6 (Briefing.com consensus 92.0) from a preliminary reading of 91.8
The Current Economic Conditions Index jumped to 108.1 from 104.3 while the Index of Consumer Expectations dipped to 82.7 from the final reading of 82.9 for November
The weekly MBA Mortgage Index rose 7.3% to follow last week's 1.1% decline

Tomorrow's economic data will be limited to the 8:30 ET release of the weekly Initial Claims report (Briefing.com consensus 271,000) and light trading volume is expected with NYSE set to close at 13:00 ET.

Nasdaq Composite +6.5% YTD
S&P 500 +0.3% YTD
Dow Jones Industrial Average -1.2% YTD
Russell 2000 -4.1% YTD

3:45 pm: [BRIEFING.COM]

Front-month Feb crude oil rallied in morning trade today and then extended gains following the weekly EIA storage data
Oil has continued to be under pressure largely due to supply issues.
However, following recent weakness, oil gained back some steam today. Feb crude closed the day +3.8% at $37.50/barrel
Natural gas futures recently fell well below $2.00/MMBtu as unusually warm weather continues to pressure prices
Today, Jan nat gas recovered back to the $2/MMBtu level, but officially ended floor trading +5.3% at $1.98/MMBtu
Precious metals closed in the red today, while industrial metals like copper finished higher
Feb gold fell -0.5% to $1068.30/oz today, while Mar silver slipped one cent to $14.30/oz
Mar copper rose one cent to end the day at $2.12/lb

3:05 pm:

[BRIEFING.COM] As we enter the last hour of trading, the major averages have extended their gains with the S&P 500 (+1.2%) maintaining its lead over the Dow Jones Industrial Average (+1.0%) and the Nasdaq (+0.9%).

In sectors, energy (+3.9%) has built on its lead, climbing alongside WTI crude oil, which is now up 4.0%, climbing above $37.60/bbl in electronic trade.

On the other side of the leaderboard, consumer discretionary (+0.6%) has added to its modest gain despite being anchored by large cap constituents Amazon (AMZN 663.95, +0.80), Disney (DIS 105.84, -0.90), and Nike (NKE 128.70, -3.14) with respective returns of +0.1%, -0.9%, and -2.5%.

Likewise, in the technology sector (+0.7%), large cap components Alphabet (GOOGL 767.09, -0.04) and Facebook(FB 104.71, -0.80), and the high-beta chip makers contributing to the sector's underperformance. NVIDIA (NVDA33.06, +0.13), Texas Instrument (TXN 56.60, +0.99), and Micron Technology(MU14.12, -0.48) are showing performances of +0.4%, +1.7%, and -3.4% respectively.

In Treasuries, the benchmark note remains near its low with the yield higher two basis points at 2.26%

2:30 pm:

[BRIEFING.COM] The S&P 500 (+1.1%) is leading the other major indices with the Nasdaq (+0.8%) underperforming.

In sectors, with today's strong gains in energy (+3.5%), materials (+2.1%), and telecommunication (+1.5%), the three sectors occupy the top three spots on the weekly leaderboard with respective gains of 4.8%, 4.2%, and 3.5%.

Meanwhile in the consumer discretionary space (+0.5%), Nike (NKE 128.44, -3.41) has extended its loss on the session to 2.6% following the company's miss on revenue, which overshadowed better than expected earnings and above-consensus guidance.

Meanwhile in currencies, the U.S. Dollar Index has continued to slide from its session high for the better part of the afternoon. The index now trades at 98.31 up less than 0.1%.

2:05 pm: The major indices hover just below their early-afternoon highs with the S&P 500 (+1.0%) ahead of the Nasdaq (+0.7%). Including today's performance the benchmark index is now flat for the year.

[BRIEFING.COM] In sectors, energy (+3.5%) maintains a strong lead on top of the leaderboard with materials (+2.0%) and industrials (+1.1%) following. Turning to the other side of the board, consumer discretionary (+0.3%) lags behind technology (+0.5%) consumer staples (+0.6%), financials (+0.9%), and health care (+1.0%).

In the health care sector, Celgene's (CELG 122.42, +11.28) 10.3% surge has boosted the broader sector, and the biotech space, after the company announced it has settled its litigation regarding patents for the drug Revlimid. The iShares Nasdaq Biotechnology ETF (IBB 339.05, +6.39) has spiked 1.8%, largely thanks to Celgene.

1:30 pm:

[BRIEFING.COM] Equity indices hover near their best levels of the day with the S&P 500 (+1.0%) maintaining a lead over the Nasdaq Composite (+0.6%).

The tech-heavy Nasdaq has not been able to keep pace with the broader market due to a sluggish performance from select large cap names like Alphabet (GOOGL 763.00, -4.13), Qualcomm (QCOM 49.03, -0.03), and Facebook (FB 104.14, -1.37).

To be fair, high-beta chipmakers have held up well despite weakness in Micron (MU 13.95, -0.66) after the company's one-cent beat was masked by below-consensus revenue and below-consensus guidance. Shares of MU have tumbled 4.5% into the neighborhood of this year's low while the broader PHLX Semiconductor Index trades up 0.6% thanks to gains in most of its components.

1:05 pm:

[BRIEFING.COM] The major indices sport solid midday gains after a steady climb through the first half of the trading day. The stock market opened sharply higher following a strong European session and today's trade has been dominated by a continuation of yesterday's oil rally. As midday trade continues, the S&P 500 (+1.0%) leads the Dow Jones Industrial Average (+0.8%) and the Nasdaq (+0.7%).
Related Quotes

In commodities, WTI crude opened the day with modest gains but rallied sharply into the late morning. Oil was helped by the release of this week's Energy Information Administration's Crude Inventory numbers which showed a draw of 5.877 million barrels compared to last week's 4.801 million barrel build. Currently WTI crude trades up 3.7% at $37.50/bbl. This marks the second day of a rally off this year's low.

Switching to sectors, energy (+3.5%) sits atop the leaderboard with materials (+1.9%) and industrials (+1.2%) following.On the flipside, consumer discretionary (+0.3%), technology (+0.5%), consumer staples (+0.8%), and financials (+1.0%) trail.

This large swing in oil has boosted ConocoPhillips (COP 48.40, +2.12) as the stock trades higher by 4.6%. Meanwhile, large caps stocks like Chevron (CVX 93.12, +2.85) and Exxon Mobil (XOM 79.44, +1.79) display strong gains.

In industry news, homebuilders have traded lower following this morning's release of below expectation new home sales data for November (495k vs 505k). The report also included a large revision to October's sales (from 495k to 470k). Large builders Lennar (LEN 49.05, +0.05) and D.R. Horton (DHI 32.19, +0.31) rallied at the open, but dropped into the red following today's data; however, they have returned to little changed since then.

Treasuries sit just above their lows after sliding through the first half of the day with the 10-yr yield up two basis points at 2.26%.

Economic data included Durable Orders, Personal Income/Spending data, New Home Sales, and Michigan Sentiment:

Durable goods orders were unchanged in November (Briefing.com consensus -0.7%) following a downwardly revised 2.9% increase in October (from 3.0%)
Orders, excluding transportation, declined 0.1% (Briefing.com consensus 0.0%) following an unrevised 0.5% increase in October
The Personal Income and Spending report for November caused a stir since the spending data was inadvertently released early. It showed a 0.3% increase in spending, as expected, driven by a 0.6% increase in goods spending and a 0.2% increase in services spending
Real PCE increased 0.3%, which is a positive input for fourth quarter GDP computations
Personal income rose 0.3% in November (Briefing.com consensus +0.3%) following a downward revision to unchanged (from +0.1%) in October. The income growth was driven by a 0.5% increase in wages and salaries and a 0.8% increase in rental income
The PCE Price Index, which is the Fed's preferred inflation gauge, was flat in November while the core PCE Price Index, which excludes food and energy, rose 0.1% (Briefing.com consensus +0.2%)
New home sales were at a seasonally adjusted annual rate of 490,000 in November (Briefing.com consensus 505,000), up 4.3% from a downwardly revised 470,000 (from 495,000) in October
The large downward revision to October, as well as slight downward revisions to September and August sales made the report a disappointment
From a regional perspective, the Northeast and the Midwest were the biggest drags in November as new home sales there declined 28.6% and 8.6%, respectively
The West region, however, saw a robust 20.0% increase in new home sales while the South saw a 4.5% increase
The final reading for the December University of Michigan Consumer Sentiment Index was revised up to 92.6 (Briefing.com consensus 92.0) from a preliminary reading of 91.8
The Current Economic Conditions Index jumped to 108.1 from 104.3 while the Index of Consumer Expectations dipped to 82.7 from the final reading of 82.9 for November

12:35 pm:

[BRIEFING.COM] The stock market has advanced to a new session high with the S&P 500 (+1.1%) remaining ahead of the Dow Jones (+0.9%) and Nasdaq (+0.8%).

In commodities, WTI crude has advanced towards a new daily high again, trading up 4.1% at $37.64/bbl. This has jump-started ConocoPhillips (COP 48.70, +2.42) and other independent oil and gas companies, while industry large caps Chevron (CVX 93.27, +3.00) and Exxon Mobil (XOM 79.62, +1.96) continue to add to their gains as well.

Meanwhile in a different vulnerable industry, the major airlines are feeling a slight pinch off their recent highs with today's rally in oil. Delta Airlines (DAL 51.73, -0.02) and Southwest Airlines (LUV 43.35, -0.19) are both lower despite today being one of the busier travel days of the year.

In currencies, the U.S. Dollar Index is continuing its strong performance today with the index up 0.3% at 98.57.

12:00 pm:

[BRIEFING.COM] As afternoon trading begins the major indices are hovering near their session highs. The S&P 500 (+0.9%) leads the Dow Jones Industrial Average (+0.7%) and the Nasdaq (+0.6%).

Switching to sectors, energy (+3.0%) remains near its high thanks to a comparable gain in crude oil. On the other side of the leaderboard, consumer discretionary (+0.3%), technology (+0.5%), consumer staples (+0.7%) and financials (+0.7%) trade a bit behind. In the consumer discretionary space, Amazon (AMZN 658.86, -4.29) is trading lower following news that the company's business relationship with UPS (UPS 96.98, -1.03) is weakening and that Amazon is seeking out alternative delivery options for its packages. The two names are down 0.7% and 1.0%, respectively.

Meanwhile in Treasuries, the benchmark note trades near its low with the yield higher by three basis points to 2.27%.

11:30 am:

[BRIEFING.COM] As morning trading enters its last half hour, the major indices are now trading beneath their morning highs. The S&P 500 (+0.9%) leads the tech-heavy Nasdaq (+0.6%).

In industry news, homebuilders trade lower following this morning's release of below expectation new home numbers for November (495k vs Briefing.com consenus 505k). The report also included a large revision from October's sales (to 470k from 495k). Large builders Lennar (LEN 48.20, -0.79) and D.R. Horton (DHI 31.73, -0.14) are showing losses of 1.7% and 0.3%, respectively, while the iShares U.S. Home Construction ETF (ITB 27.22, +0.04) has been able to avoid a larger loss thanks to components Sherwin Williams (SHW 266.90, +5.05) and Lowe's (LOW 76.25, 1.09). The two are up 2.0% and 1.5% respectively.

On a separate note, the Dollar Index has slipped from its session high, but still remains up 0.3% so far today at 98.54.

11:00 am:

[BRIEFING.COM] The major indices are trading near their best levels of the day with the S&P 500 (+0.9%) leading the Dow Jones Industrial Average (+0.8%) and the Nasdaq (+0.7%).

All ten sectors remain in the green with energy (+3.1%), materials (+1.6%), and telecommunication (+1.1%) leading the pack. On the flipside, consumer discretionary (+0.4%), consumer staples (+0.6%), and technology (+0.6%) round out the leaderboard.

In commodities, WTI crude has rallied 4.1% during this morning's session with oil currently trading at $37.62/bbl. This marks the second day of a large rally. On a related note, large cap energy and Dow components Chevron (CVX 92.76, +2.49) and Exxon Mobil (XOM 79.24, +1.59) have made the most out of this recent price move and are showing respective gains of 2.7% and 2.1% so far today.

Elsewhere, in the consumer discretionary space, Nike (NKE 129.55, -2.30) is trading lower after reporting that the company's revenue growth missed expectations and reaffirmed single digit revenue growth for full year 2016. The company is currently down 1.8% so far today.

In Treasuries, the benchmark note is trading at its session low with its yield rising three basis points to 2.27%.

10:35 am: [BRIEFING.COM]

The dollar traded modestly positive overnight, and has since extended that momentum amidst a myriad of November US economic data.
Personal Spending and Income data was reported in-line at +0.3% (vs. +0.3% est.). PCE Core prices were a bit light at +0.1% (vs. 0.2% est.)
Durable goods came in better-than-expected at unchanged, versus expectations calling for -0.7%
The index continues to trend at modest gains- minimally affected by recent in-line Michigan consumer sentiment data (92.6 vs. 92 est.)- now at +0.2% to 98.46
Precious metals have seen headwinds from the dollar's strength, holding moderate losses in current trade. Gold is -0.4% to $1070.30/oz and silver is -0.1% to $14.31/oz
WTI saw strong gains all session, following the release of API weekly storage data yesterday afternoon, indicating inventories saw a 3.6 mln draw.
Highlighting price action in Crude has also been a report released by OPEC, which forecast reduced demand for its exports in the intermediate term (in 2020), due to resilience of foreign producers.
This morning's release of EIA storage data (reporting a 5.87 mln barrel draw) pressed the February contract even higher. WTI now stands +3% to $37.28/barrel
Natural gas is trading slightly higher for the day amidst a lack of catalysts, at +0.2% to $1.89/MMBtu. Note: EIA storage data is due out tomorrow morning at 10 am ET
Copper is +0.6% at $2.12/lb

10:00 am:

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

Just released, the University of Michigan Consumer Sentiment report for November was revised higher to 92.6 from 91.8 while the Briefing.com consensus expected 92.0.

Separately, New home sales in November hit an annualized rate of 490,000, which was higher from the revised October rate of 470,000 (from 495,000), but worse than the rate of 505,000 that had been broadly expected by the Briefing.com consensus.

9:50 am:

[BRIEFING.COM] As expected, the major averages have spiked out of the gate with the S&P 500 trading higher by 0.6%.

All ten sectors sport opening gains with energy (+2.1%) well ahead of other sectors thanks to a 2.8% spike in crude oil, which has rallied to $37.11/bbl, returning to last week's levels. The materials sector (+1.0%) sits behind energy while other groups show gains between 0.2% (consumer discretionary) and utilities (+0.8%).

The consumer discretionary sector (+0.2%) underperforms despite a 1.4% spike in Dow component Nike (NKE 133.81, +1.96) after the apparel giant beat estimates. To be fair, the stock has backed away from its opening high.

Treasuries remain just above their lows with the 10-yr yield up three basis points at 2.27%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +28.30.

The stock market is on track for a higher open with S&P 500 futures trading 14 points above fair value.

Index futures saw little movement during overnight action as Asian markets meandered in relatively narrow ranges while Japan's Nikkei was closed for Emperor's Birthday. However, futures perked up during early morning trade as European markets raced higher out of the gate. The advance in Europe has been paced by Spain's IBEX (+2.3%) following last evening's reports that suggested a coalition government may be closer to taking shape; however, Socialist leader Pedro Sanchez has once again ruled out forming a government with Prime Minister Mariano Rajoy's Partido Popular. Interestingly, European markets have not budged despite the recent comments from the PSOE leader. The euro, however, has slipped to 1.0900 against the dollar after trading near 1.0950 overnight.

To be fair, the resulting dollar strength has followed the release of economic data, which showed that durable orders were unchanged in November (Briefing.com consensus -0.7%) while November personal income and spending both increased an in-line 0.3%. On a side note, the personal spending portion of the report was accidentally released overnight.

In all likelihood today's session will be very quiet, but investors have received some corporate news since yesterday's closing bell. Specifically, Nike (NKE 136.18, +4.33) is on course to open higher by 3.3% after beating earnings estimates on below-consensus revenue. On the flip side, Micron (MU 13.75, -0.88) is tracking a 6.0% decline after below-consensus revenue and guidance masked a one-cent beat.

Treasuries have extended yesterday's retreat, pushing the 10-yr yield up to 2.27% (+3 bps).

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +11.80. Nasdaq futures vs fair value: +26.10.

The S&P 500 futures trade 12 points above fair value

The Wednesday affair was relatively quiet in the Asia-Pacific region considering Japan's Nikkei was closed for Emperor's Birthday. Meanwhile, other regional markets were open, but overall trading activity was subdued. The Japanese yen has crept higher against the dollar, pressuring the dollar/yen pair to 120.88, which puts the pair just above its low from yesterday (120.72). Elsewhere, China's Shanghai Composite (-0.4%) ended on a modestly lower note, but a handful of recent IPOs had a strong showing. Furthermore, IPOs listed in China are expected to accelerate next year, but National Development and Reform Commission Chairman Xu Shaoshi said that the country may face a more difficult economic picture in 2016.

Economic data was limited:
New Zealand's November trade deficit widened to NZD3.68 billion from NZD3.18 billion (expected deficit of NZD3.76 billion). November Imports were at NZD4.86 billion (expected NZD4.75 billion; previous NZD4.72 billion) and Exports hit NZD4.08 billion (expected NZD3.90 billion; prior NZD3.81 billion)
Singapore's November CPI -0.8% year-over-year (consensus -0.7%; prior -0.8%)

---Equity Markets---

Japan's Nikkei was closed for Emperor's Birthday
Hong Kong's Hang Seng registered its third consecutive advance, gaining 1.0%. The index returned to early December levels with help from energy names. China Petroleum & Chemical, CNOOC, and PetroChina gained between 3.3% and 4.5%. Consumer and gaming names also displayed strength with Sands China, Li & Fung, and Galaxy Entertainment climbing between 1.4% and 2.5%. A handful of property names like Sino Land, China Resources Land, and Henderson Land underperformed with losses between 0.2% and 0.7%.
China's Shanghai Composite slipped 0.4% with financials remaining active. Agricultural Bank of China, China Minsheng Banking, and Bank of China lost between 0.2% and 0.6% while brokerage names outperformed. CITIC Securities jumped 6.1% while Haitong Securities spiked 3.4%.

Markets across Europe sport solid midday gains with Spain's IBEX (+2.3%) in the lead amid reports that Prime Minister Mariano Rajoy is prepared to offer constitutional reform and key government posts to members of the Socialist party (PSOE). However, Socialist leader Pedro Sanchez has reportedly said he will not support "the continuity" of Mr. Rajoy's government. Elsewhere, regional markets have rallied on below-average volume while the euro has given up about 0.5% to the dollar, trading near 1.0900.

Participants received several data points:
UK's Q3 GDP +0.4% quarter-over-quarter (expected 0.5%; previous 0.5%); +2.1% year-over-year (consensus 2.3%; last 2.3%). Separately, Index of Services +0.5% (expected 0.6%; last 0.7%) and Q3 Business Investment +2.2%, as expected (previous +2.2%). Lastly, Q3 Current Account deficit remained unchanged at GBP17.50 billion (expected deficit of GBP21.50 billion)
France's Q3 GDP +0.3%, as expected. Separately, November Consumer Spending -1.1% month-over-month (expected +0.1%; previous -0.2%)
Italy's October Industrial Sales +2.0% month-over-month (previous -0.1%) and Industrial New Orders +4.6% year-over-year (previous -2.1%). Separately, October Retail Sales -0.3% month-over-month (prior 0.3%; last -0.1%); +1.8% year-over-year (consensus 1.5%; last 1.5%)
Spain's PPI -2.6% year-over-year (prior -3.6%)
Swiss December KOF Leading Indicators 96.6 (expected 99.1; last 97.3)

---Equity Markets---

Germany's DAX is higher by 1.9% with all 30 components in the green. Utilities have paced the rally with RWE and E.On holding respective gains of 6.5% and 5.5% after the two sold their stakes in Luxembourg-based Enovos. Steelmaker ThyssenKrupp follows with a gain of 5.1% while financials Deutsche Bank and Commerzbank show respective gains of 3.1% and 2.5%.
France's CAC has climbed 2.1% amid broad strength. ArcelorMittal has soared 10.8% while Technip follows with a gain of 5.3%. Financials Credit Agricole, Societe Generale, and BNP Paribas show gains between 1.4% and 2.1% while Cap Gemini underperforms, adding 0.5%.
UK's FTSE has rallied 2.2% with miners and energy names rebounding from recent weakness. Anglo American, BHP Billiton, Glencore, Rio Tinto, and Royal Dutch Shell appear among the leaders with gains between 4.3% and 7.8%. On the downside, Sports Direct has continued its recent woes, trading lower by 0.9%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +12.30. Nasdaq futures vs fair value: +25.90.

The S&P 500 futures trade 12 points above fair value.

November durable goods orders were unchanged while the Briefing.com consensus expected a decrease of 0.7%. This comes after the prior month's revised reading reflected an increase of 2.9% (from 3.0%). Excluding transportation, durable orders decreased 0.1% (Briefing.com consensus 0.0%) to follow the prior month's unrevised increase of 0.5%.

Separately, November personal income rose 0.3%, which is what the Briefing.com consensus expected. Meanwhile, personal spending increased 0.3%, which is also what the consensus expected.

Core PCE prices rose 0.1% while the Briefing.com consensus expected an increase of 0.2%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +28.30.

U.S. equity futures trade near their pre-market highs with the S&P 500 futures currently trading 14 points above fair value.

In Treasuries, the benchmark note currently sits near its pre-market low with its yield higher by one basis point at 2.25%.

On the economic front, the weekly MBA Mortgage Index was released earlier this morning, showing a 7.3% increase from last week. Also of note, November Personal Spending data was released early, showing a 0.3% increase; however, the rest of the report will be released at 8:30 ET alongside November Durable Orders (Briefing.com consensus -0.7%). The November New Home Sales report (Briefing.com consensus 505K) and the final reading of the December Michigan Sentiment Index (Briefing.com consensus 92.0) will both be released at 10:00 ET.

In U.S. corporate news of note:

Nike (NKE 135.46, +3.61): +2.7% following reporting a beat on earnings after yesterday's session and reaffirming full year revenue and margin guidance for 2016
Bed Bath & Beyond (BBBY 48.49, -2.83): -5.5% after the company lowered Q3 guidance to $1.07-1.10 from $1.14-1.21
Micron Technology (MU 13.86, -0.75): -5.1% following a miss on revenue and below-consensus guidance for Q2 EPS
Under Armour (UA 82.15, +1.78): +2.2% on news that Chip Molloy is being appointed the company's new CFO effective January 19, 2016

Reviewing overnight developments:

Asian markets ended a subdued session mixed with Shanghai's Composite -0.4%, Hong Kong's Hang Seng +1.0%, and Japan's Nikkei was closed.
Economic data was limited:
New Zealand's November trade deficit widened to NZD3.68 billion from NZD3.18 billion (expected deficit of NZD3.76 billion). November Imports were at NZD4.86 billion (expected NZD4.75 billion; previous NZD4.72 billion) and Exports hit NZD4.08 billion (expected NZD3.90 billion; prior NZD3.81 billion)
Singapore's November CPI -0.8% year-over-year (consensus -0.7%; prior -0.8%)
In news:
IPOs listed in China are expected to accelerate next year, but National Development and Reform Commission Chairman Xu Shaoshi said that the country may face a more difficult economic picture in 2016
The Japanese yen crept higher against the dollar, pressuring the dollar/yen pair to 120.85, which puts the pair above yesterday's low of 120.72

European indices are trading higher across the board with Germany's DAX +1.8%, France's CAC +2.0%, and the U.K.'s FTSE +2.1%. Elsewhere, Spain's IBEX +2.5% and Italy's FTSE +1.4%
Participants received several data points:
UK's Q3 GDP +0.4% quarter-over-quarter (expected 0.5%; previous 0.5%); +2.1% year-over-year (consensus 2.3%; last 2.3%). Separately, Index of Services +0.5% (expected 0.6%; last 0.7%) and Q3 Business Investment +2.2%, as expected (previous +2.2%). Lastly, Q3 Current Account deficit remained unchanged at GBP17.50 billion (expected deficit of GBP21.50 billion)
France's Q3 GDP +0.3%, as expected. Separately, November Consumer Spending -1.1% month-over-month (expected +0.1%; previous -0.2%)
Italy's October Industrial Sales +2.0% month-over-month (previous -0.1%) and Industrial New Orders +4.6% year-over-year (previous -2.1%). Separately, October Retail Sales -0.3% month-over-month (prior 0.3%; last -0.1%); +1.8% year-over-year (consensus 1.5%; last 1.5%)
Spain's PPI -2.6% year-over-year (prior -3.6%)
Swiss December KOF Leading Indicators 96.6 (expected 99.1; last 97.3)
In news:
In Spain Prime Minister Mariano Rajoy is prepared to offer constitutional reform and key government posts to members of the Socialist party (PSOE). However, Socialist leader Pedro Sanchez has reportedly said he will not support "the continuity" of Mr. Rajoy's government
The euro has given up about 0.3% to the dollar, trading near 1.0923

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +23.90.

5:50 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...22040.59...+210.60...+1.00%.

5:50 am: [BRIEFING.COM] FTSE...6174.47...+91.40...+1.50%. DAX...10665.64...+177.00...+1.70%.

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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