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 Post subject: February 1st Monday Trade Results - Profit $250.00
PostPosted: Tue Feb 02, 2016 1:51 am 
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Joined: Sat Jan 10, 2009 1:06 pm
Posts: 3250
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)
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Quote:
The below result is actually a losing trading day because of commission and fees that are shown in a different PnL window in comparison to the above points only PnL window. Therefore, I will document in this journal that today was in fact a losing trading day.

Attachment:
020116-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+250.00.png
020116-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+250.00.png [ 94.13 KiB | Viewed 55 times ]

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 @ $250.00 dollars or +5.00 points, Light Crude Oil CL ($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 @ $250.00 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=153&t=2280

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=285&t=3049 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


4:20 pm: [BRIEFING.COM] The major averages were able to end their first session of the week on a mixed note despite starting this morning under some selling pressure. Today's session saw a divergence with the recent tradition of equities trading in lockstep with the direction of oil, as the major indices staged a rally off their lows despite a larger loss in crude. The tech-heavy Nasdaq (+0.1%) was able to end ahead of the S&P 500 (UNCH) and the Dow Jones Industrial Average (-0.1%).

Equities charged back to their flat lines during afternoon action with the move stemming in part from an understanding that the coming week has a number of potential catalysts that could move the market. Conversely, a number of negative announcements were likely not bad enough to elicit a defensive response. Factors that contributed to today's action included:

Fed Vice Chairman Fischer's speech which provided little additional insight on last week's policy statement
The final member of F.A.N.G., Alphabet (GOOGL 770.77, +9.42) rallying ahead of its earnings report
Non-farm payroll data is set to be released on Friday; and
Weak economic data internationally and domestically which may delay additional rate hikes

China released two weak manufacturing figures overnight with Manufacturing PMI coming in at 49.4 (expected 49.6) and the Caixin PMI survey hitting 48.4 (expected 48.0). Both data points showed further contractions in China's manufacturing sector but were anticipated to be weaker. This data worked to depress global equity markets, U.S. futures, and oil prices. To be fair though, growing skepticism of potential production cuts from OPEC and non-OPEC states may have worked to further depress prices. WTI crude ended its pits session lower by 6.2% at $31.65/bbl.

Seven of ten sectors were able to finish their trading day in positive territory with countercyclical telecom services (+0.9%) and utilities (+1.0%) leading the pack. Meanwhile, energy (-1.9%) financials, (-0.6%), and industrials (-0.3%) were unable to move into positive territory.

The energy space underperformed during today's session as commodity prices continued to weigh on the group. While independent oil and gas companies like Anadarko Petroleum (APC 38.25, -0.84) faced larger headwinds, even large-cap Exxon Mobil (XOM 76.29, -1.56) felt pressure ahead of its earnings release tomorrow morning. Meanwhile, pipeline company Kinder Morgan (KMI 15.19, -1.26) declined 7.7% in the wake of oil's rout and a 6.5% decline in natural gas ($2.15/MMbtu).

Financials continued their decline from January as they underperformed on the possible inability for the broader market to support a rate hike. Money center banks underperformed in response, with Bank of America (BAC 13.96, -0.18) and JPMorgan Chase (JPM 58.86, -0.64) sliding 1.3% and 1.1%, respectively.

In the heavily-weighted technology space, Facebook (FB 115.09, +2.88) continued to outperform after disclosing its fourth quarter beat last week. Meanwhile, Alphabet showed relative strength as it climbed 1.2%.

On the merger and acquisition front, Alere (ALR 54.11, +16.91) climbed 45.5% on news that the company will be acquired by Abbott Laboratories (ABT 38.45, +0.60) for $56.00 a share. Elsewhere, Dominion (D 70.18, -1.99) agreed to acquire Questar (STR 24.99, +4.60) for $25 per share.

Today's participation was slightly below recent averages with less than a billion shares changing hands at the NYSE floor.

Treasuries ended their day near their lows as equities rallied. The yield on the benchmark note ended higher by three basis points at 1.95%.

Today's economic data has included PCE Prices for December, Construction Spending for December, and the January ISM Index.

Personal income rose 0.3% in December (Briefing.com consensus +0.2%)
Personal spending was unchanged (Briefing.com consensus +0.2%).
Personal consumption expenditures decreased $0.7 billion, or less than 0.1%, so with rounding it gets logged in the report as 0.0 for the month-over-month change.
The personal savings rate jumped to 5.5% from 5.3% in November and stands at its highest level in three years.
PCE Price Index declined 0.1% month-over-month while the core PCE Price Index, which excludes food and energy, was unchanged (Briefing.com consensus +0.1%) after a 0.2% increase in November.
December readings, the PCE Price Index is up 0.6% year-over-year versus 0.4% in November and the core PCE Price Index is up 1.4%, holding steady with the year-over-year reading for November.
The January ISM Index, edged up to 48.2 for January (Briefing.com consensus 48.3)from a downwardly revised reading of 48.0 (from 48.2) for December.
January marked the fourth straight month that the ISM Index has been below 50.0. (The dividing line between expansion and contraction). the manufacturing sector has been hurt by the dollar's strength, weak global demand, and falling commodity prices that have crimped investment spending.
New orders and production indexes reached expansion territory. The new orders index increased to 51.5 from 48.8 while the production index rose to 50.2 from 49.9.
The imports index also logged a notable increase, rising to 51.0 from 45.5. Conversely, the employment index fell to 45.9 from 48.0, and the export index dropped to 47.0 from 51.0.
Construction spending increased just 0.1% in December (Briefing.com consensus +0.5%)
Construction spending for November was revised down to a decline of 0.6% from a previously reported decline of 0.4%.
Private construction spending was the big drag in December. It declined 0.6% month-over-month due to a 2.1% drop in nonresidential construction. Residential construction was up 0.9% month-over-month.
Public construction spending, which accounted for 27% of total construction spending in December, increased 0.9% on the back of a 2.2% uptick in nonresidential spending.

There will be no economic data of note tomorrow.

Russell 2000 -9.0%
Nasdaq -7.7%
Dow Jones -5.6%
S&P 500 -5.1%

3:30 pm: [BRIEFING.COM]

Energy futures sold off today and held losses.
Crude oil prices felt pressure on the weak economic data out of China and on daily news/updates that show a coordinated global oil production cut with OPEC and non-OPEC members are less likely to happen than a week ago.
As a result, Mar WTI crude oil closed floor trading -6.2% at $31.65/barrel today
Recent strength in natural gas prices came from the snowstorm that hit the Northeast, which was clearly quite unfavorable for the region
However, recent weather forecasts have improved and is now basically weighing on prices today.
At the end of pit trading, Mar natural gas closed 6.5% lower at $2.15/MMBtu
In electronic trade, nat gas remains near today's low
Given the weak dollar today, precious metals received some upside benefit. Apr gold gained $11.20 to close at $1128.10/oz, while Mar silver finished +0.5% at $14.34/oz.

Mar copper, on the other hand, slipped one cent to close at $2.06/lb.

3:00 pm:

[BRIEFING.COM] As the stock market enters its final hour of trading, the major averages hover at session highs with the tech-heavy Nasdaq (+0.1) leading the S&P 500 (UNCH).

Four sectors remain in negative territory with energy (1.9%) trimming its losses on the bottom of the leaderboard. The remaining decliners trade between financials (-0.5%) and health care (-0.2%).

The Dow Jones Transportation Average (+0.9%) has outperformed today with rail companies Union Pacific (UNP 73.34, +1.34) and Kansas City Southern (KSU 72.19, +1.30) rallying 1.9% apiece. Elsewhere, airlines have shown relative strength as Delta Airlines (DAL 45.27, +0.98) and United Continental Holdings (UAL 48.67, +0.40) climb 2.2% and 0.9%, respectively.

Treasuries have ticked lower in recent trade with the yield on the benchmark note rising four basis points to 1.94%.

2:35 pm:

[BRIEFING.COM] The major averages have ticked higher in recent trade with the Dow Jones Industrial Average (-0.3%) and the S&P 500 (-0.3%) trailing the tech-heavy Nasdaq (-0.2%).

Five sectors trade in positive territory at this juncture with gains between technology (UNCH) and telecom services (+1.4%).

In the heavily-weighted technology space, Facebook (FB 115.03, +2.82) continues to outperform after disclosing its fourth quarter beat last week. Meanwhile, Alphabet (GOOGL 768.93, +7.58) shows relative strength ahead of its earnings report after today's close. The high-beta chipmakers outpace the broader group, evidenced by the 0.3% uptick in the PHLX Semiconductor Composite. On the flipside, Microsoft (MSFT 24.57, -0.52) has slid 0.9% after its Friday post earnings rally.

On the commodities front, WTI crude ended its pit session lower by 6.0% at $31.65/bbl.

2:00 pm:

[BRIEFING.COM] The stock market has advanced in recent action as it hovers beneath its morning high. The tech-heavy Nasdaq (-0.2%) leads the S&P 500 (-0.4%).

Financials (-0.9%) now trade behind health care (-0.7%) and industrials (-0.6%) to follow energy (-2.5%) on the bottom of the leaderboard.

The industrials space has been subject to the broader pullback from Friday's rally, as well as, manufacturing growth concerns. Large-cap constituents General Electric (GE 28.65, -0.45), 3M (MMM 148.80, -2.20), and Honeywell (HON 101.48, -1.72) have declined between 1.5% and 1.7%. Meanwhile, Roper Technologies (ROP 162.99, -12.68) has slid 7.2% after reporting an earnings miss in the fourth quarter and issuing below consensus guidance for Q1 and full year 2016.

Treasuries have ticked lower in recent trade with the yield on the benchmark now higher by three basis points at 1.95%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue their gradual move off this morning's session lows.

A look inside the Dow Jones Industrial Average shows that Exxon Mobil (XOM 75.76, -2.09), Chevron (CVX 84.44, -2.03), and Cisco (CSCO 23.34, -0.45) are underperforming. Exxon and Chevron are lagging the broad market as energy drags with crude oil futures down 6.5% on the day.

Conversely, Verizon (VZ 50.89, +0.93) is the best-performing Dow component as telecoms outperform in today's session.

With a 0.5% decline to start February, the DJIA has pushed its 2016 losses to back over 6%.

1:10 pm:

[BRIEFING.COM] The major averages sport moderate losses at midday. The stock market began its Monday session on a weak note as global growth concerns and oil's rout continue to drive the market lower. The S&P 500 (-0.7%) and the Dow Jones Industrial Average (-0.7%) narrowly underperform the tech-heavy Nasdaq (-0.6%).

Contributors to today's decline have included:

Weak manufacturing data out of China
Renewed selling interest in oil; and
Domestic economic data that conforms to growth worries

Overnight, China released two unsurprisingly weak manufacturing figures with Manufacturing PMI coming in at 49.4 (expected 49.6) and the Caixin PMI survey hitting 48.4 (expected 48.0). Both data points showed further contractions in China's manufacturing sector and worked to move global growth concerns back to the forefront of the market. The growth worries have led to renewed pressure in oil as market participants also begin to grow skeptical of potential actions from OPEC and non-OPEC states to stabilize prices. WTI crude currently trades lower by 6.3% at $31.52/bbl.

Eight of ten sectors trade in negative territory with commodity-sensitive energy (-3.0%) leading the downside while financials (-1.1%) and health care (-1.1%) follow. On the flipside, countercyclical utilities (+1.3%) and telecom services (+1.0%) trade in the green.

The energy space has underperformed as commodity prices continue to weigh on the group. Independent oil and gas companies like Anadarko Petroleum (APC 37.32, -1.75) and ConocoPhillips (COP 38.00, -1.07) have faced the largest headwinds while large-cap Exxon Mobil (XOM 75.81, -2.04) trades in line with the sector. Meanwhile, pipeline and gas companies face an additional hurdle with a 6.8% decline in natural gas ($2.14/MMbtu).

In the heavily-weighted health care sector, biotechnology underperforms, evidenced by the 1.4% decline in the iShares Nasdaq Biotechnology ETF (IBB 263.16, -3.89). This follows last week's 7.3% dive in the sub-group. In the broader sector, Aetna (AET 103.41, +1.57) has climbed 1.5% after reporting Q4 EPS above analyst expectations.

The consumer discretionary sector (-0.2%) has been able to climb near positive territory despite today's flat reading in personal spending for December. A lot of today's price action has centered around rebounding large name companies. Chipotle Mexican Grill (CMG 473.35, +20.38) has gained 4.4% after the Center for Disease Control announced that the E. coli outbreak at the restaurant chain appears to be over. Meanwhile, Netflix (NFLX 94.64, +2.80) has climbed 3.0% today as it recovers from its post-earnings rout.

On the merger and acquisition front, Alerea (ALR 53.98, +16.78) has climbed 45.1% on news that the company will be acquired by Abbott Laboratories (ABT 37.92, +0.07) for $56.00 a share. Elsewhere, Dominion (D 71.09, -1.08) has agreed to acquire Questar (STR 24.90, +4.52) for $25 per share.

Treasuries have ticked up off their lows in recent trade while equities have slid. The yield on the benchmark note remains higher by two basis points at 1.94%.

Today's economic data has included PCE Prices for December, Construction Spending for December, and the January ISM Index.

Personal income rose 0.3% in December (Briefing.com consensus +0.2%)
Personal spending was unchanged (Briefing.com consensus +0.2%).
Personal consumption expenditures decreased $0.7 billion, or less than 0.1%, so with rounding it gets logged in the report as 0.0 for the month-over-month change.
The personal savings rate jumped to 5.5% from 5.3% in November and stands at its highest level in three years.
PCE Price Index declined 0.1% month-over-month while the core PCE Price Index, which excludes food and energy, was unchanged (Briefing.com consensus +0.1%) after a 0.2% increase in November.
December readings, the PCE Price Index is up 0.6% year-over-year versus 0.4% in November and the core PCE Price Index is up 1.4%, holding steady with the year-over-year reading for November.
The January ISM Index, edged up to 48.2 for January (Briefing.com consensus 48.3)from a downwardly revised reading of 48.0 (from 48.2) for December.
January marked the fourth straight month that the ISM Index has been below 50.0. (The dividing line between expansion and contraction). the manufacturing sector has been hurt by the dollar's strength, weak global demand, and falling commodity prices that have crimped investment spending.
New orders and production indexes reached expansion territory. The new orders index increased to 51.5 from 48.8 while the production index rose to 50.2 from 49.9.
The imports index also logged a notable increase, rising to 51.0 from 45.5. Conversely, the employment index fell to 45.9 from 48.0, and the export index dropped to 47.0 from 51.0.
Construction spending increased just 0.1% in December (Briefing.com consensus +0.5%)
Construction spending for November was revised down to a decline of 0.6% from a previously reported decline of 0.4%.
Private construction spending was the big drag in December. It declined 0.6% month-over-month due to a 2.1% drop in nonresidential construction. Residential construction was up 0.9% month-over-month.
Public construction spending, which accounted for 27% of total construction spending in December, increased 0.9% on the back of a 2.2% uptick in nonresidential spending.

12:30 pm:

[BRIEFING.COM] The major indices have slid lower in recent action with the S&P 500 (-0.6%) trading behind the Nasdaq (-0.5%).

Eight of ten sectors currently trade in negative territory. Energy (-3.0%) continues to post the widest loss of the day where it is followed by financials (-1.1%) and industrials (-0.9%).

The financial sector is pulling back from Friday's advance with asset management companies BlackRock (BLK 308.50, -5.76) and Bank of New York Mellon (BK 35.45, -0.77) showing relative weakness. The two names have declined 1.8% and 2.1%, respectively. Meanwhile, money center banks Bank of America (BAC 13.86, -0.28) and JPMorgan Chase (JPM 58.63, -0.87) have declined a respective 2.1% and 1.5%.

Treasuries have ticked higher in recent trade with the yield on the benchmark note now lower by three basis points to 1.95%.

12:00 pm:

[BRIEFING.COM] The major averages float beneath their session high with the tech-heavy Nasdaq (-0.3%) leading the S&P 500 (-0.4%).

The heavily-weighted technology (UNCH) and consumer discretionary (+0.3%) are only two cyclical sectors in positive territory at this juncture.

In the consumer discretionary sector, TimeWarner (TWX 72.44, +1.99) has shown relative strength this morning after the Wall Street Journal reported that the company is in discussions with Hulu for an equity stake. Meanwhile, Netflix (NFLX 96.43, +4.59) has climbed 5.0% today as it recovers from its post earnings rout. Elsewhere, Chipotle Mexican Grill (CMG 475.16, +22.19) has gained 4.9% on speculation that the Center for Disease Control will close its investigation of the E. coli outbreak at the restaurant chain.

Interesting to note, consumer discretionary outperforms today despite today's flat reading in personal spending for December while personal income grew 0.3% over that same period.

11:30 am:

[BRIEFING.COM] The stock market hovers near its session high as the S&P 500 (-0.4%) remains in the upper half of its daily trading range.

The health care space (-0.7%) is the worst performing countercylical sector as utilities (+0.8%) and telecom services (+0.5%) have climbed above their flat lines and consumer staples (UNCH) outperforms.

In the heavily-weighted health care sector, biotechnology continues to narrowly underperform, evidenced by the 0.8% decline in the iShares Nasdaq Biotechnology ETF (IBB 264.42, -2.63). This follows last week 7.3% dive in the sub-group. Component Gilead (GILD 83.85, +0.85) has shown relative strength ahead of its earnings report after tomorrow's close. In the broader sector, Aetna (AET 102.98, +1.14) has climbed 1.0% after reporting a Q4 EPS beat before today's open. The company also reported that they have received seven of the necessary state approvals to close their acquisition of Humana (HUM 165.66, +2.87) by the second half of 2016.

Treasuries have slipped lower in recent action with the yield on the benchmark note now higher by four basis points at 1.96%.

10:55 am:

[BRIEFING.COM] The major averages have climbed off their lows to reach the middle of their trading ranges. At this juncture, the S&P 500 (-0.5%) and the Dow Jones Industrial Average (-0.5%) outpace the loss in the Nasdaq (-0.4%).

Energy (-2.6%) continues to show the steepest loss of the day. This comes on the heels of a 4.9% decline in WTI crude ($31.96/bbl). Meanwhile countercyclical utilities (+0.7%) and telecom services (+0.2%) outperform while consumer discretionary (+0.1%) defends its flat line.

In the commodity-sensitive energy space, large cap constituent Exxon Mobil (XOM 75.76, -2.09) paces the retreat in the broader sector ahead of its earnings report before tomorrow's open. Meanwhile, independent oil and gas company ConocoPhillips (COP 37.96, -1.12) has slid 2.8% as the sub-group bears a larger loss from oil's decline. Separately, pipeline company KinderMorgan (KMI 15.17, -1.28) has also felt pressure from a 6.0% decline in natural gas that has the commodity trading at $2.16/MMbtu.

Treasuries trade at session lows with the yield on the benchmark note now higher by three basis points at 1.95%.

10:40 am: [BRIEFING.COM]

Oil prices are on the move again and are in the red this morning
Overall, there are many catalysts affecting the oil market right now, but for today, the weak economic data out of China and on daily news/updates that show a coordinated global oil production cut with OPEC and non-OPEC members less likely to happen than a week ago
In current action, Mar crude oil is -4.3% at $32.16/barrel
Natural gas has been in the red all day and is showing notable losses as well. Mar nat gas is now at a new LoD, currently -6% at $2.16/MMBtu
Metals are largely higher today following weakness in the dollar, leaving copper and precious metals near today's highs
Apr gold is +0.9% at $1126.40/oz in current trade, while Mar silver is +0.6% at $14.33/oz

10:05 am:

[BRIEFING.COM] The major indices hover above their session lows with the S&P 500 lower by 0.8%.

Just released, the ISM Index for January indicated an increase to 48.2 from 48.0 while the Briefing.com consensus expected a reading of 48.3.

Separately, construction spending increased 0.1% (Briefing.com consensus 0.5%) in December, with a revision from -0.4% to -0.6% month-over-month in November.

9:45 am:

[BRIEFING.COM] As expected, the major indices have started their trading day beneath their flat lines. Currently the S&P 500 (-0.7%) outpaces the losses in the tech-heavy Nasdaq (-0.6%).

Nine of ten sectors have opened in the red with commodity-sensitive energy (-2.3%) and materials (-1.6%) leading the downside. On the flipside, countercyclical utilities (+0.1%) is the only sector in positive territory. Most remaining sectors trade between consumer staples (-0.4%) and industrials (-1.1%).

In commodities, WTI crude has ticked up off its pre-market low but remains down 3.7% at $32.40/bbl. Elsewhere, gold has climbed 0.9% to $1,126.10/ozt.

Treasuries have slid lower in recent trade with the yield on the benchmark note higher by two basis points to 1.95%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -25.90.

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

Global equity markets have been anchored by further growth concerns out of China. Overnight, China released a weaker than anticipated State issued Manufacturing PMI figure (49.4; expected 49.6). This figure was the lowest reading in over three years and the sixth straight month of contracting growth. Meanwhile, the Caixin PMI survey (of smaller businesses) managed to top expectations at 48.4 (expected 48.0). On a related note, oil has surrendered 3.3% overnight as the commodity succumbs to demand implications and growing concerns of inaction from OPEC to stabilize prices. WTI crude currently trades at $32.50/bbl.

On the corporate front, Alerea (ALR 54.39, +17.19) has climbed 46.2% this morning on news that the company will be acquired by Abbott Laboratories (ABT 37.85, +0.00) for $56.00 a share. Elsewhere in merger and acquisition news, Dominion (D 70.69, -1.48) has agreed to acquire Questar (STR 24.65, +4.26) for $25 per share. On a related note, Dominion reported Q4 earnings this morning with EPS coming in underneath analyst expectations.

Domestic economic data has included December's personal income which showed an uptick of 0.3% (Briefing.com consensus 0.2%), December's personal spending which came in flat (Briefing.com consensus 0.2%), and December's Core PCE prices which came in unchanged (Briefing.com consensus 0.1%). Meanwhile, Construction Spending for December (Briefing.com consensus 0.5%) and the January ISM Index (Briefing.com consensus 48.3) will cross the wires at 10:00 ET.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -17.20. Nasdaq futures vs fair value: -31.40.

The S&P 500 futures trade 17 points below fair value.

Equity markets across Asia ended the Monday session on a mixed note after the release of a full set of economic data. The main focus was on China's Purchasing Manager Index data, which came in mixed. The Caixin Manufacturing PMI for January (48.4; expected 48.0) surpassed estimates while the official Manufacturing PMI report (49.4; expected 49.6) missed expectations, falling to its worst level in more than three years. Total business activity was reported at a seven-month low while an increase in inventories signaled slowing end demand.

In economic data:
China's January Manufacturing PMI 49.4 (expected 49.6; previous 49.7), Non-Manufacturing PMI 53.5 (last 54.4), and Caixin January Manufacturing PMI 48.4 (consensus 48.0; previous 48.2)
Japan's January Manufacturing PMI 52.3 (consensus 52.4; previous 52.4)
South Korea's January Nikkei Manufacturing PMI 49.5 (last 50.7) and January trade surplus narrowed to KRW5.30 billion from KRW7.00 billion (expected surplus of KRW6.68 billion). Imports fell 20.1% year-over-year (consensus -15.1%; last -19.2%) and exports dropped 18.5% year-over-year (consensus -10.8%; previous -14.1%)
India's January Nikkei Manufacturing PMI 51.1 (expected 49.6; last 48.7)
Australia's January AIG Manufacturing Index 51.5 (previous 51.9)

---Equity Markets---

Japan's Nikkei climbed 2.0% with just about every sector ending in the green. The rally had a defensive tilt as communications (+4.2%), consumer staples (+3.3%), and utilities (+3.1%) ended in the lead. Technology (+3.3%) also had a strong showing while most other sectors ended behind the broader market. Nisshin Steel Holdings, Shiseido, Sony, Taiyo Yuden, and Sumitomo Heavy Industries rallied between 9.2% and 15.0%. On the flip side, financials struggled with Sony Financial Holdings, Shinsei Bank Sumitomo Mitsui Financial, Shizuoka Bank, and Bank of Yokohama falling between 7.0% and 12.0%.
Hong Kong's Hang Seng lost 0.5% with financials and energy names pacing the retreat. Bank of East Asia, China Life Insurance, Hang Lung Properties, and Ping An Insurance surrendered between 2.0% and 4.2% while CNOOC and Petrochina posted respective losses of 3.4% and 2.7%. Elsewhere, Li & Fung gained 1.8%.
China's Shanghai Composite lost 1.8%, extending its decline following the PMI data. China Shipbuilding Industry and China State Construction Engineering lost 5.3% and 2.1%, respectively, while Bank of China and CITIC Securities fell near 1.5% apiece.

Major European indices trade in the red after sliding from their opening levels. Disappointing manufacturing data out of China has contributed to a defensive posture while European economic data has also left a bit to be desired.

In economic data:
Eurozone January Manufacturing PMI 52.3, as expected (previous 52.3)
Germany's January Manufacturing PMI 52.3 (consensus 52.1; last 52.1)
UK's January Manufacturing PMI 52.9 (expected 51.8; last 52.1), December Mortgage Lending GBP3.20 billion (consensus GBP3.70 billion; previous GBP3.80 billion), and Net Lending to Individuals GPB4.40 billion (expected GBP4.90 billion; previous GBP5.30 billion)
France's January Manufacturing PMI 50.0, as expected (previous 50.0)
Italy's January Manufacturing PMI 53.2 (consensus 55.0; last 55.6)
Spain's January Manufacturing PMI 55.4 (expected 52.4; previous 53.0)
Swiss January SVME PMI 50.0 (expected 50.9; last 50.4)

---Equity Markets---

Germany's DAX trades down 1.3% with most components in the red. Exporters have struggled with BMW, Volkswagen, and Daimler down between 1.6% and 2.0%. Meanwhile, financials outperform with Deutsche Bank and Commerzbank both near their respective flat lines. On the upside, Lufthansa has climbed 2.5%.
UK's FTSE has given up 1.3% amid weakness in financials and energy names. BP is down 3.1% while Prudential, Standard Chartered, HSBC Holdings, and Old Mutual show losses between 1.8% and 3.2%. Conversely, select consumer names outperform with InterContinental Hotels, International Consolidated Airlines, and Diageo up between 0.6% and 1.4%.
France's CAC is lower by 1.3% with all but seven names in negative territory. Nokia Oyj is the weakest performer, down 10.4%, after the International Chamber of Commerce ordered Samsung to pay Nokia EUR200 million, which was EUR50 million below the expected amount. Vivendi, Total, and Safran also underperform, showing losses between 2.8% and 5.6%. On the upside, Accor is higher by 1.2%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -17.20. Nasdaq futures vs fair value: -32.20.

The S&P 500 futures trade 17 points below fair value.

December personal income rose 0.3%, while the Briefing.com consensus expected an increase of 0.2%. Meanwhile, December personal spending came in flat, while Briefing.com expected an increase of 0.2%. November's Personal Spending reading was revised higher to 0.5% from 0.3%.

Separately, Core PCE prices for December came in flat while the Briefing.com consensus expected an increase of 0.1%. November's reading was revised higher to 0.2% from 0.1%.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -15.50. Nasdaq futures vs fair value: -29.10.

U.S. equity futures trade near overnight lows with S&P 500 futures trading 16 points below fair value.

Global equity markets have struggled overnight after China released a weaker than anticipated State issued Manufacturing PMI figure (49.4; vs 49.6 est.). This figure was the lowest reading in over three years and represented the sixth straight month of contractions. On a related note, the Caixin PMI survey came in at 48.4 (est. 48.1).

Treasuries have ticked lower in recent trades with the yield on the benchmark note higher by one basis point at 1.93%.

On the economic front, PCE Prices for December (Briefing.com consensus 0.2%) will be released at 8:30 ET. Meanwhile, Construction Spending for December (Briefing.com consensus 0.5%) and the January ISM Index (Briefing.com consensus 48.3) will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Barclays (BCS 10.63 ,-0.15): -1.4% after the company and Credit Suisse (CS) agreed to settle their dark pool investigations for 154.3 million
Micron Technology (MU 11.35, +0.32): +2.9% following an upgrade at Goldman Sachs from 'Sell' to 'Neutral'
HSBC (HSBC 34.34, -1.06): -3.0% after Reuters reported that the company will be freezing hiring and salaries to cut costs

Reviewing overnight developments:

Equity markets in Asia ended on a mixed note with Japan's Nikkei +2.0%, Hong Kong's Hang Seng -0.5%, and China's Shanghai Composite -1.8%.
In economic data:
China's January Manufacturing PMI 49.4 (expected 49.6; previous 49.7), Non-Manufacturing PMI 53.5 (last 54.4), and Caixin January Manufacturing PMI 48.4 (consensus 48.0; previous 48.2)
Japan's January Manufacturing PMI 52.3 (consensus 52.4; previous 52.4)
South Korea's January Nikkei Manufacturing PMI 49.5 (last 50.7) and January trade surplus narrowed to KRW5.30 billion from KRW7.00 billion (expected surplus of KRW6.68 billion). Imports fell 20.1% year-over-year (consensus -15.1%; last -19.2%) and exports dropped 18.5% year-over-year (consensus -10.8%; previous -14.1%)
India's January Nikkei Manufacturing PMI 51.1 (expected 49.6; last 48.7)
Australia's January AIG Manufacturing Index 51.5 (previous 51.9)

European indices trade broadly lower with France's CAC -1.2%, the U.K.'s FTSE -1.1%, and Germany's DAX -1.0%.
In economic data:
Eurozone January Manufacturing PMI 52.3, as expected (previous 52.3)
Germany's January Manufacturing PMI 52.3 (consensus 52.1; last 52.1)
UK's January Manufacturing PMI 52.9 (expected 51.8; last 52.1), December Mortgage Lending GBP3.20 billion (consensus GBP3.70 billion; previous GBP3.80 billion), and Net Lending to Individuals GPB4.40 billion (expected GBP4.90 billion; previous GBP5.30 billion)
France's January Manufacturing PMI 50.0, as expected (previous 50.0)
Italy's January Manufacturing PMI 53.2 (consensus 55.0; last 55.6)
Spain's January Manufacturing PMI 55.4 (expected 52.4; previous 53.0)
Swiss January SVME PMI 50.0 (expected 50.9; last 50.4)

6:16 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -16.90.

6:16 am: [BRIEFING.COM] Nikkei...17865...+346.90...+2.00%. Hang Seng...19595.5...-87.60...-0.50%.

6:16 am: [BRIEFING.COM] FTSE...6065.24...-18.60...-0.30%. DAX...9739.60...-58.50...-0.60%.

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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