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 Post subject: February 11th Thursday Trade Results - Profit $10187.50
PostPosted: Fri Feb 12, 2016 4:22 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $10187.50 dollars or +203.75 points, Light Crude Oil CL ($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 @ $10187.50 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=153&t=2288

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.

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


4:20 pm: [BRIEFING.COM] The capital markets have been a hot mess in 2016 and things heated up again on Thursday on a series of headlines that led mostly to a risk-averse disposition.

The concise overview is that stock prices declined, oil prices fell, gold prices surged, the yen continued to strengthen, and the 10-year Treasury yield slipped to its lowest level (1.54%) since August 2012.

To say the least, there were a lot of factors at play on Thursday, including a second day of monetary policy testimony from Fed Chair Yellen in front of the Senate Banking Committee. The key headline items contributing to the broader market's weakness included the following:

A 3.9% decline in Hong Kong's Hang Seng Index in its first day of trading after the Lunar New Year celebration
A decision by Sweden's Riksbank to take its key borrowing rate further into negative territory with a 15 basis point cut to -0.50%
Renewed concerns about the financial position of European banks, which took a heavy toll on European bourses and the S&P 500 financial sector (-3.0%)
Reports that Boeing (BA 108.44, -7.92, -6.8%) is the subject of an SEC investigation into its accounting for costs and sales of its 747 and 787 planes; and
Underlying angst about the state of the global economy and earnings prospects in general

The confluence of these factors, and others, led to a decidedly negative start to the day for the equity market.

Fed Chair Yellen didn't provide any reprieve from the selling pressure during her testimony either. She did acknowledge that negative interest rates are still on the table as a potential tool for further policy accommodation, yet she also asserted that economic evidence to date is not enough to suggest a rate cut is the Fed's next move.

Strikingly, the Dow Jones Industrial Average and S&P 500 fell to new lows for the day after the conclusion of her testimony while the Nasdaq Composite came back to test its morning low. In the case of the S&P 500, it cut a path through its January 20 intraday low (1812.29) to 1810.10. Just as it did, however, a headline from Dow Jones crossed the wires suggesting OPEC members are ready to cooperate on a possible production cut.

That headline led to a dramatic change in the trading tone, as the major indices rallied late in the day on the back of a resurgent energy sector (-0.4%), which had been down as much as 3.1% in response to a 5.1% drop in oil prices during pit trading to $26.14 per barrel.

At the same time, there was a large wave of buying interest in large-cap technology stocks that bolstered the S&P 500 technology sector (-0.2%) and helped drive the Nasdaq Composite back into positive territory after being down as many as 74 points earlier in the session. A closing volley of selling interest left the Nasdaq down 0.4% for the day.

By the time the closing bell rang, all S&P 500 sectors had worked their way back from larger losses but none ended with a gain. The financial sector (-3.0%) was the most conspicuous underperformer.

The technology sector (-0.2%), which got a nice boost from Cisco (CSCO 24.68, +2.17, +9.6%) after its pleasing earnings report, exhibited relative strength along with the consumer staples (-0.8%), telecom services (-0.5%), energy sector (-0.4%) and consumer discretionary (-0.1%) sectors.

The US Treasury market was a picture of strength throughout Thursday's trading. Granted the benchmark 10-yr note finished off its best levels of the session, yet it drew some notable buying interest that dropped its yield to 1.64% from 1.70 % on Wednesday.

That move was precipitated by a flight-to-safety amid the volatility elsewhere. Similarly, gold prices also benefited from the safety trade, rising 4.4% to $1247.30/troy ounce.

The only economic release today was the weekly initial claims report. It was better than expected with claims decreasing by 16,000 to 269,000 (Briefing.com consensus 280,000) for the week ending February 6. Friday will feature the influential Retail Sales report for January at 8:30 a.m. ET.

Volume on Thursday was heavier than average with 1.32 billion shares trading at the NYSE. The advance-decline line favored decliners at the NYSE by a 4-to-1 margin, which was better than earlier in the day but still indicative of a market lacking conviction from buyers.

3:40 pm: [BRIEFING.COM]

The big story in electronic trading was the headlines that OPEC is ready to cooperate on a production cut, according to a UAE Minister
Who knows now exactly where we go from here. In recent months, there have been a number of rumors about en OPEC meeting
However, today's news does seem to have a little more weight.
Mar crude oil closed floor trading -5.1% at $26.14/barrel
Following the OPEC headlines, Mar crude ran from $26.05 to about $27.33/barrel... oil is now
In other energy, Mar nat gas slid 3.4% to $1.98/MMBtu
Precious metals rallied notably today
Apr gold surged $54.51 to $1249.21/oz, while Mar silver surged $0.51 to $15.78/oz

3:05 pm:

[BRIEFING.COM] As the stock market enters its final hour, the major averages are rallying on a headline that suggests OPEC might be ready to agree on production cuts. The S&P 500 trades 24 points above its session low.

In reaction to the news, the energy sector rallied back from a 3.1% decline and is now down 0.4%. WTI crude has bounced back to $27.15/bbl in after hours trade after settling the pit session at $26.14/bbl. The move in oil and the energy sector has helped feed some broader buying interest that has enbaled most other sectors to pare larger losses.

2:35 pm:

[BRIEFING.COM] The stock market has dipped lower in recent action with the S&P 500 (-2.0%) retesting its January 20 intraday low (1812.29) once again.

Energy (-2.9%) has moved towards its session low (-3.0%) while sector components continue to see pressure from the volatile oil trade. Including today's performance, the sector has declined 11.6% in 2016 and 8.8% in February.

On the commodities front, WTI crude ended its pit session 5.1% lower at $26.14/bbl. Meanwhile April gold ended its session up 5.0% at $1,249.21/troy ounce

1:55 pm:

[BRIEFING.COM] The major indices have slipped from the last update but generally have traded in sideways fashion for the last several hours. The S&P 500 is currently down 1.8%.

Consumer discretionary (-0.7%) has been able to outperform for the bulk of today's trading session. The group's effort has been aided by a strong performance from Amazon (AMZN 497.64, +7.16) which has rebounded after a poor post-earnings performance. The retail giant has surrendered 21.6% since its January 28th earnings release. Fellow large-cap constituent Time Warner (TWX 61.95, +1.88) has climbed 3.1% after being added to the Conviction Buy list at Goldman.

On the commodities front, WTI crude trades lower by 3.4% at $26.77/bbl as the commodity looks to close out its pit session at 14:30 ET.

The 10-yr Treasury yield stands at 1.63% after moving off a session low of 1.53%.

1:35 pm:

[BRIEFING.COM] The major U.S. indices have seen a slight uptick since our last update, but still remain heavy pressure amid global jitters.

A look inside the Dow Jones Industrial Average shows that Boeing (BA 104.83, -11.53), Goldman Sachs (GS 141.21, -6.02), and JPMorgan (JPM 53.62, -1.90) are underperforming. Goldman and JPMorgan are under pressure as financials lag, putting in the worst sector performance in today's session. Boeing shares are notably lower following a Bloomberg report that the aerospace & defense giant is under investigation by the SEC over its accounting practices for their 787 Dreamliner and the 747 jumbo aircrafts.

Conversely, Cisco (CSCO 24.77, +2.26) is the best-performing Dow component by a significant margin after reporting its quarterly results. Cisco beat on both the top and bottom line, offered in-line fiscal Q3 guidance, and boosted its quarterly dividend and buyback program.

For the week, the DJIA is now down 3.6%

Elsewhere, the Treasury's $15 bln 30-year auction at the top of the hour drew a high yield of 2.5% on a bid-to-cover of 2.09.

1:00 pm:

[BRIEFING.COM] The major U.S. stock indices have been under steady selling pressure since the start of trading as a host of factors have weighed heavily on investor sentiment. The losses have seen the S&P 500 retest its January 20 intraday low (1812.29) and have pinned every sector below the flatline in what has been predominately a risk-off trade.

The negative disposition took root in yesterday's late sell-off and carried into the overnight trade, which featured a drop in oil prices below $27.00 per barrel, a 3.9% decline in Hong Kong's Hang Seng in its first day of trading since being closed for the Lunar New Year celebration, the Japanese yen gaining added strength against the dollar, Sweden's Riksbank pushing its key borrowing rate further into negative territory with a 15 basis point cut to -0.50%, and European bourses falling sharply on earnings concerns that led to renewed weakness in the banking sector.

The risk-off disposition was prevalent in core government bond markets. The yield on the German bund dipped to 0.15% at one point while the yield on the 10-year Treasury note touched 1.54%, marking its lowest level since August 2012.

Gold prices in turn also benefited from the safe-haven trade. Currently, they are up 5.1% at $1255.50/troy ounce, which leaves them up 18.4% year-to-date.

European bourses ended their day with hefty losses which featured a 2.9% decline in Germany's DAX Index and a 5.6% drop in Italy's MIB Index.

The losses in the U.S. market have been more modest in scope, but are notable in size nonetheless.

The Dow Jones Industrial Average (-2.1%) has been the biggest pocket of weakness, suffering under the weight of losses in 28 of its 30 components. Cisco Systems (CSCO 24.61, +2.10) is one of the lone standouts following its reassuring earnings report and outlook. Disney (DIS 89.73, +0.88) is the other. The biggest drag has been Boeing (BA 103.39, -12.97), which is getting pummeled on reports it is facing an SEC investigation over how it accounted for costs and sales of its 747 and 787 planes.

The Nasdaq Composite (-0.8%) has fared better thanks to the relative strength seen in several large-cap components.

That strength aside, the broader market has continued to be racked by the volatility in oil prices and the lack of more overt dovishness by Fed Chair Yellen in day two of her monetary policy testimony in front of the Senate Banking Committee.

While Ms. Yellen acknowledged in the Q&A portion that negative interest rates have not been taken off the table as a policy tool of accommodation, she also asserted that the current economic evidence is not enough to suggest a rate cut is the Fed's next move.

As noted above, every S&P 500 sector is losing ground today. The biggest laggard is the financial sector (-3.1%), which is again getting hit by a number of issues, all of which relate to earnings concerns for the sector. The next biggest losers are the industrials (-2.5%) and materials (-2.2%) sectors.

The consumer discretionary sector (-0.2%) is the best-performing sector in today's session.

The lone economic release today was the weekly initial claims report. It showed claims falling by 16,000 for the week ending February 6 to 269,000 (Briefing.com consensus 280,000). That was some positive news, yet it got lost in the mix of bigger things.

Volume has been heavier than average to this point and the advance-decline reflects the broad sense of negativity with decliners leading advancers at the NYSE by a better than 5-to-1 margin

12:35 pm:

[BRIEFING.COM] The major averages continues their volatile trade as the S&P 500 (-1.9%) trades roughly five points above its session low while the Dow Jones Industrial Average (-2.3%) trades 43 points above its low.

Industrials (-2.6%) now follows financials (-3.2%) at the bottom of the leaderboard.

The U.S. Dollar Index floats above its lowest level with the yen showing added strength against the dollar. The dollar/yen pair is at 111.96.

Oil continues its volatile trade with the energy component trading lower by 2.1% at $26.86/bbl.

12:00 pm:

[BRIEFING.COM] The major averages are recovering from fresh session lows that had the S&P 500 (-1.7%) retest its January 20th low (1812.29). This level was last seen in April 2014. In her Senate testimony, Fed Chair Yellen recently stated that current economic evidence is not enough to suggest a rate cut as the next move for the central bank.

At this juncture five sectors continue to show relative weakness with health care (-1.8%) now trading behind the broader market. The biotechnology sub-group is again among the market's weakest performers.

Today's safe-haven trade has seen gold climb 4.9% to trade at $1,253.60/troy ounce. With that move, gold prices are up 18.3% year-to-date.

The 10-yr Treasury yield for its part stands at 1.60% versus 2.30% at the start of the year.

11:30 am:

[BRIEFING.COM] The stock market moved to new session lows as Fed Chair Yellen acknowledged that negative interest rates are not off the table as a potential policy tool of accommodation. At this juncture, the Dow Jones Industrial Average (-2.3%) shows the largest loss, declining 371 points.

Financials (-3.2%), Industrials (-2.9%) and energy (-2.5%) currently underperform the broader market while the volatile oil trade continues. WTI crude trades lower by 4.0% to $26.34/bbl.Treasury yields have fallen since the last update.

The yield on the 10-yr currently sits lower by ten basis points at 1.58%.

11:00 am:

[BRIEFING.COM] The stock market continues to languish near its lows for the session (1822.02 for the S&P 500). It remains under pressure due in part to falling oil prices (currently down 3.2% at $26.57/bbl) and renewed selling pressure in the financials sector (-2.6%).

The Dow Jones Industrial Average is underperforming today, pressured by losses in 29 of its 30 components. The biggest loser in the mix is Boeing (BA 106.34, -9.98), which is reportedly facing an SEC investigation over how it accounted for costs and sales of its 747 and 787 planes.

Money-center banks have underperformed the financial sector as they move lower in sympathy with their European counterparts, which continue to get hit on earnings concerns.

Separately, Fed Chair Yellen is in the midst of the Q&A portion of her testimony before the Senate Banking Committee without any notable policy revelations so far beyond yesterday's account.

10:35 am: [BRIEFING.COM]

The dollar index has been trading in the red, which has weighed on some commodities this morning. The index is now -0.4%
However, this is not affecting gold and silver much, both of which are sitting near today's highs
Apr gold is now +4% at $1242.80/oz, while Mar silver is +2.8% at $15.71/oz
Nat gas futures sold off following the weekly EIA storage data, which showed a smaller-than-expected draw
Mar nat gas is now -1.6% at $2.01/MMBtu
WTI oil sold off overnight, but put in a decent rally in early morning trade, which only temporarily put oil prices in positive territory
Mar WTI crude oil is now -3.2% at $26.56/barrel

10:05 am:

[BRIEFING.COM] At the top of the hour, the S&P 500 been able to recoup part of its roughly 30 point loss from the open, as the benchmark trades lower by 18 points.

Risk-off action has dominated the opening half hour with telecom services (-0.1%) and utilities (-0.9%) exhibiting early relative strength, only that means that they were down less than other sectors in the early broad based selloff. This has been a persistent trend in the tumultuous start to 2016 with the groups showing the only advances on the year of 5.6% and 6.0%, respectively.

With the upswing in equities, Treasuries are losing a little steam. The yield on the 10-yr note, which hit 1.56% before the open, is up to 1.63%.

9:45 am:

[BRIEFING.COM] As expected, the stock market has opened its day on a lower note with the Dow Jones Industrial Average (-1.5%) leading the downside while the S&P 500 (-1.4%) and the Nasdaq (-1.1%) follow.

All ten sectors opened their day in negative territory with economically-sensitive financials (-3.0%) outpacing the losses while commodity-sensitive energy (-2.3%) and materials (-2.7%) follow. Countercyclical telecom services (-0.1%) and utilities (-0.3%) show the slimmest losses of the day.

On the commodities front, crude oil continues to pare its losses as the energy component currently trades lower by 1.6% at $27.01/bbl.

Treasuries continue their retreat from overnight highs with the yield on the 10-yr note now lower by five basis points to 1.62%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -29.00. Nasdaq futures vs fair value: -50.70.

The stock market is on track for a sharply lower open with the S&P 500 futures trading 29 points below fair value. Overnight futures plunged in heavy risk-off trade as Hong Kong's Hang Seng tumbled 3.9% and European Banks ended their brief rebound from Wednesday. In Europe, Sweden's Riksbank added to currency volatility after they cut its key rate further into negative territory (-15 bps to -0.50%). For its part, oil prices sank below the $27.00 per barrel (now -2.1% at $26.87/bbl).

Safe-haven Treasuries have been a prime beneficiary of the tumult. The 10-yr yield, which started the year at 2.30%, has dropped eight basis points and sits at 1.60%. In corporate news, PepsiCo (PEP 96.75, -0.87) has slipped in recent action as investors eye slightly below-consensus guidance for full year 2016 despite in-line results in its Q4 earnings report. Fellow consumer staples name Kellogg Company (K 70.86, +0.00) is unchanged after reporting an above-consensus EPS results on in-line revenue, this morning. Cisco Systems (CSCO 23.91, +1.40) has climbed 6.2% in pre-market after the company reported a beat on top and bottom-line estimates for Q2. The company also approved a $15 billion share repurchase program and increased its quarterly dividend to $0.26 from $0.21.

On the economic front, the latest weekly initial jobless claims count totaled 269,000 (Briefing.com consensus 280,000). Today's tally compared to 285,000 in the prior week. As for continuing claims, they fell to 2.239 million from 2.260 million (revised from 2.248 million). Separately, Fed Chair Janet Yellen will deliver testimony before the Senate Banking Committee at 10:00 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -32.50. Nasdaq futures vs fair value: -60.60.

The S&P 500 futures trade 33 points below fair value.

A handful of equity markets in the Asia-Pacific region were closed on Thursday while most of the remaining in indices endured a rough session. Hong Kong's Hang Seng (-0.8%) opened for the first time this week while China's Shanghai Composite remained closed for Lunar New Year and Japan's Nikkei was closed for National Founding Day. The closure in Japan did not stop investors from piling into the yen, sending the dollar/yen pair lower by nearly 2.0% to 111.40. The currency pair has backed away from this level which was last seen in late 2014.

Economic data was limited:
New Zealand's January Business NZ PMI 57.9 (previous 56.7)

---Equity Markets---

Japan's Nikkei was closed for National Founding Day.
Hong Kong's Hang Seng lost 3.9% with all but two names ending in the red. Lenovo Group was the weakest performer, falling 6.9%, while China Life Insurance, Ping An Insurance, HSBC Holdings, China Petroleum & Chemical, and CNOOC lost between 5.3% and 6.6%. On the upside, property names Sino Land and New World Development gained 2.2% and 0.3%, respectively.
China's Shanghai Composite was closed for Lunar New Year.

Major European indices have spent the first half of the session in the red, pressured by heavy selling that has coincided with weakness in oil futures. The selloff in equities has been met with some euro strength, this lifted the single currency to 1.1335 against the dollar, representing the highest level for the pair since October 2014. Currently the pair trade at 1.1328. In central bank news, Sweden's Riksbank cut its key interest rate to -0.50%, which represents a record low.

In economic data:
Swiss January CPI -0.4% month-over-month, as expected; -1.3% year-over-year, as expected

---Equity Markets---

UK's FTSE trades down 1.9% with all but four names in the red. Financials have paced the weakness with Aberdeen Asset Management, Barclays, Prudential, and Standard Chartered down between 4.9% and 7.4%. A couple miners have shown strength with Fresnillo and Randgold Resources both up near 7.0%.
Germany's DAX has tumbled 2.1% amid broad weakness. Deutsche Bank has plunged 8.4%, erasing yesterday's entire rally, while Commerzbank, Volkswagen, Allianz, Lufthansa, BMW, and Siemens show losses between 3.1% and 6.5%. Adidas outperforms, trading higher by 1.1%.
In France, the CAC has slid 3.2% with financials showing relative weakness. Societe Generale has plunged 12.7% while Credit Agricole and BNP Paribas show losses close to 6.0% apiece.
Italy's MIB has plunged 4.8% with financials UBI Banca, Banca Pop Emilia Romagna, Unicredit, BMPS, and Mediobanca down between 7.4% and 12.8%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -29.00. Nasdaq futures vs fair value: -59.00.

The S&P 500 futures trade 29 points below fair value.

The latest weekly initial jobless claims count totaled 269,000 while the Briefing.com consensus expected a reading of 280,000. Today's tally compared to 285,000 in the prior week. As for continuing claims, they fell to 2.239 million from 2.260 million (revised from 2.248 million).

Separately, Fed Chair Janet Yellen will deliver testimony before the Senate Banking Committee at 10:00 ET.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -34.70. Nasdaq futures vs fair value: -75.90.

U.S. equity futures hover above their overnight lows with the S&P 500 futures trading 34 points below fair value. Futures plunged overnight in a heavy risk-off trade in equities that was precipitated by a continued decline in oil prices, big losses in Hong Kong's Hang Seng Index, Sweden's Riksbank cutting its key rate further into negative territory (-15 bps to -0.50%), and more currency volatility. Safe-haven Treasuries have been a prime beneficiary of the tumult. The 10-yr yield, which started the year at 2.30%, has dropped 13 basis and sits at 1.54%. At this juncture, WTI crude floats near its overnight low with oil lower by 3.8% at $26.40/bbl.

On the economic front, today's economic data is limited to the weekly Initial Claims (Briefing.com consensus 280k) which will cross the wires at 8:30 ET. Meanwhile participants will be looking towards the conclusion of Fed Chair Yellen's testimony testimony before the U.S. Senate's Committee on Banking, Housing, and Urban Affairs at 10:00 ET. .

In U.S. corporate news of note:

Twitter (TWTR 13.72, -1.26): -8.4% despite reporting a Q4 EPS beat on in-line revenue as investors eye user growth concerns
Mylan Labs (MYL43.75, -6.79): -13.4% after Meda's (MDABY) board recommended that shareholders accept Mylan's offer to purchase the company at a 9.0% premium from its 52-week high
Tesla Motors (TSLA 151.50, +7.83): +5.5% following the company issuing better than expected delivery guidance with deliveries estimated to grow 60.0% year-over-year in Q1
Cisco Systems (CSCO 23.75, +1.24): +5.5% after the company reported a beat on top and bottom-line estimates and approved a $15 billion stock repurchase program
TripAdvisor (TRIP 60.00, +5.65): +10.4% following a top and bottom-line beat on Q4 earnings

Reviewing overnight developments:

Asian markets traded thinly with Hong Kong's Hang Seng declining 3.9% while Japan's Nikkei and China's Shanghai Composite were closed.
Economic data was limited:
New Zealand's January Business NZ PMI 57.9 (previous 56.7)
In news:
The closure in Japan did not stop investors from piling into the yen, sending the dollar/yen pair lower by nearly 2.0% to 111.40

European indices trade broadly lower with France's CAC -3.7%, Germany's DAX -2.5%, and the U.K.'s FTSE -2.1%. Elsewhere, Italy's MIB plummeted 5.2% with financials outpacing the decline.
In economic data:
Swiss January CPI -0.4% month-over-month, as expected; -1.3% year-over-year, as expected
In news:
Sweden's Riksbank cut its key interest rate to -0.50%, which represents a record low.

6:07 am: [BRIEFING.COM] S&P futures vs fair value: -33.40. Nasdaq futures vs fair value: -75.90.

6:07 am: [BRIEFING.COM] Nikkei...Holiday......... Hang Seng...18545.8...-742.40...-3.90%.

6:07 am: [BRIEFING.COM] FTSE...5553.31...-119.00...-2.10%. DAX...8815.32...-202.00...-2.20%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com


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