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 Post subject: September 17th Thursday Trade Results - Profit $24117.50
PostPosted: Fri Sep 18, 2015 5:11 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4341
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1180.00 dollars or +11.80 points, Emini ES ($ES_F) futures @ $22937.50 dollars or +458.75 points, Light Crude Oil CL ($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 @ $24117.50 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=147&t=2173

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 Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=271&t=2883 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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


4:10 pm: [BRIEFING.COM] The stock market ended the Thursday session on a lower note after the Federal Reserve made no changes to its policy stance. The S&P 500 shed 0.3% while the Nasdaq Composite (+0.1%) outperformed throughout the day.

FOMC days are known for afternoon volatility and today's affair lived up to that billing even though the policy statement from the Federal Reserve was virtually a carbon copy of the previous directive. The FOMC acknowledged positive labor market conditions in the U.S., but indicated that concerns related to an economic slowdown in China have outweighed the domestic positives. Ms. Yellen stressed that these developments have weighed on the inflation outlook, contributing to today's decision to maintain status quo.

Furthermore, Ms. Yellen emphasized that the expected rate path is more important than the first rate hike, indicating that the Committee expects to see rate normalization by 2018. Hearing '2018' in that context was music to the market's ears, inviting a stampede of buyers in stocks while Treasuries spiked to highs with the 10-yr yield falling ten basis points to 2.20%.

The post-FOMC move higher was followed by a dive to new lows, with the reversal paced by the financial sector (-1.4%), which settled in the red as bank stocks responded to rates remaining lower for longer. The sector accelerated its decline as Fed Chair Yellen responded to a question about the possibility that the U.S. falls into a Japan-like deflationary trap. To little surprise, Ms. Yellen said that such a scenario is not anticipated at this time.

Meanwhile, another influential group-technology (-0.7%)-also weighed on the broader market, ending near the bottom of the leaderboard after struggling throughout the session. The top-weighted sector was pressured by Oracle (ORCL 36.74, -1.53) as the stock lost 4.0% after its one-cent beat was not enough to dispel concerns about the company's guidance and lack of revenue growth. High-beta chipmakers also struggled with the PHLX Semiconductor Index falling 0.9%.

Elsewhere, another influential sector-health care (+0.9%)-settled well ahead of the S&P 500 with biotechnology powering the move. The iShares Nasdaq Biotechnology ETF (IBB 362.50, +7.36) surged 2.1% with the strength keeping the S&P 500 from sliding deeper into the red.

Also of note, the consumer discretionary space (+0.9%) managed to stay in the green, thanks to support from media names after Cablevision (CVC 32.51, +3.97) agreed to be acquired by Altice for roughly $17.70 billion in cash.

On the flip side, industrials (-0.5%), energy (-0.1%), and materials (-0.5%) succumbed to the afternoon selling pressure, which invited above-average volume with more than 975 million shares changing hands at the NYSE floor.

Economic data included Initial Claims, Housing Starts, Current Account, and the Philadelphia Fed Survey:

The initial claims level declined to 264,000 from an unrevised 275,000 while the Briefing.com consensus expected no change at 275,000
Over the past four weeks, the initial claims level has averaged 272,500, and weekly volatility has been minimal, suggesting a strong labor market
The continuing claims level decreased to 2.237 mln from an upwardly revised 2.263 mln (from 2.260 mln) while the consensus expected a drop to 2.255 mln
Housing starts declined 3.0% in August to 1.126 mln from a downwardly revised 1.161 mln (from 1.206 mln) in July while the Briefing.com consensus a drop to 1.158 mln
As expected, single-family starts pulled back in August after reaching a seven-year high in July while construction levels remained strong
Single-family starts slipped only 3.0% to 739,000 in August from 762,000 in July, and new construction is running well above its three-month (729,333) and 12-month (692,417) averages
The current account deficit for the second quarter totaled $109.70 billion while the Briefing.com consensus expected the deficit to hit $112.20 billion
The first quarter deficit was revised to $118.30 billion from $113.30 billion
The Philadelphia Fed's Business Outlook Survey declined to -6.0 in September from 8.3 in August while the Briefing.com consensus expected an increase to 6.5
That was the first reported contraction in the Philadelphia region since February 2014
The Philadelphia region is not the only region where manufacturing activities experienced a sudden downturn. Just about all of the August regional Federal Reserve manufacturing surveys were negative, and the latest September reading of the New York Fed's Empire Manufacturing Survey reported a second consecutive sizable contraction in manufacturing activities

Tomorrow's economic data will be limited to the 10:00 ET release of the Leading Indicators report for August (Briefing.com consensus 0.2%).

Nasdaq Composite +3.3% YTD
Russell 2000 -1.9% YTD
S&P 500 -3.3% YTD
Dow Jones Industrial Average -6.4% YTD

3:30 pm: [BRIEFING.COM]

Following the Fed's decision to keep rates unchanged, the dollar index dropped to a new low for the day, which caused oil, copper, gold and silver futures to all spike to new highs for the day.
In current trade, commodities including gold, silver and copper remains near today's new high as Yellen's press conference continues.
Natural gas futures continue to hold a modest loss, while WTI oil sits near $47/barrel.
Ahead of the Fed decision, Dec gold ended floor trading -0.2% at $1117.00/oz, while Dec silver ended +0.7% at $14.99/oz.
Dec copper finished +0.3% at $2.46/lb.
In current trade, gold is at $1131.60/oz, while silver is at $15.18/oz.
In energy, Oct WTI crude oil lost -0.5% at $46.92/barrel, while Oct nat gas lost one cent to $2.65/MMBtu. Both oil and nat gas are near closing levels.

2:55 pm:

[BRIEFING.COM] The S&P 500 trades higher by 1.1% with one hour remaining in the trading day.

Fed Chair Janet Yellen has been addressing the media for the past 30 minutes, providing additional insight on the latest FOMC meeting, which concluded with the decision to hold the fed funds rate unchanged at 0-0.25%. During her press conference, Fed Chair Yellen indicated that the concerns about a slowdown in China have outweighed positive economic conditions in the U.S. Ms. Yellen stressed that these developments have weighed on the inflation outlook, leading to today's decision to hold pat.

Furthermore, Ms. Yellen emphasized that the expected rate path is more important than the first rate hike, indicating that the Committee expects to see rate normalization by 2018. That comment was followed with a stampede of buyers in stocks while Treasuries have spiked to new highs with the 10-yr yield now down nine basis points at 2.21%.

2:30 pm:

[BRIEFING.COM] Equity indices have returned to their pre-FOMC levels as participants respond to FOMC directive that called for no change to the policy course. In the statement, the FOMC said it is believed risks are nearly balanced, but noted that developments abroad are being monitored, suggesting the volatility in the Chinese market has not gone unnoticed.

Fed Chair Janet Yellen is about to begin addressing the media, which could invite more volatility as the afternoon continues.

Treasuries hover near their highs with the 10-yr yield down seven basis points at 2.23%.

2:05 pm:

[BRIEFING.COM] Recent action saw the major averages briefly spike to new highs before sliding into the red in reaction to the Federal Open Market Committee electing to hold the federal funds target rate at 0-0.25%, thus delaying the rate hike that has been discussed for the past few months.

Treasuries moved higher on the announcement, with the 10-yr yield dropping six basis points to 2.24%. Meanwhile, the Dollar Index (94.81, -0.69) has dropped to a fresh low, trading lower by 0.7%.

Fed Chair Janet Yellen will address the media at 14:30 ET.

1:30 pm:

[BRIEFING.COM] The major U.S. indices have pushed higher since out last update and are just under session highs as investors place their bets ahead of the much anticipated 2:00 PM Fed decision.

A look inside the Dow Jones Industrial Average shows that UnitedHealth Group (UNH 123.73+2.58), Boeing (BA 138.48, +1.28), and Chevron (CVX 79.76, +0.74) are outperforming.

Conversely, Verizon (VZ 45.15, -1.04) is the worst-performing Dow component after warning at today's investor conference that its FY16 earnings may plateau at 2015 levels as they manage near-term impacts including a commercial change in the wireless industry, the ramp up of its new business models for wireless video and the Internet of Things, and a year over year comparison of its financials following the expected closure of its sale to Frontier Communications of various operations. The company reiterated its goal to return to a pre-Vodafone-transaction credit rating profile by 2019.

For the week, the DJIA is up 2.14%, but still down 5.8% this year.

1:00 pm:
Related Quotes

[BRIEFING.COM] The major averages hold modest midday gains with the Nasdaq Composite (+0.4%) trading ahead of the S&P 500 (+0.2%).

Broadly speaking, the first half of the trading day has been quiet ahead of a volatility storm that is expected to be unleashed by the release of the FOMC policy directive at 14:00 ET. That policy statement could call for the first fed funds rate hike in more than nine years, but the fed funds futures market implies only a 30% chance of a that hike taking place today. Similarly, economist polled by Briefing.com expect the Fed to maintain the target rate at 0.25%.

With participants awaiting the afternoon announcement, trading volume has dropped off a bit after the opening total compared favorably to yesterday's opening tally. Earnings news has contributed to the increased activity after the open with Oracle (ORCL 37.06, -1.21) down 3.2% after its one-cent beat was not enough to dispel concerns about the company's guidance and lack of revenue growth. Shares of Oracle have contributed to the relative weakness in the technology sector (-0.5%) while eight of the remaining nine groups trade with gains.

On the upside, the utilities sector (+0.6%) holds the lead while health care (+0.5%), consumer discretionary (+0.5%), and energy (+0.3%) follow not far behind. Notably, the health care sector has been boosted by biotechnology, which has also contributed to the relative strength in the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 359.24, +4.10) trades higher by 1.2%, erasing its decline from yesterday.

Elsewhere, the discretionary sector has received support from media names with Cablevision (CVC 32.85, +4.31) surging 15.1% after agreeing to be acquired by Altice for roughly $17.70 billion in cash.

Similar to the stock market, the bond market has traded inside a narrow range with the 10-yr yield currently down one basis point at 2.29%.

Economic data included Initial Claims, Housing Starts, Current Account, and the Philadelphia Fed Survey:

The initial claims level declined to 264,000 from an unrevised 275,000 while the Briefing.com consensus expected no change at 275,000
Over the past four weeks, the initial claims level has averaged 272,500, and weekly volatility has been minimal, suggesting a strong labor market
The continuing claims level decreased to 2.237 mln from an upwardly revised 2.263 mln (from 2.260 mln) while the consensus expected a drop to 2.255 mln
Housing starts declined 3.0% in August to 1.126 mln from a downwardly revised 1.161 mln (from 1.206 mln) in July while the Briefing.com consensus a drop to 1.158 mln
As expected, single-family starts pulled back in August after reaching a seven-year high in July while construction levels remained strong
Single-family starts slipped only 3.0% to 739,000 in August from 762,000 in July, and new construction is running well above its three-month (729,333) and 12-month (692,417) averages
The current account deficit for the second quarter totaled $109.70 billion while the Briefing.com consensus expected the deficit to hit $112.20 billion
The first quarter deficit was revised to $118.30 billion from $113.30 billion
The Philadelphia Fed's Business Outlook Survey declined to -6.0 in September from 8.3 in August while the Briefing.com consensus expected an increase to 6.5
That was the first reported contraction in the Philadelphia region since February 2014
The Philadelphia region is not the only region where manufacturing activities experienced a sudden downturn. Just about all of the August regional Federal Reserve manufacturing surveys were negative, and the latest September reading of the New York Fed's Empire Manufacturing Survey reported a second consecutive sizable contraction in manufacturing activities

12:30 pm:

[BRIEFING.COM] Equity indices have crawled to new highs with the S&P 500 higher by three points. Including today's uptick, the benchmark index is now up 1.9% for the week, but that standing is all but certain to change once the market begins responding to today's action-or inaction-from the Fed. The FOMC statement and economic projections will be released at 14:00 ET and Chair Janet Yellen will address the assembled media at 14:30 ET.

Eight sectors continue holding gains between 0.1% (financials) and 0.7% (utilities) while technology (-0.4%) and telecom services (-0.8%) remain in negative territory.

12:00 pm:

[BRIEFING.COM] The major averages continue holding modest gains with the Nasdaq (+0.2%) benefiting from the relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 358.33, +3.19) trades higher by 0.9%. Conversely, that strength has helped the health care sector (+0.3%) stay among the leaders.

However, it is another countercyclical sector that holds the lead at this juncture. The utilities space is higher by 0.8% with lower yields supporting the relative strength.

All in all, things remain pretty quiet ahead of an afternoon that should be quite busy.

11:35 am:

[BRIEFING.COM] Equity indices have notched new highs with the Nasdaq Composite (+0.2%) holding the lead. For its part, the S&P 500 is higher by 0.1% with eight sectors trading in the green.

The top-weighted technology sector (-0.4%) remains well behind the broader market, with the underperformance masking gains between 0.1% (industrials) and 0.5% (energy) in the other five cyclical sectors. The energy sector has held the lead even though crude oil futures trade lower by 0.3% at $47.02/bbl. To be fair, today's decline follows yesterday's 5.8% spike.

Elsewhere, Treasuries remain trapped in a narrow range with the 10-yr yield down two basis points at 2.28%.

10:55 am:

[BRIEFING.COM] The S&P 500 remains within a couple points of its flat line while the Nasdaq (+0.2%) has pulled ahead thanks to relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 359.07, +3.93) has climbed 1.1%, erasing its loss from yesterday.

All in all, the session has gotten off to a quiet start ahead of the afternoon release of the latest FOMC policy directive. Meanwhile, Treasuries have held modest gains throughout the morning with the 10-yr yield remaining lower by two basis points at 2.28%.

Unsurprisingly, investors have shown some interest in volatility protection, evidenced by the CBOE Volatility Index (VIX 21.91, +0.56), which has crept up on the 22.0% area, remaining well above its 200-day moving average near 16.0%.

10:40 am: [BRIEFING.COM]

The dollar trended modestly in the red overnight, before steadily selling off in early trade ahead of this afternoon's much anticipated FOMC rate decision
With no clear consensus ahead of the 2 pm ET decision, the dollar is holding current losses at -0.2% to 95.33
Gold volume has been a bit lighter than normal so far this morning, with the commodity now modestly negative at -0.2% to $1117.0/oz, largely due to the prevalence of risk-off trades ahead of the Fed.
Silver has traded independent of monetary sentiment however, and is positive at +0.4% to $14.95/oz.
WTI was flat overnight, but sold off to session lows near $46.40/barrel in early trade.
Sentiment driving crude today has been driven by a number of recent/expected catalysts that include: API & EIA inventory data sets (both showing moderate builds) and headlines surrounding the potential for Congress to potentially lift the US' export ban.
December crude has recently rallied to above the flat-line, and is now +0.5% to $46.91/barrel
In early trade, Natural gas trended up (from flat overnight) ahead of EIA inventory data expected to show a build of 77 bcf
Upon release of the data, natural gas initially fell following a smaller than expected storage build. Nat gas is now flat at $2.66/MMBtu
Copper dipped early, but has steadily risen to positives at +0.1% to $2.45/lb.
In other commodity-related news, dry bulk shipping rates, as measured by the Baltic Dry Index, rallied overnight driven by capesize rates
Overnight, capesize rates surged 28.4% to $11,876 per day

10:00 am:

[BRIEFING.COM] The major averages remain near their flat as relative weakness in technology (-0.5%), industrials (-0.1%), and consumer staples (-0.1%) offsets strength in energy (+0.3%), consumer discretionary (+0.3%), and health care (+0.2%).

Just released, the Philadelphia Fed Survey for September fell to -6.0 from 8.3 while economists polled by Briefing.com had expected a smaller decline to 6.5.

9:50 am:

[BRIEFING.COM] The major averages began the day near their flat lines with the S&P 500 (-0.1%) slightly down amid relative weakness in the technology sector (-0.5%). The influential sector has been pressured by several large cap names, including Oracle (ORCL 37.36, -0.91), which has surrendered 2.4% after reporting a one-cent beat on cautious guidance. Elsewhere in the sector, Apple (AAPL 115.41, -1.00) has given up 0.9%, keeping the sector under pressure.

On the upside, the energy sector (+0.4%) has continued its recent strength while consumer discretionary (+0.3%) and health care (+0.2%) follow not far behind.

Treasuries have held their ground with the 10-yr yield down two basis points at 2.28%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +1.00.

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

Index futures have slipped to pre-market lows in recent going after spending the night inside very narrow ranges. That dynamic should not be a surprise considering the bulk of today's action is expected to take place after the Federal Reserve releases its latest policy statement at 14:00 ET. Afternoon volatility is a hallmark of FOMC days, but today's directive will receive some added attention since it could be headlined by the first fed funds rate hike in more than nine years. That being said, economists polled by Briefing.com expect the target rate to remain unchanged at 0.25%.

Investors have received a barrage of data this morning, but the reports were essentially in-line with expectations. Weekly initial claims declined to 264,000 (Briefing.com consensus 275,000) from an unrevised 275,000; housing starts declined 3.0% in August to 1.126 million (consensus 1.158 million) from a downwardly revised 1.161 million (from 1.206 million); and the current account deficit for the second quarter totaled $109.70 billion (consensus -$112.20 billion).

On the corporate front, Oracle (ORCL 36.92, -1.35) is on track to open lower by 3.6% in reaction to uninspiring quarterly results and guidance.

Treasuries hold gains, trading just below their overnight highs with the 10-yr yield down two basis points at 2.28%.

The Philadelphia Fed Survey for September will cross the wires at 10:00 ET.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -2.10.

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

Most markets in the Asia-Pacific region followed Wall Street's lead from Wednesday and ended higher in front of the FOMC decision. That included Japan's Nikkei (+1.4%), which advanced despite some disappointing trade data. China's Shanghai Composite (-2.1%) was in the mix of winners until it came undone in the final 30 minutes on a wave of selling interest.

In economic data:
Japan's August Trade Balance -JPY570.00 bln (expected -JPY541.00 bln; prior -JPY268.00 bln) as Imports -3.1% year-over-year (expected -2.2%; prior -3.2%) and Exports +3.1% year-over-year (expected +4.0%; prior +7.6%)
Hong Kong's August Unemployment Rate 3.3% (expected 3.3%; prior 3.3%)
New Zealand's Q2 GDP +0.4% quarter-over-quarter (expected +0.5%; prior +0.2%); +2.4% year-over-year (expected +2.5%; prior +2.6%)
Singapore's August Non-Oil Exports-4.6% month-over-month (expected +0.5%; prior +2.5%); -8.4% year-over-year (expected -3.0%; prior -0.7%)

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Japan's Nikkei increased 1.4% in the wake of some weaker than expected trade data for August. Gains were led by the industrials (+2.4%), consumer staples (+2.2%), and materials (+1.6%) sectors. Individual standouts included Minebea Co. (+6.2%), Shiseido Co. (+6.2%), and Mitsui Chemicals (+5.3%). The biggest laggards were Fukuoka Financial Group (-3.2%), Shizuoka Bank (-2.9%), and Chiba Bank (-2.0%). Out of the 225 index members, 183 ended higher, 39 finished lower, and 3 were unchanged.
Hong Kong's Hang Seng declined 0.5% on the back of selling interest that accelerated in the late stages of trading, mirroring the move seen in the mainland market. The Hang Seng had been up as much as 1.1% at its best levels of the day. Downside leaders were BOC Hong Kong Holdings (-3.8%), Belle International Holdings (-3.6%), and MTR Corp (-2.3%). Lenovo Group (+5.7%), China Resources Enterprise (+4.1%), and Tingyi Cayman Islands Holding Corp (+3.8%) topped the list of winners. Out of the 50 index members, 18 ended higher, 30 finished lower, and 2 were unchanged.
China's Shanghai Composite declined 2.1% after coming unraveled in the final 30 minutes of trading. Prior to that, the Composite had been up 1.7%. The late sell-off lacked a specific headline catalyst.

Major European indices trade in cautious fashion with Germany's DAX (+0.1%) hovering ahead of its peers.

Economic data was limited:
UK's August Retail Sales +0.2% month-over-month, as expected; +3.7% year-over-year (consensus 3.8%; prior 4.1%). Separately, Core Retail Sales +0.1% month-over-month, as expected; +3.5% year-over-year (consensus 3.9%; last 4.1%)
Italy's July trade surplus expanded to EUR8.03 billion from EUR2.81 billion (expected surplus of EUR2.47 billion)
The Swiss National Bank made no changes to its policy stance, keeping its sight deposit rate at -0.75%, as expected

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Germany's DAX remains higher by 0.1% with utilities and basic material names in the lead. E.On, RWE, Lanxess, and K+S hold gains between 1.9% and 5.2%. On the downside, Heavyweights Bayer and Siemens trade with losses close to 0.7% apiece.
France's CAC trades down 0.1% amid weakness in energy and industrial names. Schneider Electric, Technip, and Total show losses between 0.4% and 1.9% while exporters outperform. Peugeot and Renault are both up near 1.5%.
UK's FTSE has given up 0.4% with miners pacing the retreat. Antofagasta, Fresnillo, and Rio Tinto are down between 1.8% and 2.5%. On the flip side, consumer names outperform with Associated British Foods, Imperial Tobacco, Barratt Developments, and Sky up between 0.2% and 1.4%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: +1.00.

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

Housing starts fell to a seasonally adjusted annualized rate of 1,126,000 units in August. That was down from a revised 1,161,000 units in July (from 1,206,000). The Briefing.com consensus expected starts to decrease to 1,158,000 units.

Building permits rose to a seasonally adjusted annualized rate of 1,170,000 in August from a revised 1,130,000 for July (from 1,119,000). The Briefing.com consensus expected permits to come in at 1,158,000.

Separately, the latest weekly initial jobless claims count totaled 264,000 while the Briefing.com consensus expected a reading of 275,000. Today's tally was below the unrevised prior week count of 275,000. As for continuing claims, they fell to 2.237 million from 2.263 million.

Also of note, the current account deficit for the second quarter totaled $109.70 billion while the Briefing.com consensus expected the deficit to hit $112.20 billion. The first quarter deficit was revised to $118.30 billion from $113.30 billion.

7:53 am: [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: +0.90.

U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover two points below fair value after spending the night in a five-point range. It would not be surprising to the range-bound action continue into the cash session ahead of afternoon volatility that is expected to be brought on by the latest policy statement from the Federal Open Market Committee.

Meanwhile, Treasuries have inched higher with the 10-yr yield down two basis points at 2.28%.

Weekly Initial Claims (Briefing.com consensus 275,000), August Housing Starts (consensus 1.158 million), Building Permits (expected 1.158 million), and the Q2 Current Account Balance (expected deficit of $112.20 billion) will be released at 8:30 ET while the Philadelphia Fed Survey for September will cross the wires at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the FOMC policy statement and a fed funds rate decision (consensus unchanged at 0.25%).

In U.S. corporate news of note:

Oracle (ORCL 37.35, -0.92): -2.4% after reporting a one-cent beat on a 1.7% year-over-year decline in revenue.
Rite Aid (RAD 8.10, -0.49): -5.7% in reaction to lowered earnings and revenue guidance.
Aerie Pharmaceuticals (AERI 34.20, +16.20): +90.0% after the company reported its glaucoma/ocular hypertension treatment trial has met its primary endpoint.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +1.4%, China's Shanghai Composite -2.1%, and Hong Kong's Hang Seng -0.5%
In economic data:
Japan's August Trade Balance -JPY570.00 bln (expected -JPY541.00 bln; prior -JPY268.00 bln) as Imports -3.1% year-over-year (expected -2.2%; prior -3.2%) and Exports +3.1% year-over-year (expected +4.0%; prior +7.6%)
Hong Kong's August Unemployment Rate 3.3% (expected 3.3%; prior 3.3%)
New Zealand's Q2 GDP +0.4% quarter-over-quarter (expected +0.5%; prior +0.2%); +2.4% year-over-year (expected +2.5%; prior +2.6%)
Singapore's August Non-Oil Exports-4.6% month-over-month (expected +0.5%; prior +2.5%); -8.4% year-over-year (expected -3.0%; prior -0.7%)
In news:
China Securities Regulatory Commission assistant chairman, Zhang Yujun, has become the subject of an official investigation invited by "serious disciplinary violations"

Major European indices trade near their flat lines. UK's FTSE -0.4%, France's CAC +0.2%, and Germany's DAX +0.3%. Elsewhere, Spain's IBEX +1.3% and Italy's MIB -0.1%
Economic data was limited:
UK's August Retail Sales +0.2% month-over-month, as expected; +3.7% year-over-year (consensus 3.8%; prior 4.1%). Separately, Core Retail Sales +0.1% month-over-month, as expected; +3.5% year-over-year (consensus 3.9%; last 4.1%)
Italy's July trade surplus expanded to EUR8.03 billion from EUR2.81 billion (expected surplus of EUR2.47 billion)
Among news of note:
The Swiss National Bank made no changes to its policy stance, keeping its sight deposit rate at -0.75%, as expected

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -0.10.

5:51 am: [BRIEFING.COM] Nikkei...18432.27...+260.70...+1.40%. Hang Seng...21854.63...-112.00...-0.50%.

5:51 am: [BRIEFING.COM] FTSE...6212.87...-16.10...-0.30%. DAX...10253.04...+25.80...+0.30%.

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

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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