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 Post subject: August 3rd Tuesday 2010 Emini TF ($TF_F) points +7.20
PostPosted: Tue Aug 03, 2010 10:44 pm 
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Trade Journal By M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)

Trade journals are crucial in preventing us traders from becoming complacent or content with our trading plan or the markets because without having the ability to review archives of past trading days in a forever changing market...we won't know it's time to adapt when change occurs in the markets because broker statements alone doesn't help us keep that edge in comparison to a trade journal. In addition, this public trade journal contains useful trading tips a few times per week to encourage readers to return for more information and to help ensure I myself don't forget the importance of basic concepts within my own trading plan. Further, there are market summaries from Youtube Bloomberg, CNNMoney and Yahoo Finance as a quick archive of what happened in the markets on a particular day of trading. Thus, if you're looking for trading tips and market summaries that can improve your trading and/or understanding of what happen on a particular day that involves more than just entry signals...consistently read this trade journal and the #FuturesTrades chat room logs where I post my trades in real-time from entry to exit (see link below) via my IRC user name wrbtrader.

Today's #FuturesTrades chat room logs is archived @

Today's results are 3 wins : 1 loss (see above #FuturesTrades log). I missed most of the trading day due to personal reasons. Thus, I have very little to say about today's price action or my trading.

FYI - You can ask me questions here at the forum or you can tweet me on twitter about any thing related to today's trading or related to your own trading.


In addition, posted below are direct links about my trade methodology or trading approach 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 analysis).

Image WRB Analysis Tutorials @

Image Volatility Trading Report (VTR) @

Image Daily Trade Routine @

Trade Performance for Today: +7.20 points or $720 dollars in the ICE Russell 2000 Emini TF ($TF_F) Futures
080310_wrbtrader_PnL_Blotter_Profit.png [ 32.46 KiB | Viewed 90 times ]

1 tick or 0.10 = $10 dollars and to find out more contract information about the Russell 2000 Emini here.

The market summaries below are courtesy of Bloomberg, CNNMoney and Yahoo! Finance.

U.S. Stocks Retreat on Home Sales, Factory Orders Data: Video
Aug. 3 (Bloomberg) -- Bloomberg's Courtney Donohoe reports on performance of the U.S. equity market today. U.S. stocks fell, pulling the Standard & Poor's 500 Index down from a 10-week high, as weaker-than-estimated data on home sales, factory orders and consumer spending cast doubt on the economic recovery. Bloomberg's Pimm Fox also speaks.

Stocks Rally Chilled By Economic Jitters
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By Ben Rooney, staff reporter
August 3, 2010: 5:30 PM ET

NEW YORK ( -- Stocks closed lower Tuesday, trimming some of the previous session's big gains, as optimism over corporate earnings gave way to concerns about the strength of the economic recovery.

The Dow Jones industrial average (INDU) fell 38 points, or 0.3%. The S&P 500 (SPX) index slid 6 points, or 0.5%, and the Nasdaq (COMP) composite dropped 12 points, or 0.5%.

The retreat came after stocks surged Monday, lifted by upbeat manufacturing data and strong earnings from Europe. But the investors were more cautious Tuesday following disappointing results from Procter & Gamble, and mixed reports on housing, factory orders and personal spending.

"It's the same battle between positive earnings and negative underlying fundamentals in the real economy," said Dan Cook, senior market analyst at IG Markets. "The big question is still where do we go after earnings season."

Better-than-expected corporate earnings helped boost the market 7% in July, which was the best month for stocks in a year. At the same time, however, a spate of disappointing economic reports has raised concerns about the pace of the recovery.

"The outlook is pretty dark," said Cook. "It's not dire, but growth will be slow and investors are starting to wonder where these companies will draw profits from next year."

Investors are particularly worried about consumer spending, which drives the bulk of U.S. economic activity, as household budgets remain strained by the weak job market. As a result, trading could be choppy this week as investors brace for the government's monthly payrolls report Friday.

Economists expect Friday's report to show that employers cut payrolls in July and that the unemployment rate ticked up slightly. Treasury Secretary Tim Geithner said Tuesday on ABC's "Good Morning America" that the nation's jobless rate could rise for a few months before it falls.

Investors will look for clues on the job market Wednesday, when payrolls processing firm ADP releases July data on private sector employment. In addition, outplacement firm Challenger, Gray & Christmas is due to report on last month's planned job cuts before the market opens.

"Jobs are probably the dominant economic variable with respect to the health of the economy right now," Lawrence Creatura, a portfolio manager with Federated Clover Investment Advisors, adding that consumers who are employed continue to spend.

Despite the broad decline on Tuesday, energy stocks rose as oil prices closed above $82 a barrel and BP (BP) appeared poised to permanently seal the ruptured well in the Gulf of Mexico. Chevron (CVX, Fortune 500) and ExxonMobil (XOM, Fortune 500) both gained about 1.5%.

Shares of companies with exposure to the health care industry gained on strong earnings from drugmaker Pfizer. But a dour report from Dow Chemical weighed on the basic materials sector.

Economy: Government figures showed that both personal income and spending were unchanged in June, adding to concerns about the slowing pace of the economic recovery.

Economists polled by had expected spending to remain flat but were forecasting personal income to edge up 0.1% in June, following a revised 0.3% gain in May.

Separately, factory orders fell for the second month in a row, declining 1.2% in June, the government said. Economists expected a 0.5% dip in total orders, after a 1.8% drop in May.

Pending home sales fell 2.6% in June, according to the National Association of Realtors. Economists had expected pending home sales to fall 5% in the month, after a 30% plunge in May.
0:00 /4:26Wall Street will get 'wiser'

Earnings: Procter & Gamble (PG, Fortune 500) reported that its fiscal fourth-quarter net income fell 12% from a year earlier, missing expectations. Sales rose modestly, but also fell short of forecasts.

Shares in the company, a Dow component, slid nearly 4%.

Dow Chemical (DOW, Fortune 500) reported second-quarter earnings that missed analysts' expectations, even as sales rose 20%. Excluding certain items, the largest U.S. chemical company said it earned 54 cents in the quarter. Analysts surveyed by Thomson Financial were expecting 56 cents.

Archer Daniels Midland's (ADM, Fortune 500) profit rose to $446 million and trounced forecasts, but the agricultural product company's revenue fell, surprising analysts.

Drugmaker Pfizer (PFE, Fortune 500) posted second-quarter profit and revenue that beat estimates.

Other company news: Most major automakers reported improved U.S. sales in July, making it one of the best months for industrywide sales over the past two years. General Motors, Ford (F, Fortune 500) and Chrysler all said sales rose 5% in the month, versus July 2009.

Toyota (TM) said sales slipped 3% in July, but were slightly better than analysts' forecasts. Sales slipped 2% at Honda Motor. (HMC)
Focus on Ford stock: The Big One

French drugmaker Sanofi-Aventis (SNY) has reportedly entered into friendly takeover talks with U.S. biotech firm Genzyme (GENZ, Fortune 500). A potential deal would value Genzyme at more than $18 billion, according to the Wall Street Journal.

Research in Motion (RIMM) unveiled the much-hyped BlackBerry Torch 9800 on Tuesday, a new touch-screen BlackBerry smartphone with a pull-out keyboard and an updated operating system designed to compete with the likes of the iPhone and Android smartphones.

World markets: European markets ended mixed. Germany's DAX gained 0.2%, while Britain's FTSE 100 was little changed. France's CAC 40 fell 0.1%.

In Asia, Japan's Nikkei jumped 1.3% and the Hang Seng in Hong Kong gained 0.2%. The Shanghai Composite tumbled 1.7%.

Currencies and commodities: The dollar was lower versus the euro, the British pound and the Japanese yen.

U.S. light crude oil for September delivery rose $1.16 to settle at $82.49 a barrel.

COMEX gold's December contract edged up $2.10 to close at $1,187.50 per ounce.

Bonds: Treasury prices rose, pushing the yield on the 10-year note down to 2.91% from 2.97% late Monday. Bond prices and yields move in opposite directions.


Yahoo! Finance

4:30 pm : Tuesday's trade ended with modest losses for stocks. The slide came amid a small, but rather underwhelming dose of data.

Traders were largely inclined to take profits after stocks hit their best levels in more than one month during the prior session. In fact, a pronounced spell of selling dropped stocks for a loss of almost 1% in the first hour of trade as participants reacted to news that pending home sales for June fell 2.6% month-over-month. Though that was less severe than the 5.0% decrease that had been expected, on average, by a sample of economists polled by, many on Wall Street had anticipated an increase.

As for other data, factory orders for June fell a worse-than-expected 1.2%, while orders for May were revised lower to reflect a 1.8% decline.

Personal income, spending, and core personal consumption were flat in June. While income wasn't expected to change, a slight increase in spending had been anticipated.

Technical support near the 1117 line helped the S&P 500 rebound from its morning slide, but resistance at the neutral line kept it from turning positive. Once stocks were backed down again, they spent the rest of the session chopping along in muddled trade.

Materials stocks were in the worst shape this session. The sector shed 1.7% after Dow Chemical (DOW 25.50, -2.83) fell short of the consensus earnings estimate.

Financials fell 1.1%. The sector was dragged down by life and health insurers (-2.6%) after Principal Financial (PFG 24.80, -1.28) missed what Wall Street had projected for earnings. MasterCard (MA 200.91, -1.61) also slipped, even though it reported an upside earnings surprise. Mash & McLennan (MMC 23.93, +0.05) also posted a better-than-expected bottom line, but it managed to muster a slight gain.

Procter & Gamble (PG 59.94, -2.12) was the worst performer in the Dow this session. The consumer staples giant disappointed with an earnings miss.

In contrast, fellow Dow component Pfizer (PFE 16.25, +0.77) was a top performing blue chip after it exceeded earnings expectations for the latest quarter. Among blue chips, its shares were also the most actively traded by volume this session.

Biotech play and takeover target Genzyme (GENZ 70.20, -0.16) slipped in the face of reports that Sanofi-Aventis (SNY 30.17, +0.34) believes the company will not accept a buyout offer of less than $80 per share.

Collective strength among health care stocks helped the sector climb 0.8%.

Baker Hughes (BHI 43.66, -6.57) got a beat down after it reported earnings that were short of expectations. Still, the overall energy sector advanced 0.2%, thanks to oil's climb. Oil prices closed pit trade at $82.55 per barrel with a 1.5% gain after they set a new three-month high of $82.64 per barrel.

Automakers were out with their latest monthly sales figures. Ford Motor (F 12.91, -0.25) announced that sales for July increased 5% year-over-year. Honda Motor (HMC 32.73, -0.20) had a near 6% year-over-year decline in American sales, while Toyota Motor (TM 72.77, +0.73) reported a near 7% year-over-year decline in July sales.

In currency trade, the dollar dropped another 0.4% to breach its 200-day moving average and set a new three-month low. Most of its weakness was owed to the euro's 0.4% advance to its own three-month high.

Advancing Sectors: Health Care (+0.8%), Energy (+0.2%)
Declining Sectors: Materials (-1.7%), Consumer Discretionary (-1.3%), Financials (-1.1%), Consumer Staples (-0.7%), Industrials (-0.5%), Tech (-0.4%), Utilities (-0.3%), Telecom (-0.1%) DJ30 -38.00 NASDAQ -11.84 NQ100 -0.4% R2K -0.9% SP400 -0.8% SP500 -5.40 NASDAQ Adv/Vol/Dec 933/2.01 bln/1694 NYSE Adv/Vol/Dec 1178/1.00 bln/1826

3:30 pm : The commodities pits saw mixed action this session. That left the CRB Commodity Index to lose less than 0.1% of its value.

Oil traded with strength for the entire session. The commodity climbed to a new three-month high of $82.64 per barrel before it settled at $82.55 per barrel with a 1.5% gain.

Natural gas initially attempted to rebound from its 4% loss in the prior session, but it inevitably succumbed to further selling to finish with a 1.0% loss at $4.65 per MMBtu.

Gold prices garnered modest support, such that the yellow metal closed with a tepid 0.2% gain at $1187.50 per ounce.

Meanwhile, silver settled flat at $18.42 per ounce. DJ30 -40.27 NASDAQ -13.67 SP500 -5.85 NASDAQ Adv/Vol/Dec 1115/1.62 bln/1487 NYSE Adv/Vol/Dec 1240/685 mln/1750

3:00 pm : Stocks have been stuck in a sideways chop for the past couple of hours. That has made for a rather lackluster afternoon.

The absence of any real action has kept many traders and investors on the sideline. In turn, trading volume remains unimpressive. Specifically, share volume on the NYSE is just past 600 million shares and there's only an hour left in the session. However, depressed volume has been a common characteristic of trade in recent weeks, given that the 20-day moving average for share volume on the NYSE stands at less than 1.1 billion shares. Prior to the past 20 sessions, the 20-day average had been close to 1.4 billion shares. DJ30 -26.53 NASDAQ -7.97 SP500 -4.06 NASDAQ Adv/Vol/Dec 1244/1.50 bln/1339 NYSE Adv/Vol/Dec 1371/625 mln/1607

2:30 pm : Automakers have been releasing their sales figures for July throughout the session. Ford Motor (F 12.97, -0.19) announced that its monthly sales increased 5% year-over-year and that its retail market share appears to have increased for the 21st time in 22 months. Meanwhile, privately held Chrysler Group reported that its U.S. sales for July increased 5%.

Honda Motor (HMC 32.63, -0.30) reported that it had a near 6% year-over-year decline in American sales. Toyota Motor (TM 72.66, +0.62) reported a near 7% year-over-year decline, but Nissan Motor (NSANY 15.65, +0.10) said its North America sales increased almost 15% for July.

Meanwhile, Germany's BMW Group posted a 10% year-over-year increase in U.S. sales. DJ30 -22.03 NASDAQ -7.74 SP500 -3.60 NASDAQ Adv/Vol/Dec 1270/1.38 bln/1302 NYSE Adv/Vol/Dec 1391/564 mln/1560

2:00 pm : The stock market remains mired in negative territory with a modest loss. Persistent weakness comes even though energy stocks (+0.4%) and health care stocks (+0.9%), which together account for more than 20% of the stock market's capitalization, have been a steady source of strength in afternoon action. DJ30 -27.70 NASDAQ -9.44 SP500 -4.21 NASDAQ Adv/Vol/Dec 1240/1.30 bln/1323 NYSE Adv/Vol/Dec 1321/524 mln/1617

1:30 pm : Shares of air carriers are underperforming this session. That has the Amex Airline Index down 2.5%.

Continental Airlines (CAL 24.43, -1.16) is one of the weakest performing airline stocks. The company reported for July a consolidated load factor of 88.8%, up fractionally year-over-year, and a mainline load factor of 88.5%, also up fractionally year-over-year. Both load factors were actually all-time records. DJ30 -29.07 NASDAQ -10.07 SP500 -4.57 NASDAQ Adv/Vol/Dec 1230/1.20 bln/1322 NYSE Adv/Vol/Dec 1315/485 mln/1636

1:05 pm : Discouraging data had a hand in dropping stocks almost 1% in the early going. Technical support helped reverse that slide, but resistance at the neutral line has kept the major indices in the red.

Stocks surged some 2% to new monthly highs yesterday, but the tone of trade has dampened in the latest round of action. The mood among participants has been partly undermined by news that personal spending was flat in June. Other data was equally underwhelming as June pending home sales decreased, though at a less-than-expected rate, and factory orders for June fell more than expected.

Participants responded to the data by driving the S&P 500 down for a marked loss, but the benchmark index found support near the 1117 line and made its way back to the unchanged mark. However, failure to extend the move into higher ground has led sellers to redouble their efforts and take the stock market back to a modest loss.

Materials stocks are in some of the worst shape this session. The sector is down 1.6% following an earnings miss from Dow Chemical (DOW 25.38, -2.94).

Financials have also faltered. The sector is currently down 0.9%, though both MasterCard (MA 202.65, +0.13) and Mash & McLennan (MMC 23.94, +0.06) posted upside earnings surprises.

Health care stocks have been strong all session. The sector's 0.8% gain is underpinned by pharmaceutical play and Dow component Pfizer (PFE 16.25, +0.77), which exceeded earnings expectations for the latest quarter.

Fellow Dow component Procter & Gamble (PG 59.78, -2.29) disappointed, however. Its earnings miss has made it an underperformer.

Market participants haven't paid much attention to continued weakness in the dollar, which is currently down 0.4% against a basket of competing currencies. That puts the Dollar Index at a new multimonth low beneath its 200-day moving average. The Dollar Index hasn't been below that technical line since January. DJ30 -41.21 NASDAQ -11.88 SP500 -5.99 NASDAQ Adv/Vol/Dec 1205/1.09 bln/1322 NYSE Adv/Vol/Dec 1264/452 mln/1657

12:30 pm : Stocks are backpeddaling after being rebuffed at the neutral line. Overall losses are still modest, though.

Generally weak trade has propped up Treasuries. As such, the benchmark 10-year Note is up a solid 15 ticks. In turn, the yield on the 10-year Note is back down to 2.90%. The 30-year Bond is also up, but not quite as strong. Specifically, it is only up 10 ticks at the moment, such that its yield stands at 4.04%. DJ30 -29.86 NASDAQ -9.67 SP500 -4.37 NASDAQ Adv/Vol/Dec 1280/940 mln/1226 NYSE Adv/Vol/Dec 1293/407 mln/1610

12:00 pm : The broader market recently made its way to the neutral line, but it couldn't quite extend the move into higher ground. Actual gains remain limited to the health care sector (+1.1%), energy sector (+0.5%), utilities sector (+0.1%), and utilities sector (+0.1%).

Financials have had a relatively quiet session. The sector currently lags with a 0.5% loss. Insurers are somewhat mixed as Principal Financial (PFG 25.11, -0.97) is pressured following disappointing earnings, and Marsh & McLennan (MMC 23.90, +0.02) attempts to advance following its upside earnings surprise. DJ30 -12.34 NASDAQ -2.77 SP500 -2.04 NASDAQ Adv/Vol/Dec 1363/845 mln/1106 NYSE Adv/Vol/Dec 1445/365 mln/1453

11:30 am : Oil prices have worked their way back to a 1.2% gain at $82.30 per barrel. They still aren't quite to their session high of $82.47 per barrel, though.

Nonetheless, higher oil prices have helped prop up the energy sector to a 0.2% gain amid muddled action in the broader market. However, offshore play Hercules Offshore (HERO 2.52, -0.07) has failed to take part in the advance, even though it posted a better-than-expected report for its latest quarter. Meanwhile, an earnings miss from oil well services and equipment play Baker Hughs (BHI 43.53, -6.70) has put the stock near one-month lows. DJ30 -17.98 NASDAQ -6.15 SP500 -2.58 NASDAQ Adv/Vol/Dec 1125/730 mln/1319 NYSE Adv/Vol/Dec 1280/318 mln/1566

11:00 am : Stocks found intraday support as the S&P 500 came in touch with the 1117 line. They have since pared their losses.

The stock market now trades just above the 1121 line, which has been cited by technical traders as a pivotal point that stocks need to clear and hold above in order to improve upon the price action of the prior session. The 1121 line coincides with the intraday range low of the prior session and this session's midpoint. DJ30 -27.36 NASDAQ -8.91 SP500 -3.74 NASDAQ Adv/Vol/Dec 975/620 mln/1434 NYSE Adv/Vol/Dec 1040/270 mln/1779

10:30 am : Oil contracts continue to attract support, such that the price of a barrel of crude currently stands at $81.75, up 0.5%. Earlier this morning oil prices actually came close to $82.50 per barrel, a near three-month high.

Natural gas prices have attempted to rally back from their 4% loss in the prior session. The commodity is currently up 2.3% to $4.81 per MMBtu.

Trade is quiet among precious metals. Gold prices are up 0.3% to $1186.40 per ounce, while silver is up just 0.1% to $18.45 per ounce. DJ30 -60.32 NASDAQ -18.46 SP500 -7.51 NASDAQ Adv/Vol/Dec 636/460 mln/1713 NYSE Adv/Vol/Dec 653/205 mln/2132

10:05 am : Pending home sales for June were just released. They decreased 2.6% month-over-month, but that was less severe than the 5.0% decrease that had been expected, on average, by a sample of economists polled by Sales for May were revised fractionally lower to reflect a 29.9% month-over-month decline. Shares of homebuilders have dropped to a 3.8% loss in the wake of the announcement.

Also just posted, factory orders for June decreased 1.2%, which is worse than the expected decline of 0.5%. Orders for May were revised lower to reflect a 1.8% decline.

The dour data has dropped the broader market to a fresh session low. Though losses are now more marked, the slide isn't yet severe. DJ30 -60.59 NASDAQ -20.33 SP500 -8.39 NASDAQ Adv/Vol/Dec 541/331 mln/1760 NYSE Adv/Vol/Dec 573/143 mln/2151

09:45 am : The major equity averages have started the session with modest losses. Weakness is currently most pronounced among materials stocks (-1.1%) and shares of retailers (-1.1%). The two sectors have been hurt, respectively, by an earnings miss from Dow Chemical (DOW 25.99, -2.34) and a sell-the-news type response to upbeat earnings from Coach (COH 36.87, -1.56).

Health care stocks are a source of early strength, though. The sector is up 0.8% as shares of Dow component Pfizer (PFE 16.19, +0.71) rally on the back of a better-than-expected earnings report. DJ30 -35.95 NASDAQ -10.63 SP500 -5.00 NASDAQ Adv/Vol/Dec 684/190 mln/1493 NYSE Adv/Vol/Dec 717/85 mln/1893

09:15 am : S&P futures vs fair value: -3.20. Nasdaq futures vs fair value: -3.70. The stock market climbed approximately 2% to a new one-month high in the prior session, but enthusiasm has cooled this morning. In turn, stock futures point to a flat start for the session. The tepid tone comes amid mixed overseas action, but continued deterioration in the dollar, which is currently down 0.5% against a basket of major foreign currencies. Data has been underwhelming in that both income and spending during June were unchanged. The latest in pending home sales and factor orders could offer a catalyst when they are released at 10:00 AM ET. In other news, there is speculation that the Fed might put money back into the mortgage-backed securities market. As for earnings, overall results remain solid, but announcements from some of the more widely-held names were rather mixed. Specifically, Dow component Procter & Gamble (PG) came short of expectations, but Pfizer (PFE) topped what Wall Street had forecast. Meanwhile, MasterCard (MA) and Coach (COH) posted upside surprises, but Dow Chemical (DOW) and Baker Hughes (BHI) came short of expectations.

09:00 am : S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -2.40.

A tepid tone to premarket trade persists, but action among Europe's bourses is mixed. In Germany, the DAX is flat after it climbed 2.3% in the prior session. Consumer goods stocks (+1.0%) and consumer services plays (+0.9%) continue to climb, but their leadership has been undermined by weakness among tech stocks (-0.8%). At an individual level, Deutsche Post is strong following an increased outlook on the back of better profits. BMW is also outperforming following an upside earnings surprise. Fellow automaker Volkswagen is under pressure, though. In France, the CAC has come down 0.6% after it climbed 3.0% to its 200-day average in the prior session. BNP Paribas continues to trade with leadership, but Societe Generale has succumbed to some profit taking. Sanofi-Aventis (SNY) is currently flat amid news that it believes takeover target Genzyme (GENZ) is unwilling to accept any offer below $80 per share. As for Britain's FTSE, it has fallen to a 0.5% following its 2.6% ascent in the prior session. Financials are split as Standard Chartered and Prudential PLC climb, but HSBC (HBC) and Barclays (BCS) slide. Tech stocks (-2.2%) are largely the weakest performers. While trade in Britain is lackluster, the country's currency, the pound, continues to climb. It is currently up 0.3% to new six-month highs against the greenback.

In Asia, China's Shanghai Composite gave up its 1.3% gain on Monday with a 1.7% drop on Tuesday. The reversal came in response to speculation about further increases to bank reserve requirements. Bank of China and Industrial & Commercial Bank were among the weakest plays. PetroChina (PTR) and China Petroleum (SNP) also caused a heavy drag on trade. Hong Kong's Hang Seng managed to make its way to a 0.2% gain. That came on top of the prior session's 1.8% spike. The latest leg of gains were actually led by financials (+0.6%) and consumer goods stocks (+0.6%). Consumer services plays (-1.3%) were weak, though. Japan's Nikkei lagged in the prior session, when it advanced just 0.4%, but it climbed 1.3% in the latest round of trade. Oil and gas stocks led the way with a 2.5% increase. Basic materials stocks were also strong - they advanced 2.2%. Japan's yen has also shown strength. It was last quoted with a 0.6% gain.

08:35 am : S&P futures vs fair value: -3.40. Nasdaq futures vs fair value: -4.90. The tone to premarket trade remains flat to modestly lower, though stock futures have slipped with the release of the latest data. June personal income was flat, as had been expected, on average, by a sample of economists polled by Spending in June was also flat, though a slight increase of 0.1% had been expected. Core personal consumption expenditures were also flat when a tepid 0.1% increase had been expected. As for the prior month's data, income was revised lower to reflect a 0.3% increase, spending was trimmed to reflect a 0.1% increase, and core personal consumption expenditures were reduced to reflect a 0.1% monthly increase.

08:00 am : S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -4.20. Continued gains by the euro have the currency up another 0.4% to a fresh three-month high against the greenback. The British pound continues to climb, too; it is currently up 0.3% to a new six-month high.

Such strength hasn't done anything to lift stock futures, though. Instead, premarket action is rather flat ahead of the latest dose of data, which includes personal income and spending figures for June at 8:30 AM ET, followed by factory orders for June and pending home sales for June at 10:00 AM ET. Monthly domestic vehicle sales numbers will be released intermittently throughout the day.

Earnings announcements from some of the more widely-held names have been a bit mixed. Specifically, Dow component Procter & Gamble (PG) missed the consensus for the latest quarter and issued mixed guidance, but fellow blue chip Pfizer (PFE) exceeded earnings expectations and issued in-line guidance. Meanwhile, Dow Chemical (DOW) and Baker Hughes (BHI) came short of expectations, but Coach (COH) and Marsh McLennan (MMC) both topped forecasts.

07:30 am : S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -6.70.

07:30 am : Nikkei...9694.01...+123.70...+1.30%. Hang Seng...21457.66...+44.90...+0.20%.

07:30 am : FTSE...5379.16...-18.10...-0.30%. DAX...6299.49...+7.30...+0.10%.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body analysis)
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Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
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