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 Post subject: July 14th Thursday 2011 Emini TF ($TF_F) points +18.50
PostPosted: Fri Jul 15, 2011 12:44 am 
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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)
Attachment:
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click on the above image to view today's trading summary

Trade Performance for Today: +18.50 points or $1850.00 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
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.

In addition, today's #FuturesTrades trading chat room logs provides details about each trade from entry to exit along with commentary as the trade traversed...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=92&t=934.

Also, posted below are direct links to information about my 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).

Image WRB Analysis Tutorials @ 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=5&t=180.

Image 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 trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=138&t=1058

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Image Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED actions, global economics that had an impact on today's price action. Simply, I'm a strong believer that many variables (key market events) causes key changes in supply/demand and volatility that's arguably just as important as my technical analysis. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis.

Image Bloomberg (YouTube Video) - U.S. Stocks Fall, Bernanke Dampens Stimulus Speculation

July 14 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks fell, driving the Standard & Poor's 500 Index to the lowest level of the month, as Federal Reserve Chairman Ben S. Bernanke said he's not prepared to take immediate action to stimulate the economy.

Image CNNMoney.com - Stocks Drop After Bernanke Comments
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer July 14, 2011: 4:35 PM ET

NEW YORK (CNNMoney) -- U.S. stocks fell Thursday after Federal Reserve chairman Ben Bernanke said that the central bank may not be as willing to move on further stimulus as previously thought.

The Dow Jones industrial average (INDU) slipped 54 points, or 0.4%, to end at 12,437. Shares of Alcoa (AA, Fortune 500), DuPont (DD, Fortune 500) and Boeing (BA, Fortune 500) were the biggest drags on the blue chip index.

Meanwhile, JPMorgan (JPM, Fortune 500) was the best performer on the Dow, rising roughly 2%, after reporting quarterly income and revenue that topped estimates. But the bank also said that it sees additional costs for resolving mortgage issues.

The S&P 500 (SPX) fell 9 points, or 0.7%, to 1,309; and the Nasdaq Composite (COMP) lost 34 points, or 1.2%, to 2,763.

Bernanke, in his comments to the Senate Banking Committee Thursday, said the central bank is "not prepared at this point to take further action," regarding further monetary stimulus.

That's a step back from previous comments Bernanke made on Wednesday, when he said the Fed could step in to support the economy through another round of quantitative easing, if the U.S. economy would need it.

"The market was looking for any economic life preserver it can get, and thought it got it through Bernanke, but that appeared to be just a mirage," said Burt White, chief investment officer with LPL financial. "He's talking more about inflationary pressures and the debt ceiling, and it's clear that the Fed isn't going to be there as may have been previously indicated."
Debt negotiations: You're all doing it wrong

Investors are also weighing a warning from credit agency Moody's issued late Wednesday that it may downgrade the U.S.'s credit rating.

Moody's initiated the review, because of the "rising possibility" that Congress will fail to raise the debt ceiling in time -- something that could lead to a U.S. default on its debt. Standard & Poor's added to the gloomy chorus Thursday, with analysts telling politicians privately that the U.S. could lose its "AAA" rating -- even if it paid interest on the debt.

"It's a time to be defensive, as long as this political theatre continues both in Europe and in Washington," White said.

U.S. stocks snapped a three-session losing streak Wednesday, after Bernanke's initial stimulus comments.

* 5 reasons to be bullish on stocks

Economy: The Labor Department said jobless claims fell 22,000 to 405,000 in the latest week. Economists were expecting weekly claims to decrease to 410,000.

The producer price index -- a reading of wholesale inflation -- fell 0.4% in June, after rising 0.2% the prior month. Economists were expecting the measure to have fallen 0.2%.

June retail sales rose 0.1%, according to the Commerce Department. Sales were expected to have fallen 0.2% last month.

* Video - ConocoPhillips surges on break-up news

Companies: ConocoPhillips (COP, Fortune 500) said it plans to split its operations into two distinct publicly traded corporations, sending its stock up 1.5%. In a tax-free spin to shareholders, ConocoPhillips will separate its oil refining and marketing business from its exploration and production operations.

The merger between NYSE Euronext (NYX, Fortune 500) and Deutsche Boerse moved one step closer to completion on Thursday after Deutsche shareholders gave preliminary approval of the merger. Shares of NYSE Euronext edged lower.

News Corp (NWSA, Fortune 500) shares dropped 3% following several reports that the FBI is opening up an investigation into whether its media properties may have hacked into 9/11 victims' voicemails.

European music-streaming service Spotify launched in the U.S. today, bringing shares of competitor Pandora (P) down 1%.

Marriott (MAR, Fortune 500) shares plunged more than 6.5%, after the company cut its full-year outlook.

* Earnings dominate StockTwits tweets

Google (GOOG, Fortune 500) shares jumped 11% in aftermarket trading following the company's much better-than-expected quarterly earnings. The search giant posted a profit of $8.74 a share, versus analysts expectations that Google would earn $7.86 a share.

Currencies and commodities: The dollar strengthened against the Japanese yen, British pound and the euro.

Oil for August delivery sank $2.80 to $95.21 a barrel.

Gold futures for August delivery rose $3.80 to settle at a record high of $1,589.30 an ounce. Earlier in the trading session, gold set a new intraday record of $1,594.90.

Bonds: The price on the benchmark 10-year U.S. Treasury dropped, pushing the yield up to 2.92% from 2.89% late Wednesday.

World markets: European stocks closed modestly lower. Britain's FTSE 100 was off 0.9%, the DAX in Germany lost 0.6% and France's CAC 40 slipped 1%.

Asian markets ended the session mixed. The Shanghai Composite rose 0.6% and the Hang Seng in Hong Kong added 0.1%, while Japan's Nikkei fell 0.3%.

Image

Image Yahoo! Finance - Market Update

4:20 pm : Stocks benefited from buying interest in the early going, but a midmorning shift in sentiment sent stocks to their fourth round of losses in five sessions.

Most of Fed Chairman Bernanke's comments to the Senate Banking Committee were consistent with what he expressed yesterday, but he did make note that a default by the Treasury would destroy trust and confidence among investors. That remark came after analysts at Moody's decided to put the Aaa credit rating of the U.S. on review for possible downgrade.

Earlier this week the minutes from the most recent FOMC meeting indicated that the Fed would be willing to provide further quantitative easing, if conditions deemed it necessary, but Bernanke confirmed today that the Fed does not yet have such a plan ready.

Even though it was already established that talk about further quantitative easing by the Fed was nothing more than that, market participants seemed to use Bernanke's confirmation of that point as reason to sell into the stock market's slide, which took the three major equity averages down from solid gains to varied losses.

Of the three, the Nasdaq suffered the worst loss. Google (GOOG 528.94, -9.32) was a heavy drag ahead of its quarterly report. In contrast, the Dow was able to limit its loss amid support from JPMorgan Chase (JPM 40.35, +0.73), which bested the consensus earnings estimate for its latest quarter to trade to a weekly high. However, other diversified financial services stocks and banking plays failed to share in the stock's strength, resulting in a 0.8% loss for the overall financial sector.

An upbeat quarterly report also helped Yum! Brands (YUM 56.37, +0.79) trade with strength, but a miss and downside guidance from Marriott (MAR 34.69, -2.45) made the hotel operator drop to a July low. Weakness in MAR shares imbued many of its peers.

Outside of earnings news, News Corp (NWSA 15.44, -0.49) has come under FBI investigation to see whether or not employees of the company hacked into cellular phones for stories.

Shares of ConocoPhillips (COP 75.61, +1.21) opened trade with a gain of almost 8% in response to news that the company will be separate its refining and marketing operations from its exploration and production business so as to form two publicly traded companies. Support steadily faded as trade progressed, although the stock still settled with a gain. The stock had been an early source of support for the energy sector, which was up more than 1% in the early going, but ended the session with a 0.5% loss.

The dollar traded with increased volatility today. Early this morning it was undercut by the Moody's news, but it managed to rebound in response to rekindled concerns about fiscal conditions among countries in the eurozone periphery. The euro caught a bid around the time that Italy announced its Senate passed a set of austerity measures, but was later backed down as the dollar rallied to close the session with a 0.6% gain against a broader collection of currencies.

Participants got a sizable dose of data this morning, but none had any real impact on sentiment this session. Initial jobless claims for the week ended July 9 totaled 405,000, which is slightly less than the 410,000 that was widely expected, but down from the prior week's upwardly revised initial claims count of 427,000. Continuing claims climbed to 3.73 million from 3.71 million.

Producer prices for June fell 0.4% from the prior month, but core producer prices posted a 0.3% monthly increase. A 0.2% decline in overall prices and a 0.2% increase in core prices had been expected, on average, among economists polled by Briefing.com.

Retail sales for June were up 0.1%, which was better than the 0.2% decline that had been broadly expected, but sales less autos were flat, as had been anticipated.

Advancing Sectors: (None)
Declining Sectors: Health Care -0.1%, Utilities -0.5%, Energy -0.5%, Consumer Staples -0.5%, Telecom -0.7%, Consumer Discretionary -0.8%, Financials -0.8%, Materials -0.9%, Industrials -1.0%, Tech -1.0%DJ30 -54.49 NASDAQ -33.18 NQ100 -1.2% R2K -1.6% SP400 -1.3% SP500 -8.85 NASDAQ Adv/Vol/Dec 589/1.95 bln/1977 NYSE Adv/Vol/Dec 640/925 mln/2400

3:30 pm : Commentary out of the Fed Chairman, at his second day of testimony on the Hill, backed away from talk of QE3. This followed yesterday's testimony, where Mr. Bernanke said the Fed remains prepared to respond should economic developments indicate that an adjustment in the stance of monetary policy would be appropriate. Today the Chairman said that the Fed is not prepared, at this point, to take further action. That comment helped the dollar rebound. It also created volatility for select commodities, including gold, silver and crude oil.

In overnight trade, gold futures traded to a fresh all-time high at $1594.90 per ounce. Futures remained near those highs in mid-morning trade, when Mr. Bernanke's comments hit the wires. This caused for futures to pull back to the flat line. Gold managed to trade back into positive territory to finish the session higher by 0.2% to $1588.40 per ounce. Sept silver saw the same pullback as gold, as prices dropped back to near the flat line. It managed to retrace some of its sell off to finish higher by 1.3% to $38.65 per ounce.

The comments from Mr. Bernanke caused for August crude oil, which settled lower by 2.4% to $95.69 per barrel, to sell off sharply. Prices dropped over 4 points to session lows at $94.53. They managed to rebound off those lows, modestly at least, to finish above the $95 mark. This morning's inventory data, which showed a slightly larger-than-expected build, caused natural gas to drop to low at $4.25. Futures spent the remainder of the session retracing that sell off, ending lower by 0.5% at $4.38 per MMBtu. DJ30 -45.26 NASDAQ -37.27 SP500 -7.84 NASDAQ Adv/Vol/Dec 591/1.5 bln/1959 NYSE Adv/Vol/Dec 645/676.8 mln/2382

3:00 pm : According to reports, the FBI has opened an investigation into whether or not employees of News Corp (NWSA 15.45, -0.48) hacked into cellular phones. That headline has caused shares of NWSA to drop markedly into negative territory. The stock is still above the three-month low that it set earlier this week, though.

Other media plays haven't really benefited from the weakness of NWSA. Instead, Walt Disney (DIS 39.50, -0.06) and Time Warner (TWX 35.84, +0.03) are stuck near the neutral line. DJ30 -36.29 NASDAQ -28.65 SP500 -6.84 NASDAQ Adv/Vol/Dec 645/1.21 bln/1868 NYSE Adv/Vol/Dec 751/529 mln/2205

2:30 pm : Shares of Brasil Foods (BRFS 19.16, +0.66) are up sharply to a new one-month high following news that the company has confirmed the approval of a merger with Sadia. The company's stock has also benefited from analyst upgrades.

In other deal news, Williams Companies (WMB 29.10, +0.31) has raised its offer for Southern Union (SUG 43.50, +1.90) to $44 per share in cash. DJ30 -28.87 NASDAQ -21.31 SP500 -6.19 NASDAQ Adv/Vol/Dec 645/1.21 bln/1868 NYSE Adv/Vol/Dec 751/529 mln/2205

2:00 pm : At its session high, the Dow was up about 90 points. Its descent from that morning high to its afternoon low resulted in a net loss of 76 points. It has since rebounded to trade just below the neutral line.

The volatile action of the Dow comes as participants try to find the market's direction amid ongoing fiscal concerns in the various corners of the eurozone and, more recently, how the U.S. will deal with its debt ceiling in light of the decision by Moody's to put the U.S. on review for possible downgrade.

JPMorgan Chase (JPM 40.72, +1.10) has been a steady source of support for the Dow today. Its upside earnings surprise has put the stock at a weekly high, but it has struggled to get other blue chips and financial plays to follow it higher. For instance, Bank of America (BAC 10.16, -0.03) has spent the entire afternoon in the red. DJ30 -2.91 NASDAQ -26.13 SP500 -2.76 NASDAQ Adv/Vol/Dec 628/1.11 bln/1859 NYSE Adv/Vol/Dec 754/482 mln/2196

1:30 pm : Stocks recently set a fresh session low, but now they are starting to make a sharp rebound. The effort has yet to take any of the major equity averages back into positive territory, though.

Meanwhile, Treasuries have climbed to a session high. Their strength comes after results from the latest auction of 30-year Bonds showed a bid-to-cover of 2.80, dollar demand of $36.4 billion, and an indirect bidder participation rate of 37.8%. For comparison, the prior auction produced a bid-to-cover of 2.63, dollar demand of $34.2 billion, and an indirect bidder rate of 38.4%. An average of the past six auctions gives a bid-to-cover ratio of 2.68, dollar demand of $37.3 billion, and an indirect bidder rate of 40.0%. DJ30 -16.58 NASDAQ -34.44 SP500 -5.21 NASDAQ Adv/Dec 561/1923 NYSE Adv/Dec 697/2305

1:00 pm : Stocks worked their way higher in the early going, but the move failed to find secure footing, causing stocks to go on the retreat.

Even though Moody's put the U.S. on review for possible downgrade, participants bought stocks this morning in a display of their belief that a compromise on the U.S. debt ceiling will be reached. Fed Chairman Bernanke stated during his testimony to the Senate Banking Committee that a default by the Treasury would destroy trust and confidence among investors.

Chairman Bernanke also remarked that the Fed does not yet have a plan ready for the possible implementation of further quantitative easing. That comment came as stocks slid from their morning highs.

Selling pressure has been broad, but the Nasdaq has been hit with some of the sharpest pressure. Google (GOOG 530.00, -8.26), which is scheduled to report its latest quarterly results tonight, has been a heavy drag on the space.

Diversified financial services stocks have been a source of support for the broad market, however. An upside surprise from Dow component and banking bellwether JPMorgan Chase (JPM 40.58, +0.96) has the group up solidly. Regional lenders have failed to fight off selling, though; their weakness has the KBW Bank Index down 1.0%.

Marriott (MAR 33.99, -3.14) was also out with its latest quarterly announcement, which featured a lighter-than-expected top line and downside guidance. The stock is one of this session's poorest performers.

News that ConocoPhillips (COP 76.35, +1.95) is going to split itself into two companies has helped support the energy sector this session. Howevere, excitement over the decision is evidently dwindling because shares of COP have drifted down by about 5% from their opening high.

Economic data has had little influence over today's trade. Initial jobless claims came down from the prior week, but remained at an elevated level above 400,000. Overall retail sales were up a slight 0.1% in June, but sales less autos were flat. Overall producer prices declined 0.4% in June, but core prices climbed 0.3%. DJ30 -43.56 NASDAQ -23.01 SP500 -7.52 NASDAQ Adv/Dec 641/2345 NYSE Adv/Dec 536/1933

12:30 pm : Stocks have drifted deeper into negative territory. Small-cap stocks and mid-cap plays are in the worst shape. Specifically, the S&P 400 is down 0.8% while the Russell 2000 is down 1.0%. Losses therein have left the S&P 400 to trade at a 10-day low, while the Russell 2000 is at a weekly low.

Coming up at the top of the hour are results from an auction of 30-year Bonds. The announcement could induce some action in the fixed income space, which has been rather dull today. DJ30 -14.12 NASDAQ -14.77 SP500 -4.75 NASDAQ Adv/Dec 618/1831 NYSE Adv/Dec 711/2255

12:00 pm : The Nasdaq has descended to a new low for the day. Its slide comes as participants turn against tech plays so that the number of declining issues listed in the Nasdaq Composite outnumbers its advancing issues by 2-to-1.

Google (GOOG 532.98, -5.28), in particular, has been one of the heaviest drags on the Nasdaq. The stock's 1% loss precedes its latest quarterly report, which is scheduled for tonight. The Capital IQ estimate calls for earnings of $7.83 per share. For the same quarter one year ago, Google generated earnings of $6.45 per share.DJ30 +19.64 NASDAQ -10.63 SP500 -0.29 NASDAQ Adv/Dec 801/1607 NYSE Adv/Dec 1003/1902

11:30 am : Oil prices have extended their downturn so that continuous contracts now trade with a 1.4% loss at $96.70 per barrel. Meanwhile, gold prices are now at $1585.50 per ounce, unchanged for the session. General weakness in the commodity complex has the CRB Commodity Index down to a 1.1% loss after it had been only fractionally a couple of hours ago.

Even though their collective gain has been halved, energy stocks continue to outperform the rest of the market. The sector's current 0.6% gain has been mostly supported by strength among integrated plays, but oil and gas service and equipment plays have been a source of weakness for the sector. DJ30 +24.41 NASDAQ -3.05 SP500 +0.85 NASDAQ Adv/Dec 901/1462 NYSE Adv/Dec 1166/1721

11:00 am : Stocks began to roll over about 30 minutes ago. The downturn has gained enough momentum to take the Nasdaq and the S&P 500 to the neutral line, and the Dow to a minimal gain.

The recent bout of selling pressure has been broad, but hasn't been caused by any specific headline. However, The reversal has coincided with a bounce by the dollar, which is now up 0.3% against a basket of major foreign currencies.

In light of Moody's decision to put the U.S. on review for possible downgrade, Fed Chairman Bernanke stated during his testimony to the Senate Banking Committee that a default by the Treasury would destroy trust and confidence among investors.DJ30 +22.10 NASDAQ +2.96 SP500 +0.78 NASDAQ Adv/Dec 893/1454 NYSE Adv/Dec 1191/1670

10:35 am : Select commodities are trading higher currently, including crude oil, heating oil, precious metals and aluminum, while the dollar index is back near the unchanged line. Copper is near the flat line, and soft commodities are in the red.

Natural gas has been in the red all morning, and ahead of inventory data the energy component was trading near session lows of $4.33/MMBtu. Following the data, which showed a build of 84 bcf versus consensus of a build of ~80 bcf, natural gas fell to new session lows of $4.24/MMBtu and is now 1.9% lower at $4.30.

Crude oil traded in positive territory for the majority of morning trade, but just pulled back following the nat gas data. Crude was near the $98.70 area and dropped to the unchanged line a minutes ago to around the $98 level. Currently, it's at 98.12, up 0.1%.

In early morning trade, gold prices hit new all-time highs of $1594.90/oz after chopping around the unchanged line overnight and is now 0.2% higher at $1588.30/oz. Silver rose as high as $39.39/oz and remains near that session high; now at $39.13, up 2.6%.DJ30 +83.33 NASDAQ +14.70 SP500 +8.45 NASDAQ Adv/Vol/Dec 1810/344 mln/935 NYSE Adv/Vol/Dec 1810/164 mln/935

10:00 am : Stocks have made a strong move higher in recent minutes. The push comes as the rest of the market attempts to catch up with the energy sector, which continues to boast a 1.2% gain.

Business inventories for May increased by 1.0% from the prior month. An increase of 0.9% had been expected, on average, among economists polled by Briefing.com.

Fed Chairman Bernanke is expected to begin his testimony on monetary policy to the Senate Banking Committee at any moment. It is assumed that his comments will not deviate from those offered yesterday to the House Financial Services Committee. DJ30 +76.59 NASDAQ +4.79 SP500 +9.00

09:45 am : Early trade is rather choppy, but the major equity averages have managed to remain in positive territory with modest gains.

Energy is an early leader. The sector has sprinted ahead to a 1.2% gain as ConocoPhillips (COP 9.70, +5.30) shares spike more than 7% in response to news that the company will split itself into two publicly traded entities, one which will focus on refining and marketing, the other will take over exploration and production operations.

In the backdrop, oil prices are up 0.6% to $98.70 per barrel. DJ30 +40.11 NASDAQ +5.77 SP500 +4.29

09:15 am : S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +7.70. Stock futures suggest that the cash market will open in positive territory. The bid comes after stock futures had been clipped in response to news that analysts at Moody's have put the Aaa rating of the U.S. on review for possible downgrade. Participants have generally brushed off that review because they are confident the U.S. will be able to reach a deal on its debt ceiling. The dollar was also pressured by the announcement, but a weaker euro helped it improve its position against a basket of major foreign currencies. Weakness in the euro came amid rekindled concern about fiscal conditions in various pockets of the eurozone. That said, it has just been learned that Italy's Senate passed an austerity package. Data has had little impact on trade ahead of the open. Initial jobless claims came down from the prior week, but remained at an elevated level above 400,000. Overall retail sales were up slightly in June, but sales less autos were flat. Overall producer prices declined in June, but core prices climbed. In the corporate space, Dow component JPMorgan Chase (JPM) posted a stronger-than-expected profit for the latest quarter. Google (GOOG) reports tonight. Still on today's docket, Fed Chairman Bernanke will begin his testimony on monetary policy to the Senate Banking Committee. His comments are all but guaranteed to remain consistent with those delivered to the House Financial Services Committee yesterday.

09:05 am : S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.00. Crude oil prices are up 0.4% to $98.40 per barrel in the opening minutes of pit trade. Meanwhile, natural gas prices are down 0.8% to $4.35 per MMBtu. Prices could see some volatility with the release of weekly inventory data at 10:30 AM ET. Precious metals are up with varied gains this morning. Specifically, gold was last quoted with a 0.5% gain at record levels above $1592.00 per ounce. Silver is up a dramatic 3.0% to $39.28 per ounce. Mixed overall action among commodities has the CRB Commodity Index down fractionally after it set a one-month high yesterday.

08:35 am : S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +5.70. Stock futures are little changed following a flurry of data. Initial jobless claims for the week ended July 9 totaled 405,000, which is slightly less than the 410,000 that was widely expected, but down from the prior week's upwardly revised initial claims count of 427,000. Continuing claims came in at 3.73 million, which is up from the 3.71 million that was previously reported. As for producer prices, they fell 0.4% month over month, but core producer prices increased 0.3% month over month. The consensus among economists polled by Briefing.com had called for a 0.2% decline in overall prices and a 0.2% increase in core prices. Moving on, retail sales during June increased by 0.1% from the prior month. That was better than the 0.2% decline that had been broadly expected. However, sales less autos were flat, as had been anticipated.

08:05 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +7.20. The decision by analysts at Moody's to place U.S. debt on review for possible downgrade initially undercut stock futures, but the tone of premarket trade has improved to the point that stock futures are now up modestly over fair value. A negative tone of trade continues to linger in Europe, though. The continent's major bourses have been burdened by rekindled concerns about the fiscal health of countries in the eurozone periphery. That has put renewed pressure on the euro, effectively helping to prop up the dollar in the wake of the announcement from Moody's. The dollar is currently unchanged against a collection of competing currencies. In the corporate space, Dow component and financial bellwether JPMorgan Chase (JPM) posted an upside earnings surprise this morning. The stock is up by about 2% ahead of the open. Per usual, the strong performance sets a high bar for other banks and financial players this earnings season. Integrated energy play ConocoPhillips (COP) announced that it will be separating its refining and marketing operations from its exploration and production business so as to form two publicly traded companies. Monthly producer price data are due at the bottom of the hour, along with retail sales figures and the latest weekly initial jobless claims count. Business invenotry numbers will be released at 10:00 AM ET. Fed Chairman Bernanke returns to the podium at 10:00 AM ET to deliver his testimony on monetary policy to the Senate Banking Committee. Bernanke's comments are unlikely to deviate from those presented yesterday to the House Financial Services Committee. This afternoon brings results from another Treasury auction. At 1:00 PM ET participants will see what demand is like for the 30-year Bond at on-the-run interest rates.

06:23 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +2.00.

06:23 am : Nikkei...9936.12...-27.00...-0.30%. Hang Seng...21940.20...+13.30...+0.10%.

06:23 am : FTSE...5844.13...-62.30...-1.10%. DAX...7202.76...-65.10...-0.90%.

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/bar analysis)
Price Action Trading (no technical indicators)
Image@ http://twitter.com/wrbtrader and http://stocktwits.com/wrbtrader

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