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 Post subject: July 15th Friday 2011 Emini TF (No Trades Personal Day Off)
PostPosted: Sat Jul 16, 2011 8:01 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)

Quote:
No trades today due to personal reasons (family illness)

Trade Performance for Today: +0.00 points or $0.00 dollars in the Russell 2000 Emini TF ($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=935.

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 WSJ.com (MarketWatch Video) - Stocks End Higher on Strong Earnings

July 15 (MarketWatch) -- Stocks advanced, as blowout earnings from Google and a big corporate takeover overshadowed another warning about the U.S.'s credit rating and a depressed reading on consumer sentiment.

Image CNNMoney.com - Stocks Rise, But Debt Ceiling Jitters persist
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer July 15, 2011: 4:48 PM ET

NEW YORK (CNNMoney) -- U.S. stocks posted solid gains on Friday as corporate profits helped offset the ongoing uncertainty regarding the U.S.'s debt ceiling.

"All the posturing in Washington is adding to investor frustrations the longer things get drawn out without anything getting done on the debt ceiling," said Michael James, senior equity trader at Wedbush Morgan Securities.

The Dow Jones industrial average (INDU) rose 43 points, or 0.3% to close at 12,480. Shares of Chevron (CVX, Fortune 500) and Caterpillar (CAT, Fortune 500) were the biggest gainers among the blue chips.

The S&P 500 (SPX) rose 7 points, or 0.6%, to 1,316 and the Nasdaq Composite (COMP) jumped 27 points, or 1%, to 2,790, largely due to strong earnings from Google (GOOG, Fortune 500).

Google reported profits that easily beat forecasts after the bell Thursday, and noted that Google+ topped 10 million users in two weeks. Shares of Google surged 13%.

But the U.S. debt ceiling debate remains the big topic on investors' minds. The Dow fell 1.4% this week, in part because of the concerns over the debt ceiling, while the S&P fell 2.1% and the Nasdaq fell 2.5%.

House Speaker John Boehner and House Majority Leader Eric Cantor said Friday that Republican lawmakers have been doing everything they can to avoid a default. The rhetoric unnerved investors who are hoping for a more definitive plan of action.

Shortly after, President Obama offered up some soothing words, saying, "We have enough time to do a big deal ... we know how we can create a package that solves the deficit and debt."

The ongoing debt debate comes as Standard & Poors warned that the United States' debt could be downgraded in the next three months.

"Moody's and S&P have jumped into the fray and said 'if we are treating you like a corporation, you're not being responsible leaders and we need to downgrade you,'" said Marc Pado, U.S. market strategist with Cantor Fitzgerald.

* Video - Demystifying the Euro bank test

Investors are already frazzled by worries over Europe's sovereign debt problems. The results of European bank stress tests were released Friday, with regulators saying that eight out of the 90 banks tested failed the stress tests.

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.

Economy: The University of Michigan consumer sentiment survey unexpectedly fell to a reading of 63.8 in July, versus the 71.4 reading that economists had forecasted.

The Labor Department reported that the Consumer Price Index fell 0.2% in June. CPI is the most widely looked at gauge of inflation, and economists had been expecting it to fall 0.1%.

* U.S. banks safe from Italy's problems

Companies: Citigroup (C, Fortune 500) reported second-quarter net income of $3.3 billion, or $1.09 per share. That topped analyst estimates of 96 cents per share. Shares fell 1.5%.

Rebekah Brooks, former News of the World editor and CEO of News International, resigned in wake of News Corp (NWSA, Fortune 500). hacking scandal. Shares rose 1% but the stock has dropped nearly 8% this week.

* Video - Google shatters expectations

Investor Carl Icahn offered to take Clorox (CLX, Fortune 500) private in a deal valued at $12.6 billion. Clorox shareholders would receive $76.50 per share, an 11.8% premium over Thursday's closing price of $68.43. Shares of Clorox rose 9%.

Petrohawk (HK) shares surged 62% after Australian mining giant BHP Billiton (BHP) said it would acquire the U.S. oil and natural gas producer for $12.1 billion.

Toy maker Mattel (MAT, Fortune 500) topped analyst estimates, reporting net income of $80.5 million, or 23 cents per share, up from $51.6 million, or 14 cents per share over the same time period last year. Shares rose 2%.

World markets: European stocks ended the session mixed. Britain's FTSE 100 fell 0.1%, the DAX in Germany rose 0.1% and France's CAC 40 was off 0.7%. All markets closed before the European bank stress tests.

Asian markets ended the session mixed. The Shanghai Composite increased 0.4%, the Hang Seng in Hong Kong was off 0.3% and Japan's Nikkei gained 0.4%.

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

Oil for August delivery rose $1.72 to $97.41 a barrel.

Gold futures for August delivery rose $4.90 to $1,594.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury edged higher, with the yield sliding to 2.95%.

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Image Yahoo! Finance - Market Update

4:05 pm : The S&P 500 lost 2.5% this week, and about two-thirds of that loss took place on Monday as concerns intensified about Italy's fiscal situation. Europe's fragile financial state remained in focus throughout the week, but commentary about the potential for QE3 took over mid-week after the FOMC minutes revealed discussion among Fed members about the potential for additional monetary policy stimulus, depending on how economic conditions evolve.

Ben Bernanke reiterated this stance in Wednesday's appearance in front of the House Financial Committee, but on Thursday he acknowledged that the Fed is not prepared to act at this point in time. It seems only natural that the Fed would be discussing such matters given the recent deterioration in economic data, but the mere discussion of the potential doesn't necessarily increase the odds of further accommodation (weakening employment data amid a disinflationary environment would). The market retraced the initial gains made in reaction to the FOMC minutes and day one of the Bernanke speech.

Then toward the end of the week, focus shifted to ratings agency warnings about the U.S. credit rating. Both Moody's and Standard & Poor's said the U.S. was at risk for a downgrade if it isn't able to agree on a debt ceiling increase in time. There was a negative response in the market to each of these actions, but the markets quickly recouped their losses, as the warnings didn't really bring about anything that wasn't already known.

Also today, the market digested the second round of European bank 'stress tests.' The tests showed 82 of 90 banks passed with a total of 20 banks seeing their Core Tier 1 Requirements below the 5% threshold over the two-year time horizon. The count shows five Spanish banks, two Greek banks, and one Austrian bank failing the test. While the test did show some failures, many are already discounting the tests as using unrealistically favorable loss assumptions.

After Monday's large drop, the broader market had a hard time maintaining traction in either direction, but the overarching drift has been to the downside, despite positive earnings reports from Google (GOOG), JP Morgan (JPM) and Citigroup (C). Next week the earnings floodgates open with more than 300 companies reporting their Q2 results, including IBM, MOS, STLD, BAC, KO, GS, JNJ, WFC, AAPL, YHOO, ABT, MO, BLK, USB, UTX, ADS, AXP, BIDU, EBAY, FFIV, INTC, QCOM, T, DO, LLY, F, FCX, MS, PEP, SNDK, WDC, CAT, GE, HON, MCD, SLB, VZ, and XRX, to name a few.

This week's data didn't do much to excite investors either. Looking at today's data, we got a disappointing Empire Manufacturing Survey reading of -3.8 for July. The consensus among economists surveyed by Briefing.com had called for a reading of 1.0 after a reading of -7.8 was posted for the prior month. Consumer price inflation data were also just reported. Overall CPI for June decreased by 0.2%, which is a bit cooler than the 0.1% decrease that had been broadly anticipated. Core CPI increased by 0.3%, which is slightly hotter with the Briefing.com consensus call for a 0.2% increase.

Advancing Sectors: Energy +2.6%, Tech +1.0%, Materials +0.8%, Consumer Staples +0.2%, Utilities +0.1%,
Declining Sectors: Health Care -0.5%, Financials -0.4%, Consumer Discretionary -0.2%, Industrials -0.2%.DJ30 +42.68 NASDAQ +27.13 SP500 +7.29 NASDAQ Adv/Vol/Dec 1516/1.77 bln/1054 NYSE Adv/Vol/Dec 1814/1.06 bln/1190

3:35 pm : Crude oil gained steam in the afternoon session and recovered almost one point as it rose through the $97 mark. By the end of today's floor trading session, crude was about $1.55/barrel higher at $97.24/barrel, which is about a half of a point under its session high.

Natural gas extended gains this afternoon and hit new highs on today's session at $4.53/MMBtu. It closed just under that high at $4.52/MMBtu, up 3.7%.

Precious metals continued on the uptrend that began this morning. Gold ran to session highs of $1592.40/oz and remains near that level in electronic trade. Silver saw the same uptrend and finished the day 1% higher at $39.07/oz.

Grains ended the day mixed with corn futures 6 cents higher at $6.85/bu, wheat 12 cents lower at $6.95/bu and soybeans up 3 cents at $13.87/bu.DJ30 +29.74 NASDAQ +16.26 SP500 +5.46 NASDAQ Adv/Vol/Dec 1465/1470 mln/1103 NYSE Adv/Vol/Dec 1650/786 mln/1317

3:00 pm : The major indices trade mixed as the Nasdaq continues to set the pace with a gain of 0.5%.

Thermal imaging company FLIR Systems (FLIR $28.89, -3.22) is lower by 10% today after issuing downside guidance following yesterday's closing bell. The company expects to post revenues of approximately $390 million vs. $410.3 million Capital IQ Consensus Estimates and EPS of approximately $0.35, excluding items, versus the $0.39 consensus. Results for the company's Commercial Systems division remained strong, while continued weak demand in the Government Systems division negatively impacted results for the quarter. DJ30 -6.36 NASDAQ +11.48 SP500 +1.25 NASDAQ Adv/Vol/Dec 1295/1.34 bln/1248 NYSE Adv/Vol/Dec 1441/719.9 mln/1554

2:30 pm : The mixed trade for equities continues with the Nasdaq and S&P holding gains while the Dow holds just below the flat line.

Shares of Bank of America (BAC $9.93, -0.14) slipped below the $10 threshold and now trade at their worst levels since May 2009. The stock moved to its session low following the release of its June card metrics. The company reported June default amount net of recoveries of 6.97% versus 8.03% in May (-106 bps m/m change) and June total delinquencies of 4.16% versus 4.28% in May (-12 bps m/m change).DJ30 -16.05 NASDAQ +13.92 SP500 +0.33 NASDAQ Adv/Vol/Dec 1267/1.24 bln/1264 NYSE Adv/Vol/Dec 1406/675.3 mln/1577

2:00 pm : The major averages are mixed as the Nasdaq leads the way with a gain of 0.6%. The S&P holds a 0.1% gain while the Dow is trading lower by that margin.

Treasuries continue to hold small gains with the complex seeing little reaction to the European 'stress test' results. Action has quieted down dramatically from this morning's torrid pace with maturities trading in a tight range following the move associated with the weak Michigan Sentiment Survey. The 2-yr yield continues to hover within a couple of bps of its 0.32% record low with today's buying dropping it to 0.3589%. A modest gain in the 10-yr has its yield lower by 4 bps to 2.917% while underperformance by the 30-yr has pulled its yield higher by almost 1 bp to 4.265%. Flattening continues along the yield curve with the 2-10-yr spread tighter at 256.9. Meanwhile, precious metals hover near session highs with gold up $1 to $1590 and silver up $0.30 near $39.00.DJ30 -2.50 NASDAQ +20.53 SP500 +2.38 NASDAQ Adv/Vol/Dec 1413/1.15 bln/1110 NYSE Adv/Vol/Dec 1560/633.2 mln/1424

1:30 pm : The market is trading around the middle of its intraday range, just above the flat line as we enter afternoon trade of this expiration Friday. There has been a lot to digest ahead of the weekend, including a Standard & Poors warning on the U.S. debt rating, the European Stress Test results, the political commentary about the lack of progress on debt talks, along with earnings from GOOG (+13%) and C (-1%).

Although there were a few important earnings releases this week (GOOG, C, JPM, AA), the floodgates open up next week with over 300 companies reporting their Q2 results, including the following names of interest:

Monday: IBM, MOS, STLD, HAL, HAS, EDU.

Tuesday: BAC, BK, KO, FRX, GS, HOG, JNJ, MMR, NVS, BTU, AMTD, TXI, WFC, ALTR, AAPL, CMG, FIS, RVBD, SYK, VMW, YHOO.

Wednesday: ABT, MO, BLK, HBI, JCI, KCG, NTRS, PNC, DGX, STJ, TXT, USB, UTX, ADS, AXP, BIDU, CAKE, COHU, DTLK, ETFC, EBAY, FFIV, INTC, NFX, NE, QCOM, RHI, STX, WERN, XLNX.

Thursday: ALK, T, ALV, BX, CE, DHR, DO, LLY, ECA, FITB, F, FCX, IR, ESI, LH, MS, NYT, NOK, NUE, PENN, PAG, PEP, SWY, SHW, SON, TIN, TRV, TZOO, WTEK, UAL, LCC, WHR, AMD, ALB, BAS, DECK, HWAY, NVR, PLCM, SNDK, WDC.

Friday: APD, CAT, GE, HON, MCD, RAI, COL, SLB, VZ, and XRXDJ30 +6.81 NASDAQ +20.06 SP500 +3.03 NASDAQ Adv/Vol/Dec 1452/1.08 bln/1066 NYSE Adv/Vol/Dec 1571/602.4 mln/1418

1:00 pm : The major indices continue to hold gains (Nasdaq +0.7%, S&P +0.2%, Dow UNCH) in afternoon trade as strong earnings from Google (GOOG $597.32, +68.38) and Citigroup (C $38.70, -0.32), coupled with M&A activity, has helped offset this morning's Michigan Sentiment Survey miss.

Google is higher by 12.9% after reporting strong earnings following yesterday's close. Specifically, Google reported Q2 EPS of $8.74 per share, excluding non-recurring items, $0.91 better than the Capital IQ Consensus Estimate of $7.83. Net revenues (subtracting traffic acquisition costs - TAC) rose 36% YoY to $6.92 billion versus the $6.55 billion consensus.

Citigroup has slipped into negative territory, trading down 0.9% after reporting EPS of $1.09 per share, vs. the Capital IQ Consensus Estimate of $0.96. Revenues rose 4.5% year/year to $20.62 billion versus the $19.76 billion consensus.

Several energy names are higher this afternoon after BHP Billiton (BHP $91.09, -1.19) announced it will acquire Petrohawk Energy (HK $38.18, +14.69) for $38.75 per share, representing a 65% premium to yesterday's closing price. Related names seeing a boost include Chesapeake Energy (CHK $32.24, +2.03), Cabot Oil & Gas (COG $67.89, +5.29), and Pioneer Natural Resources (PXD $93.00, +6.91) as analysts scramble to adjust valuations because of the takeout.

European bank stocks are mixed following the results of the second round of European 'stress tests.' The tests showed 82 of 90 banks passed with a total of 20 banks seeing their Core Tier 1 Requirements below the 5% threshold over the two-year time horizon. The count shows five Spanish banks, two Greek banks, and one Austrian bank failing the test. Deutsche Bank (DB $52.54, -0.32) spiked immediately following the results, but has since pared those gains. Barclays (BCS $14.61, +0.05) has fared a little better as it has been able to hold a small gain. DJ30 -0.91 NASDAQ +18.76 SP500 +2.63 NASDAQ Adv/Vol/Dec 1408/1.01 bln/1083 NYSE Adv/Vol/Dec 1548/574.3 mln/1421

12:30 pm : The major market averages pushed higher following the results of the European stress tests. Currently, the Nasdaq is seeing a gain of 0.7% with the S&P and Dow trailing with respective gains of 0.3% and 0.1%.

European bank stocks are on the move following the results of the second round of European 'stress tests.' The tests showed 82 of 90 banks passed with a total of 20 banks seeing their Core Tier 1 Requirements below the 5% threshold for the two-year time horizon. Sixteen of the 90 banks will need to improve their capital buffers as their core Tier 1 Requirements are between 5% and 6%. The count shows five Spanish banks, two Greek banks, and one Austrian bank failing the test. Deutsche Bank (DB $52.57, -0.29) saw a spike immediately following the results, but has since pared those gains. Barclays (BCS $14.68, +0.12) is seeing a similar trading pattern play out in its shares. DJ30 +12.18 NASDAQ +20.32 SP500 +3.68 NASDAQ Adv/Vol/Dec 1443/932.3 mln/1041 NYSE Adv/Vol/Dec 1553/542.3 mln/1373

11:55 am : The major indices continue to hold small gains as trading approaches the noon hour. Strength in technology has the Nasdaq setting today's pace with an advance of 0.6%. The S&P and Dow trail with gains of 0.3% and 0.1% respectively.

The dollar index has slipped back to into negative territory, hammered down in response to the weak Michigan Sentiment Survey number. Currently, the index holds fractional losses as it trades near the session low of 75.11. Foreign exchange markets are relatively quiet with most pairs trading near the flat line. The euro is flat at 1.4145 as markets await the release of the European 'stress tests.' Market commentary is suggesting the tests will adequately test the health of the banks. The Aussie dollar is lower by 75 pips this morning, trading down to 1.0645 as it remains stuck between its 1.05/1.08 trading range that has been in place since mid-May. The pound, the yen, and the Swiss franc all hover near unchanged as the lackluster session progresses.DJ30 +17.59 NASDAQ +17.94 SP500 +4.09 NASDAQ Adv/Vol/Dec 1427/827.0 mln/1040 NYSE Adv/Vol/Dec 1533/492.9 mln/1399

11:30 am : The major market averages are all trading in positive territory with the Nasdaq (+0.7%) setting the pace. Energy shares are posting a collective gain of 1.8% to lead the way higher.

Several energy names are seeing strong gains this morning after the announcement that BHP Billiton (BHP $91.42, -0.86) will acquire Petrohawk Energy (HK $38.19, +14.70) for $38.75 per share, representing a 65% premium to yesterday's closing price. Related names seeing a boost include Chesapeake Energy (CHK $2.38, +2.17), Cabot Oil & Gas (COG $67.77, +5.17), and Pioneer Natural Resources (PXD $93.08, +6.99) as analysts scramble to adjust valuations because of the takeout. DJ30 +24.82 NASDAQ +15.46 SP500 +4.62 NASDAQ Adv/Vol/Dec 1450/734.6 mln/985 NYSE Adv/Vol/Dec 1576/457.3 mln/1312

11:00 am : While the broader market is flat, there are several individual stocks making big moves. Google (GOOG) is +12.0% after reporting strong earnings. Specifically, Google reported Q2 EPS of $8.74 per share, excluding non-recurring items, $0.91 better than the Capital IQ Consensus Estimate of $7.83; net revenues (subtracting traffic acquisition costs -- TAC) rose 36% YoY to $6.92 billion versus the $6.55 billion consensus.

Citigroup (C) is +0.9% after reporting EPS of $1.09 per share, vs. the Capital IQ Consensus Estimate of $0.96; revenues rose 4.5% year/year to $20.62 billion vs the $19.76 billion consensus; the call starts at 11:00 ET.

Petrohawk Energy (HK), is +62.7% on reports indicating that BHP Billiton (BHP) will acquire the company for $38.75/share, representing a 65% premium to yesterday's closing price. Petrohawk Energy is an oil and gas E&P name with exposure to the Haynesville Shale, the Eagle Ford Shale, and the Midland and Delaware Basins. These reports have caused related names to move sharply higher in early trade as market participants readjust valuations based on this potential takeout.

Clorox (CLX) is +6.8% after confirming that it has received an unsolicited conditional proposal from Icahn Enterprises to acquire the co for $76.50 per share, subject to due diligence, financing and other conditions. Clorox's board of directors, in consultation with its financial and legal advisers, will review the proposal in due course. DJ30 -2.39 NASDAQ +11..30 SP500 +1.47 NASDAQ Adv/Vol/Dec 1392/636.3 mln/1009 NYSE Adv/Vol/Dec 1447/409.3 mln/1423

10:30 am : August crude oil rallied to its best levels of the morning, at $97.38 per barrel, shortly after the open of pit trade. However, prices have since illed back close to a point form those levels, pressured by worse-than-expected econ data. Concerns about the debt limit in the US also appear to weighing on prices. August natural gas is higher by $0.13, at $4.50 per MMBtu, this morning, aided by forecasts for warm weather. It notched highs at $4.53 following the open of pit trade, but has since pulled back from those levels.

August gold is currently lower by 0.1% at $1587.40 per ounce, while Sept silver is higher by 0.2% at $38.78 per ounce. Both metals have recouped overnight losses to trade back to near the flat line.DJ30 -24.45 NASDAQ +7.50 SP500 +4.07 NASDAQ Adv/Vol/Dec 1203/507.8 mln/1140 NYSE Adv/Vol/Dec 1323/356.8 mln/1485

10:00 am : Stocks have erased the majority of their gains (Nasdaq +0.4%, S&P +0.2% Dow +0.1%) after a rather disappointing Consumer Sentiment Survey for July from the University of Michigan. The Sentiment Survey came in at 63.8, which is far worse than the reading of 71.4 that had been broadly expected among economists polled by Briefing.com. The July reading is also less than the 71.5 that had been posted for the prior month.DJ30 +4.99 NASDAQ +9.61 SP500 +2.08 NASDAQ Adv/Vol/Dec 1242/308.6 mln/1011 NYSE Adv/Vol/Dec 1409/274.3 mln/1317

09:45 am : The major market averages are holding strong gains in the early going. The Nasdaq leads the way with a gain of 0.7% while the S&P and Dow trail with respective gains of 0.5% and 0.4%. IT and energy are the best performing sectors in the S&P 500 with gains of 1.1% and 1.5% respectively.

Google (GOOG) is higher by more than 12% in response to its blowout quarter while Citigroup (C) is up 2.8% following its strong results. July Michigan Sentiment will be released at 9:55 a.m. ET.DJ30 +47.64 NASDAQ +14.60 SP500 +5.71 NASDAQ Vol 226.7 mln NYSE Vol 237. 8 mln

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +30.00. Equity futures are pointing to solid gains this morning after Google (GOOG) and Citigroup (C) announced strong results. Google earned $8.74 per share (Capital IQ Consensus Estimate of $7.83) and saw gross revenue surge to $9.03 billion (Capital IQ consensus estimate of $8.63 billion). Citigroup beat on the top and bottom lines as revenues climbed to $20.62 billion (Capital IQ Consensus Estimate of $19.76 billion) and it saw earnings per share of $1.09 (Capital IQ Consensus Estimate of $0.96).

Data has been rather mixed this morning as the Empire Manufacturing Survey disappointed while CPI and Core CPI were relatively in-line. More recently, industrial production for June reportedly increased by 0.2%, which is in-line with expectations. Capacity Utilization was also just released, showing a reading of 76.7% which was weaker than the 76.8% that had been expected by the Briefing.com consensus.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +25.00. The major Asian indices closed mixed (Nikkei +0.4%, Hang Seng -0.3%, Shanghai +0.3%) after the beginning of the session saw S&P place the US 'AAA/A-1+' ratings on CreditWatch Negative. The Bank of Korea tweaked its forecast, reducing growth to +4.3% from +4.5% and raising CPI to +4.0% from +3.9%. Energy-related names underperformed in Japan with Inpex slipping 1.5%. Real estate shares were hit hard in Hong Kong as Chinese Overseas Land and Chinese Resources Land shed 4.9% and 2.9% respectively. Weakness in real estate shares was also present in Shanghai as Poly Real Estate fell 2.8% after Beijing announced increased property restrictions.

European indices are mixed in afternoon trade (FTSE UNCH, CAC -0.3%, DAX +0.1%) as markets prepare for the latest European stress tests. Financials across the region are weaker ahead of the results with Commerzbank (-1.5%) and Credit Agricole (-1.5%) leading the way lower in Germany and France. British banks are under less pressure as Barclays trades down 0.6%. Recent strength in German automakers persists with Volkswagen and BMW up 2.0% and 1.6% respectively.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +21.00. Equity futures edged higher to their best levels of the morning following the top and bottom line beats by Citigroup (C) before slipping on the data release. The banking giant posted earnings per share of $1.09 (Capital IQ Consensus Estimate of $0.96) and saw revenues climb to $20.62 billion (Capital IQ Consensus Estimate of $19.76 billion).

So far, this morning's data has featured a disappointing Empire Manufacturing Survey reading of -3.8 for July. The consensus among economists surveyed by Briefing.com had called for a reading of 1.0 after a reading of -7.8 was posted for the prior month. Consumer price inflation data were also just reported. Overall CPI for June decreased by 0.2%, which is a bit cooler than the 0.1% decrease that had been broadly anticipated. Core CPI increased by 0.3%, which is slightly hotter with the Briefing.com consensus call for a 0.2% increase.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +21.50. Equity futures are pointing to modest gains this morning after Google (GOOG) blew away earnings expectations following yesterday's closing bell on Wall Street. The search engine and advertising giant earned $8.74 per share (Capital IQ Consensus Estimate of $7.83) and saw gross revenue surge to $9.03 bln (Capital IQ consensus estimate of $8.63 bln). Banking giant Citigroup (C) is scheduled to release its second quarter results before the opening bell. Markets have been able to shrug off S&P placing the U.S. 'AAA/A-1+' ratings on CreditWatch Negative. Treasuries are little changed on the news with the 10-yr yield near 2.95%. A plethora of data is out this morning with CPI, core CPI, and Empire Manufacturing being released at 8:30 a.m. ET; industrial production and capacity utilization due out at 9:15 a.m. ET; and Michigan Sentiment crossing the wires at 9:55 a.m. ET.

06:40 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +18.00.

06:39 am : Nikkei...9974.47...+38.40...+0.40%. Hang Seng...21875.38...-64.80...-0.30%.

06:39 am : FTSE...5842.03...-4.90...-0.10%. DAX...7192.33...-22.40...-0.30%.

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

Phone: +1.708.572.4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
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