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 Post subject: July 27th Weds 2011 Emini TF (No Trades Personal Day Off)
PostPosted: Wed Jul 27, 2011 11:36 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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...spending a day with my kids doing fun activities.

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=949.

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/ECB/IMF 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 CNNMoney.com - Dow Slides On Debt Fears
Attachment:
072711-Key-Price-Action-Markets.png
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click on the above image to view today's price action of key markets

By Ken Sweet, contributing writer July 27, 2011: 5:01 PM ET

NEW YORK (CNNMoney) -- Stocks retreated deep into negative territory on Wednesday as Congress remained stalled on resolving the debt ceiling, and an economic report showed a significant slowdown in the U.S. manufacturing sector.

The Dow has now fallen four days in a row as investors grow increasingly worried that Washington won't solve the the country's budget woes in time to meet the August 2 debt ceiling deadline.

"We will continue to see selling each day until this debt ceiling issue is resolved," said Stephen Carl, head equity trader at Williams Capital.

The Dow Jones industrial average (INDU) sank 199 points, or 1.6%, to close at 12,303.

The Dow's manufacturing heavyweights -- 3M (MMM, Fortune 500), United Technologies (UTX, Fortune 500), General Electric (GE, Fortune 500) and Caterpillar (CAT, Fortune 500) -- weighed on the blue chips heavily throughout the day, following a disappointing durable goods report for June.

The S&P 500 (SPX) lost 27 points, or 2.1%, to 1,305 and the Nasdaq Composite (COMP) fell 75 points, or 2.7%, or 2,765. The tech-heavy Nasdaq was dragged lower by Cisco (CSCO, Fortune 500), which fell 4%, and Research in Motion (RIMM), falling 6%.

The durable goods report hit commodities as well, with oil falling 2% on Tuesday and industrial-grade copper falling 1%.

"Take the uncertainty over the debt ceiling and add the weak economic data, that's not going to help the market's performance," said Michael James, senior equity trader at Wedbush Morgan Securities. "Investors are in selling mode."

* America's Debt Crisis

Washington's debt ceiling negotiations remain stagnant. House Speaker John Boehner said late Tuesday he will rewrite his debt legislation, after the Congressional Budget Office (CBO) said the bill would reduce deficits by only $851 billion over 10 years.

The CBO said Wednesday a competing proposal from Senate Majority Leader Harry Reid would save $2.2 trillion over a decade -- less than the $2.7 trillion Reid said the bill would save.

"A rating agency downgrade of the U.S.' credit rating is inevitable at this point, I believe," said Jack Ablin, chief investment officer at Harris Private Bank.

The two competing proposals give investors little comfort that Congress is any closer to reaching an agreement, with only six days left before the Aug. 2 deadline.

* Betting on a U.S. default

Ablin said he expects the debt ceiling will get raised, but investors should get used to the possibility that the U.S. will likely no longer have a "AAA" rating.

"What we're looking at is Washington's inability to solve the big problems as compared to other countries that have done a much better job of addressing these issues," he said.

One sign of the increasing worries among investors is the VIX (VIX), also known as Wall Street's "fear gauge," which jumped by more than 13% on Wednesday alone. The index is up nearly 20% in the past five days.

The Commerce Department reported that durable goods orders fell 2.1% in the prior month. Economists expected an increase of 0.5%, according to Briefing.com.

Caterpillar shares were hit particularly hard, falling 3%. Competitors Deere (DE, Fortune 500) and Cummins (CMI, Fortune 500) were down 3%.

The manufacturing sector has been one of the economy's bright spots amid a mediocre recovery, so the slowdown in durable goods spending gave investors cause for concern.

"It doesn't bode well for the fragile economy," Carl said.

U.S. stocks retreated Tuesday, as concerns about the outlook for corporate earnings and ongoing worries over the U.S. debt ceiling shook investor confidence.

Companies: Dow industrials component Boeing (BA, Fortune 500) reported earnings per share that blew away expectations, and raised its outlook for the rest of the year. Shares gained less than 1%, but because of today's dismal market performance, it was the best performer on the Dow.

Dunkin Brands (DNKN) stock jumped nearly 50% on Wednesday in its first day of trading after the company's initial public offering. The stock initially priced at $19 a share - above the price range of $16 to $18.

Amazon (AMZN, Fortune 500) shares rose 4% after the company reported its profits fell to $191 million last quarter, or 41 cents a share. Despite the profit drop, the online retailer's results surpassed forecasts.

Economy: The Federal Reserve said in its "Beige Book" that U.S. economic growth continued to slow across most of the country last month. The Beige Book is a collection of anecdotal observations about the economy by the Fed's 12 member regional banks.

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

Gold futures for August delivery hit a new intraday trading record of $1,625.80 an ounce early Wednesday before retreating to $1,615.10 an ounce, down $1.70 from Tuesday's levels.

Oil for September delivery slipped $2.20 to $97.40 a barrel.

* Video - How much is your gold worth?

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 2.96% from 2.95% late Tuesday.

World markets: European stocks ended sharply lower Wednesday. Britain's FTSE 100 closed lower by 1.2% and France's CAC 40 lost 1.4%. The DAX in Germany dropped 1.3%.

Asian markets ended mixed. The Shanghai Composite rose 0.8%, while the Hang Seng in Hong Kong retreated 0.1%, and Japan's Nikkei was off by 0.5%.

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Image Yahoo! Finance - Market Update

4:20 pm : The major market averages finished sharply lower as the debt ceiling talks failed to make progress, and the Fed's Beige Book showed the economy's pace of growth is slowing. Also weighing on markets was the disappointing durable orders data that came out prior to the opening bell. The S&P 500 ended at its lowest level in a month, and closed below its 50-day moving average. Macro events offset some good earnings reports as online retailer Amazon, and aircraft marker Boeing released better than expected results. Dunkin Brands was the latest initial public offering to garner attention as its shares surged by 46.6% on its opening day.

Online retailer Amazon (AMZN 222.52, +8.34) hit an all-time high of $227.20 after reporting strong earnings and issuing in-line guidance. The company announced earnings per share of $0.41 versus the Capital IQ Consensus Estimate of $0.34 and saw revenues rise 50.8% YoY to $9.91 billion (Capital IQ Consensus Estimate is $9.37 billion).

Boeing (BA 70.63, +0.47) was one of a few industrial stocks to finish in positive territory, adding 0.7% after earnings per share of $1.25 which was $0.27 better than the Capital IQ Consensus Estimate. The company raised its full year 2011 earnings per share guidance to $3.90-4.10 from $3.80-4.00. On the earnings call the company announced airline industry fundamentals remain sound with significant replacement demand, and noted global demand for its defense business is strong.

Juniper Networks (JNPR 24.66, -6.51) ended down 20.9% after releasing disappointing earnings following yesterday's closing bell on Wall Street. The company announced earnings per share of $0.31 which missed the Capital IQ Consensus Estimate by $0.02. Revenues rose 14.6% YoY to $1.12 billion, but fell short of the Capital IQ Consensus Estimate of $1.15 billion. Disappointing investors was the company's downside guidance of $0.26-0.30 per share ($0.38 Capital IQ Consensus Estimate) and projected revenues of $1.07-1.12 billion. Several firms have come out and downgraded the stock after the disappointing results.

Dunkin Brands' (DNKN 27.85, +8.85) initial public offering priced at $19.00 per share and opened for trade at $25.00 per share. The stock hit a high of $29.62 in afternoon trade, and closed up more than 46.5% on the session. The deal raised total gross proceeds of $427.5 million.

Treasuries pared some of their losses as equities slipped deeper into the red, and finished the day well off their worst levels. The 10-yr yield added close to two basis points on the day and finished near 2.99%. Strength in the dollar knocked the euro down close to 150 pips to 1.4365 while the safe-haven plays in the yen and Swiss franc turned early gains into losses. The Australian dollar surged to a 30-year high of 1.1080. The VIX added another 14.7% today and is up more than 30% for the week.DJ30 -198.75 NASDAQ -75.17 SP500 -27.05 NASDAQ Adv/Vol/Dec 338/2.30 bln/2282 NYSE Adv/Vol/Dec 260/1.10 bln/2827

3:30 pm : Market chatter about a possible US budget deal being near completion sent precious metals lower today. August gold ended down 0.2% to $1614.00 per ounce, while Sept silver shed 0.2% to close at $40.60 per ounce. Both metals attempted to halt their respective sell-offs in light of numerous denials from both sides of the aisle, but the rebounds did not last long and both metals continued their way lower. Gold eventually notched lows at $1608.90 while silver put in lows at $40.21, but both metals were able to bounce modestly off those lows to recoup some losses. Note that earlier in the session gold traded to a new all-time high at $1628.80, while silver notched fresh ~3 month highs at $41.47.

This morning's inventory data, which showed a slightly large build than was expected, pushed Sept crude oil, which settled lower by 2.2% to $97.40 per barrel, to its lowest levels of the morning at $97.28. Futures managed to bounce off those lows to trade back to around the $98 level, but faded again heading into the close to finish near lows. Sep natural gas ended down 0.2% to $4.32 per MMBtu.DJ30 -188.23 NASDAQ -73.09 SP500 -25.72 NASDAQ Adv/Vol/Dec 383/1.8 bln/2232 NYSE Adv/Vol/Dec 269/733.0 mln/2808

3:00 pm : Treasuries saw a late day rally after the Fed released its latest Beige Book and the major averages slipped further into the red. After spending most of the morning near the flat line the complex turned lower after the disappointing $35 billion 5-yr note auction. The auction drew 1.580% and saw a 2.62x bid/cover as indirect bidders took down just 36.6% of the offering (41.5% 12-auction average). Direct bidder participation (14.6%) was once again solid, but this time was unable to support the auction. The 10-yr yield climbed to 3.01% before buyers steeped in and pushed it back down towards 2.99%. The wings of the curve (2- and 30-yr) outperformed the rest of the complex, ending lower by just 0.1%. A slightly flatter yield curve held over the course of the session with the 2-10-yr spread tightening to 254.DJ30 -171.50 NASDAQ -65.40 SP500 -23.99 NASDAQ Adv/Vol/Dec 391/1.60 bln/2201 NYSE Adv/Vol/Dec 269/647.0 mln/2792

2:30 pm : The major averages are holding just above their worst levels of the session as weakness in technology shares continues to pressure the Nasdaq (-1.9%).

The Fed just released its latest Beige Book. It indicated that economic activity generally continued to expand since the last report, though the pace has moderated in many districts. Some slowing in the pace of growth was noted in the six districts nearest the Atlantic seaboard. Consumer spending and manufacturing activity both continued to expand in most parts of the country.DJ30 -128.02 NASDAQ -52.50 SP500 -19.76 NASDAQ Adv/Vol/Dec 425/1.46 bln/2151 NYSE Adv/Vol/Dec 295/581.8 mln/2749

2:00 pm : The dollar index is back near its best levels in a week after running up to 74.20. The euro is lower by close to 160 pips near 1.4355 as sovereign debt concerns in Italy weigh on the single currency today. A midday downgrade by S&P of Greece to 'CC' from 'CCC' has had little impact on trade as the move just pushes its rating further into junk. The Australian dollar hit a 30-year high of 1.1080 earlier this morning, and has since pared some of its gains. Aussie bulls will look to hold the currency above its May high near 1.10. The yen is now weaker on the session after strengthening to as much as 77.56 per dollar. Despite today's turnaround, the Bank of Japan and Ministry of Finance stand by ready to intervene if necessary. The Fed's Beige Book will have the potential to move the foreign exchange market.DJ30 -101.38 NASDAQ -52.50 SP500 -17.06 NASDAQ Adv/Vol/Dec 429/1.35 bln/2126 NYSE Adv/Vol/Dec 305/534.2 mln/2722

1:30 pm : The market is drifting back towards its morning lows, with buyers unable to sustain a half-hearted mid-morning bounce that came on speculation of a debt deal. The speculation arose after House Majority Leader Cantor and Speaker Boehner skipped their expected news conference, and OMB Director Jack Lew canceled his interview with CNBC. However, the speculation was dampened by comments from Democratic Senators, who indicated that no deal was in the works.

Precious metals have been the go-to safety shelter amid the current U.S. debt debate standoff (gold is +0.7% on the week), while stocks have been sold on uncertainty this week (S&P 500 is -2.2% on the week). The VIX, which measures uncertainty from the options market, is up another 7% today, taking it up 24% on the week, indicating expectations for increased market volatility over the near-term. Nobody knows the extent to which the market will react to a failure to meet the Aug. 2 deadline or a ratings agency downgrade of the U.S. debt, but the increase in the VIX illustrates growing nervousness about the potential for a downside move in the market as that deadline approaches without any progress toward an agreement.DJ30 -119.85 NASDAQ -56.48 SP500 -19.28 NASDAQ Adv/Vol/Dec 438/1.26 bln/2113 NYSE Adv/Vol/Dec 291/496.6 mln/2727

1:00 pm : The major market averages are off their worst levels of the session, but trade sharply lower as this morning's durable orders data weighs. Selling has the Nasdaq pacing today's decline with a loss of 1.8% while the S&P and Dow have respective losses of 1.2% and 0.8%. Earnings reports have moved individual names with most reports still coming in better than expected.

Dunkin Brands' (DNKN 28.74, +9.74) initial public offering priced at $19.00 per share and opened for trade at $25.00 per share. The stock hit a high of $28.89 in afternoon trade and is up more than 46.0% on the session. The deal raised total gross proceeds of $427.5 million.

Juniper Networks (JNPR 25.02, -6.15) is down close to 20% after announcing disappointing earnings following yesterday's closing bell on Wall Street. The company announced earnings per share of $0.31 which missed the Capital IQ Consensus Estimate by $0.02. Revenues rose 14.6% YoY to $1.12 billion, but fell short of the Capital IQ Consensus Estimate of $1.15 billion. Disappointing investors was the company's downside guidance of $0.26-0.30 per share ($0.38 Capital IQ Consensus Estimate) and projected revenues of $1.07-1.12 billion. Several firms have come out and downgraded the stock after the disappointing results.

Boeing (BA 72.83, +2.67) is outperforming after posting earnings per share of $1.25 which was $0.27 better than the Capital IQ Consensus Estimate. Guidance for full year 2011 earnings per share was raised to $3.90-4.10 from $3.80-4.00 versus the Capital IQ Consensus Estimate of $4.12. On its conference call, the company announced airline industry fundamentals remain sound with significant replacement demand, and noted global demand for its defense business is strong.

Shares of Amazon (AMZN 225.34, +11.16) hit an all-time high after reporting better than expected earnings. The company announced earnings per share of $0.41 versus the Capital IQ Consensus Estimate of $0.34 and saw revenues rise 50.8% YoY to $9.91 billion (Capital IQ Consensus Estimate is $9.37 billion). Guidance was in-line with forecasts as the company expects revenues of $10.3-11.1 billion.

Treasuries have hovered near unchanged for most of the morning with the 10-yr yield sitting near 2.97%. Meanwhile, the dollar index has pushed back above the 74.00 level and is nearing its best level in a week. The euro is under heavy selling pressure, trading down 165 pips at 1.4350. Early strength in the Aussie dollar pushed the currency to a 30-year high of 1.1080. DJ30 -99.87 NASDAQ -50.70 SP500 -16.87 NASDAQ Adv/Vol/Dec 444/1.16 bln/2088 NYSE Adv/Vol/Dec 297/454.7 mln/2699

12:30 pm : Boeing (BA 72.72, +2.56) is outperforming today after posting earnings per share of $1.25 which was $0.27 better than the Capital IQ Consensus Estimate. The company also announced revenues rose 6.2% YoY to $16.54 billion which was in-line with estimates. Guidance for full year 2011 earnings per share was raised to $3.90-4.10 from $3.80-4.00 versus the Capital IQ Consensus Estimate of $4.12. On its conference call, the company announced airline industry fundamentals remain sound with significant replacement demand, and noted global demand for its defense business is strong.DJ30 -117.46 NASDAQ -52.05 SP500 -17.54 NASDAQ Adv/Vol/Dec 423/1.08 bln/2084 NYSE Adv/Vol/Dec 306/418.1 mln/2684

12:00 pm : Treasuries have seen a relatively quiet morning after climbing back to the flat line following the disappointing durable orders numbers. Maturities across the complex are little changed with the long bond holding a small gain while all other maturities hover just below the flat line. The 10-yr has seen a range between 2.93% and 3.00% over the course of the session with it sitting near 2.965% as traders prepare for this afternoon's $35 billion 5-yr note auction. Slight flattening has taken hold along the curve with the 2-10-yr spread tightening to 252.7. Debt ceiling talks will continue to drive the market, but the Fed's Beige Book may provide some tradable news later this afternoon.DJ30 -118.30 NASDAQ -50.80 SP500 -16.85 NASDAQ Adv/Vol/Dec 435/987.9 mln/2041 NYSE Adv/Vol/Dec 331/379.2 mln/2641

11:30 am : The major indices have pared their losses, but are well below their respecitve flat lines. A 1.5% drop has the Nasdaq leading the way lower while the S&P and Dow are seeing respecitve losses of 1.1% and 0.7%.

Dunkin Brands' (DNKN 26.60, +7.60) initial public offering priced at $19.00 per share and opened for trade at $25.00. The stock hit a high of $27.46 in early trade, and now sits just below there as it holds a gain of more than 40% in its first hour of trading. The deal raised total gross proceeds of $427.5 million. DJ30 -87.53 NASDAQ -42.96 SP500 -13.93 NASDAQ Adv/Vol/Dec 434/851.0 mln/2011 NYSE Adv/Vol/Dec 350/320.9 mln/2614

11:00 am : The major market averages are off their worst levels of the session, but are still sharply lower on the day. A drop of 1.7% has the Nasdaq seeing the heaviest losses today while the S&P and Dow outperform with losses of 1.2% and 0.8% respectively.

Juniper Networks (JNPR 24.91, -6.26) has plunged close to 20%, and trades at its lowest level in a year after announcing disappointing earnings following yesterday's closing bell on Wall Street. The company announced earnings per share of $0.31 which missed the Capital IQ Consensus Estimate by $0.02. Revenues rose 14.6% YoY to $1.12 billion, but fell short of the Capital IQ Consensus Estimate of $1.15 billion. Disappointing investors was the company's downside guidance of $0.26-0.30 per share ($0.38 Capital IQ Consensus Estimate) and projected revenues of $1.07-1.12 billion. Several firms have come out and downgraded the stock the results.DJ30 -103.73 NASDAQ -48.61 SP500 -15.73 NASDAQ Adv/Vol/Dec 383/698.7 mln/2031 NYSE Adv/Vol/Dec 331/266.2 mln/2611

10:40 am : Commodities are showing broad-based weakness this morning with very few in positive territory. In fact, the only commodites in positive territory include, gold, silver, aluminum, cotton and sugar.

Crude oil has been in the red all session and hit session lows just ahead of inventory data. Following the data, which showed a build of 2.3 mln barrels versus the consensus of a which called for a draw of 2 mln barrels, crude oil fell to new session lows of $97.28 and is now down 2.0% at $97.65/barrel.

Natural gas futures are currently down 0.3% at $4.32/MMBtu.

Gold and silver futures have been in positive territory all morning and remains near session highs. In current trade, gold is up 0.5% at $1625.60/oz, while silver is 1.4% higher at $41.27.

Grain pits initially opened modesty lower, but have recovered a portion of its losses. Corn is now down 1% at $6.80 and wheat is 0.7% lower at $6.89/bu.DJ30 -130.48 NASDAQ -58.66 SP500 -19.32 NASDAQ Adv/Vol/Dec 353/521 mln/2019 NYSE Adv/Vol/Dec 286/204 mln/2599

10:00 am : The major marker averages remain under pressure in early trade as the Nasdaq paces today's decline with a loss of 1.2%. The S&P and Dow are faring a little better, posting respective declines of 0.9% and 0.7%.

Shares of Amazon (AMZN 226.30, +12.12) are higher by 6.0% and trading at an all-time high after reporting better than expected earnings. The company announced earnings per share of $0.41 versus the Capital IQ Consensus Estimate of $0.34 and saw revenues rise 50.8% YoY to $9.91 billion (Capital IQ Consensus Estimate is $9.37 billion). Guidance for was in-line with forecasts as the company expects revenues of $10.3-11.1 billion.DJ30 -84.73 NASDAQ -34.37 SP500 -12.22 NASDAQ Adv/Vol/Dec 430/250.7 mln/1811 NYSE Adv/Vol/Dec 451/112.6 mln/2346

09:45 am : The major market averages are sporting heavy losses in the early going with the S&P and Nasdaq both down 0.9% and the Dow slightly outperforming with a decline of 0.7%. Weakness in industrials (-1.5%), IT (-1.5%), and financials (-1.0%) is weighing on markets in early trade. The only remaining data today comes in the form of the Fed's Beige Book which will be released at 2 p.m. ET. DJ30 -85.75 NASDAQ -26.88 SP500 -10.99 NASDAQ Vol 141.2 mln NYSE Vol 76.6 mln

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -14.80. Equity futures are pointing to a lower open, moving to their worst levels following the disappointing durable orders data. The weakness comes despite numerous companies posting better than expected earnings results. Aircraft market Boeing (BA) and health care benefit co Aetna (AET) are among the companies that have beat expectations today. Meanwhile, Treasuries have begun to slide along with equities which has caused the 10-yr yield to inch up to 2.99%. The foreign exchange complex has seen the Swiss franc touch a record .7995 against the greenback and the Aussie dollar hit a 30-yr high of 1.1080. Market moving events still on tap for today include Treasury's $35 billion 5-yr note auction at 1 p.m. ET and the Fed's Beige Book at 2 p.m. ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -18.00. Overseas markets have painted a mixed picture today as the major Asian and European markets traded mostly lower while Asian peripheries generally saw gains. In Asia, the major indices (Nikkei -0.5%, Hang Seng -0.3%, Shanghai +0.8%) traded mostly lower as a strengthening yen weighed on the Nikkei, and bank stocks were under pressure in Hong Kong. Japanese automaker Nissan Motor fell 1.2% as the strengthening yen poses a problem for the company with the majority of its revenues coming from overseas. HSBC slipped 0.2% in Hong Kong as financial shares were among the worst performers. Metals firms paced the advance in Shanghai as Yunnan Aluminum surged the daily limit of 10%.

In Europe, the major bourses (FTSE -0.7%, CAC -0.9%, DAX -0.5%) have fallen to their worst levels of the session following the disappointing durable orders data in the U.S. Comments from German Finance Minister Wolfgang Schaeuble have weighed on Italian banking shares which has caused for a 20 basis point spike in Italian yields. Financials across the region are under pressure with Lloyds Banking Group (-3.9%), Commerzbank (-2.4%), and Societe Generale (-2.6%) all among the worst performers of their respective indices.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -13.30. Durable goods orders for June fell 2.1%, which is less than the 0.1% decrease that had been widely anticipated. What's more, the greater-than-expected decrease in orders came despite a downward revision to prior month orders, which rose 1.9%. Excluding transportation, durable goods orders increased by 0.1%. That wasn't quite as weak as the 0.2% decrease that had been broadly expected, though. Orders less transportation for the prior month were revised upward to reflect a modest increase of 0.7%.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -7.50. Equity futures are pointing to a slightly lower open despite earnings continuing to come in generally better than expected. Comments from German Finance Minister Wolfgang Schaeuble have Italian banks under pressure which has caused Italian yields to rise roughly 20 basis points across the curve. Aircraft maker Boeing (BA) topped estimates and is higher by roughly 2.5% in pre-market trade while health care benefit co Aetna (AET) is up more than 3.0% after announcing its earnings. Meanwhile, Treasuries have fallen back to the flat line after posting modest gains in earlier action. The foreign exchange complex has been busy with the Aussie dollar hitting a 30-yr high of 1.1080 and the Swiss franc touching a record .7995 per dollar. Gold crossed $1625 in overnight action before falling back to unchanged at $1617.

06:40 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -5.80.

06:40 am : Nikkei...10047.19...-50.50...-0.50%. Hang Seng...22541.69...-30.40...-0.10%.

06:40 am : FTSE...5917.47...-12.30...-0.20%. DAX...7337.48...-12.00...-0.20%.

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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