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 Post subject: June 6th Wednesday 2012 Emini TF ($TF_F) points +2.30
PostPosted: Thu Jun 07, 2012 8:10 am 
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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)

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

Price Action Trade Performance for Today: +2.30 points or $230 dollars in the Russell 2000 Emini TF ($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, all trades were posted real-time in the free #FuturesTrades chat room. You can read today's #FuturesTrades trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=105&t=1240.

To join our free chat room...log-in instructions located at a different forum @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis).

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=119&t=718.

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 price action 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=162&t=1492

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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 or any important global economic events 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 results in swing points and strong continuation price actions. 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. Just as important, these summaries becomes my archives to allow me to understand what was happening on any given trading day in the past...something I can not get from my broker statements alone.

Dow, S&P 500 Post Biggest Gains of 2012

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

NEW YORK (CNNMoney) -- U.S. stocks rallied Wednesday, with the Dow and S&P 500 logging their best gains of the year, as investors grew hopeful that more stimulus for the global economy is around the corner.

"There's a lot of optimism from rumors that there will be some type of stimulus coming really soon," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research. "This might light the fuse and spark [the markets] higher."

The Dow Jones industrial average (INDU) jumped 287 points, or 2.4%, its best one-day jump since Dec. 20. The day's gains pushed the blue-chip index back into positive territory for 2012. The S&P 500 (SPX) rose 30 points, or 2.3%, its best daily performance since Dec. 20. The Nasdaq (COMP) added 67 points, or 2.4%.

U.S. financial stocks led the broad-based rally. Shares of Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), Morgan Stanley (MS, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) all advanced.

Investors were encouraged after Atlanta Fed president Dennis Lockhart, who is a member of the Federal Reserve's policy-setting committee, said that continuing Operation Twist is now "an option on the table." The policy, which swaps short-term bonds for ones with a longer duration in order to keep interest rates low, is currently set to expire at the end of the month.

Stimulus hopes also grew for Europe. While the ECB left interest rates steady at 1% on Wednesday, the decision was not unanimous.

* ECB stands ready to act, but not yet

"A few members would have preferred to have a rate cut today," said bank president Mario Draghi. Many analysts expect the ECB to cut interest rates by a quarter percentage point at its next meeting in July, which would bring rates to a record low.

Draghi also said the central bank will continue to monitor developments closely and stands ready to act if necessary.

The ECB is under pressure to take additional steps to support the economy and restore confidence in financial markets. But Draghi stressed that monetary policy cannot make up for a lack of action by euro-area political leaders.

"There are some problems in the euro area that have nothing to do with monetary policy," said Draghi. "I don't think it would be right for monetary policy to fill other institutions' lack of action."

Still, his comments were enough to spark optimism that leaders will take action as soon as needed.

* Fear & Greed Index eases

Meanwhile, the EU also unveiled a plan Wednesday that would call for a Europe-wide banking union, which would deal with future banking crises on the continent rather than leaving them in the hands of their already struggling national governments. A specific size of the rescue fund to be created was not disclosed.

The proposal may take years to be enacted, so it won't do much to address Europe's current banking crisis.

The ECB meeting and EU bank union plan came amid a deepening banking crisis in Spain, and ahead of a pivotal June 17 Greek election that could determine whether the nation remains in the eurozone.

Eurostat, the statistical office of the European Union, did not revise its estimate of first-quarter gross domestic product, the broadest measure of the economy. The agency said the 17 nations that use the euro saw a 0.1% decline in GDP in the quarter, while the 27 nations in the European Union had a combined 0.1% increase. The figures were an improvement from the fourth quarter's decline of 0.3% in both the eurozone and the EU.

U.S. stocks finished higher Tuesday, but gains were limited as investors weighed an upbeat U.S. economic report against Europe's ongoing debt problems.

World markets: Asian markets ended mixed. The Shanghai Composite (SHCOMP) slid 0.1%, while the Hang Seng (HSI) in Hong Kong added 1.4% and Japan's Nikkei (N225) gained 1.8%.

European markets finished with strong gains. Britain's FTSE 100 (UKX) rose 2.2%, the DAX (DAX) in Germany gained 2.2% and France's CAC 40 (CAC40) jumped 2.1%.

* Video - Buffet: Recession unlikely

Economy: First-quarter productivity was revised to a 0.9% decline from a previous estimate of a 0.5% decline. Analysts were expecting a drop of 0.8%.

The Federal Reserve's Beige Book, a report covering economic activity in the bank's 12 regional districts, suggested that the overall economy expanded at a moderate pace in April and May. While the economic outlook remains positive, the Fed said its "contacts were slightly more guarded in their optimism."

Companies: Nasdaq OMX Group (NDAQ) said it plans to spend $40 million to compensate trading firms for losses caused by glitches in Facebook's IPO.

* Invest like a hedge fund honcho

Facebook (FB) shares rebounded Wednesday, after hitting a new low of $25.52. Shares are still about 30% below the IPO price of $38.

Chesapeake Energy (CHK, Fortune 500) is in advanced talks to sell almost all of its pipeline assets for more than $4 billion to Global Infrastructure Partners, according to a Bloomberg report, which lifted Chesapeake shares.

Shares of Hovnanian (HOV) jumped after the homebuilder posted a second-quarter profit on a rise in home sales.

Tempur-Pedic International (TPX) shares lost nearly half their value after the mattress company said it expects its second-quarter profit to plunge 50% amid increased competition. The company also slashed its outlook for the year.

* Video - Don't stuff your money in mattress stocks

Currencies and commodities: The dollar slid against the euro and the British pound, but gained strength against the Japanese yen.

Oil for July delivery rose 73 cents to settle at $85.02 a barrel.

Gold futures for June delivery climbed $17.30 to settle at $1,634.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.65% from 1.56% late Tuesday.

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Market Update

4:10 pm : Stocks ended on their best levels of the session as a Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts,” and the strong Australian first quarter GDP print of 1.3% QoQ bolstered investor confidence. The Nasdaq led today’s advance, climbing 2.4% while the S&P 500 and Dow both finished with 2.3% gains.

This morning’s European Central Bank interest rate decision went as expected as the central bank held its benchmark interest rate steady at 1.00% with head Mario Draghi insisting the bank would act if needed.

Economic data disappointed, but had little impact as both productivity and unit labor cost revisions fell short of estimates.

The Fed's latest Beige Book was released this afternoon. but stocks did not see any real reaction. In short, it suggested that overall economic activity in the dozen Fed districts continued to increase at a modest to moderate pace in March and early April. Reports of consumer spending were "unchanged to up moderately."

Shares of Tempur-Pedic (TPX 22.39, -21.28) fell 48.7% after the company lowered its guidance due to new competitive product introductions. The company now expects full year earnings per share of $2.70 which is down from its previous estimate of $3.80-3.95. Also moving lower was the company’s full year revenues guidance which was dropped to $1.43 billion from its previous expectations of $1.60-1.65 billion. Related names Select Comfort (SCSS 20.61, -5.32) and Mattress Firm (MFRM 28.00, -7.30) were also under pressure on the news.

Gold miners gave up this morning’s solid gains with most ending the day in negative territory. The Market Vectors Gold Miners ETF (GDX 47.62, +0.09) eked out a small gain of 0.2% to finish higher for a fourth consecutive session. Individual names such as Barrick Gold (ABX 40.45, -1.60) and Yamana Gold (AUY 16.08, -0.01) both finished in the red.

Ancestry.com (ACOM 25.06, +2.43) jumped 10.7% on reports the company is putting itself up for sale. Today’s surge has the stock contending with both its 100- and 200-day moving averages which come into play near resistance provided by the March lows.

Treasuries were hammered for a third consecutive session as the long bond lost another point and a half. Today’s selling ran the 10-yr yield up to 1.651% at the cash close where it is now more than 20 basis points above last week’s record low. The yield curve swung steeper on the selling as the 2-10-yr spread widened to 140 basis points.

The Volatility Index, or VIX, fell 10.5% to finish at 22.11, its low level since May 29.

Volume picked up as 861 million shares changed hands on the floor of the New York Stock Exchange.DJ30 +286.84 NASDAQ +66.61 SP500 +29.63 NASDAQ Adv/Vol/Dec 2091/1.70 bln/445 NYSE Adv/Vol/Dec 2689/861.6 mln/383

3:30 pm : Crude oil and precious metals extended yesterday's gains on hopes that the Fed will consider more action to support the economy, and following the ECB meeting where Mr. Draghi stated that the ECB remained ready to act if necessary. Crude oil popped to a pit session high of $86.24 per barrel in morning action, but inched lower for the remainder of floor trade. Despite the pullback, crude settled up 0.9% at $85.06 per barrel. Natural gas climbed into the black and touched a session high of $2.47 per MMBtu before losing steam and falling back into negative territory. It fell to a session low of $2.40 per MMBtu before settling floor trade with a 1.2% loss at $2.42 per MMBtu.

Gold touched a session high of $1642.40 per ounce in early morning action and chopped around just below that level until it slid to a session low of $1631.30 per ounce as it headed into the close. Despite the late dip, gold managed to settle pit trade with a 1.1% gain at $1634.40 per ounce. It is worth mentioning that the yellow metal erased most of its gains in after-hour action as it sold off to just above the unchanged line following the Fed's Beige Book release. Silver inched higher for the majority of its floor session, trading up to $29.86 per ounce. The metal pulled back in the last half hour of pit trade, but still booked a 4.0% gain as it settled at $29.55 per ounce.DJ30 +220.39 NASDAQ +55.32 SP500 +23.11 NASDAQ Adv/Vol/Dec 2028/1.35 bln/503 NYSE Adv/Vol/Dec 2638/541.7 mln/434

3:00 pm : Treasuries ended off their worst levels but with sizable losses as sellers remained in control for a third day. Heavy selling once again weighed on the long bond as it fell just more than one and a half points to 105 23/32 at the cash close. Today’s session was the sixth in a row where the 30-yr saw a move of at least one point in either direction. Elsewhere, a more modest decline of 21/32 dropped the 10-yr note to 100 28/32. The recent weakness in the complex has produced a surge in longer dated yields as both the 10- and 30-yr are up roughly 20 basis points from last week’s lows, and currently sit at 1.651% and 2.720% respectively. Selling swung the yield curve steeper as the 2-10-yr spread widened to 136 basis points.DJ30 +225.31 NASDAQ +56.18 SP500 +23.52 NASDAQ Adv/Vol/Dec 2029/1.23 bln/503 NYSE Adv/Vol/Dec 2629/493.4 mln/440

2:30 pm : Stocks have slipped off their best levels but still hold solid gains as traders digest the Fed’s latest Beige Book. The Nasdaq is holding a gain of 1.8% while both the S&P 500 and Nasdaq trade up close to 1.6%.

Iron Mountain (IRM 31.67, +3.27) is trading up 11.5% after the company confirmed plans of a Real Estate Investment Trust conversion. The Board of Directors also announced it was increasing its quarterly dividend 8% to $0.27 per share. DJ30 +209.42 NASDAQ +51.78 SP500 +21.66 NASDAQ Adv/Vol/Dec 1993/1.13 bln/525 NYSE Adv/Vol/Dec 2621/450.8 mln/442

2:00 pm : The Fed's latest Beige Book was just released, but stocks haven't had any real reaction to it. In short, it suggested that overall economic activity in the dozen Fed districts continued to increase at a modest to moderate pace in March and early April. Reports of consumer spending were "unchanged to up moderately."DJ30 +218.88 NASDAQ +54.82 SP500 +22.88 NASDAQ Adv/Vol/Dec 2015/1.05 bln/506 NYSE Adv/Vol/Dec 2660/416.1 mln/396

1:30 pm : The market continues to sport very strong gains, with the S&P 500 up 1.9% and trading just off intraday highs. Volatility could pick up this afternoon around the release of the Fed's Beige Book at 2:00 ET, which will give an overview of economic conditions from the 12 regional Federal Reserve banks around the country.

After the close tonight, 15 companies are scheduled to report earnings, including Pall (PLL 54.97, +0.42) and Men's Wearhouse (MW 35.60, +0.68), among others. Tomorrow morning, 10 companies are schedule to report earnings, including J.M. Smucker (SJM 76.14, +1.47), Navistar (NAV 28.72, +1.20) and lululemon athletica (LULU 71.75, +1.09).

Looking at tomorrow's Economic Calendar, initial jobless claims data is due out at 8:30 ET. However, the biggest event tomorrow will be Ben Bernanke's economic outlook and policy at 10:00 ET.DJ30 +218.65 NASDAQ +56.30 SP500 +22.99 NASDAQ Adv/Vol/Dec 2017/960.4 mln/486 NYSE Adv/Vol/Dec 2668/377.2 mln/381

1:00 pm : Equity markets trade near their best levels of the session as stocks push higher following a Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts,” and on the heels of a strong Australian first quarter GDP print of 1.3% QoQ. Stocks had reached oversold conditions following the swoon in May, and are seeing traders gobble up beaten down shares. The Nasdaq leads today’s surge with a gain of 2.2% while the S&P 500 and Dow are both up close to 2.0%. This morning’s U.S. economic data was disappointing as both productivity and unit labor cost revisions both fell short of expectations.

Shares of Tempur-Pedic (TXP 22.66, -21.01) are down 48.1% after the company lowered its guidance due to new competitive product introductions. Related names Select Comfort (SCSS 22.20, -3.73) and Mattress Firm (MFRM 30.00, -5.30) are also under pressure on the news.

Gold miners are seeing solid gains as gold is up 1.4% at $1639 per ounce while silver outperforms with a 5.0% advance to $29.85 per ounce. The Market Vectors Gold Miners ETF (GDX 48.06, +0.53) is seeing a gain of 1.1% and is higher for a fourth consecutive session.

Ancestry.com (ACOM 24.99, +2.36) is up 10.4% on reports the company is putting itself up for sale. Today’s surge has the stock contending with both its 100- and 200-day moving averages which come into play near resistance provided by the March lows.

Longer dated Treasuries are under pressure for a third consecutive session as the long bond trades down another one and a half points at 105 23/32. Today’s weakness has pushed the 10-yr yield up another six basis points with the benchmark yield now above 1.65%. Steepening of the yield curve continues with the 2-10-yr spread wider at 137.5 basis points.

The Fed’s Beige Book will be released at 2 pm ET.DJ30 +224.21 NASDAQ +61.25 SP500 +24.71 NASDAQ Adv/Vol/Dec 2030/873.9 mln/454 NYSE Adv/Vol/Dec 2702/339.6 mln/317

12:25 pm : The major averages continue to push higher as the Nasdaq holds a gain of 2.1% while the S&P 500 and Dow both hold gains of roughly 1.8%. Today’s strong advance has dropped the Volatility Index, or VIX, almost 7.0% to 23.05, and to its lowest level in a week. The 22.00 area will serve as important support in the near-term as action was unable to hold its breakout through the 200-day moving average. The failure near recent highs near 28.00 should not have come as too big of a surprise as significant resistance came into play from the November/December levels. DJ30 +210.93 NASDAQ +58.13 SP500 +23.50 NASDAQ Adv/Vol/Dec 2030/794.9 mln/437 NYSE Adv/Vol/Dec 2711/310.6 mln/306

12:00 pm : Treasuries are heavy, especially at the long end where the 30-yr trades down one full point for the third consecutive session. The three-day slide has produced a 20 basis point jump in the 30-yr yield since last Thursday’s low as traders have moved money back into riskier assets. Selling of the 10-yr note has its yield up another six basis points this morning with the benchmark yield now up to almost 1.64% after printing a record low 1.440% during last week’s flight to safety. The yield curve continues to swing steeper with the 2-10-yr spread now wider at 137.5 basis points.DJ30 +201.32 NASDAQ +55.91 SP500 +22.24 NASDAQ Adv/Vol/Dec 2015/707.0 mln/429 NYSE Adv/Vol/Dec 2672/276.7 mln/318

11:30 am : Stocks remain at session highs with the Nasdaq now up close to 2.0%. The S&P 500 and Dow continue to underperform, but both hold respectable gains of 1.7%.

Gold miners are seeing solid gains this morning as precious metals surge following the Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts.” A sound advance of 1.4% has gold up to $1639 per ounce while silver sees significant outperformance as it currently trades up 4.5% at $29.70 per ounce. The Market Vectors Gold Miners ETF (GDX 48.63, +1.10) is seeing a gain of 2.3% and is higher for a fourth consecutive session. Individual names such as Barrick Gold (ABX 42.67, +0.62), Newmont Mining (NEM 52.03, +0.68), and Yamana Gold (AUY 16.35, +0.26) are all up close to 1.4%. DJ30 +207.15 NASDAQ +54.22 SP500 +22.43 NASDAQ Adv/Vol/Dec 2006/607.3 mln/433 NYSE Adv/Vol/Dec 2661/238.6 mln/306

10:55 am : The major market averages continue to climb higher on light volume as traders move into some of the more beaten down names. The Nasdaq leads today’s advance, currently trading up 1.9% while the S&P 500 and Dow trail with respective gains of 1.5% and 1.4%.

Ancestry.com (ACOM 24.88, +2.25) is up 10.0% on reports the company is putting itself up for sale. Today’s surge has the stock contending with both its 100- and 200-day moving averages which come into play near resistance provided by the March lows.DJ30 +170.14 NASDAQ +52.00 SP500 +19.11 NASDAQ Adv/Vol/Dec 1954/486.4 mln/439 NYSE Adv/Vol/Dec 2624/192.1 mln/317

10:35 am : Weakness in the dollar index this morning has given commodities a boost so far.

In the energy space, July crude oil has been in positive territory all session and just hit a new high for the day at $86.27 ahead of inventory data. Following inventory data, crude dropped about $0.35/barrel initially and is now +1.8% at $85.84/barrel.

July natural gas fell into negative territory overnight and fell as low as $2.40. Nat gas has since pulled back and is now +0.3% at $2.45/MMBtu.

In metals, August gold and July silver have been in positive territory all session. Silver has been inching higher all morning, while gold has been a little more choppy. Gold hit its HoD at $1642.40 around 8:30am ET. Silver just hit a new session high of $29.82. In current trade, gold is +1.2% at $1635.80 and silver is +4.3% at $29.62/oz.DJ30 +148.95 NASDAQ +40.89 SP500 +16.14 NASDAQ Adv/Vol 461/1901 NYSE Adv/Vol/Dec 2533/159 mln/326

10:00 am : The major averages are at session highs as a 1.5% advance has the Nasdaq leading the way.

Shares of Tempur-Pedic (TPX 25.40, -18.27) are down 41.8% in early action after the company lowered its guidance due to new competitive product introductions. The company now expects fiscal year 2012 earnings per share of $2.70 which is down from its previous estimate of $3.80-3.95 which was in-line with the Capital IQ Consensus Estimate. Also moving lower was the company’s fiscal year 2012 revenues guidance which was dropped to $1.43 billion from its previous expectations of $1.60-1.65 billion. Related names Select Comfort (SCSS 20.65, -5.28) and Mattress Firm (MFRM 28.94, -6.36) are also under pressure on the news. DJ30 +142.17 NASDAQ +41.47 SP500 +16.34 NASDAQ Adv/Vol/Dec 1865/198.3 mln/414 NYSE Adv/Vol/Dec 2546/97.1 mln/275

09:45 am : The major bourses hold strong gains at the open as the Nasdaq leads the way with a 1.2% advance. Both the S&P 500 and Dow are lagging just behind as both are holding gains of 0.9%. All of the S&P 500 sectors are trading in positive as materials (+1.4%), energy (+1.2%), and consumer discretionary (+1.0%) are the top performers.DJ30 +111.86 NASDAQ +32.55 SP500 +12.41 NASDAQ Vol 114.1 mln NYSE Vol 69.5 mln

09:13 am : [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +18.80. Equity futures have fallen off their best levels of the session after the European Central Bank held its key rate steady at 1.00% on fears inflation in the region will remain elevated. Futures were holding gains in excess of 1.0% earlier this morning following a Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts” and on the heels of the strong first quarter Australian GDP figure. In corporate news, mattress maker Tempur-Pedic (TPX) is down more than 40% in pre-market trading after lowering guidance well below expectations on new competitive product introductions. The Fed’s Beige Book is the lone remaining data, and will be released at 2 pm ET.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +16.80. Markets around the globe are higher today following a Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts” and after the strong first quarter Australian GDP number. All of the major Asian averages, aside from China’s Shanghai Composite, finished with gains as Indonesia’s Jakarta Composite led the way with a 3.3% advance. In Europe, the major bourses are off session highs, but still holding solid gains after the European Central Bank held its benchmark interest rate steady at 1.00%.

Asian markets (Nikkei +1.8%, Hang Seng +1.4%, Shanghai -0.1%) finished mostly higher for a third consecutive session as investors continue to gobble up heavily beaten down shares. Australia’s first quarter GDP reading of 1.3% QoQ outpaced expectations by a wide major, and was the catalyst for the region’s strong gains. In Japan, the Nikkei’s 1.8% advance was led by heavily beaten down exporters as the yen weakened. Canon rose 3.0% while Mazda Motor climbed 4.3% and TDK Corp surged 5.3%. Hong Kong’s Hang Seng rose 1.4% as the index was bolstered by strong gains in property and casino stocks. Henderson Land Development rallied 3.4% while Sands China rose 2.1%. China’s Shanghai Composite slipped 0.1% as property developers underperformed following reports Beijing will continue to impose property measures. China Vanke was the worst performer in the space, sliding 1.4%.

European markets are off their best levels, but still hold solid gains. Britain’s FTSE is up 1.1% as traders return from their four-day weekend. Miners and financials lead the way with silver miner Fresnillo up 6.6% and Royal Bank of Scotland higher by 5.2%. France’s CAC is seeing a 1.5% advance despite underperformance from financials as Credit Agricole and Societe Generale are both up close to 1.0%. Germany’s DAX is higher by 1.3% as financials and steelmakers are seeing a solid bid. ThyssenKrupp and Commerzbank are both up close to 3.0% to lead the advance.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +27.00. Productivity data for the first quarter showed an decrease of 0.9%, which is a setback from the 0.5% decrease that had been reported in the preliminary reading. It is also worse than the 0.8% decrease that had been broadly expected. Unit labor costs for the first quarter were revised lower to reflect a 1.3% increase after they had reportedly increased by 2.0% in the preliminary reading. Economists polled by Briefing.com had actually expected, on average, that unit labor costs would tick up in the revised reading to reflect an increase of 2.3%. The Fed’s Beige Book will cross the wires at 2 pm ET.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +27.50. Futures are pointing to strong gains following a Wall Street Journal report suggesting the Fed is “weighing more action amid recovery doubts” and after the strong first quarter Australian GDP reading. However, futures have slipped off their best levels of the morning after the European Central Bank held its key interest rate unchanged at 1.00%. Traders will now shift their attention to European Central Bank head Mario Draghi’s press conference which begins at 8:30 am ET. Data scheduled for today includes productivity-revised and unit labor costs-revised which will both be released at 8:30 am ET, as well as the Fed’s Beige Book which crosses the wires at 2 pm ET.

06:19 am : [BRIEFING.COM] S&P futures vs fair value: +12.20. Nasdaq futures vs fair value: +24.00.

06:19 am : Nikkei...8533.53...+151.50...+1.80%. Hang Seng...18520.53...+261.50...+1.40%.

06:19 am : FTSE...5321.09...+60.90...+1.20%. DAX...6058.61...+89.20...+1.50%.

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)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

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