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 Post subject: July 11th Wednesday 2012 Emini TF ($TF_F) points +11.60
PostPosted: Wed Jul 11, 2012 2:40 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)

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

Price Action Trade Performance for Today: +11.60 points or $1160 dollars in the Russell 2000 Emini TF ($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=106&t=1270.

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=163&t=1526

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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.

Stocks End Lower After Fed Minutes

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

NEW YORK (CNNMoney) -- U.S. stocks closed lower Wednesday for the fourth day in a row, after the minutes from the latest Federal Reserve meeting offered no new hints that another round of quantitative easing would be coming anytime soon.

Investors were hoping central bankers would offer up some signs that another round of quantitative easing, or QE3, was on the table. But the minutes from the Fed's policymaking meeting show the central bank is wary of the risks.

All three indexes rebounded from earlier lows. The Dow Jones industrial average (INDU) fell 49 points, or 0.4% and the Nasdaq (COMP) lost 14 points, or 0.5%. The S&P 500 (SPX) ended flat.

Investors also continued to digest the latest moves out of Europe. In a speech to parliament, Spanish Prime Minister Mariano Rajoy said the country would cut €65 billion ($79.6 billion) in less than three years by reducing government spending and raising taxes. Meeting budget-deficit reduction targets would require austerity and more efficiency, he said.

"We will significantly reduce the number of public institutions," Rajoy promised.

The speech came after European finance ministers agreed late Monday to offer the struggling country an initial €30 billion by the end of the month to help bail out its troubled banks. Yields for Spanish 10-year bonds, which have hovered around the perilous 7% level in recent weeks, fell to 6.59% Wednesday.

U.S. stocks closed lower Tuesday, as worries about corporate earnings falling short of expectations unnerved investors. No major corporate results are expected Wednesday, though reports are due later in the week from JPMorgan Chase (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500).

* Video - Spain's tough cuts

World markets: European stocks finished mixed. Britain's FTSE 100 (UKX) slid 0.1% and France's CAC 40 (CAC40) fell 0.5%, while the DAX (DAX) in Germany rose 0.2%.

Asian markets ended mixed. The Shanghai Composite (SHCOMP) added 0.5% and the Hang Seng (HSI) in Hong Kong edged higher by 0.1%, while Japan's Nikkei (N225) fell 0.1%.

* Calls for QE3 grow as economy wanes

Economy: The U.S. trade deficit stood at $48.7 billion in May, coming in just slightly below expectations. It dropped from $50.1 billion the prior month.

As expected, wholesale inventories for May increased by 0.3%.

Companies: When JPMorgan reports earnings Friday, the bank is expected to show how much it has lost so far due to the risk-taking of its London Whale trader. The report could generate even more interest if, as The Wall Street Journal reported Wednesday, the bank will make an example of executives behind the errors and reclaim stock from them worth millions.

Google (GOOG, Fortune 500) struck a preliminary deal with the U.S. Federal Trade Commission to pay a $22.5 million fine for evading some privacy settings on Apple's (AAPL, Fortune 500) Safari Web browser, a source with knowledge of the settlement told CNN.

The fine would be the largest penalty ever levied on a single company by the FTC over privacy issues, but it's still a financial wrist-slap for Google, which earned $2.9 billion last quarter. Under the terms of the deal, which remains subject to approval from FTC commissioners, Google would admit no wrongdoing.

Shares of online daily deal company Groupon (GRPN) tumbled almost 7% Wednesday to an all-time low of $7.88. Investors have worried about the company's longevity since it went public last November, shaving almost 70% off its initial stock price.

* Corn prices pop after lower production forecast

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

Oil for August delivery settled up, rising $1.90 to $85.81 a barrel.

Gold futures for August delivery fell $9.30 to $1,571.60 an ounce.

Corn futures for December delivery jumped as much as 4.3% to $7.48 per bushel, after the U.S. Department of Agriculture said the corn crop will average just 146 bushels an acre this year due to the Midwest drought. That's down from the USDA's June estimate of 166 bushels per acre.

Bonds: The price on the benchmark 10-year U.S. Treasury was flat, keeping the yield at 1.50%.

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Market Update

4:15 pm : A late-day rally lifted the S&P 500 into positive territory moments ahead of the close, but the index finished with fractional losses to close lower for a fifth straight session. The index rallied from session lows to session highs in the final 90 minutes of trading on a somewhat mysterious move before slipping back below the flat line ahead of the close. Selling also dropped the Dow and Nasdaq 0.4% and 0.5% respectively.

This afternoon’s FOMC Minutes failed to mention more quantitative easing by the Fed, but suggested ‘further policy stimulus likely would be necessary to promote satisfactory growth,’ and that the Fed should study ‘new tools’ for easing. Several members also suggested the potential for a ‘significant slowdown’ in China. Both the trade deficit and wholesale inventories were released this morning with relatively in-line readings having a muted impact on trade.

Asian markets rallied into their respective closes after Chinese Premier Wen Jiabao suggested it is “important to promote a reasonable growth in investment” Elsewhere, Spanish Prime Minister Mariano Rajoy announced new austerity measures which are expected to trim the country’s deficit by EUR65 billion. Spain’s IBEX outperformed with a 1.2% advance as the Spanish 10-yr yield eased 16 basis points 6.58%.

Luxury goods maker Burberry (BURBY 37.05, -2.55) fell sharply after announcing disappointing earnings. The company said sales increased 11.0% for the quarter to GBP408 mln, but that number fell short of the GBP418 mln Capital IQ Consensus Estimate. U.S. rival Coach (COH 55.84, -1.08) lost 1.9% as it piggybacked the move.

Jeans makers were hit after privately held Levi Strauss announced weak second quarter results. The company stated that while it experienced growth in the U.S., both its Asian and European businesses were weak. High cotton prices and the stronger dollar also played a role in the disappointing quarter. Guess (GES 26.91), True Religion Apparel (TRLG 26.78, -1.86), and V F Corp. (VFC 135.69, -1.55) all lost ground on the news.

Shares of teen retailer Abercrombie & Fitch (ANF 34.12, +1.35) surged following a New York Times report suggesting the company is planning a ‘massive’ share buyback.

Regional consumer electronics retailer hhgregg (HGG 7.34, -4.20) hit a three and a half-year low after the company guided its fiscal first quarter results below consensus and lowered its full-year 2013 outlook. Peer Best Buy (BBY 19.37, -1.77) slid in response.

Second quarter earnings reports remain light in terms of volume, but the early negative results against low expectations are providing credibility to the negative sentiment in markets. Last night Adtran (ADTN 23.01, -4.18), OCZ Technology (OCZ 4.50, -0.95), and Voxx International (VOXX 8.04, -1.73) all missed top and bottom line expectations. That brings the Briefing.com calendar results to 10 misses, two in-lines, and one beat thus far for earnings.

Treasuries finished the day flat despite this afternoon’s superb 10-yr reopening. The auction drew a record low at-auction yield of 1.459% and a strong 3.61x bid/cover were reached as direct bidders took down an extremely high 45.4% of the offering. Sellers immediately faded the rally and dropped the complex back to pre-auction levels where it sat for the remainder of the session. The long bond saw slight performance, ending the day up 7/32 at 108 13/32 as its yield slid 0.5 bps to 2.589%. A flat session for the 10-yr note caused its yield to hold steady at 1.498% after post-auction buying dropped it to a low of 1.452% (1.440% record low).

Tomorrow’s data is limited to initial and continuing claims and import/export prices which will be released 8:30 am ET, as well as the Treasury budget which is due out at 2 pm ET.DJ30 -48.59 NASDAQ -14.35 SP500 -0.02 NASDAQ Adv/Vol/Dec 1209/1.57 bln/1233 NYSE Adv/Vol/Dec 1608/768.0 mln/1433

3:30 pm : Crude oil began pit trade in positive territory and popped higher following stronger-than-expected inventory data that showed a draw of 4.696 mln barrels when a draw of 1.4 mln barrels was widely anticipated. It touched a session high of $86.49 per barrel but pulled-back slightly in afternoon action following FOMC minutes. Still, the energy component managed to book a gain of 2.3% as it closed at $85.89 per barrel.

Natural gas also advanced higher in today's pit trade. It opened at its session low of $2.77 per MMBtu and worked its way up to settle at its session high of $2.86 per MMBtu for a 4.4% gain.

Gold spent most of its pit session in negative territory. It came off its session low of $1569.60 per ounce set in morning action and traded a little higher in choppy fashion. Although the yellow metal broke into the black a few times, it was unable to sustain any gains and eventually settled the session 0.2% lower at $1575.90 per ounce. Silver, however, found buying support after it brushed a pit session low of $26.88 per ounce. It rose as high as $27.24 per ounce, but a pull-back heading into the close left silver with a 0.5% gain as it closed at $27.03 per ounce. Both metals tanked in electronic trade as the dollar rallied following the release of FOMC minutes, but silver has since recovered the loss.

Corn prices fell in today's pit trade and settled at $7.03 per bushel despite a bullish corn production forecast by the USDA due to dry/hot weather. CNBC suggested that one of the reasons for the slide was that the USDA will help farmers with the drought. As a result, corn futures fell as much as 8.4% off its session high for the day to $6.86.DJ30 -88.32 NASDAQ -26.03 SP500 -4.46 NASDAQ Adv/Vol/Dec 1046/1273.8 mln/1386 NYSE Adv/Vol/Dec 1330/504 mln/1693

3:00 pm : The major averages have seen a small bounce off their session lows, but remain under pressure as a 1.0% decline has the Nasdaq leading the way lower.

Jeans makers are weak after privately held Levi Strauss announced weak second quarter results. The company stated that while it experienced growth in the U.S., both its Asian and European businesses were weak. High cotton prices and the stronger dollar also played a role in the disappointing quarter. Guess (GES 26.95, -1.87), True Religion Apparel (TRLG 26.96, -1.68), and V F Corp. (VFC 134.58, -2.66) are all trading down on the news. DJ30 -95.44 NASDAQ -28.84 SP500 -5.15 NASDAQ Adv/Vol/Dec 1034/1.13 bln/1403 NYSE Adv/Vol/Dec 1360/447.7 mln/1687

2:30 pm : The major bourses have come under heavy selling pressure following the release of the latest Federal Open Market Committee minutes. A loss of 1.1% has the Nasdaq pacing the decline while the Dow and S&P 500 are off 0.8% and 0.4% respectively.

The minutes show some members noted ‘further policy stimulus likely would be necessary to promote satisfactory growth’ and that the Fed should study ‘new tools’ for easing. Several members also suggested the potential for a ‘significant slowdown’ in China. DJ30 -110.65 NASDAQ -32.93 SP500 -6.76 NASDAQ Adv/Vol/Dec 1009/1.04 bln/1408 NYSE Adv/Vol/Dec 1319/406.0 mln/1706

2:00 pm : Equity markets are holding steady ahead of FOMC minutes at 14:00 ET. The S&P 500 continues to hold in positive territory while the other major averages remain in the red. Other than the brief Treasuries rally, it continues to be a rather uneventful session.DJ30 -35.08 NASDAQ -17.07 SP500 1.07 NASDAQ Adv/Vol/Dec 1139/898 mln/1260 NYSE Adv/Vol/Dec 1603/342 mln/1412

1:30 pm : Treasuries rallied to session highs following the strong $21 bln 10-yr note reopening, but quickly retraced their gains. The auction drew an at-auction record low yield of 1.459% and a strong 3.61x bid/cover. Direct bidders took down an astounding 45.4% of the offering while indirect bidders gobbled up 40.6% of the supply. Primary dealers saw a hit rate of just 6.8%. Maturities across the complex surged following the results, but quickly pulled back to pre-auction levels as traders digest the results. The 10-yr yield hit a session low of 1.462% which is just more than 2 bps above its record low print, but now holds near 1.500%. A flatter yield curve has taken hold as the 2-10-yr spread trades tighter at 122.5 bps.DJ30 -43.44 NASDAQ -20.16 SP500 -0.17 NASDAQ Adv/Vol/Dec 1107/830.7 mln/1273 NYSE Adv/Vol/Dec 1540/320.3 mln/1471

12:55 pm : Stocks trade mostly lower as the Nasdaq and Dow trade down 0.5% and 0.3% respectively while the S&P 500 holds a small gain of 0.1%. Macro data and news flow have been rather quiet today which resulted in a mixed trade across Asia and Europe. Chinese Premier Wen Jiabao suggested it is “important to promote a reasonable growth in investment,” and those comments lifted Asian markets off their lows. Elsewhere, Spanish Prime Minister Mariano Rajoy announced new austerity measures which are expected to trim the country’s deficit by EUR65 billion. Spain’s IBEX outperformed with a 1.2% advance as the Spanish 10-yr yield eased 16 basis points 6.58%. Here in the U.S., both the trade deficit and wholesale inventories were released this morning with relatively in-line readings having a muted impact on action.

Luxury goods maker Burberry (BURBY 36.71, -2.89) is down sharply after announcing disappointing earnings. The company announced sales increased 11.0% for the quarter to GBP408 mln, but that number fell short of the GBP418 mln Capital IQ Consensus Estimate. U.S. rival Coach (COH 55.80, -1.12) is down 2.0% as it piggybacks the move.

Shares of teen retailed Abercrombie & Fitch (ANF 34.39, +1.62) are surging today on a New York Times report suggesting the company is planning a ‘massive’ share buyback. The stock has pulled back from its early highs as sellers have emerged near resistance in the $35 area.

Regional consumer electronics retailer hhgregg (HGG 7.10, -4.44) is trading at a three and a half year low after the company guided its fiscal first quarter results below consensus and lowered its full-year 2013 outlook. Peer Best Buy (BBY 19.95, -1.19) is down in sympathy.

Second quarter earnings reports remain light in terms of volume, but the early negative results against low expectations are providing credibility to the negative sentiment in markets. Last night Adtran (ADTN 23.09, -4.10), OCZ Technology (OCZ 4.62, -0.83), and Voxx International (VOXX 8.19, -1.58) all missed top and bottom line expectations. That brings the Briefing.com calendar results to 10 misses, two in-lines, and one beat thus far for earnings.

The latest FOMC minutes will be released at 2 pm ET.DJ30 -31.94 NASDAQ -14.87 SP500 +1.05 NASDAQ Adv/Vol/Dec 1205/755.2 mln/1165 NYSE Adv/Vol/Dec 1613/293.5 mln/1376

12:30 pm : The major averages trade lower as the Nasdaq holds a loss of 0.5% while the Dow is down 0.3%. The S&P 500 is outperforming amid a flat session.

Shares of teen retailer Abercrombie & Fitch (ANF 34.27, +1.50) are surging today on a New York Times report suggesting the company is planning a ‘massive’ share buyback. The stock has pulled back from its early highs as sellers emerged near resistance in the $35 area. Today's report has not impacted rival American Eagle Outfitters (AEO 20.11, -0.30) which trades down 1.4%.DJ30 -37.09 NASDAQ -15.65 SP500 +0.13 NASDAQ Adv/Vol/Dec 1156/695.0 mln/1205 NYSE Adv/Vol/Dec 1520/269.7 mln/1470

12:00 pm : The Nasdaq is down nearly 0.5% while the S&P 500 is roughly unchanged. Retail and consumer stocks are lagging this session as the energy sector is strong. The Energy Select SPDR (XLE 65.74 +0.78) is currently up 1.2% as oil is up about 1.5% above $85/barrel.

Regional consumer electronics retailer hhgregg (HGG 7.03 -4.51) is trading at a three and a half year low after the company guided its fiscal Q1 results below consensus and lowered its FY13 outlook. Peer Best Buy (BBY 19.92 -1.22) is down in sympathy.DJ30 -29.03 NASDAQ -12.56 SP500 +0.36 NASDAQ Adv/Vol/Dec 1171/620 mln/1175 NYSE Adv/Vol/Dec 1477/235 mln/1450

11:30 am : Second quarter earnings reports remain light in terms of volume, but the early negative results against low expectations are providing credibility to the negative sentiment in markets. Last night Adtran (ADTN 22.73, -4.46), OCZ Technology (OCZ 4.60, -0.85), and Voxx International (VOXX 8.31, -1.46) all missed top and bottom line expectations. That brings the Briefing.com calendar results to 10 misses, two in-lines, and one beat thus far for earnings. Adding to the worries are a slew of negative preannouncements over the past 24 hours that includes Audiocodes (AUDC 1.65, -0.08), Cummins (CMI 85.17, -1.74), and Applied Materials (AMAT 10.56, -0.15).DJ30 -33.53 NASDAQ -15.64 SP500 -0.75 NASDAQ Adv/Vol/Dec 817/528.8 mln/1653 NYSE Adv/Vol/Dec 1026/213.2 mln/2008

11:00 am : The major averages hold near session lows during what has been a rather uneventful session. Both the Dow and Nasdaq trade down 0.5% to lead the decline while the S&P outperforms with a 0.2% loss.

Luxury goods maker Burberry (BURBY 37.10, -2.50) is down sharply after announcing disappointing earnings. The company announced revenues increased 11.0% for the quarter to GBP408 mln, but that number fell short of the GBP418 mln Capital IQ Consensus Estimate. U.S. rival Coach (COH 55.60, -1.32) is down 2.3% as it piggybacks the move. DJ30 -53.78 NASDAQ -13.55 SP500 -2.49 NASDAQ Adv/Vol/Dec 817/424.8 mln/1653 NYSE Adv/Vol/Dec 1026/174.2 mln/2008

10:35 am : In the energy space, Aug crude oil is trading notably higher today and just extended their gains and hit a new session high of $85.68. Following inventory, oil was rather muted and is now trading +1.7% at $85.30/barrel.

July natural gas is higher as well as rose as high as $2.80 a short while ago and is now just one penny below that HoD at $2.79, up 2.1%.

In metals, August gold and Sept. silver rallied nicely in recent trade, while the dollar index only ticked lower. Gold pushed into positive territory, while silver hit a new session high of $27.22. In current trade, gold is now back in the red, currently -0.4% at $1574.20/oz, while silver has pulled back a little from its new HoD and is +0.8% at $27.09/oz.

In agriculture, the USDA released its July WASDE report, which showed notable cuts in production and yield forecasts. Dec corn is now +2.2% at $7.33/bushel, Sept wheat is +1.6% at $8.35/bu and Nov soybeans are +1.7% at $15.64/bu.DJ30 -29.86 NASDAQ -0.94 SP500 +1.31 NASDAQ Adv/Vol/Dec 1221/299.6 mln/989 NYSE Adv/Vol/Dec 1644/131 mln/1141

10:00 am : Wholesale inventories were up 0.3% in May. That's on par with the increase of 0.3% that had been broadly forecasted. Stocks haven't shown any meaningful response to the data. Prior to the report's release they began to push up from early session lows, and now hover flat.DJ30 -13.85 NASDAQ -3.18 SP500 +2.07 NASDAQ Adv/Vol/Dec 817/192.6 mln/1653 NYSE Adv/Vol/Dec 1026/92.5 mln/2008

09:45 am : Stocks are holding small losses in the opening minutes of trade as the Dow paces the decline with a loss of 0.3%. Energy and utilities are the leaders while materials and technology bring up the rear. Wholesale inventories are due out at the top of the hour.DJ30 -38.60 NASDAQ -8.95 SP500 -1.42 NASDAQ Vol 100.0 mln NYSE Vol 60.7 mln

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: -1.50. Equity futures indicate a flat open during what has been a light session thus far for both economic data and news flow. Marriott (MAR) will be in focus today with the company set to announce its second quarter earnings after today’s closing bell. Data still to be released includes wholesale inventories at 10 am ET and the FOMC minutes at 2 pm ET. Treasury will hold a $21 bln 10-yr note reopening.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +2.10. Nasdaq futures vs fair value: -1.80. Global markets are mixed today as data and news flow have been light. Asian markets rallied into their respective closes, causing most to trim their losses and eke out modest gains. The late-session buying emerged following comments from Chinese Premier Wen Jiabao who suggested it is “important to promote a reasonable growth in investment.” In Europe, Germany held a 10-yr Bund auction that drew a record low at-auction yield of 1.31% as investors continued to move into safety. Elsewhere, Spanish Prime Minister Mariano Rajoy announced new austerity measures which are expected to trim the country’s deficit by EUR65 billion. Spain’s IBEX is higher by 0.8% as the 10-yr yield has eased 16 basis points to 6.58% following Mr. Rajoy’s announcement.

The major Asian bourses (Nikkei -0.1%, Hang Seng +0.1%, Shanghai +0.6%) finished mixed after the comments from Chinese Premier Wen Jiabao sparked the late-session rally. Japan’s Nikkei shrugged off weakness in chipmakers to finish down 0.1%. Advantest Corp. led the sector lower with a loss of 3.2% following yesterday’s downbeat forecast from U.S. rival Applied Materials. Shares in Hong Kong edged up 0.1% as strength in property developers offset weakness in financials. Real estate giant Sun Hung Kai led the advance with a 3.6% gain following an upgrade at J.P. Morgan while China Construction Bank shed 3.0% on reports it has heavy loan exposure to a bankrupt property and investment firm. Meanwhile, China’s Shanghai Composite rallied 0.6% as cement makers outperformed following Mr. Wen’s comments. Anhui Conch Cement added 2.8% while Tangshan Jidong Cement jumped 5.6%.

European markets (FTSE -0.5%, CAC -0.6%, DAX -0.3%) are lower in afternoon trade as steel stocks and financials are seeing outperformance. Steelmaker ThyssenKrupp is up 1.5% despite a 0.2% loss for Germany's DAX. Elsewhere, France’s CAC is down 0.6% even as French banks BNP Paribas, Societe Generale, and Credit Agricole all hold gains of roughly 1.6%. Britain’s FTSE is off 0.5% with luxury goods maker Burberry lower by 7.6% after reporting disappointing earnings. This has weighed on French competitor LVMH Moet Hennessy Louis Vuitton which is down 3.5%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -0.50. Stock futures are generally unfazed by the latest dose of data. Treasuries and currencies have also shrugged off the numbers. The trade deficit narrowed to $48.7 billion during May after an downwardly revised prior month deficit of $50.6 billion. Economists polled by Briefing.com had expected, on average, that the deficit for May would come in at $48.9 billion.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.00. U.S. futures are showing a moderate bid this morning, following four consecutive days of declines. S&P futures are currently up 0.3% vs. fair value, while European and Asian stocks were mixed overnight.

In Europe, Spain's Prime Minister Rajoy laid out new austerity measures that are intended to reduce the budget deficit by 65 billion euros. Some of the measures include tax hikes and reduced spending. Spain's debt yields have pulled back further today, with the Spanish 10-year yield down 13 basis points at 6.60%. Spain's equity market continues to see the biggest moves in Europe, and it is outperforming today with a 1.2% gain. While Spain is responding positively to the news, the other major European equity markets are mixed, with Germany's DAX showing a 0.4% gain, while France's CAC is down 0.3% and the UK's FTSE is flat.

Last night, Asian stocks started their day lower but showed improvement as the session progressed to finish mixed. China's Shanghai Composite was the best performer with a 0.5% gain, while Hong Kong's Hang Seng gained 0.1% and Japan's Nikkei lost 0.1%. Global markets are likely to respond to Chinese economic data due out later this week, with Chinese GDP and Industrial Production both due out prior to Friday's U.S. session.

U.S. corporate news is light this morning and there are no earnings reports scheduled before the open. However, a few stocks are moving on earnings/guidance that was released last night... Electronics retailer HHGregg (HGG 9.03, -2.51) is sharply lower this morning, down 22% in the pre-market after cutting earnings guidance. HHGregg now expects Q1 revenue of ~$490 million vs. the $510 million Capital IQ Consensus estimate, and expects a wider loss of ($0.17)-($0.16) per share, which is worse than the ($0.05) expectation. Peer electronics retailer Best Buy (BBY 20.07, -1.07) also traded lower on the HGG warning... Memory maker OCZ Tech (OCZ 4.95, -0.50) traded down 10% in after hours after reporting disappointing earnings and issuing in-line guidance. OCZ had already lost 14% in the two days leading up to the report, so when considering the after-hours decline, the stock is down 22% in three days.

There are a few items of interest on today's economic calendar, including the May Trade Balance and May Wholesale Inventory data. Most importantly though are the FOMC minutes from the June meeting, which are set to be released at 2:00 pm ET.

Finally, Marriott (MAR 38.17, 0.00) is the only major name set to release earnings after the close tonight.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +5.00. U.S. futures are showing a moderate bid this morning, following four consecutive days of declines. S&P futures are currently up 0.3% vs. fair value, while European and Asian stocks were mixed overnight.

In Europe, Spain's Prime Minister Rajoy laid out new austerity measures that are intended to reduce the budget deficit by 65 billion euros. Some of the measures include tax hikes and reduced spending. Spain's debt yields have pulled back further today, with the Spanish 10-year yield down 13 basis points at 6.60%. Spain's equity market continues to see the biggest moves in Europe, and it is outperforming today with a 1.2% gain. While Spain is responding positively to the news, the other major European equity markets are mixed, with Germany's DAX showing a 0.4% gain, while France's CAC is down 0.3% and the UK's FTSE is flat.

Last night, Asian stocks started their day lower but showed improvement as the session progressed to finish mixed. China's Shanghai Composite was the best performer with a 0.5% gain, while Hong Kong's Hang Seng gained 0.1% and Japan's Nikkei lost 0.1%. Global markets are likely to respond to Chinese economic data due out later this week, with Chinese GDP and Industrial Production both due out prior to Friday's U.S. session.

U.S. corporate news is light this morning and there are no earnings reports scheduled before the open. However, a few stocks are moving on earnings/guidance that was released last night... Electronics retailer HHGregg (HGG 9.03, -2.51) is sharply lower this morning, down 22% in the pre-market after cutting earnings guidance. HHGregg now expects Q1 revenue of ~$490 million vs. the $510 million Capital IQ Consensus estimate, and expects a wider loss of ($0.17)-($0.16) per share, which is worse than the ($0.05) expectation. Peer electronics retailer Best Buy (BBY 20.07, -1.07) also traded lower on the HGG warning... Memory maker OCZ Tech (OCZ 4.95, -0.50) traded down 10% in after hours after reporting disappointing earnings and issuing in-line guidance. OCZ had already lost 14% in the two days leading up to the report, so when considering the after-hours decline, the stock is down 22% in three days.

There are a few items of interest on today's economic calendar, including the May Trade Balance and May Wholesale Inventory data. Most importantly though are the FOMC minutes from the June meeting, which are set to be released at 2:00 pm ET.

Finally, Marriott (MAR 38.17, 0.00) is the only major name set to release earnings after the close tonight.

06:24 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +2.00.

06:24 am : Nikkei...8851.00...-6.70...-0.10%. Hang Seng...19419.87...+23.50...+0.10%.

06:24 am : FTSE...5641.06...-23.00...-0.40%. DAX...6442.16...+3.80...+0.10%.

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

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

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