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 Post subject: August 1st Wednesday 2012 Emini TF ($TF_F) points +22.80
PostPosted: Wed Aug 01, 2012 10:39 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: +22.80 points or $2280 dollars in the Russell 2000 Emini TF ($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 #TheStrategyLab chat room. You can read today's #TheStrategyLab 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=107&t=1287.

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 (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. 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. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trading and reactions to the markets...something I can not get from my broker statements alone.

Stocks Falter After Fed, Eyes On ECB

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

NEW YORK (CNNMoney) -- U.S. stocks edged lower Wednesday after the Federal Reserve left its economic policies unchanged, dashing hopes for more stimulus measures.

The Dow Jones Industrial Average fell 32 points. The S&P 500 and the Nasdaq ended modestly lower.

After a two-day meeting, the Fed's Open Market Committee issued a statement that was largely identical to the one it released after its June meeting.

The central bank said economic activity "decelerated" and reiterated its former guidance, forecasting it is likely to hold interest rates near "exceptionally low levels" at least through late 2014.

Some investors had expected the Fed to say it would hold interest rates near zero into 2015. But hopes for more aggressive stimulus measures had been scaled back this week, said Quincy Krosby, market strategist with Prudential Financial in Newark, N.J.

"That's why there wasn't a more visceral reaction in the market," Krosby said.

The Fed announcement came ahead of the European Central Bank's highly-anticipated meeting in Frankfurt on Thursday.

*Will Mario Draghi and the ECB deliver?

Investors are hopeful that the ECB will announce some form of new action, after central bank head Mario Draghi said last week that the institution will do "whatever it takes" to preserve the euro.

"In many ways, Draghi has already acted," said Krosby. "That was a verbal intervention if there ever was one."

At the same time, investors will probably be disappointed if the ECB does not do something to restore confidence in the bond market.

"The market is not going to give Europe much time to act if the deterioration continues," Krosby added.

The Fed announcement came after an apparent trading glitch roiled the market earlier Wednesday. An unusual surge in trading volumes caused several stocks to be halted after circuit breakers were triggered. The erratic moves appeared to stem from a trading program operated by Knight Capital (KCG).

*Knight Capital's trading glitch

Knight said in a statement that "a technology issue" occurred in its market-making unit involving about 150 stocks. The firm said it notified clients earlier Wednesday that orders should be rerouted as it reviews the matter internally.

Shares of Knight fell more than 30%.

The New York Stock Exchange is currently reviewing trades in 140 ticker symbols between 9:30 a.m. ET and 10:15 a.m. ET.

The episode was reminiscent of the May 2010 "flash crash," in which the Dow plunged 1,000 points before rebounding. It also comes after glitches on the Nasdaq marred Facebook's (FB) highly-anticipated IPO earlier this year.

Wednesday's mishap "was a disaster," said Dave Rovelli, managing director of U.S. equity trading at Canaccord Adams. "This is not good for investor confidence. It's like the 'flash crash' all over again."

World markets: European stocks closed mixed. Britain's FTSE (UKX) gained 1.4%, France's CAC 40 (CAC40) rose 0.9%, while the DAX (DAX) in Germany edged down 0.3%.

The gains came despite a spate of weak reports on manufacturing activity. The Markit Final Eurozone Manufacturing PMI fell to 44 in July, a more than three-year low but roughly in line with forecasts. Manufacturing activity in the United Kingdom and Italy also slowed in July.

Asian markets ended mixed. The Shanghai Composite rose 0.9% and the Hang Seng in Hong Kong edged higher 0.1%, while Japan's Nikkei lost 0.6%.

There were conflicting signals about manufacturing activity in China in July. HSBC's PMI for the month came in at 49.3, up from 48.2 in June. While the slowdown in activity eased a bit, a reading below 50 still indicates a contraction.

However, figures from the government showed that manufacturing in China expanded slightly during the month, but slowed from June. The China Federation of Logistics and Purchasing's PMI came in at 50.1 in July, down from 50.2.
Fear & Greed Index

Economy: U.S. private-sector employers added 163,000 jobs in July, according to a report from payroll-processor ADP. Economists had expected an addition of 125,000 jobs.

The Institute for Supply Management said its Manufacturing Index edged higher in July to 49.8 from 49.7 in June. Economists expected the index to come in at 50.1, according to Briefing.com.

The Census Bureau said construction spending rose 0.4% in June, compared with a forecasted 0.5% increase.

Companies: Shares of Apple (AAPL, Fortune 500) have gained 4% this week amid speculation about a possible stock split and potential for its inclusion in the Dow.

Shares of Time Warner (TWX, Fortune 500) dipped after the media giant reported reduced second-quarter revenue and earnings Wednesday despite improved results at its television networks unit. (CNNMoney is owned by Time Warner.)

Comcast (CMCSA) reported better-than-expected earnings and sales figures for the second quarter, as the company added new customers for its Internet and phone services.

Shares of Avon Products (AVP, Fortune 500) fell after the company's second-quarter profit dropped 70% from a year ago and sales fell 9%, coming in below expectations.

Pharmaceutical company Allergan (AGN, Fortune 500) said earnings rose 21% in the second quarter from a year ago. It also announced plans to pay a quarterly dividend of 5 cents per share.
Related: Harley skids on sales miss

Harley Davidson (HOG, Fortune 500) shares sank after the motorcycle maker reported sales growth that disappointed investors, even as profits rose.

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

Oil for September delivery rose 79 cents to $88.85 a barrel.

Gold futures for August delivery fell $6.80 to settle at $1,60.3.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.49% from 1.43% late Tuesday.

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Market Update

4:20 pm : Markets saw choppy action during today's eventful session. The Nasdaq fell by 0.7% while the S&P and the Dow shed almost 0.3% each. The morning started with a technical glitch at Knight Capital Group (KCG 6.94, -3.39) which caused nearly 150 stocks to behave erratically. After staying positive for the majority of the day, stocks returned to negative territory in light of the Federal Open Market Committee's Statement.

The FOMC decided to keep its target range for the federal funds rate at 0 to 0.25%. It currently anticipates that "economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014."

The Committee said it will "closely monitor incoming information on economic and financial developments and will provide additional accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability."

Economic data was mixed this morning with ADP Employment Change surprising to the upside while the ISM Index and construction spending disappointed.

The ADP National Employment Report indicated employment in the nonfarm private business sector rose 163K in July. This was above the 125K expected by the consensus. In addition, the previous month's reading was revised down to 172K from 176K.

The July ISM Index came in worse than expected at 49.8 vs. the 50.1 consensus estimate, and up slightly from June's 49.7 reading. June construction spending rose 0.4% month over month vs. the 0.9% expected by Briefing.com consensus.

Crude oil spent most of its pit session in an uptrend, getting a boost from the bullish inventory data that showed a draw of 6.5 million barrels when a draw of 1.0 million was anticipated. The energy component climbed to a session high of $89.49 per barrel, but then plummeted to a session low of $87.92 in reaction to the little-changed FOMC statement. Crude recovered the loss quickly and settled with a 1.0% gain at $88.97.

The euro turned down sharply following the FOMC announcement and ended at 1.2225 versus the dollar.

Today's selling pressure has had the biggest impact on the consumer discretionary sector. The S&P 500 component was down near 1%.

Frontier Communications (FTR 4.34, +0.42) was the best performing S&P 500 component. The company reported earnings of $0.08 per share which was $0.02 ahead of the consensus estimates. Revenues fell compared to last year, but at $1.26 billion, the number still came in ahead of the forecasted $1.25 billion. With an 11% advance, the stock is attempting to break out of a long-term down channel dating back to early 2011.

Genworth Financial (GNW 4.48, -0.56) was the main laggard, down 11%. The company missed earnings estimates by $0.02 while reporting revenue of $2.52 billion which was above the $2.5 billion consensus. The stock dipped to lows not seen since May of 2009.

Insurers MetLife (MET 30.43, -0.34) and Prudential (PRU 47.58, -0.70) were both down roughly 1.2% ahead of their after-hours releases. The consensus estimate calls for MetLife to earn $1.25 per share on revenues of $16.98 billion. Meanwhile, Prudential is expected to earn $1.54 per share on $10.64 billion in revenues.

In addition, Yelp (YELP 18.82, -1.14) is also scheduled for an after-hours earnings release. The stock was 5.7% lower ahead of its earnings with the company expecting to reveal a loss of $0.06 per share on revenues of $30.69 million.

The European Central Bank and Bank of England are scheduled to opine tomorrow morning.

Tomorrow's economic data includes Challenger Job Cuts at 7:30 AM ET, initial and continuing claims at 8:30 AM ET, and factory orders at 10 AM ET.DJ30 -32.55 NASDAQ -19.31 SP500 -4.00 NASDAQ Adv/Vol/Dec 758/1.69 bln/1932 NYSE Adv/Vol/Dec 1238/1.03 bln/1980

3:30 pm : Crude oil spent most of its pit session in an uptrend, getting a boost from bullish inventory data that showed a draw of 6.522 mln barrels when a draw of 1.0 mln barrels was anticipated. The energy component climbed to a session high of $89.49 per barrel but then plummeted to a session low of $87.92 per barrel in reaction to the little-changed FOMC statement. Crude recovered the loss quickly and settled with a 1.0% gain at $88.97 per barrel.

Natural gas popped to a session high of $3.24 per MMBtu in morning action but was unable to sustain the move. It dipped to a session low of $3.12 per MMBtu before it attempted a slight recovery and settled at $3.17 per MMBtu, or 1.6% lower. Precious metals extended yesterday's losses during today's pit trade as the dollar inched slightly higher. Action came on employment and manufacturing data, and ahead of the FOMC policy directive announcement.

Gold slid to a floor session low of $1598.00 per ounce in morning action but was able to erase some losses. It settled the session with a 0.5% loss at $1607.10 per ounce. Silver's drop took it as low as $27.06 per ounce moments after pit trade opened. The metal also inched slightly higher for the remainder of its session and settled with a 1.4% loss at $27.52 per ounce.DJ30 +14.72 NASDAQ -47.04 SP500 +1.39 NASDAQ Adv/Vol/Dec 970/1350.7 mln/1465 NYSE Adv/Vol/Dec 1636/776 mln/1564

3:00 pm : The S&P 500 has rebounded slightly following the statement from the Federal Reserve. The Nasdaq remains the weakest index, trading down 0.5%.

More than a 100 companies will release their earnings following the close.

Insurers MetLife (MET 30.33, -0.44) and Prudential (PRU 47.68, -0.60) are both down roughly 1.5% ahead of their releases. The consensus estimate calls for MetLife to earn $1.25 per share on revenues of $16.98 billion. Meanwhile, Prudential is expected to earn $1.54 per share on $10.64 billion in revenues.DJ30 -25.36 NASDAQ -13.06 SP500 -2.71 NASDAQ Adv/Vol/Dec 1027/1.21 bln/1633 NYSE Adv/Vol/Dec 1492/719.3 mln/1662

2:30 pm : The S&P 500 dipped into negative territory following the latest statement from the Federal Open Market Committee. The statement called for the Federal Funds Rate to remain unchanged at 0-0.25%. The committee also suggested that rates may remain at the current level at least through late 2014.

In immediate reaction to the Federal Reserve, the S&P 500 briefly tested session lows near 1,374 before staging a recovery.

The selling pressure has had the greatest impact on industrials and the consumer discretionary sector. Both S&P 500 sectors are down near 0.6%.

The yield on 10-yr debt increased to 1.518% in the wake of the announcement.

Also, the euro turned down sharply following the announcement and currently trades at 1.2250 versus the dollar. DJ30 -10.86 NASDAQ -8.41 SP500 -0.86 NASDAQ Adv/Vol/Dec 1076/1.12 bln/1579 NYSE Adv/Vol/Dec 1589/677.2 mln/1573

2:00 pm : Stocks are coming off their session highs ahead of the Federal Open Market Committee rate decision set for 2:15 PM ET. The S&P is up 0.2% while the Nasdaq is testing day's lows, down 0.2%.

The euro bears watching this afternoon as the risk currency is highly susceptible to swings stemming from potential easing undertaken by the Federal Reserve. The common currency touched a session high near 1.2335 versus the dollar before falling in reaction to the PMI misses from multiple European countries.

Ahead of the FOMC decision, the euro trades near 1.2305.DJ30 +22.06 NASDAQ -6.17 SP500 +1.65 NASDAQ Adv/Vol/Dec 1104/972.1 mln/1534 NYSE Adv/Vol/Dec 1720/608.5 mln/1433

1:30 pm : The S&P 500 trades near session highs while the Nasdaq (down 0.1%) holds in negative territory.

Comcast (CMCSA 33.66, +1.11) is holding a 3.4% gain following its mixed earnings report. The cable provider exceeded earnings per share estimates but missed slightly on revenues. At $33.70, the stock has climbed to levels not seen since early 2000.DJ30 +35.72 NASDAQ -4.27 SP500 +3.23 NASDAQ Adv/Vol/Dec 1126/900.1 mln/1494 NYSE Adv/Vol/Dec 1733/581.4 mln/1396

1:05 pm : The U.S. session opened slightly higher before a system glitch caused erratic action in 148 stocks. The issue caused the S&P 500 to lose more than 4 points in a matter of minutes before regaining them just as quickly. Following the initial instability, equities leveled off below session highs in anticipation of the FOMC Statement set for 2:15 PM ET. At midday, the S&P 500 maintains a 0.3% gain.

Economic data was mixed this morning with ADP Employment Change surprising to the upside while the ISM Index and construction spending disappointed.

The ADP National Employment Report indicated employment in the nonfarm private business sector rose 163K in July. This was above the 125K expected by the consensus. In addition, the previous month's reading was revised down to 172K from 176K.

The July ISM Index came in worse than expected at 49.8 vs. the 50.1 consensus estimate, and up slightly from June's 49.7 reading. June Construction Spending rose 0.4% month over month vs. the 0.9% expected by Briefing.com consensus.

Broker and market maker Knight Capital Group (KCG 8.07, -2.26) is down 21.6% following this morning's glitch that affected 148 names. Company representatives have acknowledged the problem and instructed clients to trade elsewhere.

Commercial real estate operator, CBRE Group (CBG 16.99, +1.41) is up 9% following its earnings report. The company reported in-line earnings at $0.27 per share but its revenue of $1.6 billion exceeded estimates of $1.57 billion. Shares have remained range bound between $15.00 and $17.00 since the middle of May.

Frontier Communications (FTR 4.37, +0.45) is the best performing S&P 500 component so far today. The company reported earnings of $0.08 per share which was $0.02 ahead of the consensus estimates. Revenues fell compared to last year, but at $1.26 billion the number still came in ahead of the forecasted $1.25 billion. With a 11.2% advance, the stock is attempting to break out of a long-term down channel dating back to early 2011.

Genworth Financial (GNW 4.71, -0.32) is one of the main laggards, currently down 6.5%. The company missed earnings estimates by $0.02 while reporting revenue of $2.52 billion which was above the $2.5 billion consensus. The stock is testing lows not seen since May of 2009.DJ30 +44.58 NASDAQ +0.63 SP500 +4.25 NASDAQ Adv/Vol/Dec 1244/834.3 mln/1360 NYSE Adv/Vol/Dec 1827/555.2 mln/1284

12:30 pm : After erratic morning action created unusual spikes in nearly 150 stocks, equities have calmed down. The S&P is now higher by 0.3%.

Genworth Financial (GNW 4.75, -0.29) is one of the main laggards, currently down 5.9%. The company missed earnings estimates by $0.02, but its $2.52 billion in revenues was above the $2.5 billion consensus. Near $4.75, the stock is testing lows not seen since May of 2009.DJ30 +40.53 NASDAQ -0.69 SP500 +3.76 NASDAQ Adv/Vol/Dec 1094/744.2 mln/1246 NYSE Adv/Vol/Dec 1764/525.1 mln/1324

12:00 pm : Stocks are fighting to hold on to their slim advances as the S&P 500 hovers around a 0.2% gain.

Broker and market maker Knight Capital Group (KCG 8.38, -1.95) is down 18.5% following this morning's technical issues which caused erratic trading in 148 stocks. Company representatives have acknowledged the problem and instructed clients to trade elsewhere.DJ30 +33.53 NASDAQ -4.49 SP500 +2.71 NASDAQ Adv/Vol/Dec 1041/660.1 mln/1276 NYSE Adv/Vol/Dec 1745/494.6 mln/1322

11:30 am : Stocks have come off session highs. The S&P 500 is now up 0.1% while the Nasdaq is down 0.1%.

Commercial real estate operator, CBRE Group (CBG 16.92, +1.34) is up 8.6% following its earnings report. The company reported in-line earnings at $0.27 per share, but its revenue of $1.6 billion exceeded estimates of $1.57 billion. Shares have remained range bound between $15.00 and $17.00 since the middle of May.DJ30 +30.40 NASDAQ -3.29 SP500 +2.19 NASDAQ Adv/Vol/Dec 1028/577.4 mln/1239 NYSE Adv/Vol/Dec 1675/466.4 mln/1366

11:00 am : Erratic morning action has briefly dropped the S&P 500 off session highs established at open. However, after a brief pause at the unchanged level, the index has been lifted back up near its opening level. It is currently up 0.3%.

Frontier Communications (FTR 4.43, +0.51) is the best performing S&P 500 component so far today. The company reported earnings of $0.08 per share which was $0.02 ahead of the consensus estimates. Revenues fell compared to last year, but at $1.26 billion the number still came in ahead of the forecasted $1.25 billion. With an 11% advance, the stock is attempting to break out of a long-term down channel dating back to early 2011.DJ30 +44.12 NASDAQ +2.80 SP500 +3.93 NASDAQ Adv/Vol/Dec 1160/470.1 mln/1077 NYSE Adv/Vol/Dec 1809/433.6 mln/1194

10:35 am : In the energy space, Sept crude oil was in an uptrend for most of the morning activity and after a little choppy action since hitting its morning high, crude just spiked about $0.60/barrel to a new HoD ogf $89.20/barrel on bullish invenory data. Oil is now +0.9% at $88.81/barrel.

Sept natural gas rallied sharply off its morning low of $3.14, but is now back in the red, down 0.5% at $3.19/MMBtu.

In metals, August gold and Sept silver just dropped off of a cliff in recent activity with gold falling as low as $1606.80 and silver declining down to $27.06. Both precious metals have recovered only modestly and are currently just above those lows. Gold is now -0.8% at $1601.30/oz and silver is -2.4% at $27.25/oz. July copper is trading lower this morning, now down 1.5% at $3.37/lb.

In ag, grains sold off in overnight activity with Dec corn falling back below $8.00/bushel. Corn, wheat and soybeans all sold off and are now just above those session lows. Corn -1.6% at $7.93/bu, soybeans -0.8% at $16.29, wheat -2.6% at $8.65/bu.DJ30 +14.76 NASDAQ -1.4 SP500 +0.65 NASDAQ Adv/Vol/Dec 1087/362.8 mln/1095 NYSE Adv/Vol/Dec 1697/398 ,mln/1298

10:00 am : Equities have come off their early highs as many stocks are seeing choppy price action. The S&P 500 remains up 0.2%.

The July ISM Index came in worse than expected at 49.8 vs. the 50.1 Briefing.com consensus, and up slightly from June's 49.7 reading. June Construction Spending rose 0.4% month over month vs. the +0.9% Briefing.com consensus.DJ30 +43.40 NASDAQ +4.83 SP500 +3.12 NASDAQ Adv/Vol/Dec 1197/212.3 mln/898 NYSE Adv/Vol/Dec 1831/327.1 mln/1080

09:45 am : Markets remained elevated during the opening minutes of trade. The S&P 500 is up 0.2%.

Allstate (ALL 36.30, +2.00) is one of the early leaders. The company reported earnings of $0.86 per share when $0.57 was widely expected. Revenues were reported at $6.67 billion which is slightly lower than the $6.72 consensus estimate. Shares of Allstate are up 5.6% and trading at their best level since 2008.DJ30 +46.92 NASDAQ +8.09 SP500 +3.11 NASDAQ Adv/Vol/Dec 1208/127.9 mln/814 NYSE Adv/Vol/Dec 1849/168.6 mln/907

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +17.00. Equity futures remain elevated as S&P 500 futures indicate a 0.4% gain at open.

Mastercard (MA 423.78, -12.79) and Marathon Oil (MRO 26.64, +0.17) bear watching as both delivered disappointing quarterly results ahead of today's opening bell. Mastercard missed their revenue expectations while Marathon Oil was $0.04 short on earnings.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +15.00. Equity futures remain up ahead of the U.S. open.

The major Asian bourses finished mixed as markets drifted ahead of today's FOMC rate decision. Data was heavy and mostly disappointing as the latest numbers point to a continuing slowdown in the region. Mixed Chinese PMI data failed to provide direction as China's official manufacturing PMI fell from 50.2 in June to 50.1 in July, against expectations for an improvement. The HSBC figure was adjusted from 49.5 in the flash reading to 49.3, up from 48.2 in June.

China's Shanghai Composite rose 0.9% as shares rallied on hopes Beijing would provide stimulus measures to help the slowing economy. Construction related names saw robust gains as Anhui Conch Cement added 3.4% and Huaxin Cement surged 6.1%.

In Japan, the Nikkei closed down 0.6% to snap its four-day winning streak. Construction machinery maker Komatsu slumped 7.1%, shipbuilder Sumitomo Heavy Industries tumbled 14.8%, and automaker Honda Motor shed 5.7% after all three companies cut their earnings guidance. Heavyweight Softbank provided some support, rallying 5.8% after announcing a dividend plan.

In Hong Kong, the Hang Seng advanced 0.1% to extend its winning streak to a fifth day. Casino operators were strong after reports showed Macau's gaming revenues rose 1.5% in July. Wynn Macau was a top performer in the space, adding 4.4%. Financials continued their recent outperformance as ICBC jumped 1.6% and China Construction Bank added 0.8%.

European markets are showing mixed, modest moves today. The U.K.'s manufacturing PMI fell from a revised 48.4 in June to 45.4 in July, a larger-than-expected decline. The eurozone's figure was adjusted from 43.3 in the flash reading to 44.0, but the area's two largest economies saw downward revisions. Germany's reading was lowered from 43.3 to 43.0 while France's figures were revised from 43.6 to 43.4.

Yields on peripheral eurozone debt are down slightly today after increasing modestly yesterday. Spain's benchmark 10-year is at 6.60% while Italy's is at 5.95%.

In London, drug maker Shire is up nearly 6% after the company reported a rise in second quarter profits. Standard Chartered which has significant Asian exposure also reported positive results which sent the stock up nearly 5%.

In Germany, pharmaceutical giant Bayer is higher by 2.3% after the company raised the full-year forecast on better-than-expected sales of crop chemicals. Car maker BMW is the day's biggest laggard, down 3.4%. The company reported a decrease in its quarterly operating profit, reaffirmed their guidance and issued a warning about the remainder of the year.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +14.00. A better-than-expected July ADP Employment reading has not done much to move the futures this morning. According to today's ADP National Employment Report, employment in the nonfarm private business sector rose 163K in July. This was above the 125K expected by Briefing.com consensus. In addition, the previous month's reading was revised down to 172K from 176K.

The ISM Index and construction spending readings will be released at 10 AM ET. However, the FOMC rate decision and subsequent Statement will cross at 2:15 PM ET and headline the day.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +10.50. U.S. equity futures are pointing to a higher open ahead of today's FOMC decision.

As investors await today's statement from the Federal Reserve, which is due at 2:15 ET, major indices are poised to regain some of the losses sustained during the final minutes of yesterday's action.

Asian trading was mixed with Japan's Nikkei finishing lower by 0.6%. Hong Kong's Hang Seng finished the session essentially flat while shares in China's Shanghai advanced 1%. News out of the region included two Chinese PMI readings, which were generally considered to be disappointing. However, the data may add to expectations for some sort of additional stimulus there.

European markets are mixed with the UK's FTSE advancing 0.8% despite a British manufacturing PMI miss. The number came in at 45.4 while expectations called for 48.7. Germany's DAX is lower by 0.3% while France's CAC is up by 0.6%.

Some of the stocks seeing big pre-market moves following yesterday's earnings are Silicon Image (SIMG 4.79, +0.87), and Papa John's (PZZA 54.38, +3.36).

Silicon Image exceeded earnings expectations by $0.02 while beating on revenues. The firm issued upside guidance for the third quarter as it sees revenues of $73-75 million versus widely expected $72.37 million. SIMG shares are up 22.4% pre-market.

Papa John's reported earnings of $0.61 per share which is $0.05 better than the expectations. The company generated over $318 million in revenues which beat the estimates by about $7 million. PZZA is advancing 6.6% during pre-market action.

Among companies reporting earnings this morning, Comcast (CMCSA 32.55, 0.00) reported earnings of $0.50 per share, $0.02 better than what was widely expected. Revenues of $15.21 billion fell just short of the estimated $15.22 billion. Energizer (ENR 77.77, 0.00) missed on the top and bottom line while reaffirming guidance. Shire (SHPG 90.48 +4.30) is higher by 6% after beating earnings estimates and giving encouraging guidance. Harley-Davidson (HOG 43.23 0.00) reported mixed results, with an earnings beat on slightly lower than expected revenue. Garmin (GRMN 38.61 0.00) beat on the top and bottom lines, and issued upside EPS guidance.

In addition to the statement from the Federal Reserve at 2:15 PM ET, investors await the ADP Employment Change at 8:15 AM ET as well as the ISM Index and construction spending at 10 AM ET. Finally, crude inventories will be reported at 10:30 AM ET.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +12.50.

06:29 am : Nikkei...8641.85...-53.20...-0.60%. Hang Seng...19820.38...+23.60...+0.10%.

06:29 am : FTSE...5675.87...+40.60...+0.70%. DAX...6779.31...+9.10...+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 and http://stocktwits.com/wrbtrader

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