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 Post subject: August 2nd Thursday 2012 Emini TF ($TF_F) points +9.40
PostPosted: Fri Aug 03, 2012 5:37 am 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

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

Price Action Trade Performance for Today: +9.40 points or $940 dollars in the Russell 2000 Emini TF ($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=1288.

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=167&t=1561

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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 End In The Red After Draghi Disappoints

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

NEW YORK (CNNMoney) -- U.S. stocks ended Thursday in the red, but off the lows of the day, after investors were disappointed by European Central Bank president Mario Draghi's failure to announce concrete plans to help solve Europe's debt crisis.

The Dow Jones Industrial Average fell 92 points, or 0.7%. The S&P 500 was also down 0.7%. The Nasdaq shed 0.4%.

Investors had hoped that Draghi would announce some form of new action after he pledged last week that the ECB would do "whatever it takes" to preserve the euro.

But Draghi merely echoed previous remarks.

"Once again, we have no commitment to action from the ECB, and no execution of promises previously made," said Carl Weinberg, chief economist at High Frequency Economics. "Nothing seems set to happen now."
Fear & Greed Index

In absence of an explicit commitment, borrowing costs in Spain and Italy moved higher Thursday. Spain's 10-year yield rose back above 7%, while Italy's 10-year yield moved above 6%.

Still, investors are hoping that the ECB will act...eventually.

"Even though no action was taken today, we should still see ECB bond buying over the next several weeks or months," said Michael Sheldon, chief market strategist RDM Financial Group.

* Investors still running away from stocks

Investors will turn their attention back to the U.S. Friday though, when the government will release its highly anticipated monthly jobs report for July.

"Tomorrow's the beginning of a new game, where the market's going to be driven by the employment report, even though the consensus is that it will show more of the same," said Brian Gendreau, a market strategist at Cetera Financial Group.

A CNNMoney survey of economists predicts that the economy added 95,000 jobs in July -- that includes 105,000 job gains in the private sector and 10,000 job losses in the public sector. The unemployment rate is expected to stay at 8.2%.

Economy: The number of people filing initial unemployment claims rose 8,000 to 365,000 in the latest week, according to the Labor Department, in line with economists' expectations.

Planned job cuts fell 45% in July to a 15-month low, according to outplacement firm Challenger, Gray & Christmas.

Factory orders fell 0.5% in June, according to the Census Bureau. Economists were expecting order to rise 0.6% during the month.

* ECB ties bond market aid to government cuts

World markets: European stocks all closed lower following Draghi's remarks. Britain's FTSE 100 was down about 0.9%, the DAX in Germany was down 2.2% and France's CAC 40 dropped 2.3%.

As expected, the Bank of England held its key interest rate at a record low of 0.5% and left its bond-buying program target unchanged at £375 billion ($585 billion).

Asian markets ended mixed. The Shanghai Composite lost 0.6% and the Hang Seng in Hong Kong fell 0.7%, while Japan's Nikkei edged higher 0.1%.

Companies: Knight Capital Group's (KCG) stock plunged 60% after the company said it would report a $440 million pre-tax loss due to a "technology issue" at the trading firm Wednesday that led to a series of bizarre moves in the market.

Green Mountain Coffee Roasters (GMCR) surged over 25%. The company reported earnings that topped forecasts and announced a stock buyback, but its guidance was weak.

* The Wall Street machine is broken

Shares of Abercrombie & Fitch (ANF) tumbled after the teen retailer slashed its forecast for the year, citing weakness in Europe.

First Solar's (FSLR) stock rallied after the company posted an 82% jump in second-quarter profit.

Shares of Sony (SNE) were down sharply after the company posted a wider loss compared to last year and cut its outlook for the year.

Shares of online review site Yelp (YELP) advanced after the company reported quarterly results that showed solid revenue growth and a smaller-than-expected net loss.

General Motors (GM, Fortune 500) shares edged lower, even after the auto delivered quarterly earnings of $1.5 billion, topping forecasts, despite "headwinds" in Europe.

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

Oil for September delivery declined $1.59 to $87.31 a barrel.

Gold futures for August delivery fell $16.30 to $1,587.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the down to 1.47% from 1.54% late Wednesday.

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Market Update

4:25 pm : Today's action was focused on the comments from European Central Bank President Mario Draghi. During his press conference, Mr. Draghi failed to announce new measures to help stem the European debt crisis. The S&P 500 quickly dropped to 1,360 and hovered around that level until the final hour of the session. During the final 60 minutes stocks were able to recover a portion of their losses, and the S&P 500 finished down 0.7%.

European indices were considerably higher ahead of the press conference before sharply reversing into negative territory. Spain's IBEX plunged 5.2%, while Italy's MIB tumbled 4.6%. Spain's 10-yr yield was holding at 6.65% ahead of the announcement and rallied to close up 43 basis points at 7.165%.

The latest weekly initial jobless claims count totaled 365,000, which was in-line with the 365,000 that had been expected. The tally is also up from the upwardly revised prior week count of 357,000. As for continuing claims, they fell to about 3.272 million from 3.291 million.

June Factory Orders showed a 0.5% decrease which was worse than the 0.6% increase that had been expected.

Knight Capital Group (KCG 2.58, -4.36) finished near session lows as yesterday's execution glitch is said to have cost the firm $440 million in direct losses. Several firms have indicated that they have used other systems to route their orders. With 155 million shares traded, volume in the stock has been more than 100 times the average daily volume of 1.2 million.

First Solar (FSLR 17.93, +3.13) surged 21% after the company handily beat earnings and revenue estimates. Today's jump lifted the stock past resistance near $16.60 which had held since mid-May.

Abercrombie & Fitch (ANF 29.06, -4.96) dropped 14.6% after issuing disappointing guidance. Lower sales expectations spilled over to competitor Aeropostale (ARO 13.08, -6.37) whose shares fell 32.8% on heavy volume.

Gap (GPS 33.17, +3.75) was able to buck the trend. Shares advanced 12.8% after the retailer reported better-than-expected same store sales and improved its second quarter outlook.

Given their European exposure, financial stocks have felt the brunt of today's selling. The SPDR Financial Select Sector ETF (XLF 14.48, -0.11) slid 0.8%. Morgan Stanley (MS 13.03, -0.48) was down 3.5%.

European financials were hit especially hard with Deutsche Bank (DB 28.35, -1.45) and Barclays (BCS 10.05, -0.38) lower by 4.9% and 3.6% respectively.

The euro saw volatile trading around the Mario Draghi press conference. The single currency rose to 1.2365 versus the dollar in anticipation of the bank president's comments. The euro tumbled to 1.2210 after Mr. Draghi failed to offer fresh plans to solve the region's debt crisis. Following a brief pause, it fell further, touching 1.2170.

Crude oil brushed a session low of $86.92 per barrel as equity markets opened before recovering some of its losses in morning action. Crude managed to trade up to a session high of $88.48 but was unable to sustain the momentum and eventually settled down 2.0% at $87.20.

More than 100 companies will report their quarterly results after the bell.

Energy components EOG Resources (EOG 96.12, -4.32) and Sunoco (SUN 47.37, -0.81) saw respective losses of 4.3% and 1.7% ahead of their results.

Shares of Kraft Foods (KFT 38.94, -0.45) saw a steady rise but were unable to push through resistance in the $40.00 area. The company's earnings are due out after the bell with Investors expecting $0.66 in earnings on $14.1 billion revenues.

LinkedIn (LNKD 93.51, -2.13) is also scheduled to report today. Estimates call for earnings of $0.16 on revenues of $215.97 million.

Nonfarm payrolls, nonfarm private payrolls, unemployment rate, hourly earnings, and average workweek will be released tomorrow at 8:30 AM ET.DJ30 -92.18 NASDAQ -10.44 SP500 -10.32 NASDAQ Adv/Vol/Dec 1031/1.79 bln/1418 NYSE Adv/Vol/Dec 1147/826.1 mln/1897

3:30 pm : Crude oil spent its entire pit session in the red as the dollar gained strength on President Draghi's comments that fell short of expectations for further action from the ECB to support Europe's ailing economy. It brushed a session low of $86.92 per barrel as equity markets opened and then attempted to recover some losses in morning action. Crude managed to trade up to a session high of $88.48 per barrel but was unable to sustain momentum and eventually settled the session 2.0% lower at $87.20 per barrel.

Natural gas tanked following weak inventory data that showed a build of 28 bcf when a build of 20 bcf was widely expected. It continued the decline for the remainder of pit trade and closed at $2.92 per MMBtu, just above its session low of $2.91 per MMBtu, for a 7.9% loss. Today's session is the first time that natural gas for September delivery has settled below $3.00 per MMBtu since July 19, 2012.

Gold and silver popped to their respective pit session highs in morning action on ECB's announcement that it is leaving rates unchanged at 0.75% as expected. However, the sentiment wore off quickly and both metals plunged into negative territory following the rally in the dollar. Gold fell to a session low of $1586.30 per ounce and settled slightly higher at $1590.50 per ounce for a loss of 1.0%. Silver's decline was sharper as it slid as low as $26.88 per ounce and closed 1.9% lower at $26.99 per ounce.DJ30 -129.42 NASDAQ -15.64 SP500 -13.86 NASDAQ Adv/Vol/Dec 997/1497.3 mln/1429 NYSE Adv/Vol/Dec 1065/577 mln/1944

3:00 pm : Heading into the final hour of action, stocks are attempting to recover off their lows. However, the lack of a catalyst is keeping the S&P 500 firmly in the red. The index is off by 1.1%.

Knight Capital Group (KCG 2.77, -4.17) remains near the bottom of today's range as yesterday's execution glitch is said to have cost the firm $440 million in direct losses. With 125 million shares traded so far, volume in the stock has been more than 100 times the average daily volume of 1.2 million.DJ30 -143.10 NASDAQ -17.62 SP500 -15.15 NASDAQ Adv/Vol/Dec 987/1.37 bln/1419 NYSE Adv/Vol/Dec 1035/522.5 mln/1961

2:30 pm : Afternoon trading has been relatively flat following this morning's volatility. The S&P 500 remains down 1.2%.

Kraft Foods (KFT 38.86, -0.56) is set to report results after the bell. Shares have been on a steady rise with current resistance around $40.00. Investors are expecting $0.66 in earnings on $14.1 billion revenues.

LinkedIn (LNKD 92.32, -3.32) is also scheduled to report today. Estimates call for earnings of $0.16 on revenues of $215.97 million.DJ30 -154.60 NASDAQ -21.13 SP500 -16.90 NASDAQ Adv/Vol/Dec 937/1.26 bln/1469 NYSE Adv/Vol/Dec 955/479.3 mln/2029

2:00 pm : Equities remain just above session lows. The S&P 500 is down 1.3%.

Abercrombie & Fitch (ANF 29.03, -4.99) is lower by 14.7% after issuing disappointing guidance. Lower sales expectations spilled over to competitor Aeropostale (ARO 13.03, -6.42) whose shares fell 33% on heavy volume.

Gap (GPS 32.43, +3.01) has been able to buck the trend. Shares are 10.2% up after the retailer reported better-than-expected same store sales and improved its second quarter outlook.DJ30 -167.00 NASDAQ -25.14 SP500 -18.44 NASDAQ Adv/Vol/Dec 896/1.19 bln/1483 NYSE Adv/Vol/Dec 943/448.1 mln/2039

1:30 pm : Markets have leveled off near day’s lows. The S&P 500 is lower by 1.2% while the Nasdaq is down 0.8%.

Sliding nearly 3%, energy is the worst performing sector in the S&P 500 today. Within the sector, EOG Resources (EOG 96.07, -4.37) and Sunoco (SUN 47.54, -0.64) are off by 4.6% and 1.3% respectively ahead of their earnings reports after the bell.DJ30 -150.90 NASDAQ -21.61 SP500 -16.77 NASDAQ Adv/Vol/Dec 907/1.09 bln/1461 NYSE Adv/Vol/Dec 952/410.2 mln/1990

1:00 pm : Stocks are testing new lows at the midway point of the session. The S&P 500 is down 1.2%.

Today's comments from European Central Bank President Mario Draghi sent shockwaves through the markets. As Mr. Draghi failed to deliver concrete plans to resolve the ongoing crisis, risk assets turned sharply lower. European indices were considerably higher ahead of the press conference before diving into negative territory. Spain's IBEX finished nearly 5.2% down, while Italy's MIB shed 4.6%. Spain's 10-yr yield rose by 43 basis points to close at 7.165%.

The latest weekly initial jobless claims count totaled 365,000, which is in-line with the 365,000 that had been expected. The tally is also up from the upwardly revised prior week count of 357,000. As for continuing claims, they fell to about 3.272 million from 3.291 million.

June Factory Orders came in at a 0.5% decrease, which was worse than the 0.6% expected increase.

Given their European exposure, financial stocks have felt the brunt of today's selling. The SPDR Financial Select Sector ETF (XLF 14.37, -0.22) is sliding 1.5%. JPMorgan Chase (JPM 34.84, -1.16) and Morgan Stanley (MS 13.05, -0.46) are both down over 3%.

European financials have been hit especially hard with Deutsche Bank (DB 28.05, -1.75) and Barclays (BCS 9.96, -0.46) lower by 5.8% and 4.4% respectively.

MetLife (MET 31.81, +1.38) and Prudential (PRU 49.98, +2.39) posted mixed results yesterday, but their stocks are pushing higher today. Shares of the two insurers are up 5% and 4.5% respectively. MetLife beat earnings estimates by $0.08 while slightly missing on revenues. Meanwhile, Prudential missed earnings expectations by $0.20 but topped revenue forecasts.

First Solar (FSLR 18.85, +4.05) is up 27.4% after the company handily beat earnings and revenue estimates. Today's jump lifted the stock past resistance near $16.60 which has held since mid-May.

OfficeMax (OMX 4.93, +0.67) is up 15.7% after posting mixed results. The retailer exceeded earnings per share expectations but missed revenue estimates.

Knight Capital Group (KCG 3.12, -3.84) is down over 55% after yesterday's glitch caused erratic trading. The company is said to be seeking additional financing in light of yesterday's losses.

The euro saw volatile trading around the Mario Draghi press conference. The single currency rose to 1.2365 versus the dollar in anticipation of the bank president's comments. As Mr. Draghi failed to offer fresh plans to solve the region's debt crisis, the euro tumbled to 1.2210. After a brief pause it fell further, to 1.2150.DJ30 -149.90 NASDAQ -20.48 SP500 -16.83 NASDAQ Adv/Vol/Dec 916/1.02 bln/1444 NYSE Adv/Vol/Dec 919/383.1 mln/2037

12:35 pm : Stocks are holding near session lows. The S&P 500 and Dow are down 1.3% each while the Nasdaq continues to outperform with a loss of 0.8%.

Given their European exposure, financial stocks have felt the brunt of today's selling. The SPDR Financial Select Sector ETF (XLF 14.37, -0.22) is sliding 1.4%. JPMorgan Chase (JPM 34.84, -1.16) and Morgan Stanley (MS 13.11, -0.40) are both down near 3%.

European financials have been hit especially hard with Deutsche Bank (DB 28.05, -1.75) and Barclays (BCS 9.96, -0.47) lower by 5.8% and 4.3% respectively.DJ30 -164.90 NASDAQ -23.38 SP500 -18.16 NASDAQ Adv/Vol/Dec 912/923. 1 mln/1430 NYSE Adv/Vol/Dec 887/349.9 mln/2029

12:00 pm : Equities have extended their losses to fresh lows following the European close. The S&P is now down 1.1%.

The euro saw volatile trading around the Mario Draghi press conference. The single currency rose to 1.2365 versus the dollar in anticipation of the central bank president's comments. However, the euro tumbled to 1.2210 as Mr. Draghi failed to offer fresh plans to solve the region's debt crisis. After a brief pause, it fell further, sliding to 1.2150.DJ30 -142.70 NASDAQ -19.16 SP500 -15.54 NASDAQ Adv/Vol/Dec 953/824.3 mln/1378 NYSE Adv/Vol/Dec 923/313.1 mln/1998

11:30 am : At the European close, U.S. equities have turned back towards session lows. The S&P 500 is off by 0.8%.

MetLife (MET 32.19, +1.76) and Prudential (PRU 49.03, +1.45) posted mixed results yesterday, but their stocks are pushing higher today. Shares of the two insurers are up 6% and 3.1% respectively. MetLife beat earnings estimates by $0.08 while slightly missing on revenues. Meanwhile, Prudential missed earnings expectations by $0.20 but topped revenue forecasts.DJ30 -90.74 NASDAQ -7.35 SP500 -10.52 NASDAQ Adv/Vol/Dec 984/699.1 mln/1322 NYSE Adv/Vol/Dec 978/268.6 mln/1894

11:00 am : Currently down 0.6%, the S&P 500 continues its slow climb off session lows. Lifted by outperforming technology stocks, the Nasdaq has been more resilient. The index is now hovering around its unchanged level.

First Solar (FSLR, 18.39, +3.59) is up 24.4% after the company handily beat earnings and revenue estimates. Today's jump lifted the stock past resistance near $16.60 which has held since mid-May.

Hewlett-Packard (HPQ 17.85, +0.19) is higher by 1% after a California judge ruled that Oracle (ORCL 30.12, -0.20) must abide by its contract and keep developing software for HP servers. Near $18, shares of HPQ are testing long-term lows dating back to October 2004.DJ30 -73.03 NASDAQ +0.42 SP500 -7.60 NASDAQ Adv/Vol/Dec 1048/563.1 mln/1199 NYSE Adv/Vol/Dec 1114/222.3 mln/1725

10:35 am : ECB headlines were hitting commodities markets earlier this morning, creating some notable volatility.

In the energy space, Sept crude oil has dropped over $2 per barrel on this morning's volatility, and just hit a new session low of $87.49. In current action, crude is back near the $88 level, now at $87.91, down 1.1%.

Sept natural gas has been steadily trending lower during today's session and just hit a new session low of $3.10. Nat gas was trading just above that low ahead of inventory data. Following the data, nat gas tanked to a new LoD of $2.96 as the build of 28 bcf was higher than the 20 bcf expected. Nat gas is now -5.4% at $3.00/MMBtu.

In metals, August gold and Sept silver spiked on earlier comments from Draghi, but quickly reversed and fell sharply. Gold recently hit a new session low of $1590.00 and is now -0.6% at $1597.60/oz. Silver fell as low as $27.00 and is now -1.4% at $27.14/oz. July copper is trading lower this morning, now down 1.6% at $3.32/lb.DJ30 -59.87 NASDAQ +12.02 SP500 -2.00 NASDAQ Vol 402.5 mln NYSE Adv/Vol/Dec 1282/1475 mln/1515

10:00 am : June Factory Orders came in at -0.5%, which was worse than the +0.6% Briefing.com consensus. Equities have maintained their levels following the release of the data.DJ30 -77.87 NASDAQ -1.66 SP500 -7.24 NASDAQ Adv/Vol/Dec 1024/251.2 mln/1127 NYSE Adv/Vol/Dec 1058/118.1 mln/1688

09:50 am : The first few minutes of trading are showing an extension of the risk-off sentiment. The S&P 500 is down 0.6%.

Kellogg (K 49.24, +1.43), and Time Warner Cable (TWC 85.10, -0.50) bear watching after exceeding earnings per share and revenue estimates.

OfficeMax (OMX 4.68, +0.42) is up 10 % after posting mixed results. The retailer exceeded earnings per share expectations but missed revenue estimates.

Factory orders will be released at 10 AM ET.DJ30 -71.90 NASDAQ -6.55 SP500 -7.82 NASDAQ Adv/Vol/Dec 900/167.7 mln/1189 NYSE Adv/Vol/Dec 970/86.7 mln/1723

09:20 am : [BRIEFING.COM] S&P futures vs fair value: -9.80. Nasdaq futures vs fair value: -20.00.

Heading into the open, futures are pointing sharply lower. The S&P 500 is indicating a 0.7% loss at the start of the session.

This is a dramatic turn from earlier indications of a sharply higher open as the comments from Mario Draghi offered no new policy course. The risk-off sentiment is spreading through the markets. European indices have swung from session highs to session lows in the minutes following Mr. Draghi's speech, and other risk assets have followed suit.

Knight Capital Group (KCG 3.20, -3.74) is down over 50% in pre-market trade as the fallout from yesterday's technical glitch persists.

General Motors (GM 19.60, -0.06), Gap (GPS 31.60, +2.18), and Yelp (YELP 20.23, +1.41) are among the names to watch this morning due to their earnings reports.

Factory orders are due out at 10 AM ET.

09:00 am : S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -24.00. Futures have turned down sharply as comments from European Central Bank President Mario Draghi crossed the wires. The S&P 500 is now pointing to a 0.8% loss at open.

European markets were up ahead of the European Central Bank policy decision. However, as the ECB left key rates unchanged and the comments were a disappointment, indices have reversed sharply to session lows. France's CAC is down 1.2% while Germany's DAX and UK's FTSE are down 0.8% and 0.6% respectively.

The major Asian bourses ended mostly lower after the FOMC Statement was little changed, and skepticism remained ahead of the European Central Bank rate decision. Data in the region was limited to Australian retail sales and trade balance which both topped expectations. Retail sales showed a 1% increase over last month when a 0.6% rise was expected. Trade balance showed a surplus of AUD 0.01 billion when a deficit of AUD 0.36 billion was forecasted.

In Japan, the Nikkei ended 0.1% higher in a quiet session as traders opted to wait for the ECB's decision. Sony jumped 2.4% ahead of its earnings while Toyota Motor climbed 1.3% after releasing solid July sales in the U.S. However, heavyweight Fast Retailing shed 2.6% ahead of its July sales, and weighed on the index.

In Hong Kong, the Hang Seng finished off by 0.7% to snap its five-day winning streak. Coal names were under pressure as China Shenhua Energy and China Coal Energy shed 1.9% and 1.0% respectively.

In China, the Shanghai Composite closed 0.6% down as real estate names weighed on fears Beijing would announce more real estate controls to curb speculation in the sector. Poly Real Estate plunged 9.2% to lead the declines while rivals China Vanke and Gemdale fell 6.8% and 6.4% respectively.

In Australia, the ASX finished 0.2% up, as miners gained while financials were mixed. Heavyweight Rio Tinto rallied 1.6% and BHP Billion rose 1.1% as mining shares led the way. Financials saw a mixed session as Commonwealth Bank was the biggest mover with a loss of 1.6%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: +18.00. Futures continue pointing higher. The S&P 500 is now poised for a 0.9% advance at open.

The latest weekly initial jobless claims count totaled 365,000, which is in-line with the 365,000 that had been expected. The tally is also up from the upwardly revised prior week count of 357,000. As for continuing claims, they fell to about 3.272 million from 3.291 million.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +5.80. Futures are indicating a 0.4% advance at open ahead of comments from the European Central Bank. As the Bank of England maintained policy course, investors are looking to the ECB after its president Mario Draghi made promises to do everything in support of the euro. Ahead of the press conference, the ECB left all key rates unchanged. President Draghi will begin speaking at 8:30 AM ET.

Asian trading was mixed with Japan's Nikkei advancing by 0.1% while Hong Kong's Hang Seng shed nearly 0.7%. Shares in Shanghai declined by 1%.

European markets are higher ahead of the ECB policy decision. Italy's MIB and Spain's IBEX are both up near 1%. In Spain, Bankia is leading the advance with a nearly 12% gain.

More than 250 companies are reporting earnings between yesterday's close and this morning's open. Although none are market-moving reports on their own, many are notable and are leading to volatility in individual stocks.

Some of the big movers in pre-market action include First Solar (FSLR 18.59 +3.79) which is up over 25% after reporting earnings of $1.27 per share versus the consensus estimate of $0.92. The revenues came in at $957 million versus consensus estimates of $822 million.

Green Mountain Coffee Roasters (GMCR 20.50, +2.59) is also advancing in pre-market action. Currently up 13%, the company reported mixed results. GMCR beat earnings estimates by $0.03 but came up short on revenues, reporting $869.2 million when expectations called for $873.5 million.

Yelp (YELP 21.21, +2.39) posted a $0.03 loss per share which was $0.03 better than expected. Company revenues came in at $32.7 million which exceeded estimates of $30.7 million. Shares of the social media platform are up almost 13% before the open.

HHGregg (HGG 6.80, 0.00) reported earnings this morning. During the second quarter, the company lost $0.16 per share which was in-line with expectations. With revenues of $489.9 million, the electronics retailer exceeded the estimated $487.1 million. HGG earnings report comes after the company lowered second quarter expectations on July 10.

Also, Abercrombie & Fitch (ANF 28.70, -5.32) is lower by 16% after issuing disappointing guidance.

In addition to the slew of earnings reports, retailers are reporting their July same store sales results this morning. Most of the same store data reported so far has been positive.

Today's economic data includes initial and continuing unemployment claims at 8:30 AM ET and factory orders at 10 AM ET.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +4.50.

06:29 am : Nikkei...8653.18...+11.30...+0.10%. Hang Seng...19690.20...-130.20...-0.70%.

06:29 am : FTSE...5742.44...+29.60...+0.50%. DAX...6797.06...+42.60...+0.40%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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