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 Post subject: August 7th Tuesday 2012 Emini TF ($TF_F) points +0.30
PostPosted: Tue Aug 07, 2012 11:52 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: +0.30 points or $30 dollars in the Russell 2000 Emini TF ($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=1291.

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.

Markets Higher on Expectations of Central Bank Help

Aug. 7 (Bloomberg) -- Bloomberg's Scarlet Fu reports that U.S. and European markets are higher as investors have expectations of help on the way from central banks and the euro is seeing gains against the dollar and yen despite reports showing German factory orders fell more than anticipated. She speaks on Bloomberg Television's "Market Makers."

Stocks Gain On Hopes For Central Bank Action

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

NEW YORK (CNNMoney) -- U.S. stocks rose Tuesday, extending gains for a third day, as investors continue to bet global central banks will step in to support the market.

The Dow Jones industrial average and the S&P 500 both rose about 0.5%. The Nasdaq gained nearly 0.9%.

All three indexes are at their highest levels since early May.

Ryan Detrick, senior technical strategist at Schaeffer's Investment Research, said investors are "content" with the policies central bankers in Europe and the United States are expected to take to support the economy.

"There's a bit more confidence that the ECB and the Fed will do what they can to stave off a worldwide recession," he said.

Hopes for more action by the Fed were fueled by comments from Boston Fed president Eric Rosengren.

Rosengren, who is not currently a voting member of the Fed's policy committee, told the Wall Street Journal that the central bank needs to take "more substantive action than we've taken to date."

Specifically, Rosengren called for an aggressive, open-ended policy of buying bonds, known as quantitative easing.

However, the Fed alone does not have the tools to promote growth and remains hesitant to act, said Mohamed El-Erian, chief executive of asset manager Pimco. "The best the Fed can do is postpone the storm," El-Erian told CNN's Ali Velshi.
Related:

* Quarterly earnings: Not that great, about to get worse

Meanwhile, investors continue to focus on corporate sales and earnings data.

While many bellwether companies have already reported second-quarter results, investors are still watching corporate earnings for clues about the health of the broader economy.

Economy: Consumer credit increased by $6.5 billion in June, according to data from the Federal Reserve. Economists had expected consumer credit to have risen by $10 billion, according to a survey of analysts by Briefing.com.

Companies: Pfizer (PFE, Fortune 500) discontinued clinical studies on an Alzheimer drug it was developing with a subsidiary of Johnson & Johnson (JNJ, Fortune 500). Separately, Pfizer settled charges by the SEC that it bribed doctors and government officials in several overseas markets.

Shares of Fossil (FOSL) surged more than 30% after the watch retailer's second-quarter profit jumped 12% and topped forecasts.
Fear & Greed Index

Chesapeake Energy (CHK, Fortune 500), which has been in the spotlight amid takeover chatter and a management shakeup, posted second-quarter revenue that topped expectations.

Shares of Leap Wireless (LEAP) hit a new 52-week low, after the pre-paid cellphone company said it lost 289,000 customers in the second quarter. The company's management said is now considering selling assets to stay afloat.

Best Buy's (BBY, Fortune 500) stock was slightly lower one day after the company's founder and major shareholder, Richard Schulze, offered to take the electronics retailer private at $24 to $26 a share, a 36% to 47% premium.

Shares of Apple (AAPL, Fortune 500) edged lower Tuesday but have rebounded more than 8% since a 4% pummeling the day after it missed forecasts and guided lower. Apple shares are now just 3% below the all-time high of $644 set in April.

Sirius (SIRI) shares got a lift after the satellite radio company raised its annual profit forecast.

Disney (DIS, Fortune 500), one of the Dow's best performers this year, said it earned $1.01 per share on revenue of $11 billion in the company's fiscal third quarter. Analysts had forecast earnings of 93 cents per share on revenue of $11.3 billion.

Results due later in the week include Disney rival News Corp (NWSA, Fortune 500), Macy's (M, Fortune 500) and J.C. Penney (JCP, Fortune 500).

Shares of Standard Chartered fell on the London Stock Exchange after banking regulators in New York accused U.K.-based banking group of helping Iran avoid sanctions by concealing $250 billion worth of transactions over nearly 10 years.

World markets: European stocks closed higher. Britain's FTSE 100 rose 0.2%, while the DAX in Germany gained 0.5% and France's CAC 40 added 1.4%.

Asian markets finished higher. The Shanghai Composite ticked up 0.1%, the Hang Seng in Hong Kong rose 0.4% and Japan's Nikkei gained 0.9%.

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

Oil for September delivery rose $1.47 to settle at $93.67 a barrel.

Gold futures for August delivery fell $3.20 to $1,609.70 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.63% from 1.56% late Monday.

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Market Update

4:20 pm : After opening higher by 0.5%, stocks maintained their gains throughout the session. Similar to yesterday, low volume kept the markets relatively flat following the opening thrust higher. With no economic data of note being released, stocks maintained their gains and came off their highs towards the end of the session. As the day ended, the S&P 500 faded towards its opening level and the index ended up 0.5%.

Fossil (FOSL 91.77, +21.98) surged by 31.5% after the company increased full-year guidance following an earnings and revenue beat. Today's buying lifted the stock out of a range which has held for three months. Competitor Movado (MOV 25.78, +3.06) benefited from Fossil's strength as investors expect Movado to also surprise to the upside. Shares of the luxury goods producer ended higher by 13.5%.

US Home Systems (USHS 12.53, +3.47) gained 38.3% after Home Depot (HD 52.40, +0.40) agreed to buy the company for $12.50 per share.

Energy was today's strongest performer. Within the group, Overseas Shipholding Group (OSG 6.66, +0.62) leaped 10.3% after a company director purchased 100,000 shares at $5.82. Chesapeake (CHK 19.37, +1.67) jumped 9.4% following a positive earnings report.

Financials showed considerable strength. The SPDR Financial Select Sector ETF (XLF 14.94, +0.06) advanced 0.4%. Within the sector, JPMorgan Chase (JPM 37.01, +0.71) and Citigroup (C 28.89, +0.33) rose by 2.0% and 1.2% respectively. In addition, Morgan Stanley (MS 14.50, +0.36) gained 2.6%.

Telecommunications was one of the weakest sectors. Inteliquent (IQNT 12.14, -1.78) weighed down the group after posting earnings and revenues below-expectations. The company also lowered their full-year forecast. Today's 12.8% decline puts the stock back at its mid-May levels.

Shares of major pharmaceutical producers did not participate in today's advance. Elan (ELN 11.15, -0.10), Pfizer (PFE 23.74, -0.52), and Johnson & Johnson (JNJ 68.29, -0.55) announced that they will stop developing a treatment for Alzheimer's disease because of disappointing clinical results. All three stocks posted losses with Elan and Pfizer losing 0.9% and 2.1% respectively while Johnson & Johnson was off by 0.8%.

The dollar index was virtually unchanged as the dollar's performance against the major currencies was mixed. The reserve currency gained 0.5% against the Japanese yen, and currently trades near 78.60. The British pound advanced 0.2% against the greenback to near 1.5630. The euro came off session highs and ended unchanged versus the dollar. The single currency trades around 1.2400. Also of note, the Australian dollar crossed 1.0600 which was a level not seen in five months. The Aussie has pulled back slightly since, to 1.0555.

As earnings season winds down, a few notable companies have yet to report their quarterly results. Express Scripts (ESRX 56.02, +0.04), Priceline.com (PCLN 679.80, +14.68), and Walt Disney (DIS 49.81, +0.16) will release their earnings following today's close.

In addition, Dean Foods (DF 12.42, +0.20), Dish Network (DISH 30.67, +0.16), and Polo Ralph Lauren (RL 153.03, +2.97) will report tomorrow morning.

Tomorrow's economic data includes the MBA Mortgage Index due out at 7 AM ET.

In addition, preliminary nonfarm productivity and unit labor costs will be released at 8:30 AM ET. Treasury will auction off 10-yr notes.DJ30 +51.09 NASDAQ +25.95 SP500 +7.12 NASDAQ Adv/Vol/Dec 1599/1.85 bln/880 NYSE Adv/Vol/Dec 1949/728.4 mln/1065

3:30 pm : Energy: Sept crude oil ($92.30 +0.90) rallied this morning for over $1/barrel, off its session low of $90.63, which was hit 15 minutes after floor trading began. Crude went on to rise as high as $92.39 right when pit trading was ending.

Aug natural gas ($2.91 +0.03) started the overnight session and the early morning session in negative territory before gaining steam, which began an uptrend that has basically lasted since morning action. After bottoming out in the morning at $2.80, nat gas went on to climb 12 cents of 4.3% to its floor trading high of $2.92/MMBtu. In after hours trade, nat gas has extended those gains are just hit $2.94.

Metals: August gold ($1616.00 +7.20) and Sept silver ($27.87 +0.09) began to move higher this morning and rose to their session highs mid-morning (Gold $1617.90, Silver $27.95). Gold went on to inch lower for the rest of the session and in after hours activity, but has only pulled back $2 per ounce. Silver, in after hours trade, is back neat the unchanged mark. July copper closed 2 cents higher at $3.39.DJ30 +61.27 NASDAQ +27.49 SP500 +8.14 NASDAQ Adv/Vol/Dec 1615/1553.4 mln/855 NYSE Adv/Vol/Dec 1959/491 mln/1037

3:00 pm : Equities remain near the top of today's trading range. The S&P 500 is up 0.7%.

As earnings season winds down, a few notable companies have yet to report their quarterly results. Express Scripts (ESRX 56.09, +0.11), Priceline.com (PCLN 676.72, +11.60), and Walt Disney (DIS 50.02, +0.37) will release their earnings following today's close.

In addition, Dean Foods (DF 12.32, +0.10), Dish Network (DISH 30.59, +0.09), and Polo Ralph Lauren (RL 154.01, +3.95) will report tomorrow morning.DJ30 +79.01 NASDAQ +31.35 SP500 +9.73 NASDAQ Adv/Vol/Dec 1665/1.39 bln/792 NYSE Adv/Vol/Dec 1986/434.7 mln/978

2:35 pm : Heading into the final 90 minutes of the session, stocks hold just beneath their best levels of the day. The S&P 500 is higher by 0.7%.

The dollar index is virtually unchanged as the dollar's performance against the major currencies has been mixed. The reserve currency is up 0.6% against the Japanese yen, and currently trades near 78.70. The British pound is up 0.3% against the greenback, near 1.5645. The euro came off session highs but it remains slightly higher versus the dollar. The 22 pip advance puts the single currency around 1.2405. Also of note, the Australian dollar crossed 1.0600 which is a level not seen in five months. The Aussie has pulled back slightly since, to 1.0550.DJ30 +77.95 NASDAQ +30.79 SP500 +9.92 NASDAQ Adv/Vol/Dec 1663/1.31 bln/785 NYSE Adv/Vol/Dec 1988/406.2 mln/982

2:00 pm : After marking session highs, stocks hold onto their gains. The S&P 500 remains up 0.8%.

Telecommunications is the weakest sector today. Inteliquent (IQNT 12.02, -1.90) is weighing down the group after posting earnings and revenues below-expectations. The company also lowered their full-year forecast. Today's 13.7% decline puts the stock back at its mid-May levels.DJ30 +92.07 NASDAQ +33.81 SP500 +11.49 NASDAQ Adv/Vol/Dec 1709/1.21 bln/726 NYSE Adv/Vol/Dec 2072/370.1 mln/893

1:30 pm : As low volume persists, stocks continue inching higher. The S&P 500 is up 0.9%.

Shares of major pharmaceutical producers are not participating in today's market advances. Elan (ELN 10.86, -0.39), Pfizer (PFE 23.84, -0.42), and Johnson & Johnson (JNJ 68.37, -0.47) announced that they will stop developing a treatment for Alzheimer's disease because of disappointing clinical results. All three stocks are posting losses with Elan and Pfizer down 3.5% and 1.7% respectively while Johnson & Johnson is off by 0.7%.DJ30 +96.88 NASDAQ +34.60 SP500 +12.17 NASDAQ Adv/Vol/Dec 1716/1.12 bln/702 NYSE Adv/Vol/Dec 2081/343.4 mln/870

1:00 pm : After a gap-up open, equities continued adding to their gains throughout the morning. The S&P 500 crossed the 1,400 level at the start of the day and has stayed above since. The index is currently up 0.9%. Meanwhile, the Nasdaq is up 1.2% as it outperforms the broader market. Volume remains thin and is on pace to finish below the 50-day moving average for the second day in a row.

Technology components Plantronics (PLT 37.73, +3.26) and Novatel Wireless (NVTL 2.55, +0.20) are both posting considerable advances.

Plantronics is higher by 9.8% after earnings and revenues were reported above consensus. The company also announced a one million share repurchase program.

Novatel Wireless is up 8.5% ahead of reporting earnings after the close. Shares of Novatel have been stuck between $2.25 and $2.70 for the past two months.

Financials are a strong performer today. The SPDR Financial Select Sector ETF (XLF 15.06, +0.18) is advancing 1.2%. Within the sector, JPMorgan Chase (JPM 37.71, +1.41) and Citigroup (C 29.23, +0.67) are up 3.9% and 2.4% respectively. In addition, Morgan Stanley (MS 14.54, +0.40) trades higher by 2.8%.

The U.S. listing of Standard Chartered PLC (SCBFF 19.59, -2.81) is under pressure after the New York State Department of Financial Services accused the bank of concealing $250 billion in transactions with Iran over a nine-year period. The British bank's shares are down 12.5%.

US Home Systems (USHS 12.45, +3.39) is soaring by 37.4% after Home Depot (HD 52.53, +0.53) agreed to buy the company for $12.50 per share.

Fossil (FOSL 91.99, +22.20) is surging by 31.8% after the company increased full-year guidance following an earnings and revenue beat. Today's buying has lifted the stock out of a range which has held for three months. Competitor Movado (MOV 25.61, +2.89) is benefiting from Fossil's strength as investors expect Movado to also surprise to the upside. Shares of the luxury goods producer are higher by 12.7%.

Crude oil blasted higher through the $92 level in overnight trade. It then lost steam and temporarily dipped back into the red but since recovered and hit a new session high of $93.85.

Consumer credit data is scheduled to be released at 3 PM ET.DJ30 +93.44 NASDAQ +35.47 SP500 +11.98 NASDAQ Adv/Vol/Dec 1734/1.04 bln/699 NYSE Adv/Vol/Dec 2111/319.1 mln/837

12:30 pm : Equities continue adding to their gains during a slow session. The S&P 500 is up 0.9%.

WMS Industries (WMS 15.24, -3.02) and Office Depot (ODP 1.66, -0.08) are seeing some selling pressure due to disappointing earnings results.

WMS missed earnings estimates but beat on revenues. The company was also downgraded by JPMorgan to underweight from neutral. Shares have been able to lift off lows but remain down 16.5%.

Office Depot reported a narrower-than-expected loss. However, revenues came in below consensus. As a result, shares of the retailer are down 4.6% and the stock is testing lows not seen since April 2009.DJ30 +84.65 NASDAQ +35.47 SP500 +11.90 NASDAQ Adv/Vol/Dec 1740/930.1 mln/671 NYSE Adv/Vol/Dec 2096/287.5 mln/832

12:00 pm : Stocks are carving out new highs following the European close. The S&P 500 is up 0.9% while the Nasdaq outperforms, up 1.2%.

Technology components Plantronics (PLT 37.17, +3.70) and Novatel Wireless (NVTL 2.57, +0.22) are both posting considerable advances.

Plantronics is higher by 11.1% after earnings and revenues were reported above consensus. The company also announced a one million share repurchase program.

Novatel Wireless is up 9.4% ahead of its earnings report after the close. Shares of Novatel have been stuck between $2.25 and $2.70 for the past two months.DJ30 +85.33 NASDAQ +34.31 SP500 +11.73 NASDAQ Adv/Vol/Dec 1731/808.1 mln/657 NYSE Adv/Vol/Dec 2096/259.5 mln/787

11:30 am : As European markets close near session highs, their U.S. counterparts are maintaining their gains. The S&P 500 is up 0.6%.

Financials are a strong performer today. The SPDR Financial Select Sector ETF (XLF 15.01, +0.13) is advancing 0.9%. Within the sector, JPMorgan Chase (JPM 37.47, +1.17) and Citigroup (C 29.17, +0.61) are up 3.2% and 2.1% respectively. In addition, Morgan Stanley (MS 14.44, +0.30) trades higher by 2.1%.DJ30 +70.20 NASDAQ +25.20 SP500 +8.96 NASDAQ Adv/Vol/Dec 1617/696.5 mln/754 NYSE Adv/Vol/Dec 1970/226.4 mln/902

11:00 am : Heading into the European close, U.S. equities are slightly off session highs. The S&P 500 is up 0.7%.

Fossil (FOSL 92.80, +23.01) is surging by 33.0% after the company increased full-year guidance following an earnings and revenue beat. Today's buying has lifted the stock out of a range which has held for three months. Competitor Movado (MOV 25.10, +2.38) is benefiting from Fossil's strength as investors expect Movado to also surprise to the upside. Shares of the luxury goods producer are higher by 10%.DJ30 +73.64 NASDAQ +24.35 SP500 +9.06 NASDAQ Adv/Vol/Dec 1579/549.7 mln/737 NYSE Adv/Vol/Dec 1980/187.1 mln/847

10:35 am : The dollar index was inching lower earlier this morning and has been in negative territory since the overnight session, which is giving commodities a boost this morning.

In the energy space, Sept crude oil blasted higher through the $92 level in overnight trade. Crude oil lost steam and temporarily dipped back into the red but since recovered and hit a new session high of $92.98 about an hour ago.

Sept natural gas was trading modestly lower this morning, but really saw buyers step it around 7:15am ET, boosting nat gas futures about 3% higher to a new HoD of $2.97/MMBtu. In current action, nat gas is back near that session high.

In metals, August gold and Sept silver were moving higher this morning with both precious metals hitting new session highs (Gold $1621.30, Silver $28.17). Gold has since pulled back and is now -0.09% at $1614.80/oz. Silver pulled back to the $28 mark and is now +0.5% at $28.01/oz. July copper is trading lower this morning, now up 1.5% at $3.44/lb.DJ30 +84.74 NASDAQ +25.73 SP500 +9.89 NASDAQ Adv/Vol/Dec 1590/421.6 mln/679 NYSE Adv/Vol/Dec 2065/150 mln/726

10:00 am : The S&P 500 is up 0.6% and holding near session highs.

The U.S. listing of Standard Chartered PLC (SCBFF 18.71, -3.69) is under pressure after the New York State Department of Financial Services accused the bank of concealing $250 billion in transactions with Iran over a nine-year period. The British bank's shares are down 16.5% near levels not seen since October 2011.DJ30 +70.12 NASDAQ +18.56 SP500 +8.41 NASDAQ Adv/Vol/Dec 1498/262.3 mln/672 NYSE Adv/Vol/Dec 1932/102.2 mln/784

09:45 am : Stocks are maintaining their early gains as the S&P 500 crosses the 1,400 level. The index is up 0.6%.

Energy is the strongest performer so far. The sector is up 1.0%. Within the group, Overseas Shipholding Group (OSG 7.34, +1.30) is soaring by 22.0% after a company director purchased 100,000 shares at $5.82. Meanwhile, Chesapeake (CHK 18.99, +1.29) is higher by 7.3% following a positive earnings report.DJ30 +65.09 NASDAQ +18.91 SP500 +8.37 NASDAQ Adv/Vol/Dec 1533/156.2 mln/595 NYSE Adv/Vol/Dec 2045/71.3 mln/633

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +14.00. Heading into the open, S&P 500 futures point to a 0.4% gain.

Chesapeake (CHK 18.43, +0.73), CVS Caremark (CVS 46.08, +1.18), and Fossil (FOSL 84.08, +14.46) are some stocks which bear watching after reporting earnings.

Treasury will auction off 3-yr notes.

Consumer credit data is scheduled to be released at 3 PM ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +13.30. After marking new pre-market highs, the S&P 500 futures are poised for a 0.4% advance at open.

US Home Systems (USHS 12.43, +3.37) is soaring by 37.2% in pre-market action after Home Depot (HD 52.00, 0.00) agreed to buy the company for $12.50 per share.

Broadsoft (BSFT 34.65, +6.75) is up 24.2% after the company beat their earnings and revenue expectations.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +15.80. Futures are off their highs but still indicate gains at open. The S&P 500 futures are up 0.4%.

European markets are higher this morning with Italian and Spanish indices showing the most strength. Stocks in Italy are higher despite this morning's GDP report which indicated year over year GDP contracted 2.5% while the markets expected a decrease of 2.3%. Industrial production declined by 1.4% which was ahead of the expected 1% decrease. Italy's MIB is up 1.3%.

Spain's 10-yr yield fell two basis points to 6.71% and the IBEX is up 1.4%.

Gains in other European indices are more modest. France's CAC and Germany's DAX are up 0.8% and 0.5% respectively.

Financials are leading the way in France. Credit Agricole and insurer AXA are each up 3%. Industrials are lagging behind with Legrand and Schneider Electric down 1.7% and 1.2% respectively.

German industrials and carmakers are pacing today's gains in the DAX. Steelmaker Thyssenkrupp is up 2.1%, Volkswagen and BMW are higher by 1.5% and 1.2% respectively.

In the UK, the FTSE is off by 0.1%. The index is underperforming due to Standard Chartered PLC (SCBFF 22.40, 0.00) plunging 23.5% after the New York State Department of Financial Services accused the bank of concealing $250 billion in transactions with Iran over a nine-year period.

The major Asian bourses finished mostly higher as the rally in global equity markets persisted. The Reserve Bank of Australia held its key rate steady at 3.50%, and in his assessment, Reserve Bank Governor Glenn Stevens suggested while growth in China has moderated, it does not appear to be slowing further.

In Japan, the Nikkei closed +0.9% to finish at a four-week high. Sharp gained 1.1% and finished off of yesterday's 37-year low as buyers emerged on reports Foxconn would invest in the co. Elsewhere, Nippon Paint rallied 4.9% after posting a 20% gain in operating profit.

In Hong Kong, the Hang Seng finished +0.4% as some names with heavy exposure to Europe made the headlines. Standard Chartered bank slumped 14.9% on word the company hid deals with Iranian banks while clothing retailer Esprit surged 28% on word the co appointed a new CEO.

Shares in China settled +0.1% as shipping stocks and rare earth miners were among the top performers. Shipper China Cosco Holding rose 1.6% on renewed hope of ECB bond buying while Inner Mongolia Baotou gained 3.0% as new industry rules were announced.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +12.80. The S&P 500 futures are up 0.4% this morning. The markets are poised to extend the positive sentiment from yesterday's low volume session. Comments out of Germany suggest a spokesperson out of Angela Merkel's camp indicated that the German Chancellor has conceded her hard stance and will back the ECB's bond buying program. European indices are higher today with the peripheral countries leading the way. Spain's IBEX is up 1.0% while Italy's MIB is higher by 0.7%. Indices within the core nations are less exuberant. France's CAC and Germany's DAX are up 0.5% and 0.3% respectively. Despite better-than-expected industrial and manufacturing production data UK's FTSE is mildly lower, off by 0.1%.

In the UK, the FTSE is underperforming due to Standard Chartered PLC (SCBFF 22.40, 0.00) plunging 23.5% after the New York State Department of Financial Services accused the bank of concealing $250 billion in transactions with Iran over a nine-year period.

With economic data limited to consumer credit, which is scheduled to be released at 3 PM ET, corporate earnings continue to headline action across U.S. markets.

Chesapeake Energy (CHK 18.35, +0.65) is up 3.7% in pre-market action after missing earnings estimates by $0.03 but beating revenue expectations handily. During the second quarter, the company recorded $3.39 billion in revenues when expectations called for $2.42 billion.

Fossil (FOSL 74.97, +5.18) is higher by 7.4% after reporting better-than expected earnings and revenues.

CVS Caremark (CVS 45.50, +0.60) is up 1.4% ahead of open on mixed results. The company beat earnings expectations by $0.01 but missed revenue estimates by about $300 million.

Sirius XM (SIRI 2.27, +0.07) is posting a modest advance after beating earnings estimates on record subscriber growth. The stock is up 3.2% this morning.

Treasury will auction off 4-wk and 3-yr notes.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +12.00.

06:51 am : FTSE...5794.90...-13.90...-0.20%. DAX...6936.09...+17.40...+0.30%.

06:50 am : Nikkei...8803.31...+77.02...+0.90%. Hang Seng...20072.62...+73.80...+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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
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