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 Post subject: August 9th Thursday 2012 Emini TF ($TF_F) points +1.70
PostPosted: Fri Aug 10, 2012 8:09 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

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

Price Action Trade Performance for Today: +1.70 points or $170 dollars in the Russell 2000 Emini TF ($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=1293.

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.

U.S. Market Wrap

Aug. 9 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market today. Most U.S. stocks rose, giving the Standard & Poor’s 500 Index its longest rally since March, as data showing an unexpected decline in jobless claims last week tempered concern about a worsening of Europe’s economy. (Source: Bloomberg)

Stocks: Investors Move To The Sidelines

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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 mixed following choppy trading Thursday as investors digested a handful of economic reports.

The Dow Jones industrial average edged lower, while theS&P 500 and Nasdaq held on to slim gains.

But volume was light as investors appear to be moving to the sidelines following a decent run in U.S. stocks. The Dow and S&P 500 have climbed for four straight days, and all three major indexes are at their highest levels since early May.

In a sign that investors may be ignoring risks, CNNMoney's Fear & Greed Index ticked up to 76, an indication that investors are in "extreme greed" mode.

On Thursday, investors sifted through a batch of U.S. economic reports, including a better-than-expected drop in initial jobless claims, a narrowed trade deficit, and a surprise decline in wholesale inventories.

A duo of economic reports out of China were also in focus. Industrial production in the world's second-largest economy slowed for a third straight month in July. However, inflation in China eased to the slowest rate in two-and-a-half years.

The data fueled hopes that China's central bank might intervene with more stimulus measures to boost economic growth.

"It is worth remembering that the first benchmark rate cut was introduced only two months ago," said Mark Williams, chief China economist at Capital Economics. "The full impact of loosening to date has yet to be felt. And there is plenty of room for further stimulus."

Meanwhile, investors also continue to eye quarterly financial results. Nearly 90% of S&P 500 companies had reported their quarterly results as of Wednesday. Earnings are on pace to grow just 0.9% overall.

On the bright side, 65% of the companies topped Wall Street expectations, higher than the average rate of 62% over the past decade.

Beyond American shores, Europe remains a source of anxiety, with worries about a potential Spanish bailout particularly acute. Borrowing costs for Spain and Italy are uncomfortably high, with the Spanish 10-year yield hovering around 7% and the Italian 10-year yield just below 6%.

World markets: European stocks closed mixed. Britain's FTSE 100 gained 0.1% and France's CAC 40 rose 0.5%. The DAX in Germany fell slightly below breakeven.

Asian markets ended with solid gains. The Shanghai Composite rose 0.6%, and the Hang Seng in Hong Kong and Japan's Nikkei both added more than 1%.

China's annual inflation rate fell to 1.8% in July, the government's National Bureau of Statistics reported Thursday, down from 2.2% in June. That's the lowest inflation rate in two-and-a-half years.

Industrial production slowed to 9.2% from a year earlier in July, according to China's National Bureau of Statistics. The reading marked the slowest rate of growth since May 2009.

Economy: The number of first-time U.S. unemployment claims fell 6,000 to 361,000 last week, the government said. Analysts were expecting 375,000 claims during the week.

The U.S. trade deficit narrowed to $42.9 billion in June, from $48 billion the prior month. Analysts were expecting the deficit to stand at $47.5 billion.

Wholesale inventories unexpectedly declined 0.2% in June. Economists were looking for a 0.3% increase.

Companies: Wendy's (WEN) reported a $5.5 million loss for the second quarter, but the fast food chain's stock moved higher as sales at restaurants open at least 15 months rose 3.2% during the quarter.

Kohl's (KSS, Fortune 500) posted second-quarter results that beat estimates, but sales were weaker than expected, sending shares lower. The retailer cut its forecast for the quarter and said it expects same-stores sales growth during the quarter to be flat to 2%.

Shares of Monster Beverage (MNST) dropped after the energy-drink company delivered lower-than-expected earnings and revenue figures.

High-end retailer Nordstrom (JWN, Fortune 500) is scheduled to report after the closing bell.

Cisco (CSCO, Fortune 500) shares rose after Piper Jaffray analyst Troy Jensen raised his rating on the stock to Overweight from Neutral, and boosted his price target to $22 from $20. Cisco is slated to report fourth-quarter results next week.

Shares of A123 Systems (AONE) gained after the battery maker said that Chinese auto parts maker Wanxiang Group is going to invest $450 million in the company, a step that that CEO David Vieau said helps "remove the uncertainty regarding A123's financial situation."

E*Trade's (ETFC) stock climbed after the company announced that CEO Steven Freiberg was ousted and its board is seeking a new leader. The company's chairman Frank Petrilli will serve as interim CEO.

* An unlikely way to boost your yield

British soccer team Manchester United is expected to price the shares of its initial public offering Thursday night and begin trading on the New York Stock Exchange Friday under the symbol "MANU."

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

Oil for September delivery rose 1 cent to $93.36 a barrel.

Gold futures for December delivery rose $4.20 to $1,620.20 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.69% from 1.64% late Wednesday.

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Market Update

4:20 pm : Today's session started on a down note. After a brief rise into positive territory, the S&P 500 turned negative at midday. The S&P 500 then recovered, but the index closed unchanged on the day.

Energy was one of today's top performers as coal stocks paced the advance.

Alpha Natural Resources (ANR 7.25, +0.95) surged 15.1% after yesterday's 9.0% drop following the company's disappointing earnings report. James River Coal (JRCC 2.52, +0.29) missed revenue forecasts by $2 million and reported a loss which was narrower than analysts had expected. Despite the mixed report, the stock soared 13.0%. Arch Coal (ACI 7.42, +0.49) advanced 7.1% as it benefited from the significant gains of other coal-related names.

The consumer discretionary sector was generally weaker, but post-earnings buying lifted some restaurant stocks within the space.

Red Robin Gourmet (RRGB 32.24, +3.56) jumped 12.4% after beating earnings expectations. The company also reported in-line revenues and expects comparable net restaurant sales for the remainder of the year. Competitor Brinker International (EAT 34.43, +1.87) climbed 5.7% after reporting in-line revenues and issuing upside guidance for fiscal year 2013. Shares of the company are at a 52-week high, and are approaching record highs near $35.50.

Consumer staples were today's main laggard. Monster Beverage (MNST 61.20, -6.57) plunged 9.7% after missing earnings expectations by $0.02 and missing revenue forecasts by $3 million. Monster peers Dr Pepper Snapple (DPS 45.01, -0.47) and Coca-Cola (KO 79.24, -0.32) shed 1.0% and 0.4% respectively.

The Dow Jones Transportation Average, which often serves as the bellwether for overall economic health, underperformed the broader market. Airlines weighed on the index with Delta Airlines (DAL 9.07, -0.32) down 3.4%, United Continental Holdings (UAL 17.89, -0.43) lower by 2.4% and JetBlue (JBLU 5.02, -0.11) off 2.1%.

In M&A news, Robbins & Myers (RBN 59.63, +12.83) announced it will be acquired by National Oilwell Varco (NOV 76.98, +0.64) for $60.00 per share in cash, representing a 28% premium to yesterday's closing price for RBN. Shares of Robbins & Myers soared 27.4% on the news.

Crude oil spent most of its session trading in choppy fashion. It stayed mostly in positive territory despite a stronger dollar. Crude set a session high of $94.21 per barrel in late morning action, but gave up its gains as it headed into the close. The energy component slid to a session low of $93.08 and recovered in time to settle just above the unchanged line at $93.42.

As the second quarter earnings season nears its end, few notable companies have yet to report. Educational services provider DeVry (DV 19.87, +0.19), fashion retailer Nordstrom (JWN 55.08, -0.37), and chipmaker NVidia (NVDA 14.71, +0.48) will report after today's close. In addition, department store operator J.C. Penney (JCP 22.10, +0.70) will report its quarterly results before Friday's open.

Today's volume was well below average as just over 575 million shares changed hands.

The latest weekly initial jobless claims count totaled 361,000, which was lower than the expected 375,000. The tally was also down from the prior week count of 365,000. As for continuing claims, they rose to about 3.332 million from 3.272 million.

The trade deficit narrowed to $42.9 billion during June after an upwardly revised prior month deficit of $48.0 billion. Economists polled by Briefing.com had expected that the June deficit would come in at $47.5 billion.

Wholesale inventories were down 0.2% in June which is lower than the increase of 0.3% that had been broadly forecasted.

Tomorrow's economic data releases are limited to export prices ex-agriculture and import prices ex-oil. These will be reported at 8:30 AM ET. In addition the Treasury budget will be announced at 2 PM ET.DJ30 -10.45 NASDAQ +7.39 SP500 +0.58 NASDAQ Adv/Vol/Dec 1368/1.63 bln/1097 NYSE Adv/Vol/Dec 1649/575.8 mln/1354

3:30 pm : Crude oil spent most of its pit session trading in choppy fashion. It mostly stayed in positive territory despite a stronger dollar. Crude set a session high of $94.21 per barrel in late morning action but gave up its gains as it headed into the close. It slid to a session low of $93.08 per barrel and recovered just in time to settle just above the unchanged line at $93.42 per barrel.

Natural gas popped to a session high of $3.12 per MMBtu following bullish inventory data that showed a build of 24 bcf when a build of 30 bcf was anticipated. However, it sold-off moments before pit trade closed and gave up most of the day's gains, settling just 0.3% higher at $2.94 per MMBtu. The plunge took prices down ~ 6% in just a matter of minutes.

Gold oscillated between positive and negative territory in today's pit trade. Moves came in response to weak Chinese data, better-than-expected U.S. weekly jobless claims and a narrower trade deficit.

Silver climbed out of the red in late morning action but lost momentum after it peaked at $28.15 per ounce. It spent the afternoon pit session near the unchanged line and settled 0.1% higher at $28.11 per ounce.DJ30 -4.51 NASDAQ 7.87 SP500 1.40 NASDAQ Adv/Vol/Dec 1363/1357.2/1074 NYSE Adv/Vol/Dec 1671/377 mln/1305

3:00 pm : As the final hour of the session begins, the major averages continue to hover around their respective flat lines.

In the telecommunications sector, Sprint Nextel (S 4.78, +0.17) is higher by 3.7% after announcing the underwritten public offering of notes due in 2020 and 2022. Cincinnati Bell (CBB 4.36, +0.42) is rallying for a second consecutive day after announcing the IPO of its data business unit. The stock is soaring 10.8% following yesterday's 5.4% advance.DJ30 +0.52 NASDAQ +7.46 SP500 +1.67 NASDAQ Adv/Vol/Dec 1343/1.24 bln/1081 NYSE Adv/Vol/Dec 1642/345.5 mln/1312

2:30 pm : Uneventful afternoon continues as the S&P 500 hovers around the unchanged level on below average volume.

As the earnings season nears the end, few notable companies are yet to report. Educational services provider DeVry (DV 19.80, +0.12), fashion retailer Nordstrom (JWN 55.35, -0.10), and chipmaker NVidia (NVDA 14.45, +0.22) will report after the close today. In addition, department store operator J.C. Penney (JCP 22.04, +0.64) will report its quarterly results before Friday's open.DJ30 -7.08 NASDAQ +7.06 SP500 +1.04 NASDAQ Adv/Vol/Dec 1323/1.16 bln/1087 NYSE Adv/Vol/Dec 1613/319.8 mln/1356

2:00 pm : The S&P 500 is unchanged in afternoon trade.

Energy is one of today's top performers with coal stocks pacing the advance.

Alpha Natural Resources (ANR 7.10, +0.80) is surging 12.7% after yesterday's 9.0% drop following the company's disappointing earnings report. James River Coal (JRCC 2.55, +0.32) missed revenue forecasts by $2 million and reported a loss which was narrower than what analysts had expected. Despite the mixed report, the stock is soaring 14.4%. Arch Coal (ACI 7.59, +0.66) is higher by 9.5% as it benefits from the significant gains of other coal-related names.DJ30 -12.87 NASDAQ +5.58 SP500 +0.58 NASDAQ Adv/Vol/Dec 1282/1.08 bln/1114 NYSE Adv/Vol/Dec 1607/296.1 mln/1341

1:30 pm : As low volume continues plaguing stocks, major indices remain near their unchanged levels.

Consumer staples are today's main laggard. Monster Beverage (MNST 62.15, -5.62) is plunging 8.3% after missing earnings expectations by $0.02 and missing revenue forecasts by $3 million. Monster peers Dr Pepper Snapple (DPS 44.96, -0.52) and Coca-Cola (KO 79.05, -0.51) are down by 1.2% and 0.6% respectively.DJ30 -11.62 NASDAQ +4.67 SP500 +0.51 NASDAQ Adv/Vol/Dec 1267/995.4 mln/1121 NYSE Adv/Vol/Dec 1587/274.1 mln/1345

1:00 pm : Today's session opened slightly lower but stocks showed resilience early on and were able to turn positive. However, shortly after the European close, the S&P 500 dipped back into negative territory in a move which coincided with the euro giving up strength to the dollar. At the midway point, stocks are hovering around the unchanged level as volume remains low for the fourth consecutive day.

The latest weekly initial jobless claims count totaled 361,000, which was lower than the expected 375,000. The tally was also down from the prior week count of 365,000. As for continuing claims, they rose to about 3.332 million from 3.272 million.

The trade deficit narrowed to $42.9 billion during June after an upwardly revised prior month deficit of $48.0 billion. Economists polled by Briefing.com had expected that the deficit for June would come in at $47.5 billion.

Wholesale inventories were down 0.2% in June which is lower than the increase of 0.3% that had been broadly forecasted.

The Dow Jones Transportation Average, which often serves as the bellwether for overall economic health, is underperforming the broader market. Airlines are weighing on the index with Delta Airlines (DAL 9.16, -0.23) down 2.5%, United Continental Holdings (UAL 17.98, -0.34) lower by 1.9% and JetBlue (JBLU 5.06, -0.06) off 1.3%.

E*TRADE (ETFC 8.51, +0.49) is spiking 6.2% after the departure of its Chief Executive Officer, Steven Freiberg. The company's Chairman and former CEO of TD Waterhouse, Frank Petrilli will serve as the interim CEO until a permanent replacement is named.

The consumer discretionary sector is generally weaker, but post-earnings buying is lifting some restaurant stocks within the space.

Red Robin Gourmet (RRGB 32.65, +3.97) is surging 13.8% after beating earnings expectations. The company also reported in-line revenues and expects comparable net restaurant sales for the remainder of the year. Competitor Brinker International (EAT 34.73, +2.17) is higher by 6.7% after reporting in-line revenues and issuing upside guidance for fiscal year 2013. Shares of the company are at a 52-week high and are approaching record highs near $35.50.

In M&A news, Robbins & Myers (RBN 59.62, +12.82) will be acquired by National Oilwell Varco (NOV 77.26, +0.92) for $60.00 per share in cash, representing a 28% premium to yesterday's closing price for RBN. Shares of Robbins & Myers are soaring 27.4% ahead of open.DJ30 -9.09 NASDAQ +4.14 SP500 +0.65 NASDAQ Adv/Vol/Dec 1261/916.7 mln/1081 NYSE Adv/Vol/Dec 1600/251.3 mln/1309

12:30 pm : Stocks hover near session lows with the S&P 500 down 0.1%.

The S&P 500's retreat to session lows coincided with the euro weakening against the dollar. The single currency dipped to 1.2275 after hovering near 1.2300. The downturn was immediately followed by the S&P 500 sliding five points, to 1,399. Since marking new lows, the index has been able to recover slightly while the euro trades flat near 1.2275.DJ30 -31.83 NASDAQ +0.60 SP500 -1.78 NASDAQ Adv/Vol/Dec 1192/832.4 mln/1132 NYSE Adv/Vol/Dec 1465/227.8 mln/1432

12:00 pm : Following the European close, equities have turned back into negative territory. The S&P 500 is down 0.2%.

The Dow Jones Transportation Average, which often serves as the bellwether for overall economic health, is underperforming the broader market. Airlines are weighing on the index with Delta Airlines (DAL 9.19, -0.20) down 2.1%, United Continental Holdings (UAL 18.01, -0.31) lower by 1.7% and JetBlue (JBLU 5.05, -0.08) off 1.6%.DJ30 -44.39 NASDAQ -2.52 SP500 -2.77 NASDAQ Adv/Vol/Dec 1152/750.1 mln/1164 NYSE Adv/Vol/Dec 1419/206.6 mln/1459

11:30 am : Stocks are holding onto slim gains with the S&P 500 up 0.1%.

E*TRADE (ETFC 8.50, +0.48) is spiking 6.0% after the departure of its Chief Executive Officer, Steven Freiberg. The company's Chairman and former CEO of TD Waterhouse, Frank Petrilli will serve as the interim CEO until a permanent replacement is named.DJ30 -5.64 NASDAQ +7.53 SP500 +1.38 NASDAQ Adv/Vol/Dec 1324/629.1 mln/959 NYSE Adv/Vol/Dec 1691/176.9 mln/1157

11:00 am : Stocks have shrugged off their opening losses and now hold small gains. The S&P 500 is near its session high, up 0.2%.

The consumer discretionary sector is generally weaker, but post-earnings buying is lifting some restaurant stocks within the space.

Red Robin Gourmet (RRGB 32.37, +3.69) is surging 12.9% after beating earnings expectations. The company also reported in-line revenues and expects comparable net restaurant sales for the remainder of the year. Competitor Brinker International (EAT 34.62, +2.05) is higher by 6.2% after reporting in-line revenues and issuing upside guidance for fiscal year 2013. Shares of the company are at a 52-week high and are approaching record highs near $35.50.DJ30 +15.09 NASDAQ +9.82 SP500 +3.09 NASDAQ Adv/Vol/Dec 1296/522.3 mln/929 NYSE Adv/Vol/Dec 1748/147.1 mln/1074

10:35 am : The dollar index has been trending higher all session, which has caused a mixed reaction in the commodities space.

In the energy space, Sept crude oil has mostly chopped around this morning in positive territory, trading between a range of $93.07-94.10/barrel. It's now +0.8% at $94.06/barrel.

Sept natural gas has been in negative territory all session so far. The energy component touched a low for the day of $2.88, rallied about 30 minutes ago and pushed into positive territory just ahead of natural gas inventory data.

Following the data, which showed a build of 24 bcf vs a build of 30 bcf, nat gas spiked hard to a new HoD of $3.05/MMBtu. In current trade, nat gas is +3.3% at $3.03/MMBtu.

In metals, August gold and Sept silver are mixed in current activity as gold is higher and silver is flat. Both precious metals were in the red this morning, but gold has managed to push higher and post modest gains. Currently gold is +0.1% at $1617.80/oz and silver is +0.2% at $28.12/oz.

Ag: Dec corn futures rose to an all-time high in overnight trade of $8.27/bu, ahead of tomorrow's USDA World Agricultural Supply and Demand Estimate (WASDE) report, as dry/hot weather conditions continue to hurt key corn growing regions in the U.S. In more recent trade, corn pushed back up to the new all-time high. Floor trading just began now at 10:30am ET

Note: The CME just recently changed the hours that corn futures will trade on certain days that notable reports are released. Therefore, floor trading on the CME in corn futures will begins tomorrow at 8:20am ET, 10 minutes before the WASDE report is released, well ahead of the usual time of 10:30am ET)DJ30 +11.84 NASDAQ +9.34 SP500 +2.18 NASDAQ Adv/Vol/Dec 1219/431.8 mln/942 NYSE Adv/Vol/Dec 1689/122 mln/1092

10:00 am : Wholesale inventories were down 0.2% in June. That's lower than 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 pushed up from early session lows, and now hover flat.DJ30 +2.42 NASDAQ +5.09 SP500 +0.10 NASDAQ Adv/Vol/Dec 1078/248.3 mln/1003 NYSE Adv/Vol/Dec 1521/77.6 mln/1181

09:45 am : Following a down open, stocks have entered positive territory. The S&P 500 is up 0.1%.

Industrials are showing strength early on. Belden (BDC 35.50, +0.95) is higher by 2.8% after exceeding earnings expectations. The company missed on revenues and issued third quarter guidance below consensus. Elsewhere within the sector, Applied Industrial (AIT 41.43, +3.29) is soaring 8.6% after beating earnings estimates and missing on revenues.DJ30 +14.29 NASDAQ +7.63 SP500 +1.78 NASDAQ Adv/Vol/Dec 1134/158.3 mln/866 NYSE Adv/Vol/Dec 1626/57.3 mln/1015

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: +1.50. Futures are mixed ahead of open. The S&P 500 futures are off by 0.2% while Nasdaq futures are higher by 0.1%.

In M&A news, Robbins & Myers (RBN 59.40, +12.60) will be acquired by National Oilwell Varco (NOV 76.34, 0.00) for $60.00 per share in cash, representing a 28% premium to yesterday's closing price for RBN. Shares of Robbins & Myers are soaring 27.0% ahead of open.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -0.90. Nasdaq futures vs fair value: +2.80. Global markets have been mixed today. Asian markets finished on a positive note while their European counterparts opened higher and slid into negative territory where they have held.

The major Asian indices finished mostly higher after the latest Chinese data dump had traders pricing in the possibility of more easing. Data released from the middle kingdom showed CPI print 1.8% year-over-year (2.2% previous), and industrial production climb 9.2% year-over-year (9.8% previous). Central banks in the region remained inactive as the Bank of Japan and Bank of Korea held their benchmark rates steady at their respective less than 0.1% and 3.00%. Elsewhere in the region, Japan's core machinery orders rose a less than expected 5.6% month-over-month (11.1% expected).

Japan's Nikkei closed firmer by 1.1% to rise for a fourth consecutive session. Heavyweights Fast Retailing and Softbank helped pace the advance, adding 2.3% and 2.2% respectively. Meanwhile, camera maker Nikon saw significant underperformance, tumbling 8.1%, after lowering its full-year earnings forecast because of the strong yen.

In Hong Kong, the Hang Seng advanced 1.0% and finished at a three-month high. Cathay Pacific was one of the top performers, tacking on 3.9%, as shares rebounded following the previous day's 4.3% earnings related dip. Exporter Li & Fung rise 3.1% ahead of its quarterly earnings which were due out following the market's close.

In China, the Shanghai Composite added 0.6% as shares ended higher for a fifth straight session. Breweries rallied on the back of strong earnings from Luzhou Lao Jiao. The stock surged 5.2% following the results and propelled Kweichow Moutai to a 3.2% gain. Property stocks were also strong as Gemdale and Poly Real Estate rose 2.2% and 1.6% respectively.

European Economic data was limited to Italy's trade balance which surprised to the upside, and Britain's trade balance which showed a larger-than-expected deficit. European indices slid to their lows around midsession, with UK's FTSE flat, France's CAC down 0.2% while Germany's DAX is lower by 0.7%.

Few stocks listed on UK's FTSE are posting notable gains. Standard Chartered is leading the session, up 3.7%. Shares of the bank are rallying following Tuesday's big drop. Media company ITV is higher by 2.1%. Energy company AMEC is down 6.1% after forecasting lower revenue growth during the second half of the year.

France's CAC is also near breakeven for the session. Louis Vuitton Moet Hennessy is leading the way with a 2.0% advance. Tire maker Michelin is lower by 2.3% as RCMA Commodities Asia said that global supply of rubber will outpace demand for the third year in a row.

In Germany, the DAX is being weighed down by Commerzbank which is down 4.8% after forecasting lower second half profits. Deutsche Telekom is lower by 2.5% despite reporting better-than-expected revenues.

08:35 am : S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +2.30. The latest weekly initial jobless claims count totaled 361,000, which is lower than the 375,000 that had been expected. The tally is also down from the prior week count of 365,000. As for continuing claims, they rose to about 3.332 million from 3.272 million.

The trade deficit narrowed to $42.9 billion during June after an upwardly revised prior month deficit of $48.0 billion. Economists polled by Briefing.com had expected that the deficit for June would come in at $47.5 billion.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -1.30. U.S. futures are pointing to a modestly lower open and S&P 500 futures are currently trading around pre-market lows, down 0.2%.

After opening in positive territory, European markets have given up their gains and are now in the red. Economic data in the region was limited to Italian trade balance which surprised to the upside, and British trade balance which showed a larger-than-expected deficit. European indices are also at their lows, with UK's FTSE off by 0.2%, France's CAC down 0.4% while Germany's DAX is lower by 0.8%.

Asian markets ended higher after a mixed open. China's Shanghai Composite traded in negative territory heading into the key economic events before getting a boost following the releases. The data was not bullish in itself, as CPI came in slightly higher than expectations, and Industrial Production and Retail Sales both missed expectation. Instead, the data left traders hoping for further action from the People's Bank of China to stimulate growth. In Japan, Machine Tool Orders missed expectations and the Bank of Japan decided to maintain its current policy course. Regional indices finished higher with Japan's Nikkei gaining 1.1%, Hong Kong's Hang Seng advancing 1.0%, and China's Shanghai Composite adding 0.6%.

Pre-market action is relatively quiet today. Earnings season is winding down and there are only a few notable moves in reaction to earnings.

Allscripts Healthcare (MDRX 10.96, +1.36) is surging 14.2% after beating on revenues.

James River Coal (JRCC 2.41, +0.18) reported a lower-than-expected loss and missed revenue forecasts by $2 million. Despite the mixed report, the stock is up 8.1% ahead of open.

Kohl's (KSS 52.00, -0.06) is showing little reaction to a mixed earnings report. The retailer beat on earnings and slightly missed revenue estimates.

Nokia (NOK 2.82, +0.15) is higher by 5.6% after agreeing to sell its Qt business unit to Finnish Digia.

Today's economic releases include weekly initial and continuing jobless claims, as well as trade balance at 8:30 AM ET. In addition, wholesale inventories will be released at 10 AM ET.

The U.S. Treasury will auction off 30-yr bonds later today.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +2.00.

06:52 am : Nikkei...8978.60...+97.40...+1.10%. Hang Seng...20269.47...+204.00...+1.00%.

06:52 am : FTSE...5837.82...-8.10...-0.10%. DAX...6914.95...-49.20...-0.70%.

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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