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 Post subject: August 10th Friday 2012 Emini TF ($TF_F) points +4.80
PostPosted: Sat Aug 11, 2012 7:44 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: +4.80 points or $480 dollars in the Russell 2000 Emini TF ($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=1294.

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. 10 (Bloomberg) -- Bloomberg's Ellen Braitman reports on the performance of the U.S. equity market. U.S. stocks rose, giving the Standard & Poor’s 500 Index its longest advance since December 2010, as optimism the Federal Reserve will act to stimulate the economy helped the market recover from an earlier decline.

Stocks: Up for the week

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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 out the week with gains, despite little movement Friday after disappointing economic data from China and heightened U.S. fears about a global slowdown.

"Most of what we've seen in the recent rally is the idea that things will not deteriorate as badly as many had feared," said Bruce McCain, chief investment strategist at Key Private Bank. "These numbers throw cold water on some of the enthusiasm."

The Dow Jones industrial average, S&P 500 and Nasdaq closed the day slightly higher.

All three major indexes ended the week with modest gains. The Dow rose 0.8% while the S&P 500 and Nasdaq were both up over 1%.

Chinese exports, which had been gaining strength for the past few months, rose just 1% from a year earlier in July, which was well below expectations and down from the 11.3% pace of increase in June. The 4.7% uptick in Chinese imports also fell short of forecasts.

Loan growth was disappointing as well, adding to recent concerns about the strength of China's economy.

"Any number that is disappointing runs the risk of raising worries again if you don't get actual intervention," McCain said. "Investors are at the point where they want to see some real action or they'll begin to lose some of the enthusiasm they felt."

On the domestic front, investors digested a report that showed falling U.S. import and export prices.

Meanwhile, the drought continues to push up prices for corn and soybeans. The U.S. Department of Agriculture reported Friday that 2012-2013 corn yields will hit the lowest level since 1995-1996.

The report sparks concern that corn prices, which have risen more than 60% over the last seven weeks, will continue to spike.

* Fear & Greed Index

And in Europe, worries about the possible need for a Spanish bailout continue, given that the nation's borrowing costs remain high. Spain's 10-year bond yield is hovering just below 7%.

World markets: European stocks all closed lower. Britain's FTSE 100 slipped 0.1%, France's CAC 40 declined 0.3%, and the DAX in Germany lost 0.6%.

Asian markets ended in the red. The Shanghai Composite shed 0.2%, the Hang Seng in Hong Kong lost 0.7% and Japan's Nikkei slid 1%.

Economy: Export prices fell 0.3% in July, while import prices declined 0.4%, according to a report from the Bureau of Labor Statistics. Import prices have been declining since April, and export prices have been falling since May.

A Treasury Department budget showed a monthly deficit of $70 billion in July, higher than the $60 billion deficit in June.

Companies: Shares of J.C. Penney (JCP, Fortune 500) rallied Friday despite the department store chain posting a second-quarter loss of $147 million, or 67 cents per share. Analysts were expecting a loss of just 25 cents per share. J.C. Penney also withdrew its guidance for the year.

Yahoo's (YHOO, Fortune 500) stock was sharply lower after the Web portal company -- in a filing with the Securities and Exchange Commission -- said new CEO Marissa Mayer is reviewing business strategy.

The review could lead to changes in the restructuring plan the company has already started to implement, as well as the previously announced plan to return to shareholder the cash it generated from a deal to sell its stake in the Chinese internet company Alibaba.

British soccer team Manchester United (MANU) began trading on the New York Stock Exchange on Friday. The team priced shares of its initial public offering at $14 Thursday night, below its targeted range.

* Corn prices rally to new record high

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

Oil for September delivery fell 49 cents to $92.87 a barrel.

Gold futures for December delivery rose $2.60 to $1,622.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.65% from 1.69% late Thursday.

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Market Update

4:20 pm : Equity markets started today's session lower by nearly 0.5%. The losses held early on before the S&P 500 got a lift from a strengthening euro. Challenged by low volume, stocks then staged a slow climb off their lows resulting in a marginally positive close. The S&P 500 ended higher by 0.2%.

Two companies saw heavy selling after reporting their quarterly results. Ubiquiti Networks (UBNT 8.71, -6.30) fell 42.0% despite an earnings and revenue beat. However, the company issued lower guidance which was responsible for today's heavy selling which has dropped the stock to its lowest level since the shares started trading in October 2011.

Elsewhere, Grocery store operator Roundy's (RNDY 7.71, -2.52) plunged 24.6% after missing on earnings. Revenues were slightly below expectations and the company lowered their full-year outlook. The disappointing report combined with multiple analyst downgrades puts the stock at its all-time low, near $7.70.

The telecommunications sector has managed to stay positive today. As most sector components traded in-line with the broader market, Level 3 Communications (LVLT 21.94, +1.76) spiked 8.7% after securing additional financing. In addition, analyst coverage of the stock was initiated at Goldman Sachs with a buy rating.

Financials underperformed the broader market before rallying into the close. The SPDR Financial Select Sector ETF (XLF 14.94, +0.01) gained 0.1%. Within the sector, American Express (AXP 55.85, -0.62) and Morgan Stanley (MS 14.61, -0.10) slipped 1.1% and 0.7% respectively. Barclays (BCS 11.52, +0.31) outperformed other banks as shares gained 2.8%. Today's advance came on the heels of an announcement that Sir David Walker will be the next Chairman.

Manchester United (MANU 14.00, 0.00) was flat on its first day as a publically traded company as underwriters supported the stock at $14.00. This week's other IPO, Bloomin' Brands (BLMN 12.86, -0.63) dipped 4.7%. Shares of the company saw their first down day since it began trading on Wednesday.

J.C. Penney (JCP 23.40, +1.30) gained 5.9%. The company delivered disappointing earnings and reported a 21.7% decrease in same store sales. However, an upbeat earnings call and likely short-covering led to a reversal in the stock. The stock lifted off its pre-market lows as company's Chief Executive Officer Ron Johnson indicated that last quarter's earnings do not reflect the success of recent pricing and marketing changes which have only been in effect for less than a month.

The economic calendar was light today as well. Export prices, excluding agriculture, declined by 0.3% in July after they had decreased by 1.4% in the prior month. Excluding oil, import prices were down in July by 0.4%, which follows the 0.3% decrease experienced in the prior month.

The Treasury Budget for July showed a $69.6 billion deficit, which is better than the deficit of $71.0 billion that had been broadly expected. The report has mattered little to market participants as equity indices did not respond to the news.

Stimulus chatter continues as markets make slim advances

Looking back on the week, Monday started with headlines indicating that The People's Bank of China suggested it would take monetary policy up a notch in the back half of the year and vowed to bolster the economy with improved credit. It also sees a broader use of currency in cross-border trade and investing. Knight Capital Group (KCG 2.90, -0.17) confirmed weekend reports that it will raise $400 million in convertible preferred stock. The preferred stock will be convertible into approximately 267 million shares of common stock of the company. The S&P 500 ended higher by 0.2%.

Tuesday began with comments out of Germany where 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. Most notable earnings report was Chesapeake Energy (CHK 19.68, -0.63), which gained 9.4% for the day after missing earnings estimates by $0.03 but beating revenue expectations handily. The company also made positive commentary on asset sales. With no economic data of note being released, the S&P ended up 0.5%.

On Wednesday, European macro data was light, with Germany's Trade Balance exceeding expectations. In the UK, Bank of England Governor Mervyn King spoke in favor of David Cameron's conservative budget and said that further rate cuts may be counterproductive. Priceline.com (PCLN 563.16, +0.90) plunged 17.3% after missing on revenues. The company issued lower third quarter guidance, blaming the cloudy outlook on the persisting European debt crisis. The S&P 500 finished near the unchanged level.

Thursday's latest weekly initial jobless claims count totaled 361,000, which was lower than the expected 375,000. 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. Consumer staples were Thursday's main laggard. Monster Beverage (MNST 54.27, -6.93) plunged 9.7% after missing earnings expectations by $0.02 and missing revenue forecasts by $3 million. The S&P was nearly unchanged on the day.

Handful of earnings scheduled to come in

There will be a considerable drop off in the number of companies reporting earnings next week. Just over 20 companies in the S&P 500 are expected to report their quarterly results. Going forward, earnings will largely be dominated by retailers whose fiscal periods end in July. Local deal website Groupon (GRPN 7.44, +0.79) will report Monday after the close, while Home Depot (HD 53.06, -0.09) TJX (TJX 44.46, -0.54) and Michael Kors (KORS 42.32, -0.68) will report on Tuesday morning.DJ30 +42.76 NASDAQ +2.22 SP500 +3.07 NASDAQ Adv/Vol/Dec 1093/1.52 bln/1371 NYSE Adv/Vol/Dec 1620/566.1 mln/1377

3:35 pm : Crude oil struggled in negative territory for all of today's floor trade even with a weaker dollar. The energy component was as low as $91.93 per barrel but was able to erase most of the day's losses. Despite the down session, crude settled the week 1.7% higher at $92.93 per barrel.

Natural gas continued yesterday's afternoon and overnight losses as it trended lower for its entire pit session and hit a session low of $2.76 per MMBtu, despite bullish inventory data yesterday. The September contract is now at a new one month low following these losses, which is largely driven by milder weather conditions. Nat gas ended 6% lower at $2.77/MMBtu.

Gold began pit trade in the red and fell as low as $1608.10 per ounce in morning action. However, buyers stepped in and took prices into positive territory and to a session high of $1629.70 per ounce as the dollar weakened. The third consecutive session of gains pushed prices up such that the yellow metal settled the week 0.9% higher at $1622.90 per ounce. Action in earlier sessions came in response to moves by the dollar, weak Chinese data and a better-than-expected U.S. jobs report.

Silver came off its session low of $27.53 per ounce and rallied to a session high of $28.32 per ounce in late morning action. The metal was unable to stay in the black and spent the remainder of floor trade chopping around just below the break-even level. Despite securing a gain in today's pit session, silver closed the week 1.0% higher at $28.05 per ounce.DJ30 +13.32 NASDAQ -2.54 SP500 +0.41 NASDAQ Adv/Vol/Dec 1014/1297.3 mln/1417 NYSE Adv/Vol/Dec 1449/374 mln/1513

3:00 pm : Heading into the final hour of a slow session, the S&P 500 is off 0.1%.

The telecommunications sector has managed to stay slightly positive today. With most components trading in-line with the broader market, Level 3 Communications (LVLT 21.79, +1.61) is spiking 8.0% after securing additional financing. In addition, analyst coverage of the stock was initiated at Goldman Sachs with a buy rating.DJ30 -7.38 NASDAQ -6.35 SP500 -1.38 NASDAQ Adv/Vol/Dec 972/1.14 bln/1449 NYSE Adv/Vol/Dec 1323/331.1 mln/1608

2:30 pm : Mired in low volume, equities hover just beneath their unchanged levels. The S&P 500 is down 0.2%.

The Treasury Budget for July showed a $69.6 billion deficit, which is better than the deficit of $71.0 billion that had been broadly expected. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 -15.94 NASDAQ -7.45 SP500 -2.22 NASDAQ Adv/Vol/Dec 946/1.05 bln/1466 NYSE Adv/Vol/Dec 1313/305.9 mln/1621

2:00 pm : Equities remain slightly in the red with the S&P 500 down 0.1%.

After reporting earnings, two names are seeing heavy selling. Ubiquiti Networks (UBNT 8.87, -6.14) is down 41.0% despite an earnings and revenue beat. However, the company issued lower guidance which is responsible for today's steep decline. The selling has dropped the stock to its lowest level since it started trading in October 2011.

Elsewhere, Grocery store operator Roundy's (RNDY 7.75, -2.48) is plunging 24.2% after missing on earnings. Revenues were slightly below expectations and the company lowered its full-year outlook. The disappointing report combined with multiple analyst downgrades dropped the stock to its all-time low, near $7.70.DJ30 -8.32 NASDAQ -5.83 SP500 -1.37 NASDAQ Adv/Vol/Dec 951/988.4 mln/1436 NYSE Adv/Vol/Dec 1328/287.8 mln/1593

1:30 pm : Equities remain range bound in afternoon trade and the S&P 500 is lower by 0.2%.

Financials are underperforming the broader market with the SPDR Financial Select Sector ETF (XLF 14.86, -0.07) off 0.5%. Within the sector, American Express (AXP 55.47, -1.00) and Morgan Stanley (MS 14.50, -0.21) are down 1.8% and 1.4% respectively.

Barclays (BCS 11.44, +0.23) is outperforming other banks as shares are higher by 2.0%. Today's advance comes on the heels of an announcement that Sir David Walker will be the next Chairman.DJ30 -24.23 NASDAQ -9.19 SP500 -2.74 NASDAQ Adv/Vol/Dec 893/902.1 mln/1490 NYSE Adv/Vol/Dec 1208/265.7 mln/1700

1:05 pm : Equity markets opened lower following the disappointing Chinese trade data but have come off those lows with a choppy trade resulting in narrow losses in afternoon trade. The first half of the session has been uneventful as economic data released today did not have a significant trading impact. In addition, large market-moving companies have already reported their earnings. Volume has been anemic all week, and it is likely headed for a below-average day again. The S&P 500 remains lower by 0.2%.

The euro has made a significant advance versus the dollar. After marking session lows around the U.S. open, the single currency has rallied more than 60 pips to above the 1.2300 level. This advance took the dollar index from the session high of 82.94 straight to a day's low of 82.44. Similar movement was observed in the British pound which came off session lows of 1.5580 and roared higher to 1.5682.

Utility stocks are attempting to stay positive with gas-related stocks outperforming. WGL Holdings (WGL 40.42, +0.32) is higher by 0.8%. Peers Questar (STR 20.42, +0.06) and ONEOK (OKE 44.79, +0.14) are the other two sector leaders, up 0.6% and 0.3% respectively.

J.C. Penney (JCP 22.93, +0.83) is higher by 3.8%. The company delivered disappointing earnings and reported a 21.7% decrease in same store sales. However, an upbeat earnings call provided investors with some optimism. The stock lifted off its pre-market lows as company's Chief Executive Officer Ron Johnson indicated that last quarter's earnings do not reflect the success of recent pricing and marketing changes which have only been in effect for less than a month.

After being a top performer yesterday, energy is the biggest laggard. Overseas Shipholding Group (OSG 6.24, -0.35) is sliding by 5.4% while Southwestern Energy (SWN 31.86, -0.96) is lower by 2.9%.

Manchester United (MANU 14.02, +0.02) is flat on its first day as a publically traded company as underwriters support the stock at $14.00. This week's other IPO, Bloomin' Brands (BLMN 13.05, -0.44) is down 3.3%. Shares of the company are seeing their first down day since it began trading on Wednesday.

Export prices, excluding agriculture, declined by 0.3% in July after they had decreased by 1.4% in the prior month. Excluding oil, import prices were down in July by 0.4%, which follows the 0.3% decrease experienced in the prior month.DJ30 -21.28 NASDAQ -8.42 SP500 -2.46 NASDAQ Adv/Vol/Dec 889/847.3 mln/1476 NYSE Adv/Vol/Dec 1177/250.9 mln/1710

12:30 pm : The major averages continue to hover slightly in the red. The S&P 500 is off 0.2%.

After being down more than 8% in pre-market action, J.C. Penney (JCP 22.50, +0.40) trades higher by 1.8%. The company delivered disappointing earnings and reported a 21.7% decrease in same store sales. However, an upbeat earnings call provided investors with some optimism. The stock lifted off its pre-market lows as company's Chief Executive Officer Ron Johnson indicated that last quarter's earnings do not reflect the success of recent pricing and marketing changes which have only been in effect for less than a month. Shares have seen volatile trade today as they reached the $20.00 level in pre-market before marking a session high at $24.57. Recent action has seen the stock slide to session lows near $22.35.DJ30 -13.21 NASDAQ -7.03 SP500 -1.78 NASDAQ Adv/Vol/Dec 921/771.7 mln/1434 NYSE Adv/Vol/Dec 1220/231.3 mln/1655

12:00 pm : Equities are trying to break into positive territory after the European close. The S&P 500 is down 0.1%.

Manchester United (MANU 14.01, +0.01) is flat on its first day as a publically traded company. This week's other IPO, Bloomin' Brands (BLMN 13.65, +0.16) is higher by 1.2%. Shares of the company have been on a steady rise since it began trading on Wednesday.DJ30 -13.47 NASDAQ -5.63 SP500 -1.70 NASDAQ Adv/Vol/Dec 953/686.3 mln/1367 NYSE Adv/Vol/Dec 1264/209.9 mln/1582

11:30 am : Despite an attempted rally, the S&P 500 has been unable to turn positive and it remains down 0.2%.

Utility stocks are attempting to stay positive with gas-related stocks outperforming. WGL Holdings (WGL 40.35, +0.25) is higher by 0.6%. Peers ONEOK (OKE 44.84, +0.19) and Questar (STR 20.42, +0.06) are the other two sector leaders, up 0.4% and 0.3% respectively.DJ30 -23.92 NASDAQ -6.54 SP500 -2.36 NASDAQ Adv/Vol/Dec 899/605.4 mln/1395 NYSE Adv/Vol/Dec 1189/186.7 mln/1615

11:00 am : The S&P 500 has trimmed most of its early losses and the index is now down 0.1%. The partial recovery was concurrent with a considerable move in the euro.

The euro has made a significant advance versus the dollar. After marking session lows around the U.S. open, the single currency has rallied more than 60 pips to move above the 1.2300 level. This advance has taken the dollar index from the session high of 82.94 straight to a day's low of 82.44. Similar movement was observed in the British pound which came off session lows at 1.5580 and roared higher to day's best 1.5682.DJ30 -14.68 NASDAQ -4.73 SP500 -1.58 NASDAQ Adv/Vol/Dec 926/497.1 mln/1329 NYSE Adv/Vol/Dec 1240/155.2 mln/1545

10:35 am : The dollar index was trading higher and putting pressure on the commodities space all morning, until hitting its current HoD of 82.87. The index has since pulled back sharply and is now in negative territory.

In the energy space, Sept crude oil was struggling in the overnight session in negative territory. Crude, however, picked up team off its $91.71 LoD and has recovered about $1/barrel and is now -0.9% at $92.57/barrel.

Sept natural gas is extending overnight losses as it has been basically inching lower. Nat gas just hit a new LoD again, now at $2.80/MMBtu and is currently -4.6% at $2.81/MMBtu.

In metals, Dec gold and Sept silver have been rallying this morning on the pullback in the dollar index and have just hit new session highs (Gold $1627.70, Silver $28.20). In current trade, gold is +0.4% at $1627.00/oz and silver is +0.2% at $258.15/oz.


In ag, The USDA released its Aug WASDE this morning and slashed many numbers, including ending stocks and corn yields. Corn initially spiked to a new all-time high following the report, but is now +0.1% at $8.25/bushel.DJ30 -12.22 NASDAQ -5.68 SP500 -1.48 NASDAQ Adv/Vol/Dec 886/394.3 mln/1313 NYSE Adv/Vol/Dec 1243/133 mln/1503

10:00 am : The S&P 500 remains near session lows, down 0.4%.

Financials are showing weakness with European financials underperforming. Deutsche Bank (DB 31.11, -0.49) and UBS (UBS 10.70, -0.15) are down 1.5% and 1.2% respectively. JPMorgan Chase (JPM 36.54, -0.38) is off by 1.0%.DJ30 -55.59 NASDAQ -11.73 SP500 -5.24 NASDAQ Adv/Vol/Dec 699/237.5 mln/1430 NYSE Adv/Vol/Dec 959/90.4 mln/1736

09:45 am : Equities have maintained their bearish sentiment during the first few minutes of trade. The S&P 500 is down 0.3%.

After being a top performer yesterday, energy is the biggest laggard in the early going. Overseas Shipholding Group (OSG 6.38, -0.21) is sliding by 3.1% while Southwestern Energy (SWN 31.88, -0.94) is off by 2.9%.DJ30 -56.27 NASDAQ -8.17 SP500 -5.36 NASDAQ Adv/Vol/Dec 790/146.5 mln/1276 NYSE Adv/Vol/Dec 929/65.7 mln/1724

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -6.80. Heading into the open, equity futures have lifted off their lows but still indicate a down open. The S&P 500 futures are off by 0.4%.

NVIDIA (NVDA 15.30, +0.59) and J.C. Penney (JCP 23.75, +1.65) bear watching today following their quarterly reports. NVIDIA beat on earnings and revenues while issuing upbeat guidance. J.C. Penney however, missed on both fronts. The stock has recovered off premarket lows when it was down as much as 8.0%. Shares are currently higher by 7.5%.

09:03 am : [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -6.00. The major Asian bourses finished mixed after the disappointing Chinese trade figures. China's trade surplus narrowed to $25.1 billion ($35.1 billion expected, $31.7 billion previous) as exports grew just 1% year-over-year (5% expected) while imports fell to 4.7% month-over-month (6.3% expected). New loans were also disappointing with a CNY540 billion print (CNY701 billion expected). Elsewhere, the Reserve Bank of Australia's latest Monetary Policy Statement upgraded its outlook for economic growth and inflation while suggesting the resources boom may peak earlier than anticipated.

In Japan, the Nikkei slid 1.0% to snap its four-day winning streak. Embattled camera maker Olympus slumped 1.5% after reporting a wider than expected loss. Meanwhile, Sharp surged 9.4% as shorts were squeezed out of their positions.

Hong Kong's Hang Seng finished down 0.7% but still saw a solid advance for the week. Exporter Li & Fung plunged 19% after receiving downgrades at several firms following its 22% drop in first-half core operating profit.

In China, the Shanghai Composite shed 0.2% as property developers and coal miners paced the decline. Poly Real Estate and Yanzhou Coal Mining led their sectors lower, falling 2.7% and 1.3% respectively.

European macro news was light today as German CPI was reported in-line and UK's input and output PPI missed expectations on a year-over-year basis. With no additional drivers, European stocks are generally lower this morning.

France's CAC is down 1.1% and most stocks are in negative territory. Alcatel-Lucent is the only big gainer with a 5.1% advance. Tire maker Michelin and auto maker Peugeot are the biggest laggards, both down 2.1%.

In Germany, the DAX is down 0.7% as Steelmaker ThyssenKrupp is the only notable gainer. The stock is higher by 5.9% after the company exceeded earnings estimates and reaffirmed its full-year outlook. Commerzbank and business technology vendor SAP are pacing the decliners and are down 2.7% and 1.6% respectively.

UK's FTSE is lower by 0.3% as Barclays is posting the session's biggest gain of 2.6% after appointing David Walker as the new chairman. Down 5.1%, Bunzl is the biggest decliner after UBS recommended selling the stock.

08:30 am : S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -6.80. Export prices, excluding agriculture, declined by 0.3% in July after they had decreased by 1.4% in the prior month. Excluding oil, import prices were down in July by 0.4%, which follows the 0.3% decrease experienced in the prior month.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -8.30. U.S. equity futures are pointing lower this morning with the S&P futures down 0.5%.

The global equity markets were under pressure following the second straight day of weaker than expected data out of China. Last night, China released its trade balance data which came in at $25.1 billion, falling roughly $10 billion under expectations. Export figures showed growth of just 1% year-over-year, which was about 700 basis points shy of expectations. Imports also missed and China's Commerce Minister warned it might be difficult to meet the 2012 objective of 10% target for trade growth in 2012. China's Shanghai Composite finished off by 0.2% while Japan's Nikkei and Hong Kong's Hang Seng were down 1.0% and 0.7% respectively. The outperformance in China's Shanghai Composite relative to other Asian indices may be attributed to ongoing expectation for potential easing from China's central bank.

European macro news was light today. German CPI was reported in-line, while UK's input and output PPI missed expectations on a year-over-year basis. European stocks are generally lower. Germany's DAX and France's CAC are each down 0.8% while UK's FTSE is lower by 0.4%.

Pre-market action is slow today with few stocks making significant post-earnings moves.

Fusion-io (FIO 26.20, +5.18) is soaring 24.6% after exceeding earnings and revenue estimates.

NVIDIA (NVDA 15.41, +0.70) is higher by 4.8% after beating on earnings and revenues. The company also issued a forecast which exceeded analyst expectations.

J.C. Penney (JCP 20.30, -1.80) is falling 8.1% after delivering a disappointing report. The company missed revenue estimates and posted a wider-than-expected loss per share, while saying it no longer expects to meet previously issued earnings guidance.

Research in Motion (RIMM 8.26, +0.46) is up 6.7% this morning after it became known that IBM (IBM 198.42, 0.00) looked at Research in Motion's enterprise division. RIMM is rising for the second day in a row after yesterday's rumors suggested that Samsung may be interested in the company. Samsung later denied these reports.

Monster Beverage (MNST 57.43, -3.77) is down 6.2% after disclosing a subpoena from a state attorney general in connection with an investigation concerning the company's advertising, marketing, promotion, ingredients, usage and sale of its Monster Energy drink.

Today's USDA crop report, which will be released at 8:30 ET, will be watched closely as investors gain insight into the expected grain yields.

Export prices ex-agriculture and import prices ex-oil will be reported at 8:30 AM ET. The U.S. Treasury will announce its budget at 2 PM ET.

06:30 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: flat.

06:30 am : Nikkei...8891.44...-87.20...-1.00%. Hang Seng...20136.12...-133.40...-0.70%.

06:30 am : FTSE...5841.06...-10.50...-0.20%. DAX...6930.56...-34.40...-0.50%.

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)
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