TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 11:02 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 14th Tuesday 2012 Emini TF ($TF_F) points +10.70
PostPosted: Tue Aug 14, 2012 11:21 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
081412-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1070.png
081412-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-1070.png [ 77.96 KiB | Viewed 286 times ]

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

Price Action Trade Performance for Today: +10.70 points or $1070 dollars in the Russell 2000 Emini TF ($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=1296.

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 Price Action Analysis via 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 Trade Signal Strategies via 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

-----------------------------

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 via WRB Analysis from one trade to the next trade to give me the market context before the appearance of my technical analysis trade signals. 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. 14 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks erased gains, sending the Standard & Poor’s 500 Index lower for a second day, as a slump in technology and financial shares reversed an earlier rally amid better-than-estimated retail sales.

Stocks Lose Steam

Attachment:
081412-Key-Price-Action-Markets.png
081412-Key-Price-Action-Markets.png [ 542.08 KiB | Viewed 295 times ]

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

NEW YORK (CNNMoney) -- U.S. stocks pared earlier gains during the final hour of trading Tuesday, finishing the day barely changed.

Earlier, stocks were modestly higher as investors welcomed encouraging data on the U.S. economy and from the eurozone, but that enthusiasm faded as the session wore on.

On Tuesday, the Dow Jones industrial average finished up about 3 points, while the S&P 500 lost less than 1 point. The Nasdaq declined 6 points, or 0.2%, dragged down by losses in Green Mountain Coffee Roasters () and Research in Motion ().

Investors were initially heartened after a government report showed that U.S. retail sales rose for the first time in four months in July, a sign that the economy may have started strengthening in the middle of the summer.

"We saw strength in retail sales across the board last month, and that indicates that the underlying trend we saw in consumer spending last quarter may actually be stronger," said Michael Sheldon, chief market strategist at RDM Financial Group.

That bodes well for the broader economy since consumer spending historically accounts for two-thirds of U.S. economic activity, he said.

The positive data comes just before the key back-to-school shopping season for retailers.

Meanwhile, France and Germany released second-quarter gross domestic product figures that beat analysts' expectations, but preliminary data showed the eurozone economy on the whole continued to shrink.

Eurozone GDP shrank by 0.2% between April and June compared to the previous quarter and 0.4% year-over-year, according to flash estimates published by Eurostat, the statistical office of the European Union. In the first quarter of 2012, GDP was unchanged.

* European economy slumps in second quarter

"Today's GDP data reinforces the fact that there are two different parts of Europe from an economic perspective," said Sheldon. "Economic activity in the north continues to muddle along at a neutral to slightly positive rate, while the southern part of Europe remains mired in a recession."

With more signs of a persistent slowdown, investors are hopeful that the figures will continue to build a case for central banks to step in with further stimulus measures.

* Fear & Greed Index

Still, trading volume remains very low, and many investors aren't placing any significant bets as the market slips into the usual summer doldrums. That could make it tougher to gauge if the recent rally is for real until September.

World Markets: European stocks got a boost as the eurozone GDP figures fueled hopes for stimulus. Britain's FTSE 100 closed up 0.6%, the DAX in Germany ticked up 0.9% and France's CAC 40 added 0.7%.

Inflation in Britain edged higher in July, according to the Office for National Statistics. Consumer prices rose at a 2.6% annual rate, up from 2.4% in June, while retail prices rose at a 3.2% rate, up from 2.8%.

Asian markets ended the day higher. The Shanghai Composite rose 0.3%, the Hang Seng in Hong Kong gained 1.1%, and Japan's Nikkei added 0.5%.

Economy: Retail sales were up 0.8% in July, the Census Bureau reported Tuesday. Economists had expected a 0.2% increase.

Producer prices also beat estimates, increasing 0.3%, according to the Bureau of Labor Statistics. Prices were expected to rise by 0.2%.

Business inventories rose 0.1% in June, slightly slower than the 0.2% rise were looking for.

Companies: Home Depot (, Fortune 500) shares rose sharply, making it the best performer among the Dow's 30 components. The home-improvement retailer's second-quarter earnings topped expectations, though revenue fell short of estimates.

Estee Lauder (, Fortune 500) shares shot up 9%, making them among top gainers in the S&P 500. The cosmetics maker reported better-than-expected quarterly results.

* Paul Ryan owns today's top Dow and S&P 500 stocks

Shares of Saks (SKS) were also higher on strong earnings.

Michael Kors (KORS) shares jumped after the luxury retailer posted earnings that tripled from a year earlier, trouncing forecasts.

TJX (TJX, Fortune 500)shares edged higher after the retailer beat earnings expectations by a penny.

Groupon (GRPN) shares dove after the local deals provider beat earnings estimates but missed on revenue.

Shares of Google (GOOG, Fortune 500) rose above $670 a piece to the highest level since January 2008. Shares of Apple (AAPL, Fortune 500) also edged higher, and are now less than 1% away from their all-time-high.

U.K. bank Standard Chartered said it will pay $340 million to settle New York State allegations of money laundering for Iran.

* Bill Gross: Paul Ryan not good for bond market

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

Oil for September delivery added 70 cents to settle at $93.43 a barrel.

Gold futures for December delivery fell $10.20 to settle at $1,6102.40 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell slightly, pushing the yield up to 1.74% from 1.65% late Monday.

Image

Market Update

4:15 pm : Equities got a lift at the open from strong U.S. retail sales and the mixed Eurozone GDP data. However, the strength did not extend into the afternoon as the major indices slowly came off their highs and settled near session lows. Another day of thin volume contributed to a narrow intraday range as the S&P 500 drifted to a flat finish.

Retail sales rose during July by 0.8%, which was better than the 0.2% increase that had been broadly expected. Excluding autos, retail sales rose by 0.8%, which contrasts with the Briefing.com consensus call for a rise of 0.3%.

Overall producer prices rose in July by 0.3%, which was hotter than the 0.2% increase that had been widely forecasted. Core producer prices were up 0.4% which is ahead of the 0.2% Briefing.com consensus.

Financials showed strength early but lost steam into the close. The SPDR Financial Select Sector ETF (XLF 14.93, -0.02) slipped 0.1%. Within the group, Bank of America (BAC 7.78, +0.06) rose 0.8% and JPMorgan Chase (JPM 37.10, +0.11) advanced 0.3%. However, European financials were weaker with Credit Suisse (CS 17.45, -0.29) and UBS (UBS 10.74, -0.08) down 1.6% and 0.7% respectively.

Technology stocks underperformed the broader market. Juniper Networks (JNPR 18.07, -0.85) tumbled 4.5%. Shares of the network infrastructure producer were lower after a major U.S. carrier has reportedly put networking capital expenditures on hold. Meanwhile, CIENA (CIEN 16.65, -1.25) plunged 7.0% after FBR Capital downgraded the shares to ‘market perform' from ‘outperform.'

Stocks in the materials sector also lagged behind with the biggest weakness coming from miners and chemical producers. Valspar (VAL 50.74, -2.20) slid 4.2% after missing revenue expectations. The management reaffirmed full-year guidance but described the fourth quarter as ‘challenging.'

Groupon (GRPN 5.51, -2.04) plunged 27.0% after receiving multiple downgrades in the wake of yesterday's earnings report which was accompanied by disappointing guidance. Today's selling has dropped shares to an all-time low and represents a nearly 79.0% decrease in value since the company went public in November 2011.

Although most of the quarterly results have been delivered, a few more notable names will report earnings before tomorrow's open. Deere (DE 80.13, +0.37) is expected to earn $2.32 on revenues of $9.54 billion.

Also due out are earnings from retailers Target (TGT 63.38, +0.87) and Staples (SPLS 13.45, +0.09). Target is expected to earn $1.01 on $16.83 billion revenues while analysts are looking for earnings of $0.22 and $5.73 billion from Staples.

Following yesterday's lowest close in five years, the volatility index, or VIX, rebounded by 9.0%. After hitting a low of 13.66 during yesterday's session, the index has rebounded to 14.92. After an initial spike at the open, the volatility measure remained steady through most of the session before making a final push higher into the close.

Thin volume was once again the story. Just over 566 million shares changed hands on the New York Stock Exchange.

Multiple economic data points will be reported tomorrow. The weekly MBA Mortgage Index will be out at 7 AM ET. CPI and Empire Manufacturing for the month of July will be released at 8:30 AM ET. Also due out are last month's industrial production and capacity utilization readings which will hit the wires at 9:15 AM ET and the NAHB Housing Market Index which is scheduled for a 10 AM ET release.DJ30 +2.71 NASDAQ -5.54 SP500 -0.18 NASDAQ Adv/Vol/Dec 942/1.52 bln/1526 NYSE Adv/Vol/Dec 1481/566.7/1519

3:30 pm : Crude oil rallied to a pit session high of $93.92 per barrel moments after equity markets opened. It then dropped to a session low of $92.88 per barrel but climbed higher in afternoon action. The energy component eventually settled at $93.38 per barrel, or up 0.7% after two losing sessions.

Natural gas trended higher in today's floor trade, also breaking a two-session losing streak. It settled 3.7% higher at $2.83 per MMBtu, or just below its session high of $2.85 per MMBtu.

Gold and silver tumbled into negative territory and to their respective session lows of $1593.30 and $27.58 per ounce as the dollar popped in response to better-than-expected retail sales data.

Gold spent the remainder of its session inching higher in an attempt to erase some of the loss. However, it was unable to gain enough momentum and settled 0.6% lower at $1602.20 per ounce. Silver, on the other hand, chopped around just below the unchanged line and closed the session 0.1% lower at $27.75 per ounce.DJ30 +3.59 NASDAQ -3.85 SP500 +0.23 NASDAQ Adv/Vol/Dec 1008/1230.8 mln/1446 NYSE Adv/Vol/Dec 999/1220 mln/1471

3:00 pm : Equities are fighting to remain positive in slow afternoon trade. The S&P 500 is up 0.2%.

As most of the quarterly results have been delivered, a few more notable names will report earnings before tomorrow's open. Deere (DE 80.00, +0.24) is expected to earn $2.32 on revenues of $9.54 billion.

Also due out are earnings from retailers Target (TGT 63.17, +0.66) and Staples (SPLS 13.49, +0.13). Target is expected to earn $1.01 on $16.83 billion revenues while analysts are looking for earnings of $0.22 and $5.73 billion from Staples.DJ30 +22.35 NASDAQ +3.27 SP500 +3.04 NASDAQ Adv/Vol/Dec 1133/1.1 bln/1312 NYSE Adv/Vol/Dec 1658/321.1 mln/1297

2:30 pm : Stocks are testing session lows as the S&P 500 is up 0.2%.

Following yesterday's five-year low, the volatility index, or VIX, is rebounding by 8.2%. After hitting a low of 13.66 during yesterday's session, the index has rebounded to 14.80. After an initial spike at the open, the volatility measure has remained steady through most of the session.

Thin volume continues to be the story. With only 90 minutes left in today's session, only 295 million shares have been traded on the New York Stock Exchange.DJ30 +18.85 NASDAQ +1.72 SP500 +2.10 NASDAQ Adv/Vol/Dec 1152/1.02 bln/1270 NYSE Adv/Vol/Dec 1622/294.6 mln/1320

2:00 pm : After sliding to their session lows, equities continue to hover within a narrow range. The S&P 500 is up 0.2%.

The dollar index reversed its early losses and it is now higher by 0.1%. The performance of major currencies versus the greenback has been mixed. The euro reached a session high of 1.2380 against the dollar before declining steadily to its current 1.2330. In addition, the dollar is maintaining its 0.6% gain against the Japanese yen which was built up during the morning part of the session.DJ30 +16.00 NASDAQ +2.40 SP500 +2.02 NASDAQ Adv/Vol/Dec 1118/931.1 mln/1304 NYSE Adv/Vol/Dec 1602/271.4 mln/1348

1:30 pm : Equities have dipped back to session lows as the S&P 500 is up 0.1%. The Nasdaq underperforms slightly and it is currently flat.

Juniper Networks (JNPR 17.98, -0.94) is slipping 5.0%. Shares of the network infrastructure producer are lower after a major U.S. carrier has reportedly put networking capital expenditures on hold. Meanwhile, CIENA (CIEN 16.30, -1.59) is plunging 8.9% after FBR Capital downgraded the shares to ‘market perform' from ‘outperform.'DJ30 +13.63 NASDAQ -0.06 SP500 +1.53 NASDAQ Adv/Vol/Dec 1163/859.7 mln/1238 NYSE Adv/Vol/Dec 1602/251.8 mln/1331

1:05 pm : Markets opened higher after July retail sales exceeded expectations and European GDP numbers were mixed. Stocks began the session higher by 0.3% and maintained those levels before dipping near session lows. The major indices remain positive at midday with the S&P 500 up 0.2% and the Nasdaq higher by 0.1%.

Retail sales rose during July by 0.8%, which is better than the 0.2% increase that had been broadly expected. Excluding autos, retail sales rose by 0.8%, which contrasts with the Briefing.com consensus call for a rise of 0.3%.

Overall producer prices rose in July by 0.3%, which is hotter than the 0.2% increase that had been widely forecasted. Core producer prices were up 0.4% in July which is ahead of the 0.2% Briefing.com consensus.

Financials are outpacing the broader market. The SPDR Financial Select Sector ETF (XLF 15.01, +0.06) is up 0.4%. Within the group, Bank of America (BAC 7.86, +0.14) is higher by 1.8% and JPMorgan Chase (JPM 37.32, +0.33) is advancing 0.9%. However, European financials are weaker with Credit Suisse (CS 17.54, -0.20) and UBS (UBS 10.76, -0.06) down 1.1% and 0.6% respectively.

The consumer discretionary sector is also a strong performer today. Shares within the group are being lifted by positive reaction to several earnings reports. Saks (SKS 11.45, +0.60) is rising 5.5% despite reporting a wider year-over-year loss than anticipated. However, company executives reiterated their full-year forecast which led to today's strong bid. Shares of the luxury retailer are now back at their early April highs. J.C. Penney (JCP 23.10, +0.43) is up 1.9% as it piggybacks the strength in Saks.

Dick's Sporting Goods (DKS 48.49, -2.05) is lower by 4.1% despite beating on earnings and reporting in-line revenues. Shares of the sporting goods retailer are lower after the company said their investment in UK's JJB Sports is being negatively affected by the European crisis.

Stocks in the materials sector are lagging with the biggest weakness coming from miners and chemical producers. Cliffs Natural Resources (CLF 41.99, -1.31) is down 3.0%. Additionally, Valspar (VAL 50.46, -2.48) is sliding 4.7% after missing revenue expectations. The management reaffirmed full-year guidance but described the fourth quarter as ‘challenging.'DJ30 +24.87 NASDAQ +2.78 SP500 +2.88 NASDAQ Adv/Vol/Dec 1218/797.5 mln/1168 NYSE Adv/Vol/Dec 1688/234.1 mln/1208

12:30 pm : Equities continue to hover near the upper end of today's trading range. The Dow and the S&P 500 are up 0.3% each.

Groupon (GRPN 5.57, -1.98) is plunging 26.2% after receiving multiple downgrades in the wake of an earnings report which was accompanied by disappointing guidance. Today's selling has dropped the shares to an all-time low and represents a nearly 79.0% decrease in value since the company went public in November 2011.DJ30 +39.80 NASDAQ +7.69 SP500 +4.67 NASDAQ Adv/Vol/Dec 1343/702.4 mln/1045 NYSE Adv/Vol/Dec 1817/211.3 mln/1089

12:00 pm : Stocks are hovering beneath session highs following the European close. The three major indices trade in-line and are all up 0.3%.

The materials sector is a notable underperformer today with the biggest weakness coming from miners and chemical producers. Cliffs Natural Resources (CLF 41.77, -1.53) is down 3.5%. Additionally, Valspar (VAL 50.62, -2.32) is sliding 4.4% after missing revenue expectations. The management reaffirmed full-year guidance but described the fourth quarter as ‘challenging.'DJ30 +41.50 NASDAQ +8.37 SP500 +4.53 NASDAQ Adv/Vol/Dec 1330/621.4 mln/1041 NYSE Adv/Vol/Dec 1800/190.8 mln/1087

11:30 am : Equities remain in positive territory after coming off their best levels. The S&P 500 is up 0.2% while the Nasdaq outperforms slightly. The tech-heavy index is adding 0.3%.

The financial sector is outpacing the broader market. The SPDR Financial Select Sector ETF (XLF 15.02, +0.07) is up 0.5%. Within the group, Bank of America (BAC 7.85, +0.13) is higher by 1.7% and JPMorgan Chase (JPM 37.45, +0.46) is advancing 1.2%.

However, European financials are considerably weaker with Credit Suisse (CS 17.52, -0.21) and Deutsche Bank (DB 30.90, -0.11) down 1.2% and 0.4% respectively.DJ30 +34.25 NASDAQ +10.95 SP500 +3.25 NASDAQ Adv/Vol/Dec 1329/535.2 mln/1001 NYSE Adv/Vol/Dec 1783/168.8 mln/1080

11:00 am : Stocks are trading in the middle of their morning range. The S&P 500 is up 0.2%.

The consumer discretionary sector is the top performer today. Shares within the group are being lifted by positive reaction to several earnings reports. Saks (SKS 11.44, +0.59) is higher by 5.4% despite reporting a wider year-over-year loss than anticipated. However, company executives reiterated their full-year forecast which led to today's strong bid. Shares of the luxury retailer are now back at their early April highs.

J.C. Penney (JCP 23.22, +0.55) is up 2.4% as it piggybacks the strength in Saks.

Dick's Sporting Goods (DKS 49.05, -1.49) is lower by 2.9% despite beating on earnings and reporting in-line revenues. Shares of the sporting goods retailer are lower after the company said their investment in United Kingdom based JJB Sports is being negatively affected by the European crisis.DJ30 +27.18 NASDAQ +7.74 SP500 +3.01 NASDAQ Adv/Vol/Dec 1275/450.1 mln/1017 NYSE Adv/Vol/Dec 1770/145.3 mln/1064

10:35 am : In the energy space, Sept crude oil rallied earlier this morning and hit a new session high of $93.92. Crude has since pulled back about $0.80/barrel, but holding up just above the $93.00 level. Oil inventory from the EIA will be released tomorrow morning at 10:30am ET. Oil is now +0.6% at $93.25/barrel.

Sept natural gas has been in positive territory all morning and earlier rose as high as $2.78/MMBtu. Nat gas has chopped around since then, but remains just under that high, currently at $2.77, up 1.4%.

In metals, Dec gold and Sept silver were trading modestly higher in early morning trade, but dropped sharply about two hours ago. Gold dropped about $24 in about 40 minutes from approx. 8am EST to 8:40am EST, while silver dropped about $0.30 during that same time frame. Gold is now back above $1600, currently -0.6% at $1602.60 and silver is trending higher as well, now -0.2% at $27.72/oz. Sept copper is now at the unchanged mark at $3.36/lb.DJ30 +21.10 NASDAQ +3.37 SP500 +1.94 NASDAQ Adv/Vol/Dec 1175/374.6 mln/1080 NYSE Adv/Vol/Dec 1628/126 mln/1180

10:00 am : Monthly business inventory data for June was just released. Inventories were up 0.1% for the month which is slightly below the 0.2% that had been expected.DJ30 +24.32 NASDAQ +7.84 SP500 +3.11 NASDAQ Adv/Vol/Dec 1297/216.5 mln/865 NYSE Adv/Vol/Dec 1654/81.1 mln/1021

09:50 am : Stocks have given up some of their early gains but the bullish sentiment has held through the opening minutes of the session. The S&P 500 is up 0.3%.

Energy stocks are showing early strength with a few names outperforming the broader market. Basic Energy (BAS 12.32, +0.25) is advancing 2.3%, Bill Barrett (BBG 21.77, +0.84) is up 4.0% and Overseas Shipholding Group (OSG 6.66, +0.12) is higher by 1.8%.

Also of note, BP (BP 42.41, +0.32) is said to be exploring a sale of their Gulf of Mexico oilfield. The stock is up 0.8% on the news.DJ30 +24.48 NASDAQ +9.20 SP500 +4.05 NASDAQ Adv/Vol/Dec 1394/142.4 mln/701 NYSE Adv/Vol/Dec 1809/62.3 mln/844

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +14.80. Heading into the open, the S&P 500 futures are higher by 0.3%.

Home Depot (HD 54.31, +1.49), Dick's Sporting Goods (DKS 48.75, -1.79), and Michael Kors (KORS 47.00, +4.65) are worth watching today after the retailers reported their earnings.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +12.80. European markets are higher today following the release of French, German, and Eurozone GDP growth data. French GDP came in flat, which was a slight beat relative to expectations for a 0.1% contraction. Meanwhile, German GDP showed 0.3% growth, which was also a bit better than the expectation of 0.2% growth. Despite the German and French beats, the broader Eurozone GDP showed a contraction of 0.2%, which was in-line with expectations. Meanwhile, the German ZEW sentiment survey painted a more cautious overall picture, as its Economic Sentiment figure suggested a sluggish environment looking forward. European indices have come off their highs but they remain positive.

In Germany, the DAX is higher by 0.9%. Most components of the index are in the positive territory. Merck leads the way with a 5.1% advance after raising the company's full-year forecast. Drug maker Bayer trades higher by 1.7% as it benefits from its peer's increased guidance. Industrial stocks are weighing on the index with HeidelbergCement and ThyssenKrupp down 2.1% and 1.5% respectively.

UK's FTSE is up 0.4% as utilities and insurance stocks lead the way. United Utilities Group is surging 7.3% and insurer Standard Life is leaping 6.7%. Industrial stocks are also a laggard in the UK as CRH is slumping 7.1% after announcing expectations for lower second half sales in the European market.

Up 0.2%, France's CAC is showing milder gains. Tire maker Michelin and electrical equipment maker Legrand are up 1.6% and 1.5% respectively. Alcatel-Lucent is off by 1.5% as the cellular technology provider weighs on the index.

All of the major Asian bourses, except the Philippines (-0.1%), finished in positive territory after the latest Bank of Japan monetary policy minutes suggested the central bank was considering further stimulus measures. India's wholesale inflation fell to 6.87% (7.25% previous), hitting its lowest level in almost three years. Elsewhere, Australia's NAB Business Confidence ticked up to 4 (-3 previous) and new motor vehicles slipped 0.8% month-over-month.

Japan's Nikkei closed higher by 0.5% as companies with heavy exposure to Europe saw some interest. Power tool maker Makita rose 1.9% and bicycle parts maker Shimano rallied 4.0% as the weaker yen benefitted the names. Shipping stocks were weak with Nippon Yusen and Kawasaki Kisen Kaisha sliding 1.7% and 2.7% respectively.

In Hong Kong, the Hang Seng advanced 1.1% to close at its best level in three months. China Mobile rallied 2.2% ahead of Thursday's earnings while aluminum maker Chalco jumped 3.0% on reports its will buy a 35.3% stake in Ningxia Electric Power.

China's Shanghai Composite added 0.3% as energy names paced the advance while brokerage shares remained weak. Sinopec gained 0.7% while Citic Securities shed another 2.1%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +14.00.

Retail sales rose during July by 0.8%, which is better than the 0.2% increase that had been broadly expected. Excluding autos, retail sales rose by 0.8%, which contrasts with the Briefing.com consensus call for a rise of 0.3%.

Overall producer prices rose during July by 0.3%, which is hotter than the 0.2% increase that had been widely forecasted. Core producer prices were up 0.4% in July which is ahead of the 0.2% Briefing.com consensus.

The S&P 500 futures are moving higher following the release of the data.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +7.80. U.S. equity futures are pointing to a marginally positive open. The S&P 500 futures are higher by 0.2%.

European markets responded to a slew of second quarter GDP reports this morning. French GDP came in flat, which was a slight beat relative to expectations for a 0.1% contraction. Meanwhile, German GDP showed 0.3% growth, which was also a bit better than the expectation for 0.2% growth. Despite the German and French beats, the broader Eurozone GDP showed a contraction of 0.2%, which was in-line with expectations. The German ZEW sentiment survey painted a more cautious picture, as its Economic Sentiment figure suggested a sluggish environment looking forward. European indices have come off their highs but they remain firmly positive as Germany's DAX is up 0.8%, UK's FTSE is up 0.4%, and France's CAC is higher by 0.3%.

Asian markets picked up steam into the close of the sessions, just before the GDP figures from France and Germany were released. The Bank of Japan minutes indicated the Central Bank remains ready to take action when necessary and still considers the EU debt situation a risk to the economy. China's Shanghai Composite advanced 0.3%, Japan's Nikkei gained 0.5%, and Hong Kong's Hang Seng finished higher by 0.8%.

It's another quiet morning and pre-market action is limited to a few movers.

Michael Kors (KORS 46.50, +4.15) is surging 9.8% after the company reported better than expected earnings and revenue and raised guidance.

Groupon (GRPN 6.00, -1.55) is plunging 20.5% despite beating on earnings and reporting in-line revenues, with analysts citing disappointing guidance. The online deals site received multiple analyst downgrades following the earnings release.

Home Depot (HD 53.50, +0.68) is advancing 1.3% after beating on earnings, reporting in-line revenues, and guiding above consensus.

Looking at the econ calendar, retail sales and PPI data will be released at 8:30 AM ET. Business inventories will be reported at 10 AM ET.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +5.50.

06:28 am : Nikkei...8929.88...+44.70...+0.50%. Hang Seng...20291.68...+210.30...+1.10%.

06:28 am : FTSE...5865.98...+34.10...+0.60%. DAX...6970.83...+61.20...+0.90%.

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
Go Back To TheStrategyLab.com Homepage


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 2 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr