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 Post subject: August 15th Wednesday 2012 Emini TF ($TF_F) points +8.50
PostPosted: Thu Aug 16, 2012 7:15 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: +8.50 points or $850 dollars in the Russell 2000 Emini TF ($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=1297.

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

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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 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. 15 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. Most U.S. stocks rose, after a two-day decline in the Standard & Poor’s 500 Index, as investors weighed manufacturing data for clues on whether the Federal Reserve will move to stimulate the economy.

Stocks: Investors step back

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

NEW YORK (CNNMoney) -- U.S. stocks ended little changed Wednesday, as investors weighed a mixed batch of economic data with hopes that the Fed and other central banks might take further stimulus action.

The New York Fed's Empire State manufacturing index unexpectedly fell to minus 5.85 in August from plus 7.4 the prior month, turning negative for the first time since October. Economists were expecting a reading of plus 5.

But inflation remains low, with consumer prices holding steady in July, according to the Bureau of Labor Statistics.

Some investors are optimistic that the combination of weak economic data and a lack of inflation will give the Fed the flexibility it needs to take steps to stimulate the economy as early as next month, said Paul Ashworth, chief U.S. economist at Capital Economics.

On the other hand, the housing market is continuing to recover and show strength, with builder confidence at its highest level in more than five years, notes Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.

"Housing is the key for the economy," he said, adding that a recovery in home prices and construction would be more favorable for long-term economic growth than Fed stimulus.

Fed chief Ben Bernanke is scheduled to speak at a conference in Jackson Hole, Wyo., at the end of this month, while the Fed's committee on monetary policy is set to gather in September.

The Dow Jones industrial average fell 0.1%, while the S&P 500 rose 0.1%. The tech-heavy Nasdaq gained 0.5%, led by gains in Akamai Technologies (AKAM) and Green Mountain Coffee Roasters (GMCR).

Fear & Greed Index

Market momentum has been slow in recent days, as investors take a step back following a week-long rally that pushed all three indexes to the highest levels since early May. Trading volume remains low, and many investors aren't placing significant bets in the midst of the market's usual summer doldrums.

"This is vacation season," said Jack Ablin, chief investment officer at Harris Private Bank. "Everyone's in their bathing suits."

World Markets: European stocks closed mixed. Britain's FTSE 100 shed 0.4% and the DAX in Germany lost 0.3%, while France's CAC 40 ticked up 0.2%.

The unemployment rate in Britain fell by 0.2 percentage point in the second quarter to 8%, according to the Office for National Statistics. The data came in better than expected, with the jobless rate at its lowest level in nearly a year.

Asian markets closed lower. The Shanghai Composite dropped 1.1%, the Hang Seng in Hong Kong stumbled 1.2%, and Japan's Nikkei shaved off 0.1%.

Economy: Industrial production rose 0.6% in July, in line with analyst expectations.

The National Association of Home Builders' Housing Market Index rose to 37 in August from 35 the prior month. Economists were expecting the index to hold steady.

Companies: Staples Inc (SPLS, Fortune 500) met earnings expectations, but the office supply retailer's sales declined in North American and international markets. Staples also lowered its outlook for the remainder of the year, sending shares sharply lower.

270 million Facebook shares to be set free

Target (TGT, Fortune 500) shares advanced after the discount retailer beat forecasts.

Deere (DE, Fortune 500) shares declined after the farm equipment maker's earnings fell short of analyst expectations. Rival Caterpillar (CAT, Fortune 500) also closed slightly lower on Wednesday.

After the bell on Wednesday, Cisco Systems Inc (CSCO, Fortune 500). reported a quarterly profit and sales that rose from year-ago results, beating Wall Street's forecasts. Cisco's shares rose in after-hours trading.

New York Attorney General Eric Schneiderman sent subpoenas to major banks as part of a probe into the manipulation of Libor, the world's benchmark interest rate, according to a source with knowledge of the investigation. The source said the banks receiving subpoenas are Barclays (BCS), Citigroup (C, Fortune 500), Deutsche Bank (DB), HSBC (HBC), JPMorgan Chase (JPM, Fortune 500), RBS (RBS) and UBS (UBS).

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

Oil for September delivery rose 90 cents to $94.33 a barrel.

Gold futures for December delivery rose $4.20 to $1,606.60 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.81% from 1.73% late Tuesday.

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Market Update

4:20 pm : Equities started the day on a down note before staging a slow climb towards session highs. With thin volume and economic data largely in-line, today's action occurred mostly around the unchanged line. An afternoon push attempted to lift stocks to a higher close but the move lacked conviction. As a result, the Nasdaq ended higher by 0.5% while the S&P 500 and Dow finished flat.

Shares on the Nasdaq outperformed the broader market. Within the group, Akamai Tech (AKAM 36.80, +1.36) and Limelight (LLNW 2.60, +0.09) were up 3.8% and 3.6%, respectively. Both network companies rose on rumors which suggested AT&T (T 37.10, -0.15) will re-sell CDN services provided by either of the two companies. Both vendors are negotiating, with Akamai viewed as the favorite to win the contract.

Abercrombie & Fitch (ANF 35.23, +2.90) was a session leader after beating on earnings and revenues. Shares of the apparel producer jumped 9.0% in reaction to the results. Competitors Aeropostale (ARO 13.63, +0.40) and American Eagle (AEO 21.13, +0.29) got a lift from the positive Abercrombie & Fitch results. The two stocks gained 3.0% and 1.4%, respectively.

Two popular retailers saw contrasting performance following their earnings releases. Staples (SPLS 11.49, -1.96) plunged 14.6% after missing on earnings and revenues. Today's selling dropped the shares to levels not seen since October 2002. Meanwhile, Target (TGT 64.50, +1.12) advanced 1.8% after exceeding earnings estimates and reporting in-line revenues.

Energy was one of today's main laggards despite crude oil climbing 1.2% to $94.50 and testing levels last seen in mid-May. The spike in crude comes on renewed tensions between Israel and Iran.

Looking closer at the sector, Contango Oil & Gas (MCF 55.12, -4.76) slid 8.0% after announcing its Chairman and CEO, Kenneth Peak will be taking a medical leave of absence. Other energy names also showed significant losses despite the lack of news driving their declines. Alpha Natural Resources (ANR 6.61, -0.23) was down 3.4% while WPX Energy (WPX 14.58, -0.37) slipped 2.5%.

Gun makers Smith & Wesson (SWHC 8.60, -1.16) and Sturm Ruger (RGR 45.39, -2.69) were under pressure after receiving downgrades from KeyBanc Capital Markets. Smith & Wesson fell 11.9% after being downgraded from ‘buy' to ‘hold' while Sturm Ruger slumped 5.6% after being lowered from ‘hold' to ‘underweight.' The downgrades were handed down as analysts believe the industry is near its peak profitability.

With the majority of second quarter results already delivered, a handful of names remain on the earnings calendar. Cisco Systems (CSCO 17.35, +0.18) and Applied Materials (AMAT 11.80, +0.09) will report after today's close. Cisco is expected to earn $0.45 on $11.61 billion revenues while the consensus calls for Applied Materials to deliver earnings of $0.22 on revenues of $2.32 billion.

Retail names will headline tomorrow's reports before the bell. Analysts are expecting Dollar Tree (DLTR 50.00, -0.62) to earn $0.47 on revenues of $1.71 billion while retail giant Wal-Mart (WMT 74.45, +0.44) is expected to report earnings of $1.17 on $114.80 billion revenues.

The Housing Market Index for August registered a reading of 37. That was up from the prior month, and better than the reading of 35 that had been expected, on average, among economists polled by Briefing.com.

Separately, industrial production increased during July by 0.6%, which was in-line with expectations. The reading follows the revised 0.1% increase experienced in the prior month. Capacity utilization hit 79.3%, which was also in-line with expectations, and up from the prior month reading of 78.9%.

Consumer prices were unchanged during July, which was slightly cooler than the 0.2% increase that had been generally expected. Core prices increased by 0.1%, which fell short of the 0.2% increase expected by economists polled by Briefing.com.

Tomorrow's economic data will be focused on jobs data and housing. Housing starts, building permits, and initial and continuing claims will be reported at 8:30 AM ET. The monthly Philadelphia Fed survey will be released at 10 AM ET.DJ30 -7.36 NASDAQ +13.95 SP500 +1.60 NASDAQ Adv/Vol/Dec 1719/1.49 bln/768 NYSE Adv/Vol/Dec 1899/497.8 mln/1113

3:30 pm : Crude oil rallied into positive territory on better-than-expected inventory data that showed a draw of 3.699 mln barrels when a draw of 1.5 mln barrels was anticipated. The energy component advanced further and set a session high of $94.96 per barrel in afternoon action. It pulled-back slightly in the last hour of pit trade but still booked a 1.0% gain as it settled at $94.35 per barrel. It is worth noting that reports came out this morning suggesting that Israel is planning a strike on Iran's nuclear facilities before the November U.S. elections.

Natural gas, on the other hand, lost yesterday's momentum and tumbled deeper into negative territory. It settled 2.8% lower at $2.75 per MMBtu, just above its session low of $2.74 per MMBtu.

Gold came off its pit session low of $1596.30 per ounce and popped into positive territory in reaction to weaker-than-anticipated manufacturing data. The yellow metal continued to advance despite strength in the dollar. It touched a session high of $1608.80 per ounce and eventually settled the session with a 0.3% gain at $1606.60 per ounce.

Silver followed suit as it came off its session low of $27.54 per ounce and rallied into the black. It popped to a session high of $27.96 per ounce in morning action but was unable to hold the momentum. It pulled-back as the session progressed and settled with a 0.2% gain at $27.80 per ounce.DJ30 -5.59 NASDAQ +12.35 SP500 +1.68 NASDAQ Adv/Vol/Dec 1621/1244.6 mln/829 NYSE Adv/Vol/Dec 1805/335 mln/1146

3:00 pm : After flat afternoon trade, equities have marked new session highs with the S&P 500 up 0.2%.

With the majority of second quarter results already delivered, a handful of names remain on the earnings calendar. Cisco Systems (CSCO 17.48, +0.31) and Applied Materials (AMAT 11.86, +0.14) will report after today's close. Cisco is expected to earn $0.45 on $11.61 billion revenues while the consensus calls for Applied Materials to deliver earnings of $0.22 on revenues of $2.32 billion.

Retail names will headline tomorrow's reports before the bell. Analysts are expecting Dollar Tree (DLTR 50.18, -0.44) to earn $0.47 on revenues of $1.71 billion. Retail giant Wal-Mart (WMT 74.40, +0.39) is expected to report earnings of $1.17 on $114.80 billion revenues.DJ30 +8.56 NASDAQ +13.14 SP500 +2.77 NASDAQ Adv/Vol/Dec 1622/1.12 bln/822 NYSE Adv/Vol/Dec 1844/300.1 mln/1120

2:30 pm : Heading into the final 90 minutes, low volume persists and the S&P 500 remains unchanged.

After adding seven basis points, the 10-year yield has risen to 1.80%. Since reaching an all-time low of 1.40% on July 24, mediocre auctions, better than feared economic data, and a lull in the European debt crisis has resulted in a steady climb in yields. The iShares Barclays 7-10 Year Treasury ETF (IEF 106.94, -0.45), which serves as an ETF proxy for investing in Treasuries, is lower by 0.4%. The ETF has come off all-time highs in recent days, and now trades near a level last seen in late May.DJ30 -2.01 NASDAQ +9.35 SP500 +1.46 NASDAQ Adv/Vol/Dec 1574/1.03 bln/849 NYSE Adv/Vol/Dec 1745/271.2 mln/1199

2:00 pm : Thin afternoon volume has stocks hovering near their unchanged levels. The S&P 500 remains flat.

Energy is one of today's main laggards despite crude oil climbing 1.2% to $94.50 and testing levels last seen in mid-May. The spike in crude comes on renewed tensions between Israel and Iran.

Looking closer at the sector, Contango Oil & Gas (MCF 54.93, -4.95) is sliding 8.3% after announcing that its Chairman and CEO, Kenneth Peak will be taking a medical leave of absence. Other energy names are also showing significant losses despite the lack of news driving their declines. Alpha Natural Resources (ANR 6.63, -0.21) is down 3.1% while WPX Energy (WPX 14.63, -0.32) is slipping 2.1%.DJ30 -14.45 NASDAQ +7.90 SP500 +0.39 NASDAQ Adv/Vol/Dec 1577/945.4 mln/819 NYSE Adv/Vol/Dec 1707/246.2 mln/1224

1:30 pm : Equities remain near the top end of their five point trading range. The S&P 500 is flat while the Nasdaq is higher by 0.3%.

Technology stocks are being lifted by strong bids in few select names. JDS Uniphase (JDSU 11.74, +1.06) is surging 10.0% after exceeding earnings and revenue estimates. The company issued in-line guidance for the on-going quarter. Elsewhere, Scientific Games (SGMS 6.70, +0.50) is jumping 8.3% following the announcement of a proposed private offering of $250 million in subordinated debt.DJ30 -10.02 NASDAQ +9.71 SP500 +0.71 NASDAQ Adv/Vol/Dec 1594/859.2 mln/797 NYSE Adv/Vol/Dec 1721/225.9 mln/1202

1:05 pm : Equities began the day slightly in the red before staging a recovery. After breaking into positive territory, stocks have hovered within points of the unchanged level. At midday, the S&P 500 and Dow are flat while the Nasdaq outperforms, up 0.4%. The intraday range has been tight as midday volume indicates only 212 million shares have been traded on the New York Stock Exchange so far.

Financials have been one of the top performers as the SPDR Financial Select Sector ETF (XLF 15.01, +0.08) is up 0.5%. Notable outperformers include Morgan Stanley (MS 14.60, +0.21) and American Express (AXP 56.69, +0.61). The two stocks are higher by 1.5% and 1.1%, respectively.

Shares on the Nasdaq have outperformed the broader market. Within the group, Akamai Tech (AKAM 37.14, +1.70) and Limelight (LLNW 2.57, +0.06) are up 4.8% and 2.4%, respectively. Both network companies are rising on rumors which suggest AT&T (T 37.12, -0.13) will re-sell CDN services provided by either of the two companies. Both vendors are negotiating, with Akamai viewed as the favorite to win the contract.

Two popular retailers are seeing contrasting performance following their earnings releases. Staples (SPLS 11.31, -2.14) is plunging 16.0% after missing on earnings and revenues. Today's selling has dropped shares to levels not seen since October 2002. Meanwhile, Target (TGT 64.86, +1.48) is advancing 2.3% after exceeding earnings estimates and reporting in-line revenues.

The Housing Market Index for August registered a reading of 37. That is up from the prior month, and better than the reading of 35 that had been expected, on average, among economists polled by Briefing.com.

Separately, industrial production increased during July by 0.6%, which was in-line with expectations. The reading follows the revised 0.1% increase experienced in the prior month. Capacity utilization hit 79.3%, which was also in-line with expectations, and up from the prior month reading of 78.9%.

Consumer prices were unchanged during July, which is slightly cooler than the 0.2% increase that had been generally expected. Core prices increased by 0.1%, which was short of the 0.2% increase expected by economists polled by Briefing.com.

In addition, The June net long-term TIC flows print indicated a $9.3 billion inflow of foreign capital into U.S. denominated assets.DJ30 -3.75 NASDAQ +12.20 SP500 +1.28 NASDAQ Adv/Vol/Dec 1591/803.5 mln/796 NYSE Adv/Vol/Dec 1722/211.6 mln/1179

12:30 pm : Equities are testing new session highs. The S&P 500 is up 0.2% and the Dow is unchanged.

Gun makers Smith & Wesson (SWHC 8.77, -0.99) and Sturm Ruger (RGR 46.00, -2.08) are under pressure after receiving downgrades from KeyBanc Capital Markets. Smith & Wesson is sliding 10.1% after being downgraded from ‘buy' to ‘hold' while Sturm Ruger is down 4.3% after being lowered from ‘hold' to ‘underweight.' The downgrades were handed down as analysts believe the industry is near its peak profitability.DJ30 +3.11 NASDAQ +13.55 SP500 +2.05 NASDAQ Adv/Vol/Dec 1544/718.9 mln/817 NYSE Adv/Vol/Dec 1739/189.3 mln/1129

12:00 pm : Equities have remained in positive territory after the European close. The S&P 500 is up 0.1%.

Two popular retailers are seeing contrasting performance following their earnings release. Staples (SPLS 11.01, -2.44) is plunging 18.2% after missing on earnings and revenues. Today's heavy selling has dropped the shares to levels not seen since October 2002. Meanwhile, Target (TGT 64.95, +1.57) is up 2.5% after exceeding earnings estimates and reporting in-line revenues.DJ30 -0.89 NASDAQ +12.36 SP500 +1.51 NASDAQ Adv/Vol/Dec 1507/645.1 mln/827 NYSE Adv/Vol/Dec 1692/172.2 mln/1173

11:30 am : The S&P 500 continues to trade within a point of the unchanged level while the tech-heavy Nasdaq is up 0.3%.

Akamai Tech (AKAM 36.92, +1.48) and Limelight (LLNW 2.61, +0.10) are higher by 4.2% and 4.0%, respectively. Both network companies are rising on rumors which suggest AT&T (T 37.03, -0.22) will re-sell CDN services provided by either of the two companies. Both vendors are negotiating, with Akamai viewed as the favorite to win the contract.DJ30 -10.80 NASDAQ +8.68 SP500 +0.44 NASDAQ Adv/Vol/Dec 1476/562.8 mln/824 NYSE Adv/Vol/Dec 1597/152.8 mln/1243

11:00 am : Equities are hovering around their unchanged levels. The Nasdaq is outperforming and trades up 0.3%.

Financials have stayed positive early on as the SPDR Financial Select Sector ETF (XLF 15.01, +0.08) is up 0.5%. Morgan Stanley (MS 14.56, +0.17) is the top performer and is higher by 1.2%. Meanwhile, rivals Bank of America (BAC 7.81, +0.03) and Goldman Sachs (GS 103.71, +0.45) are both seeing an advance of close to 0.4% each.DJ30 -3.25 NASDAQ +8.55 SP500 +1.10 NASDAQ Adv/Vol/Dec 1401/460.1 mln/856 NYSE Adv/Vol/Dec 1574/128.5 mln/1224

10:35 am : In the energy space, Sept crude oil has been trading in negative territory all morning and hit a new session low of $92.64/barrel just ahead of the open of floor trading. Oil chopped around ahead of inventory data, but following data, crude oil spiked $0.50-0.60/barrel to the unchanged line at $93.43/barrel. In current action, crude is +0.1% at $93.54/barrel.

Sept natural gas has been in negative territory all morning and just hit its own session low of $2.75 minutes ago. Currently, the energy component is down 2.6% at $2.76/MMBtu

In metals, Dec gold and Sept silver were in the red this morning, but buyers stepped in and pushed both precious metals in positive territory. On the recent rally, silver ran to a new session high of $27.96 as gold rallied to its own session high of $1608.10. Sept copper is unchanged this morning and is now at $3.36/lb.DJ30 +0.04 NASDAQ +6.45 SP500 +1.28 NASDAQ Adv/Vol/Dec 1401/376.5 mln/826 NYSE Adv/Vol/Dec 1611/106 mln/1161

10:00 am : Equities have managed to break into positive territory. The S&P 500 is up 0.2%, and the Nasdaq is up 0.3% as it outperforms slightly.

The Housing Market Index for August registered a reading of 37. That is up from the prior month, and better than the reading of 35 that had been expected, on average, among economists polled by Briefing.com.

The SPDR S&P Homebuilders ETF (XHB 22.38, +0.08) is holding steady following the news release.DJ30 +7.62 NASDAQ +8.76 SP500 +2.18 NASDAQ Adv/Vol/Dec 1311/229.1 mln/814 NYSE Adv/Vol/Dec 1618/70.2 mln/1089

09:45 am : Major indices are mixed in early trade. The S&P 500 is unchanged on the day while the Dow is down 0.1%.

Abercrombie & Fitch (ANF 35.08, +2.75) is an early session leader after beating on earnings and revenues. Shares of the apparel producer are up 8.5%. Competitors Aeropostale (ARO 13.52, +0.29) and American Eagle (AEO 21.03, +0.19) are being lifted by the positive Abercrombie & Fitch results. The two stocks are up 2.2% and 0.9%, respectively.DJ30 -13.03 NASDAQ +2.78 SP500 +0.17 NASDAQ Adv/Vol/Dec 1109/136.6 mln/942 NYSE Adv/Vol/Dec 1342/50.8 mln/1230

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: +4.50. Just released, industrial production increased during July by 0.6%, which is in-line with the 0.6% increase that had been widely expected. The reading follows the revised 0.1% increase experienced in the prior month. Capacity utilization hit 79.3%, which is also in-line with the 79.3% that had been widely expected and up from the prior month reading of 78.9%.

In addition, The June net long-term TIC flows print indicated a $9.3 billion inflow of foreign capital into U.S. denominated assets.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: +3.00. Global markets are generally lower today but the moves are not dramatic.

European indices are weaker despite the UK job picture improving marginally. The country's unemployment rate dipped to 8.0%, down 10 basis points from the prior month. In addition, the Bank of England minutes revealed a unanimous vote to keep asset purchases and interest rates unchanged, though some members were said be considering additional easing measures.

UK's FTSE is off by 0.4% as miners are showing the most weakness. Eurasian Natural Resources and Rio Tinto are slumping 6.5% and 4.4%, respectively. Financials are stronger on the day with life insurer Resolution higher by 5.2% and Standard Chartered rising by 4.3%. Shares of Standard Chartered are rebounding after the bank reached a $340 million settlement with New York regulators over illegal transactions with Iran.

In Germany, the DAX is down 0.5%. With most components in the red, some relative strength can be seen in utilities and chemical producers. E.ON is up 0.9% while fertilizer producer K+S is higher by 0.6%. Down 2.4%, steelmaker Thyssenkrupp is the session's laggard.

France's CAC opened lower but it has recovered its early losses. The index is now flat on the session. Industrial stocks are under pressure as well with steelmaker ArcelorMittal slipping 2.6%. Utilities and financials are stronger with Veolia Environment advancing by 1.3% and Credit Agricole up 0.9%.

The major Asian bourses finished mostly lower as action consolidates at multi-month highs for many of the averages. A reserve requirement rate cut rumor failed to inspire China's Shanghai Composite which slid 1.1% and finished as one of the worst performers in the region. Data from the region was mixed as Australia's Westpac Consumer Sentiment fell 2.5% while the Wage Price Index topped expectations with a 1.0% quarter-over-quarter reading (0.8% quarter-over-quarter expected).

Japan's Nikkei ended marginally lower by 0.1% as financials and steel names were under pressure. Sumitomo Mitsui and Mitsubishi UFJ Financial Group saw losses of up to 2.2%. Kobe Steel tumbled 5.7% after seeing its target cut at BNP Paribas, and rival Nippon Steel slipped 2.4% after BNP Paribas lowered its outlook on the company.

In Hong Kong, the Hang Seng slid 1.2% as earnings-related news weighed. China Life Insurance slid 2.3% after reporting its premium income missed expectations and China Aerospace International shed 3.5% after lowering its profit outlook. Exporter Li & Fung outperformed after yesterday's robust U.S. retail sales report. The stock ticked up 1.9%.

China's Shanghai Composite finished down 1.1% and closed at its lowest level in two weeks. Brokerage firms remained under pressure with Citic Securities slumping another 1.0% to run its losing streak to four days. The stock has lost close to 15% during its recent skid. Coal producers were the worst performing sector as supply worries weighed. China Shenhua Energy and Yanzhou Coal Mining slipped 1.6% and 1.5% respectively.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -2.10. Nasdaq futures vs fair value: +2.50. Consumer prices were unchanged during July, which is slightly cooler than the 0.2% gain that had been generally expected. Core prices increased by 0.1%, which was short of the 0.2% increase expected by economists polled by Briefing.com.

Separately, The Empire Manufacturing Survey for August registered a reading of -5.9, which is down from the prior month reading of 7.4. Economists polled by Briefing.com had expected, on average, that the Survey would rise to 5.0.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: +1.50. U.S. equity futures have been trading slightly lower in a tight range. S&P 500 futures are currently off by 0.2%.

Global equity markets generally moved lower in overnight trade. The Nikkei was relatively unchanged, outperforming other Asian markets as the yen weakened against the dollar. A report out of the Nikkei News suggested many electronics makers have slashed prices on TVs and cameras in order to entice more consumers. Rumors of an RRR cut continue resurfacing in the markets, this time, suggesting a People's Bank of China move could move at the end of the month. Hong Kong's Hang Seng and China's Shanghai Composite finished lower by 1.2% and 1.1%, respectively.

Europe is also lower, with the biggest losses seen in UK's FTSE and Germany's DAX. Both of those indices are lower by 0.4%, while France's CAC is down 0.2%. The UK job picture improved marginally, as its unemployment rate dipped to 8.0%, down 10 basis points from the prior month. The Bank of England minutes revealed a unanimous vote to keep asset purchases and interest rates unchanged, though some members were said be considering additional easing measures.

It's another quiet morning in the U.S. pre-market, but there are a few larger companies out with earnings.

Target (TGT 64.34, +0.96) is higher by 1.5% following its earnings report which showed in-line revenues along with an earnings beat.

Deere (DE 75.60, -4.53) is sliding 5.7% after missing earnings estimates by $0.34. The company also missed on revenues and issued downside guidance.

Staples (SPLS 11.75, -1.70) is plunging 12.7% after reporting disappointing earnings and guidance.

The weekly MBA Mortgage Index showed a 4.5% decrease in purchase applications. This comes after last week's reading of a 1.8% decrease.

Multiple economic data points will be released today. CPI and Empire Manufacturing for the month of July will be released at 8:30 AM ET. Last month's industrial production and capacity utilization readings will be reported at 9:15 AM ET and the NAHB Housing Market Index is scheduled for a 10 AM ET release.

06:31 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +2.00.

06:31 am : Nikkei...8925.04...-4.80...-0.10%. Hang Seng...20052.29...-239.40...-1.20%.

06:31 am : FTSE...5838.10...-26.80...-0.50%. DAX...6939.24...-35.10...-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
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