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 6:55 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 24th Friday 2012 Emini TF ($TF_F) points +4.20
PostPosted: Fri Aug 24, 2012 5:01 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:
082412-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-420.png
082412-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-420.png [ 31.8 KiB | Viewed 269 times ]

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

Quote:
I didn't like the first hour price action 0930am - 1030am edt. Thus, no trades and then decided to do personal stuff for most of the day until 1515pm edt...two trades (winners) via Long positions just to make sure it wasn't an empty trading day via WRB Analysis. Yet, while I was away from the computer doing personal activities between 1030am - 1515pm est, there were two trade opportunities for those Volatility Trading Report (VTR) clients (advance users) learning one of my new trade signal strategies called the Creeper Movement via two Long signals @ 1044am - 1046am edt and 1202pm - 1204pm edt.

Price Action Trade Performance for Today: +4.20 points or $420 dollars in the Russell 2000 Emini TF ($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=1304.

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.

Lack of Volume and Volatility Lulls August Markets

Aug. 24 (Bloomberg) -- Bloomberg's Erik Schatzker and Stephanie Ruhle look at the impact of a lack of volume and volatility combined are having on markets in the traditionally slow month of August. They speak on Bloomberg Television's "Market Makers."

Stocks Rally On Growing Hope Of Fed Action

Attachment:
082412-Key-Price-Action-Markets.png
082412-Key-Price-Action-Markets.png [ 556.92 KiB | Viewed 324 times ]

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

NEW YORK (CNNMoney) -- U.S. stocks ended the week on a high note, as investors hope that the central bank will step in with stimulus measures to fuel growth.

The Dow Industrial Average added 0.8%, the S&P 500 gained 0.7% and the Nasdaq rose 0.5% on Friday.

Analysts said investors were reacting to a letter sent by Federal Reserve Chairman Ben Bernanke to the chairman of the House oversight committee, Rep. Darrell Issa, that said the central bank has more room to support the economy.

"There is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery," Bernanke wrote.

"On a slow Friday that's enough to give markets a boost," said Paul Zemsky, chief investment officer at ING Investment Management.

Few expect Bernanke to reveal specific new intervention measures at the central bank's annual symposium next week in Jackson Hole, Wyo,. but minutes from the Fed's last meeting released earlier this week suggested the central bank was leaning more toward launching a third round of quantitative easing, or QE3.

* Fear & Greed Index

Zemsky also said that investors are hopeful some resolve will come out of Europe as talks among eurozone leaders took place.

Greek Prime Minister Antonis Samaras wrapped up a meeting with German Chancellor Angela Merkel on Friday in Berlin.

She reiterated her support for Greece to stay in the eurozone, but said that the debt-strapped country needs to meet its reform targets, and that she will wait for the report by the European Union, International Monetary Fund and ECB, known as the troika, which is due next month. Samaras will meet with French President Francois Hollande Saturday.

"Europe is the bigger lever here for the next few weeks, because there's not much different for Bernanke can say," Zemsky said.

In the United States, trading volume has been light for weeks, which is typical in August. Most expect that trend to continue through Labor Day. U.S. stocks ended the week slightly lower, with the Dow ticking down 0.9%, the S&P losing 0.5% and the Nasdaq shedding 0.2%.

World Markets: European stocks pared earlier losses Friday. Britain's FTSE 100 ended the day flat, while the DAX in Germany rose 0.3%, and France's CAC 40 gained 0.2%.

Asian markets ended in the red. The Shanghai Composite lost 1%, the Hang Seng in Hong Kong dropped 1.3%, and Japan's Nikkei fell 1.2%.

Economy: Durable goods orders rose 4.2% in July, more than the 2.5% increases analysts were expecting. But excluding transportation goods, orders unexpectedly fell 0.4% last month, according to the Census Bureau.

Companies: In a ruling that will not affect the U.S. patent infringement trial now in the hands of a California jury but addresses many of the same issues, a South Korean court has delivered a split decision that slightly favors Samsung over Apple (AAPL, Fortune 500).

* Apple vs. Samsung: Three possible outcomes

Shares of software designer Autodesk (ADSK) slid 16% after the company reported disappointing earnings late Thursday.

Shares of Eli Lilly (LLY, Fortune 500) jumped after the drugmaker said that although its experimental Alzheimer's drug didn't meet its main goals, it did show significant improvement in some patients.

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

Oil for October delivery fell 11 cents to $96.15 a barrel.

Gold futures for December delivery dropped $1.80 to $1,671. an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury held at 1.68%.

Image

Market Update

4:30 pm : After beginning the session in the red, stocks rallied after rumors suggested the European Central Bank is considering setting a yield band target as part of the new bond buying program. The news broke 15 minutes before the European close and caused a 50 pip spike in the euro as well as a rise to session highs by the major indices. The euro ended up giving up those gains, while U.S. stocks managed to build on the strength. At the end of the day, the S&P 500 closed higher by 0.7% on below average volume.

Durable goods orders were reported this morning, showing an increase in July by 4.2%, which was better than the 2.5% increase that had been expected, on average, among economists polled by Briefing.com. This comes after the prior month's reading was revised up from 1.3% to 1.6%. Excluding transportation related items, durable goods orders decreased in July by 0.4%, which is worse than the 0.6% increase that had been broadly anticipated. The prior month's reading was revised from -1.4% to -2.2%.

Telecom was the top performing sector as major players made considerable advances. Verizon (VZ 43.17, +0.92) advanced by 2.2% while Sprint Nextel (S 4.88, +0.10) and Frontier Communications (FTR 4.63, +0.07) ended higher by 2.1% and 1.7%, respectively.

The healthcare space also outperformed with two major names making headlines. Watson Pharmaceuticals (WPI 83.31, +4.68) gained 6.0% after its generic substitute for the Lidoderm pain patch was approved. Lidoderm's original manufacturer Endo Health (ENDP 32.17, +0.29) rose by 0.3%. Meanwhile, Eli Lilly (LLY 43.86, +1.46) climbed 3.4% after announcing the results of its clinical trials focused on patients with Alzheimer's disease. Even though the trials did not meet the top goals, the company highlighted some positive outcomes.

In the utilities sector, Black Hills (BKH 33.42, +2.41) surged 7.8% after the company sold its Williston Basin oil and gas assets for $243 million. Peers MDU Resources Group (MDU 22.07, +0.31) and AES Corporation (AES 11.51, +0.13) added 1.4% and 1.1%, respectively.

Major financials traded mostly in-line with the broader market. The SPDR Financial Select Sector ETF (XLF 15.13, +0.08) gained 0.5%. American Express (AXP 57.49, +1.07) and Goldman Sachs (GS 104.96, +0.88) were the top performers as they closed higher by 1.9% and 0.9%, respectively. However, European financials did not share the optimism as Barclays (BCS 11.86, -0.19) slipped 1.6% and UBS (UBS 11.20, -0.10) slid 0.9%.

Two names managed impressive reversals off lows brought on by disappointing earnings. After being down more than 4.0% in pre-market, Salesforce (CRM 148.54, +1.77) rallied by nearly 6.0% after reporting an earnings beat and in-line revenues. Autodesk (ADSK 30.13, -5.58) also saw a significant reversal. The early weakness was brought on by a disappointing quarterly report which showed a miss on earnings and revenues as well as downside guidance. Shares of the technology company have rallied more than 7.0% off lows but the stock ended down by 15.6%.

The euro was lower today but up on the week, after a weeklong rally took the common currency from 1.2295 to 1.2560. The euro began showing weakness in the early part of the session, but the rate cap rumor made rounds just ahead of the European close and led to an initial pop in the currency. The talks were viewed as risk-positive and lifted the euro to 1.2560 before fading to 1.2510.

Treasury yields had been rising steadily since marking all-time lows in late July. After reaching 1.835%, treasuries hovered near the level for a few days before turning lower again. The 10-yr yield had declined to 1.650% over the course of this week before today's selling put an end to the streak and lifted the 10-yr to 1.678%.

Weekly Review: FOMC Minutes Highlight Slow Week

On Monday, equities endured a day of lackluster action headlined by thin volume. After reaching lows during the first hour of trade, stocks staged a slow, session-long recovery. As a result, the major indices ended flat. Coventry Health Care (CVH 41.74, -0.13) as it surged 20.3% after being acquired by Aetna (AET 38.72, -0.58) in a $7.3 billion deal.

Tuesday's session got off to a strong start but stocks could not hold their gains into the afternoon. The S&P 500 briefly touched a 4-year high before retreating to session lows. Total volume was better than what has been seen in recent days, but remained well below average. The Dow underperformed and finished lower by 0.5% while the S&P 500 shed 0.4%. European financials outperformed as Deutsche Bank (DB 34.05, -0.29) gained 4.2%.

On Wednesday, equities spent the majority of the session in the red. After a lower open, stocks traded in a tight range until the release of FOMC minutes, which indicated that the Federal Reserve could provide additional easing if general economic conditions deteriorate further. After breaking through the unchanged line, stocks could not push much higher as they registered a flat close. The Nasdaq outperformed and ended higher by 0.2%. Dell (DELL 11.26, +0.02) slid 5.4% after delivering mixed earnings.

Thursday opened slightly lower and equities spent the remainder of the session in negative territory. July home sales were reported at an annualized rate of 372,000. Meanwhile, initial unemployment claims data before the open came in a little worse than expected, as the reading increased to 372,000 from the 368,000 observed in the prior week. United States Steel (X 20.81, -0.38) slid 7.0% after Dahlman Rose downgraded the steel sector.DJ30 +100.51 NASDAQ +16.39 SP500 +9.05 NASDAQ Adv/Vol/Dec 1507/1.31 bln/921 NYSE Adv/Vol/Dec 1900/515.2 mln/1048

3:35 pm : Crude oil lost steam after touching a pit session high of $97.17 per barrel in late morning action. The day's decline had the energy component settle the week 0.2% lower at $96.11 per barrel despite bullish inventory data earlier in the week that showed a draw of 5.4 mln barrels when a draw of 1.4 mln barrels was anticipated. Action in previous sessions also came on moves in the dollar, continued tension in the Middle East, and the FOMC minutes.

Natural gas fell deeper into negative territory as pit trade progressed. It settled at its session low of $2.70 per MMBtu for a 0.7% weekly loss. The decline came following yesterday's weaker-than-anticipated inventory data.

As a reminder, the Gulf Coast is preparing for Tropical Storm Isaac. Many oil and gas producers are evacuating non-essential personnel from the area ahead of the storm that is set to hit next week. Any shutdowns and disruptions in production could influence price action in the energy space.

Gold fell to a pit session low of $1665.80 per ounce but managed to climb back into positive territory in afternoon action. It then brushed a session high of $1676.30 per ounce but gave up most of the gain as it headed into the close. Nevertheless, the yellow metal settled the week 3.3% higher at $1672.30 per ounce as buyers reacted to moves in the dollar and sentiment following Wednesday's FOMC minutes.

Silver spent the majority of its session in positive territory. It climbed to a session high of $30.70 per ounce and settled just below that level at $30.63 per ounce. Today's advance had silver finish the week with an impressive 9.4% gain.DJ30 +90.48 NASDAQ +17.03 SP500 +8.23 NASDAQ Adv/Vol/Dec 1540/1107.9 mln/884 NYSE Adv/Vol/Dec 1910/346 mln/1023

3:00 pm : Stocks have slipped off session highs but they remain firmly in the black. The S&P 500 is up 0.5%.

Major financials have been trading mostly in-line with the broader market. The SPDR Financial Select Sector ETF (XLF 15.11, +0.06) is up 0.4%. American Express (AXP 57.30, +0.88) and Morgan Stanley (MS 14.58, +0.08) are higher by 1.6% and 0.6%, respectively. However, European financials are not sharing the optimism as Barclays (BCS 11.85, -0.19) is lower by 1.6% and UBS (UBS 11.20, -0.10) is down 0.9%.DJ30 +78.15 NASDAQ +15.57 SP500 +7.26 NASDAQ Adv/Vol/Dec 1445/985.9 mln/974 NYSE Adv/Vol/Dec 1761/303.3 mln/1141

2:30 pm : With 90 minutes remaining, equities continue to hover just beneath session highs. The Dow is up 0.7% as it outperforms the other indices slightly.

Treasury yields had been rising steadily since marking all-time lows in late July. After reaching 1.835%, treasuries hovered near the level for a few days before turning lower again. The 10-yr yield had declined to 1.650% over the course of the week before today's selling put an end to the streak and lifted the 10-yr to 1.678%.DJ30 +91.06 NASDAQ +17.82 SP500 +8.65 NASDAQ Adv/Vol/Dec 1456/925.8 mln/934 NYSE Adv/Vol/Dec 1844/282.2 mln/1077

2:00 pm : Equities have pushed to new session highs as volume remains below average. The S&P 500 is up 0.7%.

The euro is lower after a weeklong rally took the common currency from 1.2295 to its current 1.2534 level. The euro began showing weakness in the early part of the session as it dropped to 1.2499. However, the selling was short lived as rumors suggested the European Central Bank is considering setting a yield band target as part of the new bond buying program. The talks were viewed as risk-positive and lifted the euro off session lows to its current levels.DJ30 +92.62 NASDAQ +19.29 SP500 +9.05 NASDAQ Adv/Vol/Dec 1483/859.2 mln/896 NYSE Adv/Vol/Dec 1872/261.6 mln/1025

1:30 pm : Mired in thin volume, equities are maintaining their gains. The S&P 500 is up 0.5%.

After being down more than 4.0% in pre-market, Salesforce (CRM 147.76, +0.99) has rallied by nearly 5.0%, and is now up 0.7%. CRM beat on earnings while reporting in-line revenues. In addition, mixed guidance was issued.

Autodesk (ADSK 30.59, -5.12) is another name which is seeing a significant reversal off post-earnings lows. The early weakness was brought on by a disappointing earnings report which showed a miss on earnings and revenues as well as downside guidance. Shares of the technology company have rallied more than 8.0% since the open. However, the stock remains down 14.3%.DJ30 +74.91 NASDAQ +15.42 SP500 +7.23 NASDAQ Adv/Vol/Dec 1433/783.7 mln/929 NYSE Adv/Vol/Dec 1772/237.6 mln/1112

1:00 pm : After beginning the session in negative territory, stocks rallied broadly after rumors suggested the European Central Bank is considering setting a yield band target as part of the new bond buying program. The news broke 15 minutes before the European close and it caused a 50 pip spike in the euro as well as a rise to session highs by the major indices. At midday, the three major indices are all up 0.6%.

Telecom is the session's top sector as major players make considerable advances. Sprint Nextel (S 4.88, +0.10), Frontier Communications (FTR 4.66, +0.10), and Verizon (VZ 43.08, +0.83) are all up near 2.0%. The moves do not appear to be news driven. Instead, short covering is the likely cause for the rally after the sector was 2.7% lower on the week, entering today.

Stocks within the consumer staples space are higher with beverage stocks outperforming. Coca-Cola (KO 38.44, +0.33), Dr Pepper Snapple (DPS 45.16, +0.49), Constellation Brands (STZ 32.52, +0.24), and PepsiCo (PEP 73.17, +0.51) are all up between 0.7% and 1.0%.

Utility stocks are up with Black Hills (BKH 33.23, +2.22) higher by 7.2% after the company sold its Williston Basin oil and gas assets for $243 million. Following the sale, BKH was upgraded from ‘hold' to ‘buy' at Gabelli. Peers, AES Corporation (AES 11.48, +0.10) and MDU Resources Group (MDU 22.03, +0.27) are up near 1.0% each.

Amazon (AMZN 246.64, +5.44) is advancing by 2.3% after announcing an expanded video agreement with NBCUniversal. The deal appears to be taking aim at the core business of Netflix (NFLX 62.97, -1.08), which is down 1.7%.

Durable goods orders increased in July by 4.2%, which is better than the 2.5% increase that had been expected, on average, among economists polled by Briefing.com. This comes after the prior month's reading was revised up from 1.3% to 1.6%.

Excluding transportation related items, durable goods orders decreased in July by 0.4%, which is worse than the 0.6% increase that had been broadly anticipated. Prior month's reading was revised from -1.4% to -2.2%.DJ30 +78.81 NASDAQ +17.70 SP500 +8.01 NASDAQ Adv/Vol/Dec 1440/721.3 mln/923 NYSE Adv/Vol/Dec 1763/220.9 mln/1107

12:30 pm : Stocks are maintaining their levels just beneath session highs. The Dow is up 0.5% as it outperforms other major indices.

Telecom is the session's top sector as major players make considerable advances. Sprint Nextel (S 4.88, +0.10), Frontier Communications (FTR 4.66, +0.10), and Verizon (VZ 43.04, +0.78) are all up near 2.0%. The moves do not appear to be news driven. Instead, short covering is the likely cause for the rally after the sector shed 2.7% between Monday and Thursday.DJ30 +71.54 NASDAQ +14.44 SP500 +6.86 NASDAQ Adv/Vol/Dec 1351/658.2 mln/975 NYSE Adv/Vol/Dec 1702/201.4 mln/1135

12:00 pm : Stocks continue to hover near their session highs with the S&P up 0.4%.

Stocks within the consumer staples space are higher with beverage stocks outperforming. Coca-Cola (KO 38.44, +0.33), Dr Pepper Snapple (DPS 45.06, +0.39), Constellation Brands (STZ 32.50, +0.22), and PepsiCo (PEP 73.18, +0.52) are all up between 0.7% and 1.0%.DJ30 +65.78 NASDAQ +12.50 SP500 +5.84 NASDAQ Adv/Vol/Dec 1338/587.1 mln/975 NYSE Adv/Vol/Dec 1652/183.8 mln/1175

11:30 am : The S&P 500 is up 0.5% on rumors out of the Eurozone.

Stocks surged after rumors suggested the European Central Bank is considering setting a yield band target as part of the new bond buying program. The news broke 15 minutes before the European close and it caused a 50 pip spike in the euro as well as a rise to session highs by the major indices.DJ30 +81.13 NASDAQ +16.64 SP500 +7.04 NASDAQ Adv/Vol/Dec 1454/509.6 mln/832 NYSE Adv/Vol/Dec 1805/160.3 mln/996

11:00 am : After spending the first hour in the red, equities have rallied to break into positive territory. The S&P 500 is up 0.2%.

Utility stocks are up this morning with Black Hills (BKH 33.23, +2.22) higher by 7.2% after the company sold its Williston Basin oil and gas assets for $243 million. Following the sale, BKH was upgraded from ‘hold' to ‘buy' at Gabelli. Peers, AES Corporation (AES 11.49, +0.11) and MDU Resources Group (MDU 21.93, +0.17) are up near 1.0% each.DJ30 +28.34 NASDAQ +6.70 SP500 +2.03 NASDAQ Adv/Vol/Dec 1110/398.1 mln/1113 NYSE Adv/Vol/Dec 1355/126.5 mln/1394

10:35 am : Commodities are mixed this morning, while the dollar index is higher and currently just below its session high.

Oct crude oil was in the red overnight, but began to rally, a little under the $96 mark, just before the open of floor trading. Oil rallied almost $0.90/barrel until about 15 min after 9am ET when it hit its current HoD of $96.71. WTI crude oil is now +0.3% at $96.58/barrel.

Sept natural gas has been in positive territory for the majority of today's session, but is now back near the unchanged line at $3.80/MMBtu.

Dec gold and Sept silver gained some steam just after 7:30am ET, showing a decent rally. However, both precious metals are mixed in current trade. Gold is now -0.1% at $1670.50/oz, while silver is +0.5% at $30.62/oz.DJ30 +10.30 NASDAQ -1.39 SP500 -0.68 NASDAQ Adv/Vol/Dec 893/296.7 mln/1285 NYSE Adv/Vol/Dec 1106/102 mln/1623

10:00 am : Stocks are just below their opening levels with the S&P 500 lower by 0.3%.

Shares within the healthcare space are in the early lead today. The sector is being supported by two names making headlines. Watson Pharmaceuticals (WPI 81.63, +3.00) is higher by 3.8% after its generic substitute for the Lidoderm pain patch was approved. Lidoderm's original manufacturer Endo Health (ENDP 31.74, -0.14) is off by 0.4%. Meanwhile, Eli Lilly (LLY 43.87, +1.47) is up 3.5% after announcing the results of its clinical trials focused on patients with Alzheimer's disease. Even though the trials did not meet the top goals, the company highlighted some positive outcomes.DJ30 -29.79 NASDAQ -9.93 SP500 -4.05 NASDAQ Adv/Vol/Dec 775/168.4 mln/1326 NYSE Adv/Vol/Dec 930/67.1 mln/1702

09:45 am : Following a lower open, stocks have remained in the red. The S&P 500 is down 0.2%.

Amazon (AMZN 242.83, +1.63) is up 0.6% after announcing an expanded video agreement with NBCUniversal. The deal appears to be taking aim at the core business of Netflix (NFLX 62.20, -1.85), which is down 3.0% in early going.DJ30 -15.71 NASDAQ -10.17 SP500 -3.23 NASDAQ Adv/Vol/Dec 737/103.5 mln/1297 NYSE Adv/Vol/Dec 964/50.2 mln/1631

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -4.00. Heading into the open, futures are just above pre-market lows. The S&P 500 is poised for a lower open by 0.2%.

The consumer discretionary sector bears watching today after mixed durable goods data was reported earlier. The data was positive on the surface as the headline number exceeded expectations. However, with the transportation component removed, the data points came in below expectations.

09:00 am : S&P futures vs fair value: -4.20. Nasdaq futures vs fair value: -5.80. European markets are lower as Germany's Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras meet. The region's economic data was limited to a revision in the UK second quarter GDP reading. The number improved slightly to reflect a contraction of 0.5% versus a prior reading which indicated a 0.7% decrease in GDP. Elsewhere, peripheral yields are higher today with Italy's 10-yr up 9 basis points, to 5.77%. Meanwhile, Spain's 10-yr is at 6.49% after adding 14 basis points. Core European indices are near session lows with Germany's DAX and France's CAC down 0.8% while UK's FTSE is off by 0.6%.

In Germany, healthcare stocks are outperforming with Merck, Fresenius SE, and Bayer up between 0.5% and 0.7%. Car makers are under pressure as Volkswagen is lower by 2.6% as it posts the widest loss amongst index members. Daimler and BMW are also lower by 2.1% and 1.9%, respectively.

In France, consumer stocks are higher with food, beverage and pharmaceutical producers leading the way. Danone, Sanofi, and Pernod-Ricard are up between 1.0% and 1.3%. Car makers are amongst the biggest laggards with Peugeot and Renault down 4.2% and 3.0%, respectively.

Shares listed in the UK are under pressure as financial Ashmore Group is lower by 5.3% after receiving a downgrade from Citigroup. Mining stocks are lower as a group with Eurasian Natural Resources down 4.0% and Kazakhmys off by 3.8%. Non-cyclical stocks are higher as Smith & Nephew is up 1.3%.

The major Asian markets gave back yesterday's gains. With macro data out of Asia virtually non-existent, chatter on trading desks stirred up the recurring rumors of Chinese central bank easing, but this didn't seem to have much influence on the markets today. Japan and S. Korea agreed to a foreign exchange swap deal which is designed to stabilize Korea's economy. The Shanghai Daily suggests China's Housing and Urban Development is considering additional measures for increased government control of the housing market. In addition, the Chinese press cited a government report which suggested inflation may rise on 2.8% this year. Elsewhere, HSBC lowered China's 2012 growth forecast from 8.4% to 8.0%. Forecasts for next year came down 30 basis points to 8.5%.

In Japan, the Nikkei slipped 1.2% as traders saw a flight to safety as Utilities gained 2.4% while Japanese Government Bonds caught a bid as the 10-yr yield eased 30bps. Financials were lower by 2.0% while basic materials lost 1.6% and consumer cyclicals slipped 1.3%.

Hong Kong's Hang Seng shed 1.3%. China Coal was lower by 2.8% and China Petro slipped 2.6%.

In China, the Shanghai Composite finished down 1.0% as all sectors closed in the red. Both Maanshan Iron and Steel and Shanxi Coal closed lower on the day following disappointing earnings.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +1.50. Durable goods orders increased in July by 4.2%, which is more than the 2.5% increase that had been expected, on average, among economists polled by Briefing.com. This comes after the prior month's reading was revised up from 1.3% to 1.6%.

Excluding transportation related items, durable goods orders decreased in July by 0.4%, which is worse than the 0.6% increase that had been broadly anticipated. Prior month's reading was revised from -1.4% to -2.2%

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -3.00. U.S. equity futures are near pre-market lows, but the losses are very limited at this point, with S&P futures down just 0.2%.

Overnight, the major Asian markets gave back yesterday's gains. With macro data out of Asia virtually non-existent, chatter on trading desks stirred up the recurring rumors of Chinese central bank easing, but this didn't seem to have much influence on the markets today. The Shanghai Daily suggests China's Housing and Urban Development is considering additional measures for increased government control of the housing market. In addition, the Chinese press cited a government report which suggested inflation may rise on 2.8% this year. Elsewhere, HSBC lowered China's 2012 growth forecast from 8.4% to 8.0%. Forecasts for next year came down 30 basis points to 8.5%. China's Shanghai composite slipped 1.0% while Hong Kong's Hang Seng and Japan's Nikkei finished lower by 1.3% and 1.2%, respectively.

In Europe, markets are lower with the only significant data point coming out of the UK where the second quarter GDP was revised up 2 ticks to -0.5%, versus -0.7% prior. As German Chancellor Angela Merkel and Greek Prime Minister Antonis Samaras meet, major European indices hover in the red. France's CAC and Germany's DAX are each down by 0.5% while UK's FTSE is lower by 0.4%.

While it is a quiet Friday morning, there are a few notable movers in the U.S. pre-market.

Supervalu (SVU 2.30, +0.18) is higher by 8.5% after the retailer was said to be seeking a sale of the whole company, rather than individual parts.

Autodesk (ADSK 27.58, -8.13) is slumping 22.8% after missing earnings and revenue estimates. In addition, the company issued downside guidance. The disappointing earnings report was followed by multiple analyst downgrades.

Salesforce (CRM 140.00, -6.77) is lower by 4.6% following its mixed earnings report which showed earnings beat and in-line revenues. The company also issued mixed guidance.

Eli Lilly (LLY 43.75, +1.35) is rising by 3.2% after announcing the results of its clinical trials focused on patients with Alzheimer's disease. Even though the trials did not meet the top goals, the company highlighted some positive outcomes.

Durable orders and durable orders ex-transportation will be reported at 8:30 AM ET.

06:20 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: flat.

06:20 am : Nikkei...9070.76...-107.40...-1.20%. Hang Seng...19880.63...-252.20...-1.30%.

06:20 am : FTSE...5773.03...-3.60...-0.10%. DAX...6934.50...-15.10...-0.20%.

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 1 guest


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