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 4:36 am

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: August 29th Wednesday 2012 Emini TF ($TF_F) points -3.60
PostPosted: Thu Aug 30, 2012 8:28 am 
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:
082912-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-360.png
082912-wrbtrader-Price-Action-Trading-PnL-Blotter-Loss-360.png [ 76.84 KiB | Viewed 273 times ]

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

Price Action Trade Performance for Today: -3.60 points or ($360) dollars in the Russell 2000 Emini TF ($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=1307.

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, Reuters 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. 29 (Bloomberg) -- Bloomberg's Deborah Kostroun reports on the performance of the U.S. equity market today. U.S. stocks advanced, following a two-day decline in the Standard & Poor’s 500 Index, as the economy grew more than first estimated and investors awaited Federal Reserve Chairman Ben S. Bernanke’s speech in two days.

Attachment:
082912-Key-Price-Action-Markets.png
082912-Key-Price-Action-Markets.png [ 554.73 KiB | Viewed 288 times ]


Image

Market Update

4:10 pm : Today's lackluster session saw equities hover within points of the unchanged line for the majority of the day. Economic data was mostly positive, but did little to inspire investor confidence. As a result the S&P 500 ended higher by 0.1% on light volume.

The Federal Reserve has released its August Beige Book which aggregates economic condition reports from the twelve Federal Reserve Districts. The Book suggested "economic activity continued to expand gradually in July and early August." It also noted an improvement has taken place in credit conditions and the housing market. Sales and construction continue to rise gradually while employment is holding steady or showing only marginal improvement. Several Districts cited declining demand for staffing services while most Districts indicated that retail activity, including auto sales, had increased since the last Beige Book.

Healthcare stocks were higher as a handful of names advanced on upgrades. Genetic Technologies (GENE 3.93, +0.81) soared 26.0% after positive comments were made by boutique firm Lodge Partners. PROLOR Biotech (PBTH 4.88, +0.19) ended higher by 4.1% following the initiation of coverage at Oppenheimer where the stock was given an ‘outperform' rating with a $7.00 price target. Elsewhere, Cyberonics (CYBX 49.67, +3.31) advanced 7.1% as the shares were upgraded from ‘hold' to ‘buy' at Canaccord Genuity. In addition, analysts at Piper Jaffray elevated the price target for Cyberonics from $44.00 to $52.00.

For-profit education stocks slumped after Lincoln Educational Services (LINC 4.27, -0.09) was downgraded from ‘outperform' to ‘perform' at Oppenheimer. The downgrade was attributed to slowing enrollment as well as seven campus closures. As a result, shares of Lincoln slid 2.1%. Other for-profit education stocks were also lower as slowing enrollment will likely affect all providers. Career Education (CECO 3.22, -0.11) and DeVry (DV 18.60, -0.52) slipped 3.3% and 2.7%, respectively.

Yelp (YELP 22.37, +4.11) surged 22.5% as the share lock-up expired today. The event was anticipated by short sellers as it often leads to insider selling. However, Yelp was able to buck the trend and instead made an advance. Other social media names were mixed as Groupon (GRPN 4.31, -0.06) fell 1.4% and Pandora Media (P 10.08, -0.10) slipped 1.0% ahead of its earnings release after the close.

Energy stocks trailed behind the broader market as crude oil fell over 1.0%. Halliburton (HAL 33.51, -0.57) lost 1.7% while Schlumberger Limited (SLB 72.96, -1.14) ended lower by 1.6%. Meanwhile, GreenHunter Energy (GRH 2.24, +0.08) climbed 3.7% after eliminating all outstanding convertible preferred shares.

The second estimate of second quarter GDP pointed to a 1.7% increase, up from the 1.5% increase that was featured in the preliminary reading. The upwardly revised increase was better than the 1.6% improvement that economists polled by Briefing.com had expected. Also, the second quarter GDP Deflator was left unrevised to reflect a 1.6% increase.

Pending home sales for July increased by 2.4%, which was better than the unchanged reading that had been expected. The rise also made for a positive turn from the 1.4% decrease that was experienced in the prior month.

Tomorrow's economic data includes initial and continuing claims as well as personal income and spending. All data points will be released at 8:30 ET.

The U.S. Treasury will hold a $29 billion 7-yr note auction.DJ30 +4.49 NASDAQ +4.05 SP500 +1.19 NASDAQ Adv/Vol/Dec 1467/1.23 bln/966 NYSE Adv/Vol/Dec 1781/509.4 mln/1168

3:35 pm : Crude oil touched a floor session high of $96.37 per barrel moments after pit trade opened but quickly fell back into the red. It trended lower and dipped to a session low of $94.76 per barrel in late morning action. Buyers stepped in during the afternoon floor session and brought prices up slightly and the energy component finally settled with a 0.8% loss at $95.50 per barrel. Crude's weakness came on weaker-than-anticipated inventory data that showed a build of 3.778 mln when a draw of 1.8 mln was expected. Expectations that disruption in oil production in the Gulf of Mexico from Hurricane Isaac will be limited also played a role in the decline.

Natural gas came off its pit session low of $2.61 per MMBtu that was set in morning action and trended higher for the remainder of floor trade. It booked a gain of 1.9% as it closed at $2.68 per MMBtu, just below its session high of $2.70 per MMBtu. A stronger dollar following better-than-expected U.S. GDP data put pressure on precious metals in today's floor trade.

Gold tumbled to a session low of $1654.40 per ounce in morning action and spent the remainder of the session working on erasing the loss. Despite inching higher, the yellow metal settled with a 0.4% loss at $1663.10 per ounce. Silver fell off its session high of $30.91 per ounce and brushed a session low of $30.52 per ounce. It then trended higher and closed just 0.2% lower at $30.83 per ounce.DJ30 +25.25 NASDAQ +6.06 SP500 +2.92 NASDAQ Adv/Vol/Dec 1445/1037.7 mln/956 NYSE Adv/Vol/Dec 1839/342 mln/1098

3:05 pm : Heading into the final hour of trade, the S&P 500 is up 0.2%.

Molycorp (MCP 12.29, +1.54) is surging 14.1% after announcing the completion of a public offering which included 6.0% convertible senior notes due 2017 as well as 12 million shares of common stock. The company received a Gabelli upgrade from ‘hold' to ‘buy' following the news. Other mining stocks are also higher with Quest Rare Minerals (QRM 1.33, +0.08) up 6.4% and Almaden Minerals (AAU 2.61, +0.09) higher by 3.6%.DJ30 +18.30 NASDAQ +5.52 SP500 +2.35 NASDAQ Adv/Vol/Dec 1404/946.2 mln/976 NYSE Adv/Vol/Dec 1797/311.7 mln/1145

2:30 pm : Stocks have slipped off their highs but they remain in the black with the S&P 500 up 0.3%.

The Federal Reserve has recently released its August Beige Book which aggregates economic condition reports from the twelve Federal Reserve Districts. The Book suggested "economic activity continued to expand gradually in July and early August." It also noted an improvement has taken place in credit conditions and the housing market. Sales and construction continue to rise gradually while employment is holding steady or showing only marginal improvement. Several Districts cited declining demand for staffing services while most Districts indicated that retail activity, including auto sales, had increased since the last Beige Book.DJ30 +34.42 NASDAQ +8.76 SP500 +3.93 NASDAQ Adv/Vol/Dec 1471/860.7 mln/902 NYSE Adv/Vol/Dec 1916/282.4 mln/1009

2:00 pm : Stocks continue to drift higher with the S&P 500 up 0.3%.

For-profit education stocks are slumping after Lincoln Educational Services (LINC 4.14, -0.22) was downgraded from ‘outperform' to ‘perform' at Oppenheimer. The downgrade was attributed to slowing enrollment as well as seven campus closures. As a result, shares of LINC are lower by 5.1%. Other for-profit education stocks are lower as slowing enrollment is likely affecting all providers. Career Education (CECO 3.16, -0.17) and DeVry (DV 18.60, -0.52) are down between 2.5% and 5.0%.DJ30 +31.42 NASDAQ +8.00 SP500 +3.65 NASDAQ Adv/Vol/Dec 1485/793.1 mln/883 NYSE Adv/Vol/Dec 1873/260.6 mln/1037

1:30 pm : Equities have turned to session highs with all three indices higher by 0.2%.

Yelp (YELP 21.50, +3.24) is soaring 17.7% as the share lock-up expired today. The event was anticipated by short sellers as it often leads to insider selling. However, Yelp has been able to buck the trend and instead make an advance.

Other social media names are mixed as Groupon (GRPN 4.27, -0.09) is down 2.1% and Pandora Media (P 10.24, +0.06) is up 0.6% ahead of its earnings release after the close.DJ30 +28.82 NASDAQ +6.26 SP500 +3.17 NASDAQ Adv/Vol/Dec 1468/728.9 mln/878 NYSE Adv/Vol/Dec 1872/240.9 mln/1031

1:00 pm : Equities are enduring yet another low volume session with trade confined to a narrow range. Today's economic releases were generally positive, but did little to encourage buying among investors. At midday, the S&P 500 is higher by 0.1%.

The first revised reading of second quarter GDP pointed to a 1.7% increase, up from the 1.5% increase that was featured in the preliminary reading. The upwardly revised increase was higher than the 1.6% increase that economists polled by Briefing.com had expected. Also, the second quarter GDP Deflator was left unrevised to reflect a 1.6% increase.

Pending home sales for July increased by 2.4%, which is better than the unchanged reading that had been expected. The rise also makes for a positive turn from the 1.4% decrease that was experienced in the prior month.

Separately, the MBA Mortgage Index showed a weekly decrease of 4.3% in the headline index number. In addition, the refinancing index fell 5.7% while loan requests for home purchases increased by 1.4%.

The telecom sector is leading the way with a 1.0% gain. Windstream (WIN 9.90, +0.17) is up 1.8% as it leads the group higher. Meanwhile, Verizon (VZ 43.27, +0.60) and Frontier Communications (FTR 4.68, +0.07) are both up near 1.5%. Sprint (S 4.86, +0.01) trades slightly higher after launching its 4G LTE high-speed network in four U.S. markets.

Healthcare stocks are higher as a handful of names advance on upgrades. Genetic Technologies (GENE 4.05, +0.93) is soaring 29.5% after positive comments were made by boutique firm Lodge Partners. PROLOR Biotech (PBTH 4.90, +0.21) is higher by 4.5% following the initiation of coverage at Oppenheimer where the stock was given an ‘outperform' rating with a $7.00 price target. Cyberonics (CYBX 48.80, +2.44) is up 5.3% as the shares were upgraded from ‘hold' to ‘buy' at Canaccord Genuity. In addition, analysts at Piper Jaffray elevated the price target for CYBX from $44.00 to $52.00.

Two names are firmly higher after revealing leadership changes. Sealed Air (SEE 14.20, +1.20) is surging 9.3% after Chief Executive Officer, William Hickey, announced he will retire from the President post in March of 2013. Jerome Peribere has been elected as the new President and Chief Operating Officer of the company, effective September 1, 2012. Elsewhere, WellPoint (WLP 61.94, +4.55) is jumping 7.9% after President and Chief Executive Officer Angela Braly resigned. The board of directors has enlisted the help of a search firm as it seeks to replace Ms. Braly.

Energy stocks trail behind the broader market as crude oil is down nearly 1.5%. Halliburton (HAL 33.50, -0.57) is down 1.7% while Schlumberger Limited (SLB 72.99, -1.12) and EOG Resources (EOG 108.18, -0.64) are down near 1.0%. Meanwhile, GreenHunter Energy (GRH 2.25, +0.09) is up 4.2% after eliminating all outstanding convertible preferred shares.DJ30 +11.73 NASDAQ +1.93 SP500 +1.79 NASDAQ Adv/Vol/Dec 1315/654.6 mln/1001 NYSE Adv/Vol/Dec 1736/219.1 mln/1151

12:30 pm : Stocks are holding their levels as all three major indices are unchanged.

Healthcare stocks are higher as a handful of names advance on upgrades. Genetic Technologies (GENE 4.15, +1.03) is soaring 33.0% after positive comments were made by boutique firm Lodge Partners. PROLOR Biotech (PBTH 4.89, +0.19) is higher by 4.1% following the initiation of coverage at Oppenheimer where the stock was given an ‘outperform' rating with a $7.00 price target. Cyberonics (CYBX 48.57, +2.21) is up 4.8% as the shares were upgraded from ‘hold' to ‘buy' at Canaccord Genuity. In addition, analysts at Piper Jaffray elevated the price target for CYBX from $44.00 to $52.00.DJ30 +8.48 NASDAQ +0.40 SP500 +1.02 NASDAQ Adv/Vol/Dec 1296/602.3 mln/1000 NYSE Adv/Vol/Dec 1689/202.4 mln/1181

12:00 pm : Stocks continue to trade in choppy fashion around the unchanged line with the S&P 500 up 0.1%.

Two names are firmly higher after revealing leadership changes. Sealed Air (SEE 14.05, +1.05) is surging 8.1% after Chief Executive Officer, William Hickey, announced he will retire from the President post in March of 2013. Jerome Peribere has been elected as the new President and Chief Operating Officer of the company, effective September 1, 2012. Elsewhere, WellPoint (WLP 61.85, +4.46) is jumping 7.8% after President and Chief Executive Officer Angela Braly resigned. The board of directors has enlisted the help of a search firm as it seeks to replace Ms. Braly.DJ30 +0.12 NASDAQ -0.37 SP500 +0.87 NASDAQ Adv/Vol/Dec 1277/544.1 mln/999 NYSE Adv/Vol/Dec 1692/184.6 mln/1171

11:30 am : After slipping to session lows, equities have remained near those levels. The S&P 500 is off by 0.1%.

Energy stocks trail behind the broader market as crude oil is sliding nearly 1.5%. Halliburton (HAL 33.50, -0.57) is lower by 1.7% while Schlumberger Limited (SLB 73.23, -0.87) and EOG Resources (EOG 107.77, -1.05) are down near 1.0%. Meanwhile, GreenHunter Energy (GRH 2.25, +0.09) is up 4.2% after eliminating all outstanding convertible preferred shares.DJ30 -11.38 NASDAQ -4.65 SP500 -1.46 NASDAQ Adv/Vol/Dec 1118/460.1 mln/1116 NYSE Adv/Vol/Dec 1465/159.8 mln/1364

11:00 am : Equities have slipped to fresh session lows but the S&P 500 remains within three points of its unchanged line.

The telecom sector is outperforming in the early going. Windstream (WIN 9.87, +0.14) is up 1.4% as it leads the group higher. Meanwhile, CenturyLink (CTL 42.35, +0.38) and Frontier Communications (FTR 4.65, +0.04) are both up near 1.0%. Sprint (S 4.82, -0.03) trades slightly lower after launching its 4G LTE high-speed network in four U.S. markets.DJ30 -18.71 NASDAQ -8.32 SP500 -2.35 NASDAQ Adv/Vol/Dec 1006/359.1 mln/1175 NYSE Adv/Vol/Dec 1315/134.1 mln/1460

10:35 am : The dollar index has rallied in recent activity, which has caused most commodities to sell off. Natural gas has rallied sharply basically trading inverse to oil.

Oct crude oil has been in the red almost all session, but after a quick rally, oil pushed back up to the unchanged mark shortly after floor trading began. Since then, oil has sold off about $1 and was about 0.9% lower just ahead of inventory data. Following the data, which showed a build of 3.778 mln, which was bearish considering the consensus called for a draw of 1.8 mln, oil fell to a new session low of $95.09. In current trade, Oct crude oil is -1.0% at $95.37/barrel.

Sept natural gas has rallied 5 cents to a new session high of $2.66 this morning and is currently at that level, now up 1%.

Dec gold and Sept silver sold off this morning, with gold falling to a new session low of $1661.50/oz. Silver fell back down to its current LoD. In current action, gold is -0.4% at $1662.90/oz and silver is -0.5% at $30.72/oz.

Sept copper is currently -0.3% at $3.47/lb.NASDAQ Adv/Vol/Dec 1164/273.8 mln/945 NYSE Adv/Vol/Dec 1562/111 mln/1189

10:00 am : Pending home sales for July rose by 2.4%, which is better than the unchanged reading that had been expected among economists polled by Briefing.com. The rise also makes for a positive turn from the 1.4% decrease that was experienced in the prior month.

The SPDR S&P Homebuilders ETF (XHB 23.33, 0.00) has held steady after the release of the data.DJ30 -3.48 NASDAQ +2.97 SP500 +0.55 NASDAQ Adv/Vol/Dec 1080/165.2 mln/944 NYSE Adv/Vol/Dec 1404/77.6 mln/1280

09:45 am : Equities are holding their opening levels as the S&P 500 is up 0.1%.

Retail stocks are outperforming in the early going. The SPDR S&P Retail ETF (XRT 61.37, +0.35) is up 0.6% as it builds on the strength of Sears Holdings (SHLD 55.73, +0.77) and SUPERVALU (SVU 2.43, +0.03), both of which are up near 1.4%. Meanwhile, Guess? (GES 26.35, +0.17) and OfficeMax (OMX 5.66, +0.02) are higher by 0.6% and 0.4%, respectively.DJ30 +6.21 NASDAQ +5.88 SP500 +1.28 NASDAQ Adv/Vol/Dec 1166/92.1 mln/761 NYSE Adv/Vol/Dec 1533/54.9 mln/1046

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +4.30. Heading into the open, U.S. futures are near their best pre-market levels as they point to a slightly higher open.

European markets are showing notable recovery in recent trade. Germany's DAX has moved into positive territory and is now higher by 0.2% after being down around 0.5% an hour ago. France's CAC is off by 0.1%. Notably, the euro isn't seeing a substantial corresponding move, as it is still modestly lower at $1.2550.

Major financials bear watching in early going as they are some of the names which are most susceptible to moves in European markets.

July Pending home sales will be announced at 10 AM ET.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +5.00. U.S. futures have lifted to pre-market highs as European markets erase some of their early losses.

European stocks were down in the early part of the session but they have recently lifted off their lows. The region's economic data was light as Italian consumer confidence printed in-line, while Italian retail sales showed a 0.4% month-over-month increase as expectations called for a flat reading. Meanwhile, Germany's CPI showed a 2.0% year-over-year increase which is slightly higher than the expected increase of 1.8%.

Elsewhere, Greece's Prime Minister noted that the processing of all austerity measures has not been completed, though he noted the issues were technical in nature. Mario Draghi reiterated the European Central Bank will do whatever is necessary to maintain price stability within the mandate. He also noted Germany needs to remain the anchor to keep the euro strong and that fulfilling its mandate may require them to go above and beyond standard monetary policy moves. Italy had a good 6-month note auction, seeing lowest yields since March. UK's FTSE is down 0.4%, France's CAC is lower by 0.1%, and Germany's DAX is flat.

In the UK, mining shares are under pressure with Rio Tinto, Glencore, Anglo American, and Vedanta Resources all down near 2.0%. Utility stocks are staying positive as SSE is up 1.3% while Centrica is higher by 1.1%.

In France, Bouygues is leading the decliners as it slides 8.2% after cutting the forecasts for its phone unit. The weak outlook spilled over to France Telecom which is down 2.7%. Elsewhere, L'Oreal is down 4.5% after reporting disappointing earnings.

Shares listed on Germany's DAX are mostly lower with steelmaker ThyssenKrupp down 2.5% while Deutsche Lufthansa is lower by 2.0%. The advancers are limited to a handful of names as Fresenius Medical Care and Fresenius SE are up 0.7% and 0.5%, respectively.

The major Asian averages finished mixed as trade remains on hold ahead of Fed Chairman Ben Bernanke's Jackson Hole speech on Friday.

Japan's Nikkei tacked on 0.4% during a quiet session. Renesas Electronics surged 35% following reports KKR would invest $1.3 billion in the struggling chipmaker. Also seeing a solid gain was Sharp which jumped 7% after announcing 2000 workers would receive severance packages.

In Hong Kong, the Hang Seng shed 0.1% as action remained quiet. China Life Insurance added 2.0% despite the company announcing a 26% drop in first-half net profits. Real estate names were under pressure with Evergrande Real Estate sliding 3.1% on disappointing earnings

In China, the Shanghai Composite slipped 1.0% as earnings results weighed on the index. Air China fell 1.8% after announcing net income tumbled 77% year-over-year and Zhongjin Gold shed 2.3% following its disappointing results. Elsewhere, FAW Car lost another 2.9% with the stock dropping for a seventh consecutive session.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +1.30. The first revised reading of second quarter GDP pointed to a 1.7% increase, up from the 1.5% increase that was featured in the preliminary reading. The upwardly revised increase is higher than the 1.6% increase that economists polled by Briefing.com had expected. Also, the second quarter GDP Deflator was left unrevised to reflect a 1.6% increase.

U.S. futures have shown little change following the release.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -0.50. It is yet another quiet morning in U.S. futures as they point to a flattish open.

Overnight, Asian markets were mixed as China's Vice Commerce Minister reinforced the notion that foreign trade will have difficulty reaching growth objectives. With no economic data in the region, China's Shanghai Composite slipped 1.0% percent, Hong Kong's Hang Seng shed 0.1%, while Japan's Nikkei finished higher by 0.4%.

European stocks have moved lower since the open. The news flow is light in Europe as well. Italian consumer confidence printed in-line, while Italian retail sales showed a 0.4% month-over-month increase when expectations called for a flat reading. Greece's Prime Minister noted that the processing of all austerity measures has not been completed, though he noted the issues were technical in nature. Mario Draghi reiterated the European Central Bank will do whatever is necessary to maintain price stability within the mandate. He also noted Germany needs to remain the anchor to keep the euro strong and that fulfilling its mandate may require them to go above and beyond standard monetary policy moves. Italy had a good 6-month note auction, seeing lowest yields since March.

With a slow pre-market, few names are on the move this morning.

Jos. A Bank (JOSB 46.25, +4.62) is higher by 9.3% after beating on earnings and revenues.

Wellpoint (WLP 60.00, +2.61) is up 4.6% after Angela Braly stepped down from her President and Chief Executive position. The company named John Cannon as the interim President and Chief Executive Officer.

Joy Global (JOY 50.36, -2.71) is down 5.1% in the wake of a disappointing quarterly report which missed both earnings and revenue estimates. Management also lowered its full-year 2012 guidance citing slowdowns in Europe and China as the reasons for the cautious outlook.

Zale (ZLC 5.49, +1.37) is ticking higher following earnings, which showed a narrower than expected loss on revenues that were slightly above consensus.

The MBA Mortgage Index showed a weekly decrease of 4.3% in the headline index number. In addition, the refinancing index fell 5.7% while loan requests for home purchases increased by 1.4%.

The first revision to Q2 GDP will cross the wires at 8:30 AM ET. The Q2 GDP figure is expected to tick up to 1.6% from the initial 1.5% reading. In addition, pending home sales will be announced at 10 AM ET, and the Fed's Beige Book for August will be released at 2 PM ET. The U.S. Treasury will auction off $35 billion in 5-yr notes.

06:32 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -1.00.

06:32 am : Nikkei...9069.81...+36.50...+0.40%. Hang Seng...19788.51...-23.30...-0.10%.

06:32 am : FTSE...57.47.16...-27.60...-0.50%. DAX...6959.57...-43.10...-0.60%.

Special thanks to Bloomberg, CNNMoney, Reuters 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 4 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