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 Post subject: June 3rd Monday Trade Results - Profit $4110
PostPosted: Mon Jun 03, 2013 1:10 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $3030.00 dollars or +30.30 points, Light Crude Oil CL ($CL_F) futures @ $1080.00 dollars or +1.08 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points, EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks and Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points. Total Profit @ $4110.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=118&t=1521

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). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

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=212&t=1853

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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 in many trading instruments I monitor during the trading day. 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, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading 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 trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Dow Keeps Winning Streak Alive

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

NEW YORK (CNNMoney)
U.S. stocks kicked off June with a win.

The Dow Jones Industrial Average, which has gained for six months in a row, kept its winning streak going Monday. The blue chip index was up all day but the buying really gained steam into the close, sending the Dow up 138 points, or 0.9%.

The S&P 500 and Nasdaq added between 0.3% and 0.6%, after drifting between positive and negative territory for most of the day.

Tomorrow, investors will see if Dow can extend its Super Tuesday streak and close higher for the 21st Tuesday in a row.

It's been a stellar year for stocks so far. All three indexes are up between 14% and 16%.

This year's bull run has been accompanied by a dose of volatility over the past few weeks, as investors worry about when the Federal Reserve might pull back on its bond buying program.

Underwhelming readings on manufacturing and construction spending didn't appear to rattle investors' confidence Monday.

Manufacturing contracted for the first time since November, while construction spending didn't rise as much as economists had expected.

Investors are waiting for the most important economic number this week from the government's monthly jobs report due out on Friday.

* Investors flee SAC Capital

Zynga gets zinged: Online gaming company Zynga (ZNGA) is cutting 18% of its workforce and closing up shop in New York, Dallas, and Los Angeles. Shares of the Farmville creator sank more than 12% once the company reopened for trading. The stock was halted shortly after All Things D reported the layoffs.

America's love affair with automobiles reignited: Ford (F, Fortune 500), General Motors (GM, Fortune 500), and Toyota (TM) all reported stronger-than-expected U.S. auto sales for May.

Separately, Ford announced that it was recalling 465,000 due to fuel leaks.

Shares of Tesla (TSLA), the electric car company founded by Elon Musk, floundered as Americans showed continuing allegiance to the traditional car makers.

Merck leads rally in drug stocks: Shares of Merck (MRK, Fortune 500) rose sharply, after the pharmaceutical firm announced a positive study for a skin cancer treatment.

The news boosted shares of GlaxoSmithKline (GSK), Bristol-Myers Squibb (BMY, Fortune 500), and Pfizer (PFE, Fortune 500).

Intel (INTC, Fortune 500) got a big boost from an analyst upgrade, making it and Merck the biggest Dow gainers Monday.

Troubles in Turkey: Stocks in Turkey got hammered as protests against Prime Minister Recep Tayyip Erdogan spread across the country.

But other European markets shrugged off the Turkish violence. All three major indexes closed down between 0.7% and 0.8%.

Asian markets ended with losses, led by a 3.7% tumble for Tokyo's Nikkei. The index has lost nearly 12% since its peak in May.

Japan has been on a wild ride since prime minister Shinzo Abe promised a bold plan of bond buying to spur that country's long sagging economy.

So-called Abenomics had also weakened Japan's currency appreciably -- a trend that's started to reverse of late. The yen rose against the dollar Monday.

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Market Update

4:15 pm : The major averages registered modest gains with the Dow Jones Industrial Average leading the way, adding 0.8%. The Nasdaq eked out a gain of 0.2% while the S&P 500 climbed 0.5%.

After showing little change in the opening minutes of today's session, the three indices jumped to their highs in the wake of the May ISM report. Although the reading missed expectations, the disappointing data point was perceived as a sign the Federal Reserve will maintain its current accommodative policy course.

The brief spike was followed by a return to session lows as the Nasdaq and S&P 500 dipped into the red, where they spent most of the afternoon.

However, the Dow never saw red as Merck (MRK 48.45, +1.75) and Intel (INTC 25.24, +0.96) boosted the price-weighted index from the opening bell. Merck rose 3.8% after the company presented the interim results of one of its trials while Intel gained 4.0% following the weekend public debut of its fourth generation processors. Other chipmakers also saw gains as the PHLX Semiconductor Index advanced 0.5%.

Although the tech sector registered a slim gain, the tech-heavy Nasdaq trailed behind the other averages as biotechnology pressured the index throughout the day. The iShares Nasdaq Biotechnology ETF (IBB 177.43, -2.07) fell 1.2%.

While the afternoon rally enabled most sectors to erase their early losses, financials, homebuilders, and transportation-related stocks spectated from the sidelines.

Major financials displayed mixed performance as Bank of America (BAC 13.55, -0.11) fell 0.8% while Goldman Sachs (GS 163.56, +1.48) rose 0.9%. Meanwhile, the financial sector ended little changed.

Elsewhere, the weakness in homebuilders sent the SPDR S&P Homebuilders ETF (XHB 30.63, -0.27) back to its early May levels as the ETF lost 0.9%.

Finally, softness among airlines and truckers pressured the Dow Jones Transportation Average as the bellwether complex ended flat.

The CBOE Volatility Index (VIX 16.20, -0.10) ended in the red after climbing as high as 17.58% intraday.

Today's volume was well above average as 880 million shares changed hands on the floor of the New York Stock Exchange.

Looking at today's economic data, the ISM Manufacturing Index fell to 49.0 in May from 50.7 in April. That was the first contraction in the ISM Index since November 2012, and the lowest reading since June 2009. The Briefing.com consensus expected the index to increase modestly to 50.9.

Separately, construction spending increased 0.4% in April after declining an upwardly revised 0.8% (from -1.7%) in March. The Briefing.com consensus expected construction spending to increase 1.1%.

Residential construction, which was supposed to be a positive contributor to construction spending growth in April, fell 0.1%. The drop was the result of a sharp decline in home improvement spending (-3.2%).

Tomorrow's economic data will be limited to the 8:30 ET release of the April trade balance. The Briefing.com consensus expects a trade deficit of $41 billion to follow the March deficit of $38.8 billion.DJ30 +138.46 NASDAQ +9.46 SP500 +9.68 NASDAQ Adv/Vol/Dec 1459/1.96 bln/1019 NYSE Adv/Vol/Dec 1384/880.0 mln/1694

3:30 pm :

July crude oil steadily climbed higher during today's floor trade as it got support from a slide in the dollar index following data showing the ISM Manufacturing Index contracting for the first time since November 2012. The energy component lifted off its session low of $92.23 per barrel set in early morning floor trade and brushed a session high of $93.68 per barrel. It booked a 1.6% gain as it settled at $93.41 per barrel.
July natural gas climbed to a session high of $4.04 per MMBtu but lost momentum in afternoon floor trade. It erased all of its earlier gains as it settled the session unchanged at $3.98 per MMBtu.
Aug gold gained strength as the dollar index tumbled. The yellow metal took off from its session low of $1390.00 per ounce and rose as high as $1416.50 per ounce. It spent afternoon action trading just below that level and settled with a 1.3% gain at $1412.10 per ounce.
July silver rallied to a session high of $22.92 per ounce in late morning pit action after trading as low as $22.27 per ounce earlier in the session. It eventually settled at $22.73, booking a gain of 2.2%.

DJ30 +92.41 NASDAQ +4.28 SP500 -4.53 NASDAQ Adv/Vol/Dec 1322/1598.4 mln/1152 NYSE Adv/Vol/Dec 1163/572 mln/1896

3:00 pm : After breaking through its flat line, the S&P 500 trades with a slim gain of 0.2%.

In the foreign exchange market, the Dollar Index has endured a rough session as investors shunned the safety of the greenback in favor of riskier currencies. The Index trades lower by 0.9% at 82.66 and the bulk of today's dollar weakness has given a boost to the Australian dollar and the Japanese yen.

The AUDUSD pair trades higher by 220 pips near .9765 as action holds just off session highs. The hard currency squeezed to its best level in almost two weeks following this morning's disappointing U.S. data, and is now testing near-term resistance in the .9800 area. A move back up to 1.0050 would mark a 50% retracement of the selloff that began from the mid-April highs. The Reserve Bank of Australia will opine tonight with analysts expecting no change from the current 2.75%.

Elsewhere, USDJPY is off by 110 pips at 99.35 as trade slides onto the 50-day moving average. Traders are watching the level closely as support dating back to the beginning of April comes into play. Japan's average cash earnings will be released this evening. On a related note, the Nikkei futures trade lower by 3.1%.DJ30 +81.16 NASDAQ -10.43 SP500 +2.64 NASDAQ Adv/Vol/Dec 1243/1.42 bln/1224 NYSE Adv/Vol/Dec 1083/510.1 mln/1966

2:30 pm : Afternoon action has slowed down considerably as the three major averages huddle near their flat lines. The Dow trades higher by 0.4% while the Nasdaq sheds 0.4%. Meanwhile, the S&P 500 splits the difference as the index shows no change.

Notably, some of the earlier underperformers have been able to climb off their lows. Consumer discretionary and technology sectors lagged in earlier action, but the two groups have erased the bulk of their losses since. However, the weakest group of the day, financials, remains in the red.

On the upside, the consumer staples sector trades higher by 0.6%.DJ30 +59.82 NASDAQ -15.96 SP500 -0.15 NASDAQ Adv/Vol/Dec 1202/1.33 bln/1259 NYSE Adv/Vol/Dec 1026/477.1 mln/2016

2:00 pm : The S&P 500 hovers within two points of its flat line as the benchmark average eyes yet another attempt at turning positive.

Investors have been paying close attention to the recent performance of Japan's Nikkei. The index has continued to show weakness since falling from its May 22 high as the Japanese yen strengthened. Stocks in Japan began the week on a lower note as the index fell 3.7%. In addition, the USDJPY pair has slipped below 100.00.

Also of note, the Nikkei futures trade lower by 3.8%, suggesting a lower start to the Tuesday session.DJ30 +46.46 NASDAQ -20.67 SP500 -1.88 NASDAQ Adv/Vol/Dec 1104/1.23 bln/1351 NYSE Adv/Vol/Dec 954/441.7 mln/2082

1:30 pm : Afternoon action continues as equity indices hover near their recent levels. The S&P 500 holds a loss of 0.2% after two of its most recent attempts at turning positive were denied.

Cyclical sectors continue to show weakness as financials remain near their lows. Elsewhere, the discretionary space has been pressured by the weakness in homebuilders and retailers. The SPDR S&P Homebuilders ETF (XHB 30.16, -0.74) trades down 2.4% while the SPDR S&P Retail ETF (XRT 77.05, -0.55) registers a loss of 0.7%.DJ30 +40.62 NASDAQ -22.94 SP500 -2.44 NASDAQ Adv/Vol/Dec 989/1.14 bln/1460 NYSE Adv/Vol/Dec 873/408.5 mln/2169

1:00 pm : At midday, the S&P 500 is off by 0.2%.

Equities saw little change in the opening minutes of today's session. However, some volatility crept into the markets after the May ISM Index was reported below expectations.

The ISM Manufacturing Index fell to 49.0 in May from 50.7 in April. That was the first contraction in the ISM Index since November 2012, and the lowest reading since June 2009. The Briefing.com consensus expected the index to increase modestly to 50.9.

Even though the report missed estimates, equities spiked briefly as the disappointment was viewed as a sign the Federal Reserve will maintain its accommodative policy stance into the near future.

The gains were short-lived as the three indices began to show some divergence after today's economic news. Since then, the S&P 500 has hovered near its lows as the weakness of cyclical sectors overshadows the modest gains in consumer staples and utilities.

The energy space has been the lone standout among growth-sensitive sectors as crude oil adds 1.6% to $93.44 per barrel.

Elsewhere in commodities, gold trades up 1.5% to $1413.60 while copper adds 1.1% to $3.328 per pound. However, the relative strength of commodities has not done much to help the materials sector, which trades lower by 0.3%.

The price-weighted Dow has been able to outperform the S&P thanks, in part, to the relative strength of Merck (MRK 48.88, +2.18) after the drug maker presented the results of one of its trials.

Although Merck has outperformed from the start, the health care sector displays little change. This likely stems from the underperformance of biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 174.95, -4.55) registers a loss of 2.5%.

The softness in biotechnology combined with losses across the tech sector has weighed on the Nasdaq, which trades down 0.8%.

After rising steadily throughout last week, the CBOE Volatility Index (VIX 17.22, +0.92) has climbed to levels not seen since April 18 as market participants adjust their near-term volatility expectations.

Looking at today's remaining economic data, construction spending increased 0.4% in April after declining an upwardly revised 0.8% (from -1.7%) in March. The Briefing.com consensus expected construction spending to increase 1.1%.

Residential construction, which was supposed to be a positive contributor to construction spending growth in April, fell 0.1%. The drop was the result of a sharp decline in home improvement spending (-3.2%).DJ30 +54.53 NASDAQ -23.52 SP500 -2.26 NASDAQ Adv/Vol/Dec 975/1.07 bln/1470 NYSE Adv/Vol/Dec 883/380.1 mln/2149

12:30 pm : Recent action saw the S&P 500 attempt a break above its flat line. However, the index has not been able to cross into positive territory as influential sectors continue to show weakness.

Most cyclical sectors remain near their lows as financials lead to the downside with a loss of 1.0%. In addition, the Dow Jones Transportation Average is lower by 0.9% as 18 of 20 components register losses.

The energy sector has been the lone standout among growth-sensitive areas. The relative strength of crude oil has helped keep the group keep its head above water as the energy component adds 1.7% to $93.56 per barrel.DJ30 +55.99 NASDAQ -26.29 SP500 -2.89 NASDAQ Adv/Vol/Dec 958/984.7 mln/1459 NYSE Adv/Vol/Dec 898/349.8 mln/2116

12:00 pm : The S&P 500 and Nasdaq remain pressured while the Dow continues to hold a slim gain. With regards to individual sectors, only three groups, consumer staples, energy, and utilities, trade with gains between 0.4% and 0.5% while the other seven hover in the red.

The financial sector has shown the most weakness as most major components lag. The sector trades lower by 1.1% after gaining 6.1% in May, which vaulted the growth-sensitive group to the top of this year's leader board.

Also of note, the CBOE Volatility Index (VIX 17.25, +0.95) has climbed to its highest level since April 18.DJ30 +59.55 NASDAQ -27.81 SP500 -3.07 NASDAQ Adv/Vol/Dec 1003/894.5 mln/1411 NYSE Adv/Vol/Dec 943/320.7 mln/2069

11:30 am : Equities continue to trade near their lows. The S&P 500 is off by 0.4% while the Nasdaq lags with a loss of 0.9%.

The tech-heavy index has been pressured by large components as Apple (AAPL 443.60, -6.13) and Google (GOOG 858.64, -12.58) trade with losses near 1.3%. In addition, notable weakness in biotechnology has also provided a headwind to the index. The iShares Nasdaq Biotechnology ETF (IBB 174.37, -5.12) is off by 2.8%.

On the upside, chipmakers have been able the outperform the Nasdaq. Intel (INTC 25.20, +0.92) sports a gain of 3.8% while the broader PHLX Semiconductor Index sheds 0.5%.DJ30 +26.34 NASDAQ -31.10 SP500 -6.98 NASDAQ Adv/Vol/Dec 908/754.7 mln/1479 NYSE Adv/Vol/Dec 823/277.1 mln/2159

11:00 am : The major averages hover near their lows with the S&P 500 little change. While the benchmark average trades with a slim loss, the Dow Jones Industrial Average has been able to remain in positive territory as Merck (MRK 49.05, +2.35) provides a measure of support to the price-weighted index.

Although Merck sports a solid gain of 5.0%, other health care components have been more tentative in their advance while biotechnology has shown notable weakness. The iShares Nasdaq Biotechnology ETF (IBB 176.09, -3.41) trades lower by 1.9% and weighs on the Nasdaq.DJ30 +58.75 NASDAQ -15.62 SP500 -1.23 NASDAQ Adv/Vol/Dec 1158/602.6 mln/1187 NYSE Adv/Vol/Dec 1078/225.3 mln/1893

10:35 am : Commodities rallied, mostly metals, following the notable drop in the dollar index due to the 10:30am ET econ data that hit. Gold spiked to a new session high, silver rallied back near its HoD and crude oil ran to a new HoD.

Dollar index extended losses in recent minutes, remaining below 83 here. July crude oil remains near $93 in current action.. now at $92.99, up 1.1%. Natural gas is near the $4.00 level.. now $4.01, up 0.7%.

Precious metals remain near session highs, but copper has reversed and is just showing a modest gain. Aug gold is now +0.8% at $1404.80/oz, July silver is +1.3% at $22.53/oz, July copper is +0.5% at $3.31/lb.DJ30 +41.85 NASDAQ -12.34 SP500 -2.26 NASDAQ Adv/Vol/Dec 1424/453.1 mln/873 NYSE Adv/Vol/Dec 1130/186 mln/1802

10:00 am : The S&P 500 dipped to session lows in reaction to a below-consensus ISM Index. The benchmark average trades lower by 0.2%.

The May ISM Index fell to 49.0 from 50.7 while the Briefing.com consensus expected the reading to rise to 50.9. Meanwhile, April construction spending rose 0.4% month-over-month, against the expected increase of 1.1%.DJ30 +25.11 NASDAQ -11.42 SP500 -2.79 NASDAQ Adv/Vol/Dec 1077/288.4 mln/1148 NYSE Adv/Vol/Dec 1001/122.1 mln/1873

09:45 am : The major averages have dipped into the red after seeing slim opening gains.

Energy, health care, and industrials have provided some early leadership. The three cyclical groups all trade with gains between 0.3% and 0.5%.

On the flip side, the recent underperformance of defensively-oriented sectors has continued as consumer staples and utilities trade with respective losses of 0.5% and 1.0%.

April construction spending and May ISM Index will be reported at 10:00 ET.DJ30 +36.76 NASDAQ -6.28 SP500 -1.06 NASDAQ Adv/Vol/Dec 1090/155.1 mln/1016 NYSE Adv/Vol/Dec 1214/81.9 mln/1546

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +5.00. U.S. equity futures trade with modest gains as the start of today's cash session nears. The S&P 500 futures are higher by 0.3% while Dow futures outperform with a gain of 0.5% as Dow component Merck (MRK 48.85, +2.15) adds 4.6% in pre-market after the drug maker presented the results of one of its trials.

Elsewhere, some overnight selling across the Treasury complex has pushed the 10-yr yield higher by three basis points to 2.163%

April construction spending and May ISM Index will be reported at 10:00 ET.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +6.20.

U.S. equity futures have returned to the middle of the pre-market range. The S&P 500 futures trade higher by 0.3%.

It was a sea of red across Asia as all of the major bourses ended in negative territory. Selling was heaviest on Japan's Nikkei (-3.7%) with the major average now down more than 15% since its May 22 close. Meanwhile, China's Shanghai Composite (-0.1%) outperformed after this weekend's data dump showed Manufacturing PMI improved to 50.8 (49.9 expected, 50.6 previous), Non-Manufacturing PMI slipped to 54.3 (54.5 prior), and HSBC Final Manufacturing PMI eased to 49.2 (49.6 expected, 49.6 previous). Data from the rest of the region was heavy with Australia's retail sales missing (0.2% month-over-month actual versus 0.3% expected) while company operating profits beat (3.0% quarter-over-quarter actual versus 1.6% expected) and ANZ Job Advertisements slid 2.4% quarter-over-quarter. Elsewhere, Japan's capital spending posted a better than anticipated -3.9% quarter-over-year (-5.5% expected) while Thailand's inflation rate slipped 2.3% year-over-year and Indonesia's fell to 5.5% year-over-year.

In Japan, the Nikkei closed lower by 3.7% to end at its worst level in almost six weeks. Financial and real estate shares were hit hard as Nomura Holdings tumbled 6.6% and Mitsui Fudosan gave up 5.5%. Elsewhere, heavyweight Fast Retailing dropped 5.7% after posting a 5.1% advance on Friday.
Hong Kong's Hang Seng shed 0.5% to end at a five-week low. Financials were pressured as ICBC and China Construction Bank shed 1.3% and 0.5%, respectively.
In China, the Shanghai Composite slipped 0.1% as property shares outperformed after home prices rallied 6.9% in May despite the government implementing new efforts to rein in prices. Gemdale and Poly Real Estate led, posting gains of 1.6% and 0.9%, respectively.

European indices trade in mixed fashion after starting the day on a lower note. Regional economies released their Manufacturing PMI readings for May. While all readings came in ahead of expectations, most remained below 50, which delineates contraction from expansion. Eurozone Manufacturing PMI rose to 48.3 from 47.8 (47.8 expected). Germany's Manufacturing PMI ticked up to 49.4 from 49.0 (49.0 forecast). United Kingdom's Manufacturing PMI increased to 51.3 from 50.2 (50.2 expected). France saw its Manufacturing PMI rise to 46.4 from 45.5 (45.5 expected). Italy's Manufacturing PMI rose to 47.3 from 45.5 (46.2 forecast). Spain's Manufacturing PMI climbed to 48.1 from 44.7 (45.5 consensus).

In news, European Central Bank President Mario Draghi said the region's bank supervisory mechanism will become effective this month. Elsewhere, Spain's Prime Minister Mariano Rajoy said the country's unemployment figures, scheduled for a June 4 release, will be "encouraging."

In the United Kingdom, the FTSE trades lower by 0.4% as large components weigh. Aberdeen Asset Management, Sage Group, and Tesco are all down near 2.0%. Miners are among the outperformers as Antofagasta, Glencore Xstrata, and Polymetal International add between 1.8% and 2.8%.
Germany's DAX is higher by 0.1% as financials and technology show strength. Deutsche Bank and SAP trade with respective gains of 1.5% and 2.3%.
In France, the CAC trades up 0.1% with cyclical names in the lead. BNP Paribas and Schneider Electric both trade with gains near 1.0%. Producers of basic materials have also shown strength. ArcelorMittal and Solvay trade higher by 0.8% and 1.2%, respectively.

08:30 am : S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +7.70. Equity index futures trade with modest gains after retreating from their earlier highs. The S&P 500 futures trade up 0.3% after the benchmark index fell 1.4% on Friday.

The Friday weakness carried into the Japanese session as the Nikkei continued its recent softness by falling another 3.7%. In addition, the yen has strengthened against the dollar with the USDJPY pair dipping as low as 100.03 in overnight action before clawing back to its current level of 100.19.

On a related note, the Dollar Index is off by 0.3% at 83.14 as investors opt for riskier currencies. The greenback is little changed against the euro while the British pound adds nearly 80 pips versus the dollar.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +6.90. Nasdaq futures vs fair value: +11.00.

U.S. equity futures trade modestly higher amid mixed overseas action. The S&P 500 futures are higher by 0.4%.

Looking at overseas developments:

Asian markets ended on a lower note. Japan's Nikkei fell 3.7%, Hong Kong's Hang Seng shed 0.5%, and China's Shanghai Composite ended flat.
In regional economic data:
China's Manufacturing PMI rose to 50.80 from 50.60 (50.10 expected). However, the HSBC Manufacturing PMI fell to 49.20 from 49.60 (49.60 expected). In addition, the Non-Manufacturing PMI decreased to 54.30 from 54.50.
Japan's capital spending decreased 3.9% quarter-over-quarter (-5.5% expected, -8.7% prior) while business capital expenditures also declined 3.9% quarter-over-quarter (+2.2% prior).
South Korea reported a trade surplus of $6.03 billion (2.40 billion previous).
India's HSBC Manufacturing PMI declined to 50.10 from 51.00 (51.10 expected).
Looking at news:
Following the mixed PMI data out of the Middle Kingdom, Nomura's chief China economist said data points like industrial production or electricity generation will provide a much better picture of the overall activity.

European indices trade in mixed fashion after starting the day on a lower note. The United Kingdom's FTSE is off by 0.2% while Germany's DAX adds 0.5%, and France's CAC trades with a gain of 0.7%.
Regional economies released their Manufacturing PMI readings for May. While all readings came in ahead of expectations, most remained below 50, which delineates contraction from expansion.
Eurozone Manufacturing PMI rose to 48.3 from 47.8 (47.8 expected).
Germany's Manufacturing PMI ticked up to 49.4 from 49.0 (49.0 forecast).
United Kingdom's Manufacturing PMI increased to 51.3 from 50.2 (50.2 expected).
France saw its Manufacturing PMI rise to 46.4 from 45.5 (45.5 expected).
Italy's Manufacturing PMI rose to 47.3 from 45.5 (46.2 forecast).
Spain's Manufacturing PMI climbed to 48.1 from 44.7 (45.5 consensus).
In news:
European Central Bank President Mario Draghi said the region's bank supervisory mechanism will become effective this month.
In Spain, Prime Minister Mariano Rajoy said the country's unemployment figures, scheduled for a June 4 release, will be "encouraging."
Also of note, the main stock exchange of Turkey, Borsa Istanbul 100, is down over 8.8% amid anti-government protest taking place across the country.

In U.S. corporate news:

F5 Networks (FFIV 82.40, -0.81) is off by 1.0% after Morgan Stanley downgraded the stock to 'Equal-Weight' from 'Overweight.'
Merck (MRK 48.60, +1.90) trades higher by 4.1% after the drug maker presented the results of one of its trials.

April construction spending and May ISM Index will be reported at 10:00 ET while auto and truck makers will be announcing their May sales throughout the day.

06:44 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +7.00.

06:44 am : Nikkei...13261.82...-512.70...-3.70%. Hang Seng...22282.19...-110.00...-0.50%.

06:44 am : FTSE...6557.54...-25.60...-0.40%. DAX...8304.36...-44.20...-0.50%.

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 Image@ http://stocktwits.com/wrbtrader

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