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 Post subject: June 4th Tuesday Trade Results - Profit $3190
PostPosted: Tue Jun 04, 2013 10:13 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
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)
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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 @ $520.00 dollars or +5.20 points, Light Crude Oil CL ($CL_F) futures @ $1550.00 dollars or +1.55 points, Gold GC ($GC_F) futures @ $1120.00 dollars or +11.20 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 @ $3190.00 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=1522

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 Ends Tuesday Winning Streak

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

NEW YORK (CNNMoney)
Wall Street couldn't turn it around Tuesday. U.S. stocks fell, with the Dow snapping a streak of 20 winning Tuesdays, on concerns about the global economy.

The Dow fell 76 points to end the day 0.5% lower. The index was down more than 130 points earlier, but it recovered some ground in the final hour of trading. The S&P 500 fell 0.5% and the Nasdaq lost 0.6%.

The losses bring to an end a record run of 20 winning Tuesdays for the Dow.

Tuesday's retreat was led by shares of companies in the energy and industrial sector, which had been among the better performers recently.

Investors had been boosting their exposure to those companies, which stand to benefit from a rebound in economic activity. But a report on the U.S. trade deficit Tuesday highlighted concerns about weakness in global economic activity putting a damper on U.S. economic growth.

Frank Davis, director of sales and trading at LEK Securities, said a pullback was not surprising given the rally stocks have had. The major indexes are all up about 16% so far this year.

Davis said the declines don't signal a major shift in investor sentiment. "Generally speaking, everyone still believes our market is sound," he said.

Fed heads: Stocks have been volatile recently, as investors grapple with an uncertain outlook for Federal Reserve policy. The Fed has said it could increase or decrease the pace of its bond buying program later this year, depending on how the economy performs.

Kansas City Fed president Esther George on Tuesday reiterated her call for the Fed to cut back on its bond buying.

Yet stocks rallied Monday after comments from Atlanta Fed president Dennis Lockhart raised hopes the central bank would continue to support the economy.

Related: End of the Fed ... speeches

The Fed's policies have been an important driver of the bull market over the past few years. But some investors argue that the economy has become strong enough to support stocks even after the Fed makes its exit.

"People have been saying this is a Fed-fueled rally," said Joe Bell, senior equity analyst at Schaeffer's Investment Research. "But the focus now seems to be shifting to the economic data."

Investors are looking ahead to Friday's jobs report, which could provide insight about the health of the economy for the Fed.

Market movers: Salesforce.com (CRM) shares fell after the company signed a deal to acquire cloud marketing platform ExactTarget (ET) for $2.5 billion. Shares of ExactTarget surged 52%.

General Motors (GM, Fortune 500) shares rose following news that the automaker will rejoin the S&P 500, replacing H.J. Heinz (HNZ, Fortune 500) at the end of trading Thursday.

Zynga (ZNGA) shares ended higher, following a 12% plunge on Monday, after the online game maker said it would cut more than 500 jobs, or nearly 20% of its staff.

Lululemon (LULU) is bringing back its black luon yoga pants after making changes in the material to solve a problem that made them see-through.

Dollar General (DG, Fortune 500) reported earnings and sales in line with forecasts but lowered its guidance. The news weighed on shares of other discount retailers, including Family Dollar (FDO, Fortune 500) and Dollar Tree (DLTR, Fortune 500).

Overseas markets bounce back: European markets closed higher, rebounding from a weak Monday session.

In Turkey, the country's benchmark index rallied by as much as 4.5% after markets took a steep drop Monday in reaction to unrest and anti-government protests across the nation.

Asian markets ended the day with mixed results.

Japan's Nikkei closed with a 2.1% gain, helped by a weakening yen and speculation that government officials will soon urge pension funds to increase their equity holdings.

Meanwhile, Hong Kong's Hang Seng was flat at the close and the Shanghai Composite Index declined by 1.2%.

In Australia, Billabong (BLLAF) shares took a dive after the surfwear company announced an end to takeover talks and warned of lower profits.

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Market Update

4:15 pm : The major averages ended with modest losses as the S&P 500 shed 0.6%.

Equities opened the session on an upbeat note as the Dow Jones Industrial Average appeared poised for its 21st consecutive Tuesday of gains. However, that changed midway through the trading day when the major averages dipped into the red, where they remained until the close.

The afternoon weakness left eight of the ten sectors in the red, but was most noticeable among cyclical groups as energy, financials, and industrials lost between 0.6% and 0.9%.

The energy space trailed behind the broader market from the start, and was unable to hold a gain even as every other sector displayed early strength. The growth-sensitive group was largely unaffected by the swings in crude oil as the energy component traded in a $2.00 range before ending little changed at $93.50 per barrel.

Elsewhere, weakness in all major banks pressured the financial sector, which settled lower by 0.9%.

Another growth-sensitive group, industrials, endured sector-wide selling as defense and transportation stocks retreated. The PHLX Defense Index fell 0.7% while the Dow Jones Transportation Average shed 0.5%.

Discretionary stocks outperformed other growth-oriented sectors, but a large subsector, homebuilders, did not share in the relative strength. Several major builders saw losses of more than 3.0%, and the iShares Dow Jones Home Construction ETF (ITB 23.43, -0.67) fell 2.8%.

Also of note, the technology sector saw some mixed performance as chipmakers advanced while major components lagged. The PHLX Semiconductor Index rose 0.4% while Dow component Microsoft (MSFT 34.99, -0.60) declined 1.7%.

On the upside, the telecom sector spent the entire day in positive territory as two major components, AT&T (T 35.67, +0.60) and Verizon Communications (VZ 48.84, +0.18), settled with respective gains of 1.7% and 0.4%.

In M&A news, Salesforce.com (CRM 37.80, -3.24) acquired ExactTarget (ET 33.69, +11.59) for $33.75 per share. The total transaction is valued at $2.5 billion, and the purchase price represents a 53% premium to ExactTarget's closing price from yesterday.

Today's economic data was limited to the April trade deficit, which widened to $40.3 billion from $37.1 billion. The Briefing.com consensus expected the deficit to come in at $41.0 billion.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while May ADP Employment Change will be announced at 8:15 ET. The revised first quarter productivity reading and unit labor costs will be released at 8:30 ET while April factory orders and May ISM Services will be announced at 10:00 ET. The day will be topped off with the 14:00 ET release of the Federal Reserve's Beige Book for June.DJ30 -76.49 NASDAQ -20.11 SP500 -9.04 NASDAQ Adv/Vol/Dec 796/1.77 bln/1680 NYSE Adv/Vol/Dec 1105/786.8 mln/1921

3:30 pm :

Aug gold fell back below $1400 per ounce as the Reserve Bank of India extended import restrictions on the yellow metal to include state-run trading companies and others authorized to directly import gold. A stronger dollar index also put pressure on prices. Gold fell as low as $1388.10 per ounce in late morning action. Unable to erase much of the loss, gold settled 1.0% lower at $1397.40 per ounce.
July silver also struggled in negative territory during today's floor trade. It brushed a session low of $22.23 per ounce and settled at $22.42 per ounce, booking a loss of 1.4%.
July crude oil popped into positive territory and to a session high of $94.41per barrel in late morning action. However, the energy component was unable to hold on to the gain and fell back into the red, settling with a 0.1% loss at $93.33 per ounce.
July natural gas chopped around in a fairly tight range between $3.99 and $4.03 per MMBtu during today's floor trade. It eventually settled at $4.00 per MMBtu, or 0.5% higher.

DJ30 -78.10 NASDAQ -19.40 SP500 -8.57 NASDAQ Adv/Vol/Dec 784/1457.5 mln/1700 NYSE Adv/Vol/Dec 1048/495 mln/1970

3:00 pm : The S&P 500 trades lower by 0.7% as today's session enters its final hour.

In the foreign exchange market, the Dollar Index holds a slim gain as action takes place near 82.80. The index was able to inch up to 83 in earlier action before afternoon selling took hold and contributed to the recent dollar weakness. Most of today's gains in the dollar have come at the expense of the Australian dollar and the Canadian dollar.

The AUDUSD pair is off by 130 pips at .9635 as trade gives up all of yesterday's gains. Today's selling comes after the Reserve Bank of Australia kept its key rate unchanged at 2.75%, but warned of potential rate cuts in the meetings ahead as the strong Australian dollar weighs on the economy. Australian data scheduled for tonight's release is limited to GDP.

Elsewhere, USDCAD adds 70 pips to 1.0350 with action reversing most of yesterday's losses. Today's bid has the pair back near its one-year high after buyers were able to defend the 1.0300 support area. Canada's building permits will be released tomorrow morning.DJ30 -109.40 NASDAQ -23.59 SP500 -11.58 NASDAQ Adv/Vol/Dec 787/1.31 bln/1685 NYSE Adv/Vol/Dec 1022/441.4 mln/1976

2:30 pm : The S&P 500 has paused its afternoon decline near yesterday's lows as the benchmark average trades with a loss of 0.8%. Although many sectors displayed little change into the afternoon, the recent selling has taken a toll on most groups.

The telecom space is the lone advancer while the second-best performing sector, consumer staples, trades lower by 0.8%.

Interestingly, little change has been observed in the Treasury market since the first wave of selling sparked a modest bid for Treasuries, which caused the 10-yr yield to slip from its afternoon highs to its current 2.131%.DJ30 -110.61 NASDAQ -26.66 SP500 -12.13 NASDAQ Adv/Vol/Dec 733/1.22 bln/1741 NYSE Adv/Vol/Dec 922/405.1 mln/2078

2:00 pm : Equities remain in the red with the S&P 500 off by 0.7%. The recent weakness has taken a toll on influential cyclical sectors as energy, industrials, and financials register losses between 0.8% and 1.1%.

The Dow Jones Transportation Average outperformed in early action, but the bellwether complex has since fallen victim to market-wide selling. Truckers are among the notable index laggards while the Transportation Average trades lower by 0.6%.

Also of note, the CBOE Volatility Index (VIX 16.96, +0.68) hovers at its highest level of the day.DJ30 -107.80 NASDAQ -24.11 SP500 -11.80 NASDAQ Adv/Vol/Dec 687/1.11 bln/1775 NYSE Adv/Vol/Dec 912/364.6 mln/2062

1:35 pm : The S&P 500 has dipped to its lows as afternoon selling picks up steam. Nine sectors trade in the red as today's biggest underperformers have widened their losses. Energy, financials, industrials, and the discretionary sector all trade with losses between 0.7% and 1.0%.

The selling has also translated into bond market strength as the 10-yr yield surrendered its entire gain.

Also of note, the dollar/yen pair has returned to its afternoon lows, currently trading at 100.12.DJ30 -86.82 NASDAQ -16.77 SP500 -9.33 NASDAQ Adv/Vol/Dec 776/1.00 bln/1660 NYSE Adv/Vol/Dec 1005/325.1 mln/1962

1:00 pm : At midday, the S&P 500 trades lower by 0.3%.

The major averages saw modest early gains, but the three indices were unable to hold those levels past the opening 90 minutes as several influential sectors weighed on the broader market.

The energy space has lagged from the start with the group continuing its weakness into the afternoon. The sector trades with a loss of 0.8% even as crude oil adds 0.4% to $93.85 per barrel.

Most other cyclical sectors can also be found among the laggards. Industrials have been pressured by defense stocks while transportation-related names have held up relatively well in the face of broad market weakness. The PHLX Defense Index is off by 0.6% while the Dow Jones Industrial Average displays little change.

Elsewhere, chipmakers have helped the tech sector resist some of the selling. STMicroelectronics (STM 9.76, +0.39) is a notable standout in the high-beta group as the stock trades up 4.2% after the company made optimistic comments regarding its order growth. Meanwhile, the PHLX Semiconductor Index trades higher by 1.0%.

Homebuilders have been less fortunate than other high-beta names as the SPDR S&P Homebuilders ETF (XHB 30.15, -0.48) sports a loss of 1.6%.

The telecom sector has held near its highs from the open as two major components AT&T (T 35.69, +0.62) and Verizon Communications (VZ 48.91, +0.25) register gains of more than 0.5%.

In M&A news, Salesforce.com (CRM 39.60, -1.44) has acquired ExactTarget (ET 33.72, +11.61) for $33.75 per share. The total transaction is valued at $2.5 billion, and the purchase price represents a 53% premium to ExactTarget's closing price from yesterday.

Today's economic data was limited to the April trade deficit, which widened to $40.3 billion from $37.1 billion. The Briefing.com consensus expected the deficit to come in at $41.0 billion.DJ30 -40.43 NASDAQ -5.73 SP500 -4.27 NASDAQ Adv/Vol/Dec 878/889.8 mln/1534 NYSE Adv/Vol/Dec 1113/288.8 mln/1837

12:30 pm : The S&P 500 is off by 0.3% as the benchmark average hovers near its session lows. The recent selling has caused most groups to surrender their gains while the telecom sector continues to trade higher by 1.0%.

The technology sector is the second-best performer, but the cyclical group holds a slim loss of 0.1% as major components succumb to the broad market weakness.

In turn, the selling has caused the CBOE Volatility Index (VIX 16.61, +0.33) to reach its highest level of the day as market participants adjust their near-term volatility expectations.DJ30 -42.89 NASDAQ -6.76 SP500 -5.37 NASDAQ Adv/Vol/Dec 905/811.4 mln/1512 NYSE Adv/Vol/Dec 1082/263.9 mln/1838

12:05 pm : Equities continue to hover near their recent levels. The Dow and S&P 500 sit near their flat lines while the Nasdaq adds 0.1%.

The telecom space continues to lead with a gain of 1.2%. Notably, the other defensive outperformer from earlier, the consumer staples sector, has surrendered most of its gains.

Technology stocks have also provided some leadership to the broader market, but the sector's advance has been more tentative. The tech space is higher by 0.3%, and is the top performing cyclical group.DJ30 -3.96 NASDAQ +4.93 SP500 -0.68 NASDAQ Adv/Vol/Dec 1010/718.8 mln/1373 NYSE Adv/Vol/Dec 1239/235.2 mln/1655

11:30 am : The S&P 500 has spent the past 30 minutes attempting to regain its flat line. The Dow has also been challenged by yesterday's closing level while the Nasdaq holds a slim gain of 0.2%.

Chipmakers have contributed to the outperformance of the tech-heavy Nasdaq. STMicroelectronics (STM 9.75, +0.38) is a notable standout in the high-beta group as the stock adds 4.1% after the company made optimistic comments regarding its order growth. Meanwhile, the PHLX Semiconductor Index trades higher by 1.1%.DJ30 -5.99 NASDAQ +6.37 SP500 +0.17 NASDAQ Adv/Vol/Dec 1064/617.8 mln/1304 NYSE Adv/Vol/Dec 1289/204.3 mln/1587

11:00 am : Recent action saw the Dow Jones and S&P 500 drop to their lows. Coinciding with the weakness was a Treasury bid, which pressured the 10-yr yield off its highest level of the day, to 2.145%. Also of note, the USDJPY pair has declined from its session high.

The telecom sector has shown strength from the start as two major components AT&T (T 35.58, +0.51) and Verizon Communications (VZ 49.11, +0.45) register gains of more than 0.9%. With regards to other defensive sectors, consumer staples trade higher by 0.2% while health care and utilities display little change.

Similar to defensive groups, cyclical sectors have displayed mixed performance. Currently, only the discretionary sector trades above its flat line.DJ30 -17.82 NASDAQ +1.26 SP500 -1.15 NASDAQ Adv/Vol/Dec 995/508.6 mln/1350 NYSE Adv/Vol/Dec 1226/173.9 mln/1634

10:30 am : Commodities are mixed/mostly lower this morning on strength in the dollar index.

Crude oil sold off this morning, moving back below the $93 level. In current trade, July crude oil is Natural gas, on the other hand, rallied earlier, hitting a new session high of $4.03/MMBtu, July nat gas is just below that level at $4.02/MMBtu, up 0.6%.

Precious metals have been sliding lower all session. Aug gold is now -1.2% at $1395.70/oz, while July silver is -1.6% at $22.36/oz. In base metals, July copper is +0.7% at $3.35/lb.DJ30 43.37 NASDAQ +16.77 SP500 +5.30 NASDAQ Adv/Vol/Dec 1247/368.4 mln/1041 NYSE Adv/Vol/Dec 1555/138 mln/1273

10:00 am : The major averages continue to hover near their opening highs with the S&P 500 up 0.3%.

The early gains have been paced the outperformance of consumer staples and telecom. Health care has also shown some relative strength as the sector adds 0.4%. The utilities space, however, has been unable to stay north of its flat line. The sector trades with a loss of 0.1%.

The Treasury market has seen some early selling, which has pushed the 10-yr yield higher by three basis points to 2.151%.DJ30 +24.34 NASDAQ +13.10 SP500 +4.16 NASDAQ Adv/Vol/Dec 1308/207.9 mln/900 NYSE Adv/Vol/Dec 1513/87.2 mln/1281

09:45 am : The major averages opened the session by climbing to their early highs. The S&P 500 trades with a gain of 0.3% as eight of ten sectors register losses.

The defensively-geared consumer staples and telecom have provided the early leadership while energy and utilities alternate between gains and losses.

Notably, the Dow Jones Transportation Average has shown early strength as the bellwether complex adds 0.6%.DJ30 +38.32 NASDAQ +10.30 SP500 +4.85 NASDAQ Adv/Vol/Dec 1376/140.1 mln/771 NYSE Adv/Vol/Dec 1702/67.3 mln/1029

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +2.70. Equity futures hover near their pre-market highs as today's cash session sets up for a slightly higher open. Pre-market action has been generally quiet with just a handful of names seeing notable moves.

In earnings news, Dollar General (DG 50.00, -3.55) trades down 6.6% after the company's cautious full-year guidance overshadowed its in-line results.

Elsewhere, Salesforce.com (CRM 39.22, -1.64) is lower by 4.0% after the company announced its acquisition of ExactTarget (ET 33.74, +11.64) in a transaction valued at $2.5 billion. Per the agreement, Salesforce.com will pay $33.75 per share of ExactTarget, which represents a 53.0% premium to yesterday's closing price.

Today's economic data was limited to the April trade deficit, which widened to $40.3 billion from $37.1 billion. The Briefing.com consensus expected the deficit to come in at $41.0 billion.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +2.50.

U.S. equity futures continue to register slim gains with the S&P 500 futures up 0.1%.

The major Asian bourses ended mixed with Japan's Nikkei (+2.1%) winning back a portion of yesterday's losses. Overnight, the Reserve Bank of Australia opined, opting to keep its key rate unchanged at 2.75%, as expected. However, traders took note of the Statement, which suggested a tame inflation outlook leaves room for further rate cuts down the road as the strong Aussie dollar weighs on the economy. Data out overnight was light with Australia's trade deficit narrowing to AUD8.51 billion (AUD14.7 billion previous) and Japan's average cash earnings posting a weaker than expected 0.3% year-over-year (0.6% expected).

In Japan, the Nikkei closed higher by 2.1% as traders gobbled up shares ahead of tomorrow's speech by Prime Minister Abe, in which he discusses Part III of Abenomics. Financial and real estate names were strong as Nomura Securities surged 7.6% and Sumitomo Realty & Development jumped 6.4%. Meanwhile, exporters lagged as Honda Motor added 0.8% and Komatsu tacked on 0.1%.
Hong Kong's Hang Seng finished flat as trade swung between gains and losses. A mixed trade among financials saw Bank of China add 0.3% and Agricultural Bank of China slip 0.3%.
In China, the Shanghai Composite settled lower by 1.2% as property stocks paced the decline. Gemdale lagged, sliding 2.2%, while China Vanke lost an in-line 1.2%.

European markets register modest gains following the release of several economic data points. The Eurozone PPI declined 0.6% month-over-month (-0.3% forecast, -0.2% prior). The United Kingdom's BRC Retail Sales Monitor increased 1.8% year-over-year (1.2% expected, -2.2% prior). In addition, construction PMI rose to 50.8 from 49.4 (49.6 forecast). Elsewhere, Spain reported a better-than-feared decline in unemployment of 98,300 (50,200 expected, 46,100 prior).

Reports indicate the European Commission will propose a single bank oversight mechanism, which would be funded through contributions from banks.

France's CAC trades higher by 0.5% with technology in the lead. Gemalto and StMicroelectronics are higher by 4.0% and 5.1%, respectively. On the downside, suppliers of building materials Bouygues and Cie de St-Gobain both trade with losses near 1.5%.
In Germany, the DAX adds 0.5% as financials show strength. Allianz and Deutsche Bank are both up near 1.2%. Exporters are among the laggards as Daimler and Volkswagen shed 1.8% and 2.4%, respectively.
The United Kingdom's FTSE trades up 0.8% as cyclical names pace the advance. Auto parts supplier GKN leads the way with a gain of 5.3%. On the downside, distributor Wolseley is lower by 4.4%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +2.70. The S&P 500 futures trade higher by 0.2%.

The trade deficit widened to $40.3 billion during April after a downwardly revised prior month deficit of $37.1 billion. Economists polled by Briefing.com had expected that the deficit would come in at $41.0 billion.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -1.80.

U.S. equity futures are little changed amid generally positive overseas action.

Looking at overnight developments:

Asian markets ended mixed. China's Shanghai Composite lost 1.2% while Japan's Nikkei gained 2.1%, and Hong Kong's Hang Seng ended flat.
Investors received a handful of economic reports:
Japan's monetary base expanded 31.6% year-over-year (24.3% consensus, 23.1% prior) while average cash earnings rose 0.3% year-over-year (0.6% expected, -0.9% prior).
The Reserve Bank of Australia left its key interest rate unchanged at 2.75%, as expected. In addition, the country reported a current account deficit of AUD8.5 billion (AUD9.0 billion expected, AUD14.8 billion prior).
In news:
Although the Australian central bank did not make any changes to its key interest rate, the accompanying policy statement left the door open for additional easing, especially in light of declining export prices.
Japan's Finance Minister Taro Aso said achieving the 2.0% inflation target is not an easy task. Mr. Aso declined to comment on volatility in equity markets or foreign exchange rates.

European markets are generally higher, but most indices have declined from their best levels of the day. The United Kingdom's FTSE trades with a gain of 0.7%, while France's CAC and Germany's DAX add 0.3% each.
Regional economic data was limited:
Eurozone PPI declined 0.6% month-over-month (-0.3% forecast, -0.2% prior).
The United Kingdom's BRC Retail Sales Monitor increased 1.8% year-over-year (1.2% expected, -2.2% prior). In addition, construction PMI rose to 50.8 from 49.4 (49.6 forecast).
Spain reported a better-than-feared decline in unemployment of 98,300 (50,200 expected, 46,100 prior).
In news:
Reports indicate the European Commission will propose a single bank oversight mechanism, which would be funded through contributions from banks.

In U.S. corporate news:

Dollar General (DG 50.61, -2.94) is off by 5.5% after the retailer's in-line earnings were overshadowed by below-consensus full-year earnings guidance.
ExactTarget (ET 33.75, +11.65) trades higher by 52.7% after Salesforce.com (CRM 39.93, -1.11) acquired the company for $33.75 per share. The total transaction is valued at roughtly $2.5 billion and the purchase price represents a 53.0% premium to ExactTarget's Monday closing price.

Today's economic data will be limited to the April Trade Balance with the report set to cross the wires at 8:30 ET.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -1.00.

06:28 am : Nikkei...13533.76...+271.90...+2.10%. Hang Seng...22285.52...+3.30...0.00.

06:28 am : FTSE...6568.82...+43.70...+0.70%. DAX...8326.21...+40.00...+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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