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 Post subject: June 5th Wednesday Trade Results - Loss $500
PostPosted: Wed Jun 05, 2013 9:55 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)
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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 @ ($1380.00) dollars or -13.80 points, Light Crude Oil CL ($CL_F) futures @ $880.00 dollars or +0.88 points, Gold GC ($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 Loss @ ($500.00) 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=1523

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 Drops Below 15,000

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

NEW YORK (CNNMoney)
Persistent worries about the slowing economy and when the Federal Reserve will start tapering its bond buying program had investors on edge again Wednesday.

U.S. stocks fell sharply, extending the previous day's slide, after major global markets also ended in the red.

The Dow Jones industrial average dropped 217 points, or 1.4%, ending below 15,000 for the first time since May 6. The S&P 500 also dropped 1.4% and the Nasdaq declined 1.3%. The day's losses were the worst in almost two months for the Dow and Nasdaq.

Click here for more on stocks, bonds, currencies and commodities

Fed uncertainty dominates: The biggest question mark facing investors is how much longer will the Fed continue to boost the economy.

Comments from various Fed officials over the past few weeks have whipsawed markets as investors try to gauge the central bank's next move.

In its Beige Book report, an analysis of regional economic activity, the Fed described the economic recovery as "modest," "moderate" and "measured."

Investors have also been keeping close tabs on economic data for any additional clues.

Payroll-processor ADP said Wednesday that the private sector added 135,000 jobs in May, less than the 157,000 economists were expecting.

While the weak reading gave investors some hope that the Fed won't pare back its bond buying program anytime soon, nerves remain frayed and investors are taking caution.

The ADP report is a prelude to the U.S. government's closely watched monthly jobs report. That report is due before the bell Friday.

Marc Chandler, strategist for Brown Brothers Harriman, said in a client note that this month's jobs report is "particularly important," given all the rumblings about the Fed's next move.

Other economic news was mixed Wednesday. The ISM services sector expanded more than expected, with the index rising to 53.7 in May from 53.1 the previous month. But factory orders rose just 1%, less than the 1.6% forecast.

What's moving: The day's sell-off was broad-based, with all 10 S&P 500 sectors in the red.

Apple (AAPL, Fortune 500) shares slipped after the International Trade Commission ruled that several older Apple products violate a Samsung patent and can't be sold within the United States.

Shares of Toyota (TM) dropped after the automaker recalled nearly a quarter million hybrids to fix brakes.

Related: Fear & Greed Index slides back into neutral

A downer day for global markets: European markets tumbled after a second estimate of first quarter GDP confirmed that the eurozone economy contracted by 0.2%. London's FTSE 100 and the CAC 40 in Paris tanked about 2%, while Frankfurt's DAX fell slightly more than 1%.

Related: Market swings call Japan's Abenomics into question

Asian stocks also ended lower after investors were unimpressed by Japanese Prime Minister Shinzo Abe's unveiling of new "Abenomics" growth policies. The Nikkei index to tumble by nearly 4%, Hong Kong's Hang Seng lost 1% and the Shanghai Composite Index declined by 0.4%.

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Market Update

4:20 pm : The S&P 500 settled lower by 1.4% after steady selling persisted throughout the session.

Today's loss came on the heels of yesterday's weakness and the continued decline caused the benchmark average to slide more than 2.0% below Tuesday's high.

All ten sectors ended in the red as declining issues outpaced advancers by a 4.4 to 1 ratio.

Cyclical groups were among the main casualties of today's selloff as four of six growth-oriented sectors saw losses in excess of 1.6%.

The materials space fell 2.1% amid sector-wide weakness. Only gold miners were able to escape the selling pressure as the Market Vectors Gold Miners ETF (GDX 29.93, +0.09) added 0.3%.

While materials led to the downside, another commodity-related group, energy, finished among the leaders. Crude oil added 0.4% to $93.69 per barrel, which may have given a slight boost to the energy sector.

Elsewhere, the industrial sector declined amid significant pressure in transportation-related names. The Dow Jones Transportation Average fell 1.9% as 18 of its 20 components lost at least 1.0% each.

Also of note, homebuilders were among yesterday's biggest laggards and they remained weak today. The iShares Dow Jones US Home Construction ETF (ITB 23.06, -0.37) declined 1.6%.

Although cyclical sectors faced the bulk of today's selling, defensively-oriented groups were not far behind. Consumer staples, utilities, and telecom services each lost between 0.9% and 1.2% while the health care sector slumped 1.4%.

The weakness in equities has been closely correlated with the performance of the dollar/yen currency pair. Today, the yen continued strengthening, climbing to 99.20. In turn, the yen strength pressured Nikkei futures to a loss of 4.8%.

Notable losses in stocks sent a wave of money into the bond market. Aggressive buying pressured the 10-yr yield, pushing it lower by seven basis points to 2.088%.

Investors received a full slate of economic data today. The Federal Reserve's Beige Book for June did not contain any major surprises. General economic activity was described as having increased at a modest to moderate pace.

Similarly, several districts reported a measured improvement in hiring trends while some regions indicated finding qualified workers has been a challenge. On a related note, little pressure was observed in general wages, but some districts did observe a modest rise for some occupations.

Factory orders rose 1.0% in April after declining an upwardly revised 4.7% (from 4.9%) in March. The Briefing.com consensus expected orders to increase 1.6%.

Overall, the report was not too different from expectations. Durable goods growth was strong on solid demand from just about every sector. Some of those gains, however, were offset by falling nondurable goods prices.

While the manufacturing industry slipped into a contraction in May, the services sector managed its 41st consecutive monthly expansion. The ISM Non-manufacturing Index improved slightly in May, increasing from 53.1 in April to 53.7. The Briefing.com consensus expected the index to increase to 53.5.

Nonfarm business productivity increased 0.5% in Q1 2012. That was down from an originally reported 0.7% gain and exactly in-line with the Briefing.com consensus.

The big surprise was that unit labor costs now show a 4.3% decline in the first quarter after originally reporting a 0.5% increase. The consensus expected unit labor costs to be revised up to 0.6%.

Firms not only stretched their workforce by increasing their hours in the first quarter (1.6%), but they cut their hourly pay by 3.8%. Essentially, firms were able to produce more, pay less, and reap higher profits.

Tomorrow, May Challenger Job Cuts will be reported at 7:30 ET while weekly initial claims will be released at 8:30 ET.DJ30 -216.95 NASDAQ -43.78 SP500 -22.48 NASDAQ Adv/Vol/Dec 570/1.75 bln/1947 NYSE Adv/Vol/Dec 563/741.0 mln/2478

3:30 pm :

July crude oil advanced as better than expected inventory data and a weaker dollar index gave a boost to prices. The Dept of Energy reported that for the week ending May 31, crude oil inventories had a draw of 6.267 mln when a much smaller draw of 0.4-0.8 mln was anticipated. The energy component touched a session high of $94.48 per barrel but pulled back slightly in afternoon action and settled at $93.76 per barrel, booking a 0.5% gain.
July natural gas lifted off its session low of $3.98 per MMBtu and broke into positive territory in late morning action. However, it trended lower after touching a session high of $4.02 per MMBtu and settled unchanged at $4.00 per MMBtu.
Aug gold rose as investors reacted to weaker than anticipated ADP employment data released minutes before floor trade opened. The yellow metal brushed a session high of $1410.30 per ounce but pulled back in afternoon action. It touched a session low of $1396.10 per ounce moments before settling with a 0.1% gain at $1398.20 per ounce.
July silver also traded higher and touched a session high of $22.74 per ounce. It eventually settled at $22.47 per ounce, or 0.2% higher.

DJ30 -194.44 NASDAQ -38.04 SP500 -19.39 NASDAQ Adv/Vol/Dec 630/1477.9 mln/1884 NYSE Adv/Vol/Dec 585/501 mln/2454

3:00 pm : The major averages continue to hover near their lows as today's session enters its final hour.

In the foreign exchange market, the Dollar Index is off by 0.2% after the greenback surrendered some strength to the British pound and the Japanese yen.

The pound/dollar pair trades higher by 85 pips near 1.5400. The bulk of today's gains followed the better-than-expected Services PMI data with action nearing resistance around 1.5450. The pair will be in focus tomorrow when the Bank of England meets for the final time under Mervyn King's leadership. The central bank is expected to keep its interest rate and purchase program unchanged at their respective 0.50% and GBP375 billion.

Elsewhere, dollar/yen is off by 90 pips at 99.15. Overnight, Prime Minister Shinzo Abe delivered the third part of his speech on Abenomics, but disappointed many as he reiterated his 2% inflation target and 10-yr GDP targets, but failed to provide anything new. Today's weakness has the pair lower for the eighth time in ten sessions, and probing 99.00 support that is aided by the 50-day moving average.DJ30 -183.90 NASDAQ -38.89 SP500 -19.22 NASDAQ Adv/Vol/Dec 621/1.32 bln/1855 NYSE Adv/Vol/Dec 596/444.8 mln/2437

2:30 pm : The S&P 500 has returned to its lowest level of the day after the recent rebound attempt was met with additional selling.

The Federal Reserve has released its Beige Book for June, but the report did not contain any major surprises. General economic activity was described as having increased at a modest to moderate pace as vehicle sales and consumer spending improved.

Similarly, several districts reported a measured improvement in hiring trends while some regions indicated finding qualified workers has been a challenge. On a related note, little pressure was observed in general wages, but some districts did observe a modest rise for some occupations.DJ30 -227.91 NASDAQ -46.75 SP500 -24.09 NASDAQ Adv/Vol/Dec 558/1.21 bln/1921 NYSE Adv/Vol/Dec 523/405.5 mln/2499

2:00 pm : The S&P 500 has spent the past 30 minutes near the 1614 level. This level is about four points above today's session lows.

The recent bounce off session lows has caused the CBOE Volatility Index (VIX 17.47, +1.20) to retreat off its highs. However, the near-term volatility measure remains firmly higher.

While stocks hover near their lows, the bond market is close to its best levels of the day. An aggressive bid across the Treasury complex has resulted in a five basis point decline in the 10-yr yield, which is currently at 2.100%.DJ30 -175.00 NASDAQ -34.30 SP500 -17.60 NASDAQ Adv/Vol/Dec 647/1.10 bln/1816 NYSE Adv/Vol/Dec 635/368.3 mln/2369

1:35 pm : Recent action saw the S&P 500 climb four points off its lows, but the index continues to trade down 1.0%.

All ten sectors remain in the red as four of six cyclical groups hold losses of at least 1.0%. Meanwhile, the weakest defensively-oriented group, health care, is off by 0.9%.

On the flip side, the telecom sector has climbed off its lows to trim its loss to 0.4% as the two top sector components AT&T (T 35.55, -0.12) and Verizon Communications (VZ 48.62, -0.23) trade with respective losses of 0.3% and 0.4%.DJ30 -164.70 NASDAQ -32.39 SP500 -16.42 NASDAQ Adv/Vol/Dec 661/1.02 bln/1796 NYSE Adv/Vol/Dec 647/340.4 mln/2334

1:00 pm : The first half of today's session has seen a continuation of yesterday's bloodletting as eight of ten sectors trade with losses of at least 1.0%.

Cyclical groups have led the broader market lower, and the materials space is the weakest performer of the day. The sector holds a loss of 1.8% as most components display losses. Gold miners, however, have been able to withstand the selling as the Market Vectors Gold Miners ETF (GDX 29.85, +0.01) displays little change.

Meanwhile, the other commodity-related sector, energy, trades lower by 0.8%, which has it outperforming other cyclical sectors. Today's relative strength comes after energy shares finished yesterday's session among the laggards. On a related note, crude oil sports a gain of 0.5% at $93.80.

Elsewhere among growth-sensitive areas, the Dow Jones Transportation Average registers a loss of 2.2% as all 20 components hover in the red.

Today's selling has also pressured homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 22.88, -0.55) is off by 2.4% after losing 2.8% yesterday.

The weakness in equities has been closely correlated with the performance of the dollar/yen currency pair. Today, the yen has continued strengthening, climbing to 99.00. In turn, the yen strength has pressured the Nikkei futures as they trade lower by 4.7%.

Broad losses in stocks have sent a wave of money into the bond market. Aggressive buying has pressured the 10-yr yield, pushing it lower by six basis points to 2.091%.

Today's economic data was plentiful.

Factory orders rose 1.0% in April after declining an upwardly revised 4.7% (from 4.9%) in March. The Briefing.com consensus expected orders to increase 1.6%.

Overall, the report was not too different from expectations. Durable goods growth was strong on solid demand from just about every sector. Some of those gains, however, were offset by falling nondurable goods prices.

While the manufacturing industry slipped into a contraction in May, the services sector managed its 41st consecutive monthly expansion. The ISM Non-manufacturing Index improved slightly in May, increasing from 53.1 in April to 53.7. The Briefing.com consensus expected the index to increase to 53.5.

Nonfarm business productivity increased 0.5% in Q1 2012. That was down from an originally reported 0.7% gain and exactly in-line with the Briefing.com consensus.

The big surprise was that unit labor costs now show a 4.3% decline in the first quarter after originally reporting a 0.5% increase. The consensus expected unit labor costs to be revised up to 0.6%.

Firms not only stretched their workforce by increasing their hours in the first quarter (1.6%), but they cut their hourly pay by 3.8%. Essentially, firms were able to produce more, pay less, and reap higher profits.DJ30 -188.51 NASDAQ -43.92 SP500 -21.01 NASDAQ Adv/Vol/Dec 583/927.1 mln/1854 NYSE Adv/Vol/Dec 548/307.2 mln/2428

12:30 pm : The major averages have continued their steady decline. The S&P 500 trades lower by 1.1% and the persistent selling has pushed the benchmark average 2.1% below yesterday's early highs.

Selling in equities has been closely correlated with the performance of the dollar/yen currency pair. Today, the yen has continued strengthening as the pair hovers near 99.10. On a related note, the yen strength has pressured the Nikkei futures as they trade lower by 4.7%.DJ30 -164.00 NASDAQ -35.99 SP500 -17.96 NASDAQ Adv/Vol/Dec 589/839.7 mln/1828 NYSE Adv/Vol/Dec 582/282.1 mln/2392

12:00 pm : The major averages remain near their lows as the S&P 500 registers a loss of 0.8%.

Since the open, the benchmark average has attempted four bounces, but each try was met with more selling, which resulted in fresh lows.

Yesterday's biggest laggard, energy, has had the best showing so far today. The growth-sensitive sector trades lower by 0.7% while crude oil adds 0.6% to $93.85. Meanwhile, the other commodity-related sector, materials, is the biggest laggard as it registers a loss of 1.6%.DJ30 -148.51 NASDAQ -32.59 SP500 -16.11 NASDAQ Adv/Vol/Dec 605/730.6 mln/1787 NYSE Adv/Vol/Dec 616/249.1 mln/2347

11:30 am : The past 30 minutes saw the major averages continue to hover near their lows. The S&P 500 trades down 0.9% as all ten sectors remain in the red.

A recent report from the Wall Street Journal has suggested the International Monetary Fund will announce that Greece has not fulfilled three of four criteria for bailout access. Note that the Troika officials are currently in Greece for their latest review.DJ30 -126.51 NASDAQ -29.58 SP500 -14.88 NASDAQ Adv/Vol/Dec 633/633.8 mln/1744 NYSE Adv/Vol/Dec 628/219.2 mln/2310

11:00 am : Equities continue to trade lower as the major averages search for support. The S&P 500 is off by 0.8% as all ten sectors hover in the red.

Cyclical groups have led the selling as financials, industrials and materials register losses of more than 1.0%.

The weakness in the industrial sector has been most noticeable among transportation-related names. The Dow Jones Transportation Average trades down 1.3% as nineteen components register losses.

Elsewhere, the materials sector holds a loss of 1.4% even as metals trade higher.DJ30 -104.71 NASDAQ -24.61 SP500 -12.56 NASDAQ Adv/Vol/Dec 631/515.3 mln/1706 NYSE Adv/Vol/Dec 675/180.3 mln/2234

10:35 am : Commodities are mostly higher this morning, while the dollar index is modestly lower. Crude oil surged higher following inventory, which showed a much larger-than-expected draw, and pushed prices back above $94. In current action, crude oil is +1.1% at $94.33/barrel.

Natural gas sold off this morning, falling back below the $4/MMBtu level. July nat gas is now -0.2% at $3.99/MMBtu.

Precious metals surged earlier this morning. Aug gold is now +0.5% at $1404.20/oz, July silver is +0.7% at $22.57/oz. July copper is currently +0.7% at $3.39/lb.DJ30 -77.52 NASDAQ -14.69 SP500 -9.15 NASDAQ Adv/Vol/Dec 771/405.1 mln/1516 NYSE Adv/Vol/Dec 759/146 mln/2093

10:00 am : The S&P 500 trades lower by 0.2%.

April factory orders rose 1.0%, which was worse than the 1.6% increase expected by the Briefing.com consensus. Today's uptick follows last month's revised decrease of 4.9%.

The May ISM Services Index was reported at 53.7, ahead of the 53.5 forecast by the Briefing.com consensus, and up from the April reading of 53.1.DJ30 -34.17 NASDAQ -2.89 SP500 -3.58 NASDAQ Adv/Vol/Dec 930/227.4 mln/1260 NYSE Adv/Vol/Dec 948/87.8 mln/1819

09:45 am : The opening minutes have served as an extension of the cautious pre-market sentiment. The S&P 500 trades lower by 0.2% as nine of ten sectors register losses.

The weakest sector of the month, utilities, is the biggest underperformer in early action. Meanwhile, other defensive groups trail behind the broader market as well. The health care space is the lone exception as the sector trades flat.

The early weakness has translated into bond strength as the overnight bid in Treasuries extended into the morning. As a result, the 10-yr yield is lower by four basis points at 2.114%.DJ30 -42.54 NASDAQ -4.17 SP500 -3.62 NASDAQ Adv/Vol/Dec 888/125.8 mln/1203 NYSE Adv/Vol/Dec 991/60.2 mln/1696

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -3.70. Nasdaq futures vs fair value: -6.00. The S&P 500 futures trade with a loss of 0.3% as today's session sets up for a lower open. Cautious trade has been the theme across the globe as Asian markets registered losses while European indices have spent the first half of the session in the red.

In Japan, the Nikkei dropped 3.8% after Prime Minister Shinzo Abe revealed the third stage of his economic plan, which mostly reiterated what has already been known.

Looking at notable pre-market movers, Walgreen (WAG 48.45, +0.42) is higher by 0.9% after announcing a 2.8% increase in May same-store sales.

April factory orders and the May ISM Services Index will be reported at 10:00 ET while the Federal Reserve will release its Beige Book for June at 14:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -5.00.

The S&P 500 futures trade lower by 0.3%.

It was a sea of red across Asia as all of the major bourses, aside from India's Sensex (+0.1%), ended in negative territory. Japan's Nikkei tumbled nearly 4.0% after Part III of Prime Minister Abe's speech on Abenomics was a disappointment. Mr. Abe reiterated both his 2.0% inflation and 10-yr GDP targets, while failing to provide anything new. Data out overnight was limited to Australia's GDP, which posted a disappointing 0.6% quarter-over-quarter advance (0.8% expected).

In Japan, the Nikkei ended lower by 3.8% as trade closed at its lowest level in two months. Real estate and financial shares were under pressure with Mitsui Fudosan giving up 4.2% and Mitsubishi UFJ Financial shedding 3.8%. Meanwhile, the stronger yen weighed on exporters as Canon lost 3.9% and Toyota Motor fell 2.5%.
Hong Kong's Hang Seng shed 1.0% as trade tests the 200-day moving average. Insurer AIA lagged after its Chief Executive Officer cited increased competition in China. Shares ended down 3.4%. Elsewhere, solar names outperformed after EU officials backed down from earlier threats of imposing harsh tariffs on Chinese solar names. CGL Poly Energy was a top performer, jumping 6.1%.
In China, the Shanghai Composite slipped 0.1% amid a quiet trade. Brokerage firms saw solid gains after Beijing reportedly wants to increase the securities industry ten-fold. Haitong Securities led the sector higher with a 0.7% advance.

Key European indices hover near their session lows following the release of several economic data points. The Eurozone first quarter GDP was left unchanged at -0.2%, in line with expectations. Meanwhile, retail sales declined 0.5% (-0.1% consensus, -0.2% prior) while the Services PMI fell to 47.2 from 47.5 (47.5 expected). German Services PMI ticked down to 49.7 from 49.8 (49.8 forecast). French Services PMI remained unchanged at 44.3 (44.3 consensus). Italian Services PMI declined to 46.5 from 47.0 (47.5 forecast). Spanish Services PMI rose to 47.3 from 44.4 (45.0 expected). The United Kingdom's Services PMI climbed to 54.9 from 52.9 (53.0 forecast).

In news, International Monetary Fund Managing Director Christine Lagarde said the global economy could be headed for a softer patch due to slowing momentum in some emerging markets.

Germany's DAX is off by 1.0% as 2/3 of its components hover in the red. Chemical producers BASF and K+S lead the index lower with respective losses of 1.8% and 2.3%. Meanwhile, tire maker Continental trades higher by 1.9%.
In France, the CAC trades lower by 1.3%. Retailer Carrefour registers a loss of 4.1% after HSBC downgraded the shares of the food retailer. On the upside, Electricite de France trades higher by 2.0%.
The United Kingdom's FTSE is down 1.6% as nearly all of its 101 components display weakness. Aberdeen Asset Management is off by 6.3% and Tesco trades down 4.8% after its same-store sales missed estimates.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -6.40. Nasdaq futures vs fair value: -11.00. Equity futures continue to hover near their lows with the S&P 500 futures off by 0.5%.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 135K in May. This was below the increase of 157K expected by the Briefing.com consensus.

Productivity data for the first quarter showed an increase of 0.5%, which was worse than the 0.7% increase that had been reported in the preliminary reading. However, it was in line with the 0.5% increase that had been expected by the Briefing.com consensus. Unit labor costs for the first quarter were revised lower to reflect a 4.3% decrease after they had reportedly increased 0.5% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick up in the revised reading to reflect an increase of 0.6%.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -9.80.

U.S. equity futures trade modestly lower amid cautious overseas action. The S&P 500 futures are off by 0.4%.

Looking at overnight developments:

Asian markets ended generally lower. Japan's Nikkei fell 3.8%, Hong Kong's Hang Seng shed 1.0%, while China ended flat.
In regional economic data:
Australia's GDP rose 0.6% quarter-over-quarter (0.8% consensus, 0.6% prior) while the year-over-year reading increased 2.5% (2.7% expected, 3.1% previous). Separately, the AIG Services Index declined to 40.6 from 44.1.
China's HSBC Services PMI ticked up to 51.2 from 51.1.
Looking at news:
In Japan, Prime Minister Shinzo Abe has unveiled the third part of his economic plan and reiterated his 2.0% inflation target. However, the "growth strategy plan" appeared to underwhelm investors as the dollar/yen pair fell back below 100.00 while the Nikkei tumbled 3.8% to widen its loss from the May 22 high to 18.4%.

Key European indices hover near their session lows. Germany's DAX is off by 1.1%, France's CAC trades down 1.2%, and the United Kingdom's FTSE is lower by 1.4%.
Investors received a handful of economic data points:
The Eurozone first quarter GDP was left unchanged at -0.2%, in line with expectations. Meanwhile, retail sales declined 0.5% (-0.1% consensus, -0.2% prior) while the Services PMI fell to 47.2 from 47.5 (47.5 expected).
German Services PMI ticked down to 49.7 from 49.8 (49.8 forecast).
French Services PMI remained unchanged at 44.3 (44.3 consensus).
Italian Services PMI declined to 46.5 from 47.0 (47.5 forecast).
Spanish Services PMI rose to 47.3 from 44.4 (45.0 expected).
The United Kingdom's Services PMI climbed to 54.9 from 52.9 (53.0 forecast).
In news:
International Monetary Fund Managing Director Christine Lagarde said the global economy could be headed for a softer patch due to slowing momentum in some emerging markets.
The euro is largely unchanged against the dollar, at 1.3069, as traders stand pat ahead of tomorrow's interest rate decision from the European Central Bank.

In U.S. corporate news:

Ambarella (AMBA 17.30, +1.11) trades higher by 6.9% following its earnings beat on above-consensus revenue.
Apple (AAPL 446.00, -3.31) is off by 0.7% after Samsung won a a patent battle against the company.
Salesforce.com (CRM 38.89, +1.09) trades higher by 2.9% after Goldman Sachs added the stock to its 'Conviction Buy' list.

The weekly MBA Mortgage Index fell 11.9% to follow the prior week's decline of 8.8%.

May ADP Employment Change will be reported at 8:15 ET while the revised first quarter productivity reading and unit labor costs will be released at 8:30 ET. 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.

06:40 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -9.00.

06:40 am : Nikkei...13014.87...-518.90...-3.80%. Hang Seng...22069.24...-216.30...-1.00%.

06:40 am : FTSE...6478.98...-79.50...-1.20%. DAX...8226.10...-70.20...-0.80%.

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

http://www.thestrategylab.com
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