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 Post subject: June 6th Thursday Trade Results - Profit $5395
PostPosted: Thu Jun 06, 2013 11:19 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 @ $2950.00 dollars or +29.50 points, Emini ES ($ES_F) futures @ $125.00 dollars or +2.50 points, Light Crude Oil CL ($CL_F) futures @ $1000.00 dollars or +1.00 points, Gold GC ($GC_F) futures @ $1320.00 dollars or +13.20 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $5395.00 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
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

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=1524

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.

Stocks Stage Big Comeback

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

NEW YORK (CNNMoney)
U.S. stocks ended a volatile session higher Thursday as investors brace for a key report on the job market.

The Dow Jones industrial average rose 80 points, or 0.5%, after falling more than 100 points earlier. With that comeback, the Dow avoided what would have been its first three-day losing streak this year. The S&P 500 gained 0.8% and the Nasdaq rose 0.7%

Stocks came under pressure in midday trading as the U.S. dollar weakened against other currencies. The dollar fell 3% versus the Japanese yen before regaining some ground. It fell more than 1.5% versus the euro and the U.K. pound.

Traders said the weakness in the dollar was driven by speculation that Friday's report on the U.S. job market could fall short of expectations. But trading has been choppy overall recently as investors wrestle with concerns about the global economy and an uncertain outlook for Federal Reserve policy.

U.S. stocks fell sharply Wednesday, with the Dow closing below 15,000 for the first time since May 6.

Volatility is back. CNNMoney's Fear & Greed index has moved within a few points of the level that signals "extreme fear" in the market.

Over the past month, the CBOE market volatility index, or VIX (VIX), has surged more than 40% and has nearly erased all of its losses for the year.

"We're going to continue to see volatility in the market," said Ben Schwartz, chief market strategist at Lightspeed Financial. "There's a lot of uncertainty."

Schwartz noted that June is typically a bad month for stocks, adding that many investors are in the midst of repositioning their portfolios for the second half of the year.

"We're looking to see what the Federal Reserve is going to do, and what the [economic] numbers are going to look like over the next week or two," he said.

* Dimon says expect 'scary' markets

Jobs in focus. Analysts say Friday's report could be particularly important given the questions about how long the Fed will continue its bond-buying program.

The government said Thursday that initial claims for unemployment benefits totaled 346,000 in the week ended June 1, down 11,000 from the previous week.

Jim O'Sullivan, chief U.S. economist at High Frequency Economics, reduced his forecast for Friday's report to a gain of 150,000 jobs from 195,000 jobs. He pointed to disappointing reports this week on the services industry and hiring by employers in the private sector.

The private sector continued to add jobs in May, according to this week's report from payroll processing firm ADP, but the pace was slower than economists had hoped.

On the move: Shares of SodaStream (SODA) rose on speculation that PepsiCo (PEP, Fortune 500) may be trying to buy the soda maker. But the stock pared earlier gains after PepsiCo CEO Indra Nooyi told CNBC the rumors were untrue.

Limited Brands (LTD, Fortune 500), which owns Victoria's Secret and other apparel brands, said same store sales rose 3% in May. That was slightly below forecasts, putting pressure on the stock.

J. M. Smucker Company (SJM, Fortune 500) said earnings jumped 25% during its fiscal fourth quarter, but sales fell 1% on price cuts made last year.

Shares of LightInTheBox (LITB) rallied in their U.S. stock market debut. The online retailer of "lifestyle products" based in China, raised $79 million through an initial public offering that priced in the middle of its estimated range.

European stocks ended lower, with markets in London, Paris and Frankfurt falling more than 1%. The European Central Bank and the Bank of England both left their main interest rates unchanged, as expected.

European investors showed little reaction to monetary policy announcements, though the euro surged to a four-week high against the U.S. dollar.

Asian markets ended the day in the red. Japan's Nikkei index fell by another 0.9%, after dropping nearly 4% in the previous session. The Tokyo index has fallen more than 17% since May 22, when it hit its highest level in five and a half years.

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Market Update

4:20 pm : The S&P 500 settled higher by 0.9% despite having to endure early weakness.

The benchmark average spent the first half of today's session attempting to climb above yesterday's afternoon highs. However, the index was unable to clear those levels as its fourth attempt was followed by a steep slide to session lows.

Coinciding with the move was significant greenback weakness as the Dollar Index faced heavy selling pressure into the early afternoon. The Index was down as much 1.8% before bouncing off its 200-day moving average.

Although many currencies were boosted by the dollar selloff, none was greater than the strength of the Japanese yen, which at its best levels was up more than 3.0% against the dollar at 95.89.

The significant movements in the foreign exchange market were followed by chatter suggesting a forced liquidation trade may have been the culprit behind the sharp downdraft in the dollar.

The lows in the Dollar Index occurred at the same time as the lows in equities. Once the noise in currencies subsided, stocks began their afternoon rally. The Dow and S&P received an additional boost from their 50-day moving averages after the early selling pushed the indices below those levels.

The afternoon rally took place as three of the four defensive sectors, health care, utilities, and telecommunication services, registered gains of more than 1.0%. The telecom space was the standout, ending higher by 2.2% as AT&T (T 35.81, +0.55) and Verizon Communications (VZ 49.97, +1.67) added 1.6% and 3.5%, respectively.

Elsewhere, the health care space received a boost from one of its recent laggards, biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 175.18, +4.92) rose 2.9%, but still remains lower by 2.4% in June.

Cyclical sectors were whipsawed early in the session, but the afternoon advance helped five of the six growth-oriented groups register gains.

The outperformance of Wells Fargo (WFC 40.72, +0.90) and other major banks ran the financial sector higher by 1.4%.

Also of note, homebuilders rallied broadly after displaying notable softness over the past few sessions. The iShares US Home Construction ETF (ITB 23.76, +0.70) advanced 3.0%.

Midday selling caused the CBOE Volatility Index (VIX 16.62, -0.88) to spike to 18.51%, its highest level since mid-February, before the near-term volatility measure dipped back into the red in afternoon action.

Today's volatility caused a midday rush into the Treasury complex as the 10-yr yield tested the 2.00% threshold for the first time in two weeks. However, the psychologically important level managed to hold, and the benchmark yield ended the day down 2.5 basis points at 2.075%.

The initial claims level fell to 346,000 for the week ending June 1 from an upwardly revised 357,000 (from 354,000) for the week ending May 25. The Briefing.com consensus expected the initial claims level to drop to 348,000.

For the past few weeks, the initial claims level has bounced around the 350,000 level without showing any signs of picking up traction, up or down. Labor market conditions appear to be stable at a level that is consistent with payroll growth above 150,000.

Tomorrow, all eyes will be turned to the May nonfarm payrolls report, which is scheduled to be released at 8:30 ET. In addition, May nonfarm private payrolls, the unemployment rate, hourly earnings, and the average workweek will all be reported at 8:30 ET. The day's economic news will be topped off by the 15:00 ET report on April consumer credit.DJ30 +80.03 NASDAQ +22.58 SP500 +13.66 NASDAQ Adv/Vol/Dec 1752/1.73 bln/734 NYSE Adv/Vol/Dec 2371/799.6 mln/670

3:30 pm :

Aug gold extended yesterday's gains as the dollar index slid deeper into the red ahead of tomorrow's jobs report. The yellow metal popped to a session high of $1423.30 per ounce despite trading as low as $1394.50 per ounce in early morning floor trade. It pulled back slightly heading into the close but still managed to book a 1.3% gain as it closed at $1415.80 per ounce.
July silver also lifted off its session low of $22.33 per ounce and recovered back into positive territory. Prices advanced to a session high of $22.84 per ounce and eventually settled with a 1.0% gain at $22.70 per ounce.
July crude oil extended yesterday's gains as a sharp drop in the dollar index supported the move higher. The energy component rose to a session high of $95.32 in late morning action and spent the remainder of the session trading slightly below that level. It eventually settled with a 1.0% gain.
July natural gas, on the other hand, tumbled deeper into negative territory following inventory data that showed a build of 111 bcf when a smaller build of 95-99 bcf was anticipated. It touched a session low of $3.82 per MMBtu moments before closing 4.3% lower at $3.83 per MMBtu.

DJ30 +44.32 NASDAQ +13.29 SP500 +9.55 NASDAQ Adv/Vol/Dec 1513/1416.7 mln/956 NYSE Adv/Vol/Dec 2125/484 mln/872

3:00 pm : The S&P 500 continues to hover near its highs as today's session enters its final hour.

Most sectors have been able to recover from the early weakness while energy, technology, and consumer staples remain in the red as the three groups trade with losses between 0.1% and 0.3%.

On the upside, the telecom sector has rallied throughout the day, and now trades higher by 1.8%. The defensively-oriented group has been supported by AT&T (T 35.72, +0.46) and Verizon Communications (VZ 49.92, +1.62) as the two register respective gains of 1.3% and 3.4%.

After climbing to its highest level since late February, the CBOE Volatility Index (VIX 17.49, -0.01) has returned into the red.DJ30 +16.40 NASDAQ +8.47 SP500 +6.01 NASDAQ Adv/Vol/Dec 1452/1.25 bln/1021 NYSE Adv/Vol/Dec 1987/432.5 mln/1013

2:35 pm : The S&P 500 has climbed to its session high while the other two major indices have turned positive.

The early selling occurred amid significant dollar weakness, which saw the Dollar Index drop 1.8% to its 200-day moving average before recovering a portion of those losses. The foreign exchange market has since calmed down and the Dollar Index has climbed back to the 81.50 area. However, the index remains lower by 1.3%.

Equities have been able to rally since the dollar bottomed. The telecom sector has extended its gain to 1.8% while the leading cyclical group, financials, trades higher by 0.7%.DJ30 +0.30 NASDAQ +2.90 SP500 +4.18 NASDAQ Adv/Vol/Dec 1386/1.16 bln/1068 NYSE Adv/Vol/Dec 1900/399.3 mln/1083

2:00 pm : The S&P 500 has been able to return into positive territory while the Dow and Nasdaq continue to hover in the red.

Defensively-geared sectors have contributed to the recovery as health care and utilities hold gains near 0.6%.

On the flip side, the tech sector continues to trade near its lows, but most other cyclical groups have shown some recent strength. Financials, materials, and discretionary shares register gains between 0.1% and 0.3%.DJ30 -38.39 NASDAQ -5.53 SP500 +0.38 NASDAQ Adv/Vol/Dec 1280/1.06 bln/1152 NYSE Adv/Vol/Dec 1775/363.6 mln/1197

1:30 pm : The S&P 500 has climbed off its session lows, but the index was met with resistance at its flat line.

Many sectors continue to alternate between gains and losses, but the tech space has slumped to fresh lows. The sector holds a loss of 0.9% as most major components hover in the red. The largest sector member, Apple (AAPL 436.14, -8.97), trades down 2.0% while Dow component IBM (IBM 201.80, -0.94) outperforms with a loss of 0.5%.

On the upside, the telecom sector has extended its gain to 1.1%.DJ30 -78.69 NASDAQ -15.02 SP500 -4.10 NASDAQ Adv/Vol/Dec 1114/964.2 mln/1302 NYSE Adv/Vol/Dec 1518/333.5 mln/1422

1:05 pm : The first half of today's session proved to be a struggle for the S&P 500 as the index spent the opening two hours trying to break away from its flat line.

The benchmark average challenged yesterday's afternoon highs on four separate occasions before the most recent attempt sent the index back to its session lows. The steady slide from highs to lows occurred amid significant dollar weakness, which was most pronounced versus the Japanese yen. Dollar/yen has tumbled more than 250 pips since the opening bell as it currently trades near 96.59. At midday, the Dollar Index is off by 1.4% at 81.41 after tagging its 200-day moving average.

Elsewhere, the bond market has received an aggressive late morning bid, which pressured the 10-yr yield, sending it lower by six basis points to 2.040%.

Only the telecom sector has been able to hold in positive territory as the defensive group adds 0.8%. The two main sector components, AT&T (T 35.38, +0.12) and Verizon Communications (VZ 49.09, +0.79) trade higher by 1.6% and 0.3%, respectively.

On the flip side, cyclical groups have been pressured by the selling as tech shares lead to the downside.

The technology space has suffered from broad-based weakness. Major components like Apple (AAPL 434.52, -10.59) and Oracle (ORCL 33.20, -0.92) sport respective losses of 2.3% and 2.6% while high-beta chipmakers also trail behind the broader market. The PHLX Semiconductor Index is off by 1.1%.

Today's selling has caused the CBOE Volatility Index (VIX 18.43, +0.93) to spike to its highest level since February 25 as investors adjust their near-term volatility expectations.

In economic news, the initial claims level fell to 346,000 for the week ending June 1 from an upwardly revised 357,000 (from 354,000) for the week ending May 25. The Briefing.com consensus expected the initial claims level to drop to 348,000.

For the past few weeks, the initial claims level has bounced around the 350,000 level without showing any signs of picking up traction, up or down. Labor market conditions appear to be stable at a level that is consistent with payroll growth above 150,000.DJ30 -84.63 NASDAQ -17.84 SP500 -6.57 NASDAQ Adv/Vol/Dec 1030/877.1 mln/1376 NYSE Adv/Vol/Dec 1396/302.3 mln/1548

12:30 pm : The S&P 500 is off by 0.5% after slipping to a fresh low.

The Dollar Index has widened its losses since our last update, and not trades lower by 1.6%. Similarly, the yen has seen a continuation of an aggressive bid which caused the dollar/yen pair to drop all the way to 95.89.

In the bond market, an aggressive bid has sent the 10-yr yield lower by six basis points to 2.033%.DJ30 -88.15 NASDAQ -18.01 SP500 -7.41 NASDAQ Adv/Vol/Dec 1014/784.9 mln/1371 NYSE Adv/Vol/Dec 1340/269.6 mln/1594

12:05 pm : Recent action saw the S&P 500 climb to its session high. but once again that level provided too much resistance, causing the index to drop back to its flat line.

The foreign exchange market has seen a lot of volatility since this morning. Notably, the dollar/yen pair is off by 124 pips, near 97.75. Elsewhere, the euro has rallied against the dollar with the euro/dollar pair trading higher by 153 pips near 1.3250. As a result, the dollar index trades down 1.2%, near 81.60.DJ30 -49.14 NASDAQ -5.04 SP500 -1.72 NASDAQ Adv/Vol/Dec 1258/680.1 mln/1088 NYSE Adv/Vol/Dec 1660/231.8 mln/1226

11:30 am : The S&P 500 trades with a slim gain of 0.1% as yesterday's afternoon highs continue to present a challenge for the benchmark average.

The telecom sector has been able to extend its gain to 0.9% while cyclical groups remain mixed. The financial sector has had the best showing of the six growth-sensitive sectors while energy and technology hover in the red.

Notably, the energy sector trades lower by 0.2% even as crude oil adds 1.3% to $94.93.DJ30 -11.25 NASDAQ +2.29 SP500 +1.54 NASDAQ Adv/Vol/Dec 1400/570.8 mln/943 NYSE Adv/Vol/Dec 1739/197.3 mln/1142

11:00 am : The S&P 500 trades higher by 0.2% amid choppy action in many sectors. The benchmark average tried to rebound off the opening lows, but the recovery attempts have been met with more selling.

Telecom and utilities have been able to hold their gains while cyclical groups continue to show quite a bit of volatility. Energy and technology have shown the most weakness as the two groups display losses near 0.1%.

With stocks alternating between gains and losses, the CBOE Volatility Index (VIX 17.72, +0.22) hovers at its highest level since mid-April.DJ30 +8.26 NASDAQ +4.69 SP500 +2.04 NASDAQ Adv/Vol/Dec 1413/479.3 mln/898 NYSE Adv/Vol/Dec 1738/169.1 mln/1099

10:35 am : The dollar index initially following econ data earlier this morning, but quickly reversed and fell to a new session low, which gave a boost to very few commodities.

Crude oil has been in positive territory all day so far and just hit a new session high. July crude oil is currently +1.5% at $95.13/barrel. Natural gas futures fell to a new session low after the EIA provided weekly inventory data, which showed a larger-than-expected build. July nat gas is now -3.7% at $3.85/MMBtu.

Precious metals are mixed with Aug gold at $1402.20, up 0.3% and July silver -0.2% at $22.42/oz.DJ30 +8.38 NASDAQ +2.80 SP500 +0.63 NASDAQ Adv/Vol/Dec 1407/363.8 mln/851 NYSE Adv/Vol/Dec 1658/136 mln/1127

10:00 am : After climbing off its early lows, the S&P 500 has had some trouble breaching its late afternoon highs from yesterday. Currently, the index trades with a slim gain of 0.1% as telecom and utilities trade higher by 0.6% and 0.3%, respectively.

The two leading sectors are being followed by health care, which adds 0.1%.

Cyclical groups are showing indecision as all six growth-oriented sectors display little change.DJ30 +13.14 NASDAQ +6.16 SP500 +2.20 NASDAQ Adv/Vol/Dec 1436/199.2 mln/716 NYSE Adv/Vol/Dec 1818/85.2 mln/904

09:45 am : The S&P 500 began the session with a slim loss before bargain hunters stepped in and drove the major averages to their early highs.

Nine of ten sectors saw gains in the opening minutes with financials, technology, and utilities pacing the advance. On the downside, the consumer staples sector holds a slim loss.

The bond market saw some early volatility as Treasuries sold off before recovering the bulk of their losses. As a result, the 10-yr yield is higher by two basis points at 2.113%.DJ30 +21.59 NASDAQ +13.44 SP500 +3.99 NASDAQ Adv/Vol/Dec 1433/130.3 mln/670 NYSE Adv/Vol/Dec 1791/65.8 mln/873

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: +2.20. U.S. equity futures have surrendered all of their pre-market gains. The S&P 500 futures trade lower by 0.1% after losing more than nine points in the past hour.

The losses occurred as the European Central Bank press conference unfolded with Mario Draghi once again saying the central bank is 'technically ready' for negative deposit rates.

In notable pre-market movers, Ciena (CIEN 18.45, +2.14) trades higher by 13.1% after its top and bottom line surprised to the upside.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +1.90. Nasdaq futures vs fair value: +7.00.

The S&P 500 futures trade with a gain of 0.1% after sliding from their pre-market highs.

It was a sea of red across Asia as most of the major bourses ended in negative territory. Japan's Nikkei endured another volatile session, which saw the index trade in a 436 point range before settling lower by 0.9%. Meanwhile, Japan's chief cabinet secretary Yoshihide Suga said the depreciation of the yen is a positive for the economy, but may hurt some importers. Regional economic data was limited to just two releases. Japan's weekly foreign bond buying report indicated net sales of JPY1,172.5 billion to follow the prior week's net sales of JPY1,119.6 billion. Elsewhere, Australia reported a slight April trade surplus of $28 million ($220 million expected, $560 million prior).

In Japan, the Nikkei closed lower by 0.9% as action flirted with the bear market threshold before settling just 1.0% above that level. Tokyo Electric Power Company led to the downside with a loss of 7.4%. On the upside, some exporters held up well. Mitsumi Electric and Trend Micro both gained near 4.0%.
Hong Kong's Hang Seng fell 1.1% as nearly all components registered losses. Property names led to the downside with Hang Lung Properties, and China Resources Land down 3.1% and 1.9%, respectively.
In China, the Shanghai Composite settled lower by 1.1%. Cyclical names underperformed as Avic Heavy Machinery fell 6.6% and Changjiang & Jingong Steel dropped 9.9%.

Major European indices hover near their highs. The Bank of England left its interest rate and purchase program unchanged at their respective 0.50% and GBP375 billion, as expected. The European Central Bank also left its key interest rate unchanged at 0.50%, as expected. French unemployment rose to 10.8% from 10.5% (10.9% expected). Greek March unemployment rose to 26.8% from 26.7%, a new record high. German factory orders declined 2.3% month-over-month (-1.0% consensus, +2.3% previous).

In the United Kingdom, the FTSE is higher by 0.1%. Johnson Matthey trades with a gain of 6.4% after beating on earnings. Financials are among the laggards as Barclays and Standard Chartered see respective losses of 2.0% and 1.4%.
Germany's DAX trades up 0.3% amid strength in utilities. E.ON and RWE are both up near 1.8%. On the downside, Commerzbank holds a loss of 1.1%.
In France, the CAC registers a gain of 0.5% as Danone leads. The consumer company trades higher by 3.0%. In addition, utilities have shown strength. Veolia Environnement and GDF Suez are both up near 2.0%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +9.70. The S&P 500 futures trade higher by 0.4% as they continue to hover near their best levels of the morning.

The latest weekly initial jobless claims count totaled 346,000, which was lower than the 348,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 357,000. As for continuing claims, they fell to 2.952 million from 3.004 million.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +11.20.

U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.5%.

Looking at overseas developments:

Asian markets settled lower across the board. Japan's Nikkei shed 0.9% while China's Shanghai Composite and Hong Kong's Hang Seng lost 1.1% each.
In regional economic data:
Japan's weekly foreign bond buying report indicated net sales of JPY1,172.5 billion to follow the prior week's net sales of JPY1,119.6 billion.
Australia reported a slight April trade surplus of $28 million ($220 million expected, $560 million prior).
Looking at news:
Japan's chief cabinet secretary Yoshihide Suga said the depreciation of the yen is a positive for the economy, but may hurt some importers.

Major European indices hover near their highs as midsession nears. The United Kingdom's FTSE is higher by 0.2%, Germany's DAX trades up 0.4%, and France's CAC registers a gain of 0.5%.
Regional economic data was limited to a handful of releases:
The Bank of England left its interest rate and purchase program unchanged at their respective 0.50% and GBP375 billion, as expected.
The European Central Bank also left its key interest rate unchanged at 0.50%, as expected.
German factory orders declined 2.3% month-over-month (-1.0% consensus, +2.3% previous).
French unemployment rose to 10.8% from 10.5% (10.9% expected).
Greek March unemployment rose to 26.8% from 26.7%, a new record high.
In news:
German finance minister Wolfgang Schaeuble said the German GDP is mostly supported by domestic demand and that monetary policy cannot be permanently overstretched.

In U.S. corporate news:

Ciena (CIEN 17.95, +1.64) trades higher by 10.1% after its top and bottom line surprised to the upside.
J.M. Smucker (SJM 102.37, 0.00) is little changed after reporting an earnings beat on in-line revenue.
VeriFone (PAY 18.40, -3.55) trades down 16.2% after missing on earnings and revenue. In addition, the company guided third quarter earnings and revenue below consensus.

May Challenger Job Cuts rose 36.4K to follow the prior increase of 38.1K.

Weekly initial claims will be reported at 8:30 ET.

07:24 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +7.00.

07:24 am : Nikkei...12904.02...-110.90...-0.90%. Hang Seng...21838.43...+230.80...-1.10%.

07:24 am : FTSE...6426.23...+6.80...+0.10%. DAX...8220.24...+24.30...+0.30%.

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)
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