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 Post subject: June 14th Friday Trade Results - Profit $4330
PostPosted: Fri Jun 14, 2013 11:36 am 
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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)
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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 @ $580.00 dollars or +5.80 points, Emini ES ($ES_F) futures @ $3750.00 dollars or +75.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $4330.00 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=1530

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 End Volatile Week With Losses: Fed Is Next

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

NEW YORK (CNNMoney)
A week of wild swings on Wall Street ended with more selling Friday as investors brace for a potential shift in Federal Reserve policy.

The Dow Jones industrial average fell more than 100 points, or 0.7%. The S&P 500 and the Nasdaq both ended about 0.6% lower.

The major indexes pushed more than 1% higher Thursday, breaking a 3-day losing streak. But all three indexes posted losses for the week. The Dow and Nasdaq both fell more than 1%, while the S&P declined 0.9%.

The choppy trading comes as investors readjust their expectations for the Fed, which could begin to slow the pace of its bond buying program later this year. Fed chairman Ben Bernanke has said repeatedly that any decision to curtail monetary stimulus will depend on how the economy performs.

The Fed has a policy meeting next week and Bernanke will speak at a press conference Wednesday. Most economists do not expect any change in policy to be announced, but investors are hoping Bernanke will provide some clarity on when the central bank may start to cut back its bond buying.

Market jitters to continue. The uncertainty over Fed policy sent shock waves around global markets this week as yields on U.S. Treasury bonds rose and investors pulled money out of risky emerging markets. Investors have also been having doubts about Japan's plan to revive its economy as well as signs of slowing growth in China.

In a sign of increased volatility, the VIX (VIX) rose above 18 this week, up from 12 in early May. CNNMoney's Fear & Greed index also slipped into extreme fear for the first time in a year.

"We expect volatility to remain elevated in the short term as investors contemplate the potential for a new market landscape," said Brent Schutte, market strategist at BMO Private Bank.

Related: Fed not expected to taper QE3 until December

European markets closed modestly higher.

Asian markets ended the day with some decent gains, recovering from a big drop on Thursday.

Tokyo's Nikkei index bounced back by nearly 2% after falling more than 6% Thursday. But the benchmark Japanese index is still in bear market territory, down 20% from its most recent peak.

Latest on the economy: The International Monetary Fund said it expects U.S. economic growth to slow this year due largely to budget cuts in Washington. The IMF anticipates the Fed will continue buying assets until the end of the year.

The U.S. Bureau of Labor Statistics said producer prices increased 0.5% in May, driven largely by food and energy prices. The measure of prices for unfinished goods, excluding food and energy, fell 0.4%.

Separately, the Fed said industrial production was unchanged in May after falling in April.

The University of Michigan and Thomson Reuters said the initial reading of the June consumer sentiment index fell to 82.7 from 84.5 in May, when the index hit its highest level in nearly 6 years.

Pork, furniture and guns: In corporate news, Smithfield Foods (SFD, Fortune 500) said earnings fell 69% to $29.7 million, or 21 cents per share, in the quarter ended April 28. The meat producer blamed high grain prices due to last year's drought, which pushed up the cost of hog production. Smithfield announced last month that it was being bought by Chinese meat producer Shuanghui International.

Shares of Restoration Hardware (RH) surged after the retailer reported results that easily beat forecasts. Shares of the company have been red hot since the retailer went public in November.

Smith & Wesson (SWHC) shares rose after the gunmaker released preliminary results showing record quarterly and full-year sales and earnings.

Shares of Monster Beverage (MNST) fell following a report that the American Medical Association could consider backing a ban on advertising energy drinks.

Time Warner Cable (TWC, Fortune 500) shares jumped on speculation the cable company could merge with Charter Communications (CHTR, Fortune 500). But the former unit of CNNMoney parent Time Warner (TWX, Fortune 500) is unlikely to agree to a deal, according to a report on CNBC.

Analysts at Credit Suisse (CS) upgraded SolarCity (SCTY), sending shares of the Elon Musk-backed alternative energy company higher.

Shares of Gannett (GCI, Fortune 500)sank following a bearish analyst report. The stock had surged 34% on Thursday after the newspaper and television station owner said it was buying TV station company Belo (BLC).

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Market Update

4:15 pm : The major averages ended in the red after early gains evaporated during the opening hour amid a confluence of factors. Yesterday, the S&P 500 bounced off its 50-day moving average, but today's session saw the index get rejected by its 20-day average in the 1642 area.

In addition, two heavily-weighted sectors (energy and financials) lagged from the open and their weakness overshadowed the relative strength of defensive sectors.

Contributing to the softness was news that the International Monetary Fund cut its 2014 growth outlook for the United States to 2.7% from 3.0%. The IMF also said the Federal Reserve's large-scale asset buying is warranted at least until year's end.

The foreign exchange market presented another hurdle as dollar/yen continued selling off in a move reminiscent of an unwinding of the short-yen trade that fueled much of the rally in Japan's Nikkei. Dollar/yen dipped as low as 93.99 before ticking up to 94.30 in afternoon action.

The financial sector led to the downside, ending lower by 1.3% as all major components settled in the red. American Express (AXP 72.97, -2.24) lost 3.0% after Barclays downgraded the stock to 'Equal Weight' from 'Overweight.'

Another growth-oriented sector, energy, dropped 1.0% even as crude oil rose 1.2% to $97.85 per barrel.

While most cyclical groups trailed behind the broader market, the discretionary sector outperformed amid strength in media companies and homebuilders. Time Warner Cable (TWC 103.93, +7.78) surged 8.1% after reports indicated Time Warner has no plans to merge with Charter Communications (CHTR 116.61, +5.72).

Meanwhile, major homebuilders like DR Horton (DHI 23.89, +0.23) and Lennar (LEN 39.03, +0.30) ended with gains near 1.0%.

As mentioned earlier, defensive sectors outperformed the broader market. However, only the utilities sector was able to end with a slim gain of 0.1%. Today's advance came after the group endured a rough six-week period. The sector saw its best level of the year on April 30, before heavy selling sent it lower by 8.0% in May. So far, June has been better for utilities as the sector holds a month-to-date gain of 0.6% versus a narrow loss of 0.3% for the S&P.

The CBOE Volatility Index (VIX 17.11, +0.70) climbed throughout the week to notch its highest weekly close of the year as investors adjusted their near-term volatility expectations.

Treasuries booked gains this week as traders moved into the complex amid the weakness in equities. The benchmark 10-yr yield ended the week lower by three basis points at 2.126%.

Producer prices ended two consecutive months of declines and increased 0.5% in May after declining 0.7% in April. The Briefing.com consensus expected the PPI to increase 0.1%. The increase in producer prices was due almost entirely to higher food and energy costs. Food prices rose 0.6% in May after falling 0.8% in April. A 41.6% increase in egg prices accounted for most of the food price increase. Separately, energy prices, which had declined 2.5% in April and 3.4% in March, rose 1.3%. Most of that gain was the result of a 1.5% increase in gasoline costs.

Excluding food and energy, core prices rose 0.1% for a second consecutive month. That was exactly what the consensus expected.

Industrial production growth was unchanged in May after declining an upwardly revised 0.4% (from -0.5%) in April. The Briefing.com consensus expected industrial production to increase 0.1%.

The University of Michigan Consumer Sentiment Index dipped to 82.7 in the preliminary June report from 84.5 in May. The Briefing.com consensus expected the index to fall to 83.0. The Expectations Index rose to 76.7 in June from 75.8, which is the highest point since November 2012. The Present Conditions Index fell to 92.1 from 98.0 in May.

On Monday, the June Empire Manufacturing Survey and June NAHB Housing Market Index will be reported at 8:30 ET and 10:00 ET, respectively.

Week in Review: Stocks Endure Volatile Week

The major averages ended Monday's session largely unchanged. Before the open, Standard & Poor's raised its US outlook to Stable from Negative. The change contributed to a strong start, but buying interest tapered off shortly thereafter. Apple (AAPL 430.05, -5.91) swung from seeing a solid intraday gain to ending with a loss after unveiling a new mobile operating system and announcing the launch of a radio service at its Worldwide Developers Conference.

On Tuesday, the S&P 500 settled lower by 1.0% as all ten sectors ended in the red. Stocks began the day sharply lower as overseas concerns contributed to a rise in global interest rates, which, in turn, fueled the selling of equities. The Bank of Japan's decision to maintain its policy stance underwhelmed investors who expected the central bank to address recent bond market volatility. However, the lack of relevant commentary caused investors to sell bonds and equities in favor of the yen. The financial sector ended lower by 1.7% amid losses in all major components.

Equities began Wednesday's session on their highs, but the major averages were unable to hold their flat lines past the opening 90 minutes. The S&P 500 spent the entire day in a steady decline as minor bounces were met with aggressive selling. In addition, early weakness coincided with a decline in dollar/yen, as the pair dropped to 95.25, before recovering a portion of its losses. Cooper Tire (CTB 33.40, -0.42) jumped 41.1% after the tire maker agreed to be acquired by Apollo Tyres for $35 per share. The purchase price represents a 42.5% premium.

On Thursday, the S&P 500 settled higher by 1.5% after a daylong climb off its opening lows was aided by the defense of the 50-day moving average. Homebuilders displayed broad strength as the iShares Dow Jones US Home Construction ETF (ITB 23.89, -0.01) jumped 4.4% after the industry ETF spent the previous three weeks in a steady decline.DJ30 -105.90 NASDAQ -21.81 SP500 -9.63 NASDAQ Adv/Vol/Dec 704/1.41 bln/1790 NYSE Adv/Vol/Dec 1399/633.9 mln/1642

3:35 pm : Commodities mostly ended the day higher, while the dollar index was only modestly lower in afternoon trading.

Crude oil spent the late morning and afternoon session between ~$97.50-98.00, ending the day 1.2% higher at $97.84/barrel. Natural gas continued to slid lower in today's session, falling as low as $3.73/MMBtu. At the end of the session, July natural gas fell 1.8% at $3.74/MMBtu.

Precious metals rose today with Aug gold gaining $9.90 to $1387.70/oz and July silver ending $0.40 higher at $21.98/oz. July copper gained one cent at $3.20/lb.DJ30 -88.86 NASDAQ -17.42 SP500 -7.68 NASDAQ Adv/Vol/Dec 760/1165.5 mln/1694 NYSE Adv/Vol/Dec 1423/435 mln/1624

2:55 pm : The S&P 500 is lower by 0.5% as today's session enters its final hour.

The Dollar Index registered modest gains in overnight action, but saw aggressive selling over the course of the morning. Disappointing data and the International Monetary Fund's downgrade of its 2014 U.S. growth outlook to 2.7% (from 3.0%) weighed on the greenback. Currently, the Index holds near 80.70.

Once again, today's dollar weakness was most notable against the Japanese yen. Dollar/yen trades lower by 1.3% near 94.37 as sellers pressure the pair for a fourth straight session. Today's weakness comes after the Lower House approved Prime Minister Abe's 'third arrow' plan for growth and after the latest Bank of Japan minutes pointed to a turnaround in the economy. Japan's tertiary industry activity is due out Sunday evening.DJ30 -95.11 NASDAQ -17.49 SP500 -8.12 NASDAQ Adv/Vol/Dec 752/1.04 bln/1696 NYSE Adv/Vol/Dec 1370/371.7 mln/1656

2:30 pm : Afternoon action continues with the S&P 500 six points above its worst level of the day.

Notably, the utilities sector has outperformed the broader market since the open.

The high-yielding sector holds a modest gain of 0.4% and today's strength comes after the group endured a rough six-week period. The sector saw its best level of the year on April 30, before heavy selling caused the group to lose 8.0% in May.

So far, June has been better for utilities as the sector holds a month-to-date gain of 0.8% versus no change in the S&P.DJ30 -84.37 NASDAQ -15.84 SP500 -6.80 NASDAQ Adv/Vol/Dec 776/981.4 mln/1662 NYSE Adv/Vol/Dec 1379/348.6 mln/1649

2:00 pm : The S&P 500 remains on its lows as brief bounce attempts continue meeting significant resistance. Financials and energy have been a drag on the market since the open, and the two sectors hold losses of more than 1.0%.

Elsewhere, the industrial sector held in relatively well during morning action as transportation-related stocks provided the sector with a measure of support. However, the Dow Jones Transportation Average has fallen victim to afternoon selling. The bellwether complex trades lower by 0.6%.DJ30 -118.31 NASDAQ -24.31 SP500 -11.17 NASDAQ Adv/Vol/Dec 682/897.8 mln/1742 NYSE Adv/Vol/Dec 1211/317.4 mln/1814

1:30 pm : The stock market is languishing near its lows for the session as yesterday's surprising show of strength has been supplanted today by a surprising show of weakness.

A commonality between the two sessions is that technical factors have been prominent in driving the action. To that end, the S&P 500 rallied yesterday after finding support at its 50-day simple moving average (1608), but it has rolled over today after running into resistance early at the 1640 level.

Another factor that has had some influence today, and throughout the week, is the dollar-yen cross. Notably, the dollar has weakned against the yen (94.23, -1.35) today in a move that is largely thought to be an unwinding of the short-yen trade that was behind the powerful move in Japan's Nikkei Average in recent months. The Nikkei, though, has fallen over 20% since May 22 amid worries about the effectiveness of the Bank of Japan's policy and the Federal reserve tapering its asset purchases. In the same time, the yen has increased nearly 9.0% against the dollar. DJ30 -125.11 NASDAQ -22.73 SP500 -11.56 NASDAQ Adv/Vol/Dec 675/832 mln/1726 NYSE Adv/Vol/Dec 1213/292 mln/1802

1:00 pm : At midday, the S&P 500 trades lower by 0.6%.

The major averages began the day near their respective flat lines, and saw modest gains early in the session before dipping into the red one hour after the opening bell.

The turn lower came as the underperformance of three influential sectors, energy, financials, and technology outweighed the modest gains in countercyclical groups. The selling intensified after the International Monetary Fund cut its 2014 growth outlook for the United States to 2.7% from 3.0%. In addition, the IMF said the Federal Reserve's large-scale asset buying is warranted at least until year's end.

Also of note, dollar/yen resumed its slide shortly after the open, thus putting added pressure on equities. Currently, the pair trades near 94.20.

The financial sector has lagged behind the remaining nine groups since the start. JPMorgan Chase (JPM 53.20, -0.97) is the weakest performer among the majors while the SPDR Financial Select Sector ETF (XLF 19.60, -0.21) sports a loss of 1.1%.

Similar to financials, the energy space has hovered in the red since the open. The sector holds a loss of 1.0% despite a 1.3% gain in the price of crude oil. The energy component trades near $97.90 per barrel.

Elsewhere, major components like Apple (AAPL 430.79, -5.17) and Microsoft (MSFT 34.36, -0.36) have weighed on the tech sector while high-beta chipmakers outperform. The PHLX Semiconductor Index is lower by 0.1%.

Treasuries hover on their highs with the 10-yr yield down three basis points at 2.124%.

Producer prices ended two consecutive months of declines and increased 0.5% in May after declining 0.7% in April. The Briefing.com consensus expected the PPI to increase 0.1%.

The increase in producer prices was due almost entirely to higher food and energy costs. Food prices rose 0.6% in May after falling 0.8% in April. A 41.6% increase in egg prices accounted for most of the food price increase. Separately, energy prices, which had declined 2.5% in April and 3.4% in March, rose 1.3%. Most of that gain was the result of a 1.5% increase in gasoline costs.

Excluding food and energy, core prices rose 0.1% for a second consecutive month. That was exactly what the consensus expected.

Industrial production growth was unchanged in May after declining an upwardly revised 0.4% (from -0.5%) in April. The Briefing.com consensus expected industrial production to increase 0.1%.

The University of Michigan Consumer Sentiment Index dipped to 82.7 in the preliminary June report from 84.5 in May. The Briefing.com consensus expected the index to fall to 83.0.

The Expectations Index rose to 76.7 in June from 75.8, which is the highest point since November 2012. The Present Conditions Index fell to 92.1 from 98.0 in May.DJ30 -108.10 NASDAQ -18.19 SP500 -9.09 NASDAQ Adv/Vol/Dec 722/770.1 mln/1665 NYSE Adv/Vol/Dec 1349/269.1 mln/1643

12:30 pm : The S&P 500 continues to trade near its lows as influential sectors remain weak. Investors have displayed some caution since the open as evidenced by the CBOE Volatility Index (VIX 16.75, +0.34), which is creeping up on the 17.00% level.

The near-term volatility measure has been quite active this week. The VIX ended Wednesday's session at its second-highest level of the year (18.59%) before yesterday's rally pressured it back below 17.00%. Treasuries continue to trade on their highs with the 10-yr yield down four basis points at 2.114%.DJ30 -74.87 NASDAQ -9.42 SP500 -5.01 NASDAQ Adv/Vol/Dec 848/693.2 mln/1529 NYSE Adv/Vol/Dec 1495/242.1 mln/1468

12:00 pm : Since reaching its lows, the S&P 500 has tried to stage a recovery. So far, the bounces have been sold as the underperformance of energy, financial, and technology sectors continues to pose a challenge for the benchmark average.

In addition, dollar/yen has resumed its decline, which has coincided with the downturn in equities. Currently, the pair trades near 94.33 after dipping to 94.10.

While stocks trade near their lows, the Treasury market is on its highs. Steady buying across the curve has pressured the 10-yr yield, sending it lower by four basis points to 2.111%.DJ30 -75.10 NASDAQ -14.53 SP500 -5.57 NASDAQ Adv/Vol/Dec 798/618.2 mln/1567 NYSE Adv/Vol/Dec 1488/218.5 mln/1471

11:30 am : The S&P 500 continues to hover in the red as five of six cyclical sectors register losses. The industrial space is the lone exception as transportation-related names provide a boost to the sector. The Dow Jones Transportation Average is higher by 0.4%.

On the flip side, defensively-oriented sectors continue to outperform. The utilities sector has had the best showing of the four countercyclical groups. The high-yielding sector holds a modest gain of 0.4%.

Also of note, the International Monetary Fund has cut its 2014 growth outlook for the United States to 2.7% from 3.0%. In addition, the IMF said the Federal Reserve's large-scale asset buying is warranted at least until year's end.DJ30 -56.63 NASDAQ -13.46 SP500 -3.67 NASDAQ Adv/Vol/Dec 512/525.8 mln/1518 NYSE Adv/Vol/Dec 1533/190.1 mln/1404

10:55 am : The S&P 500 has slipped back into the red after a brief stay in positive territory. The benchmark average has been pressured to its lows by the underperformance of three influential sectors as energy, financials, and technology trade with losses between 0.4% and 0.7%.

The energy sector hovers in the red even as crude oil trades higher by 1.3% at $97.95 per barrel.

Elsewhere, all major bank shares trade lower as the financial sector sports a loss of 0.7%.

Finally, the technology space is off by 0.4% as major components lag. Apple (AAPL 431.90, -4.06) holds a loss of 0.9%.DJ30 -54.37 NASDAQ -14.61 SP500 -4.88 NASDAQ Adv/Vol/Dec 768/421.8 mln/1528 NYSE Adv/Vol/Dec 1474/153.9 mln/1433

10:35 am : Commodities are mostly higher this morning with crude oil rallying back above $98/barrel. Gold rising close to $1400/oz and silver easily breaking above $22/oz.

Natural gas futures have been sliding lower this morning and just hit a new session low of $3.76/MMBtu. In current trade, July natural gas is trading -1.1% at $3.77/MMBtu.

Crude oil has been trading higher all morning and rose as high as $98.25/barrel and is now +1.0% at $97.69/nbarrel (July contract).

Silver and gold spiked earlier this morning with silver spiking significantly. Silver has since pulled back quite a bit, but is still up 1.7% at $21.95/oz. Aug gold is now +0.7% at $1387.70/oz. July copper is +0.5% at $3.20/lb.DJ30 -8.56 NASDAQ -4.43 SP500 -0.45 NASDAQ Adv/Vol/Dec 1874/1585.3 mln/590 NYSE Adv/Vol/Dec 1661/131 mln/1199

10:00 am : The major averages have climbed into positive territory and the S&P 500 trades higher by 0.1%.

The preliminary University of Michigan Consumer Sentiment report for June came in at 82.7, which was lower than the prior month's reading of 84.5. The Briefing.com consensus expected a reading of 83.0 for June.DJ30 +12.27 NASDAQ +1.06 SP500 +2.68 NASDAQ Adv/Vol/Dec 944/187.2 mln/1215 NYSE Adv/Vol/Dec 1718/82.3 mln/1071

09:50 am : Equities began the session on a lower note. The S&P 500 holds a slim loss of 0.1% as all six cyclical sectors register early losses.

On the flip side, the four defensively-oriented groups trade modestly higher as the health care sector leads the countercyclical bunch with a gain of 0.3%.

The preliminary June University of Michigan Consumer Sentiment report will be released at 9:55 ET.DJ30 -11.44 NASDAQ -1.47 SP500 -1.11 NASDAQ Adv/Vol/Dec 875/123.9 mln/1218 NYSE Adv/Vol/Dec 1412/61.9 mln/1285

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +1.50. With 15 minutes to go before the opening bell, equity futures signal a slightly lower open. Overnight, Asian markets enjoyed a rebound session to follow a rough week. Similarly, major European indices trade with modest gains as the session enters its final two hours.

Pre-market action has been generally quiet but investors received a handful of economic data points.

May producer prices increased 0.5%, which was hotter than the uptick of 0.1% forecast by the Briefing.com consensus. Core producer prices rose 0.1%, in-line with the Briefing.com consensus.

The current account deficit for the first quarter totaled $106.1 billion, which was narrower than the $111.5 billion deficit that had been broadly anticipated.

Just reported, May industrial production was unchanged, which was worse than the 0.1% uptick that had been expected by the Briefing.com consensus. Meanwhile, capacity utilization hit 77.6%, which was worse than the 77.8% expected by the Briefing.com consensus.

The preliminary June University of Michigan Consumer Sentiment report will be released at 9:55 ET.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +2.70.

The S&P 500 futures trade lower by 0.2%.

It was a sea of green across Asia as all of the major bourses, aside from Taiwan's Taiex (-0.2%) ended in positive territory. Japan's Nikkei (+1.9%) continued its volatile trade as shares rebounded following yesterday's 6.4% plunge. Gains came after Japan's Lower House approved Prime Minister Abe's "Third Arrow" plan for growth. The latest Bank of Japan monetary policy minutes were also released, suggesting an improvement in the domestic economy, but also noted one member wants to limit asset purchases to stabilize Japanese Government Bonds. Elsewhere, peripheral markets saw strong gains with Thailand (+4.4%) and Indonesia (+3.3%) leading the way. Data from the region was light as India's Wholesale Price Index slipped to 4.7% year-over-year (4.8% expected, 4.9% previous).

In Japan, the Nikkei closed higher by 1.9% as shares rebounded off two and a half month lows. Real estate stocks were strong as Mitsui Fudosan jumped 5.3% and Sumitomo Realty & Development added 4.4%. Elsewhere, financials lagged with Mitsubishi UFJ Financial giving up 1.7%.
Hong Kong's Hang Seng added 0.4% after yesterday's close was the lowest of 2013. Real Estate developers advanced with New World Development climbing 2.4% to finish among the leaders. Elsewhere, casino names ended in the black with Galaxy Entertainment surging 4.8%.
In China, the Shanghai Composite settled higher by 0.6% as trade climbed off six-month lows. Media names were strong with Beijing Enlight Media tacking on 5.1%.

Major European indices trade with modest gains. Regional economic data was limited as Eurozone CPI rose 1.4% year-over-year while core CPI increased 1.2% year-over-year. Both figures met expectations. In addition, the region's employment change reading indicated a quarter-over-quarter decline of 0.5% (-0.2% forecast). Elsewhere, British CB Leading Index ticked up 0.2% month-over-month to follow the prior increase of 0.4%. In news, Standard & Poor's affirmed Spain's 'BBB-' rating while maintaining a negative outlook for the sovereign. Also of note, Greek Finance Minister Yannis Stournaras said a new, less costly, state broadcaster will open as soon as possible.

Great Britain's FTSE holds a slim gain of 0.2% as miners display strength. Antofagasta and Glencore Xstrata are both up near 3.0%. On the downside, utility provider Severn Trent is lower by 1.2%.
In France, the CAC is higher by 0.5%. Tire maker Michelin leads the index with a gain of 4.2% following a solid monthly industry volume report. On the downside, telecom provider Vivendi traders lower by 1.2%.
Germany's DAX adds 0.7% as growth-sensitive names lead. Chemical producer Lanxess and steelmaker ThyssenKrupp are both up near 2.0%. On the downside, utility providers E.ON and RWE trade with respective losses of 1.6% and 1.3%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -1.00. The S&P 500 futures trade lower by 0.2%.

May producer prices increased 0.5%, which was hotter than the uptick of 0.1% forecast by the Briefing.com consensus. Core producer prices rose 0.1%, in-line with the Briefing.com consensus.

The current account deficit for the first quarter totaled $106.1 billion, which was narrower than the $111.5 billion deficit that had been broadly anticipated.

07:56 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +1.70.

U.S. equity futures trade modestly lower amid relatively quiet overseas action. The S&P 500 futures are off by 0.1%.

Reviewing overnight developments:

Asian markets ended with gains. Japan's Nikkei rose 1.9% while China's Shanghai Composite added 0.7%, and Hong Kong's Hang Seng advanced 0.4%.
In regional economic data:
New Zealand's Business PMI rose to 59.2 from 55.2 while the Food Price Index increased 0.3% month-over-month (0.2% prior).
South Korea reported a trade surplus of $5.92 billion to follow the prior month's surplus of $6.03 billion.
Singaporean retail sales slipped 0.5% year-over-year (-7.4% prior). ? India's Wholesale Price Index rose 4.70% (4.87% expected, 4.89% previous).
Looking at news:
Asian indices registered gains amid speculation suggesting People's Bank of China may cut its key interest rate over the weekend. In addition, the Japanese government is expected to implement a corporate tax cut.

European indices trade in mixed fashion. Germany's DAX is higher by 0.5%, France's CAC registers a gain of 0.3%, and Great Britain's FTSE is flat.
Regional economic data was limited:
Eurozone CPI rose 1.4% year-over-year while core CPI increased 1.2% year-over-year. Both figures met expectations. In addition, the region's employment change reading indicated a quarter-over-quarter decline of 0.5% (-0.2% forecast).
British CB Leading Index ticked up 0.2% month-over-month to follow the prior increase of 0.4%.
In news:
Standard & Poor's affirmed Spain's 'BBB-' rating while maintaining a negative outlook for the sovereign.
Greek Finance Minister Yannis Stournaras said a new, less costly, state broadcaster will open as soon as possible.

In U.S. corporate news:

Cliffs Natural Resources (CLF 19.19, +0.49) trades higher by 2.6% after extending its iron ore pellet sales contract with Essar Steel Algoma until 2024.

First quarter current account balance as well as May PPI and core PPI will be reported at 8:30 ET. At 9:15 ET, May industrial production and capacity utilization will cross the wires while the preliminary University of Michigan Consumer Sentiment Survey will be released at 9:55 ET.

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

06:40 am : Nikkei...12686.52...+241.10...+1.90%. Hang Seng...20969.14...+82.10...+0.40%.

06:40 am : FTSE...6311.57...+6.90...+0.10%. DAX...8128.43...+33.00...+0.40%.

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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