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 Post subject: June 17th Monday Trade Results - Profit $2247.50
PostPosted: Tue Jun 18, 2013 12:00 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)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $310.00 dollars or +3.10 points, Emini ES ($ES_F) futures @ $1937.50 dollars or +38.75 points, Light Crude Oil CL ($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 @ $2247.50 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=1532

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

-----------------------------

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 Bounce Back, Fed Uncertainty Looms

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

NEW YORK (CNNMoney)
U.S. stocks finished a choppy Monday sharply higher as investors wait for the Federal Reserve to provide more clarity about when it may start cutting back on its bond-buying program.

Though it appears investors aren't worried about Fed chairman Ben Bernanke announcing any tapering this week, they are likely to remain on edge until they hear more details about the Fed's future plans.

After climbing more than 1% earlier in the day, all three indexes pulled back in late afternoon trading following a story in the Financial Times that said the Fed is "close to tapering down" its stimulus. But stocks bounced back by the close.

The Dow Jones industrial average finished the day up 0.7%, while the S&P 500 and Nasdaq climbed 0.8%.

The Fed has been all investors can think about ever since Bernanke said last month that the central bank may start slowing its stimulus program in "the next few meetings."

Those words sparked weeks of volatility, as investors attempted to discern what the Fed chief was trying to signal. The Fed's bond buying program, known as quantitative easing, has been widely credited as the major factor driving stocks higher over the past few years.

While worries about imminent tapering are subsiding, investors will remain focused on this week's Fed policy meeting and Bernanke's accompanying news conference Wednesday, said Kit Juckes of Societe Generale.

"The general expectation is that Ben Bernanke will calm fears of over-zealous tapering," Juckes said. "Still, the case for beginning the process of letting some air out of the monetary bubble is pretty clear and surely the Fed will be wary of backing down too easily."

The Fed will also update its economic projections for 2013 to 2015.

* Fear & Greed Index slides back into extreme fear

In other economic news, the New York Fed's survey of manufacturers came in stronger than expected. The general business conditions index climbed to 7.8 in June, up sharply from -1.4 the previous month. A reading above zero indicates expansion in the manufacturing sector.

The National Association of Home Builders' index hit 52 in June, marking the first time the key measure of home builders' confidence has been above 50 in seven years. A reading above 50 indicates that more builders say sales conditions are good rather than poor.

In corporate news, Boeing (BA, Fortune 500) shares rose to a new 52-week high after the company announced at the Paris Air Show that the aircraft leasing arm of General Electric (GE, Fortune 500) has committed to buy 10 of its new 787 Dreamliners. CEO James McNerney also told CNBC he is "highly confident" that the battery problems with the 787 Dreamliner have been fixed.

Netflix (NFLX) shares led the gains in the S&P 500 and Nasdaq-100, after the company announced a deal with DreamWorks Animation (DWA), which will create original shows based on characters from DreamWorks Animation movies Shrek, Madagascar and Kung Fu Panda.

Facebook (FB) shares were higher in anticipation of a media event on Thursday, though details are slim on what exactly the social media giant will announce.

Shares of Kandi Technologies (KNDI) soared as the Chinese electric vehicle maker moved forward with building new charging stations -- the first step toward launching 5,000 to 10,000 electric vehicles in the next year or so. To top of page

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Market Update

4:15 pm : The major averages ended with solid gains as the S&P 500 rose 0.8%.

Stocks reached their highs one hour into the session and drifted near those levels into the afternoon. However, equities were rattled by a Financial Times story suggesting Federal Reserve Chairman Ben Bernanke is likely to discuss tapering at his Wednesday press conference.

Although the story reiterated the need for improved economic conditions, and did not contain any new revelations, the mere mention of tapering knocked equities off their highs. Only some of the losses held into the close as the S&P was able to erase some of the weakness.

When the dust settled, cyclical sectors ended in the lead with energy and technology outpacing the remaining growth-sensitive groups.

The energy sector rose 1.3% even as crude oil ended the session unchanged at $97.85 per barrel.

Elsewhere, the tech space ended higher by 1.1% amid broad strength. Top components Google (GOOG 886.25, +11.21) and Microsoft (MSFT 35.00, +0.60) settled with respective gains of 1.3% and 1.7%. High-beta chipmakers also outperformed as the PHLX Semiconductor Index rose 1.5%.

Also of note, Netflix (NFLX 229.23, +15.24) jumped 7.1% after the company announced a multi-year partnership with DreamWorks Animation (DWA 23.74, +0.93).

Another influential group, financials, was briefly victimized by the Financial Times headline before regaining most of its losses into the close. The sector ended higher by 1.0%.

Meanwhile, the industrial sector underperformed amid weakness in transportation-related names. The Dow Jones Transportation Average lost 0.2% after being up as much as 0.8%.

On the downside, the telecom services sector shed 0.6% after a daylong slide from highs to lows. The other high-yielding sector, utilities, ended with a slim gain of 0.3%.

Treasuries closed on session lows after the complex was unable to recover from the Financial Times headline. The benchmark 10-yr climbed five basis points to 2.171%.

Today's economic data included the June Empire State Manufacturing Survey and the NAHB Housing Market Index. The Empire State Survey produced a positive headline surprise (7.8 actual, 0.8 Briefing.com consensus, -1.4 prior) but many significant subcomponents posted declines for the month.

Separately, the June NAHB Housing Market Index rose to 52 from 44 (45 Briefing.com consensus).

Tomorrow, May CPI, core CPI, housing starts, and building permits will all be announced at 8:30 ET.DJ30 +109.67 NASDAQ +28.58 SP500 +12.31 NASDAQ Adv/Vol/Dec 1588/1.54 bln/903 NYSE Adv/Vol/Dec 2035/679.1 mln/1007

3:30 pm :

July crude oil spent the majority of its floor session trading just above the unchanged line. The energy component brushed a session high of $98.40 per barrel in early morning action but erased earlier gains heading into the close. Prices sold off into the red, leaving crude oil to settle 3 cents lower at $97.81 per barrel.
July natural gas, on the other hand, steadily climbed higher. It came off its session low of $3.82 per MMBtu and booked a 3.7% gain as it settled at $3.88 per MMBtu, just below its session high of $3.89 per MMBtu.
Aug gold chopped around in negative territory as investors await this week's FOMC meeting that could bring potential changes to the Fed's asset purchase program. The yellow metal dipped to a session low of $1379.80 per ounce moments after floor trade opened and touched a session high of $1387.00 per ounce in morning action. It eventually settled 0.3% lower at $1382.90 per ounce.
July silver also spent its entire floor session in the red. It dipped to a session low of $21.60 per ounce in early morning action and inched up to a session high of $21.88 per ounce. However, prices consolidated near the $21.80 per ounce level in afternoon pit trade, leaving silver to settle with a 1.0% loss at $21.76 per ounce.

DJ30 +84.28 NASDAQ +23.43 SP500 +8.94 NASDAQ Adv/Vol/Dec 1461/1297.4 mln/1051 NYSE Adv/Vol/Dec 1889/438 mln/1138

3:00 pm : The Dollar Index jumped to its best levels of the session near 80.90 after a Financial Times headline suggested Ben Bernanke is likely to signal tapering at the press conference scheduled for Wednesday.

Today's dollar strength has been most pronounced against the Australian dollar and the Japanese yen. Australian dollar/ U.S. dollar is off by 45 pips near .9520 as trade holds on session lows after surrendering its early gains. The pair continues to show weakness despite repeated rally attempts over the past few weeks.

Elsewhere, dollar/yen is higher by 95 pips near 95.00. Recent buying ran the pair to a session high in the 95.23 area before slipping back to its current levels.DJ30 +48.65 NASDAQ +15.23 SP500 +4.61 NASDAQ Adv/Vol/Dec 1427/1.15 bln/1034 NYSE Adv/Vol/Dec 1767/381.7 mln/1245

2:30 pm : Recent action saw the S&P 500 cut its gains in half after a story in the Financial Times suggested Ben Bernanke's Wednesday press conference may include a discussion of tapering down the Federal Reserve's asset purchase program. However, the story reiterated that conditions of the economy remain as the main guidepost for the Fed.

Although the story did not present any surprises, the mention of tapering was enough to send shockwaves through the markets.DJ30 +96.28 NASDAQ +27.39 SP500 +8.97 NASDAQ Adv/Vol/Dec 1491/1.07 bln/973 NYSE Adv/Vol/Dec 1890/351.8 mln/1115

1:55 pm : The S&P 500 continues to bounce around a five point range just below its best level of the day. Energy and technology continue to outperform the remaining cyclical sectors while the Dow Jones Transportation Average remains little changed.

The underperformance of transportation-related names weighed on the industrial sector early, but has since been overshadowed by the strength of defense stocks. The PHLX Defense Index is higher by 1.4% while the industrial sector sports a gain of 0.9%.DJ30 +166.84 NASDAQ +42.01 SP500 +17.31 NASDAQ Adv/Vol/Dec 1637/952.4 mln/825 NYSE Adv/Vol/Dec 2155/305.1 mln/845

1:25 pm : The major averages are holding near their best levels of the day and have held to a tight trading range since enjoying an early burst of buying interest at the opening bell. For the better part of the last four hours, the S&P 500 has traded between 1640 and 1645.

The upside action has been predicated on an underlying belief that Fed Chairman Bernanke will make an effort this week to calm the market's angst about an eventual tapering of the Fed's asset purchases. The FOMC meeting begins tomorrow and will conclude Wednesday. The policy directive will be released at 2:00 p.m. ET on Wednesday. Mr. Bernanke will then conduct a press conference at 2:30 p.m. ET to discuss the Fed's updated economic projections and answer questions from the press.

The Treasury market is quite a bit less demonstrative today. The 10-year note is down just three ticks and its yield stands at 2.15%. The modest weakness could be a case of money moving to stocks as quarter end approaches or it could be a case of continued anxiousness that a tapering might come sooner rather than later. It is unclear what the signaling is, yet it is very clear to this point that stock market participants are expecting supportive remarks from the Fed chairman. DJ30 +178.18 NASDAQ +43.43 SP500 +17.89 NASDAQ Adv/Vol/Dec 1628/881 mln/796 NYSE Adv/Vol/Dec 2107/283 mln/891

12:55 pm : At midday, the S&P 500 trades higher by 1.0%.

The bulk of today's advance took place during the opening minutes, and was assisted by an upbeat Asian session where Japan's Nikkei rose 2.7% as dollar/yen rallied to 94.80.

Cyclical sectors have made a significant contribution to the advance as energy, financials, and technology all hold gains of more than 1.0%.

Of the three, the technology space has had the best showing as components of all sizes display strength. Google (GOOG 888.07, +13.03) and Microsoft (MSFT 35.08, +0.68) are both up near 1.7% while the PHLX Semiconductor Index adds 1.9%.

Elsewhere, the energy sector holds just below its session high despite intraday weakness in crude oil. The energy component trades up 0.3% to $98.15 per barrel after seeing a gain of as much as 0.8%.

While most growth-oriented groups have been able to outpace the broader market, the industrial sector has been limited by the relative weakness in transportation-related shares. The Dow Jones Transportation Average is higher by 0.2% as airlines pressure the bellwether complex. Alaska Air (ALK 55.46, -0.56) and United Continental (UAL 32.04, -0.63) trade with respective losses of 1.1% and 2.0%.

On the downside, the telecom sector is lower by 0.1% after a session-long decline from its opening highs.

Today's economic data included the June Empire State Manufacturing Survey and the NAHB Housing Market Index. The Empire State Survey produced a positive headline surprise (7.8 actual, 0.8 Briefing.com consensus, -1.4 prior) but many significant subcomponents posted declines for the month.

Separately, the June NAHB Housing Market Index rose to 52 from 44 (45 Briefing.com consensus).DJ30 +158.62 NASDAQ +39.68 SP500 +15.77 NASDAQ Adv/Vol/Dec 1630/811.1 mln/800 NYSE Adv/Vol/Dec 2111/262.2 mln/880

12:30 pm : The S&P 500 trades within four points of its best level of the day.

As mentioned earlier, the Dow Jones Transportation Average has retreated steadily since the open. The bellwether complex has now surrendered all of its early gains as airlines and railroads lag.

Similarly, health care, telecom services, and utilities have also declined steadily from their opening highs. The three groups hover near their lows with telecom as the biggest laggard. The high-yielding sector is off by 0.2%.DJ30 +152.79 NASDAQ +39.70 SP500 +15.34 NASDAQ Adv/Vol/Dec 1638/747.1 mln/786 NYSE Adv/Vol/Dec 2079/241.5 mln/911

12:00 pm : Recent action saw the S&P 500 hold its levels just below today's session high. The technology sector has jumped ahead of the energy space while financials remain in third place.

On the downside, three countercyclical sectors, health care, utilities, and telecom, have declined steadily since the open while consumer staples maintain their levels.DJ30 +163.08 NASDAQ +39.25 SP500 +16.41 NASDAQ Adv/Vol/Dec 1671/662.5 mln/736 NYSE Adv/Vol/Dec 2165/221.1 mln/799

11:30 am : The S&P 500 trades higher by 1.1% as cyclical sectors remain in the lead. However, one growth-sensitive group, industrials, trails behind the broader market amid relative weakness in transportation-related shares. The Dow Jones Transportation Average is higher by 0.2% as airlines pressure the bellwether complex. Delta Air Lines (DAL 18.65, -0.20) and United Continental (UAL 32.13, -0.54) trade with respective losses of 1.1% and 1.7%.

Similarly, small caps have underperformed as the Russell 2000 holds a gain of 0.8%.DJ30 +168.26 NASDAQ +41.69 SP500 +17.28 NASDAQ Adv/Vol/Dec 1686/573.8 mln/708 NYSE Adv/Vol/Dec 2224/195.4 mln/733

11:00 am : The S&P 500 has reached a fresh session high as cyclical sectors remain in the lead while defensively-oriented groups follow closely. The energy space displayed significant strength from the start, but the technology sector has caught up to energy shares.

The technology space has received support from just about every large component. Apple (AAPL 434.18, +4.13) and Google (GOOG 885.90, +10.86) are both up near 1.0% while high-beta chipmakers display strength as well. The PHLX Semiconductor Index is higher by 1.8%.

Another growth-sensitive sector, consumer discretionary, has received support from homebuilders. The SPDR S&P Homebuilders ETF (XHB 31.26, +0.43) holds a gain of 1.4% despite retreating from its session-best.DJ30 +176.68 NASDAQ +40.16 SP500 +18.13 NASDAQ Adv/Vol/Dec 1720/471.1 mln/660 NYSE Adv/Vol/Dec 2260/166.3 mln/670

10:30 am : Commodities are mostly mixed this morning, while dollar index is modestly higher.

Crude oil just sold off, falling back into negative territory. Meanwhile, natural gas futures have been in positive territory all day and just hit a new session high. July crude oil is now +0.1% at $97.91/barrel and July natural gas is +2.9% at $3.84/MMBtu.

Precious metals are lower, while copper is flat. Aug gold is currently -0.4% at $1381.90/oz, July silver is -0.9% at $21.77/oz. July copper, meanwhile, is -0.05% at $3.20/lb.DJ30 +170.73 NASDAQ +40.00 SP500 +16.99 NASDAQ Adv/Vol/Dec 1786/365.2 mln/548 NYSE Adv/Vol/Dec 2318/137 mln/582

10:00 am : The S&P 500 trades higher by 1.0%.

The June NAHB Housing Market Index rose to 52 from 44. Today's report was well ahead of the 45 expected by the Briefing.com consensus.DJ30 +163.84 NASDAQ +36.15 SP500 +16.64 NASDAQ Adv/Vol/Dec 1799/230.7 mln/453 NYSE Adv/Vol/Dec 2438/96.6 mln/419

09:45 am : The S&P 500 trades higher by 1.0% as all ten sectors register early gains. The energy space has led the early advance as the growth-oriented group holds a gain of 1.1%. On a related note, crude oil trades higher by 0.4% at $98.25 per barrel.

Energy stocks are being followed closely by financials and technology. The two sectors trade higher by 1.0% and 0.9%, respectively.

The June NAHB Housing Market Index will be reported at 10:00 ET.DJ30 +168.22 NASDAQ +35.39 SP500 +16.26 NASDAQ Adv/Vol/Dec 1847/136.9 mln/377 NYSE Adv/Vol/Dec 2466/70.3 mln/361

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +10.70. Nasdaq futures vs fair value: +23.50. Equity futures register solid gains with 15 minutes left to go before the open. The S&P 500 futures trade higher by 0.8% after spending the entire pre-market session in positive territory.

Index futures received an early boost from generally positive sentiment after Japan's Nikkei jumped 2.8%. In addition, main European indices trade with solid gains as well.

Looking at pre-market movers, Netflix (NFLX 224.20, +10.21) is rising 4.8% after the company announced a multi-year partnership with DreamWorks Animation (DWA 24.58, +1.77).

Elsewhere, Smithfield Foods (SFD 33.09, +0.29) trades higher by 0.9% after activist investor Starboard proposed breaking up the company rather than going ahead with the planned $4.7 billion sale.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +11.20. Nasdaq futures vs fair value: +25.50.

U.S. equity futures continue to hover near their pre-market highs.

The major Asian bourses ended mostly higher with Japan's Nikkei (+2.7%) leading the way amid yet another volatile session. Today's gains allowed the Nikkei to climb out of bear market territory as reports suggested the Bank of Japan's J-REIT purchases will exceed previous estimates by JPY10 billion by the end of the year. Meanwhile, China's Shanghai Composite (0.3%) lagged with trades keeping a watchful eye on 3-month SHIBOR, which has spiked from 3.90% in early June to today's 5.21%. Rating agency Fitch cast a cautionary spell, suggesting China's credit bubble is 'unprecedented in modern history.' Overnight, the Reserve Bank of India surprised many by holding its repo rate unchanged at 7.25% in an effort to support the sagging rupee. Data out of the region showed India's trade deficit widen to INR1,108 billion (INR876.9 billion previous) and Singapore's trade surplus widen to SGD4.55 billion (SGD3.43 billion previous).

In Japan, the Nikkei closed higher by 2.7% as stocks rallied for a second day. Exporters were fueled by the weak yen as Toyota Motor added 2.0% and Sony tacked on 1.4%. Meanwhile, real estate names lagged with Sumitomo Realty & Development and Mitsui Fudosan giving up 1.2% and 0.6%, respectively.
Hong Kong's Hang Seng advanced 1.2% as property stocks outperformed. Real estate names were led by a 4.0% jump in Sino Land, but Henderson Land also saw a solid gain with its own 3.6% advance. Elsewhere, Cheung Kong added 3.6% after announcing it will acquire Dutch waste processing firm RAV Water Treatment I B.V. for ~EUR943 million.
In China, the Shanghai Composite settled lower by 0.3% as growth sensitive names were weak. Anhui Conch Cement and Jiangxi Copper both gave up 1.8% as materials names underperformed.

Major European indices are seeing gains across the board. Investors received just a handful of economic data points today. The Eurozone trade surplus was reported at EUR16.1 billion (EUR21.2 billion expected, EUR18.1 billion previous). Meanwhile, the Labor Cost Index increased 1.6% year-over-year (1.3% prior). Elsewhere, Italy reported a trade surplus of EUR1.91 billion (EUR2.48 billion expected, EUR3.24 billion previous). British Rightmove House Price Index rose 1.2% month-over-month (2.1% prior).

Among headlines of note, reports indicate the main Greek opposition leader will ask for early elections tonight. This follows the much-contested closure of state TV and radio broadcaster ERT. In addition, German Chancellor Angela Merkel said she would serve a full third term if re-elected in the fall.

Great Britain's FTSE holds a gain of 0.7% as cyclical names outperform. Aggreko and Resolution are both up near 3.0%. On the downside, ARM Holdings is the weakest index performer. The chipmaker trades lower by 4.4%.
In Germany, the DAX trades up 1.3% as 29 of 30 components register gains. Consumer names are among the leaders as Bayer and Henkel AG trade with respective gains of 2.9% and 2.3%.
France's CAC is higher by 1.5%. France Telecom leads the index with a gain of 3.8% after French President Francois Hollande voiced support for France Telecom's Chief Executive, who was charged with fraud.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +11.60. Nasdaq futures vs fair value: +25.50. The S&P 500 futures trade higher by 0.8%.

The Empire Manufacturing Survey for June registered a reading of 7.84, which was up from the prior month's reading of -1.4. Economists polled by Briefing.com had expected that the survey would rise to 0.8.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +10.40. Nasdaq futures vs fair value: +24.00.

U.S. equity futures register solid gains amid upbeat overseas action. The S&P 500 futures trade higher by 0.7%.

Looking at overnight developments:

Asian markets ended in mixed fashion. China's Shanghai Composite -0.3%, Hong Kong's Hang Seng +1.2%, and Japan's Nikkei +2.7%.
In regional economic data:
Japan's Tertiary Industry Activity Index was unchanged month-over-month (0.2% expected, -0.2% prior).
Australia's new motor vehicle sales were unchanged month-over-month (-1.7% previous).
New Zealand's Westpac Consumer Sentiment rose to 116.6 from 110.8.
The Reserve Bank of India left its key interest rate unchanged at 7.25%, as expected. In addition, the country reported a trade deficit of $20.10 billion (-$20.00 billion expected, -17.80 billion prior).
Looking at news:
Bank of America/Merrill Lynch has lowered its forecast for 2014 Australian GDP growth to 2.4% from 2.9%.
Nomura believes the Chinese banking sector has begun showing signs of deleveraging.

Major European indices trade higher across the board. Great Britain's FTSE +0.8%, Germany's DAX +1.4%, France's CAC +1.7%.
Economic data was limited:
Eurozone trade surplus was reported at EUR16.1 billion (EUR21.2 billion expected, EUR18.1 billion previous). Meanwhile, the Labor Cost Index increased 1.6% year-over-year (1.3% prior).
Italy reported a trade surplus of EUR1.91 billion (EUR2.48 billion expected, EUR3.24 billion previous).
British Rightmove House Price Index rose 1.2% month-over-month (2.1% prior).
In news:
Reports indicate the main Greek opposition leader will ask for early elections tonight. This follows the much-contested closure of state TV and radio broadcaster ERT.
German Chancellor Angela Merkel said she would serve a full third term if re-elected in the fall.

In U.S. corporate news:

Smithfield Foods (SFD 33.33, +0.53) trades higher by 1.5% after activist investor Starboard proposed breaking up the company rather than going ahead with the planned $4.7 billion sale.

Today's economic data will be limited to the June Empire Manufacturing Survey and June NAHB Housing Market Index. The two reports will be released at 8:30 ET and 10:00 ET, respectively.

06:44 am : [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +28.00.

06:44 am : Nikkei...13033.12...+346.60...+2.70%. Hang Seng...21225.90...+256.80...+1.20%.

06:44 am : FTSE...6364.18...+59.60...+0.90%. DAX...8240.15...+112.20...+1.40%.

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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