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 Post subject: June 19th Wednesday Trade Results - Profit $26422.50
PostPosted: Wed Jun 19, 2013 10:15 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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 @ ($100.00) dollars or -1.00 points, Emini ES ($ES_F) futures @ $26,312.50 dollars or +526.25 points, Light Crude Oil CL ($CL_F) futures @ $560.00 dollars or +0.56 points, Gold GC ($GC_F) futures @ ($350.00) dollars or -3.50 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $26,422.50 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=1534

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=212&t=1853

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Market Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

Dow Sinks 200 Points After Fed Hints At Stimulus Easing

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

NEW YORK (CNNMoney)
Federal Reserve chairman Ben Bernanke tried to carefully explain how the central bank will figure out when it's the right time to pull back on its monthly bond purchases, but investors didn't have any of it.

The Dow Jones industrial average tumbled more than 200 points, or 1.4%, Wednesday afternoon after Bernanke took questions from the media about the Fed's exit strategy. The S&P 500 also dropped 1.4% and the Nasdaq sank 1.1%. Stocks had been in the red all day, but were barely below the breakeven line before the Fed chairman began speaking.

Bond prices also fell sharply, sending yields higher. The yield on the 10-year Treasury note rose as high as 2.36% -- its highest level since March 2012. It had been hovering around 2.2% ahead of the Fed.

CNNMoney's Fear & Greed Index was nudging closer to extreme fear by the end of the day.

The Federal Reserve left interest rates unchanged and said it would continue with its current bond purchase program -- $85 billion in mortgage-backed securities and Treasuries each month -- for the foreseeable future. But during his press conference, Bernanke highlighted scenarios in which the Fed would consider tapering.

If the economy continues to improve, Bernanke said it would be "appropriate to moderate the monthly pace of purchases later this year," and end the program by mid-2014. At that point, the Fed expects the unemployment rate would be around 7%.

But he stressed that scenario would only play out if the economic recovery continues as the Fed expects it to. If it doesn't, the Fed would adjust its policies.

"Our purchases are tied to what happens in the economy," he said. "We have no deterministic or fixed plan."

The Fed's bond-buying program has been a boon to equity markets, supporting U.S. and global stock indexes and driving them to recent record highs.

* Investors shouldn't worry about the Fed

In corporate news, Tesla Motor (TSLA) announced a recall of some of its Model S cars for a non-mechanical defect.

FedEx (FDX, Fortune 500) shares edged up after the shipping giant reported quarterly earnings the blew past forecasts, though revenue was roughly in line with estimates. The company is often seen as a bellwether for the global economy given the nature of its delivery business and its international footprint.

Adobe (ADBE) shares jumped after the software company reported quarterly earnings that beat expectations.

Dish Networks (DISH, Fortune 500) dropped its pursuit of Sprint (S, Fortune 500), clearing the way for Japan's SoftBank (SFTBF) to continue with its offer. Dish said it would instead focus on its tender offer for Clearwire (CLWR).

Shares of Men's Wearhouse (MW) slid after the clothing retailer "terminated" executive chairman George Zimmer, also known as the "I guarantee it" guy.

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Market Update

4:25 pm : Equities ended on their lows with the S&P 500 down 1.4%.

The S&P entered today's session with a week-to-date gain of 1.5% as investors expected reassuring words from today's Federal Open Market Committee Statement.

Stocks traded with slim losses until this afternoon's FOMC Statement and subsequent comments from Chairman Bernanke sent equities and Treasuries to their lows while also providing a significant boost to the dollar.

Today's Statement was not too different from the last directive released on May 1. However, it did indicate inflation has been running below the longer-run objective while long-term inflation expectations remain stable.

During his remarks, Chairman Bernanke said if conditions continue to improve, the Fed could reduce the pace of purchases later this year with a potential end to purchases coming in the middle of 2014. He also suggested downside risks have diminished since the fall, but the Fed will not sell securities as long as the market remains in normalization stage.

Finally, Mr. Bernanke said that a decline in the unemployment rate to 6.5% will not automatically signal a rate hike. Instead, reaching the target will pave way for that discussion to begin.

The Dollar Index saw the sharpest post-FOMC move as investors dumped other currencies in favor of the greenback. The afternoon bid sent the Index higher by 0.9% and allowed it to regain its 200-day moving average.

Elsewhere, Treasuries fell victim to aggressive selling pressure as a loss of more than one point ran the 10-yr yield up 14 basis points to 2.332%. This marked the highest close since March 2012. Even more notable was today's 17.5 basis point surge in the 5-yr yield, which made for its best close since August 2011.

The sharp spike in rates weighed on rate-sensitive countercyclical sectors as they led equities to the downside. Telecom and utilities saw respective declines of 2.7% and 2.3% while consumer staples and health care lost near 1.8% each.

Meanwhile, most growth-oriented groups held in relatively well through the afternoon selling. Financials and industrials were the two exceptions as both underperformed prior to the FOMC Statement, and lagged behind other cyclical sectors into the close.

Energy and materials outperformed the broader market with respective losses of 1.0% and 0.8%. On a related note, crude oil dipped 0.6% to $98.07 per barrel while copper ticked down 0.6% to $3.14 per pound.

The weekly MBA Mortgage Index declined 3.3% to follow the prior week's increase of 5.0%.

Tomorrow, weekly initial claims will be reported at 8:30 ET while May existing home sales, leading indicators, and June Philadelphia Fed Survey will cross the wires at 10:00 ET.DJ30 -206.04 NASDAQ -38.98 SP500 -22.88 NASDAQ Adv/Vol/Dec 687/1.65 bln/1809 NYSE Adv/Vol/Dec 455/760.1 mln/2595

3:30 pm :

July crude oil retreated into negative territory following inventory data that showed a build of 0.313 mln barrels when a draw of 0.5 mln was anticipated. The energy component dipped to a floor session low of $98.03 per barrel and chopped around below the unchanged line until the release of the FOMC policy directive at 14:00 ET. It then popped to a session high of $98.74 per barrel but ultimately settled 0.2% lower at $98.25 per barrel. Prices fell to a new LoD of $97.57 per barrel in electronic trade and are currently down about 0.5%.
July natural gas trended higher for most of its floor trade. It brushed a session high of $3.98 per MMBtu in early afternoon action after trading as low as $3.94 per MMBtu earlier. Prices pulled back slightly heading into the close, leaving natural gas to settle with a 1.5% gain at $3.96 per MMbtu.
Aug gold inched higher ahead of the FOMC policy statement after lifting off its session low of $1369.50 per ounce. The yellow metal booked a 0.6% gain as it settled at $1373.80 per ounce, just below its session high of $1375.30 per ounce. Gold slid into the red and to a new LoD of $1356.10 per ounce in electronic trade and is currently down ~ 0.6%.
July silver oscillated between positive and negative territory during today's floor trade. Prices dipped to a session low of $21.58 per ounce and touched a session high of $21.75 per ounce in morning action. Ultimately, silver extended losses for a third consecutive session as it settled at $21.61 per ounce, or 0.3% lower. The metal is currently down about 1.2% in electronic trade after dropping to a LoD of $21.31 following the release of the FOMC statement.

DJ30 -119.07 NASDAQ -19.63 SP500 -12.19 NASDAQ Adv/Vol/Dec 849/1371.9 mln/1612 NYSE Adv/Vol/Dec 601/497 mln/2422

3:05 pm : The S&P 500 trades lower by 1.0% as Chairman Bernanke continues addressing the media.

The Dollar Index spiked to session highs just below 81.40 as traders rushed into the greenback following today's FOMC decision, which indicated there are no immediate plans to slow down the pace of asset purchases. The sharp gains in the Dollar Index allowed it to regain its 200-day moving average near 81.10.

Much of today's dollar strength has come at the expense of the euro and the Japanese yen. Euro/dollar is lower by 105 pips near 1.3280 as action continues near session lows. The selling has erased two days of gains and has traders eyeing the 1.3200 support level.

Elsewhere, dollar/yen is higher by 100 pips near 96.60 as trade gains for a third day. Today's bid puts the pair on track to close at its best level in more than a week with the 100-day moving average coming into play in the 96.80 area.DJ30 -141.81 NASDAQ -27.78 SP500 -14.86 NASDAQ Adv/Vol/Dec 728/1.23 bln/1728 NYSE Adv/Vol/Dec 564/434.4 mln/2449

2:30 pm : The S&P 500 and Dow continue to hold slim post-FOMC losses while the Nasdaq has returned to its earlier levels. In addition, the Dollar Index remains near its highs just above 81.10.

Today's FOMC statement was not much different from the last directive released on May 1. However, today's statement indicates inflation has been running below the longer-run objective while long-term inflation expectations remain stable.

The Fed will remain in focus for the remainder of the afternoon as Chairman Bernanke will begin his press conference momentarily.DJ30 -46.61 NASDAQ -6.97 SP500 -4.77 NASDAQ Adv/Vol/Dec 923/1.03 bln/1504 NYSE Adv/Vol/Dec 893/347.8 mln/2091

2:05 pm : The Federal Open Market Committee has just released its latest policy statement, which was met with selling across the major averages. Meanwhile, the dollar index has jumped to a session high near 80.75.

The Committee's statement indicates economic activity has continued to expand at a moderate pace with labor market conditions showing improvement in recent months. The Committee has decided to maintain its purchasing program at $85 billion per month.

Treasuries sold off following the release with the 10-yr yield ticking up eight basis points to 2.268%DJ30 -62.28 NASDAQ -16.48 SP500 -7.03 NASDAQ Adv/Vol/Dec 823/923.8 mln/1605 NYSE Adv/Vol/Dec 866/306.8 mln/2091

1:30 pm : So far, it has been much ado about nothing today, yet that is about to change with the release of the FOMC policy directive at the top of the hour and Fed Chairman Bernanke's press conference following at 2:30 p.m. ET. The indices have held to narrow trading ranges, with participants waiting to see which way things break on the Fed's guidance.

It has been widely presumed that the Fed and Mr. Bernanke will offer the market assurances that the Fed's asset purchase program isn't going to be tapered soon. To that end, the market has been adjusting to the prospect of a possible tapering as early as September, so any hint that the tapering could occur even later might be a rallying point. Conversely, any inferences that the Fed isn't going to live up to the market's bullish expectations could usher in a quick, and substantive, selloff considering the S&P 500 has already gained 1.4% this week on the idea the Fed chairman will calm the market's angst about an eventual tapering.

One could expect to see some knee-jerk trading responses when the directive is released, yet it won't likely be until the Fed chairman provides his thoughts in the press conference that a trading trend takes root. The path of interest rates promises to play a role in that respect. Currently, the 10-year yield is down seven ticks with its yield at 2.21%.

Stay tuned. An unventful day of trading so far is about to get eventful.
DJ30 -22.19 NASDAQ -6.05 SP500 -2.26 NASDAQ Adv/Vol/Dec 920/814 mln/1494 NYSE Adv/Vol/Dec 1044/266 mln/1889

1:00 pm : The S&P 500 trades lower by 0.2% as investors await the latest policy statement from the Federal Open Market Committee. The FOMC statement and economic projections will be released at 14:00 ET with Chairman Bernanke's press conference scheduled to begin at 14:30 ET.

Equities dipped into the red at the open, and have held their losses into midday. The S&P briefly tested its flat line, but the underperformance of heavily weighted financials and industrials has kept the benchmark average in negative territory.

The financial sector has displayed general weakness as just about every large component registers losses. Goldman Sachs (GS 163.34, -0.81) is the biggest laggard among the majors while the sector trades with a loss of 0.3%.

Elsewhere, industrials have lagged since the open after ending yesterday's session atop the leaderboard. Although most transportation-related names register losses, FedEx (FDX 101.93, +2.45), is higher by 2.5% after reporting an earnings beat on below-consensus revenue.

Also of note, homebuilders hover in the red as the iShares US Home Construction ETF (ITB 24.25, -0.17) trades lower by 0.7%.

Countercyclical sectors haven't fared much better as health care, utilities, and telecom hold losses between 0.2% and 1.0% while the staples sector adds 0.1%.

Despite the broad market weakness, the CBOE Volatility Index (VIX 16.03, -0.58) hovers near its lows.

The 10-yr note has seen some selling since the open, causing its yield to climb four basis points to 2.227%.

Today's economic data was limited to the weekly MBA Mortgage Index, which declined 3.3% to follow the prior week's increase of 5.0%.DJ30 -29.64 NASDAQ -7.55 SP500 -2.94 NASDAQ Adv/Vol/Dec 910/753.5 mln/1491 NYSE Adv/Vol/Dec 1004/246.3 mln/1917

12:30 pm : The S&P 500 trades lower by 0.2% as it continues slipping towards its lowest level of the day.

Notably, a handful of sectors which outperformed in early action have succumbed to the pressure exerted by the broader market. Consumer staples and energy have dipped into the red while the materials space is the only remaining advancer.

Despite the broad market weakness, the CBOE Volatility Index (VIX 16.33, -0.28) hovers near its lows.DJ30 -25.69 NASDAQ -6.86 SP500 -2.97 NASDAQ Adv/Vol/Dec 905/680.7 mln/1489 NYSE Adv/Vol/Dec 956/222.1 mln/1958

12:00 pm : The key indices continue to hover within points of their respective flat lines. The Russell 2000 is an exception as the small cap index trades with a loss of 0.5%.

Similar to the major averages, individual sectors continue to hold their levels. Consumer staples, energy, and materials are all up between 0.1% and 0.2% while financials, industrials, and telecom display losses between 0.2% and 1.0%.

The dollar is likely to react to this afternoon's remarks from Ben Bernanke. Currently, the dollar index holds a slim loss of 0.1% near 80.56.DJ30 -10.60 NASDAQ -4.67 SP500 -1.81 NASDAQ Adv/Vol/Dec 911/609.1 mln/1462 NYSE Adv/Vol/Dec 983/198.1 mln/1908

11:30 am : The major averages continue to hover near their flat lines as investors await the afternoon statement from the Federal Open Market Committee.

Notably, health care, utilities, and telecom services continue to hover near their lows. Similarly, financials and industrials remain in the red while other cyclical sectors alternate between gains and losses.

In the Treasury market, the 10-yr note is on its lows with its yield higher by one basis point at 2.203%.DJ30 -18.43 NASDAQ -3.54 SP500 -2.05 NASDAQ Adv/Vol/Dec 939/530.1 mln/1408 NYSE Adv/Vol/Dec 1032/168.8 mln/1821

11:00 am : The major averages made a brief return to their flat lines before slipping back into the red. Defensive groups remain generally weak as health care, utilities, and telecom services trade with losses between 0.4% and 0.9%.

With regards to cyclical groups, financials and industrials register losses between 0.3% and 0.4% while the other growth-sensitive sectors trade higher.

The energy space is the top performing sector as the group sports a gain of 0.3%. Crude oil, however, is lower by 0.2% today, trading at $98.48 per barrel.DJ30 -15.90 NASDAQ -1.94 SP500 -1.58 NASDAQ Adv/Vol/Dec 920/441.8 mln/1388 NYSE Adv/Vol/Dec 1064/143.1 mln/1780

10:35 am : Gold, silver and natural gas rallied to new session highs this morning. Gold and silver remains near those highs with Aug gold now +0.5% at $1373.50/oz and July silver +0.2% at $21.72/oz.

Aluminum futures fell 2.7% (or -$50/ton) to $1780.00/ton in overnight trading on the London Metals Exchange. Copper prices have been selling off and just hit a new session a short while ago. July copper is now -0.7% at $3.13/lb.

Crude oil pulled back from its overnight high of $99.01/barrel and sold off further, to new session low, following the weekly inventory data. July crude is now +0.01% at $98.45/barrel. July natural gas is currently +1.3% at $3.96/MMBtu.DJ30 -11.06 NASDAQ +0.36 SP500 -1.11 NASDAQ Adv/Vol/Dec 965/339.7 mln/1266 NYSE Adv/Vol/Dec 1089/117 mln/1705

10:00 am : The major averages continue to hover near their lows with the S&P 500 off by 0.2%. Yesterday's top performer, the industrial sector, is among the early laggards today as defense companies lag. General Electric (GE 24.15, -0.18) trades lower by 0.8% while the broader PHLX Defense Index is off by 0.4%.

Another large industrial subsector, the Dow Jones Transportation Average, holds a slim loss of 0.2%.DJ30 -34.63 NASDAQ -3.61 SP500 -3.68 NASDAQ Adv/Vol/Dec 911/212.2 mln/1248 NYSE Adv/Vol/Dec 932/76.9 mln/1800

09:45 am : The S&P 500 trades lower by 0.2% after starting today's session in the red. Eight of ten sectors trade in the red with telecom services and financials leading to the downside. The two sectors trade with respective losses of 0.8% and 0.5%.

On the upside, two growth-sensitive groups, energy and materials, hold respective gains of 0.1% and 0.2%.

Also of note, the CBOE Volatility Index (VIX 17.07, +0.46) has jumped above 17.00% as investors adjust their near-term volatility expectations.DJ30 -27.49 NASDAQ -2.30 SP500 -3.04 NASDAQ Adv/Vol/Dec 891/135.8 mln/1185 NYSE Adv/Vol/Dec 1055/57.3 mln/1612

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +1.50. With 15 minutes to go before the start of today's session, equity futures continue to trade in mixed fashion. The Nasdaq futures hold a slim gain of 0.1% with Adobe Systems (ADBE 46.80, +3.44) contributing to the pre-market strength after the software publisher beat on earnings.

In other pre-market movers, Sprint Nextel (S 7.06, -0.26) is lower by 3.6% after DISH Network (DISH 39.00, -0.09) chose to forego a new bid for the telecom provider.

Today's headline event will take place at 14:00 ET when the Federal Open Market Committee releases its latest policy statement. This will be followed by Ben Bernanke's press conference at 14:30 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +1.20.

The S&P 500 futures continue to hover near their flat line.

The major Asian markets ended in mixed fashion as China (-0.6%) and Hong Kong (-1.1%) registered losses amid ongoing worries regarding the health of the liquidity-starved Chinese financial system. As a result, the short term repurchase rates have climbed to levels not seen in more than a year. Elsewhere, Japan's Nikkei settled higher by 1.8% after the country's trade balance surpassed expectations with an adjusted trade deficit of -JPY0.82 trillion (-JPY0.89 trillion expected, -JPY0.70 trillion prior) as exports climbed 10.1% year-over-year (6.5% expected, 1.1% prior) while imports rose 10.0% year-over-year (10.8% expected, 5.5% previous). With regards to other economic data points, New Zealand reported a current account deficit of $0.66 billion (-$0.60 billion expected, -$3.23 billion prior) while Australia's CB Leading Index rose 0.3% month-over-month (0.1% prior). Lastly, the MI Leading Index came in at 0.6% (0.1% previous).

In Japan, the Nikkei closed higher by 1.8% with outperformance from producers of basic materials. ITOCHU Corp and JFE Holdings gained 5.7% and 6.4%, respectively. On the downside, Tokyo Electric Power lost 3.9%.
Hong Kong's Hang Seng lost 1.1% as 42 of 50 components registered losses. China Coal Energy Company lost 3.4% while Belle International ended lower by 2.4%. On the upside, Cathay Pacific Airways added 0.7%.
China's Shanghai Composite settled lower by 0.6% as industrials lagged. CCS Supply Chain Management and Ningbo Port both lost near 5.0%.

European indices trade in mixed fashion after investors received just two economic data points. Spain reported a trade deficit of -EUR1.60 billion (EUR0.30 billion expected, EUR0.60 billion prior) while the Swiss ZEW Expectations Survey remained unchanged at 2.2 (10.0 forecast).

Also of note, the International Monetary Fund has released a report on Spain, cautioning the banking sector may be exposed to further loan losses as the economy continues to contract.

In Germany, the DAX is higher by 0.1%. Drug maker Merck and chipmaker Infineon Technologies are among the leaders, sporting respective gains of 1.2% and 1.8%. Utility providers are among the laggards as E.ON and RWE hold losses near 0.7%.
France's CAC is off by 0.4% as financials lag. BNP Paribas and Credit Agricole are both down near 1.0%. Technology names are among the outperformers as Gemalto and STMicroelectronics add 1.7% and 1.6%, respectively.
Great Britain's FTSE trades down 0.4% as utilities lead to the downside. Severn Trent is down 3.5% and United Utilities Group registers a loss of 3.7%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +3.00. The S&P 500 futures continue to alternate between slim gains and losses while Nasdaq futures trade higher by 0.2%. Adobe Systems (ADBE 46.30, +2.94) has contributed to the pre-market strength of Nasdaq futures as the software company adds 6.8% after beating on earnings.

On the flip side, FedEx (FDX 98.75, -0.73) holds a pre-market loss of 0.7% following the company's earnings beat on below-consensus revenue.

07:55 am : S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -0.50.

U.S. equity futures trade in mixed fashion amid cautious overseas action. The S&P 500 futures are lower by 0.1% as investors await today's statement from the Federal Open Market Committee, scheduled for a 14:00 ET release. The statement will be followed by Chairman Bernanke's press conference at 14:30 ET.

Looking at overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei rose 1.8% while China's Shanghai Composite shed 0.6%, and Hong Kong's Hang Seng dropped 1.1%.
In regional economic data:
Japan reported an adjusted trade deficit of -JPY0.82 trillion (-JPY0.89 trillion expected, -JPY0.70 trillion prior) as exports climbed 10.1% year-over-year (6.5% expected, 1.1% prior) while imports rose 10.0% year-over-year (10.8% expected, 5.5% previous).
New Zealand reported a current account deficit of $0.66 billion (-$0.60 billion expected, -$3.23 billion prior).
Australia's CB Leading Index rose 0.3% month-over-month (0.1% prior) while the MI Leading Index came in at 0.6% (0.1% previous).
Looking at news:
Markets in China and Hong Kong registered losses amid ongoing worries regarding the health of the liquidity-starved Chinese financial system. As a result, the short term repurchase rates have climbed to multi-month highs.


European indices trade lower as midday nears. Germany's DAX is off by 0.3% while Great Britain's FTSE and France's CAC are both down near 0.6%.
Economic data was limited:
Spain reported a trade deficit of -EUR1.60 billion (EUR0.30 billion expected, EUR0.60 billion prior).
The Swiss ZEW Expectations Survey remained unchanged at 2.2 (10.0 forecast).
In news:
The International Monetary Fund has released a report on Spain, cautioning the banking sector may be exposed to further loan losses as the economy continues to contract.

In U.S. corporate news:

Adobe Systems (ADBE 46.13, +2.77) trades with a gain of 6.4% after beating on earnings.
FedEx (FDX 99.00, -0.48) trades lower by 0.5% after reporting mixed results. The company beat on earnings, but its revenue fell short of analyst expectations.
Sprint Nextel (S 7.06, -0.26) is lower by 3.6% after DISH Network (DISH 38.50, -0.59) chose not to submit a new bid for the telecom provider.

The weekly MBA Mortgage Index declined 3.3% to follow the prior week's increase of 5.0%.

06:53 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +5.50.

06:53 am : Nikkei...13245.22...+237.90...+1.80%. Hang Seng...20986.89...-239.00...-1.10%.

06:53 am : FTSE...6368.27...-5.90...-0.10%. DAX...8254.86...+25.40...+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)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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