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 Post subject: June 21st Friday Trade Results - Profit $6472.50
PostPosted: Fri Jun 21, 2013 8:32 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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 @ $930.00 dollars or +9.30 points, Emini ES ($ES_F) futures @ $4,312.50 dollars or +86.25 points, Light Crude Oil CL ($CL_F) futures @ $540.00 dollars or +0.54 points, Gold GC ($GC_F) futures @ $690.00 dollars or +6.90 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $6472.50 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=1536

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 Fall For Second Straight Week

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

NEW YORK (CNNMoney)
Thanks a lot, Ben Bernanke!

The Federal Reserve chairman clearly spooked the market this week. Simply hinting that the Fed might wind down its stimulus program later this year was enough to lead to another week of losses.

The three major U.S. stock market indexes ended the week down between 1.8% and 2.1%.

But the Dow Jones Industrial Average and the S&P 500 finished Friday up 0.3%, after spending part of the day down. The Nasdaq closed down 0.2%.

On Wednesday and Thursday, the Dow shed more than 550 points, and stocks stayed on rocky ground Friday.

Bernanke's words have kept bond yields jumping. The 10-year Treasury yield hit nearly 2.54% Friday.

Investors have been bailing out of bonds and sending yields higher over the past month amid speculation that the Fed will soon taper its monthly bond purchases, known as quantitative easing.

Even after this week's sell-off, stocks are still way up this year. The Dow, S&P 500 and Nasdaq have gained between 11% and 13% since the start of January.

The Fed has been a major driver of the bull market over the past few months as it has injected liquidity into the markets. Traders say the coming shift in monetary policy will mean even more volatility in the months ahead.

The CBOE Market Volatility Index (VIX) was up almost 2% Friday, a day after surging 23%. CNNMoney's Fear and Greed Index remained in Extreme Fear mode.

* Don't panic! Selling now could hurt your nest egg

Gold has been hit hard too. The metal bounced back slightly Friday after a sell-off pushed gold below $1300 to its worst level in two and a half years.

European stock markets ended lower, while Asian markets were mixed.

Japan's Nikkei index posted a 1.7% bounce, closing the week with a gain of 4.3%.

But Chinese stocks continued to head lower as investors worried about tighter liquidity conditions across the country and a slump in manufacturing activity.

Nomura analysts said Chinese government policies seem to be the reason for the cash crunch.

"Since mid-March, the government has introduced a series of tightening measures in the shadow banking sector to contain financial risks," they said in a research note. "The People's Bank of China could have reacted and injected liquidity through open market operations. Its decision not to intervene shows that it is committed to tightening the policy stance."

* U.S. dollar headed for 'multi-year rally'

In corporate news, Oracle (ORCL, Fortune 500) slid 9% after the tech firm reported weak results.

Shares of Facebook (FB) edged higher, one day after the social media giant rolled out its Instagram video product.

Darden Restaurants (DRI, Fortune 500), which operates chains including Red Lobster and Olive Garden, reported earnings that missed estimates, but a slightly better-than-forecast revenue increase.

Shares of CarMax (KMX, Fortune 500) slumped after the auto retailer missed revenue forecasts, even as it reported better-than-expected quarterly profits.

Inflight wireless company Gogo (GOGO) lost ground on its first day of trading, closing 6% below its IPO price of $17.

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Market Update

4:10 pm : The major averages ended on a mixed note as the S&P 500 added 0.3% while Nasdaq shed 0.2%.

Technology stocks lagged from the opening bell with Oracle (ORCL 30.14, -3.07) contributing to the underperformance. Shares of the software company fell 9.3% in reaction to a disappointing earnings report. Other major tech components like Apple (AAPL 413.50, -3.34) and Google (GOOG 880.93, -3.81) also settled in the red. The weakness in large technology shares pressured the Nasdaq, which trailed behind the broader market throughout the day.

Equities received a midday boost off session lows after Jon Hilsenrath of The Wall Street Journal put out a piece suggesting the markets might be misreading the Fed's messages and that there were overlooked dovish signals in Chairman Bernanke's press conference. This gave the S&P some fuel for an afternoon rally.

The second-half climb stalled briefly after yet another headline made the rounds. This time, International Monetary Fund's David Lipton said the withdrawal of Federal Reserve's stimulus is a positive, but there may be a case for central banks and governments to step in if markets become disorderly.

Notably, while the Wall Street Journal story sparked a fire under equities, the Treasury market's response was limited.

Rising Treasury yields have been in focus all week with the climb continuing today. The 10-yr note began selling off prior to the start of the U.S. session and continued sliding to end on its lows. As a result, the benchmark 10-yr yield jumped almost ten basis points to 2.514%, its highest level since August 2011.

Despite the ongoing rise in yields, income-oriented sectors held up well today as telecom services and utilities ended with respective gains of 0.6% and 1.3%. The relative strength of these sectors in the face of climbing yields suggests some seller exhaustion may have taken place. Despite today's advances, the two defensive sectors ended the week with respective losses of 3.7% and 2.8%.

Also of note, the financial sector ended in line with the broader market, but major banks came under pressure after a Bloomberg story suggested U.S. regulators are kicking around the idea of doubling minimum capital requirements for the country's largest banks. Bank of America (BAC 12.70, -0.20) lost 1.5% while Citigroup (C 46.87, -1.03) settled lower by 2.2%.

The CBOE Volatility Index (VIX 18.78, -1.71) ended near its lows after yesterday's session sent it to its highest level of the year.

Week in Review: Federal Reserve Comments Taper Buying Interest

The major averages ended Monday's session with solid gains. The S&P 500 rose 0.8% after spending most of the day near its highs. The index stumbled in the afternoon after a Financial Times report suggested Federal Reserve Chairman Ben Bernanke was likely to discuss modifying the Fed's asset purchase program at Wednesday's press conference. Netflix (NFLX 216.90, -6.62) jumped 7.1% after the company announced a multi-year partnership with DreamWorks Animation (DWA 24.28, -0.17).

On Tuesday, the major averages ended higher across the board and the S&P 500 advanced 0.8%. Equities climbed steadily since the opening bell as investors prepared for Wednesday's policy decision. The steady climb leading into the Wednesday session suggests investors expected mostly reassuring words from Chairman Bernanke.

The first half of Wednesday's session was rather uneventful, but the afternoon FOMC Statement and subsequent comments from Chairman Bernanke sent equities and Treasuries to their lows while also providing a significant boost to the dollar. 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. 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.

On Thursday, equities ended with sharp losses across the board as Wednesday's selling persisted into the next day, and dragged global shares into the fray. The S&P 500 fell 2.5% after losing its 50-day moving average at the open. Elevated Treasury yields contributed to selling in high-yielding, defensively oriented sectors. To that end, the consumer staples sector led to the downside with a loss of 3.0%. Health care (-2.6%) and utilities (-2.9%) also saw significant selling. Precious metals had a flashback to mid-April as gold sank 6.8% to $1280.10 per ounce while silver dropped 9.4% to $19.59 per ounce.DJ30 +41.08 NASDAQ -7.39 SP500 +4.24 NASDAQ Adv/Vol/Dec 1486/2.15 bln/1016 NYSE Adv/Vol/Dec 1534/1.96 bln/1521

3:30 pm :

Aug crude oil fell for a third consecutive session as prices were pressured by a stronger dollar index. The energy component pulled back from its session high of $95.23 per barrel set at pit trade open and dipped to a session low of $93.12 per barrel. Unable to gain much momentum, crude settled 1.4% lower at $93.72 per barrel, bringing losses for the week to 4.4%.
July natural gas extended yesterday's losses as it fell from a session high of $3.87 per MMBtu. After trending lower for its entire pit session, it booked a 2.8% loss as it closed at its session low of $3.77 per MMBtu. Despite today's decline, natural gas gained 0.8% for the week.
Aug gold chopped around in positive territory today as it recovered slightly from yesterday's slump to lowest levels since September 2010. Prices dipped to a session low of $1285.50 per ounce but quickly regained traction. The yellow metal pushed to a session high of $1298.80 per ounce in late afternoon action and settled with a 0.5% gain at $1292.20 per ounce. Despite the effort, gold closed below $1300, booking a 6.9% loss for the week.
July silver also trended higher for most of its pit trade. It lifted from a session low of $19.67 per ounce and peaked at $20.07 per ounce before settling with a 0.7% gain at $19.95 per ounce. Still, today's slight gain did little to erase losses seen earlier in the week, leaving silver with a 9.2% loss for the week.

DJ30 +95.30 NASDAQ -1.59 SP500 +10.05 NASDAQ Adv/Vol/Dec 1450/2023.0 mln/1007 NYSE Adv/Vol/Dec 1697/1040 mln/1338

3:00 pm : The S&P 500 holds a slim gain of 0.2% as today's session enters its final hour.

The foreign exchange market saw further dollar strength today. The Dollar Index slipped off its best levels of the day near 82.50 following the Wall Street Journal article suggesting markets are misreading the Fed's signals. The article brought sellers out of the woodwork as they managed to drop the Index to 82.20. That level held as trade rebounded to 82.30.

A solid portion of today's dollar strength was due to weakness in the euro and the Swiss franc.

Euro/dollar is lower by 90 pips near 1.3145 with trade reaching a two-week low. Early selling developed on headlines suggesting the Democratic Left was pulling out of Greece's coalition government, and that dropped the single currency to 1.3100. However, buyers emerged at the 100-day moving average, and have managed to trim some of the losses.

Elsewhere, dollar/franc is higher by 83 pips near 0.9333 with action probing the 200-day moving average (.9340). Currently, the pair is poised to end the week with a 130 pip gain after losing more than 600 pips between May 22 and June 17.DJ30 +48.26 NASDAQ -14.08 SP500 +4.33 NASDAQ Adv/Vol/Dec 1293/1.84 bln/1151 NYSE Adv/Vol/Dec 1521/974.5 mln/1506

2:30 pm : The Dow and S&P 500 remain near their flat lines while the Nasdaq continues to hover in the red.

Despite the continued rise in Treasury yields, income-oriented sectors are among today's leaders. Consumer staples and utilities are both up near 1.0% while health care and telecom services trade with respective gains of 0.8% and 0.4%. The relative strength of these sectors in the face of climbing yields suggests some exhaustion may have taken place. Despite today's gains, the four defensive sectors are down between 2.2% and 3.8% this week.DJ30 +25.65 NASDAQ -15.24 SP500 +3.10 NASDAQ Adv/Vol/Dec 1256/1.73 bln/1173 NYSE Adv/Vol/Dec 1482/932.3 mln/1533

2:00 pm : The S&P 500 has returned into negative territory after spending the past hour in the green. The initial bounce that lifted the S&P off its lows followed a Wall Street Journal article suggesting the markets might be misreading the Fed's messages and that there were overlooked dovish signals in the press conference.

Appropriately, the recent return into the red was concurrent with headlines from International Monetary Fund's David Lipton, who said the withdrawal of Federal Reserve's stimulus is a positive. Mr. Lipton also said there may be a case for central banks and governments to step in if markets become disorderly.DJ30 -6.29 NASDAQ -21.66 SP500 -0.76 NASDAQ Adv/Vol/Dec 1151/1.64 bln/1264 NYSE Adv/Vol/Dec 1338/896.1 mln/1665

1:25 pm : The last hour or so has been highlighted by a renewed round of buying interest that has followed on the heels of -- what else? -- dovish-sounding headlines pertaining to the Fed's position on tapering.

Specifically, Jon Hilsenrath of The Wall Street Journal put out a piece a short time ago suggesting the markets might be misreading the Fed's messages and that there were overlooked dovish signals in the press conference.

There is nothing truly revelatory in Mr. Hilsenrath's piece, but it was released at an opportune time with the averages hovering near their worst levels of the day and the S&P 500 down about 4.5% from Wednesday's high. The friendly-sounding nature of the headlines prompted a little short squeeze that has helped the market recover some lost ground.

Strikingly, bond yields didn't move much. The yield on the 10-year note sits at 2.48%.DJ30 +23.50 NASDAQ -11.00 SP500 +2.72 NASDAQ Adv/Vol/Dec 1286/1.52 bln/1115 NYSE Adv/Vol/Dec 1455/851 mln/1545

1:00 pm : At midday, the S&P 500 trades higher by 0.1%.

The Dow and S&P 500 began the session with modest gains while the Nasdaq trailed behind the other two averages from the opening bell.

Contributing to the relative weakness of the tech-heavy index was a disappointing earnings report from Oracle (ORCL 30.44, -2.77), which saw the company post earnings of $0.87 per share, one cent below the Capital IQ consensus estimate. Oracle's revenue of $10.96 billion also fell short of analyst expectations. The major tech component trades lower by 8.3% while other large sector members like Apple (AAPL 411.69, -5.15) and Google (GOOG 878.63, -6.11) also hover in the red.

The early underperformance of the Nasdaq served as a caution flag, which was validated when the S&P slipped into the red one hour into the session.

Recent action saw the S&P 500 spike back above its flat line after a Wall Street Journal article suggested the market may have misread the signals from the Fed. Although equities saw a sharp move off lows, the Treasury market hasn't budged much.

A continued rise in Treasury yields has played a factor in the decline in equities. The 10-yr note began selling off prior to the start of the U.S. session with little letup since. As a result, the benchmark 10-yr yield is higher by seven basis points at 2.503%, and at its highest level since August 2011.

Interestingly, two rate-sensitive sectors (utilities and telecom) have been able to escape most of the selling pressure. This could represent some exhaustion on the part of market participants after the two groups lost more than 4.0% this week.

Meanwhile, the other two defensively-oriented sectors (consumer staples and health care) sport solid gains near 1.0%.

With regards to cyclical sectors, financials have been pressured by a Bloomberg story suggesting U.S. regulators are kicking around the idea of doubling minimum capital requirements for the country's largest banks. Bank of America (BAC 12.72, -0.18) and Citigroup (C 46.70, -1.20) hold respective losses of 1.4% and 2.4%.

Elsewhere, homebuilders have endured a rough week, and the group trades with notable losses again today. DR Horton (DHI 21.04, -0.26) is the weakest performer among the major builders while the iShares Dow Jones US Home Construction ETF (ITB 22.22, -0.12) trades lower by 0.6% after being down as much as 4.1%. Since Monday, the homebuilder ETF has surrendered nearly 10.0%.DJ30 +30.75 NASDAQ -11.62 SP500 +2.33 NASDAQ Adv/Vol/Dec 1231/1.44 bln/1161 NYSE Adv/Vol/Dec 1323/820.5 mln/1672

12:30 pm : Recent action saw the S&P attempt a bounce off session lows. However, minor rebounds continue being met with selling pressure. Similarly, not much let up has been spotted in the Treasury market as the benchmark 10-yr yield sits just below 2.500%.

The Dow Jones Transportation Average has displayed softness throughout the week, and the selling has continued into today. The bellwether complex is lower by 1.0% and down 3.6% since Monday. UPS (UPS 85.02, +0.13) is the only index advancer, sporting a gain of 0.2%.DJ30 -56.49 NASDAQ -29.65 SP500 -7.43 NASDAQ Adv/Vol/Dec 1001/1.32 bln/1379 NYSE Adv/Vol/Dec 988/776.4 mln/1996

12:00 pm : The S&P 500 remains near its lows as seven of ten sectors hover in the red. Only materials and technology trade with losses wider than 1.0%. Meanwhile, the three advancers (consumer staples, health care, utilities) hold slim gains between 0.1% and 0.5%.

Elsewhere, homebuilders have endured a rough week and the group trades with significant losses again today. DR Horton (DHI 20.10, -1.21) is the weakest performer among the major builders while the iShares Dow Jones US Home Construction ETF (ITB 21.50, -0.84) trades lower by 3.8%. Since Monday, the homebuilder ETF has surrendered nearly 11.0%.DJ30 -46.70 NASDAQ -34.75 SP500 -8.18 NASDAQ Adv/Vol/Dec 915/1.19 bln/1455 NYSE Adv/Vol/Dec 938/730.8 mln/2031

11:35 am : The S&P 500 has slid to fresh lows amid weakness in Treasuries. Recent selling in the 10-yr note has pushed its yield higher by eight basis points to 2.505%.

Defensively-oriented sectors outperformed through the first hour of today's action, but they have since retreated off their highs. The utilities sector now trades with a loss of 0.6% while consumer staples and health care hold respective gains of 0.4% and 0.3%.

Meanwhile, all six cyclical sectors trade in the red with financials and technology leading to the downside. Both groups are down near 1.0%.DJ30 -54.28 NASDAQ -35.26 SP500 -9.99 NASDAQ Adv/Vol/Dec 894/1.08 bln/1449 NYSE Adv/Vol/Dec 948/690.1 mln/1992

11:00 am : Recent action saw the major averages slide to their lows before staging a slight bounce. The S&P 500 is back near its flat line as influential growth-oriented sectors pressure the broader market. The technology space has lagged from the start with Oracle (ORCL 30.46, -2.76) contributing to the weakness. High-beta chipmakers also register losses as the PHLX Semiconductor Index trades lower by 0.2%.

Elsewhere, the financial sector hovers in the red following a Bloomberg story suggesting U.S. regulators are kicking around the idea of doubling minimum capital requirements for the country's largest banks. Bank of America (BAC 12.56, -0.33) and Citigroup (C 46.24, -1.66) hold respective losses of 2.5% and 3.4%.

Also of note, the industrial sector holds a slim gain, but transportation-related components have shown weakness. The Dow Jones Transportation Average is lower by 0.7%.DJ30 +47.07 NASDAQ -11.14 SP500 +3.09 NASDAQ Adv/Vol/Dec 1153/915.4 mln/1139 NYSE Adv/Vol/Dec 1543/628.9 mln/1378

10:35 am : Commodities are mixed this morning, while crude oil is the big mover.

July crude oil rose as high as $95.80/barrel in the overnight shift. However, this morning, oil has been sliding lower and it just hit a new session low of $93.96/barrel

Natural gas has been sitting just modestly lower this morning and is now -0.6% at $3.85/MMBtu.

Precious metals are mixed with silver basically flat and gold modestly high. July silver is now -0.2% at $19.79/oz and Aug gold now +0.5% at $1292.00/oz. July copper is +0.6% at $3.08/lb.DJ30 -2.84 NASDAQ -16.02 SP500 -1.53 NASDAQ Adv/Vol/Dec 1212/744.1 mln/1036 NYSE Adv/Vol/Dec 1500/582 mln/1383

10:00 am : The Dow and S&P 500 continue to hover near their highs while the Nasdaq attempts to overcome the pressure exerted by Oracle (ORCL 30.22, -3.00) after the company reported a miss on earnings and revenue.

Three defensive sectors (consumer staples, health care, and utilities) hold gains of more than 1.0% with health care leading the way. With regards to cyclical groups, energy and industrials have had the best showing so far as the two sectors sport gains near 0.5%.

For the moment, volatility has subsided a bit as indicated by the 7.6% decline in the CBOE Volatility Index (VIX 18.93, -1.56) after ending yesterday's session at its highest level of the year.DJ30 +63.35 NASDAQ +0.35 SP500 +8.26 NASDAQ Adv/Vol/Dec 1291/545.6 mln/867 NYSE Adv/Vol/Dec 1948/503.7 mln/853

09:45 am : The major averages began the session on a generally positive note. The S&P 500 trades higher by 0.5% while the Nasdaq displays little change as Oracle (ORCL 30.20, -3.01) weighs. The software company trades down 8.8% after missing on earnings and revenue. In addition, the company doubled its quarterly dividend to $0.12 per share and announced it expects to begin trading on the New York Stock Exchange under its current symbol on July 15.

Treasuries will be in focus today. The 10-yr note saw some selling just before the U.S. cash session open, sending its yield higher by one basis point to 2.434%.DJ30 +68.07 NASDAQ +3.26 SP500 +8.48 NASDAQ Adv/Vol/Dec 1352/462.9 mln/746 NYSE Adv/Vol/Dec 1933/477.9 mln/818

09:12 am : [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: -0.30. Equity futures have slipped to their pre-market lows after registering solid gains in early action. The S&P 500 futures have trimmed their pre-market advance to 0.4%. Similarly, European indices are off their highs with Germany's DAX trading lower by 0.4%.

Greece has been put back in the spotlight after yesterday's reports indicated the International Monetary Fund will suspend its aid payments to the troubled sovereign if the country does not find a way to plug a EUR1.2 billion budget hole, which recently came to light. In addtion, recent reports from Greek Kathimerini indicate members of the Democratic Left are preparing to resign following the party's confirmation of its intentions to leave the coalition government. Worries about the future of the Greek government have caused selling in the euro as well as Greek equities. Euro/dollar is lower by 0.5% at 1.3168 while the ASE sports a loss of 3.7%.

The Treasury market will be in focus once again today. Currently, the 10-yr note is little changed with its yield at 2.419%.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: -1.30.

The S&P 500 futures trade higher by 0.3% after surrendering the bulk of their pre-market gains.

Most major Asian indices ended the session in the red while Japan's Nikkei (+1.7%) and India's Sensex (+0.3%) outperformed. In Japan, several government officials spoke about the country's economy. To that end, economy minister Akira Amari said the government will discuss modifying the corporate tax rate, but policy easing cannot last forever. Elsewhere, reports indicate People's Bank of China made an unofficial $8 billion injection into the interbank lending system. On a related note, the overnight SHIBOR rate declined to 8.49% while longer-term rates increased. Today's session was free of notable economic data.

In Japan, the Nikkei ended higher by 1.7% with consumer names in the lead. Fast Retailing and Suzuki Motor ended with respective gains of 4.8% and 3.8%. On the downside, Sumitomo Electric fell 4.4%.
Hong Kong's Hang Seng finished lower by 0.6%. CNOOC and Sands China lost 2.2% and 3.9%, respectively. On the upside, Belle International rose 4.8%.
In China, the Shanghai Composite shed 0.5%. China Construction Bank led to the downside with a loss of 9.5%. On the upside, Chifeng Jilong Gold Mining and New China Life Insurance ended with respective gains of 10.0% and 8.8%.

European indices trade in mixed fashion following yesterday's broad sell off. Regional economic data was limited as the Eurozone reported a current account surplus of EUR19.5 billion (EUR14.2 billion expected, EUR25.9 billion prior). Elsewhere, Great Britain's public sector net borrowing came in at GBP10.5 billion (GBP13.8 billion expected, GBP6.6 billion previous).

Notably, recent reports from Greek Kathimerini indicate members of the Democratic Left are preparing to resign following the party's confirmation of its intentions to leave the coalition government.

In Germany, the DAX is off by 0.1% as technology names lag. Infineon Technologies and SAP are both down near 1.7%. In addition, Commerzbank trades lower by 1.9%.
Great Britain's FTSE is higher by 0.4% as cyclical names outperform. Bunzl and CRH are both up near 3.0%. Meanwhile, miners remain pressured with Fresnillo and Polymetal International down 4.7% and 2.8%, respectively.
France's CAC adds 0.4% as Danone leads with a gain of 3.8%. Financials have shown weakness as BNP Paribas and Credit Agricole hold losses near 0.7%.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +6.70. The S&P 500 futures trade higher by 0.4% as today's session sets up for a modestly higher open to follow yesterday's 2.5% slide in the S&P. Similarly, European indices are rebounding from yesterday's weakness, but most of those gains have been limited to less than 1.0% so far.

On the other hand, Asian markets slid further into the red while Japan's Nikkei (+1.7%) outperformed. Much of the focus was on China after reports indicated the People's Bank of China made an unofficial $8 billion injection into the banking system. Equities remained soft as China's Shanghai Composite ended lower by 0.5%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +11.70. Nasdaq futures vs fair value: +10.70.

U.S. equity futures hover near their pre-market highs with the S&P 50 futures up 0.6%. Index futures hold solid gains as global markets rebound from yesterday's general weakness.

Looking at overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei rose 1.7% while China's Shanghai Composite and Hong Kong's Hang Seng shed 0.5% and 0.6%, respectively.
There was no economic data of note.
In news:
Reports out of China indicate the People's Bank of China injected about $8 billion into the banking system following the recent rise in interbank lending rates. However, the central bank did not officially confirm this operation.
Japan's economy minister Akira Amari said the government will discuss modifying the corporate tax rate, but policy easing cannot last forever.

European indices trade in positive territory. Germany's DAX is higher by 0.2% while Great Britain's FTSE and France's CAC trade with respective gains 0.8% and 0.6%.
Regional economic data was limited:
The Eurozone reported a current account surplus of EUR19.5 billion (EUR14.2 billion expected, EUR25.9 billion prior).
Great Britain's public sector net borrowing came in at GBP10.5 billion (GBP13.8 billion expected, GBP6.6 billion previous).
Looking at news:
Leader of the Greek Democratic Left Fotis Kouvelis has threatened to withdraw his ministers from the government.

In U.S. corporate news:

CarMax (KMX 45.24, +0.67) is higher by 1.5% after beating on earnings and revenue.
Oracle (ORCL 30.81, -2.40) trades down 7.2% after missing on earnings and revenue. In addition, the company doubled its quarterly dividend to $0.12 per share and announced it expects to begin trading on the New York Stock Exchange under its current symbol on July 15.
Sprint Nextel (S 6.96, -0.11) is lower by 1.6% after DISH Network (DISH 39.18, -0.09) officially abandoned its efforts to acquire the telecom provider.

There is no economic data of note scheduled to be reported today.

06:31 am : [BRIEFING.COM] S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +13.50.

06:31 am : Nikkei...13230.13...+215.60...+1.70%. Hang Seng...20263.31...-119.60...-0.60%.

06:31 am : FTSE...6232.37...+72.90...+1.20%. DAX...7983.16...+54.70...+0.70%.

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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