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 Post subject: June 25th Tuesday Trade Results - Profit $1987.50
PostPosted: Tue Jun 25, 2013 11:09 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)
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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 @ $1340.00 dollars or +13.40 points, Emini ES ($ES_F) futures @ $587.50 dollars or +11.75 points, Light Crude Oil CL ($CL_F) futures @ $180.00 dollars or +0.18 points, Gold GC ($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 @ $1987.50 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=1538

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 Rebound As U.S. Economy Firms

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

NEW YORK (CNNMoney)
Wall Street bounced back Tuesday as signs of strength in the U.S. economy overshadowed concerns about China's credit problems.

The Dow Jones industrial average rose 101 points, or 0.7%. The S&P 500 gained 0.9% and the Nasdaq added 0.8%.

After suffering heavy losses in the past few days, investors were encouraged by a string of upbeat economic reports.

"The economic fundamentals continue to march forward at a moderate pace," said Doug Cote, chief market strategist at ING Investment Management. "That's all the market needs right now."

Housing is hot, consumers are confident. The S&P/Case-Shiller home price index rose 12.1% in April, compared with a year earlier, for the 20 top real estate markets across the nation. It was the biggest annual jump in prices in seven years and the 2.5% increase from March was the biggest one-month rise in the 12-year history of the index.

In more good news for housing, homebuilder Lennar Corp. (LEN) reported sales and earnings that topped forecasts. CEO Stuart Miller said Lennar's results "point to a solid housing recovery." New orders rose 27% in the quarter. Lennar shares held gains, but were off earlier highs.

New home sales also topped estimates, rising 2% in May to a seasonally adjusted rate of 476,000 units, the Commerce Department said.

A report on durable goods also came in better than expected. Meanwhile, a measure of consumer confidence rose to its highest level since January 2008.

Consumers have been encouraged by improvement in the job market, said the Conference Board. But the index does not reflect the recent market turmoil, which could put a damper on consumers' moods in July, according to Capital Economics.

Investors still jittery. Stocks are rebounding from steep losses Monday that were driven by continued uncertainty about China's banking system and when the Federal Reserve will ease its stimulus.

* Stock sell-off is 'taper tantrum'

That double whammy has caused volatility to spike.

So far this month, the CBOE Market Volatility Index (VIX) has risen 25%. And CNNMoney's Fear & Greed Index is deep in extreme fear.

"Volatility is very pronounced," Carter Worth, chief market technician at Oppenheimer, told CNNMoney in an interview. Earlier he sent around an amusing note that simply said "We have no new thoughts. Sell."

"If this kind of volatility is taking place, there is a change in the wind. That doesn't mean we are going to see a bear market or a crash, but upside is limited and downside is unknown, but very real," he told CNNMoney.

* Bonds in the bargain bin

Comments attributed to a People's Bank of China official helped ease some jitters in China's stock markets Tuesday. The official reportedly said the bank will keep interest rates in check, and that seasonal forces that have driven them higher recently will fade.

Following his comments, the Shanghai Composite, which was down as much as 5.6%, recovered to close just 0.2% lower. (Check other world markets)

Mixed bag of earnings. Shares of Walgreen (WAG, Fortune 500) sank nearly 6% after the drugstore chain missed earnings and revenue forecasts.

Barnes & Noble (BKS, Fortune 500) shares plunged after the bookseller said it will stop making the Nook in-house and will partner with a third party to manufacture the eReading device. Sales in the Nook segment fell 34% in the quarter to $108 million.

Carnival (CCL) said earnings fell 55% to 9 cents per share in the second quarter. The beleaguered cruise ship operator warned in May that earnings would suffer this year due to price cuts following the Carnival Triumph mishap. But the drop in earnings was not as bad as some had feared, sending Carnival's stock higher.

After the market closed, Smith & Wesson (SWHC) reported record sales and profits for the fourth quarter. The gunmaker also boosted its outlook for the current quarter and year.

CEO James Debney said increased production and "continued robust consumer demand for firearms," helped lift sales of the company's M&P line, which includes assault rifles.

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Market Update

4:10 pm : Equities settled near their highs, but came up a bit short in their attempt to erase yesterday's losses. The S&P 500 climbed 1.0% as all ten sectors ended with gains.

The majority of today's advance occurred in the first 90 minutes of the session amid a global rebound. Notably, China's Shanghai Composite shed 0.2% after being down as much as 5.7%. The rally off lows unfolded amid speculation The People's Bank of China will step in to resolve the ongoing liquidity crisis. However, the central bank has since reiterated its intention to remain on the sidelines. The overnight SHIBOR eased 75 basis points to 5.74% while the 1-week interbank rate rose 33 basis points to 7.64%.

Elsewhere, most European markets registered gains, but Italy's MIB fell 0.4% amid comments from an analyst at Italy's second largest bank, Mediobanca. The bank representative said the country's macroeconomic outlook has not improved and a bailout request will become inevitable. Italy's benchmark 10-yr yield rose seven basis points to 4.87%.

On a related note, U.S. Treasuries were in demand overnight, but surrendered all of their gains shortly after the open. As a result, the benchmark 10-yr yield ended higher by four basis points at 2.589%.

Interestingly, two rate-sensitive sectors vaulted to the top of this month's leaderboard despite the continued climb in Treasury yields. The telecom services sector rose 2.0%, which turned its month-to-date loss to a gain of 1.0%.

Also of note, the utilities space advanced 1.2% to trim its June loss to 1.1%.

Other defensive sectors trailed behind the broader market as consumer staples tacked on 0.1% while health care added 0.4%.

Meanwhile, cyclical groups were led by a 1.9% gain in financials. Transportation-related names displayed comparable strength as the Dow Jones Transportation Average jumped 1.9%.

Major homebuilders saw early strength before ending in mixed fashion. DR Horton (DHI 20.91, -0.01) shed 0.1%; Lennar (LEN 35.23, +0.24) gained 0.7% on better-than-expected earnings; while the broader iShares US Home Construction ETF (ITB 22.03, +0.24) added 1.1%.

A fair portion of today's economic data focused on housing. The April Case-Shiller 20-city Home Price Index rose 12.1% while a 10.5% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 10.9%.

Separately, April Housing Price Index from the FHFA increased 0.7%, which follows a 1.3% increase observed during the prior month.

Also of note, new home sales topped expectations increasing from an upwardly revised 466,000 (from 454,000) in April to 476,000 in May. The Briefing.com consensus pegged new home sales at 460,000.

Durable goods orders increased 3.6% for a second consecutive month in May. The Briefing.com consensus expected durable goods orders to increase 3.0%.

As expected, a large portion of the gain came from the transportation sector. Defense and nondefense aircraft orders increased 39.2% in May after increasing 23.6% in April.

Surprisingly, the gains in durables did not end with the transportation sector. Excluding transportation, durable goods orders rose 0.7% in May after increasing 1.7% in April. The consensus expected these orders to fall 0.5%.

The Conference Board's Consumer Confidence Index rose to 81.4 in June, up from 74.3 in May and at the highest point since January 2008. The Briefing.com consensus expected consumer confidence to weaken slightly and drop to 75.0.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while the third estimate of first quarter GDP will be released at 8:30 ET.DJ30 +100.75 NASDAQ +27.13 SP500 +14.94 NASDAQ Adv/Vol/Dec 1779/1.60 bln/709 NYSE Adv/Vol/Dec 2478/810.0 mln/591

3:30 pm :

Aug crude oil rose today following economic data released this morning that showed durable goods orders increased 3.6% for a second consecutive month in May. The energy component pulled back from its session high of $96.08 per barrel set at pit trade open as a stronger dollar index pressured prices. It dipped to a session low of $94.72 per barrel but recovered into the black moments later. It eventually settled 0.2% higher at $95.33 per barrel.
Aug natural gas fell for a fourth consecutive session as it slid from its session high of $3.77 per MMBtu. It attempted to erase some of the loss in late morning action but ultimately settled 2.4% lower at its session low of $3.67 per MMBtu. o Better-than-anticipated economic data released this morning and a stronger dollar index put pressure on precious metals. New home sales topped expectations as did the Consumer Confidence Index which rose to its highest level since January 2008.
Aug gold retreated from its session high of $1285.60 per ounce and brushed a session low of $1270.70 per ounce in morning action. Unable to regain momentum, it settled 0.1% lower at $1275.20 per ounce.
July silver also pulled back from its session high of $19.74 per ounce and spent most of its pit trade chopping around just above the unchanged level. The lackluster action left silver to settle just 0.1% higher at $19.52 per ounce.

DJ30 +130.77 NASDAQ +30.40 SP500 +18.05 NASDAQ Adv/Vol/Dec 1720/1271.6 mln/758 NYSE Adv/Vol/Dec 2419/489 mln/615

3:00 pm : The S&P 500 trades higher by 0.9% as today's session enters its final hour.

The Dollar Index climbed into positive territory in reaction to this morning's better-than-expected data. The Index spiked to 82.70 before retreating to its current level near 82.55. Today's dollar strength has weighed on the euro and the Swiss franc.

The euro is lower by 25 pips near 1.3100. Today's weakness has the single currency testing its 50-, 100-, and 200-day moving averages after yesterday's selling found support in the current area.

Elsewhere, the franc is higher by 45 pips at .9375 with today's bid retaking the 200-day moving average. However, dollar/franc has been met with resistance around .9400, an area coinciding with its 100-day moving average.DJ30 +107.96 NASDAQ +22.37 SP500 +14.67 NASDAQ Adv/Vol/Dec 1624/1.15 bln/833 NYSE Adv/Vol/Dec 2313/447.3 mln/700

2:35 pm : The S&P 500 remains near its highs amid relatively quiet afternoon action. Most of today's gains came at the start of the session as investors responded to a rebound in overseas markets.

Asian indices ended in mixed fashion with China's Shanghai Composite shedding 0.2% after being down as much as 5.7%.

The performance of Chinese stocks is likely to receive extra attention in the coming days. The Tuesday rebound occurred amid speculation The People's Bank of China will step in to resolve the ongoing liquidity crisis. However, the central bank has reiterated its intention to remain on the sidelines. The overnight SHIBOR eased 75 basis points to 5.74% while the 1-week interbank rate rose 33 basis points to 7.64%.DJ30 +130.35 NASDAQ +23.65 SP500 +16.78 NASDAQ Adv/Vol/Dec 1598/1.07 bln/851 NYSE Adv/Vol/Dec 2326/416.2 mln/704

2:00 pm : Equities continue to hover near their highs while Treasuries remain pressured. Of the three major indices, the S&P 500 has had the best showing so far today. The benchmark index trades higher by 0.8% while Dow and Nasdaq sport respective gains of 0.7% and 0.6%. Elsewhere, small caps have trailed behind the broader market as the Russell 2000 adds 0.6%.

Cyclical sectors enjoyed a strong start to the session but recent action saw some profit taking among the top performers. Currently, the financial sector is the only cyclical group trading with a gain larger than 1.0%.DJ30 +96.84 NASDAQ +19.48 SP500 +12.92 NASDAQ Adv/Vol/Dec 1591/981.8 mln/859 NYSE Adv/Vol/Dec 2256/376.1 mln/764

1:30 pm : The stock market has labored to build on the notable gains it registered shortly after the opening bell. The jump in long-term rates, which followed in the wake of better-than-expected economic news this morning, has acted as a limiting influence.

It leaves one to wonder if market participants are taking good economic news at face value or whether they view it as an expedient for Fed tapering. Notwithstanding the gains in the major averages, the verdict is inconclusive judging by today's action so far.

The defensive-oriented telecom services (+1.4%) and utilities (+1.2%) sectors have assumed a leadership position, yet the financials (+1.5%) comprise the best-performing sector at this juncture.

The 10-yr note yield is probing its worst levels of the day (-16/32 at 2.60%) following a $35 bln 2-yr note auction that was greeted with lower-than-average demand. The bid-to-cover at today's auction was 3.05x versus a 12-auction average of 3.66x. The path interest rates follow is expected to help pave the way for the stock market.DJ30 +74.81 NASDAQ +16.60 SP500 +10.94 NASDAQ Adv/Vol/Dec 1592/880 mln/838 NYSE Adv/Vol/Dec 2207/342 mln/803

1:05 pm : At midday, the Dow and S&P 500 hover near their highs while the Nasdaq trades in the middle of its range.

Today's session began on a positive note as global markets shook off some of their Monday losses.

Although most global indices registered gains, growth concerns remained on the table. Italy's second largest bank, Mediobanca, said that the country's macroeconomic outlook has not improved and a bailout request will become inevitable. Italy's MIB Index declined 0.4% while the country's benchmark 10-yr yield rose seven basis points to 4.87%.

On a related note, U.S. Treasuries were bid overnight but fell to their lows shortly after the start of the cash session. As a result, the 10-yr yield is higher by four basis points at 2.585%.

Interestingly, two rate-sensitive sectors, telecom services and utilities, are among today's leaders even as yields remain elevated. The telecom sector trades higher by 1.6% and today's advance has helped the group erase its month-to-date loss.

The utilities space also sports a solid gain of 1.4%, but remains lower by 1.0% this month.

Meanwhile, the other defensive sectors, consumer staples and health care, trade higher by 0.2% and 0.4%, respectively.

Cyclical groups have been paced by the strength of the financial sector (+1.7%) while transportation-related names and homebuilders outperform as well. The Dow Jones Transportation Average is higher by 1.6% while the iShares Dow Jones US Home Construction ETF (ITB 22.05, +0.26) trades up 1.2%.

The April Case-Shiller 20-city Home Price Index rose 12.1% while a 10.5% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 10.9%.

Separately, April Housing Price Index from the FHFA increased 0.7%, which follows a 1.3% increase observed during the prior month.

Also of note, new home sales topped expectations increasing from an upwardly revised 466,000 (from 454,000) in April to 476,000 in May. The Briefing.com consensus pegged new home sales at 460,000.

Durable goods orders increased 3.6% for a second consecutive month in May. The Briefing.com consensus expected durable goods orders to increase 3.0%.

As expected, a large portion of the gain came from the transportation sector. Defense and nondefense aircraft orders increased 39.2% in May after increasing 23.6% in April.

Surprisingly, the gains in durables did not end with the transportation sector. Excluding transportation, durable goods orders rose 0.7% in May after increasing 1.7% in April. The consensus expected these orders to fall 0.5%.

The Conference Board's Consumer Confidence Index rose to 81.4 in June, up from 74.3 in May and at the highest point since January 2008. The Briefing.com consensus expected consumer confidence to weaken slightly and drop to 75.0.DJ30 +114.25 NASDAQ +23.57 SP500 +14.75 NASDAQ Adv/Vol/Dec 1656/817.8 mln/765 NYSE Adv/Vol/Dec 2344/319.2 mln/657

12:30 pm : The S&P 500 trades higher by 0.9% as all ten sectors continue to register gains. Interestingly, rate-sensitive areas are among the leaders despite elevated Treasury yields.

The telecom services sector trades higher by 1.8% and today's advance has helped the group erase its June loss. Meanwhile, the other nine sectors remain lower for the month.

Similar to telecom services, the utilities sector has outperformed today with a gain of 1.4%, but it remains lower by 1.0% month-to-date.DJ30 +102.71 NASDAQ +22.83 SP500 +13.89 NASDAQ Adv/Vol/Dec 1645/735.4 mln/772 NYSE Adv/Vol/Dec 2270/291.7 mln/717

12:00 pm : The S&P 500 has spent the past hour within a five point range near its session high. Interestingly, the index held its levels even as Treasuries sold off. The weakness in the Treasury market has pushed the benchmark 10-r yield higher by six basis points to 2.598%.

With equities hovering just below their highs, the CBOE Volatility Index (VIX 18.29, -1.82) sits at its lowest level of the day.DJ30 +98.72 NASDAQ +20.20 SP500 +12.82 NASDAQ Adv/Vol/Dec 1593/664.7 mln/808 NYSE Adv/Vol/Dec 2199/264.1 mln/771

11:30 am : The S&P 500 trades higher by 0.7% as the index sits just four points below its best level of the day.

The financial sector has displayed strength from the start and the group remains in a leadership position. Citigroup (C 46.88, +1.44) is the top performer among the majors while the broader sector trades higher by 1.5%.

Meanwhile, European banks also trade in positive territory, but their gains have been more limited. Deutsche Bank (DB 43.08, +0.14) and UBS (UBS 16.90, +0.23) are higher by 0.3% and 1.4%, respectively.DJ30 +91.77 NASDAQ +15.83 SP500 +11.28 NASDAQ Adv/Vol/Dec 1577/575.2 mln/810 NYSE Adv/Vol/Dec 2123/232.2 mln/827

11:00 am : Although the S&P 500 has retreated from its best levels of the day, the index continues to hold a solid gain of 0.8%.

With regards to individual sectors, consumer staples and health care have been limited to respective advances of 0.2% and 0.3%. Meanwhile, the remaining eight groups a trade with gains between 0.6% and 1.5%.

Notably, some recent laggards have shown significant strength today. Homebuilders are broadly higher as the iShares Dow Jones US Home Construction ETF (ITB 22.37, +0.58) adds 2.7%. Transportation-related names are also among the outperformers. The Dow Jones Transportation Average trades higher by 1.5%.DJ30 +112.47 NASDAQ +18.84 SP500 +13.33 NASDAQ Adv/Vol/Dec 1619/479.4 mln/737 NYSE Adv/Vol/Dec 2120/194.4 mln/797

10:30 am : Select commodities have sold off here this morning, including crude oil, natural gas, gold and silver. Copper prices, however, rallied in the overnight session into positive territory and have remained in positive territory since.

Aug crude oil pushed as high as $96.17/barrel earlier this morning, but have since slide back below $95.00/barrel. In current trade, Aug crude is now -0.2% at $95.01/barrel. Natural gas prices sold off this morning, falling as low as $3.67/MMBtu (recent new LoD). July nat gas is now -1.6% at $3.68/MMBtu.

Precious metals have been selling off in recent action and Aug gold just hit a new LoD. Aug gold is now -0.4% at $1272.20/oz, while July silver is +0.1% at $19.51/oz. July copper is currently +1.4% at $3.07/lb.DJ30 +71.11 NASDAQ +11.63 SP500 +7.95 NASDAQ Adv/Vol/Dec 1421/339.0 mln/857 NYSE Adv/Vol/Dec 1862/155 mln/1006

10:00 am : The latest consumer confidence reading for June came in at 81.4, while economists polled by Briefing.com expected the survey to come in at 75.0. This follows the prior month's reading of 76.2.

Separately, new home sales in May hit an annualized rate of 476,000, which was up from the April rate of 466,000, and better than the rate of 460,000 that had been broadly expected by the Briefing.com consensus.DJ30 +66.88 NASDAQ +18.99 SP500 +8.11 NASDAQ Adv/Vol/Dec 1553/227.1 mln/672 NYSE Adv/Vol/Dec 2019/105.2 mln/796

09:45 am : The major averages hover near their highs with the S&P 500 up 0.9%. All ten sectors have registered gains in the opening minutes but the financial space has been an early standout. The sector trades higher by 1.6% as all major components display strength.

On the downside, the consumer staples sector holds a slim gain of 0.1%.

May new home sales and June consumer confidence will be reported at 10:00 ET.DJ30 +107.28 NASDAQ +35.04 SP500 +14.56 NASDAQ Adv/Vol/Dec 1725/133.1 mln/433 NYSE Adv/Vol/Dec 2354/76.7 mln/424

09:18 am : [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +33.50. The S&P 500 futures trade higher by 0.9% as today's session sets up for an upbeat open.

Futures registered most of their gains overnight as Asian markets held in relatively well following Monday's selloff. Most notably, the People's Bank of China maintained its stance by choosing not to provide additional liquidity to the banking system.

Treasury yields will be in focus once again today. Currently, the 10-yr note trades near the middle of its range with its yield lower by one basis point at 2.529%.

In domestic economic news, the April Case-Shiller 20-city Home Price Index rose 12.1% while a 10.5% increase had been expected by the Briefing.com consensus.

Separately, April Housing Price Index from the FHFA increased 0.7%, which follows a 1.3% increase observed during the prior month.

May durable goods orders increased by 3.6%, which was better than the 3.0% increase that had been expected among economists polled by Briefing.com. Excluding transportation related items, durable goods orders increased by 0.7% while the Briefing.com consensus expected a decline of 0.5%.

The busy day of economic reporting will continue with a 10:00 ET release of May new home sales as well as June consumer confidence.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +27.00.

U.S. equity futures continue to hover near their best morning levels. The S&P 500 futures are higher by 0.6%.

The major Asian bourses ended mostly lower as Chinese shares fell for a fifth session. However, the damage was limited as the Shanghai Composite (-0.2%) managed to erase a loss of 5%, ending little changed. The early selling pressured the index to its worst level since January 2009, but shares rallied off their lows on speculation the People's Bank of China would act to calm markets. The PBOC failed to act, insisting the current conditions are seasonal, and that it would control the recent volatility in money markets. Data out overnight was limited to Hong Kong's trade balance, which saw its deficit widen to HKD44.30 billion (HKD42.7 billion expected, HKD36.1 billion previous).

In Japan, the Nikkei closed lower by 0.7% as trade slipped back below the 13,000 level. Shares with strong ties to China remained under pressure as Komatsu slid 3.8% and Nissan Motor gave up 1.1%.
Hong Kong's Hang Seng added 0.2% after erasing its early losses. Property stocks outperformed as Hang Lung Properties gained 2.6% to lead the way. Meanwhile, mainland financials were mixed with ICBC sliding 1.8% and Bank of China tacking on 1.3%.
In China, the Shanghai Composite shed 0.2% after paring its early losses. Financials managed to erase most of their early losses with Minsheng Bank slipping 0.8% and China Citic Bank giving up 0.6%.

Key European indices hover near their session highs following the release of several economic data points. The French Business Survey rose to 93 from 92, as expected. Spain's PPI rose 0.8% year-over-year (-0.2% forecast, -0.6% prior). Italian retail sales ticked down 0.1% month-over-month (0.0% expected, -0.3% prior) while the year-over-year reading declined 2.9% (-3.2% prior). Great Britain's BBA Mortgage Approvals came in at 36.1K (33.1K expected, 33.0K previous). Meanwhile, the CBI Distributive Trades Survey rose to 1 from -11 (-1 expected).

Also of note, Italian Prime Minister Enrico Letta said the Eurozone crisis is not over and a concrete response is needed from officials as time runs short.

Great Britain's FTSE is higher by 1.1% with growth-sensitive names in the lead. ARM Holdings and Aviva are both up near 3.4%. Energy producer Petrofac is among the laggards as it holds a loss of 4.0%.
In France, the CAC trades up 1.4% as all 40 components advance. Carmaker Renault leads the way with a gain of 5.7%. In addition, industrial components Alstom and Bouygues trade higher by 3.4% and 2.6%, respectively.
Germany's DAX holds a gain of 1.5% as exporters lead. BMW, Daimler, and Volkswagen are all up between 2.0% and 3.2%. On the downside, Fresenius SE trades lower by 1.1%.
In Italy, the MIB is little changed as financials weigh. Banca Popolare di Milano and Mediobanca trade with respective losses of 6.1% and 2.4%. Also of note, energy producer Saipem trades down 6.2%.

In domestic economic news, the April Case-Shiller 20-city Home Price Index rose 12.1% while a 10.5% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 10.9%.

Separately, April Housing Price Index from the FHFA increased 0.7%, which follows a 1.3% increase observed during the prior month.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +30.00. The S&P 500 futures trade higher by 0.7%.

May durable goods orders increased by 3.6%, which was better than the 3.0% increase that had been expected among economists polled by Briefing.com. This comes after the prior month's reading was revised up to reflect an increase of 3.6%.

Excluding transportation related items, durable goods orders increased by 0.7%, which was better than the 0.5% decline that had been broadly anticipated.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +31.50.

U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.7%.

Looking at overnight developments:

Asian markets ended in mixed fashion. China's Shanghai Composite shed 0.2%, Japan's Nikkei fell 0.7%, while Hong Kong's Hang Seng rose 0.2%.
Regional economic data was scarce:
South Korean Consumer Confidence ticked up to 105 from 104, as expected.
Japan's Corporate Services Price Index rose 0.3% to follow a prior decline of 0.3% (0.1% expected).
Hong Kong reported a trade deficit of HKD44.3 billion (-HKD38.8 billion expected, -HKD42.7 billion prior).
In news:
The People's Bank of China remained on the sidelines and chose not to provide liquidity to the banking system. Meanwhile, the overnight SHIBOR eased 75 basis points to 5.74% while the 1-week interbank rate rose 33 basis points to 7.64%.

Key European indices hover near their highs. Great Britain's FTSE is higher by 1.0%, France's CAC trades up 1.4%, and Germany's DAX holds a gain of 1.5%. Elsewhere, Italy's MIB is flat while Spain's IBEX trades higher by 1.1%.
Economic data was limited to several releases:
The French Business Survey rose to 93 from 92, as expected.
Spain's PPI rose 0.8% year-over-year (-0.2% forecast, -0.6% prior).
Italian retail sales ticked down 0.1% month-over-month (0.0% expected, -0.3% prior) while the year-over-year reading declined 2.9% (-3.2% prior).
Great Britain's BBA Mortgage Approvals came in at 36.1K (33.1K expected, 33.0K previous). Meanwhile, the CBI Distributive Trades Survey rose to 1 from -11 (-1 expected).
Looking at news:
Italian Prime Minister Enrico Letta said the Eurozone crisis is not over and a concrete response is needed from officials as time runs short.

In U.S. corporate news:

Lennar (LEN 37.02, +2.03) trades higher by 5.8% after beating on earnings and revenue. In addition, the company's gross margins rose 160 basis points.
Walgreen (WAG 16.35, -1.70) is lower by 3.5% after reporting below-consensus earnings on revenue in-line with the company's June 5 preannouncement.

May durable orders and durable orders ex-transportation will be reported at 8:30 ET while April Case-Shiller 20-city Index and FHFA Housing Price Index will both be released at 9:00 ET. The busy day of economic reporting will be topped off with the 10:00 ET release of May new home sales and June consumer confidence.

The U.S. Treasury will auction $35 billion in 2-yr notes.

06:33 am : [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +27.00.

06:33 am : Nikkei...12969.34...-93.40...-0.70%. Hang Seng...19855.72...+41.70...+0.20%.

06:33 am : FTSE...6083.40...+54.30...+0.90%. DAX...7805.57...+113.10...+1.50%.

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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