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 Post subject: June 26th Wednesday Trade Results - Profit $2017.50
PostPosted: Thu Jun 27, 2013 2:17 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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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062613-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+2017.50.png
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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 @ ($1210.00) dollars or -12.10 points, Emini ES ($ES_F) futures @ $987.50 dollars or +19.75 points, Light Crude Oil CL ($CL_F) futures @ $1740.00 dollars or +1.74 points, Gold GC ($GC_F) futures @ $500.00 dollars or +5.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2017.50 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=1539

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 Rally After Weak GDP

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

NEW YORK (CNNMoney)
Bad news is good news?

U.S. stocks rose sharply Wednesday as investors bet the weak GDP reading would keep the Fed's stimulus going.

The Dow Jones industrial average jumped 150 points, or 1%. The Nasdaq gained 0.9%, while the S&P 500 jumped 1%.

Markets have been volatile lately, driven largely by fears that the Federal Reserve could begin to ease its stimulus measures by the end of the year. (Investors yank record $62 billion from bonds)

But those fears took a backseat following the Commerce Department's worse-than-expected report on first-quarter gross domestic product, which showed the economy grew just 1.8% during the first quarter. The prior estimate showed an annual increase of 2.4%, and economists were expecting that figure to hold.

"There is a clear disconnect from what the Fed is reviewing and Main Street is living," said Todd Schoenberger, managing partner at LandColt Capital, in a client note. "The pathetic part of it all is Wall Street will see this as good news as stocks will most likely rally on hopes of an extended period for more bond buying."

* The Fed may kill bank stocks

Gold slumps: Gold prices fell more than 4% to to a 34-month low of $1,223.20 an ounce, before trimming some of those losses.

Gold has been dragged down by the market rout that accompanied Fed chairman Ben Bernanke's comments last week about potentially pulling back on bond buying later this year.

Gold mining companies Randgold Resources (GOLD) and Barrick Gold (ABX)fell 5% and 8%. The SPDR Gold Shares Trust (GLD) ETF fell 4%.

What's moving: Shares of Smith & Wesson (SWHC) declined even after the gunmaker reported record sales and vowed to ramp up manufacturing.

General Mills (GIS, Fortune 500) slipped after the food company reported earnings in line with forecasts but a weak guidance for the year.

Shares of Apollo Group (APOL), which owns for-profit University of Phoenix, slid after the company reporting disappointing quarterly profits.

Monsanto (MON, Fortune 500) reported better-than-expected earnings and reiterated its outlook, and shares turned higher.

Pandora (P) shares gained ground after analysts at Cowen and Co. upgraded the company's shares to outperform.

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Market Update

4:15 pm : The S&P 500 settled higher by 1.0% as all ten sectors registered gains.

Equities began the session on an upbeat note despite today's disappointing economic news, which indicated first quarter GDP growth was revised down with the third estimate to 1.8% from 2.4%. Typically, revisions to GDP in the third estimate are very minor. The large decline in this report was very unusual and caught all economists by surprise.

Most of the downward revision came from consumption in services. In the previous estimate, services spending increased 3.1%. That was revised down to 1.7% growth and contributed 0.6 percentage points less to GDP growth.

Stocks received this news in stride as sluggish growth suggests the Federal Reserve is less likely to withdraw its support from the markets. To that end, the Treasury complex received an aggressive bid immediately after the GDP revision crossed the wires. The benchmark 10-yr yield ended lower by seven basis points at 2.542%.

There was no defined sector leadership today as health care and utilities finished atop the leaderboard while the discretionary sector and industrials followed closely.

The health care space rose 1.5% as biotechnology rallied. The iShares Nasdaq Biotechnology ETF (IBB 173.02, +4.38) advanced 2.6%.

Another countercyclical group, utilities, settled higher by 1.3% as today's gain allowed the rate-sensitive sector to erase its June loss and join the telecom space in positive territory for the month.

Elsewhere, the discretionary sector climbed 1.3% as most components rebounded from recent weakness. However, homebuilders remained shaky. DR Horton (DHI 20.92, +0.01) ended little changed, Toll Brothers (TOL 32.56, +0.60) added 1.9%, while the broader iShares Dow Jones US Home Construction ETF (ITB 22.21, +0.19) rose 0.9%. Despite today's advance, the homebuilders ETF is down more than 15.0% since notching its mid-May high.

Also of note, the industrial sector received a boost from transportation-related names as the Dow Jones Transportation Average added 0.8%.

Precious metals endured another rough session as gold futures fell 3.9% to $1225.00 per troy ounce while silver futures declined 5.2% to $18.50 per troy ounce.

With stocks ending on their highs, the CBOE Volatility Index (VIX 17.22, -1.25) settled on its lowest level in more than a week.

Tomorrow, weekly initial claims, May personal income, personal spending, and core PCE prices will all be reported at 10:00 ET while the May pending home sales report will cross the wires at 10:00 ET.

The U.S. Treasury will auction $29 billion in 7-yr notes.DJ30 +149.83 NASDAQ +28.34 SP500 +15.23 NASDAQ Adv/Vol/Dec 1349/1.59 bln/1110 NYSE Adv/Vol/Dec 2346/774.2 mln/741

3:30 pm :

Precious metals fell to new lows since August 2010 as a stronger dollar index put pressure on prices.
Aug gold tumbled to $1228.80 per ounce in afternoon pit trade and settled with a 3.6% loss at $1229.80 per ounce as it was unable to find support from buyers.
July silver saw even biggest losses as prices slumped to $18.52 per ounce in morning pit action. It eventually settled at $18.59 per ounce, booking a 4.8% loss.
Aug crude oil slipped to a session low of $93.68 per barrel following weak inventory data that showed a build of 0.018 mln barrels when a draw of 1.725 mln barrels was anticipated. However, the energy component managed to erase the loss and settled 0.2% higher at $95.49 per barrel, slightly below its session high of $95.60 per barrel.
Aug natural gas chopped around in positive territory today. It brushed a session low of $3.67 per MMBtu in early morning floor trade and eventually settled with a 1.9% gain as it closed at its session high of $3.74 per MMBtu.

DJ30 167.49 NASDAQ +34.58 SP500 +17.57 NASDAQ Adv/Vol/Dec 1515/1294.6 mln/944 NYSE Adv/Vol/Dec 2452/487 mln/623

3:05 pm : The S&P 500 trades higher by 1.2% as today's session enters its final hour.

The Dollar Index holds on session highs near 83.00 as action looks to put in its best close in more than three weeks. Today's advance takes place despite this morning's disappointing first quarter GDP revision (to 1.8% from 2.4%) that has some participants questioning the Fed's ability to taper its quantitative easing program because of sluggish growth.

Today's dollar strength has weighed on the euro as well as the British pound. Euro/dollar is lower by 75 pips near 1.3000 as the pair trades down for the fifth time in six days. Today's weakness has dropped the pair below its 50-, 100-, and 200-day moving averages with action on track for its lowest close of the month.

Elsewhere, pound/dollar is off by 110 pips near 1.5315. Today's steep slide has pressured the pair below its 50- and 100-day moving averages. The British pound is likely to display volatility tomorrow when the first quarter GDP report and the current account balance cross the wires.DJ30 +177.13 NASDAQ +33.63 SP500 +18.45 NASDAQ Adv/Vol/Dec 1550/1.18 bln/912 NYSE Adv/Vol/Dec 2472/442.1 mln/591

2:30 pm : The S&P 500 has climbed to a fresh high as the health care sector remains in the lead with a gain of 1.8%. The countercyclical group has received a significant boost from biotech names as the iShares Nasdaq Biotechnology ETF (IBB 173.43, +4.79) trades up 2.8%.

Two other defensive sectors (consumer staples and utilities) also sport gains of more than 1.0% while the telecom space trades higher by 0.7% after leading yesterday's session with an advance of 2.0%.DJ30 +155.18 NASDAQ +31.05 SP500 +16.53 NASDAQ Adv/Vol/Dec 1498/1.08 bln/965 NYSE Adv/Vol/Dec 2409/398.2 mln/643

2:00 pm : The S&P 500 hovers near its highs as afternoon action slows down considerably. Elsewhere, Treasuries have risen off their intraday lows but remain below their best levels of the day. The benchmark 10-yr yield is lower by seven basis points at 2.545%.

With stocks trading near their highs, the CBOE Volatility Index (VIX 17.41, -1.06) languishes near its lowest level of the day.DJ30 +144.48 NASDAQ +28.49 SP500 +15.06 NASDAQ Adv/Vol/Dec 1458/998.5 mln/976 NYSE Adv/Vol/Dec 2381/364.1 mln/655

1:25 pm : Thus far, the trading dynamic in the stock market mirrors what transpired yesterday. An opening burst of buying interest, a modest pullback, and then a resumption of buying interest that carried the market back to its opening highs in a deliberate fashion.

Two distinct differences is that today's economic news was weak (Q1 GDP revised down to 1.8%) and Treasury yields have moved lower.

Basically, the market appears to be falling back on a familiar support structure of seeing disappointing economic news as a basis for keeping the Fed fully in the bond-buying game.

On a related note, the $35 bln 5-yr note auction at the top of the hour drew 1.484% and a 2.45x bid-to-cover. The latter compared poorly to the 12-auction average of 2.81x and was the lowest bid-to-cover ratio since September 2009. DJ30 +128.95 NASDAQ +27.63 SP500 +13.89 NASDAQ Adv/Vol/Dec 1450/905 mln/979 NYSE Adv/Vol/Dec 2347/330 mln/673

1:00 pm : The major averages notched their highs within the first 30 minutes of today's action before surrendering a portion of their gains over the next three hours. A recent burst of buying interest has sent the S&P back to the 1,600 level, where the index sits at midday.

All ten sectors trade with gains but energy and materials trail behind the broader market amid weakness in underlying commodities. The energy space trades higher by 0.3% as crude oil endures a volatile session. The energy component was down as much as 1.6% before recovering all of its losses.

Elsewhere, the materials sector is unchanged as gold miners and steelmakers lag. The Market Vectors Gold Miners ETF (GDX 22.48, -1.18) trades down 5.0% while gold futures sport a loss of 3.5% to $1230.00 per ounce. Meanwhile, the Market Vectors Steel ETF (SLX 37.32, -0.46) is off by 1.2%.

Homebuilders have endured some recent weakness and the sector trades in mixed fashion today. DR Horton (DHI 20.62, -0.29) is lower by 1.4% while Toll Brothers (TOL 32.25, +0.29) trades up 0.9%. The broader iShares Dow Jones US Home Construction ETF (ITB 22.09, +0.07) holds a gain of 0.3%.

Treasuries spiked to their highs in reaction to a disappointing downward revision to first quarter GDP. However, those gains have been erased as the Treasury complex returned to its overnight levels. The benchmark 10-yr yield is lower by three basis points at 2.582%.

First quarter GDP growth was revised down and now shows a 1.8% gain in the third estimate from 2.4% gain in the second estimate. The Briefing.com consensus expected GDP to be left unrevised at 2.4%.

Typically, revisions to GDP in the third estimate are very minor. The large decline in this report is very unusual and caught all economists by surprise.

Most of the downward revision came from consumption in services. In the previous estimate, services spending increased 3.1%. That was revised down to 1.7% growth and contributed 0.6 percentage points less to GDP growth.DJ30 +107.26 NASDAQ +24.10 SP500 +11.58 NASDAQ Adv/Vol/Dec 1409/851.4 mln/1007 NYSE Adv/Vol/Dec 2323/310.1 mln/693

12:35 pm : A recent burst of strength sent the S&P 500 back to the 1,600 level. However, the index hasn't been able to muster enough strength to return to its session highs.

The recent gains have helped energy and materials climb out of the red while the health care sector solidified its leadership.

Also of note, Treasuries have returned to their overnight levels. The benchmark 10-yr yield is lower by five basis points at 2.566%.DJ30 +107.36 NASDAQ +24.90 SP500 +11.56 NASDAQ Adv/Vol/Dec 1438/791.6 mln/974 NYSE Adv/Vol/Dec 2324/288.1 mln/673

12:00 pm : The S&P 500 has spent the past hour just below the 1,600 level. As noted earlier, small caps have trailed behind the broader market since the start, and recent action saw the Russell 2000 trim its advance to just 0.1%.

The financial sector enjoyed opening strength but the group has since fallen victim to some profit taking, cutting its gain to 0.5%.

Elsewhere, the tech sector trades in line with financials as major sector components trade in mixed fashion. Apple (AAPL 397.74, -4.84) trades lower by 1.2% while Google (GOOG 872.68, +6.48) adds 0.7%. Chipmakers have been somewhat tentative in their advance as the PHLX Semiconductor Index trades higher by 0.4%.DJ30 +77.93 NASDAQ +18.89 SP500 +8.43 NASDAQ Adv/Vol/Dec 1301/709.9 mln/1103 NYSE Adv/Vol/Dec 2163/255.9 mln/834

11:30 am : Recent action saw the S&P 500 continue its steady slide off its opening highs. Similarly, the 10-yr note has retreated off its best levels of the day, but its yield remains lower by six basis points at 2.55%.

The weakest performing sector of the day, materials, has been joined in the red by another growth-oriented group. The energy space is lower by 0.1% after opening the session with a gain of 1.0%. On a related note, crude oil trades down 0.7% at $94.63 per barrel.DJ30 +81.27 NASDAQ +20.14 SP500 +8.75 NASDAQ Adv/Vol/Dec 1335/617.6 mln/1052 NYSE Adv/Vol/Dec 2174/226.9 mln/803

11:00 am : Equity indices have spent the past 90 minutes in a steady decline from their opening highs. The S&P 500 continues to hold a gain of 0.7% while the small cap Russell 2000 has trimmed its advance to 0.3%.

Producers of basic materials lagged from the open and recent selling has pushed the materials sector into the red. Meanwhile, another commodity-related group, energy, hovers near its lows with a slim gain of 0.1%. The energy sector remains slightly positive even as crude oil trades lower by 0.7% at $94.64 per barrel.DJ30 +105.86 NASDAQ +24.87 SP500 +10.67 NASDAQ Adv/Vol/Dec 1373/499.5 mln/966 NYSE Adv/Vol/Dec 2232/187.4 mln/716

10:35 am : Commodities are mixed this morning, while precious metals are the worst performing components. Both gold and silver prices have been inching higher after hit its lows for the day in the late overnight/early morning session.

In current trade, Aug gold is -2.9% at $1237.80/oz, while July silver is -3.5% at $18.84/oz.

Crude oil prices have been in the red for almost the entire day so far. Just ahead of inventory data, crude sold off back near $95/barrel. Following the data, crude dropped and is now -0.8% at $94.54/barrel.

Aug crude oil fell as low as $94.27/barrel in the overnight session and is now Natural gas prices have been in positive all day so far and are now up 0.5% at $3.69/MMBtu (July contract).DJ30 104.29 NASDAQ +22.64 SP500 +10.18 NASDAQ Adv/Vol/Dec 1434/368.5 mln/849 NYSE Adv/Vol/Dec 2346/152 mln/562

10:00 am : Equities continue to hover near their highs with the S&P 500 up 1.0%. Although all ten sectors trade with gains, the advance in materials has been limited to just 0.1%.

Significant weakness in gold miners has contributed to the underperformance of the sector. The Market Vectors Gold Miners ETF (GDX 22.69, -0.97) trades lower by 4.1% while gold futures trade down 3.0% to $1236.90 per ounce.

Also of note, Monsanto (MON 100.40, -1.00) is lower by 1.0% after reporting an earnings beat on below-consensus revenue.DJ30 +134.63 NASDAQ +31.47 SP500 +15.04 NASDAQ Adv/Vol/Dec 1612/236.9 mln/629 NYSE Adv/Vol/Dec 2519/107.6 mln/340

09:45 am : The major averages began the session with broad gains and the S&P 500 climbed above the 1,600 level at the open. All ten sectors have registered gains in the early going with growth-sensitive groups providing the leadership.

The relative strength of growth-oriented financials and industrials comes despite today's economic data, which revealed a downward revision to first quarter GDP (from 2.4% to 1.8%). However, the report did evoke a stronger response in the Treasury market where the benchmark 10-yr yield is lower by nine basis points at 2.522%.DJ30 +119.46 NASDAQ +25.44 SP500 +13.11 NASDAQ Adv/Vol/Dec 1629/142.3 mln/532 NYSE Adv/Vol/Dec 2516/78.4 mln/305

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +19.20. With 15 minutes to go before the start of today's session, S&P 500 futures trade higher by 0.6%.

Equity futures slipped off their highs in reaction to a downward first quarter GDP revision (from 2.4% to 1.8%), but the decline in S&P futures has been limited to just a couple of points as slower growth suggests the Federal Reserve is likely to continue providing support.

Notably, the downward revision sparked a significant bid in Treasuries. Currently, the benchmark 10-yr yield is lower by nine basis points at 2.525%.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +9.10. Nasdaq futures vs fair value: +20.20.

The S&P 500 futures trade higher by 0.6%.

The major Asian bourses ended mostly higher with significant strength coming from the peripheral markets. Hong Kong's Hang Seng (+2.4%) rebounded for a second session, but it was the Philippines Psei (+5.7%) and Indonesia's Jakarta Composite (+3.8%) that saw the strongest gains. On the downside, Japan's Nikkei (-1.0%) was the laggard with China's Shanghai Composite and India's Sensex both sliding 0.4%. In Australia, former Prime Minister Kevin Rudd defeated Prime Minister Julia Gillard in a leadership ballot of Labor MPs and Senators. The change gives hope to the Labor Party, which is expected to be defeated in the September election. Data from the region was limited to Singapore's industrial production climbing 2.1% year-over-year (-1.0% expected) and Thailand's trade deficit narrowing to $2.30 billion ($3.1 billion previous).

In Japan, the Nikkei closed lower by 1.0% as companies with heavy exposure to China remained under pressure. Hitachi Construction Machinery shed 2.1% while Fanuc slipped 1.6%.
Hong Kong's Hang Seng rose 2.4%, support by strength in mainland banks. ICBC surged 6.8% and China Construction Bank rallied 6.5% as traders moved into the heavily beaten down names. Elsewhere, mid-sized lender China Minsheng Bank jumped 6.4% after the company reassured investors it has ample liquidity.
In China, the Shanghai Composite settled lower by 0.4% as shares slid for a sixth day. Financials saw some gains, but they were far less pronounced on the mainland as ICBC and China Construction Bank both added 0.5%. However, Minsheng Bank fell 1.7% despite releasing its statement to reassure investors.

Key European indices hover near their highs following the release of just two notable economic data points. In France, the second revision of first quarter GDP confirmed a contraction of 0.2%. Elsewhere, Germany's GfK Consumer Climate rose to 6.8 from 6.5 (6.5 expected).

Also of note, European Central Bank President Mario Draghi has reiterated ECB is ready to act again if needed. Mr. Draghi also said the Outright Monetary Transactions scheme had been effective but monetary policy alone cannot create real economic growth.

Great Britain's FTSE trades higher by 0.7% as financials display relative strength. Aberdeen Asset Management, Prudential, and Standard Life are all up between 3.2% and 5.2%. On the flip side, miners continue to show weakness as Antofagasta and Eurasian Natural Resources trade with respective losses of 3.5% and 3.2%.
In Germany, the DAX adds 1.5% as 28 of 30 components register gains. Technology names have had the best showing so far as Infineon Technologies and SAP trade higher by 4.3% and 3.0%, respectively. The only two decliners, Commerzbank and Lanxess, hold respective losses of 3.0% and 2.7%.
France's CAC registers a gain of 1.7% as financials outperform. BNP Paribas, Credit Agricole, and Societe Generale are all up near 3.5%. On the downside, chemical producer Solvay trades lower by 3.1%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +17.20. Equity futures have ticked lower in reaction to a downward first quarter GDP revision. The S&P 500 futures trade with a gain of 0.4%.

The third estimate of first quarter GDP showed growth of 1.8%, which was worse than the 2.4% that had been expected by the Briefing.com consensus. Meanwhile, the third quarter GDP Deflator was revised up to 1.2% from 1.1%.

08:00 am : S&P futures vs fair value: +9.80. Nasdaq futures vs fair value: +21.00.

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 on a mixed note. Japan's Nikkei lost 1.0%, China's Shanghai Composite shed 0.4%, while Hong Kong's Hang Seng rose 2.4%.
Regional economic data was limited:
South Korea's Manufacturing BSI Index ticked down to 76.0 from 78.0.
Singaporean Industrial Production increased 2.1% to follow the prior rise of 5.0% (0.3% expected).
In news:
Australian Prime Minister Julia Gillard has stepped down after losing a party leadership vote to Kevin Rudd. This comes ahead of Australia's general election, scheduled for September.
In China, the one-week Shanghai Interbank Offered Rate (SHIBOR) has eased 44 basis points to 7.20%. However, that is still more than twice the long-run average. The most recent decline occurred amid reports suggesting the People's Bank of China will provide larger banks with liquidity.

Key European indices hover near their highs as midday nears. Great Britain's FTSE trades up 1.0%, Germany's DAX is higher by 1.7%, and France's CAC holds a gain of 2.0%.
Investors received just a handful of economic data points:
In France, the second revision of first quarter GDP confirmed a contraction of 0.2%.
Germany's GfK Consumer Climate rose to 6.8 from 6.5 (6.5 expected).
Looking at news:
European Central Bank President Mario Draghi has reiterated ECB is ready to act again if needed. Mr. Draghi also said the Outright Monetary Transactions scheme had been effective but monetary policy alone cannot create real economic growth.

In U.S. corporate news:

Adobe Systems (ADBE 45.35, +0.98) trades higher by 2.2% after Jefferies upgraded the stock to 'Buy' from 'Hold.'
General Mills (GIS 47.98, -0.35) is lower by 0.7% after the company's in-line earnings on above-consensus revenue were overshadowed by full-year guidance below analyst expectations.

The weekly MBA Mortgage Index declined 3.0% to follow the prior week's decrease of 3.3%.

The third estimate of first quarter GDP will be released at 8:30 ET.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +16.00.

06:28 am : Nikkei...12834.01...-135.30...+1.00%. Hang Seng...20338.55...+482.20...+2.40%.

06:28 am : FTSE...6169.38...+67.50...+1.10%. DAX...7935.52...+124.20...+1.60%.

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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