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 Post subject: June 27th Thursday Trade Results - Profit $9652.50
PostPosted: Thu Jun 27, 2013 10:17 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 @ $100.00 dollars or +1.00 points, Emini ES ($ES_F) futures @ $1312.50 dollars or +26.25 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $8260.00 dollars or +82.60 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $9652.50 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=1540

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.

The Bulls Are Back On Wall Street

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

NEW YORK (CNNMoney)
U.S. stocks rallied for a third day Thursday, as investors shook off concerns about waning central bank stimulus.

It was another triple-digit gain for the Dow Jones industrial average, which rose 114 points, or 0.8%. That brings the Dow's three-day point total to 364.

The S&P 500 gained 0.6% and the Nasdaq rose 0.8%. (Click here for more market data)

Investors cheered comments from New York Federal Reserve Bank president William Dudley, who downplayed concerns that the central bank was moving quickly to rein in its stimulus measures.

Dudley stressed that any change in the Fed's bond buying program would depend on how the economy performs, adding that it could step up the pace if necessary.

* Tapering this year is no sure thing

Fed governor Jerome Powell, who is a voting member of the policy committee, echoed those remarks.

The potential for more conservative central bank policies has caused wild swings in global markets for stocks, bonds, commodities and currencies.

But the recent sell-off was an "overreaction" and investors should take the opportunity to buy stocks at a discount, said Scott Wren, senior equity strategist at Wells Fargo Advisors.

"While the correction has not been large, only about 7% from the mid-May record high, it still warrants putting money to work," he said.

U.S. Treasury yields edged lower Thursday, but remain at elevated levels. Investors have been selling bonds, and sending yields higher, in anticipation of an eventual decrease in the Fed's buying.

* Pimco's Gross: Treasuries aren't the Titanic

Mortgage rates, which are linked to the yield on 10-year Treasuries, have shot higher. Freddie Mac said 30-year mortgage rates surged to 4.46% this week, the biggest weekly jump in 26 years.

Gold sell-off: Gold prices have been under pressure this month as investors worry about the Fed's tapering plans. Prices are down 13% this month and briefly dipped below $1,200 for the first time since mid-August 2010.

* Video - Gold bugs getting whacked

The precious metal has fallen out of favor with investors as inflation expectations have come down significantly. Traders said tight credit in China and weak jewelery demand in India are also weighing on gold prices.

Economy still growing: The latest data suggest the U.S. economy is on track for modest growth.

The Labor Department said Initial claims for unemployment benefits fell 9,000 to 346,000 in the week ended June 22.

Separately, Americans' personal income rose 0.5% in May, while spending increased 0.3%, according to the Commerce Department.

What's moving: ConAgra Foods (CAG, Fortune 500) shares rose after the company said it swung to a profit in is fiscal fourth quarter. KB Home (KBH) said losses narrowed in the second quarter.

Paycheck Inc. (PAYX), a provider of back office services, said profits were flat in the company's fourth quarter.

Shares of DirectTV (DTV, Fortune 500) fell after the company disclosed a pre-tax charge of $25 million due to misreporting of subscribers in its Latin American business.

Shares of Clearwire (CLWR) fell after the Dish Network (DISH, Fortune 500) pulled its bid, just days after Clearwire recommended its shareholders back an offer from Sprint (S, Fortune 500).

European markets made solid gains. Asian markets ended mixed.

Australia's ASX All Ordinaries index shot up by nearly 2% Thursday as Kevin Rudd returned as prime minister, three years after being replaced in the office by his then-deputy Julia Gillard.

Investors are hoping this changing of the guards will result in more tax concessions for miners, said Mike van Dulken, head of research at Accendo Markets.

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Market Update

4:20 pm : The S&P 500 settled higher by 0.6% as nine of ten sectors posted gains.

Equities were off to the races at the sound of the opening bell, aided by today's personal income report, which pointed to an increase of 0.5% in May. The Briefing.com consensus expected personal income to rise 0.2%.

Meanwhile, personal spending increased 0.3% in May and nearly reversed the entire 0.3% decline that occurred in April. The consensus expected spending levels to increase 0.4%.

In addition, the core PCE price index increased 0.1% in May. That was up from no growth in April and exactly what the consensus expected.

Stocks received a secondary boost from the pending home sales report as May sales rose 6.7% (1.5% consensus).

The S&P notched its high of 1620 shortly after the market digested the latest housing data point. However, the index was unable to rise above that level as the 20- and 50-day moving averages served as resistance at today's high.

Today's housing data provided homebuilders with a significant boost. Although the report focused on pending home sales, strong demand in that market suggests healthy demand for new homes as well. The iShares Dow Jones US Home Construction ETF (ITB 22.75, +0.54) traded on its lows before the housing data sent the ETF to its best levels.

Most other cyclical groups also registered solid gains with financials settling in the lead, sporting a gain of 1.3%.

Financials were closely followed by this month's top performing group, telecom services. The high-yielding sector took a significant hit when Treasury yields began their climb in May. However, recent days have seen the sector rally even with yields not far from their recent highs.

The telecom space ended higher by 0.9% to extend its June advance to 2.6%. Meanwhile, the second-best sector of the month, consumer staples, climbed 0.9%, padding its June return to 0.4%.

On the downside, the materials space shed 0.1%. The sector was pressured by a 2.1% loss in Monsanto (MON 98.75, -2.09). Interestingly, the Market Vectors Gold Miners ETF (GDX 22.79, +0.57) gained 2.6% despite continued weakness in gold futures, which slumped 2.6% to $1198.00 per troy ounce. This marked the first time the yellow metal traded south of the 1200 level since August 2010.

Treasuries saw some intraday weakness but ended near their highs after today's strong 7-yr auction. The benchmark 10-yr yield slipped six basis points to 2.511%.

Looking at today's remaining economic data, the initial claims level fell from an upwardly revised 355,000 (from 354,000) for the week ending June 15 to 346,000 for the week ending June 22. The Briefing.com consensus expected the initial claims level to fall to 345,000.

Over the past several weeks, the initial claims level has followed a soft sawtooth path with the four-week moving average remaining nearly flat the entire time. The claims data suggest that labor market conditions have not materially changed during this time.

Tomorrow, June Chicago PMI and the final reading of the June Michigan Consumer Sentiment Survey will cross the wires at 9:45 and 9:55 ET, respectively.DJ30 +114.35 NASDAQ +25.64 SP500 +9.94 NASDAQ Adv/Vol/Dec 1982/1.61 bln/525 NYSE Adv/Vol/Dec 2608/737.8 mln/469

3:30 pm :

Aug crude oil advanced for a fourth consecutive session with prices rising to a pit session high of $97.41 per barrel in morning action. It settled at $97.05 per barrel, booking a 1.6% gain.
Aug natural gas, on the other hand, plunged deeper into negative territory following inventory data that showed a build of 95 bcf when a smaller build of 88 bcf was anticipated. Prices fell from a session high of $3.73 per MMBtu and touched a session low of $3.56 per MMBtu. Unable to erase much of the loss, natural gas settled 4.3% lower at $3.58 per MMBtu. o Precious metals sold off sharply heading into the close.
Aug gold spent most of today's pit trade chopping around near the unchanged line and touched a session high of $1237.20 per ounce. However, it slipped to a session low of $1206.50 per ounce moments before settling with a 1.5% loss at $1211.60 per ounce. Prices briefly dipped below the $1200 per ounce level in electronic trade.
Sep silver rose to a session high of $18.88 by late morning action but gave up its entire gain as it settled at $18.56 per ounce, or 0.3% lower.

DJ30 +132.53 NASDAQ +27.62 SP500 +11.57 NASDAQ Adv/Vol/Dec 1911/1287.9 mln/568 NYSE Adv/Vol/Dec 2610/449 mln/440

3:00 pm : As today's session enters its final hour, the S&P 500 is poised to register its third consecutive gain after starting the week with a sharp decline. All ten sectors continue to trade in positive territory as financials and telecom services remain atop the leaderboard.

The foreign exchange market has been in focus lately, but today's session has been relatively quiet. The Dollar Index is little changed, but the greenback has shown some strength against the British pound.

Pound/dollar is lower by 60 pips near 1.5260 with today's weakness dropping the pair below its 100-day moving average. The pair slid to a session low of 1.5200, but has managed to recover a portion of its losses.DJ30 +121.26 NASDAQ +25.24 SP500 +11.01 NASDAQ Adv/Vol/Dec 1891/1.19 bln/588 NYSE Adv/Vol/Dec 2622/414.6 mln/425

2:30 pm : The S&P 500 trades higher by 0.8%.

Notably, gold futures have been pressured in recent action. The yellow metal trades lower by 2.2% at $1202.40 after slipping below $1200 for the first time since August 2010. Interestingly, gold miners did not respond to weakness in gold and the Market Vectors Gold Miners ETF (GDX 22.81, +0.59) sits at its best level of the day.

On a related note, the materials sector is the weakest performer of the day as it holds a slim gain of 0.1%.DJ30 +122.72 NASDAQ +28.20 SP500 +12.26 NASDAQ Adv/Vol/Dec 1898/1.11 bln/561 NYSE Adv/Vol/Dec 2646/380.9 mln/402

2:05 pm : Recent action saw the S&P 500 make a run at its session high in the 1620 area. However, the index appears to have run out of steam around 1617 before surrendering another three points in the past few minutes.

Today's session high in the S&P coincides with two widely followed technical indicators. The 20- and the 50-day moving averages can both be found at 1620. The benchmark index was rejected by those two averages after this year's first test of the 100-day moving average (1581) on Monday, was followed by a sharp rebound.DJ30 +109.51 NASDAQ +27.84 SP500 +11.41 NASDAQ Adv/Vol/Dec 1847/1.03 bln/609 NYSE Adv/Vol/Dec 2619/348.8 mln/425

1:25 pm : The market had been trailing off from higher levels, but got a boost in the past half hour following the 7-yr note auction that went off better than the 2-yr and 5-yr note auctions earlier in the week. To that end, demand was stronger for the longer-dated paper. The bid-to-cover ratio for the $29 bln in debt auctioned was 2.61x versus the 12-auction average of 2.67x. Bid-to-cover ratios for the 2-yr and 5-yr auctions fell comfortably below their 12-auction averages.

The better demand today is understandable given the salutary remarks earlier this morning from New York Fed President Dudley who said the market's expectations for an earlier rate hike by the Fed are "quite out of sync" with the Fed's statements. In other words, Mr. Dudley was saying the market overreacted to the FOMC view communicated last week by Fed Chairman Bernanke.

A number of Fed officials this week, in fact, have tried to downplay the market's reaction to that press conference. It seems to have helped considering the S&P 500 is up 3.6% from its low on Monday while the yield on the 10-yr note has dropped 19 basis points from its high on Monday to 2.47%.DJ30 +125.60 NASDAQ +30.67 SP500 +12.84 NASDAQ Adv/Vol/Dec 1862/923 mln/574 NYSE Adv/Vol/Dec 2636/308 mln/396

1:00 pm : At midday, the S&P 500 trades higher by 0.7% as all ten sectors register gains.

Equities have shown strength since the open with today's personal income report providing stocks with a sizable pre-market boost. In addition, a better-than-expected pending home sales report served as an extra measure of support.

Personal income increased 0.5% in May after increasing an upwardly revised 0.1% (from 0.0%) in April. The Briefing.com consensus expected personal income to increase 0.2%. Meanwhile, personal spending increased 0.3% in May and nearly reversed the entire 0.3% decline that occurred in April. The consensus expected spending levels to increase 0.4%.

Separately, pending home sales for May rose 6.7% (1.5% consensus) to follow April's increase of 0.3%.

Homebuilders were on their lows until the report hit the wires and sent builders to fresh highs. The iShares Dow Jones US Home Construction ETF (ITB 22.66, +0.45) trades up 2.0%.

While homebuilders continue to hover near their highs, the broader market has retreated from its best level of the day. The S&P met its 20- and 50-day averages at a session high of 1620, before surrendering a portion of its gains.

Telecom services and utilities took a significant hit when Treasury yields began their climb in May. However, recent days have seen the two sectors rally even as yields remain elevated.

The telecom services sector trades higher by 0.9% and today's gain has extended the group's June advance to 2.6%. Meanwhile, the second-best sector of the month, utilities, trades up 0.3%, extending its June return to 0.5%.

On the downside, this month's weakest sector, materials, holds a slim gain of 0.2%, but remains lower by 3.6% month-to-date.

Treasuries have retreated off their highs, but remain in positive territory. The benchmark 10-yr yield is lower by four basis points at 2.511%.

Looking at today's remaining economic data, the initial claims level fell from an upwardly revised 355,000 (from 354,000) for the week ending June 15 to 346,000 for the week ending June 22. The Briefing.com consensus expected the initial claims level to fall to 345,000.

Over the past several weeks, the initial claims level has followed a soft sawtooth path with the four-week moving average remaining nearly flat the entire time. The claims data suggest that labor market conditions have not materially changed during this time.

Also of note, the core PCE price index increased 0.1% in May. That was up from no growth in April and exactly what the consensus expected.DJ30 +111.01 NASDAQ +28.38 SP500 +11.38 NASDAQ Adv/Vol/Dec 1846/856.7 mln/587 NYSE Adv/Vol/Dec 2628/285.2 mln/403

12:30 pm : Recent action saw the S&P 500 shed a couple points, but the index continues to hold a solid gain of 0.6%.

Financials and telecom services continue to trade ahead of the remaining eight sectors, but their gains have been trimmed to 0.8% each.

Elsewhere, the discretionary sector trades slightly ahead of the broader market with homebuilders as a notable pocket of strength. Earlier, the May pending home sales report pointed to a 6.7% jump in sales. This news helped homebuilders rally as strong demand for pending homes suggests similar health in demand for new homes. The iShares Dow Jones US Home Construction ETF (ITB 22.66, +0.45) is higher by 2.0%.DJ30 +92.42 NASDAQ +26.68 SP500 +9.72 NASDAQ Adv/Vol/Dec 1818/777.1 mln/601 NYSE Adv/Vol/Dec 2569/260.8 mln/442

12:00 pm : The S&P 500 has spent the past 30 minutes four points below its best level of the day. The index notched its session high at 1620, but was rejected by its 20- and 50-day moving averages.

Below the surface, financials and telecom services are the only two sectors trading with gains larger than 1.0%. However, small caps have outperformed the broader market as the Russell 2000 trades higher by 1.3%.DJ30 +129.19 NASDAQ +30.65 SP500 +13.38 NASDAQ Adv/Vol/Dec 1828/686.2 mln/572 NYSE Adv/Vol/Dec 2618/230.5 mln/387

11:35 am : The S&P 500 has slipped from its session high, but the index continues to hold a solid gain of 0.7%.

After losing more than 1.0% on Monday, the S&P has rallied through the next two days with the climb continuing today. The telecom sector has had the best showing this week while the materials sector remains down for the week.

The underperformance in producers of basic materials continues today as the sector holds a slim gain of 0.1%.DJ30 +126.38 NASDAQ +28.43 SP500 +12.53 NASDAQ Adv/Vol/Dec 1782/609.9 mln/573 NYSE Adv/Vol/Dec 2590/207.8 mln/406

11:00 am : The S&P 500 hovers near its best level of the day with a gain of 0.9%. Although all ten sectors trade in positive territory, the defensive groups have had the best showing so far.

Telecom services and utilities took a big hit when Treasury yields began climbing in May. However, recent days have seen the two sectors rebound significantly even as yields remain elevated.

The telecom services sector trades higher by 1.5% and today's gain extended the group's June advance to 3.2%. Meanwhile, the second-best sector of the month, utilities, trades up 0.6%, extending its June return to 0.7%.

On a related note, Treasuries have retreated off their highs. The benchmark 10-yr yield is now lower by just two basis points at 2.511%.DJ30 +150.84 NASDAQ +32.89 SP500 +14.85 NASDAQ Adv/Vol/Dec 1814/483.5 mln/528 NYSE Adv/Vol/Dec 2618/172.8 mln/352

10:35 am : Commodities are mixed this morning, while the dollar index is in positive territory and just hit a new session high.

Crude oil has been in positive territory all day long. Aug crude oil just rallied to a new session high and is now $96.31/barrel.

Natural gas, on the other hand, has been in the red almost all session and was about 1.2% lower, ahead of inventory data. About a half an hour ago, Aug nat gas dropped swiftly to a new LoD. Following the inventory data, nat gas extends losses and dropped to a new LoD of $3.61/MMBtu. In current activity, the Aug contract is

Precious metals are higher this morning, but gold is only showing a modest gains. Currently, Aug gold is +0.2% at $1232.40/oz and July silver is +1.2% at $18.84/oz.DJ30 +155.91 NASDAQ +34.89 SP500 +15.92 NASDAQ Adv/Vol/Dec 1791/342.6 mln/490 NYSE Adv/Vol/Dec 2635/138 mln/310

10:00 am : The S&P 500 holds a gain of 0.8% as the index continues to hover near its highs.

Pending home sales for May rose 6.7%, which was better than the 1.5% increase forecast by the Briefing.com consensus. Today's reading follows last month's rise of 0.3%.DJ30 +133.49 NASDAQ +28.00 SP500 +12.65 NASDAQ Adv/Vol/Dec 1747/204.8 mln/449 NYSE Adv/Vol/Dec 2515/89.5 mln/323

09:45 am : The major averages began the session with broad gains. The S&P 500 trades higher by 0.7% as all ten sectors hover in the green. The telecom space has outperformed the remaining sectors this week and the group began today's session in the lead (+1.2%).

On the downside, the materials sector holds a slim gain of 0.3%.

Also of note, Treasuries received a steady overnight bid and 10-yr note hovers near its highs. As a result, the benchmark 10-yr yield is lower by six basis points at 2.475%.

May pending home sales will be reported at 10:00 ET.DJ30 +129.02 NASDAQ +23.21 SP500 +12.58 NASDAQ Adv/Vol/Dec 1669/118.4 mln/424 NYSE Adv/Vol/Dec 2455/63.5 mln/315

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +9.70. Nasdaq futures vs fair value: +13.20. With 15 minutes to go before the start of today's cash session, equity futures hover near their highs. The S&P 500 futures trade up 0.7% amid gains in equities around the world.

In Asia, Japan's Nikkei rallied 3.0% while China's Shanghai Composite closed little changed. The People's Bank of China refrained from injecting liquidity into the banking system, but said funds will be provided to large lenders. The one week Shanghai Interbank Offered Rate (SHIBOR) eased 52 basis points to 6.68%.

U.S. futures spiked to their highs in reaction to today's economic data. May personal income rose 0.5% while the Briefing.com consensus expected an uptick of 0.2% to follow the prior month's unchanged reading. Meanwhile, personal spending increased 0.3%, below the Briefing.com consensus, which called for an uptick of 0.4% to follow last month's rise of 0.2%.

Also of note, the latest weekly initial jobless claims count totaled 346,000, which was slightly higher than the 345,000 that had been expected by the Briefing.com consensus.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +8.60. Nasdaq futures vs fair value: +11.20.

U.S. equity futures continue to hover near their highs with the S&P 500 futures up 0.6%.

It was a sea of green across Asia as all of the major bourses, aside from China's Shanghai Composite (-0.1%), ended in positive territory. Japan's Nikkei (+3.0%) was among the leaders, but it was the Philippines Psei (+3.4%) that once again paced the advance. The Psei has rallied 9.4% over the past two sessions. Overnight, the Central Bank of the Republic of China (Taiwan) held its key rate steady at 1.88%.

In Japan, the Nikkei closed higher by 3.0% as heavily beaten down shares saw the biggest gains. Real estate stocks led with Sumitomo Realty & Development and Mitsui Fudosan both gaining nearly 10%. Elsewhere, those names with heavy exposure to China also saw solid gains as Komatsu tacked on 4.9%.
Hong Kong's Hang Seng added 0.5% as mainland financials continued their rebound. Agricultural Bank of China added 0.6% and ICBC edged up 1.3%.
In China, the Shanghai Composite shed 0.1% as trade gave up its early gains and settled at its lowest level since January 2009. Commodity stocks underperformed as Jiangxi Copper shed 1.7% and China Shenhua Energy fell 1.9%.

In Europe, the major indices trade with modest gains. Today's economic data was plentiful. Eurozone Consumer Confidence ticked up to -19.0 from -21.9, as expected. Meanwhile, Industrial Sentiment rose to -11.0 from -13.0 (-12.0 forecast) and retail PMI climbed to 49.1 from 46.8. Also of note, Business and Consumer Survey rose to 91.3 from 89.5 (90.3 expected) while Business Climate ticked up to -0.7 from -0.8 (-0.6 expected). Lastly, private loans decreased 1.1% year-over-year (-0.9% expected, -0.9% prior). Elsewhere, Germany's unemployment remained at 6.8% (6.9% consensus) after the number of unemployed declined by 12,000 (8,000 expected, 17,000 prior). In addition, the Import Price Index decreased 0.4% month-over-month (-0.2% expected, -1.4% prior). Spanish retail sales fell 4.6% year-over-year (-5.0% expected, -4.8% previous). The United Kingdom's final first quarter GDP reading indicated growth of 0.3% quarter-over-quarter, as expected. In addition, business investment declined 1.9% quarter-over-quarter (-0.4% expected, -0.4% prior). Lastly, the country's current account deficit was reported at GBP14.50 billion (-GBP11.80 billion expected, -GBP13.60 billion prior).

In news of note, Eurozone leaders have agreed to set up a 'bail-in' framework to be used in the event of future bank failures.

France's CAC is higher by 0.2% as growth-sensitive names lead. Vallourec trades up 3.0% and Bouygues holds a gain of 1.1%. On the downside, energy producer Technip is lower by 4.6%.
In Germany, the DAX trades up 0.3% as apparel producer Adidas leads the index with a gain of 2.1%. Financials are among the laggards as Commerzbank and Deutsche Bank trade lower by 3.1% and 1.4%, respectively.
Great Britain's FTSE holds a gain of 0.8%. Mining stocks have shown some relative strength following the recent weakness. Anglo American and Antofagasta are both up near 1.2%. On the downside, Royal Bank of Scotland is down 1.9%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: +8.40. Nasdaq futures vs fair value: +12.70. U.S. equity futures jumped to fresh highs in reaction to the latest set of economic data. The S&P 500 futures are higher by 0.6%.

The latest weekly initial jobless claims count totaled 346,000, which was slightly higher than the 345,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 355,000. As for continuing claims, they fell to 2.965 million from 2.966 million.

May personal income rose 0.5% while the Briefing.com consensus expected an uptick of 0.2% to follow the prior month's unchanged reading. Meanwhile, personal spending increased 0.3%, below the Briefing.com consensus, which called for an uptick of 0.4% to follow last month's rise of 0.2%.

Lastly, core PCE prices ticked up 0.1% to follow last month's unchanged reading. Today's reading was in line with the Briefing.com consensus.

08:02 am : [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +9.00.

U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.5%.

Reviewing overseas developments:

Asian markets ended on a mixed note. China's Shanghai Composite shed 0.1% while Hong Kong's Hang Seng added 0.5%, and Japan's Nikkei jumped 3.0%.
In regional economic data:
Japan continued to be a net seller of foreign bonds for the sixth consecutive week after the latest weekly report indicated net sales of JPY1.19 trillion (JPY405.10 billion prior outflow). In addition, the All Industries Activity Index rose 0.4% (0.5% expected, 0.2% prior).
South Korea reported a current account surplus of $7.82 billion ($4.76 billion previous).
New Zealand reported a trade surplus of $71 million ($400 million expected, $174 million prior). In addition, the Business Confidence Index rose to 50.1 from 41.8.
Looking at news:
The People's Bank of China refrained from injecting liquidity into the banking system, but said funds will be provided to large lenders. The one week Shanghai Interbank Offered Rate (SHIBOR) eased 52 basis points to 6.68%.

Major European indices display little change at midsession. Great Britain's FTSE is higher by 0.3%, Germany's DAX trades flat, and France's CAC is off by 0.1%.
Economic data was plentiful:
Eurozone Consumer Confidence ticked up to -19.0 from -21.9, as expected. Meanwhile, Industrial Sentiment rose to -11.0 from -13.0 (-12.0 forecast) and retail PMI climbed to 49.1 from 46.8. Also of note, Business and Consumer Survey rose to 91.3 from 89.5 (90.3 expected) while Business Climate ticked up to -0.7 from -0.8 (-0.6 expected). Lastly, private loans decreased 1.1% year-over-year (-0.9% expected, -0.9% prior).
Germany's unemployment remained at 6.8% (6.9% consensus) after the number of unemployed declined by 12,000 (8,000 expected, 17,000 prior). In addition, the Import Price Index decreased 0.4% month-over-month (-0.2% expected, -1.4% prior).
Spanish retail sales fell 4.6% year-over-year (-5.0% expected, -4.8% previous).
The United Kingdom's final first quarter GDP reading indicated growth of 0.3% quarter-over-quarter, as expected. In addition, business investment declined 1.9% quarter-over-quarter (-0.4% expected, -0.4% prior). Lastly, the country's current account deficit was reported at GBP14.50 billion (-GBP11.80 billion expected, -GBP13.60 billion prior).
In news:
Eurozone leaders have agreed to set up a 'bail-in' framework to be used in the event of future bank failures.

In U.S. corporate news:

ConAgra (CAG 34.00, +0.65) is higher by 2.0% following its bottom-line beat on in line revenue.
Progress Software (PRGS 24.00, +1.95) trades up 8.8% after beating on earnings and revenue.

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.

06:43 am : [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +3.00.

06:43 am : Nikkei...13213.57...+379.50...+3.00%. Hang Seng...20440.08...+101.50...+0.50%.

06:43 am : FTSE...6190.09...+24.60...+0.40%. DAX...7950.72...+9.70...+0.10%.

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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