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 Post subject: July 31st Wednesday Trade Results - Profit $5402.50
PostPosted: Thu Aug 01, 2013 7:38 am 
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Joined: Sat Jan 10, 2009 1:06 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 @ $2880.00 dollars or +28.80 points, Emini ES ($ES_F) futures @ $1562.50 dollars or +31.25 points, Light Crude Oil CL ($CL_F) futures @ $960.00 dollars or +0.96 points, Gold GC ($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 @ $5402.50 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=119&t=1566

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=214&t=1883

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Market Context 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 Fly High In July

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

NEW YORK (CNNMoney)
U.S. stocks wrapped up a buoyant July, with all three indexes gaining between 4% and 7%.

For the Nasdaq, it was the best month of 2013.

Yet, the last day of the month was less than stellar. Stocks wobbled a bit Wednesday, after the Federal Reserve left its bond buying program unchanged.

At the conclusion of its two-day meeting, the central bank said that the economy appears to be improving, noting that "downside risks" have diminished since last fall. At the same time, the Fed said it would continue its monthly bond purchases to "support a stronger economic recovery."

The Fed's stimulus program has been a big driver of the current bull market. Year-to-date, stocks are up 19%, and a pair of better-than-expected economic reports Wednesday kept tapering fears at bay.

The Dow Jones Industrial Average ended Wednesday down 0.1%. Earlier, it rose more than 114 points to a new intraday record high. The S&P 500 closed flat, and the Nasdaq gained 0.3%.

Ahead of the Fed, the U.S. government released its first estimate of second-quarter GDP, which showed the economy grew at a 1.7% annual rate. That was an improvement over the first quarter's 1.1% annual rate.

Separately, payroll processor ADP said the private sector added 200,000 jobs in July, flying high about expectations. ADP numbers are often seen as a precursor to the monthly jobs numbers from the Labor Department due out Friday.

Facebook -- don't call it a comeback yet: More than a year after its much-hyped initial public offering, Facebook's (FB) stock finally exceeded its IPO price, albeit briefly.

After topped $38 early Wednesday, Facebook's stock ended down more than 2%. Still, Facebook's stock is up nearly 40% since it reported strong earnings last week.

Remember Herbalife (HLF)? The most beloved/reviled stock among hedge fund managers got another boost Wednesday after CNBC reported that George Soros' fund had taken a sizeable stake in the nutritional supplement company. Herbalife's stock had spiked Tuesday after better-than-expected earnings.

Other stocks rallying on earnings and revenue beats: Comcast (CMCSA) and MasterCard (MA, Fortune 500).

* Wall Street's dangerous affair with commodities

Best of StockTwits: On any given day, the chatter on StockTwits centers around high-profile stocks in the news and on the move. Here's a look at some of them.

Shares of industrial gas producer Air Products (APD, Fortune 500) rose after hedge fund manager Bill Ackman disclosed a 9.8% stake in the company. But Jeff Reeves is not impressed.

JeffReevesIP: Who cares if Ackman in $APD? 1. his $JCP & $HLF calls sucked 2. active stock pickers underperform 3. why run w herd?

Can't resist tossing in some Herbalife feedback here. After all, the stock did hit a 52-week high today.

BPGAG: $HLF be careful out there, this could go a lot higher , but you know they like to "shake the tree" to scare you #trading

It was also a beverage bonanza Wednesday with both Diageo (DEO), the maker of Johnnie Walker and Guinness, and the maker of the "king of beers" Anheuser Busch (BUD) beating the Street's expectations.

ivanhoff: When consumer confidence drops, people drink more. When cons. confidence rises, people drink more. Good sales numbers from $DEO & $BUD

retail_guru: H1 pricing despite low inflation: BAT +7%, Diageo +4%, Anheuser Busch +5%. Booze & fags win again. Addiction = pricing power. $BUD $BTI $DEO

SodaStream's (SODA) stock gets bubbly. Shares of the producer of home carbonation machines rose 12%, after SodaStream beat earnings and sales forecasts, and boosted its outlook.

OMillionaires: $SODA silly folks saying competition bad for $SODA - It's a good thing - legitimatizes the product - take yrs to match $SODA dist scale.

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4:15 pm : The S&P 500 settled flat after being unable to clear the 1,700 level, which has presented stern resistance over the past few sessions.

Stocks held slim gains into the afternoon when the latest policy directive from the Federal Open Market Committee sent the Nasdaq and S&P 500 to fresh highs. The two indices were unable to maintain those levels into the close as broad-based weakness pressured the major averages to their lows.

The FOMC policy statement did not offer many surprises. As expected, the Committee decided to maintain its current policy stance in order to continue supporting the economic recovery. The Committee also said it expects a pick-up in growth from the recent pace, and that inflation below the Fed's 2.0% target could present a risk to economic performance.

On a related note, the advance second quarter GDP report surpassed expectations with a reading of 1.7% against a downwardly revised first quarter growth rate of 1.1%. The Briefing.com consensus expected the second quarter reading to come in at 1.1%. Personal consumption expenditures fueled most of the gain, contributing 1.22 percentage points to the overall growth rate. Nonresidential investment added 0.55 percentage points, residential investment added 0.38 percentage points, and the change in private inventories contributed 0.41 percentage points. Net exports subtracted 0.81 percentage points while government spending subtracted 0.08 percentage points. Real final sales, which exclude the change in inventories, increased 1.3%.

In addition, the Committee took note of the recent rise in mortgage rates, suggesting the Fed is unlikely to engage in policy that would cause a further rise in rates. Home builders traded in mixed fashion before spiking in reaction to the policy directive. The iShares Dow Jones US Home Construction ETF (ITB 22.28, +0.47) rose 2.2%.

The relative strength of home builders helped the discretionary sector settle in the lead. Retailers also outperformed with the SPDR S&P Retail ETF (XRT 81.68, +0.24) climbing 0.3%.

Elsewhere, energy and industrials also displayed strength. The energy sector advanced 0.3% as crude oil rose 2.0% to $105.13 per barrel. Meanwhile, the industrial sector was supported by transportation companies as the Dow Jones Transportation Average added 0.6%.

The final-hour selloff pressured cyclical sectors but only materials and technology ended in negative territory. With regard to defensive groups, telecom services and utilities ended with respective losses of 1.0% and 0.7% while consumer staples shed 0.2%, and health care ended little changed.

Treasuries ended the session on their highs after starting the day in the red. The benchmark 10-yr yield slipped three basis points to 2.59%.

Reviewing today's remaining economic data, the ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 200K in July. This was above the increase of 175K expected by the Briefing.com consensus.

The Chicago PMI improved in July as the index increased from 51.6 in June to 52.3. Manufacturing in the Chicago region has now expanded for three consecutive months after contracting in April. The Briefing.com consensus expected the index to fall slightly to 51.5. Even after the gain, the PMI is still well below the May reading when the index reached 58.7.

Also of note, the weekly MBA Mortgage Index fell 3.7% to follow last week's 1.2% decline. This marks the seventh negative reading in a row and the eleventh decline out of the past twelve weeks.

Tomorrow, July Challenger Job Cuts will be reported at 7:30 ET and weekly initial claims will cross the wires at 8:30 ET. At 10:00 ET June construction spending and the July ISM index will be released while auto and truck makers will be reporting their July sales throughout the day.DJ30 -21.05 NASDAQ +9.90 SP500 -0.23 NASDAQ Adv/Vol/Dec 1365/1.87 bln/1144 NYSE Adv/Vol/Dec 1559/903.6 mln/1453

3:30 pm :

Sep crude oil rose higher despite inventory data that showed a build of 0.431 mln barrels when a draw of 2.375 mln barrels was anticipated. The energy component lifted from its session low of $102.96 per barrel and settled with a solid 1.9% gain at $105.05 per barrel, just below its session high of $105.08 per barrel.
Sep natural gas see-sawed between positive and negative territory. It fell from a session high of $3.47 per MMBtu and touched a session low of $3.42 per MMBtu. It eventually settled with a slight 0.3% gain at $3.44 per MMbtu.
Precious metals extended yesterday's losses following better-than-anticipated economic data released this morning which included an advance of 1.7% in Q2 GDP and Chicago PMI of 51.5. In addition, investors eyed the 14:00 ET release of the latest FOMC policy directive.
Aug gold retreated from its session high of $1323.70 per ounce and settled with a 0.9% loss at $1312.00 per ounce.
Sep silver fell into the red after pulling-back from its session high of $19.83 per ounce in early morning floor trade. It touched a session low of $19.35 per ounce but settled just 0.2% lower at $19.63 per ounce.

DJ30 +33.29 NASDAQ +22.92 SP500 +6.53 NASDAQ Adv/Vol/Dec 1609/1516.2 mln/876 NYSE Adv/Vol/Dec 1866/491 mln/1134

3:00 pm : The S&P 500 has climbed to a fresh high as today's session enters its final hour. The benchmark index is once again attempting to take out the 1,700 level, which has presented some heavy resistance in recent days.

The discretionary sector has climbed into the lead as home builders display significant post-FOMC strength after the policy statement indicated the Committee is keeping tabs on the recent rise in rates. Major builders traded in mixed fashion until the policy statement sent these names to their highs. The iShares Dow Jones US Home Construction ETF (ITB 22.50, +0.69) is higher by 3.2%.DJ30 +56.83 NASDAQ +28.31 SP500 +10.26 NASDAQ Adv/Vol/Dec 1614/1.36 bln/863 NYSE Adv/Vol/Dec 1885/442.8 mln/1110

2:30 pm : The major averages continue to trade in volatile fashion following the release of the latest policy statement from the Federal Reserve. Although the S&P 500 has been confined to a tight range, the past hour saw the index spike to its afternoon high before slipping back to its flat line. Currently, the benchmark index hovers just below its best level of the afternoon.

Industrial and discretionary shares have displayed strength throughout the day and they continue to trade just below their highs. Meanwhile, the financial sector has spiked back to its highs after the group surrendered most of its gains ahead of the FOMC Statement.

Also of note, Treasuries have erased most of their losses and the benchmark 10-yr yield is higher by one basis point at 2.63%.DJ30 +41.01 NASDAQ +22.48 SP500 +8.23 NASDAQ Adv/Vol/Dec 1552/1.24 bln/940 NYSE Adv/Vol/Dec 1622/396.2 mln/1341

2:05 pm : The major averages have ticked up in reaction to the latest policy directive from the Federal Reserve. As expected, the Federal Open Market Committee has decided to maintain its current policy stance. The Committee also remarked on inflation, saying inflation running below 2.0% presents a risk. In addition, the Committee expressed optimism about economic growth, saying it expects a pick up from its recent pace.

With no mention of imminent tapering, Treasuries have reclaimed a portion of their losses. The benchmark 10-yr yield is now higher by three basis points at 2.63%.

Elsewhere, the Dollar Index remains little changed.DJ30 +18.04 NASDAQ +15.27 SP500 +5.01 NASDAQ Adv/Vol/Dec 1428/1.14 bln/1053 NYSE Adv/Vol/Dec 1437/358.9 mln/1511

1:30 pm : The stock market isn't quite back to square one, but it has slipped noticeably from its best levels of the day. Whether that is due to some added anxiousness ahead of the FOMC directive, which will be released at the top of the hour, or disappointment that the S&P 500 still couldn't take out the 1700 level, is difficult to say.

What is clear is that the opening rally for the S&P 500 stalled at 1696.75 just after 11:00 a.m. ET, and since then, it has been a steady fade. A new chapter in today's trading will soon be written, though, by the market's interpretation of the FOMC directive.

Data released earlier today (ADP Employment Change and Q2 GDP specifically) caused some upset in the Treasury market, as it was viewed as strong enough to keep the Fed on course to announce its first tapering at the September meeting. The Treasury market has pared some of its earlier losses with stocks coming off their highs, but is still down with the 10-yr note off 12 ticks and its yield up to 2.66%.

Talking heads will have a lot to say about the message of the directive, yet the performance of the Treasury market and the US Dollar Index in particular after the release will give a better sense of the market's between-the-lines interpretation of the Fed's thinking.DJ30 +12.36 NASDAQ +12.96 SP500 +3.32 NASDAQ Adv/Vol/Dec 1370/1.03 bln/1078 NYSE Adv/Vol/Dec 1298/315 mln/1636

1:00 pm : The major averages have registered first-half gains ahead of the 14:00 ET release of the latest policy directive from the Federal Open Market Committee.

Prior to today's open, the advance second quarter GDP report indicated growth of 1.7% against a downwardly revised first quarter growth rate of 1.1%. This outpaced the Briefing.com consensus, which expected the second quarter reading to come in at 1.1%. Personal consumption expenditures fueled most of the gain, contributing 1.22 percentage points to the overall growth rate. Nonresidential investment added 0.55 percentage points, residential investment added 0.38 percentage points, and the change in private inventories contributed 0.41 percentage points. Net exports subtracted 0.81 percentage points while government spending subtracted 0.08 percentage points. Real final sales, which exclude the change in inventories, increased 1.3%.

Separately, the ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 200K in July. This was above the increase of 175K expected by the Briefing.com consensus.

The two reports surpassed expectations, but investors will now look to the Federal Reserve for hints regarding when the central bank may begin modifying the pace of its asset purchases. The general expectation for today's policy meeting is that the Fed will reiterate its comments from last month, and maintain the current pace of purchases for the foreseeable future.

Most of the first-half advance occurred amid strength in cyclical groups. Consumer discretionary, energy, and industrial sectors all trade with gains between 0.6% and 0.9% while materials and technology lag.

The materials sector remains pressured by chemical producers after yesterday's news regarding the break-up of a potash cartel.

Elsewhere, the tech sector displayed significant strength in the early going before surrendering all of its gains. Top-weighted components trade in mixed fashion with Apple (AAPL 451.84, -1.48) off by 0.3% and Microsoft (MSFT 31.96, +0.11) higher by 0.4%.

High-yielding utilities and telecom services trade in the red following today's spike in interest rates. The benchmark 10-yr yield is higher by five basis points at 2.66%.

Reviewing today's remaining economic data, the Chicago PMI improved in July as the index increased from 51.6 in June to 52.3. Manufacturing in the Chicago region has now expanded for three consecutive months after contracting in April. The Briefing.com consensus expected the index to fall slightly to 51.5. Even after the gain, the PMI is still well below the May reading when the index reached 58.7.

Also of note, the weekly MBA Mortgage Index fell 3.7% to follow last week's 1.2% decline. This marks the seventh negative reading in a row and the eleventh decline out of the past twelve weeks.DJ30 +19.96 NASDAQ +11.57 SP500 +3.99 NASDAQ Adv/Vol/Dec 1337/951.3 mln/1093 NYSE Adv/Vol/Dec 1312/288.7 mln/1625

12:35 pm : Equities continue to drift in anticipation of this afternoon's policy statement from the Federal Open Market Committee. Similarly, Treasuries have spent the past four hours near their lows while the Dollar Index has been anchored to its flat line. All those instruments are likely to respond to the 14:00 ET release.

Notably, the tech sector has continued its decline from session highs and the group now trades in the red. However, the Nasdaq remains the top performing index as biotechnology picks up the slack. The iShares Nasdaq Biotechnology ETF (IBB 198.45, +1.27) is higher by 0.6%.DJ30 +46.16 NASDAQ +13.43 SP500 +5.38 NASDAQ Adv/Vol/Dec 1380/890.5 mln/1053 NYSE Adv/Vol/Dec 1362/269.9 mln/1554

12:00 pm : The major averages have slipped from their highs, but they continue to hold solid gains. Eight of ten sectors trade in positive territory with most cyclical groups showing strength. Materials and technology are the only two exceptions as both hover just above their respective flat lines.

Elsewhere, Treasuries remain on their lows with the benchmark 10-yr yield higher by seven basis points at 2.68%.

Also of note, the Dollar Index is little changed after spiking briefly in reaction to the second quarter GDP report (1.8% actual, 1.1% Briefing.com consensus). The foreign exchange market is likely to see some more activity when today's policy directive from the Federal Open Market Committee is released at 14:00 ET.DJ30 +64.51 NASDAQ +19.11 SP500 +7.59 NASDAQ Adv/Vol/Dec 1445/777.3 mln/974 NYSE Adv/Vol/Dec 1418/235.5 mln/1480

11:30 am : The major averages continue to hover near their highs. The S&P 500 trades with a gain of 0.6% as energy and discretionary shares continue to lead.

Elsewhere, the tech sector displayed early strength, but has since slipped from its highs. The sector remains higher by 0.1% as top components trade in mixed fashion. Apple (AAPL452.38, -0.94) is lower by 0.2% while Google (GOOG 893.42, +2.50) displays a gain of 0.3%. Similarly, chipmakers are mixed but the PHLX Semiconductor Index trades up 0.4%.DJ30 +69.52 NASDAQ +19.04 SP500 +8.15 NASDAQ Adv/Vol/Dec 1488/700.8 mln/930 NYSE Adv/Vol/Dec 1463/210.5 mln/1420

10:55 am : The S&P 500 has climbed to a fresh high amid strength in four cyclical sectors. Consumer discretionary, energy, financial, and industrial sectors all hold gains between 0.8% and 1.1% with the discretionary space in the lead even as home builders trade in mixed fashion. DR Horton (DHI 19.79, +0.04) is higher by 0.2%; Lennar (LEN 33.00, -0.12) is off by 0.4%; and the broader iShares Dow Jones US Home Construction ETF (ITB 21.79, -0.02) holds a slim loss of 0.1%.

Elsewhere, the industrial sector has also provided the broader market with some support. Transportation-related names have led the group higher as the Dow Jones Transportation Average adds 1.2% amid gains in all 20 components.

On the downside, high-yielding telecom services and utilities hover in the red after today's spike in yields. The benchmark 10-yr yield is higher by seven basis points at 2.68%.DJ30 +95.52 NASDAQ +20.43 SP500 +10.13 NASDAQ Adv/Vol/Dec 1530/561.2 mln/860 NYSE Adv/Vol/Dec 1565/169.2 mln/1305

10:30 am : Commodities are mixed this morning with precious metals and natural gas in the red and crude oil and copper showing gains.

Just ahead of inventory data, crude oil rallied back near its HoD. Following the data, Sept crude oil sold off and is now +0.04% at $103.11/barrel.

Natural gas futures were showing modest gains before selling off in recent trade and moving into negative territory. Sept nat gas is now +0.03% at $3.43/MMBtu.

Precious metals are showing modest losses with Aug gold now at -0.7% at $1315.30/oz and Sept silver at -0.5% at $19.59/oz.DJ30 +88.03 NASDAQ +19.45 SP500 +8.54 NASDAQ Adv/Vol/Dec 1478/434.4 mln/840 NYSE Adv/Vol/Dec 1490/134 mln/1339

09:55 am : The major averages continue to hover near their highs. The S&P 500 trades up 0.3% while the tech-heavy Nasdaq outperforms with a gain of 0.4%. The tech sector has been the best performer of the week, adding 1.0% since Monday's open.

In notable tech earnings, MasterCard (MA 621.30, +19.88) trades higher by 3.5% after beating on earnings and revenue.

Elsewhere, the discretionary sector has also shown some early strength as retailers outperform. The SPDR S&P Retail ETF (XRT 81.85, +0.41) holds a gain of 0.5%.DJ30 +43.50 NASDAQ +16.33 SP500 +5.11 NASDAQ Adv/Vol/Dec 1416/248.9 mln/812 NYSE Adv/Vol/Dec 1413/85.8 mln/1363

09:45 am : The major averages began the session on an upbeat note and the S&P 500 has climbed to challenge yesterday's session high. Currently, six of ten sectors trade in positive territory with technology and discretionary shares leading the way.

On the downside, the materials space, consumer staples, and high-yielding utilities, and telecom services all trade with losses. On a related note, Treasuries are on their lows with the benchmark 10-yr yield higher by eight basis points at 2.69%. Yields jumped to their highs in reaction to the advance second quarter GDP report, which indicated growth of 1.8% (1.1% Briefing.com consensus).

Just released, the July Chicago PMI rose to 52.3 from 51.6. This was better than the 51.5 expected by the Briefing.com consensus.DJ30 +49.61 NASDAQ +16.99 SP500 +4.99 NASDAQ Adv/Vol/Dec 1383/186.1 mln/798 NYSE Adv/Vol/Dec 1414/70.3 mln/1305

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +8.50. Equity futures signal little change at the start of today's session. Futures have returned to their flat lines after showing some volatility in reaction to the advance second quarter GDP report.

The second quarter GDP report indicated growth of 1.7% against a downwardly revised first quarter growth rate of 1.1%. Meanwhile, the Briefing.com consensus expected the second quarter reading to come in at 1.1%. Personal consumption expenditures fueled most of the gain, contributing 1.22 percentage points to the overall growth rate. Nonresidential investment added 0.55 percentage points, residential investment added 0.38 percentage points, and the change in private inventories contributed 0.41 percentage points. Net exports subtracted 0.81 percentage points while government spending subtracted 0.08 percentage points. Real final sales, which exclude the change in inventories, increased 1.3%.

Equities are likely to spend the first half of the session in a holding pattern as participants await the 14:00 ET release of the latest policy statement from the Federal Reserve. While most expect the directive to be little changed from last month's statement, some speculation suggests the Fed could lower its target unemployment rate, which would be perceived as dovish.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +4.30. Nasdaq futures vs fair value: +8.50. The S&P 500 futures trade higher by 0.1%.

Asian markets ended in mixed fashion as Japan's Nikkei lost 1.5% while China's Shanghai Composite outperformed with a gain of 0.2% after the chief of the National Development and Reform Commission reaffirmed the country's 7.5% GDP growth target. In regional economic data, Japan's Manufacturing PMI slipped to 50.7 from 52.3. Separately, average cash earnings ticked up 0.1% year-over-year (0.2% expected, -0.1% prior). Also of note construction orders rose 21.9% (26.0% previous) while housing starts increased 15.3% (15.8% expected, 14.5% prior). Australia's private sector credit increased 0.4% month-over-month (0.3% consensus, 0.3% prior). New Zealand's business confidence improved to 52.8 from 50.1. Also of note, Singapore's unemployment rate ticked up to 2.1% from 1.9%. Meanwhile, business expectations slipped to 8.0 from 12.0.

Japan's Nikkei closed lower by 1.5% as growth-oriented names lagged. Fuji Heavy Industries and Mitsubishi Electric saw respective losses of 6.9% and 5.9%. In addition, Tokyo Electric Power tumbled 5.7%.
In Hong Kong, the Hang Seng shed 0.3% as consumer names underperformed. Belle International lost 3.1% and Li & Fung fell 2.3%. China Resources Land ended in the lead with a gain of 3.4%.
China's Shanghai Composite added 0.2% amid strength in energy and financials. Jiangsu Jixin Wind Energy climbed 7.0% and Greattown Holdings added 7.2% to lead their respective sectors.

Major European indices are also mixed. Great Britain's FTSE outperforms with a gain of 0.7% amid strength in utilities. Meanwhile, bank shares are among the laggards in most markets. Economic data was plentiful. The Eurozone unemployment rate remained unchanged at 12.1% (12.2% expected). Separately, CPI increased 1.6% year-over-year, as expected. Germany's retail sales fell 1.5% month-over-month (0.4% expected, 0.7% previous) while the year-over-year reading dropped 2.8% (0.4% forecast, 0.8% prior). Also of note, the number of unemployed declined by 7,000 (-4,000 expected, -13,000 prior), but the unemployment rate held steady at 6.8%, as expected. French consumer spending fell 0.8% month-over-month (0.1% expected, 0.7% prior). In addition, PPI slipped 0.3% month-over-month (-0.3% consensus, -1.2% previous). Spanish retail sales fell 5.1% year-over-year (-4.7% consensus, -4.5% previous) while the current account surplus was reported at EUR2.40 billion (-EUR0.34 billion prior). Elsewhere, Italy's monthly unemployment rate eased to 12.1% from 12.2% (12.3% forecast) while CPI was unchanged month-over-month (0.2% expected, 0.3% previous). Lastly, PPI came in at 0.3% month-over-month (-0.1% consensus, -0.1% previous).

In Great Britain, the FTSE is higher by 0.6%. Centrica and National Grid trade with gains of 1.2% and 2.3%, respectively. Barclays is lower by 1.0% as financials underperform.
France's CAC is lower by 0.2% as banks lag. Societe Generale and Unibail-Rodamco hold respective losses of 1.3% and 2.0%. Schneider Electric leads the outperformers with a gain of 2.7%.
In Germany, the DAX is off by 0.3% as cyclical names weigh. K+S is lower by 5.9% and ThyssenKrupp trades down 4.2%. Drug maker Bayer is higher by 3.2% after reporting solid results.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +7.70. The S&P 500 futures continue to hover near their flat line.

The advance second quarter GDP showed growth of 1.7%, which was better than the 1.1% increase that had been expected by the Briefing.com consensus. Meanwhile, the second quarter GDP Deflator came in at +0.7% while the Briefing.com consensus expected a reading of +1.2%. In addition, the employment cost index rose 0.5% against the 0.4% uptick expected by the consensus.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 200K in July. This was above the increase of 175K expected by the Briefing.com consensus.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +6.50. U.S. equity futures are little changed amid mixed overseas action as participants await the 8:30 ET release of the advance second quarter GDP reading. In addition, the Federal Open Market Committee will release its latest policy statement at 14:00 ET.

Reviewing overnight developments:

Asian markets ended in mixed fashion. Japan's Nikkei -1.5%, Hong Kong's Hang Seng -0.3%, and China's Shanghai Composite+0.2%.
In regional economic data:
Japan's Manufacturing PMI slipped to 50.7 from 52.3. Separately, average cash earnings ticked up 0.1% year-over-year (0.2% expected, -0.1% prior). Also of note construction orders rose 21.9% (26.0% previous) while housing starts increased 15.3% (15.8% expected, 14.5% prior).
Australia's private sector credit increased 0.4% month-over-month (0.3% consensus, 0.3% prior).
New Zealand's business confidence improved to 52.8 from 50.1.
Singapore's unemployment rate ticked up to 2.1% from 1.9%. Meanwhile, business expectations slipped to 8.0 from 12.0.
Looking at news:
Markets in China outperformed the region after the chief of the National Development and Reform Commission reaffirmed the country's 7.5% GDP growth target.

Major European indices are mixed. France's CAC -0.4%, Germany's DAX -0.4%, and Great Britain's FTSE +0.7%.
Economic data was plentiful:
The Eurozone unemployment rate remained unchanged at 12.1% (12.2% expected). Separately, CPI increased 1.6% year-over-year, as expected.
Germany's retail sales fell 1.5% month-over-month (0.4% expected, 0.7% previous) while the year-over-year reading dropped 2.8% (0.4% forecast, 0.8% prior). Also of note, the number of unemployed declined by 7,000 (-4,000 expected, -13,000 prior), but the unemployment rate held steady at 6.8%, as expected.
French consumer spending fell 0.8% month-over-month (0.1% expected, 0.7% prior). In addition, PPI slipped 0.3% month-over-month (-0.3% consensus, -1.2% previous).
Spanish retail sales fell 5.1% year-over-year (-4.7% consensus, -4.5% previous) while the current account surplus was reported at EUR2.40 billion (-EUR0.34 billion prior).
Italy's monthly unemployment rate eased to 12.1% from 12.2% (12.3% forecast) while CPI was unchanged month-over-month (0.2% expected, 0.3% previous). Lastly, PPI came in at 0.3% month-over-month (-0.1% consensus, -0.1% previous).
In news:
Great Britain's FTSE has outperformed the region amid strength in utilities. Meanwhile, bank shares are among the laggards across the region.

In U.S. corporate news:

Amgen (AMGN 109.04, -2.16) is -1.9% despite beating on earnings and revenue.
Anheuser-Busch InBev (BUD 96.09, +6.12) is +6.8% after reporting a bottom-line miss on above-consensus revenue.
Buffalo Wild Wings (BWLD 98.10, +0.41) is +0.4% after beating on earnings.
Comcast (CMCSA 44.00, +1.29) is +3.0% following its earnings beat on above-consensus revenue.
Garmin (GRMN 39.00, +1.74) is +4.7% after beating on earnings and revenue.
Humana (HUM 91.00, +1.74) is +2.0% after reporting an earnings beat.

The weekly MBA Mortgage Index fell 3.7% to follow last week's 1.2% decline. In addition, this marks the seventh negative reading in a row and the eleventh decline out of the past twelve weeks.

In addition to the aforementioned second quarter GDP report and the latest FOMC policy statement, July ADP Employment Change will be released at 8:15 ET and the July Chicago PMI will cross the wires at 9:45 ET.

07:21 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +6.00.

07:21 am : Nikkei...13668.32...-201.50...-1.50%. Hang Seng...21883.66...-70.30...-0.30%.

07:21 am : FTSE...6611.32...+40.40...+0.60%. DAX...8240.26...-30.80...-0.40%.

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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