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 Post subject: July 1st Monday Trade Results - Profit $2295
PostPosted: Mon Jul 01, 2013 10:21 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)
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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 @ $170.00 dollars or +1.70 points, Emini ES ($ES_F) futures @ $2125.00 dollars or +42.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($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 @ $2295.00 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=1544

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 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 Kick Off Second Half With Gains

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

NEW YORK (CNNMoney)
U.S. stocks kicked off the second half of 2013 with gains, although the major indexes ended Monday well below the highs of the day.

The Dow Jones industrial average rose points 65 points, or 0.4%. The index had been up more than 170 points earlier in the day. (See what's moving the Dow 30.)

The S&P 500 gained 0.5% and the Nasdaq rose 0.9%.

The advance came after a key index of manufacturing activity in June signaled expansion, while government data showed a rise in construction spending in May.

The reports were consistent with a gradually improving economy, but not strong enough to raise concerns about the Federal Reserve reducing its stimulus policies.

Stocks turned volatile last month as investors grappled with concerns about when the U.S. central bank will begin tapering its $85 billion-per-month bond buying program.

Despite falling about 1% in June, the major indexes gained between 2% and 5% in the second quarter.

A weak reading on U.S. GDP and dovish comments from Fed officials last week "seemed to settle the markets down and reverse some of the obvious overreaction," said Randy Frederick of the Schwab Center for Financial Research.

However, he said stocks will remain volatile as investors continue to weigh the implications of higher interest rates on the economy.

The holiday-shortened week ahead brings a number of top-tier ecnomic numbers, including Friday's all-important monthly report on hiring and unemployment. U.S. markets will be closed Thursday for Independence Day.

Geopolitics could also be a headwind. Egyptian president Mohamed Morsy was under pressure to restructure his government after the nation's military backed anti-government protesters in Cairo's Tahrir Square.

Rally back on track: Overall, the stock market has been on a tear this year.

The S&P 500 is up more than 12% in the first half, compared with an average gain of about 4% for every first half going back to 1945, according to Sam Stovall, chief equity strategist at S&P Capital IQ.

If history is any guide, the next six months should also be strong.

In years when the S&P 500 fell in the first half, the second half also tends to be sub-par. But in years when the index rose in the first half, it gained an average 5.4% during the second half, according to Stovall's calculations.

"History says the momentum is likely to continue," said Stovall.

What's moving: Shares of Zynga (ZNGA) rose nearly 11% for the day and were up about 3% after the market closed following an announcement that CEO Mark Pincus will step down.

Open Table (OPEN) shares fell after Groupon (GRPN) debuted Groupon Reserve, a rival online service that allows customers to book tables online at restaurants in 10 U.S. cities. Groupon plans to add more cities and expand internationally by year-end.

Shares of BlackBerry (BBRY) continued to falter after the company last week reported first-quarter results that fell far short of analysts' forecasts.

Shares of Onyx Pharmaceuticals (ONXX) surged more than 50% after the maker of cancer drugs rejected a takeover bid by biotechnology firm Amgen (AMGN, Fortune 500).

Best Buy (BBY, Fortune 500) shares jumped on a bullish analyst report. Pandora (P)was upgraded by Morgan Stanley (MS, Fortune 500), sending shares of the music streaming company to a new 52-week high. Tesla (TSLA) shares hit a record high above $116 after analysts at Jefferies raised their price target for the stock to $130.

* Coal companies take a hit

European markets ended higher. The FTSE (UKX) in London rose 1.5% as a new governor, Mark Carney, joins the Bank of England from Canada. Markets are generally expecting looser monetary policy from the central banker.

"We won't have to wait long to gauge how Mr. Carney will use his new powers, as the first big event happens this Thursday when he chairs his first meeting of the Bank of England's Monetary Policy Committee," explained Lee McDarby, from Investec's Corporate Treasury unit.

European investors were also cheering Nokia's (NOK) decision to pay $2.2 billion to buy the entire Nokia Siemens Networks unit, which is 50% owned by Siemens (SI). Shares of Nokia jumped on the news.

Asian markets ended mostly higher, with the Shanghai Composite up 0.8% and Tokyo's Nikkei gaining 1.3%. Hong Kong's stock exchange was closed for a holiday.

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Market Update

4:10 pm : The S&P 500 advanced 0.5% to begin the third quarter on an upbeat note. Although the S&P registered a solid gain, the index closed almost 12 points below its session high after being rejected by its 20- and 50-day moving averages.

Stocks climbed at the open, taking a cue from gains in major markets across the world. Global investors favored equities despite mixed PMI data out of China as the country's Manufacturing PMI declined to 50.10 from 50.80 (50.00 expected) and the HSBC Manufacturing PMI remained in contraction with a downtick to 48.2 from 48.3 (48.3 forecast).

Meanwhile, most European Manufacturing PMI reports surprised to the upside, but only Great Britain (52.5 actual, 51.5 expected) posted an expansionary reading while Spain (50.0 actual, 48.5 expected) came in right on the border between contraction and expansion. The aggregate Eurozone Manufacturing PMI ticked up to 48.8 from 48.7.

Commodities began showing strength overnight, and those gains provided a boost to growth-oriented sectors. Copper futures jumped 3.3% to $3.157 per pound while gold futures rose 2.4% to $1252.50 per troy ounce. Similarly, the Market Vectors Gold Miners ETF (GDX 24.89, +0.40) added 1.6%, giving a measure of support to the materials sector, which ended among the leaders.

The industrial sector overtook producers of basic materials into the close as transportation-related names fared well. The Dow Jones Transportation Average posted a gain of 1.1%.

Elsewhere, the energy space advanced 0.6% as crude oil climbed 1.4% to $97.95 per barrel.

While most cyclical sectors outperformed the broader market, countercyclical groups ended in mixed fashion. The health care space received some support from biotechnology after Onyx Pharma (ONXX 131.33, +44.51) rejected an unsolicited acquisition proposal from Amgen (AMGN 97.49, -1.17). The iShares Nasdaq Biotechnology ETF (IBB 178.26, +4.38) advanced 2.5%.

On the downside, telecom services and utilities ended with respective losses of 0.1% and 1.3%.

Reviewing today's economic data, the ISM Index increased to 50.9 in June from 49.0 in May, ending a one-month contraction. The Briefing.com consensus expected the index to increase to 50.5.

Separately, construction spending increased 0.5% in May after increasing a downwardly revised 0.1% (from 0.4%) in April. That was exactly what the consensus expected.

Surprisingly, the entire gain in construction came from the public sector. After months of weakness, that sector increased 1.8% on strong overall growth.

Tomorrow, May factory orders will be released at 10:00 ET while automakers will be reporting their June sales throughout the day.DJ30 +65.36 NASDAQ +31.24 SP500 +8.68 NASDAQ Adv/Vol/Dec 1779/1.54 bln/734 NYSE Adv/Vol/Dec 2175/713.6 mln/867

3:35 pm : Commodities mostly held today's gains, led by copper, crude oil and gold.

Copper futures hit a HoD of $3.17/lb this morning and traded just below that level for the rest of today's session. The Sept contract ended the day 3.6% higher at $3.16/lb.

In the energy space, crude oil rallied back near its HoD in the afternoon session, settling just above the $98 level at $98.04, up 1.6%. Natural gas futures were choppy in afternoon trade, ending $0.02 higher at $3.58/MMBtu.

Gold futures held gains, ending the day above the $1250 mark. Silver, however, sold off in afternoon trade, ending today's sesssion $0.12 higher at $19.57/oz. DJ30 +68.50 NASDAQ +29.38 SP500 +8.22 NASDAQ Adv/Vol/Dec 863.7 /1265.4 mln/392.1 NYSE Adv/Vol/Dec 2171/472 mln/860

2:55 pm : The S&P 500 is higher by 0.9% as today's session enters its final hour.

The foreign exchange market has seen the Dollar Index reverse from gains to losses. Currently, the Index is holding near its lows at 83.05 after an earlier test of the 83.20 level. Intraday dollar weakness has given a boost to the Australian dollar and the euro.

Australian dollar/U.S. dollar is higher by 95 pips near .9235 ahead of tonight's Reserve Bank of Australia rate decision. Markets are expecting the central bank to hold its interest rate steady at 2.75%, but will focus on the accompanying policy Statement, which has recently suggested the central bank has more room to cut rates.

Elsewhere, euro/dollar is higher by 40 pips near 1.3060 with action holding just below session highs. Today's advance comes after the pair held the 1.3000 level following better-than-expected Manufacturing PMI data out of the periphery.DJ30 +123.37 NASDAQ +41.37 SP500 +14.03 NASDAQ Adv/Vol/Dec 1829/1.14 bln/666 NYSE Adv/Vol/Dec 2269/407.2 mln/756

2:30 pm : The S&P 500 has narrowed its advance to 0.8% as most sectors retreat from their recent levels. Notably, health care and consumer discretionary sectors have trimmed their gains to 0.6% after being up more than 1.0% in early action.

Commodity-related sectors remain among the outperformers as industrials and materials both sport returns near 1.0%.

The CBOE Volatility Index (VIX 16.39, -0.48) fell to its lows in morning action, but has been climbing off those levels since midday.DJ30 +101.89 NASDAQ +34.54 SP500 +11.98 NASDAQ Adv/Vol/Dec 1781/1.06 bln/711 NYSE Adv/Vol/Dec 2261/376.7 mln/754

2:00 pm : The S&P 500 has slipped to a fresh afternoon low, but the index continues to hold a solid gain of 0.9%.

Telecom services and utilities have not participated in today's advance. The telecom sector continues to hover near its flat line while the utilities space has widened its loss to 1.4%.

As expected, afternoon volume has slowed down considerably. With two hours left in today's session, only 347 million shares have changed hands on the floor of the New York Stock Exchange. This puts today's final tally on pace to finish below its 50-day average, which sits near 774 million.DJ30 +121.53 NASDAQ +38.61 SP500 +13.70 NASDAQ Adv/Vol/Dec 1801/986.3 mln/667 NYSE Adv/Vol/Dec 2266/346.6 mln/723

1:30 pm : Quiet afternoon action continues with the S&P 500 trading within three points of its session high. Similarly, most sectors hover near their recent levels while the utilities space widens its loss. The defensively-oriented sector trades lower by 1.0%.

Market breadth remains overwhelmingly positive as advancing issues on the NYSE outpace decliners by a 3.6:1 ratio.

Similar to equities, the Treasury complex is near its highs with the benchmark 10-yr yield lower by one basis point at 2.481%.DJ30 +156.63 NASDAQ +47.49 SP500 +17.63 NASDAQ Adv/Vol/Dec 1876/899.5 mln/601 NYSE Adv/Vol/Dec 2345/314.4 mln/655

12:55 pm : The S&P 500 is poised to register a solid start to the third quarter as the index holds a midday gain of 1.1%.

Equities began the session amid upbeat overseas action as global markets appeared unconcerned about disappointing PMI data out of the Middle Kingdom. China's Manufacturing PMI declined to 50.10 from 50.80 (50.00 expected) while the HSBC Manufacturing PMI remained in contraction with a downtick to 48.2 from 48.3 (48.3 forecast).

Meanwhile, Manufacturing PMI reports out of Europe surprised to the upside, but most readings remained in contractionary territory. Great Britain was the standout with a reading of 52.5 (51.5 expected, 51.5 prior) while the Eurozone Manufacturing PMI improved to 48.8 from 48.7.

Eight of ten sectors sport gains of at least 1.0% with growth-oriented groups in the lead.

Commodities have shown significant strength despite the data painting a mixed picture. Most notably, copper futures trade higher by 3.4% at $3.162 per pound while gold futures add 2.9% to $1259.10 per ounce. On a related note, the Market Vectors Gold Miners ETF (GDX 25.13, +0.64) trades up 2.6%. The gains in metals have given a sizable boost to the materials sector, which outperforms the remaining groups.

The industrial space has also shown significant strength as transportation-related names outperform. The Dow Jones Transportation Average is higher by 1.8% as all 20 components display gains.

While growth-oriented groups trade ahead of the broader market, two defensively-geared sectors (health care and consumer staples) are not far behind. The health care space has received a boost from biotechnology after Onyx Pharma (ONXX 130.88, +44.06) rejected an unsolicited acquisition proposal from Amgen (AMGN 98.48, -0.18). The iShares Nasdaq Biotechnology ETF (IBB 179.70, +5.82) is higher by 3.4%.

Also of note, the consumer staples sector hovers near its highs with a gain of 1.2%.

On the downside, the telecom space is little changed while the utilities sector holds a loss of 0.9%.

Reviewing today's economic data, the ISM Index increased to 50.9 in June from 49.0 in May, ending a one-month contraction. The Briefing.com consensus expected the index to increase to 50.5.

Separately, construction spending increased 0.5% in May after increasing a downwardly revised 0.1% (from 0.4%) in April. That was exactly what the consensus expected.

Surprisingly, the entire gain in construction came from the public sector. After months of weakness, that sector increased 1.8% on strong overall growth.DJ30 +153.16 NASDAQ +44.64 SP500 +17.56 NASDAQ Adv/Vol/Dec 1844/809.8 mln/612 NYSE Adv/Vol/Dec 2344/287.2 mln/636

12:30 pm : Recent action saw the major averages continue their drift near session highs. Cyclical groups have continued their outperformance with commodity-related sectors in the lead.

Elsewhere, the tech sector is not far behind today's leaders, but chipmakers have been pressured by the underperformance of Intel (INTC 23.94, -0.29). The broader PHLX Semiconductor Index is higher by 0.3%.

Lastly, two defensively-oriented sectors (telecom services and utilities) continue to trail behind the broader market.DJ30 +143.14 NASDAQ +42.83 SP500 +16.62 NASDAQ Adv/Vol/Dec 1817/737.7 mln/627 NYSE Adv/Vol/Dec 2331/265.4 mln/644

12:00 pm : The S&P 500 sits less than one point below its session high amid broad strength. Eight of ten sectors hold gains of at least 1.1% while utilities (-0.5%) and telecom services (+0.1%) continue to trail behind the broader market.

In the Treasury market, the 10-yr note has received a steady bid after seeing some overnight selling. The benchmark 10-yr yield is now unchanged on the session at 2.493% after notching an overnight high near 2.550%.DJ30 +16.87 NASDAQ +49.62 SP500 +19.51 NASDAQ Adv/Vol/Dec 1847/655.3 mln/585 NYSE Adv/Vol/Dec 2380/237.1 mln/577

11:30 am : Equities continue to hold their recent levels with the S&P 500 higher by 1.2%.

The materials sector has climbed into the lead as industrial and precious metals display solid gains. Copper futures trade higher by 3.3% at $3.157 per pound while gold futures add 2.1% to $1249.70 per ounce. On a related note, gold miners have also shown strength as the Market Vectors Gold Miners ETF (GDX 24.86, +0.37) adds 1.4%.

Elsewhere, the energy sector trades up 1.3% as crude oil sports a gain of 1.4% at $97.88 per barrel.DJ30 +144.69 NASDAQ +46.20 SP500 +18.82 NASDAQ Adv/Vol/Dec 1813/561.2 mln/613 NYSE Adv/Vol/Dec 2363/204.1 mln/557

11:00 am : Equities continue to hover near their highs with the S&P 500 just three points below its best level of the day.

Eight of ten sectors hold gains of at least 1.0% while telecom services and utilities underperform. The telecom sector trades up 0.1% while the utilities space posts a loss of 0.6%.

The broad strength in equities can be highlighted by market breadth as advancing issues on the New York Stock Exchange outpace decliners by a 4:1 ratio. Early trading volume has essentially fallen in-line with average, but activity is expected to slow down into Wednesday's abbreviated session. On Thursday, bond and equity markets will be closed in observance of Independence Day.DJ30 +142.27 NASDAQ +44.94 SP500 +17.06 NASDAQ Adv/Vol/Dec 1787/447.4 mln/597 NYSE Adv/Vol/Dec 2338/169.2 mln/556

10:30 am : Commodities are mostly higher this morning, led by copper, crude oil and gold futures.

Copper prices have been in positive territory all session so far and ran as high as $3.17/lb earlier this morning. Sept copper is now +3.1% at $3.15/lb.

Crude oil began to pick up steam around 5am EST and has since run from around $96.50 to over $98/barrel. Aug crude oil is now +1.3% at $97.35/barrel. Aug natural gas futures are now flat again, currently at $3.57/MMBtu, up $0.005.

In the precious metals space, Aug gold is +1.4% at $1240.20/oz, while July silver is +0.3% at $19.53/oz.DJ30 +155.95 NASDAQ +46.89 SP500 +17.63 NASDAQ Adv/Vol/Dec 1799/355.9 mln/540 NYSE Adv/Vol/Dec 2302/140 mln/566

10:05 am : The S&P 500 has climbed to a fresh high in reaction to today's economic data.

The June ISM Index rose to 50.9 from 49.0 while the Briefing.com consensus expected the reading to rise to 50.5. Meanwhile, May construction spending rose 0.5% month-over-month, as expected.DJ30 +158.09 NASDAQ +49.54 SP500 +17.88 NASDAQ Adv/Vol/Dec 1772/228.1 mln/524 NYSE Adv/Vol/Dec 2352/100.5 mln/477

09:45 am : Equities hover near their early highs with the S&P 500 up 0.7%.

The health care sector is among the early leaders as biotechnology names outperform. Onyx Pharma (ONXX 131.16, +44.34) has jumped 51.0% after the company rejected an unsolicited acquisition proposal from Amgen (AMGN 101.57, +2.91). The iShares Nasdaq Biotechnology ETF (IBB 180.90, +7.02) is higher by 4.0%.

On the downside, the utilities sector holds a slim loss of 0.2%. May construction spending and the June ISM Index will both cross the wires at 10:00 ET.DJ30 +90.08 NASDAQ +32.45 SP500 +11.34 NASDAQ Adv/Vol/Dec 1609/124.9 mln/586 NYSE Adv/Vol/Dec 2177/67.2 mln/579

09:16 am : [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +20.00. With 15 minutes left before the start of today's cash session, equity futures continue to hover near their highs. The S&P 500 futures trade up 0.5% after markets in China and Japan posted gains amid a heavy dose of economic data.

Markets in China appeared unconcerned about a decline in the Manufacturing PMI, which ticked down to 50.10 from 50.80 (50.00 expected). Meanwhile, the HSBC Manufacturing PMI remained in contraction with a downtick to 48.2 from 48.3 (48.3 expected).

Notably, commodity futures have received an overnight bid. Gold futures trade higher by 1.4% at $1240.90 per ounce while copper futures sport a gain of 2.8% at $3.143 per pound.

Looking at pre-market movers, Apple (AAPL 401.73, +5.20) trades higher by 1.3% after reports out of Reuters indicated the company has applied to register the 'iWatch' trademark in Japan. In addition, Raymond James upgraded the stock to 'Strong Buy' from 'Outperform' with a $600 price target.

May construction spending and the June ISM Index will be reported at 10:00 ET.

09:00 am : [BRIEFING.COM] S&P futures vs fair value: +6.20. Nasdaq futures vs fair value: +16.70.

The S&P 500 futures trade higher by 0.4%.

Asian markets ended the session on a mixed note. Japan's Nikkei (+1.3%) led the way following the release of several economic data points. On a related note, Japan's economy minister Akira Amari said the country's real economy is "clearly recovering." The Tankan Large Manufacturers Index rose to 4 from -8 (3 expected) while the Large Non-Manufacturers Diffusion Index increased to 12.0 from 9.0 (14.0 forecast). Also of note, the Small Manufacturing Index improved to -14 from -19 (-13 forecast) while the Small Non-Manufacturing Index climbed to -4 from -8 (-6 expected). Elsewhere, China's Manufacturing PMI declined to 50.10 from 50.80 (50.00 expected) while the HSBC Manufacturing PMI ticked down to 48.2 from 48.3 (48.3 expected). South Korean CPI declined 0.1% month-over-month (0.1% expected, -0.1% prior) while the year-over-year reading rose 1.0% (1.2% expected, 1.0% prior). Also of note, the country reported a trade surplus of $5.50 billion ($5.26 billion forecast, $5.92 billion previous) while its HSBC Manufacturing PMI decreased to 49.4 from 51.1. Australia's AIG Manufacturing Index climbed to 49.6 from 43.8. Indonesia's inflation was reported at 5.9% year-over-year (6.1% expected, 5.5% prior). In addition, the country's trade deficit narrowed to $0.59 billion from $1.61 billion ($0.46 billion expected). Lastly, India's HSBC Markit Manufacturing PMI rose to 50.3 from 50.1 (49.8 expected).

Japan's Nikkei closed higher by 1.3% as growth-oriented names outperformed. Furukawa and Mitsui Engineering both gained near 6.0%. On the downside, Nikon fell 1.9%.
In Hong Kong, the Hang Seng was closed for SAR Establishment Day.
China's Shanghai Composite gained 0.8% as media companies outperformed. China South Publishing and Northern United Publishing jumped 9.5% and 9.9%, respectively. Shandong Gold Mining led the decliners with a loss of 10.5%.

Key European indices trade with gains across the board. Investors received a slew of economic data points as the Eurozone Manufacturing PMI ticked up to 48.8 from 48.7 (48.7 expected) while the unemployment rate rose to 12.1 (12.3% expected, 12.0% prior). Also of note, CPI rose 1.6% year-over-year (1.6% expected, 1.4% prior). Germany's Manufacturing PMI ticked down to 48.6 from 48.7 (48.7 expected). French Manufacturing PMI increased to 48.4 from 48.3 (48.3 expected). Italian Manufacturing PMI rose to 49.1 from 47.3 (47.8 expected) while the unemployment rate climbed to 12.2% (12.1% forecast, 12.0% prior). Spanish Manufacturing PMI increased to 50.0 from 48.1 (48.5 expected). In Great Britain, Manufacturing PMI improved to 52.5 from 51.5 (51.5 expected) while BoE Consumer Credit was reported at GBP0.70 billion (GBP0.60 billion expected, GBP0.60 billion prior). Also of note, mortgage approvals came in at 58K (55K expected, 54K previous). Lastly, mortgage lending was reported at GBP0.30 billion (GBP0.70 billion expected, GBP0.70 billion prior).

Great Britain's FTSE is higher by 0.9% as consumer names lead. Kingfisher and Travis Perkins hold respective gains of 2.9% and 4.5%. On the downside, food producers Tate & Lyle and Tesco are both down near 0.7%.
In France, the CAC trades up 0.5% as Renault leads with a gain of 2.7%. Other industrials have also shown strength as Legrand and Safran hold respective gains of 2.2% and 1.3%.
Germany's DAX adds 0.2% as Daimler and Volkswagen hold gains near 1.3%. On the downside, Commerzbank is lower by 4.0%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +18.20. The S&P 500 futures hover about four points below their pre-market highs. The overnight gains followed upbeat sessions in China and Japan. Similarly, major Eurozone indices hold solid gains following a slew of economic data.

Commodities have received an overnight bid with gold futures trading higher by 0.8% at $1233.40. Also of note, copper futures trade with a gain of 3.0% at $3.148 per pound. These gains are likely to give a boost to the materials sector.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +17.20.

U.S. equity futures trade modestly higher with the S&P 500 futures up 0.5%.

Reviewing overnight developments:

Major Asian markets ended generally higher as China's Shanghai Composite added 0.8% while Japan's Nikkei rose 1.3%. Hong Kong's Hang Seng was closed in observance of SAR establishment day.
In regional economic data:
China's Manufacturing PMI declined to 50.10 from 50.80 (50.00 expected) while the HSBC Manufacturing PMI ticked down to 48.2 from 48.3 (48.3 expected).
Japan's Tankan Large Manufacturers Index rose to 4 from -8 (3 expected) while the Large Non-Manufacturers Diffusion Index increased to 12.0 from 9.0 (14.0 forecast). Also of note, the Small Manufacturing Index improved to -14 from -19 (-13 forecast) while the Small Non-Manufacturing Index climbed to -4 from -8 (-6 expected).
South Korean CPI declined 0.1% month-over-month (0.1% expected, -0.1% prior) while the year-over-year reading rose 1.0% (1.2% expected, 1.0% prior). Also of note, the country reported a trade surplus of $5.50 billion ($5.26 billion forecast, $5.92 billion previous) while its HSBC Manufacturing PMI decreased to 49.4 from 51.1.
Australia's AIG Manufacturing Index climbed to 49.6 from 43.8.
Indonesia's inflation was reported at 5.9% year-over-year (6.1% expected, 5.5% prior). In addition, the country's trade deficit narrowed to $0.59 billion from $1.61 billion ($0.46 billion expected).
India's HSBC Markit Manufacturing PMI rose to 50.3 from 50.1 (49.8 expected).
Looking at news:
China's President Xi Jinping said GDP growth should not be the only measure used to evaluate officials.
After the release of several upbeat economic data points, Japan's economy minister Akira Amari said the country's real economy is "clearly recovering."

Key European indices trade with gains across the board. Great Britain's FTSE is higher by 1.0%, France's CAC trades up 0.8%, and Germany's DAX sports a gain of 0.4%.
Investors received a slew of economic data points:
Eurozone Manufacturing PMI ticked up to 48.8 from 48.7 (48.7 expected) while the unemployment rate rose to 12.1 (12.3% expected, 12.0% prior). Also of note, CPI rose 1.6% year-over-year (1.6% expected, 1.4% prior).
Germany's Manufacturing PMI ticked down to 48.6 from 48.7 (48.7 expected).
French Manufacturing PMI increased to 48.4 from 48.3 (48.3 expected).
Italian Manufacturing PMI rose to 49.1 from 47.3 (47.8 expected) while the unemployment rate climbed to 12.2% (12.1% forecast, 12.0% prior).
Spanish Manufacturing PMI increased to 50.0 from 48.1 (48.5 expected).
In Great Britain, Manufacturing PMI improved to 52.5 from 51.5 (51.5 expected) while BoE Consumer Credit was reported at GBP0.70 billion (GBP0.60 billion expected, GBP0.60 billion prior). Also of note, mortgage approvals came in at 58K (55K expected, 54K previous). Lastly, mortgage lending was reported at GBP0.30 billion (GBP0.70 billion expected, GBP0.70 billion prior).
In news:
Reports out of French press indicate the country is seeking about EUR14 billion in cuts for next year.

In U.S. corporate news:

Apple (AAPL 401.11, +4.58) trades up 1.2% after reports out of Reuters indicated the company has applied to register the 'iWatch' trademark in Japan. In addition, Raymond James upgraded the stock to 'Strong Buy' from 'Outperform' with a $600 price target.

May construction spending and the June ISM Index will both cross the wires at 10:00 ET.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +16.00.

06:52 am : Nikkei...13852.50...+175.20...+1.30%. Hang Seng...20803.29...+363.20...+1.80%.

06:52 am : FTSE...6266.88...+23.50...+0.40%. DAX...7985.86...+26.60...+0.30%.

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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