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 Post subject: July 2nd Tuesday Trade Results - Profit $2215
PostPosted: Tue Jul 02, 2013 3:57 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 @ $640.00 dollars or +6.40 points, Emini ES ($ES_F) futures @ $1275.00 dollars or +25.50 points, Light Crude Oil CL ($CL_F) futures @ $300.00 dollars or +0.30 points, Gold GC ($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 @ $2215.00 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=1545

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 Lose Traction

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

NEW YORK (CNNMoney)
U.S. stocks turned lower Tuesday afternoon, as investors tuned into the political turmoil in Egypt and took a cautious approach ahead of Friday's jobs report.

The Dow Jones industrial average fell 43 points, or 0.3%. The S&P 500 and the Nasdaq ended little changed.

All three indexes were higher earlier in the day thanks to a report showing factory orders rose 2.1% in May. That was slightly better than expected and signals ongoing improvement in the manufacturing sector.

But the gains faded as investors turned their attention to thousands of protestors in Cairo's Tahrir Square calling for the resignation of Egyptian President Mohammed Morsy.

Investors were also wary of placing big bets ahead of the government's June jobs report. Economists surveyed by CNNMoney predict the U.S. economy added 155,000 jobs and the unemployment rate fell to 7.5% last month.

Economic data has been front and center recently as investors try to gauge when the Federal Reserve may start pulling back on its bond purchases. Last month, Fed chairman Ben Bernanke announced that as long as the economic recovery continues in line with the central bank's outlook, the Fed could begin tapering later this year.

That sparked widespread volatility, sending bond yields higher and stocks on a wild ride. All three indexes are only marginally lower since Bernanke's June 19 speech but they remain down 2% to 3% from May 22, when the Fed chairman first hinted at tapering.

The holiday-shortened week could also lead to some choppy trading.

U.S. markets close at 1 p.m. ET Wednesday and are closed Thursday for Independence Day.

* Fear & Greed Index driven by fear

What's moving: Zynga (ZNGA) shares rose more than 6% after the online gaming company announced that CEO Mark Pincus is stepping down. Don Mattrick, the former head of Microsoft's (MSFT, Fortune 500) Xbox and gaming division, was named as Zynga's new chief.

Nielsen Holdings (NLSN) shares edged higher following news that the company will join the S&P 500 next week, replacing Sprint Nextel (S, Fortune 500).

Disney (DIS, Fortune 500) extended chairman and CEO Bob Iger's tenure through June 2016. Iger had previously been scheduled to leave his post in April 2015.

Apple (AAPL, Fortune 500) shares were also on the rise, up more than 2%.

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Market Update

4:15 pm : The S&P 500 settled lower by 0.1% after recovering a portion of its losses into the close.

Equities saw little change at the start of today's session after index futures surrendered their pre-market gains just ahead of the opening bell. The decline in futures coincided with euro weakness after reports indicated the International Monetary Fund and Eurozone officials gave Greece three days to prove its reforms are on course.

Contributing to the euro weakness was the situation in Portugal where the country's foreign minister resigned after the finance minister, who constructed the country's EU/IMF bailout, submitted his resignation yesterday. The resignations of two key figures put the spotlight on Prime Minister Pedro Passos Coelho, who said he does not plan to step down. The uncertainty pushed the Portuguese 10-yr yield higher by nine basis points to 6.42%.

Stocks were able to look past the cautious open and the S&P 500 climbed to a session high less than a point above its 50-day moving average. However, similar to yesterday, the index was unable to hold above that level into the close.

The major averages retreated from their highs amid headlines from Germany, where Chancellor Angela Merkel said Greece may not receive the full bailout amount as planned. Instead, the funds could be paid out in installments.

The follow-up to earlier headlines took some wind out the market's sails and eventually pressured the euro below 1.3000, to a one-month low against the dollar.

Today's dollar strength did not slow the advance in crude oil as the energy component added 1.4% to $99.40 per barrel. On a related note, U.S. television networks brought some additional attention to the intensifying protests in Egypt. Yesterday, the Egyptian military said it will intervene if a solution is not reached in 48 hours. Today, subsequent reports indicated the military will suspend the constitution and dissolve the country's government if no agreement is reached by tomorrow.

While crude oil registered a solid gain, other commodities underperformed. Copper futures slid 0.7% to $3.134 per pound while gold futures declined 1.1% to $1242.00 per ounce. This weighed on the materials sector, which ended with a loss of 0.4%.

Elsewhere, the industrial space trailed behind the broader market from the start. Transportation-related names lagged as the Dow Jones Transportation Average shed 0.5%. In addition, defense contractors displayed broad weakness. The PHLX Defense Index fell 1.3% as 16 of its 17 components ended in the red. Of the 16 decliners, 11 names registered losses larger than 1.0%.

Countercyclical sectors ended in mixed fashion as the telecom space outperformed with a gain of 0.5% while the health care sector shed 0.3% after the Centers for Medicare and Medicaid Services announced a 9.4% decrease in payments to dialysis providers starting in 2014.

Today's economic data was limited to manufacturing orders, which increased 2.1% in May, up from an upwardly revised 1.3% (from 1.0%) in April. The Briefing.com consensus expected factory orders to increase 2.0%.

A full slate of economic reports is scheduled for tomorrow, beginning with the 7:00 ET release of the weekly MBA Mortgage Index. June Challenger Job Cuts and ADP Employment Change will be reported at their respective 7:30 ET and 8:15 ET while weekly initial claims will cross the wires at 8:30 ET. Finally, the May trade balance will be reported at 8:30 ET while June ISM Services Index will be announced at 10:00 ET.DJ30 -42.55 NASDAQ -1.09 SP500 -0.88 NASDAQ Adv/Vol/Dec 1227/1.64 bln/1283 NYSE Adv/Vol/Dec 1190/716.7 mln/1850

3:35 pm : Commodities ended the day mixed, with energy higher and metals and grains lower.

Crude oil rallied from below $98/barrel and rose as high as $99.87/barrel. By the end of today's session, Aug crude oil was up 1.4%, closing at $99.42/barrel. Natural gas trended high during today session, ending 2% higher at $3.65/MMBtu.

Metals ended the day in the red, with Aug gold losing 0.1% to $1243.30/oz, while July silver declining 1.2% to $19.33/oz. Sept copper ended 2 cents lower at $3.14/lb.DJ30 -68.35 NASDAQ -10.28 SP500 -4.26 NASDAQ Adv/Vol/Dec 1006/1381.9 mln/1477 NYSE Adv/Vol/Dec 964/473 mln/2048

3:00 pm : The major averages remain pressured with the S&P 500 lower by 0.4%. The continued weakness has coincided with a burst of greenback strength, which sent the Dollar Index to a fresh session high at 83.57. Today's dollar strength has weighed on the euro as the euro/dollar pair hovers near 1.2977, its lowest level in a month.

The single currency has been under pressure today due to growing concerns Greece may not see the full disbursement of its next tranche of aid as earlier headlines suggested it has three days to get its act together. Also weighing on the pair are headlines out of Portugal confirming the resignation of the finance minister who constructed the country's EU/IMF bailout.

Also of note, the CBOE Volatility Index (VIX 16.64, +0.27) hovers near its highs after spending the first half of the session in the red.DJ30 -67.43 NASDAQ -12.14 SP500 -3.89 NASDAQ Adv/Vol/Dec 980/1.27 bln/1491 NYSE Adv/Vol/Dec 1022/416.2 mln/1992

2:35 pm : The S&P 500 trades lower by 0.3% as steady selling persists. As mentioned in our earlier update, a handful of factors have contributed to the cautious sentiment.

Greece has returned to headlines with the IMF giving the country a three-day ultimatum to prove reforms are progressing as planned. Elsewhere in the Eurozone, Portugal's foreign minister has resigned today after the country's finance minister also submitted his resignation yesterday. The turmoil has contributed to a spike in interest rates, pushing Portugal's 10-yr yield higher by nine basis points to 6.42%.

In addition, the ongoing protests in Egypt have received some extra attention from U.S. media during today's session.

Nine of ten sectors trade in the red with the telecom space as the lone advancer. Meanwhile, the industrial sector has widened its loss to 1.3%. Defense contractors remain weak as the PHLX Defense Index trades lower by 1.5%.DJ30 -68.70 NASDAQ -14.63 SP500 -5.42 NASDAQ Adv/Vol/Dec 936/1.18 bln/1524 NYSE Adv/Vol/Dec 942/378.8 mln/2046

2:05 pm : Continued afternoon selling has pushed the S&P 500 back to its flat line. Although it doesn't appear a single catalyst was responsible for the decline, a confluence of factors seems to be at play.

Earlier, the S&P 500 was rejected by its 50-day moving average and shortly thereafter markets received headlines from Germany where Chancellor Angela Merkel said Greece may not receive the full bailout amount as planned. Instead, the funds could be paid out in installments. This followed earlier reports indicating the IMF has given Greece three days to prove it can fulfill its commitment.

Also of note, crude oil has extended its climb and the energy component now sports a gain of 1.6% at $99.56 per barrel. Recent television reports have shown footage from protest in Egypt, but we would like to note this situation has been an ongoing concern and today's developments should not be considered as 'new.'DJ30 -19.51 NASDAQ -4.14 SP500 -0.34 NASDAQ Adv/Vol/Dec 1134/1.07 bln/1317 NYSE Adv/Vol/Dec 1200/338.4 mln/1769

1:25 pm : Once again, we have witnessed the market trade along technical lines. The S&P 500 challenged resistance at its 50-day simple moving average (1624) earlier in the day only to get beaten back at that level like it was yesterday. Although the S&P 500 is still sporting a modest gain, it is near its lowest point in the afternoon trade and at its lowest point since around 10:00 a.m. ET.

Rising oil prices have been a headwind today, weighing on the influential transportation sector as crude futures have flirted with $100/bbl. At the moment, crude futures are up 0.9% at $98.87/bbl, having drawn support from a rising level of protest in Egypt among competing factions in favor of, and against, the Morsi government.

The bump in oil prices has helped the energy sector (+0.7%) exhibit relative strength today.

Trading volume continues to be on the light side, which is not surprising given that the market closes at 1:00 p.m. ET tomorrow and will be closed all day on Thursday for the Fourth of July holiday. DJ30 +22.24 NASDAQ +4.62 SP500 +4.00 NASDAQ Adv/Vol/Dec 1277/945 mln/1160 NYSE Adv/Vol/Dec 1437/293 mln/1521

1:00 pm : The major averages hold modest midday gains and the S&P 500 sports an advance of 0.4%.

Equities began the day little changed after index futures retreated from their pre-market highs amid reports Eurozone officials and the International Monetary Fund have given Greece three days to prove it can fulfill the conditions of its bailout.

Stocks were able to shake off the opening weakness and the S&P has made a brief appearance above its 50-day moving average in the 1624 area. However, the benchmark index has retreated off its high amid headlines out of Germany, where Chancellor Angela Merkel said Greece may not receive the full bailout amount as planned. Instead, the funds could be paid out in installments.

The follow-up to earlier reports has helped the Dollar Index return to its earlier highs just below 83.50.

Nine of ten sectors trade in positive territory with the energy sector in the lead. The growth oriented group is higher by 0.8% as crude oil trades up 1.0% to $98.92 per barrel.

Meanwhile, other commodity-related sectors are among the underperformers. The materials space holds a slim loss of 0.1% as gold miners and steelmakers lag. On a related note, gold futures are lower by 0.8% at $1246.50 per ounce while copper futures display a loss of 0.5% at $3.141 per pound.

Elsewhere, the industrial sector has trailed since the open as defense contractors and transportation-related shares lag. The PHLX Defense Index is off by 0.7% while the Dow Jones Transportation Average is little changed.

Also of note, the health care sector has trailed behind the broader market after the Centers for Medicare and Medicaid Services announced a 9.4% decrease in payments to dialysis providers starting in 2014.

Manufacturing orders increased 2.1% in May, up from an upwardly revised 1.3% (from 1.0%) in April. The Briefing.com consensus expected factory orders to increase 2.0%.DJ30 +44.46 NASDAQ +10.95 SP500 +6.13 NASDAQ Adv/Vol/Dec 1341/876.2 mln/1085 NYSE Adv/Vol/Dec 1530/271.3 mln/1425

12:30 pm : The S&P 500 has retreated from its recent levels amid headlines out of Germany, where Chancellor Angela Merkel said Greece may not receive the full bailout amount as planned. Instead, the funds could be paid out in installments. This comes after earlier reports indicated Eurozone and International Monetary Fund officials have given Greece three days to prove it can fulfill the conditions of its bailout.

The early morning headline weighed on futures and the follow-up from Chancellor Merkel has pressured the broader market. The industrial sector has widened its loss to 0.5% while health care and materials have slipped into the red.

Also of note, the Dollar Index has returned to its highs just below 83.50.DJ30 +35.24 NASDAQ +7.92 SP500 +5.56 NASDAQ Adv/Vol/Dec 1338/796.8 mln/1069 NYSE Adv/Vol/Dec 1577/245.1 mln/1358

12:00 pm : Recent action saw the S&P 500 notch a fresh session high at 1624.29, just above its 50-day moving average.

As the S&P ticked to a fresh high, the telecom sector retreated from its best level of the day. Meanwhile, the energy sector received a bid, extending its gain to 0.9%. On a related note, crude oil trades higher by 1.0% at $98.99.

While crude oil trades with a solid gain, industrial and precious metals hover in the red. Copper futures hold a loss of 0.7% at $3.137 per pound while gold futures trade down 0.6% to $1247.60. Gold miners have also displayed weakness as the Market Vectors Gold Miners ETF (GDX 24.07, -0.82) sports a loss of 3.3%. This has pressured the materials sector, which registers a gain of 0.1%.DJ30 +54.37 NASDAQ +15.27 SP500 +7.91 NASDAQ Adv/Vol/Dec 1481/718.5 mln/921 NYSE Adv/Vol/Dec 1734/223.1 mln/1170

11:30 am : The S&P 500 remains within a shouting distance of its session high. The benchmark index climbed steadily through the first hour of action before leveling off just below its best level of the day.

Yesterday, the S&P crept above its 50-day moving average, but afternoon weakness pressured the index below that level into the close. Today, the 50-day average (1624) may come into play again as the S&P trades just three points below that level.

Although most cyclical sectors have shown strength today, industrial and materials trail behind the broader market. The industrial sector holds a slim loss of 0.2% as defense companies and transportation-related names lag. Meanwhile, the materials sector is little changed.DJ30 +59.09 NASDAQ +12.65 SP500 +7.21 NASDAQ Adv/Vol/Dec 1460/621.7 mln/922 NYSE Adv/Vol/Dec 1724/193.1 mln/1164

11:00 am : The S&P 500 sits on its session high, one point below the 50-day moving average. Nine of ten sectors trade with gains as cyclical groups remain in the lead.

The industrial sector is the lone decliner as defense contractors underperform. Major sector component Boeing (BA 102.51, -0.71) and General Electric (GE 23.19, -0.15) are both down near 0.7% while the broader PHLX Defense Index holds a loss of 0.4%.

On the upside, the telecom sector trades higher by 1.2%.DJ30 +69.65 NASDAQ +15.30 SP500 +7.97 NASDAQ Adv/Vol/Dec 1420/522.9 mln/915 NYSE Adv/Vol/Dec 1745/161.8 mln/1139

10:35 am : Commodities are mixed this morning with energy in positive territory and precious metals in the red.

Crude oil is just surging this morning and just rallied above the $99/barrel level. In current trade, Aug crude is +1.0% at $98.93/barrel. Natural gas rallied in recent action as well, hitting a new HoD of $3.65/MMBtu. Aug nat gas is in current action +1.8% at $3.64/MMBtu.

Precious metals sold off in recent traded and just hit new session low minutes ago. Aug gold is now -0.5% at $1249.70/oz, while Sept silver is -0.5% at $19.48/oz. Sept copper is unchanged at $3.16/lb.DJ30 +51.29 NASDAQ +10.33 SP500 +6.02 NASDAQ Adv/Vol/Dec 1359/379.3 mln/913 NYSE Adv/Vol/Dec 1604/128 mln/1217

10:00 am : The S&P 500 trades higher by 0.4%.

May factory orders rose 2.1%, which was better than the 2.0% increase expected by the Briefing.com consensus. Today's uptick follows last month's increase of 1.0%.DJ30 +61.59 NASDAQ +11.44 SP500 +6.98 NASDAQ Adv/Vol/Dec 1312/239.2 mln/859 NYSE Adv/Vol/Dec 1677/82.9 mln/1080

09:45 am : The S&P 500 trades with a slim gain of 0.2% after climbing off its opening lows. Six of ten sectors trade in positive territory with energy, financials, and discretionary shares in the lead.

On the downside, defensively-oriented consumer staples, health care, and telecom sectors hold losses between 0.1% and 0.3%.

Also of note, the Dollar Index has taken a step back from its highs, but continues to sport a solid gain of 0.5% near 83.45.

May factory orders will be released at 10:00 ET.DJ30 +16.26 NASDAQ +8.11 SP500 +3.87 NASDAQ Adv/Vol/Dec 1239/148.7 mln/826 NYSE Adv/Vol/Dec 1633/58.5 mln/1049

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: flat. With 15 minutes left to go before the start of today's session, the S&P 500 futures signal a flat open. Index futures saw modest overnight gains, but have retreated off those levels in the past two hours.

The weakness in futures is likely connected to the underperformance of European markets after reports indicated EU officials and the International Monetary Fund have given Greece three days to prove it can fulfill the conditions of its bailout or risk not receiving the next tranche of aid. The euro has weakened against the dollar with the pair briefly dipping below 1.3000. Euro/dollar currently trades near 1.3005.

The greenback has also had a strong showing against other major currencies. Dollar/yen is higher by 64 pips near 100.25. May factory orders will be released at 10:00 ET while automakers will be reporting their June sales throughout the day.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -0.80.

The S&P 500 futures have spent the past 30 minutes near their flat line.

The major Asian bourses ended mixed as Australia's ASX (2.6%) led and Hong Kong's Hang Seng (-0.7%) lagged. Overnight, the Reserve Bank of Australia held its Cash Rate unchanged at 2.75%, but indicated "it's possible that the exchange rate will depreciate further over time." That put a bid into Australian equities as they led the region higher. Chinese shares shrugged off comments from an official who downgraded his growth forecast as action rallied sharply into the close, erasing earlier losses. Elsewhere, Hong Kong's Hang Seng trailed its peers as traders returned to work following SAR Establishment Day. Data out overnight was light with Hong Kong's retail sales climbing a cooler than expected 12.2% (21.8% expected).

In Japan, the Nikkei closed higher by 1.8% as shares rallied to their best level in over a month. Real estate shares continued to outperform as Mitsui Fudosan and Sumitomo Realty & Development rallied 3.5% and 2.9% respectively. Elsewhere, exporters were fueled by the weaker yen with Canon rallying 3.7% and Toyota Motor climbing 2.8%.
Hong Kong's Hang Seng finished lower by 0.7% as mainland financials lagged. ICBC and China Construction Bank were weak, posting losses of 2.5% and 3.5% respectively.
In China, the Shanghai Composite added 0.6%, buoyed by defensive names. Mid-sized banks remained under pressure on liquidity concerns as China Minsheng Bank gave up 1.3%.

European indices have spent the first half of the session in negative territory following reports indicating EU officials and the International Monetary Fund have given Greece three days to prove it can fulfill the conditions of its bailout or risk not receiving the next tranche of aid. Regional economic data was limited to a handful of releases. Eurozone PPI was reported at -0.3% month-over-month (-0.2% expected, -0.6% prior). Elsewhere, Great Britain's construction PMI ticked up to 51.0 from 50.8 (51.1 expected). In Spain, unemployment change of -127,200 surprised to the upside as the consensus expected the number of unemployed to decline by 83,500 (-98,300 prior). In addition, the government budget deficit was reported at EUR8.30 billion (EUR10.00 billion expected deficit, EUR7.90 prior deficit). Also of note, business confidence ticked up to -13 from -14, as expected.

Great Britain's FTSE is lower by 0.5% as financials lag. Aberdeen Asset Management and Royal Bank of Scotland sport respective losses of 3.3% and 2.6%. Serco has jumped 5.8% after winning a Medicare and Medicaid contract.
In France, the CAC hovers near its lows with a loss of 0.8%. Lafarge leads to the downside with a decline of 2.9%. In addition, bank shares are among the underperformers. Credit Agricole and Societe Generale are both down near 1.5%.
Germany's DAX trades down 1.2% as 29 of 30 components register losses. Fresenius Medical Care has tumbled 8.7% after the Centers for Medicare and Medicaid Services announced a 9.4% decrease in payments to dialysis providers starting in 2014. On the upside, SAP is higher by 0.9%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -2.30. Equity futures have spent the past 90 minutes in a steady decline from their pre-market highs. Currently, the S&P 500 futures trade lower by 0.1%.

Overseas, Asian markets ended on a generally higher note while major European indices hover in the red. Earlier reports out of Reuters indicate European officials and the International Monetary Fund have given Greece three days to prove it can fulfill the conditions of its bailout or risk not receiving the next tranche of aid. The report has weighed on the single currency, which hovers near its lows against the dollar at 1.3020.

08:05 am : S&P futures vs fair value: flat. Nasdaq futures vs fair value: +3.20.

U.S. equity futures hold slim gains despite cautious overseas action. The S&P 500 futures trade higher by 0.1%.

Looking at overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei rose 1.8%, China's Shanghai Composite gained 0.6%, while Hong Kong's Hang Seng shed 0.7%.
In regional economic data:
The Reserve Bank of Australia kept its interest rate unchanged at 2.75%, as expected.
Japan's monetary base rose 36.0% year-over-year (41.2% expected, 31.6% prior) while average cash earnings were unchanged year-over-year (0.6% expected, 0.0% prior).
Hong Kong's retail sales rose 12.8% year-over-year (21.8% expected, 20.7% previous).
New Zealand's ANZ Commodity Price Index declined 3.7% month-over-month (-1.6% previous).
Looking at news:
The World Bank has lowered its 2013 GDP growth forecast for Indonesia to 5.9% from 6.2%.

European indices have spent the first half of the session in negative territory. Great Britain's FTSE is lower by 0.5%, France's CAC trades with a loss of 0.6%, and Germany's DAX hovers near its lows with a loss of 1.1%.
Looking at regional economic data:
Eurozone PPI was reported at -0.3% month-over-month (-0.2% expected, -0.6% prior).
Great Britain's construction PMI ticked up to 51.0 from 50.8 (51.1 expected).
In Spain, unemployment change of -127,200 surprised to the upside as the consensus expected the number of unemployed to decline by 83,500 (-98,300 prior). In addition, the government budget deficit was reported at EUR8.30 billion (EUR10.00 billion expected deficit, EUR7.90 prior deficit). Also of note, business confidence ticked up to -13 from -14, as expected.
In news:
According to Reuters, European officials and the International Monetary Fund have given Greece three days to prove it can fulfill the conditions of its bailout or risk not receiving the next tranche of aid.

In U.S. corporate news:

Constellation Brands (STZ 52.00, -1.15) trades lower by 2.2% after reporting earnings below analyst expectations.
DaVita HealthCare Partners (DVA 112.00, -9.15) holds a loss of 7.6% after the Centers for Medicare and Medicaid Services announced a 9.4% decrease in payments to dialysis providers starting in 2014.

May factory orders will be released at 10:00 ET while automakers will be reporting their June sales throughout the day.

07:02 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.50.

07:02 am : Nikkei...14098.74...+246.20...+1.80%. Hang Seng...20658.65...-144.60...-0.70%.

07:02 am : FTSE...6280.36...-27.40...-0.40%. DAX...7913.68...-70.20...-0.90%.

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

http://www.thestrategylab.com
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