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 Post subject: July 3rd Wednesday Trade Results - Profit $2535
PostPosted: Wed Jul 03, 2013 10:59 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)
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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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $625.00 dollars or +12.50 points, Light Crude Oil CL ($CL_F) futures @ $1910.00 dollars or +1.91 points, Gold GC ($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 @ $2535.00 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=1546

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.

U.S. Stocks Shake Off Global Worries

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

NEW YORK (CNNMoney)
U.S. investors were resilient in the face of renewed global worries Wednesday.

After bouncing around the breakeven for most of the day, stocks rallied into the early 1 p.m. ET close.

The Dow Jones industrial average, the S&P 500 and the Nasdaq ended up between 0.1 % and 0.3%.

Renewed political instability in Europe, violent clashes in Egypt and concerns about rising oil prices caused global markets to falter.

Oil prices topped $100 a barrel, the highest levels in more than a year, on fears that problems in Egypt could spread beyond its borders.

But economic numbers gave investors some reason for optimism. Jobs numbers were mostly better than expected, yet a weak manufacturing report raised concerns about economic growth.

U.S. markets will be closed Thursday in observance of Independence Day.

Click here for more on stocks, bonds, currencies and commodities

Preview to jobs Friday: Investors liked what the saw in the job numbers, mostly from the ADP's monthly figure on private-sector payrolls. These figures came in above expectations. First-time unemployment claims came in slightly below forecasts.

Still, investors are waiting for the big jobs numbers due out Friday. Economists surveyed by CNNMoney predict the U.S. economy added 155,000 jobs and the unemployment rate fell to 7.5% in June.

Related: Business hiring picks up

Europe... again?: Worries over the health of peripheral European countries once again caused global concerns.

Major European stock markets closed 1.3% lower, as investors worried that political turmoil in Portugal could re-ignite the region's debt crisis and a credit rating downgrade hit European banks. Asian markets also ended with losses.

"Portuguese political pandemonium continues today as austerity fatigue has led to the resignation of several key ministers and we could now be looking at the possibility of early elections," said Lee McDarby, head of corporate and institutional treasury dealing at Investec Bank.

Portugal's 10-year government bond yields hit 8% and the country's benchmark stock index shed more than 6% Wednesday after the finance minister stepped down and the foreign minister announced his resignation. Portuguese opposition parties are calling for an early election, though Prime Minister Pedro Passos Coelho insists he will not resign.

* Video - Bank stocks get double whammy

Credit rating agency Standard & Poor's downgraded three European banks -- Credit Suisse (CS), Deutsche Bank (DB) and Barclays (BCS) --- citing worries over the size of their investment banking portfolios and the impact of new regulations. Shares of Credit Suisse and Deutsche Bank closed lower, while shares of Barclays ended up.

The Obamacare fallout: The Obama administration's decision to delay implementing some parts of health care reform hit hospital stocks Wednesday. Shares of Tenet Healthcare (THC, Fortune 500), HCA Holdings (HCA, Fortune 500), Community Health Systems (CYH, Fortune 500) and Health Management Associates (HMA, Fortune 500) dropped between 2% and 4%.

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Market Update

1:15 pm : The S&P 500 settled with a slim gain of 0.1% after shaking off its opening losses.

Stocks began the shortened session on a lower note as global events injected a degree of uncertainty into the market.

In Egypt, President Mohammed Morsi was removed from his post through a military coup after he failed to answer the demands of protesting crowds within the timeframe specified by the country's armed forces.

Elsewhere, Portugal returned to headlines after two key government officials (finance minister and foreign minister) submitted their resignations. In addition, reports indicate two more ministers (agriculture and social security) are set to follow suit. Prime Minister Pedro Passos Coelho is scheduled to meet with the country's president tomorrow to discuss the ongoing situation. As a result, the country's benchmark 10-yr yield spiked 85 basis points to 7.31%. In addition Portugal's PSI index fell 5.3%. The concerns regarding the country's future spilled over to other peripheral economies. Italy's 10-yr yield climbed 11 basis points at 4.51% while Spain's benchmark 10-yr yield jumped 14 basis points to 4.70%.

Equities fought back from their opening losses with the technology space pacing the advance. The sector ended with a gain of 0.6% as large components like Apple (AAPL 420.80, +2.31) and Oracle (ORCL 30.70, +0.60) provided notable support. Chipmakers also displayed strength as the PHLX Semiconductor Index added 0.3%.

The discretionary sector also outperformed the broader market. Homebuilders displayed broad strength and the iShares Dow Jones US Home Construction ETF (ITB 22.42, +0.16) added 0.7%.

On the downside, the renewed sovereign debt concerns pressured the financial sector, which ended lower by 0.4% after spending the entire session in the red.

Although equities ended in positive territory, market breadth remained negative throughout the day as declining issues on the New York Stock Exchange outpaced advancers by a 1.6:1 ratio.

Today's economic data was plentiful.

The initial claims level decreased from an upwardly revised 348,000 (from 346,000) for the week ending June 15 to 343,000 for the week ending June 29. The Briefing.com consensus pegged the initial claims level at 348,000.

For the past several weeks, the initial claims level has moved in a slight sawtooth pattern, but overall, trends have been relatively flat. Labor conditions have not materially changed over this time.

June ADP Employment Change came in at 188,000 while the Briefing.com consensus expected a reading of 150,000. In addition, June Challenger Job Cuts rose 4.8% year-over-year to follow the prior month's decline of 41.2%.

The June ISM Services Index was reported at 52.2, below the 54.0 forecast by the Briefing.com consensus, and down from the May reading of 53.7.

Separately, the U.S. trade deficit widened to $45.0 billion in May from an upwardly revised $40.1 billion (from $40.3 billion) in April. That was the largest deficit since November 2012. The Briefing.com consensus expected the trade deficit to increase to $40.8 billion.

The goods deficit rose to $63.4 billion in May from $58.4 billion while the services surplus increased to $18.4 billion from $18.3 billion.

May exports fell by $0.5 billion from $187.6 billion in April to $187.0 billion.

Bond and equity markets will be closed tomorrow in observance of Independence Day. On Friday, June nonfarm payrolls, nonfarm private payrolls, average workweek, hourly earnings, and the unemployment rate will all be reported at 8:30 ET.DJ30 +56.14 NASDAQ +10.27 SP500 +1.33 NASDAQ Adv/Vol/Dec 1350/896.5 mln/1027 NYSE Adv/Vol/Dec 1161/482.1 mln/1806

12:30 pm : The S&P 500 sports a gain of 0.3% as today's session enters its final 30 minutes.

Technology stocks have continued building on their earlier strength and the sector now trades higher by 1.0%. The tech space has been a clear leader throughout the day as most major components outperform the broader market. The second-best sector, telecom services, is higher by 0.8%.

On the downside, financials (-0.2%), consumer staples (-0.1%), and utilities (-0.1%) hover in the red.

Lastly, reports out of Egypt indicate Mohammed Morsi has been detained and taken to a military house.DJ30 +90.30 NASDAQ +18.50 SP500 +4.21 NASDAQ Adv/Vol/Dec 1395/710.6 mln/954 NYSE Adv/Vol/Dec 1288/286.1 mln/1662

12:00 pm : The major averages have climbed to fresh highs. The S&P 500 is higher by 0.2% while the Dow and Nasdaq hold gains near 0.5%.

The tech sector has extended its lead, which, in turn, has provided support to the Nasdaq. Meanwhile, the financial space (-0.3%) remains at the bottom of the leaderboard. Similarly, the consumer staples sector also trades with a loss of 0.3%.

Also of note, reports indicate the national security adviser to Egypt's president has said a military coup is officially underway.DJ30 +71.28 NASDAQ +15.97 SP500 +2.79 NASDAQ Adv/Vol/Dec 1330/613.1 mln/1017 NYSE Adv/Vol/Dec 1130/251.1 mln/1785

11:35 am : Recent action saw the S&P 500 make a brief appearance in positive territory before slipping back into the red. Meanwhile, the Dow and Nasdaq both trade higher by 0.2%.

Four of ten sectors can now be found in positive territory after industrials and telecom services joined the earlier outperformers (consumer discretionary and technology).

With the S&P 500 hovering near its highs, the CBOE Volatility Index (VIX 16.59, +0.15) has slipped to its lowest level of the day.DJ30 +38.78 NASDAQ +6.42 SP500 -1.34 NASDAQ Adv/Vol/Dec 1161/518.9 mln/1168 NYSE Adv/Vol/Dec 907/216.9 mln/1989

11:05 am : The S&P 500 trades lower by 0.3%. Eight of ten sectors remain in negative territory while technology and discretionary shares register slim gains.

The consumer discretionary sector adds 0.1% as homebuilders outperform. The iShares Dow Jones US Home Construction ETF (ITB 22.40, +0.14) is higher by 0.7%.

Elsewhere, the technology sector (+0.3%) has received support from large components like Cisco (CSCO 24.65, +0.33) and Oracle (ORCL 30.38, +0.29). Chipmakers have also displayed relative strength as the PHLX Semiconductor Index trades higher by 0.1%.

Also of note, the deadline given to Egyptian President Morsi has passed and a statement from the Egyptian military is expected in the near future.DJ30 +6.30 NASDAQ +2.84 SP500 -4.11 NASDAQ Adv/Vol/Dec 978/418.5 mln/1303 NYSE Adv/Vol/Dec 719/179.7 mln/2139

10:35 am : Commodities are mostly higher this morning, led by crude oil, which surged higher overnight on further turmoil in Egypt.

Front-month crude oil rose as much as $2.69/barrel to $102.11/barrel, but pulled back below the $102/barrel level and was in a consolidated pattern under $102 ahead of inventory data. Following the data, Aug crude was muted and is now +2.1% at $101.64/barrel.

Natural gas has been sliding lower today and the Aug contract is now -1.9% at $3.58/MMBtu.

Precious metals rallied in recent trade. Aug gold is now +1.0% at $1255.60/oz, while July silver is +2.2% at $19.73/oz. Sept copper is +0.6% at $3.16/lb.DJ30 +0.62 NASDAQ +1.67 SP500 -4.15 NASDAQ Adv/Vol/Dec 894/327.5 mln/1329 NYSE Adv/Vol/Dec 688/144 mln/2144

10:00 am : The S&P 500 trades lower by 0.3%.

The June ISM Services Index was reported at 52.2, below the 54.0 forecast by the Briefing.com consensus, and down from the May reading of 53.7.DJ30 -10.83 NASDAQ -3.02 SP500 -5.28 NASDAQ Adv/Vol/Dec 775/195.3 mln/1346 NYSE Adv/Vol/Dec 601/94.9 mln/2145

09:45 am : The major averages began the session in the red as events in Egypt and Portugal inject uncertainty into the market. The S&P 500 trades lower by 0.3% as nine of ten sectors register losses.

Financials are among the early laggards with Citigroup (C 47.57, -0.58) underperforming its peers with a loss of 1.4%. Meanwhile, the broader financial sector trades lower by 0.7%.

On the upside, the technology sector holds a gain of 0.2% as major components like Apple (AAPL 420.03, +1.54) and Google (GOOG 884.60, +2.30) display relative strength.DJ30 -19.12 NASDAQ -5.81 SP500 -5.40 NASDAQ Adv/Vol/Dec 712/111.1 mln/1323 NYSE Adv/Vol/Dec 639/66.3 mln/2035

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -5.50. Equity futures have spent the entire pre-market session in the red and the S&P 500 futures trade with a loss of 0.3%. The overnight weakness follows several global developments. In Egypt, President Mohammed Morsi has refused to step down as the 10:30 ET deadline given to him by the military approaches.

In addition, Portugal has returned to the headlines after two key government figures (finance minister and foreign minister) have submitted their resignations. In addition, reports indicate two more ministers (agriculture and social security) are set to resign. Prime Minister Pedro Passos Coelho is scheduled to meet with the country's president tomorrow. The country's benchmark 10-yr yield has spiked 126 basis points to 7.72%. In addition Portugal's PSI index trades lower by 5.3%. The concerns regarding the country's future have spilled over to other peripheral economies. Italy's 10-yr yield is higher by 16 basis points at 4.56% while Spain's benchmark 10-yr yield has climbed 19 basis points to 4.76%.

Today's session will come to an early close at 13:00 ET. Tomorrow, bond and equity markets will be closed for Independence Day.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -7.00. The S&P 500 futures trade lower by 0.4% after erasing a portion of their overnight losses.

It was a sea of red across Asia as all of the major bourses, aside from the Philippines' PSEi (+0.5%), finished with losses. Hong Kong's Hang Seng (-2.5%) saw the heaviest selling as the weak Chinese Non-Manufacturing PMI data (53.9 actual v. 54.3 expected) stoked fears of a deeper slowdown in the Middle Kingdom. Overnight, Reserve Bank of Australia Governor Stevens noted the central bank "deliberated for a very long time, and then elected to sit with the cash rate unchanged." Those words led traders to believe another rate cut by the central bank is forthcoming, but failed to lift the ASX (-1.9%). Remaining data from the region included Australian retail sales slipping 0.1% month-over-month (0.4% expected) while the Australian trade surplus widened to $670 million ($170 million previous). Also released was India's Services PMI, which fell to an almost two-year low of 51.7 (53.6 previous).

Japan's Nikkei closed lower by 0.3% as trade slipped for the first time in five days. Heavyweight Fast Retailing was a laggard, giving up 1.4% despite posting solid sales at its Uniqlo stores.
In Hong Kong, the Hang Seng finished lower by 2.5% as shares were hit hard for a second day. Property developers and financials were under pressure as Hang Lung Properties and ICBC gave up 4.5% and 4.0% respectively to lead their respective sectors lower.
China's Shanghai Composite shed 0.6% as commodity shares suffered a mixed fate. Petro China jumped 2.2% as crude oil climbed above $100 per barrel, but Jiangxi Copper shed 1.3% as growth sensitive names were pressured.

European indices trade near their session lows amid developments in Portugal where two key government figures (finance minister and foreign minister) have submitted their resignations. In addition, reports indicate two more ministers (agriculture and social security) are set to resign. Prime Minister Pedro Passos Coelho is scheduled to meet with the country's president tomorrow. The country's benchmark 10-yr yield has spiked 126 basis points to 7.72%. In addition Portugal's PSI index trades lower by 5.6%. The concerns regarding the country's future have spilled over to other peripheral economies. Italy's 10-yr yield is higher by 16 basis points at 4.56% while Spain's benchmark 10-yr yield has climbed 19 basis points to 4.76%.

Investors received several economic data points today. Eurozone Services PMI declined to 48.3 from 48.6 (48.6 consensus) while retail sales climbed 1.0% month-over-month (0.2% expected, -0.2% prior). Germany's Services PMI fell to 50.4 from 51.3 (51.3 expected). Great Britain's Services PMI rose to 56.9 from 54.9 (54.5 forecast). French Services PMI ticked up to 47.2 from 46.5 (46.5 expected). Italian Services PMI fell to 45.8 from 46.5 (47.0 consensus). Spanish Services PMI rose to 47.8 from 47.3 (47.5 expected).

France's CAC is lower by 1.3% as financials lead to the downside amid concerns regarding health of the Eurozone. AXA, BNP Paribas, Credit Agricole, and Societe Generale are all down between 2.7% and 3.8%. On the upside, steelmaker Vallourec outperforms with a gain of 2.8%.
In Germany, the DAX trades down 1.4% with bank shares under pressure. Deutsche Bank and Commerzbank sport respective losses of 5.4% and 2.4%. Also of note, S&P has cut Deutsche Bank's credit rating to A from A+ due to 'uncertain market conditions.'
Great Britain's FTSE holds a loss of 1.4% as miners lag. Anglo American, BHP Biliton and Glencore Xstrata are all down between 3.5% and 5.5%. On the upside, Tullow Oil is higher by 2.1%.
Also of note, Italy's MIB is lower by 1.6% and Spain's IBEX trades with a loss of 2.2%. Financials have led both indices to the downside amid reignited sovereign debt concerns.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -5.50. Equity futures have recovered a good portion of their losses. The S&P 500 futures are off by 0.2%.

The latest weekly initial jobless claims count totaled 343,000, which was lower than the 348,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 348,000. As for continuing claims, they fell to 2.933 million from 2.987 million.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 188K in June. This was above the increase of 150K expected by the Briefing.com consensus.

Lastly, May trade deficit widened to $45.0 billion from $40.1 billion. The Briefing.com consensus expected the deficit to come in at $40.8 billion.

08:03 am : [BRIEFING.COM] S&P futures vs fair value: -8.80. Nasdaq futures vs fair value: -15.00. U.S. equity futures trade in the red with the S&P 500 futures down 0.5%. The overnight weakness follows developments in Portugal where two key government figures (finance minister and foreign minister) have submitted their resignations. In addition, reports indicate two more ministers (agriculture and social security) are set to resign. Prime Minister Pedro Passos Coelho is scheduled to meet with the country's president tomorrow. The country's benchmark 10-yr yield has spiked 133 basis points to 7.79%. In addition Portugal's PSI index trades lower by 5.4%.

Looking at overnight developments:

Asian markets ended on a lower note. Japan's Nikkei shed 0.3%, China's Shanghai Composite dropped 0.6%, and Hong Kong's Hang Seng fell 2.5%.
In regional economic data:
China's Non-Manufacturing PMI declined to 53.90 from 54.30. Meanwhile, the HSBC Services PMI ticked up to 51.3 from 51.2.
Australia reported a trade surplus of $670 million ($50 million expected, $170 million prior). In addition, the country's retail sales declined 0.1% month-over-month (0.3% expected, -0.1% prior) while HIA New Home Sales rose 1.6% month-over-month (3.9% previous). Lastly, the AIG Services Index ticked up to 41.5 from 40.6.
Looking at news:
In China, the Shanghai Interbank Offered Rate (SHIBOR) continued its retreat from recent highs with the overnight rate falling nearly 39 basis points to 3.40%.


European indices trade near their session lows. France's CAC, Germany's DAX, and Great Britain's FTSE are all down near 1.7%. Elsewhere, Italy's MIB and Spain's IBEX sport respective losses of 1.8% and 2.9% while Portugal's PSI is lower by 5.4%.
Investors received several economic data points:
Eurozone Services PMI declined to 48.3 from 48.6 (48.6 consensus) while retail sales climbed 1.0% month-over-month (0.2% expected, -0.2% prior).
Germany's Services PMI fell to 50.4 from 51.3 (51.3 expected).
Great Britain's Services PMI rose to 56.9 from 54.9 (54.5 forecast).
French Services PMI ticked up to 47.2 from 46.5 (46.5 expected).
Italian Services PMI fell to 45.8 from 46.5 (47.0 consensus).
Spanish Services PMI rose to 47.8 from 47.3 (47.5 expected).
In news:
As mentioned earlier, Portugal has made the headlines after key ministers resigned from government. The concerns regarding the country's future have spilled over to other peripheral economies. Italy's 10-yr yield is higher by 16 basis points at 4.56% while Spain's benchmark 10-yr yield has climbed 19 basis points to 4.76%.

In U.S. corporate news:

Alcoa (AA 7.61, -0.19) trades lower by 2.4% after JPMorgan downgraded the stock to 'Neutral' from 'Overweight.'


The weekly MBA Mortgage Index fell 11.7% to follow last week's decline of 3.0%.

June Challenger Job Cuts rose 4.8% year-over-year to follow the prior month's decline of 41.2%.

ADP Employment Change will be reported at 8:15 ET while weekly initial claims and the May trade balance will cross the wires at 8:30 ET. Finally, the June ISM Services Index will be announced at 10:00 ET.

Also of note, today's session will come to an early close at 13:00 ET. Tomorrow, bond and equity markets will be closed for Independence Day.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -18.50.

06:51 am : Nikkei...14055.56...-43.20...-0.30%. Hang Seng...20147.31...-511.30...-2.50%.

06:51 am : FTSE...6198.46...-105.50...-1.70%. DAX...7772.20...-138.60...-1.70%.

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
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
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