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 Post subject: July 5th Friday Trade Results - Profit $712.50
PostPosted: Fri Jul 05, 2013 11:02 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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $712.50 dollars or +14.25 points, Light Crude Oil CL ($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 @ $712.50 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=1548

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 End Higher On Strong Jobs Report

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

NEW YORK (CNNMoney)
A strong jobs report sent stocks higher Friday, capping a weekly gain for the market as investors set aside concerns about the Federal Reserve and focused on the improved outlook for economic growth.

The Dow Jones industrial average, the S&P 500 and the Nasdaq gained about 0.9%. For the week, the Dow and the S&P 500 both rose more than 1.5%, while the Nasdaq gained over 2%.

The government said U.S. payrolls grew by 195,000 jobs in June, more than economists had expected. But the unemployment rate held steady at 7.6%.

Traders said volumes were light Friday since many money managers took the day off. U.S. markets were closed Thursday for the Fourth of July holiday.

Double edged sword. Investors were encouraged to see signs of improvement in the job market, but the report also makes it more likely that the Fed will begin to taper its stimulus policies later this year.

The U.S. central bank has signaled that it will begin to slow the pace of its $85-billion-per-month bond buying program when it sees significant improvement in the unemployment rate.

While the unemployment rate was unchanged last month, economists say the gains in hiring -- including past months that were revised higher -- mean the rate should head lower in the months ahead.

There will be two more reports on the unemployment rate and hiring before the Fed's next scheduled meeting in September.

The June report was "more than strong enough to keep the Fed on track for tapering in September," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics.

Video - Hiring picks up steam

Bond yields spike. Investors in the bond market seemed to view the good news as bad news.

The yield on the 10-year U.S. Treasury note rose to 2.72%, the highest level since August 2011. Investors have been selling bonds, driving yields higher, in anticipation of fewer Fed purchases.

Some economists worry that an abrupt rise in interest rates could hurt the U.S. economy. Mortgage rates have spiked in the past few weeks, raising concerns about the housing market.

Still, the sell-off in Treasuries comes on light volume and may be an overreaction, said Kevin Giddis, head of fixed-income at Raymond James.

"I would caution against putting too much into today's move on the Treasury market," said Giddis. But he added that interest rates are headed higher as the Fed moves away from quantitative easing, as its bond buying program is known, later this year.

"I do believe that we have set sail on an upward trend of interest rates that will likely lead to the Fed's tapering of QE in September or October," said Giddis.

What's next. In the long run, any tapering by the Fed would reflect an improved outlook for the economy and should bode well for stocks. But traders say volatility will remain high in the short run as the Fed's next move remains uncertain.

"We're going through a transition from a liquidity-driven equity market to a market more driven by economic and corporate fundamentals," said Bernard Kavanagh, vice president of portfolio management at Stifel Nicolaus.

In the currency market, the U.S. dollar rose versus its main trading partners. The greenback has been strong recently as investors bet the U.S. economy will grow faster than most other developed economies.

What's moving. Gold prices fell 3%, to $1,214.50 an ounce. That put pressure on shares of Newmont Mining (NEM, Fortune 500), which sank 4%.

Shares of large homebuilders were under pressure as investors worry that higher mortgage rates will cool the housing market. Lennar (LEN) and D.R. Horton (DHI) fell more than 3%.

Meanwhile, shares of regional banks, which are expected to benefit from rising interest rates, rallied. Lincoln National (LNC, Fortune 500), KeyCorp (KEY, Fortune 500), SunTrust (STI, Fortune 500) and Comerica (CMA) all gained more than 3%.

Mixed news overseas. Europe got a boost Thursday when the region's central banks signaled that interest rates would remain at unusually low levels for an extended period of time. But European markets gave back some gains Friday. The DAX in Germany fell 2.3%.

Investors also monitored the political turmoil in Egypt, which has sent oil prices higher in the past few days, and in Portugal, where leaders are trying to prevent a government collapse that would undermine its 78-billion euro bailout.

Asian markets ended with gains. The Hang Seng index and the Nikkei in Japan both ran up by roughly 2%.

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Market Update

4:20 pm : The major averages entered the weekend on a positive note. The S&P 500 settled higher by 1.0% as nine of ten sectors posted gains.

Equities opened in the green after the June nonfarm payrolls report handily beat expectations (195K actual, 166K Briefing.com consensus). However, the details of the report took some shine off the headline number as individuals working part-time for economic reasons increased by 322,000, the number of discouraged workers was up by 206,000 from the year-ago period; the percentage of long-term unemployed workers (i.e. 27 weeks or longer) was still too high at 36.7%; and the U6 unemployment rate, which accounts for unemployed and underemployed workers, rose to 14.3% from 13.8%.

Notably, the better-than-expected headline number gave investors enough reason to believe the Federal Reserve may begin modifying the pace of its asset purchases sooner rather than later. To that end, Treasuries sold off aggressively and spent the remainder of the session on their lows. The benchmark 10-yr yield jumped 22 basis points to end at 2.72%, its highest level since August 2011.

Today's jobs report also gave a notable boost to the dollar, sending the Dollar Index to a three-year high amid all-around greenback strength. In turn, dollar strength pressured industrial and precious metals as copper futures tumbled 3.2% to $3.072 per pound while gold futures slumped 3.1% to $1212.50 per troy ounce.

However, crude oil jumped 1.9% to end on its high at $103.19 per barrel. The energy component rallied throughout the day amid ongoing clashes between the Egyptian army and pro-Morsi crowds following the removal of the former President.

Stocks slid from their morning highs as rate-sensitive sectors weighed on the broader market. The S&P briefly dipped into the red one hour into the session before staging a reversal amid thin volume. The benchmark average managed to close above its 50-day moving average after its previous three attempts were rejected sternly.

The jump in yields contributed to weakness in the utilities sector, which ended lower by 0.5% after spending the entire day in negative territory. Two other rate-sensitive groups, consumer staples (+0.2%) and telecom services (+0.5%) spent some time in the red, but rallied into the close.

Higher rates also exerted pressure on homebuilders and real estate investment trusts. Lennar (LEN 33.93, -1.42) and DR Horton (DHI 20.28, -0.68) ended with respective losses of 4.0% and 3.2% while the broader iShares Dow Jones US Home Construction ETF (ITB 21.97, -0.45) fell 2.0%. Meanwhile, iShares Dow Jones US Real Estate ETF (IYR 65.86, -0.70) ended lower by 1.1%.

On the flip side, the financial sector settled higher by 1.8% after spending the entire session atop the leaderboard.

The industrial sector also registered a strong gain (1.5%) as transportation-related names drove the sector higher. The Dow Jones Transportation Average advanced 1.5% as all 20 components rallied.

The health care sector (+1.3%) also finished among the leaders as biotech companies outperformed. The iShares Nasdaq Biotechnology ETF (IBB 182.22, +3.47) ended higher by 1.9%.

Today's volume was well below average as only 625 million shares changed hands on the floor of the New York Stock Exchange. The final tally was more than 100 million shares below the 200-day average.

Week in Review: Stocks Climb Amid Thin Holiday Volume

This week proved to be a technical affair as the S&P 500 tested its 50-day moving average on Monday and Tuesday. In addition, the benchmark average was not able to hold above its 20-day average and closed below that level on Monday, Tuesday, and Wednesday.

On Monday, 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. 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).

Tuesday's session saw the S&P 500 shed 0.1%. Contributing to the 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 on Monday. 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%.

Wednesday's shortened session ended with a gain of 0.1% for the S&P 500. 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 reports indicated two more ministers (agriculture and social security) are set to resign. 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%. Some of the concerns were allayed the following day after Portugal's Prime Minister Pedro Passos Coelho said the ruling coalition had reached an agreement to maintain the current government.DJ30 +147.29 NASDAQ +35.71 SP500 +16.48 NASDAQ Adv/Vol/Dec 1818/1.22 bln/663 NYSE Adv/Vol/Dec 1730/625.4 mln/1310

3:30 pm : Commodities finished today's session on a mixed note as crude oil registered a solid gain while natural gas and precious metals posted losses.

August crude oil saw a morning surge amid reports indicating the Egyptian army has declared a State of Emergency in the Suez province. The energy component then retreated off its highs when additional headlines indicated the Suez Canal is operating normally. However, oil resumed its uptrend shortly thereafter to close with a gain of 1.9% at $103.19/barrel.

August natural gas spent the entire session in negative territory and ended the day just off its lows, down 2.0% at $3.62/MMBtu.

August gold was pressured to its lows following today's jobs data, where it spent the remainder of the session before ending lower by 3.1% at $1212.50 per troy ounce. On a related note, September silver followed the same pattern and settled lower by 4.9% at $18.74 per troy ounce.DJ30 +85.18 NASDAQ +21.53 SP500 +9.16 NASDAQ Adv/Vol/Dec 1659/1.00 bln/822 NYSE Adv/Vol/Dec 1492/406.1 mln/1538

3:00 pm : The S&P 500 trades higher by 0.8% as today's session enters its final hour.

Today's developments in the foreign exchange market have been notable with the Dollar Index jumping to a three-year high following this morning's better-than-expected June nonfarm payrolls report.

A good portion of today's greenback strength has come against the British pound and the Japanese yen.

Dollar/pound is lower by 130 pips near 1.4907 and today's decline has widened the pair's two-day loss to nearly 400 pips. The pound began its sharp decline from the 1.5300 level following yesterday's comments from Bank of England Governor Mark Carney who said the recent rise in rates has not been warranted by the underlying economic conditions.

Elsewhere, dollar/yen is higher by 85 pips near 101.10. The past two sessions saw the pair test the century mark several times before today's jobs report fueled a breakout above 101.DJ30 +125.29 NASDAQ +27.60 SP500 +13.22 NASDAQ Adv/Vol/Dec 1698/935.4 mln/766 NYSE Adv/Vol/Dec 1562/374.4 mln/1469

2:25 pm : Recent action saw the S&P 500 notch a fresh session high in the 1629 area. The benchmark average now trades with a gain of 0.8% as financials, health care, and industrials solidify their leadership. The three sectors all hold gains of more than 1.0%.

The recent gains have tilted market breadth towards neutral as advancing issues on the NYSE match decliners with a 1:1 ratio.

Also of note, crude oil has continued its steady climb and the energy component now sports a gain of 1.9% at $103.20 per barrel.DJ30 +131.28 NASDAQ +28.86 SP500 +13.78 NASDAQ Adv/Vol/Dec 1686/870.1 mln/769 NYSE Adv/Vol/Dec 1528/343.9 mln/1499

2:00 pm : The S&P 500 continues to hold its levels just below the 50-day moving average. Financials and industrials remain in the lead while three defensively-oriented sectors (consumer staples, telecom services, and utilities) continue to hover in negative territory.

However, the fourth countercyclical group (health care) is among today's leaders as biotechnology outperforms. The iShares Nasdaq Biotechnology ETF (IBB 181.28, +2.53) trades higher by 1.4%. The gains in biotech have also provided some support to the Nasdaq.

Afternoon volume has been very light, but participation is expected to improve next week.DJ30 +95.85 NASDAQ +22.49 SP500 +10.26 NASDAQ Adv/Vol/Dec 1649/811.2 mln/787 NYSE Adv/Vol/Dec 1450/318.1 mln/1556

1:30 pm : The S&P 500 has taken several stabs over the last 90 minutes at eclipsing its prior intraday high of 1627.06. It has been rejected on each occasion, yet selling efforts on the other side of the rejection have been limited in scope as the S&P 500 has been confined to a two-point trading range over the last 90 minutes.

The market's upside bias today in the face of a large spike in interest rates is notable, but not altogether telling given the thin trading conditions. Participation should pick up next week and provide a better read of things for both the stock and bond markets. The latter has seen an outsized move with the 10-yr note down close to two points and its yield climbing to 2.72% in the wake of the June employment report.

Separately, next week will also mark the official start of the second quarter earnings reporting period where guidance will be key as always. According to FactSet, analysts are projecting S&P 500 EPS growth of just 0.8% and revenue growth of 1.2%. A preview of the second quarter reporting period was provided today in The Big Picture column on Briefing.com. DJ30 +92.42 NASDAQ +19.10 SP500 +9.86 NASDAQ Adv/Vol/Dec 1594/755 mln/829 NYSE Adv/Vol/Dec 1404/295 mln/1586

1:00 pm : At midday, the S&P 500 trades higher by 0.6% as seven of ten sectors register gains.

Today's session began on an upbeat note following the June nonfarm payrolls report, which pointed to the addition of 195,000 jobs. However, below the surface, individuals working part-time for economic reasons increased by 322,000, the number of discouraged workers was up by 206,000 from the year-ago period; the percentage of long-term unemployed workers (i.e. 27 weeks or longer) was still too high at 36.7%; and the U6 unemployment rate, which accounts for unemployed and underemployed workers, rose to 14.3% from 13.8%.

The better-than-expected headline number appears to have given investors enough reason to believe the Federal Reserve may begin tapering its asset purchases sooner rather than later. As a result, Treasuries have seen aggressive selling, pushing the benchmark 10-yr yield higher by 21 basis points to 2.72%, its highest level since August 2011. On a related note, the Dollar Index trades near a three-year high at 84.41 amid all-around greenback strength.

Stocks were pressured off their opening highs as the 50-day moving average (1625 area) provided the S&P with some early resistance. However, recent action saw the benchmark average return to its 50-day average, where the index currently sits.

Elevated treasury yields have pressured income-oriented sectors. Consumer staples and telecom services trade with slim losses near 0.2% while the utilities sector is lower by 0.8%.

In addition, homebuilders and real estate investment trusts have also felt the impact of higher yields. The iShares Dow Jones US Home Construction ETF (ITB 21.74, -0.68) and iShares Dow Jones US Real Estate ETF (IYR 65.24, -1.32) trade lower by 3.0% and 2.0%, respectively.

On the flip side, major bank shares have provided support to the financial sector, which leads with a gain of 1.2%.

Elsewhere, the industrial space has received significant support from transportation-related names as the Dow Jones Transportation Average trades higher by 1.1%.

Today's dollar strength has also weighed on industrial and precious metals. Copper futures trade lower by 3.4% at $3.066 per pound while gold futures trade down 3.0% at $1214.10 per ounce. Crude oil, however, has been in a steady climb and it currently sports a gain of 1.7% at $103.00 per barrel.

Participation in today's session has been relatively light and NYSE floor volume has yet to eclipse the 300 million mark. Meanwhile, market breadth is mildly negative as declining issues outpace advancers by a 1.1:1 ratio.DJ30 +88.84 NASDAQ +21.69 SP500 +9.98 NASDAQ Adv/Vol/Dec 1618/700.3 mln/805 NYSE Adv/Vol/Dec 1424/274.2 mln/1564

12:25 pm : The S&P 500 continues to hover near its high while Treasuries remain on their lows. Recent gains in the S&P 500 have given an additional boost to the financial sector, which now sports a gain of 1.2%. However, real estate investment trusts continue to hover in the red with the iShares Dow Jones Real Estate ETF (IYR 65.08, -1.48) lower by 2.2%.

Participation in today's session has been relatively light and NYSE floor volume just recently eclipsed the 250 million mark.DJ30 +92.92 NASDAQ +23.10 SP500 +10.19 NASDAQ Adv/Vol/Dec 1600/628.1 mln/806 NYSE Adv/Vol/Dec 1420/252.5 mln/1567

12:00 pm : The S&P 500 trades with a gain of 0.6% after climbing back to its session high. In addition, the benchmark 10-yr yield remains near its highest level of the day (+19 bps, 2.70%). The elevated yields continue to pressure income-oriented sectors as consumer staples, telecom services, and utilities all trade in the red.

Today's intraday volume has paced below average while market breadth points to a mildly negative bias as declining issues on the New York Stock Exchange outpace advancers by a 1.3:1 ratio.DJ30 +81.72 NASDAQ +22.58 SP500 +9.62 NASDAQ Adv/Vol/Dec 1551/568.2 mln/827 NYSE Adv/Vol/Dec 1373/231.8 mln/1607

11:30 am : The S&P 500 trades with a gain of 0.2% as the financial sector remains in the lead (+0.9%). In addition, industrials continue to show strength with transportation-related names providing significant support to the sector. The Dow Jones Transportation Average is higher by 1.0% as all 20 components register gains.

While financials and industrials display notable strength, two other cyclical sectors (materials and technology) trail behind the broader market. The materials sector is little changed as steelmakers and gold miners lag. The Market Vectors Steel ETF (SLX 37.59, -0.39) is lower by 1.0% while the Market Vectors Gold Miners ETF (GDX 23.05, -1.13) trades down 4.6%.

Elsewhere, the technology sector is higher by 0.1% amid mixed performance in top components. Apple (AAPL 417.07, -3.69) is lower by 0.9% while Oracle (ORCL 30.82, +0.12) displays a gain of 0.4%.DJ30 +16.13 NASDAQ +10.63 SP500 +3.90 NASDAQ Adv/Vol/Dec 1484/491.2 mln/871 NYSE Adv/Vol/Dec 1292/209.1 mln/1669

11:00 am : The S&P 500 has trimmed its gain to 0.3% as the benchmark 10-yr yield remains near its highs (+17 bps, 2.68%). Income-oriented sectors are among the laggards as consumer staples, telecom services, and utilities sport losses between 0.3% and 1.2%.

In addition, homebuilders and real estate investment trusts have been pressured by higher yields. The iShares Dow Jones US Home Construction ETF (ITB 21.84, -0.58) and iShares Dow Jones Real Estate ETF (IYR 64.89, -1.67) are both down near 2.5%.

Financials and health care continue to outperform the broader market as the two sectors sport respective gains of 0.8% and 0.9%.DJ30 +25.34 NASDAQ +13.76 SP500 +5.45 NASDAQ Adv/Vol/Dec 1533/412.1 mln/801 NYSE Adv/Vol/Dec 1300/180.1 mln/1638

10:30 am : Commodities are mixed this morning with crude oil trading higher while metals underperform.

Front month crude oil adds 0.4% to $101.74/barrel after notching a high at $102.43 following reports the Egyptian army has declared State of Emergency in the Suez province. However, oil retreated off its highs in light of subsequent reports indicating the Suez Canal is operating normally.

Natural gas has spent the entire session in the red and it currently sports a loss of 2.1% at $3.615/MMBtu.

Precious metals trade near their lows with August gold down 3.2% at $1211.50, while July silver is lower by 4.8% at $18.76.

Also of note, the Dollar Index trades at its highest level in three years.DJ30 -13.43 NASDAQ -0.02 SP500 +0.17 NASDAQ Adv/Vol/Dec 1370/300.1 mln/923 NYSE Adv/Vol/Dec 1130/139.2 mln/1781

10:05 am : The S&P 500 trades up 0.4% after slipping from its session high. Health care, financials, and industrials continue to lead with gains near 0.8%.

On the downside, the utilities space (-0.6%) has been joined by the telecom services sector (-0.3%) as interest-sensitive names sell off amid weakness in Treasuries. The Treasury complex has been the subject of aggressive selling as today's better-than-expected nonfarm payrolls data suggests the Federal Reserve may begin tapering its asset purchases sooner rather than later.

Also of note, gold futures trade lower by 3.5% at $1208.40 amid significant dollar strength as the Dollar Index trades at its highest level in three years.DJ30 +44.97 NASDAQ +12.57 SP500 +5.71 NASDAQ Adv/Vol/Dec 1558/195.9 mln/702 NYSE Adv/Vol/Dec 1422/100.9 mln/1439

09:45 am : The S&P 500 trades higher by 0.5% just below its 50-day moving average, which sits in the 1624 area. Nine of ten sectors have registered early gains while the high-yielding utilities sector trails behind the broader market (-0.4%) amid elevated Treasury yields.

The benchmark 10-yr yield is higher by 18 basis points at 2.69% with a large portion of the spike following today's better-than-expected nonfarm payrolls report (195,000 actual, 166,000 Briefing.com consensus).

Financials, health care, and industrials have provided some early leadership as the three sectors display gains between 0.8% and 0.9%.DJ30 +72.26 NASDAQ +20.41 SP500 +8.80 NASDAQ Adv/Vol/Dec 1611/124.1 mln/602 NYSE Adv/Vol/Dec 1574/75.9 mln/1255

09:17 am : [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +14.50. Equity futures have slipped from their highs, but the S&P 500 futures continue to hold a gain of 0.6%. Index futures jumped to their highs in reaction to today's better-than-expected nonfarm payrolls report, which pointed to the addition of 195,000 jobs (166,000 Briefing.com consensus), but have retreated off those levels since.

Notably, Treasuries have seen aggressive selling in reaction to today's jobs data with the benchmark 10-yr yield spiking to 2.70%, its highest level since August 2011. On a related note, the Dollar Index (84.41, +1.18) has surged to its highest level since July 2010.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: +11.10. Nasdaq futures vs fair value: +20.20. The S&P 500 futures trade higher by 0.9%.

It was a sea of green across Asia as all of the major bourses, aside from South Korea's Kospi (-0.3%) and Vietnam's Ho Chi Minh (-0.3%), finished with gains. India's Sensex registered a gain of 0.4%, but trailed behind most other regional indices after Goldman Sachs lowered its 2014 growth forecast from 6.4% to 6.0% while cutting the 2015 GDP growth estimate to 6.8% from 7.3%. Elsewhere, Japan's Nikkei led the way with a gain of 2.1% after the country's Leading Index rose to 110.5 from 107.7 (96.3 expected). In addition, Japan continued to be a net seller of foreign bonds as the latest weekly reading indicated sales in the amount of JPY965.9 billion (-JPY1.19 trillion previous). In other data of note, Australia's building approvals decreased 1.1% month-over-month (-1.5% expected, 9.5% prior) while the AIG Construction Index rose to 39.5 from 35.3.

In Japan, the Nikkei closed higher by 2.1% amid broad gains. Steelmakers Kobe Steel and Nisshin Steel were among the leaders with gains near 7.0%. In addition, Oki Electric and Pioneer both jumped 5.1%.
Hong Kong's Hang Seng advanced 1.9% as energy names led. China Coal Energy and China Shenhua Energy advanced 7.2% and 6.7%, respectively. On the downside, COSCO Pacific shed 0.6%.
In China, the Shanghai Composite added 0.1%. Shanghai Material Trading and Yangzhou Yaxing Motor Coach both saw gains near 10.0%. Grinm Semiconductor and Suntek Technology underperformed with losses near 6.0%.

Key European indices trade with gains despite earlier weakness. Reviewing notable economic data, the European Central Bank left its key interest rate unchanged at 0.5%, as expected. Also of note, the final reading of the first quarter Eurozone GDP pointed to a decline of 0.3% (-0.2% expected, -0.2% prior). Following the ECB rate decision, Mario Draghi said key rates will remain at their current levels, or lower, for an extended period of time. Elsewhere, the Bank of England also left its key interest rate and asset purchase program unchanged at their respective 0.5% and GBP375 billion. In addition, Great Britain's Halifax House Price Index rose 0.6% month-over-month (0.4% expected, 0.5% prior). France reported a trade deficit of EUR6.0 billion (EUR4.7 billion expected, EUR4.5 billion prior). Spain's industrial production decreased 1.3% year-over-year (-2.2% expected, -1.5% previous). German factory orders decreased 1.3% month-over-month (1.2% expected, -2.3% previous).

On Thursday, Portugal's Prime Minister Pedro Passos Coelho said the ruling coalition had reached an agreement to maintain the current government.

Also of note, the International Monetary Fund has cut its 2013 GDP growth forecast for Italy to -1.8% from -1.5%. In addition, the IMF called on the ECB to engage in direct asset purchases.

Germany's DAX is higher by 0.2% as exporters and financials display strength. BMW and Deutsche Bank trade with respective gains of 0.5% and 1.4%. Fresenius Medical is among the laggards as it holds a loss of 1.5%.
In France, the CAC trades with a gain of 0.2% as BNP Paribas (+1.4%) and Societe Generale (+2.3%) provide leadership. On the downside, industrials Alstom and Lafarge display losses near 1.5%.
Great Britain's FTSE holds a gain of 0.7% as consumer names lead. Diageo and TUI Travel trade higher by 1.9% and 1.5%, respectively. Miners are among the laggards as Antofagasta, Glencore Xstrata, and Rio Tinto sport losses between 1.8% and 2.7%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +18.60. Nasdaq futures vs fair value: +30.70. Equity futures have climbed to fresh highs in reaction to the latest payroll data. The S&P 500 futures trade higher by 1.1%.

June nonfarm payrolls came in at 195K versus the 166K expected by the Briefing.com consensus. Nonfarm private payrolls added 202K against the 180K consensus. The unemployment rate was reported at 7.6%, in line with the Briefing.com consensus.

Hourly earnings rose 0.4% while the Briefing.com consensus expected an uptick of 0.2%. Average workweek was reported at 34.5, which was in-line with the Briefing.com consensus.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +12.80. Nasdaq futures vs fair value: +26.50. U.S. equity futures hold solid gains amid mixed overseas action. The S&P 500 futures trade higher by 0.8% ahead of today's highly-anticipated 8:30 ET release of the June nonfarm payrolls report (166,000 Briefing.com consensus).

Looking at overnight developments:

Asian markets ended with gains. China's Shanghai Composite added 0.1%, Hong Kong's Hang Seng rose 1.9%, and Japan's Nikkei advanced 2.1%.
In regional economic data:
Japan continued to be a net seller of foreign bonds as the latest weekly reading indicated sales in the amount of JPY965.9 billion (-JPY1.19 trillion previous). In addition, the country's Leading Index rose to 110.5 from 107.7 (96.3 expected).
Australia's building approvals decreased 1.1% month-over-month (-1.5% expected, 9.5% prior) while the AIG Construction Index rose to 39.5 from 35.3.
Looking at news:
Goldman Sachs has lowered its 2014 growth forecast for India from 6.4% to 6.0% while cutting the 2015 GDP growth estimate to 6.8% from 7.3%.
South Korea's Kospi underperformed other regional indices after Samsung reported earnings below analyst estimates.


Key European indices trade in mixed fashion as Great Britain's FTSE adds 0.4% while France's CAC trades flat, and Germany's DAX sports a loss of 0.3%.
Reviewing notable economic data:
The European Central Bank left its key interest rate unchanged at 0.5%, as expected. Also of note, the final reading of the first quarter Eurozone GDP pointed to a decline of 0.3% (-0.2% expected, -0.2% prior).
The Bank of England also left its key interest rate and asset purchase program unchanged at their respective 0.5% and GBP375 billion. In addition, Great Britain's Halifax House Price Index rose 0.6% month-over-month (0.4% expected, 0.5% prior).
France reported a trade deficit of EUR6.0 billion (EUR4.7 billion expected, EUR4.5 billion prior).
Spain's industrial production decreased 1.3% year-over-year (-2.2% expected, -1.5% previous).
German factory orders decreased 1.3% month-over-month (1.2% expected, -2.3% previous).
In news:
On Thursday, Portugal's Prime Minister Pedro Passos Coelho said the ruling coalition had reached an agreement to maintain the current government.
Following the ECB rate decision, Mario Draghi said key rates will remain at their current levels, or lower, for an extended period of time.
The International Monetary Fund has cut its 2013 GDP growth forecast for Italy to -1.8% from -1.5%. In addition, the IMF called on the ECB to engage in direct asset purchases.

In U.S. corporate news:

Sarepta Therapeutics (SRPT 38.50, -1.11) is lower by 2.8% after entering into an at-the-market equity offering facility.
Tesla Motors (TSLA 118.24, +3.00) trades higher by 2.6% amid reports Model S has received significant interest from Hong Kong.

In addition to June nonfarm payrolls, nonfarm private payrolls, average workweek, hourly earnings, and the unemployment rate will all be reported at 8:30 ET.

06:47 am : [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +31.00.

06:47 am : Nikkei...14309.97...+291.00...+2.10%. Hang Seng...20854.67...+386.00...+1.90%.

06:47 am : FTSE...6450.99...+29.30...+0.40%. DAX...7980.44...-13.90...-0.20%.

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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