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 Post subject: July 8th Monday Trade Results - Profit $2265
PostPosted: Mon Jul 08, 2013 9:53 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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 @ $590.00 dollars or +5.90 points, Emini ES ($ES_F) futures @ $375.00 dollars or +7.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $1300.00 dollars or +13.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2265.00 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=1549

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: The Gains Continue

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

NEW YORK (CNNMoney)
The rally just keeps going. Stocks closed higher Monday ahead of a big, upcoming wild card: corporate earnings season.

The Dow Jones Industrial Average and the S&P 500 gained between 0.5% and 0.6% The tech-heavy Nasdaq index was the laggard index, adding just 0.2%.

'Tis the earnings season: Second-quarter earnings season will kick off after the close of trading, starting with aluminum producer Alcoa (AA, Fortune 500). Investors typically look to the Dow component's quarterly results as a litmus test for how Corporate America fared over the past three months.

For most of the year, earnings haven't had a big impact on stocks. Instead, investors have focused primarily on the status of the U.S. Federal Reserve's massive bond buying program, which has served as rocket fuel for stocks. All three indexes are up between 14% and 16% this year.

* The computers that run the stock markets

But with the Fed expected to take its foot off the gas, investors will be forced to grapple with the fundamentals underlying the stocks they're buying and selling. That's why they'll pay extra attention to this latest round of corporate earnings.

Analysts aren't expecting all that much from U.S. companies the second quarter.

"Sales have got to start coming through," said fund manager Fiona Harris from J.P. Morgan Asset Management. "We believe the relatively sluggish U.S. sales growth could start to weigh heavily if we don't see improvement soon."

Or maybe not... Yet other market analysts note that even if earnings aren't stellar, stocks could still continue on their recent tear. That's because the U.S. stock market continues to look like the safest place in the world to invest, noted Paul Powers, head of trading at Raymond James.

On Friday, for example, the U.S. Labor Department reported that the country added more jobs in June than economists had expected.

With that and other signs of economic improvement in the country, investors bet that the Federal Reserve would be even more likely to scale back its bond buying program. On Monday, bond prices remained lower -- keeping 10-year U.S. Treasury yields elevated at 2.7% -- and put money into stocks.

"There's been a beat down in fixed income, and people continue to put money to work in equities," said Powers.

Around the world: European markets closed higher, up between 1% and 2%.

But Asian markets ended in the red. The Hang Seng index and the Nikkei in Japan both dropped by more than 1%. The Shanghai Composite index fell even further, down by 2.4%, on continuing concerns about slowing growth in China.

Shares of Asiana Airlines dropped in South Korean markets after a Boeing 777 crashed in San Francisco over the weekend. But the stock price for Boeing (BA, Fortune 500) was little changed.

Analysts upgrades/downgrades: An upgrade by Morgan Stanley fueled a run-up in Priceline's (PCLN) stock.

Shares of Intel (INTC, Fortune 500) sank, after Evercore downgraded the chip maker's stock.

Looking ahead: According to Kit Juckes of Societe Generale in London, among the issues standing out for global investors in the week ahead are a speech by Federal Reserve chairman Ben Bernanke's on Wednesday, a possible "Scotch tape solution" to Portugal's economic crisis and concerns about the slowdown in China's economy.

Michael Dell got one step closer to victory in his bid to take Dell (DELL, Fortune 500) private along with Silver Lake, after ISS gave him the nod of approval.

And following Alcoa, results are due later in the week from companies including Yum! Brands (YUM, Fortune 500), JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500).

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Market Update

4:10 pm : The S&P 500 settled higher by 0.5% as eight of ten sectors ended in the green.

Stocks registered the bulk of their gains in the opening minutes and the S&P 500 notched its session high within the first hour of action before spending the remainder of the day in a six point range.

The upbeat open was aided by a strong showing in Europe where major averages overlooked disappointing German industrial production data (-1.0% actual, -0.5% expected) and rallied on indications the next tranche of Greek aid will be approved by Eurozone officials.

While most sectors were able to hold their opening gains, technology and telecom services underperformed from the start and pressured the tech-heavy Nasdaq. Chipmakers ended broadly lower after Evercore downgraded Intel (INTC 23.18, -0.88) to 'Underweight' from 'Equal Weight.' Shares of Intel fell 3.6% while the broader PHLX Semiconductor Index slid 2.0%.

Also of note, the largest tech component, Apple (AAPL 415.05, -2.37), shed 0.6% amid reports suggesting the company is reducing its smartphone production. Major Apple suppliers also registered losses as Broadcom (BRCM 33.37, -0.40) and Qualcomm (QCOM 59.99, -0.96) both fell near 1.4%.

Meanwhile, the telecom services sector ended lower by 0.4% after spending the entire session in negative territory.

While the telecom space lagged, other countercyclical sectors settled in mixed fashion. The health care sector (+0.6%) ended just ahead of the broader market; consumer staples (+1.0%) displayed relative strength; and the utilities sector (+1.4%) finished atop the leaderboard.

With regards to cyclical groups, only technology and industrials trailed behind the S&P. The industrial sector was pressured by transportation-related names after Union Pacific (UNP 156.25, -1.23) was downgraded to 'Market Perform' at Avondale. The rail carrier shed 0.8% while the broader Dow Jones Transportation Average added 0.1%.

Elsewhere, the relative strength of retailers provided support to the discretionary sector (+0.9%), and overshadowed the broad losses among homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 21.66, -0.31) slumped 1.4%.

Treasuries were on the receiving end of some overnight safe-haven flows out of Asia with the bid continuing into the U.S. session. As a result, the benchmark 10-yr yield fell 10 basis points to 2.641%.

According to the Federal Reserve, consumer credit increased by $19.6 billion in May. This followed the prior month's increase of $10.9 billion, and was higher than the $13.2 billion that had been broadly expected among economists polled by Briefing.com.

There is no notable economic data scheduled to be released tomorrow.DJ30 +88.85 NASDAQ +5.45 SP500 +8.57 NASDAQ Adv/Vol/Dec 1401/1.46 bln/1093 NYSE Adv/Vol/Dec 1789/906.7 mln/1264

3:35 pm : Aug crude oil erased most of its earlier losses as it broke into positive territory and touched a session high of $103.57 per barrel in early afternoon action after trading as low as $102.27 per barrel earlier in the session. The energy component slipped back into the red and settled 0.1% lower at $103.12 per barrel.

On the other hand, Aug natural gas advanced to a session high of $3.76 per MMBtu in afternoon pit action after trading as low as $3.69 per MMBtu. It eventually settled with a 3.3% gain at $3.74 per MMBtu.

Aug gold spent its entire session in positive territory despite a stronger dollar index. The yellow metal brushed a session high of $1237.40 per ounce moments after floor trade opened and spent afternoon action trading in a consolidative pattern just below that level. It eventually settled at $1235.00 per ounce, or 1.9% higher. Sep silver also rose and although prices pulled back from a session high of $19.26 per ounce set in early morning action, it managed to book a 1.7% gain as it closed at $19.05 per ounce.DJ30 +91.94 NASDAQ +1.05 SP500 +7.95 NASDAQ Adv/Vol/Dec 1342/1.18 bln/1283 NYSE Adv/Vol/Dec 1743/444.8 mln/1292

3:00 pm : The S&P 500 trades higher by 0.6% as today's session enters its final hour.

According to the Federal Reserve, consumer credit increased by $19.6 billion in May. This follows the prior month's increase of $11.1 billion, and is higher than the $13.2 billion that had been broadly expected among economists polled by Briefing.com.DJ30 +97.92 NASDAQ +2.95 SP500 +9.22 NASDAQ Adv/Vol/Dec 1357/1.08 bln/1124 NYSE Adv/Vol/Dec 1836/404.2 mln/1183

2:30 pm : The S&P 500 trades higher by 0.5% as the utilities sector remains in the lead (+1.5%). Meanwhile, other defensively-oriented groups continue to dance to their own tune. Consumer staples (+0.9%) trade ahead of the broader market; the health care space (+0.6%) trades largely in-line with the S&P; and the telecom services sector (-0.6%) is the weakest performing group of the day.

Elsewhere, the CBOE Volatility Index (VIX 14.76, -0.13) has slipped back to its lows after spending nearly half of the session in positive territory.

The Federal Reserve will release its May consumer credit report at 15:00 ET.DJ30 +90.89 NASDAQ -0.06 SP500 +8.24 NASDAQ Adv/Vol/Dec 1382/992.8 mln/1083 NYSE Adv/Vol/Dec 1820/369.3 mln/1197

2:00 pm : Quiet afternoon action continues as the S&P 500 and Dow trade near their recent levels. For its part, the Nasdaq has alternated between slim gains and losses as the tech sector languishes near its lows.

Most other sectors have been trapped in narrow afternoon ranges while the utilities space (+1.5%) has climbed to a fresh high.

Afternoon action in the Treasury market has also been subdued. The 10-yr note continues to hover near its highs with its yield lower by eight basis points at 2.663%.DJ30 +98.95 NASDAQ +2.36 SP500 +9.33 NASDAQ Adv/Vol/Dec 1392/916.1 mln/1058 NYSE Adv/Vol/Dec 1845/338.6 mln/1151

1:30 pm : The mixed state of affairs persists for the major indices, as the Nasdaq trails both the Dow and the S&P 500 today. Two things all three indices have in common are: (1) they are well off their best levels of the day and (2) Intel (INTC 23.12, -0.94) is a component in all three.

Intel's weakness is related to a downgrade issued by Evercore, but its weakness is not entirely unique within the large-cap technology space today. Qualcomm (QCOM 59.94, -1.01), Apple (AAPL 412.88, -4.54), Cisco (CSCO 24.40, -0.17), and Microsoft (MSFT 34.14, -0.07), for instance, are also on the defensive.

The same can't be said for Alcoa (AA 7.86, +0.05), which is slated to release its second quarter earnings results after the close today. According to S&P Capital IQ, Alcoa is expected by analysts to post a profit of $0.06 per share on revenue of $5.83 bln. The EPS figure is comparable to the yr-ago figure, implying that no EPS growth is expected.DJ30 +68.83 NASDAQ -3.01 SP500 +6.12 NASDAQ Adv/Vol/Dec 1340/858 mln/1096 NYSE Adv/Vol/Dec 1772/315 mln/1221

1:00 pm : The S&P 500 trades higher by 0.4% as eight of ten sectors display gains.

Equities began the session on an upbeat note amid broad strength in Europe where a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. European markets rallied on a sign suggesting the next tranche of Greek aid will be approved without issues while ignoring disappointing industrial production data out Germany (-1.0% actual, -0.5% expected).

Meanwhile, key U.S. indices have notched their highs one hour into the session while the tech-heavy Nasdaq has lagged from the opening bell. The index remains pressured by weakness in technology as the tech sector hovers near its lows (-0.5%) at midday. Intel (INTC 23.13, -0.93) has been a notable underperformer with an Evercore downgrade contributing to its losses. Other chipmakers haven't fared much better as the PHLX Semiconductor Index trades lower by 1.7%.

Similar to tech shares, biotechnology names have trailed behind the broader market and the iShares Nasdaq Biotechnology ETF (IBB 181.16, -1.06) sports a loss of 0.6%.

In addition to technology, only the telecom services sector (-0.5%) trades in the red while the remaining eight groups outperform the S&P. However, the relative strength of those eight sectors has overshadowed the underperformance of transportation-related names and homebuilders.

The Dow Jones Transportation Average has trimmed its gain to 0.1% as Union Pacific (UNP 156.06, -1.42) weighs after Avondale downgraded the rail carrier to 'Market Perform.'

Elsewhere, homebuilders began the session in mixed fashion, but trade broadly lower at midday. The iShares Dow Jones US Home Construction ETF (ITB 21.86, -0.11) is lower by 0.5%.

Treasuries have climbed steadily, pushing the benchmark 10-yr yield lower by eight basis points to 2.662%.

Today's lone economic data point will come in the form of May consumer credit, which is scheduled to be released at 15:00 ET.DJ30 +68.50 NASDAQ -1.89 SP500 +6.44 NASDAQ Adv/Vol/Dec 1376/793.1 mln/1040 NYSE Adv/Vol/Dec 1873/290.6 mln/1099

12:30 pm : The major averages have continued their retreat with the tech-heavy Nasdaq leading to the downside. The index now trades with a loss of 0.1% while the technology sector is lower by 0.4%. The Nasdaq hasn't been able to find support in biotechnology either as the iShares Nasdaq Biotechnology ETF (IBB 181.25, -0.97) sports a loss of 0.5%.

Other cyclical sectors have slipped from their highs amid continued weakness in technology. On the flip side, the utilities space has extended its gain to 1.1%.DJ30 +65.39 NASDAQ -2.04 SP500 +6.06 NASDAQ Adv/Vol/Dec 1275/706.6 mln/1122 NYSE Adv/Vol/Dec 1853/260.1 mln/1107

12:00 pm : The bulk of today's advance occurred during the first hour of the session. Since 10:30 ET, the S&P 500 has held its levels until the ongoing weakness in technology pressured the benchmark average from its high. The S&P 500 continues to hold a solid gain of 0.4% while the tech-heavy Nasdaq has slipped into the red.

Although eight of ten sectors trade ahead of the S&P, only the energy space trades higher by 1.0%. Meanwhile, the second-best performer, utilities, sports a gain of 0.8%.

Elsewhere, Treasuries have slipped from their highs, but the benchmark 10-yr yield (2.671%) remains lower on the session.DJ30 +60.07 NASDAQ -0.57 SP500 +5.90 NASDAQ Adv/Vol/Dec 1313/626.3 mln/1074 NYSE Adv/Vol/Dec 1906/233.2 mln/1050

11:35 am : Equities continue to hold their recent levels as eight of ten sectors outperform the S&P 500. Technology shares have displayed weakness from the start and the continued decline has pressured the Nasdaq back to its flat line.

Although most other sectors trade with gains larger than the S&P, a few pockets of weakness can be spotted. Major homebuilders trade in mixed fashion while the iShares Dow Jones US Home Construction ETF (ITB 22.02, +0.05) trades higher by 0.2%. Elsewhere, an Avondale downgrade of Union Pacific (UNP 156.06, -1.42) has contributed to the underperformance of the Dow Jones Transportation Average, which sports a gain of 0.3%.DJ30 +81.10 NASDAQ +1.26 SP500 +8.42 NASDAQ Adv/Vol/Dec 1358/566.4 mln/1032 NYSE Adv/Vol/Dec 2030/212.8 mln/912

11:00 am : The S&P 500 continues to trade just below its session high while the tech-heavy Nasdaq remains pressured by some of its top components. Intel (INTC 23.26, -0.80) has shown weakness from the start after Evercore downgraded the chipmaker to 'Underweight' from 'Equal Weight.' The underperformance has spilled over to other microchip manufacturers as the PHLX Semiconductor Index trades lower by 0.9%. In addition, the largest tech stock, Apple (AAPL 411.92, -5.50) trades lower by 1.3%.

The telecom services sector (-0.5%) is the only other underperforming group as the remaining eight sectors trade ahead of the broader market.

Also of note, the 10-yr note is near its session high with its yield lower by eight basis points at 2.665%.DJ30 +103.38 NASDAQ +3.72 SP500 +9.87 NASDAQ Adv/Vol/Dec 1383/457.5 mln/968 NYSE Adv/Vol/Dec 2089/174.6 mln/816

10:30 am : Commodities are mixed this morning with natural gas and metals trading higher while crude oil sits in negative territory.

Aug natural gas popped to a session high of $3.74 moments after floor trade opened and is currently at that level, adding 3.3%.

Aug gold rose to a session high of $1237.10 and is now up 1.9% at $1235.80. Sep silver has also shown strength as it advanced as high as $19.26 in early morning floor trade. It pulled back slightly in recent action and is currently up 2.0% at $19.10.

Meanwhile, crude oil has been in the red as a stronger dollar index puts pressure on the energy component. It is currently down 0.6% at $102.61, slightly above its session low of $102.27.DJ30 +106.11 NASDAQ +10.57 SP500 +10.40 NASDAQ Adv/Vol/Dec 1421/354.8/886 NYSE Adv/Vol/Dec 2130/136.7/742

10:05 am : The Dow and S&P 500 continue to hover near their highs while the Nasdaq trades near its lows amid weakness in technology. Intel (INTC 23.28, -0.79) is lower by 3.3% after Evercore downgraded the stock to 'Underweight' from 'Equal Weight.' Other chipmakers have also been pressured by the underperformance of Intel. The PHLX Semiconductor Index trades lower by 1.0%.

Despite the modest early gains in equities, the CBOE Volatility Index (VIX 14.97, +0.08) trades in the black, suggesting downside protection is receiving some interest.DJ30 +117.11 NASDAQ +13.10 SP500 +11.36 NASDAQ Adv/Vol/Dec 1389/232.4 mln/843 NYSE Adv/Vol/Dec 2151/98.5 mln/646

09:45 am : Equities began the session with solid gains. The S&P 500 trades higher by 0.4% as nine of ten sectors hover in the green.

Financials and consumer discretionary shares have paced the opening advance while the telecom services sector displays a loss of 0.8%. In addition, the early minutes of the session have seen the technology sector trail behind the broader market. Chipmaker Intel (INTC 23.50, -0.56) is a notable laggard after Evercore downgraded the stock to 'Underweight' from 'Equal Weight.'

Also of note, Treasury yields have retreated off last week's highs. The benchmark 10-yr yield is lower by eight basis points at 2.668%.DJ30 +65.35 NASDAQ +10.30 SP500 +6.56 NASDAQ Adv/Vol/Dec 1273/123.4 mln/889 NYSE Adv/Vol/Dec 1948/65.2 mln/744

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +8.30. Nasdaq futures vs fair value: +15.00. With 15 minutes to go before the start of today's cash session, equity futures signal a modestly higher open. The S&P 500 futures saw the bulk of their overnight gains as the European session got underway.

Markets in Europe continue to hover near their highs after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month.

Although index futures trade near their early highs, pre-market action has been generally quiet. However, Dell (DELL 13.38, +0.36)trades higher by 2.7% on heavy volume after Institutional Shareholder Services recommended Dell stockholders vote in favor of the proposed sale at $13.65 per share.

Today's economic data will be limited to the May consumer credit report, which will be released at 15:00 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +15.20. The S&P 500 futures trade higher by 0.5%.

It was a sea of red across Asia as all of the major indices ended with losses. China's Shanghai Composite (-2.4%) was a notable underperformer despite further declines in the Shanghai Interbank Offered Rate (overnight rate -12 bps to 3.256%). Property names led equities to the downside after real estate agents in Hong Kong staged a mass protest against government property curbs. Economic data was limited to just a handful of releases. Japan reported a current account surplus of JPY0.54 trillion (JPY0.60 trillion expected, JPY0.75 trillion prior) while its adjusted current account indicated a surplus of JPY0.62 trillion (JPY0.62 trillion expected, JPY0.85 trillion previous). In addition, the country's bank lending increased 1.9% year-over-year (1.8% prior). Lastly, the Economy Watchers Current Index declined to 53.0 from 55.7 (55.6 expected). Elsewhere, Australia's ANZ Job Advertisements decreased 1.8% month-over-month (-2.5% previous).

In Japan, the Nikkei slid 1.4% as growth-oriented names underperformed. Mitsui Fudosan and Nisshin Steel Holdings both lost near 4.0%. On the upside, Tokyo Electric Power gained 4.3%.
Hong Kong's Hang Seng ended lower by 1.3% amid broad weakness. Hang Lung Properties and Sino Land weighed with respective losses of 3.8% and 3.2%. Energy producer CNOOC added 0.5% to outperform the region.
In China, the Shanghai Composite slumped 2.4%. Technology names Hangzhou Silan Microelectronics and Shenzhen Kingdom Sci-Tech both lost near 10.0%.

Major European indices hover near their highs after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month. Regional economic data was limited. Germany reported a trade surplus of EUR14.1 billion (EUR17.5 billion expected, EUR17.5 billion prior) while the country's industrial production declined 1.0% month-over-month (-0.5% expected, 2.0% prior). Elsewhere, Eurozone Sentix Investor Confidence declined to -12.6 from -11.6 (-10.0 expected).

In the United Kingdom, the FTSE is higher by 1.3% as financials outperform. Barclays, Royal Bank of Scotland, and Lloyds Banking Group are all up between 2.8% and 5.4%.WM Morrison Supermarkets is among the few advancers with a loss of 0.8%.
France's CAC sports a gain of 2.1% as 38 of 40 components advance. Credit Agricole and Societe Generale are both up near 3.0%. On the downside, Alstom trades lower by 1.0%.
In Germany, the DAX trades up 2.5% with exporters in the lead. BMW is higher by 3.2% and Daimler sports a gain of 2.3%. German financials have underperformed other European banks. Commerzbank and Deutsche Bank are lower by 1.9% and 0.1%, respectively.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +17.70. Equity futures hold solid pre-market gains and the S&P 500 futures trade higher by 0.6%. The overnight advance occurred as the European session got off to a strong start after a joint EU-IMF panel issued a statement saying Greece has made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month.

European indices trade near their highs with Germany's DAX (+2.4%) pacing the advance. On a related note, the euro holds a slim gain against the dollar as the pair trades near 1.2850.

Domestically, pre-market action has been generally quiet but Dell (DELL 13.37, +0.35) has been a notable mover, trading higher by 2.6% after Institutional Shareholder Services recommended Dell stockholders vote in favor of the proposed sale at $13.65 per share.

May consumer credit will be reported at 15:00 ET.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +10.20. Nasdaq futures vs fair value: +17.00. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.6%.

Looking at overnight developments:

Asian markets ended lower across the board. Hong Kong's Hang Seng lost 1.3%, Japan's Nikkei fell 1.4%, and China's Shanghai Composite settled lower by 2.4%.
In regional economic data:
Japan reported a current account surplus of JPY0.54 trillion (JPY0.60 trillion expected, JPY0.75 trillion prior) while its adjusted current account indicated a surplus of JPY0.62 trillion (JPY0.62 trillion expected, JPY0.85 trillion previous). In addition, the country's bank lending increased 1.9% year-over-year (1.8% prior). Lastly, the Economy Watchers Current Index declined to 53.0 from 55.7 (55.6 expected).
Australia's ANZ Job Advertisements decreased 1.8% month-over-month (-2.5% previous).
Looking at news:
Citigroup has lowered China's 2013 GDP growth forecast to 7.4% from 7.7%.
Markets in China and Hong Kong underperformed with property names leading to the downside after real estate agents in Hong Kong staged a mass protest against government property curbs.


Major European indices have spent the first half of the session in positive territory. Great Britain's FTSE is higher by 0.8%, France's CAC trades with a gain of 1.7%, and Germany's DAX sports a gain of 2.3%.
Regional economic data was limited to a handful of releases:
Germany reported a trade surplus of EUR14.1 billion (EUR17.5 billion expected, EUR17.5 billion prior) while the country's industrial production declined 1.0% month-over-month (-0.5% expected, 2.0% prior).
Eurozone Sentix Investor Confidence declined to -12.6 from -11.6 (-10.0 expected).
In news:
A joint EU-IMF panel has issued a statement saying Greece had made important progress but remains behind in some areas of policy implementation. The Eurogroup and IMF will consider the request for review approval later this month.

In U.S. corporate news:

Dell (DELL 13.37, +0.35) trades higher by 2.6% after Institutional Shareholder Services recommended Dell stockholders vote in favor of the proposed sale transaction at $13.65 per share.
Intel (INTC 23.95, -0.11) is lower by 0.5% after Evercore downgraded the stock to 'Underweight' from 'Equal Weight.'

May consumer credit will be reported at 15:00 ET.

06:46 am : [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +18.00.

06:46 am : Nikkei...14109.34...-200.60...-1.40%. Hang Seng...20582.19...-272.50...-1.30%.

06:46 am : FTSE...6442.75...+21.10...+0.30%. DAX...7983.66...+177.70...+2.30%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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