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 Post subject: July 9th Tuesday Trade Results - Profit $3207.50
PostPosted: Wed Jul 10, 2013 6:15 am 
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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 @ ($480.00) dollars or -4.80 points, Emini ES ($ES_F) futures @ $2837.50 dollars or +56.75 points, Light Crude Oil CL ($CL_F) futures @ $40.00 dollars or +0.04 points, Gold GC ($GC_F) futures @ $810.00 dollars or +8.10 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3207.50 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=1550

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 Buoyant As Earnings Get Underway

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

NEW YORK (CNNMoney)
Investors pushed stocks closer to record highs Tuesday after a positive start to earnings season gave global markets a tailwind.

The Dow Jones industrial average, the S&P 500 and the Nasdaq gained between 0.5% and 0.7%.

All three indexes have closed higher for four straight days in a row and the Dow is now less than 1% below the record closing high it hit on May 28.

Alcoa (AA, Fortune 500) was the first Dow component to report second-quarter results after the markets closed Monday.

Alcoa's results, which topped forecasts, combined with lingering sentiment from last week's better-than-expected jobs report helped support stocks Tuesday, said Anthony Conroy, head trader at BNY ConvergEx Group.

Conroy said trading volumes were light as the market enters the "summer doldrums," though he added that investors were taking advantage of the recent pullback to add new positions. "After we had a bit of a correction, people are now putting money back to work," he said.

Eye on earnings: Overall, earnings for companies in the S&P 500 are expected to grow 0.8% versus last year, according to FactSet.

That would be the worst since the third quarter of 2012, when the growth rate declined.

While companies could beat analysts' low expectations, investors are eager to see revenue growth based on consumer demand, rather than cost cutting.

"We want to see companies beating for the right reasons," said Conroy. "We want to see growth."

Firms including Yum! Brand, (YUM, Fortune 500) JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500) are set to report results later this week.

Economy stuck in neutral: Recent Fed-driven choppiness has eased as investors put aside concerns about the Federal Reserve slowing down its massive bond buying program, which would remove some liquidity from the markets.

But the focus could shift back to the Fed Wednesday, when the central bank releases minutes from its most recent policy meeting and chairman Ben Bernanke makes a speech in Cambridge, Mass.

Separately, the International Monetary Fund cut its world economic growth forecast for the third time this year due to slowing emerging markets and a prolonged recession in the eurozone.

In an update to its World Economic Outlook, the IMF said Tuesday that it now expects world output to expand by just 3.1% in 2013, down from 3.3% in April. In January, it was forecasting growth of 3.5%.

European markets ended higher. The DAX in Germany gained more than 1.2%. London's benchmark FTSE 100 gained nearly 1% and the CAC 40i (CAC40)n Paris rose 0.6%.

The U.K. pound hit a new 2013 low after data on British industrial production and manufacturing came in weaker than expected.

Standard & Poor's lowered Italy's credit rating one notch to "BBB." The move reflects the weak growth outlook for Italy and an ineffective monetary policy, according to S&P.

Asian markets ended Tuesday with gains. Japan's Nikkei surged 2.6% as it recovered from a fall on Monday. But gains in China were more modest after a report on inflation came in higher than expected. China's CPI jumped to 2.7% in June, up from 2.1%.

What's moving: Shares of FedEx (FDX, Fortune 500) jumped nearly 5% on speculation that activist investor Bill Ackman might take a stake in the parcel delivery company.

BlackBerry (BBRY) shares rose as the smartphone maker held its annual meeting with shareholders.

Tesla Motors (TSLA) is joining the Nasdaq-100 and replacing software company Oracle (ORCL, Fortune 500). The electric car maker's stock rose above $125 -- more than four times what the stock was worth at the beginning of the year.

Barnes & Noble (BKS, Fortune 500) shares rebounded, one day after the bookseller announced that CEO William Lynch was resigning. Barnes & Noble has no immediate plans to name a new CEO as it moves through a "transitional" phase.

Shares of Intuitive Surgical Inc. (ISRG) plunged after the surgical robotics company pre-announced results that disappointed investors.

Shares of Kroger (KR, Fortune 500) rose to an all-time higher after it agreed to buy rival Harris Teeter (HTSI) in an all-cash deal valued at $2.5 billion.

NYSE Euronext (NYX) won a contact to take over Libor, the London interbank offered rate that has been at the epicenter of a wide-ranging bid rigging scandal.

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Market Update

4:10 pm : The S&P 500 settled higher by 0.7% after seeing steady buying over the course of the session.

Growth-oriented groups paced today's advance even after the International Monetary Fund cut its 2013 global growth outlook to 3.1% from 3.3%. The materials sector gained 1.6% as steelmakers and gold miners outperformed. The Market Vectors Steel ETF (SLX 38.51, +0.56) settled higher by 1.5% while miners displayed strength as gold futures added 0.9% to $1246.30 per ounce.

Also of note, Dow component Alcoa (AA 7.91, -0.01) shed 0.1% after its slim earnings beat was overshadowed by a 1.9% year-over-year decline in revenue. In addition, the aluminum producer reaffirmed its global aluminum demand growth forecast at 7.0%.

The industrial sector also finished among the leaders after FedEx (FDX 103.15, +4.32) rallied 4.4% amid speculation activist investor Bill Ackman may be building a position in the company. FedEx provided significant support to the Dow Jones Transportation Average, which jumped 2.3% as all 20 components posted gains.

Another commodity-related sector, energy, rose 1.1% as crude oil climbed 0.8% to $104.00 per barrel.

Stocks overcame a morning stumble after reports indicated the Federal Deposit Insurance Committee has proposed a dual standard for bank leverage ratios. Under this proposal, large banks would have to satisfy a 6.0% capital requirement while smaller banks would be subject to a ratio of 5.0%. The financial sector briefly dipped into the red before ending with a gain of 0.8%.

Similar to yesterday, the tech sector trailed behind the broader market. Dow component IBM (IBM 191.30, -3.68) pressured the group after Goldman Sachs downgraded the stock to 'Neutral' from 'Buy.'

On the downside, the telecom sector shed 0.2%. Meanwhile, other countercyclical groups finished mixed. Consumer staples outperformed (+0.8); utilities (+0.7%) finished in-line with the S&P; and health care (+0.3%) was pressured by disappointing preliminary results from Intuitive Surgical (ISRG 419.30, -80.78).

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET, May wholesale inventories will cross the wires at 10:00 ET, and the Federal Open Market Committee will release the minutes from its June 19 policy meeting at 14:00 ET.

The U.S. Treasury will auction $21 billion in 10-yr notes.DJ30 +75.65 NASDAQ +19.43 SP500 +11.86 NASDAQ Adv/Vol/Dec 1515/1.57 bln/955 NYSE Adv/Vol/Dec 2247/691.8 mln/781

3:35 pm : Commodities ended the day mixed with crude oil rallying, copper and natural gas showing some weakness and precious metals posting gains.

Crude oil rallied off its LoD and rose as high as $104.10/barrel. On the session, Aug crude rose $0.40 to $103.52/barrel. Natural gas, however, remained in the red all session and fell as low as $3.63/MMBtu. By the end of today's session, the Aug contract closed 2.2% higher at $3.66/MMBtu.

Precious metals rose in today's session with Aug gold rising 0.9% to $1246.30/oz and Sept silver gaining $0.09 to $19.14/oz. Copper, however, lost $0.03 to end the day at $3.07/lb. DJ30 +94.54 NASDAQ +23.68 SP500 +13.89 NASDAQ Adv/Vol/Dec 1478/1318.3 mln/992 NYSE Adv/Vol/Dec 2209/445 mln/804

3:00 pm : The S&P 500 trades higher by 0.7% as today's session enters its final hour.

The foreign exchange market has seen more dollar strength today, which puts the Dollar Index on pace for its best close in three years. Much of today's greenback strength has come at the expense of the euro and the Swiss franc.

Euro/dollar is lower by 80 pips near 1.2785 with trade breaking down to a three-month low after Standard & Poor's downgraded Italy to 'BBB' from 'BBB+.' Tomorrow's economic data from the Eurozone will include German CPI as well as French and Italian industrial production.

Elsewhere, dollar/franc is higher by 80 pips near 0.9720 with action climbing back towards the May highs. The pair has spent the past three weeks in a steady uptrend, climbing more than 500 pips from its mid-June lows.DJ30 +80.10 NASDAQ +21.09 SP500 +12.11 NASDAQ Adv/Vol/Dec 1500/1.18 bln/966 NYSE Adv/Vol/Dec 2178/399.2 mln/827

2:30 pm : The S&P 500 trades higher by 0.8%. Industrials and materials continue to provide leadership despite today's reminder of tepid global growth from the International Monetary Fund. The IMF has cut its 2013 GDP growth forecast to 3.1% from 3.3%. Similarly, the forecast for the United States was lowered to 1.7% from 1.9%.

Investors did not receive any notable economic data points today but that is bound to change tomorrow. The weekly MBA Mortgage Index will be reported at 7:00 ET; May wholesale inventories will cross the wires at 10:00 ET; and the Federal Open Market Committee will release the minutes from its June 19 policy meeting at 14:00 ET. The minutes are likely to receive some extra attention as market participants look for additional hints of an impending modification to the Fed's asset purchases.DJ30 +88.99 NASDAQ +21.22 SP500 +12.60 NASDAQ Adv/Vol/Dec 1497/1.10 bln/955 NYSE Adv/Vol/Dec 2198/370.1 mln/799

2:00 pm : The S&P 500 remains near its highs as quiet afternoon action continues. Nine of ten sectors trade with gains while the telecom services space hovers in the red (-0.2%). Meanwhile, the other countercyclical sectors have been able to register gains. Consumer staples and utilities are both up near 0.8% while the health care space underperforms with a gain of 0.3%.

The health care sector has been pressured by Intuitive Surgical (ISRG 408.23, -91.28) after the company reported preliminary results well below analyst expectations.DJ30 +78.99 NASDAQ +18.63 SP500 +11.93 NASDAQ Adv/Vol/Dec 1500/1.01 bln/931 NYSE Adv/Vol/Dec 2174/333.1 mln/813

1:30 pm : It has been a slow burn for short sellers today as the equity market has continued to press higher in a steady fashion. The major averages hit their best levels of the day in the last half hour, with the most recent bump enabling the S&P 500 to complete a round trip by revisiting the level it closed at on June 18, which was the start of the two-day FOMC meeting. Including today, the S&P 500 has advanced close to 6.0% since its intraday low of 1560.33 on June 24.

Since then, long-term rates have spiked and a litany of Fed officials have come out publicly to say the market overreacted to the Fed chairman's FOMC press conference remarks about a potential Fed tapering . For good measure, during the interim period, both the ECB and Bank of England noted their key policy rates are apt to remain low, if not go lower, for a prolonged period of time. The pledge of continued central bank support is in part why the equity market is able to rally right through things like the IMF lowering its world economic outlook today for 2013. Heck, one would think the IMF raised its outlook considering cyclical sectors are leading today's advance.

Separately, the $32 bln 3-yr note auction went reasonably well with a 3.35x bid-to-cover ratio exceeding the 2.95x ratio at the prior auction. Indirect demand, in turn, was strong at 35.6% versus a 12-auction average of 26.8%, implying more interest from foreign central banks.


DJ30 +69.24 NASDAQ +16.36 SP500 +11.10 NASDAQ Adv/Vol/Dec 1505/925 mln/917 NYSE Adv/Vol/Dec 2169/304 mln/809

12:55 pm : At midday, the S&P 500 is higher by 0.7%.

Similar to yesterday, equities began today's session with modest gains. Commodity-related names have paced the early advance after Alcoa (AA 7.90, -0.02) reported a slim earnings beat and reaffirmed its global aluminum demand growth forecast at 7.0%. However, the company's revenue of $5.85 billion represented a 1.9% year-over-year decline.

The materials sector has shown strength from the open. Gold miners trade broadly higher as the yellow metal trades up 1.0% to $1247.50 per ounce after China's CPI pointed to inflation running ahead of expectations.

While precious metals trade with gains, copper is lower by 1.3% at $3.061 per pound. The red metal slumped to fresh lows shortly after the International Monetary Fund trimmed its 2013 global growth outlook to 3.1% from 3.3%.

Elsewhere, crude oil adds 0.2% to $103.30/barrel while the energy sector registers a gain of 1.0%.

In addition to materials and energy, the industrial sector has made a significant contribution to today's advance. FedEx (FDX 106.01, +7.18) has jumped 7.3% amid speculation activist investor Bill Ackman is building a stake in the company. FedEx has underpinned the transportation complex and the Dow Jones Transportation Average trades higher by 2.7%.

Earlier action saw a minor stumble in the financial sector in the wake of reports indicating regulators have proposed a dual standard for bank leverage ratios. Under this proposal, large banks would have to satisfy a 6.0% capital requirement.

While most cyclical groups trade ahead of the S&P, the technology sector trails with a gain of 0.4%. IBM (IBM 191.21, -3.77) has pressured the sector as well as the Dow Jones Industrial Average after Goldman Sachs downgraded the stock to 'Neutral' from 'Buy.'DJ30 +78.37 NASDAQ +20.43 SP500 +12.10 NASDAQ Adv/Vol/Dec 1540/839.9 mln/866 NYSE Adv/Vol/Dec 2168/276.4 mln/798

12:30 pm : Equities continue to hold their recent levels. The S&P 500 is higher by 0.6% while the Dow sports a gain of 0.5%. The underperformance of the blue chip index is largely due to the weakness of IBM (IBM 191.73, -3.25) as the stock trades lower by 1.7% after receiving a Goldman Sachs downgrade.

The broader technology sector (+0.4%) has been pressured by IBM, but solid gains in chipmakers have provided some support. The PHLX Semiconductor Index is higher by 1.0%.DJ30 +73.61 NASDAQ +15.86 SP500 +10.45 NASDAQ Adv/Vol/Dec 1480/763.4 mln/929 NYSE Adv/Vol/Dec 2079/253.1 mln/868

12:05 pm : The S&P 500 remains near its highs as commodity-related sectors continue providing leadership. Although energy, materials, and industrials display solid gains, the underlying commodities have been more volatile.

Crude oil trades with a slim gain of 0.1% after earlier action saw the energy component alternate between gains and losses.

Elsewhere, copper futures trade lower by 1.6% at $3.051 per pound. The red metal fell to fresh lows shortly after the International Monetary Fund lowered its 2013 global growth outlook to 3.1%.

Lastly, gold futures are higher by 1.0% at $1247.30 per ounce following hotter-than-expected inflation data from China.DJ30 +60.83 NASDAQ +14.46 SP500 +9.41 NASDAQ Adv/Vol/Dec 1448/697.9 mln/925 NYSE Adv/Vol/Dec 2033/231.7 mln/893

11:30 am : The S&P 500 has returned to its session high amid continued strength in industrials. Alaska Air (ALK 56.42, +4.47) and FedEx (FDX 104.86, +6.03) hold respective gains of 8.5% and 6.1%, and their significant outperformance has boosted the Dow Jones Transportation Average, which trades higher by 2.6%.

Elsewhere, the materials sector sports a gain of 1.1%. Miners and steelmakers have shown strength but Alcoa (AA 7.89, -0.03) trades lower by 0.4% following its second quarter earnings report. Although the aluminum producer reported an earnings beat, its revenue of $5.85 billion represented a 1.9% year-over-year decline.

Another commodity-related sector, energy, is higher by 0.7% as crude oil adds 0.2% to $103.39/barrel.DJ30 +73.34 NASDAQ +19.00 SP500 +10.29 NASDAQ Adv/Vol/Dec 1497/610.4 mln/850 NYSE Adv/Vol/Dec 2064/202.3 mln/859

11:00 am : The major averages continue to hold gains and the S&P 500 trades higher by 0.5%.

The S&P has retreated off its highs amid headlines indicating regulators have proposed a dual standard for bank leverage ratios with large banks facing a capital requirement of 6.0%. The news sent the financial sector to its lows before the group returned to the middle of its range.

The recent weakness in financials has caused the sector to fall behind the broader market. In addition, technology and discretionary shares also trade with slimmer gains than the S&P.

On the upside, the industrial sector has received significant support from transportation-related names. The Dow Jones Transportation Average trades higher by 2.2%.DJ30 +53.99 NASDAQ +11.05 SP500 +8.06 NASDAQ Adv/Vol/Dec 1360/493.3 mln/961 NYSE Adv/Vol/Dec 1907/167.8 mln/935

10:35 am : Commodities are mixed this morning with energy in the red and metals mixed (copper, a base metal, is lower, while gold and silver (precious metals) are lower.

Crude oil sold off earlier this morning, falling from around the unchanged mark, just above $103/barrel, to as low as $102.31. Crude oil has since recovered back near the $103 level and lost steam again. Crude is now -0.4% at $102.71/barrel.

Natural gas has been in the red all morning and is just above its LoD in current activity. Aug nat gas is now -1.7% at $3.68/MMBtu.

Precious metals put in a small rally earlier this morning and continues to trade in positive territory. In recent minutes, gold and silver have pulled back. Aug gold is now -1.0% at $1247.80/oz, Sept silver is +1.0% at $19.22/oz.

Copper prices have been weak all morning and just hit a new LoD of $3.03/lb. Sept copper is now -2.3% at $3.03/lbDJ30 +31.87 NASDAQ +4.80 SP500 +5.17 NASDAQ Adv/Vol/Dec 1221/383.4 mln/1047 NYSE Adv/Vol/Dec 1803/136 mln/1012

10:00 am : The major averages continue to hover near their highs with the S&P 500 up 0.5%. Industrials and materials are the only two sectors sporting gains near 1.0% while technology continues to lag.

In addition to technology, three defensively-oriented sectors (health care, utilities, and telecom) are among the early underperformers. The three groups all trade with gains near 0.2%.

Treasuries saw some overnight selling, but received a bid ahead of the U.S. session. The benchmark 10-yr yield is unchanged from yesterday at 2.636%.DJ30 +71.68 NASDAQ +8.28 SP500 +7.95 NASDAQ Adv/Vol/Dec 1352/213.5 mln/818 NYSE Adv/Vol/Dec 1996/84.6 mln/769

09:45 am : The S&P 500 trades higher by 0.5% as nine of ten sectors register gains. However, similar to yesterday, the technology sector trails behind the broader market. IBM (IBM 192.22, -2.75) is lower by 1.4% after Goldman Sachs downgraded the stock to 'Neutral' from 'Buy.' In addition, Intel (INTC 23.12, -0.06) is among the early laggards following yesterday's 3.6% decline.

On the flip side, the industrial sector is an early leader as transportation-related names outperform. The Dow Jones Transportation Average is higher by 1.3%.DJ30 +66.03 NASDAQ +7.32 SP500 +7.72 NASDAQ Adv/Vol/Dec 1367/119.3 mln/740 NYSE Adv/Vol/Dec 2066/60.8 mln/633

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +9.70. Nasdaq futures vs fair value: +15.00. Equity futures hover near their highs as today's session sets up for an upbeat open. The S&P 500 futures trade with a gain of 0.6% amid generally positive overseas action.

Meanwhile, the Dow is indicated to open with a slimmer gain than the S&P 500 as IBM (IBM 192.20, -2.78) weighs after being downgraded to 'Neutral' from 'Buy' at Goldman Sachs. Another Dow component, Alcoa (AA 7.98, +0.06), trades higher by 0.8% after beating earnings estimates by one cent. Although the aluminum producer beat on the bottom line, its revenue represented a 1.9% year-over-year decline.

On a related note, commodities are mixed this morning with crude oil trading lower by 0.4% at $102.79/barrel while gold futures trade up 1.1% at $1248.40/oz following hotter-than-expected inflation data from China.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +15.00. Equity futures display modest gains amid generally upbeat overseas action. Last evening, Dow component Alcoa (AA 7.98, +0.06) kicked off the second quarter earnings season with a slim earnings beat and a reaffirmation of its global aluminum demand growth forecast at 7.0%. However, the company's revenue of $5.85 billion represented a 1.9% year-over-year decline.

On a related note, commodities are mixed this morning with crude oil trading lower by 0.7% at $102.40/barrel while gold futures trade up 1.3% at $1251.10/oz following hotter-than-expected inflation data from China.

08:30 am : S&P futures vs fair value: +7.10. Nasdaq futures vs fair value: +10.20. The S&P 500 futures trade higher by 0.4%.

It was a sea of green across Asia as all of the major averages, aside from Indonesia's Jakarta Composite (-0.7%) and Thailand's SET (-0.4%), ended with gains. Japan's Nikkei (+2.6%) was the leader, and China's Shanghai Composite (+0.4%) managed to post gains despite the hotter than anticipated Chinese CPI (2.7% year-over-year actual versus 2.5% expected) and a State researcher suggesting Q2 GDP might be below the 7.5% target. Data from the rest of the region saw Australian NAB Business Confidence tick up to 0 (-1 previous) and Taiwan's trade surplus narrow to TWD94.6 billion (TWD96 billion previous).

In Japan, the Nikkei closed higher by 2.6% as shares benefited from the weak yen. Financials and real estate shares posted strong gains as Nomura Holdings and Mitsui Fudosan added 3.4% and 3.7%, respectively. Exporters also advanced with Toyota Motor adding 2.6% Komatsu jumping 3.5%.
Hong Kong's Hang Seng added 0.5% amid a quiet trade. Insurer AIA was among the leaders, posting a 2.0% advance. Meanwhile, gaming stocks lagged as Sands China and Galaxy Entertainment shed 1.1% and 3.8%, respectively.
In China, the Shanghai Composite settled higher by 0.4% despite today's inflation data. Sinopec surged 4.6% to lead the way, accounting for roughly a third of the index's gain. Elsewhere, property stocks were pressured with China Vanke giving up 3.4%.

Major European indices hover near their highs amid generally quiet action. In Portugal, deputy Prime Minister Paulo Portas, who rejoined government after resigning from his post as foreign minister, said conditions for political stability as well as conditions for meeting terms of the bailout agreement are in place. Regional economic data was limited. Great Britain's industrial production was unchanged month-over-month (0.2% consensus, -0.1% previous) while the year-over-year reading declined 2.3% (-1.5% expected, -1.4% prior). In addition, manufacturing production declined 0.8% month-over-month (0.3% expected, -0.2% previous) while the year-over-year reading posted a decrease of 2.9% (-1.6% expected, -0.9% prior). Lastly, the country's trade deficit came in at GBP8.49 billion (GBP8.47 billion deficit expected, GBP8.43 billion prior). Elsewhere, France reported a budget deficit of EUR72.6 billion (EUR66.8 billion previous).

In France, the CAC is higher by 0.5%. Electricite de France leads the way with a gain of 8.1% after the government approved a household rate hike. On the downside, Credit Agricole trades lower by 1.3%.
Great Britain's FTSE trades up 0.8% amid broad strength. Miners are among the leaders as Anglo American, BHP Biliton, and Fresnillo all display gains between 3.0% and 3.7%.
In Germany, the DAX sports a gain of 0.8% as all 30 components advance. Materials producers Lanxess and K+S are higher by 3.5% and 1.7%, respectively.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +9.50. U.S. equity futures sport modest gains amid upbeat overseas action. The S&P 500 futures trade higher by 0.4%.

Looking at overnight developments:

Major Asian markets registered gains across the board. China's Shanghai Composite +0.4%, Hong Kong's Hang Seng +0.5%, Japan's Nikkei +2.6%.
In regional economic data:
China's CPI was unchanged month-over-month (-0.2% expected, -0.6% prior) while the year-over-year reading came in at 2.7% (2.5% expected, 2.1% previous). Also of note, PPI declined 2.7% year-over-year, as expected.
Japan's M2 Money Stock increased 3.8% year-over-year (3.4% forecast, 3.5% previous). In addition, machine tool orders declined 12.4% year-over-year (-7.4% previous).
Australia's NAB Business Survey declined to -8.0 from -4.0 while the NAB Business Confidence Index ticked up to 0 from -1.
In news:
The hotter-than-expected CPI readings from China suggest the People's Bank of China will continue to refrain from engaging in wholesale liquidity-providing operations.

Major European indices trade with gains while peripheral markets underperform. France's CAC +0.5%, Germany's DAX +0.8%, Great Britain's FTSE +0.8%. On the periphery, Spain's IBEX -0.1%, Italy's MIB -0.2%.
Regional economic data was limited:
Great Britain's industrial production was unchanged month-over-month (0.2% consensus, -0.1% previous) while the year-over-year reading declined 2.3% (-1.5% expected, -1.4% prior). In addition, manufacturing production declined 0.8% month-over-month (0.3% expected, -0.2% previous) while the year-over-year reading posted a decrease of 2.9% (-1.6% expected, -0.9% prior). Lastly, the country's trade deficit came in at GBP8.49 billion (GBP8.47 billion deficit expected, GBP8.43 billion prior).
France reported a budget deficit of EUR72.6 billion (EUR66.8 billion previous).
Looking at news:
In Portugal, deputy Prime Minister Paulo Portas, who rejoined government after resigning from his post as foreign minister, said conditions for political stability as well as conditions for meeting terms of the bailout agreement are in place.

In U.S. corporate news:

Alcoa (AA 8.00, +0.08) trades higher by 1.0% after reporting earnings one cent ahead of the Capital IQ consensus estimate. However, the company's revenue of $5.85 billion represented a 1.9% year-over-year decline. In addition, the company reaffirmed its 2013 global aluminum demand growth forecast at 7.0%.
Barnes & Noble (BKS 17.15, -0.51) is lower by 2.9% after William Lynch resigned from the position of Chief Executive Officer.
Intuitive Surgical (ISRG 427.01, -73.07) trades down 14.6% after pre-announcing below-consensus second quarter revenue of $575 million.

There is no notable economic data on today's calendar.

06:55 am : [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +10.00.

06:54 am : Nikkei...14472.90...+363.60...+2.60%. Hang Seng...20.683.01...+100.80...+0.50%.

06:54 am : FTSE...6515.31...+65.20...+1.00%. DAX...8046.09...+77.60...+1.00%.

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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