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 Post subject: July 10th Wednesday Trade Results - Profit $4715
PostPosted: Wed Jul 10, 2013 9:25 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 @ ($1060.00) dollars or -10.60 points, Emini ES ($ES_F) futures @ $5625.00 dollars or +112.50 points, Light Crude Oil CL ($CL_F) futures @ $150.00 dollars or +0.15 points, Gold GC ($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 @ $4715.00 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=1551

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 Break 4-Day Rally After Fed Minutes

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

NEW YORK (CNNMoney)
The Federal Reserve was back in the limelight Wednesday but there was little new news.

The minutes from the Fed's June meeting showed many of the 12 Fed voting officials said they need to see further improvement in the job market before they'd be willing to gradually start winding down the stimulus program.

U.S. stocks initially bounced but returned to the breakeven line soon after as investors realized the comments were closely in line with Fed chairman Ben Bernanke's announcement last month.

The Dow Jones industrial average slipped 0.1%, the S&P 500 finished flat and the Nasdaq gained 0.5%.

"The minutes didn't say anything that different from before," said Joe Saluzzie, co-head of equity trading at Themis Trading.

Last month, Bernanke said the Fed may begin pulling back on its bond purchases later this year, and wind down the program entirely by mid-2014, if the economy improves in line with its expectations.

Investors will be looking for more clarity from Bernanke, who is on tap to speak before the National Bureau of Economic Research in Cambridge, Mass., after the markets close.

* Stock market outlook: The bull looks tired

What's moving: Corporate earnings, which started coming in this week, are also in focus. U.S. stocks have been moving higher over the past few trading sessions on underlying optimism about second-quarter earnings results. That's put the major stock indexes back in sight of all-time highs set in late May.

Family Dollar (FDO, Fortune 500) shares climbed sharply Wednesday after reporting a better-than-expected profit and a 10% jump in sales. More company results are due Wednesday, with restaurant operator Yum! Brands (YUM, Fortune 500) set to report after the close.

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

* Fear & Greed Index idling in neutral

Meanwhile, shares of Cliffs Natural Resources (CLF, Fortune 500)were higher after the mining company announced that Joseph Carrabba is stepping down as chairman and will retire from his CEO post at the end of the year.

Hewlett-Packard (HPQ, Fortune 500) stock jumped following an upgrade from Citigroup.

* World's shortest work weeks

European stocks ended in the red Wednesday, but shares of the U.K.-based fashion retailer Burberry (BBRYF) bucked the trend, rising by nearly 5% after its quarterly results that beat expectations.

Asian markets ended mixed. Markets in China rallied after weaker-than-expected trade data fueled hopes that Beijing might relax monetary policy to support the economy. The Shanghai Composite index surged by 2.2%. The Hang Seng index gained 1.1%. Japan's benchmark Nikkei index moved 0.4% lower.

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Market Update

4:15 pm : The major averages ended in mixed fashion as the Dow shed 0.1% while the Nasdaq added 0.5%. For its part, the S&P 500 ended flat.

Equities held their levels into the afternoon as market participants awaited the Minutes from the June 18/19 meeting of the Federal Open Market Committee. Most notably, the Minutes indicated several members judged a reduction in asset purchases would be warranted 'soon.' However, the Fed will continue to look for more evidence suggesting projected acceleration of growth remains on track before tapering.

With regard to Treasury yields, some participants voiced concern about a few institutions being ill-prepared to handle a rapid run-up in rates. In addition, other members said that 'a prolonged period of low interest rates would encourage investors to take on excessive credit or interest rate risk and would distort some asset prices.'

Committee participants also stressed their desire to emphasize the distinction between decisions about slowing bond buying and future rate hikes.

Overall, the Minutes did not provide too much fresh insight. With that in mind, the major averages returned to their earlier levels after spiking to fresh highs immediately after the Minutes crossed the wires.

Energy and financials displayed weakness throughout the day before settling near their lows. The energy sector shed 0.6% despite the continued rise in crude oil, which added 2.4% to $106.04 per barrel. The energy component has rallied steadily since late June, and reports of a well leak off the coast of Louisiana contributed to today's strength.

Elsewhere, major banks registered losses across the board as the financial sector settled lower by 0.6%.

Also of note, the Dow Jones Transportation Average fell 1.0% after jumping 2.3% yesterday.

While most cyclical groups finished in the red, the technology sector outperformed with a gain of 0.5% as most of its top components registered gains. Qualcomm (QCOM 60.46, +1.08) ended higher by 1.8% after providing leadership throughout the session.

Countercyclical consumer staples, health care, and utilities added between 0.1% and 0.7% while the telecom services sector shed 0.4%.

May wholesale inventories decreased 0.5% while the Briefing.com consensus expected an uptick of 0.3%. Today's report followed last month's revised decrease of 0.1%.

Tomorrow, weekly initial claims, June import prices ex-oil, and export prices ex-agriculture will be reported at 8:30 ET. In addition, the Treasury will release its June budget at 14:00 ET.

The U.S. Treasury will auction $13 billion in 30-yr bonds.DJ30 -8.68 NASDAQ +16.50 SP500 +0.30 NASDAQ Adv/Vol/Dec 1427/1.51 bln/1028 NYSE Adv/Vol/Dec 1601/670.4 mln/1395

3:30 pm :

Aug crude oil steadily trended higher as it gained support from a huge drop inventories, reports of a well leak off the coast of Louisiana, and a weaker dollar index. The Dept of Energy reported that inventories for the week ending July 5 declined by 9.874 mln when a much smaller draw of 3.15 mln was anticipated. The energy component lifted off its session low of $104.97 per barrel and settled with a solid 2.9% gain at $106.49 per barrel, slightly below its session high of $106.66 per barrel
Aug natural gas, however, retreated into negative territory after trading as high as $3.73 per MMBtu in early morning action. It dipped to a session low of $3.64 per MMBtu but recovered into the black and eventually settled with a 0.5% gain at $3.68 per MMBtu
Precious metals erased most of their earlier gains as they sold off heading into pit trade close
Aug gold touched a session high of $1260.80 per ounce in morning action but reduced gains to just 0.1% as it settled at $1247.60 per ounce
Sep silver also settled 0.1% higher at $19.16 per ounce despite trading as high as $19.33 per ounce earlier in the session
Both gold and silver rallied to their respective HoD of $1264.50 per ounce and $19.40 per ounce in electronic trade following the 14:00 ET release of the FOMC minutes but have pulled back since.

DJ30 -7.76 NASDAQ +15.87 SP500 -0.46 NASDAQ Adv/Vol/Dec 1396/1302.6 mln/1035 NYSE Adv/Vol/Dec 1523/445 mln/1474

3:05 pm : The S&P 500 remains near its lows as financials and energy continue to weigh on the broader market.

Treasury yields were slightly elevated going into the FOMC Minutes and the benchmark 10-yr yield added another two points after the Minutes crossed the wires. The 10-yr yield is currently higher by four basis points at 2.679%.

Elsewhere, the Dollar Index has returned to its earlier levels after sliding to fresh lows in the wake of the FOMC Minutes.DJ30 -20.24 NASDAQ +10.93 SP500 -1.83 NASDAQ Adv/Vol/Dec 1352/1.15 bln/1084 NYSE Adv/Vol/Dec 1493/401.4 mln/1494

2:35 pm : The Federal Reserve has released the Minutes from its latest policy meeting. Most notably, the Minutes indicate several members judged a reduction in asset purchases would be warranted 'soon.' However, the Fed continues to look for more evidence suggesting projected acceleration of growth continues before tapering.

With regard to the recent rise in Treasury yields, some participants voiced concern about some institutions being ill-prepared to handle a rapid run-up in rates. In addition, other participants said that 'a prolonged period of low interest rates would encourage investors to take on excessive credit or interest rate risk and would distort some asset prices.'

Lastly, Committee participants stressed their desire to emphasize the distinction between decisions about slowing bond buying and future rate hikes.

The equity market has had a difficult time digesting the content of the Minutes. The S&P 500 spiked off its lows in reaction to the release, but the index has returned to its flat line since. Energy and financials continue to weigh on the broader market as the two sectors hold respective losses of 0.1% and 0.6%.DJ30 +10.49 NASDAQ +11.94 SP500 +1.41 NASDAQ Adv/Vol/Dec 1346/1.04 bln/1096 NYSE Adv/Vol/Dec 1590/358.5 mln/1371

1:55 pm : The major averages have held their levels ahead of the 14:00 ET release of the FOMC Minutes from the two-day meeting on June 18 and 19. The S&P 500 remains in the red while the tech-heavy Nasdaq sports a modest gain of 0.2%.

The S&P 500 saw slim gains shortly after the open, but the underperformance of influential energy and financial sectors has kept the index in the red. Meanwhile, the relative strength of technology has provided a boost to the Nasdaq. In addition, biotechnology names have also contributed to the gains in the Nasdaq as well as the health care sector (+0.6%). The iShares Nasdaq Biotechnology ETF (IBB 183.92, +1.43) is higher by 0.8%.

Treasuries are off their lows with the 10-yr yield higher by two basis points at 2.662%.DJ30 -21.43 NASDAQ +7.36 SP500 -1.59 NASDAQ Adv/Vol/Dec 1277/891.4 mln/1134 NYSE Adv/Vol/Dec 1436/294.9 mln/1517

1:30 pm : It's almost go time (or at least us market watchers hope it is) with the FOMC Minutes from the June 18-19 meeting due to be released at the top of the hour. Up to this point, there has been a pervasive sense of wait and see as the major averages have been mixed and confined to relatively tight trading ranges.

The move in crude futures above $105/bbl has been a focal point and is creating renewed concerns that higher oil and gas prices could lead to lower levels of economic growth as consumers rein in their discretionary spending to cope with the higher energy costs. It is a familiar concern that may not be as grave in the near term, though, considering it was shown that hourly earnings and aggregate wages were up 0.4% and 0.6%, respectively, in the June employment report.

The market will gain a newfound sense of consumer spending activity when the June Retail Sales report is released next Monday. For today, the consumer discretionary sector (-0.2%) has basically performed in-line with the broader market. DJ30 -28.49 NASDAQ +4.75 SP500 -2.70 NASDAQ Adv/Vol/Dec 1230/829 mln/1159 NYSE Adv/Vol/Dec 1357/272 mln/1581

1:00 pm : Equities saw little change at the open before the underperformance of cyclical sectors pressured the S&P 500 to its lows. However, those losses have been limited as the tech sector and three of four countercyclical groups (consumer staples, health care, and utilities) hold modest gains.

Some afternoon volatility is expected to coincide with the 14:00 ET release of the FOMC minutes from the June 19 policy meeting. Although the markets have heard from Chairman Bernanke since that meeting, the minutes should provide some insight into the underlying discussion.

The financial sector is the weakest performer at midday. The sector holds a loss of 1.0% as all major banks trade in the red.

Elsewhere, the energy sector is lower by 0.6% even as crude oil climbs 2.2% to $105.83 per barrel. The energy component has rallied steadily and earlier reports of a well leak off the coast of Louisiana have added to its strength.

Also of note, the Dow Jones Transportation Average is off by 0.3% following yesterday's 2.3% jump.

While most growth-oriented groups display losses, the tech sector (+0.3%) has held modest gains since the open. However, Intel (INTC 22.98, -0.15) has continued its recent weakness, and is down nearly 5.0% since Monday.

On the upside, the health care sector is higher by 0.5%. Biotechnology has provided a measure of support to the group as the iShares Nasdaq Biotechnology ETF (IBB 183.90, +1.41) sports a gain of 0.8%.DJ30 -23.86 NASDAQ +6.55 SP500 -2.00 NASDAQ Adv/Vol/Dec 1225/764.5 mln/1153 NYSE Adv/Vol/Dec 1310/249.4 mln/1605

12:30 pm : The major averages continue to hold their recent levels and the S&P 500 trades lower by 0.2%. The benchmark average remains pressured by the underperformance of two influential sectors as energy and financials trade with respective losses of 1.0% and 0.7%.

The energy sector is among today's laggards even as crude oil trades higher by 2.2% at $105.79 per barrel. The energy component has rallied steadily and reports of a well leak off the coast of Louisiana have added to its strength.DJ30 -28.61 NASDAQ +3.51 SP500 -2.94 NASDAQ Adv/Vol/Dec 1152/692.2 mln/1213 NYSE Adv/Vol/Dec 1218/228.4 mln/1696

12:00 pm : The major averages remain mixed as the S&P 500 trades with a loss of 0.2% while the Nasdaq adds 0.1%.

Countercyclical sectors continue to post gains with the health care space leading the way. The sector trades higher by 0.5% and biotechnology has provided the group with some support as the iShares Nasdaq Biotechnology ETF (IBB 183.60, +1.11) sports a gain of 0.6%.

Elsewhere, Treasuries have seen steady selling since the open, running the benchmark 10-yr yield higher by 3 basis points to 2.672%.DJ30 -29.04 NASDAQ +3.11 SP500 -3.35 NASDAQ Adv/Vol/Dec 1148/631.1 mln/1213 NYSE Adv/Vol/Dec 1198/211.3 mln/1713

11:35 am : The S&P 500 continues to hover near its lows as investors await the 14:00 ET release of the FOMC minutes from the 6/19 policy meeting.

The benchmark average has been kept in the red by the significant weakness in financials. Major bank shares are lower across the board and the financial sector sports a loss of 1.0%.

The second-worst performing sector, materials, is lower by 0.6% as steelmakers lag. The Market Vectors Steel ETF (SLX 38.21, -0.30) trades lower by 0.8%. On a related note, China posted a better-than-expected trade surplus on below-consensus imports and exports, sparking questions about the strength of the country's economy.DJ30 -27.10 NASDAQ +2.37 SP500 -2.82 NASDAQ Adv/Vol/Dec 1106/551.3 mln/1237 NYSE Adv/Vol/Dec 1105/186.3 mln/1766

10:55 am : The S&P 500 is lower by 0.1% while the Nasdaq adds 0.1%.

The past two sessions saw the technology sector trail behind the broader market. Today, however, the sector is the only cyclical group trading in the green. The largest sector component, Apple (AAPL 424.21, +1.86) sports a gain of 0.5%, but another large member, Intel (INTC 22.87, -0.27), has seen a continuation of its recent weakness. Since Monday, the chipmaker has shed more than 5.0%.

The S&P has been pressured by weakness in some of its most influential sectors. Energy, financials, and discretionary shares trade with losses between 0.3% and 0.7%. In addition, the Dow Jones Transportation Average is lower by 0.7%.DJ30 -16.14 NASDAQ +4.90 SP500 -2.01 NASDAQ Adv/Vol/Dec 1228/425.5 mln/1064 NYSE Adv/Vol/Dec 1233/148.2 mln/1612

10:35 am : Crude oil surged overnight to a 14-month high following news of a well leak off the coast of Louisiana and following the API inventory data.

The EIA data was just released, which showed a large draw as well, causing Aug crude oil to initially pop higher back near its HoD. Aug crude is now +1.9% at $105.47/barrel.

Natural gas futures rallied higher overnight to the current HoD of $3.79/MMBtu, but have erased most of its gains since hitting that level. Aug nat gas is now +1.7% at $3.72/MMBtu.

Precious metals are higher this morning as well. Aug gold is currently +0.8% at $1256.00/oz, while Sept silver is +0.5% at $19.24/oz. Copper futures just hit a new HoD of $3.10/lb a moment ago and are now +0.9% at $3.09/lb. DJ30 -28.22 NASDAQ +2.92 SP500 -2.95 NASDAQ Adv/Vol/Dec 1165/343.7 mln/1085 NYSE Adv/Vol/Dec 1221/124 mln/1580

10:00 am : The S&P 500 trades higher by 0.1%.

May wholesale inventories decreased 0.5% while the Briefing.com consensus expected an uptick of 0.3%. Today's report follows last month's revised decrease of 0.1%.DJ30 +18.47 NASDAQ +10.20 SP500 +1.06 NASDAQ Adv/Vol/Dec 1294/196.1 mln/871 NYSE Adv/Vol/Dec 1465/80.9 mln/1246

09:45 am : The major averages have spent the first 15 minutes alternating between gains and losses. The S&P 500 holds a slim loss as financials, utilities, and discretionary shares pressure the benchmark index.

On the upside, the technology sector holds a slim gain of 0.4% with Cisco Systems (CSCO 25.44, +0.29) as a notable early standout.

With markets searching for direction, the CBOE Volatility Index (VIX 14.52, +0.17) is higher by 1.2%.DJ30 +6.60 NASDAQ +3.18 SP500 -0.64 NASDAQ Adv/Vol/Dec 1180/116.7 mln/901 NYSE Adv/Vol/Dec 1301/60.3 mln/1352

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -6.50. With 15 minutes to go before the start of today's cash session, equity index futures continue to hover near their respective flat lines. Futures slipped to their lows as the European session got underway and investors began reacting to yesterday's S&P downgrade of Italy. Italy's MIB has climbed off its lows but continues to display a loss of 0.7%. Meanwhile, the country's 10-yr yield is higher by five basis points at 4.46%.

Domestically, pre-market action has been relatively quiet but a couple of names are moving on significant volume. Cliffs Natural Resources (CLF 17.40, +1.01) is higher by 6.2% after President and Chief Executive Officer Joseph Carraba announced his plans to retire from the company.

Elsewhere, Family Dollar (FDO 65.89, +1.94) trades up 3.0% after beating on earnings and revenue.

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.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: -1.70. Nasdaq futures vs fair value: -3.00. The S&P 500 futures continue to hover near their flat line.

The major Asian averages ended mixed as China's Shanghai Composite (+2.2%) led and India's Sensex lagged (-0.8%). Virtually all of the gains in the Shanghai Composite came in the final hour and a half of trading as rumors surfaced the People's Bank of China was going to cut its Reserve Requirement Ratio after trade data showed China's surplus widened to $27.1 billion ($27.8 billion expected) as both imports (-0.7%) and exports (-3.1%) fell. Elsewhere, the Bank of Thailand held its key rate unchanged at 2.50%, as expected. Data from the rest of the region saw Australia's Westpac Consumer Sentiment slip 0.1% and Japan's tertiary industry activity jump 1.2% month-over-month (0.9% expected).

In Japan, the Nikkei closed lower by 0.4% as the stronger yen weighed. Heavyweight Fast Retailing surrendered 1.2% while Sumitomo Realty & Development shed 0.9%.
Hong Kong's Hang Seng rose 1.1% to close at its best level in three weeks. Commodity related names were in favor as Chalco added 0.8% and China Petrochemical surged 2.5%.
In China, the Shanghai Composite gained 2.2% as shares rallied on hopes the People's Bank of China would ease policy. Commodity names were also in favor on the mainland as Sinopec jumped 6.5% and Jiangxi Copper climbed 5.4%.

Key European indices hover near their lows after opening the session in positive territory. Italian banks have led European stocks lower after Standard & Poor's downgraded Italy's sovereign rating to 'BBB' from 'BBB+.' As a result, Italian 10-yr yield has jumped five basis points to 4.46%. In addition, Spain's benchmark 10-yr yield is higher by 11 basis points at 4.78%. Economic data was limited. Germany's CPI rose 0.1% month-over-month, as expected. France reported a current account deficit of EUR4.10 billion (prior deficit of EUR2.80) while the country's industrial production decreased 0.4% month-over-month (-0.8% expected, 2.2% prior). Elsewhere, Italian industrial production rose 0.1% month-over-month (0.3% expected, -0.3% prior) while the year-over-year reading indicated a decline of 4.2% (-4.7% expected, -4.7% previous).

Germany's DAX is lower by 0.2% with producers of basic materials leading to the downside. K+S and Lanxess trade with respective losses of 2.3% and 4.6%. On the upside, Deutsche Bank trades higher by 1.3%.
In France, the CAC is off by 0.2% amid broad weakness. Steelmaker Vallourec and provider of building materials Lafarge are both down near 1.5%. In addition, drug maker Sanofi trades with a loss of 1.7%.
Great Britain's FTSE holds a loss of 0.4% as miners weigh. Anglo American, Fresnillo, and Glencore Xstrata are all down between 1.1% and 3.1%. On the flip side, Burberry is higher by 4.8% after beating sales expectations.
Peripheral markets have been pressured by the Italian downgrade at S&P. Italy's MIB -0.6%, Spain's IBEX -0.7%, and Greece's ASE -2.9%.

08:28 am : [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -4.80. Equity futures hover near their flat lines amid cautious European trade as funds flow away from the periphery following yesterday's Standard & Poor's downgrade of Italy. Italy's MIB trades lower by 0.8% while the country's 10-yr yield has climbed five basis points to 4.46%. The weakness has spilled into other peripheral markets as Spain's IBEX holds a loss of 0.7% while the Greek ASE trades lower by 3.0%.

Pre-market activity has been generally quiet. However, Family Dollar (FDO 65.90, +1.95) trades up 3.1% after beating on earnings and revenue.

08:00 am : S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -4.00. U.S. equity futures register slim losses and the S&P 500 futures trade lower by 0.1%.

Looking at overnight developments:

Asian markets ended in mixed fashion. Japan's Nikkei -0.4%, China's Shanghai Composite +2.2%, Hong Kong's Hang Seng +1.1%.
In regional economic data:
China reported a trade surplus of $27.10 billion ($27.00 billion expected, $20.40 billion prior). However, the country's exports declined 3.1% year-over-year (4.0% expected, 1.0% previous) while imports decreased 0.7% year-over-year (8.0% expected, -0.3% prior).
Japan's CGPI rose 0.1% month-over-month (0.0% expected, 0.1% prior) while the Tertiary Industry Activity Index increased 1.2% (0.9% consensus, -0.5% prior). Also of note, household confidence fell to 44.3 from 45.7 (47.2 expected).
Looking at news:
With the Bank of Japan set to announce its latest policy decision tonight, investors expect the central bank to upgrade its economic assessment for the seventh consecutive month.

Key European indices hover near their lows after opening the session in positive territory. Germany's DAX -0.4%, Great Britain's FTSE -0.5%, France's CAC -0.6%. On the periphery, Italy's MIB -1.0%, Spain's IBEX -1.2%, and Greece's ASX -2.7%.
Economic data was limited:
German CPI rose 0.1% month-over-month, as expected.
France reported a current account deficit of EUR4.10 billion (prior deficit of EUR2.80) while the country's industrial production decreased 0.4% month-over-month (-0.8% expected, 2.2% prior).
Italian industrial production rose 0.1% month-over-month (0.3% expected, -0.3% prior) while the year-over-year reading indicated a decline of 4.2% (-4.7% expected, -4.7% previous).
In news:
Italian banks have led European stocks lower after Standard & Poor's downgraded Italy's sovereign rating to 'BBB' from 'BBB+.' As a result, Italian 10-yr yield has jumped seven basis points to 4.48%. In addition, Spain's benchmark 10-yr yield is higher by 13 basis points at 4.80%.

In U.S. corporate news:

Cliffs Natural Resources (CLF 16.95, +0.56) is higher by 3.4% after President and Chief Executive Officer Joseph Carraba announced his plans to retire from the company.
Family Dollar (FDO 65.22, +1.27) is higher by 2.0% after beating on earnings and revenue.

The weekly MBA Mortgage Index fell 4.0% to follow last week's decline of 11.7%.

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.

06:52 am : [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -8.50.

06:52 am : Nikkei...14416.60...-56.30...-0.40%. Hang Seng...20904.56...+221.60...+1.10%.

06:52 am : FTSE...6492.10...-21.00...-0.30%. DAX...8032.13...-5.00...-0.30%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
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questions@thestrategylab.com
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