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 Post subject: July 11th Thursday Trade Results - Profit $2012.50
PostPosted: Fri Jul 12, 2013 7:16 am 
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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 @ $1000.00 dollars or +10.00 points, Emini ES ($ES_F) futures @ ($187.50) dollars or -3.75 points, Light Crude Oil CL ($CL_F) futures @ $1200.00 dollars or +1.20 points, Gold GC ($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 @ $2012.50 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=1552

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.

Dow, S&P 500 Close At Record Highs

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

NEW YORK (CNNMoney)
Hello again, all-time highs.

U.S. stocks soared back into record territory Thursday, as investors welcomed comments from Federal Reserve chairman Ben Bernanke.

The Dow Jones industrial average rallied nearly 170 points, or 1.1%, to end at a record high of 15,460, breaking its previous record set May 28.

The S&P 500 rose more than 1.3% to 1,675 -- also topping its May record. The Nasdaq jumped 1.6% to end at its highest level since September 2000.

The Bernanke market: The gains came after Bernanke said late Wednesday that monetary policy would remain "highly accommodative" for the foreseeable future.

Investors were spooked in May when Bernanke suggested the Fed could begin to scale back its $85 billion-per-month bond buying program this year. But top central bankers, including the chairman, have taken great pains to reassure investors that any tapering would depend on continued improvement in the economy.

"Clearly, the market has digested the shift in Fed policy and is realizing that this is not a very dramatic shift at all," said Hank Smith, chief investment officer at Haverford Trust. "And, if it occurs," he continued, the shift "would be a good thing because it means more confidence in the economy, at least from the Federal Reserve."

Bull still has legs: Smith said the gains reflect an improvement in sentiment as investors continue to see any pullback in stocks as an opportunity to buy. He said the recession in Europe and slowing growth in emerging economies makes the U.S. market particularly attractive, despite the below-average recovery.

Looking ahead, Smith expects volatility to remain high as the timing of any Fed action remains uncertain. But he said the market could still rise an additional 5% to 7% by the end of the year.

"Any pullback, or even a correction, would be welcomed by investors," he said. "There is a ton of money waiting for that."

* Citadel: The stock market is safer than ever

European markets closed higher, and major Asian markets ended with gains.

Japan's benchmark Nikkei index moved 0.4% higher after the country's central bank said it would continue expanding its balance sheet. Jones said that comments from Japan's central bank have helped to buoy international markets.

In U.S. economic news, the number of Americans filing for first-time unemployment benefits rose to a two-month high, according to the government's weekly report. But economists were quick to brush off the rise as a result of volatile number-crunching, rather than a discouraging sign for the economy.

Separately, the 30-year mortgage rate rose to its highest level in nearly two years, according to mortgage financing company Freddie Mac.

* Video - Chinese consumers scale back

What's moving: Microsoft (MSFT, Fortune 500)announced a widely-anticipated reorganization of it's business operations, including a shakeup of high-level managers, according to various reports.

Shares of Yum! Brands (YUM, Fortune 500) reported earnings that beat expectations but worries about the KFC owner's growth in China pushed Yum Brands' stock lower.

AMD (AMD, Fortune 500) shares surged 11% after Bank of America analysts upgraded the company's stock. Other tech stocks hit fresh record highs, including Google (GOOG, Fortune 500)and Amazon (AMZN, Fortune 500).

Bernanke's comments about maintaining low interest rates boosted homebuilders' stocks. D.R. Horton (DHI), Lennar (LEN) and Toll Brothers (TOL) gained between 6% and 9%.

Conversely, regional banks, which usually benefit from higher rates, came under pressure. Shares of Regions Financial Corporation (RF, Fortune 500), Comerica (CMA), KeyCorp (KEY, Fortune 500) and SunTrust Banks (STI, Fortune 500) fell between 1.5% to 3%.

Quarterly results are coming up Friday from mega-banks JPMorgan (JPM, Fortune 500) and Wells Fargo (WFC, Fortune 500).

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

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Market Update

4:20 pm : The major averages saw gains between 1.1% and 1.6% with the Dow Jones and S&P 500 closing at fresh record highs.

Equities registered the bulk of their advance at the open after yesterday's comments from Federal Reserve Chairman Ben Bernanke created some push back against the idea the Fed may begin slowing the pace of its asset purchases at the September meeting.

Mr. Bernanke commented on the economic landscape by saying the current employment level is overstating the health of the job market and that rates may be kept low even after the previously mentioned unemployment threshold of 6.5% is reached.

The comments caused market participants to shift into risk assets and away from the U.S. dollar. The foreign exchange market was the first to respond to the remarks as the greenback weakened against all major currencies. Selling dropped the Dollar Index by nearly 2.0% to 82.40.

Notably, dollar/yen fell almost 200 pips to 98.60 with price action resembling the late-May move attributed to large unwinds of the yen carry trade. The pair was able to rebound into the afternoon, but fell back near its lows before the close. On a related note, some of Chairman Bernanke's comments focused on the carry trade, suggesting that when the Fed doesn't provide any information, "It's very likely that more highly levered, risk-taking positions might build up, reflecting some expectation of an infinite asset purchase program."

Elsewhere, Treasuries received a solid bid following Chairman Bernanke's remarks, sending the 10-yr yield lower by 11 basis points to 2.572%.

The Dow and S&P ended at fresh record highs as growth-sensitive sectors paced the advance. The tech sector (+1.7%) finished atop today's leaderboard, which helped the Nasdaq outperform the other two major averages. Chipmakers displayed significant strength as the PHLX Semiconductor Index added 2.1%.

The tech sector was followed closely by materials and industrials. Producers of basic materials received a significant boost from steelmakers and gold miners. The Market Vectors Steel ETF (SLX 39.84, +1.52) jumped 4.0% and the Market Vectors Gold Miners ETF (GDX 24.97, +1.78) surged 7.7%. Meanwhile, gold futures climbed 3.0% to $1284.50 per troy ounce.

Industrials also displayed broad strength. Transportation-related names provided the sector with solid support as the Dow Jones Transportation Average advanced 1.2%.

However, another commodity-related sector, energy, underperformed with a gain of 0.9%. Crude oil fell 1.8% to $104.62 per barrel, but the energy component remains higher by 11.7% since June 21.

Financials also trailed behind the broader market as the sector added 0.9%. Tomorrow morning, JPMorgan Chase (JPM 55.14, +0.32) and Wells Fargo (WFC 41.89, -0.18) will report their quarterly results ahead of the open.

The initial claims level rose from an upwardly revised 344,000 (from 343,000) for the week ending June 29 to 360,000 for the week ending July 6. The Briefing.com consensus expected the initial claims level to increase to 345,000.

The Department of Labor reported that seasonal adjustment biases from the July 4 holiday may have played a role in the unexpected jump in claims. If this is true, then the initial claims level should fall back below 350,000 next week.

Separately, export prices, excluding agriculture, decreased by 0.2% in June after they had decreased 0.7% during the prior month. Excluding oil, import prices declined 0.3%, which follows last month's decline of 0.3%.

The June Treasury Budget showed a surplus of $116.5 billion, which was slightly ahead of the surplus of $115.0 billion expected by the Briefing.com consensus.

Tomorrow, June PPI and core PPI will be reported at 8:30 ET while the preliminary University of Michigan Consumer Sentiment Survey for July will be released at 9:55 ET.DJ30 +169.26 NASDAQ +57.55 SP500 +22.40 NASDAQ Adv/Vol/Dec 1803/1.67 bln/719 NYSE Adv/Vol/Dec 2672/741.9 mln/399

3:30 pm :

Commodities ended the day on a mixed note as crude oil and natural gas posted losses and precious metals registered solid gains. Both Aug gold and Sep silver rose for a fourth consecutive session as the dollar index traded in the red following Ben Bernanke's statement that a highly accommodative monetary policy for the foreseeable future is needed for the U.S. economy.
Gold spent its entire floor session trading in a consolidative pattern near the $1280 per ounce level and settled with a 2.6% gain at $1280.20 per ounce
Silver booked an even bigger gain of 4.1% as it closed at $19.95 per ounce, slightly below its session high of $20.14 per ounce
Aug crude oil fell for the first time in three sessions on pressure from this morning's initial claims data that showed a higher than anticipated rise in Americans filing for unemployment benefits. The energy component stayed in negative territory for all of today's pit trade and settled 1.5% lower at $104.88 per barrel
Aug natural gas slipped from its session high of $3.70 into negative territory following inventory data that showed a build of 82 bcf when a build of 81 bcf was expected. Unable to gain much momentum, it settled 1.9% lower at $3.61 per MMBtu

DJ30 +157.98 NASDAQ +53.25 SP500 +20.85 NASDAQ Adv/Vol/Dec 1730/1376.4 mln/766 NYSE Adv/Vol/Dec 2603/488 mln/449

3:00 pm : The S&P 500 is higher by 1.2% as today's session enters its final hour. The benchmark average had traded in a five point range before rising to fresh highs over the past hour. Materials and technology continue to outperform the remaining sectors and the industrial space is not far behind.

Meanwhile, energy (+0.7%) and financials (+0.9%) continue to trail behind the broader market. Tomorrow morning, JPMorgan Chase (JPM 55.19, +0.36) and Wells Fargo (WFC 42.09, +0.02) will report their quarterly results before the open.DJ30 +153.42 NASDAQ +51.90 SP500 +20.16 NASDAQ Adv/Vol/Dec 1710/1.23 bln/775 NYSE Adv/Vol/Dec 2576/437.8 mln/463

2:30 pm : The S&P 500 continues to drift near its highs and the technology sector (+1.7%) sits atop today's sector leaderboard. In turn, the relative strength of technology shares has provided a boost to the tech-heavy Nasdaq, which has recently notched a fresh session high in the 3575 area.

Today's opening jump in the S&P 500 has put the benchmark average above its May 21 all-time closing high of 1669.16. Similarly, the Dow trades above its all-time best of 15409.39 notched on May 28. However, the Nasdaq remains a long way away from its record high of 5048.62, which came about on March 10, 2000.

Elsewhere, Treasuries also trade near their best levels of the day and the benchmark 10-yr yield is lower by ten basis points at 2.58%.DJ30 +167.51 NASDAQ +54.49 SP500 +21.40 NASDAQ Adv/Vol/Dec 1734/1.14 bln/755 NYSE Adv/Vol/Dec 2591/405.9 mln/450

2:05 pm : The S&P 500 trades higher by 1.1%.

The June Treasury Budget showed a surplus of $116.5 billion, which was ahead of the surplus of $115.0 billion expected by the Briefing.com consensus. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 +132.43 NASDAQ +47.28 SP500 +17.31 NASDAQ Adv/Vol/Dec 1681/1.04 bln/796 NYSE Adv/Vol/Dec 2536/372.6 mln/488

1:30 pm : The major averages continue to trade near their best levels of the day as bears have been reluctant to pose a challenge after remarks from Fed Chairman Bernanke left the impression that the Fed may not taper its asset purchases in September, as many market participants had started to believe.

Frankly, we're a bit surprised the reaction in the Treasury market to that idea hasn't been stronger. The 10-yr note is up for the day, but only by a modest 10 ticks. That has lowered its yield to 2.59%, which is still 26 basis points above the level it settled at on June 19 when comments made by the Fed chairman at the FOMC press conference led participants to think a tapering was on the near horizon. There could be a more concerted relief rally in the Treasury market in due time, but the early response has been somewhat guarded.

On a related note, the $13 bln 30-yr bond reopening drew 3.66% and a relatively weak 2.26x bid-to-cover (2.58x 12-auction average), yet both indirect (40.2%) and direct (16.3%) bidders saw solid takedowns.

Within the stock market, pockets of relative strength are evident in areas that were previously under pressure on concerns about rising interest rates (e.g. homebuilders, REITs, and dividend payers within the consumer staples, utilities and telecom services sectors). DJ30 +135.99 NASDAQ +45.58 SP500 +16.89 NASDAQ Adv/Vol/Dec 1653/942 mln/800 NYSE Adv/Vol/Dec 2500/342 mln/510

1:00 pm : The S&P 500 opened on its session high after yesterday's remarks from Ben Bernanke were received as a sign the Fed is unlikely to reduce the pace of its asset purchases any time soon. The Fed Chairman commented on the economic landscape by saying the current employment level is overstating the health of the job market and that rates may be kept low even after the previously mentioned unemployment threshold of 6.5% is reached.

The comments pushed market participants into risk assets and away from the U.S. dollar. Dollar/yen was victimized by heavy selling, which resembled the late-May price action attributed to large unwinds of the yen carry trade. The pair fell more than 150 pips before recovering a portion of its losses. Currently, dollar/yen hovers near 99.00.

Most sectors continue to trade near their opening highs but two of yesterday's laggards, financials and energy, have surrendered a large portion of their gains.

The financial sector is higher by 0.6% as large components trade in mixed fashion. Wells Fargo (WFC 41.88, -0.19) is the biggest laggard and Bank of America (BAC 13.48, +0.11) is the top performer among the majors.

Elsewhere, the energy sector has retreated steadily, trimming its gain to 0.4%. On a related note, crude oil is lower by 1.4% at $105.03 per barrel. Even with today's loss, the energy component is higher by more than 12.0% since late June.

Although the energy sector has shown relative weakness, other commodity-related groups remain strong. The materials sector sports a gain of 1.3% amid broad strength. The rise in gold miners has been notable as the Market Vectors Gold Miners ETF (GDX 24.58, +1.39) trades up 6.0%. Meanwhile, gold futures are higher by 2.6% at $1280.30 per ounce.

The initial claims level rose from an upwardly revised 344,000 (from 343,000) for the week ending June 29 to 360,000 for the week ending July 6. The Briefing.com consensus expected the initial claims level to increase to 345,000.

The Department of Labor reported that seasonal adjustment biases from the July 4 holiday may have played a role in the unexpected jump in claims. If this is true, then the initial claims level should fall back below 350,000 next week.

Separately, export prices, excluding agriculture, decreased by 0.2% in June after they had decreased 0.7% during the prior month. Excluding oil, import prices declined 0.3%, which follows last month's decline of 0.3%.

The U.S. Treasury will release its June budget at 14:00 ET.DJ30 +129.38 NASDAQ +45.82 SP500 +16.68 NASDAQ Adv/Vol/Dec 1660/872.1 mln/805 NYSE Adv/Vol/Dec 2495/320.4 mln/507

12:30 pm : Equities remain near their highs as eight of ten sectors continue to hover on their best levels of the day. Meanwhile, the energy sector has shown further weakness, and trimmed its gain to 0.3%. On a related note, crude oil trades lower by 1.7% at $104.70 per barrel. Despite today's loss, the energy component is higher by 11.8% since June 21.

Meanwhile, the other commodity-related sector, materials, is higher by 1.2% amid broad strength. Steelmakers have a made a significant contribution as the Market Vectors Steel ETF (SLX 39.52, +1.20) sports a gain of 3.1%.DJ30 +131.36 NASDAQ +42.91 SP500 +16.36 NASDAQ Adv/Vol/Dec 1665/788.1 mln/782 NYSE Adv/Vol/Dec 2496/297.7 mln/494

12:00 pm : The S&P 500 continues to hold just a point below its session high. The benchmark average has been on a tear lately, surging 7.0% off its June 24 lows. The sharp rise off those levels took place over the course of 12 sessions with 10 of those affairs ending with gains.

Today, the S&P notched its high at the open, and has traded within a five point range since. Eight of ten sectors remain near their highs while energy and financials hover just off their session lows.DJ30 +141.60 NASDAQ +43.02 SP500 +17.32 NASDAQ Adv/Vol/Dec 1690/707.2 mln/733 NYSE Adv/Vol/Dec 2539/272.3 mln/440

11:35 am : The S&P 500 continues to hover near its highs as most sectors trade on their best levels of the day. However, two of yesterday's laggards (energy and financials) have retreated from their highs.

Elsewhere, Treasuries have held their overnight levels and the benchmark 10-yr yield is lower by eight basis points at 2.606%.

Also of note, the Dollar Index can be found just above its lows. However, the greenback has shown weakness against the Japanese yen since today's open. Since 9:30 ET, dollar/yen has shed 50 pips as the pair trades at 98.78.DJ30 +139.74 NASDAQ +43.05 SP500 +17.20 NASDAQ Adv/Vol/Dec 1678/630.7 mln/725 NYSE Adv/Vol/Dec 2567/248.7 mln/407

10:55 am : The S&P 500 continues to hover near its highs with a gain of 1.0%.

As mentioned in our 10:00 ET update, the financial sector began showing weakness shortly after the open. The sector remains in positive territory, but has trimmed its gain to 0.4%. JPMorgan Chase (JPM 54.62, -0.20) and Wells Fargo (WFC 41.48, -0.59) are among the laggards while other major banks slip back from their highs.

Meanwhile, European financials have fared better than their U.S. counterparts. Deutsche Bank (DB 43.66, +0.89) and Credit Suisse (CS 28.11, +0.53) are both up near 2.0%.DJ30 +136.81 NASDAQ +39.31 SP500 +17.01 NASDAQ Adv/Vol/Dec 1695/484.8 mln/696 NYSE Adv/Vol/Dec 2550/202.6 mln/385

10:35 am : Metals are showing strong gains this morning, while energy has been weak. Meanwhile, ahead of the USDA WASDE report, grains are mixed. Corn futures are -0.9% at $5.17/bushel, wheat is +0.2% at $6.81/bu and soybeans are +0.2% at $12.87/bu.

Crude oil has been a big mover lately and rallied overnight, rising as high as $107.45/barrel. Crude has since pulled back over $2/barrel and is now -1.2% at $105.28/barrel.

Natural gas futures fell following the weekly EIA inventory data and are now -1.0% at $3.64/MMBtu.

Precious metals are leading commodities today with Sept silver up 4.5% at $20.03/oz and Aug gold up 2.9% at $1282.90/oz. Sept copper is +3.3% at $3.19/lb.DJ30 +115.78 NASDAQ +34.79 SP500 +14.79 NASDAQ Adv/Vol/Dec 1719/396.1 mln/651 NYSE Adv/Vol/Dec 2590/173 mln/328

10:00 am : The major averages continue to hover near their highs with the S&P 500 up 1.0%.Although most sectors remain near their best levels, financials have taken a step back. Wells Fargo (WFC 41.53, -0.54) trades lower by 1.3% but the broader sector continues to hold a gain of 0.6%.

Also of note, the CBOE Volatility Index (VIX 14.08, -0.13) has climbed steadily off its opening lows near 13.57.DJ30 +141.34 NASDAQ +36.72 SP500 +16.20 NASDAQ Adv/Vol/Dec 1760/234.9 mln/532 NYSE Adv/Vol/Dec 2630/120.1 mln/234

09:45 am : The S&P 500 trades higher by 1.0% as all ten sectors display solid gains. Growth-sensitive materials and discretionary shares have outperformed the remaining sectors in the opening minutes.

The materials space has shown all-around strength among steelmakers and gold miners. The Market Vectors Steel ETF (SLX 39.54, +1.22) is higher by 3.2% while mining shares have received a boost from a surge in gold futures. The yellow metal trades higher by 2.9% at $1283.40 per troy ounce.

Elsewhere, homebuilders have provided a boost to the discretionary sector as the iShares Dow Jones US Home Construction (ITB 23.17, +0.77) trades higher by 3.4%.DJ30 +139.00 NASDAQ +37.58 SP500 +16.32 NASDAQ Adv/Vol/Dec 1761/153.1 mln/473 NYSE Adv/Vol/Dec 2645/91.6 mln/188

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +17.50. Nasdaq futures vs fair value: +28.50. Today's session sets up for a sharply higher open as the S&P 500 futures trade higher by 1.0%. Most of the gains followed yesterday's remarks from Ben Bernanke after the Fed Chairman commented on the economic picture by saying the current employment level is overstating the health of the job market. Mr. Bernanke also said that rates may be kept low even after the previously mentioned unemployment threshold of 6.5% is reached.

Global equities received a strong bid in the wake of the comments while the dollar displayed significant weakness against all major currencies. Currently, the Dollar Index is lower by 1.0% at 83.40 after climbing off overnight lows near 82.70.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +17.50. Nasdaq futures vs fair value: +28.20. The S&P 500 futures trade higher by 1.0%.

It was a sea of green across Asia as all of the major bourses ended with gains following Fed Chairman Ben Bernanke's dovish commentary. Most of the region's bourses saw gains of at least 1% as China's Shanghai Composite (+3.2%) led the majors and Thailand's SET (+4.2%) was the top performer. Interestingly, Japan's Nikkei (+0.4%) saw a more muted advance as the stronger yen weighed. Overnight, the Bank of Japan held its policy unchanged while upgrading its economic assessment, noting the recovery is in its early stages. However, the central bank also cut its GDP forecast to 2.8% from 2.9%. Other central bank decisions saw the Bank of Korea hold steady at 2.50%, Malaysia's central bank stand pat at 3.00%, and Bank Indonesia surprise with a 50 basis point hike to 6.50% (6.25% expected). Data out overnight showed the Australian economy added 10.3K jobs (0.3K expected), but the devil was in the details as full-time employment fell 4.4K and part-time help increased 14.8K. The unemployment rate ticked up to 5.7% (5.6% previous).

In Japan, the Nikkei closed higher by 0.4% amid a choppy trade. Real estate stocks outperformed as Mitsui Fudosan added 1.3% and Sumitomo Realty & Development gained 2.5%. Elsewhere, exporters lagged thanks to the stronger yen as Canon fell 1.5% and Toyota Motor slipped 0.2%.
Hong Kong's Hang Seng climbed 2.6% as shares rallied to a one-month high. Mainland financials were strong as Agricultural Bank of China jumped 3.6% to lead the sector's advance.
In China, the Shanghai Composite gained 3.2% after dovish comments from Chinese Premier Li Keqiang. Financials were the beneficiary as Ping An and ICBC both closed limit up, 10%.

Key European indices trade with gains, but have retreated off their best levels of the session. Bundesbank chief Jens Weidmann joined last night's central banker parade by saying the current economic outlook warrants low rates, but that may change if inflationary pressures make themselves known. Economic data was limited to just two points. Germany's Wholesale Price Index decreased 0.4% month-over-month (-0.1% expected, -0.4% prior) and French CPI ticked up 0.2% month-over-month (0.1% expected, 0.1% previous).

Great Britain's FTSE is higher by 0.4% as miners pace the advance. Antofagasta, Fresnillo, and Vedanta Resources are all up between 5.0% and 11.0%. Industrial names are among the laggards as Bunzl and Meggit trade with respective losses of 0.7% and 2.1%.
In France, the CAC trades up 0.6% with growth-oriented names in the lead. ArcelorMittal and Technip are higher by 3.9% and 2.2%, respectively. On the downside, Renault trades lower by 2.1%.
Germany's DAX is higher by 1.0% amid broad strength. Chemical producers BASF and Lanxess are among the top advancers with respective gains of 1.9% and 3.4%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +18.50. Nasdaq futures vs fair value: +29.70. The S&P 500 futures trade higher by 1.0%.

The latest weekly initial jobless claims count totaled 360,000, which was higher than the 345,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 344,000. As for continuing claims, they rose to 2.977 million from 2.953 million.

Export prices, excluding agriculture, decreased by 0.2% in June after they had decreased 0.7% during the prior month. Excluding oil, import prices declined 0.3%, which follows last month's decline of 0.3%.

08:00 am : S&P futures vs fair value: +18.70. Nasdaq futures vs fair value: +30.20. The S&P 500 futures trade higher by 1.0% with the bulk of the gains coming after yesterday's remarks from Ben Bernanke. Following his speech in Boston, the Fed Chairman commented on the economic picture by saying the current employment level is overstating the health of the job market and that rates may be kept low even after the previously mentioned unemployment threshold of 6.5% is reached. The dollar weakened notably against all major currencies, sending the dollar index lower by 1.3% to 82.97.

Looking at overnight developments:

Asian markets ended higher across the board. Japan's Nikkei +0.4%, Hong Kong's Hang Seng +2.6%, China's Shanghai Composite +3.2%.
Looking at regional economic data:
The Bank of Japan made no changes to its policy but did raise its economic assessment for the seventh month in a row. However, the central bank did lower its GDP growth forecast to 2.8% from 2.9%. In addition, core machinery orders rose 10.5% month-over-month (1.3% expected, -8.8% prior) while the year-over-year reading climbed 16.5% (2.5% forecast, -1.1% previous).
In Australia, the unemployment rate ticked up to 5.7% from 5.6% despite a better-than expected employment change of 10,300 (-2,500 expected, -700 prior).
In news:
According to the Chinese press, the country's steelmakers may be looking to raise their prices in August.


Key European indices trade with gains, but have retreated off their best levels of the session. Great Britain's FTSE +0.5%, France's CAC +0.7%, Germany's DAX +1.1%. On the periphery, Spain's IBEX +0.3%, and Italy's MIB is flat.
Economic data was limited:
Germany's Wholesale Price Index decreased 0.4% month-over-month (-0.1% expected, -0.4% prior).
French CPI ticked up 0.2% month-over-month (0.1% expected, 0.1% previous).
In news:
Bundesbank chief Jens Weidmann said the current economic outlook warrants low rates but that may change if inflationary pressures make themselves known.

In U.S. corporate news:

Advanced Micro Devices (AMD 4.29, +0.31) is higher by 8.3% after Bank of America/Merrill Lynch and Cannaccord Genuity upgraded the stock to 'Buy.'
Yum! Brands (YUM 72.36, 0.00) reported a bottom-line beat on revenue slightly below analyst expectations.

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.

06:33 am : [BRIEFING.COM] S&P futures vs fair value: +18.00. Nasdaq futures vs fair value: +29.00.

06:33 am : Nikkei...14472.58...+56.00...+0.40%. Hang Seng...21437.49...+532.90...+2.60%.

06:33 am : FTSE...6549.87...+44.90...+0.70%. DAX...8152.87...+86.40...+1.10%.

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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