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 Post subject: July 12th Friday Trade Results - No Trades
PostPosted: Fri Jul 12, 2013 9:54 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
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No trades today for me due to being too busy with major upgrades (software and hardware) to my computer network in which the work should last into Saturday.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00) dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 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=1553

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 Close At Records, Boeing Sinks

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

NEW YORK (CNNMoney)
U.S. stocks inched slightly higher Friday, but the slim gains were enough to send the Dow and S&P 500 to new record closing highs and the Nasdaq to the highest level in over a decade.

The Dow Jones industrial average rose just 3 points to 15,464.30, the S&P 500 added 5 points, finishing at 1,680.19 and the Nasdaq rose 0.6% to close at the highest level since September 2000.

The Dow and S&P 500 shares were weighed down by a 5% slide in shares of Boeing (BA, Fortune 500) following news that an unoccupied Dreamliner caught fire at London's Heathrow airport.

All three indexes finished sharply higher for the week, logging one of the best weekly performances of the year. The Dow climbed 2.2%, the S&P 500 jumped 3% and the Nasdaq rallied 3.5%.

Here are five things to take away from Friday's trading day:

1. Stocks in record territory: While both the Dow and S&P 500 have surpassed their previous record closing highs, they're still about 0.5% below the all-time trading-day highs reached in May.

U.S. stocks first soared back into record territory Thursday, as investors welcomed comments from Federal Reserve chairman Ben Bernanke who on Wednesday said monetary policy would remain "highly accommodative" for the foreseeable future.

The statement implied that the central bank would continue its massive program of quantitative easing, and helped soothe investors who have been whipsawed by tapering talk that began in late May.

2. Consumers are still worried about the future: The University of Michigan and Thomson Reuters' Consumer Sentiment Index for July declined slightly, and fell short of expectations.

While optimism about current conditions rose to the highest level since July 2007, the future expectations index fell sharply.

Also, the Bureau of Labor Statistics released its monthly report on the producer price index, showing an increase of 0.8% in June. That's nearly triple the expected rise of 0.3% -- largely driven by a spike in gasoline prices.

3. Banks earnings top forecasts: The first of the big banks reported their results Friday.

JPMorgan Chase (JPM, Fortune 500) reported quarterly earnings that beat expectations, while revenue just barely beat forecasts. But the stock was only slightly higher as some of the profit gains came from accounting adjustments rather than strong growth in the underlying business.

Wells Fargo (WFC, Fortune 500) shares rose 1.8% after the bank reported earnings and revenue that beat expectations.

Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), Bank of America (BAC, Fortune 500) and Morgan Stanley (MS, Fortune 500) are on tap to report results next week.

4. UPS tumbles on profit warning: Package delivery giant UPS (UPS, Fortune 500) lowered its outlook for profit growth this year, sending shares down almost 6%.

The company, considered an economic bellwether along with rival FedEx (FDX, Fortune 500), said "a slowing U.S. industrial economy drove revenue and operating profit below expectations."

Shares of FedEx also moved lower.

Also on the corporate front, Shares of WebMD (WBMD) surged more than 25% after the health information company announced preliminary results that showed better-than-expected earnings and revenue.

5. China lowers growth projection? Investors became confused about China's growth projections after the country's finance minister signaled growth could be 7% for the year, below the government's official forecast of 7.5%. The Shanghai Composite index and the Hang Seng index both fell back after staging big run-ups earlier in the week. Japan's benchmark Nikkei index closed 0.2% firmer.

European markets ended the day mixed, with Germany's DAX and UK's FTSE 100 increasing, while France's CAC 40 declined.

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Market Update

4:20 pm : The major averages registered gains after a final hour rally pushed the S&P 500 and Nasdaq to their highs. For its part, the Dow ended flat.

Quarterly earnings were in focus this morning after JPMorgan Chase (JPM 54.97, -0.17) and Wells Fargo (WFC 42.63, +0.74) announced their results. Both banks reported bottom-line beats on in-line revenues. However, JPMorgan Chase saw a 7.0% quarter-over-quarter decrease in mortgage originations while Wells Fargo reported a 2.7% increase. The results provided support for other bank shares and the financial sector settled atop the sector leaderboard with a gain of 0.5%.

Discretionary shares also outperformed the broader market as online retailers displayed strength. Amazon.com (AMZN 307.55, +7.89) jumped 2.6% and shares of the online auction site eBay (EBAY 57.04, +1.16) advanced 2.1%. However, traditional retailers did not fare as well and the SPDR S&P Retail ETF (XRT 80.81, -0.20) shed 0.3%.

Equities slipped to their lows following comments from Philadelphia Fed President Charles Plosser, who said the Federal Reserve should begin reducing the pace of its asset purchases in September and end the program by year's end. Mr. Plosser followed those remarks by saying the Fed does not "want to create another housing boom."

Shortly after Mr. Plosser's comments, St. Louis Fed President James Bullard reiterated his opposition to dialing down the stimulus. It should be noted Mr. Bullard is a voting member of the Federal Open Market Committee this year while Mr. Plosser will not have a vote until next year.

Early afternoon action saw the health care sector jump to fresh highs after Bloomberg reported Roche Holdings (RHHBY 64.00, -0.12) is seeking financing for a potential takeover of Alexion Pharma (ALXN 114.26, +12.82). The news also provided a boost to biotech names, sending the iShares Nasdaq Biotechnology ETF (IBB 193.03, +4.66) to its session high.

On the downside, the industrial sector was pressured by the underperformance of two large components. United Parcel Service (UPS 86.12, -5.33) fell 5.8% after issuing cautious second quarter and full year earnings guidance due to a slowing US industrial economy. This also weighed on the Dow Jones Transportation Average, which slumped 0.6%.

In addition, Dow component Boeing (BA 101.87, -5.01) tumbled on heavy volume after a fire took place aboard a 787 Dreamliner at London's Heathrow Airport. Shortly after the news broke, separate reports indicated a Florida-bound 787 was forced to return to its home port in Manchester, U.K. due to a technical issue.

The materials sector also finished among the laggards after pacing yesterday's advance. Steelmakers underperformed and the Market Vectors Steel ETF (SLX 39.06, -0.78) fell 2.0%.

Today's economic data revealed the largest increase in producer prices since September 2012 due to an unexpected jump in energy prices. June PPI rose 0.8%, up from a 0.5% gain in May, and well above the Briefing.com consensus expectation of a 0.3% rise. The energy index rose 2.9% in June after increasing 1.3% May. That is the biggest monthly increase since February. The pickup in energy costs was due to a 7.2% increase in gasoline prices.

Excluding food and energy, core prices remain on a weak trend. Prices increased 0.2% in June after increasing 0.1% in both April and May. The consensus expected these prices to increase 0.1%.

The preliminary reading of the July University of Michigan Consumer Sentiment Index softened a bit and fell from 84.1 in June to 83.9 (85.0 Briefing.com consensus). While employment levels have generally strengthened over the past few weeks, recent volatility in the stock market coupled with increases in oil and gasoline prices likely reduced overall sentiment levels.

The Current Conditions Index rose to 99.7 in July from 93.8 in June. That is the highest level since July 2007. Meanwhile, consumers became more concerned about the future. The Expectations Index fell to 73.8 in July from 77.8 in June.

On Monday, June retail sales, retail sales ex-auto, and the July Empire Manufacturing Index will be reported at 8:30 ET while the May business inventories report will cross the wires at 10:00 ET.

Week in Review: S&P 500 and Dow Climb to New All-time Highs

On Monday, the S&P 500 settled higher by 0.5% as eight of ten sectors ended in the green. Stocks registered the bulk of their gains in the opening minutes and the S&P 500 notched its session high within the first hour of action before spending the remainder of the day in a six point range. The upbeat open was aided by a strong showing in Europe where major averages overlooked disappointing German industrial production data (-1.0% actual, -0.5% expected) and rallied on indications the next tranche of Greek aid will be approved by Eurozone officials. While most sectors were able to hold their opening gains, technology and telecom services underperformed from the start and pressured the tech-heavy Nasdaq. Chipmakers ended broadly lower after Evercore downgraded Intel (INTC 23.90, -0.09) to 'Underweight' from 'Equal Weight.' Shares of Intel fell 3.6% while the broader PHLX Semiconductor Index slid 2.0%.

Tuesday's session saw the S&P settle higher by 0.7%. Growth-oriented groups paced the 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 settled higher by 1.5% while miners displayed strength as gold futures added 0.9% to almost $1250 per ounce. Also of note, Dow component Alcoa (AA 8.10, 0.00) 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%.

On Wednesday, the major averages ended in mixed fashion. The Dow shed 0.1%, Nasdaq added 0.5%, and 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 Minutes were overshadowed by Ben Bernanke's speech after the close, which contributed to a sharp rally on Thursday.

Following the comments from Chairman Bernanke, 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 remarks from the Fed Chairman 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. Elsewhere, Treasuries received a solid bid, sending the 10-yr yield lower by 11 basis points to 2.572%.DJ30 +3.38 NASDAQ +21.78 SP500 +5.17 NASDAQ Adv/Vol/Dec 1357/1.51 bln/1105 NYSE Adv/Vol/Dec 1511/681.0 mln/1483

3:30 pm :

Commodities ended the day mixed with crude oil and natural gas posting gains while precious metals saw slight losses. Aug crude oil rose for a third session this week despite a slightly higher dollar index.
The energy component briefly dipped into the red to a session low of $104.79 per barrel but quickly recovered. It settled 1.0% higher at $105.93 per barrel, slightly below its session high of $106.03 per barrel. Today's advance brought gains for the week to 2.7%.
Aug natural gas advanced to a session high of $3.69 per MMBtu but pulled back in afternoon action. It settled 0.8% higher at $3.64 per MMBtu, booking a gain of 0.6% gain for the week.
Precious metals fell for the first time this week.
Aug gold slipped to a session low of $1269.60 per ounce in early morning action but managed to erase most of the loss. It settled just 0.2% lower at $1277.40.
Sept silver brushed a session low of $19.72 per ounce and eventually closed with a 0.8% loss at $19.80 per ounce. Despite today's slight decline, gold booked a solid 5.4% gain for the week while silver registered a gain of 5.7%.

DJ30 -37.39 NASDAQ +12.69 SP500 +0.33 NASDAQ Adv/Vol/Dec 1311/1157.1 mln/1127 NYSE Adv/Vol/Dec 1355/435 mln/1623

3:00 pm : The S&P 500 continues to hold its flat line while the Nasdaq hovers on its session high. The S&P has been kept from climbing too far out of the red as market breadth points to a bearish bias with declining NYSE issues outpacing advancers by a 1.4:1 ratio. Meanwhile, intraday trading volume has been relatively light and with one hour left in the session, less than 400 million shares have changed hands on the floor of the New York Stock Exchange.

Elsewhere, Treasuries have sold off throughout the day and the benchmark 10-yr yield is now higher by two basis points at 2.60% after hovering near 2.52% at the start of today's session.DJ30 -32.95 NASDAQ +10.55 SP500 -0.08 NASDAQ Adv/Vol/Dec 1249/1.03 bln/1186 NYSE Adv/Vol/Dec 1304/394.8 mln/1654

2:30 pm : The S&P 500 continues to hover near its flat line but recent action saw the health care sector jump to fresh highs after Bloomberg reported Roche Holdings (RHHBY 64.20, +0.08) is seeking financing for a potential takeover of Alexion Pharma (ALXN 112.41, +10.71). The news also provided a boost to biotech names, sending the iShares Nasdaq Biotechnology ETF (IBB 192.61, +4.24) to its session high.DJ30 -36.39 NASDAQ +8.57 SP500 -0.44 NASDAQ Adv/Vol/Dec 1251/961.8 mln/1180 NYSE Adv/Vol/Dec 1284/370.1 mln/1674

2:05 pm : The major averages remain near their respective flat lines. The S&P 500 has spent the entire day in a five point range with its unchanged level near the middle of that range.

The financial sector has extended its gain to 0.7% and the utilities sector has climbed out of the red to join financials and discretionary shares (+0.3%) in positive territory.

On the downside, industrials and materials continue to weigh. Boeing (BA 103.36, -3.52) has climbed off its lows, but recent headlines indicate another 787 Dreamliner headed to Florida from Manchester, U.K. was forced to turn around due to a technical issue.DJ30 -16.87 NASDAQ +4.94 SP500 +0.11 NASDAQ Adv/Vol/Dec 1198/880.2 mln/1212 NYSE Adv/Vol/Dec 1316/344.6 mln/1622

1:30 pm : The major averages are mixed, but are working their way back from lower levels as Boeing (BA 101.85, -5.03) pares its losses following a CNBC report that the 787 aircraft fire reported earlier was not in an area where the battery would be located. Boeing was down as much as 7.4% at one point today, but is now down 4.7%.

Also, in the "right back at you" department, St. Louis Fed President Bullard reiterated today that he opposes dialing down the Fed's stimulus. That view comes after Philadelphia Fed President Plosser said earlier today that he thinks the Fed should start tapering in September and end the program by year's end. One other important difference is that Mr. Bullard is an FOMC voter this year while Mr. Plosser is not (although he will be in 2014).

Separately, it was reported in the last half hour that Fitch has downgraded France to AA+. That headline caused some knee-jerk selling of the euro, which has since abated, but it had little effect on the US market since it had already been tossed around as a possible outcome of France's fiscal struggles. DJ30 -21.57 NASDAQ +2.47 SP500 -0.50 NASDAQ Adv/Vol/Dec 1200/802 mln/1202 NYSE Adv/Vol/Dec 1270/314 mln/1671

1:00 pm : The major averages have spent the first half of the session near their respective flat lines.

Quarterly earnings were in focus this morning after JPMorgan Chase (JPM 55.33, +0.19) and Wells Fargo (WFC 42.74, +0.85) announced their results. Both banks reported bottom-line beats on in-line revenue. However, JPMorgan Chase saw a 7.0% quarter-over-quarter decrease in mortgage originations while Wells Fargo reported a 2.7% increase. The results have provided support for other bank shares and the financial sector (+0.5%) is one of just two groups trading in positive territory.

Discretionary stocks also hold a slim gain (+0.2%), but the sector has spent the past two hours in a slow retreat from its early highs.

Equities slipped to their lows following comments from Philadelphia Fed President Charles Plosser, who said the Fed should begin reducing the pace of its asset purchases in September and end the program by year's end. Mr. Plosser followed those remarks by saying the Federal Reserve does not "want to create another housing boom." On a side note, Mr. Plosser is not a voting member of the Federal Open Market Committee this year.

On the downside, the industrial sector has been pressured by cautious second quarter and full year earnings guidance issued by United Parcel Service (UPS 86.07, -5.38). The stock trades lower by 5.9% and its peer FedEx (FDX 102.00, -2.40) sports a loss of 2.3%. Meanwhile, the broader Dow Jones Transportation Average is lower by 0.5%.

Industrials fell to fresh lows on reports of a fire aboard a Boeing (BA 99.53, -7.35) 787 Dreamliner at Heathrow Airport in London. Boeing trades down 7.0% and the broader PHLX Defense Index is lower by 1.1%.

Elsewhere, the Nasdaq has held in relatively well as better-than-expected results from Infosys (INFY 46.34, +2.30) provide the index with a measure of support. Chipmakers have also displayed strength as the PHLX Semiconductor Index adds 0.3%. However, some large components have kept the Nasdaq from registering further gains. Google (GOOG 917.00, -3.24) and Microsoft (MSFT 35.36, -0.33) are lower by 0.4% and 0.9%, respectively.

Today's economic data revealed the largest increase in producer prices since September 2012 due to an unexpected increase in energy prices. June PPI rose 0.8%, up from a 0.5% gain in May, and well above the Briefing.com consensus expectation of a 0.3% rise. The energy index rose 2.9% in June after increasing 1.3% May. That is the biggest monthly increase since February. The pickup in energy costs was due to a 7.2% increase in gasoline prices.

Excluding food and energy, core prices remain on a weak trend. Prices increased 0.2% in June after increasing 0.1% in both April and May. The consensus expected these prices to increase 0.1%.

The preliminary reading of the July University of Michigan Consumer Sentiment Index softened a bit and fell from 84.1 in June to 83.9 (85.0 Briefing.com consensus). While employment levels have generally strengthened over the past few weeks, recent volatility in the stock market coupled with increases in oil and gasoline prices likely reduced overall sentiment levels.

The Current Conditions Index rose to 99.7 in July from 93.8 in June. That is the highest level since July 2007. Meanwhile, consumers became more concerned about the future. The Expectations Index fell to 73.8 in July from 77.8 in June.DJ30 -36.10 NASDAQ +0.52 SP500 -1.05 NASDAQ Adv/Vol/Dec 1177/747.1 mln/1209 NYSE Adv/Vol/Dec 1256/291.7 mln/1669

12:30 pm : The major averages remain mixed as the S&P 500 trades with a slim loss of 0.1% while the Nasdaq holds just above its flat line. Only two sectors, financials and consumer discretionary, continue to trade in positive territory as the two display respective gains of 0.3% and 0.1%.

Elsewhere, the industrial sector has been pressured to fresh lows by Boeing (BA 102.04, -4.84) after reports of a fire aboard a 787 Dreamliner at Heathrow Airport in London. The recent weakness in Boeing has also weighed on defense contractors as the PHLX Defense Index trades lower by 0.6%.DJ30 -25.58 NASDAQ +0.76 SP500 -1.82 NASDAQ Adv/Vol/Dec 1175/675.9 mln/1195 NYSE Adv/Vol/Dec 1304/260.1 mln/1603

12:05 pm : The major averages have slipped to fresh lows but their losses have been limited so far. The S&P 500 is off by two points or 0.1%.

The recent lows in the S&P coincided with comments from Philadelphia Fed President Charles Plosser, who said the Fed should begin reducing the pace of its asset purchases in September and end the program by year's end. Mr. Plosser followed those comments by saying the Federal Reserve does not "want to create another housing boom." On a side note, Mr. Plosser is not a voting member of the Federal Open Market Committee this year.DJ30 -7.76 NASDAQ +0.33 SP500 -2.06 NASDAQ Adv/Vol/Dec 1172/620.7 mln/1186 NYSE Adv/Vol/Dec 1278/240.4 mln/1613

11:25 am : The Dow and Nasdaq continue to hold slim gains while the S&P 500 remains flat. The Nasdaq has outperformed the other two averages as technology names rally after Infosys (INFY 46.85, +2.81) beat on earnings and revenue.

Elsewhere, the discretionary sector is higher by 0.3% as homebuilders display strength while retailers lag following a disappointing Michigan Consumer Sentiment Survey reading for July. The iShares Dow Jones US Home Construction ETF (ITB 23.83, +0.22) is higher by 0.9% while the S&P Retail ETF (XRT 80.89, -0.12) is off by 0.2%.DJ30 +16.42 NASDAQ +5.59 SP500 +0.34 NASDAQ Adv/Vol/Dec 1257/514.6 mln/1060 NYSE Adv/Vol/Dec 1442/202.1 mln/1416

11:00 am : The major averages have notched fresh highs, but the S&P 500 has since returned to its flat line. In addition, the tech-heavy Nasdaq is higher by 0.2% and the small cap Russell 2000 trades up 0.3%.

Financials have extended their leadership as bank shares rally on the back of better-than-expected earnings from JPMorgan Chase (JPM 55.45, +0.31) and Wells Fargo (WFC 42.72, +0.84). Meanwhile, other cyclical sectors remain mixed. Discretionary shares and technology hold slim gains between 0.1% and 0.3% while industrials (-0.3%) and materials (-0.5%) weigh on the broader market.

The industrial sector has been pressured by cautious earnings guidance issued by United Parcel Service (UPS 86.54, -4.91). UPS is lower by 5.3% and peer FedEx (FDX 102.62, -1.78) trades down 1.7%.

Also of note, the materials sector underperforms amid broad weakness. The Market Vectors Steel ETF (SLX 39.31, -0.53) is off by 1.3% after yesterday's 4.0% jump.DJ30 +17.68 NASDAQ +5.53 SP500 +0.04 NASDAQ Adv/Vol/Dec 1279/429.9 mln/1025 NYSE Adv/Vol/Dec 1441/174.6 mln/1401

10:35 am : The dollar index has been in positive territory this morning, which has been weighing on commodities.

Precious metals sold off in early morning trade, but have erased some losses. Gold briefly moved back into positive territory a short while ago, but is now back in the red. In current trade, Aug gold is -0.25 at $1277.40/oz, while Sept silver is -0.8% at $19.80/oz.

Crude oil was in the red for the vast majority of the overnight session, but gained steam in early morning trade, around the same time gold and silver did, rallying as high as $105.87/barrel. Aug crude oil has since pulled back some and is now +0.3% at $105.27/barrel. Aug natural gas just hit a new HoD of $3.67/MMbtu and is nowDJ30 +19.43 NASDAQ +6.32 SP500 +0.2.4 NASDAQ Adv/Vol/Dec 1183/330.8 mln/1064 NYSE Adv/Vol/Dec 1287/143 mln/1505

10:00 am : The S&P 500 is flat while the Dow and Nasdaq trade with slim gains of 0.1% each.

The preliminary University of Michigan Consumer Sentiment report for July came in at 83.9, which was lower than the prior month's reading of 84.1. The Briefing.com consensus expected the reading to climb to 85.0.DJ30 +14.91 NASDAQ +3.56 SP500 -0.28 NASDAQ Adv/Vol/Dec 1071/186.9 mln/1082 NYSE Adv/Vol/Dec 1158/96.9 mln/1553

09:45 am : The major averages have spent the initial 15 minutes near their flat lines. Two cyclical sectors, financials and technology, have shown some early strength as they both sport gains near 0.2%. Bank shares trade ahead of the broader market after JPMorgan Chase (JPM 55.54, +0.40) and Wells Fargo (WFC 42.60, +0.71) reported their quarterly results. Both banks reported bottom-line beats on in-line revenue. However, JPM saw a 7.0% quarter-over-quarter decrease in mortgage originations while WFC reported a 2.7% increase.

Elsewhere, industrials and transportation-related names have been pressured by UPS (UPS 86.38, -5.07) after the company lowered its second quarter and full year earnings guidance below consensus. The Dow Jones Transportation Average is lower by 0.8%.

The preliminary University of Michigan Consumer Sentiment Survey for July will be released at 9:55 ET.DJ30 -0.31 NASDAQ +1.60 SP500 -1.55 NASDAQ Adv/Vol/Dec 959/108.6 mln/1137 NYSE Adv/Vol/Dec 1133/664.8 mln/1520

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: flat. Equity futures hold slim losses with the S&P 500 futures lower by 0.2%. Investors focused on earnings this morning after JPMorgan Chase (JPM 55.54, +0.40) and Wells Fargo (WFC 42.60, +0.71) reported their quarterly results. Both banks reported bottom-line beats on in-line revenue. However, JPM saw a 7.0% quarter-over-quarter decrease in mortgage originations while WFC reported a 2.7% increase.

Also of note, UPS (UPS 86.52, -4.87) is lower by 5.4% after cutting its second quarter and full year earnings expectations below consensus. Peer FedEx (FDX 102.11, -2.29) is off by 2.2%.

Today's economic data revealed the largest increase in producer prices since September 2012 due to an unexpected increase in energy prices. June PPI rose 0.8%, up from a 0.5% gain in May, and well above the Briefing.com consensus expectation of a 0.3% rise. The energy index rose 2.9% in June after increasing 1.3% May. That is the biggest monthly increase since February. The pickup in energy costs was due to a 7.2% increase in gasoline prices.

Excluding food and energy, core prices remain on a weak trend. Prices increased 0.2% in June after increasing 0.1% in both April and May. The consensus expected these prices to increase 0.1%.

The preliminary University of Michigan Consumer Sentiment Survey for July will be released at 9:55 ET.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -0.70. Nasdaq futures vs fair value: +3.00. The S&P 500 futures continue to hover near their flat line.

Asian markets ended in mixed fashion. Chinese indices underperformed as investors showed caution ahead of the Monday release of China's second quarter GDP after the recent string of data suggested the reading could disappoint. On a related note, Finance Minister Lou Jiwei said he is confident the country can achieve 7.0% GDP growth, but 2013 growth of 6.5% would not be a 'big problem.' Regional economic data was limited. Japan's industrial production rose 1.9% month-over-month (0.0% expected, 1.9% previous). Meanwhile, capacity utilization climbed 2.3% (1.6% previous). Australia's home loans increased 1.8% month-over-month (2.5% expected, 1.2% prior). Singaporean GDP rose 3.7% year-over-year (1.9% expected, 0.2% previous).

In Japan, the Nikkei added 0.2% as growth-sensitive names outperformed. Nippon Sheet Glass, Nippon Soda, and Toho Zinc gained between 5.2% and 10.8%. On the downside, Fast Retailing fell 6.2% after its quarterly results disappointed.
Hong Kong's Hang Seng finished lower by 0.8% as energy and property names lagged. China Coal Energy fell 3.4% and Hang Lung Properties settled lower by 2.9%. Lenovo Group displayed relative strength, climbing 0.6%.
In China, the Shanghai Composite settled lower by 1.6% as miners lagged. Xiamen Tungsten and Yanzhou Coal Mining both dropped near 5.0%.

Core European indices trade with gains while peripheral indices underperform. Among news of note, the ongoing political turmoil in Portugal caused the Troika to push back its aid review to September from mid-July. Elsewhere, Standard & Poor's affirmed Germany's 'AAA' sovereign debt rating. Regional economic data was limited. Eurozone industrial production decreased 0.3% month-over-month (-0.2% expected, 0.5% prior) while the year-over-year reading pointed to a decline of 1.3% (1.3% expected, -0.6% prior). Great Britain's CB Leading Index ticked up 0.4% (0.2% prior). Elsewhere, Spain's CPI increased 0.1% month-over-month (0.2% expected, 0.2% prior) while the year-over-year reading rose 2.1%, as expected.

France's CAC is higher by 0.2%. STMicroelectronics leads the advancers with a gain of 3.9% after its peer Infosys reported better-than-expected earnings. On the downside, Schneider Electric is lower by 4.3% amid reports the company is considering a bid for Britain's Invensys.
Great Britain's FTSE is higher by 0.3% as financials lead. Aberdeen Asset Management, Royal Bank of Scotland, and Standard Life are all up between 1.9% and 2.5%. Miners are among the decliners with Rio Tinto off by 1.0%.
In Germany, the DAX sports a gain of 1.0%. Daimler is higher by 4.9% after beating earnings expectations. Chemical producer K+S leads the decliners with a loss of 2.4%.
On the periphery, Italy's MIB is lower by 0.4% and Spain's IBEX trades down 1.4%.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: +2.70. The S&P 500 futures have slipped into the red following the latest PPI data.

June producer prices increased 0.8%, which was hotter than the uptick of 0.3% forecast by the Briefing.com consensus. Core producer prices rose 0.2% while the Briefing.com consensus expected an uptick of 0.1%.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +5.50. U.S. equity futures are little changed after recovering their slim overnight losses. The S&P 500 futures trade higher by 0.1%.

Looking at overnight developments:

Asian markets ended in mixed fashion. Japan's Nikkei +0.2%, Hong Kong's Hang Seng -0.8%, China's Shanghai Composite -1.6%.
In regional economic data:
Japan's industrial production rose 1.9% month-over-month (0.0% expected, 1.9% previous). Meanwhile, capacity utilization climbed 2.3% (1.6% previous).
Australia's home loans increased 1.8% month-over-month (2.5% expected, 1.2% prior).
Singaporean GDP rose 3.7% year-over-year (1.9% expected, 0.2% previous).
Looking at news:
In China, investors showed caution ahead of the Monday release of China's second quarter GDP after the recent string of data suggested the reading could disappoint. On a related note, Finance Minister Lou Jiwei said he is confident the country can achieve 7.0% GDP growth, but 2013 growth of 6.5% would not be a 'big problem.'

Key European indices trade with gains as midday nears. France's CAC +0.3%, Great Britain's FTSE +0.4%, Germany's DAX +0.9%. On the periphery, Italy's MIB -0.1% and Spain's IBEX -1.0%.
Regional economic data was limited:
Eurozone industrial production decreased 0.3% month-over-month (-0.2% expected, 0.5% prior) while the year-over-year reading pointed to a decline of 1.3% (1.3% expected, -0.6% prior).
Great Britain's CB Leading Index ticked up 0.4% (0.2% prior).
Spain's CPI increased 0.1% month-over-month (0.2% expected, 0.2% prior) while the year-over-year reading rose 2.1%, as expected.
In news:
The ongoing political turmoil in Portugal caused the Troika to push back its aid review to September from mid-July.
Standard & Poor's affirmed Germany's 'AAA' sovereign debt rating.

In U.S. corporate news:

JPMorgan Chase (JPM 54.70, -0.44) is lower by 0.8% after reporting an earnings beat on in-line revenue. Notably, mortgage originations decreased 7.0% quarter-over-quarter.
Infosys (INFY 48.35, +4.31) has jumped 9.8% after beating on earnings and revenue. However, the company lowered its fiscal year 2014 revenue guidance below consensus.

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.

06:49 am : [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.50.

06:49 am : Nikkei...14506.25...+33.70...+0.20%. Hang Seng...21277.28...-160.20...-0.80%.

06:49 am : FTSE...6582.40...+39.00...+0.60%. DAX...8235.39...+76.60...+0.90%.

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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