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 Post subject: July 15th Monday Trade Results - Profit $450
PostPosted: Tue Jul 16, 2013 6:37 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($440.00) dollars or -4.40 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($CL_F) futures @ $390.00 dollars or +0.39 points, Gold GC ($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 @ $450 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=1554

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 Gain As Earnings Come Into Focus

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

NEW YORK (CNNMoney)
U.S. stocks managed modest gains Monday after solid earnings from Citigroup, but the rise was tempered by a weak report on retail sales.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all edged up about 0.2%. 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.

Investors welcomed better-than-expected quarterly results from Citigroup (C, Fortune 500), which reported net income of $4.2 billion, or $1.34 per share, driven by a jump in revenue and lower loan losses. Corporate earnings could be a big market driver this week.

Goldman Sachs (GS, Fortune 500) reports early Tuesday, along with Dow stocks Johnson & Johnson (JNJ, Fortune 500) and Coca-Cola (KO, Fortune 500).

Overall, the companies in the S&P 500 are expected to report earnings growth of less than 0.1% for the quarter, according to FactSet. That would be the weakest growth since earnings fell in the third quarter of 2012, but investors seem optimistic that companies will be able to beat analysts' low expectations.

Meanwhile, retail sales rose 0.4% in June, the Census Bureau said Monday. That's a slowdown from a 0.6% rise a month earlier, and weaker than expected.

Separately, the New York Federal Reserve bank said its index of manufacturing activity in the region rose to 9.5 in July, from 7.8 in June.

* China's GDP growth slows to 7.5%

"Investors are keeping a watchful eye on economic data, not only for signs about the direction of the economy, but perhaps more importantly in a search for clues about the Fed's next steps," said Jim Baird, chief investment officer for Plante Moran Financial Advisors.

Federal Reserve chairman Ben Bernanke will be on Capitol Hill this week for his annual testimony on the economy. Bernanke gave the market a boost last week after he said U.S. monetary policy will remain "highly accommodative" for the foreseeable future.

Earlier, the Chinese government said gross domestic product rose by 7.5% in the second quarter, matching official estimates. While growth was slower than the 7.7% rate in the first quarter, investors were relieved that Chinese GDP was not weaker than expected.

"Investors need to realize that China's leadership is primarily focusing on long-term changes, instead of quarter-to-quarter results," said Jack Ablin, chief investment officer at BMO Private Bank.

*Video - AT&T, T-Mobile leapfrog for Leap wireless

What's moving? Shares of Leap Wireless International (LEAP) jumped 112% after AT&T (T, Fortune 500) said on Friday that it plans to acquire the prepaid wireless provider for about $1.2 billion.

Tiffany & Co. (TIF) shares were up 3.6% after analysts at Stifel upgraded the jeweler to buy from hold.

Related: Fear & Greed Index gets greedy

Boeing's (BA, Fortune 500) stock edged up after British investigators said that a Dreamliner fire at London Heathrow Airport last Friday was not linked to its batteries, which have created problems in the past.

Major European markets closed higher with the UK's FTSE 100 (UKX) up 0.6%. Meanwhile, the main Chinese markets ended with gains. The Shanghai Composite index rose about 1% and the Hang Seng index inched 0.1% higher.

In Japan, the Tokyo Stock Exchange was closed for a holiday.

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4:15 pm : The S&P 500 settled higher by 0.1% to mark its eight consecutive advance. The utilities sector ended atop today's leaderboard with a gain of 1.6%, but the relative strength of three influential sectors (financials, industrials, and technology) helped the S&P end at a fresh record high of 1682.50, less than five away from its May 22 all-time intraday high of 1687.18.

Financials provided the broader market with an opening boost after Citigroup (C 51.81, +1.00) reported better-than-expected earnings on above-consensus revenue. Citigroup rose 2.0% while the broader sector added 0.4%, but neither was able to close above its opening high.

Technology shares (+0.3%) also outperformed the broader market as major components provided the sector with a measure of support. Apple (AAPL 427.44, +0.93), IBM (IBM 194.00, +1.93), and Microsoft (MSFT 36.17, +0.50) all gained between 0.2% and 1.4%. However, chipmakers underperformed as the PHLX Semiconductor Index slipped 0.1%.

Industrials and materials climbed after China's second quarter GDP growth of 7.5% met expectations after some feared the reading could disappoint. In addition, the industrial sector received a boost from Dow component Boeing (BA 105.66, +3.79) after it was determined that Friday's fire aboard a 787 Dreamliner at London's Heathrow Airport was not caused by battery issues. Afternoon reports from the Wall Street Journal have suggested an emergency locator transmitter made by Honeywell (HON 82.30, -0.07) may have been the culprit.

While most cyclical sectors finished ahead of the broader market, the energy space ended lower by 0.1% and the discretionary sector shed 0.3%. Homebuilders lagged with the iShares Dow Jones US Home Construction ETF (ITB 23.11, -0.47) falling 2.0%.

With regards to countercyclical groups, the utilities sector stood out while consumer staples and health care were little changed. For its part, the telecom services sector lost 0.7% as AT&T (T 35.55, -0.26) and Verizon (VZ 49.96, -0.45) weighed. Over the weekend, AT&T offered to acquire Leap Wireless (LEAP 16.95, +8.97) for $15 per share, representing an 88.0% premium to Leap's Friday closing price.

Today's session featured below-average participation as only 567 million shares changed hands on the floor of the New York Stock Exchange. This total was only 85 million above the holiday-shortened session on July 3. However, the remainder of the week should prove to be more active as second quarter earnings pour in. In addition, Federal Reserve Chairman Ben Bernanke will appear before Congress on Wednesday and Thursday to take part in a semi-annual testimony.

Economic data of the day pointed to a 0.4% increase in June retail sales. That was below the Briefing.com consensus estimate, which called for an increase of 0.7%. Excluding autos, retail sales were flat, which was disappointing relative to the 0.4% consensus estimate.

Separately, May business inventories ticked up 0.1% after increasing 0.2% in April. The Briefing.com consensus expected inventory levels to decline 0.1%.

Tomorrow, June CPI and core CPI will be reported at 8:30 ET; May net long-term TIC flows will be announced at 9:00 ET; while June industrial production and capacity utilization will be released at 9:15 ET. The day's economic data will be topped off by the 10:00 ET release of the July NAHB Housing Market Index. On the earnings front, Coca-Cola (KO 41.01, -0.02), Goldman Sachs (GS 163.00, +2.89), and Johnson & Johnson (JNJ 90.40, +0.41) will report their results before the opening bell.DJ30 +19.96 NASDAQ +7.41 SP500 +2.31 NASDAQ Adv/Vol/Dec 1624/1.40 bln/873 NYSE Adv/Vol/Dec 1891/566.6 mln/1128

3:35 pm : Commodities ended the day mostly higher, with crude oil and natural gas gaining steam in the afternoon session and nat gas rallying into the close.

Natural gas rallied into the end of floor trading, rising 3.7% off its LoD to finish the day $0.03 higher at $3.67/MMBtu. Crude oil rose in the afternoon and into the close as well, coming back from below the $105 level and ended $0.37 higher at $106.30/barrel.

In the metals space, precious metals ended modestly higher, while copper prices lost one penny. Aug gold finished $6.30 higher at $1283.70/oz, while Sept silver ended $0.04 higher at $19.84/oz. Sept copper fell one penny to finish at $3.14/lb.

DJ30 +31.01 NASDAQ +8.42 SP500 +2.97 NASDAQ Adv/Vol/Dec 1564/1156.6 mln/903 NYSE Adv/Vol/Dec 1879/362 mln/1113

3:00 pm : The S&P 500 trades higher by 0.2% as today's session enters its final hour.

Similar to equities, the foreign exchange market has been relatively quiet today. Currently, the Dollar Index holds a slim gain of 0.1% after retreating from its early high. The greenback continues to hold modest gains against the Japanese yen, but has surrendered its advance versus the euro.

Dollar/yen is higher by 70 pips near 99.85 after early buying ran the pair as high as 100.47. However, the yen recovered about half of its losses following today's disappointing economic data.

Elsewhere, euro/dollar trades near 1.3065 after climbing off session lows just below 1.3000. The euro strengthened in the wake of this morning's data and continued rising even after Fitch downgraded the European Financial Stability Fund to 'AA+' from 'AAA.'DJ30 +41.85 NASDAQ +8.30 SP500 +3.58 NASDAQ Adv/Vol/Dec 1574/1.04 bln/901 NYSE Adv/Vol/Dec 1877/326.8 mln/1107

2:30 pm : The S&P 500 has climbed to a fresh high in a move corresponding with new session highs in defensively-oriented health care (+0.1%) and utilities (+1.6%). Meanwhile, the consumer staples sector sits just below its session best with a narrow gain of 0.1%. However, the telecom services sector remains in the red as AT&T (T 35.61, -0.20) and Verizon (VZ 49.88, -0.53) sport respective losses of 0.5% and 1.1%.

With the broader market holding session highs, the CBOE Volatility Index (VIX 13.57, -0.27) hovers on its lows as market participants adjust their near-term volatility expectations.DJ30 +32.94 NASDAQ +8.61 SP500 +3.63 NASDAQ Adv/Vol/Dec 1590/964.4 mln/873 NYSE Adv/Vol/Dec 1874/302.6 mln/1099

2:00 pm : The major averages continue to hold their slim gains of 0.2% each while the small cap Russell 2000 outperforms with a gain of 0.6%.

Notably, the technology sector has spent the entire session in a steady climb. Currently, the group trades higher by 0.4% as top sector components register solid gains. Apple (AAPL 429.63, +3.12), Google (GOOG 926.70, +3.70) and Microsoft (MSFT 36.10, +0.43) are all up between 0.4% and 1.2%. However, chipmakers have not shown much change as the PHLX Semiconductor Index adds 0.1%.DJ30 +23.23 NASDAQ +7.00 SP500 +2.37 NASDAQ Adv/Vol/Dec 1537/873.1 mln/923 NYSE Adv/Vol/Dec 1831/274.6 mln/1123

1:30 pm : The major averages haven't been in a hurry to get anywhere today. Still, in light of last week's robust gains, it can be said the market is having a relatively good day as sellers have been kept at bay.

The Nasdaq Composite, which soared 3.5% last week, is up 0.1%. The Russell 2000, which surged 3.1% last week, is up another 0.5%. The S&P 500, which increased 3.0% last week, is up 0.1%.

The missing ingredient today is active participation. NYSE volume totals just 253 mln shares at this juncture -- even with Oracle (ORCL 31.93, +0.68) on the Big Board now. Last week, NYSE volume averaged 287 mln shares by 1:00 p.m. ET. The market is well below that today with an extra 30 minutes of "action" under its belt.

Accordingly, there is an element of consolidation in the air following some generally disappointing data earlier this morning (retail sales and business inventories) and ahead of a whole host of earnings reports later in the week, as well as Fed Chairman Bernanke's semi-annual monetary policy testimony on Wednesday and Thursday.DJ30 +17.16 NASDAQ +4.96 SP500 +1.80 NASDAQ Adv/Vol/Dec 1504/803 mln/940 NYSE Adv/Vol/Dec 1837/253 mln/1120

1:00 pm : The major averages hold slim midday gains and the S&P 500 is higher by 0.1%.

Equities saw a brief dip into the red at the start of today's session before resuming their uptrend. Financials provided the broader market with an early boost after Citigroup (C 51.91, +1.10) reported an earnings beat on above-consensus revenue. The sector has retreated off its early highs, but continues to hold a gain of 0.3%.

With regards to other cyclical groups, the industrial space has been supported by the relative strength of transportation-related shares as the Dow Jones Transportation Average trades higher by 0.5%. In addition, Dow component Boeing (BA 104.74, +2.86) trades up 2.8% after it was determined Friday's fire aboard a 787 Dreamliner at London's Heathrow Airport was not caused by battery issues. Further, recent reports from the Wall Street Journal have suggested an Emergency Locator Transmitter may have been the culprit behind the problems.

Elsewhere, the materials sector is higher by 0.2% after China's in-line GDP report (7.5%) alleviated some concerns about the pace of the country's economic growth.

Also of note, the discretionary space has trailed behind the broader market from the open as homebuilders weigh. The iShares Dow Jones US Home Construction ETF (ITB 23.34, -0.24) is lower by 1.0%.

Today's retail sales report has had little effect on retailers. The SPDR S&P Retail ETF (XRT 81.09, +0.28). However, the disappointing reading sparked a bid in Treasuries, pressuring yields across the complex off their highs. The benchmark 10-yr yield is lower by four basis points at 2.55%.

On a related note, the rate-sensitive utilities sector has climbed steadily since the open. The group holds a midday gain of 1.1%. Meanwhile, another income-oriented sector, telecom services, is lower by 0.8%. Dow component AT&T (T 35.54, -0.27) sports a loss of 0.8% after agreeing to acquire Leap Wireless (LEAP 17.14, +9.16) for $15 per share, representing an 88.0% premium to Leap's Friday closing price.

In addition to the previously mentioned retail sales, today's economic data included the May business inventories report, which pointed to an uptick of 0.1% after increasing 0.2% in April. The Briefing.com consensus expected inventory levels to decline 0.1%.DJ30 +11.35 NASDAQ +4.90 SP500 +1.65 NASDAQ Adv/Vol/Dec 1528/733.9 mln/902 NYSE Adv/Vol/Dec 1865/233.1 mln/1083

12:30 pm : Equities continue to hold their recent levels with the S&P 500 higher by 0.1%. The utilities sector (+1.3%) remains in the lead while telecom services (-0.9%) lag following AT&T's (T 35.49, -0.32) proposal to acquire Leap Wireless (LEAP 16.94, +8.96) for $15.00 per share.

Meanwhile, cyclical sectors haven't shown much change but the Dow Jones Transportation Average has climbed to a fresh high. The bellwether complex trades with a gain of 0.6%, which, in turn, has kept the industrial sector (+0.3%) in positive territory. Dow component Boeing (BA 104.97, +3.10) has also provided support to the industrial space after it was determined batteries did not play a part in the Friday fire aboard a 787 Dreamliner at London's Heathrow Airport.DJ30 +25.03 NASDAQ +5.93 SP500 +2.70 NASDAQ Adv/Vol/Dec 1513/663.3 mln/901 NYSE Adv/Vol/Dec 1893/214.9 mln/1038

12:00 pm : The S&P 500 trades near the top of its five point range. So far, the gains among cyclical sectors have been limited to no more than 0.3%. However, the discretionary space holds a slim loss of 0.1% as homebuilders weigh. The iShares Dow Jones US Home Construction ETF (ITB 23.36, -0.22) is lower by 0.9%.

On the flip side, retailers are holding modest gains even after today's June retail sales report proved to be a disappointment (+0.4% actual, +0.7% expected). The SPDR S&P Retail ETF (XRT 81.11, +0.30) is higher by 0.4%.

Elsewhere, Treasuries have taken a step back from their early highs. The benchmark 10-yr yield is lower by two basis points at 2.57%.DJ30 +9.86 NASDAQ +4.61 SP500 +1.89 NASDAQ Adv/Vol/Dec 1532/585.7 mln/877 NYSE Adv/Vol/Dec 1852/192.1 mln/1062

11:30 am : Equity indices have spent the past 30 minutes near their current levels. The Dow, Nasdaq, and S&P 500 all trade with gains of 0.1%. While most sectors have not shown much change in recent action, the utilities space has climbed to a fresh session high. The countercyclical sector trades up 1.1%.

Meanwhile, another defensive sector, telecom services (-0.7%), is the weakest performing group of the day. Dow component AT&T (T 35.58, -0.23) is off by 0.7% after agreeing to acquire Leap Wireless (LEAP 16.80, +8.82) for $15 per share, representing an 88.0% premium to Leap's Friday closing price.DJ30 +12.28 NASDAQ +4.75 SP500 +1.42 NASDAQ Adv/Vol/Dec 1473/507.9 mln/893 NYSE Adv/Vol/Dec 1802/169.4 mln/1086

11:00 am : The major averages continue to hover just above their respective flat lines. Currently, sector leadership is painting a mixed picture as the utilities sector (+0.8%) outperforms the remaining groups. Meanwhile, the other defensively-oriented sectors (consumer staples, health care, telecom services) trail behind the broader market.

With regard to cyclical groups, the industrial sector (+0.2%) holds a slim loss as the Dow Jones Transportation Average provides the space with a measure of support. The bellwether complex is higher by 0.3%.

Elsewhere, Treasuries are on their highs with the benchmark 10-yr yield lower by four basis points at 2.55%.DJ30 +9.11 NASDAQ +1.58 SP500 +0.61 NASDAQ Adv/Vol/Dec 1427/407.3 mln/910 NYSE Adv/Vol/Dec 1731/141.1 mln/1131

10:30 am : Commodities are mixed this morning with precious metals modestly higher and energy lower.

Aug crude oil rallied off its LoD of $104.72/barrel, rising back to the unchanged line, which is around $106/barrel. Aug crude is currently -0.3% at $105.59/barrel. Natural gas sold off a short while ago. and the Aug contract is now -1.8% at $3.58/MMBtu.

Gold and silver are showing modest gains this morning after both rallied earlier. Aug gold is now +0.4% at $1283.00/oz, while Sept silver is +0.2% at $19.82/oz. Sept copper is -0.9% at $3.13/lb.DJ30 +6.87 NASDAQ -1.05 SP500 -0.13 NASDAQ Adv/Vol/Dec 1337/309.3 mln/940 NYSE Adv/Vol/Dec 1628/115 mln/1178

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

During May, business inventories rose 0.1%, which was ahead of the 0.1% decrease expected by the Briefing.com consensus. This follows the prior month's increase of 0.3%.DJ30 -4.84 NASDAQ 4.34 SP500 -1.12 NASDAQ Adv/Vol/Dec 1259/196.2 mln/957 NYSE Adv/Vol/Dec 1565/82.6 mln/1179

09:45 am : The major averages slipped into the red after opening the session with slim gains. The S&P 500 is lower by 0.1%.

Financials and industrials are the only two sectors currently trading in positive territory. The financial space is the top performer in early action after Citigroup (C 52.14, +1.32) reported an earnings beat on above-consensus revenue.

Elsewhere, the industrial sector has received a slight boost from Boeing (BA 103.45, +1.56) after reports indicated the Friday fire aboard a 787 Dreamliner in London was not due to battery issues.

So far, retailers have been largely unaffected by the disappointing June retail sales report. The SPDR S&P Retail ETF (XRT 80.76, -0.05) trades in-line with the broader market.

May business inventories will be reported at 10:00 ET.DJ30 -3.16 NASDAQ -7.41 SP500 -1.88 NASDAQ Adv/Vol/Dec 1100/124.8 mln/1020 NYSE Adv/Vol/Dec 1443/63.6 mln/1246

09:30 am : Commodities are mixed this morning with precious metals modestly higher and energy lower.

Aug crude oil rallied off its LoD of $104.72/barrel, rising back to the unchanged line, which is around $106/barrel. Aug crude is currently -0.3% at $105.59/barrel. Natural gas sold off a short while ago. and the Aug contract is now -1.8% at $3.58/MMBtu.

Gold and silver are showing modest gains this morning after both rallied earlier. Aug gold is now +0.4% at $1283.00/oz, while Sept silver is +0.2% at $19.82/oz. Sept copper is -0.9% at $3.13/lb.

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -5.00. With 15 minutes before the start of today's cash session, the S&P 500 futures trade with a slim gain of 0.2%. It has been a generally quiet night in global markets after China posted an in-line second quarter GDP growth of 7.5%. Remaining data points from China were more of a mixed bag as industrial production missed (8.9% actual, 9.1% expected) while retail sales beat (13.3% actual, 12.9% expected).

Elsewhere, European indices hold modest gains, but Spain's IBEX (-0.5%) has been pressured after weekend protests called for the resignation of Prime Minister Mariano Rajoy following the release of additional evidence implicating the PM and his party in a kickback scheme.

Today's economic data pointed to a 0.4% increase in June retail sales. That was below the Briefing.com consensus estimate, which called for an increase of 0.7%. Excluding autos, retail sales were flat, which was disappointing relative to the 0.4% consensus estimate.

Quarterly earnings are set to kick into high gear this week. Citigroup (C 52.14, +1.32) trades higher by 2.6% in pre-market action after beating on earnings and revenue.

May business inventories will be reported at 10:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -5.00. The S&P 500 futures trade higher by 0.2%.

It was a sea of green across Asia as all of the major averages ended with gains. China's Shanghai Composite (+1.0%) was the leader after country's second quarter GDP posted an in-line 7.5%. The reading is down slightly from Q1's 7.7%, but helped ease some fears of a deeper slowdown that developed last week when Finance Minister Lou Jiwei suggested the Chinese economy could handle growth as slow as 6.5%. Other data out of the Middle Kingdom showed fixed asset investment climb 20.1% year-over-year (20.3% expected) and industrial production jump 8.9% year-over-year (9.1% expected). Elsewhere, India's WPI inflation rate ticked up to 4.9% year-over-year (4.9% expected, 4.7% previous) while Singapore's retail sales rose 3.2% year-over-year.

In Japan, the Nikkei was closed for Marine Day.
In Hong Kong, the Hang Seng added 0.1% amid a choppy trade. Internet gaming company Tencent Holdings rallied 3.7% after a government agency suggested improved communications was a top priority with some believing 4G licenses will be awarded by the end of the year. Elsewhere, Angang Steel surged 8.2% on the back of better than expected quarterly results.
In China, the Shanghai Composite settled higher by 1.0% as brokerage and auto shares paced the advance. Citic Securities climbed 4.0% as regulators loosen restrictions on foreign investment. Meanwhile, automaker FAW gained 4.3% after upbeat guidance.

Major European indices trade near their lows after seeing solid gains in the first half of the session. Spain's IBEX (-0.5%) trails behind other regional indices after weekend protests called for the resignation of Prime Minister Mariano Rajoy following the release of additional evidence implicating the PM and his party in a kickback scheme. Regional economic data was limited to Swiss PPI, which increased 0.1% month-over-month while the year-over-year reading ticked up 0.2%. Both figures met expectations.

Germany's DAX is higher by 0.2% with financials in the lead. Commerzbank trades up 3.7% after weekend reports indicated German Finance Minister Wolfgang Schaeuble discussed selling shares to Swiss UBS. In addition, Allianz and Deutsche Bank hold respective gains of 0.5% and 1.3%. On the downside, steelmaker ThyssenKrupp is lower by 1.4%.
Great Britain's FTSE trades with a gain of 0.4% as bank shares outperform. Royal Bank of Scotland and Lloyds Banking Group are higher by 3.6% and 2.0%, respectively. Miners are among the laggards as Antofagasta and Randgold Resources register losses near 2.0% each.
France's CAC is higher by 0.4%. Food retailer Carrefour leads the index with a gain of 2.0%. On the downside, ArcelorMittal and Vallourec are lower by 1.7% and 0.6%, respectively.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -4.50. The S&P 500 futures trade higher by 0.3%.

June retail sales rose 0.4%, while the Briefing.com consensus expected an increase of 0.7%. The prior month's reading pointed to an uptick of 0.5%. Excluding autos, retail sales were unchanged against the expectations of a 0.4% uptick.

The Empire Manufacturing Survey for July registered a reading of 9.5, which was up from the prior month's reading of 7.8. Economists polled by Briefing.com had expected that the survey would slip to 0.8.

08:00 am : S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -5.30. U.S. equity futures hold slim gains after spending overnight action in positive territory. The S&P 500 futures are higher by 0.1%.

Reviewing overnight developments:

Asian markets registered gains. Hong Kong's Hang Seng +0.1%, China's Shanghai Composite +1.0%. In Japan, the Nikkei was closed in observance of Marine Day.
Looking at regional economic data:
China's second quarter GDP rose 1.7% quarter-over-quarter (1.8% expected, 1.6% prior) while the year-over-year reading climbed 7.5%, as expected. In addition, fixed asset investment rose 20.1% year-over-year (20.2% expected, 20.4% prior) and industrial production increased 8.9% year-over-year (9.1% expected, 9.2% previous). Also of note, retail sales jumped 13.3% year-over-year (12.9% consensus, 12.9% prior).
Australia's new motor vehicle sales rose 4.0% month-over-month (0.3% prior).
India's Wholesale Price Index rose 4.86% year-over-year (4.90% expected, 4.70% prior).
Singaporean retail sales increased 3.2% year-over-year (1.5% expected, -0.3% previous).
In news:
Although China's GDP growth met expectations, state researcher Xia Bin said the country is already mired in a financial crisis, and the government needs to 'gradually pierce the bubble,' indicating to the markets the economy is in a period of deep restructuring.

Major European indices trade near their lows after seeing solid gains in the first half of the session. Germany's DAX +0.2%, France's CAC +0.4%, Great Britain's FTSE +0.4%. On the periphery, Italy's MIB +0.1% and Spain's IBEX -0.5%.
Regional economic data was scarce:
Swiss PPI increased 0.1% month-over-month while the year-over-year reading ticked up 0.2%. Both figures met expectations.
In news:
Spain's IBEX trails behind other regional indices after weekend protests called for the resignation of Prime Minister Mariano Rajoy following the release of additional evidence implicating the PM and his party in a kickback scheme.

In U.S. corporate news:

AT&T (T 35.52, -0.29) has agreed to acquire Leap Wireless (LEAP 17.01, +9.03) for $15 per share, representing an 88.0% premium to Leap's Friday closing price.

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.

06:47 am : [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -5.00.

06:47 am : Nikkei...Holiday......... Hang Seng...21303.31...+26.00...+0.10%.

06:47 am : FTSE...6568.65...+25.20...+0.40%. DAX...8226.64...+13.90...+0.20%.

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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