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 Post subject: July 18th Thursday Trade Results - Profit $480
PostPosted: Fri Jul 19, 2013 7:03 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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

Quote:
This message post (performance record) is the doorway into my trade journal (diary). It contains summaries of my trade results and a direct link to the actual chat room log for today's trading session where the details of each trade was posted in real-time from entry to exit. In addition, below you'll find today's market context that's critical in understanding what the markets were reacting too so that you'll have a better understanding of my trades and/or price action commentaries in the chat room.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $480.00 dollars or +4.80 points, Emini ES ($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 @ $480 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=1557

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 Context 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 At Record Highs, Up 19% In 2013

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

NEW YORK (CNNMoney)
Investors pushed the Dow and S&P 500 into record territory once again Thursday, as they welcomed a batch of strong earnings and a drop in jobless claims.

The Dow Jones industrial average gained 78 points, or 0.5%, to end at a record closing high of 15,548.54. The S&P 500 also rose 0.6% and finished at a record closing high. Earlier, both indexes rose to fresh all-time trading highs.

While the Dow and S&P 500 gained traction, the Nasdaq lagged, gaining only a handful of points for the day. The tech-heavy index was weighed down by poor performing stocks like eBay and Intel.

Despite the minimal uptick, the Nasdaq still managed to close at its highest level since September 2000.

All three indexes are up sharply for the year.

The Dow and S&P 500 have gained nearly 19% while the Nasdaq has rallied almost 20%. (Click here for more on stocks, bonds, commodities and currencies)

Healthy earnings propel stocks: IBM (IBM, Fortune 500) shares climbed after the tech stalwart reported a 3% jump in net income for the second quarter, to $4.3 billion, excluding special charges. IBM also raised its outlook for the year. The company's stock was among the top performers in the Dow Thursday.

Shares of Morgan Stanley (MS, Fortune 500) jumped after the financial firm reported a quarterly profit in line with estimates, though revenue beat forecasts. Shares of rival banks including Bank of America (BAC, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Goldman Sachs (GS, Fortune 500) also increased sharply.

UnitedHealth Group (UNH, Fortune 500) also reported earnings above forecasts and improved its outlook. Shares of the insurance giant were among the the best performing in the S&P 500.

"A lot of these earnings are stepping over an extremely low bar, but still stepping over the bar, which is reason for some optimism," said Kim Forrest, senior equity analyst at Fort Pitt Capital Group.

In other earnings news, Verizon (VZ, Fortune 500) reported a 21% jump in quarterly net income from a year earlier. But shares of the company dipped due to a worse-than-expected wireless service profit margin.

Nokia's (NOK) stock price dropped after the Finnish phone maker reported a 24% plunge in quarterly sales from a year earlier.

Late Wednesday, Intel (INTC, Fortune 500) reported second-quarter profits that fell 29% versus a year prior, sending shares lower. The company also said it expects revenue to be flat this year, after previously forecasting a modest increase.

eBay (EBAY, Fortune 500) shares dropped 7% after the online auction site offered third quarter projections below analysts' expectations.

After the closing bell Thursday, both Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500) delivered worse-than-expected earnings results, sending shares sharply lower in after-hours trading.

* Video - Death of the PC claims more victims

Aside from earnings, Dell (DELL, Fortune 500) shares rose during the trading day Thursday after the company postponed the final vote on its pending $24.4 billion buyout offer from founder Michael Dell and private equity firm Silver Lake in an effort to "solicit further shareholder votes," according to comments made by special committee member Alex Mandl.

Shares of Boeing (BA, Fortune 500) rose, recovering from last week's slide following the 787 Dreamliner fire at London's Heathrow Airport. Investors were relieved after Boeing said that it could remove the emergency locator beacon that British regulators identified as the most likely origin of the fire.

* Favorite stocks of high speed traders

Jobless claims drop: Initial jobless claims declined more than expected to 334,000 for the week ended July 13, the lowest level since early May. Claims were expected to drop to 348,000, according to Briefing.com's consensus of economist forecasts.

The four-week moving average, which smooths out some of the volatility in the weekly reading, also declined slightly. Over the past few months, it's been hovering near levels not seen since 2008.

Investors were also encouraged by a separate report that showed manufacturing activity in the Mid-Atlantic region expanded at a faster pace than analysts projected.

Bernanke: Bernanke appeared before the Senate Banking Committee Thursday. He testified before the House Financial Services Committee on Wednesday, reiterating that the Fed will keep its stimulus policies in place for as long as necessary.

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4:15 pm : The S&P 500 settled with a gain of 0.5% after notching a fresh intraday record high of 1693.13. Meanwhile, the tech-heavy Nasdaq underperformed, ending unchanged.

Equities climbed at the open and received an additional boost after the July Philadelphia Fed Index, which is a survey of regional manufacturing conditions, spiked to 19.8 from 12.5. That was well ahead of the Briefing.com consensus estimate of 5.3 and marked the highest reading for the index since March 2011.

The S&P was able to register to a new intraday high as the heavily-weighted energy, financial, and industrial sectors all logged gains of at least 0.9%. The financial space led the way with a gain of 1.3% as just about every large component settled in positive territory. American Express (AXP 74.01, -2.79) was the lone exception following its earnings beat on below-consensus revenue.

Elsewhere, the energy sector rose 0.9% as crude oil jumped to its highest level of the year. The energy component climbed 1.5% to $108.08 per barrel. The recent gains in WTI crude have caused the Brent-WTI spread to narrow to just 68 cents from $5.00 on July 1.

Despite the continued rise in oil, the Dow Jones Transportation Average notched a fresh all-time high before ending with a gain of 1.7%. The relative strength of the bellwether complex helped the industrial sector finish among the leaders.

The benchmark average settled below its session high due to weakness in technology. The tech sector shed 0.3% as eBay (EBAY 53.52, -3.86) and Intel (INTC 23.24, -0.91) weighed following the release of their quarterly results. Online auction site eBay fell 6.7% after its mixed earnings were overshadowed by cautious third quarter guidance. Meanwhile, Intel dropped 3.8% after reporting its fourth quarterly revenue decline in a row. The largest chipmaker weighed on its industry group as the PHLX Semiconductor Index settled lower by 0.9%.

Also of note, IBM (IBM 197.99, +3.44) beat on earnings while missing its revenue expectations. However, upbeat full-year guidance helped the top-weighted Dow component finish higher by 1.8%.

Weekly initial claims decreased by 24,000 to 334,000. The Briefing.com consensus expected claims to come in at 348,000. The encouraging headline number for initial claims is unlikely a number that can be taken at face value, just as last week's disappointing number couldn't be. The issue is that there are seasonal adjustment problems related to the July 4 holiday and auto plant shutdowns for retooling that are not occurring in their usual fashion this year. These factors, and particularly the last factor, have created some saw-tooth volatility in the claims reporting.

Separately, the Leading Indicators report for June was unchanged. That followed a 0.2% increase in May and was worse than the 0.3% increase expected by the Briefing.com consensus.

There is no economic data scheduled to be released tomorrow. However, quarterly earnings will continue pouring in. Notably, General Electric (GE 23.63, +0.09), Honeywell (HON 82.97, +0.53), and Whirlpool (WHR 119.37, -1.23) will report their results ahead of the opening bell.DJ30 +78.02 NASDAQ +1.28 SP500 +8.46 NASDAQ Adv/Vol/Dec 1542/1.63 bln/932 NYSE Adv/Vol/Dec 2067/668.4 mln/952

3:30 pm :

Aug crude oil hit its highest level since March 2012 as it rose above the $108 per barrel level. The energy component came off its session low of $106.83 per barrel and steadily climbed as high as $108.43 per barrel. It settled at $108.03 per barrel, booking a 1.5% gain.
Aug natural gas popped from its session low of $3.67 per MBMtu following inventory data that showed a build of 58 bcf when a higher build of 63-64 bcf was anticipated. It settled 5.0% higher at $3.81 per MMBtu, slightly below its session high of $3.84 per MMBtu.
Aug gold traded higher today despite a stronger dollar index. The yellow metal lifted from its session low of $1276.50 per ounce and spent afternoon floor trade trading in a tight range near the $1284 per ounce level. It eventually settled at $1284.30 per ounce, or 0.5% higher.
Sep silver slipped to a session low of $19.22 per ounce in late morning action but was able to erase most of the loss after chopping around near the unchanged line in afternoon action. It settled 0.1% lower at $19.41 per ounce.

DJ30 +73.50 NASDAQ +2.50 SP500 +8.36 NASDAQ Adv/Vol/Dec 1554/1403.1 mln/897 NYSE Adv/Vol/Dec 2078/444 mln/907

3:05 pm : The S&P 500 has spent the past 90 minutes in a steady climb off its afternoon lows. As a result, the index now sits just three points away from its session high of 1693.13, which also represents the S&P's all-time best.

Financials have made a significant contribution to today's gains as the sector holds an advance of 1.3%. While most major components trade in positive territory, American Express (AXP 74.37, -2.43) is lower by 3.2% after beating earnings estimates on revenue below analyst expectations.

Elsewhere, the technology sector continues to hover in the red. Intel (INTC 23.23, -0.92) is lower by 3.8% after lowering its full-year revenue and gross margin guidance. The underperformance of Intel has weighed on other chipmakers as the PHLX Semiconductor Index holds a loss of 0.6%.DJ30 +81.53 NASDAQ +4.52 SP500 +9.41 NASDAQ Adv/Vol/Dec 1582/1.27 bln/885 NYSE Adv/Vol/Dec 2113/405.2 mln/869

2:30 pm : The major averages have ticked up from their recent levels and the S&P 500 trades higher by 0.5%. The benchmark average has been able to outperform the Nasdaq as the relative strength of energy, financials, and industrials outweighs the weakness among technology shares.

Also of note, the discretionary sector trades in-line with the broader market thanks to the outperformance of retailers. The SPDR S&P Retail ETF (XRT 81.23, +0.59) holds a gain of 0.7%. Meanwhile, home builders have shown some weakness. The iShares Dow Jones US Home Construction ETF (ITB 23.17, -0.09) is lower by 0.4%, and down 1.8% this week.DJ30 +84.75 NASDAQ +4.38 SP500 +9.26 NASDAQ Adv/Vol/Dec 1597/1.15 bln/862 NYSE Adv/Vol/Dec 2122/369.4 mln/856

2:00 pm : The S&P 500 continues to hold a modest gain of 0.4% while the Nasdaq remains anchored to its flat line. In addition to the weakness in technology, another cyclical sector, materials, has retraced its early gains as chemical producers weigh on the growth-sensitive space.

However, steelmakers are seeing an extension of their recent strength. The Market Vectors Steel ETF (SLX 40.74, +0.42) is higher by 1.0% today, and up 7.2% in July. Meanwhile, the S&P 500 holds a month-to-date gain of 5.2%.DJ30 +80.56 NASDAQ +2.55 SP500 +8.62 NASDAQ Adv/Vol/Dec 1564/1.08 bln/868 NYSE Adv/Vol/Dec 2115/347.1 mln/841

1:30 pm : The major averages have been pulling back the past few hours from higher levels established on the back of the better-than-expected Philadelphia Fed Index and the penetration of the prior all-time high of 1687.18 for the S&P 500 that was set on May 22.

The pullback has been paced by the technology sector (-0.5%), which is facing concerns that it has gotten ahead of itself given the revenue declines reported by industry big wigs IBM (IBM 198.48, +3.93) and Intel (INTC 23.25, -0.89), and the third quarter earnings warning from eBay (EBAY 53.56, -3.82).

Similarly, one could also make a case that the broader market has gotten overbought in the short-term. We heard the Fed chairman declare this week that the economy is weak, and yet the S&P 500 has surged 8.0% from its intraday low on June 24. The market of course has been underpinned by its undying faith in the Fed remaining highly accommodative with its monetary policy, but 8% in three weeks time is stretching it a bit too far in our estimation.

Our view notwithstanding, the relative strength of the financial sector (+1.1%) has been an important component in today's session that has kept selling efforts in check. DJ30 +67.55 NASDAQ -2.31 SP500 +6.60 NASDAQ Adv/Vol/Dec 1563/1.01 bln/887 NYSE Adv/Vol/Dec 2080/321 mln/864

1:05 pm : The S&P 500 trades higher by 0.5% while the Nasdaq has retraced its opening advance.

Prior to today's open, investors received a full slate of earnings with a handful of tech names in focus. Notably, top-weighted Dow component IBM (IBM 198.31, +3.76) reported a bottom line beat, but saw a year-over-year revenue decline of 3.3%. Meanwhile Intel's (INTC 23.17, -0.98) revenue declined 5.1% and the chipmaker lowered its full-year revenue and gross margin guidance below consensus. Also of note, eBay (EBAY 53.60, -3.78) reported solid results, but lowered its third quarter guidance below analyst expectations.

The tech sector held up relatively well in the early going, but has recently slipped into the red while the Nasdaq has trailed behind the S&P 500 from the start.

Biotechnology names have shown relative weakness as the iShares Nasdaq Biotechnology ETF (IBB 192.05, -0.16) trades lower by 0.1%. The sector also constitutes a fair share of the health care space, and its underperformance has limited health care to an advance of 0.3%. The small gain comes even as UnitedHealth Group (UNH 70.04, +3.81) trades up 5.8% following its bottom line beat.

Unlike the Nasdaq, the S&P has been able to maintain most of its gains as energy, financial, and industrial sectors all trade higher by at least 0.9%. Industrials have received some support from the Dow Jones Transportation Average, which notched a fresh all-time high and holds an advance of 1.4%. This comes despite crude oil trading higher by 1.3% at $107.83 per barrel, and at its highest level of the year.

The Treasury complex saw some selling following today's economic data, but has since regained a portion of its losses. As a result, the benchmark 10-yr yield is higher by three basis points at 2.53%.

Weekly initial claims decreased by 24,000 to 334,000. The Briefing.com consensus expected claims to come in at 348,000. The encouraging headline number for initial claims is unlikely a number that can be taken at face value, just as last week's disappointing number couldn't be. The issue is that there are seasonal adjustment problems related to the July 4 holiday and auto plant shutdowns for retooling that are not occurring in their usual fashion this year. These factors, and particularly the last factor, have created some saw-tooth volatility in the claims reporting.

The Leading Indicators report for June was unchanged. That followed a 0.2% increase in May and was worse than the 0.3% increase expected by the Briefing.com consensus.

Separately, July Philadelphia Fed Survey rose to 19.8 from 12.5. Economists polled by Briefing.com had expected that the Survey would slip to 5.3.DJ30 +80.15 NASDAQ +0.31 SP500 +7.49 NASDAQ Adv/Vol/Dec 1574/933.1 mln/860 NYSE Adv/Vol/Dec 2089/296.1 mln/839

12:30 pm : The major averages continue to hold their recent levels as energy, financial, and industrial sectors all trade with gains of more than 1.0%.

The industrial space has received some support from the Dow Jones Transportation Average, which holds an advance of 1.7%. The bellwether complex has been able to climb to a fresh all-time high even as crude oil trades at its highest level of the year. The energy component trades up 1.3% at $107.81 per barrel.DJ30 +100.63 NASDAQ +5.18 SP500 +9.30 NASDAQ Adv/Vol/Dec 1613/851.1 mln/800 NYSE Adv/Vol/Dec 2133/271.5 mln/798

12:00 pm : The Dow and S&P 500 remain just below their highs while the Nasdaq has spent the past 45 minutes retreating from its best level of the day. Similarly, biotechnology names have surrendered a portion of their advance and the iShares Nasdaq Biotechnology ETF (IBB 192.40, +0.19) has trimmed its gain to 0.1%.

While the Nasdaq continues to trade in positive territory, the tech sector has slipped into the red. In addition, chipmakers have taken a turn towards their opening lows and the PHLX Semiconductor Index is lower by 0.7%.DJ30 +102.45 NASDAQ +7.26 SP500 +9.50 NASDAQ Adv/Vol/Dec 1625/761.1 mln/758 NYSE Adv/Vol/Dec 2138/245.2 mln/787

11:35 am : The major averages continue to hover near their highs. The S&P 500 holds a gain of 0.6% while the tech-heavy Nasdaq underperforms with an advance of 0.3%.

Intel (INTC 23.28, -0.87) and eBay (EBAY 53.65, -3.73) trade on their lows after the two tech bellwethers issued cautious guidance. In addition, biotechnology names trail behind the broader market as the iShares Nasdaq Biotechnology ETF (IBB 192.71, +0.50) holds a gain of 0.3%. This, in turn, has kept the health care sector (+0.4%) from registering further gains.DJ30 +106.32 NASDAQ +11.72 SP500 +10.65 NASDAQ Adv/Vol/Dec 1670/668.1 mln/692 NYSE Adv/Vol/Dec 2168/215.9 mln/710

11:00 am : The major averages hover near their highs as Chairman Bernanke begins his second day of testimony in front of Congress. After appearing before the House Financial Services Committee, today's event takes place in front of the Senate Banking Committee.

Nine of ten sectors trade with gains while the telecom services sector sports a loss of 0.9% as Verizon (VZ 49.77, -0.97) weighs after reporting an earnings beat on revenue just below analyst expectations.

On the upside, energy and financials both trade with gains of more than 1.0%. Notably, crude oil has climbed to its highest level of the year. Currently, the energy component trades up 1.2% at $107.70 per barrel. As a result of the recent gains, the Brent-WTI spread has narrowed to less than $1.00. On a related note, the energy sector trades higher by 1.2%.DJ30 +116.85 NASDAQ +14.19 SP500 +12.22 NASDAQ Adv/Vol/Dec 1681/535.5 mln/643 NYSE Adv/Vol/Dec 2191/179.0 mln/640

10:35 am : Energy commodities are showing some strength this morning with crude oil and natural gas both sitting near session highs.

Precious metals are mixed with silver lower, and near its LoD. Aug gold is now +0.4% at $1282.50/oz, Sept silver is now -0.8% at $19.27/oz.

Natural gas futures just spiked following weekly inventory data, hitting a new HoD of $3.78/MMBtu. Data showed a build of 58 bcf vs expectations for a build of 63-64 bcf. Aug crude oil began to rally this morning and has climbed about $1.50/barrel. Aug crude is now +1.3% at $107.86/barrel. DJ30 +96.99 NASDAQ +9.70 SP500 +10.32 NASDAQ Adv/Vol/Dec 1594/430.7 mln/671 NYSE Adv/Vol/Dec 2150/148 mln/669

10:05 am : The S&P 500 trades higher by 0.4%.

The Leading Indicators report for June was unchanged. That followed a 0.2% increase in May and was worse than the 0.3% increase expected by the Briefing.com consensus.

Separately, July Philadelphia Fed Survey rose to 19.8 from 12.5. Economists polled by Briefing.com had expected that the Survey would slip to 5.3.DJ30 +78.71 NASDAQ +1.22 SP500 +6.02 NASDAQ Adv/Vol/Dec 1362/254.9 mln/785 NYSE Adv/Vol/Dec 2085/97.8 mln/643

09:50 am : The S&P 500 is higher by 0.3% while the tech-heavy Nasdaq hovers near its flat line.

Technology shares are among the early laggards after cautious guidance from eBay (EBAY 53.50, -3.83) and Intel (INTC 23.44, -0.70) overshadowed their in-line earnings. In addition, both names reported top line results below analyst estimates.

Elsewhere, the Dow outperforms with a gain of 0.4% thanks to the relative strength of IBM (IBM 199.00, +4.45) and UnitedHealth Group (UNH 69.64, +3.41) after the two beat on earnings, but fell short of analyst revenue expectations.DJ30 +75.69 NASDAQ +3.14 SP500 +5.88 NASDAQ Adv/Vol/Dec 1367/167.2 mln/696 NYSE Adv/Vol/Dec 2028/73.1 mln/629

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: +1.50. The S&P 500 futures trade higher by 0.2% as today's cash session sets up for a slightly higher open. Futures jumped to fresh highs after it was reported that initial claims for the week ending July 13 decreased by 24,000 to 334,000. The Briefing.com consensus expected claims to come in at 348,000.

The encouraging headline number for initial claims is unlikely a number that can be taken at face value, just as last week's disappointing number couldn't be. The issue is that there are seasonal adjustment problems related to the July 4 holiday and auto plant shutdowns for retooling that are not occurring in their usual fashion this year. These factors, and particularly the last factor, have created some saw-tooth volatility in the claims reporting.

Investors received a slew of quarterly earnings between yesterday's close and today's opening bell. The tech sector will be in focus after eBay (EBAY 53.58, -3.80), IBM (IBM 198.50, +3.95), and Intel (INTC 23.40, -0.75) reported their results. Of the three, only Dow component IBM holds a pre-market gain of 1.8% after reporting an earnings beat on below-consensus revenue. However, the company raised its full-year earnings guidance. Meanwhile, eBay and Intel hold respective losses of 6.8% and 3.1%. Both names reported in-line earnings coupled with cautious guidance.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +1.50. The S&P 500 futures trade higher by 0.2%.

Asian markets settled in mixed fashion as Japan's Nikkei led with a gain of 1.3% while China's Shanghai Composite underperformed with a loss of 1.1%. The Middle Kingdom saw a rise in the Shanghai Interbank Offered Rate with the one-month rate climbing eight basis points to 4.61%. On a related note, reports in the Chinese press indicate the country's government is mulling increasing credit support for exporters in order to improve trade. Regional economic data was relatively light. China's house prices jumped 6.8% month-over-month (6.0% previous). Elsewhere, Australia's CB Leading Index was unchanged month-over-month (0.3% prior) and NAB Quarterly Business Confidence slipped to -1.0 from 2.0. Also of note, Hong Kong's unemployment rate ticked down to 3.3% from 3.4% (3.4% expected).

In Japan, the Nikkei ended higher by 1.3% with exporters in the lead. Sharp, Konica Minolta, and FUJIFILM all gained between 3.2% and 4.3%. On the downside, Kansai Electric Power lost 2.2%.
Hong Kong's Hang Seng slipped 0.1% as property names weighed. China Resource Land and China Overseas Land & Investment lost 3.3% and 1.4%, respectively. Energy names outperformed and Chian Shenhua Energy led its sector with a gain of 2.5%.
In China, the Shanghai Composite finished lower by 1.1% as financials underperformed. Bank of Nanjing fell 6.7% and China CITIC Bank dropped 5.0%.

Major European indices hold modest gains after starting the session in negative territory. In order to comply with Eurozone aid requirements, the Greek parliament passed a bill calling for 25,000 layoffs in the public sector. Economic data was limited. The Eurozone reported a current account surplus of EUR19.60 billion (EUR18.50 billion expected, EUR23.80 billion prior). Swiss trade surplus came in at EUR2.73 billion (EUR1.85 billion expected, EUR2.12 billion prior). Great Britain's retail sales ticked up 0.2% month-over-month, as expected. Meanwhile, the year-over-year reading increased 2.2% (1.7% expected, 2.1% prior). Also of note, core retail sales met expectations of a 0.2% rise while the year-over-year reading climbed 2.1% (1.6% expected, 2.3% previous).

Great Britain's FTSE is higher by 0.6% with London Stock Exchange in the lead. LSE trades higher by 5.7% after reporting solid revenue. Miners are among the laggards with Fresnillo and Randgold Resources both down near 2.5%.
In France, the CAC trades up 0.5% as financials outperform. Credit Agricole and Societe Generale hold respective gains of 2.8% and 1.3%.
Germany's DAX holds a gain of 0.3% as Continental leads the index with a gain of 2.5%. SAP is lower by 1.2% after missing on earnings and revenue.

08:32 am : [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: -2.00. The S&P 500 futures trade higher by 0.1%.

The latest weekly initial jobless claims count totaled 334,000, which was lower than the 348,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 358,000. As for continuing claims, they rose to 3.114 million from 3.023 million.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -3.30. U.S. equity futures are little changed after shaking off their slim overnight losses. The S&P 500 futures are higher by 0.1%.

Reviewing overnight developments:

Asian markets ended in mixed fashion. Japan's Nikkei +1.3%, Hong Kong's Hang Seng -0.1%, and China's Shanghai Composite -1.1%.
In regional economic data:
China's house prices jumped 6.8% month-over-month (6.0% previous).
Hong Kong's unemployment rate ticked down to 3.3% from 3.4% (3.4% expected).
Australia's CB Leading Index was unchanged month-over-month (0.3% prior) and NAB Quarterly Business Confidence slipped to -1.0 from 2.0.
In news:
Reports in the Chinese press indicate the country's government is mulling increasing credit support for exporters in order to improve trade.

Major European indices hold modest gains after starting the session in negative territory. Great Britain's FTSE +0.4%, France's CAC +0.2%, and Germany's DAX is little changed.
Economic data was limited:
The Eurozone reported a current account surplus of EUR19.60 billion (EUR18.50 billion expected, EUR23.80 billion prior).
Swiss trade surplus came in at EUR2.73 billion (EUR1.85 billion expected, EUR2.12 billion prior).
Great Britain's retail sales ticked up 0.2% month-over-month, as expected. Meanwhile, the year-over-year reading increased 2.2% (1.7% expected, 2.1% prior). Also of note, core retail sales met expectations of a 0.2% rise while the year-over-year reading climbed 2.1% (1.6% expected, 2.3% previous).
Looking at news:
European Central Bank Executive member Joerg Asmussen commented on the situation in the region, saying the current crisis was not caused by the common currency, but a result of business practices.
In order to comply with Eurozone aid requirements, the Greek parliament passed a bill calling for 25,000 layoffs in the public sector.

In U.S. corporate news:

American Express (AXP 76.00, -0.80) is -1.0% after reporting above-consensus earnings on revenue slightly below analyst estimates.
eBay (EBAY 53.70, -3.68) is -6.4% after the company's in-line earnings and revenue were overshadowed by cautious third quarter guidance.
IBM (IBM 197.90, +3.35) is +1.7% following its mixed report. The top-weighted Dow component beat on earnings but missed revenue expectations.
Intel (INTC 23.28, -0.87) is -3.5%. The chipmaker reported in-line earnings but lowered its full-year revenue and gross margin guidance below consensus.
SanDisk (SNDK 61.80, +2.36) is +4.0% after beating on earnings and revenue.
SAP (SAP 74.62, -1.38) is -1.8% after missing on earnings and revenue.
Morgan Stanley (MS 28.00, +1.46) is +5.5% following above-consensus earnings and revenue.
UnitedHealth Group (UNH 68.31, +2.08) is +3.1% after beating on earnings and reaffirming its full-year earnings and revenue guidance.

Weekly initial claims will be reported at 8:30 ET while the June leading indicators and July Philadelphia Fed Survey will be released at 10:00 ET.

06:41 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -1.00.

06:41 am : Nikkei...14808.50...+193.50...+1.30%. Hang Seng...21345.22...-26.70...-0.10%.

06:41 am : FTSE...6596.3...+24.40...+0.40%. DAX...3881.73...+9.70...+0.30%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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