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 Post subject: July 22nd Monday Trade Results - Profit $2927.50
PostPosted: Mon Jul 22, 2013 11:02 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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click on the above image to view today's performance verification

Quote:
This message post (performance record) is the doorway into my trade journal (diary). It contains my broker statement 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, 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 @ $630.00 dollars or +6.30 points, Emini ES ($ES_F) futures @ $2237.50 dollars or +44.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $60.00 dollars or +0.60 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2927.50 dollars.

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=119&t=1559

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.

S&P 500 Ekes Out Record Close

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NEW YORK (CNNMoney)
Investors were taking a wait-and-see approach Monday as the corporate earnings season gets underway in earnest this week.

The S&P 500 gained 0.2%, squeaking past its record high by one point. The Dow Jones industrial average inched up nearly 2 points. The Nasdaq added 0.3%.

All three indexes are up roughly 19% so far this year.

Nearly 160 companies in the S&P 500 are slated to report quarterly results this week. Among the Dow components on deck are AT&T (T, Fortune 500), Boeing (BA, Fortune 500), and 3M (MMM, Fortune 500).

Broad boost from earnings: While it's still early, second-quarter earnings have come in better than many had feared.

The results so far "have provided support to stock prices and given a boost to investor sentiment," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, adding that expectations had been cut in the run-up to the reports.

Of the 104 S&P 500 companies that reported results through Friday, 66% have beat analysts' expectations, according to S&P Capital IQ.

Much of that performance was driven by the financial services sector, which benefited from robust capital market activity in the second quarter.

McDonald's (MCD, Fortune 500) said Monday that global sales and earnings rose in the second quarter, but profits fell short of analysts' expectations. The fast food chain also warned that sales will be "challenged" in the second half of the year. McDonald's was the biggest drag on the Dow Monday.

Kimberly-Clark (KMB, Fortune 500), producer of Kleenex, Huggies, Kotex, Depends and Scott products, reported an increase in quarterly profit but sales were flat.

Six Flags (SIX) shares fell after the amusement park operator said earnings slumped 26% in the second quarter. The company is also struggling with the fallout from a fatal roller coaster accident over the weekend.

Tech results in focus: This week, a number of big technology companies are slated to report, including Apple (AAPL, Fortune 500), Facebook (FB) and Amazon (AMZN, Fortune 500).

Following disappointing results from Google (GOOG, Fortune 500) and Microsoft (MSFT, Fortune 500)last week, investors are eager to see how other tech companies have fared. Apple, which can have an out-sized impact on the broader market, is expected to report a sharp drop in profits.

After the market closed Monday, Netflix's (NFLX) reported earnings of 49 cents per share, topping analysts' expectations. But the wide-ranging earnings guidance spooked investors a little in after-hours trading.

Despite the positive tone to last week's earnings reports, many investors remain concerned about the tepid pace of revenue growth, said Dan Greenhaus, chief market strategist at BTIG.

"Revenue growth concerns are paramount, with some wondering about the future path of earnings if revenue growth doesn't accelerate," Greenhaus wrote in a note to clients.

He said about half of the companies that have reported so far have beat revenue expectations. While that sounds pretty good, it's below average.

In other corporate news, Yahoo! (YHOO, Fortune 500)announced that it will repurchase 40 million Yahoo shares from long-time backer Third Point Capital. The hedge fund, run by activist investor Dan Loeb, will retain a small stake.

UBS (UBS) agreed to pay about $745 million to settle a case with the U.S. Federal Housing Finance Agency over improperly selling mortgage-backed securities to Fannie Mae and Freddie Mac in the United States.

* Gold rises to 1-month high

Gold spike, housing slump: Shares of mining companies were higher as the price of gold rose more than 2% to trade above $1,300 an ounce.

Barrick Gold (ABX), Newmont Mining (NEM, Fortune 500), Kinross Gold (KGC) all gained about 4%.

In economic news, the National Association of Realtors said new home sales fell 1.2% in June. The group blamed higher mortgage rates in certain high-end markets.

Shares of homebuilders were under pressure. Hovnanian (HOV), D.R. Horton (DHI) and Lennar (LEN) all fell about 2%.

World markets: In Europe, the major indexes ended narrowly mixed.

Asian markets also closed out the day in mixed territory. Japan's Nikkei advanced by 0.5% after voters rewarded the architects of Abenomics with a sweeping electoral victory.

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4:15 pm : The major averages ended today's session with modest gains. The Dow added less than two points while the S&P 500 rose 0.2% to mark its twelfth advance in thirteen sessions.

Last week, the first round of second quarter earnings brought a fair share of top line misses. This week started on a similar note after Dow component McDonald's (MCD 97.58, -2.69) reported an earnings miss on below-consensus revenue. The fast food giant observed a decline in Asian and European same store sales while blaming the disappointing results on consumer uncertainty regarding the economic outlook.

Although McDonald's fell 2.7%, other quick service restaurants held up relatively well. However, the relative weakness of home builders coupled with the underperformance of the largest fast food stock kept the discretionary sector in the red throughout the day.

June existing home sales fell 1.2% from a downwardly revised 5.14 million in May to 5.08 million. The Briefing.com consensus expected existing home sales to increase to 5.28 million.

The drop in home sales does not bode well for the future. It was expected that rising mortgage rates would accelerate demand in the near term as potential buyers aimed to lock in mortgages before rates went even higher. That was supposed to pull sales forward into May, June and July, before a payback period developed in the future. However, that surge has not materialized in the June report.

In addition to discretionary shares, the consumer staples sector lagged, slipping 0.2% after Kimberly-Clark (KMB 97.68, -1.81) reported an earnings beat on below-consensus revenue.

The broader market was kept from registering larger gains by the underperformance of the energy sector, which shed 0.3% while crude oil fell 1.1% to $106.69 per barrel.

However, another commodity-linked sector, materials, finished among the leaders as industrial and precious metals displayed strength. Copper futures added 1.3% to $3.182 per pound and gold futures jumped 3.1% to $1333.00 per troy ounce. The yellow metal returned to its 50-day moving average while gold miners also registered solid gains. The Market Vectors Gold Miners ETF (GDX 27.44, +1.58) spiked 6.1%.

Elsewhere, the outperformance of major bank shares helped the financial sector settle higher by 0.7%.

Also of note, the technology sector rose 0.4% and Google (GOOG 910.54, +13.94) climbed 1.6% to erase its Friday slide caused by disappointing earnings.

Today's participation was limited as only 585 million shares changed hands on the floor of the New York Stock Exchange.

Tomorrow's economic data will be limited to the May FHFA Housing Price Index, which will be released at 9:00 ET.

The U.S. Treasury will auction $35 billion in 2-yr notes.DJ30 +1.81 NASDAQ +12.77 SP500 +3.44 NASDAQ Adv/Vol/Dec 1476/1.46 bln/994 NYSE Adv/Vol/Dec 1715/584.6 mln/1278

3:30 pm :

Sep crude oil fell for the first time in four sessions despite weakness in the dollar index. The energy component pulled back from its session high of $108.60 per barrel and retreated into negative territory. It brushed a session low of $106.55 per barrel and booked a 1.0% loss as it settled at $106.84 per barrel.
Aug natural gas spent its entire floor session in the red. It slipped from a session high of $3.70 per MMBtu to a session low of $3.64 per MBMtu in early morning pit trade and eventually settled with a 2.9% loss at $3.68 per MMBtu.
Aug gold rose for a third consecutive session as it gained support from the weaker dollar index. The yellow metal came off its session low of $1317.90 per ounce and steadily trended higher as the session progressed. It touched a high of $1339.10 per ounce in late afternoon floor trade, its highest level since June 20, and settled with a 3.3% gain at $1335.90 per ounce.
Sep silver also trended higher today, rising as high as $20.58 per ounce. It lifted off its session low of $20.03 per ounce set at pit trade open and settled with a solid 5.4% gain at $20.51 per ounce.

DJ30 +8.40 NASDAQ +12.29 SP500 +3.61 NASDAQ Adv/Vol/Dec 1475/1214.1 mln/986 NYSE Adv/Vol/Dec 1742/384 mln/1240

3:00 pm : The S&P 500 holds a modest gain of 0.2% as today's session enters its final hour.

Similar to equities, the foreign exchange market has been relatively quiet today. The Dollar Index (-0.5%) has spent the U.S. session hovering near its lows after overnight yen strength weighed on the greenback. Dollar/yen began its steady decline at the outset of the Asian session before additional selling at the U.S. open pressured the pair to 99.50.

Elsewhere, the Australian dollar has had a strong showing versus the U.S. dollar. The pair trades higher by 0.6% near 0.9240, which puts it on track for its best close in more than three weeks.DJ30 +1.69 NASDAQ +12.44 SP500 +3.29 NASDAQ Adv/Vol/Dec 1500/1.11 bln/956 NYSE Adv/Vol/Dec 1769/349.2 mln/1188

2:30 pm : The S&P 500 continues to hover just above its flat line while the Dow remains anchored to its own unchanged level as McDonald's (MCD 97.84, -2.43) weighs.

Staying with Dow components, UnitedHealth Group (UNH 72.30, +0.84) is higher by 1.2% while the broader health care sector adds 0.4%.

Other notable advancers include two members of the tech sector. Hewlett-Packard (HPQ 25.60, +0.46) is higher by 1.8% and Microsoft (MSFT 31.77, +0.37) trades up 1.2%. However, another tech component, Intel (INTC 22.74, -0.30) sports a loss of 1.3%.DJ30 -5.64 NASDAQ +7.78 SP500 +2.32 NASDAQ Adv/Vol/Dec 1438/1.02 bln/999 NYSE Adv/Vol/Dec 1697/322.4 mln/1262

2:00 pm : Recent action saw the S&P 500 slip back towards its flat line as the underperformance of energy, industrials, and discretionary shares outweighs the relative strength of financials, materials, and technology.

While today's affair has been confined to a narrow trading range, the industrial sector has staged a somewhat notable reversal. The sector opened the session among the leaders as transportation-related names climbed out of the gate. However, the Dow Jones Transportation Average (-0.2%) has since slipped to its lows, which, in turn, has pressured the broader sector.

Elsewhere, the energy space is off by 0.1% and crude oil has continued its decline. The energy component trades lower by 1.2% at $106.60 per barrel.DJ30 -9.11 NASDAQ +5.53 SP500 +1.75 NASDAQ Adv/Vol/Dec 1400/950.1 mln/1040 NYSE Adv/Vol/Dec 1679/297.3 mln/1275

1:35 pm : Not a great deal of change in the major averages overall as they continue to hold to pretty narrow trading ranges.

The earnings disappointment and cautious outlook from McDonald's (MCD 97.68, -2.59) today has been among the key items. McDonald's of course is a multinational company, deriving close to 70% of its sales outside the U.S. Its cautious outlook appears to have played into the idea that the US is still the better place to be comparatively speaking from an economic standpoint. That disposition is showing up in the Russell 2000, which is up 0.3% today and outperforming the other averages.

The Russell 2000 membership is composed of many companies that have a domestic orientation in terms of where they generate revenue. From its low on June 24, the Russell 2000 is up 10.8% versus an 8.6% gain for the S&P 500 over the same period. DJ30 +0.31 NASDAQ +6.11 SP500 +2.25 NASDAQ Adv/Vol/Dec 1411/883 mln/1018 NYSE Adv/Vol/Dec 1664/275 mln/1290

12:55 pm : At midday, the S&P 500 trades higher by 0.3% with financials and materials providing leadership as the benchmark average looks for its twelfth advance in the past thirteen sessions.

Major bank shares hold gains across the board while the broader sector trades up 0.5%.

Elsewhere, producers of basic materials have received a boost from a notable surge in prices of industrial and precious metals. Copper futures are higher by 1.4% at $3.185 per pound and gold futures sport a gain of 3.1% at $1331.20 per troy ounce. On a related note, the Market Vectors Gold Miners ETF (GDX 27.54, +1.69) has jumped 6.6%.

Other commodity-related sectors are among the laggards as energy and industrials add 0.1% each. Meanwhile, crude oil is off by 0.5% at $107.37 per barrel.

Stocks endured a brief opening stumble after Dow component McDonald's (MCD 97.52, -2.75) reported an earnings miss on below-consensus revenue. During the second quarter, the fast food giant saw a decline in Asian and European sales, citing lower consumer spending due to uncertainty over the economy.

Although a major discretionary component delivered a disappointing report and cautioned about its operating environment, other quick service restaurants have held up relatively well. However, the sector has spent the entire first half of the session in negative territory as home builders underperform. The iShares Dow Jones US Home Construction ETF (ITB 22.95, -0.28) is lower by 1.3%.

This morning, the June existing home sales report pointed to a 1.2% decline in sales from a downwardly revised 5.14 million units in May to 5.08 million. The Briefing.com consensus expected existing home sales to increase to 5.28 million.

The drop in home sales does not bode well for the future. It was expected that rising mortgage rates would accelerate demand in the near term as potential buyers aimed to lock in mortgages before rates went even higher. That was supposed to pull sales forward into May, June and July, before a payback period developed in the future. However, that surge has not materialized in the June report.DJ30 +14.82 NASDAQ +11.57 SP500 +3.79 NASDAQ Adv/Vol/Dec 1487/805.2 mln/930 NYSE Adv/Vol/Dec 1744/249.5 mln/1216

12:30 pm : The S&P 500 continues to trade two points below its session high. Although the materials sector sits comfortably near the top of today's leaderboard, other commodity-related sectors are little changed. The energy sector trades flat while crude oil displays a loss of 0.8% at $107.06 per barrel.

Elsewhere, the industrial sector was among the early outperformers, but has retreated from its highs after the Dow Jones Transportation Average surrendered its early gains. Industrials are little changed while the Transportation Average sheds 0.1%.

Similar to equities, the Treasury market has been quiet today. The benchmark 10-yr yield is lower by one basis point at 2.48%.DJ30 +14.75 NASDAQ +12.15 SP500 +3.53 NASDAQ Adv/Vol/Dec 1434/739.2 mln/974 NYSE Adv/Vol/Dec 1696/229.5 mln/1240

12:00 pm : The S&P 500 continues to hover near its highs with the materials sector outperforming the remaining nine groups.

The materials space is higher by 0.6% as steelmakers and gold miners display relative strength. The Market Vectors Steel ETF (SLX 40.71, +0.47) is higher by 1.2% while the Market Vectors Gold Miners ETF (GDX 27.50, +1.64) trades up 6.3%. On a related note, precious metals have shown significant strength today. Gold futures are higher by 2.9% at $1330.10 per troy ounce while silver futures hold a gain of 5.2% at $20.48 per troy ounce.

Another commodity-related sector, energy, is little changed as crude oil trades lower by 0.5% at $107.33 per barrel.DJ30 +13.03 NASDAQ +10.76 SP500 +3.55 NASDAQ Adv/Vol/Dec 1440/662.1 mln/955 NYSE Adv/Vol/Dec 1719/206.6 mln/1198

11:30 am : The major averages hover near their highs as the tech-heavy Nasdaq leads (+0.3%) while the price-weighted Dow (+0.2%) lags due to the underperformance of McDonald's (MCD 97.60, -2.67).

Today's outperformance of the Nasdaq comes after technology shares were pressured during Friday's session following disappointing quarterly results from Google (GOOG 906.20, +9.60) and Microsoft (MSFT 31.81, +0.41). Both names trade with gains today and shares of Google have erased nearly all of their Friday losses.

Although major tech companies have shown relative strength today, chipmakers trade in mixed fashion. Currently, the PHLX Semiconductor Index is unchanged.DJ30 +25.79 NASDAQ +11.44 SP500 +4.38 NASDAQ Adv/Vol/Dec 1425/584.9 mln/948 NYSE Adv/Vol/Dec 1758/183.9 mln/1136

11:00 am : The S&P 500 has climbed to its best level of the session as the relative strength of financials, industrials, and technology outweighs the underperformance of the discretionary sector, which trades lower by 0.2% after McDonald's (MCD 97.55, -2.72) missed on earnings and revenue.

In addition, the discretionary sector has been pressured by home builders. The iShares Dow Jones US Home Construction ETF (ITB 22.92, -0.31) is lower by 1.3%. Major builders underperformed early before sliding to their lows in the wake of today's disappointing existing home sales report (5.08 million actual, 5.28 million Briefing.com consensus). Although some anticipated the increase in rates would contribute to a short-term jump in sales as buyers rush to lock in their rates before further increases take place, the expected surge has not materialized as of the June report.

On the upside, financials, industrials, and technology trade with gains between 0.2% and 0.4% with the financial sector leading the way.DJ30 +5.18 NASDAQ +9.12 SP500 +2.52 NASDAQ Adv/Vol/Dec 1303/470.9 mln/1032 NYSE Adv/Vol/Dec 1606/153.9 mln/1242

10:35 am : Commodities are showing some nice volatility this morning. Precious metals are showing strong gains, led by silver.

Sept crude was in positive territory all session and rose as high as $108.56/barrel. However, when pit trading began, crude oil sold off sharply falling below $108/barrel and into negative territory. Sept crude is now -0.4% at $107.45/barrel.

Natural gas has been in the red all day so far and just hit a new LoD of $3.64/MMBtu. Aug nat gas is now -3.3% at $3.66/MMBtu.

Precious metals soared higher this morning, led by strength in silver prices. Aug gold rose above $1300, while Sept silver rose above $20/oz. In current trade, gold is +2.7% at $1327.20 and silver is +4.8% at $20.39/oz. Sept copper is +2.0% at $3.20/lb. DJ30 -16.62 NASDAQ +3.79 SP500 +0. NASDAQ Adv/Vol/Dec 1168/381.2 mln/1133 NYSE Adv/Vol/Dec 1532/131 mln/1278

10:00 am : The S&P 500 continues to hover near its flat line while the Dow trades with a slim loss of 0.2%.

June existing home sales hit an annualized rate of 5.08 million units, which was weaker than the rate of 5.28 million units that had been generally expected by the Briefing.com consensus. The pace for June was down from the prior month's revised rate of 5.14 million units.DJ30 -25.93 NASDAQ +0.68 SP500 -1.01 NASDAQ Adv/Vol/Dec 1011/245.5 mln/1199 NYSE Adv/Vol/Dec 1456/91.8 mln/1275

09:50 am : The major averages began the session in mixed fashion with the Dow pressured by McDonald's (MCD 97.46, -2.81) after the fast food giant reported disappointing earnings on below-consensus revenue.

Those results have also exerted some early pressure on the discretionary sector, which is lower by 0.3%.

The S&P 500 has been kept near its flat line through the opening minutes thanks to the relative strength of industrials and materials. The two sectors hold respective gains of 0.2% and 0.4%. On a related note, copper futures are higher by 1.5% at $3.188 per pound while gold futures display a gain of 2.3% at $1322.50 per troy ounce.DJ30 -20.16 NASDAQ +0.75 SP500 -0.84 NASDAQ Adv/Vol/Dec 927/178.5 mln/1225 NYSE Adv/Vol/Dec 1391/72.1 mln/1292

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +3.50. Today's session sets up for a relatively quiet open after the S&P 500 ended last week on a fresh all-time high. The S&P 500 futures gave back their slim overnight gains after Dow component McDonald's (MCD 97.50, -2.77) reported disappointing earnings on below-consensus revenue. The fast food giant experienced a slowdown in overseas sales and cited a challenging market caused by economic uncertainty.

Disappointing top line results have been a recurring theme over the past few quarters, and the first week of Q2 reports brought a fair share of revenue misses as well. Among other earnings of note, Kimberly-Clark (KMB 99.95, +0.46) trades with a pre-market gain of 0.5% after reporting a bottom line beat on below-consensus revenue.

Economic data of the day will be limited to the June existing home sales report, which will be released at 10:00 ET.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +5.00. The S&P 500 futures are little changed.

Markets across Asia were mostly higher, fueled by Shinzo Abe's LDP winning Japan's Upper House elections by a landslide. Abe's party won 76 of the 121 seats that were up for grabs, upping their coalition's total to 135 of the 242 Upper House seats. The election win paves the way for Abe to enact the 'third arrow' of his growth plan. Elsewhere, China's Shanghai Composite (+0.6%) was the leader after Friday's announcement by the People's Bank of China that it was removing the floor from lending rates. Hong Kong's Hang Seng (+0.3%) eked out a small gain. Data from the region was limited to Taiwan's unemployment rate holding at 4.2%.

In Japan, the Nikkei closed higher by 0.5%, but gains were limited due to the strong yen. Exporters underperformed as Sharp tumbled 3.6% and Canon shed 0.2%. Elsewhere, real estate names were among the leaders with Mitusi Fudosan and Sumitomo Realty & Development tacking on 0.8% and 3.0% respectively.
Hong Kong's Hang Seng added 0.3% as shares edged up for a second day on light volume. Banks were under pressure, with smaller banks seeing heavier selling, on fears the removal of the lending floor by the PBOC could weigh. China Citic Bank lost 3.0% and Agricultural Bank of China gave up 0.7%.
In China, the Shanghai Composite advanced 0.6% as shares gained for the first time in four days. Financials were weak as Minsheng Bank shed 1.6% and Industrial & Commercial Bank of China gave back 1.9%.

Major European indices trade in mixed fashion following a relatively quiet first half of the session. In Portugal, Prime Minister Pedro Passos Coelho said the coalition government will remain in power and the country plans to honor its bailout commitments. Portuguese yields are lower this morning with the benchmark 10-yr yield down 51 basis points at 6.23%. There was no notable economic data reported in the region.

Great Britain's FTSE is lower by 0.1% with consumer names leading to the downside. Compass Group and Tate & Lyle are both down near 1.3%. Barclays is among the leaders as the bank holds a gain of 1.0%.
Germany's DAX is off by 0.2%. SAP and Merck are among the laggards with respective losses of 1.1% and 0.9%. On the upside, Commerzbank and Deutsche Bank are higher by 0.6% and 1.7%, respectively.
In France, the CAC is higher by 0.2% as financials provide leadership. BNP Paribas and Societe Generale are both up near 1.8%. On the downside, Gemalto trades lower by 1.2%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +4.00. The Dow and S&P 500 futures have surrendered their slim gains after Dow component McDonald's (MCD 97.99, -2.28) missed on earnings and revenue. The fast food giant reported a 1.0% increase in U.S. sales, but saw its Asian and European sales decline 0.3% and 0.1%, respectively.

Among other earnings of note, Kimberly-Clark (KMB 98.97, -0.52) is off by 0.5% after reporting an earnings beat on below-consensus revenue.

Quarterly earnings will continue to pour in throughout the week while economic data will be limited. Today, the June existing home sales report will be released at 10:00 ET.

08:00 am : S&P futures vs fair value: +3.60. Nasdaq futures vs fair value: +6.50. U.S. equity futures hold slim gains following a quiet overnight session. The S&P 500 futures are higher by 0.1%.

Reviewing overseas developments:

Asian markets ended on a positive note. Hong Kong's Hang Seng +0.3%, Japan's Nikkei +0.5%, China's Shanghai Composite +0.6%.
Regional economic data was limited:
Hong Kong's CPI rose 4.1% year-over-year, as expected.
Looking at news:
In Japan, the ruling LDP-New Komeito coalition has taken control over 135 seats following a strong showing in the upper house election.
Western China was struck by a magnitude 5.9 earthquake, which, per latest estimates, claimed 75 lives. Meanwhile, a 6.9 earthquake hit New Zealand, but no damage or injuries were reported.

Major European indices trade in mixed fashion. Germany's DAX +0.1%, France's CAC +0.3%, and Great Britain's FTSE -0.1%.
There was no notable economic data reported in the region.
In news:
In Portugal, Prime Minister Pedro Passos Coelho said the coalition government will remain in power and the country plans to honor its bailout commitments. Portuguese yields are lower this morning with the benchmark 10-yr yield down 51 basis points at 6.23%.

In U.S. corporate news:

Halliburton (HAL 46.10, +0.27) is higher by 0.6% after reporting a bottom line beat.
Hasbro (HAS 45.38, 0.00) missed on earnings and revenue. In addition, the company announced an expansion of its partnership with Walt Disney (DIS 66.49, +1.33), guaranteeing an additional $80 million in royalties to the media company.

June existing home sales will be reported at 10:00 ET.

06:33 am : [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +6.00.

06:33 am : Nikkei...14658.04...+68.10...+0.50%. Hang Seng...21416.50...+54.10...+0.30%.

06:33 am : FTSE...6613.91...-20.50...-0.30%. DAX...8327.72...-3.90...0.00.

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

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

http://www.thestrategylab.com
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