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 Post subject: July 24th Wednesday Trade Results - Profit $6672.50
PostPosted: Wed Jul 24, 2013 8:37 pm 
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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)
http://twitter.com/wrbtrader (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 @ $2720.00 dollars or +27.20 points, Emini ES ($ES_F) futures @ $1062.50 dollars or +21.25 points, Light Crude Oil CL ($CL_F) futures @ $2710.00 dollars or +2.71 points, Gold GC ($GC_F) futures @ $180.00 dollars or +1.80 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $6672.50 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=1561

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.

Apple Keeps Tech Stocks Afloat

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NEW YORK (CNNMoney)
U.S. stocks mostly ended in the red Wednesday afternoon, but a tech stock rally fueled by Apple's better-than-expected earnings limited the losses.

Apple (AAPL, Fortune 500), one of the most widely-held stocks, often has an outsized impact on the overall tech sector as well as the broader market. Its 5% rise helped the tech-heavy Nasdaq finish just above the flat line Wednesday. A 7% jump in shares of Electronic Arts (EA) on the back of an earnings beat also helped.

Meanwhile, the Dow Jones industrial average and the S&P 500 slipped slightly, dragged down by Caterpillar (CAT, Fortune 500), Broadcom (BRCM, Fortune 500) and AT&T (T, Fortune 500). All three delivered results short of Wall Street's forecasts.

Caterpillar also lowered its earnings and sales outlook for the year, which sent its stock 2.4% lower. The heavy equipment manufacturer's stock was the biggest loser in the Dow.

The drop in the two indexes comes after the Dow closed at a record high Tuesday, while the S&P 500 remained near its record high. Both have gained more than 18% so far this year, as has the Nasdaq.

Stocks have been grinding higher in recent days because investors took solace from mostly improved earnings. Overall, corporate earnings have been better than anticipated, although revenue growth remains modest.

More than a third of the companies in the S&P 500 have reported second-quarter results. So far, more than 65% have topped analysts' low expectations, according to S&P Capital IQ.

After the closing bell, Facebook (FB) reported solid earnings thanks to strong mobile ad revenue. Shares of the social media giant soared in after-hours trading.

Aside from earnings, Dell (DELL, Fortune 500) said it has received a revised offer from founder Michael Dell, and would be holding a special meeting Aug. 2 to consider its options.

Apparel company Hanes Brands (HBI) said it reached an agreement to buy Maidenform Brands (MFB) in an all-cash deal worth $575 million.

On the economic front, the Commerce Department said new home sales rose to a five-year high, with an annual rate of 497,000 in June, up 8.3% from May. Economists had expected an annual rate of 483,000.

European markets ended modestly higher after the latest eurozone purchasing managers' index showed the region was stabilizing. Manufacturing output grew for the first time since February 2012, while the service sector saw its smallest rate of decline for 18 months.

"The hope for the eurozone is that rising confidence encourages businesses to pare back job cutting and become more prepared to invest," said Howard Archer, chief European economist at IHS Global Insight.

* Factory output puts brakes on China's growth

Meanwhile, Asian markets had a mixed day after HSBC said Wednesday that its "flash" index of Chinese manufacturing purchasing managers' sentiment fell to an 11-month low in July.

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4:15 pm : The S&P 500 ended today's session with a loss of 0.4% after equities ran into significant resistance at the open. Although investors received a full slate of mostly better-than-expected earnings, aggressive profit-taking prevented the S&P from breaching the 1,700 level. However, today's decline comes after the benchmark index ended twelve of the past fourteen sessions with gains, climbing 4.9% during that span.

Nine of ten sectors ended in the red while technology outperformed with a gain of 0.9%. The tech sector spent the entire session in positive territory after Apple's (AAPL 440.51, +21.52) earnings topped analyst estimates. The largest tech stock gained 5.1% but chipmakers did not fare as well. The PHLX Semiconductor Index fell 1.8% and index component Broadcom (BRCM 27.01, -4.82) tumbled 15.1% after its cautious guidance overshadowed the company's in-line report.

Outside of technology, the health care space (-0.1%) ended ahead of the broader market. The sector received some support from Eli Lilly (LLY 52.55, +1.56) as well as biotechnology companies. Eli Lilly gained 3.1% following its earnings beat on strong revenue growth and the iShares Nasdaq Biotechnology ETF (IBB 193.01, +0.66) added 0.3%.

On the downside, heavily-weighted energy, financials, and industrials spent the entire session in a steady decline, which prevented the S&P from staging a meaningful intraday recovery. The energy sector lost 1.0% while crude oil fell 1.8% to $105.26 per barrel.

Elsewhere, the financial sector ended lower by 0.8% as nearly all major banks registered losses. Discover Financial (DFS 50.43, -0.28) shed 0.6% despite beating on earnings and revenue.

Also of note, industrials were pressured by transportation-related names. The Dow Jones Transportation Average fell 1.1% as 17 of 20 components registered losses. Railroads were pressured following below-consensus earnings from Norfolk Southern (NSC 74.66, -2.21). Meanwhile, Delta Air Lines (DAL 20.80, +0.35) and United Continental (UAL 34.97, +0.41) settled with respective gains of 1.7% and 1.2% after Delta reported a bottom-line beat.

While the three cyclical groups pressured the broader market, the rate-sensitive utilities (-1.6%) sector ended at the bottom of today's leaderboard. On a related note, Treasuries sold off before the open and held their levels throughout the session. The benchmark 10-yr yield climbed eight basis points to 2.59%.

Today's new home sales report surprised to the upside but home builders sold off regardless. The iShares Dow Jones US Home Construction ETF (ITB 22.55, -0.67) fell 2.9%.

Unlike existing home sales, which showed an unexpected downturn in June, new home sales increased for a third consecutive month. Sales rose 8.3% in June to 497,000 from a downwardly revised 459,000 (from 476,000) in May. The Briefing.com consensus expected sales to increase to 483,000. The June sales total was the highest since May 2008 when 504,000 new homes were sold.

Separately, the weekly MBA Mortgage Index fell 1.2% to follow last week's decline of 2.6%. This was the sixth negative reading in a row and the tenth decline out of the past eleven weeks.

Tomorrow, weekly initial claims and June durable orders will be reported at 8:30 ET. On the earnings front, 3M (MMM 116.33, -0.42) and Colgate-Palmolive (CL 58.47, +0.06) will report their results before the opening bell.

The U.S. Treasury will auction $29 billion in 7-yr notes.DJ30 -25.50 NASDAQ +0.33 SP500 -6.45 NASDAQ Adv/Vol/Dec 1016/1.74 bln/1475 NYSE Adv/Vol/Dec 731/678.5 mln/2292

3:30 pm :

Sep crude oil traded in negative territory today. The energy component rose to a session high of $106.91 per barrel following inventory data that showed a draw of 2.825 mln barrels when a draw of 2.4-2.8 mln barrels was anticipated. However, prices quickly pulled-back and dropped to a session low of $104.79 per barrel in late afternoon action. Crude oil eventually settled with a 1.7% loss at $105.44 per barrel
Aug natural gas advanced to a session high of $3.78 per MBMtu but lost momentum and slipped back into the red. It settled at its session low of $3.69 per MMBtu, booking a loss of 1.3%
Precious metals retreated into negative territory as the dollar index gained strength
Aug gold pulled back from its session high of $1341.20 per ounce set at floor trade open and settled at $1318.90 per ounce, booking a 1.2% loss.
Sep silver chopped around near the unchanged line in early morning action but eventually settled 1.2% lower at $20.02 per ounce

DJ30 -47.08 NASDAQ -0.77 SP500 -7.81 NASDAQ Adv/Vol/Dec 979/1476.6 mln/1481 NYSE Adv/Vol/Dec 675/475 mln/2333

2:55 pm : The major averages trade near their lows as today's session enters its final hour. The S&P 500 is lower by 0.4% as nine of ten sectors remain in negative territory.

Although investors received a full slate of mostly better-than-expected earnings this morning, the broader market has been unable to build on its opening strength. The outperformance of technology gave the Nasdaq a significant opening boost, but a session-long retreat has put the index just above its flat line into the final hour of action.

More than 100 companies covered by Briefing.com will report their quarterly results after today's closing bell. The tech sector will be in focus once again with Facebook (FB 26.35, +0.22), Qualcomm (QCOM 61.60, -0.70), and Visa (V 186.05, -2.53) set to report their earnings.DJ30 -41.24 NASDAQ +1.25 SP500 -6.95 NASDAQ Adv/Vol/Dec 998/1.31 bln/1455 NYSE Adv/Vol/Dec 688/424.6 mln/2316

2:35 pm : The S&P 500 has ticked up off its lows but the broader downtrend remains intact as heavily-weighted sectors continue to trade near their worst levels of the day.

On the upside, the tech sector remains higher by 1.0% as the largest component, Apple (AAPL 443.58, +24.59), provides the sector with significant support. Meanwhile, chipmakers are among the laggards with the PHLX Semiconductor Index trading lower by 1.7%. Index member Broadcom (BRCM 27.24, -4.58) trades down 14.4% after its in-line report included cautious third quarter revenue guidance.

Also of note, the health care sector has been able to trim its loss to 0.2% as biotechnology displays some relative strength. The iShares Nasdaq Biotechnology ETF (IBB 192.61, +0.26) trades up 0.1%. Eli Lilly (LLY 52.45, +1.46) is also among the outperformers after reporting an earnings beat on above-consensus revenue.DJ30 -44.26 NASDAQ +2.81 SP500 -6.57 NASDAQ Adv/Vol/Dec 1003/1.23 bln/1435 NYSE Adv/Vol/Dec 691/397.3 mln/2308

2:00 pm : Recent action saw the major averages continue their steady decline off the opening highs. The S&P 500 holds a loss of 0.5% while small cap stocks have been the subject of more aggressive selling. The Russell 2000 is lower by 0.8%.

As mentioned in our midday update, the performance of heavily-weighted energy, financials, and industrials will play a large part in determining the final result of today's session. Since midday, the three sectors have slipped to fresh lows.

Notably, the industrial sector has been pressured by the underperformance of transportation-related names. The Dow Jones Transportation Average is off by 0.9% with 18 of 20 components trading in the red. Railroads are among the laggards with Norfolk Southern (NSC 74.23, -2.64) trading lower by 3.4% after missing on earnings and revenue. On the upside, Delta Air Lines (DAL 20.88, +0.43) is higher by 2.1% following its bottom-line beat on in-line revenue.DJ30 -61.84 NASDAQ -3.32 SP500 -8.71 NASDAQ Adv/Vol/Dec 904/1.13 bln/1522 NYSE Adv/Vol/Dec 639/366.5 mln/2348

1:25 pm : The opening gains for the major indices keep slip sliding away amid a persistent stream of profit-taking interest. The Nasdaq, which started the session up more than 22 points, slipped into negative territory in the last half hour to make it a clean sweep of red figures for the major indices.

The latest downtick came on the heels of a weakish 5-yr note auction that sent Treasury prices to their lows for the day and yields to their highs. The 10-yr Treasury note is currently down close to a point and its yield has risen 10 basis points to 2.61%.

The jump in rates has been a bit of a headwind, but it is not THE headwind for the market today. To wit, long-term rates were moving higher ahead of the open and stocks still started the session on a positive note, underpinned by a batch of better-than-expected earnings reports from blue chip companies. THE headwind, in our estimation, was the inability of those reports to launch a sustained market rally. Instead, the S&P 500 quickly found resistance near the 1700 level and profit-taking set in after the tremendous run the market has been on, presumably shaking out some weak-handed long positions established at a high cost basis. DJ30 -58.90 NASDAQ -1.62 SP500 -7.93 NASDAQ Adv/Vol/Dec 914/1.04 bln/1508 NYSE Adv/Vol/Dec 649/333 mln/2330

1:00 pm : The major averages began the session with solid gains before the S&P 500 was met with heavy resistance just below the 1,700 level. Notably, today's weakness comes after the S&P ended thirteen of the past fifteen sessions with gains, suggesting some profit-taking may be playing a part.

At midday, the benchmark index holds a loss of 0.4% while the tech-heavy Nasdaq outperforms with a gain of 0.1%.

Technology shares have been able to withstand most of the first-half selling. Apple (AAPL 443.13, +24.14) has provided the sector with significant support after reporting an earnings beat on better-than-expected revenue. Also of note, VMware (VMW 82.89, +11.61) trades higher by 16.3% after it too surpassed its earnings expectations.

The remaining nine sectors hold midday losses, but the discretionary space has shown some relative strength. Car makers have contributed to the sector's outperformance after Ford (F 17.52, +0.57) delivered a bottom-line beat on a 14.6% year-over-year increase in revenue.

However, home builders have kept the sector from climbing into positive territory even after today's housing data surprised to the upside. Unlike existing home sales, which showed an unexpected downturn in June, new home sales increased for a third consecutive month. Sales rose 8.3% in June to 497,000 from a downwardly revised 459,000 (from 476,000) in May. The Briefing.com consensus expected sales to increase to 483,000. The June sales total was the highest since May 2008 when 504,000 new homes were sold.

Afternoon performance of the broader market is likely to hinge on the strength of energy, financials, and industrials. Currently, the three heavily-weighted sectors are down between 0.6% and 1.2% with energy leading to the downside. On a related note, crude oil trades lower by 2.0% at $105.12 per barrel.DJ30 -55.68 NASDAQ +3.17 SP500 -7.05 NASDAQ Adv/Vol/Dec 952/961.9 mln/1458 NYSE Adv/Vol/Dec 705/307.1 mln/2253

12:30 pm : The S&P 500 has slipped to a fresh low as heavily-weighted energy, financials, and industrials notched session lows of their own. Of the three, the energy sector holds a loss of 1.0%, and is the weakest performer. On a related note, crude oil has faced some aggressive selling since the open. The energy component trades lower by 2.0% at $104.99.

Elsewhere, the Treasury market has been relatively quiet following some overnight and early morning selling. The benchmark 10-yr yield is higher by eight basis points at 2.59%.DJ30 -53.39 NASDAQ +4.35 SP500 -6.14 NASDAQ Adv/Vol/Dec 993/887.3 mln/1417 NYSE Adv/Vol/Dec 729/284.3 mln/2219

11:55 am : The major averages continue to hold their recent levels as the S&P 500 hovers just below its flat line while the Nasdaq (+0.5%) maintains its lead. Elsewhere, the Dow trades lower by 0.1% after three index components reported their quarterly results. Boeing (BA 107.22, -0.57) beat on earnings, but its shares were unable to maintain their opening gains.

Meanwhile, Caterpillar (CAT 84.51, -1.01) is lower by 1.2% after missing on earnings and revenue. In addition, the machinery manufacturer lowered its full-year 2013 earnings and revenue guidance below consensus.

Also of note, AT&T (T 35.17, -0.64) trades down 1.8% following its slim bottom-line miss on in-line revenue.DJ30 -10.83 NASDAQ +15.95 SP500 -2.10 NASDAQ Adv/Vol/Dec 1182/772.3 mln/1193 NYSE Adv/Vol/Dec 862/253.2 mln/2054

11:30 am : The S&P 500 continues to hover in the red as influential energy, financial, health care, and consumer staple sectors trade with losses between 0.2% and 0.7%. In addition, the telecom sector (-0.8%) has been pressured by AT&T's (T 35.14, -0.67) below-consensus earnings while another countercyclical group, utilities, sports a loss of 1.3% as Treasury yields hover near their highs. The benchmark 10-yr yield is higher by eight basis points at 2.59%.

On the upside, the technology sector (+1.2%) remains near its best levels of the day and the discretionary sector (+0.1%) has climbed back into positive territory. Discretionary shares have received some support from carmakers after Ford (F 17.59, +0.65) beat on earnings and revenue.DJ30 -13.77 NASDAQ +17.45 SP500 -1.71 NASDAQ Adv/Vol/Dec 1239/692.2 mln/1116 NYSE Adv/Vol/Dec 859/228.9 mln/2032

11:00 am : The S&P 500 trades lower by 0.1% as broad-based weakness outweighs the relative strength of technology. The tech sector continues to hold a gain of 1.2% while the remaining nine sectors hover in the red.

The energy space is among the notable laggards. The sector trades lower by 0.7% while crude oil displays a loss of 0.4% at $106.83 per barrel. Elsewhere, another commodity-related group, materials, sports a loss of 0.8%. Steelmakers have pressured the sector as the Market Vectors Steel ETF (SLX 41.01, -0.55) trades lower by 1.3%.

Although the S&P 500 has faced aggressive selling since the open, it is worth noting this comes after the benchmark index ended thirteen of the past fifteen sessions with gains.DJ30 -23.04 NASDAQ +13.36 SP500 -1.77 NASDAQ Adv/Vol/Dec 1161/572.9 mln/1154 NYSE Adv/Vol/Dec 832/190.8 mln/2016

10:35 am : Commodities are mostly lower this morning as broad market weakness persists and the dollar index remains near its HoD.

Crude oil futures sold off earlier below $107/barrel and hit a new LoD in recent trade here, just ahead of the EIA weekly inventory data. Following the data, crude is now -0.5% at $106.66/barrel.

Natural gas has been in the red almost all session and is now -0.4% at $3.73/MMBtu.

Precious metals sold off earlier this morning. Gold recently hit a new LoD, just minutes ago, while silver futures fell back near its current LoD. Currently, Aug gold is -0.01% at $1334.60/oz and Sept silver is -0.09% at $20.24/oz.DJ30 -46.70 NASDAQ +8.22 SP500 -3.02 NASDAQ Adv/Vol/Dec 1077/480.4 mln/1199 NYSE Adv/Vol/Dec 754/161 mln/2073

10:00 am : The S&P 500 has returned to its flat line as the underperformance of consumer staples, energy, and industrials outweighs the continued strength of the technology sector.

Just reported, June new home sales hit an annualized rate of 497,000, which was up from the May rate of 459,000, and better than the rate of 483,000 that had been broadly expected by the Briefing.com consensus.DJ30 -19.18 NASDAQ +13.44 SP500 -0.05 NASDAQ Adv/Vol/Dec 1320/276.3 mln/861 NYSE Adv/Vol/Dec 1024/108.1 mln/1720

09:40 am : The S&P 500 trades higher by 0.2% as the technology sector provides the broader market with early leadership after Apple (AAPL 438.16, +19.17) reported a bottom-line beat on above-consensus revenue. In addition, VMware (VMW 80.30, +9.02) trades higher by 12.9% after beating on earnings.

While technology names display significant strength, the telecom sector is the biggest laggard following AT&T's (T 35.08, -0.73) bottom-line miss.

Elsewhere, the discretionary space holds a solid gain of 0.4% with Ford (F 17.43, +0.49) acting as support after the carmaker delivered a solid quarterly report.DJ30 +18.13 NASDAQ +22.32 SP500 +3.29 NASDAQ Adv/Vol/Dec 1432/155.5 mln/629 NYSE Adv/Vol/Dec 1275/67.9 mln/1394

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +29.50. Equity futures signal an upbeat start to today's session. The Nasdaq futures (+0.9%) hold solid gains after the top index component, Apple (AAPL 439.21, +20.22), beat on earnings and revenue. In addition to results from Apple, investors received a full slate of quarterly reports between yesterday's close and today's opening bell.

Dow component Boeing (BA 109.75, +1.96) displays a pre-market gain of 1.8% after the company beat on earnings and revenue. However, another index member, Caterpillar (CAT 84.45, -1.07), is lower by 1.3% following its bottom-line miss on below-consensus revenue.

Pre-market economic data was limited to the weekly MBA Mortgage Index, which fell 1.2% to follow last week's decline of 2.6%. This was the sixth negative reading in a row and the tenth decline out of the past eleven weeks. The final economic release of the day, June new home sales, will cross the wires at 10:00 ET.

The U.S. Treasury will auction $35 billion in 5-yr notes.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +29.50. The S&P 500 futures are higher by 0.2%.

Asian markets ended on a mixed note after China's HSBC Manufacturing PMI fell to 47.7 from 48.2 (48.6 expected). Elsewhere, Japan reported a trade deficit of JPY181 billion (JPY161 billion expected, JPY994 billion prior) as exports grew 7.4% (10.3% consensus, 10.1% prior) while imports increased 11.8% (13.6% expected, 10.0% previous). Also of note, the adjusted trade balance report indicated a deficit of JPY600 billion (JPY580 billion expected, JPY780 billion prior). Following the release of the trade figures, the Chief Cabinet Secretary Yoshihide Suga said continued export growth should narrow future deficits. Australia's CPI rose 0.4% quarter-over-quarter (0.5% expected, 0.4% previous) while the year-over-year reading climbed 2.4% (2.5% consensus, 2.5% prior). Also of note, the trimmed mean CPI rose 2.2% year-over-year (2.2% expected) and weighted mean CPI increased 2.6% year-over-year (2.4% consensus). New Zealand reported a trade surplus of NZD414 million (-NZD100 million expected, NZD71 million prior).

In Japan, the Nikkei closed higher by 0.3%. Tokyo Electric Power fell 1.8% while Tokyo Electron ended among the leaders with a gain of 3.1%. In addition, Softbank added 2.4%.
Hong Kong's Hang Seng added 0.2% with consumer names in the lead. Galaxy Entertainment and Hengan International rose 2.1% and 3.2%, respectively. On the downside, PetroChina fell 2.0%.
In China, the Shanghai Composite settled lower by 0.5% as resource names lagged. Jiangxi Copper and Henan Oriental Silver both lost near 4.5%.

Major European indices hold solid gains following the release of several PMI readings. Eurozone Manufacturing PMI climbed to 50.1 from 48.8 (49.1 expected) while the Services PMI remained in contraction after rising to 49.6 from 48.3 (48.7 consensus). German Manufacturing PMI rose to 50.3 from 49.2 (48.6 forecast) while the Services PMI increased to 52.5 from 50.4 (50.8 expected). French Manufacturing PMI rose to 49.8 from 48.4 (48.8 consensus) while the Services PMI increased to 48.3 from 47.2 (47.6 expected). Italian retail sales declined 0.1% month-over-month (0.4% expected, -0.1% prior) and the country's Non-EU trade surplus came in at EUR2.45 billion. Spanish PPI rose 1.3% year-over-year (1.5% expected, 0.6% prior). Great Britain's CBI Industrial Trend Orders improved to -12 from -18 (-15 expected).

In news, the European Central Bank released its second quarter bank lending survey, which pointed to a loan demand drop that is expected to persist into the third quarter. Although banks reported easier access to wholesale funds, the funding conditions are expected to worsen in the ongoing quarter.

Great Britain's FTSE is higher by 0.8% and ARM Holdings is among the leaders. The chipmaker trades higher by 5.2% after reporting better-than-expected results. On the downside, Croda International is lower by 1.1%.
In Germany, the DAX trades up 1.0% as 28 of 30 components register gains. Commerzbank and Deutsche Bank are higher by 2.8% and 1.2%, respectively.
France's CAC holds a gain of 1.2% as banks outperform. BNP Paribas and Societe Generale are both up near 3.0%. In addition, Renault has also shown strength. The carmaker trades higher by 3.2%.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: +5.60. Nasdaq futures vs fair value: +30.00. Equity futures hover near their highs following the release of a full slate of quarterly reports. The Nasdaq futures (+1.0%) have received a boost after Apple (AAPL 439.75, +20.76) reported an earnings beat on above-consensus revenue.

Elsewhere, Dow component Boeing (BA 109.43, +1.64) is higher by 1.5% after the company beat on earnings and revenue. However, another Dow component, Caterpillar (CAT 84.38, -1.16) is lower by 1.4% following its bottom-line miss on below-consensus revenue.

Overseas, Asian markets ended little changed after China's HSBC Manufacturing PMI disappointed (47.7 actual, 48.6 expected), but European indices hold solid gains following the release of several better-than-expected Manufacturing and Services PMI readings.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +30.70. U.S. equity futures hold modest gains with the S&P 500 futures up 0.4%. Notably, Nasdaq futures trade higher by 1.0% with Apple (AAPL 437.00, +18.46) receiving significant interest after reporting a bottom-line beat on above-consensus revenue.

Looking at overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite -0.5%, Japan's Nikkei -0.3%, and Hong Kong's Hang Seng +0.2%.
In regional economic data:
China's HSBC Manufacturing PMI fell to 47.7 from 48.2 (48.6 expected). Japan reported a trade deficit of JPY181 billion (JPY161 billion expected, JPY994 billion prior) as exports grew 7.4% (10.3% consensus, 10.1% prior) while imports increased 11.8% (13.6% expected, 10.0% previous). Also of note, the adjusted trade balance report indicated a deficit of JPY600 billion (JPY580 billion expected, JPY780 billion prior).
Australia's CPI rose 0.4% quarter-over-quarter (0.5% expected, 0.4% previous) while the year-over-year reading climbed 2.4% (2.5% consensus, 2.5% prior). Also of note, the trimmed mean CPI rose 2.2% year-over-year (2.2% expected) and weighted mean CPI increased 2.6% year-over-year (2.4% consensus).
New Zealand reported a trade surplus of NZD414 million (-NZD100 million expected, NZD71 million prior).
Looking at news:
Following the release of Japanese trade figures, the Chief Cabinet Secretary Yoshihide Suga said continued export growth should narrow future deficits.

Major European indices hold solid gains following the release of several PMI readings. Great Britain's FTSE +0.8%, Germany's DAX +1.1%, and France's CAC +1.2%.
Reviewing notable economic data:
Eurozone Manufacturing PMI climbed to 50.1 from 48.8 (49.1 expected) while the Services PMI remained in contraction after rising to 49.6 from 48.3 (48.7 consensus).
German Manufacturing PMI rose to 50.3 from 49.2 (48.6 forecast) while the Services PMI increased to 52.5 from 50.4 (50.8 expected).
French Manufacturing PMI rose to 49.8 from 48.4 (48.8 consensus) while the Services PMI increased to 48.3 from 47.2 (47.6 expected).
Italian retail sales declined 0.1% month-over-month (0.4% expected, -0.1% prior) and the country's Non-EU trade surplus came in at EUR2.45 billion.
Spanish PPI rose 1.3% year-over-year (1.5% expected, 0.6% prior).
Great Britain's CBI Industrial Trend Orders improved to -12 from -18 (-15 expected).
In news:
The European Central Bank released its second quarter bank lending survey, which pointed to a loan demand drop that is expected to persist into the third quarter. Although banks reported easier access to wholesale funds, the funding conditions are expected to worsen in the ongoing quarter.

In U.S. corporate news:

Apple (AAPL 437.00, +18.46) is +4.4% after beating on earnings and revenue.
AT&T (T 35.40, -0.41) is -1.1% following a bottom-line miss on above-consensus revenue.
Boeing (BA 109.70, +1.91) is +1.8% after beating on earnings and revenue. In addition, the company raised its full-year 2013 earnings guidance above consensus.
Broadcom (BRCM 28.80, -3.03) is -9.5% after its earnings beat. However, the company guided third quarter revenue below analyst expectations.
Caterpillar (CAT 84.50, -1.02) is -1.2% after missing on earnings and revenue. In addition, the company lowered its full-year earnings and revenue guidance.
Ford Motor (F 17.47, +0.53) is +3.1% after reporting an earnings beat on above-consensus revenue.
Juniper Networks (JNPR 21.57, +0.23) is +1.1% after beating on earnings and revenue.
Panera Bread (PNRA 170.25, -11.76) is -6.5% following its earnings miss on below-consensus revenue.
Seagate (STX 44.85, -0.46) is -1.0% after reporting a slim bottom-line beat.
VMware (VMW 81.50, +10.22) is +14.3% after the company reported better-than-expected earnings.

The weekly MBA Mortgage Index fell 1.2% to follow last week's decline of 2.6%. This was the sixth negative reading in a row and the tenth decline out of the past eleven weeks.

June new home sales will be announced at 10:00 ET.

The U.S. Treasury will auction $35 billion in 5-yr notes.

06:50 am : [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +25.00.

06:50 am : Nikkei...14731.28...-47.20...-0.30%. Hang Seng...21968.93...+53.50...+0.20%.

06:50 am : FTSE...6644.13...+46.70...+0.70%. DAX...8370.67...+56.40...+0.70%.

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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