TheStrategyLab.com Price Action Trading Support Forum

Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #wrbanalysis #wrbzone #wrbhiddengap #priceaction #trading
It is currently Thu Mar 28, 2024 2:55 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: July 26th Friday Trade Results - Profit $3252.50
PostPosted: Fri Jul 26, 2013 9:08 pm 
Offline
Site Admin

Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
Image

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)

Attachment:
072613-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3252.50.png
072613-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+3252.50.png [ 82.36 KiB | Viewed 323 times ]

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 @ $1120.00 dollars or +11.20 points, Emini ES ($ES_F) futures @ $1862.50 dollars or +37.25 points, Light Crude Oil CL ($CL_F) futures @ $270.00 dollars or +0.27 points, Gold GC ($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 @ $3252.50 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=1563

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

-----------------------------

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.

Stocks Claw Back In Final Minutes

Attachment:
072613-Key-Price-Action-Markets.png
072613-Key-Price-Action-Markets.png [ 549.76 KiB | Viewed 356 times ]

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

NEW YORK (CNNMoney)
Wall Street staged a comeback Friday: U.S. stocks inched higher in the final minutes of trading after being down sharply earlier in the day.

After being down more than 150 points in the morning, the Dow Jones industrial average ended the day with a gain of 3 points. That was just enough for the index to end higher for a fifth week.

The S&P 500 added 1 point, closing just below its all-time high. For the week, however, the S&P ended basically unchanged.

The Nasdaq gained 8 points for the day, and nearly 1% for the week.

After a pullback in June, stocks hit record highs this month as Chairman Ben Bernanke and other Fed officials downplayed concerns about the central bank's $85 billion-per-month bond buying program.

This week, investors sifted through a slew of reports on corporate earnings and rewarded companies that beat expectations.

But the tone was cautious Friday as investors looked ahead to next week's meeting of top Fed officials and the government's monthly jobs report.

"Investors are taking profits now and waiting to see how next week shakes out," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade. "Why take unnecessary risk heading into it?"

Earnings are a mixed bag: Tech shares have been the biggest drivers this week, boosted by strong earnings from Apple (AAPL, Fortune 500) and Facebook (FB). But weak results from Amazon (AMZN, Fortune 500) and Expedia (EXPE) put pressure on the sector Friday.

Expedia shares plunged after the online travel company plunged 24% on a worse-than-expected earnings report.

Amazon shares were lower after the online retailer posted a surprise loss. And Zynga's (ZNGA) stock sank after the online gaming company issued a weak outlook for the third quarter and said it's not going to pursue online gambling in the United States.

But the losses were offset by shares of Activision Blizzard (ATVI), which surged more than 21% after the maker of games such as World of Warcraft and Call of Duty said it was striking out on its own through an $8.2 billion deal.

Starbucks (SBUX, Fortune 500) shares rose after the coffee merchant delivered better-than-expected quarterly earnings and sales.

Related: Fear & Greed Index, still greedy

Halliburton (HAL, Fortune 500) stock rose nearly 4% after the Justice Department said the oilfield services firm would plead guilty to destroying computer test results that had been sought as evidence in the Deepwater Horizon disaster.

Tesla Motors (TSLA) shares gained after Deutsche Ban (DB)k upgraded the electric car maker.

Among the companies scheduled to report next week are energy giants Exxon (XOM, Fortune 500) and Chevron (CVX, Fortune 500).

More than half of the companies in the S&P 500 have reported results for the second quarter, with 66% of them topping analysts expectations, according to S&P Capital IQ.

Earnings growth has been strongest in the financial and consumer discretionary sectors, while materials and telecommunications companies have seen profits decline.

In economic news, the University of Michigan and Thomson Reuters said a key measure of consumer sentiment rose to 85.1 in July, the highest level in six years.

* What's next for SAC?

Overseas markets: European markets ended mostly lower, though shares of Pearson (PSO) and LVMH (LVMHF) rose after the companies posting better-than-expected earnings.

In Asia, Japan's benchmark Nikkei index fell by 3% as the yen strengthened. Japan's inflation turned positive for the first time in a year, a sign that Abenomics is taking hold.

The performance on Chinese indexes was more muted. Hong Kong's Hang Seng index rose by 0.2% and the Shanghai Composite index declined by 0.5%.

Image



4:10 pm : It was a tough start to the day, but an otherwise smooth end as the major indices overcame large losses early to end the session little changed but in positive territory.

A 3% decline in the Nikkei set the tone for a negative beginning, as did a series of mixed earnings reports that featured notable misses from Amazon.com (AMZN 312.01, +8.61) and Expedia (EXPE 47.20, -17.80), and a positive earnings surprise from Starbucks (SBUX 73.36, +5.19).

At their lows of the morning, the Dow, Nasdaq, and S&P 500 were down 150, 24, and 14 points, respectively. Those lows were established shortly after a headline crossed saying the IMF felt the interest rate volatility in the US could have an adverse global effect and that economic risks remain tilted to the downside.

Sellers kept control of things through the first 90 minutes of trading, but then ceded their guiding hand just as suddenly to buyers for the rest of the day as the major averages trended higher for the remainder of the session.

There wasn't a specific news catalyst for the turnaround. Buyers simply stepped up to stop the bleeding. Their resolve was on full display in Amazon.com, which came storming back from opening losses to end the day 2.8% higher.

Amazon's about-face seemed to breathe new life into the market, which also keyed off the relative strength of the Dow Jones Transportation Average (+0.5%). The transport stocks had come under fire of late, so, when they turned, it prompted some additional buy-the-dip action in other areas.

The recovery off the lows wasn't necessarily fueled by a single sector that was undeniably strong. Rather, it was paced by every sector getting stronger after an initial bout of weakness. The health care sector (+0.7%) took the honors as the best-performing sector in the S&P 500 today while the materials sector (-0.4%) brought up the rear.

The biggest moves of the day were reserved largely for story stocks of note like the ones mentioned above, as well as others like Activision (ATVI 17.46, +2.28), which issued positive earnings guidance and said it would be buying back 429 mln shares from majority shareholder Vivendi. That move, it said, would make Activision an independent company again. Similarly, momentum favorite Tesla (TSLA 129.39, +5.32) caught a bid on reports that Deutsche Bank upgraded the stock to Buy from Hold.

There was a single economic release today and it was the final reading for the University of Michigan Consumer Sentiment report for July. It was revised up to 85.1 from 83.9. That was better than the Briefing.com consensus estimate of 84.1, although the headline at the time did not help the market, which moved to new session lows 35 minutes after the release.

Notwithstanding the decent-sized trading range today, participation was on the light side with just 597 mln shares traded at the NYSE. The lack of participation was understandable considering next week promises to be an event-filled week with the release of over 100 earnings reports from S&P 500 companies, the advance estimate for Q2 GDP, the FOMC meeting, the ECB meeting, and the July employment report.DJ30 +3.22 NASDAQ +7.98 SP500 +1.40 NASDAQ Adv/Vol/Dec 944/1.65 bln/1539 NYSE Adv/Vol/Dec 1407/596 mln/1564

3:35 pm : Commodities took a hit today, but precious metals have been coming back and gold is now back into positive territory. However, gold, silver and copper all ended the pit trading session lower.

Energy remained in the red in today's action and crude oil fell again, putting the today loss on the week at around $3.50/barrel. Today, Sept crude oil fell $0.76 to $104.73/barrel. Aug natural gas fell nine cents to $3.56/MMBtu.

Aug gold sold off $7.10 to $1321.60/oz, while Sept silver lost $0.40 to end the floor trading session at $19.76/oz.DJ30 -24.51 NASDAQ +2.22 SP500 -1.73 NASDAQ Adv/Vol/Dec 913/1422.2 mln/1582 NYSE Adv/Vol/Dec 1258/390 mln/1706

3:00 pm : With an hour to go in the trading day and trading week, the major indices continue to flutter in a narrow range after making a decent rebound attempt off this morning's lows. To that end, the Dow Jones Industrial Average was down 150 points at its worst level today, but has recovered more than 100 points of that loss.

The Nasdaq, meanwhile, is back in positive territory, overcoming a 24-point decline earlier in the day.

Not surprisingly, with the important week ahead, investor conviction appears to be lacking today. NYSE volume totals just 345 mln shares with an hour to go versus an average 400 mln shares by this point for the week. DJ30 -35.08 NASDAQ +1.16 SP500 -2.68 NASDAQ Adv/Vol/Dec 900/1.27 bln/1580 NYSE Adv/Vol/Dec 1241/345 mln/1700

2:30 pm : The major averages are levitating at better levels, but still haven't been able to get over the unchanged line in convincing fashion.

The pushback is probably owed to a general feeling that the market is due for a period of consolidation after the strong run it has had over the last four weeks. At the moment, the S&P 500 is down 0.4% for the week. If it is unable to make a closing push, the S&P 500 would suffer its first weekly decline in the last five weeks.

In turn, participants are cognizant that next week will feature a number of market-moving events, so they are showing some buying restraint going into the weekend.

In a day of story stocks, it is worth noting that Reuters reported a short time ago that noted hedge fund manager David Einhorn indicated to his investors that he closed his short position in J.C. Penney (JCP 16.46, +0.34) and his long position in Microsoft (MSFT 31.36, -0.02).


DJ30 -56.33 NASDAQ -5.40 SP500 -5.54 NASDAQ Adv/Vol/Dec 857/1.19 bln/1613 NYSE Adv/Vol/Dec 1120/322 mln/1797

1:55 pm : Just as soon as the Nasdaq peeked its head into positive territory, it was given a haircut that knocked it back into red figures. All in all, though, the tech-heavy average is holding its own today with the likes of Activision (ATVI 17.39, +2.21), Apple (AAPL 439.55, +1.05), Intel (INTC 23.16, +0.10), and eBay (EBAY 52.25, +0.75) lending influential support along with Amazon.com (AMZN 312.25, +8.85).

The broader market, though, still can't get over the hump as it is suffering from a lack of concerted leadership.

As noted earlier, the consumer discretionary sector (+0.2%) is a pocket of relative strength today with a number of homebuilders on the move after getting hit hard yesterday. Standard Pacific (SPF 8.10, +0.22), which reported earnings this morning and missed the Capital IQ consensus estimate by a penny, is up 2.8% and is one of the biggest percentage gainers along with KB Home (KBH 17.24, +0.44). DJ30 -46.96 NASDAQ -0.29 SP500 -3.60 NASDAQ Adv/Vol/Dec 885/1.08 bln/1570 NYSE Adv/Vol/Dec 1212/290 mln/1705

1:25 pm : The recovery effort continues to unfold inch by inch as the major averages are at their best levels since shortly after the start of trading. The Nasdaq, in fact, has turned positive.

The show of resilience, and particularly the show of resilience by Amazon.com (AMZN 310.49, +7.09, is apt to engender some short-covering activity that could be a springboard to higher levels.

Notably, the CBOE Volatility Index (VIX 13.20, +0.23) has been slipping from higher levels seen earlier as the rebound effort has unfolded. Even so, the VIX is still up 1.9% for the day and has risen 7.6% since Monday as participants position for the prospect of added volatility in the near term. DJ30 -51.76 NASDAQ +0.94 SP500 -3.93 NASDAQ Adv/Vol/Dec 898/1.02 bln/1537 NYSE Adv/Vol/Dec 1217/272 mln/1702

1:00 pm : This stock market is certainly battle tested and it is facing another battle today to overcome large losses in the early-going that followed on the heels of a 3.0% decline in Japan's Nikkei, a lackluster response to the latest batch of earnings reports, a cautious-sounding view out of the IMF, and a violation of technical support levels.

The major average are all currently underwater, yet they have been forging a rebound effort for the better part of the last two hours to pare their losses.

The comeback effort has been aided by a turn in Amazon.com (AMZN 309.96, +6.56), which sold off initially after its disappointing earnings report but soon bounced in an investor show of support for its growth prospects. That reversal has been key in contributing to the relative strength of the large-cap technology stocks that is reflected in the 0.1% gain for the Nasdaq 100.

In turn, the transports have held in reasonably well today, having bounced back from earlier losses. The turn in the transports has encouraged some buy-the-dip action since they have been notable laggards of late after being notable leaders all year. The understanding that the turn in the transports came on no news is perhaps being taken as a sign that recent weakness was nothing more than profit taking after a strong run.

Time will reveal more as it inevitably does, but for now, these pockets of relative strength are helping to contain losses ahead of a big week next week that features the advance estimate for Q2 GDP, the FOMC meeting, and the July employment report.

The specter of those items has contributed to some of today's selling interest since they are expected to invite increased volatility in the capital markets. Things haven't been all that volatile today, however.

There was steady selling pressure over the first 90 minutes of trading and there has been steady buying pressure since 11:00 a.m. ET. The only note of headline excitement intraday came around 10:30 a.m. ET when it was reported the IMF said interest rate volatility in the US could have an adverse global effect and that the economic outlook is tilted to the downside.

That headline helped knock the S&P 500 below an initial support level in the 1682/1680 area, but it has since reclaimed a position above that mark.

There isn't much sector leadership to speak of on either the upside or the downside. The consumer discretionary sector (+0.1%) is the lone sector showing a gain at this point. The biggest laggard, meanwhile, is the materials sector (-0.9%), which has been the case most of the day.

Big moves have essentially been reserved for individual stocks like Starbucks (SBUX 72.89, +4.72), which impressed with its earnings report, Expedia (EXPE 48.32, -16.68), which did not, and Tesla (TSLA 129.22, +5.15), which reports indicate received an upgrade by Deutsche Bank from Hold to Buy.

Separately, today's lone economic report -- the final reading for the University of Michigan Consumer Sentiment report for July -- was better than expected at 85.1 (Briefing.com consensus 84.1), but had a negligible impact on the market after its release.
DJ30 -81.34 NASDAQ -5.59 SP500 -6.66 NASDAQ Adv/Vol/Dec 801/937/1637 NYSE Adv/Vol/Dec 1078/253 mln/1837

12:30 pm : The stock market has been underwater since the opening bell, and while the numbers don't say it, the trend for the market has been higher over the last 90 minutes. To that point, the S&P 500 hit its worst level of the morning (1676.03) just after 11:00 a.m. ET.

It has been a steady rebound effort, yet buyers can't be said to be beating on the door to buy stocks.

The Dow Jones Industrial Average is registering a triple-digit point decline, as losses in just about every Dow component are forcing the price-weighted average lower. The only stocks in the Dow to buck the selling trend at this juncture are Alcoa (AA 8.06, +0.03), Home Depot (HD 79.08, +0.10), and Intel (INTC 23.08, +0.02).DJ30 -100.58 NASDAQ -7.41 SP500 -7.88 NASDAQ Adv/Vol/Dec 733/853 mln/1678 NYSE Adv/Vol/Dec 997/232 mln/1911

11:55 am : The market is attempting to claw its way back from larger losses (as it has been known to do), but will have to tackle with the 1682 level, which moved from an area of support to an area of resistance after that level was violated earlier.

Taking a look at Treasuries, they aren't creating a whole lot of excitement today as price moves along the curve have been limited to one or two ticks. The yield on the 10-yr note sits at 2.57%.

Although the Treasury market is listless today, that is not expected to be the case next week when participants will be contending with, among other things, the advance estimate for Q2 GDP, the FOMC meeting, and the July employment report. Each qualifies as a potential market mover for stocks and bonds.DJ30 -108.90 NASDAQ -10.63 SP500 -9.33 NASDAQ Adv/Vol/Dec 669/760 mln/1727 NYSE Adv/Vol/Dec 879/208 mln/2002

11:25 am : Selling pressure has abated for the time being, enabling the major averages to achieve a small bounce off their worst levels of the day.

Today's weakness is broad-based and has been a bit more pronounced among small-cap and mid-cap stocks, which of course have been huge gainers of late. The Dow and S&P 500 are down 0.8% and 0.7%, respectively, but the Russell 2000 and S&P 400 Midcap Index are down 1.1% and 1.0%, respectively.

The Nasdaq Composite is down just 0.4%. Amazon.com (AMZN 307.51, +4.11), which was under selling pressure at the open, has pivoted from being a component of weakness to a component of strength. Notwithstanding its earnings miss, investors apparently aren't giving up on the company's growth story. DJ30 -123.49 NASDAQ -14.94 SP500 -11.31 NASDAQ Adv/Vol/Dec 626/662 mln/1761 NYSE Adv/Vol/Dec 808/183 mln/2055

10:55 am : Sellers have picked up their efforts and have sent the major indices to new lows for the morning in the past half hour. With the latest downleg, an initial support level in the 1682/1680 area has been violated, potentially opening the door for a test of the next support area at 1674/1672.

This trade to us resembles more of the consolidation trade that started to take root earlier in the week. Bear in mind that the S&P 500 surged nearly 9.0% from its June 24 low to its intraday high on Tuesday. That would be a pretty good year by most standards, yet that was accomplished in just four weeks.

One of the recent headlines that will probably garner some added attention as a catalyst for the latest downdraft is the one noting the IMF's view that interest rate volatility in the US could have an adverse global effect and that the economic outlook is tilted to the downside. Not a particularly new revelation, but some nettlesome reminders that tend to grease the selling wheels on a day that was already weak.

The consumer staples sector (-1.3%) is the biggest laggard at the moment, but it has influential company with the financial (-1.0%) and energy (-1.0%) sectors on its heels. DJ30 -145.01 NASDAQ -22.81 SP500 -13.68 NASDAQ Adv/Vol/Dec 576/551 mln/1777 NYSE Adv/Vol/Dec 804/155 mln/2055

10:35 am : Commodities are in the red this morning, despite weakness in the dollar index this morning.

Crude oil has been in negative territory all morning. The energy component attempted to rally as it gained steam just before the open of pit trading, pushing oil back above $105/barrel. In current trade, Aug crude oil is -1.2% at $104.18/barrel.

Aug natural gas is currently -1.2% at $3.60/MMBtu, right at its LoD.

Gold temporarily moved back into positive territory and is now -0.1% at $1327.40/oz. Sept silver is currently -0.8% at $19.99/oz. Aug copper futures are -2.6% at $3.10/lb.DJ30 -91.46 NASDAQ -11.99 SP500 -8.36 NASDAQ Adv/Vol/Dec 662/423.3 mln/1638 NYSE Adv/Vol/Dec 941/123 mln/1850

10:00 am : Plenty of red figures on stock monitors in the early going, but dark red has been reserved for individual issues like Expedia (EXPE 48.30, -16.70), Zynga (ZNGA 2.91, -0.60), Tempur Sealy (TPX 38.11, -3.85), Decker's Outdoor (DECK 53.56, -5.31), and Briggs & Stratton (BGG 19.74, -1.51), all of which disappointed with their earnings results and/or guidance.

The sector trends paint a tamer selling message as moves have been contained to under 1.0%. The materials sector (-0.9%) is flirting with that lower threshold and is the worst-performing area in the initial action. The weakness in the financial (-0.7%), consumer staples (-0.6%), and industrials (-0.5%) sectors, however, is having the bigger influence on the broader market.

Separately, it was reported a short time ago that the final reading for the University of Michigan Consumer Sentiment repot for July was revised up to 85.1 (Briefing.com consensus 84.1) from 83.9. That doesn't hurt, but it hasn't seemed to help the market much either.DJ30 -68.74 NASDAQ -9.27 SP500 -6.07 NASDAQ Adv/Vol/Dec 656/255 mln/1574 NYSE Adv/Vol/Dec 881/82 mln/1865

09:45 am : As expected, the cash market started the session on a lower note that erased all of yesterday's gains and then some. The initial move was a broad sweep lower with all sectors trading down.

The health care sector (+0.1%) is trying to bounce and is the only sector showing a gain in the early-going. That move is being aided by Merck (MRK 48.38, +0.21), which was the lone gainer in the Dow in opening trade.

Overall, there aren't any true pockets of weakness or strength from a sector standpoint, as moves in either direction have been contained to less than 1.0%.DJ30 -71.65 NASDAQ -12.78 SP500 -6.46 NASDAQ Adv/Vol/Dec 592/153 mln/1580 NYSE Adv/Vol/Dec 692/59 mln/1988

09:15 am : [BRIEFING.COM] S&P futures vs fair value: -9.30. Nasdaq futures vs fair value: -14.30. A last look at the futures market reveals the same look that has been seen all morning. Weakness.

The S&P futures are basically at their lows of the morning, trading 0.6% below fair value, which should ensure a lower start for the cash market.

There are a lot of story stocks today -- Amazon.com (AMZN), Expedia (EXPE) and Starbucks (SBUX) to name a few -- but no real story in any one of them as it relates to being a key driver of the broader market.

The S&P 500 is down 0.1% for the week entering today's trading, so it will have an uphill climb to the closing bell if it is to end the week in positive territory.

08:58 am : [BRIEFING.COM] S&P futures vs fair value: -9.90. Nasdaq futures vs fair value: -15.00. S&P futures are lower by 0.5%.

Overnight, markets across Asia were mixed amid a rather light session for news and data. Japan's Nikkei (-3.0%) was the laggard despite Tokyo CPI seeing an in-line reading of 0.3% YoY, and the national CPI reading (0.2% YoY) showing prices climb at their fastest rate in five years. The Nikkei's weakness may be attributed to comments from Japanese Finance Minister Taro Aso, who suggested prices are moving towards the Bank of Japan's target and that the country may soon be able to scale back its asset purchases. Elsewhere, China's Shanghai Composite shed 0.5% as 7-day Shibor jumped to 4.351%, its highest level since the beginning of July. Hong Kong's Hang Seng eked out a 0.3% gain.

In Japan, the Nikkei closed -3.0% as the strong yen weighed. Exporters lagged as Canon shed 2.5% and Toyota Motor gave up 3.6%. Real estate shares were also under pressure as Sumitomo Realty & Development and Mitsui Fudosan lost 5.0% and 3.0% respectively.
In Hong Kong, the Hang Seng finished +0.3% as trade gained for a fifth straight week. The advance was aided by a 3.9% climb in shares of heavyweight Tencent Holdings. Elsewhere, insurer AIA added 0.4% after its earnings topped analyst estimates.
In China, the Shanghai Composite settled -0.5% as financials weighed. Ping An and Agricultural Bank of China were among the laggards, sliding 1.7% and 1.2% respectively. Meanwhile, industry names were weak after Beijing ordered several factories shut due to overcapacity. Baotou Steel was included, with shares giving up 2.0%.

Markets across Europe are mixed after Greece received approval for its next bailout tranche, totaling EUR2.5 bln. Spain's IBEX (+1.0%) leads while Germany's DAX (-0.4%) lags amid a rather uneventful session.

In Britain, the FTSE is -0.3% as financials weigh. Royal Bank of Scotland and Barclays are the worst performers in the space, trading down 3.0% and 1.1% respectively.
In France, the CAC is +0.4% following a plethora of earnings beats. LVMH Moet Hennessy Louis Vuitton is leading the way with shares up 4.5% following its better than expected quarterly report.
In Germany, the DAX is -0.4% as automakers and financials lag. Daimler and Commerzbank are the worst performers in their sectors, trading down 2.0% and 1.1% respectively.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: -7.70. Nasdaq futures vs fair value: -10.00. Not much giddy-up in the S&P futures this morning, which are trolling near their lows of the day. If things hold the way they are, the modest 4-point gain in the cash market yesterday should be wiped out when the opening bell rings.

There won't be any economic data before the bell to turn the tide. The lone release today is the final reading for the University of Michigan Consumer Sentiment report for July (Briefing.com consensus 84.1; prior 83.9), which won't be released until 9:55 a.m. ET.

Treasuries are pretty flat at the moment, but the US Dollar Index is on the defensive, trading down 0.3%. Commodities aren't responding to that weakness as they are mostly lower at this juncture, with crude futures down $1.02 at $104.47/bbl and gold futures off $7.20 to $1322.20/oz.

08:04 am : [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -11.80. The S&P futures are down seven points and are trading 0.5% below fair value. A 3.0% decline in the Nikkei and a lackluster response to the latest batch of earnings news have weighed on sentiment this morning.

Reviewing overnight developments:

Asian markets ended mixed... Japan's Nikkei -3.0%, China's Shanghai Composite -0.50%, Hong Kong's Hang Seng +0.30%

o Economic data was limited:
Japan's national CPI came in at 0.2% (0.1% expected, -0.3% prior) while national core CPI was reported at 0.4% (0.3% forecast, 0.0% previous). In addition, Tokyo CPI rose 0.4% (0.2% expected, 0.0% prior) while Tokyo core CPI increased 0.3% (0.3% consensus, 0.2% previous).
South Korea's consumer confidence held steady at 105 (104 expected).
Singaporean industrial production decreased 5.9% year-over-year (-5.7% expected, 2.3% prior).

European indices are mostly lower. The United Kingdom's FTSE -0.3%, Germany's DAX -0.6%, France's CAC +0.4%.

o Investors received just two notable data points:
German Import Price Index declined 0.8% (-0.3% expected, -0.4% prior).
French consumer confidence increased to 82 from 79 (79 consensus).

In US Corporate news:

Amazon.com (AMZN 297.89, -5.51) is -1.8% after missing by seven cents
Activision (ATVI 18.30, +3.12) is soaring 20.2% after issuing upside guidance for Q2 and announcing a 429 mln share repurchase from Vivendi
Expedia (EXPE 49.70, -15.30) is plummeting 23.5% after missing quarterly EPS estimates by $0.17
Starbucks (SBUX 72.85, +4.68) is jumping 6.9% after beating by two cents and providing in-line guidance for FY14
KLA-Tencor (KLAC 57.99, -1.80) is down 3.0% after beating by three cents, but warning for fiscal Q1
Zynga (ZNGA 2.91, -0.59) is down 16.9% after beating by three cents but offering disappointing guidance for Q3

06:55 am : [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -14.00.

06:55 am : Nikkei...14129.98...-433.00...-3.00%. Hang Seng...21968.95...+68.00...+0.30%.

06:55 am : FTSE...6579.36...-8.60...-0.10%. DAX...8260.33...-38.70...-0.50%.

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
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
questions@thestrategylab.com
Go Back To TheStrategyLab.com Homepage
Market Update


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 1 post ] 

All times are UTC - 5 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 4 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Translated by Xaphos © 2007, 2008, 2009 phpBB.fr