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 Post subject: July 29th Monday Trade Results - Profit $2822.50
PostPosted: Mon Jul 29, 2013 9:48 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 @ $1450.00 dollars or +14.50 points, Emini ES ($ES_F) futures @ $1312.50 dollars or +26.25 points, Light Crude Oil CL ($CL_F) futures @ $60.00 dollars or +0.06 points, Gold GC ($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 @ $2822.50 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=1564

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.

Stocks Tumble At Start Of Busy Week

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NEW YORK (CNNMoney)
Investors took a step back Monday ahead of several events later this week that could set the tone for the rest of the summer.

The Dow Jones industrial average lost 0.2%, the S&P 500 and the Nasdaq both fell nearly 0.4%.

Despite news early Monday of corporate mergers totaling $46 billion, investors were reducing their exposure to stocks ahead of a meeting of Federal Reserve policymakers later this week. The European Central Bank and Bank of England also meet this week.

While the Fed is unlikely to announce any major changes in policy this week, many investors believe the central bank will begin slowing the pace of its $85 billion-per-month bond-buying program as soon as September.

There is also a ton of economic data on tap this week, with a report on second-quarter U.S. gross domestic product and the government's monthly jobs report.

Investors have been particularly sensitive to economic reports since the Fed has stressed that any tapering of its stimulus policies will depend on how the recovery progresses.

"The market will look for clues as to the timing of future scaling back of asset purchases," said Bill Stone, chief investment strategist at PNC Wealth Management.

Meanwhile, some well-known stocks were on the move Monday.

Merger Monday. Canadian retailer Hudson's Bay bought iconic retailer Saks (SKS) in a deal worth $2.9 billion. Hudson's Bay owns rival luxury retailer Lord & Taylor.

Omnicom Group (OMC, Fortune 500) and Publicis Groupe (PGPEF) announced a $35.1 billion deal to form the world's largest advertising agency. The news also lifted shares of rival advertising agency, Interpublic Group of Companies (INPGP).

U.S. over-the-counter drugmaker Perrigo (PRGO) announced an $8.6 billion deal for Irish drugmaker Elan (ELN), a cash and stock deal that pays about a 26% premium for Elan shareholders. The Irish company was at the center of an insider trading scandal involving a former employee of embattled hedge fund SAC Capital.

Deluge of earnings. Mall operator Simon Property (SPG) and casino owner Wynn Resorts (WYNN, Fortune 500) both reported improved quarterly earnings, although Wynn fell short of forecasts while Simon beat estimates.

Rental car company Hertz (HTZ, Fortune 500) reported results that met analysts' expectations, but shares were down more than 2%.

CF Industries (CF, Fortune 500) shares jumped after Dan Loeb's hedge fund, Third Point, disclosed an investment in the fertilizer company. Loeb's investment in CF Industries boosted shares of rivals Rentech Nitrogen (RNF), Terra Nitrogen (TNH) and Agrium (AGU).

In a letter to investors, Loeb also reportedly renewed his criticism of Sony (SNE), in which he holds a 6% stake.

Shares of Intuitive Surgical Inc. (ISRG) gained after the medical robotics company boosted its share repurchase program.

Herbalife (HLF), the multi-level marketing company that hedge fund manager Bill Ackman has attacked as a pyramid scheme, reported second-quarter earnings after the closing bell that topped forecasts.

Best of StockTwits. On any given day, there are always high-profile stocks on the move that traders on StockTwits are talking about. Here's a look at some of them.

SodaStream (SODA) shares gained nearly 2% as investors looked ahead to the company's latest earnings report Wednesday. The stock has had a strong pop this year, rising from about $45 a share to above $75 a share in May. But some traders on say the stock is too frothy.

investinthebest: $SODA nothing but a bubble if you ask me. want to see 20-30

Facebook (FB) shares have been on a tear since the social network reported strong quarterly results last week. The stock rose above $35 a share Monday and is closing in on its IPO price of $38.

jincman: $FB it's getting comfortable over 35 ... look out!

Caterpillar (CAT, Fortune 500) announced plans to repurchase $1 billion worth of its own stock from French bank Société Générale, accelerating a $2 billion transaction announced in April. The move comes a few weeks after hedge fund manager Jim Chanos said he's betting against Caterpillar as the global boom in commodities draws to a close.

For some, the buyback is a sign of weakness, while others say Caterpillar is still a good long-term bet.

timboutillier: $CAT You smell that? Smells like desperation if you ask me.

leopardtrader: Those betting against $CAT at the current levels will be thoroughly whipped in months ahead lol

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4:10 pm : The S&P 500 settled lower by 0.4% as seven of ten sectors registered losses.

Equities began the session in negative territory after the third consecutive decline in Japan's Nikkei contributed to the cautious sentiment.

With few earnings of note and no market-moving economic data, the session proved to be relatively quiet as investors prepared for what promises to be an active week. On Wednesday morning, the advance reading of second quarter GDP will be reported while the afternoon will bring the latest policy statement from the Federal Reserve. In addition, Friday morning will bring the July employment report while quarterly earnings will continue pouring in throughout the week.

Stock indices spent the entire session in negative territory as a handful of influential groups weighed. Consumer discretionary, energy, and financial sectors lost between 0.6% and 0.8% with energy leading to the downside.

The energy space fell 0.8% as crude oil endured a volatile session, alternating between gains and losses before ending lower by 0.3% at $104.42 per barrel.

Meanwhile, another commodity-related sector, materials, received a late afternoon boost after CNBC reported that Dan Loeb's Third Point has taken a stake in CF Industries (CF 202.30, +21.30), which surged 11.8% on the news. As a result, the materials sector was the only cyclical group to settle in the green.

Elsewhere, the underperformance of all major banks weighed on the financial sector, which shed 0.8%.

Also of note, discretionary shares displayed broad weakness. Homebuilders ended generally lower even after the June pending home sales report surpassed estimates (-0.4% actual, -1.7% Briefing.com consensus). The iShares Dow Jones US Home Construction ETF (ITB 21.75, -0.08) slipped 0.4%.

Interestingly, industrials (-0.3%) finished ahead of the S&P despite the underperformance of transportation-related names. The Dow Jones Transportation Average lost 1.1% as airlines lagged. Alaska Air (ALK 59.55, -3.03) and United Continental (UAL 34.85, -1.40) settled lower by 4.8% and 3.9%, respectively.

While today's session did not produce much excitement, investors received a heavy dose of M&A news. Omnicom Group (OMC 64.75, -0.36) and Publicis Groupe announced a merger of equals while Saks (SKS 15.95, +0.64) received an offer from Hudson's Bay to be acquired for $16 per share, which represents a 4.5% premium to Friday's closing price. Separately, Perrigo (PRGO 125.17, -9.06) agreed to acquire Elan (ELN 15.46, +0.53) for $16.50 per share (10.5% premium) and Michael Baker (BKR 40.39, +10.79) entered into an agreement to be acquired by Integrated Mission Solutions for $40.50 per share. The purchase price represents a 36.8% premium.

Tomorrow, the May Case-Shiller 20-city Index will be reported at 9:00 ET while July consumer confidence will cross the wires at 10:00 ET. On the earnings front, Aetna (AET 63.40, -1.30), Goodyear (GT 17.04, +0.26), and Pfizer (PFE 29.54, +0.17) will report their results ahead of the opening bell.DJ30 -36.86 NASDAQ -14.02 SP500 -6.32 NASDAQ Adv/Vol/Dec 798/1.43 bln/1702 NYSE Adv/Vol/Dec 906/579.2 mln/2104

3:35 pm :

Sep crude oil rose to a session high of $105.31 per barrel but slipped to a session low of $104.05 per barrel later in morning action. The energy component recovered into the black but was unable to hold on to the slight gain and settled 0.1% lower at $104.58 per barrel.
Sep natural gas spent its entire session in the red, dipping to a session low of $3.43 per MMBtu in morning actin. It settled 2.5% lower at $3.47 per MMBtu, slightly below its session high of $3.49 per MMBtu.
Precious metals, on the other hand, traded higher today
Aug gold pulled back slightly from a session high of $1335.00 per ounce and spent most of its session trading in a tight $6.00 range. It settled with a 0.5% gain at $1328.50 per ounce.
Silver traded in a consolidated fashion slightly above the unchanged line after retreating from its session high of $20.20 per ounce. It eventually settled 0.5% higher at $19.86 per ounce.

DJ30 -27.22 NASDAQ -9.29 SP500 -4.36 NASDAQ Adv/Vol/Dec 843/1197.8 mln/1644 NYSE Adv/Vol/Dec 939/394 mln/2035

2:55 pm : The S&P 500 trades lower by 0.2% as today's session enters its final hour.

Similar to equities, the foreign exchange market has been quiet today. Currently, the Dollar Index is little changed after spending the entire U.S. session in positive territory.

Notably, the greenback has surrendered some ground to the yen, sending the pair below 98.00. Dollar/yen is off by 0.5% at 97.86 as trade pushes lower for the third session. The pair could exhibit some volatility tonight when Japan reports its household spending, industrial production, and the unemployment rate.

Elsewhere, Australian dollar/U.S. dollar is lower by 0.7% near 0.9205 after an early bid was unable to clear the 0.9300 level. Traders are likely to keep an eye on the 0.9140 level and the inability to hold will likely open the door for a retest of the recent lows near 0.9000. Tonight's data out of Australia will be limited to the building approvals report. In addition, Reserve Bank of Australia Glenn Stevens will speak tonight.DJ30 -24.44 NASDAQ -7.35 SP500 -4.03 NASDAQ Adv/Vol/Dec 902/1.06 bln/1585 NYSE Adv/Vol/Dec 988/347.2 mln/1978

2:30 pm : Recent action saw the S&P 500 accelerate its rebound off session lows. The benchmark index has trimmed its loss to 0.2% as the technology sector climbed into positive territory. Similarly, health care and materials have also erased their losses.

However, energy (-0.9%) and financials (-0.6%) continue to show weakness. The performance of these two influential groups is likely to determine the direction of the broader market during the final 90 minutes of today's session.

Market breadth remains negative as declining issues on the New York Stock Exchange outpace advancers by a 2:1 ratio.DJ30 -21.37 NASDAQ -6.44 SP500 -3.86 NASDAQ Adv/Vol/Dec 921/986.7 mln/1546 NYSE Adv/Vol/Dec 976/323.1 mln/1974

2:00 pm : Quiet afternoon action continues with the major averages hovering just above their lows. The Dow (-0.3%) is the top performing index while the small cap Russell 2000 (-0.7%) brings up the rear.

Although the Dow trades ahead of the broader market, only four components of the price-weighted index hold solid gains. Caterpillar (CAT 82.90, +0.84) is higher by 1.0% after the company announced it will buy back $1 billion of its common stock from Societe Generale. Elsewhere, Pfizer (PFE 29.76, +0.39) trades with a gain of 1.3% after announcing plans to separate the company into three business segments.

Also of note, AT&T (T 35.92, +0.32) and Verizon (VZ 51.49, +0.47) are both up near 0.9% while the broader telecom sector continues to outperform with a gain of 0.7%.DJ30 -44.67 NASDAQ -11.99 SP500 -6.53 NASDAQ Adv/Vol/Dec 836/898.9 mln/1629 NYSE Adv/Vol/Dec 882/294.4 mln/2056

1:30 pm : Modest losses for the major averages as the afternoon session drags on. The upshot is that the major averages have once again shown some resilience to selling efforts as each is off its worst levels of the day.

The support came in at the 1682 level for the S&P 500. Since then, it has been a slow grind higher with most groups doing a bit better than before, making for an aggregate gain of about three points from the worst levels of the day.

As stated previously, this is a big week for the market with a host of potentially market-moving items on tap, including the advance estimate for Q2 GDP, policy meetings for the ECB, BOE, and the Federal Reserve, and the release of the July employment report.

Not surprisingly, there is a bid in the CBOE Volatility Index (VIX 13.57, +0.85) today as participants position for the possibility of increased volatility in the near term. In The Big Picture column published on Briefing.com, we expound on several of this week's key happenings and their potential to move the market. DJ30 -41.28 NASDAQ -12.54 SP500 -6.46 NASDAQ Adv/Vol/Dec 830/833 mln/1620 NYSE Adv/Vol/Dec 892/273 mln/2048

12:55 pm : Similar to the past two sessions, equities began today's affair in negative territory after weakness in Japan's Nikkei contributed to the cautious sentiment.

The first half of today's session has seen limited activity as traders prepare for a busy week ahead. In addition to a full slate of quarterly reports, market participants will receive the advance estimate of second quarter GDP, the latest policy statement from the Federal Reserve, and the July nonfarm payrolls report.

At midday, the S&P 500 is lower by 0.4% as eight of ten sectors register losses. Heavily-weighted energy and financials have pressured the broader market from the start. The financial sector trades down 0.8% as all major banks hover in the red.

Elsewhere, the energy sector holds a loss of 1.0% while crude oil sports a gain of 0.2% at $104.93 per barrel.

Also of note, the industrial sector has been able to outperform the broader market despite the underperformance of transportation-related names. The Dow Jones Transportation Average trades down 0.7% as 15 of 20 components register losses. Airlines trade broadly lower with Alaska Air (ALK 61.17, -1.41), Delta Air Lines (DAL 21.49, -0.41), and United Continental (UAL 35.23, -1.02) down between 1.8% and 2.8%.

The relative weakness of discretionary shares has also presented a challenge to the S&P. Most home builders have surrendered their gains and the iShares Dow Jones US Home Construction ETF (ITB 21.80, -0.03) is lower by 0.1% even after the June pending home sales report surpassed estimates (-0.4% actual, -1.7% Briefing.com consensus)

Although today's session has been relatively quiet, investors received a fair share of M&A news. Omnicom Group (OMC 65.57, +0.46) and Publicis Groupe announced a merger of equals while Saks (SKS 15.84, +0.53) has received an offer from Hudson's Bay to be acquired for $16 per share, representing a 4.5% premium to Friday's closing price. Separately, Perrigo (PRGO 125.74, -8.49) has agreed to acquire Elan (ELN 15.52, +0.59) for $16.50 per share, which represents a 10.5% premium to Friday's close. Lastly, Michael Baker (BKR 40.26, +10.66) has entered into an agreement to be acquired by Integrated Mission Solutions for $40.50 per share. The purchase price represents a 36.8% premium.DJ30 -49.49 NASDAQ -13.28 SP500 -7.06 NASDAQ Adv/Vol/Dec 824/761.1 mln/1614 NYSE Adv/Vol/Dec 880/250.6 mln/2056

12:30 pm : The major averages remain trapped to the bottom of their respective trading ranges as quiet trade continues. Today's main laggard, energy (-1.1%), has recently slipped to a fresh low as the sector remains unable to stage a significant bounce. Meanwhile, the financial sector, which has lagged since the open, has ticked off its lows, but its rebound has been limited, so far.

While the S&P 500 holds a modest loss of 0.4%, small caps have had a rougher go of it as the Russell 2000 trades lower by 0.7%.DJ30 -49.59 NASDAQ -16.24 SP500 -7.20 NASDAQ Adv/Vol/Dec 770/694.8 mln/1664 NYSE Adv/Vol/Dec 843/230.2 mln/2083

12:00 pm : The S&P 500 remains near its recently-established low as energy, financials, and discretionary shares continue to weigh on the broader market. Meanwhile, telecom services and utilities are the only two advancing sectors as they sport respective gains of 0.6% and 0.3%.

Similar to stocks, Treasuries have spent the entire session near their lows with the benchmark 10-yr yield higher by one basis point at 2.58%.

Also of note, the CBOE Volatility Index (VIX 13.79, +1.07) has climbed steadily since the open. Including today's gain, the near-term volatility measure is at its highest level since July 19.DJ30 -67.27 NASDAQ -18.02 SP500 -8.46 NASDAQ Adv/Vol/Dec 736/628.6 mln/1670 NYSE Adv/Vol/Dec 756/209.4 mln/2155

11:30 am : The S&P 500 has slipped to a fresh low after energy (-1.1%) and financials (-1.0%) widened their losses. In addition, the consumer discretionary sector (-0.6%) has notched its lowest level of the day after home builders surrendered most of their gains. The iShares Dow Jones US Home Construction ETF (ITB 21.73, -0.10) is lower by 0.5%.

On a related note, today's economic data was limited to the pending home sales report. In June, sales fell 0.4%, which was better than the 1.7% decrease forecast by the Briefing.com consensus. Today's reading follows last month's revised increase of 5.8%.

Elsewhere in the sector, Wynn Resorts (WYNN 131.54, +0.56) is higher by 0.4% despite missing earnings estimates by six cents.DJ30 -72.05 NASDAQ -19.38 SP500 -9.21 NASDAQ Adv/Vol/Dec 722/548.1 mln/1673 NYSE Adv/Vol/Dec 748/183.9 mln/2139

11:00 am : The major averages continue to hover in the red with the S&P 500 off by 0.3%. Energy (-0.9%) and financials (-0.8%) continue to pressure the broader market while the other early laggard, industrials (-0.1%), now trades ahead of the broader market. Although the industrial sector has shown some strength, transportation-related names have pressured the cyclical group.

The Dow Jones Transportation Average trades down 0.4% as 16 of 20 components register losses. Airlines trade broadly lower with Alaska Air (ALK 61.74, -0.84), Delta Air Lines (DAL 21.60, -0.30), and United Continental (UAL 35.55, -0.70) down between 1.4% and 1.9%.

On the upside, the telecom services sector has extended its gain to 0.7%.DJ30 -33.00 NASDAQ -5.28 SP500 -4.16 NASDAQ Adv/Vol/Dec 899/431.4 mln/1460 NYSE Adv/Vol/Dec 989/149.1 mln/1841

10:35 am : Energy is in the red this morning, while metals are showing some gains.

Natural gas is the worst performing commodity in the energy sector. Aug nat gas has been near its LoD all day so far and is now -3.4% at $3.43/MMBtu. Aug crude oil pulled back below $105/barrel this morning and is now -0.2% at $104.54/barrel.

Precious metals popped in late-night/early-morning trade, which pushed gold and silver to the current highs for the day early this morning. Both sold off earlier are now showing more modest gains. Aug gold is now +0.6% at $1329.10/oz, while Sept silver is now +0.4% at $19.85/oz.DJ30 -45.34 NASDAQ -7.36 SP500 -5.52 NASDAQ Adv/Vol/Dec 873/350.3 mln/1445 NYSE Adv/Vol/Dec 955/124 mln/1842

10:05 am : The S&P 500 trades lower by 0.2%.

Pending home sales for June fell 0.4%, which was better than the 1.7% decrease forecast by the Briefing.com consensus. Today's reading follows last month's revised increase of 5.8%.DJ30 -27.80 NASDAQ -0.51 SP500 -3.81 NASDAQ Adv/Vol/Dec 948/215.5 mln/1294 NYSE Adv/Vol/Dec 1088/83.1 mln/1621

09:45 am : The major averages began the session with modest losses. The S&P 500 trades lower by 0.2% as eight of ten sectors hover in the red. Energy, financials, and industrials are among the early laggards with the three groups down between 0.2% and 0.6%.

On the upside, technology and telecom services sectors hold slim gains near 0.1%.

June pending home sales will be reported at 10:00 ET.DJ30 -25.82 NASDAQ -0.86 SP500 -2.98 NASDAQ Adv/Vol/Dec 1000/103.1 mln/1150 NYSE Adv/Vol/Dec 1042/54.3 mln/1576

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -6.30. The S&P 500 futures trade with a loss of 0.3% as today's session sets up for a third lower open in a row. While the result of today's session remains to be seen, the S&P 500 was able to overcome the early losses and end the past two affairs with gains.

Although pre-market action has been relatively quiet, investors have received a fair share of M&A news this morning. Saks (SKS 15.85, +0.54) has received an offer from Hudson's Bay to be acquired for $16 per share, representing a 4.5% premium to Friday's closing price.

Separately, Perrigo (PRGO 131.02, -3.21) has agreed to acquire Elan (ELN 16.00, +1.07) for $16.50 per share, which represents a 10.5% premium to Friday's close.

Also of note, Michael Baker (BKR 40.29, +10.69) has entered into an agreement to be acquired by Integrated Mission Solutions for $40.50 per share. The purchase price represents a 36.8% premium.

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

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -4.40. Nasdaq futures vs fair value: -5.50. The S&P 500 futures are lower by 0.2%.

Asian markets ended in the red with Japan's Nikkei leading to the downside with a loss of 3.3% after Bank of Japan Governor Haruhiko Kuroda failed to offer anything new in his comments yesterday. The central bank governor reiterated the country's 2.0% inflation target and said reaching the target will take a while. On a related note, the yen strengthened with the dollar/yen pair slipping below 98.00. Regional economic data was limited. Japan's retail sales rose 1.6% year-over-year (1.9% expected, 0.8% prior) while large retailers' sales jumped 3.5% month-over-month (-0.4% previous). Elsewhere, South Korea's manufacturing BSI Index dropped to 74.0 from 76.0.

In Japan, the Nikkei finished lower by 3.3% as nearly all components settled with losses. Mitsubishi Motors and Isuzu Motors led the decliners with respective losses of 9.9% and 8.0%. In addition, Tokyo Electric Power fell 9.8%.
Hong Kong's Hang Seng shed 0.5% as energy names lagged. Kunlun Energy lost 4.4% and CNOOC fell 1.8%. On the upside, Belle International advanced 2.2%.
In China, the Shanghai Composite slid 1.7% as industrial names underperformed. Beiren Printing Machinery and Wanxiang Doneed both fell 7.4%.

Major European indices hold slim gains. In Germany, Peer Steinbrueck of the SPD party said his party would be open to a grand coalition with Chancellor Merkel's Christian Democratic Union. Economic data was scarce. Great Britain's mortgage lending came in at GBP1.00 billion (GBP0.60 billion expected, GBP0.50 billion prior) while net lending to individuals rose GBP1.50 billion (GBP1.40 billion previous). Also of note, mortgage approvals increased 58K (60K expected, 58K prior). Lastly, the CBI Distributive Trades Survey rose to 17 from 1 (10 expected). Elsewhere, Italian business confidence rose to 91.7 from 90.5 (91.0 forecast). While wage inflation increased 0.2% month-over-month (0.1% expected, 0.0% previous).

Great Britain's FTSE is higher by 0.4% as miners display strength. Randgold Resources and Eurasian Natural Resources are both up near 3.0%. Financials are among the laggards with Barclays and Schroders down 2.6% and 1.7%, respectively.
In France, the CAC trades up 0.4%. Danone outperforms with a gain of 3.2% after reporting better-than-expected quarterly results. Industrial name Lafarge is among the laggards, down 1.6%.
Germany's DAX holds a gain of 0.3% as producers of basic materials lead. BASF, K+S, and Lanxess are all up between 1.1% and 2.8%. On the downside, Commerzbank is lower by 1.2%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -3.50. The S&P 500 futures trade with a slim loss of 0.2% as today's session sets up for a lower open. Notably, if the current landscape were to remain unchanged before the opening bell, this would be the third consecutive start in the red.

Pre-market news flow has been limited to quarterly earnings and company-specific items. In M&A news, Saks (SKS 15.87, +0.56) has agreed to be acquired by Hudson's Bay for $16 per share, representing a 4.5% premium to Friday's closing price.

Today's economic data will be limited to the 10:00 ET release of June pending home sales.

07:55 am : [BRIEFING.COM] S&P futures vs fair value: -3.80. Nasdaq futures vs fair value: -5.00. U.S. equity futures hold slim losses after spending overnight action in negative territory. The S&P 500 futures are off by 0.2%.

Looking at overseas developments:

Asian markets ended on a lower note. Hong Kong's Hang Seng -0.5%, China's Shanghai Composite -1.7%, and Japan's Nikkei -3.3%.
Regional economic data was limited:
Japan's retail sales rose 1.6% year-over-year (1.9% expected, 0.8% prior) while large retailers' sales jumped 3.5% month-over-month (-0.4% previous).
South Korea's manufacturing BSI Index dropped to 74.0 from 76.0.
In news:
Japan's Nikkei registered a notable decline after Bank of Japan Governor Haruhiko Kuroda failed to offer anything new in his comments yesterday. The central bank governor reiterated the country's 2.0% inflation target and said reaching the target will take a while. On a related note, the yen strengthened with the dollar/yen pair slipping below 98.00. Currently, the pair trades at 97.90.

Major European indices trade higher across the board. Great Britain's FTSE +0.3%, France's CAC +0.3%, Germany's DAX +0.2%.
Economic data was scarce:
Great Britain's mortgage lending came in at GBP1.00 billion (GBP0.60 billion expected, GBP0.50 billion prior) while net lending to individuals rose GBP1.50 billion (GBP1.40 billion previous). Also of note, mortgage approvals increased 58K (60K expected, 58K prior). Lastly, the CBI Distributive Trades Survey rose to 17 from 1 (10 expected).
Italian business confidence rose to 91.7 from 90.5 (91.0 forecast). While wage inflation increased 0.2% month-over-month (0.1% expected, 0.0% previous).
Looking at news:
In Germany, Peer Steinbrueck of the SPD party said his party would be open to a grand coalition with Chancellor Merkel's Christian Democratic Union.

In U.S. corporate news:

Changyou.com (CYOU 39.00, -2.07) is -5.0% after reporting a bottom-line beat and guiding third quarter revenue below consensus.
Saks (SKS 16.00, +0.69) is +4.5% after the company agreed to be acquired by Hudson's Bay for $16 per share. The sale is expected to close before the end of the calendar year.
Sohu.com (SOHU 68.50, -1.50) is -2.1% after reporting a bottom-line beat on in-line revenue.
Wynn Resorts (WYNN 129.00, -1.98) is -1.5% after reporting an earnings miss on in-line revenue.

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

06:42 am : [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -6.00.

06:42 am : Nikkei...13661.13...-468.90...-3.30%. Hang Seng...21850.15...-118.80...-0.50%.

06:42 am : FTSE...6576.52...-11.40...-0.20%. DAX...8266.41...+21.50...+0.30%.

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

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

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