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 12:41 pm

All times are UTC - 5 hours [ DST ]




Post new topic Reply to topic  [ 1 post ] 
Author Message
 Post subject: July 30th Tuesday Trade Results - No Trades
PostPosted: Tue Jul 30, 2013 9:59 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)


Quote:
No trades today due to catching up on some website work, quarterly tax paperwork and posting at various online discussion forums.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $0.00 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=1565

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 Barely Budge As Investors Wait For Fed

Attachment:
073013-Key-Price-Action-Markets.png
073013-Key-Price-Action-Markets.png [ 534.43 KiB | Viewed 327 times ]

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

NEW YORK (CNNMoney)
U.S. stocks barely moved Tuesday, as investors cautiously awaited the latest from the Federal Reserve and Friday's monthly jobs report.

The Dow Jones Industrial Average and the S&P 500 were flat. The Nasdaq rose 0.5%, hitting an almost 13-year high.

The Fed began its two-day policy meeting, which culminates with a statement from the central bank Wednesday afternoon.

The Fed's stimulus programs have played a big role in fueling the current bull market and investors are keen for any hints about how and when its latest $85 billion-a-month bond buying spree might get unwound.

"This week is all about Wednesday through Friday and what the Fed will say then," said Ryan Detrick, an analyst at Schaeffer's Investment Research.

The biggest news this week will be the July jobs report. Last month's report showed marked improvement in the labor market and investors are hoping to see that momentum continue. Economists surveyed by CNNMoney expect 180,000 jobs were added in July. The unemployment rate is expected to tick down to 7.5% from 7.6% in June.

In other economic news, the S&P/Case-Shiller home price index jumped 12.2% in May, marking the biggest year-over-year gain since 2006, near the peak of the housing bubble. On the flip side, a report showed consumer confidence fell more than expected in July

Facebook boosts tech sector: Facebook (FB) shares came within spitting distance of their IPO price of $38 after the social network debuted Mobile Games Publishing, a program aimed at helping small-to-midsized game developers. The stock closed at $37.61 after trading as high as $37.96.

Other tech shares continued to rise on the heels of last week's strong earnings reports. Electronic Arts (EA) was among the Nasdaq's biggest gainers Tuesday, while Apple (AAPL, Fortune 500) continued to nudge higher.

Tuesday's movers: Earnings continued to give investors a lot to chew on Tuesday.

Herbalife (HLF), the controversial nutritional supplement maker that's been targeted by hedge fund manager Bill Ackman, reported better-than-expected earnings and raised its guidance.

Goodyear Tire and Rubber Company (GT, Fortune 500) blew past analyst estimates, sending its shares up more than 8%.

Shares of Pitney Bowes (PBI, Fortune 500) surged on news that Apollo Global Management (APO) will acquire its management services business for about $400 million in cash. Pitney Bowes, which also reported better-than-expected earnings, was among the biggest gainers on the S&P 500.

Dow component Pfizer (PFE, Fortune 500) reported a drop in earnings that nonetheless beat analysts' forecast by a penny a share.

Shares of BP (BP) fell after the company's quarterly results missed market expectations. BP reported a drop in earnings due, in part, to lower oil prices and higher taxes. BP is also expecting to pay more in U.S. settlements related to the massive Gulf of Mexico oil spill in 2010.

* JP Morgan settles electricity manipulation case

Barclays (BCS) said it will be selling $8.9 billion in new shares at a discounted price to existing shareholders to meet capital requirements set out by regulators.

CBS (CBS, Fortune 500) and Time Warner Cable (TWC, Fortune 500) agreed to continue negotiations on the fee the cable operator pays to carry Showtime as well as CBS in the nation's largest markets. The new deadline that could see 3 million Time Warner Cable customers lose the networks was pushed back to Friday.

Best of StockTwits: On any given day, the chatter on StockTwits centers around high-profile stocks in the news and on the move. Here's a look at some of them.

Shares of potash producers like Mosaic (MOS, Fortune 500) and Canadian-based Potash Corporation (POT) and Agrium (AGU) plunged, after a Russian potash producer pulled out of a cartel. That move is expected to send prices of raw materials used in fertilizers sharply lower.

LDMMcCleary: Wow, tough day coming for fert cos $AGU, $POT $MOS on predicted worldwide decline in potash prices.

Sprint (S, Fortune 500) reported a loss for the quarter as it shut down its Nextel network and moved millions of subscribers to its Sprint platform. The loss comes even as the company boosted sales.

monk43: $S With NEXTEL/IDEN off the books & influx of capital from BO, balance sheet is clean. Nothing but upside from here. Doubling my position.

3-D Systems Corp. (DDD) shares fell after its quarterly earnings report missed expectations. Despite more than doubling its quarterly revenue from printer sales year-over-year, the company also doubled its spending on research and development.

JS_TWITS: $DDD This is just an oversell from the amount of people trying to get free money on a earnings beat and then when didnt get it, panic sell.

Image



4:10 pm : The S&P 500 ended little changed while the Nasdaq advanced 0.5%.

The S&P notched its high at the open before spending the rest of the session in a steady retreat. The selling intensified during afternoon action, sending the S&P into the red as participants displayed caution ahead of tomorrow's advance second quarter GDP report and the latest policy statement from the Federal Reserve.

Energy and materials lagged from the open, and they finished behind the remaining cyclical sectors. The energy space lost 0.3% as crude oil slipped 1.3% to $103.15 per barrel. Since its July 19th high, the energy component has surrendered almost 5.5%.

Elsewhere, the materials sector opened sharply lower after the largest potash producer, Russia's OAO Uralkali, withdrew from a potash cartel. Potash (POT 31.63, -6.27) and Mosaic (MOS 43.81, -9.15) both lost near 17.0%. Despite opening lower by 1.3%, the broader sector managed to trim its loss to just 0.3%.

Although stocks endured some intraday weakness, the Nasdaq never fell into the red. The outperformance of technology combined with the relative strength of biotechnology helped the index settle in the green. The largest index component, Apple (AAPL 453.32, +5.53), advanced 1.2% with chipmakers also registering comparable gains. The PHLX Semiconductor Index climbed 1.2%.

In addition to technology, industrials and utilities spent the entire day in positive territory. Transportation-related names helped the industrial sector add 0.4% while the utilities space rose 0.3% on the back of solid earnings from NextEra Energy (NEE 86.48, +1.69) and Northeast Utilities (NU 44.57, +0.53).

Today's NYSE trading volume surpassed yesterday's total, but at 678 million shares traded, it remained below its 50-day moving average.

The Conference Board's Consumer Confidence Index weakened a bit in July, dropping from an upwardly revised 82.1 (from 81.4) in June to 80.3. The Briefing.com consensus pegged the index at 81.6.

The slight dip in confidence does not change the overall picture of an improving consumer base. The index likely fell back due to normal volatility after reaching a 5-year high in June. Furthermore, the University of Michigan Consumer Sentiment Index spiked to its highest level since 2007 in July, signaling that the drop in confidence was likely a non-event.

Separately, the May Case-Shiller 20-city Home Price Index rose 12.2% while a 10.5% increase had been expected by the Briefing.com consensus. This followed the previous month's increase of 12.1%.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and the July ADP Employment Change will be released at 8:15 ET. Second quarter GDP will be reported at 8:30 ET and the July Chicago PMI will cross the wires at 9:45 ET. The day will be topped off with the 14:00 ET release of the latest policy statement from the Federal Open Market Committee.DJ30 -1.38 NASDAQ +17.33 SP500 +0.63 NASDAQ Adv/Vol/Dec 1311/1.71 bln/1197 NYSE Adv/Vol/Dec 1525/677.6 mln/1453

3:30 pm :

Sep crude oil fell deeper into negative territory as it was pressured by a stronger dollar index. The energy component retreated from its session high of $103.95 per barrel and settled 1.4% lower at $103.09 per barrel.
Sep natural gas reversed back into negative territory after touching a session high of $3.49 per MMBtu in early morning pit action. It closed 1.2% lower at $3.43 per MMBtu, just above its session low of $3.42 per MMBtu.
Precious metals also traded in the red today.
Aug gold touched a session high of $1328.30 per ounce but slid to a session low of $1316.20 per ounce moments after equity markets opened. It managed to erase some of the loss and settled at $1323.70 per ounce, or 0.4% lower.
Sep silver brushed a session high of $19.84 per ounce in early morning action but pulled-back slightly as the session progressed. It settled at $19.67 per ounce, booking a loss of 1.0%.

DJ30 +22.02 NASDAQ +20.40 SP500 +2.91 NASDAQ Adv/Vol/Dec 1269/1422.5 mln/1221 NYSE Adv/Vol/Dec 1514/455 mln/1435

2:55 pm : The S&P 500 holds flat as today's session enters its final hour.

The foreign exchange market has displayed some signs of life after the Dollar Index ended yesterday's session little changed. Today, the greenback has strengthened, sending the Index to 81.85. Today's dollar strength has come at the expense of the British pound and the Canadian dollar.

Pound/dollar is lower by 0.6% near 1.5245 as action slips to its worst level in almost two weeks. The slide has pushed sterling back below its 50- and 100-day moving averages, and has trade testing near-term support in the 1.5200 area.

Elsewhere, U.S. dollar/Canadian dollar trades higher by 0.4% at 1.0307 as trade advances for the first time in four days. The pair was able to withstand an early test of the 100-day moving average, and is now looking to settle at its best level in a week. The Canadian dollar could see some volatility tomorrow in reaction to the latest Canadian GDP report.DJ30 -7.89 NASDAQ +15.84 SP500 +0.61 NASDAQ Adv/Vol/Dec 1243/1.26 bln/1227 NYSE Adv/Vol/Dec 1425/406.7 mln/1512

2:30 pm : The S&P 500 continues to hover near its lows while the Nasdaq maintains its modest gain of 0.3%. Meanwhile, the small cap Russell 2000 is currently unchanged.

Elsewhere, Treasuries have surrendered all of their intraday gains, sending the benchmark 10-yr yield back to unchanged on the session (2.61%).

Also of note, the CBOE Volatility Index (VIX 13.93, +0.54) has continued its climb as investors prepare for an uptick in near-term volatility. The VIX trades at its highest level since July 17.DJ30 -18.43 NASDAQ +14.00 SP500 -0.46 NASDAQ Adv/Vol/Dec 1232/1.18 bln/1244 NYSE Adv/Vol/Dec 1369/377.3 mln/1555

2:00 pm : The major averages trade in mixed fashion as the outperformance of the tech sector helps the Nasdaq maintain its modest gain of 0.3%. Meanwhile, the S&P 500 holds a slim loss of 0.1% as seven of ten sectors hover in negative territory.

Energy and materials have weighed from the start, but recent action saw financials, health care, and discretionary shares slip into the red. In the discretionary sector, home builders trade in mixed fashion after enduring recent weakness. DR Horton (DHI 19.70, +0.03) is higher by 0.2%; Lennar (LEN 33.02, -0.30) trades down 1.0%; while the broader iShares Dow Jones US Home Construction ETF (ITB 21.78, +0.03) sports a slim gain of 0.1%.DJ30 -25.27 NASDAQ +9.59 SP500 -1.12 NASDAQ Adv/Vol/Dec 1199/1.08 bln/1238 NYSE Adv/Vol/Dec 1339/347.2 mln/1591

1:30 pm : The early gains achieved by the S&P 500 have faded away as buyers have tempered their enthusiasm in front of the Q2 GDP report tomorrow and the latest directive from the Federal Open Market Committee.

Buyers have essentially picked their spots today, favoring technology stocks more so than others today and story stocks like Cummins (CMI 120.36, +3.92) and TRW Automotive (TRW 72.56, +3.20), which reported better-than-expected earnings before the bell and offered reassuring guidance.

By and large, though, there hasn't been a lot of continuity to the trading session as overall conviction on both the buy side and the sell side has been lacking.

One thing that does appear to be getting some steady attention this week is the CBOE Volatility Index (VIX 13.70, +0.31). It has risen 7.6% since Friday's close with participants positioning for a near-term pickup in volatility. DJ30 -25.57 NASDAQ +13.40 SP500 -0.77 NASDAQ Adv/Vol/Dec 1269/984 mln/1174 NYSE Adv/Vol/Dec 1375/317 mln/1540

12:55 pm : Equities began the session on an upbeat note after Asian markets rebounded from their latest bout of weakness. Today's advance has been aided by a slew of better-than-expected quarterly reports from names like Goodyear (GT 18.56, +1.52) and Pfizer (PFE 29.67, +0.13), helping set the tone for early gains.

Seven of ten sectors trade in positive territory with technology in the lead as components of all sizes display strength. The PHLX Semiconductor Index trades higher by 1.2% while Apple (AAPL 455.86, +8.07), Google (GOOG 893.73, +11.46), and Microsoft (MSFT 31.90, +0.36) hold gains between 1.2% and 1.8%. The relative strength of the tech sector has contributed to the outperformance of the Nasdaq, which trades up 0.7%.

In addition, the Nasdaq has received some support from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 196.31, +1.58) adds 0.8%.

Elsewhere, the outperformance of industrials has helped the S&P 500 hold its modest gain of 0.2%. Transportation-related companies are among the leaders and the Dow Jones Transportation Average trades higher by 0.3% even after JetBlue Airways (JBLU 6.58, -0.07) reported disappointing earnings.

On the downside, energy and materials have spent the entire session in negative territory. The energy sector is lower by 0.6% amid weakness in crude oil, which sports a loss of 1.4% at $103.07 per barrel.

Meanwhile, the materials sector has been pressured by fertilizer companies after the largest potash producer, Russia's OAO Uralkali, withdrew from a potash cartel. Potash (POT 30.18, -7.72) and Mosaic (MOS 42.44, -10.52) are both down near 20.0%.

The Conference Board's Consumer Confidence Index weakened a bit in July, dropping from an upwardly revised 82.1 (from 81.4) in June to 80.3. The Briefing.com consensus pegged the index at 81.6.

The slight dip in confidence does not change the overall picture of an improving consumer base. The index likely fell back due to normal volatility after reaching a 5-year high in June. Furthermore, the University of Michigan Consumer Sentiment Index spiked to its highest level since 2007 in July, signaling that the drop in confidence was likely a non-event.

Separately, the May Case-Shiller 20-city Home Price Index rose 12.2% while a 10.5% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.1%.DJ30 +15.36 NASDAQ +24.76 SP500 +3.33 NASDAQ Adv/Vol/Dec 1349/891.9 mln/1085 NYSE Adv/Vol/Dec 1538/288.8 mln/1352

12:30 pm : The Dow and S&P 500 have slipped to fresh intraday lows while the Nasdaq continues to hover just below its best level of the day.

The Nasdaq has been able to maintain its levels as the tech sector continues to trade well ahead of the broader market. However, only industrials (+0.4%), technology (+1.0%), and utilities (+0.3%) continue to outperform the S&P while the remaining seven groups trail behind the broader market.

Elsewhere, the Treasury market has been generally quiet today. Currently, the benchmark 10-yr yield is lower by one basis point at 2.60%.DJ30 +7.29 NASDAQ +22.83 SP500 +2.76 NASDAQ Adv/Vol/Dec 1338/822.4 mln/1088 NYSE Adv/Vol/Dec 1511/269.2 mln/1387

12:00 pm : The Nasdaq has extended its advance to 0.8% while the Dow and S&P 500 continue to hover near their recent levels.

Similar to the Nasdaq, the technology sector has climbed to a fresh high as major components like Apple (AAPL 456.89, +9.10), Google (GOOG 890.92, +8.64), and Microsoft (MSFT 32.03, +0.49) all trade with gains of more than 1.0%. On the earnings front, Corning (GLW 15.03, -0.36) beat estimates, but its shares trade lower by 2.4%.

The Nasdaq has also received support from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 196.43, +1.70) is higher by 0.9%.DJ30 +25.73 NASDAQ +28.45 SP500 +4.52 NASDAQ Adv/Vol/Dec 1403/726.9 mln/1003 NYSE Adv/Vol/Dec 1609/243.3 mln/1277

11:30 am : The major averages continue to hold their recent levels with the S&P 500 up 0.3%. Cyclical sectors have been mixed through the first two hours of action. The tech space (+0.7%) is a clear outperformer as large and small sector components display strength. Apple (AAPL 454.43, +6.64) is higher by 1.5% and chipmakers are also among notable gainers. The PHLX Semiconductor Index trades up 1.0%.

Elsewhere, the industrial sector has also shown strength despite the underperformance of transportation-related names. The Dow Jones Transportation Average is higher by 0.1% while the industrial sector sports a gain of 0.6%.

On the downside, energy and materials are both down near 0.6%.DJ30 +22.84 NASDAQ +4.29 SP500 +23.02 NASDAQ Adv/Vol/Dec 1392/616.1 mln/986 NYSE Adv/Vol/Dec 1622/212.9 mln/1234

11:00 am : The S&P 500 has slipped from its opening high, but its retreat has been limited to less than three points. The benchmark index holds a modest gain of 0.2% as most sectors trade in positive territory.

Defensively-geared utilities have shown early strength after a handful of sector components reported earnings. Notably, NextEra Energy (NEE 85.82, +1.03) trades higher by 1.2% after beating bottom-line estimates by 18 cents. The stock has provided support to the remainder of the sector, which leads with a gain of 0.6%.

On the downside, energy and materials both hold losses near 0.5%. Meanwhile, crude oil has been under pressure as the energy component trades with a loss of 1.3%.DJ30 +14.86 NASDAQ +17.51 SP500 +3.01 NASDAQ Adv/Vol/Dec 1395/499.6 mln/918 NYSE Adv/Vol/Dec 1559/176.5 mln/1252

10:35 am : Aug nat gas is down 9.4% since July 18, while WTI Aug crude oil is down 4% in that same time frame. In current trade, Sept crude and Sept nat gas remain sharply lower.

Since a high of $3.82/lb, hit in early February, copper prices are down 20%. Sept copper is now remains sharply lower as well.

Precious metals, gold and silver, are showing more modest losses.DJ30 +41.7 NASDAQ +20.88 SP500 +5.43 NASDAQ Adv/Vol/Dec 1460/390.0 mln/830 NYSE Adv/Vol/Dec 1674/146 mln/1116

10:00 am : The S&P 500 trades higher by 0.3%.

The latest consumer confidence reading for July came in at 80.3 while economists polled by Briefing.com expected the survey to come in at 81.6. This follows the prior month's reading of 82.1.DJ30 +40.47 NASDAQ +12.70 SP500 +4.74 NASDAQ Adv/Vol/Dec 1413/214.3 mln/809 NYSE Adv/Vol/Dec 1641/97.3 mln/1063

09:40 am : The S&P 500 trades higher by 0.3% after equities began the session with gains. Consumer staples, financials, and industrials have provided the early leadership as the three sectors hold gains near 0.5% each.

On the downside, the energy sector trades with a slim loss of 0.1% as crude oil trades down 0.8% at $103.75 per barrel. Elsewhere, the materials sector is lower by 1.3% as fertilizer names underperform after the largest potash producer, Russia's OAO Uralkali, withdrew from a potash cartel. Potash (POT 29.02, -8.88) and Mosaic (MOS 40.29, -12.67) are both down near 24.0%.

Elsewhere, Treasuries are near their highs with the benchmark 10-yr yield lower by three basis points at 2.58%.

July consumer confidence will cross the wires at 10:00 ET.DJ30 +49.53 NASDAQ +13.50 SP500 +5.11 NASDAQ Adv/Vol/Dec 1380/109.8 mln/767 NYSE Adv/Vol/Dec 1735/62.6 mln/903

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +6.90. Nasdaq futures vs fair value: +14.70. U.S. equity futures hover near their pre-market highs, which is a slight change of pace after the past three sessions started on a lower note. Overnight, Asian markets managed to rebound from their recent bout of weakness with Japan's Nikkei adding 1.5%. However, dollar/yen climbed at the start of the session before returning to its recent lows. Currently, the pair trades near 97.95.

Domestically, equities are poised to open the session on an upbeat note, but the materials sector is likely to show notable weakness as fertilizer names like Mosaic (MOS 39.38, -13.58) and Potash (POT 28.99, -8.91) display significant pre-market losses after the largest potash producer, Russia's OAO Uralkali, withdrew from a potash cartel.

09:01 am : [BRIEFING.COM] S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +15.20. The S&P 500 futures trade higher by 0.3%.

The May Case-Shiller 20-city Home Price Index rose 12.2% while a 10.5% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.1%.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +13.50. The S&P 500 futures trade with a gain of 0.2%.

Asian markets ended mostly higher. Japan's Nikkei led the way with a gain of 1.5% after shrugging off reports indicating the country's government may lower its 2014 real GDP forecast to 1.0% while cutting nominal GDP expectations to 3.2%. Meanwhile, India's Sensex underperformed with a loss of 1.3% after the Reserve Bank of India held its key interest rate unchanged at 7.25% and lowered its GDP forecast to 5.5% from 5.7%. Reviewing economic data, Japan's household spending decreased 0.4% year-over-year (1.0% expected, -1.6% prior) while industrial production fell 3.3% (-1.8% expected, 1.9% previous). Separately, the unemployment rate eased to 3.9% from 4.1% (4.0% forecast). South Korea's industrial production declined 2.6% year-over-year (-1.0% forecast, -1.3% previous) while the month-over-month reading indicated an in-line increase of 0.4%. Also of note, the country reported a current account surplus of $4.79 billion (7.82 billion previous). The Reserve Bank of India kept its key interest rate unchanged at 7.25%, as expected. Australia's building approvals tumbled 6.9% month-over-month (2.3% expected, -4.3% prior). Elsewhere, New Zealand's building consents declined 4.0% month-over-month (1.3% previous).

In Japan, the Nikkei closed higher by 1.5% as Tokyo Electric Power led with a gain of 11.8%. In addition, steelmakers displayed strength with Kobe Steel and Nisshin Steel rising 6.9% and 7.4%, respectively.
Hong Kong's Hang Seng added 0.5% as casino and gaming names paced the advance. Sands China and Tencent Holdings settled with respective gains of 2.0% and 4.0%. On the downside, China Coal Energy fell 4.9%.
In China, the Shanghai Composite advanced 0.7% as industrial names displayed strength. Phoenix Optical jumped 7.2% and Zhejiang Dongri surged 9.6%. On the downside, Chengdu Dr Peng Telecom fell 7.8%.

Major European indices hold modest gains across the board. In news, reports indicate the Bank of Italy has begun to investigate balance sheets of eight banks due to worries about worsening asset quality. Elsewhere, the International Monetary Fund has confirmed the next tranche of Greek aid in the amount of EUR1.7 billion. Regional economic data was limited to just a handful of releases. Eurozone Business and Consumer Survey increased to 92.5 from 91.3 (92.6 forecast). Consumer Confidence improved to -17.0 from -18.8 (-17.0 expected) while Industrial Sentiment ticked up to -11.0 from -11.2 (-10.0 forecast). Also of note, Business Climate increased to -0.5 from -0.7 (-0.6 expected) and retail PMI rose to 49.5 from 49.1. In Germany, the GfK Consumer Climate rose to 7.0 from 6.8 (6.9 forecast). Also of note, Spain's second quarter GDP decreased 0.1% quarter-over-quarter (-0.1% expected, -0.5% prior).

In Great Britain, the FTSE trades higher by 0.2% as consumer names outperform. GKN has jumped 5.9% and TUI Travel holds a gain of 2.4%. Financials are among the laggards with Aberdeen Asset Management and Barclays down 3.2% and 6.6%, respectively. Barclays came under pressure after the bank announced plans to raise $5.8 billion in a rights offering.
Germany's DAX holds a gain of 0.3% with Continental leading the way. The tire maker trades higher by 2.1%. On the downside, Deutsche Bank is lower by 4.0% following its disappointing earnings report.
In France, the CAC is higher by 0.5%. Electricity producer Electricite de France is the top performer with a gain of 7.0% after reporting strong quarterly results. Bank shares are among the laggards with Societe Generale off by 1.2%.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +12.00. U.S. equity futures hover near their pre-market highs with the S&P 500 futures up 0.2%.

Reviewing overnight developments:

Asian markets ended on a higher note. Hong Kong's Hang Seng +0.5%, China's Shanghai Composite +0.7%, Japan's Nikkei +1.5%.
In regional economic data:
Japan's household spending decreased 0.4% year-over-year (1.0% expected, -1.6% prior) while industrial production fell 3.3% (-1.8% expected, 1.9% previous). Separately, the unemployment rate eased to 3.9% from 4.1% (4.0% forecast).
South Korea's industrial production declined 2.6% year-over-year (-1.0% forecast, -1.3% previous) while the month-over-month reading indicated an in-line increase of 0.4%. Also of note, the country reported a current account surplus of $4.79 billion (7.82 billion previous).
The Reserve Bank of India kept its key interest rate unchanged at 7.25%, as expected.
Australia's building approvals tumbled 6.9% month-over-month (2.3% expected, -4.3% prior).
New Zealand's building consents declined 4.0% month-over-month (1.3% previous).
Looking at news:
Reports out of Japan indicate the country's government may lower its 2014 real GDP forecast to 1.0% while cutting nominal GDP expectations to 3.2%.
In China, the market rebound was aided by a CNY17 billion liquidity injection from the People's Bank of China.

Major European indices hold modest gains across the board. Great Britain's FTSE +0.3%, Germany's DAX +0.4%, and France's CAC +0.5%.
Regional economic data was limited:
Eurozone Business and Consumer Survey increased to 92.5 from 91.3 (92.6 forecast). Consumer Confidence improved to -17.0 from -18.8 (-17.0 expected) while Industrial Sentiment ticked up to -11.0 from -11.2 (-10.0 forecast). Also of note, Business Climate increased to -0.5 from -0.7 (-0.6 expected) and retail PMI rose to 49.5 from 49.1.
Germany's GfK Consumer Climate rose to 7.0 from 6.8 (6.9 forecast).
Spain's second quarter GDP decreased 0.1% quarter-over-quarter (-0.1% expected, -0.5% prior).
In news:
Reports indicate the Bank of Italy has begun to investigate balance sheets of eight banks due to worries about worsening asset quality.
The International Monetary Fund has confirmed the next tranche of Greek aid in the amount of EUR1.7 billion.

In U.S. corporate news:

Anadarko Petroleum (APC 86.85, -1.80) is -2.0% after reporting a bottom-line beat on below-consensus revenue.
Banco Santander (SAN 7.28, -0.02) is -0.3% after reporting a slim earnings beat.
Corning (GLW 15.88, +0.49) is +3.2% after beating on earnings and revenue.
Deutsche Bank (DB 45.99, -1.74) is -3.7% following its earnings and revenue miss.
Herbalife (HLF 65.48, +4.91) is +8.1% after beating on earnings and revenue. In addition, the company lowered its third quarter earnings guidance below consensus, but increased its full-year earnings and revenue guidance above analyst expectations.
Merck (MRK 48.02, -0.32) is -0.7% following its mixed report. The drug maker beat on earnings but missed revenue expectations.
Pfizer (PFE 29.59, +0.05) is +0.2% after reporting an earnings beat on below-consensus revenue.
Sprint (S 5.60, -0.14) is -2.4% after missing earnings expectations by 22 cents on above-consensus revenue.
Fertilizer names like Potash (POT 28.65, -9.25) and Mosaic (MOS 40.50, -12.46) are under significant pressure after Reuters reported that the world's largest potash producer, OAO Uralkali, broke up a price cartel.

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.

07:05 am : S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +13.50.

07:03 am : Nikkei...13869.82...+208.70...+1.50%. Hang Seng...21953.96...+103.80...+0.50%.

07:03 am : FTSE...6580.96...+20.70...+0.30%. DAX...8294.71...+35.70...+0.40%.

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 2 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