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 Post subject: August 1st Thursday Trade Results - Profit $3135
PostPosted: Thu Aug 01, 2013 9:41 pm 
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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
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Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1260.00 dollars or +12.60 points, Emini ES ($ES_F) futures @ $1875.00 dollars or +37.50 points, Light Crude Oil CL ($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 @ $3135.00 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=120&t=1569

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=216&t=1913

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone.

S&P 500 Tops 1,700 For First Time

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

NEW YORK (CNNMoney)
Welcome to August! The Dow and S&P 500 rallied to new highs straight out of the gate Thursday and never looked back.

The S&P 500 climbed 1.3% and closed above 1,700 for the first time ever, while the Dow Jones industrial average advanced 0.8% to a record high.

The Nasdaq gained 1.4% to end at its highest level in almost 13 years.

Economic data gives a boost: Stocks have been driven by positive economic news this week, and Thursday was no different.

The Labor Department reported the number of Americans filing first-time claims for unemployment benefits fell to a five-year low. That's good news ahead of the government's monthly jobs report, due Friday.

Economists surveyed by CNNMoney expect the economy will have added 180,000 jobs in July, and that the unemployment rate will have ticked lower.

* Nothing 'modest' or 'moderate' about market rally

The Institute for Supply Management also delivered positive news Thursday. The group's monthly manufacturing sentiment index rose to 55.4, the highest level in two years. Any number above 50 signals growth.

But a separate report from the Census Bureau showed that construction spending declined 0.6% in June, surprising analysts who were expecting a slight rise.

Major automakers released their monthly sales results Thursday. General Motors (GM, Fortune 500), Ford (F, Fortune 500), Chrysler Group and Toyota (TM), the nation's four largest automakers, had their best July since before the 2007 recession.

Investors also continued to be soothed by Indications that the Federal Reserve will not be too hasty when scaling down its massive bond-buying program.

What's moving: Procter & Gamble (PG, Fortune 500) reported better-than-expected earnings and sales for its fiscal fourth quarter.

Exxon Mobil (XOM, Fortune 500) reported quarterly earnings that fell short of forecasts, citing weaker refining margins, while revenue topped estimates.

Royal Dutch Shell (RDSA) shares dropped after the company reported earnings and revenue that missed estimates. The company cited higher costs, exploration charges and challenges in Nigeria, where oil thefts and supply disruptions have hit Shell's bottom line.

Shares of DirecTV (DTV, Fortune 500) fell after the satellite television provider posted earnings that widely missed forecasts.

Yelp (YELP) shares jumped more than 20% after the online review site reported a smaller-than-expected quarterly loss late Wednesday.

Sony (SNE) shares rose after the company reported first-quarter results showing a 13% jump in sales compared with the same quarter a year earlier. The revenue boost was largely the result of a weaker yen and stronger smartphone sales.

* Facebook investor: I'm buying more

Shares of J C Penney (JCP, Fortune 500) slipped again following a 10% sell-off Wednesday. The retailer issued a statement early Thursday disputing reports that CIT (CIT, Fortune 500) had cut off some of the credit to its suppliers due to concerns about Penney's ability to pay them. However, an analyst for Citigroup cut her recommendation on the stock to a "sell" from "neutral."

Meanwhile, shares of Sprout Farmers Market (SFM) more than doubled from their IPO price on their first day of trading.

After the closing bell, LinkedIn (LNKD) reported better-than-expected results and boosted its full-year forecast. Shares rose in after-hours trading.

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.

Visa (V, Fortune 500) shares staged a rebound a day after tumbling more than 7%. The card giant's shares took a big hit Wednesday after a Washington D.C., district court judge ruled that the limit on debit card swipe fees that were implemented with the 2010 Dodd-Frank law were too high.

gabbs: I love panic-sells/mini-crashes caused by over reaction to news. The best way to grab cheap shares.$V

RottenAl: 3Xs daily volume in $V. Get it all out of your system boys. Judge ruling must mean co is worth 10% less, right? Not.

It was also all about the social media stocks on StockTwits, with Facebook (FB), Trulia (TRLA) and others among the hottest topics.

joshing: Mobile web bubble $Z $TRLA $YELP $FB $LNKD .. Party like its 1999 but with smartphones and apps with mobile ads!!!

Facebook shares were in particular focus after topping their IPO price of $38 per share for a second day in a row.

MacToney: $FB I hate this stock, but love money more, going long on push above 38

duke2duke: $FB If I was big money I would jump in now, because this stock is not going the lower support of two weeks ago... no chance.

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4:10 pm : The major averages settled near their highs as better-than-expected Manufacturing PMI data out of China (50.3 actual, 49.9 expected), the eurozone (50.3 actual, 50.1 expected), and the U.S. (53.7 actual, 53.1 expected) helped entice investors into bidding up global equities.

The S&P 500 jumped above 1,700, a level the index had struggled with in the past few sessions, and registered a record high close of 1706.87.

After jumping above 1,700 shortly after the opening bell, the S&P spent the remainder of the session trading in a seven-point range. Growth-oriented sectors displayed broad strength with financials and industrials pacing the advance.

The financial sector advanced 1.7% as all top components posted gains with American Express (AXP 75.63, +1.86) leading the way.

Elsewhere, industrials received significant support from transportation companies. The relative strength of those names helped the Dow Jones Transportation Average surge 3.2%. Index component Con-way (CNW 45.79, +4.34) jumped 10.5% after reporting a bottom-line beat on below-consensus revenue.

Transportation stocks soared even as crude oil returned to its mid-July highs. The energy component advanced 2.5% to $107.70 per barrel.

While most of today's action in the equity markets took place during the opening minutes, Treasuries and the dollar were a bit more active.

Treasuries ended on their lows as heavy selling put significant upward pressure on yields. Better-than-expected data from around the world sparked a bid in risk assets and weighed heavily on Treasuries, causing longer dated yields to close at their highest level in two years. The long bond tumbled two points and the 10-yr note shed one point as their yields jumped roughly 13 basis points apiece to their highest closes of 2013. The benchmark 10-yr yield settled at 2.72%.

Elsewhere, the Dollar Index climbed to its best level in two weeks as the greenback registered largest gains against the yen and the euro.

Today's economic data was plentiful.

The initial claims level dropped to 326,000 for the week ending July 27 from an upwardly revised 345,000 (from 343,000) for the week ending July 20. The Briefing.com consensus pegged the initial claims data at 345,000. The Department of Labor continued to blame seasonal adjustment problems from the auto industry as the catalyst for recent volatility in the initial claims data. Thus, the lowest initial claims reading since January 2008 is a statistical anomaly and not a vast improvement in labor market conditions.

Separately, the ISM Manufacturing Index jumped to 55.4 in July from 50.9 in June. The Briefing.com consensus expected the index to increase to 51.5. That was the strongest reading since June 2011. The spike easily brushed off the concerns about a longstanding pullback in manufacturing activity that came about from the unexpected contraction reported in May.

Lastly, construction spending fell 0.6% in June after increasing an upwardly revised 1.3% (from 0.5%) in May. The Briefing.com consensus expected construction spending to increase 0.2%. The drop in construction had more to do with normal volatility than a change in trends. Spending rose too much in May and a normal reset was likely to occur.

Tomorrow's data will focus on jobs. July nonfarm payrolls, nonfarm private payrolls, the unemployment rate, hourly earnings, and average workweek will all be reported at 8:30 ET. Also at 8:30 ET, June personal income, personal spending, and core PCE prices will all cross the wires. The busy day will be topped off with a 10:00 ET release of June factory orders.DJ30 +128.48 NASDAQ +49.37 SP500 +21.14 NASDAQ Adv/Vol/Dec 1833/1.8 bln/704 NYSE Adv/Vol/Dec 1913/797.4 mln/1156

3:35 pm :

Sep crude oil extended yesterday's gains as both China's Manufacturing PMI and the ISM Manufacturing Index data came in above expectations. In addition, a Reuters survey said that in Libya, protests at oilfields and terminals cut average supply to 1.15 mln bpd in July, down 150,000 bpd from June. The energy component lifted from its session low of $106.71 per barrel and steadily trended higher until it settled at $107.87 per barrel, or 2.7% higher
Sep natural gas touched a session high of $3.45 per MMBtu in early morning floor trade but plunged to a session low of $3.34 per MMBtu following inventory data that showed a build of 59 bcf when a smaller build of 56-57 bcf was anticipated. It erased some of the loss and settled 1.5% lower at $3.39 per MMBtu
Dec gold and Sep silver pulled back from their respective session highs of $1328.00 and $19.95 per ounce set in early morning pit action as the dollar index advanced
Gold touched a session low of $1307.10 per ounce and settled with a 0.2% loss at $1311.00 per ounce
Silver spent the remainder of the session chopping around near the unchanged line where it eventually settled at $19.63 per ounce

DJ30 +120.07 NASDAQ +45.86 SP500 +20.05 NASDAQ Adv/Vol/Dec 1705/1504.1 mln/755 NYSE Adv/Vol/Dec 1911/531 mln/1121

3:00 pm : The S&P 500 trades higher by 1.2% as today's session enters its final hour. Outside of the opening rally, the day has been somewhat uneventful with the S&P 500 spending the session in a six-point range. However, the foreign exchange market has been more active with the dollar displaying strength. The Dollar Index is higher by 1.1% and the greenback has registered most notable gains against the Japanese yen and the Swiss franc.

Dollar/yen is higher by 1.8% at 99.46 with today's bid running the pair above both the 50- and 100- day moving averages. The 100.00 level is likely to present the next point of resistance.

Elsewhere, dollar/franc is higher by 1.1% at 0.9366 as trade tests the 200-day moving average. The next level of resistance is likely to be present in the vicinity of the 50- and 100-day moving averages in the 0.9430 area.

Also of note, the selloff in Treasuries has continued. The benchmark 10-yr yield is now higher by 12 basis points at 2.72%.DJ30 +129.15 NASDAQ +45.71 SP500 +20.28 NASDAQ Adv/Vol/Dec 1741/1.35 bln/792 NYSE Adv/Vol/Dec 1933/478.5 mln/1099

2:30 pm : Recent action saw the S&P 500 climb to a fresh session high and the latest push helped today's leading sectors extend their gains. Financials and industrials remain atop the leaderboard with sectors trading higher by 1.8%.

The financial sector has been supported by gains in all top-weighted components and American Express (AXP 75.87, +2.10) is the best performer among the majors. On the earnings front, CME Group (CME 72.00, -2.06) is lower by 2.8% despite beating on earnings and revenue.

Elsewhere, the Dow Jones Transportation Average has extended its gain to 3.4% even as crude oil trades up 2.6% at $107.78 per barrel. The relative strength of transportation stocks has helped the industrial sector maintain its lead.DJ30 +141.17 NASDAQ +43.65 SP500 +20.47 NASDAQ Adv/Vol/Dec 1738/1.24 bln/770 NYSE Adv/Vol/Dec 1959/438.8 mln/1059

2:00 pm : Quiet afternoon continues as the major averages remain near their highs. Equities made the bulk of their advance at the open after global economic data indicated a slight upturn in manufacturing data from China and the Eurozone.

Meanwhile, U.S. investors also received a fair share of economic data, which was also mostly positive. The ISM Manufacturing Index jumped to 55.4 from 50.9.

Investors will receive a full slate of data tomorrow and the focus will be on jobs. July nonfarm payrolls, nonfarm private payrolls, the unemployment rate, hourly earnings, and average workweek will all be reported at 8:30 ET. The Briefing.com consensus expects the headline payroll number to come in at 175,000. Also at 8:30 ET, June personal income, personal spending, and core PCE prices will all cross the wires. The busy day will be topped off with a 10:00 ET release of June factory orders.DJ30 +137.01 NASDAQ +41.18 SP500 +19.75 NASDAQ Adv/Vol/Dec 1739/1.14 bln/763 NYSE Adv/Vol/Dec 1932/404.4 mln/1055

1:25 pm : The major indices continue to hold near their best levels of the day in what is clearly a rally predicated on optimism about economic growth improving. That view has been fostered by the better-than-expected PMI readings in China, the eurozone, and the US, and it can be seen in the strength of the US Dollar Index (82.30, +0.84), the weakness in the Treasury market, and the pickup in crude prices ($107.67, +2.64).

No group, however, reflects the improved outlook more than the transports, which have powered the Dow Jones Transportation Average (6666.27, +204.72) to a 3.2% gain today in the face of rising oil prices.

What will be watched closely as the afternoon progresses is the direction of the 10-yr note. It is currently down almost a full point, sending its yield up to 2.70% from yesterday's close of 2.58%. Stocks have tolerated the move thus far as a reflection of an improved growth outlook (which should bode well for corporate profits), but the further rates rise in a condensed period of time, the greater the concerns might become that recovery efforts will get pinched off by the jump in rates. That's not the prevailing concern at this particular moment, but it is in the back of the market's mind. DJ30 +113.51 NASDAQ +37.06 SP500 +17.39 NASDAQ Adv/Vol/Dec 1736/1.03 bln/751 NYSE Adv/Vol/Dec 1932/366 mln/1053

12:55 pm : Stocks have spent the first-half of the session lingering near their highs after gains across most global markets contributed to an upbeat start.

Asian markets rallied after China's Manufacturing PMI improved to 50.3 from 50.1 (49.9 expected) while the final reading of the HSBC Manufacturing PMI remained unchanged at 47.7. Meanwhile, European indices registered gains following an improvement in the Eurozone Manufacturing PMI to 50.3 from 50.1.

The S&P 500 jumped above the 1,700 level at the open, but has hovered in a narrow five-point range throughout the session. The benchmark index has received support from most growth-oriented groups as consumer discretionary, financial, industrial, and materials sectors hold gains between 1.1% and 1.6%.

Of the four leading groups, the industrial space has stood out as transportation-related companies rally broadly. The Dow Jones Transportation Average is higher by 3.2% with all 20 components rising at least 1.0%. Con-way (CNW 45.37, +3.92) is the top index component after beating its earnings estimates on below-consensus revenue.

Elsewhere, the energy sector has trailed behind the broader market as Exxon Mobil (XOM 92.12, -1.63) sports a loss of 1.7% after missing on earnings and revenue. In addition, Exxon's underperformance has also weighed on the Dow. On a related note, crude oil trades up 2.4% at $107.56 per barrel.

Today's broad gains in stocks have caused the CBOE Volatility Index (VIX 12.94, -0.51) to retreat to its lowest level in a week. At its current level, the near-term volatility measure sits less than one point above its July low of 12.07%.

Treasuries have sold off steadily since this morning's economic data. The benchmark 10-yr yield is higher by 11 basis points at 2.70%.

Economic data was plentiful.

The initial claims level dropped to 326,000 for the week ending July 27 from an upwardly revised 345,000 (from 343,000) for the week ending July 20. The Briefing.com consensus pegged the initial claims data at 345,000. The Department of Labor continued to blame seasonal adjustment problems from the auto industry as the catalyst for recent volatility in the initial claims data. Thus, the lowest initial claims reading since January 2008 is a statistical anomaly and not a vast improvement in labor market conditions.

Separately, the ISM Manufacturing Index jumped to 55.4 in July from 50.9 in June. The Briefing.com consensus expected the index to increase to 51.5. That was the strongest reading since June 2011. The spike easily brushed off the concerns about a longstanding pullback in manufacturing activity that came about from the unexpected contraction reported in May.

Lastly, construction spending fell 0.6% in June after increasing an upwardly revised 1.3% (from 0.5%) in May. The Briefing.com consensus expected construction spending to increase 0.2%. The drop in construction had more to do with normal volatility than a change in trends. Spending rose too much in May and a normal reset was likely to occur.DJ30 +112.86 NASDAQ +38.01 SP500 +17.53 NASDAQ Adv/Vol/Dec 1738/947.2 mln/737 NYSE Adv/Vol/Dec 1950/340.2 mln/1036

12:30 pm : Recent action saw the S&P 500 return to its best level of the day. All ten sectors continue to hold gains and the weakest performer of the day, utilities, has risen off its lows.

Cyclical sectors have built on their early strength as consumer discretionary, financial, industrial, and materials sectors all trade with gains between 1.1% and 1.6%. The industrial sector sits atop the leaderboard as transportation-related names display significant strength. The Dow Jones Transportation Average is higher by 3.0% with all 20 components rising at least 1.0%. Con-way (CNW 44.95, +3.50) is the top index component after beating its earnings estimates on below-consensus revenue.DJ30 +127.75 NASDAQ +40.30 SP500 +18.36 NASDAQ Adv/Vol/Dec 1760/867.5 mln/708 NYSE Adv/Vol/Dec 1960/316.3 mln/1005

12:05 pm : Quiet action continues with the major averages hovering near their highs. The S&P 500 jumped above 1,700 at the open, and has been confined to a five point range just above that level since. Currently, the index trades higher by 1.0%.

Meanwhile, the Dow trails behind the S&P with a gain of 0.8%. Exxon Mobil (XOM 91.77, -1.98) has pressured the index after missing on earnings and revenue. In addition, Intel (INTC 23.13, -0.21), Microsoft (MSFT 31.76, -0.08), and Pfizer (PFE 29.09, -0.14) also trade in negative territory, but their performance does not carry as much influence over the performance of the price-weighted index.DJ30 +123.35 NASDAQ +38.34 SP500 +17.58 NASDAQ Adv/Vol/Dec 1743/791.2 mln/702 NYSE Adv/Vol/Dec 1954/291.6 mln/988

11:35 am : Equities continue to drift near their highs as all ten sectors register gains. Notably, the utilities space has trimmed its advance to 0.2% after a steady slide from its opening high.

On a related note, Treasuries have continued selling off since this morning. The benchmark 10-yr yield is now higher by ten basis points at 2.69%.

Also of note, today's broad gains in stocks have caused the CBOE Volatility Index (VIX 12.95, -0.50) to retreat to its lowest level in a week. At its current level, the near-term volatility measure sits less than one point above its July low of 12.07%.DJ30 +127.88 NASDAQ +38.17 SP500 +17.47 NASDAQ Adv/Vol/Dec 1740/681.3 mln/674 NYSE Adv/Vol/Dec 1971/259.4 mln/942

11:00 am : The major averages continue to hover near their highs. The S&P 500 holds a gain of 1.0% as four of six cyclical sectors sport gains of at least 1.0%. Energy and technology are the only two laggards among growth-oriented sectors.

The energy space trades higher by 0.6% as crude oil adds 2.4% at $107.54 per barrel.

Elsewhere, the technology sector trades up 0.8% as a handful of major components hold the sector back from climbing further. Microsoft (MSFT 31.84, 0.00) is little changed and Intel (INTC 23.18, -0.16) is off by 0.7%. Meanwhile, other chipmakers have shown some relative strength as the PHLX Semiconductor Index rises 1.2%.DJ30 +124.09 NASDAQ +38.39 SP500 +16.45 NASDAQ Adv/Vol/Dec 1781/545.1 mln/610 NYSE Adv/Vol/Dec 2065/216.1 mln/810

10:35 am : Energy is mixed this morning with crude oil rallying higher and natural gas falling lower to a new LoD.

Ahead of weekly inventory data, nat gas is still near its LoD. Following this data, which showed a build of 59 bcf vs expectations for a build of 56-57 bcf, natural gas dropped to a new LoD of $3.35/MMBtu. Sept nat gas is still at $3.35/MMBtu, now down 2.8%

Crude oil has been in positive territory all session so far and just hit a new HoD at $107.93/barrel. In current trade, Sept crude oil is +2.6% at $107.77/barrel.

Gold sold off a short while ago and is now +0.1% at $1313.70/oz. Silver futures temporarily dipped back into the red, but is now +0.2% at $19.67/oz.
DJ30 +134.01 NASDAQ +37.92 SP500 +17.67 NASDAQ Adv/Vol/Dec 1776/422.6 mln/576 NYSE Adv/Vol/Dec 2133/174 mln/707

10:00 am : The S&P 500 trades higher by 1.1%.

The July ISM Index rose to 55.4 from 50.9 while the Briefing.com consensus expected the reading to rise to 51.5. Meanwhile, June construction spending fell 0.6% month-over-month against the Briefing.com consensus estimate of +0.2%.DJ30 +142.45 NASDAQ +36.17 SP500 +17.50 NASDAQ Adv/Vol/Dec 1723/258.6 mln/572 NYSE Adv/Vol/Dec 2200/121.5 mln/595

09:45 am : The major averages began the session with broad gains and the S&P 500 has made its first appearance above the 1,700 level. All ten sectors trade in positive territory with financials (+1.4%) providing the early leadership. Other cyclical sectors have also shown strength as consumer discretionary, industrial, and materials sectors all hold gains of more than 1.0%. Meanwhile, energy and technology underperform with respective gains of 0.5% and 0.8%.

Elsewhere, Treasuries are on their lows with the benchmark 10-yr yield higher by seven basis points at 2.65%.

June construction spending and the July ISM index will be released at 10:00 ET.DJ30 +129.83 NASDAQ +33.18 SP500 +16.39 NASDAQ Adv/Vol/Dec 1710/162.4 mln/532 NYSE Adv/Vol/Dec 2252/86.2 mln/505

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +12.80. Nasdaq futures vs fair value: +22.00. Equity futures signal a higher start to today's session as the S&P 500 futures trade with a gain of 0.8%. Futures climbed throughout the overnight session while Asian markets rallied following the latest policy statement from the Federal Reserve as well as PMI data out of China. While the HSBC Manufacturing PMI held steady at 47.7, the official Manufacturing PMI improved to 50.3 from 50.1 (49.9 expected).

Major European economies also released their Manufacturing PMI readings. In general, the data was mixed, but the aggregate Eurozone Manufacturing PMI ticked up to 50.3 from 50.1. In addition, the European Central Bank and the Bank of England maintained their current policy stance.

While the S&P 500 has been unable to climb above 1,700, the index is poised to begin today's session within a shouting distance of that level.

June construction spending and the July ISM Index will be released at 10:00 ET.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: +11.20. Nasdaq futures vs fair value: +20.50. The S&P 500 futures trade higher by 0.7%.

Asian markets ended in the green with Japan's Nikkei (+2.5%) in the lead. Markets in China also rallied while Moody's commented on the country's planned audit of local government debt, saying the audit will improve transparency, but it could reveal bigger debt burden than what was originally estimated. Regional economic data was plentiful. China's Manufacturing PMI improved to 50.3 from 50.1 (49.9 expected) while the final reading of the HSBC Manufacturing PMI remained unchanged at 47.7. Japan's weekly foreign bonds buying report indicated Japanese investors bought JPY233.20 billion in foreign debt (JPY601.40 billion prior). South Korea reported a trade surplus of $2.70 billion ($5.99 previous). In addition, the HSBC Manufacturing PMI declined to 47.20 (49.40 prior) and CPI came in at 0.2% month-over-month (0.3% expected, -0.1% prior). Hong Kong's retail sales increased 14.7% year-over-year (12.8% previous). Australia's AIG Manufacturing Index fell to 42.0 from 49.6. In addition, HIA New Home Sales rose 3.4% month-over-month (1.6% previous). Also of note, export prices declined 0.3% (0.4% expected, 2.8% prior) while the import price index slipped 0.3% quarter-over-quarter (1.8% forecast, 0.0% prior). Indonesia's trade deficit widened to $850 million from $590 million (deficit of $780 million expected) while inflation climbed to 8.61% (7.99% expected, 5.90% prior). India's HSBC Manufacturing PMI slipped to 50.10 from 50.30.

In Japan, the Nikkei closed higher by 2.5% as exporters displayed strength. Panasonic and Yamaha both gained near 7.0%. In addition, Tokyo Electric Power jumped 8.0%.
Hong Kong's Hang Seng added 0.9% as consumer names and financials paced the advance. Li & Fung added 3.1% and BOC Hong Kong Holdings climbed 2.7% to lead their respective sectors.
In China, the Shanghai Composite advanced 1.8% amid strength in technology. China National Software & Service and Yonyou Software jumped 10.0% each.

Most European indices hover near their highs while Great Britain's FTSE underperforms with a gain of 0.4%. In Spain, Prime Minister Mariano Rajoy testified in front of the parliament regarding the kickback scandal that recently came to light, saying the party has not engaged in any double accounting and that he has made a mistake by trusting the former party treasurer Luis Barcenas. In central bank news, the European Central Bank held its key interest rate steady at 0.50%, as expected. Similarly, the Bank of England also held its key interest rate and purchase program unchanged at their respective 0.50% and GBP375 billion. Investors received a full slate of economic data points. Eurozone Manufacturing PMI ticked up to 50.3 from 50.1 (50.1 expected). Germany's Manufacturing PMI improved to 50.7 from 50.3. French Manufacturing PMI slipped to 49.7 from 49.8 (49.8 expected). Great Britain's Manufacturing PMI climbed to 54.6 from 52.9 (52.8 expected). Italy's Manufacturing PMI rose to 50.4 from 49.1 (49.8 consensus). Spain's Manufacturing PMI slipped to 49.8 from 50.0 (50.9 forecast) while Business Confidence declined to -14 from -13 (-11 expected). Separately, the government budget deficit narrowed to EUR6.70 billion from EUR8.30 billion (deficit of EUR6.00 billion expected).

Great Britain's FTSE is higher by 0.4% as Lloyds Banking Group leads with a gain of 8.1% after reporting solid results. On the downside, Royal Dutch Shell is lower by 5.4% after reporting disappointing earnings.
In France, the CAC trades up 0.8%. Societe Generale is the top index performer (+8.9%) after delivering solid quarterly results. ArcelorMittal and Sanofi are the only two decliners. The two stocks hold respective losses of 3.7% and 5.3% after missing on earnings.
Germany's DAX holds a gain of 1.4% as 26 of 30 components register gains. Commerzbank leads the way with a gain of 3.4%. On the downside, BMW is lower by 1.6%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: +12.80. Nasdaq futures vs fair value: +22.00. The S&P 500 futures trade higher by 0.8%.

The latest weekly initial jobless claims count totaled 326,000, which was lower than the 345,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 345,000. As for continuing claims, they fell to 2.951 million from 3.003 million.

08:01 am : [BRIEFING.COM] S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +19.20. U.S. equity futures hold solid pre-market gains with the S&P 500 futures up 0.7%.

Reviewing overnight developments:

Asian markets ended in the green. Hong Kong's Hang Seng +0.9%, China's Shanghai Composite +1.8%, and Japan's Nikkei +2.5%.
Regional economic data was plentiful:
China's Manufacturing PMI improved to 50.3 from 50.1 (49.9 expected) while the final reading of the HSBC Manufacturing PMI remained unchanged at 47.7.
Japan's weekly foreign bonds buying report indicated Japanese investors bought JPY233.20 billion in foreign debt (JPY601.40 billion prior).
South Korea reported a trade surplus of $2.70 billion ($5.99 previous). In addition, the HSBC Manufacturing PMI declined to 47.20 (49.40 prior) and CPI came in at 0.2% month-over-month (0.3% expected, -0.1% prior).
Hong Kong's retail sales increased 14.7% year-over-year (12.8% previous).
Australia's AIG Manufacturing Index fell to 42.0 from 49.6. In addition, HIA New Home Sales rose 3.4% month-over-month (1.6% previous). Also of note, export prices declined 0.3% (0.4% expected, 2.8% prior) while the import price index slipped 0.3% quarter-over-quarter (1.8% forecast, 0.0% prior).
Indonesia's trade deficit widened to $850 million from $590 million (deficit of $780 million expected) while inflation climbed to 8.61% (7.99% expected, 5.90% prior).
India's HSBC Manufacturing PMI slipped to 50.10 from 50.30.
In news:
Moody's commented on China's planned audit of local government debt, saying the audit will improve transparency, but it could reveal bigger debt burden than what was originally estimated.

Most major European indices hover near their highs. Great Britain's FTSE +0.1%, France's CAC +0.5%, and Germany's DAX +1.3%.
Investors received a full slate of economic data points:
The European Central Bank held its key interest rate steady at 0.50%, as expected.
The Bank of England also held its key interest rate and purchase program unchanged at their respective 0.50% and GBP375 billion.
Eurozone Manufacturing PMI ticked up to 50.3 from 50.1 (50.1 expected).
Germany's Manufacturing PMI improved to 50.7 from 50.3.
French Manufacturing PMI slipped to 49.7 from 49.8 (49.8 expected).
Great Britain's Manufacturing PMI climbed to 54.6 from 52.9 (52.8 expected).
Italy's Manufacturing PMI rose to 50.4 from 49.1 (49.8 consensus).
Spain's Manufacturing PMI slipped to 49.8 from 50.0 (50.9 forecast) while Business Confidence declined to -14 from -13 (-11 expected). Separately, the government budget deficit narrowed to EUR6.70 billion from EUR8.30 billion (deficit of EUR6.00 billion expected).
In news:
Following the recent revelation of a kickback scandal, Spain's Prime Minister Mariano Rajoy testified in front of the parliament, saying the party has not engaged in any double accounting and that he has made a mistake by trusting the former party treasurer Luis Barcenas.

In U.S. corporate news:

Allstate (ALL 52.00, +1.02) is +2.0% after beating on earnings.
ArcelorMittal (MT 12.58, -0.39) is -3.0% after missing on earnings and revenue.
Chesapeake Energy (CHK 24.26, +0.96) is +4.1% after beating on earnings and revenue.
Cigna (CI 78.01, +0.18) is +0.2% after reporting mixed results, beating earnings expectations while its revenue fell short of analyst forecasts.
MetLife (MET 48.50, +0.08) is +0.2% after beating on earnings.
Procter & Gamble (PG 81.75, +1.45) is +1.8% after beating on earnings.
Sony (SNE 21.76, +0.72) is +3.4% after missing earnings estimates on above-consensus revenue.
Whole Foods (WFM 54.49, -1.09) is -2.0% following its earnings beat on below-consensus revenue.
Yelp (YELP 46.90, +5.10) is +12.2% after beating on earnings and revenue. In addition, the company raised its full-year revenue guidance above consensus.

July Challenger Job Cuts rose 2.3% to follow the prior month's increase of 4.8%.

Weekly initial claims will cross the wires at 8:30 ET while June construction spending and the July ISM index will be released at 10:00 ET. In addition, auto and truck makers will be reporting their July sales throughout the day.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +10.80. Nasdaq futures vs fair value: +19.20.

07:59 am : Nikkei...14005.77...+337.50...+2.50%. Hang Seng...22088.79...+205.10...+0.90%.

07:59 am : FTSE...6627.51...+6.50...+0.10%. DAX...8379.54...+103.60...+1.30%.

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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