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 Post subject: August 2nd Friday Trade Results - Profit $1642.50
PostPosted: Sat Aug 03, 2013 2:20 am 
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Joined: Sat Jan 10, 2009 2:06 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
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)
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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 @ $580.00 dollars or +5.80 points, Emini ES ($ES_F) futures @ $1062.50 dollars or +21.25 points, Light Crude Oil CL ($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 @ $1642.50 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=120&t=1570

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.

Lousy Jobs Report? Wall Street Says 'Meh'

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

NEW YORK (CNNMoney)
Wall Street didn't like the jobs report, but it didn't hate it either. Welcome to the "meh" market.

The Dow Jones industrial average and S&P 500 both recovered from early selling to end higher. The small gains were enough to push the indexes to new all-time highs.

The Nasdaq rose to another 13-year high, with shares of social media stocks LinkedIn (LNKD)and Yelp (YELP) leading the charge.

For the week, the Dow and S&P both booked modest gains. The Nasdaq advanced 2%, thanks to a big rally in Facebook (FB).

The week that changed...nothing. It was a busy week for economic reports, but not as exciting as many on Wall Street had expected. The Federal Reserve's latest policy meeting came and went without much fanfare. And Friday's jobs report was a mixed bag.

"There's something for everyone in this report, whether you're an optimist or pessimist," said Kate Warne, investment strategist at Edward Jones. "That's why the market is not reacting strongly."

She said the jobs report was consistent with the overall trend in the economy: the pace of improvement is slower than most would like, but things aren't getting worse.

This "slow grind in the economy" has powered the bull market so far, and should be enough to support stocks going forward, said Warne.

Taper timeline revised: The jobs report provided few clues for investors trying to gauge when the Fed will begin tapering its $85 billion-per-month bond buying program.

Investors had been hoping for a clear sign of improvement, which would have made it more likely that tapering could begin in September. But the muddy jobs report has caused investors to reconsider that assumption. Some are now betting the Fed will sit tight until October, or even next year.

"We need to see clear signs of sustainable improvement and stronger momentum in the jobs market before tapering can really start," said Ishaq Siddiqi, market strategist at ETX Capital in London, who expects the Fed to delay tapering until 2014.

While the stock market barely moved Friday, the response in the bond market was more pronounced.

The yield on the 10-year Treasury note sank to 2.6%, down from 2.74% before the jobs report came out. That may be a sign that fixed-income investors expect that tapering will be put off for several months.

The U.S. dollar was also under pressure. The greenback slid 0.7% versus the U.K. pound and 0.4% versus the euro.

Dell sweetens the deal: On the corporate front, Dell (DELL, Fortune 500) founder Michael Dell sweetened a buyout deal he and Silver Lake Management made for the PC maker.

Toyota (TM) reported a 94% jump in quarterly profit, helped by a weaker yen.

Viacom (VIA), the media company that owns cable networks MTV and Nickelodeon. also reported a jump in quarterly revenue and profit.

Shares of Weight Watchers (WTW) plunged after the company reported weak earnings and announced that CEO David Kirchhoff will step down.

Best of StockTwits: Facebook has been a star performer recently, gaining 46% in the past seven trading days. But other social media companies were also having a good week, as traders on StockTwits pointed out.

LinkedIn (LNKD) shares surged after it reported better-than-expected results and boosted its full-year forecast.

svKatface: $LNKD Can't fight the MoMo, at least not the first few days off the block.

Yelp (YELP) shares were trading at an all-time high after the provider of online reviews reported strong quarterly results earlier this week.

timeday: just took a look at $YELP did they find oil and or gold

Hewlett Packard (HPQ, Fortune 500) shares jumped, but it was unclear what was behind the move.

ItsMeexD: well $HPQ over here going parabolic #wtf

Some traders chocked it up to a report that HP is working on a smartphone that would compete with Apple's (AAPL, Fortune 500) iPhone. But others said the push to take Dell private could give HP a leg up.

eddyhooks: $HPQ -IMO-up move because it is believed a leveraged $DELL is good for hpq-could also opposite case it will push DELL 2 get price aggressive.

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4:15 pm : The S&P 500 ended today's session with a modest gain of 0.2% after spending the entire day in a slow climb off its opening lows. The opening slip took place as investors reacted to a weaker-than-expected July jobs report.

Nonfarm payrolls added 162,000 jobs after adding a downwardly revised 188,000 (from 195,000) in June. The Briefing.com consensus expected 175,000 new payrolls. The report proved to be a disappointment as not only did payroll growth come in below expectations, but the average workweek dropped to 34.4 hours from 34.5 and average hourly earnings declined 0.1%. Altogether, aggregate wages fell 0.3%, which will put substantial downside pressure on retail sales growth.

Meanwhile, the unemployment rate dropped to 7.4% from June's rate of 7.6%. The consensus expected the unemployment rate to fall to 7.5%. However, the labor participation rate fell to 63.4% from June's 63.5%, causing about half of the decline in the unemployment rate.

Although stocks moved lower initially, the S&P erased almost all of its early losses as participants fell back on the Federal Reserve's pledge to provide support to the markets for as long as economic data continues to paint a lukewarm picture.

Treasuries appeared to be in agreement with this assessment as the benchmark 10-yr yield fell 12 basis points to 2.60%, erasing all of yesterday's spike.

The recovery effort in equities was assisted by the relative strength of consumer discretionary, materials, and technology sectors. The three groups gained between 0.5% and 0.7% with the discretionary space in the lead as home builders displayed broad strength. Ryland Group (RYL 41.14, +1.82) was the top performer among major builders while the broader iShares Dow Jones US Home Construction ETF (ITB 22.71, +0.44) advanced 2.0%.

Elsewhere, the materials sector rose 0.6% as steelmakers rallied. The Market Vectors Steel ETF (SLX 41.44, +0.24) added 0.6% to extend its climb off late June lows to 13.7%.

Technology shares traded in-line with the broader market at the open, but the sector's daylong climb off lows helped the Nasdaq outperform with a gain of 0.4%. The top sector (and Nasdaq) component, Apple (AAPL 462.54, +5.86), did its part in the rebound, climbing 1.3%. However, chipmakers sat out the tech rally and the PHLX Semiconductor Index dropped 0.7%.

While the S&P 500 managed to erase its opening losses, the index was held back from additional gains by the underperformance of the energy sector, which dropped 0.6% as crude oil slid 1.1% to $106.74 per barrel. On the earnings front, Dow component Chevron (CVX 124.95, -1.49) fell 1.2% after missing on earnings and revenue.

In today's remaining data, June personal income increased 0.3% while the Briefing.com consensus expected income levels to increase 0.5%. Separately, spending increased 0.5% in June against the consensus expectation of a 0.4% increase. The personal income and spending data for June were already incorporated in the Q2 2013 GDP data. None of these data will have any impact on future revisions.

On Monday, the July ISM Services report will cross the wires at 10:00 ET.

Week in Review: S&P 500 Overtakes 1,700

On Monday, the S&P 500 settled lower by 0.4% as eight 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 an active week of economic data.

Tuesday's session saw little change in the S&P 500 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 Wednesday'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 S&P 500 ended Wednesday flat after being unable to clear the 1,700 level, which has presented stern resistance over the past few sessions. Stocks held slim gains into the afternoon when the latest policy directive from the Federal Open Market Committee sent the Nasdaq and S&P to fresh highs. The two indices were unable to maintain those levels into the close as broad-based weakness pressured the major averages to their lows. The FOMC policy statement did not offer many surprises. As expected, the Committee decided to maintain its current policy stance in order to continue supporting the economic recovery. The Committee also said it expects a pick-up in growth from the recent pace, and that inflation below the Fed's 2.0% target could present a risk to economic performance. On a related note, the advance second quarter GDP report surpassed expectations with a reading of 1.7% against a downwardly revised first quarter growth rate of 1.1%. The Briefing.com consensus expected the second quarter reading to come in at 1.1%.

On Thursday, 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 1706.81. 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.DJ30 +30.34 NASDAQ +13.84 SP500 +2.80 NASDAQ Adv/Vol/Dec 1173/1.64 bln/1328 NYSE Adv/Vol/Dec 1527/681.5 mln/1469

3:30 pm :

Sep crude oil fell for the first time in three sessions after the July nonfarm payrolls report missed expectations. The energy component pulled back from its session high of $107.41 per barrel set at pit trade open and settled 0.9% lower at $106.92 per barrel. Despite today's decline, crude oil gained 2.1% over the week.
Sep natural gas retreated into negative territory after touching a session high of $3.40 per MMBtu in early morning floor action. It trended lower for the remainder of pit trade and settled with a 1.2% loss at $3.35 per MMBtu. Today's weakness brought losses for the week to 5.9%.
Precious metals began today's floor trade in negative territory but rallied sharply as the dollar index plunged following the weak payrolls data.
Dec gold popped to a session high of $1318.00 per ounce after trading as low as $1282.60 per ounce. It spent the remainder of pit trade chopping around near the unchanged line and settled just 60 cents lower at $1310.40 per ounce, booking a 0.9% loss for the week.
Sep silver came off its session low of $19.29 per ounce and rose as high as $20.26 per ounce. It settled at $19.91 per ounce, booking a 0.8% gain for the week.

DJ30 -0.30 NASDAQ +9.14 SP500 +0.10 NASDAQ Adv/Vol/Dec 1144/1368.2 mln/1347 NYSE Adv/Vol/Dec 1423/442 mln/1560

3:00 pm : The major averages are little changed as today's session enters its final hour. The Dow and S&P 500 are slightly lower while the Nasdaq (+0.2%) trades at its best level of the day.

Technology stocks began the session in-line with the broader market. However, the group has spent the entire day in a steady climb off its lows, which has boosted the Nasdaq and aided the S&P in its recovery. The largest tech stock, Apple (AAPL 461.94, +5.26), has been among the standouts as it trades higher by 1.1%.

Meanwhile, chipmakers have not participated in the rebound. The PHLX Semiconductor Index remains near its lows, down 1.0%.DJ30 -8.81 NASDAQ +6.11 SP500 -0.72 NASDAQ Adv/Vol/Dec 1115/1.25 bln/1374 NYSE Adv/Vol/Dec 1408/401.8 mln/1585

2:30 pm : Today's disappointing nonfarm payrolls report (162,000 actual, 175,000 Briefing.com consensus) topped off a busy week of data that also saw the release of second quarter GDP (1.7% actual, 1.1% consensus) as well as the latest policy directive from the Federal Open Market Committee.

Next week will not be quite as busy with only a handful of economic data points on the schedule. Normally, the weekly MBA Mortgage Index, which will be released on Wednesday, would not receive much attention due to its volatility. However, since the index has registered 11 declines out of the past 12 weeks, Wednesday's number may garner some added interest.

Investors will receive two other data points before Wednesday's report. The July ISM Services report will be released on Monday at 10:00 ET and the June trade balance will cross the wires on Tuesday at 8:30 ET.DJ30 -13.36 NASDAQ +4.54 SP500 -1.36 NASDAQ Adv/Vol/Dec 1104/1.16 bln/1364 NYSE Adv/Vol/Dec 1412/371.3 mln/1574

2:00 pm : After climbing off their lows, the major averages continue to hover near their respective flat lines. The Dow and S&P 500 are both lower by 0.1% while the Nasdaq adds 0.1%.

Although equities have erased most of their losses, market breadth remains tilted to the downside as declining issues listed on the New York Stock Exchange outpace advancers by a 1.1:1 ratio. Elsewhere, even though the Nasdaq holds a slim gain, index members moving lower outpace advancers by a 1.3:1 ratio.

Today's trading volume is pacing well below average as only 342 million shares have changed hands on the floor of the New York Stock Exchange. Barring a notable spike in participation, it is unlikely for today's final volume tally to surpass its 50-day moving average of 727 million.DJ30 -13.40 NASDAQ +3.55 SP500 -1.47 NASDAQ Adv/Vol/Dec 1063/1.08 bln/1395 NYSE Adv/Vol/Dec 1395/342.3 mln/1559

1:25 pm : The stock market started the day on a weak note after the disappointing July employment report, but was there ever a doubt that it would make a rebound try? We think not.

The stock market has been conditioned to buy on the dips, because of the policy support provided by the Fed. A lot can still happen in front of the September FOMC meeting, but it would be tough in our estimation for the Fed to rationalize pulling back on its asset purchases based on the July employment report.

The Treasury market has a similar sense and so do currency traders. The 10-yr note rallied immediately after the employment report was released while the US Dollar Index (81.94, -0.40) took a dive.

The 10-yr continues to hold near its best levels of the day and its yield sits at 2.62%. That is still higher than where it began Thursday (2.58%), but the drop in rates today has nonetheless factored into the stock market's recovery try. DJ30 -10.04 NASDAQ +6.04 SP500 -0.13 NASDAQ Adv/Vol/Dec 1104/976 mln/1348 NYSE Adv/Vol/Dec 1476/312 mln/1455

1:00 pm : The major averages began today's session in the red after the July nonfarm payrolls report missed expectations, but have managed to trim most of their losses as action holds little changed.

Nonfarm payrolls added 162,000 jobs in July after adding a downwardly revised 188,000 (from 195,000) in June. The Briefing.com consensus expected 175,000 new payrolls. The report proved to be a disappointment as not only did payroll growth come in below expectations, but the average workweek dropped to 34.4 hours from 34.5 and average hourly earnings declined 0.1%. Altogether, aggregate wages fell 0.3%, which will put substantial downside pressure on retail sales growth.

Meanwhile, the unemployment rate dropped to 7.4% in July from 7.6% in June. The consensus expected the unemployment rate to fall to 7.5%. However, the labor participation rate fell to 63.4% from 63.5% in June, causing about a half of the decline in the unemployment rate.

Although stocks slipped in reaction to the data, the S&P erased less than a quarter of yesterday's gain as participants fall back on the Federal Reserve's pledge to provide support to the markets for as long as economic data continues to paint a lukewarm picture.

Treasuries responded to the data by jumping to their highest level of the day. The benchmark 10-yr yield is lower by nine basis points at 2.62%, erasing almost the entire spike from yesterday.

The S&P has staged a couple attempts at a rebound with the help of discretionary shares, materials, and technology. The discretionary sector trades higher by 0.5% as home builders rally broadly. The iShares Dow Jones US Home Construction ETF (ITB 22.74, +0.47) is near its high with a gain of 2.1%.

Elsewhere, the materials sector (+0.5%) is the top performer of the day as steelmakers display strength. The Market Vectors Steel ETF (SLX 41.46, +0.26) sports an advance of 0.6%.

Also of note, the tech sector has recently climbed into positive territory as its largest component, Apple (AAPL 460.42, +3.74), adds 0.8%.

So far, the broader market has been kept from turning positive by the relative weakness of consumer staples, energy, and health care. Notably, the energy sector trades down 1.0% as crude oil holds a loss of 0.9% at $106.93 per barrel. On a related note, Chevron (CVX 123.43, -3.01) is lower by 2.4% after missing on earnings and revenue.

In today's remaining data, June personal income increased 0.3% while the Briefing.com consensus expected income levels to increase 0.5%. Separately, spending increased 0.5% in June against the consensus expectation of a 0.4% increase. The personal income and spending data for June were already incorporated in the Q2 2013 GDP data. None of these data will have any impact on future revisions.DJ30 -16.70 NASDAQ +3.35 SP500 -0.91 NASDAQ Adv/Vol/Dec 1081/911.3 mln/1368 NYSE Adv/Vol/Dec 1421/290.9 mln/1505

12:30 pm : The S&P 500 holds a slim loss of 0.1% while the tech-heavy Nasdaq has climbed into positive territory. Similarly, the tech sector has joined the other advancing sectors (consumer discretionary, materials, and telecom services).

Although the tech space has climbed out of the red, major sector components remain mixed. However, the largest member, Apple (AAPL 459.04, +2.36), is among the advancers, trading higher by 0.5%. Meanwhile, chipmakers are broadly lower with the PHLX Semiconductor Index down 1.0%.DJ30 -21.03 NASDAQ +0.33 SP500 -2.23 NASDAQ Adv/Vol/Dec 1020/836.3 mln/1420 NYSE Adv/Vol/Dec 1331/267.9 mln/1572

12:00 pm : The S&P 500 has returned to its best level of the day as the index attempts to climb into positive territory. However, the benchmark average continues to hold a slim loss as a handful of influential sectors exert pressure on the broader market. Consumer staples, energy, and health care are all down between 0.3% and 1.0%.

On the upside, the discretionary sector trades higher by 0.3% as home builders register broad gains. The iShares Dow Jones US Home Construction ETF (ITB 22.69, +0.42) holds a gain of 1.9%.DJ30 -24.42 NASDAQ -1.72 SP500 -2.47 NASDAQ Adv/Vol/Dec 955/749.4 mln/1459 NYSE Adv/Vol/Dec 1318/242.8 mln/1571

11:30 am : The major averages continue to hold modest losses following today's disappointing nonfarm payrolls report. Although the S&P 500 trades in the red, today's loss has erased less than half of yesterday's gain.

While the economic data proved to be a disappointment, losses in equities have been limited as participants fall back on the idea the Federal Reserve will maintain its current policy course.

The Treasury market appears to be sending the same message. The benchmark 10-yr yield is lower by eight basis points at 2.63%. Today's drop in yields has wiped out just about all of yesterday's gain.DJ30 -35.69 NASDAQ -1.95 SP500 -2.84 NASDAQ Adv/Vol/Dec 945/666.1 mln/1446 NYSE Adv/Vol/Dec 1325/217.5 mln/1527

11:00 am : The major averages have climbed off their worst levels of the day, but they continue to hover in the red. The S&P 500 is off by 0.2% as consumer staples, energy, and utilities register losses between 0.5% and 0.9%. On the upside, consumer discretionary and materials sectors hold respective gains of 0.2% and 0.5%.

Elsewhere, the industrial sector was among the early laggards, but the group has trimmed its loss to 0.1% and it now trades ahead of the S&P 500. Transportation companies remain near their lows with the Dow Jones Transportation Average down 0.5%.

Lastly, Treasuries have returned to their best levels of the day. The benchmark 10-yr yield is lower by 10 basis points at 2.61%.DJ30 -52.33 NASDAQ -5.09 SP500 -4.17 NASDAQ Adv/Vol/Dec 883/543.6 mln/1470 NYSE Adv/Vol/Dec 1250/181.3 mln/1597

10:35 am : Commodities are mixed today with precious metals, aluminum and copper higher and energy, platinum and palladium lower.

Gold and silver rallied higher following the jobs data, pushing both precious metals to new highs for the day. Dec gold is now +0.2% at $1313.50/oz, while Sept silver is +1.5% at $19.92/oz.

Crude oil has been trending lower all day and just hit a new session low of $106.56/barrel. In current trade, Sept crude oil is now -1.15 at $106.75/barrel. Sept natural gas, on the other hand, has been chopping around the unchanged line this morning and is now +0.2% at $3.39/MMBtu.DJ30 -37.89 NASDAQ +0.50 SP500 -2.66 NASDAQ Adv/Vol/Dec 940/426.4 mln/1366 NYSE Adv/Vol/Dec 1285/151 mln/1525

10:00 am : The S&P 500 continues to hover near its lows.

Just reported, June factory orders rose 1.5%, which was worse than the 2.2% increase expected by the Briefing.com consensus. Today's uptick follows last month's increase of 3.0%.DJ30 -53.83 NASDAQ -8.76 SP500 -5.07 NASDAQ Adv/Vol/Dec 791/276.8 mln/1449 NYSE Adv/Vol/Dec 1056/105.7 mln/1689

09:45 am : The major averages began the session in negative territory after the July nonfarm payrolls report (162,000 actual, 175,000 Briefing.com consensus) surprised to the downside. Growth-sensitive energy and industrial sectors are among the weakest performers in the early going.

The energy space is lower by 1.0% as crude oil trades with a loss of 0.8% at $107.01 per barrel. On a related note, Chevron (CVX 123.92, -2.52) trades down 2.0% after missing on earnings and revenue.

Elsewhere, the industrial sector is off by 0.5%. Transportation stocks are among the laggards after the Dow Jones Transportation Average surged 3.2% yesterday. Today, the bellwether complex trades lower by 0.6%.

While stocks hover near their lows, Treasuries are holding near their best levels of the day. The benchmark 10-yr yield is lower by eight basis points at 2.63%.DJ30 -56.40 NASDAQ -9.89 SP500 -5.04 NASDAQ Adv/Vol/Dec 681/171.1 mln/1532 NYSE Adv/Vol/Dec 995/75.1 mln/1693

09:16 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +1.50. Stocks are poised to begin today's session on a slightly lower note after the disappointing July nonfarm payrolls report caused the S&P 500 futures to slide from their highs. Nonfarm payrolls increased by 162,000. That was weaker than the Briefing.com consensus of 175,000 and down from 188,000 in June. Most likely, this is not a number that is going to convince the Federal Reserve that payroll growth is picking up strongly enough to start pulling the plug on its asset purchases.

Meanwhile, the unemployment rate declined to 7.4% from 7.6%, but a drop in the labor force participation rate to 63.4% from 63.5% was responsible for roughly half of the improvement.

Treasuries rallied in reaction to the jobs report, sending the benchmark 10-yr yield lower by seven basis points to 2.64%.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -0.50. The S&P 500 futures trade lower by 0.2%.

Asian markets finished mostly higher with Japan's Nikkei gaining 3.3% to pace the advance while India's Sensex registered its eight consecutive decline, widening its loss over that stretch to 5.6%. In China, the Commerce Minister commented on the country's expectations for second-half exports, describing the outlook as pessimistic. Economic data was limited to just three data points. Japan's monetary base grew 38.0% year-over-year (43.2% expected, 36.0% prior).Australia's PPI came in at 0.1% quarter-over-quarter (0.6% expected, 0.3% prior). Also of note, Indonesia's GDP rose 5.8% year-over-year (6.0% expected, 6.0% prior).

In Japan, the Nikkei closed higher by 3.3% as consumer names led the way. Nitto Boseki and Tokyo Dome both gained near 8.0%. On the downside, Kyocera and Oki Electric fell 1.8% and 5.2%, respectively.
Hong Kong's Hang Seng added 0.5% as property names outperformed. China Overseas Land & Investment and China Resources Land saw gains near 4.0% each. Utilities lagged with China Resources Power Holdings losing 1.8%.
In China, the Shanghai Composite settled unchanged as discretionary shares gained while materials lagged. INESA Electron and Xi'an But'one Information gained near 10.0% apiece. On the downside, Jiangsu Yangnong Chemical and Jilin Forest Industry lost 4.0% each.

Major European indices fell to their lows following the release of a disappointing July jobs report in the U.S. In Italy, the country's Supreme Court upheld Silvio Berlusconi's prison sentence for tax fraud, but asked the appellate court to review the public office ban. In response, Mr. Berlusconi said he plans to continue holding his Senate seat until the review is complete. Economic data was scarce. Eurozone PPI was unchanged month-over-month (0.1% expected, -0.3% prior). Great Britain's nationwide HPI rose 0.8% month-over-month (0.4% expected, 0.3% prior) while the construction PMI jumped to 57.0 from 51.0 (51.5 forecast). In Spain, the number of unemployed declined by 64,900 (-80,000 expected, -127,200 prior). Swiss SVME PMI rose to 57.4 from 51.9 (52.5 consensus).

Great Britain's FTSE is off by 0.5% as bank shares weigh. Royal Bank of Scotland trades down 4.5% and Barclays is lower by 1.4%.
France's CAC is lower by 0.1% as utilities display strength while industrials lag. Electricite de France and Veolia Environnement are both up near 0.5%. On the downside, Schneider Electric trades lower by 1.4%.
Germany's DAX is down 0.1% as financials trade in mixed fashion. Allianz and Commerzbank are both up near 1.0% while Deutsche Bank and Deutsche Boerse hold respective losses of 1.1% and 0.9%.

08:36 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: +1.70. The S&P 500 futures have surrendered their gains in reaction to the latest set of economic data.

July nonfarm payrolls came in at 162K versus the 175K expected by the Briefing.com consensus. Nonfarm private payrolls added 161K against the 195K consensus. The unemployment rate was reported at 7.4%, while the Briefing.com consensus expected the rate to tick down to 7.5% from 7.6%.

Hourly earnings declined 0.1% while the Briefing.com consensus expected an uptick of 0.2%. Average workweek was reported at 34.4, which was below the Briefing.com consensus, which expected a reading of 34.5.

June personal income rose 0.3% while the Briefing.com consensus expected an uptick of 0.5%. Meanwhile, personal spending increased 0.5%, above the Briefing.com consensus, which called for an uptick of 0.4%.

Lastly, core PCE prices ticked up 0.2%, in-line with the Briefing.com consensus.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +0.10. Nasdaq futures vs fair value: +0.20. Equity futures hold slim gains ahead of the 8:30 ET release of the July nonfarm payrolls report. The Briefing.com consensus expects the reading to indicate the addition of 175,000 jobs. Looking at overnight developments:

Asian markets finished mostly higher. Japan's Nikkei +3.3%, Hong Kong's Hang Seng +0.5%, and China's Shanghai Composite ended flat.
Economic data was limited:
Japan's monetary base grew 38.0% year-over-year (43.2% expected, 36.0% prior).
Australia's PPI came in at 0.1% quarter-over-quarter (0.6% expected, 0.3% prior).
Indonesia's GDP rose 5.8% year-over-year (6.0% expected, 6.0% prior).
In news:
China's Commerce Minister commented on the country's expectations for second-half exports, describing the outlook as pessimistic.

Major European indices are little changed. Great Britain's FTSE -0.2%, Germany's DAX +0.1%, and France's CAC +0.1%.
Economic data was scarce:
Eurozone PPI was unchanged month-over-month (0.1% expected, -0.3% prior).
Great Britain's nationwide HPI rose 0.8% month-over-month (0.4% expected, 0.3% prior) while the construction PMI jumped to 57.0 from 51.0 (51.5 forecast).
In Spain, the number of unemployed declined by 64,900 (-80,000 expected, -127,200 prior).
Swiss SVME PMI rose to 57.4 from 51.9 (52.5 consensus).
Looking at news:
Italian Supreme Court upheld Silvio Berlusconi's prison sentence for tax fraud, but asked the appellate court to review the public office ban. In response, Mr. Berlusconi said he plans to continue holding his Senate seat until the review is complete.

In U.S. corporate news:

American International Group (AIG 49.45, +2.38) is +5.1% after beating on earnings.
Eaton (ETN 70.00, +0.07) is +0.1% after missing on earnings and revenue. In addition, the company guided third quarter earnings below consensus.
Kraft Foods (KRFT 57.46, +0.32) is +0.6% after the company's raised full-year earnings guidance overshadowed its revenue miss.
LinkedIn (LNKD 232.50, +19.50) is +9.2% after beating on earnings and revenue.

In addition to the aforementioned 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 the 10:00 ET release of June factory orders.

06:51 am : [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +0.50.

06:51 am : Nikkei...14466.16...+460.40...+3.30%. Hang Seng...22190.97...+102.20...+0.50%.

06:51 am : FTSE...6677.24...-4.70...-0.10%. DAX...8420.82...+10.10...+0.10%.

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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