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 Post subject: August 12th Monday Trade Results - Profit $660.00
PostPosted: Tue Aug 13, 2013 2:46 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1000.00 dollars or +20.00 points, Light Crude Oil CL ($CL_F) futures @ ($340.00) dollars or -0.34 points, Gold GC ($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 @ $660.00 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=1577

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.

U.S. Stocks In Summer Slump

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

NEW YORK (CNNMoney)
U.S. stocks bounced around the breakeven line Monday before ending mixed.

With little in the way of corporate or economic news, investors continue to take a step back. The S&P 500 and Dow Jones industrial average closed in the red, while the Nasdaq managed to eke out a modest gain at 0.27%.

"The markets are sort of casting around, looking for direction," said Chris Beauchamp, analyst with IG in London.

He said that investors are still holding back because of anxiety over the Federal Reserve's expected slowdown of bond buying activity.

"It's the thing that continues to worry people," said Beauchamp, who believes that tapering won't start until November at least. "I still think that they're not going to move too soon."

Even a wider-than-expected budget deficit failed to get investors moving.

The markets have been in a bit of a funk for the past few trading days as a summer malaise sets in. August tends to be a month of light trading volumes and muted market movements.

But even with the loss of momentum, stocks have still gained between 18% and 23% in 2013.

Big movers: BlackBerry (BBRY) shares surged after the company said it will begin exploring 'strategic alternatives,' including selling the company. Once a dominant player in the smartphone market, BlackBerry has struggled recently against competitors like Apple and Samsung.

Some traders on StockTwits think BlackBerry already has something brewing.

SteelBerry: $BBRY In my experience, this type of announcement is always made when some deal is on the table.

OnTheBalance: $BBRY ppl will continue to guess the day to day stk outcomes, but over the next few months, the outcome is clear...new shorts will be toast

Investors are also keeping an eye on J.C. Penney (JCP, Fortune 500) after activist investor Bill Ackman urged the company to replace interim CEO Mike Ullman as soon as possible. The struggling retailer fought back, calling Ackman's public comments inaccurate.

KPL1974: $JCP BOD/CEO focused on Ackman spat instead of the actual company and its shareholders. I don't like Ackman but maybe he's right this time. Bearish

George Soros, who owns a 7.9% stake, is reportedly backing J.C. Penney and its board, according to Bloomberg.

TechTrader17: $JCP Board is standing by CEO for a reason. Must have some numbers that they aren't disgusted by.

Dole Food Company (DOLE, Fortune 500) shares jumped after it approved a plan by CEO David Murdock to take the company private for $13.50 a share.

Apple (AAPL, Fortune 500) shares rose after the International Trade Commission on Friday banned Samsung from importing or selling several devices that it said infringe on Apple patents.

AlohaTrades: $AAPL gonna take this dog off the leash and let her run a bit!

Tesla (TSLA) shares dropped after Lazard Capital downgraded the stock and as investors await Elon Musk's Hyperloop design announcement. The electric car maker's stock is up more than 325% this year.

OpenTable (OPEN), which allows users to make restaurant reservations online, rallied on news that it will expand its partnership with Facebook (FB). Users can now book tables on their mobile device via the restaurant's Facebook page.

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4:10 pm : Equities ended today's quiet session on a mixed note as the S&P 500 shed 0.1% while the Nasdaq added 0.3%.

Stocks began in the red after Japan's second quarter GDP report (0.6% actual, 0.9% forecast) missed expectations. Another piece of news out of Asia indicated the People's Bank of China could lower the reserve requirement ratio for small to mid-sized banks. Both items were perceived as beneficial to precious metals with Japan's below-consensus growth leaving the door open to further monetary easing while news from China discussed outright easing.

Gold futures advanced 1.8% while silver futures surged 4.6%, causing the precious metals to end at $1335.70 and $21.34 per troy ounce, respectively. In turn, miners rallied broadly as the Market Vectors Gold Miners ETF (GDX 28.01, +1.54) spiked 5.8%. However, the outperformance of miners was not enough to keep the materials sector (-0.2%) out of the red.

Similarly, most other growth-oriented sectors registered losses. Industrials and technology were the only exceptions as the two groups added 0.1% and 0.7%, respectively.

The industrial sector advanced as machinery producers and transportation companies displayed strength. Caterpillar (CAT 86.32, +1.81) rose 2.1%, and the Dow Jones Transportation Average tacked on 0.2%.

Elsewhere, the tech sector ended in the lead, contributing to the outperformance of the Nasdaq. The top-weighted sector (and index) component, Apple (AAPL 467.36, +12.91), settled higher by 2.8% following an International Trade Commission decision to issue an import and sale ban on some Samsung devices after the company infringed on Apple patents.

Remaining in the tech sector, BlackBerry (BBRY 10.78, +1.02) was another notable outperformer after the company said it has begun exploring strategic alternatives.

The solid gains in technology helped the S&P climb off its early lows, but the index was unable to close in the green. However, small caps outperformed as the Russell 2000 advanced 0.5%.

Treasuries were confined to a narrow range and the benchmark 10-yr yield slipped three basis points to 2.61%.

As mentioned earlier, participation was lacking as only 586 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic data was limited to the July Treasury budget, which showed a deficit of $97.6 billion following a deficit of $69.6 billion in July 2012. Since the Treasury data are not seasonally adjusted, the data cannot be compared with the June level. The Briefing.com consensus expected the budget to show a deficit of $96 billion.

The Congressional Budget Office released their budget preview last week and predicted a shortfall of $96 billion. The market is well aware of the CBO's forecast and the reaction to the budget data is limited.

Tomorrow, July retail sales, export prices ex-agriculture, and import prices ex-oil will all be reported at 8:30 ET. The day's data will be topped off with the 10:00 ET release of June business inventories.DJ30 -5.83 NASDAQ +9.84 SP500 -1.95 NASDAQ Adv/Vol/Dec 1431/1.37 bln/1087 NYSE Adv/Vol/Dec 1629/585.8 mln/1384

3:30 pm :

Sep crude oil erased earlier losses as investors reacted to supply concerns in Libya. The energy component climbed into positive territory after trading as low as $105.03 per barrel in morning pit trade. It touched a session high of $106.46 per barrel and settled with a 0.1% gain at $106.11 per barrel.
Sep natural gas advanced to a session high of $3.36 per MMBtu but pulled back in afternoon action. It settled 2.5% higher at $3.31 per MMBtu, just above its session low of $3.30 per MMBtu.
Precious metals rose today despite a stronger dollar index.
Dec gold advanced for a fourth consecutive session, trading as high as $1343.70 per ounce. It settled at $1334.60 per ounce, booking a 1.7% gain.
Sep silver rose from a session low of $20.90 per ounce and settled with a solid 4.6% gain at $21.34 per ounce.

DJ30 -4.40 NASDAQ +8.34 SP500 -2.51 NASDAQ Adv/Vol/Dec 1379/1161.8 mln/1130 NYSE Adv/Vol/Dec 1541/398 mln/1449

3:05 pm : The S&P 500 trades lower by 0.2% as today's session enters its final hour. Participation in today's affair has been lacking as only 366 million shares have changed hands on the floor of the New York Stock Exchange.

Although stocks are poised to end today's session little changed, precious metals saw a notable overnight move that was sustained through the U.S. session. Japan's second quarter GDP report missed expectations and reports out of China have suggested the People's Bank of China may cut the reserve requirement ratio for small to medium-sized banks. Japan's GDP miss implies the Bank of Japan could step up its purchasing program while reports out of China have discussed outright easing. Both scenarios would be beneficial to metals as they hold their highs. Gold futures trade up 1.7% to $1334.80 per troy ounce while silver futures hold a solid gain of 4.8% at $21.38 per troy ounce.DJ30 -17.76 NASDAQ +7.24 SP500 -3.59 NASDAQ Adv/Vol/Dec 1329/1.07 bln/1176 NYSE Adv/Vol/Dec 1502/367.4 mln/1497

2:30 pm : Quiet afternoon continues with the S&P 500 lower by 0.2%. Since making a brief appearance in positive territory at 11:30 ET, the benchmark index has been slipping back towards its opening lows. The tech sector (+0.6%) continues to hold near its best level of the day while energy and financials weigh.

The energy sector is off by 0.6% as crude oil trades little changed at $105.96. Elsewhere, the financial sector trades down 0.6% as most major banks register losses.

Also of note, Treasuries have dropped to fresh lows, but their losses remain relatively minor. The benchmark 10-yr yield is higher by two basis points at 2.60%.DJ30 -29.85 NASDAQ +5.78 SP500 -4.32 NASDAQ Adv/Vol/Dec 1339/965.4 mln/1174 NYSE Adv/Vol/Dec 1470/333.6 mln/1495

2:00 pm : The S&P 500 trades lower by 0.3%.

Just reported, the July Treasury Budget showed a deficit of $97.6 billion, which was worse than the deficit of $96.0 billion expected by the Briefing.com consensus. The report has mattered little to market participants as equity indices did not respond to the news.DJ30 -38.24 NASDAQ +3.88 SP500 -4.87 NASDAQ Adv/Vol/Dec 1302/900.0 mln/1186 NYSE Adv/Vol/Dec 1454/310.9 mln/1495

1:30 pm : The stock market continues to drift, lacking any clear direction as participants ponder what comes next following last week's decline, which was the largest in the last two months. Any dips have been met with buying interest for some time now, yet pundit commentary has picked up with claims the market is due for a setback after rallying nearly 10% in the six-week period that ended August 5.

That commentary has been plastered on a canvass that includes splotches of uncertainty involving the impending debate on the federal budget and the debt ceiling, the German election, and the impending change in leadership at the Federal Reserve, all of which is expected to unfold in September.

Separately, it is safe to say, too, that vacation schedules are also factoring into the market's drift as the governing rule for those left on trading desks is to, first, do no harm.

The tech sector (+0.7%) continues to exhibit relative strength thanks to gains in some of its biggest components.DJ30 -27.99 NASDAQ +8.68 SP500 -3.32 NASDAQ Adv/Vol/Dec 1333/831 mln/1142 NYSE Adv/Vol/Dec 1535/285 mln/1404

1:00 pm : Stocks began the session with modest losses after Japan's preliminary second quarter GDP (0.6% actual, 0.9% expected) missed expectations. The news weighed on equities while precious metals rallied as some speculated disappointing data could open the door to more policy easing. In addition, reports indicating the People's Bank of China could lower the reserve requirement ratio for small to mid-sized banks also gave a boost to metals.

Gold futures trade higher by 1.8% at $1335.80 per troy ounce while silver futures add 4.7% to $21.37 per troy ounce. On a related note, gold miners have rallied broadly as the Market Vectors Gold Miners ETF (GDX 28.14, +1.67) holds a solid gain of 6.3%. However, the remainder of the materials sector has not fared as well. The group displayed early gains, but it currently trades flat.

At midday, the ten economic sectors trade in mixed fashion, but technology shares have shown notable strength. The sector is higher by 0.6%, which has helped the broader market climb off its lows. The top sector, and Nasdaq, component, Apple (AAPL 465.51, +11.06), trades up 2.4% following an International Trade Commission decision to issue an import and sale ban on some Samsung devices after the company infringed on Apple patents.

Elsewhere, BlackBerry (BBRY 10.48, +0.72) sports a gain of 7.4% after the company said it has begun exploring strategic alternatives.

Outside of technology, only the industrial sector holds a slim advance of 0.1%. In addition, discretionary shares trade ahead of the broader market with a loss of 0.1% while the remaining cyclical groups hover in the red.

Similar to cyclical sectors, defensively-oriented groups are also mixed. Consumer staples (-0.4%), health care (-0.5%), and utilities (-0.7%) trail behind the broader market while telecom services outperform with an advance of 0.4%.

Like stocks, Treasuries have been very quiet today. The benchmark 10-yr yield is little changed at 2.59%.

Today's economic data will be limited to the July Treasury budget. The report is set to be released at 14:00 ET.DJ30 -16.88 NASDAQ +7.59 SP500 -2.69 NASDAQ Adv/Vol/Dec 1339/757.8 mln/1122 NYSE Adv/Vol/Dec 1565/261.8 mln/1388

12:35 pm : Today's quiet session continues as the S&P 500 holds a modest loss of 0.3% while small caps outperform as indicated by the 0.3% advance in the Russell 2000.

Recent action saw industrials and the discretionary sector slip into the red after the two groups held razor-thin gains for the past two hours. As a result, technology is the only cyclical sector that continues to register gains. The tech sector is higher by 0.5%.

Despite today's slim losses in the S&P 500, the CBOE Volatility Index (VIX 13.07, -0.34) sits near its lowest level of the day.DJ30 -26.43 NASDAQ +3.86 SP500 -3.66 NASDAQ Adv/Vol/Dec 1323/701.3 mln/1132 NYSE Adv/Vol/Dec 1501/244.4 mln/1429

12:00 pm : The S&P 500 has slipped back into the red after the index made a brief appearance in positive territory. Similarly, the Dow has also returned into negative territory while the Nasdaq remains just below its best level of the day.

The technology sector remains in the lead amid broad strength. The top sector component, Apple (AAPL 466.20 +11.75), has extended its gain to 2.6% following an International Trade Commission decision to issue an import and sale ban on some Samsung devices after the company infringed on Apple patents.

Elsewhere in the tech sector, chipmakers have shown broad strength as the PHLX Semiconductor Index advances 0.6%.DJ30 -12.67 NASDAQ +80.3 SP500 -2.45 NASDAQ Adv/Vol/Dec 1352/614.9 mln/1089 NYSE Adv/Vol/Dec 1559/216.3 mln/1362

11:30 am : The S&P 500 has climbed into positive territory while the Nasdaq (+0.3%) hovers at its best level of the day. Meanwhile, small caps have outperformed the broader market as the Russell 2000 adds 0.3%.

With the major averages trading near their flat lines, there is no clearly defined sector leadership to speak of. Of the six cyclical sectors, technology, industrials, and discretionary shares outperform with gains between 0.1% and 0.7% while energy, financials, and materials lag with losses between 0.2% and 0.6%.

Similarly, countercyclical sectors are mixed as consumer staples, utilities, and health care hold losses between 0.2% and 0.6%. On the upside, the telecom sector is higher by 0.4%.DJ30 +8.74 NASDAQ +11.33 SP500 +0.06 NASDAQ Adv/Vol/Dec 1374/548.5 mln/1030 NYSE Adv/Vol/Dec 1625/193.9 mln/1264

11:00 am : The S&P 500 has erased nearly all of its losses as most sectors climbed off their opening lows. Industrials and discretionary shares have joined technology in positive territory while the tech sector has extended its gain to 0.7%. This, in turn, has provided support to the Nasdaq, which trades higher by 0.3%.

Although the S&P 500 is well off its lows, the index remains in negative territory as heavily-weighted energy, financials, and health care weigh. The three sectors are all down between 0.2% and 0.6%.

Elsewhere, Treasuries have surrendered a portion of their gains and the benchmark 10-yr yield is now lower by one basis point at 2.57%.DJ30 +15.82 NASDAQ +13.20 SP500 -0.10 NASDAQ Adv/Vol/Dec 1402/451.5 mln/986 NYSE Adv/Vol/Dec 1565/161.7 mln/1290

10:35 am : Commodities are mixed/mostly higher this morning, led by gains in the metals complex. Precious metals rallied earlier this morning, while iron ore futures have shown strong gains as well.

The energy space is mixed with WTI crude oil, Brent crude oil and RBOB gasoline lower and natural gas and heating oil up. Natural gas is outperforming the energy sector as the Sept contract is currently up 3.6% at $3.35/MMBtu.

Crude oil sold off earlier this morning, falling as low as $105.15/barrel. Sept crude is now -0.4% at $105.49/barrel.

Precious metals remains near their session highs with Sept silver now up 4.5% at $21.32/oz and Dec gold up 2.2% at $1340.40/oz. DJ30 -14.37 NASDAQ +4.93 SP500 -2.21 NASDAQ Adv/Vol/Dec 1243/363.9 mln/1103 NYSE Adv/Vol/Dec 1493/133 mln/1343

10:00 am : After opening in the red, the S&P 500 has regained about five points with the tech sector contributing to the rebound. Meanwhile, other cyclical groups trade in mixed fashion. Energy (-0.4%) and financials (-0.5%) trail behind the broader market while industrials (-0.1%) and discretionary shares (-0.1%) outperform.

Elsewhere, the materials sector has climbed into positive territory as gold miners provide support. The Market Vectors Gold Miners ETF (GDX 27.85, +1.36) is higher by 5.1%. On a related note, gold futures hold an advance of 2.1% at $1339.50 per troy ounce. The yellow metal has rallied after Japan disappointed investors with its second quarter GDP. In addition, speculation of further monetary easing by Chinese authorities has also contributed to gold's strength.DJ30 -28.03 NASDAQ +2.37 SP500 -3.06 NASDAQ Adv/Vol/Dec 1183/194.2 mln/1070 NYSE Adv/Vol/Dec 1310/84.9 mln/1438

09:45 am : The S&P 500 began the session with modest losses as nine of ten sectors opened in the red. The tech space is an early outperformer as the group holds a gain of 0.2%. Top tech component, Apple (AAPL 460.26, +5.81), is higher by 1.3% after the International Trade Commission issued an import and sale ban on some Samsung devices after the company infringed on Apple patents.

On the downside, the financial sector (-0.5%) is the weakest performing cyclical group.

Elsewhere, Treasuries continue to hold their slim gains with the benchmark 10-yr yield off two basis points at 2.56%.DJ30 -25.42 NASDAQ -1.21 SP500 -3.29 NASDAQ Adv/Vol/Dec 1029/131.1 mln/1166 NYSE Adv/Vol/Dec 1194/65.6 mln/1509

09:15 am : S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -9.30. The S&P 500 futures trade lower by 0.4% as today's session sets up for a lower open following mixed action overseas. In Asia, markets in China and Hong Kong rallied amid speculation suggesting the country's central bank will lower the reserve requirement ratio for small to mid-sized banks. Elsewhere, Japan's Nikkei shed 0.7% after the country's second quarter GDP missed expectations (0.6% actual, 0.9% expected, 0.9% previous). With expectations of further monetary support abound, precious metals have garnered some interest. Gold futures have jumped 1.8% to $1336.00 per troy ounce while silver futures are higher by 3.8% at $21.19 per troy ounce.

Treasuries held slim overnight losses until a recent bid sent the complex to its best level of the day. The benchmark 10-yr yield is lower by two basis points at 2.56%.

In company-specific news, BlackBerry (BBRY 10.49, +0.73) is higher by 7.5% after the company said it has begun exploring strategic alternatives.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -11.00. The S&P 500 futures are lower by 0.4%.

Markets across most of Asia were higher, led by China's Shanghai Composite (+2.4%) and Hong Kong's Hang Seng (+2.1%) as a series of reports fueled the gains. A South China Post story suggested Beijing will provide stimulus to key cities in order to maintain economic growth while another report suggested Beijing was looking to lower the reserve requirement ratio for small to mid-sized banks. India's Sensex rallied 0.8% as the country's trade deficit narrowed to INR733 billion (INR715 billion expected, INR819 billion previous) and its industrial production slid 1.6% year-over-year (-1.2% expected). Elsewhere, Japan's Nikkei (-0.7%) was the laggard after the country's preliminary GDP number missed estimates (0.6% quarter-over-quarter actual versus 0.9% expected).

In Japan, the Nikkei closed lower by 0.7% as trade slipped to its lowest level in seven weeks. Heavyweight Softbank lagged the broader index, booking a 4.0% loss.
Hong Kong's Hang Seng advanced 2.1% as shares jumped to a two-month high. Materials stocks saw strong gains as Yanzhou Coal and China Resources Cement tallied gains of 7.1% and 3.4% respectively.
In China, the Shanghai Composite gained 2.4% as financials and real estate developers led. Ping An Bank jumped 4.9% and Poly Real Estate surged 5% to finish among the leaders in their respective sectors.

Major European indices hold modest losses after registering opening gains. Over the weekend, Germany's Der Spiegel disclosed an internal Bundesbank memo, which states the central bank expects a new bailout package for Greece to be agreed to by early next year. This comes after Chancellor Angela Merkel has repeatedly refused to discuss any potential bailouts ahead of the election scheduled for September 22. Regional economic news was limited to a couple of data points. France reported a current account deficit of EUR1.40 billion (-EUR3.20 billion expected, -EUR3.50 billion prior). Elsewhere, Swiss retail sales increased 2.3% year-over-year (1.8% expected, 1.5% prior).

In France, the CAC is lower by 0.2%. Drug maker Sanofi holds a loss of 1.4% after the company's China unit was accused of bribery. On the upside, steelmakers ArcelorMittal and Vallourec are both up near 1.0%.
Great Britain's FTSE is off by 0.3% as consumer names lag. Compass Group and International Consolidated Airlines Group trade lower by 0.7% and 2.2%, respectively. On the upside, some miners have shown strength. Fresnillo trades up 3.0% and Vedanta Resources is higher by 1.1%.
In Germany, the DAX trades down 0.3% as financials lag. Deutsche Bank is lower by 1.0% and Deutsche Boerse holds a loss of 2.9% after receiving a downgrade. Chemical producer BASF outperforms with a gain of 1.1%.

08:26 am : [BRIEFING.COM] S&P futures vs fair value: -9.70. Nasdaq futures vs fair value: -12.50. Equity futures trade modestly lower with the S&P 500 futures down 0.5%. Overnight, most Asian markets rallied, but Japan's Nikkei shed 0.7% after the country's preliminary second quarter GDP missed estimates (0.6% actual, 0.9% expected, 0.9% previous). Meanwhile, European indices are broadly lower, but their losses have been limited to less than 0.5%.

Domestically, there were no market-moving earnings reports as most large names have already announced their second quarter results. With regards to data, today's only item of note will come in the form of the July Treasury budget, which is scheduled to be released at 14:00 ET.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -13.00. U.S. equity futures hold modest losses after spending the entire pre-market session in negative territory. The S&P 500 futures are lower by 0.4%.

Reviewing overnight developments:

Asian markets ended mostly higher. Hong Kong's Hang Seng +2.1%, China's Shanghai Composite +2.4%, and Japan's Nikkei -0.7%.
In regional economic data:
Japan's second quarter GDP rose 0.6% quarter-over-quarter (0.9% expected, 0.9% previous) while the GDP Price Index declined 0.3% year-over-year (-0.7% expected, -1.1% prior). In addition, CGPI ticked up 0.5% month-over-month, capacity utilization came in at -2.3% month-over-month (2.3% previous), industrial production declined 3.1% month-over-month (-3.1% expected, -3.1% previous), and machine tool orders declined 12.1% year-over-year (12.4% previous).
Singaporean GDP rose 3.8% year-over-year (3.4% forecast, 3.7% prior). India reported a trade deficit of $12.27 billion ($13.80 billion expected, $12.20 billion prior).
New Zealand's FPI increased 0.5% month-over-month (2.1% prior).
In news:
Japan's disappointing GDP reading has fueled speculation over whether the country is ready to implement the planned sales tax increase. On that note, one of the top advisers of Prime Minister Shinzo Abe said Q2 GDP serves as an indication that current conditions are not appropriate for a sales tax hike.

Major European indices hold modest losses after registering opening gains. France's CAC -0.2%, Great Britain's FTSE -0.3%, and Germany's DAX -0.3%.
Regional economic data was limited:
France reported a current account deficit of EUR1.40 billion (-EUR3.20 billion expected, -EUR3.50 billion prior).
Swiss retail sales increased 2.3% year-over-year (1.8% expected, 1.5% prior).
Looking at news:
Germany's Der Spiegel has obtained an internal Bundesbank memo, which states the central bank expects a new bailout package for Greece to be agreed to by early next year. This comes after Chancellor Angela Merkel has repeatedly refused to discuss any potential bailouts ahead of the September 22 election.

In U.S. corporate news:

Apple (AAPL 457.50, +3.05) is +0.7% after the International Trade Commission issued an import and sale ban on some Samsung devices after the company infringed on Apple patents.
F5 Networks (FFIV 90.99, +1.11) is +1.2% after Barclays upgraded the stock to 'Overweight' from 'Equal Weight.'

Today's economic data will be limited to the July Treasury budget, which will be released at 14:00 ET.

06:40 am : [BRIEFING.COM] S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -18.00.

06:40 am : Nikkei...13519.43...-95.80...-0.70%. Hang Seng...22271.28...+463.70...+2.10%.

06:40 am : FTSE...6565.60...-17.80...-0.30%. DAX...8276.12...-62.20...-0.80%.

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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