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 Post subject: August 13th Tuesday Trade Results - Profit $3042.50
PostPosted: Wed Aug 14, 2013 6:18 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)
http://twitter.com/wrbtrader (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 @ $450.00 dollars or +4.50 points, Emini ES ($ES_F) futures @ $2062.50 dollars or +41.25 points, Light Crude Oil CL ($CL_F) futures @ $2040.00 dollars or +2.04 points, Gold GC ($GC_F) futures @ ($1510.00) dollars or -15.10 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $3042.50 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=1578

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.

Stocks Advance As Apple Bounces

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

NEW YORK (CNNMoney)
The broader market closed modestly higher Tuesday, but Apple, J.C. Penney and airline stocks were the big stories of the day.

Apple shares were the second best performing in the S&P 500 after activist investor Carl Icahn took to Twitter to announce that he has a "large position" in the company and believes it to be "extremely undervalued."

Icahn said he had a "nice conversation" with Apple (AAPL, Fortune 500) CEO Tim Cook earlier Tuesday and that they discussed his opinion that a "a larger buyback should be done now."

The announcement quickly made Apple the hottest topic among trader on StockTwits.

harmongreg: Icahn changing his name to iCahn and joining the C-Suite at $AAPL

m3NYtrader: $AAPL Looks like Cook found a way to solve the share price problem - iCahn Bullish

J.C. Penney was in the spotlight after Bill Ackman resigned from the retailer's board. Ackman has been demanding the ouster of CEO Myron Ullman and chairman Thomas Engibous.

In its statement, Penney's board reiterated its "overwhelming support" for the two leaders. Shares of J.C. Penney (JCP, Fortune 500) initially rose on the news but quickly fell into the red. The stock finished down nearly 4%, making it the second biggest losers in the S&P 500.

Ackman's departure was the also a big topic on StockTwits, but there was little agreement on how the hedge fund manager's exit will impact the future of J.C. Penney.

traderrick1: With Ichan up in Bill`s face, he`s making huge mistakes and effecting his investment strategy in regards to $JCP.

BlackHawkTrader: Just cause Ackman is off the board, it doesn't change my view on $JCP ( garbage store), never been in 1 and dont know anyone who shops there.

Meanwhile, airline stocks were big losers after the Justice Department filed a lawsuit to block the $11 billion merger between American Airlines and U.S. Airways (LCC, Fortune 500), arguing that it would lead to higher fares for consumers. Shares of American Airline's bankrupt parent company AMR Corp. (AAMRQ, Fortune 500) plunged more than 45% while U.S. Airways shares also tumbled.

Other airline stocks, including Delta, (DAL, Fortune 500) United Continental, (UAL, Fortune 500)JetBlue (JBLU)and Southwest (LUV, Fortune 500)also declined.

Stonefoxcapital: $LCC evidently the govt doesn't realize that American is in bankruptcy.

teddyballgame: $LCC merger was really a benefit for LCC not as much AMR, not sure why this is down so much.

Meanwhile, the major indexes finished modestly higher following a choppy morning. The Dow Jones industrial average, S&P 500 and Nasdaq rose between 0.2% and 0.4%.

After surging this year to record highs, markets have softened this month with little significant news to speak of. Volume is also light as many traders are away.

And Tuesday's lackluster report on retail sales wasn't enough for investors to make any big bets.

Retail sales edged up 0.2% in July, rising for a fourth straight month, but the gain was "softer than anticipated," said Jim Baird, chief investment officer at Plante Moran Financial Advisors.

"Consumers are still spending, although limited income growth appears to also be holding spending increases in check," he added.

* British housing boom -- or bubble?

Fed reiterates caution: Investors also tuned into comments from Atlanta Fed President Dennis Lockhart, who stressed that the Federal Reserve's decision to scale back its $85 billion per month bond purchase program will depend on economic data.

Lockhart said he does not expect to have enough data by September to be sure of his outlook, but added that whenever the Fed makes a decision, it "ought to be thought of as a cautious first step."

What's moving: In addition to Apple, Penney and airline shares, a few other stocks were on the move and getting plenty of attention on StockTwits.

Eli Lilly (LLY, Fortune 500) shares rose after the company said its experimental lung cancer drug increased the survival rate of patients in a late-stage trial.

34angstroms: time to get away from erectile dysfunction, testosterone and antidepressants and move towards curing cancer #Necitumumab

Shares of Yum! Brands (YUM, Fortune 500) dropped after the restaurant operator said same-store sales at its KFC locations in China dropped 13% versus last year as the company continues to struggle in the wake of a food safety scandal.

nnngggggg: $YUM people foolishly just assume this will do well china problem is getting worse not better. Bearish.

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4:10 pm : The S&P 500 settled higher by 0.3% despite enduring some early weakness.

Stocks slipped out of the gate after this morning's Treasury selloff in reaction to July retail sales suggested the market believes the report strengthened the case for the Fed to start scaling back its asset purchases at the September meeting.

July retail sales increased 0.2% after increasing an upwardly revised 0.6% in June. The Briefing.com consensus expected sales to increase 0.2%.Excluding motor vehicle sales, which fell 1.0%, spending rose a solid 0.5% in July. That was up from a 0.1% gain in June and above the consensus expectation that called for an increase of 0.3%.

The sales numbers were a pleasant surprise considering the disappointing July employment report, which showed aggregate wages falling 0.3%. Normally, that would be expected to put substantial downward pressure on sales growth. It seems that the recent gains in the stock market and the improvement in job security, which is implied from the downward trend in initial claims, offset the weakness in wage growth and allowed consumers to dip into savings in July to keep consumption trending higher.

Treasuries ended on their lows with the benchmark 10-yr yield higher by ten basis points at 2.72%. Elevated yields appeared to weigh on equities in early action, but the market was able to recover swiftly with a little help from Atlanta Fed President Dennis Lockhart who said the Fed will not have enough data to make a tapering decision in September. The S&P climbed to a fresh high following these comments while small caps could not get back into positive territory as indicated by the 0.2% slip in the Russell 2000.

The rebound in the S&P was aided by the relative strength of most cyclical groups. The tech sector spiked during afternoon action after activist investor Carl Icahn disclosed what he described as a "large" position in Apple (AAPL 489.57, +22.21). The largest tech stock advanced 4.8% while the broader sector added 0.8%.

Elsewhere, industrials (+0.4%) also outperformed, but the gains took place despite the Dow Jones Transportation Average, which shed 0.7% as airlines weighed after the Department of Justice filed a civil antitrust lawsuit challenging the proposed $11 billion merger between U.S. Airways (LCC 16.36, -2.46) and the parent corporation of American Airlines, AMR (AAMRQ 3.17, -2.64).

While most cyclical sectors posted solid gains, discretionary shares ended flat. Home builders registered losses across the board and the iShares Dow Jones US Home Construction ETF (ITB 21.27, -0.39) fell 1.8%.

Below-average volume has persisted through August, and today did not deviate from the recent norm as only 619 million shares changed hands on the floor of the New York Stock Exchange.

In today's remaining economic news, total business inventories were unchanged in June after falling a downwardly revised 0.1% (from +0.1%) in May. The Briefing.com consensus expected business inventories to increase 0.1%. Manufacturer (0.1%) and merchant wholesaler (-0.2%) inventories were known prior to the release. The only new information was that retailer inventories increased 0.1% in June after increasing 0.5% in May.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET while July PPI and core PPI will cross the wires at 8:30 ET.DJ30 +31.33 NASDAQ +14.49 SP500 +4.69 NASDAQ Adv/Vol/Dec 1251/1.58 bln/1274 NYSE Adv/Vol/Dec 1241/618.6/1801

3:30 pm :

Sep crude oil spent morning pit trade in negative territory, trading as low as $105.56 per barrel. Despite the early weakness, the energy component gained steam in afternoon action and rose to a session high of $107.01 per barrel. It settled with a 0.6% gain at $106.77 per barrel.
Sep natural gas briefly rose into positive territory after trading as low as $3.26 per MMBtu in morning floor trade. It touched a session high of $3.33 per MMBtu but slipped back into the red and settled 0.6% lower at $3.29 per MMBtu.
Dec gold fell for the first time in five sessions as better-than-expected consumer spending data and a stronger dollar index put pressure on prices. The yellow metal retreated back into negative territory after brushing a session high of $1335.40 per ounce. It touched a session low of $1317.80 per ounce and settled with a 1.0% loss at $1320.60 per ounce.
Sep silver brushed a session low of $21.26 per ounce after trading as high as $21.62 per ounce in early morning floor trade. It eventually settled the session unchanged at $21.34 per ounce.

DJ30 +47.43 NASDAQ +20.50 SP500 +6.70 NASDAQ Adv/Vol/Dec 1237/1332.3 mln/1262 NYSE Adv/Vol/Dec 1240/434 mln/1789

3:00 pm : The S&P 500 trades higher by 0.3% as today's session enters its final hour. Last week, the foreign exchange market saw some notable dollar weakness, but the first two sessions of this week have brought dollar strength.

The Dollar Index (+0.5%) jumped to a session high following this morning's retail sales data, and has held in a narrow range since. Today's greenback strength is most notable against the Japanese yen as dollar/yen trades higher by 1.1% at 98.20. The pair began its climb in overnight action amid reports Japan's Prime Minister Shinzo Abe is considering cutting the corporate tax rate in an effort to offset the effects of the planned sales tax hike.DJ30 +43.81 NASDAQ +16.07 SP500 +5.46 NASDAQ Adv/Vol/Dec 1214/1.21 bln/1276 NYSE Adv/Vol/Dec 1210/397.9 mln/1798

2:35 pm : Equities have held their levels for the past hour as the quiet afternoon continues.

Although the broader market has not shown much change in recent action, the tech sector (+0.7%) has surged into the lead after activist investor Carl Icahn disclosed a "large" position in Apple (AAPL 481.30, +13.94). The largest tech stock is higher by 3.0% while other large sector components trade mixed. Microsoft (MSFT 32.41, -0.23) is lower by 0.7% and Qualcomm (QCOM 67.33, +0.87) holds a gain of 1.3%.

Meanwhile, chipmakers have displayed broad strength as the PHLX Semiconductor Index adds 1.1%.DJ30 +47.27 NASDAQ +15.27 SP500 +5.01 NASDAQ Adv/Vol/Dec 1253/1.12 bln/1233 NYSE Adv/Vol/Dec 1223/367.8 mln/1783

2:00 pm : The S&P 500 trades at its best level of the day while the Russell 2000 (-0.2%) continues to hover in negative territory. Recent action saw the discretionary sector join the remaining cyclical groups in the green. Retailers have contributed to the advance as the SPDR S&P Retail ETF (XRT 82.16, +0.37) trades higher by 0.5%.

Meanwhile, home builders continue to trade with losses larger than 1.0% and the iShares Dow Jones US Home Construction ETF (ITB 21.33, -0.33) is lower by 1.5%.

Similarly, the staples sector has also climbed into positive territory while utilities (-0.4%) and telecom services (-0.8%) remain in the red.DJ30 +61.43 NASDAQ +11.03 SP500 +5.65 NASDAQ Adv/Vol/Dec 1245/1.02 bln/1218 NYSE Adv/Vol/Dec 1239/333.7 mln/1759

1:25 pm : The stock market has been on a bit of a kiddie roller-coaster ride today and it is on an uphill swing as we speak. In fact, the S&P 500 hit its best level of the session just a few minutes ago to place it in striking distance of 1700.

The move to a new session high coincided with a report that Atlanta Fed President Lockhart said in a speech today that the Fed won't have enough data to make a tapering decision in September. Few thoughts sit as well with the equity market as the thought of the Fed continuing with unbridled policy support.

Interestingly, the Treasury market didn't get a strong boost from Mr. Lockhart's view of things. The 10-yr note is still languishing near its worst level of the day as its yield hangs at 2.71%. The lack of response could be owed to a belief stocks will continue to run here or a perception that Mr. Lockhart's view won't win out at the September meeting. As an aside, the Atlanta Fed President doesn't have a vote on the FOMC until 2015. DJ30 +72.47 NASDAQ +12.43 SP500 +6.33 NASDAQ Adv/Vol/Dec 1241/939 mln/1207 NYSE Adv/Vol/Dec 1234/305 mln/1762

12:55 pm : Equities began the session with modest gains before broad-based weakness sent the major averages into the red. However, their losses have been limited, and a late-morning rebound has placed the S&P 500 at a fresh high. The bounce in small caps has not been as robust as the Russell 2000 continues to hold a loss of 0.1%.

Prior to the open, it was reported that July retail sales increased 0.2% after increasing an upwardly revised 0.6% in June. The Briefing.com consensus expected sales to increase 0.2%.Excluding motor vehicle sales, which fell 1.0%, spending rose a solid 0.5% in July. That was up from a 0.1% gain in June and above the consensus expectation that called for an increase of 0.3%.

The sales numbers were a pleasant surprise considering the disappointing July employment report, which showed aggregate wages falling 0.3%. Normally, that would be expected to put substantial downward pressure on sales growth. It seems that the recent gains in the stock market and the improvement in job security, which is implied from the downward trend in initial claims, offset the weakness in wage growth and allowed consumers to dip into savings in July to keep consumption trending higher.

Notably, Treasuries sold off in reaction to the data, suggesting the market believes today's number strengthened the case for the Fed to start scaling back its asset purchases at the September meeting. The benchmark 10-yr yield is higher by nine basis points at 2.71%.

On a related note, the jump in yields has pressured home builders, and, by extension, the discretionary sector. PulteGroup (PHM 15.30, -0.44) is the weakest performer among the largest builders while the broader iShares Dow Jones US Home Construction ETF (ITB 21.24, -0.42) sheds 1.9%.

Elsewhere, the industrial sector (+0.5%) is among today's outperformers even as transportation-related names display broad weakness. The Dow Jones Transportation Average is lower by 0.7% with airlines leading to the downside after the Department of Justice filed a civil antitrust lawsuit challenging the proposed $11 billion merger between U.S. Airways (LCC 17.36, -1.46) and the parent corporation of American Airlines, AMR (AAMRQ 3.20, -2.61).

In today's remaining economic news, total business inventories were unchanged in June after falling a downwardly revised 0.1% (from +0.1%) in May. The Briefing.com consensus expected business inventories to increase 0.1%. Manufacturer (0.1%) and merchant wholesaler (-0.2%) inventories were known prior to the release. The only new information was that retailer inventories increased 0.1% in June after increasing 0.5% in May.DJ30 +52.50 NASDAQ +7.62 SP500 +4.74 NASDAQ Adv/Vol/Dec 1227/870.1 mln/1218 NYSE Adv/Vol/Dec 1227/282.3 mln/1761

12:30 pm : Recent action saw the Dow and S&P 500 return into positive territory as the financial sector (+0.5%) jumped to a fresh high. In addition, four of the remaining five cyclical sectors also hold gains. The lone holdout is the discretionary sector, which sports a loss of 0.2%.

Meanwhile, all four countercyclical sectors hover in the red. Consumer staples and health care are little changed while rate-sensitive telecom services and utilities are lower by 0.8% and 0.5%, respectively.DJ30 +25.46 NASDAQ +3.83 SP500 +2.68 NASDAQ Adv/Vol/Dec 1166/798.5 mln/1249 NYSE Adv/Vol/Dec 1169/260.1 mln/1807

12:00 pm : The S&P 500 has spent the past 30 minutes just below its flat line after climbing off its opening lows. Although the index has trimmed its loss to less than two points, discretionary shares and utilities remain weak.

The discretionary sector is lower by 0.4% as home builders register broad losses following today's rise in rates. PulteGroup (PHM 15.28, -0.46) is the weakest performer among the largest builders while the broader iShares Dow Jones US Home Construction ETF (ITB 21.25, -0.41) sheds 1.9%.

Elsewhere, this month's weakest sector, utilities, is off by 0.6%.DJ30 -25.65 NASDAQ -4.66 SP500 -1.64 NASDAQ Adv/Vol/Dec 1002/701.3 mln/1408 NYSE Adv/Vol/Dec 1028/228.6 mln/1927

11:25 am : The S&P 500 continues to hold a modest loss after the index was unable to maintain its opening gain. Overall, the major indices have held up well considering the fact declining issues on the NYSE outpace advancers by a 2.3:1 ratio. Meanwhile, on the Nasdaq, there are 1.7 decliners for every advancing issue.

Yesterday, the S&P ended with a slight loss while small caps outperformed. Today, however, small caps trail behind the broader market as the Russell 2000 sheds 0.5%.

Treasuries have continued their retreat and the benchmark 10-yr yield is now higher by 10 basis points at 2.72%.DJ30 -35.73 NASDAQ -6.66 SP500 -2.10 NASDAQ Adv/Vol/Dec 919/601.3 mln/1465 NYSE Adv/Vol/Dec 956/195.9 mln/1964

11:00 am : The S&P 500 trades lower by 0.4% as nine of ten sectors register losses. The industrial space has held up relatively well (-0.1%), but transportation-related names have weighed on the sector as the Dow Jones Transportation Average holds a loss of 0.9%.

Airlines trade broadly lower after the Department of Justice filed a civil antitrust lawsuit challenging the proposed $11 billion merger between U.S. Airways (LCC 17.61, -1.21) and the parent corporation of American Airlines, AMR (AAMRQ 4.27, -1.54).

On the upside, the materials sector trades higher by 0.1%.DJ30 -73.73 NASDAQ -16.21 SP500 -6.00 NASDAQ Adv/Vol/Dec 774/498.8 mln/1580 NYSE Adv/Vol/Dec 764/166.3 mln/2135

10:00 am : The S&P 500 trades lower by 0.1%.

During June, business inventories were unchanged, which was below the 0.1% increase expected by the Briefing.com consensus. This follows the prior month's revised decrease of 0.1%.DJ30 -29.88 NASDAQ -6.73 SP500 -1.30 NASDAQ Adv/Vol/Dec 874/212.4 mln/1317 NYSE Adv/Vol/Dec 931/84.1 mln/1843

09:45 am : The S&P 500 has slipped to its flat line after opening the session with modest gains. The slip from its early highs took place as Treasury yields climbed to their highest level of the day. The 10-yr note sits on its lows with its yield up eight basis points at 2.70%.

Treasuries sold off in reaction to today's retail sales report as participants believe the data was strong enough to increase the likelihood of the Federal Reserve cutting back on its asset purchases as early as September.

Health care (+0.3%) and technology (+0.2%) have shown early strength while energy (-0.1%) and discretionary (-0.2%) shares weigh on the broader market.

June business inventories will be reported at 10:00 ET.DJ30 -0.55 NASDAQ +1.08 SP500 +1.31 NASDAQ Adv/Vol/Dec 999/123.5 mln/1072 NYSE Adv/Vol/Dec 1129/60.7 mln/1605

09:15 am : S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +7.00. U.S. equity futures hold slim gains as today's session sets up for a higher open. The gains in futures have followed upbeat action in Asia where most major markets advanced. Similarly, European indices hover near their highs as the quiet session continues.

With the busiest portion of the second quarter earnings season in the rear-view mirror, investors received just a handful of company-specific news. YUM! Brands (YUM 72.24, -2.23) is lower by 3.0% in pre-market action after the company's same store sales in China fell 13.0% year-over-year.

In today's economic news, July retail sales increased 0.2% after increasing an upwardly revised 0.6% in June. The Briefing.com consensus expected sales to increase 0.2%.Excluding motor vehicle sales, which fell 1.0%, spending rose a solid 0.5% in July. That was up from a 0.1% gain in June and above the consensus expectation that called for an increase of 0.3%.

The sales numbers are even more impressive considering the disappointing July employment report, which showed aggregate wages falling 0.3% that would normally put substantial downward pressure on sales growth. It seems that the recent gains in the stock market and the improvement in job security, which is implied from the downward trend in initial claims, offset the weakness in wage growth and allowed consumers to dip into savings in July to keep consumption trending higher.

Treasuries sold off in reaction to the data as the number is likely being viewed as a signal speaking in favor of the Fed pulling back on its asset purchases sooner rather than later. The benchmark 10-yr yield is higher by six basis points at 2.68%.

Today's data will be topped off with the 10:00 ET release of June business inventories.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: +3.10. Nasdaq futures vs fair value: +4.20. The S&P 500 futures trade higher by 0.1%.

Asian markets registered gains across the board as Japan's Nikkei led the way with a gain of 2.6% after Prime Minister Shinzo Abe said a corporate tax cut may be implemented to offset increases in the sales tax rate. On a related note, an adviser to Prime Minister Shinzo Abe has suggested delaying the implementation of the sales tax increase until late 2014. In addition, the Bank of Japan's minutes from its July 10/11 meeting revealed some members' concerns over a possible slowdown in inflation after the summer ends. Economic data was limited. Japan's core machinery orders fell 2.7% month-over-month (-7.2% expected, 10.5% prior) while the year-over-year reading increased 4.9% (2.4% expected, 16.5% previous). Elsewhere, Australia's NAB Business Confidence slipped to -3 from 0. In addition, the NAB Business Survey remained unchanged at -7.0.

Japan's Nikkei advanced 2.6% as industrials rallied. Fuji Heavy Industries, Kawasaki Heavy Industries, and Oki Electric Industry all gained between 5.6% and 6.5%.
In Hong Kong, the Hang Seng ended higher by 1.2% as energy companies outperformed. China Coal Energy and China Shenhua Energy advanced 6.9% and 6.0%, respectively.
China's Shanghai Composite added 0.2% as producers of basic materials displayed strength. Sichuan Golden Summit and Xinjiang Qinsong Building Materials both gained near 10.0%.

Major European indices hover near their highs as the quiet session continues. In Spain, the Treasury chief Inigo Fernandez de Mesa said the country plans to reduce the pace of its debt sales by about 30% starting in September. In economic data, Eurozone industrial production increased 0.7% month-over-month (0.8% expected, -0.2% prior) while the year-over-year reading ticked up 0.3%. In addition, the ZEW Economic Sentiment rose to 44.0 from 32.8 (37.4 forecast). Elsewhere, Germany's ZEW Economic Sentiment climbed to 42.0 from 36.3 (40.0 expected). In addition, CPI increased 1.9% year-over-year, as expected. Also of note, Great Britain's CPI rose 2.8% year-over-year (2.8% expected) while core CPI rose 2.0% year-over-year (2.3% forecast, 2.3% prior). In addition, Input PPI rose 5.0% year-over-year (5.5% expected, 4.0% previous) while Output PPI came in at 2.1% year-over-year, as expected.

France's CAC is higher by 0.3% as energy and industrials lead while financials lag. Alstom and Technip trade with respective gains of 2.6% and 1.6% while Societe Generale sheds 1.6%.
Great Britain's FTSE trades up 0.5% with miners in the lead. Glencore Xstrata, Fresnillo, and Rio Tinto are all up between 1.4% and 4.8%. Financials are among the laggards with Old Mutual and Prudential down 2.6% and 1.2%, respectively.
Germany's DAX holds a gain of 0.7% as utilities lead with E.ON and RWE both up near 3.5%.

08:33 am : [BRIEFING.COM] S&P futures vs fair value: +4.70. Nasdaq futures vs fair value: +6.20. The S&P 500 futures trade higher by 0.2%.

July retail sales rose 0.2%, in-line with the Briefing.com consensus. The prior month's reading pointed to an uptick of 0.6%. Excluding autos, retail sales increased 0.5% against the expectations of a 0.3% uptick.

Export prices, excluding agriculture, were unchanged in July after they had decreased 0.2% during the prior month. Excluding oil, import prices declined 0.4%, which follows last month's decline of 0.3%.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +8.20. U.S. equity futures hold modest gains with the S&P 500 futures up 0.2%.

Reviewing overnight developments:

Asian markets registered gains across the board. China's Shanghai Composite +0.2%, Hong Kong's Hang Seng +1.2%, and Japan's Nikkei +2.6%.
In regional economic data:
Japan's core machinery orders fell 2.7% month-over-month (-7.2% expected, 10.5% prior) while the year-over-year reading increased 4.9% (2.4% expected, 16.5% previous).
Australia's NAB Business Confidence slipped to -3 from 0. In addition, the NAB Business Survey remained unchanged at -7.0.
Looking at news:
The Bank of Japan's minutes from its July 10/11 meeting revealed some members' concerns over a possible slowdown in inflation after the summer ends. Separately, an adviser to Prime Minister Shinzo Abe has suggested delaying the implementation of the sales tax increase until late 2014.

Major European indices hover near their highs. France's CAC +0.2%, Great Britain's FTSE +0.4%, Germany's DAX +0.6%.
In economic data:
Eurozone industrial production increased 0.7% month-over-month (0.8% expected, -0.2% prior) while the year-over-year reading ticked up 0.3%. In addition, the ZEW Economic Sentiment rose to 44.0 from 32.8 (37.4 forecast).
Germany's ZEW Economic Sentiment climbed to 42.0 from 36.3 (40.0 expected). In addition, CPI increased 1.9% year-over-year, as expected.
Great Britain's CPI rose 2.8% year-over-year (2.8% expected) while core CPI rose 2.0% year-over-year (2.3% forecast, 2.3% prior). In addition, Input PPI rose 5.0% year-over-year (5.5% expected, 4.0% previous) while Output PPI came in at 2.1% year-over-year, as expected.
In news:
Spain's Treasury chief Inigo Fernandez de Mesa said the country plans to reduce the pace of its debt sales by about 30% starting in September.

In U.S. corporate news:

Sina (SINA 85.55, +5.20) is +6.5% after beating on earnings and revenue.
YUM! Brands (YUM 71.91, -2.56) is -3.4% after its same store sales in China fell 13.0% year-over-year.

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.

06:40 am : [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +12.00.

06:40 am : Nikkei...13867.00...+347.60...+2.60%. Hang Seng...22541.13...+269.90...+1.20%.

06:40 am : FTSE...6613.41...+39.10...+0.60%. DAX...8422.58...+63.30...+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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