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 Post subject: August 14th Wednesday Trade Results - No Trades
PostPosted: Wed Aug 14, 2013 10:01 pm 
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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
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Quote:
No trades today due to a personal day off from the markets to have a fun day with the kids. Yet, I had initially intended to trade only one hour but the price action didn't look worth it. Therefore, I decided to only post a few price action analysis commentary and then call it quits for the day.

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

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

In addition, all of my trades were posted real-time in the free ##TheStrategyLab chat room. You can read today's ##TheStrategyLab trading chat room logs for details about each one of my trades via price action trading from entry to exit (e.g. time, price, contract size) along with price action commentary as the trade traversed to its completion...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=120&t=1579

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 Dip As Investors Focus On Fed and Apple

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

NEW YORK (CNNMoney)
You know it's a sleepy day on Wall Street when investors eagerly tuned into a speech at a Rotary Club in Paducah, Kentucky. Population: 25,000.

U.S. stocks closed slightly lower Wednesday, as investors weighed remarks from St. Louis Fed President James Bullard, who delivered two speeches in Paducah this afternoon.

Bullard is a voting member on the Federal Reserve's policy-making committee, and he has recently said he fears inflation is too low.

Investors are taking a magnifying glass to all Fed speeches lately for hints of when it will start to slow its bond-buying program, known as quantitative easing or QE for short.

The Fed has been purchasing $85 billion in Treasuries and mortgage-backed securities each month. Many believe the so-called "tapering" of QE will begin at the Fed's next meeting in September, but Bullard said Wednesday that he would like to see more economic data before coming to a decision.

What's moving: Looking at individual stocks, Apple (AAPL, Fortune 500)shares bucked Wednesday's downward trend, rising above $500 for the first time since January, but pulled back to close at $498.50.

The stock has been rallying for a second day on the news that activist investor Carl Icahn has taken a "large" position in the company. Icahn revealed his investment in Apple in a pair of tweets Tuesday afternoon, noting he believes the company is "extremely undervalued."

Apple was the top-trending ticker on StockTwits, as traders had plenty to say about Icahn's investment.

AldrinWong: Today may be the last day you'll see $AAPL below $500.

gator347: $AAPL lol stealing your lunch money and taking out stops

Meanwhile, Macy's (M, Fortune 500) shares fell 4%, after the retailer reported weaker-than-expected sales in the second quarter. The company sent investors a mixed signal, noting upcoming back-to-school sales could be strong, while simultaneously cutting its outlook for the year overall.

The report sparked pessimism about other retailers, with traders noting concerns about J.C. Penney (JCP, Fortune 500), which is scheduled to report its second quarter earnings on August 20.

GQTrit: If $M can't do it what kind of numbers can $JCP put up

bradloncar: What hope does $JCP have if $M had a lukewarm quarter.

* Best comeback stocks of 2013

Best Buy (BBY, Fortune 500) is staging the meteoric comeback J.C. Penney shareholders can only hope for at this point. Shares rose nearly 3% Wednesday after an analyst upgraded the stock, and overall Best Buy is up nearly 170% since the beginning of the year. Best Buy hasn't delivered a quarterly profit in a year, but investors are hopeful that CEO Hubert Joly, who took the helm last fall, will be successful with his "Renew Blue" plan.

Shortly after the closing bell, Cisco Systems (CSCO, Fortune 500) reported quarterly earnings that narrowly beat estimates, but shares fell 3% in after-hours trading. Cisco's stock has been on a tear this year, rising nearly 35%. So investors may have been expecting the company to beat forecasts by a wider margin.

Across the pond, investors awoke to encouraging news that Europe's recession is over. Gross domestic product across the 17-nation eurozone grew by 0.3% in the second quarter, led by a rebound in the region's two biggest economies, Germany and France.

Image



4:15 pm : The S&P 500 settled lower by 0.5% after broad-based selling persisted throughout the session.

Equities were confined to a downtrend from the open, and even the news of the first expansionary eurozone GDP reading in 18 months could not spark a bid.

Nine of ten sectors registered losses while technology posted a fractional gain of 0.01%.

The tech sector climbed into the lead early this afternoon as Apple (AAPL 498.50, +8.93) advanced 1.8% after Omega Advisors disclosed having a position in the stock. The relative strength of the largest sector component overshadowed the underperformance of chipmakers. The PHLX Semiconductor Index lost 1.6%.

While technology was able to end in the green, the materials sector shed 0.2% after spending the majority of the session in positive territory. Gold miners made a significant contribution to the sector's outperformance as the Market Vectors Gold Miners ETF (GDX 28.70, +1.51) spiked 5.6%. On a related note, gold futures climbed 1.1% to $1334.60 per troy ounce.

Outside of materials and technology, only energy (-0.4%), financials (-0.4%), and telecom services (-0.2%) ended slightly ahead of the broader market. Meanwhile, several influential sectors weighed. Health care (-0.8%), consumer staples (-0.7%), consumer discretionary (-1.1%), and industrials (-0.8%) lagged.

Notably, industrials slumped amid weakness in transportation-related companies. The Dow Jones Transportation Average fell 0.8% as 16 of 20 components ended in the red.

The discretionary sector was another significant laggard. Retailers registered losses and Macy's (M 46.33, -2.17) fell 4.5% after missing on earnings and revenue. In addition, the company lowered its full-year 2014 earnings guidance below consensus.

Home builders also contributed to the sector's underperformance. The iShares Dow Jones US Home Construction ETF (ITB 20.81, -0.46) lost 1.9% to widen its August decline to 6.6%.

Elsewhere, treasuries were trapped in a narrow range, and the benchmark 10-yr yield shed one basis point to end at 2.71%.

Below-average volume was the story once again as only 622 million shares changed hands on the floor of the New York Stock Exchange.

Today's economic news was limited to just two data points.

July PPI was unchanged (0.3% Briefing.com consensus) while core PPI ticked up 0.1% (0.2% Briefing.com consensus). The halting aspect of the report is that the lack of inflation pressure isn't really indicative of an economy that is gaining momentum. The PPI report is a data point that the Fed could view as a reason to hold off on tapering in September.

Separately, the weekly MBA Mortgage Index remained in a downtrend as today's 4.7% fall marked the twelfth decline out of the past fourteen readings.

Tomorrow, weekly initial claims, July CPI, core CPI, and August Empire Manufacturing will all be reported at 8:30 ET. June net long-term TIC flows will be released at 9:00 ET while July industrial production and capacity utilization will be reported at 9:15 ET. The busy day of data will be topped off with the 10:00 ET release of the August Philadelphia Fed Survey and the NAHB Housing Market Index.DJ30 -113.35 NASDAQ -15.17 SP500 -8.77 NASDAQ Adv/Vol/Dec 1034/1.55 bln/1443 NYSE Adv/Vol/Dec 976/621.8 mln/2046

3:30 pm :

Sep crude oil spent most of today's pit trade in negative territory, touching a session low of $105.60 per barrel. The dip came despite inventory data that showed a draw of 2.812 mln barrels when a smaller draw of 1.5 mln barrels was anticipated. However, the energy component managed to erase the earlier losses as it headed into the close and settled 0.1% higher at $106.86 per barrel.
Sep natural gas traded higher in a fairly tight range between $3.33 and $3.38 per MMBtu. It eventually settled 1.5% higher at $3.34 per MMBtu.
Precious metals rose today as the dollar index traded in negative territory.
Dec gold came off its session low of 1318.40 per ounce and settled with a 0.9% gain at $1333.10 per ounce, or just below its session high of $1334.90 per ounce.
Sep silver lifted off its session low of $21.42 per ounce and booked a 2.1% gain as it closed at $21.78 per ounce.

DJ30 -99.35 NASDAQ -11.20 SP500 -6.75 NASDAQ Adv/Vol/Dec 1120/1318.5 mln/1364 NYSE Adv/Vol/Dec 1034/426 mln/1967

2:55 pm : The S&P 500 hovers near its lows as today's session enters its final hour.

The foreign exchange market has been relatively quiet today with the Dollar Index holding a slim loss of 0.1% after posting two consecutive gains. Most notably, the greenback has surrendered some ground to the Japanese yen.

Dollar/yen is lower by 0.1% at 98.12 as the sloppy session continues. Current levels bear watching as the pair wrestles with its 50-day moving average at 98.33. In addition, the 100-day average lurks a bit higher at 98.78.DJ30 -108.00 NASDAQ -10.35 SP500 -7.38 NASDAQ Adv/Vol/Dec 1100/1.18 bln/1380 NYSE Adv/Vol/Dec 1005/380.5 mln/1994

2:30 pm : The S&P 500 remains near its lows as slight upticks continue running into resistance.

Today's economic data was limited to just two reports. The July producer price index was unchanged (0.3% Briefing.com consensus) while the weekly MBA Mortgage Index (-4.7%) posted its twelfth decline out of the past fourteen readings.

The disappointing PPI is indicative of an economy struggling to gain momentum, and it could be perceived by the Federal Reserve as an item speaking against cutting back on asset purchases in the immediate term. Meanwhile, the mortgage index has been under pressure since Treasury yields began spiking in late May.

Tomorrow will be busy in terms of data with weekly initial claims, July CPI, core CPI, and August Empire Manufacturing all scheduled to be reported at 8:30 ET. June net long-term TIC flows will be released at 9:00 ET while July industrial production and capacity utilization will be reported at 9:15 ET. The day will be topped off with the 10:00 ET release of the August Philadelphia Fed Survey and the NAHB Housing Market Index.DJ30 -117.90 NASDAQ -11.14 SP500 -7.94 NASDAQ Adv/Vol/Dec 1083/1.10 bln/1368 NYSE Adv/Vol/Dec 999/352.7 mln/1973

2:00 pm : The S&P 500 has slipped to a fresh low as buying interest remains scarce. Technology and materials registered slim gains in earlier action, but the two groups have succumbed to the continued selling pressure.

Elsewhere, consumer discretionary (-1.0%) and health care (-0.7%) sectors have been declining steadily since the open. Home builders and retailers have weighed on discretionary shares while health care slumps despite the outperformance of biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 194.22, +0.57) holds a slim gain of 0.3%.

Treasuries remain little changed with the benchmark 10-yr yield flat at 2.71%.DJ30 -116.10 NASDAQ -12.59 SP500 -7.76 NASDAQ Adv/Vol/Dec 1071/1.02 bln/1363 NYSE Adv/Vol/Dec 1016/328.4 mln/1946

1:30 pm : The major averages remain underwater with buyers showing little interest so far today. That disinterest, ironically, can be attributed in part to their backing away as the lack of a concerted effort to build on yesterday's modest gains set the tone early. Moreover, some disconcerting signals were thrown off by the soft PPI report, which isn't indicative of an economy gaining momentum, the disappointing results and guidance from Macy's (M 46.71, -1.79), and yet another weekly decline in the mortgage applications index (-4.7%) that was paced by a 5.4% drop in the purchase applications index.

As a reminder, Cisco (CSCO 26.20, -0.13) reports its quarterly results after the close today and it holds market-moving potential. The networking giant is expected to report a profit of $0.51 per share, according to S&P Capital IQ, versus $0.47 in the year-ago period, on revenue of $12.4 bln.

Wal-Mart (WMT 76.35, -0.51), meanwhile, will be the headliner before the open on Thursday and will shed some informative light on the state of the low to middle-income consumer.DJ30 -95.04 NASDAQ -8.37 SP500 -6.21 NASDAQ Adv/Vol/Dec 1142/930 mln/1306 NYSE Adv/Vol/Dec 1074/296 mln/1871

1:00 pm : The major averages opened little changed before broad-based weakness pressured them into the red. The early selling developed despite investors receiving some upbeat news from Europe as the region posted its first expansionary GDP reading (+0.3%) in 18 months.

Producers of basic materials (+0.1%) have held up despite the first-half weakness, and the sector continues to hold a midday gain. Gold miners have made a significant contribution to the sector's outperformance as the Market Vectors Gold Miners ETF (GDX 28.52, +1.33) trades higher by 4.9%. On a related note, gold futures are up 1.0% at $1333.40.

Outside of materials, the technology sector (+0.2%) is the only other advancer as its top component, Apple (AAPL 502.45, +12.88), hovers above the $500 level for the first time since late January. Meanwhile, other large tech names trade mixed. Google (GOOG 872.72, -8.53) is lower by 1.0% and Intel (INTC 22.70, +0.18) trades ahead of other chipmakers with a gain of 0.8%. The PHLX Semiconductor Index is down 0.8%.

The relative strength of technology has contributed to the outperformance of the Nasdaq while the broader market remains near its lows.

Consumer discretionary shares have been stuck in a steady downtrend since the open. Home builders are seeing an extension of their recent weakness as the iShares Dow Jones US Home Construction ETF (ITB 20.86, -0.41) trades lower by 1.9%. Since the start of August, the ETF has lost 6.4%.

Treasuries have not moved much as the benchmark 10-yr yield is off one basis point at 2.71%.

Today's economic news was limited to just two data points.

July PPI was unchanged (0.3% Briefing.com consensus) while core PPI ticked up 0.1% (0.2% Briefing.com consensus). The halting aspect of the report is that the lack of inflation pressure isn't really indicative of an economy that is gaining momentum. The PPI report is a data point that the Fed could view as a reason to hold off on tapering in September.

Separately, the weekly MBA Mortgage Index remained in a downtrend as today's 4.7% fall marked the twelfth decline out of the past fourteen readings.DJ30 -89.04 NASDAQ -6.81 SP500 -5.99 NASDAQ Adv/Vol/Dec 1138/861.1 mln/1273 NYSE Adv/Vol/Dec 1028/274.3 mln/1902

12:30 pm : The major averages continue to trade near their recent levels, but the technology sector has overtaken the materials space for the lead. Apple (AAPL 502.81, +13.24) is a notable outperformer as the stock trades above the $500 level for the first time since late January.

Meanwhile, other cyclical sectors remain mixed. Financials (-0.1%) trade ahead of the broader market while industrials (-0.5%) and discretionary (-0.9%) shares remain on their lows. In addition, the energy space (-0.3%) trades in line with the S&P as crude oil sheds 0.3% to $106.53.

With the major averages showing losses, the CBOE Volatility Index (VIX 12.67, +0.36) hovers near its highs. So far in August, the near-term volatility measure has been trapped between 11.83% and 13.91%.DJ30 -68.42 NASDAQ -3.93 SP500 -4.26 NASDAQ Adv/Vol/Dec 1146/783.9 mln/1253 NYSE Adv/Vol/Dec 1079/254.2 mln/1849

12:00 pm : The major averages continue to hold their recent levels as buying interest remains scarce. Although the key indices have traded in the red since the start of today's session, their losses have been limited. The Dow is the weakest performer (-0.6%) while the Nasdaq (-0.3%) displays some relative strength.

The top Nasdaq component, Apple (AAPL 499.83, +10.26), has contributed to the outperformance while other top-weighted tech names lag. Google (GOOG 871.54, -9.71) and Microsoft (MSFT 31.94, -0.29) are both down near 1.0%.

Meanwhile, chipmakers have also shown weakness as the PHLX Semiconductor Index sheds 0.9%.DJ30 -94.50 NASDAQ -10.47 SP500 -7.24 NASDAQ Adv/Vol/Dec 1072/694.2 mln/1315 NYSE Adv/Vol/Dec 952/228.5 mln/1950

11:35 am : The major averages continue to languish near their lows with the S&P 500 down 0.4%. So far, equities have been unable to bounce off those lows as the vast majority of sectors remain in negative territory.

The materials space is the lone advancer but its gain has been trimmed to less than 0.1% as broad-based weakness persists.

Elsewhere, Treasuries continue to hover just below their best level of the day with the benchmark 10-yr yield down two basis points at 2.71%.DJ30 -67.00 NASDAQ -9.00 SP500 -4.86 NASDAQ Adv/Vol/Dec 1066/616.6 mln/1310 NYSE Adv/Vol/Dec 1013/204.8 mln/1883

11:00 am : The S&P 500 has dropped to a fresh low as nine of ten sectors register losses.

Rate-sensitive telecom services (-0.6%) and utilities (-0.9%) have lagged from the start and they remain near their lows. Other underperformers include industrials (-0.6%), staples (-0.4%), and discretionary (-0.8%) shares.

In the discretionary sector, home builders have been trapped in a downtrend since yields began spiking in mid-May, and their underperformance continues today. The iShares Dow Jones US Home Construction ETF (ITB 20.88, -0.39) is lower by 1.8% today, and down 6.3% since the start of August.

On the upside, this month's top performing sector, materials, is the lone advancer. However, the group has trimmed its gain to 0.2%. DJ30 -84.99 NASDAQ -9.77 SP500 -6.05 NASDAQ Adv/Vol/Dec 1083/501.8 mln/1246 NYSE Adv/Vol/Dec 1038/168.8 mln/1802

10:35 am : Precious metals are showing some real strenght this morning and gold and silver just hit new session highs. Dec gold is now +0.9% at $1332.20/oz and Sept silver is +1.7% at $21.71/oz.

Crude oil has been in the red all session, but just spiked following weekly inventory data, erasing some of its losses. Sept crude oil is now -0.3% at $106.52/barrel.

Natural gas has been climbing slowly higher and higher all session and just hit a new HoD of $3.37/MMBtu. Sept nat gas is now +2.3% at $3.36/MMBtu.DJ30 -45.31 NASDAQ -2.23 SP500 -2.60 NASDAQ Adv/Vol/Dec 1176/393.8 mln/1098 NYSE Adv/Vol/Dec 1170/137 mln/1596

09:55 am : The S&P 500 remains lower by 0.1%, but a handful of sectors have climbed out of the red. The materials space (+0.2%) has climbed into the lead as steelmakers and gold miners outperform. The Market Vectors Gold Miners EFT (GDX 27.93, +0.74) is higher by 2.7% and Market Vectors Steel ETF (SLX 43.98, +0.20) holds a gain of 0.5%.

In addition, the health care space (+0.3%) has also advanced into the green while the remaining countercyclical sectors continue to register losses between 0.3% and 0.7%.DJ30 -45.92 NASDAQ -2.79 SP500 -1.61 NASDAQ Adv/Vol/Dec 1084/212.5 mln/1056 NYSE Adv/Vol/Dec 1191/86.5 mln/1507

09:45 am : Equities began the session in the red and the S&P 500 made a brief appearance in positive territory before slipping back to fresh lows. Overall, the early loss has been contained to less than 0.2%.

Eight of ten sectors hover in the red while financials (+0.1%) and technology (+0.1%) outperform. On the downside, rate-sensitive telecom services (-0.5%) and utilities (-0.6%) lag.

Treasuries have not shown much early movement. The benchmark 10-yr yield is lower by one basis point at 2.72%.DJ30 -48.64 NASDAQ -3.96 SP500 -2.28 NASDAQ Adv/Vol/Dec 970/143.5 mln/1103 NYSE Adv/Vol/Dec 1074/65.8 mln/1578

09:14 am : [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -1.00.

The S&P 500 futures hold slim losses as they indicate a lower start to today's session. Overnight action was very subdued and global markets did not produce many surprises. The eurozone reported GDP growth of 0.3%, which was its first positive GDP reading in a year. However, European indices have not shown much reaction to the news.

Domestically, it was reported that July PPI was unchanged (0.3% Briefing.com consensus) while core PPI ticked up 0.1% (0.2% Briefing.com consensus). The halting aspect of the report is that the lack of inflation pressure isn't really indicative of an economy that is gaining momentum. The PPI report is a data point that the Fed could view as a reason to hold off on tapering in September.

Separately, the weekly MBA Mortgage Index remained in a downtrend as today's 4.7% fall marked the twelfth decline out of the past fourteen readings.

Treasuries are little changed with the benchmark 10-yr yield flat at 2.71%.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: -2.80. Nasdaq futures vs fair value: -3.30.

The S&P 500 futures are lower by 0.2%.

Markets across Asia were mixed amid a relatively quiet trade. Japan's Nikkei (+1.3%) led the region higher while China's Shanghai Composite (-0.3%) erased all of yesterday's gains. Hong Kong's Hang Seng was shuttered due to a typhoon. Meanwhile, India's Sensex (+0.7%) rallied for a fourth session despite the hotter than anticipated Wholesale Price Index (5.8% year-over-year actual versus 5.0% expected). Developments from the Korean peninsula suggest North and South Korea have agreed to reopen the Kaesong Industrial Complex. Data from the rest of the region was limited to South Korea's unemployment rate, which held at 3.2% (3.3% expected).

In Japan, the Nikkei advanced 1.3% as trade closed at a one-week high. Heavyweights Fast Retailing and Softbank provided support, rallying 1.3% and 1.7%, respectively.
Hong Kong's Hang Seng was closed.
In China, the Shanghai Composite slipped 0.3% amid a lackluster trade. Automakers outperformed following reports Beijing was looking into pricing of foreign automakers. SAIC Motor led the space with a 1.7% gain. Cyclical shares were weak with materials stocks lagging. Inner Mongolia Baotou Steel shed 2.2%.

Major European indices hover near their flat lines after it was reported that Eurozone GDP registered its first reading above zero in a year, rising 0.3% (0.2% expected, -0.3% prior). Elsewhere, Germany's GDP increased 0.7% quarter-over-quarter (0.6% expected, 0.1% prior) while the year-over-year reading rose 0.9% (0.3% forecast, -1.6% previous). France's GDP rose 0.5% quarter-over-quarter (0.2% expected, -0.2% prior). In addition, nonfarm payrolls decreased 0.2% quarter-over-quarter (0.0% forecast, -0.1% prior) and CPI slipped 0.3% month-over-month (-0.1% expected, 0.2% prior). Spain's industrial new orders fell 7.8% year-over-year (-4.0% forecast, -1.3% previous). Also of note, Great Britain's Average Earnings Index + Bonus ticked up 2.1% (2.0% expected, 1.8% prior) while the claimant count declined 29,200 (15,000 expected, 29,400 prior). Lastly, the unemployment rate held steady at 7.8%, as expected. In addition, the Bank of England's Minutes from its latest meeting revealed the dissention of one member when the forward guidance vote was taken. The dissenting member said he supports forward guidance, but believed the time horizon should allow room for some earlier targets.

Great Britain's FTSE is lower by 0.2% as miners lag. Anglo American, Eurasian Natural Resources, and Rio Tinto are all down between 1.7% and 2.8%. Financials are among the advancers with Royal Bank of Scotland and Old Mutual up 1.1% and 0.9%, respectively.
In Germany, the DAX trades up 0.1% as technology provides leadership. Infineon Technologies is higher by 2.3% and SAP holds a gain of 0.7%. Utility provider RWE leads to the downside with a loss of 4.9%.
France's CAC is higher by 0.3% as industrials outperform. Alstom and Legrand sport respective gains of 2.2% and 1.1%. Electricite de France is the weakest performer as it sheds 0.9%.

08:31 am : [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -7.00.

The S&P 500 futures are lower by 0.3%.

July producer prices were unchanged, which was cooler than the uptick of 0.3% forecast by the Briefing.com consensus. Core producer prices rose 0.1% while the Briefing.com consensus expected an uptick of 0.2%.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -1.80.

U.S. equity futures are little changed after spending the entire overnight session in negative territory. The S&P 500 futures are off by 0.1%.

Looking at overseas developments:

Asian markets ended on a mixed note. China's Shanghai Composite -0.3% and Japan's Nikkei -1.3%. Hong Kong's Hang Seng was closed due to a typhoon.
In economic data:
Australia's wage price index rose 0.7% quarter-over-quarter (0.8% expected, 0.7% prior) while the year-over-year reading climbed 2.9% (3.0% forecast, 3.2% previous). In addition, the Westpac Consumer Sentiment came in at 3.5% (-0.1% prior).
New Zealand's retail sales rose 1.7% quarter-over-quarter (1.3% expected, 0.5% prior) while core retail sales increased 2.3% (1.3% forecast, 1.0% prior).
South Korea's trade surplus came in at $2.54 billion ($2.70 prior) while the unemployment rate remained unchanged at 3.2%.
India's WPI increased 5.79% (5.00% expected, 4.86% prior).
Looking at news:
The close of Hong Kong's Hang Seng made for a very subdued session. Japanese equities displayed some intraday volatility, but managed an upbeat close. Meanwhile, the yen traded in a narrow range. Currently, dollar/yen is little changed at 98.25.
Major European indices hover near their flat lines. Great Britain's FTSE is flat, Germany's DAX +0.1%, and France's CAC +0.3%.
Investors received a fair share of economic data:
Eurozone GDP registered its first reading above 0 in a year, rising 0.3% (0.2% expected, -0.3% prior).
Germany's GDP increased 0.7% quarter-over-quarter (0.6% expected, 0.1% prior) while the year-over-year reading rose 0.9% (0.3% forecast, -1.6% previous).
France's GDP rose 0.5% quarter-over-quarter (0.2% expected, -0.2% prior). In addition, nonfarm payrolls decreased 0.2% quarter-over-quarter (0.0% forecast, -0.1% prior) and CPI slipped 0.3% month-over-month (-0.1% expected, 0.2% prior).
Spain's industrial new orders fell 7.8% year-over-year (-4.0% forecast, -1.3% previous).
Great Britain's Average Earnings Index + Bonus ticked up 2.1% (2.0% expected, 1.8% prior) while the claimant count declined 29,200 (15,000 expected, 29,400 prior). Lastly, the unemployment rate held steady at 7.8%, as expected.
In news:
The Bank of England's Minutes from its latest meeting revealed the dissention of one member when the forward guidance vote was taken. The dissenting member said he supports forward guidance, but believed the time horizon should allow room for some earlier targets.

In U.S. corporate news:

Cree (CREE 64.50, -11.26) is -14.9% after its cautious first quarter guidance overshadowed its slim earnings beat.
Deere (DE 84.50, +0.59) is +0.7% after beating on earnings.

The weekly MBA Mortgage Index fell 4.7% to follow last week's uptick of 0.2%.

July PPI and core PPI will cross the wires at 8:30 ET.

07:00 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -1.00.

06:59 am : Nikkei...14050.16...+183.20...+1.30%. Hang Seng...Holiday.........

06:59 am : FTSE...6610.53...-1.40...0.00. DAX...8425.62...+9.90...+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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