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 Post subject: August 20th Tuesday Trade Results - Profit $550.00
PostPosted: Tue Aug 20, 2013 10:21 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
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 @ ($820.00) dollars or -8.20 points, Emini ES ($ES_F) futures @ $1375.00 dollars or +27.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $550.00 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 chat room. You can read today's 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=1583

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=216&t=1913

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Market Context Summaries

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

S&P 500 Snaps Four-Day Losing Streak

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

NEW YORK (CNNMoney)
U.S. stocks ended mixed Tuesday, as investors focused on earnings reports from several major retailers.

The S&P 500 broke its four-day losing streak, but the Dow Jones industrial average gave up earlier gains to end lower for the fifth straight day. Both indexes are still up 15% for the year.

The Nasdaq closed slightly higher. So far this year, the tech-heavy index has gained 19%

J.C. Penney (JCP, Fortune 500) posted a big loss that was even worse than the forecasts. Despite that, the struggling retailer noted that its same store sales, a key measure for retailers, were slightly better than they were during the first quarter of 2013. Shares retreated a bit from their highs of the day but were still up 6% at the close.

The retailer's future was a popular topic on StockTwits and some investors questioned why the stock rose in the first place.

duke2duke: $JCP good luck bulls. Buying on the promise of back to school when the numbers showed otherwise. The market is irrational, is what it is. Bearish

racernic: i don't get this obsession w/$JCP.walk away.company in terrible situation trying 2do the improbable. easier trades elsewhere. 2dy as ex

Best Buy (BBY, Fortune 500) has also struggled recently, but appears to be a step ahead of J.C. Penney in the turnaround process. The electronics retailer reported a surge in profit, which CEO Hubert Joly attributed to aggressive cost-cutting. The stock has now gained 185% so far this year.

Retailers Urban Outfitters (URBN) and TJX (TJX, Fortune 500) were also top performers in the S&P 500 after releasing solid earnings reports.

Home Depot (HD, Fortune 500) announced a gain in quarterly net profit and raised its guidance for 2013. Rival Lowe's (LOW, Fortune 500) will report results tomorrow.

But not all the reports from retailers were good. Struggling bookseller Barnes & Noble (BKS, Fortune 500) recorded a loss and said revenue from its Nook tablet business was down more than 20% from the same quarter last year. The stock plunged and at least one trader on StockTwits had little hope for a rebound.

graubart: I would like Barnes & Noble to survive. But I don't find any benefit to shopping there. And can't see a path to a sustainable future. $BKS

Besides earnings, there was little market-moving news Tuesday as investors continue to speculate about when the U.S. will begin to tighten monetary policy.

The minutes from the Federal Reserve's last monetary policy meeting will be closely watched on Wednesday for clues as to when the central bank will begin tapering its $85 billion a month in bond purchases.

More signals could come from the Kansas City Fed's annual conference in Jackson Hole, Wyo., later this week.

European markets were lower, with investors paring back risk before the Fed minutes.

Asian markets were also lower across the board on worries that possible changes to the Fed's bond-buying program will suck capital out of riskier markets.

Shares in China Everbright Securities fell 10% as investors had their first chance to respond to restrictions placed on the broker's activities after trading glitches on Friday and Monday.

Indian stocks fell again as the rupee continued to hit new lows against the dollar.

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4:10 pm : The S&P 500 settled higher by 0.4% to snap its streak of four consecutive losses. Small caps outperformed as the Russell 2000 rose 1.5% after registering five declines in a row.

Unaffected by another round of losses across emerging markets, stocks climbed at the open, but gains were limited as the S&P could not retake its 50-day moving average. The benchmark index made a brief midday appearance above the key level before spending the entire afternoon just below it.

A retreat in Treasury yields contributed to the relative strength of equities as the benchmark 10-yr yield fell seven basis points to 2.82%.

The pullback in yields helped rate-sensitive sectors such as telecom services (+0.5%), utilities (+0.8%), and home builders. The iShares Dow Jones US Home Construction ETF (ITB 21.32, +0.64) added 3.1% as most major builders gained between 2.0% and 4.0% apiece.

The relative strength of home builders provided a measure of support to the discretionary sector, which ended atop the leaderboard. In addition, retailers rallied after Best Buy (BBY 34.80, +4.07), Home Depot (HD 74.29, -0.92), TJX Companies (TJX 54.24, +3.49), and Urban Outfitters (URBN 43.19, +3.27) all reported solid results. Meanwhile, J.C. Penney (JCP 14.01, +0.79) advanced 6.0% despite missing on earnings and revenue while Dick's Sporting Goods (DKS 46.64, -3.95) sank 7.8% following its disappointing report. The broader SPDR S&P Retail ETF (XRT 80.14, +1.21) rose 1.5%.

While most cyclical sectors displayed strength, industrials and technology underperformed. The industrial space ended flat as the underperformance of Deere (DE 83.25, -1.27) and Dow component General Electric (GE 23.72, -0.13) overshadowed the relative strength of transportation companies. The Dow Jones Transportation Average settled higher by 0.9% as 18 of 20 components posted gains.

Elsewhere, the tech sector was pressured by its top component, Apple (AAPL 501.07, -6.67), which lost 1.3%.

Today's trading volume was well below average as less than 640 million shares changed hands on the floor of the New York Stock Exchange.

There was no economic data reported today, but tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET and July existing home sales will be reported at 10:00 ET. Lastly, the Federal Open Market Committee will release the minutes from its July meeting at 14:00 ET.DJ30 -7.75 NASDAQ +24.50 SP500 +6.29 NASDAQ Adv/Vol/Dec 1860/1.24 bln/662 NYSE Adv/Vol/Dec 2357/634.8 mln/716

3:35 pm : Commodities ended the day mixed with crude oil selling off in the afternoon session, gold ending higher, silver ending lower, copper flat and natural gas lower.

Crude oil gained some steam in the morning session and rose as high as $107.00/barrel. However, it was still modestly lower at that level and ultimately reversed lower, selling off by $2.41/barrel to $104.59. By the end of the day, Sept crude was down $2.15 at $104.92/barrel.

Sept natural gas finished 2 cents lower at $3.44/MMBtu.

Precious metals ended today's session mixed with Dec gold up $6.50 to $1372.30/oz and Sept silver down $0.12 to $23.05/oz. Sept copper closed one cent higher at $3.34/lb.

DJ30 +38.05 NASDAQ +31.59 SP500 +10.89 NASDAQ Adv/Vol/Dec 1894/1050.8 mln/615 NYSE Adv/Vol/Dec 2415/424 mln/647

3:00 pm : The S&P 500 trades higher by 0.6% as today's session enters its final hour. The index has made the bulk of its advance during the first half of the session with the rally stalling just below the 50-day moving average.

In the foreign exchange market, the Dollar Index sold off overnight and has hovered near its lows since. Notably, the greenback has surrendered some ground to the euro and the Japanese yen. Euro/dollar is higher by 0.6% at 1.3420 as trade remains on track to post its best close in six months. The single currency saw some buying following comments from German Finance Minister Wolfgang Schaeuble who said Greece is likely to be in need of another bailout after 2014.

Elsewhere, dollar/yen is lower by 0.4% at 97.25 amid a subdued session. Early selling made for a test of minor support in the 97.00 area, but the level has been defended successfully so far.DJ30 +36.54 NASDAQ +29.44 SP500 +10.27 NASDAQ Adv/Vol/Dec 1865/928.9 mln/638 NYSE Adv/Vol/Dec 2386/378.2 mln/666

2:30 pm : The S&P 500 sports a gain of 0.7% as the index remains just below its 50-day moving average.

Notably, the energy sector continues to hover near its best level of the day while crude oil probes its lows after losing nearly $2.00 over the course of 90 minutes. The energy component is lower by 1.7% at $105.03 per barrel. Meanwhile, Brent crude holds a slim gain of 0.1% at $110.00 per barrel amid the ongoing political violence in Egypt.

Elsewhere, another commodity-related sector, materials, is higher by 0.8% as gold miners outperform. The Market Vectors Gold Miners ETF (GDX 30.36, +1.13) trades up 3.9%.DJ30 +50.23 NASDAQ +30.45 SP500 +11.23 NASDAQ Adv/Vol/Dec 1872/862.8 mln/617 NYSE Adv/Vol/Dec 2370/349.2 mln/671

2:00 pm : The S&P 500 has spent the past two hours hovering near its current levels just below its 50-day moving average that sits in the 1,657 area. The discretionary sector remains in the lead with a gain of 1.2% and financials have extended their advance to 1.0%.

Meanwhile, countercyclical sectors have not shown much change over the course of recent action. Telecom services (+0.8%) and utilities (+1.0%) continue to outperform while consumer staples (+0.4%) and health care (+0.5%) lag.DJ30 +47.67 NASDAQ +30.65 SP500 +10.89 NASDAQ Adv/Vol/Dec 1906/801.1 mln/587 NYSE Adv/Vol/Dec 2366/322.8 mln/661

1:25 pm : Surely, after trading down four straight sessions, the S&P 500 won't make it a fifth? For all intents and purposes, that seems to be thinking today as the US market has all but ignored the weakness in European and Asian markets so far today.

The major averages have been trading with a positive bias since the opening bell, none more so than the Russell 2000 (+1.6%), which is an area day traders love to go to work in a buy-the dip rally.

The S&P 500 for its part is pressing higher, supported by gains in all ten sectors. Still, it has been levitating for awhile now near its 50-day simple moving average (1656/1657), suggesting there could be some renewed selling interest if it can't put some more distance between itself and that technical resistance area soon. The performance of the financial sector (+1.0%), which has lagged this month (-2.6%), is apt to be a leading market indicator from here. DJ30 +55.27 NASDAQ +34.12 SP500 +11.90 NASDAQ Adv/Vol/Dec 1909/725 mln/576 NYSE Adv/Vol/Dec 2379/293 mln/639

12:55 pm : The S&P 500 began the session with modest gains, and is testing its 50-day moving average after spending the entire first half in a steady climb. Equities appear unconcerned by the continued weakness in emerging markets while the retreat in Treasury yields from a two-year high has contributed to the advance. Small caps have displayed notable strength as the Russell 2000 trades higher by 1.5%.

All ten sectors hold midday gains with the discretionary space (+1.1%) in the lead as retailers outperform after Best Buy (BBY 33.38, +2.65), Home Depot (HD 75.03, -0.18), TJX Companies (TJX 54.00, +3.25), and Urban Outfitters (URBN 43.78, +3.86) reported solid results. Meanwhile, Dick's Sporting Goods (DKS 47.20, -3.39) and J.C. Penney (JCP 13.67, +0.45) trade mixed after both companies missed on earnings and revenue. The broader SPDR S&P Retail ETF (XRT 80.17, +1.24) is higher by 1.6%.

Also of note, home builders have also displayed relative strength to follow their recent bout of weakness, benefitting from the easing of yields. The iShares Dow Jones US Home Construction ETF (ITB 21.16, +0.48) sports a gain of 2.3%.

Although every sector trades in the green at midday, the advance in the industrials has been limited to 0.3% as the underperformance of two large components, Deere (DE 83.79, -0.73) and General Electric (GE 23.76, -0.09) overshadows the relative strength of transports. The Dow Jones Transportation Average trades higher by 1.1%.

With regard to countercyclical groups, consumer staples (+0.4%) and health care (+0.5%) trail behind the broader market while rate-sensitive telecom services (+0.7%) and utilities (+1.2%) outperform.

As mentioned earlier, Treasury yields have taken a step back from yesterday's levels. The benchmark 10-yr yield is lower by five basis points at 2.83%.DJ30 +44.24 NASDAQ +31.43 SP500 +10.58 NASDAQ Adv/Vol/Dec 1885/669.4 mln/593 NYSE Adv/Vol/Dec 2367/270.8 mln/643

12:25 pm : Equities continue drifting higher with small caps paving the way. The Russell 2000 has extended its gain to 1.6% while the S&P 500 holds a more modest advance of 0.7%.

Individual sectors began the session in mixed fashion before all ten groups took part in the rally. At this juncture, consumer discretionary, energy, and utilities sectors are all up at least 1.0% each. Financials follow closely with a gain of 0.9% while the remaining influential sectors, industrials (+0.3%) and technology (+0.5%), lag.DJ30 +54.26 NASDAQ +34.07 SP500 +11.59 NASDAQ Adv/Vol/Dec 1907/612.2 mln/548 NYSE Adv/Vol/Dec 2390/249.9 mln/628

12:00 pm : The S&P 500 has continued its push to fresh highs and the index now trades just one point below its 50-day moving average. The discretionary sector has overtaken the utilities space for the lead while the industrial sector remains relatively weak. Although the space trails behind the broader market, it has climbed out of negative territory.

With stocks at their best levels of the day, the CBOE Volatility Index (VIX 14.51, -0.59) is on its session lows.DJ30 +54.33 NASDAQ +31.68 SP500 +10.94 NASDAQ Adv/Vol/Dec 1836/541.3 mln/590 NYSE Adv/Vol/Dec 2321/223.5 mln/671

11:30 am : The major averages continue to hover near their highs. The S&P 500 trades with a gain of 0.5% while small caps outperform as indicated by the 1.1% advance in the Russell 2000.

Rate-sensitive telecom services (+0.8%) and utilities (+1.3%) have outperformed from the open and they continue to trade ahead of the other two countercyclical groups. Meanwhile, the discretionary sector remains ahead of other cyclical groups as retailers build on their earlier gains. The SPDR S&P Retail ETF (XRT 80.02, +1.09) is higher by 1.4%.

In addition to the discretionary sector, the energy space (+0.9%) has also displayed considerable strength even as crude oil trades lower by 0.6% at $106.20.DJ30 +39.83 NASDAQ +23.56 SP500 +8.61 NASDAQ Adv/Vol/Dec 1724/460.1 mln/675 NYSE Adv/Vol/Dec 2209/193.3 mln/757

10:55 am : Recent action saw the major averages climb to fresh session highs. The Dow continues to underperform while the tech-heavy Nasdaq remains in the lead.

Nine of ten sectors trade in positive territory while the industrial space trades lower by 0.1% as two major components, General Electric (GE 23.67, -0.18) and Deere (DE 83.62, -0.90), weigh. However, transportation-related companies have displayed strength as the Dow Jones Transportation Average trades higher by 0.4%.

Following yesterday's jump in yields, the 10-yr note has received some buying interest today, pushing its yield lower by six basis points to 2.82%.DJ30 +37.71 NASDAQ +20.17 SP500 +7.18 NASDAQ Adv/Vol/Dec 1685/370.9 mln/690 NYSE Adv/Vol/Dec 2092/161.8 mln/847

10:30 am : Commodities are mixed today with gold and natural gas near session highs, silver back into positive territory, copper flat and crude oil near its session low, below $106/barrel.

Gold and silver sold off overnight. Silver sold off sharply, falling over 3%. Both since climbed higher and are now well off those lows. Dec gold is currently +0.6% at $1374.20/oz, Sept silver is +0.2% at $23.20/oz.

Crude oil has been in the red all day so far and fell as low at $105.23/barrel about 32 minutes after floor trading began. Crude is now -1.3% at $105.73/barrel.

Natural gas was in the red overnight and in early morning action. Sept nat gas just hit a new HoD a short while ago and is now +0.6% at $3.48/MMBtu.DJ30 +16.39 NASDAQ +13.90 SP500 +4.45 NASDAQ Adv/Vol/Dec 1536/293.14 mln/809 NYSE Adv/Vol/Dec 1859/131 mln/1009

10:00 am : The S&P 500 remains near its best level of the day, but its advance has been limited to just 0.1% so far.

Meanwhile, the Dow trails behind the S&P as some of its top components lag. IBM (IBM 183.41, -0.82), United Technologies (UTX 102.28, -0.35), and 3M (MMM 115.47, -0.14) are all down between 0.1% and 0.4% with the top-weighted member, IBM, trading at its lowest level in 13 months.

Although IBM hovers near its lows, other technology stocks are faring relatively well. The technology sector sports a gain of 0.1% while the Nasdaq trades higher by 0.3%. Similar to the Nasdaq, the Russell 2000 also holds a gain of 0.3%.DJ30 +2.13 NASDAQ +9.88 SP500 +2.22 NASDAQ Adv/Vol/Dec 1445/153.1 mln/833 NYSE Adv/Vol/Dec 1578/82.2 mln/1209

09:40 am : After registering four consecutive losses, the S&P 500 began today's session with a modest gain. However, the index was quick to trim the opening advance in half. The discretionary sector (+0.4%) is an early outperformer with retailers displaying strength after Best Buy (BBY 33.84, +3.11), Home Depot (HD 75.01, -0.20), TJX Companies (TJX 53.37, +2.62), and Urban Outfitters (URBN 43.57, +3.65) all reported better-than-expected earnings.

In addition, home builders have also shown some early strength as the iShares Dow Jones US Home Construction ETF (ITB 20.83, +0.13) trades higher by 0.6%.

On the downside, the industrial sector (-0.2%) is the weakest performer in the early going.DJ30 -4.25 NASDAQ +8.81 SP500 +1.62 NASDAQ Adv/Vol/Dec 1373/78.1 mln/849 NYSE Adv/Vol/Dec 1417/54.5 mln/1266

09:15 am : [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +9.20. With 15 minutes to go before the start of today's cash session, equity futures continue to hover near their highs. Although index futures trade with slim gains, this was not the case overnight as global markets continued their recent bout of weakness. Notably, Indonesia's Jakarta Composite lost 3.2% as the country's currency, the rupiah, slumped to a 51-month low versus the dollar.

Domestically, investors are focusing on retail earnings. Best Buy (BBY 33.93, +3.20), Home Depot (HD 78.05, +2.84), TJX Companies (TJX 52.60, +1.85), and Urban Outfitters (URBN 43.60, +3.68) are all up between 3.6% and 10.0% after beating on earnings and revenue. Meanwhile, J.C. Penney (JCP 14.00, +0.78) holds a pre-market gain of 5.8% despite reporting a bottom-line miss on below-consensus revenue. On the downside, Dick's Sporting Goods (DKS 47.82, -2.83) is lower by 5.6% after missing on earnings and revenue.

08:55 am : [BRIEFING.COM] S&P futures vs fair value: +2.20. Nasdaq futures vs fair value: +7.20. The S&P 500 futures trade higher by 0.1%.

It was a sea of red across Asia as all of the region's bourses ended with losses. Concerns remained focused on the slide in India's rupee as it tumbled to 64.10 per dollar before paring its losses. Surprisingly, the Sensex (-0.3%) held up relatively well. Other emerging markets were not as fortunate. Indonesia's Jakarta Composite (-3.2%) was hit hard as the country's currency, the rupiah, sank to a 51-month low versus the dollar. Meanwhile, Thailand's SET (-2.0%) fell as the country's economy slid into recession for the first time since the financial crisis. Overnight, the latest Reserve Bank of Australia minutes were released, suggesting rates will remain low with a bias on the side of further easing. Data from the region was light as Hong Kong's inflation rate surged to 6.9% year-over-year (3.9% expected, 4.1% previous) and Taiwan's current account surplus widened to $13.8 billion ($11.1 billion previous).

In Japan, the Nikkei fell 2.6 % as trade sank to a seven-week low. Exporters were weak as the yen strengthened with Honda Motor and Tokyo Electron giving up 4.1% and 3.5%, respectively.
Hong Kong's Hang Seng finished lower by 2.2% as trade tests the 100-day moving average. Materials stocks were under pressure as Jiangxi Copper gave up 4.1%. Outperforming were shares of China Oilfield Services, which gained 1.8% following the company's better-than-expected quarterly results.
In China, the Shanghai Composite slipped 0.6% as action continues to test the 50-day moving average. Brokerage firm Everbright Securities tumbled 10%, limit down, on concerns the company will receive penalties for Friday's mishap.

Major European indices have spent the entire first half of the relatively quiet session in negative territory. News flow out of the region has been limited, but French Finance Minister Pierre Moscovici said he expects the country to reach full employment in ten years. In regional economic data, Germany's PPI slipped 0.1% month-over-month (0.2% forecast, 0.0% previous) while the year-over-year reading ticked up 0.5% (0.7% expected, 0.6% prior). Elsewhere, Norway's GDP rose 0.8% quarter-over-quarter (1.0% consensus, -0.1% previous).

Great Britain's FTSE is lower by 0.4% as miners weigh. BHP Billiton, Glencore Xstrata, and Vedanta Resources are all down between 2.4% and 4.0%. On the upside, telecom provider BT Group leads with a gain of 1.3%.
In Germany, the DAX trades down 0.7% as 28 of 30 components register losses. Materials producers lead to the downside with HeidelbergCement and K+S down 3.5% and 2.3%, respectively. The only two advancers, Bayer and Deutsche Post hold respective gains of 0.8% and 0.3%.
France's CAC is off 1.3% as 39 of 40 members post losses. Financials AXA, BNP Paribas, and Societe Generale are all down between 2.3% and 3.7%. Drug maker Sanofi trades higher by 0.3%.
On the periphery, Italy's MIB is lower by 1.5% and Spain's IBEX holds a loss of 2.1%. Financials are among the laggards in both markets.

08:27 am : [BRIEFING.COM] S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +11.20. U.S. equity futures hold modest gains after registering slim losses throughout the overnight session. Although the futures market reflects an upbeat sentiment, global markets remained under broad pressure with emerging markets leading to the downside. Indonesia's Jakarta Composite tumbled 3.2% as the country's currency, the rupiah, fell to a 51-month low versus the dollar.

With no economic data on today's calendar, investors are reacting to company-specific news. Retailer earnings are in focus this morning with Best Buy (BBY 34.20, +3.47), Home Depot (HD 77.60, +2.39), J.C. Penney (JCP 13.56, +0.34), and Urban Outfitters (URBN 43.50, +3.58) all sporting gains between 2.6% and 10.8% after reporting earnings. Best Buy, Home Depot, and Urban Outfitters all reported better-than expected results while J.C. Penney missed on earnings and revenue.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +2.20. U.S. equity futures hold slim gains amid cautious overseas action. The S&P 500 futures are higher by 0.2%.

Looking at overnight developments:

Asian markets ended lower across the board. China's Shanghai Composite -0.6%, Hong Kong's Hang Seng -2.2%, and Japan's Nikkei -2.6%.
Regional economic data was limited:
Japan's All Industries Activity Index slipped 0.6%, as expected (1.2% prior).
Hong Kong's CPI rose 6.9% year-over-year (5.0% expected, 4.1% previous).
New Zealand's inflation expectations came in at 2.4% quarter-over-quarter (2.1% previous).
In news:
In Japan, a member of the ruling party's tax panel described the recently-discussed sales tax increase as inevitable.

Major European indices have spent the entire first half of the session in negative territory. Great Britain's FTSE -0.5%, Germany's DAX -0.9%, and France's CAC -1.3%. On the periphery, Italy's MIB -1.3% and Spain's IBEX -2.3%.
In regional economic data:
Germany's PPI slipped 0.1% month-over-month (0.2% forecast, 0.0% previous) while the year-over-year reading ticked up 0.5% (0.7% expected, 0.6% prior).
Norway's GDP rose 0.8% quarter-over-quarter (1.0% consensus, -0.1% previous).
Looking at news:
French Finance Minister Pierre Moscovici said he expects the country to reach full employment in ten years.

In U.S. corporate news:

Best Buy (BBY 35.54, +4.81) is +15.7% after beating on earnings and revenue.
Dick's Sporting Goods (DKS 48.50, -2.09) is -4.1% after missing on earnings and revenue.
Home Depot (HD 78.09, +2.88) is +3.8% following its earnings beat on above-consensus revenue. In addition, the company raised its full-year 2014 earnings and revenue guidance above analyst expectations.
J.C. Penney (JCP 13.90, +0.68) is +4.4% despite missing on earnings and revenue.
Urban Outfitters (URBN 43.80, +3.88) is +9.7% after beating on earnings and revenue.

There is no economic data of note scheduled to be reported today.

07:17 am : [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +2.20.

07:17 am : Nikkei...13396.38...-361.80...-2.60%. Hang Seng...21970.29...-493.40...-2.20%.

07:17 am : FTSE...6427.94...-37.80...-0.60%. DAX...8281.19...-85.10...-1.00%.

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

http://www.thestrategylab.com
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