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 Post subject: August 21st Wednesday Trade Results - Profit $9667.50
PostPosted: Thu Aug 22, 2013 1:28 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $120.00 dollars or +1.20 points, Emini ES ($ES_F) futures @ $8937.50 dollars or +178.75 points, Light Crude Oil CL ($CL_F) futures @ $0.09 dollars or +90.00 points, Gold GC ($GC_F) futures @ $520.00 dollars or +5.20 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $9667.50 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 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=1584

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/BOE/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.

Fed Confusion Leads To 6th Straight Loss For Dow

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

NEW YORK (CNNMoney)
On a volatile trading day, the release of the Federal Reserve's minutes pushed U.S. stocks lower Wednesday.

The Dow Jones industrial average fell more than 100 points. It was the Dow's sixth straight day of declines, its worst losing streak in more than a year. The S&P 500 and Nasdaq also limped into the close and finished the day lower. Both of those indexes had been in positive territory in late afternoon trading.

Investors had hoped the minutes from the Fed's latest meeting would answer questions about when the central bank would start to pull back on its bond purchases. They didn't.

The Fed essentially said that it is still looking for continued improvement in the job market, and hinted it may not yet ready to taper its bond-buying program.

Bond investors did not seem so happy though. The 10-year Treasury yield increased to 2.9% as bond selling picked up following the minutes.

Investors will now be closely watching the August unemployment numbers, due out on September 6th, for any indication of improvement in the labor market. Stronger jobs numbers could prove to be a catalyst for the tapering of the stimulus markets have come to depend on.

Home improvement retailers show improvement: Looking at individual stocks on the move, Lowe's (LOW, Fortune 500) announced that its quarterly sales and profit rose from a year earlier. The strong results from the home improvement retailer come a day after rival Home Depot (HD, Fortune 500) also issued an upbeat outlook thanks to the continued recovery in the housing market. In another positive sign for housing, existing home sales rose 6.5% in July from the prior month.

Traders on StockTwits liked what they saw at Lowe's.

retail_guru: Pleasing to see Lowe's deliver for once. Sales strong, unsurprisingly tad less than Depot, but margin performance stronger $LOW $HD

EricSteiman: $LOW shows you that housing restoration is growing

The retail losers: Target (TGT, Fortune 500) shares fell even after the retailer announced significant year-over-year gains in sales. Traders seemed worried about slowing sales growth and a more tepid outlook for consumer spending.

FinancialJuice: Target $TGT CFO says sees FY US same-store sales up only about 1% vs. Prev. view of 2-2.5%

tradersfly: $TGT - toast as well - continues the downward run... http://stks.co/ji5T

Shares of Staples (SPLS, Fortune 500) dropped more than 15% after the office supply retailer reported lower quarterly sales and profit compared to the prior year. The CEO blamed the declines on weakness in retail stores and said the company was working to ramp up its online sales.

Two other niche retailers, teen apparel seller American Eagle Outfitters (AEO)and pet supply retailer PetSmart (PETM, Fortune 500)also disappointed investors. But some thought the sell-off in PetSmart may be overdone.

scheplick: i cant decide what report looks uglier: $AEO or $SPLS ... but i believe that $SPLS has more potential for a turnaround. $AEO is a dead brand

ClintonSPX: 2 stores next to each other in my neighborhood $SPLS usually empty and $PETM usually busy $SPY

Hewlett-Packard (HPQ, Fortune 500) reported its latest earnings after the closing bell. Sales and profits were mostly in line with forecasts. But the stock fell in after-hours trading. The PC and printer giant is this year's best performer in the Dow as investors have embraced the turnaround strategy of CEO Meg Whitman.

* Indian stocks plunge 11% in a month

World markets: Stocks in India continued to slide. The Mumbai Sensex has fallen by roughly 7% over the past four trading sessions and the country's currency hit fresh lows versus the U.S. dollar this week. Policymakers have taken some steps to defend the rupee, but some analysts argue more must be done.

European markets were slightly down at closing, while Asian markets ended with mixed results.

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4:20 pm : The S&P 500 settled lower by 0.6% despite making a brief appearance in positive territory following the release of the FOMC minutes.

Although the minutes from the July meeting offered few changes from prior statements, they did indicate broad support for Chairman Bernanke's timeline, which would likely call for tapering as early as September. However, this was coupled with cautious comments regarding the labor market as the minutes noted, "The June employment report showed continued solid gains in payrolls. Nonetheless, the unemployment rate remained elevated, and the continuing low readings on the participation rate and the employment-to-population ratio, together with a high incidence of workers being employed part time for economic reasons, were generally seen as indicating that overall labor market conditions remained weak."

Overall, the minutes did not provide a clear-cut signal regarding the Fed's tapering schedule and the mixed reaction across markets suggests a certain level of uncertainty remains present.

The reaction in Treasuries was consistent with expectations of tapering in the near-term as the benchmark 10-yr yield jumped four basis points to 2.86%. Today's selling had the biggest impact on the belly of the curve as the 5-yr yield jumped more than 6 bps to 1.606%. However, the yield still managed to close just below Monday's two-year high.

Meanwhile, equities sold off in a knee-jerk response, but the S&P followed the slide with a rally to fresh highs before returning into the red just ahead of the close.

All ten sectors registered losses with rate-sensitive telecom services (-1.2%) and utilities (-1.2%) leading to the downside.

Out of the ten sectors, only energy (-0.5%), health care (-0.5%), and technology (-0.1%) outperformed the broader market. The tech sector held up relatively well and despite today's loss, it is the only sector trading with an August gain (0.4%).

The CBOE Volatility Index (VIX 15.93, +1.02) jumped to its highest level since July 5 as participants favored protection against volatility.

Trading volume was the heaviest of the week, but at 658 million shares traded on the NYSE, it remained comfortably below average.

Today's economic data focused on housing. The weekly MBA Mortgage Index remained in a downtrend with today's 4.6% fall marking the thirteenth decline out of the past fifteen readings including last week's 4.7% slide.

In addition, July existing home sales rose 6.5% to 5.39 million from a downwardly revised 5.06 million (from 5.08 million) in June. The Briefing.com consensus expected existing home sales to increase to 5.10 million. Sales are at their highest point since November 2009 when the impending expiration of the homebuyer tax credit pulled forward a large number of existing home purchases. Excluding the stimulus measures, that was the most homes sold since March 2007. The big bump in sales was surprising considering both the Pending Home Sales Index and the Mortgage Bankers Association's Mortgage Purchasing Index declined notably in July and mortgage rates returned to two-year highs.

Tomorrow, weekly initial claims will be reported at 8:30 ET while the June FHFA Housing Price Index and July Leading Indicators will be announced at 9:00 ET and 10:00 ET, respectively.DJ30 -105.44 NASDAQ -13.80 SP500 -9.55 NASDAQ Adv/Vol/Dec 811/1.39 bln/1696 NYSE Adv/Vol/Dec 839/657.5 mln/2211

3:30 pm :

Oct crude oil slipped deeper into negative territory following inventory data that showed a draw of 1.428 mln barrels when a draw of 1.0-1.5 mln barrels was anticipated. A stronger dollar index also put pressure on the energy component. Crude oil touched a session low of $103.50 per barrel after retreating from its session high of $105.07 per barrel. It eventually settled with a 1.2% loss at $103.88 per barrel
Sep natural gas, however, spent its entire floor session in the black but traded in a narrow range between $3.46 and $3.40 per MMBtu. It settled with a 0.6% gain at $3.46 per MMBtu
Precious metals traded lower as investors awaited the 14:00 ET release of the FOMC Minutes and as the stronger dollar pressured prices
Dec gold fell to a session low of $1361.10 per ounce but erased most of the earlier losses, settling 0.1% lower at $1370.00 per ounce
Sep silver brushed a session low of $22.88 per ounce and eventually settled at $22.97 per ounce, or 0.3% lower

DJ30 -41.08 NASDAQ +2.71 SP500 -2.25 NASDAQ Adv/Vol/Dec 1135/1145.4 mln/1334 NYSE Adv/Vol/Dec 1182/439 mln/1812

3:00 pm : Recent action saw the S&P 500 make its first appearance in positive territory while the tech-heavy Nasdaq has climbed to a fresh session high. Although stocks trade at their best levels of the day, Treasury yields remain elevated with the benchmark 10-yr yield up four basis points at 2.86%.

The market appears to be sending a bit of a mixed message as the elevated yields suggest a fair share of participants are expecting the Federal Reserve to begin modifying the pace of its asset purchases as early as September. On the other hand, the rally in stocks is indicative of an equity market believing in the continuation of asset purchases. Precious metals appear to be in agreement with equities as gold futures add 0.2% to $1374.90 per troy ounce while silver futures trade higher by 0.8% at $23.27 per troy ounce.DJ30 -7.14 NASDAQ +12.03 SP500 +1.89 NASDAQ Adv/Vol/Dec 1232/1.04 bln/1237 NYSE Adv/Vol/Dec 1350/396.2 mln/1634

2:30 pm : The S&P 500 trades lower by 0.4% as participants continue to digest the FOMC Minutes from the July meeting. Although the statement did not provide a clear-cut signal regarding the Fed's tapering schedule, it did indicate broad support for Chairman Bernanke's timeline, which would likely call for tapering as early as September. Outside of this item, the Minutes did not contain any surprising discussion.

Treasuries have received the minutes as indicative of tapering in the near term. The benchmark 10-yr yield is higher by five basis points at 2.87%. Similarly, the Dollar Index jumped to a fresh high in reaction to the minutes.DJ30 -65.43 NASDAQ -6.93 SP500 -5.81 NASDAQ Adv/Vol/Dec 859/920.6 mln/1599 NYSE Adv/Vol/Dec 876/348.5 mln/2109

1:55 pm : The S&P 500 trades in the middle of its range, but the broader market is likely to move in reaction to the Minutes from the latest FOMC policy meeting. The statement will be released momentarily and investors will sift through the document in search of hints suggesting the central bank may be moving closer to lowering the pace of its asset purchases.

The Treasury market will be watched closely, and its reaction to the statement will help in assessing the tone. Comments indicative of imminent tapering would be expected to contribute to a spike in yields while more dovish minutes should spark a Treasury bid. Going into the 14:00 ET release, the benchmark 10-yr yield is flat at 2.82%.DJ30 -46.64 NASDAQ -3.83 SP500 -3.75 NASDAQ Adv/Vol/Dec 949/784.8 mln/1495 NYSE Adv/Vol/Dec 1084/287.9 mln/1886

1:30 pm : The major averages hover near their recent levels as participants continue to wait for the release of the FOMC Minutes scheduled for the top of the hour. Yesterday, the S&P 500 made a brief morning appearance above its 50-day moving average before spending the remainder of the session just below that level. At its best level of the day, the S&P traded six points below the 50-day average and it currently hovers eleven points away from the key level.

Negative market breadth has persisted throughout the session and declining issues on the New York Stock Exchange outpace advancers by a 2:1 ratio.DJ30 -50.50 NASDAQ -6.20 SP500 -4.73 NASDAQ Adv/Vol/Dec 875/731.8 mln/1556 NYSE Adv/Vol/Dec 976/269.3 mln/1990

12:55 pm : The S&P 500 trades lower by 0.3% as investors await the 14:00 ET release of the FOMC Minutes from the July policy meeting. With continued speculation of possible tapering taking place as early as September, participants will look for any hints suggesting the Federal Reserve is on track to scale back its purchases next month.

Significant buying interest has been absent from the first half of today's session, and the S&P 500 has not been able to climb out of the red. Nine of ten sectors hold midday losses while this month's strongest group, technology, trades higher by 0.1% to extend its August advance to 0.5%. The relative strength of Apple (AAPL 503.00, +1.93) has contributed to the sector's outperformance while chipmakers lag. The PHLX Semiconductor Index is lower by 0.7%.

Outside of technology, only energy, industrials, and materials trade slightly ahead of the broader market as all three sectors hold losses between 0.2% and 0.3%. The underlying commodities also trade lower across the board with crude oil down 1.3% at $103.80 per barrel and gold futures off $3.80 at $1368.80 per troy ounce. In addition, copper futures trade with a loss of 1.1% at $3.30 per pound.

Countercyclical sectors have not fared much better. Telecom services (-0.6%), and utilities (-0.9%) trail behind the broader market while health care (-0.3%) and consumer staples (-0.3%) trade in-line with the S&P.

Notably, today's jump in the CBOE Volatility Index (VIX 16.16, +1.25) has put the near-term volatility measure at its highest level since July 3 as participants seek out volatility protection.

Treasuries are little changed after displaying modest losses in early action. The benchmark 10-yr yield is higher by one basis point at 2.83%.

Today's economic data was limited to just two items. The weekly MBA Mortgage Index remained in a downtrend with today's 4.6% fall marking the thirteenth decline out of the past fifteen readings including last week's 4.7% slide.

Separately, July existing home sales rose 6.5% to 5.39 million from a downwardly revised 5.06 million (from 5.08 million) in June. The Briefing.com consensus expected existing home sales to increase to 5.10 million. Sales are at their highest point since November 2009 when the impending expiration of the homebuyer tax credit pulled forward a large number of existing home purchases. Excluding the stimulus measures, that was the most homes sold since March 2007. The big bump in sales was surprising considering both the Pending Home Sales Index and the Mortgage Bankers Association's Mortgage Purchasing Index declined notably in July and mortgage rates returned to two-year highs.DJ30 -50.47 NASDAQ -9.33 SP500 -4.92 NASDAQ Adv/Vol/Dec 815/664.3 mln/1619 NYSE Adv/Vol/Dec 930/247.6 mln/2023

12:25 pm : It has been another tough slog for the equity market today as each of the major averages have succumbed to renewed selling interest. Not surprisingly, the declines have been logged on light volume and reflect more of an absence of buyers than they do a full-on effort by sellers.

The limited participation can be attributed to a wait-and-see stance ahead of the 2:00 p.m. ET release of the minutes for the July 30-31 FOMC meeting, but it is fair to say, too, that buyers remain turned off by the weak price action on the other side of an otherwise encouraging existing home sales report for July.

Big gains today are few and far between, but that is where the CBOE Volatility Index (VIX 16.49, +1.58) fits. It is currently up 10.6% and is trading at its highest level since late June as participants are anticipating a pickup in volatility in the near term. Including today's gain, the VIX is up 39% from its closing level on August 5 DJ30 -62.25 NASDAQ -8.93 SP500 -6.07 NASDAQ Adv/Vol/Dec 801/602 mln/1619 NYSE Adv/Vol/Dec 842/227 mln/2091

11:55 am : The S&P 500 trades lower by 0.5% after slipping to a fresh session low. Meanwhile, the technology sector has succumbed to the pressure, and it now trades in the red.

Outside of technology, only three groups trade ahead of the broader market. Energy, industrials, and materials all sport losses of 0.4% and the outperformance of industrials comes even as the Dow Jones Transportation Average lags with a loss of 0.7%.

Treasuries have ticked up off their lows and the benchmark 10-yr yield is higher by two basis points at 2.84%.DJ30 -80.18 NASDAQ -14.68 SP500 -8.71 NASDAQ Adv/Vol/Dec 685/540.3 mln/1721 NYSE Adv/Vol/Dec 726/204.1 mln/2202

11:30 am : Range bound action continues with the S&P 500 lower by 0.3%. Meanwhile, the Nasdaq has returned into negative territory, but the index trades with a slim loss of less than three points.

Overall, participants have not shown much willingness to move the broader market in either direction as they continue to wait for the 14:00 ET release of the FOMC Minutes from the July 30-31 policy meeting.

While equities display modest losses, the Dollar Index trades higher by 0.5% with the greenback registering notable gains against the euro and the yen. Currently, euro/dollar trades on its lows at 1.3360 while dollar/yen is near its highs at 97.72.

Treasuries remain near their lows with the benchmark 10-yr yield higher by three basis points at 2.85%.DJ30 -57.83 NASDAQ -4.02 SP500 -5.73 NASDAQ Adv/Vol/Dec 777/496.1 mln/1593 NYSE Adv/Vol/Dec 801/180.3 mln/2107

10:55 am : The S&P 500 continues to hold a slim loss of 0.1% while the relative strength of the tech sector has contributed to the 0.1% advance in the Nasdaq.

So far this month, technology shares have outperformed the remaining nine sectors. Including today's 0.4% gain, the tech space is higher by 0.8% in August. Meanwhile, the Nasdaq holds a slim month-to-date loss of 0.3%.

Outside of technology, only the materials sector trades with an August gain (+0.3%). Today, the materials sector outperforms as it hovers just below its flat line. Elsewhere, another commodity-related group, energy, is higher by 0.1% as crude oil sheds 0.3% to $104.85 per barrel.DJ30 -41.74 NASDAQ +2.11 SP500 -3.13 NASDAQ Adv/Vol/Dec 845/366.5 mln/1473 NYSE Adv/Vol/Dec 911/143.8 mln/1944

10:35 am : Commodities are mostly lower this morning, while the dollar index continues to hold gains.

Commodities trading higher are mostly in the agriculture sector, such as soybeans (+1.4%), ethanol (+1.1%), corn (+0.6%), wheat (+0.1%). Natural gas (+0.9%) and RBOB (+0.3%) are also showing gains.

Crude oil has been in the red all day so far. The energy component gained steam earlier and rose back above the $105 level. Following that move above $105, crude reversed lower and put in a new LoD just over an hour later at $104.36/barrel.

Crude has since been choppy since then and was modestly lower just ahead of the weekly EIA oil inventory data. Following the data, crude moved higher, but is now -0.5% at $104.54/barrel.

Natural gas futures were modestly lower overnight, but found some buying interest in the very early morning hours of trade. Sept natural gas hit a new HoD of $3.49/MMBtu early this morning and then climbed back to that level just after floor trading opened. Nat gas is now +0.7% at $3.47/MMBtu.

Both gold and silver futures are in the red this morning. Dec gold is currently -0.7% at $1363.00/oz, while Sept silver is -0.7% at $22.91/oz. Sept copper is -1.2% at $3.30/lb. In current trade, the dollar index is +0.2% at 81.10.DJ30 -51.38 NASDAQ -3.02 SP500 -5.08 NASDAQ Adv/Vol/Dec 788/296.5 mln/1490 NYSE Adv/Vol/Dec 768/123 mln/2089

10:00 am : The S&P 500 is lower by 0.2% as nine of ten sectors continue to hover in the red.

July existing home sales hit an annualized rate of 5.39 million units, which was stronger than the rate of 5.10 million units that had been generally expected by the Briefing.com consensus. The pace for July was down from the prior month's revised rate of 5.06 million units.DJ30 -30.20 NASDAQ +1.03 SP500 -2.47 NASDAQ Adv/Vol/Dec 828/166.2 mln/1355 NYSE Adv/Vol/Dec 778/79.8 mln/1983

09:40 am : The S&P 500 trades lower by 0.2% as nine of ten sectors post opening losses. Energy and financials are among the early laggards as both sectors hold respective losses of 0.3% and 0.5%.

On the upside, the technology sector holds a slim gain of 0.2% as the largest sector component, Apple (AAPL 504.97, +3.90), trades higher by 0.8%. The relative strength of Apple and the remainder of the sector has helped the Nasdaq outperform in the early going. The tech-heavy index hovers just below its flat line.

Treasuries extended their slim losses at the open and the benchmark 10-yr yield is now higher by three basis points at 2.85%.

The existing home sales report for July will be released at 10:00 ET.DJ30 -25.00 NASDAQ -1.14 SP500 -3.54 NASDAQ Adv/Vol/Dec 723/77.3 mln/1335 NYSE Adv/Vol/Dec 621/50.7 mln/2080

09:10 am : [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -8.30. The S&P 500 futures trade lower by 0.2% as today's session sets up for a slightly lower open. Overnight action did not generate many news of note as Asian indices ended on a mixed note while markets across Europe hold modest losses. Overall, it appears participants are comfortable standing pat until this afternoon's release of the FOMC minutes from the July policy meeting.

A handful of retailers are among the notable pre-market movers after reporting earnings. American Eagle Outfitters (AEO 15.19, -1.19) is lower by 7.5% after reporting results in-line with its August 5th warning and guiding third quarter earnings below consensus. Elsewhere, Staples (SPLS 15.04, -1.80) trades down 10.7% following its earnings and revenue miss.

On the upside, Lowe's (LOW 46.04, +1.97) holds a gain of 4.5% after reporting strong results coupled with better-than-expected guidance.

Yesterday's session saw Treasury yields retreat from a two-year high. Today, Treasuries are little changed with the benchmark 10-yr yield up one basis point at 2.83%.

08:57 am : [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -8.50. The S&P 500 futures trade lower by 0.2%.

The major Asian bourses endured a mixed session. Japan's Nikkei (+0.2%) came under pressure early on headlines the Fukushima plant was raised to level 3 status due to an increase in radiation levels, but the Bank of Japan calmed fears by buying assets through open market operations. Meanwhile, India's Sensex (-1.9%) fell to an 11-month low as the rupee remained weak. USDINR climbed to 64.58 before the Reserve Bank of India announced it would buy longer-dated bonds in an effort to stem the slide in the rupee. The pair slipped to 64.11 following the headlines. Elsewhere, Indonesia's Jakarta Composite (+1.0%) halted its five-day losing streak while Thailand's SET (-1.2%) remained under pressure. The Bank of Thailand held its benchmark interest rate at 2.50%, as expected. Data from the region was limited to Malaysia with the country's inflation rate ticking up to 2.0% (1.8% previous) and its GDP falling short of estimates with a 4.3% print (4.5% expected). The disappointing GDP number caused Malaysia to cut its 2013 growth forecast.

In Japan, the Nikkei added 0.2% as trade ticked off a seven-week low. Shares of Tokyo Electric Power tumbled 9.3% as the plant's warning system was raised to level 3. Elsewhere, Sony added 0.5% after the company announced it is seeing robust pre-orders for its Playstation4 console.
Hong Kong's Hang Seng shed 0.7% as trade dipped below the 100-day moving average. Property stocks were weak as yesterday's hot CPI reading stoked fears of an interest rate hike. Cheung Kong was among the laggards in the space, posting a 1.6% decline.
In China, the Shanghai Composite settled unchanged amid a choppy session. Brokerage firm Everbright Securities was hit hard for a second day, tumbling nearly 6.0%. On the upside, Yangzhou Coal added 2.6% as traders moved back into the beaten down name.

Major European indices hover in the red with peripheral indices leading lower after Silvio Berlusconi's PDL party has given Prime Minister Enrico Letta ten days in order to find a solution allowing Mr. Berlusconi to remain in office or risk the party's withdrawal from the Grand coalition. Economic data was scarce as Great Britain's public sector net borrowing decreased by GBP1.6 billion (-GBP4.7 billion expected, GBP10.5 billion previous) while the country's CBI Industrial Trends Orders came in unchanged (-8 forecast, -12 prior).

France's CAC is off 0.1%. Insurer AXA is the weakest performer with a loss of 1.5% while utility provider Veolia Environnement leads with a gain of 6.5%.
In Germany, the DAX is lower by 0.1%. Financials are among the laggards with Allianz and Deutsche Bank down 1.4% and 1.1%, respectively. On the upside, chemical producers K+S and Linde hold respective gains of 1.9% and 1.2%.
Great Britain's FTSE trades down 0.5% as financials lag. Aberdeen Asset Management is lower by 4.3% and HSBC Holdings sports a loss of 2.6%.
In Italy, the MIB is lower by 0.7% and Spain's IBEX holds a loss of 0.4% as bank shares underperform in both markets.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -5.80. The S&P 500 futures have climbed off their worst pre-market levels, but they remain lower by 0.2% following a generally quiet overseas session. In Asia, the Nikkei tacked on 0.2% while the Shanghai Composite ended flat. In news of note, the recently-discovered leak at the Fukushima nuclear plant has been upgraded to level 3 from level 1, indicating a "serious radiation incident" has taken place.

Shifting gears to Europe, all major indices trade in the red with peripheral markets leading lower after Silvio Berlusconi's PDL party has given Prime Minister Enrico Letta ten days in order to find a solution allowing Mr. Berlusconi to remain in office or risk the party's withdrawal from the Grand coalition.

Domestically, investors are reacting to a flurry of quarterly reports. In today's pre-market economic data, the weekly MBA Mortgage Index remained in a downtrend with today's 4.6% fall marking the thirteenth decline out of the past fifteen readings including last week's 4.7% slide.

July existing home sales will be reported at 10:00 ET and the Federal Open Market Committee will release the minutes from its July meeting at 14:00 ET.

07:59 am : [BRIEFING.COM] S&P futures vs fair value: -2.70. Nasdaq futures vs fair value: -7.00. U.S. equity futures hover near their lows amid cautious overseas action. The S&P 500 futures are lower by 0.2%.

Looking at overnight developments:

Asian markets settled in mixed fashion. Hong Kong's Hang Seng -0.7%, Japan's Nikkei +0.2%, and China's Shanghai Composite ended flat.
Regional economic data was limited:
Australia's MI Leading Index was unchanged to follow the prior uptick of 0.2%.
New Zealand's credit card spending rose 4.7% year-over-year (3.7% previous) while visitor arrivals increased 1.3% (-1.8% prior).
In news:
Japan has upgraded the classification of the latest leak at the Fukushima nuclear plant to level three, which indicates a "serious radiation incident."
Reports indicate Bank of Japan Governor Haruhiko Kuroda remains in support of the proposed sales tax hike and is not worried about the measure impeding economic growth.

Major European indices hover near their lows, but their losses have been limited to less than 1.0%. France's CAC -0.1%, Germany's DAX -0.2%, and Great Britain's FTSE -0.5%. On the periphery, Italy's MIB -0.6% and Spain's IBEX -0.6%.
Economic data was scarce:
Great Britain's public sector net borrowing decreased by GBP1.6 billion (-GBP4.7 billion expected, GBP10.5 billion previous) while the country's CBI Industrial Trends Orders came in unchanged (-8 forecast, -12 prior).
Looking at news:
Reports out of Italy indicate Silvio Berlusconi's PDL party has given Prime Minister Enrico Letta ten days in order to find a solution allowing Mr. Berlusconi to remain in office or risk the party's withdrawal from the Grand coalition.

In U.S. corporate news:

Lowe's (LOW 45.85, +1.77) is +4.0% after beating on earnings and revenue. In addition, the company raised its full-year 2014 earnings and revenue guidance above consensus.
Madison Square Garden (MSG 60.00, +1.58) is +2.7% after beating on earnings and revenue.
Staples (SPLS 15.25, -1.59) is -9.4% following its miss on earnings and revenue.
Toll Brothers (TOL 30.70, -0.94) is -3.0% despite beating earnings expectations by one cent.

The weekly MBA Mortgage Index remained in a downtrend with today's 4.6% fall marking the thirteenth decline out of the past fifteen readings including last week's 4.7% slide.

July existing home sales will be reported at 10:00 ET and the Federal Open Market Committee will release the minutes from its July meeting at 14:00 ET.

06:56 am : Nikkei...13424.33...+28.00...+0.20%. Hang Seng...21817.73...-152.60...-0.70%.

06:56 am : FTSE...6406.77...-46.70...-0.70%. DAX...8279.94...-20.10...-0.20%.

06:55 am : S&P futures vs fair value: -5.0. Nasdaq futures vs fair value: -12.50.

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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