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 Post subject: August 23rd Friday Trade Results - Profit $1055.00
PostPosted: Fri Aug 23, 2013 5:38 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 @ $680.00 dollars or +6.80 points, Emini ES ($ES_F) futures @ $375.00 dollars or +7.50 points, Light Crude Oil CL ($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 @ $1055.00 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=1586

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.

Microsoft Pushes Nasdaq To Weekly Win

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

NEW YORK (CNNMoney)
What Nasdaq technical glitch? The big story on the Nasdaq Friday: Microsoft's (MSFT, Fortune 500) stock soared following news that its CEO Steve Ballmer will retire within the next 12 months.

The Microsoft news helped the Nasdaq end in positive territory for the day and gain nearly 1.5% for the week.

The Dow, despite moving slightly higher Friday, fell for the third straight week. The S&P 500, up for the day, ended the week up 0.5%.

Market action appeared to be glitch-free, a relief one day after technical troubles shut down trading in all Nasdaq-listed stocks and options for several hours.

Big moves in Microsoft: Microsoft's shares gained more than 7% following the Ballmer news. Microsoft is one of the 30 stocks in the Dow and one of the largest companies listed on the Nasdaq. So its big move helped to lift the broader market.

Traders on StockTwits were happy to see Ballmer go, and they had some advice on who should take over:

MadeofGold: $MSFT congratulations Microsoft employees!

stkcon: $MSFT Every business needs new blood, new thinking or it becomes stagnant. $YHOO's a perfect example. $CSCO should make a few moves, too.

Stevez1: $MSFT dead short right now until they resolve who might be CEO. Please no one from Google!! Mike Dell decent match if they could get him.

It seems that Dell might be a little busy trying to take his own company private though.

Facebook hits 40!: Facebook's (FB) shares soared more than 5% and closed above $40 for the first time ever.

Some traders on StockTwits marveled at the ironic timing following Thursday's Nasdaq glitch.

allstarcharts: Happy New 52-week highs $FB - how bout that? funny, the day after another nasdaq failure

supermanjoe: $FB Now That it's Hit $ 40.. Fast Run to $45 On Way.

Aeropostale (ARO) shares plummeted after the teen retailer posted weak results. Its poor outlook follows similarly bleak forecasts from rivals American Eagle Outfitters (AEO) and Abercrombie & Fitch (ANF).

Pandora (P) reported strong earnings, but the stock plunged after the online radio company issued softer-than-expected guidance.

Dansumthing: $P is down big because management said they intend to focus on growing revenue and marketshare more than earnings over the next few qtrs.

* Big banks' legal tab: $66 billion and growing

More on the 'Spazdaq' glitch. Nasdaq (NDAQ) shares gained more than 1%, bouncing back from a 3% drop Thursday following the trading halt.

Late Thursday, SEC chair Mary Jo White said the trading halt "should reinforce our collective commitment to addressing technological vulnerabilities of exchanges and other market participants."

The SEC plans to speed up its efforts for new rules to strengthen markets. White said she intends to hold a meeting soon with leaders of the major exchanges and other market participants.

* Trading glitches a sad new market reality

Global markets mostly higher. European markets ended higher.

In Asia, markets in China ended with narrow losses, but Japan's Nikkei rallied by 2.2%. To top of page
Will the #Nasdaq halt impact your investing strategy? @CNNMoney wants to hear from individual investors: Email hibah.yousuf@cnn.com.

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4:15 pm : The major averages registered modest gains and the S&P 500 retook its 50-day moving average. All ten sectors ended in positive territory after a final-hour surge pulled today's underperformers into the green. For the week, the S&P added 0.3%, Nasdaq rose 1.4%, and the Dow shed 0.6%.

Stocks spiked at the open with the technology sector leading the way after Microsoft (MSFT 34.75, +2.36) announced Chief Executive Officer Steve Ballmer will retire from the company within a year. Shares of the software company surged 7.3%, contributing to the outperformance of the Nasdaq, which gained 0.5%.

The S&P followed the opening surge with a brief slip into the red after it was reported that new home sales collapsed in July, falling 13.4% to 394,000 from a downwardly revised 455,000 (from 497,000) in June. The Briefing.com consensus pegged new home sales at 485,000. In terms of percentage, the drop in sales was the largest since May 2010 and brought levels down to their lowest point since October 2012.

Home builders tumbled in reaction to the data and the iShares Dow Jones US Home Construction ETF (ITB 21.07, -0.55) lost 2.5%. This weighed on the discretionary sector, which ended with a razor-thin gain of 0.02%.

Discretionary shares were also pressured by retailers. The SPDR S&P Retail ETF (XRT 78.89, -0.25) lost 0.3% after Aeropostale's (ARO 8.76, -2.22) earnings report continued the recent trend of disappointing results from teen apparel retailers.

Recent weeks have entertained much discussion over when the Federal Reserve will begin cutting back the pace of its asset purchases. While comments from many Fed speakers have suggested the first taper may occur as early as September, their remarks have often included reminders that the Fed intends to remain data-dependent. To that end, today's new home sales report revealed a notable drop-off in sales, which speaks against tapering in the immediate term.

Treasuries, foreign exchange, and precious metals appeared to agree with this assessment as the benchmark 10-yr yield fell seven basis points to 2.82%. The dollar weakened in the wake of the report while gold futures surged 1.9% to $1396.70 per troy ounce. Meanwhile, silver futures spiked 4.3% to $24.04 per troy ounce.

Today's sector leadership was a bit scattered. Three cyclical groups--energy (+0.7%), materials (+0.9%), and technology (+0.6%)--outperformed throughout the day while the remaining three--consumer discretionary (+0.02%), financials (+0.1%), and industrials (+0.1%)--traded in the red until the closing surge.

With regard to countercyclical sectors, rate-sensitive consumer staples (+0.6%), telecom services (+1.4%), and utilities (+0.8%) rallied in reaction to the retreat in yields while health care (+0.2%) lagged.

Today's trading volume was well below average, and with 572 million shares traded at the NYSE, today's total was one million below the tally from yesterday's session that included a three-hour halt of all Nasdaq-listed issues.

On Monday, July durable orders will be reported at 8:30 ET.

Week in Review: Stocks Chop as Rates Climb

Monday marked the beginning of a new week for the stock market, yet the story played out much the same way it did during the prior week. Long-term rates continued to rise, the stock market continued to sink, and trading volume remained light. The major averages were mixed and little changed for much of the session, but they broke down in late trading as the technology sector gave up its leadership post and other sectors bowed to selling interest. There wasn't a specific news catalyst for the late-day breakdown, which led some to conclude it was a function of technical factors at work. Outside of some specific names, buyers didn't want much to do with the market. The stocks that benefited were familiar names like Boeing (BA 105.48, +0.34), Johnson & Johnson (JNJ 88.41, +0.81), Google (GOOG 870.21, -3.50), and Apple (AAPL 501.02, -1.94).

On Tuesday, 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 added 3.1% as most major builders gained between 2.0% and 4.0% apiece.

Wednesday's session saw the S&P 500 settle 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%. The 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.

On Thursday, the major averages registered gains across the board, but a three-hour halt of all Nasdaq-listed issues prevented normal trading from taking place throughout the afternoon. Stocks climbed out of the gate after upbeat survey data from China and the eurozone reassured investors. China's HSBC Manufacturing PMI jumped to 50.1 from 47.7 (48.3 expected) while the eurozone Manufacturing PMI improved to 51.3 from 50.3 (50.8 forecast). In addition, the Services PMI reading rose to 51.0 from 49.8 (50.2 expected). The economic data provided a boost to growth-sensitive sectors as five of six cyclical groups registered gains larger than 1.0%. The technology sector lagged with an advance of 0.5%. The largest sector component, Apple, ended little changed and Dow member Hewlett-Packard (HPQ 22.40, +0.18) endured its worst session in two years, falling 12.5%, after reporting in-line results and saying it is unlikely to experience revenue growth in 2014.DJ30 +46.77 NASDAQ +19.08 SP500 +6.54 NASDAQ Adv/Vol/Dec 1347/1.46 bln/1158 NYSE Adv/Vol/Dec 2058/571.8 mln/976

3:30 pm :

Oct crude oil extended yesterday's gains as the dollar index weakened. The energy component recovered into positive territory after trading as low as $104.30 per barrel in morning pit action. It rose to a session high of $106.94 per barrel and settled with a 1.4% gain at $106.43 per ounce. Despite today's climb, crude oil booked a 0.9% loss for the week
Sep natural gas, on the other hand, trended lower in negative territory. It pulled back from its session high of $3.52 per MMBtu and settled with a 1.9% loss at $3.49 per MMBtu. Still, natural gas gained 3.6% for the week. Precious metals rose sharply today as economic data showed that July new home sales slid 13.4% to 394,000, thus awakening hope that the Federal Reserve will keep its stimulus in place
Dec gold touched a session high of $1398.70 per ounce after trading as low as $1367.80 per ounce earlier in the session. It settled 1.8% higher at $1395.80 per ounce, booking a 1.8% gain for the week
Sep silver came off its low of $23.00 per ounce and settled 3.1% higher at $23.74 per ounce. Today's rise brought gains for the week to 1.8%.

DJ30 +41.01 NASDAQ +17.85 SP500 +5.71 NASDAQ Adv/Vol/Dec 1293/1231.2 mln/1199 NYSE Adv/Vol/Dec 1939/368 mln/1070

3:00 pm : The S&P 500 trades higher by 0.3% as today's session enters its final hour. Afternoon action did not generate much excitement with participation on the light side. Interestingly, the running NYSE volume is actually in-line with yesterday's session that featured a three-hour halt of all Nasdaq-listed issues.

While NYSE volume is expected to finish near yesterday's final tally, Nasdaq volume has already surpassed yesterday's total of 892 million shares.

Historically, late August has been known for below-average volume, but that should change after the Labor Day holiday on September 2.DJ30 +23.04 NASDAQ +14.44 SP500 +4.13 NASDAQ Adv/Vol/Dec 1231/1.13 bln/1245 NYSE Adv/Vol/Dec 1872/336.7 mln/1119

2:30 pm : The major averages continue to hold their recent levels as the quiet afternoon continues. Given their current levels, the major averages are poised to finish the week on a mixed note. The Nasdaq holds a week-to-date gain of 1.4% while the S&P 500 has added 0.3% since last Friday. For its part, the Dow is lower by 0.6% this week.

With regard to individual sectors, materials, technology, and discretionary shares are poised to end the week with gains between 0.5% and 0.8%. Meanwhile, rate-sensitive sectors have been pressured by this week's rise in yields, but today's reversal in rates (10-yr +20/32 at 2.82%) has helped this week's laggards trim their losses. Consumer staples and telecom services hold respective week-to-date losses of 0.4% and 0.1% while the utilities sector trades flat. In addition, the financial sector has also underperformed this week, shedding 0.1%.DJ30 +22.26 NASDAQ +14.08 SP500 +3.62 NASDAQ Adv/Vol/Dec 1214/1.05 bln/1274 NYSE Adv/Vol/Dec 1827/312.7 mln/1162

2:05 pm : Recent action saw the S&P 500 climb within a point of its opening high. However, small caps continue to display relative weakness as the Russell 2000 sheds 0.1%. The Russell spent the opening minutes in positive territory, but fell to its lows in reaction to the disappointing July new home sales report. The index then retraced a portion of its losses, but remains just below its flat line at this juncture.

Individual sector performance has not changed much over the past 30 minutes. Cyclical sectors remain mixed as energy, materials, and technology register gains between 0.5% and 0.7% while financials, industrials, and discretionary shares continue to lag.

The gains in energy and materials reflect advances in the underlying commodities. Crude oil trades higher by 1.4% at $106.52 per barrel while gold futures hold a solid gain of 1.9% at $1,396.40 per troy ounce. Gold miners also trade in the green as the Market Vectors Gold Miners ETF (GDX 30.26, +0.89) sports a gain of 3.0%.DJ30 +19.47 NASDAQ +11.90 SP500 +3.48 NASDAQ Adv/Vol/Dec 1183/987.2 mln/1292 NYSE Adv/Vol/Dec 1832/291.9 mln/1142

1:30 pm : In the wake of the disappointing New Home Sales report for July, questions arose as to whether that data point might convince the Fed to hold off on a tapering announcement at its September 17-18 FOMC meeting. Those questions, and the presumption that the answer could be yes, have manifested themselves in several areas, namely the Treasury market, which received a needed burst of buying interest after the new home sales report (10-yr +17/32 at 2.83%), the US Dollar Index (81.39, -0.09), which relinquished earlier gains after the report, and gold futures ($1394.90, +24.10), which spiked to new highs for the day after the new home sales data for July.

Each of those areas is particularly sensitive to the tapering question and, for the moment anyway, have responded in a manner that suggests a tapering at the September meeting is not a foregone conclusion.

That disposition could very well change with the next piece of data as the Fed's fixation on being data dependent has put a tapering premium/discount with each passing report. To that end, next week's economic calendar features the Durable Orders, Case-Shiller Home Price Index, Consumer Confidence, Pending Home Sales, Initial Claims, the Second Estimate for Q2 GDP, Personal Income and Spending, Chicago PMI, and the University of Michigan Consumer Sentiment reports.DJ30 +20.76 NASDAQ +13.41 SP500 +3.55 NASDAQ Adv/Vol/Dec 1149/913 mln/1308 NYSE Adv/Vol/Dec 1820/266 mln/1144

1:00 pm : The three major averages trade with modest midday gains between 0.2% and 0.4% while the small cap Russell 2000 lags (-0.1%).

Equities have spent the first half of today's quiet session within a narrow range. Although the key indices trade in positive territory, they have been held back from advancing further by the underperformance of four influential sectors.

Namely, financials, health care, industrials, and discretionary shares all sport losses between 0.1% and 0.2%. While the losses are relatively slim, they are large enough to keep the S&P 500 just below its opening high.

The initial surge took place amid reports Microsoft (MSFT 34.56, +2.17) Chief Executive Officer Steve Ballmer will retire within a year. The news boosted shares of the software company and provided support to the technology sector, which continues to display relative strength (+0.6%) at midday.

Despite the initial jump, the broader market slipped into the red after it was reported that new home sales collapsed in July, falling 13.4% to 394,000 from a downwardly revised 455,000 (from 497,000) in June. The Briefing.com consensus pegged new home sales at 485,000. In terms of percentage, the drop in sales was the largest since May 2010 and brought levels down to their lowest point since October 2012. The data contributed to weakness among home builders as the iShares Dow Jones US Home Construction ETF (ITB 21.11, -0.51) trades lower by 2.4%.

Elsewhere in the discretionary space, retailers are broadly lower as the recent trend of disappointing earnings from teen retailers continued today with Aeropostale (ARO 8.66, -2.32) reporting a bottom-line miss on a 6.4% year-over-year decline in revenue. Meanwhile, Gap (GPS 41.64, -0.38) bucked the trend and reported in-line results as well as an annual dividend hike to $0.80 from $0.60. The broader SPDR S&P Retail ETF (XRT 78.72, -0.42) trades down 0.5%.

Today's disappointing new home sales report sparked a Treasury bid, sending the benchmark 10-yr yield lower by six basis points to 2.83%. In turn, the retreat in yields has provided a boost to rate-sensitive sectors. Consumer staples, materials, and telecom services are all up between 0.3% and 0.8%, but despite today's advance has not done much to change their standing in August. The three groups round out the bottom of this month's leader board and are down between 3.1% and 4.8%.DJ30 +21.74 NASDAQ +13.74 SP500 +3.71 NASDAQ Adv/Vol/Dec 1155/852.5 mln/1280 NYSE Adv/Vol/Dec 1836/248.2 mln/1117

12:30 pm : Today's quiet session continues with the S&P 500 sporting a modest gain of 0.2%. The benchmark index has held near its current level for the past 90 minutes. Energy, materials, and technology continue to outperform other cyclical sectors while three of four countercyclical groups trade ahead of the broader market.

Consumer staples, telecom services, and utilities are all up between 0.3% and 0.7% as today's retreat in yields contributes to the relative strength of rate-sensitive sectors. However, the fourth countercyclical group, health care, lags with a loss of 0.1%.DJ30 +8.90 NASDAQ +11.86 SP500 +2.38 NASDAQ Adv/Vol/Dec 1130/781.2 mln/1288 NYSE Adv/Vol/Dec 1785/227.8 mln/1160

12:00 pm : The S&P 500 continues to trade with a modest gain as seven of ten sectors trade higher. However, the benchmark index has been kept from climbing to fresh highs by the underperformance of financials, health care, and consumer discretionary shares.

The discretionary sector is lower by 0.2% as home builders and retailers lag. Home builders fell to their lows after the July new home sales report missed expectations by a wide margin (394K actual, 485K consensus). The iShares Dow Jones US Home Construction ETF (ITB 21.19, -0.43) is lower by 2.0%. Meanwhile, retailers have been pressured by Aeropostale's (ARO 8.79, -2.19) disappointing earnings. The broader SPDR S&P Retail ETF (XRT 78.68, -0.46) holds a loss of 0.6%.DJ30 +6.45 NASDAQ +9.51 SP500 +2.25 NASDAQ Adv/Vol/Dec 1131/701.9 mln/1266 NYSE Adv/Vol/Dec 1799/206.5 mln/1139

11:35 am : The S&P 500 holds a modest gain of 0.1% while small caps continue to lag as the Russell 2000 sports a loss of 0.2%.

The broader market is struggling to gain traction as cyclical sectors trade in mixed fashion. Consumer discretionary, financials, and industrials are all down between 0.1% and 0.3% while energy, materials, and technology outperform with gains between 0.4% and 0.6%.

Despite the mixed performance of influential sectors, volatility protection has not received much interest as the CBOE Volatility Index (VIX 14.45, -0.31) is lower by 2.1%.DJ30 +6.89 NASDAQ +10.01 SP500 +2.42 NASDAQ Adv/Vol/Dec 1132/640.1 mln/1243 NYSE Adv/Vol/Dec 1712/188.9 mln/1204

11:00 am : The Dow, Nasdaq, and S&P 500 trade with gains between 0.2% and 0.4% while the small cap Russell 2000 sheds 0.2%.

Rate-sensitive utilities have endured notable weakness this month as Treasury yields climbed. However, the sector is today's top performer (+0.9%) amid a retreat in yields. The benchmark 10-yr yield is lower seven basis points at 2.81%.

The retreat in yields occurred after today's disappointing new home sales report (394,000 actual, 485,000 Briefing.com consensus) sparked a Treasury bid. In addition, the news pressured home builders. The iShares Dow Jones US Home Construction ETF (ITB 21.21, -0.41) is lower by 1.9%.DJ30 +26.39 NASDAQ +15.04 SP500 +4.61 NASDAQ Adv/Vol/Dec 1166/531.1 mln/1166 NYSE Adv/Vol/Dec 1801/155.6 mln/1078

10:30 am : Gold and silver prices surged to new session highs following home sales figures a short while ago.

Dec gold rose as high as $1391.80/oz, while Sept silver rose as high as $23.58/oz. In current trade, gold is +1.4% at $1390.00/oz, silver is up +2.9% at $23.71/oz.

Crude oil prices rose as high as $105.34/barrel in early morning action, pulled back into the red. Crude rallied just now and is currently +0.1% at $105.17/barrel

Natural gas slid lower this morning and is now -0.9% at $3.51/MMBtu (Sept contract).DJ30 -11.36 NASDAQ +9.41 SP500 +0.30 NASDAQ Adv/Vol/Dec 950/425.7 mln/1338 NYSE Adv/Vol/Dec 1463/125 mln/1368

10:05 am : The S&P 500 has slipped into the red in reaction to a disappointing new home sales report.

Just reported, July new home sales hit an annualized rate of 394,000, which was down from the June rate of 455,000, and worse than the rate of 485,000 that had been broadly expected by the Briefing.com consensus.DJ30 -19.96 NASDAQ +5.44 SP500 -1.53 NASDAQ Adv/Vol/Dec 873/276.4 mln/1327 NYSE Adv/Vol/Dec 1207/81.9 mln/1567

09:45 am : The major averages began the session with modest gains. The Nasdaq (+0.5%) has had the best showing in the early minutes as Microsoft's (MSFT 34.74, +2.35) 7.2% advance provided support to the index as well as the technology sector, which trades higher by 0.8%. Shares of Microsoft spiked after Chief Executive Steve Ballmer announced his plans to retire from the company within the next 12 months.

While the tech sector has shown early leadership, all of the remaining cyclical sectors trail behind the broader market.

Treasuries are little changed with the benchmark 10-yr yield up one basis point at 2.90%.DJ30 +16.74 NASDAQ +15.14 SP500 +3.34 NASDAQ Adv/Vol/Dec 1094/162.5 mln/998 NYSE Adv/Vol/Dec 1433/52.4 mln/1224

09:14 am : [BRIEFING.COM] S&P futures vs fair value: +2.40. Nasdaq futures vs fair value: +20.70. The S&P 500 futures are little changed as today's session sets up for a flat open. The overnight session was relatively uneventful as Asian markets ended mixed while core European indices sport modest gains.

While the S&P futures trade little changed, the Nasdaq futures are higher by 0.5% following a jump to fresh highs amid headlines indicating Microsoft (MSFT 34.82, +2.43) Chief Executive Officer Steve Ballmer will retire within a year.

With no pre-market economic data reported today, investors focused on company-specific news. The recent trend of disappointing earnings from apparel retailers continued today with Aeropostale (ARO 9.25, -1.73) reporting a bottom-line miss on a 6.4% year-over-year decline in revenue. Meanwhile, Gap (GPS 42.04, +0.03) bucked the trend and reported in-line results.

The July new home sales report will cross the wires at 10:00 ET.

08:56 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +4.20. The S&P 500 futures trade higher by 0.1%.

Asian markets ended on a mixed note with Japan's Nikkei outperforming (+2.2%) as USDJPY climbed to test the 99.00 level. Elsewhere, China's Shanghai Composite (-0.5%) and Hong Kong's Hang Seng (-0.2%) underperformed. News flow from the region was relatively light, but a researcher from the China Academy of Social Sciences warned the country may once again face liquidity issues during the second half of the year. Economic data was limited to China's foreign direct investment, which increased to 7.1% year-to-date (4.9% prior). Looking at the currencies: USCNY held steady at 6.1210; USDINR is lower near 63.95; USDJPY climbed to 99.08; AUDUSD is lower near .8984.

In Japan, the Nikkei advanced 2.2% as discretionary names paced the advance. Isetan Mitsukoshi Holdings, J Front Retailing, and JTEKT all gained between 5.0% and 6.1%. On the downside, Tokyo Electric Power Co tumbled 4.9%.
Hong Kong's Hang Seng slipped 0.2% with retailers leading to the downside. Belle International and Li & Fung lost 3.5% and 1.5%, respectively. Casino and gaming names outperformed as Galaxy Entertainment rose 1.8% and Sands China added 0.9%.
In China, the Shanghai Composite settled lower by 0.5% as financials lagged. China Vanke shed 0.2%.

Major European indices trade in mixed fashion as the quiet session enters the home stretch. Economic data was limited as Germany's second quarter GDP increased 0.7% quarter-over-quarter, as expected. In addition, Great Britain's second quarter GDP was revised up to reflect growth of 0.7% quarter-over-quarter (0.6% expected, 0.6% previous). Separately, BBA Mortgage Approvals came in at 37.2K (39.2K expected, 37.3K previous), business investment rose 0.9% quarter-over-quarter (0.6% forecast, -1.9% prior), and the Index of Services climbed 0.6% (0.7% consensus, 0.7% previous). Among headlines of note, German Finance Minister Wolfgang Schaeuble said the Greek economy may enter expansion next year, but is still likely to need a new aid package that would be much lower than previous bailouts.

Great Britain's FTSE is higher by 0.5% as miners contribute to the advance. Antofagasta, Rio Tinto, and Vedanta Resources are all up between 1.2% and 1.5%. Financials are among the laggards with HSBC and Standard Life lower by 0.1% and 0.6%, respectively.
In Germany, the DAX is up 0.2% as Commerzbank leads with a gain of 2.0%. Software company SAP (+1.6%) is also among the outperformers. Apparel manufacturer Adidas is the weakest performer, down 1.6%.
France's CAC is unchanged. Steelmakers ArcelorMittal and Vallourec are higher by 1.3% and 1.7%, respectively. Consumer names lag as L'Oreal and drugmaker Sanofi both sport losses near 1.4%.

08:29 am : [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +4.70. Equity futures hover near their flat lines following a mostly subdued overnight session. Asian indices settled in mixed fashion while core European indices hold modest gains.

Meanwhile, the key U.S. averages will enter the final session of the week on a mixed note. The Dow is lower by 0.8% so far this week while the Nasdaq holds a gain of 1.0%. For its part, the S&P 500 is slightly higher (+0.1%) on the week.

Treasuries were little changed until selling over the past two hours sent the benchmark 10-yr yield higher by three basis points to 2.92%.

07:58 am : [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +4.20. U.S. equity futures hold slim gains with the S&P 500 futures up 0.1%.

Looking at overnight developments:

Asian markets ended on a mixed note. Hong Kong's Hang Seng -0.2%, China's Shanghai Composite -0.5%, and Japan's Nikkei +2.2% as USDJPY climbed to test the 99.00 level.
Economic data was limited to just one item of note:
China's foreign direct investment increased to 7.1% year-to-date (4.9% prior).
In news:
A researcher from the China Academy of Social Sciences warned the country may once again face liquidity issues during the second half of the year.

Major European indices trade in mixed fashion. Great Britain's FTSE +0.5%, Germany's DAX +0.2%, and France's CAC -0.1%.
In regional economic data:
Germany's second quarter GDP increased 0.7% quarter-over-quarter, as expected.
Great Britain's second quarter GDP was revised up to reflect growth of 0.7% quarter-over-quarter (0.6% expected, 0.6% previous). In addition, BBA Mortgage Approvals came in at 37.2K (39.2K expected, 37.3K previous), business investment rose 0.9% quarter-over-quarter (0.6% forecast, -1.9% prior), and the Index of Services climbed 0.6% (0.7% consensus, 0.7% previous).
Looking at news:
German Finance Minister Wolfgang Schaeuble said the Greek economy may enter expansion next year, but is still likely to need a new aid package that would be much lower than previous bailouts.

In U.S. corporate news:

Aeropostale (ARO 9.60, -1.38) is -12.6% after reporting a bottom-line miss on a 6.4% year-over-year decline in revenue.
Autodesk (ADSK 36.75, +0.62) is +1.7% after beating on earnings. In addition, the company issued downside third quarter earnings and revenue guidance.
Gap (GPS 42.25, +0.24) is +0.9% after reporting in-line results and announcing plans to hike its annual dividend to $0.80 from $0.60 beginning in the third quarter of the current year.
Pandora Media (P 20.38, -1.33) is -6.1% after the company's cautious third quarter earnings guidance overshadowed its above-consensus earnings and revenue.
Foot Locker (FL 34.50, +0.49) is +1.4% after missing earnings expectations by one cent.

Today's economic data will be limited to July new home sales with the report set to be released at 10:00 ET.

06:29 am : [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: flat.

06:29 am : Nikkei...13660.55...+295.40...+2.20%. Hang Seng...21863.51...-31.90...-0.20%.

06:29 am : FTSE...6461.70...+14.80...+0.20%. DAX...8399.37...+1.50...0.00.

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

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