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 Post subject: August 26th Monday Trade Results - Profit $320.00
PostPosted: Tue Aug 27, 2013 12:02 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)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($560.00) dollars or -5.60 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $380.00 dollars or +3.80 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $320.00 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=1587

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 Questions And Syria Weigh On Stocks

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

NEW YORK (CNNMoney)
A new week has begun. And investors are asking themselves the same question: When will the Federal Reserve begin to pull back on its bond buying program?

But it appears investors are unwilling to make big bets until they have more clarity about the Fed's next moves.

On what was otherwise a quiet day on Wall Street, investors grew anxious about further turmoil in the Middle East following comments from Secretary of State John Kerry, who said evidence "strongly indicates" that chemical weapons were used in Syria. He added that President Obama "will be making an informed decision about how to respond" and "believes there must be accountability" for those who use them.

The comments sparked a downward move in the Dow Jones industrial Average and S&P 500 during the final hour of trading, and erased the modest gains in the Nasdaq, which closed flat. Volume is expected to remain extremely light this week as the typically sluggish month of August is coming to a close and investors get ready for the upcoming Labor Day holiday.

The possibility of the Fed starting to trim, or taper, the size of its $85 billion a month in asset purchases was the focus of debate this past weekend as central bankers from around the world took part in the Fed's annual monetary policy symposium in Wyoming.

"The Fed seems divided on the subject," said John Toohey, vice president of equity investments at USAA Investments. Some market experts speculate that the Fed may begin to taper at its next monetary policy in mid-September. Toohey said the market will likely experience increased volatility leading up to that as investors wait in anticipation.

A downbeat report on manufacturing eased some concerns about the Fed's next move, since central bank officials have been reiterating that their decision will be based heavily on the pace of the recovery and economic data. Durable goods orders tumbled 7.3% in July, the most in almost a year. The decline was worse than the 5% drop analysts were expecting, and followed three months of strong increases.

Christopher Vecchio, currency analyst at DailyFX. said the Fed may taper more slowly than what the market currently expects.

But emerging economies like India, Brazil and Indonesia are especially vulnerable to changes in Fed policy. The U.S. dollar is already rising versus foreign currencies like the Brazilian real and the Indian rupee, and some investors are pulling their money out of these countries, triggering fears of a panic.

What's moving: Tesla (TSLA) shares, which are up more than 400% this year, surged as much as 7% at one point to an all-time high of $173 per share, pushing the company's market value briefly above $20 billion. The stock pulled back at the end of the day and finished up only 1.5%.

The likely catalyst for the latest move in Elon Musk's electric car company? Tesla sales topped those of the Porsche, Jaguar, Volvo, Land Rover and Lincoln in the Golden State, according to the California New Car Dealers Association.

Tesla continues to be a favorite topic among traders on StockTwits, who are mostly bullish on the car maker.

CandyCoated: $TSLA No doubt we're going to hit $200 very soon.

Some are skeptical about how long Tesla's momentum can last, however.

trignomes: $TSLA I could just picture X Gen yuppies deciding this is good at 170 to add to their 401k portfolio...this stock is a ticking time bomb.

Shares of struggling retailer J.C. Penney (JCP, Fortune 500) fell after hours on the news that activist shareholder Bill Ackman is selling his entire stake of more than 39 million shares. Ackman reached an agreement with J.C. Penney earlier this month following a public spat about the company's CEO. Ackman has also quit the retailer's board.

Facebook (FB) was also a hot stock on StockTwits, as shares continued to advance closer to Facebook's all-time high of $45 per share.

stkcon: Might be time to stop hating $FB for some of you out there. Stock showing good follow-through price action.

Shares of two 3D printing companies -- 3D Systems (DDD) and Stratasys (SSYS) -- were also rising after Citigroup began analyst coverage on both companies with a buy rating.

peterjakonovisky: @EricSteiman I am long on $DDD from 30s. I like $SSYS as well. I believe one of them will be leaders in this space.

Shares of Amgen (AMGN, Fortune 500) rose sharply after it agreed to buy Onyx Pharmaceuticals (ONXX) for $10.4 billion, in a deal that will give Amgen access to a wide range of cancer treatment drugs.

Meanwhile, the BATS Global Markets and Direct Edge Holdings exchanges announced that they will merge in a deal that would create that second-largest stock exchange by trading volume. The deal comes just a few days after a major trading glitch that affected Nasdaq OMX (NDAQ). BATS also experienced significant trading problems a year ago, issues that forced the company to cancel its plans to go public.

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4:10 pm : Equities ended on their lows as the S&P 500 shed 0.4% while the Nasdaq settled flat.

The major averages held modest gains into the final hour of the session when comments from Secretary of State John Kerry regarding the situation in Syria contributed to broad-based selling. Mr. Kerry said additional information about the recent chemical attack is being compiled and will be made public. In addition, President Obama is expected to decide on the next step in the coming days.

The comments injected a bit of uncertainty and the CBOE Volatility Index (VIX 14.92, +0.94) jumped to a session high as downside protection received an afternoon surge in interest. However, the Treasury market did not see much of a safety bid as the complex remained confined to a narrow range. The benchmark 10-yr yield ended lower by two basis points at 2.79%.

The sharp move to session lows was exacerbated by the fact today's session saw very limited participation. With only 546 million shares changing hands on the floor of the New York Stock Exchange, today's total was the lowest since August 5.

Nine of ten sectors ended in the red with countercyclical groups leading to the downside. Consumer staples, telecom services, and utilities lost between 0.8% and 1.3% to continue their recent underperformance. As a result of today's losses, the three sectors are down between 4.0% and 5.3% this month.

The fourth countercyclical group, health care, managed to outperform its defensively-oriented peers and finish in the lead with a gain of 0.1%. The sector was underpinned by biotechnology after Amgen (AMGN 113.75, +8.15) made an offer to acquire Onyx Pharmaceuticals (ONXX 123.49, +6.53) for $125 per share, representing a 5.6% premium to Friday's closing price.

Biotechnology companies also comprise a fair share of the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 197.10, +4.05) rose 2.1%, and the relative strength of its components contributed to the outperformance of the Nasdaq.

All cyclical sectors ended in the red. The materials space outperformed, ending flat as gold miners advanced. The Market Vectors Gold Miners ETF (GDX 30.41, +0.27) climbed 0.9% while gold futures added 0.4% to $1401.80 per troy ounce. Meanwhile, silver futures surged 2.2% to $24.27 per troy ounce.

Today's economic data was limited to the July durable orders report. Overall, the report was not very encouraging. New orders for primary metals and machinery were both flat while orders for computers and electronic products declined 3.6%. Furthermore, nondefense capital goods orders, excluding aircraft -- a proxy for business investment -- fell 3.3% after a 1.3% increase in June. The kicker in terms of third quarter GDP implications is that shipments of nondefense capital goods orders, excluding aircraft, declined 1.5%.

Tomorrow, the June Case-Shiller 20-city Index will be reported at 9:00 ET and August Consumer Confidence will be released at 10:00 ET.DJ30 -64.05 NASDAQ -0.22 SP500 -6.72 NASDAQ Adv/Vol/Dec 1137/1.36 bln/1363 NYSE Adv/Vol/Dec 1249/546.2 mln/1785

3:35 pm : Commodities end the day mixed with crude oil finishing lower, near $106/barrel, gold lower, silver higher, copper lower and nat gas one cent higher.

Grains really outperformed today, following estimates that corn and soybeans production will be less than expected. Dec corn ended 7.9% higher at $5.01/bushel, while Nov soybeans rose 7.9% to $13.90/bu.

Oct crude rose $0.80 at $105.79/barrel and Sept natural gas gained one cent at $3.56/MMBtu.

Gold and silver rallied in recent action, but ended the day mixed. Dec gold fell $2.8 to $1393/oz. Sept silver gained 0.26% at $24/oz.DJ30 -38.74 NASDAQ +3.14 SP500 -4.11 NASDAQ Adv/Vol/Dec 1190/1171.5 mln/1307 NYSE Adv/Vol/Dec 1285/346 mln/1733

3:00 pm : The S&P 500 trades higher by 0.1% as today's session enters its final hour. As mentioned earlier, light trading volume has persisted throughout the day, which, in turn, has made for a very quiet trading day.

Similar to the S&P, the Treasury market is little changed with the benchmark 10-yr yield off one basis point at 2.81%.

Seven of ten sectors hold gains going into the final hour while defensively-oriented consumer staples, telecom services, and utilities display losses between 0.4% and 0.9%. In addition, today's three biggest laggards represent the three weakest sectors of the month.DJ30 +22.57 NASDAQ +20.55 SP500 +2.65 NASDAQ Adv/Vol/Dec 1481/981.2 mln/1009 NYSE Adv/Vol/Dec 1678/287.5 mln/1330

2:30 pm : The S&P 500 trades higher by 0.1% as the quiet afternoon continues. Today's session has not featured many surprises and that is being reflected by relatively light participation as intraday trading volume paces well below average. In fact, the current volume total is running behind the Thursday tally that featured a three hour halt of Nasdaq-listed issues.

Today's economic data was limited to July durable orders. The report proved to be a disappointment as new orders for primary metals and machinery were both flat while orders for computers and electronic products declined 3.6%. Furthermore, nondefense capital goods orders, excluding aircraft -- a proxy for business investment -- fell 3.3% after a 1.3% increase in June.

This week will feature a fair share of economic data. Notably, August consumer confidence will be reported tomorrow and July pending home sales will cross the wires on Wednesday. In addition, the second estimate of second quarter GDP will be reported on Thursday while July personal spending and income data will be announced on Friday.DJ30 +20.21 NASDAQ +20.54 SP500 +2.44 NASDAQ Adv/Vol/Dec 1480/900.3 mln/1013 NYSE Adv/Vol/Dec 1646/262.6 mln/1339

2:00 pm : Recent action saw the Dow and S&P 500 slip from their session highs. The two indices have narrowed their gains to 0.1% while the Nasdaq continues to outperform (+0.5%).

The retreat from highs took place as most sectors took a step back from their recent levels. However, health care and materials have not budged. Both sectors trade with gains near 0.6%.

Elsewhere, heavily-weighted energy and financials traded in-line with the broader market for most of the day, but they now trail behind the S&P. The two sectors bear watching into the close as their performance can influence the afternoon direction of the broader market.DJ30 +13.52 NASDAQ +18.81 SP500 +2.15 NASDAQ Adv/Vol/Dec 1434/849.2 mln/1028 NYSE Adv/Vol/Dec 1634/245.6 mln/1343

1:30 pm : The major averages have been drifting in fair territory so far today despite a durable orders report for July that was definitely in foul territory. One of the remarkable things about the stock market's performance in the face of that weak economic report is that today's gains are being paced predominately by cyclical sectors.

The health care sector (+0.7%) is the main exception and is also the best-performing sector thanks to the biotech stocks, which are up following news of Amgen's (AMGN 114.21, +8.61) $10.4 bln offer to acquire Onyx Pharmaceuticals (ONXX 123.60, +6.64).

Overall participation is certainly on the light side today and volume is tracking in a manner that suggests a lot of people are just sitting this one out. That could be the case throughout the week barring some exogenous shock. NYSE volume is a meager 222 mln shares.

Separately, it is worth noting that Secretary of State Kerry is planning to make a statement on Syria at 2:00 p.m. ET. That statement could possibly inject a little late-day volatility, but the fact that it is Mr. Kerry making the statement, and not the president, has probably tempered the market's concerns about what will be said pertaining to a potential military response. DJ30 +21.05 NASDAQ +23.16 SP500 +3.54 NASDAQ Adv/Vol/Dec 1511/784 mln/947 NYSE Adv/Vol/Dec 1743/222 mln/1199

1:00 pm : The major averages hold modest midday gains as today's quiet session continues. First-half trading volume has been pacing well below average with totals also trailing behind tallies from last Thursday and Friday.

The S&P 500 trades higher by 0.3% while the Nasdaq outperforms with a gain of 0.7%. Biotechnology has underpinned the tech-heavy index after Onyx Pharmaceuticals (ONXX 123.64, +6.68) agreed to be acquired by Amgen (AMGN 114.73, +9.13) for $125 per share, representing a 6.9% premium to Friday's closing price. The broader iShares Nasdaq Biotechnology ETF (IBB 198.45, +5.40) trades up 2.8%, which has also helped the health care sector (+0.7%) maintain its lead ahead of the remaining sectors. The biotech ETF has shown considerable strength this year and today's gain extends its year-to-date advance to 44.5%.

Although the health care sector has been boosted by biotech, other countercyclical groups-consumer staples, telecom services, and utilities-trade with losses between 0.4% and 0.6%.

Elsewhere, cyclical groups trade broadly higher with the materials (+0.5%) space providing leadership as chemical producers outperform. However, metals trade mixed. Gold futures are lower by 0.2% at $1,393.00 per troy ounce while silver futures add 1.1% to $23.99. Also of note, copper futures trade down 0.9% to $3.319 per pound.

Discretionary shares also trade among the leaders with home builders registering broad gains. The iShares Dow Jones US Home Construction ETF (ITB 21.41, +0.34) is higher by 1.6%.

With low volume abound, today's session has not created a scramble for volatility protection as the CBOE Volatility Index (VIX 14.03, +0.05) trades little changed.

Treasuries also fall into the 'little changed' department as the benchmark 10-yr yield trades lower by one basis point at 2.80%.

Treasuries climbed to their highs in reaction to today's July durable orders report, which was not very encouraging. New orders for primary metals and machinery were both flat while orders for computers and electronic products declined 3.6%. Furthermore, nondefense capital goods orders, excluding aircraft -- a proxy for business investment -- fell 3.3% after a 1.3% increase in June. The kicker in terms of third quarter GDP implications is that shipments of nondefense capital goods orders, excluding aircraft, declined 1.5%.DJ30 +29.09 NASDAQ +24.62 SP500 +4.29 NASDAQ Adv/Vol/Dec 1468/720.8 mln/973 NYSE Adv/Vol/Dec 1747/205.6 mln/1211

12:30 pm : Equities continue to hover near their highs with the Nasdaq (+0.6%) outperforming the remaining indices. Nasdaq strength has been a consistent factor throughout this quarter as the index sports a quarter-to-date gain of 8.1%. This puts the tech-heavy average well ahead of the S&P's 3.8% advance and the Dow's modest rise of 0.9%.

Over the course of the third quarter, the Nasdaq has benefited from the relative strength of technology. In addition, the index has been supported by the continued strength of biotechnology. The Nasdaq iShares Biotechnology ETF (IBB 198.00, +4.95) has gained 13.8% this quarter to extend its year-to-date advance to a whopping 44.3%.DJ30 +28.88 NASDAQ +22.63 SP500 +4.22 NASDAQ Adv/Vol/Dec 1476/658.8 mln/961 NYSE Adv/Vol/Dec 1797/186.7 mln/1138

12:00 pm : Recent action saw the S&P 500 maintain its levels while the Nasdaq (+0.6%) has climbed to a fresh high. The Nasdaq registered its early gains as biotechnology outperformed while the tech sector trailed behind the broader market. However, the sector has been able to overcome its early underperformance as its top component, Apple (AAPL 507.89, +6.87) trades higher by 1.4%.

Treasuries have hovered near their highs since this morning's July durable orders report missed expectations. The benchmark 10-yr yield is off two basis points at 2.80%.

The early portion of today's session has not created a scramble for volatility protection as the CBOE Volatility Index (VIX 14.00, +0.02) trades little changed.DJ30 +25.84 NASDAQ +21.49 SP500 +4.30 NASDAQ Adv/Vol/Dec 1473/581.3 mln/948 NYSE Adv/Vol/Dec 1800/166.1 mln/1111

11:25 am : The S&P 500 trades higher by 0.3% as the relative strength of most cyclical sectors helps the index hover near its high. The materials sector (+0.8%) is the top performer of the day as gold miners continue their recent strength. The Market Vectors Gold Miners ETF (GDX 30.74, +0.60) is higher by 2.0% today, and up 28.3% from its August 7 low. On a related note, gold futures are little changed at $1,396.60 per troy ounce while silver futures hold a gain of 2.6% at $24.36 per troy ounce.

Outside of materials, the other commodity-related sector, energy, trades higher by 0.4% even as crude oil sheds 0.3% to $106.15 per barrel.

Treasuries remain near their highs with the benchmark 10-yr yield down two basis points at 2.80%.DJ30 +30.70 NASDAQ +21.73 SP500 +4.96 NASDAQ Adv/Vol/Dec 1477/501.3 mln/912 NYSE Adv/Vol/Dec 1829/142.2 mln/1042

11:00 am : The major averages hold modest gains with the S&P 500 up 0.3%. Meanwhile, the tech-heavy Nasdaq (+0.5%) outperforms even as the tech sector trades flat. Biotechnology has provided the index with a measure of support after Onyx Pharmaceuticals (ONXX 123.60, +6.64) agreed to be acquired by Amgen (AMGN 114.66, +9.06). The iShares Nasdaq Biotechnology ETF (IBB 197.73, +4.68) trades higher by 2.4%.

The relative strength of biotechnology has helped the health care sector (+0.7%) trade ahead of the broader market. Meanwhile, the other three counter-cyclical sectors (consumer staples, telecom services, and utilities) are all down between 0.2% and 0.3%.DJ30 +30.18 NASDAQ +18.25 SP500 +4.77 NASDAQ Adv/Vol/Dec 1425/409.2 mln/921 NYSE Adv/Vol/Dec 1813/118.9 mln/1028

10:35 am : Overall, commodities are mixed this morning. The agriculture sector is trading higher, both grains and softs, with corn (+5.1%) and soybeans (+4.5%) leading gains. Meanwhile, energy is down and metals are mixed.

Copper and natural gas sold off swiftly in recent activity, pulling both commodities to new session lows. Crude oil just also fell to a new session low below $106/barrel. Oct crude oil is -0.3% at $106.10/barrel, while Sept natural gas is +0.1% at $3.49/MMBtu.

Gold futures are flat at $1396/oz, while silver futures (Sept contract) is trading 2.0% higher at $24.22/oz. As we noted, copper recently sold off quickly, falling to a new LoD of $3.30/lb. Sept copper is now -1.2% at $3.31/lb. Back to the agriculture space, grains are outperforming the softs, but both are trading higher.

Corn is currently +5.1% at $4.94/bushel, soybeans are +4.5% at $13.88/bu, wheat is +2.9% at $6.65/bu, ethanol is +3.1% at $2.51/gallon, oats +1.5% at $3.37/bu.DJ30 +23.21 NASDAQ +14.79 SP500 +3.72 NASDAQ Adv/Vol/Dec 1325/334.0 mln/986 NYSE Adv/Vol/Dec 1702/101 mln/1101

10:00 am : The major averages are pushing to fresh highs as seven of ten sectors now trade with gains while consumer staples, financials, and telecom services underperform with slim losses of no more than 0.3%.

Most cyclical groups are among the outperformers with energy, materials, and discretionary shares in the lead. Meanwhile, the industrial sector (+0.1%) lags, but transportation-related companies have shown relative strength. The Dow Jones Transportation Average is higher by 0.4%.DJ30 +6.78 NASDAQ +7.57 SP500 +1.66 NASDAQ Adv/Vol/Dec 1165/185.9 mln/1060 NYSE Adv/Vol/Dec 1508/64.6 mln/1238

09:45 am : The major averages are little changed after opening the session near their respective flat lines. Five of ten S&P 500 sectors registered gains in the early minutes with materials (+0.5%) and energy (+0.3%) pacing the advance.

Also of note, the health care sector adds 0.2% as biotechnology companies outperform after Onyx Pharmaceuticals (ONXX 123.68, +6.72) agreed to be acquired by Amgen (AMGN 111.34, +5.73) for $125 per share, representing a 6.9% premium to Friday's closing price. The broader iShares Nasdaq Biotechnology ETF (IBB 194.44, +1.38) trades up 0.7%.

On the downside, consumer staples, telecom services, and utilities sport losses between 0.2% and 0.3%.

Treasuries are near their early highs with the benchmark 10-yr yield lower by two basis points at 2.80%.DJ30 -0.63 NASDAQ +6.16 SP500 +1.56 NASDAQ Adv/Vol/Dec 1133/101.1 mln/968 NYSE Adv/Vol/Dec 1512/44.9 mln/1138

09:15 am : S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +3.20. The S&P 500 futures are little changed as today's session sets up for a flat open. Equity futures held slim gains through the early part of the overnight session as most Asian indices rallied. However, futures slid into the red as the European session got underway, and have held slim losses until making a recent return into positive territory. European indices are mired in a low-volume session with Great Britain's FTSE closed for a bank holiday. Meanwhile, Italy's MIB leads to the downside with a loss of 2.3% after it was reported Silvio Berlusconi's PDL party has agreed to withdraw from government should Mr. Berlusconi be expelled from the Senate. Separately, Five Star leader Beppe Grillo pushed for a fresh round of elections.

Domestically, pre-market economic data was limited to July durable orders. Overall, the report was not very encouraging. New orders for primary metals and machinery were both flat while orders for computers and electronic products declined 3.6%. Furthermore, nondefense capital goods orders, excluding aircraft -- a proxy for business investment -- fell 3.3% after a 1.3% increase in June. The kicker in terms of third quarter GDP implications is that shipments of nondefense capital goods orders, excluding aircraft, declined 1.5%.

Notable company news has been scarce this morning, but Onyx Pharmaceuticals (ONXX 123.68, +6.72) is higher by 5.8% after the company agreed to be acquired by Amgen (AMGN 110.40, +4.80) for $125 per share, representing a 6.9% premium to Friday's closing price.

08:55 am : S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: +2.20. The S&P 500 futures are higher by 0.1%.

Asian markets ended in mixed fashion with Chinese indices in the lead following a round of better-than-expected earnings. Regional economic news was limited to just a handful of data points. Japan's Corporate Services Price Index ticked up 0.4% year-over-year (0.4% expected, 0.4% prior), Singaporean industrial production rose 2.7% year-over-year (1.2% expected, -4.2% previous), and New Zealand's trade deficit widened to $774 million from a surplus of $374 million (+$50 million forecast). Also of note, Standard & Poor's affirmed New Zealand's sovereign debt rating at 'AA+' with a 'Stable' outlook.

Japan's Nikkei shed 0.2% as exporters and utilities weighed. Konica Minolta and Suzuki fell 2.9% and 1.9%, respectively. Tokyo Electric Power Co was the weakest index component with a 6.9% loss.
Hong Kong's Hang Seng ended added 0.7% as energy names outperformed after Sinopec reported solid quarterly results. Sinopec gained 1.2% and PetroChina rose 1.8%.
In China, the Shanghai Composite settled higher by 1.9%. Property names displayed strength following above-consensus results from China Construction Bank, which added 0.9%. Elsewhere, Jinshan Development & Construction jumped 10.0%.

Major European indices hover near their lows with Italy's MIB underperforming after it was reported Silvio Berlusconi's PDL party has agreed to withdraw from government should Mr. Berlusconi be expelled from the Senate. Separately, Five Star leader Beppe Grillo pushed for a fresh round of elections. In other news, Greek Finance Minister Yannis Stournaras confirmed the country will face a financing gap of roughly EUR10 billion between 2014 and 2015. Greece plans to return to the bond markets during the second half of next year. Regional economic data was limited to just one item as Spain's PPI rose 0.8% year-over-year (1.5% expected, 1.3% prior).

Germany's DAX is lower by 0.2% as HeidelbergCement leads to the downside with a loss of 1.5%. Other materials stocks like BASF (-0.6%) and Lanxess (-0.7%) also lag while fertilizer producer K+S leads the index with an advance of 2.8%.
In France, the CAC trades down 0.5% as 36 of 40 components register losses. Financials are broadly weaker with BNP Paribas, Credit Agricole, and Societe Generale all down between 1.5% and 1.8%. On the upside, drug maker Sanofi trades higher by 1.4%.
Great Britain's FTSE is closed for a bank holiday.
Italy's MIB holds a loss of 2.3% amid broad weakness. Silvio Berlusconi's Mediaset is the weakest index component, down 6.4%.

08:30 am : S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +1.00. The S&P 500 futures are lower by 0.1%.

July durable goods orders fell 7.3%, which was worse than the 5.0% decrease that had been expected among economists polled by Briefing.com. This comes after the prior month's reading reflected an increase of 3.9%. Excluding transportation, durable orders fell 0.6% to follow the prior month's revised uptick of 0.1%.

08:00 am : S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -1.00. U.S. equity futures are little changed amid mixed overseas action. The S&P 500 futures are off 0.1%.

Looking at overnight developments:

Asian markets ended in mixed fashion. Hong Kong's Hang Seng +0.7%, China's Shanghai Composite +1.9%, and Japan's Nikkei -0.2%.
In regional economic data:
Japan's Corporate Services Price Index ticked up 0.4% year-over-year (0.4% expected, 0.4% prior).
New Zealand's trade deficit widened to $774 million from a surplus of $374 million (+$50 million forecast).
Singaporean industrial production rose 2.7% year-over-year (1.2% expected, -4.2% previous).
Looking at news:
Markets in Shanghai and Hong Kong outperformed on the back of solid quarterly results from Sinopec and China Construction Bank.
Standard & Poor's affirmed New Zealand's sovereign debt rating at 'AA+' with a 'Stable' outlook.

Major European indices hover near their lows. Germany's DAX -0.2%, France's CAC -0.5%, while Great Britain's FTSE is closed for a bank holiday. On the periphery, Italy's MIB -2.4% and Spain's IBEX -0.7%.
Regional economic data was limited to just one item:
Spain's PPI rose 0.8% year-over-year (1.5% expected, 1.3% prior).
In news:
Italy's MIB trails behind other regional indices after it was reported Silvio Berlusconi's PDL party has agreed to withdraw from government should Mr. Berlusconi be expelled from the Senate. Separately, Five Star leader Beppe Grillo pushed for a fresh round of elections. The MIB underperforms as nearly all components post losses with Silvio Berlusconi's Mediaset (-7.0%) leading to the downside.
Greek Finance Minister Yannis Stournaras confirmed the country will face a financing gap of roughly EUR10 billion between 2014 and 2015. Greece plans to return to the bond markets during the second half of next year.

In U.S. corporate news:

Qihoo 360 Technology (QIHU 81.00, +7.87) is +10.8% after beating on earnings and revenue. In addition, the company guided third quarter revenue above consensus.
Onyx Pharmaceuticals (ONXX 123.47, +6.51) is +5.6% after the company agreed to be acquired by Amgen (AMGN 110.50, +4.90) for $125 per share, representing a 6.9% premium.

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

06:26 am : Nikkei...13636.28...-24.30...-0.20%. Hang Seng...22005.32...+141.80...+0.70%.

06:25 am : S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -3.00.

06:25 am : FTSE...Holiday......... DAX...8393.72...-23.30...-0.30%.

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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