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 Post subject: August 27th Tuesday Trade Results - Profit $1557.50
PostPosted: Tue Aug 27, 2013 10:23 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ ($380.00) dollars or -3.80 points, Emini ES ($ES_F) futures @ $1937.50 dollars or +38.75 points, Light Crude Oil CL ($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 @ $1557.50 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=1588

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.

Stocks Slump On Syria Fears

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

NEW YORK (CNNMoney)
Fears over a possible U.S. military strike against Syria spooked investors Tuesday.

The Dow Jones Industrial Average and the S&P 500 fell more than 1% while the Nasdaq dropped more than 2%. The sell-off accelerated as the day progressed and the markets finished near their lows of the day. Global markets also closed lower.

Investors moved into assets deemed "safe," pushing up the prices of gold and U.S. and German government bonds. Oil prices also surged 3%.

Still, the drop in stocks came during a light day of trading in the late August doldrums. Major U.S. indexes remain up between 13% and 19% in 2013.

Investors have reason to worry about the stability of the Middle East. They have become increasingly concerned that the U.S. and its allies are preparing for military action against Syria. Secretary of State John Kerry said Monday that evidence "strongly indicates" chemical weapons were used in Syria.

* Military strikes likely response?

Russ Koesterich, chief investment strategist for BlackRock, called the Middle East one of the most overlooked risks for investors. If issues escalate throughout the region and push oil prices significantly higher, the already fragile economic recovery could be compromised.

Home prices keep rising: Syria was dominating the headlines. But U.S. investors got more good news about the housing market. Prices for homes in the nation's 20 largest cities in June rose 12.1% over the last year. That was down slightly from the previous month, but still shows that housing continues to rebound.

Retail rout: Shares of jewelry retailer Tiffany & Co (TIF) initially rose on better-than-expected quarterly results, but then closed lower as investors worried about slowing U.S. sales.

Traders on StockTwits were confused as to the trajectory.

BullsOnParade: $TIF wait, they beat earnings right

AskSlim: $TIF good earnings and guidance. But it gives a top warning- I'm short here.

Shares of electronics retailer Best Buy (BBY, Fortune 500) fell after its founder Richard Schulze announced that he would begin selling his stake in the retailer in October. Schulze attempted to take Best Buy private last year but was rebuffed by the board.

Still as traders on StockTwits noted, it's been a big winner this year, surging nearly 200% year-to-date. Even with Tuesday's slide, the stock was trading around $35 -- not far from its 52-week high.

Heisenberg: $BBY darling of Wall St 2013

candiswave: $BBY She looks like she wants 40's soon.

Is the Ackman exodus a good thing? Shares in struggling department store operator J.C. Penney (JCP, Fortune 500) were up more than 3% at one point Tuesday following the news that activist shareholder Bill Ackman sold his entire stake of more than 39 million shares. But as the day progressed, shares of the retailer dipped with the rest of the market.

Traders on StockTwits at first though Ackman's exit was a good thing. And one joked about the other investment that has hurt Ackman this year: his bearish bet on nutritional supplement company Herbalife (HLF). That stock has nearly doubled this year.

MeanMrMustard: $JCP You knew this bounce was coming after Ackman couldn't bring it down.

MercenaryJack: Ackman loses $504 million on $JCP http://stks.co/dgLk Tell you what, dude knows how to go big. Another big one lurking? Ahem $HLF cough

No more Facebook Forty: Facebook (FB) has been surging lately due to optimism about growth in mobile users and advertising. But the social media company's stock dropped 4% Tuesday. Facebook closed below $40 -- a recent milestone. Facebook hit that price on its first day of trading and hadn't been back there until late last week.

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4:20 pm : The major averages settled on their lows after broad-based selling persisted throughout the session. Sellers were in control, reacting to the increased likelihood of U.S. military involvement in Syria.

In addition, investors exhibited caution amid news indicating the debt ceiling will be reached in mid-October and that Congress has yet to begin budget negotiations ahead of the new fiscal year, which begins October 1.

The S&P 500 fell 1.6% to end below its 100-day moving average for just the second time this year. Small caps endured even more selling as the Russell 2000 lost 2.4%.

Global equities sold off ahead of the U.S. open while commodities received an overnight bid that held throughout the session. Concerns over possible supply interruptions helped crude oil end at its highest level in more than a year, climbing 2.8% to $108.84 per barrel. Elsewhere, gold futures rose 1.6% and silver advanced 2.0% to $1415.50 and $24.50 per troy ounce, respectively.

Similar to oil and precious metals, Treasuries were on the receiving end of safe-haven flows with the benchmark 10-yr yield sliding eight basis points to 2.72%.

The retreat in yields helped rate-sensitive telecom services and utilities end little changed. However, other sectors were not as fortunate as six groups lost more than 1.0%, and two of those six fell more than 2.0% apiece.

Intraday rebound attempts never gathered steam as two top-weighted sectors, financials and technology, led to the downside with respective losses of 2.4% and 2.0%. The weakness in technology was notable as the sector had provided notable leadership in recent days.

Elsewhere, industrials also finished among the laggards as transportation-related companies underperformed. The Dow Jones Transportation Average fell 2.6% as airlines displayed significant weakness. Delta Air Lines (DAL 19.11, -1.16) and United Continental (UAL 27.71, -2.15) tumbled 5.7% and 7.2%, respectively.

While most cyclical sectors ended behind the broader market, the energy space outperformed with a loss of 0.6% as the surge in crude contributed to the sector's strength.

Broad losses across the major averages sent the CBOE Volatility Index (VIX 16.76, +1.77) to its highest level since early July as investors scrambled to buy protection.

Today's session was the most active since August 16, and fifth most active this month, as 683 million shares changed hands on the floor of the New York Stock Exchange.

Looking back at the day's economic data, consumer confidence improved in August as the Conference Board's Consumer Confidence Index increased to 81.5 from an upwardly revised 81.0 (from 80.3) in July. The Briefing.com consensus expected the index to fall to 77.0.

A sharp drop in equity prices along with weak payroll growth were expected to weigh on the Consumer Confidence Index. Instead, confidence strengthened on the back of better layoff numbers and generally positive economic media reports. It is unlikely that confidence will improve again in September. Heated budget and debt ceiling negotiations took their toll on sentiment indicators in 2011. As the media once again highlights the negative effects of a potential default or government shut down, sentiment will probably decline.

Separately, the June Case-Shiller 20-city Home Price Index rose 12.1% while a 12.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.2%.

Tomorrow, the weekly MBA Mortgage Index will be reported at 7:00 ET and July pending home sales will cross the wires at 10:00 ET.DJ30 -170.33 NASDAQ -79.05 SP500 -26.30 NASDAQ Adv/Vol/Dec 324/1.59 bln/2228 NYSE Adv/Vol/Dec 605/683.2 mln/2463

3:30 pm : A weaker dollar index and increased concerns over possible military action against Syria gave crude oil and precious metals a boost today.

The biggest gain came from Oct crude oil as the energy component climbed to a new high of the year of $109.32 per barrel, extending gains for a fourth consecutive session. It chopped around near the $109.00 per barrel level for most of today's floor trade and settled there with a solid 3.0% gain.
Dec gold traded as high as $1424.00 per ounce, its highest level since June. It booked a 2.0% gain as it closed at $1420.20 per ounce. Sep silver also advanced today and touched a session high of $24.70 per ounce. It eventually settled 2.8% higher at $24.66 per ounce.
Natural gas began floor trade in negative territory, trading as low as $3.48 per MMBtu. However, it climbed higher and erased earlier losses, closing with a 0.3% gain at $3.57 per MMBtu.

DJ30 -161.73 NASDAQ -78.39 SP500 -25.59 NASDAQ Adv/Vol/Dec 361/1.31 bln/2194 NYSE Adv/Vol/Dec 579/450.91 mln/2471

3:05 pm : The major averages hover near their lows as today's session enters its final hour. While equities trade with sharp losses, the foreign exchange market has seen some notable movements today as well.

The Dollar Index holds a slim loss of 0.3% after starting the session with a modest gain. The greenback weakness is most notable against the yen and the Swiss franc. Dollar/yen is lower by 1.2% at 97.12 as trade tests support at the current level. Today's weakness comes as sellers defend trendline resistance off the May highs that is helped by the 50- and 100-day moving averages. A test of the 200-day moving average in the 94.45 area is not out of the question if aggressive selling persist.

Elsewhere, dollar/franc is lower by 0.4% at .9182 as trade probes key support in the area. Traders are watching today's action closely as a finish below .9170 would mark the worst close for the pair since February.DJ30 -140.71 NASDAQ -70.34 SP500 -22.62 NASDAQ Adv/Vol/Dec 358/1.21 bln/2180 NYSE Adv/Vol/Dec 595/406.8 mln/2445

2:30 pm : There has been no let up to the selling as the major averages continue pressing to fresh lows. The S&P 500 trades down 1.4% as most cyclical sectors remain weak. The energy sector continues to outperform, but it has widened its loss to 0.5%. Meanwhile, crude oil (+2.9%) continues to hover near its session high at $109.01.

Today's economic data was limited to the June Case-Shiller 20-city Index and the August Consumer Confidence report. Both data points came in ahead of expectations, but had little influence over the direction of the broader market.

Investors will receive a fair share of economic news before the week ends. Tomorrow's most notable report will come in the form of July pending home sales. The Briefing.com consensus expects the reading to indicate an uptick of 0.2%, but given disappointing July new home sales, a decrease in pending home sales is not out of the question.DJ30 -154.01 NASDAQ -74.68 SP500 -23.88 NASDAQ Adv/Vol/Dec 362/1.09 bln/2174 NYSE Adv/Vol/Dec 567/368.5 mln/2454

2:00 pm : Recent action saw the S&P 500 slip below its 100-day moving average for just the second time this year. The first test of the 100-day average came on June 24 after the S&P lost 5.5% over the course of four sessions in reaction to the first mention of potential tapering.

After this year's initial test of the 100-day average, the S&P rallied sharply, climbing 9.6% over the following month. The index capped that run by notching its all-time high on August 2. Since then, the S&P has been stuck in a downtrend, sliding 4.3% to its current levels.

Recent sessions have been plagued by thin volume. However, due to today's aggressive selling, the final tally is expected to be a bit closer to longer-term average levels than recent totals that have been unable to eclipse the 600 million mark.DJ30 -129.70 NASDAQ -67.42 SP500 -20.89 NASDAQ Adv/Vol/Dec 402/997.1 mln/2126 NYSE Adv/Vol/Dec 630/334.3 mln/2370

1:30 pm : Stocks are having a difficult time attracting buyers today as a battery of concerns -- Syria, the debt ceiling, tapering, leadership succession at the Fed, and emerging market weakness -- have resonated as top reasons to stay out of the mix.

They are all sources of uncertainty and that uncertainty has been hanging over the stock market like a wet blanket. Conversely, the Treasury market has caught a flight-to-safety bid that has boosted the 10-yr note by a half point, lowering the yield on the benchmark instrument to 2.73%. The drop in long-term rates has contributed to the relative strength of the utilities sector (+0.2%), which is the only sector sporting a gain at the moment.

On a related note, the $34 bln 2-yr note auction drew a high yield of 0.386% on a 3.21 bid-to-cover ratio. The latter was below the 12-auction average of 3.53x, yet it was still the highest bid-to-cover ratio since April. Treasuries have seen some additional buying interest after the auction, but it would be remiss not to add that the additional buying has also coincided with the major stock averages slipping to new lows for the day. DJ30 -139.84 NASDAQ -67.86 SP500 -21.70 NASDAQ Adv/Vol/Dec 390/904 mln/2127 NYSE Adv/Vol/Dec 579/303 mln/2421

1:00 pm : The major averages have spent the entire first-half of the session near their lows as participants shy away from risk in reaction to the increased likelihood of military involvement in Syria. The overnight session saw global equities retreat while commodities received a solid bid with oil and precious metals leading the way.

Crude oil has climbed to its best level of the year, trading higher by 2.9% at $109.00 per barrel as increased tensions in the Middle East add to the potential for supply interruptions. Elsewhere, gold is higher by 1.9% while silver adds 2.7%. The two metals trade at their respective $1419.30 and $24.65 per troy ounce.

Overnight, Treasuries were on the receiving end of a safety bid and they continue to hover near their highs at this juncture. The benchmark 10-yr yield is lower by four basis points at 2.75%.

The retreat in yields has helped rate-sensitive telecom services and utilities outperform the broader market as both sectors hover near their flat lines. In addition, a certain level of exhaustion may be present in the two groups that have displayed significant weakness throughout the month. The telecom services sector is lower by 4.5% this month while the utilities space holds an August loss of 5.2%.

Other countercyclical groups trade in mixed fashion in relation to the S&P. The health care sector (-1.3%) trails behind the broader market while consumer staples (-0.5%) outperform.

With regards to cyclical sectors, the energy space (-0.1%) is the top performer while the remaining five groups sport losses between 1.1% and 1.6% with financials leading to the downside.

Industrials are also among the biggest laggards as transportation-related companies underperform. The Dow Jones Transportation Average is lower by 2.3%.

In today's economic data, consumer confidence improved in August as the Conference Board's Consumer Confidence Index increased to 81.5 from an upwardly revised 81.0 (from 80.3) in July. The Briefing.com consensus expected the index to fall to 77.0.

A sharp drop in equity prices along with weak payroll growth were expected to weigh on the Consumer Confidence Index. Instead, confidence strengthened on the back of better layoff numbers and generally positive economic media reports. It is unlikely that confidence will improve again in September. Heated budget and debt ceiling negotiations took their toll on sentiment indicators in 2011. As the media once again highlights the negative effects of a potential default or government shut down, sentiment will probably decline.

Separately, the June Case-Shiller 20-city Home Price Index rose 12.1% while a 12.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.2%.DJ30 -122.31 NASDAQ -56.47 SP500 -18.53 NASDAQ Adv/Vol/Dec 403/827.5 mln/2096 NYSE Adv/Vol/Dec 591/279.7 mln/2377

12:35 pm : Recent action saw the S&P 500 slip to a fresh low as buying interest remains scarce. Telecom services and utilities have received a modest bid, but the two lowest-weighted sectors carry limited influence over the broader market.

With regards to top-weighted sectors, financials, health care, and technology sport losses between 1.4% and 1.7%. Meanwhile, the energy sector (-0.1%) continues to outperform.

Treasuries continue to hold near their highs with the benchmark 10-yr yield lower by four basis points at 2.75%.DJ30 -111.31 NASDAQ -54.06 SP500 -17.61 NASDAQ Adv/Vol/Dec 416/764.2 mln/2069 NYSE Adv/Vol/Dec 580/258.1 mln/2377

12:00 pm : After starting the session in the red, the S&P 500 has made two rebound attempts, but both were met with additional selling that drove the index back to its opening lows. Including today's 0.9% decline, the S&P is lower by 2.6% in August. Meanwhile, the Dow has surrendered 4.2% this month while the Nasdaq has outperformed. The tech-heavy index is lower by 0.4% month-to-date.

Although the Nasdaq has outperformed the other two indices this month, the index is lower by 1.3% today as biotechnology companies lag. The iShares Nasdaq Biotechnology ETF (IBB 193.00, -4.10) holds a loss of 2.1%.DJ30 -91.42 NASDAQ -44.64 SP500 -15.30 NASDAQ Adv/Vol/Dec 439/678.9 mln/2000 NYSE Adv/Vol/Dec 623/231.8 mln/2314

11:30 am : Equities remain pinned to the mat as the session continues. Interestingly, two of this month's weakest sectors, telecom services and utilities, trade in the green with both groups up near 0.3%. However, despite today's slim gains, the two continue to round out the bottom of this month's leaderboard.

Elsewhere, most cyclical sectors (with the exception of energy) continue to lag. Notably, the industrial space is lower by 1.2% amid broad losses in transportation-related companies. The Dow Jones Transportation Average trades down 1.9% as airlines lead to the downside. Delta Air Lines (DAL 18.98, -1.29) and United Continental (UAL 27.74, -2.12) trade with respective losses of 6.4% and 7.1%.DJ30 -80.19 NASDAQ -37.09 SP500 -13.41 NASDAQ Adv/Vol/Dec 472/601.8 mln/1968 NYSE Adv/Vol/Dec 650/206.2 mln/2281

11:05 am : The major averages continue to languish near their lows. The S&P 500 trades lower by 0.9% as five sectors register losses of at least 1.0%.

There aren't too many pockets of strength in the market at this time. Out of the six cyclical sectors, only the energy space outperforms with a loss of 0.1%. Meanwhile, crude oil hovers near its high with a gain of 2.7% at $108.73 per barrel.

Elsewhere in the commodity market, gold and silver futures sport solid gains. Gold futures are higher by 1.9% and silver futures trade up 2.1%. The two metals trade at $1418.90 and $24.52 per troy ounce, respectively.

With stocks trading sharply lower, the CBOE Volatility Index (VIX 16.16, +1.17) is higher by 7.8% as downside protection receives significant interest.DJ30 -93.71 NASDAQ -42.00 SP500 -14.88 NASDAQ Adv/Vol/Dec 424/514.3 mln/1990 NYSE Adv/Vol/Dec 589/177.2 mln/2320

10:30 am : Commodities are showing some big moves today.

Crude oil is a leading story today as the commodity rose above $109/barrel today. Weakness in the dollar index, which sold off this morning, gave as overall boost to commodities.

Crude oil, gold and silver are all currently near session highs.

Back to crude oil... Crude oil is up big today on tension in Syria, which brings fears that the tension will spread further in the Middle East, which produces about 31% of the world's crude oil. Syria only produced about 0.2% (or 182,456 barrels per day) of the world's total crude oil production in 2012, which was approximately 87 mln barrels per day in 2011. So you can see how Syria's production would not really move oil like this. It's more of the fear of turmoil spreading.

Natural gas sold off this morning and remains near its session low. Oct nat gas is currently -1.4% at $3.50/MMBtu.

Precious metals, on the other hand, have been climbing higher all session and remains near session highs. Dec gold is now +2.1% at $1421.90/oz, while Sept silver is +2.6% at $24.64/oz. DJ30 -109.80 NASDAQ -44.42 SP500 -16.62 NASDAQ Adv/Vol/Dec 395/391.6 mln/1962 NYSE Adv/Vol/Dec 513/141 mln/2363

10:00 am : The S&P 500 trades lower by 0.7%.

The latest consumer confidence reading for August came in at 81.5 while economists polled by Briefing.com expected the survey to come in at 77.0. This follows the prior month's reading of 81.0.DJ30 -60.04 NASDAQ -30.14 SP500 -11.01 NASDAQ Adv/Vol/Dec 447/237.9 mln/1852 NYSE Adv/Vol/Dec 541/95.7 mln/2275

09:45 am : As expected, the major averages followed the lead of the futures market and opened in the red. The S&P 500 is lower by 0.8% as nine of ten sectors register losses.

The energy space is the lone advancer as crude oil adds 2.5% to $108.56/bbl amid increased tensions in the Middle East.

The market faces an uphill climb in today's session and the S&P's performance is likely to hinge on the price action in influential sectors. Currently, consumer discretionary, health care, industrial, financial, and technology sectors hold losses between 0.8% and 1.1%.

A steady stream of overnight buying interest has Treasuries near their highs with the benchmark 10-yr yield lower by three basis points at 2.76%.DJ30 -84.55 NASDAQ -31.71 SP500 -12.80 NASDAQ Adv/Vol/Dec 381/153.1 mln/1890 NYSE Adv/Vol/Dec 404/72.6 mln/2403

09:13 am : [BRIEFING.COM] S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -35.30. Today's session sets up for a sharply lower open as the S&P 500 display a loss of 1.0%. Equity futures spent the entire overnight session in negative territory as many global markets sold off after yesterday's comments from Secretary of State John Kerry raised the expectations for potential military involvement in Syria.

While equity futures trade lower, crude oil is higher by 2.5% at $108.52 per barrel and gold futures trade up 1.9% to $1419.00 per troy ounce. Commodities are exhibiting strength even as the Dollar Index holds a modest gain. However, the greenback has been held back from registering additional gains by the relative strength of the yen. Dollar/yen is lower by about 95 pips as the pair hovers just below the 97.50 level.

Treasuries have received a modest safety bid pushing the benchmark 10-yr yield lower by four basis points to 2.75%.

August consumer confidence will cross the wires at 10:00 ET.

09:02 am : [BRIEFING.COM] S&P futures vs fair value: -17.10. Nasdaq futures vs fair value: -36.00. The S&P 500 futures trade lower by 1.0%.

The June Case-Shiller 20-city Home Price Index rose 12.1% while a 12.0% increase had been expected by the Briefing.com consensus. This follows the previous month's increase of 12.2%.

08:34 am : [BRIEFING.COM] S&P futures vs fair value: -17.30. Nasdaq futures vs fair value: -36.50. The S&P 500 futures remain near their lows amid continued concerns surrounding possible military involvement in Syria. The S&P 500 futures are lower by 1.0%.

Markets across Asia were broadly lower as fears of Fed tapering and a potential conflict in Syria weighed. Emerging markets like Indonesia and the Philippines saw the heaviest selling, closing down 3.7% and 4.0%, respectively. India's Sensex (-3.2%) saw significant weakness as the rupee tumbled to yet another record low against the greenback. While the remainder of the region was mostly lower, China (+0.3%) and Australia (+0.1%) saw late day reversals into the green following comments from China's vice finance minister suggesting the Middle Kingdom remained on track for 7.5% growth and that there was no need for more stimulus. Data out overnight saw Hong Kong's trade deficit narrow to HKD37.2 billion (HKD45.0 billion expected, HKD49.7 billion previous), the Philippines' trade deficit shrink to $0.37 billion ($0.46 billion expected, $0.37 billion previous), and South Korea's consumer confidence hold at 105.

In Japan, the Nikkei closed lower by 0.7% as the stronger yen weighed. Heavyweight Fast Retailing lagged the broader market, posting a loss of 1.4%. Elsewhere, Nissan Motor and Honda Motor were also weak, falling 1.4% and 0.9%, respectively.
Hong Kong's Hang Seng shed 0.6% as trade settled on the 100-day moving average. Rail operator MTR outperformed with a 1.1% gain after its earnings beat.
In China, the Shanghai Composite added 0.3% as shares climbed to their best level in two weeks. China Southern Airlines rallied 3.0% despite posting disappointing results. Meanwhile, China Eastern Airlines surged 10.0% in anticipation of Friday's earnings release.

Major European indices hover near their lows as the cautious session continues. Today's economic data was limited to Germany's Ifo Business Climate Index, which ticked up to 107.5 from 106.2 (107.0 expected) as the Current Assessment rose to 112.0 from 110.1 (110.9 forecast) while Business Expectations increased to 103.3 from 102.4 (103.0 expected). Also of note, Italy and Spain conducted solid short-term debt auctions despite the safety bid that was in place overnight.

Great Britain's FTSE is lower by 0.6% as financials underperform. Lloyds Banking Group, Royal Bank of Scotland, and Standard Chartered are all down between 2.3% and 3.6%. On the upside, oil company Petrofac is higher by 9.1% after comments from the Chief Executive Officer who said the company is on pace to meet its 2015 profit targets.
In France, the CAC trades down 1.5% as nearly all components post losses. Exporter Renault leads to the downside with a loss of 3.4%. Financials are also weak with BNP Paribas and Credit Agricole down 2.1% and 3.1%, respectively.
Germany's DAX holds a loss of 1.6% as 29 of 30 index members trade lower. Commerzbank and steelmaker ThyssenKrupp lead weigh with respective losses of 3.1% and 3.0%. Chemical producer Lanxess is the lone advancer as the stock sports a slim gain of less than 0.1%.

07:57 am : [BRIEFING.COM] S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -22.30. U.S. equity futures trade sharply lower with the S&P 500 futures down 0.6%. Most global equity markets retreated during the overnight session after yesterday's comments from Secretary of State John Kerry raised the expectations for a potential military intervention in Syria. While equity markets trade lower, crude oil is higher by 1.7% at $107.70 per barrel even as the Dollar Index holds a modest gain.

Looking at overseas developments:

Asian markets ended in mixed fashion. Japan's Nikkei -0.7%, Hong Kong's Hang Seng -0.6%, and Japan's Nikkei +0.3%.
In regional economic data:
South Korea's consumer confidence remained unchanged at 105, as expected.
Hong Kong's trade deficit narrowed to HKD37.2 billion from HKD49.7 billion (deficit of HKD45.0 billion expected).
In news:
South Korea's finance minister commented on the recent performance of regional markets, saying instability in emerging markets is widening.
The Indian rupee continued weakening as the USDINR pair climbed to a record high of 66.35.

Major European indices hover near their lows. Great Britain's FTSE -0.7%, France's CAC -1.5%, and Germany's DAX -1.7%.
Economic data was limited:
Germany's Ifo Business Climate Index ticked up to 107.5 from 106.2 (107.0 expected) as the Current Assessment rose to 112.0 from 110.1 (110.9 forecast) while Business Expectations increased to 103.3 from 102.4 (103.0 expected).
Looking at news:
Italy and Spain conducted solid short-term debt auctions despite the safety bid that was in place overnight.

In U.S. corporate news:

J.C. Penney (JCP 13.04, -0.31) is lower by 2.4% after reports indicated Bill Ackman's Pershing Square will sell its entire stake in the retailer.
Tiffany (TIF 83.60, +1.93) is higher by 2.4% after reporting a bottom-line beat on below-consensus revenue.

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.

06:19 am : [BRIEFING.COM] S&P futures vs fair value: -8.50. Nasdaq futures vs fair value: -15.00.

06:19 am : Nikkei...13542.37...-93.90...-0.70%. Hang Seng...21874.77...-130.60...-0.60%.

06:19 am : FTSE...6448.62...-43.50...-0.70%. DAX...8313.23...-121.90...-1.50%.

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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