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 Post subject: August 28th Wednesday Trade Results - No Trades
PostPosted: Wed Aug 28, 2013 10:46 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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Quote:
No trades today for me because activities with the family.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $0.00 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=1589

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 Crawl Back A Day After Sell-Off

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

NEW YORK (CNNMoney)
U.S. stocks crawled back Wednesday, even as uncertainty roils markets around the world and investors fret over the potential consequences of a U.S.-led military strike on Syria.

The Dow Jones industrial average, S&P 500 and Nasdaq all ended the day modestly higher after Tuesday's sharp fall in reaction to a potential strike on Syria.

World markets continued to tumble Wednesday. European markets closed lower, while Asian markets ended in the red. Both Japan's Nikkei and Hong Kong's Hang Seng fell by as much as 1.6%.

Investors pulled back a little bit from assets deemed "safe" on Wednesday. But the price of gold has shot up in the past few days while U.S. Treasury 10-year bond yields have fallen.

Oil prices also surged another 1% after rising 3% on Tuesday.

The world seems increasingly convinced that the U.S. -- and its allies -- will make a military strike against Syrian government forces in the coming days. U.S. officials report that Syrian forces used chemical weapons to attack innocent people.

The possibility of a U.S.-led military strike has brought volatility back to the markets. The key metric for measuring market volatility, the VIX (VIX), has spiked nearly 40% since early August. The index jumped 12% Tuesday.

August is shaping up to the be worst month for the market in over a year, but all three major U.S. indexes remain up between 13% and 19% in 2013.

Energy stocks, which have been underperforming the market for most of this year, have done well in the past few days, as potential for the conflict to escalate rose.

Shares of Exxon Mobil (XOM, Fortune 500), Hess (HES, Fortune 500), Chevron (CVX, Fortune 500), BP (BP), and Marathon Oil (MRO, Fortune 500) surged Wednesday.

What's moving: Shares of BlackBerry (BBRY) continued to climb, rising nearly 3%. The jump comes a day after reports surfaced that the ailing smartphone maker is considering spinning off its Messenger unit into a more agile subsidiary.

Some traders on StockTwits thought that would be a smart move.

duke2duke: $BBRY news of spinning off the messaging portion is good for shareholders. The parts are much more valuable than the sum.

willhassell: if $BBRY does spin of BBM i think they could make some good money by making it a messaging app across all the smartphones.

Facebook (FB) rose back above the $40 mark after an eMarketer report showed that the social media site is taking the mobile ad market by storm. Mobile revenue is growing rapidly for Facebook. But it is still expected to trail industry leader Google (GOOG, Fortune 500) this year.

It's been a good couple days for jewelry retailers. Shares of Zale (ZLC) jumped nearly 30% after it reported its first full-year profit in several years. A day earlier, Tiffany & Co (TIF) reported better-than-expected quarterly results.

Traders were impressed with the pop, especially as a number of other retailers have been struggling.

winrx: $ZLC Nice numbers coming from a retailer for a change.

abubnic: Apparently, diamonds are not a short's best friend.

* Video - The worst may be over for TiVo

TiVo (TIVO) shares were up following healthy earnings after the bell on Tuesday. The rise was driven by several factors, including good reviews for its new Roamio box, a jump in subscribers and revenue generated from legal settlements.

One trader said the stock has legs.

biofreak: $TIVO Looking like a pretty good long time play here. Picked up some TIVO in PM

Image



4:20 pm : The S&P 500 settled higher by 0.3% to follow yesterday's 1.6% slide. Although the benchmark index advanced, it was unable to retake its 100-day moving average.

Eight of ten sectors finished in positive territory with energy leading the way. The sector displayed significant strength, climbing 1.8%, after outperforming during yesterday's session. Thanks to today's jump, energy is the only sector trading in positive territory this month.

On a related note, crude oil rose 0.4% to $109.40 per barrel, and has gained almost 12.0% so far this quarter amid increased tensions in the Middle East. Oil prices bear watching over the coming days as the continued strength has the potential to pose as a headwind to economic growth.

The Dow Jones Transportation Average is one of the groups with increased sensitivity to energy prices. The bellwether complex underperformed with a loss of 0.1% after falling 2.6% during yesterday's session. The weakness in transports weighed on the industrial sector, which added less than 0.1%.

Overall, today's rebound was not very robust. Yesterday, six sectors lost more than 1.0%, and today, none of those six advanced more than 0.4%. Outside of energy, only health care and discretionary shares finished ahead of the S&P.

The health care space advanced 0.4% as biotechnology rallied. The iShares Nasdaq Biotechnology ETF (IBB 193.32, +2.05) rose 1.1%, which helped the Nasdaq outperform the broader market.

Elsewhere, the discretionary space gained 0.4% as retailers displayed strength. Express (EXPR 21.10, +1.30) jumped 6.6% following its in-line report while the SPDR S&P Retail ETF (XRT 77.79, +0.43) finished higher by 0.6%. While most discretionary components advanced, home builders lagged as the iShares Dow Jones US Home Construction ETF (ITB 20.56, -0.10) slipped 0.5%.

Countercyclical sectors ended in mixed fashion as utilities (+0.3%) settled in-line while consumer staples (-0.7%) and telecom services (-0.5%) lagged.

Treasuries finished on their lows with the benchmark 10-yr yield tacking on six basis points to 2.78%.

Today's session saw below-average trading volume as less than 600 million shares changed hands on the floor of the New York Stock Exchange.

The weekly MBA Mortgage Index remained in a downtrend with today's 2.5% fall marking the fourteenth decline out of the past sixteen readings including last week's 4.6% slide.

Separately, July pending home sales fell 1.3%, which was worse than the 0.2% increase forecast by the Briefing.com consensus. Today's reading follows last month's decrease of 0.4%.

Tomorrow, weekly initial claims and the second estimate of second quarter GDP will be reported at 8:30 ET.

The U.S. Treasury will auction $29 billion in 7-yr notes.DJ30 +48.38 NASDAQ +14.83 SP500 +4.48 NASDAQ Adv/Vol/Dec 1454/1.33 bln/1057 NYSE Adv/Vol/Dec 1672/598.8 mln/1329

3:30 pm :

Oct crude oil rose for a fifth consecutive session on continued concerns over unrest in the Middle East. The energy component chopped around near the $110.00 per barrel level after pulling back from a high of $112.24 per barrel set in overnight action, its highest level since May 2011. It eventually settled at $110.07 per barrel, or 1.0% higher
Sep natural gas erased earlier losses after trading as low as $3.51 per MMBtu in morning pit trade. It broke into positive territory in last half hour of the floor session and closed 0.3% higher at $3.58 per MMBtu
Precious metals retreated into negative territory as the dollar index gained strength
Dec gold pulled back from its session high of $1431.00 per ounce and eventually settled with a 0.1% loss at $1418.70 per ounce
Sep silver brushed a session low of $24.22 per ounce after trading as high as $25.00 per ounce earlier in the session. It closed 1.1% lower at $24.38 per ounce


DJ30 +86.37 NASDAQ +25.04 SP500 +9.15 NASDAQ Adv/Vol/Dec 1563/1107.2 mln/922 NYSE Adv/Vol/Dec 1788/386 mln/1204

3:00 pm : The S&P 500 trades higher by 0.4% as today's session enters its final hour. Energy, health care, and discretionary shares have outperformed the broader market throughout the session and they continue to lead as we head towards the close.

Financials, industrials, and technology deserve some attention into the close as the three sectors hold slim gains between 0.2% and 0.4%. If these influential sectors were to surrender a portion, or all, of their gains, the broader market would have a difficult time staying in positive territory as the three groups constitute almost 45.0% of the S&P.

Treasuries remained pinned to their lows with the benchmark 10-yr yield higher by seven basis points at 2.78%.DJ30 +55.60 NASDAQ +17.65 SP500 +5.90 NASDAQ Adv/Vol/Dec 1494/1.01 bln/990 NYSE Adv/Vol/Dec 1699/345.8 mln/1284

2:30 pm : Recent action saw the S&P 500 surrender about three points off its session high, which coincides with yesterday's opening levels. In addition, the recent slip took the benchmark index back below its 100-day moving average, which has been watched closely throughout the session. Despite the modest dip, the index remains higher by 0.5%.

Interestingly, small caps faced the brunt of yesterday's selling, and the Russell 2000 trails behind the broader market once again today. The small cap index holds a gain of 0.4%.

Treasuries remain near their lows with the benchmark 10-yr yield higher by seven basis points at 2.79%.DJ30 +59.36 NASDAQ +19.96 SP500 +7.57 NASDAQ Adv/Vol/Dec 1530/937.4 mln/946 NYSE Adv/Vol/Dec 1782/314.2 mln/1202

2:05 pm : The major averages continue to hover near their highs as the quiet session continues. Although the key indices have held near their current levels for the past hour, only three sectors (consumer discretionary, energy, and health care) trade ahead of the broader market.

The discretionary sector has been supported by retailers as the SPDR S&P Retail ETF (XRT 78.13, +0.77) trades higher by 1.0%. Meanwhile, homebuilders trade lower across the board with the iShares Dow Jones US Home Construction ETF (ITB 20.62, -0.04) lower by 0.2%.

Elsewhere, the energy space sports a gain of 2.1% and today's advance makes it the only sector that remains in positive territory for the week. The growth-sensitive group sports a week-to-date gain of 1.2%.

Lastly, the health care sector is higher by 0.8% as biotechnology contributes to the sector's strength. The iShares Nasdaq Biotechnology ETF (IBB 193.62, +2.35) is higher by 1.2%.DJ30 +77.11 NASDAQ +28.01 SP500 +10.05 NASDAQ Adv/Vol/Dec 1626/868.4 mln/856 NYSE Adv/Vol/Dec 1934/289.1 mln/1048

1:25 pm : Yesterday was a trend-down day for obvious reasons. So far, today has been a trend-up day for reasons that are less clear.

Worries about the Syria situation drove oil, gold, and Treasury prices higher yesterday and stock prices lower. To be sure, the uncertainty surrounding Syria persists, yet the market hasn't adopted a uniform trading approach in the face of that uncertainty. Oil prices ($109.88, +0.87) are up and gold prices ($1419.80, -0.40) are down. Treasury prices are down and stock prices are up.

We think it is misleading to say the stock market, based on today's gains, is shrugging off its concerns about Syria. What seems more likely is that there has been some short-covering activity behind the gains today given the lack of follow-through selling at the start of trading. It is also worth noting that trading volume remains on the light side with just 259 mln shares traded at the NYSE to this point. The thin trading conditions make it a bit easier to force the price action than it might be otherwise with more active participation.

Separately, Treasuries are at their lows for the session following a disappointing 5-yr note auction that drew a high yield of 1.624% on a 2.38 bid-to-cover ratio that was the weakest in four years. DJ30 +69.59 NASDAQ +26.17 SP500 +8.94 NASDAQ Adv/Vol/Dec 1629/780 mln/825 NYSE Adv/Vol/Dec 1886/259 mln/1063

12:55 pm : The major averages have climbed steadily through the first half of today's session. The S&P 500 holds a midday gain of 0.6% after regaining its 100-day moving average, which sits in the 1638/1639 area.

Although stocks are rebounding from yesterday's slide that saw the S&P drop 1.6%, the recovery effort has not been very robust. Yesterday, six sectors lost more than 1.0% and today, none of those six trade with gains larger than 0.7%.

The energy space outperformed the broader market yesterday, and the sector's 2.0% gain makes it the clear leader so far today. Meanwhile, crude oil has also shown strength, climbing 1.0% to $110.04 per barrel. The energy component has been rising steadily amid increased tensions in the Middle East. However, oil prices should be watched closely as continued oil strength can become a headwind to economic growth.

The Dow Jones Transportation Average is one of the areas with increased sensitivity to oil prices. The bellwether complex tumbled 2.6% yesterday, and it trades with a modest loss of 0.1% today. Notably, the complex ended yesterday's session below its 100-day average, with further slippage taking place today. The relative weakness of transports has pressured the industrial sector, which underperforms with a gain of 0.3%.

Other cyclical sectors trade in mixed fashion. Consumer discretionary (+0.7%) and financials (+0.7%) trade ahead of the broader market while materials (+0.2%) lag and technology (+0.6%) trades in-line with the S&P.

Countercyclical sectors are also mixed with health care (+0.7%) displaying relative strength while consumer staples (-0.4%), telecom services (-0.2%), and utilities (+0.5%) lag.

Treasuries have been the subject of steady selling since the overnight session. The benchmark 10-yr yield is higher by seven basis points at 2.79%.

The weekly MBA Mortgage Index remained in a downtrend with today's 2.5% fall marking the fourteenth decline out of the past sixteen readings including last week's 4.6% slide.

Separately, July pending home sales fell 1.3%, which was worse than the 0.2% increase forecast by the Briefing.com consensus. Today's reading follows last month's decrease of 0.4%.DJ30 +79.98 NASDAQ +27.49 SP500 +10.26 NASDAQ Adv/Vol/Dec 1627/720.5 mln/821 NYSE Adv/Vol/Dec 1903/240.1 mln/1037

12:30 pm : The major indices remain near their best levels of the day as the S&P 500 attempts to regain its 100-day moving average.

With regard to individual sectors, energy (+2.0%) continues to lead while the next best performing group, financials, holds a gain of 0.7%. Although two influential sectors trade ahead of the broader market, other cyclical groups remain mixed.

Consumer discretionary (+0.6%) shares trade in-line with the S&P while industrials (+0.2%), materials (+0.2%), and technology (+0.4%) lag. Of those three, the industrial space has been pressured by transportation companies. The Dow Jones Transportation Average trades lower by 0.2% after losing 2.6% yesterday. Like the S&P, the bellwether complex is looking to regain its 100-day moving average, which sits about 0.3% above the current levels.DJ30 +72.77 NASDAQ +23.45 SP500 +9.43 NASDAQ Adv/Vol/Dec 1596/663.1 mln/826 NYSE Adv/Vol/Dec 1864/223.1 mln/1066

12:05 pm : Recent action saw the S&P 500 climb above its 100-day moving average after falling below that level during yesterday's session.

Today's rebound effort has been a bit anemic considering the magnitude of yesterday's decline. Six sectors saw losses larger than 1.0%, and none of those six have been able to add more than 0.7% today. The energy (+2.0%) space is the only sector sporting a gain larger than 1.0%.

The notable strength comes after the sector shed 0.6% during yesterday's session. A 1.2% gain in crude has contributed to the sector's strength, but oil should be watched closely as continued oil strength can become a headwind for economic growth.DJ30 +57.44 NASDAQ -21.16 SP500 +7.91 NASDAQ Adv/Vol/Dec 1566/605.8 mln/837 NYSE Adv/Vol/Dec 1819/203.9 mln/1093

11:30 am : Equities have continued their steady push to fresh highs and the S&P 500 has climbed within one point of its 100-day moving average, which sits in the 1638/1639 area. Yesterday's slide sent the benchmark index below its 100-day average for just the second time this year. The S&P saw its first close beneath that level on June 24 before climbing to fresh highs over the course of the next two months.

Although the major indices trade on their highs, three sectors (consumer staples, materials, and telecom services) remain in the red with losses between 0.1% and 0.5%.DJ30 +40.67 NASDAQ +14.75 SP500 +5.08 NASDAQ Adv/Vol/Dec 1509/532.8 mln/862 NYSE Adv/Vol/Dec 1733/179.2 mln/1182

10:55 am : The major averages continue to hold modest gains with the S&P 500 up 0.3%. Although equities trade in positive territory, only three sectors sport gains of more than 0.4%.

Energy (+1.5%) and technology (+0.4%) have led from the opening bell, and they continue to pace the advance at this juncture. Meanwhile, other cyclical sectors trade in mixed fashion. Financials (+0.3%), industrials (UNCH) and materials (-0.1%) trail behind the broader market while the discretionary sector (+0.4%) outperforms.

Meanwhile, all four countercyclical sectors (consumer staples, health care, utilities, and telecom services) lag.

Treasuries have slipped to fresh lows, pushing the benchmark 10-yr yield higher by five basis points to 2.77%.DJ30 +42.39 NASDAQ +18.29 SP500 +5.90 NASDAQ Adv/Vol/Dec 1538/421.9 mln/799 NYSE Adv/Vol/Dec 1713/143.8 mln/1175

10:35 am : Commodities are mixed this morning, while the dollar index is coming off a strong rally.

Crude oil and Brent oil futures extend gains overnight as tension in Syria rose and larger concerns that political instability will spread throughout the Middle East. The Middle East produces about 31% of the world's crude oil. In current trade, WTi crude oil is +0.7% at $109.75/barrel, while brent crude oil is +1.0% at $115.46/barrel.

Natural gas prices have been sliding lower this morning and just hit a new LoD of $3.51/MMBtu. In current trade, Oct natural gas is -1.3% at $3.53/MMBtu.

Gold and silver futures dropped sharply this morning, selling off into negative territory. Dec gold is now +0.1% at $1420.90/oz, while Sept silver is -0.9% at $24.43/oz. DJ30 +25.04 NASDAQ +12.05 SP500 +2.8 NASDAQ Adv/Vol/Dec 1462/335.1 mln/813 NYSE Adv/Vol/Dec 1556/119 mln/1274

10:00 am : The S&P 500 trades higher by 0.2%.

Pending home sales for July fell 1.3%, which was worse than the 0.2% increase forecast by the Briefing.com consensus. Today's reading follows last month's decrease of 0.4%.DJ30 +20.51 NASDAQ +10.87 SP500 +2.24 NASDAQ Adv/Vol/Dec 1308/194.9 mln/892 NYSE Adv/Vol/Dec 1419/81.8 mln/1356

09:50 am : The major averages have registered modest opening gains with the Nasdaq (+0.3%) pacing the early advance. Similar to the Nasdaq, the technology sector trades ahead of the broader market as top components like Apple (AAPL 492.59, +4.04), Google (GOOG 854.46, +4.31), and Microsoft (MSFT 33.58, +0.32) sport gains between 0.5% and 1.0%.

In addition to technology, the energy sector holds a solid gain of 1.0% as crude oil trades up 0.9% to $110.02.

Elsewhere, Treasuries hover near their lows with the benchmark 10-yr yield higher by five basis points at 2.76%.DJ30 +24.35 NASDAQ +10.36 SP500 +2.36 NASDAQ Adv/Vol/Dec 1251/122.1 mln/844 NYSE Adv/Vol/Dec 1491/62.1 mln/1220

09:17 am : [BRIEFING.COM] S&P futures vs fair value: -0.10. Nasdaq futures vs fair value: +1.20. Equity futures hover near their flat lines as today's session sets up for a flat open. Overnight, global equity markets remained under pressure with peripheral Asian indices registering notable losses. In the Philippines, the PSEi fell 3.0% to its lowest level of the year. Elsewhere, India's Sensex ended little changed, but the rupee lost another 4.0% versus the dollar. Since the start of June, the greenback has gained almost 22.0% at the expense of the rupee.

Domestically, the S&P 500 will look to rebound from yesterday's 1.6% loss. However, Treasury yields could act as a limiting factor with the benchmark 10-yr yield trading higher by five basis points at 2.76%.

Pre-market economic data was limited to the weekly MBA Mortgage Index, which remained in a downtrend with today's 2.5% fall marking the fourteenth decline out of the past sixteen readings including last week's 4.6% slide.

July pending home sales will cross the wires at 10:00 ET and the U.S. Treasury will auction $35 billion in 5-yr notes.

08:59 am : [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +2.70. The S&P 500 futures trade near their flat line.

Markets across Asia were mostly lower as worries of a conflict in Syria caused crude oil to spike above $112 per barrel in overnight trade, pressuring equities. Majors like Japan's Nikkei (-1.5%) and Hong Kong's Hang Seng (-1.6%) saw heavy selling, but it was the Philippines PSEi (-3.0%) that was saddled with the biggest decline as action posted its lowest close of 2013. All was not bad in peripheral Asia as Indonesia's Jakarta Composite (+1.5%) rebounded after days of heavy selling. Elsewhere, India's Sensex (+0.2%) eked out a gain despite the rupee tumbling roughly 4.0% to a low of 68.93 per dollar. Data out of the region was light as Thailand's industrial production sank 4.5% year-over-year (-1.8% expected) and South Korea's business confidence ticked up to 73 from 72.

In Japan, the Nikkei closed lower by 1.5% as trade closed at a two-month low. Heavyweights Fast Retailing and Softbank were pressured, giving up 1.3% and 1.9%, respectively. On the upside, shares of oil explorer Inpex outperformed, posting a 0.9% advance.
Hong Kong's Hang Seng lost 1.6% as trade ended at a five-week low. Energy stocks were under pressure with PetroChina tumbling 4.4% after executives from one of its subsidiaries were said to be under investigation.
In China, the Shanghai Composite shed 0.1% amid a choppy trade. Financials lagged as Ping An Bank fell 2.3%. Elsewhere, gold miners Shandong Gold-Mining and Zhongjin Gold Corp. moved limit up, 10%.

The major European indices have spent the first half of the session in negative territory with Germany's DAX (-1.4%) leading to the downside. Investors received a fair share of economic data. Eurozone M3 Money Supply rose 2.2% year-over-year (2.1% expected, 2.4% prior) while private loans decreased 1.9% year-over-year (-1.6% forecast, -1.6% previous). Germany's GfK Consumer Climate slipped to 6.9 from 7.0 (7.1 expected). Separately, the Import Price Index ticked up 0.3% month-over-month (0.2% expected, -0.8% prior). Great Britain's CBI Distributive Trades Survey rose to 27 from 17 (19 forecast). Italy's retail sales slipped 0.2% month-over-month (0.1% expected, 0.1% prior) while the year-over-year reading indicated a decrease of 3.0% (1.2% previous). Also of note, speaking at a campaign rally in Rendsburg, German Chancellor Angela Merkel said "Greece shouldn't have been allowed into the euro" and that "Chancellor [Gerhard] Schroeder accepted Greece and weakened the Stability Pact."

In France, the CAC holds a loss of 0.3%. Hotel operator Accor trades lower by 4.3% after the company introduced a new chairman and chief executive officer. Exporter Renault is also among the laggards, trading lower by 3.5%.
Great Britain's FTSE is lower by 0.5% as airlines lead the decliners. EasyJet and International Consolidated Airlines Group sport respective losses of 3.5% and 5.2%. Oil companies are among the leaders with BG Group, Royal Dutch Shell, and Tullow Oil up between 1.8% and 3.1%.
In Germany, the DAX trades down 1.4% as Lufthansa leads to the downside with a loss of 4.2%. Exporters BMW, Daimler, and Volkswagen also lag with losses between 1.4% and 1.9%.

08:30 am : [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +5.00. Equity futures hover near their flat lines with the S&P 500 futures up 0.1%. Futures climbed through the early part of the overnight session, but saw their advance end as the European trading day began.

Investors overseas continued to shy away from equities as emerging markets remained under pressure. The Indian rupee fell more than 4.0% against the dollar to 69.16 and Philippines saw its PSEi index tumble 3.0% to its lowest close of the year.

Domestically, participants will look for the S&P 500 to rebound from yesterday's 1.6% loss that placed the index below its 100-day moving average for just the second time this year.

Treasuries hover on their lows with the benchmark 10-yr yield higher by four basis points at 2.75%.

The U.S. Treasury will auction $35 billion in 5-yr notes.

08:00 am : [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: -1.00. U.S. equity futures hover near their lows with the S&P 500 futures off 0.1%. Index futures notched their highs as the European session got underway before surrendering all of their gains over the subsequent four hours.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -0.1%, Japan's Nikkei -1.5%, and Hong Kong's Hang Seng -1.6%.
Regional economic data was scarce:
Australia's completed construction work decreased 0.3% quarter-over-quarter (1.6% expected, -1.9% prior).
South Korea's Manufacturing BSI Index rose to 78.0 from 74.0.
In news:
Emerging market currencies remained under pressure with the Indian rupee falling nearly 4.0% against the dollar to 68.94.
Reports from Japan indicate Prime Minister Shinzo Abe will not make changes to his cabinet in the fall.

Major European indices have spent the first half of the session in negative territory. France's CAC -0.4%, Great Britain's FTSE -0.5%, and Germany's DAX -1.2%. On the periphery, Spain's IBEX -1.1% and Italy's MIB -0.2%.
In economic data:
Eurozone M3 Money Supply rose 2.2% year-over-year (2.1% expected, 2.4% prior) while private loans decreased 1.9% year-over-year (-1.6% forecast, -1.6% previous).
Germany's GfK Consumer Climate slipped to 6.9 from 7.0 (7.1 expected). Separately, the Import Price Index ticked up 0.3% month-over-month (0.2% expected, -0.8% prior).
Great Britain's CBI Distributive Trades Survey rose to 27 from 17 (19 forecast).
Italy's retail sales slipped 0.2% month-over-month (0.1% expected, 0.1% prior) while the year-over-year reading indicated a decrease of 3.0% (1.2% previous).
In news:
Speaking at a campaign rally in Rendsburg, German Chancellor Angela Merkel said "Greece shouldn't have been allowed into the euro" and that "Chancellor [Gerhard] Schroeder accepted Greece and weakened the Stability Pact."

In U.S. corporate news:

Express (EXPR 21.74, +1.94) is +9.8% following an in-line earnings report.
Joy Global (JOY 48.73, -2.58) is -5.0% despite beating on earnings and revenue.
TiVo (TIVO 11.40, +0.43) is +3.9% after beating on revenue and guiding its third quarter revenue above consensus estimates.
Zale Corporation (ZLC 9.25, +0.29) is +3.2% after surpassing top- and bottom-line expectations.

The weekly MBA Mortgage Index remained in a downtrend with today's 2.5% fall marking the fourteenth decline out of the past sixteen readings including last week's 4.6% slide.

July pending home sales will cross the wires at 10:00 ET.

06:28 am : [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +2.50.

06:28 am : Nikkei...13338.46...-203.90...-1.50%. Hang Seng...21524.65...-350.10...-1.60%.

06:28 am : FTSE...6403.05...-37.90...-0.60%. DAX...8156.89...-86.10...-1.00%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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