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 Post subject: June 2nd Monday Trade Results - Profit $2710.00
PostPosted: Mon Jun 02, 2014 12:46 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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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 @ $2,710.00 dollars or +27.10 points, Emini ES ($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 @ $2,710.00 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 timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=131&t=1807

Quote:
If any of my real-time posted trades are via key concepts discussed in the WRB Analysis free study guide or the Fading Volatility Breakout (FVB) free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the Advance WRB Analysis Tutorial Chapters 4 - 12 or the Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.

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 ##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

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 (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=240&t=2365

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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. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Stocks Notch New Records After ISM Blooper

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

NEW YORK (CNNMoney)
No correction needed here: Stocks cruised to fresh all-time highs on Monday even after a research firm messed up some closely-watched manufacturing data.

While the Dow Jones industrial average and S&P 500 hit new records, the Nasdaq limped to the finish line by closing slightly lower.

Here are five things you need to know about Monday's market action:

1. Oops! Manufacturing index corrected: The initial release of the Institute for Supply Management's manufacturing index showed an unexpected dip to 53.2 in May from 54.9 in April. That meant the pace of manufacturing expansion slowed a bit. Investors had expected a spring pickup.

But then ISM corrected itself by saying manufacturing activity actually improved to 56. That helped ease concerns about the economy, and the Dow quickly climbed back into positive territory.

ISM later corrected itself a second time, saying the actual reading is 55.4. The confusion over the ISM numbers frustrated investors (and journalists).

"I remain a buyer of U.S. value over growth. And I am a seller of propeller headed econometricians. You had one job, guys. ONE JOB," Michael Block, chief strategist at Rhino Trading Partners, wrote in a note to clients.

2. Another day, another record: After a record-setting month of May, stocks were once again hitting all-time highs -- despite the data confusion.

The Dow posted its sixth record close of 2014, while the S&P 500 logged its 15th record close.

But investors should remember that the S&P 500 record doesn't account for inflation. The S&P 500 would have to rally to 2,120 -- more than 10% -- for it to reach its inflation-adjusted high that was set in January 1999.

Did you benefit from the phenomenal stock market rise? Share your stories!

3. Techs stumble: The Nasdaq, which also had a strong May, closed in the red. The index was dragged down by tumbling shares of Amazon.com (AMZN), Tesla (TSLA) and BlackBerry (BBRY). Biotech stocks like Biogen (BIIB) were also in reverse.

Shares of Google (GOOGL) slid more than 1%. Over the weekend The Wall Street Journal reported Google plans to spend over $1 billion on a fleet of satellites aimed at boosting Internet access around the world.

A censorship monitor also revealed Google's search engine and Gmail service are being disrupted in China ahead of the 25th anniversary of the 1989 Tiananmen Square crackdown.

Apple (AAPL) slipped as investors weren't hugely impressed by Monday's announcements at the company's Worldwide Developers Conference. Apple unveiled new operating systems for Macs, iPhones and iPads as well as an app for health and fitness info.

Wall Street has been hungry for Apple to release new information about the company's effort to enter new product categories. The stock traded as high as $644 on Friday after Apple confirmed it's buying Beats for $3 billion and in anticipation of this week's conference. That's the closest the stock has been to its all-time high of just over $700 in September 2012. Today shares closed at just shy of $629.

On the other hand, shares of Broadcom (BRCM) bounced over 9% after the company revealed it is considering a possible sale of its cellular baseband business. The chip maker said a sale or wind down could generate $700 million in savings.

The Broadcom rally reminded some investors of the stock's darling status during the tech bubble when it surged to nearly $200.

"$BRCM popping like it's 1999," said StockTwits user chicagosean

4. Big stock movers -- Icahn Enterprises, Gannett, Protective Life: Billionaire Carl Icahn's publicly traded investment firm suffered a selloff amid insider-trading jitters.

The 4% drop in Icahn Enterprises (IEP) comes after law enforcement sources told CNN that the government is examining stock trades made by Icahn, golfer Phil Mickelson and sports bettor Billy Walters. The probe involves trades executed in 2011 after Icahn's investment in Clorox (CLX).

Related: Why insider trading will be hard to prove for Icahn, Mickelson

Gannett (GCI)rose almost 4% after Barron's argued the media company could surge 40%, especially if it follows in the footsteps of peers by spinning off its publishing assets like USA Today.

Protective Life (PL) surged 12% amid reports that Japan's Dai-ichi Life Insurance is considering acquiring the Alabama-based company.

Shares of American Realty Capital Healthcare Trust (HCT)raced almost 10% higher after it agreed to be sold to Ventas (VTR) for $2.6 billion in cash and stock. Both companies are health care real-estate investment trusts, or REITs.

Energy and utility stocks were largely unmoved by the sweeping EPA rules unveiled on Monday aimed at slashing the power sector's carbon emissions 30% by 2030.

Krispy Kreme (KKD) got "creamed" in after-hours trading, plunging 10% after slashing its earnings outlook and disclosing weaker-than-expected sales.

Meanwhile, gold continues to lose its luster, dipping 0.2% to $1,243 a troy ounce. The yellow metal is still up year-to-date but well off its 2014 highs of nearly $1,400.

Video - Is the gold rally dead?

5. International movements: European markets closed slightly higher, with the FTSE 100 in London and the Dax 30 in Germany outpacing CAC 40 in France.

In Asia, a reading of manufacturing activity in China showed the country's factory sector continued to strengthen after a rough start to the year. The data has boosted investor confidence, but not everyone was able to react to the news since a handful of Asian markets were closed for a holiday. The Nikkei in Japan surged by just over 2%.


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4:10 pm: [BRIEFING.COM] The stock market kicked off June on an unassuming note. The S&P 500 added 0.1% after spending the bulk of the day near its flat line, while the Nasdaq Composite (-0.1%) and Russell 2000 (-0.5%) underperformed throughout the session.

Equity indices displayed slim gains at the open, but small-cap stocks struggled from the get go. The major averages then had the rug pulled out from under them after a disappointing ISM Index for May (53.2 versus Briefing.com consensus 55.6) crossed the wires.

Although stocks slumped to lows in reaction to the report, they were able to trim their losses over the next 90 minutes. The Nasdaq and Russell 2000 could not return into positive territory, while the Dow and S&P 500 managed to regain their flat lines.

The recovery in the blue chip indices was assisted by headlines indicating that the original ISM report did not contain the correct seasonal adjustment data. Those headlines were accompanied by reports suggesting 56.0 was the correct reading for May, but when the final release from the ISM crossed the wires, it revealed that the index climbed to 55.4 and not 56.0.

Outside of the confusion created by the data, the first session of the month was rather uneventful. Trading volume remained on the light side as less than 537 million shares changed hands on the NYSE floor.

Similar to volume, another dynamic that carried over from May was the continued strength among transports. The Dow Jones Transportation Average advanced 0.6%, extending its year-to-date gain to 10.1%. The outperformance of transports underpinned the industrial sector (+0.4%), which ended the day just ahead of consumer discretionary (+0.3%) and financials (+0.3%) sectors.

Even though three heavily-weighted groups finished among the leaders, the S&P 500 could not pull away from its flat line as consumer staples (-0.3%), energy (-0.2%), and technology (-0.2%) weighed.

Notably, the tech sector finished near the bottom of the leaderboard due to weakness in two of its largest components. Shares of Apple (AAPL 628.65, -4.35) fell 0.7% after the company announced a set of software updates for its products, while also revealing an iOS-based Health Kit app, the release of which has been rumored in the past. Apple notwithstanding, the tech sector was also pressured by Google (GOOGL 564.34, -7.31), which lost 1.3% after its head of business development left the company.

Chipmakers, however, had a better showing than the overall sector as the PHLX Semiconductor Index advanced 0.5%. Broadcom (BRCM 34.84, +2.97) was a standout, surging 9.3% after announcing plans to explore strategic alternatives for its Cellular Baseband Business.

On the fixed income side, Treasuries spent the session in a steady retreat. The 10-yr note shed 15 ticks, pushing its yield up to 2.53%.

Economic data was limited to April Construction Spending and May ISM:
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Construction spending increased 0.2% in April after increasing an upwardly revised 0.6% (from 0.2%) in March. The Briefing.com consensus expected construction spending to increase 0.7%. Total private construction was flat. A 0.1% increase in private residential spending was offset by a 0.1% decline in private nonresidential spending.
After correcting for seasonal adjustment problems, the ISM Manufacturing Index was revised to 55.4 in May from the 53.2 reading that was originally reported. With the correction, the May ISM reading is up from 54.9 in April, but below the Briefing.com consensus which called for the ISM Index to increase to 55.6. The ISM explained that its computers accidentally used the wrong seasonal adjustment factors --which seemed to have been left over from April --when calculating the adjusted indices. After using the correct seasonal adjustments, all of the indices reported stronger activity. More importantly, the newly revised data now confirm the improvements registered by the Federal Reserve regional manufacturing surveys for May.

Tomorrow, the April Factory Orders report (Briefing.com consensus 0.5%) will be released at 10:00 ET.

S&P 500 +4.1% YTD
Dow Jones Industrial Average +1.0% YTD
Nasdaq Composite +1.5% YTD
Russell 2000 -3.0% YTD

3:30 pm: [BRIEFING.COM]

The dollar index remains near its session high, which has weighed on select commodities.
Gold and silver slid lower in afternoon trade, but ended the day mixed. Aug gold fell $8 to close at $1244.00/oz, while July silver ended $0.08 higher at $18.75/oz
July copper futures continue to trade just under its high for the day. Copper closed just below that level, ending $0.05 higher at $3.17/lb.
Crude oil recovers a small amount of its losses in afternoon trade following its slide lower today, but still ended the day in the red. July crude fell $0.23 at $102.43/barrel
Natural gas rallied in afternoon activity and rose as high as $4.62/MMBtu. July nat gas ended the session 1.5% at $4.61/MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 trades flat with one hour remaining in the session. Outside of the early dip, the benchmark index has spent today's entire trading day within points of its unchanged level.

In some ways, today's session has seen a continuation of trends that were in effect during May. On that note, small-cap stocks have trailed their blue chip counterparts throughout the day and today's trading volume has been running below long-term averages. In addition, the Dow Jones Transportation Average outperforms with a solid gain of 0.6% after surging 5.6% in May.

2:30 pm: [BRIEFING.COM] The S&P 500 continues hovering in the neighborhood of its flat line, while the Nasdaq Composite (-0.3%) and the technology sector (-0.4%) have slumped from their recent levels.

The retreat took place as the largest technology (and Nasdaq) component-Apple (AAPL 625.05, -7.95)-dropped to a new session low. The stock now holds a loss of 1.3% with the bulk of the move coming after the company announced the release of an iOS-based Health Kit app, which has been rumored in the past.

Outside of technology, the remaining sectors are holding their recent levels with industrials (+0.4%) in the lead.

1:55 pm: [BRIEFING.COM] The S&P 500 remains anchored to its flat line as the quiet afternoon continues.

Overall, trading volume in May was well below average as only four sessions produced above-average volume totals. In all likelihood, that trend will continue today since only 269 million shares have changed hands at the NYSE floor.

Even though the S&P 500 has been holding its flat line for the past two hours, market breadth remains tilted to the downside with 1.1 issues trading lower for each name in the green.

1:30 pm: [BRIEFING.COM] The mixed action continues as the major indices have been unable to gain much upside traction. On the flip side, the 10-yr note has stabilized somewhat near its low for the day (-16/32, 2.53%) after running into a wave of profit taking.

Apple (AAPL 628.61, -4.39) has dragged a bit on the broader market, and certainly the Nasdaq, as it, too, has slipped on some profit taking following a very big run in the month of May when it gained 7.3%. Apple's Worldwide Developer Conference got underway today in San Francisco. One item of note so far is that Apple has introduced a new Mac operating system that will be called "Yosemite."

Overall, there hasn't been much for participants to latch on to in the way of corporate news beyond the flood of headlines pouring out of the ASCO Conference, which is the biggest meeting of the year on cancer research. The biotech space, which was another outperformer in May, is underperforming today, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 238.16, -1.43). The latter is down 0.6% after jumping 4.1% in May.
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1:00 pm: [BRIEFING.COM] The major averages are mixed at midday with the Dow Jones Industrial Average (+0.1%) and S&P 500 (+0.02%) trading a bit ahead of the Nasdaq Composite (-0.3%) and Russell 2000 (-0.5%).

Equity indices started the day on a quiet note, but fell to lows shortly after a disappointing ISM Index for May (53.2 versus Briefing.com consensus 55.6) crossed the wires. Despite the retreat, the S&P 500 has been able to fight its way back into the green, but not before press reports indicated that the ISM report contained erroneous data. The first correction, which was also wrong, suggested that the index improved to 56.0, while the final correction took the index to 55.4 from 54.9 that was reported in April.

While the news helped lift the S&P 500 back into the green, the index has not been able to pull away from its flat line as five of ten sectors hover in the red. However, of those five, just one group-technology-trades with a loss larger than 0.2%.

The top-weighted S&P 500 sector lags amid weakness in the shares of Google (GOOG 550.89, -9.00), which trade down 1.6% after its head of business development left the company. Meanwhile, chipmakers have had a better showing so far as the PHLX Semiconductor Index trades higher by 0.2%. Broadcom (BRCM 34.84, +2.97), which trades up 9.4%, has fueled a good portion of the gain after announcing plans to explore strategic alternatives for its cellular business.

Unlike technology, most other influential sectors trade ahead of the broader market. Consumer discretionary (+0.3%) and financials (+0.2%) outperform, while the health care sector (-0.1%) hovers just below its flat line.

On the fixed income side, Treasuries have been sliding steadily throughout the session with the only hiccup coming after the original release of the ISM Index. The 10-yr note is lower by half a point with its yield up six basis points at 2.53%.

Reviewing today's remaining data:

Construction spending increased 0.2% in April after increasing an upwardly revised 0.6% (from 0.2%) in March. The Briefing.com consensus expected construction spending to increase 0.7%. Total private construction was flat. A 0.1% increase in private residential spending was offset by a 0.1% decline in private nonresidential spending.

12:30 pm: [BRIEFING.COM] The Dow (+0.1%) and S&P 500 (+0.01%) continue hovering just above their flat lines, while the Russell 2000 (-0.5%) and Nasdaq Composite (-0.3%) remain in the red.

The Nasdaq has been unable to catch up to the S&P 500 as one of its largest components-Google (GOOG 550.50, -9.39)-weighs. The stock trades down 1.7% after the company's head of business development left the company.

On the upside, chipmakers have fared a bit better than the overall sector as evidenced by a 0.2% gain in the PHLX Semiconductor Index. Broadcom (BRCM 35.08, +3.21) is responsible for a big portion of that advance as it trades higher by 10.0% after announcing plans to explore strategic alternatives for its Cellular Baseband Business.

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 regain its flat line after the May ISM report, which was released earlier, was corrected to account for a seasonal adjustment that was absent from the original release. The ISM Index, reported at 53.2 this morning, actually improved to 56.0.

Although the benchmark index managed a return into the green, only three sectors-consumer discretionary (+0.4%), industrials (+0.3%), and materials (+0.6%)-trade with gains larger than 0.1%. However, the tech sector, which was down as much as 0.6% earlier, has now trimmed its loss to just 0.1%.

Elsewhere, Treasuries have continued their retreat, pushing the benchmark 10-yr yield up to 2.53%.

11:25 am: [BRIEFING.COM] The S&P 500 (-0.1%) has fought its way back to its flat line, while the Russell 2000 (-0.7%) and Nasdaq Composite (-0.4%) remain deeper in the red. While the S&P 500 reflects the outperformance of blue chip stocks, that dynamic has also been on display within the Dow Jones Industrial Average.

The price-weighted Dow holds a slim gain of 0.1% as 16 of its 30 components register gains. Even though most index members trade in the green, only one component-McDonald's (MCD 102.36, +0.92)-sports an increase close to 1.0%.

On the downside, Goldman Sachs (GS 158.45, -1.36) is the weakest performer, down 0.8%, while the remaining decliners hold losses of no more than 0.6%.

Interestingly, the mixed performance among the major averages has not lured participants into the Treasury market as the 10-yr note sits on its low (-12/32) with its yield up four basis points at 2.52%.

10:55 am: [BRIEFING.COM] Equity indices remain pressured with high-beta names leading the retreat. The Russell 2000 is now lower by 1.3%, while the Nasdaq Composite holds a loss of 0.6%. For its part, the S&P 500 trades lower by 0.3% as blue chip listings try to withstand the selling pressure.

The largest S&P 500 sector-technology (-0.6%)-is also the weakest performer, while other heavily-weighted groups display a bit more relative strength. The consumer discretionary sector (-0.1%) outperforms, while financials (-0.4%) and health care (-0.3%) are trying to keep pace with the broader market.

The health care sector has been able to stay in line with the S&P 500 even as biotechnology lags. The iShares Nasdaq Biotechnology ETF (IBB 238.11, -1.42) is lower by 0.6%.

10:35 am: [BRIEFING.COM]

Commodities are mostly lower this morning
The dollar index has been trading higher today and is now +0.2% at 80.54
This strength is weighing on commodities this morning and has the energy space all trading flat to lower.
July crude oil is currently -0.2% at $102.48/barrel (HoD is $103.35/barrel). July nat gas is +1% at $4.59/MMBtu.
Heating oil is -0.1% at $2.88/gallon and RBOB gasoline is -0.5% at $2.96/gallon.
Gold is flat at $1245.80/oz, while July silver is +0.2% at $18.73/oz.
Copper has been trading nicely higher all day and is now +1.2% at $3.16/lb, sitting right under its HoD.

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.2%.

April construction spending increased 0.2% month-over-month, while the Briefing.com consensus expected an increase of 0.7%.

Separately, the ISM Index for May fell to 53.2 from 54.9, while the Briefing.com consensus expected the reading to improve to 55.6.

9:40 am: [BRIEFING.COM] The major averages have slumped from their opening levels. The Nasdaq Composite (-0.1%) has dipped into the red, while the S&P 500 hovers right above its flat line with seven sectors showing gains.

Even though most groups are trading in the green, their gains have been limited to no more than 0.2% (financials). Similarly, the downside has not distinguished itself as the three sectors that hover in the red display losses of 0.1% or less.

Treasuries have continued their retreat, pushing the benchmark 10-yr yield up to 2.52%.

The ISM Index for May (Briefing.com consensus 55.6) and April Construction Spending (consensus 0.7%) will both be reported at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +1.70. The stock market is on track to begin the first June session on a quiet note as futures on the S&P 500 trade two points above fair value. Over the weekend, China's Manufacturing PMI edged up to 50.8 from 50.4 (expected 50.6), but the new orders and employment components both retreated. Also of note, China's Index Academy released its monthly housing data, which revealed the first month-over-month decrease (-0.3%) in two years.

Over in Europe, several economies also released their Manufacturing PMI readings, but the reports were mostly below expectations. The disappointing data has had little effect on equities as hopes are running high that the European Central Bank will announce stimulus measures after Thursday's policy meeting.

Domestically, there was no economic data released prior to the bell, but the ISM Index for May (Briefing.com consensus 55.6) and April Construction Spending (consensus 0.7%) will both be reported at 10:00 ET.

Treasuries enter the trading day on their lows with the 10-yr yield up almost three basis points at 2.51%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +1.40. Nasdaq futures vs fair value: +1.70. The S&P 500 futures trade one points above fair value.

Asian markets rallied while China's Shanghai Composite and Hong Kong's Hang Seng were closed.

In economic data:
Japan's Capital Spending surged 7.4% year-over-year (expected 5.7%).
China's Manufacturing PMI edged up to 50.8 from 50.4 (expected 50.6).
India's HSBC Manufacturing PMI ticked up to 51.4 from 51.3.

------

Japan's Nikkei gained 2.1%, climbing to its best level in two months. Dai-ichi Life Insurance lagged, falling 5.0% on reports it is looking to buy U.S.-based Protective Life.
Hong Kong's Hang Seng was closed for Tuen Ng Day.
China's Shanghai Composite was shuttered for Dragon Boat Festival.
India's Sensex advanced 1.9%, ending just shy of a record-high close. Financials posted strong gains with State Bank of India and HDFC Bank up 4.2% and 3.3%, respectively.

Major European indices hold slim gains despite mostly disappointing data received from the region. In all likelihood, the gains in equities reflect increased expectations for easing from the European Central Bank as early as this Thursday.

Participants received a handful of data points:
Eurozone Manufacturing PMI fell to 52.2 from 52.5 (consensus 52.5).
Germany's Manufacturing PMI contracted to 52.3 from 52.9 (expected 52.9). Separately, CPI slipped 0.1% month-over-month (consensus 0.2%, previous -0.2%), while the year-over-year reading increased 0.9% (expected 1.1%, prior 1.3%).
French Manufacturing PMI rose to 49.6 from 49.3 (expected 49.3).
Italy's Manufacturing PMI slid to 53.2 from 54.0 (consensus 53.7).
Spain's Manufacturing PMI improved to 52.9 from 52.7, as expected.
Swiss SVME PMI fell to 52.5 from 55.8 (consensus 55.0).
Great Britain's Manufacturing PMI slid to 57.0 from 57.3, as expected. Also of note, Net Lending to Individuals expanded GBP2.40 billion (expected GBP2.70 billion, prior GBP2.80 billion) and BoE Consumer Credit rose GBP670 million (GBP800 million expected, GBP1.03 billion previous).

------

In France, the CAC is flat. Consumer names LVMH Moet Hennessy and Pernod Ricard are both down near 0.8%. Defense contractors outperform with Airbus and Safran up 1.2% and 0.6%, respectively.
Germany's DAX trades higher by 0.1% with chemical producer Linde in the lead. The stock trades up 1.0%. On the downside, heavyweights BMW and Daimler trade lower by 0.8% and 0.3%, respectively.
Great Britain's FTSE is higher by 0.3% as miners provide support. Anglo American and Rio Tinto are both up near 1.6%. Insurer Standard Life is among the laggards, down 2.2%.
Italy's MIB outperforms with a gain of 0.4% thanks to financials. UnipolSai, Unione di Banche Italiane, and Banca Popolare dell'Emilia Romagna hold gains between 1.5% and 2.1%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +1.20. U.S. equity futures remain modestly higher as the quiet morning continues. Over the weekend, China's Manufacturing PMI improved to 50.8 from 50.4, but the headline increase overshadowed contractions in the exports and employment components.

Meanwhile in Europe, the eurozone Manufacturing PMI slipped to 52.2 from 52.5 (expected 52.5), but the market does not appear to be too concerned with the disappointing report as speculation about a potential easing announcement from the ECB has taken center stage. Keep in mind the European Central Bank will hold its next policy meeting on Thursday.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +0.70. U.S. equity futures trade little changed amid upbeat action overseas. The S&P 500 futures hover one point above fair value.

Reviewing overnight developments:

In Asia, Japan's Nikkei +2.1%, while China's Shanghai Composite and Hong Kong's Hang Seng were closed.
In economic data:
China's Manufacturing PMI rose to 50.8 from 50.4 (expected 50.6).
Japan's Manufacturing PMI ticked up to 49.9 from 49.4, as expected. Separately, Capital Spending rose 7.4% year-over-year (consensus 5.7%, previous 4.0%).
South Korea's trade surplus widened to $5.30 billion from $4.46 billion (expected surplus of $4.75 billion).
Australia's AIG Manufacturing Index rose to 49.2 from 44.8, while Business Inventories fell 1.7% month-over-month (consensus -0.3%, previous -0.6%). Separately, Building Approvals fell 5.6% month-over-month (consensus 1.8%, prior -4.8%) and Company Gross Operating Profits rose 3.1% quarter-over-quarter (expected 2.6%, prior 2.5%).
Indonesia's Inflation rose 7.32% year-over-year (consensus 7.30%, prior 7.25%), while Core Inflation increased 4.82% year-over-year (expected 4.69%, previous 4.66%).
In news:
Even though China's Manufacturing PMI surprised to the upside, the new Exports component contracted for the second month in a row. Similarly, the employment gauge slumped to a three-month low.
China's Index Academy released its monthly housing data, which revealed the first month-over-month decrease (-0.3%) in two years.

Major European indices hold slim gains. France's CAC UNCH, Germany's DAX +0.2%, and Great Britain's FTSE +0.3%. Elsewhere, Italy's MIB +0.5% and Spain's IBEX +0.5%.
Participants received a handful of data points:
Eurozone Manufacturing PMI fell to 52.2 from 52.5 (consensus 52.5).
Germany's Manufacturing PMI contracted to 52.3 from 52.9 (expected 52.9).
French Manufacturing PMI rose to 49.6 from 49.3 (expected 49.3).
Italy's Manufacturing PMI slid to 53.2 from 54.0 (consensus 53.7).
Spain's Manufacturing PMI improved to 52.9 from 52.7, as expected.
Swiss SVME PMI fell to 52.5 from 55.8 (consensus 55.0).
Great Britain's Manufacturing PMI slid to 57.0 from 57.3, as expected. Also of note, Net Lending to Individuals expanded GBP2.40 billion (expected GBP2.70 billion, prior GBP2.80 billion) and BoE Consumer Credit rose GBP670 million (GBP800 million expected, GBP1.03 billion previous).
Among news of note:
Multiple reports from the region suggest an increase in expectations for immediate easing from the European Central Bank. This speculation comes ahead of a policy meeting scheduled for this Thursday.

In U.S. corporate news:

Alcoa (AA 13.82, +0.21): +1.5% after Bank of America/Merrill Lynch upgraded the stock to 'Neutral' from 'Underperform.'
Broadcom (BRCM 35.30, +3.43): +10.8% after announcing plans to explore strategic alternatives for its Cellular Baseband Business.
Conn's (CONN 51.71, +5.07): +10.9% after beating earnings and revenue estimates.

The ISM Index for May (Briefing.com consensus 55.6) and April Construction Spending (consensus 0.7%) will both be reported at 10:00 ET.

6:58 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +1.50.

6:58 am: [BRIEFING.COM] Nikkei...14935.92...+303.50...+2.10%. Hang Seng...Holiday.........

6:58 am: [BRIEFING.COM] FTSE...6863.64...+19.10...+0.30%. DAX...9968.16...+24.90...+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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