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 Post subject: June 3rd Tuesday Trade Results - Profit $1450.00
PostPosted: Wed Jun 04, 2014 12:46 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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 @ $1,450.00 dollars or +14.50 points, Emini ES ($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 @ $1,450.00 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=1808

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.

Not-So-Terrific Tuesday For Stocks

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

NEW YORK (CNNMoney)
Some days there just isn't enough gas left to get the job done. That was the case Tuesday in the stock market.

Despite an afternoon rally, the S&P 500, Dow Jones Industrial Average and Nasdaq all finished slightly lower. The Dow finished 21 points (0.13%) in the red. The other indexes had even more modest losses.

That means the Dow's record close count for the year remains at six and the S&P's at 15. The S&P, however, is still about 10% away from its inflation-adjusted peak that it hit in January 1999.

Related: Stock records don't look so good when adjusted for inflation.

Some highlights from Tuesday's session:

1. Feast and famine in food stocks: Hillshire Brands (HSH) shares finished just shy of 9.5% higher on news that the food company's board of directors authorized takeover discussions with competing suitors Pilgrim's Pride (PPC) and Tyson Foods (TSN).

Pilgrim's originally offered $45 a share to buy the company, and Tyson's countered with $50 a share. Though Pilgrim's offered $55 a share this morning, Hillshire stock closed above $58 share today, suggesting investors think bids could go higher.

Pilgrim's and Tyson shares were each down more than 2%.

Krispy Kreme (KKD) shares dropped like dough into a deep fryer after reporting earnings that were in line with expectations but sales that were much lower than Wall Street expected to see. The stock fell nearly 15%.

2. Retailers struggle with sales: Quiksilver (ZQK) shares fell as much as 45% this morning after a disastrous quarterly earnings report that showed the surf and beach apparel company losing much more money than analysts anticipated.

Down 41% at the close, the company has shed three fifths of its market valuation this year and is trading at its lowest share price since October 2012. Goldman Sachs, Credit Suisse and others downgraded the stock Tuesday.

"$ZQK The vibe left this company with the old guard. Now Slater gone. Stick a fork in them and look for them at a Walmart near you!!!!" wrote StockTwits user MrX.

Related: Wipeout! Quiksilver stock down more than 40%

Dollar General (DG) shares gained a little less than 4% though the retailer reported an unexpectedly modest quarterly gain in sales and profit that failed to meet expectations. Financial firm Sterne Agee & Leach lowered its annual earnings expectations for the company.

Deutsche Bank, in a note to investors, said it was raising its earnings expectations with the expectation that Dollar General would increase its stock buybacks for the year, raising the widely followed "earnings per share" number having fewer shares available to trade.

3. Tech stocks mixed: Shares in Google (GOOG) were weak, down more than 1.5%, after the Wall Street Journal reported that the tech giant plans to spend over $1 billion on a "fleet of satellites" designed to improve internet access in remote areas.

Apple (AAPL) had a better day at its Worldwide Developers Conference, at least according to Wall Street. Shares are up 1.4%. Yesterday Apple unveiled iOS 8 and a new health and home-related software.

4. More signs of a Spring(ing) economy: The Census Bureau said factory orders increased 0.7% in April, a notch higher than expected and a sign that manufacturing output is continuing to improve. It's the third straight month of gains for the lagging indicator, and both orders and inventories are at their highest levels on record.

This comes after yesterday's (twice-revised) manufacturing index numbers that also showed expanded industrial activity in April.

Meanwhile, all the major carmakers are reporting increased auto sales. Even GM (GENERAL MOTO), despite its recall troubles, said it sold 13% more cars last month than it did the same time last year, it's strongest monthly report since 2008. GM, Ford (F) and Toyota (TM) shares were slightly higher in the afternoon.

Investors are watching economic indicators for any unexpectedly sharp changes that could cause the Federal Reserve to alter interest rates or the pace of unwinding its bond-buying program.

5. Stocks overseas: European markets closed lower Tuesday following reports of a lower-than-expected Eurozone Consumer Price Index for May. The European Central Bank meets on Thursday.

Asian markets closed mostly higher.

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4:10 pm: [BRIEFING.COM] The stock market finished the Tuesday session on a modestly lower note, but small-cap stocks underperformed once again. The Russell 2000 slipped 0.2%, while the S&P 500 snapped its three-day win streak, shedding less than a point.

Equity indices faced an uphill climb from the opening bell, but the S&P 500 was able to cut the bulk of its losses during the initial 45 minutes of action; however, the early rebound attempt was stonewalled by the underperformance of small-caps. With high-beta names unable to gain any significant traction, the benchmark index returned to its earlier low. The S&P 500 then staged another recovery, which placed it right below its flat line by the close.

To be sure, the (nearly) flat finish reflected a lack of concerted sector leadership during the trading day. On the cyclical side, energy (+0.3%) and financials (+0.1%) posted modest gains, while the remaining four sectors lost between 0.1% and 0.3%.

Interestingly, the industrial sector (-0.2%) settled just behind the broader market, masking the relative weakness among transport stocks. The Dow Jones Transportation Average fell 0.8%, but that was likely a function of some profit taking after the bellwether complex surged 3.1% over the past two weeks. Airlines were able to withstand the selling pressure as four of five carriers posted gains with JetBlue Airways (JBLU 10.05, +0.23) leading the way. The stock advanced 2.3%.

Elsewhere, the four countercyclical groups finished mixed with health care (+0.2%) and utilities (+0.3%) posting slim gains, while consumer staples (-0.3%) and telecom services (-1.0%) ended in the red.

The somewhat sloppy session lured some investors into demanding portfolio insurance, which sent the CBOE Volatility Index (VIX 11.79, +0.21) higher by 1.8%. Despite the uptick, the near-term volatility measure ended the day not far above its 2014 low (11.29%), which was notched yesterday.

Even though volatility protection was in demand, the safety of the Treasury market was not. On that note, the 10-yr note spent the session in a steady retreat, falling 19 ticks, which sent its yield higher by seven basis points to 2.60%.

Today's participation marked an improvement from recent days, but remained below average as 644 million shares changed hands at the NYSE floor.

Economic data was limited to April factory orders, which increased 0.7% following an upwardly revised 1.5% (from 1.1%) increase in March. The Briefing.com consensus expected an increase of 0.5%.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, while the ADP Employment Change for May (Briefing.com consensus 200,000) will cross the wires at 8:15 ET. The April Trade Balance (consensus -$41.30 billion) and Q1 Productivity (consensus -2.5%) and Unit Labor Costs (consensus 4.8%) will be reported at 8:30 ET, while the May ISM Services Index (consensus 55.5) will be released at 10:00 ET. The day's data will be topped off with the 14:00 ET release of the Fed's Beige Book for June.
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S&P 500 +4.1% YTD
Dow Jones Industrial Average +0.9% YTD
Nasdaq Composite +1.4% YTD
Russell 2000 -3.1% YTD

3:30 pm: [BRIEFING.COM]

Aug gold chopped around near the unchanged level for most of today's floor trade. It dipped to a session low of $1240.20 per ounce in morning action and eventually settled with a 60 cent gain at $1244.60 per ounce.
July silver pulled back from its session high of $18.88 per ounce set at pit trade open and touched a session low of $18.71 per ounce. It then consolidated near the unchanged level and settled at $18.76 per ounce, or 0.1% higher.
July crude oil touched a session low of $102.26 per barrel in morning pit trade but recovered into positive territory. It settled 0.2% higher at $102.68 per barrel.
July natural gas pulled back to a session low of $4.61 per MMBtu after trading as high as $4.66 per MMBtu in morning action. It settled at $4.62 per MMBtu, booking a gain of 0.2%.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session. The benchmark index tried to turn positive during the past 30 minutes, but has been unable to do so successfully. That leaves the S&P 500 less than two points below its flat line as another low-volume session draws to its close.

Below-average volume has been a recurring theme since the second half of April, but volume totals observed during the past two weeks have ranked among the lowest levels of the year. Today's final tally is likely to fall in line with recent averages as only 339 million shares have changed hands at the NYSE so far.

Meanwhile, market breadth continues favoring the downside with 1.4 stocks trading lower for each advancer.

2:25 pm: [BRIEFING.COM] The major averages have moved to the top of their ranges with the S&P 500 now trading less than a point below its flat line.

In large part, the rebound from the late-morning lows has been forged on the relative strength of energy (+0.4%), health care (+0.2%), and utilities (+0.4%). In addition, the financial sector (+0.1%) has also supported the bounce.

On the downside, six sectors remain in the red, but only the telecom services (-1.0%) sector displays a loss larger than 0.3%.

Elsewhere, Treasuries have continued their retreat, sending the 10-yr yield to 2.59%.

2:00 pm: [BRIEFING.COM] The S&P 500 (-0.1%) remains within two points of its flat line while the Dow (-0.1%) and Nasdaq (-0.1%) follow not far behind. Even though the three averages have essentially held their levels since midday, the Russell 2000 has narrowed its decline to 0.3%.

The small-cap index spent a good chunk of May near its 200-day moving average and the month of June has started on a similar note. Yesterday, the Russell marked a session low right at its 200-day average and the index tested that level once again today. If the Russell 2000 ends up breaking away from that key level, the next area of interest will likely be in the vicinity of its 50-day moving average (1133.75), which served as resistance last month.

1:25 pm: [BRIEFING.COM] The major indices continue to move in languid fashion with modest profit-taking efforts keeping them pinned below the unchanged line for most of today's session. By and large, there just hasn't been a lot of conviction on either the buy side or the sell side today as participants are waiting anxiously for the ECB policy decision on Thursday.

Expectations are running fairly high that the ECB will announce an aggressive easing plan that incorporates a rate cut and/or the implementation of a new long-term refinancing operation, and/or a negative deposit rate, and/or an asset purchase plan patterned after the Fed's quantitative easing plan.

Those expectations, which were heightened today by a weak CPI report for the eurozone for May (+0.5% year-over-year), have weighed on the euro of late and have helped boost European bond and stock prices. Notably, the euro is up today against the dollar while European bonds and stocks are lower, suggesting participants are unwinding some of the moves made ahead of the actual announcement.

Similarly, both stocks and bonds are trading lower in the US following some big gains of late. To wit, the Dow Jones Transportation Average, which is up 6% over the last month and 12% over the last three months, is down 0.8% today.

12:55 pm: [BRIEFING.COM] At midday, the Dow Jones Industrial Average (-0.2%), Nasdaq (-0.3%), and S&P 500 (-0.1%) hover not far below their flat lines, while the Russell 2000 (-0.6%) trails the broader market for the second day in a row.

Stocks began the session on the defensive, but tried to stage a rebound during the first hour of action. The S&P 500 nearly made it into the green, but was knocked back to the lows as the continued underperformance of the Russell 2000 kept some participants sidelined.

Like the Russell 2000, the tech-heavy Nasdaq Composite was a notable laggard in the morning, but now trades just behind the broader market. Similarly, the technology sector (-0.3%) is nipping on the heels of the S&P 500 as top-weighted components trade in mixed fashion. Notably, the largest sector member-Apple (AAPL 635.19, +6.54)-trades up 1.0% after announcing plans to allow the use of approved virtual currencies in its apps. Elsewhere among influential tech names, Google (GOOG 544.36, -9.57) and Microsoft (MSFT 40.44, -0.35) trade lower by 1.7% and 0.9%, respectively.

Even though the stock market has spent the first half of the session in the red, a few sectors have been able to sneak into positive territory. On that note, energy (+0.2%), health care (+0.01%), and utilities (+0.5%) hold modest gains, while the financial sector (-0.1%) lurks just under its flat line.

It is also worth mentioning that today's weakness in equities has not fueled demand for Treasuries as the 10-yr note sits near its low (-11/32) with its yield up four basis points at 2.57%.

Today's economic data was limited to April factory orders, which increased 0.7% following an upwardly revised 1.5% (from 1.1%) increase in March. The Briefing.com consensus expected an increase of 0.5%.

12:25 pm: [BRIEFING.COM] The major averages continue bouncing around the bottom half of today's trading range. Since the opening bell, the Dow (-0.2%) and S&P 500 (-0.1%) have been hovering not far below their flat lines, but they have yet to make a move into the green.

In all fairness, the underperformance of small-cap stocks has likely put some participants on guard, increasing their reluctance to participate in the buy-the-dip trade.

However, the modest losses in the stock market have not translated into broader-picture concerns as the 10-yr note remains just a few ticks above its worst level of the day. The 10-yr note is lower by nine ticks with its yield up three basis points at 2.56%.

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 (-0.2%) return to its session low, while the Russell 2000 (-0.9%) and Nasdaq Composite (-0.4%) have cracked new lows for the day.

Fittingly, with the tech-heavy Nasdaq showing relative weakness, the S&P technology sector (-0.4%) also trails the broader market. Interestingly, the sector is being kept from showing additional losses by the relative strength of its top component-Apple (AAPL 634.17, +5.52)-which trades higher by 0.9%.

On the downside, other heavily-weighted tech components like Google (GOOG 544.15, -9.78), IBM (IBM 184.58, -1.11), and Microsoft (MSFT 40.38, -0.41) display losses between 0.6% and 1.8%.

11:30 am: [BRIEFING.COM] The major averages have not moved much since our last update, but a handful of individual sectors have climbed off their recent levels. Specifically, the countercyclical utilities sector (+0.1%) has made its way into the green, while energy (unch) and health care (unch) have returned to their flat lines.

Meanwhile, the remaining sectors continue hovering in the red, but outside of the telecom services sector (-0.5%), no other group trades with a loss larger than 0.4% (materials).

Elsewhere, steady selling pressure in the Treasury market has placed the 10-yr note back on its low, pushing the benchmark yield to 2.57%.

10:55 am: [BRIEFING.COM] The major averages have returned near their lows after spending the better part of the past hour on their highs. The Russell 2000 (-0.7%) continues trailing the S&P 500 (-0.3%), while the Nasdaq Composite (-0.3%) trades in line with the benchmark index.

There hasn't been much change among individual sectors as all ten groups remain in the red. The telecom services sector (-0.7%) is the weakest performer, but it is worth mentioning the group represents just 2.5% of the entire S&P 500. Meanwhile, the top-weighted sectors like consumer discretionary, technology, and industrials all trade with losses close to 0.3% apiece.

Elsewhere, another influential sector-health care (-0.2%)-hovers just below its flat line with biotechnology showing a comparable decline.

10:40 am: [BRIEFING.COM]

Commodities are mostly lower this morning, while the dollar index is showing modest strength
Copper futures have been in the red all day so far following yesterday's gains. July copper is now -1.1% at $3.14/lb
Natural gas found some buyers this morning and it's since rallied to as high as $4.66. It's currently up 1% at $4.66/MMBtu
Crude oil fell back into the red in recent trade and is now -0.03% at $102.44/barrel
Gold and silver have been sliding lower. Aug gold is now -0.1% at $1242.50/oz, July silver is -0.1% at $18.74/oz.

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.1%.

The just-released factory orders report for April indicated orders increased 0.7%, which was better than the Briefing.com consensus estimate that called for an increase of 0.5%. The March reading was revised up to 1.5% from 1.1%.

9:40 am: [BRIEFING.COM] The major averages began the session in the red with small-cap stocks showing relative weakness for the second day in a row. The Russell 2000 and Nasdaq Composite hold respective losses of 0.6% and 0.3%, while the S&P 500 (-0.2%) trades a bit closer to its unchanged line.

All ten sectors trade in negative territory, but their losses have been limited to no more than 0.3% so far. Influential groups are among the weakest performers as consumer discretionary (-0.3%), financials (-0.2%), and technology (-0.3%) all trail the broader market.

Elsewhere, Treasuries continue showing losses with the benchmark 10-yr yield at 2.56%.

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

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -4.70. Nasdaq futures vs fair value: -12.30. The stock market is on track for a cautious start as futures on the S&P 500 trade five points below fair value. Futures retreated overnight with a good portion of the slide coming after European markets opened for action. Like U.S. futures, the markets in Europe trade broadly lower with Great Britain's FTSE (-0.7%) and Spain's IBEX (-0.8%) pacing the retreat.

Domestically, participants are reacting to a handful of corporate news, but they are not having much impact over the broader market. In M&A activity, Hillshire Brands (HSH 58.40, +4.83) trades up 9.0% after Pilgrim's Pride (PPC 25.92, 0.00) confirmed a revised proposal to acquire HSH for $55.00 in cash.

Treasuries hover in the red, but are off their lows. The benchmark 10-yr yield is higher by almost three basis points at 2.55%.

9:02 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -14.00. The S&P 500 futures trade five points below fair value.

Asian markets finished the Tuesday session on a generally higher note, but China's Shanghai Composite lagged (-0.04%) after returning from a three-day weekend. In news, Bank of Japan Governor Haruhiko Kuroda addressed the Japanese parliament, saying he expects inflation to reach the 2.0% target around fiscal year 2015, but it's still too early to begin discussing an exit plan. Elsewhere, The Reserve Bank of Australia and the Reserve Bank of India both held their key interest rates unchanged at 2.50% and 8.00%, respectively.

In other economic data:
China's HSBC Manufacturing PMI fell to 49.4 from 49.7 (expected 49.7), while the state Non-Manufacturing PMI improved to 55.5 from 54.8.
Japan's Monetary Base expanded 45.6% year-over-year (expected 51.2%, prior 48.5), while Average Cash Earnings ticked up 0.9% year-over-year (consensus 0.6%, previous 0.7%).
Australia's current account deficit narrowed to AUD5.70 billion from AUD11.70 billion (expected deficit of AUD7.00 billion) and Retail Sales ticked up 0.2% month-over-month, as expected.
Hong Kong's Retail Sales fell 9.8% year-over-year (expected -4.9%, prior -1.3%).
South Korea's CPI ticked up 0.2% month-over-month (expected 0.1%, previous 0.1%), while the year-over-year reading rose 1.7% (consensus 1.6%, prior 1.5%).

------

Japan's Nikkei (+0.7%) spent the day in the green, but closed on its lows. Tokyo Electric Power Co was a standout, surging 6.5%. On the downside, Konami lost 1.5%.
Hong Kong's Hang Seng (+0.9%) was underpinned by energy and utility names. China Resources Power, CNOOC, and Kunlun Energy advanced between 2.2% and 4.9%.
China's Shanghai Composite (-0.04%) surrendered its gain into the close. China National Software & Services lost 6.1%.

Major European indices trade lower across the board. Among news of note, Spain's Prime Minister Mariano Rajoy said the cabinet is nearing the approval of a pro-growth plan that should not impact the budget.

Participants received several data points:
Eurozone CPI rose 0.5% year-over-year (consensus 0.7%, previous 0.7%), while the year-over-year reading increased 0.7% (expected 0.9%, prior 1.0%). Separately, the Unemployment Rate slipped to 11.7% from 11.8% (consensus 11.8%).
Great Britain's Construction PMI slipped to 60.0 from 60.8 (expected 60.8), while Nationwide HPI rose 0.7% month-over-month (consensus 0.6%, previous 1.2%).
Italy's Monthly Unemployment Rate held steady at 12.6% (expected 12.7%), while the Quarterly Unemployment Rate rose to 12.7% from 12.5% (consensus 12.7%).
Spain's Unemployment fell 111,900 (expected -112,300, previous -111,600).

------

Great Britain's FTSE is lower by 0.6% amid weakness in discretionary shares. Barratt Developments, G4S, and William Hill are all down near 1.8%. EasyJet outperforms, trading higher by 1.5%.
Germany's DAX holds a loss of 0.4%. Financials weigh as Deutsche Bank, Commerzbank, and Muenchener Re display losses between 0.8% and 3.6%. Utilities are showing relative strength with E.ON and RWE both up near 0.4%.
In France, the CAC is lower by 0.2%. Publicis Groupe is the weakest performer, down 2.1%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -15.00. U.S. equity futures remain pressured with the S&P 500 futures trading five points below fair value. Futures spent the entire night in the red, but they have extended their losses over the past 90 minutes. Similarly, European indices have notched their lows in recent action, but are now staging a rebound.

Yesterday, the stock market started the month of June on a quiet note with trading volume just above some of the lowest totals that have been observed so far this year. Small caps underperformed yesterday, but if the current indication holds, the entire market will face an uphill climb at the open.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -16.00. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures trade six points below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.7%, Hong Kong's Hang Seng +0.9%, and China's Shanghai Composite -0.04%.
In economic data:
China's HSBC Manufacturing PMI fell to 49.4 from 49.7 (expected 49.7), while the state Non-Manufacturing PMI improved to 55.5 from 54.8.
Japan's Monetary Base expanded 45.6% year-over-year (expected 51.2%, prior 48.5), while Average Cash Earnings ticked up 0.9% year-over-year (consensus 0.6%, previous 0.7%).
The Reserve Bank of Australia held its key interest rate unchanged at 2.50%, as expected. Separately, Australia's current account deficit narrowed to AUD5.70 billion from AUD11.70 billion (expected deficit of AUD7.00 billion) and Retail Sales ticked up 0.2% month-over-month, as expected.
Hong Kong's Retail Sales fell 9.8% year-over-year (expected -4.9%, prior -1.3%).
South Korea's CPI ticked up 0.2% month-over-month (expected 0.1%, previous 0.1%), while the year-over-year reading rose 1.7% (consensus 1.6%, prior 1.5%).
The Reserve Bank of India kept its key interest rate at 8.00%, as expected.
In news:
Bank of Japan Governor Haruhiko Kuroda addressed the Japanese parliament, saying he expects inflation to reach the 2.0% target around fiscal year 2015, but it's still too early to begin discussing an exit plan.

Major European indices trade lower across the board. France's CAC -0.3%, Germany's DAX -0.5%, and Great Britain's FTSE -0.6%. Elsewhere, Spain's IBEX -0.5% and Italy's MIB -0.6%.
Participants received several data points:
Eurozone CPI rose 0.5% year-over-year (consensus 0.7%, previous 0.7%), while the year-over-year reading increased 0.7% (expected 0.9%, prior 1.0%). Separately, the Unemployment Rate slipped to 11.7% from 11.8% (consensus 11.8%).
Great Britain's Construction PMI slipped to 60.0 from 60.8 (expected 60.8), while Nationwide HPI rose 0.7% month-over-month (consensus 0.6%, previous 1.2%).
Italy's Monthly Unemployment Rate held steady at 12.6% (expected 12.7%), while the Quarterly Unemployment Rate rose to 12.7% from 12.5% (consensus 12.7%).
Spain's Unemployment fell 111,900 (expected -112,300, previous -111,600).
Among news of note:
Spain's Prime Minister Mariano Rajoy said the cabinet is nearing the approval of a pro-growth plan that should not impact the budget.

In U.S. corporate news:

Dollar General (DG 53.50, -0.80): -1.5% after missing earnings estimates by one cent.
Hillshire Brands (HSH 58.00, +4.43): +8.3% after Pilgrim's Pride (PPC 25.92, 0.00) confirmed a revised proposal to acquire HSH for $55.00 in cash.
Quiksilver (ZQK 3.59, -2.20): -38.0% following its disappointing earnings and revenue. In addition, the company pushed back its expected timing for meeting its profit improvement plan.

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

7:02 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -11.00.

7:02 am: [BRIEFING.COM] Nikkei...15034.25...+98.30...+0.10%. Hang Seng...23291.04...+209.40...+0.90%.

7:02 am: [BRIEFING.COM] FTSE...6835.84...-29.70...-0.40%. DAX...9927.36...-22.80...-0.20%.

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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