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 Post subject: June 4th Wednesday Trade Results - Profit $2880.00
PostPosted: Thu Jun 05, 2014 1:44 am 
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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 @ $2,880.00 dollars or +28.80 points, Emini ES ($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 @ $2,880.00 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=1809

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.

S&P 500 Hits 'Sweet 16' Mark

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

NEW YORK (CNNMoney)
The S&P 500 closed at a record high for the sixteenth time this year Wednesday, but you won't hear much cheering. The gains were slight.

The S&P 500 was up a mere 0.2% to just shy of 1,928. The Dow Jones industrial average rose less than 0.1%, falling just short of a record. The Nasdaq was the top performer for the day, adding 0.4%.

The moves came on low volume as investors are keeping their powder dry ahead of a meeting of European Central Bank officials Thursday and Friday's all-important monthly jobs report in the United States.

Jobs data: Paycheck processor ADP (ADP) said private sector payrolls grew by 179,000 in May, which was below the 210,000 figure that economists had predicted.

The private sector data is often seen as a preview of the government's monthly report on hiring and unemployment, which comes out Friday. But the ADP report is "far from infallible," said Jim O'Sullivan, chief U.S. economist at High Frequency Economics, who is not changing his forecast for a gain of 200,000 jobs on Friday.

The upcoming jobs report could mark an important milestone. The U.S. economy needs to add 113,000 more jobs in order to finally recover all the jobs lost in the financial crisis.

In other economic news, the Federal Reserve released the latest edition of its Beige Book, which showed that economic conditions continued to modestly improve across the central bank's various regions.

Related: U.S. soon to recover all 8.7 million jobs lost in the downturn

News from Europe: Meanwhile, investors are also looking ahead to monetary policy announcement from the European Central Bank on Thursday.

Video - Why is the bond market freaking out?

The ECB is widely expected to cut interest rates. It could also announce other stimulus measures to prevent low inflation from derailing the fragile eurozone economic recovery.

In general, investors have been showing an appetite for risk. CNNMoney's Fear & Greed index shows investors have become greedy again.

Stock movers -- GM, Walgreen, Apple, Coach: General Motors (GM) shares gained more than 3.5%, extending a two-week long rally for the troubled automaker. Investors are waiting for the results of an internal probe from GM that will be released Thursday about why it took so long to recall cars with a faulty ignition switch that was tied to the deaths of at least 13 people.

Shares or Walgreen (WAG) gained over 4% after the drugstore chain reported strong sales for May.

Handbag and accessory maker Coach (COH) continues to struggle. It was down about 2.5% today and off more than 30% for the year as it struggles to remake its brand and boost sales.

Apple (AAPL) shares rose to a new 52-week high of over $645, bouncing back after taking a hit earlier this week. The iPhone maker unveiled new features for its various devices on Monday, to mixed reviews. On Friday, Apple's seven-for-one stock split takes effect.

Related: How high can Apple stock go?

On the earnings front, Brown-Forman (BFA), the maker of Jack Daniel's whiskey, reported quarterly results that topped expectations. The stock was little changed but has been among the top 10% of S&P 500 companies this year.

European markets ended little changed. Asian markets mostly ended with losses, though the Nikkei in Japan edged up.

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U.S. Stocks End Higher
S&P 500 Closes at 16th Record High Of The Year
By Alexandra Scaggs

U.S. stocks advanced Wednesday, with the S&P 500 index hitting a record high, as investors weighed a mixed bag of news on the economy.

The Dow Jones Industrial Average advanced 15.19 points, or 0.1%, to 16737.53. The S&P 500 tacked on 3.64 points, or 0.2%, to 1927.88, its 16th all-time high this year.

The Nasdaq Composite Index gained 17.56 points, or 0.4%, to 4251.64.
Wall Street's New Normal

Traders are adjusting to a slower pace as volume in May fell to its lowest level since the financial crisis.

On Tuesday, the Dow slipped 21 points, or 0.1%, to snap a three-session win streak, and the S&P 500 eased less than 0.1%, failing to close at a record for the first time in four sessions.

Stock benchmarks started Wednesday in the red but drifted higher in midday trading, as investors weighed mixed economic reports.

"Now's going to be the time when the data is, or isn't, going to point to an accelerating recovery," said Hank Herrmann, chief executive of money-management firm Waddell & Reed. But "there's still some confusing elements."

Many investors have been holding tight in their current positions or raising cash levels as the S&P 500 trades at all-time highs. Wells Fargo Private Bank, which oversees $170 billion in client cash, recently raised its recommended cash level for its advisers. Mark Litzerman, head of equity research for the bank, said that the bank plans to invest that cash eventually, but it is holding back until it gets a clearer read on the economic outlook.

"One of the big conundrums for investors is, if you take money out of a certain asset class, where do you put it?" he said. "We're waiting to see how things play out with the economy this summer before we make a move."

Stock futures had pushed lower before the market's open after a disappointing report on the labor market. Data compiled by Automatic Data Processing and Moody's Analytics showed that 179,000 private-sector jobs were added in May, falling short of expectations of a 210,000 increase.

But benchmarks pared losses after a report on service-sector activity came in better than expected. The Institute for Supply Management's nonmanufacturing composite index for May came in at 56.3, above expectations of 55.2.

Despite the raft of data, trading remained relatively light on Wednesday, traders said. "The volume has been awful," said Michael O'Rourke, chief market strategist at JonesTrading Institutional Services.

Investors are awaiting Thursday's policy-setting meeting for the European Central Bank, when most economists expect the bank to cut rates, and Friday's U.S. employment report. Wednesday's ADP report is seen as a preview of the government's May employment report Friday, which is expected to show nonfarm-payroll growth of 210,000.

Among other economic data released Wednesday, the trade deficit for April widened 6.9% to $47.2 billion versus expectations of $40.9 billion. First-quarter productivity was revised to show a decline of 3.2% and unit labor costs increased 5.7%, close to expectations.

The yield on the 10-year Treasury note rose to 2.604%, after settling at a three-week high of 2.592% late Tuesday.

Gold futures lost less than 0.1%, to settle at $1,244.00 a troy ounce, after snapping a six-session losing streak on Tuesday. Crude-oil futures slipped less than 0.1% to settle at $102.64 a barrel.

The dollar rose against the euro and the yen.

The Stoxx Europe 600 was little changed, gaining less than 0.1%. Economic data out of the euro zone continued to support expectations that the ECB will introduce new stimulus measures by either cutting interest rates or boosting liquidity through asset purchases. Data firm Markit said its composite purchasing managers index, which measures activity across both the manufacturing and services sectors, fell to 53.5 in May from 54 in April.

Asian markets were mostly lower, with China's Shanghai Composite falling 0.7% to suffer a fourth-straight decline. Japan's Nikkei Stock Average bucked the regional trend by tacking on 0.2%.

In corporate news, Dow component UnitedHealth UNH +0.79% tacked on 0.8% after the insurer increased its quarterly dividend by 34% to 37.5 cents a share, and renewed its share buyback program, which authorizes the company to repurchase 100 million shares over time.

Protective Life rallied 18% after Japan's Dai-ichi Life said it would buy the company in a deal valued at $5.7 billion.

Tibco Software TIBX -5.44% slumped 5.4% after the company lowered its adjusted earnings and revenue outlook for the quarter ending June 1, citing weak sales of its analytics software called Spotfire.

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4:15 pm: [BRIEFING.COM] The major averages finished the Wednesday session on a modestly higher note with the Nasdaq Composite (+0.4%) in the lead. Like the Nasdaq, the Russell 2000 (+0.4%) also outperformed the S&P 500 (+0.2%), while the Dow Jones Industrial Average (+0.1%) lagged throughout the session.

For the third day in a row, the stock market maintained a narrow range amid spotty sector leadership. Trading volume remained light with just 579 million shares changing hands at the NYSE versus a long-term average of 700 million.

In all likelihood, the quiet environment was a reflection of a wait-and-see approach that has been employed by investors ahead of tomorrow's policy decision from the European Central Bank and the U.S. Nonfarm Payrolls report, which will be released on Friday at 8:30 ET (Briefing.com consensus 220K).

Tomorrow's ECB announcement has the potential to stir things up a bit as investors are anticipating some sort of action from the central bank. While the general consensus is eyeing an easing announcement, it remains unclear what type of stimulus could be introduced by President Mario Draghi tomorrow. Expectations range from a deposit rate cut to an introduction of a QE-style purchasing program, but ECB watchers are well aware that Mr. Draghi's favorite policy tool has been the threat of easing, rather than actual easing for quite some time now. The ECB decision will cross the wires at 7:45 ET with the press conference set to follow at 8:30 ET.

However, before moving into tomorrow, we would like to take a quick look at today's session, which was anything but thrilling. Seven of ten sectors finished in the green with the three largest cyclical groups-consumer discretionary (+0.4%), financials (+0.3%), and technology (+0.3%)-in the lead.

The top performer of the bunch-consumer discretionary-rallied on the back of retailers with the SPDR S&P Retail ETF (XRT 84.44, +0.64) advancing 0.8%, which pulled it back into the green for the quarter. The retail ETF swung to a quarter-to-date gain of 0.2%, but remained lower by 4.2% year-to-date.

Elsewhere, the financial sector, which has been the top performer of the week, added 0.3% with M&A activity contributing to the relative strength. Specifically, Protective Life (PL 69.36, +10.64) surged 18.1% after agreeing to be acquired by Japan's Dai-ichi Life for $70/share, representing a 19.2% premium to yesterday's closing price.

Also of note, the tech space received significant support from its largest component. Shares of Apple (AAPL 644.82, +7.28) spiked 1.1% on the record date for the upcoming 7:1 stock split. Starting Monday, the largest tech company by market cap will begin trading on a split-adjusted basis.

In addition to boosting the tech sector, Apple contributed to the relative strength of the Nasdaq Composite. However, the Nasdaq also drew strength from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 243.47, +2.55) regained its 100-day moving average, climbing 1.0%. The health care sector, meanwhile, ended in line with the S&P 500.

On the downside, energy (-0.1%), industrials (-0.1%), and telecom services (-0.3%) posted slim losses.

Treasuries ended flat after erasing their overnight gains. The 10-yr yield settled at 2.60%.

Economic data was plentiful and mostly disappointing:

According to the ADP National Employment Report, employment in the nonfarm private business sector rose by 179K in May. That was below the increase of 200K expected by the Briefing.com consensus. Also of note, the April reading was revised down to 215,000 from 220,000.

The trade deficit in April widened appreciably to $47.20 billion from an upwardly revised $44.20 billion (from -$40.40 billion) in March. The April number was worse than the Briefing.com consensus estimate of -$41.30 billion and was the biggest deficit since March 2012. This will be a negative component for Q2 GDP as the real trade deficit in April was 9.2% greater than the first quarter average.

First quarter productivity was revised lower to -3.2% (Briefing.com consensus -2.5%) from -1.7%. That was the largest decrease in productivity since the first quarter of 2008. Hours worked increased 2.2% and output decreased 1.1%. Unit labor costs, in turn, were revised up to 5.7% (Briefing.com consensus 4.8%) from 4.2% due to the decline in productivity and the 2.3% increase in hourly compensation.

The ISM Services report for May checked in at 56.3, which was above the Briefing.com consensus estimate of 55.5 and marked the highest reading for the survey since August 2013. The main takeaway was that the non-manufacturing sector continues to operate comfortably in a state of expansion as May 2014 marked the 52nd consecutive month with a reading above 50.0.

The weekly MBA Mortgage Index fell 3.1% to follow last week's downtick of 1.2%.

Tomorrow, Challenger Job Cuts for May will be reported at 7:30 ET, while weekly Initial Claims (Briefing.com consensus 310,000) will be released at 8:30 ET.

3:30 pm: [BRIEFING.COM]


Aug gold touched a session high of $1249.40 per ounce in early morning action following a weak ADP National Employment Report that showed employment in the nonfarm private business sector rose by 179K. This was below the Briefing.com consensus that called for an increase of 200K.

However, the yellow metal gave up the earlier gain as the dollar index recovered into positive territory. It brushed a session low of $1242.80 per ounce and settled at $1244.40 per ounce, or 20 cents below the unchanged line.

July silver brushed a session high of $18.88 per ounce in morning pit trade but pulled back slightly as the session progressed. It eventually settled at $18.80 per ounce, or 0.2% higher.

July crude oil touched a session high of $103.72 per barrel in morning action but gave up the gain despite better-than-anticipated inventory data. The EIA reported that for the week ending May 30, crude oil inventories had a draw of 3.4 mln barrels when consensus called for a draw of 0.25-0.3 mln barrels. The energy component brushed a session low of $102.51 per barrel moments before settling with a 0.1% loss at $102.62 per barrel.

July natural gas came off its session low of $4.58 per MMBtu and broke into positive territory in early afternoon floor trade. It settled 0.4% higher at $4.64 per MMBtu, or just below its session high of $4.65 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.1% with one hour remaining in the midweek session. The benchmark index opened in the red, but reclaimed all of its losses during the first 90 minutes of action. However, after climbing into the green, the S&P 500 was unable to make it past the 1928 level, where it spent the bulk of the afternoon.

The index has taken a step back since notching that high, while the Nasdaq Composite (+0.3%) continues outperforming thanks in part to the relative strength of biotechnology (IBB +1.0%). The health care sector, meanwhile, remains just above its unchanged level.

2:25 pm: [BRIEFING.COM] The Federal Reserve has released its Beige Book for June, revealing that manufacturing activity expanded across all twelve Districts at a modest to moderate pace. Two regions-Cleveland and St. Louis-saw a pick-up in activity, while Kansas City observed a slight slowdown.

Consumer spending, meanwhile, continued expanding across most Districts, but wage growth has remained subdued.

With regard to inflation, price pressures were characterized as "contained" with little change across most Districts.

The stock market did not respond to the release.

2:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.2% while the Russell 2000 (+0.5%) and Nasdaq Composite (+0.5%) outperform. Small-cap stocks displayed some early weakness, but they were quick to catch up, and eventually overtake, the S&P 500.

The Russell 2000 has traded in close proximity to its 200-day moving average for the better part of May and the start of June has not been much different. The Russell 2000 has tested that key level in every session of the week and today the index is finally pulling away from the 200-day average.

Also of note, today's rally has placed the Russell 2000 right at its 50-day moving average (1132.81), which served as resistance in May.

On a separate note, our next update will include highlights from the Fed's Beige Book for June.

1:30 pm: [BRIEFING.COM] It's the bull market that just won't quit and that has some fearful participants (i.e. fearful about missing out on another leg higher) forcing the action. The gains are modest in scope, yet there is a resilient quality about the market that is keeping short sellers in check.

To wit: the biotech stocks are back in favor and so is Apple (AAPL 645.55, +8.01).

On April 15 (tax-filing day), the iShares Nasdaq Biotechnology ETF (IBB 243.32, +2.40) hit 207.48 at its low for the day. Today it sits approximately 17% above that low. Apple, meanwhile, hit a low of 511.33 on April 15. Today it sits 26% above that low.

The IBB is up 0.9% today and AAPL is up 1.3%. Lo and behold, the Nasdaq (+0.4%) and the Russell 2000 (+0.4%) have pivoted back into a position of outperformance after underperforming on some profit-taking activity early in the week.

Separately, it would be remiss not to add that today's gains are not that broad based. In fact, decliners lead advancers at the NYSE by a small margin while advancers are only outpacing decliners at the Nasdaq by a slim 7-to-6 margin.

1:00 pm: [BRIEFING.COM] At midday, the major averages hold modest gains with the Nasdaq Composite (+0.5%) in the lead. The S&P 500, meanwhile, trades higher by 0.2% with six sectors showing gains.

Overall, the first half of the trading day has fallen right in-line with the prior two sessions that saw range-bound action on light volume. In all likelihood, the quiet environment reflects the wait-and-see approach that has taken hold ahead of tomorrow's policy decision from the European Central Bank and the U.S. Nonfarm Payrolls report, which will be released on Friday.

Tomorrow's ECB announcement has the potential to stir things up a bit as investors are anticipating some sort of action from the central bank. However, while the general consensus is looking for an easing announcement, it remains unclear what type of easing could be introduced by President Mario Draghi tomorrow. Expectations range from a deposit rate cut to an introduction of a QE-style purchasing program, but ECB watchers are well aware that Mr. Draghi's favorite policy tool has been the threat of easing, rather than actual easing for quite some time now.

For the time being, the consumer discretionary sector (+0.5%) is a clear leader, while other heavily-weighted sectors like financials (+0.3%) and technology (+0.4%) follow not far behind. For its part, the third-largest S&P 500 group-health care-trades flat even as biotechnology displays considerable strength.

The iShares Nasdaq Biotechnology ETF (IBB 242.95, +2.03) is higher by 0.9%, which has contributed to the outperformance of the Nasdaq Composite. The biotech ETF has climbed above its 100-day moving average (242.48) after spending the past week just below that level.

Biotechnology notwithstanding, the tech-heavy Nasdaq has also received significant support from its largest component. Shares of Apple (AAPL 645.72, +8.18) trade higher by 1.3% with today marking the record date for the upcoming 7:1 stock split. Starting Monday, the largest tech company by market cap will begin trading on a split-adjusted basis.

On the downside, telecom services (-0.3%) and utilities (-0.2%) display modest losses, but the two sectors represent less than 6.0% of the entire S&P 500. For comparison, the largest sector-technology-accounts for 18.8% of the S&P 500.

Elsewhere, Treasuries are flat after erasing their earlier gains. The 10-yr yield sits at 2.60%.

Today's economic data was plentiful and mostly disappointing:

According to the ADP National Employment Report, employment in the nonfarm private business sector rose by 179K in May. That was below the increase of 200K expected by the Briefing.com consensus. Also of note, the April reading was revised down to 215,000 from 220,000.
The trade deficit in April widened appreciably to $47.20 billion from an upwardly revised $44.20 billion (from -$40.40 billion) in March. The April number was worse than the Briefing.com consensus estimate of -$41.30 billion and was the biggest deficit since March 2012. This will be a negative component for Q2 GDP as the real trade deficit in April was 9.2% greater than the first quarter average.
First quarter productivity was revised lower to -3.2% (Briefing.com consensus -2.5%) from -1.7%. That was the largest decrease in productivity since the first quarter of 2008. Hours worked increased 2.2% and output decreased 1.1%. Unit labor costs, in turn, were revised up to 5.7% (Briefing.com consensus 4.8%) from 4.2% due to the decline in productivity and the 2.3% increase in hourly compensation.
The ISM Services report for May checked in at 56.3, which was above the Briefing.com consensus estimate of 55.5 and marked the highest reading for the survey since August 2013. The main takeaway was that the non-manufacturing sector continues to operate comfortably in a state of expansion as May 2014 marked the 52nd consecutive month with a reading above 50.0.
The weekly MBA Mortgage Index fell 3.1% to follow last week's downtick of 1.2%.

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.1%) has held its level for the past hour, while the Nasdaq Composite (+0.4%) has continued inching higher.

Similar to the Nasdaq, the technology sector (+0.3%) has put together a quiet rally, but it is also worth noting that biotechnology has played a significant part in fueling the Nasdaq's advance. The iShares Nasdaq Biotechnology ETF (IBB 243.03, +2.11) is higher by 0.9% after reclaiming its 100-day moving average (242.49).

Over the past week, the biotech ETF has traded in the vicinity of that level, but hasn't been able to regain it until today. Meanwhile, the broader health care sector (unch) has essentially ignored the move in biotechnology.

11:55 am: [BRIEFING.COM] Not much change since our last update as equity indices continue hovering just above their flat lines.

At this juncture, the materials sector (+0.4%) is a clear outperformer, while heavily-weighted sectors like consumer discretionary (+0.3%) and financials (+0.3%) follow not far behind.

The materials sector has drawn strength from steelmakers and miners as Market Vectors Steel ETF (SLX 46.15, +0.13) and Market Vectors Gold Miners ETF (GDX 22.41, +0.04) hold modest gains. Interestingly, mining shares trade in the green even as gold futures trade flat at $1244.50/ozt.

11:30 am: [BRIEFING.COM] The major averages have extended their recent gains, lifting the Dow Jones Industrial Average into the green.

The rally off lows has been supported by some of the most influential sectors as consumer discretionary (+0.3%), financials (+0.3%), health care (+0.1%), and technology (+0.2%) trade ahead of the remaining sectors, leaving telecom services (-0.4%) and utilities (-0.4%) as the only two decliners.

Furthermore, the rebound has coincided with participants taking on more risk in general as the dollar/yen pair hovers on its session high (102.70), while the 10-yr note sits on its low (-2/32).

Interestingly, the increased risk tolerance has not stopped some from seeking portfolio insurance as evidenced by a 1.3% gain in the CBOE Volatility Index (VIX 12.02, +0.15).

11:00 am: [BRIEFING.COM] The major averages have climbed off their opening lows, lifting the Nasdaq Composite (+0.2%) and S&P 500 (+0.1%) into the green. At this time, individual sectors are split down the middle with five up and five down.

Countercyclical utilities (-0.3%) and telecom services (-0.5%) are the two weakest performers, but it is worth mentioning that collectively the two groups account for just 5.5% of the entire S&P 500. On the upside, the financial sector, which represents nearly 16.0% of the S&P 500, continues showing a slim gain of 0.2%.

Similar to financials, consumer discretionary (+0.2%), consumer staples (+0.1%), and materials (+0.2%) also trade ahead of the broader market.

Elsewhere, Treasuries have dipped into the red, pushing the benchmark 10-yr yield up to 2.61%.

10:35 am: [BRIEFING.COM]

Copper futures are trading lower today following news of an investigation at China's Qingdao port, which is the third largest port in China.
In short, either some copper and aluminum is missing, or small amounts were used twice to collateralize more than one loan.
It appears that what happen is that some piles of each metal were used by someone to back more than one loan
In separate news, reports show that Indonesia might restart concentrate exports of copper soon, which is also weighing on copper futures
July copper is currently -1.4% at $3.09/lb.
Crude oil futures were trading near session higher ahead of the weekly EIA inventory data. Following the data, July crude showed a muted reaction and is now +0.8% at $103.46/barrel
Natural gas is climbing higher following a morning sell-off and are now -0.3% at $4.62/MMBtu (July)
Gold and silver have been sliding a little lower, but remain in positive territory. Aug gold is now +0.1% at $1246/oz, while July silver is +0.4% at $18.84/oz.

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

Just released, the ISM Services Index for May rose to 56.3 from 55.2 while the Briefing.com consensus expected an uptick to 55.5.

9:45 am: [BRIEFING.COM] The opening minutes of the Wednesday session were essentially a carbon copy of Tuesday as equity indices opened in the red with small-caps leading the early retreat. The Russell 2000 is lower by 0.6%, while the S&P 500 trades down 0.3% with eight sectors showing loses.

Of the eight decliners, consumer discretionary (-0.3%), energy (-0.4%), materials (-0.4%), and technology (-0.4%) all hover at the bottom of the leaderboard. Meanwhile, the financial sector outperforms with a slim gain of 0.1%.

The heavily-weighted financial sector has shown relative strength through the first half of the week and today's early gain has extended the sector's week-to-date advance to 0.5%.

Elsewhere, Treasuries remain near their recent levels with the 10-yr yield down two basis points at 2.58%.

The ISM Services report for May will be released at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -8.00. The stock market is on track for a cautious start to the session as the S&P 500 futures trade four points below fair value.

Overnight, index futures made a brief appearance in the green, but fell to fresh session lows as European markets opened for business. Disappointing data from the eurozone (Services PMI 53.2 versus expected 53.5) and the U.S. (April trade deficit $47.20 billion versus Briefing.com consensus $41.30 billion; May ADP Employment 179K versus expected 200K; Q1 Productivity -3.2% versus expected 2.5%; Q1 Unit Labor Costs +5.7% versus expected 4.8%) have conspired to keep the pressure on global equities.

Meanwhile, Treasuries are seeing demand after four days of losses. The 10-yr note is higher by four ticks with its yield down two basis points at 2.58%.

With the ECB rate decision coming up tomorrow morning and the U.S. Nonfarm Payrolls report for May scheduled for a Friday morning release, there is a good chance that equity indices will continue respecting narrow ranges, which has been the case all week.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -9.30. The S&P 500 futures trade five points below fair value.

Most Asian markets finished in the red, while Japan's Nikkei (+0.2%) bucked the trend.

In economic data:
Australia's GDP rose 1.1% quarter-over-quarter (consensus 1.0%, previous 0.8%), while the year-over-year reading climbed 3.5% (expected 3.3%, prior 2.7%). Separately, AIG Services Index ticked up to 49.9 from 48.6.
India's HSBC Services PMI rose to 50.2 from 48.5.

------

Japan's Nikkei added 0.2%, posting its best close in two months. Yahoo Japan was a standout, rallying 4.4%.
Hong Kong's Hang Seng lost 0.6%, easing off its best levels of 2014. Property stocks were pressured as Henderson Land Development and China Resources Land fell 2.8% and 2.1%, respectively.
China's Shanghai Composite posted its fourth consecutive loss, falling 0.7%. Property shares lagged with China Merchants Property Development tumbling 3.1% to lead the sector's decline.

Major European indices trade lower across the board with participants awaiting tomorrow's policy decision from the European Central Bank, which could include a rate cut and/or the deployment of a QE-style easing program.

Participants received several economic data points:
Eurozone GDP rose 0.2% quarter-over-quarter, while the year-over-year reading increased 0.9%. Separately, PPI slipped 0.1% month-over-month, while the year-over-year reading fell 1.2%. All four figures matched estimates. Separately, Services PMI fell to 53.2 from 53.5 (consensus 53.5).
Great Britain's Services PMI slipped to 58.6 from 58.7 (expected 58.2).
Germany's Services PMI fell to 56.0 from 56.4 (consensus 56.4).
French Services PMI ticked down to 49.1 from 49.2 (expected 49.2).
Italy's Services PMI improved to 51.6 from 51.1 (consensus 51.5).
Spain's Services PMI fell to 55.7 from 56.5 (expected 56.1).

------

Germany's DAX is lower by 0.3% as exporters weigh. BMW and Daimler hold respective losses of 1.3% and 1.1%. On the upside, drug maker Merck outperforms with a gain of 1.1%.
In France, the CAC trades down 0.4%. Energy and industrial names are among the laggards with Bouygues, Schneider Electric, and Total down between 0.8% and 3.2%.
Great Britain's FTSE holds a loss of 0.4%. Food retailer Tesco weighs, down 1.2% after reporting disappointing Q1 results.
Italy's MIB underperforms with a loss of 0.8%. Banco Popolare, BMPS, Intesa Sanpaolo, and UnipolSai are down between 0.6% and 2.2%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -6.50. The S&P 500 futures trade four points below fair value.

The April trade deficit widened to $47.20 billion from $44.20 billion, while the Briefing.com consensus expected the deficit to come in at $41.30 billion.

According to today's ADP National Employment Report, employment in the nonfarm private business sector rose by 179K in May. This was below the increase of 200K expected by the Briefing.com consensus. Also of note, the April reading was revised down to 215,000 from 220,000.

Productivity data for the first quarter showed a decrease of 3.2%, which was worse than the 1.7% decrease that had been reported in the preliminary reading. It was also below the 2.5% decrease that had been expected by the Briefing.com consensus. Unit labor costs for the first quarter were revised lower to reflect an increase of 5.7% after they had reportedly increased 4.2% in the preliminary reading. Economists polled by Briefing.com had expected that unit labor costs would tick up in the revised reading to reflect an increase of 4.8%.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -2.20. Nasdaq futures vs fair value: -3.80. U.S. equity futures hold modest losses amid cautious action overseas. The S&P 500 futures hover two points below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.2%, Hong Kong's Hang Seng -0.6%, and China's Shanghai Composite -0.7%.
In economic data:
Australia's GDP rose 1.1% quarter-over-quarter (consensus 1.0%, previous 0.8%), while the year-over-year reading climbed 3.5% (expected 3.3%, prior 2.7%). Separately, AIG Services Index ticked up to 49.9 from 48.6.
India's HSBC Services PMI rose to 50.2 from 48.5.
In news:
According to Australia's Bureau of Statistics, roughly 80% of GDP growth came from the mining sector.

Major European indices trade lower across the board. Great Britain's FTSE -0.4%, Germany's DAX -0.2%, and France's CAC -0.1%. Elsewhere, Italy's MIB -0.5% and Spain's IBEX -0.5%.
Participants received several economic data points:
Eurozone GDP rose 0.2% quarter-over-quarter, while the year-over-year reading increased 0.9%. Separately, PPI slipped 0.1% month-over-month, while the year-over-year reading fell 1.2%. All four figures matched estimates. Separately, Services PMI fell to 53.2 from 53.5 (consensus 53.5).
Great Britain's Services PMI slipped to 58.6 from 58.7 (expected 58.2).
Germany's Services PMI fell to 56.0 from 56.4 (consensus 56.4).
French Services PMI ticked down to 49.1 from 49.2 (expected 49.2).
Italy's Services PMI improved to 51.6 from 51.1 (consensus 51.5).
Spain's Services PMI fell to 55.7 from 56.5 (expected 56.1).
Among news of note:
Core European indices have spent the first half of the session in relatively narrow ranges as participants await tomorrow's policy decision from the European Central Bank, which could include a rate cut and/or the deployment of a QE-style easing program.

In U.S. corporate news:

Fuel Cell (FCEL 2.05, -0.32): -13.5% after missing the Capital IQ consensus estimate by one cent on below-consensus revenue.
Protective Life (PL 69.20, +10.48): +17.9% after agreeing to be acquired by Japan's Dai-ichi Life for $70/share, representing a 19.2% premium to yesterday's closing price.
TIBCO Software (TIBX 17.55, -3.24): -15.4% after guiding Q2 earnings and revenue below analyst expectations.

The weekly MBA Mortgage Index fell 3.1% to follow last week's downtick of 1.2%.

ADP Employment Change for May (Briefing.com consensus 200,000) will cross the wires at 8:15 ET. Separately, 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.

6:57 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -3.00.

6:57 am: [BRIEFING.COM] Nikkei...15067.96...+33.70...+0.20%. Hang Seng...23151.71...-139.30...-0.60%.

6:57 am: [BRIEFING.COM] FTSE...6813.02...-23.20...-0.30%. DAX...9895.65...-24.30...-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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