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 Post subject: June 11th Wednesday Trade Results - Profit $1210.00
PostPosted: Thu Jun 12, 2014 6:01 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 @ $1,210.00 dollars or +12.10 points, Emini ES ($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 @ $1,210.00 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=1814

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.

Dow Drops 102 Points. Don't Panic

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

NEW YORK (CNNMoney)
The weather on Wall Street was overcast today, and that seemed to be the mood for investors. Stocks pulled back Wednesday, but keep in mind that they have been surging lately. They can't go up every day.

Here are the top 5 talking points:

1. Markets step back: The Dow, S&P 500, and Nasdaq all moved lower. The Dow dropped 102 points (about 0.6%). It is back below the 16,900 level again. Many are waiting for the Dow to break 17,000 for the first time and hope this milestone can come this week.

Interestingly, the Dow experienced the biggest loss today out of of the major indexes. The S&P 500 was down about 0.35% and the Nasdaq was only off by 0.14%. Normally the bigger companies that make up the Dow are seen as safe havens, but not this time.

Today's setback could be driven by the World Bank lowering its Global Economic Outlook for 2014. The bank now predicts a 4.8% pace for the year, down from its January estimate of 5.3%, marking the third straight year of under 5% growth for developing economies. In a week without much new data, investors are looking for ways to gauge the pulse of the economy.

2. Corporate movers -- Bank of America, Facebook, Ulta, H&R Block, Amazon: Bank of America (BAC) shares declined 2% after the New York Times reported that the Justice Department is seeking a $17 billion penalty from the lender over its role in the mortgage crisis.

Facebook (FB, Tech30) took a breather Wednesday from its recent run, finishing the day flat. The stock is up 15% in the past month and got a good boost this week after eBay (EBAY, Tech30) announced that PayPal President David Marcus is leaving the e-commerce site to join Facebook. Shares of Facebook are up almost 20% this year, and the stock is the second best performer on CNNMoney's Tech 30 Index for 2014.

"$FB...good opportunity for traders to take profits," said StockTwits trader Jerry_S.

Lululemon (LULU)fell after Chip Wilson, the yogawear maker's founder and largest shareholder, released a statement saying that he voted against the reelection of two of the company's board members, including its Chairman Michael Casey, because they didn't align with the company's values. Lululemon hit back and defended the board members against the accusation. The stock is down 2.5%.

Ulta Salon Cosmetics & Fragrance (ULTA)soared almost14% after the beauty company reported a 19% bump in quarterly profit thanks to an impressive bounce in sales.

"$ULTA thanks ulta you made my day . biggest jackpot ever made since I started trading," said midnighttrader on StockTwits.

H&R Block (HRB)advanced 4.6% thanks to strong earnings from the tax preparation firm that were driven by an uptick in its online business.

Amazon (AMZN, Tech30)popped after it received a rating upgrade by analysts at Goldman Sachs. The company is currently in a spat with Hachette books and Warner Brothers (owned by CNNMoney parent company Time Warner (TWX)).

3. Investors continue to pour money into corporate bonds and Spanish debt. The spread between corporate bonds and U.S. Treasuries is at the lowest point this week since 2007. It's now a mere 125 basis points, according to Bank of America Merrill Lynch.

This week the yields on Spain's 10-year bonds dropped below those of the United States, meaning Spain can borrow for less cost than America. It's a big turnaround for a nation that was on the brink on default two years ago.

4. European Airline stocks hit by turbulence: Europe's airline industry is in the spotlight Wednesday. Shares in Lufthansa Group (DLAKY)fell by 14% in Germany after the airline operator issued a surprise profit warning.

Airbus (EADSY)stock closed down 3% in Paris after Emirates Airline canceled a multi-billion dollar order for 70 A350 planes.

Shares in Rolls-Royce (RYCEF), which makes the engines for the A350s, also took a hit in London trading.

5. International stock market action: European markets finished lower. Asian markets ended with mixed results.

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4:15 pm: [BRIEFING.COM] The stock market ended the Wednesday session on a lower note with the Dow Jones Industrial Average (-0.6%) and Russell 2000 (-0.5%) leading the slide. The S&P 500 lost 0.4% with nine sectors in the red.

Equity indices spent the duration of the session in the red, while the Nasdaq (-0.1%) made a momentary appearance in the green. The tech-heavy index outperformed thanks to relative strength among chipmakers. However, the Nasdaq slumped back towards its low into the close as dip buyers were reluctant to step in and lift the overall market.

Today's retreat should not be all that surprising, considering the S&P 500 entered the session with a 4.2% gain since May 20. Meanwhile, the Russell 2000 began the day with an even more impressive 6.8% advance in that same timeframe.

With the major averages overextended on a short-term basis, the market was ready to take a step back at the sound of the first concerning headline and today's comments from the World Bank did the trick.

Specifically, the World Bank cut its 2014 global growth outlook to 2.8% from 3.2%, while also revising projections for several major economies. For instance, the growth forecast for the U.S. was lowered to 2.1% from 2.8%, while China's GDP expectations were taken down to 7.6% from 7.7%.

Fittingly, with growth concerns at the forefront, cyclical sectors like financials (-0.7%), industrials (-0.8%), and materials (-0.6%) saw noteworthy losses.

Most notably, industrials could not keep up with the broader market as defense contractors and transports weighed. Dow component Boeing (BA 134.10, -3.15) fell 2.3% after being downgraded to 'Sector Perform' at RBC Capital Markets. The stock pressured the PHLX Defense Index, which lost 1.1%.

Transports, meanwhile, underperformed for the second day in a row. All five airline stocks that make up the transportation average lost between 1.3% and 5.2% with United Continental (UAL 45.26, -2.50) posting the largest decline after Deutsche Lufthansa slashed its guidance.

Elsewhere, the financial sector suffered from widespread losses, but Bank of America (BAC 15.59, -0.33) underperformed its peers with a 2.1% decline in reaction to reports the bank's settlement negotiations with the Justice Department have hit a snag.

Also of note, the technology sector (-0.3%) ended just ahead of the broader market, but chipmakers displayed strength, which underpinned the Nasdaq. Micron (MU 30.99, +1.48) jumped 5.0% after receiving an upgrade from Bank of America/Merrill Lynch, while the broader PHLX Semiconductor Index rose 0.5%.

The Nasdaq also received an intraday boost from biotechnology, but the iShares Nasdaq Biotechnology ETF (IBB 249.03, -0.27) slumped into the close, ending little changed.

Similar to biotechnology, the health care sector (-0.1%) settled near its flat line, while other countercyclical sectors posted losses. The utilities sector was particularly weak (-1.3%) after Exelon (EXC 35.75, -1.41) announced a secondary share offering.

Treasuries climbed in the morning, but surrendered the bulk of their gains during the afternoon. The 10-yr yield slipped one basis point to 2.63%.

Participation remained well below average and today's 520 million shares represented the lowest NYSE floor volume of the year.

Economic data was limited to two reports. The weekly MBA Mortgage Index surged 10.3% to follow last week's 3.1% decline and the Treasury Budget for May showed a deficit of $130.00 billion, which followed the prior deficit of $138.70 billion.

Tomorrow, weekly initial claims (Briefing.com consensus 315K), May Retail Sales (consensus 0.7%), and May Import/Export Prices will be released at 8:30 ET, while the Business Inventories report for April (expected 0.4%) will cross the wires at 10:00 ET.
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S&P 500 +5.2% YTD
Nasdaq Composite +3.7% YTD
Dow Jones Industrial Average +1.6% YTD
Russell 2000 +0.3% YTD

3:35 pm: [BRIEFING.COM]

The dollar index remained in the red today, which helped provide price support is some commodities today
Crude oil futures finished the day flat with July crude ending at $104.39/barrel (up one cent)
Natural gas ended the day near its LoD, closing two cents lower at $4.51/MMBtu
Gold and silver consolidated after a morning sell-off. By the end of the day silver was unchanged at $19.23/oz and gold rose $1 to $1261.10/oz
Copper was in the red almost all day, ending one cent lower at $3.04/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the session.

Nine of ten sectors continue showing losses between 0.2% and 0.9%, while the energy space (+0.2%) remains just north of its flat line. Including today's advance, the growth-oriented sector is higher by 1.6% for the week.

Only financials and industrials have enjoyed a stronger week than that as the two sector hold respective week-to-date gains of 1.9% and 1.7%. Interestingly, the two occupy the bottom of today's leaderboard with losses of 0.8% apiece.

Elsewhere, Treasuries have retreated from their highs and now trade little changed. The 10-yr yield is currently flat at 2.64%.

2:25 pm: [BRIEFING.COM] The S&P 500 (-0.5%) has dropped to a fresh low for the session as dip buyers remain reluctant to step in. Similar to the S&P 500, the Dow (-0.7%) and Russell 2000 (-0.9%) have also cracked new lows for the day.

Earlier, we pointed to the Dow Jones Transportation Average as a major source of the weakness. Despite today's 0.9% decline, the bellwether complex is still up 9.9% year-to-date and up 7.3% for the quarter. The index continues to trade higher for the month of June, but has narrowed its month-to-date gain to 0.3%.

2:00 pm: [BRIEFING.COM] The S&P 500 continues bouncing between 1942 and 1946, while the Nasdaq (-0.2%) has distanced itself from its flat line after being unable to make a move into the green.

Fittingly, with the Nasdaq extending its decline, the iShares Nasdaq Biotechnology ETF (IBB 248.90, -0.40) has returned into the red. The ETF is lower by 0.2%, while the health care sector remains near its flat line.

Also of note, demand for volatility protection has increased in recent action with the CBOE Volatility Index (VIX 11.47, +0.48) now higher by 4.4% after notching a session low shortly before midday.

Just released, the Treasury Budget for May showed a deficit of $130.00 billion, which followed the prior deficit of $138.70 billion.

1:30 pm: [BRIEFING.COM] The major indices remain under selling pressure with the Dow probing its worst levels of the day.

Every sector is trading lower with the exception of the energy sector (+0.2%). Although oil prices are basically flat today, rising geopolitical concerns related to an Al Qaeda-led insurrection in Iraq have not only kept a floor under crude prices but have also provided a rising ceiling of late. Crude prices, which sit at $104.28/bbl today, are up from $100/bbl in early May.

The strength in oil prices, the understanding that OPEC isn't changing its production targets, and some rumors that ExxonMobil (XOM 101.67, +0.21) may be interested in acquiring Anadarko Petroleum (APC 107.70, +3.78) have contributed to the relative strength of the energy sector.

Elsewhere, the $21 bln 10-yr note auction knocked the 10-yr note back to unchanged for the day. Overall demand was decent, evidenced by a 2.88 bid-to-cover ratio that exceeded the prior 12-auction average of 2.63, but indirect bidders were not as interested as prior auctions, taking 36% of the supply versus 49.2% at the previous auction and the 12-auction average of 45.2%.

1:00 pm: [BRIEFING.COM] At midday, the major averages hover in the red with the Dow Jones Industrial Average (-0.5%) and Russell 2000 (-0.4%) leading the decline. Similar to the two indices, the S&P 500 (-0.3%) sits near its session low, while the Nasdaq (unch) has recovered the bulk of its early loss.

Equity indices started the day in the red after the S&P 500 posted gains in seven of the past nine trading days. With that in mind, the market was due for a round of profit-taking, but comments from the World Bank have also factored into today's retreat.

Specifically, the World Bank cut its 2014 global growth outlook to 2.8% from 3.2%, while also revising projections for several major economies. For instance, the growth forecast for the U.S. was lowered to 2.1% from 2.8%.

The cautious commentary has factored into a slow start for the market, but outside of growth-sensitive financials (-0.7%), industrials (-0.7%), and materials (-0.5%), the remaining sectors trade in line or ahead of the broader market.

In the financial sector, Bank of America (BAC 15.65, -0.27) is the weakest performer, trading lower by 1.7% amid reports indicating the bank's settlement negotiations with the Justice Department have hit a snag. Other major financials also trail the broader market, but their losses have been more limited.

Elsewhere, industrials lag due to weakness in transport stocks. Like yesterday, the Dow Jones Transportation Average (-0.7%) underperforms, but unlike yesterday, airlines trade broadly lower following a profit warning from Deutsche Lufthansa. Delta Air Lines (DAL 40.52, -1.40) and United Continental (UAL 45.69, -2.07) are the two weakest performers, down 3.3% and 4.3%, respectively.

On the upside, chipmakers are seeing broad strength, which has helped the Nasdaq return to its flat line. Micron (MU 31.39, +1.90) is higher by 6.4% after receiving an upgrade from Bank of America/Merrill Lynch, while the broader PHLX Semiconductor Index trades up 0.9%.

Economic data this morning was limited to the weekly MBA Mortgage Index, which surged 10.3% to follow last week's 3.1% decline.

The Treasury Budget for May will be released at 14:00 ET.

12:30 pm: [BRIEFING.COM] The S&P 500 (-0.3%) has crept up to the top of its morning range thanks to a rebound in energy (+0.3%) and health care (+0.1%).

The energy sector has been able to climb to a fresh session high with help from its largest component. ExxonMobil (XOM 102.06, +0.60) trades higher by 0.6%, while another influential sector component-Chevron (CVX 125.18, -0.16)-holds a loss of 0.1%. Meanwhile, crude oil is little changed at $104.33/bbl after sliding from its session high near $104.80/bbl.

Including today's gain, the energy sector is up 8.2% year-to-date and the technology sector is the only other cyclical group that is up more than 7.0% for the year.

12:00 pm: [BRIEFING.COM] Not much change in the major averages as they continue plodding along their recent levels. For instance, the S&P 500 (-0.3%) has been trapped in a three-point range for the past 90 minutes or so.

Meanwhile, the Nasdaq Composite (-0.01%) has been inching higher since putting in its session low at the open. Biotechnology and chipmakers have contributed to the rebound, while the overall tech sector trades a bit ahead of the S&P 500 with a loss of 0.1%.

The iShares Nasdaq Biotechnology ETF (IBB 250.11, +0.81) is higher by 0.3%, while the broader health care sector sits right above its flat line.

Elsewhere, the PHLX Semiconductor Index is higher by 0.6% with Micron (MU 30.98, +1.47) playing a part in the relative strength. The stock is higher by 5.0% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Underperform.'

11:30 am: [BRIEFING.COM] Equity indices continue trading in the red, but the Nasdaq has been able to trim its loss to just 0.1%. Meanwhile, the Dow (-0.6%), Russell 2000 (-0.6%) and S&P 500 (-0.4%) remain just above their session lows.

During the past few sessions, small caps have had a much better showing than their blue chip counterparts, but today's retreat is seeing broad weakness. The price-weighted Dow trades in line with the Russell 2000 as 27 of its 30 components register losses.

Boeing (BA 134.02, -3.23) is the weakest performer in the Dow, trading lower by 2.3% after being downgraded to 'Sector Perform' at RBC Capital Markets. Fittingly, the stock belongs to the industrial sector (-0.8%), which trades behind the remaining cyclical groups.

11:00 am: [BRIEFING.COM] The S&P 500 remains not far above its session low as heavily-weighted financials (-0.7%) and industrials (-0.8%) continue pressuring the broader market.

Yesterday, industrials, and specifically the Dow Jones Transportation Average, slumped out of the gate, but spent the bulk of the session in a slow rebound off the early lows. Today, however, transport stocks and the broader sector have added to their early losses. The Dow Jones Transportation Average is lower by 1.0 with 19 of its 20 components in the red.

Airlines fueled yesterday's rebound off the morning lows, but the industry group is pressuring the bellwether complex today. Alaska Air (ALK 96.55, -2.19), Delta Air Lines (DAL 39.98, -1.95), Southwest Airlines (LUV 26.96, -0.33), JetBlue Airways (JBLU 10.44, -0.19), and United Continental (UAL 45.75, -2.01) hold losses between 1.1% and 4.7%.

10:35 am: [BRIEFING.COM]

The dollar index is trading modestly lower this morning, now -0.1% at 80.77, which is only creating modest price support in some commodities
July crude oil rose as high as $104.79/barrel in early morning trade and was about flat just ahead of the inventory data (+0.1% at $104.40/barrel)
Following the inventory data, crude barely popped higher and is now +0.1% at $104.48/barrel.
Corn and wheat futures are trading higher ahead of the WASDE report, which will be released at noon EST today
July corn is now +0.7% at $4.49/bu and July soybeans are +1.1% at $6.08/bu
Gold and silver have pulled back from today's highs, but remain in positive territory. Aug gold is now +0.2% at $1262.80/oz, July silver is +0.3% at $19.23/oz
Natural gas rallied to $4.57/MMBtu this morning, but is now -1.3% at $4.54/MMBtu. July copper is -0.3% at $3.04/lb

10:00 am: [BRIEFING.COM] The Nasdaq Composite (-0.2%) has climbed off its low, while the Dow (-0.5%) and S&P 500 (-0.4%) have yet to pull away from their opening lows.

All ten sectors remain in the red, but outside of financials (-0.5%), industrials (-0.8%), materials (-0.6%), and utilities (-0.5%), the other groups trade in-line or ahead of the broader market. The top-weighted sector-technology (-0.1%)-falls under this category as chipmakers contribute to the group's outperformance. The PHLX Semiconductor Index is higher by 0.2%.

9:40 am: [BRIEFING.COM] As expected, the major averages slumped out of the gate. Similar to yesterday, small-caps are showing relative weakness as the Russell 2000 trades lower by 0.6% versus a 0.3% decline for the S&P 500.

All ten sectors hover in the red, but countercyclical groups like consumer staples (-0.1%), health care (-0.2%), and telecom services (unch) are holding up relatively well. Meanwhile, growth-sensitive financials (-0.5%) and industrials (-0.7%) are the two weakest performers. Notably, industrials trail for the second day in a row with transports factoring into the weakness. The Dow Jones Transportation Average is lower by 0.7% with all 20 components in the red.

The early weakness has led some participants in the direction of volatility protection as indicated by a 3.6% increase in the CBOE Volatility Index (VIX 11.38, +0.39).

Treasuries have added to their gains, pressuring the benchmark 10-yr yield to 2.63%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -7.80. Nasdaq futures vs fair value: -15.80. The stock market is on track to begin today's session on a cautious note as futures on the S&P 500 trade eight points below fair value.

Index futures spent the entire overnight session in the red, owing some of their weakness to comments from the World Bank, which lowered its 2014 global growth outlook to 2.8% from 3.2%. The World Bank trimmed its outlook for China and Japan to 7.6% (from 7.7%) and 1.3% (from 1.4%), respectively, while cutting its forecast for U.S. growth to 2.1% from 2.8%.

However, the cautious comments notwithstanding, one could argue that the market was ripe for some profit taking anyways after the S&P 500 posted gains in seven of the past nine sessions for a total advance of 2.2%.

Elsewhere, Treasuries hover just below their best levels of the session with the 10-yr yield off one basis point at 2.64%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -8.10. Nasdaq futures vs fair value: -16.50. The S&P 500 futures trade eight points below fair value.

Asian markets ended the midweek session on a mixed note. The World Bank lowered its 2014 worldwide GDP forecast to 2.8% from 3.2%. Furthermore, China's GDP expectations were taken down to 7.6% from 7.7% and Japan's forecast was revised lower to 1.3% from 1.4%.

In economic data:
Japan's Corporate Goods Price Index rose 0.3% month-over-month (consensus 0.1%, previous 2.8%), while the year-over-year reading increased 4.4% (expected 4.1%, prior 4.1%). Separately, BSI Large Manufacturing Conditions tumbled to -13.9 from 12.5 (expected 14.1).
South Korea's Unemployment Rate held steady at 3.7%.
New Zealand's Electronic Card Sales increased 1.3% month-over-month (consensus 0.5%, previous 0.3%), while the year-over-year reading jumped 7.6% (expected 5.6%, prior 5.7%).
India's trade deficit widened to $11.23 billion from $10.09 billion (consensus $11.10 billion).
Australia's Westpac Consumer Sentiment improved to 0.2% from -6.8%.

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Japan's Nikkei added 0.5%, ending on its session high after receiving a boost from industrials. Amada, Mitsubishi Heavy Industries, and Mitsui Engineering & Shipbuilding rallied between 2.7% and 3.2%.
Hong Kong's Hang Seng shed 0.3% after spending the entire session in the red. Property names underperformed with Henderson Land Development plunging 12.1%. China Resources Enterprise and Sino Land lost 2.1% and 1.8%, respectively.
China's Shanghai Composite climbed into the close, adding 0.1%. Utilities outperformed with Heilongjiang Interchina Water Treatment and Grandblue Environment up 10.1% and 8.8%, respectively.

Major European indices trade lower across the board. European Central Bank member Yves Mersch said the EU Commission has to identify asset-backed securities that are high quality and liquid in the next few weeks.

Economic data was limited:
Great Britain's Claimant Count fell 27,400 (expected -25,000, previous -28,400), lowering the Unemployment Rate to 6.6% from 6.8% (consensus 6.7%). Separately, Average Earnings Index + Bonus increased 0.7% (expected 1.2%, previous 1.9%).

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Great Britain's FTSE is lower by 0.6%. Airlines EasyJet and International Consolidated Airlines are lower by 3.9% and 5.0%, respectively. Food retailer J Sainsbury outperforms with a gain of 2.1%.
In France, the CAC holds a loss of 0.6%. Steelmaker Vallourec is the weakest performer, down 11.3% after issuing a profit warning. In addition, the stock will be replaced in the CAC 40 by Valeo on June 23.
Germany's DAX trades down 0.9%. Deutsche Lufthansa has tumbled 13.9% after lowering its profit forecasts for 2014 and 2015. On the upside, chemical producer Linde is higher by 1.4%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -7.90. Nasdaq futures vs fair value: -14.50. U.S. equity futures remain near their early lows with the S&P 500 futures down eight points below fair value. It is worth pointing out that the decline comes after futures on the S&P 500 registered nine consecutive gains, while the cash settlement finished higher in seven of the past nine sessions.

While the market was ripe for some profit-taking, today's retreat is likely connected to the World Bank lowering its global growth outlook for 2014 to 2.8% from 3.2%. Notably, the bank cut its forecast for U.S. growth to 2.1% from 2.8%.

The early weakness in futures has been consistent with the performance across Europe as the major averages there all trade with losses of at least 0.5%. Germany's DAX is lower by 1.0%, while Great Britain's FTSE (-0.6%) outperforms slightly.

Treasuries are modestly higher with the 10-yr yield off one basis point at 2.63%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -8.30. Nasdaq futures vs fair value: -16.50. U.S. equity futures hover near their pre-market lows amid cautious action overseas. The S&P 500 futures trade eight points below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng -0.3%, China's Shanghai Composite +0.1%, and Japan's Nikkei +0.5%.
In economic data:
Japan's Corporate Goods Price Index rose 0.3% month-over-month (consensus 0.1%, previous 2.8%), while the year-over-year reading increased 4.4% (expected 4.1%, prior 4.1%). Separately, BSI Large Manufacturing Conditions tumbled to -13.9 from 12.5 (expected 14.1).
South Korea's Unemployment Rate held steady at 3.7%.
New Zealand's Electronic Card Sales increased 1.3% month-over-month (consensus 0.5%, previous 0.3%), while the year-over-year reading jumped 7.6% (expected 5.6%, prior 5.7%).
India's trade deficit widened to $11.23 billion from $10.09 billion (consensus $11.10 billion).
Australia's Westpac Consumer Sentiment improved to 0.2% from -6.8%.
In news:
The World Bank lowered its 2014 worldwide GDP forecast to 2.8% from 3.2%. Furthermore, China's GDP expectations were taken down to 7.6% from 7.7% and Japan's forecast was revised lower to 1.3% from 1.4%.

Major European indices trade lower across the board. Great Britain's FTSE -0.6%, France's CAC -0.8%, and Germany's DAX -1.0%. Elsewhere, Spain's IBEX -0.9% and Italy's MIB -1.2%.
Economic data was limited:
Great Britain's Claimant Count fell 27,400 (expected -25,000, previous -28,400), lowering the Unemployment Rate to 6.6% from 6.8% (consensus 6.7%). Separately, Average Earnings Index + Bonus increased 0.7% (expected 1.2%, previous 1.9%).
Among news of note:
European Central Bank member Yves Mersch said the EU Commission has to identify asset-backed securities that are high quality and liquid in the next few weeks.

In U.S. corporate news:

Bank of America (BAC 15.60, -0.32): -2.0% amid reports the bank's settlement negotiations with the Justice Department have hit a snag.
Micron (MU 30.30, +0.79): +2.7% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Underperform.'
Synaptics (SYNA 78.50, +11.98): +18.0% after raising its Q4 revenue guidance and acquiring Renesas SP Drivers for JPY48.50 billion.
Ulta Salon (ULTA 93.00, +7.69): +9.0% after beating earnings and revenue estimates.

The weekly MBA Mortgage Index jumped 10.3% to follow last week's 3.1% decline.

The Treasury Budget for May will be released at 14:00 ET.

6:25 am: [BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -11.00.

6:25 am: [BRIEFING.COM] Nikkei...15069.48...+74.70...+0.50%. Hang Seng...23257.29...-58.50...-0.30%.

6:25 am: [BRIEFING.COM] FTSE...6839.15...-34.40...-0.50%. DAX...9954.92...-74.00...-0.70%.

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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