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 Post subject: June 12th Thursday Trade Results - Profit $3560.00
PostPosted: Fri Jun 13, 2014 12:54 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
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 @ $3,560.00 dollars or +35.60 points, Emini ES ($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 @ $3,560.00 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=1815

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.

Oil Prices Up, Stocks Down

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

NEW YORK (CNNMoney)
We've seen this story before in the stock market: Oil prices are up as a Middle East conflict escalates, and the markets are sliding.

The Dow Jones industrial average fell nearly 100 points (0.65%). The S&P 500 and the Nasdaq both sank over 0.7%. The selling adds to losses from the previous day. Stocks fell Wednesday after the World Bank lowered its outlook for global economic growth and House Majority Leader Eric Cantor lost his re-election bid.

Now the focus is Iraq.

Investors watch Iraq: Oil prices jumped more than 2% as Iraqi forces battled Islamist militants for control of the nation's second-largest city. Crude futures on the New York Mercantile Exchange rose above $106 per barrel, a high not seen since Sept. 2013.

The brazen attack by fighters from a group called ISIS is making commodity traders nervous as they consider how the turmoil could affect the country's large oil-producing areas.

While the fighting in Iraq probably won't derail the market, "It is enough to trigger some position-trimming and a pause," said Kit Juckes, a strategist at Societe Generale.

Worries about higher oil prices hit the airline sector particularly hard. Delta (DAL), South West (LUV) and United Continental (UAL) were down more than 5%.

Related: Oil prices spike as Iraq violence flares

What's moving -- yoga, Tesla, Intel and furniture: Shares of Lululemon (LULU) plunged almost 16% after the maker of yoga apparel lowered its earnings outlook for this year. The company's board also approved a plan to buy back $450 million worth of stock, but that didn't appear to be helping much.

Lululemon also announced that its chief financial officer, John Currie, will retire at the end of this fiscal year. On Wednesday, Chip Wilson, the yogawear company's founder and largest shareholder, said he voted against the re-election of two of the company's board members.

The sell-off raised speculation on StockTwits that Lululemon could be a takeover target. But one trader said the stock will need to fall further before a sale would make sense.

"$LULU needs to be back in the 20's for it to be even remotely interesting as a buyout candidate. $6B simply too much for a yoga pant maker," read a post by AgentZero. Shares were trading around $37 on Thursday.

Related: Lululemon stock does the downward drop

Intel (INTC, Tech30) is up after the closing bell after announcing better second quarter and 2014 revenue expectations. The company says demand is "stronger than expected for business PCs."

Shares of Tesla Motors (TSLA) turned lower after CEO Elon Musk announced that the company will not file patent lawsuits against competitors who use the company's electric car technology "in good faith."

Restoration Hardware (RH) shares soared more than 13% after the company reported earnings that beat analyst expectations. It's the latest luxury brand benefiting from increased consumer spending at the high end.

Tech stocks shuffle as key executives move around: Twitter (TWTR, Tech30) shares rose 3.5% after the social media company said its chief operating officer, Ali Rowghani, had resigned. Twitter has struggled -- it's down over 41% this year -- but several analysts upgraded the stock this week.

Infosys (INFY) slid about 2% on news that a new CEO was appointed to lead the IT services company.

Latest economic news: The government said retail sales rose 0.3% in May, falling short of what economists had forecast. Separately, the number of Americans filing first-time unemployment claims rose more than expected, according to the Labor Department's weekly report.

Still, many are likely to be more interested in the World Cup, which kicked off at 4 p.m. ET. The tournament in Brazil is expected to be the most watched sporting event ever, and Americans are becoming increasingly interested in the game. Brazil's stock market is up almost 1% today.

European markets ended narrowly mixed. Asian markets mostly closed with losses, though Indian markets were buoyant.

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4:15 pm: [BRIEFING.COM] The stock market ended the Thursday session on a broadly lower note after spending the entire trading day in the red. The S&P 500 fell 0.7% with eight sectors posting losses, while the Nasdaq (-0.8%) underperformed.

Equities slumped out of the gate following some disappointing economic data and reports of skirmishes in northern Iraq. The disappointing economic news pertained to the retail sector as retail sales increased just 0.3% (Briefing.com consensus 0.7%), while core retail sales, which closely match the consumption component of GDP, slipped 0.1% in May.

Separately, reports of intensifying battles in northern Iraq led by a breakaway militant group of Al-Qaeda raised concerns about the oil supply.

The headlines out of Iraq put a bid in the oil market (+2.1% to $106.54/bbl) while also creating a residual concern that higher energy prices will be an added tax on consumers who, broadly speaking, continue to be pinched by limited wage growth. Fittingly, the worries translated into relative weakness for the consumer discretionary sector (-1.3%), which ended at the bottom of the leaderboard.

Discretionary shares suffered from broad weakness among homebuilders and retailers. The iShares Dow Jones US Home Construction ETF (ITB 23.99, -0.24) lost 1.0%, while SPDR S&P Retail ETF (XRT 84.41, -1.15) tumbled 1.3%, extending its year-to-date loss to 4.2%.

Higher energy prices also pressured industrials (-1.3%), and specifically, transport stocks. The Dow Jones Transportation Average tumbled 2.0% with all 20 components ending in the red. Of the 20 listings, 16 posted losses larger than 1.0% with airlines leading the weakness. Delta Air Lines (DAL 38.50, -2.21) and United Continental (UAL 42.60, -2.66) fell 5.4% and 5.9%, respectively.

With transports unable to stage a bounce, the last hope for a rebound hinged on the performance of high-growth names. Small caps displayed relative strength in the morning, but an afternoon fade sent the Russell 2000 and the Nasdaq Composite to fresh lows.

The tech-heavy Nasdaq ended behind the remaining major averages due to afternoon weakness in biotechnology and chipmakers. The iShares Nasdaq Biotechnology ETF (IBB 247.83, -1.20) and PHLX Semiconductor Index posted respective losses of 0.5% and 0.3% despite showing intraday strength.

On the upside, energy (+0.3%) and utilities (+0.3%) finished modestly higher, extending their year-to-date gains to 8.6% and 10.3%, respectively.

Also of note, Treasuries enjoyed a strong day with the move flowing from some safe-haven positioning, some disappointment over the retail sales data, and some surprise at the strength of the 30-yr bond auction. The latter saw a bid-to-cover ratio of 2.69 (12-auction average was 2.35) and the highest takedown by indirect bidders (51.7%) since 2006. The benchmark 10-yr note, meanwhile, added 14 ticks, sending its yield lower by five basis points to 2.59%.

Participation left a bit to be desired as only 610 million shares changed hands at the NYSE.

Investors received several data points:
Related Stories

InPlay from Briefing.com Briefing.com
Wall St. slides on concerns about Iraq Reuters
Stocks hit by Iraq and oil; S&P 500 off for third day CNBC
Major Averages Sell Off Further In Late Trading Investor's Business Daily
Stocks Gain In Mixed Trade; Chips Soar, Keurig Caves Investor's Business Daily

There weren't any major surprises with the initial claims report for the week ending June 7. It showed claims increasing by 4,000 to 317,000. That was roughly in-line with the Briefing.com consensus estimate, which was pegged at 315,000. The four-week moving average for this series jumped by 4,750 to 315,250. The Department of Labor clarified that there were no special factors impacting this week's initial claims, which continue to point to nonfarm payrolls growth in the neighborhood of 200,000.
Continuing claims for the week ending May 31 increased by 11,000 to 2.614 mln, which was better than the Briefing.com consensus estimate of 2.638 mln.
Total retail sales for May increased 0.3%. Excluding autos, they were up 0.1%. Those results were below the Briefing.com consensus estimates, which called for increases of 0.7% and 0.4%, respectively. That is the disappointing news. The offsetting news is that there were large upward revisions for April. Specifically, total retail sales in April were revised up to 0.5% from 0.1% while sales, excluding autos, were revised up to 0.4% from 0.0%.
Export prices, excluding agriculture, rose 0.1% in May after decreasing 1.2% in the prior reading. Excluding oil, import prices were unchanged, which followed last month's unchanged reading.
April business inventories rose 0.6%, while the Briefing.com consensus expected an uptick of 0.4%. This followed the prior month's unrevised increase of 0.4%.

Tomorrow, May PPI (Briefing.com consensus 0.2%) and core PPI (consensus 0.1%) will be reported at 8:30 ET, while the June Michigan Sentiment survey (consensus 82.9) will be released at 9:55 ET.

S&P 500 +4.4% YTD
Nasdaq Composite +2.9% YTD
Dow Jones Industrial Average +1.0% YTD
Russell 2000 -0.4% YTD

3:35 pm: [BRIEFING.COM]

Precious metals trended higher today, gaining strength on a weaker dollar index. Aug gold and July silver both lifted from their respective session lows of $1261.80 per ounce and $19.20 per ounce set in morning action.
Gold touched a session high of $1274.60 per ounce and settled with a 1.0% gain at $1274.10 per ounce.
Silver brushed a session high of $19.55 per ounce moments before settling with a 1.9% gain at $19.53 per ounce.
July crude oil rose above the $106 per barrel level amid continued tensions in Northern Iraq.
The energy component brushed a session low of $105.68 per barrel in late morning action and pushed to a session high of $106.65 per barrel moments before settling at $106.54 per barrel, or 2.1% higher.
July natural gas rallied sharply following bullish inventory data that showed a build of 107 bcf when a build of 109-114 bcf was anticipated.
It rose to a session high of $4.77 per MMBtu after trading as low as $4.53 per MMBtu in early morning pit trade and closed with a solid 5.5% gain at $4.76 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.7% with one hour remaining in the session.

If the benchmark index ends the session near its current level, it will widen its week-to-date loss to 1.0%. This would put the S&P 500 ahead of the Dow, which is lower by 1.2% week-to-date, but ahead of the Russell 2000 and the Nasdaq Composite. The two indices are both down near 0.6% for the week.

Regarding individual sectors, nine of ten sectors are on track to post weekly losses between 0.9% and 2.0%, while the energy space is higher by 0.7% so far this week.

2:25 pm: [BRIEFING.COM] The major averages are trying to put together another rebound, but they have a long way to go before putting a significant dent in their losses. The S&P 500 (-0.7%) and Russell 2000 (-0.7%) display comparable losses, while the Nasdaq Composite (-0.9%) underperforms.

The Nasdaq has slipped behind the broader market after showing relative strength during the late morning. The earlier outperformance was predicated on the strength in biotechnology and chipmakers, but both industry groups find themselves back in the red at this time. The iShares Nasdaq Biotechnology ETF (IBB 248.06, -0.97) is lower by 0.4%, while the PHLX Semiconductor Index holds a loss of 0.3%.

2:00 pm: [BRIEFING.COM] The S&P 500 has widened its loss to 0.8%, while the Russell 2000 (-1.0%) finds itself behind the benchmark index once again.

Equity indices have made a couple attempts at putting together a rebound, but the continued weakness in areas like large-cap technology, transports, and discretionary shares has led to a slide to fresh lows for the day.

At this time, three sectors-consumer discretionary (-1.2%), health care (-1.1%), and industrials (-1.3%)-display losses larger than 1.0%, while the leading sector-energy-has narrowed its gain to 0.3%.

With stocks on fresh lows, participants have shown more interest in volatility protection, sending the CBOE Volatility Index (VIX 12.64, +1.04) higher by 9.2%.

1:30 pm: [BRIEFING.COM] The major indices are pinned near their lows for the session on a broad sweep of selling interest that has been precipitated by geopolitical concerns and a disappointing Retail Sales report for May. The former involves an insurrection in northern Iraq led by a breakaway militant group of Al-Qaeda that has raised concerns about oil supply. The latter, meanwhile, is rooted in the stark 0.1% decline in core retail sales that isn't going to factor favorably in the consumption component for Q2 GDP.

The Iraq headlines have put a bid in the oil market and have created a residual concern that higher energy prices will be an added tax on consumers who, broadly speaking, continue to be pinched by limited wage growth. The consumer discretionary sector (-0.9%) trails only the industrials sector (-1.0%) on the list of worst-performing sectors today.

Separately, the Treasury market is enjoying one of its better days in some time. The 10-yr note is up 13 ticks and its yield has come down five basis points to 2.59%. That move has flowed from some safe-haven positioning, some disappointment over the retail sales data, and some surprise at the strength of the 30-yr bond auction. The latter saw a bid-to-cover ratio of 2.69 (12-auction average was 2.35) and the highest takedown by indirect bidders (51.7%) since 2006.

1:00 pm: [BRIEFING.COM] The major averages hold midday losses after spending the entire first half of the session in negative territory. Small-cap stocks underperformed out of the gate, but the Russell 2000 (-0.4%) has caught up to the S&P 500 (-0.4%) thanks to a partial rebound in high-beta areas like chipmakers and biotechnology.

Like the Russell 2000, the Nasdaq (-0.5%) lagged in the morning, but now trades near the S&P 500. Heavily-weighted technology sector (-0.8%) components like Apple (AAPL 92.87, -0.99), Google (GOOG 553.63, -5.21), and Microsoft (MSFT 40.67, -0.19) continue showing relative weakness, while the PHLX Semiconductor Index is higher by 0.1%.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 249.50, +0.47) holds a modest gain of 0.1%, which has helped the Nasdaq climb off its low. However, the overall health care sector (-0.2%) remains in the red.

Like health care, the top-weighted financial sector (-0.4%) also trades just ahead of the broader market. If financials happen to see some additional inflows during the afternoon, their strength combined with the outperformance of the health care space will have the potential to lift the overall market.

For the time being, the energy sector (+0.7%) is the only group trading in the green. The growth-sensitive sector outperforms notably in reaction to a 1.6% jump in the price of crude ($106.07/bbl) amid continued tensions in Northern Iraq.

Conversely, higher oil prices are exerting pressure on transportation companies that rely on the input material. The Dow Jones Transportation Average is lower by 1.7% with airlines bearing the brunt of the losses. United Continental (UAL 42.04, -3.22) is the weakest performer, trading lower by 7.3%.

On the fixed income side, Treasuries climbed in the morning, but have since retreated from their highs. The benchmark 10-yr yield remains lower by one basis point at 2.63%.

Participants received several data points:

There weren't any major surprises with the initial claims report for the week ending June 7. It showed claims increasing by 4,000 to 317,000. That was roughly in-line with the Briefing.com consensus estimate, which was pegged at 315,000. The four-week moving average for this series jumped by 4,750 to 315,250. The Department of Labor clarified that there were no special factors impacting this week's initial claims, which continue to point to nonfarm payrolls growth in the neighborhood of 200,000.
Continuing claims for the week ending May 31 increased by 11,000 to 2.614 mln, which was better than the Briefing.com consensus estimate of 2.638 mln.
Total retail sales for May increased 0.3%. Excluding autos, they were up 0.1%. Those results were below the Briefing.com consensus estimates, which called for increases of 0.7% and 0.4%, respectively. That is the disappointing news. The offsetting news is that there were large upward revisions for April. Specifically, total retail sales in April were revised up to 0.5% from 0.1% while sales, excluding autos, were revised up to 0.4% from 0.0%.
Export prices, excluding agriculture, rose 0.1% in May after decreasing 1.2% in the prior reading. Excluding oil, import prices were unchanged, which followed last month's unchanged reading.
April business inventories rose 0.6%, while the Briefing.com consensus expected an uptick of 0.4%. This followed the prior month's unrevised increase of 0.4%.

12:30 pm: [BRIEFING.COM] The S&P 500 is lower by 0.3%, which puts the index essentially in line with its peers. Small caps underperformed out of the gate, but the Russell 2000 has since caught up to the benchmark index.

Like the Russell 2000, the Nasdaq lagged in the early going, but modest gains among chipmakers and biotechnology have overshadowed the continued underperformance of large-cap tech stocks. The PHLX Semiconductor Index is higher by 0.1% with shares of AMD (AMD 4.36, +0.07) trading up 1.6% after announcing plans to split its operations into two business groups.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 250.04, +1.01) sports an advance of 0.4%, while the health care sector (-0.1%) remains in the red.

12:00 pm: [BRIEFING.COM] Not much change in the major averages as they continue hovering near their recent levels. The financial sector, meanwhile, has narrowed its loss to 0.2%, swinging from a position of relative weakness to that of strength.

If financials continue their rebound, that strength would go a long way to assure dip buyers who have been reluctant to step in so far. Outside of financials, materials (-0.3%), health care (-0.2%), and energy (+0.3%) also trade ahead of the broader market.

Elsewhere, Treasuries remain near their highs with the 10-yr yield down two basis points at 2.62%.

11:30 am: [BRIEFING.COM] The major averages find themselves in the middle of a rebound attempt that has already placed the Russell 2000 (-0.2%) near the top of its range. Meanwhile, the S&P 500 (-0.3%) hovers near the middle of its range after opening at 1942 and notching a session low at 1934.

Even though the S&P 500 has climbed off its low, only three sectors-energy (+0.7%), health care (-0.2%), and materials (-0.2%)-trade ahead of the broader market. Furthermore, one of the three-materials-accounts for less than 4.0% of the entire market.

The broad weakness has led to a modest increase in demand for volatility protection, sending the CBOE Volatility Index (VIX 11.73, +0.13) higher by 1.1%.

10:55 am: [BRIEFING.COM] Sellers have maintained control over the past hour, sending the S&P 500 (-0.4%) to a fresh session low. Meanwhile, the Russell 2000 (-0.6%) has returned to its opening low after an unsuccessful bounce attempt.

Five of six cyclical sectors display losses between 0.3% and 1.0%, while the energy (+0.8%) sector outperforms in reaction to noteworthy strength in crude futures. Crude oil trades up 1.4% at $105.90/bbl amid continued tensions in Northern Iraq.

While crude oil has boosted the energy sector, the sharp price increase has had a negative effect on transportation companies that use oil as an input. Fittingly, the Dow Jones Transportation Average is lower by 2.0% with all 20 index components showing losses. Meanwhile, the broader industrial sector (-0.9%) is the weakest performer of the day.

10:35 am: [BRIEFING.COM]

Natural gas futures spiked to new highs for the day following the weekly inventory data
July nat gas spiked about 12 cents or +2.6% following the data and is now +3.4% at $4.66/MMBtu
WTI crude oil has been in positive territory all day so far, along with nat gas, as it receives a premium on Iraq tensions
For some comparison, we'd note that Iraq produces about 3.3% of the world's oil. July crude is currently +1.7% at $106.12/barrel.
Gold and silver just spiked to new highs for the day minutes ago.
Aug gold is currently +0.8% at $1271.20, while July silver is +1.1% at $19.38. Meanwhile, July copper is at its LoD now -0.8% at $3.02

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

Just reported, April business inventories rose 0.6%, while the Briefing.com consensus expected an uptick of 0.4%. This followed the prior month's unrevised increase of 0.4%.

9:45 am: [BRIEFING.COM] The stock market slipped out of the gate with small caps showing relative weakness. The Russell 2000 is lower by 0.6%, while the S&P 500 holds a slimmer loss of 0.2% with nine sectors trading in the red.

Once again, transport stocks are broadly lower with the Dow Jones Transportation Average trading down 1.2%. Meanwhile, the overall industrial sector trails the S&P 500 with a loss of 0.5%.

Outside of industrials, consumer discretionary (-0.4%), consumer staples (-0.5%), health care (-0.3%), and utilities (-0.6%) all trail the broader market.

Treasuries remain near their highs with the 10-yr yield at 2.63%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -7.80. The stock market is on track for a cautious start as futures on the S&P 500 trade roughly three points below fair value. Futures held slim gains in overnight action, but slumped from their highs after markets in Europe struggled to gain traction at the start of their session.

Futures then slid to pre-market lows after participants received a couple economic reports. Both weekly initial claims (317,000 versus Briefing.com consensus 315,000) and Retail Sales for May (+0.3% versus consensus 0.7%) missed estimates.

One more data point remains on today's calendar in the form of May Business Inventories, which will be announced at 10:00 ET. The Briefing.com consensus expects the report to indicate growth of 0.4%.

Treasuries enter the session on their highs after spiking in reaction to the data. The 10-yr yield is lower by two basis points at 2.63%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -2.00. The S&P 500 futures trade less than a point below fair value.

Most Asian markets ended the Thursday session on a lower note. According to Nikkei, the Bank of Japan may raise its outlook on foreign economies while reiterating its own economic assessment. The central bank will release its latest policy decision overnight.

In economic data:
China's M2 Money Stock rose 13.4% year-over-year (expected 13.1%, previous 13.2%), while New Loans came in at CNY871 billion (expected CNY750 billion, prior CNY775 billion).
Japan's Core Machinery Orders fell 9.1% month-over-month (consensus -11.9%, prior 19.1%), while the year-over-year reading jumped 17.6% (expected 13.2%, previous 16.1%).
Australia's Claimant Count increased 4,800 (-10,000 expected, -10,300 prior), while the participation rate slipped to 64.6% from 64.7% (consensus 64.7%). The Unemployment Rate held steady at 5.8% (expected 5.9%).
The Reserve Bank of New Zealand hiked its official cash rate 25 basis points to 3.25%, as expected.
Bank of Korea held its key interest rate at 2.5%, as expected.
Bank Indonesia left its key interest rate unchanged at 7.5%, as expected.

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Japan's Nikkei ended off its session low, but still lost 0.6%. Yahoo Japan lost 2.8%, while consumer names TOTO and Japan Tobacco gained 2.8% and 2.2%, respectively.
Hong Kong's Hang Seng fell 0.4% after being pressured by financials and related property names. Industrial & Commercial Bank of China lost 7.1%, while Hang Lung Properties and China Life Insurance both fell near 1.5%.
China's Shanghai Composite shed 0.2%, ending near its session high. Inspur Software surged 10.0%, while chemical producer, Changyuan Group, lost 5.3%.


Major European indices hover just above their flat lines. The European Central Bank released its Monthly Report, which discussed the current situation, suggesting present conditions do not indicate an imminent deflationary episode.

Economic data was limited:
Eurozone Industrial Production rose 0.8% month-over-month (consensus 0.4%, previous -0.4%), while the year-over-year reading increased 1.4% (expected 0.9%, prior 0.2%).
Germany's Wholesale Price Index slipped 0.1% month-over-month (expected -0.3%, prior 0.2%).
French Current Account deficit widened to EUR1.60 billion from EUR1.50 billion. Separately, CPI was unchanged month-over-month (consensus 0.1%, previous 0.0%).

------

Germany's DAX trades up 0.1% as 23 of its 30 components register gains. Adidas is the top performer, up 1.1%. On the downside, BMW trades lower by 0.5%.
Great Britain's FTSE is higher by 0.1%. Media names display relative strength with British Sky Broadcasting and ITV up 1.4% and 2.6%, respectively. Miners trade broadly lower with Anglo American, Antofagasta, and Rio Tinto down between 1.5% and 3.3%.
In France, the CAC holds an advance of 0.2%. Financials BNP Paribas and Credit Agricole outperform with gains close to 0.6% apiece. Utility network provider GDF Suez underperforms, down 1.2%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -3.50. The S&P 500 futures trade one point below fair value.

The latest weekly initial jobless claims count totaled 317,000, which was higher than the 315,000 that had been expected by the Briefing.com consensus. Today's tally was above the revised prior week count of 313,000 (from 312,000). As for continuing claims, they rose to 2.614 million from 2.603 million.

May retail sales rose 0.3%, while the Briefing.com consensus expected an increase of 0.7%. The prior month's reading was revised to reflect an increase of 0.5% (from +0.1%). Excluding autos, retail sales ticked up 0.1% against the 0.4% increase expected by the consensus.

Export prices, excluding agriculture, rose 0.1% in May after decreasing 1.2% in the prior reading. Excluding oil, import prices were unchanged, which followed last month's unchanged reading.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +1.20. U.S. equity futures trade just above their flat lines amid subdued action overseas. The S&P 500 futures hover two points above fair value.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -0.2%, Hong Kong's Hang Seng -0.4%, and Japan's Nikkei -0.6%.
In economic data:
China's M2 Money Stock rose 13.4% year-over-year (expected 13.1%, previous 13.2%), while New Loans came in at CNY871 billion (expected CNY750 billion, prior CNY775 billion).
Japan's Core Machinery Orders fell 9.1% month-over-month (consensus -11.9%, prior 19.1%), while the year-over-year reading jumped 17.6% (expected 13.2%, previous 16.1%).
Australia's Claimant Count increased 4,800 (-10,000 expected, -10,300 prior), while the participation rate slipped to 64.6% from 64.7% (consensus 64.7%). The Unemployment Rate held steady at 5.8% (expected 5.9%).
The Reserve Bank of New Zealand hiked its official cash rate 25 basis points to 3.25%, as expected.
Bank of Korea held its key interest rate at 2.5%, as expected.
Bank Indonesia left its key interest rate unchanged at 7.5%, as expected.
In news:
According to Nikkei, the Bank of Japan may raise its outlook on foreign economies while reiterating its own economic assessment. The central bank will release its latest policy decision overnight.

Major European indices hover near their flat lines. Germany's DAX +0.1%, Great Britain's FTSE +0.2%, and France's CAC +0.3%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX +0.3%.
Economic data was limited:
Eurozone Industrial Production rose 0.8% month-over-month (consensus 0.4%, previous -0.4%), while the year-over-year reading increased 1.4% (expected 0.9%, prior 0.2%).
Germany's Wholesale Price Index slipped 0.1% month-over-month (expected -0.3%, prior 0.2%).
French Current Account deficit widened to EUR1.60 billion from EUR1.50 billion. Separately, CPI was unchanged month-over-month (consensus 0.1%, previous 0.0%).
Among news of note:
The ECB Monthly Report discussed the current situation, suggesting that present conditions do not indicate an imminent deflationary episode.

In U.S. corporate news:

CONSOL Energy (CNX 49.00, +2.00): +4.3% after announcing plans to form a Midstream Master Limited Partnership with Noble Energy (NBL 76.16, +0.78).
Restoration Hardware (RH 81.74, +10.39): +14.6% after beating earnings and revenue estimates while boosting its guidance.
Lululemon (LULU 39.35, -4.95): -11.2% after its cautious guidance overshadowed its two-cent beat.

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.

6:35 am: [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +3.00.

6:35 am: [BRIEFING.COM] Nikkei...14973.53...-96.00...-0.60%. Hang Seng...23175.02...-82.30...-0.40%.

6:35 am: [BRIEFING.COM] FTSE...6849.03...+10.20...+0.20%. DAX...9958.80...+8.90...+0.10%.

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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