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 Post subject: June 16th Monday Trade Results - Profit $2620.00
PostPosted: Mon Jun 16, 2014 11:01 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
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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 @ $2,620.00 dollars or +26.20 points, Emini ES ($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 @ $2,620.00 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=1817

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

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

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

Image Price Action Analysis via WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Image Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR).

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

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Market Context Summaries

The below summaries by Bloomberg, CNNMoney, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

Stocks Eke Out Gains Despite Iraq Fears

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

NEW YORK (CNNMoney)
The worsening crisis in Iraq failed to spook Wall Street on Monday.

Stocks inched slightly higher on Monday as enthusiasm for a bonanza of M&A activity offset fears that the turmoil in the Middle East will cause energy prices to soar.

1. Iraq jitters continue: The Dow Jones industrial average and S&P 500 landed narrowly higher, while the Nasdaq rose 0.24% after a seesaw trading day that saw stocks alternate between green and red.

Related: CNNMoney's Fear & Greed Index still in 'extreme greed' mode

Stocks were helped by the fact that oil prices backed away from $107 a barrel despite concerns the fighting in Iraq could threaten the country's ability to export oil. Natural gas prices also fell almost 1% after bouncing around earlier. Investors will continue to monitor for signs of higher energy costs to Western consumers and businesses.

There are worries that images reportedly showing the mass execution of Iraqi soldiers could spawn an all-out sectarian civil war in the country. The White House said it is considering military options and may even work with Iran to help Baghdad fend off the terrorist threat.

"Last week's fast-paced developments in Iraq have the potential to turn into a serious threat for the bull market," Ed Yardeni, president of Yardeni Research, wrote in a note to clients. "My hunch is that the latest geopolitical crisis could set the market up for yet another relief rally."

Video - Crisis in Iraq will hit you at the pump

Meanwhile, Russia said it has cut off supplies to Ukraine after negotiators failed to fix a payment dispute before a key deadline.

Related: Russia cuts off natural gas supplies to Ukraine

The geopolitical concerns helped drive European and Asian stock markets mostly lower on Monday.

2. Monday merger mania: Yet U.S. stocks were buoyed by the fact that cheap borrowing rates and tax policy continue to drive M&A (merger and acquisition) activity.

Medical device giant Medtronic (MDT) unveiled a $42.9 billion takeover Irish rival Covidien (COV). The deal is the latest "tax inversion" combination aimed at taking advantage of relatively low tax rates in some foreign countries by relocating corporate headquarters. Covidien soared over 20% on the news.

"Corporate America getting tired of waiting for comprehensive tax reform and choosing instead to move abroad $COV $MDT. Well good for them," wrote Stocktwits user flounder.

Related: Medtronic buys Covidien for $42.9 billion

There were also a number of smaller deals flying around.

Level 3 Communications (LVLT) agreed to scoop up business ethernet provider TW Telecom (TWTC) for $5.7 billion in cash and stock. TW stock jumped over 7% Monday.

Steven Spencer on Stocktwits wondered if there was something fishy about the trading of TW stock

"#SEC really needs to take a look at friday's trading activity in $TWTC. #insidertrading," he wrote.

Related: Boom time for mergers and acquisitions

Williams Cos. (WMB) spiked almost 19% as investors cheered the energy company's $6 billion deal to take full control of Access Midstream Partners (ACMP).

In the tech world, SanDisk (SNDK) inked a $1.21 billion buyout of smaller data-storage company Fusion-io (FIO), representing a 21% premium on its closing price on Friday.

3. Corporate movers -- Yahoo, Tesla & Goodyear: Yahoo (YHOO, Tech30) retreated nearly 6% after Alibaba, the Chinese e-commerce giant it owns a chunk of, revealed new details of its planned initial public offering. The latest documents show Alibaba's revenue growth has slowed, though it was still up 39% year-over-year.

Related: Alibaba grows 39%, but is that good enough?

The big winner of the day was Tesla (TSLA). Shares cruised nearly 9% higher as the car maker said its long awaited Model X crossover vehicle should launch early next year.

Goodyear Tire (GT) revved about 4% after Barron's said the tire maker's stock could surge 50% within two years thanks to stronger demand.

4. Focusing on the economy: Home builders like Beazer (BZH) and Lennar (LEN) closed higher after an industry group said home builder sentiment has climbed to the highest level since January.

Manufacturing activity in the New York area gained momentum in June, a new report showed. The New York Fed's manufacturing index unexpectedly ticked up this month to 19.28 from 19.01.

Investors are also looking ahead to Wednesday's Federal Reserve decision. The central bank is expected to once again dial back its bond-buying program even as it dims its economic growth outlook.

Likewise, the International Monetary Fund trimmed its forecast for U.S. economic growth this year to 2% amid the struggling housing market. Despite the gloomier view, the IMF still expects the U.S. to grow 3% next year.

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4:15 pm: [BRIEFING.COM] The stock market pretty much ran in circles on Monday, having closed the session close to where it began. Its indecisive nature was attributed to some worrisome-sounding headlines on the geopolitical front, yet the market action suggested it may have been owed more to a case of wait-and-see in front of Wednesday's FOMC meeting when a new policy directive will be issued along with updated economic and fed funds rate projections.

To the latter point, oil prices were little changed despite the news that the militant group, Islamic State of Iraq and Syria, took over yet another city in northern Iraq. The 10-yr note, gold prices, and the US Dollar Index, meanwhile, were also little changed, signalling that there wasn't a flight to safety on those headlines or the news that Russia cut off its gas supply to Ukraine after the two countries failed to agree on pricing.

In turn, a batch of better-than-expected economic data and another round of M&A activity highlighted by Medtronic's (MDT 60.03, -0.67) $42.9 bln acquisition of Covidien (COV 86.75, +14.73) failed to stir any concerted buying interest.

Market internals reflected an overall mixed disposition. The advance-decline line was roughly even at the NYSE and Nasdaq, volume was light at 591 mln shares, and there wasn't a single sector that ended the day up, or down, more than 1.0%. For good measure, only two Dow components -- Visa (V 210.24, -1.05) and Chevron (CVX 128.54, +1.28) -- closed more than a point away from where they ended on Friday.

The financial sector (-0.4%) underperformed all day while the utilities sector (+0.7%) outperformed all day. The former finished off its low while the latter finished off its high.

Today's trading action in the S&P 500 was bounded between 1931 on the downside and 1941 on the upside. A little wave of buying interest in the closing minutes left it closer to the top end of that range than the bottom end when the closing bell rang.

The performance edge among the major indices went to the Nasdaq (+0.2%) and Russell 2000 (+0.3%), which benefited from some relative strength in Apple (AAPL 92.20, +0.92) and the biotech stocks, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 248.49, +0.90).

In terms of today's economic reports, the Empire Manufacturing Survey for June, the Industrial Production report for May, and the NAHB Housing Market Index all exceeded the Briefing.com consensus estimates and overshadowed the IMF lowering its 2014 growth outlook for the US to 2.0% from 2.8%:

Empire Manufacturing Survey 19.3 (Briefing.com consensus 12.8; prior 19.0)
Industrial Production +0.6% (Briefing.com consensus +0.5%; prior -0.3%)
NAHB Housing Market Index 49 (Briefing.com consensus 46; prior 45)

Tuesday's economic calendar will feature the Housing Starts and CPI reports for May, both of which will be released at 08:30 a.m. ET.

S&P 500 +4.8% YTD
Nasdaq Composite +3.5% YTD
Dow Jones Industrial Average +1.2% YTD
Russell 2000 +0.1% YTD

3:40 pm: [BRIEFING.COM]

Aug gold traded in a consolidative pattern near the unchanged level after pulling back from its session high of $1283.00 per ounce set in morning action. Unable to gain momentum, it settled 0.1% higher at $1275.30 per ounce.
July silver touched a session high of $19.75 per ounce moments after floor trade opened and dipped to a session low of $19.58 per ounce later in morning action. The precious metal eventually settled with a 0.4% gain at $19.72 per ounce.
July crude oil traded in a tight range near the unchanged level today. It touched a session high of $107.17 per barrel in early morning action and brushed a session low of $106.61 per barrel before settling at $106.88 per barrel, or 3 cents higher.
July natural gas touched a session high of $4.78 per MMBtu after trading as low as $4.67 per MMBtu in morning action. However, it retreated back into the red ahead of the close and settled with a 0.8% loss at $4.70 per MMBtu.

2:55 pm: [BRIEFING.COM] Bulls are trying to maintain their slight edge entering the final hour of trading. It has been a difficult and painstaking task today, but so far they have held the line, unwilling to bow easily to concerning geopolitical headlines.

The S&P 500 has been bounded between 1931 and 1941 today, and it currently sits near the intersection of that range.

Notably, the tech sector has picked up a little steam late in the session, enabling both the Nasdaq (+0.2%) and Russell 2000 (+0.3%) to outperform the other indices.

A 1.0% gain in Apple (AAPL 92.28, +1.00) and the relative strength of the biotech stocks, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 248.64, +1.05), have helped on the performance front.

2:25 pm: [BRIEFING.COM] It's a push so far for market participants as neither the bulls nor the bears have been able to establish a strong foothold in today's session. It's indicative of a market that's in a wait-and-see mode, which this market appears to be with the FOMC meeting straight ahead and little sense where the geopolitical world will turn.

The Treasury market is in a similar state. Early gains in the benchmark 10-yr note have faded and now it is unchanged.

The US Dollar Index (80.47, -0.10) is down just 0.1% as it awaits direction from a post-FOMC trade.

Visa (V 210.16, -1.13) and Chevron (CVX 128.60, +1.34) are the only Dow components that have moved more than a point today.

2:00 pm: [BRIEFING.COM] The S&P 500 ran toward 1940 but hit a wall of resistance just below that level. Accordingly, the recent rebound bid has lost a little of the zest that had been carrying the major indices back toward their highs for the day.

Currently, there are five sectors that are up and five sectors that are down. That helps explain why the S&P 500 is little changed for the session.

One industry that has fared favorably thus far is the homebuilding group. It has caught a bid in the wake of the better-than-expected NAHB Housing Market Index report for June, which checked in at 49 versus 45 in May. It would be remiss not to add, however, that a number below 50 still connotes weakening sentiment among homebuilders.

The SPDR S&P Homebuilders ETF (XHB 31.95, +0.17) is up 0.5% while the iShares U.S. Home Construction ETF (ITB 24.00, +0.11) is also up 0.5%.

1:25 pm: [BRIEFING.COM] The indices are making a push to get back to their highs for the day, which weren't all that high but nonetheless beat the alternative of losing positions for bullish-minded participants.

Like before when everything seemed to drop in a fell swoop, everything now seems to be rising a bit in a broad boost, including the financial sector (-0.3%), which has cut its loss by more than half.

The 1940-1942 area was the level of resistance for the S&P 500 that kicked in earlier today, so the test of this push higher may soon come into play.

1:00 pm: [BRIEFING.COM] It has been a back and forth session thus far with technical trading activity holding sway while the world awaits the next round of developments in Iraq, the next move between Russia and Ukraine, and the next announcement from the FOMC on Wednesday. In the midst of those considerations, another batch of M&A activity and a trifecta of better-than-expected economic reports have provided some added trading opportunities.

Overall, though, there hasn't been a lot of conviction in today's trading. That is evident in the low volume totals, a mixed A/D line at the NYSE and Nasdaq, and mixed action in the Dow (14 components up, 16 down). The major indices themselves tell the story, though, as they are little changed at the end of the New York lunch hour.

Things started on a soft note with geopolitical concerns catching most of the blame for that disposition. However, seeing that oil prices and Treasury prices were little changed at the time (and they still are), it looked like a case of advertising headlines that fit the billing of the futures market.

There just wasn't a lot of broad market reaction to much of anything. That was the case despite a big M&A deal that saw Medtronic (MDT 58.69, -2.01) make a $42.9 bln cash-and-stock offer for Covidien (COV 85.59, +13.57) and a series of economic reports that came in ahead of consensus estimates:

Empire Manufacturing Survey for June was 19.3 (Briefing.com consensus 12.8; prior 19.0)
Industrial Production for May +0.6% (Briefing.com consensus +0.5%; prior -0.3%); and
NAHB Housing Market Index for June was 49 (Briefing.com consensus 46; prior 45)

Those items didn't hurt matters; they just didn't help matters much either as market participants appear to be pre-occupied with Wednesday's FOMC meeting. In that regard, the angst doesn't revolve so much around what the directive will say as it does around what the latest economic and fed funds rate projections will indicate.

On a related (and unsurprising) note, the IMF cut its 2014 growth outlook for the US to 2.0% from 2.8%. This follows a downgrade of the US growth outlook last week by the World Bank.

The CBOE Volatility Index (VIX 12.56, +0.38), up 3.1%, has been one of the better-performing spots today as some participants are hedging for a pickup in volatility in the near term.

Within the stock market, the utilities sector (+1.3%) has led all sectors since the opening bell and has been joined at the head of the class by the energy sector (+0.4%). Conversely, the financial sector (-0.4%) has struggled to get it in gear and has been an influential laggard on the broader market since the opening bell.

12:30 pm: [BRIEFING.COM] Today's session is starting to crystallize into a technically-based trade as the S&P 500 has turned on a dime at identified resistance and support levels. To that end, the early bounce got stopped out at 1941, right in the middle of the first resistance level identified on Briefing.com's Technical Take page (available by subscription only). Meanwhile, the ensuing pullback ended jut below 1931, which was in the band of the first support level identified on our Technical Take page.

Technically-based trading happens all of the time. Its prominence tends to pick up, though, in periods when the market is unsure of where fundamental forces will allow it to go.

Fittingly, the FOMC is set to issue its latest directive this Wednesday and will also update its economic and fed funds rate projections. The Fed's take on things will be an important element certainly as it relates to interest rates.

The 10-yr note is currently up just one tick with its yield at 2.60%.

12:00 pm: [BRIEFING.COM] The stock market has flip-flopped in the last hour, with modest gains evaporating into modest losses. Pretty much everything has pulled back in what some are attributing to a case of selling by weak-handed long positions that have chased recent gains and are now fearful about getting trapped in those positions should the market shift into a consolidation mode.

Strikingly, one of the biggest movers today is the CBOE Volatility Index (VIX 12.79, +0.61). It is up 5.0% with some participants positioning for a near-term pickup in volatility. Despite today's gain, the VIX Index still remains near a multiyear low.

The utilities sector (+1.3%) continues to outperform and is the only sector that is up more than 1.0%. The financial sector (-0.7%) remains the biggest laggard in the sector class.

11:30 am: [BRIEFING.COM] The major indices dropped back into negative territory in a fairly sudden way. There was no news to account for the quick reversal that had a program trade look to it given that there was a uniform drop.

Uniformity is the theme of the day apparently judging by the major indices, all of which are down 0.2%.

The recent downdraft pushed the financials sector (-0.7%) back to its lows for the day.

Looking at the Dow components, Visa (V 210.18, -1.11) is the only component down more than a point. Overall, it's a mixed bag with 14 components up and 16 down at the moment.

11:00 am: [BRIEFING.COM] The stock market is showing some pretty good resilience so far to selling efforts. After taking a dip at the open, they have all returned to positive territory, although their gains are pretty modest in scope.

There is a bit of a defensive leaning in today's stock market structure as the utilities (+1.3%), health care (+0.4%), and consumer staples (+0.3%) sectors occupy three of the four top-performing spots today. The energy sector (+0.6%) is filling the fourth spot.

With today's gain, the utilities sector has stretched its year-to-date gain to 12.5%, making it the best performing on a year-to-date basis. It has plenty of company, however. Every sector, with the exception of the consumer discretionary sector (-1.8%), is up since the start of the year.

Relative weakness in the transports (unch) and the financials (-0.3%) has been a weight on the stock market's rebound efforts this morning.

10:35 am: [BRIEFING.COM]

Energy and metals commodities are trading mostly higher this morning.
Crude oil prices extended over the weekend on Iraq conflict/fears, but are almost back near Friday's closing prices now
July crude oil prices rose as high $107.50/barrel overnight, but have slid lower this morning since hitting that high early in the overnight session.
July crude oil is now +0.1% at $107.03/barrel.
Gold, silver and natural gas futures slid lower this morning, all hitting new lows for the day.
Aug gold is currently +0.1% at $1275.60/oz, July silver is -0.03% at $19.65/oz and July natural gas is -1.3% at $4.68/MMBtu
July copper has been in positive territory all day and is now +0.6% at $3.05/lb

10:00 am: [BRIEFING.COM] A lot of attention has been paid in the headlines to the market's concerns about geopolitical developments in Iraq and the latest standoff between Russia and Ukraine. Be that as it may, the stock market hasn't looked overly concerned in the early going about any of it.

The major indices are little changed, which is not what one would expect if the aforementioned headlines were a major source of angst. If that was the case, the major indices would have traded lower in a more decisive manner off the open and would have had some difficulty trying to bounce back. They stand mixed at the moment, contemplating the geopolitical issues but not running for cover at the mention of them.

To this end, crude prices are up just $0.09 today at $107.02/bbl and the 10-yr note is up just three ticks with its yield at 2.59%. The recent liftoff in oil prices has been an underpinning factor for the energy sector (+0.3%), which is up 5.3% over the last month and 14% over the last three months.

The final piece of economic data today was just released and it showed the June NAHB Housing Market Index rose to 49 from 45. The Briefing.com consensus estimate was 46.

9:40 am: [BRIEFING.COM] The cash market followed form with the futures market and moved modestly lower when the opening bell rang. Selling efforts, though, were curtailed and a bounce ensued.

Overall, there isn't a lot of conviction on either side of the aisle. A weak start for the financial sector (-0.4%) is acting as the biggest drag on the broader market.

The health care sector (+0.7%), which has benefited from M&A activity and biotech leadership, is the best-performing sector out of the gate.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -3.30. The S&P futures continue to trade modestly below fair value, so expectations for a lower start for the cash market remain intact.

In economic news, industrial production increased 0.6% in May, which was above the 0.5% increase expected by the Briefing.com consensus. Industrial production for April was revised favorably to show a 0.3% decline versus an originally reported decline of 0.6%. Separately, capacity utilization hit 79.1% while the Briefing.com consensus called for a reading of 78.9%.

The April net long-term TIC flows released at the top of the hour showed a $24.2 bln outflow of foreign capital from U.S. denominated assets versus an inflow of $4.1 bln in the prior month.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -3.30. Nasdaq futures vs fair value: -4.50. S&P suggest modest selling at the open. Currently, action is holding four points below fair value.

Markets ended mixed across Asia. Japan's Nikkei (-1.1%) lost ground as the yen strengthened. Automakers outperformed as Toyota Motor Corp. and Nissan Motor Co. lost 0.5% and 0.7%, respectively. China's Shanghai Composite (+0.7%) climbed to a two-month high after the People's Bank of China approved reserve requirement ratio cuts for a larger number of banks. China Misheng Bank led the space higher, up 3.1%. The actions on the Mainland did not carry over to Hong Kong as the Hang Seng (-0.1%) slipped off its best levels of 2014.

In Europe, all of the major bourses trade in the red. Peripheral shares are seeing the heaviest selling as Spain's IBEX (-1.2%) paces the decline and Italy's MIB (-1.0%) trails just behind. Core markets are trading lower between -0.3% and -0.6%. Data from the region was limited to the in-line eurozone CPI (0.5% YoY) reading.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -7.50. The Empire Manufacturing Survey for June registered a reading of 19.3, which was just ahead of the prior month's reading of 19.0. However, it was well ahead of the Briefing.com consensus estimate, which was pegged at 12.8.

8:02 am: [BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -7.80. U.S equity futures are on the defensive, following form with a generally weak showing from foreign equity markets. Geopolitical concerns are receiving top billing as the driver behind the selling interest. The S&P futures are currently 0.3% below fair value, pointing to a lower start for the cash market.

Reviewing overnight developments:

Asian markets ended the day mixed to mostly lower. Japan's Nikkei -1.1%, China's Shanghai Composite +0.7%, Hong Kong's Hang Seng -0.1%
Economic data was limited:
India's Wholesale Price Index rose 6.0% year-over-year (expected 5.4%, previous 5.2%)
New Zealand's Westpac Consumer Sentiment fell to 121.2 from 121.7
In news:
Chinese Premier Le Keqiang expressed his confidence in China meeting its 7.5% growth target for 2014.
Major European indices are trading to the downside. Germany's DAX Index -0.3%, France's CAC 40 -0.6%, and UK's FTSE 100 -0.3%.
In economic data:
Eurozone CPI slipped 0.1% month-over-month (expected -0.1%, previous 0.2%), while the year-over-year reading increased 0.5% (consensus 0.5%, prior 0.5%). Separately, Core CPI declined 0.1% month-over-month (previous 0.3%).
Among news of note:
Russia and Ukraine were reportedly unable to strike a deal on gas supplies. A Reuters reports notes that Russia subsequently cut off its supply of gas to Ukraine.

In U.S. corporate news:

Medtronic (MDT 68.00, +7.30): trading 12% higher after announcing it will acquire Covidien (COV 97.00, +24.98) for $42.9 bln, or $93.22 per share, in a cash and stock deal.
Level 3 (LVLT 44.09): said it will acquire tw telecom (TWTC 36.34) for $40.86 per share in a cash and stock deal.

On the economic front:

The Empire Manufacturing survey for June (Briefing.com consensus 12.8) will be released at 8:30 ET, while April Net Long-Term TIC Flows will cross the wires at 9:00 ET. In addition, May Industrial Production (consensus 0.5%) and Capacity Utilization (consensus 78.9%) will be announced at 9:15 ET. The NAHB Housing Market Index for June (consensus 46) will be reported at 10:00 ET.

6:21 am: [BRIEFING.COM] S&P futures vs fair value: -4.50. Nasdaq futures vs fair value: -7.50.

6:20 am: [BRIEFING.COM] Nikkei...14933.29...-164.60...-1.10%. Hang Seng...23300.67...-18.50...-0.10%.

6:20 am: [BRIEFING.COM] FTSE...6762.62...-15.20...-0.20%. DAX...9885.09...-27.80...-0.30%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
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