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 Post subject: June 17th Tuesday Trade Results - Profit $3070.00
PostPosted: Tue Jun 17, 2014 11:55 pm 
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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 @ $3,070.00 dollars or +30.70 points, Emini ES ($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 @ $3,070.00 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=1818

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.

Wall Street Rallies Thanks To tech stocks

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

NEW YORK (CNNMoney)
You don't have a grand slam kind of day every day, but any day that you finish ahead is a good one.

The Dow Jones Industrial Average, S&P 500 and the Nasdaq Composite all closed higher. The tech-heavy Nasdaq led the charge -- up almost 0.4% -- on the back of strong gains from Tesla (TSLA) and Netflix (NFLX, Tech30), among others.

CNNMoney's Tech 30 Index ended a solid 0.7% higher.

Here's some highlights from today's trading:

1. A good day for Elon Musk: New Jersey's lawmakers passed a bill to allow electric car manufacturer Tesla (TSLA) to again be able to sell its electric cars directly to customers in the state. A recent decision by the state's Motor Vehicle Commission barred the practice.

"Tesla is pleased that the New Jersey State Assembly has sent an overwhelming message of support for consumer freedom of choice," said Diarmuid O'Connell, Tesla's vice president of corporate and Business Development.

The company's shares were more than 3% higher, building on momentum from yesterday's gains after the company said it would share its patent information. Tesla stock is up over 54% for the year.

In a separate development, his green energy company SolarCity announced that it acquired solar panel manufacturer Silevo for $200 million in stock plus as much as $150 million more should the company hit certain output milestones. SolarCity (SCTY)'s shares popped more than 17.5%.

2. Online Brokerages Flash Higher: Charles Schwab (SCHW), TD Ameritrade (AMTD) and E*Trade Financial (ETFC) shares are up after a U.S. Senate hearing where on high-frequency trading (HFT).

Senator Carl Levin (D-MI) was heavily critical of "conflicts of interest" among retail brokerages, who receive rebates from some HFT-friendly exchanges to route their orders there, and what he said equaled a depressed level of retail investor confidence.

"The conflicts of interest that we discussed contribute to that lack of confidence," he said.

Steven Quirk, senior vice president of TD Ameritrade's trader group, testified at the hearing. His firm received $236 million in order-routing revenue in 2013, which the company disclosed in a filing on Friday.

Apparently, the market thought the online brokerages came out okay. Charles Schwab stock closed 5.5% higher, TD Ameritrade was up about 4.7% and E*Trade shares were doing even better, finishing 7.7% higher.

Related: Get caught up on why the "Flash Boys" are in the hot seat

3. Inflation: Today's the first day of the Federal Reserve's big meeting, and investors hotly anticipated the latest inflation data from the Bureau of Labor Statistics. May consumer prices were up 0.4% from April and 2.1% annually, beating economist expectations.

The so-called "core inflation" (which excludes volatile categories like food and energy) rose 0.3% from last month and 2% annually, also beating expectations.

Although the Fed is keeping a close eye on inflation and unemployment, this month's price data likely won't be enough to cause any immediate Fed policy changes. Expect a lot of attention tomorrow on the "dot plot," the Fed's version of a straw poll, as investors try to deduce whether rates are going up sooner than expected.

Related: These dots could move markets

4. Tech Movers -- Netflix: Netflix (NFLX, Tech30) stock had a terrific Tuesday. Shares finished up more than 3% after an upgrade by Morgan Stanley (MS), which now recommends overweighting the video company. The investment bank's analyst on the stock said it expected Netflix to double its customer base by 2020. Shares are now just $10 shy of the record close they saw back in March.

"$NFLX Look at that, just a stone's throw from all time highs," wrote StockTwits user 10handles.

Meanwhile, Amazon (AMZN, Tech30) will reportedly give AT&T (T, Tech30) exclusive access to its new smartphone. Amazon ended its day down slightly, while AT&T finished a bit higher than yesterday. T-Mobile (TMUS) CEO John Legere was not happy about it.

Related: T-Mobile CEO blasts AT&T and Amazon on Twitter

5. Foreign stocks mixed. Argentina on watch: Emerging market investors kept an eye on Argentina's stock market after yesterday's 10% drop. The benchmark Merval index closed 4.25% higher.

The US Supreme Court declined to hear a major part of the country's appeal of a lower court ruling ordering it to pay creditors from a 2001 default who are seeking full payment. Many fear the decision may push Argentina close to another default.

Elsewhere in the world, Asian stocks were mixed, with Chinese stocks lower, India's Sensex closing 1.3% higher and Japanese stocks positive. European stocks were also mixed, with the FTSE 100 index closing a hair higher.

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4:10 pm: [BRIEFING.COM] The stock market ended the Tuesday session on a modestly higher note with participants gearing up for the latest policy directive from the FOMC, which will be released on Wednesday afternoon.

Small- and mid-cap stocks led the way with the Russell 2000 and S&P Mid Cap 400 climbing 0.7% and 0.8%, respectively. Meanwhile, the S&P 500 added 0.2% with five sectors posting gains.

Overall, cyclical groups did the bulk of the grunt work as five of six growth-sensitive sectors advanced. Financials (+0.9%) seized the lead at the start of the session and never looked back. Top-weighted components like Bank of America (BAC 15.59, +0.31) and Morgan Stanley (MS 32.50, +0.79) posted respective gains of 2.0% and 2.5%, while the entire sector extended its June advance to 1.9%.

Financials notwithstanding, gains in other areas were much more subdued as the second-best sector of the day-consumer discretionary-added just 0.3%. Retailers contributed to the strength with the SPDR S&P Retail ETF (XRT 86.28, +0.74) climbing 0.9%, while shares of Netflix (NFLX 443.65, +13.39) jumped 3.1% amid reports indicating lawmakers are finalizing a proposal that would ban internet fast lanes.

Also of note, the technology sector (+0.2%) contributed to the outperformance of the Nasdaq Composite (+0.4%), but it is worth mentioning that the bulk of the strength came from high-beta chipmakers. The PHLX Semiconductor Index jumped 0.7% as 25 of its 30 components finished in the green.

Although most growth-oriented sectors posted gains, that was not the case with the energy space (-0.2%). The sector trimmed its loss into the close, but could not turn positive as its top-weighted listing-ExxonMobil (XOM 102.42, -0.50) weighed. Shares of ExxonMobil fell 0.5%, while crude oil slumped into the pit close, diving 0.6% to $106.28/bbl.

Meanwhile, the other commodity-related sector, materials (+0.2%), received support from steelmakers and miners. The Market Vectors Steel ETF (SLX 46.55, +0.41) rose 0.9% and Market Vectors Gold Miners ETF (GDX 24.12, +0.14) added 0.6% even as gold futures retreated.

The yellow metal slipped 0.3% to $1271.80/ozt, but still ended above its pre-CPI levels. Gold traded at $1265 ahead of the report and fell to $1260 immediately after, before spending the remainder of the day in a slow climb.

On the fixed income side, Treasuries fell to lows following this morning's data and continued their retreat into the close. The 10-yr yield rose five basis points to 2.65%.

Participation was well below average with less than 600 million shares changing hands at the NYSE.

Economic data was limited to May housing starts/building permits and CPI:
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Housing starts fell 6.5% in May to 1.001 million from a downwardly revised 1.071 million (from 1.072 million) in April. The Briefing.com consensus expected housing starts to fall to 1.028 million. Multifamily construction fell 7.6% to 376,000. There is still room for more declines over the next few months. The bigger concern was the trend in single-family construction. That type of construction is normally stable, but these starts fell 5.9% in May to 625,000. That was the lowest level since 589,000 single-family homes were started in February. Hopefully, this was just a one-month blip but it warrants closer evaluation.
Consumer prices increased 0.4% in May, up from a 0.3% increase in April. That was the largest increase since February 2013. The Briefing.com consensus expected the CPI to increase 0.2%.
Contrary to the trends in the PPI, both food and energy prices contributed positively to overall consumer price growth in May.
Food prices increases accelerated in May. After increasing by 0.4% for each of the last three months, prices rose 0.5% in May. That was the largest increase since August 2011. Food at home prices rose 0.7%, the biggest increase since July 2011.
Energy prices increased 0.9% in May on a 2.3% increase in electricity costs and a 0.7% increase in gasoline costs. Some of this gain was due to seasonal credits that temporarily lowered electricity prices in California in April and returned to normal in May.
Excluding food and energy, core CPI increased 0.3% in May after increasing 0.2% in both March and April. That was the largest increase in core prices since August 2011. The consensus expected these prices to increase 0.2%.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, while Q1 Current Account Balance (Briefing.com consensus -$97.80 billion) will cross the wires at 8:30 ET. Lastly, the FOMC will release its latest policy directive at 14:00 ET.

S&P 500 +5.1% YTD
Nasdaq Composite +3.9% YTD
Dow Jones Industrial Average +1.4% YTD
Russell 2000 +1.0% YTD

3:35 pm: [BRIEFING.COM]

Crude oil sold off this afternoon and finished the day near its low for the day. July crude closed $0.60 lower at $106.28/barrel
Gold consolidated in afternoon trade following its morning rally and finished the day $3.50 lower at $1271.80/oz
Silver, on the other hand, continued to inch higher and ended today's session one penny higher at $19.73/oz.
Natural gas hit a new HoD of $4.74 early in afternoon trade. It has since pulled back and finished one cent higher at $4.71/MMBtu
Copper fell as low as $3.04.lb this morning and finished one cent higher at $3.06/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the session. The benchmark index has been moving up ever so slightly throughout the afternoon with support from the top-weighted sectors.

In fact, three of the four largest sectors trade ahead of the broader market. Financials (+1.0%) surged out of the gate and they remain well ahead of the other groups at this juncture. Elsewhere, consumer discretionary (+0.4%) and technology (+0.4%) also display relative strength.

On the downside, the energy sector has narrowed its loss to 0.4%, but ExxonMobil (XOM 101.81, -1.11) remains near its session low.

2:30 pm: [BRIEFING.COM] The stock market is doing its own thing today, so far ignoring rising interest rates that followed on the back of some higher-than-expected consumer inflation readings.

While the small-cap stocks, and the Russell 2000 (+0.9%), have garnered a good bit of attention for their outperformance today, it is actually the mid-cap stocks and the S&P 400 Midcap Index (+1.1%) that leads all indices. The S&P 400 is a little like the Rodney Dangerfield of the indices in that it doesn't seem to get any respect in the market discourse. It should, though, considering its 5.5% year-to-date gain puts it ahead of the Dow, Nasdaq, S&P 500, and Russell 2000.

With today's move, the S&P 400 Midcap Index hit an all-time, intraday high 1420.80. It has since pulled back a few points and needs to close above 1419.86 to establish a record closing high.

Not surprisingly, NYSE trading volume is on the low side again. It is currently on pace to come in below 600 mln shares.

2:00 pm: [BRIEFING.COM] The major averages have climbed to new session highs, but blue chip listings remain a bit tentative in their advance as the Dow (+0.2%) continues trailing the Nasdaq (+0.5%) and Russell 2000 (+1.0%).

Looking deeper into the Dow reveals an even split with 15 listings up and 15 down. However, of the 15 decliners, only one-ExxonMobil (XOM 101.75, -1.17)-trades lower by 1.0% or more. The largest energy stock holds a loss of 1.1%, which has factored into the underperformance of the energy sector.

Interestingly, the energy sector (-0.5%) has held its low even as crude oil tumbled to a new low for the session within the past 30 minutes. The energy component is now lower by 0.6% at $106.22/bbl.

1:30 pm: [BRIEFING.COM] The S&P 500 remains perched right below its best level of the day as the quiet afternoon wears on. Outside of the relative strength among small caps, the market appears to be favoring a wait-and-see approach ahead of the latest policy directive from the Federal Reserve, which will be released tomorrow at 14:00 ET.

The Treasury market has gyrated a bit since the conclusion of the last FOMC meeting on April 30, but the benchmark yield is essentially unchanged since then. The 10-yr yield closed just below 2.65% on April 30 and fell as low as 2.40% when the disappointing Q1 GDP report crossed the wires on May 29. Yields have inched up since then, putting the 10-yr yield back near 2.65%.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade higher across the board. The S&P 500 sports a modest gain of 0.3%, while the Nasdaq Composite (+0.5%) and Russell 2000 (+1.1%) outperform.

Equity indices began the session on the defensive after both of today's economic data points missed expectations. The Housing Starts report pointed to a noteworthy drop in single-family starts, while the CPI report revealed the biggest monthly increase in core CPI, which excludes food and energy, since August 2011.

The economic data knocked U.S. futures and Treasuries to lows, but equities were able to recover their losses, while Treasuries have since slipped deeper into the red (10-yr yield +5bps at 2.65%).

Small-cap stocks have done their part in lifting the market off session lows as evidenced by a 1.1% gain in the Russell 2000 and the relative strength of the Nasdaq-especially chipmakers.

Top-weighted tech components remain somewhat mixed, but high-beta microchip manufacturers are seeing broad strength. The PHLX Semiconductor Index is higher by 0.8% with all but four components in the green.

Similar to technology, other top-weighted cyclical sectors like financials (+1.0%) and consumer discretionary (+0.3%) also trade ahead of the broader market, while the top-weighted countercyclical group-health care (unch)-has spent the bulk of the first half in negative territory. Biotechnology, meanwhile, has erased its slim loss, putting the iShares Nasdaq Biotechnology ETF (IBB 248.88, +0.39) just above its flat line.

Interestingly, the top performing sector of the month is the weakest performer of the day. The energy space is lower by 0.5% today, but remains up 3.1% in June. For its part, crude oil is little changed at $106.80/bbl.

Economic data was limited to May housing starts/building permits and CPI:

Housing starts fell 6.5% in May to 1.001 million from a downwardly revised 1.071 million (from 1.072 million) in April. The Briefing.com consensus expected housing starts to fall to 1.028 million. Multifamily construction fell 7.6% to 376,000. There is still room for more declines over the next few months. The bigger concern was the trend in single-family construction. That type of construction is normally stable, but these starts fell 5.9% in May to 625,000. That was the lowest level since 589,000 single-family homes were started in February. Hopefully, this was just a one-month blip but it warrants closer evaluation.
Consumer prices increased 0.4% in May, up from a 0.3% increase in April. That was the largest increase since February 2013. The Briefing.com consensus expected the CPI to increase 0.2%.
Contrary to the trends in the PPI, both food and energy prices contributed positively to overall consumer price growth in May.
Food prices increases accelerated in May. After increasing by 0.4% for each of the last three months, prices rose 0.5% in May. That was the largest increase since August 2011. Food at home prices rose 0.7%, the biggest increase since July 2011.
Energy prices increased 0.9% in May on a 2.3% increase in electricity costs and a 0.7% increase in gasoline costs. Some of this gain was due to seasonal credits that temporarily lowered electricity prices in California in April and returned to normal in May.
Excluding food and energy, core CPI increased 0.3% in May after increasing 0.2% in both March and April. That was the largest increase in core prices since August 2011. The consensus expected these prices to increase 0.2%.

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 make another run at its session high in the 1941 area, but the benchmark average has yet to clear the level that has been presenting a challenge since yesterday.

At this time, individual sectors are split down the middle with five up and five down. All four countercyclical groups hover in the red, while the energy sector (-0.6%) is the only cyclical group currently in the red.

On the flip side, financials (+0.9%) remain in the lead with most major components showing noteworthy gains. Morgan Stanley (MS 32.48, +0.77) and Bank of America (BAC 15.58, +0.30) lead with respective gains of 2.4% and 1.9%.

12:00 pm: [BRIEFING.COM] The S&P 500 remains near its unchanged mark for the session, while the Russell 2000 (+0.8%) continues hovering just below its best level of the day.

The financial sector (+0.6%) seized the lead at the open and it remains ahead of the other groups at this time. Meanwhile, this month's top performing group-energy-is the weakest sector of the session. The growth-sensitive group is lower by 0.7% today, but still up 3.0% in June.

Outside of energy and financials, all of the remaining cyclical sectors hold gains of no more than 0.2%. For its part, the countercyclical side is little changed as consumer staples (-0.1%), health care (-0.1%), telecom services (-0.1%), and utilities (-0.2%) all hover near their flat lines.

11:25 am: [BRIEFING.COM] Not much change in the major averages as they continue hovering near their recent levels. The S&P 500 trades lower by roughly one point while the Russell 2000 (+0.8%) and Nasdaq (+0.2%) display relative strength.

In our previous update, we pointed out the outperformance of the technology sector, but the group has since given up its gain and now trades flat. Chipmakers, however, remain in the green with the PHLX Semiconductor Index up 0.3%.

Elsewhere, the industrial sector (+0.1%) has turned positive amid strength in transport stocks. The Dow Jones Transportation Average is higher by 0.5% as 17 of its 20 components display gains.

10:55 am: [BRIEFING.COM] The S&P 500 has dipped back below its flat line after running into resistance at the 1941 level, which served as yesterday's session high. The Nasdaq, meanwhile, remains in the green with a modest gain of 0.1%.

Fittingly, with the Nasdaq showing relative strength, the technology sector (+0.1%) trades ahead of almost every other group. Only the financial sector (+0.5%) is having a better showing so far.

The tech sector has received support from chipmakers as evidenced by a 0.2% gain in the PHLX Semiconductor Index. Of the 30 index components, 22 display gains.

Elsewhere, Treasuries remain just above their lows with the 10-yr yield up four basis points at 2.64%.

10:30 am: [BRIEFING.COM]

Corn prices are at a 4-month low as weakness extends this morning following the USDA's weekly crop progress report late yesterday
Corn is good/excellent condition improved to 76%, up from 75% in the prior week. July corn is now -0.9% at $4.37/bu
WTI crude oil has eased, while Brent crude oil is trading modestly higher this morning as Iraq tension continues to act as a catalyst
July crude oil is now -0.2% at $106.73/barrel. Brent crude oil is +0.2% at $113.11/barrel
Gold and silver futures have been trading lower all day so far.
Both precious metals dropped to new lows for the day just after floor trading began, but have been climbing higher following that decline
Aug gold is now -0.6% at $1267.10/oz, while July silver is -0.3% at $19.66/oz.
July copper is +0.3% at $3.06/lb

10:00 am: [BRIEFING.COM] The major averages have climbed out of the red with small caps providing the lead. The Russell 2000 is now higher by 0.6%, while the S&P 500 (+0.1%) still hovers just above its flat line.

Four of six cyclical sectors have turned positive and the heavily-weighted financial sector (+0.4%) is the top performer of the bunch. The energy sector (-0.4%) remains in the red, but its underperformance has been overshadowed by modest gains in consumer discretionary (+0.1%) and technology (+0.1%) sectors.

Treasuries have slipped to new lows, pushing the 10-yr yield up to 2.64%.

9:45 am: [BRIEFING.COM] Equity indices began the session on a modestly lower note. The S&P 500 trades down 0.2% with nine sectors showing losses.

Energy (-0.5%) and materials (-0.4%) are the two weakest performers, while the remaining sectors hover a bit closer to their flat lines. On the upside, the telecom services sector (+0.1%) trades with a slim gain, while the other countercyclical sectors hold losses between 0.1% (consumer staples) and utilities (-0.3%).

Treasuries remain near their post-data lows with the 10-yr yield up three basis points at 2.63%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -2.80. The stock market is on track to begin the Tuesday session on a lower note as futures on the S&P 500 trade four points below fair value. Futures held gains overnight, but have slid to lows over the past two hours. The start of the U.S. session will follow a subdued night in Asia where the major averages ended on a mixed note. European indices, meanwhile, trade in the green, but their gains have been limited so far.

Economic data reported this morning featured housing starts/building permits and CPI. Housing starts (1001K versus Briefing.com consensus 1028K) and building permits (991K versus Briefing.com consensus 1059K) both missed expectations, while the CPI (0.4% versus consensus 0.2%) and core CPI (0.3% versus consensus 0.2%) readings came in a bit ahead of expectations.

Notably, the housing report pointed to a troubling trend in single-family construction, which tends to be a relatively stable area. In May, single-family starts fell 5.9%, which will warrant further attention if the trend continues.

Treasuries will enter the session near their lows with the benchmark 10-yr yield up three basis points at 2.63%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -4.40. Nasdaq futures vs fair value: -4.80. The S&P 500 futures trade four points below fair value.

Asian markets finished on a mixed note. The Reserve Bank of Australia released its minutes, which showed the recent strength of the Aussie dollar has posed some problems for the economy.

In economic data:
China's foreign direct investment grew 2.4% year-over-year (2.5% year-over-year expected)
Hong Kong's unemployment rate held at 3.1%, as expected

------

Japan's Nikkei ticked up 0.3% amid a quiet trade. Heavyweight Fast Retailing finished with an in-line gain of 0.3%.
Hong Kong's Hang Seng shed 0.4%, easing off its best levels of 2014. Casino stocks were pressured as Sands China lost 1.4% and Galaxy Entertainment fell 1.1%.
China's Shanghai Composite fell 0.9%, sliding off two-month highs. Financials weighed with ICBC giving up 1.3%.

Major European indices trade little changed after surrendering their modest gains. Notably, Britain's inflation reading came in at a 4.5-year low, suggesting the Bank of England is likely to remain cautious with regards to hiking rates.

In economic data:
Swiss PPI ticked up 0.1% month-over-month (forecast 0.1%; previous -0.3%), while the year-over-year reading decreased 0.8% (forecast -0.8%; previous -1.2%)
Great Britain CPI decreased 0.1% month-over-month (forecast 0.2%; previous 0.4%) and increased 1.6% year-over-year (forecast 1.7%; prior 2.0%). Core CPI increased 1.6% year-over-year (forecast 1.7%; previous 2.0%)
Italian trade surplus narrowed to EUR3.51 billion from EUR3.89 billion (forecast EUR4.27 billion; previous EUR3.89 billion)
German ZEW Economic Sentiment dropped to 29.8 from 33.1 (forecast 35.0), while ZEW Current Conditions improved to 67.7 from 62.1 (expected 62.6)
Eurozone ZEW Economic Sentiment increased to 58.4 from 55.2 (forecast 59.6)

------

Great Britain's FTSE trades up 0.1% with discretionary shares providing support. International Consolidated Airlines and Whitbread are up 1.0% and 3.0%, respectively.
In France, the CAC is higher by 0.1% as industrials contribute to the advance. Legrand and Schneider Electric are both up near 1.0%. On the downside, AXA and Credit Agricole display respective losses of 0.9% and 0.5%.
Germany's DAX is flat. Health care names Beiersdorf and Fresenius Medical Care outperform with gains of 0.5% and 0.8%, respectively. Deutsche Lufthansa lags, down 1.5%.
Italy's MIB holds a loss of 0.3%. Saipem is the weakest performer, down 2.8%. Telecom Italia, which trades lower by 1.7%, also weighs.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -3.10. Nasdaq futures vs fair value: -2.30. The S&P 500 futures trade three points below fair value.

Housing Starts decreased 6.5% to a seasonally adjusted annualized rate of 1001K units. That was down from a revised 1071K units in April. The Briefing.com consensus expected starts to drop to 1028K units.

Building permits fell 6.4% to a seasonally adjusted annualized rate of 991K versus a revised 1059K for April. The Briefing.com consensus estimate expected permits to be 1050K.

Total CPI increased 0.4% (Briefing.com consensus +0.2%) while core CPI, which excludes food and energy, increased 0.3% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 2.1% and core CPI is up 2.0%.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +6.00. U.S equity futures trade modestly higher amid subdued action overseas. The S&P 500 futures hover less than two points above fair value.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.9%, Hong Kong's Hang Seng -0.4%, and Japan's Nikkei +0.3%.
Economic data was limited:
Chinese Foreign Direct Investment increased 2.8% (previous 5.0%)
Hong Kong Unemployment rate held steady at 3.1%, as expected
Australia's New Motor Vehicle Sales increased 0.3% month-over-month (previous 0.1%)
In news:
The Australian dollar slumped overnight after the latest minutes from the Reserve Bank of Australia revealed the belief that the country's economy has been growing above trend. The Aussie fell to 0.9364 versus the greenback.

Major European indices trade mostly higher. Great Britain's FTSE +0.1%, France's CAC +0.2%, and Germany's DAX +0.3%. Elsewhere, Italy's MIB -0.3% and Spain's IBEX +0.3%.
In economic data:
Swiss PPI ticked up 0.1% month-over-month (forecast 0.1%; previous -0.3%), while the year-over-year reading decreased 0.8% (forecast -0.8%; previous -1.2%)
Great Britain CPI decreased 0.1% month-over-month (forecast 0.2%; previous 0.4%) and increased 1.6% year-over-year (forecast 1.7%; prior 2.0%). Core CPI increased 1.6% year-over-year (forecast 1.7%; previous 2.0%)
Italian trade surplus narrowed to EUR3.51 billion from EUR3.89 billion (forecast EUR4.27 billion; previous EUR3.89 billion)
German ZEW Economic Sentiment dropped to 29.8 from 33.1 (forecast 35.0), while ZEW Current Conditions improved to 67.7 from 62.1 (expected 62.6)
Eurozone ZEW Economic Sentiment increased to 58.4 from 55.2 (forecast 59.6)
Among news of note:
Britain's inflation reading came in at a 4.5-year low, suggesting the Bank of England is likely to remain cautious with regards to hiking rates.

In U.S. corporate news:

Medtronic (MDT 61.28, +1.25): +2.1% after being upgraded to 'Outperform' at Credit Suisse and 'Overweight' at Morgan Stanley.
Yingli Green Energy Holdings (YGE 3.70, +0.18): +4.6% after beating revenue estimates on below-consensus earnings.

The Housing Starts (Briefing.com consensus 1028K) and Building Permits (Briefing.com consensus 1050K) report for May will be released at 8:30 ET along with the CPI (Briefing.com +0.2%) and core CPI (Briefing.com consensus +0.2%) data for May.

6:45 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +2.50.

6:45 am: [BRIEFING.COM] Nikkei...14975.97...+42.70...+0.30%. Hang Seng...22203.59...-97.10...-0.40%.

6:45 am: [BRIEFING.COM] FTSE...6756.17...+1.50...0.00. DAX...9896.92...+13.70...+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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