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 Post subject: June 19th Thursday Trade Results - Profit $1000.00
PostPosted: Fri Jun 20, 2014 1:14 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 @ $1,000.00 dollars or +10.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,000.00 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=1820

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.

Gold Surges And S&P 500 At New High

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

NEW YORK (CNNMoney)
After lazing about for most of the day, the S&P 500 did a sprinting finish in the final hour to end at a new record high.

The S&P 500 gained just over two points to end at 1,959.48. That was enough to surpass Wednesday's all-time high.

The Dow Jones industrial average also edged higher, but the Nasdaq lost a few points.

Stocks soared Wednesday after Federal Reserve Chair Janet Yellen signaled that interest rates will remain low. But the rally lost momentum Thursday as investors shifted their attention to the gold market.

Related: Fed says job market is getting a bit better

All that glitters: Gold futures gained over 3.5% to trade at $1,318 per ounce, the highest level since April. Investors who believe Fed policy will undermine the dollar view gold as an alternative currency. In addition, gold prices often rise during times of political and military uncertainty.
gold

Oil prices moved slightly higher after President Obama said he is prepared to send military advisers to Iraq, but he added that America was not returning to a combat role in the country.

The oil market has been volatile recently as Iraqi forces are battling insurgents for control of towns and cities not far from Baghdad. Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries.

Related: Gas prices are rising a little, but there's an oil glut coming soon

Stocks that are tanking -- American Apparel, Coach, Amazon, Facebook, a for-profit college: Shares in American Apparel (APP) rose after the company announced overnight that it fired its controversial CEO, though it didn't say why. Its shares, which topped $15 as recently as 2007, now trade for less than $1. Sources told the New York Post that the move could set the stage for American Apparel to be sold.

Coach (COH)shares plunged over 9% after the maker of leather goods predicted a prolonged slump in sales and announced plans to close more stores.

Corinthian College, (COCO) a for-profit education company, warned that it may need to shut down as the government cracks down on its attendance and grading practices. Shares of Corinthian, which operates 97 schools across the country, plunged more than 60%.

Facebook (FB, Tech30) suffered an outage that prevented users posting to the social media site "for a brief period of time." (Gasp!)The stock fell nearly 2%.

Elsewhere in the smartphone space, Amazon (AMZN, Tech30) shares edged lower after the online retailer unveiled the Fire Phone, a high-end, 3-D smartphone. It is the first smartphone Amazon has produced on its own.

Drug store chain Rite Aid (RAD) said net income fell in the latest quarter, sending its shares down 4%.

Stocks that are surging -- BlackBerry, Kroger supermarkets: BlackBerry (BBRY, Tech30) is back from the dead...again. The ailing smartphone pioneer reported a smaller-than-expected loss, sending its stock up more than 9.5%. BlackBerry stock is up 24% so far this month, bouncing back from a rough patch during April and May.

Kroger (KR) shares jumped over 5% after the grocery store chain reported strong results and boosted its outlook. The stock hit an all-time high over $50.

Markit IPO today: Markit (MRKT), which provides information on bonds and derivatives for traders and is considered a rival of sorts to Bloomberg, said late Wednesday that it had raised $1.3 billion in an initial public offering. The stock, which was priced at $24 a share, gained more than 11% after it began trading on the Nasdaq.

Most European markets closed higher. Despite the ongoing crisis in Ukraine, Russian stocks have been on a tear. The benchmark Micex index has erased its losses for the year and the rubel is also back near pre-crisis levels. Asian markets were mixed.

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4:20 pm: [BRIEFING.COM] It was some day in the capital markets on Thursday. The major stock indices managed to hold fairly steady in what was a seesaw day of trading; longer-dated Treasuries experienced a notable reversal that left the 10-yr note down 12 ticks and yielding 2.63% while the front of the curve remain propped up with buying interest; commodity prices were higher with precious metals prices moving up sharply; and the US Dollar Index was down 0.3%.

A 3.6% jump in gold prices to $1318.00/troy ounce and the weakness at the back end of the Treasury curve were cited as expressions of inflation concerns with market participants acting uneasy about the Fed's seemingly complacent view of inflation.

The explanation was not entirely out of bounds, but it also wasn't above reproach given that the dollar failed to bounce and the front of the Treasury curve held up just fine. Accordingly, it is too early to say if there were genuine inflation concerns today.

Nonetheless, it was a line of thinking that left equity investors reluctant to make any big moves outside of some individual story stocks like Coach (COH 35.69, -3.50), which issued a sales warning, and Kroger (KR 49.66, +2.39), which reported better than expected earnings and gave reassuring guidance.

Broadly speaking, the moves that were made fit the bill of a more cautious mindset than the one that prevailed following Wednesday's FOMC announcement and press conference. The best-performing sectors today were the utilities (+0.9%) and consumer staples (+0.6%) sectors. Energy (+0.6%) also fared well in the face of rising oil prices that were helped along by the weaker dollar and continued rumblings about the destabilizing situation in Iraq.

Relative weakness in the technology (-0.2%) and financial (-0.2%) sectors acted as a restraint on the S&P 500 which ultimately managed to close near its best level of the day. In the process of doing so, it also established another new closing high.

Alas, there wasn't as much fear and loathing in the equity market as there was cheer and loafing. The buy-the-dip mentality shined through again in an otherwise laborious day of trading that saw the stock market take a back seat to other capital markets.

Aside from the advertised inflation concerns, longer-dated Treasuries also got pinched by a batch of encouraging economic data:
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US STOCKS-Wall St gains; S&P 500 sets record intraday high Reuters
Can the Stock Market Continue to Rise With Contrary Indicators? TheStreet.com

Initial claims for the week ending June 14 (the week in which the household survey for the June employment report was conducted) dipped by 6,000 to 312,000
The Philadelphia Fed Index for June increased to 17.8 from 15.4 in May, paced by broad-based gains in its various components; and
The Leading Indicators Index for May increased 0.5% on top of a 0.3% increase in the prior month

Trading volume picked up on Thursday with 636 mln shares changing hands at the NYSE versus 614 mln on Wednesday. Volume should be even higher on Friday with the S&P rebalancing at the close.

Overall, one could say there was some risk aversion in the stock market on Thursday, but there wasn't risk avoidance. To that end, the CBOE Volatility Index (VIX 10.65, +0.04) was up a scant 0.4% after plummeting 12% on Wednesday and money rotated within the market as opposed to rotating out of it completely.

S&P 500 YTD +6.0%
Dow Jones Industrial Average YTD +2.1%
Nasdaq Composite YTD +4.4%
Russell 2000 YTD +1.8%

3:30 pm: [BRIEFING.COM]

Aug gold rose above the $1300 per ounce level today as the dollar index traded lower following yesterday's dovish FOMC news. Fed Chair Janet Yellen confirmed that the Fed would remain actively involved and that rates would stay low for the foreseeable future.
She noted that the Fed did not see any pricing pressures and that it viewed equities as being fairly valued. The yellow metal lifted from its session low of $1286.40 per ounce and advanced as high as $1317.40 per ounce before it settled with a 3.3% gain at $1314.30 per ounce.
July silver also gained strength on the weaker dollar index. It rose as high as $20.83 per ounce after coming off its session low of $20.00 per ounce set at floor trade open. It eventually settled with a solid 4.6% gain at $20.67 per ounce.
Aug crude oil dipped to a session low of $105.11 per barrel but recovered into positive territory in morning action. It rose to a session high of $106.39 per barrel and eventually settled with a 0.4% gain at $106.05 per barrel.
July natural gas, on the other hand, fell today after inventory data showed a build of 113 bcf when a smaller build of 110-112 bcf was anticipated. It retreated back into the red after touching a session high of $4.70 per MMBtu and settled with a 1.7% loss ta its session low of $4.58 per MMBtu.

3:00 pm: [BRIEFING.COM] Today's market trends remain intact entering the final hour. Stocks are down, Treasuries are down, the US Dollar Index is down, and gold prices are way up.

A soft showing from the stock market's two most influential sectors -- technology (-0.4%) and financials (-0.3%) -- has kept the S&P 500 under wraps, yet there certainly hasn't been a rush to sell today. The S&P 500 is down less than a point at this juncture, which is less than a drop in the bucket of gains that have been registered over the last three months (+5.1%).

Within the Dow, UnitedHealth (UNH 80.74, +1.53) is lending some support as is Johnson & Jonson (JNJ 103.58, +0.77).

Their outperformance has helped the health care sector (+0.2%) maintain a winning edge in today's trading.

2:30 pm: [BRIEFING.COM] The major indices are working their way back from lower levels that weren't all that low in the grand scheme of things. The real action of note has been in the Treasury and commodity markets. Both have moved in a way that suggest some concerns are percolating that the Fed is running a heightened risk of being too complacent with its view of inflation.

The 10-yr note, up about six ticks earlier in the day, is now down 11 ticks, pushing its yield up four basis points to 2.63%. A batch of encouraging economic data have played a role in that weakness.

Separately, gold prices are up 3.3% to $1314.60/troy ounce. That spike has presumably been helped along by some short-covering activity, although there is a narrative today suggesting it is primarily a function of inflation concerns.

Whatever the case may be, it will take additional trading sessions in the near term to flush out the real point of view. That is, are there real inflation worries or is today's big jump in prices largely a case of short sellers being caught offside by the move and running to cover those positions?

Not surprisingly, the Market Vectors Gold Miners ETF Gold Miners Fund (GDX 25.92, +1.16) is having a banner day today.

2:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% as the range-bound afternoon continues.

President Obama is currently answering reporter questions after delivering a statement from the White House, which called for sending up to 300 military advisors to Iraq to provide support to Iraqi security forces. However, the president has reiterated that "American forces will not be returning to combat in Iraq."

The remarks did not have an immediate impact on equities, while Treasuries have continued their retreat. The 10-yr note is now lower by almost half a point with its yield up five ticks at 2.64%.

On a separate note, the CBOE Volatility Index (VIX 10.69, +0.08) now holds a slim gain after notching a fresh low for the year, suggesting participants are hedging some of their exposure to equities.

1:30 pm: [BRIEFING.COM] Recent action saw equities and Treasuries slide to fresh session lows. The S&P 500 is lower by 0.2%, but has been able to stay ahead of the Russell 2000 (-0.4%) and Nasdaq Composite (-0.4%).

In our midsession update, we pointed out the underperformance of high-growth areas like chipmakers and biotechnology. Both groups have widened their losses since then, which has put additional pressure on the broader market. The relative weakness in biotechnology has pushed the health care sector (-0.1%) into the red, while utilities (+0.7%) remain in the lead.

Elsewhere, Treasuries have added to their losses, sending the 10-yr yield higher by four basis points to 2.63%.

On a separate note, President Obama is scheduled to make a statement within the next few minutes regarding the situation in Iraq. The statement was originally scheduled for 12:30 ET, but was pushed back until 13:30 ET.

1:05 pm: [BRIEFING.COM] The major averages hold slim midday losses with the S&P 500 trading lower by 0.1%. The benchmark index started the trading day on an upbeat note, but was unable to breach the 1960 level due to relative weakness among cyclical sectors.

Of the six growth-sensitive groups, five remain in the red with losses between 0.03% (industrials) and 0.5% (technology). Notably, the tech sector has had to contend with losses among chipmakers. The PHLX Semiconductor Index is lower by 0.4% with NVIDIA (NVDA 19.09, -0.50) leading the slide. The stock trades lower by 2.5% after being downgraded to Underperform at Bank of America/Merrill Lynch.

Similar to the technology sector, other heavily-weighted groups like consumer discretionary and financials also weigh on the broader market.

Elsewhere, industrials hover in the red with defense contractors exerting pressure on the sector for the second day in a row. Interestingly, the PHLX Defense Index (-0.2%) has not received a boost from the top-weighted industrial component, General Electric (GE 26.88, +0.21), which trades higher by 0.8%.

Transports, meanwhile, are showing relative strength once again (Dow Jones Transportation Average +0.1%) even as crude oil (+0.4% at $106.03/bbl) hovers near its session high. In turn, the energy sector (+0.1%) is the only cyclical sector trading in the green at this juncture.

Things look a bit different on the countercyclical side where all four sectors display gains. Health care (+0.1%) holds a modest advance even as biotechnology (IBB -0.2%) has struggled to stay in the green. For its part, the utilities sector (+0.5%) leads for the second day in a row.

Interestingly, utilities have been largely unaffected by today's increase in Treasury yields. The benchmark 10-yr yield is higher by two basis points at 2.60%.

Also of note, precious metals have been on a tear today with gold futures trading higher by 3.2% at $1313/ozt.

Economic data was limited:

Weekly initial claims dropped by 6,000 to 312,000. This was essentially in line with the Briefing.com consensus, which expected a reading of 313,000.
Manufacturing activity accelerated off of a strong base in the Philadelphia region in June. The Philadelphia Fed's Business Outlook Survey increased to 17.8 from 15.4 in May. The Briefing.com consensus expected the index to fall to 13.4.
New order levels rose to 16.8 in June from 10.5 in May, pushing the shipments index up to 15.5 from 14.2
Unfilled orders increased to 11.5 from -2.5
The Conference Board's Index of Leading Indicators increased 0.5% in May after increasing a downwardly revised 0.3% (from 0.4%) in April. That was exactly what the consensus expected.
The acceleration resulted from a rebound in the initial claims level and a stronger ISM report.

12:30 pm: [BRIEFING.COM] Quiet action continues with the S&P 500 trading within a point of its flat line. In fact, the index has not been very active today, spending the first half of the session in a six-point range.

The utilities sector (+0.5%) continues holding the lead, which has extended its June advance to 3.3%, while also pushing its year-to-date gain to 14.7%. Interestingly, the rate-sensitive group has been unaffected by recent selling activity in the Treasury market.

The 10-yr note started the session on its high, but has been dripping lower since then. At this juncture, the benchmark note trades lower by six ticks with its yield up two basis points at 2.61%.

12:00 pm: [BRIEFING.COM] The S&P 500 remains lower by 0.1% with five sectors up and five down. Although the broader market has not moved much since our last update, industrials (+0.1%) have returned into positive territory thanks to strength among transports. The Dow Jones Transportation Average is higher by 0.2% and is hovering less than 25 points below its record closing high that was registered on June 9.

Elsewhere among industrials, defense contractors lag for the second day in a row. The PHLX Defense Index holds a loss of 0.1% even as the top sector component-General Electric (GE 26.98, +0.31)-trades higher by 1.1%.

11:30 am: [BRIEFING.COM] Equities have inched to fresh session lows, but their losses remain modest in scope, suggesting the decline is a function of profit taking after a strong week. All six cyclical sectors hover in the red, while the four countercyclical groups display gains.

Even though the defensive sectors remain in positive territory, health care (+0.1%) has retreated from its high due to relative weakness in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 249.61, -0.25) is lower by 0.1%. Notably, the ETF notched its session high just north of the $250 level, which has served as resistance for the better part of the past two weeks.

Interestingly, the inability to build on the opening gains has not led participants in the direction of downside protection as the CBOE Volatility Index (VIX 10.59, -0.02) sits just below its flat line.

10:55 am: [BRIEFING.COM] The major averages have not gone anywhere over the past hour. This leaves the S&P 500 less than a point below its flat line, while the Nasdaq (-0.1%) underperforms modestly.

Fittingly, the technology sector (-0.2%) also hovers in the red with chipmakers responsible for the relative weakness. Shares of NVIDIA (NVDA 19.14, -0.45) trade lower by 2.3% after being downgraded to Underperform at Bank of America/Merrill Lynch, while the broader PHLX Semiconductor Index trades down 0.4%.

Elsewhere among influential sectors, financials (-0.4%) and industrials (-0.2%) lag, while health care (+0.1%) is showing relative strength.

10:35 am: [BRIEFING.COM]

Natural gas futures were modestly higher (about +0.2%) around $4.67/MMBtu just ahead of the weekly EIA inventory data
Following this data, July natural gas dropped to a new LoD of $4.58/MMBtu. July NG is now -0.8% at $4.62/MMBtu
Crude oil sold off this morning and just hit a new low about 45 minutes ago at $105.13/barrel.
Note that the crude contract rolled over into August, from July. Aug crude oil is now +0.1% at $105.64/barrel
Gold and silver have been in positive territory all day so far, seeing some benefit of the weak dollar index
Aug gold is currently +1.7% at $1293.80/oz, July silver is +2.4% at $20.25/oz
Copper futures erased its gains and is now back at the flat line. July copper is now -0.1% at $3.06/lb

10:05 am: [BRIEFING.COM] The S&P 500 has returned to its flat line, while the Nasdaq Composite (-0.1%) has dipped a bit deeper into the red.

The Philadelphia Fed Survey for June jumped to 17.8 from 15.4. Economists polled by Briefing.com had expected that the Survey would slip to 13.4.

Separately, the Leading Indicators report for May increased 0.5%. That followed a revised 0.3% increase in April (from 0.4%), and was in line with the Briefing.com consensus estimate.

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate with small caps showing relative strength. The Russell 2000 is higher by 0.3%, while the S&P 500 sports a slimmer advance of 0.1% with seven of ten sectors in the green.

Like yesterday, the utilities sector (+0.7%) trades well ahead of the remaining groups, while other advancers display gains of no more than 0.4%. On the downside, energy (-0.2%) and financials (-0.2%) hold modest losses.

Treasuries remain near their best levels of the day with the 10-yr yield off two basis points at 2.57%.

The Philadelphia Fed survey for June (consensus 13.4) and May Leading Indicators (consensus 0.5%) will cross the wires at 10:00 ET.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +4.00. The stock market is on track for a modestly higher start to the session as futures on the S&P 500 trade one point above fair value.

Index futures alternated between gains and losses overnight, returning to their highs within the last hour. That move higher was aided by today's weekly initial claims report, which indicated claims dropped by 6,000 to 312,000. This was essentially in line with the Briefing.com consensus, which expected a reading of 313,000.

A couple more data points remain on today's schedule with the June Philadelphia Fed survey (consensus 13.4) and May Leading Indicators (consensus 0.5%) set to cross the wires at 10:00 ET.

Treasuries hold modest gains after spending the bulk of the overnight session in the green. The benchmark 10-yr yield is lower by two basis points at 2.57%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +2.50. The S&P 500 futures trade one point above fair value.

Asian markets ended the session on a mixed note with China's Shanghai Composite (-1.6%) diving into the close amid comments from Moody's, indicating the rating agency expects the country's property market downturn to be pronounced with potential impact on GDP.

Participants received several data points:
Japan's foreign bonds buying report pointed to net purchases in the amount of JPY638.20 billion (previous JPY1.33 trillion). Separately, All Industries Activity Index fell 4.3% month-over-month (expected -3.7%, previous 1.5%)
South Korea's PPI was unchanged on a month-over-month (previous -0.2%) and year-over-year (previous -0.3%) basis.
New Zealand's GDP expanded 1.0% quarter-over-quarter (expected 1.2%, prior 1.0%)

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Japan's Nikkei gained 1.6%, closing on its session high. Nippon Sheet Glass surged 16.9% in reaction to an upgrade at Nomura. Pacific Metals was the weakest performer, falling 3.4%.
Hong Kong's Hang Seng slipped 0.1%, ending little changed. Property names saw considerable losses with Bank of China, China Resources Land, and China Overseas Land & Investment down between 2.6% and 6.5%.
China's Shanghai Composite fell 1.6%, settling near its low. China Vanke lost 1.4%. Technology names also lagged with Inspur Software and China National Software both down near 10.0%.

Major European indices hover near their best levels of the session with gains close to 1.0%. Bank of England member Martin Weale said there is no case for a rate hike at the moment, but the situation could change later this year.

Economic data was limited:
Great Britain's Retail Sales slipped 0.5% month-over-month, as expected (prior 1.0%), while the year-over-year reading increased 3.9% (expected 4.3%, previous 6.5%). Also of note, Core Retail Sales ticked down 0.5% month-over-month (expected -0.6%, previous 1.7%), while the year-over-year reading rose 4.7% (consensus 4.8%, prior 7.4%). Separately, CBI Industrial Trends Orders rose to 11 from 0 (expected 3).
The Swiss National Bank held its key interest rate unchanged at 0.0%.

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Great Britain's FTSE is higher by 0.8%. Rolls-Royce Holdings leads with a gain of 5.9% after announcing a buyback in the amount of GBP1 billion. Drugmaker Shire is the weakest performer, down 0.5%.
Germany's DAX holds an advance of 0.8%. Exporters BMW and Daimler are among the leaders with respective gains of 0.5% and 0.3%. On the downside, K+S lags with a loss of 1.1%.
In France, the CAC trades up 1.0% as growth-sensitive names lead. Cie de St-Gobain is higher by 2.7% and Vinci sports an advance of 1.7%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +2.50. The S&P 500 futures hover one point above fair value.

The latest weekly initial jobless claims count totaled 312,000, which was lower than the 313,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 318,000 (from 317,000). As for continuing claims, they fell to 2.561 million from 2.615 million.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -0.30. Nasdaq futures vs fair value: +1.50. U.S. equity futures trade little changed despite broad gains overseas. The S&P 500 futures hover less than a point below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +1.6%, Hong Kong's Hang Seng -0.1%, and China's Shanghai Composite -1.6%.
Participants received several data points:
Japan's foreign bonds buying report pointed to net purchases in the amount of JPY638.20 billion (previous JPY1.33 trillion). Separately, All Industries Activity Index fell 4.3% month-over-month (expected -3.7%, previous 1.5%)
South Korea's PPI was unchanged on a month-over-month (previous -0.2%) and year-over-year (previous -0.3%) basis.
New Zealand's GDP expanded 1.0% quarter-over-quarter (expected 1.2%, prior 1.0%)
In news:
Markets in China stumbled amid comments from Moody's, indicating the rating agency expects the country's property market downturn to be pronounced with potential impact on GDP.

Major European indices hover near their best levels of the session. Great Britain's FTSE +0.7%, Germany's DAX +0.8%, and France's CAC +0.9%. Elsewhere, Italy's MIB +1.1% and Spain's IBEX +1.0%.
Economic data was limited:
Great Britain's Retail Sales slipped 0.5% month-over-month, as expected (prior 1.0%), while the year-over-year reading increased 3.9% (expected 4.3%, previous 6.5%). Also of note, Core Retail Sales ticked down 0.5% month-over-month (expected -0.6%, previous 1.7%), while the year-over-year reading rose 4.7% (consensus 4.8%, prior 7.4%). Separately, CBI Industrial Trends Orders rose to 11 from 0 (expected 3).
The Swiss National Bank held its key interest rate unchanged at 0.0%.
Among news of note:
Bank of England member Martin Weale said there is no case for a rate hike at the moment, but the situation could change later this year.

In U.S. corporate news:

BlackBerry (BBRY 9.22, +0.93): +11.2% following its slimmer than expected loss on revenue that beat estimates.
Red Hat (RHT 55.50, +2.40): +4.5% after reporting a one-cent beat on above-consensus revenue.
KBR (KBR 23.56, -2.76): -10.5% in reaction to disappointing earnings and revenue.

Weekly initial claims (Briefing.com consensus 313K) will be released at 8:30 ET, while the June Philadelphia Fed survey (consensus 13.4) and May Leading Indicators (consensus 0.5%) will cross the wires at 10:00 ET.

6:43 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: +3.00.

6:43 am: [BRIEFING.COM] Nikkei...15361.16...+245.40...+1.60%. Hang Seng...23167.73...-14.00...-0.10%.

6:43 am: [BRIEFING.COM] FTSE...6834.59...+56.00...+0.30%. DAX...10010.19...+79.80...+0.80%.

Jobless Claims Drop as Confidence in U.S. Picks Up: Economy

By Lorraine Woellert and Victoria Stilwell Jun 19, 2014 4:52 PM ET

Fewer Americans are filing applications for unemployment benefits, consumer confidence is rising and manufacturing is picking up as the world’s largest economy shows additional signs of strengthening.

Jobless claims fell by 6,000 to 312,000 in the week ended June 14, the Labor Department reported today in Washington. Households this month were the most optimistic about the economic outlook in a year, factories in the Philadelphia region expanded at a faster pace and the index of leading indicators rose in May for the fourth straight month, other reports showed.

“The economy will look healthier in the second half of the year,” said Michelle Meyer, senior U.S. economist at Bank of America Corp. in New York. “It’s a combination of factors moving in the right direction reinforcing one another: manufacturing building momentum, the labor market continuing (INJCSP) to improve and support consumer spending and business investment turning higher.”

The pickup supports Federal Reserve forecasts that the economic expansion will gather steam after a first-quarter slump, keeping policy makers on track to continue trimming stimulus this year. At the same time, still-elevated unemployment and restrained wage growth mean that central bankers can maintain monetary stimulus.

The Standard & Poor’s 500 Index extended a record and global equities rallied as the Fed’s policy statement fueled optimism that the economic recovery will accelerate. The S&P 500 rose 0.1 percent to 1,959.48 at the close in New York.

Continuing Claims

Today’s report from the Labor Department showed the number of workers receiving jobless benefits decreased to the lowest level in almost seven years. Continuing claims dropped by 54,000 to 2.56 million in the week ended June 7, the fewest since October 2007. The unemployment rate among people eligible for benefits declined to 1.9 percent from 2 percent the prior week.

“The job market continues to improve,” said Ryan Sweet, senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, who correctly projected the number of applications and is the top claims forecaster over the past two years, according to data compiled by Bloomberg. “It suggests we’re going to have another decent gain in” job creation this month.

Fewer firings typically signal acceleration in job growth. Employers added 217,000 workers to payrolls in May, lifting the average monthly advance so far this year to 213,600, the most since 1999.

Retail Hiring

Economists Puzzle Over Labor Force Dropouts

Some retailers are adding stores and hiring amid strong sales. Houston-based Men’s Wearhouse Inc. (MW), opened nine stores in the first three months of the year and is adding workers at its New Bedford, Massachusetts, factory to keep up with demand for custom suits.

“We’ve hired additional personnel in our factory to increase the production to keep up with our anticipated needs,” Chief Executive Officer Doug Ewert said on a June 6 earnings call. “Based on the higher-than-expected demand, it’s going to take longer than we anticipated to produce sufficient inventory to get all of our stores in business. While unanticipated, this is a nice problem to have.”

The drop in claims last week was in line with the median forecast of 50 economists surveyed by Bloomberg, which called for 313,000. Estimates ranged from 295,000 to 321,000.

The improving job market is helping underpin confidence. The monthly Bloomberg expectations gauge rose to 48.5, the highest since June 2013, from 42.5 the month prior, data today showed. The weekly Bloomberg Consumer Comfort Index (COMFCOMF) for the period ended June 15 advanced to 37.1, approaching the strongest level of the year.

Gaining Confidence

Sentiment among women reached its highest since November 2007, and workers earning more than $100,000 were the most optimistic in two months.

A pickup in hiring, and the wages that go with it, will be needed to help households cope with the biggest increase in consumer prices in more than a year.

“Sustained improvement in the labor market and modest wage gains appear to be offsetting rising food and gasoline costs,” said Joseph Brusuelas, senior economist at Bloomberg LP. The employment increases are giving Americans “a sunnier disposition,” he said.

Against the backdrop of a strengthening economy, consumer prices rose 0.4 percent in May from the prior month, the biggest increase since February 2013, the Labor Department reported this week. The cost of food jumped 0.5 percent, the most since August 2011.

Manufacturing Expands

Manufacturing is among industries showing a revival in growth. The Philadelphia Federal Reserve Bank’s factory index unexpectedly climbed to 17.8 this month, the highest since September, figures showed today. Readings greater than zero signal growth for the region covering eastern Pennsylvania, southern New Jersey and Delaware.

Also today, the Conference Board, a New York-based research group, said its index of leading economic indicators increased 0.5 percent after a 0.3 percent gain in April. The gauge is a measure of the outlook for the next three to six months.

“The economy is in the process of rebounding from a dismal first quarter,” said Robert Dye, chief economist at Comerica Inc. in Dallas, who correctly projected the rise in the index. We’ll “see a moderate-growth economy for the remainder of this year that will allow the Fed to continue to unwind extraordinary policy.”

Fed Action

Fed policy makers yesterday trimmed monthly bond purchases by $10 billion for a fifth straight meeting, to $35 billion, keeping them on pace to end the program late this year. The policy-making Federal Open Market Committee repeated it expects the benchmark interest rate to stay low for a “considerable time” after the bond buying ends.

The U.S. economy shrank at a 1 percent annualized rate in the first quarter, the worst performance in three years, figures from the Commerce Department show. It’s projected to grow at a 3.5 percent pace this quarter and expand 3.1 percent on average over the last six months of the year, according to the median forecast of economists surveyed by Bloomberg.

To contact the reporter on this story: Lorraine Woellert in Washington at lwoellert@bloomberg.net

To contact the editor responsible for this story: Carlos Torres at ctorres2@bloomberg.net Mark Rohner

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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