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 Post subject: June 23rd Monday Trade Results - Profit $2200.00
PostPosted: Mon Jun 23, 2014 11:03 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 @ $2,200.00 dollars or +22.00 points, Emini ES ($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 @ $2,200.00 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=1822

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.

Blame Europe: Stocks Have 'Meh' Day

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

NEW YORK (CNNMoney)
The first official summer trading day on Wall Street turned out to be a treading water kind of day. Stocks were flat, and there weren't many big movers. Insert a yawn here...

The Dow Jones Industrial Average closed fewer than 10 points lower (0.06% off). The Nasdaq ended the day slightly positive and the S&P 500 dropped slightly. By "slightly," we're talking 0.01%.

Many hope this could be the week the Dow cross the 17,000 mark for the first time, but it certainly wasn't today. It's largely a psychological barrier, but it would be another point in the market's phenomenal bull run that saw the Dow close above 16,000 for the first time just seven months ago.

Here are some highlights from today's trading:

1. Worrying signs from Europe: Here's the conundrum: There's encouraging economic news in the U.S.. but discouraging news in Europe. It happened again Monday with the release of key manufacturing data in America, France, Germany and the Eurozone.

America's purchasing managers index (PMI) came in above expectations and is pointing toward growth in the sector the second half of the year. Additionally, the Federal Reserve Bank of Chicago released an index of economic activity that also pointed toward growth.

In Europe, however, things continue to slow. France, Germany and the Eurozone all saw their PMIs come in below expectations.

"At the end of the day, stock markets are driven by profit growth, and profit growth isn't following through on the economic data," said Mark Luschini, chief market strategist for Janney Capital. He said Europe's troubles are hindered U.S. equities.

2. Turmoil in the fashion industry -- Lululemon & American Apparel: American Apparel (APP) board co-chairman Allan Mayer denied takeover rumors to Reuters, saying the company is not for sale. The retailer continues to deal with the fallout from firing its former CEO Dov Charney last week. Now Charney has fired back, writing a letter to the board challenging his dismissal. The company is struggling to turn itself around. Shares finished about 2.5% lower and continue to trade for less than $1.

"So much drama around $APP," wrote StockTwits user heythere. "I'm going to wait for things to settle, but will watch closely."

Lululemon (LULU) shares have bounced today after reports that the company's founder Chip Wilson hired Goldman Sachs (GS) to help him strengthen his role at the company, where he is the largest shareholder. Lululemon shares ended the day around 2.5% higher.

3. Buying power in energy stocks: Wisconsin Energy (WEC) announced this morning that it will acquire Integrys Energy Group (TEG) for for $71 per share in order to increase its natural gas business and its footprint in the Great Lakes region. Wisconsin's stock is down more than 3%, and Integrys shares jumped over 12% to $68.35.

Tim Winters, a utility analyst for Gabelli & Co., said the deal makes sense as natural gas becomes a bigger part of the U.S. energy supply. He also said the deal would be a "mild positive" for consumers in Wisconsin Energy's service area, as they might see some savings borne out of reduced costs

4. Big deal for Micros: Computer giant Oracle purchased MICROS Systems (MCRS), one of its largest customers, for more than $5 billion. Micros specializes in providing software applications to the hospitality and retail sectors, and has worked with Oracle for more than 15 years. Oracle shares were flat, and Micros stock rose more than 3%.

5. Oh la la -- GE finally snags French prize: General Electric (GE) has finally beat out Siemens and closed the deal on French company Alstrom (ALSMY) to the tune of $17 billion, much more than its initial $13.5 billion bid. The French government had opposed the deal because it was concerned the merger would lead to job losses and a dilution of Alstom's French Brand.

GE stock is down slightly, and Alstom's French shares closed more than 4% lower.

6. Real estate picks up: The National Association of Realtors released data Monday showing that the pace of May existing home sales rose to 4.89 million a year, which is above the market's expectations for an annual rate of 4.73 million. Homebuilder stocks like Toll Brothers (TOL) and PulteGroup (PHM) finished slightly positive. Lennar (LEN) ended the day a bit lower.

The NAR said that May's uptick, at nearly 5%, was the fastest month-to-month growth since August 2011.

"Home buyers are benefiting from slower price growth due to the much-needed, rising inventory levels seen since the beginning of the year," said Lawrence Yun, the NAR's chief economist. "Moreover, sales were helped by the improving job market and the temporary but slight decline in mortgage rates."

7. BNP Paribas on verge of settlement with U.S.: The bank is on the cusp of a $9 billion settlement with the U.S. Justice Department on allegations that it did business with off-limits countries. The French bank's shares ended the day nearly flat. There are fears that the fine could hurt BNP's credit rating.

8. Oil prices: As fighting in Iraq intensifies and Israel continues launching rockets into Syria in retaliation for the killing of an Israel teen, keep an eye on oil prices. After a steady rise last week, WTI crude oil has backed away from the $107 barrier and was down almost 0.7% for the day.

Related: Rising oil prices trigger economic growth concerns

9. International Markets: Argentina's benchmark Merval index, which is pretty volatile lately, surged more than 8.5% today on news that the country may be able to reach a settlement with its holdout creditors that would avoid a default.

European stocks are largely down, with the FTSE 100 closing 0.36% down. Asian markets are also a mixed bag. Chinese stocks did well after the country's manufacturing sector showed its first expansion in six months. The Hang Seng fell 1.7%, but shares traded in Shenzen were up nearly 1.1%.

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4:10 pm: [BRIEFING.COM] The major averages started the week on a quiet note with the S&P 500 shedding less than a point. To be fair, the slight downtick was a function of some profit taking after the benchmark index registered six consecutive gains.

Equity indices started the day in the red and maintained narrow ranges throughout the session. The S&P 500 tried to regain its flat line shortly after the open, but could not do so as three influential sectors weighed. Specifically, consumer staples (-0.6%), health care (-0.3%), and industrials (-0.6%) slumped out of the gate and pressured the market throughout the session.

Most notably, the industrial sector finished the trading day at the bottom of the leaderboard due to broad weakness among transport stocks. The Dow Jones Transportation Average lost 0.5% with 17 of 20 components ending in the red. The five airline stocks that comprise a portion of the index all lost more than 1.0% apiece with Southwest Airlines (LUV 26.92, -0.37) leading the retreat. Despite today's loss, the Transportation remained higher by 7.8% for the quarter.

Elsewhere, the health care sector stumbled amid relative weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 252.91, -2.73) lost 1.1%, trimming its quarter-to-date gain to 7.0%.

Like the high-beta biotech space, chipmakers also displayed relative weakness after Advanced Micro Devices (AMD 4.01, -0.09) and NVIDIA (NVDA 18.71, -0.22) were both downgraded to 'Underperform' at Pacific Crest. The two stocks lost 2.2% and 1.2%, respectively, while the PHLX Semiconductor Index slipped 0.4%.

Meanwhile, large cap tech names held up well with the likes of Microsoft (MSFT 41.99, +0.31), Google (GOOGL 574.29, +7.77), and Oracle (ORCL 41.10, +0.28) climbing between 0.7% and 1.4%. For its part, Oracle rallied after announcing the acquisition of Micros (MCRS 67.98, +2.21) for $68/share.

Similar to the technology sector (+0.3%), five of the other six cyclical groups posted modest gains. Energy (+0.4%) outperformed throughout the session even as crude oil slid 0.6% to $106.18/bbl. The commodity-linked sector extended its June gain to 6.3%, while pushing its quarter-to-date advance to 12.9%.

The slim losses in equities encouraged participants to increase their demand for volatility protection, but the CBOE Volatility Index (VIX 10.97, +0.12), which rose 1.1%, still finished near multi-year lows.

Treasuries, meanwhile, did not indicate safe haven demand as the 10-yr note slipped four ticks, which pushed the benchmark yield higher by one basis point to 2.62%.

Participation remained on the light side with just under 560 million shares changing hands at the NYSE floor.

Economic data was limited to the Existing Home Sales report for May:

Existing home sales increased 4.9% in May to a seasonally adjusted annualized rate (SAAR) of 4.89 million from an upwardly revised 4.66 million SAAR (from 4.65 mln SAAR) in April. The Briefing.com consensus expected existing home sales to increase to 4.80 million SAAR.
Mortgage rates, which had been moving higher for most of 2014, fell sharply over the last couple of months and helped boost sales growth, but year-over-year sales are still 5.0% below May 2013 levels.
Purchases by first-time home buyers accounted for only 27% of all sales in May. That was down from 29% in April. First-time home buyers typically account for a third of home purchases during periods of normal sales trends.

Tomorrow, the Case-Shiller 20-city Index (Briefing.com consensus 11.6%) and FHFA Housing Price Index will both be released at 9:00 ET, while New Home Sales for May (consensus 440K) and June Consumer Confidence (consensus 84.0) will be released at 10:00 ET.

S&P 500 +6.2% YTD
Nasdaq Composite +4.6% YTD
Dow Jones Industrial Average +2.2% YTD
Russell 2000 +1.9% YTD

3:35 pm: [BRIEFING.COM]

Crude oil natural gas futures slid lower today and closed near session lows
Aug crude finished today's pit trading session $0.63 lower at $106.18/barrel, while July nat gas ended $0.08 to $4.45/MMBtu
Precious metals and copper basically did the opposite
After a sell off before floor trading, gold and silver climbed higher after hitting its low for the day there and finished just below its HoD
Copper began higher, held gains and closed just near its HoD
Aug gold ended $1.80 higher at $1318.40/oz, July lost $0.03 to $20.92/oz and July copper ended $0.03 higher at $3.15/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by two points with one hour remaining in the first session of the week. The benchmark index made a brief appearance in the green during the opening hour, but has been knocked into the red by the relative weakness among industrials (-0.7%), health care (-0.4%), and consumer staples (-0.7%).

Overall, today's modest retreat has resulted from some profit taking among participants after the S&P 500 posted six consecutive gains, climbing 1.4% during that span.

With stocks holding slim losses, investors have shown increased demand for volatility protection, which has sent the CBOE Volatility Index (VIX 11.10, +0.25) higher by 2.3%.

2:25 pm: [BRIEFING.COM] The S&P 500 (-0.1%) remains near its low, while the Nasdaq has returned to its flat line. The tech-heavy index has made two prior attempts at turning positive, but both tries were rebuffed rather swiftly.

Top-weighted tech names like Facebook (FB 65.50, +1.00), Google (GOOGL 571.98, +5.46), Microsoft (MSFT 41.89, +0.21), and Oracle (ORCL 41.12, +0.30) hold gains between 0.5% and 1.6%, while microchip manufacturers continue showing relative weakness. The PHLX Semiconductor Index is lower by 0.3%, which has narrowed its June advance to 5.7%.

2:00 pm: [BRIEFING.COM] Equity indices remain near their lows as the quiet afternoon continues. The S&P 500, which trades lower by 0.1%, has been trapped in a two-point range for the past two hours.

Light trading volume has been a recurring theme since the start of May and only five trading days since May 1 have generated totals above the 200-day average of 702 million. Furthermore, of the five heavy-volume sessions, two occurred on options expiration days.

In all likelihood, today's final tally will come in below average considering less than 275 million shares have changed hands at the NYSE floor so far today.

1:25 pm: [BRIEFING.COM] The stock market continues to plod along, carrying the baggage of modest losses that appear to be rooted in some general profit-taking activity as the end of the quarter approaches. The transports and the utilities bear witness to that point.

The Dow Jones Transportation Average (-0.8%) and the S&P 500 utilities sector (-0.6%) have been among the top performers in the second quarter. Entering today, the former was up 10% over the last three months while the latter had risen 14.3%.

The DJTA, however, is down today despite oil prices moving lower while the S&P Utilities sector is down today despite long-term rates coming down a bit and some M&A activity in the space [Wisconsin Energy (WEC 45.44, -1.45) is buying Integrys (TEG 68.54, +7.59) for $5.8 bln in cash and stock].

Overall, the broader market has been contained by some profit-taking interest that follows on the heels of six, straight winning sessions. With the S&P 500 up 5.1% over the last three months, a tiny 0.1% dip today doesn't exactly suggest the bulls are rushing for the exits.

12:55 pm: [BRIEFING.COM] The major averages hold modest midday losses with the S&P 500 (-0.1%) trading less than two points below its flat line. The benchmark index made a brief appearance in the green earlier this morning, but was pressured back into the red by the underperformance of consumer staples (-0.6%), health care (-0.3%), and industrials (-0.7%).

Together, the three sectors account for almost 34.0% of the entire S&P 500, which helps explain why the index remains in the red even as five of six cyclical sectors sport modest gains.

The energy sector (+0.3%) grabbed the lead at the open and it remains in that position at this time even as crude oil holds a loss of 0.8% at $106.02/bbl. Meanwhile, the other commodity-linked group-materials (+0.3%)-also displays relative strength thanks to solid gains among miners and steelmakers. The Market Vectors Steel ETF (SLX 47.62, +0.64) and Market Vectors Gold Miners ETF (GDX 26.18, +0.36) trade with gains close to 1.4% apiece.

Also of note, the top-weighted S&P 500 group-technology (+0.3%)-has recently climbed to highs. Shares of Google (GOOGL 571.72, +5.20) have given a boost to the sector, and so has Oracle (ORCL 41.09, +0.27), which announced the acquisition of Micros Systems (MCRS 67.96, +2.19) for $68/share.

Chipmakers, however, have not been able to keep up. Advanced Micro Devices (AMD 3.93, -0.17) and NVIDIA (NVDA 18.62, -0.31) hold respective losses of 3.9% and 1.6% after both names were downgraded to 'Underperform' at Pacific Crest. The broader PHLX Semiconductor Index is lower by 0.2%.

Similar to chipmakers, high-beta biotech names are among the laggards. The iShares Nasdaq Biotechnology ETF (IBB 252.85, -2.79) is lower by 1.1%, which has contributed to the underperformance of the health care sector.

Elsewhere, industrials are pinned to their lows amid weakness in transport stocks. The Dow Jones Transportation Average holds a loss of 0.7% with airlines leading the retreat. United Continental (UAL 42.54, -1.12) is the weakest performer, down 2.6%.

Treasuries have held inside narrow ranges and the 10-yr note remains higher by two ticks with its yield down one basis point at 2.60%.

Economic data was limited to the Existing Home Sales report for May:

Existing home sales increased 4.9% in May to a seasonally adjusted annualized rate (SAAR) of 4.89 million from an upwardly revised 4.66 million SAAR (from 4.65 mln SAAR) in April. The Briefing.com consensus expected existing home sales to increase to 4.80 million SAAR.
Mortgage rates, which had been moving higher for most of 2014, fell sharply over the last couple of months and helped boost sales growth, but year-over-year sales are still 5.0% below May 2013 levels.
Purchases by first-time home buyers accounted for only 27% of all sales in May. That was down from 29% in April. First-time home buyers typically account for a third of home purchases during periods of normal sales trends.

12:30 pm: [BRIEFING.COM] Equities have inched up from their recent levels, but the S&P 500 (-0.1%) remains below its flat line as relative weakness among the four countercyclical sectors combined with the underperformance of industrials (-0.7%) keeps the market on the defensive.

Industrials notwithstanding, the remaining five cyclical sectors trade higher across the board. The energy sector (+0.3%) has held a modest gain since the open and the materials (+0.2%) sector has recently joined the other commodity-related group in the lead. Steelmakers and miners have contributed to the relative strength as Market Vectors Steel ETF (SLX 47.62, +0.64) and Market Vectors Gold Miners ETF (GDX 26.18, +0.36) trade with gains close to 1.4% apiece.

11:55 am: [BRIEFING.COM] The S&P 500 (-0.2%) has dropped to a fresh low following another downtick in the health care (-0.3%) and industrial (-0.7%) sectors. The two groups have displayed relative weakness since the start and their continued underperformance has prevented the broader market from rallying alongside sectors like energy (+0.2%) and financials (+0.1%).

Transports have done their part in keeping the industrial sector on the defensive. The Dow Jones Transportation Average is lower by 0.7% with 19 of its 20 components showing losses. Airlines in particular are showing relative weakness with United Continental (UAL 42.35, -1.31) and Delta Air Lines (DAL 38.73, -0.84) down 3.0% and 2.2%, respectively.

11:25 am: [BRIEFING.COM] Equity indices continue holding modest losses with the S&P 500 trading lower by 0.1%. Five sectors trade in the red, while energy (+0.4%) remains in the lead even as crude oil holds a loss of 0.5% at $106.25/bbl. Meanwhile, the utilities sector, which was tied for the lead in the early going, has slumped to lows. The rate-sensitive group is now lower by 0.4%.

Similar to the utilities space, other countercyclical sectors like health care (-0.3%), consumer staples (-0.5%), and telecom services (-0.2%) trail the broader market.

Also of note, a handful of cyclical sectors have climbed off their lows, which has the potential to provide the overall market with a boost. Consumer discretionary, financials, materials, and technology all hover north of their respective flat lines.

10:55 am: [BRIEFING.COM] The S&P 500 hovers less than three points below its flat line, while the Dow Jones Industrial Average (-0.2%) underperforms.

The blue chip index has had some difficulty keeping pace with the broader S&P 500 as 22 of its 30 components hold losses. Industrial names are responsible for a portion of the weakness as Boeing (BA 131.20, -0.90), Caterpillar (CAT 108.71, -0.67), and General Electric (GE 26.69, -0.28) hold losses between 0.6% and 1.1%. Fittingly, the industrial sector (-0.5%) is the weakest performing group at this time.

Transport stocks, meanwhile, weigh on the sector. The Dow Jones Transportation Average is lower by 0.7% today, but remains up 0.5% since the end of May.

10:30 am: [BRIEFING.COM]

Commodities are mostly lower this morning, while the dollar index is about flat
Energy commodities are all lower this morning, including Brent crude oil, WTI crude oil, natural gas, RBOB and heating oil futures
Natural gas was flat overnight, but sold off this morning and hit a new LoD in recent trade. July nat gas is now -1.1% at $4.48/MMBtu
WTI crude oil has been sliding lower since the overnight session and is now -0.45 at $106.40/barrel
Gold and silver sold off in early morning trade and hit lows for the day more than an hour before floor trade opened
Aug gold is now -0.02% at $1316.30/oz, July silver is -0.3% at $20.89/oz.
Copper futures have been almost 1% today, steadily holding those gains all day so far. July copper is now +1% a $3.15/lb

10:00 am: [BRIEFING.COM] The S&P 500 hovers right at its flat line after erasing its opening loss.

Just reported, May existing home sales hit an annualized rate of 4.89 million units, while the Briefing.com consensus expected a reading of 4.80 million. The pace for May was up from the prior month's revised rate of 4.66 million units (from 4.65 million).

9:40 am: [BRIEFING.COM] As expected, the major averages began the session near their flat lines. Through the initial minutes of action, the S&P 500 trades lower by 0.1% with eight sectors showing losses.

However, of the eight declining sectors, only two-consumer discretionary and telecom services-hold losses larger than 0.2%. The two sectors are both down near 0.3%.

On the upside, energy (+0.3%) and utilities (+0.3%) have taken the lead after pacing last week's advance. Including their early gains, the two sectors hold respective month-to-date gains of 6.2% and 2.6%.

The Existing Home Sales report (Briefing.com consensus 4.80 million) will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: flat. The stock market is on track for a quiet start to the week as futures on the S&P 500 trade less than a point below fair value. Index futures held modest gains in overnight action, but slipped to lows shortly after Asian markets closed for the day. Interestingly, China's Shanghai Composite (-0.1%) could not stay out of the red even as the latest HSBC Manufacturing PMI (50.8 versus expected 49.7) returned to expansion (above 50).

Market participants also received PMI readings from the eurozone, but those were a disappointment across the board. Germany and France reported below-consensus Manufacturing and Services readings, which resulted in the eurozone Manufacturing PMI slipping to 51.9 from 52.2 (expected 52.2), and Services PMI declining to 52.8 from 53.2 (forecast 53.3).

Domestically, investors did not receive any data ahead of the opening bell, but the Existing Home Sales report (Briefing.com consensus 4.80 million) for May will be released at 10:00 ET.

Treasuries hold slim gains to start the week with the 10-yr yield off one basis point at 2.60%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -2.30. The S&P 500 futures trade one point below fair value.

Asian markets ended on a mixed note.

In economic data:
China's HSBC Flash Manufacturing PMI jumped to 50.8 from 49.4 (expected 49.7), reclaiming the expansion line while printing at an eight-month high
Singapore's inflation rate climbed to 2.7% from 2.5%

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Japan's Nikkei added 0.1%, rallying to a five-month high. Names with large exposure to China led as Hitachi Construction added 2.5% and Komatsu rose 1.1%.
Hong Kong's Hang Seng lost 1.7%, seeing its biggest drop in more than three months as trade tumbled off its best levels of 2014. Property shares were hit hard with Sino Land giving up 3.9%.
China's Shanghai Composite slipped 0.1% as the continued wave of new issues weighed. Infrastructure names were hit hard with Daqin Railway giving up more than 1.0%.

Major European indices hover just below their flat lines, while Italy's MIB (-0.8%) lags. Ukraine's government formally declared a ceasefire in the east, which is expected to remain in effect through Friday.

Economic data was limited:
Eurozone Manufacturing PMI slipped to 51.9 from 52.2 (expected 52.2), while Services PMI fell to 52.8 from 53.2 (consensus 53.3)
Germany's Manufacturing PMI ticked up to 52.4 from 52.3 (expected 52.5), while Services PMI declined to 54.8 from 56.0 (consensus 55.7)
French Manufacturing PMI fell to 47.8 from 49.6 (expected 49.5), while Services PMI slipped to 48.2 from 49.1 (consensus 49.4)

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Great Britain's FTSE is lower by 0.3%. Homebuilders Barratt Developments and Persimmon underperform with respective losses of 3.1% and 2.0%. ARM Holdings is the top performer, up 2.5%.
In France, the CAC trades down 0.3%. Alstom is lower by 2.7% following news that the company's sale of its energy assets to General Electric will be allowed to take place.
Germany's DAX holds a loss of 0.3% as 22 of its 30 components display losses. Adidas, Commerzbank, and Merck are down between 1.0% and 1.9%, while utilities outperform. E.ON and RWE are both up near 1.3%.
Italy's MIB is down 0.8% amid weakness in financials. Banca Popolare dell'Emilia Romagna is lower by 11.3% as it begins raising additional capital.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: -0.80. Nasdaq futures vs fair value: -2.30. U.S. equity futures remain little changed, while their European counterparts continue holding modest losses. The trading week is on track for a relatively quiet start with no market-moving news impacting sentiment. However, there has been some M&A activity in the technology sector. Specifically, Micros Systems (MCRS 67.20, +1.43) has agreed to be acquired by Oracle (ORCL 41.05, +0.23) for $68/share, representing a 3.4% premium to Friday's closing price.

Elsewhere among tech stocks, chipmakers are likely to face some pressure after Pacific Crest downgraded Advanced Micro Devices (AMD 4.07, -0.03) and NVIDIA (NVDA 18.64, -0.29) to 'Underperform' from 'Sector Perform.'

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -2.50. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover one point below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.1%, China's Shanghai Composite -0.1%, and Hong Kong's Hang Seng -1.7%.
In economic data:
China's HSBC Manufacturing PMI rose to 50.8 from 49.4 (expected 49.7)
Japan's Manufacturing PMI improved to 51.1 from 49.9
Hong Kong's CPI rose 3.7% year-over-year (expected 3.9%, previous 3.7%)
New Zealand's Visitor Arrivals increased 0.3% (prior 1.7%)
Singapore's CPI rose 2.7% year-over-year (expected 2.6%, previous 2.5%)
In news:
The improvement in China's HSBC Manufacturing PMI gave a boost to copper and the Australian dollar. Copper futures are higher by 0.8% at $3.145/lb, while the Aussie trades higher by about 50 pips versus the dollar at 0.9440.

Major European indices hover just below their flat lines. Germany's DAX -0.2%, Great Britain's FTSE -0.2%, and France's CAC -0.2%. Elsewhere, Italy's MIB -1.0% and Spain's IBEX -0.1%.
Economic data was limited:
Eurozone Manufacturing PMI slipped to 51.9 from 52.2 (expected 52.2), while Services PMI fell to 52.8 from 53.2 (consensus 53.3)
Germany's Manufacturing PMI ticked up to 52.4 from 52.3 (expected 52.5), while Services PMI declined to 54.8 from 56.0 (consensus 55.7)
French Manufacturing PMI fell to 47.8 from 49.6 (expected 49.5), while Services PMI slipped to 48.2 from 49.1 (consensus 49.4)
Among news of note:
Ukraine formally declared a ceasefire in the eastern part of the country. The ceasefire is expected to remain in effect through Friday.
Italy's MIB lags amid weakness in financials. Banca Popolare dell'Emilia Romagna is lower by 11.9% as the bank begins raising additional capital.

In U.S. corporate news:

Advanced Micro Devices (AMD 4.02, -0.08): -2.0% after Pacific Crest downgraded the stock to 'Underperform' from 'Sector Perform.'
Cubist Pharmaceuticals (CBST 75.50, +3.26): +4.5% after the company's skin infection treatment was approved by the FDA.
Ixia (XXIA 11.22, -0.65): -5.5% after missing earnings estimates and guiding Q1 revenue below analyst expectations.
NVIDIA (NVDA 18.60, -0.33): -1.7% following a Pacific Crest downgrade to 'Underperform' from 'Sector Perform.'

The Existing Home Sales report (Briefing.com consensus 4.80 million) will be released at 10:00 ET.

6:55 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -4.00.

6:55 am: [BRIEFING.COM] Nikkei...15369.28...+19.90...+0.10%. Hang Seng...22804.81...-389.30...-1.70%.

6:55 am: [BRIEFING.COM] FTSE...6809.02...-16.60...-0.20%. DAX...9949.87...-37.40...-0.40%.

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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