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Forum for price action traders that want to learn WRB Analysis basic tutorial chapters 1, 2 and 3 prior to purchasing our advance trade methods. Hashtags: #priceaction #trading
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 Post subject: June 20th Friday Trade Results - Profit $680.00
PostPosted: Fri Jun 20, 2014 7:07 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 3706
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 @ $680.00 dollars or +6.80 points, Emini ES ($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 @ $680.00 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=1821

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.

High-Five Week For Stocks

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

NEW YORK (CNNMoney)
It's a high-five kind of week for investors.

The S&P 500 and the Dow Jones Industrial Average both closed at record highs Friday. The Dow made it to 16,947.08 and the S&P 500 hit 1,962.87.

The Nasdaq finished a hair higher than yesterday. Don't look for records there any time soon: it's about 13% off its 2000 peak.

All three of the major indexes closed the week with 1% or greater gains.

Here are some highlights from the day's trading:

1. BlackBerry jumps, Oracle slumps: Oracle (ORCL, Tech30) disappointed Wall Street on both sales and earnings, and now it's getting punished. Its stock fell 4%.The culprit, revealed in the quarterly filing, is new software licenses, which showed no growth (falling way short of the 20% growth that analysts had been expecting).

However, Things are looking up for smartphone pioneer BlackBerry. (BBRY, Tech30) On Wednesday it announced a new partnership with Amazon (AMZN, Tech30)for its app store. It reported Thursday that it actually made money last quarter as analysts were expecting a loss, and it announced a couple of new devices on its earnings call yesterday. A "phablet" called the Passport and a BlackBerry "Classic" are on the way later this year.

BlackBerry shares closed up just under 8% higher.

2. CarMax revs up, Coach out of fashion: CarMax (KMX) is having a great morning after reporting stronger sales. The company said it had growth in every area of the company except warranties. It also said that it was continuing to test the waters of subprime auto lending after its financing division reported 9% income growth. The stock finished up more than 16%. AutoNation (AN), another nationwide used car dealership chain, closed more than 5% higher.

Coach (COH) fell nearly 3% after the company disclosed during its annual Investor Day that it was going to close 70 stores worldwide at a cost of as much as $300 million. For context, the company said it made $1 billion last year.

Related: Coach to close 70 stores. Stock tumbles.

3. Summer slump for Olive Garden and Smith & Wesson: Darden Restaurants (DRI) reported poor earnings and gave another glimpse into why shareholders were so mad it didn't shove Olive Garden out the door when it dumped Red Lobster earlier this year.

Darden also owns Longhorn Steakhouse and smaller chains like Bahama Breeze and Capitol Grille. These restaurants reported decent sales growth. But Olive Garden, which still represents the biggest component of Darden's revenue, continues to struggle. Red Lobster is also deflating.

The stock dipped almost 4% Friday. The extra bread sticks and salad aren't cutting it.

Then there's gun maker Smith & Wesson (SWHC). Talk about a misfire: Earnings were good but sales are falling. After a fear-driven boost in gun sales, things are getting back to normal and Americans are buying fewer guns. Thus, shares are down over 8.5%.

4. Starbucks stung by higher coffee prices: The big coffee retailer announced today that it would be raising prices on pre-packaged goods and certain drink orders. Starbucks shares had a muted response, down less than a percentage point.

Starbucks (SBUX) isn't the first company this month to raise prices this year. J.M. Smucker (SMUCK), which produces Folgers and Dunkin Donuts coffee, said a few weeks ago it would charge 9% more.

A Brazilian drought has put huge upward pressure on America's coffee. Contracts for the crop traded at the New York Mercantile Exchange are up 58% for the year.

Related: Which Starbucks products are getting hit by price hikes?

5. The Land of Saints and Tax Shelters: AbbVie is trying to take a trip to Ireland and the U.K. this summer -- mostly to get away from U.S. taxes. But Ireland-based Shire (SHPG) has rejected AbbVie's unsolicited $46 billion bid for two reasons: It thinks it's undervalued and it it sees too many risks with AbbVie (ABBV) looking to move its tax base to the U.K. Shire shares are up 17%, and AbbVie stock is was slightly lower.

6. Icahn raises stakes in Family Dollar fight: Activist hedge fund investor Carl Icahn wrote a letter to the CEO of Family Dollar (FDO) calling for the company to sell itself immediately, saying that the dollar store industry will inevitably start shrinking. He's also demanding to nominate three members for the company's board of directors. Investors may have seen this coming, though. The stock is up about 1% for the day.

7. Oil and gold: Worry about the situations in Iraq and Russia have investors -- and the world -- keeping an eye on oil and gold prices. Crude oil was up slightly Friday, but fell short of the $107 level that set off alarm bells earlier in the week.

Gold had an incredible jump Thursday and finished well over $1,300. It ended the week at $1,315 an ounce.

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4:15 pm: [BRIEFING.COM] The major averages posted modest Friday gains to punctuate an upbeat week that saw relative strength among small-cap stocks. Fittingly, the Russell 2000 (+0.3%) settled just ahead of the S&P 500 (+0.2%). The two indices extended their weekly gains to 2.2% and 1.6%, respectively.

The S&P 500 spent the entire session in the green, but was limited to a four-point range as top-weighted sectors traded in mixed fashion. The modest gains were supported by the relative strength among groups like energy (+1.0%), health care (+0.8%), industrials (+0.4%), and financials (+0.3%), but the underperformance of consumer discretionary (-0.4%), technology (-0.3%), and consumer staples (-0.4%) kept the index from pulling too far away from its flat line.

The energy sector seized the lead shortly after the open and held that spot into the close. The group locked in a 2.7% gain for the week, which was driven in part by oil supply concerns following the escalation of sectarian tensions in Iraq. For its part, crude oil rose 0.7% to $106.81/bbl.

Commodities in general enjoyed a strong week with gold and silver futures adding to yesterday's big gains. Gold futures added $2.30 to $1316.60/ozt, bringing their total weekly advance to 3.3%. Silver, meanwhile, tacked on another 1.1% today to settle at $20.95/ozt, which represented a 6.6% gain for the week. Interestingly, miners were not boosted by the strength in metals as the Market Vectors Gold Miners ETF (GDX 25.82, -0.27) fell 1.0%.

Elsewhere, the health care sector made a noteworthy contribution to the advance with biotechnology powering the move. The iShares Nasdaq Biotechnology ETF (IBB 255.64, +5.08) rose 2.0%, extending its June gain to 6.7%.

On the flip side, the top-weighted sector-technology-kept the lid on the market as Oracle (ORCL 40.82, -1.69) weighed. The stock fell 4.0% after missing earnings and revenue estimates. High-beta chipmakers lagged for the better part of the session, but climbed into the close (PHLX Semiconductor Index +0.2%).

Also of note, the consumer discretionary space was pressured by quick-service restaurants following disappointing quarterly results from Darden Restaurants (DRI 47.58, -1.94).

The modest gains in the market did not stop some participants from demanding volatility protection as the CBOE Volatility Index (VIX 10.67, +0.05) rose 0.5% after marking a new low for the year.

On the fixed income side, the 10-yr note edged up one tick with its yield ending at 2.62%.

Participation was well above average, but that was a function of today's quadruple witching and S&P rebalancing. As a result, more than 1.7 billion shares changed hands at the NYSE floor.

On Monday, the Existing Home Sales report 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 +2.1% YTD

3:30 pm: [BRIEFING.COM]

Aug gold dipped to a session low of $1310.50 per ounce moments before equity markets opened but recovered into positive territory later in morning action. It rose as high as $1320.50 per ounce and settled 0.2% higher at $1316.60 per ounce, booking a gain of 3.3% for the week.
July silver traded in positive territory, climbing to a session high of $20.99 per ounce in morning action. It settled 1.4% higher at $20.95 per ounce, bringing gains for the week to a solid 6.6%.
Aug crude oil also spent its entire floor session in the black, advancing as high as $107.00 per barrel. It closed at $106.81 per barrel, or 0.7% higher, booking a weekly gain of 0.7%.
July natural gas fell for a third consecutive session. It traded as low as $4.52 per MMBtu and settled with a 1.1% loss at $4.53 per MMBtu. Today's decline brought losses for the week to 4.4%.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.1% with one hour remaining in the session. The benchmark index is on track to lock in a 1.3% gain for the week, which will extend its quarter-to-date advance to 4.8%.

With regard to individual sectors, the utilities space (-0.5%) is the weakest group of the day, but is still trading ahead of the remaining nine sectors for the week. The rate-sensitive group is higher by 3.1% since last Friday, while the second-best sector of the week-energy-has added 2.7% over the course of the week.

All ten sectors are on track to post weekly gains, but the top-weighted group-technology-has been limited to a slim uptick of 0.3%.

2:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.2%) inch up off its afternoon low, but in general, the index remains inside a narrow range.

This week was relatively quiet in terms of economic data with the Wednesday policy announcement from the FOMC taking center stage. Next week, however, will include several noteworthy releases.

On Monday, the Existing Home Sales report for May will cross the wires at 10:00 ET, while Tuesday will feature the May New Home Sales report. Also on Tuesday, the June Consumer Confidence reading will be reported at 10:00 ET, while Wednesday will be headlined by the final estimate of Q1 GDP.

Moving on, Thursday will include the weekly Initial Claims report as well as income and spending data for May.

The busy week of economic data will be punctuated by the final look at the Michigan Sentiment survey for June.

2:00 pm: [BRIEFING.COM] The S&P 500 (+0.1%) has spent the better part of the past three hours in a slow retreat from its session high in the 1963 area. Even though the index has been inching lower for a considerable amount of time, the energy sector (+0.9%) has not surrendered its lead.

Similarly, the health care sector (+0.8%) remains just below its best level of the day amid continued strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 254.76, +4.20) is higher by 1.7%, which has extended its June gain to 6.3%.

1:30 pm: [BRIEFING.COM] There are weekend warriors and there are weekend worriers. In terms of the stock market, it's about the time that some weekend worrying kicks in, particularly with the unsettling state of things in Iraq.

Today's talk revolves around the specter of a possible holy war brewing in the region. That chatter has been an underpinning factor for crude prices, which are up 0.9% at $107.38/bbl. Not surprisingly, the energy sector (+0.8%) has responded in kind and is leading today's modest gains in the stock market.

It is worth noting, too, that the 10-yr note has battled back from earlier losses and is now up one tick for the day. That move could be a function of some safe-haven positioning going into the weekend.

1:00 pm: [BRIEFING.COM] The major averages hold slim midday gains. The S&P 500 is higher by 0.1% with six sectors showing gains, while the Nasdaq Composite (+0.03%) underperforms due to the relative weakness of the technology sector (-0.4%).

Stocks began the session on an upbeat note amid relative strength in some of the top-weighted sectors. At this juncture, financials (+0.2%), energy (+0.9%), and health care (+0.8%) all trade ahead of the broader market, while consumer discretionary (-0.4%) and technology (-0.4%) hover in the red.

The three outperforming sectors represent nearly 40.0% of the entire market, while the two influential laggards account for 31.3% of the entire S&P 500.

Today's leading sector-energy-has held the lead since the opening bell. The sector has extended its June gain to 5.8%, solidifying its position ahead of the remaining sectors. Crude oil, meanwhile, is higher by 0.7% at $106.76/bbl.

Staying on the commodity theme, precious metals enjoyed a big rally yesterday, which was attributed to growing inflation concerns. Today, however, gold futures are little changed at $1314.80/ozt, while silver has continued its run (+1.3% at $20.93/ozt).

Elsewhere, the largest S&P 500 sector-technology-has been pressured by shares of Oracle (ORCL 40.63, -1.88), which trade lower by 4.4% after the company missed earnings and revenue estimates. Oracle notwithstanding, the sector has also had to deal with relative weakness among chipmakers. The PHLX Semiconductor Index is lower by 0.1%.

Even though the S&P 500 continues holding a narrow gain, participants have shown increased demand for volatility protection. As a result, the CBOE Volatility Index (VIX 10.82, +0.20) is higher by 1.9% after marking a fresh four-year low earlier.

On the fixed income side, Treasuries are flat with the 10-yr yield at 2.62%.

12:30 pm: [BRIEFING.COM] Equity indices remain inside narrow ranges, but they have retreated from their recent levels. The Russell 2000 is now back at its flat line as high-beta stocks continue trading in mixed fashion. Chipmakers are showing relative weakness with the PHLX Semiconductor Index (-0.1%) trading on its low, while biotech stocks are near their best levels of the session. The iShares Nasdaq Biotechnology ETF (IBB 254.40, +3.84) trades up 1.5%.

Also of note, the market has seen an increase in demand for volatility protection over the past hour. The CBOE Volatility Index (VIX 10.74, +0.12) is now higher by 1.0% after notching a fresh year-to-date low earlier in the session.

12:00 pm: [BRIEFING.COM] The S&P 500 (+0.2%) hovers near its best level of the session as the bullish bias, which has been present throughout the week, remains intact. Including today's modest gain, the S&P 500 is now higher by 1.4% this week, and up 2.1% so far in June.

The benchmark index is on pace to end the week ahead of most other indices, except for the Russell 2000 and S&P Mid Cap 400. The Russell 2000 is higher by 2.0% since last Friday, while the S&P Mid Cap 400 holds a week-to-date gain of 1.6%, reflecting increased risk tolerance among participants.

Elsewhere, Treasuries have reclaimed all of their losses after notching session lows shortly before the start of the trading day. The 10-yr note is now lower by just one tick with its yield little changed at 2.62%.

11:30 am: [BRIEFING.COM] Recent action saw the small-cap Russell 2000 (+0.2%) rejoin the S&P 500 (+0.2%) in the green. The benchmark index, meanwhile, has been able to push to a fresh session high, which has extended its week-to-date gain to 1.4%.

Sector standing hasn't changed much as all ten groups inched up from their previous levels along with the broader market, which leaves energy (+0.8%) and health care (+0.8%) in the lead. The heavily-weighted financial sector (+0.4%) also trades ahead of the broader market, but consumer discretionary (-0.3%) and technology (-0.3%) remain in the red. The two cyclical sectors deserve close attention into the afternoon since they account for more than 30.0% of the entire market.

On a separate note, participants remain reluctant to show demand for near-term volatility protection as the CBOE Volatility Index (VIX 10.47, -0.15) sits near its lowest level since early 2007.

10:55 am: [BRIEFING.COM] The major averages remain near their flat lines after attempting a rally that was stifled by the underperformance of consumer discretionary (-0.3%) and technology (-0.4%) sectors.

The S&P 500, which notched a session high near 1963 during the past hour, holds a slim advance of 0.1%, while small caps trail with the Russell 2000 (-0.1%) sitting just below its flat line.

Interestingly, the relative weakness of the Russell has not served as a reflection of the performance of all high-growth areas. Chipmakers trade mixed with the PHLX Semiconductor Index off 0.1%, while biotechnology outperforms. The iShares Nasdaq Biotechnology ETF (IBB 253.29, +2.73) is higher by 1.1%, which has contributed to the relative strength of the health care sector (+0.6%).

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning, while the dollar index is trading modestly higher
Crude oil rallied this morning and rose as high as $106.64/barrel. Aug crude is just under its HoD, now +0.5% at $106.57/barrel
Gold, silver and copper all rallied this morning, hitting new high for the day. All three remain near the HoD
Aug gold is now +0.4% at $1319.30/oz, July silver is +1.4% at $20.94/oz, July copper is +1.4% at $3.12/lb.
Natural gas, on the other hand, began to sell off just after 7am EST and just hit a new LoD. July nat gas is now -0.9% at $4.54/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 (+0.2%) has built on its opening gain, while the Russell 2000 has returned to its flat line. Sector standing remains little changed from our opening update, but the consumer discretionary sector (-0.1%) has dipped into the red amid weakness in quick-service restaurant stocks after Darden Restaurants (DRI 47.62, -1.90) missed earnings estimates.

On the upside, the energy sector (+0.5%) trades ahead of the remaining groups, while crude oil (+0.5% at $106.53/bbl) sports a comparable advance.

9:45 am: [BRIEFING.COM] As expected, the major averages began the session on a slightly higher note. The S&P 500 trades up 0.1% with seven sectors showing gains. Five of six cyclical groups sport gains between 0.1% and 0.3%, while technology (-0.2%) lags amid weakness in the shares of Oracle (ORCL 40.66, -1.85). The stock trades lower by 4.4% in reaction to disappointing earnings and revenue.

Meanwhile, the four countercyclical groups are mixed as health care (+0.3%) and telecom services (+0.3%) outperform, while consumer staples (-0.2%) and utilities (unch) lag.

Volatility measures have been getting crushed as of late and that trend has remained intact with the CBOE Volatility Index (VIX 10.59, -0.03) notching a new low for the year.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +1.00. The stock market is on track for an upbeat start to the Friday session as futures on the S&P 500 hover four points above fair value. Index futures spent a portion of the night in the red, but climbed into positive territory shortly after the start of the European session.

Market participants have not received any economic data this morning and company-specific news has also been limited. Notably, Oracle (ORCL 40.25, -2.26), which holds a pre-market loss of 5.4%, is expected to pressure the technology sector following its disappointing quarterly report. Elsewhere, Darden Restaurants (DRI 47.20, -2.32) is lower by 4.7% after it too missed earnings estimates.

On the flip side, CarMax (KMX 52.68, +7.40) trades up 16.3% after beating earnings and revenue estimates.

Treasuries will begin the day near their lows with the 10-yr yield up four basis points at 2.66%.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +2.70. Nasdaq futures vs fair value: +0.50. The S&P 500 futures trade three points above fair value.

The major Asian bourses ended mostly lower. Bank of Japan Governor Haruhiko Kuroda spoke overnight in Tokyo, reiterating his belief the Japanese economy continues to recover. Also of note, the Bank of Japan is now the largest holder of Japanese Government Bonds.

Japan's Nikkei shed 0.1%, slipping off its best level in almost five months. The flattish session saw Toyota Motor gain 0.4% and Canon dip 0.2%.
Hong Kong's Hang Seng added 0.1%, holding near its best levels of 2014. Casino stocks were among the leaders as Sands China and Galaxy Entertainment rallied 2.3% and 1.8%, respectively.
China's Shanghai Composite climbed 0.2%, gaining for the first time in four days. Property stocks recovered some of their recent losses with China Vanke jumping 1.8%.

Major European indices trade near their flat lines, while Italy's MIB (-0.6%) lags. In news of note, Russia's Prime Minister Dmitry Medvedev said his country will challenge some of the sanctions imposed by the U.S. at the World Trade Organization

Economic data was scarce:
Eurozone current account surplus rose to EUR21.50 billion from EUR19.60 billion (expected surplus of EUR19.00 billion)
Germany's PPI slipped 0.2% month-over-month (expected 0.2%, previous -0.1%), while the year-over-year reading fell 0.8% (consensus -0.7%, prior -0.9%)
Great Britain's Public Sector Net Borrowing increased to GBP11.48 billion from GBP9.00 billion (expected GBP12.00 billion)
Italy's Industrial New Orders rose 3.8% month-over-month (expected 2.3%, prior 1.4%), while Industrial Sales slipped 0.2% (prior 0.4%)

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In France, the CAC is lower by 0.1%. Financials lag with BNP Paribas, Credit Agricole, and Societe Generale down between 1.0% and 1.8%. Alstom is the leading index component, trading higher by 1.0%.
Germany's DAX trades higher by 0.3%. Health care names are showing strength with Henkel AG and Merck both up near 1.0%. Meanwhile, bank shares are among the laggards. Commerzbank and Deutsche Bank are lower by 3.5% and 3.1%, respectively.
Great Britain's FTSE trades up 0.2%. Shire has jumped 14.9% after rejecting a $46.50 billion takeover bid.
Italy's MIB holds a loss of 0.6%. Banco Popolare, BMPS, and Unicredit are down between 2.0% and 4.1%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: flat. U.S. equity futures have climbed to new highs, suggesting today's session will start just above yesterday's closing levels. The S&P 500 will enter the trading day with a week-to-date gain of 1.2%, which puts it ahead of the Dow and Nasdaq, but behind the Russell 2000. The Dow and Nasdaq hold respective weekly gains of 0.9% and 1.1%, while the Russell 2000 is higher by 1.8% since last Friday.

Today's session is expected to take place amid heavier than usual volume due to quadruple witching, which means index futures, index options, single-stock options, and single-stock futures will expire.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: -1.50. U.S. equity futures trade little changed amid quiet action overseas. The S&P 500 futures trade less than a point below fair value.

Reviewing overnight developments:

Asian markets ended on a mixed note. Japan's Nikkei -0.1%, Hong Kong's Hang Seng +0.1%, and China's Shanghai Composite +0.2%.
Participants did not receive any noteworthy economic data.
In news:
China's property market remained in focus with a People's Bank of China official saying a correction in the market is "necessary" and "reasonable."

Major European indices trade near their flat lines. France's CAC -0.1%, Germany's DAX +0.2%, and Great Britain's FTSE +0.2%. Elsewhere, Italy's MIB -0.6% and Spain's IBEX -0.3%.
Economic data was scarce:
Eurozone current account surplus rose to EUR21.50 billion from EUR19.60 billion (expected surplus of EUR19.00 billion)
Germany's PPI slipped 0.2% month-over-month (expected 0.2%, previous -0.1%), while the year-over-year reading fell 0.8% (consensus -0.7%, prior -0.9%)
Great Britain's Public Sector Net Borrowing increased to GBP11.48 billion from GBP9.00 billion (expected GBP12.00 billion)
Italy's Industrial New Orders rose 3.8% month-over-month (expected 2.3%, prior 1.4%), while Industrial Sales slipped 0.2% (prior 0.4%)
Among news of note:
Russia's Prime Minister Dmitry Medvedev said his country will challenge some of the sanctions imposed by the U.S. at the World Trade Organization

In U.S. corporate news:

CarMax (KMX 48.10, +2.82): +6.2% following its better than expected results.
Kindred Healthcare (KND 23.95, -0.37): -1.5% after pricing a nine-million share offering at $23.75/share.
Oracle (ORCL 40.05, -2.46): -5.8% after missing earnings and revenue estimates.

There is no economic data on today's schedule.

6:34 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: -0.50.

6:34 am: [BRIEFING.COM] Nikkei...15349.42...-11.70...-0.10%. Hang Seng...23194.06...+26.30...+0.10%.

6:34 am: [BRIEFING.COM] FTSE...6828.69...+20.30...+0.30%. DAX...10031.71...+28.30...+0.30%.

Weekly Wrap

Dow +25.62 at 16947.08, Nasdaq +8.71 at 4368.04, S&P +3.39 at 1962.87

The major averages posted modest Friday gains to punctuate an upbeat week that saw relative strength among small-cap stocks. Fittingly, the Russell 2000 (+0.3%) settled just ahead of the S&P 500 (+0.2%). The two indices extended their weekly gains to 2.2% and 1.6%, respectively.

The S&P 500 spent the entire session in the green, but was limited to a four-point range as top-weighted sectors traded in mixed fashion. The modest gains were supported by the relative strength among groups like energy (+1.0%), health care (+0.8%), industrials (+0.4%), and financials (+0.3%), but the underperformance of consumer discretionary (-0.4%), technology (-0.3%), and consumer staples (-0.4%) kept the index from pulling too far away from its flat line.

The energy sector seized the lead shortly after the open and held that spot into the close. The group locked in a 2.7% gain for the week, which was driven in part by oil supply concerns following the escalation of sectarian tensions in Iraq. For its part, crude oil rose 0.7% to $106.81/bbl.

Commodities in general enjoyed a strong week with gold and silver futures adding to yesterday's big gains. Gold futures added $2.30 to $1316.60/ozt, bringing their total weekly advance to 3.3%. Silver, meanwhile, tacked on another 1.1% today to settle at $20.95/ozt, which represented a 6.6% gain for the week. Interestingly, miners were not boosted by the strength in metals as the Market Vectors Gold Miners ETF (GDX 25.82, -0.27) fell 1.0%.

Elsewhere, the health care sector made a noteworthy contribution to the advance with biotechnology powering the move. The iShares Nasdaq Biotechnology ETF (IBB 255.64, +5.08) rose 2.0%, extending its June gain to 6.7%.

On the flip side, the top-weighted sector-technology-kept the lid on the market as Oracle (ORCL 40.82, -1.69) weighed. The stock fell 4.0% after missing earnings and revenue estimates. High-beta chipmakers lagged for the better part of the session, but climbed into the close (PHLX Semiconductor Index +0.2%).

Also of note, the consumer discretionary space was pressured by quick-service restaurants following disappointing quarterly results from Darden Restaurants (DRI 47.58, -1.94).

The modest gains in the market did not stop some participants from demanding volatility protection as the CBOE Volatility Index (VIX 10.67, +0.05) rose 0.5% after marking a new low for the year.

On the fixed income side, the 10-yr note edged up one tick with its yield ending at 2.62%.

Participation was well above average, but that was a function of today's quadruple witching and S&P rebalancing. As a result, more than 1.7 billion shares changed hands at the NYSE floor.

On Monday, the Existing Home Sales report will be released at 10:00 ET.

Week in Review: The Beat Goes On

Equity indices pretty much ran in circles on Monday, having closed the session close to where they began. The indecisive nature was attributed to some worrisome-sounding headlines on the geopolitical front, yet the market action suggested it may have been owed more to a case of wait-and-see in front of Wednesday's FOMC meeting. Oil prices were little changed despite the news that the militant group, Islamic State of Iraq and Syria, took over yet another city in northern Iraq. The 10-yr note, gold prices, and the US Dollar Index, meanwhile, were also little changed, signaling that there wasn't a flight to safety on those headlines or the news that Russia cut off its gas supply to Ukraine after the two countries failed to agree on pricing.

The stock market ended the Tuesday session on a modestly higher note with participants gearing up for the latest policy directive from the FOMC. 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) and Morgan Stanley (MS) posted respective gains of 2.0% and 2.5%, while the entire sector extended its June advance to 1.9%.

The major averages posted modest gains on Wednesday after the Federal Open Market Committee announced another $10 billion taper, which was widely expected. The S&P 500 added 0.8% with all ten sectors posting gains. Equity indices spent the first half of the session near their flat lines as market participants held pat ahead of the afternoon statement from the Fed. The $10 billion reduction lowered the size of monthly asset purchases to $35 billion, while the remainder of the policy statement struck a familiar tone. The Fed reiterated its commitment to the current level of interest rates, saying rates are likely to remain low for a considerable time after quantitative easing ends. Furthermore, the FOMC released its economic projections, but those were not too different from the prior forecast either. According to the projections, the Fed expects the jobless rate to be between 6.0% and 6.1% at the end of the year after calling for a rate between 6.1% and 6.3% in its last set of projections.

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 whether the action on Thursday reflected genuine inflation concerns.

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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