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 Post subject: June 25th Wednesday Trade Results - Profit $5290.00
PostPosted: Thu Jun 26, 2014 1:18 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 3673
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 @ $5,290.00 dollars or +52.90 points, Emini ES ($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 @ $5,290.00 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=1824

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.

Rebound! Stocks Head Back Up

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

NEW YORK (CNNMoney)
Stocks started sluggish, but investors eventually found the coffee machine and woke up.

Here's what you need to know:

1. Stocks on the rise: The Dow rose nearly 50 points (0.3%), while the S&P 500 moved higher by 0.5%. The Nasdaq lead the way, gaining almost 0.7%. It's a turnaround from Tuesday when the Dow Jones Industrial Average had its biggest one-day percentage drop in more than a month.

2. Aereo ruling sparks media madness: The Supreme Court provided one of the biggest market moving moments of the day.

CBS Corporation (CBS) skyrocketed as much as 7% after the Supreme Court said streaming service Aereo's business model violates broadcasters' rights by using tiny antennas to snap up content on public airwaves. Shares of Disney (DIS), which owns broadcaster ABC, also jumped on the news, as did Comcast (CMCSA), owner of NBC, and Twenty-First Century Fox (FOXA).

But media companies that own local affiliate stations experienced the biggest bounce, since they rely on redistributing content, which is essentially what Aereo does.

Shares of the Sinclair Broadcast Group (SBGI), the Tribune Company (TRBAA), and Gannett (GCI) all surged.

3. Movers and shakers -- Google, Barnes & Noble, General Mills, oil refiners: Google (GOOGL, Tech30) popped over 2% after the tech giant revealed plans to expand its Android software into television, smartwatches, and cars.

Barnes and Noble (BKS) shares soared as much as 10% after the struggling bookseller said it has begun taking steps to separate its retail and Nook segments. But the stock has since pulled back a bit, closing up 5%.

Still, one StockTwits trader wasn't convinced that the move would help Barnes and Noble that much.

"$BKS spinoff should be interesting but does not solve the problem," said notelonmusk.

Oil refining stocks took a hit Wednesday after news that the Commerce Department ruled that two companies will be able to export an ultra-light form of oil,, despite a long-standing ban on exporting crude from the U.S. Investors were worried the decision would lift oil prices and make the cost of business more expensive for oil refiners. Valero Energy (VLO) sank 8% and Marathon Petroleum (MPC)fell 6%.

General Mills (GIS) slumped after the cereal maker reported disappointing earnings that were stymied by expensive promotional activity that didn't translate into greater sales.

Apollo Education (APOL) ticked up after the for-profit college operator beat earnings estimates. Still, the company said degree enrollment sank significantly at the University of Phoenix.

And Monsanto (MON) rose 5% after the company announced a big share buyback and strong quarterly results that topped Wall Street expectations.

4. Ugly GDP figures aren't a huge concern: The Commerce Department said the economy shrank 2.9% in the first quarter, even uglier than the 1.8% decline that economists from Briefing.com had predicted. Analysts were expecting a weak final figure for the period, which included unusually harsh winter weather. In that regard, investors are largely shrugging off the bad news, and have donned their forward-thinking caps.

Related: Three reasons NOT to freak out about -2.9% GDP

5. International action: The Dubai stock market suffered a dire tumble to start the week, as concerns about continued turmoil in Iraq damaged investor confidence and one of Dubai's biggest construction companies reported trouble. However, the benchmark Dubai Financial General Market Index recovered about 6% on Wednesday.

Russia's main Micex index declined by over 2% on reports that the West might slap more sanctions on Russia.

The Micex has been on a wild ride this year, dropping by over 20% and then fully recovering as worries about the Ukraine crisis and sanctions intensified and then receded.

All major European markets closed lower Wednesday. Asian markets ended in negative territory.

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4:10 pm: [BRIEFING.COM] The stock market registered modest gains on Wednesday as participants looked past a pair of disappointing economic reports. The S&P 500 rose 0.5% with nine sectors ending higher, while the Nasdaq Composite (+0.7%) outperformed.

Prior to the open, the S&P 500 appeared to be on track for its third consecutive decline after first quarter GDP was revised down to -2.9% from -1.0% (Briefing.com consensus -1.8%). In addition, a more recent report-May Durable Orders-also surprised to the downside. Despite starting on a lower note, the major averages were able to rebound swiftly with the move likely supported by some short covering.

The health care sector (+1.1%) ended in the lead after showing relative strength throughout the session. The third-largest group was underpinned by solid gains in the shares of AbbVie (ABBV 54.97, +1.38) and Shire (SHPG 231.14, +7.87) amid reports AbbVie may submit an improved takeover proposal to Shire. However, Shire commented intraday, saying no changes have been made to the offer from May 30.

Even though the health care sector ended in the lead, biotechnology could not keep up. The iShares Nasdaq Biotechnology ETF (IBB 255.88, +0.79) added 0.3%.

Elsewhere, the consumer discretionary sector (+0.8%) lagged in the early going, but elbowed its way to the top of the leaderboard with help from media names after the Supreme Court ruled that start-up streaming service Aereo violated broadcaster copyright laws. CBS (CBS 62.48, +3.64) surged 6.2%, while Comcast (CMCSA 53.21, +0.57) and Disney (DIS 83.90, +1.22) advanced 1.1% and 1.5%, respectively.

Similar to the two top-weighted groups, the largest S&P 500 sector-technology (+0.6%)-also finished among the leaders. Google (GOOGL 585.93, +13.39) played a big part in the outperformance, rallying 2.3% as the company held its developers conference in San Francisco. Chipmakers, meanwhile, settled a bit behind the broader market (PHLX Semiconductor Index +0.4%).

One influential sector that could not finish among the other outperformers was the financial space (+0.1%). The sector underperformed for the second session in a row, but managed to narrow its week-to-date loss to 0.3%.

On the downside, the consumer staples sector spent the entire session climbing off lows, but still ended in the red (-0.1%) as General Mills (GIS 51.76, -1.94) weighed after reporting disappointing earnings.

Treasuries surged in reaction to this morning's data before erasing some of their gains in the afternoon. The 10-yr note added five ticks with its yield slipping two basis points to 2.56%.

Participation remained in line with recent averages as less than 650 million shares changed hands at the NYSE floor.

Economic data included Q1 GDP, May Durable Orders, and the weekly MBA Mortgage Index:
Related Stories

InPlay from Briefing.com Briefing.com
Durable orders fall 1% in May on fewer military bookings MarketWatch
US STOCKS-Wall St edges higher despite weak GDP report Reuters
Markets Are Higher Following The Horrific GDP Report Business Insider
S&P 500 closes at record after 5 days of gains MarketWatch

First quarter GDP growth was revised down from -1.0% in the second estimate to -2.9% in the third estimate. GDP increased 2.6% in Q4 2013. The Briefing.com consensus expected GDP to be revised down to -1.8%.
In all likelihood that economic activity weakened because it was never on that strong of a footing to begin with. We've seen this play out over the past few years where growth in the first half of the year is much slower than expected.
Real final sales were revised down to -1.3% from 0.6%. That was the first decline in real final sales since Q1 2011.
Durable goods orders declined 1.0% in May after increasing an upwardly revised 0.8% (from 0.6%) in April. The Briefing.com consensus expected durable goods orders to increase 0.4%.
Transportation orders fell 3.0% in May as orders of nondefense aircraft and parts fell 4.0%. The drop was unusual and can be blamed on seasonal adjustments. Boeing (BA 127.06, -2.09), which is heavily represented in the transportation data, reported solid gains in orders for May.
Excluding transportation, durable goods orders declined 0.1% in May following a 0.4% increase in April, while the consensus expected these orders to increase 0.4%.
The weekly MBA Mortgage Index fell 1.0% to follow last week's 9.2% decline.

Tomorrow, weekly initial claims (Briefing.com consensus 310K), May Personal Income (consensus 0.4%), Personal Spending (consensus 0.4%), and Core PCE Prices (consensus 0.2%) will all be announced at 8:30 ET.

S&P 500 +6.0% YTD
Nasdaq Composite +4.9% YTD
Dow Jones Industrial Average +1.8% YTD
Russell 2000 +1.7% YTD

3:30 pm: [BRIEFING.COM]

Aug gold erased earlier losses as the dollar declined following weak economic data. Q1 GDP growth was revised down from -1.0% in the second estimate to -2.9% in the third estimate (Briefing.com consensus called for GDP to be revised down to -1.8%).
In addition, May Durable Orders fell 1.0% vs expectations for an uptick of 0.4%. The yellow metal lifted from its session low of $1314.30 per ounce set shortly after floor trade opened and recovered into positive territory in afternoon action.
It touched a session high of $1325.60 per ounce and settled with a 0.1% gain at $1322.60 per ounce.
July silver also trended higher after coming off its session low of $20.90 per ounce. It eventually settled at $21.13 per ounce, or 0.4% higher.
Aug crude oil rose for the first time this week following reports that the White House has allowed first ultralight oil exports by Pioneer Natural Resources (PXD) and Enterprise Product Partners (EPD).
The energy component slipped to a session low of $105.40 per barrel when inventory data showed a build of 1.7 mln barrels when a draw of 1.6-1.7 mln barrels was anticipated but recovered back into the black. It eventually settled with a 0.5% gain at $106.50 per barrel.
July natural gas retreated from its session high of $4.59 per MMBtu set in early morning action and brushed a session low of $4.52 per MMBtu. However, buyers stepped in moments before floor trade closed and pushed prices back into positive territory, leaving natural gas to settle with a 0.7% gain at $4.56 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the session. Despite today's advance, the benchmark index remains lower by 0.3% for the week, while the Nasdaq is the only major index that holds a week-to-date gain. Thanks to today's outperformance, the tech-heavy index is higher by 0.2% for the week.

Elsewhere, Treasuries jumped to highs following today's economic data, but after holding near their best levels of the session into the afternoon, they have slipped into the lower half of today's trading range. The 10-yr note has trimmed its gain to five ticks, with its yield now down two basis points at 2.56%.

2:30 pm: [BRIEFING.COM] The S&P 500 (+0.4%) has inched to a new session high as the short squeeze continues. Meanwhile, the Nasdaq (+0.6%), which underperformed this morning, is back in a position of relative strength.

The tech-heavy Nasdaq has received considerable support from Google (GOOGL 583.68, +11.14), which is higher by 1.9% as the company's developers conference continues. Outside of Google, other top-weighted tech names trade in mixed fashion with Apple (AAPL 90.26, -0.02) and IBM (IBM 180.51, -0.37) showing relative weakness, while Intel (INTC 30.88, +0.38) and Microsoft (MSFT 41.89, +0.14) outperform.

2:00 pm: [BRIEFING.COM] The S&P 500 (+0.4%) has climbed to a fresh high with seven sectors showing gains.

The health care sector (+0.9%) continues trading ahead of the remaining nine groups, while biotechnology has yet to catch up to the sector as the iShares Nasdaq Biotechnology ETF (IBB 255.75, +0.66) trades higher by 0.3%.

Elsewhere among countercyclical sectors, this year's top performer-utilities-holds a slim gain of 0.1%, while consumer staples (-0.2%) and telecom services (-0.2%) lag. Notably, the staples sector has been pressured by General Mills (GIS 52.00, -1.70), which trades lower by 3.2% after missing earnings expectations.

1:30 pm: [BRIEFING.COM] The stock market has held up remarkably well today. After yesterday's reversal, there was an assumption that it would be at increased risk for further downside. That could still develop, but to this point, the bulls have maintained control and have effectively forced a short squeeze that has propped up the major indices.

To the last point, we'd argue that today's gains aren't rooted so much in new money entering the market as they are in short-covering activity.

Clearly, though, stock market participants haven't been scared off by the stunning downward revision to first quarter GDP (to -2.9% from -1.0%), choosing it appears to dismiss it as dated information and an aberration in the face of more encouraging data for the second quarter.

That perspective (and the short-covering bump) has manifested itself in the cyclical sectors, which are pacing today's modest gains.

1:00 pm: [BRIEFING.COM] The major averages hold modest midday gains with the Nasdaq Composite (+0.3%) and S&P 500 (+0.2%) battling for the lead. Small caps, meanwhile, have struggled to keep up in the early going, but the Russell 2000 (+0.2%) has recently returned to its session high.

Equities began the day in the red following a pair of disappointing data points. Specifically, the final revision to Q1 GDP took the reading down to -2.9% from -1.0%, while the Briefing.com consensus expected the report to reveal a contraction of 1.8%. Meanwhile, a more recent Durable Orders report for May also missed expectations as orders fell 1.0% against an expected uptick of 0.4%.

The disappointing data ensured a lower start, but the market did not waste any time rebounding from the opening lows. As such, the S&P 500 was back above its flat line within the first five minutes of action.

Six of ten sectors hold midday gains with health care (+0.9%) and materials (+0.6%) in the lead. The health care space has rallied amid M&A chatter indicating AbbVie (ABBV 54.88, +1.29) has sweetened its offer to acquire Shire (SHPG 230.34, +7.07). Biotechnology, meanwhile, has not climbed alongside the sector and the iShares Nasdaq Biotechnology ETF (IBB 255.55, +0.46) hovers just above its flat line at this time.

Elsewhere, the materials sector has been boosted by shares of Monsanto (MON 126.74, +6.11), which trade higher by 5.1% in reaction to a bottom-line beat and the announcement of a new $10 billion share repurchase program.

Other cyclical sectors are somewhat mixed as consumer discretionary (+0.5%) and technology (+0.2%) hold gains, while financials (-0.1%) and industrials (-0.2%) lag.

Notably, the financial sector displayed relative weakness yesterday and that is the case again today. If the economically-sensitive group sees additional losses during the afternoon, it would likely cause a broader retreat.

Strikingly, Treasuries jumped to highs following this morning's data and they have not moved away from those levels. The 10-yr note is higher by nine ticks with its yield down four basis points at 2.54%.

Economic data included Q1 GDP, May Durable Orders, and the weekly MBA Mortgage Index:

First quarter GDP growth was revised down from -1.0% in the second estimate to -2.9% in the third estimate. GDP increased 2.6% in Q4 2013. The Briefing.com consensus expected GDP to be revised down to -1.8%.
In all likelihood that economic activity weakened because it was never on that strong of a footing to begin with. We've seen this play out over the past few years where growth in the first half of the year is much slower than expected.
Real final sales were revised down to -1.3% from 0.6%. That was the first decline in real final sales since Q1 2011.
Durable goods orders declined 1.0% in May after increasing an upwardly revised 0.8% (from 0.6%) in April. The Briefing.com consensus expected durable goods orders to increase 0.4%.
Transportation orders fell 3.0% in May as orders of nondefense aircraft and parts fell 4.0%. The drop was unusual and can be blamed on seasonal adjustments. Boeing (BA 126.34, -2.81), which is heavily represented in the transportation data, reported solid gains in orders for May.
Excluding transportation, durable goods orders declined 0.1% in May following a 0.4% increase in April, while the consensus expected these orders to increase 0.4%.
The weekly MBA Mortgage Index fell 1.0% to follow last week's 9.2% decline.

12:30 pm: [BRIEFING.COM] Not much change in the major averages as they remain near their recent levels. The S&P 500 (+0.2%) saw a slim opening loss in reaction to disappointing Q1 GDP data, but the benchmark index wasted little time reacting to a dated report.

Despite the modest uptick, the S&P 500 remains lower by 0.5% for the week, but it has added 4.4% over the course of the second quarter with Monday marking the end of Q2. The S&P 500 is on pace to end the quarter ahead of its peers with the Nasdaq (+3.8%) representing the second strongest index over the past three months.

Also of note, the rebound in equities has done little to encourage participants to shift money out of the bond market as Treasuries remain near their highs. The 10-yr note trades up 10 ticks with its yield down four basis points at 2.54%.

12:00 pm: [BRIEFING.COM] The Dow (+0.2%), Nasdaq (+0.2%), and S&P 500 (+0.2%) continue sporting slim gains, while the Russell 2000 (-0.1%) has been quietly inching lower.

Looking at the top-weighted sectors reveals a bit of a mixed bag as financials (-0.2%) and industrials (-0.1%) lag, while consumer discretionary (+0.4%), technology (+0.2%), and health care (+0.8%) sport gains. Interestingly, the health care sector has been able to rally without the participation of biotech stocks as the iShares Nasdaq Biotechnology ETF (IBB 254.84, -0.25) hovers just below its flat line.

Elsewhere, the industrial sector has been pressured by shares of Boeing (BA 127.01, -2.14), which trade lower by 1.7%. Transport stocks, however, trade broadly higher with the Dow Jones Transportation Average up 0.4%.

11:30 am: [BRIEFING.COM] Recent action saw the Nasdaq Composite (+0.3%) overtake the S&P 500 (+0.3%), but somewhat surprisingly, the Russell 2000 has not followed suit. The small cap index is now back at its flat line despite relative strength among high-growth tech names.

Health care (+0.9%) and materials (+0.9%) remain in the lead, while the consumer discretionary sector (+0.6%) has also joined the outperformers. The move took place as media companies surged after the Supreme Court ruled that start-up streaming service Aereo violated broadcaster copyright laws. CBS (CBS 61.74, +2.90) trades up 5.0%, while Comcast (CMCSA 53.30, +0.66) and Disney (DIS 83.92, +1.24) hold respective gains of 1.2% and 1.5%.

10:55 am: [BRIEFING.COM] The major averages hold modest gains after climbing off their opening lows. The S&P 500 trades higher by almost four points, which puts the benchmark index at the top of today's trading range.

For its part, the Nasdaq Composite has struggled to pull away from its flat line due to losses among high-growth tech and biotech names. The PHLX Semiconductor Index is lower by 0.4% and the iShares Nasdaq Biotechnology ETF (IBB 254.55, -0.54) trades down 0.2%. Large cap sector components, meanwhile, trade in mixed fashion. Apple (AAPL 89.84, -0.44) is lower by 0.5%, while Google (GOOGL 577.67, +5.13) trades up 0.9%.

With stocks off their lows, participants are not showing increased demand for volatility protection as evidenced by a 2.4% decline in the CBOE Volatility Index (VIX 11.84, -0.29).

10:35 am: [BRIEFING.COM]

Crude oil was lower this morning following news that the White House has allowed first ultra light oil exports by Pioneer Natural Resources (PXD) and Enterprise Products Partners (EPD). This also came ahead of the EIA weekly inventory data
Following the weekly inventory data, Aug crude oil sold off a little and just hit a new LoD. July crude is now -0.5% at $105.54/barrel.
Natural gas pulled off its HoD hit this morning and is now +0.4% at $4.55/MMBtu (today's trading is $4.52-4.59)
Gold and silver spiked this morning following GDP numbers. Both precious metals continued to trade just below current highs for the day
Aug gold is currently -0.2% at $1318.90/oz, while July silver is -0.2% at $21.00/oz
Copper sold off this morning and fell as low as $3.12/lb. July copper has since come back a little and is now -0.15 at $3.15/lb

9:55 am: [BRIEFING.COM] Equity indices have regained their flat lines, while Treasuries remain just below their best levels of the day (10-yr note +9/32 at 2.55%).

Six of ten sectors now trade in the green with gains between 0.1% and 1.1%. Materials (+1.1%) and health care (+0.8%) are holding the lead, while the best performing sector of the year-utilities (+0.3%)-follows a bit behind. Including the early advance, the rate-sensitive sector is now up 14.7% year-to-date.

On the downside, consumer staples and financials have narrowed their losses to 0.3% and 0.1%, respectively.

9:40 am: [BRIEFING.COM] The major averages began the session with modest losses, but they have inched up from their opening lows. The S&P 500 trades right below its flat line with six sectors showing losses.

However, of the six declining groups, only two-consumer staples (-0.3%) and financials (-0.4%)-show losses larger than 0.2%. On the upside, the materials sector (+1.0%) is the top performer thanks to a 6.1% gain in the shares of Monsanto (MON 127.99, +7.36) after the company reported better than expected earnings on light revenue. Also of note, the company announced a new $10 billion share repurchase program.

Elsewhere, the health care sector (+0.7%) also displays relative strength with the biotech industry showing a comparable gain.

Treasuries remain near their highs with the 10-yr yield down four basis points at 2.54%.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -3.00. The stock market is on track for a lower open as futures on the S&P 500 trade three points below fair value.

Index futures hovered near their flat lines until a pair of disappointing economic data points knocked them to fresh lows. Specifically, the final revision to Q1 GDP revealed a contraction of 2.9%, while the Briefing.com consensus expected a decline of 1.8%.

While the GDP report can be described as a bit dated, the Durable Orders report for May was not much better. Orders declined 1.0% (Briefing.com consensus +0.4%) with transportation orders (-3.0%) responsible for the bulk of the drop. Excluding transportation, orders fell 0.1%, while the consensus expected an increase of 0.4%.

All in all, the early reaction to the data has been limited, considering S&P 500 futures fell five points and have already regained two of those five. Treasuries, meanwhile, hover near their highs with the 10-yr yield off three basis points at 2.55%.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -2.00. The S&P 500 futures trade two points below fair value following disappointing Q1 GDP and May Durable Orders data.

Asian markets ended mostly lower.

Regional economic data was limited:
Japan's Corporate Services Price Index rose 3.6% year-over-year (expected 3.2%, previous 3.4%) o South Korea's Consumer Confidence ticked up to 107 from 105.
Malaysia's unemployment rate slipped to 2.9% from 3.0%
The Philippines' trade deficit widened to $743 million from $199 million.

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Japan's Nikkei lost 0.7%, slipping off five-month highs as traders shrugged off Prime Minister Shinzo Abe's 'Third Arrow.' Insurers lagged with Dai-ichi Life Insurance falling 2.4%.
Hong Kong's Hang Seng shed 0.1%, but held at a one-month low. The property sector was mixed as Henderson Land Development added 1.6% and China Overseas Land & Investment lost 1.5%.
China's Shanghai Composite fell 0.4% on low volume. Financials lagged as ICBC and Citic Securities shed 1.5% and 1.0%, respectively.

Major European indices trade lower across the board. Ukraine's President Petro Poroshenko said the cease-fire agreement, which was set to run through Friday, may be terminated after a government helicopter was shot down by separatists yesterday.

In economic data:
Germany's GfK Consumer Climate ticked up to 8.9 from 8.6 (expected 8.5)
French Business Survey slipped to 98 from 99 (expected 99)
Great Britain's CBI Distributive Trades Survey fell to 4 from 16 (expected 24)
Italy's Retail Sales ticked up 0.4% month-over-month (expected 0.2%, previous -0.2%), while the year-over-year reading increased 2.6% (forecast -0.5%, prior -3.5%). Separately, Consumer Confidence slipped to 105.7 from 106.2 (expected 106.3)
Spain's PPI declined 0.4% year-over-year (consensus -0.6%, prior -0.2%)
Swiss Consumption Indicator improved to 1.77 from 1.68

------

Germany's DAX is lower by 0.8%. HeidelbergCement is the weakest performer, down 2.3% after receiving a downgrade. Health care names display relative strength with Merck and Fresenius Medical Care up 0.8% and 0.4%, respectively.
Great Britain's FTSE holds a loss of 0.9% amid weakness in industrial shares. Bunzl and Meggitt are both down near 3.0%. Shire trades up 1.3% after receiving an improved takeover offer from AbbVie.
In France, the CAC trades down 1.2%. Vivendi is pressuring the index with a loss of 5.0% despite Credit Suisse re-initiating coverage with an 'Outperform.'
Spain's IBEX holds a loss of 1.6% with construction names showing weakness. Abengoa, Fomento de Construcciones, and ACS are down between 3.3% and 4.7%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -1.30. The S&P 500 futures trade less than a point below fair value.

May durable goods orders fell 1.0%, which was worse than the 0.4% increase expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 0.8% (from 0.6%). Excluding transportation, durable orders decreased 0.1% (consensus 0.4%) to follow the prior month's revised increase of 0.4% (from 0.3%).

The third estimate of first quarter GDP pointed to a contraction of 2.9%, well below the Briefing.com consensus, which expected a decline of 1.8%. Meanwhile, the first quarter GDP Deflator was left unchanged at 1.3%, as expected.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +1.50. Nasdaq futures vs fair value: +2.00. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover two points above fair value.

Reviewing overnight developments:

Asian markets ended lower. Hong Kong's Hang Seng -0.1%, China's Shanghai Composite -0.4%, and Japan's Nikkei -0.7%.
Economic data was limited:
Japan's Corporate Services Price Index rose 3.6% year-over-year (expected 3.2%, previous 3.4%)
South Korea's Consumer Confidence improved to 107 from 105, as expected
In news:
Japan's Prime Minister Shinzo Abe said he is looking to cut the corporate tax rate below 30%.

Major European indices trade lower across the board. Germany's DAX -0.4%, Great Britain's FTSE -0.6%, and France's CAC -0.8%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -1.0%.
In economic data:
Germany's GfK Consumer Climate ticked up to 8.9 from 8.6 (expected 8.5)
French Business Survey slipped to 98 from 99 (expected 99)
Great Britain's CBI Distributive Trades Survey fell to 4 from 16 (expected 24)
Italy's Retail Sales ticked up 0.4% month-over-month (expected 0.2%, previous -0.2%), while the year-over-year reading increased 2.6% (forecast -0.5%, prior -3.5%). Separately, Consumer Confidence slipped to 105.7 from 106.2 (expected 106.3)
Spain's PPI declined 0.4% year-over-year (consensus -0.6%, prior -0.2%)
Swiss Consumption Indicator improved to 1.77 from 1.68
Among news of note:
Ukraine's President Petro Poroshenko said the cease-fire agreement may be terminated after a government helicopter was shot down by separatists.

In U.S. corporate news:

Coach (COH 33.65, -0.44): -1.3% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform' from 'Neutral.'
General Mills (GIS 52.00, -1.70): -3.2% after missing earnings and revenue estimates
Shire (SHPG 228.92, +5.65): +2.5% after receiving a sweetened takeover offer from AbbVie (ABBV 53.59, 0.00)

The weekly MBA Mortgage Index fell 1.0% to follow last week's 9.2% decline.

Durable Orders for May (Briefing.com consensus 0.4%) and the third estimate of Q1 GDP (consensus -1.8%) will cross the wires at 8:30 ET.

6:59 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +4.50.

6:59 am: [BRIEFING.COM] Nikkei...15266.61...-109.60...-0.70%. Hang Seng...22866.70...-13.90...-0.10%.

6:59 am: [BRIEFING.COM] FTSE...6745.21...-41.80...-0.60%. DAX...9900.94...-37.30...-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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