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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 26th Thursday Trade Results - Profit $1800.00
PostPosted: Fri Jun 27, 2014 12:39 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 @ $1,800.00 dollars or +18.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,800.00 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=1825

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.

Stocks Mirror U.S. Team: Down, But Not Out

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

NEW YORK (CNNMoney)
It may not have been a win, but Wall Street has something to celebrate today -- just like USA soccer. Stocks staged an afternoon comeback, erasing most of an earlier tumble that was fueled by worries about interest rates.

Here's what you need to know about the markets:

1. The numbers: The Dow Jones Industrial Average and S&P 500 ended the day slightly lower, while the Nasdaq finished flat. While the Dow ended the day 21 points in the red (0.13%), that's a major improvement considering the index dropped over 120 points in the morning.

Trading volumes were lower at the U.S. stock exchanges during the big World Cup matchup. But trading often dips during the middle of the day, so it wasn't entirely out of the norm.

2. Fed fears: Stocks slumped earlier on concerns that the Federal Reserve will soon remove the easy-money punch bowl that's been juicing stock prices.

James Bullard, the president of the St. Louis Fed, warned that financial markets may not appreciate how close the central bank is to achieving its goals. Bullard told FOX Business on Thursday that a rate hike could come during the first quarter of 2015.

While the comments about a rate hike match Bullard's previous forecast, they appeared to take the market off guard because the Fed official is normally very dovish.

One trader also made light of the fact that the selling occurred after FIFA announced a nine-game suspension of Uruguay's Luis Suarez for biting an Italian opponent.

"Suarez suspension sends stocks reeling. $ES_F $YM_F $SPY," StockTwits user hap317 joked.

While stocks landed in the red, the S&P 500 still posted its 49th consecutive day without a close of 1% higher or lower. That's the longest such streak since 1995.

Related: Where's the drama on Wall Street?

3. Barclays under fire: Shares of Barclays (BCS) crumbled 6.5% after the New York Attorney General unleashed a lawsuit late Wednesday against the British bank alleging a lack of transparency in some of its alternative trading platforms.

The attorney general claims the bank misled investors -- even going as far as lying in marketing materials -- about how much high-frequency trading firms were operating in Barclays' "dark pool" trading platform.

"First it was gold, now it is HFT - poor $BCS just can't get away with any market rigging crime these days," StockTwits user flounder quipped.

4. GoPro goes public with a bang: Camera maker GoPro (GPRO) has already shown it can withstand drops from space and close encounters with sharks. Now we'll see how the gadget company grapples with life on Wall Street. So far, so good.

GoPro closed more than 30% above its initial public offering price of $24. The consumer electronics company, which is trading on the Nasdaq under the ticker symbol "GPRO," raised about $425 million in the offering. At its current price, the company is worth nearly $4 billion.

5. Movers & shakers - Alcoa, Bed Bath & Beyond, Philip Morris: It's an ugly day for Bed Bath & Beyond (BBBY). The home goods retailer tumbled over 7.2% after earnings came in lower than expected, and the retailer doesn't forecast it will get much better the rest of the year.

Philip Morris International (PM) was also stuck in reverse, losing almost 3%, after the cigarette maker dimmed its forecast for the year due to currency troubles and economic challenges in Europe.

On the other hand, Alcoa (AA) bounced 2.7% after unveiling a $2.85 billion cash-and-stock deal to acquire Firth Rixson, which makes jet-engine parts. The move should help Alcoa diversify amid anemic aluminum prices.

Nabors Industries (NBR) soared 6.2% after inking a $2.86 billion deal to combine one of its units with C&J Energy Services. Both companies are key players in getting oil and natural gas wells ready to go.

Yahoo (YHOO, Tech30) enjoyed an afternoon rally and closed 1.2% higher after Alibaba revealed plans to list its huge initial public offering on the New York Stock Exchange. Yahoo stands to profit from the IPO because it owns a 22.6% stake in the Chinese e-commerce giant.

Nike (NKE) stock is up after the closing bell after the company's earnings flew above Wall Street's expectations.

6. International markets looking chipper: European markets mostly retreated, while Asian markets largely ended with gains. The Hang Seng in Hong Kong was a standout performer -- rising by 1.4% during the day.

Gold prices slid 0.4%. Prices for the shiny metal tend to rise when investors are feeling nervous, and tend to fall when investors are feeling confident. Oil prices also dropped about 1%.

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4:15 pm: [BRIEFING.COM] The major averages posted modest losses on Thursday, but a daylong rebound off the early lows helped the indices retrace the bulk of the decline. The S&P 500 shed 0.1% with six sectors ending in the red.

Stocks did not waste any time this morning, sliding to session lows within the first 30 minutes of action. All ten sectors participated in the early retreat with financials (-0.3%) leading the market lower.

Earlier this week, the financial sector struggled to keep pace with the broader market, but today's intraday losses were large enough to pressure the S&P 500. Citigroup (C 47.23, -0.59) was the weakest performer among the majors, while European financials also struggled. Most notably, Barclays (BCS 14.55, -1.16) fell 7.4% after New York Attorney General announced fraud charges against the company. In addition, news out of the Bank of England related to higher mortgage caps and stricter lending standards may have contributed to the losses.

Like the second-largest sector, the top-weighted technology space (-0.2%) also had a tough time keeping pace with the S&P 500. The tech sector suffered from losses among large cap names like Google (GOOGL 584.77, -1.16) and Microsoft (MSFT 41.72, -0.31), while chipmakers fared only a bit better. The PHLX Semiconductor Index slid 0.4%.

On a side note, GoPro (GPRO 31.34, +7.34) was a bright spot within the sector, soaring 30.6% on its first day as a publically traded company.

Elsewhere, industrials (-0.2%) also lagged amid broad weakness in transport and defense stocks. Notably, the Dow Jones Transportation Average (-0.2%) narrowed its June gain to 0.6%, but it is worth pointing out the bellwether complex soared more than 5.5% last month.

On the upside, four sectors-consumer discretionary (+0.1%), energy (+0.1%), health care (+0.1%), and utilities (+0.2%)-posted slim gains with the utilities space extending its year-to-date gain to 15.1%.

Treasuries spent the bulk of the trading day in the green, ending just below their highs. The 10-yr note added nine ticks, sending its yield lower by tree basis points to 2.53%.

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

Economic data was limited to initial claims and income/spending data for May:

The weekly initial claims level fell to 312,000 from an upwardly revised 314,000 (from 312,000), while the Briefing.com consensus expected a reading of 310,000.
For most of 2014, the initial claims level was bound between 320,000 and 330,000. Over the past few weeks, claims have come down into the 310,000-320,000 range. The current levels should spark an acceleration in payroll growth and show clear improvement in labor market conditions.
Personal income levels increased 0.4% in May following a 0.3% increase in April. The Briefing.com consensus expected personal income to increase 0.4%.
The May employment data showed a 0.4% increase in aggregate wages, which correlated nicely with a 0.4% increase in employee compensation.
Personal spending increased 0.2% in May after no growth in April. The consensus expected spending to increase 0.4%.
Adjusted for inflation, spending declined 0.1% on the heels of a 0.2% decline in real PCE in April. That will not factor all that favorably in the calculation for Q2 GDP.

Tomorrow, the final Michigan Consumer Sentiment survey for June will be released at 9:55 ET (Briefing.com consensus 81.7).

S&P 500 +5.9% YTD
Nasdaq Composite +4.9% YTD
Dow Jones Industrial Average +1.6% YTD
Russell 2000 +1.4% YTD

3:30 pm: [BRIEFING.COM]

Aug gold traded in the red today, falling as low as $1311.40 per ounce in morning pit trade. The yellow metal consolidated near the $1316.00 per ounce level in afternoon action and settled with a 0.4% loss at $1317.00 per ounce.
July silver managed to erase most of its earlier losses as it lifted from its session low of $20.90 per ounce in morning action. It brushed a session high of $21.12 per ounce and closed 0.1% lower at $21.10 per ounce.
Aug crude oil spent its entire session in negative territory, dipping to a session low of$105.01 per barrel. It inched slightly higher in afternoon action and settled with a 0.7% loss at $105.80 per barrel.
Aug natural gas touched a session high of $4.60 per MMBtu in early morning floor trade but sold off sharply following inventory data that showed a build of 110 bcf when a build of 93-102 bcf was anticipated. It traded as low as $4.40 per MMBtu and eventually settled with a 2.8% loss at $4.44 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by four points with one hour remaining in the session. Stocks slumped out of the gate, but spent the remainder of the session in a climb towards their opening levels.

Equity indices remain in the red at this time, but they have been able to reclaim roughly of their losses. A handful of influential sectors continue trailing the broader market at this juncture with this week's worst-performing sector-industrials-down 0.3%.

On the upside, the utilities sector (+0.04%) is the only group trading in the green as the session enters the home stretch.

2:25 pm: [BRIEFING.COM] Not much change in the major averages as they continue to hover a bit below their flat lines. Including today's decline, the S&P 500 is lower by 0.4% for the week, but continues holding a solid quarter-to-date gain. With two more sessions left in Q2, the benchmark index is on pace to finish the quarter with a 4.4% gain.

Elsewhere, the small-cap Russell 2000 (-0.3%) has enjoyed a strong month after displaying relative weakness at the start of the quarter. The index is higher by 3.9% this month, but only up 0.5% for the quarter.

1:55 pm: [BRIEFING.COM] The S&P 500 (-0.2%) remains near its rebound high that was reached during the last 30 minutes of action. As a result of the recovery, a handful of sectors like consumer discretionary (-0.02%), energy (+0.1%), health care (-0.04%), and utilities (unch) now trade near their flat lines.

On the downside, heavily-weighted financials (-0.3%) and technology (-0.3%) continue showing relative weakness.

Even though stocks have reclaimed the bulk of their losses, the CBOE Volatility Index (VIX 11.67, +0.08) remains indicative of modest demand for downside protection.

1:30 pm: [BRIEFING.COM] The major indices have been trading in narrow ranges for the past several hours, but have recently pushed higher on a burst of buying interest that has cut into today's losses in a notable fashion. There hasn't been any news catalyst that we're aware of to explain the latest uptick.

The utilities sector, up a mere 0.06%, and the energy sector, up a mere 0.03%, are the only two sectors sporting a gain at the moment.

Elsewhere, the Treasury market continues to hold the bulk of its gains, although it has tailed off a bit following a disappointing $29 bln 7-yr note auction. The latter drew a high yield of 2.15% on a light bid to cover ratio of 2.44 that trailed the prior 12-auction average of 2.56%.

The 10-yr note is up eight ticks with its yield at 2.53%.

12:55 pm: [BRIEFING.COM] The major averages are broadly lower at midday with the S&P 500 down 0.4%. Equities slumped out of the gate, notching their lows within the first 30 minutes of action. Since then, the indices have been able to erase about half of their losses.

All ten sectors remain in the red at this juncture with just four groups-consumer discretionary (-0.3%), energy (-0.1%), health care (-0.4%), and utilities (-0.1%)-trading ahead of the S&P 500. Fittingly, three of the four outperformers-consumer discretionary, energy, and health care-hold week-to-date gains of 0.4% apiece, while the remaining seven sectors are down for the week.

Notably, the financial sector (-0.6%) slid to the bottom of the leaderboard shortly after the open. The economically-sensitive group has lagged throughout the week and today's losses are due in part to the weakness among European banks. Barclays (BCS 14.87, -0.84) trades lower by 5.3% after New York Attorney General confirmed fraud charges against the company. In addition, news out of the Bank of England related to higher mortgage caps and stricter lending standards may have added to the pressure.

Other European financials have not fared much better as Deutsche Bank (DB 35.40, -1.08) and Credit Suisse (CS 28.25, -1.08) trade lower by 3.0% and 3.7%, respectively.

Elsewhere, the largest S&P 500 sector-technology (-0.5%)-also weighs on the broader market with weakness spread among large cap names and chipmakers. Microsoft (MSFT 41.47, -0.56) and Oracle (ORCL 39.99, -0.47) are both down near 1.2%, while the PHLX Semiconductor Index holds a loss of 0.8% with all but three components in the red.

On the upside, GoPro (GPRO 30.90, +6.90) has shined in its market debut. The wearable camera manufacturer is higher by 29.2% after pricing its IPO at $24 with an open at $28.65.

Also of note, Treasuries jumped following today's data and they remain near their highs. The 10-yr note is higher by 10 ticks with its yield down four basis points at 2.52%.

Economic data was limited to initial claims and income/spending data for May:

The weekly initial claims level fell to 312,000 from an upwardly revised 314,000 (from 312,000), while the Briefing.com consensus expected a reading of 310,000.
For most of 2014, the initial claims level was bound between 320,000 and 330,000. Over the past few weeks, claims have come down into the 310,000-320,000 range. The current levels should spark an acceleration in payroll growth and show clear improvement in labor market conditions.
Personal income levels increased 0.4% in May following a 0.3% increase in April. The Briefing.com consensus expected personal income to increase 0.4%.
The May employment data showed a 0.4% increase in aggregate wages, which correlated nicely with a 0.4% increase in employee compensation.
Personal spending increased 0.2% in May after no growth in April. The consensus expected spending to increase 0.4%.
Adjusted for inflation, spending declined 0.1% on the heels of a 0.2% decline in real PCE in April. That will not factor all that favorably in the calculation for Q2 GDP.

12:30 pm: [BRIEFING.COM] After climbing steadily off their opening lows, the major averages have essentially held their levels through the better part of the past hour.

The utilities sector (-0.1%), which held a slim gain earlier, has dipped back into the red to rejoin the other nine groups. Despite the downtick, the sector remains essentially tied with consumer discretionary and health care for this week's lead. All three sectors hold week-to-date gains close to 0.4% apiece.

On the flip side, industrials (-2.0%) are on pace to log the largest loss of the week due to the underperformance of transport and defense stocks. The Dow Jones Transportation Average has given up 1.1% this week, while the PHLX Defense Index is lower by 2.3% since last Friday.

Notably, transport stocks have not gone anywhere this month, but that consolidation period comes after a May surge that sent the Dow Jones Transportation Average higher by 5.6%.

12:00 pm: [BRIEFING.COM] Recent action saw the major averages continue their slow rebound, while Treasuries have inched to a new session high (10-yr note +12/32 at 2.52%).

The financial sector (-0.7%) remains at the bottom of the leaderboard with European banks contributing to the underperformance. Shares of Barclays (BCS 14.74, -0.97) trade lower by 6.2% after New York Attorney General confirmed fraud charges against the company. In addition, the news out of the Bank of England related to higher mortgage caps and stricter lending standards may have contributed to the weakness.

Other European financials have not fared much better as Deutsche Bank (DB 35.37, -1.11) and Credit Suisse (CS 28.24, -1.09) trade lower by 3.0% and 3.7%, respectively.

11:30 am: [BRIEFING.COM] Equity indices have continued their slow rebound of session lows that were notched during the opening hour. The S&P 500 (-0.5%) has its work cut out as five of ten sectors display relative weakness. Furthermore, three of the five laggards-financials (-0.7%), industrials (-0.5%), and technology (-0.5%)-represent more than 45.0% of the entire market, which means the performance of these sectors has the potential to influence the overall sentiment.

On the upside, the utilities sector (+0.1%) has clawed out of the red to extend its year-to-date gain to 14.9%, which puts the rate-sensitive group well ahead of the remaining nine sectors.

10:55 am: [BRIEFING.COM] The major averages have reclaimed a portion of their losses, but they remain in the red. The Nasdaq Composite (-0.5%) and S&P 500 (-0.5%) display comparable losses, while the Dow Jones Industrial Average (-0.6%) follows a bit behind.

All ten sectors continue hovering in the red with four of six cyclical groups trailing the broader market. Most notably, the financial sector remains at the bottom of the leaderboard, but it has trimmed its decline to 0.7%.

Elsewhere among cyclical sectors, technology (-0.6%) has suffered from broad losses. Top-weighted Intel (INTC 30.73, -0.15) and Microsoft (MSFT 41.52, -0.51) are down 0.6% and 1.2%, respectively, while chipmakers also lag. The PHLX Semiconductor Index is lower by 0.9% with all but two components in the red.

10:35 am: [BRIEFING.COM]

Crude oil and natural gas futures sold off this morning and are near session lows
Aug crude oil remains near its LoD and is now -0.9% at $105.51/barrel
Nat gas was near its LoD just ahead of the weekly EIA inventory data.
Following the data, July nat gas fell to a new LoS and is now -1.4% at $4.51/MMBtu
Gold and silver have been in the red all day so far, while the dollar index continues to trade higher
Aug gold is now -0.5% at $1315.70/oz, July silver is -0.4% at $21.04/oz
July copper is currently -0.3% at $3.16/lb

10:00 am: [BRIEFING.COM] The major averages have extended their losses with the Russell 2000 (-0.7%) leading the retreat. The S&P 500 holds a slimmer loss of 0.6%, but all ten sectors remain in negative territory.

The heavily-weighted financial sector did not take part in yesterday's rally and the group has dropped to the bottom of today's leaderboard. The sector holds a loss of 1.0% with influential components like Bank of America (BAC 15.32, -0.15), Citigroup (C 47.19, -0.63), and JPMorgan Chase (JPM 56.67, -0.86) down between 0.9% and 1.4%.

Including the early decline, the economically-sensitive sector is now down 1.3% in June.

9:45 am: [BRIEFING.COM] The major averages slipped out of the gate with all ten sectors showing early losses.

Yesterday's laggard-consumer staples (-0.5%)-began the session among the laggards, while financials (-0.7%), energy (-0.4%), and industrials (-0.5%) also display noteworthy weakness.

Elsewhere, consumer discretionary (-0.3%), health care (-0.3%), and materials (-0.2%) tried to resist the early pressure, but could not avoid slipping into the red.

The early weakness in equities has led some participants into the Treasury market where the 10-yr note hovers on its high (+9/32) with its yield down three basis points at 2.53%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -1.30. The stock market is on track for a lower start to the trading day as futures on the S&P 500 trade two points below fair value. Index futures maintained narrow ranges throughout the night as markets in Asia drifted higher on low volume. Meanwhile, European indices trade little changed more than halfway through the session. Notably, the Bank of England took steps to curtail the rapid rise in British housing prices by implementing a cap on home loans and toughening lending standards.

Turning the focus back to the U.S., participants received the latest weekly initial claims report, which saw claims slip to 312,000 from a revised reading of 314,000 (from 312,000). Separately, the income and spending data for May was mixed as personal income (+0.4%) matched the Briefing.com consensus, while spending (+0.2%) came in below expectations (+0.4%). Also of note, the PCE Price Index rose to 1.8% year-over-year.

The economic data caused a brief dip in the futures market, but that move has since been retraced. Treasuries, however, spiked to highs, sending the 10-yr yield lower by two basis points to 2.54%.

On the corporate front, Bed Bath & Beyond (BBBY 56.01, -5.10) is set to begin lower by 8.4% after missing estimates and guiding lower. Elsewhere, Iron Mountain (IRM 35.18, +5.41) is on track to open higher by 18.2% after announcing plans to convert to a REIT.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: -0.50. The S&P 500 futures trade less than two points below fair value.

Major Asian markets ended the quiet Thursday session on a higher note. Beijing has announced the start of infrastructure projects in central and western China as part of its targeted stimulus.

In economic data:
Hong Kong's trade deficit narrowed to HKD42.40 billion from HKD55.30 billion (expected deficit of HKD49.80 billion) as imports rose 3.7% month-over-month (expected 2.5%, previous 2.4%) and exports grew 4.9% month-over-month (consensus 2.0%, prior -1.6%)
Singapore's Industrial Production fell 5.7% month-over-month (consensus -0.2%, previous -4.0%), while the year-over-year reading fell 2.5% (expected 2.6%, prior 5.3%)

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Japan's Nikkei posted a modest gain of 0.3% thanks to support from growth-sensitive names. Amada and Kobe Steel jumped 4.1% and 3.4%, respectively. Canon lost 2.3% after being downgraded at BNP Paribas.
Hong Kong's Hang Seng rallied 1.5%, ending on its session high as just about every listing settled higher. Want Want China Holdings led with an increase of 5.3%. Casino and gaming names outperformed with Galaxy Entertainment and Sands China climbing 3.7% and 4.0%, respectively. Lenovo was the lone decliner, down 1.0%.
China's Shanghai Composite added 0.7%, climbing throughout the session. Technology names outperformed with Beijing Teamsun Technology and China Wafer rising 9.8% and 7.8%, respectively.

Major European indices trade little changed amid light volume. The Bank of England took steps to cool the British housing market by introducing a cap on loans and implementing tougher lending standards.

Economic data was limited:
French Consumer Confidence ticked up to 86 from 85 (expected 85)
Norway's Unemployment Rate held steady at 3.3% (consensus 3.4%)

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In France, the CAC is higher by 0.1% with Danone in the lead. The stock trades up 2.4% amid takeover speculation. On the downside, Gemalto is the weakest performer, down 1.7%.
Germany's DAX is little changed. Deutsche Lufthansa and Deutsche Post are up 2.1% and 0.9%, respectively. Adidas trades lower by 2.3%.
Great Britain's FTSE is flat. Financials underperform following the action from the BoE. Barclays, Standard Chartered, and HSBC are down between 1.0% and 4.7%. London Stock Exchange leads with a gain of 6.1% after agreeing to acquire Russell Investments for $2.7 billion in cash.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -1.90. Nasdaq futures vs fair value: -1.50. The S&P 500 futures trade two points below fair value.

The latest weekly initial jobless claims count totaled 312,000, which was higher than the 310,000 that had been expected by the Briefing.com consensus. Today's tally was below the revised prior week count of 314,000 (from 312,000). As for continuing claims, they rose to 2.571 million from 2.559 million.

May personal income increased 0.4%, which matched the Briefing.com consensus. Meanwhile, personal spending rose 0.2%, while the consensus expected an increase of 0.4%.

Separately, core PCE prices rose 0.2%, as expected.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -1.00. U.S. equity futures hold slim losses amid quiet action overseas. The S&P 500 futures hover two points below fair value.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.3%, China's Shanghai Composite +0.7%, and Hong Kong's Hang Seng +1.5%.
In economic data:
Hong Kong's trade deficit narrowed to HKD42.40 billion from HKD55.30 billion (expected deficit of HKD49.80 billion) as imports rose 3.7% month-over-month (expected 2.5%, previous 2.4%) and exports grew 4.9% month-over-month (consensus 2.0%, prior -1.6%)
Singapore's Industrial Production fell 5.7% month-over-month (consensus -0.2%, previous -4.0%), while the year-over-year reading fell 2.5% (expected 2.6%, prior 5.3%)
In news:
Beijing has announced the start of infrastructure projects in central and western China as part of its targeted stimulus.

Major European indices trade little changed. Great Britain's FTSE and Germany's DAX are flat, while France's CAC +0.1%. Elsewhere, Spain's IBEX +0.4% and Italy's MIB +0.2%.
Economic data was limited:
French Consumer Confidence ticked up to 86 from 85 (expected 85)
Norway's Unemployment Rate held steady at 3.3% (consensus 3.4%)
Among news of note:
The Bank of England took steps to cool the British housing market by introducing a cap on loans and implementing tougher lending standards.

In U.S. corporate news:

Accenture (ACN 83.00, -0.06): -0.1% despite beating earnings and revenue expectations.
Alcoa (AA 14.85, +0.30): +2.1% after agreeing to acquire Firth Rixson for $2.85 billion in cash and stock.
Bed Bath & Beyond (BBBY 56.88, -4.23): -6.9% after missing estimates and guiding lower.
Iron Mountain (IRM 37.00, +7.23): +24.3% after the company converted to a real estate investment trust.
Lennar (LEN 42.24, +0.72): +1.7% following its better than expected earnings and revenue.

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.

6:57 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -3.50.

6:57 am: [BRIEFING.COM] Nikkei...15308.49...+41.90...+0.30%. Hang Seng...23197.83...+331.10...+1.50%.

6:57 am: [BRIEFING.COM] FTSE...6737.85...+4.30...+0.10%. DAX...4457.25...-3.40...-0.10%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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