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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: July 7th Monday Trade Results - Profit $1140.00
PostPosted: Mon Jul 07, 2014 11:25 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,140.00 dollars or +11.40 points, Emini ES ($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 @ $1,140.00 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=132&t=1833

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=242&t=2402

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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.

Dow Stays Above 17,000...Barely

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

NEW YORK (CNNMoney)
Monday threw water all over the embers of last week's fireworks.

Stocks were in pullback mode with the Dow Jones Industrial Average down 44 points. The S&P 500 and Nasdaq Composite indexes were also lower, with the Nasdaq down about 0.8% and S&P 500 off 0.4%.

Today's dip came after a record-setting close last week that saw Dow finish above 17,000 for the first time ever. The Dow managed to stay above 17,000 today, but barely, closing at 17,024.

This week marks the start of "earnings season," which is when America's biggest companies release updates on their revenues and income and give a peek into the shape of the U.S. economy in the second quarter. More attention has shifted to the health of companies and whether their stock prices are truly justified.

Related: Corporate profits: Can they keep going and going?

Here are some highlights from today's trading:

1. Not even KING for a day: King Digital (KING), the company behind the viral monster Candy Crush, enjoyed a brief moment of joy when it finally opened above its $22.50 IPO price more than three months after it started trading in late March. Shares on that disastrous first day dropped more than 15%. The stock opened about 4% higher this morning, but it swung to close over 5% lower.

2. Other tech movers: BlackBerry (BBRY, Tech30)'s shares rose 5.6% today. The Economic Times of India reported over the weekend that the company would soon announce a joint health care services platform with tech firm Nathhealth. India is an important market for BlackBerry's Asia Pacific division, which is the smallest division but made 15.6% of the firm's revenue in the last quarter.

"$BBRY To the moon, Alice, to the moon!" wrote StockTwits user rgb66rgb.

Expedia (EXPE)'s finished 1.4% lower after it announced yesterday that it bought Australian travel website Wotif.com for $658 million. Australia-listed shares in Wotif, which operates throughout Southeast Asia, rose 25% on the news. Expedia recently hit an all-time high of $82. Several analysts have recently upgraded the stocks price target to above $90.

3. A juicy acquisition, an airline in descent and Petsmart throwing investors a bone: Archer Daniels Midland (ADM), a big food and commodities company, purchased Wild Flavors for about $3.1 billion. Wild makes the popular Capri Sun juice, among other things. ADM's stock is one of the rare bright spots in today's trading. It gained 1.6%.

Delta (DAL) stock fell more than 4% Monday. Earlier in the day, the company told Bloomberg and the Associated Press that it would be reducing its air travel after Venezuela due to a currency dispute. In its most recent quarterly filing, the company said Venezuela hadn't repatriated about $180 million. Last week, the company released lower than expected travel numbers.

Related: Delta said last week that the World Cup was hurting business travel in Latin America

Petsmart (PETM) stock rose about 2.5% Monday. The company said vaguely in a filing that it was considering ways to give money back to shareholders, though no concrete plans have been developed.

4. Rate hikes on the horizon? After Thursday's great jobs report, which showed strong employment growth, solid wage growth and a downtick in the unemployment rate, there's increasing speculation among Wall Street economists that the Federal Reserve will "tighten," or increase interest rates, sooner than they previously expected.

Economists at Goldman Sach, (GS) JP Morgan (JPM), Bank of America (BAC), Citigroup (C) and Capital Economics all revised their predictions. Some say the rate hike could happen as early as Q3 2015.

If the market misreads the Fed's timing, it might be bad for stocks as investors flee to safer assets. Though not everyone thinks so.

"We don't expect share prices to plummet, as they did towards the end of, and after, the 1999/2000 tightening cycle," Capital Economics wrote in a note earlier today. "This is mainly because the valuation of the stock market is much less stretched now than it was during the dot com bubble."

Related: Check out just how good last weeks' jobs numbers were

5. Overseas markets: European stocks fell, with the FTSE 100 finishing over 0.6% lower. Asian stocks ended the day in mixed territory, though India's Sensex gained 0.5%.

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4:10 pm: [BRIEFING.COM] The stock market began the first full week of July on a cautious note with small caps pacing the retreat. The Russell 2000 and Nasdaq Composite posted respective losses of 1.7% and 0.8%, while the S&P 500 fell 0.4% with seven sectors ending in the red.

Equities spent the duration of the trading day in negative territory with the opening weakness taking place amid cautious action in Europe. A disappointing Industrial Production report from Germany (-1.8% versus expected 0.2%) weighed on sentiment, which contributed to the profit-taking.

Back in the U.S., profit-taking was also the theme of the day with some of the recent leaders seeing larger losses than the broader market. Specifically, the Nasdaq and Russell 2000 led the slide after entering the session with respective gains of 9.9% and 6.3% over the last three months.

The tech-heavy Nasdaq underperformed even as its top-weighted component-Apple (AAPL 95.97, +1.94)-rallied throughout the session. Chipmakers, however, pressured the index with the PHLX Semiconductor Index falling 0.7%. Similarly, biotechnology proved to be a drag on the index as the iShares Nasdaq Biotechnology ETF (IBB 259.09, -6.93) lost 2.6%.

In turn, the relative weakness of the biotech space pressured the health care sector (-0.8%), while the remaining countercyclical groups fared a bit better than the broader market. Telecom services (+0.3%) and utilities (+0.4%) held gains throughout the session, while the consumer staples sector (+0.1%) climbed out of the red during the afternoon.

Meanwhile, just about every cyclical sector struggled to keep pace with the market. The technology sector (unch) was the lone outperformer, while the other five registered losses between 0.5% and 0.8%.

Notably, the industrial sector (-0.7%) was pressured by widespread losses among transportation stocks. Airlines like Delta Air Lines (DAL 36.90, -1.70) and United Continental (UAL 38.62, -1.26) registered respective losses of 4.4% and 3.2%, while the Dow Jones Transportation Average (-1.0%) surrendered its July gain.

With stocks ending on their lows, participants did show some increased demand for volatility protection, which sent the CBOE Volatility Index (VIX 11.43, +1.11) from seven-year lows into the middle of its range from June.

Treasuries saw overnight losses, but a daylong rally resulted in the 10-yr note adding five ticks to send its yield lower by two basis points to 2.61%.

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

Tomorrow, the Job Openings and Labor Turnover Survey will be released at 10:00 ET, while the May Consumer Credit report will cross the wires at 15:00 ET (Briefing.com consensus $16.20 billion).

S&P 500 +7.0% YTD
Nasdaq Composite +6.6% YTD
Dow Jones Industrial Average +2.7% YTD
Russell 2000 +2.1% YTD

3:30 pm: [BRIEFING.COM]

Precious metals spent the entire floor session trading in negative territory today.
Aug gold dipped to a session low of $1312.10 per ounce in morning action and settled with a 0.3% loss at $1317.10 per ounce, just below its session high of $1317.50 per ounce.
July silver touched a session high of $21.06 per ounce moments after pit trade opened but slipped to a session low of $20.86 per ounce in mid-morning action. It eventually settled at $21.01 per ounce, or 0.6% lower.
Aug crude oil traded in the red today. It pulled back from a session high of $104.01 per barrel set at floor trade open and touched a session low of $103.19 per barrel. It then consolidated near the $103.40 per barrel level and settled with a 0.5% loss at $103.49 per barrel.
Aug natural gas was also weak today. It retreated from its session high of $4.29 per MMBtu set in early morning pit trade and dipped as low as $4.20 per MMBtu. Unable to find buying support, it settled at $4.23 per MMBtu, or 4.1% lower.

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the first session of the week. The benchmark index began the trading day in the red and continued slipping farther away from its flat line throughout the trading day. However, despite the daylong retreat, the index has only slid about four points below its opening level, which leaves the S&P 500 down 9 points below its flat line.

Elsewhere, the Russell 2000 (-1.6%) and Nasdaq (-0.8%) continue showing relative weakness, while the Dow Jones Industrial Average (-0.3%) outperforms.

2:30 pm: [BRIEFING.COM] The S&P 500 trades roughly two points above its session low as the quiet afternoon continues. Market participants did not receive any economic data today and the remainder of the week will be relatively quiet on that front.

Tomorrow's data will be limited to the May Job Openings and Labor Turnover Survey and the Consumer Credit report for May (Briefing.com consensus $16.30 billion), but neither report is expected to elicit a reaction in the market.

Notably, Wednesday's session will feature the release of the minutes from the latest FOMC policy meeting, while the remainder of the week will bring Wholesale Inventories for May (Briefing.com consensus 0.5%) and the June Treasury Budget.

2:00 pm: [BRIEFING.COM] The major averages continue drifting near their lowest levels of the session with the materials sector (-0.8%) trading behind the other nine groups. The commodity-related sector has suffered from losses among miners and steelmakers as Market Vectors Gold Miners ETF (GDX 26.11, -0.39) and Market Vectors Steel ETF (SLX 49.18, -0.29) hold respective losses of 1.5% and 0.6%.

Elsewhere, another commodity-linked sector-energy-also displays relative weakness. The top-performing sector from June is lower by 0.7%, while crude oil trades down 0.6% at $103.47/bbl.

1:25 pm: [BRIEFING.COM] The market gaveth last Thursday after the encouraging employment report for June and it taketh away today -- at least in the case of the Nasdaq (-0.7%) and Russell 2000 (-1.4%) which have relinquished the entirety of their gains and then some from Thursday.

The reversal of fortune has the semblance of being a profit-taking effort after such a strong run by the major indices. To wit, the Nasdaq Composite and Russell 2000 had risen 9.9% and 6.3%, respectively, over the last three months entering today's trading.

Added attention will continue to be paid to the Russell 2000, though, knowing that it has been beaten back in quick fashion after testing, and coming up just short of its all-time closing high seen in early March, on Thursday. That rejection has stoked some burgeoning concerns that it may be carving out a double-top formation that will give way to further downside action. Time will tell, but it is clear today that the Russell 2000 is much weaker than its counterparts.

On the flip side, the CBOE Volatility Index (VIX 11.45, +1.13) has seen a big percentage spike today (albeit off a very depressed base) on some hedging interest in front of the FOMC Minutes on Wednesday and the start of the second quarter earnings reporting period.

12:55 pm: [BRIEFING.COM] At midday, the major averages hover near their session lows with small caps pacing the retreat. The Russell 2000 holds a loss of 1.4%, while the S&P 500 trades down 0.5% with eight sectors in the red.

Market participants were not in any rush to push stocks higher upon returning from the extended weekend. On the contrary, the opening bell invited some profit taking in high-growth areas like transport stocks and chipmakers.

The Dow Jones Transportation Average trades lower by 1.1% with 19 of its 20 components in the red. Airlines have shown noteworthy weakness with Delta Air Lines (DAL 37.32, -1.28) and United Continental (UAL 38.65, -1.23) both down in excess of 3.0%.

The underperformance of transport stocks has pressured the broader industrial sector (-0.8%), while most other cyclical sectors display comparable losses. However, the largest S&P 500 sector-technology-outperforms with a slim loss of 0.2%. The relative strength is a by-product of gains in top-weighted components like Apple (AAPL 94.91, +0.88) and Microsoft (MSFT 42.04, +0.24).

Chipmakers, meanwhile, slumped at the open, but have been able to climb off their lows. The PHLX Semiconductor Index (-0.6%) now trades just a bit behind the broader market.

On the countercyclical side, consumer staples (unch), telecom services (+0.4%), and utilities (+0.2%) outperform, while health care (-0.7%) trails amid weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 260.23, -5.79) is lower by 2.2%.

The intraday losses in the market have helped the Treasury market climb to highs. Currently, the 10-yr note is higher by five ticks with its yield down two basis points at 2.62%.

There was no economic data reported today.

12:30 pm: [BRIEFING.COM] Not much change in the major averages as the S&P 500 continues trading within two points of its session low.

Out of the six cyclical sectors, the technology space is the only group that trades ahead of the S&P 500 with a modest loss of 0.1% thanks in part to a solid gain in the shares of the top-weighted component-Apple (AAPL 94.95, +0.92). Meanwhile, most of the remaining five growth-oriented sectors hover close to their lows.

The market's inability to pull away from its low, has caused an increase in demand for volatility protection, but despite its 10.7% increase today, the CBOE Volatility Index (VIX 11.42, +1.10) sits near the middle of its range from June.

12:00 pm: [BRIEFING.COM] Equity indices remain near their lows with the S&P 500 now down 0.5%.

Earlier today, we pointed out the relative strength among the four countercyclical sectors. Since then, telecom services (+0.4%) and utilities (+0.4%) have done a good job withstanding the recent weakness, while consumer staples (-0.1%) have dipped back below their flat line.

Also of note, the top-weighted countercyclical group-health care-is now among the laggards. The sector trades lower by 0.6% with biotechnology also showing relative weakness. The iShares Nasdaq Biotechnology ETF (IBB 261.52, -4.50) holds a loss of 1.7%.

11:30 am: [BRIEFING.COM] The stock market has slumped to a fresh low since our last update in a move that saw equity markets in Europe also take a step back. Most notably, Germany's DAX, which was initially pressured by a disappointing Industrial Production report, is now lower by 1.0% with the session nearing the closing bell.

Domestically, small-cap stocks have lagged since the open and they remain in that position at this time with the Russell 2000 down 1.3%. Similarly, the PHLX Semiconductor Index and the Dow Jones Transportation Average, both of which are comprised of high-beta names, hold respective losses of 0.7% and 1.0%.

Also of note, the continued weakness in equities has helped Treasuries rise to fresh highs. The 10-yr note is higher by five ticks with its yield down two basis points at 2.62%.

10:55 am: [BRIEFING.COM] The major averages have ticked up off their session lows, but they continue holding the bulk of their losses. The S&P 500 has reclaimed roughly two points and remains down 0.3% with seven sectors trading in the red.

Earlier we mentioned the relative strength among countercyclical sectors, which continues to be the case at this time. Telecom services (+0.3%) and utilities (+0.8%) have built on their opening gains, while consumer staples (unch) and health care (-0.2%) remain a bit below their flat lines.

On the cyclical side, the largest S&P 500 sector-technology-sits just above its flat line, while the remaining five sectors display losses between 0.4% and 0.7%.

The tech sector owes its modest gain to relative strength among top-weighted components like Apple (AAPL 95.421, +1.39), Microsoft (MSFT 42.04, +0.24), and Google (GOOGL 594.21, +1.13), while high-beta chipmakers lag. The PHLX Semiconductor Index is lower by 0.5%.

10:35 am: [BRIEFING.COM]

Natural gas futures extended losses and just hit a new LoD of $4.26/MMBtu
WTI crude oil futures also sold off in recent trade to a new LoD of $103.32/barrel
Crude oil is currently sitting just above its LoD, while Aug nat gas remains at its LoD, now down 3.2%.
Aug crude oil is -0.6% at $103.44/barrel.
Gold, silver and copper futures are also in the red
Copper fell as low as $3.24/lb early in the overnight session and is now -0.4% at $3.27/lb
Aug gold is now -0.4% at $1315.70/oz, while Sept silver is -0.7% at $20.98/oz

9:55 am: [BRIEFING.COM] Equity indices continue drifting near their opening levels with the S&P 500 down 0.3%.

The industrial sector (-0.6%) slumped out of the gate at the start and it remains near the bottom of the leaderboard with transports contributing to the decline. The Dow Jones Transportation Average holds a loss of 0.7% with just about every index member in the red. Five components hold losses close to 1.0% apiece, while GATX (GMT 68.20, +0.12) is the lone advancer.

On the upside, the consumer staples sector (+0.04%) has joined telecom services (+0.2%) and utilities (+0.4%) in the green.

9:40 am: [BRIEFING.COM] The major averages began the Monday session on a lower note with small caps showing early weakness. The Russell 2000 is lower by 0.7%, while the S&P 500 holds a loss of 0.3% with eight sectors trading in the red.

Overall, cyclical sectors began the session behind their defensively-geared counterparts. Energy (-0.5%), financials (-0.4%), and industrials (-0.5%) displayed early weakness, while telecom services (unch) and utilities (+0.2%) opened ahead of the broader market.

Treasuries continue holding modest gains with the 10-yr yield down one basis point at 2.63%.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -5.20. Nasdaq futures vs fair value: -7.50. The stock market is on course for a modestly lower start as futures on the S&P 500 trade five points below fair value. Index futures have held losses throughout the night and slumped to their lowest levels of pre-market action during the past hour.

In general, today's session is expected to be relatively quiet considering the lack of economic or corporate news of note. However, one data point from overseas has caught the eye of market participants. Specifically, Germany's Industrial Production fell 1.8%, which was lower than the expected uptick of 0.2%.

Treasuries hold slim gains with the 10-yr yield down less than a basis point at 2.63%.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -5.40. Nasdaq futures vs fair value: -7.80. The S&P 500 futures trade five points below fair value.

Asian markets drifted little changed to start the week. Bank of Japan Governor Haruhiko Kuroda reiterated current policy will remain in place for as long as it takes to maintain the 2% inflation target. Furthermore, he said year-over-year increase in core inflation is likely to be around 1.25% for 'some time.'

Economic data was limited:
Japan's Leading Index slipped to 105.7 from 106.5 (expected 106.0)
Australia's AIG Construction Index rose to 51.8 from 46.7, while ANZ Job Advertisements jumped 4.3% month-over-month (previous -5.7%)
Taiwan's trade surplus narrowed to TWD56.90 billion from TWD159.50 billion.

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Japan's Nikkei lost 0.4%, slipping off five and a half month highs as profit-taking set in. Disappointing earnings dropped supermarket giant Aeon 5.1%.
Hong Kong's Hang Seng held at its best levels of 2014. Casino stocks lagged as Sands China and Galaxy Entertainment gave up 2.0% and 1.2%, respectively.
China's Shanghai Composite held at three-week highs. China Vanke added 3.4% and Poly Real Estate gained 2.4% on reports Wuhan city will ease standards for third home purchases.

Major European indices trade lower across the board amid light volumes. IMF Managing Director Christine Lagarde spoke over the weekend, suggesting the current slow rate of investment could pressure global growth. The IMF chief said the latest growth forecast will differ slightly from the previous outlook, but stopped short of giving specific figures

Participants received several data points:
Eurozone Sentix Investor Confidence improved to 10.1 from 8.5 (expected 8.0)
Germany's Industrial Production fell 1.8% month-over-month (consensus 0.2%, previous -0.3%)
Spain's Industrial Production rose 2.5% year-over-year (expected 3.8%, previous 4.1%)
Swiss Unemployment rate slipped to 2.9% from 3.0%, as expected

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Great Britain's FTSE holds a loss of 0.5% with Tullow Oil leading the retreat. The stock trades lower by 2.1%. Drug maker GlaxoSmithKline outperforms with a gain of 0.4%.
Germany's DAX is lower by 0.5% amid weakness in some of the top index components. Adidas, Bayer, and Siemens are all down near 0.9%. Insurer Allianz outperforms with a gain of 1.2%
In France, the CAC trades down 1.0% as ArcelorMittal and Cie de St-Gobain lead the slide. The two producers of basic materials hold respective losses of 2.7% and 2.1%. Renault is the lone advancer, up 1.2% following better than expected deliveries data.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: -6.20. Nasdaq futures vs fair value: -9.00. The stock market is on track for a cautious start to the first full week of July as futures on the S&P 500 hover six points below fair value. The S&P 500 futures spent the entire overnight session in the red, falling to lows over the past 30 minutes as European markets notched lows of their own.

It is worth mentioning that the defensive posture comes after Germany's Industrial Production report (-1.8% versus expected 0.2%) missed estimates. Outside of the data point, participants did not receive any other noteworthy economic news.

Similarly, things are quiet on the corporate front, but the Q2 earnings season is fast-approaching with Alcoa's (AA 15.00, +0.02) report expected after tomorrow's closing bell.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -7.80. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover five points below fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.4%, Hong Kong's Hang Seng -0.02%, and China's Shanghai Composite +0.03%.
Economic data was limited:
Japan's Leading Index slipped to 105.7 from 106.5 (expected 106.0)
Australia's AIG Construction Index rose to 51.8 from 46.7, while ANZ Job Advertisements jumped 4.3% month-over-month (previous -5.7%)
In news:
Bank of Japan Governor Haruhiko Kuroda spoke at the quarterly Branch Managers meeting, saying the year-over-year increase in core inflation is likely to be around 1.25% for 'some time.'

Major European indices trade lower across the board. Germany's DAX -0.4%, Great Britain's FTSE -0.4%, and France's CAC -0.7%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -0.8%.
Participants received several data points:
Eurozone Sentix Investor Confidence improved to 10.1 from 8.5 (expected 8.0)
Germany's Industrial Production fell 1.8% month-over-month (consensus 0.2%, previous -0.3%)
Spain's Industrial Production rose 2.5% year-over-year (expected 3.8%, previous 4.1%)
Swiss Unemployment rate slipped to 2.9% from 3.0%, as expected
Among news of note:
IMF Managing Director Christine Lagarde spoke over the weekend, suggesting the current slow rate of investment could pressure global growth. The IMF chief said the latest growth forecast will differ slightly from the previous outlook, but stopped short of giving specific figures

In U.S. corporate news:

Applied Materials (AMAT 23.26, +0.45): +2.0% in reaction to a JP Morgan upgrade to 'Overweight' from 'Neutral.'
GT Advanced Technologies (GTAT 18.28, -1.27): -6.5% after being downgraded to 'Neutral' from 'Buy' at UBS.
Ultratech (UTEK 23.58, +0.59): +2.6% following a Bank of America/Merrill Lynch upgrade to 'Buy' from 'Neutral.'

There is no economic data on today's schedule.

6:33 am: [BRIEFING.COM] S&P futures vs fair value: -2.50. Nasdaq futures vs fair value: -3.50.

6:33 am: [BRIEFING.COM] Nikkei...15379.44...-57.70...-0.40%. Hang Seng...23540.92...-5.40...0.00.

6:33 am: [BRIEFING.COM] FTSE...6856.52...-9.50...-0.10%. DAX...9995.48...-13.60...-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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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