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 Post subject: July 11th Friday Trade Results - Profit $450.00
PostPosted: Fri Jul 11, 2014 5:48 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ ($0.50) dollars or -0.50 points, Emini ES ($ES_F) futures @ $500.00 dollars or +10.00 points, Light Crude Oil CL ($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 @ $450.00 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=1837

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.

Stocks Close Out Bad Week

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

NEW YORK (CNNMoney)
Stocks ended a volatile week with modest gains Friday, but the S&P 500 had its worst week in three months.

The Dow Jones industrial average, the S&P 500 and the Nasdaq all ended higher, shaking off earlier weakness. The Nasdaq was the best performer, adding nearly 0.4%. The Dow and S&P 500 both gained about 0.1%.

Is a correction brewing? Despite Friday's gains, the S&P 500 ended the week down 0.9%, the biggest weekly decline since April. The Nasdaq was down 1.6% and the Dow was off 0.7%.

Dave Rovelli, managing director of U.S. equity trading at Canaccord Genuity, said many investors are wondering if the market is on the verge of a long-awaited correction, typically defined as a drop of 10% or more from the most recent high.

The Russell 2000 index of small company stocks, often seen as a leading indicator for the broader market, fell nearly 4% this week. Stocks haven't experienced a correction in quite some time, and many investors would welcome the opportunity to buy into the market at more attractive prices.

"The market is still in a long-term up trend," said Rovelli. "A pullback wouldn't be the worst thing in the world, and it would give people a better entry point."

While there's a lot of choppiness in the markets this week, experts told CNNMoney that stocks will continue to go up this year. On average, they expect the S&P 500 to finish the year about 9% higher (it's currently up just over 6%).

Related: Stocks will end 2014 even higher, investing pros say

What's moving -- Wells Fargo, Tobacco stocks: Shares of Wells Fargo (WFC) were under pressure after the nation's largest bank by market cap reported earnings that were in line with analysts' expectations.

Wells Fargo is the first major U.S. bank to report second quarter results. Citibank (C), JPMorgan (JPM), Goldman Sachs (GS), Bank of America (BAC) and Morgan Stanley (MS) all open their books next week.

Related: Wells Fargo is lending is mountain of cash

Imperial Tobacco, a global tobacco company based in England, is in talks to buy certain brands from Reynolds American (RAI) and Lorillard (LO). The deal would combine two of the largest U.S. cigarette brands into a company with a potential market value of $56 billion, according to Daniel Sugarman, a market strategist at ETX Capital in London.

Mortgage insurers hammered: Shares of MGIC Investment (MTG)were halted after falling more than 10% in heavy volume. Other mortgage insurance companies were down sharply on concerns that new regulations could force them to raise capital. Genworth Financia (GNW)l and Radian Group (RDN)both sank as well.

Amazon drones on: Amazon (AMZN, Tech30) has asked the Federal Aviation Administration for permission to conduct tests of its planned drone delivery service near its headquarters in Seattle. The stock was up 4%, though it's still down sharply for the year.

Trading of suspicious stock halted: Trading in shares of Cynk Technology (CYNK), which have soared 25,000% since mid-June, was halted Friday by the Securities and Exchange Commission. The SEC said the suspension was due to concerns about "the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in CYNK's common stock."

Europe regains composure. Most stock markets in Europe ended higher, reversing Thursday's losses. Asian markets ended mixed.

Related: 4 reasons to keep calm about Portugal's bank crisis

Shares in Banco Espirito Santo were suspended on Thursday, but not before they slumped 17%, taking losses for the year to 46%. Banco Esperito resumed trading Friday and said it has sufficient capital to cover any losses. The stock stabilized Friday after regulators announced a temporary ban on short selling in the bank's shares.

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4:15 pm: [BRIEFING.COM] The stock market finished the Friday session on a modestly higher note, but the slim gains could not prevent the key indices from finishing the week in the red. The S&P 500 added 0.2%, trimming its weekly loss to 0.9%, while the Nasdaq Composite (+0.4%) finished the week with a 1.6% decline. Small caps had a tough time keeping up as the Russell 2000 shed 0.1% today to widen its weekly loss to 3.9%.

Equities slipped at the open amid weakness in two cyclical sectors. Energy (-0.8%) and financials (+0.1%) were down in excess of 0.5% in short order, while the other sectors held much closer to their flat lines.

The opening weakness in the financial sector followed an in-line quarterly report from Wells Fargo (WFC 51.49, -0.32). The stock ended lower by 0.6%, while the overall sector managed to recover its loss during the afternoon when the S&P 500 returned into the green.

Meanwhile, the energy sector was pinned to its lows throughout the session with the two top-weighted components-Chevron (CVX 128.47, -1.78) and ExxonMobil (XOM 101.74, -0.83)-pressuring the sector. The two lost 1.4% and 0.8%, respectively. In all likelihood, the sector's inability to rebound alongside the broader market was related to the daylong weakness in crude oil futures. The energy component fell 2.1% to $100.79/bbl.

Elsewhere, other cyclical sectors like consumer discretionary (+0.3%), industrials (+0.6%), and technology (+0.4%) rallied in the afternoon, which sent the S&P 500 to a fresh high.

The industrial sector drew strength from a couple of its top-weighted components. Boeing (BA 128.09, +1.30) and General Electric (GE 26.55, +0.35) posted respective gains of 1.0% and 1.3%, while the PHLX Defense Index advanced 0.7%. Transports also rallied with airlines and railroads in the lead. United Continental (UAL 45.70, +0.53) rose 1.2%, Norfolk Southern (NSC 103.95, +1.54) jumped 1.5%, while the Dow Jones Transportation Average added 0.4%.

Also of note, the relative strength of the technology sector contributed to the outperformance of the Nasdaq Composite. Google (GOOGL 586.65, +6.61) and Facebook (FB 66.34, +1.47) spiked 1.1% and 2.3%, respectively, but the top-weighted sector component-Apple (AAPL 95.22, +0.19)-surrendered the bulk of its gain into the close. On the earnings front, Infosys (INFY 54.22, -1.43) lost 2.6% despite beating earnings estimates.

Similar to the cyclical sectors, most countercyclical groups were able to finish in the green. Consumer staples (+0.1%), health care (+0.1%), and telecom services (+0.8%) posted gains, while the utilities sector (-0.7%) ended in the red.

Treasuries posted modest gains with the 10-yr note adding five ticks to send its yield lower by two basis points to 2.52%.

Participation was well below average with just 571 million shares changing hands at the NYSE floor.

Economic data was limited to the Treasury Budget for June, which posted a surplus of $70.50 billion versus a surplus of $116.50 billion in June 2013. The Treasury data are not seasonally adjusted so the June data cannot be compared with the $130.00 billion deficit from May. Fiscal year-to-date, the deficit is $365.90 billion, $144.00 billion less than the comparable period for FY13.

There is no economic data on Monday's schedule.

S&P 500 +6.5% YTD
Nasdaq Composite +5.7% YTD
Dow Jones Industrial Average +2.2% YTD
Russell 2000 -0.3% YTD

Week in Review: Small Caps Slide

The stock market opened 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.

On Tuesday, the major averages registered their second consecutive decline that sent the S&P 500 lower by 0.7% with nine sectors ending in the red. Small-cap stocks underperformed once again with the Russell 2000 and Nasdaq Composite posting respective losses of 1.2% and 1.4%. In many ways, the session resembled Monday's affair as stocks began the trading day on a cautious note amid weakness in European equities. On Monday, a disappointing Industrial Production report from Germany contributed to the cautious posture, while Tuesday's losses followed the largest monthly decline in UK's Industrial Production (-0.7%) since January 2013. With participants receiving another warning sign about the strength of economic growth in the eurozone, the stage was set for another day of profit taking.

The major averages snapped their two-day losing streak on Wednesday with the Nasdaq Composite leading the charge. The tech-heavy index rose 0.6%, while the S&P 500 advanced 0.5% with nine sectors posting gains. Equity indices displayed opening strength, but the early advance was a bit shaky as the Russell 2000 (+0.1%) had a tough time keeping pace with the broader market. The small-cap index underperformed throughout the session, while the other key indices powered to new highs after the Federal Reserve released the minutes from the June FOMC meeting. Most notably, the minutes revealed the belief among officials that investors have displayed too much complacency with regard to risk. Furthermore, the minutes indicated that the committee has discussed its exit strategy tools with the general expectation of a final $15 billion taper taking place in October if the current outlook holds up.

Equities stumbled on Thursday, but a daylong rebound off the opening lows helped the major averages erase the bulk of their losses. The Russell 2000 was the weakest performer, falling 1.1%, while the S&P 500 settled lower by 0.4% after being down as much as 1.0% at the open. The early stumble was not brought upon by any specific headline, but rather a series of developments that caused investors to reduce their exposure to equities. In Asia, China reported below-consensus exports (7.2% versus expected 10.6%) and imports (5.5% versus expected 5.8%), while Japan's Core Machinery Orders tumbled 19.5% against the expectations of an uptick of 0.7%. As the night continued, news from Europe caused an exodus from regional equities (mainly financials) amid worries about Portugal's banking system after the parent company of Banco Espirito Santo missed a bond payment. Portugal's PSI 20 fell 4.2%, while Germany's DAX and Spain's IBEX lost 1.5% and 2.0%, respectively. Domestically, participants received a sliver of good news on the economic front as weekly initial claims decreased to 304,000 (Briefing.com consensus 311,000); however, headlines out of the corporate world were not nearly as upbeat. Shares of Potbelly (PBPB) plunged 25.1% to a new record low after the company said it expects its revenue to come in below estimates, while also guiding for a 1.6% decline in comparable store sales.

3:30 pm: [BRIEFING.COM]

Grains ended the day sharply lower driven by the USDA's WASDE report
Sept wheat lost 4.3% to $5.25/bushel, Sept corn -2.3% at $3.77/bu, Aug soybeans -3% at $11.96/bu
Precious metals chopped around in negative territory today as the dollar index traded slightly higher.
Aug gold pulled back from its session high of $1340.30 per ounce set at pit trade open and brushed a session low of $1334.60 per ounce in morning action. It eventually settled with a 0.2% loss at $1337.30 per ounce, booking a gain of 1.3% for the week.
Sep silver retreated from its session high of $21.55 per ounce and traded slightly below the unchanged line. It touched a session low of $21.42 per ounce and settled with a 0.3% loss at $21.45 per ounce. Today's decline cut weekly gains to 1.5%.
Aug crude oil fell deeper into negative territory after retreating from its session high of $102.26 per barrel set a floor trade open. It traded as low as $100.35 per barrel before settling with a 2.1% loss at $100.79 per barrel. Today's decline brought losses for the week to 3.1%.
Aug natural gas lifted from its session low of $4.11 per MMBtu in morning action and recovered into positive territory. It held on to the gain and settled at its session high of $4.15 per MMBtu, or 0.7% higher. Despite today's advance, the energy component fell 5.9% over the week

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.1% with one hour remaining in the final session of the week. Even though the benchmark average slumped at the start, an afternoon recovery has placed the index on a fresh session high.

The industrial sector (+0.5%) is the top performer among cyclical groups, while the telecom services sector (+0.5%) leads the four countercyclical groups.

When today's session kicked off, energy (-0.9%) and financials (+0.1%) pressured the market, but the energy sector is the only cyclical group that hasn't been able to reclaim its losses. Crude oil, meanwhile, ended the pit session with a 2.1% loss at $100.79/bbl.

2:30 pm: [BRIEFING.COM] The S&P 500 (+0.1%) has climbed to a fresh session high as the quiet afternoon wears on. With the benchmark index trading at its best level of the session, seven of ten sectors now trade with gains.

The telecom services sector (+0.4%) held the lead through the majority of the session, but has since been overtaken by industrials (+0.4%). The industrial sector has received support from defense contractors, while transport stocks have been limited to slimmer gains.

The PHLX Defense Index is higher by 0.5% with Dow components Boeing (BA 127.75, +0.96) and General Electric (GE 26.50, +0.30) contributing to the strength. The two stocks hold respective gains of 0.8% and 1.2%.

Elsewhere, the Dow Jones Transportation Average sports an advance of 0.2% with 13 components trading in the green. Airlines have had a strong showing as JetBlue (JBLU 10.93, +0.20) and United Continental (UAL 45.65, +0.48) hold respective gains of 1.9% and 1.1%.

2:00 pm: [BRIEFING.COM] The S&P 500 sits right on its flat line, while the Nasdaq Composite (+0.3%) has climbed to a fresh session high.

Just released, the Treasury Budget for June showed a surplus of $70.50 billion, which followed the prior surplus of $116.50 billion. The Briefing.com consensus expected the surplus to hit $70.00 billion.

1:25 pm: [BRIEFING.COM] There hasn't been much movement so far in the major indices today, but there has been plenty of movement this week. The net impact of that movement has been to the downside for each of the major indices.

The bulk of this week's selling interest, however, has been concentrated on the small-cap stocks. That collective selling interest has led to a 4.1% decline in the Russell 2000, which came within a whisker last Thursday of setting a new all-time closing high.

The Russell 2000 (-0.3%) is underperforming again today, stirring concerns that the failure to take out the prior all-time closing high has the markings of a double-top technical formation that is going to invite added selling interest. If so, participants will be watching carefully to see if the extra selling pressure on the small caps bleeds into the large caps.

Notwithstanding this week's volatility, the S&P 500 is still down just 1.0% from its all-time closing high. That can be regarded at this juncture more as a move of profit-taking interest than a true shift in sentiment.

12:55 pm: [BRIEFING.COM] At midday, the major averages trade near their flat lines as the quiet Friday session continues. The S&P 500 and Russell 2000 display respective losses of 0.1% and 0.4%, while the Nasdaq Composite (+0.1%) outperforms modestly.

The first half of today's session has not generated any excitement with the S&P 500 trapped inside a four-point range. And if that wasn't enough, the benchmark index has respected a two-point range for the better part of the past 90 minutes.

Prior to the open, the futures market suggested stocks would reclaim some of their losses from yesterday, but the upbeat disposition vanished just ahead of the cash open. The S&P 500 has made a brief appearance in the green at the start, but could not hold that gain as the underperformance of energy (-0.9%) and financial (-0.1%) sectors drove the index to a session low.

At this juncture, the energy sector remains near its low, while financials have regained most of the early slide. This morning, market participants received the first quarterly report of the earnings season from the financial sector. Specifically, Wells Fargo (WFC 51.54, -0.27) is lower by 0.5% after reporting in-line results. The company's Q2 residential mortgage originations showed quarterly growth, but the gain on sale margin slipped 20 basis points 1.41% as compared with the first quarter.

In addition to energy and financials, the underperformance of two large countercyclical sectors-consumer staples (-0.2%) and health care (-0.3%)-has contributed to the modest loss in the S&P 500.

On the upside, consumer discretionary (+0.1%), industrials (+0.2%), and technology (+0.2%) sport modest gains, which could turn into a recipe for an afternoon recovery if these sectors see some additional inflows. Together, the three cyclical groups account for 42.0% of the entire S&P 500.

Treasuries hover near their highs after rallying throughout the first half of action. The 10-yr note is higher by six ticks with its yield down three basis points at 2.51%.

There was no economic data reported this morning, but the June Treasury Budget (Briefing.com consensus $70.00 billion) will be released at 14:00 ET.

12:30 pm: [BRIEFING.COM] The S&P 500 (-0.2%) and Nasdaq (+0.1%) continue trading on opposite sides of their flat lines with the technology sector (+0.2%) giving a boost to the Nasdaq Composite. Biotechnology has also made a contribution, albeit a miniscule one considering the iShares Nasdaq Biotechnology ETF (IBB 255.58, +0.10) hovers just above its flat line. For its part, the broader health care sector (-0.3%) continues to lag.

Staying among countercyclical sectors, consumer staples (-0.3%) and utilities (-0.4%) also display relative weakness, while the telecom services sector (+0.1%) remains in the green.

12:00 pm: [BRIEFING.COM] Stocks continue respecting narrow ranges with the S&P 500 remaining three points below its flat line. If the benchmark index ends today's session near its current level that would represent a 1.2% loss for the week, but the S&P 500 would still hold its slim 0.1% uptick for the quarter.

Elsewhere, the Dow Jones Industrial Average is on course to register a comparable weekly loss (-1.1%), while the Nasdaq and Russell 2000 are down 1.9% and 4.2%, respectively.

Notably, the big slide in the Russell 2000 took place after the index failed to overtake its year-to-date high that was registered at the start of March. The sharp rejection has stoked some fears about a possible double-top formation in the index, which has found support at its 100-day moving average (1157.39) for the time being.

11:30 am: [BRIEFING.COM] The S&P 500 continues holding a slim loss of 0.2%, but the energy sector (-0.8%) has returned to its early low amid weakness in crude oil and some of the top index components. Crude oil has traded in the red since the overnight session and it recently dropped to a new low for the day. Oil is currently lower by 1.5% at $101.38/bbl.

Meanwhile, Dow components Chevron (CVX 128.53, -1.72) and ExxonMobil (XOM 101.75, -0.81) hold respective losses of 1.3% and 0.8% even after Chevron's interim update indicated the company expects to show quarterly bottom-line growth in its report slated to be released on August 1.

On the upside, the industrial sector (+0.2%) has joined technology (+0.2%) among the leaders.

11:00 am: [BRIEFING.COM] Not much change in the major averages as they continue hovering near their flat lines. The Nasdaq Composite (+0.2%) holds a slim gain, while the Dow (-0.2%), S&P 500 (-0.1%), and Russell 2000 (-0.4%) remain below their flat lines.

With the key indices maintaining their levels, there hasn't been much movement among the ten individual sectors. Energy (-0.7%) remains at the bottom of the leaderboard, while financials have trimmed their loss to 0.3%. Outside of the two influential decliners, only health care (-0.2%) and consumer staples (-0.3%) display losses larger than 0.1%.

On the upside, the technology sector (+0.3%) holds a modest gain thanks to the relative strength among large components like Apple (AAPL 95.65, +0.62), Cisco Systems (CSCO 25.59, +0.15), Google (GOOGL 583.64, +3.61). Furthermore, gains in these names have provided a measure of support to the Nasdaq Composite.

10:35 am: [BRIEFING.COM]

Dollar index is modestly higher today, while precious metals and energy are trading in the red
Crude oil has been in the red all day so far and slid to a new LoD in recent trade
Aug crude oil is now -1.1% at $101.85/barrel.
Aug natural gas also slid to a new LoD recent activity. It remains near that level, which is near the unch mark, now -0.1% at $4.12/MMBtu
Gold and silver are showing modest losses currently. Aug gold is -0.2% at $1336.30/oz, while Sept silver is -0.2% at $21.48/oz
Sept copper is -0.4% at $3.25/lb

10:05 am: [BRIEFING.COM] The S&P 500 (-0.2%) continues hovering just below its flat line, while the Nasdaq (+0.1%) is trying to keep its head above water. Elsewhere, the Dow Jones Industrial Average (-0.3%) trails both indices.

The energy sector (-0.8%) remains the weakest performing group, while most other sectors trade closer to their flat lines.

The opening weakness in the S&P 500 has not led to early demand for downside protection as the CBOE Volatility Index (VIX 12.51, -0.08) holds a loss of 0.5%.

9:45 am: [BRIEFING.COM] The S&P 500 (-0.2%) made a brief appearance above its flat line at the start of the session before slipping into the red.

The opening retreat was fueled by energy (-0.8%) and financials (-0.5%) slipping behind the remaining eight sectors. Wells Fargo (WFC 51.13, -0.68) reported in-line earnings this morning, but the stock has been subject to some early profit taking as it trades lower by 1.3%.

On the upside, influential consumer discretionary (+0.1%) and technology (+0.1%) sectors display modest gains, while the telecom services sector (+0.4%) sits atop the leaderboard.

Treasuries remain modestly higher with the 10-yr yield holding its one-basis point loss at 2.52%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: +8.00. The stock market is on track for a flat start as futures on the S&P 500 trade within a point of fair value. Index futures spent the entire overnight session in the green, but have been dripping lower from their highs notched around 4:00 ET.

With today's session marking the end of the week, the S&P 500 will look to narrow its week-to-date loss that currently stands at 1.1%.

Participants did not receive any economic data this morning (June Treasury Budget to be released at 14:00 ET), but they have heard from a major component of the financial sector. Wells Fargo (WFC 51.12, -0.69) is indicated to open lower by 1.3% after reporting earnings in line with the Capital IQ consensus estimate on revenue that was a bit ahead of expectations. The company's Q2 residential mortgage originations showed quarterly growth, but the gain on sale margin slipped 20 basis points 1.41% as compared with the first quarter.

Treasuries hold modest gains to start the day. The benchmark 10-yr yield is lower by one basis point at 2.52%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +6.70. The S&P 500 futures have slipped to their pre-market lows and now trade in line with fair value.

Asian markets ended the final session of the week on a mostly lower note. A quiet night for news and data made for a rather lackluster session:

Australia's Home Loans were unchanged month-over-month (expected -1.0%, previous -0.2%)
New Zealand's FPI rose 1.4% month-over-month (previous 0.6%)

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Japan's Nikkei shed 0.3%, falling for a fifth straight session. Exporters remained under pressure due to the recent strength of the yen with Toyota Motor losing 0.7% and Toshiba falling 1.1%.
Hong Kong's Hang Seng erased its early losses and settled little changed. Casino names finally saw some strength as Sands China and Galaxy Entertainment rallied 0.8% and 0.7%, respectively.
China's Shanghai Composite added 0.4%, climbing off two-week lows. Automakers saw solid gains with SAIC Motor adding 1.6% following reports vehicle sales on the Mainland rose 8.4% during the first six months of the year.

European markets trade mostly higher with Portugal's PSI up 2.2% after yesterday's 4.2% plunge. Portugal's Prime Minister Pedro Passos Coelho said investors should not worry about the financial system and Bank of Portugal reiterated that BES has enough capital.

In economic data:
Germany's CPI rose 0.3% month-over-month, while the year-over-year reading increased 1.0%. Both figures met expectations. Separately, Wholesale Price Index slipped 0.1% month-over-month (expected 0.2%, previous -0.1%)
Great Britain's CB Leading Index rose 0.5% month-over-month (previous 0.5%)
French Current Account deficit widened to EUR3.10 from EUR2.30 billion
Spain's CPI was unchanged month-over-month, while the year-over-year reading ticked up 0.1%. Both figures matched estimates

------

Germany's DAX hovers at its flat line with exporters showing strength. BMW and Volkswagen are both up near 0.5%. HeidelbergCement is the weakest performer, down 2.6%.
Great Britain's FTSE is higher by 0.1% with consumer names providing support. Coca-Cola, Imperial Tobacco, and ITV are up between 1.9% and 2.9%. Miners lag with Anglo American, Antofagasta, Fresnillo, and Randgold Resources down between 1.0% and 3.4%.
In France, the CAC trades up 0.4%. Hotel operator Accor is the top performer, up 2.2%. On the downside, tech names Cap Gemini and Gemalto are down 1.0% and 1.7%, respectively.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +10.70. U.S. equity futures continue holding a modest bid that has placed the S&P 500 futures two points above fair value. Given the current indication, the benchmark index should put a dent in yesterday's loss at the start of today's session.

With the Q2 earnings season set to heat up next week, participants received the first report from a major bank today. Specifically, Wells Fargo (WFC 51.50, -0.31) is indicated to open lower by 0.6% after reporting earnings in line with the Capital IQ consensus estimate on revenue that was a bit ahead of expectations.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +3.80. Nasdaq futures vs fair value: +13.20. U.S. equity futures trade modestly higher as European markets rebound from yesterday's weakness. The S&P 500 futures hover four points above fair value.

Reviewing overnight developments:

Asian markets ended on a mixed note. China's Shanghai Composite +0.4%, Japan's Nikkei -0.3%, and Hong Kong's Hang Seng settled just below its flat line
Economic data was limited:
Australia's Home Loans were unchanged month-over-month (expected -1.0%, previous -0.2%)
New Zealand's FPI rose 1.4% month-over-month (previous 0.6%)
In news:
Major Australian iron ore miner Fortescue reported growth in Q4 shipments (38.7 metric tons versus 31.5 in Q3), but its fiscal year volume still fell below expectations (124.2 metric tons versus expected 127)

European markets trade higher across the board. Germany's DAX +0.1%, Great Britain's FTSE +0.2%, and France's CAC +0.5%. Elsewhere, Spain's IBEX +0.9% and Italy's MIB +1.2%
In economic data:
Germany's CPI rose 0.3% month-over-month, while the year-over-year reading increased 1.0%. Both figures met expectations. Separately, Wholesale Price Index slipped 0.1% month-over-month (expected 0.2%, previous -0.1%)
Great Britain's CB Leading Index rose 0.5% month-over-month (previous 0.5%)
French Current Account deficit widened to EUR3.10 from EUR2.30 billion
Spain's CPI was unchanged month-over-month, while the year-over-year reading ticked up 0.1%. Both figures matched estimates
Among news of note:
Markets in Europe have regained some of yesterday's losses amid continued assurances from government officials as to the stability of Portugal's Banco Espirito Santo. Portugal's Prime Minister Pedro Passos Coelho said investors should not worry about the financial system and Bank of Portugal reiterated that BES has enough capital

In U.S. corporate news:

Fastenal (FAST 46.71, -1.44): -3.0% following in-line quarterly results.
Infosys (INFY 55.50, -0.15): -0.3% after beating earnings estimates.
Lorillard (LO 66.71, +3.62): +5.7% after the company confirmed acquisition talks with Reynolds American (RAI 63.20, +0.94).
Rent-A-Center (RCII 25.73, -3.33): -11.5% after lowering Q2 earnings and revenue expectations below consensus estimates.

The June Treasury Budget (Briefing.com consensus $70.00 billion) will be reported at 14:00 ET.

6:17 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +12.00.

6:17 am: [BRIEFING.COM] Nikkei...15164.04...-52.40...-0.50%. Hang Seng...23233.45...-5.50...0.00.

6:17 am: [BRIEFING.COM] FTSE...6686.04...+13.70...+0.20%. DAX...9667.56...+8.80...+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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