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 Post subject: July 16th Wednesday Trade Results - Profit $3210.00
PostPosted: Wed Jul 16, 2014 11:41 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 @ $3,210.00 dollars or +32.10 points, Emini ES ($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 @ $3,210.00 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=1840

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.

Thumbs Up! Dow Shatters More Records

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

NEW YORK (CNNMoney)
The Fourth of July may be over but the fireworks are still going off on Wall Street.

The Dow cruised to fresh all-time highs on Wednesday as worries about a possible bubble in biotech and social media stocks quickly faded. Instead investors focused on a lot of good news, including stronger growth in China, a string of upbeat earnings reports and lots of companies merging and buying.

Here are five things you need to know about your markets:

1. Another record-setting day: After tumbling below the 17,000 mark last week, the Dow Jones industrial average has emphatically clawed its way back.

The index set a new all-time intraday record of 17,139 on Wednesday and also notched a new closing record: 17,138.

The S&P 500 fell just short of its 26th record close of the year, but still advanced 0.4%. The Nasdaq also finished in the green, rising about 0.2%.

2. Show me the deals! Time Warner, Fox, Apple and IBM make headlines: Rupert Murdoch is shaking up the media world today.

Time Warner (TWX) shares surged 17% to the highest level in 13 years after the owner of HBO and CNNMoney confirmed it received and rejected a takeover offer from Murdoch's 21st Century Fox. (FOXA)

Shares of 21st Century Fox, which also owns Fox News and The Wall Street Journal, dropped 6% on the M&A buzz.. While Time Warner rebuffed the buyout, stay tuned for more drama in this compelling story.

Related: Murdoch's Fox made offer to buy Time Warner

In the mean time, the Time Warner bid drove up prices of other media stocks, including Discovery Communication, (DISCA) Viacom (VIAB), CBS Corp (CBS), Comcast (CMCSA) and Scripps Networks Interactive (SNI). ESPN parent Walt Disney (DIS), rumored to be a potential player in the Time Warner saga, closed lower.

Some are wondering whether the Murdoch move could be a bearish signal for the broader markets.

"I'm happy to take bets that Murdoch using one inflated security to purchase another won't mark top of US markets. $TWX $FOXA," said StockTwits user sspencer_smb.

In the tech world, shares of both IBM (IBM, Tech30) and Apple (AAPL, Tech30) floated higher after they announced they would join forces to offer iPhones and iPads preloaded with special software developed by IBM. The alliance drove down shares of BlackBerry (BBRY, Tech30) by nearly 12%.

Related: Did Apple and IBM just kill BlackBerry?

3. Earnings roll in: Corporate report cards continue to largely impress, or at least the ones Wall Street cares about.

Intel Corp (INTC, Tech30) popped 9% after the chip maker posted earnings that beat expectations and announced plans to boost its share repurchase program by $20 billion. Intel is now the top performing stock in the Dow for 2014.

Unlike many of its rivals,Bank of America Corp (BMLPRG) fell 2% after reporting a big drop in second-quarter earnings. While its profits exceeded expectations, BofA disclosed a $4 billion legal charge, showing the bank continues to be dogged by legal headaches.

Related: Bank of America suffers

Speaking of bank headaches, PNC (PNC) dropped 3.5% after reporting a slight drop in profits and revenue.

Over in the tech world, Yahoo (YHOO, Tech30) slid 5% in the wake of reporting second quarter revenue and profits that missed forecasts.

After the closing bell, eBay Inc (EBAY, Tech30) reported earings that narrowly beat expectations, and it didn't give a very optimistic outlook for the third quarter. The stock fell slightly in after hours trading.

Results from Taco Bell owner Yum! Brands (YUM) also failed to increase investor appetite. The company's stock ticked lower despite posting a 6% jump in global sales amid growth in China.

Related: Midterm elections aren't typically good for stocks

4. China GDP & Fed's Beige Book: The world's second biggest economy grew by 7.5% compared with the same period last year, despite continued worries about a slowdown in real estate.

It was the first time the economy has accelerated in three quarters, putting China on a somewhat better footing to reach its official growth target of 7.5% for 2014.

Based on its anecdotal Beige Book, the Federal Reserve said the U.S. economy continues to grow at a modest to moderate pace. While price pressure has generally been tame, the Fed said real estate demand has only been mixed.

5. Global market overview: European markets bounced about 1% higher, encouraged by China's growth figures. Asian markets also largely closed higher.

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4:20 pm: [BRIEFING.COM] The stock market ended the Wednesday session on an upbeat note, but the key indices made the bulk of their move during the opening hour, while the intraday underperformance of small-cap stocks kept the market from overtaking its early high. The S&P 500 advanced 0.4%, while the Russell 2000 (-0.3%) slid below its 100-day moving average (1157.38), ending right below the 50-day moving average (1151.46).

The relative weakness among small caps was a continuation of a trend that has been in effect since the start of the month. Today's decline widened the July loss in the Russell 2000 to 3.5%, while the S&P 500 ended the session up 1.1% for the month.

Unlike small caps, the S&P 500 spent the entire session in the green, drawing strength from heavily-weighted sectors like energy (+1.6%), technology (+1.0%), and industrials (+0.5%).

Interestingly, the consumer discretionary sector (+0.3%) could not finish among the leaders even with Time Warner's (TWX 83.13, +12.12) 17.1% surge after rejecting an $80 billion ($85 per share) cash and stock buyout offer from 21st Century Fox (FOXA 33.00, -2.19).

Of the three leading groups, the tech sector opened in the lead with its top-weighted component-Apple (AAPL 94.78, -0.54)-providing support after announcing plans to develop business applications with IBM (IBM 192.36, +3.87). Shares of IBM rose 2.1%, settling near their early high, while Apple lost 0.6% after being up as much as 1.9% at the start.

Even though Apple surrendered its entire gain, the tech sector built on its early strength. Chipmakers picked up the slack with the PHLX Semiconductor Index rising 1.1% thanks to better than expected earnings from Intel (INTC 34.65, +2.94). The industry leader soared 9.3% after beating estimates, boosting its guidance, and adding $20 billion to its buyback program.

Staying on the earnings theme, Yahoo! (YHOO 33.79, -1.82) tumbled 5.1% after missing the Capital IQ consensus estimate by one cent on revenue that was also below estimates.

While the tech sector spent the session near its opening high, energy (+1.6%) took the lead during afternoon action. Similar to the sector, crude oil advanced steadily, climbing 1.3% to $101.18/bbl.

Also of note, the industrial sector finished among the leaders with support from transport stocks. The Dow Jones Transportation Average gained 0.6% with 16 of its 20 components ending in the green. Rail operator CSX (31.19, +0.04) tacked on 0.1% following its one-cent beat.

On the downside, the health care sector (-0.3%) was the weakest group as biotechnology weighed. The iShares Nasdaq Biotechnology ETF (IBB 248.52, -3.91) lost 1.6% on top of yesterday's 2.2% decline sparked by comments from Fed Chair Yellen who identified the group as one of the areas where valuations have been stretched.

Social media stocks were also mentioned in that group and the likes of Pandora Media (P 26.13, -0.47), Twitter (TWTR 37.43, -0.45), and Zynga (ZNGA 3.02, -0.08) lost between 1.4% and 2.6%.

Outside of health care, consumer staples (-0.1%) and financials (-0.1%) also finished in the red. In the financial sector, Bank of America (BAC 15.50, -0.31) reported above-consensus results, but its shares fell 2.0% as investors questioned the quality of the beat.

Treasuries saw losses in the early morning, but climbed into positive territory during the session. The 10-yr note added four ticks to send its yield lower by two basis points to 2.53%.

Participation was on the light side with 660 million shares changing hands at the NYSE.

Economic data included the MBA Mortgage Index, PPI, net long-term TIC flows, Industrial Production, and the NAHB Housing Market Index:
Related Stories

InPlay from Briefing.com Briefing.com
Stock Market News for July 02, 2014 Zacks
Nasdaq Leads Late Gains; S&P 500, Dow Erase Losses Investor's Business Daily
Dow Rises to Record Close The Wall Street Journal
Stock Market News for July 01, 2014 Zacks

The weekly MBA Mortgage Index fell 3.6% to follow last week's uptick of 1.9%
Producer prices increased 0.4% in June after declining 0.2% in May, while the Briefing.com consensus expected an increase of 0.2%
A 2.1% surge in energy prices was the main catalyst for the strong increase in producer prices. That was the largest monthly increase in energy costs since February 2013. Gasoline prices increased 6.4% in June
Food prices declined 0.2% for a second consecutive month
Excluding food and energy, core prices were up 0.2% after declining 0.1% in May, while the consensus expected these prices to increase 0.2%
The May net long-term TIC flows report showed a $19.40 billion inflow of foreign capital into U.S.-denominated assets to follow an outflow of $41.20 billion in the prior month
Industrial production increased 0.2% in June after increasing a downwardly revised 0.5% (from 0.6%) in May, while the Briefing.com consensus expected an increase of 0.4%
Relatively strong manufacturing surveys did not translate into strong manufacturing production growth. Manufacturing production increased only 0.1%, down from a 0.4% gain in May and the slowest increase since production declined 1.0% in January
Capacity utilization levels remained at 79.1% for the second consecutive month
The July NAHB Housing Market Index rose to 53 from 49, while the Briefing.com consensus expected an uptick to 50

Tomorrow, weekly initial claims (Briefing.com consensus 311K), June Housing Starts (consensus 1.02 million), and Building Permits (consensus 1.04 million) will be released at 8:30 ET, while the Philadelphia Fed survey (consensus 12.5) for July will be reported at 10:00 ET.

S&P 500 +7.2% YTD
Nasdaq Composite +6.0% YTD
Dow Jones Industrial Average +3.4% YTD
Russell 2000 -1.1% YTD

3:30 pm: [BRIEFING.COM]

Aug gold rose for the first time in four sessions despite strength in the dollar index.
The yellow metal came off its session low of $1295.80 per ounce set in early morning pit action and traded as high as $1304.20 per ounce. It settled at $1299.90 per ounce, booking a gain of 0.2%.
Sep silver, on the other hand, spent its entire session in the red. It touched a session low of $20.63 per ounce in early morning action and eventually settled with a 0.6% loss at $20.77 per ounce.
Aug crude oil traded higher on bullish inventory data released earlier today.
The EIA reported that for the week ending July 11, inventories fell by 7.5 mln barrels when a smaller draw of 2.1-2.8 mln barrels was expected.
The energy component advanced to a session high of $101.46 per barrel and eventually settled with a 1.3% gain at $101.18 per barrel.
Aug natural gas also rose today, climbing as high as $4.15 per MMBtu in morning action. It settled 0.5% higher at $4.12 per MMBtu.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the session. Going into the last hour of action, the energy sector (+1.4%) leads after overtaking the tech space (+1.2%), which has held a solid gain throughout the trading day.

Participants will receive several quarterly reports following today's closing bell with two technology components headlining the list. The Capital IQ consensus expects eBay (EBAY 50.64, -0.17) to report year-over-year earnings growth of 7.9% on $4.38 billion in revenue. For its part, SanDisk (SNDK 107.82, +2.26) is expected to report earnings 14.9% above last year's results on revenue of $1.60 billion.

Tomorrow, a heavy batch of earnings will be released in the morning with UnitedHealth (UNH 83.47, -0.43) and Morgan Stanley (MS 32.52, +0.52) on the schedule.

2:30 pm: [BRIEFING.COM] The S&P 500 (+0.5%) remains inside of a narrow afternoon trading range.

The Federal Reserve has released its Beige Book, which fit with other upbeat remarks from the Fed that have been made recently. All twelve Fed Districts reported continued expansion of economic activity, but Boston and Richmond saw a slowdown in the pace of growth. Overall consumer spending, meanwhile, increased in all twelve Districts.

Manufacturing activity was seen as expanding across all twelve Districts, but reports on real estate activity varied.

With regard to labor market conditions, slight to moderate growth was reported in all Districts, while price pressures remained contained for the most part.

2:00 pm: [BRIEFING.COM] The S&P 500 continues holding an eight-point gain, which has been the case for the past 90 minutes or so.

Today's top-performing sector-technology (+1.2%)-remains in the lead, but energy (+1.2%) has been nipping at its heels. Like the energy sector, crude oil also trades higher by 1.2% at $101.13/bbl. Meanwhile, the other commodity-linked sector-materials (+0.6%)-has essentially held its ground throughout the session.

Miners and steelmakers have contributed to the sector's strength as Market Vectors Gold Miners ETF (GDX 26.19, +0.41) and Market Vectors Steel ETF (SLX 49.41, +0.80) trade with gains close to 1.7% apiece.

1:30 pm: [BRIEFING.COM] The major indices have maintained a bullish bias today, aided by a rash of positive corporate headlines. Intel (INTC 34.02, +2.31) is a headliner in that respect after the chip maker, and Dow component, turned in some impressive second quarter earnings results, boosted its guidance for the third quarter, and said it is adding $20 bln to its buyback program.

Intel's influence has factored significantly in the outperformance of the Philadelphia Semiconductor Index (SOX 650.69, +6.25) today, which is up 1.0%. The more remarkable statistic is that today's gain leaves the SOX Index up 21.6% year-to-date.

Elsewhere, there is an M&A buzz in the market in the wake of reports that Time Warner (TWX 82.90, +11.89) rejected an $80 bln ($85 per share) cash and stock buyout offer from 21st Century Fox (FOXA 33.99, -1.20). That piece of news drowned out word that International Game Technology (IGT 16.98, +1.48) has agreed to be acquired by GTECH in a $6.4 bln cash and stock deal.

Separately, while stocks have maintained a bullish bias, the 10-yr note has overcome some early losses and is now up four ticks with its yield at 2.54%.

1:05 pm: [BRIEFING.COM] The major averages hold midday gains, but small caps have struggled for the second session in a row. The S&P 500 trades higher by 0.4%, while the Russell 2000 (+0.1%) hovers right above its flat line.

Equities began the midweek session on a strong note following upbeat economic data from China (GDP +7.5% versus expected 7.4%) and a set of corporate headlines that underpinned the technology sector (+1.1%).

Notably, the top-weighted tech component, Apple (AAPL 96.31, +0.99), trades higher by 1.0% after announcing plans to develop business applications with IBM (IBM 193.13, +4.64), which holds a solid gain of 2.5%.

On the earnings front, Intel (INTC 34.00, +2.29) has spiked 7.3% after beating bottom-line estimates and guiding Q3 revenue and gross margin above consensus. The stock has boosted the PHLX Semiconductor Index to a 1.0% gain. Yahoo! (YHOO 33.98, -1.63) also reported its results, but the stock trades down 4.6% in reaction to a one-cent miss.

Yesterday, social media stocks slumped after being identified by Fed Chair Yellen as an industry group with stretched valuations. Today, the likes of Pandora Media (P 26.16, -0.44), Yelp (YELP 68.32, -0.70), and Zynga (ZNGA 3.06, -0.04) remain pressured, while Facebook (FB 67.42, +0.25) and Twitter (TWTR 37.98, +0.10) hold gains.

In addition to social media names, Chair Yellen also included small biotech companies in that 'stretched' category. The iShares Nasdaq Biotechology ETF (IBB 249.83, -2.60) fell 2.2% yesterday and is down 1.0% today. For its part, the health care sector (-0.5%) is the weakest performing group of the day.

Outside of health care, only one other sector-financials (-0.1%)-trades in the red even after Bank of America (BAC 15.50, -0.31) reported above-consensus results. However, the stock trades lower by 1.9% with participants questioning the quality of the earnings beat.

Treasuries retreated in the early morning, but have been inching higher since 9:00 ET. The 10-yr note holds a three-tick gain with its yield down one basis point at 2.54%.

Economic data included the MBA Mortgage Index, PPI, net long-term TIC flows, Industrial Production, and the NAHB Housing Market Index:

The weekly MBA Mortgage Index fell 3.6% to follow last week's uptick of 1.9%
Producer prices increased 0.4% in June after declining 0.2% in May, while the Briefing.com consensus expected an increase of 0.2%
A 2.1% surge in energy prices was the main catalyst for the strong increase in producer prices. That was the largest monthly increase in energy costs since February 2013. Gasoline prices increased 6.4% in June
Food prices declined 0.2% for a second consecutive month
Excluding food and energy, core prices were up 0.2% after declining 0.1% in May, while the consensus expected these prices to increase 0.2%
The May net long-term TIC flows report showed a $19.40 billion inflow of foreign capital into U.S.-denominated assets to follow an outflow of $41.20 billion in the prior month
Industrial production increased 0.2% in June after increasing a downwardly revised 0.5% (from 0.6%) in May, while the Briefing.com consensus expected an increase of 0.4%
Relatively strong manufacturing surveys did not translate into strong manufacturing production growth. Manufacturing production increased only 0.1%, down from a 0.4% gain in May and the slowest increase since production declined 1.0% in January
Capacity utilization levels remained at 79.1% for the second consecutive month
The July NAHB Housing Market Index rose to 53 from 49, while the Briefing.com consensus expected an uptick to 50

12:30 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.4%) climb off its intraday low, while the Russell 2000 has returned to its flat line.

The recent uptick has pushed the technology sector (+1.2%) to a new high, while another cyclical sector-energy (+1.0%)-has also climbed to a fresh session best. Crude oil, meanwhile, hovers just below its best level of the day with a 1.1% gain at $101.07/bbl.

Elsewhere, Treasuries continue holding a slim gain with the 10-yr yield down one basis point at 2.54%.

12:00 pm: [BRIEFING.COM] The key indices have inched down to new lows for the session, while the Russell 2000 (-0.3%) continues trading near its low that was logged about an hour ago.

Similarly, the retreat has pushed the health care sector (-0.7%) back to its session low as biotech stocks weigh. The iShares Nasdaq Biotechnology ETF (IBB 248.73, -3.70) is lower by 1.5% today and down 3.6% since the end of Monday's session.

Yesterday, the biotech group slumped after Fed Chair Yellen pointed to the space as an area where excessive risk taking has taken place. Ms. Yellen also highlighted social media stocks as having stretched valuations, and many of those names trade in the red today. For instance, Pandora Media (P 26.06, -0.54), Twitter (TWTR 37.82, -0.06), and Yelp (YELP 68.45, -0.57) hold losses between 0.2% and 2.0%.

11:30 am: [BRIEFING.COM] The Dow (+0.3%), Nasdaq (+0.3%), and S&P 500 (+0.3%) continue holding modest gains, while the Russell 2000 (-0.3%) remains in the red.

At this time, seven of ten sectors hold gains, but the top-weighted groups trade in mixed fashion. Specifically, the largest sector-technology-remains in the lead with a solid gain of 1.0%, while the discretionary sector (+0.3%) also outperforms. Meanwhile, health care (-0.5%) and financials (-0.2%) hover near their lowest levels of the day.

Interestingly, the financial sector has retreated even after Bank of America (BAC 15.49, -0.32) reported better than expected earnings and revenue. Shares of BAC trade lower by 2.0%.

11:00 am: [BRIEFING.COM] The S&P 500 has inched down from its early high, but continues holding a modest gain of 0.2%. Small caps, meanwhile, have seen additional weakness that has sent the Russell 2000 (-0.5%) into the red.

The small-cap index has been a noteworthy laggard since the start of the month when it failed to eclipse its all-time high that was registered at the start of March. Including today's loss, the index is down 4.0% so far in July versus a 0.9% gain for the S&P 500. Also of note, today's weakness has taken the Russell 2000 below its 100-day (1157.37) and 50-day (1151.45) moving averages.

The retreat from the opening highs has been accompanied by Treasuries climbing off their lowest levels of the session. The 10-yr note is now higher by a tick with its yield back to unchanged at 2.54%.

10:35 am: [BRIEFING.COM]

Gold and silver rallied off morning lows and are now in positive territory
Aug gold is +0.5% at $1302.90/oz now, while Sept silver is -0.3% at $20.83/oz
Aug WTI crude oil gained overnight and has been holding its gains in morning trade. Just ahead of the inventory data, crude was near $100.65/barrel
Following the inventory data, Aug crude spiked to a new HoD and is now +1.3% at $101.30/barrel
Aug natural gas has been slowly climbing higher this morning and just hit a new HoD of $4.14/MMBtu. NG is currently up 1.2% at $4.14/MMBtu
Sept copper has been inching lower and just hit a new LoD of $ and is currently -0.4% at $3.24/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.4%, while the Nasdaq Composite (+0.6%) continues showing relative strength.

The July NAHB Housing Market Index rose to 53 from 49, while the Briefing.com consensus expected an uptick to 50.

9:40 am: [BRIEFING.COM] As expected, the major averages rallied out of the gate with the Nasdaq Composite (+0.5%) in the lead. The tech-heavy index has shown early strength amid a solid 1.3% gain in the shares of Apple (AAPL 96.46, +1.14) after the company announced a strategic partnership with IBM (IBM 191.09, +2.60).

Elsewhere among tech stocks, Intel (INTC 33.78, +2.06) is higher by 6.5% following its better than expected earnings report and upbeat guidance. Meanwhile, the broader PHLX Semiconductor Index is higher by 1.1%.

On the downside, health care (-0.2%) and utilities (-0.2%) display modest losses.

The NAHB Housing Market Index for July will be released at 10:00 ET.

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +9.30. Nasdaq futures vs fair value: +30.20. The stock market is on track for an upbeat start as futures on the S&P 500 trade nine points above fair value. Futures have spent the entire night in a slow climb that was supported in part by the release of China's GDP (7.5% versus expected 7.4%). However, the better than expected reading did not lift markets in China since the details of the report were not as strong. In particular, home sales fell 6.7% year-to-date and property construction was down 16.0%.

Despite the subdued reaction in China, European equities have rallied through the first half of the session. Corporate news has also played a part in boosting the overall sentiment. Notably, Time Warner (TWX 82.10, +11.09) is higher by 15.6% after rejecting an $85/share cash & stock offer from 21st Century Fox (FOXA 35.20, +0.01).

In economic news, industrial production increased 0.2% in June, which was below the 0.4% increase expected by the Briefing.com consensus. Industrial production for May was revised lower to show an increase of 0.5% versus an originally reported increase of 0.6%. Separately, capacity utilization hit 79.1% while the Briefing.com consensus called for a reading of 79.2%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +9.40. Nasdaq futures vs fair value: +30.00. The S&P 500 futures trade nine points above fair value.

Asian markets ended on a mixed note with most moves contained to no more than 1.0%. China's GDP rose 7.5% year-over-year (consensus 7.4%, last 7.4%), but was unable to lift equities with some pointing to concerning figures in the Fixed Asset Investment report. Specifically, home sales fell 6.7% year-to-date, home sales prices were down 9.0%, and property construction was down 16.0%

In remaining economic data:
China's Fixed Asset Investment increased 17.3% year-over-year (expected 17.2%, previous 17.2%) and Industrial Production rose 9.2% year-over-year (consensus 9.0%, prior 8.8%). Also of note, Retail Sales jumped 12.4% year-over-year, as expected
India's trade deficit widened to $11.76 billion from $11.23 billion (expected deficit of $6.50 billion)
South Korea's Unemployment Rate ticked down to 3.6% from 3.7%
Australia's MI Leading Index ticked up 0.1% month-over-month (previous 0.1%)
New Zealand's CPI rose 0.3% quarter-over-quarter (expected 0.4%, prior 0.3%), while the year-over-year reading increased 1.6% (consensus 1.8%, previous 1.5%)

------

Japan's Nikkei shed 0.1% after spending the bulk of the session near its flat line. Financials lagged with T&D Holdings and MS&AD Insurance both losing close to 2.2%. Sumco Corp outperformed, climbing 3.3%
Hong Kong's Hang Seng added 0.3%, ending near its early high with help from discretionary stocks. Want Want China Holdings gained 2.1% and Li & Fung advanced 1.0%. Insurers underperformed with China Life Insurance and Ping An Insurance down 1.2% and 0.8%, respectively
China's Shanghai Composite shed 0.2% after maintaining a narrow range throughout the session. Industrials outperformed with Far East Cable and Jihua Group both surging 10.0%

Major European indices trade higher across the board with Italy's MIB (+2.5%) in the lead. The index has shown relative strength even after Moody's affirmed its negative outlook on Italy's banking sector, citing deteriorating quality of assets and low profitability levels.

Participants received several data points:
Eurozone trade surplus narrowed to EUR15.30 billion from EUR15.20 billion (expected surplus of EUR16.30 billion)
Great Britain's Average Earnings Index + Bonus ticked up 0.3% (expected 0.5%, previous 0.8%), while the Claimant Count fell 36,300 (expected -27,000, previous -32,800). Also of note, the Unemployment Rate ticked down to 6.5% from 6.6%, as expected
Italy's trade surplus expanded to EUR3.68 billion from EUR3.52 billion (expected surplus of EUR3.23 billion)
Spain's trade deficit narrowed to EUR1.98 billion from EUR2.20 billion (expected deficit of EUR2.10 billion)
Swiss ZEW Expectations fell to 0.1 from 4.8 (expected 5.0)

------

Great Britain's FTSE is higher by 1.1% with most components trading in the green. Defense contractor Meggitt is the top performer, up 8.6%. Financials lag with Aberdeen Asset Management and RSA Insurance Group down 0.1% and 0.7%, respectively
In France, the CAC trades up 1.5%. Credit Agricole and Societe Generale outperform with gains close to 3.0% apiece, while defense contractor Airbus lags. The stock is lower by 2.0%
Germany's DAX sports an advance of 1.5% with 27 of its 30 components trading higher. Infineon Technologies leads with a gain of 3.8%, while K+S holds a loss of 0.7%
Italy's MIB is higher by 2.5%. Telecom Italia is higher by 6.8% and Banco Popolare follows with an increase of 5.9%

In domestic economic news, the May net long-term TIC flows report showed a $19.40 billion inflow of foreign capital into U.S.-denominated assets to follow an outflow of $41.20 billion in the prior month.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +8.60. Nasdaq futures vs fair value: +29.00. The S&P 500 futures trade nine points above fair value.

June producer prices rose 0.4% while the Briefing.com consensus expected an uptick of 0.2%. Core producer prices increased 0.2%, which matched the consensus estimate.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +26.50. U.S. equity futures hover near their pre-market highs with the S&P 500 futures trading almost eight points above fair value.

Reviewing overnight developments:

Asian markets ended on a mixed note. Hong Kong's Hang Seng +0.3%, Japan's Nikkei -0.1%, and China's Shanghai Composite -0.2%
In economic data:
China's GDP rose 2.0% quarter-over-quarter (expected 1.8%, previous 1.4%), while the year-over-year reading increased 7.5% (consensus 7.4%, last 7.4%). Separately, Fixed Asset Investment increased 17.3% year-over-year (expected 17.2%, previous 17.2%) and Industrial Production rose 9.2% year-over-year (consensus 9.0%, prior 8.8%). Also of note, Retail Sales jumped 12.4% year-over-year, as expected
India's trade deficit widened to $11.76 billion from $11.23 billion (expected deficit of $6.50 billion)
South Korea's Unemployment Rate ticked down to 3.6% from 3.7%
Australia's MI Leading Index ticked up 0.1% month-over-month (previous 0.1%)
New Zealand's CPI rose 0.3% quarter-over-quarter (expected 0.4%, prior 0.3%), while the year-over-year reading increased 1.6% (consensus 1.8%, previous 1.5%)
In news:
Better than expected data from China was unable to lift equities with some pointing to concerning figures in the Fixed Asset Investment report. Specifically, home sales fell 6.7% year-to-date, home sales prices were down 9.0%, and property construction was down 16.0%

Major European indices trade higher across the board. Great Britain's FTSE +1.1%, Germany's DAX +1.4%, and France's CAC +1.4%. Elsewhere, Italy's MIB +2.3% and Spain's IBEX +1.5%
Participants received several data points:
Eurozone trade surplus narrowed to EUR15.30 billion from EUR15.20 billion (expected surplus of EUR16.30 billion)
Great Britain's Average Earnings Index + Bonus ticked up 0.3% (expected 0.5%, previous 0.8%), while the Claimant Count fell 36,300 (expected -27,000, previous -32,800). Also of note, the Unemployment Rate ticked down to 6.5% from 6.6%, as expected
Italy's trade surplus expanded to EUR3.68 billion from EUR3.52 billion (expected surplus of EUR3.23 billion)
Spain's trade deficit narrowed to EUR1.98 billion from EUR2.20 billion (expected deficit of EUR2.10 billion)
Swiss ZEW Expectations fell to 0.1 from 4.8 (expected 5.0)
Among news of note:
Moody's affirmed its negative outlook on Italy's banking sector, citing deteriorating quality of assets and low profitability levels

In U.S. corporate news:

ASML (ASML 89.25, -1.38): -1.5% after its below-consensus fiscal-year 2014 revenue guidance overshadowed its revenue beat
Apple (AAPL 97.74, +2.42): +2.6% after announcing a partnership with IBM (IBM 192.44, +3.95) to develop new business applications
Bank of America (BAC 15.63, -0.18): -1.1% despite beating earnings and revenue estimates
BlackRock (BLK 327.00, +3.26): +1.0% following its better than expected results.
Intel (INTC 33.43, +1.72): +5.4% after beating bottom-line estimates and guiding Q3 revenue and gross margin above consensus
International Game Technology (IGT 17.05, +1.55): +10.0% after entering into a definitive merger agreement with Gtech (GTKYY 25.14, 0.00) for $6.4 billion
Time Warner (TWX 82.25, +11.24): +15.8% after rejecting an $85/share cash & stock offer from 21st Century Fox (FOXA 35.19, 0.00)
U.S. Bancorp (USB 44.00, +0.70): +1.6% after beating earnings and revenue expectations
Yahoo! (YHOO 34.44, -1.17): -3.3% following its one-cent miss on below-consensus revenue

The weekly MBA Mortgage Index fell 3.6% to follow last week's uptick of 1.9%.

June PPI (Briefing.com consensus 0.2%) will be reported at 8:30 ET, the Net Long-Term TIC Flows report for May will cross the wires at 9:00 ET, while June Industrial Production (consensus 0.4%) and Capacity Utilization (expected 79.2%) will both be announced at 9:15 ET. The busy day of data will also include the 10:00 ET release of the NAHB Housing Market Index for July (consensus 50) and the July Fed Beige Book, which will be released at 14:00 ET.

6:33 am: [BRIEFING.COM] S&P futures vs fair value: +7.50. Nasdaq futures vs fair value: +24.00.

6:33 am: [BRIEFING.COM] Nikkei...15379.30...-15.90...-0.10%. Hang Seng...23523.28...+63.30...+0.30%.

6:33 am: [BRIEFING.COM] FTSE...6770.79...+60.30...+0.90%. DAX...9828.73...+109.30...+1.10%.

http://www.bloomberg.com/news/2014-07-1 ... ments.html

http://www.bloomberg.com/news/2014-07-1 ... cline.html

http://www.bloomberg.com/news/2014-07-1 ... rsens.html

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
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