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 Post subject: July 17th Thursday Trade Results - Profit $2590.00
PostPosted: Thu Jul 17, 2014 6:00 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 @ $2,590.00 dollars or +25.90 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2,590.00 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=1841

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 Plunge More As Israel Invades Gaza

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

NEW YORK (CNNMoney)
Markets went from bad to worse Thursday as Israel launched a ground offensive Gaza shortly after a passenger jet crashed in conflict-ridden Ukraine.

The Dow fell 161 points (almost 1%), the S&P 500 was off about 1.2%, and the Nasdaq finished down 1.4%. It was the biggest drop for the Dow in two months, and the S&P's fall is the biggest for the index in three months.

So far, the world knows that a Malaysian Airlines plan carrying 295 passengers went down in Ukraine near the Russian border. European markets heard the news just before their closing bells, and many ended the day down 1%.

Just as American investors were digesting that news, word came that Israel has opened a new ground assault in Gaza.

As if anyone needed more proof of the market jitters, gold prices are 1.5% higher, silver is up 2%, and the VIX index, a measure of market volatility that's sometimes called the "Fear Gauge" The VIX "Fear Gauge" spiked nearly 36%.

Related: Gold, Russian markets react harshly to plane crash news

Here are some other highlights from today's trading:

1) Tech Movers: Microsoft (MSFT, Tech30) announced a staggering 18,000 job cuts to come this morning. The move signals that new CEO Satya Nadella means business about turning around the computing giant. Most of the cuts are coming from the Nokia brand, but some of the bleeding will come from Microsoft proper. The stock was up 1%.

Related: Layoffs part of "culture change" at Microsoft"

Video - Microsoft's Nadella swings the ax

In other tech news, flash drive maker Sandisk (SNDK) is getting hammered to the tune of a 13.5% drop heading into the afternoon. The company beat on earnings and revenue this quarter, but that wasn't enough to satisfy Wall Street. It said in an earnings release that it brought in a record $1.6 billion in revenue for the quarter, but its margins are shrinking.

2) Playtime less fun at Mattel: Barbies and Hot Wheels aren't entertaining kids like they used to. Mattel saw tepid growth that was far less than Wall Street was expecting. The stock fell 6.6% Thursday,

One bright spot for the company is American Girl doll sales, though it's a small part of the overall business.

Related: Trouble in Toy Land for Mattel

3) No Hangover for Time Warner: After rejecting an $80 billion bid from Rupert Murdoch's Twenty-First Century Fox (FOX), Time Warner (TWX) saw its 17% jump in yesterday's trading. Investors don't think that will be the end of things. The stock rose another 3.6% today. Fox shares were flat.

Related: Rupert Murdoch wants Time Warner for size, sports and ego

4) Health care hullabaloo: Insurer UnitedHealth Group (UNH) put out good results for the quarter, with earnings and revenue that beat expectations in all categories based on growth from all its business units and higher enrollments. The stock is up 1.6%.

A host of other insurance stocks are also up today. Humana (HUM) is up 3%, Aetna (AET) is up 2% and WellPoint (WLP) shares are trading 1.1% higher.

5) Things looking good for banks: Morgan Stanley (MS), the last big American bank to report earnings this quarter, did better than Wall Street was expecting. It beat estimates for both earnings and revenue on the back of a strong performance from its units in stock trading and investment banking. The stock ended down slightly.

Related: JPMorgan, Goldman Sachs smiling today

Rebounding bank performance is a good sign for the economy. Solid economic data also keeps rolling in for the U.S. On Thursday, initial jobless claims were once again lower than expected, coming in at 302,000.

6) Overseas markets: Russian sanctions and worries about the crash are fueling a sell-off in European stocks. The FTSE 100 closed about 0.7% lower, and the German Dax was off more than 1%. The Russian RTS index finished just under 4% lower.

Asian stocks ended the day mixed, though Taiwanese stocks fell more than 0.8%.

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3:30 pm: [BRIEFING.COM]

Precious metals gained strength today on new US Treasury Department sanctions imposed on entities in Russia's financial, energy and defense sectors and headlines that a Malaysian Airlines passenger jet was shot down over Ukraine near the Russian border.
Aug gold advanced to a session high of $1325.90 per ounce and settled with a 1.3% gain at $1316.90 per ounce.
Sep silver rose as high as $21.30 per ounce in late morning action after touching a session low of $20.81 per ounce earlier in the session. It eventually settled at $21.44 per ounce, or 1.8% higher
Aug crude oil also extended yesterday's gains on the geopolitical concerns surrounding Russia and Ukraine as well as news of the plane crash.
The energy component rose as high as $103.32 per barrel after touching a session low of $101.86 per barrel in morning action and settled with a 1.9% gain at $103.15 per barrel.
Aug natural gas, on the other hand, retreated from its session high of $4.07 per MMBtu set in early morning floor trade and slid deeper into negative territory on bearish inventory data.
The EIA reported that for the week ending July 11, natural gas inventories grew by 107 bcf when a smaller build of 98-100 bcf was anticipated. Natural gas traded as low as $3.93 per MMBtu and settled with a 3.9% loss at $3.96 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.7% with one hour remaining in the session. The benchmark index has spent the entire trading day in negative territory with news of a downed Malaysian Airlines jet in eastern Ukraine weighing on sentiment.

The industrial sector (-1.0%) is the weakest performer going into the final hour, while energy (-1.0%) follows not far behind. Crude oil, however, trades on its session high with a 1.9% gain at $103.09/bbl.

Elsewhere, the materials sector (-0.1%) has been able to withstand some of the selling pressure thanks to mining stocks. The Market Vectors Gold Miners ETF (GDX 26.99, +0.71) is higher by 2.7%, while gold futures trade up 1.4% at $1317.50/ozt.

2:30 pm: [BRIEFING.COM] Not much change in the major averages as they remain in the red. Meanwhile, the CBOE Volatility Index (VIX 12.96, +1.96) has been climbing further into the green.

The near-term volatility measure has been on the rise since the late morning when first reports of the Malaysian plane crash surfaced. However, it is worth mentioning that the VIX started the day from a depressed base and today's 17.8% surge still leaves the VIX index a bit below its highest level of the month (13.23%).

Elsewhere, Treasuries remain near their highs with the 10-yr note up 15 ticks (10-yr yield -6 bps at 2.47%).

2:00 pm: [BRIEFING.COM] Equity indices continue trading near their lows with the Russell 2000 (-0.9%) leading the retreat.

Given its current level, the small-cap index sits right on its 200-day moving average (1140.86) after slipping below that noteworthy area earlier. Furthermore, the index finds itself at a level that has acted as support in recent past.

The Russell fell to the 200-day average in mid-April and maintained a narrow range for a month before surging off the support level at the start of June. The index then gained nearly 7.0% over the following month, but has since lost 5.5%.

1:30 pm: [BRIEFING.COM] The major indices remain stuck in negative territory, still trying to get a handle on the news that a Malaysian Air passenger jet went down in eastern Ukraine. Wire reports suggesting it was shot down have created an understandable stir today that knocked the major indices off earlier highs and precipitated some flight-to-safety interest in the Treasury market.

The 10-yr note is up 14 ticks, driving its yield five basis points lower to 2.48%. The 10-yr hasn't seen a close below 2.50% since May 30.

Various accusations are floating for the cause of the downed airliner, but nothing has been confirmed by reliable sources. Be that as it may, the stock market is holding up reasonably well and has pared its losses in the wake of the initial reports about the tragic incident.

Not surprisingly, the airlines are underperforming in today's session, hurt by the obvious headlines in addition to the 1.6% jump in crude prices to $102.80/bbl. The NYSE ARCA Airline Index (XAL 85.58, -0.82) is down close to 1.0% versus a 0.4% drop for the S&P 500.

1:05 pm: [BRIEFING.COM] At midday, the major averages hover near their lowest levels of the day with the Russell 2000 (-0.7%) on track to register its third consecutive decline. The S&P 500, meanwhile, trades lower by 0.4% with all ten sectors in the red.

The stock market began the Thursday session on a modestly lower note after yesterday's announcement of new U.S. sanctions against Russia weighed on sentiment. Specifically, the fresh round of sanctions targeted two banks (Gazprombank and VEB), two energy companies (Rosneft and Novatek), and several defense contractors.

Despite the lower start, equities appeared poised to erase their early losses, but slumped to fresh lows after it was reported that a Malaysian Airlines passenger jet from Amsterdam carrying nearly 300 passengers and crewmembers crashed in Ukraine near the country's border with Russia.

While the initial reports were light on details, Ukrainian officials have since come out to say the plane was shot down after it was likely mistaken for a military transport jet. A pro-Russian rebel group in the east has denied having any involvement, while Ukraine's President Petro Poroshenko said that the country's army has not taken any action "against airborne targets" either.

Also of note, some air carriers like Deutsche Lufthansa have already said they will avoid the airspace in which the plane went down, while the Federal Aviation Administration has prohibited U.S. carriers from flying in the area.

The weakness in equities has led to some safe-haven flows that have translated into strength for gold, Treasuries, and the yen. Gold futures are currently higher by 1.5% at $1318.60/ozt, while Treasuries hover near their highs with the benchmark 10-yr down five basis points at 2.48%. For its part, the dollar/yen pair trades near 101.33, which puts the currency pair on track for its lowest close in July.

With regard to equities, the industrial sector (-0.8%) is the weakest performer with airlines down across the board. Delta Air Lines (DAL 37.16, -0.71) and United Continental (UAL 44.16, -0.74) hold respective losses of 1.9% and 1.7%, while the broader Dow Jones Transportation Average trades lower by 0.7%.

Economic data included weekly initial claims, June Housing Starts and Building Permits, and the Philadelphia Fed Survey for July:

The initial claims level dropped to 302,000 from an upwardly revised 305,000 (from 304,000), while the Briefing.com consensus expected an increase to 311,000
After stabilizing in the 310,000 -- 320,000 range, the initial claims level has moved another leg down over the last couple of weeks. If these trends hold, we would expect to see monthly payroll growth close to 300,000
The continuing claims level fell to 2.507 million from an upwardly revised 2.586 million (from 2.584 million), while the consensus expected the level to fall to 2.563 million
Housing starts fell 9.3% in June from a downwardly revised 985,000 (from 1.001 million) in May to 893,000. The Briefing.com consensus expected an increase to 1.020 million.
The drop in starts brought new residential construction levels to their lowest point since 863,000 homes were started in September 2013
Concerning was the new downward trend in single-family construction. This sector tends to produce stable trends yet starts have now fallen precipitously in both May (-2.6%) and June (-9.0%). Construction levels for new single-family homes are at their lowest point since 569,000 homes were started in November 2012
The Philadelphia Fed's Business Outlook Survey strengthened in July, increasing to 23.9 from 17.8, while the Briefing.com consensus expected a decline to 23.9. That was the best reading since March 2011 with nearly all sub- indices showing significant improvement in July

12:35 pm: [BRIEFING.COM] Equity indices continue hovering near their lows with uncertainty running high. As mentioned earlier, the stock market slumped on reports of a passenger jet crash in Ukraine, near the border with Russia.

Since the initial reports, Ukraine's President Petro Poroshenko has come out to say that the plane may have been shot down, but that Ukraine's army has not taken any action "against airborne targets." Meanwhile, one pro-Russian separatist group in the eastern part of the country has also denied having any involvement.

Also of note, President Obama spoke with Russian President Putin, who called on the U.S. to help restart Ukraine peace talks.

12:00 pm: [BRIEFING.COM] The S&P 500 (-0.6%) remains not far above its session low with participants awaiting additional details about the Malaysian passenger jet crash that occurred during the past hour.

While the news of the crash led to additional profit taking in the overall market, airlines have shown noteworthy weakness. At this time, Delta Air Lines (DAL 36.74, -1.12), Southwest Airlines (LUV 27.53, -0.50), and United Continental (UAL 43.23, -1.67) are down between 1.8% and 3.6%, while the broader Dow Jones Transportation Average holds a loss of 0.9%.

The uncertainty has led participants to increase their demand for volatility protection, which has sent the CBOE Volatility Index (VIX 12.50, +1.50) higher by 13.6%.

11:30 am: [BRIEFING.COM] Recent action saw the major averages slide to new lows for the session in a move that coincided with strength in gold, Treasuries, and the Japanese yen.

The flight to safety occurred following reports from Ukraine indicating a Malaysian passenger jet from Amsterdam to Kuala Lumpur has crashed near the border with Russia. At this time, the cause of the crash remains unknown.

The S&P 500 is now lower by 0.7%, while the 10-yr yield is down five basis points at 2.48%. Also of note, gold futures are higher by 1.2% at $1316.50/ozt and the dollar/yen pair hovers near 101.30.

11:00 am: [BRIEFING.COM] The major averages have climbed off their opening lows, but the Nasdaq (-0.1%) and S&P 500 (-0.1%) remain in the red, while the Dow Jones Industrial Average (+0.01%) has inched into the green.

The price-weighted Dow has made it into the green even though roughly two thirds of the index remains in the red; however, the relative strength of highly priced components like UnitedHealth (UNH 86.48, +2.72) and IBM (IBM 195.88, +3.52) has fueled to the recovery. The two stocks hold respective gains of 3.3% and 1.8%, while one other index member-Microsoft (MSFT 44.71, +0.64)-also sports an increase of 1.0% or more.

On the downside, the top-weighted component, Visa (V 220.42, -2.25) trades lower by 1.0%.

10:35 am: [BRIEFING.COM]

Natural gas futures have been in the red all session so far and were trading 1.7% lower at $4.05/MMBtu just ahead of the weekly EIA inventory data
Following this data, nat gas dropped to a new LoD of $3.96/MMbtu and is now trading -3.6% at $3.97/MMBtu
Crude oil has been in positive territory all day so far and rose as high as $103.08/barrel this morning. Aug crude oil is currently +0.1% at $102.16/barrel
Gold and silver are showing modest gains this morning
Aug gold is now +0.4% at $1305.10/oz, while Sept silver is +0.4% at $20.89/oz
Sept copper is modestly higher, now +0.1% at $3.22/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.1%.

The Philadelphia Fed Survey for July jumped to 23.9 from 17.8. Economists polled by Briefing.com had expected that the Survey would slip to 12.5.

9:45 am: [BRIEFING.COM] The major averages began the session in the red with all ten sectors showing early losses. The S&P 500 trades lower by 0.2% with industrials (-0.6%) seeing the largest opening retreat.

The industrial sector has been pressured by its largest component, General Electric (GE 26.82, -0.20), which trades lower by 0.7%. Transport stocks, meanwhile, are faring a bit better with the Dow Jones Transportation Average holding a loss of 0.3%.

Elsewhere, consumer discretionary, health care, and technology sectors display relative strength as all three hover right below their flat lines.

Treasuries have slipped from their highs, but continue holding solid gains. The 10-yr yield is lower by three basis points at 2.50%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: -8.30. Nasdaq futures vs fair value: -13.00. The stock market is on track for a lower open as futures on the S&P 500 trade eight points below fair value. Index futures spent the entire night in the red with the initial decline coming shortly after the end of yesterday's session when President Obama announced a new set of sanctions against Russia that target banks (Gazprombank and VEB), energy companies (Rosneft and Novatek), and several defense contractors. After the initial dip yesterday, futures fell to fresh lows in the early morning, but have since erased a portion of that decline.

However, economic data received this morning has not done much to improve sentiment as June Housing Starts fell 9.3% to a seasonally-adjusted annualized rate of 893,000, while the Briefing.com consensus expected an increase to 1.020 million. Most concerning was the new trend in single-family construction that revealed another big drop in June (-9.0%) to follow a sharp decline in May (-2.6%).

The weekly Initial Claims report, however, was a bit more upbeat with claims dropping to 302,000 from 305,000, while the consensus expected an uptick to 311,000.

Similar to the economic data, news from the corporate front has had a mixed impact on the underlying stocks. Dow component Microsoft (MSFT 45.36, +1.29) is indicated to open higher by 2.9% after confirming plans to eliminate up to 18,000 positions over the next year.

On the flip side, SanDisk (SNDK 99.55, -8.28) reported an earnings beat, but its cautious guidance spooked investors. The stock is on track to begin lower by 7.7%, which is expected to weigh on other semiconductor names.

Treasuries hover near their highs with the 10-yr yield down three basis points at 2.50%.

The Philadelphia Fed survey for July will be released at 10:00 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: -8.70. Nasdaq futures vs fair value: -15.50. The S&P 500 futures trade nine points below fair value.

Asian markets ended the day on a mixed note. In China, Huatong Road & Bridge Group said it may miss a bond payment that comes due on Wednesday, which would lead to a default for the construction company.

In economic news:
Australia's CB Leading Index edged up 0.2% month-over-month, while NAB Quarterly Business Confidence slipped to 6 from 7

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Japan's Nikkei shed 0.1%, holding near a five and a half-month high. The stronger yen weighed on exporters as Honda Motor shed 0.6% and Toshiba sank 2.3%.
Hong Kong's Hang Seng ended flat, remaining near its best levels of 2014. Casino stocks continued their recent underperformance with Sands China sliding 1.2% following its earnings miss.
China's Shanghai Composite lost 0.6%, falling for a second day. Financials were soft on worries of another corporate default. Bank of Communications lost 0.8%.

Major European indices trade lower across the board following the latest round of U.S. sanctions against Russia that target energy companies Rosneft and Novatek, banks Gazprombank and VEB, and several defense contractors.

Economic data was limited:
Eurozone CPI ticked up 0.1% month-over-month, while the year-over-year reading increased 0.5%. Both figures met expectations. Core CPI rose 0.1% month-over-month (expected -0.1%, previous -0.1%), while the year-over-year reading climbed 0.8%, as expected
Spain's Industrial New Orders were unchanged year-over-year (expected 7.2%, previous 6.9%)

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Great Britain's FTSE is lower by 0.6% amid weakness in financials. Hargreaves Lansdown holds a loss of 4.0%, while Barclays and RSA Insurance Group trade lower by 2.2% and 1.6%, respectively.
Germany's DAX holds a loss of 0.7% as 25 of its 30 components trade lower. Utilities lag with E.ON down 2.5% and RWE lower by 1.5%. SAP outperforms with a gain of 2.6% after beating earnings expectations.
In France, the CAC is lower by 0.8%. Total is the weakest component, down 1.8%, while Alstom and Bouygues outperform with respective gains of 0.6% and 1.4%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: -8.90. Nasdaq futures vs fair value: -19.00. The S&P 500 futures trade nine points below fair value.

The latest weekly initial jobless claims count totaled 302,000, while the Briefing.com consensus expected a reading of 311,000. Today's tally was below the revised prior week count of 305,000. As for continuing claims, they fell to 2.507 million from 2.586 million.

Housing Starts fell to a seasonally adjusted annualized rate of 893K units in June. That was down from a revised 985K units in May. The Briefing.com consensus expected starts to increase to 1020K units.

Building permits fell to a seasonally adjusted annualized rate of 963K in June versus a revised 1005K for May. The Briefing.com consensus estimate expected permits to be 1037K.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -25.80. U.S. equity futures hover near their pre-market lows amid concerns surrounding the impact of the latest set of U.S. sanctions against Russia. The S&P 500 futures trade 12 points below fair value.

Reviewing overnight developments:

The major Asian markets ended on a lower note. China's Shanghai Composite -0.6%, Japan's Nikkei -0.1%, and Hong Kong's Hang Seng ended just below its flat line
In economic data:
Hong Kong's Unemployment Rate rose to 3.2% from 3.1% (expected 3.1%)
Australia's CB Leading Index ticked up to 0.2% from -0.2%, while NAB Quarterly Business Confidence slipped to 6 from 7
South Korea's PPI was unchanged month-over-month (previous 0.0%), while the year-over-year reading ticked up 0.1% (prior 0.0%)
In news:
China State Council reiterated its intensions to continue promoting targeted economic stimulus measures while also reaffirming its commitment to reach 7.5% GDP for 2014
Concerns about another potential default in China took center stage after builder Huatong Road & Bridge Group said it may miss a bond payment that comes due on Wednesday

European indices trade lower across the board. Great Britain's FTSE -0.6%, Germany's DAX -0.8%, and France's CAC -0.9%. Elsewhere, Italy's MIB -1.3% and Spain's IBEX -1.1%
Economic data was limited:
Eurozone CPI ticked up 0.1% month-over-month, while the year-over-year reading increased 0.5%. Both figures met expectations. Core CPI rose 0.1% month-over-month (expected -0.1%, previous -0.1%), while the year-over-year reading climbed 0.8%, as expected
Spain's Industrial New Orders were unchanged year-over-year (expected 7.2%, previous 6.9%)
Among news of note:
European markets have retreated following the latest round of sanctions against Russia that target energy companies Rosneft and Novatek, banks Gazprombank and VEB, and several defense contractors

In U.S. corporate news:

Blackstone (BX 34.90, +0.92): +2.7% following its above-consensus earnings and revenue.
eBay (EBAY 51.00, +0.30): +0.6% after beating the Capital IQ consensus estimate by one cent and guiding lower.
Kinder Morgan Energy Partners (KMP 80.75, -1.60): -1.9% after missing earnings and revenue estimates.
Mattel (MAT 35.00, -4.03): -10.3% following its below-consensus results.
Morgan Stanley (MS 33.00, +0.50): +1.5% in reaction to better than expected results.
SanDisk (SNDK 99.50, -8.33): -7.7% after its cautious guidance overshadowed better than expected results.
SAP (SAP 81.28, +1.64): +2.1% after beating earnings estimates by four cents.
UnitedHealth Group (UNH 84.60, +0.84): +1.0% after beating estimates and guiding higher.
Yum! Brands (YUM 80.70, -2.01): -2.4% following its one-cent beat on in-line revenue.

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.

6:35 am: [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -16.00.

6:35 am: [BRIEFING.COM] Nikkei...15370.26...-9.00...-0.10%. Hang Seng...23520.87...-2.40...0.00.

6:35 am: [BRIEFING.COM] FTSE...6757.44...-27.20...-0.40%. DAX...9809.16...-50.00...-0.50%.

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

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

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

http://www.bloomberg.com/news/2014-07-1 ... emand.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
Phone: +1 708 572-4885
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