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=164Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)
Attachment:
071814-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1070.00.png [ 174.19 KiB | Viewed 396 times ]
click on the above image to view today's performance verification Price Action Trade Performance for Today: Emini TF ($TF_F) futures @
$1,070.00 dollars or +10.70 points, Emini ES ($ES_F) futures @
$0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @
$0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @
$0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @
$0.00 dollars or +0.0000 ticks.
Total Profit @ $1,070.00 dollarsRussell 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 @
CMEGroupEuroFX 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=1842 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.
##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 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 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).
Trading Plan Daily Routine @
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=242&t=2402 -----------------------------
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.
What Crisis? U.S. Stocks Soar Attachment:
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click on the above image to view today's price action of key markets NEW YORK (CNNMoney)
Scared of a little geopolitical risk in the market? Tell your shrink, not other investors, because they won't listen.
Despite drama in Gaza and Ukraine, the U.S. stocks soared Friday and ended the week with healthy gains.
Here's what you need to know this summer Friday:
Stocks perk up. U.S. stocks rebounded significantly after a sharp sell-off Thursday. The Dow rose 123 points and ended the week up by 0.9%. The S&P 500 moved 1% higher Friday and closed out the week with a nice gain of half a percentage point. The Nasdaq bounced around 1.6% Friday and also ended the week up.
Thursday's drama started after news broke of
downed Malaysian airliner flight 17 over an area of Ukraine controlled by pro-Russian rebels. Market tensions stabilized after the event, but were then exacerbated after Israel sent ground troops into Gaza.
Related: 6 events that spooked the market in 2014A fearless market? In another sign that the flurry of geopolitical concerns are cooling off, the VIX (VIX), a key measure of market volatility, fell 16% Friday after hitting its highest level in three months on Thursday.
Some market watchers believe the fallout from the shot-down plane might be old news.
"I would say this has blown over, at least as far as its effect on the market is concerned, even though it's in no way blown over for the people who are involved," said Dr. John Edmunds, finance professor at Babson College near Boston.
But CNN'Money's Fear and Greed Index, which tracks seven gauges of market sentiment, edged into "neutral" mode by the close of trading Friday after hanging in "fear" for most of the day. Of course, the index had been sitting in "greed" and "extreme greed" for the last month.
Tax inversion deal: Drugmakers AbbVie (ABBV)and Shire (SHPG) announced jointly their plans to merge on Friday. The $54 billion acquisition is the latest by a U.S. firm looking to move its tax base overseas to save money. Shares of both companies popped Friday.
Such mergers have become more frequent lately, and critics argue that their should be a ban. Others, however, say the rise in inversion deals is yet another sign of the urgent need for corporate tax reform.
Related: Boom time for mergers and acquisitionsEarnings roll in -- Google, GE: Google (GOOGL, Tech30) shares rallied over 4% after the tech firm reported another quarter of surging sales growth after the bell Thursday, driven by a 25% increase in ad viewing compared to the year earlier. News that Japan's Softbank has hired away Google's global sales chief Nikesh Arora may also being piquing investor interest.
It wasn't such a happy Friday for General Electric (GE). Shares fell Friday even though the conglomerate reported growth in second quarter revenue and earnings, buoyed by a solid jump in its industrial segment.
World markets not looking so hot: World markets finished mixed Friday after trading lower most of the day on fear of escalating tensions in Ukraine. The U.S. believes Flight MH17 was brought down by a surface-to-air missile over a region that has seen heavy
between pro-Russian separatists and Ukrainian government forces.
Analysts say the tragedy could damage business confidence, particularly in Europe, but may also bring the crisis in Ukraine to a head by increasing the pressure on Moscow to resolve the conflict.
4:20 pm: [BRIEFING.COM] Whatever concerns the stock market had on Thursday about the downing of a Malaysian Air passenger jet in eastern Ukraine and Israel's ground assault in Gaza, they were quickly set aside on Friday. The major indices snapped back to bullish attention, riding the belief these developments would not evolve into worst-case scenarios and piggybacking off strong sector leadership.
The resilience to follow-through selling efforts took hold overnight in Asian markets and it quickly became entrenched in the US when the opening bell rang. The major indices moved up at the open and held up despite some weaker than expected economic data in the form of the University of Michigan Consumer Sentiment report for July (81.3 versus the Briefing.com consensus estimate of 84.0) and the Leading Indicators report for June (+0.3% versus the Briefing.com consensus estimate of +0.5%).
This resilience likely precipitated some short-covering activity that helped drive the major indices higher. There was more to it than that though.
A strong response to Google's (GOOG 595.08, +21.35) latest earnings report, which featured another double-digit gain in revenue growth, healthy sector leadership, and a renewed surge of buying interest in the small-cap space helped fortify the bullish bias.
The Russell 2000 jumped 1.6% and the Nasdaq Composite, which dropped 63 points on Thursday, recouped that entire loss and then some with a 69 point, or 1.6%, gain. The S&P 500 added 1.0%, meaning it closed with a 1.0% move for the second straight session. Prior to Thursday, the S&P 500 had not had a 1.0% move on a closing basis in 61 sessions.
In brief, the risk aversion trade that dominated on Thursday was supplanted by a risk-on trade on Friday. That was evident in the recognition that every S&P 500 economic sector ended the day higher while gold prices ($1311.30, -5.60) and the 10-yr note (-9/32, 2.48%) ended the day lower. The clearest sign, however, was seen in the CBOE Volatility Index (VIX 12.19, -2.35), which plummeted 16% after surging 32% on Thursday.
Bolstered by a strong move in the biotech space and word that Shire Pharmaceuticals (SHPG 257.06, +3.62) accepted a $54 bln buyout proposal from AbbVie (ABBV 54.91, +1.39), the health care sector (+1.6%) outperformed all other sectors. It was followed by the technology (+1.3%), financial (+1.1%), utilities (+1.1%), and consumer staples (+1.0%) sectors. Those five sectors combined make up just over 60% of the market-cap weighted S&P 500.
In terms of the price-weighted Dow Jones Industrial Average, it was driven by gains in all but one of its 30 components. The notable laggard -- which reported earnings results that failed to wow investors -- was General Electric (GE 26.46, -0.15). IBM (IBM 192.50, +0.01), which also failed to impress with its report, increased by a penny.
A total of 744 mln shares traded at the NYSE, which was heavier than average on account of the options expiration activity. Given the broad-based gains, it should not be surprising to hear that advancing issues outlegged declining issues at the NYSE and Nasdaq by a better than 4-to-1 margin.
S&P 500 +7.0% YTD
Nasdaq Composite +6.1% YTD
Dow Jones Industrial Average +3.1% YTD
Russell 2000 -1.1% YTD
3:45 pm: [BRIEFING.COM]
Commodities mostly ended lower today
Crude oil slide from its overnight high, largely driven by the situation in Ukraine, and closed 1 cent lower at $103.14/barrel
Aug natural gas lost 1 cent to $3.95/MMBtu
Precious metals rose today with Aug gold gaining $10 to $1309.90/oz and Sept silver rising $0.13 to $20.90/oz
Sept copper lost $0.03 to $3.18/lb
3:00 pm: [BRIEFING.COM] Bulls continue to hold the line as the indices hold near their best levels of the day with an hour to go in the trading session.
Traders will be watching the performance of the Russell 2000 carefully into the close to see if it can establish a posture back above its 50-day moving average (1152.79). It fell just shy of doing that earlier in the session, which invited some added selling interest, but it is now taking another run at things and stands at 1150.29.
No matter today's outcome, the Russell 2000 will still finish the week as the worst-performing of the major indices. At its current level, it is down 0.8% since last Friday's close. The Dow, Nasdaq, and S&P 500 are all up at least 0.2% for the week.
2:30 pm: [BRIEFING.COM] And just like that the major indices are at new session highs after some half-hearted selling efforts.
There wasn't any news catalyst for the uptick, yet there did appear to be a technical catalyst with the S&P 500 clearing resistance in the 1975/1976 area. The question now becomes: does it keep going or does it fade into the close ahead of the weekend?
Thus far, the stock market has pretty much had only one direction in mind. It is easy to see why, too, as the heavily-weighted technology (+1.3%), financial (+1.1%), and health care (+1.4%) sectors have been stalwarts throughout the trading day.
There isn't any sector at this juncture showing a loss, so today's laggards are being cited simply as which sectors are up the least. That distinction goes to the energy (+0.3% and telecom services (+0.6%) sectors.
The latest uptick has enabled the Nasdaq to recoup the entirety of Thursday's 62-point drop.
1:55 pm: [BRIEFING.COM] Once again, the stock market has refused to bow to selling pressure. The indices, with their core leadership very much intact, have regrouped after a modest bout of selling interest.
Notably, the 10-yr Treasury note has fended off a selling effort that threatened to take the yield on the benchmark note above 2.50%. That level had been a point of resistance for the 10-yr since late May until it was taken out yesterday in a flight to safety. Consequently, it has now pivoted to an area of support and that support has held for now.
The 10-yr note, down 13 ticks a short time ago, is now down nine ticks with its yield at 2.482%.
The big mover of the day, though, is the CBOE Volatility Index (VIX 12.38, -2.16). It held that distinction yesterday with a 32.2% gain, only today's big move is to the downside (-15.1%) as headline fears abate.
1:30 pm: [BRIEFING.COM] The indices have pulled back slightly from the highs reached a little more than an hour ago.
An interesting internal development is that the utilities sector (+1.0%), which didn't participate in the opening advance, has been climbing slowly and steadily in today's session and now stands out as the second best-performing sector on the day.
The utilities sector is of course known to be a defensive-oriented sector, so its relative strength could be some defensive posturing in front of the weekend when the markets will be closed and the geopolitical arena will remain open.
The utilities sector is trailing behind only the health care sector (+1.2%), which has gotten an added boost from a rebound bid by the biotech stocks. The iShares Nasdaq Bioetchnology ETF (IBB 249.04, +5.97) is up 2.5% today.
1:00 pm: [BRIEFING.COM] It has been pretty much a one-way street for the stock market today and the bulls are doing the driving. The major indices moved up gingerly at the opening bell, but have been on cruise control ever since, aided by short-covering activity, healthy sector leadership, and a presumption that yesterday's event-driven selloff will not evolve into a situation where a worst-case scenario develops.
On Thursday, there were a whole lot of questions about the downing of a Malaysian Air passenger jet over eastern Ukraine. Today some answers have been provided, namely that US intelligence sources believe the surface-to-air missile was likely fired by pro-Russian separatists. That doesn't make the news necessarily any better, but it does remove any element of doubt that it was fired by a rogue terrorist group.
As far as today's market action goes, it has been the reverse image of Thursday's trading. Stocks are rallying, oil prices are down, longer-dated Treasury prices are down, gold prices are down, and volatility trades are getting dumped.
Every sector is trading higher at the moment, paced by healthy leadership out of the technology (+1.0%), health care (1.2%), and financial (+1.1%) sectors.
Google (GOOG 592.09, +18.36) has been a bullish trendsetter as it has rallied sharply after reporting yet another quarter of double-digit revenue growth.
The Nasdaq Composite (+1.3%) has been a top performer thanks to the strength in Google and other large-cap issues; however, the Russell 2000 is outpacing all other indices with a 1.5% gain. The return to the small-cap stocks after they have lagged badly of late is a reflection of the risk-on disposition that has persisted since the S&P futures started climbing off their lows around 3:00 a.m. ET.
As to be expected, some of the safe-haven sheen has been taken off the Treasury market. Despite some weaker than expected economic data in the form of the University of Michigan Consumer Sentiment report for July (81.3 versus Briefing.com consensus estimate of 84.0) and the Leading Indicators report for June (+0.3% versus briefing.com consensus estimate of +0.5%), the 10-yr note is down 13 ticks. The losses on the benchmark instrument have pushed its yield up to 2.498%.
Today's bullish bias in the stock market is unmistakable in the A/D line at the NYSE, which favors advancers by nearly a 5-to-1 margin.
12:25 pm: [BRIEFING.COM] The stock market is in the midst of a broad-based advance. It hasn't been a fast-paced advance, just a steady one that hasn't seen any significant effort since the opening bell to knock things down.
The ability to bounce back like the market has after a day of frenetic, and worrisome-sounding, headlines will undoubtedly lead to contentions that there is a fear of missing out on further gains that is feeding the upside bias.
It will be interesting to see, therefore, if there is selling in the afternoon in front of the weekend or if the market goes out at its session highs.
For now, the bullish bias is unmistakable with advancers leading decliners at the NYSE by a 5-to-1 margin.
11:55 am: [BRIEFING.COM] Some upside extension for the major indices on this options expiration day. The latter has contributed to some heavier than average volume at this juncture and perhaps some added effort by call holders to get things turned around in a hurry after yesterday's sell-off.
Hard to knock the stock market back when the financial (+1.0%), health care (+1.1%), and technology (+0.9%) sectors are all doing what they are doing today. They are heavily-weighted in the S&P 500, so when they are up to the degree that they are, the S&P 500 is almost always up.
In other developments, President Obama is currently making a statement about yesterday's tragic incident involving the downing of a Malaysian Air passenger jet in eastern Ukraine. He has stated (as previously reported) that US intelligence has determined the surface-to-air missile was fired by pro-Russian separatists.
11:30 am: [BRIEFING.COM] Today's trend remains intact and that trend is higher. The indices still have a way to go to make up yesterday's losses, but they have all reclaimed a good chunk of what they surrendered.
Every sector, with the exception of the energy sector (-0.03%), is trading higher by at least 0.3%. The underperformance of the energy sector follows on the heels of a dip in oil prices ($102.92, -0.27) and a dip in Schlumberger (SLB 113.06, -1.58), which reported better than expected earnings results for its second quarter. Worries about future business prospects due to the sanctions against Russia appear to have curtailed investor enthusiasm for the latest results.
By and large, today's action is the reverse image of yesterday. Stocks are rallying, gold and longer-dated Treasury prices are dropping, and the CBOE Volatility Index (VIX 12.63, -1.91) is getting dumped.
10:55 am: [BRIEFING.COM] The stock market has some fight in it today and that has probably made some short sellers, who put on positions yesterday, a little nervous. Arguably, then, the stock market's early resilience could be a function of some short-covering activity. Hard to say for sure, but thus far there just hasn't been any downside traction.
The leadership from the largest Nasdaq-listed issues has been a sustaining influence. Their gains, led by the likes of Google (GOOG 588.27, +14.54), Apple (AAPL 93.78, +0.69), and Cisco (CSCO 25.84, +0.21), have underpinned the outperformance of the technology sector (+0.7%) and the Nasdaq (+0.9%) itself.
Elsewhere, the Russell 2000 (+0.8%) is also performing admirably today, catching a recovery bid after selling off sharply since flirting with a new all-time high on July 3.
The major indices have all broken to new session highs in the last 30 minutes.
10:35 am: [BRIEFING.COM]
Crude oil prices rose overnight on geopolitical tension following the unfortunate plane crash in Ukraine, as investors are concerned about oil supplies.
Aug crude has since pulled back and is now -0.2% at $102.99/barrel
Aug natural gas is +0.2% at $3.96/MMBtu
Gold and silver futures have been sliding lower today. Earlier, the euro dropped, which gave the dollar index a boost and weighed on commodities
Aug gold is now -0.8% at $1307/oz, while Sept silver is -1.3% at $20.87/oz
Sept copper is -1.5% at $3.17/lb
10:00 am: [BRIEFING.COM] The major indices have faded from their opening highs, pushed back in part on some soft economic data and reports that the US now believes that pro-Russian separatists fired the missile yesterday that brought down the Malaysian Air passenger jet over eastern Ukraine. It shouldn't come as a surprise to see said separatists, or Russia itself, denounce such reports in due time. Stay tuned.
The gains are modest in scope with the Nasdaq (+0.7%) setting the opening pace. The Russell 2000, which has lagged badly of late (down 4.7% for the month) is up 0.3%.
Separately, the preliminary reading for the University of Michigan Consumer Sentiment survey for July fell to 81.3 from the reading of 82.5 that was reported in June. The Briefing.com consensus expected the index to improve to 84.0. The Leading Indicators report for June, meanwhile, was up 0.3%, while the Briefing.com consensus expected a reading of 0.5%. That followed an unrevised increase of 0.5% for May.
9:45 am: [BRIEFING.COM] Thursday's broad-based selling has given way to broad-based buying in the early going. Every sector is up, with the exception of the utilities sector, as the market appears to be back in a risk-on mode for the time being.
The leadership emanates from the cyclical sectors. The technology sector (+0.6%) is in the lead thanks to Google (GOOG 588.73, +15.00), which is getting a nice pop after its earnings report that featured another quarter of double-digit revenue growth.
The financial sector (+0.5%) is another influential mover off the opening bell, aided in small part by Capital One (COF 82.57, +0.08), which topped the S&P Capital IQ consensus EPS estimate by $0.20.
The Treasury market is surrendering a portion of Thursday's gains as some of the safety trade comes off. The 10-yr note is down six ticks, pushing its yield up to 2.47%.
9:12 am: [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +18.30. The futures market has lost a little bit of its rebound mojo, which kicked in around 3:00 a.m. ET, but still points to a modestly higher start for the cash market.
There will certainly be a lot of headline hoopla again today as officials try to sort out the source, and the reasoning, for why the Malaysian Air passenger jet was shot down over eastern Ukraine. In the midst of all of that, earnings reports will be digested along with some economic data close to the top of the hour.
The University of Michigan Consumer Sentiment report for July (Briefing.com consensus 84.0; prior 82.5) will be released at 9:55 a.m. ET and the Leading Indicators report for June (Briefing.com consensus +0.5%; prior +0.5%) will be released at 10:00 a.m. ET. With the weaker than expected building permits data for June seen yesterday, don't be surprised if the Leading Indicators number comes in below expectations.
8:58 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +18.30. Markets ended mostly lower across Asia. The latest Bank of Japan minutes voiced concern over potential structural problems in the export sector. China's housing market saw price drop in 55 of 70 cities as the rate of change slowed to +4.2% YoY (+5.4% YoY previous).
-----
Japan's Nikkei (-1.0%) fell to a one-week low. Exports were pressured as the yen strengthened to levels last seen in February. Toyota fell 1.1% and Panasonic slide 1.7%.
Hong Kong's Hang Seng (-0.3%) saw early weakness produce a drop in excess of 1.0%, but trade was able to pare its losses throughout the day. Casino shares remained weak with Sands China and Galaxy Entertainment giving up 2.7% and 1.0%, respectively.
China's Shanghai Composite (+0.2%) eked out a gain as action held the 50 and 100 dma. Real estate developers led the way as Poly Real Estate jumped 4.1% and China Vanke added 3.3%.
Major European indices are lower across the board.
-----
Great Britain's FTSE is off 0.3%. Miners are among the worst performers as Lonmin trades lower by 1.7% and Rio Tinto is off 0.9%.
Germany's DAX holds a loss of 0.7%. Automakers are seeing broad-based selling with Bayerische Motoren Werke, Daimler, and Volkswagen down between 0.8% and 2.4%.
France's CAC is lower by 0.3%. Financials hover little changed with Societe Generale off 0.1% and BNP Paribas up 0.1%.
8:32 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +16.50. The S&P futures have slipped a bit from their morning highs but still point to a higher open for the cash market. A fairly resilient tone in foreign markets overnight helped temper selling efforts. In addition, a presumption that yesterday's event-driven sell-off will be a short-lived affair has also spurred some dip-buying efforts.
There are a lot of earnings results to digest from widely-held companies like Google (GOOG), IBM (IBM), Schlumberger (SLB), General Electric (GE), Capital One (COF), and Honeywell (HON). Most have been better than expected and have provided a positive distraction for the time being from geopolitical issues.
8:00 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +15.80. U.S equity futures have been climbing throughout the morning as participants continue to take stock of Thursday's event-driven sell-off. The S&P futures are currently 0.3% above fair value, signalling a slightly higher open for the cash market.
Reviewing overnight developments:
Asian markets ended mixed. Japan's Nikkei -1.0%, China's Shanghai Composite +0.2%, and Hong Kong's Hang Seng -0.3%.
Economic data was limited:
China's House Prices rose 4.2% year-over-year (previous 5.6%)
In news:
Reuters, citing Xinhua News Agency, reports that Chinese Premier Li Keqiang said economic growth this year of slightly more or less than 7.5% would be okay provided it still led to new jobs and higher wages
Malaysian Airlines closed down 11% in the wake of yesterday's tragic incident that involved one of its passenger jets being shot down over eastern Ukraine
Major European indices are mostly lower, but losses are modest in scope. Germany's DAX Index -0.5%, France's CAC-40 -0.1%, and the UK's FTSE 100 -0.4%.
Participants received just one data point:
Eurozone Current Account surplus narrowed to EUR19.5 billion from EUR21.50 billion (expected surplus of EUR23.00 billion)
Among news of note:
Russian and Ukraine are playing the blame game, pointing fingers at each other as being responsible for the downing of the Malaysian Air passenger jet
In U.S. corporate news:
Google (GOOGL 596.50, +15.68): trading 2.7% higher after coming up $0.15 shy of the S&P Capital IQ consensus EPS estimate on higher than expected revenues
IBM (IBM 190.24, -2.25): down 1.2% after topping the S&P Capital IQ consensus EPS estimate by a penny on a 2.2% decline in revenue
General Electric (GE 26.80, +0.19): up slightly following an in-line earnings report for its second quarter and reiterating that its FY14 framework is "on track"
Schlumberger (SLB 114.64):topped the second quarter S&P Capital IQ consensus EPS estimate by two cents on a 7.5% jump in revenue that exceeded expectations
FedEx (FDX 151.90): the Department of Justice has filed a criminal indictment against the company for its involvement in transporting packages for online pharmacies
The Michigan Consumer Sentiment Index for July (Briefing.com consensus 84.0) will be released at 9:55 ET, while the Leading Indicators report for June (consensus 0.5%) will cross the wires at 10:00 ET.
6:37 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +9.50.
6:36 am: [BRIEFING.COM] Nikkei...15215.71...-154.60...-1.00%. Hang Seng...23454.79...-66.10...-0.30%.
6:36 am: [BRIEFING.COM] FTSE...6706.44...-31.90...-0.50%. DAX...9687.79...-66.10...-0.70%.
http://www.bloomberg.com/news/2014-07-1 ... gains.html http://www.bloomberg.com/news/2014-07-1 ... y-bid.html http://www.bloomberg.com/news/2014-07-1 ... raine.html http://www.bloomberg.com/news/2014-07-1 ... emand.htmlhttp://www.bloomberg.com/news/2014-07-1 ... years.htmlSpecial thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. Best Regards,
M.A. Perry
Trader and Founder of
WRB Analysis (wide range body/bar analysis)
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