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 Post subject: July 30th Wednesday Trade Results - Profit $3110.00
PostPosted: Wed Jul 30, 2014 9:41 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 @ $3,110.00 dollars or +31.10 points, Emini ES ($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 @ $3,110.00 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=1850

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 End Mixed After Pops And Drops

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

NEW YORK (CNNMoney)
Despite strong economic growth and no major surprises from the Federal Reserve, the bulls couldn't quite get it together Wednesday.

The Dow Jones industrial average ended the day down and the S&P 500 was flat. The Nasdaq bucked the trend, gaining 0.4%. Bond yields rose as well, a sign that investors believe the economy is improving. The dollar strengthened against most of its main trading partners.

Fed tapers again: The Fed announced plans to trim its bond buying program by $10 billion, as expected.

The Fed will now buy just $25 billion in long-term Treasuries and mortgage-backed bonds, down from a peak of $85 billion. It is widely expected to complete the program in October.

In its statement, the Federal Open Market Committee (FOMC) acknowledged that the economy has improved. But the central bank reiterated that it plans to hold interest rates at historic lows for a "considerable time" after the asset purchasing program is finished.

"Expectations for today's FOMC meeting were low," said Guy LeBas, chief fixed-income strategist at Janney. "And they were met."

Economy warms up: The U.S. economy has emerged from a first quarter deep freeze. Gross domestic product, the broadest measure of economic growth, increased at an annual rate of 4% in the second quarter, the Commerce Department said.

The second-quarter growth rate was better than expected. The economy has rebounded from the weather-driven slowdown in the first three months of the year, said Joseph Lake, an analyst at The Economist Intelligence Unit. The overall growth rate for the first half of 2014 is 1.8%, he said, which is not far below the 2% average for the past few years.

The job market is also showing signs of strength. Payroll processing firm ADP (ADP) said private sector employers added 218,000 jobs in July. That was down slightly from the month before, but the trend in private sector payrolls is still consistent with a "steadily improving job market," said Mark Zandi, chief economist of Moody's Analytics.

Stock market movers -- Twitter, Amgen, Barclays: Twitter (TWTR, Tech30) shares soared 20%. The social media company posted surprisingly strong second-quarter sales late Tuesday.

Video - Twitter proves skeptics wrong ... for now

Shares of Buffalo Wild Wings (BWLD) plunged 13% after the company's outlook for the second half of the year came in below analyst forecasts.

SodaStream (SODA) said earnings fell 28% in the second quarter, but still came in better than expected. Looking ahead, SodaStream lowered its outlook for sales in the United States. But the stock gained 10%. There also have been recent reports suggesting SodaStream may want to go private.

After the market closed, Whole Foods (WFM) issued an outlook for earnings and sales that fell short of analysts' expectations. The stock sank nearly 5% in extended trading.

Shares of U.S. Steel (X) surged after the company reported a net loss that wasn't as bad as feared. The company also said it expects operating income to "increase significantly" in the current quarter.

Amgen (AMGN) shares gained after the company announced it was cutting up to 2,900 jobs, or about 12-15% of its workforce.

Mortgage insurance company Genworth Financial (GNW) reported earnings that fell short of estimates, sending its stock down 14%.

DreamWorks Animation (DWA) reported a net loss for the second quarter, sending its shares down 12%.

U.S.-listed shares of Barclays (BCS) rose 4% after the bank's first half earnings were well received.

Edwards Lifesciences (EW), which makes heart valves, also gained on strong earnings.

Russian market mystery: Trading on Moscow's main stock market was halted for a lengthy period earlier Wednesday. But the MICEX added 2% once trading resumed as investors were relieved that new European and U.S. sanctions against Russia were not as bad as feared.

European markets ended lower, with stocks in Paris falling more than 1%. Asian markets mostly closed with small gains.

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4:15 pm: [BRIEFING.COM] The stock market ended the Wednesday session on a mixed note with small caps displaying relative strength. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.4%) registered modest gains, while the Dow Jones Industrial Average (-0.2%) and S&P 500 (+0.01%) underperformed.

Despite the mixed finish, the key indices traded higher across the board at the start of the session after the advance reading of second quarter GDP surpassed estimates (4.0% versus Briefing.com consensus 3.2%). However, the early strength was short-lived with the S&P 500 sliding into red during the opening 90 minutes of action.

One could argue that the inability to rally on a strong data point and better than expected earnings resulted from concerns about a potential fed funds rate hike taking place sooner than expected. To that point, Treasuries spent the session in a steady retreat and finished near their lows. The 10-yr note fell 26 ticks, sending its yield higher by nine basis points to 2.55%.

However, the jitters about a swift rate hike should have been partially calmed by today's policy statement from the FOMC, which was very similar to the June directive. The Fed lowered the size of monthly asset purchases to $25 billion and reiterated that participants saw continued "significant underutilization" of labor resources. Household spending was described as "rising moderately," while the housing sector continued recovering at a slow pace.

Despite the familiar undertone, there was a slight change in the portion of the statement dealing with inflation. Specifically, the directive acknowledged that "the likelihood of inflation running persistently below two percent has diminished somewhat," while the prior statements focused on the potential risks stemming from inflation running below the two-percent target.

The statement did not receive unanimous support with Philadelphia Fed President Charles Plosser dissenting due to his view that the guidance is time dependent and does not reflect the considerable economic progress that has been made already.

When the dust settled, five sectors posted gains, while the other five finished in the red. Cyclical groups displayed broad strength at the open, but finished the trading day on a mixed note.

Heavily-weighted consumer discretionary (+0.6%) and financial (+0.4%) sectors hovered near their flat lines into the afternoon, but surged to the top of the leaderboard shortly after the release of the FOMC statement. In the financial sector, American Express (AXP 90.91, -0.80) lost 0.9% despite reporting better than expected earnings.

Meanwhile, the discretionary space was supported by retailers, while homebuilders slumped. The SPDR S&P Retail ETF (XRT 85.07, +0.83) added 1.0%, narrowing its July loss to 2.0%. For its part, the iShares Dow Jones US Home Construction ETF (ITB 22.59, -0.17) lost 0.8% as higher interest rates weighed.

Elsewhere, the industrial sector (+0.1%) was a notable laggard during the early portion of the session, but sprung to life in the afternoon. Transport stocks fueled the move with the Dow Jones Transportation Average climbing 0.7%. CH Robinson (CHRW 68.53, +4.12) paced the rally with a 6.4% gain after beating bottom-line estimates.

Also of note, the top-weighted sector-technology (+0.3%)-received support from chipmakers as the PHLX Semiconductor Index advanced 1.0%, which gave a boost to the Nasdaq Composite.

The tech-heavy Nasdaq also benefitted from a rally among biotech names. Amgen (AMGN 130.01, +6.70) surged 5.4% following its strong earnings and guidance, while the iShares Nasdaq Biotechnology ETF (IBB 257.25, +2.47) rose 1.0%.

The outperformance of biotech helped keep the health care sector (+0.4%) in the green even as some large cap components displayed relative weakness. WellPoint (WLP 112.47, -0.08) shed 0.1% despite beating estimates, while Humana (HUM 120.34, -7.18) lost 5.6% in reaction to an in-line report.

Another countercyclical sector-utilities-ended at the bottom of the leaderboard with a loss of 1.7% that was likely due in part to the increase in Treasury yields.

Today's participation was an improvement when compared to recent sessions, but remained below average with less than 670 million shares changing hands at the NYSE.

Economic data included the weekly MBA Mortgage Index, ADP Employment Change, and the Q2 GDP report:
Second quarter GDP increased 4.0% in the advance release after declining an upwardly revised 2.1% (from -2.9%) in Q1 2014. The Briefing.com consensus expected GDP to increase 3.2%
Real final sales, which fell 1.0% in the first quarter, rebounded and increased 2.3%. That is still well off the pace from the second half of 2013 when real final sales increased 3.0% and 3.9%, respectively, in the third and fourth quarters
Simply put, all the predictions for 2014 economic growth that were based on the second half 2013 rebound proved to be faulty. Last year's gains were not sustainable
Inventories added 1.66 percentage points to GDP growth in second quarter after subtracting 1.16 percentage points in Q1 2014
According to the ADP National Employment Report, employment in the nonfarm private business sector rose 218K in July, while the Briefing.com consensus expected an increase of 215K
The June reading was left unrevised at 281,000
The weekly MBA Mortgage Index fell 2.2% to follow last week's increase of 2.4%

Tomorrow, the July Challenger Job Cuts will be announced at 7:30 ET, while weekly initial claims (Briefing.com consensus 310K) and the Q2 Employment Cost Index (consensus 0.4%) will be released at 8:30 ET. The day's data will be topped off with the 9:45 ET release of the Chicago PMI for July (expected 61.8).

S&P 500 +6.6% YTD
Nasdaq Composite +6.9% YTD
Dow Jones Industrial Average +1.8% YTD
Russell 2000 -1.5% YTD

3:30 pm: [BRIEFING.COM]

Aug gold fell into negative territory in morning action as the dollar index strengthened after an advance GDP reading showed a 4.0% expansion during Q2 (Briefing.com consensus expected GDP to increase 3.2%). The move lower also came ahead of the latest policy statement from the FOMC released at 14:00 ET. The yellow metal slipped from its session high of $1303.00 per ounce and spent the remainder of the session trading in the red. It eventually settled with a 0.3% loss at $1294.80 per ounce.
Sep silver popped to a session high of $20.67 per ounce in morning trade after trading as low as $20.48 per ounce earlier in the session. The move was short lived, however, as it quickly retreated towards the unchanged line and settled just 1 cent higher at $20.59 per ounce.
Sep crude oil fell for a third consecutive session despite better-than-anticipated inventory data. The energy component advanced to a session high of $101.67 per barrel when the EIA reported that crude oil inventories had a draw of 3.7 mln barrels when consensus called for a draw of 1.2-1.5.
However, prices quickly turned negative and trended lower for the remainder of the session, leaving crude oil to settle with a 0.6% loss at $100.27 per barrel.
In electronic trade, Sept crude oil just hit a new LoD of $99.57/barrel and is -1.3% at $99.63/barrel
Sep natural gas traded in the red today, dipping to a session low of $3.75 per MMBtu. Unable to find buying support, it settled with a 1.0% loss at $3.78 per MMBtu.

2:55 pm: [BRIEFING.COM] The S&P 500 trades flat with one hour remaining in the session. It has been a busy day on the economic front with the release of the GDP report for the second quarter and the latest policy statement from the Fed.

Tomorrow's session will also feature a handful of data points, but neither weekly initial claims (Briefing.com consensus 310K) nor the Chicago PMI report (consensus 61.8) are expected to be met with a noteworthy reaction.

However, on Friday, the focus will be back on economic data with the July Nonfarm Payrolls report (Briefing.com consensus 220K) set to be released at 8:30 ET.

2:35 pm: [BRIEFING.COM] The S&P 500 (+0.2%) has inched up from its recent level as participants continue digesting the latest policy statement from the Fed.

After the Q2 GDP report surpassed estimates, longer-term Treasury rates spent the first half of the session in a steady uptrend. The increase suggested investors were looking for the FOMC statement to hint at an earlier rate hike than what was previously expected, but those fears were not realized. Instead, the policy statement bore strong resemblance to the last directive that was released six week ago.

As such, Treasury yields remain elevated, but are off their highs. The benchmark 10-yr yield remains higher by seven basis points at 2.54%.

2:05 pm: [BRIEFING.COM] The Federal Open Market Committee has released its latest policy statement, which called for a $10 billion taper that will reduce the size of monthly asset purchases to $25 billion.

Outside of the tapering announcement, the policy statement was essentially a carbon copy of recent comments by the Fed. Regarding employment, the statement reiterated that participants saw continued "significant underutilization" of labor resources. Household spending was described as "rising moderately," while the housing sector continued recovering at a slow pace.

The policy statement touched on the expected path for interest rates, saying the Committee believes "it will be appropriate to maintain the current target range for a considerable time after the purchase program ends. Philadelphia Fed President Charles Plosser dissented, saying the guidance does not reflect the progress that has been made towards the Fed's goals.

The S&P 500 (+0.1%) inched up in reaction to the release, while the 10-yr note held near its low (10-yr yield -9 bps at 2.55%).

1:30 pm: [BRIEFING.COM] The time is drawing near for the FOMC to release its latest policy directive. It will be done at the top of the hour; and the major indices are mixed at the bottom of the hour.

Market participants are expecting the policy directive to read very similarly to the last directive. Any new nuggets of information, therefore, that suggest the Fed is angling to prepare the market for the fed funds rate to go up sooner rather than later would be a source of upset.

Such concerns might be factoring into the Treasury market at the moment. Longer-dated securities have been under notable selling pressure since the release of the much better than expected Q2 GDP report.

The benchmark 10-yr note is down 26 ticks and its yield has climbed nine basis points to 2.55%. A decent 7-yr note auction, which drew a high yield of 2.25% on a slightly higher than average bid-to-cover ratio of 2.58, didn't alter the course of things either.

1:00 pm: [BRIEFING.COM] The major averages are mixed at midday with the Nasdaq Composite (+0.3%) and Russell 2000 (+0.3%) holding modest gains, while the Dow Jones Industrial Average (-0.3%) and S&P 500 (-0.1%) underperform.

Equity indices opened the midweek session on a strong note after the advance GDP reading pointed to a 4.0% expansion during the second quarter. In addition, a batch of better than expected earnings also factored into the early strength.

Despite those two supportive factors, the S&P 500 notched its session high during the first five minutes of action before sliding back below its flat line. The Dow has followed suit amid notable weakness in blue chip listings like Caterpillar (CAT 103.48, -1.21), UnitedHealth (UNH 82.19, -2.08), and American Express (AXP 90.47, -1.24). The three names are down between 1.1% and 2.4% with shares of AXP on the defensive despite better than expected earnings.

Meanwhile, the Nasdaq and Russell 2000 have also retreated from their highs, but they have been able to stay out of the red for the time being. High-growth social media and biotech names have provided support with shares of Twitter (TWTR 46.58, +7.99) catching the attention of many observers. The stock has soared 20.7% in reaction to better than expected earnings and guidance. Peers Facebook (FB 74.94, +1.23) and Yelp (YELP 74.09, +4.61) are up 1.7% and 6.6%, respectively, with Yelp scheduled to report its results after the closing bell.

Elsewhere, the biotech industry has received a boost from Amgen (AMGN 129.84, +6.53), which sports an advance of 5.4% after blowing past analyst estimates. The iShares Nasdaq Biotechnology ETF (IBB 257.33, +2.55) is higher by 1.0%, while the health care sector (+0.3%) sits ahead of the remaining groups.

Unlike health care, the remaining countercyclical sectors are lower across the board. Consumer staples and telecom services are both down near 0.8%, while the utilities sector (-1.5%) has widened its July loss to 5.2%. In all likelihood, the weakness in the rate-sensitive sector is related to today's increase in Treasury rates. The 10-yr note is currently down 23 ticks with its yield up eight basis points at 2.54%.

The Treasury market will be the focal point during afternoon action with participants awaiting the latest policy statement from the Federal Open Market Committee, which is expected to cross the wires at 14:00 ET.

Economic data included the weekly MBA Mortgage Index, ADP Employment Change, and the Q2 GDP report:

Second quarter GDP increased 4.0% in the advance release after declining an upwardly revised 2.1% (from -2.9%) in Q1 2014. The Briefing.com consensus expected GDP to increase 3.2%
Real final sales, which fell 1.0% in the first quarter, rebounded and increased 2.3%. That is still well off the pace from the second half of 2013 when real final sales increased 3.0% and 3.9%, respectively, in the third and fourth quarters
Simply put, all the predictions for 2014 economic growth that were based on the second half 2013 rebound proved to be faulty. Last year's gains were not sustainable
Inventories added 1.66 percentage points to GDP growth in second quarter after subtracting 1.16 percentage points in Q1 2014
According to the ADP National Employment Report, employment in the nonfarm private business sector rose 218K in July, while the Briefing.com consensus expected an increase of 215K
The June reading was left unrevised at 281,000
The weekly MBA Mortgage Index fell 2.2% to follow last week's increase of 2.4%

12:30 pm: [BRIEFING.COM] Cautious action continues with the S&P 500 (-0.2%) probing the lower end of its trading range. Seven sectors began the session in positive territory, but consumer discretionary (+0.1%) and health care (+0.2%) are the only remaining advancers at this time.

Of the two, the health care sector continues drawing support from Amgen (AMGN 129.83, +6.52) and other biotech names, while health care providers like Humana (HUM 120.79, -6.73), UnitedHealth (UNH 82.38, -1.89), and WellPoint (WLP 111.55, -1.00) lag. The three stocks are down between 0.9% and 5.2% despite above-consensus results from WLP and an in-line report from HUM.

The overall weakness in equities has caused participants to seek volatility protection as indicated by the CBOE Volatility Index (VIX 13.96, +0.68), which sits a bit below its highest closing level of the month (14.54%).

12:00 pm: [BRIEFING.COM] Not much change in the major averages with the S&P 500 (-0.3%) trading near its session low that was established during the past hour. Meanwhile, the Nasdaq (+0.1%) and Russell 2000 (+0.1%) continue outperforming, but they too are trading well off their early highs.

Although stocks have held their levels through the past hour of action, Treasuries have continued their retreat. The 10-yr note is now down 20 ticks with its yield up seven basis points at 2.53%. Similarly, the long bond sits on its low with the yield up five basis points at 3.28%.

Today's spike in rates comes after the 10-yr yield maintained a 10-basis point range during the past two weeks. As a result of today's sell-off, the benchmark yield is back where it was at the start of the month.

11:35 am: [BRIEFING.COM] The S&P 500 (-0.1%) remains just below its flat line after surrendering its early gain that was driven by a better than expected GDP report for Q2 (4.0% versus Briefing.com consensus 3.2%) and a set of above-consensus earnings.

To that latter point, American Express (AXP 90.65, -1.06), Buffalo Wild Wings (BWLD 144.48, -22.78), and WellPoint (WLP 110.11, -2.44) all beat their estimates, yet the trio trades lower across the board. Also of note, Humana (HUM 119.36, -8.16) has tumbled 6.4% despite matching analyst expectations.

Elsewhere, Twitter (TWTR 46.88, +8.28) has ticked down from its high, but remains up 21.7% in reaction to its upside surprise.

10:55 am: [BRIEFING.COM] The S&P 500 (-0.1%) and Dow (-0.3%) have slid into the red, while the Nasdaq Composite (+0.3%) and Russell 2000 (+0.3%) continue showing relative strength.

The divergence between the key indices is a reflection of notable underperformance among blue chip listings. Of the 30 Dow components, 22 display losses with seven names down at least 1.0%. UnitedHealth (UNH 81.99, -2.28) is the weakest performer, down 2.7%, while American Express (AXP 90.54, -1.17), Caterpillar (CAT 103.63, -1.06), and Merck (MRK 57.80, -0.77) display losses close to 1.3% apiece.

On the upside, Nike (NKE 79.15, +1.05) is higher by 1.3%, while the other advancers hover much closer to their respective flat lines.

Elsewhere, high-beta areas remain well supported with the iShares Nasdaq Biotechnology ETF (IBB 257.50, +2.72) higher by 1.1% and the PHLX Semiconductor Index sporting an advance of 0.7%.

10:35 am: [BRIEFING.COM]

Crude oil futures were trading higher all morning and were about 0.4% higher, just above $101/barrel just ahead of the weekly EIA inventory data
Sept crude oil is now +0.54 at $101.33/barrel
Natural gas futures sold off in early morning trading and hit a new LoD in recent action. Sept nat gas is now -1.7% at $3.76/MMBtu
Precious metals have shown some volatility this morning, with a drop, then spike. Silver, however, is back near the flat line now.
Aug gold is now-0.5% at $1292.50/oz, Sept silver is -0.2% at $20.55/oz
Copper has been in positive territory as well all morning and is now +0.6% at $3.24/lb
Meanwhile, the dollar index has been climbing today and is currently sitting near its HoD, now up

9:55 am: [BRIEFING.COM] The S&P 500 (+0.3%) continues hovering near its opening high, while the Nasdaq Composite (+0.7%) displays relative strength thanks to the outperformance of biotechnology (IBB +2.0%) and social media names.

In the social media space, Twitter (TWTR 47.78, +9.19) has soared 23.9% in reaction to its earnings beat and better than expected guidance. Peers Facebook (FB 74.31, +0.60) and LinkedIn (LNKD 184.00, +4.24) holds respective gains of 0.8% and 2.4%, while Yelp (YELP 72.15, +2.67) is higher by 3.8% ahead of its quarterly report, which is expected after the close.

On the downside, the consumer staples sector lags with a loss of 0.5%.

9:40 am: [BRIEFING.COM] As expected, the major averages displayed early strength thanks to a better than expected GDP report for Q2 (4.0% versus Briefing.com consensus 3.2%) and a set of upbeat quarterly earnings. The S&P 500 trades higher by 0.4% with seven sectors showing gains.

All six cyclical groups trade In the green with gains between 0.3% and 0.7%, while countercyclical sectors are bit more mixed. The health care space (+0.8%) sits atop the leaderboard, whereas consumer staples (-0.4%), telecom services (-0.1%), and utilities (-0.1%) lag. Notably, the health care sector has drawn strength from biotech names after Amgen (AMGN 130.52, +7.21) reported better than expected results. On a related note, the iShares Nasdaq Biotechnology ETF (IBB 260.20, +5.42) is higher by 2.1%.

The broad strength in equities has translated into weakness for Treasuries. The 10-yr note is now down half a point with its yield up six basis points at 2.52%.

9:19 am: [BRIEFING.COM] S&P futures vs fair value: +6.90. Nasdaq futures vs fair value: +23.00. The stock market is on track for an upbeat open after index futures received a boost from a better than expected GDP report. According to the preliminary report, GDP increased 4.0% during the second quarter. This was well ahead of the Briefing.com consensus estimate, which expected an increase of 3.2%. Also of note, the Q1 reading was revised up to -2.1% from -2.9%.

Accordingly, the better than expected economic report has sparked some selling in the Treasury market. The 10-yr note is lower by 13 ticks with its yield up five basis points at 2.51%. Elsewhere, the U.S. dollar has received a boost with the U.S. Dollar Index (81.46, +0.25) spiking to a session high.

In addition to the GDP report, market participants have received another round of quarterly earnings. Most notably, Twitter (TWTR 48.26, +9.67) is indicated to open higher by 25.0% in reaction to its better than expected results and guidance.

In other earnings news, Amgen (AMGN 129.00, +5.66) is expected to underpin the biotech space after reporting better than expected results.

With Fed Chair Janet Yellen's two favorite industry groups showing early strength, it is fitting that the latest policy decision from the Federal Open Market Committee will cross the wires at 14:00 ET.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +23.00. The S&P 500 futures trade seven points above fair value.

Asian markets ended the day on a mostly higher note. Japan's weak preliminary Industrial Production report (-3.3% month-over-month versus expected -1.0%) prompted the Ministry of Economy, Trade, and Industry to lower its industrial assessment.

In other data:
South Korea's Industrial Production rose 2.9% month-over-month (expected 0.7%, previous -2.8%), while the year-over-year reading increased 0.6% (consensus 0.8%, previous -2.1%). Separately, Retail Sales ticked up 0.3% month-over-month (forecast 0.6%, prior 1.4%)
New Zealand's Building Consents increased 3.5% month-over-month (previous -4.4%)

------

Japan's Nikkei added 0.2%, closing at its best level in more than six months. Solid earnings reports provided support with Mitsubishi Electric rallying 3.4% following its beat and Honda Motor gained 3.1% after providing upbeat guidance.
Hong Kong's Hang Seng rose 0.4%, gaining for a seventh straight day as trade contends with its best levels in more than six years. Property stocks continued to see strength as Hang Lung Properties and Sun Hung Kai Properties jumped 3.4% and 3.2%, respectively.
China's Shanghai Composite slipped 0.1% for the first time in seven sessions. Real estate giant Poly Real Estate was a laggard, tumbling 5.5%.

Major European indices trade in mixed fashion with Spain's IBEX (+0.9%) showing relative strength. The European Central Bank released its quarterly lending survey, which indicated that lending standards eased during the second quarter with positive loan demand observed in all loan categories.

Participants received several data points:
Eurozone Business and Consumer Survey ticked up to 102.2 from 102.1 (expected 101.8) as Business Climate held steady at 0.2, as expected, while Consumer Confidence slipped to -8.0 from -7.5, as expected. Separately, Industrial Sentiment ticked up to -4.0 from -4.3 (consensus -5.0)
French Consumer Confidence held steady at 86, as expected
Spain's GDP rose 0.6% quarter-over-quarter (expected 0.5%, previous 0.4%), while the year-over-year reading increased 1.2% (consensus 1.1%, prior 0.5%). Separately, CPI slipped 0.3% year-over-year (expected 0.2%, prior 0.1%)

------

Great Britain's FTSE is lower by 0.1% with miners showing weakness. Antofagasta is lower by 2.9% and BHP Billiton holds a loss of 1.3%. Barclays leads with a gain of 4.3% after providing an upbeat on its cost-cutting efforts.
In France, the CAC holds a loss of 0.1%. Industrials Legrand and Schneider Electric underperform with respective losses of 1.4% and 2.9%. Airbus is the top performer, up 4.3%.
Germany's DAX is higher by 0.2% with support from drug makers. Bayer and Merck are higher by 2.9% and 2.2%, respectively. Infineon Technologies has tumbled 4.3% despite reporting strong results.
Spain's IBEX outperforms with an increase of 0.9% with banks showing strength. Bankinter, BBVA, and Caixabank are up between 1.5% and 1.9%.

Also of note, trading in Russian equities has been suspended with the MICEX index up 2.0% at the time of the halt.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +25.00. The S&P 500 futures trade nine points above fair value.

The advance second quarter GDP report indicated growth of 4.0%, which was better than the 3.2% increase that had been expected by the Briefing.com consensus. Meanwhile, the second quarter GDP Deflator came in at +2.0%, while the Briefing.com consensus expected a reading of +2.1%.

Separately, today's ADP National Employment Report revealed that employment in the nonfarm private business sector rose 218K in July. That was a bit above the increase of 215K expected by the Briefing.com consensus. The June reading was left unrevised at 281,000.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +5.40. Nasdaq futures vs fair value: +17.20. U.S. equity futures trade near their pre-market highs amid cautious action overseas. The S&P 500 futures trade five points above fair value, while Nasdaq futures outperform (+17 pts v fair value) after Twitter (TWTR 48.47, +9.88) reported better than expected results and guidance. The social media stock sports a pre-market advance of 25.6%.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -0.1%, Japan's Nikkei +0.2%, and Hong Kong's Hang Seng +0.4%
In economic data:
Japan's Industrial Production fell 3.3% month-over-month (expected -1.2%, previous 0.7%)
South Korea's Industrial Production rose 2.9% month-over-month (expected 0.7%, previous -2.8%), while the year-over-year reading increased 0.6% (consensus 0.8%, previous -2.1%). Separately, Retail Sales ticked up 0.3% month-over-month (forecast 0.6%, prior 1.4%)
New Zealand's Building Consents increased 3.5% month-over-month (previous -4.4%)
In news:
Japan's Ministry of Economy, Trade, and Industry lowered its assessment of industrial output to "growth has weakened" in response to the disappointing Industrial Production report

Major European indices trade in mixed fashion. Germany's DAX +0.2%, while France's CAC and Great Britain's FTSE are flat. Elsewhere, Spain's IBEX +0.8% and Italy's MIB is flat
Participants received several data points:
Eurozone Business and Consumer Survey ticked up to 102.2 from 102.1 (expected 101.8) as Business Climate held steady at 0.2, as expected, while Consumer Confidence slipped to -8.0 from -7.5, as expected. Separately, Industrial Sentiment ticked up to -4.0 from -4.3 (consensus -5.0)
French Consumer Confidence held steady at 86, as expected
Spain's GDP rose 0.6% quarter-over-quarter (expected 0.5%, previous 0.4%), while the year-over-year reading increased 1.2% (consensus 1.1%, prior 0.5%). Separately, CPI slipped 0.3% year-over-year (expected 0.2%, prior 0.1%)
Among news of note:
The European Central Bank released its quarterly lending survey, which indicated that lending standards eased during the second quarter with positive loan demand observed in all loan categories

In U.S. corporate news:

AU Optronics (AUO 4.65, +0.30): +6.9% in reaction to a bottom-line beat on revenue that matched estimates
Amgen (AMGN 127.95, +4.64): +3.8% following its strong results and better than expected guidance
Buffalo Wild Wings (BWLD 151.00, -16.15): -9.7% made all-time highs ahead of earnings, but is down despite beating earnings expectations. In all likelihood, the results have disappointed high expectations that were baked into stock going into the earnings release. Same-store sales increased 7.7% at company-owned restaurants and 6.5% at franchised restaurants
Garmin (GRMN 61.45, +3.87): +6.7% following its above-consensus results and upbeat guidance
Humana (HUM 130.00, +2.48): +1.9% after reporting results in line with expectations
Express Scripts (ESRX 69.00, +1.72): +2.6% after beating the Capital IQ consensus estimate by one cent on above-consensus revenue
Sprint (S 8.09, +0.09): +1.1% after beating bottom-line estimates by six cents
United States Steel (X 30.15, +2.63): +9.5% following its better than expected revenue

The weekly MBA Mortgage Index fell 2.2% to follow last week's increase of 2.4%.

The ADP Employment Change for July (Briefing.com consensus 215K) will be reported at 8:15 ET, the advance reading of Q2 GDP will be released at 8:30 ET (consensus 3.2%), and the FOMC will reveal its latest policy statement at 14:00 ET.

6:31 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +10.50.

6:30 am: [BRIEFING.COM] Nikkei...15646.23...+28.20...+0.20%. Hang Seng...24732.21...+91.20...+0.40%.

6:30 am: [BRIEFING.COM] FTSE...6806.02...-1.70...0.00. DAX...9643.13...-10.60...-0.10%.

Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

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