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 Post subject: August 4th Monday Trade Results - Profit $3840.00
PostPosted: Mon Aug 04, 2014 11:27 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4340
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 @ $3,840.00 dollars or +38.40 points, Emini ES ($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 @ $3,840.00 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=133&t=1855

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=244&t=2455

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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.

Rebound! Stocks Bounce Back Monday

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

NEW YORK (CNNMoney)
All's well that ends well on Wall Street. Stocks pushed higher Monday after a choppy morning.

The Dow Jones industrial average, which was down 50 points earlier in the day, ended 76 points higher (almost 0.5%). The S&P 500 and the Nasdaq both gained 0.7%.

What correction? Some investors were concerned that last week's sell off was the beginning of a correction, typically defined as a drop of 10% or more from the most recent peak.

But those worries faded in the afternoon and stocks rallied as investors rediscovered their appetite for risk.

"As we've seen many times this year, every time we get a sell-off, people jump in and start buying once the market stabilizes," said Randy Frederick, a managing director at the Schwab Center for Financial Research.

While stocks are still far from recovering all of last week's losses, Monday's rebound is impressive given the conflict in Gaza and ongoing tensions in Ukraine.

In a sign of the change in sentiment, the market's so-called fear gauge, the VIX, fell more than 12%. CNNMoney's Fear & Greed index, which is based on the VIX and other measures of investor sentiment, is still pointing to "Extreme Fear."

Frederick added that this week's economic calendar is light, and corporate earnings season is more than half-way over. "All the action was last week," he said. "This week is more of a 'breather' week."

Video - Earth to investors: Don't panic!

2. Stock market movers -- Michael Kors, Groupon, Berkshire Hathaway: Fashion designer and retailer Michael Kors (KORS) reported impressive jumps in revenue and profit. But the stock fell 6% despite the results.

Amazon (AMZN, Tech30)shares gained nearly 3% after the online retailer said it has more than doubled the number of apps available for download, including a spinoff of the popular "Flappy Birds" game.

Shares of Groupon (GRPN) added 9% ahead of the release of its latest quarterly report Tuesday.

Despite the rally, Groupon shares are down more than 40% for the year. At least one trader is skeptical that Monday's gains would hold after the report comes out. "$GRPN pump before earnings ...dump after earnings," said SockTwits user sktweets.

Shares of Priceline (PCLN, Tech30) gained more than 4% to trade near $1,300. It's been a volatile year for Priceline. After hitting an all-time high above 1,370 in early March, the stock slumped to a low $1,108 in May.

Warren Buffett's Berkshire Hathaway (BRKB)said Friday that profits grew by nearly $2 billion in the second quarter. Shares rose 3%.

HSBC (HSBC) reported results showing a decline in profit in the first half of 2014 but shares in the company still managed an increase.

3. The Ebola stock surge: Tekmira Pharmaceuticals (TKMR) stock gave back all of its early gains after surging almost 40% in early trading. It ended nearly 7% lower. The company is developing treatment for the Ebola virus, which has killed hundreds of people in Guinea, Sierra Leone, Liberia and Nigeria recently. CNN reported that a treatment made by Mapp Biopharmaceutical is also working on an anti-Ebola treatment.

Related: Investors look to profit off Ebola virus

4. Another bank rescue: Portugal's central bank announced it is using €4.9 billion ($6.6 billion) to rescue Banco Espirito Santo.

The move involves splitting the troubled bank into a "good" and "bad" bank, and aims to protect taxpayers and bank customers. Shareholders and some bond holders will lose out. Shares in BES were suspended Monday but have slumped 87% so far this year.

Related: Is a correction near? Wall Street on edge

Portugal's benchmark PSI 20 index edged up by 1.8% Monday, though the index has declined by 11% since the start of the year.

5. International markets: European markets were mixed. Asian markets also turned in an uneven performance.

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4:15 pm: [BRIEFING.COM] The stock market kicked off the new trading week on an upbeat note despite enduring a shaky start to the session. The S&P 500 settled higher by 0.7% with nine sectors ending in the green.

Equity indices climbed out of the gate amid upbeat action in Europe where Portugal's Banco Espirito Santo received bailout funds over the weekend. While the actual need for a bailout was not a positive in itself, the news calmed some fears about the stability of the European banking system.

Despite the opening strength, the key indices were back in the red during the first 90 minutes of action, but the outperformance of influential sectors like consumer discretionary (+1.0%), financials (+0.8%), and technology (+0.7%) invited dip-buyers into the fold. After a range-bound first half of the session, the indices spent the afternoon in a steady climb to new highs.

Overall, cyclical sectors fared better than defensively-oriented groups with five growth-sensitive sectors ending ahead of the broader market. The energy sector (+1.6%) was an early laggard, but surged into the lead in the afternoon after Colorado officials announced the formation of a task force aimed at minimizing regulatory conflicts in the industry. For its part, crude oil rose 0.4% to $98.27/bbl.

Like energy, the consumer discretionary sector (+1.0%) also added at least 1.0%. The group received all-around support as carmakers, homebuilders, and retailers rallied. Shares of Ford (F 17.02, +0.21) and General Motors (GM 33.61, +0.17) posted respective gains of 1.3% and 0.5% in reaction to strong July sales, while the iShares Dow Jones US Home Construction ETF (ITB 22.36, +0.22) added 1.0%. With regard to retail stocks, the SPDR S&P Retail ETF (XRT 84.57, +0.93) advanced 1.1%, but Michael Kors (KORS 77.01, -4.82) lost 5.9% after its disappointing outlook for Q2 overshadowed its above-consensus results and upbeat full-year guidance.

Elsewhere, the top-weighted S&P 500 sector-technology (+0.7%)-ended in line with the benchmark index. Large cap listings displayed broad strength with Google (GOOGL 582.27, +8.67) and Microsoft (MSFT 43.37, +0.51) both adding near 1.3%, while Apple (AAPL 95.59, -0.54) lagged. The largest tech stock shed 0.6%.

Even though most cyclical groups outperformed, the industrial sector (+0.3%) could not keep pace. Defense contractors pressured the sector (PHLX Defense Index -0.2%), while transport stocks struggled intraday. The Dow Jones Transportation Average added 0.4% to avoid its third consecutive decline.

On the countercyclical side, consumer staples (+0.4%), health care (+0.5%), and telecom services (+0.6%) benefitted from the afternoon rally, while the utilities sector (-0.6%) spent the entire trading day in the red to widen its third quarter loss to 7.1%.

Treasuries registered modest gains with the 10-yr yield slipping one basis point to 2.49%.

Participation was a bit below average with 661 million shares changing hands at the NYSE.

Tomorrow, June Factory Orders (Briefing.com consensus 0.5%) and the ISM Services Index for July (consensus 56.5) will both be reported at 10:00 ET.

S&P 500 +4.9% YTD
Nasdaq Composite +5.0% YTD
Dow Jones Industrial Average UNCH YTD
Russell 2000 -3.3% YTD

3:30 pm: [BRIEFING.COM]

Dec gold declined for a fourth time in five sessions as the dollar index traded higher. The yellow metal pulled back from a session high of $1295.90 per ounce and brushed a session low of $1287.00 per ounce. It eventually settled with a 0.4% loss at $1289.00 per ounce.
Sep silver retreated into negative territory after touching a session high of $20.44 per ounce in morning action. It dipped as low as $20.20 per ounce and settled with a 0.7% loss at $20.24 per ounce.
Sep crude oil rose for the first time in six sessions with prices lifting from a session low of $97.52 per barrel in early morning pit trade. The energy component touched a session high of $98.52 per barrel moments before settling with a 0.4% gain at $98.27 per barrel.
Sep natural gas chopped around in positive territory in a tight range between $3.80 and $3.85 per MMBtu. It managed to hold momentum and settled at $3.84 per MMBtu, or 1.1% higher.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.7% with one hour remaining in the session. Although the market endured a sloppy start to the trading day, afternoon action has been a one-sided affair with the major averages pushing to new highs.

Market participants did not receive any economic data today and tomorrow's economic news will be limited to the June Factory Orders report (Briefing.com consensus 0.5%) and the ISM Services Index for July (consensus 56.5). Both data points will cross the wires at 10:00 ET.

On the earnings front, the Q2 reporting period is wrapping up, but the market is still due to receive several noteworthy reports this week. AIG (AIG 52.53, +0.48), Marathon Oil (MRO 39.33, +0.72), and Tenet Healthcare (THC 53.62, +1.28) will report their results following today's close, while the focus will shift to Archer-Daniels Midland (ADM 47.00, +0.43) and CVS Caremark (CVS 77.28, +0.79).

2:25 pm: [BRIEFING.COM] The S&P 500 (+0.4%) remains near its session high, while the Dow Jones Industrial Average (+0.2%) continues showing relative weakness.

The price-weighted Dow has lagged since the opening bell and remains in a position of weakness as 10 of its 30 components hover in the red. Although a third of the index trades lower, General Electric (GE 25.10, -0.25) is the only index component holding a loss close to 1.0%.

On the upside, Caterpillar (CAT 101.65, +1.13), Disney (DIS 87.08, +1.70), and ExxonMobil (XOM 99.78, +0.98) all sport gains of 1.0% or more.

2:00 pm: [BRIEFING.COM] Recent action saw the S&P 500 (+0.4%) extend to a fresh session high with help from the energy sector. The growth-sensitive group lagged in the early going, but now trades higher by 1.3%, while crude oil trades up 0.6% at $98.43/bbl.

The energy sector has received a boost from domestic oil names amid reports indicating Colorado will start a task force for oil and gas operations. Noble Energy (NBL 70.87, +4.12) surged to highs on the news.

On the downside, the industrial sector (-0.1%) continues holding a modest loss.

1:25 pm: [BRIEFING.COM] The stock market's behavior has been a bit spastic today -- a few jerks here and a few jerks there, but nothing all that smooth about its performance.

The inconsistent behavior can be attributed in part to feeling a little shell shocked after last week's big losses (the biggest weekly decline since June 2012), which did some technical damage as well as the S&P 500 dropped below its 50-day moving average.

Not surprisingly, volume is on the lighter side today. Vacation schedules may have something to do with that, yet the spotty price action isn't exactly inducing a lot of interest in playing in today's market. That could change with a passing headline, but there has been nothing out there to this juncture that has stirred a lot of buying interest.

The dip in long-term rates has provided a measure of support, but overall, the stock market has been slow to respond to the improvement in rates that followed the weaker than expected employment report for July last Friday. That is apt to be construed by some as a sign that the stock market is simply intent on consolidating some of the heady gains it registered off the lows from mid-April.

1:00 pm: [BRIEFING.COM] The major averages hold midday gains with the Nasdaq Composite (+0.4%) in the lead. Meanwhile, the S&P 500 trades higher by 0.2% with six sectors holding gains.

Equity indices began the week on an upbeat note with the sentiment receiving a weekend boost from news out of Europe. Specifically, Banco Espirito Santo received ECB bailout funds from Portugal's government, which calmed fears about the state of the country's banking system for the time being.

Despite the upbeat start, the key indices could not extend their gains and dipped into the red during the opening 90 minutes of action. Since then, the indices have returned into positive territory and the tech-heavy Nasdaq sits just below its opening high.

The Nasdaq has received support from some of its most influential components. On that note, Facebook (FB 73.76, +1.40), Google (GOOGL 581.38, +7.78), and Microsoft (MSFT 43.18, +0.32) are up between 0.8% and 1.9%, but the top-weighted index component-Apple (AAPL 95.72, -0.41)-holds a loss of 0.4%. Chipmakers, meanwhile, have alternated between gains and losses and the PHLX Semiconductor Index is now higher by 0.1%.

Outside of technology (+0.5%), the consumer discretionary sector (+0.9%) is another notable outperformer. The cyclical group has drawn strength from all areas as homebuilders and retailers hold gains. The iShares Dow Jones US Home Construction ETF (ITB 22.18, +0.04) is higher by 0.2% and the SPDR S&P Retail ETF (XRT 84.38, +0.74) trades up 0.9%. Amazon.com (AMZN 315.34, +8.28) is a notable standout within the retail group, trading higher by 2.7%. Also of note, apparel retailers have been largely unaffected by disappointing Q2 guidance from Michael Kors (KORS 76.15, -5.70).

Generally speaking, cyclical sectors are holding up well and the industrial sector (-0.3%) is the only laggard among growth-sensitive groups. The sector lags amid weakness in the Dow Jones Transportation Average (-0.3%) with the bellwether complex on pace for its third consecutive loss.

On the countercyclical side, consumer staples (+0.1%), health care (-0.1%), and telecom services (-0.1%) trade little changed, while the utilities sector (-2.0%) lags.

Treasuries hold slim gains with the 10-yr yield down one basis point at 2.48%.

There was no economic data of note released today.

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.1%) remains near its flat line with five sectors holding gains. Generally speaking, cyclical sectors are holding up relatively well considering consumer discretionary (+0.8%), energy (+0.2%), materials (+0.2%), financials (+0.3%), and technology (+0.4%) display gains between 0.2% and 0.8%, while the industrial sector (-0.3%) lags.

Meanwhile, all four countercyclical sectors hover in the red with the utilities space down near 2.0%. Including today's loss, the rate-sensitive sector is down 8.4% so far during the third quarter.

The weakness among utilities does not appear to be linked to interest rates since the 10-yr note sits on its high with its yield down two basis points at 2.48%.

11:55 am: [BRIEFING.COM] Not much change in the major averages as they continue drifting near their flat lines. The Nasdaq Composite (+0.3%) displayed relative strength at the open and the tech-heavy index trades just a bit ahead of the S&P 500 (+0.1%) once again.

The top-weighted Nasdaq component, Apple (AAPL 95.36, -0.77), holds a loss of 0.8%, while other influential index members like Google (GOOGL 578.44, +4.88), Microsoft (MSFT 43.17, +0.31), and Qualcomm (QCOM 73.10, +0.55) show gains close to 0.8% apiece.

High-beta microchip manufacturers have alternated between gains and losses, but the PHLX Semiconductor Index hovers just below its flat line (-0.1%) at this time.

11:30 am: [BRIEFING.COM] Equity indices continue drifting near their flat lines after surrendering their opening gains. Although the broader market is little changed at this time, the consumer discretionary sector (+0.6%) sits just below its best level of the trading day.

The growth-sensitive sector has received all around support from carmakers, homebuilders, and retailers. General Motors (GM 33.76, +0.32) and Ford (F 17.03, +0.22) sport respective gains of 1.0% and 1.3% after both reported strong July sales. Also of note, the Dow Jones US Home Construction ETF (ITB 22.21, +0.07) is higher by 0.3% and the SPDR S&P Retail ETF (XRT 84.08, +0.44) trades up 0.5%.

Elsewhere among cyclical sectors, industrials (-0.2%) lag due to the underperformance of transport stocks. The Dow Jones Transportation Average is lower by 0.4% and is on track for its third consecutive loss.

10:55 am: [BRIEFING.COM] The major averages have slumped to lows after being unable to hold their early gains. The Dow, Nasdaq, and S&P 500 all hover near their flat lines, while the Russell 2000 (-0.2%) underperforms.

In our opening update we mentioned the relative strength in high-growth areas like biotechnology and chipmakers. However, both groups have surrendered their opening gains. The iShares Nasdaq Biotechnology ETF (IBB 250.00, -0.28) is lower by 0.1% as it hovers right below its 50-day moving average (251.10). For its part, the PHLX Semiconductor Index holds a loss of 0.3%, while the broader technology sector trades flat.

On the upside, consumer discretionary (+0.5%) and financials (+0.2%) continue holding gains.

10:35 am: [BRIEFING.COM]

Crude oil futures have rallied off of morning lows and are now showing modest gains this morning
Sept crude is now +0.4% at $98.24/barrel
Natural gas has been inching higher overall today and touched a new HoD is recent action of $3.085. Sept nat gas is now +1.1% at $3.84/MMBtu
Copper has been climbing as well, in a nice orderly way. Sept copper is currently +1.1% at $3.25/lb
Precious metals are seeing some morning weakness
Aug gold is -0.35 at $1291.20/oz, Sept silver is -0.1% at $20.35/oz

9:55 am: [BRIEFING.COM] The major averages continue drifting near their opening highs with the Nasdaq Composite (+0.5%) holding the lead.

Five of six cyclical sectors sport gains between 0.3% and 0.5%, while the energy space underperforms. The sector trades higher by 0.2% amid little change in crude oil prices ($97.92/bbl).

On the countercyclical side, health care (+0.3%) trades in line with the S&P 500, while consumer staples (unch), telecom services (-0.2%), and utilities (-2.2%) underperform.

With the market showing early gains, participants have reduced some of their hedges, sending the CBOE Volatility Index (VIX 16.01, -1.02) back into the 16.00% area.

9:40 am: [BRIEFING.COM] As expected, equity indices began the day with modest gains. The S&P 500 trades higher by 0.2% with eight sectors in the green, while the Nasdaq Composite (+0.4%) outperforms.

The tech-heavy Nasdaq has received an early boost from biotechnology and chipmakers. The iShares Nasdaq Biotechnology ETF (IBB 252.53, +2.25) trades up 0.9%, while the PHLX Semiconductor Index sports an advance of 0.5%.

Furthermore, high-growth areas in general are showing early strength. The Dow Jones Transportation Average (+0.3%) is also among the outperformers, while the broader industrial sector trades just ahead of the S&P 500.

Treasuries continue holding slim gains with the 10-yr yield off one basis point at 2.48%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +13.00. The stock market is on track for an upbeat start to the week with futures on the S&P 500 trading almost five points above fair value. Index futures have spent the entire night in the green amid generally upbeat action overseas.

In Portugal, the country's government used EUR5.00 billion from ECB bailout funds to provide Banco Espirito Santo with an emergency injection. For the time being, the move has calmed fears about the bank's troubles spreading deeper into the banking system.

Domestically, participants have received a fair dose of quarterly reports, but the releases have not moved the overall market. Notably, Michael Kors (KORS 78.61, -3.14) is on track to open lower by 3.8% after its disappointing Q2 guidance overshadowed its better than expected results and upbeat full-year guidance.

Treasuries hover near their best levels of the day with the 10-yr yield off one basis point at 2.48%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: +11.20. The S&P 500 futures trade four points above fair value.

Most Asian markets ended the Monday on a higher note.

In economic data:
China's Non-Manufacturing PMI slipped to 54.2 from 55.0
Japan's Monetary Base expanded 42.7% year-over-year (expected 41.2%, previous 42.6%)
Australia's Retail Sales rose 0.6% month-over-month (expected 0.4%, previous -0.3%), while MI Inflation Gauge ticked up 0.2% month-over-month (prior 0.0%). Separately, ANZ Job Advertisements increased 0.3% month-over-month (previous 4.4%)
Indonesia's Core Inflation slowed to 4.64% from 4.81% (expected 4.66%)

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Japan's Nikkei shed 0.3%, falling for a third straight session. Heavyweight Sotfbank weighed with shares tumbling 3.7%.
Hong Kong's Hang Seng added 0.3%, ending just shy of its 2014 high. Property stocks were a drag as China Resources Land lost 1.0% and Sun Hung Kai properties fell 0.9%.
China's Shanghai Composite rose 1.7%, climbing to its best level in eight months on speculation Beijing was looking to make state-owned enterprise reforms and ease restrictions on brokerage firms. Citic Securities and Haitong Securities gained 5.1% and 3.6%, respectively.

Major European indices trade mostly higher. According to Germany's IFO Institute, the country's GDP will be close to unchanged during the second quarter because of the Ukraine crisis.

Economic data was limited:
Eurozone PPI ticked up 0.1% month-over-month (expected 0.0%, previous -0.1%), while the year-over-year reading slipped 0.8% (expected -1.0%, prior -1.0%). Separately, Sentix Investor Confidence fell to 2.7 from 10.1 (expected 9.0)
Great Britain's Construction PMI ticked down to 62.4 from 62.6 (consensus 62.0)
Spain's Unemployment declined by 29,800 (expected -116,300, previous -122,700)

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Germany's DAX is lower by 0.1%. BASF and Lanxess are both down near 1.0%. Utility stocks outperform with E.On and RWE up 2.3% and 1.6%, respectively.
Great Britain's FTSE trades up 0.4% amid strength in bank shares. HSBC Holdings, Lloyds Banking, and Royal Bank of Scotland display gains between 1.2% and 1.8%.
In France, the CAC is higher by 0.8%. Financials are also showing strength with AXA, BNP Paribas, Credit Agricole, and Societe Generale up between 1.6% and 3.2%. Software company Gemalto brings up the rear with a loss 1.7%.

8:29 am: [BRIEFING.COM] S&P futures vs fair value: +4.20. Nasdaq futures vs fair value: +12.20. U.S. equity futures remain near their best levels of pre-market action as participants continue digesting a flurry of quarterly reports that have come in this morning. For the most part, the reports have elicited stock-specific movements, while better than expected results from Michael Kors (KORS 81.00, -0.83) have been unable to lift the stock. The apparel retailer lowered its Q2 earnings and revenue guidance, but said it expects to surpass full-year estimates.

On a separate note, there was no economic data released today and the entire week will be relatively quiet on that front. Tomorrow's data will be limited to June Factory Orders (Briefing.com consensus 0.5%) and the ISM Services Index for July (consensus 56.5) with both reports set to cross the wires at 10:00 ET.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +5.90. Nasdaq futures vs fair value: +14.00. U.S. equity futures hover near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade six points above fair value.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei -0.3%, Hong Kong's Hang Seng +0.3%, and China's Shanghai Composite +1.7%
In economic data:
China's Non-Manufacturing PMI slipped to 54.2 from 55.0
Japan's Monetary Base expanded 42.7% year-over-year (expected 41.2%, previous 42.6%)
Australia's Retail Sales rose 0.6% month-over-month (expected 0.4%, previous -0.3%), while MI Inflation Gauge ticked up 0.2% month-over-month (prior 0.0%). Separately, ANZ Job Advertisements increased 0.3% month-over-month (previous 4.4%)
Indonesia's Core Inflation slowed to 4.64% from 4.81% (expected 4.66%)
In news:
China's Shanghai Composite outperformed amid talks the country's government will relax regulations on brokerages.

Major European indices trade higher across the board. Germany's DAX +0.1%, Great Britain's FTSE +0.5%, and France's CAC +0.8%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.4%
Economic data was limited:
Eurozone PPI ticked up 0.1% month-over-month (expected 0.0%, previous -0.1%), while the year-over-year reading slipped 0.8% (expected -1.0%, prior -1.0%). Separately, Sentix Investor Confidence fell to 2.7 from 10.1 (expected 9.0)
Great Britain's Construction PMI ticked down to 62.4 from 62.6 (consensus 62.0)
Spain's Unemployment declined by 29,800 (expected -116,300, previous -122,700)
Among news of note:
According to Germany's IFO Institute, the country's GDP will be close to unchanged during the second quarter because of the Ukraine crisis.

In U.S. corporate news:

Boardwalk Pipeline Partners (BWP 18.89, +0.09): +0.5% after beating on earnings and revenue
Michael Kors (KORS 85.49, +3.17): +3.4% after beating estimates and guiding fiscal-year 2015 results above consensus
Transocean (RIG 39.61, -0.83): -2.1% after being downgraded to 'Sell' from 'Hold' at Deutsche Bank
U.S. Steel (X 34.01, +0.57): +1.7% after being upgraded to 'Buy' at Deutsche Bank and KeyBanc Capital Markets

There is no economic data on today's schedule.

7:17 am: [BRIEFING.COM] S&P futures vs fair value: +5.50. Nasdaq futures vs fair value: +12.00.

7:17 am: [BRIEFING.COM] Nikkei...15474.50...-48.60...-0.30%. Hang Seng...24600.08...+67.70...+0.30%.

7:17 am: [BRIEFING.COM] FTSE...6710.01...+30.80...+0.50%. DAX...9221.71...+11.60...+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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