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 Post subject: August 8th Friday Trade Results - Profit $1270.00
PostPosted: Fri Aug 08, 2014 4:39 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 @ $1,020.00 dollars or +10.20 points, Emini ES ($ES_F) futures @ $250.00 dollars or +5.00 points, Light Crude Oil CL ($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 @ $1,270.00 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=1859

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.

What Global Turmoil? U.S. Stocks Up 1%

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

NEW YORK (CNNMoney)
Despite a raft of geopolitical uncertainty, U.S. stocks ended a volatile week on a strong note.

The Dow Jones industrial average surged 185 points. The Dow and the S&P 500 both gained more than 1%. The Nasdaq advanced 0.8%. Friday's rally pushed all three indexes back into positive territory for the week. The Dow, which fell 75 points Thursday, gained 0.4% for the week.

Related: German stocks pummeled

No big deal? The advance came despite intensifying conflicts in Israel, Iraq and Ukraine. While the unrest creates uncertainty, investors seem confident that none of the current conflicts will derail the global economy.

"We would urge discretion in extrapolating today's headlines to the broad-based macroeconomic outlook of the coming few years," said Steven Wieting, global chief investment strategist at Citi Private Bank.

The CNNMoney Fear & Greed index is pointing to "extreme fear." However, the market's so-called fear-gauge, which is one of the indicators that make up the Fear & Greed index, was backing down. The VIX (VIXAUG)fell 4%.

Global unrest: U.S. jet fighters have targeted Sunni Islamic extremists in Iraq, escalating America's military involvement more than two years after President Barack Obama brought home forces from the country. Concerns are growing about a humanitarian crisis in Iraq where minority groups are facing possible slaughter by Sunni extremists.

Related: Bears come out of hibernation on Wall Street

Meanwhile, the Israeli military said it carried out strikes on militant targets in Gaza on Friday in response to a barrage of rocket fire after a three-day truce in the region came to an end without a longer-term agreement.

Video - Investing in unsettling times

Russia announced a round of limited import bans this week in retaliation to U.S. and European sanctions, raising concerns about a possible trade war.

Related: How to stay safe in a scary market

Stock market movers -- Lululemon, Tekmira, Zynga: Shares for yoga clothier Lululemon Athletica (LULU) gained after founder Dennis Wilson agreed to sell half his stake, of $845 million in stock, to private equity firm Advent.

Tekmira Pharmaceuticals (TKMR) said Thursday that the U.S. Food and Drug Administration will allow trials of an experimental treatment for the Ebola virus to move forward, a process dubbed "fast tracking". Shares soared 45%.

Zynga (ZNGA) shares sank after the maker of games for social media applications reported a loss for its second quarter. Tesla (TSLA) was down slightly despite resolving a trademark dispute that threatened its growth in China.

Sotheby's (BID) shares fell after the auction house reported earnings that fell short of expectations.

Global markets slide: European markets ended mostly lower. Germany's DAX is now officially in a correction. The benchmark index has fallen by about 11% since its peak in late June as investors worry about the effects Russian sanctions will have on the German economy.

However, Italy's stock market ended modestly higher after the government approved new stimulus measures aimed at lifting the nation's economy out of recession.

Nearly every Asian stock market index closed in negative territory. The Nikkei in Japan dropped by 3%.

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4:15 pm: [BRIEFING.COM] The major averages finished the first full week of August on a strong note. The S&P 500 settled higher by 1.2% with all ten sectors posting gains. Thanks to the advance, the benchmark index added 0.3% for the week.

Although stocks ended higher, the futures market was pressured overnight after President Obama delivered a statement last evening, authorizing humanitarian air drops and air strikes in Iraq. The announcement weighed on futures, while giving a boost to Treasuries.

Despite the overnight weakness, equity futures began climbing once European markets opened for action. Furthermore, the overall sentiment improved in reaction to a report from RIA, indicating Russia is seeking to de-escalate the Ukraine crisis. However, it is worth noting that regional leaders have recently warned that Russia could invade Ukraine under the guise of 'peacekeeping.'

Once the opening bell rang, the key indices searched for direction through the first hour of action, but were able to rally to fresh highs with support from heavily-weighted sectors like consumer discretionary (+1.6%), industrials (+1.4%), and health care (+1.1%). The market received another push during the early afternoon after news reports cited Russia's defense ministry as saying Russia's exercises near the border with Ukraine are over.

The afternoon news lifted underperforming sectors into the green, while sending the day's leaders to new highs. On the fixed income side, Treasuries erased all of their overnight gains and ended flat with the 10-yr yield at 2.42%.

The utilities sector (+2.0%) finished in the lead, while other countercyclical groups were somewhat mixed. Consumer staples (+1.0%) and telecom services (+0.5%) lagged, while health care (+1.1%) ended just behind the S&P 500 thanks to strength in the biotechnology space. The iShares Nasdaq Biotechnology ETF (IBB 251.49, +3.34) rose 1.4%, but ended just short of its 50-day moving average (252.10).

Similar to biotechnology, other high-beta areas like chipmakers and homebuilders also rallied.

Microchip manufacturers rallied after NVIDIA (NVDA 19.00, +1.54) reported better than expected earnings and hiked its revenue guidance. The stock surged 8.8%, while the broader PHLX Semiconductor Index rose 1.2%. However, the technology sector (+0.6%) underperformed amid relative weakness in top-weighted components like Apple (AAPL 94.74, +0.26) and Microsoft (MSFT 43.20, -0.03).

Elsewhere, homebuilders provided a measure of support to the discretionary sector with the iShares Dow Jones US Home Construction ETF (ITB 22.71, +0.53) climbing 2.4%. Retailers and media names also played a part in the outperformance. The SPDR S&P Retail ETF (XRT 85.24, +1.30) added 1.6%, while media stocks were underpinned by CBS (CBS 59.23, +2.33) after the company reported above-consensus results.

Participation was on the light side with a bit more than 615 million shares changing hands at the NYSE.

Economic data was limited to second quarter productivity/unit labor costs data and the Wholesale Inventories report for June:

Nonfarm labor productivity increased 2.5% in Q2 2014 following a downwardly revised 4.5% (from -3.2%) decline in the first quarter
The Briefing.com consensus expected nonfarm productivity to increase 1.4%
An increase in wages led to a 3.1% increase in hourly compensation in the second quarter, down from a 6.8% increase in the first quarter
The larger increase in output, however, reduced unit labor costs growth from an 11.8% gain in the first quarter to only 0.6% growth in the second. The small increase in unit labor costs leaves a lot of room for future profit growth
Wholesale inventories increased 0.3% in June after increasing by a downwardly revised 0.3% (from 0.5%), while the Briefing.com consensus expected an increase of 0.4%
The BEA assumed wholesale inventories increased 0.7% in the second quarter GDP report. The lower-than-expected increase along with the downward revision to the May data will result in a smaller contribution to overall growth from the inventory sector when the second estimate is released at the end of the month

There is no economic data of note scheduled to be released on Monday.

S&P 500 +4.5% YTD
Nasdaq Composite +4.7% YTD
Dow Jones Industrial Average -0.1% YTD
Russell 2000 -2.9% YTD

Week in Review: Searching For Direction

On Monday, the 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. 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.

The stock market ended the Tuesday session on a broadly lower note. The S&P 500 lost 1.0% with all ten sectors ending in the red. The Russell 2000 outperformed, but still shed 0.3%. Equity indices were on the defensive from the get-go with the early weakness attributed to disappointing data from overseas. China got the ball rolling overnight with a disappointing HSBC Services PMI report (50.0 from 53.1), which fell to its lowest level on record. Things looked a little bit better in Europe, where Services PMI readings from Germany, Great Britain, and Spain improved, but the overall eurozone reading unexpectedly slipped to 54.2 from 54.4. Another item that kept dip-buyers on the sidelines was disappointing guidance provided by Target (TGT). The retailer lost 4.4% after priming the market for below-consensus results that will include a $148 million expense stemming from the data breach that occurred last year.

The major averages spent some time on both sides of their flat lines on Wednesday before ending little changed. The S&P 500 settled on its flat line with six sectors finishing in the red, while the Russell 2000 (+0.3%) displayed relative strength throughout the session. Although stocks finished on a flat note, the early indication suggested the market could be in for a rough day as economic data from the eurozone and domestic corporate news weighed. On the economic front, Germany reported its second monthly decline in factory orders (-3.2% versus expected 1.0%; prior -1.6%), while the Italian economy slipped into recession following its second consecutive quarterly GDP contraction (-0.2%; previous -0.1%). Back at home, two potential acquisitions were called off with 21st Century Fox (FOXA) terminating its pursuit of Time Warner (TWX) and Sprint (S) withdrawing its offer for T-Mobile (TMUS).

On Thursday, equities finished on a lower note despite showing strength in the early going. The S&P 500 fell 0.6% with eight sectors registering losses. Equities climbed out of the gate after the European Central Bank reaffirmed its commitment to the current policy course. In addition, better than expected earnings and economic data also factored into an upbeat start. Despite the set of positive factors, the S&P 500 could not overtake its opening high at 1928.97. Instead, the index spent about an hour near that level before retreating into the red. An afternoon report from the New York Times concerning potential U.S. airstrikes on militants in Iraq contributed to keeping dip-buyers sidelined. As a result, the S&P 500 ended the session below its 100-day moving average (1913/1914), while the Dow Jones Industrial Average (-0.5%) settled just above its 200-day moving average (16343) after crossing that level for the first time since February 6.

3:30 pm: [BRIEFING.COM] Dec gold fell as low as $1307.00/ozt following today's productivity/unit labor costs data, but recovered its loss during the next hour. The yellow metal maintained a narrow range through the session and settled at $1311.00/ozt for a slim loss of 0.1%.

Sep silver essentially followed the same pattern as gold futures and ended with a five-cent loss at $19.94/ozt, representing a 0.3% decline for the day.

Sep crude oil traded as high as $98.25/bbl in overnight action, but began slipping around 7:00 ET. The energy component then slid to its flat line during the late morning, trading little changed into the afternoon. Oil was able to climb into the pit close, settling higher by $0.27 at $97.61/bbl for a gain of 0.3%.

Sep natural gas spent the entire session in a steady uptrend, adding eight cents to end at $3.96/MMBtu for an increase of 2.0%.

3:00 pm: [BRIEFING.COM] The S&P 500 (+0.9%) has inched to a new high with one hour remaining in the last session of the week. Participants received the last heavy portion of the Q2 earnings reports, meaning next week will be considerably slower on that front.

On Monday, two components of the consumer staples sector-Dean Foods (DF 15.74, +0.12) and Sysco (SYY 36.21, -0.07)-and a major discretionary component-Priceline (PCLN 12277.95, -7.16)-will report their results ahead of the opening bell.

2:25 pm: [BRIEFING.COM] The S&P 500 (+0.9%) remains near its best level of the session with three sectors-consumer discretionary, energy, and utilities-showing gains in excess of 1.0%.

This week was very quiet in terms of economic data, but a handful of noteworthy reports will cross the wires next week. Monday and Tuesday will be free of potentially market-moving data, but Wednesday will bring the release of the Retail Sales report for July (8:30 ET).

On Thursday, participants will receive the weekly Initial Claims report (8:30 ET), while Friday morning will feature the Producer Price Index for July (8:30 ET) and the preliminary reading of the Michigan Sentiment Index for August (9:55 ET).

1:55 pm: [BRIEFING.COM] The S&P 500 (+0.9%) remains near its recently-established high, which puts the index on course to end the week with a slim gain of 0.1%. The S&P 500 entered the trading day down 0.8% for the week, but thanks to a daylong rally and a pair of headlines related to the Ukraine crisis, the index is now looking for an upbeat finish to the week.

Elsewhere, the Russell 2000 (+1.0%) has extended its weekly gain to 1.3%, but the small-cap index remains lower by 5.5% so far in the third quarter. For comparison, the S&P 500 holds a quarter-to-date loss of 1.7%.

Also of note, Treasuries have surrendered all of their gains, sending the benchmark 10-yr yield back to unchanged at 2.41%.

1:25 pm: [BRIEFING.COM] The stock market started the week on a positive note and it is aiming to end the week on a positive note. What happened in between wasn't that great, yet the S&P 500 is on the verge of escaping with a weekly gain.

One element of support today that was a focal point early on for traders was the S&P 500's ability to hold trendline support in the 1908 area. That sparked a renewed round of buying interest that was broad based.

Moments ago, wire services reported that Russia's defense ministry said Russia's exercises near the Ukraine border are over.

The stock market spiked to new session highs in the wake of that headline, pleased that there is a mode of de-escalation in play ahead of the weekend. Treasuries are holding in positive territory but remain well off their best levels of the day.


1:00 pm: [BRIEFING.COM] The major averages hold midday gains with the S&P 500 trading higher by 0.4%.

Equity indices began the session with slim gains after climbing off their overnight lows. Last evening, President Obama announced the authorization of humanitarian air drops and targeted air strikes in Iraq, which weighed on equity futures, while boosting the demand for Treasuries.

The early-morning resilience in futures was aided by a report from RIA, indicating Russia is seeking to de-escalate the Ukraine crisis, but it is worth noting that regional leaders have warned that Russia could invade Ukraine under the guise of 'peacekeeping.'

Once the session got going, the key indices struggled through the first hour of action, but were able to rally to fresh highs with support from influential sectors like consumer discretionary (+0.8%), energy (+0.6%), and health care (+0.5%).

The discretionary sector has been supported by most of its components. Retailers sport gains with the SPDR S&P Retail ETF (XRT 84.66, +0.72) higher by 0.9%, while homebuilders also trade ahead of the broader market. The iShares Dow Jones US Home Construction ETF (ITB 22.55, +0.37) has added 1.7%. Also of note, media names have drawn strength from better than expected earnings reported by CBS (CBS 85.78, +1.88).

Elsewhere, the health care sector was among the early laggards, but now leads the market. Biotechnology has factored into the rebound as the iShares Nasdaq Biotechnology ETF (IBB 250.07, +1.92) sports an advance of 0.8%. Including today's gain, the high-beta ETF is flat for the week versus a 0.4% decline for the S&P 500.

On the flip side, the technology sector (-0.1%) has been unable to put together any sort of a rally, which could become a point of concern during afternoon action since the group accounts for nearly 19.0% of the S&P 500. Large cap names like Apple (AAPL 93.85, -0.63) and Microsoft (MSFT 42.96, -0.26) have kept the sector down, while chipmakers outperform. The PHLX Semiconductor Index trades up 0.6% with NVIDIA (NVDA 18.68, +1.21) in the lead after reporting better than expected earnings.

Treasuries have surrendered roughly half of their gains, but the 10-yr yield remains lower by three basis points at 2.39%.

Economic data was limited to second quarter productivity/unit labor costs data and the Wholesale Inventories report for June:

Nonfarm labor productivity increased 2.5% in Q2 2014 following a downwardly revised 4.5% (from -3.2%) decline in the first quarter
The Briefing.com consensus expected nonfarm productivity to increase 1.4%
An increase in wages led to a 3.1% increase in hourly compensation in the second quarter, down from a 6.8% increase in the first quarter
The larger increase in output, however, reduced unit labor costs growth from an 11.8% gain in the first quarter to only 0.6% growth in the second. The small increase in unit labor costs leaves a lot of room for future profit growth
Wholesale inventories increased 0.3% in June after increasing by a downwardly revised 0.3% (from 0.5%), while the Briefing.com consensus expected an increase of 0.4%
The BEA assumed wholesale inventories increased 0.7% in the second quarter GDP report. The lower-than-expected increase along with the downward revision to the May data will result in a smaller contribution to overall growth from the inventory sector when the second estimate is released at the end of the month

12:30 pm: [BRIEFING.COM] The S&P 500 (+0.4%) remains near its best level of the session. Countercyclical sectors underperformed in the early going, but three of four countercyclical groups now trade ahead of the S&P 500.

Most notably, the health care sector is higher by 0.4% after showing opening weakness. Biotechnology has helped the influential group erase its losses as the iShares Nasdaq Biotechnology ETF (IBB 250.24, +2.09) trades up 0.8%. The biotech ETF has shown relative strength this week and is unchanged since last Friday versus a 0.5% decline for the S&P 500.

Elsewhere, consumer staples (+0.5%) and utilities (+1.1%) also outperform, while the telecom services sector (-0.2%) is the lone decliner at this time.

11:55 am: [BRIEFING.COM] The S&P 500 (+0.4%) has spent the past 45 minutes near its current level. Despite today's advance, the benchmark index remains lower by 0.4% for the week. Similarly, the Dow Jones Industrial Average and Nasdaq Composite display respective weekly losses of 0.3% and 0.1%, while small caps have shown relative strength.

The Russell 2000 trades higher by 0.6% and is up 1.1% this week; however, the index continues trading well below its 200-day moving average (1144.99) after slumping below that level on July 31.

With regard to individual sectors, the consumer staples space is higher by 0.5% this week, while another countercyclical group is on track to finish at the bottom of this week's leaderboard. The telecom services space is lower by 0.3% today and down 2.9% for the week.

11:30 am: [BRIEFING.COM] Equity indices have extended their gains with the S&P 500 pushing its advance to 0.5%.

The consumer discretionary sector (+0.8%) is the top performing cyclical group thanks to broad-based strength. Retailer sport solid gains with the SPDR S&P Retail ETF (XRT 84.75, +0.81) trading higher by 1.0%.

Similarly, homebuilders outperform across the board. DR Horton (DHI 20.53, +0.42) trades up 2.1%, while the iShares Dow Jones US Home Construction ETF (ITB 22.62, +0.44) is higher by 2.0%.

Among media names, CBS (CBS 58.91, +2.01) has added 3.5% after beating earnings estimates and boosting its buyback.

On the flip side, McDonald's (MCD 93.12, -0.19) is lower by 0.2% after reporting a 2.5% decline in July comparable store sales; however, the weakness has had little effect on its peers.

10:55 am: [BRIEFING.COM] The major averages have jumped to new highs after spending the opening hour of action inside narrow ranges. The S&P 500 is higher by 0.3%, while the Nasdaq Composite (+0.2%) underperforms.

All ten sectors display gains at this time, but the top-weighted S&P 500 sector-technology-sits at the bottom of the leaderboard. The sector trades higher by 0.1% with several influential components keeping the group near its flat line. Apple (AAPL 93.88, -0.60) and Microsoft (MSFT 43.03, -0.20) are both down near 0.5%, while the likes of Cisco Systems (CSCO 24.88, +0.03) and Google (GOOGL 572.77, +0.96) trade little changed.

Chipmakers, however, trade well ahead of the sector with the PHLX Semiconductor Index up 0.7%. NVIDIA (NVDA 18.77, +1.31) trades up 7.5% after beatings earnings estimates and guiding higher.

10:30 am: [BRIEFING.COM] Precious metals slipped to LoD moments after floor trade opened but have since erased the early losses. Both Dec gold and Sep silver came off their respective session lows of $ 1305.70 per ounce and $19.83 per ounce as the dollar index moved lower after President Obama announced the authorization of humanitarian air drop and targeted air strikes in Iraq.

Gold is now up 0.1% at $1314.10 per ounce while silver is up 0.1% at $20.01 per ounce.

Weakness in the dollar index is also giving crude oil a boost. The Sep contract touched a session high of $97.94 per barrel in recent trade and is currently up 0.4% at $97.78 per barrel.

Sep natural gas is posting gains this morning after climbing as high as high as $3.94 per MMBtu. It is currently trading at $3.92 per MMBtu, or 1.2% higher.

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

Just released, June wholesale inventories rose 0.3%, while the Briefing.com consensus expected an uptick of 0.4%. Today's report followed last month's revised increase of 0.3% (from 0.5%).

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate, but the Nasdaq Composite has surrendered its opening advance. Meanwhile, the S&P 500 trades higher by 0.1% with five sectors showing early gains.

The utilities sector (+0.7%) is the top performer in the early going, while the remaining countercyclical sectors also trade ahead of the broader market. On the cyclical side, technology (-0.1%), financials (unch), and industrials (unch) underperform, which could weigh on the broader market if the three influential groups are unable to catch up to the S&P 500. Together, the three sectors account for roughly 45.0% of the entire market.

Treasuries continue holding modest gains with the 10-yr yield off two basis points at 2.39%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +8.50. The stock market is on track for a higher start to the final session of the week as futures on the S&P 500 trade five points above fair value. Index futures were pressured last night after President Obama announced the authorization of humanitarian air drops and targeted air strikes in Iraq; however, the weakness was erased during the early morning.

During the past two hours, futures have received a separate boost from headlines indicating Russia is seeking to de-escalate the Ukraine crisis; however, it is worth remembering that regional leaders have warned that Russia could invade Ukraine under the guise of 'peacekeeping.'

The recent rally in equity futures has lured some money out of the Treasury market, pressuring the 10-yr note to a fresh low. The benchmark yield remains lower by two basis point at 2.39%.

The Wholesale Inventories report for June (Briefing.com consensus 0.4%) will be released at 10:00 ET.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +10.50. The S&P 500 futures trade five points above fair value.

It was a sea of red across Asia as all of the major bourses, aside from China's Shanghai Composite (+0.3%), ended with losses. The Bank of Japan kept policy on hold, but warned of slowing exports. Elsewhere, the Reserve Bank of Australia lowered its growth forecast for the calendar year to 2.50% from 2.75% while also cutting its inflation forecast to 2.00% from 2.75%.

In economic data:
China's trade surplus widened to $47.30 billion from $31.60 billion (expected surplus of $27.00 billion) as exports surged 14.5% (consensus 7.5%; prior 7.2%) and imports fell 1.6% (expected 3.0%; previous 5.5%)
Japan's current account surplus narrowed to JPY130 billion (expected surplus of JPY110 billion; previous surplus of JPY380 billion), while Economy Watchers Current Index rose to 51.3 from 47.7 (expected 48.7)
Australia's Home Loans ticked up 0.2% month-over-month (expected 0.5%; prior 0.0%)

------

Japan's Nikkei tumbled 3.0% to a two-month low. Camera maker Nikon sank 9.3% after posting disappointing results.
Hong Kong's Hang Seng shed 0.2%, finishing at a two-week low. China Unicom slid 1.7% after its quarterly results fell short of analyst estimates.
China's Shanghai Composite added 0.3%, remaining near its best levels of 2014. Property stocks lagged with Poly Real Estate off 2.4% and China Vanke lower by 0.8%.

Major European indices have climbed off their opening lows with Italy's MIB (+0.9%) in the lead.

Participants received several data points:
Germany's trade surplus narrowed to EUR16.20 billion from EUR18.80 billion (expected surplus of EUR17.50 billion)
Great Britain's trade deficit widened to GBP9.41 billion from GBP9.15 billion (expected deficit of GBP8.80 billion)
French Industrial Production rose 1.3% month-over-month (expected 1.0%, previous -1.6%), while the government budget deficit narrowed to EUR59.40 billion from EUR64.30 billion

------

Great Britain's FTSE is lower by 0.4% with insurers on the defensive. RSA Insurance and Old Mutual are both down near 1.0%. Consumer names outperform with Burberry, WM Morrison Supermarkets, and Tesco up between 0.9% and 1.7%.
Germany's DAX holds a loss of 0.1%. Deutsche Lufthansa and Deutsche Telekom lag with losses close to 1.5% apiece. Steelmaker ThyssenKrupp is the top performer, up 3.4%.
In France, the CAC is flat. Gemalto is higher by 4.7% after acquiring SafeNet for $890 million. Consume names Danone and L'Oreal underperform. The two are both down close to 1.1%.
Italy's MIB has added 0.9% thanks to bank shares. Banco Popolare, Banca di Milano Scarl, UBI Banca, and Mediobanca are up between 3.0% and 6.9%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +10.20. The S&P 500 futures trade six points above fair value.

Unit labor costs increased 0.6% during the second quarter, which was lower than the 2.0% increase that had been anticipated by the Briefing.com consensus. During the same period, productivity increased 2.5%, according to the preliminary reading. The consensus expectation was for an increase of 1.4%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +2.80. Nasdaq futures vs fair value: +5.50. U.S. equity futures trade little changed amid cautious action overseas. Index futures slumped last evening after President Obama addressed the nation, saying he has authorized humanitarian air drops and air strikes to protect U.S. personnel in Iraq. Despite the overnight weakness, futures have been able to erase their losses over the past four hours, receiving a final push into the green from reports indicating Russia is seeking to de-escalate the conflict in Ukraine. The S&P 500 futures hover three points above fair value.

Treasuries hold gains with the 10-yr yield down three basis points at 2.38%.

In notable U.S. corporate news:

CBS (CBS 57.60, +0.70): +1.2% after beating bottom-line estimates and doubling its share buyback to $6.00 billion
Monster Beverage (MNST 66.00, +0.90): +1.4% after beating earnings expectations
NVIDIA (NVDA 18.23, +0.77): +4.4% following its earnings beat and upbeat Q3 revenue guidance
Zynga (ZNGA 2.65, -0.27): -9.3% in reaction to disappointing earnings and cautious guidance

Productivity (Briefing.com consensus 1.4%) and unit labor costs (consensus 2.0%) data for the second quarter will be released at 8:30 ET, while the Wholesale Inventories report for June (consensus 0.4%) will be reported at 10:00 ET.

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -3.0%, Hong Kong's Hang Seng -0.2%, and China's Shanghai Composite +0.3%
In economic data:
China's trade surplus widened to $47.30 billion from $31.60 billion (expected surplus of $27.00 billion) as exports surged 14.5% (consensus 7.5%; prior 7.2%) and imports fell 1.6% (expected 3.0%; previous 5.5%)
Japan's current account surplus narrowed to JPY130 billion (expected surplus of JPY110 billion; previous surplus of JPY380 billion), while Economy Watchers Current Index rose to 51.3 from 47.7 (expected 48.7)
Australia's Home Loans ticked up 0.2% month-over-month (expected 0.5%; prior 0.0%)
In news:
The Bank of Japan made no changes to its policy stance, while also maintaining its economic assessment for the 12th meeting in a row; however, the central bank did downgrade its outlook on exports and industrial output
China's Shanghai Composite outperformed following the strong trade data

Major European indices trade mixed. France's CAC -0.1%, Germany's DAX -0.2%, and Great Britain's FTSE -0.4%. Elsewhere, Spain's IBEX +0.7% and Italy's MIB +1.3%
Participants received several data points:
Germany's trade surplus narrowed to EUR16.20 billion from EUR18.80 billion (expected surplus of EUR17.50 billion)
Great Britain's trade deficit widened to GBP9.41 billion from GBP9.15 billion (expected deficit of GBP8.80 billion)
French Industrial Production rose 1.3% month-over-month (expected 1.0%, previous -1.6%), while the government budget deficit narrowed to EUR59.40 billion from EUR64.30 billion
Among news of note:
Core European indices started the session on a sharply lower note amid geopolitical concerns, but they have been able to erase the bulk of their losses

6:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -5.50.

6:56 am: [BRIEFING.COM] Nikkei...14778367...-454.00...-3.00%. Hang Seng...24331.41...-56.20...-0.20%.

6:56 am: [BRIEFING.COM] FTSE...6558.06...-39.30...-0.60%. DAX...8969.46...-69.50...-0.80%.

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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