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 Post subject: August 13th Wednesday Trade Results - Profit $130.00
PostPosted: Thu Aug 14, 2014 12:15 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
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 @ $130.00 dollars or +1.30 points, Emini ES ($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 @ $130.00 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=1862

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.



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

4:10 pm: [BRIEFING.COM] The stock market ended the midweek session on an upbeat note with the Nasdaq Composite in the lead. The tech-heavy index advanced 1.0%, while the S&P 500 added 0.7% with all ten sectors ending in the green.

Equity indices registered roughly half of their gains at the open with heavily-weighted health care (+1.2%) and technology (+1.1%) providing support from the start. In fact, only one other sector-industrials (+0.8%)-ended ahead of the broader market.

Notably, the health care space was underpinned by biotechnology. The iShares Nasdaq Biotechnology (IBB 257.13, +5.47) surged off its 50-day moving average for a 2.2% gain, registering its best close since late July. In addition to supporting the top-weighted countercyclical sector, biotech helped fuel the Nasdaq rally.

Top-weighted tech components like Apple (AAPL 97.24, +1.27), Facebook (FB 73.77, +0.94), and Google (GOOGL 584.56, +12.44) also provided support to the Nasdaq, while chipmakers followed closely. The PHLX Semiconductor Index added 0.9% to extend its weekly gain to 1.8%. Of the 30 index components, 26 settled higher, while Cree (CREE 44.82, -4.39) tumbled 8.9% following its one-cent beat and below-consensus guidance for the upcoming quarter.

Elsewhere, industrials drew strength from defense contractors, while transport stocks ended in line with the broader market. The PHLX Defense Index rose 1.4% with Raytheon (RTN 93.64, +2.26) leading the way. For its part, the Dow Jones Transportation Average settled higher by 0.7%.

Although every sector finished higher, there were some soft spots present in the market. Retail stocks underperformed throughout the session following a disappointing Retail Sales report for July and worse than expected earnings from Macy's (M 56.47, -3.29). The stock fell 5.5%, while the SPDR S&P Retail ETF (XRT 84.52, -0.54) lost 0.6%.

On the countercyclical side, consumer staples (+0.3%), utilities (+0.2%), and telecom services (+0.1%) all finished near their flat lines, while the aforementioned health care sector provided leadership.

Strikingly, the daylong strength in equities did not lure money out of the Treasury market. The 10-yr note climbed throughout the session, ending near its high. The benchmark yield slipped three basis points to 2.42%.

Participation was below average with fewer than 550 million shares changing hands at the NYSE.

Economic data included Retail Sales, Business Inventories, and the MBA Mortgage Index:
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Retail sales showed no growth in July following an unrevised 0.2% increase in June, while the Briefing.com consensus expected an increase of 0.3%
Motor vehicle sales weighed down overall consumer demand
Manufacturers already reported a drop in unit sales for July (16.5 million SAAR from 16.9 million SAAR in June), which translated into a 0.2% decline in sales at motor vehicles and parts dealers. Motor vehicles and parts sales fell 0.3% in June.
Excluding motor vehicle sales, demand increased 0.1% in July after increasing an unrevised 0.4% in June, while the consensus expected an increase of 0.3%
Business Inventories increased 0.4% in June after increasing an unrevised 0.5% in May, which was in line with the Briefing.com consensus.
The weekly MBA Mortgage Index fell 2.7% to follow last week's 1.6% increase

Tomorrow, weekly initial claims (Briefing.com consensus 305K) and export/import prices for July will be reported at 8:30 ET.

S&P 500 +5.3% YTD
Nasdaq Composite +6.2% YTD
Dow Jones Industrial Average +0.5% YTD
Russell 2000 -1.9% YTD

3:35 pm: [BRIEFING.COM]

Commodities ended mixed today. Natural gas and copper futures ended the day at its LoD, finishing almost 4% lower.
Natural gas sold off today ahead of tomorrow's weekly EIA inventory data
Sept nat gas finished today's session down
WTI crude oil recovered off its LoD of $96.75/barrel and ended the day 21 cents higher at $97.56/barrel.
Dec gold finished today's pit trading session $4 higher at $1314.70/oz, while Sept silver lost 7 cents to $19.84/oz
Corn futures recovered to close flat at $3.58/bushel, but wheat and soybean futures ended the day at today's low.

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with one hour remaining in the session. Following today's closing bell, investors will receive a modest batch of quarterly reports with Cisco Systems (CSCO 25.02, -0.13) headlining the list. The Capital IQ consensus expects the tech company to report earnings of $0.53, which would represent a one cent improvement over the same period a year ago.

Outside of Cisco, participants will also hear from other tech companies like NetApp (NTAP 39.27, -0.02) and Netease.com (NTES 84.33, +1.68).

The focus will shift to retailers tomorrow morning with Kohl's (KSS 54.64, -1.29) and Wal-Mart (WMT 73.92, -0.30) scheduled to report their results ahead of the opening bell.

2:25 pm: [BRIEFING.COM] Stocks remain near their highs with the Nasdaq Composite (+0.9%) holding the lead. The tech-heavy index has shown strength throughout the session and today's advance has placed it back in the green for the quarter. The Nasdaq is now higher by 0.5% during the third quarter versus a 0.8% quarter-to-date loss for the benchmark S&P 500.

Although the Nasdaq has shown relative strength this quarter, the same cannot be said for the small-cap Russell 2000. The index trades in line with the S&P 500 today, but remains down 4.6% since the start of the quarter.

1:55 pm: [BRIEFING.COM] Equity indices remain inside narrow ranges with the S&P 500 (+0.7%) trading less than two points below its best level of the day.

Not much has changed among the top-performing sectors as health care (+1.2%) and technology (+1.0%) remain in the lead. Interestingly, another heavily-weighted sector-financials (+0.5%)-was among the early leaders, but has not rallied alongside the market during afternoon action. Including today's advance, the cyclical sector is higher by 0.8% so far this week versus a comparable increase for the S&P 500.

1:25 pm: [BRIEFING.COM] The major stock indices remain near their highs and the S&P 500 (+0.7%) has held inside a four-point range since registering its best level of the session around 11:30 ET.

The U.S. Treasury recently concluded a $24-billion 10-yr note auction, which drew a yield of 2.439%. Demand was a bit above average with a bid/cover ratio of 2.83x coming in a bit ahead of the 12-auction average of 2.68x. Indirect demand was stronger than usual, resulting in a 47.0% takedown, which was above the 12-auction average of 43.9%. Direct bidders, meanwhile, received 15.1% of the issue, leaving primary dealers with 37.9% of the supply.

The benchmark note has inched to a new high in reaction to the auction, pressuring the 10-yr yield to 2.41%.

1:00 pm: [BRIEFING.COM] The major averages hover near their highs at midday with the Nasdaq Composite (+0.8%) trading ahead of the S&P 500 (+0.6%) and the Dow Jones Industrial Average (+0.6%).

Equity indices have spent the entire first half of action in the green thanks to all-around support. On that note, the top-weighted countercyclical sector-health care (+1.0%)-sits in the lead, while the largest cyclical group-technology (+0.9%)-follows a bit behind.

Today's leading sector has received significant support from biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 255.84, +4.18) trades higher by 1.7% after rocketing off its 50-day moving average (252.90) at the open. In turn, the high-beta group has contributed to the outperformance of the Nasdaq.

Additionally, the Nasdaq has drawn strength from top-weighted components like Apple (AAPL 96.77, +0.80), Google (GOOGL 582.15, +10.03), and Microsoft (MSFT 44.00, +0.48), while chipmakers have also made a contribution. The PHLX Semiconductor Index is higher by 0.7% and the 30-stock group has essentially ignored cautious guidance coming from Cree (CREE 44.70, -4.50).

Elsewhere among cyclical sectors, the consumer discretionary space (+0.4%) has been unable to keep pace with the broader market amid weakness in retail stocks after Macy's (M 56.27, -3.49) missed its earnings estimates and lowered its comparable store sales guidance.

Interestingly, the broad rally has not caused investors to reduce their exposure to Treasuries. On the contrary, the 10-yr note sits on its high (+9/32) with its yield down three basis points at 2.42%.

Economic data included Retail Sales, Business Inventories, and the MBA Mortgage Index:

Retail sales showed no growth in July following an unrevised 0.2% increase in June, while the Briefing.com consensus expected an increase of 0.3%
Motor vehicle sales weighed down overall consumer demand
Manufacturers already reported a drop in unit sales for July (16.5 million SAAR from 16.9 million SAAR in June), which translated into a 0.2% decline in sales at motor vehicles and parts dealers. Motor vehicles and parts sales fell 0.3% in June.
Excluding motor vehicle sales, demand increased 0.1% in July after increasing an unrevised 0.4% in June, while the consensus expected an increase of 0.3%
Business Inventories increased 0.4% in June after increasing an unrevised 0.5% in May, which was in line with the Briefing.com consensus
The weekly MBA Mortgage Index fell 2.7% to follow last week's 1.6% increase

12:30 pm: [BRIEFING.COM] Stocks remain just below their best levels of the session with the S&P 500 trading higher by 0.6%. Meanwhile, the Dow Jones Industrial Average (+0.5%) follows a bit behind after notching a session high just north of its 100-day moving average (16664).

Only two Dow components hover in the red at this juncture, while seven index members display gains of 1.0% or more. Intel (INTC 33.60, +0.47) is the top performer, up 1.5%, while Cisco (CSCO 25.04, -0.10) and Wal-Mart (WMT 74.04, -0.18) are lower by 0.4% and 0.3%, respectively.

Elsewhere, Treasuries remain on their highs with the 10-yr yield down three basis points at 2.42%.

12:00 pm: [BRIEFING.COM] The major averages remain near their best levels of the session. In all likelihood, the recent rally involved some short-covering on the part of investors who viewed today's disappointing Retail Sales report as an opportunity to establish a short position. However, the market has not complied, but instead extended its opening gain.

The six cyclical sectors hold gains between 0.4% (materials) and 0.9% (technology), while three of four countercyclical groups (consumer staples, telecom services, and utilities) lag. The three defensively-oriented groups are up between 0.1% and 0.4%.

It is worth mentioning that the broad strength has masked the relative weakness among retail stocks. The SPDR S&P Retail ETF (XRT 84.74, -0.32) is lower by 0.4%, while Macy's (M 56.83, -2.93) trades lower by 5.0% after missing earnings estimates and lowering its comparable store sales guidance.

11:25 am: [BRIEFING.COM] Recent action saw equity indices climb to fresh highs. The S&P 500 is now higher by 0.7% with all ten sectors showing gains.

Top-weighted sectors are responsible for the overall strength as four of the five largest groups trade in line with or ahead of the broader market. Health care (+1.1%) remains in the lead, while technology (+0.9%), financials (+0.7%), and industrials (+0.9%) follow not far behind.

Interestingly, the recent rally has not lured any money out of the Treasury market. In fact, the 10-yr note sits on its high with the benchmark yield down three basis points at 2.42%.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.4%) has not moved from its opening level, while the Nasdaq (+0.7%) has climbed to a fresh high for the day.

The Nasdaq has received significant support from top components of the technology sector (+0.7%), while high-growth groups like biotechnology and chipmakers have also factored into the strength. Influential index components like Apple (AAPL 96.59, +0.62), Google (GOOGL 580.91, +8.79), and Microsoft (MSFT 43.73, +0.21) hold gains between 0.5% and 1.5%, while chip manufacturers also display strength.

The PHLX Semiconductor Index is higher by 0.7% with 26 of its 30 components in the green. On the downside, Cree (CREE 45.25, -3.96) has tumbled 8.1% following its one-cent beat and below-consensus guidance for the upcoming quarter.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 255.12, +3.46) trades higher by 1.4%, while the health care sector (+0.8%) sits ahead of the remaining nine groups.

10:35 am: [BRIEFING.COM]

Commodities are mixed this morning, while the dollar index is now back in positive territory, showing modest gains
WTI crude oil has been a little choppy, mostly modestly lower. Just ahead of the weekly EIA inventory data, crude oil was down 0.2%.
Following the data, Sept crude oil fell to a new LoD and is now -0.3% at $97.09/barrel
Natural gas has been sliding lower all day so far and just hit a new LoD. Front-month (Sept) NG is now -2.4% a $3.88/MMBtu
Gold and silver spiked this morning following following econ data. Dec gold is now +0.3% at $1314.20/oz, Sept silver is +0.1% at $19.92/oz
Copper futures have been in the red all day and are now -1.1 at $3.12/lb (Sept contract)
Sept corn pulled back a little this morning and is now -1% at $3.55/bushel (was as high as $3.61/bu)

10:00 am: [BRIEFING.COM] The S&P 500 has retreated from its early high, but remains up 0.3%. Meanwhile, the Dow Jones Industrial Average has trimmed its gain to 0.2%.

Just reported, June business inventories rose 0.4%, which matched the Briefing.com consensus. This followed the prior month's unrevised increase of 0.5%.

9:40 am: [BRIEFING.COM] The stock market climbed out of the gate amid broad strength. The S&P 500 trades higher by 0.4% with nine sectors showing opening gains.

Of the nine advancing sectors, health care (+0.7%) and energy (+0.7%) have seized the lead, while other sectors display slimmer gains. Notably, heavily-weighted technology (+0.5%) and financials (+0.4%) have shown early strength.

On the downside, the utilities sector (-0.1%) is the lone decliner. The rate-sensitive group is also the worst performer so far this week with a 0.6% loss since last Friday.

Despite the early strength in equities, Treasuries have also climbed to highs. The 10-yr yield is lower by two basis points at 2.43%.

9:16 am: [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +15.70. The stock market is on track for a higher open with the S&P 500 futures trading six points above fair value. If the current indication holds, the benchmark index will erase yesterday's entire loss shortly after the opening bell. Overnight action has contributed to the upbeat sentiment as most Asian markets posted gains, while European indices sit just below their best levels of the session at this time.

Domestically, participants have received the Retail Sales report for July, which missed expectations. As expected, motor vehicle sales weighed down overall consumer demand. Manufacturers already reported a drop in unit sales for July (16.5 million SAAR from 16.9 million SAAR in June), which translated into a 0.2% decline in sales at motor vehicles and parts dealers. Motor vehicles and parts sales fell 0.3% in June. Excluding motor vehicle sales, demand increased 0.1% in July after increasing an unrevised 0.4% in June. The consensus expected these sales to increase 0.3%.

One more data point remains on the schedule with the Business Inventories report for June (consensus 0.4%) set to be released at 10:00 ET.

On the earnings front, Deere (DE 85.41, -1.07) is indicated to open lower by 1.2% after beating estimates, while guiding Q4 and full-year revenue below analyst estimates.

Elsewhere, Macy's (M 56.85, -2.91) is on track to begin with a loss of 4.9% after missing earnings estimates and lowering its comparable store sales guidance.

Also of note, King Digital (KING 13.96, -4.24) has tumbled 23.3% in pre-market action after missing earnings and revenue estimates and reducing its outlook for the full year.

Treasuries hold modest gains with the 10-yr yield down two basis points at 2.43%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +6.80. Nasdaq futures vs fair value: +15.50. The S&P 500 futures trade seven points above fair value.

Most Asian markets finished the session with gains. Japan's Q2 GDP plunged 6.8% year-over-year, but that was still ahead of the expected decline of 7.1%. Economy Minister Akira Amari said the recovery remains on track, but the policy approach would be flexible if needed. Mr. Amari also said there is no need for a higher budget at this time.

In other economic news: o Japan's GDP Price Index rose 2.0% year-over-year (expected 1.7%; previous -0.1%)
China's New Loans came in at CNY385 billion (expected CNY780 billion; previous CNY1.08 trillion), while Retail Sales increased 12.2% (consensus 12.4%; prior 12.4%). Separately, Fixed Asset Investment jumped 17.0% year-over-year (expected 17.4%; previous 17.3%) and Industrial Production increased 9.0% year-over-year, as expected (previous 9.2%)
South Korea's Unemployment Rate decreased to 3.4% from 3.6% (expected 3.5%)
Australia's Westpac Consumer Sentiment improved to 3.8% from 1.9%. Separately, Wage Price Index ticked up 0.6% quarter-over-quarter (expected 0.7%; previous 0.7%)

------

Japan's Nikkei added 0.4%, rallying to a one-week high as action saw a third day of gains. Exporters were supported by the weaker yen with Nikon Corp rallying 1.8%.
Hong Kong's Hang Seng gained 0.8%, finishing at its best levels since November 2010. Telecom provided support with China Mobile and China Unicom Hong Kong both higher by 1.9%.
China's Shanghai Composite added 0.1%, ending near its 2014 highs. Insurer Ping An tacked on 1.8% following its better than expected quarterly report.

Major European indices trade higher across the board with Germany's DAX (+0.9%) in the lead. The Bank of England released its quarterly inflation report, which revealed expectations for inflation to remain at or below 2.0% until the end of the forecast period. In addition, Bank Governor Mark Carney said the BoE plans to raise rates in small increments, but there is no pre-set course for the rate path.

Participants received several data points:
Eurozone Industrial Production slipped 0.3% month-over-month (expected 0.3%; previous -1.1%), while the year-over-year reading was unchanged (consensus 0.1%; prior 0.6%)
Germany's CPI rose 0.3% month-over-month, while the year-over-year reading increased 0.8%. Both figures matched expectations. Separately Wholesale Price Index ticked up 0.1% month-over-month (expected -0.2%; previous -0.1%), while the year-over-year reading fell 0.7% (consensus -0.9%; prior -0.8%)
Great Britain's Average Earnings Index + Bonus declined 0.2% (expected -0.1%; last 0.4%), while the Claimant Count fell 33,600 (expected -30,000; prior -39,500). The Unemployment Rate slipped to 6.4% from 6.5%
France's CPI fell 0.3% month-over-month (expected -0.2%; prior 0.0%)
Spain's CPI fell 0.9% month-over-month, while the year-over-year reading ticked down 0.3%. Both figures were in line with expectations

------

Great Britain's FTSE is higher by 0.2% with financials in the lead. Barclays, Royal Bank of Scotland and Prudential are up between 1.5% and 2.2%. Miners Glencore and Rio Tinto underperform with losses close to 2.8% apiece.
In France, the CAC trades up 0.6%. Financials have also provided support with BNP Paribas, Credit Agricole, and Societe Generale holding gains between 1.5% and 2.0%. Bouygues is the weakest performer, down 2.3%.
Germany's DAX outperforms with a gain of 0.9%. Utilities E.On and RWE lead after E.On reported better than feared results. The two names hold respective gains of 4.2% and 2.4%. Deutsche Boerse and Henkel are the only two decliners with losses close to 0.4% apiece.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +19.20. The S&P 500 futures trade nine points above fair value.

July retail sales were unchanged, while the Briefing.com consensus expected an increase of 0.3%. The prior month's reading was left unrevised at +0.2%. Excluding autos, retail sales ticked up 0.1% against the 0.3% increase expected by the consensus.

8:01 am: [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +20.00. U.S. equity futures hover near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade 10 points above fair value, which puts the benchmark index on track to reclaim yesterday's entire loss at the opening bell. Participants received a handful of quarterly reports since yesterday's closing bell, but the results have had little effect on the futures market. In economic data, the weekly MBA Mortgage Index fell 2.7% to follow last week's 1.6% increase. More economic news will be reported as the morning continues with the Retail Sales report for July (Briefing.com consensus 0.3%) set to cross the wires at 8:30 ET, while the Business Inventories report for June (consensus 0.4%) will be released at 10:00 ET.

In notable U.S. corporate news:

Cree (CREE 44.80, -4.40): -8.9% following its one-cent beat and below-consensus guidance for the upcoming quarter.
Deere (DE 85.80, -0.68): -0.8% beat estimates, but guided Q4 and full-year revenue below estimates
Fossil (FOSL 100.01, -2.24): -2.2% after its below-consensus Q3 earnings guidance overshadowed its earnings beat.
JDS Uniphase (JDSU 11.00, -0.91): -4.7% after its cautious guidance overshadowed its one-cent beat
King Digital Entertainment (KING 14.13, -4.07): -22.1% after missing earnings and revenue estimates and reducing its outlook for the full year.

Reviewing overnight developments:

Asian markets ended on a higher note. China's Shanghai Composite +0.1%, Japan's Nikkei +0.4%, and Hong Kong's Hang Seng +0.8%
In economic data:
Japan's Q2 GDP contracted 1.7% quarter-over-quarter (expected -1.8%; previous 1.5%), while the year-over-year reading declined 6.8% (consensus -7.1%; prior 6.1%). Separately, GDP Price Index rose 2.0% year-over-year (expected 1.7%; previous -0.1%)
China's New Loans came in at CNY385 billion (expected CNY780 billion; previous CNY1.08 trillion), while Retail Sales increased 12.2% (consensus 12.4%; prior 12.4%). Separately, Fixed Asset Investment jumped 17.0% year-over-year (expected 17.4%; previous 17.3%) and Industrial Production increased 9.0% year-over-year, as expected (previous 9.2%)
South Korea's Unemployment Rate decreased to 3.4% from 3.6% (expected 3.5%)
Australia's Westpac Consumer Sentiment improved to 3.8% from 1.9%. Separately, Wage Price Index ticked up 0.6% quarter-over-quarter (expected 0.7%; previous 0.7%)
In news:
Japan's Economy Minister Akira Amari said the recovery remains on track, but policy would be flexible if needed. Mr. Amari also said there is no need for a higher budget at this time.

Major European indices trade higher across the board. Great Britain's FTSE +0.3%, France's CAC +0.7%, and Germany's DAX +1.0%. Elsewhere, Italy's MIB +0.6% and Spain's IBEX +0.4%
Participants received several data points:
Eurozone Industrial Production slipped 0.3% month-over-month (expected 0.3%; previous -1.1%), while the year-over-year reading was unchanged (consensus 0.1%; prior 0.6%)
Germany's CPI rose 0.3% month-over-month, while the year-over-year reading increased 0.8%. Both figures matched expectations. Separately Wholesale Price Index ticked up 0.1% month-over-month (expected -0.2%; previous -0.1%), while the year-over-year reading fell 0.7% (consensus -0.9%; prior -0.8%)
Great Britain's Average Earnings Index + Bonus declined 0.2% (expected -0.1%; last 0.4%), while the Claimant Count fell 33,600 (expected -30,000; prior -39,500). The Unemployment Rate slipped to 6.4% from 6.5%
France's CPI fell 0.3% month-over-month (expected -0.2%; prior 0.0%)
Spain's CPI fell 0.9% month-over-month, while the year-over-year reading ticked down 0.3%. Both figures were in line with expectations
Among news of note:
The Bank of England released its quarterly inflation report, which revealed expectations for inflation to remain at or below 2.0% until the end of the forecast period. In addition, Bank Governor Mark Carney said the BoE plans to raise rates in small increments, but there is no pre-set course for the rate path.

7:00 am: [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +20.50.

6:59 am: [BRIEFING.COM] Nikkei...15213.63...+52.30...+0.40%. Hang Seng...24890.34...+200.90...+0.80%.

6:59 am: [BRIEFING.COM] FTSE...6661.48...+29.10...+0.40%. DAX...9170.90...+101.40...+1.10%.

Bloomberg

http://www.bloomberg.com/news/2014-08-1 ... nrest.html

http://www.bloomberg.com/news/2014-08-1 ... -data.html

http://www.bloomberg.com/news/2014-08-1 ... today.html

http://www.bloomberg.com/news/2014-08-1 ... rally.html

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

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

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