Trade Results of M.A. Perry Trader and Founder of
WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room:
http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)
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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 @
$1,090.00 dollars or +10.90 points, Emini ES ($ES_F) futures @
$0.00 dollars or +0.00 points, Light Crude Oil CL ($CL_F) futures @
$0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @
$0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @
$0.00 dollars or +0.0000 ticks.
Total Profit @ $1,090.00 dollarsRussell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @
The ICE S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @
CMEGroup Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @
CMEGroup Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @
CMEGroupEuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @
CMEGroup In addition, all of my trades were posted real-time in the timestamp ##TheStrategyLab chat room. You can read
today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post
real-time trading tips involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all
archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=133&t=1868 Quote:
If any of my
real-time posted trades are via key concepts discussed in the WRB Analysis
free study guide or the Fading Volatility Breakout (FVB)
free trade signal strategy...I will discuss the reasons (trade strategy) behind those trades
if/when a user of ##TheStrategyLab chat room ask questions about the trades. In contrast, real-time posted trades that are via the
Advance WRB Analysis Tutorial Chapters 4 - 12 or the
Volatility Trading Report (VTR) trade signal strategies...I discuss the reasons (trade strategy) behind those trades with fee-base clients in a different private chat room that's designated
only for fee-base clients or discuss the strategies with fee-base clients on my Skype contact list.
Also, posted below are direct links to information about my
price action trade methodology and
trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my
personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.
##TheStrategyLab Chat Room is
free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is
not a signal calling chat room where a head trader tells
you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @
http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Price Action Analysis via WRB Analysis Tutorials @
http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a
free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718
Trade Signal Strategies via Volatility Trading Report (VTR) @
http://www.thestrategylab.com/VolatilityTrading.htm and there's a
free trade signal strategy @
http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions)
prior to purchasing the Volatility Trading Report (VTR).
Trading Plan Daily Routine @
http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=244&t=2455 -----------------------------
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 Yahoo! Finance 4:10 pm: [BRIEFING.COM] The stock market ended the Thursday session on an upbeat note with blue chips showing relative strength for the second consecutive day. The Dow Jones Industrial Average (+0.4%) and S&P 500 (+0.3%) settled ahead of the Russell 2000 (+0.2%) and the Nasdaq Composite (+0.1%). It is worth mentioning the benchmark index posted its fourth consecutive gain, registering a new record closing high at 1992.38.
Equity indices climbed out of the gate thanks to early strength among the four countercyclical sectors. Despite the early outperformance, the defensively-oriented sectors ended below their opening highs, while the six cyclical groups were mixed. Financials (+1.1%) and technology (+0.5%) contributed to the modest advance, while other heavily-weighted groups like consumer discretionary (-0.1%), industrials (unch), and energy (unch) kept the market from going on a bigger run.
The health care sector (+0.1%) was an early leader, but finished near its low amid weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 264.45, -2.40) ended lower by 0.9% after spending the session in a steady retreat. The ETF succumbed to profit taking after soaring 6.0% since last Tuesday.
In addition to pressuring the health care sector, biotechnology weighed on the Nasdaq, but the relative strength of the tech sector helped the index finish in the green. Intel (INTC 35.15, +0.65) and IBM (IBM 191.23, +1.13) posted respective gains of 1.9% and 0.6%, while Hewlett-Packard (HPQ 37.00, +1.88) jumped 5.4% after reporting in--line earnings.
Elsewhere, the financial sector spent the session in a steady climb. Bank of America (BAC 16.16, +0.64) was a notable standout, surging 4.1% after confirming its settlement with the Department of Justice, which is expected to negatively impact Q3 earnings by about $0.43 per share. The magnitude of today's advance on heavy volume suggests participants believe a big overhang is now gone and the bank can realize its full potential by focusing on its core business rather than being preoccupied with litigation.
The remaining cyclical sectors lagged throughout the day with the consumer discretionary space spending the session near its flat line. Retailers struggled following disappointing earnings from Sears Holdings (SHLD 33.38, -2.57), Kirklands (KIRK17.30, -1.68), Buckle (BKE 48.78, +1.70), Bon-Ton Stores (BONT 10.21, +1.16), and Dollar Tree (DLTR 54.28, -0.72). The broader SPDR S&P Retail ETF (XRT 87.49, -0.19) shed 0.2%. On the upside, L Brands (LB 63.72, +0.74) gained 1.2% after reporting a one-cent beat.
Despite the gains in equities, Treasuries maintained a bullish bias throughout the session. The 10-yr note added seven ticks with its yield slipping two basis points to 2.41%.
Participation remained below average with just over 550 million shares changing hands at the NYSE.
Economic data included Initial Claims, Existing Home Sales, Philadelphia Fed Survey, and Leading Indicators:
The initial claims level fell to 298,000 from an upwardly revised 312,000, while the Briefing.com consensus expected a decline to 308,000
The Department of Labor reiterated that there were no special factors that influenced the initial claims level, suggesting the reading resulted from an improvement in labor market conditions
Existing home sales increased 2.4% to 5.15 million SAAR in July from a slightly downwardly revised 5.03 million SAAR (from 5.04 million) in June, while the Briefing.com consensus expected a decline to 5.00 million SAAR
This was the fourth consecutive monthly gain and contrasted with the downward move in both the Pending Home Sales Index and MBA Mortgage Purchase Index
Sales are down 4.3% from a year ago
The Philadelphia Fed's Business Outlook Survey increased to 28.0 in August from 23.9 in July, while the Briefing.com consensus expected a drop to 15.5
The strength in the headline result is confusing and masks an oddly weaker subset of data
Outside of the headline result, the only gains came from the average workweek index (13.3 from 12.5) and inventories (8.3 from 4.8)
The Conference Board's Index of Leading Indicators increased 0.9% in July after increasing an upwardly revised 0.6% (from 0.3%) in June, while the Briefing.com consensus expected an increase of 0.6%
There is no economic data on tomorrow's schedule.
Nasdaq Composite +8.5% YTD
S&P 500 +7.8% YTD
Dow Jones Industrial Average +2.8% YTD
Russell 2000 -0.3% YTD
3:35 pm: [BRIEFING.COM]
Dec gold declined for a fifth consecutive session as economic data this morning showed that the initial claims level fell to 298K from an upwardly revised 312K. The Briefing.com consensus expected a decline to 308K. The yellow metal fell as low as $1273.40 per ounce, its lowest level since June. Unable to gain buying support, it settled with a 1.5% loss at $1275.20 per ounce.
Sep silver also chopped around in negative territory and touched a session low of $19.32 per ounce in early morning action. It eventually settled at $19.41 per ounce, or 0.5% lower.
Sep crude oil lifted from its session low of $92.98 per barrel in early morning action and broke into positive territory. It trended higher to a session high of $94.45 per barrel and settled with a 0.6% gain at $93.97 per barrel.
Sep natural gas fell from its session high of $3.91 per MMBtu following inventory data that showed a build of 88 bcf when a build of 82-83 bcf was anticipated. It brushed a session low of $3.79 per MMBtu but managed to recover back into positive territory in afternoon action. Natural gas eventually settled 1.8% higher at $3.89 per MMBtu.
3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.4% with one hour remaining in the Thursday session. The modest gain puts the index on course to stay perfect for the week with a week-to-date gain of 2.0%.
All ten sectors trade ahead of their levels at the end of last week with industrials and financials in the lead. The two sectors are both up near 2.8% for the week, while the telecom services sector has been spinning its wheels. The rate-sensitive sector is flat for the week.
Meanwhile, the remaining seven groups hold week-to-date gains between 1.1% (consumer staples) and 2.4% (technology).
2:30 pm: [BRIEFING.COM] Not much change among the major averages as they continue holding modest gains. Countercyclical sectors have traded in the green since the start of the session, while cyclical groups have been mixed.
Only two growth-oriented sectors have been able to stay out of the red with both financials (+1.0%) and technology (+0.6%) hovering near their highs at this juncture.
Interestingly, the gains in equities have not led to outflows from the bond market. To the contrary, the 10-yr note has rallied steadily ever since notching a low during overnight action. It currently trades higher by nine ticks with its yield down three basis points at 2.40%.
2:00 pm: [BRIEFING.COM] Stocks remain near their recent levels with the S&P 500 trading within eight points of the 2,000 mark. In our midday update, we mentioned the relative weakness of the Russell 2000, but the small-cap index has since climbed to a new session high and is now up 0.2%.
Elsewhere, the Nasdaq Composite (unch) continues trailing the broader market as biotech and chipmaker shares lag. The iShares Nasdaq Biotechnology ETF (IBB 264.52, -2.33) is lower by 0.9%, while the PHLX Semiconductor Index holds a slim gain of 0.2%.
1:30 pm: [BRIEFING.COM] It's looking a lot like deja vu today as the market has traded in a similar fashion to yesterday. To that end, volume is light and the Dow (+0.5%) and S&P 500 (+0.4%) are outperforming the Nasdaq (+0.1%) and Russell 2000 (+0.1%).
It stands to reason in this thinly-traded market, and unsettled geopolitical world, that participants are favoring issues with higher levels of liquidity that can allow for an easier (though not necessarily easy) exit if need be.
We suspect, too, that it's a bit of a hedged play in front of Fed Chair Yellen's speech at the Jackson Hole Symposium. That is, if she ends up sounding pretty dovish, blue chip issues should benefit, but if she ends up sounding somewhat hawkish, there could be a hastened move to take some money off the table following the market's latest recovery run. The liquidity of widely-held stocks aids somewhat in such an effort.
For now, it continues to be a guardedly optimistic stock market.
12:55 pm: [BRIEFING.COM] Equity indices trade in mixed fashion at midday with blue chips showing strength, while high-beta listings underperform. The Dow Jones Industrial Average (+0.4%) and S&P 500 (+0.3%) hover near their highs, while the Russell 2000 (unch) and Nasdaq (unch) have endured a sloppy first half of action.
The major averages displayed early strength with the S&P 500 eclipsing its all-time intraday and closing highs in short order. Countercyclical sectors provided the market with an early boost, but health care (+0.2%) and utilities (+0.2%) have slipped from their highs since then.
The health care sector has retreated amid notable weakness in the biotech space. The iShares Nasdaq Biotechnology ETF (IBB 264.77, -2.08) is lower by 0.8%, which has contributed to the underperformance of the Nasdaq. In addition, chipmakers have also kept the tech-heavy index under pressure as evidenced by the PHLX Semiconductor Index, which trades flat.
Even though chipmakers lag, the same cannot be said about the broader technology sector (+0.4%). The cyclical group has received support from the likes of IBM (IBM 191.77, +1.67), Oracle (ORCL 41.65, +0.40), and Hewlett-Packard (HPQ 36.82, +1.70) with shares of HPQ up 4.8% in reaction to in-line earnings.
Elsewhere, another influential sector-consumer discretionary (-0.1%)-lags with some retailers pressured after Sears Holdings (SHLD 32.91, -3.04), Kirklands (KIRK17.59, -1.39), Buckle (BKE 48.31, +1.23), Bon-Ton Stores (BONT 9.99, +0.94), and Dollar Tree (DLTR 54.25, -0.75) all reported disappointing results.
Similar to the discretionary space, industrials, energy, and materials hover near their flat lines, while the financial sector (+0.8%) is the top performer.
Treasuries hold slim gains after posting three days of losses. The 10-yr yield is lower by one basis point at 2.42%.
Economic data included Initial Claims, Existing Home Sales, Philadelphia Fed Survey, and Leading Indicators:
The initial claims level fell to 298,000 from an upwardly revised 312,000, while the Briefing.com consensus expected a decline to 308,000
The Department of Labor reiterated that there were no special factors that influenced the initial claims level, suggesting the reading resulted from an improvement in labor market conditions
Existing home sales increased 2.4% to 5.15 million SAAR in July from a slightly downwardly revised 5.03 million SAAR (from 5.04 million) in June, while the Briefing.com consensus expected a decline to 5.00 million SAAR
This was the fourth consecutive monthly gain and contrasted with the downward move in both the Pending Home Sales Index and MBA Mortgage Purchase Index
Sales are down 4.3% from a year ago
The Philadelphia Fed's Business Outlook Survey increased to 28.0 in August from 23.9 in July, while the Briefing.com consensus expected a drop to 15.5
The strength in the headline result is confusing and masks an oddly weaker subset of data
Outside of the headline result, the only gains came from the average workweek index (13.3 from 12.5) and inventories (8.3 from 4.8)
The Conference Board's Index of Leading Indicators increased 0.9% in July after increasing an upwardly revised 0.6% (from 0.3%) in June, while the Briefing.com consensus expected an increase of 0.6%
12:30 pm: [BRIEFING.COM] Quiet action continues with the S&P 500 drifting within a point of its session high, which also represents a new intraday record high for the benchmark index.
Furthermore, today's modest advance gives the S&P 500 its fourth consecutive gain for a total increase of 1.9% since the end of last week. Blue chips have led this week's rally as the Dow Jones Industrial Average holds a week-to-date gain of 2.3%, while small caps have faced a bigger challenge. The Russell 2000 and the Nasdaq Composite are both up 1.4% this week.
Elsewhere, Treasuries have retreated during the first three sessions of the week and today's advance represents the first gain since Friday. The 10-yr yield is at 2.42% after ending last week at 2.35%.
12:00 pm: [BRIEFING.COM] The S&P 500 continues hovering near its high, which is a bit surprising considering several noteworthy areas like biotechnology, chipmakers, transport stocks, and retailers underperform.
The biotech space is on its low with the iShares Nasdaq Biotechnology ETF (IBB 264.30, -2.55) down 1.0%. Elsewhere, the PHLX Semiconductor Index trades flat even as the technology sector outperforms with a gain of 0.5%.
Moving on, transport stocks have pressured the Dow Jones Transportation Average (-0.2%), while the industrial sector sits right on its flat line.
Finally, the SPDR S&P Retail ETF (XRT 87.48, -0.20) holds a slim loss of 0.2% after Sears Holdings (SHLD 33.49, -2.46), Kirklands (KIRK17.29, -1.69), Buckle (BKE 48.82, +1.74), Bon-Ton Stores (BONT 9.81, +0.76), and Dollar Tree (DLTR 54.47, -0.53) all reported disappointing results. For its part, the consumer discretionary sector is lower by 0.1%.
11:30 am: [BRIEFING.COM] The S&P 500 (+0.3%) remains near its best level of the session after climbing above its previous record high at 1991.39.
Countercyclical sectors have shown strength from the early going, but the financial sector (+0.7%) has recently climbed into the top spot. Elsewhere, the technology sector (+0.4%) also trades ahead of the broader market, but its relative strength has been unable to boost the Nasdaq Composite as biotechnology weighs.
The iShares Nasdaq Biotechnology ETF (IBB 264.78, -2.07) is lower by 0.8%, while the health care sector (+0.3%) trades in line with the market after slipping from its earlier high.
11:00 am: [BRIEFING.COM] The Dow Jones Industrial Average (+0.5%) and S&P 500 (+0.3%) have climbed to fresh highs, while the Russell 2000 (-0.3%) and Nasdaq Composite (unch) lag.
Small caps are showing relative weakness once again after trailing the broader market yesterday. The Russell 2000 slipped below its 50-day moving average (1958.60) yesterday, but found support at the convergence of its 100- and 200-day moving averages (1146.72) earlier today.
Elsewhere, the S&P 500 hovers near its high thanks to broad strength among countercyclical sectors and two growth-sensitive sectors-financials (+0.5%) and technology (+0.5%). Meanwhile, the remaining cyclical groups continue showing relative weakness.
10:35 am: [BRIEFING.COM]
Natural gas rallied earlier this morning to as high as $3.95/MMBtu. In more recent action, and ahead of the weekly EIA inventory data, nat gas has pulled back some
Following the data, Sept nat gas sold off into negative territory and is now -0.8% at $3.80/MMBtu
Oct crude oil rallied this morning, erasing overnight losses. Oct crude fell as low as $92.50/barrel and is now -0.4% at $93.79/barrel
Precious metals are lower this morning.
Dec gold is -1.2% at $1279.70/oz, while Sept silver is -0.4% at $19.42/oz
Copper rallied into positive territory in recent trade. Sept copper is now +0.02% at $3.18/lb.
10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2%.
Just reported, existing home sales hit an annualized rate of 5.15 million units in July, while the Briefing.com consensus expected a reading of 5.00 million. The pace for July was up from the prior month's revised rate of 5.03 million units (from 5.04 million).
The Philadelphia Fed Survey for August jumped to 28.0 from 23.9. Economists polled by Briefing.com had expected that the Survey would slip to 15.5.
The Leading Indicators report for July, meanwhile, was up 0.9%, while the Briefing.com consensus expected a reading of 0.7%. That followed a revised increase of 0.6% for June (from 0.3%).
9:40 am: [BRIEFING.COM] The major averages registered modest early gains with the S&P 500 climbing above its record closing high at 1987.98. The benchmark index trades higher by 0.1% with seven sectors showing gains.
Countercyclical sectors have shown early strength with consumer staples (+0.2%), health care (+0.3%), and utilities (+0.5%) starting the day ahead of the broader market, while the telecom services sector (unch) lags.
On the cyclical side, the technology sector (+0.2%) sports a modest gain, while the remaining sectors lag. The materials space is the weakest performer with a decline of 0.3%.
Treasuries have jumped to highs after spending the majority of the night in the red. The 10-yr yield is lower by one basis point at 2.42%.
Existing Home Sales for July (consensus 5.00 million), August Philadelphia Fed Survey (consensus 15.5), and July Leading Indicators (expected 0.7%) will all be released at 10:00 ET.
9:10 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +2.20. The stock market is on track for a slightly higher open as futures on the S&P 500 trade two points above fair value. The benchmark index finished yesterday's session fewer than two points below its all-time closing high (1987.98) and if the current indication holds, the index will challenge that level in the early going.
Market participants have received another batch of earnings since yesterday's close with results coming in mixed. Hewlett-Packard (HPQ 35.12, 0.00) is indicated to open flat following its in-line results, while Dollar Tree (DLTR 54.40, -0.60) is on track to open lower by 1.1% after missing earnings estimates and guiding full-year earnings below consensus; however, the company boosted its revenue and comparable store sales guidance.
On the economic front, the initial claims report revealed another drop below the 300,000 mark (298,000), while the Briefing.com consensus expected a reading of 308,000.
Existing Home Sales for July (consensus 5.00 million), August Philadelphia Fed Survey (consensus 15.5), and July Leading Indicators (expected 0.7%) will all be released at 10:00 ET.
Treasuries held losses in overnight action, but the 10-yr note is back near its flat line with the yield at 2.43%.
8:57 am: [BRIEFING.COM] S&P futures vs fair value: +2.30. Nasdaq futures vs fair value: +3.70. The S&P 500 futures trade two points above fair value.
Asian markets ended the Thursday session on a mixed note.
In economic data:
China's HSBC Manufacturing PMI fell to 50.3 from 51.7 (expected 51.5)
Japan's Manufacturing PMI jumped to 52.4 from 50.5 (consensus 51.7)
Hong Kong's CPI climbed to 4.0% year-over-year from 3.6% (consensus 3.5%)
Australia's CB Leading Index rose 0.4% month-over-month (prior 0.2%)
New Zealand's Visitor Arrivals fell 0.5% month-over-month (prior -0.3%), while Credit Card Spending increased 4.5% year-over-year (last 6.0%)
-------
Japan's Nikkei rose 0.9%, gaining for a ninth straight session to finish near one-month highs. Exporters gained on the back of the weaker yen with Sony tacking on 1.9%.
Hong Kong's Hang Seng lost 0.7%, sliding from its best levels in more than six years. Coal names were pressured as China Shenhua Energy and Yanzhou Coal Mining gave up 0.4% and 0.9%, respectively.
China's Shanghai Composite shed 0.4%, slipping off eight-month highs. Energy plays weighed as PetroChina lost 0.6% and Sinopec fell 1.3%.
Major European indices trade higher across the board with Italy's MIB (+1.6%) pacing the rally.
Participants received several data points:
Eurozone Manufacturing PMI fell to 50.8 from 51.8 (expected 51.3), while Services PMI slipped to 53.5 from 54.2, as expected
Germany's Manufacturing PMI ticked down to 52.0 from 52.4 (consensus 51.8), while Services PMI slipped to 56.4 from 56.7 (expected 55.7)
French Manufacturing PMI fell to 46.5 from 47.8 (forecast 47.8), while Services PMI improved to 51.1 from 50.4 (expected 50.0)
Great Britain's Retail Sales ticked up 0.1% month-over-month (expected 0.4%; prior 0.2%), while the year-over-year reading rose 2.6% (expected 3.0; prior 3.4%). Core Retail sales increased 0.5% month-over-month (expected 0.4%; last -0.1%), while the year-over-year reading rose 3.4% (consensus 3.4%; prior 3.8%)
------
Great Britain's FTSE is higher by 0.2% with financials among the leaders. Hargreaves Lansdown, Old Mutual, and Schroders are up between 0.8% and 2.5%. Miners lag with Antofagasta, Fresnillo, and Rio Tinto down between 0.5% and 3.1%.
Germany's DAX trades up 0.5% with 25 of 30 components showing gains. Heavyweights Deutsche Bank and Siemens lead with respective gains of 0.9% and 1.5%. On the downside, steelmaker ThyssenKrupp is lower by 0.9%.
In France, the CAC holds an advance of 0.8%. Countercyclical names are mixed as Veolia Environnement leads with an increase of 2.6%, while Pernod Ricard is the weakest performer, down 0.9%.
Italy's MIB outperforms with a gain of 1.6%. Banca di Milano Scarl, Intesa Sanpaolo, and UBI Banca are up between 3.0% and 5.5%.
8:31 am: [BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +5.00. The S&P 500 futures trade three points above fair value.
The latest weekly initial jobless claims count totaled 298,000, while the Briefing.com consensus expected a reading of 308,000. Today's tally was below the revised prior week count of 312,000 (from 311,000). As for continuing claims, they fell to 2.500 million from 2.549 million.
7:59 am: [BRIEFING.COM] S&P futures vs fair value: +3.20. Nasdaq futures vs fair value: +5.20. U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover three points above fair value, which puts the benchmark index on track to challenge its all-time closing high of 1987.98 and the intraday high of 1991.39. Participants have received several quarterly reports since yesterday's close with results coming in somewhat mixed.
On the economic front, weekly initial claims will be reported at 8:30 ET (Briefing.com consensus 308K), while Existing Home Sales for July (consensus 5.00 million), August Philadelphia Fed Survey (consensus 15.5), and July Leading Indicators (expected 0.7%) will all be released at 10:00 ET.
Treasuries hold slim losses with the 10-yr yield up one basis point at 2.44%.
In U.S. corporate news of note:
Dollar Tree (DLTR 55.00, 0.00): flat after missing earnings estimates and guiding full-year earnings below consensus. However, the company boosted its revenue and comparable store sales guidance.
Hewlett-Packard (HPQ 35.30, +0.18): +0.5% following its in-line earnings on better than expected revenue.
Hormel Foods (HRL 49.80, +1.94): +4.1% in reaction to its better than expected results.
Sears Holdings (SHLD 33.91, -2.04): -5.7% after missing earnings and revenue estimates.
Stage Stores (SSI 16.84, -1.66): -9.0% after missing estimates and guiding below consensus.
Reviewing overnight developments:
Asian markets ended mixed. Japan's Nikkei +0.9%, China's Shanghai Composite -0.4%, and Hong Kong's Hang Seng -0.7%
In economic data:
China's HSBC Manufacturing PMI fell to 50.3 from 51.7 (expected 51.5)
Japan's Manufacturing PMI jumped to 52.4 from 50.5 (consensus 51.7)
Hong Kong's CPI climbed to 4.0% year-over-year from 3.6% (consensus 3.5%)
Australia's CB Leading Index rose 0.4% month-over-month (prior 0.2%)
New Zealand's Visitor Arrivals fell 0.5% month-over-month (prior -0.3%), while Credit Card Spending increased 4.5% year-over-year (last 6.0%)
In news:
Japanese equities outperformed after a report in Nikkei indicated the government plans to earmark JPY1 trillion in next year's budget to build a stimulus fund to offset the effects of a sales tax hike planned for the fall.
Major European indices trade higher across the board. Great Britain's FTSE +0.3%, Germany's DAX +0.6%, and France's CAC +0.8%. Elsewhere, Spain's IBEX +1.1% and Italy's MIB +1.6%
Participants received several data points:
Eurozone Manufacturing PMI fell to 50.8 from 51.8 (expected 51.3), while Services PMI slipped to 53.5 from 54.2, as expected
Germany's Manufacturing PMI ticked down to 52.0 from 52.4 (consensus 51.8), while Services PMI slipped to 56.4 from 56.7 (expected 55.7)
French Manufacturing PMI fell to 46.5 from 47.8 (forecast 47.8), while Services PMI improved to 51.1 from 50.4 (expected 50.0)
Great Britain's Retail Sales ticked up 0.1% month-over-month (expected 0.4%; prior 0.2%), while the year-over-year reading rose 2.6% (expected 3.0; prior 3.4%). Core Retail sales increased 0.5% month-over-month (expected 0.4%; last -0.1%), while the year-over-year reading rose 3.4% (consensus 3.4%; prior 3.8%)
Among news of note:
Markets in Italy and Spain outperform amid strength in financials. Italy's UBI Banca and Banco Popolare are both up near 2.5%, while Spain's Caixabank and Bankinter hold respective gains of 1.4% and 1.8%.
6:38 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +5.00.
6:38 am: [BRIEFING.COM] Nikkei...15586.20...+131.80...+0.90%. Hang Seng...24994.10...-165.70...-0.70%.
6:38 am: [BRIEFING.COM] FTSE...6777.77...+22.30...+0.30%. DAX...9357.58...+43.00...+0.50%.
Bloomberg http://www.bloomberg.com/news/2014-08-2 ... -drop.htmlhttp://www.bloomberg.com/news/2014-08-2 ... onths.html http://www.bloomberg.com/news/2014-08-2 ... peaks.html Special thanks to Bloomberg, CNNMoney, Reuters and Yahoo! Finance for their market summaries. ![good morning gm](./images/smilies/emoticonhello.gif)
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