TheStrategyLab.com Price Action Trading Support Forum

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)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $1,160.00 dollars or +11.60 points, Emini ES ($ES_F) futures @ $4,225.00 dollars or +84.50 points, Light Crude Oil CL ($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 @ $5,385.00 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

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free 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 in ##TheStrategyLab chat room 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=143&t=2086


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 Advance WRB Analysis Tutorial Chapters @ 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

Analysis -----> Trade Signals

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). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=263&t=2757 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, 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.


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


4:10 pm: [BRIEFING.COM] The major averages registered their second consecutive decline on Friday, but they managed to end May in the green. The S&P 500 lost 0.6% today, but added 1.1% for the month while the Nasdaq Composite (-0.6%) ended in-line with the S&P 500 on Friday, but gained 2.6% in May.

Equity indices spent the duration of the session in negative territory with heavily-weighted sectors like consumer discretionary (-0.7%), financials (-0.9%), industrials (-1.0%), and technology (-0.8%) exerting pressure on the market. Furthermore, uninspiring economic data and the lack of tangible progress between Greece and its creditors weighed on the overall sentiment.

To be sure, stocks climbed off their late-morning lows after Greece's Economy Minister Giorgos Stathakis said his country will make its next debt payment to the International Monetary Fund. According to Mr. Stathakis, the country will pay EUR304 million next Friday. That headline was viewed as a positive sign considering deposit outflows in Greece have accelerated, dropping overall balances to levels not seen in more than ten years, according to reports.

The late-morning boost helped the S&P 500 reclaim more than 2/3 of its decline, but the index revisited its session low during afternoon action amid persistent weakness in some of the most influential sectors. Eight sectors ended the day in negative territory with industrials (-1.0%) spending the day behind its peers.

Once again, transport stocks struggled, evidenced by a 0.8% decline in the Dow Jones Transportation Average. The bellwether complex lost 2.2% for the week and surrendered 3.4% in May. Con-way (CNW 40.47, -1.42) was the weakest performer of the bunch, falling 3.4% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform.'

Elsewhere, the technology sector (-0.8%) slipped behind the broader market during afternoon action, but chipmakers showed relative strength. The PHLX Semiconductor Index added 0.3% with Altera (ALTR 48.85, +1.88) spiking 4.0% amid renewed speculation the company may be acquired by Intel (INTC 34.51, +0.50). For the month, the PHLX Semiconductor Index soared 8.6% while the tech sector added 2.1%.

All ten sectors registered losses with energy (-0.1%) ending just below its flat line even as crude oil jumped 4.5% to $60.26/bbl. Over on the countercyclical side, health care (-0.2%) and utilities (-0.2%) outperformed while consumer staples (-0.7%), and telecom services (-0.5%) ended near the broader market.

Treasuries climbed into the afternoon, ending on their highs with the 10-yr yield down three basis points at 2.10%.

Today's participation was above-average with month-end flows contributing to the increased activity as more than a billion shares changed hands at the NYSE floor.

Economic data included Q1 GDP, Chicago PMI, and Michigan Sentiment Index:

First quarter GDP was revised down to -0.7% in the second estimate from an originally reported +0.2% in the advance release, which is what the Briefing.com consensus expected
That was the first contraction in GDP growth since Q1 2014
The real final sales component, which strips out volatile inventories, declined 1.1%. That topped the 1.0% decline from Q1 2014 and was the biggest real final sales drop since a 3.3% decline in Q1 2009, suggesting that economic growth trends in Q1 2015 were some of the worst seen since the Great Recession
The Chicago PMI declined to 46.2 in May from 52.3 in April while the Briefing.com consensus expected an increase to 53.0
That was the third time the Chicago PMI has fallen below 50, the expansion/contraction threshold, in the last four months
With the exception of the Prices Paid Index (51.2 from 43.1), all of the sub-indexes declined and also contracted in May
The University of Michigan Consumer Sentiment Index was revised up to 90.7 in the May final reading from 88.6 in the preliminary reading while the Briefing.com consensus expected an increase to 89.0
The month-over-month decline in sentiment generally reflects higher gasoline prices while other factors that influence sentiment trends, like equity movements and labor market conditions, were largely flat in May

On Monday, Personal Income/Spending data for April and Core PCE Prices will be released at 8:30 ET while April Construction Spending and the May ISM Index will both be reported at 10:00 ET.

Nasdaq Composite +7.1% YTD
Russell 2000 +3.6% YTD
S&P 500 +2.4% YTD
Dow Jones Industrial Average +1.1% YTD

Week in Review: Nasdaq Sets Fresh Record Close

Bond and equity markets were closed on Monday for Memorial Day.

On Tuesday, each of the major indices fell at least 1.0% as buyers proved to be a reluctant bunch. That reluctance started early and it continued for most of the session, which saw the S&P 500 flirt with testing support at its 50-day simple moving average (2096). The fact that the S&P 500 didn't pierce that level was perhaps the lone bright spot in Tuesday's action, which saw all ten sectors lose ground and all 30 Dow components end with a loss.

The major averages enjoyed a daylong rally on Wednesday that helped the S&P 500 (+0.9%) erase the bulk of its decline from Tuesday. Meanwhile, the Nasdaq Composite (+1.5%) closed at a fresh record high and turned its weekly decline into a 0.3% advance for the week. Equity indices began the session with modest gains and enjoyed an early surge amid reports that Greek officials and Eurogroup members have started crafting a staff-level agreement to secure funds for the country. However, those reports were refuted during the next hour with Bloomberg citing a Eurogroup official as saying the two sides have yet to begin working on a joint statement. Strikingly, the stock market all but ignored the prompt refutation and continued rising into the afternoon with the technology sector (+1.8%) pacing the move. The PHLX Semiconductor Index surged 3.9% after it was reported that Avago Technologies (AVGO 141.49, +10.19) is in advanced talks to acquire Broadcom (BRCM 57.13, +10.21). Shares of AVGO jumped 7.8% while Broadcom soared 21.8%.

The stock market spun its wheels throughout the Thursday session, ending on a modestly lower note. The S&P 500 shed 0.1% after spending the entire day in negative territory amid light volume. Equity indices began the day in the red with some residual damage to risk tolerance after China's Shanghai Composite tumbled 6.5% in reaction to more equity brokers increasing their margin requirements. Furthermore, repurchase operations conducted by the People's Bank of China stirred concerns that the central bank may be preparing to stop or slow its easing cycle. To be fair, the decline in the Shanghai Composite only caused the index to surrender its week-to-date gain. In either case, things did not get any more cheery by the start of the European session with signals from the G7 meeting in Dresden suggesting that wide-ranging differences remain between Greece and the creditor institutions. The PHLX Semiconductor Index added 0.1% after Wednesday's rumor became Thursday's news and Avago Technologies (AVGO 142.38, +0.89) confirmed its acquisition of Broadcom (BRCM 56.25, -0.91) for $37 billion.

3:40 pm: [BRIEFING.COM]

WTI oil prices rallied today after floor trading began
Front-month oil hit today's low one minute after floor trading opened, at $57.72/barrel
Five hours and two minutes later, July crude has rallied $2.98/barrel to today's high of $60.70/barrel
At the end of the session, crude finished $2.57 higher at $60.26/barrel
July nat gas lost $0.08 to $2.63/MMBtu
In the metals space, Aug gold rose $1.90 today to $1190.10/oz, while July silver gained $0.04 to $16.71/oz
Copper fell $0.04 today to $2.73/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.6% with one hour remaining in the final session of the week. The benchmark index sits just a couple points above its session low after failing to rebound from its early weakness.

Given its current level, the S&P 500 is on track to end May with a 1.0% gain while the Nasdaq Composite has added 2.5% this month and set a fresh closing record high earlier this week. Technology and biotechnology have contributed to the relative strength in the Nasdaq with the sectors on track to post respective monthly gains of 2.0% and 4.1%.

Elsewhere, Treasuries are on their highs with the 10-yr yield down four basis points at 2.09%.

2:30 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 trading lower by 0.5%.

The benchmark index appeared to be on the comeback trail earlier, but could not complete that rebound due to continued weakness among influential groups like financials (-0.9%) and industrials (-0.9%). As a result, renewed selling pressure has the S&P 500 back near its session low.

Despite today's weakness, the index remains on track to end the month higher by 1.2%, barring a large selloff during the final 90 minutes of today's session.

1:55 pm: [BRIEFING.COM] The major averages hover near their rebound highs.

Economic growth in the first quarter was weaker than originally announced.

First quarter GDP was revised down to -0.7% in the second estimate from an originally reported +0.2% in the advance release. GDP increased 2.2% in Q4 2014. The Briefing.com Consensus expected GDP to be revised down to -0.7%.

That was the first contraction in GDP growth since Q1 2014.

Unfortunately, that wasn't the worst of it. Real final sales, which strips out volatile inventories, declined 1.1%. That topped the 1.0% decline from Q1 2014 and was the biggest real final sales drop since a 3.3% decline in Q1 2009.

That would suggest that economic growth trends in Q1 2015 were some of the worst seen since the Great Recession.

The BEA admitted that there are some seasonal adjustment problems with first quarter growth rates. It will tackle this problem when it releases the annual revisions with the Q2 2015 advance GDP report in July. Some of the big decline in both GDP and real final sales is expected to be reduced when the new seasonal adjustments are used.

1:30 pm: [BRIEFING.COM] The major indices have improved since our last update, with the Nasdaq now down just 0.05%.

A look inside the Dow Jones Industrial Average shows Visa (V 68.90, -0.66), Procter & Gamble (PG 78.60, -0.73), and General Electric (GE 27.41, -0.22) are underperforming amid broad market weakness.

Conversely, Pfizer (PFE 34.97, +0.53) is the best-performing Dow component after receiving FDA approval for its Rapamune for the treatment of lymphangioleiomyomatosis, a rare lung disease.

The DJIA, at current levels, is down 0.9% for the week and up 1.3% for the month.

1:00 pm: [BRIEFING.COM] The major averages hover in the red at midday with the Dow Jones Industrial Average (-0.4%) trading behind the S&P 500 (-0.3%).

Equity indices have spent the first half of the session below their flat lines, pressured by relative weakness among heavily-weighted sectors like industrials (-0.8%), financials (-0.6%), and technology (-0.3%). In addition, today's economic data disappointed across the board while European investors have shown continued concern about the glacial pace of negotiations between Greece and its creditors.

That being said, the market climbed off its session low after Greece's Economy Minister Giorgos Stathakis said his country will make its next debt payment to the International Monetary Fund. According to Mr. Stathakis, the country will pay EUR304 million next Friday.

Despite the rebound, eight sectors remain in negative territory with industrials (-0.8%) at the bottom of the leaderboard. The growth-sensitive sector has had to grapple with continued weakness in transport stocks that has sent the Dow Jones Transportation Average lower by 0.8%. Including today's decline, the bellwether complex is lower by 2.2% for the week and down 3.4% since the end of April. Airlines have bucked the trend with all five carriers showing gains led by United Continental's (UAL 54.57, +1.08) 2.0% advance.

Elsewhere among cyclical sectors, technology (-0.3%) trades near the broader market, but chipmakers have shown broad strength. The PHLX Semiconductor Index is higher by 0.4% with Altera (ALTR 49.02, +2.05) climbing 4.4% amid renewed speculation the company may be an acquisition target for Intel (INTC 34.49, +0.48).

On the upside, the energy sector (+0.3%) holds a modest gain while crude oil has jumped 3.8% to $59.88/bbl. The dollar has had little impact on the commodity as the Dollar Index (96.97, 0.00) trades flat.

Economic data included Q1 GDP, Chicago PMI, and Michigan Sentiment Index:

First quarter GDP was revised down to -0.7% in the second estimate from an originally reported +0.2% in the advance release, which is what the Briefing.com consensus expected
That was the first contraction in GDP growth since Q1 2014
The real final sales component, which strips out volatile inventories, declined 1.1%. That topped the 1.0% decline from Q1 2014 and was the biggest real final sales drop since a 3.3% decline in Q1 2009, suggesting that economic growth trends in Q1 2015 were some of the worst seen since the Great Recession
The Chicago PMI declined to 46.2 in May from 52.3 in April while the Briefing.com consensus expected an increase to 53.0
That was the third time the Chicago PMI has fallen below 50, the expansion/contraction threshold, in the last four months
With the exception of the Prices Paid Index (51.2 from 43.1), all of the sub-indexes declined and also contracted in May
The University of Michigan Consumer Sentiment Index was revised up to 90.7 in the May final reading from 88.6 in the preliminary reading while the Briefing.com consensus expected an increase to 89.0
The month-over-month decline in sentiment generally reflects higher gasoline prices while other factors that influence sentiment trends, like equity movements and labor market conditions, were largely flat in May

12:25 pm: [BRIEFING.COM] Equity indices hover near their rebound highs with the S&P 500 (-0.4%) trading about eight points above its session low.

All ten sectors remain in negative territory, but every group has inched up off its session low. The industrial sector (-0.8%) continues trailing its peers with transport stocks contributing to the underperformance. The Dow Jones Transportation Average is lower by 0.7% with Con-way (CNW 40.34, -1.55) down 3.7% after Bank of America/Merrill Lynch downgraded the stock to 'Underperform.'

Interestingly, airlines trade higher across the board despite a 3.5% increase in crude oil ($59.68/bbl). United Continental (UAL 54.51, +1.02) is the top performer, trading higher by 1.9%.
Related Quotes

11:55 am: [BRIEFING.COM] Recent action saw the major averages inch up off their lows in a move that coincided with headlines indicating that Greece's Economy Minister Giorgos Stathakis said his country will make its next debt payment to the International Monetary Fund. According to Mr. Stathakis, the country will pay EUR304 million next Friday.

Despite the recent comments from a Greek official, seasoned participants are well aware that such remarks should be taken with a grain of salt until a concrete solution gets announced.

Treasuries held their ground in reaction to the news with the 10-yr yield remaining lower by three basis points at 2.11%.

11:25 am: [BRIEFING.COM] Equity indices remain near their lows with the S&P 500 down 0.6%. Including today's decline, the benchmark index is on track to end the week lower by 0.9%.

The S&P 500 has had a better showing this week than the price-weighted Dow (-0.7%), which has surrendered nearly 1.3% since last Friday. Elsewhere, the Nasdaq Composite (-0.5%) has shown relative strength and is down just 0.4% for the week.

The industrial sector (-1.0%) is the weakest performer of the day with today's loss putting it on track to surrender its May gain. Meanwhile, transport stocks have continued their recent struggles with the Dow Jones Transportation Average down 1.0% today and lower by 3.6% for the month.

10:55 am: [BRIEFING.COM] The major averages have retreated to new lows for the day with the Russell 2000 (-0.9%) trailing the S&P 500 (-0.7%).

Dip-buyers have been reluctant to step up so far today, which made for a steady retreat through the opening 90 minutes of the day. All ten sectors are now in the red with three heavily-weighted groups-financials (-1.0%), industrials (-1.1%), and technology (-1.0%)-showing losses of 1.0% or more.

Over on the countercyclical side, the consumer staples sector trades in-line with the S&P 500 while health care (-0.4%), telecom services (-0.6%), and utilities (-0.4%) have had a better showing than the broader market.

Also of note, Treasuries remain not far below their highs with the 10-yr yield down three basis points at 2.11%.

10:35 am: [BRIEFING.COM]

The dollar traded around the unchanged mark for most of the morning.
In most recent trade, the index has seen a modest pullback into negative territory following the release of consumer sentiment, GDP and PMI economic data,
The pullback is giving modest support to precious metal and oil prices as the index is now near its LoD, at -0.2% to 96.78
Crude oil has traded positive all session, but saw a pullback to near-flat in early trade, on sentiment surrounding yesterday's inventory data and next week's OPEC meeting
WTI has strongly rebounded recently however, and is holding gains of +2.4% to $59.07/barrel
Natural gas has continued its fall from last session, fueled largely by increased builds reported yesterday, and has traded as low as $2.66/MMBtu in the most recent action
The July contract is holding its losses, and now stands -1.8% to $2.66/MMBtu
Precious metals have lifted off the flatline as the dollar has slightly weakened, with August gold +0.3% to $1192.50/oz and July silver +0.6% to $16.77/oz
July copper -0.5% to $2.75/lb

10:00 am: [BRIEFING.COM] The major averages remain near their early lows with the S&P 500 down 0.2%.

Just released, the University of Michigan Consumer Sentiment report for May was revised up to 90.7 from 88.6 while the Briefing.com consensus expected an upward revision to 89.0.

9:45 am: [BRIEFING.COM] As expected, the major averages began the day in negative territory. The S&P 500 trades lower by 0.2% while the Nasdaq Composite (-0.1%) trades a little ahead.

The tech-heavy Nasdaq has been able to stay ahead of the benchmark index thanks to gains among chipmakers. The PHLX Semiconductor Index is higher by 0.4% with Altera (ALTR 49.39, +2.42) climbing 5.2% amid renewed speculation the company may be an acquisition target for Intel (INTC 34.37, +0.36). For its part, the broader technology sector (-0.1%) trades not far below its flat line.

Similar to technology, seven other sectors display losses while health care (+0.1%) and utilities (+0.1%) outperform slightly.

Just released, the Chicago PMI for May fell to 46.2 from 52.3 while the Briefing.com consensus expected an increase to 53.0.

9:08 am: [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -5.10. The stock market is on track for a modestly lower open as futures on the S&P 500 trade three points below fair value. Index futures have spent the bulk of the morning near their flat lines after climbing off their overnight lows. That being said, the overnight trading range has been limited to just ten points.

Futures saw little reaction to the recently released revision to Q1 GDP, which took the reading into negative territory (-0.7%), as expected by the Briefing.com consensus. A couple more data points remain on today's schedule with Chicago PMI for May (consensus 53.0) and the final reading of the Michigan Sentiment Index for May (consensus 89.0) set to be reported at 9:45 ET and 10:00 ET, respectively.

Treasuries hold modest gains with the 10-yr yield down almost three basis points at 2.11%.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: -2.90. Nasdaq futures vs fair value: -5.70. The S&P 500 futures trade three points below fair value.

Markets in the Asia-Pacific region were mostly mixed on Friday. All eyes were on the Shanghai Composite following Thursday's 6.5% plunge and it didn't disappoint in terms of trading volatility. It saw a swing of as much as 6.0% between its intraday low and intraday high before settling the session with a pedestrian 0.2% decline.

In economic data:
Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%)
Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%)
France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%)
Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%)
Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected

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Japan's Nikkei edged up 0.1% to finish with its eleventh consecutive gain after a large batch of economic news. For the week, the Nikkei added 1.5%. Strength in the utilities (+0.9%) and communications (+0.6%) sectors helped offset weakness in the financial (-0.7%) and consumer non-cyclical (-0.4%) sectors on Friday. Upside leaders included Yahoo Japan (+11.7%), Hokuetsu Kishu Paper (+4.9%), and Toshiba (+4.8%). Kyowa Hakko Kirin (-4.3%) was the worst-performing issue. Out of the 225 index members, 104 ended higher, 107 finished lower, and 14 were unchanged.
Hong Kong's Hang Seng slipped 0.1%, done in by some late selling interest. For the week, the Hang Seng declined 2.0%. The weak links on Friday were the consumer cyclical (-1.2%) and consumer non-cyclical (-1.2%) sectors. Belle Intl. (-3.5%), Hang Lung Properties (-3.0%), and China Unicom Hong Kong (-2.8%) paced the decliners. China Merchants Holdings Intl. (+2.9%) led all gainers. Out of the 49 index members, 19 ended higher, 29 finished lower, and 2 were unchanged.
China's Shanghai Composite declined 0.2% but had been down as much as 4.0% in early trading on the heels of Thursday's 6.5% plunge. From its intraday low to its intraday high, the Composite moved as much as 6.0%. Late selling interest prevented a positive finish. For the week, the Shanghai Composite declined 1.0%

Major European indices trade mostly lower with Germany's DAX (-1.0%) and France's CAC (-1.0%) leading the retreat. Investor sentiment remains dampened by the lack of progress between Greece and its creditors with latest reports indicating that deposit outflows in Greece have accelerated, dropping overall balances to levels not seen in more than ten years.

In economic data:
Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%)
Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%)
France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%)
Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%)
Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected

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Germany's DAX is lower by 1.0% with Deutsche Lufthansa (-1.5%) and BMW (-1.2%) among the laggards. Meanwhile, Fresenius SE outperforms, trading higher by 1.7% while Commerzbank has added 0.1%.
France's CAC has given up 1.0% amid broad weakness. Defense contractors Airbus and Safran are both down near 2.0% while Credit Agricole and AXA display losses close to 1.5% apiece. On the upside, utilities outperform with Electricite de France and Veolia Environnement both up near 0.2%.
UK's FTSE has added 0.1% amid strength in mining names. Antofagasta, Fresnillo, Glencore Xstrata, and Randgold Resources are up between 0.6% and 2.0%. Consumer names lag with WM Morrison Supermarkets, TUI, and Diageo down between 1.1% and 1.5%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -2.70. The S&P 500 futures remain within a point of fair value.

The second estimate of first quarter GDP pointed to a contraction of 0.7%, down from the 0.2% increase observed in the preliminary reading. The downwardly revised decrease is in-line with the Briefing.com consensus estimate. The fourth quarter GDP Deflator was revised left unrevised at -0.1%, which is what the consensus expected.

7:54 am: [BRIEFING.COM] S&P futures vs fair value: -0.50. Nasdaq futures vs fair value: -1.60. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover within a point of fair value after maintaining a ten-point range throughout the night.

Meanwhile, Treasuries also trade little changed with the 10-yr note showing a slight gain and its yield lower by a basis point at 2.13%.

The second estimate of Q1 GDP will be released at 8:30 ET (Briefing.com consensus -0.7%) while Chicago PMI for May (consensus 53.0) and the final reading of the Michigan Sentiment Index for May (consensus 89.0) will be reported at 9:45 ET and 10:00 ET, respectively.

In U.S. corporate news of note:

Gamestop (GME 43.50, +2.58): +6.3% after beating estimates and raising its earnings guidance for the fiscal year.
Splunk (SPLK 70.32, -0.72): -1.1% despite better than expected results and upbeat guidance.
Ulta Salon (ULTA 161.00, +4.73): +3.0% in reaction to better than expected results and in-line earnings guidance for Q2.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.1%, China's Shanghai Composite -0.2%, and Hong Kong's Hang Seng -0.1%
Investors received a full slate of economic data:
Japan's April National CPI +0.6% year-over-year (expected +0.6%; prior +2.3%); National Core CPI +0.3% year-over-year (expected +0.2%; prior +2.2%). April Household Spending -5.5% month-over-month (expected -0.7%; prior +2.4%); -1.3% year-over-year (expected +3.1%; prior -10.6%). April Industrial Production +1.0% month-over-month (expected +0.8%; prior -0.8%). April Construction Orders -12.1% year-over-year (prior +10.8%), April Housing Starts +0.4% (expected +0.1%; prior +0.7%), and April Unemployment Rate 3.3% (expected 3.4%; prior 3.4%)
South Korea's April Industrial Production -1.2% month-over-month (expected +0.2%; prior -0.3%); -2.7% year-over-year (expected -0.1%; prior 0.0%). Separately, Retail Sales +1.6% month-over-month (expected +0.6%; prior -0.5%), April Service Sector Output +0.5% month-over-month (prior -0.4%), and June Manufacturing BSI Index 75 (prior 76)
Australia's April Private Sector Credit +0.3% month-over-month (expected +0.5%; prior +0.5%), April Housing Credit +0.5% (prior +0.5%), and April New Home Sales +0.6% month-over-month (prior +4.4%)
Singapore's April Bank Lending SGD 594.3 bln (prior SGD 601.1 bln)
New Zealand's May Business Confidence 15.7% (prior 30.2%)
In news:
China's Shanghai Composite remained volatile following yesterday's 6.5% plunge, falling as much as 4.0% intraday before recovering to end with a slight loss

Major European indices trade mostly lower. France's CAC -0.9%, Germany's DAX -0.7%, and UK's FTSE +0.2%. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.2%
In economic data:
Eurozone April Private Sector Loans 0.0% year-over-year (expected 0.2%; prior 0.1%) and M3 Money Supply +5.3% year-over-year (expected 4.9%; last 4.6%)
Germany's April Retail Sales +1.7% month-over-month (consensus 0.8%; prior -1.4%); +1.0% year-over-year (expected 2.5%; last 4.3%)
France's April Consumer Spending +0.1% month-over-month (expected 0.2%; last -0.7%) and PPI -0.4% month-over-month (consensus 0.2%; prior 0.1%)
Spain's May CPI -0.2% year-over-year (expected -0.5%; last -0.6%)
Italy's May CPI +0.2% month-over-month (expected 0.1%; prior 0.2%) while Q1 GDP was left unrevised at 0.3%, as expected
Among news of note:
Investor sentiment remains dampened by the lack of progress between Greece and its creditors

5:48 am: [BRIEFING.COM] S&P futures vs fair value: -4.40. Nasdaq futures vs fair value: -13.20.

5:48 am: [BRIEFING.COM] Nikkei...20563.15...+11.70...+0.10%. Hang Seng...27424.19...-30.10...-0.10%.

5:48 am: [BRIEFING.COM] FTSE...7012.19...-28.70...-0.40%. DAX...11524.69...-150.90...-1.30%.

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

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

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