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 Post subject: May 20th Wednesday Trade Results - Profit $2682.50
PostPosted: Thu May 21, 2015 4:35 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)
wrbanalysis@gmail.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 @ $120.00 dollars or +1.20 points, Emini ES ($ES_F) futures @ $2,562.50 dollars or +51.25 points, Light Crude Oil CL ($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 @ $2,682.50 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=2079

Quote:
All of my real-time posted trades involves price action concepts from the WRB Analysis free study guide, Advance WRB Analysis Tutorial Chapters 4 - 12 and the Volatility Trading Report (VTR) trade signal strategies. Analysis -----> Trade Signals

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 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

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

Image 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.

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


4:10 pm: [BRIEFING.COM] The major averages finished the midweek session on a flat note. The S&P 500 shed 0.1%, but still marked a fresh intraday record high at 2,134.72 while the Nasdaq Composite (unch) outperformed.

Equity indices spent the first half of today's session near their flat lines with the S&P 500 maintaining a seven-point range that was violated to the upside during afternoon action once the Federal Open Market Committee released the minutes from its April policy meeting. The index could not hold its afternoon gain and returned to the flat line by the close.

Above all, the minutes revealed that some participants believed that the weakness observed in the first quarter could extend into Q2 with many officials characterizing a rate hike in June as "unlikely." However, the minutes did not rule out a near-term rate hike in its entirety.

Treasuries retreated immediately following the release, but they returned to their afternoon levels shortly thereafter. The 10-yr note settled near its high with the benchmark yield slipping four basis points to 2.25%.

On a related note, the Dollar Index (95.50, +0.23) endured a whipsaw afternoon after holding a modest intraday gain. The index surged to its session high following the minutes and then slumped to its low, but still ended the day with a slim gain of 0.2%.

Five sectors ended in the green with three countercyclical groups showing relative strength throughout the day. Rate-sensitive telecom services (+0.5%) and utilities (+0.2%) benefitted from lower rates while the health care sector (+0.1%) was underpinned by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 363.59, +3.11) gained 0.9% with the industry group contributing to the outperformance of the Nasdaq.

Similarly, high-beta chipmakers also gave a boost to the tech-heavy index. The PHLX Semiconductor Index added 0.2% with the move paced by a 4.3% gain in Analog Devices (ADI 66.18, +2.73) after the company reported a one-cent beat. For its part, the broader technology sector displayed afternoon strength, but returned to its flat line by the close.

Elsewhere among cyclical sectors, consumer discretionary (-0.2%), industrials (-0.4%), and financials (-0.4%) lagged throughout the day. Notably, the industrial sector suffered from losses among transport stocks that sent the Dow Jones Transportation Average lower by 2.0%. Airlines paced the slide with Delta Air Lines (DAL 43.62, -2.59), Southwest Airlines (LUV 37.19, -3.72), and United Continental (UAL 54.54, -6.27) losing between 5.6% and 10.3% after Southwest lowered its guidance. In addition, investors showed concern over potential pricing pressures that could result from the entry of three subsidized Arabian Gulf carriers into the U.S. market.

Lastly, the financial sector (-0.4%) spent the day among the laggards. The long-awaited settlement between the Department of Justice and five large banks was announced today with fines against Citigroup (C 54.89, -0.44), JPMorgan Chase (JPM 66.48, -0.53), Barclays (BCS 16.86, +0.56), UBS (UBS 21.96, +0.83), and Royal Bank of Scotland (RBS 11.05, +0.21) totaling $5.80 billion.

Today's participation was comparable to totals observed earlier in the week with fewer than 700 million shares changing hands at the NYSE floor.

Economic data was limited to the weekly MBA Mortgage Index, which fell 1.5% to follow last week's 3.5% decline.

Tomorrow, weekly Initial Claims (Briefing.com consensus 270K) will be released at 8:30 ET while April Existing Home Sales (consensus 5.24 million), April Leading Indicators (expected 0.3%), and May Philadelphia Fed Survey (expected 8.0) will cross the wires at 10:00 ET.

Nasdaq Composite +7.1% YTD
Russell 2000 +4.5% YTD
S&P 500 +3.3% YTD
Dow Jones Industrial Average +2.6% YTD

3:35 pm: [BRIEFING.COM]

WTI crude oil futures rallied following the API storage data.
Following this morning's weekly storage data, WTI sold off back near the unchanged mark, even thought the data was overall bullish.
Ultimately, July crude oil ended today's session $0.98 higher at $58.97/barrel.
June nat gas lost some steam today, closing $0.03 lower at $2.92/MMBtu.
Precious metals posted modest gains. June gold rose $1.50 to $1208.40/oz, while July silver gained $0.04 to $17.12/oz.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.2% with one hour remaining in the session. Meanwhile, the Nasdaq Composite (+0.4%) outperforms thanks to relative strength among high-beta biotechnology and chipmaker names. The iShares Nasdaq Biotechnology ETF (IBB 365.05, +4.57) has added 1.3% while the PHLX Semiconductor Index trades up 0.7%.

In addition, the technology sector (+0.3%) has marked a fresh session high not long ago after spending the first half of the trading day near its flat line.

With the key indices holding modest gains, only financials (-0.2%) and industrials (-0.2%) remain in negative territory.

2:25 pm: [BRIEFING.COM] The major averages have climbed to new highs following the release of the FOMC minutes from the April policy meeting. The S&P 500 is now up 0.2%.

Most notably, the minutes revealed that some participants believed that the weakness observed in the first quarter could extend into Q2. Furthermore, many officials believed that a rate hike in June is unlikely, but the minutes did not rule out a rate-hike in the near term entirely. Treasuries slipped in reaction to the minutes, but they have returned to their earlier levels. The benchmark 10-yr note sits near its high with the benchmark yield down five basis points at 2.24%.

Meanwhile, the Dollar Index (95.49, +0.22) has bounced around its intraday range and is currently higher by 0.2%.

2:00 pm: [BRIEFING.COM] The major averages remain just below their flat lines.

After the April construction numbers topped expectations, eyes now look toward the demand side of the housing equation.

Existing home sales increased to 5.19 mln SAAR in March from 4.89 mln SAAR in February. The Briefing.com Consensus expects existing home sales increased to 5.24 mln in April.

Underlying conditions remained strong. The Mortgage Bankers' Association Mortgage Purchase Index rose 13.7% in April to its highest point since June 2013. The latest Pending Home Sales Index increased 1.1%. Altogether, these data point toward improved sales.

The one problem, however, is low supply. Inventory levels are well below the 6-months' supply that are considered normal. The lack of inventory will keep a cap on potential sales growth.

1:35 pm: [BRIEFING.COM] The major U.S. indices have moved lower since our last update, with the Nasdaq dropping into the red in recent trade

A look inside the Dow Jones Industrial Average shows that McDonald's (MCD 99.77, -0.91), JP Morgan (JPM 66.45, -0.56), and Dupont (DD 70.74, -0.51). While neither DuPont nor McDonald's have specific news to justify their moves, the move can be attributed to shares pulling back following noteworthy strength earlier in the week. For McDonald's, the news that Los Angeles has increased its minimum wage to $15/hr may also be weighing on shares as investors expect expenses to increase as a result. JP Morgan shares are lower after the company confirmed its settlements with the DOJ and the Federal Reserve related to FOREX activities. The company said it would pay fines totaling $892 mln to resolve the matters.

Conversely, UnitedHealth Group (UNH 121.44, +0.86) is the best-performing Dow component amid industry strength in the healthcare sector.

Despite today's losses, the DJIA is still higher by 0.1% this week and 2.6% this month.

12:55 pm: [BRIEFING.COM] The major averages are little changed at midday with the S&P 500 drifting right beneath its flat line while the other indices also trade within points of their unchanged levels.

Equity indices have respected narrow ranges through the first two session of the week and the first half of the midweek affair has been no different with the S&P 500 bouncing between 2,122 and 2,129. However, it wouldn't be surprising to see the key indices break out of their slim ranges after the FOMC releases the minutes from its April policy meeting at 14:00 ET.

While the minutes are expected to touch on several issues, investors are likely to pay close attention to comments on the housing market after yesterday's April Housing Starts report revealed a solid rebound.

For the time being, three sectors hold gains with all three falling under the countercyclical umbrella. Rate-sensitive telecom services (+0.3%) and utilities (+0.2%) lead while the health care sector (+0.1%) also trades ahead of the broader market amid volatile action in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 362.11, +1.63) was down near 1.0% in the early going, but now trades higher by 0.5%.

Similarly, high-beta chipmakers display relative strength even as the technology sector wrestles with its flat line. As for chipmakers, the PHLX Semiconductor Index is higher by 0.6% with Analog Devices (ADI 66.07, +2.62) climbing 4.1% after reporting a one-cent beat.

Elsewhere among cyclical sectors, consumer discretionary, energy, and materials also hover near their flat lines while industrials (-0.4%) and financials (-0.3%) underperform.

The industrial sector has been pressured by transport stocks with the Dow Jones Transportation Average trading lower by 1.5%. For its part, the financial sector has struggled since the start, but the group is still up 0.9% for the week versus a 0.2% uptick for the S&P 500. Earlier, the Department of Justice announced that Citigroup (C 54.95, -0.38), JPMorgan Chase (JPM 66.50, -0.52), Barclays (BCS 16.88, +0.57), UBS (UBS 21.87, +0.74), and Royal Bank of Scotland (RBS 11.08, +0.23) have been fined a total of $5.80 billion for rigging foreign exchange markets.

Treasuries hold gains with the 10-yr yield down four basis points at 2.25%.

Economic data released this morning was limited to the weekly MBA Mortgage Index, which fell 1.5% to follow last week's 3.5% decline.

The Federal Reserve will release the minutes from its April policy meeting at 14:00 ET.

12:25 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 (-0.1%) respecting a six-point range that has been in effect since today's opening bell.

Later today, the Federal Reserve will release the minutes from its latest policy meeting and participants will sift through the document hoping to identify clues about any potential changes to the expected rate path. Once again, low inflation is expected to be used as an argument in favor of remaining at the zero-bound for longer while the rebound in spring home sales provides ammunition to the other side of the argument. The minutes from the April meeting will be released at 14:00 ET.

Treasuries continue holding gains with the 10-yr yield down four basis points at 2.25%.
Related Quotes

11:55 am: [BRIEFING.COM] Equity indices have ticked down from their recent levels, but narrow ranges remain in effect with the S&P 500 trading lower by 0.1%.

The top-weighted technology sector (-0.1%) trades in-line with the broader market, and the influential group has stayed near the benchmark index since the start of the week. Both the sector and the S&P 500 currently trade with week-to-date gains of 0.1%.

That being said, high-beta chipmakers have had an even better showing with the PHLX Semiconductor Index trading higher by 0.3%. Analog Devices (ADI 65.53, +2.08) is a standout performer, up 3.3%, after reporting a one-cent beat.

11:25 am: [BRIEFING.COM] The major averages remain anchored to their flat lines, which could be the case until the Federal Reserve releases the minutes from its latest policy meeting at 14:00 ET.

Range-bound action has dominated the first three session of the week, but that has not stopped the S&P 500 from marking a fresh record closing high (2,129.20) on Monday and following that with a new intraday record high during yesterday's session (2,133.02).

The telecom services sector (+0.6%) remains in the lead while the industrial sector (-0.4%) trades behind the remaining nine groups.

11:00 am: [BRIEFING.COM] Equity indices have returned to their flat lines after showing modest losses during the opening 30 minutes of the session. The S&P 500 is now back above its unchanged level with all four countercyclical sectors showing gains.

The telecom services sector (+0.7%) leads while the utilities space (+0.4%) sits in second place; however, it is worth noting that the two sectors represent just over 5.0% of the entire market. Meanwhile, the other two defensively-oriented sectors-consumer staples (+0.2%) and health care (+0.3%)-also outperform. Together, the two groups account for 24.0% of the S&P 500.

Over on the cyclical side, all six sectors trade in the red, but three-consumer staples, materials, and technology-hover just beneath their flat lines. For its part, the industrial sector (-0.4%) is the weakest performer with transport stocks pressuring the sector. The Dow Jones Transportation Average has given up 1.1% today amid notable weakness in airlines. Southwest Airlines (LUV 38.09, -2.82) is the weakest index component, down 6.9%, after the company forecast a year-over-year decline in quarterly revenue per seat mile.

10:40 am: [BRIEFING.COM]

The dollar continues to show modest strength in recent trade, which continues to put pressure on precious metals and crude oil
Despite the dollar's strength, crude and precious metals are continuing to hold gains made so far this session
The index has risen off the flat mark and is now slightly up by 0.3% to 95.54
Crude rallied in early trade despite a stronger dollar, following yesterday's API data, and ahead of the EIA storage report
Upon release of the data crude sold off, July futures are currently -0.5% to $58.25/MMBtu
Natural gas continued to rise from the previous session's sell-off in early trade.
June nat gas is now +0.8% to $2.97/MMBtu
Precious metals are trading modestly positive despite dollar pressure, with June gold at +0.3% to $1210.80/oz and July silver at +0.8% to $17.20/oz
July copper continues to show moderate weakness, now flat at $2.83/lb

9:55 am: [BRIEFING.COM] The S&P 500 (-0.2%) remains under modest pressure with all six cyclical sectors displaying losses.

Elsewhere, the health care sector was among the early advancers, but the countercyclical group has returned to its flat line since then. That being said, the sector remains just ahead of the broader market even though biotechnology lags notably with iShares Nasdaq Biotechnology ETF (IBB 357.79, -2.69) trading lower by 0.8%. As a result, the Nasdaq Composite (-0.3%) underperforms.

Interestingly, the early weakness in stocks has not prevented a pullback in Treasuries with the 10-yr yield now down three basis points at 2.27% after hitting a session low at 2.24%.

9:40 am: [BRIEFING.COM] The major averages began the day just above their flat lines before sliding into negative territory. The S&P 500 trades lower by 0.2% with six of ten sectors holding early losses.

Heavily-weighted financials and health care outperformed yesterday, but the two groups are mixed today. The health care sector (+0.1%) sits just above its flat line while the financial space (-0.3%) underperforms, narrowing this week's gain to 0.9%.

Similar to financials, other cyclical sectors like consumer discretionary (-0.4%), technology (-0.2%), and industrials (-0.3%) also display opening losses.

Treasuries have slipped from their highs, but they continue holding solid gains with the 10-yr yield down three basis points at 2.26%.

9:08 am: [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +4.80. The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value. In fact, futures have spent the entire night near their flat lines while Treasuries rallied. Currently, the 10-yr note sits on its session high with the benchmark yield down five basis points at 2.24%.

Economic data released this morning was limited to the weekly MBA Mortgage Index, which fell 1.5% to follow last week's 3.5% decline. Later today, the Federal Reserve will release the minutes from its April policy meeting with the document slated for a 14:00 ET release.

Things have been relatively quiet on the corporate front, but a couple retail names have shown some movement. Specifically, Lowe's (LOW 67.98, -3.85) has given up 5.4% in pre-market after missing bottom-line estimates and reaffirming its guidance while Pep Boys (PBY 10.49, +1.24) has surged 13.4% after the Wall Street Journal reported the company may be an attractive acquisition target for private equity firms. Also of note, Target (TGT 79.70, +1.78) has climbed 2.3% after beating earnings expectations.

8:56 am: [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +5.20. The S&P 500 futures trade within a point of fair value.

Most markets in the Asia-Pacific region finished higher on Wednesday, bolstered by a better than expected Q1 GDP report out of Japan.

In economic data:
Japan's Q1 GDP +0.6% quarter-over-quarter (expected +0.4%; prior +0.3%); +2.4% year-over-year (expected +1.5%; prior +1.1%), and Q1 GDP Price Index +3.4% year-over-year (expected +3.6%; prior +2.4%). Separately, Leading Index 106.0 (expected 105.5; prior 105.5)
Australia's May Westpac Consumer Sentiment 6.4% (prior -3.2%)

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Japan's Nikkei increased 0.9% following its stronger than expected Q1 GDP report. Top-performing sectors included the utilities (+2.0%), technology (+1.0%), and basic materials (+1.0%) sectors. Shiseido Co (+6.9%), Tokyo Electric Power (+5.8%), and Sumitomo Realty & Development (+5.3%) led individual gainers. Tokio Marine Holdings (-3.7%) was the worst-performing issue. Out of the 225 index members, 147 ended higher, 68 finished lower, and 10 were unchanged.
Hong Kong's Hang Seng declined 0.4%, weighed down by modest losses in most sectors. The technology (+0.8%) and utilities (+0.1%) sectors were the only sectors to end with a gain. Bank of Communications (-3.6%), Kunlun Energy Co (-2.7%), China Resources Land (-1.8%), and Tencent Holdings (-1.7%) topped the list of decliners. Hang Lung Properties (+2.0%) led individual winners. Out of the 50 index members, 15 ended higher, 32 finished lower, and 3 were unchanged.
China's Shanghai Composite increased 0.7%, topping the 4500 level at one point before succumbing to some late selling interest that knocked it back below 4450. The industrial (+2.3%), communications (+1.2%), and consumer cyclical (+1.1%) sectors were the best-performing sectors in the Chinese market on Wednesday.

Major European indices have slid from their early highs with Germany's DAX (-0.4%) trailing the region. Elsewhere, the Bank of England released the minutes from its latest meeting, which revealed no changes among the voting members with all supporting the status quo.

Economic data was limited:
Germany's April PPI +0.1% month-over-month (expected 0.2%; prior 0.1%); -1.5% year-over-year (consensus -1.4%; last -1.7%)
Spain's trade deficit narrowed to EUR890 million from EUR2.04 billion (expected deficit of EUR2.00 billion)
Swiss ZEW Expectations improved to -0.1 from -23.2

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Germany's DAX is lower by 0.4% even though nearly 20/30 components hold gains. Heavyweights Daimler and Merck are both up near 0.9% while E.On leads with a 1.5% advance. On the downside, Fresenius Medical Care has given up 1.2% while BMW trades lower by 0.4%.
France's CAC holds a loss of 0.3% amid mixed action in financial names. BNP Paribas and Unibail-Rodamco are both down near 2.0% while Credit Agricole has added 0.3%. Similar to Germany, utilities are also among the leaders with GDF Suez and Electricite de France higher by 1.5% and 1.3%, respectively.
UK's FTSE hovers near its flat line. Vodafone outperforms, up 4.4%, amid hopes the company will come to terms with Liberty Global. Meanwhile, several financials lag with Hargreaves Lansdown, Old Mutual, and Land Securities Group down between 1.4% and 3.4%.

8:27 am: [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: +3.90. U.S. equity futures remain near their flat lines as the range-bound morning continues. Meanwhile, Treasuries have returned to their overnight highs with the 10-yr yield now down four basis points at 2.25%.

Elsewhere, the Dollar Index (95.45, +0.18) has continued this week's strength. The index is higher by 0.2% this morning and up 2.5% for the week. The greenback has added 0.2% against the euro today, pressuring the single currency to 1.1125; however, it is worth noting that the euro has recovered off its early morning low.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -1.10. Nasdaq futures vs fair value: +2.20. U.S. equity futures trade near their flat lines after the overnight session featured a four-point range in S&P 500 futures. Currently, futures on the benchmark index hover one point below fair value.

Domestic investors have received just one data point today with the weekly MBA Mortgage Index falling 1.5% to follow last week's 3.5% decline.

The Federal Reserve will release the minutes from its April meeting at 14:00 ET.

Treasuries hold gains with the 10-yr yield down three basis points at 2.26%.

In U.S. corporate news of note:

Autodesk (ADSK 55.35, -2.17): -3.8% after cautious guidance overshadowed better than expected earnings and revenue.
Lowe's (LOW 67.20, -4.63): -6.5% after missing bottom-line estimates and reaffirming its guidance.
Pep Boys (PBY 10.57, +1.32): +14.3% after the Wall Street Journal reported the company may be a target for private equity firms.
Staples (SPLS 15.90, -0.51): -3.1% in reaction to in-line earnings on below-consensus revenue.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.9%, China's Shanghai Composite +0.7%, and Hong Kong's Hang Seng -0.4%
In economic data:
Japan's Q1 GDP +0.6% quarter-over-quarter (expected +0.4%; prior +0.3%); +2.4% year-over-year (expected +1.5%; prior +1.1%), and Q1 GDP Price Index +3.4% year-over-year (expected +3.6%; prior +2.4%). Separately, Leading Index 106.0 (expected 105.5; prior 105.5)
Australia's May Westpac Consumer Sentiment 6.4% (prior -3.2%)
In news:
China's government presented an outline for economic reforms, focusing on aerospace, robotics, new energy, and advanced transport as part of a ten-year plan

Major European indices trade in mixed fashion. Germany's DAX -0.3%, France's CAC -0.2%, and UK's FTSE +0.1%. Elsewhere, Italy's MIB -0.2% and Spain's IBEX +0.1%
Economic data was limited:
Germany's April PPI +0.1% month-over-month (expected 0.2%; prior 0.1%); -1.5% year-over-year (consensus -1.4%; last -1.7%)
Spain's trade deficit narrowed to EUR890 million from EUR2.04 billion (expected deficit of EUR2.00 billion)
Swiss ZEW Expectations improved to -0.1 from -23.2
Among news of note:
The Bank of England released the minutes from its latest meeting, which revealed no changes among the voting members with all supporting the status quo

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -1.60. Nasdaq futures vs fair value: +0.80.

5:50 am: [BRIEFING.COM] Nikkei...20196.56...+170.20...+0.90%. Hang Seng...27585.05...-108.50...-0.40%.

5:50 am: [BRIEFING.COM] FTSE...6999.52...+4.40...+0.10%. DAX...11809.03...-44.30...-0.40%.

Special thanks to Bloomberg, Briefing, 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

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com
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