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 Post subject: May 26th Tuesday Trade Results - Profit $1715.00
PostPosted: Wed May 27, 2015 12:26 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
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 @ $340.00 dollars or +3.40 points, Emini ES ($ES_F) futures @ $1,375.00 dollars or +27.50 points, Light Crude Oil CL ($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 @ $1,715.00 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=2083

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.

-----------------------------

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


4:20 pm: [BRIEFING.COM] It wasn't a good start to the shortened week for the stock market. 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 Tuesday's 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 catalysts for Tuesday's weakness were debatable, yet proximate causes included the following:

Some angst that the better than expected Durable Orders and New Home Sales reports for April fell in the realm of encouraging a rate hike from the Federal Reserve before the end of the year
A surge in the dollar, which weighed heavily on commodities and related stocks (the U.S. Dollar Index rose 1.3% to 97.29)
Crude prices -2.7% to $58.04/bbl
Greek officials firing a barb that the country could possibly miss its debt payment to the IMF next week
The continued underperformance of the Dow Jones Transportation Average (-1.6%), which is deemed to have leading indicator status; and
The absence of any leadership

The stock market managed to finish off its worst levels of the day as buying support came in just under 2100 on the S&P 500.

The worst-performing areas on the day were among the most economically-sensitive sectors, including energy (-1.6%), materials (-1.2%), and industrials (-1.1%). The information technology sector (-1.4%), meanwhile, was another key drag on things with losses in Apple (AAPL 129.63, -2.91) factoring prominently in its underperformance.

Pockets of relative strength were found among the market's more defensive-oriented groups like telecom services (-0.4%), consumer staples (-0.7%), and utilities (-0.7%), although the consumer discretionary sector (-0.6%) was one cyclical sector that held up reasonably well.

Separately, Charter Communications (CHTR 179.78, +4.45) and Time Warner Telecom (TWC 183.60, +12.42) bucked the broader trend after it was announced that Charter will acquire Time Warner Telecom in a cash-and-stock deal valued at approximately $78.7 billion, including debt.

The stock market's weak showing and the rumblings about Greece contributed to a significant pickup in the CBOE Volatility Index (VIX 14.07, +1.94), which jumped 16%. The latter hit its lows for the year last week, offering participants the opportunity to add some downside protection at relatively cheap prices. Additionally, the 10-yr Treasury yield dropped eight basis points to 2.13% on some safe-haven positioning.

Given the scope of Tuesday's losses, it was no surprise to see decliners beat advancers at the NYSE and Nasdaq by a significant margin. In turn, trading volume increased with 792 million shares changing hands at the NYSE. That was comfortably ahead of last Tuesday when 739 million shares were traded, marking the heaviest trading session in the prior week.

A look at today's economic data:

The Conference Board's Consumer Confidence Index increased to 95.4 in May from a downwardly revised 94.3 (from 95.2) in April. The Briefing.com Consensus expected the index to decrease to 94.0.
New home sales increased 6.8% in April to 517,000 from an upwardly revised 484,000 (from 481,000) in March. The Briefing.com Consensus expected new home sales to increase to 510,000.
Sales topped 500,000 for the third time in the first four months of 2015. Trends are significantly stronger than they were at this time in 2014, when an average of only 421,000 homes were sold each month.
Sales growth was the strongest in the Midwest (+36.8%), which offset declines in both the Northeast (-5.6%) and West (-2.3%).
Supply problems continue to plague the sector. During normal periods of buying and selling, supply usually runs at about 6 months' at the current sales pace. Lackluster construction growth during the recovery has pushed the supply rate down to 4.8 months.
The median new home sales price increased 8.3% y/y to $297,300.
Durable goods orders declined 0.5% in April after increasing an upwardly revised 5.1% (from 4.4%) in March. The Briefing.com Consensus expected durable goods orders to decrease 0.6%. A steep decline in defense (-12.8%) and nondefense (-4.0%) aircraft orders made up the bulk of the April decline.
Excluding transportation, durable goods orders increased 0.5% in April after increasing an upwardly revised 0.6% (from 0.4%) in March. The consensus expected these orders to increase 0.3%.
Orders of nondefense capital goods excluding aircraft increased 1.0% in April after increasing 1.5% in March. Shipments -- which factor into second quarter GDP calculations -- increased 0.8% in April after increasing 1.0% in March. That is the first time shipments of business capital have increased for two consecutive months since July and August 2014.

3:15 pm: [BRIEFING.COM]

The dollar has extended its morning rally well into afternoon trading, which put selling pressure on oil, precious metals and copper going into the close
A set of positive mid-morning housing, producer and consumer economic data has caused the dollar index to currently trade up 1.4% to 97.33
Precious metals extended earlier losses into the close, fueled largely by inverse movements with the dollar index
June gold closed at -1.7% to $1186.70/oz and July silver closed at -1.8% to $17.05/oz
WTI oil also finished down 2.72% to $58.04/barrel for the session, driven by multiple catalysts- dollar strength, Mid-east tensions and considerations on the slowing of US oil rig shutdowns.
Natural gas closed modestly lower by 2.1% to $2.82/MMBtu while July copper lost 1.1% and closed at $2.78/lb

3:00 pm: [BRIEFING.COM] Just nothing going for the stock market today as the major indices bleed to new lows for the day entering the final hour of action.

Some better than expected economic news today (specifically durable orders, excluding transportation, and new home sales) has been cited as a trigger for the selling since it presumably falls in the realm of encouraging the Federal Reserve to raise rates before the end of the year.

There won't be much in the way of economic news on Wednesday. The only item on the calendar is the MBA Mortgage Index for the week of May 23.

One area that will be watched closely overnight is China's stock market. The Shanghai Composite has jumped 5.5% in the past two sessions and 14.7% over the last six sessions. Expectations are picking up that the Chinese market is due for a notable setback. Today's weak showing on Wall Street could be the trigger for a such a happening.


2:30 pm: [BRIEFING.COM] It has been a fairly narrow trading range the past few hours, yet the major indices covered a good bit of distance earlier before settling into their respective ranges. The S&P 500 for its part has been trading between 2100 and 2105 for most of the afternoon, placing it in close proximity to its 50-day simple moving average at 2096.

Notwithstanding today's drop, the S&P 500 is still up 0.8% for the month, yet today's drop also demonstrates that the remaining gain can be wiped out in short order if things don't go the market's bullish-minded way the rest of the week.

The energy sector (-1.7%) continues to pace today's decline as oil prices (-2.7% to $58.12/bbl) have been unable to find a bid in today's trade. A sizable loss in the information technology sector (-1.6%), which is being led by Apple (AAPL 129.70, -2.84), has also weighed heavily on the broader market.


1:55 pm: [BRIEFING.COM] The major indices continue to test their worst levels of the day as buyers continue to keep to the sidelines.

On the flip side, the economic data provided good news.

Excluding transportation, durable goods orders increased 0.5% in April after increasing an upwardly revised 0.6% (from 0.4%) in March. The Briefing.com consensus expected these orders to increase 0.3%.

Nearly all of the regional manufacturing surveys released by the Federal Reserve Banks showed that orders had contracted in April. The slight upward trend in new orders excluding transportation was a nice positive surprise when viewed against the survey data.

Orders of nondefense capital goods excluding aircraft increased 1.0% in April after increasing 1.5% in March. Shipments -- which factor into second quarter GDP calculations -- increased 0.8% in April after increasing 1.0% in March. That is the first time shipments of business capital have increased for two consecutive months since July and August 2014.

New home sales increased 6.8% in April to 517,000 from an upwardly revised 484,000 (from 481,000) in March. The Briefing.com Consensus expected new home sales to increase to 510,000.

Sales topped 500,000 for the third time in the first four months of 2015. Trends are significantly stronger than they were at this time in 2014, when an average of only 421,000 homes were sold each month.

1:30 pm: [BRIEFING.COM] The major indices have recovered slightly since our last update, but still sport meaningful declines to start the shortened week.

A look inside the Dow Jones Industrial Average shows that Chevron (CVX 103.06, -1.83), Apple (AAPL 130.25, -2.29), and Boeing (BA 142.34, -2.47) are underperforming. The weakness in Chevron coincides with the sell-off in WTI crude oil futures, which are currently down 3% to $57.94/bbl, while Apple and Boeing appear to be lower on profit taking.

Conversely, Verizon (VZ 49.53, -0.08) is the best-performing Dow component amid strength in the telecom sector, which is the best performing S&P sector on the day

To start the week, the DJIA is down 1.1%, but still up 1.03% for the month of May.

In other developments, the $26 billion 2-yr note auction at the top of the hour drew a high yield of 0.648% on a bid-to-cover ratio of 3.40.

1:00 pm: [BRIEFING.COM] The new week, which is the last week of May, has gotten off to a rough start as each of the major indices has declined at least 1.0%. The triggers for the selling pressure have included the following:
Related Quotes

Economic data that has fanned a sense the Federal Reserve may be inclined to raise policy rates before the end of the year
A strong dollar that has knocked down commodity prices and related stocks, as well as multinational companies that derive a large percentage of their sales overseas
Officials in Greece making waves about possibly not being able to meet a debt payment to the IMF next week
Continued weakness in the transports, which have failed to respond today to the large drop in oil prices
An absence of sector leadership (all ten sectors are down); and
Underlying valuation concerns

The April Durable Orders report, which was better than expected, helped ignite some of the early selling pressure that built on itself as technical support levels gave way.

The recognition that today's biggest laggards are among the market's most influential sectors has weighed on sentiment and has held buy-the-dip efforts in check so far. To that end, the energy (-1.6%) and information technology sectors (-1.4%) sit atop the list of losers and the financial sector (-1.0%) is trailing behind.

In corporate news, the big headline of the day involves the report that Charter Communications (CHTR 180.05, +4.72) is going to acquire Time Warner Cable (TWC 182.74, +11.56) in a cash-and-stock deal valued at approximately $78.7 billion, including debt. That news has been processed with great interest, yet it hasn't triggered any residual takeover speculation that has helped lift the market in other sessions when big deals were announced.

Notably, the CBOE Volatility Index (VIX 14.23, +2.10) has been one of the biggest movers of the day to the upside after it hit new lows for the year last week. The ability to pick up some downside protection at relatively cheap prices has been appealing today for participants who are cognizant that things could come to a head next week on the Greece situation.

In any event, there is some defensive posturing in the capital markets today, evidenced by the jump in the VIX Index, the 1.2% gain in the U.S. Dollar Index, the relative strength of the health care (-0.7%), telecom services (-0.5%), and consumer staples (-0.6%) sectors, and buying interest in longer-dated Treasury securities. The 10-yr note yield has dropped seven basis points to 2.14% while the 2-yr note yield has risen one basis point to 0.62%.

With the New York lunch hour drawing to a close, the major indices are at, or near, their lows for the day.

A look at today's economic data:

The Conference Board's Consumer Confidence Index increased to 95.4 in May from a downwardly revised 94.3 (from 95.2) in April. The Briefing.com Consensus expected the index to decrease to 94.0.
New home sales increased 6.8% in April to 517,000 from an upwardly revised 484,000 (from 481,000) in March. The Briefing.com Consensus expected new home sales to increase to 510,000.
Sales topped 500,000 for the third time in the first four months of 2015. Trends are significantly stronger than they were at this time in 2014, when an average of only 421,000 homes were sold each month.
Sales growth was the strongest in the Midwest (+36.8%), which offset declines in both the Northeast (-5.6%) and West (-2.3%).
Supply problems continue to plague the sector. During normal periods of buying and selling, supply usually runs at about 6 months' at the current sales pace. Lackluster construction growth during the recovery has pushed the supply rate down to 4.8 months.
The median new home sales price increased 8.3% y/y to $297,300.
Durable goods orders declined 0.5% in April after increasing an upwardly revised 5.1% (from 4.4%) in March. The Briefing.com Consensus expected durable goods orders to decrease 0.6%. A steep decline in defense (-12.8%) and nondefense (-4.0%) aircraft orders made up the bulk of the April decline.
Excluding transportation, durable goods orders increased 0.5% in April after increasing an upwardly revised 0.6% (from 0.4%) in March. The consensus expected these orders to increase 0.3%.
Orders of nondefense capital goods excluding aircraft increased 1.0% in April after increasing 1.5% in March. Shipments -- which factor into second quarter GDP calculations -- increased 0.8% in April after increasing 1.0% in March. That is the first time shipments of business capital have increased for two consecutive months since July and August 2014.

12:25 pm: [BRIEFING.COM] After some steady selling pressure for most of the morning, the market has settled in and is drifting sideways as the New York lunch hour unfolds.

There will be a $26 billion 2-year note auction at the top of the hour, which will kick off a busy week of new issuance that includes a $35 billion 5-yr note auction on Wednesday and a $29.0 billion 7-year note auction on Thursday.

The 2-yr note is unchanged in front of the auction, recovering some ground it lost earlier after the better-than-expected Durable Goods Orders report. Weakness in the stock market today has provided a measure of support for Treasuries, but mostly at the back end of the curve.

Elsewhere, the Russell 2000 (-1.2%) is the worst-performing of the major indices at this juncture, yet the others aren't far behind.

12:00 pm: [BRIEFING.COM] The major indices are off their lows but not by much as buyers have been a reluctant bunch so far today.

The transports remain a notable area of contention for market participants given their leading indicator status and their leading laggard showing since the start of the year. Including today's 1.2% decline, the Dow Jones Transportation Average is down 8.5% year-to-date.

The weakness in the transportation average has been pinned in part on rising oil prices this year, yet it's worth noting that the drop in oil prices today (-2.7% to $58.11) hasn't generated any buying support for the group today.

Within the Dow Jones Transportation Average, the airlines are the weakest link today. United (UAL 52.56, -1.13), Southwest (LUV 36.16, -0.70), and JetBlue (JBLU 19.81, -0.64) are all down 1.9% or more.

11:30 am: [BRIEFING.COM] It has been a trend-down day for all of the major indices with a succession of new lows reached throughout the day.

From a technical standpoint, initial support gave way for the S&P 500 at 2121/2119. That invited a subsequent test of 2117/2115, which also failed, and then a move to 2105/2103, which the market is fighting to hold. Failure there leaves the next support level at the 50-day simple moving average (2096).

Given the scope of the losses, it is not surprising to see the A/D line favor decliners by a significant margin at the NYSE and Nasdaq.

With the CBOE Volatility Index (VIX 14.42, +2.29) hitting its lows for the year last week, it appears that participants are angling to pick up some portfolio protection on the cheap today ahead of what could possibly be a tumultuous week next week with Greece's ability to pay its debts to the IMF coming to a head. At the moment, the VIX Index is up 19%.

11:00 am: [BRIEFING.COM] There is a lot of red on stock monitors today as buyers have apparently remained on holiday break -- or so it seems.

The major indices have all dropped to new session lows in the past half hour, paced by weakness in all sectors. To that end, relative strength today isn't couched in terms of which sectors are up the most, but rather in terms of which sectors are down the least. The consumer staples (-0.6%) and consumer discretionary (-0.6%) sectors win in that regard.

Elsewhere, the materials (-1.3%), technology (-1.2%), utilities (-1.2%), and energy (-1.1%) sectors are faring the worst.

Ironically, concerns about the Fed raising rates have the front end of the Treasury curve acting poorly, yet the weakness in the equity market and some defensive posturing have prompted a move to longer-dated Treasury securities and some curve flattening. The 10-yr yield is down four basis points to 2.17%, which is its lowest level of the day.

10:30 am: [BRIEFING.COM]

The dollar has been trading positive all session and continues to extend moderate gains in most recent trade.
Strength in the index has weighed on several commodities this morning, most notably oil, precious metals and copper
The dollar index is now +1.2% to 97.18
Oil has steadily fallen so far this session, down from flat overnight, on multiple catalysts that include dollar strength and continued Middle Eastern tension
In most recent trade, a modest rally has recovered a portion of the commodity's prior loss, but the June contract is still down 2% to $58.51/barrel
Precious metals have seen moderate selling pressure from movements in the dollar, with June gold -1.4% to $1187.10/oz and July silver -1.5% to $16.80/oz
Natural gas has continued its recent downward trend, as over-supply concerns have outweighed forecasts for warmer national weather so far in today's trading
June nat gas is now -2.9% to $2.80/MMBtu
July copper is currently -1.1% to $2.78/lb

10:00 am: [BRIEFING.COM] There has been a decidedly negative orientation in the early-going coming off the long weekend. Every sector is losing ground and all major averages are underwater.

The big movers thus far are the U.S. Dollar Index (+1.1%) and the CBOE Volatility Index (VIX 13.83, +1.70), which suggest a more defensive-minded orientation is winning out at the moment. Greece making waves about possibly not making its debt payment to the IMF next week and a poor showing from influential leadership groups like the transports, which are weak again today despite lower oil prices, is weighing on sentiment.

Separately, new home sales in April hit an annualized rate of 517,000, which was up from the revised March rate of 484,000 (from 481,000), and better than the rate of 510,000 that had been broadly expected by the Briefing.com consensus. The consumer confidence reading for May came in at 95.4, while economists polled by Briefing.com expected the survey to hit 94.0. This followed the prior month's revised reading of 94.3 (from 95.2).

9:45 am: [BRIEFING.COM] The major indices have all tracked lower at the open as expected. Not much strength to speak of in terms of major leadership groups, although the consumer discretionary sector (+0.02%) is holding up better than most.

Losses in the influential technology (-0.6%), industrials (-0.6%), financial (-0.5%), and energy (-0.9%) sectors are weighing early.

The negative disposition appears to be rooted in part on some angst that the better-than-expected Durable Orders report for April could be a supportive factor for a rate hike from the Fed before the end of the year. To that end, the U.S. Dollar Index is making a big move today, up 1.2%, while the front of the Treasury curve, which is more sensitive to policy action, is showing some weakness. The 2-yr note is up two basis points to 0.63%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.50. Buyers have been a reluctant bunch this morning, which has left the S&P futures on the defensive. The opening move, therefore, is expected to have a downward orientation. Whether it gains any momentum could hinge on the movement of interest rates, which will be taking a cue from the New Home Sales and Consumer Confidence reports at the top of the hour and their potential implications for Fed policy.

9:04 am: [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -14.00. The S&P futures have drifted lower following the better-than-expected Durable Orders report for April and continue to point to a lower start for the cash market.

A short time ago, it was reported that he FHFA Housing Price Index for March rose 0.3%, which followed an unrevised increase of 0.7% in February. The Case-Shiller 20-city Home Price Index for March rose 5.0% against a 4.6% increase expected by the Briefing.com consensus.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: -2.30. Nasdaq futures vs fair value: -3.30. The S&P 500 futures continue to point to a modestly lower start for the major indices following the better-than-expected April Durable Orders report.

April durable goods orders declined 0.5%, which was better than the 0.6% decline expected among economists polled by Briefing.com. This comes after the prior month's revised reading reflected an increase of 5.1% (from 4.4%). Excluding transportation, durable orders increased 0.5% (Briefing.com consensus 0.3%) following the prior month's revised increase of 0.6% (from 0.4%).

8:05 am: [BRIEFING.COM] S&P futures vs fair value: -1.50. Nasdaq futures vs fair value: -2.50. The S&P futures are down three points, but have worked their way off overnight lows when they were down about eight points. Notwithstanding the rebound, the cash market is still expected to start today's session on a slightly lower note.

April Durable Orders (Briefing.com consensus -0.6%) will be reported at 8:30 ET while the Case-Shiller 20-city Index for March (consensus 4.6%) and March FHFA Housing Price Index will both be released at 9:00 ET. The day's data will be topped off with the 10:00 ET release of April New Home Sales (consensus 510K) and the Consumer Confidence report for May (consensus 94.0).

In U.S. corporate news of note:

Time Warner Cable (TWC 184.88, +13.70): Up 8.0% after confirming it has signed a deal to be acquired by Charter Communications (CHTR 183.50, +7.97) for $195.71/share, or ~$78.7 bln
AutoZone (AZO 689.38, +0.20): Little changed in pre-market action after reporting better-than-expected Q3 (May) earnings
Ctrip.com (CTRP 89.00,. +4.37): Up 5.2% after Priceline announced an additional $250 mln investment in Ctrip.com International

Reviewing overnight developments:

Markets in the Asia-Pacific region had a mixed showing on Tuesday, yet there was nothing mixed about the performance of the Shanghai Composite. It surged another 2.0% on the heels of a 3.4% gain on Monday, with plans out of Beijing for a major infrastructure initiative helping to fuel the early-week rally. The Shanghai Composite has increased 14.7% over the last six sessions.

Economic data

Japan
Corporate Services Price Index +0.7% year-over-year (expected +0.6%; prior +3.1%)
South Korea
May Consumer Confidence 105 (expected 103; prior 104)
New Zealand
April Trade Balance NZD 123 mln month-over-month (expected NZD 100 mln; prior NZD 754 mln)
Exports NZD 4.17 bln (expected NZD 4.20 bln; prior NZD 4.92 bln)
Imports NZD 4.04 bln (expected 4.10 bln; prior 4.16 bln)
Singapore
Q1 GDP +3.2% quarter-over-quarter (expected 1.8%; prior 1.1%); +2.6% year-over-year (expected +2.2%; prior +2.1%)
April Industrial Production -5.8% month-over-month (expected +0.5%; prior +1.2%); -8.7% year-over-year (expected -3.0%; prior -5.5%)


Major European indices trade mostly lower while France's CAC-40 (+0.3%) outperforms. EU bourses are once again plagued by Greece's waffling over whether it will (or can) pay the IMF debt this month. With little progress made in negotiations with creditors, Greek 10yr yields are trading higher by 3bps. The uncertainty has put some pressure on the major indexes this morning (the FTSE and DAX were closed on Monday).

Economic data

Swiss Q1 Non-Farm Payrolls: 4.225 mln vs 4.231 mln in Q4
Netherlands May Producer Confidence Index: 4.1 v 3.1 expected
Sweden Apr PPI: -0.3% vs +0.3% in March
Poland Apr Unemployment Rate: 11.2% vs 11.3% expected

5:52 am: [BRIEFING.COM] S&P futures vs fair value: -6.60. Nasdaq futures vs fair value: -21.10.

5:52 am: [BRIEFING.COM] Nikkei...20437.48...+23.70...+0.10%. Hang Seng...28249.86...+257.00...+0.90%.

5:52 am: [BRIEFING.COM] FTSE...6997.11...-34.60...-0.50%. DAX...11736.98...-78.00...-0.70%.

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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