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 Post subject: May 28th Thursday Trade Results - Loss $847.50
PostPosted: Fri May 29, 2015 2:39 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 @ $90.00 dollars or +0.90 points, Emini ES ($ES_F) futures @ ($937.50) dollars or -18.75 points, Light Crude Oil CL ($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 Loss @ ($847.50) 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=2085

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


4:20 pm: [BRIEFING.COM] 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, today's 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. To that point, yesterday's 'deal-no deal' may have been topped by today's headlines from Frankfurter Allgemeine Zeitung, which quoted International Monetary Fund's Managing Director Christine Lagarde as saying it is possible that Greece will exit the eurozone. Not long after, the IMF sought to clarify the quotes obtained from Ms. Lagarde, claiming they were inaccurate. However, the Fund did not specify what the inaccuracies were. FAZ responded, saying Ms. Lagarde's quotes will be removed. In the midst of all this, Spain's Economy Minister Luis de Guindos reportedly said that a deal between Greece and the institutions remains possible.

All in all, things have not gotten any clearer for quite a while and nothing will be certain until official bridge agreements are signed or the bridge between Greece and Western Europe is burning. The euro handled today's developments well, adding 0.4% against the dollar to 1.0950. Conversely, the Dollar Index shed 0.2% after enjoying a solid spike yesterday.

Similar to the Dollar Index, equities backtracked after yesterday featured a broad advance. Only three sectors registered gains, but losses among the seven decliners were contained to no more than 0.5%.

Industrials and telecom services finished at the bottom of the barrel with the industrial sector enduring continued weakness among transport stocks. The Dow Jones Transportation Average lost 0.9% and widened its 2015 decline to 9.2%. In addition, heavy machinery names like Caterpillar (CAT 86.01, -1.91), Deere (DE 93.50, -0.86), and Joy Global (JOY 39.65, -1.29) underperformed as investors grappled with implications stemming from potential policy changes in China, where each company has a large footprint.

Similar to industrials, the energy sector (-0.4%) struggled throughout the session and finished among the laggards even though crude oil recouped an early loss, adding almost 0.5% for the day to end near $58.00/bbl. However, natural gas fell 4.2% to $2.71/MMBtu.

Elsewhere, the technology sector (-0.2%) was tucked in right behind the broader market, but that masked broad strength among chipmakers. The PHLX Semiconductor Index added 0.1% after yesterday's rumor became today's news and Avago Technologies (AVGO 142.38, +0.89) confirmed its acquisition of Broadcom (BRCM 56.25, -0.91) for $37 billion. Broadcom lost 1.9% today as some traders took quick profits after taking the stock higher by almost 22.0% yesterday.

On the upside, utilities (+0.2%) and materials (+0.3%) outperformed, but had little impact on the overall market. Also of note, the health care sector (+0.1%) ended just above its flat line even though biotechnology struggled with iShares Nasdaq Biotechnology ETF (IBB 364.89, -2.07) falling 0.6%.

Treasuries ranged near their flat lines throughout the day with the 10-yr note ending unchanged and its yield at 2.13%. That being said, there were gains up front (2-yr yield -3 bps to 0.62%) and a downtick at the long end (30-yr +2 bps to 2.89%), making for a slightly steeper curve.

Today's participation was comparable to recent totals with roughly 675 million shares changing hands at the NYSE floor.

Economic data included Initial Claims and Pending Home Sales:

Weekly initial claims increased to 282,000 from an upwardly revised 275,000 (from 274,000) while the Briefing.com consensus expected a reading of 274,000
The four-week moving average inched up a little higher to 271,500 from 266,500 for the week ending May 16, but despite the increase, initial claims remain near 15-year lows
The continuing claims level increased to 2.222 mln from an unrevised 2.211 mln while the consensus expected an increase to 2.250 mln
Pending home sales for April rose 3.4% while the Briefing.com consensus expected an increase of 1.0%

Tomorrow, 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.

Nasdaq Composite +7.1% YTD
Russell 2000 +4.0% YTD
S&P 500 +2.9% YTD
Dow Jones Industrial Average +1.7% YTD

3:40 pm: [BRIEFING.COM]

A small reversal in the dollar index gave some help to commodities such as metals and oil prices
Natural gas futures held down today's losses, however, following storage data, ending the day -4.2% lower at $2.71/MMBtu
July crude oil closed $0.12 higher at $57.69/barrel
Copper ended flat at $2.77/lb and precious metals showed very small gains
June gold rose $2.50 today to $1188.20/oz, while July silver gained $0.01 to $16.67/oz

2:55 pm: [BRIEFING.COM] The major averages are roughly where they started with one hour remaining in the session. The S&P 500 trades lower by 0.1% while the Nasdaq Composite (-0.2%) follows right behind.

Equity indices moved up off their lows in recent action, but the move has not had much volume behind it, which is something we may be seeing on a more regular basis entering the summer months. For instance, last Friday saw the lowest NYSE floor volume of the year (604 million). Today's final tally will be higher, but not by much considering only 387 million shares have changed hands at the NYSE so far with just 60 minutes to go. However, the final hour, and specifically, minute is known for seeing some of the largest flows of the day.

2:35 pm: [BRIEFING.COM] Equity indices have returned to the top of their rebound highs with the S&P 500 remaining lower by 0.2%.

With the market spinning its wheels, today's main focus has been on the back and forth related to Greece. To recap, yesterday's reports cited an anonymous source who voiced optimism that a deal would be completed soon. That report was refuted within hours.

Today, participants have been treated to a one-two punch of a different kind. Earlier, Frankfurter Allgemeine Zeitung quoted International Monetary Fund's Managing Director Christine Lagarde as saying it is possible that Greece will exit the eurozone. Shortly thereafter, Spain's Economy Minister Luis de Guindos reportedly said that a deal between Greece and the institutions, formerly known as the "troika," is still possible. Not long after, the International Monetary Fund sought to clarify quotes obtained from Ms. Lagarde, claiming they were inaccurate. However, the IMF did not specify where the inaccuracies could be found.

At the end of the day, the whirlwind of quotes produced by the G7 meeting in Dresden, Germany suggests that an agreement remains far apart with another seemingly ever-mobile deadline approaching in early June.

2:00 pm: [BRIEFING.COM] The major averages continue holding modest losses.

Employment trends showed no signs of change after the release of the latest initial claims report.

The initial claims level increased to 282,000 for the week ending May 23 from an upwardly revised 275,000 (from 274,000) for the week ending May 16. The Briefing.com Consensus pegged the initial claims level at 274,000.

The four-week moving average inched up a little higher to 271,500 from 266,500 for the week ending May 16. Despite the increase, initial claims remain near 15-year lows.

At their current level, the initial claims data support monthly payroll growth of at least 200,000.

The continuing claims level increased to 2.222 mln for the week ending May 16 from an unrevised 2.211 mln for the week ending May 9. The consensus expected the continuing claims level to increase to 2.250 mln.

1:35 pm: [BRIEFING.COM] The major indices are little changed since our last update, all sporting losses of approximately 0.4%

A look inside the Dow Jones Industrial Average shows Caterpillar (CAT 85.98, -1.94), McDonald's (MCD 96.45, -1.36) and Boeing (BA 141.76, -1.24) underperforming. There isn't any news to account for their specific weakness.

Conversely, Intel (INTC 34.04, +0.33) is the best-performing Dow component, helped by M&A activity in the semiconductor space.

As stocks surrender some of yesterday's gains, the DJIA is now down 0.8% for the week.

In other developments, the $29 billion 7-yr note auction at the top of the hour was met with average demand. It drew a high yield of 1.888% on a bid-to-cover ratio of 2.49. The latter was in-line with the prior 12-auction average of 2.48

1:00 pm: [BRIEFING.COM] The major averages hold modest midday losses with the S&P (-0.4%) trailing the Nasdaq Composite (-0.3%).

The stock market has been more of a 'stuck' market so far today with the key indices trapped near their early lows. Broadly speaking, the current decline pales in comparison to the 6.5% plunge in China's Shanghai Composite overnight after more brokers increased their margin requirements, and 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.

The sharp drop in China was not unnoticed by global investors, which weighed on sentiment, keeping European markets under pressure from the start.

As the European session headed for the close, comments from several regional officials reminded participants that nothing has changed with regard to Greece. International Monetary Fund's Christine Lagarde was the latest, acknowledging that a Greek exit from the eurozone is a possibility, according to Frankfurter Allgemeine Zeitung. The insight was a bit surprising considering high ranking officials have been very reluctant to publically speculate about the least desirable solution.

Ms. Lagarde's comments have not caused much movement in U.S. stocks, suggesting technical factors may have the upper hand at this juncture. That said, it is worth noting that yesterday's broad surge was accelerated by optimistic comments from an unnamed official, whose view was quickly rebuffed.

All ten sectors hold midday losses, but no group shows a decline larger than 1.0%. The energy sector (-0.9%) is the closest to that mark, struggling amid weakness in crude oil that has the energy component down 1.1% at $56.87/bbl. The current decline cannot be blamed on dollar strength, considering the Dollar Index (97.30, -0.04) is flat after surrendering an earlier gain.

Similar to energy, other growth-sensitive sectors like financials (-0.5%) and industrials (-0.7%) trail the broader market. Notably, the industrial sector has suffered from continued weakness in transport stocks. The Dow Jones Transportation Average is lower by 1.2% today and down more than 9.0% for the year.

Elsewhere, the technology sector (-0.4%) is struggling to keep pace with the broader market, but chipmakers have resisted much of the pressure, evidenced by no change in the PHLX Semiconductor Index. The flat reading for the index overshadows gains among most index components after Avago Technologies (AVGO 140.13, -1.36) confirmed its acquisition of Broadcom (BRCM 55.95, -1.20) for $37 billion. At first glance, Broadcom appears to be responding negatively to the news, but the stock surged nearly 22.0% yesterday afternoon when it was reported that a deal is likely.

Treasuries hold slim losses amid range-bound action. The 10-yr yield is higher by a basis point at 2.14%.

Economic data included Initial Claims and Pending Home Sales:

Weekly initial claims increased to 282,000 from an upwardly revised 275,000 (from 274,000) while the Briefing.com consensus expected a reading of 274,000
The four-week moving average inched up a little higher to 271,500 from 266,500 for the week ending May 16, but despite the increase, initial claims remain near 15-year lows
The continuing claims level increased to 2.222 mln from an unrevised 2.211 mln while the consensus expected an increase to 2.250 mln
Pending home sales for April rose 3.4% while the Briefing.com consensus expected an increase of 1.0%

12:30 pm: [BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 lower by 0.3%. The market has essentially ignored recent comments from International Monetary Fund Managing Director Christine Lagarde, who acknowledged that a Greek exit from the eurozone is a possibility at this juncture. Ms. Lagarde's comments appeared in Germany's Frankfurter Allgemeine Zeitung and have been relayed by multiple wire services in the U.S.

Interestingly, this comes just a day after unnamed officials voiced optimism about an agreement being very close. More interestingly, yesterday's headlines were quickly refuted, but stocks still rallied and today's remarks from one of the main parties at the negotiating table have barely registered. All in all, this suggests the market remains unconcerned about the fallout associated with a potential "Grexit."
Related Quotes

12:00 pm: [BRIEFING.COM] Recent action saw the major averages return to their early lows. The S&P 500 (-0.5%) and Nasdaq (-0.4%) are near their worst levels of the day while the Dow (-0.5%) hovers around the top third of its trading range.

The price-weighted index has trailed the broader market since the start amid losses in 23 of its 30 components. In percentage terms, Caterpillar (CAT 85.97, -1.95) is the largest decliner, down 2.2%. Today's underperformance in the machinery manufacturer is likely related to overnight weakness in China's Shanghai Composite, which fell 6.5% on regulatory worries. Caterpillar conducts a large share of its business in China, but other large industrial names have also shown relative weakness with the industrial sector down 0.7% at this juncture.

Deeper in the sector, transport stocks have continued this year's underperformance with the Dow Jones Transportation Average down 1.1% for the day and lower by 9.3% since the end of 2014.

11:30 am: [BRIEFING.COM] Equity indices have cut a portion of their losses thanks to a rebound among most sectors. The utilities sector (+0.1%) has returned into the green, but a couple more influential groups like consumer discretionary (-0.1%) and health care (-0.1%) are now essentially flat.

Elsewhere, the technology sector (-0.3%) remains in the red, but chipmakers are showing relative strength with the PHLX Semiconductor Index higher by 0.3%. Only seven components trade in the red, but interestingly enough the group owes its strength to the events surrounding one of those decliners.

Specifically, Broadcom (BRCM 55.95, -1.20) is lower by 2.1% after agreeing to be acquired by Avago Technologies (AVGO 141.63, +0.14) for $37 billion. Broadcom is down today, but the stock soared 21.8% yesterday when reports of the deal began leaking out. That said, another acquisition in a red hot industry is giving an overall boost to the PHLX Semiconductor index, which is now up 7.7% for the year.

11:00 am: [BRIEFING.COM] The major averages remain near their lows with all ten sectors showing losses on the day despite a better than expected April pending home sales (+3.4%; Briefing.com consensus 1.0%) report. In fact, the S&P 500 (-0.4%) set a fresh session low roughly 30 minutes after the release, suggesting the perverse logic of good data being bad for stocks-due to the possibility of a hastened rate hike-remains in effect, at least to a degree.

We say "to a degree," because despite the volume of red figures, today's decline comes not long after the S&P 500 marked a new record close while the Nasdaq has followed suit.

For the month, the S&P 500 is higher by 1.4% while the Nasdaq is up nearly 3.0% despite the continued concerns about the timing of the first rate hike.

10:40 am: [BRIEFING.COM]

Early strength in the dollar put modest pressure on commodities in early morning trade
However in recent minutes, the index has sold off and is now slighly in the red for the session. Following the reversal, the index now stands down 0.1% to 97.31
Sentiment ahead of the release of weekly EIA storage data for both oil and natural gas has been a primary driver of early morning price action
WTI oil traded near the unchanged mark for a good portion of overnight and early morning trade but has since pulled back into negative territory, below the $57 level
The July contract is now just above its LoD at -1% to $56.89/barrel ahead of the storage data
July natural gas also traded in the red for most of the morning and extended losses further following the weekly storage data
Nat gas is now near its Lod at -4.1% to $2.73/MMBtu, following the weekly storage data
Precious metals are trading near flat, with June gold currently at $1186.10/oz and July silver at $16.65/oz
July copper is -0.1% at $2.77/lb

10:00 am: [BRIEFING.COM] The S&P 500 has extended its decline to 0.4% with nine sectors in the red.

Pending home sales for April rose 3.4% while the Briefing.com consensus expected an increase of 1.0%.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day on the defensive. That being said, the S&P 500 is down just 0.1% with seven sectors showing opening losses.

The energy sector (-0.5%) is the weakest performer so far thanks to a 1.1% decline in crude oil, which currently hovers near $56.91/bbl. Similar to energy, the growth-sensitive industrial sector (-0.3%) also lags while health care (+0.3%) outperforms for the second day in a row.

On a separate note, Treasuries have returned to their overnight lows with the 10-yr yield up one basis point at 2.15%.

The Pending Home Sales report for April (consensus 1.0%) will cross the wires at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -7.80. The stock market is on track for a modestly lower open as futures on the S&P 500 trade four points below fair value. All in all, the slight early downtick reflects some relative strength considering the overnight session featured a 6.5% plunge in China's Shanghai Composite after more brokers increased 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 its easing cycle.

The sharp pullback in China may be weighing on sentiment in Europe as nearly all regional indices display losses in the neighborhood of 0.5%. There is nothing new to report with regard to Greece as the troubled sovereign and its creditors remain at odds.

Domestically, investors received the latest weekly Initial Claims report, which indicated an increase to 282,000 from 275,000 while the Briefing.com consensus expected a reading of 274,000. Still, the four-week moving average remains near multi-year lows.

Treasuries essentially held their ground after maintaining a narrow range overnight. The 10-yr yield currently sits at 2.13%.

The Pending Home Sales report for April (consensus 1.0%) will cross the wires at 10:00 ET.

On the corporate front, Avago Technologies (AVGO 146.71, +5.22) has confirmed the acquisition of Broadcom (BRCM 56.89, -0.26) for $37 billion.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -8.80. The S&P 500 futures trade four points below fair value.

Markets in the Asia-Pacific region were mostly lower on Thursday, none more so than China's Shanghai Composite, which plunged 6.5% amid concerns about tighter margin financing requirements. Japan's Nikkei, however, stood its ground and recorded its tenth consecutive gain to close at a 15-year high.

In economic data:
Japan's April Retail Sales +5.0% year-over-year (expected +5.4%; prior -9.7%)
Hong Kong's April Trade Balance HKD -39.2 bln (expected HKD -45.0 bln; prior HKD -46.2 bln) as Exports +2.2% month-over-month (expected +1.0%; prior -1.8%) and Imports -2.9% month-over-month (expected +0.5%; prior -2.7%)
Australia's Q1 Building Capital Expenditure -6.5% month-over-month (expected -2.5%; prior -2.8%); Q1 Private New Capital Expenditure -4.4% quarter-over-quarter (expected -2.4%; prior -1.7%); and Q1 Plant/Machinery Capital Expenditure -0.5% quarter-over-quarter (expected -1.2%; prior +0.5%)

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Japan's Nikkei increased 0.4%, aided by a weaker yen. That is the Nikkei's tenth consecutive gain, which, according to Reuters, is its longest streak of gains since February 1988. In that span, the Nikkei has increased 5.0%. Thursday's gain was led by the financial (+1.5%) and technology (+1.4%) sectors. Individual standouts included Tokyo Electric Power (+6.2%) and Mizuho Financial Group (+5.9%). Mitsumi Electric Co (-2.7%) was the worst-performing issue. Out of the 225 index members, 131 ended higher, 83 finished lower, and 11 were unchanged.
Hong Kong's Hang Seng dropped 2.2%, stumbling in conjunction with the mainland market. Every sector lost ground. The consumer cyclical sector (-2.7%) suffered the largest decline while the influential financial sector (-1.9%) weighed heavily on the proceedings. Belle International (-5.2% and China Life Insurance (-4.4%) led all decliners. CK Hutchison Holding (+2.4%) was the only stock to advance in Thursday's trade. Out of the 49 index members, 1 ended higher and 48 finished lower.
China's Shanghai Composite plummeted 6.5% on the back of concerns about tighter margin financing requirements. Losses were deep across all sectors in the Chinese market, ranging from 6.0% to 9.2%. Thursday's retreat ended an eight-session winning streak for the Shanghai Composite, during which time it had gone up 15.4%.

Major European indices trade lower across the board with France's CAC (-0.7%) leading the pullback. There has been no change on the Greek bailout front with German Finance Minister Wolfgang Schaeuble saying he is surprised that reports out of Greece always maintain a sunny disposition, claiming that the two sides are very close to an agreement

Economic data was plentiful:
Eurozone May Business and Consumer Survey held at 103.8 (expected 103.5)
Germany's April Import Price Index +0.6% month-over-month (expected 0.5%; prior 1.0%); -0.6% year-over-year (consensus -0.6%; last -1.4%)
UK's Q1 GDP +0.3% quarter-over-quarter (expected 0.4%; prior 0.3%); +2.4% year-over-year (consensus 2.5%; prior 2.4%). Separately, Q1 Business Investment +1.7% quarter-over-quarter (expected 1.0%; previous -0.9%) and BBA Mortgage Approvals 42,100 (consensus 39,200; prior 39,200)
Spain's April Retail Sales +4.0% year-over-year (expected 2.0%; last 3.2%) while Q1 GDP +0.9% quarter-over-quarter, as expected
Italy's Business Confidence ticked down to 103.5 from 104.0 (expected 104.5) while Consumer Confidence fell to 105.7 from 108.0 (consensus 108.2)
Swiss April trade surplus widened to CHF2.86 billion from CHF2.50 billion (expected surplus of CHF2.77 billion)

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UK's FTSE is lower by 0.1%. Consumer names outperform with Dixons Carphone, Kingfisher, TUI, and International Consolidated Airlines up between 1.3% and 2.8%. On the downside, miners lag with Anglo American, BHP Billiton, Glencore Xstrata, and Rio Tinto down between 0.7% and 1.4%.
Germany's DAX trades down 0.5% with financials on the defensive. Commerzbank and Deutsche Bank hold respective losses of 0.4% and 0.9%. Meanwhile, technology names outperform with Infineon jumping 4.7% while SAP has added 0.5%.
France's CAC has given up 0.7% amid broad weakness. Credit Agricole, Societe Generale, and Unibail-Rodamco display losses between 0.5% and 2.4%. Software stock Cap Gemini outperforms, trading higher by 1.9%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -11.10. The S&P 500 futures trade five points below fair value.

The latest weekly initial jobless claims count totaled 282,000 while the Briefing.com consensus expected a reading of 274,000. Today's tally was above the revised prior week count of 275,000 (from 274,000). As for continuing claims, they rose to 2.222 million from 2.221 million.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -9.20. U.S. equity futures trade little changed amid cautious action overseas. The S&P 500 futures hover five points below fair value after spending the night in a six-point range.

Similar to equity futures, Treasuries have traded in range-bound fashion with the 10-yr yield currently down a basis point at 2.13%.

Today's economic data will be limited to weekly Initial Claims (Briefing.com consensus 274K), which will be released at 8:30 ET, and the April Pending Home Sales (consensus 1.0%) report, which will cross the wires at 10:00 ET.

In U.S. corporate news of note:

Avago Technologies (AVGO 148.75, +7.26): +5.1% after beating estimates and confirming the acquisition of Broadcom (BRCM 57.59, +0.44) for $37 billion.
Costco (COST 142.80, -2.62): -1.8% after reporting a one-cent beat on below-consensus revenue.
Express (EXPR 18.53, +1.91): +11.5% in reaction to a one-cent beat and above-consensus guidance.
Palo Alto Networks (PANW 161.99, +1.34): +0.8% in reaction to better than expected results.
Signet Jewelers (SIG 127.00, -6.18): -4.6% after reporting a one-cent beat and guiding Q2 earnings below consensus.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -6.5%, Hong Kong's Hang Seng -2.2%, and Japan's Nikkei +0.4%
In economic data:
Japan's April Retail Sales +5.0% year-over-year (expected +5.4%; prior -9.7%)
Hong Kong's April Trade Balance HKD -39.2 bln (expected HKD -45.0 bln; prior HKD -46.2 bln) as Exports +2.2% month-over-month (expected +1.0%; prior -1.8%) and Imports -2.9% month-over-month (expected +0.5%; prior -2.7%)
Australia's Q1 Building Capital Expenditure -6.5% month-over-month (expected -2.5%; prior -2.8%); Q1 Private New Capital Expenditure -4.4% quarter-over-quarter (expected -2.4%; prior -1.7%); and Q1 Plant/Machinery Capital Expenditure -0.5% quarter-over-quarter (expected -1.2%; prior +0.5%)
In news:
China's Shanghai Composite plunged amid continued concerns about stricter margin requirements being implemented by an increasing number of equity brokers

Major European indices trade lower across the board. UK's FTSE -0.1%, France's CAC -0.7%, and Germany's DAX -0.5%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -0.4%
Economic data was plentiful:
Eurozone May Business and Consumer Survey held at 103.8 (expected 103.5)
Germany's April Import Price Index +0.6% month-over-month (expected 0.5%; prior 1.0%); -0.6% year-over-year (consensus -0.6%; last -1.4%)
UK's Q1 GDP +0.3% quarter-over-quarter (expected 0.4%; prior 0.3%); +2.4% year-over-year (consensus 2.5%; prior 2.4%). Separately, Q1 Business Investment +1.7% quarter-over-quarter (expected 1.0%; previous -0.9%) and BBA Mortgage Approvals 42,100 (consensus 39,200; prior 39,200)
Spain's April Retail Sales +4.0% year-over-year (expected 2.0%; last 3.2%) while Q1 GDP +0.9% quarter-over-quarter, as expected
Italy's Business Confidence ticked down to 103.5 from 104.0 (expected 104.5) while Consumer Confidence fell to 105.7 from 108.0 (consensus 108.2)
Swiss April trade surplus widened to CHF2.86 billion from CHF2.50 billion (expected surplus of CHF2.77 billion)
Among news of note:
There has been no change on the Greek bailout front with German Finance Minister Wolfgang Schaeuble saying he is surprised that reports out of Greece always maintain a sunny disposition, claiming that the two sides are very close to an agreement

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -2.40. Nasdaq futures vs fair value: -8.90.

5:50 am: [BRIEFING.COM] Nikkei...20551.46...+78.90...+0.40%. Hang Seng...27454.31...-626.90...-2.20%.

5:50 am: [BRIEFING.COM] FTSE...7035.04...+2.10...+0.00%. DAX...11717.20...-53.90...-0.50%.

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
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