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 Post subject: June 12th Friday Trade Results - Profit $1625.00
PostPosted: Fri Jun 12, 2015 5:21 pm 
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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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1,625.00 dollars or +32.50 points, Light Crude Oil CL ($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 @ $1,625.00 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=144&t=2098

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=265&t=2781 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 stock market ended the week on a lower note with the Dow Jones Industrial Average pacing the Friday decline. The price-weighted index lost 0.8%, but added 0.3% for the week, while the S&P 500 settled lower by 0.7%, narrowing its weekly gain to a slim 0.1%.

The Friday session started amid selling pressure in Europe and the U.S. as it became clear that another week will go by without a deal between Greece and its creditors. The continued uncertainty had markets in France and Germany down more than 2.0% apiece, but a well-timed rumor helped the indices slash a percentage point off their losses just in time for the close. Specifically, an unnamed Greek government official was quoted as saying a new counter-proposal has been sent to the lenders and the two sides are "closer than ever" to an agreement.

Despite the rumors, safe-haven demand boosted Germany's 10-yr bund, dropping its yield six basis points to 0.83%. Conversely, selling in Greek and Spanish debt securities caused their yields to spike. Greece's 10-yr yield surged 51 basis points to 11.56% while Spain's 10-yr yield jumped 12 basis points to 2.27%.

In addition to helping European equities trim their losses, the news helped the S&P 500 rally six points off its low, but the index returned to its worst level of the day during the afternoon, ending well below its 50-day moving average (2,103), which was violated at the open.

It is worth pointing out that today's trading volume was well below average with just 645 million shares changing hands at the NYSE floor, suggesting a fair share of participants chose to forego today's session altogether.

All ten sectors registered losses with energy (-1.2%) and health care (-1.1%) spending the day behind the remaining eight groups. The energy sector retreated alongside crude oil, which fell 1.3% to $59.93/bbl. For its part, the sector lost 0.9% for the week, while only two other groups registered weekly losses with technology and utilities surrendering 0.7% and 0.5%, respectively.

The technology sector underperformed for the second day in a row amid broad weakness. Large cap names like Apple (AAPL 127.17, -1.42), IBM (IBM 166.99, -1.79), Microsoft (MSFT 45.97, -0.47), and Qualcomm (QCOM 67.02, -0.57) lost between 0.9% and 1.1% while the high-beta PHLX Semiconductor Index fell 0.9% to end the week lower by 1.7%.

Generally speaking, today's session was devoid of corporate news, but Twitter (TWTR 35.90, +0.06) made headlines after Chief Executive Officer Dick Costolo announced he will step down from his post on July 1 with co-founder and Chairman Jack Dorsey taking Mr. Costolo's place in the interim. Shares of TWTR opened higher, but a daylong retreat resulted in a flat close for the stock.

Elsewhere, the financial sector (-0.4%) ended ahead of most other groups, locking in a 1.0% gain for the week with investors angling to take advantage of rising rates.

Speaking of rates, the 10-yr note rallied at the start, but reversed after the Greece-related rumor crossed in the late morning. The benchmark note registered a four-tick loss with its yield inching up a basis point to 2.39%. For the week, the benchmark yield slipped two basis points after testing the 2.49% level on Wednesday.

Economic data included PPI and Michigan Sentiment:
Related Stories

U.S. stocks begin June on positive note MarketWatch
How the Dow Jones industrial average fared on Wednesday Associated Press
U.S. stocks open weaker MarketWatch
Wall Street climbs on tech, financials gains, optimism on Greece Reuters
U.S. stocks edge higher after three-day losing streak MarketWatch

Producer prices saw their largest one-month increase since April 2011, rising 0.5% in May after declining 0.4% in April while the Briefing.com consensus expected an increase of 0.4%
Almost the entire increase in the PPI can be attributed to higher energy costs, and namely higher gasoline prices as total energy costs increased 5.9% in May after declining 2.9% in April
Gasoline prices jumped 17.0% in May following a 4.7% decline in April
Food prices increased 0.8% in May after declining 0.9% in April
Excluding food and energy, core PPI increased 0.1% in May after decreasing 0.2% in April, which is what the consensus expected
The University of Michigan Consumer Sentiment Index increased to 94.6 in the preliminary June reading from 90.7 in May while the Briefing.com consensus expected an increase to 91.5

On Monday, the Empire Manufacturing Index for June (Briefing.com consensus 6.0) will be released at 8:30 ET while May Industrial Production (consensus 0.3%) and Capacity Utilization (consensus 78.3%) will both be reported at 9:15 ET. The day's data will be topped off with the 10:00 ET release of the NAHB Housing Market Index for June (expected 56).

Nasdaq Composite +6.7% YTD
Russell 2000 +5.0% YTD
S&P 500 +1.8% YTD
Dow Jones Industrial Average +0.5% YTD

Week in Review: Greek Debt Deal Remains Elusive

The major averages began the trading week on a cautious note with the S&P 500 (-0.6%) settling beneath its 100-day moving average (2,085) for the first time since late March. The benchmark index retreated into the afternoon while the Nasdaq Composite (-0.9%) underperformed throughout the day. Broadly speaking, the Monday session was very quiet with no corporate news to account for the decline; however, the continued lack of progress between Greece and its creditors weighed on investor sentiment in Europe and the U.S.

The stock market ended the Tuesday session near its flat line with the S&P 500 registering a slight gain (+0.04%) while the Nasdaq Composite (-0.2%) settled in the red. Equity indices slumped at the start with investor sentiment pressured by the continued lack of progress between Greece and its creditors. The ongoing uncertainty weighed on European markets, but they were able to climb off their lows into the close. Meanwhile, U.S. stocks hit their lows not long before Europe closed for the day before returning to their flat lines. The ensuing rebound helped stocks turn positive during afternoon action, but the S&P 500 could not overtake its 100-day moving average (2,085), settling below that mark for the second consecutive day. Interestingly, this was the first time that the benchmark index registered back-to-back settlements below the 100-day average since late October.

After struggling with its 100-day moving average (2,086) on Tuesday, the S&P 500 wasted no time charging back above that mark on Wednesday. The benchmark index gained 1.2% while the Dow (+1.3%) and Nasdaq Composite (+1.3%) outperformed throughout the session. In addition to regaining its 100-day average, the S&P 500 climbed above the 50-day average (2,102) after Bloomberg reported Germany may be willing to offer a staggered deal to Greece. This deal would allow the disbursement of additional bailout funds in exchange for a Greek commitment to executing one of the reforms requested by the creditors. On a related note, the European Central Bank increased Greece's allowance to Emergency Liquidity Assistance funds by EUR2.30 billion to EUR83 billion. The news jolted global equities, helping Germany's DAX end the day higher by 2.5%. Furthermore, selling in Germany's 10-yr bund resulted in the first test of the 1.00% level since October. Germany's benchmark yield ended the day below its session high of 1.06%, at 0.98% (+3 bps).

The market ended Thursday on a modestly higher note with the S&P 500 (+0.2%) posting its third consecutive advance. Equity indices rallied out of the gate, hitting their highs during the opening hour of action; however, the market was knocked back into the middle of its range after it was reported that International Monetary Fund representatives left Brussels for Washington due to insufficient progress between Greece and the creditors. Furthermore, IMF spokesman Gerry Rice stressed the continued presence of major differences, saying, "We are well away from an agreement." Despite the continued macro uncertainty, seven of ten sectors registered gains while consumer staples (-0.1%) and energy (-0.4%) spent the day in the red. In addition, technology (-0.1%) turned negative during the afternoon.

3:20 pm: [BRIEFING.COM]

The dollar index saw its early morning strength fade as the session carried on, falling steadily after the release of US econ and consumer sentiment data.
After its mid-morning sell-off, movements in the dollar were tame, as the index held steady and finished flat at 94.97
Crude traded in the red all session, as a noticeable lack in trend was driven by over-supply sentiment continued from earlier this week and an unsteady dollar
The Baker Hughes rig count released mid-session, showed a 7 oil rig drop from last week which kept sentiment from turning positive on the day.
The July contract ended down 1.3% to $59.93/barrel
Copper bounced from the flatline in its most recent trade, helping the commodity to close modestly higher as the market continued to weigh potential outcomes associated with this week's weak Chinese econ data. Copper closed +0.4% to $2.68/lb
Natural gas sold-off heavily into the close, despite a lack of clear catalysts for the price move. July nat gas closed -2.8% to $2.75/MMBtu
August gold ended -0.1% to $1179.30/oz and July silver finished -0.7% to $15.84/oz

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.8% with one hour remaining in today's session. Furthermore, the benchmark index is unchanged for the week, entering the final hour of action. If the S&P 500 settles below the 2,093 level, it will log its third consecutive weekly decline.

All ten sectors hold losses into the final hour with energy (-1.2%) remaining behind other groups. Meanwhile, consumer staples (-0.4%) and consumer discretionary (-0.4%) trade ahead of the remaining sectors.

Elsewhere, Treasuries remain modestly lower with the 10-yr yield up one basis point at 2.38%.

2:25 pm: [BRIEFING.COM] Afternoon action continues with the S&P 500 (-0.7%) drifting about three points above its session low.

The benchmark index saw a brief late-morning uptick after an unnamed Greek official said that the two sides are "closer than ever" to a deal, but the index has already retraced the bulk of that move.

Interestingly, Treasuries have surrendered their gains and they are now back in the red with the 10-yr yield higher by a basis point at 2.38%.

On a separate note, today's trading volume has been very light and with just 345 million shares traded at the NYSE floor so far, today's final tally is unlikely to eclipse the 50-day moving average of 736 million.

1:55 pm: [BRIEFING.COM] The major averages remain near their session lows.

Surging energy costs were responsible for the largest one-month increase in the PPI since April 2011.

Producer prices increased 0.5% in May after declining 0.4% in April. The Briefing.com Consensus expected the PPI to increase 0.4%.

That was the largest one-month increase since a similar gain was recorded in April 2011. Despite the large gain, producer prices are still down 1.1% from a year ago.

Almost the entire increase in the PPI can be attributed to higher energy costs, and namely higher gasoline prices. Total energy costs increased 5.9% in May after declining 2.9% in April. Gasoline prices jumped 17.0% in May following a 4.7% decline in April.

Excluding food and energy, core PPI increased 0.1% in May after decreasing 0.2% in April. The consensus expected these prices to increase 0.1%.

Year-over-year, core PPI increased a modest 0.6%. There are no direct inflationary pressures that should cause an immediate reaction in core consumer prices.

Final demand for services was flat after decreasing 0.1% in April. A 0.6% increase in trade margins was offset by declines in transportation (-0.1%) and other (-0.2%) prices.

Excluding food, energy, and trade, producer prices declined 0.1% in May after increasing 0.1% in April.

1:30 pm: [BRIEFING.COM] The major indices have recovered slightly from the losses covered in our last update, with the Dow Jones Industrial Average still down 0.8%

A look inside the Dow Jones Industrial Average shows Merck (MRK 57.98, -0.93), Intel (INTC 31.36, -0.49) and Cisco (CSCO 28.50, -0.36) are underperforming. Merck is the worst-performing Dow component amid sector weakness in the health care sector, the second weakest sector in today's trade.

Conversely, Nike (NKE 103.82, -0.06) is the best-performing Dow component as continuation of a strong performance this week following the announcement it would become the exclusive oncourt provider for the NBA, WNBA, NBA D-League.

As we approach the end of the week, at current levels the DJIA is up 0.60% for the week, but down 0.6% in June.

12:55 pm: [BRIEFING.COM] The major averages hover near their session lows at midday with the S&P 500 (-0.7%) trading behind the Nasdaq Composite (-0.6%), but ahead of the Dow Jones Industrial Average (-0.8%).

Equity indices have spent the entire first half in the red, pressured by the continued lack of progress between Greece and its lenders. To that point, investors in Europe have shown demand for German debt, pressuring the 10-yr bund yield six basis points to 0.83%. Meanwhile, outflows from Greek and Spanish debt securities have caused their respective yields to spike. The Greek 10-yr yield has soared 51 basis points to 11.56% while Spain's 10-yr yield is higher by 12 basis points at 2.27%.

The macro uncertainty weighed on European indices, but they were able to cut their losses just ahead of the close when an unnamed Greek official said that the two sides are close to a deal and that Greece is sending a new counter-proposal to the creditors. In addition to jolting European stocks, the report helped U.S. equities inch up from their lows, but the market is back near its worst levels of the day at this juncture.

All ten sectors hold midday losses with energy (-1.2%) and health care (-1.0%) at the bottom of the leaderboard. Fittingly, the energy sector is the weakest performer of the day and the weakest sector of the week (-1.0% week-to-date). Today's decline has occurred amid a slide in crude oil, which is lower by 1.0% at $60.18/bbl.

Elsewhere among cyclical sectors, the top-weighted tech sector (-0.8%) is showing relative weakness for the second day in a row. Large cap names like Apple (AAPL 127.59, -1.00) and Google (GOOGL 546.04, -4.00) trade in-line with the sector while chipmakers outperform. The PHLX Semiconductor Index down 0.8%.

Also of note, the financial sector (-0.5%) has been able to stay ahead of the broader market despite the broad weakness. Even with today's decline, the sector is on track to end the week ahead of the other nine groups with a solid gain of 0.8% versus a 0.1% uptick for the S&P 500.

Treasuries hold gains, hovering near the middle of their trading range with the 10-yr yield down two basis points at 2.36%.

Economic data included PPI and Michigan Sentiment:

Producer prices saw their largest one-month increase since April 2011, rising 0.5% in May after declining 0.4% in April while the Briefing.com consensus expected an increase of 0.4%
Almost the entire increase in the PPI can be attributed to higher energy costs, and namely higher gasoline prices as total energy costs increased 5.9% in May after declining 2.9% in April
Gasoline prices jumped 17.0% in May following a 4.7% decline in April
Food prices increased 0.8% in May after declining 0.9% in April
Excluding food and energy, core PPI increased 0.1% in May after decreasing 0.2% in April, which is what the consensus expected
The University of Michigan Consumer Sentiment Index increased to 94.6 in the preliminary June reading from 90.7 in May while the Briefing.com consensus expected an increase to 91.5

12:25 pm: [BRIEFING.COM] Not much change in the market with the key indices remaining near their lows. The S&P 500 trades lower by 0.6% with energy (-1.2%) and health care (-1.0%) sitting at the bottom of the leaderboard.

The energy sector has retreated alongside crude oil, which is also down 1.2% at $60.05/bbl. Including today's loss, the energy sector has given up 0.9% this week while WTI crude has spiked 1.6%.

Elsewhere, the technology sector (-0.8%) is the only other laggard on the cyclical side while the remaining growth-sensitive groups trade ahead of the broader market. Notably, the financial sector (-0.5%) outperforms today and is on track to end the week ahead of the remaining nine groups with a weekly gain of 0.9%.
Related Quotes

11:55 am: [BRIEFING.COM] Equity indices remain pressured with the S&P 500 trading lower by 0.6%. Even though the benchmark index has slumped today, it continues holding a slim week-to-date gain of 0.1%. Similarly, the Dow (-0.8%) is higher by 0.3% since last Friday while the Nasdaq (-0.5%) has given up 0.3% this week.

The Nasdaq has struggled to keep pace with the market this week due to the relative weakness in the technology sector. The tech sector is lower by 0.7% and down 0.6% for the week. Similarly, two other sectors-energy and utilities-hold respective week-to-date losses of 0.9% and 0.1% while the remaining seven sectors are on track to register weekly gains.

Elsewhere, Treasuries have ticked down from their highs, with the 10-yr yield narrowing its decline to two basis points (2.35%).

11:30 am: [BRIEFING.COM] Recent action saw the major averages climb off their lows, but we would caution against reading too much into the move, considering it took place after an unnamed Greek official said that the two sides are close to a deal and that Greece is sending a new counterproposal to the creditors.

Rumors of this kind have been commonplace in recent months and this one crossed the wires just 30 minutes before the end of the European session, helping Germany's DAX narrow its loss to 1.3% after being down near 2.2% during our last update.

All ten sectors continue holding losses with energy (-1.1%) and health care (-1.1%) behind the remaining groups. Biotechnology has contributed to the underperformance of health care with iShares Nasdaq Biotechnology ETF (IBB 363.39, -4.68) down 1.3%.

11:00 am: [BRIEFING.COM] The major averages have extended their losses with the S&P 500 now down 0.7%. It is worth noting that the continued weakness in the U.S. has been accompanied by heavy selling in Europe that now has Germany's DAX and France's CAC trading with losses close to 2.2% apiece.

Furthermore, European investors have reduced their exposure to Greek and Spanish bonds with their yields up 36 and 11 basis points to 11.40% and 2.25%, respectively. Meanwhile, strong demand for German bunds has dropped the benchmark yield six basis points to 0.83%.

Similarly, U.S. Treasuries have jumped to new highs not long ago, pressuring the benchmark 10-yr yield four basis points to 2.34%.

Interestingly, the U.S. Dollar Index (94.90, -0.08) has surrendered its overnight gain with the euro climbing 0.2% against the greenback to 1.1265.

10:35 am: [BRIEFING.COM]

The dollar index is showing modest strength in current trade, after declining from overnight highs near 95.7
The index saw a muted reaction to U.S. PPI and Michigan Consumer Sentiment econ data this morning, and has continued to put broad selling pressure on crude, precious metals and natural gas. The dollar is now +0.2% to 95.14
Crude has traded in the red all morning, held off from erasing losses by a stronger dollar and continued over-supply sentiment ahead of today's US rig count release
The July contract is currently down 1.6% to $59.81/barrel
Copper lifted from the unchanged mark early this morning, as the market further considered a potential Chinese response to underwhelming econ data earlier this week.
Most recently the commodity fell back to near flat and has bounced slightly higher to +0.2% at $2.67/lb
Precious metals have traded partially on dollar strength so far this session, in addition to rallying modestly on the release of this morning's PPI econ data
Gold reacted more positively than silver to the release, with gold now up 0.1% to $1181.90/oz and silver down 0.6% to $15.86/oz
July natural gas is -1.1% to $2.79/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 remains lower by 0.5%.

The preliminary reading of the University of Michigan Consumer Sentiment survey for June rose to 94.6 from the reading of 90.7 that was reported in May. The Briefing.com consensus expected an uptick to 91.5.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day on the defensive. The Dow, Nasdaq, and S&P 500 all show losses close to 0.5% apiece with all ten sectors in the red. Also of note, the S&P 500 has returned below its 50-day moving average (2,103).

The energy sector (-0.9%) is the weakest performer amid a 1.4% decline in crude oil, which trades at $59.95/bbl. Meanwhile, the remaining cyclical sectors show losses close to 0.4% apiece while countercyclical groups display larger losses with consumer staples, health care, and utilities all down 0.7%.

Elsewhere, Treasuries have inched up off their lows, but they remain in negative territory with the 10-yr yield up a basis point at 2.39%.

The preliminary reading of the Michigan Sentiment Index for June will be released at 10:00 ET (expected 91.5).

9:12 am: [BRIEFING.COM] S&P futures vs fair value: -6.60. Nasdaq futures vs fair value: -16.60. The stock market is on track for a lower open as futures on the S&P 500 trade seven points below fair value.

Index futures spent the night in negative territory, sliding to lows alongside markets in Europe as another week is about the end without any progress between Greece and the Eurozone lenders. Furthermore, Reuters reported not long ago that EU officials have discussed a Greek default scenario, but that should be expected, considering the glacial pace of the negotiations.

Despite the weakness in equity futures and European equities, the lack of developments has not sparked a flight to safety. The U.S. 10-yr note holds a modest loss with its yield higher by two basis points at 2.39%. Similarly, Germany's 10-yr bund sits in the red with its yield up one basis point at 0.90%.

This morning has been very quiet on the economic front with data limited to the May Producer Price Index, which rose 0.5%, while the Briefing.com consensus expected an increase of 0.4%. Core producer prices increased 0.1%, which is what the consensus expected.

The preliminary reading of the Michigan Sentiment Index for June will cross the wires at 10:00 ET (expected 91.5).

In corporate news of note, Twitter (TWTR 37.18, +1.34) is on track to open higher by 3.7% after Chief Executive Officer Dick Costolo announced he will step down from his post on July 1 with co-founder and Chairman Jack Dorsey taking Mr. Costolo's place in the interim.

8:53 am: [BRIEFING.COM] S&P futures vs fair value: -6.50. Nasdaq futures vs fair value: -14.40. The S&P 500 futures trade seven points below fair value.

The week closed on a relatively mixed note for markets in the Asia-Pacific region. Most of the larger markets, however, scored modest gains without any real news drivers. Hong Kong's Hang Seng (+1.4%) led the pack on Friday, but it was the Shanghai Composite that topped all markets for the week with a 2.9% gain.

In economic data:
Japan's April Industrial Production +1.2% month-over-month (expected +1.0%; prior +1.0%), April Capacity Utilization -0.4% month-over-month (prior -1.2%), and Tertiary Activity Index -0.2% month-over-month (expected +0.4%; prior -1.0%)
South Korea's May Export Price Index -3.5% year-over-year (prior -6.0%) while May Import Price Index -14.6% (prior -17.1%)

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Japan's Nikkei increased 0.1% with a push into positive territory just before the closing bell. The technology (+0.9%) and financial (+0.3%) sectors led the way. Minebea (+4.5%), Okuma +3.7%), and Dai-Ichi Life Insurance (+3.3%) topped the list of winners. Osaka Gas Co (-3.3%) paced the decliners. Out of the 225 index members, 96 ended higher, 122 finished lower, and 7 were unchanged. For the week, the Nikkei declined 0.3%.
Hong Kong's Hang Seng increased 1.4%, aided by a 1.1% increase in the final two hours of the session. The financial (+1.9%), communications (+1.7%), and consumer non-cyclical sectors (+1.7) were the best-performing areas. China Resources Land (+5.2%), Tingyi Cayman Islands Holding (+3.9%), and Hong Kong Exchanges and Clearing (+3.6%) led individual gainers while Belle Intl. (-1.7%) topped a small group of losers. Out of the 50 index members, 46 ended higher, and 4 finished lower. For the week, the Hang Seng increased 0.1%.
China's Shanghai Composite jumped 0.9%, finishing near its best levels of the session. That gain outpaced a 0.5% increase in the CSI 300 index, which is comprised solely of A-share stocks. The consumer cyclical (+1.6%) and consumer non-cyclical (+1.0%) sectors paced Friday's gains in the CSI 300. For the week, the Shanghai Composite increased 2.9%, leaving it up 12.1% for the month.

Major European indices trade lower across the board with France's CAC (-1.1%) leading the decline. Another week has gone by without a deal between Greece and its creditors with state pensions and wages being the main points of contention. European Commission President Jean-Claude Juncker remained optimistic, saying talks with Greece will restart and that a deal is needed in the coming days.

Economic data was limited:
Eurozone April Industrial Production +0.1% month-over-month (expected 0.3%; prior -0.4%); +0.8% year-over-year (consensus 1.1%; last 2.1%)
Germany's May Wholesale Price Index +0.5% month-over-month (prior 0.4%)
Spain's May CPI +0.5% month-over-month, as expected; -0.2% year-over-year, as expected

------

UK's FTSE is lower by 0.6% with growth-sensitive names under pressure. Johnson Matthey, CRH, Royal Dutch Shell, and Weir Group have given up between 1.2% and 2.3%. A handful of countercyclical names outperform with Royal Mail and Imperial Tobacco up 2.8% and 0.2%, respectively.
Germany's DAX has given up 0.9% with all but two names trading lower. Adidas, Bayer, and BASF lead the slide with losses between 1.5% and 1.8% while Infineon Technologies and Deutsche Telekom have added close to 0.3% apiece.
In France, the CAC trades down 1.1% amid broad weakness. Unibail-Rodamco is the weakest performer, down 2.3%, while other financials like BNP Paribas and Societe Generale show losses close to 1.0%. On the upside, discretionary retailer Kering has climbed 0.5%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.10. The S&P 500 futures trade six points below fair value.

May producer prices rose 0.5%, while the consensus expected an increase of 0.4%. Core producer prices increased 0.1%, which is what the consensus expected.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -11.90. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover six points below fair value after slipping from their highs within the past 90 minutes.

Meanwhile, Treasuries have climbed off their session lows, but they remain below their flat lines with the benchmark 10-yr yield at 2.38%.

On the economic front, May PPI (Briefing.com consensus 0.4%) will be released at 8:30 ET while the preliminary reading of the Michigan Sentiment Index for June will cross the wires at 10:00 ET (expected 91.5).

In U.S. corporate news of note:

Citrix Systems (CTXS 70.99, +0.60): +0.9% in reaction to upgrades from Bank of America/Merrill Lynch, Piper Jaffray, and Needham
Korn/Ferry International (KFY 33.99, +1.23): +3.8% after beating estimates and guiding higher

Reviewing overnight developments:

Asian markets ended mixed, but Japan's Nikkei (+0.1%), China's Shanghai Composite (+0.9%), and Hong Kong's Hang Seng (+1.4%) posted gains
In economic data:
Japan's April Industrial Production +1.2% month-over-month (expected +1.0%; prior +1.0%), April Capacity Utilization -0.4% month-over-month (prior -1.2%), and Tertiary Activity Index -0.2% month-over-month (expected +0.4%; prior -1.0%)
South Korea's May Export Price Index -3.5% year-over-year (prior -6.0%) while May Import Price Index -14.6% (prior -17.1%)
In news:
According to press reports in Shenzhen, many banks have raised mortgage rates for first time buyers, suggesting increased pricing pressures in the market

Major European indices trade lower across the board. UK's FTSE -0.6%, Germany's DAX -1.1%, and France's CAC -1.1%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -1.1%
Economic data was limited:
Eurozone April Industrial Production +0.1% month-over-month (expected 0.3%; prior -0.4%); +0.8% year-over-year (consensus 1.1%; last 2.1%)
Germany's May Wholesale Price Index +0.5% month-over-month (prior 0.4%)
Spain's May CPI +0.5% month-over-month, as expected; -0.2% year-over-year, as expected
Among news of note:
Another week has gone by without a deal between Greece and its creditors with state pensions and wages being the main points of contention

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +6.70. Nasdaq futures vs fair value: +1.70.

5:48 am: [BRIEFING.COM] Nikkei...20407.08...+24.10...+0.10%. Hang Seng...27280.54...+372.70...+1.40%.

5:48 am: [BRIEFING.COM] FTSE...6803.09...+43.70...-0.60%. DAX...11264.51...-68.70...-0.60%.

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
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