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 Post subject: June 2nd Tuesday Trade Results - Profit $125.00
PostPosted: Wed Jun 03, 2015 3:27 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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Quote:
Holding 5 contracts as an overnight Short position. Also, this was a losing trading day because of commissions. I will document it in my private journal logs as a loss because they include all fees and other trading costs.

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 @ $125.00 dollars or +2.50 points, Light Crude Oil CL ($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 @ $125.00 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=2090

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 registered a slim loss on Tuesday, making for a near carbon copy of yesterday's affair with the S&P 500 shedding 0.1%.

Equities faced some selling pressure at the start after the overnight session was filled with more speculation about Greece's future in the eurozone. Last night, leaders from France, Germany, and EU met to draft a proposal for Greek representatives, but Greek leaders prepared a version of their own. That being said, it remains unclear if either version will be deemed acceptable by both sides.

With Greece in limbo for at least another day, a short squeeze in the euro sent the single currency higher by 2.0% against the dollar to 1.1145. Contributing to the euro strength was some chatter that the European Central Bank could stop its quantitative easing program early due to inflationary pressures. To that point, eurozone CPI rose 0.3% year-over-year in May (expected 0.2%) while core CPI increased 0.9% (consensus 0.7%). Germany's 10-yr bund tumbled in response, sending its yield higher by 17 basis points to 0.72%.

Similarly, the U.S. 10-yr note retreated overnight and continued backtracking into the afternoon. The benchmark note settled just above its worst level of the day with its yield higher by eight basis points at 2.26%.

As for stocks, the S&P 500 found early support in the neighborhood of its 50-day moving average (2,100) and returned to its flat line shortly after noon ET. In all likelihood, some of the money leaving Treasuries found its way into stocks, but the benchmark index could not stay above its unchanged level into the close.

Five sectors registered gains with all coming from the cyclical side; however, the top-weighted technology sector (-0.3%) could not keep pace with the market. High-beta chipmakers were largely responsible for the weakness, evidenced by a 1.2% decline in the PHLX Semiconductor Index. Despite today's retreat, the index remains higher by 6.0% so far in Q2. Meanwhile, large cap tech names were mixed with Apple (AAPL 129.96, -0.58) and Microsoft (MSFT 46.92, -0.31) losing close to 0.5% apiece while Google (GOOGL 553.95, +4.74) and Facebook (FB 80.44, +0.15) advanced.

Similar to technology, the health care sector (-0.6%) acted as a lead blanket, limiting the rebound's strength. Large cap components fueled the weakness while biotechnology also struggled with iShares Nasdaq Biotechnology ETF (IBB 363.46, -1.35) sliding 0.4%.

On the upside, energy (+0.5%) and materials (+0.3%) outperformed throughout the day while consumer discretionary (+0.2%), financials (+0.2%), and industrials (+0.2%) also registered gains.

The energy sector was supported by a rally in crude oil, which climbed 1.7% to $61.28/bbl. Conversely, the energy component benefitted from a 1.5% decline in the Dollar Index (95.96, -1.43).

Today's participation was an improvement from yesterday, but that was a small victory considering only 712 million shares changed hands at the NYSE floor.

Economic data was limited to the Factory Orders report for April, which showed a 0.4% decline while the Briefing.com consensus expected a flat reading. April marked the eighth monthly decline in factory orders over the last nine months. Furthermore, durable goods orders were revised down from the -0.5% reported in the advance release to -1.0%.

Excluding transportation, durable goods orders declined 0.2% in April, which was down from a 0.5% gain that was originally reported in the advance data, and more in-line with the weak readings from the April regional manufacturing surveys.

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the May ADP Employment Change will be reported at 8:15 ET (Briefing.com consensus 200K). The April Trade Balance (consensus -$44.00 billion) and May ISM Services (consensus 57.1) will be released at 8:30 ET and 10:00 ET, respectively, while the Fed's June Beige Book will cross the wires at 14:00 ET.

Nasdaq Composite +7.2% YTD
Russell 2000 +3.9% YTD
S&P 500 +2.5% YTD
Dow Jones Industrial Average +1.1% YTD

3:35 pm: [BRIEFING.COM]

Energy futures posted gains across the board today in oil, natural gas, heating oil and RBOB gasoline futures
July WTI crude oil held today's gains mostly, closing floor trading $1.04 higher at $61.28/barrel
July natural gas closed $0.05 to $2.70/MMBtu
Precious metals and copper largely held gains today as well
Aug gold rose $6.20 today to $1194.70/oz, while July silver rose $0.11 to $16.81/oz
July copper closed $0.02 today to $2.74/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.1% with one hour remaining in the session. The benchmark index has recently dipped back into negative territory after holding a modest gain through the early afternoon.

Looking at individual sectors, energy (+0.6%) and materials (+0.4%) remain in the lead, but other cyclical groups have narrowed their gains to no more than 0.3%. Also of note, the top-weighted technology sector (-0.2%) has dipped back into the red amid continued weakness in chipmaker names. The PHLX Semiconductor Index is lower by 1.2%, testing its session low that was notched during the opening hour.

The pullback from highs has had little impact on Treasuries with the 10-yr note remaining near its low and its yield up nine basis points to 2.27%.

2:25 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 trading higher by 0.1%. The benchmark index has stepped back from its session high, but continues hovering above its flat line after climbing off its opening low.

Three of four countercyclical sectors continue holding losses while the top-weighted technology sector has returned to its flat line after showing relative strength not long ago. Chipmakers remain under broad pressure with the PHLX Semiconductor Index lower by 0.9%. Despite today's drop, the Semiconductor Index is still up 6.3% for the quarter and up 7.7% so far in 2015.

Elsewhere, Treasuries sit just above their session lows with the 10-yr yield higher by nine basis points at 2.27%.

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

One of the few economic bright spots from April turned out to be a mirage. Revisions in the factory orders report completely erased what was thought to have been gains in capital investment demand.

Factory orders declined 0.4% in April after increasing an upwardly revised 2.2% (from 2.1%) in March. The Briefing.com Consensus expected orders to be flat.

April marked the eighth monthly decline in factory orders over the last nine months.

Durable goods orders were revised down from the advance release to -1.0% (from -0.5%).

Excluding transportation, durable goods orders declined 0.2% in April. That was down from a 0.5% gain originally reported in the advance data, and more in-line with the weak readings from the April regional manufacturing surveys.

Business investment saw large downward revisions. Orders of nondefense capital goods excluding aircraft declined 0.4% in April after increasing 1.6% in March. That was down from an originally reported 1.0% April gain. Shipments, which factor into GDP growth, were also revised down (to 0.5% from 0.8%) but managed to stay in the black

1:30 pm: [BRIEFING.COM] The major indices have surrendered a portion of their gains since our last update, with the Nasdaq currently +0.25%

A look inside the Dow Jones Industrial Average shows Boeing (BA 144.26, +3.01), Caterpillar (CAT 86.60, +1.07), and United Technologies (UTX 117.95, +0.95) are outperforming.

Conversely, Intel (INTC 33.34, -0.56) is the worst-performing Dow component, having been dragged down by a downgrade this morning from BMO Capital Mkts.

For the week, the DJIA is up 0.4% for the week.

12:55 pm: [BRIEFING.COM] The major averages are little changed at midday with the Dow, Nasdaq, and S&P 500 showing gains close to 0.2% apiece. However, the slim midday advance masks an opening decline that had the S&P 500 down 13 points during the opening hour.

Equity indices began the day under modest pressure amid continued uncertainty surrounding Greece. Last evening, leaders from France, Germany, and EU met to draft a proposal for Greek representatives, but Greek leaders took the time to prepare their own version. That being said, it remains unclear if either version will be deemed appropriate by both sides.

Interestingly, the lack of progress has not stopped the euro from surging 2.2% to 1.1175 against the dollar. To be fair, the move was likely aided by concerns that the European Central Bank could stop its quantitative program early due to inflationary pressures. To that point, eurozone CPI rose 0.3% year-over-year in May (expected 0.2%) while core CPI increased 0.9% (consensus 0.7%). Also of note, Germany's 10-yr bund has tumbled, sending its yield higher by 17 basis points to 0.72%.

Similarly, the U.S. 10-yr note has retreated steadily since the overnight hours with the benchmark yield now up eight basis points at 2.26%. In all likelihood, some of the money flowing out of Treasuries has found its way into equities, helping the stock market rebound from its opening low.

The S&P 500 marked its session low just beneath the 50-day moving average (2,100), but was able to rebound thanks to strength among most cyclical sectors. That dynamic still holds true at this juncture with five of six cyclical sectors trading ahead of the broader market.

The energy sector (+0.8%) leads with help from crude oil, which has climbed 2.1% to $61.45/bbl. The dollar-denominated commodity has benefitted from today's slide in the greenback that has the Dollar Index (95.81, -1.58) trading lower by 1.6%.

Elsewhere, industrials (+0.5%) also outperform with transport stocks showing relative strength for the second day in a row. The Dow Jones Transportation Average is higher by 0.6% with 15 of its 20 components holding gains. Meanwhile, airlines have retraced some of yesterday's gains with Delta Air Lines (DAL 43.38, -0.97) down 2.2% after reporting a 5.5% year-over-year decline in its consolidated passenger unit revenue.

On the downside, the utilities sector (-1.6%) has been pressured by today's jump in Treasury yields while health care (-0.3%) underperforms amid weakness in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 364.61, -0.20) is lower by 0.1%.

Economic data was limited to the Factory Orders report for April, which showed a 0.4% decline while the Briefing.com consensus expected a flat reading. April marked the eighth monthly decline in factory orders over the last nine months. Furthermore, durable goods orders were revised down from the -0.5% reported in the advance release to -1.0%.

Excluding transportation, durable goods orders declined 0.2% in April, which was down from a 0.5% gain that was originally reported in the advance data, and more in-line with the weak readings from the April regional manufacturing surveys.

12:25 pm: [BRIEFING.COM] Recent action saw the major averages climb into the green. The S&P 500 is now up 0.1% with six sectors in the green.

The recent push into the green was not driven by any particular news development, but all ten sectors moved up off their recent levels. The materials sector (+0.7%) holds the lead while energy (+0.7%) trades right behind. Also of note, the financial sector (+0.3%) has climbed ahead of the broader market while technology has returned to the unchanged level.

Also of note, the Dollar Index (95.93, -1.46) is now down 1.5% with the euro extending its gain to 2.0% at 1.1147.
Related Quotes

11:55 am: [BRIEFING.COM] Equity indices continue holding modest losses as weakness among sectors like technology (-0.3%) and health care (-0.6%) overshadows modest gains in consumer discretionary (+0.1%), energy (+0.3%), and industrials (+0.2%).

Notably, the energy sector has received support from crude oil, which is currently higher by 0.9% at $60.74/bbl., but it is worth noting that the energy component hovers about $0.50/bbl beneath its best level of the session.

On the downside, the utilities sector has extended its decline to 1.8% with Treasuries marking new lows for the day. Currently, the benchmark 10-yr yield is higher by eight basis points at 2.27%.

11:30 am: [BRIEFING.COM] The Dow, Nasdaq, and S&P 500 continue holding losses near 0.2% apiece while the Russell 2000 is trying to stay above its flat line.

A handful of cyclical sectors remain in positive territory, but top-weighted groups like technology (-0.3%), financials (-0.2%), and health care (-0.7%) remain weak, which is posing a headwind to the overall market.

Chipmakers have contributed to the losses in the tech sector with the PHLX Semiconductor Index trading lower by 1.1%. Intel (INTC 33.17, -0.73) is the weakest performer, down 2.1% following yesterday's acquisition of Altera (ALTR 51.69, +0.01) for $16.70 billion.

10:55 am: [BRIEFING.COM] The major averages have erased the bulk of their opening losses with the S&P 500 narrowing its decline to 0.1%. Meanwhile, the Russell 2000 (+0.2%) has already punched through the unchanged level.

Broadly speaking, cyclical sectors have paced the rebound with five of six growth-sensitive groups trading ahead of the broader market at this juncture. Industrials (+0.4%) lead while consumer discretionary, energy, and materials are all up near 0.3%. Also of note, top-weighted financials (unch) and technology (-0.1%) remain near their flat lines.

On the flip side, consumer staples (-0.4%), health care (-0.5%), and utilities (-1.9%) lag with the health care sector trading alongside the biotech group. The iShares Nasdaq Biotechnology ETF (IBB 363.07, -1.74) trades lower by 0.5%.

Elsewhere, Treasuries have extended their losses with the 10-yr yield now up seven basis points at 2.25%.

10:35 am: [BRIEFING.COM]

The dollar has continued to decline in most recent trade, falling from near flat overnight.
A multitude of catalysts are driving the dollar lower, which is also offering support to oil, precious metals and copper
After falling as low as 95.6, the index is now -1.4% to 96.06
Crude oil traded flat overnight, but has been rallying most of this morning on comments from the Saudi Arabian oil minister
A small slump has brought WTI futures down to modest gains of +1% to $60.80/barrel
Precious metals have seen mixed morning price action, with a slide in the dollar supporting moderate gains so far this session
August gold is now +0.4% to $1193.50/oz and July silver is currently +0.5% to $16.76/oz
Natural gas futures are near their LoD as mild national weather forecasts have dampened intermediate demand for the commodity
Nat gas is now -1.3% to $2.62/MMBtu
Grains have been trading positive all day following the release of the weekly USDA crop progress report.
The report showed that corn plantings are 95% complete, while soybean and spring wheat plantings are 71% and 100% complete.
For corn and wheat going forward, weather and crop conditions will be notable catalysts driving grain prices until harvest time.
Wheat is currently +1.3%, Corn is +1.5% and Soybeans are +1.4%
July copper is now +0.8% to $2.74/lb

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

According to the just-released Factory Orders report for April, orders decreased 0.4% while the Briefing.com consensus expected an unchanged reading.

9:40 am: [BRIEFING.COM] As expected, the major averages began the day with losses. The S&P 500 trades lower by 0.5% with nine sectors in the red.

The utilities sector (-1.2%) is the weakest performer in the early going, pressured by the increase in Treasury yields that has the 10-yr yield higher by five basis points at 2.24%. Meanwhile, another countercyclical group-health care (-0.9%)-also appears among the laggards.

Similar to health care, a few of yesterday's outperformers like industrials (-0.5%) and technology (-0.6%) have also struggled in the early going.

The Factory Orders report for April (Briefing.com consensus 0.0%) will be released at 10:00 ET.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: -7.10. Nasdaq futures vs fair value: -13.70. The stock market is on track for a modestly lower open as futures on the S&P 500 trade seven points below fair value.

Index futures held slim gains overnight, but slumped to lows once markets in Europe opened for action. Since then, futures have been able to recover the bulk of their losses, but they remain in negative territory amid continued uncertainty surrounding Greece. Last evening, leaders from France, Germany, and EU met to draft an agreement that would be presented to Greek representatives, but Greek leaders took the time to prepare a proposal of their own. At this time, it is uncertain if either version will be deemed appropriate by both sides.

Despite the lack of concrete progress, the euro has rallied to 1.1038, adding 1.0% against the greenback. Meanwhile, U.S. Treasuries and German bunds have retreated with the U.S. 10-yr yield higher by six basis points at 2.24% while Germany's 10-yr yield is higher by ten basis points at 0.65%. It is worth noting that a hotter than expected CPI reading for the eurozone (+0.3% year-over-year; expected 0.2%) has contributed to the slide in German bunds.

Today's economic data will be limited to the 10:00 ET release of the Factory Orders report for April (Brifing.com consensus 0.0%).

8:53 am: [BRIEFING.COM] S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -8.20. The S&P 500 futures trade five points below fair value.

Tuesday was not a good day for markets in the Asia-Pacific region. Just about every market finished lower with one notable exception: China's Shanghai Composite, which jumped another 1.7% on the heels of Monday's 4.7% gain. India's Sensex led the declines with a 2.4% loss that followed an expected decision by the Reserve Bank of India to cut its repo rate for the third time this year by 25 basis points to 7.25%. Japan's Nikkei, meanwhile, saw its 12-session win streak come to an end.

In economic data:
Japan's Monetary Base +35.6% year-over-year (expected 34.3%; prior 35.2%)
Hong Kong's April Retail Sales -2.2% year-over-year (consensus 0.7%; previous -2.9%)
Australia's Q1 Current Account AUD -10.7 bln (expected AUD -10.8 bln; prior AUD -10.2 bln) and Q1 Net Exports Contribution 0.5% (expected +0.1%; prior +0.7%)
South Korea's May CPI +0.3% month-over-month (expected +0.2%; prior +0.1%); +0.5% year-over-year (expected +0.5%; prior +0.4%). Separately, April Current Account KRW 8.14 bln (prior KRW 10.43 bln)

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Japan's Nikkei declined 0.1%, bringing an end to its 12-session winning streak. The financial (-1.1%) and energy (-0.7%) sectors were the worst-performing areas. Mizuho Financial Group (-3.3%), Bridgestone Corp (-3.3%), and Taiyo Yuden Co (-3.1%) led declining issues while Chubu Electric Power (+4.5%), NTT Docomo (+3.9%), and JTEKT Corp (+3.8%) led the gainers. Out of the 225 index members, 87 ended higher, 134 finished lower, and 4 were unchanged.
Hong Kong's Hang Seng declined 0.5% with weakness in the consumer cyclical (-1.1%) and financial (-0.8%) sectors weighing on matters. Li & Fung (-5.9%), China Mengniu Dairy (-2.4%), and China Resources Land (-2.0%) paced declining stocks. China Shenhua Energy (+2.1%) was the best-performing issue and only stock to gain more than 1.0%. Out of the 50 index members, 11 ended higher, 35 finished lower, and 4 were unchanged.
China's Shanghai Composite increased 1.7% on the heels of Monday's 4.7% gain. Tuesday's gain came on the back of a last-hour rally in the market. Reportedly, the financial stability report from the People's Bank of China did not make note of stock prices being overvalued -- an omission that seemed to cheer stock market participants. Every sector in the Chinese market finished higher with gains ranging from 0.6% to 6.6%.

Major European indices trade mostly lower with Germany's DAX (-0.6%) leading the retreat. All eyes remain on Greece after the country submitted another proposal to its creditors. Recall that leaders from France, Germany, and EU met last night to draft an agreement that would be presented to Greek representatives. At this time, it remains unclear which proposal will be deemed acceptable by both sides.

Participants received several data points:
Eurozone May CPI +0.3% year-over-year (expected 0.2%; prior 0.0%) while core CPI +0.9% year-over-year (expected 0.7%; previous 0.6%). Separately, April PPI -0.1% month-over-month (consensus 0.1%; prior 0.2%); -2.2% year-over-year (expected -2.0%; previous -2.3%)
Germany's Unemployment Change -6,000 (consensus -10,000; prior -9,000) while the Unemployment Rate held at 6.4%, as expected
UK's May Construction PMI 55.9 (expected 55.0; prior 54.2) while April BoE Consumer Credit GBP1.173 billion (expected GBP1.00 billion; prior GBP1.294 billion)
Spain's Unemployment Change -118,000 (expected -115,500; prior -118,900)

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Germany's DAX is lower by 0.6% with about 2/3 of the index in the red. Daimler is the weakest performer, down 2.0% while health care names also lag. Bayer, Fresenius SE, and Merck are down between 1.1% and 1.6%. Financials outperform with Commerzbank and Deutsche Bank trading higher by 2.3% and 1.3%, respectively.
UK's FTSE has given up 0.1% with miners and consumer names on the defensive. Glencore and Fresnillo are both down near 1.0% while British American Tobacco, Imperial Tobacco, J Sainsbury, and Tesco show losses between 0.9% and 2.4%.
In France, the CAC has returned to its flat line after showing earlier weakness. Financials have contributed to the rebound with BNP Paribas and Credit Agricole both up near 2.3%. Industrials remain weak with Peugeot, Michelin, Scheinder Electric, and Legrand down between 1.3% and 1.6%.
Spain's IBEX outperforms with a gain of 1.0% amid broad strength. Bank shares lead with Banco Sabadell, Santander, Banco Popular, Caixabank, and Bankia up between 1.5% and 2.3%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: -7.30. Nasdaq futures vs fair value: -13.30. U.S. equity futures continue holding modest losses while European markets have been able to climb off their lows.

Yesterday, the Dollar Index (96.75, -0.64) spiked more than 1.0% following a set of better than expected data in the U.S. Today, however, the index has given up 0.7% with the euro adding 1.0% against the greenback (1.1035) amid optimism that Greece will be able to come to terms with its creditors. That being said, rumors about a deal being 'close' have been a near-daily occurrence.

U.S. Treasuries hover near their lows with the 10-yr yield higher by four basis points at 2.22% while Germany's 10-yr bund has also sold off, sending its yield higher by nine basis points to 0.64%.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -7.30. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures trade five points below fair value after climbing off their lows at the start of the European session.

Today's economic data will be limited to the 10:00 ET release of the Factory Orders report for April (Briefing.com consensus 0.0%).

Treasuries sit on their lows with the 10-yr yield higher by five basis points at 2.23%.

In U.S. corporate news of note:

Conn's (CONN 36.35, +0.81): +2.3% after beating bottom-line estimates on below-consensus revenue.
Dollar General (DG 74.99, +2.18): +3.0% in reaction to its bottom-line beat.
Medtronic (MDT 78.00, +1.30): +1.7% after beating earnings estimates and guiding fiscal-year 2016 earnings on the low end of analyst expectations.

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -0.1%, Hong Kong's Hang Seng -0.5%, and China's Shanghai Composite +1.7%
In economic data:
Japan's Monetary Base +35.6% year-over-year (expected 34.3%; prior 35.2%)
Hong Kong's April Retail Sales -2.2% year-over-year (consensus 0.7%; previous -2.9%)
Australia's Q1 Current Account AUD -10.7 bln (expected AUD -10.8 bln; prior AUD -10.2 bln) and Q1 Net Exports Contribution 0.5% (expected +0.1%; prior +0.7%)
South Korea's May CPI +0.3% month-over-month (expected +0.2%; prior +0.1%); +0.5% year-over-year (expected +0.5%; prior +0.4%). Separately, April Current Account KRW 8.14 bln (prior KRW 10.43 bln)
In news:
The Reserve Bank of Australia held its cash rate steady at 2.00% as expected
The Reserve Bank of India cut its repurchase rate to 7.25% from 7.50% as expected. The central bank also cut its reverse repurchase rate to 6.25% from 6.50%, and left its Cash Reserve ratio unchanged at 4.00%

Major European indices trade mostly lower. Germany's DAX -0.5%, UK's FTSE -0.2%, and France's CAC +0.1%. Elsewhere, Italy's MIB +1.1% and Spain's IBEX +1.1%
Participants received several data points:
Eurozone May CPI +0.3% year-over-year (expected 0.2%; prior 0.0%) while core CPI +0.9% year-over-year (expected 0.7%; previous 0.6%). Separately, April PPI -0.1% month-over-month (consensus 0.1%; prior 0.2%); -2.2% year-over-year (expected -2.0%; previous -2.3%)
Germany's Unemployment Change -6,000 (consensus -10,000; prior -9,000) while the Unemployment Rate held at 6.4%, as expected
UK's May Construction PMI 55.9 (expected 55.0; prior 54.2) while April BoE Consumer Credit GBP1.173 billion (expected GBP1.00 billion; prior GBP1.294 billion)
Spain's Unemployment Change -118,000 (expected -115,500; prior -118,900)
Among news of note:
All eyes remain on Greece after the country submitted another proposal to its creditors. Recall that leaders from France, Germany, and EU met last night to draft an agreement that would be presented to Greek representatives. At this time, it remains unclear which proposal will be deemed acceptable by both sides.

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -10.90. Nasdaq futures vs fair value: -28.40.

5:50 am: [BRIEFING.COM] Nikkei...20543.19...-26.70...-0.10%. Hang Seng...27466.72...-130.40...-0.50%.

5:50 am: [BRIEFING.COM] FTSE...6889.74...-63.80...-0.90%. DAX...11352.53...-83.50...-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
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