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 Post subject: June 3rd Wednesay Trade Results - Profit $937.50
PostPosted: Thu Jun 04, 2015 1:53 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($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 Profit @ $937.50 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=144&t=2091

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 midweek session on a modestly higher note, but once again, investor participation was on the light side with fewer than 670 million shares changing hands at the NYSE floor. The S&P 500 added 0.2% while the Nasdaq Composite (+0.5%) outperformed.

Equity indices began the day on a modestly higher note and extended their gains in the early going; however, a return to their opening levels followed once selling pressure appeared in the neighborhood of this week's highs.

Meanwhile, another day went by without an agreement between Greece and its creditors. Earlier, the spokesman for Greece's Syriza party said Greece will not make the June 5 debt payment to the International Monetary Fund if there is no prospect of a deal within the next few days, according to Kathimerini. The lack of progress did not stop the euro from rallying 1.1% against the dollar to 1.1270. To be fair, today's euro strength followed a set of better than expected Services PMI readings with the Eurozone Services PMI climbing to 53.8 from 53.3 (expected 53.3). Also of note, the European Central Bank made no changes to its policy stance, but ECB President Mario Draghi warned that low rates invite high volatility.

Fittingly, Germany's 10-yr bund continued this week's plunge, sending its yield higher by 17 basis points to 0.89%. This week alone, the bund yield has soared 40 basis points. Similarly, U.S. Treasuries also sold off with the 10-yr yield rising 11 basis points to 2.37%.

Six of ten sectors registered gains with a few cyclical groups holding the lead throughout the day. Specifically, consumer discretionary (+0.7%), financials (+0.7%), and industrials (+0.5%) kept the market afloat with the industrial sector receiving support from transport stocks.

The Dow Jones Transportation Average gained 1.2%, extending its June advance to 2.5% after falling 3.4% in May. The bellwether complex enjoyed gains among 15 of its 20 components with CH Robinson (CHRW 64.62, +3.36) spiking 5.5% to lead the group higher.

Elsewhere, the financial sector rallied in response to the steepening yield curve while the discretionary space received broad support. For its part, the top-weighted technology sector (+0.2%) finished just behind the broader market as chipmakers lagged. The PHLX Semiconductor Index lost 0.6%, narrowing its Q2 gain to 5.4%.

Five of six cyclical groups ended the day in the green while energy (-0.7%) struggled throughout the session as crude oil dropped 2.6% to $59.69/bbl. The energy component got no respite from the second consecutive decline in the greenback that sent the Dollar Index (95.33, -0.51) lower by 0.5%.

Moving to the countercyclical side, consumer staples (-0.1%) and utilities (-1.4%) ended in the red with the utilities sector responding to an increase in Treasury yields. On the flip side, telecom services (+0.8%) and health care (+0.1%) ended higher.

Economic data included ADP Employment Change, Trade Balance, ISM Services, and the MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 201K in May while the Briefing.com consensus expected an increase of 200K
The April reading was revised down to 165,000 from 169,000
The trade deficit fell to $40.90 billion in April from a downwardly revised $50.60 billion (from $51.40 billion) while the Briefing.com consensus expected a decline to $44.00 billion
The large March trade deficit largely resulted from the end of the port strike on the west coast. As dockworkers returned, they were able to offload the backlog of containerships
The ISM Non-manufacturing Index fell to 55.7 in May from 57.8 in April while the Briefing.com consensus expected a drop to 57.1
Despite the decline, most of the underlying indices still showed strong growth trends
The Production Index fell from 61.6 in April to a still healthy 59.5 in May. New orders softened as the related index declined to 57.9 in May from 59.2 in April
The weekly MBA Mortgage Index fell 7.6% to follow last week's 1.6% decline

Tomorrow, the Challenger Job Cuts report for May will be released at 7:30 ET while weekly Initial Claims (Briefing.com consensus 280K) and Q1 Productivity/Unit Labor Cost data will cross the wires at 8:30 ET.

Nasdaq Composite +7.7% YTD
Russell 2000 +5.1% YTD
S&P 500 +2.7% YTD
Dow Jones Industrial Average +1.4% YTD

3:35 pm: [BRIEFING.COM]

The dollar index continued to remain in the red today, but this offered little strength to commodities today
Outside of the dollar, oil futures were trading on the weekly API and EIA storage data and on speculation of OPEC's meeting on Friday
In pit trading today, front-month crude oil lost $1.59 to $59.69/barrel
July nat gas sold off today, losing 2.6% to $2.63/MMBtu
Metals closed lower as well
Aug gold fell $10.20 to $1184.50/oz, while July silver lost $0.34 (or -2%) to $16.47/oz
Copper lost one cent to $2.73/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the session. The benchmark index enters the last hour of action near its opening level after slipping from its late-morning high.

This week's trading volume has been on the light side and today's session is also likely to fit that recent trend considering only 425 million shares have changed hands at the NYSE floor. Market breadth continues favoring the bulls with roughly 1.1 names trading higher for each decliner. A larger edge can be observed at the Nasdaq with nearly 2.4 stocks in the green for every name in the red.

Treasuries remain near their lows with the 10-yr yield higher by ten basis points at 2.36%.

2:25 pm: [BRIEFING.COM] The Federal Reserve has released its Beige Book for June, but the document was met with a muted reaction. The S&P 500 remains higher by 0.4%.

According to the Beige Book, overall economic activity continued expanding between early April and late May with four Districts (Richmond, Chicago, Minneapolis, and San Francisco) reporting moderate growth while three Districts (New York, Philadelphia, and St. Louis) saw modest growth. On the downside, the Dallas District saw some slight weakening, likely related to the recently-battered energy sector.

With regards to consumer spending, an increase was reported in 10 of 12 Districts while Richmond saw no change while New York reported a slight decline.

Treasuries continue holding losses with the 10-yr yield higher by nine basis points at 2.36%.

1:55 pm: [BRIEFING.COM] The major averages continue holding slim gains.

The U.S. trade deficit in April was much smaller than expected.

The trade deficit fell to $40.9 bln in April from a downwardly revised $50.6 bln (from $51.4 bln) in March. The Briefing.com Consensus expected the trade deficit to decline to $44.0 bln.

The large March trade deficit was primarily the result of the end of the port strike on the west coast. As dockworkers returned, they were able to offload the containerships that were waiting off the coast.

It seems that the temporary problems on the docks are gone as the trade deficit returned to its pre-strike trends.

Now the focus on trade volatility will shift to the effects from the vast appreciation of the dollar that began in September 2014.

The impact on exports is clearly being felt. Total exports increased $1.9 bln in April to $189.9 bln from $188.0 bln in March. Yet, that is still $5.4 bln below the 2014 monthly average.

Total imports declined by $7.8 bln in April to $230.8 bln from $238.6 bln in March. Surprisingly, the stronger dollar has not played much of a role in boosting import demand. Total imports in April were well below the 2014 monthly average of $237.7 bln.

The Beige Book's impact on the market will be discussed in the next update.


1:35 pm: [BRIEFING.COM] The major indices have clawed back some of their earlier gains since out last update, with the Dow Jones Industrial Average outperforming.

A look inside the DJIA shows that JP Morgan (JPM 66.99, +0.97), Goldman Sachs (GS 208.77, +2.34), and United Technologies (UTX 118.62, +1.28) are outperforming. JP Morgan and Goldman Sachs are higher amid sector strength in financials as treasury yields jump.

Conversely, Intel (INTC 32.61, -0.66) is again the worst-performing Dow component following Monday's acquisition of Altera (ALTR 51.71, +0.01) for $16.7 bln and yesterday's downgrade out of BMO Capital Mkts. Intel shares are now down 5.5% this week.

So far in June, the DJIA is +0.4%

1:00 pm: [BRIEFING.COM] The major averages are little changed at midday after surrendering the bulk of their early gains. The S&P 500 trades higher by 0.1% while the Dow (+0.3%), Nasdaq (+0.3%), and Russell 2000 (+0.6%) outperform. "Little changed" is also an apt description for the situation in Europe, where Greece remains at odds with its creditors.

Equity indices climbed through the opening hour amid strength in most cyclical sectors, but most of the gains have evaporated in recent action without any news to account for the move. To be fair, the opening advance also occurred in the absence of noteworthy developments. All in all, the market is likely in for another low-volume affair considering only 315 million shares have changed hands at the NYSE so far today.

Five sectors continue holding midday gains with consumer discretionary (+0.6%) and financials (+0.6%) showing relative strength for the second day in a row. Furthermore, the industrial sector (+0.4%) has been boosted by continued strength in transport stocks that has sent the Dow Jones Transportation Average higher by 1.2%. CH Robinson (CHRW 64.46, +3.20) is a standout performer, up 5.2%, while the DJTA is now up 2.5% for the week versus a 0.3% uptick for the S&P 500.

Elsewhere, the top-weighted technology sector (+0.2%) holds a slim gain, but the group deserves attention going into the afternoon since chipmakers have retreated steadily with the PHLX Semiconductor Index down 0.3%. For the time being, large cap components like Apple (AAPL 130.07, +0.11), Microsoft (MSFT 47.06, +0.14), and Facebook (FB 82.23, +1.79) have filled the resulting void.

On the downside, the utilities sector (-1.9%) has suffered from another slide in Treasuries that has pushed the 10-yr yield up to 2.38% (+12 bps). As a result, the rate-sensitive sector has widened this week's decline to 3.2%.

Moving back to the cyclical side, the energy sector is lower by 0.5% while crude oil has surrendered 2.1%, sliding to $59.96/bbl. The dollar-denominated commodity has not gotten any respite from a 0.5% decline in the Dollar Index (95.37, -0.47), which is now down 1.6% for the week.

Economic data included ADP Employment Change, Trade Balance, ISM Services, and the MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 201K in May while the Briefing.com consensus expected an increase of 200K
The April reading was revised down to 165,000 from 169,000
The trade deficit fell to $40.90 billion in April from a downwardly revised $50.60 billion (from $51.40 billion) while the Briefing.com consensus expected a decline to $44.00 billion
The large March trade deficit largely resulted from the end of the port strike on the west coast. As dockworkers returned, they were able to offload the backlog of containerships
The ISM Non-manufacturing Index fell to 55.7 in May from 57.8 in April while the Briefing.com consensus expected a drop to 57.1
Despite the decline, most of the underlying indices still showed strong growth trends
The Production Index fell from 61.6 in April to a still healthy 59.5 in May. New orders softened as the related index declined to 57.9 in May from 59.2 in April.
The weekly MBA Mortgage Index fell 7.6% to follow last week's 1.6% decline

The Federal Reserve will release its June Beige Book at 14:00 ET.

12:30 pm: [BRIEFING.COM] Another downtick in the market has the S&P 500 (+0.1%) trading in the neighborhood of its opening low.

Stocks have continued their retreat from session highs that were notched right after 10:30 ET. As a result, five sectors are now in the red with three of four countercyclical sectors showing losses. Furthermore, the weakest cyclical sector-energy-has widened its decline to 0.6%.

Interestingly, transport stocks continue showing relative strength despite the broader pullback. The Dow Jones Transportation Average remains higher by 1.1% with all but five components holding losses. Meanwhile, CH Robinson (CHRW 64.43, +3.17) leads the bunch with a 5.2% gain.
Related Quotes

11:55 am: [BRIEFING.COM] Recent action saw the major averages back away from their highs. The S&P 500 has narrowed its gain to 0.2% while the Nasdaq Composite (+0.4%) remains ahead of the benchmark index.

Today's outperformance of the Nasdaq Composite comes amid gains in the technology sector (+0.2%) while biotechnology has also chipped in, evidenced by a 0.4% increase in iShares Nasdaq Biotechnology ETF (IBB 364.89, +1.43). Interestingly, biotechnology's strength has not been able to lift the health care sector, which trades flat.

Elsewhere among influential groups, industrials (+0.4%), financials (+0.6%), and consumer discretionary (+0.6%) continue showing strength, but they too have pulled back from session highs.

On the downside, the energy sector has extended its decline to 0.5% while crude oil is now down 1.8% at $60.16/bbl.

11:25 am: [BRIEFING.COM] Equity indices remain just below their highs with the S&P 500 (+0.5%) holding a ten-point gain.

Nine sectors are now in the green while the utilities space (-1.4%) represents the lone decliner at this juncture. The sector has been pressured by the second consecutive daily drop in Treasuries that has the 10-yr yield trading higher by seven basis points at 2.34%. With Treasury yields spiking rapidly, the rate-sensitive utilities sector has lost some if its luster when compared to Treasuries.

Also of note, the Dollar Index (95.35, -0.48) is now down 0.5% after failing to hold an overnight gain. Including today's decline, the index is now down 2.1% for the week with the euro trading at 1.1265 after ending last week near 1.0990.

10:55 am: [BRIEFING.COM] The major averages hover near their highs that were established during the past 30 minutes. The S&P 500 trades higher by 0.5% while the Dow (+0.8%) and Nasdaq (+0.7%) outperform.

The technology sector ended yesterday's session among the laggards, but the group has rebounded today, trading higher by 0.7%. It is worth noting that a few other cyclical sectors like industrials (+0.8%), consumer discretionary (+0.9%), and financials (+0.9%) have also shown relative strength so far today.

Notably, the industrial sector has rallied behind transport stocks once again after the group struggled notably at the end of May. Today, the Dow Jones Transportation Average is higher by 1.4% with all but two components in the green. Thanks to today's advance, the bellwether complex has already gained 2.7% in June versus a 0.7% increase for the S&P 500.

10:35 am: [BRIEFING.COM]

The dollar index sold off sharply this morning due to the spike in the Euro, which came following comments from Draghi (inflation, etc..)
The sharp selloff in the index didn't do much for commodities.
Upon release of ISM Services econ data, the dollar continued its fall, giving modest support to crude oil and precious metals. The index is now -0.4% to 95.43
Crude oil traded in the red all morning following the API data release yesterday afternoon, at one point nearing the $59.70/barrel level
Upon the release of EIA data, crude briefly spiked above $61/barrel
Another huge catalyst driving crude oil is Friday's OPEC meeting, and the July contract is currently -1.1% to $60.60/barrel
Precious metals have been trading negative so far this session, gaining support from a weakening dollar, still below the flatline
August gold is -0.4% to $1189.80/oz and July silver is -1.4% to $16.56/oz
Natural gas has recently fallen to a new low for the day, at -1.8% to $2.65/MMBtu
July copper is now flat at $2.73/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.2%.

Just reported, the ISM Services Index for May fell to 55.7 from 57.8 while the Briefing.com consensus expected a decline to 57.1.

9:40 am: [BRIEFING.COM] Equity indices began the day in positive territory, but they were quick to slip from their opening highs. The S&P 500 remains just above its flat line with seven sectors showing early gains.

That being said, the technology sector (+0.3%) is the only group with an early gain of more than 0.2%. Elsewhere, financials (+0.2%) and consumer discretionary (+0.1%) also trade just ahead of the broader market while energy (-0.2%) and consumer staples (-0.2%) lag.

Also of note, Treasuries have slid to fresh lows, pushing the 10-yr yield up to 2.33% (+7 bps).

The ISM Services Index for May (Briefing.com consensus 57.1) will be released at 10:00 ET.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +5.10. Nasdaq futures vs fair value: +22.70. The stock market is on track for a higher open as futures on the S&P 500 trade five points above fair value.

Index futures have climbed throughout the night, hitting their highs shortly after the European Central Bank announced no changes to its policy stance. Similarly, markets across Europe marked their best levels of the day following the ECB decision.

Also of note, the spokesman for Greece's Syriza party said Greece will not make the June 5 debt payment to the International Monetary Fund if there is no prospect of a deal within the next few days, according to Kathimerini.

Domestically, the ADP Employment Report came in just ahead of expectations (201K; Briefing.com consensus 200K) while the April trade balance showed a deficit of $40.90 billion while the Briefing.com consensus expected the deficit to come in at $44.00 billion.

Treasuries have spent the night in negative territory and they remain lower with the 10-yr yield up three basis point at 2.30%.

Things have been very quiet on the corporate front, but Synchronoss Technologies (SNCR 50.39, +7.86) has soared 18.5% after the Wall Street Journal reported the company is exploring a sale.

The ISM Services Index for May (Briefing.com consensus 57.1) will be released at 10:00 ET.

8:52 am: [BRIEFING.COM] S&P futures vs fair value: +6.90. Nasdaq futures vs fair value: +25.80. The S&P 500 futures trade seven points above fair value.

Major markets in the Asia-Pacific region were mostly lower on Wednesday as buyers lacked conviction. China's Shanghai Composite cooled off and ended with a fractional loss. Meanwhile, Australia S&P/ASX 200 dropped 0.9% after a stronger than expected Q1 GDP report.

In economic data:
China's May HSBC Services PMI 53.5 (expected 53.3; prior 52.9)
Australia's Q1 GDP +0.9% quarter-over-quarter (expected +0.7%; prior +0.5%); +2.3% year-over-year (expected +2.1%; prior +2.5%). Separately, Q1 GDP Chain Price Index 0.0% (prior -0.2%)
Hong Kong's May Manufacturing PMI 47.6 (prior 48.6)
India's May HSBC Services PMI 49.6 (prior 52.4)

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Japan's Nikkei declined 0.3%, led by weakness in the utilities (-1.5%), technology (-0.9%), and consumer non-cyclical (-0.7%) sectors. Chubu Electric Power (-3.5%), Screen Holdings Co (-2.9%), and Nitto Denko Corp (-2.8%) paced declining issues while Nisshin Seifun Group (+5.0%), Nippon Sheet Glass (+4.5%), and Fujitsu (+4.4%) led advancing shares. Out of the 225 index members, 98 ended higher, 119 finished lower, and 8 were unchanged.
Hong Kong's Hang Seng increased 0.7% behind the strength of the energy (+1.3%) and communications (+1.0%) sectors. Individual standouts included China Shenhua Energy (+2.8%), CNOOC (+1.8%), and China Mobile (+1.8%). Hong Kong & China Gas Co (-10.1%) was the worst-performing issue. Out of the 49 index members, 23 ended higher, 25 finished lower, and 1 was unchanged.
China's Shanghai Composite had a roller coaster session, ending basically flat after a late burst of buying interest. An influx of new listings reportedly acted as a drag on the market, which also digested a better than expected HSBC Services PMI reading for May. Strength in the financial (+0.5%) and basic materials (+0.2%) sectors helped offset weakness in most other areas. The utilities (-1.3%) and technology (-1.2%) sectors were the weakest sectors in the Chinese market on Wednesday.

Major European indices trade higher across the board with France's CAC (+1.6%) in the lead. The European Central Bank made no changes to its monetary policy following today's meeting. Elsewhere, the spokesman for Greece's Syriza party said Greece will not make the June 5 debt payment to the International Monetary Fund if there is no prospect of a deal within the next few days, according to Kathimerini.

Economic data was plentiful:
Eurozone May Services PMI 53.8 (expected 53.3; prior 53.3), April Retail Sales +0.7% month-over-month (expected 0.7%; prior -0.6%), and April Unemployment Rate 11.1% (consensus 11.2%; last 11.2%)
Germany's May Services PMI 53.0 (expected 52.9; prior 52.9)
UK's May Services PMI 56.5 (expected 59.2; previous 59.5) while May Nationwide HPI +0.3% month-over-month, as expected (prior 1.0%)
France's May Services PMI 52.8 (consensus 51.6; last 51.6)
Spain's May Services PMI 58.4 (expected 59.3; last 60.3)
Italy's May Services PMI 52.5 (consensus 52.7; prior 53.1)

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UK's FTSE is higher by 0.7% with consumer names in the lead. WM Morrison Supermarkets, Unilever, Imperial Tobacco, and J Sainsbury are up between 2.3% and 3.0%. Miners lag with Antofagasta, BHP Billiton, and Fresnillo all down near 0.5%.
Germany's DAX has climbed 1.5% with most components on the rise. Growth-sensitive names like BASF, BMW, and Linde are up between 1.6% and 2.0% while Fresenius SE represents the lone decliner, down 0.1%.
In France, the CAC trades up 1.6% amid broad strength. Financials lead with BNP Paribas and Societe Generale both up near 2.2%. Meanwhile, utilities are mixed with Electricite de France down 2.5% while Veolia Environnement has added 2.1%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +8.70. Nasdaq futures vs fair value: +29.20. The S&P 500 futures trade nine points above fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 201K in May. That was just above the increase of 200K expected by the Briefing.com consensus. The April reading was revised down to 165,000 from 169,000.

Separately, the April trade balance showed a deficit of $40.90 billion while the Briefing.com consensus expected the deficit to come in at $44.00 billion.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +10.50. Nasdaq futures vs fair value: +28.70. U.S. equity futures trade higher amid upbeat action overseas. The S&P 500 futures hover 11 points above fair value after hitting their best levels of the morning within the past 30 minutes.

Elsewhere, U.S. Treasuries have extended yesterday's losses with the 10-yr yield rising one basis point to 2.28% while the Dollar Index (96.20, +0.36) is higher by 0.4%, retracing a portion of yesterday's decline.

The weekly MBA Mortgage Index fell 7.6% to follow last week's 1.6% decline.

May ADP Employment Change will be reported at 8:15 ET (Briefing.com consensus 200K) while 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. Also of note, the Fed's June Beige Book will cross the wires at 14:00 ET.

In U.S. corporate news of note:

Ambarella (AMBA 96.45, +4.24): +4.6% after beating earnings and revenue expectations.
American Airlines (AAL 43.58, -0.20): -0.5% after Bank of America/Merrill Lynch downgraded the stock to 'Neutral.'
Guess? (GES 18.73, +0.08): +0.4% after beating bottom-line estimates and guiding Q2 results below consensus expectations.
Wendy's (WEN 11.69, +0.59): +5.3% after announcing a $1.40 billion buyback program.

Reviewing overnight developments:

Asian markets ended mostly lower. Japan's Nikkei -0.3%, Hong Kong's Hang Seng +0.7%, and China's Shanghai Composite settled flat.
In economic data:
China's May HSBC Services PMI 53.5 (expected 53.3; prior 52.9)
Australia's Q1 GDP +0.9% quarter-over-quarter (expected +0.7%; prior +0.5%); +2.3% year-over-year (expected +2.1%; prior +2.5%). Separately, Q1 GDP Chain Price Index 0.0% (prior -0.2%)
Hong Kong's May Manufacturing PMI 47.6 (prior 48.6) India's May HSBC Services PMI 49.6 (prior 52.4)
In news:
According to HSBC, China's Services PMI showed the strongest monthly increase in May sentiment in three years, supporting stronger growth and employment

Major European indices trade higher across the board. UK's FTSE +0.8%, France's CAC +1.4%, and Germany's DAX +1.3%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.8%.
Economic data was plentiful:
Eurozone May Services PMI 53.8 (expected 53.3; prior 53.3), April Retail Sales +0.7% month-over-month (expected 0.7%; prior -0.6%), and April Unemployment Rate 11.1% (consensus 11.2%; last 11.2%)
Germany's May Services PMI 53.0 (expected 52.9; prior 52.9)
UK's May Services PMI 56.5 (expected 59.2; previous 59.5) while May Nationwide HPI +0.3% month-over-month, as expected (prior 1.0%)
France's May Services PMI 52.8 (consensus 51.6; last 51.6)
Spain's May Services PMI 58.4 (expected 59.3; last 60.3)
Italy's May Services PMI 52.5 (consensus 52.7; prior 53.1)
Among news of note:
The European Central Bank made no changes to its monetary policy
According to Kathimerini, the spokesman for Greece's Syriza party said Greece will not make the June 5 debt payment to the International Monetary Fund if there is no prospect of a deal within the next few days

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +2.10.

5:48 am: [BRIEFING.COM] Nikkei...20473.51...-69.70...-0.30%. Hang Seng...27657.47...+190.80...+0.70%.

5:48 am: [BRIEFING.COM] FTSE...6923.78...-4.50...-0.10%. DAX...11379.42...+50.30...+0.40%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
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