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 Post subject: June 10th Wednesday Trade Results - Profit $1625.00
PostPosted: Thu Jun 11, 2015 5:25 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 @ $1.625.00 dollars or +32.50 points, Light Crude Oil CL ($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=2096

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


4:20 pm: [BRIEFING.COM] After struggling with its 100-day moving average (2,086) yesterday, 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).

Similarly, U.S. Treasuries also retreated, ending near their lows with the benchmark 10-yr yield higher by seven basis points at 2.48%, representing the highest yield since late October. The recent spike in yields has been beneficial to the financial sector (+1.4%), which extended its June advance to 1.9%, ending today's session only behind technology (+1.6%). The financial space received broad support from top-weighted components like Bank of America (BAC 17.59, +0.28), Citigroup (C 57.02, +1.02), and JPMorgan Chase (JPM 68.26, +1.08) with the trio gaining between 1.6% and 1.8%.

Elsewhere, the technology sector held the lead throughout the day, receiving support from large cap names like Apple (AAPL 128.88, +1.46), Google (GOOGL 552.60, +10.44), and Microsoft (MSFT 46.61, +0.96) while chipmakers also held their own with the PHLX Semiconductor Index adding 1.3%.

Over on the countercyclical side, consumer staples (+1.0%) and utilities (+0.5%) ended behind the remaining eight groups while telecom services (+1.2%) and health care (+1.2%) finished near the broader market. The health care sector received support from biotechnology with iShares Nasdaq Biotechnology ETF (IBB 365.83, +5.19) climbing 1.4%.

Today's trading volume at the NYSE floor was relatively light in the early going, but afternoon buying helped push the total to 766 million, above the 50-day moving average of 748 million.

Economic data was limited to the MBA Mortgage Index and Treasury Budget:

The weekly MBA Mortgage Index spiked 8.4% to follow last week's 7.6% drop
The Treasury Budget showed a deficit of $82.40 billion in May, down from a deficit of $130.00 billion in May 2014 while the Briefing.com consensus expected a deficit of $85.00 billion
The Treasury data are not seasonally adjusted so the May deficit cannot be compared to the $157 billion surplus in April

Tomorrow, weekly Initial Claims (Briefing.com consensus 278K), May Retail Sales (consensus 1.1%), and May Import/Export Prices will be reported at 8:30 ET while the April Business Inventories report (consensus 0.2%) will be released at 10:00 ET.

Nasdaq Composite +6.7% YTD
Russell 2000 +5.1% YTD
S&P 500 +2.2% YTD
Dow Jones Industrial Average +1.0% YTD

3:25 pm: [BRIEFING.COM]

The dollar was weak all day, trading in a narrow range into the close and providing continued broad support to commodities
The index closed -0.5% to 94.66
The release of EIA weekly petroleum inventory data and the monthly USDA WASDE report were primary catalysts for energy and grain/soybean price action during today's session
July WTI oil finished positive for the session, following an EIA inventory report that showed a draw of 6.812 mln barrels (vs. a 1.5 mln consensus estimate)
Natural gas closed higher after a bounce near the flat mark in mid-day trading, as sentiment was mixed ahead of tomorrow's EIA inventory report
Overall in Energy, July crude ended +2.1% to $61.37/barrel and Natural gas closed +1.8% to $2.89/MMBtu
Wheat, corn and soybeans finished mostly lower on bearish market sentiment, emanating from production figures detailed in the WASDE report
Wheat was -3.8% to $5.13/bu , with corn -2.2% to $3.57/bu and soybeans flat at $9.49/bu
Precious metals were given support by the weak dollar, with gold holding gains moreso than silver into the close. August gold was +0.8% to $1177.60/oz and July silver was flat at $15.97/oz
July copper ended the session +1.5% to $2.75/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.3% with one hour remaining in the Wednesday session.

Today's affair has been one of technical nature with the benchmark index surging above its 100-day moving average (2,086) at the start and also reclaiming the 50-day average (2,101) with some help from reports that Greece may be in-line for a staggered deal from its creditors.

All ten sectors hold gains going into the final hour with nine groups up at least 1.0% while the utilities sector has gained "just" 0.7%.

2:25 pm: [BRIEFING.COM] The major averages remain near their session highs.

Tomorrow's initial claims level will give some updated information on current labor market conditions.

The initial claims level declined to 276,000 for the week ending May 30 from 284,000 for the week ending May 23. The Briefing.com Consensus expects the initial claims level increased to 278,000 for the week ending June 6.

Businesses have clearly curtailed layoff activities. The initial claims level has stood near 15-year lows for the past several weeks.

The continuing claims level declined to 2.196 mln for the week ending May 23 from 2.226 mln for the week ending May 16. The consensus expects the continuing claims level increased to 2.200 mln for the week ending May 30.

2:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.2%.

The Treasury Budget statement for May was just released and it showed a deficit of $82.40 billion (Briefing.com consensus -$85.00 billion). The Treasury data are not seasonally adjusted, so the May deficit cannot be compared to the $130.00 billion deficit recorded in April.

1:30 pm: [BRIEFING.COM] The major indices are relatively unchanged since our last update, still sporting meaningful gains on the day.

A look inside the Dow Jones Industrial Average shows Nike (NKE 103.78, +2.43), Microsoft (MSFT 46.72, +1.07), and IBM (IBM 169.21, +3.53) are outperforming.

Conversely, Verizon (VZ 47.46, +0.12) is the worst-performing Dow component as telecoms lag the broad market rally.

For the week, the DJIA is now up 0.9% and flat thus far in June.

In other developments, the $21 bln 10-yr not auction at the top of the hour drew a high yield of 2.461% on a bid-to-cover ratio of 2.74.

12:55 pm: [BRIEFING.COM] The stock market holds a solid midday gain with the Dow Jones Industrial Average (+1.4%) trading ahead of the S&P 500 (+1.3%).

Equity indices have spent the first half of the trading day in a steady advance amid broad strength. The S&P 500 spiked above its 100-day moving average (2,086) at the start and has overtaken its 50-day moving average (2,102) after Bloomberg reported Germany may be willing to offer a staggered deal to Greece. This deal would unlock the door to 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 has increased Greece's allowance to Emergency Liquidity Assistance funds by EUR2.30 billion to EUR83 billion.

The news signaled the presence of some movement on the Greek front, helping Germany's DAX jump 2.5% to snap its four-day skid.

All ten sectors hold midday gains with yesterday's laggard-technology (+1.7%)-in the lead. The top-weighted sector has received all-around support, including a 2.3% spike in the shares of Microsoft (MSFT 46.71, +1.06). Meanwhile, the largest stock by market cap-Apple (AAPL 128.90, +1.48)-has climbed 1.2%. Similarly, high-beta chipmakers display broad-based gains with the PHLX Semiconductor Index trading higher by 1.4%.

Elsewhere, the second-largest sector by weight-financials (+1.6%)-has nibbled on technology's heels throughout the day. Including today's gain, the financial sector is now up 2.0% for the month, trading well ahead of the remaining groups. The outperformance should not be a huge surprise, considering banks are expected to benefit from rising rates, especially on the long end of the curve.

Speaking of interest rates, the U.S. 10-yr note slumped in the early morning, and it remains in negative territory at this time with its yield higher by four basis points at 2.48%. Also of note, 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%.

Economic data reported this morning was limited to the weekly MBA Mortgage Index, which spiked 8.4% to follow last week's 7.6% drop.

The Treasury Budget for May (Briefing.com consensus -$85.00 billion) will be reported at 14:00 ET.

12:25 pm: [BRIEFING.COM] Not much change in the market with the key indices drifting near their session highs. The S&P 500 trades up 1.3% with eight sectors showing gains of 1.0% or more.

The largest countercyclical sector by weight-health care-displayed relative weakness early, but the group now trades just behind the broader market. A rebound in the biotech space has fueled the intraday move with iShares Nasdaq Biotechnology ETF (IBB 364.18, +3.54) trading higher by 1.0% at this juncture.

Similar to biotechnology, transport stocks struggled to keep pace with the market in the early going, but the Dow Jones Transportation Average is now higher by 1.0% amid gains in 17 of its 20 components.
Related Quotes

11:55 am: [BRIEFING.COM] The major averages remain near their recently-established highs with the S&P 500 (+1.2%) trading a bit behind the Dow Jones Industrial Average (+1.4%) and Nasdaq Composite (+1.3%).

Taking a glance at the Dow reveals a sea of green with all 30 components holding gains. The most influential index member-Goldman Sachs (GS 212.93, +3.91)-trades up 1.9% while Intel (INTC 32.08, +0.84) holds the largest percentage gain (+2.6%) among the 30 blue chip names.

Fittingly, the two names represent today's leading sectors with financials (+1.5%) now up 1.2% for the week. For its part, the technology sector (+1.7%) has swung from a weekly loss to a 0.2% week-to-date advance.

11:25 am: [BRIEFING.COM] Equity indices have spiked to new highs in reaction to a Bloomberg report, which revealed that Germany may be willing to offer a staggered deal to Greece. This staggered deal would unlock the door to additional bailout funds in exchange for a Greek commitment to executing one of the requested reforms.

The recent news has pushed the S&P 500 above its 50-day moving average (2,102) with seven sectors now showing gains of 1.0% or more. Technology (+1.6%) and financials (+1.5%) remain in the lead, which is notable considering the two groups account for more than a third of the entire broader market.

Elsewhere, Treasuries have returned into the neighborhood of their lows with the 10-yr yield up four basis points at 2.48%.

11:00 am: [BRIEFING.COM] Another round of new highs for the major averages with the S&P 500 now up 0.9% while the Nasdaq (+1.0%) and the Dow (+1.0%) trade just ahead.

The opening 90 minutes of the session has featured a steady advance with all ten sectors building on their early gains. The top-weighted technology sector (+1.2%) is now the strongest group while another heavily-weighted cyclical sector-financials (+1.2%)-trades right behind. Even the health care sector, which has struggled since the start, has extended its gain to 0.4% while the biotech group has turned positive after showing early weakness.

To be fair, the broad-based advance has taken place amid light volume with only 200 million shares having changed hands at the NYSE floor so far. This is noteworthy because thin trading conditions are conducive to moves that could be categorized as 'outsized.'

10:35 am: [BRIEFING.COM]

The dollar has been trading lower all session, with no recent trend strength ahead of tomorrow's US employment and sales data
Overall weakness in the index is giving support to oil, precious metals and copper
After falling from highs near 94.4, the dollar index is now -0.4% to 94.81
Crude oil was positive all session, driven largely by sentiment ahead of the release of EIA weekly inventory data mid-morning.
Headlines from OPEC, that suggested the cartel expects over-supply easing over the coming quarters also drive early price action.
Upon release of the EIA data, crude spiked to new highs and is now +2.2% to $61.45/barrel
July copper is trading moderately positive, lifting in overnight trade on headlines suggesting China is taking measures to stabilize economic growth.
In combination with a weak dollar, copper is currently +1.2% to $2.75/lb
Natural gas continued its upward momentum in early trade, but has progressively given up a good portion of those gains to trade +0.8% at $2.87/MMBtu
August gold is +0.8% to $1187.50/oz and July silver is currently +0.3% to $16.00/oz

9:55 am: [BRIEFING.COM] Equity indices have added to their gains with the S&P 500 now up 0.7%.

The benchmark index finds itself about eight points above its 100-day moving average (2,086) after overtaking that level during the opening minutes of the session. However, it is worth mentioning that early trading volume has been relatively light with fewer than 95 million shares having changed hands at the NYSE through the first 25 minutes of the trading day.

All ten sectors remain in the green with most groups trading ahead of the broader market while the health care sector (+0.2%) represents the only laggard of note at this time. Biotechnology has contributed to the underperformance with iShares Nasdaq Biotechnology ETF (IBB 359.12, -1.52) down 0.4%.

9:40 am: [BRIEFING.COM] As expected, the major averages began the day with gains. The S&P 500 trades higher by 0.6% with all ten sectors trading in the green.

The early jump has sent the benchmark index back above its 100-day moving average (2,085) with the energy sector (+1.1%) pacing the move. The growth-sensitive sector leads amid strength in crude oil that has pushed the energy component up 2.2% to $61.44/bbl.

Elsewhere, four of the remaining five cyclical sectors trade ahead of the broader market while industrials (+0.4%) trade just behind amid relative weakness in transport stocks, evidenced by a 0.2% gain in the Dow Jones Transportation Average.

Treasuries have climbed off their lows, but they remain firmly in the red with the 10-yr yield up three basis points at 2.46%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +14.60. The stock market is on track for a higher open as futures on the S&P 500 trade eight points above fair value after climbing off their lows at the start of the European session. However, the early strength is not the result of progress on the Greek front as the country remains at odds with its creditors. That being said, European equities hold solid gains while regional bonds have retreated with Germany's 10-yr bund yield climbing four basis points to test the 1.00% level for the first time since October.

Similarly, U.S. Treasuries hover in the red with the benchmark yield up three basis points at 2.47%.

This morning has been very quiet on the economic front with data limited to the weekly MBA Mortgage Index, which spiked 8.4% to follow last week's 7.6% drop. One more data point remains with the Treasury Budget for May (Briefing.com consensus -$85.00 billion) set to cross the wires at 14:00 ET.

Meanwhile, corporate developments have also been limited with no noteworthy earnings coming in since yesterday's closing bell. Still, HCC Insurance Holdings (HCC 77.09, +20.39) has surged 36.0% after agreeing to be acquired by Tokio Marine Holdings for $78/share or $7.50 billion, representing a 37.6% premium to yesterday's closing price.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +12.40. The S&P 500 futures trade six points above fair value.

Markets in the Asia-Pacific region were mixed on Wednesday with most of the strength found in the regional markets, which bounced back from selling pressure on Tuesday. Both the Nikkei (-0.3%) and the Shanghai Composite (-0.2%) lost ground. After much anticipation, reports indicated that MSCI announced it is delaying the inclusion of China's 'A' shares in the Emerging Markets Index.

In economic data:
Japan's April Core Machinery Orders +3.8% month-over-month (expected -2.0%; prior +2.9%); +3.0% year-over-year (expected -1.3%; prior +2.6%). Separately, May CGPI +0.3% month-over-month (expected +0.2%; prior +0.1%); -2.1% year-over (expected -2.2%; prior -2.1%)
South Korea's May Unemployment Rate 3.9% (expected 3.7%; prior 3.7%) and June M2 Money Supply +9.3% (prior +9.0%)
Australia's June Westpac Consumer Sentiment 95.3 (prior 102.4)

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Japan's Nikkei declined 0.3% after dropping 1.0% in the final two hours of trading. A strengthening yen and weakness in the technology (-1.1%), basic materials (-0.8%), and industrial (-0.7%) sectors weighed on matters. Hino Motors (-4.3%), Nissan Chemical Industries (-4.2%), and Aeon Co (-3.1%) led the decliners while Mitsui Mining and Smelting (+5.6%) and Mitsubishi Materials Corp (+3.9%) sat atop the list of winners. Out of the 225 index members, 70 ended higher, 144 finished lower, and 11 were unchanged.
Hong Kong's Hang Seng declined 1.1% after dropping 1.5% in the final two hours of trading. Losses were led by the energy (-2.2%), communications (-1.2%), industrial (-1.1%), and financial (-1.0%) sectors. China Shenhua Energy (-3.9%), Bank of Communications (-3.4%), and China Petroleum & Chemical (-3.2%) were the biggest losers. China Merchants Holdings Intl. (+3.7%) was the best-performing issue. Out of the 50 index members, 10 ended higher and 40 finished lower.
China's Shanghai Composite declined 0.2%, finishing up nicely from an early 2.2% drop after MSCI announced it is delaying the inclusion of 'A' shares in the emerging markets index. The Composite was actually up 1.0% for the day, but slipped into negative territory with a final hour selloff. There was added news that PBOC economists cut the 2015 growth outlook to 7.0% from 7.1%. The energy (-1.4%) and financial (-0.5%) sectors were among the weakest links in the Chinese market on Wednesday.

Major European indices trade higher across the board with Italy's MIB (+1.4%) in the lead. Elsewhere, a senior member of Germany's CDU party, Michael Fuchs, said the offer that has been presented to Greece is non-negotiable and that proposals brought forth by Greek officials are not serious. Germany's 10-yr bunds have retreated, pushing their yield up nearly five basis points to 1.00%.

Investors received several data points:
UK's April Industrial Production +0.4% month-over-month (expected 0.1%; prior 0.6%); +1.2% year-over-year (consensus 0.6%; last 1.1%). Separately, Manufacturing Production -0.4% month-over-month (expected 0.1%; prior 0.4%); +0.2% year-over-year (consensus 0.4%; last 1.2%)
France's April Industrial Production -0.9% month-over-month (consensus 0.4%; last -0.3%) while the April Current Account swung from a deficit of EUR1.40 billion to a surplus of EUR400 million (expected deficit of EUR1.20 billion)
Italy's April Industrial Production -0.3% month-over-month (expected 0.2%; last 0.5%); +0.1% year-over-year (consensus 0.8%; prior 1.4%)

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UK's FTSE is higher by 0.4% with consumer names and miners in the lead. Anglo American, BHP Billiton, and Rio Tinto are up between 2.1% and 3.0% while Associated British Foods, Tesco, WM Morrison Supermarkets, and Sainsbury hold gains between 2.2% and 4.8%. On the downside, Weir Group is the weakest component, down 2.3%.
In France, the CAC trades up 0.6% with Solvay in the lead. The chemical manufacturer has jumped 4.7% in reaction to upbeat guidance. Other growth-sensitive names have also shown strength with Michelin, Total, and Alstom up between 1.2% and 2.3%.
Germany's DAX has climbed 1.0% with all 30 names trading in the green. Basic materials are in the lead with BASF, HeidelbergCement, ThyssenKrupp, and Lanxess showing gains between 2.1% and 3.2%. Infineon Technologies is the weakest component, but the tech stock is still higher by 0.5%.
Italy's MIB outperforms with a gain of 1.4% as financials lead the advance. Intesa Sanpaolo, UBI Banca, Banca di Milano Scarl, and Unicredit are up between 1.8% and 2.9%.

8:28 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +16.70. U.S. equity futures remain not far below their highs with S&P 500 futures holding an eight-point gain against fair value.

Yesterday, the benchmark index tried, but could not climb above its 100-day moving average (2,085), ending the day roughly five points below that mark. Given the current indication, the S&P 500 will get a chance to make an early run at its 100-day average after registering two consecutive settlements below that level since late October.

Elsewhere, Treasuries remain not far above their lows with the 10-yr yield up three basis points at 2.47%.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: +7.60. Nasdaq futures vs fair value: +19.30. U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures trade eight points above fair value after climbing off their lows at the start of the European session.

Similar to U.S. futures, European indices trade on their highs even though nothing has changed between Greece and its creditors. Meanwhile, Germany's 10-yr bund has retreated, sending its yield higher by five basis points to 1.01%.

Domestically, the U.S. 10-yr note also trades in the red with its yield up four basis points at 2.48%.

The weekly MBA Mortgage Index spiked 8.4% to follow last week's 7.6% drop.

The Treasury Budget for May (Briefing.com consensus -$85.00 billion) will cross the wires at 14:00 ET.

In U.S. corporate news of note:

Exelon (EXC 33.75, +0.64): +1.9% after the Delaware Public Service Commission approved the company's merger with Pepco Holdings (POM 26.76, 0.00).
HCC Insurance Holdings (HCC 76.99, +20.30): +35.8% after agreeing to be acquired by Tokio Marine Holdings for $78/share or $7.50 billion.
Newmont Mining (NEM 24.05, -0.36): -1.5% after pricing a 29-million share offering of its common stock, resulting in gross proceeds of about $682 million.

Reviewing overnight developments:

Asian markets ended mostly higher, but China's Shanghai Composite (-0.2%), Japan's Nikkei (-0.3%), and Hong Kong's Hang Seng (-1.1%) registered losses.
In economic data:
Japan's April Core Machinery Orders +3.8% month-over-month (expected -2.0%; prior +2.9%); +3.0% year-over-year (expected -1.3%; prior +2.6%). Separately, May CGPI +0.3% month-over-month (expected +0.2%; prior +0.1%); -2.1% year-over (expected -2.2%; prior -2.1%)
South Korea's May Unemployment Rate 3.9% (expected 3.7%; prior 3.7%) and June M2 Money Supply +9.3% (prior +9.0%)
Australia's June Westpac Consumer Sentiment 95.3 (prior 102.4)
In news:
Despite recent reports to the contrary, MSCI elected to delay the inclusion of China's 'A' shares in the Emerging Markets Index

Major European indices trade higher across the board. UK's FTSE +0.4%, France's CAC +0.8%, and Germany's DAX +1.1%. Elsewhere, Spain's IBEX +0.5% and Italy's MIB +1.6%
Investors received several data points:
UK's April Industrial Production +0.4% month-over-month (expected 0.1%; prior 0.6%); +1.2% year-over-year (consensus 0.6%; last 1.1%). Separately, Manufacturing Production -0.4% month-over-month (expected 0.1%; prior 0.4%); +0.2% year-over-year (consensus 0.4%; last 1.2%)
France's April Industrial Production -0.9% month-over-month (consensus 0.4%; last -0.3%) while the April Current Account swung from a deficit of EUR1.40 billion to a surplus of EUR400 million (expected deficit of EUR1.20 billion)
Italy's April Industrial Production -0.3% month-over-month (expected 0.2%; last 0.5%); +0.1% year-over-year (consensus 0.8%; prior 1.4%)
Among news of note:
A senior member of Germany's CDU party, Michael Fuchs, said the offer that has been presented to Greece is non-negotiable and that proposals brought forth by Greek officials are not serious

5:46 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +20.80.

5:46 am: [BRIEFING.COM] Nikkei...20046.36...-49.90...-0.30%. Hang Seng...26687.64...-301.90...-1.10%.

5:46 am: [BRIEFING.COM] FTSE...6774.99...+21.20...+0.30%. DAX...11023.99...+22.70...+0.20%.

Bloomberg @ http://www.bloomberg.com/news/articles/ ... n-20-years

A deer in headlights is stuck in place and too overwhelmed to act. So too are stock investors as they await action from the Federal Reserve.

The attached chart shows that the Standard & Poor’s 500 Index this year is trading in the smallest range since at least 1995, with the 2015 low only 6.5 percent below its year-to-date high. The same is true for individual companies in the benchmark gauge. Stocks in the S&P 500 have moved in an average range of 18 percent from highs to lows, also the narrowest in two decades.

Attachment:
061015-S-P-500-Smallest-Range-20-Years.png
061015-S-P-500-Smallest-Range-20-Years.png [ 347.23 KiB | Viewed 318 times ]

S&P 500 Narrow Range Charts

The S&P 500 has climbed just 1.8 percent in 2015 after double-digit surges in each of the last three years, as investors try to interpret signs of economic growth. To some money managers, improving data will translate to more earnings growth, while others see it catalyzing a series of Fed rate hikes that may lessen the appeal of stocks.

“It signifies the uncertainty that’s still out there,” Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania, said by phone. “You have a lot of contrasting things going on that have led you to a lackadaisical market that lacks direction and is stuck in a range.”

The S&P 500 rose 0.7 percent to 2,094.44 at 9:50 a.m. in New York, about 1.7 percent from a record reached May 21. The index hasn’t had a 10 percent decline since October 2011, the longest stretch without a drop of that magnitude since a 55-month period ending in October 2007.
Tight Trading

While the market has remained resilient, it has also stayed in a narrow track. The benchmark index is just 5 points below its average price for the past 100 days. The S&P 500 ended last week down 0.7 percent, marking its sixth straight week with a move of less than 1 percent, the longest stretch of calm since May 1994.

Investors have paused after sorting through data that keeps them guessing about the economy. While gross domestic product in the U.S. shrank at a 0.7 percent annualized rate in the first quarter, jobs data for May showed the strongest hiring in five months and the biggest wage gains in two years.

The Fed and stock investors alike may get further clarity on the state of the U.S. economy this week, with consumer sentiment and retail sales data due for release.

Investor sentiment has also been dictated by corporate earnings and global headlines, according to JC O’Hara of FBN Securities Inc. Seventy percent of S&P 500 companies beat profit expectations for the first quarter, while 47 percent exceeded sales estimates, Bloomberg data show.
Greece, Oil

Money managers are awaiting progress in Greece’s debt talks with just three weeks to go before the country’s financial safety net expires. At the same time, investors have had to contend with a bond selloff and the dollar’s strongest level since 2002 versus the yen.

“Earnings have done just enough to keep the bulls interested, but global macro events have provided enough ammo to keep the bears prevalent,” O’Hara, the New York-based chief market technician at FBN Securities, wrote in a client note Tuesday. Stocks are in a range that’s “extremely narrow,” he said.

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

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

http://www.thestrategylab.com
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