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 Post subject: June 15th Monday Trade Results - Loss $2437.50
PostPosted: Tue Jun 16, 2015 4:37 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 @ ($2,437.50) dollars or -48.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Loss @ ($2,437.50 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=2099

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 began the new trading week on a cautious note with the S&P 500 sliding below its 100-day moving average (2,089). The benchmark index lost 0.5% and registered its second consecutive decline.

Equities notched their session lows during the opening hour after Sunday's talks between Greek officials and the country's creditors broke down without any progress. This left the situation essentially unchanged since last week with the two sides remaining at odds over cuts to state pensions/wages and the appropriate VAT levels.

The lack of progress between the two sides fueled the opening retreat, but the S&P 500 was able to cut its loss in half by midday. Equities held near their afternoon levels after Germany's Suddeutsche Zeitung reported that Eurozone officials have agreed on a plan B in the event Greece is unable to come to terms with its creditors. According to the report, a special summit will be held on Friday night if this week passes without a deal. Furthermore, it is expected that capital controls will be imposed, but enforcement of those measures would be in the hands of the Greek parliament.

For the second day in a row, the lack of progress led to a widening in European yield spreads with demand for German bunds driving their yield down a basis point to 0.82% while Italy's 10-yr yield jumped 11 basis points to 2.33%. Similarly, Spain's 10-yr yield increased ten basis points to 2.38% as European investors showed safe-haven demand.

That safe-have demand kept Treasuries in the green throughout the day. The 10-yr note settled below its high, but still ended in the green with its yield down four basis points at 2.36%.

Nine of ten sectors registered losses with the top-weighted technology space (-0.6%) struggling throughout the day. The sector was pressured by some of its largest components like Microsoft (MSFT 45.48, -0.49), Oracle (ORCL 43.74, -0.60), and Facebook (FB 80.71, -0.82) while high-beta chipmakers fared relatively well even though the PHLX Semiconductor Index shed 0.2%. Micron (MU 24.24, -0.89) and SanDisk (SNDK 64.18, -1.92) kept the index near the broader market after both names were downgraded at Morgan Stanley. Micron lost 3.5% while SanDisk surrendered 2.9%.

Elsewhere, industrials (-0.8%) and materials (-0.7%) underperformed while the remaining cyclical sectors ended near the broader market. Notably, the consumer discretionary space (-0.5%) settled in-line with the S&P 500, which masked relative strength among homebuilders. The iShares Dow Jones US Home Construction ETF (ITB 26.94, +0.04) added 0.2% after Standard Pacific (SPF 8.82, +0.46) and Ryland Group (RYL 45.02, +2.23) agreed to a merger of equals.

Meanwhile, the countercyclical side looked a little better with the health care sector (+0.03%) eking out a slim gain. Similarly, the utilities sector (-0.2%) finished ahead of the broader market while telecom services (-0.6%) and consumer staples (-0.7%) underperformed.

Today's trading volume was below average with roughly 715 million shares changing hands at the NYSE floor.

Economic data included Empire Manufacturing, Industrial Production/Capacity Utilization, and NAHB Housing Market Index:

The Empire Manufacturing Survey for June registered a reading of -2.0, which was below the prior month's reading of 3.1 and below the Briefing.com consensus estimate, which was pegged at 6.0
Industrial production decreased 0.2% in May after declining a downwardly revised 0.5% (from -0.3%) in April while the Briefing.com consensus expected an increase of 0.3%
Manufacturing production declined 0.2% in May after increasing 0.1% in April, which was the first decline since a 0.2% drop in February
Capacity utilization hit 78.1% while the Briefing.com consensus expected a reading of 78.3%
The NAHB Housing Market Index for June rose to 59 from 54 while the Briefing.com consensus expected an increase to 56

Tomorrow, May Housing Starts (Briefing.com consensus 1.10 million) and Building Permits (consensus 1.10 million) will both be released at 8:30 ET.

Nasdaq Composite +6.2% YTD
Russell 2000 +4.8% YTD
S&P 500 +1.2% YTD
Dow Jones Industrial Average -0.2% YTD

3:15 pm: [BRIEFING.COM]

The dollar saw broad weakening after a mid-morning high near 95.4, which gave commodities broad support going into the close
The index has sold off in most recent trade, and is now slightly negative at -0.2% to 94.8
Crude has traded red all session, as OPEC production concerns outweighed a weakening dollar amidst a lack of positive catalysts. The July contract closed -0.6% to $59.55/barrel
Natural gas strength went unchallenged throughout the afternoon, as the commodity extended large morning gains.
Supply concerns emanating from a developing storm in the Gulf Coast, in addition to periphal drivers that included warmer weather forecasts in the Eastern US, drove Nat gas to close up 5.1% to $2.89/MMBtu
Precious metals lifted off the flat line in mid-morning trade, and supported by a falling dollar index closed modestly positive.
August gold closed +0.5% at $1185.60/oz and July silver ended +1.5% to $16.08/oz
Copper saw no positive lift from a weakening dollar, as sentiment remained focused on recent negative macro-econ data trends out of China. Copper closed -1.1% to $2.65/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the Monday session. The benchmark index began the day with a 22-point loss, but was able to narrow that decline to eight points two hours after the start of the session. Since then, the S&P 500 has traded in a four-point range.

Nine sectors continue holding losses while health care (+0.1%) has turned positive. Also of note, the consumer discretionary space (-0.4%) trades near the S&P 500, but that masks relative strength among homebuilders following today's better than expected NAHB Housing Market Index (59; Briefing.com consensus 56). Furthermore, Standard Pacific (SPF 8.86, +0.51) and Ryland Group (RYL 45.12, +2.33) have agreed to a merger of equals. The two names hold respective gains of 6.1% and 5.5% while the broader iShares Dow Jones US Home Construction ETF (ITB 26.99, +0.09) has added 0.3%.

2:25 pm: [BRIEFING.COM] The S&P 500 (-0.4%) remains in the middle of its trading range and about two points below its 100-day moving average (2,088).

During the past hour, Germany's Suddeutsche Zeitung reported that Eurozone officials have agreed on a plan B in the event Greece is unable to come to terms with creditors. According to the report, a special summit will be held on Friday night if this week passes without a deal. Furthermore, it is expected that capital controls will be imposed, but enforcement of those measures would be in the hands of the Greek parliament.

The news was met with a small downtick in the euro that saw the single currency retreat about 20 pips against the dollar to 1.1270. Meanwhile, U.S. Treasuries essentially held their ground with the 10-yr yield remaining at 2.37% (-3 bps).

1:55 pm: [BRIEFING.COM] The major averages remain near their recent levels.

The bad news from the manufacturing sector kept coming as the May industrial production remained negative.

Industrial production decreased 0.2% in May after declining a downwardly revised 0.5% (from -0.3%) in April. The Briefing.com Consensus expected industrial production to increase 0.3%.

Industrial production has not increased on a month-to-month basis since November 2014.

Manufacturing production declined 0.2% in May after increasing 0.1% in April. That was the first decline in manufacturing output since a 0.2% drop in February.

The decline in production matched the downbeat regional Federal Reserve manufacturing surveys.

The pullback in manufacturing would have been much larger if not for a continued surge in motor vehicles and parts production. Production from the auto industry rose 1.7% in May after increasing 2.0% in April.

Excluding motor vehicles, manufacturing production declined 0.3% in May after being flat in April.

1:30 pm: [BRIEFING.COM] The major indices have sold off slightly since our last update and remain under pressure to start the week.

A look inside the Dow Jones Industrial Average shows United Technologies (UTX 149.89, -2.71), 3M (MMM 156.11, -1.93), and Microsoft (MSFT 45.50, -0.47) are underperforming. United Technologies is the worst-performing Dow component after the company confirmed it will pursue a separation of its Sikorsky helicopter unit. United Technologies expects to arrive at a decision on whether to spin off or sell the unit by the end of the third quarter. In addition, the company revised its FY15 guidance lower.

Conversely, Intel (INTC 31.47, +0.15) is the best-performing Dow component as the name reverses from a multi-session downtrend.

With today's decline, the DJIA is now down 1.3% for the month of June.

12:50 pm: [BRIEFING.COM] The major averages hover in the red at midday with the S&P 500 (-0.4%) trading behind the Dow (-0.6%) and Nasdaq Composite (-0.5%).

Equity indices stumbled out of the gate after Sunday's talks between Greek officials and the country's creditors broke down after just 45 minutes, leaving the situation essentially unchanged since last Friday. The two sides remain at odds with cuts to state pensions/wages and VAT levels on electricity among the main points of contention. Given the lack of progress, the focus now shifts to this week's Eurogroup meeting, which is scheduled to begin on Thursday.

The cautious posture has given a boost to the bond market, sending the benchmark 10-yr yield lower by four basis points to 2.36%. Meanwhile, the S&P 500 has slid below its 100-day moving average (2,089) at the start with all ten sectors driving the decline.

Notably, the top-weighted technology sector (-0.8%) is the weakest performer of the day with large cap components responsible for the weakness while high-beta chipmakers have shown relative strength. The PHLX Semiconductor Index has narrowed its loss to 0.3% even though Micron (MU 24.09, -1.04) trades lower by 4.1% after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal-Weight.'

Similar to technology, industrials (-0.7%) and materials (-0.5%) trail the broader market while the remaining cyclical groups hold slimmer losses. For instance, the energy sector (-0.1%) has made a brief appearance in the green, but is back in negative territory as crude oil trades lower by 0.8% at $59.46/bbl after being down near 2.0% overnight.

Over on the countercyclical side, consumer staples (-0.5%) and telecom services (-0.5%) trade near the broader market while utilities (-0.1%) and health care (-0.1%) outperform.

Economic data included Empire Manufacturing, Industrial Production/Capacity Utilization, and NAHB Housing Market Index:

The Empire Manufacturing Survey for June registered a reading of -2.0, which was below the prior month's reading of 3.1 and below the Briefing.com consensus estimate, which was pegged at 6.0
Industrial production decreased 0.2% in May after declining a downwardly revised 0.5% (from -0.3%) in April while the Briefing.com consensus expected an increase of 0.3%
Manufacturing production declined 0.2% in May after increasing 0.1% in April, which was the first decline since a 0.2% drop in February
Capacity utilization hit 78.1% while the Briefing.com consensus expected a reading of 78.3%
The NAHB Housing Market Index for June rose to 59 from 54 while the Briefing.com consensus expected an increase to 56

12:25 pm: [BRIEFING.COM] Not much change in the market with the major averages trading near their recent levels. The S&P 500 remains lower by 0.4% while the Nasdaq (-0.5%) underperforms.

Today's relative weakness in the Nasdaq comes amid losses in large cap tech sector (-0.7%) components while biotechnology trades a bit ahead of the broader market with iShares Nasdaq Biotechnology ETF (IBB 362.74, -1.16) trading lower by 0.3%. Furthermore, the health care sector (-0.1%) has had an even better showing.

Similar to health care, the utilities sector (-0.1%) outperforms while the other two countercyclical groups-consumer staples (-0.5%) and telecom services (-0.5%)-trade behind the broader market.
Related Quotes

11:55 am: [BRIEFING.COM] The major averages remain in the middle of their trading ranges with the S&P 500 (-0.4%) hovering about three points below its 100-day moving average (2,088) after sliding below that level at the start of the session.

The benchmark index has traded in the neighborhood of its 100-day average since the start of last week after that area served as support since the start of the year.

Today's weakest sector-technology-has narrowed its decline to 0.6% while the leading sector-energy-hovers just above its flat line.

Elsewhere, Treasuries have slipped from their highs, returning to their overnight levels with the 10-yr yield down five basis points at 2.35%.

11:25 am: [BRIEFING.COM] Recent action saw the major averages cut their losses in half. The S&P 500 remains lower by 0.6% while the Dow (-0.7%) and Nasdaq (-0.7%) trade right behind.

The key indices have been able to trim their losses with the energy sector (unch) leading the rebound. The group has climbed above its flat line while crude oil remains lower by 0.7% at $59.55/bbl. That being said, the energy component has recovered off its low after being down 2.0% at the start of the session.

Similar to energy, the utilities sector (unch) hovers near its flat line while the remaining eight groups display larger losses.

10:55 am: [BRIEFING.COM] Equity indices have ticked up off their lows, but they continue holding the bulk of their losses with the S&P 500 (-0.8%) trading about five points above its worst level of the session.

Sector standing has not changed much with technology (-1.1%) remaining behind the other nine groups. The top-weighted sector has been pressured by large cap components like Google (GOOGL 539.67, -7.80), IBM (IBM 164.83, -2.16), and Microsoft (MSFT 45.26, -0.71) while high-beta chipmakers trade just ahead of the sector. The PHLX Semiconductor Index is lower by 0.8%, trading in-line with the S&P 500.

Elsewhere, the industrial sector (-0.9%) also lags while the remaining four cyclical groups trade in-line with or ahead of the benchmark index.

Also of note, Treasuries have slid from their highs with the 10-yr yield narrowing its decline to five basis points at 2.35%.

10:40 am: [BRIEFING.COM]

The dollar has been trading higher this session, putting moderate selling pressure on crude, gold and copper.
The index has seen fluctuation above the unchanged mark, amidst Greek macro-economic headlines and the release of US manufacturing data in earlier trade.
The dollar is now +0.1% to 95.09
Crude has sold off all morning, as the market has focused on over-supply headlines emanating from continued record OPEC production
July WTI has modestly rallied from lows near $58.70 to now trade -0.9% at $59.43/barrel
Natural gas has been trending strongly higher, and has recorded impressive gains so far this morning.
Under supply-concerns, trending from current thunderstorms in the South-Central Gulf of Mexico are the primary catalysts for today's positive move.
Nat gas is now +4.6% to $2.86/MMBtu
Gold has fluctuated broadly around the flat line, largely on inverse movements with the dollar. Silver is trading apart from gold and is now positive despite a stronger dollar
August gold is +0.2% to $1181.90/oz while July silver is +1.2% to $16.02/oz
Copper has traded in the red all day, as negative macro-economic headlines out of Europe, in combination with perceived Chinese economic weakness are pushing the commodity lower. July copper is now -1.4% to $2.64/lb

10:00 am: [BRIEFING.COM] The S&P 500 remains lower by 0.9%.

The just-released NAHB Housing Market Index for June rose to 59 from 54 while the Briefing.com consensus expected an increase to 56.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day in the red. The S&P trades lower by 0.8% with all ten sectors showing early losses.

The top-weighted technology sector (-1.1%) opened the session behind the remaining nine groups while industrials (-1.0%), financials (-0.9%), and materials (-0.8%) follow not far behind. Conversely, only four sectors-energy (-0.7%), consumer staples (-0.6%), utilities (-0.2%), and telecom services (-0.5%)-trade ahead of the broader market.

Elsewhere, Treasuries remain near their recently-established highs with the benchmark 10-yr yield down eight basis points at 2.32%.

The NAHB Housing Market Index for June (expected 56) will be released at 10:00 ET.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: -14.20. Nasdaq futures vs fair value: -31.10. The stock market is on track for a lower open as futures on the S&P 500 trade 14 points below fair value. Index futures have spent the entire night in negative territory, sliding to lows not long ago after Sunday's talks between Greek officials and the country's creditors broke down during the opening hour, leaving the situation essentially unchanged since last Friday. Cuts to pensions/wages and VAT levels on electricity are reportedly among the main points of contention with the focus now shifting to the Eurogroup meeting on June 18.

Safe-haven demand has boosted U.S. Treasuries, pressuring the benchmark 10-yr yield eight basis points to 2.32%.

On the economic front, the just released Industrial Production report pointed to a decrease of 0.2% in May, which was worse than the 0.3% increase expected by the Briefing.com consensus. Separately, capacity utilization hit 78.1% while the Briefing.com consensus expected a reading of 78.3%.

The NAHB Housing Market Index for June (expected 56) will be released at 10:00 ET.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -14.00. Nasdaq futures vs fair value: -25.90. The S&P 500 futures trade 14 points below fair value.

The new week started with broad-based losses for markets in the Asia-Pacific region. The weakness was attributed in part to concerns surrounding Greece and Wall Street's weak showing on Friday. An added drag on trading sentiment was the news that China's securities regulator imposed new rules that limit the size of margin trading. China's Shanghai Composite declined 2.0%.

In economic data:
South Korea's May Trade Balance KRW 6.30 bln (expected KRW 6.30 bln; prior KRW 6.30 bln) as Exports -10.9% year-over-year (prior -10.9%) and Imports -15.4% year-over-year (prior -15.3%)
Singapore's Q1 Unemployment Rate 1.8% (expected 1.8%; prior 1.8%) and Retail Sales +0.8% month-over-month (expected +1.2%; prior +1.1%); +5.0% year-over-year (expected +6.0%; prior +2.1%)
India's May WPI Inflation -2.36% year-over-year (expected -2.50%; prior -2.65%) as WPI Food Inflation +3.80% (prior +5.70%) and WPI Fuel Inflation -10.51% (prior -13.0%)

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Japan's Nikkei declined 0.1%, weighed down by weakness in the technology (-1.0%), energy (-0.9%), and basic materials (-0.7%) sectors. SCREEN Holdings (-2.3%), Mitsui Mining & Smelting (-2.2%), and Toho Zinc (-2.1%) led declining issues. Nichirei (+7.0%) and Tokyo Fudosan Holdings (+3.2%) paced the winners. Out of the 225 index members, 93 ended higher, 128 finished lower, and 4 were unchanged.
Hong Kong's Hang Seng declined 1.5% and finished at its lows for the day. All sectors finished lower, yet the largest negative influences were the financial (-1.6%) and communications (-1.4%) sectors. Belle International Holdings (-6.8%), Bank of Communications (-3.6%), and Ping An Insurance (-3.1%) were the worst-performing issues. Cathay Pacific Airways (+1.8%), China Resources Power Holdings (+1.6%), and Hang Seng Bank (+0.1%) were the only stocks out of the 50 index members that ended higher.
China's Shanghai Composite dropped 2.0% as the specter of new share listings at the end of the week and new margin trading restrictions imposed by the country's securities regulator cooled off the market, which had risen 12.1% over the last two weeks. Weakness was seen in all areas of the Chinese market on Monday. The technology sector (-7.1%) was the biggest laggard in the CSI 300 Index.

Major European indices trade lower across the board after Sunday's talks between Greek officials and the country's creditors broke down during the opening hour, leaving the situation unchanged since last Friday. Cuts to pensions/wages and VAT levels on electricity are reportedly among the main points of contention.

In economic data:
Eurozone trade surplus expanded to EUR24.90 billion from EUR23.40 billion (expected surplus of EUR22.50 billion)
Italy's May CPI +0.1% month-over-month (expected 0.2%; prior 0.1%); +0.1% year-over-year (consensus 0.2%; last 0.1%)
Swiss May PPI -0.8% month-over-month (expected 0.1%; last -2.1%); -6.0% year-over-year (consensus -5.1%; prior -5.2%). Separately, April Retail Sales +1.6% year-over-year (consensus -2.2%; last -2.8%)

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UK's FTSE is lower by 0.9% with financials and homebuilders under pressure. Barratt Developments, Persimmon, Standard Chartered, Hargreaves Lansdown, and Royal Bank of Scotland are down between 2.2% and 3.2%. Consumer names outperform with Sky and Tesco trading higher by 0.6% and 0.2%, respectively.
France's CAC has given up 1.7% amid broad weakness. Financials BNP Paribas, Credit Agricole, and Societe Generale lead the slide with losses between 2.8% and 3.1%. Exporters Peugeot and Renault also lag with losses close to 3.0% apiece.
Germany's DAX has slumped 2.0% with Commerzbank and Deutsche Bank both down near 3.0%. On the upside, Henkel is the lone advancer, up 0.1%.
Italy's MIB has slid 2.3%. Bank shares lead the retreat with BMPS, Banco Popolare, UBI Banca, Unicredit, and Intesa Sanpaolo down between 3.7% and 4.8%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -10.50. Nasdaq futures vs fair value: -21.20. The S&P 500 futures trade 11 points below fair value.

The Empire Manufacturing Survey for June registered a reading of -2.0, which was below the prior month's reading of 3.1 and below the Briefing.com consensus estimate, which was pegged at 6.0.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -21.50. U.S. equity futures trade near their pre-market lows amid cautious action overseas. The S&P 500 futures hover 12 points below fair value with the weakness brought on by the continued lack of progress between Greece and its creditors. With no new developments over the weekend, the focus now shifts to the Eurogroup meeting on June 18.

U.S. Treasuries hold gains with the 10-yr yield down four basis points at 2.35%.

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

In U.S. corporate news of note:

CVS Health (CVS 102.65, +0.43): +0.4% after agreeing to acquire Target's (TGT 79.47, 0.00) pharmacies and clinics for $1.90 billion.
Micron (MU 24.35, -0.78): -3.1% after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal-Weight.'

Reviewing overnight developments:

Asian markets ended lower. Japan's Nikkei -0.1%, Hong Kong's Hang Seng -1.5%, and China's Shanghai Composite -2.0%
In economic data:
South Korea's May Trade Balance KRW 6.30 bln (expected KRW 6.30 bln; prior KRW 6.30 bln) as Exports -10.9% year-over-year (prior -10.9%) and Imports -15.4% year-over-year (prior -15.3%)
Singapore's Q1 Unemployment Rate 1.8% (expected 1.8%; prior 1.8%) and Retail Sales +0.8% month-over-month (expected +1.2%; prior +1.1%); +5.0% year-over-year (expected +6.0%; prior +2.1%)
India's May WPI Inflation -2.36% year-over-year (expected -2.50%; prior -2.65%) as WPI Food Inflation +3.80% (prior +5.70%) and WPI Fuel Inflation -10.51% (prior -13.0%)
In news:
China's government could merge five State Owned Enterprises in the basic materials sector into two or three entities in order to help ease overcapacity, according to press reports

Major European indices trade lower across the board. Germany's DAX -1.8%, France's CAC -1.6%, and UK's FTSE -1.0%. Elsewhere, Italy's MIB -2.4% and Spain's IBEX -1.9%
In economic data:
Eurozone trade surplus expanded to EUR24.90 billion from EUR23.40 billion (expected surplus of EUR22.50 billion)
Italy's May CPI +0.1% month-over-month (expected 0.2%; prior 0.1%); +0.1% year-over-year (consensus 0.2%; last 0.1%)
Swiss May PPI -0.8% month-over-month (expected 0.1%; last -2.1%); -6.0% year-over-year (consensus -5.1%; prior -5.2%). Separately, April Retail Sales +1.6% year-over-year (consensus -2.2%; last -2.8%)
Among news of note:
Sunday's talks between Greek officials and the country's creditors broke down after just 45 minutes, leaving the situation unchanged since last Friday. Cuts to pensions/wages and VAT levels on electricity are reportedly the main points of contention

5:48 am: [BRIEFING.COM] S&P futures vs fair value: -8.60. Nasdaq futures vs fair value: -17.70.

5:48 am: [BRIEFING.COM] Nikkei...20387.79...-19.30...-0.10%. Hang Seng...26861.81...-418.70...-1.50%.

5:48 am: [BRIEFING.COM] FTSE...6737.85...-47.10...-0.70%. DAX...11061.77...-134.30...-1.20%.

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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