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 Post subject: June 16th Tuesday Trade Results - Profit $4800.00
PostPosted: Wed Jun 17, 2015 3:24 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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 @ ($200.00) dollars or -2.00 points, Emini ES ($ES_F) futures @ $5,000.00 dollars or +100.00 points, Light Crude Oil CL ($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 @ $4,800.00 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=2100

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 Tuesday session on an upbeat note with the S&P 500 adding 0.6%. In addition to posting a solid gain, the benchmark index reclaimed its 100-day moving average (2,089) after settling below that mark on Monday.

Equity indices began the day near their flat lines and rallied throughout the day, unperturbed by the lack of progress between Greece and its creditors. Furthermore, the rhetoric in Athens intensified with Greek Prime Minister Alexis Tsipras saying the International Monetary Fund bears "criminal" responsibility for the current state of the Greek economy. Mr. Tsipras' remarks were made in front of the Greek parliament with the premier adding that another round of elections is not in the cards.

Similar to U.S. equities, European stocks were able to rally despite the lack of positive developments. Meanwhile, Germany's 10-yr bund climbed, sending its yield lower by three basis points to 0.80% while the U.S. 10-yr note also rallied with its yield slipping four basis points to 2.32%.

All ten sectors posted gains with consumer staples (+1.1%) leading the advance. The sector rebounded from yesterday's underperformance amid broad strength while other countercyclical groups ended mixed with respect to the broader market. Similar to consumer staples, the telecom services sector (+0.8%) outperformed while health care (+0.5%) and utilities (+0.4%) settled behind the broader market.

The health care sector ended a bit behind the S&P 500 with biotechnology contributing to the underperformance. Still, the iShares Nasdaq Biotechnology ETF (IBB 364.38, +0.70) added 0.2%.

Moving to the cyclical side, the top-weighted technology sector (+0.6%) outperformed throughout the session while three of the remaining five growth-sensitive groups also displayed relative strength. The energy sector (+0.8%) rallied alongside crude oil, which rose 0.8% to $60.00/bbl.

Also of note, the industrial sector (+0.1%) turned positive during the late afternoon, but still ended behind the remaining nine sectors as transport stocks weighed. The Dow Jones Transportation Average lost 0.3%, extending this week's decline to 0.8%. United Continental (UAL 51.23, -1.02) was the weakest performer, falling 2.0%, while Con-way (CNW 40.30, -0.96) lost 1.6% after peer Oshkosh (OSK 46.71, -3.59) lowered its guidance.

Once again, today's participation was below average with roughly 640 million shares changing hands at the NYSE floor.

Economic data was limited to Housing Starts and Building Permits:

Housing starts declined 11.1% in May to 1.036 million from an upwardly revised 1.165 million (from 1.135 million) in April while the Briefing.com consensus expected a decline to 1.100 million
In April, housing starts rose 22.1%, which was a historic, multi-decade high. It was only natural for housing starts to pull back following such a large increase
Even after the decline, May starts were above Q1 averages (978,000) and in-line with trends from Q4 2014 (1.055 million)
Building permits rose to a seasonally adjusted annualized rate of 1.275 million in May from a revised 1.140 million for April (from 1.143 million) while the Briefing.com consensus expected a decline to 1.100 million

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the latest FOMC policy statement will be released at 14:00 ET.

Nasdaq Composite +6.8% YTD
Russell 2000 +5.4% YTD
S&P 500 +1.8% YTD
Dow Jones Industrial Average +0.5% YTD

3:40 pm: [BRIEFING.COM]

Following a +5% run higher yesterday, natural gas futures ended the day on a dull note
July nat gas futures closed floor trading flat at $2.89/MMBtu
Overall, in the energy space, the tropical storm in the Gulf of Mexico is providing some uncertainty
This helped oil futures today, which rose modestly
July crude oil gained $0.45 at $60.00/barrel
Metals fell today as the dollar index remained higher
Aug gold lost $4.50 to $1181.10/oz, while July silver fell $0.11 at $15.97/oz
July copper declined $0.04 today to $2.61/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with one hour remaining in the session.

Recent action saw the industrial sector (+0.1%) turn positive, which means all ten groups are now in the green. That being said, the sector remains lower by 0.8% for the week, but that is just one of few remaining signs of yesterday's weakness. The materials sector also holds a week-to-date loss (-0.1%) while the remaining eight groups now hold gains for the week.

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

2:25 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 trading higher by 0.6%. The benchmark index has enjoyed a daylong rally with thin trading conditions likely contributing to the magnitude of today's move.

To that point, only 360 million shares have changed hands at the NYSE floor so far today, suggesting the final tally is likely to come in below the 200-day moving average of 780 million. The A/D line continues favoring the bulls with nearly two names trading in the green for each decliner.

On a separate note, Treasuries are on the verge of setting new highs ahead of the pit close with the 10-yr yield down four basis points at 2.32%.

1:55 pm: [BRIEFING.COM] The key indices remain near their best levels of the session.

Despite the disappointing headline, housing construction trends remain firm.

Housing starts declined 11.1% in May to 1.036 mln from an upwardly revised 1.165 mln (from 1.135 mln) in April. The Briefing.com Consensus expected housing starts to decline to 1.100 mln.

In April, housing starts rose 22.1%, which was an historic, multi-decade high. It was only natural for housing starts to pull back following such a large increase.

Even after the decline, May starts were above Q1 averages (978,000) and in-line with trends from Q4 2014 (1.055 mln).

1:35 pm: [BRIEFING.COM] The major indices are effectively unchanged since our last update, sitting marginally under intra-day highs.

A look inside the Dow Jones Industrial Average shows UnitedHealth Group (UNH 121.64, +2.66) Microsoft (MSFT 46.10, +0.63), and Procter & Gamble (PG 79.16, +1.03) are outperforming. UnitedHealth shares are strong today alongside continued strength in the managed care sector amid speculation of consolidation in the industry. Procter & Gamble shares are rallying after a NYPost article suggesting that Coty has won the auction to acquire P&G's beauty product lines for ~$12 bln.

Conversely, Caterpillar (CAT 86.28, -0.85) is the worst-performing Dow component as industrials underperform the broad market rally

For the week, the DJIA is unchanged, and down 0.66% thus far in June

12:55 pm: [BRIEFING.COM] The major averages hold modest midday gains with the S&P 500 trading higher by 0.5%. Thanks to the first-half advance, the benchmark index has reclaimed its 100-day moving average (2,089) while erasing the bulk of yesterday's decline.

In some ways, the strength in equities could be viewed as a surprise considering nothing has changed between Greece and its creditors. The lack of progress boosted Germany's bunds while pressuring the benchmark yield three basis points to 0.80%. Furthermore, the safe-haven demand has spilled over to Treasuries with the 10-yr also lower by three basis points at 2.33%.

Nine sectors hold midday gains with four of six cyclical groups trading in-line with or ahead of the S&P 500. The materials sector (+0.5%) leads the growth-sensitive bunch while heavily-weighted financials (+0.4%), technology (+0.5%), and consumer discretionary (+0.5%) also outperform.

The top-weighted technology sector has spent the first half among the leaders even as chipmakers lag, evidenced by a 0.2% uptick in the PHLX Semiconductor Index.

Elsewhere among cyclical groups, the industrial sector (-0.1%) has not been able to overcome losses among transport stocks. The Dow Jones Transportation Average is down 0.5% today and lower by 1.0% since last week. United Continental (UAL 51.19, -1.06) is the weakest performer, down 2.0%, while three other components are down at least 1.0% apiece.

Meanwhile on the countercyclical side, the consumer staples sector (+0.9%) has charged higher after showing relative weakness yesterday while health care (+0.4%), telecom services (+0.4%), and utilities (+0.4%) trade near the broader market.

Economic data was limited to Housing Starts and Building Permits:

Housing starts declined 11.1% in May to 1.036 million from an upwardly revised 1.165 million (from 1.135 million) in April while the Briefing.com consensus expected a decline to 1.100 million
In April, housing starts rose 22.1%, which was a historic, multi-decade high. It was only natural for housing starts to pull back following such a large increase
Even after the decline, May starts were above Q1 averages (978,000) and in-line with trends from Q4 2014 (1.055 million)
Building permits rose to a seasonally adjusted annualized rate of 1.275 million in May from a revised 1.140 million for April (from 1.143 million) while the Briefing.com consensus expected a decline to 1.100 million

12:25 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 (+0.3%) trading just a point below its best level of the day. The benchmark index began the day just below its flat line, but was able to reclaim its flat line during the opening minutes of the session. The index then made one more brief appearance in the red before lifting to a new session high.

Cyclical sectors have been gathering steam recently, leaving the industrial sector (-0.1%) as the lone underperformer on the growth-sensitive side. Transport stocks continue showing relative weakness with the Dow Jones Transportation Average down 0.5% today and lower by 1.0% so far this week.

Elsewhere, Treasuries have charged back to their session highs with the 10-yr yield now down four basis points at 2.32%.
Related Quotes

11:55 am: [BRIEFING.COM] Equity indices remain near their best levels of the session with the S&P 500 trading higher by 0.3%.

Similar to the benchmark index, five sectors are up near 0.3% apiece while financials (+0.4%) and consumer staples (+0.8%) outperform. The financial sector trades ahead of the remaining cyclical groups while the staples sector outperforms after showing relative weakness yesterday.

Unlike the staples sector, the remaining countercyclical groups trade near the broader market with health care (+0.3%), telecom services (+0.2%), and utilities (+0.3%) holding modest gains.

11:25 am: [BRIEFING.COM] Recent action saw the major averages climb to new session highs. The S&P 500 is now up 0.3% while the Dow Jones Industrial Average (+0.5%) remains in the lead.

The price-weighted Dow leads with 26 of its 30 components holding gains. That being said, only four index members show gains of 1.0% or more with UnitedHealth (UNH 121.03, +2.05) up 1.8%. On the flip side, Caterpillar (CAT 86.50, -0.63) is the weakest Dow member, trading lower by 0.7%.

10:55 am: [BRIEFING.COM] The major averages continue drifting near the middle of their trading ranges with the S&P 500 (+0.1%) holding a four-point gain. Given its current level, the benchmark index hovers just below its 100-day moving average (2,088.71) after spending the initial 90 minutes of today's session near that mark.

Nine sectors hold gains while the industrial space (-0.2%) shows a modest loss due to weakness in transport stocks. The Dow Jones Transportation Average is lower by 0.6% with all but three components showing losses. Con-way (CNW 40.00, -0.97) is the weakest index component, trading lower by 2.4%.

Elsewhere, Treasuries have slipped to their lows, but the 10-yr yield remains down one basis point at 2.35%.

10:35 am: [BRIEFING.COM]

The dollar has traded positive all morning, despite seeing a modest decline from session highs on the release of US home construction data
The index's positive momentum has put pressure on most commodities, with the dollar now +0.3% to 95.12
Energy is trading on headlines regarding a developing tropical storm in the Gulf of Mexico. The tropical storm expected by the US National Hurricane Center to affect the Texas coastline, has dominated WTI and nat gas market sentiment
Crude is trading up on news of the storm, as near term supply-concerns have overtaken longer-term OPEC production statistics. The July contract is currently +0.5% to $59.83/barrel
Nat gas is seeing a pullback from yesterday's large rally, extending session losses in most recent trade.
Headlines from the tropical storm are not currently slowing the commodity's sell-off, as nat gas is near session lows of -1.8% to $2.84/MMBtu
Copper is continuing prior-session sell-offs, as a stronger dollar and lack of positive global growth catalysts are pressing the metal down 1.1% to $2.62/lb so far this morning.
Precious metals are negative on the day, with August gold -0.7% to $1177.00/oz and July silver -1.3% to $15.88/oz

10:00 am: [BRIEFING.COM] Equity indices have ticked down from their early highs, but they remain above their flat lines. The Dow (+0.4%) holds the lead while the Nasdaq Composite (+0.2%) hovers just north of its unchanged level.

The Nasdaq trades a bit behind the S&P 500 (+0.3%) with chipmakers showing relative weakness. The PHLX Semiconductor is lower by 0.2%, but the broader technology sector (+0.2%) trades in-line with the benchmark index.

On the downside, the industrial sector (-0.1%) has joined the utilities sector (-0.1%) in the red.

9:40 am: [BRIEFING.COM] The major averages began the trading day just below their flat lines before turning positive. The Dow, Nasdaq, and S&P 500 are all up near 0.3% in the early going with the S&P 500 returning above its 100-day moving average (2,088).

Nine sectors hold opening gains with consumer staples (+0.6%) and health care (+0.5%) pacing the early strength. Meanwhile, the six cyclical sectors show gains between 0.1% (materials) and 0.3% (financials and technology).

Elsewhere, Treasuries continue holding gains, but they have retreated from their overnight highs. The 10-yr yield is lower by two basis points at 2.34%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -10.30. The stock market is on track for a lower open as futures on the S&P 500 trade four points below fair value.

Although futures remain in negative territory, they are actually trading near their best levels of the night after climbing about seven points off their lows. Those lows were marked at the start of the European session as another trading day began without a Greek deal in sight. To that point, German Chancellor Angela Merkel has conceded that no progress has been made while the rhetoric in Athens has remained fiery with Greek Prime Minister Alexis Tsipras saying the International Monetary Fund bears "criminal" responsibility for the current state of the Greek economy. Mr. Tsipras' remarks were made in front of the Greek parliament with the premier adding that another round of elections is not in the cards.

The cautious posture among investors has translated into gains for Germany's bunds (10-yr yield -4 bps to 0.80%) while U.S. Treasuries have also rallied with the 10-yr yield down three basis points at 2.33%.

For the second day in a row, macroeconomic developments have overshadowed a relatively quiet picture on the corporate front. That being said, Dow component Procter & Gamble (PG 79.50, +1.38) has climbed 1.8% in pre-market after selling its beauty product lines to Coty (COTY 29.50, +3.45), according to the New York Post.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -8.20. The S&P 500 futures trade three points below fair value.

Markets in the Asia-Pacific region were mixed on Tuesday, yet the most closely-watched markets were all lower. Japan, Hong Kong, and China ran into more selling pressure, none more so than China's Shanghai Composite, which dropped another 3.5% on the heels of Monday's 2.0% decline.

In economic data:
Australia's May New Motor Vehicle Sales -1.3% month-over-month (prior -1.5%)
India's May Trade Balance INR 10.41 bln (expected INR -10.00 bln; prior INR 10.99 bln) as Exports hit INR 22.35 bln (prior INR 22.05 bln) and Imports came in at INR 32.75 bln (prior INR 33.05 bln)

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Japan's Nikkei declined 0.6%, finishing near its lows for the session on the back of a weak showing from its financial (-1.3%), technology (-1.0%), and industrial (-0.8%) sectors. Sumitomo Mitsui Trust Holdings (-4.1%), Yokogawa Electric (-3.4%), and Shizuoka Bank (-3.4%) led the decliners while Tokyo Electric Power (+4.2%) and Mitsui Chemicals (+4.2%) led the winners. Out of the 225 index members, 37 ended higher, 181 finished lower, and 7 were unchanged.
Hong Kong's Hang Seng declined 1.1% and ended at its lows for the session. The energy (-2.3%), basic materials (-1.5%), and financial (-0.9%) sectors were among the weakest links. China Resources Land (-3.4%), China Resources Power Holdings (-3.0%), and China Life Insurance (-2.8%) led the laggards. Link REIT (+1.1%) was the only stock to gain more than 1.0%. Out of the 50 index members, 8 ended higher, 39 finished lower, and 3 were unchanged.
China's Shanghai Composite declined 3.5% on the heels of Monday's 2.0% drop. Similar concerns were cited for the weak showing: the oncoming supply of new share listings and a crackdown on margin trading. The industrial (-5.2%), utilities (-4.6%), and basic materials (-4.0%) sectors were the weakest links in the Chinese market on Tuesday. Having lost 5.5% over the first two trading sessions of the week, the Shanghai Composite is still up 51.0% year-to-date.

Major European indices have climbed off their worst levels of the session, but they continue holding slim losses. In news, the European Court of Justice said the European Central Bank's Outright Monetary Transactions program is in-line with EU law and within the central bank's mandate.

Investors received several data points:
Eurozone ZEW Economic Sentiment fell to 53.7 from 61.2 (consensus 60.3)
Germany's June ZEW Economic Sentiment dropped to 31.5 from 41.9 (expected 37.1) while ZEW Current Conditions declined to 62.9 from 65.7 (expected 63.0). Separately, May CPI +0.1%, as expected
UK's May CPI +0.2% month-over-month; +0.1% year-over-year. Both figures matched expectations. Separately, House Price Index +5.5% year-over-year (expected 10.2%; last 9.6%) and May Input PPI -0.9% month-over-month (consensus 0.4%; prior 1.4%)

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In France, the CAC trades lower by 0.1% with most components in the red. Financials are among the laggards with BNP Paribas, Credit Agricole, and Societe Generale down between 1.0% and 1.3%.
Germany's DAX has given up 0.3% with heavyweights BASF, Deutsche Lufthansa, and Deutsche Bank all down near 1.0%. On the upside, K+S and Fresenius SE outperform with gains close to 0.5% apiece.
UK's FTSE is lower by 0.3% with miners Glencore Xstrata and Randgold Resources both down near 2.0%. Consumer names have shown strength with British American Tobacco and Imperial Tobacco up 3.0% and 1.4%, respectively.
Italy's MIB lags with a loss of 0.5%. Bank shares have shown relative weakness with Intesa Sanpaolo, Banco Popolare, and Banca Pop Emilia Romagna down between 0.7% and 1.4%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: -5.50. Nasdaq futures vs fair value: -13.20. The S&P 500 futures trade six points below fair value.

Housing Starts fell to a seasonally adjusted annualized rate of 1,036,000 units in May. That was down from a revised 1,165,000 units in April (from 1,135,000). The Briefing.com consensus expected starts to decline to 1,100,000 units.

Building permits rose to a seasonally adjusted annualized rate of 1.275 million in May from an unrevised 1.140 million for April. The Briefing.com consensus expected permits to come in at 1.1 million.

7:56 am: [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -9.10. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover three points below fair value after hitting their lows at the start of the European session as investors remain cautious with no new developments between Greece and its creditors.

Meanwhile, Treasuries have extended yesterday's advance with the 10-yr yield down three basis points at 2.32%.

Today's economic data will be limited to the 8:30 ET release of May Housing Starts (Briefing.com consensus 1.10 million) and Building Permits (consensus 1.10 million).

In U.S. corporate news of note:

Procter & Gamble (PG 79.00, +0.88): +1.1% after selling its beauty product lines to Coty (COTY 30.40, +4.35), according to New York Post.
Netflix (NFLX 657.84, +3.82): +0.6% after Needham raised its price target for the stock to $780 from $600.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -3.5%, Hong Kong's Hang Seng -1.1%, and Japan's Nikkei -0.6%
In economic data:
Australia's May New Motor Vehicle Sales -1.3% month-over-month (prior -1.5%)
India's May Trade Balance INR 10.41 bln (expected INR -10.00 bln; prior INR 10.99 bln) as Exports hit INR 22.35 bln (prior INR 22.05 bln) and Imports came in at INR 32.75 bln (prior INR 33.05 bln)
In news:
Bank of Japan Governor Haruhiko Kuroda walked back some of his comments from June 10, saying his remarks on yen weakness were unrelated to the nominal exchange rate. The dollar/yen pair jumped 45 pips on the news and now trades near 123.50 after cutting the initial move in half

Major European indices trade lower across the board, but they have climbed off their worst levels of the day. UK's FTSE -0.4%, France's CAC -0.2%, and Germany's DAX -0.3%. Elsewhere, Italy's MIB -0.5% and Spain's IBEX -0.6%
Investors received several data points:
Eurozone ZEW Economic Sentiment fell to 53.7 from 61.2 (consensus 60.3)
Germany's June ZEW Economic Sentiment dropped to 31.5 from 41.9 (expected 37.1) while ZEW Current Conditions declined to 62.9 from 65.7 (expected 63.0). Separately, May CPI +0.1%, as expected
UK's May CPI +0.2% month-over-month; +0.1% year-over-year. Both figures matched expectations. Separately, House Price Index +5.5% year-over-year (expected 10.2%; last 9.6%) and May Input PPI -0.9% month-over-month (consensus 0.4%; prior 1.4%)
Among news of note:
The European Court of Justice said the European Central Bank's Outright Monetary Transactions program is in-line with EU law and within the central bank's mandate

5:48 am: [BRIEFING.COM] S&P futures vs fair value: -9.40. Nasdaq futures vs fair value: -22.60.

5:47 am: [BRIEFING.COM] Nikkei...20257.94...-129.90...-0.60%. Hang Seng...26566.70...-295.10...-1.10%.

5:47 am: [BRIEFING.COM] FTSE...6674.39...-35.60...-0.50%. DAX...10854.80...-130.20...-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
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com
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