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 Post subject: June 18th Thursday Trade Results - Profit $2687.50
PostPosted: Thu Jun 18, 2015 10:36 pm 
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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 @ $2,687.50 dollars or +53.75 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2,687.50 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=2102

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 major averages ended Thursday on an upbeat note with the Nasdaq Composite (+1.3%) leading the market higher. In addition to pacing today's advance, the Nasdaq set a fresh nominal intraday record high at 5,143.32, overtaking levels last seen in March 2000.

Equity indices rallied throughout the morning after the combination of yesterday's FOMC policy statement and today's economic data set the tone for interest rates to remain at their current levels for longer. To that point, the CPI report for May (+0.4%; Briefing.com consensus 0.5%) was cooler than expected while the remaining data points released today indicated improving economic conditions.

Stocks extended their gains in the early afternoon once Germany's Die Zeit reported that Greece is on track to receive an extension until the end of the year without the involvement of the International Monetary Fund. However, that report was struck down promptly as German Chancellor Angela Merkel said she is only aware of the proposal that was brought forth by the creditors.

Furthermore, Reuters reported European Central Bank member Benoit Coeure was asked if Greek banks will be able to open tomorrow, to which he responded, "Tomorrow, yes. Monday, I don't know." However, the ECB was quick to deny issuing this warning.

Despite the continued uncertainty, all ten sectors posted gains with health care (+1.5%) holding the lead throughout the session. The countercyclical group rallied behind biotechnology as iShares Nasdaq Biotechnology ETF (IBB 377.88, +11.33) spiked 3.1%. In turn, biotechnology helped the Nasdaq Composite spend the day ahead of the Dow and S&P 500.

The tech-heavy Nasdaq enjoyed all-around support as chipmakers displayed relative strength with the PHLX Semiconductor Index climbing 1.5%. Meanwhile, most large cap tech names held their own, but Oracle (ORCL 42.75, -2.16) fell 4.8% after missing earnings/revenue estimates and guiding below consensus expectations. Oracle's underperformance kept the tech sector (+0.8%) behind the broader market throughout the day.

Elsewhere among cyclical sectors, industrials ended in-line with the broader market, but that masked relative strength in transport names. The Dow Jones Transportation Average spiked 1.5% with all 20 members ending in the green. Alaska Air (ALK 63.99, +1.96) climbed 3.2% to pace the rally while five other components gained at least 2.0% apiece.

Also of note, the energy sector (unch) surrendered its gain ahead of the close even though crude oil added 1.1%, settling at $60.42/bbl. In other commodities, gold futures jumped 2.1% to $1202/ozt, contributing to a 1.2% gain in the Market Vectors Gold Miners ETF (GDX 19.09, +0.23).

Treasuries surrendered their overnight gains and continued their retreat into the afternoon, sending the benchmark 10-yr yield higher by three basis points to 2.35%.

Today's trading volume surpassed recent totals as more than 830 million shares changed hands at the NYSE floor.

Economic data included Initial Claims, CPI, Current Account Balance, Leading Indicators, and the Philadelphia Fed Survey:

The initial claims level declined to 267,000 for the week ending June 13 from an unrevised 279,000 while the Briefing.com consensus expected a decline to 276,000
The four-week moving average dipped to 277,000 from 279,000
The Consumer Price Index increased 0.4% in May after increasing 0.1% in April while the Briefing.com consensus expected an increase of 0.5%
That was the largest monthly increase in the headline index since a 0.6% gain in February 2013. Prices were flat on a year-over-year basis
Total energy prices increased 4.3% in May after decreasing 1.3% in April
Gasoline prices rose 10.4% after declining 1.7% in April
Excluding food and energy, core CPI increased 0.1% in May after increasing 0.3% in April while the consensus expected an increase of 0.2%
The current account deficit for the first quarter totaled $113.30 billion while the Briefing.com consensus expected the deficit to hit $116.70 billion
The fourth quarter deficit was revised to $103.10 billion from $113.50 billion
The Leading Indicators report for May was up 0.7% while the Briefing.com consensus expected an increase of 0.4%
The Philadelphia Fed Survey for June rose to 15.2 from 6.7 while economists polled by Briefing.com had expected an improvement to 8.0

There is no economic data on tomorrow's schedule.

Nasdaq Composite +8.4% YTD
Russell 2000 +6.7% YTD
S&P 500 +3.0% YTD
Dow Jones Industrial Average +1.6% YTD

3:40 pm: [BRIEFING.COM]

Weakness in the dollar index today helped provide some strength to select commodities such as precious metals
Aug gold ended the day +2.1% at $1202.00/oz, while July silver gained $0.19 to $16.16/oz
WTI oil futures gained some steam today, rising $0.65 to $60.42/barrel
Gasoline and heating oil futures also posted gains today
Meanwhile, July natural gas lost 2.8% to $2.78/MMBtu
July corn fell $0.02 today to end floor trading at $3.58/bushel

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.0% with one hour remaining in the session. The benchmark index climbed throughout the morning while afternoon action has featured a sideways drift near today's session highs.

Thanks to today's advance, the benchmark index will enter Friday with a week-to-date gain of 1.3% while the Dow has kept pace with the benchmark index. Meanwhile, the Nasdaq Composite (+1.4%) outperforms today and is up 1.7% for the week after notching a new intraday record high at 5143.32.

Elsewhere, Treasuries are on track to end the day just above their session lows with the 10-yr yield up four basis points at 2.36%.

2:25 pm: [BRIEFING.COM] The major averages remain not far below their session highs with the S&P 500 up 1.0%. The benchmark index has essentially held its ground over the past hour as the quiet afternoon continues.

Earlier, we mentioned that Germany's Die Zeit reported that Greece could receive an extension to its current agreement with creditors, but that report was disputed almost immediately after being released. Furthermore, today's Eurogroup meeting has ended without any concrete progress. Because of this, European Council President Donald Tusk has called for a Euro Summit on Monday.

U.S. Treasuries remain near their afternoon lows with the 10-yr yield up three basis points at 2.35%.

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

The Fed, which is looking for inflation growth to support an increase in the fed funds rate, didn't get it in the May CPI report.

The CPI increased 0.4% in May after increasing 0.1% in April. The Briefing.com Consensus expected the CPI to increase 0.5%.

Almost the entire gain can be attributed to a big increase in energy prices, specifically gasoline. Total energy prices increased 4.3% in May after decreasing 1.3% in April. Gasoline prices rose 10.4% after declining 1.7% in April. Year-over-year, gasoline prices are down 25.0%.

Excluding food and energy, core CPI increased 0.1% in May after increasing 0.3% in April. The consensus expected these prices to increase 0.2%.

The increase in core prices was the smallest monthly gain since a similar increase in December 2014. Year-over-year, core prices increased 1.7% in May, down from a 1.8% increase in the year ending in April. That is well below the Fed's implied CPI target of 2.5%.

There weren't any unusual outliers in the core CPI data. Prices are simply tracking the low-growth income trends and the weak pipeline pressures in the producer index.

1:30 pm: [BRIEFING.COM] The major indices have seen some volatility in recent trade amid conflicting Greece headlines, but continue to sport meaningful gains for the day.

A look inside the Dow Jones Industrial Average shows that 3M (MMM 160.09, +3.14), Boeing (BA 146.04, +2.61), and Nike (NKE 106.60, +1.85) are outperforming.

Conversely, Caterpillar (CAT 87.33, +0.08) is the worst-performing Dow component after releasing its May 3-month rolling sales data, which showed world machine world sales were down 12% in May.

With today's strong gains, the DJIA is up 1.26% for the week, and 0.6% in June.

12:55 pm: [BRIEFING.COM] The major averages hover near their highs at midday with the Nasdaq Composite (+1.4%) trading at a fresh intraday record after taking out the March 2000 high (5132.52). Meanwhile, the S&P 500 (+1.1%) follows not far behind with all ten sectors showing gains.

Equity indices surged out of the gate after the combination of yesterday's FOMC policy statement and today's economic data set the tone for interest rates to remain at their current levels for longer. To that point, the CPI report for May (+0.4%; Briefing.com consensus 0.5%) was cooler than expected while the remaining data points indicated improving economic conditions.

Furthermore, stocks surged to new highs within the past 45 minutes after Germany's Die Zeit reported that Greece will be presented with an extension until the end of the year without the involvement of the International Monetary Fund. However, that rumor was struck down promptly with German Chancellor Angela Merkel saying she is only aware of the one proposal that was brought forth by the creditors.

All ten sectors trade in the green with health care (+1.6%) in the lead thanks to significant strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 378.13, +11.58) has jumped 3.1%, which has given a boost to the Nasdaq.

In addition, the Nasdaq has drawn strength from high-beta chipmaker names. The PHLX Semiconductor Index is higher by 1.7% while the broader technology sector (+0.8%) trails the broader market due to a 6.7% decline in Oracle (ORCL 41.98, -2.93) after the company missed earnings/revenue estimates and guided lower.

Elsewhere among cyclical sectors, consumer discretionary (+1.4%) and industrials (+1.2%) outperform while financials (+0.9%), energy (+0.6%), and materials (+1.0%) trade a bit behind the S&P 500.

Also of note, Treasuries have notched fresh lows in recent action after sliding from their overnight highs. The 10-yr yield is higher by five basis points at 2.37% after trading near 2.28% overnight.

Economic data included Initial Claims, CPI, Current Account Balance, Leading Indicators, and the Philadelphia Fed Survey:

The initial claims level declined to 267,000 for the week ending June 13 from an unrevised 279,000 while the Briefing.com consensus expected a decline to 276,000
The four-week moving average dipped to 277,000 from 279,000
The Consumer Price Index increased 0.4% in May after increasing 0.1% in April while the Briefing.com consensus expected an increase of 0.5%
That was the largest monthly increase in the headline index since a 0.6% gain in February 2013. Prices were flat on a year-over-year basis
Total energy prices increased 4.3% in May after decreasing 1.3% in April
Gasoline prices rose 10.4% after declining 1.7% in April
Excluding food and energy, core CPI increased 0.1% in May after increasing 0.3% in April while the consensus expected an increase of 0.2%
The current account deficit for the first quarter totaled $113.30 billion while the Briefing.com consensus expected the deficit to hit $116.70 billion
The fourth quarter deficit was revised to $103.10 billion from $113.50 billion
The Leading Indicators report for May was up 0.7% while the Briefing.com consensus expected an increase of 0.4%
The Philadelphia Fed Survey for June rose to 15.2 from 6.7 while economists polled by Briefing.com had expected an improvement to 8.0

12:30 pm: [BRIEFING.COM] The major averages have climbed to new session highs after Germany's Die Zeit reported that Greece will be presented with an extension until the end of the year that will not involve the International Monetary Fund.

Although stocks moved higher on the news, it is worth noting that the report was attributed to unnamed sources. Meanwhile, the euro also climbed, adding about 40 pips against the dollar before pulling back. The single currency currently hovers near 1.1415 versus the greenback and is up 0.5% for the day.
Related Quotes

12:00 pm: [BRIEFING.COM] Recent action saw the Nasdaq Composite (+1.4%) climb above its nominal intraday record high that was registered on March 2000 at 5132.52. The tech-heavy index trades ahead of the S&P 500 (+1.0%) thanks to the outperformance in biotechnology and chipmaker names.

The iShares Nasdaq Biotechnology ETF (IBB 377.64, +11.09) has jumped 3.1% while the PHLX Semiconductor Index trades higher by 1.5% with 29 of its 30 components holding gains. Meanwhile, the technology sector (+0.7%) remains behind the broader market, but that is largely due to a 7.5% decline in Oracle (ORCL 41.59, -3.32).

Elsewhere, Treasuries remain near their worst levels of the day with the benchmark yield up three basis points at 2.35%.

11:30 am: [BRIEFING.COM] Not much change in the market with the S&P 500 trading higher by 1.0%. The benchmark index spiked above its 50-day moving average (2,105) at the start of today's session after struggling with that level since the start of the month.

Thanks to today's gain, the benchmark index is now up 1.2% for the week. Similarly, all ten sectors hold weekly gains ranging from 0.4% (industrials) and 2.4% (utilities). The industrial sector has struggled earlier this week, but the group trades in-line with the S&P 500 today.

Transport stocks fueled the sector's underperformance earlier this week, but today the Dow Jones Transportation Average (+1.5%) is showing relative strength with Alaska Air (ALK 63.80, +1.77) pacing the move.

10:55 am: [BRIEFING.COM] The major averages have added to their early gains with the Nasdaq Composite (+1.2%) maintaining its lead. For its part, the S&P 500 (+0.9%) follows not far behind.

Sector standing has not changed much, but all ten groups have moved up from their early levels. The health care sector (+1.4%) holds the lead while the two consumer sectors follow right behind. Elsewhere, the top-weighted technology sector (+0.6%) trades a bit behind the broader market as Oracle (ORCL 41.14, -3.77) weighs. Shares of ORCL have surrendered 8.4% after the company missed earnings/revenue estimates and guided below consensus expectations.

Elsewhere, Treasuries have set new lows for the day with the 10-yr yield up three basis points at 2.35%.

10:35 am: [BRIEFING.COM]

The dollar has traded in the red all session, following comments by the Federal Reserve that were widely seen as more rate-raising cautious than expected.
Additionally, US unemployment and CPI data released this morning have contributed to movements in the index. A sharp sell-off overnight and extensions of those losses in recent trade have been giving support to commodities.
The index is now -0.5% to 93.86
WTI oil rallied overnight, as weakening in the dollar gave primary support to peripheral price drivers that included headlines on Gulf Coast weather and Iranian output
After trading to highs near $60.90/barrel, oil has slumped back to near the flat line in most recent trade, and is now +0.2% to $60.04/barrel
The EIA released Nat gas inventory data this morning at 10:30 am ET. Natural gas traded negative all morning prior to the release, but rose from session lows to slight losses ahead of the data
Upon release of the data, Nat gas temporarily spiked to new highs for the day, but quickly gave up those gains and is currently -0.7% to $2.84/MMBtu
Precious metals saw strength overnight and have extended those gains during the morning session, largely on a dollar tailwind. August gold is +2.1% to $1201.60/oz and July silver is +2.5% to $16.24/oz
Copper is +0.1% to $2.61/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.6% with all ten sectors remaining in the green.

Just released, the Leading Indicators report for May was up 0.7% while the Briefing.com consensus expected an increase of 0.4%.

Separately, the Philadelphia Fed Survey for June rose to 15.2 from 6.7 while economists polled by Briefing.com had expected an improvement to 8.0.

9:40 am: [BRIEFING.COM] The major averages climbed out of the gate with the Nasdaq Composite (+0.6%) trading ahead of the S&P 500 (+0.4%).

All ten sectors hold early gains with health care (+0.8%) in the lead. The countercyclical group has received support from biotech names, evidenced by a 1.3% increase in iShares Nasdaq Biotechnology ETF (IBB 371.24, +4.69).

Over on the cyclical side, the consumer discretionary (+0.6%) sector trades ahead of the broader market while the remaining five growth-sensitive groups hold slimmer gains.

Elsewhere, the 10-yr note remains near its flat line with its yield at 2.32%.

May Leading Indicators (expected 0.4%) and the Philadelphia Fed Survey for June (consensus 8.0) will be reported at 10:00 ET.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: +3.90. Nasdaq futures vs fair value: +11.20. The stock market is on track for a higher open as futures on the S&P 500 trade four points above fair value. Index futures climbed off their overnight lows shortly before the start of the European session. However, unlike U.S. futures, European equities trade lower across the board with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow.

On the economic front, the CPI report for May came in below expectations (+0.4% month-over-month; Briefing.com consensus 0.5%) while Core CPI (+0.1%; Briefing.com consensus 0.2%) was also cooler than expected. Meanwhile, weekly Initial Claims declined to 267,000 from 279,000 while the Briefing.com consensus expected a smaller drop to 276,000.

Two more economic reports remain with May Leading Indicators (expected 0.4%) and the Philadelphia Fed Survey for June (consensus 8.0) set to be reported at 10:00 ET.

Treasuries held solid gains during overnight action, but they have slumped to lows not long ago with the 10-yr yield at 2.32%.

In corporate news of note, Oracle (ORCL 42.32, -2.59) is on track to open lower by 5.8% after missing earnings/revenue estimates and guiding below consensus expectations.

8:55 am: [BRIEFING.COM] S&P futures vs fair value: +4.60. Nasdaq futures vs fair value: +12.70. The S&P 500 futures trade five points above fair value.

Asian markets ended mostly lower with China's Shanghai Composite (-3.7%) leading the slide after the House Prices report for May showed a 5.7% year-over-year decline. Elsewhere, reports out of Japan suggest tomorrow's policy meeting at the Bank of Japan could feature some pushback from members against the open-ended QQE program.

In economic data:
China's May House Prices -5.7% year-over-year (prior -6.1%)
Japan's June Reuters Tankan Index ticked up to 14 from 13
Hong Kong's May Unemployment Rate held at 3.2% (consensus 3.3%)
New Zealand's Q1 GDP +0.2% quarter-over-quarter (expected 0.6%; prior -0.8%); +2.6% year-over-year (consensus 3.0%; last 3.5%). Separately, Q1 GDP Expenditure +0.1% quarter-over-quarter (consensus 0.5%; prior 1.1%)

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Japan's Nikkei declined 1.1% in a trend down day that finished with the market at its lows for the session. A stronger yen helped drive things lower. Losses were paced by the financial (-1.7%), communications (-1.6%), and industrial (-1.2%) sectors. Sumco Corp (-5.6%), Sojitz Corp (-4.3%), and Nisshinbo Holdings (-4.3%) led all decliners. Yamaha Corp (+4.4%) sat atop a small group of winners. Out of the 225 index members, 14 ended higher, 208 finished lower, and 3 were unchanged.
Hong Kong's Hang Seng declined 0.2% with losses in the communications (-0.7%) and energy (-0.6%) sectors weighing. China Unicom Hong Kong (-4.0%), Bank of Communications (-2.4%), and China Merchants Holdings (-2.2%) were the biggest losers. China Resources Enterprise (+8.2%) and China Resources Land (+2.5%) were the best-performing issues. Out of the 50 index members, 23 ended higher, 24 finished lower, and 3 were unchanged.
China's Shanghai Composite dropped 3.7% with nearly the entirety of the loss taking place over the final two hours of trading. The impact of new share listings received most of the attribution for the weak showing. There was a report showing home price declines decelerated in May, yet they were still down 5.7% year-over-year. The communications (-6.3%), technology (-6.1%), and consumer non-cyclical (-4.1%) sectors were among the weakest areas in the Chinese market on Thursday and helped drive a 4.1% decline in the CSI 300 Index.

Major European indices trade lower across the board as the Eurogroup begins today's meeting with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow. Elsewhere, the Swiss National Bank held its key interest rate at -0.75%, as expected, while the Norges Bank lowered its benchmark interest rate by 25 basis points to 1.00%, leaving room for additional cuts this year

Investors received several data points:
Eurozone Q1 Labor Cost Index +2.2% year-over-year (last 1.2%)
UK's May Retail Sales +0.2% month-over-month, as expected; +4.6% year-over-year (consensus 4.8%; prior 4.6%). Core Retail Sales +0.2% month-over-month (expected 0.1%; prior 0.8%); +4.4% year-over-year (consensus 4.5%; last 4.6%)
Spain's trade deficit widened to EUR2.25 billion from EUR890 million (expected deficit of EUR1.50 billion)
Swiss trade surplus expanded to CHF3.43 billion from CHF2.66 billion (expected surplus of CHF2.72 billion)

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UK's FTSE is lower by 0.2% with consumer names among the laggards. TUI, InterContinental Hotels, and International Consolidated Airlines are down between 0.2% and 2.1%. On the upside, miners trade broadly higher with Anglo American, BHP Billiton, Fresnillo, Glencore, and Randgold Resources up between 2.4% and 2.8%.
France's CAC trades lower by 0.6% with heavyweights Airbus, Peugeot, and Renault down between 1.5% and 2.5%. Meanwhile, ArcelorMittal outperforms, trading higher by 1.0%.
Germany's DAX has given up 0.8%. Infineon Technologies is the weakest performer, down 2.9% while exporters BMW, Daimler, and Volkswagen are down between 0.3% and 1.7%.

8:34 am: [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +14.10. The S&P 500 futures trade six points above fair value.

The latest weekly initial jobless claims count totaled 267,000 while the Briefing.com consensus expected a reading of 276,000. Today's tally was below the unrevised prior week count of 279,000. As for continuing claims, they fell to 2.222 million from 2.272 million.

Total CPI rose 0.4% (Briefing.com consensus +0.5%) in May while Core CPI, which excludes food and energy, rose 0.1% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is flat and core CPI is up 1.7%.

The current account deficit for the first quarter totaled $113.30 billion while the Briefing.com consensus expected the deficit to hit $116.70 billion. The fourth quarter deficit was revised to $103.10 billion from $113.50 billion.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +7.90. U.S. equity futures trade modestly higher despite cautious action overseas. The S&P 500 futures hover four points above fair value after climbing off their lows ahead of the European session.

The Eurogroup has begun today's meeting with little hope that a deal will be struck between Greece and its creditors. Meanwhile, Greek Prime Minister Alexis Tsipras is in St. Petersburg today and is scheduled to meet Russian President Vladimir Putin tomorrow.

Treasuries hold gains with the 10-yr yield down three basis points at 2.29%.

Weekly Initial Claims (Briefing.com consensus 276K), May CPI (consensus 0.5%), and Q1 Current Account Balance (expected -$116.70 billion) will all be reported at 8:30 ET while May Leading Indicators (expected 0.4%) and the Philadelphia Fed Survey for June (consensus 8.0) will be reported at 10:00 ET.

In U.S. corporate news of note:

Juniper Networks (JNPR 27.79, +0.37): +1.4% after Wedbush upgraded the stock to 'Outperform' from 'Neutral.'
Oracle (ORCL 42.05, -2.86): -6.4% after missing earnings/revenue estimates and guiding below consensus expectations.
Rite Aid (RAD 8.66, -0.26): -2.9% despite reporting a one-cent beat.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -3.7%, Japan's Nikkei -1.1%, and Hong Kong's Hang Seng -0.2%
In economic data:
China's May House Prices -5.7% year-over-year (prior -6.1%)
Japan's June Reuters Tankan Index ticked up to 14 from 13
Hong Kong's May Unemployment Rate held at 3.2% (consensus 3.3%)
New Zealand's Q1 GDP +0.2% quarter-over-quarter (expected 0.6%; prior -0.8%); +2.6% year-over-year (consensus 3.0%; last 3.5%). Separately, Q1 GDP Expenditure +0.1% quarter-over-quarter (consensus 0.5%; prior 1.1%)
In news:
Reports out of Japan suggest tomorrow's policy meeting at the Bank of Japan could feature some pushback from members against Japan's open-ended QQE program

Major European indices trade lower across the board. UK's FTSE -0.2%, Germany's DAX -0.8%, and France's CAC -0.8%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -0.8%
Investors received several data points:
Eurozone Q1 Labor Cost Index +2.2% year-over-year (last 1.2%)
UK's May Retail Sales +0.2% month-over-month, as expected; +4.6% year-over-year (consensus 4.8%; prior 4.6%). Core Retail Sales +0.2% month-over-month (expected 0.1%; prior 0.8%); +4.4% year-over-year (consensus 4.5%; last 4.6%)
Spain's trade deficit widened to EUR2.25 billion from EUR890 million (expected deficit of EUR1.50 billion)
Swiss trade surplus expanded to CHF3.43 billion from CHF2.66 billion (expected surplus of CHF2.72 billion)
Among news of note:
The Swiss National Bank held its key interest rate at -0.75%, as expected
The Norges Bank lowered its benchmark interest rate by 25 basis points to 1.00%, leaving room for additional cuts this year

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -2.60. Nasdaq futures vs fair value: -7.10.

5:50 am: [BRIEFING.COM] Nikkei...19990.82...-228.50...-1.10%. Hang Seng...26694.66...-59.10...-0.20%.

5:50 am: [BRIEFING.COM] FTSE...6629.56...-52.00...-0.80%. DAX...10824.09...-153.90...-1.40%.

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

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

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