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 Post subject: June 19th Friday Trade Results - Profit $2765.00
PostPosted: Fri Jun 19, 2015 5:39 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 @ $140.00 dollars or +1.40 points, Emini ES ($ES_F) futures @ $2,625.00 dollars or +52.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2,765.00 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=2103

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 an upbeat week on a lower note as participants showed reluctance to step in ahead of a weekend that will be filled with uncertainty related to Greece. The S&P 500 lost 0.5% on Friday, but gained 0.7% for the week.

Despite frequent-and short-lived-rumors to the contrary, the entire week passed without a deal between Greece and its creditors. That lack of progress caused more than EUR3.00 billion in outflows from the Greek banking system this week alone, which prompted the European Central Bank to increase Greece's Emergency Liquidity Assistance by EUR1.80 billion to EUR84.90 billion.

European indices ended the Friday session near their flat lines while Germany's 10-yr bund rallied, sending its yield lower by 11 basis points to 0.75%. For the week, Germany's benchmark yield fell ten basis points. Similarly, the U.S. 10-yr note rallied today with its yield dropping seven basis points to 2.26%, which extended this week's decline to 13 basis points.

All ten sectors ended the day in negative territory with the consumer staples sector (-0.1%) losing its slim gain during the final hour. The countercyclical group displayed relative strength thanks to ConAgra (CAG 43.37, +4.25), which spiked 10.9% after Jana Partners disclosed a 7.2% active stake in the company and announced plans to seek representation on the company's board of directors.

Similar to the staples sector, consumer discretionary (-0.3%) and health care (-0.1%) ended the day with slimmer losses than the broader market. The discretionary sector displayed relative strength thanks to gains among homebuilders after KB Home (KBH 16.37, +1.41) beat earnings estimates. Shares of KBH soared 9.4% while the broader iShares Dow Jones US Home Construction ETF (ITB 27.40, +0.35) gained 1.3%. To be fair, retail stocks also fared better than the broader market with SPDR S&P Retail ETF (XRT 100.40, -0.11) ending little changed.

Elsewhere, the health care sector spent the day near its flat line, locking in a 2.0% gain since last Friday, which helped the group finish the week ahead of the remaining sectors. Biotechnology was at the forefront of the weekly move with iShares Nasdaq Biotechnology ETF (IBB 377.40, -0.48) spiking 3.7% for the week.

On the downside, the energy sector (-0.9%) trailed throughout the session with crude oil contributing to the weakness. The energy component lost 1.3%, ending the pit session at $59.64/bbl. Similar to the energy sector, financials (-1.0%) struggled throughout the session. For the week, the financial sector slipped 0.1%.

It is worth noting that earlier this week, the financial sector was among the top-performing groups of the month with the strength predicated on the expectation that interest rates will continue rising. However, Wednesday's FOMC policy statement indicated the Fed is determined to stay on its current path for the time being, which pressured the financial sector as the week drew to its close.

Also of note, the top-weighted technology sector (-0.7%) struggled throughout the day, which prevented the market from stringing together a rebound rally. Large cap sector components like Apple (AAPL 126.60, -1.28), Microsoft (MSFT 46.10, -0.62), and Oracle (ORCL 41.59, -1.15) lost between 1.0% and 2.7% while chipmakers fared a bit better with the PHLX Semiconductor Index falling 0.3%.

Today's trading volume was well above average, which was due to quadruple witching. As a result, nearly two billion shares changed hands at the NYSE floor.

Monday's data will be limited to the 10:00 ET release of the Existing Home Sales report for May (Briefing.com consensus 5.26 million).

Nasdaq Composite +8.0% YTD
Russell 2000 +6.7% YTD
S&P 500 +2.5% YTD
Dow Jones Industrial Average +1.1% YTD

Week in Review: Nasdaq Sets Fresh Record High

The stock market began the trading week on a cautious note with the S&P 500 (-0.5%) sliding below its 100-day moving average (2,089). 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.

The market ended Tuesday 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. Similar to U.S. equities, European stocks were able to rally despite the lack of positive macro developments. All ten sectors posted gains with consumer staples (+1.1%) leading the advance.

Equities ended the midweek session on an upbeat note with the S&P 500 settling four points below its 50-day moving average (2,104). The benchmark index added 0.2% while the Dow and Nasdaq posted comparable gains. The key indices began the trading day with modest gains, but the first half of the session saw a steady retreat with liquidity drying up ahead of the afternoon release of the FOMC policy statement, which called for no change to the current monetary policy stance. However, the accompanying interest rate forecast implied two 25-basis point increases before the year ends. Furthermore, the Fed lowered its 2015 GDP growth forecast range to 1.8-2.0% from the range of 2.3-2.7% that was forecast in March. Stocks struggled for direction immediately after the release, but rallied to highs during Chair Janet Yellen's press conference, which was viewed as dovish. To that point, Ms. Yellen said the central bank would like to see more "decisive evidence" on inflation and employment before hiking rates.

Stocks ended Thursday on an upbeat note with the Nasdaq Composite (+1.3%) leading the market higher. In addition to pacing the 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 Wednesday's FOMC policy statement and Thursday'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 on Thursday indicated improving economic conditions.

3:40 pm: [BRIEFING.COM]

The dollar index traded higher overnight, which pressured most commodities
The index begin to pull back in morning trade, around 8:15am ET, however, select commodities such as oi and copper futures didn't benefit from this pullback
Since commodities have an inverse relationship to the dollar index, one would have thought that losses in oil and copper would've have been largely erased
However, since this didn't happen, it's something to make note of
Overall, oil has its own negative catalysts, such as its oversupply situation, which helps constantly pressure prices
Late yesterday, data showed that Chinese imports of copper for the month declined, which helped weigh on prices
Natural gas futures reversed some to end the day higher by $0.04 at $2.82/MMBtu
Gold and silver posted modest losses with Aug gold losing $0.10 to $1201.90/oz and July silver falling $0.04 to $16.12/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the session. Despite its current decline, the benchmark index remains higher by 0.8% for the week. Meanwhile, the Nasdaq Composite (-0.3%) trades a bit ahead of the S&P 500 today and is up 1.3% since last Friday.

The health care sector (+0.1%) has held a slim gain throughout the day and the countercyclical group is tracking a weekly gain of 2.2%. A large portion of that advance has been due to relative strength in biotechnology with iShares Nasdaq Biotechnology ETF (IBB 377.55, -0.33) down 0.1% today, but up 3.7% for the week.

2:25 pm: [BRIEFING.COM] Quiet afternoon action continues with the S&P 500 trading lower by 0.4%. Broadly speaking, today's session has been uneventful with participants reluctant to step in ahead of the weekend with no new developments on the Greek front.

Three sectors-consumer discretionary (+0.1%), consumer staples (+0.1%), and health care (+0.1%)-remain just above their flat lines while the other seven sectors trade with losses.

Unlike stocks, Treasuries continue drifting near their best levels of the session with the 10-yr yield down six basis points at 2.27%. For the week, the benchmark yield has given up 12 basis points.

1:55 pm: [BRIEFING.COM] The major averages continue holding modest losses.

With no new economic news today, we look toward next week's economic calendar. Starting off on Monday is the May existing home sales report.

Existing home sales declined 3.3% in April to 5.04 mln SAAR from 5.21 mln SAAR in March.

The pullback in April was unexpected. Strong underlying conditions, including better employment and income data, failed to spark demand growth last month.

In May, there was a slight drop in the number of mortgage purchase applications, which would normally suggest another month of weak sales. However, the Pending Home Sales Index, a leading indicator for sales growth, rose 3.4% in April.

1:30 pm: [BRIEFING.COM] The major indices have seen a slight uptick since our last update but still in negative territory sporting mild losses on the day.

A look inside the Dow Jones Industrial Average shows that Travelers (TRV 99.87, -1.60), Microsoft (MSFT 46.05, -0.67), and Intel (INTC 31.98, -0.40) are underperforming

Conversely, Home Depot (HD 113.20, +1.35) is the best-performing Dow component following a strong quarterly report from home builder KB Home (KBH 16.57, +1.61), which reported results that exceeded estimates.

As we approach the end of the week, the DJIA at current levels is up 0.9% for the week, and 0.3% for the month.

12:55 pm: [BRIEFING.COM] The major averages hold modest midday losses with the Dow, Nasdaq, and S&P 500 all down near 0.3% apiece.

Equity indices began the day near their flat lines before slipping into the red as the week is set to end without any progress between Greece and its creditors. According to reports, this week's outflows from the Greek banking system have reached EUR3.00 billion, which prompted the European Central Bank to increase Greece's Emergency Liquidity Assistance by EUR1.80 billion to EUR84.90 billion, according to MNI.

The lack of progress has translated into safe-haven demand with Germany's 10-yr bund spiking to send its yield lower by 11 basis points to 0.75%. Similarly, the U.S. 10-yr note sits just below its high with the benchmark yield down six basis points at 2.27%.

Only three sectors hold midday gains with consumer staples (+0.2%) in the lead while health care (+0.1%) and consumer discretionary (+0.1%) follow not far behind.

The consumer staples sector has received a big boost from shares of ConAgra (CAG 42.77, +3.65) after Jana Partners disclosed a 7.2% active stake in the company and announced plans to seek representation on the company's board of directors.

Elsewhere, the discretionary sector has drawn support from homebuilders. KB Home (KBH 16.67, +1.71) has jumped 11.4% after beating earnings estimates while the iShares Dow Jones US Home Construction ETF (ITB 27.57, +0.52) trades up 1.9%. That being said, retail names have also shown relative strength with SPDR S&P Retail ETF (XRT 100.85, +0.34) trading higher by 0.3%.

On the downside, the energy sector (-0.8%) is the weakest performer as crude oil trades down 2.5% at $58.94/bbl. Similar to energy, heavily-weighted financials (-0.7%) and technology (-0.7%) also trail the broader market.

12:25 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 (-0.3%) hovering near its session low while the Dow and Nasdaq display similar losses. However, the high-beta Russell 2000 outperforms, trading right on its flat line.

Only three sectors-consumer staples (+0.2%), consumer discretionary (+0.1%), and health care (+0.2%)-remain in positive territory while the other seven groups hold losses. That being said, only energy (-0.8%), technology (-0.7%), and financials (-0.8%) trade with losses larger than 0.3%.

The financial sector was among the top-performing groups of the month going into today (+2.7% month-to-date); however, the sector could slip from the top spot before the month ends since the recent strength resulted from increased expectations that a rate hike would come sooner rather than later. However, Wednesday's FOMC policy statement indicated the Fed is determined to stay on its current path for the time being.

Treasuries remain not far below their highs with the 10-yr yield down six basis points at 2.27%.
Related Quotes

11:55 am: [BRIEFING.COM] Recent action saw the S&P 500 (-0.3%) slip to a fresh session low amid weakness in three influential sectors. Specifically, financials (-0.7%), technology (-0.6%), and energy (-0.8%) trade well behind the broader market and their underperformance is notable considering the three groups represent more than 40% of the entire market.

The energy sector has followed in the footsteps of crude oil, which is currently lower by 1.9% at $59.28/bbl.

Meanwhile, the top-weighted tech sector has been pressured by some of its largest components like Apple (AAPL 126.87, -1.01), Microsoft (MSFT 46.10, -0.62) and Oracle (ORCL 42.22, -0.52). The three names are down between 0.8% and 1.4%.

11:25 am: [BRIEFING.COM] Equity indices remain near their recent levels with the Dow, Nasdaq, and S&P 500 all down near 0.1% apiece.

Five sectors continue holding losses while the other five trade in the green. The industrial sector (+0.1%) is among today's outperformers thanks to relative strength in transport stocks. The Dow Jones Transportation Average trades higher by 0.4% today and is up 0.8% for the week. The bellwether complex has enjoyed a rebound after showing relative weakness into the first week of June. However, the index is now up 2.2% for the month versus a 0.5% uptick for the S&P 500.

Airlines have paced today's move with lower oil prices likely underpinning the industry group. United Continental (UAL 53.66, +1.65) has gained 3.2% to lead the DJTA higher.

10:55 am: [BRIEFING.COM] Equity indices continue modest losses with the S&P 500 trading lower by 0.2%.

Five sectors remain in negative territory while the other five have erased their early losses. The consumer staples sector (+0.3%) leads with shares of ConAgra (CAG 42.50, +3.38) trading higher by 8.7% after Jana Partners disclosed a 7.2% active stake in the company.

Meanwhile, the remaining four sectors that trade with gains hover just above their flat lines with gains limited to no more than 0.1% for the time being.

Three of six cyclical groups sit above their flat lines with the consumer discretionary sector (+0.1%) enjoying strength among homebuilders after KB Home (KBH 16.15, +1.18) reported better than expected results. The stock has jumped 7.9% while the broader iShares Dow Jones US Home Construction ETF (ITB 27.52, +0.47) trades up 1.7%.

10:40 am: [BRIEFING.COM]

The dollar traded steadily higher overnight, which put initial broad selling pressure on commodities.
However as early am trade commenced, the index saw a pull-back from those highs, erasing most prior gains. Precious metals were able to regain their early losses, however copper did not follow suit and is trending consistently lower. The dollar index is now +0.2% to 94.19
Having failed to see upward momentum on the dollar reversal, July copper is now -1.6% to $2.57/lb while August gold is +0.1% to $1203.10/oz , July silver is -0.1% to $16.14/oz
Crude is currently trading in the red, as European macro-economic and Iranian talk-deadline news have exacerbated oil's losses in the face of a dollar headwind
Today's noon release of Baker-Hughes rig count data may be a catalyst for price momentum going into the afternoon session.
WTI is holding steady at -1.7% to $59.76/barrel
Natural gas futures are now-0.7% to $2.76/MMBtu

9:50 am: [BRIEFING.COM] Equity indices continue holding modest losses with eight sectors trading in the red while health care and consumer staples hover just above their respective flat lines.

Despite the early weakness, all ten sectors remain on track to register weekly gains between 0.1% (energy) and 2.2% (health care).

Elsewhere, Treasuries have set new highs for the day and they remain near their best levels of the day with the 10-yr yield down five basis points at 2.28%.

9:40 am: [BRIEFING.COM] The major averages began the trading day near their flat lines. The S&P 500 (-0.2%) holds a slim loss while the Nasdaq Composite trades right on its flat line thanks to relative strength in biotechnology.

The biotech group has shown significant strength this week with iShares Nasdaq Biotechnology ETF (IBB 378.54, +0.66) up 0.2% today and higher by 4.0% since the end of last week. For its part, the broader health care sector hovers just above its flat line while the other nine groups display losses.

On the downside, the energy sector (-0.4%) trails the broader market amid a 1.3% decline in crude oil, which trades at $59.65/bbl.

9:13 am: [BRIEFING.COM] S&P futures vs fair value: -0.20. Nasdaq futures vs fair value: +10.70. The stock market is on track for a flat open as futures on the S&P 500 trade within a point of fair value.

Index futures climbed off their overnight lows alongside European markets even though the situation in Greece remains in flux. With this week's outflows from the Greek banking system reaching EUR3.00 billion, the European Central Bank has increased Greece's Emergency Liquidity Assistance, according to Reuters. However, the size of the increase is currently unknown.

Domestically, this morning has been very quiet on the economic front while corporate news has also been limited. That being said, KB Home (KBH 15.59, +0.63) is on track to open higher by 4.2% after beating earnings estimates.

Treasuries hover near their highs with the 10-yr yield down five basis points at 2.29%.

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +11.10. The S&P 500 futures trade within a point of fair value.

Friday was a good day for most markets in the Asia-Pacific region, which followed Wall Street's lead from Thursday. There was one, glaring exception and that was China's Shanghai Composite, which dropped 6.4% as a flood of new listings sucked liquidity away from other issues. For the week, the Shanghai Composite plunged 13.3%. Elsewhere, the Bank of Japan left its key lending rate unchanged at 0.1%, as expected.

In economic data:
Japan's All Industries Activity Index +0.1% month-over-month (expected +0.3%; prior -1.4%) and Leading Index 106.4 (expected 107.2; prior 107.2)
South Korea's May PPI +0.1% month-over-month (prior 0.0%); -3.5% year-over-year (prior -3.6%)

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Japan's Nikkei increased 0.9% and finished near its highs for the session after the Bank of Japan held its key lending rate and asset purchase program unchanged. The gains were led by the technology (+1.7%), basic materials (+1.4%), and industrial (+1.2%) sectors. Topping the list of individual winners were Furukawa (+6.5%), Teijin (+5.2%), and NH Foods (+5.0%). Tokyo Gas Co (-2.3%) and Toho Zinc Co (-2.0%) were the worst-performing issues. Out of the 225 index members, 161 ended higher, 55 finished lower, and 9 were unchanged. For the week, the Nikkei declined 1.1%.
Hong Kong's Hang Seng increased 0.3%, but finished the session on a weak note as losses in mainland shares accelerated. The technology (+1.6%) and utilities (+1.2%) sectors were the standout sectors while the financial sector (+0.2%) offered some additional support. CK Hutchison Holdings (+2.5%), Sun Hung Kai Properties (+2.0%), and CLP Holdings (+1.8%) paced the gainers while China Resources Enterprise (-3.3%) and China Resources Power Holdings (-2.9%) led the decliners. Out of the 50 index members, 27 ended higher, 21 finished lower, and 2 were unchanged. For the week, the Hang Seng declined 1.9%.
China's Shanghai Composite plunged 6.4% as a rash of new share listings drained liquidity from other stocks. The market started the session on a lower note, but selling efforts intensified in the final hour when the Shanghai Composite lost 3.7% alone. Losses were significant across all sectors. The technology sector (-3.6%) was the "best-performing" area in the Chinese market on Friday. For the week, the Shanghai Composite declined 13.3%.

Major European indices trade higher across the board with Italy's MIB (+1.1%) setting the pace. The weekend is set to begin without a deal between Greece and its creditors. As a result of the surrounding uncertainty, outflows from the Greek banking system have reportedly reached EUR3.00 billion this week. To that point, the European Central Bank has increased Greece's Emergency Liquidity Assistance, according to Reuters. However, the size of the increase is currently unknown.

Economic data was limited:
Eurozone April Current Account EUR22.30 billion (expected EUR18.10 billion; prior EUR18.00 billion)
Germany's May PPI 0.0% month-over-month (expected 0.2%; prior 0.1%); -1.3% year-over-year (consensus -1.1%; last -1.5%)
UK's May Public Sector Net Borrowing GBP9.35 billion (consensus GBP10.05 billion; prior GBP5.46 billion)

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Germany's DAX is higher by 0.2% with basic materials in the lead. ThyssenKrupp, K+S, and Lanxess are up between 0.5% and 3.5%. Meanwhile, financials trade in mixed fashion with Commerzbank up 0.9% while Deutsche Bank is lower by 0.4%.
UK's FTSE has climbed 0.3% amid strength in consumer names. Burberry, Tesco, J Sainsbury, and Sports Direct International lead with gains between 1.0% and 2.3%. On the downside, miners lag with Randgold Resources, Glencore, and Fresnillo showing losses between 0.3% and 0.9%.
In France, the CAC trades up 0.9% with most components in the green. Exporters Renault and Peugeot are both up near 2.0% while Societe Generale and BNP Paribas show gains close to 1.2% apiece.
Italy's MIB outperforms with a gain of 1.1%. CNH Industrial is the top performer, up 3.9% while financials Intesa Sanpaolo, Banca di Milano Scarl, Unicredit, and UBI Banca show gains between 1.3% and 1.4%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: +14.80. U.S. equity futures remain near their pre-market highs with S&P 500 futures holding a three-point gain against fair value.

Yesterday's broad-based surge helped the S&P 500 regain its 50-day moving average (2,105) and settle within ten points of its record closing high at 2,130.82 that was registered in late May. Given the current indication, it would not be surprising to see the benchmark index make a run at a fresh record.

For the week, the S&P 500 is higher by 1.3% while the Nasdaq Composite has added 1.6% this week, ending yesterday's session at a new record (5,132.95).

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +12.10. U.S. equity futures trade modestly higher amid upbeat action overseas. The S&P 500 futures hover three points above fair value after trading inside a six-point range throughout the night.

Meanwhile, Treasuries hold gains with the 10-yr yield down two basis points at 2.32%.

Today's session will be free of economic data.

In U.S. corporate news of note:

Carmax (KMX 70.50, -1.46): -2.0% in reaction to a one-cent beat on light revenue.
Red Hat (RHT 77.48, -1.01): -1.3% after beating estimates and guiding below analyst estimates.
Smith & Wesson Holding (SWHC 15.80, -0.30): -1.9% after below-consensus guidance overshadowed better than expected results.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -6.4%, Hong Kong's Hang Seng +0.3%, and Japan's Nikkei +0.9%
In economic data:
Japan's All Industries Activity Index +0.1% month-over-month (expected +0.3%; prior -1.4%) and Leading Index 106.4 (expected 107.2; prior 107.2)
South Korea's May PPI +0.1% month-over-month (prior 0.0%); -3.5% year-over-year (prior -3.6%)
In news:
China's Shanghai Composite plunged as a flood of new listings pulled liquidity away from other issues
The Bank of Japan left its key lending rate unchanged at 0.1%, as expected

Major European indices trade higher across the board. UK's FTSE +0.5%, Germany's DAX +0.6%, and France's CAC +1.0%. Elsewhere, Italy's MIB +1.0% and Spain's IBEX +1.0%
Economic data was limited:
Eurozone April Current Account EUR22.30 billion (expected EUR18.10 billion; prior EUR18.00 billion)
Germany's May PPI 0.0% month-over-month (expected 0.2%; prior 0.1%); -1.3% year-over-year (consensus -1.1%; last -1.5%)
UK's May Public Sector Net Borrowing GBP9.35 billion (consensus GBP10.05 billion; prior GBP5.46 billion)
Among news of note:
The weekend is set to begin without a deal between Greece and its creditors. As a result of the surrounding uncertainty, outflows from the Greek banking system have reportedly reached EUR3.00 billion this week

5:59 am: [BRIEFING.COM] S&P futures vs fair value: +3.50. Nasdaq futures vs fair value: +12.20.

5:59 am: [BRIEFING.COM] Nikkei...20174.24...+183.40...+0.90%. Hang Seng...26760.53...+65.90...+0.30%.

5:59 am: [BRIEFING.COM] FTSE...6753.15...+45.30...+0.70%. DAX...11215.89...+115.60...+1.00%.

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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