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 Post subject: June 24th Wednesday Trade Results - Profit $4160.00
PostPosted: Wed Jun 24, 2015 8:32 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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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)

Attachment:
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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 @ $410.00 dollars or +4.10 points, Emini ES ($ES_F) futures @ $3,750.00 dollars or +75.00 points, Light Crude Oil CL ($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 @ $4,160.00 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=2106

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 midweek session on a broadly lower note with the S&P 500 losing 0.7% and turning negative for the week (-0.1%).

Equity indices began the day with slim losses after the International Monetary Fund rejected Greece's restructuring proposal, putting the two sides back at square one. According to Greek Prime Minister Alexis Tsipras, this was the first time the IMF did not accept equivalent fiscal measures proposed by Greek officials.

Interestingly, the market appeared to be on the comeback trail during the opening hour with the S&P 500 making a brief appearance in the green; however, the index reversed into the red shortly after activist investor Carl Icahn shared his thoughts on the market as part of an appearance on CNBC. During his interview, Mr. Icahn said he believes the market is "extremely overheated," pointing to high-yield bonds in particular.

Mr. Icahn wasn't done there, adding that he liquidated his entire stake in Netflix (NFLX 678.61, -2.58) today. Coincidentally, Netflix announced a 7:1 stock split yesterday evening with Mr. Icahn's comments causing the stock to slide more than 25 points from today's opening high. Meanwhile, the consumer discretionary sector (-0.7%) settled in-line with the S&P 500, but that masked relative strength among homebuilders. Lennar (LEN 51.05, +2.05) spiked 4.2% after reporting better than expected results while iShares Dow Jones US Home Construction ETF (ITB 27.92, +0.24) climbed 0.9%.

Elsewhere among cyclical sectors, only energy (-0.6%) and technology (-0.4%) ended ahead of the S&P 500 while the remaining growth-sensitive groups displayed relative weakness. For its part, the technology sector owed its outperformance to shares of Apple (AAPL 128.18, +1.15), which climbed 0.9%. It is worth noting Carl Icahn said during his CNBC appearance that he believes Apple offers the same opportunity that he saw in Netflix several years ago.

Unlike technology, the financial sector (-0.9%) underperformed throughout the day with Citigroup (C 56.66, -0.73) and Dow component, Goldman Sachs (GS 214.43, -3.97), losing 1.3% and 1.8%, respectively after both names were downgraded to 'Hold' at Deutsche Bank.

Similar to financials, the industrial sector (-0.9%) spent the day among the laggards as transport stocks struggled. The Dow Jones Transportation Average lost 1.9%, narrowing its June gain to 0.1%.

The countercyclical side did not look much better with health care (-1.0%), telecom services (-0.8%), and utilities (-0.8%) ending behind the broader market while consumer staples (-0.4%) outperformed.

Treasuries held gains throughout the day, climbing to highs during the afternoon to send the 10-yr yield lower by four basis points to 2.37%.

Today's trading volume represented the highest level of activity this week with more than 720 million shares changing hands at the NYSE floor.

Economic data was limited to Q1 GDP and MBA Mortgage Index:

First quarter GDP declined 0.2% in the third estimate, up from a previously reported 0.7% decline in the second estimate, which is what the Briefing.com consensus expected
The upward revisions had a positive effect on real final sales, but it wasn't enough to change the overall outlook as real final sales were revised up to -0.6% from -1.1%
The weekly MBA Mortgage Index rose 1.6% to follow last week's 5.5% decline

Tomorrow, weekly Initial Claims (Briefing.com consensus 271K) and May Personal Income/Spending data will be released at 8:30 ET.

Nasdaq Composite +8.2% YTD
Russell 2000 +6.6% YTD
S&P 500 +2.4% YTD
Dow Jones Industrial Average +0.8% YTD

3:40 pm: [BRIEFING.COM]

Dollar index remains modestly lower, which is helping commodities
After oil sold off post-inventory data, Aug WTI crude dropped below the $60/barrel level
However, Aug crude oil ultimately ended the day $0.79 higher at $60.23/barrel
July natural gas rose $0.04 to $2.76/MMBtu. Meanwhile, gasoline and heating oil futures lost out today
Metals were mixed today with gold lower and silver and copper closing with gains
Aug gold lost $4.10/oz in floor trading today to $1172.60/oz, while July silver rose $0.11 to $15.86/oz
July copper rose $0.01 to $2.62/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.5% with one hour remaining in the session. Today's retreat has caused the benchmark index to surrender this week's gain, which was built on expectations that Greece would be able to come to terms with its creditors soon. However, that agreement remains elusive as the International Monetary Fund rejected the latest proposal overnight.

The Eurogroup recently wrapped up its brief meeting and it is expected to resume its discussions tomorrow. Meanwhile, European Commission President Jean-Claude Juncker and Greek Prime Miniser Alexis Tsirpas are scheduled to meet with Greece's creditors later this evening.

U.S. Treasuries remain near their highs going into the pit close with the 10-yr yield down four basis points at 2.37%.

2:25 pm: [BRIEFING.COM] The major averages remain pressured with the S&P 500 trading lower by 0.7%.

Today's daylong retreat has caused the S&P 500 to surrender its week-to-date gain. Similarly, the Dow Jones Industrial Average (-0.9%) has erased this week's gain and now holds a 0.2% decline since last Friday. For its part, the Nasdaq Composite (-0.7%) remains higher by 0.1% for the week.

As for individual sectors, five groups remain higher for the week with telecom services and energy in the lead. The two sectors hold respective week-to-date gains of 1.0% and 0.7%. On the flip side, utilities and materials have given up 1.9% and 1.3%, respectively.

Also of note, Treasuries have climbed to new highs for the day, sending the 10-yr yield lower by four basis points to 2.37%.

2:00 pm: [BRIEFING.COM] The major averages sit near their lowest levels of the day.

"Better but still not good" is the most accurate assessment of first quarter GDP following the latest revisions.

First quarter GDP declined 0.2% in the third estimate. That is up from a previously reported 0.7% decline in the second estimate. GDP increased 2.2% in Q4 2014. The Briefing.com Consensus expected GDP to be revised down to -0.2%.

The upward revisions had a positive effect on real final sales, but it wasn't enough to change the overall outlook. Real final sales were revised up to -0.6% from -1.1%.

The revisions were in-line with expectations following the release of the Quarterly Services Survey. That report showed that both household spending on services and intellectual property product investment were better than what the BEA previously reported. Several other monthly reports from April and May, such as the new residential construction release, also showed upward revisions to March data.

1:35 pm: [BRIEFING.COM] The major indices continue to drift lower and are resting near the session lows

A look inside the Dow Jones Industrial Average shows DuPont (DD 66.41, -2.09), UnitedHealthGroup (UNH 119.82, -2.92), and Goldman Sachs (GS 214.29, -4.11) are underperforming. DuPont shares are weaker amid general weakness in materials, the worst performing sector on the day, as well as a symptom of an Underweight initiation on its planned spin off Chemours from JP Morgan. Goldman Sachs on the other hand is lower after being at Deutsche Bank

Conversely, Apple (AAPL 129.09, +2.06) is the best-performing Dow component amid renewed bullish comments from activist investor and shareholder Carl Icahn.

For the week, the DJIA is down 0.1% and now down 0.05% for the month of June.

In other developments, the $35 bln 5-yr note auction at the top of the hour drew a high yield of 1.710% on a bid-to-cover ratio of 2.39

12:55 pm: [BRIEFING.COM] The major averages trade near their session lows at midday with the S&P 500 lower by 0.4% while the Dow Jones Industrial Average (-0.5%) underperforms.

Equity indices have spent the entire first half in a slow and steady retreat after the International Monetary Fund rejected Greece's restructuring proposal, putting the two sides back at square one. According to Greek Prime Minister Alexis Tsipras, this was the first time the IMF did not accept equivalent fiscal measures.

In addition to pressuring U.S. stocks, the news weighed on European equities, but it is worth noting that despite today's decline across the Eurozone, regional indices (and the S&P 500) continue holding week-to-date gains that were forged on hopes of an agreement being struck in the near term. This suggests the market continues holding out hope that the situation will be resolved despite the tough rhetoric coming from both sides.

All ten sectors display midday losses with technology (-0.1%) dipping into the red not long ago. The top-weighted sector has given in to market-wide pressure, but continues trading ahead of other groups thanks to a 1.6% gain in the shares of Apple (AAPL 129.04, +2.01). Most other large cap components trade in the red while high-beta chipmakers have struggled since the early going, evidenced by a 0.6% decline in the PHLX Semiconductor Index.

Elsewhere among cyclical sectors, energy (-0.3%) and consumer discretionary (-0.3%) trade just ahead of the S&P 500 while other growth-sensitive groups underperform. The modest decline in the discretionary space has masked relative strength among homebuilders after Lennar (LEN 50.93, +1.93) reported better than expected results. Shares of LEN have jumped 3.9% while the broader iShares Dow Jones US Home Construction ETF (ITB 27.95, +0.27) trades higher by 1.1%.

Also of note, Netflix (NFLX 680.92, -0.27) has returned to its flat line after being up near 4.0% this morning when the company announced that a 7:1 stock split will take effect on July 15. The stock turned around on a dime after activist investor Carl Icahn said he exited his position in NFLX earlier today.

Meanwhile, the countercyclical side does not look much better with health care (-0.7%), telecom services (-0.5%), and utilities (-0.5%) trailing the broader market while the consumer staples sector (-0.2%) trades just ahead.

Treasuries have slipped from their overnight highs, but they continue holding slim gains with the 10-yr yield down two basis points at 2.39%.

Economic data was limited to Q1 GDP and MBA Mortgage Index:

First quarter GDP declined 0.2% in the third estimate, up from a previously reported 0.7% decline in the second estimate, which is what the Briefing.com consensus expected
The upward revisions had a positive effect on real final sales, but it wasn't enough to change the overall outlook as real final sales were revised up to -0.6% from -1.1%
The weekly MBA Mortgage Index rose 1.6% to follow last week's 5.5% decline

12:25 pm: [BRIEFING.COM] Equity indices have marked new session lows in recent action, which has pulled the technology sector back to its flat line.

Similar to technology, three sectors trade ahead of the broader market while the remaining groups continue showing weakness. Notably, the health care sector (-0.6%) has accelerated its decline after trading near its flat line early in the session. Biotechnology has fueled the recent underperformance with iShares Nasdaq Biotechnology ETF (IBB 380.06, -3.19) trading lower by 0.9%.
Related Quotes

11:55 am: [BRIEFING.COM] Not much change in the market with the key indices holding modest losses.

Sector standing has not changed much, but it is worth pointing out that the relative strength in the tech space (+0.2%) has prevented the benchmark index from sliding deeper into the red for the time being. Meanwhile, other influential groups like financials (-0.4%), industrials (-0.4%), and health care (-0.3%) hover near their session lows.

On a separate note, reports from Europe indicate the talks between Greece and its creditors are once again taking place at the staff level with Greek officials voicing optimism that an agreement will be struck in the coming days.

11:25 am: [BRIEFING.COM] Recent action saw the key indices tick down to fresh session lows with the S&P 500 down 0.3%.

Despite the slip to new lows, the technology sector (+0.2%) remains in positive territory while the remaining groups have extended their losses. Most notably, heavily-weighted financials (-0.5%) and industrials (-0.4%) are now exerting pressure on the broader market.

Elsewhere, the health care sector is keeping pace with the broader market amid comparable price action in the biotechnology group. The iShares Nasdaq Biotechnology ETF (IBB 382.23, -1.02) is lower by 0.3%.

10:55 am: [BRIEFING.COM] The major averages have returned into the neighborhood of their flat lines. The S&P 500 remains just below its unchanged level while the Nasdaq Composite holds a one-point gain.

In large part, the rebound has been fueled by the top-weighted technology sector, which is now higher by 0.4%. Shares of Apple (AAPL 129.80, +2.77) have done some heavy lifting, trading higher by 2.2% while other large cap components are mixed. Meanwhile, high-beta chipmakers lag with the PHLX Semiconductor Index trading lower by 0.3%.

Elsewhere among cyclical sectors, consumer discretionary and energy sit on their flat lines while financials (-0.3%), industrials (-0.3%), and materials (-0.6%) remain weak.

10:40 am: [BRIEFING.COM]

The dollar traded red all morning, falling to session lows near 94.9, largely on continuing Greek macro-headlines.
However, in recent trade the index has seen a modest rally to positive territory for the session, which is putting recent pressure on most commodities.
The index is now +0.1% to 95.49
Crude sold off in early trade from overnight highs, but was modestly higher ahead of inventory data released by the EIA
On release of the data, crude sold off back below $61/barrel, and is currently +0.3% to $61.19/barrel
Natural gas lifted early on forecasts for temperate national weather, but gave up those gains in later trade and is now +0.5% to $2.74/MMBtu
August gold is -0.5% to $1171.10/oz and July silver is +0.4% to $15.81/oz
Copper currently trades up 1.2% from yesterday, to $2.64/lb

9:55 am: [BRIEFING.COM] Equity indices continue holding modest losses with most sectors trading in the red. However, energy (unch), technology (+0.1%), and consumer discretionary (unch) outperform.

Notably, the discretionary sector trades ahead of the broader market amid relative strength in homebuilder names after Lennar (LEN 51.23, +2.23) beat earnings and revenue estimates. The stock has spiked 4.5% while the broader iShares Dow Jones US Home Construction ETF (ITB 28.00, +0.32) trades higher by 1.1%.

On the downside, health care (-0.4%) and telecom services (-0.5%) trade behind the remaining eight sectors.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day in negative territory, but the early losses have been limited in scope. The S&P 500 trades lower by 0.1% with nine sectors holding early losses.

The materials sector (-0.3%) is the weakest performer while heavily-weighted health care (-0.2%), financials (-0.1%), and industrials (-0.1%) trade near the S&P 500. Also of note, the top-weighted technology sector (+0.1%) hovers just above its flat line.

Elsewhere, Treasuries have ticked down from their highs, but they remain in the green with the 10-yr yield down a basis point at 2.39%.

9:09 am: [BRIEFING.COM] S&P futures vs fair value: -4.30. Nasdaq futures vs fair value: -5.60. The stock market is on track for a modestly lower open as futures on the S&P 500 trade four points below fair value.

Index futures have slumped during overnight action after the International Monetary Fund rejected Greece's restructuring proposal due to a disagreement over appropriate tax and pension levels. Furthermore, Greek Prime Minister Alexis Tsipras said this was the first time the IMF did not accept equivalent fiscal measures.

With negotiations seemingly taking a couple steps back, safe-haven demand has boosted Germany's bund, sending its yield lower by five basis points to 0.83%. Meanwhile, the U.S. 10-yr note also trades in the green with its yield down two basis points at 2.39%.

On the economic front, the final revision to first quarter GDP showed an upward revision to -0.2% from -0.7%, which is what the Briefing.com consensus expected.

In corporate news of note, Lennar (LEN 51.40, +2.40) has spiked 4.9% in pre-market after beating earnings and revenue estimates.

8:54 am: [BRIEFING.COM] S&P futures vs fair value: -4.60. Nasdaq futures vs fair value: -7.30. The S&P 500 futures trade five points below fair value.

Most markets in the Asia-Pacific region ended higher on Wednesday, including China's Shanghai Composite, which jumped 2.5%. Japan's Nikkei scored a more modest 0.3% advance, yet it logged an 18-year high in the process.

Economic data was limited:
Japan's Corporate Services Price Index +0.6% year-over-year (expected +0.4%; prior +0.7%)

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Japan's Nikkei increased 0.3%, hitting an 18-year high in Wednesday's session. The modest gain was paced by the communications (+0.6%) and consumer non-cyclical (+0.6%) sectors. Individual standouts included Nippon Soda Co (+5.5%), Shiseido Co (+4.7%), and Sojitz Corp (+4.1%). Konica Minolta (-3.8%) and FUJIFILM Holdings (-3.5%) led the decliners. Out of the 225 index members, 126 ended higher, 84 finished lower, and 15 were unchanged.
Hong Kong's Hang Seng increased 0.3%, led by strength in the energy (+1.6%) and communications (+1.5%) sectors. Tencent Holdings (+3.5%), China Resources Power Holdings (+3.0%), and PetroChina (+2.7%) paced the winners. China Mengniu Dairy (-5.8%) and Power Assets Holdings (-2.1%) were the biggest losers. Out of the 50 index members, 23 ended higher, 23 finished lower, and 4 were unchanged.
China's Shanghai Composite increased 2.5% after rallying 3.0% in the final two hours of trading. There wasn't a specific news catalyst for the late action. After falling 13.3% last week, the Shanghai Composite is up 4.8% in two days of trading this week. The basic materials (+2.9%), industrial (+2.4%), and consumer cyclical (+2.3%) sectors were among the best-performing areas in the Chinese market on Wednesday.

Major European indices trade mostly lower with Germany's DAX (-1.0%) showing the largest decline while UK's FTSE (+0.4%) bucks the trend. The regional equity weakness comes after Eurozone creditors rejected Greece's latest proposal. According to Greek Prime Minister Alexis Tsipras, this was the first time the International Monetary Fund did not accept equivalent fiscal measures.

Participants received several data points:
Germany's June Ifo Business Climate slipped to 107.4 from 108.5 (consensus 108.1) as Current Assessment declined to 113.1 from 114.3 (expected 114.1) and Business Expectations ticked down to 102.0 from 103.0 (consensus 102.5)
UK's BBA Mortgage Approvals 42,500 (consensus 43,100; prior 42,000)
France's Q1 GDP was left unrevised at 0.6% quarter-over-quarter, as expected
Italy's May Wage Inflation 0.0% month-over-month (prior 0.2%) while the year-over-year reading increased 1.1% (last 1.2%)

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Germany's DAX is lower by 1.0% with all but four components in the red. Exporters BMW, Daimler, and Volkswagen lead the slide with losses between 1.5% and 1.8%. On the upside, RWE outperforms with a 1.7% advance.
In France, the CAC trades down 0.7%. Bouygues is the weakest performer, down 7.9% after the company's Board of Directors rejected Altice's offer for the company's telecom unit. Meanwhile, financials BNP Paribas, Credit Agricole, and Societe Generale hold losses between 0.8% and 1.2%.
UK's FTSE has added 0.1% thanks to strength in consumer and mining names. WM Morrison Supermarkets, Sainsbury, and Tesco show gains between 1.1% and 3.1% while Anglo American and BHP Billiton are both up near 1.6%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -7.40. The S&P 500 futures trade four points below fair value.

The third estimate of first quarter GDP pointed to a contraction of 0.2%, which is what the Briefing.com consensus expected. Meanwhile, the first quarter GDP Deflator was revised up to 0.0% from -0.1% while the Briefing.com consensus expected a reading of -0.1%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -3.50. Nasdaq futures vs fair value: -5.80. U.S. equity futures trade modestly lower amid cautious action overseas. The S&P 500 futures hover four points below fair value after trading inside a nine-point range throughout the night.

Index futures hover not far above their lows after Eurozone creditors rejected Greece's latest proposal. According to Greek Prime Minister Alexis Tsipras, this was the first time the International Monetary Fund did not accept equivalent fiscal measures. Germany's 10-yr bund trades in the green with its yield down four basis points at 0.84%. Similarly, the U.S. 10-yr note holds a modest gain, sending its yield lower by a basis point to 2.40%.

The weekly MBA Mortgage Index rose 1.6% to follow last week's 5.5% decline.

One more data point remains on the schedule with the third estimate of Q1 GDP set to be reported at 8:30 ET (Birefing.com consensus -0.2%).

In U.S. corporate news of note:

Ford (F 15.56, +0.27): +1.8% after Goldman Sachs upgraded the stock to 'Buy' from 'Neutral.'
Goldman Sachs (GS 217.00, -1.40): -0.6% after Deutsche Bank downgraded the stock to 'Hold' from 'Buy'
Lennar (LEN 50.80, +1.80): +3.7% after beating earnings and revenue estimates.
Netflix (NFLX 696.90, +14.75): +2.2% after announcing a 7:1 stock split, which will take effect on July 15.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.3%, Hong Kong's Hang Seng +0.3%, and China's Shanghai Composite +2.5%
In economic data:
Japan's Corporate Services Price Index +0.6% year-over-year (expected +0.4%; prior +0.7%)
In news:
The Bank of Japan released the minutes from its May meeting, which revealed that one board member was concerned that side effects of continued easing could exceed the benefits

Major European indices trade mostly lower. Germany's DAX -1.0%, France's CAC -0.4%, and UK's FTSE +0.3%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -0.9%
Participants received several data points:
Germany's June Ifo Business Climate slipped to 107.4 from 108.5 (consensus 108.1) as Current Assessment declined to 113.1 from 114.3 (expected 114.1) and Business Expectations ticked down to 102.0 from 103.0 (consensus 102.5)
UK's BBA Mortgage Approvals 42,500 (consensus 43,100; prior 42,000)
France's Q1 GDP was left unrevised at 0.6% quarter-over-quarter, as expected
Italy's May Wage Inflation 0.0% month-over-month (prior 0.2%) while the year-over-year reading increased 1.1% (last 1.2%)
Among news of note:
The euro has held up well despite the IMF's rejection of Greece's debt restructuring proposal. The single currency has climbed 0.3% against the dollar to 1.1200

5:49 am: [BRIEFING.COM] S&P futures vs fair value: -4.10. Nasdaq futures vs fair value: -6.40.

5:49 am: [BRIEFING.COM] Nikkei...20868.03...+58.60...+0.30%. Hang Seng...27404.97...+71.50...+0.30%.

5:49 am: [BRIEFING.COM] FTSE...6868.22...+33.40...+0.50%. DAX...11516.40...-26.10...-0.20%.

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)
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