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 Post subject: June 25th Thursday Trade Results - Profit $9175.00
PostPosted: Fri Jun 26, 2015 5:15 am 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $550.00 dollars or +5.50 points, Emini ES ($ES_F) futures @ $8,625.00 dollars or +172.50 points, Light Crude Oil CL ($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 @ $9,175.00 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=2107

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


4:15 pm: [BRIEFING.COM] The stock market registered its second consecutive decline on Thursday with the S&P 500 (-0.3%) sliding below its 50-day simple moving average (2,107). The benchmark index held a modest gain through the morning, but relative weakness among several influential sectors pulled the S&P 500 into negative territory during afternoon action.

Stocks began the day with slim gains, but retreated from their opening levels during the initial hour amid reports today's Eurogroup meeting was suspended to give the Greek delegation time to submit a better proposal to the creditors. The market dipped from its opening levels in reaction, but was able to briefly extend to a fresh session high with the health care (+0.5%) sector driving the move after the Supreme Court upheld federal subsidies to the Affordable Care Act. Hospital names benefited from the news with the likes of Tenet Healthcare (THC 56.21, +6.13), HCA (HCA 90.72, +7.35), and Universal Health (UHS 140.82, +10.14) spiking between 7.8% and 12.2%.

Staying in the health care sector, insurer Humana (HUM 197.37, +13.14) spiked during the afternoon and ended higher by 7.1% after Bloomberg reported the company received a takeover offer from Aetna (AET 132.60, +5.09).

Unlike health care, most of the remaining influential sectors struggled while the consumer discretionary space (-0.1%) settled just below its flat line, but ahead of other cyclical groups. Media names like Comcast (CMCSA 60.88, +0.52) and Time Warner (TWX 88.20, +1.10) posted gains close to 1.0% apiece while homebuilders also finished ahead of the broader market with iShares Dow Jones US Home Construction ETF (ITB 27.96, +0.04) adding 0.1%.

Elsewhere, the financial sector (-0.7%) underperformed today, and the growth-sensitive group is now down 0.5% for the week versus a 0.4% week-to-date decline for the S&P 500. Similar to financials, energy (-1.0%) and industrials (-0.8%) lagged throughout the day.

The energy sector struggled amid commodity weakness as crude oil fell 0.8% to $59.73/bbl. Today's decline widened the energy sector's June loss to 2.7%, which puts the group only ahead of the utilities sector (-0.7%). The rate-sensitive sector has given up 6.0% month-to-date.

For its part, the industrial sector endured losses among large cap names like General Electric (GE 27.04, -0.22) and Caterpillar (CAT 86.72, -1.45). That being said, transport stocks did not fare much better with the Dow Jones Transportation Average (-0.9%) extending this week's decline to 2.1%. The bellwether complex notched a fresh low for the month near levels that have not been seen since late October.

Also of note, the top-weighted technology sector (-0.3%) ended in-line with the broader market, but that masked modest strength among chipmakers. The PHLX Semiconductor Index shed 0.1%, but ARM Holdings (ARMH 53.86, +1.09) rallied 2.1% to a two-month high. On the flip side, Cree (CREE 27.51, -3.05) plunged 10.0% after issuing below-consensus guidance and announcing plans to restructure its LED business.

Treasuries spent the day in negative territory, but they cut their losses in half during afternoon action with the 10-yr yield ending higher by two basis points at 2.40%.

Today's participation represented the largest amount of activity since Friday as more than 750 million shares changed hands at the NYSE floor.

Economic data included Initial Claims and Personal Income/Spending data:

The initial claims level increased to 271,000 for the week ending June 20 from an upwardly revised 268,000 (from 267,000) while the Briefing.com consensus expected an increase to 271,000
Over the last four weeks, the initial claims level has averaged 274,000, which is slightly above the 15-year lows reached in May, but still points toward strong employment trends
Personal income increased 0.5% for a second consecutive month in May while the Briefing.com consensus expected an increase of 0.4%
The personal savings rate dropped to 5.1% in May from 5.4% in April
Personal spending increased 0.9% in May after an upwardly revised 0.1% (from 0.0%) in April while the Briefing.com consensus expected an increase of 0.7%
Core PCE Prices rose 0.1%, as expected by the consensus

Tomorrow, the final reading of the Michigan Sentiment Survey for June will be released at 10:00 ET (Briefing.com consensus 94.6).

Nasdaq Composite +7.9% YTD
Russell 2000 +6.5% YTD
S&P 500 +2.1% YTD
Dow Jones Industrial Average +0.4% YTD

3:35 pm: [BRIEFING.COM]

The dollar index traded flat to modestly lower today, so it wasn't a big catalyst for commodities today.
Oil lost steam, while natural gas futures rallied on storage data.
Aug crude finished the day $0.50 lower at $59.73/barrel. July nat gas rose $0.09 to $2.85/MMBtu.
Metals were mixed/mostly flat to given the action in the dollar index.
Aug gold ended today's floor trading session $0.80 lower to $1171.80/oz.
July silver lost $0.06 to $15.80/oz and July copper ended unchanged at $2.62/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.2% with one hour remaining in the session. The benchmark index held a slim gain into the afternoon, but fell into negative territory about an hour ago amid weakness in heavily-weighted sectors like financials (-0.5%), industrials (-0.6%), and technology (-0.3%).

Given its current level, the benchmark index is on track to enter tomorrow's session with a 0.3% decline for the week. However, the market could be on the move if there are some overnight developments on the Greek front.

Elsewhere, Treasuries hover in the middle of their trading ranges with the 10-yr yield up two basis points at 2.39%.

2:25 pm: [BRIEFING.COM] Equity indices have slipped to new lows for the day with the S&P 500 (-0.3%) sliding beneath its 50-day moving average (2,107), which has been an area of congestion throughout the month.

The benchmark index ended yesterday's session within two points of the 50-day average and tried to pull away from that mark in the early going, but recent selling pressure has forced the S&P 500 below its 50-day average for the first time since last Wednesday.

Influential sectors like financials (-0.5%), industrials (-0.6%), energy (-0.7%), and technology (-0.2%) have extended their losses while health care has narrowed its gain to 0.4%. It is worth noting that Humana (HUM 195.56, +11.33) is higher by 6.1% after Bloomberg reported the insurer has received a takeover offer from Aetna (AET 131.00, +3.45).

1:55 pm: [BRIEFING.COM] The major averages remain near their flat lines.

Today's personal income and spending report showed a sharp drop in the personal savings rate, from 5.4% in April to 5.1% in May.

Savings trends are still elevated compared to early 2014 levels, but the downward move coupled with a relatively large increase in income suggests that the concerns consumers have about the economy aren't as dire as first thought.

Personal income increased 0.5% for a second consecutive month in May following an upward revision (from 0.4%) to the April data. The Briefing.com Consensus expected personal income to increase 0.4%.

Personal spending increased 0.9% in May after an upwardly revised 0.1% (from 0.0%) in April. The Briefing.com Consensus expected spending to increase 0.7%.

The shift toward more spending than savings led to the largest increase in consumption since a 1.3% increase in August 2009.

A further reduction in the savings rate over the coming months would do even more to boost spending and help the economy reach its potential growth rate.

1:35 pm: [BRIEFING.COM] The major indices continue to show small gains as investors tread caution on any developments out of Greece

A look inside the Dow Jones Industrial Average shows UnitedHealth Group (UNH 122.60, +3.43), Disney (DIS 115.04, +1.27), and Intel (INTC 34.24, +0.33) are outperforming. UnitedHealth is higher amid general strength in the health care sector a Supreme Court upheld the subsidies tied to the Affordable Care Act. Disney on the other hand is showing gains after announcing a 15% increase to its annual dividend payout and that it would begin paying out that distribution in semi-annual payouts.

Conversely, Caterpillar (CAT 87.31, -0.86) is the worst-performing Dow component as industrials underperform the broad market.

For the week, the DJIA is down 0.27%, underperforming the S&P500 and Nasdaq exchanges.

In other developments, the $29 bln 7-yr note auction was met with strong demand. It drew a high yield of 2.153% on a bid-to-cover ratio of 2.38

12:55 pm: [BRIEFING.COM] The major averages hover just above their flat lines at midday with the S&P 500 holding a two-point gain.

The first half of the Thursday session has been very quiet with the benchmark index respecting a nine-point range. The index currently hovers near the bottom of that range with six sectors trading in the green.

Stocks retreated from their opening levels during the initial hour once it was reported that today's Eurogroup meeting has been suspended "indefinitely" as the Eurogroup waits for the Greek delegation to submit a better proposal. Despite the ensuing pullback, the market was able to extend to a fresh session high with the health care (+0.6%) sector driving the move after the Supreme Court upheld federal subsidies to the Affordable Care Act. Hospital names have benefitted from the news with the likes of Tenet Healthcare (THC 57.09, +7.01), HCA (HCA 90.70, +7.33), and Universal Health (UHS 141.38, +10.70) showing gains between 8.2% and 14.0%.

Health care notwithstanding, other heavily-weighted sectors have struggled to keep pace with the market. To that point, energy (-0.5%), industrials (-0.3%), and financials (-0.2%) hover in the red while the technology sector has narrowed its gain to 0.1%.

The energy sector has followed crude oil, which currently trades lower by 1.2% at $59.55/bbl. For its part, the industrial sector has endured broad weakness. Heavyweight General Electric (GE 27.17, -0.09) has surrendered 0.3% while high-beta transport stocks lag with the Dow Jones Transportation Average down 0.2%. Including today's downtick, the bellwether complex is now down 1.4% for the week versus no change for the S&P 500.

Elsewhere, the technology sector (+0.1%) remains supported by chipmakers with the PHLX Semiconductor Index trading higher by 0.3%.

Treasuries sit near their recently-established lows with the 10-yr yield up four basis points at 2.41%.

Economic data included Initial Claims and Personal Income/Spending data:

The initial claims level increased to 271,000 for the week ending June 20 from an upwardly revised 268,000 (from 267,000) while the Briefing.com consensus expected an increase to 271,000
Over the last four weeks, the initial claims level has averaged 274,000, which is slightly above the 15-year lows reached in May, but still points toward strong employment trends
Personal income increased 0.5% for a second consecutive month in May while the Briefing.com consensus expected an increase of 0.4%
The personal savings rate dropped to 5.1% in May from 5.4% in April
Personal spending increased 0.9% in May after an upwardly revised 0.1% (from 0.0%) in April while the Briefing.com consensus expected an increase of 0.7%
Core PCE Prices rose 0.1%, as expected by the consensus

12:25 pm: [BRIEFING.COM] Not much change in the market with the key indices maintaining narrow ranges. For its part, the S&P 500 (+0.1%) has respected a nine-point range since the opening bell while the past hour has seen the index bounce between 2,116 and 2,111.

The consumer discretionary sector (+0.4%) has overtaken the technology space (+0.2%) not long ago with homebuilders contributing to the relative strength. The iShares Dow Jones US Home Construction ETF (ITB 28.08, +0.16) is higher by 0.6%

Meanwhile, retail stocks have struggled to stay in the green with SPDR S&P Retail ETF (XRT 100.97, 0.00) trading flat.
Related Quotes

12:00 pm: [BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 (+0.3%) holding a modest gain. However, a potential extension of that gain will hinge on the performance of heavily-weighted financials (-0.1%), industrials (-0.2%), and energy (-0.3%). The three sectors dipped in to the red during the opening hour and they remain in negative territory at this juncture.

Meanwhile, the top-weighted technology sector (+0.3%) trades ahead of the remaining cyclical groups thanks to gains among large cap names like Apple (AAPL 128.76, +0.65), Google (GOOGL 560.98, +2.41), and Microsoft (MSFT 45.80, +0.16). Furthermore, high-beta chipmakers have also shown strength with the PHLX Semiconductor Index trading higher by 0.5%. Only four index members trade in negative territory with Cree (CREE 27.63, -2.93) down 9.6% after issuing below-consensus guidance and announcing plans to restructure its LED business.

11:30 am: [BRIEFING.COM] Recent action saw the S&P 500 (+0.3%) inch to a fresh session high with six sectors trading in the green.

The telecom services sector (+1.0%) leads, but health care (+0.8%) is a more notable outperformer considering the group's market cap is roughly five times larger than that of telecom services. Elsewhere among countercyclical sectors, consumer staples (+0.3%) trade in-line with the broader market while the utilities sector (-0.2%) lags.

In all likelihood, the rate-sensitive utilities sector has retreated in response to increasing yields, which make utility stocks less attractive versus Treasuries. The 10-yr note sits on its low with the benchmark yield up four basis points at 2.41%.

10:55 am: [BRIEFING.COM] The S&P 500 (+0.2%) has returned into the middle of its trading range with help from the health care sector (+0.7%), which has surged to a fresh high for the day after the Supreme Court upheld the federal subsidies to the Affordable Care Act.

Hospital names have led the sector higher with Tenet Healthcare (THC 55.76, +5.66), HCA (HCA 91.00, +7.63), and Universal Health (UHS 141.49, +10.81) showing gains between 8.3% and 11.4%.

The strength in large cap components has overshadowed relative weakness in biotech names, evidenced by the iShares Nasdaq Biotechnology ETF (IBB 376.71, -0.88), which is lower by 0.2%.

10:40 am: [BRIEFING.COM]

The dollar has traded in a moderate range around the flatline all morning, as market sentiment has been trendless and shifting, largely driven by headlines out of the Eurozone, in-line US unemployment figures and stronger-than expected US spending data.
Temporary early strength in the index however did put selling pressure on crude oil, while the gold has been relatively unaffected by dollar movement
The dollar index is currently -0.1% to 95.20 .
After being pressured into the red from flat overnight, Crude oil is currently extending moderate losses, trading at -1% to $59.65
Natural gas was unchanged overnight, but saw a strong, extended rally going into the release (near the Hod of $2.83/MMBtu) of EIA inventory at 10:30 am (ET)
On release of the data, Natural gas dropped sharply, but reversed those quick losses and is now +1.8% to $2.81/MMBtu
July copper is trading at moderate losses to -0.3% at $2.62/lb
August gold is +0.1% to $1173.4/oz, while a silver sell-off has the July contract down 0.4% to $15.80/oz

9:55 am: [BRIEFING.COM] Equity indices have slipped from their early highs following a report that the Eurogroup meeting has been suspended "indefinitely" as the Eurogroup waits for the Greek delegation to submit a better proposal. The move lower in U.S. stocks has been accompanied by selling in Europe with Germany's DAX setting a new low for the day. The index has narrowed its decline to 0.4% after being down near 1.0%.

Also of note, the news has caused Treasuries to climb off their lows, but the 10-yr note remains in the red with its yield higher by two basis points at 2.39%.

Eight sectors continue holding gains while industrials (-0.2%) and utilities (-0.3%) trade in negative territory.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day with modest gains. The S&P 500 trades higher by 0.3% with nine sectors in the green while energy (-0.1%) hovers just below its flat line as crude oil trades down 0.7% at $59.83/bbl.

On the upside, heavily-weighted technology (+0.3%) and health care (+0.4%) have shown relative strength while another influential sector-financials (+0.2%)-sits just behind the S&P 500 after showing relative weakness yesterday.

Elsewhere, Treasuries have marked new session lows not long ago with the 10-yr yield now up three basis points at 2.40%.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +6.40. Nasdaq futures vs fair value: +17.90. The stock market is on track for a modestly higher open as futures on the S&P 500 trade six points above fair value. Index futures spent the entire night in positive territory, hitting their highs amid reports suggesting Greek representatives have been able to iron out their differences with the country's creditors; however, more recent headlines revealed that the situation remains little changed from yesterday. European indices have retreated from their highs while U.S. futures continue holding more than half of their early morning gains.

On the economic front, weekly initial claims increased to 271,000 from 268,000, which is what the Briefing.com consensus expected. Separately, income/spending data for May showed the largest month-over-month increase in spending (+0.9%; Briefing.com consensus 0.7%) in six years.

In corporate news, Bed Bath & Beyond (BBBY 68.61, -1.73) is on track to open lower by 2.5% after reporting a one-cent miss and guiding Q2 earnings below consensus estimates.

8:52 am: [BRIEFING.COM] S&P futures vs fair value: +4.90. Nasdaq futures vs fair value: +14.10. The S&P 500 futures trade five points above fair value.

Most markets in the Asia-Pacific region followed Wall Street's lead and ended lower. The uncertainty over the Greek situation was cited as an ostensible catalyst for the weakness. China's Shanghai Composite was the biggest loser with a 3.5% decline.

In economic data:
South Korea's June Consumer Confidence 99 (expected 104; prior 105)
Hong Kong's May Trade Balance HKD -40.1 bln (expected HKD -32.2 bln; prior HKD -39.2 bln) as Imports -4.7% month-over-month (expected -1.6%; prior -2.9%) and Exports -4.6% month-over-month (expected +0.9%; prior +2.2%)

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Japan's Nikkei declined 0.5% and finished near its lows for the session. The utilities sector (-1.7%) was the biggest loser, yet most sectors ended lower, including the technology (-1.0%) and financial (-0.6%) sectors. TDK Corp (-4.5%), Yokohama Rubber Co (-4.3%), and Nippon Kayaku Co (-3.1%) led shares to the downside while JTEKT Corp (+4.0%) and Nikon Corp (+3.4%) sat atop the list of winners. Out of the 225 index members, 62 ended higher, 157 finished lower, and 6 were unchanged.
Hong Kong's Hang Seng declined 1.0% and ended near its lows for the session as selling efforts intensified in afternoon trade. The technology (-3.4%), industrial (-1.5%), and communications (-1.3%) sectors were the weakest areas. Bank of China (-5.7%), Lenovo Group (-3.4%), and Want Want China Holdings paced the losses. China Mengniu Dairy (+1.7%) and Tingyi Cayman Islands Holding Corp (+1.1%) were upside leaders. Out of the 50 index members, 14 ended higher, 35 finished lower, and 1 was unchanged.
China's Shanghai Composite declined 3.5% with the entirety of its loss incurred over the final two hours of trading. There was no specific news catalyst behind the intensified selling activity. Earlier in the session, it was reported that Chinese authorities did away with the 75% loan-to-deposit limit. The technology (-8.0%) and communications (-5.7%) sectors were the worst-performing areas in the Chinese market on Thursday.

Major European indices have retreated from their highs as the market's focus remains on Greece. Early reports suggested that the parties were able to iron out their differences; however, more recent headlines indicate the two sides remain at odds. With that in mind, Eurozone Finance Ministers have stressed the need to come to terms with the Greek delegation as quickly as possible considering any potential deal will need to be ratified by the Greek parliament.

Economic data was limited:
Germany's July GfK Consumer Climate ticked down to 10.1 from 10.2 (expected 10.2)
UK's June CBI Distributive Trades Survey dropped to 29 from 51 (expected 32)
Spain's PPI -1.4% year-over-year (consensus -1.0%; prior -0.9%)

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UK's FTSE is lower by 0.3% with financials and health care names under pressure. Admiral Group and Experian hold respective losses of 1.6% and 1.2% while AstraZeneca and Shire are both down near 1.0% apiece. Energy-related names outperform with BP and Royal Dutch Shell both up near 0.6%.
In France, the CAC trades down 0.2%. BNP Paribas and Societe Generale show respective gains of 0.5% and 0.4% while Peugeot has given up 1.2% Consumer names are among the laggards with L'Oreal, Pernod Ricard, and LVMH down between 0.5% and 1.0%.
Germany's DAX is lower by 0.1%. Basic materials remain strong with Lanxess, K+S, and HeidelbergCement up between 1.1% and 1.6%. Heavyweights Merck and Siemens are among the weakest performers, both down near 0.4%.
Italy's MIB outperforms with a gain of 0.8% amid strength in financials. BMPS, Banca di Milano Scarl, Intesa Sanpaolo, Banco Popolare, and Unicredit lead with gains between 1.5% and 4.8%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +14.90. The S&P 500 futures trade six points above fair value.

The latest weekly initial jobless claims count totaled 271,000, which is what the Briefing.com consensus expected. Today's tally was above the revised prior week count of 268,000 (from 267,000). As for continuing claims, they rose to 2.247 million from 2.225 million.

Separately, May personal income rose 0.5% while the Briefing.com consensus expected an uptick of 0.4%. Meanwhile, personal spending rose 0.9% while the consensus expected an increase of 0.7%.

Core PCE prices rose 0.1%, which is what the Briefing.com consensus expected.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +6.50. Nasdaq futures vs fair value: +16.10. U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover seven points above fair value after spending the entire night in positive territory.

Overnight, Greek Prime Minister Alexis Tsipras met with International Monetary Fund Managing Director Christine Lagarde, European Central Bank President Mario Draghi, and European Commission President Jean-Claude Juncker with early reports suggesting that the parties were able to iron out their differences; however, more recent reports indicate the two sides remain at odds.

U.S. Treasuries trade in the red with the 10-yr yield up two basis points at 2.40%.

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

In U.S. corporate news of note:

Accenture (ACN 99.25, +1.48): +1.5% in reaction to better than expected earnings and revenue.
Amazon.com (AMZN 438.50, -2.34): -0.5% after Evercore ISI downgraded the stock to 'Hold' from 'Buy.'
AT&T (T 36.12, +0.34): +1.0% after Bank of America/Merrill Lynch upgraded the stock to 'Buy' from 'Neutral.'
Bed Bath & Beyond (BBBY 69.75, -0.59): -0.8% after reporting a one-cent miss and guiding Q2 earnings below consensus estimates.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -4.0%, Hong Kong's Hang Seng -1.0%, and Japan's Nikkei -0.5%
In economic data:
South Korea's June Consumer Confidence 99 (expected 104; prior 105)
Hong Kong's May Trade Balance HKD -40.1 bln (expected HKD -32.2 bln; prior HKD -39.2 bln) as Imports -4.7% month-over-month (expected -1.6%; prior -2.9%) and Exports -4.6% month-over-month (expected +0.9%; prior +2.2%)
In news:
South Korea's Finance Ministry has cut its 2015 GDP forecast to 3.1% from 3.8%, citing headwinds from the MERS outbreak
The People's Bank of China injected liquidity into the system for the first time in nine weeks through reverse repurchase agreements

Major European indices have retreated from their highs. Germany's DAX +0.1%, France's CAC +0.1%, and UK's FTSE -0.2%. Elsewhere, Italy's MIB +0.9% and Spain's IBEX +0.1%
Economic data was limited:
Germany's July GfK Consumer Climate ticked down to 10.1 from 10.2 (expected 10.2)
UK's June CBI Distributive Trades Survey dropped to 29 from 51 (expected 32)
Spain's PPI -1.4% year-over-year (consensus -1.0%; prior -0.9%)
Among news of note:
Eurozone Finance Ministers have stressed the need to come to terms with the Greek delegation as quickly as possible considering any potential deal will need to be ratified by the Greek parliament

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +10.70.

5:50 am: [BRIEFING.COM] Nikkei...20771.40...-96.60...-0.50%. Hang Seng...27145.75...-259.20...-1.00%.

5:50 am: [BRIEFING.COM] FTSE...6847.31...+2.50...+0.00%. DAX...11469.41...-1.90...0.00%.

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
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