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 Post subject: July 1st Wednesday Trade Results - Profit $1062.50
PostPosted: Thu Jul 02, 2015 5:49 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)

Attachment:
070115-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1062.50.png
070115-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit+1062.50.png [ 94.7 KiB | Viewed 354 times ]

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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $1,062.50 dollars or +21.25 points, Light Crude Oil CL ($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 @ $1,062.50 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=145&t=2113

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=267&t=2814 contains brief information about trading plan, market context, brokers, trading time frames, position size management and other discussions.

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.

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click on the above image to view today's price action of key markets


4:10 pm: [BRIEFING.COM] The major averages spent the Wednesday session in a slow retreat from their opening highs, but they were able to keep more than half of their opening gains. The S&P 500 climbed 0.7% while the Nasdaq Composite (+0.5%) underperformed.

Equities surged out of the gate amid reports from Europe indicating Greece is now ready to accept all conditions in order to secure a bailout. The report sparked a rush to risk assets, but the Greek offer was met with a cool reception from Eurozone leaders. Most notably, Germany's Chancellor Angela Merkel reiterated that talks will not resume until after Sunday's referendum, adding that "a compromise at any price" is not worthwhile. Similarly, Eurogroup Chief Jeroen Dijsselbloem said he does not see the need for a resumption of talks ahead of Sunday's referendum.

Despite charging at the start, stocks began inching away from their highs about 30 minutes into the session after Greek Prime Minister Alexis Tsipras reiterated his call for a 'no' vote during Sunday's referendum. A small pullback ensued as Mr. Tsipras' comments cast doubt on earlier speculation that the referendum could be cancelled altogether.

Nine sectors were able to end the day with gains while energy (-1.3%) struggled amid daylong weakness in crude oil that sent the energy component to levels not seen since late May. WTI crude settled lower by 4.2% at $56.94/bbl with greenback strength contributing to the move as the Dollar Index (96.25, +0.76) rose 0.8%.

Today's plunge in crude oil failed to boost airlines as the industry group was hit with broad-based selling interest after the Department of Justice confirmed a probe into potential collusion in the industry. Delta Air Lines (DAL 40.27, -0.81) and JetBlue (JBLU 20.04, -0.71) lost 2.0% and 3.4%, respectively, while the Dow Jones Transportation Average eked out a slim gain of 0.2% thanks to gains among shipping and railroad names.

Elsewhere among cyclical sectors, consumer discretionary (+1.0%) and financials (+1.3%) outperformed throughout the session. The financial sector held the lead into the close with Chubb (CB 119.99, +24.85) soaring 26.1% after agreeing to be acquired by ACE Limited (ACE 102.49, +0.81) for roughly $124.13/share in cash and stock. The acquisition boosted other insurers with Dow component Travelers (TRV 99.30, +2.64) jumping 2.7%.

Also of note, the technology sector (+0.6%) was among the early leaders, but the top-weighted group slipped behind the broader market during afternoon action. The retreat from early highs was paced by chipmakers with the PHLX Semiconductor Index narrowing its gain to 0.2% after being up 1.5% at the start.

Treasuries ended the day not far above their lows with the 10-yr yield climbing six basis points to 2.42%.

Today's participation was ahead of average as more than 840 million shares changed hands at the NYSE floor.

Economic data included ADP Employment, ISM Index, Construction Spending, and MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 237K in June, which was above the increase of 200K expected by the Briefing.com consensus
The May reading was revised up to 203,000 from 201,000
The ISM Manufacturing Index increased to 53.5 in June from 52.8 in May while the Briefing.com consensus expected an increase to 53.2
A small acceleration in new orders growth (56.0 from 55.8) was not enough to keep the Production Activities index from falling to 54.0 in June from 54.5 in May
Construction spending increased 0.8% in May after a downwardly revised 2.1% (from 2.2%) increase in April while the Briefing.com consensus expected an increase of 0.3%
Typically, construction spending naturally pulls back after an outsized 2.0% monthly gain. Not only did construction spending remain on a positive track, but it easily topped what we considered to be inflated expectations.
The weekly MBA Mortgage Index fell 4.7% to follow last week's 1.6% increase

Tomorrow, weekly Initial Claims (Briefing.com consensus 273K) and June Nonfarm Payrolls (consensus 230K) will both be reported at 8:30 ET while the Factory Orders report for May (consensus -0.5%) will cross the wires at 10:00 ET.

Nasdaq Composite +5.9% YTD
Russell 2000 +4.4% YTD
S&P 500 +0.9% YTD
Dow Jones Industrial Average -0.4% YTD

3:40 pm: [BRIEFING.COM]

WTI crude oil futures sold off today, losing $2.50/barrel to $56.94/barrel.
Aug natural gas also fell to, declining $0.05 to $2.78/MMBtu.
Heating oil and RBOB futures declined as well today.
Metals were mixed today with copper rising $0.02 to $2.63/lb, Aug gold falling $2.60 to $1169.20/oz and Sept silver losing $0.05 to $15.57/oz
Following a 10% rally yesterday, Sept corn futures closed today $0.02 higher to $4.24/bushel

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% with one hour remaining in the session. The benchmark index spiked at the open amid reports that Greek officials are willing to accept the demands presented by the creditors. However, top-level officials from Germany and the Eurogroup have made it clear that there will be no more negotiating until after Sunday's referendum.

Treasuries hover just above their lows with the 10-yr yield higher by six basis points at 2.42%. On a related note, the Dollar Index (96.27, +0.78) has extended its gain to 0.8%.

2:25 pm: [BRIEFING.COM] The major averages have ticked down to fresh intraday lows with the S&P 500 narrowing its gain to 0.4%. The recent slip occurred after Eurogroup Chief Jeroen Dijsselbloem said there will be no more debt talks with Greece until after Sunday's referendum. Mr. Dijsselbloem's comments were made after today's Eurogroup conference call and they are in-line with what was said by German Chancellor Angela Merkel earlier.

Eight sectors remain in positive territory while the industrial sector has joined energy (-1.5%) in negative territory. Transport stocks have contributed to the slide among industrials with airlines leading the move after the Associated Press reported the Department of Justice is probing potential collusion in the industry. Delta Air Lines (DAL 39.04, -2.04) is the weakest performer, down 4.9%, while the remaining carriers also trade in negative territory.

1:55 pm: [BRIEFING.COM] The S&P 500 hovers in the middle of its trading range.

The latest data showed more positive surprises as both construction spending and the ISM Manufacturing Index topped expectations.

Construction spending increased 0.8% in May after a downwardly revised 2.1% (from 2.2%) increase in April. The Briefing.com Consensus expected construction spending to increase 0.3%.

Typically, construction spending naturally pulls back after an outsized 2.0% monthly gain. Not only did construction spending remain on a positive track, but it easily topped what we considered to be inflated expectations.

The ISM Manufacturing Index increased to 53.5 in June from 52.8 in May. The Briefing.com Consensus expected the index to increase to 53.2.

A small acceleration in new orders growth (56.0 from 55.8) was not enough to keep production growth from slowing or to restock manufacturer backlogs. Production activities softened as the index fell to 54.0 in June from 54.5 in May. Unfilled orders contracted as the related index declined to 47.0 in June from 53.5 in May.

1:30 pm: [BRIEFING.COM] The major indices are unchanged since our last update as the persistent sell-off since this morning's strong open has been halted with the Dow Jones Industrial Average +0.5%

A look inside the Dow Jones Industrial Average shows that Travelers (TRV 98.96, +2.30), Procter & Gamble (PG 79.59, +1.35), and Boeing (BA 140.68, +1.96). Travelers is the best-performing Dow component on the heels of M&A activity in the insurance space, with Ace Ltd (ACE 103.63, +1.95) saying this morning it will acquire peer Chubb (CB 122.77, +27.63) for ~$28.3 bln. P&G on the other hand is enjoying gains alongside general strength in the consumer staples sector, one of the top gaining sectors in today's session.

Conversely, Exxon Mobil (XOM 82.52, -0.68) is the worst-performing Dow component on the heels of notable weakness in crude oil futures, with WTI -3.6%.

Despite today's gains, the DJIA is still down 1.25% for the week.

12:55 pm: [BRIEFING.COM] The major averages sport midday gains with the Dow Jones Industrial Average (+0.5%) and S&P 500 (+0.4%) trading ahead of the Nasdaq Composite (+0.3%).

Equities spiked out of the gate amid strength in European markets after it was reported that Greece is now ready to accept all conditions in order to secure a bailout. The report sparked a rush to risk assets, but the Greek offer has been met with a cool reception among Eurozone leaders. For instance, Germany's Chancellor Angela Merkel reiterated that talks will not resume until after Sunday's referendum, adding that "a compromise at any price" is not worthwhile.

Stocks rallied through the initial 30 minutes of the session, but reversed from their highs after Greek Prime Minister Alexis Tsipras reiterated his call for a 'no' vote during Sunday's referendum. A small pullback ensued as Mr. Tsipras' comments cast doubt on earlier speculation that the referendum could be cancelled altogether.

Nine sectors hold midday gains while energy (-0.9%) has retreated alongside crude oil, which is now down 3.2% at $57.55/bbl. On the upside, financials (+1.0%) trade ahead of the remaining sectors, largely thanks to a 28.9% surge in the shares of Chubb (CB 122.40, +27.26) after the company agreed to be acquired by ACE Limited (ACE 103.48, +1.80) for roughly $124.13/share in cash and stock. Furthermore, the acquisition has boosted other insurers with Dow component Travelers (TRV 99.00, +2.34) trading higher by 2.4% at this juncture.

Elsewhere, the technology sector (+0.3%) was among the early leaders, but the top-weighted group has slipped behind the broader market amid a pullback in chipmaker names. The PHLX Semiconductor Index has narrowed its advance to 0.3% after being up 1.5% at the start.

Over on the countercyclical side, telecom services (+0.4%) and utilities (+0.3%) trail the broader market while consumer staples (+0.7%) and health care (+0.5%) outperform. Interestingly, the health care sector continues showing relative strength even though biotech names have turned negative with the iShares Nasdaq Biotechnology ETF (IBB 368.78, -0.19) trading lower by 0.1%.

Treasuries have spent the entire day in negative territory and they currently trade near the middle of their trading range with the 10-yr yield higher by five basis points at 2.41%.

Economic data included ADP Employment, ISM Index, Construction Spending, and MBA Mortgage Index:

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 237K in June, which was above the increase of 200K expected by the Briefing.com consensus
The May reading was revised up to 203,000 from 201,000
The ISM Manufacturing Index increased to 53.5 in June from 52.8 in May while the Briefing.com consensus expected an increase to 53.2
A small acceleration in new orders growth (56.0 from 55.8) was not enough to keep the Production Activities index from falling to 54.0 in June from 54.5 in May
Construction spending increased 0.8% in May after a downwardly revised 2.1% (from 2.2%) increase in April while the Briefing.com consensus expected an increase of 0.3%
Typically, construction spending naturally pulls back after an outsized 2.0% monthly gain. Not only did construction spending remain on a positive track, but it easily topped what we considered to be inflated expectations.
The weekly MBA Mortgage Index fell 4.7% to follow last week's 1.6% increase

12:30 pm: [BRIEFING.COM] Equity indices continue trading near their recent levels with the S&P 500 (+0.5%) having spent the past two hours in a four-point range.

Sector standing has not changed much, but it is worth noting that the energy sector has extended its decline to 1.0% amid continued weakness in crude oil. The energy component is now down 3.2% at $57.59/bbl as it hovers near levels last seen in early June. Crude oil has had to contend with greenback strength as the Dollar Index (96.11, +0.62) trades higher by 0.7%. Most notably, the dollar has picked up about 0.5% against the euro, pressuring the single currency to 1.1075.
Related Quotes

11:55 am: [BRIEFING.COM] The major averages remain near their opening levels with the S&P 500 trading higher by 0.6%.

At this juncture, the financial sector (+1.1%) is the only group with a gain larger than 1.0% while the remaining advancers are up between 0.2% (utilities) and 0.9% (consumer discretionary and materials).

In the financial sector, Chubb (CB 122.92, +27.78) has soared 29.2% after agreeing to be acquired by ACE Limited (ACE 114.26, +12.58) for roughly $124.13/share in cash and stock. The news has given a boost to other insurers with Dow component Travelers (TRV 99.23, +2.57) trading higher by 2.7%.

Elsewhere, Treasuries trade in the middle of their trading ranges with the 10-yr yield higher by four basis points at 2.40%.

11:25 am: [BRIEFING.COM] Not much change in the market with the S&P 500 (+0.7%) trading near its recent levels.

Sector standing has not changed much with financials (+1.2%) trading ahead of other groups while the top-weighted technology sector has narrowed its gain to 0.7%. Meanwhile, high-beta chipmakers have kept pace with the sector, evidenced by a 0.7% gain in the PHLX Semiconductor Index.

Elsewhere, the health care sector (+0.8%) has overtaken technology even though biotech names have struggled to keep pace with the sector. The iShares Nasdaq Biotechnology ETF (IBB 370.79, +1.82) is currently higher by 0.5%.

11:00 am: [BRIEFING.COM] Recent action saw the major averages back away from their session highs after Greek Prime Minister Alexis Tsipras reiterated his call for a 'no' vote during Sunday's referendum. Earlier, there was speculation that the referendum could be cancelled, but recent comments from the Greek premier indicate the vote remains on track.

The S&P 500 has narrowed its gain to 0.6%, but eight sectors continue holding gains. The financial sector (+1.1%) remains in the lead while energy (-0.8%) and utilities (-0.1%) hover in the red.

For its part, the energy sector has been pressured by crude oil, which is down 2.5% at $57.96/bbl. Meanwhile, the utilities sector struggles amid today's increase in Treasury yields (10-yr yield +5 bps to 2.41%).

10:35 am: [BRIEFING.COM]

The dollar has been trading green all session, fueled by Eurozone macro developments and the release of relatively strong US Employment & Construction Spending data
The index lifted off the unchanged mark notably on the US econ data release and is currently extending gains to near its HoD at +0.5% to 95.97
Dollar strength has weighed on crude and precious metals so far this morning. Precious metals are seeing modest selling pressure from the stronger dollar and slight support from Eurozone risk-aversion inflows. August gold is -0.1% to $1171.40/oz while August silver is +0.2% to $15.61/oz
WTI traded negative early, as API expectations for a supply build caused the commodity to trade down to near its LoD, ahead of the morning's EIA data
Upon release of the EIA data, crude initially showed a muted reaction and continued to trade lower.
WTI has now began to pull back modestly, falling below $58/barrel. August crude is now -2.7% to $57.87/barrel
Nat gas is trading at strong losses, as the market weighs bullish expectations for Thursday's EIA data with moderating demand from US national weather trends.
August natural gas is currently -1.9% to $2.78/MMBtu
Copper is now +0.9% to $2.64/lb

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 0.9%.

The ISM Index for June rose to 53.3 from 52.8 while the Briefing.com consensus expected an increase to 53.2.

Separately, Construction Spending increased 0.8% month-over-month in May while the Briefing.com consensus expected an increase of 0.3%.

9:40 am: [BRIEFING.COM] The major averages have charged out of the gate as global investors show hope for a swift resolution to the Greek debt crisis after overnight reports indicated Greece is now ready to accept all conditions in order to secure a bailout. For the time being, the market appears to have overlooked comments from German Chancellor Angela Merkel who said negotiations will not resume until after Sunday's referendum.

The S&P 500 trades higher by 0.9% with all ten sectors holding gains. Most notably, the heavily-weighted financial sector (+1.4%) leads while the top-weighted technology space (+1.0%) follows right behind. Elsewhere among influential groups, consumer discretionary (+1.0%) and health care (+0.9%) also trade ahead of the broader market.

Treasuries hover just above their recently-established lows with the 10-yr yield higher by seven basis points at 2.43%.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +17.70. Nasdaq futures vs fair value: +42.90. The stock market is on track for a higher open as futures on the S&P 500 trade 18 points above fair value.

Index futures spiked to highs around 5:00 ET once it was reported that Greece is now ready to accept all conditions in order to secure a bailout. The report sparked a rush to risk assets, but the offer has been met with a cool reception among Eurozone leaders. For instance, Germany's Chancellor Angela Merkel reiterated that talks will not resume until after Sunday's referendum, adding that "a compromise at any price" is not worthwhile. Adding another twist was the Council of Europe, which ruled that the conditions of the planned referendum fall short of international standards.

That being said, U.S. Treasuries have slumped to lows, pushing the 10-yr yield up seven basis points to 2.42%. To be fair, a portion of the decline in Treasuries followed today's ADP National Employment Report, which revealed that employment in the nonfarm private business sector rose by 237K in June (Briefing.com consensus 200K).

May Construction Spending (consensus 0.3%) and June ISM Index (expected 53.2) will both be reported at 10:00 ET.

On the corporate front, Chubb (CB 125.90, +30.76) has surged 32.4% in pre-market after agreeing to be acquired by ACE Limited (ACE 109.85, +8.17) for roughly $124.13/share in cash and stock.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +39.30. The S&P 500 futures trade 15 points above fair value.

Equity markets in the Asia-Pacific region were mixed on Wednesday. China's rocky road continued with a 5.2% loss in the Shanghai Composite. Meanwhile, reports out of China indicate large investors with state backing helped the market stage a turnaround during yesterday's session; however, today's drop erased the bulk of Tuesday's advance.

In economic data:
China's June Manufacturing PMI held at 50.2 (consensus 50.3) while Non-Manufacturing PMI rose to 53.8 from 53.2. Separately, HSBC Manufacturing PMI dropped to 49.4 from 49.6 (expected 49.6)
Japan's Q2 Tankan Large Manufacturers Index 15 (expected 12; prior 12) and Large Non-Manufacturers Index 23 (consensus 22; prior 19). Separately, Manufacturing PMI rose to 50.1 from 49.9 (expected 49.9)
South Korea's June trade surplus expanded to KRW10.20 billion from KRW6.30 billion (expected surplus of KRW8.15 billion) while June CPI +0.7% year-over-year, as expected

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Japan's Nikkei increased 0.5% on broad-based gains that were led by the consumer non-cyclical (+1.2%) and communications (+0.9%) sectors. Individual standouts included Shionogi & Co (+7.8%) and Nippon Paper Industries (+3.6%). Out of the 225 index members, 134 ended higher, 77 finished lower, and 14 were unchanged.
Hong Kong's Hang Seng was closed for Special Administrative Region Establishment Day
China's Shanghai Composite declined 5.2% shortly after the starting the day in positive territory. Financials were notable laggards with Ag Bank of China down 3.2% while Bank of China slid 2.9%. China Shipbuilding sunk 10%, outpacing the broader market.

Major European indices trade higher across the board with France's CAC (+2.5%) in the lead. Elsewhere, Greece's proposal of returning to the original creditors' offer has been met with a cool reception among Eurozone leaders. For instance, Germany's Chancellor Angela Merkel reiterated that talks will not resume until after Sunday's referendum, adding that "a compromise at any price" is not worthwhile.

Participants received several data points:
Eurozone June Manufacturing PMI 52.5, as expected (prior 52.5)
Germany's June Manufacturing PMI 51.9, as expected (prior 51.9)
UK's June Manufacturing PMI 51.4 (consensus 52.5; prior 51.9)
France's June Manufacturing PMI 50.7 (consensus 50.5; prior 50.5)
Italy's June Manufacturing PMI 54.1 (expected 54.4; last 54.8)
Spain's June Manufacturing PMI 54.5 (consensus 55.5; previous 55.8)

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UK's FTSE trades higher by 1.4% with consumer names in the lead. Barratt Developments, EasyJet, InterContinental Hotels, and TUI are up between 3.0% and 3.6%. Miners lag with Antofagasta and Randgold Resources both down near 0.8%.
Germany's DAX has climbed 2.5% amid broad strength. Deutsche Bank leads with a gain of 4.0% while exporters Daimler and Volkswagen follow with gains close to 3.0% apiece.
France's CAC has spiked 2.5% with all 40 components taking part in the advance. Peugeot and Renault are up close to 5.0% apiece while financials BNP Paribas, Credit Agricole, and Societe Generale show gains between 3.3% and 4.1%.

8:24 am: [BRIEFING.COM] S&P futures vs fair value: +15.90. Nasdaq futures vs fair value: +39.80. The S&P 500 futures trade 16 points above fair value.

The ADP National Employment Report revealed that employment in the nonfarm private business sector rose by 237K in June. That was above the increase of 200K expected by the Briefing.com consensus. The May reading was revised up to 203,000 from 201,000.

7:54 am: [BRIEFING.COM] S&P futures vs fair value: +14.50. Nasdaq futures vs fair value: +37.70. U.S. equity futures trade near their pre-market highs after spiking roughly three hours ago once it was reported that Greece is now ready to accept all conditions in order to secure a bailout. The S&P 500 futures hover 15 points above fair value while Treasuries sit near their lows with the 10-yr yield up three basis points at 2.39%.

Looking at economic data, the weekly MBA Mortgage Index fell 4.7% to follow last week's 1.6% increase. The ADP Employment Report for June (Briefing.com consensus 220K) will be released at 8:15 ET while May Construction Spending (consensus 0.3%) and June ISM Index (expected 53.2) will both be reported at 10:00 ET.

In U.S. corporate news of note:

Chubb (CB 129.50, +34.36): +36.1% after agreeing to be acquired by ACE Limited (ACE 114.26, +12.58) for roughly $124.13/share in cash and stock.
Constellation Brands (STZ 118.25, +2.23): +1.9% after reporting a two-cent beat and raising its earnings guidance for fiscal 2016.


Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -5.2%, Japan's Nikkei +0.5%, and Hong Kong's Hang Seng was closed for Special Administrative Region Establishment Day
In economic data:
China's June Manufacturing PMI held at 50.2 (consensus 50.3) while Non-Manufacturing PMI rose to 53.8 from 53.2. Separately, HSBC Manufacturing PMI dropped to 49.4 from 49.6 (expected 49.6)
Japan's Q2 Tankan Large Manufacturers Index 15 (expected 12; prior 12) and Large Non-Manufacturers Index 23 (consensus 22; prior 19). Separately, Manufacturing PMI rose to 50.1 from 49.9 (expected 49.9)
South Korea's June trade surplus expanded to KRW10.20 billion from KRW6.30 billion (expected surplus of KRW8.15 billion) while June CPI +0.7% year-over-year, as expected
In news:
Reports out of China indicate large investors with state backing helped the market stage a turnaround during yesterday's session; however, today's drop erased the bulk of Tuesday's advance

Major European indices trade higher across the board. France's CAC +2.6%, Germany's DAX +2.4%, and UK's FTSE +1.4%. Elsewhere, Italy's MIB +2.8% and Spain's IBEX +1.9%
Participants received several data points:
Eurozone June Manufacturing PMI 52.5, as expected (prior 52.5)
Germany's June Manufacturing PMI 51.9, as expected (prior 51.9)
UK's June Manufacturing PMI 51.4 (consensus 52.5; prior 51.9)
France's June Manufacturing PMI 50.7 (consensus 50.5; prior 50.5)
Italy's June Manufacturing PMI 54.1 (expected 54.4; last 54.8)
Spain's June Manufacturing PMI 54.5 (consensus 55.5; previous 55.8)
Among news of note:
Greece's proposal of returning to the original creditors' offer has been met with a cool reception among Eurozone leaders. For instance, Germany's Chancellor Angela Merkel reiterated that talks will not resume until after Sunday's referendum, adding that "a compromise at any price" is not worthwhile.

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +17.50. Nasdaq futures vs fair value: +44.10.

5:48 am: [BRIEFING.COM] Nikkei...20329.32...+93.60...+0.50%. Hang Seng...Holiday.........

5:48 am: [BRIEFING.COM] FTSE...6629.41...+108.40...+1.70%. DAX...11213.95...+269.00...+2.50%.

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

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