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 Post subject: July 7th Tuesday Trade Results - Profit $13475.00
PostPosted: Wed Jul 08, 2015 2:34 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 @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $13,475.00 dollars or +269.50 points, Light Crude Oil CL ($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 @ $13,475.00 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=145&t=2117

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 stock market was on track for a sharp decline in the early going, but the opening weakness became a distant memory by the end of the trading day. The S&P 500 gained 0.6% after being down 1.2% at the start while the Nasdaq Composite (+0.1%) underperformed throughout the day.

Equity indices struggled at the start amid rising macroeconomic uncertainty overseas. Greece was in the headlines this morning, but today's Eurogroup meeting ended rather quickly with Chief Jeroen Dijsselbloem saying the Eurogroup expects Greece to submit a formal request for access to the European Stability Mechanism tomorrow. To that point, the Financial Times reported during the afternoon that Greece has indeed sent an ESM access request to the European Central Bank.

As for China, the Shanghai Composite lost 1.3% in the Tuesday session despite Monday's CNY1.80 trillion liquidity injection from the People's Bank of China and other emergency measures undertaken by the government. As a result nearly 25% of A-share listings have been halted over the past seven days as companies scramble to protect their market values.

Investors appeared to be concerned with the overseas uncertainty at the start of the session, but the heavy selling abated just as markets across Europe closed for the day. The S&P 500 then returned above its 200-day moving average (2,055) and continued its charge into positive territory. It is worth noting that afternoon action featured a report suggesting a short-term debt deal could be offered to Greece, but the report was attributed to an unnamed official, which should be met with caution.

Cyclical sectors displayed relative weakness at the start, but just about every growth-sensitive group erased its decline by the close. Top-weighted financials (+0.2%) and technology (+0.2%) spent the bulk of the session at the bottom of the leaderboard, but dip-buyers helped the two sectors erase their losses. That being said, high-beta chipmakers finished among the laggards with the PHLX Semiconductor Index shedding 0.3% after Advanced Micro Devices (AMD 2.09, -0.38) lowered its Q2 revenue guidance due to weaker than expected PC demand. For its part, AMD surrendered 15.4%.

Elsewhere among cyclical groups, the materials sector (-0.3%) spent the day behind other sectors while another commodity-related group-energy (+0.9%)-settled among the leaders. The energy sector outperformed while crude oil struggled to stay near its flat line after yesterday's 7.8% dive. WTI crude settled lower by 0.4% at $52.33/bbl, but climbed into the green in electronic trading.

Also of note, industrials (+0.8%) played a significant role in the turnaround with transport stocks leading the way. The Dow Jones Transportation Average jumped 1.1% with all but three names ending in the green. Kansas City Southern (KSU 94.40, +2.75) spiked 3.0% after being upgraded to 'Buy' at UBS while Con-way (CNW 36.87, -0.16) was the weakest DJTA component, falling 0.4%.

Over on the countercyclical side, health care (+0.4%) and telecom services (+0.5%) ended with modest gains while consumer staples (+2.0%) and utilities (+2.5%) outperformed throughout the session.

Interestingly, the rate-sensitive utilities sector climbed into the afternoon even as selling in the Treasury market pressured the 10-yr note from its morning high. Still, the benchmark note ended in the green with its yield down three basis points at 2.26%.

Today's trading volume was heavier than usual with more than 950 million shares changing hands at the NYSE floor.

Economic data released this morning included Trade Balance and JOLTS:

The U.S. trade deficit increased by $1.20 billion in May from April's downwardly revised $40.70 billion (from $40.90 billion) to $41.90 billion while the Briefing.com consensus expected an increase to $42.50 billion
The goods deficit increased $1.20 billion in May from April's $60.30 billion to $61.50 billion while the services surplus was virtually unchanged at $19.60 billion
The May Job Openings and Labor Turnover Survey showed that job openings increased to 5.376 million from a revised rate of 5.109 million (from 5.367 million)

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET, the FOMC Minutes from the June meeting will be reported at 14:00 ET, and the Consumer Credit report for May (Briefing.com consensus $18.20 billion) will cross at 15:00 ET.

Nasdaq Composite +5.5% YTD
Russell 2000 +3.6% YTD
S&P 500 +1.1% YTD
Dow Jones Industrial Average -0.3% YTD

3:40 pm: [BRIEFING.COM]

In afternoon trade, the dollar index sold off sharply, which gave a boost to commodities
WTI oil futures was a big mover and erased all of its gains. It pit trading, Aug crude oil closed $0.13 lower to $52.35/barrel
However, in electronic trade, WTI oil continued to extend higher and its now at $52.92/barrel, up 0.7%
Aug natural gas lost $0.04 to $2.72/MMBtu
Copper recovered some, but still closed $0.09 lower at $2.45/lb
Aug gold ended $21.30 lower to $1151.90/oz, while Sept silver fell a sharp $0.81 (or -5.1%) to $14.96/oz.

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the session.

In our last update, we mentioned that the S&P 500 was slipping away from its flat line, but the index recently charged into the green with no news to account for the move.

Cyclical sectors displayed broad-based weakness at the start, but three of six growth-sensitive groups now trade ahead of the broader market while financials (-0.3%), technology (-0.2%), and materials (-0.6%) remain in the red.

Elsewhere Treasuries have backed away from their session highs, but they remain on track to register solid gains with the 10-yr yield down seven basis points at 2.22%.

2:25 pm: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 (-0.3%) struggling to stay near its flat line. The benchmark index charged off its morning low, making a brief appearance in the green, before continued weakness in financials (-0.8%) and technology (-0.8%) caused the index to slip back into the red.

Also of note, the health care sector (-0.4%) traded in-line with the S&P 500 earlier, but the group is now among the laggards as biotech names remain weak. The iShares Nasdaq Biotechnology ETF (IBB 369.24, -3.12) trades lower by 0.8%.

Elsewhere, Treasuries sit not far below their best levels of the day with the 10-yr yield down eight basis points at 2.21%.

1:55 pm: [BRIEFING.COM] The S&P 500 trades just below its flat line while the Nasdaq Composite underperforms.

The U.S. trade deficit reverted back to the mean in May.

The U.S. trade deficit increased by $1.2 bln in May, from a downwardly revised $40.7 bln (from $40.9 bln) in April to $41.9 bln. The Briefing.com Consensus expected the trade deficit to increase to $42.5 bln.

There wasn't anything unusual in the data. A port strike on the west coast temporarily caused a large bout of volatility, and the trade deficit swung up from $37.2 bln in February to $50.6 bln in March and then came back down to $40.7 bln in the April. The trade deficit in May was more in-line with trends prior to the strike, when the deficit averaged a little more than $42.0 bln during the 12 months ending in January.

The net petroleum trade deficit continued to decline. It fell from $6.8 bln in April to $5.8 bln in May. That deficit was more than two-and-a-half times its current level ($15.2 bln) just one year ago.

1:30 pm: [BRIEFING.COM] The major indices have continued their rally back to break-even levels following continued Greek headlines of potentially for a deal with the EU.

A look inside the Dow Jones Industrial Average shows UnitedHealth Group (UNH 119.37, -2.79), JP Morgan (JPM 66.10, -1.23), and Intel (INTC 29.58, -0.46) are underperforming. Intel shares are under pressure following Advanced Micro's (AMD 2.08, -0.39) guidance cut, while JP Morgan is lower along with its financials peers as interest rates decline.

Conversely, Procter & Gamble (81.02, +0.97) is the best-performing Dow component on the heels of sector strength in consumer staples.

For the week, the DJIA is down 0.48%, but up 0.15% in July.

12:55 pm: [BRIEFING.COM] Equity indices trade in negative territory at midday after enduring steady selling through the opening hour of action. A partial rebound has taken place in the recent going, but the S&P 500 remains lower by 0.3% after testing its 200-day moving average (2,055) while the tech-heavy Nasdaq Composite (-0.8%) underperforms.

Today's opening hour has featured a broad-based retreat in stocks and commodities while the dollar and Treasuries have been on the receiving end of safe-haven flows as another day is set to go by without any progress between Greece and its creditors. The Eurogroup held a brief meeting earlier with Chief Jeroen Dijsselbloem saying the Eurogroup expects that Greece will submit a formal request for a new ESM program tomorrow.

On a separate note, China's Shanghai Composite lost 1.3% in the Tuesday session despite Monday's CNY1.80 trillion liquidity injection from the People's Bank of China. As a result nearly 25% of A-share listings have been halted over the past seven days as companies scramble to protect their market values.

With macroeconomic uncertainty on the rise, commodities have been hit across the board. Crude oil has extended yesterday's decline and is currently lower by 0.9% at $52.05/bbl. Interestingly, the energy sector (+0.4%) has recently turned positive while four of the remaining five cyclical sectors trade in the red.

Notably, top-weighted technology (-0.9%) and financials (-0.9%) continue trading well behind the broader market, and their weakness could prevent the S&P 500 from erasing its loss. High-beta chipmakers have led the tech sector lower with the PHLX Semiconductor Index down 1.7% after Advanced Micro Devices (AMD 2.08, -0.39) lowered its guidance. Shares of AMD are down 15.8% while the PHLX Semiconductor Index is now down 3.2% for the week.

Elsewhere among cyclical sectors, industrials (-0.1%) remain in negative territory, but transport stocks have shown relative strength. The Dow Jones Transportation Average is higher by 0.4% with 11 of its 20 components in the green.

Broadly speaking, countercyclical sectors have shown relative strength with consumer staples (+0.8%), telecom services (+0.1%) and utilities (+2.3%) in the green. The utilities sector has climbed throughout the day thanks to solid gains in the Treasury market that have dropped the benchmark 10-yr yield seven basis points to 2.22%.

Economic data released this morning included Trade Balance and JOLTS:

The U.S. trade deficit increased by $1.20 billion in May from April's downwardly revised $40.70 billion (from $40.90 billion) to $41.90 billion while the Briefing.com consensus expected an increase to $42.50 billion
The goods deficit increased $1.20 billion in May from April's $60.30 billion to $61.50 billion while the services surplus was virtually unchanged at $19.60 billion
The May Job Openings and Labor Turnover Survey showed that job openings increased to 5.376 million from a revised rate of 5.109 million (from 5.367 million)

12:25 pm: [BRIEFING.COM] The major averages trade near their rebound highs, but that still leaves the S&P 500 down 0.6% for the day.

Influential sectors drove the market lower at the start of the session and most heavily-weighted groups continue showing relative weakness with financials (-1.2%) and technology (-1.3%) trading behind other groups while the health care sector is keeping pace with the broader market.

Elsewhere, consumer discretionary (-0.5%) and industrials (-0.4%) trade ahead of the broader market with transport stocks helping the industrial sector stay ahead of the broader market. The Dow Jones Transportation Average (-0.1%) hovers just below its flat line with seven of 20 components trading in the green.
Related Quotes

12:00 pm: [BRIEFING.COM] Recent action saw the major averages notch fresh lows before climbing off those levels. Still, the Nasdaq Composite remains lower by 1.2% as biotechnology and technology names contribute to the underperformance of the index.

The technology sector trades lower by 1.5% with large cap names like Apple (AAPL 124.24, -1.76), Microsoft (MSFT 43.52, -0.87), and Qualcomm (QCOM 61.81, -1.30) showing losses between 1.4% and 2.1%. Furthermore, high-beta chipmakers have faced more aggressive selling pressure following disappointing guidance from Advanced Micro Devices (AMD 2.09, -0.38). The PHLX Semiconductor Index has extended its decline to 2.5% with just one name-SunEdison (SUNE 29.47, +0.51)-trading in the green.

Elsewhere, the iShares Nasdaq Biotechnology ETF (IBB 368.74, -3.62) trades lower by 1.0% while the health care sector has given up 0.6%.

11:25 am: [BRIEFING.COM] Equity indices remain near their worst levels of the day with the S&P 500 (-1.0%) hovering about three points above its session low.

All six cyclical sectors trade in negative territory with losses between 0.8% (energy) and 1.8% (materials). Meanwhile on the countercyclical side, health care (-0.9%) and telecom services (-0.4%) trade in the red while consumer staples (+0.1%) and utilities (+1.6%) continue holding gains. Notably, the utilities sector has marked a new session high not long ago as lower market rates increase the attractiveness of high-yielding utility stocks. The 10-yr note trades just below its high with the benchmark yield down nine basis points at 2.19%.

10:55 am: [BRIEFING.COM] Not much let up to the selling that has continued since the opening bell. As a result, the Nasdaq Composite has extended its decline to 1.3% while the S&P 500 trades lower by 0.8% after sliding below its 200-day moving average (2,055).

As mentioned earlier, cyclical sectors have fueled today's retreat with top-weighted technology (-1.3%) and financials (-1.3%) weighing the market down. It is worth noting that the same two groups struggled to keep pace with the market during yesterday's session.

Looking deeper into the technology sector, chipmakers have added to their early losses with the PHLX Semiconductor Index now down 2.6%.

Meanwhile in Europe, the Eurogroup conducted a brief meeting, which ended during the past 30 minutes without any additional details. However, Eurogroup Chief Jeroen Dijsselbloem is expected to make a statement soon.

10:45 am: [BRIEFING.COM]

Commodities are getting hit across the board this morning, as broad market weakness is hitting almost everything
Meanwhile, the dollar index is up notable, adding pressure on this sector. The index is now +0.8% at 97.07
Aug crude oil is now -3.3% at $50.80/barrel, while Aug nat gas is -1.5% at $2.71/MMBtu
Copper is getting smashed as well. Front-month Sept copper futures are currently -5.5% at $2.40/lb
Aug gold is now -1.8% at $1152.70/oz, while Sept silver is -5.8% at $14.84/oz

10:00 am: [BRIEFING.COM] Equity indices have slipped to new lows with the Nasdaq Composite (-0.7%) leading the move amid relative weakness in the technology sector (-0.8%). Notably, high-beta chipmakers are showing relative weakness for the second day in a row after Advanced Micro Devices (AMD 2.10, -0.37) lowered its guidance. Shares of AMD have surrendered 15.0% while the broader PHLX Semiconductor Index is down 1.6% today and lower by 3.1% for the week.

Just released, the May Job Openings and Labor Turnover Survey showed that job openings increased to 5.363 million from a revised rate of 5.334 million (from 5.367 million).

9:40 am: [BRIEFING.COM] The major averages began the trading day near their flat lines with the S&P 500 currently lower by 0.1%.

Broadly speaking, cyclical sectors have shown relative weakness in the early going with all six growth-sensitive groups in the red. The materials sector (-0.6%) is the weakest performer while top-weighted technology (-0.3%) and financials (-0.4%) display slimmer losses.

Over on the countercyclical side, the utilities sector (+0.9%) has received a boost from lower Treasury rates while consumer staples (+0.4%), health care (+0.2%), and telecom services (+0.3%) hold slimmer gains.

Elsewhere, Treasuries have inched up to new highs with the 10-yr yield now down eight basis points at 2.21%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +11.10. The stock market is on track for a modestly higher open as S&P 500 futures trade five points above fair value. However, the current gain masks a steady retreat that began around 3:15 ET, having caused a ten-point pullback from highs in futures on the benchmark index.

That being said, U.S. futures have shown strength relative to European markets where concerns surrounding Greece and the Eurozone have dropped the euro to a fresh one-month low. The single currency is lower by 1.2% against the dollar, trading near 1.0930. On a related note, safe-haven demand has sent Germany's 10-yr bund to a session high with its yield down ten basis points at 0.66%.

Although Greece has been the main point of discussion, investors should take note of the continued weakness in China. The Shanghai Composite lost 1.3% in the Tuesday session despite Monday's CNY1.80 trillion liquidity injection from the People's Bank of China. As a result nearly 25% of A-share listings have been halted over the past seven days as companies scramble to protect their market values.

On the commodity front, crude oil hovers just below its flat line at $52.49/bbl as it struggles to remain little changed after diving nearly 8.0% yesterday. The energy component has had to contend with a stronger dollar today as the Dollar Index (97.16, +0.87) trades higher by 0.9%. On a related note, Treasuries hold gains with the 10-yr yield down six basis points at 2.22%.

The May Job Openings and Labor Turnover Survey will cross the wires at 10:00 ET and the day's data will be topped off with the 15:00 ET release of the Consumer Credit report for May (consensus $17.60 billion).

8:57 am: [BRIEFING.COM] S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +16.80. The S&P 500 futures trade seven points above fair value.

Markets across Asia finished Tuesday on a mostly lower note. Most importantly, equities in China reverted back into sell mode with the Shanghai composite dropping 1.3% last night. Sellers took charge at the opening bell and did not let up despite some late-day buying. This comes after the People's Bank of China injected CNY1.8 trillion in liquidity. The continued selling led more than 200 companies to halt their shares from trading in order to protect their market value, according to reports. It is believed that nearly 25% of A-share listings have been halted over the past seven days. Elsewhere, the Reserve Bank of Australia held its key interest rate at 2.00%, as expected, but left the door open for a rate cut later in the year.

Economic data was limited:
Australia's June AIG Construction Index fell to 46.4 from 48.0

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Japan's Nikkei rose 1.3% on broad-based strength, notably in yesterday's laggards with IT and Financials outpacing the market to the tune of 1.5% each. Utilities were among the notable weak sectors, down ~1%.
Hong Kong's Hang Seng fell 1.0% today. Galaxy Entertainment continued to give back some of last week's gains seen late last week, falling another 2.3% today. China Unicom was also among the notable losers, shedding 2.8%.
China's Shanghai Composite could not sustain yesterday's positive day, falling 1.3% for the session. Financials continued to see positive gains, with of China Construction Bank gaining 10%, China Everbright Bank adding 9.4% and China Minsheng Banking rising another 8.8% after its 6.4% gain yesterday.

Major European indices trade lower across the board with France's CAC (-0.7%) trailing its peers. Also of note, the euro has dropped to a fresh one-month low amid the lack of new developments between Greece and its European creditors. The single currency is lower by 1.2% against the dollar, trading near 1.0930. On a related note, safe-haven demand has sent Germany's 10-yr bund to a session high with its yield down nine basis points at 0.67%.

In economic data:
Germany's May Industrial Production 0.0% month-over-month (expected 0.1%; prior 0.6%)
France's trade deficit widened to EUR4.00 billion from EUR3.30 billion (expected deficit of EUR3.60 billion)
UK's May Industrial Production +0.4% month-over-month (consensus -0.2%; last 0.3%); +2.1% year-over-year (expected 1.6%; previous 1.2%)
Swiss June Unemployment Rate held at 3.3%, as expected

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UK's FTSE has given up 0.2% with industrials and miners showing relative weakness. Rolls-Royce, Weir Group, Anglo American, and BHP Billiton are down between 1.5% and 4.6%. On the upside, airlines International Consolidated Airlines and EasyJet outperform with respective gains of 2.2% and 1.5%.
Germany's DAX is lower by 0.5% with basic materials names leading the retreat. K+S, HeidelbergCement, and Lanxess are down between 2.0% and 2.8% while countercyclical Fresenius SE and Henkel trade with respective gains of 1.7% and 1.2%.
France's CAC trades down 0.7% with Technip down 9.3% following yesterday's dive in crude oil. Exporters Peugeot and Renault also lag with losses close to 2.2% apiece. On the flip side, Pernod Ricard is the top performer, trading higher by 0.7%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +7.20. Nasdaq futures vs fair value: +12.40. The S&P 500 futures trade seven points above fair value.

The May trade balance showed a deficit of $41.90 billion while the Briefing.com consensus expected the deficit to come in at $42.50 billion. The prior month's deficit was revised down to $40.70 billion from $40.90 billion.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +8.20. Nasdaq futures vs fair value: +15.40. U.S. equity futures hold modest pre-market gains, but they have backed away from their overnight highs reached around 3:15 ET. The S&P 500 futures remain higher by eight points against fair value.

Meanwhile, Treasuries have extended yesterday's advance with the 10-yr note holding a solid gain with its yield down four basis points at 2.24%.

Also of note, crude oil could only muster a short-lived rebound from yesterday's 7.8% dive. The energy component has retreated from its best level of the morning, trading lower by 0.4% at $52.33/bbl.

May Trade Balance (Briefing.com consensus -$42.00 billion) will be released at 8:30 ET while the May Job Openings and Labor Turnover Survey will cross the wires at 10:00 ET. The day's data will be topped off with the 15:00 ET release of the Consumer Credit report for May (consensus $17.60 billion).

In U.S. corporate news of note:

Advanced Micro Devices (AMD 2.19, -0.28): -11.3% after lowering its Q2 revenue guidance due to weaker than expected consumer PC demand
Electronic Arts (EA 69.00, +0.99): +1.5% after UBS upgraded the stock to 'Buy' from 'Neutral.'

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +1.3%, Hong Kong's Hang Seng -1.0%, and China's Shanghai Composite -1.3%.
Economic data was limited:
Australia's June AIG Construction Index fell to 46.4 from 48.0
In news:
The Reserve Bank of Australia held its key interest rate at 2.00%, as expected, but left the door open for a rate cut later in the year
The continued selling in China led more than 200 companies to halt their shares from trading in order to protect their market value, according to reports. It is believed that nearly 25% of A-share listings have been halted over the past seven days.

Major European indices trade lower across the board. UK's FTSE -0.3%, Germany's DAX -0.9%, and France's CAC -1.1%. Elsewhere, Italy's MIB -0.8% and Spain's IBEX -0.8%
In economic data:
Germany's May Industrial Production 0.0% month-over-month (expected 0.1%; prior 0.6%)
France's trade deficit widened to EUR4.00 billion from EUR3.30 billion (expected deficit of EUR3.60 billion)
UK's May Industrial Production +0.4% month-over-month (consensus -0.2%; last 0.3%); +2.1% year-over-year (expected 1.6%; previous 1.2%)
Swiss June Unemployment Rate held at 3.3%, as expected
Among news of note:
The euro has dropped to a fresh one-month low amid the lack of new developments between Greece and its European creditors. The single currency is lower by 0.9% against the dollar, trading near 1.0960. On a related note, safe-haven demand has sent Germany's 10-yr bund to a session high with its yield down nine basis points at 0.67%

6:25 am: [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +25.50.

6:25 am: [BRIEFING.COM] Nikkei...20,376.59...+264.50...+1.30%. Hang Seng...24,975.31...-261.00...-1.00%.

6:25 am: [BRIEFING.COM] FTSE...6,531.06...-4.60...-0.10%. DAX...10,845.22...-45.40...-0.50%.

Quote:


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Ambrose Evans-Pritchard at The Telegraph has just dropped a bomb on the situation in Greece.

Writing in The Telegraph on Tuesday, Evans-Pritchard reports that the Greek referendum unexpectedly called Friday and carried out Sunday was held in anticipation that Greece's controlling Syriza government would lose.

That's right: Greek Prime Minister Alexis Tsipras called a referendum on the latest bailout terms offered to Greece, campaigned that the Greek voters should vote "no" and reject these measures, and expected the vote would still be a "yes."

Instead the vote was an overwhelming "no," with 61% of the votes going that way and Syriza seeming to have won a huge victory.

But as Evans-Pritchard outlines in his bombshell report Tuesday, everything is falling apart for Syriza, Tsipras, and the entire country of Greece.

"What should have been a celebration on Sunday night turned into a wake," Evans-Pritchard writes.

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Alexis Tsipras / (REUTERS/Philippe Wojazer) Greek Prime Minister Alexis Tsipras.

"Mr Tsipras was depressed, dissecting all the errors that Syriza has made since taking power in January, talking into the early hours. The prime minister was reportedly told that the time had come to choose, either he should seize on the momentum of the 61pc landslide vote, and take the fight to the Eurogroup, or yield to the creditor demands — and give up the volatile [Greek Finance Minister Yanis] Varoufakis in the process as a token of good faith."

Varoufakis resigned in the middle of the night Sunday, and news broke that Tsipras and Varoufakis' replacement — Euclid Tsakalotos — would head to Brussels for an emergency meeting on Tuesday.

When they showed up at the meeting Tuesday, they didn't have a plan.

A report from Reuters on Tuesday indicated that Greece's banks had only two days of cash left. And this after ATM withdrawals had been limited to 60 euros per day for over a week.

On Monday, the European Central Bank declined to increase its emergency lending assistance to Greece, meaning that Greek banks will not have access to any more cash from the ECB. Greece last week, and again Monday, had requested an increase in the ELA.

As Evans-Pritchard reports, "Syriza has been in utter disarray for 36 hours ... Events are now spinning out of control. The banks remain shut. The ECB has maintained its liquidity freeze, and through its inaction is asphyxiating the banking system."

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greek greece bank atm line queue / People lined up to withdraw cash from an ATM outside a National Bank branch in Iraklio on the island of Crete, Greece, on June 28.

Reports on Monday also indicated that Greek banks would be closed at least through Wednesday, but now it looks as if the bigger question is how the banks will reopen at all.

When results of Greece's referendum came in, Wall Street banks were nearly unanimous in saying that the most likely scenario for Greece was an exit, or "Grexit," from the euro.

According to Evans-Pritchard's report, Tsipras rejected a "triple plan" devised ahead of the referendum that aimed to avoid a Grexit by firing the Bank of Greece governor, seizing all cash stowed away in various central bank branches, and issuing a parallel currency with IOUs denominated in euros.

Something like this plan, however, is what Tsipras may have to do anyway, according to Evans-Pritchard, as Greece has quickly run out of options.

The latest headlines out of Europe indicate that all 28 European Union members — not just the 19 members of the eurozone — will convene for a summit this Sunday.

Italian Prime Minister Matteo Renzi told Reuters on Tuesday that he was "not pessimistic" about this meeting, believing that a deal could be reached and this would be the final meeting on the issue.

Renzi added, however, that it was up to Greece to come up with a plan.

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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