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 Post subject: July 8th Wednesday Trade Results - Profit $8187.50
PostPosted: Wed Jul 08, 2015 12:23 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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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 @ $13,475.00 dollars or +163.75 points, Light Crude Oil CL ($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 @ $8,187.50 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=2118

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.

-----------------------------

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 major averages ended the midweek session on a lower note following a trading day that featured numerous trading halts at home and abroad. The S&P 500 fell below its 200-day moving average (2,056), ending lower by 1.7% while the Nasdaq Composite (-1.8%) underperformed.

Equities slumped at the start of the session in response to the overnight weakness in the futures market that could be traced back to the continued selling efforts in China. The Shanghai Composite lost 5.9% on Wednesday and it was reported that more than 50% of A-share listings have now been halted due to volatility.

Futures on the S&P 500 held a 30-point decline during the overnight session, but cut their losses in half ahead of the New York open. The rebound took place amid a rally in Europe, following reports that Greek officials have requested a three-year bailout program that includes tax reforms; however, it remains to be seen whether this proposal differs from the one that was rejected by Greek voters during Sunday's referendum.

Once the U.S. session began, stocks retreated through the opening hour, hovering near their lows until 10:30 ET when trading at the floor of the New York Stock Exchange was halted for nearly four hours due to technical issues. Electronic trading venues were not affected by the halt, but the lack of participation from floor traders kept the market inside a narrow range until an afternoon resumption, which was followed by a drop to new lows.

All ten sectors registered losses with cyclical sectors showing relative weakness throughout the day. The materials sector (-2.2%) ended at the bottom of the leaderboard while top-weighted technology (-1.7%) and financials (-1.8%) also struggled to keep pace with the market.

For the second day in a row, chipmakers led the retreat in the technology sector with the PHLX Semiconductor Index tumbling 2.6%. The index extended its weekly decline to 4.4% with all 30 components ending the day in negative territory. Meanwhile, most large cap tech components did not fare much better while Microsoft (MSFT 44.24, -0.06) outperformed, shedding 0.1% after confirming plans to reduce its workforce by about 7,800 employees. The company said most of the job cuts will take place in its phone hardware division.

Elsewhere, the industrial sector was one of the leaders during yesterday's intraday turnaround, but the group finished today among the laggards. Similarly, transport stocks underperformed with the Dow Jones Transportation Average (-2.2%) ending beneath yesterday's session low. All 20 index components finished in the red with United Continental (UAL 52.82, -1.49) surrendering 2.7%. This morning, all United Continental flights were grounded for more than an hour with the company blaming a router issue for the outage.

Over on the countercyclical side, the utilities sector (-0.5%) outperformed while health care (-1.6%) finished just ahead of the broader market even as biotechnology struggled. The iShares Nasdaq Biotechnology ETF (IBB 362.78, -10.64) lost 2.9%.

Treasuries spent the entire day in positive territory with the 10-yr yield falling five basis points to 2.21%.

Today's participation was below average with fewer than 450 million shares changing hands at the NYSE floor.

Economic data was limited to the MBA Mortgage Index and Consumer Credit:

The weekly MBA Mortgage Index rose 4.6% to follow last week's 4.7% decline
Consumer credit increased by $16.10 billion in May after increasing an upwardly revised $21.40 billion (from $20.50 billion) in April while the Briefing.com consensus expected an increase of $18.20 billion

Tomorrow, weekly Initial Claims will be released at 8:30 ET (Briefing.com consensus 276K).

Nasdaq Composite +3.7% YTD
Russell 2000 +1.9% YTD
S&P 500 -0.6% YTD
Dow Jones Industrial Average -1.7% YTD

3:35 pm: [BRIEFING.COM]

The dollar index remained in negative territory today, which helped give commodities a boost
By the end of pit trading, Aug gold finished $11.60 higher at $1163.50/oz, while Sept silver gained $0.24 to $15.20/oz
Both are near today's high
Sept copper rose $0.05 today to finish at $2.50/lb
Aug crude oil finished the day $0.73 lower at $51.62/barrel following the weekly storage data
Aug natural gas lost $0.04 to $2.68/MMBtu

3:00 pm: [BRIEFING.COM] The S&P 500 trades lower by 1.3% with one hour remaining in the session while the Nasdaq Composite (-1.7%) underperforms.

The Consumer Credit report for May was just released by the Federal Reserve and it showed an increase of $16.10 billion. That was lower than the Briefing.com consensus estimate of $18.20 billion. The prior month's credit growth was revised to $21.40 billion from $20.50 billion.

2:25 pm: [BRIEFING.COM] The Federal Reserve has released the minutes from its latest meeting, which showed that committee members are concerned with the developments in Greece and China. That being said, FOMC members believed that domestic economic conditions are approaching "those consistent with warranting a start to the normalization of the stance of monetary policy."

With regard to labor conditions, the Committee believes that the underutilization of labor resources has diminished, but some slack remains in the labor market.

Treasuries added to their gains in reaction to the minutes, pressuring the 10-yr yield to 2.20% (-6 bps).

Meanwhile, the S&P 500 (-1.1%) remains near its low, but the market could be on the move soon with trading on the NYSE floor expected to resume between 14:45 ET and 15:00 ET.

1:55 pm: [BRIEFING.COM] The major averages sit near their lows as the trading halt at the NYSE floor remains in effect.

With no new economic data, we look back at yesterday's JOLTS report.

The BLS reported that there were 5.363 mln job openings in May. That was marginally up from 5.363 mln in April, and was the most job openings since data started being collected in December 2000.

Despite the number of unfilled positions, payroll growth remains tepid and average earnings growth remains soft. That combination suggests that businesses are not desperate to fill these positions, and instead, they are content on waiting for the perfect candidate to walk through their door.

Labor market conditions may be stagnating.

1:30 pm: [BRIEFING.COM] The major have recovered slightly since our last update, but still show meaningful declines as investors eye global concerns as well as the ongoing NYSE securities halt.

A look inside the Dow Jones Industrial Average shows Apple (AAPL 123.29, -2.40), Caterpillar (CAT 82.51, -1.48), and General Electric (GE 25.99, -0.48) are underperforming. GE and Caterpillar are among the worst Dow performers amid weakness in industrials, one of the poorest performing sectors on the day.

Conversely, Microsoft (MSFT 44.51, +0.21) is the best-performing Dow component after the company said it would restructure its phone business and take a ~$7.6 bln impairment charge after announcing plans to reduce up to 7,800 positions.

For the week, the DJIA is down 0.75%

In other developments, the $21 bln 10-year note auction, a reopening, drew a high yield of 2.225% on a bid-to-cover of 2.72

12:55 pm: [BRIEFING.COM] The major averages trade near their session lows at midday with the S&P 500 (-1.1%) drifting just above its 200-day moving average (2,056).

In fact, the benchmark index has been drifting in a three-point range through the past 90 minutes after trading at the floor of the New York Stock Exchange was halted due to a technical issue. Floor trading remains suspended for the time being while other venues appear to be operating as normal.

Going from one halt to another, a continued tailspin in Chinese equities has resulted in reports of more than 50% of A-share listings being halted for volatility. China was the focal point overnight, and the uncertainty associated with the world's second largest stock market weighed on U.S. equity futures.

Conversely, Treasuries rallied overnight, but they retreated from their highs during early morning action amid reports Greek officials have requested a three-year bailout program that includes tax reforms; however, it remains to be seen whether this proposal differs from the one that was rejected in Sunday's referendum. The 10-yr note has ticked up off its low after the NYSE halt with the benchmark yield down three basis points at 2.23%.

All ten sectors display midday losses with cyclical groups trailing their defensively-oriented counterparts. The top-weighted technology sector (-1.4%) sits right behind other growth-sensitive sectors with chipmakers showing considerable weakness. The PHLX Semiconductor Index is lower by 2.7% today and down 4.5% for the week. As for large cap tech names, Microsoft (MSFT 44.41, +0.11) has shown relative strength, trading higher by 0.3% after confirming plans to reduce its workforce by about 7,800 employees.

Elsewhere, the industrial sector (-1.2%) also trails the broader market with transport stocks fueling the move. The Dow Jones Transportation Average is lower by 2.0% today after leading yesterday's rebound off intraday lows.

Over on the countercyclical side, the utilities sector (-0.2%) trades ahead of other groups while the health care sector (-1.0%) remains ahead of the broader market even though biotechnology lags with iShares Nasdaq Biotechnology ETF (IBB 364.34, -9.07) trading lower by 2.4%.

The macroeconomic uncertainty coupled with today's technical issues has caused participants to increase their hedges, evidenced by the CBOE Volatility Index (VIX 18.71, +2.62), which is back near its recent highs.

Economic data was limited to the weekly MBA Mortgage Index, which rose 4.6% to follow last week's 4.7% decline.

The FOMC Minutes from the June meeting will be reported at 14:00 ET while the Consumer Credit report for May (Briefing.com consensus $18.20 billion) will cross at 15:00 ET.

12:30 pm: [BRIEFING.COM] Equity indices remain near their lows as investors await an update from the New York Stock Exchange, which is experiencing technical issues that are responsible for halting all trades on the exchange floor.

Interestingly, today's trading volume at the NYSE has been running well below average even before the halt was announced during the past hour. To that point, only 86 million shares changed hands during the initial 30 minutes of the session while that total tends to be north of 100 million on most days. Understandably the ongoing halt has kept volume below average with only 189.3 million shares having changed hands at the NYSE floor so far today.

Elsewhere, Treasuries have inched up off their lows with the 10-yr yield now down four basis points at 2.22%.
11:55 am: [BRIEFING.COM] Equity indices remain near their lows with the S&P 500 down 1.1%; however, it is worth noting that trading activity has slowed down considerably with CNBC reporting that trading at the floor of the New York Stock Exchange has been halted due to a technical issue.

For the time being, the halt has been isolated to the NYSE floor while electronic trades are clearing normally.

All ten sectors remain in the red with the six cyclical groups showing losses between 1.1% (financials) and 1.5% (technology).

11:25 am: [BRIEFING.COM] Not much change in the market with the key indices facing broad-based pressure.

The energy sector (-1.4%) displayed relative strength in the early going, but the group is now among the weakest performers of the day, trading only ahead of the telecom services sector (-1.9%). Meanwhile, crude oil has given up 1.4%, sliding to $51.63/bbl. WTI crude is now back to levels seen during yesterday's session before the energy component narrowed yesterday's loss to 0.4% by the pit close.

Interestingly, crude remains under pressure even though the Dollar Index (96.20, -0.65) has slipped to a fresh low, down 0.7% on the day.

10:55 am: [BRIEFING.COM] The major averages remain near their session lows with the S&P 500 trading lower by 1.0%.

Cyclical sectors continue showing relative weakness as dip-buyers employ some caution after yesterday's rebound fizzled out during overnight action amid continued weakness in Chinese equities.

The uncertainty associated with the sharp decline in China has fostered safe-haven flows, sending the Japanese yen higher by 1.9% against the dollar (121.13). Meanwhile, the euro (+0.4%) also trades in positive territory against the greenback, leaving the Dollar Index (96.37, -0.49) down 0.5%.

10:35 am: [BRIEFING.COM]

The dollar index has been trading in the red all morning, showing extended weakness, which is giving broad support to oil, copper and precious metals
The dollar's weakness has continued in recent trade, with the index currently -0.5% to 96.42
Oil continued to trend lower overnight, continuing recent downward momentum caused by the release of bearish API data
Crude reversed that trend in early trade however, and rallied to moderate gains for the session ahead of the morning's EIA inventory data
Upon release of the data, crude fell to a new low for the session, and is currently -1.2% to $51.73/barrel
Copper prices traded at 6 year lows yesterday, and the August contract has seen a modest technical move this morning, to recapture some of this week's prior losses
August copper is now near today's highs at +2.2% to $2.50/lb
Precious metals have seen strong support from the falling dollar, currently holding decent gains for the session. Gold is now +0.6% to $1159.40/oz while silver is +0.7% to $15.08/oz
Natural gas is is currently +0.3% to $2.73/MMBtu

9:55 am: [BRIEFING.COM] Equity indices have retreated to fresh lows with the S&P 500 now down 1.0%.

The utilities sector (+0.1%) has climbed out of the red as investors seek some relative safety in the rate-sensitive group. Meanwhile, five of six cyclical groups are down 1.0% or more while the technology sector (-1.2%) sits behind other growth-sensitive sectors.

Looking at the bigger picture, the S&P 500 now trades within five points of its 200-day moving average (2,056), which served as an area of support yesterday.

9:40 am: [BRIEFING.COM] As expected, the major averages began the trading day in the red. The S&P 500 trades lower by 0.6% while the Nasdaq Composite (-0.7%) follows right behind.

All ten sectors display opening losses with heavily-weighted consumer discretionary (-0.6%), technology (-0.7%), financials (-0.8%), and industrials (-0.7%) exerting pressure on the broader market. Interestingly, the same sectors struggled at the start of yesterday's session before fueling an afternoon rebound.

Things look slightly better on the countercyclical side, but the telecom services sector (-1.6%) trades at the bottom of the leaderboard.

Elsewhere, Treasuries remain near their recent levels with the 10-yr yield down two basis points at 2.24%.
Related Quotes

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -14.90. Nasdaq futures vs fair value: -29.10. The stock market is on track for a lower open as S&P 500 futures trade 15 points below fair value.

It is worth noting that the current decline represents an improvement from the overnight standing when futures on the benchmark index traded roughly 30 points below fair value amid continued weakness in China. Specifically, the Shanghai Composite continued its tailspin, falling 5.9% on Wednesday to extend its tumble from June highs to 32.0%. As a result of the continued weakness, more than 50% of listings are now reportedly halted for volatility.

Despite the overnight slide, index futures began lifting at the start of the European session amid optimism that a deal between Greece and its creditors will be secured after all. According to the Wall Street Journal, Greek officials have requested a three-year bailout program that includes tax reforms; however, it remains to be seen whether this proposal differs from the one that was rejected in Sunday's referendum.

U.S. Treasuries spiked overnight, but they have been retreating from their highs throughout the morning. Still, the 10-yr note remains in the green with its yield down two basis points at 2.24%.

The FOMC Minutes from the June meeting will be reported at 14:00 ET while the Consumer Credit report for May (Briefing.com consensus $18.20 billion) will cross at 15:00 ET.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -14.50. Nasdaq futures vs fair value: -25.60. The S&P 500 futures trade 15 points below fair value.

Asian equity markets ended Wednesday on a broadly lower note. The drubbing in China continued last night with both the Shanghai Composite and Hong Kong's Hang Seng surrendering nearly 6.0% apiece. The sell-off resulted in another round of trading halts with more than 50% of A-share listings halted for volatility. China was the focal point overnight, weighing on other regional markets. The Nikkei tumbled as well, taking out a 2-month low, and giving up more than 3.0%.

In economic data:
Japan's May Current Account surplus expanded to JPY1.64 trillion from JPY1.27 trillion (expected surplus of JPY1.38 trillion) while June Economy Watchers Current Index fell to 51.0 from 53.3 (consensus 53.2)
South Korea's July M2 Money Supply +9.5% (prior +9.3%)

------

Japan's Nikkei declined 3.1% on broad-based weakness seen in all sectors. The worst performing sectors were Materials, Financials, and IT, all down roughly 3.0%. On the flip side, Consumer Staples and Utilities outperformed the benchmark average today, dropping 1.3% and 1.5%, respectively
Hong Kong's Hang Seng fell 5.8% today, witnessing some spill over from the Mainland. Every stock in the index closed lower on the day. Consumer name Tencent dropped 6.8% today, while PetroChina fell 5.2%.
China's Shanghai Composite managed to close down 5.9% on a day that saw another 8.0%+ range. Financials were hammered today, with Bank of Communications closing 10.0% lower, while China Construction Bank fell 8.4%.

Major European indices trade higher across the board with Italy's MIB (+2.3%) trading well ahead of other indices. Regional equities have rallied amid hope that a deal will be struck between Greece and its creditors after the country reportedly requested a three-year bailout program that includes tax reforms, according to the Wall Street Journal.

Economic data was limited:
UK's Halifax House Price Index +1.7% month-over-month (consensus 0.3%; prior 0.3%); +9.6% year-over-year (expected 8.3%; last 8.6%)

------

Germany's DAX has climbed 1.0% with all but five names trading in the green. Steelmaker ThyssenKrupp leads with a 2.5% gain while heavyweights Bayer, Siemens, and SAP have added between 1.6% and 1.9%. Exporters lag with BMW, Daimler, and Volkswagen down between 0.1% and 1.7%.
UK's FTSE trades up 1.1% with energy and mining names in the lead. BG Group, Royal Dutch Shell, Anglo American, and Glencore Xstrata are up between 1.3% and 3.6%. Homebuilders lag with Barratt Developments, Persimmon, and Taylor Wimpey down between 2.4% and 3.5%.
In France, the CAC trades higher by 1.3%. Financials BNP Paribas, Credit Agricole, and Societe Generale hold gains between 1.6% and 1.7%. Similar to Germany, exporters are on the defensive with Peugeot and Renault down 1.4% and 2.8%, respectively.
Italy's MIB has climbed 2.3% thanks to strength in bank names. BMPS, Banca Pop Emilia Romagna, Intesa Sanpaolo, and Banco Popolare are up between 3.2% and 6.3%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: -11.50. Nasdaq futures vs fair value: -21.60. U.S. equity futures remain pressured with S&P 500 futures trading 12 points below fair value.

Yesterday, the benchmark index rocketed off its 200-day moving average (2,055), ending about 26 points above that mark on high volume; however, the early weakness suggests the S&P 500 will have to fight in order to stage a return to yesterday's closing level.

Meanwhile, the Dollar Index (96.57, -0.29) climbed 0.6% yesterday, but modest euro strength (+0.2% at 1.1027) has the index trading lower by 0.3% today.

Elsewhere, Treasuries have retreated from their overnight highs, but they continue holding gains with the 10-yr yield down four basis points at 2.22%.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -15.30. Nasdaq futures vs fair value: -30.80. U.S. equity futures trade in negative territory despite upbeat action overseas. The S&P 500 futures trade 15 points below fair value, but that represents an improvement from the overnight standing when S&P 500 futures were down about 30 points amid continued weakness in China's stock market.

Treasuries have rallied, sending the 10-yr yield lower by five basis points to 2.21%.

The weekly MBA Mortgage Index rose 4.6% to follow last week's 4.7% decline.

The FOMC Minutes from the June meeting will be reported at 14:00 ET while the Consumer Credit report for May (Briefing.com consensus $18.20 billion) will cross at 15:00 ET.

In U.S. corporate news of note:

Barclays (BCS 16.04, +0.04): +0.3% after firing Chief Executive Officer Antony Jenkins.
Container Store (TCS 18.55, +1.05): +6.0% after beating bottom-line estimates on light revenue.
Microsoft (MSFT 43.90, -0.40): -0.9% after the New York Times reported the company may announce layoffs today.
Tesla (TSLA 263.01, -4.87): -1.8% after Pacific Crest downgraded the stock to 'Sector Weight' from 'Overweight.'

Reviewing overnight developments:

Asian markets ended lower across the board. China's Shanghai Composite -5.9%, Hong Kong's Hang Seng -5.8%, and Japan's Nikkei -3.1%
In economic data:
Japan's May Current Account surplus expanded to JPY1.64 trillion from JPY1.27 trillion (expected surplus of JPY1.38 trillion) while June Economy Watchers Current Index fell to 51.0 from 53.3 (consensus 53.2)
South Korea's July M2 Money Supply +9.5% (prior +9.3%)
In news:
The continued nosedive in China has resulted in more than 50% of A-share listings now being halted for volatility, according to reports

Major European indices trade higher across the board. France's CAC +1.1%, UK's FTSE +1.1%, and Germany's DAX +0.8%. Elsewhere, Italy's MIB +2.1% and Spain's IBEX +1.0%
Economic data was limited:
UK's Halifax House Price Index +1.7% month-over-month (consensus 0.3%; prior 0.3%); +9.6% year-over-year (expected 8.3%; last 8.6%)
Among news of note:
European equities have rallied amid hope that a deal will be struck between Greece and its creditors after the country reportedly requested a three-year bailout program that includes tax reforms, according to the Wall Street Journal

5:50 am: [BRIEFING.COM] S&P futures vs fair value: -20.60. Nasdaq futures vs fair value: -42.30.

5:50 am: [BRIEFING.COM] Nikkei...19737.64...-639.00...-3.10%. Hang Seng...23516.56...-1458.80...-5.80%.

5:50 am: [BRIEFING.COM] FTSE...6463.15...+31.30...+0.50%. DAX...10702.40...+25.60...+0.20%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader Image@ http://stocktwits.com/wrbtrader

http://www.thestrategylab.com
Phone: +1 708 572-4885
Business Hours: 8am - 5pm est (Mon - Fri)
Skype Messenger: kebec2002
wrbanalysis@gmail.com
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