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 Post subject: July 9th Thursday Trade Results - Profit $4875.00
PostPosted: Fri Jul 10, 2015 12:37 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 @ $4,875.00 dollars or +97.50 points, Light Crude Oil CL ($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 @ $4,875.00 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=2119

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 registered gains on Thursday, but not before enduring a daylong retreat from their opening highs. The S&P 500 was up more than 1.3% at the start, but narrowed its advance to 0.2% by the closing bell.

Equity indices charged out of the gate after the overnight session featured a rebound in China's Shanghai Composite, which climbed 5.8%. The advance occurred as officials in China continued introducing measures aimed at halting the recent market plunge with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission.

Elsewhere, optimistic-sounding remarks from top Eurozone officials also contributed to the opening strength as European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals today. Mr. Tusk continued, saying the proposals must be matched by an offer from creditors that focuses on debt sustainability.

The opening spike sent the S&P 500 above its 200-day moving average (2,056), but the index returned below that mark during the afternoon. Cyclical sectors displayed broad strength in the early going, but the top-weighed technology sector (-0.3%) faded from its high during the afternoon, ending among the laggards. In general, large cap names held up well, but the largest stock by market cap-Apple (AAPL 120.07, -2.50)-surrendered 2.0%, contributing to the sector's afternoon pullback. In addition, high-beta chipmakers continued their recent woes with the PHLX Semiconductor Index falling 1.3% to extend this week's decline to 5.7%.

Meanwhile, the remaining cyclical sectors also pulled back from their highs, but they managed to end the day ahead of the broader market. The financial sector (+0.8%) had the best showing, settling in the top half of its trading range. The sector likely drew some strength from higher market rates as Treasuries retreated throughout the day with the 10-yr yield jumping 11 basis points to 2.31%.

Also of note, the industrial sector (+0.4%) finished among the leaders thanks to relative strength among transport stocks. The Dow Jones Transportation Average rose 0.6% to narrow this week's loss to 0.9%. JB Hunt (JBHT 84.02, +1.77) was a standout performer, rallying 2.2% after Longbow upgraded the stock to 'Buy' from 'Neutral.'

With the Q2 earnings season about to heat up, investors received the first few reports with Alcoa (AA 10.59, +0.09) climbing 0.9% after reporting a bottom-line miss on better than expected revenue. The company reaffirmed its global aluminum demand growth forecast of 6.0%.

Over on the countercyclical side, the consumer staples sector (+0.1%) ended among the laggards with PepsiCo (PEP 94.59, -1.02) surrendering 1.1% despite beating estimates and raising its earnings growth forecast.

Despite the higher finish, there were plenty of investors seeking downside protection today with the CBOE Volatility Index (VIX 19.91, +0.25) climbing above yesterday's session high.

Today's participation was ahead of average with more than 800 million shares changing hands at the NYSE floor.

Economic data was limited to weekly Initial Claims, which increased to 297,000 for the week ending July 4 from an upwardly revised 282,000 (from 281,000) while the Briefing.com consensus expected a decrease to 276,000. Today's reading represented the highest level since the end of February when claims briefly surpassed 300,000.

The Department of Labor reported that there were no special factors that impacted the latest claims reading, but it is possible that the Independence Day holiday factored into the increase.

Tomorrow, the Wholesale Inventories report for May will be released at 10:00 ET (Briefing.com consensus 0.3%).

Nasdaq Composite +3.9% YTD
Russell 2000 +2.4% YTD
S&P 500 -0.4% YTD
Dow Jones Industrial Average -1.5% YTD

3:45 pm: [BRIEFING.COM]

WTI crude oil futures rise after five consecutive days of losses, ending the day +$1.16 to $52.78/barrel
In other energy, Aug natural gas rose $0.04 today to $2.72/MMBtu
Metals were mixed today
Aug gold fell $3.90 to $1159.60/oz, Sept silver rose $0.015 to $15.35/oz, while Sept copper gained $0.04 to $2.54/lb

3:00 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.5% with one hour remaining in the session.

The benchmark index was up more than 1.3% at the start, but a daylong retreat has taken place with investors showing reluctance to step into the fold. As a result, the S&P 500 is back in the neighborhood of its 200-day moving average (2,056) after spiking above that level at the start of today's session.

The financial sector (+1.0%) remains in the lead, but its strength may not be enough to offset the relative weakness in technology (+0.1%), especially if the top-weighted group slides into the red.

2:25 pm: [BRIEFING.COM] The stock market has continued its daylong retreat from highs with the S&P 500 narrowing its gain to 0.3%.

Most notably, the technology sector (-0.1%) now finds itself in negative territory after keeping pace with the broader market through the first half of the session. In our midday update, we mentioned that shares of Apple (AAPL 120.59, -1.98) were approaching unchanged territory, but the top-weighted sector member is now down 1.6%. In addition, high-beta chipmakers have also retreated from their recent levels with the PHLX Semiconductor Index now down 1.0%.

Interestingly, the slide from highs has not done much to boost the Treasury market as the 10-yr note remains on its low with the benchmark yield higher by 11 basis points at 2.30%.

1:55 pm: [BRIEFING.COM] The major averages remain near their intraday lows.

Over the last two weeks, the initial claims level has unexpectedly accelerated. The initial claims level increased to 297,000 for the week ending July 4 from an upwardly revised 282,000 (from 281,000) for the week ending June 27.

The Briefing.com Consensus expected the initial claims level to decrease to 276,000. That was the highest initial claims level since the end of February when claims briefly surpassed 300,000.

The Department of Labor reported that there were no special factors that impacted the latest claims reading. However, it is possible that the July 4th holiday played a role in the increase in claims.

Even though the four-week moving average has bounced off of 15-year lows, the trends remain close to full employment averages. The latest increase in claims does not refute the notion that payrolls will continue to grow by at least 200,000 per month for the foreseeable near future.

1:25 pm: [BRIEFING.COM] Not much change in today's trading dynamic as the major averages sit on their intraday lows with the S&P 500 trading higher by 0.5%.

The financial sector (+0.8%) remains in the lead while the top-weighted technology sector (+0.4%) trades right behind the broader market.

Elsewhere, Treasuries have set new lows for the day with the 10-yr yield up ten basis points at 2.30%. On a related note, the Dollar Index (96.70, +0.41) trades up 0.4% after hitting a fresh session high not long ago.

12:50 pm: [BRIEFING.COM] The major averages sport midday gains, but it is worth pointing out that the market has spent the entire first half in a slow retreat from opening highs. Still, the S&P 500 remains higher by 0.7%, trying to stay above its 200-day moving average (2,056), which has been a focal point throughout the week.

Equities spiked at the start after the overnight session featured some improving investor sentiment after China's Shanghai Composite rebounded, climbing 5.8%. The advance occurred as officials in China continued introducing measures aimed at halting the stock market slide with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission.

In addition, optimistic-sounding remarks from top Eurozone officials have also contributed to the opening strength. To that point, European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals today. Mr. Tusk continued, saying the proposals must be matched by an offer from creditors that addresses debt sustainability.

Eight of ten sectors hold midday gains with cyclical groups in the lead after showing relative weakness yesterday. Financials (+0.8%) and industrials (+0.8%) trade ahead of the broader market with the industrial sector receiving help from transport stocks. The Dow Jones Transportation Average has climbed 0.9% with all 20 components showing gains at this juncture. JB Hunt (JBHT 83.95, +1.70) leads, trading higher by 2.1% after Longbow upgraded the stock to 'Buy' from 'Neutral.'

Elsewhere, the health care sector (+0.8%) is the lone outperformer on the countercyclical side thanks in part to biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 367.92, +5.14) trades up 1.4%, which has helped the Nasdaq Composite stay ahead of the broader market.

That being said, the Nasdaq has been able to overcome losses among chipmakers with the PHLX Semiconductor Index trading lower by 0.5% today and down 4.9% for the week. For its part, the broader technology sector (+0.6%) has kept pace with the broader market even though its top component-Apple (AAPL 122.63, +0.06)-has returned to its flat line not long ago.

Treasuries hover near their lows after a steady slide that began overnight. The 10-yr yield is higher by eight basis points at 2.27%.

Today's economic data was limited to weekly Initial Claims, which increased to 297,000 for the week ending July 4 from an upwardly revised 282,000 (from 281,000) while the Briefing.com consensus expected a decrease to 276,000. Today's reading represented the highest level since the end of February when claims briefly surpassed 300,000.

The Department of Labor reported that there were no special factors that impacted the latest claims reading, but it is possible that the Independence Day holiday factored into the increase.

12:30 pm: [BRIEFING.COM] The major averages have continued inching away from their opening levels with the S&P 500 (+0.7%) now trading at a fresh intraday low. The index spiked at the start, but investors have been reluctant to step into the fold, instead they have opted to take some money off the table.

The six cyclical sectors started the day with gains of more than 1.0% apiece, but all six growth-sensitive groups have narrowed their gains. The financial sector (+0.9%) holds the lead while technology (+0.7%) trades behind other growth-sensitive sectors.

Elsewhere, Treasuries remain locked in narrow ranges near their lows with the 10-yr yield higher by eight basis points at 2.27%.
Related Quotes

12:00 pm: [BRIEFING.COM] Equity indices remain inside narrow ranges after ticking down from their opening highs. The S&P 500 remains higher by 0.8% while the Nasdaq Composite (+1.0%) outperforms slightly.

The tech-heavy Nasdaq has drawn strength from biotechnology as the iShares Nasdaq Biotechnology ETF (IBB 368.25, +5.47) trades higher by 1.5%. As for tech names, large cap stocks like Microsoft (MSFT 45.05, +0.81), Google (GOOGL 547.19, +5.49), and Oracle (ORCL 40.34, +0.56) show gains between 1.0% and 1.8% while high-beta chipmakers lag. The PHLX Semiconductor Index is lower by 0.2% today and down 4.7% for the week.

11:30 am: [BRIEFING.COM] Not much change in the market with the S&P 500 trading higher by 1.0%. Thanks to today's spike, the index has narrowed this week's decline to 0.5%.

Furthermore, the benchmark index has climbed above its 200-day moving average (2,056) after battling with that mark since the start of this week. Meanwhile, the Dow Jones Industrial Average (+1.0%) currently trades just below its 200-day moving average (17,696) after struggling with that mark since the start of last week.

Influential sectors continue showing relative strength with financials (+1.2%) and health care (+1.1%) trading ahead of the rest of the pack.

10:55 am: [BRIEFING.COM] The major averages have backed away from their opening highs, but they continue holding solid gains for the time being. The S&P 500 is higher by 0.9% with the six cyclical sectors showing gains between 0.9% (energy) and 1.1% (financials).

Meanwhile, the utilities sector (-0.7%) has slipped into the red as spiking Treasury yields reduce the relative attractiveness of high-yielding utility stocks. Similarly, the telecom services sector (+0.1%) has approached its flat line while health care (+0.9%) and consumer staples (+0.7%) trade near the broader market.

Notably, the health care sector trades in-line with the S&P 500 while biotechnology displays relative strength with iShares Nasdaq Biotechnology ETF (IBB 367.91, +5.13) trading higher by 1.5%.

10:35 am: [BRIEFING.COM]

The dollar traded negative overnight, largely on FOMC meeting sentiment, before rallying back to flat early this AM.
The index has since traded in a narrow range above the flat line, as a Shanghai bounce and this morning's US unemployment data are acting as primary catalysts for price action
The dollar saw a small rally on the release of the morning's US unemployment data, but has recently given back those gains and is now +0.1% to 96.42
Oil has been positive all session, trading as high as $53.50/barrel earlier in the morning, as drawn out negotiations in Iran and a positive session for the Shanghai index are contributing to positive supply/demand sentiment for the commodity
August crude is currently +1.9% to $52.65/barrel
Natural gas inventory data was released at 10:30 AM, and the August contract traded near-unchanged going into the release
Upon release of the data, nat gas sold off following a larger than expected weekly build, and continues to extend those losses at -1%% to $2.66/MMBtu
Copper has seen strength all morning, as bullish sentiment has been driven largely by positive Asian equity index performances; August copper is now +1.4% to $2.53/lb
August gold is currently -0.2% to $1161.80/oz while August silver is +1% to $15.31/oz

9:55 am: [BRIEFING.COM] Equity indices remain near their opening highs with the Dow, Nasdaq, and S&P 500 showing gains between 1.1% and 1.2%.

The energy sector (+1.6%) remains in the lead thanks to a big spike in crude oil while the remaining cyclical groups trade with slimmer gains. That being said, the other five growth-sensitive groups all hold gains of 1.0% or more.

Elsewhere, the Dollar Index (96.32, +0.03) trades flat after slipping from its early morning high while Treasuries remain on their lows with the 10-yr yield up eight basis points at 2.27%.

9:40 am: [BRIEFING.COM] As expected, the major averages spiked out of the gate amid broad-based strength. The S&P 500 trades higher by 1.3% with all ten sectors showing opening gains.

Growth-sensitive sectors underperformed yesterday, but all six cyclical groups trade in-line with or ahead of the broader market. The energy sector (+1.6%) holds the early lead thanks to a 3.3% spike in crude oil, which trades at $53.34/bbl. Meanwhile, top-weighted groups like technology (+1.3%) and financials (+1.4%) trade near the S&P 500.

Elsewhere, Treasuries have slipped to new lows, pushing the 10-yr yield up eight basis points to 2.28%.

9:11 am: [BRIEFING.COM] S&P futures vs fair value: +22.90. Nasdaq futures vs fair value: +54.70. The stock market is on track to register solid gains at the open as S&P 500 futures trade 23 points above fair value.

Index futures marched higher throughout the night, receiving a boost from improving investor sentiment after China's Shanghai Composite rebounded, climbing 5.8%. It is worth noting that officials in China continued introducing measures aimed at halting the stock market slide with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission.

Moving on, European markets sport broad gains after European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals. Mr. Tusk continued, saying the proposals must be matched by a realistic offer from creditors on debt sustainability. Mr. Tusk is the latest official to signal a shift in favor of debt restructuring after the International Monetary Fund did the same last week.

Speaking of the IMF, a recent headline indicates the Fund has cut its 2015 global GDP growth forecast to 3.3% from 3.5% while reducing its outlook for the U.S. to 2.5% from 3.1%.

U.S. Treasuries have retreated with the 10-yr yield climbing seven basis points to 2.26%.

On the corporate front, Alcoa (AA 10.60, +0.10) trades up 1.0% after reporting a bottom-line miss on better than expected revenue. The company reaffirmed its global aluminum demand growth forecast of 6.0%. Elsewhere, PepsiCo (PEP 97.80, +2.19) has climbed 2.3% after beating estimates and raising its earnings growth forecast.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +23.70. Nasdaq futures vs fair value: +55.40. The S&P 500 futures trade 24 points above fair value.

Equity markets across Asia were mostly higher in Thursday's trade. The highlight of the night was China, which after halting half of its stocks, disallowing major stakeholders (5% holding or more) from selling shares for 6 months, and threatening to arrest short sellers, the Shanghai Composite managed to gain nearly 6.0% on the day. The index was down over 3.0% in the first hour before reversing off session lows for the largest one-day surge since 2009. Elsewhere, the Bank of Korea held its key interest rate at 1.5%, as expected.

In economic data:
China's June CPI 0.0% month-over-month (expected -0.1%; prior -0.2%); +1.4% year-over-year (consensus 1.3%; last 1.2%). Separately, PPI -4.8% year-over-year (consensus -4.5%; last -4.6%)
Japan's May Core Machinery Orders +0.6% month-over-month (expected -5.0%; prior 3.8%); +19.3% year-over-year (consensus 16.3%; last 3.0%)
Australia's June Employment Change +7,300 (consensus -5,000; prior 39,900) while the Unemployment Rate ticked up to 6.0% from 5.9% (consensus 6.1%)

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Japan's Nikkei rose 0.6% on the day. Consumer Discretionary (+0.8%) and IT (+0.5%) were among the best sectors of the day. On the flip side, there was a shift out of safe havens with Telecom down 1.2% and Consumer Staples losing 0.8%.
China's Shanghai Composite finished the wild day up 5.8% following the aforementioned measures and econ data. Among the heavyweights, CNOOC posted a gain of 3.2%, while China Mobile advanced 1.8%.
Hong Kong's Hang Seng piggy-backed the Shanghai Composite today, gaining 3.7%. Among the notable movers, Tencent, Lenovo, and China Unicom all rose around 8.0% on the day.

Major European indices trade higher across the board following optimistic comments from regional officials. Specifically, European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals today. Mr. Tusk continued, saying the proposals must be matched by a realistic offer from creditors on debt sustainability. Mr. Tusk is the latest official to signal a shift in favor of debt restructuring after the International Monetary Fund did the same last week. Separately, the Bank of England made no changes to its policy stance, keeping the key interest rate and the purchasing program unchanged at 0.5% and GBP375 billion, respectively.

Economic data was limited:
Germany's May Trade Balance EUR22.80 billion (expected EUR21.00 billion; prior EUR21.50 billion) as Imports +0.4% month-over-month (consensus 0.9%; last -0.8%) and Exports +1.7% month-over-month (expected -0.8%; last 1.6%)

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UK's FTSE has climbed 1.5% with consumer names in the lead. Associated British Foods, Barratt Developments, Taylor Wimpey, and Persimmon are up between 3.1% and 6.0%. On the downside, Rolls-Royce and Next trade lower by 1.0% and 1.9%, respectively.
Germany's DAX trades up 2.3% with all 30 components in the green. Exporters BMW, Daimler, and Volkswagen are up between 2.9% and 3.3% while Deutsche Bank has climbed 3.4%.
In France, the CAC is higher by 2.5% with carmakers and financials in the lead. Peugeot and Renault hold respective gains of 4.8% and 3.2% while BNP Paribas, Credit Agricole, and Societe Generale are up between 2.8% and 4.2%.
Italy's MIB has jumped 2.8% amid gains in most components. Financials BMPS, Banca Pop Emilia Romagna, UBI Banca, Unicredit, and Banco Popolare are up between 3.6% and 4.2%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +22.50. Nasdaq futures vs fair value: +53.70. The S&P 500 futures trade 23 points above fair value.

The latest weekly initial jobless claims count totaled 297,000 while the Briefing.com consensus expected a reading of 276,000. Today's tally was above the revised prior week count of 282,000 (from 281,000). As for continuing claims, they rose to 2.334 million from 2.230 million.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +52.20. U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures hover 21 points above fair value after climbing steadily throughout the night. The overnight advance occurred as China's Shanghai Composite rebounded, climbing 5.8%, while encouraging comments from Eurozone officials have provided additional support. Specifically, European Council President Donald Tusk said he expects Greece to submit concrete, realistic reform proposals. Mr. Tusk continued, saying the proposals must be matched by a realistic offer from creditors on debt sustainability. Mr. Tusk is the latest official to signal a shift in favor of debt restructuring after the International Monetary Fund did the same last week.

Treasuries have retreated with the 10-yr yield higher by six basis points at 2.25%.

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

In U.S. corporate news of note:

Alcoa (AA 10.61, +0.11): +1.1% after reporting a bottom-line miss on better than expected revenue. The company reaffirmed its global aluminum demand growth forecast of 6.0%.
Costco (COST 141.97, +2.07): +1.5% after reporting better than expected June same-store sales, excluding the negative impact from gasoline price deflation and foreign exchange.
PepsiCo (PEP 98.15, +2.54): +2.7% after beating estimates and raising its earnings growth forecast.
Walgreens Boots Alliance (WBA 88.25, +2.34): +2.7% after beating bottom-line estimates on light revenue. The company raised its earnings guidance for fiscal 2015.

Reviewing overnight developments:

Asian markets ended higher. Japan's Nikkei +0.6%, Hong Kong's Hang Seng +3.7%, and China's Shanghai Composite +5.8%
In economic data:
China's June CPI 0.0% month-over-month (expected -0.1%; prior -0.2%); +1.4% year-over-year (consensus 1.3%; last 1.2%). Separately, PPI -4.8% year-over-year (consensus -4.5%; last -4.6%)
Japan's May Core Machinery Orders +0.6% month-over-month (expected -5.0%; prior 3.8%); +19.3% year-over-year (consensus 16.3%; last 3.0%)
Australia's June Employment Change +7,300 (consensus -5,000; prior 39,900) while the Unemployment Rate ticked up to 6.0% from 5.9% (consensus 6.1%)
In news:
The Bank of Korea held its key interest rate at 1.5%, as expected
Officials in China continued introducing measures aimed at halting the stock market slide with reports indicating a special taskforce targeting "hostile short-sellers" will be established by China's Public Security Ministry and China Securities Regulatory Commission

Major European indices trade higher across the board. UK's FTSE +1.3%, Germany's DAX +2.0%, and France's CAC +2.3%. Elsewhere, Italy's MIB +2.7% and Spain's IBEX +2.7%
Economic data was limited:
Germany's May Trade Balance EUR22.80 billion (expected EUR21.00 billion; prior EUR21.50 billion) as Imports +0.4% month-over-month (consensus 0.9%; last -0.8%) and Exports +1.7% month-over-month (expected -0.8%; last 1.6%)
Among news of note:
The Bank of England made no changes to its policy stance, keeping the key interest rate and the purchasing program unchanged at 0.5% and GBP375 billion, respectively

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +20.00. Nasdaq futures vs fair value: +48.80.

5:50 am: [BRIEFING.COM] Nikkei...19855.50...+117.90...+0.60%. Hang Seng...24392.79...+876.20...+3.70%.

5:50 am: [BRIEFING.COM] FTSE...6544.97...+54.50...+0.80%. DAX...10911.01...+163.30...+1.50%.

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

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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