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 Post subject: July 10th Friday Trade Results - Profit $2312.50
PostPosted: Fri Jul 10, 2015 5:19 pm 
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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 @ $2,312.50 dollars or +46.25 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $2,312.50 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.

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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 ended the week on an upbeat note with the S&P 500 climbing 1.2%. Thanks to the advance, the benchmark index returned above its 200-day moving average (2,056), ending the week little changed.

Equities surged out of the gate after reports from last evening indicated that Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018. Interestingly, the proposal was very similar to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. According to reports from Athens, the Greek parliament is expected to ratify the offer, but there was no official statement from the Eurogroup before the closing bell.

Furthermore, the Greek proposal includes a requirement for the creditors' commitment to restructure long-term debt; however, securing that commitment will be very difficult considering Germany's Finance Minister Wolfgang Schaeuble was quoted yesterday by Reuters as saying debt restructuring is not possible because it would "infringe the system of the European Union."

The lack of a response from the creditor side did not stop global equities from rallying with France's CAC leading European markets higher with a 3.3% advance. Meanwhile, selling in Germany's 10-yr bund sent its yield higher by 17 basis points to 0.89% while U.S. Treasuries also retreated with the 10-yr yield rising ten basis points to 2.42%.

Treasuries extended their losses during the early afternoon after Federal Reserve Chair Janet Yellen spoke in Cleveland, reiterating that the Fed still believes it will be appropriate to raise rates later this year. That being said, the Fed Chair said the outlook for the economy and inflation remains uncertain with unanticipated events having the potential to delay or accelerate the first rate hike.

All ten sectors posted gains with eight groups adding more than 1.0%. Most notably, the top-weighted technology sector (+1.6%) held the lead throughout the session while the second-largest group by market cap-financials (+1.2%)-followed not far behind.

The technology sector rallied behind its largest components like Apple (AAPL 123.30, +3.23), Google (GOOGL 556.11, +11.46), and Facebook (FB 87.95, +2.07) while high-beta chipmakers also displayed relative strength with the PHLX Semiconductor Index spiking 1.9%. To be fair, the index ended the week lower by 3.9% after both Advanced Micro Devices (AMD 1.96, -0.02) and QLogic (QLGC 11.48, +0.48) issued cautious guidance.

Elsewhere, the industrial sector (+1.0%) settled a bit behind the broader market, but that masked broad strength among transport stocks. The Dow Jones Transportation Average gained 1.9% to end the week higher by 1.0%. Airlines led today's advance with Alaska Air (ALK 70.55, +4.01) spiking 6.0% in reaction to upbeat traffic flow data.

For the week, four sectors registered gains with countercyclical consumer staples (+1.1%) and utilities (+0.5%) logging respective weekly gains of 2.0% and 1.7%. On the flip side, growth-sensitive energy (+0.6%) and materials (+1.5%) both lost near 1.5% for the week.

Today's participation was roughly in-line with recent totals as 720 million shares changed hands at the NYSE floor.

Monday's data will be limited to the 14:00 ET release of the Treasury Budget for June.

Nasdaq Composite +5.5% YTD
Russell 2000 +3.9% YTD
S&P 500 +0.9% YTD
Dow Jones Industrial Average -0.4% YTD

Week in Review: China and Greece in the Spotlight

Monday was a busy day for equities across the globe, beginning with an overnight slide in the futures market after the Greek referendum produced 61.3% 'no' vote, rejecting the bailout terms previously proposed by eurozone creditors. The results of the referendum allowed Greece's Syriza party to stay in power, but Finance Minister Yanis Varoufakis stepped down with Oxford-educated Euclid Tsakalotos assuming Mr. Varoufakis' place. The continued uncertainty about Greece's future in the eurozone pressured European markets with Germany's DAX and Italy's MIB losing 1.5% and 4.0%, respectively. Domestically, the S&P 500 (-0.4%) began the session just above its 200-day moving average (2,055), but an aggressive bid lifted the index back to its flat line about an hour after the opening bell. However, that rebound was short-lived, fading into the afternoon.

On Tuesday, 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, but the day'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 the following day. 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 were halted over the past seven days as companies scrambled 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.

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, which resulted in the number of companies suspended from trading for volatility increasing to 50%+. 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; but the offer was very similar to the one that was rejected by Greek voters during Sunday's referendum.

The market ended Thursday in the green, but not before enduring a daylong retreat from its opening high. 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. 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.

3:15 pm: [BRIEFING.COM]

The dollar traded weak all day, despite gradually erasing some of the morning's losses later in the afternoon
The indexes weakness gave broad, modest support to oil and precious metals throughout the day, and is currently -0.6% to 96.00
Crude was positive on the session until a mid-morning sell-off caused the commodity to fall back near the unchanged mark
Oil trading was driven by several catalysts during the session. These included over-supply concerns on data from the EIA and decreased 2016 demand forecasts (out of the IEA)
A weakened dollar did give the August contract some support however, and oil closed near flat at $52.77/barrel
Natural gas closed strong, up 1.8% at $2.77/MMBtu, largely on near-term forecasts for warmer national weather patterns
Copper traded red all session, as concern for industrial demand out of China continued to put selling pressure on the September contract, which closed slightly down at $2.54/lb
Precious metals were mixed on the day, with August gold down 0.1% at $1158.40/oz and September silver up 1% at $15.49/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 1.4% with one hour remaining in the session. The benchmark index enters the final hour of action after spiking at the start and adding to its opening gain as the day went on.

Thanks to today's advance, the S&P 500 is on track to end the week higher by 0.1%. Meanwhile, five of ten sectors are on track to register weekly gains with the consumer staples sector up 2.2% for the week. Similarly, the utilities sector is on course to register a solid weekly gain (+1.8%) while consumer discretionary, health care, and financials have gained between 0.1% and 0.7% since the end of last week.

2:30 pm: [BRIEFING.COM] Not much change in the market with the S&P 500 trading higher by 1.3%. According to recent reports, the Greek parliament is expected to hold a 15:00 ET vote on the bailout proposal that was sent to eurozone creditors late last evening. The early indications suggest the offer will make its way through the parliament, but it remains to be seen whether eurozone officials accept the proposal.

Earlier, Eurogroup Chief Jeroen Dijsselbloem said that an official response should be issued today, but we have not heard anything from the Eurogroup since then.

U.S. Treasuries remain near their session lows with the 10-yr yield higher by eight basis points at 2.40%.

1:55 pm: [BRIEFING.COM] The stock market remains near its best level of the session.

At the beginning of the quarter, we anticipated that inventories accumulation would drag significantly on second quarter GDP growth. So far, we have been wrong, and inventory growth has remained very strong.

Wholesale inventories increased 0.8% in May after increasing an unrevised 0.4% in April. The Briefing.com Consensus expected wholesale inventories to increase 0.3%.

Durable goods inventories increased 0.6%, up from a 0.1% increase in April. Inventories rose in every durable goods sector except for a 0.4% decline from the miscellaneous category. Strong growth was recorded in computer equipment (2.5%) and automotive (2.0%).

Nondurable goods inventories increased 1.2% in May after increasing 1.0% in April. Much of the gain was the result of higher prices, which helped drive up petroleum inventories by 4.4%. Drug inventories increased 2.7%.

1:25 pm: [BRIEFING.COM] The major averages remain near their recent levels with the S&P 500 trading higher by 1.2%.

Federal Reserve Chair Janet Yellen has recently concluded her speech in Cleveland with the Q&A session taking place at this time. During her speech, Ms. Yellen reiterated that the Fed still believes it will be appropriate to raise rates later this year. That being said, the Fed Chair said the outlook for the economy and inflation remains uncertain with unanticipated events having the potential to delay or accelerate the first rate hike.

Treasuries essentially held their ground during Ms. Yellen's speech, but they slipped to new lows not long ago with the 10-yr yield up eight basis points at 2.40%.

12:55 pm: [BRIEFING.COM] The major averages hold solid midday gains with the Nasdaq Composite (+1.4%) trading just ahead of the S&P 500 (+1.3%).

Equity indices spiked at the open in response to overnight strength in the futures market after it was reported that Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018. However, the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Furthermore, the Eurogroup has yet to opine on today's developments.

That being said, global investors have rushed into risk assets at the first sign of movement between the two sides. Equity markets across Europe finished with broad gains with France's CAC spiking more than 3.0% to lead the region higher. An exodus from Germany's 10-yr bund sent its yield higher by 17 basis points to 0.89% while U.S. Treasuries have also retreated with the 10-yr yield up six basis points at 2.38%.

All ten sectors hold midday gains with eight groups up 1.0% or more. The top-weighted technology sector (+1.5%) sits in the lead with high-beta chipmakers rebounding from this week's underperformance. The PHLX Semiconductor Index trades higher by 1.4% today, but remains down 4.4% for the week. As for large cap tech names, the likes of Apple (AAPL 122.77, +2.70), Google (GOOGL 558.37, +13.72), and Qualcomm (QCOM 62.83, +0.97) show gains between 1.6% and 2.5%. On the earnings front, Barracuda Networks (CUDA 31.01, -8.11) has tumbled 20.7% after the company's below-consensus gross billings overshadowed a one-cent beat.

Elsewhere among cyclical groups, the consumer discretionary space (+1.3%) outperforms today and is on track to end the week ahead of other growth-sensitive sectors (+0.4% week-to-date). Retail stocks have contributed to today's strength with the SPDR S&P Retail ETF (XRT 99.81, +0.90) trading higher by 0.9%.

Also of note, the energy sector (+0.7%) trades behind the remaining nine groups amid weakness in crude oil. The energy component currently sits just below its flat line at $52.75/bbl after clawing its way back to the middle of today's trading range.

Economic data was limited to the Wholesale Inventories report for May, which showed an increase of 0.8% while the Briefing.com consensus expected an uptick of 0.3%. Wholesale sales increased 0.3% in May, down from a 1.7% increase in April. Meanwhile, durable goods sales declined 0.1% in May while nondurable goods sales increased 0.7%.

12:25 pm: [BRIEFING.COM] Equity indices remain near their session highs after reaching these levels during the past hour.

Nine of ten sectors show gains of 1.0% or more, but only four groups are on track to register weekly gains based on their current levels. Countercyclical consumer staples (+1.3%) and utilities (+1.1%) trade near the broader market today and they're both on track to end the week higher by 2.3%.

Elsewhere, health care (+1.2%) and consumer discretionary (+1.4%) are also tracking weekly gains, albeit slimmer than staples and utilities. For its part, health care has added 0.4% this week while the discretionary sector has climbed 0.5% since last Thursday.
Related Quotes

11:55 am: [BRIEFING.COM] Another round of new highs for the major averages with the S&P 500 now up 1.3% for the day.

The recent uptick has boosted all ten sectors, leaving the energy sector (+0.8%) as the only group showing a gain slimmer than 1.0%. The commodity-related group underperforms amid weakness in crude oil with the energy component trading lower by 0.6% at $52.46/bbl.

Elsewhere, the technology sector (+1.7%) has reclaimed the lead after briefly slipping from the top spot.

On a separate note, Fed Chair Janet Yellen is expected to discuss the U.S. economy during a lunchtime speech and Q&A in Cleveland, Ohio. The speech is set to begin at 12:30 ET.

11:25 am: [BRIEFING.COM] Recent action saw the major averages climb to new session highs. The S&P 500 is now up 1.1%, which puts the index on track to end the week little changed (-0.1%). Meanwhile, the tech-heavy Nasdaq Composite (+1.4%) outperforms today, but the index is still likely to finish the week behind the S&P 500. Given its current level, the Nasdaq is down 0.4% for the week.

High-beta chipmakers have contributed to the relative weakness in the Nasdaq, evidenced by the PHLX Semiconductor Index, which outperforms today (+1.4%), but is down 4.4% for the week. The industry group has faced selling pressure after Advanced Micro Devices (AMD 1.97, -0.01) lowered its guidance on Tuesday while QLogic (QLGC 11.26, +0.26) cut its outlook yesterday.

Elsewhere, Treasuries sit just above their session lows with the 10-yr yield higher by six basis points at 2.38%.

10:55 am: [BRIEFING.COM] Equity indices have backed away from their opening highs, but the S&P 500 (+0.9%) continues holding a 19-point gain.

In some ways, the early part of today's session resembles the start of yesterday's affair that saw a daylong retreat from early highs. Top-weighted technology (+1.0%) and financials (+0.9%) began the day ahead of other sectors, but both groups have retreated from their early highs.

Elsewhere among cyclical sectors, the industrial space has narrowed its gain to 0.7% even as transport stocks continue showing relative strength with the Dow Jones Transportation Average trading higher by 1.5%. All 20 index components trade in the green with airlines pacing the move. Alaska Air (ALK 70.12, +3.58) is a standout performer, trading higher by 5.5%.

10:30 am: [BRIEFING.COM]

The dollar has shown weakness all morning, trading at moderate losses as stabilizing macro headlines out of Europe and China have slowed the safe-haven trade
The index is giving support to precious metals and crude oil so far this session, and is now -0.9% to 95.77
Crude oil was modestly positive overnight, but has seen a recent, extended sell-off to erase those gains on a report by the IEA, forecasting decreased 2016 demand
The August contract is currently trading steady just below the unchanged mark, at -0.4% to $52.54/barrel
Nat gas traded in the green overnight, showing strong upward momentum on renewed forecasts for warmer national weather trends, offsetting yesterday's bearish EIA inventory data. Nat gas is currently +1.5% to $2.77/MMBtu
Copper is trading negative, as it has all session, on continued demand concerns emanating out of China.
August copper has traded in a narrow horizontal range most recently, and is now -0.6% to $2.54/lb
Precious metals are flat to modestly positive so far this AM, supported mainly by the weakened dollar. August gold is flat at $1159.30/oz and August silver is +0.4% to $15.43/oz

10:00 am: [BRIEFING.COM] The S&P 500 trades higher by 1.0%.

Just released, May wholesale inventories rose 0.8% while the Briefing.com consensus expected an uptick of 0.3%. Today's report followed last month's unrevised increase of 0.4%.

9:40 am: [BRIEFING.COM] As expected, the major averages have rallied out of the gate. The S&P 500 trades higher by 1.2% with the opening advance helping the index return to unchanged for the week.

All ten sectors display opening gains with top-weighted technology (+1.4%) and financials (+1.4%) setting the pace. Meanwhile, other heavily-weighted sectors like consumer discretionary (+1.2%), health care (+1.1%), and industrials (+1.3%) trade not far behind.

Elsewhere, Treasuries have extended their losses with the 10-yr yield up seven basis points at 2.39%.

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

9:14 am: [BRIEFING.COM] S&P futures vs fair value: +24.90. Nasdaq futures vs fair value: +56.60. The stock market is on track for a sharply higher open as futures on the S&P 500 trade 25 points above fair value.

Index futures spiked last evening after Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018, but the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today, but it is worth noting that Germany's Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble both voiced opposition to debt restructuring as recently as yesterday.

The overnight developments have weighed on Treasuries, sending the 10-yr yield higher by seven basis points to 2.39%. For the week, the benchmark yield is on track to end flat after testing its 50-day moving average (2.28%).

This morning has been very quiet on the corporate front, but Cablevision (CVC 26.50, +1.65) has spiked 6.6% after the Wall Street Journal reported French investor Patrick Drahi may be interested in acquiring a cable provider.

Today's economic data will be limited to the Wholesale Inventories report for May, which will be released at 10:00 ET (Briefing.com consensus 0.3%).

8:54 am: [BRIEFING.COM] S&P futures vs fair value: +24.60. Nasdaq futures vs fair value: +56.40. The S&P 500 futures trade 25 points above fair value.

Markets across Asia ended the week on a higher note amid optimism surrounding Greece's bailout request that was sent to eurozone creditors last evening. Chinese authorities continued introducing steps aimed at halting the recent slide in equities with China Securities Regulatory Commission issuing a request for companies to consider stock buybacks and employee shareholder programs, among other measures. China's Shanghai Composite spiked 4.5% to end the week higher by 5.2% after logging three consecutive weekly declines that totaled more than 28.0%.

In economic data:
Japan's June Corporate Goods Price Index -0.2% month-over-month (expected 0.1%; prior 0.3%); -2.4% year-over-year (consensus -2.3%; last -2.1%). Separately, Household Confidence ticked up to 41.7 from 41.4 (expected 41.9)
Australia's May Home Loans -6.1% month-over-month (expected -3.5%; prior 0.7%)

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Japan's Nikkei fell 0.4% on the day. Fast Retailing, Toshiba, and TDK lost between 2.4% and 6.0%. On the upside, Casio, Sharp, and Suzuki Motor gained between 2.6% and 4.1%
China's Shanghai Composite finished the day higher by 4.5%, extending its weekly gain to 5.2%. Among the heavyweights, Everbright and Bank of Communications both gained near 1.6%.
Hong Kong's Hang Seng piggy-backed the Shanghai Composite, gaining 2.1%. Among the notable movers, Galaxy Entertainment, China Mobile, Ping An Insurance and Citic Pacific gained between 3.0% and 9.2%.

Major European indices trade higher across the board with France's CAC (+3.4%) in the lead after Greek officials sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018, but the proposal bears striking resemblance to the one that was rejected by 61.3% of voters in the Greek referendum on July 5. Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today, but it is worth noting that Germany's Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble both voiced opposition to debt restructuring as recently as yesterday.

Investors received several data points:
Germany's June Wholesale Price Index -0.2% month-over-month (prior 0.5%); -0.5% year-over-year (last -0.4%)
UK's May Trade deficit narrowed to GBP8.00 billion from GBP9.39 billion (expected deficit of GBP9.70 billion)
France's May Industrial Production +0.4% month-over-month (expected 0.4%; prior -0.8%)
Italy's May Industrial Production +0.9% month-over-month (consensus 0.3%; prior -0.3%); +3.0% year-over-year (last 1.2%; prior 0.1%)

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UK's FTSE trades higher by 1.6% with financials in the lead. Aberdeen Asset Management, Standard Life, and London Stock Exchange are up between 3.2% and 4.3%. On the downside, ARM Holdings and Weir Group are the only two decliners, down 1.5% and 0.4%, respectively.
Germany's DAX has jumped 2.5% with 29 of its 30 components showing gains. Allianz, Commerzbank, and Deutsche Bank are up between 3.2% and 4.2% while Volkswagen lags, trading lower by 0.1%.
In France, the CAC trades up 3.4% with all 40 components in the green. Unsurprisingly, bank shares trade ahead of other names with BNP Paribas, Credit Agricole, and Societe Generale up between 3.9% and 5.4%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: +22.90. Nasdaq futures vs fair value: +53.10. Equity futures remain near their highs while Treasuries sit in the red with the 10-yr yield up five basis points at 2.37%. Similarly, European bonds have retreated amid optimism surrounding Greece's bailout request that was sent to the country's creditors yesterday evening.

The developments have boosted the euro, sending the single currency higher by 1.2% to 1.1200 against the dollar. That being said, the greenback has made some headway against the yen with the dollar/yen pair trading higher by 0.6% at 122.40; however, that has not stopped the Dollar Index (95.57, -1.02) from retreating 1.1% into the middle of last week's trading range.

8:00 am: [BRIEFING.COM] S&P futures vs fair value: +22.10. Nasdaq futures vs fair value: +53.70. U.S. equity futures trade sharply higher amid upbeat action overseas. The S&P 500 futures trade 22 points above fair value with the bulk of the gain coming last night after it was widely reported that Greek officials have sent a bailout request to the country's creditors, seeking EUR53.50 billion to cover loan obligations until June 2018. However, the early look at the letter suggests this proposal is not much different from the one that was rejected by 61.3% of voters in the Greek referendum on July 5.

Furthermore, the proposal that will be voted on in the Greek parliament today includes a requirement for the creditors' commitment to restructure long-term debt. However, securing that commitment will be very difficult considering Germany's Finance Minister Wolfgang Schaeuble was quoted yesterday by Reuters as saying debt restructuring is not possible because it would "infringe the system of the European Union."

Treasuries have retreated in reaction to the overnight developments with the 10-yr yield higher by four basis points at 2.36%.

Today's economic data will be limited to the Wholesale Inventories report for May, which will be released at 10:00 ET (Briefing.com consensus 0.3%).

In U.S. corporate news of note:

Barracuda Networks (CUDA 33.09, -6.03): -15.4% after the company's below-consensus gross billings overshadowed a one-cent beat.

Reviewing overnight developments:

Asian markets ended mostly higher. China's Shanghai Composite +4.5%, Hong Kong's Hang Seng +2.1%, and Japan's Nikkei -0.4%
In economic data:
Japan's June Corporate Goods Price Index -0.2% month-over-month (expected 0.1%; prior 0.3%); -2.4% year-over-year (consensus -2.3%; last -2.1%). Separately, Household Confidence ticked up to 41.7 from 41.4 (expected 41.9)
Australia's May Home Loans -6.1% month-over-month (expected -3.5%; prior 0.7%)
In news:
Chinese authorities continued introducing steps aimed at halting the recent slide in equities with China Securities Regulatory Commission issuing a request for companies to consider stock buybacks and employee shareholder programs, among other measures. China's Shanghai Composite spiked 4.5% to end the week higher by 5.2% after logging three consecutive weekly declines that totaled more than 28.0%.

Major European indices trade higher across the board. UK's FTSE +1.4%, Germany's DAX +2.5%, and France's CAC +3.3%. Elsewhere, Italy's MIB +2.9% and Spain's IBEX +3.2%
Investors received several data points:
Germany's June Wholesale Price Index -0.2% month-over-month (prior 0.5%); -0.5% year-over-year (last -0.4%)
UK's May Trade deficit narrowed to GBP8.00 billion from GBP9.39 billion (expected deficit of GBP9.70 billion)
France's May Industrial Production +0.4% month-over-month (expected 0.4%; prior -0.8%)
Italy's May Industrial Production +0.9% month-over-month (consensus 0.3%; prior -0.3%); +3.0% year-over-year (last 1.2%; prior 0.1%)
Among news of note:
Eurogroup Chief Jeroen Dijsselbloem said he expects the creditors to respond to the Greek proposal later today

5:49 am: [BRIEFING.COM] S&P futures vs fair value: +18.70. Nasdaq futures vs fair value: +42.60.

5:49 am: [BRIEFING.COM] Nikkei...19779.83...-75.70...-0.40%. Hang Seng...24901.28...+508.50...+2.10%.

5:49 am: [BRIEFING.COM] FTSE...6660.58...+79.00...+1.20%. DAX...11232.17...+235.80...+2.10%.

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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