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 Post subject: July 15th Wednesday Trade Results - Profit $2312.50
PostPosted: Wed Jul 15, 2015 11:59 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
Quote:
It was a tough trading day...low volatility and range due to the declining overall volatility as a result of the China and Greece situation. In fact, I had 5 losing consecutive trades that made me realize to take a count of my average number of WRB Hidden GAP intervals...they were very low. Yet, volatility eventually showed up soon after 2pm est due to the riots in the streets near Syntagma Square in Athens, Greece. That event caused a sudden price drop in the Emini futures and a Down WRB Hidden GAP interval on increasing volatility below several reaction lows...resulting in enough volatility to turn around my entire trading day into a profitable day. That same Down WRB Hidden GAP late in the trading day became a profit target for a Long position.

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 @ $2312.50 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=2123

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 snapped their four-day win streak on Wednesday as the market slipped into the red during afternoon action. It is worth noting that the late slip occurred amid reports of protesters clashing with riot gear-clad police in Syntagma Square in Athens ahead of this evening's parliamentary vote on the debt agreement with the eurozone. The S&P 500 shed 0.1% to narrow its weekly gain to 1.5%.

Equity indices started the day near their flat lines, seeing little reaction to a busy overnight session that featured the release of China's Q2 GDP (+7.0% year-over-year; consensus 6.9%) and news that the Bank of Japan lowered its GDP forecast for the fiscal year to 1.7% from 2.0%.

Stocks climbed out of the gate, but the S&P 500 could not extend too far above its flat line as most sectors displayed early losses; however, relative strength in financials (+0.8%), health care (+0.1%), and technology (+0.1%) kept the market in positive territory into the afternoon.

The financial sector held the lead throughout the session thanks to support from three large components. Specifically, Bank of America (BAC 17.68, +0.55) PNC (PNC 98.32, +0.82), and U.S. Bancorp (USB 45.53, +1.65) gained between 0.8% and 3.8% after reporting earnings. Bank of America and PNC reported better than expected results while U.S. Bancorp's report was in-line with estimates.

Unlike financials, the other two pockets of early strength could not hold gains into the afternoon. The health care sector ended right below its flat line, which masked relative strength in biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 390.76, +2.82) added 0.7% after being up as much as 2.3% in the early going. Still, the industry group finished ahead of the broader market thanks to a 7.0% spike in Celgene (CELG 131.39, +8.54) after the company raised its guidance and announced the acquisition of Receptos (RCPT 230.08, +22.90) for $232/share in cash.

The intraday strength in biotechnology kept the Nasdaq Composite in the lead, but the index slipped behind the S&P 500 during afternoon action. The top-weighted tech sector (+0.1%) held up relatively well thanks to a 1.0% gain in the shares of Apple (AAPL 126.82, +1.21), but high-beta chipmakers struggled with the PHLX Semiconductor Index falling 0.6%. Industry heavyweight-Intel (INTC 29.70, +0.05)-fared better than its counterparts, adding 0.2% ahead of its quarterly report.

Elsewhere, the energy sector (-1.6%) spent the day behind the remaining groups, dropping to lows in late afternoon action. The growth-sensitive group was pressured by crude oil, which fell 3.1% to $51.40/bbl.

In all likelihood, greenback strength was a headwind for oil as the Dollar Index (97.15, +0.50) climbed 0.5%. The index spiked above its overnight high after the release of Federal Reserve Chair Janet Yellen's prepared remarks to the House Financial Services Committee. The testimony was largely uneventful with Ms. Yellen reiterating the Fed's intention to begin raising the fed funds rate in 2015 if economic conditions hold up.

Treasuries set their lows after the release of Chair Yellen's prepared remarks before advancing into the afternoon with the 10-yr yield falling five basis points to 2.35%.

Today's trading volume was ahead of totals observed earlier in the week as more than 750 million shares changed hands at the NYSE floor.

Economic data included PPI, Empire Manufacturing survey, Industrial Production, and the MBA Mortgage Index:

Producer prices increased 0.4% in June after increasing 0.5% in May while the Briefing.com Consensus expected an increase of 0.3%
Gasoline prices increased 4.3% in June after a 17.0% gain in May
Food prices rose 0.6% in June, down from a 0.8% increase in May
Excluding food and energy, core PPI increased 0.3% in June after increasing 0.1% in May while the consensus expected an increase of 0.1%
The Empire Manufacturing Survey for July registered a reading of 3.9, which was above the prior month's reading of -2.0 and above the Briefing.com consensus estimate, which was pegged at 3.0
Industrial production increased 0.3% in June after declining 0.2% in May while the Briefing.com consensus expected an increase of 0.2%
That was the first increase since a 0.2% gain in March, and the largest increase since a 1.1% gain in November 2014
The increase in industrial production came from a combination of warmer temperatures and higher energy prices, not a pickup in demand from the manufacturing sector
The weekly MBA Mortgage Index fell 1.9% to follow last week's 4.6% increase

Tomorrow, weekly Initial Claims (Briefing.com consensus 283K) will be reported at 8:30 ET while the Philadelphia Fed Survey for July (consensus 12.0) and July NAHB Housing Market Index (expected 59) will both be released at 10:00 ET.

Nasdaq Composite +7.7% YTD
Russell 2000 +5.1% YTD
S&P 500 +2.4% YTD
Dow Jones Industrial Average +1.3% YTD

3:40 pm: [BRIEFING.COM]

The dollar index traded higher today, which weighed on commodities such as oil, gold, silver and copper futures.
WTI crude oil futures slid lower today, ultimately ending -$1.66 at $51.40/barrel
Natural gas futures saw a boost, which was largely driven by weather forecasts. Aug nat gas finished today's session +$0.08 at $2.92/MMBtu
Aug gold lost $6.10 today to $1147.30/oz, while Sept silver fell $0.27 to $15.05/oz
Sept copper lost $0.02 to close at $2.52/lb

2:55 pm: [BRIEFING.COM] The major averages have had the rug pulled out from under them during the past 30 minutes with the S&P 500 now trading lower by 0.3%.

As mentioned earlier, the three top-weighted sectors held gains into the afternoon while the remaining sectors struggled. However, recent action saw the few pockets of strength retreat from their highs. The financial sector remains higher by 0.6% while technology (-0.1%) and health care (-0.1%) now trade behind the broader market.

It is worth noting that the recent slide to new lows occurred after it was reported that protestors gathered in Syntagma Square in Athens have clashed with police in riot gear ahead of this evening's parliamentary vote on the credit agreement with the eurozone. The euro (-0.5%) has retreated throughout the day and it remains near its low at 1.0950 against the dollar.

2:25 pm: [BRIEFING.COM] The Federal Reserve has released its Beige Book for July, but the document is not known for moving the market. Today's iteration of the Beige Book was no different with the S&P 500 (+0.1%) remaining just above its flat line.

According to the Beige Book, all 12 Federal Reserve Districts reported expanding economic activity with automobile sales increasing in almost all Districts. Meanwhile, home sales also increased in general, but Philadelphia and Dallas reported mixed activity while New York reported a decline in sales volume.

With regard to the labor market, employment levels were generally steady, but Atlanta, Boston, Dallas, and Minneapolis reported 'labor market tightness.'

Similar to stocks, Treasuries held their levels following the Beige Book with the 10-yr yield remaining at 2.35% (-5 bps).

1:55 pm: [BRIEFING.COM] The major averages continue holding slim gains.

The June industrial production report produced a pleasant upside economic surprise.

Industrial production increased 0.3% in June after declining 0.2% in May. The Briefing.com Consensus expected industrial production to increase 0.2%.

That was the first increase in industrial production since a 0.2% gain in March. It was the largest increase in industrial production since a 1.1% gain in November 2014.

The increase in industrial production came from a combination of warmer temperatures and higher energy prices, not a pickup in demand from the manufacturing sector.

Manufacturing production was flat for a second consecutive month in June. That was in-line with the weak regional and national manufacturing surveys.

1:30 pm: [BRIEFING.COM] The major indices have seen a slight uptick since our previous update, while WTI crude oil rests near its session low, down 2.8% to $51.55/bbl.

A look inside the Dow Jones Industrial Average shows Johnson & Johnson (JNJ 100.83, +1.05), Apple (AAPL 126.78, +1.17), and McDonalds (MCD 99.43, +0.65) are outperforming

Conversely, Chevron (CVX 94.64, -0.91) is the worst-performing Dow component amid weakness in the energy sector, today's worst performing sector.

Extending its multi session gains, the DJIA is now up 1.75% for the week and 2.6% in July thus far.

12:55 pm: [BRIEFING.COM] After registering four consecutive gains, the S&P 500 (unch) climbed out of the gate on Wednesday, but relative weakness in five sectors has kept the benchmark index near its flat line.

To be fair, the three largest sectors by weight have held gains since the early going, which has prevented the S&P 500 from dipping into the red. That dynamic remains in effect with financials (+0.6%), health care (+0.3%), and technology (+0.2%) trading ahead of the remaining seven groups.

Today's leading sector-financials-has received support from Bank of America (BAC 17.62, +0.50), PNC (PNC 98.15, +0.65), and U.S. Bancorp (USB 45.38, +1.49) after the trio reported earnings. Bank of America and PNC reported better than expected results while U.S. Bancorp's report was in-line with estimates.

For its part, the health care sector has held a modest gain through the first half with biotechnology underpinning the strength after Celgene (CELG 133.20, +10.35) raised its guidance and announced the acquisition of Receptos (RCPT 228.70, +21.52) for $232/share in cash. Shares of CELG have spiked 8.4% while the broader iShares Nasdaq Biotechnology ETF (IBB 393.38, +5.44) trades higher by 1.4%, keeping the Nasdaq Composite (+0.1%) ahead of the broader market.

That being said, the Nasdaq has also received support from technology stocks with Apple (AAPL 126.82, +1.21) and Facebook (FB 90.61, +0.93) both up near 1.0% apiece. Chipmakers, meanwhile, have struggled to keep pace, evidenced by a 0.5% decline in the PHLX Semiconductor Index. Notably, Intel (INTC 29.54, -0.11) is lower by 0.4% ahead of its earnings report.

Elsewhere, Treasuries sit on their highs with the 10-yr yield down four basis points at 2.36%. Interestingly, Treasuries have advanced steadily since the release of Federal Reserve Chair Janet Yellen's prepared remarks to the House Financial Services Committee. Ms. Yellen is still delivering her semiannual testimony at this time after reiterating the Fed's intention to begin raising the fed funds rate in 2015 if economic conditions hold up.

Economic data included PPI, Empire Manufacturing survey, Industrial Production, and the MBA Mortgage Index:

Producer prices increased 0.4% in June after increasing 0.5% in May while the Briefing.com Consensus expected an increase of 0.3%
Gasoline prices increased 4.3% in June after a 17.0% gain in May
Food prices rose 0.6% in June, down from a 0.8% increase in May
Excluding food and energy, core PPI increased 0.3% in June after increasing 0.1% in May while the consensus expected an increase of 0.1%
The Empire Manufacturing Survey for July registered a reading of 3.9, which was above the prior month's reading of -2.0 and above the Briefing.com consensus estimate, which was pegged at 3.0
Industrial production increased 0.3% in June after declining 0.2% in May while the Briefing.com consensus expected an increase of 0.2%
That was the first increase since a 0.2% gain in March, and the largest increase since a 1.1% gain in November 2014
The increase in industrial production came from a combination of warmer temperatures and higher energy prices, not a pickup in demand from the manufacturing sector
The weekly MBA Mortgage Index fell 1.9% to follow last week's 4.6% increase

The Federal Reserve will release its July Beige Book at 14:00 ET.

12:25 pm: [BRIEFING.COM] Equity indices remain just above their flat lines as the tug-of-war between the three largest sectors and the remainder of the market continues.

The afternoon performance in the top-weighted sectors will likely be the determining factor in how the market finishes today's session considering technology (+0.2%), financials (+0.6%), and health care (+0.4%) account for more than 51.0% of the entire market. Conversely, today's weakest sector-energy (-1.0%)-represents just 8.0% of the S&P 500.

Also of note, Treasuries have extended their gains with the 10-yr yield now down three basis points at 2.37%.
Related Quotes

11:55 am: [BRIEFING.COM] Recent action saw the major averages back away from their best levels of the session, but the S&P 500 (+0.1%) remains just above its flat line.

The slight dip from session highs has been fueled by continued weakness in the energy sector (-0.9%) while heavily-weighted industrials (-0.3%) have also exerted pressure on the broader market. Transport stocks are largely responsible for the underperformance, evidenced by a 0.5% decline in the Dow Jones Transportation Average.

The Dow Jones Transportation Average remains higher by 0.5% for the week, but today only three components trade in the green with CSX (CSX 32.58, +0.52) up 1.6% after beating earnings estimates on light revenue. On the downside, airlines show broad weakness with Delta Air Lines (DAL 42.99, -0.67) trading lower by 1.5% despite reporting better than expected earnings.

Also of note, Treasuries have climbed to new highs with the 10-yr yield down two basis points at 2.38%.

11:25 am: [BRIEFING.COM] Equity indices remain near their best levels of the session with the Nasdaq Composite (+0.4%) staying ahead of the S&P 500 (+0.2%).

Although the market remains near its high, there has been some movement among the weakest sectors of the day. Specifically, the energy sector has widened its decline to 0.6% while the materials space is now down 0.4%.

Above all, the early part of the session has not featured particularly heavy volume considering only 215 million shares have changed hands at the NYSE floor so far today.

10:55 am: [BRIEFING.COM] Equity indices have climbed to new session highs with the Nasdaq Composite (+0.4%) maintaining the lead.

In our previous update, we mentioned that only three sectors traded in the green, and that is still the case at this juncture. Health care (+0.7%) and financials (+0.6%) lead while the top-weighted technology sector (+0.3%) displays a slimmer gain.

On the flip side, four cyclical sectors trade in the red, but all four hold losses slimmer than 0.2%. Meanwhile on the countercyclical side, the telecom services sector (-0.6%) is the weakest performer while consumer staples (-0.2%) and utilities (-0.1%) trade near their flat lines.

On a separate note, Federal Reserve Chair Janet Yellen has begun her testimony before the House Financial Services Committee, but the early portion of the testimony has not differed much from the prepared remarks that were released this morning.

10:35 am: [BRIEFING.COM]

The dollar traded flat overnight and into early morning, prior to the release of both: US PPI and Manufacturing data and prepared remarks by Janet Yellen
Upon release of the data, and prepared remarks by Yellen that indicate a rate hike will likely be appropriate this year, the dollar spiked to new session highs.
In recent trade, the dollar has extended gains and is putting heavy pressure on other commodities, now near its HoD at +0.5% to 97.15
Oil was modestly positive overnight, briefly testing the $53.40 level before a steady sell-off on dollar strength and ahead of this morning's inventory data
August crude popped initially on release of the data, which showed a larger than expected draw, but reversed. WTI is now -1.4% to $52.28/barrel
Precious metals have pressed lower for the session by the dollar's upward momentum, with August gold at -0.6% to $1146.50/oz and September silver at -1.9% to $15.02/oz
Copper lifted overnight on relatively positive China factory-output and GDP data. However, as the session has progressed, the metal has given up those gains.
September copper is currently -0.6% to $2.52/lb
Natural gas is trading green, now +1.6% to $2.88/MMBtu

9:55 am: [BRIEFING.COM] The S&P 500 remains just below its flat line, but the top three sectors by weight trade in positive territory. The health care sector (+0.6%) leads while financials (+0.3%) and technology (+0.1%) follow not far behind.

The top-weighted technology sector has received a boost from shares of Intel (INTC 29.97, +0.32) with the stock trading higher by 1.1% ahead of this evening's quarterly report. Meanwhile, other chipmakers trade in mixed fashion with the PHLX Semiconductor Index up 0.1%.

Elsewhere, Treasuries have returned to unchanged with the 10-yr yield at 2.40%.

9:40 am: [BRIEFING.COM] Equity indices began the day near their flat lines with the Nasdaq Composite (+0.1%) trading ahead of the S&P 500 (-0.1%) thanks to early strength in biotechnology.

The iShares Nasdaq Biotechnology ETF (IBB 391.98, +4.04) has climbed 1.1% with Celgene (CELG 131.84, +8.99) spiking 7.3% after boosting its guidance last evening. In addition, the company has agreed to acquire Receptos (RCPT 229.02, +21.84) for $232/share in cash. The biotech group has sent the health care sector (+0.4%) to the top of today's leaderboard while only one other sector-financials (+0.3%)-trades in the green at this time.

The financial sector trades ahead of most other groups thanks to a 2.3% spike in Bank of America (BAC 17.51, +0.38) after the company reported better than expected results.

On the downside, the energy sector (-0.8%) is the weakest performer as crude oil trades lower by 2.0% at $51.96/bbl.

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +0.40. Nasdaq futures vs fair value: +10.70. The stock market is on track for a flat open as S&P 500 futures drift within a point of fair value. In fact, the entire night saw futures on the benchmark index trade inside a three-point range even as China's Shanghai Composite fell 3.0%, turning negative for the week.

Index futures slipped to their pre-market lows after the release of Fed Chair Janet Yellen's prepared remarks ahead of today's testimony before the House Financial Services Committee, which will begin at 10:00 ET. According to the released speech, Ms. Yellen will reiterate the Fed's intention to begin raising the fed funds rate in 2015 is economic conditions hold up. Treasuries returned to their overnight lows in reaction to the comments, pushing the 10-yr yield up to 2.42% (+2 bps).

On the economic front, June producer prices rose 0.4% while the Briefing.com consensus expected an increase of 0.3%. Core producer prices increased 0.3% while the consensus expected a reading of 0.1%.

Separately, the just released Industrial Production report pointed to an increase of 0.3% in June, which was better than the 0.2% increase expected by the Briefing.com consensus. Separately, capacity utilization hit 78.4% while the Briefing.com consensus expected a reading of 78.1%.

Moving to corporate news, Bank of America (BAC 17.59, +0.46) is on track to open higher by 2.7% after beating earnings and revenue estimates while Yum! Brands (YUM 91.74, +0.16) has added 0.2% in pre-market after beating bottom line estimates on below-consensus revenue.

8:53 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +10.80. The S&P 500 futures trade one point above fair value.

There was some mixed trading action on Wednesday in Asian-Pacific markets. Once again, China's Shanghai Composite grabbed the spotlight as it fell 3.0% despite a round of better than expected economic data that included the Q2 GDP report. Separately, the Bank of Japan decided to leave its key lending rate unchanged at 0.10% as expected, but it cut the growth outlook for this fiscal year to 1.7% from 2.0%. The Nikkei added 0.4% and is now up 3.5% for the week.

In economic data:
China's Q2 GDP +7.0% year-over-year (expected +6.9%; prior +7.0%) while June Retail Sales +10.6% year-over-year (expected +10.2%; prior +10.1%), June Industrial Production +6.8% year-over-year (expected +6.0%; prior +6.1%), and June Fixed Asset Investment +11.4% year-over-year (expected +11.2%; prior +11.4%)
Australia's July Westpac Consumer Sentiment -3.2% (prior -6.9%) and June New Motor Vehicle Sales +3.8% month-over-month (prior -0.8%)
Singapore's May Retail Sales +2.4% month-over-month (expected -0.2%; prior +0.5%); +6.1% year-over-year (expected +3.0%; prior +5.0%)
South Korea's June Unemployment Rate 3.9% (expected 4.0%; prior 3.9%) and June Trade Balance KRW10.0 bln (expected KRW10.2 bln; prior KRW10.2 bln) as Exports -2.4% year-over-year (expected -1.8%; prior -1.8%) and Imports -13.6% year-over-year (expected -13.6%; prior -13.6%)

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Japan's Nikkei increased 0.4% following the Bank of Japan's decision to keep its key lending rate unchanged at 0.10% despite trimming its economic growth outlook for this fiscal year to 1.7% from 2.0%. The consumer non-cyclical (+1.4%) and technology (+0.6%) sectors were the best-performing areas. Individual standouts included Takashimaya Co. (+4.2%), Toho Co. (+3.6%), and Mitsumi Electric (+3.3%). NTN Corp (-3.5%), NSK Ltd (-2.6%), and ITOCHU Corp (-2.4%) paced the decliners. Out of the 225 index members, 122 ended higher, 93 finished lower, and 10 were unchanged.
Hong Kong's Hang Seng declined 0.3%, following mainland shares lower. Leading laggards included the consumer cyclical (-2.1%), technology (-1.9%), and industrial (-1.7%) sectors. Galaxy Entertainment (-3.7%), New World Development (-3.3%), and China Life Insurance Co (-2.7%) led decliners. BOC Hong Kong Holdings (+2.3%) topped the list of advancing issues. Out of the 50 index members, 17 ended higher, 31 finished lower, and 2 were unchanged.
China's Shanghai Composite declined 3.0% following a spate of better than expected economic data that included Q2 GDP, June Retail Sales, June Industrial Production, and June Fixed Asset Investment. Some economists are questioning the veracity of the data, yet there is also some thinking that the stock market acted on its own volatile accord and did not sell off on the premise that stronger data could potentially mean less policy stimulus. The CSI 300 Index, which dropped 3.5%, was led lower by the technology (-8.0%) and industrial (-6.4%) sectors.

Major European indices trade higher across the board with Italy's MIB (+0.8%) setting the pace. In news, the International Monetary Fund released its debt sustainability analysis for Greece, which showed that the troubled sovereign will need significant relief and restructuring in order to make its debt sustainable. This sentiment was echoed by the European Commission this morning.

Economic data was limited:
UK's May Average Earnings Index + Bonus +3.2% (consensus 3.3%; last 2.7%). Separately, Claimant Count increased by 7,000 (expected -8,800; prior -1,100) while the Unemployment Rate ticked up to 5.6% from 5.5% (consensus 5.5%)
France's June CPI -0.1% month-over-month (expected 0.1%; prior 0.2%)
Swiss July ZEW Expectations -5.4 (prior 0.1)

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UK's FTSE is higher by 0.2% with miners in the lead. Anglo American, BHP Billiton, Fresnillo, Rio Tinto, and Glencore hold gains between 1.4% and 2.7%. Insurers have also shown strength with Direct Line Insurance and RSA Insurance both up near 1.6%. On the flip side, consumer names lag with Burberry, J Sainsbury, and Sports Direct International down between 0.8% and 2.0%.
Germany's DAX trades up 0.2% with financials setting the pace. Commerzbank and Deutsche Bank are up 2.2% and 1.3%, respectively. Meanwhile, exporters have continued their recent underperformance with BMW and Volkswagen down 0.6% and 2.2%, respectively.
In France, the CAC has added 0.3%. Financials Credit Agricole and Societe Generale hold respective gains of 0.7% and 0.9% while industrials and consumer names underperform. Alstom, Danone, Kering, LVMH, and Schneider Electric are down between 0.4% and 2.1%.
Italy's MIB outperforms with a gain of 0.8% thanks to broad strength. Banca di Milano Scarl, Intesa Sanpaolo, UBI Banca, STMicroelectronics, and Fiat Chrysler are up between 0.8% and 1.6%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +1.20. Nasdaq futures vs fair value: +11.70. The S&P 500 futures trade one point above fair value.

June producer prices rose 0.4% while the Briefing.com consensus expected an increase of 0.3%. Core producer prices increased 0.3% while the consensus expected a reading of 0.1%.

Separately, the Empire Manufacturing Survey for July registered a reading of 3.9, which was above the prior month's reading of -2.0 and above the Briefing.com consensus estimate, which was pegged at 3.0.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: +11.80. U.S. equity futures trade slightly higher amid modest gains overseas. The S&P 500 futures hover two points above fair value after trading inside a three-point range overnight.

Meanwhile, U.S. Treasuries hold slim gains with the 10-yr yield lower by a basis point at 2.39%.

The weekly MBA Mortgage Index fell 1.9% to follow last week's 4.6% increase.

June PPI (Briefing.com consensus 0.3%) and July Empire Manufacturing survey (consensus 3.5%) will both be released at 8:30 ET. Industrial Production (consensus 0.2%) and Capacity Utilization (expected 78.1%) for June will be reported at 9:15 ET while the Federal Reserve's July Beige Book will cross at 14:00 ET.

Also of note, Federal Reserve Chair Janet Yellen will appear before the House Financial Services Committee to take part in the semiannual testimony. Ms. Yellen's prepared remarks will be released at 8:30 ET while the testimony is set to begin at 10:00 ET.

In U.S. corporate news of note:

ASML (ASML 106.03, +2.96): +2.9% in reaction to better than expected results and above-consensus guidance.
Bank of America (BAC 17.71, +0.58): +3.4% after beating earnings and revenue estimates.
Delta Air Lines (DAL 44.51, +0.85): +2.0% following better than expected earnings.
PNC (PNC 97.99, +0.49): +0.5% after beating earnings and revenue expectations.
Yum! Brands (YUM 90.54, -1.04): -1.1% after beating bottom line estimates on below-consensus revenue.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite -3.0%, Hong Kong's Hang Seng -0.3%, and Japan's Nikkei +0.4%
In economic data:
China's Q2 GDP +7.0% year-over-year (expected +6.9%; prior +7.0%) while June Retail Sales +10.6% year-over-year (expected +10.2%; prior +10.1%), June Industrial Production +6.8% year-over-year (expected +6.0%; prior +6.1%), and June Fixed Asset Investment +11.4% year-over-year (expected +11.2%; prior +11.4%)
Australia's July Westpac Consumer Sentiment -3.2% (prior -6.9%) and June New Motor Vehicle Sales +3.8% month-over-month (prior -0.8%)
Singapore's May Retail Sales +2.4% month-over-month (expected -0.2%; prior +0.5%); +6.1% year-over-year (expected +3.0%; prior +5.0%)
South Korea's June Unemployment Rate 3.9% (expected 4.0%; prior 3.9%) and June Trade Balance KRW10.0 bln (expected KRW10.2 bln; prior KRW10.2 bln) as Exports -2.4% year-over-year (expected -1.8%; prior -1.8%) and Imports -13.6% year-over-year (expected -13.6%; prior -13.6%)
In news:
In China, more than 100 companies lifted their trading halts, but more than 500 listings remain suspended from trading

Major European indices trade higher across the board. UK's FTSE +0.3%, France's CAC +0.3%, and Germany's DAX +0.3%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.5%
Economic data was limited:
UK's May Average Earnings Index + Bonus +3.2% (consensus 3.3%; last 2.7%). Separately, Claimant Count increased by 7,000 (expected -8,800; prior -1,100) while the Unemployment Rate ticked up to 5.6% from 5.5% (consensus 5.5%)
France's June CPI -0.1% month-over-month (expected 0.1%; prior 0.2%)
Swiss July ZEW Expectations -5.4 (prior 0.1)
Among news of note:
The International Monetary Fund released its debt sustainability analysis for Greece, which showed that the troubled sovereign will need significant relief and restructuring in order to make its debt sustainable. This sentiment was echoed by the European Commission this morning.

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +11.20.

5:50 am: [BRIEFING.COM] Nikkei...20463.33...+78.00...+0.40%. Hang Seng...25055.76...-65.20...-0.30%.

5:50 am: [BRIEFING.COM] FTSE...6754.11...+0.40...+0.00%. DAX...11522.22...+5.30...+0.10%.

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

http://www.thestrategylab.com
Phone: +1 708 572-4885
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