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 Post subject: July 24th Friday Trade Results - Profit $3312.50
PostPosted: Fri Jul 24, 2015 5:57 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
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Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification
Quote:
I had to do some adapting this week after the Emini futures started becoming less correlated with each other. That adapting (occurred after Monday's losing trading day) involved ignoring trade signals occurring within the range of a WRB Hidden GAP interval. These types of trades were the bulk of my losses because they often because range bound. As for today, too many missed trade opportunities due to personal activities at home but a few key trades due to position size management resulted in the trading day to be profitable along with getting help from a new trade signal that will eventually be added to the Volatility Trading Report (VTR) trade signal strategies.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3312.50 dollars or +66.25 points, Light Crude Oil CL ($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 @ $3312.50 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=2130

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


4:20 pm: [BRIEFING.COM] It can't be said that the week closed on a high note -- certainly not for the broader market anyway. There were some individual standouts like Amazon.com (AMZN 530.50, +48.32), Visa (V 74.80, +3.05), Starbucks (SBUX 57.32, +0.76), and Juniper Networks (JNPR 27.54, +1.05), which impressed investors with their earnings results, yet there were far more losers on Friday than winners as economic slowdown concerns and valuation concerns got the better of market participants.

The slowdown concerns were rooted in a variety of factors:

The Flash PMI reading for China dropping to a 15-month low of 48.2 in July and signaling a contraction in manufacturing activity
Weaker than expected PMI readings out of Germany and France that pointed to a deceleration in growth momentum
The continued drop in crude futures ($48.13, -0.26), which traded further into bear market territory having fallen more than 20% from their June peak; and
The disappointing report on new home sales in the U.S., which declined 6.8% in June to 482,000 units (Briefing.com consensus 550,000)

The valuation concerns, meanwhile, revolved in large part around two factors:

Biogen Idec (BIIB 299.85, -85.20) cutting its FY15 revenue and EPS guidance, which unleashed a wave of selling interest in that stock and peer companies in the highflying biotech group; and
The weak economic data, which raised questions about future earnings prospects

The early strength in Amazon.com helped the market stand its ground for a bit, yet selling interest picked up steadily after the New Home Sales report at 10:00 a.m. ET. For most of the day thereafter, the major indices logged a progression of new lows before the steady selling activity subsided entering the final hour of trading.

There was some chatter that a proposal by Democratic presidential candidate Hillary Clinton to raise the short-term capital gains tax on top-bracket payers was responsible for today's negative price action.

While such a headline might have contributed to the negative sentiment that was already in place in the wake of Biogen's warning and the disappointing economic data, it would be overstating things to list that proposal as the cause of today's weakness. That's because Mrs. Clinton hasn't even been elected president, let alone won her party's nomination. Moreover, passage of such a proposal is no sure thing if there is a Republican-controlled Congress on the other side of the 2016 presidential election.

The worst-performing areas of the day were a manifestation of the two bigger issues noted above. To that end, the health care sector (-2.5%) topped the list of losers as the weight of losses in the biotech space, evidenced by a 4.0% drop in the iShares Nasdaq Biotechnology ETF (IBB 378.01, -15.74), weighed heavily.

In turn, the economic worries showed up in the underperformance of the materials (-2.2%), energy (-2.0%), and industrials (-1.3%) sectors, as well as the front end of the Treasury yield curve, which is most sensitive to rate hike expectations.

Longer-dated maturities were little changed, but the 2-yr note saw its yield drop two basis points to 0.68%.

Elsewhere, gold futures settled down 0.8% at $1085.60/troy ounce, but ran back to $1100/troy ounce in extended action on short-covering interest before losing momentum.

NYSE volume was on the light side today at just 645 million shares. The lopsided nature of today's trade was seen in the A/D line, which favored decliners by a better than 2-to-1 margin at the NYSE and a 3-to-1 margin at the Nasdaq.

The earnings results will continue pour in next week, but economic data and the Federal Reserve will also be in the limelight with the Federal Open Market Committee policy decision on Wednesday and the advance estimate for Q2 GDP on Thursday.

3:40 pm: [BRIEFING.COM]

The dollar index continued to slide lower today, which helped give a boost to select commodities
However, a bearish China PMI number this morning weighed on commodities across the board
WTI crude also slid lower today, falling back below $49/barrel in afternoon trading
Sept crude oil finished pit trading -0.5% at $48.13/barrel
In other energy, Aug nat gas fell 1.1% to $2.78/MMBtu
Metals lost steam today as well
A late-day modest rally in gold helped erase some losses. Aug gold finished the day -0.8% at $1085.60/oz
Meanwhile, Sept silver lost -1.5% to $14.49/oz, while Sept copper fell -0.4% at $2.38/lb

3:00 pm: [BRIEFING.COM] The market is trying to bounce but remains stuck in a pretty big rut. The S&P consumer discretionary sector, which was up 1.4% earlier, is now down 0.1% for the day.

At this juncture, there are only two sector sporting a gain and one of them is only hanging there by a thread. The two sectors are the utilities (+0.03%) and the telecom services (+0.3%) sectors, both of which are regarded as defensive-oriented sectors.

From the look of things now, there is certainly a risk aversion trade at work in the stock market. Notably, however, longer-dated Treasuries are unchanged for the session as most of the buying action is happening at the front of the yield curve, which is more sensitive to rate hike expectations.

In The Big Picture column posted today on Briefing.com, we discussed the flattening yield curve and what it might be signaling.

2:30 pm: [BRIEFING.COM] Ever since the release of the disappointing New Home Sales report for June at 10:00 a.m. ET, the equity market has been tracking steadily lower amid a dearth of buying interest.

Amazon.com (AMZN 539.50, -57.32), which has been an upside leader all day, has also backtracked well off session highs seen shortly after the open. Specifically, AMZN is up 12% for the day, but is down more than 7% from its high of $580.57. Amazon's "cooling off" phase contributed to the Nasdaq fade, which gained steam as buyers simply walked away from the action.

There has been some chatter that the market's weakness today has a lot to do with Democratic presidential candidate Hillary Clinton's proposal to raise the short-term capital gains tax for top-bracket payers. Currently, the short-term capital gains tax is 39.6% on holdings sold in less than a year. Under Mrs. Clinton's proposal, the 39.6% tax rate would apply to holdings sold in less than two years and then gradually scale down to a 20% capital gains tax after a six-year holding period.

This proposal is factoring into today's negative sentiment, yet there are three reasons why it would be overstated as the reason for today's weakness: (1) Mrs. Clinton hasn't won her party's nomination (2) Mrs. Clinton hasn't won the presidency and (3) The proposal would ultimately have to be passed by Congress and that is no sure thing should it be a Republican-controlled Congress on the other side of the 2016 presidential election.

1:55 pm: [BRIEFING.COM] The stock market just can't get it into gear and continues to cascade to new lows for the day, with overall leadership lacking from the market's most influential areas (i.e. technology, financials, and health care).

There was a sharp pullback in new home sales in June.

New home sales declined 6.8% in June to 482,000 from a downwardly revised 517,000 (from 546,000) in May. The Briefing.com Consensus expected new home sales to increase to 550,000.

Sales in June were the lowest since 449,000 were sold in November 2014.

The report was clearly disappointing. Demand, which was thought to have been moving on an upward trend, pulled back strongly in June, and downward revisions to May's data showcase an uneasy growth pattern.

While sales remain above 2014 levels, we are not seeing the leg up we were expecting in 2015.

1:30 pm: [BRIEFING.COM] The major U.S. indices continue to remain lower in a quiet trade.

A look inside the Dow Jones Industrial Average shows that DuPont (DD 57.00, -1.48), Chevron (CVX 90.62, -2.32), and American Express (AXP 75.91, -1.10) are underperforming. Dupont is under pressure amid weakness in materials , the worst performing sector in today's session. Chevron, alongside the entire energy sector, is lower on an extension of weakness in crude oil futures as WTI drops under $48/bbl.

Conversely, Visa (V 74.63, +2.89) is the best-performing Dow component after reporting Q3 results that exceeded consensus estimates. The company also raised its FY15 EPS guidance slightly and confirmed it is in merger discussions with Visa Europe, its former subsidiary. A wave of analysts cheered the results and lifted their price targets on the digital payment giant.

For the week, the DJIA is down 2.6% and has now erased all gains previously seen this month.

1:00 pm: [BRIEFING.COM] Amazon.com (AMZN 552.66, +70.48) had a blockbuster earnings report. First, because it actually reported earnings (and not a loss) for its second quarter, and secondly, because it did so with the help of some impressive revenue growth. Its stock has seen the fruits today of the company's labor, but the rest of the market hasn't tasted too sweet to buyers.

The earnings results from the likes of Visa (V 74.70, +2.95), Starbucks (SBUX 57.83, +1.27), and Juniper Networks (JNPR 27.82, +1.33) have certainly been appetizing, yet there just hasn't been much buying appetite overall because of some other factors that have been less enjoyable to digest. Those factors include the following:
Related Quotes

Biogen Idec (BIIB 310.72, -74.33) cutting its FY15 revenue and EPS outlook below consensus expectations due in part to moderating demand for its MS drug TECFIDERA
This news has cast a pall on the highflying biotechnology group and has held down the health care sector (-1.6%).
The flash reading for China's Purchasing Manager's Index (PMI)
The PMI for July slipped to 48.2 from 49.4 in June, marking a 15-month low and sliding further below the 50.0 mark that is the dividing line between expansion and contraction.
The disappointing reading has contributed to broader economic slowdown concerns.
The surprisingly weak New Home Sales report for June
New home sales declined 6.8% to 482,000 (Briefing.com consensus 550,000) from a downwardly revised 517,000 (from 546,000) in May.
This data added to the economic slowdown concerns and ran counter to the stronger than expected Existing Home Sales report earlier in the week.
The S&P 500 falling below technical support at its 50-day simple moving average (2102)
Continued weakness in the commodities space
WTI crude futures coughed up early gains and are now down $0.45 at $48.00 per barrel. Prices are now more than 20% off their June peak, which technically leaves them in a bear market.
The energy sector has gone the way of oil prices and has been an influential drag on the broader market.

The overarching impression of today's session is that participants are not feeling all that encouraged by economic conditions. While an economic slowing will presumably forestall a rate hike from the Federal Reserve, that consideration doesn't appear to be helping matters much.

Consistent with the aforementioned concerns, we are seeing many of the cyclical sectors at the bottom of today's performance pack. That would include the materials (-1.9%), energy (-1.8%), and industrials (-1.0%) sectors. The financials (-0.6%) are moving in-line with the broader market, but clearly aren't helping the overall market much.

Coming out of the New York lunch hour, the major indices are at their lows for the day, and decliners are leading advancers at the NYSE and the Nasdaq by a better than 2-to-1 margin.

12:25 pm: [BRIEFING.COM] Outside of Amazon.com (AMZN 554.26, +72.08) and a handful of other stocks, like Visa (V 74.93, +3.18), Juniper Networks (JNPR 27.94, +1.45), and Starbucks (SBUX 57.81, +1.25), which pleased with their earnings results, buyers have been a reluctant bunch today.

At the moment, there are only four Dow components showing a gain and each of the major indices is scraping its lows for the session.

Airlines are contributing to the broader market's weakness, failing to get any real lift out of the continued slide in oil prices. Instead many have come under pressure from the news that the Department of Justice has requested information on possible price gouging practices in the wake of the May 12 Amtrak derailment in Philadelphia.

An inquiry has been sent to Delta (DAL 44.50, -0.66), American (AAL 41.85, -0.76), United (UAL 57.50, +0.83), Southwest (LUV 35.49, -0.99), and JetBlue (JBLU 22.93, -0.29).

12:00 pm: [BRIEFING.COM] The major indices continue to languish in negative territory, finding it difficult to overcome notable weakness in two of its most influential sectors: health care (-1.6%) and energy (-1.3%).

There are other sectors that are lower, but it is those two in particular that have suppressed any rebound action.

Biogen (BIIB 316.90, -68.15) is at the heart of the health care sector's weakness as investors have expressed their disappointment over the company cutting its full-year outlook due in part to moderating demand for its multiple scelerosis (MS) drug TECFIDERA.

Separately, both Cigna (CI 147.44, -6.92) and Anthem (ANTM 151.80, -3.41) are trading down by a sizable amount after the former company confirmed it will be acquired by Anthem for $54.2 billion or $188 per share. It had been speculated in June and then earlier this week that a tie-up of the two companies was in the offing.

11:30 am: [BRIEFING.COM] The major indices continue to trade in negative territory with each registering modest losses.

There has been a reversal today in crude oil futures, which were up in the early going but are now down for the session without a notable news catalyst influencing the reversal. At current levels ($48.30, -0.15), crude futures are down more than 20% from their June peak, which mans they are technically in a bear market.

The downtick in oil prices (and not just today's move) has been a drag on the energy sector (-1.1%), which is helping to keep a lid on the broader market.

With a 12.2% year-to-date loss, energy remains the market's worst-performing sector in 2015.

11:00 am: [BRIEFING.COM] Well, the Amazon (AMZN 556.12, +74.26) effect hasn't been as far reaching as one might have hoped at yesterday's close. The major indices have all slumped into negative territory following the much weaker than expected New Home Sales report for June.

The latter clipped the homebuilding stocks, which in turn acted as a drag on the consumer discretionary sector (+1.0%). Currently, the SPDR S&P Homebuilders ETF (XHB 36.77, -0.30) is down 0.8%.

The added effect of the New Home Sales report, though, was that it contributed to economic slowdown concerns that got stoked overnight with the disappointing PMI report out of China.

Fittingly, many of the market's cyclical sectors -- energy (-1.3%), materials (-1.3%), industrials (-0.7%), and financials (-0.5%) -- are underperforming in today's market.

10:35 am: [BRIEFING.COM]

The dollar traded modestly positive overnight, as macro-weakness in international economies, coupled with the morning's US New Home sale data pressed the index higher.
However, upon the release of weaker-than-expected data, the dollar index fell, giving temporary support to a broadly weak commodity set. The index is now +0.3% to 97.38
Oil prices remain under pressure in most recent trade, giving up gains made overnight, to trade near the flatline.
With WTI oil down over 20% since the June high, oil is officially in a bear market
The September contract is now -0.3% to $48.33/barrel
August natural gas extended yesterday's sell-off overnight, following relatively in-line EIA weekly inventory report data.
An in-line inventory report however, during the country's hottest portion of the summer, has given the market a bearish hue so far this morning.
The commodity is trending toward the day's lows at -1% to $2.79
Copper has been pressed lower as Chinese Manufacturing data (out overnight) showed a contraction of activity, for the fifth straight month.
This month's data showed the largest contraction in fifteen months, and copper has now fallen 0.7% to $2.37/lb
Precious metals are continuing their recent weak trend, holding levels just above the day's lows. Gold is -1.1% to $1081.90/oz , while silver is -2.2% to $14.38/oz

10:05 am: [BRIEFING.COM] The mixed action continues with the Nasdaq staying out in front of the pack of major indices. Whether Amazon's (AMZN 561.08, +78.90, +16.4%) strength creates tributaries of strength elsewhere that flow into the broader market remains to be seen.

There is some downstream action so to speak, yet weakness in the biotech group is damming things up at the moment. To that end, the iShares Nasdaq Biotechnology ETF (IBB 387.60, -6.15,) is down 1.6% at the moment on the heels of Biogen's (BIIB 320.00, -65.05, -16.7%) disappointing guidance. The biotech ETF, however, is off its opening lows.

Many groups in fact have gotten a little bump in the past 15 minutes or so. That point notwithstanding, declining issues are still leading advancing issues at the NYSE by nearly a 2-to-1 margin. The market is going to need to see a broadening of advancers if it wants to make a stronger move into positive territory.

Separately, new home sales in June hit an annualized rate of 482,000, which was down from the revised May rate of 517,000 (from 546,000), and worse than the rate of 550,000 that had been broadly expected by the Briefing.com consensus.

9:45 am: [BRIEFING.COM] It has been a mixed start for the equity market. The Nasdaq is outlegging the other three indices thanks to Amazon.com (AMZN 566.40, +84.22, +17.5%), but even the Nasdaq has a bit of a limp thanks also to Biogen Idec (BIIB 320.68, -64.36, -16.9%), which is getting clobbered after issuing an FY15 earnings warning that has weighed heavily on the health care sector (-1.2%).

Amazon's strength is giving a healthy boost to the S&P 500 consumer discretionary sector (+1.4%), which is the market's best-performing area in the early going. That strength is being relfected in the Consumer Select Sector SPDR ETF (XLY 79.95, +1.10).

Another notable laggard is the financial sector (-0.4%). It is underperforming as festering economic slowdown concerns are sucking out some of the rate-hike enthusiasm that has been underpinning the bank stocks of late.

9:12 am: [BRIEFING.COM] S&P futures vs fair value: +1.30. Nasdaq futures vs fair value: +28.30. The S&P futures have faded into negative territory, coughing up all of their overnight gains. They are currently down two points, which leaves them a smidgen above fair value. The latter suggests the broader market might still start the session on a slightly higher note, yet it won't do so with a lot of bullish swagger.

Economic slowdown concerns are coming into play. That is bringing earnings concerns into play which, in turn, is fostering some reservations about the stock market's valuation.

The Treasury market is becoming a beneficiary of those concerns, evidenced by modest gains across the yield curve. The 10-yr note yield is down one basis point to 2.26%.

8:33 am: [BRIEFING.COM] S&P futures vs fair value: +4.50. Nasdaq futures vs fair value: +35.30. The cash market is still on track for a positive start, yet the bullish bias seen overnight has been fading. Currently, the S&P futures are up a point, which still leaves them 0.2% above fair value. The Nasdaq 100 futures, though, are roughly 0.8% above fair value thanks to the amazing strength in Amazon.com (AMZN), which is trading 22% higher in pre-market action.

Amazon's strength is helping to offset the weakness in Biogen Idec (BIIIB), which is down nearly 12% in pre-market trading after the company lowered its FY15 EPS and revenue guidance below current consensus estimates. The weakness in BIIB, and the drag it is expected to have on other biotech stocks, is a factor that is holding back the S&P futures.

Another factor keeping the broader market in check is a round of weaker than expected PMI readings for Germany, France, and China. The reading out of China is the one in particular that has caught the market's eye. It slipped to 48.2 in July from 49.4 in June. That marked the fifth straight month in contraction territory (i.e., below 50.0) and is the lowest level in 15 months.

7:59 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +34.00. The S&P futures are trading about 0.3% above fair value, which is signaling a positive start for the cash market. Better than expected earnings results from the likes of Amazon.com (AMZN) and Visa (V), and big increases in the prices for each of those stocks after the reports have provided underlying support.

Today's economic data will be limited to the New Home Sales report for June (Briefing.com consensus 550K).

The 10-yr Treasury note is little changed and is currently yielding 2.27%.

In U.S. corporate news of note:

Amazon.com (AMZN 544.79, +92.61): Suring 19% in pre-market action after posting positive Q2 earnings surprise and issuing reassuring Q3 guidance
Starbucks (SBUX 59.09, +2.53): trading 4.5% higher in pre-market action following its better than expected Q2 results and reassuring Q4 and FY15 guidance
American Airlines (AAL 43.59, +0.98): Up 2.3% in pre-market after topping Q2 earnings expectations
Biogen Idec (BIIB 348.48, -36.57): Down 9.5% after beating Q2 EPS expectations but lowering its FY15 EPS and revenue guidance below consensus estimates
AT&T (T 34.60, +0.67): Trading 2.0% higher in pre-market after topping Q2 EPS expectation
Juniper Networks (JNPR 29.70, +3.21): Spiking 12% after comfortably exceeding Q2 consensus EPS estimate and raising its Q3 EPS and revenue guidance above consensus views
Visa (V 76.14, +4.39): Up 6.1% in pre-market after better than expected Q2 EPS and revenue results and noting it is in merger discussions with Visa Europe
For the full rundown of earnings results, be sure to visit Briefing.com's Earnings Results page

Reviewing overnight developments:

Asian markets ended lower. Japan's Nikkei -0.7%; Hong Kong's Hang Seng -1.1%; and China's Shanghai Composite -1.3%
In economic data:
China's July Caixin Manufacturing PMI 48.2 (expected 49.7; prior 49.4)
Japan's July Manufacturing PMI 51.4 (expected 50.5; previous 50.1)
Spain's PPI -1.4% year-over-year (expected -1.6%; prior -1.4%)
Singapore's June Industrial Production -3.3% month-over-month (expected 2.1%; prior 2.5%); -4.4% year-over-year (consensus -0.4%; prior -1.7%)
South Korea's July Consumer Confidence 100 (expected 98; previous 99)
New Zealand's June Trade Balance was -NZD60 million month-over-month (expected NZD100 mln; prior NZD350 mln)
In news:
The Caixin Flash PMI report for China (formerly HSBC Flash PMI report) hit a 15-month low with the 48.2 reading signaling contraction for China's manufacturing sector. This was the fifth straight month that the PMI reading held below 50, which is the dividing line between expansion and contraction.
In its annual assessment of Japan's economy, the IMF said Japan needs to accelerate its structural reforms and prepare for further monetary easing.
Major European indices are showing modest gains. Germany's DAX Index +0.03%; France's CAC 40 +0.4%; and the UK's FTSE 100 +0.1%.
Participants received several data points:
Eurozone July Manufacturing PMI 52.2 (consensus 52.5; prior 52.5) while July Services PMI 53.8 (expected 54.2; last 54.4)
Germany's July Manufacturing PMI 51.5 (consensus 51.9; last 51.9) while July Services PMI 53.7 (consensus 53.9; prior 53.8)
France's July Manufacturing PMI 49.6 (consensus 50.7; last 50.7) while July Services PMI 52.0 (consensus 53.8; prior 54.1)
Italy's June Wage Inflation +0.1% month-over-month; +1.1% year-over-year (prior 1.1%)
UK's BBA Mortgage Approvals 44,500 (expected 43,500; prior 42,900)
Among news of note:
The European Commission gave Nokia the okay to proceed with its acquisition of Alcatel-Lucent

5:50 am: [BRIEFING.COM] S&P futures vs fair value: +7.70. Nasdaq futures vs fair value: +40.90.

5:50 am: [BRIEFING.COM] Nikkei...20544.53...-139.40...-0.70%. Hang Seng...25128.51...-270.30...-1.10%.

5:50 am: [BRIEFING.COM] FTSE...6665.32...+10.30...+0.20%. DAX...11503.68...-8.40...-0.10%.

http://finance.yahoo.com/news/stocks-lo ... 16908.html

Stocks plunge more than 2% for week on earnings, global growth concerns

U.S. stocks closed about 1 percent lower on Friday, despite surprisingly strong Amazon earnings, as signs of slower global growth weighed on sentiment.

The major averages closed down more than 2 percent for the week, with the S&P 500 and Nasdaq posting their worst since March. The Dow Jones industrial average had its worst week since January, off nearly 2.9 percent for the week.

"I think the market's very much concerned about the commodity (decline)," said John Lonski, chief economist at Moody's. "The contraction in China manufacturing activity is gaining momentum and the credit market has yet to signal that rates are not about to go higher."

He also noted a surprising decline in new home sales and continued lack of revenue growth in earnings. Nearly all the commodities are in a bear market and gold and crude settled at lows Friday.

"You've got some major growth concerns and that is what's weighing on investors minds," said Peter Boockvar, chief market strategist at The Lindsey Group. He noted that earnings and data have mostly indicated softer growth, outside of encouraging reports from Google, Netflix and Amazon.

The major averages extended losses after breaking through support levels of about 2,088 on the S&P 500 and 17,600 on the Dow, according to Art Cashin, director of floor operations at UBS.

The S&P 500 ended below its 50-day moving average.

The Dow closed about 160 points lower to below its 200-day moving average as Goldman Sachs (GS) declined and Chevron (CVX) and Exxon Mobil (CVX) hit multi-year lows with the continued decline in oil. DuPont (DD) closed 2.6 percent lower as materials had their worst week since December.

Read More The Dow just broke a pretty dubious record

The blue-chip index is down about 1.4 percent for the year.

"You're seeing a reallocation in assets, moving away form some of the losers," said JJ Kinahan, chief strategist at TD Ameritrade. "I think people are taking off risk for the weekend."

The Nasdaq Composite closed 1.12 percent lower. A disappointing Biogen (BIIB) earnings report pressured the iShares Nasdaq biotechnology ETF (IBB) (IBB) down 4 percent to weigh on the index, while Apple (AAPL) edged lower to close nearly 4 percent lower for the week, while Google (GOOGL) dropped nearly 3 percent for a 6.4 percent weekly decline.

"I think the overarching driver for change may be the macro, not the micro," said Art Hogan, chief market strategist at Wunderlich Securities.

"It's been a week characterized by lackluster earnings with a few bright spots here and there," he said. "Away from that you've got this overarching concern that the global economy is slowing down."

In China, the Caixin Markit flash general manufacturing PMI for July came in at 48.2, a 15-month low. The July euro zone flash PMI was 52.2, a two-month low.

Read More Do your investments operate in China? Check this out

The weak data and continued commodity selloff sent Asian and European stocks lower.

Copper and the Thomson Reuters CoreCommodity CRB index fell to 6-year lows.

Gold hit a fresh five-year low before reversing in the late afternoon to trade higher near $1,097 an ounce. Gold futures ended down $8.60 at $1,085.50 an ounce, posting five consecutive weeks of losses for the first time since October.

The gold miners index (GDX) (NYSE Arca: GDX) briefly fell more than 2.5 percent to an all-time low, posting its worst week since the beginning of March.

Crude gave back initial gains to trade about half a percent lower. Crude oil futures for September delivery settled at the lowest level since March 31, down 31 cents, or 0.64 percent, at $48.14 a barrel on the New York Mercantile Exchange.

"Obviously a little nervousness coming out of Asia last night. This last week the focus is all earnings," said Peter Coleman, head trader at Convergex. "In the tech sector it's been mixed. Earnings in general have been a bit better than expected. You had some big Dow names (miss)."

Adding to the decline in the major averages, Southwest Airlines (LUV) plunged 4 percent on the day to lead declines in the Dow transports, which ended 0.67 percent lower. The index failed to recover from correction territory, down about 2.7 percent for the week.

Read More Five US airlines face price-gouging allegations

"You've got a situation here where the market is forecasting weaker economic growth, not stronger," said Adam Sarhan, CEO of Sarhan Capital. "That directly contradicts the Fed's narrative."

The Federal Open Market Committee holds its July meeting next week but no press conference is scheduled.

The U.S. flash manufacturing PMI for July edged up to 53.8, from a 20-month low hit in June.

New home sales showed a decline of 6.8 percent to a seven-month low in June. On Wednesday, existing home sales hit a near 8-1/2-year high.

"The new home sales number are often a very volatile figure and we've seen a strong uptrend over the last couple of months," said Brad Friedlander, co-founder of Angel Oak Capital Advisors, which as $5 billion in assets under management. He pointed out that the figure is still up about 20 percent from the same month last year.

However, the PHLX Housing Sector Index (Philadelphia Stock Exchange: .HGX) fell 0.93 percent.

The dollar trimmed gains, with the euro at $1.098 and the yen at 123.7 yen against the greenback.

Treasury yields held lower, with the 10-year yield at 2.26 percent and the 2-year at 0.67 percent. The yield curve steepened slightly after the Fed issued a statement Friday on the inadvertent release on June 29 of staff economic forecasts that were more dovish than some expected.

Among the firms posting results before the open, Biogen Idec (BIIB) beat on earnings but missed on revenue, as well as lowered full-year guidance.

American Airlines (AAL) fell about 7 percent despite posting earnings that topped expectations on revenue a touch below forecasts. The airline also announced the authorization of an addition $2 billion in share buybacks.

VF Corp. (VFC) closed mildly lower, down 0.2 percent. The maker of North Face, Wrangler, and other apparel brands, posted earnings that beat on both the top and bottom lines. The firm also raised its full-year outlook.

Read More Early movers: CI, AMZN, SAVE, BIIB, MCO, T & more

Shares of Regeneron (REGN) closed down about 2.6 percent on news the Federal Drug Administration approved the firm's new cholesterol drug but limited its use. The stock was halted for much of the day and reopened more than 3 percent lower in late afternoon trade.

In corporate deals, Anthem (ANTM) said on Friday it would buy Cigna (CI) in a deal valued at $54.2 billion, creating the largest U.S. health insurer by membership. Both stocks fell on Friday, with Anthem off 2.8 percent and Cigna down 5.6 percent.

Amazon (AMZN) closed 9.8 percent higher after soaring more than 17 percent in the open to a record after reporting unexpected quarterly profit after the close Thursday. The e-commerce firm's market cap now surpasses that of Wal-Mart (WMT).

Starbucks (SBUX) and Visa (NYSE:V) also traded at all-time highs after beating on both the top and bottom line. The coffee giant posted a 1.29 percent gain for the day, while Visa jumped 4.25 percent.

However, Capital One Financial (COF) plunged 13 percent after its quarterly earnings missed expectations, with profit of $1.78 a share on $5.67 billion in revenue, flat year-over-year.

Mostly lackluster earnings on Thursday pushed U.S. stocks lower. The only positive trading session this week was Monday, when the major averages closed just a touch higher.

"One of the things I'm looking for in (the) early part of next week is for the market to recover from the downtrend," said Michael Wall, president of Wall Financial Group. If stocks bounce, he said they could break out of the recent sideways trend.

The Dow Jones Industrial Average (Dow Jones Global Indexes: .DJI) closed down 163.39 points, or 0.92 percent, at 17,568.63, with DuPont (DD) leading 28 blue chips lower and Visa (NYSE:V), Cisco (CSCO) and Walt Disney (DIS) the only advancers. Visa was the best performer for the week, up 5.5 percent, while United Technologies (UTX) was the worst, down 10.3 percent.

The S&P 500 (^GSPC) closed down 22.50 points, or 1.07 percent, at 2,079.65, with health care leading nine sectors lower and utilities the only advancer, by only 0.03 percent. All the sectors ended lower for the week, with materials plunging nearly 5.5 percent as the worst performer for the 5-day period.

The Nasdaq (^IXIC) closed down 57.78 points, or 1.12 percent, at 5,088.63.

The CBOE Volatility Index (VIX) (^VIX), widely considered the best gauge of fear in the market, traded near 14 after briefly climbed above 14.5 for a 15 percent spike.

About three stocks declined for every advancer on the New York Stock Exchange, with an exchange volume of 892 million and a composite volume of about 3.8 billion in the close.

High-frequency trading accounted for 49 percent of July-to-date's daily trading volume of about 6.6 billion shares, according to TABB Group. During the peak levels of high-frequency trading in 2009, about 61 percent of 9.8 billion of average daily shares traded were executed by high-frequency traders.

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
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