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 Post subject: July 28th Tuesday Trade Results - Profit $4565.00
PostPosted: Tue Jul 28, 2015 9:57 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 @ $1,690.00 dollars or +16.90 points, Emini ES ($ES_F) futures @ $2875.00 dollars or +57.50 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $4565.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab free chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=145&t=2132

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


4:15 pm: [BRIEFING.COM] The stock market snapped its five-day losing streak with a daylong Tuesday rally that sent the S&P 500 higher by 1.2%. The benchmark index tested its 100-day moving average (2,095) during afternoon action while the Nasdaq Composite (+1.0%) underperformed throughout the day.

Equity indices rebounded from losses registered over the past week, starting the day on an upbeat note after the overnight session saw more volatility in Asia. Specifically, China's Shanghai Composite was down as much as 5.1% at the start of the trading day, but narrowed its loss to 1.7% by the close. The turnaround off session lows coincided with a spike in S&P 500 futures in the wee hours of the morning.

All ten sectors posted gains with some of the recent underperformers leading the market higher. To that point, the energy sector surged 2.9% after sliding 4.3% over the past five days. The growth-sensitive sector was lifted by the shares of BP (BP 37.29, +1.24) after the industry giant reported a bottom-line miss on better than expected revenue. Another large sector member, LyondellBasell (LYB 92.46, +2.61) spiked 2.9% in reaction to a bottom-line beat. On a related note, crude oil rose 1.3% to $47.98/bbl, providing added support.

Similar to energy, the other commodity-related sector-materials (+2.1%)-finished well ahead of most other groups. Steelmakers underpinned the space after AK Steel (AKS 2.90, +0.38) soared 15.1% in reaction to a bottom-line beat, overshadowing losses in Dow component DuPont (DD 55.90, -0.83) after the company reported disappointing results.

Elsewhere among Dow members, Pfizer (PFE 35.35, +1.01) and Merck (MRK 57.52, +0.53) reported better than expected earnings, helping the health care sector (+1.8%) finish among the leaders. Furthermore, biotechnology also contributed to the strength in the sector, evidenced by a 2.5% gain in iShares Nasdaq Biotechnology ETF (IBB 382.84, +9.26).

The relative strength in biotechnology was not enough to pull the Nasdaq in-line with the broader market as several large cap technology sector (+0.9%) components underperformed. The likes of Cisco Systems (CSCO 28.21, 0.00), Google (GOOGL 659.66, +1.39), and Hewlett-Packard (HPQ 30.27, +0.02) ended little changed while Baidu.com (BIDU 168.03, -29.65) plunged 15.0% after the company reported disappointing results and issued cautious guidance.

To be sure, the slight underperformance in technology was not an issue for the broader market, which benefitted from relative strength in other areas like industrials (+1.9%). The cyclical sector rallied behind transport stocks after UPS (UPS 99.94, +4.82) and JetBlue Airways (JBLU 22.82, +0.47) reported earnings. UPS beat bottom-line estimates on light revenue while JetBlue delivered in-line results. The two stocks posted respective gains of 5.1% and 2.1% while the Dow Jones Transportation Average spiked 2.8%.

Treasuries retreated overnight and held modest losses throughout the day with the 10-yr yield climbing rising two basis points to 2.25%.

Today's participation was ahead of recent averages as more than 900 million shares changed hands at the NYSE floor.

Economic data was limited to Case-Shiller 20-City Index and Consumer Confidence:
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InPlay from Briefing.com Briefing.com
U.S. stocks open slightly higher; Nasdaq hits record MarketWatch
US STOCKS-Nasdaq rebounds but weak results weigh on Dow, S&P Reuters
U.S. Stocks Rise as Greek Uncertainty Ebbs; Nasdaq Closes at Record High The Wall Street Journal
Nasdaq 1 Point From New High; Garmin's Loss Is Fitbit's Gain Investor's Business Daily

The Conference Board's Consumer Confidence Index fell to 90.9 in July from a downwardly revised 99.8 (from 101.4) in June while the Briefing.com consensus pegged the Index at 100.0
The reading was the lowest since September 2014 and well below the most pessimistic forecast (97.5) in the Briefing.com consensus
The Present Conditions Index fell to 107.4 in July from 110.3 in June while the Expectations Index dropped to 79.9 from 92.8
That was the lowest expectations reading since falling to 76.5 in February 2014
The Case-Shiller 20-city Home Price Index for May rose 4.9% against a 5.6% increase expected by the Briefing.com consensus
This followed the previous month's revised increase of 5.0% (from 4.9%)

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while Pending Home Sales for June will be reported at 10:00 ET (Briefing.com consensus 1.0%). Also of note, the Federal Reserve will release its latest policy directive at 14:00 ET.

Nasdaq Composite +6.9% YTD
Russell 2000 +1.6% YTD
S&P 500 +1.6% YTD
Dow Jones Industrial Average -1.1% YTD

3:40 pm: [BRIEFING.COM]

The dollar index traded higher all day, which helped give select commodities a boost, such as copper and oil
Precious metals, however, were mixed today and showed more modest moves
Aug gold ended today's session flat at $1096.20/oz, while Sept silver rose 0.2% to $14.64/oz
Copper rose nicely today. The front-month Sept contract gained +2.1% to $2.41/lb during the session
Sept crude oil rose +1.1% today to end at $47.96/barrel, while in other energy, Aug natural gas also rose +1.1%, closing at $2.82/MMBtu

3:00 pm: [BRIEFING.COM] Equity indices hover near their recently-established highs with the S&P 500 (+1.2%) trading not far below its 100-day moving average (2,095) after testing that level during the past hour. The benchmark index entered today's session with a 2.9% loss over the past five days, but today's advance has cut the recent decline to 1.6%.

All ten sectors enter the final hour with gains, led by energy (+3.0%) as the growth-sensitive group rebounds from recent weakness. Despite today's spike, the sector remains lower by 6.5% for the month with just three sessions to go in July.

Elsewhere, Treasuries are about to settle in the red, near the middle of their trading ranges, with the 10-yr yield higher by two basis points at 2.25%.

2:25 pm: [BRIEFING.COM] In our midday update we mentioned that the S&P 500 (+1.3%) was eyeing its 100-day moving average (2,095) after finding support on the 200-day moving average (2,065) yesterday. Well, the benchmark index has recently zoomed above the 100-day average as buyers remain in control. With 90 minutes to go, investors will keep an eye on how the benchmark index behaves with respect to the 100-day moving average.

Sector standing has not changed much with energy (+3.3%), industrials (+2.1%), and materials (+2.1%) holding the lead while other sectors follow not far behind.

Elsewhere, crude oil hovers near its session high going into the pit close, trading up 1.8% at $48.25/bbl.

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

Confidence levels took a steep nosedive in July.

The Conference Board's Consumer Confidence Index fell to 90.9 in July from a downwardly revised 99.8 (from 101.4) in June. The Briefing.com Consensus pegged the Consumer Confidence Index at 100.0.

That was the lowest reading in the Consumer Confidence Index since September 2014 and was well below the most pessimistic forecast (97.5) in the Briefing.com Consensus.

The Present Conditions Index fell to 107.4 in July from 110.3 in June. The Expectations Index dropped to 79.9 from 92.8. That was the lowest expectations reading since falling to 76.5 in February 2014.

The decline in confidence was likely the result of highly publicized economic concerns following the latest Greek and European debt crisis. In a somewhat confusing note, consumers complained that labor market conditions worsened in July despite record low initial claims readings and another move down in the unemployment rate.

1:35 pm: [BRIEFING.COM] The major U.S. indices continue to power higher, having set new session highs since our last update

A look inside the Dow Jones Industrial Average show Exxon Mobil (XOM 82.29, +3.03), Caterpillar (CAT 77.92, +2.60), and Chevron (CVX 92.05, +2.91) are outperforming. Exxon and Chevron are higher amid a recovery in the energy sector, the best performing sector on the day, as crude stabilizes, gaining 1.5%. Caterpillar is showing gains alongside peers in the industrials sector after announcing an accelerated $1.5 bln repurchase program

Conversely, DuPont (DD 56.16, -0.57) is the worst-performing Dow component after reporting Q2 results which missed on both the top and bottom line. The company also reduced its outlook for Agriculture segment. Shares were down meaningfully shortly after earnings, dropping nearly 7%, but rebounded heavily after a NYPost article said Nelson Peltz may resume a proxy fight with the company following today's weak quarterly report.

For the week, the DJIA is now up 0.3%, and flat for July.

In other developments, the $26 bln 2-year note auction at the top of the hour drew a high yield of 0.69% on a bid-to-cover of 3.42.

1:00 pm: [BRIEFING.COM] The major averages sport solid midday gains with the S&P 500 (+1.0%) trading ahead of the Dow Jones Industrial Average (+0.8%), and Nasdaq Composite (+0.7%). However, before getting too carried away, it is worth noting that the past five sessions saw the S&P 500 slide 2.9%.

The benchmark index tested its 200-day moving average (2,065) yesterday and is now looking to make a run at the 100-day moving average (2,095) up ahead. The S&P 500 began the day on an upbeat note even though the overnight session featured more selling in China. To that point, the Shanghai Composite was down as much as 5.1% at the start, but narrowed that loss to 1.7% by the close. Although the index rebounded off its session low there was little conviction in the partial recovery, according to reports.

Equity indices endured an early slip from their opening levels, but that was followed by a rally to new highs. All ten sectors trade in the green at this juncture with energy (+2.9%), industrials (+1.7%), and materials (+1.7%) well ahead of the broader market.

The energy sector has been boosted by BP (BP 37.07, +1.02) and LyondellBasell (LYB 91.96, +2.11) after both heavyweights reported earnings. BP missed bottom-line estimates, but topped revenue expectations. For its part, LYB reported a bottom-line beat. On a related note, crude oil is higher by 1.5% at $48.06/bbl after starting the session near its flat line.

Elsewhere, transport stocks have driven the industrial sector higher with the Dow Jones Transportation Average up 2.5%. Most notably, UPS (UPS 99.93, +4.81) has spiked 5.1% after beating bottom-line estimates on light revenue. Also of note, JetBlue (JBLU 22.68, +0.32) trades up 1.5% in reaction to in-line results.

Looking at other influential sectors, technology (+0.6%), financials (+0.4%), and consumer discretionary (+0.7%) underperform while health care (+1.1%) trades ahead of the broader market.

In the health care sector, Dow component Pfizer (PFE 35.10, +0.76) has climbed 2.2% after beating earnings estimates, but some of its strength has been offset by Merck (MRK 56.96, -0.03), which is off 0.1% despite beating expectations. That being said, biotechnology has filled the void with iShares Nasdaq Biotechnology ETF (IBB 380.62, +7.04) trading higher by 1.9%.

Treasuries retreated overnight and they remain in the red with the 10-yr yield up two basis points at 2.25%.

Economic data was limited to Case-Shiller 20-City Index and Consumer Confidence:

The Conference Board's Consumer Confidence Index fell to 90.9 in July from a downwardly revised 99.8 (from 101.4) in June while the Briefing.com consensus pegged the Index at 100.0
The reading was the lowest since September 2014 and well below the most pessimistic forecast (97.5) in the Briefing.com consensus
The Present Conditions Index fell to 107.4 in July from 110.3 in June while the Expectations Index dropped to 79.9 from 92.8
That was the lowest expectations reading since falling to 76.5 in February 2014
The Case-Shiller 20-city Home Price Index for May rose 4.9% against a 5.6% increase expected by the Briefing.com consensus o This followed the previous month's revised increase of 5.0% (from 4.9%)

12:30 pm: [BRIEFING.COM] The major averages have continued their trek higher with the S&P 500 now up 1.0% and all ten sectors trading in the green.

Three sectors show gains of more than 1.0% apiece with energy (+2.8%) trading well ahead of the pack. The growth-sensitive sector has been boosted by BP (BP 37.07, +1.02) and LyondellBasell (LYB 91.96, +2.11) after both heavyweights reported earnings. BP missed bottom-line estimates, but topped revenue expectations while LYB reported a bottom-line beat. On a related note, crude oil is higher by 1.6% at $48.14/bbl after starting the session near its flat line.
Related Quotes

12:00 pm: [BRIEFING.COM] Another round of new highs for the Dow (+0.6%) and S&P 500 (+0.7%) while the Nasdaq (+0.5%) has returned to its opening mark.

In our previous update we pointed out the relative strength among chipmakers. Since then, the PHLX Semiconductor Index has extended its gain to 1.6%. Meanwhile, biotechnology has also climbed to new highs, thus giving a boost to the Nasdaq. The iShares Nasdaq Biotechnology ETF (IBB 378.66, +5.08) trades up 1.4% as it tries to snap a three-day skid that saw the ETF find support above its 50-day moving average (372.78) during yesterday's session.

Looking at the broader market, industrials (+1.5%) and energy (+2.4%) remain well ahead of other sectors while financials (+0.2%) trail.

11:25 am: [BRIEFING.COM] Recent action saw the Dow Jones Industrial Average (+0.5%) and S&P 500 (+0.6%) set new highs for the day while the Nasdaq (+0.3%) has slowly pulled itself away from the unchanged level.

In all likelihood the tech-heavy Nasdaq will continue trailing the broader market for the remainder of the day considering Baidu.com (BIDU 165.00, -32.67) remains lower by 16.6% after delivering uninspiring quarterly results and guidance. The company's report was followed by downgrades at Brean Capital, Deutsche Bank, and Pacific Crest.

To be fair, chipmakers have strengthened in recent action with the PHLX Semiconductor Index now up 1.0%. As a result, the technology sector (+0.2%) hovers just below its opening high.

11:00 am: [BRIEFING.COM] The major averages remain scattered 90 minutes into the session. The S&P 500 (+0.5%) trades a bit below its opening high while the Dow Jones Industrial Average (+0.5%) has already notched a fresh session high. For its part, the Nasdaq Composite remains near its flat line, and that also holds true for the technology sector.

Large cap tech names are responsible for the underperformance while high-beta chipmakers have held up relatively well, evidenced by a 0.4% gain in the PHLX Semiconductor Index.

Elsewhere among influential sectors, consumer discretionary (+0.2%) and financials (+0.1%) also trail the broader market while industrials (+1.0%) and health care (+0.6%) outperform. Pfizer (PFE 34.85, +0.51) and Merck (MRK 57.26, +0.27) have underpinned the health care sector after both Dow components reported better than expected results.

10:35 am: [BRIEFING.COM]

The dollar traded higher overnight, extending gains into early trade ahead of tomorrow's FOMC rate decision, and ahead of this morning's Michigan Consumer Sentiment data release at 10 am ET.
Upon release of the bearish data (a 90.5 reading vs. a 100 Briefing consensus), the dollar sharply sold-off, with muted impact on energy and metals.
The index is now +0.3% to 96.74
Precious metals saw selling pressure early, but have stablized at modest mixed levels for the morning, with gold -0.2% to $1094.20/oz and silver at +0.2% to $14.63/oz
Crude oil trended modestly lower overnight, before bouncing back toward the flat line ahead of the open of pit trading.
Continued bearish market momentum however, has so far netted even against expectations for this evening's API inventory report to show a modest draw, as oil is flat to $47.41/barrel
Notably - BP was the first of the big oil company to report. BP is one of the six global oil and gas 'supermajors' and reported quarterly results this morning. The largest integrated oil and gas companies are known as the 'supermajors.' They are also sometimes referred to as 'big oil.'
In regards to the price of oil, the company said it expects oil prices to stay soft over the short to medium-term. Just for its second quarter, the company reported $60.65 billion in revenue.
Copper is trading strongly higher so far this session, near its HoD at +1.8% to $2.40/lb. Upward momentum is being driven by renewed confidence toward Chinese demand, as the government issued statements overnight that indicated it would take necessary action to support economic growth and halt equity declines
Natural Gas is now +1.6% to $2.83/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 remains higher by 0.3% while the Nasdaq has made an appearance below its flat line. Large cap Nasdaq components have struggled to stay in the green with Google (GOOGL 655.34, -2.93) down 0.5% while Baidu.com (BIDU 170.80, -26.88) has also taken a bite out of the tech-heavy index after the company reported disappointing results and issued cautious guidance. Shares of BIDU have fallen 13.7%.

Just released, the consumer confidence reading for July came in at 90.9, while economists polled by Briefing.com expected the survey to hit 100.0. This followed the prior month's revised reading of 99.8 (from 101.4).

9:45 am: [BRIEFING.COM] The major averages began the day with gains, but they have retreated off their early highs. The S&P 500 remains higher by 0.3% with eight sectors in the green.

The industrial sector (+0.8%) leads thanks to a big boost from a 5.0% surge in the shares of UPS (UPS 99.87, +4.75) after the logistics company reported a bottom-line beat that showed improving operating profits and margins across all three of its segments. UPS has underpinned the Dow Jones Transportation Average, which trades higher by 1.0%.

Elsewhere, the energy sector (+0.5%) also sits firmly in the green with BP (BP 36.80, +0.75) providing an earnings-driven boost while the remaining five advancers sport slimmer gains.

Treasuries remain a bit above their overnight lows with the 10-yr yield up three basis points at 2.26%.

The Consumer Confidence report for July will be released at 10:00 ET (Briefing.com consensus 100.0).

9:18 am: [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +21.20. The stock market is on track for a higher open with S&P 500 futures trading ten points above fair value.

One could infer from the current standing that the overnight session featured a rebound in China, but that was not exactly the case. The Shanghai Composite rebounded, but not before plunging more than 5.0% at the open. The index fought back to narrow its loss to 1.7% by the close while the People's Bank of China provided CNY50 billion in liquidity via short-term reverse repurchase operations.

Although the rebound in China wasn't exactly confidence-inspiring, it was still better than the alternative in the market's eyes. As such, equity indices across Europe trade in the green.

The rebound in equity futures has been accompanied by selling in the Treasury market with the 10-yr higher by three basis points at 2.26%.

On the earnings front, UPS (UPS 98.05, +2.93) is on track to open higher by 3.1% after beating bottom-line estimates on light revenue.

The Consumer Confidence report for July will be released at 10:00 ET (Briefing.com consensus 100.0).

9:01 am: [BRIEFING.COM] S&P futures vs fair value: +12.20. Nasdaq futures vs fair value: +27.30. The S&P 500 futures trade 12 points above fair value.

The Case-Shiller 20-city Home Price Index for May rose 4.9% against a 5.6% increase expected by the Briefing.com consensus. This followed the previous month's increase of 4.9%.

8:32 am: [BRIEFING.COM] S&P futures vs fair value: +13.50. Nasdaq futures vs fair value: +30.40. The S&P 500 futures trade 14 points above fair value.

Markets in the Asia-Pacific region finished mostly lower on Tuesday in a quiet day of economic reporting, yet a number of markets closed the day in recovery mode. The Shanghai Composite, for instance, was down 5.1% in early trading and ended the day down 1.7%. The recovery efforts helped set a positive tone for the European and U.S. markets following declines on Monday. Investor did not receive any economic data today.

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Japan's Nikkei declined 0.1% after being down 1.4% early in the trading session. The weakness was led by the materials (-1.7%) and financial (-0.9%) sectors, yet strength in the consumer staples (+1.0%) and technology (+0.5%) sectors helped provide offsetting support. Mitsubishi Heavy Industries (-4.5%), Nissan Motor (-4.1%), and Nitto Denko (-4.1%) topped the list of laggards. Tokyo Electric Power (+4.7%), Nitto Boseki (+4.5%), and Nippon Suisan Kaisha (+3.5%) led the gainers. Out of the 225 index members, 76 ended higher, 140 finished lower, and 9 were unchanged.
Hong Kong's Hang Seng increased 0.6% after falling 3.1% on Monday. China Resources Enterprise (+2.9%), CNOOC (+2.7%), and AIA Group (+2.7%) were the best-performing stocks while China Resources Land (-2.7%), Ping An Insurance (-2.4%), and China Overseas Land & Investment (-1.8%) were the worst-performing stocks. Out of the 50 index members, 32 ended higher, 16 finished lower, and 2 were unchanged.
China's Shanghai Composite declined 1.7% but had been down as much as 5.1% in early trading. Market participants remained skittish over Monday's rout, but used the news of the PBOC injecting cash into money markets and reports the government is ready to increase stock purchases as a springboard for paring the day's losses. The CSI 300 Index dropped 0.2%.

Major European indices trade higher across the board with Italy's MIB (+2.0%) pacing the advance. The relative strength should not be that surprising considering the International Monetary Fund said the European Central Bank may need to extend its quantitative easing program past September of next year and may have to boost the total amount if the Greek situation causes a spike in regional yields.

In economic data:
UK's Q2 GDP expanded 0.7% quarter-over-quarter, as expected (prior 0.4%); +2.6% year-over-year, as expected (prior 2.9%). Separately, Index of Services +0.4% (consensus 0.5%; last 0.5%)
Italy's July Consumer Confidence fell to 106.5 from 109.3 (expected 109.0) while Business Confidence slipped to 103.6 from 103.9, as expected

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UK's FTSE is higher by 0.7% with RSA Insurance surging 14.0% amid reports the company may be acquired by Zurich Insurance. Consumer names also display strength with Burberry, Next, InterContinental Hotels, and Marks & Spencer up between 1.6% and 2.4%.
In France, the CAC trades up 1.3% with all but four components in the green. Consumer names are also among the leaders in France with Carrefour, Kering, and LVMH up between 1.9% and 7.0%. On the downside, Michelin has surrendered 5.9% after reporting disappointing results.
Germany's DAX is higher by 1.5% with all but one name in the green. Exporters BMW, Continental, Daimler, and Volkswagen have gained between 1.4% and 2.3%. Financials also outperform with Deutsche Bank and Commerzbank up 2.0% and 1.6%, respectively.
Italy's MIB leads the region with a 2.0% gain amid broad strength. Fiat Chrysler has climbed 3.7% while Banco Popolare, UBI Banca, Intesa Sanpaolo, and Unicredit show gains between 2.3% and 3.0%.

7:55 am: [BRIEFING.COM] S&P futures vs fair value: +13.70. Nasdaq futures vs fair value: +29.10. U.S. equity futures hold solid pre-market gains with S&P 500 futures up 14 points against fair value after an overnight rally that took place as China's Shanghai Composite recovered off its opening low. That being said, the Shanghai Composite still lost 1.7% after being down as much as 5.1% in the early going.

Meanwhile, Treasuries have retreated with the 10-yr yield rising three basis points to 2.26%.

The Case-Shiller 20-city Index for May will be released at 8:30 ET (Briefing.com consensus 5.6%) while July Consumer Confidence will be reported at 10:00 ET (consensus 100.0).

In U.S. corporate news of note:

Baidu.com (BIDU 173.66, -24.02): -12.1% after missing bottom-line estimates and guiding Q3 revenue below consensus.
BP (BP 36.90, +0.85): +2.4% after missing bottom-line estimates on better than expected revenue.
DuPont (DD 55.80, -0.93): -1.6% after reporting below-consensus results and reducing its outlook for the agriculture segment.
DR Horton (DHI 27.10, +0.36): +1.4% after beating earnings and revenue estimates.
Ford Motor (F 14.88, +0.33): +2.3% after beating earnings estimates on light-revenue.
Pfizer (PFE 34.93, +0.59): +1.7% following better than expected results.

Reviewing overnight developments:

Asian markets ended mostly lower. China's Shanghai Composite -1.7%, Japan's Nikkei -0.1%, and Hong Kong's Hang Seng +0.6%
Investors did not receive any economic data
In news:
The People's Bank of China tried calming investors by pointing out that economic indicators are showing modest improvement. Furthermore, the central bank injected CNY50 billion through short-term reverse repurchase operations and reiterated intentions to maintain "prudent" monetary policy.

Major European indices trade higher across the board. UK's FTSE +0.7%, France's CAC +1.2%, and Germany's DAX +1.4%. Elsewhere, Italy's MIB +1.9% and Spain's IBEX +0.9%
In economic data:
UK's Q2 GDP expanded 0.7% quarter-over-quarter, as expected (prior 0.4%); +2.6% year-over-year, as expected (prior 2.9%). Separately, Index of Services +0.4% (consensus 0.5%; last 0.5%)
Italy's July Consumer Confidence fell to 106.5 from 109.3 (expected 109.0) while Business Confidence slipped to 103.6 from 103.9, as expected
Among news of note:
The International Monetary Fund said the European Central Bank may need to extend its quantitative easing program past September of next year and may have to boost the total amount if the Greek situation causes a spike in regional yields

5:49 am: [BRIEFING.COM] S&P futures vs fair value: +15.20. Nasdaq futures vs fair value: +34.30.

5:49 am: [BRIEFING.COM] Nikkei...20328.89...-21.20...-0.10%. Hang Seng...24503.94...+152.00...+0.60%.

5:49 am: [BRIEFING.COM] FTSE...6559.93...+54.90...+0.80%. DAX...11152.76...+96.40...+0.90%.

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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