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 Post subject: July 29th Wednesday Trade Results - Profit $3625.00
PostPosted: Wed Jul 29, 2015 6:53 pm 
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Joined: Sat Jan 10, 2009 2:06 pm
Posts: 4335
Location: Canada
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
wrbanalysis@gmail.com (24/7)
http://twitter.com/wrbtrader (24/7)

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click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $3625.00 dollars or +72.50 points, Light Crude Oil CL ($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 @ $3625.00 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=2133

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 stock market registered its second consecutive advance on Wednesday with the S&P 500 climbing 0.7% to extend its weekly gain to 1.4%. The benchmark index overtook its 100- (2,095) and 50-day moving averages (2,100) during morning action while the tech-heavy Nasdaq (+0.4%) struggled to keep pace with the broader market.

Equity indices began the day with slight gains after China's Shanghai Composite spiked 3.4% overnight, which improved risk tolerance among global investors. The Dow and S&P 500 rallied throughout the session while the Nasdaq hovered near its opening levels into the afternoon before setting new highs ahead of the close.

The tech-heavy index was pressured by biotechnology as iShares Nasdaq Biotechnology ETF (IBB 377.43, -5.41) lost 1.4% despite better than expected earnings from Gilead Sciences (GILD 115.71, +2.64). Shares of GILD spiked 2.3% while the broader health care sector (+0.2%) settled among the laggards. Similar to biotechnology, high-beta chipmakers lagged, but the PHLX Semiconductor Index was able to end the day higher by 0.1%. On the earnings front, Twitter (TWTR 31.24, -5.30) sank 14.5% after the company's bottom-line beat was overshadowed by cautious commentary regarding user growth outlook.

Although the technology sector (+0.7%) struggled in the early going, the top-weighted sector closed the gap during afternoon action, ending in-line with the broader market. Similarly, the materials sector (+0.7%) settled near the S&P 500 while the other four cyclical sectors displayed relative strength.

Most notably, the industrial sector spiked 1.2% with transport stocks fueling the move after C.H. Robinson (CHRW 69.85, +3.12) beat bottom-line estimates on light revenue. The stock surged 4.7% while the broader Dow Jones Transportation Average jumped 1.7% to extend this week's gain to 4.3%.

Elsewhere, the energy sector (+1.3%) settled ahead of industrials thanks to an intraday rally in crude oil that sent the energy component higher by 1.7% to $48.77/bbl. Also of note, Anadarko Petroleum (APC 76.28, +3.43) soared 4.7% after beating earnings expectations.

Today's advance in equities was accompanied by selling in the Treasury market that sent the 10-yr yield higher by three basis points to 2.28%. Treasuries spiked off their intraday lows after the latest policy statement from the FOMC called for more improvement in the labor market before raising rates. On a related note, the Dollar Index (97.16, +0.40) dipped immediately after the minutes crossed the wires, but rallied during the late afternoon at the expense of the euro (-0.8%), which slipped to 1.0980.

For the second day in a row, participation was ahead of average with more than 850 million shares changing hands at the NYSE floor.

Economic data released this morning was limited to the MBA Mortgage Index and Pending Home Sales:

The weekly MBA Mortgage Index rose 0.8% to follow last week's 0.1% uptick
Pending home sales for June fell 1.8% while the Briefing.com consensus expected an increase of 1.0%

Tomorrow, weekly Initial Claims (Briefing.com consensus 272,000) and the advance reading of Q2 GDP (consensus 2.5%) will be released at 8:30 ET.

Nasdaq Composite +7.9% YTD
S&P 500 +2.4% YTD
Russell 2000 +2.0% YTD
Dow Jones Industrial Average -0.4% YTD

3:40 pm: [BRIEFING.COM]

FOMC provided some additional volatility in the commodities space this afternoon
The initial reaction was a lower dollar index and modestly higher precious metals, oil and copper
However, that quickly reversed as the dollar index surged higher
Sept crude oil finished the day +1.7% at $48.77/barrel, while in other energy, Sept nat gas rose 1.4% to $2.86/MMBtu
Aug gold rose back above the $1100/oz area post-FOMC, but ended the day -0.3% at $1092.70/oz
Sept silver gained 0.5% to $14.71/oz, while Sept copper ended unchanged at $2.41/lb

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.8% with one hour remaining in the session. Yesterday, the benchmark index settled just below its 100-day moving average (2,095), but climbed above that mark during morning action today. The S&P 500 was not done there and has also overtaken its 50-day moving average (2,100).

All ten sectors enter the final hour with gains. The telecom services sector (+1.3%) continues trading ahead of other groups while consumer discretionary (+1.1%), industrials (+1.1%), and energy (+1.2%) trade ahead of other cyclical sectors.

Elsewhere, Treasuries sit near the middle of their trading ranges after climbing off their lows. The 10-yr yield remains higher by three basis points at 2.28% with the bond market set to close momentarily.

2:25 pm: [BRIEFING.COM] Equity indices remain near their best levels of the session.

Following the latest FOMC statement, attention now turns toward tomorrow's advance estimate for Q2 2015 GDP.

GDP declined 0.2% in Q1 2015 after increasing 2.2% in Q4 2014. The Briefing.com Consensus expects GDP increased 2.5% in Q2 2015.

The BEA will release its annual revisions to GDP going back to 2012 in the Q2 2015 GDP report. Not only is the BEA correcting for normal yearly discrepancies, but they are also implementing new seasonal adjustment controls.

Residual seasonality is being blamed for lower first quarter growth rates and higher second quarter growth rates over the past 30 years. The new seasonal adjustments should correct for some of these mismeasurements.

That means that the economic growth models used by the consensus will likely need to be recalibrated before third quarter GDP forecasts are released. The corollary is that growth forecasts for the second quarter are based off incorrect model assumptions, which could lead to a large forecasting error.

2:05 pm: [BRIEFING.COM] The Federal Reserve has just released its latest policy directive, which called for the FOMC to hold off on hiking rates until there is more notable improvement in the labor market. That was the highlight of the statement, which did not include additional clues about the expected rate path.

The FOMC statement was met with a spike in equities while the Dollar Index (96.64, -0.13) has turned negative after showing a slight gain earlier.

Elsewhere, Treasuries have jumped off their lows, but the 10-yr yield remains higher by three basis points at 2.28%.

1:30 pm: [BRIEFING.COM] The major U.S. indices flutter just below their intra-day highs as investors pause ahead of the Fed policy decision expected out at 2 PM ET.

A look inside the Dow Jones Industrial Average shows Microsoft (MSFT 46.72, +1.38), Visa (V 76.08, +1.34), and Verizon (VZ 46.74, +0.85) are outperforming. Microsoft this morning announced its flagship Windows 10 was officially available as a free upgrade across the globe while Visa is seeing strong gains after peer MasterCard (MA 96.51, +1.35) reported its Q2 results

Conversely, Caterpillar (CAT 77.02, -0.76) is the worst-performing Dow component, as the industrial giant sees some profit taking following yesterday's strong outperformance.

For the week, the DJIA is up 0.93%.

Elsewhere, the $35 bln 5-year note auction at the top of the hour was met with strong demand and drew a high yield of 1.625% on a bid-to-cover of 2.58.

12:55 pm: [BRIEFING.COM] The major averages hover near their highs at midday with the Dow (+0.6%) and S&P 500 (+0.5%) trading well ahead of the Nasdaq Composite (+0.2%) prior to the 14:00 ET release of the latest policy directive from the Federal Open Market Committee.

Although the Fed is not expected to rock the interest rate boat this time around, investors will comb through the statement in search of clues about the expected rate path going forward. Treasuries have spent the day in a steady retreat, sending the 10-yr yield higher by four basis points to 2.29%.

Meanwhile, nine of ten sectors hold midday gains with five of six cyclical sectors trading ahead of the broader market. Most notably, the industrial sector (+1.0%) has been boosted by transport stocks, evidenced by a 1.4% spike in the Dow Jones Transportation Average. The bellwether complex is now up 4.0% for the week with today's move paced by C.H. Robinson (CHRW 70.50, +3.77) after the company beat bottom-line estimates on light revenue.

Elsewhere among cyclical groups, consumer discretionary (+0.7%) and financials (+0.7%) outperform while the top-weighted technology sector (+0.3%) has struggled to keep pace since the start. Large cap tech names like Apple (AAPL 122.52, -0.86), Google (GOOGL 654.92, -4.74), and Qualcomm (QCOM 63.06, -0.04) show losses between 0.1% and 0.8% while Twitter (TWTR 31.69, -4.85) has tumbled 13.3% after the company's bottom-line beat was overshadowed by cautious commentary regarding user growth outlook.

In other earnings of note, Gilead Sciences (GILD 116.32, +3.25) has jumped 2.9% in reaction to better than expected results, but the biotech group has slipped into the red with iShares Nasdaq Biotechnology ETF (IBB 377.08, -5.76) trading lower by 1.5%. For its part, the broader health care sector (+0.2%) has retreated from its early high.

On the downside, the utilities sector (-0.4%) hovers in the red as higher yields reduce the relative attractiveness of utilities even though Exelon (EXC 31.00, 0.00), PG&E (PCG 52.04, -0.24), and Southern (SO 43.26, -0.27) reported better than expected earnings.

Economic data released this morning was limited to the MBA Mortgage Index and Pending Home Sales:

The weekly MBA Mortgage Index rose 0.8% to follow last week's 0.1% uptick
Pending home sales for June fell 1.8% while the Briefing.com consensus expected an increase of 1.0%

12:30 pm: [BRIEFING.COM] Equity indices hover near their session highs with the Dow Jones Industrial Average (+0.6%) holding the lead. The price-weighted index outperforms thanks to gains among 26 of its 30 components. Meanwhile, the S&P 500 (+0.5%) trades a bit behind today, but is up 1.1% so far this week versus a week-to-date gain of 0.9% for the Dow Jones Industrial Average.

At this juncture, the industrial sector (+1.0%) remains ahead of other cyclical groups while relative strength in the Dow Jones Transportation Average (+1.5%) has helped the bellwether complex extend its weekly advance to 4.1%.

On the downside, the utilities sector (-0.4%) remains in the red as higher yields reduce the relative attractiveness of utilities even after Exelon (EXC 31.00, 0.00), PG&E (PCG 52.04, -0.24), and Southern (SO 43.26, -0.27) reported better than expected earnings.
Related Quotes

11:55 am: [BRIEFING.COM] Not much change in the market with the Nasdaq Composite (+0.2%) remaining near its opening high while the Dow (+0.7%) and S&P 500 (+0.6%) sit near recently-established highs.

Nine sectors hold gains at this juncture with industrials (+1.1%) in the lead. The growth-sensitive sector has enjoyed the second consecutive day of relative strength among transport stocks with the Dow Jones Transportation Average trading higher by 1.6%. C.H. Robinson (CHRW 70.50, +3.77) has surged 5.7% to lead the pack after beating bottom-line estimates on light revenue.

Similar to industrials, four of the remaining five cyclical sectors trade ahead of the broader market while technology (+0.3%).

11:25 am: [BRIEFING.COM] The S&P 500 (+0.5%) remains near its best level of the session while the Nasdaq Composite (+0.2%) continues hovering just above its flat line due to relative weakness in the technology sector (+0.1%).

In a way, the modest gain in the Nasdaq is a bit surprising considering the biotech group has slipped into the red with iShares Nasdaq Biotechnology ETF (IBB 379.46, -3.38) trading lower by 0.9%. That being said, Gilead Sciences (GILD 117.90, +4.83) remains higher by 4.3% after reporting better than expected results.

Elsewhere, Treasuries have marked fresh lows for the day with the 10-yr yield hitting 2.29% (+4 bps).

10:55 am: [BRIEFING.COM] The Nasdaq Composite (+0.2%) remains near its opening high while the Dow (+0.5%) and S&P 500 (+0.5%) have extended to new highs for the day.

Eight sectors trade with gains at this juncture, but the top-weighted technology sector sits right on its flat line. Several large cap components are among the laggards with Apple (AAPL 122.94, -0.44), Google (GOOGL 656.06, -3.60), and Intel (INTC 28.86, -0.10) down between 0.3% and 0.4%. Similar to Intel, chipmakers underperform with the PHLX Semiconductor Index lower by 0.4%.

On the upside, the energy sector (+0.9%) has seized the lead after showing relative weakness early. The sector has rallied alongside crude oil, which trades up 1.9% at $48.91/bbl.

10:35 am: [BRIEFING.COM]

The dollar index traded near the flatline overnight, before selling-off in early trade, ahead of commentary surrounding today's FOMC rate decision
The market expects no rate rise this session, but will look to compare commentary from the meeting with previous statements, which will likely impact the index's movement
Most recently, the dollar has regained prior losses, now flat at 96.35
Crude oil trended lower in early trade, following yesterday's API inventory data, and ahead of today's EIA storage report that was expected to show unchanged inventory levels
After catching support from lows near $47.40/barrel, WTI booked moderate losses going into the morning's EIA release
Upon release of the data, which showed a 4.2 mln barrel draw, oil spiked higher, and the September contract is now +0.9% to $48.40/barrel
Copper was initially positive in early trade, but has gradually sold-off and is now -0.2% to $2.40/LB.
Aside from the obvious broad term pressures, price action in the metal may be partially driven, by a series of earnings reports from mining companies that forecast near-term demand challenges for their offerings (Freeport-Mcmoran (FCX) for example)
Natural gas is trading higher on the session, largely on calls for increased near-term temperatures in the Eastern US; now at +0.9% to $2.85/MMBtu
Gold is -0.3% to $1092.70/oz and silver is +0.2% to $14.67/oz

10:00 am: [BRIEFING.COM] The S&P 500 remains higher by 0.2%.

Just reported, pending home sales for June fell 1.8% while the Briefing.com consensus expected an increase of 1.0%.

9:40 am: [BRIEFING.COM] Equity indices began the trading day with modest gains. The Dow, Nasdaq, and S&P 500 all show gains close to 0.2% apiece as seven of ten sectors trade in the green.

The telecom services sector (+0.7%) leads, but more notably the heavily-weighted health care sector (+0.6%) trades well ahead of the broader market thanks to gains among biotechnology names.

Elsewhere among cyclical sectors, consumer discretionary (+0.2%) and industrials (+0.1%) also trade ahead of the broader market while financials (unch) and technology (-0.1%) lag.

The Pending Home Sales report will be released at 10:00 ET (Briefing.com consensus 1.0%).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: +6.90. The stock market is on track for a flat open as futures on the S&P 500 trade within two points of fair value. Index futures held modest gains during early morning action after China's Shanghai Composite spiked 3.4%, but the futures market has retreated not long ago in a move that coincided with European indices slipping from their highs.

Yesterday, the S&P 500 rallied throughout the day, hitting a session high just above its 50-day moving average (2,095). Ultimately, the benchmark index settled two points below that mark and the 50-day average is likely to come into focus today as well.

Investors have received another batch of earnings since yesterday's close with Gilead Sciences (GILD 117.33, +4.26) up 3.8% in pre-market after beating bottom-line estimates on a 25.8% spike in year-over-year revenue. Elsewhere, Twitter (TWTR 32.35, -4.19) is on track to open lower by 11.5% after the company's cautious comments about expected user growth overshadowed a bottom-line beat.

Treasuries hover in the red, but they have inched up off their lows with the 10-yr yield higher by two basis points at 2.27%.

The Pending Home Sales report will be released at 10:00 ET (Briefing.com consensus 1.0%) while the latest policy directive from the FOMC will be released at 14:00 ET.

8:59 am: [BRIEFING.COM] S&P futures vs fair value: +0.90. Nasdaq futures vs fair value: +5.20. The S&P 500 futures trade one point above fair value.

Markets in the Asia-Pacific region were mostly higher on Wednesday, none more so than China's Shanghai Composite (+3.4%), which flirted with another day of losses before a late-day rally turned the tide of negative sentiment. Wall Street's positive showing on Tuesday and the reversal in the Chinese equity market helped underpin some of Wednesday's buying interest.

In economic data:
Japan's June Retail Sales +0.9% year-over-year (expected 0.5%; prior 3.0%)

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Japan's Nikkei declined 0.1%, held back by losses in the industrials (-4.0%) and technology (-1.3%) sectors, which flowed out of profit warnings from Fanuc (-10.7%) and Tokyo Electron (-11.4%). Those two stocks were the worst-performing issues. NTT Data (+3.5%), Nippon Electric Glass (+3.5%), and Shiseido (+3.1%) paced the winners. Out of the 225 index members, 134 ended higher, 82 finished lower, and 9 were unchanged.
Hong Kong's Hang Seng increased 0.5%, pushing higher in its afternoon session in conjunction with a rebound in mainland markets. Index gains were led by Kunlun Energy (+4.1%), China Merchants Holdings International (+3.5%), and PetroChina (+2.8%). Top laggards included China Mengniu Dairy (-1.9%), Tencent Holdings (-1.4%), and Ping An Insurance (-1.1%). Out of the 50 index members, 28 ended higher, 18 finished lower, and 4 were unchanged.
China's Shanghai Composite increased 3.4%, capturing all of its gains in a closing rally that began with about 90 minutes left in its trading day. There was no specific news catalyst for the spike, which reports attributed mostly to the thinking among market participants that the government will continue to support equity prices. The CSI 300 Index for its part gained 3.1%.

Major European indices have retreated from their best levels of the day, but they remain mostly higher while Italy's MIB (-1.2%) underperforms. European Economic and Monetary Affairs Commissioner Pierre Moscovici said that the risk of a Greek exit from the Eurozone has diminished and that negotiations on the third bailout package have gotten off to a good start.

Participants received several data points:
Germany's August GfK Consumer Climate held at 10.1, as expected
UK's June BoE Consumer Credit GPB1.22 billion (expected GBP1.10 billion; prior GBP1.06 billion) while June Mortgage Approvals hit 66,580 (expected 66,000; prior 64,830). Separately, July CBI Distributive Trades Survey fell to 21 from 29 (expected 30)
France's July Consumer Confidence ticked down to 93 from 94 (expected 94)
Spain's June Retail Sales +2.3% year-over-year (consensus 3.3%; prior 3.1%)
Swiss June Consumption Indicator inched up to 1.68 from 1.62 (expected 2.50)

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UK's FTSE trades higher by 0.7% with health care and consumer names in the lead. Hikma Pharmaceuticals has spiked 3.4% while British American Tobacco and Imperial Tobacco hold respective gains of 3.0% and 2.0%. On the downside, miners lag with Antofagasta, BHP Billiton, and Glencore down between 0.1% and 2.1%.
In France, the CAC has narrowed its gain to 0.1%. Peugeot remains in the lead, trading higher by 6.2% after beating earnings expectations. Meanwhile, financials lag with BNP Paribas and Credit Agricole both down near 1.2%.
Germany's DAX has returned to its flat line even though Bayer trades up 4.5% after reporting better than expected results. Peer Merck trades higher by 2.0% while exporters lag. BMW, Daimler, and Volkswagen are down between 0.4% and 3.0%.
Italy's MIB underperforms with a loss of 1.2%. Saipem is the weakest performer, down 6.7%, after lowering its guidance and announcing plans to cut jobs. Elsewhere, Unicredit, UBI Banca, BMPS, and Intesa Sanpaolo show losses between 1.0% and 3.2%.

8:26 am: [BRIEFING.COM] S&P futures vs fair value: +3.30. Nasdaq futures vs fair value: +13.20. Equity futures have ticked down from their morning highs while European indices have also retreated from their best levels of the day.

Investors have received a heavy batch of quarterly results since yesterday's closing bell and although most names have beat bottom-line estimates, year-over-year revenue growth has remained quite scarce. However, that dynamic has not been applicable to biotechnology companies like Gilead Sciences (GILD 116.93, +3.86), which has spiked 3.4% in pre-market after beating estimates on a 25.8% spike in year-over-year revenue. As a result, the iShares Nasdaq Biotechnology ETF (IBB 385.58, +2.74) has climbed 0.7% in pre-market action.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +17.70. U.S. equity futures hover near their pre-market highs after spending the night inside a ten-point range with the S&P 500 futures trading six points above fair value.

The overnight session saw a 3.4% rally in China's Shanghai Composite while most European markets have also climbed this morning.

On the economic front, the weekly MBA Mortgage Index rose 0.8% to follow last week's 0.1% uptick.

More data will be released today with the Pending Home Sales report scheduled for 10:00 ET (Briefing.com consensus 1.0%) while the latest policy directive from the FOMC will be released at 14:00 ET.

Treasuries have marked session lows not long ago before inching up of those levels with the 10-yr yield higher by two basis points at 2.27%.

In U.S. corporate news of note:

Anthem (ANTM 158.50, +4.30): +2.8% after reporting in-line with its early results announced on July 24.
Buffalo Wild Wings (BWLD 186.45, +15.17): +8.9% after better than expected comparable store sales overshadowed a bottom-line miss.
Citrix Systems (CTXS 72.80, +3.17): +4.6% in reaction to a bottom-line beat and mixed guidance.
Gilead Sciences (GILD 117.20, +4.13): +3.7% after beating earnings and revenue estimates.
Twitter (TWTR 33.00, -3.54): -9.7% despite beating estimates and guiding Q3 revenue in-line with estimates.
U.S. Steel (X 17.35, -0.38): -2.1% in reaction to disappointing earnings/revenue.

Reviewing overnight developments:

Asian markets ended mostly higher. China's Shanghai Composite +3.4%, Hong Kong's Hang Seng +0.5%, and Japan's Nikkei -0.1%
In economic data:
Japan's June Retail Sales +0.9% year-over-year (expected 0.5%; prior 3.0%)
In news:
According to reports from China, Wednesday saw the third consecutive decline in margin debt with the total figure falling to CNY1.38 trillion from CNY1.43 trillion, representing a four-month low.

Major European indices trade mostly higher. UK's FTSE +0.7%, France's CAC +0.1%, and Germany's DAX +0.1%. Elsewhere, Italy's MIB -1.1% and Spain's IBEX -0.5%
Participants received several data points:
Germany's August GfK Consumer Climate held at 10.1, as expected
UK's June BoE Consumer Credit GPB1.22 billion (expected GBP1.10 billion; prior GBP1.06 billion) while June Mortgage Approvals hit 66,580 (expected 66,000; prior 64,830). Separately, July CBI Distributive Trades Survey fell to 21 from 29 (expected 30)
France's July Consumer Confidence ticked down to 93 from 94 (expected 94)
Spain's June Retail Sales +2.3% year-over-year (consensus 3.3%; prior 3.1%)
Swiss June Consumption Indicator inched up to 1.68 from 1.62 (expected 2.50)
Among news of note:
European Economic and Monetary Affairs Commissioner Pierre Moscovici said that the risk of a Greek exit from the Eurozone has diminished and that negotiations on the third bailout package have gotten off to a good start.

5:48 am: [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +15.10.

5:48 am: [BRIEFING.COM] Nikkei...20302.91...-26.00...-0.10%. Hang Seng...24619.45...+115.50...+0.50%.

5:48 am: [BRIEFING.COM] FTSE...6591.57...+36.30...+0.60%. DAX...11222.59...+48.70...+0.40%.

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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