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 Post subject: August 3rd Monday Trade Results - Profit $3992.50
PostPosted: Tue Aug 04, 2015 1:37 am 
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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

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $930.00 dollars or +9.30 points, Emini ES ($ES_F) futures @ $3062.50 dollars or +61.25 points, Light Crude Oil CL ($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 @ $3992.50 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=146&t=2138

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=269&t=2840 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 began August on a defensive note with a retreat that sent the S&P 500 below its 50-day (2,099) moving average. The benchmark index was down as much as 0.8%, but narrowed its loss to 0.3% by the close, ending ahead of the Dow Jones Industrial Average (-0.5%).

Equities hovered near their flat lines during morning action after the overnight session saw more selling in China. To that point, the Shanghai Composite lost 1.1% after the official Manufacturing PMI hit a five-month low (50.0; expected 50.2) while the Non-Manufacturing PMI improved to 53.9 from 53.8, representing a five-month high.

Meanwhile, eurozone economies reported Manufacturing PMI readings that were mostly better than expected while economic data from the U.S. contributed to the weakness in the stock market as Construction Spending (+0.1%; Briefing.com consensus 0.6%) and the ISM Manufacturing Index (52.7; consensus 53.7) missed expectations.

Treasuries spiked after the release of today's economic data, which sent the 10-yr yield lower by four basis points to 2.15%, representing the lowest level since the start of June. That decline in yields was a supportive factor for the utilities sector, which gained 0.6%. Similar to utilities, consumer staples (+0.3%) and telecom services (+0.2%) posted gains while the health care sector (unch) settled just above its flat line.

As for cyclical sectors, financials (unch) ended ahead of the broader market while the remaining five growth-sensitive groups finished among the laggards. The energy sector (-2.0%) spent the entire session at the bottom of the leaderboard as crude oil fell 3.9% to $45.25/bbl.

Elsewhere, the top-weighted technology space (-0.5%) was pressured by large cap names with the likes of Apple (AAPL 118.44, -2.86), IBM (IBM 158.71, -3.28), and Hewlett-Packard (HPQ 30.02, -0.50) falling between 1.6% and 2.4%. High-beta chipmakers stayed ahead of the sector, but the PHLX Semiconductor Index still lost 0.3%.

Similar to technology, the industrial sector (-0.4%) struggled as losses among large cap names like Boeing (BA 143.69, -0.48), Caterpillar (CAT 77.26, -1.37), and General Electric (GE 25.87, -0.23) overshadowed relative strength in transport stocks. The Dow Jones Transportation Average added 0.3% with all five airline components posting gains thanks to lower fuel prices.

Today's participation was in-line with recent averages as 800 million shares changed hands at the NYSE floor.

Economic data included Personal Income/Spending data, ISM Index, and Construction Spending:
Related Stories

Bond Market Update from Briefing.com Briefing.com
InPlay from Briefing.com Briefing.com
Stocks Trade Near Lows as Crude Closes Below $46 TheStreet.com
Stocks close lower as energy, growth concerns weigh; Apple plunges CNBC
Stocks finish lower, weighed down by oil slump MarketWatch

Personal income increased 0.4% for a second consecutive month in June after revisions reduced the originally reported May (0.5%) growth rate
The Briefing.com consensus expected an increase of 0.3%
Personal spending increased 0.2% in June after a downwardly revised 0.7% (from 0.9%) increase in May while the consensus expected an increase of 0.2%
Wages and salaries increased 0.2% in June following a 0.4% increase in May. That gain was in-line with the May employment data, which showed a 0.2% increase in aggregate earnings
The ISM Manufacturing Index fell to 52.7 in July from 53.5 in June while the Briefing.com consensus expected the index an increase to 53.7
The July drop occurred despite improvements in most of the regional Federal Reserve manufacturing surveys
Production growth remained strong, as the related index increased to 56.0 in July from 54.0 in June
Construction spending increased 0.1% in June after an upwardly revised 1.8% (from 0.8%) gain in May while the Briefing.com consensus expected an increase of 0.6%
Private construction spending declined 0.5% in June after increasing 1.7% in May
Residential construction spending held up reasonably well in June, increasing 0.4% after increasing 0.9% in May
Spending on nonresidential construction projects fell 1.3% in June after increasing 2.5% in May. Considering the strong growth reported in April (+4.9%) and March (+3.3%), the pullback in June was not particularly concerning

Tomorrow's economic data will be limited to the Factory Orders report for June, which will be released at 10:00 ET (Briefing.com consensus 1.8%).

Nasdaq Composite +8.0% YTD
S&P 500 +1.9% YTD
Russell 2000 +2.3% YTD
Dow Jones Industrial Average -1.3% YTD

3:35 pm: [BRIEFING.COM]

In commodities, the collapse in oil prices is the big story today.
Commodities sold off today, but not very much of it was driven by the dollar index.
However, the index did climb higher off of morning trading activity and is now about 0.2% higher.
Back to oil... Brent crude oil futures fell below $50/barrel today, while WTI crude oil fell as low as $45.08/barrel.
At the end today's trading session, Sept WTI crude oil closed -4% to $45.25/barrel
In other energy, Sept natural gas +1.5% to $2.75/MMBtu
Metals declined today, but showed a more modest loss
Dec gold fell -0.5% to $1089.30/oz, while Sept silver fell -1.6% to $14.51/oz
Sept copper -0.8% to $2.34/lb.

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.6% with one hour remaining in the first August session. The benchmark index spent the first two hours of action near its flat line, but relative weakness among cyclical sectors has sent the market into the red.

Nine of ten sectors enter the home stretch with losses, paced by a 2.0% decline in the energy sector. On a related note, crude oil settled lower by 3.9% at $45.25/bbl. Meanwhile, the other commodity-related sector-materials (-1.0%)-is the second-weakest performer of the day.

Elsewhere, the utilities sector has narrowed its gain to 0.1% following a daylong retreat from its opening high.

2:25 pm: [BRIEFING.COM] Equity indices remain near their afternoon lows with the S&P 500 (-0.8%) hovering about two points above its worst level of the day.

The utilities sector remains in the green, but the countercyclical sector has narrowed its gain to 0.3%. Meanwhile, other defensively-oriented groups have turned negative. Consumer staples (-0.1%) and telecom services (-0.1%) remain near their flat lines while the health care sector (-0.6%) now trades just ahead of the broader market after showing relative strength earlier.

Elsewhere, Treasuries remain just below their session highs with the 10-yr yield down four basis points at 2.15%.

2:00 pm: [BRIEFING.COM] The S&P 500 remains within five points of its session low.

Today's rash of economic data largely missed expectations.

The ISM Manufacturing Index fell to 52.7 in July from 53.5 in June. The Briefing.com Consensus expected the index to increase to 53.7.

The drop came despite improvements in most of the regional Federal Reserve manufacturing surveys.

Construction spending increased 0.1% in June after an upwardly revised 1.8% (from 0.8%) gain in May. The Briefing.com Consensus expected construction spending to increase 0.6%.

Private construction spending declined 0.5% in June after increasing 1.7% in May.

The decline in private spending was the result of a pullback in June nonresidential spending after several months of oversized gains.

The only data to meet expectations came from the personal income and spending report.

Personal income increased 0.4% for a second consecutive month in June after revisions reduced the originally reported May (0.5%) growth rate. The Briefing.com Consensus expected income to increase 0.3%.

Personal spending increased 0.2% in June after a downwardly revised 0.7% (from 0.9%) increase in May. The consensus expected spending to increase 0.2%.

However, the personal income and spending data were already included in the advance Q2 2015 GDP report released by the BEA last week. The only new piece of information was the size of the revisions to April and May growth rates, which were revised lower.

1:30 pm: [BRIEFING.COM] The major U.S. indices continue to see meaningful weakness, as selling pressure mounts.

A look inside the Dow Jones Industrial Average shows Chevron (CVX 85.44, -3.04), Apple (AAPL 117.87, -3.43), and IBM (IBM 158.19, -3.80) are underperforming. Chevron is seeing continued weakness following last week's earnings on the heels of two price target cuts this morning as well as pressure from crude oil weakness, as WTI futures drop 3.8% on the day.

Conversely, Wal-Mart (WMT 72.2+, +0.31) is the best-performing Dow component as consumer staples are posting one of the best showings in todays session, down 0.06%, while the DJIA is down 1%.

To start the week and August, the DJIA is down 1.05%, and now down 1.8% YTD.

12:55 pm: [BRIEFING.COM] The major averages trade near their session lows at midday with the Dow Jones Industrial Average (-1.0%) trailing the Nasdaq (-0.8%) and S&P 500 (-0.7%).

Equity indices spent the opening minutes of the session near their flat lines, but a disappointing Construction Spending report for June (+0.1%; Briefing.com consensus 0.6%) and a below-consensus reading of the July ISM Manufacturing Index (52.7; Briefing.com consensus 53.7) have invited some selling activity with cyclical sectors leading the market lower.

Furthermore, Treasuries held modest losses during overnight action, but they began rallying in reaction to today's data. Currently, the 10-yr note sits at its best level of the day with the benchmark yield down four basis points at 2.15%.

Conversely, lower yields have increased the relative attractiveness of the utilities sector (+0.5%), which is the only group trading in the green after spiking 6.0% in July. Similarly, other countercyclical groups like consumer staples (-0.1%), telecom services (-0.2%), and health care (-0.3%) trade ahead of the broader market while most cyclical sectors lag.

Notably, the top-weighted technology space (-0.7%) had shown relative strength earlier, but the group is now exerting pressure on the broader market. The largest sector component-Apple (AAPL 118.72, -2.58)-has surrendered 2.1% while high-beta chipmakers have not fared much better than the sector with the PHLX Semiconductor Index trading lower by 0.6%.

Elsewhere among cyclical sectors, industrials (-0.8%) and energy (-1.9%) also display relative weakness with the energy sector retreating alongside crude oil, which has plunged 3.7% to $45.37/bbl. It is worth noting that today's weakness in oil has had little to do with greenback strength as the Dollar Index (97.44, +0.10) trades just above its flat line.

On the earnings front, Tyson Foods (TSN 40.18, -4.16) has tumbled 9.4% after missing estimates and guiding lower, but the broader consumer staples sector (-0.1%) remains ahead of the broader market.

Economic data included Personal Income/Spending data, ISM Index, and Construction Spending:

Personal income increased 0.4% for a second consecutive month in June after revisions reduced the originally reported May (0.5%) growth rate
The Briefing.com consensus expected an increase of 0.3%
Personal spending increased 0.2% in June after a downwardly revised 0.7% (from 0.9%) increase in May while the consensus expected an increase of 0.2%
Wages and salaries increased 0.2% in June following a 0.4% increase in May. That gain was in-line with the May employment data, which showed a 0.2% increase in aggregate earnings
The ISM Manufacturing Index fell to 52.7 in July from 53.5 in June while the Briefing.com consensus expected the index an increase to 53.7
The July drop occurred despite improvements in most of the regional Federal Reserve manufacturing surveys
Production growth remained strong, as the related index increased to 56.0 in July from 54.0 in June
Construction spending increased 0.1% in June after an upwardly revised 1.8% (from 0.8%) gain in May while the Briefing.com consensus expected an increase of 0.6%
Private construction spending declined 0.5% in June after increasing 1.7% in May
Residential construction spending held up reasonably well in June, increasing 0.4% after increasing 0.9% in May
Spending on nonresidential construction projects fell 1.3% in June after increasing 2.5% in May. Considering the strong growth reported in April (+4.9%) and March (+3.3%), the pullback in June was not particularly concerning

12:30 pm: [BRIEFING.COM] Equity indices have backed away from their recent levels with the S&P 500 (-0.2%) now trading near the middle of today's trading range. Although the stock market has essentially traded in range-bound fashion, that has not been the case with the bond market.

Specifically, Treasuries displayed losses during overnight action, but they rallied off their lows this morning with the move higher continuing at this time. As a result, the benchmark 10-yr yield is lower by four basis points at 2.15% while the long bond has rallied with its yield falling five basis points to 2.86%, representing the lowest level since June 1.

Earlier we mentioned that countercyclical sectors have had a better showing than their cyclical counterparts and that remains the case at this time with the four countercyclical groups holding gains while all six growth-sensitive sectors trade in the red.
Related Quotes

11:55 am: [BRIEFING.COM] Not much change in the market with the S&P 500 and Nasdaq drifting near their flat lines.

Broadly speaking, countercyclical sectors have had a better showing than their growth-sensitive counterparts. To that point, consumer staples (+0.3%), health care (+0.2%), telecom services (+0.1%), and utilities (+0.7%) all trade ahead of the broader market while only two cyclical sectors trade in the green.

That being said, financials (+0.1%), and technology (+0.01%) are the two advancers on the cyclical side, which could become a supportive factor if the two influential groups build on their slim gains.

Elsewhere, Treasuries have notched fresh highs with the 10-yr yield down three basis points at 2.17%.

11:25 am: [BRIEFING.COM] The Dow Jones Industrial Average (-0.4%) continues trailing the broader market while the Nasdaq (+0.1%) and S&P 500 (-0.1%) trade within points of their respective flat lines.

For the second day in a row, the price-weighted Dow has been pressured by Chevron (CVX 85.95, -2.53) and ExxonMobil (XOM 78.20, -1.01) as the two energy sector components trade with respective losses of 2.9% and 1.3%. Outside of the pair, only two other Dow components-IBM (IBM 159.53, -2.46) and United Technologies (UTX 99.16, -1.15)-trade with losses larger than 1.0%.

Conversely, 12 Dow members hold gains with Disney (DIS 120.74, +0.74) trading up 0.6%.

10:50 am: [BRIEFING.COM] Equity indices have retreated to new lows with the Dow Jones Industrial Average (-0.5%) leading the southward move. Meanwhile, the Nasdaq Composite (-0.1%) continues showing relative strength as biotechnology and technology trade a bit ahead of the broader market. Both the technology sector and the iShares Nasdaq Biotechnology ETF (IBB 381.66, -0.87) trade with losses close to 0.2% apiece.

Elsewhere, the energy sector (-0.9%) is the weakest performer amid a 1.3% decline in crude oil, which trades near $46.49/bbl.

On the upside, the utilities sector remains in the green, but the rate-sensitive sector has trimmed its gain to 0.4%.

10:30 am: [BRIEFING.COM]

The dollar traded slightly negative overnight, carrying momentum from last week's underwhelming US wage growth data.
The index did rally in early trading however, going into the morning's release of US Personal Income and Construction Spending datasets.
Upon release of the relatively in-line data, the dollar gradually sold off and is now near flat for the session at -0.1% to 97.27
Precious metals have seen little pressure from the dollar index, and are moderately down; with gold -0.4% to $1091.20/oz and silver -0.7% to $14.64/oz
Crude is trading lower on the day, pressed to losses on both demand (weak Chinese manufacturing data) and supply concerns; also, Iran's Oil ministry released a statement indicating that sanctions could be lifted as soon as late November. WTI is currently -2% to $46.18/barrel
Copper is once again trading strongly lower, as weak Chinese PMI (down to 50 from 50.2 M/M) has the commodity now down 1% to $2.34/lb
Natural gas trades positive early this session, but has given up most those gains in a recent, moderate selloff to stand at +0.8% to $2.74/MMBtu

10:00 am: [BRIEFING.COM] The S&P 500 trades right below its flat line.

Just reported, Construction Spending increased 0.1% month-over-month in June while the Briefing.com consensus expected an increase of 0.6%.

9:45 am: [BRIEFING.COM] Equity indices began the day near their flat lines with the Nasdaq Composite (+0.2%) showing relative strength while the S&P 500 hovers just below its unchanged level.

Fittingly, with the Nasdaq starting ahead, health care (+0.2%) and technology (+0.2%) display modest gains. Elsewhere, the utilities sector (+0.7%) is the leader in the early going while another countercyclical group-telecom services (+0.3%)-sits in the second place.

The ISM Index for July was scheduled for a 10:00 ET release, but it appears the report was released early, indicating a decline to 52.7 from 53.5 while the Briefing.com consensus expected an increase to 53.7.

The Construction Spending report for June (consensus 0.6%) will be released at 10:00 ET.

Treasuries have reclaimed their overnight losses with the 10-yr yield now down one basis point at 2.18%.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: +0.60. Nasdaq futures vs fair value: +4.70. The stock market is on track for a flat open as S&P 500 futures trade within a point of fair value. In fact, futures have spent the bulk of the night near the unchanged level, keeping within a ten-point range since last evening.

Overnight, Asian markets saw more selling with China's Shanghai Composite falling 1.1%. The decline occurred after the official Manufacturing PMI report hit a five-month low (50.0; expected 50.2) while the non-Manufacturing Survey hit a five-month high (53.9).

Meanwhile in Europe, most regional markets are on the rise after the release of PMI readings that were mostly better than expected. The July Manufacturing PMI for the eurozone improved to 52.4 from 52.2 (expected 52.2).

On the economic front, June personal income rose 0.4% while the Briefing.com consensus expected an uptick of 0.3%, personal spending increased an in-line 0.2%, and core PCE prices increased 0.1%, while the Briefing.com consensus expected a reading of 0.2%. Hiding in the details was a downward revision for May. Income growth was revised down to 0.4% from 0.5% while spending growth was revised down to 0.7% from 0.9%.

Treasuries have held modest losses throughout the night with the 10-yr yield currently higher by a basis point at 2.20%.

9:00 am: [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +3.60. The S&P 500 futures trade in-line with fair value.

Some weaker than expected manufacturing data out of China set the tone for markets in the Asia-Pacific region, most of which ended Monday's session lower. Some regional markets, which share heavy trading ties to China, saw some of the biggest loses.

In economic data:
China's July Caixin Manufacturing PMI Final 47.8 (expected 48.3; prior 48.2), July Official Manufacturing PMI 50.0 (expected 50.2; prior 50.2), and July Official Non-Manufacturing PMI 53.9 (prior 53.8)
Japan's July Manufacturing PMI 51.2 (expected 51.4; prior 51.4)
South Korea's August Nikkei Manufacturing PMI 47.6 (prior 46.1). Separately, July Trade Balance KRW 7.80 bln (expected KRW 10.24 bln; prior KRW 10.0 bln) as Exports -3.3% (expected -5.0%; prior -2.4%) and Imports -15.3% (expected -15.0%; prior -13.6%)
India's July HSBC Markit Manufacturing PMI 52.7 (expected 51.0; prior 51.3)
Australia's July AIG Manufacturing Index 50.4 (prior 44.2), June HIA New Home Sales +0.5% month-over-month (prior -2.3%), and July MI Inflation Gauge +0.2% month-over-month (prior +0.1%)

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Japan's Nikkei finished on an upswing but still closed down 0.2% for the day. Weighing on the index were losses in the materials (-2.0%), industrials (-1.1%), and financials (-1.5%) sectors. Nisshin Steel (-9.7%), Mitsubishi Logistics (-8.8%), and Nippon Sheet Glass (-8.6%) were the worst-performing issues. Honda Motor (+8.8%), Ube Industries (+8.8%), and Shiseido (+6.5%) topped the list of winners. Out of the 225 index members, 75 ended higher, 146 finished lower, and 4 were unchanged.
Hong Kong's Hang Seng declined 0.9%, falling in conjunction with mainland markets, which responded negatively to China's manufacturing PMI reports. China Mengniu Dairy (-4.3%), China Life Insurance Co (-3.3%), and PetroChina (-2.9%) led the losses. HSBC Holdings (+1.9%) and China Resources Power Holdings (+1.3%) led a small group of winners. Out of the 50 index members, 6 ended higher and 44 finished lower.
China's Shanghai Composite declined 1.1%, but had been down as much as 3.1% after some weaker-than-expected manufacturing PMI data for July, including a downward revision to the Caixin PMI report, which stands at a 2-year low and has fed economic slowdown concerns. The CSI 300 Index, however, managed a 0.3% gain.

Major European indices trade mostly higher with Germany's DAX (+1.2%) in the lead. Elsewhere, The Athens Stock Exchange reopened after a five-week closure to what could be the worst percentage decline on record. The ASE General Index is currently lower by 16.4%.

Participants received several data points:
Eurozone July Manufacturing PMI 52.4 (expected 52.2; prior 52.2)
Germany's July Manufacturing PMI 51.8 (consensus 51.5; last 51.5)
UK's July Manufacturing PMI 51.9 (expected 51.6; prior 51.4)
France's July Manufacturing PMI 49.6, as expected (prior 49.6)
Italy's July Manufacturing PMI 55.3 (expected 53.9; prior 54.1)
Spain's July Manufacturing PMI 53.6 (consensus 54.3; last 54.5)
Swiss July SVME PMI 48.7 (expected 50.7; last 50.0)

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Germany's DAX is higher by 1.2% with all but four components in the green. Commerzbank and Deutsche Bank trade with respective gains of 3.2% and 1.3% after Commerzbank reported better than expected results. Meanwhile, Fresenius SE leads, trading higher by 3.8%.
In France, the CAC trades up 0.7% amid strength in consumer names. Danone, L'Oreal, Essilor International, and Carrefour show gains between 0.9% and 2.3%. On the downside, Technip has given up 1.3%.
UK's FTSE trades flat with mining names showing relative weakness. Anglo American, BHP Billiton, Fresnillo, and Rio Tinto are down between 2.0% and 2.7%. On the upside, Rolls-Royce has spiked 4.8% amid reports the company may sell some of its assets.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: +1.70. Nasdaq futures vs fair value: +6.10. The S&P 500 futures trade two points above fair value.

June personal income rose 0.4% while the Briefing.com consensus expected an uptick of 0.3%. Meanwhile, personal spending rose 0.2%, which is what the consensus expected. Core PCE prices rose 0.1%, while the Briefing.com consensus expected a reading of 0.2%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: +0.70. Nasdaq futures vs fair value: +2.40. U.S. equity futures trade little changed after maintaining narrow ranges throughout the night. The S&P 500 futures trade within a point of fair value after bouncing inside a nine-point range overnight.

Today's economic data will include June Personal Income (Briefing.com consensus 0.3%)/Spending (consensus 0.2%) data and Core PCE Prices (consensus 0.2%), which will be reported at 8:30 ET while June Construction Spending (consensus 0.6%) and July ISM Index (expected 53.7) will both be released at 10:00 ET.

Treasuries hold modest losses with the 10-yr yield up one basis point at 2.20%.

In U.S. corporate news of note:

Frontier Communications (FTR 4.98, +0.26): +5.5% in reaction to in-line results and raised 2015 cash flow guidance.
Tyson Foods (TSN 41.50, -2.85): -6.4% after missing estimates and guiding lower.

Reviewing overnight developments:

Asian markets ended lower. China's Shanghai Composite -1.1%, Hong Kong's Hang Seng -0.9%, and Japan's Nikkei -0.2%
In economic data:
China's July Caixin Manufacturing PMI Final 47.8 (expected 48.3; prior 48.2), July Official Manufacturing PMI 50.0 (expected 50.2; prior 50.2), and July Official Non-Manufacturing PMI 53.9 (prior 53.8)
Japan's July Manufacturing PMI 51.2 (expected 51.4; prior 51.4)
South Korea's August Nikkei Manufacturing PMI 47.6 (prior 46.1). Separately, July Trade Balance KRW 7.80 bln (expected KRW 10.24 bln; prior KRW 10.0 bln) as Exports -3.3% (expected -5.0%; prior -2.4%) and Imports -15.3% (expected -15.0%; prior -13.6%)
India's July HSBC Markit Manufacturing PMI 52.7 (expected 51.0; prior 51.3)
Australia's July AIG Manufacturing Index 50.4 (prior 44.2), June HIA New Home Sales +0.5% month-over-month (prior -2.3%), and July MI Inflation Gauge +0.2% month-over-month (prior +0.1%)
In news:
Selling pressure remained palpable in China with the Shanghai Composite falling after the weekend release of a Manufacturing PMI report, which hit a five-month low. Meanwhile, the non-Manufacturing Survey hit a five-month high

Major European indices trade mostly higher. Germany's DAX +1.1%, France's CAC +0.8%, and UK's FTSE is flat. Elsewhere, Italy's MIB +0.6% and Spain's IBEX +0.8%.
Participants received several data points:
Eurozone July Manufacturing PMI 52.4 (expected 52.2; prior 52.2)
Germany's July Manufacturing PMI 51.8 (consensus 51.5; last 51.5)
UK's July Manufacturing PMI 51.9 (expected 51.6; prior 51.4)
France's July Manufacturing PMI 49.6, as expected (prior 49.6)
Italy's July Manufacturing PMI 55.3 (expected 53.9; prior 54.1)
Spain's July Manufacturing PMI 53.6 (consensus 54.3; last 54.5)
Swiss July SVME PMI 48.7 (expected 50.7; last 50.0)
Among news of note:
The Athens Stock Exchange reopened after a five-week closure to what could be the worst percentage decline on record. The ASE General Index is currently down 17.0%.

5:49 am: [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -0.30.

5:49 am: [BRIEFING.COM] Nikkei...20548.11...-37.10...-0.20%. Hang Seng...24411.42...-224.90...-0.90%.

5:49 am: [BRIEFING.COM] FTSE...6684.04...-12.40...-0.20%. DAX...11350.08...+41.10...+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
Phone: +1 708 572-4885
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