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 Post subject: August 13th Thursday Trade Results - No Trades
PostPosted: Fri Aug 14, 2015 2:46 am 
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Joined: Sat Jan 10, 2009 2:06 pm
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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)

Quote:
No trades today for me because of personal appointments and family stuff.

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $0.00 dollars or +0.00 points, Emini ES ($ES_F) futures @ $0.00 dollars or +0.00 points, Light Crude Oil CL ($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 @ $0.00 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=146&t=2146

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.

Attachment:
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click on the above image to view today's price action of key markets


4:05 pm: [BRIEFING.COM] The stock market ended the Thursday session on a modestly lower note after spending some time on both sides of the unchanged level. The S&P 500 shed 0.1% while the Dow Jones Industrial Average eked out a slight gain (+0.03%).

Before delving into the details of today's session, it is worth noting that the People's Bank of China tried to calm investor fears during overnight action by holding a press conference. During that conference, bank officials said the yuan adjustment "is almost complete" and called the rumors of a 10.0% devaluation "nonsense." Markets across Asia posted gains while European indices ended mostly higher.

Once the U.S. session got going, stocks slipped from their opening levels, but the early weakness was largely isolated to the energy sector (-1.4%), which retreated alongside crude oil. The energy component faced selling pressure throughout the day, notching a fresh six-year low under $42.00/bbl during intraday action before inching up to settle lower by 2.3% at $42.25/bbl.

The daylong weakness in the energy sector was not enough to keep the market in negative territory as the four largest sectors displayed modest strength at the start and helped the market climb out of the red; however, only two groups were still in the green once the closing bell rang. The consumer discretionary sector (+0.6%) and financials (+0.3%) held their gains throughout the day while technology (-0.2%), and health care (-0.2%) slipped ahead of the close.

Notably, the discretionary sector received broad support from automakers, homebuilders, and retailers after the Retail Sales report for July beat expectations. On the earnings front, News Corp (NWSA 15.19, +1.07) spiked 7.6% after reporting a two-cent beat on light revenue while other media names ended mixed. Meanwhile, the homebuilder group displayed notable strength with iShares Dow Jones US Home Construction ETF (ITB 28.66, +0.43) spiking 1.5%. Despite today's outperformance, the discretionary sector remains lower by 2.4% so far in August, which puts the group behind the other nine sectors.

Elsewhere, financials (+0.3%) displayed relative strength throughout the session as the sector rebounded from yesterday's underperformance. Heavyweights like Citigroup (C 57.30, +0.39) and JPMorgan Chase (JPM 67.55, +0.31) gained near 0.6% apiece while the sector narrowed its week-to-date loss to 0.4%.

Also of note, the top-weighted technology sector (-0.2%) settled in-line with the market while chipmakers struggled, evidenced by a 1.0% decline in PHLX Semiconductor Index. Advanced Micro (AMD 1.79, -0.11) was a clear soft spot in the chipmaker index as the stock fell 5.8%.

As for large cap tech names, Cisco Systems (CSCO 28.70, +0.80) spiked 2.9% after beating bottom-line estimates on light revenue while other influential components ended in mixed fashion.

Treasuries retreated during overnight action and they added to their losses during the session. The benchmark 10-yr yield rose six basis points to 2.13%.

Today's participation was a bit below recent averages as 750 million shares changed hands at the NYSE floor.

Economic data included Initial Claims, Retail Sales, Import/Export Prices, and Business Inventories:
Related Stories

InPlay from Briefing.com Briefing.com
Stocks Mixed; Nordstrom, YY Up After Hours Investor's Business Daily
Stocks recover from sharp losses as oil rise boosts energy CNBC
Bond Market Update from Briefing.com Briefing.com
US STOCKS SNAPSHOT-Wall St ends flat as energy shares drag Reuters

Weekly initial claims increased to 274,000 from a downwardly revised 269,000 (from 270,000) while the Briefing.com consensus expected an increase to 271,000
The four-week moving average fell to 266,250 from 268,000, representing the lowest level since April 2000, when it also reached 266,250
Continuing claims increased to 2.273 million from an upwardly revised 2.258 million (from 2.255 million) while the consensus expected a decline to 2.247 million
Retail sales increased 0.6% in July while the Briefing.com consensus expected an increase of 0.5%
An upward revision lifted June sales to the flat line from -0.3%
Motor vehicle demand played a large part in the increase in sales growth as motor vehicle manufacturers reported unit sales increased to 17.6 million SAAR in July from 17.0 million SAAR in June. That gain pushed up sales at motor vehicle and parts dealers by 1.4% after declining 1.5% in May
Excluding autos, retail sales increased 0.4% in July after increasing an upwardly revised 0.4% (from -0.1%) in June
Export prices, excluding agriculture, decreased 0.4% in July after decreasing 0.1% in the prior reading
Excluding oil, import prices decreased 0.3%, which followed last month's decrease of 0.2%
Business inventories increased 0.8% in June after an unrevised 0.3% gain in May while the Briefing.com consensus expected an increase of 0.3%
The inventory changes from manufacturers (0.6%) and merchant wholesalers (0.9%) were known prior to the release. The only new information was that retailer inventories increased 0.9% in June after a 0.2% gain in May
Retailer inventory growth was strong across the board as all sectors reported growth above 0.5%, with the largest gains coming from motor vehicles (1.4%), building materials (1.0%), and furniture (0.9%)

Tomorrow, July PPI (Briefing.com consensus 0.1%) will be reported at 8:30 ET while July Industrial Production (consensus 0.3%) and Capacity Utilization (expected 78.0) will both be released at 9:15 ET. The day's data will be topped off with the 10:00 ET release of the preliminary reading of the Michigan Sentiment Index for August (expected 93.7).

Nasdaq Composite +6.3% YTD
S&P 500 +1.2% YTD
Russell 2000 UNCH YTD
Dow Jones Industrial Average -2.3% YTD

3:45 pm: [BRIEFING.COM]

The big story was in oil today.
WTI crude oil futures broke below the widely watched Mar. 2015 multi-year low print of $42.03 in the continuous futures contract.
At the end of today's pit trading session, Front-month Sept WTI crude oil closed -2.3% at $42.25/barrel.
In other energy, Sept nat gas dropped 5% to end at $2.79/MMBtu.
Precious metals pulled back some today, while copper ended unchanged at $2.35/lb
Dec gold slipped -0.7% at $1115.70/oz, while Sept declined -0.5% at $15.40/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades higher by 0.3% with one hour remaining in the session. The benchmark index spent the first hour of the trading day in negative territory while afternoon action has featured a sideways drift just beneath session highs.

Interestingly, today's advance has not invited particularly strong participation as only 430 million shares have changed hands at the NYSE floor so far today. Meanwhile, the A/D line is essentially flat with one listing trading in the green for each decliner.

Elsewhere, Treasuries are on track to end the day near their lows with the 10-yr yield higher by six basis points at 2.19%.

2:25 pm: [BRIEFING.COM] Equity indices hover near their best levels of the day with the S&P 500 (+0.3%) trading within two points of its session high.

Eight sectors continue holding gains while energy has extended its decline to 1.4% amid continued weakness in crude oil. The energy component is lower by 3.1% at $41.94/bbl after dropping to a fresh six-year low. Meanwhile, the other commodity-related sector-materials (+0.1%)-trades just above its flat line.

On the upside, the consumer discretionary sector has extended its gain to 1.2% with homebuilders adding to their earlier gains. The iShares Dow Jones US Home Construction ETF (ITB 28.79, +0.56) is now higher by 2.0%.

2:00 pm: [BRIEFING.COM] Equity indices continue holding modest gains.

While retail sales topped expectations, the most likely conclusion from the data do not add up to strong economic growth.

Retail sales increased 0.6% in July after an upward revision brought sales to the flat line (from -0.3%) in June. The Briefing.com Consensus expected retail sales to increase 0.5%.

Excluding autos, retail sales increased 0.4% in July after increasing an upwardly revised 0.4% (from -0.1%) in June.

Core sales - which exclude sales at motor vehicle dealers, gasoline stations, and building material and supply stores -- increased 0.3% in July, up from a 0.2% gain in June. These sales more closely track the goods component of GDP than the headline retail sales.

The July gain seems solid on the surface. However, it came at a time when aggregate earnings rose a much more substantial 0.7%. Taken together, consumers held back some of their newfound income growth, which likely drove up the savings rate.

At a time when consumer sentiment is strong and there is labor market security, measured by trends in the initial claims level, which is near a 40-year low, it was expected that consumers would relax their savings behavior and demand more consumables.

1:35 pm: [BRIEFING.COM] The major U.S. indices continue to grind higher in recent action as stocks sit near their intra-day highs.

A look inside the Dow Jones shows Cisco (CSCO 28.96, +1.06), Merck (MRK 59.40, +1.14), and Travelers (TRV 107.20, +1.77) are outperforming. Cisco the best-performing Dow component after reporting its Q4 results, which exceeded analyst estimates. The company also provided Q1 guidance, which was in-line. Merck is higher after being upgraded to Outperform from Market Perform at BMO Capital; tgt to $70 from $65. Travelers strength may be attributed to rumors earlier which mentioned the company as a potential acquirer of Hartford Financial (HIG 48.97, +1.49)

Conversely, Caterpillar (CAT 77.89, -1.03) is the worst-performing Dow component.

Week-to-date, the DJIA is up 0.56%, but still down 1.24% in August.

Elsewhere, at the top of the humor the Treasury's $16 bln 30-year auction drew a high yield of 2.88% on a bid-to-cover of 2.26

12:55 pm: [BRIEFING.COM] The major averages hold modest midday gains with the Nasdaq Composite (+0.4%) trading just ahead of the Dow Jones Industrial Average (+0.3%) and S&P 500 (+0.3%).

The first half of today's session has been relatively quiet after Asian markets rebounded across the board during overnight action. The People's Bank of China attempted to calm some of the recent jitters by holding a press conference during which bank officials said the yuan adjustment "is almost complete" and that rumors of a 10.0% devaluation were false.

Equity indices began the trading day near their flat lines, but spent the first hour in negative territory as relative weakness in the energy sector (-0.9%) kept the market under pressure. The growth-sensitive group has retreated alongside crude oil, which has plunged 2.5% to $42.25/bbl. Meanwhile, the remaining cyclical sectors traded closer to their flat lines through morning action, but picked up steam as the market climbed out of the red.

That morning recovery was fueled by the four top-weighted sectors and the influential bunch remains in the lead. Most notably, the consumer discretionary sector has spiked 1.0% while technology (+0.3%), financials (+0.4%), and health care (+0.3%) hold slimmer gains.

For its part, the discretionary sector has received broad support with the strength likely aided by a better than expected retail sales report for July. The SPDR S&P Retail ETF (XRT 96.72, +0.37) has climbed 0.4% while homebuilders also outperform with iShares Dow Jones US Home Construction ETF (ITB 28.75, +0.52) trading higher by 1.8%. On the earnings front, News Corp (NWSA 14.95, +0.83) has surged 5.9% after reporting a two-cent beat on light revenue.

Elsewhere, the financial sector has rebounded from yesterday's underperformance, but the economically-sensitive group remains down 0.4% for the week while the remaining nine sectors hold week-to-date gains between 0.2% (consumer staples) and 3.8% (energy).

Treasuries have spent the entire day in the red and they remain near their lows with the 10-yr yield higher by five basis points at 2.18%.

Economic data included Initial Claims, Retail Sales, Import/Export Prices, and Business Inventories:

Weekly initial claims increased to 274,000 from a downwardly revised 269,000 (from 270,000) while the Briefing.com consensus expected an increase to 271,000
The four-week moving average fell to 266,250 from 268,000, representing the lowest level since April 2000, when it also reached 266,250
Continuing claims increased to 2.273 million from an upwardly revised 2.258 million (from 2.255 million) while the consensus expected a decline to 2.247 million
Retail sales increased 0.6% in July while the Briefing.com consensus expected an increase of 0.5%
An upward revision lifted June sales to the flat line from -0.3%
Motor vehicle demand played a large part in the increase in sales growth as motor vehicle manufacturers reported unit sales increased to 17.6 million SAAR in July from 17.0 million SAAR in June. That gain pushed up sales at motor vehicle and parts dealers by 1.4% after declining 1.5% in May
Excluding autos, retail sales increased 0.4% in July after increasing an upwardly revised 0.4% (from -0.1%) in June
Export prices, excluding agriculture, decreased 0.4% in July after decreasing 0.1% in the prior reading
Excluding oil, import prices decreased 0.3%, which followed last month's decrease of 0.2%
Business inventories increased 0.8% in June after an unrevised 0.3% gain in May while the Briefing.com consensus expected an increase of 0.3%
The inventory changes from manufacturers (0.6%) and merchant wholesalers (0.9%) were known prior to the release. The only new information was that retailer inventories increased 0.9% in June after a 0.2% gain in May
Retailer inventory growth was strong across the board as all sectors reported growth above 0.5%, with the largest gains coming from motor vehicles (1.4%), building materials (1.0%), and furniture (0.9%)

12:25 pm: [BRIEFING.COM] Not much change in the market as the key indices continue defending their slim gains with the Nasdaq Composite (+0.3%) holding the lead. The tech-heavy index has shown relative strength since the start, and it remains ahead of the other averages thanks to gains in the technology sector (+0.2%) and biotechnology.

Thanks to today's modest advance, the S&P 500 has extended its weekly gain to 0.5% while the Nasdaq is now up 0.3% for the week with the entire gain taking place today.

Elsewhere, Treasuries remain near their lows with the 10-yr yield higher by four basis points at 2.17%.
Related Quotes

12:00 pm: [BRIEFING.COM] The Dow (+0.1%) and S&P 500 (+0.1%) have inched up to new session highs while the Nasdaq Composite (+0.2%) trades right below its opening high.

Equity indices have clawed their way back into the green behind four sectors that have been on our radar since the opening bell. The consumer discretionary space has extended its advance to 0.7% while financials (+0.1%) and technology (+0.1%) hold slimmer gains. For its part, the health care sector (+0.3%) trades ahead of the broader market after struggling to keep pace in the early going. The top-weighted countercyclical sector trades essentially in-line with the high-beta biotech group. The iShares Nasdaq Biotechnology ETF (IBB 370.74, +0.58) is higher by 0.2% at this juncture.

11:30 am: [BRIEFING.COM] Equity indices remain near their recent levels with the S&P 500 battling its flat line. The benchmark index was lifted back to the unchanged level by relative strength in the four top-weighted sectors, but technology (-0.1%) and health care (unch) have slipped from their recent highs while the consumer discretionary sector (+0.6%) remains well ahead of the broader market.

The consumer discretionary sector has enjoyed support from homebuilders, automakers, and select media names after News Corp (NWSA 14.99, +0.87) reported a bottom-line beat.

As for homebuilders, the industry group displays broad strength with iShares Dow Jones US Home Construction ETF (ITB 28.53, +0.30) trading higher by 1.1%.

Elsewhere, Treasuries remain not far above their lows with the 10-yr yield higher by three basis points at 2.16%.

10:55 am: [BRIEFING.COM] Recent action saw the major averages climb off their opening lows. The S&P 500 has returned to its flat line while the Nasdaq Composite (+0.2%) continues showing relative strength.

Four sectors are now trading in the green with consumer discretionary (+0.6%), financials (+0.1%), technology (+0.1%), and health care (+0.1%) showing slim gains while the remaining six groups trade in the red. That being said, the four advancers represent the four largest sectors by weight and they account for more than 63.0% of the entire market.

On the flip side, the energy sector (-1.1%) remains well behind other groups as crude oil weighs. The energy component has spent the morning in a steady retreat and currently trades lower by 2.6% at $42.18/bbl.

10:35 am: [BRIEFING.COM]

The dollar traded up overnight, showing continued strength as the Chinese government once again structured a devaluation of the Yuan.
The index saw a small tailwind from the morning's in-line US Unemployment data (showing near-full employment) and relatively upbeat Retail Sales figures
Strength in the dollar has pressed precious metals lower, and exacerbated oil's decline so far this session. The index is currently +0.3% to 96.59
Precious metals saw heavy selling pressure on the dollar's strength, but have regained a good portion of those losses in most recent trade.
Gold is now -0.8% to $1115/oz and silver is -0.4% to $15.42/oz
Trading in oil is interesting today as prices are now back near its multi-year low
Following the collapse in oil prices, WTI oil fell as low as $42.03/barrel, which was the lowest price seen since 2009
Crude traded modestly positive overnight, on support from yesterday's EIA data (showing a 1.7 mln draw in inventories) and forecasts for increased near-term demand
WTI then saw a gradual, steady sell-off in early trade to well below the pivotal $43 barrel level.
Oil is currently extending losses to near its LoD at -2.4% to $42.28/barrel
Natural gas trended to early morning lows near $2.89/MMBtu, ahead of the morning's EIA inventory report that expected a 55 bln bcf build
Upon release of the data, Nat gas fell to new lows for the session and is now -2.7% at $2.85/MMBtu
Copper has been positive all session, and currently sits at +0.3% to $2.36/lb

10:00 am: [BRIEFING.COM] The S&P 500 remains lower by 0.2% with nine sectors showing losses while the consumer discretionary space (+0.2%) outperforms.

Just released, Business Inventories rose 0.8% in June while the Briefing.com consensus expected an increase of 0.3%. This followed the prior month's unrevised increase of 0.3%.

9:40 am: [BRIEFING.COM] The major averages began the trading day just above their flat lines before dipping into the red. The Nasdaq Composite (unch) shows slight relative strength while the S&P 500 (-0.2%) underperforms after opening with a one-point gain.

Seven of ten sectors display early losses with energy (-1.0%) trading behind the remaining nine sectors amid a 1.6% decline in crude oil, which has slid to $42.60/bbl.

On the flip side, heavily-weighted consumer discretionary (+0.3%), health care (+0.2%), and technology (+0.2%) have shown early strength. Cisco Systems (CSCO 29.12, +1.22) has contributed to the early strength in the tech sector as the stock trades higher by 4.3% after beating earnings estimates.

The June Business Inventories report will be released at 10:00 ET (Briefing.com consensus 0.3%).

9:15 am: [BRIEFING.COM] S&P futures vs fair value: +0.10. 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 a point of fair value.

Index futures held modest gains during overnight action, but they have returned to their flat lines after the release of the Retail Sales report for July (+0.6%; Briefing.com consensus 0.5%), which beat estimates. Furthermore, the June reading was revised up to 0.0% from -0.3%.

In addition to weighing on futures, the report has sent the Dollar Index (96.66, +0.40) to a fresh high while Treasuries have marked new lows with the 10-yr yield up five basis points at 2.18%. Altogether, this dynamic suggests the market believes today's data strengthens the case for a rate hike as early as September.

In other economic news, weekly initial claims increased to 274,000 from a downwardly revised 269,000 (from 270,000) while the Briefing.com consensus expected an increase to 271,000. The four-week moving average fell to 266,250 from 268,000, representing the lowest level since April 2000, when it also reached 266,250.

One more data point remains with the June Business Inventories report set to be released at 10:00 ET (Briefing.com consensus 0.3%).

On the corporate front, Cisco Systems (CSCO 28.66, +0.76) is on track to open higher by 2.7% after beating bottom-line estimates on light revenue.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: +0.80. Nasdaq futures vs fair value: +12.40. The S&P 500 futures trade right above fair value.

A sea of red on Wednesday was replaced by a field of green on Thursday in the Asia-Pacific region. With only a few exceptions, equity markets advanced on reassurances from the People's Bank of China that a further material depreciation of the yuan seemed unlikely or, at least, unjustified.

Economic data was limited:
Japan's June Core Machinery Orders -7.9% month-over-month (expected -5.6%; prior +0.6%); +16.6% year-over-year (expected +16.4%; prior +19.3%)
Australia's MI Inflation Expectations 3.7% (prior 3.4%)

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Japan's Nikkei increased 1.0%, finishing near its best levels of the day despite hearing core machinery orders declined a weaker than expected 7.9%. Some chatter that the Bank of Japan could implement additional easing to offset the impact of a weakening Chinese yuan helped support things. Kyowa Hakko Kirin (+6.2%), Chiyoda (+5.4%), and Trend Micro (+5.2%) topped a lengthy list of winners while Softbank Group (-2.6%), Pacific Metals (-2.5%), and Resona Holdings (-2.4%) brought up the rear. Out of the 225 index members, 158 ended higher, 60 finished lower, and 7 were unchanged.
Hong Kong's Hang Seng increased 0.4%, bouncing back from an early dive into negative territory. A turnabout in mainland markets after the People's Bank of China tried to talk up the yuan helped settle things for Hong Kong. Leading gainers included Tencent Holdings (+6.8%), China Resources (+2.9%), and PetroChina (+1.9%). The biggest losers were Lenovo Group (-9.1%), Cathay Pacific Airways (-4.2%), and Sands China (-3.2%). Out of the 50 index members, 21 ended higher, 28 finished lower, and 1 was unchanged.
China's Shanghai Composite increased 1.8% after a shaky start and finished at its highs for the day. Buyers stepped back into the mix following a press conference by the People's Bank of China where, according to reports, it touted reasons why a further material depreciation of the yuan was unlikely and said there wasn't a need to weaken the yuan to drive exports. The CSI 300 Index for its part jumped 1.5%.

Major European indices trade higher across the board with Italy's MIB (+2.1%) in the lead. Elsewhere, the European Central Bank released the minutes from its latest meeting, showing willingness to employ additional easing measures, if necessary.

Investors received several data points:
Germany's July CPI +0.2% month-over-month, as expected; +0.2% year-over-year, as expected
France's July CPI -0.3% month-over-month (expected -0.4%; prior -0.1%)
Spain's July CPI -0.9% month-over-month (consensus -1.0%; last 0.3%); +0.1% year-over-year, as expected
Swiss July PPI -0.3% month-over-month (expected -0.2%; prior -0.1%); -6.4% year-over-year (consensus -6.3%; last -6.1%)

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UK's FTSE is higher by 0.5% with consumer names among the leaders. Coca-Cola HBC, TUI, easyJet, and ITV hold gains between 2.1% and 8.5%. Coca-Cola HBC leads after reporting better than expected results. Miners and energy names lag with Randgold Resources, Rio Tinto, and Royal Dutch Shell down between 1.0% and 2.4%.
Germany's DAX trades up 1.6% with all but five components in the green. Drug makers Bayer and Merck lead with gains close to 1.1% apiece. On the downside, RWE is the weakest performer, down 6.5%, in reaction to disappointing results.
In France, the CAC has climbed 1.8% with all 40 components taking part in the advance. Cap Gemini leads with a 4.2% gain while consumer names like Accor, Pernod Ricard, LVMH, and L'Oreal are up between 2.4% and 3.4%.
Italy's MIB outperforms with a gain of 2.1% amid broad strength. Financials are among the leaders with BMPS, Banco Popolare, Mediobanca, Intesa Sanpaolo, and Unicredit up between 2.6% and 4.0%.

8:35 am: [BRIEFING.COM] S&P futures vs fair value: +5.70. Nasdaq futures vs fair value: +21.70. The S&P 500 futures trade six points above fair value.

The latest weekly initial jobless claims count totaled 274,000 while the Briefing.com consensus expected a reading of 271,000. Today's tally was above the revised prior week count of 269,000 (from 270,000). As for continuing claims, they rose to 2.273 million from 2.258 million.

Separately, July retail sales rose 0.6% while the Briefing.com consensus expected an increase of 0.5%. The prior month's reading was revised up to 0.0% from -0.3%. Excluding autos, retail sales increased 0.4% while the consensus expected an increase of 0.5%.

Also of note, export prices, excluding agriculture, decreased 0.4% in July after decreasing 0.1% in the prior reading. Excluding oil, import prices decreased 0.3%, which followed last month's decrease of 0.2%.

7:52 am: [BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +26.90. U.S. equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover eight points above fair value after rallying off lows at the start of the European session.

Overnight, the People's Bank of China held a press conference, during which central bank officials tried to calm the market by saying the yuan adjustment "is almost complete" and that rumors of a 10.0% devaluation were false. The press conference appears to have calmed Asian markets for the time being as regional indices rallied across the board.

Domestically, Treasuries trade near their recently-established lows with the 10-yr yield higher by two basis points at 2.17%.

On the economic front, weekly Initial Claims (Briefing.com consensus 271K), July Retail Sales (consensus 0.5%), and July Import/Export Prices will be reported at 8:30 ET while the June Business Inventories report (expected 0.3%) will be released at 10:00 ET.

In U.S. corporate news of note:

Cisco Systems (CSCO 28.78, +0.88): +3.2% after beating bottom-line estimates on light revenue.
Coty (COTY 30.50, +1.78): +6.2% after beating estimates and announcing a $700 million share repurchase program.
Kohl's (KSS 57.38, -4.12): -6.7% after missing earnings/revenue estimates and guiding lower.

Reviewing overnight developments:

Asian markets ended higher. Hong Kong's Hang Seng +0.4%, Japan's Nikkei +1.0%, and China's Shanghai Composite +1.8%
In economic data:
Japan's June Core Machinery Orders -7.9% month-over-month (expected -5.6%; prior +0.6%); +16.6% year-over-year (expected +16.4%; prior +19.3%)
Australia's MI Inflation Expectations 3.7% (prior 3.4%)
In news:
The People's Bank of China held a press conference, during which central bank officials tried to calm the market by saying the yuan adjustment "is almost complete" and that rumors of a 10.0% devaluation were false. The press conference appears to have calmed Asian markets for the time being as regional indices rallied across the board
The Bank of Korea left its main policy rate unchanged at 1.50%, as expected

Major European indices trade higher across the board. UK's FTSE +0.8%, France's CAC +1.9%, and Germany's DAX +2.0%. Elsewhere, Italy's MIB +2.3% and Spain's IBEX +1.5%
Investors received several data points:
Germany's July CPI +0.2% month-over-month, as expected; +0.2% year-over-year, as expected
France's July CPI -0.3% month-over-month (expected -0.4%; prior -0.1%)
Spain's July CPI -0.9% month-over-month (consensus -1.0%; last 0.3%); +0.1% year-over-year, as expected
Swiss July PPI -0.3% month-over-month (expected -0.2%; prior -0.1%); -6.4% year-over-year (consensus -6.3%; last -6.1%)
Among news of note:
The European Central Bank released the minutes from its latest meeting, showing willingness to employ additional easing measures, if necessary

5:49 am: [BRIEFING.COM] S&P futures vs fair value: +5.20. Nasdaq futures vs fair value: +17.10.

5:49 am: [BRIEFING.COM] Nikkei...20595.55...+202.80...+1.00%. Hang Seng...24018.80...+102.80...+0.40%.

5:49 am: [BRIEFING.COM] FTSE...6617.11...+45.90...+0.70%. DAX...11088.78...+164.20...+1.50%.

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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