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 Post subject: August 19th Wednesday Trade Results - Profit $4737.50
PostPosted: Thu Aug 20, 2015 4:25 am 
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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 @ $4737.50 dollars or +94.75 points, Light Crude Oil CL ($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 @ $4737.50 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=2150

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 ended the Wednesday session on a lower note after enduring a volatile day that included opening weakness, an afternoon rebound, and a slide from rebound highs. When the dust settled, the S&P 500 ended lower by 0.8%, turning a slim weekly gain into a 0.6% week-to-date loss.

Equities stumbled at the start after the overnight session featured more uninspiring action in China. Specifically, the Shanghai Composite climbed 1.2%, but not before being down more than 5.0% in the early going. The wild turnaround was followed by a retreat across European markets while U.S. equities opened in the red and continued their slide with the energy sector (-2.8%) pacing the move.

The growth-sensitive group extended its weekly loss to 3.2% while crude oil fell to a new low for the year, ending the pit session lower by 4.3% at $40.80/bbl. Similarly, the other commodity-related sector-materials (-1.2%)-ended at the bottom of the leaderboard amid weakness in steelmakers. The Market Vectors Steel ETF (SLX 25.63, -0.75) lost 2.8%. That being said, mining shares represented a pocket of strength, evidenced by a 2.9% spike in Market Vectors Gold Miners ETF (GDX 15.20, +0.43). On a related note, gold futures climbed 1.2% to $1130.70/ozt.

The early selling pressured the S&P 500 below its 200-day moving average (2,078), but the benchmark index crawled back above that mark during afternoon action and charged to an intraday high after the minutes from the July FOMC meeting crossed the wires about 20 minutes ahead of the scheduled release time.

Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.

The minutes were followed by a spike in the Treasury market, sending the 10-yr note to its high (10-yr yield -8 bps to 2.12%) while the Dollar Index (96.37, -0.67) fell 0.7%.

Interestingly, the afternoon rebound dissolved just as fast as it had crystalized with the S&P 500 returning to its pre-FOMC levels roughly 45 minutes after hitting its rebound high.

Eight sectors ended the day in negative territory while rate-sensitive telecom services (+0.01%) and utilities (+0.4%) eked out gains thanks to lower yields.

Meanwhile on the cyclical side, the aforementioned energy and materials struggled throughout the day while other growth-sensitive groups fared a bit better. Technology (-0.9%) and financials (-0.9%) ended essentially in-line with the broader market while the consumer discretionary sector (-0.2%) spent the day ahead of the benchmark index. Select restaurant names displayed gains with Yum! Brands (YUM 86.08, +1.88) spiking 2.2% after naming a new CEO for its division in China. Also of note, Lowe's (LOW 74.37, +1.35) climbed 1.9% despite missing bottom-line estimates and reaffirming its guidance.

Today's participation was ahead of recent averages with more than 810 million shares changing hands at the NYSE floor.

Economic data was limited to CPI and the MBA Mortgage Index:

Total CPI rose 0.1% (Briefing.com consensus +0.2%) in July while Core CPI, which excludes food and energy, also rose 0.1% (Briefing.com consensus +0.2%)
The indexes for food (+0.2%) and energy (+0.1%) helped push up the all items index while a 0.4% increase in the shelter index was the key driver behind the increase in the all items index, excluding food and energy
On a year-over-year basis, total CPI is up 0.2% and core CPI is up 1.8%
The weekly MBA Mortgage Index rose 3.6% to follow last week's 0.1% uptick

Tomorrow, weekly Initial Claims (Briefing.com consensus 272,000) will be reported at 8:30 ET while July Existing Home Sales (consensus 5.42 million), July Leading Indicators (expected 0.2%), and the Philadelphia Fed survey for August (consensus 0.2%) will all be released at 10:00 ET.

Nasdaq Composite +6.0% YTD
S&P 500 +1.0% YTD
Russell 2000 -0.3% YTD
Dow Jones Industrial Average -2.7% YTD

3:35 pm: [BRIEFING.COM]

In commodities, the big story is WTI crude falling below $41/barrel briefly
WTI oil is now at a 6 -year low. Both brent and WTI crude oil fell sharply today
In electronic trade, both are still sitting near today's lows
Sept WTI crude oil finished the floor session -4.4% at $41.25/barrel
In other energy, Sept natural gas gained one cent to finish at $2.71/MMBtu
Following the FOMC minutes headlines earlier, the dollar index sold off, which gave some commodities a boost
However, it really wasn't a notable boost.
In recent trade, the euro spiked further, which caused the dollar index to push lower
In current trade, the index is -0.7% at 96.37, near today's new low now, which is helping gold and silver futures remain near today's high in electronic trade
?In floor trading, Dec gold ended the day +1.0% at $1128.00/oz, while Sept silver finished +2.6% at $15.19/oz
Since the close, gold has inched higher by a few dollars and just hit a new high for today

2:55 pm:

[BRIEFING.COM] The S&P 500 trades lower by 0.6% with one hour remaining in the session. The benchmark index has backed away from its rebound high and currently trades near the middle of today's range.

Meanwhile, the Dollar Index (96.51, -0.53) remains near its low with a 0.6% decline while Treasuries hover just below their highs with the 10-yr yield down six basis points at 2.14%.

Eight sectors hold losses going into the home stretch, but only energy (-2.3%) and materials (-1.1%) are down more than 1.0% apiece. The top-weighted technology sector for its part trades in-line with the S&P 500.

2:25 pm:

[BRIEFING.COM] Equity indices have charged back into the neighborhood of their unchanged levels as investors continue responding to the dovish minutes from the July FOMC minutes.

The utilities sector (+0.7%) trades well ahead of other groups while health care (+0.1%), telecom services (+0.4%), and consumer discretionary (+0.3%) have also climbed into the green. Meanwhile, the top-weighted technology sector (-0.1%) sits right below its flat line while the energy sector (-1.9%) remains well behind other groups with crude oil set to end the pit session lower by 3.8% at $41.55/bbl after testing the $41.00/bbl level earlier.

1:55 pm:

[BRIEFING.COM] The major averages have continued their slow advance off session lows, seeing an upward move after an early release of FOMC Minutes from the July meeting.

Overall, the minutes appeared to be quite dovish with members "generally agreeing" that more information is needed before hiking rates. Furthermore, most members believed that "conditions for policy firming had not yet been achieved," but they agreed that conditions were nearing that point.

The minutes were followed by a spike in the Treasury market, sending the 10-yr note to its high (10-yr yield -5 bps to 2.14%) while the Dollar Index (96.55, -0.49) has slid to a new session low and currently trades down 0.5%.

Nine sectors remain in negative territory while the utilities sector (+0.1%) hovers just above its flat line.

1:35 pm:

[BRIEFING.COM] The major U.S. indices continue their bounce off earlier lows ahead of the release of the FOMC minutes at 14:00 ET.

A look inside the Dow Jones Industrial Average shows Chevron (CVX 80.82, -2.62), Exxon Mobil (XOM 76.31, -1.59), and Caterpillar (CAT 77.38, -1.44) are underperforming. Chevron and Exxon are under pressure alongside almost every peer in the energy space with crude oil futures dropping almost 5% to fresh multi-year highs. Caterpillar is also underperforming with its peers in the industrial sector, which is down 1.1% today.

Conversely, Home Depot (HD 123.23, +0.43) is the best-performing Dow component, extending its gains from yesterday after favorable commentary from analysts this morning following its Q2 results. HD had its price target raised at Argus, UBS, Deutsche Bank, and others.
Related Quotes

While still down meaningfully on the day, the DJIA has shed 0.75% this week, and now almost 2% in August.

1:00 pm:

[BRIEFING.COM] The major averages trade near their lows at midday with the Dow, Nasdaq, and S&P 500 all showing losses close to 1.0% apiece.

The market has faced selling pressure since the opening bell after the overnight session featured more volatility in Chinese equities. The continued gyrations overseas have weighed on investor sentiment while a noteworthy plunge in crude oil futures has added to the jitters. That being said, investors are set to receive the minutes from the July FOMC meeting at 14:00 ET, which could inject more volatility into today's market. If the minutes paint a dovish picture, it wouldn't be shocking to see the market turn around; however, if the minutes convince the market that a rate hike is coming in September, additional weakness in equities would not be surprising. Prior to this morning's CPI release, fed funds futures implied a 48% chance of rate hike in September.

All ten sectors display midday losses with energy (-2.8%) leading the slide. The sector has been battered by the plunging crude as the energy component trades lower by 4.3% at $41.25/bbl. Meanwhile, the second-weakest sector, materials (-1.5%), has been pressured by steelmakers while gold miners have shown relative strength. The Market Vectors Steel ETF (SLX 25.56, -0.82) has tumbled 3.1% while Market Vectors Gold Miners ETF (GDX 15.04, +0.28) trades up 1.9% amid strength in gold futures that has sent the yellow metal higher by 1.1% to $1128.60/ozt.

Elsewhere among cyclical groups, industrials (-1.1%) and technology (-1.1%) trade right behind the broader market while the financial sector (-0.8%) outperforms slightly. Also of note, the consumer discretionary space (-0.4%) has stayed ahead of the broader market since the start. Yum! Brands (YUM 85.33, +1.13) represents a pocket of strength, trading higher by 1.4%, after naming a new CEO for its division in China. On the earnings front, Lowe's (LOW 73.37, +0.36) has climbed 0.5% despite missing bottom-line estimates and reaffirming its guidance.

Over on the countercyclical side, the consumer staples sector (-1.0%) underperforms while health care (-0.6%), telecom services (-0.3%), and utilities (+0.1%) trade ahead of the S&P 500.

The utilities sector has received a boost from lower yields as Treasuries hover near their highs with the 10-yr yield down three basis points at 2.16%.

Economic data reported this morning was limited to CPI and the MBA Mortgage Index:

Total CPI rose 0.1% (Briefing.com consensus +0.2%) in July while Core CPI, which excludes food and energy, also rose 0.1% (Briefing.com consensus +0.2%)
The indexes for food (+0.2%) and energy (+0.1%) helped push up the all items index while a 0.4% increase in the shelter index was the key driver behind the increase in the all items index, excluding food and energy
On a year-over-year basis, total CPI is up 0.2% and core CPI is up 1.8%
The weekly MBA Mortgage Index rose 3.6% to follow last week's 0.1% uptick

12:35 pm:

[BRIEFING.COM] The major averages continue hovering near their recently-established lows with the S&P 500 down 1.0%.

The benchmark index has spent the past hour near its current level and that pause has coincided with a sideways move in crude oil as the energy component hovers near its session low, down 4.2% at $41.31/bbl.

The current market is well-known for having the potential to turn on a dime and that turn could be sparked by the FOMC Minutes should they paint a dovish picture. Conversely, if the minutes convince the market that a rate hike is coming in September, additional weakness in equities would not be surprising. The Federal Reserve is set to release the minutes at 14:00 ET.

12:00 pm:

[BRIEFING.COM] Equity indices remain pinned to their lows with the S&P 500 down 1.1% at this juncture. The benchmark index slashed below its 200-day moving average (2,078) during the opening 90 minutes and has not looked back.

Today's retreat has been pretty orderly with bounce attempts being retraced swiftly. The energy sector (-2.9%) remains well behind other groups, suffering from the carnage in the oil market. To that point, WTI crude has slumped to new lows for the year, trading lower by 3.9% at $41.42/bbl.

Elsewhere among cyclical sectors, industrials (-1.2%) and materials (-1.5%) also display relative weakness while financials (-1.1%) and technology (-1.1%) trade in-line with the broader market.

11:30 am:

[BRIEFING.COM] Recent action saw the key indices inch down to fresh session lows with the S&P 500 now down 1.2%.

The energy sector had traded just behind the remaining nine groups, but the growth-sensitive sector has extended its decline to 2.5% amid heavy selling in the oil market. Elsewhere, top-weighted sectors like technology (-1.2%) and financials (-1.2%) trade in-line with the S&P 500 while health care (-0.9%) holds a slimmer loss.

Thanks to the early slide, the health care sector is now flat for the month, leaving the consumer discretionary space as the only sector with an August gain. The discretionary sector (-0.5%) outperforms today and is higher by 0.6% since the end of July. There are a few pockets of strength among restaurant names with Yum! Brands (YUM 86.03, +1.83) trading higher by 2.2%. Also of note, Lowe's (LOW 73.21, +0.19) has added 0.3% despite missing bottom-line estimates and reaffirming its guidance.

10:55 am:

[BRIEFING.COM] Equity indices have dropped to new lows in recent action with the S&P 500 now down 1.0%. The benchmark index fell below its 50-day moving average (2,095) at the start and steady selling pressure has driven the S&P 500 below its 200-day moving average (2,078), which has been in focus since early July.

All ten sectors remain in negative territory with energy (-1.9%) extending its decline amid continued weakness in crude oil. To that point, the energy component has tumbled 3.2% to $41.75/bbl, and now hovers just above this year's low.

It is worth noting that the continued selling in the stock market has coincided with a rebound in Treasuries. The 10-yr note set a fresh session low after the July CPI report, but the benchmark instrument has charged back to unchanged, returning its yield to 2.19%.

10:40 am: [BRIEFING.COM]

The dollar index showed broad weakness overnight, before gradually running up to the flat-line ahead of the morning's US Inflation data
Seen as a metric influencing near-term rate hikes, Core CPI came in relatively in-line (showing a modest increase in prices) causing a spike in the dollar
The index is now just below the unchanged mark, at -0.1% to 96.98, with investors looking ahead to the afternoon's release of FOMC minutes
Oil prices ?trended lower early in the session, showing weakness despite yesterday's API inventory data that showed a draw of 2.3 mln barrels
Crude maintained losses going into the morning's EIA weekly storage report, which showed a build of 2.62 mln barrels
Upon release of the data, WTI fell sharply and is now -?2.7% to $41.95/barrel
Precious metals have traded strong all morning, on general weakness in the dollar and sentiment ahead of today's FOMC release
Gold is now higher at +0.7% to $1124.80/oz and silver is +2.6% to $15.18/oz
Copper has fallen modestly so far today, but through a heavily-watched $5k/ton level on the LME (for the first time in the last six years).
Comex copper is now -0.6% to $2.27/lb
Natural gas currently sits +0.3% to $2.71/MMBtu

9:55 am:

[BRIEFING.COM] Equity indices remain near their early lows with the Dow (-0.9%) remaining a step behind the S&P 500 (-0.8%).

All ten sectors trade in the red at this juncture with energy (-1.1%) and materials (-1.1%) showing relative weakness. Meanwhile, action in the commodity market has been mixed with crude oil trading lower by 0.9% at $42.73/bbl while gold futures have climbed 1.0% to $1127.30/ozt. That strength has given a boost to mining names, evidenced by a 3.1% spike in Market Vectors Gold Miners ETF (GDX 15.21, +0.44).

Elsewhere, the utilities sector (-0.2%) trades ahead of the remaining nine groups even though Treasuries remain in the red with the 10-yr yield up two basis points at 2.22%.

9:40 am:

[BRIEFING.COM] The major averages began the midweek session on the defensive with the Dow Jones Industrial Average (-0.8%) pacing the opening move lower while the S&P 500 (-0.7%) trades a little ahead.

All 30 Dow components display opening losses with eight components down more than 1.0%. UnitedHealth (UNH 123.70,- 1.81) shows the biggest decline within the price-weighted index, down 1.4%, while the broader health care sector is lower by 0.9%, trading behind most other groups.

Similar to health care, heavily-weighted industrials (-1.0%) also display relative weakness while financials (-0.7%) and technology (-0.7%) trade in-line with the broader market for the time being.

Elsewhere, Treasuries have inched up off their lows, but the 10-yr yield remains higher by a basis point at 2.21%.

9:14 am: [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -11.90.

The stock market is on track for a modestly lower open as S&P 500 futures trade eight points below fair value after spending the night inside a ten-point range.

The overnight session featured more fireworks in China as the Shanghai Composite retreated more than 5.0% in the early going, but turned around to end the day higher by 1.2%. Meanwhile, action in Europe has been more subdued, but regional indices trade with losses across the board.

Domestically, investors have received the CPI report for July, which showed a 0.1% increase in both the headline number and the core reading while the Briefing.com consensus expected an increase of 0.2% on both levels. The report was met with short-lived greenback weakness, but the Dollar Index (97.02, -0.02) has returned to its previous levels. Index futures, meanwhile, saw little initial reaction to the data, but they have slipped in recent trade. Also of note, Treasuries have slid to lows, pushing the 10-yr yield up two basis points to 2.22%.

There is no more economic data on today's schedule, but the Federal Reserve will release the minutes from its July meeting at 14:00 ET. Investors will scour the minutes for clues that could provide some additional insight about the expected rate path. Prior to this morning's CPI release, fed funds futures implied a 48% chance of rate hike in September.

8:58 am: [BRIEFING.COM] S&P futures vs fair value: -6.10. Nasdaq futures vs fair value: -8.10.

The S&P 500 futures trade six points below fair value.

There was some wild trading action in China's Shanghai Composite, which dropped as much as 5.1% in early action but then rallied back in afternoon trading to end the day up 1.2%. Despite the reversal, most other markets looked put off by the volatility and ended lower on continue concerns about an economic slowdown in the region. On a related note, Japan's exports and imports were both better than expected in July but slowed from the prior month.

In economic data:
Japan's trade deficit widened to JPY370 billion from JPY250 billion (expected deficit of JPY160 billion) as imports fell 3.2% year-over-year (expected -7.9%; prior -2.9%) and exports rose 7.6% year-over-year (expected 5.5%; prior 9.5%). Separately, All Industries Activity Index +0.3% month-over-month (expected 0.4%; prior -0.5%)
South Korea's July PPI -0.3% month-over-month (prior 0.0%); -4.0% year-over-year (last -3.6%)
New Zealand's Q2 Input PPI -0.3% quarter-over-quarter (expected -0.5%; prior -1.1%) while Output PPI -0.2% quarter-over-quarter (consensus -0.2%; last -0.9%)
China's July Foreign Direct Investment +7.9% (prior +8.0%)

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Japan's Nikkei declined 1.6% and ended at its low for the session. July trade data showed both exports and imports being better than expected but decelerating from the prior month. Losses were broad based and paced by the industrials (-2.8%), materials (-2.1%), and technology (-2.0%) sectors. Daiichi Sankyo (-5.4%), Advantest (-5.2%), and Sumco (-5.0%) were the weakest issues. Toshiba (+5.4%), Citizen Holdings (+3.2%), and Tokyo Gas (+1.6%) topped a small group of winners. Out of the 225 index members, 18 ended higher, 201 finished lower, and 6 were unchanged.
Hong Kong's Hang Seng declined 1.3% and ended at its lows for the session, weighed down by volatility in the mainland markets and festering worries about an economic slowdown in the region. Cathay Pacific Airways (-7.7%), Galaxy Entertainment Group (-4.4%), and China Mengniu Dairy (-3.7%) paced the laggards while Lenovo Group (+4.3%), Li & Fung (+2.9%), and Sino Land (+1.4%) led a small group of winners. Out of the 50 index members, 5 ended higher, 44 finished lower, and 1 was unchanged.
China's Shanghai Composite increased 1.2% after being down as much as 5.1% in early trading. The reversal came in the afternoon session and, according to Reuters, was spurred on by "state-backed" buyers. The Composite rallied as much as 5.2% in the final two hours of trading. The CSI 300 Index for its part jumped 1.6% in a similarly volatile session.

Major European indices trade lower across the board with Germany's DAX (-1.4%) leading the retreat. Meanwhile, the German parliament has passed the third Greek bailout program, but there was increasing opposition with 113 lawmakers voting against the package.

Economic data was limited:
Eurozone June Current Account surplus expanded to EUR25.40 billion from EUR19.10 billion (expected surplus of EUR19.20 billion)

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Germany's DAX trades down 1.4% amid broad weakness. Basic materials names underperform with BASF, Lanxess, ThyssenKrupp, Lufthansa, and Linde down between 2.1% and 5.1%. Meanwhile, Adidas outperforms, trading just above its flat line.
UK's FTSE is lower by 0.9% with miners showing notable weakness. Anglo American, BHP Billiton, Glencore, and Rio Tinto are down between 2.3% and 8.6%. On the upside, Admiral Group has climbed 4.8% after surpassing earnings estimates thanks to a reserve release. Other financials also display gains with Standard Life and Prudential both up near 0.6% apiece.
In France, the CAC has given up 0.9% with most components on the defensive. Peugeot and Renault hold respective losses of 2.5% and 1.6% while financials outperform. BNP Paribas and Societe Generale are both up near 0.4%.

8:31 am: [BRIEFING.COM] S&P futures vs fair value: -5.10. Nasdaq futures vs fair value: -6.30.

The S&P 500 futures trade five points above fair value.

Total CPI rose 0.1% (Briefing.com consensus +0.2%) in July while Core CPI, which excludes food and energy, also rose 0.1% (Briefing.com consensus +0.2%). On a year-over-year basis, total CPI is up 0.2% and core CPI is up 1.8%.

7:58 am: [BRIEFING.COM] S&P futures vs fair value: -5.80. Nasdaq futures vs fair value: -7.60.

U.S. equity futures trade modestly lower following another range-bound night that saw S&P 500 futures (-6 vs fair value) trade inside a ten-point range.

Meanwhile, Treasuries hold slim gains with the 10-yr yield down a basis point at 2.19%.

On the economic front, the weekly MBA Mortgage Index rose 3.6% to follow last week's 0.1% uptick while the July CPI report (Briefing.com consensus 0.2%) will be released at 8:30 ET. Also of note, the Federal Reserve will release the minutes from its July meeting at 14:00 ET.

In U.S. corporate news of note:

Analog Devices (ADI 62.12, +4.22): +7.3% after beating estimates and guiding higher.
Canadian Solar (CSIQ 21.95, -2.74): -11.1% after below-consensus guidance overshadowed better than expected results.
Lowe's (LOW 72.00, -1.02): -1.4% after missing bottom-line estimates and reaffirming its guidance.
Staples (SPLS 13.75, -0.40): -2.8% after reporting in-line results and guiding Q3 revenue below expectations.

Reviewing overnight developments:

Asian markets ended mixed. China's Shanghai Composite +1.2%, Japan's Nikkei -1.6%, and Hong Kong's Hang Seng -1.3%
In economic data:
Japan's trade deficit widened to JPY370 billion from JPY250 billion (expected deficit of JPY160 billion) as imports fell 3.2% year-over-year (expected -7.9%; prior -2.9%) and exports rose 7.6% year-over-year (expected 5.5%; prior 9.5%). Separately, All Industries Activity Index +0.3% month-over-month (expected 0.4%; prior -0.5%)
South Korea's July PPI -0.3% month-over-month (prior 0.0%); -4.0% year-over-year (last -3.6%)
New Zealand's Q2 Input PPI -0.3% quarter-over-quarter (expected -0.5%; prior -1.1%) while Output PPI -0.2% quarter-over-quarter (consensus -0.2%; last -0.9%)
China's July Foreign Direct Investment +7.9% (prior +8.0%)
In news:
Japan's trade data showed the 11th consecutive month of increasing exports, paced by shipments to Europe and U.S.

Major European indices trade lower across the board. Germany's DAX -1.2%, UK's FTSE -1.0%, and France's CAC -0.7%. Elsewhere, Italy's MIB -0.4% and Spain's IBEX -0.2%
Economic data was limited:
Eurozone June Current Account surplus expanded to EUR25.40 billion from EUR19.10 billion (expected surplus of EUR19.20 billion)
Among news of note:
The German parliament is expected to pass the third Greek bailout program, but there are signs of growing opposition to the package within Angela Merkel's coalition government.

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -5.60. Nasdaq futures vs fair value: -9.60.

5:50 am: [BRIEFING.COM] Nikkei...20222.63...-331.80...-1.60%. Hang Seng...23167.85...-307.10...-1.30%.

5:50 am: [BRIEFING.COM] FTSE...6471.50...-54.80...-0.80%. DAX...10792.60...-124.10...-1.10%.

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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